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JG Summit FY23 profit: P19.6-B (up 216%)
JG Summit, the Gokongwei Family’s diversified conglomerate, teased its FY23 financial results headlined by a 216% increase in the company’s net income to P19.6 billion......»»
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......»»
Government sets P585 billion borrowings in Q2
The government is set to borrow P585 billion from the domestic market in the second quarter amid hopes of more favorable interest rates here and abroad......»»
First Gen income up 4 percent to P15.4 billion in 2023
Lopez-led power firm First Gen Corp. grew its income by four percent to P15.4 billion in 2023, from the previous year’s profit of P14.3 billion, mainly due to contributions from its geothermal subsidiary Energy Development Corp......»»
Shell Pilipinas profit tumbles to P1.2 billion in 2023
The earnings of Shell Pilipinas Corp. plunged by 70.7 percent to P1.2 billion in 2023 from P4.1 billion in 2022 on the back of declining global fuel prices and elevated interest rates......»»
Philippine bond market hits $217 billion in Q4
The Philippine bond market went up slightly in the fourth quarter of 2023 due to the increase in government bond issuances, according to a report from the Asian Development Bank......»»
Cebu Landmasters FY23 profit: P4.6-B (up 29%)
Cebu Landmasters [CLI 2.85 unch] [link] teased its FY23 performance at an analyst briefing where it revealed full-year net income of P4.6 billion (up 29%) and total revenues of P18.8 billion (up 20%)......»»
IT-BPM revenue hits $35.5 billions
Revenues of the information technology-business process management industry climbed by more than nine percent to hit $35.5 billion in 2023 from $32.5 billion in 2022......»»
Meta quarterly profit jumps but it sees volatility in ad market
Meta on Wednesday reported that its quarterly profit more than doubled from last year's figure as it looks ahead at a volatile ad market and lawsuits accusing it of profiting from "children's pain." "Meta earnings looked pretty good," said independent tech analyst Rob Enderle. "They have clearly cut back on the bleeding surrounding their metaverse efforts and the company appears to be on a more even keel right now." The tech giant said it made a profit of $11.6 billion as ad revenue climbed 23 percent to $34 billion when compared to the same period a year earlier. "We had a good quarter for our community and business," said Meta chief executive Mark Zuckerberg. The number of people using Facebook monthly rose slightly to 3.05 billion in a year-over-year comparison while monthly active users of Meta's "family" of apps was 3.96 billion a 7 percent increase from the same quarter in 2022, the company reported. Meta said it had trimmed costs, with layoffs and other belt-tightening measures started last year providing "greater efficiency." Meta had suffered a rough 2022 amid a souring economic climate and Apple's data privacy changes, which allowed users to block ad targeting, the pillar of Meta's business. Meta's vow of austerity on spending brought an unprecedented round of cost-cutting that saw the company lay off tens of thousands of workers since last November. Meta shares, which closed the formal trading day down, fell more than three percent further in after-hours trades to $289.50. Chief financial officer Susan Li said during an earnings call that Meta is seeing "volatility" in an ad market that started to soften when the conflict between Israel and Hamas began. "It's hard for us to attribute demand softness directly to any specific geopolitical event," Li said. "We have seen broader demand softness follow other regional conflicts in the past, such as in the Ukraine war, so this is something that we're continuing to monitor." Lawsuit peril Analyst Enderle maintained that Meta is at risk from lawsuits poised to damage its image and its wallet. Dozens of US states this week accused Meta of profiting "from children's pain," damaging their mental health and misleading people about the safety of its platforms. "In seeking to maximize its financial gains, Meta has repeatedly misled the public about the substantial dangers of its Social Media Platforms," argued a joint lawsuit filed in federal court in California. The states accused Meta of exploiting young users by creating a business model designed to maximize time they spend on the platform despite harm to their health. In total more than 40 states are suing Meta, though some opted to file in local courts rather than join in the federal case. Meta said the states were singling it out unfairly instead of working with social media companies to develop universal standards for the whole industry. "This landmark lawsuit could herald a seismic shift in how social media platforms approach product features and user engagement," said Insider Intelligence principal analyst Jeremy Goldman. "That said, even as tech stocks face uncertainty, Meta's consistent performance cements its leadership in the digital realm." Meanwhile, the European Union is seeking details on measures Meta has taken to stop the spread of "illegal content and disinformation" in light of the conflict between Israel and Hamas. The AI race The tech giant is putting artificial intelligence into digital assistants and smart glasses as it seeks to gain lost ground in the AI race. "I'm proud of the work our teams have done to advance AI and mixed reality with the launch of Quest 3, Ray-Ban Meta smart glasses, and our AI studio," Zuckerberg said in the earnings release. The second-generation Meta Ray-Ban smart glasses made in a partnership with EssilorLuxottica have a starting price of $299. "Smart glasses are the ideal form factor for you to let AI assistants see what you're seeing and hear what you're hearing," Zuckerberg said. Meta has taken a more cautious approach than its rivals Microsoft, OpenAI, and Google to push out AI products, prioritizing small steps and making its in-house models available to developers and researchers. "The majority of the world's population will have their first experience of generative artificial intelligence with us," Meta chief technology officer Andrew "Boz" Bosworth told AFP in a recent interview. Meta recently unveiled AI-infused chatbots with personalities, along with tools for creating images or written content using spoken prompts. The post Meta quarterly profit jumps but it sees volatility in ad market appeared first on Daily Tribune......»»
