Archive for the ‘Business & The Economy’ Category
TVI Pacific Inc. and Mindoro Resources Ltd. announced the signing of an agreement on TVI’s strategic private placement in Mindoro as well as the possibility of a joint venture over the Agata nickel project in Surigao del Norte and Pan de Azucar project in Iloilo. Both Canadian mining groups are focused on gold, copper and nickel production and exploration in the Philippines.
TVI said under the agreement, it would infuse C$3.15 million in Mindoro Resources Ltd. and would have the exclusive right or option to enter into joint venture arrangements with Mindoro with respect to Agata and Pan de Azucar projects. TVI said under the agreement, it would advance a bridge loan of C$968,969 pursuant to a limited security promissory note.
Read more at Manila Standard Today
Photo by getolympus at Flickr.com
Philippine Airlines (PAL) is increasing its authorized capital stock worth 17 billion Pesos or 85 billion common shares which will be subscribed to by PAL Holdings. The latter is also increasing its authorized capital stock to 23 billion Pesos the help fund the expansion of the carrier and accommodate the entry of San Miguel Corporation.
“SMC is buying into PAL and affiliate budget carrier Air Philippines Corp. (AirPhil) through several layers of holding companies. This will lead to SMC’s acquisition of 49 percent of PAL’s publicly-listed parent firm PAL Holdings, which in turn will give it effective control of at least 40 percent of PAL,” as reported by Philippine Star.
Read more at PhilStar.com
Photo by fraginal at Flickr.com
News broke today that casino operator Melco Crown Entertainment Limited (MPEL) is exploring options to open a casino in the Philippines. The company is said to be partnering on a billion-dollar casino resort in Manilla, the capital city. The latest rumors have Melco partnering with the Philippines’ richest man Henry Sy Jr. The deal would see a 50-50 joint venture between the casino, hotels, and entertainment available at the property.
The city, which had 1.7 million people as of 2010, is the second most populous city in the nation. The Philippines are hoping to turn a portion of the Manilla region into a gaming area similar to the Las Vegas strip.
Read more at Seeking Alpha
Photo by paomont at Flickr.com
An unnamed American company that produces computer parts and accessories may invest $300 million in the country by transfering its current facilities from Japan to the Philippines, Ma. Elisa P. Osorio of the Philippine Star reported last Monday. It looked into leasing facilities at the Clark Freeport Zone in Angeles City or TIPCO Industrial Estates in Mabalacat, both located in the province of Pampanga.
The Chicago-based company already has three sites outside the United States: Japan, China and Singapore. The Philippine site will be producing products for its clients in the ASEAN region and the United States. Philippine Trade Undersecretary Cristino Panlilio refused to name the company but said “it is the second largest in the world in its line of business.”
Read more at The Philippine Star
Photo by thewalkingirony at Flickr.com
President Benigno S. Aquino III awarded Leyte as the most business-friendly LGU (local government unit) or province in the Philippines during an award ceremony held at the Manila Hotel Thursday evening. The Philippine Chamber of Commerce and Industry (PCCI) also awarded the province a Hall of Fame award for consistently winning the award for the third time.
Governor Carlos Jericho L. Petilla personally accepted the award. He was accompanied by Vice Governor Mimyet Bagulaya and the members of the Sangguniang Panlalawigan of Leyte, and several department heads, in a display of unity and force.
PCCI cited the Leyte’s effort to prepare the province as an IT destination through Leyte ICT Park and the launching of the Technology Business Incubator (TBI) that provides initial assistance to starting entrepreneurs in the IT field. The ICT Park has been recognized by the Philippine Economic Zone Authority (PEZA).
Read more at Philippine Information Agency
Photo by blade842125 at Flickr.com
The Macau Daily Times recently reported that Overseas Filipino Workers (OFW) working in area are now eligible to borrow from 300,000 Pesos up to 2 million Pesos with a fixed interest rate of 7.5 percent per annum. This program is a joint effort of the Department of Labor and Employement (DOLE), the Overseas Workers Welfare Administration (OWWA), the Development Bank of the Philippines (DBP) and the Land Bank of the Philippines. This special loan program is open to all migrant and overseas Filipinos legally working abroad.
Eligibility rules require the applicant to have a net monthly income of no less than 10,000 Pesos and has made at least one contribution to OWWA. Approved applicants have seven years to pay the loan.
Source: Macau Daily Times
Photo by dying_of_the_light at Flickr.com
San Miguel Corporation, today’s conglomerate in the Philippines, is planning to acquire 65 percent of Esso Malaysia or 175.5 million shares from ExxonMobil International Holdings, including two local ExxonMobil companies, for more than 600 million USD. This acquisition adds to the portfolio of oil refining and marketing businesses outside the Philippines that San Miguel owns or has shares with.
