Approved bldg permits down in Q2

 Economy
Aug 302013
 
Approved bldg permits down in Q2

MANILA, Philippines – The number of approved building permits declined 3.9 percent in the second quarter compared to the same period a year ago as developers took fewer projects. The National Statistics Office (NSO) said preliminary results of its construction statistics showed that the total number of construction projects from approved building permits was registered at 29,424. The number is lower than the 30,614 projects reported in the same period last year. While there were fewer approved building permits in the second quarter this year, the total value of construction projects for the period increased compared to the previous year. The aggregate value of construction projects during the quarter reached P66.4 billion, up 9 percent from the P60.9 billion in the comparable period a year ago. The bulk or 72.6 percent of the total new construction projects for the period were residential buildings which reached 21,360. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 These residential projects were valued at P32.6 billion. Approved building permits for non-residential projects which accounted for 11.9 percent of the total, reached 3,504. The non-residential projects amounted to P28.5 billion. The total number of building permits for additions, alterations and repairs of existing structures meanwhile, reached 4,560 in the second quarter, with their combined value placed at P5.3 billion. “Among regions in the country, CALABARZON (Region IVA) posted the highest number of construction projects with 6,826 accounting for 23.2 percent of the total,” the NSO said. The National Capital Region came in second while Read More …

Market continues rally; index up 131 pts

 Economy
Aug 302013
 
Market continues rally; index up 131 pts

MANILA, Philippines – The Philippine Stok Exchange (PSE) index rallied for the second straight day yesterday, rising 2.20 percent or 130.96 points to 6,075.17. “Equity investors found more reason to stay optimistic after US economic numbers showed the worst may be over,” said Justino Calaycay Jr., an analyst at Accord Capital Equities Corp. “European shares snapped three consecutive days of losses as the UK Parliament rejected a proposed military involvement in Syria,” Calaycay said. Geopolitical tension in Syria, particularly the potential US-led military strike, has been hounding stock markets in the past few days. Wall Street advanced anew as easing tensions was coupled with a surprising 2.5-percent second quarter gross domestic product growth in the US. The Dow Jones industrial average gained 0.1 percent or 16.44 points to 14,840.95, while the broader Standard & Poor’s 500 index rose 0.2 percent or 3.21 points to 1,638.17. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Locally, all counters were in the green, led by property firms that rose 2.81 percent or 63.39 points to 2,319.44. “The PSEi started off with a 40-point gain and except for a momentary slide took a decidedly positive heading, breaking into the 6,000-line going into the final hour of morning trades,” Calaycay said. Turnover value spiked to P14.43 billion from P9.69 billion on Thursday. There were two advancers for every decliner. SM Investments Corp. (+1.36 percent) remained as the top traded company, followed by Ayala Land Inc. (+3.31 percent) and PLDT (+2.79 percent).

Construction projects in PH on the rise

 Economy
Aug 302013
 
Construction projects in PH on the rise

By Michelle V. RemoPhilippine Daily Inquirer 10:47 pm | Friday, August 30th, 2013 The value of construction projects with approved building permits rose in the second quarter from a year ago on the back of substantial demand for residential and office spaces. This was according to the National Statistics Office, which reported that construction projects with building permits were valued at P66.4 billion in the second quarter, up by nearly 18 percent from P60.9 billion reported in the same period last year. The total value was spread over 29,424 projects, lower by about 4 percent than the 30,614 approved building projects reported for the same period last year. Nearly half, or P32.6 billion, of the total value of construction projects was accounted for by the residential sector. Non-residential accounted for P28.5 billion and the balance covered repairs. The total floor area for residential projects stood at 3.3 million square meters, while that for non-residential settled at 2.1 million square meters. The total floor area for residential projects was up from 3.1 million square meters a year ago, while the total floor area for office and other non-residential projects was lower than last year’s 2.8 million square meters. The double-digit growth in the value of construction projects was attributed to still significant demand for residential and office spaces. Economists said the demand for residential spaces in the Philippines was partly boosted by remittances from overseas Filipino workers, while demand for office spaces was driven in part by demand from business process Read More …

Phl matches China’s growth … posts fastest economic expansion in Southeast Asia

 Economy
Aug 292013
 
Phl matches China’s growth ... posts fastest economic expansion in Southeast Asia

MANILA, Philippines – The Philippines sprinted to a fourth consecutive quarter of above seven-percent growth, beating forecasts with a strong 7.5-percent expansion in the April-June period to match China as the fastest-growing economy in Asia. The National Statistical Coordination Board (NSCB) reported yesterday that the 7.5-percent gross domestic product (GDP) growth in the second quarter topped the 7.2-percent median forecast by analysts as well as the 6.3-percent pace recorded a year ago. “The growth came mainly from consumer and public spending, buttressed by increased investments in fixed capital,” Jose Ramon Albert, secretary general of the NSCB, told reporters, adding that the services sector and manufacturing and construction also pushed up growth. For the first half of the year, GDP accelerated 7.6 percent, faster than the 6.4-percent clip in the same period last year. “The composition of our growth shows signs of an economy that is in the process of rebalancing, moving from being largely consumption-driven to becoming investment-led and industrialized, with the ability to provide higher quality jobs for Filipinos,” Socioeconomic Planning Secretary Arsenio Balisacan said in a statement. He said for the past three quarters, capital formation has been growing more rapidly than household consumption and the growth of industry has so far outpaced that of the services sector. Notable are the double-digit growth rates in fixed capital and the manufacturing subsector in the last quarter. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 He pointed out that with the latest GDP results, the Philippines remains the fastest Read More …

