CEBU, Philippines - After reaping positive sales performance from its condominium units at the Persimmon, the 1.4 hectare urban village project located in Mabolo, Aboitiz Land Inc., is now on the planning stage of building another two towers that would cost around P8 million of investment.
“We are on the planning stage now. Soon, we will announce the construction of two more towers of Permission,” said AboitizLand vice president for sales, marketing and customer service Pia Mantecon.
AboitizLand president Andoni Aboitiz said in an earlier interview that the company is spending at least P4 million for every tower. Now, Persimmon” has two twin-towers. All the 157 units at Tower 1 are already sold out, while the other tower with the same number of units is currently 40 percent taken.
Last Friday, AboitizLand formally opened the commercial component called “Persimmon Plus” a support facility which offers a total leasable area of 2,200 square meters.
At present, there are already seven merchants operating at “Persimmon Plus,” these include; Mr. Coffee, Happy Roaster Home Furnishing Store, Urban Indulgence Family Organic Spa and Salon, Softwash Laundromat, Cebu Trip Tours, and Flores fashion shop.
The Permission is the first condominium residential project of AboitizLand and is the first integrated urban village in Cebu.
The company announced earlier that it is spending P2 billion this year, to introduce more residential projects in Cebu, including expansions of its existing developments.
Bigger chunk of the capital expenditure (capex) allocation for this year will be poured on the expansion of “Persimmon.” The company will be spending about P400 million for the construction of each tower.
Aboitiz said the company is on the constant lookout available land, for other projects, especially for condominium developments, as it has seen a strong take up of condominium units in Cebu, since the company offered the Towers 1 &2 units to the market.
Part of the expenditure will also be used to construct the commercial segment of its high-end residential project in Talamban—the Pristina North, including the Town Houses component of the chic subdivision.
AboitizLand’s middle-range subdivision project in the Southern part of the City, Kishanta, will also be expanded next year, as take up sales is also starting to gain some ground, he said.
The company expects to complete all the 628 condominium units at 1.4 hectare Persimmon project located in Mabolo area soon.
“[We noted] good performance of [real estate] sales especially in the condominium market. Some years ago we made judgment call that Cebuanos will embrace condo living,” Aboitiz said adding that today, the condo market is hitting very strongly and the projects a more competitive market in the next few years.
“We are studying some areas and good properties [around Metro Cebu] for our future condominium development projects,” he said.
Source: The Freeman Cebu
Showing posts with label Finance. Show all posts
Showing posts with label Finance. Show all posts
Tuesday, March 23, 2010
Friday, March 19, 2010
Regulators approve Cebu Pacific IPO; budget airline to join bourse on May 4
CORPORATE REGULATORS have approved the initial public offering of Gokongwei-led Cebu Air, Inc., allowing the budget airline to secure almost P12 billion in cash from the equities market.
BUDGET AIRLINE Cebu Pacific plans to raise P12 billion from the initial public offering to increase its fleet. -- Crecencio I. CruzIn an en banc decision yesterday, the Securities and Exchange Commission (SEC) allowed Cebu Air, operator of Cebu Pacific, to list 235.562 million shares on the stock market on May 4. The budget airline will have the stock symbol “CEBU.”
The SEC approved the “offer of [Cebu Air] shares, consisting of up to 125.253 new shares to be issued and offered by the company, and up to 110.309 million existing shares offered by the selling shareholder, and up to 35.334 optional or over allotment shares.”
Cebu Air can offer as much as 164.894 million shares internationally while 47.112 million and 23.556 million shares will be sold to Philippine Stock Exchange brokers and investors, respectively, at a maximum price of P95.00 each.
ATR KimEng Capital Partners, Inc. was tapped as the domestic lead underwriter while the Hong Kong branch of Deutsche Bank AG and J.P. Morgan Securities, Ltd. will be the international underwriters.
Net proceeds from the primary offering were estimated at P11.561 billion.
Last week, Cebu Air said it would use the bulk of funds to be raised from the IPO to buy up to 20 more aircraft within five years.
“It’s going to be for capital expenditures for purchasing airplanes. We have a purchase order from Airbus for 15 Airbus A320 in the period of 2010 to 2015 and an option to buy five more,” said Bach Johann M.
Sebastian, senior vice-president for corporate planning of listed JG Summit Holdings, Inc., in an interview early last week.
Mr. Sebastian said going public was only one option, and that the company could also borrow from export credit agencies. Cebu Pacific can also tap the lease market, he said.
Documents showed the carrier needed to make P9 billion in advanced payments to increase its fleet to 49 by 2014.
The company originally planned to go public in 2008 but postponed the listing due to difficult market conditions.
