CGBP holds seminar on best practices in risk mgmt

 Economy
Jun 292013
 
CGBP holds seminar on best practices in risk mgmt

MANILA, Philippines – One of the biggest risks in business is in not knowing how to manage and control risk. The inability to identify and anticipate risks have crippled many companies.  Good corporate governance and best business practices dictates that business leaders and decision-makers incorporate risk control and management in every phase of a company’s operations and strategy. To help businesses address this important issue, the Center for Global Best Practices is launching a one-day pioneering seminar entitled “Mastering Enterprise-wide Risk Management” on Thursday, July 25, 2013 at the Edsa Shangri-la Hotel, Mandaluyong City, Philippines.  For more details and to see all other upcoming seminars, check www.cgbp.org or  call (+63 2) 842-7148 & 59 or 556-8968 & 69. This special seminar will equip attendees with essential tools to identify risks, and provide them with practical and effective approaches to implementing enterprise-wide risk management (ERM) strategies in order to grow their business safely. It will also showcase how top global companies and successful businesses use ERM as a strategic tool for better business performance. With the wholistic approach to risk management, we can proactively address uncertainties that our businesses may face.  One of the best insurance to business continuity is having a risk management plan. This special event will feature Punongbayan and Araullo/ Grant Thorton senior partner Juan Carlos B. Robles, CPA, CIA, CFE, CISA who is concurrently holding three positions at the firm.

EastWest to invest 20% in bidder for railway fare collection system

 Economy
Jun 292013
 
EastWest to invest 20% in bidder for railway fare collection system

MANILA, Philippines – East West Banking Corp. is investing in E-trans Solutions Joint Venture Inc. a company bidding for the government’s automated fare collection system project. E-trans is a joint venture among TERA Investment Inc., Sagesoft Solutions Inc., Pilipinas Micro-Matrix Technology Inc., Pulsar Avancer Technologie Inc. and EastWest. Recently, E-trans pre-qualified in the bidding for the fare system project of the Department of Transportation and Communications and the Light Rail Transit Authority. East West’s board has approved a capital infusion of up to 20 percent in E-trans and subscribe to such number of shares for an initial payment of P1.5 million. The board said the subscription is not more than 10 percent of the total assets of EastWest. EastWest is the financial arm of the Gotianum family’s Filinvest Group. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Aside from investing in a technology firm, EastWest is also aggressively expanding its branch network all over the country. In 2006, EastWest Bank bought P750 million worth of shares in Green Bank, which has 46 branches in June 2012, the bank purchased 100 percent of Finman Rural Bank Inc. in Pasig City for P120 million. EastWest has been likewise on the acquisition mode to boost its consumer lending business. In 2009, it acquired the consumer finance units of AIG bundled into AIG Philam Savings Bank.  In 2003, it also bought Ecology Savings Bank Inc. By 2014, EastWest is planning to have 350 branches and become the fifth largest bank in terms of Read More …

Q2 growth outlook ‘very good’ – BSP

 Economy
Jun 292013
 
Q2 growth outlook ‘very good’ – BSP

MANILA, Philippines – Economic growth could have remained “very good” in the second quarter, a senior central bank official said, as he outlined reasons why domestic demand supported expansion amid lackluster trade performance. “For us, the outlook never changed: we continue to see a good economic turnout in economic performance,” Bangko Sentral ng Pilipinas (BSP) Deputy Governor Diwa Guinigundo said Friday. “That is, very good economic performance,” he told reporters. The Philippine economy expanded by 7.8 percent in the first three months of the year, beating market expectations to become Asia’s fastest growing economy for that period. The Aquino administration has set a six- to seven-percent growth target this year. The local economy grew 6.8 percent last year. From April to June, Guinigundo said domestic demand could have been boosted by the continued expansion of business in the manufacturing sector in time for the election season. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Based on latest Purchasing Managers Index figures, the manufacturing gauge went up to 58.6 in June from 56 the previous month, indicating faster expansion. Any figure above 50 means growth. Manufacturing is part of the industry sector, which grew 10.3 percent in the first quarter, the fastest among other industrial origins. “In the last so many quarters, we have noticed a big rebound in capital expenditures, capital investment, and domestic capital investments. These could ensure growth is sustainable in the long run,” Guinigundo explained. In addition, business and consumer sentiments have improved, he said, providing Read More …

