Economy – Page 538

Mindanao dev't a gov't priority – Abad

Economy

Feb 032013

MANILA, Philippines – The Philippine government is keen on developing Mindanao amid positive news on the country’s economy, Budget Secretary Florencio Abad said on Sunday ahead of the 2013 Philippine Development Forum. “Unlocking Mindanao’s potential is high up in the administration’s list of priorities. Already, the region is poised to make great strides in pursuing its socio-economic goals, given the wealth of its resources and its remarkable growth prospects. The Bangsamoro peace agreement has also encouraged greater confidence in the region, particularly in areas where armed conflict once undermined efforts at community development or commercial progress,” Abad said. The country’s global development partners, state leaders, civil society groups and other stakeholders are expected to attend this year’s PDF in Davao City. “It’s no coincidence that the 2013 PDF is being held in Davao, considering the administration’s aim of enhancing Mindanao’s growth capacity and invigorating the region’s agri-fishery and tourism industries, as well as other fast-growing sectors,” Abad said. He added that the forum will be crucial in bridging the Aquino administration’s development goals with the objectives of the country’s development partners. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “With the Philippine economy performing very well, we need to ensure that the gains we’ve made will actually be felt by all Filipinos. Together with our development partners, we can work toward creating more growth dividends for Mindanao, thus empowering the region and giving it ample room for socio-economic progress,” Abad said.

Smart, Globe ship 150T iPhone5 units since Dec launch

Economy

Feb 032013

Smart, Globe ship 150T iPhone5 units since Dec launch

MANILA, Philippines – Rival mobile carriers Smart Communications Inc. and Globe Telecom Inc. shipped close to 150,000 units of iPhone5 since the newest Apple handset was launched in the country last Dec. 14. Data from the Common Carriers Authorization Department (CCAD) of the state-run National Telecommunications Commission (NTC) showed that both Globe and Smart brought 147,719 units of iPhone5 into the country last month. Globe imported 95,711 units of iPhone5 while Smart brought in 52,008 units last December. Smart and Globe launched the iPhone5 about three months after it was released by California-based Apple Inc. in September. The new iPhone5 – the sixth of its kind released by Apple – is thinner and lighter than the iPhone4s and features a four-inch screen slightly bigger than the previous models’ 3.5-inch screen. It features a four-inch retina display with the ultrafast wireless and powerful A6 chip and an eight-megapixel iSight camera with panorama and iCloud. It comes with iOS 6, Apple’s newest operating system for mobile devices featuring shared photo streams, Facebook integration, all-new Maps app, passbook organization, and voice-based personal assistant Siri. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Likewise, both Globe and Smart made available its fastest Internet service through the Long Term Evolution (LTE) in iPhone5 with the release of a software update iOS6.1 last week. Regarded as the fastest fourth generation (4G) wireless connection, LTE is ideal for downloading movies in minutes, lag-free gaming, ultra-fast surfing, buffer-free video streaming, and mission-critical Internet use because of its Read More …

Steady hike in tollroad traffic seen

Economy

Feb 032013

SINGAPORE – Metro Pacific Tollways Corp. (MPTC), a subsidiary of infrastructure conglomerate Metro Pacific Investments Corp., expects a single digit growth in traffic volume for its toll roads this year, an official said. MPTC president Ramoncito S. Fernandez said in an interview that the toll road firm expects continuous traffic volume growth in its portfolio. “The election season results in mobility,” Fernandez said. For instance, a seven percent growth in the traffic volume is projected in the 94-kilometer Subic-Clark-Tarlac Expressway (SCTEx), four to five percent for the 84-kilometer North Luzon Expressway (NLEx), three percent for the 14-kilometer Manila-Cavite Expressway (CAVITEX), and as much as eight percent for the Kawit portion of CAVITEx, Fernandez said. MPTC reported that its core income, which strips out currency and derivatives-related items, grew three percent to P1.52 billion last year. Total revenues rose five percent to P6.88 billion “benefiting from higher growth in Class 2 and 3 vehicles or those of higher value,” Fernandez said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Class 2 vehicles like buses and Class 3 vehicles like cargo trucks and trailers are charged higher rates compared with Class 1 vehicles like jeepneys, pick-up vans and cars. CAVITEx and SCTEx have pending requests for rate hikes before the Toll Regulatory Board. Average daily traffic hit 163,400 vehicles last year, up four percent from 2011, MPTC said. Fernandez said the contract to maintain and operate the SCTEx is under renegotiation, with average traffic volume at 25,000, which is below the expected 30,000. Read More …

