EastWest Bank profit rises 13%

 Economy
Mar 172014
 
EastWest Bank profit rises 13%

MANILA, Philippines – Gotianun-led East West Banking Corp. posted a 13 percent increase in net income to P2.1 billion last year from P1.8 billion in 2012 on the back of growth in its core businesses, the bank said in a statement. It’s total assets stood at P142.3 billion, up by 17.2 percent vs. 2012’s P121.4 billion. Despite the challenging 2013 landscape, EastWest said it posted strong performance in its core businesses of loans and deposits. Customer loans registered a 32.1 percent increase to P95.6 billion while consumer loans grew 29.4 percent to end the period at P48.9 billion. Credit cards, auto, mortgage and personal loans businesses also posted healthy double-digit growth from the previous year. Corporate loans at the end of the year stood at P46.7 billion, up 35.1 percent from the previous year. Total deposits stood at P111.2 billion, up 21.9 percent, driven by its expanded branch store network. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Low-cost deposits (CASA) grew 27.9 percent while high-cost deposits increased 14.4 percent. The bank improved its low-cost deposits to total deposits ratio that resulted in the decrease of interest expense by 15.3 percent year-on-year. In 2013, EastWest opened a total of 55 new branch stores to end the year at 300. The consolidated branch store network of EastWest Unibank and EastWest Rural Bank currently stand at 369. The bank registered its highest net interest margin of 8.4 percent, on account of its above industry loan growth that resulted in net interest Read More …

Smart’s LTE to cover major cities, 25 towns

 Economy
Mar 172014
 
Smart’s LTE to cover major cities, 25 towns

MANILA, Philippines – Smart Communications Inc., the wireless arm of dominant carrier Philippine Long Distance Telephone Co. (PLDT), is expanding its 4G (4th Generation) long-term evolution (LTE) footprint as part of the PLDT Group’s P32 billion capital expenditures this year. Rolando Peña, technology head for PLDT and Smart, said the expansion would allow the company to cover all major cities as well as 25 more municipalities all over the country. “This move is seen to extend the reach of Smart’s 4G LTE network to close to 50 percent of the country’s population, maintaining its position as the mobile company with the most extensive 4G LTE network in the Philippines,” Peña said. 4G refers to the fourth generation of mobile communications technology, which includes HSPA+, Wimax and LTE, with LTE being the fastest commercially available mobile Internet service in the world, offering data speeds of up to 20 times more rapid than 3G connections. With such data speeds, users are able to stream high definition (HD) videos, download large files or upload photos and videos on their mobile devices without lag or delay. “We are expecting a tremendous growth in data traffic, and we hope to sustain the pace of our aggressive LTE roll-out in order to keep up with the demand of our subscribers,” he said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 He pointed out that the expansion of the 4G network is being pursued in response to the growing demand for faster mobile broadband services. “Around Read More …

Promoting healthy heart among athletes

 Entertainment
Mar 172014
 
Promoting healthy heart among athletes

MANILA, Philippines -To promote a healthy heart among athletes, natural pharmaceutical and medical devices distributor PhytoPharma, Inc. supported the first-ever Sagada marathon last month by conducting a free PhytoMax Test among more than 200 participating runners, who had to endure the cold climate while they navigated the terrains of the Cordillera town’s steep mountain range.  “Aware that cardiovascular diseases are the leading causes of death in the country, PhytoPharma works with local governments and organizations in promoting heart health awareness to reduce the incidence of heart attack and stroke with early detection, particularly through the PhytoMax Test,” says Phytopharma chief operating officer Ulysses Jun Rosales.  Team Malaya Dunamis (TMD) organized the event with the support of the municipal government of Sagada under Mayor Eduardo T. Latawan Jr. and the Department of Tourism-Cordillera Administrative Region. PhytoPharma distributed the PhytoMax Test, a three-minute, painless, non-invasive technology that can easily describe the general condition of a person’s blood circulation and vascular integrity based on the theories of Accelerated Photoplethysmograph (APG) and Heart Rate Variability (HRV). The PhytoMax Test, says Rosales, can present cardiovascular information that will “aid an athlete or a runner in assessing his body’s capacity so he can stay at the top of his game.”  “We are promoting efficient and excellent blood flow as the key to a healthy and active lifestyle,” explains Rosales, who was also among the marathon participants composed mainly of residents and tourists. Lifestyle Feature ( Article MRec ), pagematch: 1, sectionmatch:  He points out, “Efficient blood Read More …

