Economy – Page 389

SEC reminds companies on financial reporting

Economy

Apr 192014

SEC reminds companies on financial reporting

MANILA, Philippines – The country’s corporate watchdog has reminded companies to comply with the strict rules on financial reporting obligations. In a public notice, the Securities and Exchange Commission (SEC) said the board of directors and management of registered corporations are required to strictly observe their responsibilities over the preparation and submission of their annual financial statements. “The Commission firmly believes that it has set sufficient regulations and has actively conducted administrative actions towards a change in the old culture in financial reporting that incorrectly allowed external auditors to prepare and review the financial statements at the same time,” said SEC chairperson Teresita J. Herbosa. Corporations and external auditors must strictly observe their respective responsibilities over financial statements, Herbosa said, adding that appropriate penalties will be imposed on erring entities. Listed firms are required to submit quarterly and annual financial reports to the SEC and the Philippine Stock Exchange. Under the Securities Regulation Code, companies’ financial statements are primarily the responsibility of their respective management. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “The board of directors reviews and approves the financial statements before these are submitted to the stockholders,” SEC said. SEC said that during the independent examination of the financial statements, the management should provide the external auditor with the complete set of financial statements. “In order to have an independent review of the financial statements prepared by the management, the external auditor must not create a template format of financial statements for mere accomplishment by the Read More …

Villar water utility firm to ink Zambo ecozone deal

Economy

Apr 192014

Villar water utility firm to ink Zambo ecozone deal

MANILA, Philippines – Villar-owned Prime Water Infrastructure Corp. is set to sign a deal with the Zamboanga City Special Economic Zone Authority (Zamboecozone) and Freeport for the supply of water and water treatment services in the ecozone. In a statement, Zamboecozone said the agreement, which would be signed by former Sen. Manuel Villar and Zamboecozone chairperson and administrator Christopher Lawrence Arnuco tomorrow, covers the construction and management of a water treatment facility and bulk water supply project with an investment of over P742 million. Under the deal, Prime Water would treat and supply 50,000 cubic meters a day of water to the Zamboanga City Water District for distribution to the residents in the city’s west coast, particularly in the Ayala district, as well as 15,000 cubic meters per day of water to the Zamboecozone and Freeport. The deal likewise covers forest protection in the ecozone. The construction work is expected to start by July and would be completed within a year. “It is expected to generate hundreds of jobs for the residents in the area during its construction phase, and an average 15 committed employment every year of its 30-year project life,” Zamboecozone said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The deal is expected to generate employment and attract investments to the ecozone. The Zamboecozone and Freeport, which covers about 16,000 hectares, hosts 15 companies with total committed investments worth P10 billion. Firms which invest in the economic zone could enjoy income tax holidays, duty-free importation of Read More …

The ultimate servant leader

Economy

Apr 162014

For many Filipinos, the importance of Maundy Thursday is eclipsed by the solemnity of Good Friday, when Christ dies on the cross, and Easter Sunday, when he rises from death. And yet, Maundy Thursday in the Christian tradition is one of the most profound observances next only to the Easter vigil. On this holy day, the Lord shares his last supper with his apostles in a Holy Communion. And on this day too, Christ, as the self-appointed Passover victim, demonstrates the ultimate attribute of servant leadership by washing the feet of his 12 apostles even as he eventually declares that one of his disciples will betray him. In today’s world, Christ’s unique brand of leadership that has preserved the Christian faith through centuries and has spread to many nations continues to inspire humanity in many ways, in many forms, in governance, community service, even in business. In Jesus’ celebration of the Passover or last meal, he became a servant to his apostles by washing their feet before the start of their meals, a supreme example of humility that had undoubtedly surprised and even embarrassed his disciples on that evening. Jesus said, “Now is the Son of Man glorified and God is glorified in him. If God is glorified in him, God will glorify the Son in himself, and will glorify him at once. My children, I will be with you only a little longer. You will look for me, and just as I told the Jews, so I tell you Read More …

