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Aboitiz Group raises 2024 capex
The Aboitiz Group is poised to expand its various business units this year, supported by a substantial increase in capital expenditures......»»
Donald Trumps $3.5bn windfall at stake in Spac deal showdow
The Financial Times, known for its in-depth coverage of global business, economics, and politics, is now offering a special subscription deal for its print edition......»»
Aboitiz Construction kicks off expansion works for Monde Nissin’s bakery plant in Davao City
Aboitiz Construction sealed another project for Monde Nissin Corporation (MNC) which involves the construction of nine ancillary structures and external works for the food company’s expanded bakery plant in Brgy. Ilang, Davao City. This project is poised to improve MNC’s facilities, strengthening their commitment to enhancing food security in the region and providing local job opportunities. For completion next year, Aboitiz Construction will spearhead a wide array of tasks, encompassing earthworks, structural, and architectural works to build the ancillary structures. Simultaneously, the external works include civil works, site development, and the building of roads and drainages. The establishment of the new facilities will help strengthen MNC’s sustainability commitment to making eco-efficiency possible and making better food accessible to their consumers. Integral to this project is Aboitiz Construction's ongoing involvement with MNC in site and foundation works, a contract secured in June 2023. This phase includes various site development activities covering an expansive area of over 18,000 square meters, preparing the ground for the bakery plant's expansion. “We are very thrilled to start a new construction project with Monde Nissin Corporation, one of our valued repeat clients. This collaboration stands as a testament to the trust and confidence they have in our capabilities. As we embark on this journey, we will ensure to bring our expertise, dedication, and teamwork to the forefront once again,” said Aboitiz Construction Vice President for Business Development Construction Levi Agoncillo. True to its commitment to providing jobs for many Filipinos, the team plans to hire nearly 100 skilled workers, with an emphasis on employing local talents. Aboitiz Construction has been enhancing its expertise in light industries. Currently, the company is actively engaged in a land development project for LIMA Estate, covering 72.2 hectares in Batangas, showcasing its commitment to excellence and growth in the construction sector. The post Aboitiz Construction kicks off expansion works for Monde Nissin’s bakery plant in Davao City appeared first on Daily Tribune......»»
Strong, steady connectivity to make Ospital ng Parañaque a ‘smart hospital’
The Ospital ng Parañaque I has partnered with PLDT Enterprise, the B2B arm of the country’s largest integrated telco PLDT, for cutting-edge digital solutions to enhance the delivery of healthcare services to its patients and help streamline the digitalization of hospital operations. The landmark partnership will elevate OsPar I to becoming a “smart hospital,” further increasing efficiency, enhancing the patient journey and optimizing overall business operations. The partnership entails the upgrade of all PLDT Enterprise services at OsPar I, including connectivity, telephony systems, structured cabling and broadband. With the integration of PLDT Enterprise's SIP Trunks and Managed PABX solutions, all departments within the hospital, including the emergency room, delivery room, operating room, outpatient department and ancillary services, will be interconnected for seamless and efficient communication among hospital staff and constituents of the city government of Parañaque. With data connectivity now available across departments, medical practitioners can access crucial patient information in real time, enabling faster diagnosis and more personalized treatments. Moreover, the newly opened Dialysis Center and Intensive Care Unit will be equipped with advanced digital tools, further enhancing patient care and overall operational efficiency. These initiatives were made under the leadership of hospital director Dr. Jefferson R. Pagsisihan and the support of Mayor Eric Olivarez in their continuing commitment to ensure quality healthcare for their constituents. Located along Quirino Avenue in Barangay La Huerta in Parañaque City, OsPar 1 is the first local government hospital in the city. It has been servicing customers and caring for patients for over 45 years, and is an accredited healthcare provider by PhilHealth. This year, representatives from the city government and PLDT Enterprise celebrated the turnover ceremony of the Dialysis Center at the lobby of OsPar 1, marking a pivotal moment in the hospital’s digital transformation journey. “PLDT Enterprise is happy to support the efforts of the City Government of Parañaque in building the new wing of the Ospital Ng Parañaque by providing strong, steady and secure internet broadband connections,” said Vincent R. Rodriguez, PLDT Enterprise Business Head. The digitalization of OsPar I is expected to impact the healthcare sector in Parañaque City. By leveraging PLDT Enterprise’s innovative technologies, OsPar I can optimize patient care and improve medical outcomes. As Ospital ng Parañaque Hospital Director Dr. Jefferson Pagsisihan said, "We are excited about the possibilities that PLDT Enterprise's digital solutions will bring to Ospital ng Parañaque. This will revolutionize our medical services and allow us to provide a more efficient and transparent healthcare system to our community." The post Strong, steady connectivity to make Ospital ng Parañaque a ‘smart hospital’ appeared first on Daily Tribune......»»
