January 2013 – Page 2

Victorias Milling posts 39% hike in net profit

Economy

Jan 312013

Victorias Milling posts 39% hike in net profit

MANILA, Philippines – Listed sugar miller Victorias Milling Co. (VMC) registered a 39-percent growth in net income to P556 million for the financial year ending in August 2012 despite lower milling tonnage. Production data showed that ending Aug. 31,2012 the company milled 3.100 million tons of cane (TC), down from 3.116 million tons in 2011. Despite this, the company’s raw sugar production rose to 6.500 million 50-kilogram bags (LKG) in 2012 from 5.709 LKG in 2011. Refined sugar production rose to 6.032 million LKG in 2011 from 4.382 million LKG in 2011. The milling recovery rate rose to 2.06 50-kilogram bag per ton of cane milled (LKG/TC) from 1.83 (LKG/TC) in 2011. “The slight reduction of milling tonnage this year by 0.5 percent against the previous year did not adversely affect raw sugar production volume because of the improvement in sugar recovery,” the financial report said. The company noted that refined sugar production rose by 37 percent in 2012 because of major upgrades made in the refinery’s machineries. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Revenues for 2012 reached P4.6 billion, surpassing 2011 revenues by 11 percent because of higher tolling revenues. The company’s core business which comprises the production of raw and refined sugar accounts for 98 percent of the revenues for 2012. Raw sugar revenues fell by 0.42 percent year-on-year despite a 48-percent increase in volume sold as average selling price fell by 33 percent from P1, 908.90 per LKG in 2011 to P1, 283.35 per Read More …

SM Prime mulls $200-M syndicated loan

Economy

Jan 312013

MANILA, Philippines – Shopping mall giant SM Prime Holdings Inc. is planning to raise around $200 million through a syndicated loan facility to bankroll its aggressive expansion here and in China, a company official said. In an interview, SM Prime chief financial officer Jeffrey Lim said the company is in talks with several financial institutions for a syndicated loan transaction, targeted in the first or second quarter this year. Lim said the company remains on an expansion binge to capitalize on a booming economy and robust consumer spending. The firm has set a P63-billion three-year capital spending program to build up to 18 malls in its bid to become a regional player. SM Prime may spend P21 billion each year to build four to five new malls at home and one mall annually in China. SM Prime ended 2012 with 46 malls across the country and five in China, with an estimated combined gross floor area of 6.3 million square meters. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The SM China malls are enjoying healthy increases in rental rates with occupancy level currently at 95 percent. SM Prime continues to sees vast opportunities in China given the latter’s growing population and emerging middle-class. The group is currently looking to acquire five properties in its second biggest market to further widen its geographical footprint. The expansion is also in line with the SM Group’s strategy to list its China assets either in Hong Kong or Singapore by 2015 in Read More …

Filinvest holding firm to issue $300-M bonds

Economy

Jan 312013

Filinvest holding firm to issue $300-M bonds

MANILA, Philippines – Filinvest Development Corp. (FDC), the listed investment holding company of the Gotianun family, said it plans to raise as much as $300 million through an overseas bond sale. Fresh funds from the bond sale, which follows a successful bond issuance of a local conglomerate, will used for capital spending this year, the company told the local bourse yesterday. In a meeting, the board of directors of FDC approved the company’s plan “to issue and float bonds in the offshore market with an aggregate principal amount between $200 million to $300 million.” “The proceeds from the bond issuance will be used by the corporation to finance its capital requirements for 2013,” it added. Target date for the bond sale is within the second quarter, subject to the approval of concerned government agencies. The exact amount and other details like the yield and maturity will determined by management, FDC said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Local conglomerates are increasingly tapping the international bond market for fresh capital. Early this month, the overseas unit of taipan John Gokongwei’s investment vehicle JG Summit Holdings Inc. raised $750 million by selling corporate bonds overseas to finance general corporate expenses. GT Capital Holdings Inc. of banking tycoon George S.K. Ty, on the other hand, plans to issue P10 billion worth of fixed-rate bonds to support its capital expenditure program. The Filinvest Group is one of the country’s leading conglomerates, with interests in real estate development (Filinvest Land Inc.), hotel 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 …