Cebu Air turned around last year by posting a net income of P3.184 billion, from a net loss of P3.259 billion in 2008. Operating income almost doubled to P3.164 billion from P1.727 billion in 2008.
Shares in parent firm JG Summit Holdings rose to P8.50 apiece yesterday from P8.30 per share on Wednesday.
Source: Businessworld Online
BUDGET AIRLINE Cebu Pacific plans to raise P12 billion from the initial public offering to increase its fleet. -- Crecencio I. Cruz
The SEC approved the “offer of [Cebu Air] shares, consisting of up to 125.253 new shares to be issued and offered by the company, and up to 110.309 million existing shares offered by the selling shareholder, and up to 35.334 optional or over allotment shares.”
Cebu Air can offer as much as 164.894 million shares internationally while 47.112 million and 23.556 million shares will be sold to Philippine Stock Exchange brokers and investors, respectively, at a maximum price of P95.00 each.
ATR KimEng Capital Partners, Inc. was tapped as the domestic lead underwriter while the Hong Kong branch of Deutsche Bank AG and J.P. Morgan Securities, Ltd. will be the international underwriters.
Net proceeds from the primary offering were estimated at P11.561 billion.
Last week, Cebu Air said it would use the bulk of funds to be raised from the IPO to buy up to 20 more aircraft within five years.
“It’s going to be for capital expenditures for purchasing airplanes. We have a purchase order from Airbus for 15 Airbus A320 in the period of 2010 to 2015 and an option to buy five more,” said Bach Johann M.
Sebastian, senior vice-president for corporate planning of listed JG Summit Holdings, Inc., in an interview early last week.
Mr. Sebastian said going public was only one option, and that the company could also borrow from export credit agencies. Cebu Pacific can also tap the lease market, he said.
Documents showed the carrier needed to make P9 billion in advanced payments to increase its fleet to 49 by 2014.
The company originally planned to go public in 2008 but postponed the listing due to difficult market conditions.
Cebu Air turned around last year by posting a net income of P3.184 billion, from a net loss of P3.259 billion in 2008. Operating income almost doubled to P3.164 billion from P1.727 billion in 2008.
Shares in parent firm JG Summit Holdings rose to P8.50 apiece yesterday from P8.30 per share on Wednesday.
Source: Businessworld Online
Vista Land sets 22 new projects under Camella brand
MANILA, Philippines - Capitalizing on strong demand for affordable housing, Vista Land & Lifescapes Inc. has lined up 22 new projects this year under the Camella brand, translating to 17,500 new units located all over the country.
In a statement, Vista Land said the move is aimed at further cementing Camella Homes & Communities’ dominant position in the affordable housing segment and boost its total portfolio to 97 projects nationwide.
Camella president Maribeth Tolentino said these new projects will be put up in various areas in Mega Manila as well as in key provinces and cities outside Luzon such as Cebu, Iloilo, Tacloban, Cagayan de Oro, Davao and Gen. Santos.
“We are leveraging the bigness of Camella, in terms of geographical reach, land banking, contribution to group sales, number of houses built and other key attributes, to achieve two aims more effectively. One is to be the first choice of home buyers on the basis of long-term satisfaction based on enduring quality and value. The other is to achieve higher levels of financial and operational efficiencies, and thus profitability,” she said.
Tolentino said the company, which has been providing value for money homes in master-planned communities for over 30 years, is targeting overseas Filipino workers who want to buy a house of their own.
Vista Land has earmarked P10 billion for capital expenditures this year for the launch of 30 new projects and landbanking activities. This would bring the group’s total number of projects to 157 , widely dispersed in 19 provinces and 46 cities and municipalities
Vista Land has built the largest number of homes among all local developers, a total of more than 200,000. Other companies under its wing include Brittany, which builds high-end communities; Crown Asia, focusing on the mid-range category; Communities Philippines, which develops projects in the provinces; and Vista Residences, the newly launched company and brand name which consolidates all of the group’s residential condominium projects.
Source: The Philippine Star
In a statement, Vista Land said the move is aimed at further cementing Camella Homes & Communities’ dominant position in the affordable housing segment and boost its total portfolio to 97 projects nationwide.
Camella president Maribeth Tolentino said these new projects will be put up in various areas in Mega Manila as well as in key provinces and cities outside Luzon such as Cebu, Iloilo, Tacloban, Cagayan de Oro, Davao and Gen. Santos.
“We are leveraging the bigness of Camella, in terms of geographical reach, land banking, contribution to group sales, number of houses built and other key attributes, to achieve two aims more effectively. One is to be the first choice of home buyers on the basis of long-term satisfaction based on enduring quality and value. The other is to achieve higher levels of financial and operational efficiencies, and thus profitability,” she said.