Poverty, income inequality remain high in Phl

 Economy
Jun 292013
 
Poverty, income inequality remain high in Phl

MANILA, Philippines – Despite robust economic growth so far this year and a series of international credit rating upgrades, inclusive growth and poverty alleviation still elude the Philippines. The country’s gross domestic product (GDP) grew an impressive 7.8 percent in the first three months of 2013, after an equally strong growth rate of 6.8 percent in whole of 2012. But Socioeconomic Planning Secretary Arsenio M. Balisacan said compared to other Asian countries, the Philippines still has the lowest total investment share to GDP from 2010-2012 relative to India, Indonesia, Malaysia, Thailand and Vietnam. “Poverty incidence remains high, and so does income inequality. Moreover, more than 60 percent of the entire country’s economic growth is concentrated in Metro Manila, Calabarzon, and Central Luzon,” Balisacan said at a recent forum by the Philippine Council for Industry, Energy, and Emerging Technology Research and Development (PCIEERD). Substantial poverty reduction achieved in developing countries in the past two decades was due to rapid economic growth and structural transformation in these countries, particularly in Asia. Globally, this growth contributed nearly two-thirds of the observed poverty reduction in the developing world. “A one-percent increase in GDP per capita reduces poverty by 1.7 percent,” Balisacan said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Likewise, the country’s economic growth barely exceeded the population growth rate, which has continued to expand relatively rapidly at about two percent a year. Thus shifting the economy to a higher growth path – and keeping it there for the long term – Read More …

Pancake House plans 30 new branches, eyes ME, SEA marts

 Economy
Jun 282013
 
Pancake House plans 30 new branches, eyes ME, SEA marts

MANILA, Philippines – Pancake House Inc., the country’s largest casual dining chain, will put up 30 new branches in the Philippines while expanding its market reach to the Middle East and Southeast Asia. The local dining industry still has room for growth, prompting the group to prepare for an acquisition next year, its top official said. “Locally, across Yellow Cab and Pancake House, we are building 30 new stores this year,” Pancake House CEO Martin P. Lorenzo told reporters. He said 30 percent will be in Metro Manila and 70 percent in new wave cities and tourist hubs like Cebu, Cagayan de Oro, Baguio and La Union. “We will end the year with about 330 stores [nationwide]. Abroad, we should have 20 by the end of the year,” Lorenzo said. Pancake House will spend P150 million for the establishment of new company-owned stores, accounting for 55 percent of the expansion program, while the remaining 45 percent will be through franchising. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Last year, the restaurant group that serves 30 million meals annually added 25 new branches, backed by a P120-million capital spending. For its overseas expansion, Pancake House relies on franchising. Lorenzo said Yellow Cab has signed a franchising deal that aims to put up 15 new stores in the United Arab Emirates in the next three years. “We’re surely growing in the Middle East for Yellow Cab and Southeast Asia for Pancake House,” Lorenzo said. To date, there are three Pancake Read More …

EastWest acquires 20% stake in bidder for railway fare system

 Economy
Jun 282013
 
EastWest acquires 20% stake in bidder for railway fare system

MANILA, Philippines – East West Banking Corp. is investing in E-trans Solutions Joint Venture Inc., a company bidding for the government’s automated fare collection system project. E-trans is a joint venture among TERA Investment Inc., Sagesoft Solutions Inc., Pilipinas Micro-Matrix Technology Inc., Pulsar Avancer Technologie Inc. and EastWest. Recently, E-trans pre-qualified in the bidding for the fare system project of the Department of Transportation and Communications and the Light Rail Transit Authority. EastWest’s board has approved a capital infusion of up to 20 percent in E-trans and subscribe to such number of shares for an initial payment of P1.5 million. The board said the subscription is not more than 10 percent of the total assets of EastWest. EastWest is the financial arm of the Gotianum family’s Filinvest Group. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Aside from investing in a technology firm, EastWest is also aggressively expanding its branch network all over the country. In 2006, EastWest Bank bought P750 million worth of shares in Green Bank, which has 46 branches in June 2012, the bank purchased 100 percent of Finman Rural Bank Inc. in Pasig City for P120 million. EastWest has been likewise on the acquisition mode to boost its consumer lending business. In 2009, it acquired the consumer finance units of AIG bundled into AIG Philam Savings Bank.  In 2003, it also bought Ecology Savings Bank Inc. By 2014, EastWest is planning to have 350 branches and become the fifth largest bank in terms of network.

