SUPER typhoon Haiyan’s devastating assault on the central Philippines exerted a catastrophic human cost, but analysts say its impact on one of Asia’s fastest growing economies will be less traumatic.
Nov 202013
Nov 202013
SUPER TYPHOON Yolanda (international name: Haiyan) is definitely one for the books — significantly surpassing all records and recalibrating atmospheric standards. It is by far the strongest typhoon in Philippine history and in the world this year. By a wide-range of comparison, its sustained winds of 315 kilometers per hour were far stronger than hurricane Katrina’s (2005) winds of 201 km/h and superstorm Sandy’s winds of 129 km/h. Emphasizing the typhoon’s impact on the global environment, TIME, in its Nov. 25 issue, bleakly remarked: “Haiyan wasn’t the result of climate change, but the typhoon’s strength could well be a sign of catastrophes to come”.
Nov 202013
MANILA, Philippines – Energy Secretary Carlos Jericho Petilla has estimated that around P2 billion would be spent for the restoration of toppled power transmission and distribution lines in the Yolanda-stricken areas. “(We have) estimated P1.1 billion for transmission alone. (Our) estimate for distribution is about P800 million, or roughly a total of P2 billion. But we have not yet completed the computation,” he said. Petilla said they are also exploring ways on how to raise the funds to finance the restoration efforts. He said they are trying to find out if the National Grid Corp. of the Philippines (NGCP), the private concessionaire managing the country’s power transmission highways, can shoulder the rebuilding of the transmission lines. “I think NGCP’s insurance is 70:30 which means 70 percent of the cost it needs to recoup will be shouldered by them and the 30 percent would have to be passed on. But my goal is zero passed on,” the energy chief said, noting that NGCP may not need to seek approval from ERC for costs related to force majeure. Petilla said he would also seek leagl opinion on tapping the Malampaya fund for the rehab efforts. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 According to the energy chief, state-run National Electrification Administration (NEA) has already set aside some P300 million to electric cooperatives affected by the super typhoon. “NEA has already shelled out P150 million to an electric cooperative in Leyte and there’s another P150 million released somewhere in Iloilo. Yes, Read More …
Nov 202013
MANILA, Philippines – Local banks’ exposure to the property sector continued to grow in end-June from the previous quarter, but the Bangko Sentral ng Pilipinas assured these remain manageable. Universal, commercial and thrift banks’ real estate exposure (REE) summed up to P900.1 billion as of June, up seven percent from end-March. “The increase in REE was mainly driven by real estate loans which accounted for 84.7 percent of their total exposure to the real estate sector,” the central bank said. Real estate loans went up seven percent to P762.5 billion in the second quarter from P715.5 bililon in the previous three months. At the same time, investments in the property market, which make up 15.3 percent of the total REE, also climbed during the period. Investments in real estate securities jumped eight percent to P137.7 billion in end-June from P127.1 billion in the first quarter. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The central bank stressed the total REE only made up 21.7 percent of the banking system’s total loan portfolio of P4.2 trillion in June. “In line with its financial stability objectives, the BSP is keeping an eye on measuring the whole landscape under the new coverage of banks’ exposure to the real estate industry,” the central bank said. “The BSP is keen on monitoring the credit conditions that support the heightened activity in property development to prevent potential impairment of intermediation.” The BSP last year introduced stricter regulations in monitoring banks’ exposure to the real estate Read More …
Nov 202013
MANILA, Philippines – Globe Telecom’s board has approved the declaration of cash dividend for holders of its preferred shares during its meeting held last Nov. 8. The amount of the cash dividend will be based on the average 30-day PDST-F (formerly MART1) as computed by the Philippine Dealing and Exchange Corp. plus two percent, Globe president and CEO Ernest Cu said. Record date is on Nov. 22, 2013 while payment date has been set on Dec. 8, 2013. The telecommunications provider reported its core net profit in the first nine months of the year rose nine percent to P9.5 billion, underpinned by robust revenues, which reached a total P67.3 billion, up 10 percent from P61.3 billion a year. Globe counts Philippine conglomerate Ayala Corp. and Singapore Telecom as its major shareholders.
