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DOF, DOTr weigh MPIC offer to take over MRT-3

MANILA, Philippines — The Department of Finance (DOF) is in discussions with the Department of Transportation (DOTr) to come up with a decision on the propos.....»»

Category: financeSource: philstar philstarSep 13th, 2017

MPIC seen to complete tech review of MRT-3 this month

MANILA, Philippines — The Department of Transportation (DOTr) expects Metro Pacific Investments Corp......»»

Category: financeSource:  philstarRelated NewsJan 12th, 2018

Tale of 2 cities: Olympics sponsors in Pyeongchang and Tokyo

em>By Youkyung Lee and Mari Yamaguchi, Associated Press /em> SEOUL, South Korea (AP) — The Winter Olympics coming to South Korea in February offer an example of the Olympian efforts often required to meet corporate sponsorship goals. Tokyo tells a different story: The coffers are already overflowing for the 2020 Summer Games. It's a tale of two cities and two Olympics — winter and summer. Pyeongchang is a little-known destination in one of South Korea's poorest provinces. It is the 'little town that could,' bidding twice unsuccessfully for the Winter Olympics before winning on its third try. A final push enabled it to reach its sponsorship target of 940 billion won ($830 million) in September, with just five months to go. Tokyo is an established global capital, and the Summer Games usually generate more excitement — and more money. Organizers have raised 300 billion yen ($2.7 billion) in sponsorship, twice any previous Olympics. International Olympic Committee Vice President John Coates describes it as a remarkable achievement. The divergent experiences of two Asian host cities illustrate the challenges that smaller bidders face, as well as South Korea's dependence on the big family-owned companies that dominate its economy. Not that Tokyo is home-free. The cost of the 2020 Games has nearly doubled from initial projections. As with most Olympics, taxpayers will have to foot a good part of the bill. ___ strong>WHERE 'CHAEBOLS' RULE /strong> Starting with the 1988 Seoul Olympics, South Korea has used mega-events such as the soccer World Cup to raise the profile of the country and its manufacturing exporters. Pyeongchang is different. The project was initiated by local politicians in an area long alienated politically and economically in South Korea's rise to prosperity. Some feared people would confuse the city's name with Pyongyang, the North Korean capital. They couldn't count on the automatic support of the huge family-run conglomerates, known as 'chaebol,' such as Samsung, Hyundai and LG. 'When such mega-events were the nation-state's key project, the chaebol were called on and were expected to become the leading participants,' said Joo Yu-min, a professor at the National University of Singapore who co-authored a book on South Korea's use of mega-events. In the end, the national government brought the conglomerates in, first in the bid process, and then for sponsorship. That underscores both the outsized role they play in the economy and their close ties with government. They owe a debt to special treatment from the government, which in turn used them to industrialize the country after the devastating 1950-53 Korean War. After Pyeongchang's bid was rejected a second time, the government called on Samsung and others to help. The president even pardoned Lee Kun-hee, the patriarch of the Samsung founding family who had been an IOC member but voluntarily suspended his membership after being indicted for tax evasion. The IOC reinstated Lee in 2010 with a reprimand and some restrictions, allowing him to lobby heavily for what became Pyeongchang's winning bid in 2011. It took three years for the organizing committee to sign its first domestic sponsor, KT Corp., the country's second-largest mobile carrier. Again, the national government asked the conglomerates for help. All the major ones signed on, after the office of then-President Park Geun-hye made a special request and multichannel pressures for financial assistance, Joo said. Elsewhere, companies may weigh sponsorship decisions based more on the marketing benefits. 'In South Korea, companies make donations out of a sense of duty that they are being part of the national event,' said Park Dong Min, the executive director overseeing membership at the Korea Chamber of Commerce and Industry. Sponsors who signed up late weren't willing to give as much, because there was less time to enjoy the marketing benefits. A bank that signed on less than a year before the Games significantly reduced its sponsorship. To top it off, a massive sports-related political corruption scandal rocked South Korea in 2016, just when Pyeongchang was making last-ditch efforts to raise sponsorship. 