June 2013 – Page 52

SME dev’t tackled at ADB forum

Economy

Jun 052013

MANILA, Philippines – Financing for overall development of small and medium enterprise (SME) were discussed recently by former Agrarian Reform Secretary Philip Ella Juico in a dialogue with the SME finance working group at a forum held at the Asian Development Bank (ADB). Juico, a former dean of the De La Salle University Graduate School of Business, shared his characterization of SME’s in the Association of Southeast Asian Nations (ASEAN) as a basis for the establishment of credit risks of SME’s to qualify under ADB-assisted development finance windows. Juico said the proposed characterization, could be used as a basis for risk mitigation financing policies of development banks. According to Juico, the SME sector in ASEAN is not monolithic and to regard it as such may be counter-productive due to the diverse characteristics of the sub-sectors where SMEs operate. Juico cited the case of the electronics and e-ICT subsectors in Malaysia and Singapore where both subsectors exhibited strong performance as original design manufacturer (ODM) and as electronics manufacturing Services (EMS) production platforms with substantial financial and R&D government support. Both subsectors in the two countries enjoyed strong performance in both the domestic and export markets. The same subsectors in the Philippines and Indonesia, however exhibited different characteristics with the electronics and e-ICT industries transitioning from a “mom-and-pop” to corporate operations mainly as subcontractors to domestic-based multinational companies. Juico pointed out that these subsectors in the two countries have been operating as original equipment manufacturer (OEM) production platforms at the lower end Read More …

ABS-CBN, GMA both claim ratings leadership in May

Economy

Jun 052013

ABS-CBN, GMA both claim ratings leadership in May

MANILA, Philippines – Rivals ABS-CBN Corp. and GMA Network Inc. claimed ratings leadership last month based on separate surveys commissioned by both companies. ABS-CBN said in a statement that data from Kantar Media showed that the company’s total day share increased to 41 percent compared to GMA’s 31 percent as more Filipinos across urban and rural homes all over the country tuned in to its programs last May. The company continued to dominate the noontime to early afternoon block from 12 noon to 3 p.m. with an average audience share of 43 percent versus GMA’s 33 percent in May due to the ratings improvement of “It’s Showtime” against perennial leader “Eat Bulaga.” In the primetime block, ABS-CBN gained an audience share of 46 percent compared to the 30 percent of GMA. In areas in Luzon outside Mega Manila, ABS-CBN enjoyed a total day audience share of 44 percent compared to GMA’s 33 percent. It also prevailed in the Visayas with 50 percent share versus GMA’s 27 percent as well as in Mindanao with 54 percent against GMA’s 22 percent. Kantar Media uses a nationwide panel size of 2,609 urban and rural homes that represent 100 percent of the total Philippine TV viewing population. It is a leading television (TV) audience measurement provider with capabilities in gathering TV viewing data in both digital and analog platforms. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 In a separate statement, GMA said it dominated the ratings in the key areas of Urban Read More …

ABS-CBN raises P2.5 B from sale of PDRs

Economy

Jun 052013

MANILA, Philippines – Lopez-led multimedia giant ABS-CBN Group raised P2.5 billion after Capital International Private Equity Fund VI LP (CIPEF) completed a buy-in transaction sealed a month ago. ABS-CBN assistant corporate secretary Enrique Quiason informed the Philippine Stock Exchange (PSE) that CIPEF through Mercury Media Holdings Finance I Ltd yesterday subscribed to P2.5 billion worth of ABS-CBN Philippine Deposit Receipts (PDRs). Last May 15, ABS-CBN announced that CIPEF agreed to subscribe to P2.5 billion worth of new PDRs priced at P43.225 apiece to be issued by ABS-CBN Holdings Corp. which will in turn subscribe to the same number of newly issued common shares of ABS-CBN Corp. CIPEF VI has a fund size of $3 billion focused on expansion capital and buyout in global emerging markets and is part of the six funds managed by the group across the globe with aggregate commitments of $6.7 billion. On the other hand, Lopez Inc. would subscribe to P1.5 billion worth of new common shares of ABS-CBN at P43.225 per share, representing a 2.1 percent discount to the 45-day volume-weighted average price for ABS-CBN PDRs and 3.2 percent premium to the 45-day volume-weighted average price for ABS-CBN common shares as of May 14. At the completion of the share subscriptions and the PDR subscription, Lopez Inc. will hold 56 percent of the outstanding common shares and will retain voting control of 79 percent of all outstanding shares. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 ING Bank NV acted as financial advisor to Read More …

