Economy – Page 427

Xoom announces instant deposit service with BDO

Economy

Dec 112013

Xoom announces instant deposit service with BDO

Money can be deposited instantly into any BDO account, 24 hours a day, seven days a week, 365 days a year SAN FRANCISCO, CA – Xoom Corporation (NASDAQ: XOOM), a leading digital money transfer provider, and BDO, the largest bank in the Philippines, have collaborated to offer instant bank deposit to all BDO accounts. This new service allows Xoom customers to instantly send money directly into a BDO account. “Xoom is committed to providing ‘instant’ in all of our services, and we are pleased to launch instant deposit with the largest bank in the Philippines, BDO.” said Julian King, Senior Vice President of Marketing and Corporate Development for Xoom. “With our collaboration with BDO, people can rest assured that their loved ones can receive their money without waiting or having to be mindful of cut-off times. Xoom customers can send 24 hours a day, seven days a week, every day of the year from their computer, mobile phone or tablet.” In the past, people were mindful of cut-off times, arranging their schedule to get to the bank to deposit their money and not have to wait another full day. Instant deposit means no waiting on the part of either the sender or recipient, making this a fast and convenient service for all Xoom customers. Visit https://www.xoom.com/philippines for more information.

Pro-Friends to give 2 Sophie Units through Kapuso Milyonaryo

Economy

Dec 112013

Pro-Friends to give 2 Sophie Units through Kapuso Milyonaryo

Property Company of Friends, Inc. (Pro-Friends) is set to give away two Sophie Units through GMA’s network promo, Kapuso Milyonaryo Todo Pamasko. This is Pro-Friends’ way of giving back to the Filipino people in time for its Crystal Year celebration this coming February 2014. Two lucky winners will win one Sophie unit each. Sophie is a 52 sqm single-attached house on an 80 sqm lot area inside Pro-Friends flagship project, Lancaster New City in Cavite. It has three bedrooms, two toilet and baths and a provision for a one car garage. To realize the giving away of these dream homes, Pro-Friends partnered with GMA Network Inc. Aside from the two house and lot packages from Pro-Friends, GMA will be giving away more prizes weekly through Kapuso Milyonaryo. Sending of entries started last October 28 and will end on December 20, 2013. For more information about the promo, you may visit www.gmanetwork.com/KapusoMilyonaryo.

Phl bourse slumps on fears over US Fed tapering

Economy

Dec 102013

Phl bourse slumps on fears over US Fed tapering

MANILA, Philippines (Xinhua) – The Philippine stock market slipped below the 6,000-level over fears that the US Federal Reserve would cut its stimulus program. The bellwether Philippine Stock Exchange index dived by 2.04 percent, or 122.54 points, to 5,886.40, while the broader all- share index lost 1.85 percent, or 68.22 points, to 3,612.58. Trading volume reached 633.93 million shares worth P7 billion ($159.06 million) with 124 stocks declining, 31 advancing, and 36 were unchanged. All six counters were down. “At this point, nothing appears able to spur confidence in equities with the index sustaining further declines,” analyst Justino Calaycay of Accord Capital Equities Corp. said in his daily stock market comment. Calaycay said not even the 16,000-level of the Dow Jones could entice investors who are balancing the timing of the Fed’s tapering on one hand and the oncoming budget talks on the other. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The analyst noted that he had already warned that a reduction in the US stimulus program is inevitable, but he said the question on everyone’s mind is when such reduction will be effected. Nevertheless, 2TradeAsia.com said separately that the recent drop might attract some investors to the battered issues. Stocks in the 30-company index were mostly down. These include Ayala Corp., Banco de Oro Unibank, Inc., and Megaworld Corp.

Meralco raises bond offer to P18.5 B

Economy

Dec 102013

MANILA, Philippines – Manila Electric Co. (Meralco), the country’s biggest power distributor, has raised the amount of fixed rate bonds it would issue P18.5 billion from an earlier plan of P15 billion. In a disclosure to the Philippine Stock Exchange (PSE), Meralco said this was in response to the strong demand from retail investors. “Meralco, upon the request of joint issue managers and joint lead underwriters, exercised P3.5 billion in the over allotment option of its debut bond offering following the strong demand from retail investors during the offer period,” Meralco said. As such, from a base offering of P15 billion, the total 12-year and seven-year bonds to be issued on Dec. 12, 2013 will amount to P18.5 billion, making it the largest single corporate bond issuance for the year, the company added. The 2020 bonds have an interest rate of 4.375 percent while the 2025 bonds will have an interest rate of 4.875 percent. Meralco tapped BPI Capital Corp. and First Metro Investment Corp. as joint issue managers and joint lead underwriters, with RCBC Capital Corp. and Philippine Commercial Capital Inc. as participating underwriters. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Philippine Rating Services Corp. (PhilRatings), a local credit rating agency, earlier assigned an issue credit rating of PRS Aaa to Meralco’s proposed debt A PRS Aaa rating is PhilRatings’ highest score reflecting minimal credit risk. It means that the obligor’s capacity to meet its financial commitments on the obligation is extremely strong. “The rating takes into Read More …

