Puregold forms food retailing unit

 Economy
Jul 032013
 
Puregold forms food retailing unit

MANILA, Philippines – Grocery chain Puregold Price Club Inc. has created a new subsidiary to jumpstart its venture into food-retailing. In a regulatory filing, Puregold said it has formed Estenso Equities Inc. that will “house investments of Puregold to other food-retail related activities.” “Estenso Equities is just a shelf-ready subsidiary of Puregold for possible future joint ventures with third parties in food-related retail business,” Jimmy F. P. Perez, investor relationas officer of Puregold, said in a text message. Late in May, Puregold’s parent firm Cosco Capital Inc. raised P16.8 billion in fresh capital from the sale of existing and new shares to investors. Of the proceeds, 50 percent will be used to expand the selling area of Puregold-anchored commercial real estate properties and increase the oil and petroleum storage of Pure Petroleum. Around 20 percent is allotted for the acquisition of non-food retail businesses like hardware and pharmacies. Another 20 percent was allocated for debt payments and the remaining 10 percent to improve its distribution network. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 In the first quarter, Puregold more than doubled its earnings to P962 million from P469 million a year ago on the back of new stores and stronger sales. The growth was supported by P16.09 billion in consolidated net sales, up almost half from P10.74 billion last year. Puregold also opened nine new stores out of the initial target of 25 new branches for the entire 2013. Of the new stores, five were hypermarkets and four Read More …

SEC seeks reversal of CA ruling on John Hay condotel sales

 Economy
Jul 032013
 
SEC seeks reversal of CA ruling on John Hay condotel sales

MANILA, Philippines – The Securities and Exchange Commission (SEC) has sought a reversal of the Court of Appeals’ (CA) decision that allowed Camp John Hay’s private developer to sell condotel units. In a statement, the SEC said it filed on June 28 a motion for reconsideration regarding the CA’s ruling that favored Camp John Hay Development Corp. (CJHDevCo) and Camp John Hay Suites Corp. (CJHS). SEC chairperson Teresita J. Herbosa said they “hope that CA finds merit in the arguments presented by the SEC in its motion for reconsideration.” “Otherwise, the CA decision, as it stands presently, hamstrings the SEC’s efforts at weeding out investment schemes not registered with the SEC to the detriment of the investing public,” she added. Last month, the appellate court allowed the private developer of Camp John Hay in Baguio City to proceed with the sale of securities for the operation of The Manor Hotel. The CA’s Sixth Division granted the petition of CJHDevCo, which permanently enjoined the SEC from implementing its cease-and-desist order against the sale. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “The case is just one of the latest in the SEC’s continued battle to safeguard the public from falling victim to unlawful business schemes,” the corporate regulator said. Until CA resolves the motion for reconsideration, the cease order against CJHDevCo and CJHS remain effective, SEC said. State-run Bases Conversion and Development Authority earlier claimed that the sale of the units of The Manor and The Suites with leaseback or Read More …

Bonds to benefit from calm – Barclays

 Economy
Jul 032013
 
Bonds to benefit from calm – Barclays

MANILA, Philippines – The bond market is likely to benefit from the calm in the financial markets with investors expected to prefer “safer” investment  instruments once they return to Asia, an investment bank said. For the first time in more than two weeks, British bank Barclays said investors have shifted to buying mode in Asian markets, as fears of US’s trimming down stimulus measures later this year recede. “Going forward, we expect more of the same: bonds performing in line with the risk indicators as we think investors will likely to get back into safer markets first,” the bank said in a research note. On Tuesday, Barclays noted bonds from India, Malaysia and Thailand benefitted from huge inflows, followed by those in South Korea, Singapore and Indonesia. There was no mention of the Philippines in the report. The performance of regional bonds, the bank said, could be partly attributed to the participation of local investors in the market, which cushions outflows coming from the flight of foreign placements. Even then, Barclays said there has been some “resilience” in the bond market even during the financial turbulence driven by fears cheap money from the US – most of which flowed to emerging markets – would soon be gone. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Even though external risks loom large, the resilience of institutional portfolio flows is encouraging and challenges the assumption that large foreign holdings of local government debt are the key to underperformance in a sell-off,” Read More …

