Corporate News: Ayala sets sights on Southeast Asian market

AYALA Corp. is ramping up the regional expansion of its real estate, power and water units, while engaging Chinese firms keen on expanding in the Philippines, as the country's oldest conglomerate seeks to deepen its presence in businesses that will help address the needs of the country......»»

Category: financeSource: bworldonline bworldonlineApr 23rd, 2017

PSEi down 1% on profit-taking

The stock market fell back to the 8,400 level on Friday as investors decided to take profits ahead of next week’s Association of Southeast Asian Nations (Asean) summit and amid concerns over the outlook for corporate tax cuts in the United States. The bellwether Philippine Stock Exchange index (PSEi) lost 1.01 percent or 86.34 points [...] The post PSEi down 1% on profit-taking appeared first on The Manila Times Online......»»

Category: newsSource:  manilatimes_netRelated NewsNov 11th, 2017

Corporate News: Malaysian mall owner woos Philippine retailers

A MALAYSIAN mall owner is trying to attract Philippine retailers offering American-style fastfood and lifestyle clothing to set up shop in the Southeast Asian country......»»

Category: financeSource:  bworldonlineRelated NewsJan 23rd, 2017

Corporate News: Pilipinas Shell says investors warm to IPO

PILIPINAS SHELL Petroleum Corp. will start offering its shares to retail investors today in a P19.5-billion market debut that would become Southeast Asia's fifth-biggest for the year given strong demand......»»

Category: financeSource:  bworldonlineRelated NewsOct 18th, 2016

Corporate News: Higher taxes on autos seen to dampen growth

THE proposal to hike excise taxes on automobiles is likely to dampen industry growth and push prices higher at a time when owning a car in the Philippines is already more expensive than in other Southeast Asian countries, executives from two automakers sa.....»»

Category: financeSource:  bworldonlineRelated NewsOct 13th, 2016

Asian Correspondent includes De Lima in list of ‘Power Women of Southeast Asia’

Detained Senator Leila de Lima has been named as among Southeast Asia’s “power women” by foreign news website Asian Correspondent. Source link link: Asian Correspondent includes De Lima in list of ‘Power Women of Southeast Asia’.....»»

Category: newsSource:  manilainformerRelated NewsMar 18th, 2018

Grab in advanced talks to buy into Uber’s Southeast Asia business – source

Southeast Asia’s biggest ride-hailing firm, Grab, is in advanced negotiations to buy parts of Uber Technologies Inc’s business in the region, said a source with knowledge of the talks, in what would be Uber’s second retreat from an Asian market......»»

Category: newsSource:  interaksyonRelated NewsMar 8th, 2018

Siklab Atleta aims for the Philippines first Olympic gold medal

The Siklab Atleta Pilipinas Sports Foundation, a project aimed to gather support from the private sector to fund the athletes who have potential to bring home the first-ever Olympic gold for the country, was formally launched on Saturday. Phoenix Fuel Corporation and Presidential Adviser on Sports Dennis Uy, who is the man behind Siklab Atleta, cites the natural and admirable talent of the Filipino athlete on the global stage.   "The road towards bringing home the first Olympic gold is not easy, but with the support of everybody, we may have chance,” said Uy. 2019 Southeast Asian Games Organizing Committee Chairman and Department of Foreign Affairs Secretary Alan Peter Cayetano was also in attendance.   “We may disagree, we may argue but for as long as we are united in the goal of helping our athletes, then we are good,” remarked Cayetano.   Cayetano also touched on the subject of taking care of athletes who have passed their prime and are in very dire situations in life. “Yes the country will “use” you, but it is our commitment to you that we will never forget you.  We will take care of you.” Sixteen corporate sponsors namely SM investments Corp., Belle Corporation, RFM Corporation, Alaska Milk Corp., Tanduay Distillery, JG Summit Holdings, Inc., Megawide Construction Corp., International Container Terminal Services, Inc., San Miguel Corporation, PLDT, Unilab, Ulticon Builders Inc., Phoenix Petroleum, 2Go, Megaworld Corporation, Robinsons Land Corporation and Philippine International Air Terminal Corp., have so far pledged their support. Philippine Sports Commission (PSC) Chairman William "Butch" Ramirez expressed his gratitude towards the private sector whose partnership is important to help our athletes succeed. Newly-elected Philippine Olympic Committee (POC) President Ricky Vargas echoed Ramirez in his message of unity saying “it takes a whole community to support an athlete.”  He also said that all sports stakeholders must unite to find the best athletes to represent the country.   The foundation has identified thirty athlete-recipients so far.  Fourteen of them, led by Rio Olympics Silver medalist Hidilyn Diaz, were in attendance as the others are training overseas or participating in competitions. Newly-elected POC Chairman, Congressman Bambol Tolentino intimated that the athletes’ “pusong Pinoy” is what he feels when he watches a live sporting match, “but in this room, with all of you sports leaders and heroes, dama ang buong pusong Pinoy”......»»

