Employment opportunities appear bleak for workers in Metro Manila.
The Department of Labor and Employment (DOLE) yesterday reported that commercial establishments in Metro Manila are hiring fewer workers.
Data from the DOLE-Bureau of Labor and Employment Statistics (BLES) show a decline in the number of employed workers in Metro companies due to economic slowdown in the past months. Based on a survey done by DOLE in the second quarter of the year, employment in top enterprises in the region dropped by 2.05 percent compared to last year.
Sunday, October 30, 2011
Market extends rally; BdO, Philex advance
The stock market rose to a seven-week high Friday on foreign buying, after progress on solving Europe’s debt crisis eased concern the global economy will go into recession.
The Philippine Stock Exchange Index increased 66.22 points, or 1.6 percent, to 4,333.72, the highest close since Sept. 9. Gainers beat losers, 90 to 46, with 40 issues unchanged.
The Philippine Stock Exchange Index increased 66.22 points, or 1.6 percent, to 4,333.72, the highest close since Sept. 9. Gainers beat losers, 90 to 46, with 40 issues unchanged.
PSALM reviews rate discount in economic zones
Power Sector Assets and Liabilities Management Corp. will review the request of Manila Electric Co., the Philippine Economic Zone Authority and power-intensive industries to retain the power rate discount inside the ecozones.
“We have to consult PSALM because we are no longer in control of the capacities. So that there will be no complexities. We need to [discuss it with PSALM board], National Power Corp. president Froilan Tampinco told reporters. The rate discount will expire in December this year.
Meralco, Peza and the Semiconductor and Electronics Industries in the Philippines Inc. sent separate letters to Napocor asking the state-owned company to extend the lower rates until December next year.
“We have to consult PSALM because we are no longer in control of the capacities. So that there will be no complexities. We need to [discuss it with PSALM board], National Power Corp. president Froilan Tampinco told reporters. The rate discount will expire in December this year.
Meralco, Peza and the Semiconductor and Electronics Industries in the Philippines Inc. sent separate letters to Napocor asking the state-owned company to extend the lower rates until December next year.
ADB commits $3.8b to reduce poverty
The Asian Development Bank has committed lending $3.8 billion to the Philippines to finance governance reforms and poverty reduction efforts under its six-year country partnership strategy program.
“The new strategy aims to better ensure that all Filipinos, especially the country’s poor, are able to share in the benefits of the country’s economic growth,” said ADB country director for the Philippines Neeraj Jain in his opening statement during the joint press conference of the Manila-based bank and the National Economic and Development Authority Friday.
“The new strategy aims to better ensure that all Filipinos, especially the country’s poor, are able to share in the benefits of the country’s economic growth,” said ADB country director for the Philippines Neeraj Jain in his opening statement during the joint press conference of the Manila-based bank and the National Economic and Development Authority Friday.
BPI’s net profit grew 6% to P9.6b in first 9 months
Bank of the Philippine Islands, the country’s most profitable bank, said Friday its net income grew 6 percent to P9.6 billion in the first nine months of 2011, despite the market volatility in the third quarter.
“Despite sustained growth, we are still cautious and monitoring external events and any possible transmission risks to BPI. We have therefore decided to focus on the safety of our assets and the maintenance of our yields at the expense of asset growth,” said BPI president and chief executive Aurelio Montinola III.
“Despite sustained growth, we are still cautious and monitoring external events and any possible transmission risks to BPI. We have therefore decided to focus on the safety of our assets and the maintenance of our yields at the expense of asset growth,” said BPI president and chief executive Aurelio Montinola III.
First Pac buys GSIS holdings in Philex
Hong Kong-based First Pacific Co. Ltd. has completed the acquisition of an additional 5.9 percent in gold and copper producer Philex Mining Corp. from state-pension fund Government Service Insurance System.
A total of 286.78 million Philex shares were crossed at the Philippine Stock Exchange Friday at P21 apiece. The transaction was valued at P6.02 billion.
GSIS executive vice president for finance Jose Benedicto Arcinas confirmed the sale. He said the transaction was a consummation of a previous deal reached by GSIS.
A total of 286.78 million Philex shares were crossed at the Philippine Stock Exchange Friday at P21 apiece. The transaction was valued at P6.02 billion.
GSIS executive vice president for finance Jose Benedicto Arcinas confirmed the sale. He said the transaction was a consummation of a previous deal reached by GSIS.
Peso rises further to 42.62
Investments in local stocks, bonds boost peso against the greenback; Bangko Sentral hikes capital charge on dollar forwards
The peso completed its biggest weekly gain since 2009 after progress on solving Europe’s debt crisis eased concern the global economy will go into recession, boosting the appeal of emerging-market assets.
