The peso rate closed at P54.63 to the US dollar last Thursday at the Philippine Dealing System of the Bankers Association of the Philippines. The weighted average rate stands at P54.66.
AusAid extends mango grant
The Australian Agency for International Development (AusAid) may extend an additional $500,000 grant to the Philippines to fund a national mango survey that will expand the country’s minimal export of less than 100 metric tons (MT) to Australia. Maria Araceli E. Albarece, Philippine agricultural attache to Australia reported that AusAid may also allow extension of the mango survey project by another two years from the original oneyear study. The additional fund will be on top of the existing $250,000 grant. "A Record of Understanding was recently signed between the Queensland Department of Primary Industries, the proponent of the project and AusAID Project for the implementation of the project," the Department of Agriculture reported. The survey, to be conducted with the Bureau of Plant Industry (BPI) and the National Mango Research Development Center, will establish all Philippine regions’ (maybe except Palawan) being free from the mango seed weevil (MSW) which is a pest of concern to Australia.
Technology processing suspended
The government has suspended the processing of applications for air and water management-related technologies. The Department of Environment and Natural Resources (DENR) will resume the processing of applications with the signing of a joint DENR-DOST administrative order entitled "Adopting the Technology Protocol on Environmental Technology Verification." The order covers all guidelines, circulars and orders covering the approval of technologies, including the guidelines on the application of pyrolysis technology for the treatment of waste. The temporary suspension will give the DENR and Department of Science and Technology sufficient time to "put together a set of rules on the use of so-called state-of-the-art environmentally sound and safe technologies." DENR said the suspension would improve the methods that have industry-wide application to make sure that the environmental technologies conform to the standards for the handling of wastes. The DOST would be involved in the reevaluation process "in recognition of its mandate of promoting, assisting, and, where appropriate, undertaking scientific and technological research and development and technological assessment and verification, among others."
C&P unit lines up 3 projects
Bullish on the performance of the country’s property market, Brittany Corporation, an affiliate of publicly traded C&P Homes, Inc., has lined up three more projects which are up for completion in the next seven years. Brittany Corp. Corporate Communications Head Nova J. Noval said the company will develop commercial and residential projects in Sta. Rosa, Laguna, Dasmariñas, Cavite and in Alabang, Muntinlupa. Limited details were given on the Alabang project but Noval said it would involve a 20-hectare residential development. Noval on the other hand said the Dasmariñas project is envisioned to be an IT Park with residential developments within it. The Dasmariñas project will sit on a 150-hectare property and would be completed in five to seven years. Development cost for the Dasmariñas IT Park is pegged at
P7 billion, Noval said. Lastly Noval said, Brittany’s Santa Rosa project, involves a residential development involving a 30-hectare property. Development cost for the project is pegged at P5 billion. The Sta. Rosa project is a co-development with the Quiros family of the Pueblo Santa Elena group, the Tantoco family of Rustan’s, Crown Asia, and the University of Santo Tomas (UST). Noval said apart from residential developments, a satellite campus for the Dominican-run UST will also be put up in the area.
Globe capital reduction OK’d
Globe Telecom Inc. said the Securities and Exchange Commission has approved the reduction in the company’s capital stock to
P10.25 billion from P11.25 billion. Globe is the Philippines’ second largest mobile phone service provider by subscribers and assets after Philippine Long Distance Telephone Company. The move reflects the cancellation of 20.06 million of Globe’s treasury shares, which was approved by stockholders earlier this year. The cancelled treasury shares, which carry a total par value of P1.003 billion, were bought back from investors, 8.06 million of which came from a concluded share buyback. The treasury shares also included the 12 million bought back from Deutsche Telekom AG (DT) in October 2003. Company officials earlier said the cancellation of the treasury shares aims to erase market concern that may be hurting the company’s share price. "We are addressing analysts’ concern over the potentially dilutive impact of these shares," Globe Chief Financial Officer Delfin Gonzalez said earlier this year.