Sara Duterte’s P2.7B confidential expenses as Davao mayor should be probed—Castro
Davao City’s confidential expenses that ballooned to P2.697 billion during Vice President Sara Duterte’s stint as mayor should be probed by the Commission on Audit, a lawmaker said Monday. The call for investigation was prompted by the 2022 report of the CoA, which found that Davao City spent P2.697 billion on confidential expenses between 2016 to 2022, or an average of PP385.3 million per year over the preceding six years. Duterte served as the Davao City mayor from 2016 to 2022 before she assumed the VP post in July of last year. Based on CoA findings, Davao City incurred P144 million of confidential expenses in 2016, which was more than doubled to P293 million in 2017 and further climbed to P420 million in 2018. The city’s confidential fund expenses further grew to P460 million in 2019 and were maintained consistently for the subsequent years of 2020, 2021, and 2022. In an interview on Monday, ACT Teachers Partylist Rep. France Castro, who sought the CoA probe, stressed that the P2.697 billion totality of confidential expenses of Davao City in the previous six years “could have been utilized more effectively to benefit the education sector, specifically by providing much-needed support to teachers.” “We were shocked also [by] the report of the CoA. With this controversy of confidential funds, we are thinking of asking the CoA to investigate,” she said. “The CoA should file an audit observation memo and then ask them to explain maybe the misuse of funds and then file necessary legal action.” She added, “Imagine more than a million a day spent for the confidential funds in a city. I just wonder how it was spent and where it was spent. So, we want the CoA to review if the city government of Davao City led by Vice President Sara Duterte by then really followed the guidelines or the joint circular 2015-01.” The said joint circular outlined by CoA with the Departments of Budget and Management, National Defense, and of the Interior and Local Government, and Governance Commission for GOCCs, contains guidelines on the entitlement, release, use, reporting, and audit of confidential and intelligence funds that are in the General Appropriations Act. Daily Tribune has been asking for Duterte’s comment, but she remained mum on the issue. While Castro admitted that the local government units are entitled to confidential funds for peace and order maintenance, it was “ironic” that Duterte sought allocation of such funds given that she claimed Davao City was “very peaceful, disciplined, and well” during her tenure. "So why is it necessary to have an increasingly confidential fund?" the lawmaker stressed, noting such a fund should be used for other fruitful endeavors. "I remember the time the teachers of Davao City were asking for city allowance, but she did not grant it. Instead, she refused and even got mad with ACT (Alliance of Concerned Teachers) during that time," Castro pointed out. While none in the law limits the amount of confidential funds, the militant lawmaker pointed out that it should be rationalized. A proposed law aimed at imposing a cap and limit on confidential funds, streamlining the allocation of such that would promote transparency and accountability, is currently being crafted, according to Castro. It will be filed in Congress when the session resumes in November. The post Sara Duterte’s P2.7B confidential expenses as Davao mayor should be probed—Castro appeared first on Daily Tribune......»»