Tolentino said the company, which has been providing value for money homes in master-planned communities for over 30 years, is targeting overseas Filipino workers who want to buy a house of their own.
Vista Land has earmarked P10 billion for capital expenditures this year for the launch of 30 new projects and landbanking activities. This would bring the group’s total number of projects to 157 , widely dispersed in 19 provinces and 46 cities and municipalities
Vista Land has built the largest number of homes among all local developers, a total of more than 200,000. Other companies under its wing include Brittany, which builds high-end communities; Crown Asia, focusing on the mid-range category; Communities Philippines, which develops projects in the provinces; and Vista Residences, the newly launched company and brand name which consolidates all of the group’s residential condominium projects.
Source: The Philippine Star
GMA inks land titling, tax info sharing laws
TWO LANDMARK LAWS -- one allowing the sharing of taxpayer information with foreign entities and another making it easier for Filipinos to secure land titles -- have been signed into law by President Gloria Macapagal Arroyo.
Approval of Republic Act 10021, or the Exchange of Information on Tax Matters Act of 2009, was prompted by the Organization for Economic Cooperation and Development’s (OECD) blacklisting the country as a tax haven last year.
"It is the declared policy of the State to promote and pursue tax environment that contributes in sustaining a favorable international investment climate and instills confidence in the adequacy and capacity of the country’s tax administration to comply with its commitments under existing international conventions or agreements on tax matters," Section 2 of the new law, signed by Mrs. Arroyo last March 5, states.
It allows the Bureau of Internal Revenue chief to inquire into bank deposits and other related information held by financial institutions following a requests by a foreign tax authority.
The new law likewise allows a foreign tax authority to examine the income tax returns of taxpayers in the country.
Local authorities had previously said they could not comply with the international tax information standard given bank secrecy laws, among others.
While the Philippines was quickly put on by the OECD on a "grey" list last year after local officials committed to pass relevant laws complying with an international tax standard, France last month said the country was on its list of tax cheat-friendly states.
Mrs. Arroyo, meanwhile, also signed into law Republic Act 10023, otherwise known as the Act Authorizing the Issuance of Free Patents to Residential Lands, last March 9.
It amended Commonwealth Act 141 or the Public Land Act.
The new law states that Filipinos who occupy untitled residential lands for at least 10 years -- down from the previous requirement of 30 years -- may apply for titles.
It also makes it easier for landowners to apply for titles as they simply have to apply for one at the Department of Environment and Natural Resources without the need to hire the services of a lawyer.
Landowners, however, will only be given titles as long as the land will be used for commercial purposes.
Banks are expected to benefit from the new law as the land titles can be used as collateral to secure loans from banks.
"This will boost lending since the landowners will now have collateral for borrowing," Chamber of Thrift Banks Executive Director Suzanne I. Felix said in a text message yesterday.
Source: Businessworld Online
Approval of Republic Act 10021, or the Exchange of Information on Tax Matters Act of 2009, was prompted by the Organization for Economic Cooperation and Development’s (OECD) blacklisting the country as a tax haven last year.
"It is the declared policy of the State to promote and pursue tax environment that contributes in sustaining a favorable international investment climate and instills confidence in the adequacy and capacity of the country’s tax administration to comply with its commitments under existing international conventions or agreements on tax matters," Section 2 of the new law, signed by Mrs. Arroyo last March 5, states.
It allows the Bureau of Internal Revenue chief to inquire into bank deposits and other related information held by financial institutions following a requests by a foreign tax authority.
The new law likewise allows a foreign tax authority to examine the income tax returns of taxpayers in the country.
Local authorities had previously said they could not comply with the international tax information standard given bank secrecy laws, among others.
While the Philippines was quickly put on by the OECD on a "grey" list last year after local officials committed to pass relevant laws complying with an international tax standard, France last month said the country was on its list of tax cheat-friendly states.
Mrs. Arroyo, meanwhile, also signed into law Republic Act 10023, otherwise known as the Act Authorizing the Issuance of Free Patents to Residential Lands, last March 9.
It amended Commonwealth Act 141 or the Public Land Act.
The new law states that Filipinos who occupy untitled residential lands for at least 10 years -- down from the previous requirement of 30 years -- may apply for titles.
It also makes it easier for landowners to apply for titles as they simply have to apply for one at the Department of Environment and Natural Resources without the need to hire the services of a lawyer.
Landowners, however, will only be given titles as long as the land will be used for commercial purposes.
Banks are expected to benefit from the new law as the land titles can be used as collateral to secure loans from banks.
"This will boost lending since the landowners will now have collateral for borrowing," Chamber of Thrift Banks Executive Director Suzanne I. Felix said in a text message yesterday.