Category: sportsSource:  abscbnRelated NewsMar 3rd, 2018

BPI nets P22.42B

Ayala-led Bank of the Philippine Islands (BPI) improved net profit last year by 1.7 percent to P22.42 billion, reversing the downturn seen earlier in the year, as higher earnings from core lending activities and a robust fourth quarter shored up full-year results. For the fourth quarter alone, BPI's net profit rose by 14.9 percent year-on-year to P5.37 billion, Southeast Asia's oldest bank disclosed to the Philippine Stock Exchange on Monday. Profit growth picked up pace from the 14 percent increase in the third quarter. BPI was among the few large cap stocks that bucked the downturn at the stock market on Monday after announcing its robust fourth quarter results. The bank's ...Keep on reading: BPI nets P22.42B.....»»

Category: newsSource:  inquirerRelated NewsFeb 5th, 2018

Business sector ‘warmish’ over 2nd package of tax reform law

The Philippine Chamber of Commerce and Industry (PCCI), the largest business chamber in the country, could not say yet if they fully support the second tax reform package of the Duterte administration.   On one hand, PCCI's new president Alegria Limjoco said that they back the proposal's move to lower the corporate income tax to be on par with members of the Association of Southeast Asian Nations (Asean).   On another, however, she said that PCCI would still have to get the sentiments of their member companies if they are okay with having corporate tax incentives rationalized as a tradeoff.   After passing the first package --- also known as the TRAIN law...Keep on reading: Business sector ‘warmish’ over 2nd package of tax reform law.....»»

Category: newsSource:  inquirerRelated NewsJan 30th, 2018

Press watchdog asks UN, ASEAN to act on threatened shutdown of Rappler

An international media watchdog has asked the United Nations, its cultural and educational agency UNESCO, and the Association of Southeast Asian Nations to “take a stand” against the threatened shutdown of news site Rappler on “trumped-up legal grounds.”.....»»

Category: newsSource:  interaksyonRelated NewsJan 18th, 2018

ASEAN parliamentarians slam SEC ruling vs Rappler

MANILA, Philippines – Parliamentarians from the Association of Southeast Asian Nations (ASEAN) slammed the ruling of the Philippine Securities and Exchange Commission (SEC) to revoke the license of social news network Rappler. The ASEAN Parliamentarians for Human Rights (APHR), a human rights group composed of current and ........»»

Category: newsSource:  rapplerRelated NewsJan 17th, 2018

PSEi slightly down but stays above 8,900

The local stock barometer ended flat but stayed above the 8,900 level yesterday as some investors reassessed their portfolios following the recent run-up to record highs. The main-share Philippine Stock Exchange index (PSEi) shed 3.43 points or 0.04 percent to close at 8,920.29. While US stocks continued to rally overnight, the local market slowed after successive winning sessions from the last days of December, said Luis Gerardo Limlingan, managing director at local stock brokerage Regina Capital Development. "Index saw some pullback amid a lack of news flow in local front and as investors await the corporate results season which will be in full swing next month," Limlingan sai...Keep on reading: PSEi slightly down but stays above 8,900.....»»

Category: newsSource:  inquirerRelated NewsJan 10th, 2018

PSEi slips but clings to 8,900

The local stock barometer ended flat but stayed afloat the 8,900 level on Wednesday as some investors reassessed their portfolios after the recent run-up to record highs. The main-share Philippine Stock Exchange index (PSEi) shed 3.43 points or 0.04 percent to close at 8,920.29. While US stocks continued to rally overnight, the local market was "tired" after its successive winning sessions from the last days of December, said Luis Gerardo Limlingan, managing director at local stock brokerage Regina Capital Development. "Index saw some pullback amid a lack of news flow in local front and as investors await the corporate results season which will be in full swing next month," ...Keep on reading: PSEi slips but clings to 8,900.....»»

Category: newsSource:  inquirerRelated NewsJan 10th, 2018

PH corporate income tax collection lagging

Fiscal incentives have led to the Philippines recording the lowest collection efficiency in the region with regard to corporate income taxes, the Finance department claimed on Tuesday. In a statement, the department noted that the country — which imposes the highest corporate income tax rate in the Association of Southeast Asian Nations at 30 percent [...] The post PH corporate income tax collection lagging appeared first on The Manila Times Online......»»

