Economy – Page 436

Ford expects 2-digit growth in sales

Economy

Nov 182013

MANILA, Philippines – Ford Philippines expects to end this year with double-digit growth in sales from a year ago due to the strong demand across its vehicle lineup. Ford Philippines president Kay Hart told reporters in a chance interview the firm expects to beat last year’s total sales this year and to post double-digit growth, citing the positive performance of its vehicle models. The company sold a total of about 10,000 vehicles in 2012. “We’ve had huge growth year-on-year. In fact, we are the fastest growing automotive brand here in the Philippines and we are hoping to continue that success for the last two months of the year,” Hart said. As of end-October, Ford has sold 10,877 units, 58.2 percent higher than the 6,875 units in the same period last year. For the 10-month period, the firm had the fourth biggest share in sales, with its 7.3 percent share. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Hart said the higher sales would be driven by the demand seen for vehicle models being sold. The firm earlier reported that many of its vehicle models have been showing year-on-year increases in sales. For the 10-month period, sales of the Focus grew 81 percent to 896 units from last year. Sales of Ford’s sports utility vehicles as of end-October have also shown growth compared to a year ago. The number of Everest units sold as of end-October went up 60 percent to 2,295 units compared to a year ago, while the Read More …

Bourse slides on profit-taking

Economy

Nov 182013

MANILA, Philippines (Xinhua) – Lacking incentive to entice more investors to place their money in the stock market, the local equities closed today’s session in the negative. The bellwether Philippine Stock Exchange index lost 0.05 percent or 3.15 points to 6,343.25, while the broader all-share index retreated by 0.11 percent or 4.14 points to 3,864.86. Trading volume reached 539 million shares worth P6.52 billion ($149.76 million) with 74 stocks declining, 61 advancing and 50 were unchanged. Of the six counters, only the holding firm sector bucked the trend. “Although buyers have surfaced in time to stave off a drop below 6,200 last week, lifting the equities remains heavy as rallies are soon enough capped by profit-taking,” analyst Justino Calaycay of Accord Capital Equities Corp. said. The analyst said not even the positive outcome of trading sessions in neighboring Asian countries and China’s decision to implement broad-based reforms could prevent profit-taking among investors. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Local shares joined the cheer but continued to meet stiff resistance from sellers, capping the advance and even threatening to send the measure back in the red. Deep into the afternoon session, the bulls finally caved in to the pressure, allowing the bears to take the day,” Calaycay said. The composite index in fact went up to as high as 6,386.62 or 40 points higher from Friday’s close before profit takers dominated the session. The bellwether touched an intra-day low of 6,324.24 on Monday. In the meantime, Calaycay said Read More …

Slower growth, more poverty feared after 'Yolanda'

Economy

Nov 172013

Slower growth, more poverty feared after 'Yolanda'

President Benigno Aquino III (in yellow), returning to typhoon-hit Tacloban City on Monday, is pictured with Interior Secretary Mar Roxas and Social Welfare and Development Secretary Dinky Soliman (in red). RTVM MANILA, Philippines (Xinhua) – Due to the vast devastation and huge loss of lives wrought by super typhoon Haiyan (locally named Yolanda) that slammed the Visayas a week ago, the country’ economic growth could slow down and the incidence of poverty could rise. On Friday, the Philippines’ National Economic and Development Authority (NEDA), the top economic policy-making body of the government, said that the country’s gross domestic product (GDP) could grow by only 4.1 percent in the fourth quarter. The NEDA is now saying that the full-year GDP growth could range from 6.5 and 7 percent, slower than the earlier forecast of 7.3 percent. But the full-year GDP growth forecast still remains at the high end of the government’s 2013 target of 6 to 7 percent. In a statement, NEDA Director General Arsenio Balisacan acknowledged the need for massive relief, rehabilitation and reconstruction efforts to ease the impact of the calamity on the economy. “To ensure that we regain lost ground the soonest, we need to accelerate the implementation of social and economic development projects,” Balisacan said. Earlier, Balisacan also said that Haiyan and other natural calamities that have struck the Philippines could push more households into “transient” poverty. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 He said that a significant portion of the country’s poor are Read More …