Early revival of Philex operations seen to benefit many

Economy

Feb 032013

Early revival of Philex operations seen to benefit many

MANILA, Philippines – The early revival of the Padcal operations of Philex Mining Corp. is expected to benefit the National Treasury as well as the Social Security System (SSS), which has some P18.7 billion invested in the 58-year-old mining giant, a leader of the House of Representatives said yesterday. Due to unusually heavy rains brought about by typhoons Ferdie and Gener, Philex voluntarily shut its Padcal mine on Aug. 1, 2012, following leakage from a tailings pond in Itogon, Benguet. “Philex deserves ample support, so it may complete the rehabilitation and cleanup of areas affected by a tailings pond spill, and hopefully resume operations as soon as possible,” House Deputy Majority Leader and Pasig Rep. Roman Romulo said in a statement. “Philex is the mining industry’s biggest taxpayer. The eventual restart of its Padcal operations will give more meaning to President Aquino’s desire to increase government’s tax income from mining,” he said. Malacañang previously issued Executive Order 79, series of 2012, which seeks “to improve environmental standards and increase (government) revenues to promote sustainable economic development and social growth, both at the national and local levels.” The lawmaker said based on Philippine Stock Exchange filings, Philex shelled out some P5.64 billion in taxes over the last three years, of which P2.38 billion was paid in 2011 alone, when the firm posted record-high production and sales of copper and gold. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 That year, the Bureau of Internal Revenue ranked Philex as the mining Read More …

IMI secures new mfg deal with Japanese firm Neil

Economy

Feb 012013

IMI secures new mfg deal with Japanese firm Neil

MANILA, Philippines – Ayala-led Integrated Micro-Electronics Inc. (IMI) said it has secured a new manufacturing deal with a Japanese firm. In a disclosure to the local bourse, IMI said it will produce heating, ventilation and air conditioning (HVAC) and blower units for the Mexico plant of Japan Climate Systems Corp. (JCS) starting the first quarter of 2014. Specifically, JCS is outsourcing to IMI the development of small plastic molds and plastic injection and complete product assembly of HVAC and blower units for Mazda cars. JCS develops, manufactures, and sells air conditioning, thermal control, and cooling apparatus for automobile and industrial machinery. Automotive firm Mazda, along with Visteon and Panasonic, is one of the main shareholders of JCS. “Our global footprint and extensive experience with Japanese partners make the synergy very compelling for JCS to choose IMI,” said IMI president and CEO Arthur R. Tan said. “This partnership also increases our company’s penetration into our target market of automotive electronics,” Tan added. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Partnering with an experienced electronics manufacturing services (EMS) provider like IMI will allow us to efficiently manufacture for our Mexico business,” said JCS president Toshiki Hiura. Hiura said IMI’s plastic injection and assembly technology and track record will help JCS grow its business. IMI is a provider of EMS and is into power semiconductor assembly and test services. It has a total of 17 manufacturing facilities in the Philippines, China, Singapore, US, Mexico, Bulgaria and Czech Republic. IMI serves diversified Read More …

BPI income up 27% to P16.3 B

Economy

Feb 012013

MANILA, Philippines – Ayala-owned Bank of the Philippine Islands (BPI) posted a 27 percent increase in its unaudited net income to P16.3 billion last year from P12.8 billion in 2011. In a disclosure to the Philippine Stock Exchange yesterday, BPI said the improved earnings could be attributed to the strong business volume and revenue growth as the Philippines likewise grew at a faster pace compared to other ASEAN economies. Total resources reached P985 billion, or 17 percent higher than the previous year, as the bank’s core businesses remained solid. The bank’s deposits expanded 18 percent to P802 billion while assets grew 11 percent to P743 billion. The net loan portfolio also increased 16 percent to P527 billion as all markets sustained double-digit growth. It said the consumer/middle market/SMEs segment grew 17 percent while the top tier corporates jumped 12 percent. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 BPI president and CEO Aurelio R. Montinola III said they expect to sustain their in loan performance this year. “2012 was a banner year for BPI, as we generated record profits and exceeded our return on equity goal of 16 percent. We will aim for 12 to 15 percent loan growth in 2013,” he said. This year, he said they hope to duplicate the earnings growth of the bank. “Given significant securities trading gains last year and an even lower interest rate regime this year, our challenge for 2013 will be to deliver a meaningful earnings growth after a record 2012 Read More …

Thai firm spending $70M to develop new Mariwasa products for SEA mart

Economy

Feb 012013

Thai firm spending $70M to develop new Mariwasa products for SEA mart

MANILA, Philippines – The parent firm of tile maker Mariwasa Siam Ceramics is spending $70 million to develop new products for the Southeast Asian region. In a statement, Thai firm Siam Cement Group (SCG), which owns Mariwasa Siam, said the capital spending is allotted “for research and development initiatives to fully strengthen its leadership position in the Southeast Asian region.” SCG said it will develop new products that will prop up demand following a good performance last year. SCG president and CEO Kan Trakulhoon said the company’s revenues from its Philippine operations reached $142 million, surging 50 percent from a year ago. In April, SCG consolidated the operations of its ceramic tiles business, Mariwasa Siam Ceramic Inc. In September, SCG divested its stake in locally listed Mariwasa Siam Holdings Inc. For the region, the company continued the trend of growing its sales by 39 percent per year. Consolidated sales reached $1.004 billion last year, SCG said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Sales in the region accounts for eight percent of SCG’s total sales revenues. Kan said they expect 2013 to be a better year for SCG as it has become more resilient despite a weak global economy.