Lone winner bags P69.103M Superlotto jackpot

News

Jan 312013

Lone winner bags P69.103M Superlotto jackpot

A lotto bettor ended January on a winning note by getting the exact combination of numbers to bag the P69.1 million Superlotto 6/49 jackpot, the Philippine Charity Sweepstakes Office said Thursday night. The jackpot mix of numbers is 47-45-39-11-14-23 to win the Superlotto main prize of P69,103,170. As in the past, the PCSO is not likely to make public the winner’s identity for security reasons. Last Jan. 25, a lone winner bagged the P55,536,805.80 Megalotto 6/45 jackpot for the winning combination of 45-19-27-29-06-34. On Jan. 23, a lone winner bagged the Grand Lotto jackpot worth P40,940,528.40 after getting the winning combination of 23-16-24-54-21-08. On Jan. 5, a lone winner became P94.226 million richer through the Grand Lotto combination of 55-38-13-28-41-39. The biggest lotto prize in recent history was still in November 2010, when a lone bettor won some P741.176 million for getting the winning combination 11-16-42-47-31-37. — ELR, GMA News

Goldman Sachs: Phl needs to move up value added chain to hit growth targets

Economy

Jan 312013

Goldman Sachs: Phl needs to move up value added chain to hit growth targets

MANILA, Philippines – The Philippines needs to “move up the value added chain” if it is to reach its target of 8.5 percent growth by 2016, an investment bank said on Thursday. “The trend growth for the last 10 years was around five percent. To increase that to eight percent, that would entail a couple of things,” said Mark Tan, executive director for Global Economics, Commodities and Strategy Research of Goldman Sachs. The bank forecast stable economic growth for the country at the range of 5 to 6 percent fromn 2013 to 2016. The country, which expanded by beyond-target 6.6 percent last year, is forecast to slow down to 5.5 percent this year and the next before picking up again to 5.6 percent and 5.8 percent in 2015 and 2016, respectively. The outlooks fall well-below government’s medium term targets: 6 to 7 percent this year, 6.5 to 7.5 percent in 2014, 7 to 8 percent in 2015 and 7.5 to 8.5 percent in 2016. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Consumption has held up but more work needs to be done in infrastructure development, labor productivity and the relation between the two to maximize the country’s growth potentials, Tan told reporters. In particular, “better labor skills” coupled with continued accumulation of capital will be a good combination toward achieving the Aquino administration’s targets. The public-private partnership (PPP) initiative, despite some delays, will also be worth pursuing. “It also needs to do more focus on labor productivity, upgrading Read More …

Stolen Santo Niño image found, returned after 22 years

News

Jan 312013

Stolen Santo Niño image found, returned after 22 years

An image of the Santo Niño (Christ Child) stolen from a church in Romblon 22 years ago was finally found—in Aklan province in the Visayas. According to the Catholic Bishops’ Conference of the Philippines (CBCP), the image of the Nuestra Señor Sto. Niño de Romblon, placed at the altar of the Saint Joseph Cathedral, went missing in 1991 but was found when an Aklan devotee happened to buy it from a local antique dealer. “I have a good friend who collects antique and one of his collections is the image of Sto. Niño. Every time he has a new image, he always asked me about it,” Fr. Joebert Villasis of Aklan Catholic College said in an interview on Church-run Radio Veritas. Excerpts of the interview were posted on the CBCP news site. Villasis said his friend was told by the dealer that it was the Sto. Niño De Romblon, prompting the would-be buyer to seek help from Aklan Catholic College Professor Jun Mijare to identify the image. It was only on Jan. 30 that they confirmed the image was indeed the one stolen 22 years ago. The owner immediately turned over the image to the church, the CBCP quoted Villasis as saying. With the development, the Romblon church will re-enthrone the image of Sto. Niño de Romblon at the St. Joseph Cathedral on Feb. 9. — KBK, GMA News