Okada Manila posts rosy first-half numbers
With high rollers back on the table, Tiger Resort Leisure and Entertainment Inc. or TRLEI, which operates the integrated casino hotel Okada Manila, reported a 62-percent jump in its first-half revenues. In a report on Wednesday, the company said its total revenues during the period reached P24.82 billion from P15.36 billion in the same period a year ago. TRLEI attributed the improvement to the strong performance of its casino business, with gross gaming revenues hitting P22.86 billion, which demonstrated a 60-percent rise from P14.32 billion last year. “We continuously see a strong rebound in demand for gaming, leisure, and entertainment. We are confident that the market will continue to recover throughout the year and we anticipate a healthy top line by the end of 2023,” TRLEI President Byron Yip said. “We are eager to sustain the growth momentum for the rest of the year, as we continue to strengthen Okada Manila’s operations. We are one with the government in helping the industry recover and expand faster in the coming years,” Yip added. Notably, the VIP wins during the first half reached P8.94 billion, up 54 percent from P5.79 billion. Mass table games win, on the other hand, grew by 58 percent to P5.89 billion from P3.72 million. As for gaming machines, winning grew by 60 percent to P7.70 billion from P4.81 billion. Non-gaming revenues — comprising hotel operations, food and beverage, retail, entertainment services, and other ancillary services — also ballooned by 89 percent to P1.95 billion from P1.04 billion. Operating at full capacity, Okada Manila reopened the integrated casino resort to the public in 2022 or two years of partial operations due to the pandemic. The post Okada Manila posts rosy first-half numbers appeared first on Daily Tribune......»»
Malaysia, your good neighbor
Editor’s note: The ambassador has the refreshing modesty of Mr. Fix It, the proverbial heart of a statesman, and an outstanding track record, the last being his visionary representation of Malaysia in Italy. The newly minted head of mission shares his overtures in improving Malaysia’s kindred ties with the Philippines and communal aspirations for the region, with the same bounded optimism that inspired Kuala Lumpur’s winning deeds in the development of the Bangsamoro. While Malaysia’s foreign-policy approaches may have differed over the years due to changing domestic and external factors, the basic principles have continued since independence. Asean remains the cornerstone of Malaysia’s foreign policy; the establishment of the Asean community in 2015 has significantly elevated the country’s approach and engagement regionally. Malaysia has shared to countries like the Philippines its experience and knowledge through various foreign-policy mechanisms, including the Malaysian Technical Cooperation Program, and linkages such as the Langkawi International Dialogue and bilateral humanitarian assistance. The country advocates the “Prosper thy neighbor” policy to enhance economic relations and cooperation with its adjacent countries through Brunei-Indonesia-Malaysia-the Philippines East Asean Growth Area, Indonesia-Malaysia-Thailand Growth Triangle and other entities. The predominantly Muslim country and the Philippines have been friendly nations since the establishment of the diplomatic relations in 1959. Bilateral cooperation between Malaysia and the Philippines covers education; culture, arts and heritage; communication; defense; health; youth and sports; trade; agriculture; labor, and security. Malaysia’s last high-level visit was when Prime Minister Anwar Ibrahim met with President Marcos in March this year. Malaysia regards the Philippines as a very important trading partner, the 15th-largest globally and 5th-largest among Asean countries, with total bilateral trade reaching almost $8 billion. Our close and long-existing relations provide a strong foundation for a more active and meaningful economic cooperation in the future that would bring tremendous benefits to our people. Two practical and viable areas that would benefit from closer cooperation are the halal industry and digital economy. In 2022, total trade between the two countries increased by 27.3 percent to $9.42 billion, compared to $7.85 billion in 2021. Malaysia’s exports to the Philippines increased by 24.6 percent to $6.41 billion. Main exports include electrical products, petroleum, palm oil and ancillary agricultural products. Malaysia remains a major global leader in the halal economy, sustaining its top position in the Global lslamic Economic Indicators for the 9th consecutive year. It has exported $13.51 billion to the world in 2022, up by 63.8 percent from the previous year. Major exports of halal products include food and beverages, ingredients, cosmetics and healthcare. Thus, with the Philippine government