Cebu Pac posts 1-digit growth in number of passengers

 Economy
Jun 282013
 
Cebu Pac posts 1-digit growth in number of passengers

MANILA, Philippines – Listed budget airline Cebu Air Inc. (Cebu Pacific) of taipan John L. Gokongwei Jr. is likely to serve less than 15 million passengers this year after posting a single-digit growth in the volume of passengers in the first quarter of the year. Cebu Pacific president and chief executive officer Lance Gokongwei said in an interview with reporters that the low cost carrier would likely miss its projected volume of passengers this year after the slowdown in the growth in air traffic in the first quarter. “That remains our target, although after the first quarter I think we will be a little bit short. It will be lower than 15 million but close to that,” Gokongwei stressed. In the first quarter of the year, volume of passengers of Cebu Pacific inched up 4.9 percent to 3.5 million from 3.4 million in the same quarter last year, while number of flights increased 4.8 percent as the number of aircraft went up to 43 from 40. The growth in the first quarter was less than half the double-digit growth in the volume of passengers booked last year. Cebu Pacific booked a double-digit 11 percent growth in volume of passengers to 13.26 million in 2012 from 11.93 million in 2011 on the back of robust domestic and international operations brought about by aggressive sales promotions last year. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 This was however lower than the target of 14 million passengers. Latest data from the Read More …

Sun Cellular sees sustained growth in mobile Internet revenues

 Economy
Jun 282013
 
Sun Cellular sees sustained growth in mobile Internet revenues

MANILA, Philippines – Sun Cellular, a unit of dominant carrier Philippine Long Distance Telephone Co. (PLDT), sees a sustained growth in mobile internet revenues on the back of improved nationwide coverage and robust sales of smartphones. Sun Cellular vice president for data services Michele Curran said in a statement that the company hopes to sustain the 71-percent growth in mobile Internet revenues in the first quarter of the year as improved nationwide coverage and the strong sales of its attractive smartphone offerings boosted demand for mobile Internet services.  “Given the market shift to smartphones, we have taken a proactive stance in addressing the growing market of data users. We continue to expand our network reach, boost browsing speeds and focus even more closely on addressing the specific browsing needs of consumers,” Curran stressed. He pointed out that Sun Cellular generated a 53- percent revenue increase in its pay-per-use mobile Internet services and a robust 76-percent growth in its revenues for mobile internet add-on plans compared to the first quarter of 2012. Banking on the capacity of smartphones as mobile platforms for online-based content, he said Sun Cellular has complemented its regular browsing services by introducing its series of “Forever Loads” which offer unlimited access to top social networking sites like Facebook, Twitter and Yahoo!.

BAT joins call for stricter monitoring of illicit cigarettes

 Economy
Jun 282013
 
BAT joins call for stricter monitoring of illicit cigarettes

MANILA, Philippines – British American Tobacco (BAT), the maker of Lucky Strike cigarettes, has joined calls for stricter monitoring of illicit trade of cigarettes, which has grown to epic proportions and is seen to cost the Philippine government some P8 billion in potential revenues. BAT Philippines corporate and regulatory affairs head Robert Eugenio said the British firm would support moves to protect the local market from illegal tobacco products sold by smugglers. “We strongly support close monitoring by government to ensure that everyone follows the law and pays the right taxes,” Eugenio said. Eugenio said the government and the local tobacco industry should unite in safeguarding the sector against unscrupulous groups that evade tax payments by illegally bringing in cigarettes into the country. LT Group Inc., the local partner of market leader Philip Morris Fortune Tobacco Corp., earlier expressed concern over the rising illegal trade of cigarettes in the country, which poses serious problems to legitimate businesses. Eugenio said BAT has been closely working with governments and law enforcement agencies globally to tackle illegal tobacco produce. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Driving the tobacco industry out of business altogether will not end all smoking overnight. The reality is adults who wish to smoke will continue to do so and they will turn to the black market if a legal industry is not in place,’’ Eugenio said. “Sophisticated network of criminals are ready and waiting to step in and take over if the legitimate tobacco industry didn’t Read More …