Index rises despite lack of market-moving leads

 Economy
Mar 172014
 
Index rises despite lack of market-moving leads

MANILA, Philippines – The Philippine equity market arrested three consecutive days of decline in a seesaw trading with the absence of market-moving leads. The Philippine Stock Exchange index rose 0.14 percent or 8.75 points to 6,399.99, recovering in the last few minutes from the intraday low of 6,371.70. The broader all shares index inched up 0.07 percent or 2.60 points to 3,869.32. “It was a seesaw trading and market seems like it is consolidating with the dearth of news,” said Astro del Castillo, managing director of First Grade Finance Inc. Del Castillo said the market is still keeping its eye on economic data in the US and the buildup of tensions in Ukraine. Asian markets also traded between gains and losses, with sentiments dragged by the West’s new warning of more sanctions on Russia. Residents of Crimea voted to break free from Ukraine and join Russia. Japan’s Nikkei 225 picked up 0.35 percent or 49.99 points to 14,277.67. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Locally, most counters were in the red, paced by mining and oil that dropped 0.36 percent or 50.72 points to 14,226.09. But holding firms gained 0.37 percent or 22.04 points to 5,915.46. Losers outpaced advancers, 92 to 73, while 44 stocks did not change. Turnover value slightly eased to P7.27 billion from P7.55 billion on Friday. Most active shares closed higher, led by JG Summit Holdings Inc. that rallied two percent while SM Prime Holdings Inc. climbed 1.81 percent. Del Castillo said the Read More …

Happy birthday, FVR

 Economy
Mar 172014
 
Happy birthday, FVR

The country’s 12th president celebrates his 86th birthday today. Fidel Valdez Ramos served as chief executive of this nation from 1992 to 1998 in what can be described as a transformative point in the country’s economic landscape. More than two decades after he assumed the highest government post in the country, he continues to tirelessly serve in any way he can. In my column last month commemorating the EDSA People Power movement, I had mentioned his role in initiating reforms (including computerization) at the Bureau of Customs. He sent me a note of thanks the following day, but qualified that the real credit for the Customs reform during his stint as President belonged to Customs Commissioner Willy Parayno, Associate Commissioner Alex Arevalo, National Security Adviser Joe Almonte and Department of Finance Secretary Bobby de Ocampo. With his note were issues of Visionary, a quarterly publication of Ramos Peace and Development Foundation Inc., of which he is chairman, and a copy of his latest book, Moving Ahead, a compilation of selected articles from his Sunday columns in the Manila Bulletin. Thank you, FVR, for tirelessly reminding me that no matter our age, we can always be of positive value to our country. Happy birthday! On using roros to solve the truck ban Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Today, we give way to our readers’ letters. The topics range from solutions to the traffic problem, to the state of our crowded ports, to mining, and finally rice trading. Read More …

Banks not complying with FATCA may face sanctions

 Economy
Mar 172014
 
Banks not complying with FATCA may face sanctions

MANILA, Philippines – Local banks with US-citizen clients who are non-compliant with US tax rules may face sanctions as they expose themselves to legal and financial risks, the Bangko Sentral ng Pilipinas said. “The BSP will study what sanctions, if any, we will impose if a local bank decides it wishes to handle US persons but exposes itself to financial and legal risks by not complying with FATCA (Foreign Account Tax Compliance Act),” central bank Governor Amando M. Tetangco Jr. said. The FATCA, set to be implemented starting July 1, mandates various registration and reporting measures to allow the Internal Revenue Service (IRS) to collect information on US citizens living outside their homeland. The regulation states that foreign financial institutions (FFI) should submit reports on their US-citizen clients’ account balances, gross proceeds, and dividends. “The BIR (Bureau of Internal Revenue) has recommended and the DOF has agreed that the Philippines would adopt Model1 Intergovernmental Agreement,” Tetangco said. “Under the Model 1 IGA, FFIs will provide  information to the FATCA partner – in the case of the Philippines, possibly the BIR – who will in turn be the one to provide information to the IRS,” he continued. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The BSP chief explained that as early as last year, the central bank advised local banks to assess whether they should comply with the FATCA or not. “In a memorandum to banks in July 2013, we advised the banks that they are to individually evaluate Read More …