Esso Malaysia has about 560 retail stations in Malaysia. Currently, San Miguel also owns 68 percent of Petron Corporation, the largest oil refining company in the Philippines.
Read more at The Star Online
Photo by nafim at Flickr.com
The Export Development Council (of the Philippines) was created by virtue of Republic Act 7844, otherwise known as the Export Development Act of 1994. It was created with the purpose of developing and overseeing the implementation of the Philippine Export Development Plan (PEDP) and coordinating the formulation and implementation of policy reforms to support the Plan.
Based on a plan recently presented to Philippine President Aquino, the EDC expects annual export growth to be within 10% in merchandise shipments until 2013. This target relies on exporting more to neighboring countries like China whose economy continues to expand, and Japan which many expect to recover fast despite the Tsunami catastrophe. The plan was approved by the President.
Photo by edison.sy at Flickr.com
Photo by ronrag at Flickr.com
Remittances from overseas Filipinos rose 6.2 per cent to 7.9 billion dollars in the first five months of 2011, the Central Bank of the Philippines said Friday. In the month of May alone, remittances totaled 1.69 billion dollars, up 6.9 per cent from 1.58 billion dollars in the same month last year.
The major sources of remittances in the period were the United States, Canada, Saudi Arabia, Britain, Japan, Singapore, the United Arab Emirates, Italy and Germany.
Read more at Monster and Critics
I’ve attended a few seminars of Randell Tiongson, including one or two that presented Paulo Tibig and Francis Kong as speakers. I even wrote a piece in my blog How Can You Possess “Financial Freedom?” after attending Randell’s short seminar on financial planning, espousing the benefits of financial freedom.
I encourage you to spend some time and a little of your cash to educate yourself on financial planning, fnancial freedom and, this time, financial peace. Attend this one-day seminar for a “wake-upper” on how you spend (and save) your money.
Poster courtesy of RandellTiongson.com
Photo by etunar at Flickr.com
Century Properties Inc. (CPI) over the weekend said it has received a P2.2 billion investment from Netherlands-based All Pensions Group (APG).
CPI described APG as a strategic investor but did not provide details on how the APG entry is structured.
“The investment by APG in Century augurs well as it is a sign of APG’s confidence in the Philippine economy over the long term and APG’s trust in the management, track record and vision of Century. Today, Century is marking a milestone through our partnership with APG,” Jose E. B. Antonio, CPC chairman, said.
Read more at Malaya Business Insight
Photo by nargalzius at Flickr.com
American business in the Philippines are the second most optimistic in Association of Southeast Asian Nations (ASEAN), second only to Singapore, according to a survey by the ASEAN Business Outlook Survey 2010.
Based on the survey, 66 percent of total respondents said they expect their profits to increase in 2010, while 82 percent said they expect profits to increase in 2011.
The survey further said that respondents in the Philippines show increasing optimism about the future of the local economy.
Read more at U.S. News Las Vegas
Photo by glenn_almonte at Flickr.com
Qtel may raise its shareholding in the Philippines’ Liberty Telecoms company and is discussing further expansion of the mobile broadband venture with local partner San Miguel Corporation, according to reports from the Reuters news agency.
Qatar’s dominant telco currently has a 32.7% stake in Liberty, while San Miguel holds 33% of the holding company, which is valued on the market at just under US$110 million. Its subsidiary, Liberty Broadcast Networks, operates a WiMax based Wi-Tribe 4G broadband service which launched in February, following similar ventures by Qtel and Saudi Arabia’s A A Tukri Group (Atco) in Jordan and Pakistan.
Read more at Rapid TV News
Photo by Svadilfari at Flickr.com
Coca-Cola disclosed its plan to spend $1 Billion over the next five years to expand its presence and operations in the Philippines as part of its global plan to focus more on emerging markets. A recent upgrade in global standing of the Philippines by Goldman Sachs to include the country in its “Next Eleven” list may have been one of the reasons why Coca-Cola is investing this much. With a population of 91 million and a stable manufacturing and service-based economy, the Philippines offers several good investment options for the likes of Coca-Cola.
$2 Billion investment is also alloted for China while it is also buying its largest bottler in North America for more than $12 Billion.
The Association of Filipino Franchisers, Inc. (AFFI) is holding the 9th Filipino Franchise Show is happening on September 16-19, 2010 at the World Trade Center along Roxas Boulevard.
This year’s tradeshow will not be like any other staged before. The 9th Filipino Franchise Show will run for four days instead of just three days, which was the case in the previous tradeshows held. The show will also be occupying two exhibit halls this time to accommodate more proven successful franchisers, as well as new and promising brands belonging to the food, retail and service industries.