Approved PEZA investments up 92% to P83.7 B in H1

 Economy
Jul 032013
 
Approved PEZA investments up 92% to P83.7 B in H1

MANILA, Philippines – Investment pledges approved by the Philippine Economic Zone Authority (PEZA) grew by over 90 percent in the first semester from a year ago as more companies expressed plans to set-up manufacturing facilities in the country. PEZA director general Lilia De Lima told reporters in a chance interview yesterday investments approved by the agency for the January to June period amounted to P83.692 billion, posting a 91.9 percent growth from the P43.611 billion in the same period last year. “The biggest chunk (of approved investments) was for electronics,” she said. She said most of the investments were from Japanese companies. The government is optimistic the country could attract more foreign investments as the Philippines is now being considered as a place to do business by European companies. “What is good is we are now on the radar screen of European investors,” De Lima said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Given the recent visit of high-level European government officials to the Philippines, European Union Ambassador Guy Ledoux told reporters firms from that region are most likely to check out investment opportunities here. Apart from European firms, American companies are likewise looking at the country as an investment destination. De Lima said that during a recent trip to the US, firms engaged in manufacturing and information technology have expressed interest to set-up facilities here. She said the Philippines is being considered as a place to make investments given its skilled and young workforce. With more foreign Read More …

BSP asks banks to prepare for US FATCA implementation

 Economy
Jul 032013
 
BSP asks banks to prepare for US FATCA implementation

MANILA, Philippines – Financial institutions were asked to prepare for the effectivity of a US order next year targeted at running after American tax evaders offshore and seen having an impact on their operations. Local and foreign firms transacting with “US persons” will be hit next year by the Foreign Account Tax Compliance Act (FATCA), which orders the charging of taxes against any non-compliant financial institution engaged with US citizens. The Bangko Sentral ng Pilipinas (BSP), in a memorandum, said its supervised institutions – including commercial and investment banks – must “evaluate” if they are covered by FATCA and if applicable, must “establish a policy” to comply.  “They are advised to study the potential effects of FATCA to their businesses and determine the necessary steps to take to avoid the unfavorable consequences of non-compliance with FATCA requirements,” said Memorandum 2013-030 dated July 1. FATCA is part of the US’s Hiring Incentives to Restore Employment Act enacted into law in 2010 as part of stimulus measures to boost US economic activity and employment. According to the US Internal Revenue Service (IRS), firms may register between this month until Oct. 25 through its online portal to become “FATCA-compliant.” In doing so, they are agreeing to provide “certain information” to the IRS concerning US accounts they hold. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 In addition, US citizens who have foreign assets in excess of $50,000 must report their holdings to the IRS. If they chose not to register though, FATCA Read More …

Japan willing to help PHL defend territorial sea, remote islands

 Entertainment
Jul 032013
 

MANILA  (Mabuhay) — With Philippines and Japan being close neighbors, Japanese Defense Minister Itsunori Onodera on Thursday expressed his government’s willingness to cooperate in “defense of remote islands as well as the defense of territory or territorial sea.” Onodera made this statement during his courtesy call to Department of National Defense Secretary Voltaire Gazmin at […]

President Aquino cites the Development Academy of the Philippines as agent of permanent change in country’s governance

 Entertainment
Jul 032013
 

MANILA (Mabuhay) — President Benigno S. Aquino III cited the Development Academy of the Philippines for its innovative, technical and relative programs to support the bureaucracy, saying the agency was a partner of government in effecting permanent change in the way it conducts its business of governance. In his speech keynoting the 40th Founding Anniversary […]

