P82 billion set aside for vax buys, jabs for 50 million
The government will spend P82.5 billion to buy COVID-19 vaccines and fund the rollout of a massive immunization program aimed at stopping the coronavirus’ onslaught, President Rodrigo Duterte reported late Wednesday evening in a weekly address to the nation......»»
Losses to Philippine agriculture due to El Nino reach 31 mln USD
MANILA, March 20 (Xinhua) -- The El Nino dry spell and ensuring drought have caused over 1.75 billion pesos (roughly 31 million U.S. dollars) in damage to Philippine agriculture, a senior government official said Wednesday. This year's losses due to El Nino are still low compared to 2009 when the damage to agriculture reached 17 billion pesos (302 million dollars), Presidential Communications Office Assistant Se.....»»
PLDT buys 35% of Meralco unit
Telco giant PLDT Inc. is showing no signs of slowing down its broadband expansion, this time investing P2.12 billion to acquire more than a third of shares in a sister subsidiary......»»
US drugmaker Bristol Myers Squibb buys Mirati for $4.8-B
US pharmaceutical company Bristol Myers Squibb announced a $4.8 billion deal on Sunday to acquire cancer drugmaker Mirati Therapeutics. Bristol Myers Squibb will pay $58 per share in cash "for a total equity value of $4.8 billion," the companies said in a joint statement. In addition, a guaranteed value certificate (GVC) could provide Mirati shareholders with a potential additional $12.00 per share, or up to an additional $1 billion in total. The statement said that both companies' boards of directors had approved the agreement. "Through this acquisition, Bristol Myers Squibb will add KRAZATI, an important lung cancer medicine, to its commercial portfolio," the statement said. It said KRAZATI targets a specific type of mutation that makes up 14 percent of non-small cell lung cancer diagnoses. "With multiple targeted oncology assets including KRAZATI, Mirati is another important step forward in our efforts to grow our diversified oncology portfolio and further strengthen Bristol Myers Squibb's pipeline for the latter half of the decade and beyond," said Chris Boerner, the company's executive vice president and incoming CEO. The post US drugmaker Bristol Myers Squibb buys Mirati for $4.8-B appeared first on Daily Tribune......»»
‘They put a price on everything’: extortion hits Mexican economy
Plots of land lie empty among lime and banana plantations in one of Mexico's most violent regions -- abandoned by their owners due to widespread extortion squeezing Latin America's second-largest economy. As in many other agricultural zones around the country, criminal gangs in the western state of Michoacan have become a major market force, driving up costs and hurting not just farmers but also consumers. Take limes, for example: despite a national increase in production, and a slowing of overall consumer price inflation, the cost of the citrus fruit rose by more than 50 percent in the past year, according to the Agricultural Market Consulting Group (GCMA), a consulting firm. The impact is huge in a country where limes are a vital ingredient in many dishes. "The prices are through the roof!" said Gabriela Jacobo, a 53-year-old housewife who now only buys a few limes a week. The threat from organized crime is such that trucks transporting limes now have police escorts, AFP reporters saw during a visit to the region. The fallout has even been felt in Mexico City, where drug and gang violence is often seen as a faraway problem and the ability to source food from all around the country eases supply problems. The price of limes in the capital doubled, reaching almost $4.5 per kilo ($2 per pound) in August. "It's not because of a supply issue," but because of extortion, said GCMA analyst Juan Carlos Anaya. Turf wars Michoacan, which covers an area as big as Costa Rica, is riven by bloody turf wars between rival gangs such as the Jalisco New Generation Cartel, Los Viagras, and La Familia Michoacana. As well as fighting over drug smuggling routes, they also compete to make money through extortion. Payment is taken in the form of a charge of 11 US cents to package each kilo of limes, a farmer told AFP, speaking on condition of anonymity due to fear of reprisal. It may not sound like much, but the region can produce about 900 tons of fruit every day. In the past, "the criminals had their fights but they left us to work. Now they don't even leave us to work,'" the farmer said. Tomato, banana, and mango producers, as well as transporters and distributors, must also pay the gangs, he said. "They put a price on everything," he added. Extortion and theft cost companies in Mexico about 120 billion pesos ($6.8 billion) a year, equivalent to 0.67 percent of the country's annual economic output, according