Toyota to raise Phl production by 18%

 Economy
Jul 082013
 
Toyota to raise Phl production by 18%

SANTA ROSA, Laguna, Philippines — Toyota Motor Philippines Corp. (TMPC) is planning to hike its total production by 18 percent to 36,300 units this year from a year ago as it expects higher demand for vehicles. Speaking at the ceremonial roll-off of the all-new Vios yesterday, TMPC president Michinobu Sugata said the firm has made improvements in its production line to increase its capacity and be able to manufacture more vehicles. “The result of all these improvements is a faster production line giving us a 10 percent increase in capacity from 30,500 to 33,300 vehicles per year,” he said. “We expect to sell more than that number so we plan to actually build 36,300 units of Vios and Innova by the end of 2013, which is 18 percent more than last year, by rendering overtime and holiday work,” he said further. The improvements made at the company’s plant required the investment of more than P2 billion. The firm decided to raise the level of its production capability as it expects strong demand for vehicles  particularly for the all-new Vios sedan, which accounts for 60 percent of the company’s total sales of completely knocked down units. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “TMP is confident that the new Vios will recharge the market.  Anticipating higher demand due to this model’s improved features, we raised the level of our production capability to ensure that what the customers want, we can supply,” Sugata said. He noted that about 14,594 units Read More …

PLDT sees stronger Q2 revenues

 Economy
Jul 082013
 
PLDT sees stronger Q2 revenues

MANILA, Philippines – Smart Communications Inc. of dominant carrier Philippine Long Distance Telephone Co. (PLDT) has tied up with recording giant MCA Music Inc. to provide over 70 million mobile subscribers with online music service and at the same time combat rampant piracy in the country that cost the industry over P2 billion in revenue losses per year. Smart executive vice president and head of wireless consumer business Charles Lim told reporters in a press conference that the three-year tie up with MCA Music is a vital part of the PLDT Group’s multimedia strategy.  “We will rapidly grow our multimedia content offerings in the next few months.  What better way to jumpstart this effort than by offering what’s close to the hearts of Filipinos – music,” Lim stressed. He pointed out that the partnership hopes to increase the share of digital music in the total P700-million industry in the Philippines to about 60 percent to 70 percent over the next two years from the current level of about 40 percent. He said the partnership with Universal Music Group (UMGI) and its local company MCA Music would enrich the lives of Smart subscribers by democratizing access to legitimate music and enabling them to keep creating the playlists of their lives in fast, easy and affordable way. UMGI president for Southeast Asia Sandy Montero said the “game-changing” partnership is a first in the world between Smart and MCA Music, making more than three million tracks in MCA Music’s  global catalog exclusively available Read More …

DOTC sees completion of P13.25-B aviation system by 2015

 Economy
Jul 072013
 
DOTC sees completion of P13.25-B aviation system by 2015

DOTC Sec. Joseph Emilio Abaya MANILA, Philippines – The Department of Transportation and Communications (DOTC) expects the completion of the P13.25 billion world-class communication, navigation and surveillance system by 2015 or before the end of the term of President Aquino. Transportation Secretary Joseph Emilio Abaya said the joint venture between Sumitomo Corp. of Japan and Thales Australia Ltd. has committed to complete the Communications, Navigation and Surveillance/Air Traffic Management (CNS/ATM) Systems Development Project Package–I by November 2015. “I don’t expect any further delay. I know the whole project is estimated to be done by November 2015,” Abaya said. The CNS/ATM Systems Development Project was first conceptualized in accordance with the International Civil Aviation Organization (ICAO) Global Air Navigation Plan, and would replace the aging vital communications, surveillance, and air traffic control equipment at selected airports nationwide. The DOTC awarded the two work packages to Sumitomo-Thales joint venture. The first package which entails the design and construction of the ATM Center and ATM Automation System, as well as the final integration of the whole CNS/ATM system was awarded in November 2010. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The second package which involves the design and construction of a surveillance and communication system was awarded in April 2011. The CNS/ATM project aims to enhance safety, reliability and efficiency of air traffic and airspace systems in the Philippines. The existing air traffic control systems, navigation, communications and surveillance equipment in the country fall short of the required number, are aging Read More …

Global air traffic rises in May amid Asia Pacific slowdown

 Economy
Jul 072013
 
Global air traffic rises in May amid Asia Pacific slowdown

MANILA, Philippines – Global passenger traffic grew at a faster rate of 5.6 percent in May amid the slowdown in the Asia Pacific region including the Philippines, data from the International Air Transport Association (IATA) showed. IATA director general and chief executive officer Tony Tyler said air travel continued to expand at a healthy rate as overall demand rose 5.6 percent while capacity climbed 5.2 percent, pushing the load factor up to 78.1 percent. “Global economic performance remains a concern, however, demand for air travel continues to expand. The primary driver is growing demand for connectivity to emerging markets,” Tyler stressed. Data showed that May international traffic passenger demand rose 5.7 percent compared to the year-ago period amid a 5.6- percent rise in capacity resulting to a load factor of 77 percent. International traffic of Asia-Pacific airlines rose at a slower pace of 3.7 percent in May compared to the year-ago period but this was more than offset by a 5.5-percent rise in capacity resulting to a 1.3-percent decline in load factor to 74.1 percent. “The softness in demand is consistent with falls in business confidence in major Asian economies as well as a slowdown in trade growth momentum. In particular gross domestic product (GDP) growth in China did not meet expectations in the first quarter and business confidence has slipped to levels indicating contraction in manufacturing activity,” Tyler explained. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 He added that the strongest growth occurred in the emerging markets Read More …