Megaworld targets P8-B sales for RFO units this yr

Economy

Dec 102013

Megaworld targets P8-B sales for RFO units this yr

MANILA, Philippines – Megaworld Corp., the flagship property firm of tycoon Andrew L. Tan, expects to hit the P8-billion sales mark for its niche ready-for-occupancy (RFO) residential units, a top company official said. Donna V. Racho, vice-president for sales and marketing of Megaworld’s Prime Properties Investment Group, said they expect to post P8 billion in revenues this year, double the P4 billion it recorded as of July. “We are making more. Double this year,” she said. Since its launching in July 2012, the marketing division contributed roughly P4 billion in revenues to Megaworld. Prime Properties is in charge of the lease, sale and re-sale of RFO units. “There is a huge demand for RFOs. There is an untapped market,” Cacho said, adding that Megaworld created Prime Properties to cater to those that prefer quick turnover of units. Given presently robust figures, Prime Properties is on track to contributing P15 billion in consolidated revenues in the next three years. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 RFO units account for roughly five percent of the total units in all residential condominium projects of Megaworld. Cacho said Prime Properties facilitate ownership of condominium units through low downpayment and flexible payment terms. “For us to maintain [high sales], we always have the personalized after-sales service like the interior design services we have in-house,” she said. For next year, Cacho said the group will launch more creative designs and concepts that will cater to distinct tastes of RFO unit buyers. “Most of Read More …

MNTC poised to take over SCTEX

Economy

Dec 102013

MALOLOS CITY, Philippines – – Manila North Tollways Corp. (MNTC) is ready to take over operation of the 93-kilometer Subic Clark Tarlac Expressway (SCTEX). A unit of infrastructure conglomerate Metro Pacific Investment Corp. (MPIC), MNTC is also among the top-bidders that recently pre-qualified for the proposed 40-kilometer Cavite-Laguna Expressway (CALA). Ramoncito Fernandez, president and chief operating officer (CEO) of Metro Pacific Tollways Corp. said President Aquino is happy with their proposal on the takeover of the SCTEX. “We are ready anytime. We are just waiting for the formal announcement of Malacanang,” Fernandez said in an exclusive interview on the sidelines of the NLEX-SCTEX first short film contest on Monday. Part of the MNTC proposal is the 50-50 sharing of revenues and expenses in the operation of the SCTEX, between the MNTC and the government. Fernandez said that even the rehabilitation of the damaged embankment on the Pasig-Portero River will be shouldered by MNTC and the company. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 He added that part of their plan for the full operation of the SCTEX is an integrated toll collection system Earlier, MNTC offered a P20-billion concession to the government for the operation of SCTEX which remains under the management of Bases Conversion Development Authority (BCDA). Fernandez said MNTC is also among the four bidders that prequalified for the operation of the 40-kilometer CALA. He said that CALA will stretch from the Kawit section of the Cavite Expressway (Cavitex) passing through Silang town to Sta. Rosa Read More …

Mid-single digit revenue growth seen for PLDT, Globe

Economy

Dec 102013

Mid-single digit revenue growth seen for PLDT, Globe

MANILA, Philippines – London-based Fitch Ratings sees telecommunications providers in the country led by rivals Philippine Long Distance Telephone Co. (PLDT) and Ayala-led Globe Telecom Inc. – booking mid-single digit revenue growths next year. In a report entitled “2014 Outlook:Southeast Asia Telecommunications,” Fitch said strong demand for data from subscribers would help offset higher expenses for subsidies as well as declining revenues from intense competition. “More data adoption should lead to revenue rising by the mid-single-digits,” Fitch said. The international rating agency pointed out that earnings before interest, taxes, depreciation, and amortization (EBITDA) margins would continue to decline. “In the Philippines, operating EBITDA margins will continue to deteriorate due to unlimited or bucket tariff offerings, larger handset subsidies and substitution of data for voice or text services,” it added. Likewise, Fitch said lower capital expenditures would ensure free cash flow and stable credit profiles for both PLDT and Globe. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 PLDT completed a two-year P67.1 billion network modernization last year, while Globe finished its $700 million network transformation program in the first quarter of the year and is completing a $90 million information technology (IT) transformation project. PLDT booked a two percent increase in net income to P29 billion as consolidated revenues climbed two percent to P121.6 billion from January to September this year. Its consolidated EBITDA grew four percent to P59.6 billion while its consolidated free cash flow remained robust increasing by P3.2 billion to P32.9 billion. The company’s cellular subscriber Read More …