'Companies showed some reluctance' to sponsor the Olympics, said Eom Chanwang, director of the Pyeongchang organizing committee marketing team. 'Nevertheless, they still joined.' The scandal brought down Park, the president. Lee Jae-yong, the heir to the Samsung group, received a five-year sentence for bribery. Lee, who has appealed, had become de facto chief of the Samsung group after his father Lee Kun-hee, the IOC member pardoned in late 2009, fell ill. It was the younger Lee who signed an agreement with IOC President Thomas Bach to extend Samsung Electronics' sponsorship of the Olympics globally through 2020. Samsung declined interviews for this story. With the scandal still fresh in people's minds, major companies have held back from launching full-fledged marketing to promote the Games. 'Samsung traditionally has done consumer marketing through the Olympics, but because its chief is in jail, it cannot do as much these days,' said Kim Do-kyun, a sports professor at Kyung Hee University Graduate School of Physical Education. The Pyeongchang Games were the biggest victim of the scandal, he said. ___ strong>SUMMER OF '64 /strong> The president of Japan's biggest toilet manufacturer was seven years old when the Olympics first came to Japan. TOTO Ltd. made news in 1964 for its prefabricated toilet-and-bath units that helped speed the construction of a luxury hotel, the New Otani, in time for the Games. The company, now known for high-tech toilets that baffle some foreign visitors, is back as a sponsor of Tokyo 2020. 'I feel our company and the Olympics have been bonded by fate,' TOTO president Madoka Kitamura said at a sponsorship signing ceremony at the same hotel last year. The $2.7 billion in sponsorship for Tokyo 2020 is more than three times the original estimate. By comparison, sponsorship revenue was $848 million in Rio de Janeiro last year, and about $1.2 billion for both London 2012 and Beijing 2008. The Winter Olympics typically attract less, though Sochi, Russia, raised $1.2 billion in 2014. Analysts attribute Tokyo's success to both patriotism and a sense of nostalgia for the 1964 Summer Games. They were much more than a sports contest for Japan. They were a moment of pride, marking the country's return as an industrial power after the devastation of World War II and a seven-year U.S. occupation. 'All of Japan still recognizes the unique role that the 1964 Olympics played in Japan's stepping out onto the world stage,' said Michael Payne, a former IOC marketing director who now works as a consultant. 'Many of the CEOs of top Japanese companies would have been young kids back in '64 and are very aware of the role those Games played for the psychological recovery from the Second World War.' They grew up with the high-speed 'Shinkansen' bullet train, inaugurated in 1964; modern expressways and western-style toilets, all symbols of Japan's postwar economic growth. 'Now they have become business leaders, they want to contribute and leave something behind that can be remembered for the next 50 years,' said Masahiko Sakamaki, executive director of marketing for the Tokyo organizing committee. He said that memories of the recovery may have boosted interest in sponsorship, as Japan was still reeling from a deadly 2011 earthquake and tsunami when Tokyo won the bid in 2013. Sakamaki said the organizing committee started receiving sponsorship inquiries as soon as it was established in 2014, before the official start of sponsorship contracts in 2015. There is so much interest that the IOC is allowing Tokyo to have multiple sponsors in some categories, instead of the usual one, including in aviation, newspaper publishing, electronics and banking. TOTO officials won't say how much they are contributing, but media reports say companies in its sponsorship category give between 6 billion and 15 billion yen ($53 million to $133.5 million). Tokyo 2020 wouldn't comment on those reports. 'We believe our presence as part of an all-Japan effort toward a successful Olympics will enhance our favorable brand image,' said Mariko Shibasaki, the company's senior planner for sports communication. Thanks in part to robust sponsorship revenue, the organizing committee has increased its contribution to the cost of the games from 500 billion to 600 billion yen ($5.3 billion). The sponsorship revenue makes up half of the income in the privately-run organizing committee's operating budget. Other revenue comes from the International Olympic Committee, marketing and ticket sales. The overall cost of the Tokyo Olympics is estimated at 1.4 trillion yen (12.4 billion) with the Tokyo government shouldering 600 billion yen ($5.3 billion) and the remaining 200 billion yen (1.8 billion) paid by the national government and local governments hosting events. ___ em>Yamaguchi reported from Tokyo. Associated Press writer Stephen Wade in Rio de Janeiro contributed to this story. /em> .....»»

