AVID sales down 3% in H1

 Economy
Jul 222013
 
AVID sales down 3% in H1

MANILA, Philippines – Sales of vehicle importers declined slightly in the first semester from a year ago due to the weaker performance of passenger cars (PC). Data released yesterday by the Association of Vehicle Importers and Distributors, Inc. (AVID) showed that the group’s total sales reached 15,345 units in the January to June period, down three percent from the 15,800 units in the same period last year. This, as PC sales fell 18 percent to 7,821 units as of end-June from 9,530 units in the comparable period in the previous year. Despite the lower PC sales, the AVID’s light commercial vehicle (LCV) sales meanwhile rose 20 percent to 7,524 units in the first-half from 6,270 units a year ago. The strong LCV sales performance was driven by Motor Image Pilipinas, Inc.’s Subaru and The Covenant Car Company, Inc.’s Chevrolet brands which had compelling new offerings in the compact and mid-size sports utility vehicle categories. The LCV segment’s positive first half performance, AVID said, provided a strong cushion in tempering a supply-stricken PC category where primary movers Hyundai Asia Resources Inc. (HARI) and Chevrolet both experienced significant losses due to supply-dictated performance as well as strong external competition. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 For the month of June alone, AVID’s sales decreased 16 percent to 2,447 units from last year’s 2,912 units. The group’s PC sales declined 19 percent to 1,240 units from last year’s 1,526 units. Its LCV sales for the month of June reached 1,207 Read More …

Globe, French firm tie up for UK service

 Economy
Jul 222013
 
Globe, French firm tie up for UK service

MANILA, Philippines – Ayala-led Globe Telecom Inc. has tied up with French-owned Transatel to provide mobile telephony services to Filipinos based or visiting the United Kingdom. Globe corporate information officer Marisalve Ciocson-Co informed the Philippine Stock Exchange (PSE) that the partnership agreement between Globe’s UK Globetel Limited and Transatel of France last July 20. Ciocson-Co said both companies agreed to provide mobile telephony services such as voice calls, short messaging system (SMS), multimedia messaging system (MMS), load top-up, and mobile data. She said the services would be offered by UK Globetel to Filipinos based or visiting the UK through the French firm’s platform. “This new offering is consistent with Globe’s thrust to continue providing Filipinos overseas with innovative and value for money services that allows constant communication ties with family and friends,” she stressed. Earlier, Globe partnered with UK-based iVitta to strengthen its foothold in the seafarer market. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The company will offer an exclusive SIM card that will provide Filipino seafarers the lowest call and text rates when communicating with their families and loved ones in the Philippines. The Globe Seafarer SIM allows Filipino mariners from anywhere in the world to regularly keep in touch with their loved ones back home at affordable call and text rates without the need for expensive satellite equipment connections using two numbers in one SIM – an international mobile number and a local Globe mobile number. Using their international mobile number, seafarers can call the Read More …

Mindanao faces critical power situation by Aug

 Economy
Jul 222013
 
Mindanao faces critical power situation by Aug

MANILA, Philippines – The Mindanao Development Authority (MinDa), part of the government committee monitoring the power situation in Mindanao, has warned that the power situation in the island could go back to  critical levels by next month as some plants shut down for scheduled maintenance activities.  “After seeing capacity improvements in recent months, Mindanao’s power supply is expected to revert to precarious supply scenario by August to October, when some major power plants go on scheduled maintenance shutdown,” said MinDa director for investment promotion and public affairs Romeo Montenegro. Mindanao experienced rotating outages during the summer months, lasting up to 10 hours, depending on the area. Montenegro said the issuance of Executive Order 137 mandating the implementation of the Mindanao Modular Generator Sets Program would help avert another critical power situation in the region. He said the EO would firm up and fasttrack the process of assisting electric coops through the Association of Mindanao Rural Electric Cooperatives (Amreco). Under the EO-mandated program, electric cooperatives would generate the capacities they need either via rental or acquisition option. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The Mindanao Power Monitoring Committee (MPMC), co-chaired by MinDA and the Department of Energy, early this year backed the proposal to tap modular generator sets as an immediate measure for electric cooperatives in bridging supply gap for the next two years. The MPMC is the interagency committee tasked to monitor the power situation in Mindanao.  “This latest directive manifests the strong commitment of President Aquino Read More …