Category: newsSource:  manilatimes_netRelated NewsJan 10th, 2018

Corporate tax take least efficient among ASEAN peers despite high rates, Finance department says

THE GOVERNMENT’S collection efficiency for corporate tax was by far the worst in comparison with three other emerging economies in the Association of Southeast Asian Nations (ASEAN), despite having the highest tax rates, the Department of Finance (DoF) said. At a corporate income tax (CIT) rate of 30%, the DoF said that the government’s collection […] The post Corporate tax take least efficient among ASEAN peers despite high rates, Finance department says appeared first on BusinessWorld......»»

Category: newsSource:  bworldonlineRelated NewsJan 9th, 2018

Philippines maintains lead in auto sales over ASEAN neighbors

MANILA, Philippines — The Philippine automotive industry sustained its speed as the second fastest growing market among eight Southeast Asian economies as of.....»»

Category: financeSource:  philstarRelated NewsJan 9th, 2018

Are Mindanao’s MSMEs ready?

The Philippines stands to benefit from improved access to the Association of Southeast Asian Nations (ASEAN) member countries, but are Mindanao’s businesses particularly micro, small and medium enterprises (MSMEs), ready to compete in the highly competitive market? Mindanao Business Council President Vicente T. Lao believes products made in the region have a fighting chance in […] The post Are Mindanao’s MSMEs ready? appeared first on BusinessWorld......»»

Category: financeSource:  bworldonlineRelated NewsJan 7th, 2018

Stuff of heroes: Sword, pen, moral compass

  The nation commemorates today the 121st anniversary of the death of Dr. Jose Rizal. To remember Rizal is to ask the question: What is a hero? Not too long ago, beginning May 23, 2017, Filipino soldiers fought in Marawi to prevent Islamic State militants including the Maute and Abu Sayyaf jihadists from carving a slice of Philippine soil to establish their caliphate in Mindanao. Five months later, before the start of the Association of Southeast Asian Nations (Asean) Summit last November, Philippine government forces prevailed and were declared heroes. "Marawi destruction incites kids to fight terror," ran a news item across the entire page of the Inquirer on July 13, ...Keep on reading: Stuff of heroes: Sword, pen, moral compass.....»»

Category: newsSource:  inquirerRelated NewsDec 30th, 2017

Asian markets down despite US tax cut news

HONG KONG: Asian markets mostly fell on Wednesday as investors took a breather following recent gains, while US senators voted for a controversial tax overhaul which traders expect to boost corporate profits. Equities have been on a broad upswing since last week when holdout Republican senators said they would back Donald Trump’s signature tax legislation. [...] The post Asian markets down despite US tax cut news appeared first on The Manila Times Online......»»

