31 C
Makati City
Monday, February 27, 2017
All-Asia Resources and Reclamation Corp. (ARRC) urged the government on Sunday to decide on its unsolicited proposal to build a new airport complex in Sangley, as this would help the Ninoy Aquino International Airport (Naia) become more efficient. Edmundo Lim, who sits as vice chairman at ARRC, said should the government approve the group’s...
The Department of Energy (DOE) and the Consunji-led Semirara Mining and Power Corp. (SMPC) are set to sign a memorandum of agreement (MOA) aimed at bringing down the cost of generating electricity in Mindoro for as low as P2.50 per kilowatt-hour (kWh). “The MOA is about to be signed soon,”...
The Philippine Stock Exchange Inc. (PSE) said it is more confident now to buy the PDS Holdings Inc., which owns the trading platform for the fixed-income instruments. PSE President Hans B. Sicat told reporters the operator of the country’s equities market may have a formal signing ceremonies in few weeks...
CONGLOMERATE Ayala Corp. said it is increasing its capital expenditures (capex) this year by 13 percent to P185 billion this year, to support the growth of its property development, telecommunications and water units and ramp up its emerging businesses in power, industrial technologies, health care and education. The figure could...
METROPOLITAN Bank and Trust Co. (Metrobank) reported a consolidated net income of P18.1 billion in 2016. Net income in the fourth quarter alone was at P5.5 billion, 3 percent higher than the comparative period in the previous year. In 2016 Metrobank achieved all-time high levels in the bank’s 54-year history....
EMPLOYEES are not too overwhelmed by the bonus they get from their companies as the employees perceive it to be very rewarding, JobStreet.com said. As per the Bonuses Report 2017 of the jobs portal, only 51 percent of employees believe that the guaranteed bonuses they receive are on a par...
THE ongoing network modernization program of Smart Communications Inc. has started to bear fruit, at least according an internal test, which, according to a company executive, is showing “very promising” results. Smart Chief Technology and Information Advisor Joachim Horn said the province with the most improvement is Rizal, whose average...
THE Manila Electric Co. (Meralco) and PowerSource First Bulacan Solar Inc. (PFBS) are asking the Energy Regulatory Commission (ERC) to approve their power-supply agreement (PSA). In a 15-page application, they asked the ERC to “render a decision approving the PSA”. Meralco cited the need to source additional peaking capacity through bilateral...
THE recent GDP growth results and its optimistic growth projections for the country in the coming year continue to bolster the Philippines’s reputation as one of the region’s economic tigers. With the administration set to present its socioeconomic blueprint, Allianz PNB Life Insurance Inc. CEO Olaf Kliesow said the country’s...
DISTILLER Emperador Inc., the liquor unit of businessman Andrew Tan, will be booted out of the 30-company benchmark index, the Philippine Stock Exchange index (PSEi), when it recomposes in mid-March. Grocery-chain operator Puregold Price Club Inc. will replace Emperador, the first time the company led by Lucio Co will be...
PHOENIX Petroleum Philippines Inc. registered a 21-percent increase in net income last year to P1.09 billion mainly on account of higher sales. Core earnings from the fuel business more than doubled to P937 million, from P416 million, due to better margins and sales mix. It reported that fuel sales volume grew 25...
DMCI Power Corp. (DPC) is pouring in P1.2 billion this year to finance a number of power projects. DPC President Nestor D. Dadivas said the amount is meant to augment the power firm’s existing generation capacity and to implement its scheduled maintenance programs in the provinces of Masbate, Oriental Mindoro and...
ROCK Energy International Corp.—which operates a coal stockpile in Vitas, Tondo, Manila—is appealing to Environment Secretary Regina Paz L. Lopez to heed its call to lift the suspension of its environmental compliance certificate (ECC). Carlo Fontanilla, managing director of Rock Energy, wrote a letter to Lopez on January 18 reiterating...
THE head of the European Union-Asean Business Council (ABC) on Wednesday said the Philippines should open up its bond market for long-term investment vehicles so that money would be available for the government to use for many very important infrastructures. “The basic problem throughout the region is lack of finance,...
AUSTRALIAN listed firm Tomizone Inc., a technology company partly owned by Januario Jesus Gregorio III, president of mass-housing builder 8990 Holdings Inc., has purchased Philippine-based Social Light Inc. Tomizone will acquire all of Social Light’s issued capital, which serves many enterprise clients in the Philippines, through the issue of up...
PROPERTY developer Ayala Land Inc. is raising P30 billion from the debt market to fund its corporate requirements and refinance its short-term loans. The company’s board has approved the capital-raising activity when the country’s second-largest property developer will sell up to P20 billion in either retail bonds, corporate notes or...
MALL operator SM Prime Holdings Inc. said its recurring income grew 14 percent last year to P23.8 billion, from P20.9 billion in 2015. Consolidated revenues grew 12 percent to P79.8 billion in 2016, from P71.5 billion the year before. Overall operating income rose by 12 percent to P35.3 billion in...
CLARK FREEPORT—A P1.3-billion disaster-resilient data center building located in the heart of this free port was unveiled by industry leader ePLDT on Friday, four days after the inauguration of a similar facility in Davao City. The new Vitro Data Center Clark is the ninth such facility in the country launched by...
CONGLOMERATE San Miguel Corp. (SMC) on Tuesday made public findings of various tests it conducted in response to health and environment concerns raised by activist groups against its power plant in Bataan. The company said in a statement that medical missions indicated the Petron Bataan Refinery in Limay has not...
THERE exists an imbalance between the supply of transport network vehicles and the demand for the service in the country, which the general manager of Grab Philippines said will be addressed through the lifting of the Land Transportation Franchising and Regulatory Board’s moratorium on the application for new franchises. Grab...