Economy – Page 498

P-Noy willing to learn more to make economy better

Economy

Jun 202013

MANILA, Philippines – President Aquino conceded yesterday that his three-year-old administration is not perfect, but expressed willingness to learn more in order that the country’s improving economy gets better as he enters the second half of his six-year term. “Our continuing education – our acknowledgment that we do not know everything yet – makes certain that we will not become obsolete or irrelevant,” he said in a speech he delivered at the Global Development Networks’ Annual Global Development Conference. He added: “Perhaps that is the most resounding message of this conference: that we remain in pursuit of more knowledge – that we are saying yes to that natural human desire to get better.” Aquino made the statement at the Asian Development Bank main office in Mandaluyong City where the GDN’s 14th Annual GDC was held. A case in point that government is willing to learn was the historic success of coco-water where there was global demand – where it grew from a $370,000 to a $15.1-million industry from 2009 to 2011 alone. “So, through approaching the problem in the context of its immediate environment, and with a dash of local ingenuity, we turned literal waste products into vibrant industries,” he said, using as example coco juice and coco coir that had no significant use before. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “We found that we could effectively use the material to strengthen our roads and prevent erosion, which is why our Department of Public Works and Highways Read More …

Chamber of Mines files SC motion to nullify Hontiveros petition

Economy

Jun 202013

Chamber of Mines files SC motion to nullify Hontiveros petition

MANILA, Philippines – The Chamber of Mines of the Philippines (COMP) filed yesterday a motion before the Supreme Court seeking to nullify the petitions filed by former Akbayan partylist Risa Hontiveros and others challenging the constitutionality of revenue-sharing provisions in the Mining Act of 1995. In a statement, the group said it is represented by former Chief Justice Reynato Puno and former Supreme Court Associate Justice Vicente Mendoza. In the petition, which was filed at 3 p.m. last Wednesday, COMP is arguing that the Supreme Court has already decided on the constitutionality of the Mining Act in the landmark La Bugal-B’laan vs. Ramos case in 2004, a decision penned by former Chief Justice Artemio Panganiban. “COMP is joining its member respondents in asking that the petitions filed by former Akbayan Rep. Risa Hontiveros and others in March 2008 against Sections 80 and 81 of Republic Act 7942, or the Mining Act, be dismissed,” COMP said. COMP argued that since the La Bugal ruling – the longest in Supreme Court history which took six years for the high tribunal to deliberate on – there has been no material change in the circumstances of the Philippine mining industry. “There is no compelling reason for the high tribunal to abandon its previous ruling,” COMP said in its motion. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 In their petition, Hontiveros, along with Bayan Muna Rep. Teodoro Casino and others argued that the revenue sharing provision is disadvantageous to the government. Sec. 80 Read More …

Retail heiress to speak at NRCE 2013

Economy

Jun 202013

MANILA, Philippines – Bangkok’s prominent retail heiress Busaba Chirathivat will be in Manila in August, to provide pointers to Filipino entrepreneurs and share her experiences in running the top retail and mall chain in Thailand. Chirathivat is one of the foreign speakers invited by the Philippine Retailers Association (PRA) for the 22nd National Retail Conference and Stores Asia Expo 2013 (NRCE 2013) at the SMX Convention Center on Aug. 7- 8, 2013. As senior vice president of Central Retail Corp., the largest and most diversified retail group in Thailand, Chirathivat is considered one of Bangkok’s most important retail figures in the last two decades. She is the daughter and heiress of Tiang Chirathivat, the founder of the family-owned Central Retail Corp., but she did not rest on her family’s laurels. In fact, she was the brains behind Zen, the first lifestyle megastore in Thailand. Zen is now one of several retail brands and concepts under Central Retail Corp. Other brands of the company are Central, Robinson, Zen, La Rinascente and Italy. NRCE 2013 offers educational sessions, including discussions on best practices, trends, and new technologies; tips to improve existing operations and grow profits; networking opportunities with retailers and leading business partners; and an Exhibit Hall bursting with services and solutions to improve business and operations. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 For inquiries, call the PRA secretariat at 687-4180 to 81 or email ebbs@philretailers.com , philretailers@philretailers.com or visit www.nrceph.com or www.philretailers.com.