SMC taps DM Consunji for P10.5-B eng’g proj

 Economy
Jul 222013
 
SMC taps DM Consunji for P10.5-B eng’g proj

MANILA, Philippines – D.M. Consunji Inc., the construction unit of the Consunji family’s listed investment arm DMCI Holdings Inc., bagged a P10.5 billion engineering and  construction contract for the NAIA (Ninoy Aquino International Airport) expressway phase II project. In a disclosure to the Philippine Stock Exchange, DMCI said D.M. Consunji has signed an agreement with Vertex Tollways Development Inc., a wholly-owned subsidiary of San Miguel Holdings Corp., for the engineering, procurement and construction contract for a project that will link the capital’s main airport terminals to Entertainment City along Roxas Boulevard. When asked for comment, DMCI Holdings chief financial officer Herbert Consunji said the contract is worth around P10.5 billion. The contract involves about 2.2 kilometers of at grade works within the Entertainment City area and about five kilometer four-lane elevated and viaduct connecting to the existing Skyway. DMCI said the phase II works comprise the design and construction of the viaduct extension from the existing phase 1 to Roxas Boulevard, Diosdado Macapagal Boulevard and NAIA terminals 1 and 2 over the existing roads of Sales Road, Andrews Avenue, domestic airport road, NAIA road and Imelda Avenue and includes on and off ramps, connection ramps and provision of toll plazas. San Miguel had been given by the government until the end of the year to complete the detailed engineering for the toll road, which is estimated to cost around P15.52 billion. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Construction is expected to take approximately two years with full Read More …

PSALM moves Naga plant auction

 Economy
Jul 212013
 

STATE-RUN Power Sector Assets and Liabilities Management Corp. (PSALM) plans to conduct another auction for the privatization of the 153.1-megawatt (MW) Naga power plant complex in Cebu after only one firm pre-qualified to participate in the bidding that was supposed to take place on Wednesday.

Opportunities or bust?

 Economy
Jul 202013
 
Opportunities or bust?

Opportunity knocks on your door but once, we’re told. So how do you know when it’s the right opportunity for you? How do you know if you should take it or let it pass? I’ve had so many opportunities pass me by. I let those pass, for one or more reasons: the time wasn’t right, the economy wasn’t doing very well, and I had more important things to do. And then the familiar feeling would grip me. Maybe you’re familiar with it too – the feeling of regret. And then there are those rare moments when an opportunity came, and I responded in the positive; I grabbed it! It was really scary. I remember being offered the opportunity to invest and host the very first Dr. John C. Maxwell Conference in our country some eight years ago. The investment was great; I was at the lowest point of my life – I had to leave a business I helped started, and was deprived of commissions, profits and earnings – so I had to sell a piece of property. And I bet all the money in this venture. And it paid off! We filled Araneta Coliseum up to the bleachers section and the PICC Convention Hall the next day with people eager to learn leadership lessons. When the license to the training program was offered to our team, again, I grabbed the opportunity, which made me a professional business trainer and speaker. From an entrepreneur in the garments industry, I shifted Read More …

Biz groups urge gov’t to honor contracts with water firms

 Economy
Jul 202013
 
Biz groups urge gov’t to honor contracts with water firms

MANILA, Philippines – The government must adhere to contracts entered into with water concessionaires as doing otherwise may discourage the private sector from participating in the Public-Private Partnership (PPP) program, business groups said. In a joint statement, the Employers Confederation of the Philippines, Foundation for Economic Freedom, Management Association of the Philippines and the Philippine Chamber of Commerce and Industry expressed concern over calls for changes as well as cancellation of contracts with water concessionaires that have been aired, including by government agents. “Such statements, if accepted, could reinforce perceptions that there are risks to investing under the Philippine PPP program,” the groups said. The groups said they are of the view such scenario is not something the government intends to happen. “We, therefore, urge Philippine authorities to faithfully adhere to the terms of the concession agreements, including following the provisions on dispute settlement that call for international arbitration in the event of differences,” the groups said. They added that demands for tariff adjustments need to be framed strictly within the agreements, and be mindful of the public’s need not just for reliable clean water, sewage and sanitation services but also for other necessary infrastructure. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Water concessionaires Manila Water Co. Inc. and Maynilad Services Inc. are both seeking adjustments in water rates. Manila Water is seeking a P5.83 per cubic meter increase in its basic charge while Maynilad wants an P8.58 per cubic meter rate hike for 2013-2018. Earlier, advocacy group Read More …

Unfair competition

 Economy
Jul 202013
 
Unfair competition

The end will never justify the means. How can some sectors even suggest that the government turn a blind eye on the illegal act of dumping Turkish flour into our territory and then threaten to increase bread prices if anti-dumping duties are imposed on Turkish flour. Two lobby groups of bakers have warned that they will increase the price of pandesal from P3 to P3.50 per piece if government decides to impose a 20 percent dumping duty on Turkish flour, which the bakers apparently have been using. They have in fact already petitioned the Department of Agriculture and the Tariff Commission not to impose the dumping duties. Aside from entering the country at dumped prices, this is the same Turkish flour which in the past has been pestered by health and safety issues. Dumping, a special case of price discrimination, is a situation in which the price a firm charges for its goods in a foreign market is lower than either the price it charges in its home market or the production cost. Dumping thus is the sale of surplus output of a firm on foreign markets at below cost price. Dumping also occurs when a firm sells its products at a higher price in the home market and at a lower price in the foreign market. (http://www.economicsconcepts.com/dumping.htm) In 2012, Turkish flour was sold to the Philippines at $340 per metric ton while their domestic price in Turkey was $470 per ton. In 2011, the export price of Turkish flour Read More …

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