Two congressmen have filed a bill seeking transparency in the operations and calculation of oil prices set by oil companies in the country.
May 302014
May 302014
MANILA, Philippines – The investment firm of the Gotianun family is raising its capital spending this year to support property development projects and its foray into the power generation business. Filinvest Development Corp. (FDC) expects its large investments in various sectors would allow the company to post higher earnings in the coming years, its top executive said yesterday. The listed holding firm said it would invest P38 billion across all its businesses this year, higher than the earlier announced P33 billion and almost double the P20 billion it spent last year. “With the continuing strength of the Philippine economy and the recent ratings upgrade, we are optimistic that these investments will sustain the growth of FDC,” said FDC president and CEO Josephine Gotianun-Yap. “These investments will, in turn, drive earnings growth for the next five years,” she added. Specifically, FDC allocated around P25 billion for the real estate business composed of subsidiary Filinvest Land Inc. and Filinvest Alabang Inc., the developer of the 244-hectare Filinvest City in Alabang. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “A more significant portion of the capital expenditures will be used for recurring income investment properties while the balance will be for trading assets with a portion to be used for landbanking,” FDC said. The listed investment firm allotted P9 billion for the construction of FDC Utilities Inc.’s 405-megawatt (MW) power plant in Misamis Oriental that is scheduled to start operations in 2016. The remainder of the capital allotment would be poured into Read More …
May 302014
MANILA, Philippines – Investor sentiment remained negative in local equities as the slowdown in the countries first-quarter economic growth continued to shadow the climb in overseas markets. The benchmark Philippine Stock Exchange index (PSEi) lost 0.43 percent or 29.02 points to finish the week at 6,647.65, while the broader All Shares index shed 0.16 percent or 6.52 points to 3,997.57. It is the lowest closing for the main index since ending at 6,636.45 on April 29. “There was follow-through selling given the lower-than-expected gross domestic product data on Thursday,” said Freya Natividad, investment analyst at Papa Securities. However, Natividad said the decline was tempered by end-month window dressing, or the strategy among fund managers to improve the appearance of their portfolio by selling lagging stocks and buying outperforming stocks. The local market bucked the uptick overseas. On Thursday, the Dow Jones industrial average gained 0.39 percent or 65.56 points to close at 16,698.74, while the broader Standard & Poor’s 500 index rose 0.54 percent or 10.25 points to 1,920.03, a record high, as investors pinned their hopes on a stronger US economy in the second quarter. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Other Asian markets also benefited from the gains in Wall St. Locally, most counters were in the red, paced by industrial firms that slipped 1.23 percent or 126.12 points to 10,111.97. But holding firms added 0.37 percent or 22.66 points to end at 6,071.67.
May 302014
MANILA, Philippines – Diversified conglomerate San Miguel Corp. (SMC) is carefully studying the viability of the proposed P35.4-billion Cavite-Laguna Expressway scheduled to be auctioned by the Aquino administration on Monday. SMC president and chief operating officer Ramon S. Ang said the company, through Optimal Infrastructure Development Inc., is still running the numbers to ensure the viability of the Public-Private Partnership (PPP) project. “If the project is viable we will submit. If not, we might again back out in the last minute. Most likely we will try our best to make it work,” he stressed. SMC, through SMC Infra Resources Inc., backed out in the last minute during Wednesday’s bidding for the P65-billion Light Rail Transit Line 1 (LRT 1) Cavite extension project. Ang said earlier SMC was all set to submit a bid for the Aquino administration’s largest PPP project last Wednesday but decided on the last minute to back out. “We were really serious in joining. In the last minute, while running the computation, the figures did not pass our hurdle rate,” he pointed out. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Aside from SMC, other companies that did not submit their bids last Wednesday to the Department of Transportation and Communications (DOTC) included Filipino-owned Megawide Construction Corp., Spanish-owned Globalvia Inversiones SAU, Eco Rail Services Inc. of businessman Reghis Romero II, and Malaysian-owned MTD Philippines Inc. The DOTC pushed through with the bidding Wednesday despite receiving a lone bid from the tandem of infrastructure giant Metro Pacific Read More …