Philam Life launches 2 new products

 Economy
Jun 282013
 
Philam Life launches 2 new products

MANILA, Philippines – Philippine American Life and General Insurance Co. (Philam Life) has launched two new unit-linked products (ULP) in its life insurance line in a bid to boost its premium income this year. ULPs are life insurance products laced with investment instruments, otherwise referred to as protection and savings/investment. It is also known in the industry as variables or unit linked (VULs). The two ULPs are priced at affordable pricing points, with variants that require merely P2,000 a month in premiums. Philam Life marketing head Jessica C. Abaya said their VUL sales are now outpacing traditional or pure protection products. “About 80 percent of sales so far are ULPs,” Abaya said in a briefing yesterday. Last year, ULPs accounted for nearly 60 percent of total sales. She expressed confidence that the new products will boost the sale of traditional and ULPs as the highly-liquid market is hungry for both investments and protection. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Only four percent of the country’s population have personal life insurance products,” she said. Nearly 19 percent of the country’s population are holders of some form of protection, majority of which are government funds such as the Government Security and Insurance System (GSIS), PhilHealth and the Social Security System (SSS). However, the gradual demise of special deposit accounts (SDAs) means there is roughly P1 trillion that will return to the market in search of new options. Philam Life reported total premiums of P15.29 billion in 2012, from P13.35 Read More …

EastWest acquires 20% stake in bidder for railway fare system

 Economy
Jun 282013
 
EastWest acquires 20% stake in bidder for railway fare system

MANILA, Philippines – East West Banking Corp. is investing in E-trans Solutions Joint Venture Inc., a company bidding for the government’s automated fare collection system project. E-trans is a joint venture among TERA Investment Inc., Sagesoft Solutions Inc., Pilipinas Micro-Matrix Technology Inc., Pulsar Avancer Technologie Inc. and EastWest. Recently, E-trans pre-qualified in the bidding for the fare system project of the Department of Transportation and Communications and the Light Rail Transit Authority. EastWest’s board has approved a capital infusion of up to 20 percent in E-trans and subscribe to such number of shares for an initial payment of P1.5 million. The board said the subscription is not more than 10 percent of the total assets of EastWest. EastWest is the financial arm of the Gotianum family’s Filinvest Group. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Aside from investing in a technology firm, EastWest is also aggressively expanding its branch network all over the country. In 2006, EastWest Bank bought P750 million worth of shares in Green Bank, which has 46 branches in June 2012, the bank purchased 100 percent of Finman Rural Bank Inc. in Pasig City for P120 million. EastWest has been likewise on the acquisition mode to boost its consumer lending business. In 2009, it acquired the consumer finance units of AIG bundled into AIG Philam Savings Bank.  In 2003, it also bought Ecology Savings Bank Inc. By 2014, EastWest is planning to have 350 branches and become the fifth largest bank in terms of network.

Pancake House plans 30 new branches, eyes ME, SEA marts

 Economy
Jun 282013
 
Pancake House plans 30 new branches, eyes ME, SEA marts

MANILA, Philippines – Pancake House Inc., the country’s largest casual dining chain, will put up 30 new branches in the Philippines while expanding its market reach to the Middle East and Southeast Asia. The local dining industry still has room for growth, prompting the group to prepare for an acquisition next year, its top official said. “Locally, across Yellow Cab and Pancake House, we are building 30 new stores this year,” Pancake House CEO Martin P. Lorenzo told reporters. He said 30 percent will be in Metro Manila and 70 percent in new wave cities and tourist hubs like Cebu, Cagayan de Oro, Baguio and La Union. “We will end the year with about 330 stores [nationwide]. Abroad, we should have 20 by the end of the year,” Lorenzo said. Pancake House will spend P150 million for the establishment of new company-owned stores, accounting for 55 percent of the expansion program, while the remaining 45 percent will be through franchising. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Last year, the restaurant group that serves 30 million meals annually added 25 new branches, backed by a P120-million capital spending. For its overseas expansion, Pancake House relies on franchising. Lorenzo said Yellow Cab has signed a franchising deal that aims to put up 15 new stores in the United Arab Emirates in the next three years. “We’re surely growing in the Middle East for Yellow Cab and Southeast Asia for Pancake House,” Lorenzo said. To date, there are three Pancake Read More …

Southern California Edison Partners with Customers to Conserve Energy

 Entertainment
Jun 282013
 

ROSEMEAD, Calif., June 17, 2013 — As Southern Californians prepare for summer, Southern California Edison (SCE) is asking customers to be especially conservation-minded to help keep the electric grid stable and reliable during hot weather when energy use spikes, particularly without the power generated from the San Onofre nuclear plant. Last summer, SCE customers saved 300 […]