ALI trims capital to P21.5B

Economy

Feb 012013

MANILA, Philippines – Property giant Ayala Land Inc. (ALI) will trim its authorized capital stock to P21.5 billion as several preferred shares were eliminated from the company. In a disclosure, ALI said it secured the Securities and Exchange Commission’s approval for the decrease in its authorized capital stock by P1.303 billion to P21.5 billion from P22.803 billion. The lower authorized capital stock reflects “the aggregate par value of the 13.034 billion preferred shares which have been redeemed and eliminated,” ALI said. Hence, ALI’s capital stock will decline to P21.5 billion divided into 20 billion common shares with a par value of P1 and 15 billion voting preferred shares worth 10 centavos each. This is lower than the P22.803 billion authorized capital divided into 20 billion common shares at P1 each, 15 billion voting preferred shares at 10 centavos each and 13.034 billion preferred shares worth 10 centavos each. The company’s board of directors approved the capital decrease in April last year. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 ALI is into residential and office development, and shopping mall and hotel operations. In the nine months to September last year, ALI’s earnings reached P6.62 billion, up 27 percent from P5.23 billion a year earlier on the back of the strong performance in all its business lines.

Lachica named acting SEIPI president

Economy

Feb 012013

MANILA, Philippines – The Semiconductors and Electronics Industries in the Philippines Inc. (SEIPI) has named Dan Lachica as its acting president. “On behalf of the SEIPI Board of Directors, I have the privilege of announcing the appointment of Dan Lachica as the SEIPI interim president,” SEIPI chairman Bing Viera announced. Lachica has been a member of the SEIPI Board of Directors for over 10 years. In the past, he held the position of treasurer and chairman. Lachica has spent 16 years in various leadership roles in Silicon Valley in semiconductor front-end wafer fabrication. Lachica is the president of silicon wafer slicing firm First Philec Solar Corp. (FPSC). Business ( Article MRec ), pagematch: 1, sectionmatch: 1 FPSC is a joint venture agreement between First Philippine Electric Corp. (First Philec) of the Lopez Group of Companies which controls 80 percent and SunPower Philippines Manufacturing Limited (SPML) of SunPower (San Jose, USA), which holds 20 percent. Lachica replaces Ernesto Santiago who passed away after suffering a heart attack late last year. The SEIPI is the representative body of players and industries supporting the development of Philippine electronics. Earlier, the group said it expects the electronics industry to grow by five to six percent this year from an expected flat growth in 2012. The growth for this year is expected to be supported by the start of operations of new plants involved in the production of electronic products and parts in the country. For 2012, the SEIPI projects flat or zero growth due Read More …

Okada wants Wynn Resorts head probed

Economy

Jan 312013

MANILA, Philippines – Japanese billionaire Kazuo Okada, whose company will build a casino complex along Manila Bay, has sought for an investigation of Wynn Resorts Ltd.’s chairman. Bloomberg reported that Okada wanted directors to probe the actions of company chairman Steve Wynn in securing a casino concession in Macau. In a Jan. 24 letter to the board of directors of Wynn Resorts, Okada said the Cotai project raises “serious questions about the propriety of the actions taken by Mr. Wynn, the company, and its affiliates in pursuing” it. Las Vegas-based Wynn Resorts wants to remove Okada from its board. Okada and former business partner Wynn are in a bitter corporate feud, which started when the Japanese pachinko businessman questioned the $135-million donation pledged by Wynn Macau Ltd., a Macau subsidiary of Wynn Resorts in Macau. Both businessmen continue to trade barbs, accusing the other of questionable payments to public officials in Asia including the Philippines. Okada’s Tiger Resorts & Leisure Corp. entered into a partnership with Gokongwei-led Robinsons Land Corp. to jointly develop a $2-billion hotel and casino complex in the 100-hectare Entertainment City along Roxas Blvd. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Tiger Resorts is one of four groups that were granted a license by the Philippine Amusement & Gaming Corp. to operate a casino on a reclaimed land along Manila Bay, which the government expects to turn into the world’s number two gaming destination ahead of Singapore and Las Vegas and behind only Macau. In Read More …

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