Source: Businessworld Online
Monday, March 15, 2010
BSP encourages banks to put up branches in less developed areas
BSP Deputy Governor Nestor Espenilla Jr. said in an interview with reporters that there is a need to make banking and financial services accessible throughout the Philippines.
“The distribution seems to be heavily concentrated in NCR, then Calabarzon, Region III, and then there are pockets in Cebu and in other cities,” Espenilla stressed.
He pointed out that the concentration in these areas show that banks follow centers of economic activity and population.
“In an archipelago like ours, there are very well defined centers of economic gravity and banks are basically profit-driven enterprise so of course you go where the business is,” he added.
He pointed out that the density of banking offices to population in the Autonomous Region in Muslim Mindanao (ARMM) is one banking office for 40,000 person per area.
“We have totally lifted banking restrictions outside NCR. We are really sending a signal to put branches outside so that you can better service the public,” Espenilla said.
Latest data showed that the number of banking institutions (head offices) fell further to 797 as of end-September 2009 from the year-ago level of 835, indicating the continued consolidation of banks as well as the exit of weaker players in the banking system.
By banking classification, banks (head offices) consisted of 38 universal and commercial banks, 73 thrift banks, and 686 rural banks.
Meanwhile, the operating network including branches of the banking system increased to 7,914 from 7,811 reflecting mainly the increase in commercial and rural banks’ branches.
Source: The Philippine Star
Sunday, March 14, 2010
Net hot money inflow hits $308.7 million in January-February
MANILA, Philippines - The Bangko Sentral ng Pilipinas (BSP) reported a net portfolio investment inflow of $308.7 million in the first two months of the year or almost 14 times the inflow of $22.6 million registered in the same period last year due to higher export earnings and additional government borrowings.
Data released by the central bank showed that BSP-registered foreign portfolio investments increased $286 million from January to February this year after the country’s merchandise exports jumped 42.5 percent in January.
“Net inflows were sustained due to news on higher export earnings, inspite of jitters about the coming elections and recent sovereign debt concerns in some European countries,” the BSP stressed.
Inflows surged 53.9 percent to $1.076 billion in the first two months of the year from $698.92 million in the same period last year. Major sources that accounted for about 83 percent of the total portfolio investments in January and February included the United Kingdom, the US, Malaysia, Luxembourg and Singapore.
On the other hand, gross foreign portfolio investment outflows climbed 13.5 percent to $767.73 million in the first two months of the year from $676.3 million in the same period last year due to withdrawals from interim peso deposits.
For the month of February alone, foreign portfolio investments posted a net inflow of $139 million, a complete reversal of the $198.73 million net outflow registered in the same month last year.
Portfolio investment inflows surged 154.2 percent to $500.39 million in February from $196.85 million in the same period last year.
Investments in shares being traded at the Philippine Stock Exchange (PSE) accounted for about 74 percent of the total inflows, followed by government securities with 18 percent, and peso bank deposits with minimum maturity of 90 days with eight percent.
On the other hand, outflows retreated 8.5 percent to $361.81 million in February from $395.58 million in the same month last year.
Registration of inward foreign investments with the BSP is voluntary. It entitles the investor or his representative to buy foreign exchange from authorized agent banks or their subsidiary/affiliate foreign exchange corporations for repatriation of capital and remittance of dividends/profits/earnings that accrue on the registered investment.
The Philippines shrugged off the global recession and posted a portfolio investments net inflow of $388.02 million in 2009, a complete reversal of the $1.784 billion outflow posted in 2008.
Inflows, the BSP data showed, amounted to $6.335 billion last year or 23.8 percent lower than the $8.321 billion inflows registered in 2008 while outflows fell 41 percent to $5.947 billion from $10.105 billion.
Source: The Philippine Star
Data released by the central bank showed that BSP-registered foreign portfolio investments increased $286 million from January to February this year after the country’s merchandise exports jumped 42.5 percent in January.
“Net inflows were sustained due to news on higher export earnings, inspite of jitters about the coming elections and recent sovereign debt concerns in some European countries,” the BSP stressed.
Inflows surged 53.9 percent to $1.076 billion in the first two months of the year from $698.92 million in the same period last year. Major sources that accounted for about 83 percent of the total portfolio investments in January and February included the United Kingdom, the US, Malaysia, Luxembourg and Singapore.
On the other hand, gross foreign portfolio investment outflows climbed 13.5 percent to $767.73 million in the first two months of the year from $676.3 million in the same period last year due to withdrawals from interim peso deposits.
For the month of February alone, foreign portfolio investments posted a net inflow of $139 million, a complete reversal of the $198.73 million net outflow registered in the same month last year.