May 302014
MANILA, Philippines – Twelve firms from New Zealand are visiting the country next week to explore business opportunities, the Philippine Chamber of Commerce and Industry (PCCI) said. In a statement yesterday, the PCCI said New Zealand’s Trade Minister Tim Groser would visit the country next week with 12 companies which are interested in business opportunities. PCCI president Alfredo Yao said the companies are engaged in the following sectors: information and communications technology, logistics, transport, manufacturing, infrastructure and logistics, as well as food and beverage. The visiting firms include: Airways New Zealand (air traffic control and management services), BCS Group (logistics hardware and infrastructure support), New Zealand Technology Industry Association (capacity building), Orion Corp. (software exporter), Fonterra (dairy products), Prime Foods New Zealand (seafood processor), Westland Cooperative Dairy Company (dairy products), Mainfreight International (logistics solutions), Patton (refrigeration and air-conditioning), and GNS Science (earth geoscience and isotope research and consultancy). The PCCI is hosting a seminar and networking session for the visiting delegation. The group said Philippine companies interested in exploring opportunities could attend the sessions on June 5 at the PCCI’s office in Fort Bonifacio in Taguig City. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The PCCI is working with its partner organizations in other parts of the world in organizing and hosting business missions here. The PCCI wants to encourage partnerships between local and foreign firms, as well as to have more foreign companies making investments here to create jobs. Yao said earlier the PCCI is promoting the Read More …
May 302014
MANILA, Philippines – Beverage maker Pepsi-Cola Products Philippines Inc. (PCPPI) is preparing for long-term consumption growth as it invests in various manufacturing plants. “We remain optimistic about the country’s consumption story at the back of robust economic growth,” said PCPPI president Furqan Ahmed Syed during the company’s annual stockholders meeting yesterday. “We will continue to invest in the long-term future of our business, keeping in view the needs and aspirations of our Filipino consumers”, Syed added. To meet the rising demand, the beverage maker invested significantly in its manufacturing facilities, including a new plant in Sto. Tomas, Batangas that in scheduled to start operations in the second half of 2014. “These investments on the company’s long-term growth were supported by Pepsico International and Lotte Chilsung Beverage Co. Ltd’, providing vital access to their complementary strengths and resources,” PCPPI said. In line with the long-term growth strategy, PCPPI invested in capacity expansion and distribution assets like containers, trucks and coolers. It also introduced Tropicana Twister Mango and Mirinda Powder Fun Mix last year. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Capital expenditures rose by a third to P4.2 billion in 2013 from P3.1 billion in the previous year. PCPPI committed to invest P3.5 billion this year to continue expanding its production and distribution line as demand is expected to rise further. In the first quarter, higher amortization from its investments cut the net income of PCPPI despite the growth in beverage sales. Profits of PCPPI fell by almost 50 Read More …
May 292014
MANILA, Philippines – The peso moved flat against the dollar midday Friday, slightly slipping to 43.868 from the previous day’s 43.9. Total volume transacted at the Philippine Dealing System amounted to $470 million in the morning, lower than the $736.5 million posted the same period on Thursday. The peso opened Friday at 43.86.
May 292014
CEBU CITY — A regional official of the Philippine Coconut Authority (PCA) said the Philippines could lose its position as the second biggest coconut producer in the world as productivity has declined in Visayas.
May 292014
HAMBURG — A group of animal feed makers in the Philippines has purchased 83,475 metric tons (MT) of soymeal to be sourced from the United States and Argentina in a tender that closed on Tuesday, European traders said on Wednesday.
May 292014
A TRADE mission from New Zealand is expected to arrive in the country next week to explore business opportunities, according to a statement yesterday.