EXPORTERS are optimistic that outbound shipments of merchandise products will increase this year as the country’s top export, electronics, is projected to sustain growth.
Feb 252014
Feb 252014
A BUSINESS delegation from the United Arab Emirates (UAE) was in town yesterday to explore business opportunities in the Philippines.
Feb 252014
DAVAO CITY — Members of the progressive bloc at the House of Representatives remain firm in pushing for a nationwide ban on aerial pesticide spraying, currently applied on commercial-scale plantations.
Feb 252014
Philippine Foreign Affairs Department spokesman Raul Hernandez gestures as he answers questions from reporters during a press conference at Foreign Affairs headquarters in Pasay City on Tuesday, Feb. 25, 2014. The Philippines has called in a Chinese envoy to protest what it says was the firing of a water cannon by a Chinese government vessel on Filipino fishermen in a disputed shoal in the West Philippine Sea. AP PHOTO/AARON FAVILA MANILA, Philippines—The Philippines on Tuesday strongly protested China’s water cannon attack on Filipino fishermen in a disputed shoal nearly a month ago, citing how such acts “escalate tensions” and “threaten the peace” in the region. Lt. Col. Ramon Zagala, spokesman of the Armed Forces of the Philippines, told reporters that while the Chinese action was “alarming,” it did not warrant an immediate military response. “I don’t think it would be appropriate if we send the Philippine Navy at this time. It will just escalate the situation,” Zagala said. “Rest assured that the Armed Forces will do its mandate when the time comes.” The Department of Foreign Affairs (DFA) summoned Chinese Chargé d’Affaires Sun Xiangyang and presented a note verbale protesting reported incidents of harassment that Chinese vessels had committed to prevent Filipinos from fishing in Panatag Shoal, also known as Scarborough Shoal and Bajo de Masinloc, in the West Philippine Sea, or South China Sea. The protest was received by the chargé d’affaires. The new Chinese ambassador-designate, Zhao Jinhua, who arrived on Sunday night, has yet to begin officially his Read More …
Feb 252014
MANILA, Philippines – Fastfood giant Jollibee Foods Corp. has ramped up its presence in the Middle East with its expansion in the United Arab Emirates. In a disclosure to the Philippine Stock Exchange, JFC said its wholly-owned unit Golden Plate Pte. Ltd. (GPPL) forged an agreement with Golden Crown Foods LLC (GCFL) to establish a joint venture company that will own and operate Jollibee stores in the UAE. Both companies will share control and management of the joint venture equally even as GCFL will own 51 percent of the new company. The initial funding for the UAE company is about $80,000 (roughly P3.57 million). UAE is one of the most-developed economies in Western Asia with the world’s seventh-highest GDP per capita. Its most populous city of Dubai has emerged as a global city and a business gateway for the Middle East and Africa. The JFC Group currently has 42 outlets, all franchised, in the Middle East composed of Jollibee stores (nine in Saudi Arabia, four in Qatar and three in Kuwait) and 26 Chowking stores (five Qatar, two Oman and 19 in the UAE. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Systemwide sales in the Middle East grew 28 percent last year, JFC said. JFC currently operates the largest food service company in the country with a total of 2,181 outlets as of end-December 2013. Overseas, the group ended 2013 with a total of 583. The group had a total network of 2,763 stores worldwide as of end-December Read More …
Feb 252014
MANILA, Philippines – The Max’s Group, led by the Fuentebella family, has completed the purchase of Pancake House in a P3.5-billion transaction, making it one of the country’s biggest full-service and family-style dining restaurant chains with a combined network of more than 450 stores. In a statement, Max’s said it acquired a total of 89.95 percent stake in Pancake House, equivalent to 233.16 million shares after minority shareholders tendered their shares before the offer deadline. The tender offer involved 39.98 million Pancake House shares. The shares were acquired for P15 apiece, the same price per share that Max’s has agreed to pay the majority shareholders for the acquisition of 193.18 million Pancake House shares. The acquisition brings together two of the Philippines’ largest and historically successful heritage brands that share a long history of brand recognition and innovation, customer loyalty and proven track records for expansion. Max’s president Robert Trota said Pancake House would remain as a listed company despite the entry of a new shareholder group. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The group led by the Fuentebella family is also the master franchisee of US-based coffee and doughnut brand Krispy Kreme in the Philippines. “The Max’s Group is extremely excited about having completed another historic milestone in the Philippine restaurant industry. We appreciate everyone’s enthusiasm for what we can do to build our casual dining brands together, execute a business strategy that delivers consistently high quality food with exceptional customer service. Together, we look forward Read More …
Feb 252014
