August 2016 – Page 17

Robinsons spends P3.53 B for retail

Economy

Aug 152016

MANILA, Philippines – Robinsons Retail Holdings Inc. (RRHI) spent P3.53 billion in the first half or more than two-thirds of the full year budget as as it continues to grow its business. As of the end of June, Robinsons Retail had 1,527 stores while its gross floor area increased by 10.7 percent to about 998,000 square meters. Including The Generic Pharmacy’s franchised store portfolio of 1,878, the group’s total store network hit 3,405. RRHI reported an 8.6 percent rise in its first half earnings to P2 billion while core earnings went up 13.5 percent to P1.75 billion. In the second quarter, RRHI’s net income climbed 14.4 percent to P1.24 billion while core net earnings rose 16.3 percent to P1.05 billion. Consolidated net sales for the second quarter expanded by 18.5 percent to P25.64 billion due to the sustained high single-digit same-store sales growth, sales contribution of the new stores as well as sales from Savers Appliances (acquired in September last year) and The Generics Pharmacy (acquired in May). Business ( Article MRec ), pagematch: 1, sectionmatch: 1 For the first six months, net sales went up 16.9 percent to P48.33 billion, partly due to the successful and peaceful national elections in May, lower commodity prices and stable interest rate environment. RRHI said its balance sheet remained solid with cash, cash equivalents and liquid marketable securities amounting to P27.65 billion as of the end of the first half.

Record-low debt level in 6 years

Economy

Aug 152016

The national government’s debt pile is projected to fall to record-low levels by the end of the Duterte administration, officials said yesterday. File photo MANILA, Philippines – Despite plans for a higher budget deficit, the national government’s debt pile is projected to fall to record-low levels by the end of the Duterte administration, officials said yesterday. “This is because the growth rate of our economy will be much faster than the growth of our debt,” Budget Secretary Benjamin Diokno told reporters on the sidelines of the 2017 proposed budget presentation. Under the fiscal program, the government plans to borrow P631.3 billion, down from this year’s projected P695.4 billion. The amount will finance payment of existing debts as well as the deficit that will reach P478.1 billion, equivalent to three percent of gross domestic product (GDP). Despite this, debt as a percentage of GDP is seen to decline to 40.9 percent of GDP next year and “approach near 35 percent of GDP by 2022,” President Duterte said in his budget message. The government measures debt against economic output since it shows if the economy is growing much faster than the liabilities it incur. A lower ratio shows better capacity for the country to meet its obligations. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Unless you really grow at a rapid pace, the debt-to-GDP ratio should not really decline,” said Emilio Neri Jr., lead economist at Bank of the Philippine Islands. “I guess they are really being optimistic in terms Read More …

Index ends flat as market consolidates

Economy

Aug 152016

The benchmark Philippine Stock Exchange index (PSEi) inched up 4.31 points to settle at 7,960.17, while the broader All Shares index finished at 4,745.65, higher by 22.83 points or 0.48 percent. Most sectors ended in positive territory led by the property sector with a gain of 1.16 percent. AP/Bullit Marquez, file photo MANILA, Philippines – The local stock market closed relatively flat yesterday, consolidating after second quarter corporate earnings reports and ahead of the second quarter gross domestic product (GDP). The government is expected to release second quarter GDP on Aug. 18. 2TradeAsia.com said election spending may have boosted second quarter economic growth. “For the second quarter, the consensus is 6.6 percent. With the presidential election held in May, spending may have boosted, increasing the chances for the second quarter GDP growth to beat consensus and prior quarter’s,” it said. The benchmark Philippine Stock Exchange index (PSEi) inched up 4.31 points to settle at 7,960.17, while the broader All Shares index finished at 4,745.65, higher by 22.83 points or 0.48 percent. Most sectors ended in positive territory led by the property sector with a gain of 1.16 percent. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Total value turnover reached P10.42 billion, with decliners ahead of advancers, 108 to 87. Meanwhile, forty nine stocks were left unchanged. Aside from GDP results, there are a few more companies that are expected to release their first half earnings next week. Since last week, companies have been reporting relatively better than expected first half Read More …

