PHILIPPINE Seven Corp., operator of the country’s largest convenience store chain 7/Eleven, is allotting P650 million for capital expenditure to support its expansion program this year.

At a party for the company’s 10th listing anniversary Thursday, president and chief executive Victor P. Paterno said they will be adding 60 to 80 new stores around Metro Manila and Luzon and refurbish some branches. By the end of 2008, Philippine Seven expects to have 400 stores.

“We will support our capex mostly through internal cash. We will also drawdown from an available credit line, which to date, stands at P525 million,” he said.

Philippine Seven posted a net income of P54 million last year from P22 million a year earlier. Revenues also grew 7 percent to P4.9 billion in the same comparable period.

Seventy percent of its stores are operated via a franchise deal. The company runs the rest.

Philippine Seven, whose shares are traded at the Philippine Stock Exchange (PSE), is 56.6-percent owned by the Taiwan-based president Chain Store (Labuan) Holdings Ltd., an investment holding company. Individuals and other investors hold the balance of 43.4 percent.

On December 13, 1982, the company acquired from Southland Corp.—now 7-Eleven Inc.—of Dallas, Texas the license to operate 7-Eleven stores in the Philippines. It opened its first store on February 29, 1984 at the corner of Kamias Road and Edsa in Quezon City. It was a slow growth for PSC in its first year.

In 1993, encouraged by a resurgent economy, Philippine Seven stepped up its rate of expansion.

7-Eleven derives its revenues from retail merchandise, services commission and franchise activities. Its primary expenses are cost of goods, operating, selling, general and administrative expenses, interest expense and income tax.

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7-11 throws in P650M for spending

PHILIPPINE Seven Corp., operator of the country’s largest convenience store chain 7/Eleven, is allotting P650 million for capital expenditure to support its expansion program this year.

PHILIPPINE Long Distance Telephone Co. (PLDT) is insisting on its right to collect transport charge, or fees for carrying calls, from Philippine Telegraph and Telephone Corp. (PT&T).

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Did you know 1: The Bureau of Customs is one unhappy place right now.

You see, it hasn’t met last year’s collection target, not even close. And that means that under the 2007 Attrition Law, those collectors who didn’t hit their quotas will have to go.