Maniolas

THE GOVERNMENT is preparing for air service talks with Myanmar this month while eyeing negotiations with South Africa in July, according to the Civil Aeronautics Board (CAB) chief.

MANILA, Philippines – East West Banking Corp., the banking arm of the Gotianun-led Filinvest Group, has reported a 38 percent drop in net income in the first three months of 2014 to P455.7 million due to substantial decline in trading gains during the period. In a report, EastWest said a P756-million drop in trading income was recorded in the first quarter. EastWest’s lower trading revenues, however, were offset by the strong gains in its core banking businesses. Its customer loans increased 37.1 percent to P102 billion, with both corporate and consumer lending businesses posting double-digit growth of 47.8 percent and 28.4 percent, respectively.  Total deposits stood at P122.9 billion, a growth of 41.8 percent as compared to the same period last year, with low-cost deposits (CA/SA) growing 50.5 percent on account of its expanded branch network. The bank also maintained its industry-leading net interest margin of eight percent for the first three months of the year, driven by its significant consumer portfolio and improvement in its funding costs.   Business ( Article MRec ), pagematch: 1, sectionmatch: 1 EastWest has the highest proportion of consumer loans among universal banks, with 52 percent of its loan portfolio. Its net interest income increased 23.7 percent to P2.3 billion, as interest income grew 14.5 percent while interest expense declined 23.9 percent, even as total deposits were 41.8 percent higher. Non-interest income, excluding trading, went up 22.9 percent to P800.1 million. These are largely recurring fee-income, driven by the growth in consumer loans business and Read More …

THE TRADE department aims to submit this year’s Investment Priorities Plan (IPP) to the Office of the President by next month as public consultations on the proposal kicked off yesterday.

By Paolo G. MontecilloPhilippine Daily Inquirer 12:10 am | Wednesday, May 7th, 2014 Monetary officials all but assured the market that policy settings would be tightened anew this week to ward off further pressures that put official targets for price stability at risk. Inflation, or the average movement of consumer prices, accelerated slightly in April. Data released yesterday showed that inflation remained elevated last month, albeit still within Bangko Sentral ng Pilipinas’ (BSP) target range. “We will not hesitate to make preemptive adjustments to any of our policy levers in measured pace if the inflation target would be at risk or financial stability pressures heighten,” BSP Governor Amando M. Tetangco Jr. said. Analysts expected the BSP’s policy-making Monetary Board to impose another one-percentage-point-increase in bank deposit reserve requirements this week as a way to quickly mop up cash from the economy. The BSP’s benchmark overnight borrowing and lending rates, which currently stand at record lows of 3.5 and 5.5 percent, are expected to be kept. For April, inflation accelerated to 4.1 percent, faster than the 3.9 percent recorded the month before. Prior to the release of data on consumer prices, the BSP projected a range of 3.6 to 4.5 percent. The target for the year is for inflation to average between 3 and 5 percent. In a statement to reporters, Tetangco said the BSP remained “watchful for any financial stability risks from the still-elevated liquidity growth rate.” Latest data showed domestic liquidity or the amount of cash circulating in the Read More …

DAVAO CITY — Some sectors may see the Aboitiz-owned coal-fired power plant complex in Toril, Davao City, and Sta. Cruz, Davao del Sur, as the answer to power problems on the island. But, Mindanao Business Council Chairperson Vicente T. Lao has expressed concern about the 645-megawatt (MW) project.