Vista Land unit seeks BOI perks

 Economy
Jul 072013
 
Vista Land unit seeks BOI perks

MANILA, Philippines – Lumina Homes Inc., a unit of listed Vista Land and Lifescapes Inc. is seeking incentives for a new housing project in Batangas. The Board of Investments (BOI) said Lumina Homes has filed an application for registration with the agency “as a new developer of low cost mass housing project (Lumina Phase 1) with a capacity of 158 low-cost mass housing units on a non-pioneer status.” The project is located at Brgy. San Vicente, Sto. Tomas, Batangas. Should its application with the agency be approved, Lumina Homes can quality for incentives such as income tax holidays. The government offers incentives to firms that invest in preferred sectors or activities. Under the 2012 Investment Priorities Plan (IPP), which serves as the country’s investment promotions blueprint, mass housing is considered a preferred activity. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Lumina Homes is partly-owned by Vista Land. Vista Land, the country’s largest homebuilder, caters to all income segments in the country through its wholly-owned subsidiaries Brittany Corp., Crown Asia Properties Inc.,  Camella Inc., Communities PhilippinesInc. and Vista Residences Inc. Its range of product offering starts from below P1 million to P48 million. As of the first quarter, Vista Land’s net income amounted to P1.342 billion, 29 percent higher than the P1.036 billion in the same period last year.

Jolliville eyes $75-M hydro plants

 Economy
Jul 072013
 
Jolliville eyes $75-M hydro plants

MANILA, Philippines – Listed holding firm Jolliville Holdings Inc. plans to pursue two new hydropower projects with a generation capacity of 20 megawatts (MW) worth as much as $75 million. The company aims to initially ride on the increasing energy demand in Mindoro province before expanding in new areas, its top official said. “After the first 10-MW mini-hydro power plant, we might expand our hydropower plant by another 10-20 MW using the same source,” Jolliville chairman and CEO Jolly L. Ting said in an interview. Based on a benchmark investment of $3-3.5 million per MW for hydropower projects, Jolliville will need $60-75 million for the two renewable energy projects. Last week, Jolliville subsidiary Ormin Power Inc. borrowed P1.1-billion from state-owned Development Bank of the Philippines to fund the construction of the 10-MW Inabasan River hydropower project. Ting said the loan covers 70 percent of the total project cost, with the remaining 30 percent to be sourced from internally-generated cash. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The first phase of the run-of-river hydropower venture will start commercial operations in 2015. “We will have to finish the first 10 MW and then we can be ready for another 10 MW,” Ting said, adding that Inabasan River can produce as much as 30 MW of power. Electricity generated by the power plant will be sold to the Oriental Mindoro Electric Cooperative (Ormeco), the sole power distributor in the province. Ormeco distributes power to the entire province of Oriental Mindoro which Read More …

SEC suspends Ever Gotesco’s permit to sell securities

 Economy
Jul 072013
 
SEC suspends Ever Gotesco’s permit to sell securities

MANILA, Philippines – Shopping mall developer and operator Ever Gotesco Resources & Holdings Inc. has been barred from selling shares due to its failure to conduct a shareholders’ meeting. In a memorandum, the Philippine Stock Exchange said the Securities and Exchange Commission ordered the suspension of Ever Gotesco’s registration of and permit to sell shares. “The records on file with SEC show that Ever Gotesco violated for the fourth time the Securities Regulation Code…for its failure to hold its annual stockholders’ meeting in 2012,” PSE said. As the SEC issued its resolution on May 16, Ever Gotesco’s permit to sell shares is suspended for 60 days from the date of receipt of the SEC order. The PSE started a trading suspension on Ever Gotesco’s shares on Friday. Ever Gotesco, which is controlled by the Go family, was incorporated in 1994 focusing on the construction of shopping malls and leasing them out to commercial tenants. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Its malls are primarily leased out to Ever Department Store and Supermarket, cinemas, banks, amusement centers, food shops, specialty stores, boutiques, drug stores, service shops, gym and sporting facilities. The listed company operates two malls: Ever Gotesco Commonwealth Center and Ever Gotesco Manila Plaza. Subsidiary Gotesco Tyan Ming owns and operates Ever Gotesco Ortigas Complex. In 2009, Ever Gotesco and subsidiary Gotesco Tyan Ming Development Inc. entered into a compromise agreement with creditor banks of its foreclosed properties pending court cases. In the first quarter, Ever Gotesco Read More …

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