Pangilinan acquires 34% of Roxas Holdings

 Economy
Dec 202013
 
Pangilinan acquires 34% of Roxas Holdings

MANILA, Philippines – Businessman Manuel V. Pangilinan has acquired 34 percent of listed sugar miller Roxas Holdings Inc. (RHI) after investing P2.474 billion in the  firm. RHI  yesterday announced that Pangilinan  has been elected as vice chairman of its board of directors after the acquisition. Pangilinan is the founder and CEO of  First Pacific Co. Ltd. He is also chairman of Metro Pacific Investments Corp., the Philippine Long Distance Telephone Co., Manila Electric Co. and other major companies in the country. Two officials in Pangilinan-led companies were also elected to replace and serve the unexpired terms of RHI directors who resigned. They are lawyers Ray C. Espinosa and Alex Erlito S. Fider. Espinosa is the associate director of First Pacific, vice chairman of the Board of Trustees of the PLDT Beneficial Trust Fund, the general counsel of Manila Electric. He also sits as director in several companies. Fider is a director and corporate secretary of several Panglinan-led firms, including Metro Pacific Tollways Corp., Smart Communications, Inc. and Maynilad Water Services Inc. He is a senior partner of Picazo Buyco Tan Fider Santos Law Office. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 RHI is an integrated sugar milling business, exercising full management of Central Azucarera Don Pedro Inc., in Nasugbu, Batangas, as well as Central Azucarera de la Carlota Inc., and Roxol Bionergy Corp. In La Carlota, Negros Occidental. It also holds a 45-percent interest in sugar miller Hawaiian-Philippine Co. in Negros Occidental. RHI posted a lower year-on-year net Read More …

Melco secures P15B in fresh capital

 Economy
Dec 202013
 
Melco secures P15B in fresh capital

MANILA, Philippines – The local unit of Macau-based casino giant Melco Crown Entertainment Ltd. has secured P15 billion in fresh capital from the sale of corporate notes. Proceeds from the company’s second fundraising this year will bankroll the completion of its $1.3-billion integrated casino project. In a regulatory filing, listed Melco Crown (Philippines) Resorts Corp. said its subsidiary MCE Leisure (Philippines) Corp. priced its senior notes offered to limited investors through a private placement. “The notes offering consists of P15-billion ($340-million) aggregate principal amount of five-percent senior notes due 2019,” Melco Philippines said. “MCE Leisure intends to use the net proceeds from the offering for capital expenditure, refinancing of debt and general corporate purpose,” it added. Nineteen primary institutional lenders joined the private offering, Melco Philippines said, adding that the corporate notes will be issued in January next year subject to customary closing conditions. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 It is the second fundraising program of Melco Philippines this year. In April, the company secured $377 million through a share sale that was more than six times oversubscribed by 140 investors. The $1.3-billion City of Dreams Manila will start commercial operations in July next year with 365 gaming tables, 1,680 slot machines and 1,680 electronic table games. Previously, the casino planned to offer only 242 gaming tables and 1,450 electronic gaming machines. Melco Crown is banking on attracting its wide network of Asian high rollers for its first project outside Macau. The casino owner and operator Read More …

Sterling Bank introduces 1st local dollar-based prepaid card

 Economy
Dec 202013
 
Sterling Bank introduces 1st local dollar-based prepaid card

MANILA, Philippines – Sterling Bank of Asia (Sterling Bank) is introducing the first locally-issued dollar-based currency prepaid card. The thrift bank has partnered with Visa International for the use of the ShopNPay US Dollar Visa Prepaid Card, which has an embedded EMV chip. An EMV card has an embedded microprocessor chip that store and protect cardholder data. EMV actually stands for Europay, Mastercard, and Visa. “Compared with existing magnetic stripe cards, the computing power of the chip ensures security and global interoperability so that Visa cards can be accepted around the world,” Lamberto R. Villena, Sterling Bank president and chief executive officer, said. Villena added that Sterling Bank is constantly developing innovative products to fulfil the needs of its clients. “The ShopNPay US Dollar Visa Prepaid card is a convenient and a secure way for our clients to manage funds when travelling abroad. It also makes shopping overseas a seamless experience,” he added. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 One of the major concerns of travellers is the fluctuations in exchange rate, which can be answer by an EMV enabled card. No currency fluctuation for US dollar transactions will be experienced by cardholders as the US dollar exchange rate is locked-in at the time of card load, thus giving cardholders complete control over their travel funds. The ShopNPay US Dollar Visa Prepaid Card reduces the risk of carrying large amounts of cash when travelling. It can be used to make purchases worldwide. Visa is accepted by millions Read More …