Phl welcomes US plan to import more Phl mangoes

Economy

Apr 162014

Phl welcomes US plan to import more Phl mangoes

MANILA, Philippines – The Aquino administration welcomes the plan of the US government to allow the import of more Philippine mangoes other than those from Guimaras, especially now that local carriers have been allowed to fly to various destinations in America. Secretary Herminio Coloma Jr. said the national government is pleased with the news that the US now allows Philippine carriers to fly to different destinations in America, which would mean greater economic benefits for both countries. The US Federal Aviation Authority and the International Civil Aviation Organization had earlier upgraded to Category One the status of the Civil Aviation Authority of the Philippines (CAAP) following the country’s strict compliance with air safety rules. As a result, both flag-carrier Philippine Airlines and Cebu Pacific would be allowed more flights to more US territories, which likewise includes several countries in Europe. “If, in another front we get good news, then we welcome that news with total appreciation and we hope that it will result in even more beneficial outcomes to our farmers and to our industry,” Coloma told newsmen earlier. “Let us be aware that there is an entire spectrum of relationships in the international field—both multilaterally and bilaterally,” the head of the Presidential Communications Operations Office added. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 News reports indicated earlier that mango industry representatives have until June 9 to respond to proposals from US plant health authorities on mangoes imported from the Philippines. If the proposals put forth by the Read More …

Subsidies to GOCCs down to P191M in Feb

Economy

Apr 162014

MANILA, Philippines – Subsidies granted by the National Government to state-owned firms amounted to P191 million in February, significantly lower than the P1.82 billion given out in the same month a year ago. A big chunk of the amount was allocated to healthcare and showcasing the country’s products, according to data from the Department of Finance. The Center for International Trade Expositions and Missions (CITEM), an export promotions agency of the Department of Trade and Industry, was the top recipient of subsidies with P48 million. Its thrust is to promote the Philippines as a reliable source of high-quality products and services through trade fairs, special exhibits, in-store promotions, trade missions, and other promotional activities here and abroad. The Philippine Children Medical Center received the second biggest allocation with P43 million followed by the National Kidney Transplant Institute (P32 million) and the Lung Center of the Philippines (P29 million). The funding support was in line with the Aquino administration’s goal to provide good-quality healthcare services for all Filipinos. Other recipients included Philippine Television Network Inc. (PTNI) which got P17 million and the Zamboanga City Special Economic Zone Authority with P8 million. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 PTNI is the flagship government broadcasting firm under the management of the Presidential Communications Operations Office. In March 2013, President Aquino signed Republic Act 10390 whereby the government committed to inject P5 billion into PTNI to revitalize the station and make it “digital competitive”. Total subsidies for the first two months Read More …

Pepsi Cola earns 6% more on higher sales

Economy

Apr 162014

Pepsi Cola earns 6% more on higher sales

MANILA, Philippines – Higher sales volume allowed beverage maker Pepsi-Cola Products Philippines Inc. (PCPPI) to post record earnings last year. In a disclosure to the stock exchange, PCPPI said its net income rose six percent to P903.5 million million last year on “high volume growth, stable cost of inputs and manageable operating expenses.” Gross sales revenue jumped 16 percent to P26.4 billion, driven by high turnover growth from both the carbonated and non-carbonated beverages segments. Sales volume grew 20 percent last year. “Our focus on increasing our distribution across the country has been a key driver of our top-line growth,” said PCPPI president Partho Chakrabarti. He said the company outperformed the industry growth anew in 2013. Cost of sales, mainly driven by volume growth, climbed 16 percent last year. It consists predominantly of raw and packaging materials that accounted for 73 percent of net sales, PCPPI said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 PCPPI’s gross profit hit P6 billion last year, up 13 percent year-on-year. “This achievement is commendable considering intense competition and the challenges brought about by Super Typhoon Yolanda. We experienced some setbacks since our plant in Tanauan was badly affected,” said Jika Dalupan, PCPPPI vice-president for corporate affairs. PCPPI said operating expenses, despite the high capital expenditures, remained manageable. It accounted for 21 percent of net sales. The beverage maker will invest P3.5 billion this year to continue expanding its production and distribution line as demand is expected to rise further. It is also Read More …

Global Estate posts 10% hike in net income

Economy

Apr 162014

Global Estate posts 10% hike in net income

MANILA, Philippines – Tourism estate developer Global -Estate Resorts Inc. (GERI) of property tycoon Andrew L. Tan reported higher profits last year as sales of its leisure projects remain strong. In a regulatory filing, GERI said its net income rose nearly 10 percent to P321.39 million from P294.17 million in 2012. Consolidated revenues climbed by more than a quarter to P1.75 billion from P1.39 billion. The bulk of revenues came from real estate sales, realized profits on year’s sales, hotel operations, rental and finance, and other income. “Real estate sales came from the sale of residential subdivision lots and townhouses amounting to P906 million,” GERI said. GERI said it recorded higher sales from the sale of lots in Newcoast Shophouse District, Boutique Hotel and The Village in Boracay; Sta. Barbara Heights in Iloilo City; Twin Lakes Domaine Le Jardin in Laurel, Batangas; and Cathedral Heights in Quezon City. The company added that said robust real estate sales figures were driven by aggressive marketing program and take-up of new projects. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Meanwhile, total cost and expenses rose to P1.31 billion from P1.07 billion due to higher cost of real estate sales, services, hotel operations and operating expenses. GERI is the company behind several tourism estates such as the 150-hectare Boracay Newcoast in Boracay Island; the 1,149-hectare rolling terrains of Twin Lakes in Tagaytay; and the 170-hectare Sta. Barbara Heights in Iloilo City. It is part of Tan’s Alliance Global Group Inc., which is Read More …