Oil tax freeze clash looms
Senate Minority Leader Aquilino Pimentel III yesterday supported — while Finance Secretary Benjamin Diokno strongly opposed — a proposal to suspend the excise tax on imported oil products amid the skyrocketing fuel prices at the pump. “Every week, our fellow Filipinos face the challenge of ever-increasing fuel prices. They need a lifeline now. I hope the government understands the gravity of the situation and the urgency of intervention to alleviate their hardship,” Pimentel said. “The suspension of the excise tax would offer a temporary respite and serve as an effective lifeboat for Filipinos struggling to cope with the sky-high fuel prices,” he stressed. House Deputy Majority Leader and ACT-CIS Partylist Representative Erwin Tulfo on Monday proposed a three-month suspension of the excise tax on imported oil and bio-ethanol to address the continuing surge in oil prices. Tulfo’s proposal to temporarily suspend the excise tax until December came after Speaker Martin Romualdez held a meeting with representatives of the oil industry players on the same day. In a media briefing, Tulfo gave the impression that the House leadership would be inclined to recommend to President Ferdinand Marcos Jr. the suspension of the fuel excise tax. For Pimentel, suspending the excise tax would “unburden” many Filipinos from the expected increase in the prices of basic commodities. “The rising cost of crude oil will ultimately be borne by every Filipino because it leads to increased prices of goods, electricity, and more,” he said. Earlier, oil companies raised gasoline and kerosene prices by P2 per liter, with a more significant increase of P2.50 per liter for diesel. Diesel and kerosene prices in the last 11 consecutive weeks rose by a cumulative P17.30 and P15.95 per liter, respectively, while gasoline prices in the last 10 weeks climbed by P11.85 per liter. The global price of crude oil from the United States has risen to $92 per barrel, while European crude has increased to $95 per barrel since November last year. ‘Only rich will benefit’ But Diokno quickly put a damper on Tulfo’s proposal, saying that suspending the excise tax on petroleum products would benefit only the rich and severely damage the economy. “We recognize the public sentiment to address the elevated fuel prices. However, as the government, it is our responsibility to be cautious in implementing policies that could negatively impact the macro-fiscal stability and sustainability of the country,” he told reporters. Suspending the excise tax would be “regressive,” Diokno said, as it would delay infrastructure and social development projects for long-term economic growth under the Marcos administration, which aims to make the country a predominantly upper middle-income society by 2025. He pointed out that only the top 10 percent of households with the highest incomes would benefit from a suspension as they consume nearly 50 percent of all fuels. He noted that the lower half of households use up only 10 percent of all oil-based fuels. “When you formulate policy, you always think of what’s the greatest good for the greatest number,” Diokno said. Likewise, suspending the excise tax on fuel would not help stave off inflation in the long run, he added. “Any of the proposals will adversely affect our economic and fiscal recovery, our international credit rating, and our overall debt management strategy,” he said. He explained that the government would lose billions in revenue if it suspended the excise tax on fuel and its associated value-added tax. For the fourth quarter of 2023 alone, Diokno said, the losses in government revenue from foregone VAT and fuel excise taxes would reach P31.2 billion and P72.6 billion, respectively. Doom and gloom “In total, for the whole year of 2024, the government will lose P280.5 billion,” he said. Diokno averred that the lost revenue would lead to a higher budget deficit — from 5.1 percent to 6.2 percent of gross domestic product — and a higher debt-to-GDP ratio in 2024 of 60.2 percent to 61.3 percent. With a restricted revenue collection, Diokno added, the government will be forced to borrow more to support its projects and to repurpose some of its future revenues to debt payments. “Higher borrowings will further increase our interest payments and budget deficit in the future,” he said. The solution, Diokno said, is to give targeted subsidies to those who will be most negatively affected by the higher fuel prices, such as jeepney drivers, farmers and fishermen. He also said that eliminating the fuel tax would require time-consuming legislative action. “Once the elevated oil prices subside, it may not be easy to restore the taxes on oil products. It is politically unpopular. That’s the political economy of tax legislation. This has serious implications for fiscal sustainability,” he warned. The post Oil tax freeze clash looms appeared first on Daily Tribune......»»
