EEI allots P480M for equipment upgrade

 Economy
Jun 262013
 
EEI allots P480M for equipment upgrade

MANILA, Philippines – Yuchengco-led contractor EEI Corp. is upgrading its construction equipment this year through by a P480-million spending program. The construction firm is focusing on improving its project delivery as it takes advantage of more infrastructure projects here and abroad, a top company official said. “The company and its subsidiaries continue to invest in construction equipment and fabrication capabilities,” said EEI president and CEO Roberto Jose L. Castillo. EEI allotted P483 million for capital expenditures on new equipment. Last year, the value of its property, plant and equipment surged 88 percent to P1.49 billion from a year ago. “The company will continue to improve its construction methodologies and invest in new technologies that could enhance productivity,” Castillo said. EEI generates revenues from local construction contracts and from foreign units EEI Corp. (Singapore) Pte. Ltd. and 49 percent-owned Al Rushaid Construction Co. Ltd (ARCC). It also earns from real estate sales of EEI Realty Corp. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Moving forward, EEI plans to take advantage of its footprint in construction projects locally and internationally. “In the Middle East, EEI through ARCC will continue to capitalize on its reputation and strong presence in the Kingdom of Saudi Arabia in pursuing more construction projects,” Castillo said. EEI has also gained access to markets in Singapore, New Caledonia and Qatar. “EEI will also continue with its efforts in pursuing projects where it has already established itself as a reputable provider of construction services and will likewise develop Read More …

Stock market: Time to buy

 Economy
Jun 262013
 
Stock market: Time to buy

With the stock market supposedly in bear territory after almost a week in a consecutive downtrend – wiping an estimated $62 billion in value from local stocks ­– analysts continue to be positive in their outlook, saying that the downtrend is caused by external factors. Global markets closed in the red amid jitters after news came out that the US Federal Reserve plans to cut back on its economic stimulus program, coupled with concerns over an impending credit crunch in China. Actually, economists like former Budget Secretary Ben Diokno are saying the country is in a better position to sustain growth and create more jobs in the process. After all, economic fundamentals remain very strong and intact, to which as a natural consequence stocks will start picking up again. Even our favorite stock market “seer” thinks so, too, saying that now is the best time to buy. According to our financial soothsayer, some of the good buys would be Aboitiz Power and SM Prime Holdings (SMPH) whose shares are considered undervalued. However, the steady growth SM Prime has displayed – overshooting forecasts for the last two years – has been rather impressive. The mall development arm of the Henry Sy group posted up to 15-percent profit to P2.79 billion for the first quarter of 2013. Many are convinced that the recent merger between SM Development Corp. and SM Investments Corp. under SMPH will push growth earnings this year even higher than in 2012, which saw SM Prime achieving better-than-expected earnings Read More …

Volatility to last for months – officials

 Economy
Jun 262013
 
Volatility to last for months – officials

MANILA, Philippines – Volatility in the financial markets could last for months, but the Philippines will survive given its strong fundamentals, officials said yesterday.  “These are interesting times again,” Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr. said in a speech before financial officers in The Asset Forum in Makati City. The central bank chief said the “furor” would “subside” once investors get a complete grasp of the US Federal Reserve’s pronouncements that it may scale down stimulus measures this year. Investors have been rattled by concerns cheap money from the $85-billion monthly bond buying program of the US would end soon, prompting them to reposition their holdings back to the world’s largest economy. The volatile scenario “will be there for a while, possibly for months,” said International Monetary Fund resident representative Shanaka Jayanath Peiris in the same forum. But for National Treasurer Rosalia de Leon, what is important is that the Philippines is in a better position than it was five years ago. “The Philippines is no stranger to heightened volatility,” she said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The sentiment-led slump in the region led to a drop in the Philippine Stock Exchange index by as much as 6.5 percent to the “bear” territory last Tuesday. Yesterday, it closed up 5.7 percent at 6,118.94. The volatility also hit the foreign exchange market, with the peso touching the 44-peso level versus the greenback last Monday before it recovered to close at 43.43 yesterday. “There is Read More …

