THE NATIONAL government’s outstanding debt rose by almost 9% year-on-year as of August as domestic borrowings surged due to the state’s issuance of retail bonds, data from the Bureau of the Treasury showed.
Oct 312013
Oct 312013
KEY industries continued to see strong growth in their gross revenue in the second quarter, according to the National Statistical Coordination Board (NSCB) yesterday.
Oct 302013
MANILA, Philippines – Eight domestic flights were canceled on Thursday due to bad weather and aircraft situation, the Ninoy Aquino International Airport Media Affairs Division said. PAL Express called off its Manila to Basco, Batanes flight 2P-084 and its return flight 2P-085, along with its Manila-Tuguegarao-Manila 2P-014/015 flight. Meanwhile, Zest Air flight Z2 763 from Manila to Cebu which was supposed to depart at 7:20 a.m. and its return flight 2P-764 expected to arrive at 10:25 a.m. were also suspended, citing aircraft situation as reason. Cebu Pacific Air also had it flight 5J-504/505 Manila-Tuguegarao-Manila canceled.
Oct 302013
MANILA, Philippines – CloudFone, an innovative mobile phone maker, together with Globe and MediaTek, is launching another innovative yet inexpensive smartphone. The CloudFone Excite 501d raises the bar for smartphone design. Its body is crafted using a combination of sleek aluminum and premium plastic to form soft and curved edges for an excellent feel. Having a large 5.0 inch screen, the combination of metal and plastic provides the phone the look of a premium phone without sacrificing the feel of the phone on ones hand. “Most five-inch screen phones will be too big to handle but for the Excite 501d, We went to great lengths in making sure that the metal we used in our design will not affect how the phone handles by keeping it light, as well as, keeping the edges curved so that it fits easily in your pocket or handbag. We made sure that the phone’s design is gorgeous enough for users to show of to their friends and everyone else around them.” said Celine Lopez, head of marketing for CloudFone. The phone is equipped with a powerful dual core processor from MediaTek, and an auto focus 8-megapixel camera with flash that take sharp and clear images. “The high quality camera used by the Excite 501d will ensure that users will not miss capturing important moments that they can share with friends and loved ones” according to Nino Mendoza, head of sales for CloudFone. The CloudFone Excite 501d is available in all CloudFone kiosks and dealers Read More …
Oct 302013
MANILA, Philippines – A Washington-based investment manager focusing on emerging markets has secured a minority stake in infrastructure conglomerate Metro Pacific Investments Corp. (MPIC). In a regulatory filing, MPIC said Cartica Management Llc has secured 5.02 percent or 1.306 billion shares of the company. The transaction is “an investment position taken in connection with Cartica’s ordinary course of business in investment management,” MPIC said. In the past two months, Cartica, which was founded in 2008, has been buying around 21 million to 141 million shares in MPIC. “Cartica is an emerging markets fund manager employing an active ownership strategy to achieve superior returns for investors,” the company said in its web site. Its recent acquisitions and private placements include Skyware Radio Systems GmbH, India’s TTK Prestige Ltd. and The Ratnakar Bank Ltd. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Cartica manages a series of fund vehicles all investing together in a concentrated, long-only portfolio of equity securities of publicly-traded companies,” the fund manager said. Cartica manages money for large US pensions like Calpers and the State of Wisconsin Investment Board. “Cartica acquires significant stakes, usually representing two to five percent of the outstanding shares of a portfolio company,” it added. Its investment team previously worked together in the senior leadership of the World Bank Group’s International Finance Corp., which focuses on investing in emerging markets like the Philippines. For its part, MPIC is one of the top conglomerates in the Philippines focusing in the industrial sector. MPIC’s core Read More …
Oct 302013
MANILA, Philippines – Lower selling prices of electricity and the revaluation of its dollar-denominated liabilities resulted in lower earnings for conglomerate Aboitiz Equity Ventures Inc. (AEV). In a regulatory filing, AEV said its third quarter consolidated net income sank 25 percent to P4.6 billion from a year ago. AEV said it incurred a non-recurring loss of P119.7 million in the July to September period due to the revaluation of dollar-denominated liabilities and placements. But it was partly offset by the reversal of a previous impairment provision related to the sale of a stake in an associate, as well as AEV’s share in its power unit’s one-time gain from the redemption of shares. “Adjusting for these, AEV closed the quarter with a core net income of P4.7 billion, down 25 percent year-on-year,” the holding firm said. In the third quarter, the power business accounted for 80 percent of earnings, followed by banking at 12 percent, food at seven percent and real estate at one percent. For the nine-month period, AEV’s consolidated net income slipped eight percent to P16.6 billion from P18 billion. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Power accounted for 71 percent of income, followed by the banking, food and property at 22 percent, six percent and one percent, respectively. “We remain pleased with the performance of our business units. Our challenge in the coming years is to deploy the cash flow we are generating into ventures that meet our hurdle rates,” said AEV president and CEO Read More …
Oct 302013
MANILA, Philippines – Property giant Ayala Land Inc. (ALI) is keen on stamping a major footprint in Pasay City through the creation of a new business district. The real estate firm has expressed its intent to join the bidding for the reclamation of a 300-hectare lot in the southern city. “ALI’s proposal to reclaim the 300-hectare Manila Bay property in Pasay City may catapult the city as one of the country’s most modern business, residential, and recreational district,” the company said in a statement. “This project is important to the company as it presents an opportunity for us to have significant presence in the Manila Bay area, contribute to the growth and progress of the city of Pasay, and make the reclaimed area the country’s model of urban and sustainable development,” said ALI chief operating officer Bobby Dy. However, ALI’s plans will depend on detailed financial and technical studies that would take time to finish, Dy said. Last week, the firm confirmed its interest to submit a counter-proposal for the reclamation project. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Mall and banking conglomerate SM Investments Corp., through SM Land, earlier submitted an unsolicited proposal to the Pasay City government to reclaim the property in the next seven years for P54.5 billion. SM offered to fully finance the project including the costs of all necessary permits and clearances from government agencies as well as other expenses to comply with all government and legal requirements. “The reclamation is a local Read More …
Oct 292013
THE GOVERNMENT’S new statistical authority could be fully operational within a year, a Cabinet official said, after a priority measure rationalizing the country’s statistical system was signed into law last month.
Oct 292013
TACLOBAN CITY — The United Nations — funded Rural Micro Enterprise Promotion Program (RuMEPP) will end in December this year, an official said.
Oct 292013
THE FINANCE department hopes that the insurance industry will continue to grow to contribute a bigger share to the Philippine financial system’s resources and play a greater role in savings mobilization, especially with the passage of amendments to the Insurance Code.