to official figures. In the southern state of Chiapas, extortion and violence have caused food shortages in communities bordering Guatemala. "There's no electricity. There's no food. There's no water. There's no gas," a resident told AFP. The region is gripped by a turf war between the Jalisco New Generation and Sinaloa cartels that has led to dozens of business closures and forced locals to buy supplies in Guatemala, at higher cost. Even the ingredients for tortillas -- a Mexican staple -- are being purchased across the border. Cities such as Chilpancingo, the capital of southern Guerrero state, also saw widespread closures of chicken shops in the past after farmers and merchants who allegedly refused to pay extortion were murdered. 'Deep trouble' Avocado growers have also fallen prey to the battle for control of Michoacan's agricultural riches. Last year the United States briefly suspended avocado imports from the state after a US inspector checking export shipments before the Super Bowl received phone threats. To confront crime, lime producers like Hipolito Mora founded self-defense groups in 2013 that were themselves later accused of links to criminals. After vehemently denouncing drug traffickers, Mora was shot dead in June in Michoacan. "We're in deep trouble with the cartels," said his brother Guadalupe Mora, who was being watched over by several bodyguards. "They charge us a fee for everything -- basic foods, soft drinks, beers, chicken. Everything's very expensive because of them," he said. State prosecutor Rodrigo Gonzalez urged people to come forward to report such crimes. "We're committed to fighting these people, identifying them, arresting them, and bringing them to court," he said. But many fear they will suffer the same fate as Mora if they speak up. Despite the risks, the farmer said that he had no intention to leave his land. "Lots of people depend on us and our work, to provide for their families," he said. The post ‘They put a price on everything’: extortion hits Mexican economy appeared first on Daily Tribune......»»
AboitizPower buys back shares amid PSE slump
Aboitiz Power Corp., or AboitizPower, purchased 11.407 million of its shares as part of its buy-back program as of the 19 September closing. The company said the move was needed to “create further shareholder value” as its current share price range fails to reflect the value of the company. As the shares are undervalued due to the poor state of the market, the buyback is expected to inspire investors to look at the real value of the shares. “Even with this stock buy-back program, there is no intention to delist from the PSE, but merely to reward our existing shareholders with a larger share of a brighter future,” the company said. The Philippine Stock Exchange or PSE, however, announced AboitizPower, the listed investment arm of the Aboitiz Group for energy-related ventures, will be dropped from the index of bellwether shares by next week. In a memorandum dated 20 September, PSE president Ramon Monzon confirmed AboitizPower’s removal from the index will be effective starting 26 September. This developed even after AboitizPower committed not to exit the index amid speculations that the company may opt to delist after its public float fell below the required threshold. Based on the new rules governing the PSE, all companies in the local bourse indices are required to maintain a minimum public float level of 20 percent. AboitizPower chief executive officer Emmanuel Rubio also conveyed that the company, which accounts for one out of every five megawatts or MW of installed capacity in the Philippines, is still in a strong position to create long-term shareholder value. “With a pipeline of about 1,000 MW of new renewable energy capacity, we are well on our way to contributing an additional 3,700 MW of clean electricity,” Rubio said. During the first half of the year, the company reported that it logged a P17.8-billion net income, 79 percent higher than the P10 billion recorded in the same period a year ago. During the second quarter alone, the company’s net income reached P10.3 billion, 46 percent higher than last year’s P7 billion. AboitizPower’s generation and retail supply businesses recorded earnings before interest, taxes, depreciation, and amortization or EBITDA of P30.2 billion during the first six months. The EBITDA, used to measure a company’s financial health and ability to generate cash, was 31 percent higher than the P23.1 billion recorded in the same period last year due to “fresh contributions” from GNPower Dinginin. From the start of the year until the end of June, AboitizPower said its capacity sold increased by 25 percent to 4,718 MW from 3,785 MW a year ago. The post AboitizPower buys back shares amid PSE slump appeared first on Daily Tribune......»»