Semiconductor industry having a renaissance — player
Even if unharmed by the onslaught of the Covid-19 pandemic three years ago, the semiconductor industry is fast regaining momentum, and even experiencing a renaissance as proven by a top executive of CIRTEK Electronics Corporation, an independent complete solution provider for subcontract manufacturing of semiconductor devices. In his guest appearance on the DAILY TRIBUNE’s digital show Business Sense, Brian Liu, managing director and CEO of Cirtek Electronics Corp., said the company’s full-year 2022 performance has breached its all-time high performance in 2019. “We reached an all-time high prior to the pandemic in 2019. But because of the effects of Covid-19, world economies closed. Supply chain problems occurred. So, we took a bit of a slowdown during that time frame; 2020 to 2021 was a bit of a slowdown for us,” he said. Renaissance “We do believe that the semiconductor industry is in a renaissance right now where a lot of the supply pool is shifting away from Greater Asia and making its way to Southeast Asia so this should serve as a good tailwind for the semiconductor industry,” he added. According to tradingeconomics.com, semiconductor exports from the Philippines climbed 0.8 percent year-on-year to a seven-month high of $6.70 billion in June 2023, following an upwardly revised 2.4 percent gain in the prior month. Sales grew for electronic products (12.0 percent), other manufactured goods (2.8 percent), ignition wiring sets and other wiring sets used in vehicles, aircraft, and ships (14.6 percent), machinery and transport equipment (11.2 percent), and cathodes and sections of cathodes of refined copper (38.5 percent). By destination, sales increased to China (15.0 percent), Hong Kong (15.9 percent), the US (6.9 percent), the Netherlands (59.4 percent), South Korea (4.4 percent), Malaysia (3.1 percent), and the European Union (23.0 percent). Benefiting from WFH Further, he said the work-from-home arrangements during the pandemic have even generated pent-up demand for chips that they manufacture. “So basically, it is a mix, we keep our portfolio as diversified as possible. But back in the height of the pandemic, radiofrequency and communication chip sets comprised a large volume of our production because of the demand for work-from-home hybrid spaces. This prompted a lot of demand for higher bandwidth and connectivity,” he said. “Some of these chipsets go to the laptops that we work on so as you know demand for laptops also surged during work-from-home setups, and right now we’re seeing an industrial revolution where a lot of traditionally mechanical devices are being electrified,” he added. AI’s help As contentions about artificial intelligence or AI grow in various parts of the world, Liu said AI is beneficial to his industry in terms of improving their production. “Now we are seeing a new need for a new sub-segment such as artificial intelligence to power new automation and new devices through this automated way of machines learning and doing things on their own. This has created new device families as well, especially in the processing space and the hybrid system and packages. We are talking about multi-function chip sets being consolidated into one system. Hence a new product family is being derived,” he explained. Liu maintained that the semiconductor industry will remain a very crucial part of everybody’s lives, seeing that semiconductors comprise the very impetus of technology itself. “So, any gadget, any device, or any equipment would not be able to function without the aid of semiconductors, and because of the continuous evolution of technology and new innovations being created, this catalyzes new semiconductor device families to be continuously created, and that’s why I do believe that semiconductors play a crucial role as the building block of technology itself,” according to Liu. The Cirtek Group harnesses more than 29 years of expertise in the assembly and testing segment of the semiconductor industry and has been accredited and certified by several international quality institutions for the latest quality system standards. Beginning with just three customers in 1984, the company through its subsidiaries has significantly grown its customer base to 42 at present. “We are an independent Filipino semiconductor company, located at the Heart of Laguna Techno Park. Basically, we maintain a very highly diversified portfolio, so we do semiconductors for RF and communications, industrials, aerospace, consumer, system, and packages, and automotive as well,” Liu stated. The post Semiconductor industry having a renaissance — player appeared first on Daily Tribune......»»
BSP: More Filipinos now with basic deposit accounts
The Bangko Sentral ng Pilipinas on Friday said more Filipinos now have bank accounts as the country’s number of basic deposit accounts or BDAs surged by 170 percent to 21.9 million in the first quarter of this year, higher than the 8.1 million in the same period last year. Deposits under BDAs climbed to P27 billion in the first quarter, or 432 percent higher than the P5.1 billion in the same period a year ago. BDAs allow clients to open interest-earning savings accounts with required initial deposit of just P100 or less and have no minimum maintaining balance and dormancy fees. Opening these accounts also only requires basic identification documents. “Introduced by the BSP in 2018, the BDA aims to meet the needs of the unbanked and low-income sector for affordable and easy-to-open bank accounts,” a statement from the BSP said. Conversion of registered accounts The Bank said BDA growth was partly a result of the conversion of registered accounts under the Philippine Identification System or PhilSys into BDAs. This process created 7.5 million BDAs. “An initiative of the Philippine Statistics Authority and the Land Bank of the Philippines, the co-location strategy aims to onboard unbanked PhilSys registrants into the formal financial system after their biometrics capture at registration centers,” BSP explained. Another 4.3 million accounts from five banks that also started offering BDAs were added from January to March this year. Based on the first-quarter data by the BSP, there are already 158 traditional and digital banks offering BDAs. The BSP aims to expand the population of adult Filipinos with bank accounts from 51 percent last year to 70 percent this year. The post BSP: More Filipinos now with basic deposit accounts appeared first on Daily Tribune......»»
