THE POWER Sector Assets and Liabilities Management Corp. (PSALM) will auction off the Naga power plant complex in Cebu in the second half of the year, the state firm’s top official said yesterday.
Apr 232013
Apr 232013
IN ORDER to compete with neighbors in the retirement and wellness market, the Philippines should provide long-stay visas, set up retirement communities and improve the quality of health care, according to speakers at the 3rd Philippine Retirement and Healthcare Summit.
Apr 232013
MANILA, Philippines – Manila Water Co. Inc subsidiary Clark Water Corporation posted a 20 percent increase in its net income in 2012 on higher billed volume. Clark Water is the water and wastewater operator of Clark Freeport and the Clark Special Economic Zone. The company reported a net income of P85.9 million in 2012 from P71.4 million in 2011. The firm said its revenues grew 14 percent year-on-year, while its operating expenses were slightly reduced. As of the end of 2012, the company has 2,000 service connections, most of which are for commercial and industrial locators. “We intensified our key accounts management program last year. By focusing on further increasing our commercial and industrial customer base, we were able to expand our business and in turn support the locators in the metropolis by supplying them with water and wastewater services,” said Jess Laigo, general manager and chief operating officer of Clark Water. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The company undertook in 2012 the installation of a new treatment plant, new distribution lines, and the construction of an additional deep well to address the increasing demand from its commercial accounts. This enabled the company to triple its water supply capacity to 35 million liters of water per day Clark Water also completed the repair of a major leak in mid-2012 which lowered the level of its system losses to 12 percent by the end of 2012. Clark Water was formed in partnership with Clark Development Corporation, the Read More …
Apr 232013
MANILA, Philippines – State-run Development Bank of the Philippines (DBP) said its net income nearly doubled to P1.52 billion in the first quarter from P720 million in the same period last year. In a statement, DBP attributed the jump in earnings to the country’s strong economic performance and favorable market conditions which contributed to the growth in its loan portfolio and deposit base. While gains from securities trading remained a major revenue contributor, DBP said its net income was likewise boosted by its gross loan portfolio that grew 20.42 percent to P143.77 billion, from the previous P119.39 billion. A major depository of national and local government agencies, DBP hiked its deposits to P148.41 billion, up 16.52 percent from last year’s P127.37 billion. The bank’s total assets reached P327.7 billion, an increase of 8.25 percent from the previous year’s P302.73 billion. Capital adequacy ratio remained well above the central bank’s minimum requirement of 10 percent at 23.06 percent, an improvement from last year’s level of 20.11 percent. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The bank remains consistent in its efforts to support the government’s national development thrusts, channelling much-needed financial facilities to strategic sectors such as infrastructure and logistics, environment protection, social services involving health care, education, housing and community development, and micro, small and medium enterprises. Just recently, DBP launched its P2-billion Higher Education Loan Program for Students (HELPS) for lending to qualified schools and other educational institutions, for re-lending to poor but deserving students. The program Read More …
Apr 232013
MANILA, Philippines – Commercial lender Asia United Bank (AUB) of the Rebisco Group has moved closer to debuting in the local bourse through a P9.68-billion initial public offering (IPO). The Securities and Exchange Commission (SEC) on Monday approved the listing of AUB, which will be the second IPO in the local stock market this year. In an en banc decision, the corporate regulator allowed AUB to sell 88 million shares, including an over-allotment option of eight million shares, at a maximum price of P110 per share. Hence, the IPO will generate as much as P9.68 billion for the lender. The final price of the shares up for sale will be announced on May 3, with the offer period to start on May 7 and end on May 14. AUB said its shares will be listed on the Philippine Stock Exchange on May 17. It will be the second IPO this year, following the P3.2-billion share sale of thrift lender Philippine Business Bank in February. AUB is owned by a consortium of Filipino industrialists, Taiwanese investment banks and Singapore venture capitalists. Republic Biscuit Corp. (Rebisco), the Philippines’ leading manufacturer, distributor, and exporter of snack food products, owns 44 percent of AUB. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “AUB has evaluated its capital in light of its business strategy and determined that the offer would further solidify the bank’s capital adequacy and financial strength and, more importantly, allow AUB to pursue its strategic growth initiatives,” the lender said. Specifically, Read More …
Apr 222013
THE DEPARTMENT of Budget and Management (DBM) has released P1.5 billion for various infrastructure projects in the Autonomous Region in Muslim Mindanao (ARMM).
Apr 222013
THE PHILIPPINES got seven additional flights to Australia per week after air service talks between the two countries ended last week, a Civil Aeronautics Board (CAB) official said yesterday.
Apr 222013
EVER since the introduction of the 1997 Tax Code, domestic corporations classified as closely-held corporations have been exposed to the 10% improperly accumulated earnings tax (IAET) for failure to declare dividends, which are beyond the reasonable needs of the corporation.
Apr 182013
THE BUDGET department has already released 68% of the government’s P2.006-trillion obligation program for the year as of end-February, a report showed.
Apr 182013
THE NATIONAL government’s outstanding debt grew by 8.4% year-on-year as of end-February as it borrowed more from domestic lenders, Bureau of the Treasury (BTr) data showed.