LG donates at least $600,000 to ‘Yolanda’ victims

Economy

Nov 172013

LG donates at least $600,000 to ‘Yolanda’ victims

LG Electronics Philippines managing director Sung Woo Nam (right) presents $500,000 check to Philippine Red Cross chairman and chief executive officer Richard Gordon (left) signifying support to victims of super typhoon Yolanda. MANILA, Philippines – Global top technology innovator LG Electronics has pledged to support the distraught victims of the severe Yolanda typhoon by giving $500,000 (approximately P22 million). This cash donation was coursed through Red Cross Philippines. To address the issue of electricity shortage, LG Electronics as one of the top Solar Panel manufacturers also committed to install its Solar Power System worth $100,000 (approximately PHP 4.3 million) in major evacuation centers. Solar power generation is one of the most environment-friendly renewable sources of electricity. Upon installation, LG Solar Panels can directly convert sunlight to electricity, while the accompanying charge controller, batteries, inverter, and loads will be able to sustain it. This activity will be done in cooperation with the Department of Energy. These environment-friendly LG Solar Panels renew and sustain electricityin the Palawan City Hall. In addition, LG employees have made their own individual contributions and raised a total of $10,000. When the overwhelming situation stabilizes, LG will undergo community rehabilitation with “LG Service Camp”, an annual CSR program dedicated to victims of calamities. Now on its third year, LG Service Camp will offer free appliance and mobile phone cleaning and repair to all affected LG customers. LG employee volunteers will also extend services to Medical Missions and free Labada Days. Donations of LG TVs and washing machines Read More …

DOT chief urges tourists to continue Phl visits

Economy

Nov 162013

DOT chief urges tourists to continue Phl visits

MANILA, Philippines – The Department of Tourism (DOT) is appealing to foreign tourists to continue visiting the Philippines as this can help speed up rebuilding efforts following the devastation caused by the recent calamities that hit the country. “Tourism continues to be one of the major contributors to the economy, playing a significant role in rebuilding lives and businesses in communities,” Tourism Secretary Ramon Jimenez Jr. said in a statement in the aftermath of Super Typhoon Yolanda. As this developed, the DOT started an initiative to give out special tourism bookmarks to travelers at the Ninoy Aquino International Airport (NAIA)-1. “These bookmarks are being given away by our airport staff in both Manila and Cebu airports after the final check-in (last x-ray counter) and this will run for the next couple of weeks,” Jimenez said. “The bookmarks are for outbound foreign visitors as a token for bearing with the Filipino people during this most difficult time,” he said. “We understand that most of these departing foreigners were in the Philippines when Yolanda hit us and in one way or another, they might have been inconvenienced during their stay with us. As a token of apology and appreciation, we are giving away these bookmarks to foreign tourists leaving the country in hopes that they will realize that we appreciate them for having the Philippines as their destination of choice,” he added. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “We are also hoping that through this simple gesture, they will Read More …

Need for quick response

Economy

Nov 162013

After reports began trickling in showing the overwhelming loss of lives and damage to property from super typhoon “Yolanda,” President Aquino announced a state of national calamity and approved the initial release of P1.1 billion as “quick-response funds” to enable the government to immediately bring relief to victims of the tragedy. He also said that P18.2 billion in savings, calamity and contingency funds had been identified and could be used to help rebuild towns and provinces affected by the monster storm. But with the death toll feared at over 10, 000 in Leyte alone, P1.1 billion in quick-response funds and the additional P18.2 billion seem like peanuts and can only go so far in rehabilitating areas devastated by Yolanda, considering that we have yet to get a full picture at this point of the loss of lives, property and crops in all typhoon-affected provinces. In the farm sector, the Department of Agriculture (DA) has announced an initial farm damage estimate of at least P3.7 billion. In these difficult times, the President’s contingency and other forms of discretionary funds truly serve their primary purpose of collectively being a standby facility to swiftly provide aid to those urgently in need of government assistance. The losses suffered due to monster Typhoon Yolanda, which slammed the Visayas region only a few weeks after Bohol and Cebu reeled from a massive 7.2 magnitude earthquake, has given Malacañang a strong argument on the necessity of the President’s discretionary funds. The catastrophic Yolanda struck at a time Read More …

Western Union shares fall on reported CIA news

Economy

Nov 152013

Western Union shares fall on reported CIA news

Western Union slumped 5 percent in trading Friday following a report by the Wall Street Journal that the CIA is building a database of international money transfer data. The report, citing unnamed officials familiar with the program, says the program collects information from U.S. money-transfer companies including Western Union. It is carried out under the same provision of the Patriot Act that enables the National Security Agency to collect nearly all American phone records. The mass collection of financial data includes millions of Americans’ financial and personal data. The CIA is barred from targeting Americans in its intelligence collection. But as a foreign-intelligence agency, it can conduct domestic operations for foreign intelligence purposes. The CIA program is meant to fill what U.S. officials see as an important gap in their ability to track terrorist financing world-wide, officials told the newspaper. Western Union said last month it would be spending about 4 percent of its revenue in 2014 on compliance with rules under the Patriot Act, the Treasury Department’s Office of Foreign Assets Control and other anti-money-laundering and terrorist-financing requirements. Company spokesman Dan Díaz said that Western Union collects consumer information to comply with the Bank Secrecy Act and other laws. In doing so, the company also protect customers’ privacy and works to prevent consumer fraud. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Shares of The Western Union Co. fell 90 cents to $16.55 by late afternoon amid a broader market uptick.