The real secret to success

 Economy
Jun 262013
 
The real secret to success

Last week, we paid tribute to our fathers in honor of their special day.  Their inspiration and mentorship led us to our success as entrepreneurs.  This time, I would like to pay tribute to our spouses.   My wife, Marissa, and I are celebrating our 30th anniversary.  Time does fly so fast. It is hard to believe that we have been married this long, with five children. Our eldest is 25 years old and our youngest just turned six.   Isabella, our youngest, was a surprise to us.  Marissa was 46 years old when she gave birth to her.  We went to the doctor because she was experiencing some unusual pain.  The hospital did a series of tests.  Luckily, no tests with radiation were done.  Our family doctor then advised to get the basic pregnancy test kit, just in case.   I remember the day when my wife saw the result from the kit.  She tossed it to me because her first reaction was shock.  She was scared, but happy at the same time.  Both of us have been blessed to have a late addition to our family.  Isabella kept us young, as she is quite a handful.   Our 30-year-marriage definitely has its ups and downs.  During our early years together, we started a small popcorn business. Today, she is one of the reasons why I am able to bring RFM to where it is today. In buying brands like Cosmos and Selecta, among others, she has provided encouragement and good advices.  She has also been very supportive in the Go Negosyo advocacy. Like all marriages, there are always Read More …

Melco unit shoring up capital

 Economy
Jun 262013
 
Melco unit shoring up capital

MANILA, Philippines – The local unit of Macau-based casino giant Melco Crown Entertainment Ltd. is shoring up the capitalization of a subsidiary that holds a Philippine gaming license. In a regulatory filing, Melco Crown (Philippines) Resorts Corp. said its board of directors approved the purchase of 40 million common shares of MCE Holdings (Philippines) Corp. worth P9.5 billion. MCE Holdings is the parent firm of MCE Leisure (Philippines) Corp., a partner of SM Investments Corp., Belle Corp. and Premium Leisure Amusement Inc. in the gaming license at the 120-hectare Entertainment City. The companies hold a provisional license from the Philippine Amusement and Gaming Corp (Pagcor), allowing them to build an integrated casino and hotel. Fresh capital will allow MCE Holdings to bankroll the construction of the $1.3-billion Belle Grande casino project in the Pagcor complex. In April, Melco Philippines raised $377 million after selling 1.09 billion shares at P14 apiece, the high end of the P11-14 price range, to fund the casino’s construction. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Last week, Melco Philippines president and chairman Clarence Chung said the company is on track to starting commercial operations of Belle Grande Manila in the middle of 2014. The megacasino operator is banking on Chinese high rollers to prop up the country’s gaming revenues. Melco Philippines is the operator of the 950-room Belle Grande Manila casino and resort complex being built by Belle, the upscale leisure developer of mall and banking conglomerate SMIC. Belle Grande Manila will be Read More …

Lopezes acquire additional ABS-CBN shares

 Economy
Jun 262013
 
Lopezes acquire additional ABS-CBN shares

MANILA, Philippines – Holding firm Lopez Inc. has paid a fourth of the value of a P1.5 billion transaction for the acquisition of additional common shares in listed multimedia giant ABS-CBN Corp. ABS-CBN Corp. corporate secretary Manuel Torres informed the Philippine Stock Exchange (PSE) that Lopez Inc. subscribed to 34.7 million common shares of ABS-CBN Corp. last Tuesday Torres pointed out that the Lopezes paid 25 percent of the total subscription price, while the remaining 75 percent would be settled on or before Dec. 31 this year. “The common shares will only be issued to the Lopez Inc. upon full payment of the subscription price,” Torres clarified. It would be recalled that ABS-CBN announced last May 15 that Lopez Inc. would subscribe to P1.5 billion worth of new common shares of the multimedia giant at P43.225 per share. The price represented a 2.1 percent discount to the 45-day volume-weighted average price for ABS-CBN Philippine Deposit Receipts (PDRs) and 3.2 percent premium to the 45-day volume-weighted average price for ABS-CBN common shares as of May 14. Last June 5, ABS-CBN raised P2.5 billion after Capital International Private Equity Fund VI LP (CIPEF) of the US-based the Capital Group that manages about $6.7 billion worth of funds across the globe completed a buy-in transaction. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 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 Read More …