Philam Life launches 2 new products

 Economy
Jun 282013
 
Philam Life launches 2 new products

MANILA, Philippines – Philippine American Life and General Insurance Co. (Philam Life) has launched two new unit-linked products (ULP) in its life insurance line in a bid to boost its premium income this year. ULPs are life insurance products laced with investment instruments, otherwise referred to as protection and savings/investment. It is also known in the industry as variables or unit linked (VULs). The two ULPs are priced at affordable pricing points, with variants that require merely P2,000 a month in premiums. Philam Life marketing head Jessica C. Abaya said their VUL sales are now outpacing traditional or pure protection products. “About 80 percent of sales so far are ULPs,” Abaya said in a briefing yesterday. Last year, ULPs accounted for nearly 60 percent of total sales. She expressed confidence that the new products will boost the sale of traditional and ULPs as the highly-liquid market is hungry for both investments and protection. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Only four percent of the country’s population have personal life insurance products,” she said. Nearly 19 percent of the country’s population are holders of some form of protection, majority of which are government funds such as the Government Security and Insurance System (GSIS), PhilHealth and the Social Security System (SSS). However, the gradual demise of special deposit accounts (SDAs) means there is roughly P1 trillion that will return to the market in search of new options. Philam Life reported total premiums of P15.29 billion in 2012, from P13.35 Read More …

BAT joins call for stricter monitoring of illicit cigarettes

 Economy
Jun 282013
 
BAT joins call for stricter monitoring of illicit cigarettes

MANILA, Philippines – British American Tobacco (BAT), the maker of Lucky Strike cigarettes, has joined calls for stricter monitoring of illicit trade of cigarettes, which has grown to epic proportions and is seen to cost the Philippine government some P8 billion in potential revenues. BAT Philippines corporate and regulatory affairs head Robert Eugenio said the British firm would support moves to protect the local market from illegal tobacco products sold by smugglers. “We strongly support close monitoring by government to ensure that everyone follows the law and pays the right taxes,” Eugenio said. Eugenio said the government and the local tobacco industry should unite in safeguarding the sector against unscrupulous groups that evade tax payments by illegally bringing in cigarettes into the country. LT Group Inc., the local partner of market leader Philip Morris Fortune Tobacco Corp., earlier expressed concern over the rising illegal trade of cigarettes in the country, which poses serious problems to legitimate businesses. Eugenio said BAT has been closely working with governments and law enforcement agencies globally to tackle illegal tobacco produce. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Driving the tobacco industry out of business altogether will not end all smoking overnight. The reality is adults who wish to smoke will continue to do so and they will turn to the black market if a legal industry is not in place,’’ Eugenio said. “Sophisticated network of criminals are ready and waiting to step in and take over if the legitimate tobacco industry didn’t Read More …

Sun Cellular sees sustained growth in mobile Internet revenues

 Economy
Jun 282013
 
Sun Cellular sees sustained growth in mobile Internet revenues

MANILA, Philippines – Sun Cellular, a unit of dominant carrier Philippine Long Distance Telephone Co. (PLDT), sees a sustained growth in mobile internet revenues on the back of improved nationwide coverage and robust sales of smartphones. Sun Cellular vice president for data services Michele Curran said in a statement that the company hopes to sustain the 71-percent growth in mobile Internet revenues in the first quarter of the year as improved nationwide coverage and the strong sales of its attractive smartphone offerings boosted demand for mobile Internet services.  “Given the market shift to smartphones, we have taken a proactive stance in addressing the growing market of data users. We continue to expand our network reach, boost browsing speeds and focus even more closely on addressing the specific browsing needs of consumers,” Curran stressed. He pointed out that Sun Cellular generated a 53- percent revenue increase in its pay-per-use mobile Internet services and a robust 76-percent growth in its revenues for mobile internet add-on plans compared to the first quarter of 2012. Banking on the capacity of smartphones as mobile platforms for online-based content, he said Sun Cellular has complemented its regular browsing services by introducing its series of “Forever Loads” which offer unlimited access to top social networking sites like Facebook, Twitter and Yahoo!.

Cebu Pac posts 1-digit growth in number of passengers

 Economy
Jun 282013
 
Cebu Pac posts 1-digit growth in number of passengers

MANILA, Philippines – Listed budget airline Cebu Air Inc. (Cebu Pacific) of taipan John L. Gokongwei Jr. is likely to serve less than 15 million passengers this year after posting a single-digit growth in the volume of passengers in the first quarter of the year. Cebu Pacific president and chief executive officer Lance Gokongwei said in an interview with reporters that the low cost carrier would likely miss its projected volume of passengers this year after the slowdown in the growth in air traffic in the first quarter. “That remains our target, although after the first quarter I think we will be a little bit short. It will be lower than 15 million but close to that,” Gokongwei stressed. In the first quarter of the year, volume of passengers of Cebu Pacific inched up 4.9 percent to 3.5 million from 3.4 million in the same quarter last year, while number of flights increased 4.8 percent as the number of aircraft went up to 43 from 40. The growth in the first quarter was less than half the double-digit growth in the volume of passengers booked last year. Cebu Pacific booked a double-digit 11 percent growth in volume of passengers to 13.26 million in 2012 from 11.93 million in 2011 on the back of robust domestic and international operations brought about by aggressive sales promotions last year. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 This was however lower than the target of 14 million passengers. Latest data from the Read More …

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