PAL beats PSE deadline on 10% public float rule

 Economy
Jun 272013
 
PAL beats PSE deadline on 10% public float rule

MANILA, Philippines – The parent firm of flag carrier Philippine Airlines (PAL) – jointly owned by taipan Lucio Tan and diversified conglomerate San Miguel Corp. (SMC) – has complied with the 10-percent minimum public float requirement of the Philippine Stock Exchange (PSE). In a disclosure, PAL Holdings Inc. assistant corporate secretary Ma. Cecilia Pesayco said the company has issued 2.415 billion common shares with a par value of P1 per share, or a total consideration of P2.415 billion to certain investors via private placement. Pesayco said the total amount of the transaction was placed at P2.415 billion or about 34.5 percent of the planned P7- billion increase in the company’s authorized capital to P30 billion from P23 billion. The PSE suspended the trading of seven firms including PAL Holdings last January due to their failure to meet the required minimum public ownership level of 10 percent. It has given these companies until the end of the month to comply with the public float requirement otherwise they would be delisted from the bourse. PAL has a public float of just 0.55 percent. With the private placement, the company’s public float is now over 10 percent. PAL Holdings is seeking the green light from the Securities and Exchange Commission (SEC) to beef up its capital stock to comply with PSE’s minimum public ownership requirement. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Pesayco said the additional capital would be sold to investors to comply with the 10-percent minimum public ownership set Read More …

Kuok unit sees robust Phl sales

 Economy
Jun 272013
 
Kuok unit sees robust Phl sales

MANILA, Philippines – The local property unit of Malaysia’s Kuok Group said it expects to sustain a healthy profit growth for the rest of the year as demand for its residential projects remains robust. At the same time, Shang Properties Inc. will put up a new residential project next year to take advantage of the booming property sector, a company official said. “We anticipate the remainder of the year to also show very robust growth because sales for One Shangri-La Place and Shang Salcedo Place are doing very well,” said Wilfred Woo, Shang Properties director and executive assistant to the chairman. He said the property firm has so far sold 82 percent of One Shangri-La Place and 22 percent of Shang Salcedo Place. In the first quarter, Shang Properties earned 20 percent more at P358.3 million while consolidated revenues surged 54.9 percent to P1.32 billion, driven by higher sales from One Shangri-La Place. One Shangri-La Place, the company’s largest development to date, is targeted for completion in 2014.  It comprises twin skyscrapers housing 1,304 units above the six-level Shangri-La Plaza mall. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 One Shangri-La Place is expected to be completely sold out in the next six to eight months while existing inventory for Shang Salcedo Place will be sold in the next 24 months. The 64-story Shang Salcedo Place is located on a 3,045-square meter lot in Makati’s Salcedo Village. Estimated to cost around P5 billion, the project offers a total of Read More …

Public service

 Economy
Jun 272013
 
Public service

Having just returned from an extended trip abroad, I am shocked at the headlines regarding Department of Labor personnel accused of “sex for fly”.  Even assuming they are guilty, I hasten to confirm that those instances are the exception rather than the rule. It may not be as newsworthy but there are individuals who have served the nation with dignity and commitment to excellence which greatly outnumber the sorry lot that give public service a bad name. I would like to cite two examples of individuals who have made immense contribution to our national interest and yet have managed to keep under the radar despite their very senior positions in government and the private sector. Tomas I. Alcantara He cannot be categorized as a career public servant although he continued to serve the public interest long after his brief stint in government. Tommy belongs to a prosperous Davao family.  He graduated from Ateneo de Manila, went to Harvard for his MBA and then to Columbia for an Advanced Management Program. He then went into private business as was expected of him.  In 1986, he was invited to join the government of President Cory Aquino as undersecretary of Trade and Industry, a position he occupied for nine years.  I first met him in 1992 when I was in DFA.  He impressed me as a driven individual, politely aggressive but fiercely stubborn if prevented from getting the job done.  During my first trip to Japan, he volunteered to join my delegation.  It Read More …

Phl needs $600-M investment for energy efficiency, says ADB

 Economy
Jun 272013
 
Phl needs $600-M investment for energy efficiency, says ADB

MANILA, Philippines – The Asian Development Bank (ADB) is eyeing to accelerate investments in end-user energy efficiency to help Asia Pacific economies meet the growing demand for power. At the 8th Asia Clean Energy Forum organized by the ADB, Bindu Lohani, ADB vice-president for knowledge management and sustainable development, said the Philippines needs $601 million in investments for energy efficiency from now up to 2020. He said there is huge potential for saving energy by making buildings, vehicles, machinery and water pumps more energy efficient to the benefit of consumers and the environment, and the time is right for ADB to do more in the area. “We want to promote demand-side energy efficiency through public and private sector partnership with ADB taking a lead role in providing customized policy advisory services, technical assistance and innovate financing support in developing member countries,” Lohani said. In a new ADB study, the multilateral lender noted the booming demand for power in developing Asia. In the study, the ADB said the region’s share in primary global energy consumption is set to rise to 56 percent in 2035 from only 34 percent in 2010. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 By then, the ADB said most Asian countries will produce less than half of the energy they need, forcing substantial fuel imports. The ADB study said if governments push for more energy efficiency investments, there would be less need to build power plants. This would free up government funds for spending elsewhere. Read More …