Basic Energy, Malaysian partner in talks for Indon oil venture

Economy

Jun 202013

Basic Energy, Malaysian partner in talks for Indon oil venture

MANILA, Philippines – Basic Energy Corp., said it is currently in discussions with Petrosolve Sdn Bhd of Malaysia for a project to manage and supervise oil wells in East Java, Indonesia. In a disclosure to the Philippine Stock Exchange, Basic Energy said it is in talks with its Malaysian partner for the assignment of rights to PT Basic Energi Solusi to manage and supervise certain oil wells in Indonesia. PT Basic Energi Solusi , a foreign investment company incorporated in Indonesia, is owned and controlled by Grandway Group Ltd., the joint venture company of Basic Energy and Petrosolve. “The discussions involve the identification and selection of oil wells and the right to undertake some aspects of the management and operation of which shall be assigned by Petrosolve to PT Basic Energi Solusi,” Basic Energy said. When the assignment is finally negotiated and implemented, PT Basic Energi Solusi shall be poised to undertake the agreed upon aspects of the operations of the selected oil wells, which shall involve the mobilization of its financial, technical and operations resources, derived from the joint venture, Basic Energy also said. Last month, Indonesian authorities approved the investment of the Grandway Group in PT Basic Energi Solusi, to be used for projects involving the management and supervision of oil wells in Indonesia. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Basic Energy and Petrosolve announced their partnership in February, saying this would allow both companies to expand their respective operations globally. The partnership could be Read More …

Pag-IBIG sees 15% earnings hike

Economy

Jun 192013

MANILA, Philippines – The Home Development Mutual Fund (Pag-IBIG Fund) is projecting its net income to grow 15 percent to P15 billion this year, from P13 billion registered in 2012. Likewise, Pag-IBIG president and chief executive officer Darlene Marie B. Berberabe said the state-run fund is looking to increase its membership base from the present 12.6 million to about 20 million this year. An increase in the number of members has a direct bearing on its earnings stream as contributions would also grow. A member is mandated to make a contribution of at least P100 a month. Berberabe said the principal target are the overseas Filipino workers (OFWs), three million of which are already members. Others include domestic helpers or kasambahays, the self-employed, and professionals. So far, but the biggest contributors to Pag-IBIG’s earnings are housing and member loans. Pag-IBIG has a housing loan portfolio worth over P21 billion. It also has P40 billion in investible funds other than the housing and cash loans. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “We are in talks with fund managers for investments in the equity or stock market,” Berberabe said, adding they are also looking at the accreditation parameters for hiring a private fund manager. Pag-IBIG is mandated to invest up to 70 percent of its portfolio in housing while the rest are for member loans. It has declared a dividend package worth P9.3 billion, which goes to its members unlike other government financial institutions (GFIs) that must remit up Read More …

CNOOC talks very preliminary, says Pangilinan

Economy

Jun 192013

CNOOC talks very preliminary, says Pangilinan

MANILA, Philippines – Philex Petroleum Corp. chairman Manuel V. Pangilinan said their discussions with China National Offshore Oil Corp. (CNOOC) remains “very preliminary.” “I think I was asked earlier if there was a discussion with CNOOC and that continues on a very preliminary basis but (there is) nothing concrete to report,” Pangilinan told reporters in Camp Aguinaldo yesterday. When asked whether he is optimistic that the plan to explore and develop the gas-rich Recto Bank will push through, Pangilinan said: “I think it’s hard to say. At this stage, talks are very preliminary.” Earlier, Philex said it is considering forging a partnership with CNOOC to explore and develop the Recto Bank, which is located within 80 nautical miles from Palawan. The gas-rich area is the subject of a territorial dispute between the Philippines and China. In 2011, two Chinese ships reportedly bullied a civilian vessel commissioned by the Energy department while conducting an oil exploration survey in the area. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 China has denied the allegation and has consistently claimed that it has “indisputable sovereignty over the West Philippine Sea islands and their surrounding waters. Pangilinan maintained that his company is just discussing purely business issues with CNOOC. “We made it very clear to CNOOC that we are not authorized to talk about government issues so that’s why the talks are very preliminary at this stage,” the businessman said. “I’m sure they will have to go back to their government and we will go back to our Read More …

One Network Bank adds more branches

Economy

Jun 192013

MANILA, Philippines – One Network Bank (ONB), one of the largest rural banks in the country with over P3 billion in assets, has added four more branches to keep its expansion program on track, its top executive said. ONB president Alex Buenaventura said the new branches are in San Enrique and Dingle in Iloilo City, two in Passi City, and Jordan in Guimaras. Buenaventura earlier said they would be adding 10 more branches and 55 extension offices within the next two years in Mindanao and in the Visayas, particularly in Panay Island. The bank currently has 94 branches and135 automated teller machines (ATMs). Buenaventura said they would also be introducing new point-of-sale (POS) debit cards and start efforts to engage in internet banking. At present, the bank has more than 615,000 depositors and some 98,2000 borrowers including the DepEd, local government units (LGUs) and barangays. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The bank’s assets, he said, stood at P20.8 billion while capital reached P3.3 billion todate. In the first three months of 2013, the Mindanao-based rural bank posted a 30-percent expansion in net income to P136 million from P104 million in the same period in 2012. Its loan portfolio rose to P 15.56 billion, which is 41 percent better compared to the first quarter of 2012. Loan expansion was reinforced by the deposit base, which grew 37 percent to P15.23 billion. Fee-based income, driven primarily by service fees on loans, rose 84 percent to P231 million. Non-performing Read More …