GSIS buys up 12% MPIC stake
State pension fund Government Service Insurance System, or GSIS, has accumulated shares in diversified Metro Pacific Investments Corp,, or MPIC, the flagship company of tycoon Manny V. Pangilinan which is up for bourse delisting. The state financial institution led by veteran investment banker Wick Veloso has amassed the MPI shares the past two weeks, buying a total of 2.5 billion shares from 23 August to 4 September. In a report to the stock market, MPIC said it received a letter from GSIS dated 4 September informing the company that from 23 August to 4 September, GSIS purchased 2,490,509,574 common shares of MPIC. GSIS also mentioned that as a result of these purchases, GSIS now owns 3,438,549,038 common shares which represents approximately 11.98 percent of the total outstanding common shares of MPIC. Strong challenge Analysts said the GSIS move poses a challenge to the MPIC proposal to leave the stock exchange. COL Financial research head April Lynn Tan said that with the purchases, MPIC share owners may not attain its target to acquire 95 percent of the company which is pivotal to the delisting plan. MPIC chairman and chief executive Manuel Pangilinan on Monday expressed hope the consortium would secure enough shares to push through with the plan. “The tender period will expire on 7 September, so let’s wait. We are hopeful that the amount of shares will translate to qualification for delisting,” Pangilinan said. In a social media post, Tan said the delisting option can still pull thorugh. “According to industry peers, there is still a chance that the delisting will push through. Since GSIS now owns 12 percent (more or less) it might not be counted in the public float based on PSE proposed amendments. This means that the tender offer might proceed if over 14.58 percent of share owners tender their shares,” she added. The post GSIS buys up 12% MPIC stake appeared first on Daily Tribune......»»
PBBM assures public enough rice supply
President Ferdinand Marcos Jr. assured the public over the weekend that the country had enough rice supply and that the government was closely monitoring the National Food Authority (NFA) buffer stock ahead of El Niño and other expected calamities. In his latest vlog, the Chief Executive underscored that the country's rice supply is still enough after typhoons "Egay" and "Falcon", including the Southwest Monsoon (habagat) ravaged several parts of the country and damaged the agriculture sector. For context, the National Disaster Risk Reduction and Management Council (NDRRMC) said Sunday that the agriculture sector damage and losses due to inclement weather reached an estimated P2.9 billion. The latest situational data from the NDRRMC showed that the Department of Agriculture recorded billions worth of damages in the Ilocos Region, Cagayan Valley, Central Luzon, Calabarzon, Mimaropa, Western Visayas, Bangsamoro Region, and Cordillera Administrative Region (CAR). "We have an ample supply of rice, and there is nothing to worry about," Marcos said. "Our farmers should expect that we won't be importing if the supply here in the Philippines is sufficient. Hopefully, you won't be worried. We have rice," he added. Marcos, who also heads the Department of Agriculture (DA), said the government is ensuring that the NFA increases its buffer stock for several reasons. The Chief Executive pointed out the increasing number of disasters in the Philippines and that other Southeast Asian countries needed to increase their rice supplies ahead of El Niño, expected to occur either late this year or early 2024. He added that other countries that export rice, such as India, have begun to restrict or halt their rice exports. "All of us are preparing for the El Niño. That's why the challenge is that everyone buys things all at once," Marcos said. "We are looking for our friends. Fortunately, I have met many of them during my travels, and we are now in communication. Perhaps, we might be allowed to import from them. However, we will only do so if the supply is not sufficient," he added. The post PBBM assures public enough rice supply appeared first on Daily Tribune......»»