ISP provider has new service
i-Manila, the first ISO-certified Internet Service Provider (ISP) in the country, recently launched iManilaOne, a personal mobile Internet service that offers premium postpaid plan at a prepaid price. The new service offers up to 20 hours of Internet connection for only
P200.00 a month and charges P8.00 an hour in excess of the maximum usage, announced i-Manila President Robert Deluria. "We launched i-ManilaOne in response to the need of practical users wanting to manage their Internet expenses," he explained. "What makes i-ManilaOne the right choice for postpaid Internet users are the simple and inexpensive rates, making it ideal for those who want premium Internet service without the hassles of complicated billing schemes and high rates," the President stressed. i-ManilaOne has one email address and is backed by i-Manila’s highly reliable Internet gateway and competent 24/7 customer support. The service now offers free access from 1:00 AM to 6:00 AM daily.
Port operator International Container Terminal Services Inc (ICTSI) said it will issue a total of 84.75 million common shares under its Employee Stock Option Plan. In a statement to the stock exchange, ICTSI said the Securities and Exchange Commission has exempted the shares from registration requirements. No other details were provided.
ASB Holdings, Inc. is eyeing robust revenues from its newly launched project St. Francis Square, a bargain mall located in between Henry Sy’s SM Megamall and The Podium at the Ortigas Commercial Center.
Edgardo Tenedero, Senior Vice President for Operations of St. Francis Square said the new commercial center is now leased by 950 tenants and will be at full capacity by next month.
St. Francis Square has a total leasable space of 18,000 square meters and can accommodate up to 1,300 tenants.
Depending on the performance of St. Francis Square, Tenedoro said ASB Realty may also consider putting up more bargain malls in the future.
" We hope this(St. Francis Square) becomes a buy word in such a short time," Tenedoro said.
The construction of St. Francis Square bargain mall has the prior approval of the Rehabilitation Receiver of ASB Holdings. ASB filed for rehab in the late 90’s due to financial troubles.
Meantime in a recent development, ASB Holdings through its subsidiary ASB Realty Corp. entered into a joint venture agreement with Sta. Lucia Realty and Development Inc. for the development of a property in Sto. Tomas, Batangas.
ASB Realty, together with Sto. Tomas Agri Farms Inc. (Stafi) and Novoland Development Corp., entered into an agreement with Sta. Lucia to develop a 55-hectare property in Batangas into residential and commercial subdivision.
The joint venture has already been approved by the Securities and Exchange Commission. The approval, however, was subject to the condition that ASB Realty will use its earnings from the joint venture to pay its more than 700 unsecured creditors.
ASB Realty expects to generate
P100 million in earnings from the agreement, which will go to the asset pool of the ASB Group to settle its obligations.
Pancake raises $4 M in notes issue
Pancake House Inc said it raised $4 million by issuing five-year convertible notes, which it used to finance the acquisition of a 70 percent equity interest in restaurant chain Teriyaki Boy. In a statement to the stock exchange, Pancake House said the acquisition deal was closed Friday. The notes are convertible at any time, at the option of the investors, to 49.16 million common shares representing 20.6728 percent of the company’s enlarged capital. Conversion price is
P4.4850 a share. Pancake House issued the notes to Aureos Southeast Asia Fund LLC, Planters Bank Venture Capital Corp for SMEs, Pancake House Holdings Inc, and Pancake House shareholder Martin Lorenzo. Pancake House was untraded today after closing at P2.60 last Friday.
Petron complies with BoI rules
Petron Corp. said it has complied with Board of Investment requirements that would entitle the company’s more than
P9 billion worth of petrochemical projects to tax incentives and other perks. Earlier, the BoI approved Petron’s application as a new export producer of benzene, toluene and mixed xylene and as a new domestic producer of propylene. The approval was subject to certain terms and conditions, which Petron said it has already complied with. Incentives Petron would be entitled to include income tax holidays and lower duties on imported capital equipment, the company said in a statement. "Our entry into petrochemicals supports our strategy of investing in higher margin businesses which will increase our presence in the regional market," Petron president and chief executive officer Khalid Al-Faddagh said. "Our focus in the next five to 10 years is to develop our refinery assets to capture the unique opportunities presented by developments in the petrochemical industry. Petrochemical demand is projected to grow at an annual pace of 5 percent between 2005 to 2015, and command better regional and local prices than petroleum products, the company said. In the six months to June, Petron’s export sales contributed nearly a third of its P2.31 billion net profit, the bulk of which came from exports of mixed xylene.