Phl posts $75-M BOP surplus

Economy

Jun 192013

MANILA, Philippines – The Philippines still managed to post a balance of payments (BOP) surplus in May despite the start of a huge sell-off in the financial markets. The country’s BOP — which measures all inflows and outflows — posted a surplus of $75 million last month, the lowest for the year, the Bangko Sentral ng Pilipinas (BSP) reported yesterday. BSP officials could not be reached for comment. A surplus indicates more than enough resources to meet external trade and debt obligations. It brought the year-to-date tally to $1.884 billion, a wider surplus against the $1.302 billion in the same period last year. Financial markets have slumped after reaching its peak last May 15, owing to investor concerns the US economy would scale down its stimulus measures soon. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 As a result, foreign portfolio investments — which record placements to bond and stock markets — plunged to a net outflow of $640 million in May, the highest on record. Portfolio investments, together with foreign direct investments, feed in the capital account segment of the BOP. While this portion was on the negative, BOP sourced strength from current account flows, which included remittances and exports. BSP data showed remittances hit $6.916 billion as of April, up 5.7 percent. Merchandise exports, meanwhile, went down 7.95 percent to $16.12 billion for the first four months.

Chemrez declares P117-M cash dividends

Economy

Jun 192013

MANILA, Philippines – Chemrez Technologies Inc., the country’s leading producer of biodiesel, resins and oleochemicals, has declared regular and special cash dividends to its shareholders worth a total P117.26 million. In a disclosure to the Philippine Stock Exchange (PSE), Chemrez, a company that utilizes green technology said that its board of directors has approved a regular cash dividend of P0.06 per share as well as a special cash dividend of P0.03 per share or a total of P0.09 per share. Shareholders of record as of July 17 will be entitled to both the regular and special cash dividends, which will be payable on Aug. 12. To date, Chemrez has an outstanding capital amounting to 1.3 billion shares. Since 2001, the company has been consistently declaring cash dividends although it does not have a regular or fixed policy on dividends. Chemrez has been announcing a regular cash dividend of P0.06 per share plus special cash dividends of P0.03 to P0.09 per share annually since 2008. The dividend amount is equivalent to about 45 percent of the company’s 2012 net income of P257 million. Chemrez officials said while the company continues to face challenges in the local and export markets, it remains committed to continue rewarding its loyal shareholders with a substantial portion of its earnings. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 An affiliate of D&L Industries, Chemrez advocates green technology. It is an active product innovator, producing biodiesel and other chemicals such oleochemicals. The chemicals have been proven Read More …

LT Group banks on tobacco, liquor to drive growth

Economy

Jun 192013

LT Group banks on tobacco, liquor to drive growth

STOCKHOLDERS’ MEETING: LT Group president Michael G. Tan (left) addresses stockholders during the conglomerate’s annual shareholders’ meeting yesterday at Seda Hotel in Bonifacio Global City. Looking on is LT Group vice chairman Harry C. Tan. MIKE AMOROSO MANILA, Philippines – Conglomerate LT Group Inc. is capitalizing on the market leadership of its core businesses of tobacco and liquor for further growth, its top executive said yesterday. “We will focus on our core business and fully capitalize on our market leadership position to benefit from the strong demand in growth in consumer-focused businesses,” LT Group president Michael G. Tan told reporters. Non-core businesses like Philippines Airlines (PAL) will end up on the selling block as the company focuses on the consumer sector, he said. LT Group will also take advantage of synergies in its operating units through cross selling while improving the distribution network, Tan said. LT Group of tycoon Lucio Tan is into beer (Asia Brewery Inc.), distillery (Tanduay Distillers Inc.), real estate (Eton Properties Philippines Inc.), banking (Philippine National Bank) and tobacco (PMFTC Inc.). Tan said the group is heavily exposed to the consumer sector, which accounts for two-thirds of the local economy. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “We are right where we want to be as we aim for stronger growth and higher profitability,” Tan said. In April, LT Group raised P37.72 billion in the largest follow-on share sale of a Philippine company that will allow the conglomerate to support the organic expansion of Read More …

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