Category: sportsSource:  abscbnRelated NewsOct 12th, 2017

PAL to settle P6-B arrears with DOTr

MANILA, Philippines — The Department of Transportation (DOTr) has accepted the offer of flag carrier Philippine Airlines (PAL) to settle P6 billion in unpaid.....»»

Category: newsSource:  philstarRelated NewsOct 6th, 2017

DOTr accepts PAL offer to settle P6-billion unpaid fees

MANILA, Philippines — The Department of Transportation has accepted the Philippine Airlines’ offer to pay “in full” its unpaid obligations to the government.....»»

Category: newsSource:  philstarRelated NewsOct 6th, 2017

MPIC hikes offer to P20 B to take over MRT-3

MANILA, Philippines — Metro Pacific Investments Corp......»»

Category: financeSource:  philstarRelated NewsOct 1st, 2017

DOTr gives original proponent status to MPIC-Ayala group for MRT-3 rehab

MANILA, Philippines — The Department of Transportation (DOTr) has given original proponent status to the group of Metro Pacific Investments Corp......»»

Category: financeSource:  philstarRelated NewsSep 15th, 2017

MPIC improves offer for MRT-3 rehab

MANILA, Philippines -  Metro Pacific Investments Corp......»»

Category: financeSource:  philstarRelated NewsAug 16th, 2017

Transport department halts regional airport PPP offer

THE GOVERNMENT has terminated the public-private partnership (PPP) mode of procurement for the regional airport projects, with the implementing bodies -- the Department of Transportation (DoTr) and Civil Aviation Authority of the Philippines -- deciding they "would be implemented through other modes," the PPP Center said in a press release yesterday......»»

Category: newsSource:  bworldonlineRelated NewsMay 23rd, 2017

DOTr awaits 'best offer' as China, Japan groups show interest in rail project

DOTr awaits 'best offer' as China, Japan groups show interest in rail project.....»»

Category: newsSource:  interaksyonRelated NewsNov 15th, 2016

PSE readies P3.16-B stock rights offering

The Philippine Stock Exchange (PSE) is set to launch a stock rights offering worth as much as P3.16 billion by February, raising fresh funds to unify the country's capital market infrastructure while diluting the shares held by stock brokers. The Securities and Exchange Commission (SEC) recently approved the PSE's plan to sell as much as 11.5 million new common shares to existing "eligible" investors at an offer price of up to P275 per share. The target is to launch this offering by February, a top PSE official said yesterday. Net proceeds from this offering will be used to repay debt to be incurred in connection with its plan to acquire Philippine Dealing Systems Holdings Corp....Keep on reading: PSE readies P3.16-B stock rights offering.....»»

Category: newsSource:  inquirerRelated NewsJan 19th, 2018

‘Strong’ demand marks Duterte’s second global bond sale

THE DUTERTE ADMINISTRATION’S second global bond offer met “strong” demand, enabling the government to raise some $750 million in new money, the Finance department said in a press release on Friday. “The strong support that this 10-year global bond float has received in the international capital markets is a testament to the deepening investor confidence […] The post ‘Strong’ demand marks Duterte’s second global bond sale appeared first on BusinessWorld......»»

Category: financeSource:  bworldonlineRelated NewsJan 19th, 2018

LOOK: Pia Wurtzbach stuns in European trip

Pia Wurtzbach no doubt gives justice to her Miss Universe 2015 title as she looked every inch a beauty queen in her vacation photos in Switzerland and the Netherlands. In one photo Wurtzbach uploaded last Jan. 15, she can be seen candidly posing outside the Opernhaus in Zurich, Switzerland. For the occasion, Wurtzbach wore a black trench coat, which she paired with a Christian Dior Diorama bag. The photo was captioned:"Wish I could stay here forever." As Wurtzbach enjoyed the marvelous eats Europe had to offer, her fans couldn't help but live vicariously through her photos. In another post, Wurtzbach shared a photo of her with boyfriend, racing driver Marlon Stoc...Keep on reading: LOOK: Pia Wurtzbach stuns in European trip.....»»

