DAVAO CITY — Members of the progressive bloc at the House of Representatives remain firm in pushing for a nationwide ban on aerial pesticide spraying, currently applied on commercial-scale plantations.
Feb 252014
Feb 252014
MANILA, Philippines – PLDT Alpha Enterprise, a unit of Philippine Long Distance Telephone Co. (PLDT), has tied up with IT.Corea Inc. to provide integrated connectivity service to the growing Korean community and businesses in the country. Jovy Hernandez, first vice president of PLDT and head of Alpha Enterprise, said the partnership would allow Koreans in the country to avail and communicate their information technology (IT) requirements without the language constraints from coordinating with local firms. “By tapping PLDT’s robust international and domestic high speed fiber network, IT.Corea will be able to provide the Philippine-based Korean community with business and communications solutions for their various needs,” Hernandez said. While many Koreans come to the Philippines as English language students, others have been attracted by business opportunities in various industries including manufacturing, import and export as well as food service. Through IT.Corea, Hernandez said Koreans could now avail landlines for their home or business, mobile pre-paid lines, and Internet from PLDT, and avoid application issues like the language barrier in acquiring these services. “There are so many things that our companies can do in synergy and the great thing about this kind of collaboration is that both PLDT and IT.Corea play an active role in ensuring that our customers get the right solutions for their needs,” he added. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 IT.Corea Chairman Jae J. Jang said the company is looking forward to providing Koreans in the Philippines through the partnership with PLDT Alpha with the Read More …
Feb 252014
MANILA, Philippines – Metropolitan Bank & Trust Co. (Metrobank) reported a consolidated net income of P22.5 billion in 2013, a hefty 46 percent increase from P15.4 billion the previous year, the bank said in a statement. Total resources reached P1.38 trillion, a 32-percent hike from the previous year’s P1.05 trillion, representing another record-breaking performance in Metrobank’s 52-year history. Deposits breached the P1-trillion mark to close the year at P1.02 trillion for a 38-percent year-on-year increase. Net loans and receivables meanwhile, ballooned to P611 billion. Total operating income increased 38 percent to reach P78.9 billion. This was achieved on the back of a 24 percent growth in net interest income to P38.3 billion and a 55 percent growth in non-interest income to P40.7 billion. Metrobank sustained its high growth rate in net interest income from strong volumes and relatively healthy margins. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Meanwhile, growth in non-interest income was driven by the resilient gains in trading and the steady increase in service charges, fees and commissions. In addition, the bank booked gains from one-time sale of non-core assets in preparation for Basel III implementation. In 2013, asset sales consisted of the bank’s remaining 15-percent stake in Toyota Motor Philippines Corp. (TMPC), and a 40-percent stake in Global Business Power Corp. (GBPC) through its subsidiary, First Metro Investment Corp. On a Basel II basis, total capital adequacy ratio (CAR) remained well above the regulatory limit at 16.7 percent with Tier 1 CAR at 15 percent. Read More …
Feb 252014
MANILA, Philippines – Listed gaming concern Leisure & Resorts World Corp. (LRWC) has deferred a planned sale of preferred shares. In a disclosure to the Philippine Stock Exchange, LRWC sad its board decided to postpone its planned share sale “due to a change in the timing in the implementation of its work program and to further review its current expansion program to align with its over-all business strategy in the medium-term.” “As a result, the company will revisit its financing program,” LRWC said. The offer period was supposed to run from March 13 to 21 while the listing date was set on March 31. The deferment came after the Securities and Exchange Commission approved last week the public offering of P250 million worth of perpetual preferred shares with 12.5 million detachable warrants. The preferred shares are cumulative, non-voting and non-participating and were supposed to carry a coupon rate of 8.5 percent per annum and are paid semi-annually. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Under the terms of the offering, investors are entitled to one warrant for every 20 preferred shares they own. The warrants are convertible to common shares starting on the fifth year or from March 31, 2019 to March 31, 2022. Each warrant, if exercised at a price of P15 or the average weighted trading price for the three months prior (whichever is lower), will be converted to one common share. LRWC aimed to raise about P437.5 million from the offering upon full payment of Read More …