High FDI level sustainable – BSP

Economy

Apr 162014

MANILA, Philippines – The Bangko Sentral ng Pilipinas sees no reason why the high level of foreign direct investments in January would not be sustained throughout the year, an official said yesterday. “The momentum can be sustained… I don’t see any reason why not,” central bank Deputy Governor Diwa C. Guinigundo told reporters. “For January, that was actually one of those challenging times when we experienced portfolio outflows because of the US Fed’s action, but nonetheless the more durable and more permanent type of investments came in,” he continued. Net FDI inflows summed up to $1.027 billion in January, its highest level in two years, latest BSP data showed. It was primarily driven by foreign companies lending to their local affiliates to finance operations and the expansion of their firms in the Philippines. “Moving forward, we believe that the economy will continue to grow and many of the macroeconomic stories will be the same, if not improved over time,” Guinigundo pointed out. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “So we expect that the same confidence will be maintained and our foreign direct investors will continue to come in,” he added. The BSP has forecast net FDI inflows to reach $2.6 billion this year, 33 percent below the actual $3.86 billion recorded in 2013. The lower net inflow projection was due to the US Federal Reserve’s scaling back of asset purchases, which has prompted investors to move back to advanced economies from emerging markets in anticipation of an Read More …

Fed chief signals more aggressive stance toward banks

Economy

Apr 162014

Fed chief signals more aggressive stance toward banks

WASHINGTON (AP) — The Fed- eral Reserve may be about to turn more aggressive in its regulation of the financial system. Fed chair Janet Yellen suggested Tuesday that cur- rent regulatory rules might not be enough to prevent the kind of risk-taking that triggered the 2008 financial crisis and nearly toppled the entire banking system. She said the largest US banks may need to hold additional capital to withstand pe- riods of financial stress. Non-banks with deep reaches into the financial system might also need to meet tougher rules, she said. Such firms range from money market mutual funds to private equity and hedge funds. Yellen told a banking conference in Atlanta that current rules on how much capital banks must hold to protect against losses don’t address all threats. The Fed’s staff is considering what further measures might be needed, she said. At the same time, Yellen said the Fed would review the likely effects of impos- ing stricter rules on banks. Banks and their advocates have warned that further tightening bank regulation would lead to reduced lending to businesses and finan- cial institutions and could slow economic growth. Analysts said Yellen’s message echoed remarks that Daniel Tarullo, a Fed gover- nor and the board’s point person on bank regulatory issues, has made in the past. They said it could be a sign that the Fed under Yellen will take a more assertive stance toward bank regulation. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 In her speech, Read More …

Japan to meet with Asean on upcoming integration

Economy

Apr 162014

Japan to meet with Asean on upcoming integration

MANILA, Philippines – The Association of Southeast Asian Nations (ASEAN) Secretary General Le Luong Minh is set to meet with Japanese firms operating in the region in the Philippines in June to discuss concerns on the business environment as well as views on the region’s economic integration. In a statement posted on its website, the ASEAN said the meeting is the 7th Dialogue between ASEAN Secretary General and the Federation of Japanese Chambers of Commerce and Industry in ASEAN (FJCCIA). “The FJCCIA Dialogue will discuss the follow-up to issues and recommendations raised by the Japanese business community as well as provide them an opportunity to share their views and inputs on the ASEAN post-2015 scenario,” the statement read. The dialogue, held every year since its commencement in 2008, provides a forum for Japanese businesses to raise issues on ASEAN economic integration. The region aims to establish the ASEAN Economic Community or a single market economy with free movement of goods, services and investments throughout the region by December 2015. For the forthcoming dialogue, the ASEAN Secretary General held discussions with the Japan External Trade Organization (JETRO) chief representative for ASEAN and South Asia Setsuo Iuchi on the current progress of the ASEAN integration. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Issues of key importance to Japanese investors in the integration process including customs procedures, liberalization of services, protection of intellectual property rights, ASEAN+1 free trade agreements, harmonization of standards, infrastructure development, and small and medium enterprise development were Read More …

Older Entries Newer Entries