Sun Life Assets Mgm’t posts 206% sales growth

 Economy
Aug 292013
 
Sun Life Assets Mgm’t posts 206% sales growth

MANILA, Philippines – The Sun Life Asset Management Co. Inc. (SLAMCI) reported yesterday its gross sales reached P26.2 billion at the end of July, marking a growth of 206 percent compared to the same period last year. Similarly posting an impressive figure are its assets under management, which reached P42.1 billion by the end of July – a 67.5-percent improvement from a year ago. Of the seven Sun Life Prosperity Funds, it was the Philippine Equity Fund that performed the strongest, marking a 19.89-percent increase in its year-on-year performance. Balanced Fund went up16.55 percent and Bond Fund saw an 11.88-percent growth. The other Prosperity Funds offered by Sun Life Asset Management are Dollar Abundance, Dollar Advantage, GS, and Money Market funds. “The numbers are encouraging because it shows how more Filipinos are warming up to the concept of investing in funds as a way of growing their money,” said SLAMCI president Valerie Pama. “We take pride in the fact that Sun Life’s expertise in managing investments plays a significant role in this development,” she added. Pama expressed optimism that SLAMCI’s strong performance will continue for the last quarter of the year, especially after achieving the largest Balanced Fund (mutual fund and unit investment trust fund) and largest Equity Fund (mutual fund industry) this July in terms of assets under management. SLAMCI is a member of the Sun Life Financial Group of Companies (Sun Life Financial), a leading international financial services organization providing a diverse range of wealth accumulation and protection Read More …

GM says almost driverless cars coming by 2020

 Economy
Aug 292013
 
GM says almost driverless cars coming by 2020

MILFORD, Michigan (AP) — Sometime before the end of this decade, General Motors will put a car on the road that can almost drive itself. The automaker says the system, called “Super Cruise,” uses radar and cameras to steer the car and keep it between lane lines. Also, the radar keeps the car a safe distance from cars ahead of it, and it will brake to a complete stop if necessary. GM and other automakers such as Mercedes, BMW and Lexus already offer radar-guided cruise control systems that keep their cars a safe distance from other vehicles and even stop before a crash. They also have systems that warn the driver if they’re drifting out of their lane. But until recently, engineers haven’t been able to steer with computers, according to GM. “The steering control is the big additional piece,” said John Capp, GM’s director of electrical controls and active safety technology. On Wednesday, engineers showed off the system for reporters at the company’s testing grounds in Milford, Mich., north of Detroit. The system adds control of electric power steering to off-the-shelf technology that’s now available. Although they still have bugs to work out, a Cadillac SRX SUV equipped with the technology worked very well. Capp says a lot of development work still needs to be done about road conditions, reaction of sensors, visibility of lane lines and how the system will interact with the driver, who still would be in control and can easily override the computer system. He Read More …

Anglo Holdings to focus on oil exploration

 Economy
Aug 292013
 
Anglo Holdings to focus on oil exploration

MANILA, Philippines – The Ramos family’s flagship investment firm Anglo Philippine Holdings Corp. will focus on upstream oil exploration following its divestment in an upscale property firm. Fresh funds from the P778-million sale of its shares in Shang Properties Inc. will finance higher investments in Philodrill Corp., the holding firm said in a regulatory filing. “The company’s overall thrust is to gain meaningful participation in all its investments in natural resources, property development and infrastructure,” Anglo Holdings said. “The company’s sale of its Shang Properties shares is in line with this thrust because the company intends to use the proceeds from the sale to acquire additional shares in Philodrill,” it added. Anglo Holdings currently owns 1.71 percent of Philodrill, which is expected to increase to roughly 10 percent with the additional investment. “From a minority interest in both Shang Properties and Philodrill, the company decided to consolidate its investment into a meaningful participation in Philodrill,” Anglo Holdings said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Anglo Holdings said it noted Philodrill’s higher dividend rate and better market liquidity. “A bigger participation in Philodrill equates to a bigger share in dividends which…will be better than having separate minority interests in two companies,” it added. The improved liquidity will also allow the holding firm to be flexible in realizing gains or minimizing losses. Early this week, Anglo Holdings sold its 214.145 million shares or 4.5-percent stake in the local property unit of Malaysia’s Kuok Group for P778.46 million. Upscale developer Read More …

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