DoubleDragon profit increases 16% in H1

Economy

Aug 152016

MANILA, Philippines – DoubleDragon Properties Corp., the joint venture Mang Inasal founder Edgar “Injap” Sia II and Jollibee Foods Corp. owner Tony Tan Caktiong, saw its net income grow 16 percent in the first half of the year. In a disclosure to the local bourse yesterday, DoubleDragon said net income amounted to P144 million on higher revenues especially from lease operations. Rental revenues surged 64 percent during the period with eight malls now operating and are 96 percent leased out. Total revenues rose 15 percent to P706 million, bulk of which still came from DoubleDragon’s interim projects, W.H. Taft Residences and The SkySuites Tower with real estate sales showing seven percent growth year-on-year. Also contributing substantially to rental revenues is Dragon8 Mall in Divisoria which is 95 percent leased out. To sustain its growth, DoubleDragon is focusing on the buildup of recurring revenue firmly grounded on a portfolio of appreciating real estate assets acquired at unstretched prices. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The company has recently enhanced its provincial retail and Metro Manila office portfolio with the intended fold in of Hotel of Asia Inc. (HOA) which will serve as its hospitality arm. “The vision continues to unveil itself and we are extremely grateful to all our shareholders and supporters who have believed in us from the very beginning, when barely two years ago we only had one plot of land for our first CityMall site and a vision of building up 1 million square meters Read More …

Remittances grow at fastest pace in 4 months

Economy

Aug 152016

Remittances grow at fastest pace in 4 months

Money sent home by Filipinos abroad expanded 4.8 percent to $2.33 billion in June. File photo MANILA, Philippines – Money sent home by Filipinos abroad expanded 4.8 percent to $2.33 billion in June, bringing the first half tally closer to the Bangko Sentral ng Pilipinas (BSP)’s forecast for the year. The latest growth figure was the biggest since the 8.4 percent recorded in February. For the first semester, remittances hit $13.19 billion, up 3.2 percent year-on-year. BSP projects a growth rate of four percent this year. Last year, money from overseas Filipinos, a key economic driver that boosts consumer purchasing power, increased 4.6 percent. “The continued demand for skilled Filipino workers abroad supported the steady remittance inflows,” the central bank said in a statement. Citing data from the Philippine Overseas Employment and Administration, BSP said the number of deployed new workers abroad hit 316,716 in the first half, adding to more than 10 million Filipinos abroad. Broken down, land-based workers rose 0.9 percent, while their sea-based counterparts dropped 55.6 percent. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 In terms of remittances sent, land-based workers also accounted for the bulk at $10.4 billion as against sea-based employees with $2.8 billion as of June. Majority of remittances, accounting for 80 percent of the total, came from the US, Saudi Arabia, United Arab Emirates, Singapore, the UK, Japan, Qatar, Kuwait, Hong Kong and Germany. “The steady stream of remittances was (also) supported by the efficient network of bank and non-bank remittance Read More …

No non-Muslim maids for Muslims in Malaysia

News

Aug 152016

No non-Muslim maids for Muslims in Malaysia

PETALING JAYA — Maid agencies are stunned by a “new” directive imposed by the Immigration Department barring them from hiring non-Muslim maids. Employers have questioned the rationale behind the policy, which department officials said was not new, as they were worried that they may not get any maids at all. Malaysian Maid Employers Association (MAMA) president Engku Ahmad Fauzi said the policy would limit the supply of maids for Muslims. “Religion should not be an obstacle. When you work in an office, you don’t base it on religion and likewise, this should not be the case for the maid in the home,” he said yesterday. He called on the Immigration Department to enlighten people on the rationale of the policy. A maid agency owner in Selangor who did not want to be named said she had applied for non-Muslim maids for Muslims who wanted them through the Foreign Workers Centralized Management System online but they were rejected. “When I called, I was told to go to the counter to submit the application. But at the counter, the officers said that the policy was a directive from the director-general,” she said. The officers said the policy had always existed and if she still wanted to put in the application, they would reject it, she said. “If they did not allow Muslims to hire non-Muslims from the beginning, why did they allow it earlier? “There was no circular to inform us about this,” she said, adding that the rejection had been ongoing Read More …

Legarda backs Duterte’s call for ‘justice’ in climate pact

News

Aug 152016

Legarda backs Duterte’s call for ‘justice’ in climate pact

Sen. Loren Legarda CONTRIBUTED PHOTO MANILA — The President only wants what the world’s most disaster prone nations also seek: climate justice. Sen. Loren Legarda, the chamber’s lead climate advocate, said Monday that President Duterte’s call for “an equitable and fair equation” on global climate action only echoed what climate-vulnerable nations hope to receive on the road to adapting and mitigating the impact of global warming. “What he said were just right. He’s just saying the developed nations that polluted the world should reduce their emissions and help countries that are poor and vulnerable like the Philippines and other Climate Vulnerable Forum (CVF) members,” Legarda told reporters. The CVF is a grouping of 43 developing countries most prone to the effects of climate change. The Philippines hosted a high-level climate policy forum of the CVF this month and officially turned over its chairmanship to Tonga. “We are echoing what the President had said that the rich countries should help the small countries that are not emitters. His point is correct. That we should get help from rich countries that are the strongest carbon emitters,” she said. President Duterte earlier said he would not honor the climate agreement, later clarifying his point that the Philippines would give priority to addressing global warming but that climate action should be equitable and not stymie the country’s road to industrialization. “What he means is climate justice. The rich countries account for much of the greenhouse emissions. They should help developing nations through technical and Read More …

