Maniolas

MANILA, Philippines – The government is aiming to increase the share of the manufacturing sector total economic output to 30 percent by 2020 from the current level of 22 percent under the Comprehensive National Industrial Strategy (CNIS). Trade Assistant Secretary Rafaelita Aldaba told reporters that under the CNIS which serves as the country’s blueprint of overall industrial development, the government wants to increase the manufacturing sector’s contribution to total economic output.  “Our target is for manufacturing to hit 30 percent of our GDP (gross domestic product)…We want to achieve this by 2020,” she said. The government also wants to raise the manufacturing sector’s contribution to total employment to 15 percent by 2020 from its current nine percent share. Aldaba said the country can hit the targets if more firms, both domestic and foreign, will pour in funds for manufacturing operations.  “We hope we can see more substantial investments from local companies that go into manufacturing and from multinationals that locate in the Philippines,” she said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 She said the government would also want more companies to choose the country as their manufacturing hub in the Southeast Asian region. “Based on what I hear and see and the conversations with economic attaches of our main investors, primarily Japan, they have strong vote for the Philippines,” she added. In attracting more investments in manufacturing, the government would want to promote sectors that are not power intensive such as furniture, automotive, as well as chemicals. Read More …

MANILA, Philippines – The local licensee of the 7-Eleven convenience store chain posted lower income in the first quarter, dragged down by expenses from the store expansion while the sin tax law tempered the growth in sales. Profits of Philippine Seven Corp. (Philseven) fell 12.2 percent to P100 million in the first three months from P113.9 million last year. Retail sales generated by all 7-Eleven stores in the Philippines rose 6.6 percent to P4.4 billion from P4.2 billion during first quarter last year. “The growth in sales was largely driven by the increase in number of stores. Store count went up by 23.8 percent to 1,049 stores,” Philseven said. Franchise stores accounted for 68 percent of total branches, slightly up from 66 percent a year ago. However, the company reported lower sales from existing stores in the first quarter. “Same store sales in the first quarter declined due  to lower cigarette sales,” Philseven said, adding that the cigarette category registered significant growth a year ago due to stockpiling prior with the implementation of higher sin taxes. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Sales in the affected categories have since settled down, although higher prices, steady demand, and a more level playing field will continue to benefit these categories going forward,” Philseven said. Excluding cigarette sales, Philseven still posted a slight drop in same store sales due to cooler weather and the timing effect of the Lenten season. Franchise revenues gained 22.3 percent to P347.9 million from P284.4 Read More …

MANILA, Philippines -The Philippine Deposit Insurance Corp. gave its support for the recent bill filed in Congress amending the state deposit insurer’s charter. “The move affirms the important role the state deposit insurer plays as a financial safety net player in the light of legislative reforms in the financial system,” the PDIC said in a statement. House Bill 4392, a bill amending the Charter of the PDIC, was filed by Batangas Representative Nelson Collantes (3rd district) last May 12. The PDIC noted this came following key legislative reforms strengthening the financial sector such as the passage of the Insurance Code of the Philippines and the recent proposals filed to amend the Charter of the Bangko Sentral ng Pilipinas. Cristina Orbeta, PDIC’s executive vice president for receivership and liquidation, said HB 4392 will allow the insurer to better perform its role as a co-regulator of banks. “Lessons from the financial crisis taught us that a strong resolution and liquidation framework over banks is crucial to depositor protection and to the stability of the banking system,” Orbeta said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Collantes, in his explanatory note of the bill, said that such will enhance bank resolution and depositor protection. This will be done through additional options for liquidating shuttered banks such as the creation of bridge banks. Bridge banks act as shell companies that absorb the assets and liabilities of an insolvent bank until the latter is ready for acquisition or liquidation. By using a bridge Read More …

MANILA, Philippines – Higher interest income allowed upscale property developer Rockwell Land Corp. to post double-digit profit growth in the first quarter. The Lopez family’s property arm said its earnings jumped more than 17 percent to P254.2 million from P216 million in the same period last year. Consolidated revenues inched up four percent to P1.42 billion from P1.36 billion.  “The residential development generated P1.17 billion, contributing 82 percent of the total revenues for the period. Bulk of the revenues came from the sale of condominium units, including accretion from interest income,” Rockwell Land said. Sales of condominium units slipped six percent to P851 million from P906 million “primarily due to lower construction completion of Edades and 205 Santolan, which were substantially completed in 2013 and are already for handover in 2014,” Rockwell Land said. Commercial leasing revenues rose three percent to P250.7 million from P244.3 million. Its retail operations include retail leasing, interest income and other mall revenues. Interest income surged 59 percent to P276 million from P173 million “mainly due to higher interest income accretion arising from Proscenium and The Grove Phases 2 and 3 projects,” the company said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 In the first quarter, Rockwell Land said it spent P1.3 billion for project and capital expenditures, up three percent from P1.2 billion last year. “The expenditures consist mostly of development costs of The Grove Phases 2 & 3, Proscenium, Lopez Tower and 53 Benitez projects,” Rockwell Land said. The upscale property Read More …

MANILA, Philippines – How do you really deal with Filipino white-collar and blue-collar workers most effectively? Win them to your side and you have the most loyal and productive people in your company.  Understanding the Filipino psyche and the cultural diversities among the different regional groups in the Philippines can boost your leadership and management performance and even marketing campaigns for the Philippine market!  Whether you are handling one or 1,000 of them, there is a right way to manage your people successfully. The Center for Global Best Practices, in collaboration with ITAP International – the specialists in doing business internationally and across borders and cultures – presents the premier launch of this one-and-a-half day special seminar entitled, “Expats’ Guide to Managing People in the Philippines” to be held on Tuesday and Wednesday, June 17  & 18, 2014 (1.5 days) at the EDSA Shangri-la Hotel, Mandaluyong City, Philippines.  The seminar will feature the best practices and global gold standard in cultural diversity training that will help locals and expats of different cultures leading people effectively, communicating clearly, negotiating more successfully, working harmoniously with culturally diverse teams and gaining more respect from subordinates, peers and superiors.  Many studies have proven that expatriates who understand the cultural diversity issues of their people are able to successfully lead and manage their organizations more effectively. For details and a complete list of upcoming best practices seminars including Filipinos’ Guide in Handling Expats and Foreigners – The right way, you may log on to www.cgbp.org Read More …