mb.com.ph | Philippine News | Archive | Business | 33
Home  » Business » Business

Business

Philseven profit soar on election spending

Philippine Seven Corporation (PSC), the local licensee of 7-Eleven Convenience Stores, registered 61.6 percent surge in net income to P182.4 million during the first quarter of 2016 from P112.9 million in the same period last year. In a disclosure to the Philippine Stock Exchange, the firm said its “improved financial performance was within expectation as the Company’s profitability is historically favorable during election years.” Retail sales of all stores totaled to P7.3 billion, up by 33.5 percent compared with the P5.5 billion in same period last year. “The increase in sales can be attributed to the higher number of operating stores, which rose by 23.4 percent or by 314 stores. In addition, same store sales went up by high-single digit during the period,” PSC said. PSC opened 55 new stores and closed 2 to …

Read More

GERI Q1 profit surged 50% on higher residential sales, hotel income

Megaworld subsidiary Global Estate Resorts Inc. (GERI), the country’s biggest developer of integrated tourism estates, said its net income grew 50.84 percent to P209 million in the first quarter of 2016 on higher residential sales and hotel income. In a disclosure to the Philippine Stock Exchange, the firm said consolidated revenues rose 65.23 percent  to P1.46‐billion in the first quarter this year from the P885 million registered during the same period in 2015, as residential sales and hotel income soared to remarkable levels. “The start of the year has been impressive thus far and we look forward to the rest of 2016 as we see a continuing momentum in our growth until year‐end,” says GERI president Monica Salomon. Real estate sales more than doubled year‐on‐year, soaring 102.79 percent to P1.12 billion in the first quarter of …

Read More

Landbank Q1 profit up 15%, exceeds target

The Land Bank of the Philippines said its net income grew 15 percent in the first quarter of 2016, citing higher loan portfolio amid conservative growth in income from investments. In a statement, the Landbank said its net income expanded to P4.14 billion in the first three months, which is on track towards steady growth this year. This is also 23 percent higher than the year-to-date target of P3.38 billion. Landbank president and CEO Gilda E. Pico said that interest income on loans jumped 20 percent as the bank’s gross loan portfolio grew to P464.8 billion in the first quarter this year  from P398 billion in March 2015. “We are well-positioned for sustained growth this year as we continue to boost revenue and manage expenses in order to further drive support to our priority …

Read More

Sin tax collection slows down in March

For the first time since the new excise tax law took effect, government revenues form the so-called “sin” products dropped in March this year, the Department of Finance (DOF) reported Wednesday. According to the finance department, sin tax collection of the Bureau of Internal Revenue (BIR) fell 1.73 percent year-on-year last March and short by 5.26 percent against the target. BIR Commissioner Kim S. Jacinto-Henares attributed the slowdown on the implementation of the Graphic Health Warning Law. “Tobacco manufacturers are slowing down production last March because they haven’t sold out their cigarette packs with no graphic health warnings, which are already in the market,” Jacinto-Henares said. In March, excise tax revenues from sin products reached P8.09 billion, below the P8.54 billion target for the month and lower compared with P8.24 billion collection in the …

Read More

Philippine markets gain after elections

By Cris Larano, Dow Jones MANILA -- Philippine financial markets rose Tuesday as election results suggested a strong mandate for the presumptive next president in one of the world's fastest-growing economies.   Some fund managers and economists said they believed the market could advance further after Rodrigo Duterte names members of his economic team and provides other details about his plans for the government. Since early April -- when Mr. Duterte, the mayor of Davao City, took the lead in polling -- Philippine shares had fallen and the peso had steadily weakened against the dollar. On Tuesday, however, as the unofficial count showed Mr. Duterte leading his closest rival by more than six million votes, the equities market and the peso shrugged off early weakness. The stock market's benchmark PSEi closed 2.6% higher at …

Read More

BSP’s rediscounting totals P10.4B in April

The Bangko Sentral ng Pilipinas (BSP) reported an end-April rediscounting loans of P10.423 billion, which was P1.428 billion more than the previous month’s P8.995 billion. On a year-on-year basis, the peso-rediscounting facility released a significantly large volume of loans to banks as of end-April compared to the same period in 2015 of only P80 million. This was the second month this year that the BSP was releasing a huge amount of rediscounting loans. Banks, particularly the large lenders, turn to rediscounting loans as standing credit facility for their temporary liquidity requirements by refinancing the loans they extend to their clients. Since March, some large commercial banks have been tapping the facility after basically leaving it to the smaller banks in the last three years. The demand for temporary liquidity has been on a decline since …

Read More

SEC sets new deadline for submission of basic credit data

The Securities and Exchange Commission (SEC) had set a new deadline for the submission of basic credit data, requiring all financing companies in the country to submit their latest basic credit data to Credit Information Corp. (CIC) on or before August 31. This is to ensure the protection of consumer as well as reduce the overall credit risk in the country. In its latest memorandum circular, SEC decided to enforce Republic Act No. 9510, otherwise known as the Credit Information System Act (CISA), which mandates entities primarily engaged in lending activities to submit Basic Credit Data. Among the entities required to submit Basic Credit Data are financing companies registered with this Commission and holding a valid Certificate of Authority to operate as such, including banks, quasi-banks, their subsidiaries and affiliates, life insurance companies, …

Read More

PH gov’t asks WTO to review Thai compliance over cigarette case

The government has asked the World Trade Organization (WTO) to review Thailand’s compliance of its ruling on the cigarette dispute with the Philippines. This is the first time that the Philippine government has formally asked WTO to review whether Thailand has complied with the ruling or not. It can be recalled that the WTO has ruled in favor of the Philippines, directing Thailand to impose fair tax treatment on cigarette exports from the Philippines. Based on its filing with the WTO, the Philippines has submitted the request citing Article 21.5 of the Dispute Dispute Settlement Understanding (“compliance panel”) to review measures adopted by Thailand following the adoption by the Dispute Settlement Body on July 15, 2011 of the Appellate Body and panel report in the case “Thailand – Customs and fiscal measures on …

Read More

PH exports seen accelerating to double-digit growth in 2017

The country’s exports growth is expected to accelerate to a double-digit 10.6 percent to $104 billion in 2017, the updated Philippine Exports Development Plan (PEDP) showed. Senen Perlada, director of the Bureau of Export Management Bureau of the Department of Trade and Industry, told reporters this is an acceleration from the target of 8-9 percent growth for 2016 or projected exports of $92.2 billion and $94 billion only. This means total exports in 2017 could hit a low of $99 billion to a high of $104 billion. The new updated 2015-2017 PEDP has been approved by the Export Development Council, which is composed of representatives from both the private and public sector. For 2016, the services are expected to contribute a low of $29.8 billion and a high of $30.2 billion. The merchandize …

Read More

PH mining industry sees lower investments in 2015

The amount of investment poured into the country’s mining industry, which became one of the most vulnerable sectors to falling commodity prices last year, had gone down in 2015 compared to what it had in 2014. A data from Mines and Geosciences Bureau (MGB) showed that the total investments in major mining projects in the Philippines reached US$ 924.94 million in 2015, down by 22.5 percent from the total investments of US$ 1.193 billion made in 2014. Investments in new mineral exploration projects, on the other hand, stood at US$78.97 million, down also by 44.23 percent from last year’s investment of US$141.6 million. These are attributed mainly to the continuing expansion of several operating mining projects and one new mining project in construction stage. For instance, US$44.98 million worth of investment was put into …

Read More