PAL starts Beijing flight on Nov. 11
Philippine Airlines (PAL) said it will start regular flights from Manila to Beijing on Nov 11, returning to the Chinese capital after a 16-year hiatus. In a statement, PAL said it will fly to Beijing and back three times a week and will use Airbus A330-300 aircraft for the first two flights, on Nov 11 and 13, to accommodate the expected number of passengers. It will soon after switch to Airbus A320s, which seat 150 passengers. PAL flew to Beijing from 1979 to 1989, when services were suspended for commercial reasons. PAL said Beijing provides a bigger platform from which to access a growing tourism market. Beijing will be the Philippine carrier’s third destination in China. It already flies to Xiamen and Shanghai.
The Fair Trade Alliance (FTA) has commended the endorsement made by the Bureau of Customs for the filing of charges against cement importer, Southern Cross Cement Corp. (SCCC). In a statement, Dr. Rene Ofreneo of the FTA commended the BoC action. In particular, Ofreneo commended BOC Commissioner Alexander M. Arevalo for the endorsement made by the Customs Intelligence and Investigation Service (CIIS). The CIIS has recommended for the filing of criminal charges against SCCC for alleged illegal release of its cement imports, falsification of public documents and making misrepresentations. The FTA said the BOC move will promotestanding crusade against harmful imports and unfair trade practices. This will also promote a level-playing field and strengthen our resolve to nurture our local industries and agriculture, Ofreneo said.
Filinvest Land Inc., a property concern, yesterday said it plans to set aside
P1.2 billion for capital expenditure in 2006, more or less in line with its allocation for this year. In a disclosure to the stock exchange, the company said the amount, which is still a rough estimate, will be used to finance land development and construction projects. Filinvest Land President Joseph Yap said funds to support next year’s planned capital spending will be internally generated. Early this year, the company said it was looking to allocate between P1 billion and P1.2 billion for capital spending in 2005. Filinvest Land in August posted lower second-quarter earnings after a decline in real estate sales in the period, despite a stronger showing in the first quarter. The company said net profit in the three months to June fell 20 percent on year to P141.9 million from P176.3 million, as real estate sales decreased 24 percent on year to P485.2 million from P641.4 million. Filinvest Land’s second-quarter performance dragged first-half net profit down 3.2 percent on year to P272.4 million from P281.4 million, even as real estate sales for the January-June period improved 15 percent on year to P1.16 billion from P1.01 billion.
To date, the International Container Terminal Services, Inc. (ICTSI) has invested USD$65 million on its Suape Container Terminal (SCT) in Pernambuco, Brazil and is on track in its goal to make the port achieve hub status. Recently, ICTSI spent some USD$17 million to acquire new container handling equipment and improve the terminal’s infrastructure. Subsidiary Tecon Suape, S.A. (TSSA), manager and operator of the SCT bought two new postPanamax quay cranes (QCs) and two rubber tired gantries (RTGs) manufactured by Shanghai Zhenhua Port Machinery Co. of China. In addition, the company constructed a 30,000-square meter storage area. In all, TSSA has invested USD$65 million since 2001 when it started operating the SCT. Key areas of the investments were infrastructure, equipment, information technology and manpower development. "We are commissioning new container handling equipment at the SCT to better accommodate the surging volumes in the terminal," announced Enrique K. Razon Jr., ICTSI chairman and president. "Our export boxes were up to 20 percent in August compared to the same period last year. Before the end of the year, we are expecting to handle 185,000 TEUs, a 35 percent increase from 2004," he elaborated. "We are also preparing the SCT to be the next hub port not only in Brazil but in the South Atlantic," added Sergio Kano, TSSA chief operating officer. The equipment will be operational in mid-November, making SCT the most modern in Brazil. Even now, "The terminal is fast becoming a hub for the region’s EuropeanLatin American trade," he concluded.