Phl think tank among world's best

Economy

Jan 312013

MANILA, Philippines – State think tank Philippine Institute of Development Studies ranked among the best in the world in a report published by the University of Pennsylvania. “In the 2012 Global Go To Think Tanks Report and Policy Advice of the Think Tanks and Civil Societies Program of the University of Pennsylvania, PIDS ranked 40th and 79th on the list of the world`s best social policy think tanks and development think tanks, respectively,” the state agency said. The Go To Think Tank index ranks 6,603 think tanks in 182 countries according to region and specialization. For 2012, more than 1,100 individuals from 120 countries participated in the nominations and rankings process, the report said. “We are pleased with the continued international recognition for our quality of policy research,” PIDS President Josef T. Yap said. “Still, we feel that no formulaic rankings can fully capture the distinctiveness of any think tank. The Global Go-To Think Tank is just one measure of a think tank’s performance and impact, and should be used in conjunction with other metrics. PIDS continues to be the authority in Philippine economic and social development policy research and is one the most influential, most quoted, and most trusted think tanks in the country and in the region,” he added. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Established in 1977, PIDS has been engaged in conducting long-term, evidence-based research used for the formulation of socioeconomic policies in the country.

Has the gun ban been effective? Comelec chief wants to know

News

Jan 312013

Has the gun ban been effective? Comelec chief wants to know

With the campaign period about to start and with the spate of gun-related crimes, Elections chairman Sixto Brillantes Jr. wants to know if the implementation of the election gun ban has been effective. On Thursday, Brillantes said he plans to meet with National Police chief Alan Purisima to “get statistics before the start of the campaign period.” “Yun ang concern namin, kung nagkaroon ba ng effect yung checkpoints at gun ban. So before January 13 (when the gun ban was implemented), ano ba statistics dyan compared to now?” Brillantes told reporters. The poll chief said the meeting would most likely be this Saturday when Comelec holds a mock elections at the PNP headquarters in Camp Crame in Quezon City. The campaign period for national candidates starts February 12. On the other hand, the campaign period for local candidates starts March 30. Growing crime rate During the same interview, Brillantes said a growing crime rate is everybody’s concern whether it is election period or not. “Kasi may nagsasabi na naha-highlight ito dahil may gun ban at may checkpoints. Pero sa akin, it does not matter what is highlighted or not,” he said. Asked if the poll body is planning to amend its gun ban resolution because of the recent incidents, Brillantes said there is no plan yet but they will definitely look into the statistics. “We will have to wait for actual statistics. Wala naman kaming empirical record dito to determine kung ano ang tama kaya lang naha-highlight dahil may gun ban Read More …

Sen. Angara elected as first Asian head of int'l anti-corruption group

News

Jan 312013

Sen. Angara elected as first Asian head of int'l anti-corruption group

Senator Edgardo Angara on Thursday said that he has been elected as the first Asian chairman of the Global Conference of Parliamentarians Against Corruption (GOPAC). “I was elected last night as the chairman and chief executive of the GOPAC,” Angara told reporters in an interview on Thursday. According to its website, GOPAC is an “an international network dedicated to good governance and combating corruption throughout the world.” “GOPAC has provided information and analysis, established international benchmarks, and improved public awareness through a combination of global pressure and national action,” it said. GOPAC, which claims to have over 700 members from over 45 countries worldwide, is holding its conference in Manila this year. Angara said that he will be the first Asian chairman of GOPAC. He will serve a term of two years. “Hindi na ninyo ako makikita sa Maynila dahil I will be traveling to Brazil, I’ll be traveling to Brussels,” he said. Angara had earlier withdrawn his gubernatorial bid in Aurora. He said this is due to his international commitments, including to GOPAC. — BM, GMA News

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