Portfolio investment inflows surged 154.2 percent to $500.39 million in February from $196.85 million in the same period last year.
Investments in shares being traded at the Philippine Stock Exchange (PSE) accounted for about 74 percent of the total inflows, followed by government securities with 18 percent, and peso bank deposits with minimum maturity of 90 days with eight percent.
On the other hand, outflows retreated 8.5 percent to $361.81 million in February from $395.58 million in the same month last year.
Registration of inward foreign investments with the BSP is voluntary. It entitles the investor or his representative to buy foreign exchange from authorized agent banks or their subsidiary/affiliate foreign exchange corporations for repatriation of capital and remittance of dividends/profits/earnings that accrue on the registered investment.
The Philippines shrugged off the global recession and posted a portfolio investments net inflow of $388.02 million in 2009, a complete reversal of the $1.784 billion outflow posted in 2008.
Inflows, the BSP data showed, amounted to $6.335 billion last year or 23.8 percent lower than the $8.321 billion inflows registered in 2008 while outflows fell 41 percent to $5.947 billion from $10.105 billion.
Source: The Philippine Star
BSP sees OFW remittance growth of 6% in January
MANILA, Philippines - The Bangko Sentral ng Pilipinas (BSP) believes that the amount of money sent home by Filipinos from abroad in January grew by more than the full year growth target of six percent due to high demand for skilled Filipino workers abroad.
BSP Governor Amando M. Tetangco Jr. told reporters Friday that overseas Filipino workers’ remittances likely grew faster in January than the full-year growth of six percent based on preliminary data.
“This year we are projecting six percent for the whole year, but for the initial data I have seen, it looks like the figure for January could be in excess of the projection for the year,” Tetangco stressed.
The BSP sees OFW remittances growing by six percent to a new record level of about $18.1 billion this year.
Last year, remittances went up by 5.4 percent to a new record level of $17.348 billion last year from $16.426 billion and exceeded the revised four percent growth forecast set by the central bank due to the sustained demand for skilled Filipino workers overseas particularly engineers, medical practitioners, and teachers.
This, after the money sent home by overseas Filipinos surged by 11.4 percent to hit a new monthly record high of $1.567 billion in December 2009 from $1.407 billion in December 2008.
The amount eclipsed the previous monthly record high of $1.531 billion registered last October.
Major sources of remittances last year included the US, Canada, Saudi Arabia, United Kingdom, Japan, Singapore, United Arab Emirates, Italy, and Germany.
The remittance level accounted for about 10.8 percent of the country’s gross domestic product (GDP) that expanded by 0.9 percent last year from 3.8 percent in 2008.
The stronger-than-expected growth could also be traced to the decision of the government to conduct bilateral talks with host countries that continue to open up new employment opportunities abroad for Filipinos and to facilitate the hiring of displaced workers who were affected by the global economic difficulties.
Authorities also cited the continued expansion of remittance transfer facilities that has helped capture a large share of the global remittance market.
Commercial banks’ established tie-ups, remittance centers, correspondent banks, and branches or representative offices abroad increased to 4,192 as of 2009 from 3,015 as of 2008.
Data from the Philippine Overseas Employment Administration (POEA) showed that the government processed about 41.6 percent or 221,548 of the total job orders that reached 532,214 last year. These jobs comprised mainly of service, production as well as professional, technical, and related job categories in Saudi Arabia, Qatar, UAE, Kuwait, and Hong Kong.
The POEA reported that Middle East countries particularly Saudi Arabia continue to absorb a significant number of deployed OFWs including those that have been displaced elsewhere.
The BSP was originally looking at a zero growth last year but later revised the outlook to a growth of four percent due to the steady deployment of Filipino workers abroad and the increase access to formal remittance channels.
OFW remittances are expected to grow faster at six percent next year especially with the signing of a memorandum of agreement between the BSP and member banks of the Association of Bank Remittance Officers Inc. (ABROI).
The agreement calls for the use of the central bank’s Philippine Payments and Settlements Systems (PhilPaSS) to send the remitted money to the beneficiaries’ accounts in other banks.
OFW families are expected to save at least P92 million to as high as P922 million due to the faster and cheaper delivery of remittances to the beneficiaries at a lower rate of P50 per transaction instead of the current range of between P100 and P550 per transaction.
Source: The Philippine Star
BSP Governor Amando M. Tetangco Jr. told reporters Friday that overseas Filipino workers’ remittances likely grew faster in January than the full-year growth of six percent based on preliminary data.
“This year we are projecting six percent for the whole year, but for the initial data I have seen, it looks like the figure for January could be in excess of the projection for the year,” Tetangco stressed.