Concepcion Industrial posts 14.7% hike in net income

 Economy
Dec 202013
 
Concepcion Industrial posts 14.7% hike in net income

MANILA, Philippines – Homegrown appliance maker Concepcion Industrial Corp. (CIC) posted a healthy earnings growth in January to September due to strong sales in all business segments. The supplier of integrated cooling and refrigeration solutions is positioned to ride on the country’s strong economic growth moving forward, the company said in a disclosure. Net income in the nine-month period climbed 14.7 percent to P607.8 million while net sales jumped 15.4 percent to P5.6 billion. “Year-on-year profit growth was seen across all segments of the business led by airconditioning and commercial refrigeration,” CIC said. “The strong performance was driven primarily by an accelerated expansion in the airconditioning part of the business with growth at 21.5-percent year-on-year,” it added. Last month, the appliance maker debuted in the local bourse as the eighth and last firm to go public this year. CIC raised P1.949 billion through an initial public offering. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 CIC CEO Raul Joseph Concepcion said the country’s leading supplier of integrated and refrigeration solutions in positioned to participate in the Philippines’ economic growth story. In the nine-month period, the Philippine economy picked up 7.4 percent, above the government’s target of six-to seven-percent growth for the entire year. “CIC continues to find ways to improve its profitability by focusing on key sales strengths and efficient, world-class business practices,” said CIC CFO Victoria Betita. Last month, CIC subsidiary Concepcion-Carrier Airconditioning Co. signed a deal with Midea Electric Trading (Singapore) Co., Pte. Ltd., a wholly-owned subsidiary Read More …

A magical, musical December at Westgate Alabang

 General
Dec 202013
 
A magical, musical December at Westgate Alabang

MANILA, Philippines – As the Andy Williams song goes “Christmas is the most wonderful time of the year.” This December, everything is enveloped with a sense of wonder and merriment. Let Westgate Center in Alabang, Muntinlupa City, make your Christmas even more magical with its line-up of exciting events this month, all happening at 7:30 p.m. These included the inspiring performance of the De La Salle University Chorale yesterday. Established in 1987 and currently led by Prof. Rodolfo Delarmente, the group has won several accolades both here and abroad, including the grand prix and Public’s Choice Awards in the Arnhem International Choir Festival in 1995, and third place in the Baroque and Renaissance categories in the Concorso Internazionale Di Canto Corale 2010 in Gorizia, Italy. Tomorrow, Dec. 22, celebrate the season with dance as Ballet Philippines (photo) stages Love and Light. Established in 1969, Ballet Philippines has staged over 400 works, ranging from ballet classics to more contemporary works. Westgate Center is a 9.2-hectare open-air retail concept that challenges the confines of the mall setting, creating a mainstreet ambience conducive to relaxation and recreation. It is a premiere development project of Filinvest Alabang, Inc. in Filinvest City, Alabang, Muntinlupa City.

PNoy awards soldiers for service during calamities, Zambo crisis

 News
Dec 192013
 
PNoy awards soldiers for service during calamities, Zambo crisis

President Benigno Aquino III on Friday personally awarded soldiers for their role in peacekeeping and disaster relief efforts during the Bohol earthquake and Typhoon Yolanda. Attending the 78th founding anniversary of the Armed Forces of the Philippines in Camp Aguinaldo, Aquino led the conferment of awards to 53 individuals, including 49 soldiers, two civilian employees, and two ROTC cadets.   Aquino is commander-in-chief of the military.   Last month, Aquino also led the awarding of at least 18 soldiers who fought during the Zamboanga crisis. Earlier, the AFP said the 2,473 soldiers who participated in the Zamboanga crisis either in administrative or combat capacity are all set to receive an award “commensurate to their bravery in combat and valuable service rendered in operations.” — Kimberly Jane Tan/RSJ, GMA News