The peso completed its biggest weekly gain since 2009 after progress on solving Europe’s debt crisis eased concern the global economy will go into recession, boosting the appeal of emerging-market assets.
Sunday, October 23, 2011
Greenergy pursues plan to acquire ethanol firm
Greenergy Holdings Inc. will push through with its plan to acquire Isabela Alcogas Corp., a top company official said.
Greenergy chairman George Uy said their board has approved the purchase of Alcogas, which has an ethanol project in Misamis Occidental.
Greenergy chairman George Uy said their board has approved the purchase of Alcogas, which has an ethanol project in Misamis Occidental.
Mining still needs incentives to fuel growth
Investment incentives are still necessary for the local mining sector to flourish, according to Chamber of Mines of the Philippines president Benjamin Philip Romualdez.
Speaking to reporters following a meeting by the Philippine Mining Club, Romualdez pointed out that the mining sector still needs project perks, contrary to government’s contention that such investment would still come in even without incentives because of the enormous returns in mining ventures.
Speaking to reporters following a meeting by the Philippine Mining Club, Romualdez pointed out that the mining sector still needs project perks, contrary to government’s contention that such investment would still come in even without incentives because of the enormous returns in mining ventures.
Mining companies want fair treatment
The Chamber of Mines urged the government to put small-scale miners under the same stringent regulations as the bigger companies as part of a policy reform that the private sector has been advocating.
“This [small-scale mining] is one of the roadblocks that the industry has indentified as affecting the flow of investments in the country,” Chamber of Mines president Benjamin Philip Romualdez said in an executive luncheon of the group at the Shangri-La Hotel in Makati City.
“This [small-scale mining] is one of the roadblocks that the industry has indentified as affecting the flow of investments in the country,” Chamber of Mines president Benjamin Philip Romualdez said in an executive luncheon of the group at the Shangri-La Hotel in Makati City.
Petron posted P7.6-b net profit in first nine months
Petron Corp., the largest oil refiner, said Friday it posted a net income of P1.56 billion in the third quarter, down 14 percent year-on-year.
The company said it registered revenues of P54.4 billion during the period, down 7 percent on year.
The company said it registered revenues of P54.4 billion during the period, down 7 percent on year.
Asian banks stronger than western counterparts
Banks in the Asia-Pacific region are in better shape than those in advanced economies, including the United States and Europe, according to credit watcher Standard & Poor’s Ratings Services.
S&P issued the report as banks worldwide prepare for Basel III’s new capital requirements in 2013, and Asia-Pacific banks look set to undergo a shift in industry dynamics as they adjust their business models in the long run.
S&P issued the report as banks worldwide prepare for Basel III’s new capital requirements in 2013, and Asia-Pacific banks look set to undergo a shift in industry dynamics as they adjust their business models in the long run.
BCDA eyes bigger airport
Agency offers to build more modern airport at Clark in partnership with the private sector
The Bases Conversion and Development Authority will build a bigger and more modern international airport at the Clark Freeport, with Transportation Secretary Manuel Roxas at the helm of the project.
The Bases Conversion and Development Authority will build a bigger and more modern international airport at the Clark Freeport, with Transportation Secretary Manuel Roxas at the helm of the project.
Pag-Ibig takes over P5-b home loan plan
The Home Development Mutual Fund (Pag-IBIG Fund) will administer the P5 billion housing loan program for members of the Government Service Insurance System, Vice President Jejomar Binay said on Friday. The deal will be for the benefit of 1.7 million members of the pension system for state employees.
Pag-IBIG has reached an agreement with GSIS on a credit facility that allows the fund to administer ther pension fund’s housing loan, Binay said in a speech during the 5th Philippine Housing Finance Forum in Makati.
Pag-IBIG has reached an agreement with GSIS on a credit facility that allows the fund to administer ther pension fund’s housing loan, Binay said in a speech during the 5th Philippine Housing Finance Forum in Makati.
Thursday, October 20, 2011
Cebu Pacific increases flights to China
Budget carrier Cebu Pacific is expanding its operations in China after passenger volume in the northern Asia route surged.
The budget carrier said its customer base in China had increased by 30 percent in the third quarter of 2011 after its maiden flight to Beijing on September 5 last year.
Cebu Pacific said it would increase its Manila-Beijing service to four times weekly starting January 7.
The budget carrier said its customer base in China had increased by 30 percent in the third quarter of 2011 after its maiden flight to Beijing on September 5 last year.
Cebu Pacific said it would increase its Manila-Beijing service to four times weekly starting January 7.
PH assessing rice prices after Thai floods
The Philippines is assessing rice prices in the world market after massive flooding destroyed farmlands in Thailand, the world’s top rice producer and exporter.
