WITH THE HIGH volume of sugar unshipped due to oversupply in the United States, the Sugar Regulatory Administration (SRA) is now allowing the reclassification of “A” or US sugar as “D” or world market sugar.
Aug 022013
Aug 022013
MANILA, Philippines – The group that brought the popular Singaporean chain BreadTalk in the country is also bringing Korean fried chicken restaurant chain Kyochon here. In a briefing on Friday in Makati, businessman Wilson Chu said Kyochon will initally open nine stores in the Philippines and its first store will be located somewhere in Greenbelt in Makati. Target opening of the first store is December. Besides BreadTalk, Chu’s group was responsible for bringing ToastBox Philippines, Banana Leaf Curry House Inc., Ikkoryu Fukuoka Ramen Philippines and Chops Chicago Steak House Inc. Chu’s group meanwhile also brought Coffee Bean and Tea Leaf to the country through a joint venture with a partner. It also operates No. 8 Chinese Bistro, Royal Sporting House, and Academy of Rock Inc. Kyochon operates 950 stores in South Korea and has expanded to the US and other countries in Asia such as China, Thailand and Indonesia. Restaurants in Camboadia, Myanmar and Laos will also be opened. By 2020, the restaurant is tageting to have 10,000 stores worldwide. “You can say we are a little ambitious,” Chu said of the restaurant’s plan to become the number one fried chicken restaurant in the country. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Chu added that their offering would be priced a little higher than BonChon, the first Korean fried chicken restaurant in the Philippines. He cited their experience when they brought in CBTL to the Philippines and priced their coffee at P5 higher per cup than those sold Read More …
Aug 022013
MANILA, Philippines – The central bank is monitoring where funds from special deposit accounts (SDA) are being diverted after a “massive” outflow as a result of lower returns and stricter placement rules, an official said. “We have already seen a massive reduction on SDA balances over time,” central bank Assistant Governor Johnny Noe Ravalo told reporters on Friday. “What does that mean? That is where the current review is being taken from a financial standpoint…It is incumbent upon us to monitor all these flows,” he added. Idle money from the SDA— fixed-term deposits by banks and trust departments— began to drop last month after the Bangko Sentral ng Pilipinas (BSP) slashed the interest it offers by 150 basis points to two percent. As a result, investors shifted their money to higher earning investment outlets such as government securities. As of July 12, SDA placements totaled P1.8 trillion, still down from its peak of P1.983 trillion last April 15, but higher than the P1.738 trillion two weeks before. According to Ravalo, trust entities have complied with another BSP rule ordering them to retire 30 percent of investment management accounts (IMA)— funds held for a singular person— by the end of last month. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 A complete phase-out of IMAs by Nov. 30 was also ordered by the BSP. BSP Deputy Governor Diwa Guinigundo, in a text message, said the reduction in SDA placements from April to June has already contributed to money supply (M3) Read More …
Aug 012013
HONG KONG — Asian stocks advanced Friday after a report that U.S. manufacturing activity jumped last month, raising hopes of a rebound in industrial production that would bolster growth in the world’s biggest economy. Investors were pleased after the Institute for Supply Management’s purchasing managers’ index rose much higher than expected in July. They were also optimistic ahead of key U.S. data releases expected later Friday that they hoped would add further evidence of a strengthening U.S. recovery. “Holy smokes,” economists at Singapore’s DBS Bank wrote in a research note. They noted that the report comes after other recent upbeat U.S. data, including second-quarter growth that was better than expected and a surge in durable goods orders. “Payrolls and the unemployment rate are on tap today. If these green shoots — or rocket ships in the case of the ISM — spill over to the labor market, there’s going to be a party at the Fed. And on Pennsylvania Avenue. Wall Street.” Japan’s Nikkei 225 index rose 1.4 percent to 14,203.02. Hong Kong’s Hang Seng added 0.5 percent to 22,201.85 while in mainland China, the Shanghai Composite Index rose 0.8 percent to 2,046.59. South Korea’s Kospi was up 0.4 percent to 1,928.76 and Australia’s S&P/ASX 200 climbed 0.9 percent to 5,105.60. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 On Thursday, the Dow Jones industrial average rose 0.8 percent to close at 15,628.02. The broader Standard & Poor’s 500 index gained 1.3 percent to 1,706.87 while the Nasdaq composite Read More …
