ABS-CBN to meet P2-B income target

 Economy
Nov 142013
 
ABS-CBN to meet P2-B income target

MANILA, Philippines – ABS-CBN Corp., the country’s largest media and entertainment company, is confident of delivering its promised earnings of P2 billion this year as profits jumped 22 percent in the first nine months. Ronaldo Valdueza, chief financial officer of the ABS-CBN Group, said the company is maintaining its profit target this year amid the softening in advertising revenues in September and October. “We are still maintaining our net income target of a little over P2 billion for the year,” Valdueza stressed. ABS-CBN Corp. chief finance officer Aldrin Cerrado said in a briefing that the consolidated net income of the company reached P1.89 billion from January to September or P340 million lower compared to P1.55 billion in the same period last year. “The growth in income was fuelled by strong regular advertising revenues as well as election-related ads,” Cerrado said. Consolidated revenues, he said, went up 16 percent to P25.23 billion in the first nine months from advertising and consumer sales. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 According to him, advertising revenues rose 20 percent to P14.77 billion while consumer sales grew 11 percent to P10.45 billion. Revenues of cable TV giant SkyCable jumped 21 percent to P4.98 billion due to higher number of subscribers as a result of the acquisition of Destiny Cable.  Cerrado said the company’s total costs and expenses increased 15 percent to P22.75 billion brought about by increases in production costs, cost of sales and services, and general and administrative expenses. He explained Read More …

Smart, Sun, Globe offer 25 free local and int’l SMS to Eastern Visayas, northern Cebu subscribers

 Economy
Nov 122013
 
Smart, Sun, Globe offer 25 free local and int’l SMS to Eastern Visayas, northern Cebu subscribers

To help the communities severely affected by Super Typhoon Yolanda, the country’s three mobile phone operators – Globe Telecom, Smart Communications, and Sun Cellular – have agreed to provide 25 free SMS per day for five days that may be used for local and international text messages. The joint offer will be available to subscribers in Tacloban City and the provinces of Aklan, Antique, Capiz, Leyte, northern Cebu and the Samar. “This is a time for Filipinos to come together and help our countrymen in their hour of great need.  This joint effort will help Smart, Sun Cellular and Talk ‘N Text subscribers in the typhoon-struck areas to communicate with their loved ones at home and abroad,” said Charles A. Lim, executive vice president of Smart and chief operating officer of Digital Mobile Philippines. “This free service is open to all Globe Postpaid, Globe Prepaid, and TM subs in these Eastern Visayas provinces. This is the company’s way of giving assistance to our customers who are suffering from the typhoon’s onslaught and who need to reach out to their family and friends in the country and abroad,” said Peter Bithos, chief operating advisor for Globe Consumer Business Group. The free 25 daily SMS bundles are available from Nov. 13 to 17 and can be used to send text messages across all networks. There is also an allocation for international SMS. It will be pushed automatically to subscribers at the start of each day. Subscribers will receive SMS notifications once the Read More …

Filinvest holding firm raising P10B via bond issue

 Economy
Nov 122013
 
Filinvest holding firm raising P10B via bond issue

MANILA, Philippines – Filinvest Development Corp. (FDC), the investment holding company of the Gotianun family, is tapping the capital markets anew to raise P10 billion in fresh funds. The planned bond sale, which will finance various investments, has secured the highest credit score, said local credit rater Philippine Rating Services Corp. (PhilRatings). “The proposed issuance is for P10 billion in fixed-rate bonds with a 10-year tenor. The proceeds will be used to fund the group’s various investments in real estate and power generation,” PhilRatings said. PhilRatings rated the bond issue at PRS Aaa, signifying the highest quality with minimal credit risk. “The obligor’s capacity to meet its financial commitment on the obligation is extremely strong,” PhilRatings said. PhilRatings said the credit rating reflects FDC’s steady earnings and diversified business portfolio; maintenance of a good credit standing even in times of financial crisis; and strong financial flexibility. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “During the financial crisis in 1997, for example, FDC settled its financial obligations without undergoing any restructuring,”  PhilRatings said. The agency also took note of FDC’s established brand names and good market position of main contributing subsidiaries; conservative and professional management stance; and new investments that will boost profitability in the medium-term. A credit rating is essential prior to the issuance of bonds as it gives the public a gauge whether the offering is a sound investment instrument. In March, FDC raised $300 million after its offshore unit Filinvest Development Cayman Islands sold seven-year bonds. Read More …