Manila Water spends P346M for sewer network

 Economy
Jun 282013
 
Manila Water spends P346M for sewer network

MANILA, Philippines – East zone concessionaire Manila Water Company is shelling out P346 million for a 3.2-kilometer sewer network to benefit about half a million residents in San Mateo, Rizal and Marikina City. Manila Water Strategic Asset Management Group Director Abelardo Basilio said the project, treating sewage flows from portions of San Mateo and Marikina, is set to be finished within a year. “The first segment of Marikina North sewer network is set to bring forth the first flows of sewage that will be treated at the 100 million liters per day Sewage Treatment Plant being constructed at Marikina City,” Basilio said. Currently, Manila Water operates 37 sewage treatment facilities and two septage treatment plants with a total wastewater treatment capacity of 500 million liters per day. The company has also so far installed 109,717 sewer connections serving 158,242 households in the East zone. Manila Water said it plans to expand its sewerage service coverage, with Basilio adding that before 1997, there were only 3 percent sanitation coverage in the East zone. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The Ayala-led company provides water utility services to  6.2 million residents in Quezon City, Manila, Marikina, Pasig, San Juan, Mandaluyong, Pateros, Makati, Taguig and several towns in Rizal.

US temporary access to PH military bases might violate Constitution

 News
Jun 282013
 
US temporary access to PH military bases might violate Constitution

SENATORS SAY By Maila AgerINQUIRER.net 1:50 pm | Friday, June 28th, 2013 Sen. Gregorio Honasan and Sen. Panfilo Lacson INQUIRER file photo MANILA, Philippines—Two senators  have raised  an  alarm over  the  Philippines’ plan to  allow the  United States and other allies  “temporary access” to  its military bases, one saying  it might be a violation of the Constitution. “Technically, I think it may be a violation of the Constitution,” Senator Gringo Honasan said in a text message on  Friday. “But if our national interest and  security are at stake, we have limited choices because we are still a developing country at the mercy of and dependent on powers like the US and China,” he said. Honasan said the  “temporary access” might be  a violation of the 1987 Constitution, which prohibits foreign military bases in the country. Despite this,  the senator  said he would back  the plan if  only  to stop  China  from “bullying” the  Philippines on  the issue of the West  Philippine Sea (South China Sea). “For practical purposes, our national security is an urgent matter given the fact that China is not moving away. It’s only with the US that China could be cowed,” Honasan said in Filipino in a phone interview. Senator Panfilo Lacson said  the Department  of National Defense should exercise prudence  by consulting first the Senate. “There is a wide gray of area of interpreting the planned move of allowing temporary access to our military bases by the US and other allies. Having  said that, the DND Read More …

UN Council backs machine guns for Golan peacekeepers

 News
Jun 282013
 
UN Council backs machine guns for Golan peacekeepers

Agence France-Presse 1:17 pm | Friday, June 28th, 2013 An Israeli army Armored Personnel Carrier (APC) maneuvers during a military exercise near the northern border with Syria on June 25, 2013 in the Israeli-annexed Golan Heights. INQUIRER file photo UNITED NATIONS—The UN Security Council on Thursday backed UN peacekeepers in the Golan Heights carrying machine guns, as fallout from the Syria war increases in the ceasefire zone. The council passed a resolution to extend the mandate of the force, where the Philippines has the biggest contingent, until the end of the year. It also called on Syrian government and opposition fighters to stay out of the zone where peacekeepers monitor a three-decade-old ceasefire between Syria and Israel. The 15-member council strongly condemned three abductions of UN peacekeepers in the Golan since March and expressed “grave concern” at violations of the 1974 ceasefire accord. Members of the UN Disengagement Observer Force (UNDOF) and the UN Truce Supervision Organization (UNTSO) were kidnapped by different opposition groups between March and May. Two peacekeepers have been wounded in shelling as President Bashar al-Assad’s forces attack rebels in the ceasefire zone. The council stressed the “need to enhance the safety and security” of peacekeepers, and endorsed UN leader Ban Ki-moon’s changes to the mission’s operations to “enhance the self-defense capabilities of UNDOF.” The council resolution did not set out the measures. But UN officials and diplomats say that UNDOF peacekeepers, who traditionally only carry very light arms, will get machine guns, extra body armor and Read More …

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