Puregold buys 14 Divimart stores
Amid an ongoing business expansion, Puregold Price Club Inc., a supermarket chain owned by retail tycoon Lucio Co, has acquired 14 DiviMart branches nationwide. In a report to the Philippine Stock Exchange on Wednesday, the company disclosed that the buyout deal with DiviMart Supermarkets includes “leasehold improvements, furniture, fixtures, equipment and merchandise inventory.” The stores are located in Bulacan, Cavite, Laguna, Bataan, Cabanatuan, Nueva Ecija and Olongapo, as well as the cities of Pasig and Manila. Puregold pointed out that this new investment will provide the company instant access to Divimart stores that may eventually be converted into Puregold stores “under a sublease transaction.” 18 other branches evaluated Additionally, the company is also evaluating 18 other Divimart locations that can be transformed into Puregold stores. “The consideration for the acquisition is below 10 percent of the Corporation’s book value,” it also noted. In 2022, Puregold booked a double-digit increase in its bottom line due to the increase in consumer demand as economies reopened. The company’s net income increased by 13.5 percent to P9.287 billion from P8.180 billion the past year. It was Driven by a 12.3 percent to P184.303 billion net sales jump from P164.125 billion a year ago. The post Puregold buys 14 Divimart stores appeared first on Daily Tribune......»»
BIR files P18-B tax evasion raps
Bureau of Internal Revenue Commissioner Romeo “Jun” Lumagui yesterday filed before the Department of Justice a criminal complaint against three companies for alleged tax evasion through the use of fake receipts. The BIR chief said the respondents bought fake receipts to evade tax payments. Lumagui said the respondents have an estimated tax liability of around P18 billion, including penalties and interest. He said the erring companies bought fake receipts are legitimate businesses that aim to reduce their taxes, income tax, and value-added tax. The companies according to Lumagui have been purchasing the receipts since 2018. He also said the respondents include a family that both sold and bought “ghost” receipts. Accountants rapped, too “Aside from selling fake receipts, their company also buys these bogus receipts. That’s why the lost fee is huge. There are already billions worth of liabilities in just this company alone,” Lumagui said. The BIR likewise filed a complaint against the accountants involved in the practice. Lumagui said they include as respondents the accountants who audited the financial statements of these three companies. He disclosed that they are also seeking to file more complaints against around 1,000 companies with an estimated tax liability of around P500 billion. The post BIR files P18-B tax evasion raps appeared first on Daily Tribune......»»
San Miguel Foods buys corn from farmers nationwide
San Miguel Foods, the food unit of San Miguel Corp., has bought over 1.3 million metric tons of corn worth P23.9 billion directly from farmers since 2020 through its local corn buying program......»»
GSIS buys P1.46-B shares in Nickel Asia
GSIS purchased 233.56 million shares from NAC for P1.46 billion, a disclosure sent to the Philippine Stock Exchange indicated......»»
Japan’s 2nd largest bank buys 4.99% stake in RCBC
Tokyo-based Sumitomo Mitsui Banking Corp. has acquired a nearly five percent stake in Yuchengco-led Rizal Commercial Banking Corp. for P4.48 billion as part of its efforts to expand franchise and strengthen digital banking in Asia......»»
ICTSI buys Manila Harbour Center Port Services for P2.45 billion
International Container Terminal Services Inc. of tycoon Enrique Razon is beefing up further its domestic ports portfolio with the acquisition of a 10-hectare international breakbulk and bulk private port facility at the Manila Harbour Center......»»
P82 billion set aside for vax buys, jabs for 50 million
The government will spend P82.5 billion to buy COVID-19 vaccines and fund the rollout of a massive immunization program aimed at stopping the coronavirus’ onslaught, President Rodrigo Duterte reported late Wednesday evening in a weekly address to the nation......»»