Japan patrimonial property recovered

Economy

Jun 052013

We congratulate Ambassador Manolo Lopez for successfully recovering the Philippines’ Nampeidai property in Japan – one of the properties acquired by the Philippine government as part of the May 1956 Reparations Agreement with Japan. We also congratulate Foreign Secretary Albert del Rosario for his solid support and encouragement in the efforts to win back this prime property located in Tokyo’s shopping district. We have been very vocal in opposing moves to dispose of our patrimonial properties in Japan – bought with the blood of Filipinos who gave up their lives fighting for this country during World War II. It was during the term of Gloria Arroyo that the sale of these prime properties in Roppongi, Kobe and Shibuya were initiated, with the Nampeidai property eventually sold to a Japanese consortium under a 50-year build-operate-transfer scheme. It took several years of litigation before the successful recovery of the property. The government had also wanted to sell the property located in upscale Fujimi district where the Philippine Ambassador to Japan resides to pave the way for the construction of a condominium – with plans to just make the Ambassador reside in the penthouse. While the Fujimi property was not part of the reparations agreement with Japan, it is a prime piece of property, considered a heritage site having once been the home of Baron Zenjiro Yasuda whose family founded the Fuji Group. It was then President Jose P. Laurel who bought the Fujimi property in 1944, which has since become the official Read More …

Gov’t on track to meeting revenue targets – Purisima

Economy

Jun 052013

Gov’t on track to meeting revenue targets – Purisima

MANILA, Philippines – Finance Secretary Cesar Purisima said yesterday the country remains on track to meeting its revenue collection targets following a strong economic growth in the first quarter. Bucking a worldwide economic slowdown, the Philippine economy expanded by 7.8 percent in the first quarter of the year – the fastest pace since 2010 – mainly driven by growth in the construction and manufacturing industries. It outpaced Asian powerhouse China, where the economy surprisingly grew by only 7.7 percent. “We are still on track to meet our goals for the tax effort and revenue effort, especially given our high first-quarter growth. We note that in the past, tax effort has gotten a significant boost from the first quarter of the year to the second, and we anticipate the same given our very successful tax collections in April this year,” Purisima said. Tax effort is an index measure of how well a country is doing in terms of tax collection relative to what could be reasonably expected given its economic potential. The Bureau of Internal Revenue, the government’s main tax collection agency, posted collections amounting to 9.2 percent of GDP while the Bureau of Customs’ collections stood (BIR), at 2.6 percent of GDP. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The Bureau of Treasury, meanwhile, recorded collections of 0.9 percent of GDP while other offices collected 0.1 percent of GDP. The government aims to increase the country’s tax effort to 16 percent by the end of Pres. Aquino’s term Read More …

PAL to remain listed – Ang

Economy

Jun 052013

MANILA, Philippines – National carrier PAL Holdings Inc., partly-owned by conglormerate San Miguel Corp. (SMC), will remain a listed company, its top executive said. PAL, Asia’s oldest airline, is preparing a share sale through Philippine National Bank (PNB), president and chief operating officer Ramon S. Ang said. “I think we will comply [with the public float rule],” he said. “That is what our partner wants, to keep it listed,” Ang said, adding that the share sale will be facilitated by PNB, which is owned by PAL’s controlling shareholder, taipan Lucio Tan. In January, the Philippine Stock Exchange suspended the trading of seven firms including PAL due to their failure to meet the required minimum public ownership level of 10 percent. To date, PAL has a public float of just 0.55 percent. The PSE said listed firms that fail to increase their public ownership level to at least 10 percent will have their shares delisted starting June 30, 2013. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 In May last year, diversifying conglomerate SMC bought a 49-percent stake in PAL for about $500 million. SMC also gained management control of the airline. Since the entry of SMC last year, PAL has embarked on a massive re-fleeting program aimed at acquiring 100 new aircraft to replace its existing fleet. It expects to save as much as $400 million from fuel and maintenance costs per year as part of its re-fleeting program. Meanwhile, Ang said SMC is still pursuing plans to put Read More …

