Toyota aims to sell 90,000 cars this year

 Economy
Jan 162014
 
Toyota aims to sell 90,000 cars this year

MANILA, Philippines – Toyota Motor Philippines Corp. (TMPC) is banking on the newly launched Corolla Altis and three other vehicle models to be introduced this year to achieve sales of more than 90,000 units, an official said. TMPC president Michinobu Sugata told reporters that aside from the new Altis launched on Wednesday, the company is planning to introduce three more vehicle models to support higher sales this year. “For Toyota, we expect to sell more than 90,000 units this year because of new model introductions such as the Altis and three more models,” he said. Last year, TMPC’s total sales hit an all-time high of 75,587 units, surpassing the company’s projected sales of 75,000 units for that year. Sugata said the company aims to sell 500 units per month of the newly launched Altis. “Our target market for this model is the relatively affluent younger generation,” he said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The new Altis, which is available in seven variants and imported from Thailand, is priced between P836,000 to P1.216 million. Next month, Sugata said the company is set to introduce, another vehicle model here. But while the company is introducing new vehicle models, it has no immediate plans to manufacture new vehicle models to add to the Vios and Innova which are assembled at its plant in Santa Rosa in Laguna. “We are still studying what other models can be assembled here and we are waiting for the roadmap,” he said. “We want Read More …

PAL set to resume flights to Paris

 Economy
Jan 162014
 
PAL set to resume flights to Paris

MANILA, Philippines – The Philippines has inked a new air agreement with France that would allow national flag carrier Philippine Airlines (PAL) to resume flights to Paris after 16 years, the Civil Aeronautics Board (CAB) reported yesterday. CAB executive director Carmelo Arcilla said in a text message that the Philippines managed to get half of the 14 flights per week it was seeking from France. “We agreed on seven flights per week between the Philippines and France. Seven is the limit that the French are willing to agree for now, although we were asking for at least 14,” Arcilla said. He pointed out that the seven flights per week was more than the maximum four flights per week enjoyed by PAL when the airline used to fly to Paris until 1998 “The maximum that PAL could use before was four when it previously operated to Paris (until 1998),” he added. Arcilla explained that both the Philippines and France agreed on a third country code sharing that would allow French airlines mainly Air France and KLM to fly to Manila via Amsterdam that could further boost tourism in the country. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “This means that Air France can operate from Paris to Manila via Amsterdam, using KLM as operating carrier. This means possible additional flights from Europe that will support travel and tourism,” he said. On the part of the Philippines, he pointed out that domestic airlines could partner with any Southeast or East Read More …

Philex names new resident manager for Padcal

 Economy
Jan 162014
 
Philex names new resident manager for Padcal

MANILA, Philippines – Listed Philex Mining Corporation has appointed a new resident manager for its only operating mine in the country. In a regulatory filing, the company announced that industry veteran Manuel A. Agcaoili has been appointed as senior vice president and resident manager of the Padcal copper-gold mine in Benguet. He replaces Libby Ricafort who has retired. Agcaoili holds a Bachelor of Science degree in Metallurgical Engineering from the University of the Philippines, graduating in 1980, and has a Masters in Business Administration from the Ateneo de Manila Graduate School of Business as of 2002. He served as director and president of MBMI Resources Phils. Inc. and Senior Philippine representative of MBMI Resources, Inc. based in Vancouver. He was also a director and president of Narra Nickel Mining and Development Corporation, Tesoro Mining and Development Corporation, and McArthur Mining, Inc. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Agcaoili also served as a director and president of Rapu-Rapu Processing Inc. and a director of Lafayette Philippines, Inc. He was previously connected with the Philippine Associated Smelting and Refining Corporation (PASAR). Philex Mining has been operating the Padcal mine for 55 years, producing copper concentrate. Philex is operating its copper-gold mine in Padcal, Benguet on a probationary capacity as it undertakes mine rehabilitation after the massive tailings spill that occurred in the mine in August 2012. In the first nine months of the year, the Padcal mine in Benguet was among the top five producing mines in the country, Read More …