The 9th Filipino Franchise Show is indeed rich with opportunities for aspiring entrepreneurs and seasoned businessmen in search of the right venture, and also for established companies wanting to grow their business through franchising.
For more information, contact:
Association of Filipino Franchisers Inc.
Tel. Nos. (02) 506-8883 (02) 506-8883 (02) 506-8883 (02) 506-8883 0917-518-AFFI, 347-0153, 534-1134
Click to: www.franchiseshowphilippines.com
Photo by richardjosephsiy at Flickr.com
One of the Philippines’ biggest companies San Miguel Corporation is set to sell 75 billion Pesos worth of shares to finance investments and acquisitions. The board of Southeast Asia’s largest food and beverage company has approved the sale of shares for at least 75 Pesos per share.
Source: MSN News
The recent anti-outsourcing bill proposed by Senator Charles Schumer is a source of concern for the Filipino American community. The Shcumer bill, places a tax on outsourcing and Filipinos in the U.S. it is going to hurt businesses in the Philippines and give the U.S. a bad image. The bill puts a 25-cent tax on each call made to a call center based outside the U.S. Members of the Filipino-American community traveled to the capital to visit Senators Kristen Gillibrand and Charles Schumer to express their opposition to the bill. A letter from the National Federation of Filipino American Associations (NaFFAA) to Sen. Schumer said that the proposal is incongruous with the impression of America as a big brother.
The proposal has passed in the House. It is now in the Senate for scrutiny and its primary purpose is to create a disincentive for outsourcing.
Read more at Blogger News Network
Thursday, 22 April 2010 10:00 PM Rafael Pekson II
When everyone thinks you should also join the fray of setting up a call center, you wonder if it’s the right thing to do. Though many have succeeded in building one from scratch, others have also failed nonetheless. This three-part series intends to provide you with a practical guide to set up and operate your call center in a simple yet profitable manner within the context of the Philippine business world.
Read more at Philippine Online Chronicle
Philippine carrier Cebu Pacific is scheduled to begin an IPO roadshow, starting with a domestic presentation on April 5 and an international leg the following day. This roadshow that intends to raise as much as 25.7 billion Pesos. The maximum price per share is 95 Pesos with an offer of about 125 million new shares to raise about half of the estimated new funds. It will also sell existing shares.
The domestic IPO is from April 19 to 26 with its shares to be listed on the Philippine Stock Exchange on May 3.
Read more at cebu-pacific-airlines.com
JUST IN: Cebu Air, Inc., the airline company of Cebu Pacific, is deferring the IPO until after the May 10 national elections.
Banko Sentral ng Pilipinas (Central Bank of the Philippines) says half of OFW families are saving more money remitted to them, rising 50 percent more than usual, while remittances allocated to investments decreased.
There are approximately 11 million Filipinos working in other countries or 11 percent of the population of the Philippines. In January, remittances from overseas Filipinos amounted to $1.4 billion, posting a year-on-year growth of 8.5 percent.
Read more at Manila Bulletin
“It’s about time,” as I should say.
Washington Business Journal recently reported that under the new reforms of the Federal Reserve, consumers will have to provide more personal information, such as shoppers’ income and the ability to pay, before stores who normally give away credit cards on whim grants the approval. This takes effect on February 22 this year.
A funny thing – the National Retail Federation opposes the move.
Source: Washington Business Journal
Maharlika Agro-Ventures Corp., a domestic poultry firm and contract grower for San Miguel Foods, Inc., has established a new company — North Star Poultry Equities, Inc. — for a “virtual poultry farming” project. North Star Poultry would be co-owned by overseas Filipino workers (OFWs). An overseas worker can invest at least P50,000 on the virtual poultry farm. Investors can monitor how their poultry operation is doing through a Web site that would be created specifically for the project.
Read more at Business World Online
Philippine fast food giant Jollibee Foods Corp. (JFC) has given up its operations in China’s Taiwan and Shanghai and chosen to focus on “building bigger brands” in other parts of China.
JFC gave up its 70 percent stake in Lao Dong Pte. Ltd. which operates Lao Dong restaurants in Taiwan. It also terminated its franchising agreement with Chun Shui Tang Tea House and shut down its stores in Shanghai.
Read more at Individual
The money sent home by overseas Filipino sailors rose by $108 million or 4.51 percent to a new record of $2.501 billion in the nine months to September this year, from $2.393 billion over the same period in 2008, the Trade Union Congress of the Philippines (TUCP) said.
“A growing number of European and Asian shipping firms are disbanding their multinational crews, and replacing them wholesale with all-Filipino personnel that are younger and more able,” said Herrera, former chairman of the Senate committee on labor, employment, and human resources development.
Read more at Inquirer Global Nation