LTO, LTFRB intensify inspection of province-bound buses for Xmas exodus

 News
Dec 192013
 
LTO, LTFRB intensify inspection of province-bound buses for Xmas exodus

With Filipinos expected to start flocking to the provinces for the holidays, transportation officials on Friday started inspecting buses to make sure they are roadworthy. The inspections are expected to be stricter following last Monday’s fatal accident involving a bus at the Skyway, radio dzBB’s Glen Juego reported. On Friday, Land Transportation Office and Land Transportation Franchising and Regulatory Board enforcers made the rounds of bus terminals and checked units heading for the provinces. A photo posted on Twitter by dzBB’s Juego showed the inspectors checking the buses, including their baggage compartments. LTFRB Chairman Winston Ginez said LTFRB personnel have instructions to pay attention to the condition of the buses’ tires and lights. The yearly exodus, where Filipinos are to flock to the provinces to spend Christmas and New Year with their families, is expected to peak starting this weekend. On the other hand, transportation officials have tightened their watch on buses following Monday’s fatal accident involving a Don Mariano Transport Corp. bus. In Monday’s accident, a Don Mariano bus flew off the elevated portion of Skyway and crashed into the service road below, killing at least 18 people. A separate report by dzBB’s Juego said the Araneta bus terminal in Quezon City was crowded as of 7 a.m. Friday, with people heading for the provinces. Many cabbies waited outside the bus terminal for passengers who may come from the provinces to spend the holidays in Metro Manila. Several of the passengers were heading for Tarlac, Nueva Ecija and Pangasinan, Read More …

HOW TO END POLITICAL DYNASTIES

 News
Dec 192013
 
HOW TO END POLITICAL DYNASTIES

In a civilized society, the citizenry relies on laws to govern human behavior and to protect them from abuse by those in power. The evils of economic monopolies are checked by the existence of anti-trust or restraint of trade laws. READ FULL STORY

Napoles ‘inspires’ introduction of ethics in K-To-12 curriculum

 News
Dec 192013
 
Napoles ‘inspires’ introduction of ethics in K-To-12 curriculum

Manila, Philippines – The Department of Education (DepEd) will introduce a subject that will teach business ethics and social responsibility to high school students. “Education actually is a social science,” said Undersecretary for Programs and Projects Dina Ocampo-Cristobal in a press briefing for the new K-to-12 curriculum. “It is a response to society [and]  it is a way that society uses and exploits to create the society it envisions,” she said, in explaining how Janet Napoles “inspired” the introduction of the subject called “Business Ethics and Social Responsibility” in the K-To-12 curriculum. The subject will be taught in the Academic Track or the Accountancy, Business and Management (ABM) for incoming Senior High School (SHS) students, or Grades 11 and 12. “Three months ago, there was no such thing as a Business Ethics and Social in this curriculum,” said Cristobal. “But in the age of Napoles, there is now that course… and that is a clear example that this K-to-12 curriculum is alive.” She said the new K-to-12 curriculum is designed to be “learner-centered, inclusive and research-based.” It is also designed to be “inclusive, culture-responsive and culture-sensitive, integrative and contextualized, relevant and responsive.” The curriculum is “standard and competence-based to make it seamless and decongested.” DepEd also wants to ensure that the new curriculum for Kinder to Grade 12 is “flexible, ICT-based and global.”

19 Pinoys intercepted off Sabah – Malaysia news agency

 News
Dec 192013
 
19 Pinoys intercepted off Sabah – Malaysia news agency

At least 19 Filipinos are in Malaysian custody after they were intercepted while allegedly trying to enter Sabah late Wednesday, Malaysia’s Bernama news agency reported Thursday. The Bernama report quoted Eastern Sabah Security Command director-general (Esscom) Datuk Mohammad Mentek as saying the 19 included seven men, four women and eight children. Mohammad Mentek said the 19 Filipinos arrived in a boat at 8:45 p.m. and tried to enter Sabah at the Felda Sahabat in Lahad Datu. http://www.bernama.com/bernama/v7/ge/newsgeneral.php?id=1002263 “The illegal immigrants were detained after (our forces received) information from the public,” the Bernama report quoted him as saying. Lahad Datu had been the site of an armed confrontation between Malaysian forces and followers of the late Sulu Sultan Jamalul Kiram III last February and March. Kiram died last October but sultanate spokesman Abraham Idjirani said the sultan left instructions to his followers to continue efforts to reclaim Sabah. Mohammad Mentek said an initial investigation showed the boat carrying the 19 Filipinos was heading to Sinakut in Labian, Felda Sahabat. — ELR, GMA News

 Older Entries  Newer Entries