Maniolas

MANILA, Philippines – The price of bread outside of Metro Manila may increase as a result of the provisional duty imposed on Turkish flour imports, a flour   importer said. Malabon Longlife Trading Corp. president Ernesto Chua Co Kiong  told  reporters on the sidelines of the Tariff Commission’s preliminary   conference for the formal investigation of wheat flour imports from   Turkey yesterday, bread prices in the provinces may rise after the provisional duties take effect. “The most that will be affected are the products being sold in the  provinces. I am sure prices will become higher,” he said.      This, as Turkish flour is commonly used by community bakers for products sold in provinces.      “In the provinces, bread prices will increase by around seven to eight   percent,” Chua said.      He noted though that the price hike is not expected to take effect immediately.      “July is when you will feel the increase. Right now, given weak   demand, bakers will not be adjusting prices,” he said.      Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Earlier, the Philippine Association of Flour Millers, Inc. (PAFMIL) and Department of Trade and Industry said there should be no upward movement in the price of bread products such as Pinoy Tasty and   pan de sal as flour prices are stable.      The 450-gram Pinoy Tasty costs P37, while Pinoy pan de sal is priced   at P22.50 for each 10-piece pack.      Last month, the Department of Agriculture (DA) issued an order   imposing a provisional duty of 35 percent on hard flour Read More …

MANILA, Philippines – The outstanding debt of the government rose 6.57 percent in March as it continued to rely on borrowings to partly fund its expenditure requirements. The Bureau of Treasury, a unit of the Department of Finance, reported that the country’s debt stock reached P5.63 trillion as of end-March. The amount was also P37 billion higher from the P5.59 trillion recorded the previous month. Of the outstanding liabilities, a bigger portion or P3.66 trillion was accounted for by peso-denominated liabilities. This represented an increase of 7.36 percent year-on-year. Domestic borrowings are done mainly through the sale of Treasury bills and bonds. The Aquino administraton has maintained a policy of borrowing more from the domestic market rather than from foreign sources to avoid incurring too much foreign exchange risks. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The balance of P1.97 trillion was accounted for by debt denominated in foreign currencies. This was 1.02 percent higher. Foreign borrowings comprise loans secured from development lenders such as the World Bank, Asian Development Bank and the Japan International Cooperation Agency. Borrowings by the government are aimed at plugging the country’s budget deficit. Total guaranteed debt stood at P471 billion, down 1.88 percent year-on-year.  This is largely due to the reduction in external guaranteed obligations – a product of net repayments and currency adjustments. Despite the continued increase in government’s outstanding debt, the country’s liabilities remain manageable as it has been able to keep its budget to two percent of gross domestic Read More …

MANILA, Philippines – UK-Barclays said it expects monetary authorities to keep rates steady next week but stressed macroprudential measures may be deployed. “BSP (Bangko Sentral ng Pilipinas) is likely to maintain a hawkish stance, as inflation inches higher, and growth remains robust,” Barclays said in a research note. “We believe some measures to tighten liquidity further, like hike in SDA (Special Deposit Account) rates or RRR (Reserve Requirement Ratio) levels, are likely,” the bank said. Monetary authorities, during their last meeting on March 27, maintained overnight borrowing and overnight lending rates but hiked the RRR by one percent to mop up liquidity. BSP Governor Amando M. Tetangco Jr. said inflation expectations remain within the three- to five-percent target this year and from two to four percent in 2015. The Monetary Board will revisit policy settings on May 8. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Barclays said it expects the BSP to hike key policy rates by 25 basis points during its June meeting. Overnight borrowing and overnight lending rates have been kept at 3.5 percent and 5.5 percent, respectively, since October 2012. The decision to adjust the RRR in March was meant to scale down liquidity growth, which has remained above 30 percent since July next year. The relatively high liquidity growth was a product of the adjustments made on the SDA wherein the BSP restricted the access of investment management accounts and cut the interest rates on the facility by 150 basis points last year.

MANILA, Philippines – Filinvest Land, Inc. (FLI), the real estate subsidiary of Filinvest Development Corp. (FDC) earned the distinction as the Best Performing Company in Asia under the Mid-Cap category, according to the recently concluded 14th “Asia’s Best Companies” polls conducted by FinanceAsia. The annual polls aim to determine the best-performing companies in the region from the perspective of investors and analysts. Polling was conducted over one month and included Hong Kong, Mainland China, Taiwan, Indonesia, the Philippines, Thailand, India, Singapore, South Korea, and Malaysia. FLI joins the ranks of some of the region’s powerhouse companies, such as Hongkong’s Fortune REIT, Singapore’s CapitaRetail China Trust, and Malaysia’s Hartalega Holdings. “Filinvest Land, Inc. is honored to be recognized as one of the top companies in Asia. Accolades like these inspire us even more to remain steadfast in our commitment to build the Filipino dream. We will continue to keep up with global standards and innovate to better respond to the needs of the Filipino family,” FLI president and CEO Josephine Gotianun Yap said in an issued statement. FLI is one of the country’s leading real estate developers, with almost 50 years of experience under its belt.  As of the end 2013, the company reported a 14-percent net income growth to P4 billion.  Total Ebitda grew 15 percent year-on-year to P5 billion. Real estate revenues came from the core of affordable and middle income segments, accounting for 92 percent of 2013 sales with the contribution of mid-rise and high rise projects led Read More …

It looks like the Go Negosyo bill is finally going to clear the Senate, which is excellent news for our SMEs.  The Go Negosyo Act of 2013 filed by neophyte Senator Bam Aquino is one of the better bills filed in recent history, and no less than the DTI (Dept. of Trade and Industry) Secretary Gregory Domingo is excited, bullish about how the spirit of entrepreneurship has really taken the country by storm in the last 10 years. Our guest recently in our TV show Business & Leisure’s One-on-One segment, Sec. Domingo recalled how, in his time, he (along with many others in his generation) was pushed by his parents to excel in school in preparation for an executive career. That seemed to be the only option then for college students graduating from four-year general courses, aside of course from specific courses like law or medicine. Now, though, even graduates of nursing or law opt to go into micro entrepreneurial ventures rather than burn the candle on both sides to earn little more than minimum wage. Take nursing for instance. During a protracted confinement at Makati Med several years ago (a first for me, and hopefully my last!!!), I got to chatting with the young nurses who kept me up just getting my vital signs over and over again. Apparently, just getting into prestigious hospitals like Makati Med was enough for these young ladies, never mind if they were getting less than minimum wage because they were still on training, Read More …