MANILA, Philippines – Listed gaming concern Leisure & Resorts World Corp. (LRWC) has deferred a planned sale of preferred shares. In a disclosure to the Philippine Stock Exchange, LRWC sad its board decided to postpone its planned share sale “due to a change in the timing in the implementation of its work program and to further review its current expansion program to align with its over-all business strategy in the medium-term.” “As a result, the company will revisit its financing program,” LRWC said. The offer period was supposed to run from March 13 to 21 while the listing date was set on March 31. The deferment came after the Securities and Exchange Commission approved last week the public offering of P250 million worth of perpetual preferred shares with 12.5 million detachable warrants. The preferred shares are cumulative, non-voting and non-participating and were supposed to carry a coupon rate of 8.5 percent per annum and are paid semi-annually. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Under the terms of the offering, investors are entitled to one warrant for every 20 preferred shares they own. The warrants are convertible to common shares starting on the fifth year or from March 31, 2019 to March 31, 2022. Each warrant, if exercised at a price of P15 or the average weighted trading price for the three months prior (whichever is lower), will be converted to one common share. LRWC aimed to raise about P437.5 million from the offering upon full payment of Read More …
Feb 252014
MANILA, Philippines – Metropolitan Bank & Trust Co. (Metrobank) reported a consolidated net income of P22.5 billion in 2013, a hefty 46 percent increase from P15.4 billion the previous year, the bank said in a statement. Total resources reached P1.38 trillion, a 32-percent hike from the previous year’s P1.05 trillion, representing another record-breaking performance in Metrobank’s 52-year history. Deposits breached the P1-trillion mark to close the year at P1.02 trillion for a 38-percent year-on-year increase. Net loans and receivables meanwhile, ballooned to P611 billion. Total operating income increased 38 percent to reach P78.9 billion. This was achieved on the back of a 24 percent growth in net interest income to P38.3 billion and a 55 percent growth in non-interest income to P40.7 billion. Metrobank sustained its high growth rate in net interest income from strong volumes and relatively healthy margins. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Meanwhile, growth in non-interest income was driven by the resilient gains in trading and the steady increase in service charges, fees and commissions. In addition, the bank booked gains from one-time sale of non-core assets in preparation for Basel III implementation. In 2013, asset sales consisted of the bank’s remaining 15-percent stake in Toyota Motor Philippines Corp. (TMPC), and a 40-percent stake in Global Business Power Corp. (GBPC) through its subsidiary, First Metro Investment Corp. On a Basel II basis, total capital adequacy ratio (CAR) remained well above the regulatory limit at 16.7 percent with Tier 1 CAR at 15 percent. Read More …
Feb 252014
MANILA, Philippines – PLDT Alpha Enterprise, a unit of Philippine Long Distance Telephone Co. (PLDT), has tied up with IT.Corea Inc. to provide integrated connectivity service to the growing Korean community and businesses in the country. Jovy Hernandez, first vice president of PLDT and head of Alpha Enterprise, said the partnership would allow Koreans in the country to avail and communicate their information technology (IT) requirements without the language constraints from coordinating with local firms. “By tapping PLDT’s robust international and domestic high speed fiber network, IT.Corea will be able to provide the Philippine-based Korean community with business and communications solutions for their various needs,” Hernandez said. While many Koreans come to the Philippines as English language students, others have been attracted by business opportunities in various industries including manufacturing, import and export as well as food service. Through IT.Corea, Hernandez said Koreans could now avail landlines for their home or business, mobile pre-paid lines, and Internet from PLDT, and avoid application issues like the language barrier in acquiring these services. “There are so many things that our companies can do in synergy and the great thing about this kind of collaboration is that both PLDT and IT.Corea play an active role in ensuring that our customers get the right solutions for their needs,” he added. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 IT.Corea Chairman Jae J. Jang said the company is looking forward to providing Koreans in the Philippines through the partnership with PLDT Alpha with the Read More …
Feb 252014
MANILA, Philippines—China’s harassment of Filipino fishermen last month does not warrant a military response but the Armed Forces of the Philippines would not hesitate to take action to protect Filipinos “when the time comes,” a military spokesman said Tuesday. “What happened with the use by the Chinese coast guard of water cannon (on) our fishermen is really alarming. However, the incident done by the Chinese coast guard to our fishermen, we believe, does not merit a military response. We have to always [consider] that we do not escalate the already volatile situation in the area,” AFP public affairs chief Lt. Col. Ramon Zagala told reporters in Camp Aguinaldo. Zagala said the military follows the government’s thrust of wanting to resolve the territorial dispute with China through diplomatic means. Zagala said that “we want to protect our people, and we will do so, but the act must be carefully thought out because the area really is volatile,” he said. Pressed about which government agency would ensure the fishermen’s safety at sea in light of Chinese presence in areas within the Philippines’ exlusive economic zone, Zagala said the military wants to “de-escalate in the situation” in the disputed area. “Definitely, our AFP’s (mandate) is to protect our people and sovereignty. We are the military force, our Philippine Navy is a military force. We have other agencies in government who are law enforcement in nature such as the Coast Guard and the BFAR (Bureau of Fisheries and Aquatic Resources). We should look at Read More …