PRESIDENT BENIGNO S. C. Aquino III yesterday met with various labor groups to discuss their various concerns, two days before Labor Day on May 1.
Apr 292014
Apr 292014
PRICES of flour and bread will remain unchanged, even as the Department of Agriculture (DA) imposed provisional higher duties on imported Turkish wheat flour, local millers yesterday said.
Apr 292014
DAVAO CITY — Minimum wage earners in the Davao Region cannot expect any cash incentive on Thursday, Labor Day.
Apr 292014
MANILA, Philippines – Travellers International Hotel Group Inc. has secured the Philippine gaming regulator’s approval to substantially expand the gaming segment in its integrated casino project. In a regulatory filing, Travellers Group said the Philippine Amusement and Gaming Corp. (PAGCOR) allowed the new gaming capacity for Resorts World Manila. Given the approval, Resorts World Manila can now offer as much as 420 gaming tables and 4,148 gaming machines. Shares of Travellers Group rallied 3.9 percent or 37 centavos to close at P9.85 each yesterday. As of end-2013, the Travellers Group had 287 gaming tables, unchanged from a year ago. Slot machines rose to 1,822 last year from 1,684, while electronic table game machines more than doubled to 210 from 100. “PAGCOR likewise confirmed that the company has achieved 100-percent compliance with the 2011 PAGCOR Development Guidelines,” Travellers Group said. Foreign exchange losses and higher operating expenses of integrated casino Resorts World Manila dragged down the 2013 net income of Travellers Group. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Its profits sank nearly 60 percent to P2.73 billion from P6.73 billion in the previous year as it booked P2.03 billion in finance costs related to its $300-million bond. In November, Travellers Group debuted in the local bourse after raising P17.7 billion. Travellers Group, a joint venture of the world’s third-largest cruise line operator Genting Hong Kong and local conglomerate Alliance Global Group Inc. of property tycoon Andrew L. Tan, is spending around $600 million as it pursues Phase 2 Read More …
Apr 292014
MANILA, Philippines – Before models Charo Ronquillo, Manuela Basilio and Heydar Hos- seini conquered the modeling world, they had a rose- colored view of the industry they were getting into. Prior to becom- ing 2nd runner-up at Ford Models Su- permodels of the World 2005, Charo was a regular girl who dreamed of becoming a model. She recalls that her idea of modeling was “it was just an easy, fun, and glam- orous job.” A former call cen- ter agent who de- buted in Beyonce’s “Pretty Hurts” mu- sic video, Manuela thought “model- ing was all glamour and beauty.” Ateneo de Naga student Heydar viewed modeling as “just like walking and posing as cute or fierce as possible for people and get paid.” “Well, there is more to being a model than simply having a pretty face,” says Cal Carrie president and managing director Joey Espino. Joey believes that the inner qualities and char- acter of a person are crucial to overcoming the challenges of a model’s career. In 2010, Joey established the Masters School for Models for aspiring models. Lifestyle Feature ( Article MRec ), pagematch: 1, sectionmatch: Basic Modeling introduces the student to the industry, providing an overview of the various types of modeling (pho- tographic, commercial, and runway). Students undergo hands-on training in poses, walking the runway, acting for video commercials, find- ing their best angles and other practical lessons by the school’s experienced mentors during the Secondary Course to Modeling. Upon completion of this secondary course, Read More …
Apr 292014
MANILA, Philippines – The absence of a non-recurring gain pulled down the profits of the SM Group’s gaming arm and upscale leisure developer Belle Corp. In a disclosure to the Philippine Stock Exchange (PSE), Belle said its consolidated net income declined 60 percent to P309.9 million in the first quarter from P777.8 million a year ago. The listed firm said last year’s first quarter performance included a non-recurring income of P949.6 million from the Philippine subsidiaries of Macau-based casino giant Melco Crown Entertainment Ltd. Belle is constructing the $1.3-billion City of Dreams Manila complex in the Manila Bay reclamation area. Melco Crown, for its part, leases the property and would operate the integrated casino. Melco Crown started leasing the property in March last year. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Core net income of Belle Corp., which excludes non-recurring items, nearly doubled to P196.9 million in the first quarter from P113 million in the previous year. City of Dreams Manila would reportedly offer 365 gaming tables, 1,680 slot machines and 1,680 electronic table games. The integrated casino project is Melco Crown’s first gaming foray outside Macau where it operates the City of Dreams and Altira Macau casinos. City of Dreams Macau is famous for its world-class gaming and entertainment offerings, including The House of Dancing Water Show and party place Club Cubic. City of Dreams Manila is scheduled to open in October, making it the second integrated casino complex to operate in the Philippine Amusement and Gaming Read More …
Apr 292014
