CAMPI eyes 10% sales hike

 Economy
Jan 272013
 
CAMPI eyes 10% sales hike

MANILA, Philippines – Auto sales are expected to grow by 10 percent this year from last year on the back of the country’s strong economic performance. Chamber of Automotive Manufacturers of the Philippines Inc.(CAMPI) president Rommel Gutierrez said in a text message that they expect sales to  reach 172,000 units this year. Last year, CAMPI sold 156,649 units, up 11 percent from 2011 due to an increase in purchases of both commercial vehicles and passenger cars as well as the influx of new models and availability of competitive financing schemes. The group said that last year’s growth could have even been higher if not for supply constraints in the first quarter as a result of heavy flooding in Thailand in 2011. For this year, Gutierrez said the higher sales will be driven by the “sustained economic growth, (and as) GDP (gross domestic product) per capita (is seen) to reach $2,500.” He said growth in remittances from overseas Filipino workers, election spending and overall positive economic outlook, are likewise seen to allow the group to achieve higher sales this year. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 On expectations of continued positive economic conditions, car firms are also looking to introduce new models in the market. Gutierrez said total industry sales are likewise expected to rise, hitting 200,000 units this year. Total industry sales in 2012 stood at 184,248 units. Total vehicle sales last year posted an 11.6 percent increase from 2011 due to the strong demand for both Read More …

UnionBank posts 15% income growth

 Economy
Jan 272013
 
UnionBank posts 15% income growth

MANILA, Philippines – The Union Bank of the Philippines (UnionBank) reported a 15-percent increase in net income to P7.58 billion in 2012 from P6.59 billion in 2011. Net interest income expanded by nearly six percent to P7.3 billion after slipping slightly to P6.98 billion in 2011 due to higher provisioning for probable losses. The bank’s total resources grew moderately to P275.8 billion in 2012 from P270 billion in 2011. Capital funds likewise grew to P47.8 billion in 2012, from P42.8 billion a year ago. Non-interest income grew to P10.7 billion last year from P9.55 billion due principally to trading gains, which rose P6.47 billion in 2012 from the previous year’s P5.4 billion. Total loans grew by 13 percent to P119.6 billion last year from the P105 billion in 2011. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Total deposits went down by nine percent, or from P204 billion in 2011 to P185.9 billion last year. In the last quarter of 2012, the bank’s branch network stood at 186, supported by 232 onsite and offsite ATMs, a call center and internet bank, www.unionbankph.com.

Index seen testing record highs this wk

 Economy
Jan 272013
 
Index seen testing record highs this wk

MANILA, Philippines – The main index is seen to test record highs this week, riding last week’s positive economic news here and abroad. Investors are expected to look for indications on corporate earnings, with some picking cheaper second and third-liners. “Activity might be mostly ‘sequel story-sensitive’ especially those on expansion, partnerships or re-capitalization initiatives,” said Freya Natividad, investment analyst at brokerage firm 2Trade-Asia.com. Immediate support is 6,100-6,120 and resistance at 6,200-6,230, 2Trade-Asia said. Week-on-week, the Philippine Stock Exchange index rose 0.46 percent or 28 points to end the week at 6,167.64, just a tad lower than the all-time high of 6,171.70 recorded on Jan. 21. The main index was driven by the property (up 0.84 percent) and financial firms (up 3.37 percent). Last week, the policymaking Monetary Board kept key interest rates at record lows amid a benign inflation environment. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Natividad said the low interest rates will support double-digit lending growth among listed financial institutions. However, the reversal of net foreign buying to sell position will likely cap robust gains in share prices, with some funds moving towards second and third-liners, Natividad said. Overseas, the main gauge of institutional investors will be the highlights of the most recent US Federal Open Market Committee’s meeting. “A sizeable part would rely on increments at the labor front, given the sensitivity of recovery and growth on consumer spending,” Natividad said. On Friday, Wall Street picked up anew due to earnings reports of Procter & Read More …

‘El Niño won’t harm palay output’

