THE BUDGET department has released P1.72 billion for the repair and maintenance of roads throughout the country, it said yesterday.
Apr 082014
Apr 082014
PHILIPPINE rice inventory slid by 7.9% while corn stocks rose by 42.3% in March compared with the same month last year, the Bureau of Agricultural Statistics (BAS) said in a report yesterday.
Apr 082014
DAVAO CITY — Palm oil has been identified as the next major industry in the Davao Region, more than a year after typhoon Pablo (international name: Bopha) tore through large areas of Davao Oriental coconut farms at the end of 2012.
Apr 082014
MANILA, Philippines – Century Pacific Food Inc., the country’s largest canned goods producer, will become the second company to list in the local bourse through an initial public offering (IPO). In a memorandum, the Philippine Stock Exchange (PSE) said its board of directors approved the P3.33-billion IPO of Century Pacific. “We’re very optimistic about Century Pacific. It’s another play on the consumer growth and the growing income of Filipinos,” said Eduardo V. Francisco, president of BDO Capital & Investment Corp. “The consumer market in the Philippines will continue to grow because of the rising gross domestic product,” Francisco said, adding that increased spending capacity allows consumers to shift to more expensive products like corned beef from cheaper sardines. Century Pacific will list 2.22 billion common shares, of which 229.654 million shares will be offered to the public at a maximum price of P14.50 each that will raise as much as P3.329 billion. The bulk of the IPO proceeds will be used to pay existing debts, with the remaining funds allotted for capital expenditures, potential opportunistic acquisitions and general working capital. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Francisco said retiring debts will immediately improve the profitability of Century Pacific. The company is being advised by Evercore Asia Ltd. while the offer will be underwritten jointly by BDO Capital, BPI Capital and First Metro Investment Corp. The final IPO price will be set on Apr. 21. Offer period will run from Apr. 23 to Apr. 29, while the listing Read More …
Apr 082014
MANILA, Philippines – Investment pledges approved by the Board of Investments (BOI) declined 52 percent in the first quarter from a year ago. In a statement, the BOI said it approved P46.77 billion worth of investments as of end-March, down from the P97.19 billion approved in the comparable period last year. BOI managing head Adrian Cristobal Jr. said last year’s figure was higher due to the big ticket power project of Redondo Peninsula Energy Inc. amounting to P62.86 billion approved in 2013. Cristobal said that domestic firms dominated the total investment commitments for the first quarter at 90 percent or P42.08 billion. The balance of 10 percent or P4.69 billion came from foreign sources. Topping the list of foreign country sources of investments is the United Kingdom with a 31-percent share amounting to P1.46 billion. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Japan came in second with P874.78 million worth of investments (19-percent share), followed by the Netherlands which contributed P492.50 million (10-percent share). Thailand and Taiwan got the fourth and fifth spots, pouring in investments worth P237.28 million (five-percent share) and P16.08 million (0.34 percent share), respectively. The biggest projects approved for the quarter are those made by the following companies: Citicore Megawide Consortium, Inc (P8.5 billion), SM Development Corp. (P5.9 billion), Prime Meridian Powergen Corp. (P5.57 billion), Cebu Air Inc. (P3.9 billion) Agusan Power Corp. (P3.66 billion), and Bright Future Educational Facilities Inc. (P2.5 billion). By sector, real estate activities, specifically, the mass housing sub-sector recorded Read More …
Apr 082014
MANILA, Philippines – Twenty four retail concepts and establishments bagged the prestigious citations given by the Philippine Retailers Association (PRA) and the Department of Trade & Industry in their respective categories at the recently concluded 17th Outstanding Filipino Retailers and Shopping Centers of the Year ((OFR-SCY) Awards at the Grand Ballroom of Crowne Plaza Hotel. The 17th Outstanding Filipino Retailers and Shopping Centers of the Year ((OFR-SCY) awardees include: Most Promising Retailer – Vikings (food) and Bambu (non-food); Regional Retailer Category – Apag Marangle Co.; Specialty Retailer – Runnr (small category) and Picture City (medium category); Home Improvement Center – Handyman; Fashion Category (shoes, bags, apparel) fashion apparel – Mint (small), Folded and Hung (medium), Bench (large); Fashion (shoes and bag) – DC Shoes (medium), Celine (large). Other winners are; Food Retailer – Jollibee (large); Services – Bench Fix Salon (medium); Category Killer – R.O.X.; Supermarket – Rustans supermarket; full Line Dept. Store – The SM Store; Foreign Brand Retailer – Dorothy Perkins (fashion apparel – medium), Fashion 21 (large); Charles and Keith (fashion, shoes and bags – medium), Ace hardware (category killer), Starbucks (food retailer- large). For the Shopping Centers of the Year, Shangri-la Plaza Mall (large), Robinsons Magnolia (medium) and SM Center Muntinlupa (small) got the most prestigious and coveted awards. Serving as the highlight of this year’s annual rites was the awarding of the PRA President’s Award to SM Group’s Teresita Sy- Coson. She was recognized as the “Philippine Retailing’s Woman Visionary Leader.” PRA President Lorenzo “Enchong” C. Formoso said Read More …
Apr 072014
THE PHILIPPINES’ total metals output last year rose slightly in value terms, despite lower prices, mainly on the back of better gold production, the Mines and Geosciences Bureau (MGB) said on Monday.
Apr 072014
A DELEGATION of French businessmen arrived in Manila yesterday, indicating willingness to invest in the Philippines amid its strong economic growth.
Apr 072014
ATTENTION all taxpayers: you have only seven days left to prepare the calendar year 2013 annual income tax returns (ITRs) before the deadline for filing and payment on April 15. As the deadline draws near, taxpayers should familiarize themselves with the guidelines for the preparation of correct and complete ITR and its proper filing especially since the Bureau of Internal Revenue (BIR) just released new ITR forms.
Apr 062014
A building in Manila occupied by a call center. Rajesh Pamnani MANILA, Philippines — Most voice and call center businesses in India are transferring to the Philippines due to Filipino workers’ more “neutral” English acccent, among other reasons, an Indian business group said. The Associated Chambers of Commerce and Industry of India (Assocham) said that India is losing 70 percent of all incremental domestic business process outsourcing (BPO) businesses, particularly call centers, estimated to be worth $30 billion in foreign exchange earnings. “Philippines … has become the top destination for Indian investors, thus the need to reduce costs and make operations leaner is increasingly becoming significant across the BPO industry,” Assocham secretary general D.S. Rawat said in a statement Sunday. Citing Assocham’s study, Rawat said that the Philippines has an advantage over India due to its large pool of “well-educated, English-speaking, talented and employable graduates.” Rawat said that only 10 percent of graduates in India are qualified to work in call centers and training could take a considerable amount of time. About 30 percent of graduates in the Philippines, on the other hand, are employable. “Employees in Philippine call centers speak English fluently with a neutral accent which is what customers look for and that is something missing in Indian accents and that is a prime reason why BPO business is thriving in that country,” Rawat explained. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Cultural proximity to the US together with availability of talented manpower are key reasons Read More …