RFM acquires Royal pasta brand

 Economy
Jan 162014
 
RFM acquires Royal pasta brand

MANILA, Philippines – Food and beverage firm RFM Corp. has strengthened its foothold in the pasta segment with the acquisition of the pasta business of Anglo-Dutch consumer goods giant Unilever Group for more than P2 billion. The deal that combines the two largest pasta makers in the country will allow RFM to significantly boost its market share, officials said yesterday. In a regulatory filing,  RFM, the maker of Selecta ice cream and Fiesta pasta, said it acquired the brand Royal and pasta business of the Unilever Group. “The transaction was valued at $47.8 million or over P2.1 billion, covering mainly the Royal trademarks, goodwill and inventories,” RFM said. RFM president and CEO Jose A. Concepcion III said the Royal brand, which has a premium price point, will strengthen the market leadership of RFM and complement the value-positioning of the Fiesta brand. “I estimate our market share to go beyond 50 percent with the acquisition,” said RFM chief operating officer Felicisimo M. Nacino Jr. As of end-2013, Fiesta pasta cornered 35 percent of the market. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Fiesta and Royal brands are the market leaders in spaghetti, macaroni, and pasta-and-sauce bundles that provide more convenient easy-to-prepare pasta meals. Concepcion said the company plans to grow the pasta market by offering ready-to-cook and affordable pasta meals to Filipino consumers. Proceeds from RFM’s P1.62-billion private placement last October will fund the acquisition, with the balance to be sourced from internally generated cash. RFM said the Royal Read More …

Cigarette firm to assist tobacco farmers

 Economy
Jan 162014
 
Cigarette firm to assist tobacco farmers

MANILA, Philippines – Cigarette manufacturer Mighty Corp. will embark this year on a three-pronged assistance program to benefit 65,000 tobacco farmers in Cagayan Valley and Ilocos Region. Mighty Corp. executive vice president Oscar Barrientos said the company allocated P10 million for the distribution of 35 irrigations pumps to some 35 farmers associations, 10 mini-tractors in tobacco-growing provinces, tools and farm implements. Barrientos said the agricultural assistance would serve as common-service production equipment to groups of organized tobacco farmers for tobacco farms that have no access to irrigation facilities and small tractors. The company will also provide some 20,000 long-sleeved farm shirts to ease the plight of tobacco farmers. Hand in hand with the agricultural production assistance, the company will launch a scholarship program, in tandem with National Tobacco Administration (NTA) in the two regions for children of tobacco farmers. At present, NTA has en existing scholarship grants to 400 scholars who are provided P5,800 financial assistance each. “Mighty Corp. will initially support NTA’s scholarship grants with 200 new college scholars this coming school year,” Barrientos said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The third component of the social responsibility program is Mighty Corp.’s institutional support for the annual search for outstanding tobacco farmers. The search being done by NTA covers three categories, one for Virginia tobacco growers, another for burley tobacco farmers and a third for native tobacco producers.

Chinabank pays P1.58 B for control of Plantersbank

 Economy
Jan 162014
 
Chinabank pays P1.58 B for control of Plantersbank

MANILA, Philippines – China Banking Corp. (Chinabank), a banking unit of the SM Group, has completed the purchase of a controlling 84.77 percent stake in Planters Development Bank for P1.58 billion, a bank disclosure to the Philippine Stock Exchange (PSE) said. Under a share purchase agreement (SPA), Chinabank said it has paid P1.58 billion out of the total amount of P1.863 billion for the full acquisition of Plantersbank. The 84.77 percent capital stock are owned by the family of former Amb. Jesus Tambunting and the Dutch development bank FMO.  The acquisition of the remaining 15.23 percent percent common stock for P283.7 million will be made through a tender offer, Chinabank said.  Based on audited financial statements as of Dec. 31, 2012, Plantersbank equity net of PFRS-related adjustments stood at P919 million. At the ensuing special stockholders’ meeting, Tambunting and Carlos Borromeo were re-elected to the new Plantersbank board as chairman and president, respectively. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 With Plantersbank now part of the China Bank Group, China Bank is now the fifth largest private universal bank in the country with P410 billion in assets as of Sept. 30, 2013.  It closed 2013 with 368 branches – 295 for the main bank and 73 for the savings bank. With the addition of Plantersbank’s 78 branches and two unopened licenses, the combined branch network now stands at 448 branches – well over the 400-branch network target of China Bank for 2014. The strategic partnership represents opportunities for Read More …

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