Filipino OFWs affected by new labor order

News

Aug 152016

Filipino OFWs affected by new labor order

FILE PHOTO PETALING JAYA, Malaysia — Maid agencies are stunned by a “new” directive imposed by the Immigration Department barring them from hiring non-Muslim maids. Employers have questioned the rationale behind the policy, which department officials said was not new, as they were worried that they may not get any maids at all. Malaysian Maid Employers Association (MAMA) president Engku Ahmad Fauzi said the policy would limit the supply of maids for Muslims. “Religion should not be an obstacle. When you work in an office, you don’t base it on religion and likewise, this should not be the case for the maid in the home,” he said yesterday. He called on the Immigration Department to enlighten people on the rationale of the policy. A maid agency owner in Selangor who did not want to be named said she had applied for non-Muslim maids for Muslims who wanted them through the Foreign Workers Centralised Management System online but they were rejected. “When I called, I was told to go to the counter to submit the application. But at the counter, the officers said that the policy was a directive from the director-general,” she said. The officers said the policy had always existed and if she still wanted to put in the application, they would reject it, she said. “If they did not allow Muslims to hire non-Muslims from the beginning, why did they allow it earlier? “There was no circular to inform us about this,” she said, adding that the rejection Read More …

Late civic leader Atty. Linda Sarno honored for her green advocacy

Entertainment

Aug 142016

Late civic leader Atty. Linda Sarno honored for her green advocacy

For the last eight years, the Filipino American Chamber of Commerce of Orange County (FACCOC) had always gone green with its signature summer event it calls Annual Green, Conserve and Health Expo which this year had for its venue the world-famous Disneyland Paradise Hotel in Anaheim. The event had become a tradition where participation by environmentally-conscious sectors continue to grow in significance and variety every year. Honoring Linda Sarno, Esq – The husband of the late Linda Sarno, Engr. Phil Sarno and his son, Mike Sarno, listen as Faccoc Director Gloria Rull memorializes the person responsible for the Fil Am Chambers joining the advocacy on “going green”. With her near the podium is Director Edith Andres. True to its vision of reaching out to the business and professional sectors of one of the most populous counties in California, the annual event pioneered by the late Atty. Linda Sarno brings dozens of exhibitors from the different cities’ entities whose products and services had to do with environmental conservation including the professional and business sectors enhanced efforts in the areas of going “green” under one roof. Orange County has more than 3 million people in its 34 cities and the third most populous county in the whole of California. FACCOC had designed the event to be an information sharing venue for a healthy exchange of information among various players in the “go green” advocacy and provides a means for marketing various health and eco-friendly products. Ready, “go Green” – Fil-Am Chamber of Read More …

Explanations made to US State Dept. over Duterte’s comments vs. Goldberg: Palace

Entertainment

Aug 142016

Explanations made to US State Dept. over Duterte’s comments vs. Goldberg: Palace

President Rodrigo R. Duterte welcomes United States of America Ambassador Philip Goldberg and Mr. Matthew Cenzer, deputy political counselor at the Music Room in Malacañan Palace on July 19.(MNS photo) MANILA (Mabuhay) – Presidential spokesperson Ernesto Abella on Thursday said the Philippines’ charge d’affaires in Washington went to the US Department of State to explain President Rodrigo Duterte’s remarks against US Ambassador Philip Goldberg. “The explanations have been made. The explanations have been properly made,” Abella said without elaborating on how Filipino charge d’affaires Patrick Chuasoto explained the President’s statement. Abella also dodged questions if the Philippine government apologized to the US over the said remarks. “I’m saying that he went and explained,” he answered. Despite what the Washington journalists called “insulting” remarks against Goldberg, Duterte in a speech delivered in Zamboanga del Sur on Wednesday reiterated that the Philippines remains a strong ally of the United States. But Duterte stood ground on his opinion that Goldberg should have not made comments during the election period.(MNS)

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