Phl Business Bank goes into mining

 Economy
Jun 262013
 

MANILA, Philippines – Philippine Business Bank (PBB) Inc., the financial arm of the Yao Group of Companies, has dipped into the mining business following its purchase of some 600 million shares of Marcventures Holdings Inc. worth about P980 million last June 20.

PBB, however, did not include in its disclosure to the Philippine Stock Exchange (PSE) the acquisition cost for the mining firm’s shares.

MARC is a holding company involved in nickel mining operations in Surigao del Sur through its subsidiary – Marcventures Mining & Development Corp. (MMDC). Its shares closed trading yesterday at P1.64 each.

The area covered by MMDC’s mineral production sharing agreement is in the Diwata mountain range of Surigao del Sur and covers 4,799 hectares.

Last month, PBB was granted 16 branch licenses by the Bangko Sentral ng Pilipinas (BSP).

These new licenses are on top of the 15 restricted  licenses acquired by PBB in 2012,  of which five will be opened this year.

Business ( Article MRec ), pagematch: 1, sectionmatch: 1

The new licenses seek to  increase the  bank’s footprint  in the  local and regional  market.

PBB listed its shares at the PSE in Feb. 19. It raised about P3 billion from the offering, proceeds of which would be used to finance the expansion of its branches.

PBB’s niche market are the small- and medium-scale enterprises (SMEs).

The bank plans to beef up its branch network to 100 from a current total of 79 branches. The new branches are part of the bank’s comprehensive and strategic expansion program that targets both the local market and the region, focused on the SMEs.

Palace: No favoritism in giving out P10,000 bonus to DPWH personnel

 News
Jun 212013
 
Palace: No favoritism in giving out P10,000 bonus to DPWH personnel

Malacañang on Friday said President Benigno Aquino III wasn’t playing favorites when he announced that all employees of the Department of Public Works and Highways (DPWH) will receive a P10,000 bonus on the department’s anniversary. “Kapag nagkakaroon po talaga sila ng anibersaryo ang isang ahensiya o isang departamento ng pamahalaan, meron po talagang instances na nagkakaroon, nagbibigay iyong what they call, ‘milestone anniversary bonuses,’ doon ho sa mga kawani. So hindi po ito unique sa DPWH,” deputy presidential spokesperson Abigail Valte said at a press briefing. In a speech during the DPWH’s 115th anniversary celebration Thursday, Aquino lauded the department for its “fast, honest and reliable” execution of the government’s infrastructure programs. He also announced that he has approved a P10,000 anniversary bonus for all DPWH employees and officials. Valte expressed hope that other government agencies will understand the circumstances, in particular weather monitoring bureau PAGASA, which has been crying out for the government to release its much needed allowances. “Hindi naman po sana ito maging dahilan ng kanilang inggitan. Iyong pagdating naman po sa hazard and longevity pay [ng PAGASA employees], in-explain din po ng Pangulo ‘yan kahapon na talagang pinapatignan kasi kung ano naman po iyong benefits na dapat due to them,” Valte said. The government also appealed for patience from departments, in particular to teachers from the Department of Education, who have yet to receive their Performance Based Bonuses from 2012. “Itatanong po natin sa DepEd kasi hindi po talaga sabay-sabay ang labas ng PBB, ng Performance-Based Read More …

Myrtle still learning the ropes of showbiz

 Entertainment
Feb 252013
 
Myrtle still learning the ropes of showbiz

Myrtle Sarrosa (MNS Photo) Aware that she’s still far from mastering the ropes of showbiz, “Pinoy Big Brother” winner Myrtle Sarrosa vowed to do her best to become a better actress given all the opportunities that have been going her way. Sarrosa thanked the ABS-CBN management for continuing to trust her with good projects. Immediately after winning the reality show, Sarrosa became part of the series “Kahit Puso’y Masugatan” and was also given a recurring role on the sitcom “Toda Max.” “Kasi I already did some sessions last time with sir Pen Medina. And ngayon naman I’m taking more lessons na with Star Magic,” she said. Aside from taking more acting workshops to hone her skills, Sarrosa said she also tries to talk to her veteran co-stars. “I really, really learn a lot from them. Nung nakausap ko si Miss Dawn (Zulueta), she taught me to always do everything to my best ability para mas gumaling ka kasi if you give your best, you’ll always be happy with your performance,” she shared. The 18-year old actress said it is her resolution this year to “work harder to achieve my dreams.” “I’ll work harder…to improve on my acting, singing, dancing, and hosting so that I can make the people who believe in me proud. I want to do everything I can, lahat ng bagay, to do my best para sa lahat ng tao na nainiwala sa akin na I deserve ‘yung tiwala nila,” she said. Sarrosa said this is also her Read More …

PBB gains 15% in market debut Yao family eyes another IPO in softdrinks unit

 Economy
Feb 192013
 
PBB gains 15% in market debut Yao family eyes another IPO in softdrinks unit

MANILA, Philippines – Thrift lender Philippine Business Bank (PBB) listed its shares at the local stock exchange yesterday, the first listing for the year. Shares of PBB, which were sold at P31.50 apiece during the IPO, opened at P34.75 each, strengthening further to end the trading day at P36.35, an upside of 15.39 percent from the IPO price. “I guess the advantage that PBB has is we focus on small and medium enterprises (SME), the underserved market,” PBB president Rolando Avante told reporters. Juanchito Dispo, president of issue under writer First Metro Investment Corp. (FMIC), said the IPO, was more than four times oversubscribed amid robust demand from both institutional and retail investors. Avante said PBB expects a loan growth of 20-25 percent this year that can be used by SMEs for business expansion. PBB listed 343.33 million of its common shares at the Philippine Stock Exchange. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Underwriters FMIC and SB Capital Investment Corp. earlier trimmed the offer P31.50 per share from a maximum P41.94 earlier to give investors more leeway to earn from stock price appreciation. Fresh capital from the IPO will allow the bank to strengthen its foothold in the SME sector. PBB plans to put up 22 additional branches to reach a total 100 branches at the end of the year. As of end-September last year, PBB is the fifth largest thrift bank in the Philippines with P29.7 billion in assets last year. PBB, which ended last year Read More …