encouraging more halal business expansion and investment to serve 12 million Muslims, as well as non-Muslims, here, it is definitely one of the areas where Malaysians and Filipinos can collaborate. Acquiring quality education through world-class institutions is essential, from undergraduate to postgraduate levels. Malaysia is home to more than 200 universities and colleges with 10 international university branch campuses. Malaysian universities are not only ranked top in Asia; it is also progressing in international world rankings, providing a conducive academic environment with affordable international exposure and global career gateways. The country also takes pride in being one of the global pioneers in Islamic banking. Leveraging on existing capacities and expertise, Malaysia is offering tertiary education in Islamic banking and finance through International Center for Education in Islamic Finance. INCEIF has been collaborating with government institutions, such as the Malaysian Technical Cooperation Program, in providing training on Islamic banking products like Islamic securities, unit trust funds, stock broking and financial derivatives. Since Philippines and Malaysia have so many common denominators, Filipinos would feel at home studying in Malaysia. In tourism, last year we saw 80,046 Filipino tourists coming to Malaysia and 46,805 Malaysians coming to the Philippines. We have high hopes that the numbers will increase this year, looking forward to working together with the Philippine government on this front. Asean remains the cornerstone of Malaysia’s foreign policy and the establishment of the Asean community in 2015 has significantly elevated the country’s approach and engagement at the regional level, the nation’s well-being founded on the strong and friendly relations with other countries and its commitment to the multilateral system. The country’s record in peacekeeping under the UN is a testimony of its dedication in carrying out the mandate of the international community in advancing global peace and security. The post Malaysia, your good neighbor appeared first on Daily Tribune......»»
IOGP slot bolsters Prime Energy clout
Prime Energy Resources Development B.V. or Prime Energy, a Razon-led natural gas exploration and development company, seeks to ante up its expertise following its recent membership in a global group of upstream industry stakeholders. Sebastian C. Quiniones Jr., managing director at Prime Energy, disclosed Wednesday that the company has become the 88th member of the International Association of Oil and Gas Producers or IOGP The group is a global forum for the upstream industry in the areas of health, safety, security, environment, engineering, industry, and energy transitions. Collectively, members of the organization produce 40 percent of the world’s oil and gas. Expertise, operations strengthened Prime Energy now has access to technical standards and guidance, reliable data, talent development opportunities, and representation in key industries that will further strengthen its expertise and operations. “Our membership of the IOGP, alongside other industry trailblazers, cements our position as an exploration company with established expertise and credibility, especially as the operator of the Malampaya project,” Quiniones said. “Our vision for a cleaner energy Philippines aligns with IOGP’s advocacy to promote a reliable and sustainable energy supply,” he added. IOGP has been serving the petroleum industry since 1974, pioneering excellence in safe, efficient, and sustainable energy supply. It works with over 2,250 experts from its member organizations to share knowledge and practices to improve performance across the global industry. EKR: Future requires caution Prime Energy parent International Container Terminal Services Inc. has committed to staying cautious in managing capital expenditures to maintain the steadfast growth of the business despite recurring economic headwinds. “For several years now, we have been prudent in controlling our capital expenditures, allocating funds for ongoing projects and terminals demonstrating imminent growth.” “At the same time, we continue with our cost optimization efforts in this inflationary environment,” ICTSI chairman and president Enrique Razon Jr. said during the company’s Annual Stockholders Meeting. “We remain steadfast in our strategy and approach in ensuring that our portfolio continuously performs and to transform any additions to the portfolio,” he added. The company’s continuous vigilance in its management was evident in its financial performance last year. Revenues grow 20% ICTSI booked a 20 percent growth in revenues from global port operations in 2022, which clocked in at $2.24 billion from the previous year’s $1.87 billion. The company attributed the topline improvement to volume growth and market recovery, favorable container mix, tariff adjustments, new contracts with shipping lines and services, and higher revenues from ancillary services. It also booked a $618.46 million net income attributable to equity holders, which was 44 percent higher than the recorded $428.57 million a year ago due to higher operating income. “2022 was a relatively quiet year for acquiring new terminals. However, we expect that to change in the near future,” Razon said. ICTSI handled a consolidated volume of 12,216,190 twenty-foot equivalent units last year, which was 9 percent more than the 11,163,473 TEUs handled last year. The post IOGP slot bolsters Prime Energy clout appeared first on Daily Tribune......»»