OFW inflows up 6.8% to $2 B in Jan

 Economy
Mar 172014
 
OFW inflows up 6.8% to $2 B in Jan

MANILA, Philippines – Remittances from overseas Filipino workers (OFWs) went up 6.8 percent in January from a year ago, driven largely by sustained demand for skilled and professional manpower overseas, the Bangko Sentral ng Pilipinas (BSP) reported yesterday. Personal remittances – cash and non-cash – amounted to $2.002 billion in January, 6.8 percent higher than last year’s $1.874 billion. “Remittance flows from overseas Filipinos remained resilient, underpinned by the sustained demand for Filipino manpower overseas, particularly skilled workers,” the BSP said. Cash remittances from both land and sea-based workers went up 5.9 percent to $1.799 billion in January from $1.699 billion a year ago. However, the latest cash inflow was 17 percent lower than the $2.173 billion recorded in December as the level of remittances “typically drops” after the holidays, the central bank said. The central bank, citing data from the Philippine Overseas Employment Administration, said there were 75,348 approved job orders in January of which 32.1 percent or 24,187 were processed. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The processed job orders were for service, production, and professional, technical, and related jobs in Saudi Arabia, the United Arab Emirates, Taiwan, Kuwait, and Qatar. At the same time, the expansion of bank and non-bank remittance service providers abroad supported the growth in remittances. The BSP said remittances from land-based workers increased 4.9 percent to $1.3 billion in January, while those from sea-based workers jumped 9.1 percent to $450 million. “Cash remittances during the month came mostly from the Read More …

Understanding ASEAN integration is key to SME competitiveness – PHL thrift banks

 Entertainment
Mar 172014
 
Understanding ASEAN integration is key to SME competitiveness – PHL thrift banks

BRUNEI DARUSSALAM – President Benigno S. Aquino III links arms with his counterparts in Association of Southeast Asian Nations (ASEAN) for the traditional group photo during the 22nd ASEAN Summit Retreat at the Prime Minister’s Office in Bandar Seri Begawan, Brunei on Thursday (April 25). In the photo are Singapore Prime Minister Lee Hsien Loong, Kingdom of Thailand Prime Minister Yingluck Shinawatra, Socialist Republic of Vietnam Prime Minister Nguyen Tan Dung, 22nd ASEAN Summit Chairman Brunei Darussalam Sultan Haji Hassanal Bolkiah, Kingdom of Cambodia Prime Minister Samdech Akka Moha Sena Padei Techno Hun Sen, Indonesia President Susilo Bambang Yudhoyono, Lao People’s Democratic Republic Prime Minister Thongsing Thammavong, Malaysia Prime Minister Dato’ Sri Mohd Najib bin Tun Abdul Razak, Malaysia Senate President Tan Sri Abu Zahar Ujar, Republic of Myanmar President Thein Sein and Asean Secretary-General Surin Pitsuwan. (MNS photo) MANILA (Mabuhay) — Understanding what the upcoming Association of Southeast Asian Nations (ASEAN) integration is all about is the key small and medium enterprises (SMEs) may use to compete in a larger, regional market, officials of the Chamber of Thrift Banks (CTB) said Wednesday. “The integration is definitely a good thing for consumers as it will bring about competition for industries therefore lowering prices,” CTB president Jose Teodoro Limcaoco told reporters in a briefing. “But for SMEs, it will be both an opportunity and challenge. That’s why we need to understand what the integration is about,” he said. Limcaoco said SMEs need to define what their role is in order to Read More …

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