Manila Water unit secures P1.6-B loan
Laguna AAAWater Corp., a subsidiary of Razon-led Manila Water Company, Inc. or MWC, has secured a P1.6-billion loan from the Ayala-led Bank of the Philippine Island or BPI. The MWC informed the stock exchange that the 10-year loan was signed through Manila Water Philippine Ventures, Inc.—the company’s vehicle for local expansion. The loan proceeds will be used to partially finance the capital expenditures of Laguna Water from 2022 until 2025. To recall, the MWC has set out an expansion plan, which, among others, includes the establishment of a P7.84-billion East Bay Phase 2 Water Treatment Plant that will source supply from Laguna Lake. 200-M liters a day capacity Located in Brgy. Kabulusan in Pakil, Laguna, the project is planned to have a capacity of 200 million liters per day. It is expected to deliver potable water to around 2 million customers in Pasig, Pateros, Taguig, and nearby towns by the first few months of 2025. In the first half of the year, the MWC booked an attributable net income of P5.05 billion—representing a 72.9 percent increase from last year’s P2.92 billion. Its mid-year gross revenues, on the other hand, grew to P15.39 billion, up a 41.7 percent rise from the P10.86 billion reported last year. However, it was notable that from January to June, the company’s gross expenses also climbed to P7.69 billion, which was 15.6 percent higher than P6.65 billion booked in the same period in 2022. Manila Water is the concessionaire for the east zone network of Metro Manila—covering Marikina, Pasig, Makati, Taguig, Pateros, Mandaluyong, San Juan, portions of Quezon City, and Manila, as well as several towns in the nearby Rizal province. The post Manila Water unit secures P1.6-B loan appeared first on Daily Tribune......»»
Nothing can drag a Boholana down
No pandemic, nor deadly natural catastrophe can bring down a Boholana: this is the living faith by which Lourdes Sultan, managing director of Travel Village Tours and Travel and owner of several vessels which comprise the Loboc River Cruise in Bohol, lives by. Sultan, a tour operator in Loboc for the past 35 years, is a perfect epitome of a resilient Filipina who did not falter while going through such major upheavals as typhoon “Odette” in 2021 that wrecked her vessels; the magnitude 7.2 earthquake in Bohol in 2013 and the perennial flooding in Loboc, and the global pandemic that shut down international borders, barring the arrival of tourists in the country. “The floating restaurant business here in Loboc started 30 years ago but in 2000, we decided to dwell in the floating restaurant operation. We used to have eight vessels, but after typhoon “Odette” hit us in December 2021, we are now left with four,” said Sultan in an interview. She said that pre-pandemic, there were 26 vessels plying the Loboc River serving foreign and local tourists, but the number was diminished because of the unfortunate wrath of natural catastrophes. Pandemic, ‘Odette’ challenge She said the strong earthquake in 2013, the declaration of the Covid-19 pandemic in 2020, and the pummeling of the province by typhoon “Odette” in 2021 were the worst challenges that her enterprise has endured. “The pandemic made us totally close operations. During that time, we tried to maintain and improve our vessels in preparation for the reopening of borders. Indeed, losses with Odette and the pandemic were in the millions,” she told the Daily Tribune. Aside from that, Sultan said operators of floating restaurants were also required by the local government to update their vessels, making them shell out additional costs. In 2021, Sultan said tourist arrivals trickled, as some restrictions were modified and eased by the Inter-Agency Task Force of the national government. “Even if we only cater to domestic customers, we were more hopeful back then. But amid the high hopes, typhoon “Odette” hit us on 16 December 2021—a strong typhoon during an enduring contagion. We decided to let go of some workers. But luckily, we hired them back when things got better in March 2022,” she shared. Typhoon “Odette,” that pummeled Bohol before Christmas Day, was considered by the Provincial Disaster Risk Reduction and Management Office as the worst ever to hit the province, prompting the Provincial Capitol to declare a state of calamity after incurring massive devastation on agriculture and infrastructure and inundated swaths to the