COVID-19’s impact on banks manageable – BSP report
The banking system remains on “solid footing” in terms of assets, loans, deposits, profitability, capital and liquidity buffers despite the COVID-19 health crisis, a report from the Bangko Sentral ng Pilipinas (BSP) said. “The impact of the pandemic on the overall condition and performance of the banking system, which remains the core of the domestic financial system, has been manageable,” according to the BSP’s second semester report on the Philippine financial system. The total assets of the banking system account for 81.9 percent of the financial system’s total resources. MB file photo. The banks remained resilient during the worst of the lockdown period because of the “timely, time-bound and crucial” regulatory relief measures that BSP granted to them during the most severe quarantine months of March until June. These relief measures “helped address the adverse repercussions of the pandemic.” One of these reprieves was the suspension of the submission of some bank reports while most of the country was on enhanced community quarantine (ECQ) restrictions. Banks have had to adjust operations and deal with the slowdown in economic activities that affected their borrowers’ capacity to pay. Based on a set of financial soundness indicators (FSI) to assess banks’ health and soundness, it noted that the banking system is “stable and resilient despite global uncertainties related to the extent and path of COVID-19 menace.” But, the BSP said that the FSI analysis also implies that “consequent risks from lending should be monitored especially in the event of excessive uncertainties that could place additional pressures on the banking system in the short and medium run.” As of the report timeline, banks surveyed have yet to determine the total impact of the grace periods under the Bayanihan law but generally, based on the BSP’s comprehensive baseline survey conducted in April, banks have proactive control measures that will ensure the continued delivery of financial services to the general public and also to protect their personnel, said the BSP. Banks’ business continuity plans, and previous efforts at digitalization, also helped them to respond quickly to conditions brought about by the ECQ. Despite the economy in recession due to the pandemic, the banking system’s total assets reached P18.6 trillion as of end-June, 98.8 percent of the GDP. The end-June tally was 7.9 percent higher year-on-year but was slower than the 9.8 percent growth recorded in June 2019 and the 8.4 percent growth as of end-December 2019. Assets continue to grow because of the expansion of funds that went to lending activities while funding came from deposits, bond issuances and capital infusion. In the meantime, the report said banks’ profitability or net income fell by 22.5 percent to P86.5 billion as of end-June 2020 because of higher provisioning requirements. This was a reversal of the 27.7 percent growth in earnings same time in 2019. “Provisions on credit losses for loans and financial assets significantly increased, weighing heavily on bank profitability. Other income sources are expected to slow down due to lower volume of transactions, waiver of inter-branch and interbank fees as well as the temporary grace period moratorium on the imposition of bank fees, penalties and charges under the Bayanihan Act,” said the BSP. Based on the BSP survey, banks have measures to cushion the adverse impact of the pandemic on profitability such as banks’ plans to impose cost-cutting measures that includes deferred capital spending and freeze hiring of non-critical positions. The BSP said banks have also intensified loan collection activities and its loan monitoring. They have also become more prudent in loan releases, reduced the cost of funds and at the same time boosted marketing campaigns for new loans and deposits. “Across banking groups, (the big banks) also intend to reduce their exposures to vulnerable sectors and to increase ancillary or fee-based business while thrift banks and rural/cooperative banks plan to fast track digitization initiatives to reduce operating expenses,” said the BSP......»»