PSEi posts biggest one-day gain since 2007 after entering bear market

 Economy
Jun 262013
 
PSEi posts biggest one-day gain since 2007 after entering bear market

MANILA, Philippines – The Philippine Stock Exchange index (PSEi) on Wednesday made its biggest one-day gain since August 2007 after entering bear territory on Monday, the local bourse reported. The bellwether PSEi returned to the 6,000 level after closing 329.88 points or 5.7 percent higher than Tuesday’s 5,789.06, bringing its current level to 6,118.94. Positive news from the United States economy and listed companies’ impressive first quarter income performance gave PSEi a push after a massive selloff wiped its gains for the year. On Monday, the main index slumped 3.05 percent or 181.99 points to 5,789.06, sinking by 21.68 percent after posting 7,392.20- its highest record- on May 15 this year. A decline of 20 percent or more signals the market’s entry into the bear market. “Against a backdrop of solid fundamentals that have not changed even amidst the volatilities in the past weeks, the declines have served to put some stocks at attractive prices. I think this is what we saw today with the strong recovery of the market,” PSE Chairman Jose Pardo said. He added that volatility is a natural effect of uncertainties due to policy announcements abroad. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “When the market goes past the overreaction phase, countries with strong fundamentals and buffers against uncertainties should be able to stay the course of their growth. The causes for the Philippines’ impressive growth continue to persist and should remain strong moving forward,” Pardo said. Earlier, the local bourse reported that earnings Read More …

BSP: Temporary market volatility could last for months

 Economy
Jun 262013
 
BSP: Temporary market volatility could last for months

MANILA, Philippines – The temporary volatility in financial markets could last for months, but the Philippines will survive given its strong fundamentals, officials said on Wednesday. “These are interesting times again,” Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco, Jr. said in a speech before financial officers in Makati City. The central bank chief said the “furor” will soon “subside” once investors have a complete grasp on the United States Federal Reserve’s pronouncements that it may scale down stimulus measures this year. “There is always volatility on the way to recovery. The way to recovery is not a clear path,” Tetangco said. “What is important is that you focus on your goal and don’t be distracted because volatility is inevitable,” he added. The scenario “will be there or a while, possibly for months,” said International Monetary Fund resident representative Shanaka Jayanath Peiris. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Investors have been rattled by concerns that cheap money from the $85-billion monthly bond buying program of the US will end soon, prompting them to re-position their holdings back to world’s largest economy. The Philippine Stock Exchange index, one of the world’s best performers last year, entered a bear territory last Tuesday, closing at 5,789.09 as it erased all its gains for the year. A bear territory is marked by a 20-percent slump from the bourse’s last peak. Meanwhile, the peso touched 44 level versus the dollar last Monday before it bounced back to close at 43.46 last Tuesday. Read More …

Maynilad bags 3 Cannes Lions for anti-dengue bottle

 Economy
Jun 262013
 
Maynilad bags 3 Cannes Lions for anti-dengue bottle

MANILA, Philippines – West zone concessionaire Maynilad Water Services, Inc. bagged three awards from the 60th Cannes Lions International Festival of Creativity in France for the advertisements it produced for its Dengue Bottle project. Maynilad, in partnership with the Department of Health and global marketing firm Y&R Philippines, won one Silver Lion and two Bronze Lion awards in what is considered as the Acedemy Awards of the advertising industry. The Dengue Bottle is a do-it-yourself project against mosquitoes using a recycled plastic bottle with a mixture of clean water, brown sugar and yeast. The mixture emits carbon dioxide which attracts mosquitoes, trapping them and eventually killing them inside the bottle. Maynilad said the bottle can kill hundreds of mosquitoes in two weeks before requiring replacement. “We are both honored and grateful for these awards. This is not only a win for us and our partners, but for the communities that have become safer because of this dengue-preventing device,” Maynilad President and Chief Executive Officer Ricky Vargas said. Citing data from DOH’s Regional Epidemiology Surveillance Unit Maynilad said that in the National Capital Region alone, there were 2,332 recorded cases of dengue from January 1 to April 13 this year. Dengue is the leading cause of child hospitalizations in the country.

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