Stocks extend rally as global markets recover

 Economy
Jun 272013
 
Stocks extend rally as global markets recover

MANILA, Philippines – Hefty recoveries in global and regional markets spread to the local bourse yesterday, allowing the main index to rally for the second straight day en route to returning to the 6,300 level. The Philippine Stock Exchange index climbed 3.42 percent or 209.06 points to end at 6,328, while the broader All Shares index jumped 3.14 percent or 117.94 points to 3,877.61. Justino Calaycay Jr., an analyst at Accord Capital Equities Corp., said investors kept an eye on overseas development amid lack of market-moving news locally. “With share prices in Europe posting decent gains and US stocks extending a triple-digit advance to day two, local counters joined its regional peers in the green,” Calaycay said. On Wednesday, Wall St. rose for the second straight day on the back of a downward adjustment in US first quarter economic growth, which might prompt the Federal Reserve to keep its stimulus program longer. The Dow Jones industrial average picked up one percent or 149.83 points to 14,910.14 while the broader Standard & Poor’s 500 index gained one percent or 15.23 points to 1,603.26. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 In regional markets, Japan’s Nikkei 225 added 2.96 percent or 379.54 points to 13,213.55 while Hong Kong’s Hang Seng index inched up 0.52 percent or 104.80 points to 20,443.35 on easing worries over the credit crunch in China. Locally, all counters were in positive territory, led by holding firms that rallied 4.15 percent or 225.81 points to 5,669.50.

Aquino OKs 6 PPP projects worth P76.5 B

 Economy
Jun 272013
 
Aquino OKs 6 PPP projects worth P76.5 B

MANILA, Philippines – President Aquino approved on Wednesday six public-private partnership projects with a combined total of P76.5 billion among five government agencies, but two of the National Economic Development Authority-approved projects carried “conditions.” The P27.5-billion proposed Philippine Rural Development Program of the Agriculture department under Secretary Proceso Alcala was put on hold, and so was the P5.9-billion Philippine Ports and Coast Guard Capability Development project of the DOTC. The project from the office of Transportation Secretary Emilio Joseph Abaya was for the procurement of four brand new 24-meter patrol boats and one 82-meter patrol boat that would be used by the Philippine Coast Guard, an agency under the DOTC. The rural development project under the Department of Agriculture was for increasing “farm and fishery productivity in 16 targeted regions and 80 provinces all over the country, thru “adoption and integration of climate-smart agricultural support.” Among the four approved NEDA projects that the government’s Investment Coordination Committee endorsed were from the Departments of Energy (DOE), Education (DepEd) and Public Works and Highways (DPWH). There were two DPWH projects – the P6.7-billion post-Ondoy and Pepeng short-term infrastructure rehabilitation project and P5.5-billion Phase II of the Pasig-Marikina River Channel Improvement project. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The two others were from DOE’s P21.6-billion market transformation thru energy-efficient e-vehicles and DepEd’s P9.4-billion Basic Education Sector Transformation, giving focus on “improving teaching and learning” and “strengthening systems.” All in all, the six projects have a combined value of P76.5 billion. Read More …

Phl stocks extend gains as US equities soar

 Economy
Jun 272013
 
Phl stocks extend gains as US equities soar

MANILA, Philippines (Xinhua)  – The three-digit gain of the US equities lifted the Philippine stock market for the second time today. The bellwether Philippine Stock Exchange index jumped by 3.42 percent, or 209.06 points, to 6,328. The broader all-share index rose by 3.14 percent, or 17.96 points, to 3,877.61. Trading volume reached 3.56 billion shares worth P12.11 billion ($278.99 million) with 139 stocks advancing, 37 declining, and 32 unchanged. All six counters were up. “On a slow news day from the domestic front, investors kept eyes turning on unfolding events overseas.  With share prices in Europe posting decent gains and US stocks extending a triple- digit advance, local counters joined its regional peers in the green,” analyst Justino Calaycay of Accord Capital Equities Corp. said in his daily stock market comment. European markets were supported by the easing of concerns over China’s credit crunch and a better-than-anticipated consumer confidence numbers. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Likewise, American investors appear to have found incentive to enter the equities despite reports that the economy is growing a less-than-expected pace. First quarter gross domestic product was revised to 1.8 percent, significantly lower than the 2.4 percent preliminary estimate as the gains in household purchases, accounting for 70 percent of growth, was lowered to 2.6 percent from the 3.4 percent estimate last month. “Sentiments have turned yet again, almost seemingly at a single flip. The main source of fears, namely the US Fed and the Chinese credit crunch, appears to Read More …

SKorea raises growth forecast after stimulus

 Economy
Jun 262013
 
SKorea raises growth forecast after stimulus

SEJONG, South Korea  — South Korea raised its growth forecast on Thursday to reflect the boost from government stimulus spending. The finance ministry said in a statement that South Korea’s economy will expand 2.7 percent this year, compared with its 2.3 percent estimate three months ago. South Korea’s parliament approved a $15 billion stimulus plan in May as companies are reluctant to step up investments amid an uncertain global economic outlook. In 2012, South Korea’s economic growth hit its lowest level in three years at just 2 percent. The ministry said the risks that could dent the country’s economy have been reduced compared with three months earlier. But the upward revision does not mean the export-reliant economy is set to enjoy a full-fledged recovery, the finance ministry said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “If you look at the speed of recovery, it is gradual and moderate,” ministry director general Choi Sang-mok told reporters. Exports have improved but continue to be weighed down by the weak yen which has reduced Japan’s demand for South Korean products. Big companies such as Samsung and Hyundai, which dominate South Korea’s economy, are yet to scale up their capital expenditures, indicating that the recovery still largely relies on government stimulus. Another worry for South Korea’s economy is the impending withdrawal of monetary stimulus in the U.S. But Choi said improvement in the U.S. economy could be a positive factor for South Korea’s economy even though financial markets had been rattled by Read More …

Open access launched

 Economy
Jun 262013
 

MORE than 200 contestable customers or those electricity end-users with an average monthly consumption of at least one megawatt (MW) are now being served by their chosen suppliers as the commercial implementation of retail competition and open access (RCOA) began yesterday.

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