Jobless rate drops to 6.5%

Economy

Dec 102013

MANILA, Philippines – Joblessness in the country declined in October compared to the same month a year ago with more individuals finding work, the National Statistics Office (NSO) reported. The Labor Force Survey released by the NSO yesterday showed that the unemployment rate was estimated at 6.5 percent in October, down slightly from 6.8 percent in the same month last year. The NSO noted that the number of jobless Filipinos fell to 2.602 million this year from 2.763 million a year ago. “Among the regions, the NCR (National Capital Region) continued to have the highest unemployment rate,” the NSO said. The jobless rate in the region was estimated at 10.2 percent in October compared to the 11 percent in the same month last year. The statistics agency also noted that majority or 64.4 percent of those without jobs were males. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 In terms of educational attainment, 21.4 percent of the unemployed were college graduates, 13.9 percent were college undergraduates, and 33.5 percent were high school graduates. Of the estimated 63.109 million population of those aged 15 years and over in October, the NSO said 37.733 million individuals were employed, up from the 37.670 million in the previous year. Of the total employed persons, most or 53.4 percent were in the services sector. Those in the agriculture sector comprised the second largest group, with its 31.4- percent share, while the balance or 15.2 percent was accounted for by the industry sector. The number Read More …

Sun Life banks on new products for growth

Economy

Dec 102013

Sun Life banks on new products for growth

MANILA, Philippines – Sun Life Asset Management Co. Inc. (SLAMCI) is targeting an expansion in its assets under management (AUMs) by 20 to 30 percent to P40 billion next year, driven by more distribution channels and new products. SLAMCI president and chief executive officer Valerie Pama said the fund manager is looking at a 20 to 30 percent growth next year. SLAMCI is the fund manager of Sun Life Financial-Philippines. “That will be achieved through additional agents, looking for new distribution partners including banks and non-bank channels,” Pama said in a press briefing yesterday. Already in the pipeline is a peso-denominated balanced fund seeking approval from the Securities and Exchange Commission (SEC). It also expanded its partnerships with 10 bank institutions including Citi NA and the Rizal Commercial Banking Corp. (RCBC), and is eyeing new relationships with non-bank financial institutions. SLAMCI will also be expanding its retail market base as it has already lowered its initial minimum placement to P5,000 from the original P10,000, and additional placements as low as P1,000. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “We want to expand to a wider base and the regions,” Pama added. Recently, the fund manager launched SLAMCI MF Online, an Internet-based dealing facility, which allows clients and investors to perform mutual fund transaction such as adding, transferring and redeeming shares. As of end-November this year, SLAMCI’s total AUMs rose to a record P32 billion. SLAMCI manages seven mutual funds under the Sun Life Prosperity (SLP) family of funds, Read More …

SEC issues new rules on corporate names

Economy

Dec 092013

MANILA, Philippines – The Securities and Exchange Commission (SEC) is rationalizing the guidelines on the use of corporate and partnership names. The new rules simplify the identification of a company based on the nature of its business, avoiding confusion for the investing public, the corporate regulator said. In a memorandum, SEC said it came up with the Omnibus Guidelines and Procedures on the Use of Corporate and Partnership Names “to keep abreast with developments in business and information technology in the country.” “The SEC shall, for the protection of the public interest and other justifiable causes, disallow the use of names that, in its judgment, are misleading, deceptive, confusingly similar to a registered name, or contrary to public morals, good customs or public policy,” the agency said. The corporate regulator said corporate names should contain “Corp.” or “Inc.” but partnerships are required to bear “Co.” or “Ltd.” A professional partnership name may include “Co.,” “Associates” or “Partners.” “A term that describes the business of a corporation in its name should refer to its primary purpose,” SEC said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “The name shall not be identical, misleading or confusingly similar to a corporate or partnership name registered with the SEC, or with the Department of Trade and Industry, in the case of sole proprietorships,” it added. The corporate watchdog also prevented companies from using punctuation marks, spaces, signs and symbols to differentiate a proposed name from a registered entity. “The name of an internationally Read More …

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