Market seen slowing down as earnings season ends

 Economy
Mar 162014
 
Market seen slowing down as earnings season ends

MANILA, Philippines – The conclusion of the earnings season and uncertainties over key developments overseas will dampen sentiments in the stock market this week, analysts said. Overseas headlines like tensions in Ukraine and US Federal Reserve tapering will dictate trades in a week marked by healthy correction, they said. “Prospective weakness might still be felt early this week, with no firm resolution in sight yet on the geopolitical conflict in Ukraine,” said online brokerage firm 2Trade-Asia.com. “The ongoing technical correction, along with the dampened sentiment on fundamental factors, could send the main index back to 6,250,” said Abbygayle M. Estrella,  an analyst at AB Capital Securities Inc. Freya Natividad, investment analyst at Papa Securities, said the main index’s drop in the 6,300 territory opens up the possibility of a technical rally early in the week, before trades are dominated by overseas sentiments. Week-on-week, the Philippine Stock Exchange index (PSEi) dropped  1.4 percent or 90.59 points to 6,391.24, ending its four-week rally. The decline was led by the service sector (-2.5 percent) and property (-1.7 percent). Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Investor pessimism dominated the week due to continued political tension in Ukraine. On the economic front, world’s second largest economy China reported weak retail sales and factory output data for February. Average turnover value eased slowed 29 percent to P7 billion. However, net foreign buying hit P645 million, reversing the previous week’s net selling of P186 million. For this week, investors will look out for trading Read More …

Ecolab inaugurates ‘One Manila’ headquarters

 Economy
Mar 162014
 
Ecolab inaugurates ‘One Manila’ headquarters

Hermie Limbo, general manager and country director for Ecolab and Nalco Philippines (left) and Mike Murphy, Ecolab general manager and market head, Southeast Asia and Korea, during the recent inauguration of Ecolab’s new head office. MANILA, Philippines – Ecolab Philippines, Inc. recently moved to its new head office located at the 18th floor, W Fifth Avenue Building, 5th Avenue, Bonifacio Global City in Taguig City. Called “One Manila,” the sleek and contemporary 1,367-sqm office space serves as the new headquarters of Ecolab Philippines, Inc. and Nalco Philippines, Inc., which is now part of Ecolab. In December 2011, Ecolab announced the merger with Nalco that resulted in the birth of a formidable US$13 billion global entity with some 45,000 employees in 171 countries with businesses in water, hygiene, sanitation and energy. Both companies combined under the name Ecolab. The inauguration of the new corporate office was led by Mike Murphy, Ecolab general manager and market head, Southeast Asia and Korea, and Hermie Limbo, general manager and country director for Ecolab and Nalco Philippines. They were joined by members of the company’s management committee, managers and employees from different departments, including their manufacturing plant personnel from Binan and Calamba, Laguna.     “Our move to our new corporate address as ‘One Manila’ is expected to strengthen the synergy of the two companies,” says  Limbo. “It will definitely result in more efficient operations and increased productivity with the ultimate goal of satisfying our customers. We take pride in what we do as One Ecolab:  protecting Read More …

SEC warns public anew on investment scams

 Economy
Mar 152014
 
SEC warns public anew on investment scams

MANILA, Philippines – The country’s corporate watchdog has warned the public anew against conducting business with numerous firms not permitted to sell investment instruments. In a public notice, the Securities and Exchange Commission (SEC) reminded investors about the banned sale of shares in a Boracay-based property developer. The SEC said the public should take note that the Court of Appeals in 2010 affirmed a cease and desist order that prevented Crown Regency Holiday International Inc., Fuente Triangle Realty Development Corp., Megatrend Realty Network Inc. and Boracay Multiple Properties Developers Inc. from selling investment contracts and preferred shares of Boracay Multiple Properties Developers Inc. The agency said the companies have yet to comply with the requisite registration statement for the securities. “The aforementioned decision was upheld by the Third Division of the Supreme Court in its resolution dated Aug. 15, 2012,” SEC said, adding that the ban was final and executory. The corporate regulator also issued a warning against Xingasia Marketing Corp., which is offering investment opportunities like “corperate bond notes” through subsidiaries Xingasia Lending & Investors Corp. and Xingasia Invest & Trust Bank Corp. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Xingasia Marketing is not, under any circumstance, authorized or licensed to engage in activities and/or solicit investments,” the SEC said. SEC documents showed that Xingasia Marketing is not a registered issuer of securities. It is also not licensed to act as securities broker, investment adviser, investment house and transfer agent. “It has not filed nor has it Read More …

Phl lifts decade-long ban on Japanese beef

 Economy
Mar 152014
 
Phl lifts decade-long ban on Japanese beef

MANILA, Philippines – The Philippines is now allowing the entry of Japanese beef after a decade-long ban due to the outbreak of mad cow disease in Japan. The Philippines banned the entry of Japanese beef in 2001 following the outbreak of Bovine Spongiform Encephalopathy (BSE) or mad cow disease. Talks for the resumption for exports commenced in 2004 and were concluded recently. As of last year, the World Organization for Animal Health said Japan has a “negligible risk” of mad cow disease. In a statement, the Japanese embassy in Manila said discussions with the Philippine government on the re-entry of Japanese beef into the Philippine market had been finalized. “Since 2004, both governments of the Philippines and Japan have been discussing animal health conditions to import Japanese beef from Japan to the Philippines. The discussion has recently been finalized and the Philippine government has finally approved the importation of Japanese beef from Japan,” the embassy said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The Philippines and the Animal Quarantine Service of Japan (AQS) will soon start issuing the foreign meat establishment (FME) certificates to the accredited exporters. These certificates will accompany beef shipments.

SSS revenues rise 6% to P38 B in 2013 on higher contributions

 Economy
Mar 152014
 
SSS revenues rise 6% to P38 B in 2013 on higher contributions

MANILA, Philippines – The Social Security System (SSS) registered a six percent rise in revenues in 2013 on higher contributions from members and steady investment earnings. In a statement, the state pension fund said net revenues reached P38.3 billion last year as member contributions breached the P100-billion level. Contribution collections amounted to P103.1 billion, up nine percent from P94.2 billion in 2012.  “The increase in collections was bolstered by ongoing campaigns to promote the value of active SSS membership, improved monitoring of employer compliance and intensified coverage drives spanning a wide range of sectors, including the hard-to-reach informal sector and overseas Filipino workers,” said May Catherine Ciriaco, SSS vice president of management services and planning. Total revenues stood at P137.4 billion in 2013, up seven percent from P128.1 billion in 2012. About  75 percent of the total came from contributions. Operating expenses declined one percent to P7.6 billion, which represented 57 percent of the allowed charter limit.  This  was a result of measures taken by management to maximize SSS resources and promote system-wide prudent spending. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Benefit payments, which account for 92 percent of total expenditures, went up nine percent to P91.4 billion. SSS continued its regular monitoring of pension releases thru the Annual Confirmation of Pensioners (ACOP), a program that protects the fund from fraudulent claims by requiring pensioners to present themselves to SSS or to their depository bank on the member’s birth month to prove their continued eligibility for pension. Read More …

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