The BSP sees OFW remittances growing by six percent to a new record level of about $18.1 billion this year.
Last year, remittances went up by 5.4 percent to a new record level of $17.348 billion last year from $16.426 billion and exceeded the revised four percent growth forecast set by the central bank due to the sustained demand for skilled Filipino workers overseas particularly engineers, medical practitioners, and teachers.
This, after the money sent home by overseas Filipinos surged by 11.4 percent to hit a new monthly record high of $1.567 billion in December 2009 from $1.407 billion in December 2008.
The amount eclipsed the previous monthly record high of $1.531 billion registered last October.
Major sources of remittances last year included the US, Canada, Saudi Arabia, United Kingdom, Japan, Singapore, United Arab Emirates, Italy, and Germany.
The remittance level accounted for about 10.8 percent of the country’s gross domestic product (GDP) that expanded by 0.9 percent last year from 3.8 percent in 2008.
The stronger-than-expected growth could also be traced to the decision of the government to conduct bilateral talks with host countries that continue to open up new employment opportunities abroad for Filipinos and to facilitate the hiring of displaced workers who were affected by the global economic difficulties.
Authorities also cited the continued expansion of remittance transfer facilities that has helped capture a large share of the global remittance market.
Commercial banks’ established tie-ups, remittance centers, correspondent banks, and branches or representative offices abroad increased to 4,192 as of 2009 from 3,015 as of 2008.
Data from the Philippine Overseas Employment Administration (POEA) showed that the government processed about 41.6 percent or 221,548 of the total job orders that reached 532,214 last year. These jobs comprised mainly of service, production as well as professional, technical, and related job categories in Saudi Arabia, Qatar, UAE, Kuwait, and Hong Kong.
The POEA reported that Middle East countries particularly Saudi Arabia continue to absorb a significant number of deployed OFWs including those that have been displaced elsewhere.
The BSP was originally looking at a zero growth last year but later revised the outlook to a growth of four percent due to the steady deployment of Filipino workers abroad and the increase access to formal remittance channels.
OFW remittances are expected to grow faster at six percent next year especially with the signing of a memorandum of agreement between the BSP and member banks of the Association of Bank Remittance Officers Inc. (ABROI).
The agreement calls for the use of the central bank’s Philippine Payments and Settlements Systems (PhilPaSS) to send the remitted money to the beneficiaries’ accounts in other banks.
OFW families are expected to save at least P92 million to as high as P922 million due to the faster and cheaper delivery of remittances to the beneficiaries at a lower rate of P50 per transaction instead of the current range of between P100 and P550 per transaction.
Source: The Philippine Star
French oil giant to invest P400 million for Cebu stations
CEBU, Philippines - French oil giant, Total (Philippines) Corporation (TPC) announced its P400 million investment plan for Cebu in the next three years.
This plan includes the installation of five more stations in Metro Cebu this year, which will incur an investment of P120 million.
In an interview with TPC president and managing director Ernst Wanten, he said that Cebu’s vibrant economy presents a growth opportunity for TPC.
Since its entry to the Philippines in 1998, Total has already installed 133 stations mostly in Luzon. This year, the company has decided to explore the Southern Philippine market, through a stronger presence in Cebu.
As part of its expansion program, the company opened a fuel depot in the province, which has a capacity of two million liters. It also currently upgraded its waterborne fleet with the acquisition of MT Camille, a 3,651 deadweight ton double-hulled vessel classified by the Korean Register Shipping as accredited by the International Association of Classification Societies (IACS). The depot will serve both retail and wholesale consumers.
Total’s strong entry in Cebu will not only provide wider options for consumers to get their fuel requirements, but it also offers business opportunity for entrepreneurs who may want to partner with the Total.
The company offers two packages for entrepreneurs for partnership these are via Company-Owned-Dealer-Operation (CODO) and Dealer-Owned-Dealer-Operated (DODO) options.
Of the total 133 gasoline stations installed by Total in the Philippines, 97 of which are DODO, and 36 are CODO.
In Cebu, Wanten said the company will build the infrastructure, which means the physical gasoline stations, and partnership will depend on the negotiations of interested entrepreneurs.
The first Total station in Cebu is located along Plaridel Street in Mandaue City. It has four pump islands and also has a Bonjour convenience store and Café that offer a wide selection of quality snacks and sundries. It is run by a staff of a 25 personnel.
“Our forefront service crew and Bonjour staff have been trained on the Total brand of customer service, which is what differentiates us from our competitors,” he said.
The Total big boss was here in Cebu to attend the Petro/World Forum held last March 9 to 12 at the Shangri-La Mactan Resort and Spa in Mactan Island.