Aug 012013
One of the first lessons in advertising I learned many years ago from the late Antonio de Joya is this: nothing kills a good product or service faster than great advertising. I am seeing this happening right now in our tourism effort. Tourism Secretary Ramon Jimenez belongs to my generation of advertising professionals who has become as legendary, if not more so, than the likes of my late mentor Tony de Joya. I worked with Mon on the Petron account in the early ’80s, followed his fantastic career and I can say he has to be one of the best in my generation. Mon is in the habit of creating great advertising. Working with a younger generation of advertising geniuses, he has produced just about the most effective advertising campaign for Philippine tourism ever. It’s more fun in the Philippines, we promised, and it has created an interest in our country like we have not seen in a long time. And that seems to be the problem we now have to face: we cannot live up to its promise. Sure, we have the great beaches, and even greater people with our world renowned hospitality. But we have horrible infrastructure and that problem will negate our efforts to promote tourism if that has not started to happen already. For example, let us take Kalibo International Airport, the gateway to Boracay, our principal tourist destination. Interest in Boracay is so high that there is no longer a low season… tourists are flocking Read More …
Jul 312013
First e-vehicle charging station in PHL: Trade and Industry Secretary Gregory L. Domingo (second from left) joins (from left) Meralco president and CEO Oscar S. Reyes, Meralco chairman Manuel V. Pangilinan, and Department of Energy (DOE) Secretary Carlos Jericho L. Petilla during the launch of the first prototype electric vehicle (EV) charging station in the Philippines. The DTI is supportive of efforts to accelerate the development of the nascent electric vehicle (EV) industry in the country. This pioneering development in the EV industry is intended to provide a signal to EV stakeholders that Meralco is preparing itself to support the industry’s requirements. MANILA, Philippines – Business magnate Manuel V. Pangilinan has purchased a P9-million Tesla model S electric vehicle (EV), the first luxury sedan of its kind in the country, ending speculations he would be buying a Rolls Royce. The Model S is one of many models manufactured by Tesla Motors, a Silicon Valley-based car premium EV maker. “This is more affordable than a Rolls Royce,” Pangilinan said in jest. More than the monetary value, Pangilinan said his acquisition of an EV is part of Manila Electric Co’s efforts to promote the use of more environment-friendly EVs in the country. Meralco, the country’s biggest power distributor which Pangilinan chairs, is willing to help in manufacturing EVs, he said at the launch of Meralco’s first commercial prototype EV charging station Tuesday night. “We in Meralco will help propagate local manufacturing here. We’re prepared to invest and help set up financing. We Read More …
Jul 312013
MANILA, Philippines – Bloomberry Resorts Corp., the owner and operator of the $1.2-billion Solaire Resort and Casino, turned profitable in the second quarter as revenues spiked. For the rest of the year, the firm targets to improve margins and continue marketing programs for its casino operations. In a regulatory filing, Bloomberry said it recorded P22.7 million in profits in the second quarter, turning around from a net loss of P126.93 million in the same period last year. Total revenues spiked to P3.59 billion during the period from just P15.79 million a year ago. “Gross gaming revenues during the quarter amounted to P3.89 billion, followed by non-gaming revenues coming from the hotel, food and beverage, retail and others totaling P267 million [and] interest income contributed P14.9 million to revenues,” Bloomberry said. “It is gratifying to know that Solaire has begun to generate profit after only a few months,” said Bloomberry chairman and president Enrique Razon Jr. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The $750-million Phase 1 of Solaire, which offers 500 rooms, 18,500 square meters of gaming space and 15 luxurious dining options, started commercial operations on March 16. However, revenues have yet to catch up with high operating expenses, which hit P3.65 billion in the second quarter. Operating expenses included payroll, advertising and promotions, supplies, gaming taxes and licenses, depreciation and amortization, utilities and other services. Bloomberry’s books, however, was buoyed by income from tax benefits. “The group recognized additional deferred tax assets resulting in benefit from Read More …