island. Not yet pre-pandemic She said, however, that the tourism industry in Loboc is not yet in the pre-pandemic state, saying that foot traffic is only at 70 percent to date, even if they are fully booked during daily operations, especially weekends. “Revenge travel is real. The influx of domestic travelers is greater now compared to pre-pandemic. Aside from local tourists, European and Asian tourists are now coming back,” she said. As of July 2023, the Department of Tourism logged a total of 3,000,079 international visitor arrivals. On the other hand, the country’s inbound tourism receipts from 1 January to 30 June 2023 climbed to P212 billion or 502.02 percent higher than the P35-billion tourism revenue generated from the same period last year. Support for DoT program Sultan, also the president of the Bohol Federation of Travel and Tour Operators and an officer of the Bohol Provincial Tourism Council, said she is backing the DoT program Faith-based Tourism Circuits, as part of the department’s thrust to develop new tourism circuits and multi-dimensional tourism products. Last 14 to 17 August, the DoT Central Visayas, in partnership with the Provincial Government of Bohol, organized a familiarization tour of Bohol’s Faith-based Tourism Circuits, with the aim to promote and showcase Bohol’s historical and cultural assets specifically its century-old churches, heritage houses, religious landmarks and living cultural traditions. Through Bohol’s Faith-based Tourism Circuits, participants, including members of the media, visited some of Bohol’s heritage churches declared as National Historical Landmarks or cultural treasures and experienced a few of their inherent traditions such as Asin Tibuok, among others. The main highlight of the tour was the canonical crowning of the image of the Virgen de la Asunción of the Municipality of Dauis, officiated by Papal Nuncio Charles Brown last 15 August. “The direction is we do not want the churches to be just tourist spots, but for tourists to have a glimpse of the spiritual component,” according to Sultan. The post Nothing can drag a Boholana down appeared first on Daily Tribune......»»
PAL first-half gains bankroll fleet boost
Flag carrier Philippine Airlines or PAL reported on Friday that its net income during the first half of the year more than tripled to P13.6 billion from last year’s P4.1 billion. In a stock exchange disclosure, the company said its operating income during the period also swelled to P17.4 billion from P6.6 billion recorded a year ago. Notably, the airline’s stellar growth was driven by an 89-percent increase in the number of passengers it flew during the period, which reached 7 million as of end-June. Likewise, it logged over 50,400 operated flights, translating to a 56-percent growth from last year’s numbers. This, according to PAL, led to an 81.6-percent improvement in the average passenger load factor. Given this trend, PAL said its passenger revenues climbed to P78.2 billion from P33.1 billion last year. However, its cargo revenue dropped by 54 percent to last year due to fewer cargo charter flights to give way to more passenger flights amid a demand surge. To sustain the growth momentum, PAL said it plans to invest P176.6 billion to acquire nine Airbus A350-1000 long-range jetliners to widen its fleet. Along with it, PAL will also increase its customer care and contact center agents by rolling out a new customer relations management system before the end of the year. “We remain steadfast in our commitment to invest in new aircraft, improved cabins, and enhanced travel experience for our valued customers,” PAL president and chief operating officer Capt. Stanley K. Ng said in the report. “The latest positive financial results enable us to build a better, stronger, and more agile Philippine Airlines that creates greater value for our customers, and we are grateful for their continuing support and patronage.” Within the first half, PAL restored flights to several routes in mainland China and launched nonstop services to Perth along with flights from Clark to Caticlan and Boracay. In addition to an extensive network of 32 domestic destinations served from Manila, Cebu, Clark and Davao, PAL operated the largest network of nonstop flights between the Philippines and North America, Japan, the Middle East and Australia. The post PAL first-half gains bankroll fleet boost appeared first on Daily Tribune......»»