In the next three years, the company plans to build at least 20 Total gasoline stations around the Cebu Metropolis.
“Cebuanos are different clientele. They are interesting,” Wanten said describing Cebuano customers as more demanding and critical. He said this is what makes it challenging for Total to establish its brand here.
With the quality and competitive products and prices offered by the company, Wanten is confident that Total will be able to hit the taste of the “Cebuano market”.
Total is the fifth largest publicly-traded integrated oil and gas company in the world. It reported sales of 179,976 billion Euro in 2008.
Source: The Freeman Cebu
This plan includes the installation of five more stations in Metro Cebu this year, which will incur an investment of P120 million.
In an interview with TPC president and managing director Ernst Wanten, he said that Cebu’s vibrant economy presents a growth opportunity for TPC.
Since its entry to the Philippines in 1998, Total has already installed 133 stations mostly in Luzon. This year, the company has decided to explore the Southern Philippine market, through a stronger presence in Cebu.
As part of its expansion program, the company opened a fuel depot in the province, which has a capacity of two million liters. It also currently upgraded its waterborne fleet with the acquisition of MT Camille, a 3,651 deadweight ton double-hulled vessel classified by the Korean Register Shipping as accredited by the International Association of Classification Societies (IACS). The depot will serve both retail and wholesale consumers.
Total’s strong entry in Cebu will not only provide wider options for consumers to get their fuel requirements, but it also offers business opportunity for entrepreneurs who may want to partner with the Total.
The company offers two packages for entrepreneurs for partnership these are via Company-Owned-Dealer-Operation (CODO) and Dealer-Owned-Dealer-Operated (DODO) options.
Of the total 133 gasoline stations installed by Total in the Philippines, 97 of which are DODO, and 36 are CODO.
In Cebu, Wanten said the company will build the infrastructure, which means the physical gasoline stations, and partnership will depend on the negotiations of interested entrepreneurs.
The first Total station in Cebu is located along Plaridel Street in Mandaue City. It has four pump islands and also has a Bonjour convenience store and Café that offer a wide selection of quality snacks and sundries. It is run by a staff of a 25 personnel.
“Our forefront service crew and Bonjour staff have been trained on the Total brand of customer service, which is what differentiates us from our competitors,” he said.
The Total big boss was here in Cebu to attend the Petro/World Forum held last March 9 to 12 at the Shangri-La Mactan Resort and Spa in Mactan Island.
In the next three years, the company plans to build at least 20 Total gasoline stations around the Cebu Metropolis.
“Cebuanos are different clientele. They are interesting,” Wanten said describing Cebuano customers as more demanding and critical. He said this is what makes it challenging for Total to establish its brand here.
With the quality and competitive products and prices offered by the company, Wanten is confident that Total will be able to hit the taste of the “Cebuano market”.
Total is the fifth largest publicly-traded integrated oil and gas company in the world. It reported sales of 179,976 billion Euro in 2008.
Source: The Freeman Cebu
BPI eyes slower remittance growth this year
Ayala-led Bank of the Philippine Islands (BPI) expects the growth of money sent home by Filipinos through its 19 remittance centers abroad to slow this year.
The bank, which recently opened its newest branch in Madrid, Spain, expects remittances to grow by 11 percent to $5 billion this year. Last year, remittances went up faster at 15 percent to $4.5 billion despite slower inflows from the US.
BPI Senior Vice-President Teresita Tan said three-quarters of the remittances had come from land-based workers, and the balance from seamen.
"There was a slowdown of remittances from the US but it remains large in terms of volume," she told reporters.
The growth in money sent home by Filipinos in the Middle East, Europe and other Asian countries was steady.
According to a central bank ranking, BPI had the second biggest remittance volume in 2008, with a 23-percent market share.
The central bank expects remittances to grow by 6 percent this year after actual growth exceeded the target last year.
Data showed remittances coursed through banks rose by 5.6 percent to $17.3 billion last year — better than the 4-percent goal — due to sustained demand for Filipino workers abroad.
The remittance level accounted for about a tenth of the country’s economic output, supporting local consumption amid the global economic slump.
The major sources of remittances last year were the US, Canada, Saudi Arabia, Britain, Japan, Singapore, United Arab Emirates, Italy and Germany.
Source: GMA Business News
The bank, which recently opened its newest branch in Madrid, Spain, expects remittances to grow by 11 percent to $5 billion this year. Last year, remittances went up faster at 15 percent to $4.5 billion despite slower inflows from the US.
BPI Senior Vice-President Teresita Tan said three-quarters of the remittances had come from land-based workers, and the balance from seamen.
"There was a slowdown of remittances from the US but it remains large in terms of volume," she told reporters.