“We are aware that there is a rise in the global price of rice. We are still validating the news on ground. We have agency officials visiting Thailand to assess the situation,” Gilbert Lauengco, special assistant to the administrator of the National Food Authority, said by telephone.
“We are aware that there is a rise in the global price of rice. We are still validating the news on ground. We have agency officials visiting Thailand to assess the situation,” Gilbert Lauengco, special assistant to the administrator of the National Food Authority, said by telephone.
BSP keeps borrowing rates steady
The Bangko Sentral on Thursday kept its overnight borrowing and lending rates unchanged, amid signs of easing inflationary pressures and slowing economic growth.
“The monetary board’s assessment of a manageable inflation environment and subdued economic conditions continues to support current monetary policy settings,” said Bangko Sentral Governor Amando Tetangco Jr.
The monetary board kept the overnight borrowing rate at 4.5 percent and the overnight lending rate at 6.5 percent. It also kept the reserve requirement ratio at 21 percent.
“The monetary board’s assessment of a manageable inflation environment and subdued economic conditions continues to support current monetary policy settings,” said Bangko Sentral Governor Amando Tetangco Jr.
The monetary board kept the overnight borrowing rate at 4.5 percent and the overnight lending rate at 6.5 percent. It also kept the reserve requirement ratio at 21 percent.
Roxas to ask KLM to reconsider Manila pullout
PRESIDENT Benigno Aquino III has ordered Transport Secretary Manuel Roxas to ask KLM to reconsider its plan to stop providing the country’s remaining direct flights to Europe as a result of high Philippine taxes and fees.
The Dutch airline had earlier said the government’s refusal to offer relief to international carriers had led it to cut its daily flights to Amsterdam from Manila to six times a week starting Nov. 1.
By April 2012, the airline will stop all direct flights to Manila from Amsterdan and fly through Hong Kong instead, said Cees Ursem, Air France-KLM’s country manager.
The Dutch airline had earlier said the government’s refusal to offer relief to international carriers had led it to cut its daily flights to Amsterdam from Manila to six times a week starting Nov. 1.
By April 2012, the airline will stop all direct flights to Manila from Amsterdan and fly through Hong Kong instead, said Cees Ursem, Air France-KLM’s country manager.
Metro Pacific unit ups stake in Meralco to 45%
Metro Pacific Investments Corp. (MPIC), through Beacon Electric Asset Holdings Inc. (Beacon) will acquire 68.8 million shares of PLDT Communications and Energy Ventures, Inc. (PCEV) comprising approximately 6.1 percent of Manila Electric Co. (Meralco), the company reported to the exchange.
Beacon Electric Asset Holdings Inc. (Beacon) is a special purpose company jointly owned by MPIC and PCEV with the sole purpose of holding shares in Meralco.
The PCEV 68.8 million shares were acquired at a price of P220 per share for an aggregate consider
ation of P15.136 billion.
Beacon Electric Asset Holdings Inc. (Beacon) is a special purpose company jointly owned by MPIC and PCEV with the sole purpose of holding shares in Meralco.
The PCEV 68.8 million shares were acquired at a price of P220 per share for an aggregate consider
ation of P15.136 billion.
SMC hikes ETPI stake in P1.5B deal with ISM
Diversifying conglomerate San Miguel Corp. (SMC) is beefing up its telecommunications business with an increase in its stake in Eastern Telecommunications Philippines Inc. (ETPI), acquiring 37.7 percent share in the company from ISM Communications Corp. for P1.5 billion.
It reported to the bourse that the shares purchase was coursed through its wholly-owned subsidiary San Miguel Equity Securities, Inc., executed a Share Purchase Agreement with ISM Communications Corp. for the approximately 37.7 percent.
It reported to the bourse that the shares purchase was coursed through its wholly-owned subsidiary San Miguel Equity Securities, Inc., executed a Share Purchase Agreement with ISM Communications Corp. for the approximately 37.7 percent.
Pagcor gross earnings up 14% to P27B in first 3 quarters
MANILA, Philippines—The Philippine Amusement and Gaming Corp. (Pagcor) posted almost P27 billion gross, up by almost 14 percent, or P3.28 billion, from last year’s P23.5 billion gross revenues, its chairman reported Thursday.
In September alone, according to Cristino Naguiat Jr., who is also Pagcor’s chief executive officer, the state-owned gaming firm earned P3.34 billion gross income, higher by P794 million, or 31.18 percent, than last year’s.
This is the fifth consecutive month that Pagcor has surpassed its record for monthly earnings, Naguiat said.
In September alone, according to Cristino Naguiat Jr., who is also Pagcor’s chief executive officer, the state-owned gaming firm earned P3.34 billion gross income, higher by P794 million, or 31.18 percent, than last year’s.
This is the fifth consecutive month that Pagcor has surpassed its record for monthly earnings, Naguiat said.