Disney streaming service sees subscribers fall again
Disney on Wednesday reported a loss for the most recent quarter, with the number of subscribers to its streaming service shrinking again, but a pledge to crack down on password sharing sent shares higher in after-market trades. The falling Disney+ subscriber numbers -- for the third consecutive quarter -- came as a crippling writers and actors strike hits the US entertainment industry, threatening the company's ability to produce content key to the streaming service's appeal. "It is my fervent hope that we quickly find solutions to the issues that have kept us apart these past few months," chief executive Bob Iger, whose contract has been extended through 2026, said of negotiations with striking actors and writers. "I am personally committed to working to achieve this result." Hollywood television and movie writers went on their first strike in 15 years in May, only to be joined in mid-July by actors. The last time Hollywood writers laid down their pens and keyboards, in 2007, the strike lasted 100 days and cost Los Angeles's entertainment economy around $2 billion. This time, the two sides are clashing as writers demand higher pay, minimum guarantees of stable employment and a greater share of profits from the boom in streaming, while studios say they must cut costs due to economic pressures. The current double whammy of actors and writers is the first since the 1960s. At issue for both labor groups in the age of streaming is better pay and residuals, and the role of artificial intelligence, which they fear the studios would like to use to replace them. As things stand, neither the unions nor the Alliance of Motion Picture and Television Producers (AMPTP), the body that represents the studios, seems prepared to give ground. Password sharing a 'priority' Disney+ finished the quarter with 146.1 million subscribers, compared with just shy of 158 million in the first three months of this year, the group said. All but a sliver of the loss in Disney+ subscribers took place in India, where the entertainment titan early this year lost rights to stream popular Premier League cricket matches. Rival Netflix recently reported that its subscriptions climbed by nearly six million in the wake of its crackdown on password sharing. Iger told financial analysts that Disney+ password sharing is "significant" and that the company plans to start tackling the situation. "We already have the technical capability to monitor much of this," Iger said. "We're going to get at this issue; we certainly have established this as a real priority." Disney announced it will raise its streaming service subscription price in the United States to $14 monthly starting October 12, an increase of $3. The company also expanded availability of an ad-supported Disney+ tier to Canada and parts of Europe. Third Bridge analyst Jamie Lumley believes Disney+ has "a long road ahead" to becoming profitable. "Our experts expect that 2025 is a more realistic timeline to achieve profitability than next year," Lumley said. "Especially considering factors like the dual strike in Hollywood and relatively weak reception of Disney's content by audiences." Disney shares were up more than 2 percent to $90 in after market trades despite the drop in streaming service subscriber numbers and a posted loss of $460 million in the quarter. The unusual quarterly loss for the company was due to charges related to ending licensing agreements and yanking content from its streaming platforms. Disney reported that its theme parks and cruise business continued to rebound from the pandemic, even while its traditional television offerings face a trend of ad dollars shifting to online viewing alternatives. Iger said in the earnings call that streaming, film studios and theme parks will drive its growth in the coming five years. "On the traditional TV side, losses continue to mount as CEO Bob Iger looks to offload what he now considers non-core assets, including the ABC Network," said Insider Intelligence principal analyst Paul Verna. "These adverse trends are compounded by economic uncertainty, a soft ad market, increased competition in streaming media, labor disputes with screenwriters and actors, and lackluster box office numbers for Disney's films." The post Disney streaming service sees subscribers fall again appeared first on Daily Tribune......»»
GERI profits nearly P1B in H1 amid real estate boom
Buoyed by the robust performance of its real estate, rental, and hotel businesses, Global-Estate Resorts, Inc. or GERI, a subsidiary of Megaworld Corp., delivered a 17 percent growth in its first-half profits. In a stock exchange report on Tuesday, GERI disclosed that its net income during the first six months of the year reached P996 million—a significant improvement from last year’s P848 million. Likewise, net income attributable to owners during the period also increased by 13 percent to PP848-million from last year’s P748-million. Consolidated revenues, on the other hand, surged by 32 percent to P3.9 billion from P3 billion in the same period last year. According to GERI, its real estate arm, which accounted for 79 percent of its total revenues, led the entire company’s growth. From January to June, real estate sales climbed by 32 percent to P3.1 billion from last year’s P2.3 billion. Reservation sales also soared by 39 percent to P11.7 billion during the first half of the year. “Our focus on our tourism townships allowed our company to achieve remarkable growth through the first half of the year,” GERI president Monica T. Salomon said in the report. “The company’s core businesses, especially those in our destination estates, largely benefited from the increasing tourism in our country. This second half, we are determined to leverage our expertise and hope to continue capturing the increasing tourism opportunities in the sector.” Demand for GERI’s residential and commercial properties remained strong, particularly for its projects in Boracay Newcoast, Eastland Heights in Antipolo, Rizal, and Twin Lakes in Laurel, Batangas. Its newest project, the P817-million Ocean Garden Villas Cluster C in Boracay Newcoast, which was only launched earlier this year, is now 94 percent sold as of end-June. Hotel revenues, on the other hand, doubled to P308 million from last year’s P158 million due to higher occupancy and room rates as local tourism and travel recover. Leasing revenues, likewise, rose by 29 percent to P273 million from last year’s P211- million. The contribution of retail spaces to the company’s leasing income grew from the year-ago level as foot traffic and tenant sales already recovered from the slowdown. To date, GERI operates nine tourism estates and integrated lifestyle communities across the country covering more than 3,300 hectares of land. The post GERI profits nearly P1B in H1 amid real estate boom appeared first on Daily Tribune......»»