Category: newsSource:  inquirerRelated NewsJan 19th, 2018

2 bedroom Condominium For Sale in Mandaluyong City for 1,055,644 – Web reference 112175203 – Property for sale Philippines : Property24

Note: Price above posted is 20% of total contract price payable in 60 months PIONEER WOODLANDS EDSA corner Pioneer St., Mandaluyong Contact at (Viber)09-156-131-819 “PET FRIENDLY” PRE-SELLING FOR INVESTMENT (No DP & 0% Interest) Ready in December 2019-2021 Unit offer: available units 2BR No Down Payment 2BR 47.74sqm 17k/month, 4.8m 2br 50.32sq.m 18k/month 5M *Easy… link: 2 bedroom Condominium For Sale in Mandaluyong City for 1,055,644 – Web reference 112175203 – Property for sale Philippines : Property24.....»»

Category: newsSource:  manilainformerRelated NewsJan 19th, 2018

MPIC targets to acquire at least 2 more logistics companies

INFRASTRUCTURE conglomerate Metro Pacific Investments Corp. (MPIC) is strengthening its logistics business with plans to acquire two to three logistics firms in the coming years. “Two or three siguro (maybe), around the burner. (This year), most likely one siguro (maybe),” MPIC Chairman Manuel V. Pangilinan told reporters after the press launch for PayMaya Philippines’ partnership […] The post MPIC targets to acquire at least 2 more logistics companies appeared first on BusinessWorld......»»

Category: newsSource:  bworldonlineRelated NewsJan 18th, 2018

GT Capital fully subscribing to Metrobank stock rights

MANILA, Philippines — GT Capital Holdings Inc. plans to fully participate in  Metropolitan Bank and Trust Co.’s stock rights offer......»»

Category: financeSource:  philstarRelated NewsJan 18th, 2018

James Reid given creative freedom in third album

Some time back, James Reid received an offer to go to New York for a music project and "sign with someone there." He turned it down. If he were to make a name for himself as a recording artist, he said he would rather grow his roots first in the Philippines. "I want my music to come out here---I want to represent the country. My goal is to contribute to our local industry by coming up with something we can be proud of," James told the Inquirer in a recent interview. The first step toward realizing that goal was releasing his third studio album, "Palm Dreams," which---for the first time---saw James taking the reins of the creative process. He penned the lyrics and melodies...Keep on reading: James Reid given creative freedom in third album.....»»

Category: newsSource:  inquirerRelated NewsJan 18th, 2018

Philippines launches 10-year US dollar bond offer

MANILA, Philippines — The Philippine Bureau of the Treasury on Thursday announced the launch of its 10-year global bond offer that seeks to provide budgetary.....»»

Category: newsSource:  philstarRelated NewsJan 18th, 2018

PSE’s P3.16B follow-on offer ok’d

The Securities and Exchange Commission (SEC) has approved a plan by the Philippine Stock Exchange to raise as much as P3.16 billion from the sale of shares to existing "eligible" investors. Based on a document issued by the SEC on Thursday, the PSE was authorized to sell as much as 11.5 million new common shares at an offer price of as much as P275 per share to existing eligible investors. Net proceeds from this offering will be used to repay debt to be incurred in connection with its plan to acquire Philippine Dealing Systems Holdings Corp. (PDS Group) PDS, the holding firm for fixed-income trading platform Philippine Dealing and Exchange Corp., Philippine Depositary and Trust...Keep on reading: PSE’s P3.16B follow-on offer ok’d.....»»

Category: newsSource:  inquirerRelated NewsJan 18th, 2018

BPI plans P50B stock rights offer

Ayala-led Bank of the Philippine Islands plans to raise as much as P50 billion from the sale of new shares to existing shareholders, beefing up its war chest to fund both organic growth and potential acquisitions. BPI has obtained approval from its board to conduct a stock rights offering equivalent to as much as 567 million new shares, the bank disclosed to the Philippine Stock Exchange on Wednesday. "The bank believes that the Philippine banking sector continues to present significant growth prospects in the short to medium term and that it is well-positioned to capitalize on them," BPI said. As such, BPI said it's conducting this stock rights offering to support growth an...Keep on reading: BPI plans P50B stock rights offer.....»»

Category: newsSource:  inquirerRelated NewsJan 17th, 2018

Metrobank eyes P81-B stock rights offer

MANILA, Philippines — The Metropolitan Bank and Trust Co......»»

Category: financeSource:  philstarRelated NewsJan 17th, 2018