Phl needs P2.3 T to fix transpo system – JICA

 Economy
Nov 122013
 
Phl needs P2.3 T to fix transpo system – JICA

MANILA, Philippines – The Philippine government will have to spend a total of P2.293 trillion from next year until 2030 to improve its transport system and fix the traffic problem in the Greater Capital Region which covers Metro Manila, Central Luzon and the CALABARZON (Cavite-Laguna-Batangas-Rizal-Quezon), according to the Japan International Cooperation Agency (JICA). Speaking at the Management Association of the Philippines’ Special General Membership Meeting yesterday, JICA project manager Shizuo Iwata said that based on a roadmap prepared by the agency for transport infrastructure development in Metro Manila and surrounding areas, the investment would be used for projects to address the worsening traffic congestion in the area. Among the projects being pushed by the JICA is to connect the North and South Luzon Expressways. “We already have good expressways in north and south but it is not connected. It can contribute in reduction in EDSA traffic,” he said. Connecting the two expressways, he said, would also lead to improved port access which would be beneficial for operations of businesses. Aside from linking the expressways, the JICA is also proposing to elevate the rail tracks of the Philippine National Railways in Metro Manila, as well as to build a new subway from San Jose Del Monte in Bulacan until Dasmarinas in Cavite, so that new roads could be created. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 He noted that if the investment is made,the country would be able to generate savings in vehicle operating costs amounting to P2.1 billion Read More …

BSP amenable to adjusting Agri-Agra Law

 Economy
Nov 122013
 
BSP amenable to adjusting Agri-Agra Law

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) is amenable to adjust the provisions under the agri-agra law, which mandates banks to set aside 25 percent of their loanable funds for the farm sector. “The BSP has long advocated that there are challenges in mandatory credit,” BSP Deputy Governor Nestor A. Espenilla Jr. told reporters. Espenilla was reacting to a comment by Batangas Rep. Nelson Collantes, who said the congress may amend Republic Act 10000 or the new agri-agra law in order to gradually decrease the mandated 25 percent lending to the agriculture sector. Collantes currently chairs the House Committee on banks and financial intermediaries. “What’s happening right now is basically, banks are torn between two conflicting demands,” Espenilla recounted. “On one hand, the law says lend to this segment that they may or may not be ready to lend to, and on the other hand, the BSP which is implementing banking laws on safety standards is asking banks to be prudent in lending,” he said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “So what happens is that they protect their balance sheets so they end up paying penalties if they cannot lend contrary to expectations of the law,” he added. The BSP in 2011 issued the implementing rules and regulations for the new agri-agra law. Banks may opt to lend to the agriculture sector or lend to accredited rural financial institutions, which will re-lend these funds to the end-users. The law also require banks to pay Read More …

Zomato raises $37 M for global expansion

 Economy
Nov 102013
 
Zomato raises $37 M for global expansion

MANILA, Philippines – Zomato, the popular restaurant search service, has announced a fresh round of funding of $37 million from Sequoia Capital and existing investors Info Edge. This takes Zomato’s total funding to over $53 million. Zomato had earlier raised $16.5 million from Info Edge over four rounds of funding. Zomato has also announced the launch of its services in three new countries – Brazil (Sao Paulo), Turkey (Istanbul, Ankara), and Indonesia (Jakarta). In these three countries, Zomato will be available in local languages as well – Portuguese, Turkish, and Bahasa Indonesia respectively. In addition to these, Zomato has also expanded its services within UK from three cities to five, with the inclusion of Glasgow and Edinburgh. Zomato believes that menus, pictures, and maps are as important as reviews when it comes down to a customer’s decision-making process about where to eat. It follows a rich-content approach to restaurant search, and has a team that collects menu cards, clicks pictures and gets mapping information on its own. Reviews and ratings on Zomato are provided by users. Zomato updates menu cards every three months across all restaurants, and provides updated scanned menu cards for over 160,000 restaurants across the 11 countries of its presence. Business ( Article MRec ), pagematch: 1, sectionmatch: 1

DOT to meet 5-M tourist arrivals target for 2013

 Economy
Nov 102013
 
DOT to meet 5-M tourist arrivals target for 2013

MANILA, Philippines – The Department of Tourism (DOT) is optimistic that it will still meet its five million tourist arrival target for this year despite the projected slowdown in global tourism in 2013. Tourism Secretary Ramon Jimenez Jr. told The STAR that while there are some obstacles to tourism growth, the international visitors arrival target for 2013 is still achievable. “Yes, we are confident that we will breach the five million mark for foreign and the targeted 44 million domestic travelers for 2013. There are challenges but we will overcome them,” he said. Latest report by the World Tourism and Travel Council indicated that “the global travel and tourism industry will grow marginally slower in 2013 than previously indicated.” WTTC forecasts that the total contribution from travel and tourism to the world economy will be 2.9 percent in 2013, down from the 3.2 percent growth initially forecast in February this year. “However, the reduction in growth in travel and tourism is driven by reduced investment growth in the economy as a whole, impacting on the industry and slowing global economic growth,” WTTC said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Oxford Economics, WTTC’s research partner, forecasts global economic growth to be 2.1 percent, a slight downgrade from the 2.4 percent forecast at the start of the year. WTTC president and CEO David Scowsill said, “Travel and Tourism is a growth industry which generates nine percent of global gross domestic product (GDP) and supports 260 million jobs, or one Read More …

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