 Economy
Jan 272013
 
‘El Niño won’t harm palay output’

MANILA, Philippines – The Department of Agriculture (DA) expects palay production to reach 7.90 million metric tons (MT) in the first six months of 2013, a flat growth rate from the 7.89 million MT recorded in the same period in 2012. DA said palay production in the first half of the year would likely be spared from the adverse effects of the El Niño phenomenon in the summer at irrigation facilities have already been put in place and the transfer of the bulk of palay cultivation in the early part of the year. In a report, DA’s Bureau of Agricultural Statistics (BAS) said the total harvest area may increase by 0.1 percent to 2.038 million hectares in the January to June this year from 2.036 million hectares in 2012. Yield per hectare, however, may remain at 2012 level of 3.88 MT. Based on standing crop, palay production in the first quarter of the year is forecast to reach 4.27 million MT, up by 7.1 percent from the output of 3.99 million MT in 2012. Based on farmers’ planting intentions, April to June forecasts indicate reductions in production, harvest area and yield by 6.9 percent, 4.1 percent and three percent respectively. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The expected drop in production during the second quarter was because most farmers opted to concentrate the bulk of palay production in the early part of the year. “This time, we are more prepared. As long as we have sufficient irrigation, Read More …

IMF raises PHL 2013 economic growth forecast to 6%

 News
Jan 252013
 

The International Monetary Fund (IMF) said on Wednesday it has raised its economic growth forecast for the Philippines for this year The post IMF raises PHL 2013 economic growth forecast to 6% appeared first on Good News Pilipinas. You might also like: World Bank raises Philippines 2012 growth forecast anew ADB hikes Philippine growth forecast, cuts rest of Asia Credit Suisse and BoA-Merrill Lynch upgrade Phl growth

PHL sets tourism record with 4.2 million foreign visitors in 2012

 News
Jan 252013
 

More than 4 million foreign visitors arrived in the Philippines in 2012, the highest number posted in the country’s tourism history. The post PHL sets tourism record with 4.2 million foreign visitors in 2012 appeared first on Good News Pilipinas. You might also like: Foreign tourist arrivals in Phl on course to reach 4.5M in 2012 Shopping is top tourist activity in the Philippines National Geographic showcases Phl travel destinations

Shanghai Morning Post cites Phl as most romantic destination

 News
Jan 232013
 

The Philippines has been named the “Most Romantic Destination” by the Shanghai Morning Post based on a consumer survey. The post Shanghai Morning Post cites Phl as most romantic destination appeared first on Good News Pilipinas. You might also like: China survey: Philippnes among best tourist destinations Huffington Post names Phl a great retirement destination Boracay beats Asian favourites to take crown as top destination

Moody’s say Philippine banks immune to global economic shocks

 News
Jan 232013
 

Philippine banks are immune to global economic shocks, one of the major international credit rating agencies said Monday. The post Moody’s say Philippine banks immune to global economic shocks appeared first on Good News Pilipinas. You might also like: Moody’s raises Philippine credit rating, citing healthy economy ADB says local banks shielded well from global crisis WB forecasts PH growth at more than 6% through 2015

Coca-Cola reiterates confidence in the Philippine economy

 News
Jan 232013
 

The world’s largest franchise bottler of Coca-Cola products has reiterated its confidence in the country’s economic prospects The post Coca-Cola reiterates confidence in the Philippine economy appeared first on Good News Pilipinas. You might also like: Philippine economy expands 5.9% in 2nd quarter, 6.1% in H1 Top CEO’s bullish on the Philippine economy in 2013 CNN highlights progress in the Philippine economy

WB forecasts PH growth at more than 6% through 2015

 News
Jan 212013
 

The Philippine economy is expected to continue growing by more than 6% in the next three years, according to a World Bank report. The post WB forecasts PH growth at more than 6% through 2015 appeared first on Good News Pilipinas. You might also like: World Bank raises Philippines 2012 growth forecast anew ADB hikes Philippine growth forecast, cuts rest of Asia ADB forecasts faster Phl economic growth in 2012 and 2013

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