PHL banks exceed global capital standards, says BSP
Banks operating in the Philippines were able to keep their capital at levels significantly higher than the global standards, the Bangko Sentral ng Pilipinas (BSP) reported Thursday.
"The Philippine banking system's capitalization remained robust despite geopolitical tensions in the Middle East and North Africa region and concerns over sovereign risk in Europe," the BSP said in a statement, citing Gov. Amando Tetangco Jr.
The capital adequacy ratio (CAR) of the banking system remained healthy at 16.48 percent on a solo basis and 17.39 percent on a consolidated basis as of end-March this year.
"The Philippine banking system's capitalization remained robust despite geopolitical tensions in the Middle East and North Africa region and concerns over sovereign risk in Europe," the BSP said in a statement, citing Gov. Amando Tetangco Jr.
The capital adequacy ratio (CAR) of the banking system remained healthy at 16.48 percent on a solo basis and 17.39 percent on a consolidated basis as of end-March this year.
DBP opens P69.6-billion window for priority development programs
MANILA, Philippines - The Development Bank of the Philippines (DBP) is making available at least P69.6 billion in loanable funds for priority development programs for both the public and private sectors.
The funds come from internally-generated deposits, earnings or sourced from official development assistance (ODA) funding.
The funds come from internally-generated deposits, earnings or sourced from official development assistance (ODA) funding.
BOP surplus up 51% to $9.72 billion in 9 months
MANILA, Philippines - The country’s balance of payments (BOP) surplus grew 51 percent in the first nine months of the year despite a sharp decline last month due to the reversal of foreign capital inflows amid the risk contagion from the fragile global economic environment as well as the sovereign debt crisis in Europe, the Bangko Sentral ng Pilipinas (BSP) reported yesterday.
Data released by the central bank yesterday showed that the country’s BOP surplus stood at $9.721 billion from January to September this year or $3.278 billion higher than the $6.443 billion surplus recorded in the same period last year.
Data released by the central bank yesterday showed that the country’s BOP surplus stood at $9.721 billion from January to September this year or $3.278 billion higher than the $6.443 billion surplus recorded in the same period last year.
Rice prices likely to increase due to Thai floods
Rice prices may advance 19 percent after floods cut supplies in Southeast Asia, including in the biggest shipper Thailand, and that nation’s government started a state-purchasing program, according to the country’s largest packer.
The price of Thai parboiled rice may climb to $750 per metric ton on a free-on-board basis by year-end from $630, while the same product from India may gain to $500 per ton from $480, C.P. Intertrade Co. president Sumeth Laomoraphorn said in an interview in Bangkok. Parboiled rice is soaked, steamed and dried before milling, a technique that preserves vitamins.
The price of Thai parboiled rice may climb to $750 per metric ton on a free-on-board basis by year-end from $630, while the same product from India may gain to $500 per ton from $480, C.P. Intertrade Co. president Sumeth Laomoraphorn said in an interview in Bangkok. Parboiled rice is soaked, steamed and dried before milling, a technique that preserves vitamins.
Markets skeptical over euro debt crisis response
LONDON (AP) — Seesawing expectations of this weekend's summit of European leaders remained the main driver in markets on Thursday, with investors growing skeptical again about governments' ability to agree on a strategy to deal with the debt crisis.
Though stocks in Europe fell following an earlier retreat in Asia, the losses were limited as investors weigh every rumor and report about the likely make-up of a deal that may emerge at the Sunday meeting.
Though stocks in Europe fell following an earlier retreat in Asia, the losses were limited as investors weigh every rumor and report about the likely make-up of a deal that may emerge at the Sunday meeting.
Asian markets fall on eurozone, US fears
Asian markets fell Thursday on lingering eurozone debt fears and following losses on Wall Street as the Federal Reserve warned that the US economy was still weak.
As traders nervously awaited a weekend summit of European Union leaders, there were concerns that a plan to deal with the region's crisis would not be far-reaching enough.
As traders nervously awaited a weekend summit of European Union leaders, there were concerns that a plan to deal with the region's crisis would not be far-reaching enough.
Doing business in PHL becomes more difficult - World Bank
Doing business in the Philippines has become more difficult, the World Bank said on Thursday.
In its 2012 Doing Business Report, the Philippines dropped two notches to 136th from 134th place in the Doing Business 2011 Report, despite instituting a single reform intended to make regulatory environment more business-friendly. The reform dealt with resolving insolvency easier. The report polled 183 economies.
In its 2012 Doing Business Report, the Philippines dropped two notches to 136th from 134th place in the Doing Business 2011 Report, despite instituting a single reform intended to make regulatory environment more business-friendly. The reform dealt with resolving insolvency easier. The report polled 183 economies.
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