DOLE sets aside P50M for Yolanda job program

Economy

Nov 152013

DOLE sets aside P50M for Yolanda job program

MANILA, Philippines – The Department of Labor and Employment (DOLE) has earmarked P50 million to provide livelihood to displaced workers in areas affected by Typhoon Yolanda. DOLE Secretary Rosalinda Baldoz told reporters at the sidelines of the 3rd Philippine Manufacturers and Producers Summit of the Federation of Philippine Industries yesterday, DOLE is ready to provide P50 million for the cash-for-work program in typhoon-affected areas. “All the P50 million will be spent for cash-for-work there (typhoon-affected areas),” she said. She said the fund would be used as payroll for displaced workers to be hired for temporary jobs such as clearing of debris as well as rehabilitation work. “We want to start the program within the year but we need the work plan which will come from the LGU (local government units),” she said. “The idea is to have the P50 million immediately accessible,” she added. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The hiring of workers would depend on the jobs identified by the LGU. As the DOLE’s office in Leyte was destroyed by Typhoon Yolanda, the Labor chief said they have no estimate of the number of displaced workers due to the typhoon at the moment. Baldoz noted that most of the workers in the Eastern Visayas region, which covers provinces hit by the typhoon, are employed by small and medium enterprises. “The way I see it, everyone there needs jobs,” she said. The DOLE is still in the process of restoring its operations in the province with Read More …

Never enough said

Economy

Nov 152013

My heart goes out to the people of Tacloban, Ormoc, Leyte and Cebu as well, and amid growing fears of how nature has proven to be such a formidable foe in recent years, I am also heartened by the sincere concern and generosity of other nations who have stepped up their humanitarian aid so that we Filipinos can cope. Yolanda was the single most devastating calamity to visit us in recent years, and to think that I always thought that we here in Northern Luzon were more vulnerable to deadly typhoons than those in the Visayas. Likewise, our government tried to manage the risks ahead through early warnings to people living in coastal areas and evacuation, but the system was not as efficiently carried out and many of our people ignorantly believed that they could beat the odds and weather the storm. I read about the account of the Romualdez family in Tacloban, and an officer of the PNP who was in charge of relief operations in Leyte there – they clearly knew the odds but they too miscalculated them and only by the grace of God were they saved. The aid was pouring in, but to get them to the people was not easy, and the authorities, trying hard as they could, could barely get their acts together. Philippine Star’s president, Miguel Belmonte said they had about P5 million worth of relief goods to be shared with the people of Tacloban, but getting them across San Juanico Bridge was Read More …

First Pac invests P5.8B for stake inThai toll road project

Economy

Nov 152013

First Pac invests P5.8B for stake inThai toll road project

MANILA, Philippines – Hong Kong-based First Pacific Co. Ltd. and Philippine infrastructure conglomerate Metro Pacific Investments Corp. (MPIC) are investing P5.8 billion to acquire a 29.45 percent stake in a toll road operator in Thailand. FPM Infrastructure Holdings Ltd., 75 percent owned by First Pacific and 25 percent owned by MPIC, is investing in Don Muang Tollway Public Co. Ltd (DMT) as part of plans to invest in infrastructure projects in the region. First Pacific is spending P4.4 billion for a 26.2 percent stake in the toll road operator while MPIC is investing P1.4 billion for a 3.25 percent interest in DMT. The vendor of the toll road stake is a 50-50 joint venture between Bank of Tokyo-Mitsubishi UFJ and South East Asian Strategic Assets Fund. Other major shareholders of DMT include the Phanichewa Group with 37.1 percent and Thailand’s Ministry of Finance with 25.1 percent. First Pacific managing director and chief executive officer Manuel V. Pangilinan said in a statement that the company is seeing more opportunities outside the infrastructure market of the Philippines. “We welcome the prospect of diversifying our investments as we continue to seek strong and steady returns for our shareholders,” Pangilinan said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 He pointed out that the First Pacific Group is keen on further investing in infrastructure, telecommunications as well as consumer and food sectors in emerging Asian countries. “We are strong believers in the growth potential for emerging Asia in the years ahead and we Read More …

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