Jul 312013
MANILA, Philippines – The influx of international tourists continues to improve growing 11 percent in the first half of 2013 to 2.4 million, Tourism Secretary Ramon Jimenez Jr. told The STAR. The arrival figure, he said, makes up 45 percent of the projected 5.5-million arrivals for the year. He said the sustained growth in foreign tourist arrivals signals the country’s robust efforts to improve its tourism industry. Jimenez said while data from United Nations World Travel Organization (UNWTO) showed the Philippines lagging behind its neighboring countries in attracting foreign tourists, this may not reflect the actual picture. “The Philippines is not part of a contiguous land mass unlike our neighbors. We are in the middle of the ocean,” he said. “What the UNWTO data may have counted are the number of tourists visiting each country in Southeast Asia, even those crossing borders and/or making frequent visits by land. For example, citizens of Malaysia, Thailand and Singapore..crossing borders every day and being counted as tourists. We have no way of doing that here,” he pointed out. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “What we only have are air arrivals data which the UN data does not show. About 98 percent of our visitors arrive here by plane. Even the tourists from our neighbors would have to travel by plane just to visit here. Just imagine, a Malaysian tourist could visit Thailand and Singapore by land. The same with Vietnam, where its citizens can just cross borders from Laos Read More …
Jul 312013
MANILA, Philippines – The Civil Aviation Authority of the Philippines (CAAP) has decided to defer the implementation of a minimum 40-minute scheduled ground time for the domestic flights of budget airline Cebu Air Inc. (Cebu Pacific) so as not to affect at least 7,000 passengers. Capt. John Andrews, deputy director general CAAP, said in a press conference that the regulator decided to call off the implementation of an order requiring Cebu Pacific to adopt a 40-minute ground time for domestic flights instead of the original plan of 45 minutes from the current 30 minutes. “This is not feasible at this time. We are therefore cancelling the order for them to comply with the 45-minute scheduled ground time,” he stressed. Instead, Andrews said the mandatory scheduled ground time would be imposed on all airlines, particularly low cost carriers, as early as the start of the “winter” season or on Oct. 1. He told reporters at a press conference that the implementation of the order on the scheduled ground time for Cebu Pacific would affect a total of 75 flights involving about 7,000 passengers. “It will result to delays in 75 flights and this will have a boomerang effect and most likely the last flights will be cancelled,” he added. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Andrews said there is no definite schedule yet for the implementation of the 40-minute scheduled ground time but the regulator is looking at the “winter” season or October as the airlines have yet Read More …
Jul 312013
MANILA, Philippines – SM Prime Holdings Inc., the largest mall developer and operator in the Philippines, continued its robust earnings growth in the second quarter on the back of strong consumer spending. In a regulatory filing, the newly-consolidated property arm of tycoon Henry Sy reported a P2.85-billion profit in the second quarter, up 15 percent from P2.49 billion a year ago. This was supported by a 16-percent growth in revenues to P8.72 billion from P7.53 billion a year earlier. “New malls opened in 2012 and 2013 with a total gross floor area of 698,000 square meters (sqm) largely pushed rental revenues higher, add to that the higher contribution of SM’s China malls,” SM Prime said. Specifically, SM Prime has started commercial operations of SM City Olongapo, SM City Consolacion, SM City San Fernando, SM City General Santos, SM Lanang Premier and SM Aura Premier. The latest figures allowed SM Prime to post P5.64 billion in earnings in the first half, 15 percent higher compared with P4.92 billion a year ago. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Revenues for the January to June period expanded 14 percent to P16.55 billion from P14.57 billion during the same period the past year,” SM Prime said, adding that same-store rental picked up seven percent. In the first semester, operating expenses rose 13 percent to P7.71 billion from P6.79 billion “due to new malls opened in 2012 and 2013 and the increase in administrative expenses and film rentals,” SM Prime said Hence, Read More …