Feb 252014
MANILA, Philippines – The Max’s Group, led by the Fuentebella family, has completed the purchase of Pancake House in a P3.5-billion transaction, making it one of the country’s biggest full-service and family-style dining restaurant chains with a combined network of more than 450 stores. In a statement, Max’s said it acquired a total of 89.95 percent stake in Pancake House, equivalent to 233.16 million shares after minority shareholders tendered their shares before the offer deadline. The tender offer involved 39.98 million Pancake House shares. The shares were acquired for P15 apiece, the same price per share that Max’s has agreed to pay the majority shareholders for the acquisition of 193.18 million Pancake House shares. The acquisition brings together two of the Philippines’ largest and historically successful heritage brands that share a long history of brand recognition and innovation, customer loyalty and proven track records for expansion. Max’s president Robert Trota said Pancake House would remain as a listed company despite the entry of a new shareholder group. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The group led by the Fuentebella family is also the master franchisee of US-based coffee and doughnut brand Krispy Kreme in the Philippines. “The Max’s Group is extremely excited about having completed another historic milestone in the Philippine restaurant industry. We appreciate everyone’s enthusiasm for what we can do to build our casual dining brands together, execute a business strategy that delivers consistently high quality food with exceptional customer service. Together, we look forward Read More …
Feb 252014
MANILA, Philippines – Fastfood giant Jollibee Foods Corp. has ramped up its presence in the Middle East with its expansion in the United Arab Emirates. In a disclosure to the Philippine Stock Exchange, JFC said its wholly-owned unit Golden Plate Pte. Ltd. (GPPL) forged an agreement with Golden Crown Foods LLC (GCFL) to establish a joint venture company that will own and operate Jollibee stores in the UAE. Both companies will share control and management of the joint venture equally even as GCFL will own 51 percent of the new company. The initial funding for the UAE company is about $80,000 (roughly P3.57 million). UAE is one of the most-developed economies in Western Asia with the world’s seventh-highest GDP per capita. Its most populous city of Dubai has emerged as a global city and a business gateway for the Middle East and Africa. The JFC Group currently has 42 outlets, all franchised, in the Middle East composed of Jollibee stores (nine in Saudi Arabia, four in Qatar and three in Kuwait) and 26 Chowking stores (five Qatar, two Oman and 19 in the UAE. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Systemwide sales in the Middle East grew 28 percent last year, JFC said. JFC currently operates the largest food service company in the country with a total of 2,181 outlets as of end-December 2013. Overseas, the group ended 2013 with a total of 583. The group had a total network of 2,763 stores worldwide as of end-December Read More …
Feb 232014
MANILA, Philippines – The group of businessman Manuel V. Pangilinan is still intent on pursuing agriculture investments in the country despite the difficulty in acquiring substantial tracts of land. Interviewed on the sidelines of the launch of new TV 5 program Yaman ng Bayan on Friday night, Panglinan said Hong-Kong based First Pacific Co. Ltd. is still interested in pursuing commercial rice cultivation in the Philippines and bullish about sugar prospects in the country. Pangilinan said the prospective agricultural investments in the Philippines would be carried out by First Pacific’s food unit PT Indofood, the largest food producer in Indonesia. In 2012, Pangilinan and hybrid rice seed grower SL Agritech Corp. engaged in talks for a partnership on large scale rice farming in which First Pacific would provide the tracts of land while SL Agritech will provide the rice seeds. “It’s still under discussion with SL Agritech. But it would still be pursued here,” Pangilinan said. SL Agritech, owned by businessman Henry Lim Bon Liong is a subsidiary of the Sterling Paper group of companies. It was formed in 1998, performing research work on hybrid rice. At least 10,000 hectares is needed for the project. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Pangilinan said he is interested in the development of agriculture as a major industry in the country because of numerous opportunities and challenges brought about by the implementation of the free trade regime within Southeast Asia in 2015. “We want to go for agriculture as a Read More …