NDRRMC: ‘Egay’ death toll climbs to 29; 3-M Filipinos affected
Some 805, 621 families or 3,028,040 individuals in the country were affected by the bad weather brought by Typhoon "Egay" and the southwest monsoon, the disaster management council said Friday. The latest data from the National Disaster Risk Reduction and Management Council showed that some 15,473 families and 57, 226 persons are still staying in 648 activated evacuation centers nationwide, while 57,000 families or 229,831 individuals are being aided outside the temporary shelters. NDRRMC said the number of deaths due to the recent weather disturbance has climbed to 29, although it could only validate two fatalities so far, with 152 being injured while 11 are still missing. Meanwhile, the cost of damage to infrastructure was estimated at P3.631 billion, and over P50.20 million in losses to agriculture and P9.9 million in damaged assets were logged. The NDRRMC, likewise, recorded around 54,400 damaged houses and 2,200 destroyed houses. It said the government has so provided P248 million worth of assistance to the typhoon-affected families. A state of calamity has been declared in some 232 areas as some 111 communities are still experiencing power interruption. The post NDRRMC: ‘Egay’ death toll climbs to 29; 3-M Filipinos affected appeared first on Daily Tribune......»»
Credit card growth fuels Metrobank gains
Metropolitan Bank & Trust Co. or Metrobank posted a net income of P20.9 billion or 34.1 percent higher in the first half this year compared to the year-ago level due to increased credit card transactions and consumer loans. Net interest income jumped by 27 percent to P50.6 billion, with gross loans rising by 8.6 percent, the bank’s disclosure to the Philippine Stock Exchange revealed Wednesday. Consumer loans rose by 14.1 percent, boosted by a 17.5 percent growth in auto loans. Meanwhile, income from credit card transactions climbed by 28.8 percent. Commercial loans increased by 7.2 percent. Metrobank president Fabian S. Dee believed these lending areas would likely expand further as the country generates more employment and higher income opportunities. More market opportunities “Our core businesses continued to grow and benefit from our strong balance sheet. As the economy further expands, we see more market opportunities that will keep our upward momentum and sustain our efforts to better serve our customers,” Dee said. Non-performing loans ratio slightly improved from 1.9 percent to 1.8 percent. This kept coverage for bad loans still elevated at 184.4 percent as the bank said it remained prudent, providing “substantial buffer against any risks to the portfolio.” Total deposits rose by 9.3 percent to P2.3 trillion, boosted by 62 percent share of low-cost current and savings accounts. This has resulted in a better net interest margin of 3.9 percent or higher by 50 basis points, indicating more loan-based income than costs for depositor liabilities. Trading and foreign exchange gains stood at P3.1 billion, with fees for other transactions jumping by 10.2 percent to P8.1 billion. Total revenue surged Total revenue surged by 19.1 percent, exceeding the 14.5 percent growth in operating costs to P33.7 billion which the bank attributed to “higher transaction-related taxes and technology-related costs.” As a result, Metrobank recorded a better cost-to-income ratio of 53.8 percent to 51.8 percent. Total consolidated assets stood at P2.9 trillion, while total equity reached P329.8 billion and resulted in a return on equity of 12.9 percent, up by 10 percent year-on-year. Metrobank remained well-capitalized, with a capital adequacy ratio of 7.9 percent and a common equity tier 1 ratio at 17.1 percent, both above the minimum regulatory requirement. The post Credit card growth fuels Metrobank gains appeared first on Daily Tribune......»»