Stocks suffer another selldown

Economy

Jun 052013

MANILA, Philippines – Stocks fell for the third straight day as fund managers continue to unload their holdings as part of a global realignment of investments. The benchmark Philippine Stock Exchange index dropped 1.73 percent or 115.58 points to end at 6,557.89, the lowest point since closing at 6,518.71 on March 22. “The portfolio realignment of investors continues with the changing investment environment in the global arena,” Astro del Castillo, managing director of First Grade Finance Inc., said in a phone interview. “We are waiting for the dust to settle before bargain hunters come in,” he said. Fund managers have been pocketing gains from stocks amid worries over the rollback of the US Federal Reserve’s stimulus program. Del Castillo said there is no market moving news locally, with benign inflation figures failing to lift investor sentiment. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “A correction in the equity market as we had seen in the last few days should not come as a surprise to participants,” Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr. said in a text message to reporters. He shrugged off concerns of a sudden market downturn evolving into a financial crash, saying the financial markets should be expected “to move up and down.” The central bank chief, who has long rejected the possibility of a repeat of the 1997 Asian financial crisis, said the Philippines is in a better position now and that domestically, there is no reason why investors should depart. – With Read More …

US home prices soar 12% in April

Economy

Jun 052013

WASHINGTON (AP) – US home prices soared 12.1 percent in April from a year earlier, the biggest gain since February 2006, as more buyers competed for fewer homes. Real estate data provider CoreLogic says prices rose in April from the previous April in 48 states. Prices also rose 3.2 percent in April from March, much better than the previous month-to-month gain of 1.9 percent. Prices in Nevada jumped 24.6 percent from a year earlier, the most among the states. California’s gain was next at 19.4 percent, followed by Arizona’s 17.3 percent, Hawaii’s 17 percent and Oregon’s 15.5 percent. More people are looking to purchase homes. But the number of homes for sale is 14 percent lower than it was a year ago. The supply shortage has contributed to the price increases. Rising home prices can help sustain the housing recovery. They encourage more homeowners to sell. And they spur would-be homeowners to buy before prices increase further. Home sales and prices began to recover last year, six years after the housing bust. They have been buoyed by steady job gains and low mortgage rates. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Sales of previously occupied homes ticked up to a 3 ½ year high in April, according to the National Association of Realtors. And they are likely to keep growing: A measure of signed contracts to buy homes rose to its highest level in three years in April. There is generally a one- to two-month lag between a Read More …

President Aquino signs Republic Act amending earlier law regulating the cutting of coconut trees

Entertainment

Jun 052013

MANILA, June 3 (Mabuhay) — President Benigno S. Aquino III signed into law a Bill amending an earlier Republic Act regulating the cutting of coconut trees, Deputy Presidential Spokesperson Abigail Valte announced on Sunday. Speaking at a press briefing aired over government-run radio station dzRB Radyo ng Bayan, Valte said President Aquino signed last May […]

Senate OKs anti-bullying bill

News

Jun 052013

The Senate on Wednesday approved a bill that seeks to curb incidents of bullying in schools in the country. The approved measure directs elementary and secondary schools in the Philippines to put in place policies that will address bullying. “The heart of this measure is the education of parents on bullying and to familiarize them with the anti-bullying policies of the school. With that information, parents would have better choices which schools to send their children,” said Senator Edgardo Angara, one of the authors of the bill, in a statement. The measure also tasks the Department of Education to propose administrative sanctions for schools who will not have anti-bullying policies. In the House version of the bill, which was approved last December, bullying may be in the form of “any severe or repeated use by one or more students of a written, verbal or electronic expression, or a physical act or gesture, or any combination thereof.” The House bill added that these actions should be “directed at another student that has the effect of actually causing or placing the latter in reasonable fear of physical or emotional harm or damage to his property” to be considered as bullying. The Senate committee on education, arts and culture opted to use the House version as its working document, take two similar Senate bills into consideration (SB 413, SB 2677) and approve the bill with five specific amendments. A bicameral conference committee will convene soon and its output will then ratified by both Read More …

Older Entries Newer Entries