Feb 232014
MANILA, Philippines – The government is looking to fasttrack the draft bill for the revenue sharing scheme of the mining industry, a cabinet official said. “As soon as possible, we’d like to come up (with the draft bill) so we can lessen the anxiety of the industry. We don’t want the industry to be anxious about it,” Trade secretary Gregory Domingo told reporters. He said the draft bill being crafted by the Environment, Finance andTrade departments, is close to completion with just one administrative matter left to be decided by the Mining Industry Coordinating Council(MICC). The MICC, a joint committee of the Economic Development Cluster and the Climate Change Cluster created by Executive Order 79 or the miningpolicy released in 2012, has approved in principle the revenue-sharing scheme which will provide the government a higher tax take from mining activities. Domingo said under the approved scheme, mining firms will have to pay taxes based on a certain percentage of gross or net revenues, whichever is higher. He said the government will also get a share when a mining firm gets extraordinary profit from its operations, like in times of high metal prices.“It starts when their profit exceeds a certain level,” he said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 At present, mining firms pay taxes depending on their contract with the government. A Financial or Technical Assistance Agreement for mining requires 50-50 sharing of revenues between the firm and the government.A Mineral Production Sharing Agreement meanwhile, specifies a Read More …
Feb 232014
MANILA, Philippines – Robinsons Land Corp. (RLC), the property firm of tycoon John Gokongwei, expects its profits to recover in the second half of its fiscal year that will end in September. The listed property firm is looking to tap the debt markets in the next few months to fund the continuous expansion of its shopping malls and office space, its top executive said. “I’m very optimistic and positive about the second half of the fiscal year for RLC,” said RLC president and CEO Frederick Go. “Obviously, we had some challenges in the first half of the year but those are one-off like Typhoon Haiyan and the fire at the department store,” Go said. The Gokongwei family’s property development arm recorded a 13-percent decline in earnings to P1.03 billion in the fourth quarter of 2013 from P1.18 billion a year ago. RLC incurred losses from Typhoon Yolanda and a mall fire that negatively affected the operations of Robinsons Place Tacloban and Robinsons Galleria, respectively. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Non-recurring losses in the first quarter will likely be offset by the property boom. “The market looks good. Demand is strong across-the-board: for retail, office, condominium units and hotel rooms,” Go said. New office buildings and the opening of new shopping malls will also boost the company’s rental revenues, he said. With the opening of Robinsons Place Antipolo and Robinsons Place Las Piñas late this year, RLC will end 2014 with 39 shopping centers. RLC is jacking Read More …
Feb 232014
MANILA, Philippines – A forum on “How To Carry Out A PR & Communications Program In A Challenging Year” will be held on Feb. 27 & 28, 2014 (Thursday & Friday) at Crowne Plaza Hotel, Ortigas Center, Quezon City. For more information you may call tel. nos. 475-9996, 631-9801 & 746-1468. E-mail: commbiz88@yahoo.com. Ber Pacheco, president of CommBiz, Inc. said crisis may come in many forms and the manner in which it is handled is critical to the situation, as well as to the organization. Top corporate & government executives today realize the imperatives of an efficient and prompt PR/communication function if the company interest will be successfully implemented. The forum will show participants how to undertake a PR function that measures up to the highest professional standard; how to deal with media professionally, and how to cope and manage crises situations efficiently. Invited speakers to are: Janette Toral, president, Digital Filipino, Inc. Owen Cammayo, external relations head, IBM Philippines, Inc.; Butch Raquel, president, BSR Public Relations Co., Inc., Amylyn de Quiros, president, Full Circle Communications, Inc & Jake Maderazo, broadcast journalist, Radyo Inquirer, Ritzi Ronquillo, president, International Association of Business Communicators — Philippines.