Palay prices dip to P11/kg in some areas
Palay prices continued to go down, even dipping to as low as P11 per kilogram (/kg) as farmers approach the tail-end of the harvest season with a series of strong typhoons. Latest data from the Philippine Statistics Authority (PSA) showed that the average farm-gate price of palay continued its downward movement, falling by 4.1 percent to P15.79/kg from the price level of P16.47/kg in the previous week. Year-on-year, the price increased by 0.2 percent from its average price of P15.76/kg in the same week of the previous year. Unfortunately, prices went down to as low as P11/kg in areas like Surigao del Sur and Cavite, which means some farmers were forced to sell their produce at a loss. In other areas like Agusan del Sur and Bulacan, farmers barely made money, with palay sold at exactly or just slightly above P12/kg. In the Philippines, the average production cost of rice farmers stood around P12.72/kg, which is higher or nearly double than what rice farmers in Vietnam and Thailand spend to produce the staple. This means that if prices fell below that amount, farmers would receive earnings that are lower than what they spent for. Some said that with the current production cost, the breakeven farmgate price of fresh harvest should be around P14.50/kg. Meanwhile, highest palay prices were recorded in areas like Bataan, Nueva Ecija, Zambales, Pampanga, Rizal, and Palawan wherein the commodity were sold at P18/kg to P21/kg, the same PSA data showed. Federation of Free Farmers (FFF) National Manager Raul Montemayor said that in the next few weeks, as farmers approach the tail-end of the harvest season, palay prices will definitely go down further. This, as palay, when damaged by storms, could yield to poor quality rice, which, among other reasons like the continuous entry of imported rice, could result in traders deciding not to buy at all. “Rainy weather is also to blame since traders have to discount for grain deterioration due to lack of drying facilities,” he said. A data from the Department of Agriculture (DA) showed that as of October 29, Typhoon Quinta already destroyed 79,239 metric tons (MT) of palay worth P1.13 billion within 62,880 hectares of farms. Then there’s the threat of Typhoon Rolly, which is expected to make landfall in Quezon and Aurora provinces on Saturday (October 31) and become a super typhoon. Montemayor also thinks that the continuous decline in palay prices is already “not surprising” since government intervention is doing very little for farmers. According to him, the National Food Authority’s (NFA) palay procurement has had minimal impact despite pronouncements of DA, while the planned suspension of sanitary and phytosanitary import clearances (SPS-ICs) on rice “came in too late, as in last year, to influence farmgate prices.” “Too little too late [actions] again by the DA,” Montemayor said. “At this time, [DA can do] very little. Damage was already done and most farmers have already harvested. Some typhoon-affected farmers (like those in Occidental Mindoro and Isabela) are asking NFA to buy storm-damaged palay but I doubt if they will do that since the agency itself doesn’t have dryers,” he added. Montemayor was particularly referring to Agriculture Secretary William Dar’s previous order for NFA to intensify its palay procurement in order to address decline in palay prices. To recall, NFA, whose sole mandate now is to secure the government’s buffer stock, buys palay at P19/kg and is given P7 billion every year to do this. Also, more than a week ago, Senator Cynthia Villar, chairperson of the senate agriculture committee, asked the DA to stop issuing SPS-ICs to rice importers during harvest time, which would probably take effect after the next planting season. Business Bulletin sought the reaction of DA Spokesperson Noel Reyes regarding the decline in palay prices, but he is yet to respond......»»
AREIT buys P5.1-B office mall
AREIT Inc., the real estate investment trust sponsored by Ayala Land Inc., has acquired a mall and office development in Pasig City from the real estate giant for P5.1 billion. In a disclosure to the Philippine Stock Exchange, AREIT said it is buying The 30th, a 76,000 square meter commercial development located along Meralco Avenue in Pasig City. “The asset will increase AREIT’s portfolio to 246,000 square meters of GLA from 170,000 square meters and will contribute to its net income and dividends in 2021,” AREIT said. The 30th is a commercial development that was planned and developed by Ayala Land and completed in 2017. The office building is fully occupied predominantly by BPO companies. The 30th includes an amenity retail podium which will be operated and leased by Ayala Land from AREIT. Simultaneous to the acquisition of the building by AREIT, ALI will assign the long-term land lease to AREIT. AREIT wil lease office spaces to tenants, and the retail podium to Ayala Land under a fixed lease as operator of the retail spaces. The acquisition will be funded through debt. It will be a cash purchase with the installment schedule to be agreed by the parties. Currently, AREIT has no debt thereby allowing it to acquire assets that are yeld accretive through leverage. “This demonstrates AREIT’s ability to grow its portfolio and add value to its shareholders while its Sponsor, Ayala Land, Inc. can recycle the capital for its real estate projects in the Philippines,” AREIT said......»»