Jollibee invests $28 million in beverage tech firm
Filipino-owned Asian food conglomerate Jollibee Foods Corp. is investing $28 million for a 10 percent stake in beverage technology company Botrista Inc. to support the growth of its coffee and tea business......»»
Unlock business success at Franchise Asia Philippines Expo
The Franchise Asia Philippines Expo 2024 is set to hold a series of dynamic seminars designed to empower entrepreneurs, investors and business enthusiasts with the knowledge and tools needed to thrive in the ever-evolving world of franchising. Slated from April 12 to 14 at the SMX Convention Center Manila, these seminars offer invaluable insights into key aspects of franchising and business growth......»»
Israel bombs Gaza, fights Hamas around hospitals
Israeli forces pounded besieged Gaza on Wednesday and fought Hamas around several hospitals, despite a UN Security Council demand for a ceasefire. Talks in Qatar towards a truce and hostage release deal involving US and Egyptian mediators have brought no result so far, with Israel and the Palestinian militant group blaming each other. READ: Israel.....»»
EDITORIAL - Finally, plastic license cards
It says a lot about the quality of governance and ease of doing business in this country that it takes forever just to obtain a plastic driver’s license card......»»
Reflecting on Your Business Setbacks
Challenges are an inevitable part of any endeavor, especially a business one. From unforeseen economic shifts to internal operational hurdles, every business owner will inevitably face obstacles that test their resolve. As we live in a fast-paced world, we sometimes forget about looking back, and what better time to do it than the Holy Week? […].....»»
RCBC to surrender trust license
Rizal Commercial Banking Corp. (RCBC) is looking to surrender its license to engage in trust and other fiduciary business as part of its efforts to make RCBC Trust Corp. a stand-alone trust entity......»»
Lalamove empowers aspiring women entrepreneurs to start their small businesses in PangNegosyo program
Lalamove, a leading on-demand delivery platform, has launched the Panalong PangNegosyo program for its thousands of women partner drivers to give out a business-starter package to three lady riders or drivers......»»
Ministry helping improve BARMM’s business climate names 10 new officials
The Bangsamoro chief minister has filled out ten regional positions in one of the ministries under him to boost its operation as requested by business blocs enticing foreign investors to venture into viable businesses in the region......»»
Globe gets P5 billion from sale of towers
Telco-to-tech provider Globe Telecom Inc. raised almost P5 billion from the sale of towers in the first quarter, providing it with some of the capital needed to upgrade services and pay debts......»»
Philippines FDI ‘bound to improve’ in coming years – HSBC
The Philippines would be able to attract more foreign direct investments (FDI) in the coming years amid reforms that improved the country’s business climate, HSBC Global Research said......»»
RCBC surrenders trust license
Rizal Commercial Banking Corp. has surrendered its license to engage in trust and other fiduciary business as part of its efforts to make RCBC Trust Corp. a stand-alone trust entity......»»
JG Summit core profit soars in 2023
Core earnings of conglomerate JG Summit Holdings Inc. soared in 2023 following a significant turnaround in its airline business, with Cebu Pacific returning to full-year profit for the first time since the pandemic......»»