Maniolas

MANILA, Philippines – Mass housing developer 8990 Holdings Inc. nearly halved the selling price for its planned public share sale. 8990 Holdings said it intends to raise P9 billion by selling shares at P6.50 apiece through a follow-on offering. “The offering was priced at the very top of the P5.50 to P6.50 price range, with participation from a large number of institutional accounts,” 8990 Holdings said. Proceeds from the P9-billion fundraising program will support the real estate company’s landbanking and project development projects. In January, the Securities and Exchange Commission allowed the property firm to sell shares at a maximum offer price of P12.70 for a total transaction value of P15.74 billion. 8990 Holdings benefited from the strong level of interest from the global investor community, said company president and CEO Jesus Atencio. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 For only the second time ever in the Philippines, a formal cornerstone tranche was executed where two global long-term institutional investors, Khazanah Nasional Berhad and TPG Capital Pte. Ltd., committed to invest a total of P2.9 billion during the bookbuilding process. “We are thrilled to participate with 8990 Holdings, the largest home builder in the Philippines, as they address an important need in the country with very attractive and affordable housing,” said TPG Asia managing partner Tim Dattels. The entry of Khazanah and TPG is a “testament of the world’s excitement in the Philippines as an investment destination,” Atencio said. The transaction, which marked Khazanah’s first foray into Read More …

Resettlement plans for survivors of typhoon Yolanda (Haiyan) will only go to waste if the government does not integrate job opportunities in relocation sites, an international aid agency said in a report. In its study released Tuesday, Oxfam International said livelihood is the survivors’ “top priority,” and this has not been given enough consideration in plans to move 200,000 people away from the coast, now considered “unsafe” areas. Many of these people are “fisherfolk, laborers, and vendors,” it added. “The government has committed to the principle of ‘building back better,’ but it has yet to prove that through its relocation efforts,” said Justin Morgan, Oxfam’s country director in the Philippines. “Relocation is not only about houses; it’s about jobs, safety, transport. These cannot be afterthoughts.” Earning a living over safety The report, titled “The Right Move? Ensuring durable relocation after typhoon Haiyan,” is a result of interviews and focus groups conducted with 453 individuals across Eastern Samar, Leyte, and Cebu, where the group extended help post-Yolanda.  Forty-nine percent of those surveyed said earning a living “through their current or a new job” is “the most important” factor in resettlement, only next to safety (32 percent). Relocation sites, Oxfam added, were as far as 15 kilometers from the survivors’ current homes, which prompted some “not to relocate because transport costs were too expensive from their new homes back to the coast where they work.” Only seven percent of people were consulted or informed about the relocation plans by a government official, Read More …

Barack Obama’s frustration is spilling over as he makes the most strident defence of his foreign policy yet, rebuking critics who say his diplomacy is haphazard, weak and blurs US national security red lines. The US president’s patience snapped several times during his tour of Asia which wrapped up in the Philippines Tuesday, when confronted by arguments that he has failed to put his stamp on a world increasingly flouting US power. His four-nation trip was meant to cement the most substantive doctrinal element of his foreign policy, the pivot of American power to Asia, which had been a little ragged of late. But Obama’s inability to deter President Vladimir Putin in Ukraine, the crumbling Middle East peace process and the unstoppable carnage in Syria, opened the president to new charges his foreign policy is a bust. He had to reassure Asian allies nervous of China’s growing territorial muscle that despite his reluctance to fight traditional wars, Washington’s defence guarantees are rock solid. He rarely loses his cool in public, but Obama was at his most waspish in public comments on foreign policy during the trip — recalling his ill-tempered debates with Republican Mitt Romney during the 2012 presidential race. His wariness of foreign quagmires is also a consistent political theme — recalling the 2002 rebuke of “dumb” wars that helped him harness public dismay with the Iraq war six years later to win the White House. Obama argues that hubris gets America into trouble and that avoiding “mistakes” like Read More …

The principal place of business has been defined as the place where the central management is located and where the books and records of transactions are kept. It is considered the corporation’s place of residence. It has been held in several cases that the residence of a corporation may be important for tax purposes, in determining the venue in court cases or even in ascertaining if service of summons and notices was properly made. Its importance is emphasized in the provision of the Corporation Code stating that the principal place of business of a corporation is one of the mandatory matters that must be contained in the articles of incorporation. Before 2006, the Securities and Exchange Commission (“SEC”/”the Commission”) allowed registrant corporations and partnerships to indicate a general address only as their principal office address, such that it refers only to a city, town or municipality where they conduct business. “Metro Manila” was accepted as a valid principal office address. On Feb. 16, 2006, the Commission issued SEC Memorandum Circular No. 3 (“SEC MC No.3-2006”), directing registrant corporations and partnerships to state in their articles of incorporation or articles of partnership, the specific address of their principal office, which shall include, if feasible, the street number, street name, barangay, city or municipality. In addition, the specific address of each incorporator, stockholder, director, trustee, or partner must also be disclosed.  It categorically stated that “Metro Manila” shall no longer be allowed as address of the principal office. Apparently, the directive of Read More …

The biggest names in the sport of polo in the region were here recently for the inaugural Philippine Polo Open.   The game of kings was recently the centerpiece of sports in the country as the San Miguel team won the inaugural Philippine Polo Open with a 9-4 victory over Global Port at the Manila Polo Club. Iñigo Zobel was at the forefront of San Miguel’s attack, as the veteran international scored two goals in the first chukker. He finished the match with three. “We had a good game today. The team functioned well. But it wasn’t easy. We just got the good breaks. Our advantage is that we’ve played together before and our horses worked well,” said Zobel. Tommy Bitong, an upstart 13-year-old, backed the effort of Zobel with two goals in the third.      The other scorers were Sam Hunt and Juan Jauretche with two apiece. View all Lifestyle Feature ( Article MRec ), pagematch: 1, sectionmatch: Global Port owner Mikee Romero did not play in the title match due to the death of his grandfather earlier in the day, and his absence on the field told heavily on the team. He watched along the sideline with his family, and was pleased with the success of the event, since the proceeds from the match were earmarked for the victims of typhoon Yolanda. The battle for third place was won by Royal Brunei after a 5-4 win over Tang Polo of China. Brunei Prince Jefri Bolkiah played alongside Read More …