Nov 202013
MANILA, Philippines – Property giant Ayala Land Inc. (ALI) has gained full ownership of an upscale resort in El Nido in Palawan, three years since first buying a majority stake into the project. In a regulatory filing, ALI said subsidiary AyalaLand Hotels and Resorts Corp. signed an agreement to acquire Asian Conservatory Co.’s (ACC) 40-percent stake in El Nido Resorts. “This acquisition will effectively make the El Nido Resorts wholly-owned by ALI. This will solidify ALI’s presence in the resort and leisure development market and help boost the country’s tourism industry,” the property firm said. In 2010, ALI bought ACC’s 60-percent stake in El Nido Resorts for P2 billion, marking the property firm’s third foray into the resort and leisure industry. “The company intends to take El Nido Resorts to its next stage of sustainable development,” ALI said, adding that the transaction is expected to close before yearend. ACC, through its subsidiaries under the Ten Knots Group, owns and operates the world famous El Nido Resorts in Lagen and Miniloc Islands in Northern Palawan. The El Nido Resorts was a recipient of the Wild Asia Responsible Tourism Award in 2009 and was one of 15 Favorite Green Hotels recognized by Travel+Leisure magazine in 2007. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 In 2007, ALI first ventured into the resort and leisure segment by starting the P4-billion development of the 320-hectare Anvaya Cove in Bataan. The hotel portfolio of AyalaLand Hotels and Resorts currently include Fairmont and Raffles Hotels, Read More …
Nov 202013
MANILA, Philippines – SM Prime Holdings Inc., the umbrella firm for the SM Group’s property businesses, is introducing its “lifestyle cities” concept in the world’s second largest economy, China. The company will put up residential towers adjacent to shopping malls in the medium term, its top official said. “With the consolidated group, we can really go to China for residential projects already. Before, it’s only malls,” SM Prime president Hans Sy told reporters on the sidelines of the Philippine Stock Exchange’s Bell Awards Tuesday. The conglomerate can now penetrate the Chinese property market as one company, Sy said. In May, mall and banking giant SM Investments Corp., the investment vehicle of the country’s richest man Henry Sy, announced the merger of its real estate businesses, creating the most valuable property firm in Southeast Asia. It merged upscale Tagaytay Highlands developer Highlands Prime Inc., condominium builder SM Development Corp. (SMDC), private firm SM Land Inc. and mall developer SM Prime. For its regional expansion, Sy said SM Prime will introduce in China the concept of lifestyle cities, which incorporate malls and residential condominiums. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “We believe the Philippine formula works very well in China,” Sy said, adding that SM Prime is customer-oriented and understands its clients. SM Prime so far has 47 shopping centers in the country and five in China: Xiamen, Jinjiang, Chengdu, Suzhou and Chongqing. SM City Zibo will open next year. SMDC earlier identified China as a growth center but Read More …
Nov 202013
MANILA, Philippines – Globe Telecom expanded further its cellular service in Leyte and Samar provinces as the telecommunications company continues to prioritize restoration of cell sites in areas that are hardest hit by the typhoon. Globe said mobile services are now available in the towns of Isabel and Palo in Leyte; Lavezares, Rosario, San Jose, San Roque and Lope de Vega in Northern Samar; Hinunangan, Limasawa and Sogod in Southern Leyte; San Sebastian and Pagsanghan in Western Samar and Culasi and Laua-an in Antique, Dumarao in Capiz and Daanbantayan in Cebu “Optimization of cell sites by increasing transmission power has resulted in substantial expansion of its cellular coverage in typhoon-stricken areas,” noted Robert Tan, Globe Chief Technical adviser. The telecommunications provider said it also expects to restore cellular service in Borongan, Eastern Samar anytime soon. “A major cell site facility in Borongan is essentially intact and that would give us good umbrella coverage once transmission alignment is completed,” Tan said. Globe has also restored network coverage in Cebu, Bohol, Iloilo, Negros Occidental, Negros Oriental, Bohol, Iloilo, Aklan, Antique, Southern Leyte, Northern Samar, Western Samar, Guimaras and Siquijor. In Leyte, municipalities with cellular coverage are as follows: Bato, Hilongos, Hindang, Inopacan, Isabel, Kananga, Matag-ob, Matalom, Palompon, Palo, Santa Fe, Tabango and the cities of Baybay, Ormoc and Tacloban as well as the towns of Anahawan, Bontoc, Hinunangan, Hinundayan, Libagon, Lilo-an, Limasawa, Macrohon, Malitbog, Padre Burgos, Pintuyan, San Ricardo, Saint Bernard, San Francisco, San Juan, Silago, Sogod and in Tomas Oppus in Read More …
Nov 192013
Senior Site Officer and Head of Human Resources Peter Buenaseda (right) receiving the award from last year’s winner, Meralco, represented by Mon Segismundo, senior vice president for human resources and corporate services. MANILA, Philippines – Media and information firm Thomson Reuters Manila won the Top Employer of the Year honors at the 2013 Asia CEO Awards held last Nov. 14 at the Solaire Resort and Casino. As Top Employer, Thomson Reuters was recognized for its accomplishments that demonstrate its mixed Filipino/expatriate management and local talent performing at the highest global standards, with superior business results. Senior Site Officer and Head of Human Resources Peter Buenaseda received the award from last year’s winner, Meralco, represented by Mon Segismundo, senior vice president for human resources and corporate services. Asia CEO Awards is a grand alliance of Philippine and international communities meant to promote the Philippines as one of the world’s premier business destinations. The Asia CEO Awards honors the most accomplished management teams and individuals currently operating in Philippines and the region.
Nov 192013
MANILA, Philippines – West Zone concessionaire Maynilad Water Services, Inc. (Maynilad) recently sent 63 employee-volunteers to the Department of Social Welfare and Development (DSWD) National Resource Operations Center, Pasay, to help load packed relief goods to delivery trucks that will transport the items to relief centers set up for Typhoon Yolanda evacuees. The employees spent the evening carrying packed relief goods for about 600 families, in response to the call for manpower assistance of DSWD. “We have always encouraged volunteerism among our employees. During this very trying time, we’re glad to help our typhoon-stricken countrymen in whatever way we can,” said Maynilad President and CEO Ricky P. Vargas. Besides the assistance of its employee-volunteers, Maynilad has likewise been donating to the relief effort for typhoon-stricken areas through the provision of potable water, food, and other needed items. Maynilad is a concessionaire of the Metropolitan Waterworks and Sewerage System (MWSS) for the West Zone of the Greater Manila Area.