The growth in money sent home by Filipinos in the Middle East, Europe and other Asian countries was steady.
According to a central bank ranking, BPI had the second biggest remittance volume in 2008, with a 23-percent market share.
The central bank expects remittances to grow by 6 percent this year after actual growth exceeded the target last year.
Data showed remittances coursed through banks rose by 5.6 percent to $17.3 billion last year — better than the 4-percent goal — due to sustained demand for Filipino workers abroad.
The remittance level accounted for about a tenth of the country’s economic output, supporting local consumption amid the global economic slump.
The major sources of remittances last year were the US, Canada, Saudi Arabia, Britain, Japan, Singapore, United Arab Emirates, Italy and Germany.
Source: GMA Business News
Friday, March 12, 2010
Aboitiz Equity Ventures acquires Cebu thrift bank for P1.36 billion
MANILA, Philippines - Aboitiz Equity Ventures Inc. (AEV) is acquiring indirect full ownership of Cebu-based thrift bank City Savings Bank (CSB) for P1.36 billion.
In a disclosure to the Philippine Stock Exchange, AEV said its board approved the purchase of up to 60 percent of CSB with the remaining 40 percent to be acquired by its wholly-owned unit Pilmico Foods Corp.
AEV, which currently owns 34 percent of CSB, said the acquisition of the additional stake is still subject to approval by regulatory authorities.
According to AEV, the acquisition would provide CSB with greater access to resources to sustain its high level of growth and to drive further expansion.
‘The support that AEV can give CSB is vital to catapult the bank to its ambitious growth plan in the years to come,” said AEV president and chief executive officer Erramon Aboitiz.
CSB currently has over 300 employees serving over 90,000 borrowers and more than 53,000 depositors. It has 12 full branches and 11 extension offices in the Visayas and Mindanao areas.
CSB has total capital funds of over P700 million and total resources of over P6 billion.
As a thrift bank, CSB is primarily engaged in offering loans to school teachers under the Department of Education’s Automatic Payroll Deduction System. Teachers have been the main market of CSB since it began operations over 40 years ago.
The bank’s other products include salary loans to government and private sector employees, home mortgage and home improvement loans, as well as small business loans.
CSB has one of the best operating efficiencies in the thrift banking industry with a low past-due ratio and among the highest capital adequacy ratios.
For the last five Bangko Sentral ng Pilipinas (BSP) examinations, covering a period of 10 years, CSB has received an average CAMELS rating of “4”, which indicates its ability to withstand unfavorable outside influences.
In March 2009, CSB issued P1 billion worth of five-year peso-denominated corporate fixed rate notes via a private placement to primary institutional lenders. Proceeds from the issuance were used to augment the bank’s funding base and support its long-term asset growth objectives.
AEV is the publicly listed holding company for the Aboitiz Group’s investments in power, financial services, food and transport.
Source: The Freeman Cebu
In a disclosure to the Philippine Stock Exchange, AEV said its board approved the purchase of up to 60 percent of CSB with the remaining 40 percent to be acquired by its wholly-owned unit Pilmico Foods Corp.
AEV, which currently owns 34 percent of CSB, said the acquisition of the additional stake is still subject to approval by regulatory authorities.
According to AEV, the acquisition would provide CSB with greater access to resources to sustain its high level of growth and to drive further expansion.
‘The support that AEV can give CSB is vital to catapult the bank to its ambitious growth plan in the years to come,” said AEV president and chief executive officer Erramon Aboitiz.
CSB currently has over 300 employees serving over 90,000 borrowers and more than 53,000 depositors. It has 12 full branches and 11 extension offices in the Visayas and Mindanao areas.
CSB has total capital funds of over P700 million and total resources of over P6 billion.
As a thrift bank, CSB is primarily engaged in offering loans to school teachers under the Department of Education’s Automatic Payroll Deduction System. Teachers have been the main market of CSB since it began operations over 40 years ago.
The bank’s other products include salary loans to government and private sector employees, home mortgage and home improvement loans, as well as small business loans.
CSB has one of the best operating efficiencies in the thrift banking industry with a low past-due ratio and among the highest capital adequacy ratios.
For the last five Bangko Sentral ng Pilipinas (BSP) examinations, covering a period of 10 years, CSB has received an average CAMELS rating of “4”, which indicates its ability to withstand unfavorable outside influences.
In March 2009, CSB issued P1 billion worth of five-year peso-denominated corporate fixed rate notes via a private placement to primary institutional lenders. Proceeds from the issuance were used to augment the bank’s funding base and support its long-term asset growth objectives.
AEV is the publicly listed holding company for the Aboitiz Group’s investments in power, financial services, food and transport.
Source: The Freeman Cebu
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