Remains of Pinay executed in China brought home to PHL

 News
Jul 032013
 
Remains of Pinay executed in China brought home to PHL

The remains of the Filipina who was executed in China Wednesday morning arrived in Manila in the evening of that same day, a television report said. The body of the 35-year-old arrived in Ninoy Aquino International Airport Terminal 2 at around 8 p.m. via Philippine Airlines flight PR337, which departed from Shanghai, China, Jam Sisante reported during GMA News TV’s “State of the Nation with Jessica Soho”. The remains of the Filipina drug mule were accompanied by her daughter and mother. The relatives of the deceased refused to make any statements upon their arrival, the television report said. As of this posting, it was not yet certain whether the body of the deceased was cremated or not. The family earlier requested the body be cremated. The relatives of the convicted drug courier had been in China since Sunday. They were given 30 minutes to see their loved one to bid farewell. Despite the country’s pleas, the Filipina was finally executed on Wednesday morning, the Foreign Affairs Department revealed. The Filipina was sentenced to death in 2011 for carrying at least six kilos of heroin into China from United Arab Emirates. In China, possession of at least 50 grams of illegal drugs is enough to warrant the death penalty, which is usually done via lethal injection. The Filipina was the fifth Filipino drug courier to be executed in China since 2011. The family of the 35-year-old drug courier will seek the assistance of the National Bureau of Investigation in arresting the Read More …

Sereno, De Lima, Roxas meet to tackle ways to decongest courts, jails

 News
Jul 032013
 
Sereno, De Lima, Roxas meet to tackle ways to decongest courts, jails

Top officials of the Supreme Court, the Department of Justice, and the Department of Interior and Local Government on Wednesday convened to discuss reforms in the country’s justice system that would help decongest Philippine courts and jails. SC Public Information Office chief and spokesman Theodore Te said Chief Justice Maria Lourdes Sereno, Justice Secretary Leila de Lima and Interior Secretary Mar Roxas led the Justice Sector Coordinating Council (JSCC), the first of such meeting since 2011. Te said the officials discussed a “wide range of topics affecting the judiciary,” including case congestion and prison congestion caused by overstaying detainees. Te could not immediately give further details of the meeting, saying a joint statement would be released on Thursday. In a chance interview, however, Roxas said they discussed ways to expedite the resolution of cases of detainees who have already been incarcerated for too long. “Kami naman sa Philippine National Police at Department of Interior and Local Government ay gagawin namin lahat para malutas o matanggal ang mga balakid na ito para sa mabilisang paglitis o mabilisang pagbigay ng hustisya sa ating mga kababayan,” Roxas said. The Philippine National Police is under the DILG. Roxas noted that detainees are the ones who suffer the most from the country’s snail-paced justice system. 15 detainees He said he had recently ordered a census of all inmates under the custody of the Bureau of Jail Management and Penology, which is also under the DILG, and found out that at least 15 detainees who have Read More …

Family of executed Pinay to seek NBI assistance in nabbing Nigerian recruiter

 News
Jul 032013
 
Family of executed Pinay to seek NBI assistance in nabbing Nigerian recruiter

The family of the Filipina drug courier who was executed in China today is determined to seek the assistance of the National Bureau of Investigation (NBI) in nabbing the Nigerian who recruited her as a drug mule. In an exclusive report by John Consulta on “24 Oras” Wednesday, the family of the executed Filipina said they are planning to approach the NBI to make an artist’s sketch of the Nigerian recruiter who they only know by the name “Jarius.” The family members said they still recall what Jarius looks like even though they last saw him in 2008, when he recruited the Filipina. The Filipina’s family has left their home to grieve privately following the Department of Foreign Affairs’ announcement, also on Wednesday, that the Filipina has been executed.  The father of the 35-year old Filipina said their family is especially protective of her 9-year old daughter, who is unaware that her mother is already dead. The father said the Filipina’s daughter only knows her mother is working abroad. The father added that the family is waiting for updates from the Filipina’s mother and younger sibling as to when her remains will be brought back to Manila. Vice President Jejomar Binay on Tuesday told the media that the family wants the Filipina’s remains to be cremated immediately after the execution. — VC, GMA News

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