MANILA, Philippines – Philippine Business Bank (PBB), the financial arm of the Yao Group of companies, posted a net income of P1 billion in 2013, up 53 percent from P654 million in 2012. PBB president & CEO Rolando Avante attributed the company’s strong performance to aggressive expansion program implemented last year. “With our well-diversified network and expanding regional presence, we are well-placed to connect our clients with opportunities be it in Luzon, Visayas or Mindanao,” he said. “Our 2013 performance underscores the sound fundamentals of our core banking. We achieved a resilient set of results, strengthened our balance sheet, and maintained a comfortable capital position. We built on the trust and confidence our clients and partners have in us through quality service and an expanding suite of financial products,” he added. Avante said the initial public offering (IPO) undertaken in February 2013 fuelled the bank’s growth with total resources growing significantly by 42 percent to P47.16 billion in 2013 from P33.1 billion in 2012. The fresh capital from the IPO, he said, enabled the bank to further strengthen its foothold in the SME sector and grew its asset base aggressively – focusing on loan growth and use of the funds through the trading business. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Despite another challenging year marked by a low interest rate environment, he said the bank’s total loan portfolio expanded by 51 percent to P31.6 billion from P20.869 billion in 2012. As of year-end 2013, 60 percent of Read More …
Apr 292014
MANILA, Philippines – Security Bank Corp. posted a net income of P1.43 billion in the first three months of the year, up 17 percent from a year ago. Security Bank president & CEO Alberto Villarosa said the better earnings performance was primarily driven by the 43 percent growth in the bank’s net interest income. The income for the first three months of the year resulted in a return on shareholders’ equity of 13.8 percent. As of end-March 2014, total resources grew to P377 billion, up 46 percent from the same period in 2013. The bank’s loan portfolio increased 39 percent to P166 billion while deposits stood at P211 billion or 49 percent higher than the comparative period in 2013. Capital grew 11 percent to P42 billion as of March 31, 2014. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Villarosa said they recently received Bangko Sentral Ng Pilipinas (BSP) approval of the regular semestral cash dividend of 50-centavo per share and a special cash dividend of 50-centavo per share earlier declared by the bank’s board on March 25, 2014. The record date for the P1 per share cash dividend is May 7, 2014 and the payment date is June 2, 2014. The bank opened 36 new branches in 2013, bringing its network to 244.
Apr 292014
MANILA, Philippines – The Court of Tax Appeals has partially granted Philippine Bank of Communications’ request for refund or issuance of a tax credit certificate for excess or unutilized creditable withholding taxes for 2009. In a decision, the CTA has directed the Bureau of Internal Revenue to return or issue a TCC in favor of PBCom amounting to P14.39 million or a third of the amount being sought by the bank. Based on its amended annual income tax return for 2009, PBCom reported a net loss of P592.04 million and an income tax overpayment of P85.37 million. PBCom also reported unutilized creditable withholding taxes for the same year amounting to P44.56 million. “This Court finds that only the income payments of P321.8 million related to the creditable withholding taxes of P14.39 million were clearly declared in petitioner’s general ledger and annual income tax return for 2009,” the CTA said. “Petitioner was unable to utilize all the P85.37 million tax credits because it had no income tax liability due to losses incurred in its operations,” the CTA added. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 A corporation entitled to a tax credit or refund of the excess estimated quarterly income taxes paid in a given taxable year has two options: to carry over the excess credit or to apply for the issuance of a tax credit certificate or to claim a cash refund. PBCom has exited from a 10-year government assistance program with the full settlement of a P7.6 Read More …
Apr 292014
MANILA, Philippines – Phoenix Semiconductor Philippines Corp., a unit of a South Korean semiconductor giant, is taking advantage of the recovery in global electronics industry to raise P2.15 billion from an initial public offering (IPO). The debut of Phoenix Semiconductor in the local bourse marks the latest IPO of a semiconductor company since Laguna-based Cirtek Holdings Philippines Corp. listed in 2011. “The Korean play is unique. This is a testament to the Philippines as an investment destination,” said Eduardo V. Francisco, president of underwriter BDO Capital & Investment Corp. The Philippine unit of South Korea’s STS Semiconductor & Telecommunications Co. Ltd. will hold a roadshow for qualified institutional buyers. The Clark-based Phoenix Semiconductor is seeking the Securities and Exchange Commission’s approval to sell 572.186 million shares at a maximum price of P3.76 apiece, for a total P2.15 billion. Francisco said Phoenix Semiconductor is a good company despite the challenges in the sector. It has relocated some of its facilities from China given the good labor force in the Philippines, he said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 So far, Phoenix employs 2,000-3,000 Filipino workers to provide various customers a wide range of products like SD cards and memory modules for personal computer and notebooks. “Phoenix Semiconductor plans to set up a complete organizational structure (assembly, test and module), quality control system, and a leading information technology system…to meet customer’s requirements,” the company said in its website. The last time a semiconductor firm did an IPO in the Read More …