Category: newsSource:  manilatimesRelated NewsDec 21st, 2017

As Olympics near, South Korea agonizes over post-Games costs

By Kim Tong-Hyung, Associated Press GANGNEUNG, South Korea (AP) — South Korean officials have ruled out turning a state-of-the-art Olympic skating arena into a giant seafood freezer. Other than that, not much is certain about the country's post-Winter Games plans for a host of expensive venues. As officials prepare for the games in and around the small mountain town of Pyeongchang, there are lingering worries over the huge financial burden facing one of the nation's poorest regions. Local officials hope that the Games will provide a badly needed economic boost by marking the area as a world-class tourist destination. But past experience shows that hosts who justified their Olympics with expectations of financial windfalls were often left deeply disappointed when the fanfare ended. This isn't lost on Gangwon province, which governs Pyeongchang and nearby Gangneung, a seaside city that will host Olympic skating and hockey events. Officials there are trying hard to persuade the national government to pay to maintain new stadiums that will have little use once the athletes leave. Seoul, however, is so far balking at the idea. The Olympics, which begin Feb. 9, will cost South Korea about 14 trillion won ($12.9 billion), much more than the 8 to 9 trillion won ($7 to 8 billion) the country projected as the overall cost when Pyeongchang won the bid in 2011. Worries over costs have cast a shadow over the games among residents long frustrated with what they say were decades of neglect in a region that doesn't have much going on other than domestic tourism and fisheries. "What good will a nicely managed global event really do for residents when we are struggling so much to make ends meet?" said Lee Do-sung, a Gangneung restaurant owner. "What will the games even leave? Maybe only debt." ___ TEARING THINGS DOWN The atmosphere was starkly different three decades ago when grand preparations for the 1988 Seoul Summer Games essentially shaped the capital into the modern metropolis it is today. A massive sports complex and huge public parks emerged alongside the city's Han River. Next came new highways, bridges and subway lines. Forests of high-rise buildings rose above the bulldozed ruins of old commercial districts and slums. The legacy of the country's second Olympics will be less clear. In a country that cares much less now about the recognition that large sporting events bring, it will potentially be remembered more for things dismantled than built. Pyeongchang's picturesque Olympic Stadium — a pentagonal 35,000-seat arena that sits in a county of 40,000 people — will only be used for the opening and closing ceremonies of the Olympics and Paralympics before workers tear it down. A scenic downhill course in nearby Jeongseon will also be demolished after the games to restore the area to its natural state. Fierce criticism by environmentalists over the venue being built on a pristine forest sacred to locals caused construction delays that nearly forced pre-Olympic test events to be postponed. Gangwon officials want the national government to share costs for rebuilding the forest, which could be as much as 102 billion won ($95 million). ___ NO FISH Despite more than a decade of planning, Gangwon remains unsure what to do with the Olympic facilities it will keep. Winter sports facilities are often harder to maintain than summer ones because of the higher costs for maintaining ice and snow and the usually smaller number of people they attract. That's especially true in South Korea, which doesn't have a strong winter sports culture. Not all ideas are welcome. Gangwon officials say they never seriously considered a proposal to convert the 8,000-seat Gangneung Oval, the Olympic speed skating venue, into a refrigerated warehouse for seafood. Officials were unwilling to have frozen fish as part of their Olympic legacy. Gangwon officials also dismissed a theme park developer's suggestion to make the stadium a gambling venue where people place bets on skating races, citing the country's strict laws and largely negative view of gambling. A plan to have the 10,000-capacity Gangneung Hockey Center host a corporate league hockey team fell apart. Even worse off are Pyeongchang's bobsleigh track, ski jump hill and the biathlon and cross-country skiing venues, which were built for sports South Koreans are largely uninterested in. After its final inspection visit in August, the International Olympic Committee warned Pyeongchang's organizers that they risked creating white elephants from Olympic venues, though it didn't offer specific suggestions for what to do differently. Cautionary tales come from Athens, which was left with a slew of abandoned stadiums after the 2004 Summer Games that some say contributed to Greece's financial meltdown and Nagano, the Japanese town that never got the tourism bump it expected after spending an estimated $10.5 billion for the 1998 Winter Games. Some Olympic venues have proved to be too costly to maintain. The $100 million luge and bobsled track built in Turin for the 2006 games was later dismantled because of high operating costs. Pyeongchang will be only the second Olympic host to dismantle its ceremonial Olympic Stadium immediately after the games — the 1992 Winter Olympics host Albertville did so as well. ___ 'MONEY-DRINKING HIPPOS' Gangwon has demanded that the national government in Seoul pay for maintaining at least four Olympic facilities after the Games — the speed skating arena, hockey center, bobsleigh track and ski jump hill. This would save the province about 6 billion won ($5.5 million) a year, according to Park Cheol-sin, a Gangwon official. But the national government says doing so would be unfair to other South Korean cities that struggled financially after hosting large sports events. Incheon, the indebted 2014 Asian Games host, has a slew of unused stadiums now mocked as "money-drinking hippos." It would also be a hard sell to taxpayers outside of Gangwon, said Lee Jae-soon, an official from the Ministry of Culture, Sports and Tourism. Unlike the 1988 Olympics and the 2002 World Cup, which were brought to South Korea after bids driven by the national government, the provincial government led the bid for the Pyeongchang games and it did so without any commitment from Seoul over footing the bill. Under current plans, Gangwon will be managing at least six Olympic facilities after the games. These facilities will create a 9.2 billion won ($8.5 million) deficit for the province every year, a sizable burden for a quickly-aging region that had the lowest income level among South Korean provinces in 2013, according to the Korea Industrial Strategy Institute, which was commissioned by Gangwon to analyze costs. Hong Jin-won, a Gangneung resident and activist who has been monitoring Olympic preparations for years, said the real deficit could be even bigger. The institute's calculation is based on assumptions that each facility would generate at least moderate levels of income, which Hong says is no sure thing. He said that could mean welfare spending gets slashed to help make up the lack of money. South Korea, a rapidly-aging country with a worsening job market and widening rich-poor gap, has by far the highest elderly poverty rate among rich nations, according to Organization for Economic Cooperation and Development figures. If Seoul doesn't pay for the Olympic facilities, and Gangwon can't turn them into cultural or leisure facilities, it might make more sense for Gangwon to just tear them down. Park said the national government must step up because the "Olympics are a national event, not a Gangwon event.".....»»

Category: sportsSource:  abscbnRelated NewsDec 15th, 2017