Rice farmers seek bigger financial aid
The one-time financial assistance that the Senate directed the Department of Agriculture (DA) to provide to rice farmers amid the declining prices of palay would not be enough, a group of rice farmers said. (MB file, Keith Bacongco) Federation of Free Farmers (FFF) National Manager Raul Montemayor said rice farmers have lost an average of P10,000 per hectare in the ongoing cropping season due to severely depressed palay prices. This was his response to the joint resolution recently passed by the Senate Committees on Agriculture and Agrarian Reform, which ordered the DA to appropriate some P3 billion in tariffs from rice imports through the 2021 national budget for cash aid to rice farmers. Under the Rice Tariffication Law (RTL), which allowed unlimited rice importation in the Philippines, tariff collections in excess of P10 billion per year can be used for additional support to farmers, including cash transfers. FFF, however, noted that the proposed appropriation would only provide P5,000 per farmer if distributed to some 600,000 farmers tilling one hectare or less. If the actual number of qualified farmers is raised to 1.1 million, the subsidy would only amount to about P2,700 per farmer. Either proposal will be unfair to equally affected rice farmers tilling larger areas, the farmers’ group said. Instead, Montemayor said the government could keep palay prices stable by temporarily imposing safeguard duties or additional tariffs on imported rice. “The government allowed unlimited rice imports, resulting in low palay prices. Now, it will spend P3 billion to partially offset farmers’ losses. If it had instead imposed additional duties on imports, palay prices would not have dropped too much, there would have been no need for cash aid to farmers, and the government might have even earned extra revenues from the safeguard duties,” said Montemayor. Under the Section 10 of RTL or Republic Act (RA) 11203, in order to protect the Philippine rice industry from sudden or extreme price fluctuations, a special safeguard duty on rice shall be imposed in accordance with Safeguard Measures Act. R.A. 8800 or the Safeguard Measures Act, on the other hand, allows additional safeguard duties on top of regular tariffs in case an import surge is shown to be harmful to local farmers. “Safeguard duties will not be inflationary as claimed by the DA, because they will be applied only when there is already a proven oversupply in the market. They can be removed once the situation stabilizes,” said Montemayor. Agriculture Secretary William Dar is not keen on slapping additional tariff on rice imports, and has repeatedly appealed for public understanding about the “short-term” effects of RTL to palay prices. However, he promised to look for other solutions to the plea of the farmers like asking the National Food Authority (NFA), which buys palay at P19 per kilogram (/kg) to boost the government’s buffer stock, to intensify its palay procurement. Instead of cash aid, the FFF proposed that existing funds from the Rice Competitiveness Enhancement Fund (RCEF) and extra tariff collections be re-focused to address current problems of farmers. It noted that half of farmers receiving free seeds under the RCEF had already been using certified seeds in the past, and that many were seeking other types of support that were not available under RCEF. Numerous farmers have also questioned the DA’s promotion of seed varieties like NSIC Rc222, which is of poor quality and are being shunned by traders. “Also, the P5 billion annual fund for mechanization is not moving well, and it might be more practical at this time to preserve job opportunities for farm laborers instead of displacing them with machines,” Montemayor said. “Moreover, the P1 billion budget for extension and training could be realigned, considering that farmers cannot attend training activities due to COVID-related restrictions. The P1 billion for credit could be better used for interest rate subsidies or loan guarantee programs, instead of direct loans which will benefit only 20,000 farmers,” he added......»»
Microsoft buys gaming firm ZeniMax Media for $7.5 billion
Software giant Microsoft on Monday announced would acquire ZeniMax Media for $7.5 billion, marking a major expansion into video gaming that will give it ownership of several best-selling franchises......»»
AC Energy buys into Infigen
AC Energy Inc. is eyeing to take over a listed Australian clean energy developer for about P27 billion to deepen its foothold in Australia as well as meet its goal of hitting five gigawatts of renewable energy capacity by 2025......»»
Sumitomo buys P3-b stake in LRT 1
Sumitomo Corp. of Japan acquired a 34.9-percent stake in Light Rail Manila Corp. which operates Light Rail Transit Line 1 for P3 billion. .....»»