San Miguel and Megawide will compete for the contract to build a huge prison outside the Philippine capital under the Aquino administration’s public-private partnership (PPP) scheme.
In a statement, the PPP Center said San Miguel Holdings Corporation (SMHC) and Mega Structure Consortium had passed muster with the Department of Justice (DOJ) and the Bureau of Corrections (BuCor).
A third potential bidder, DMCI Holdings Inc, failed to hurdle the prequalification stage.
The P50.2-billion Regional Prison Facilities Project involves the design, financing and construction of the modern prison facilities that will rise at Fort Magsaysay in Nueva Ecija. The winning bidder also will maintain the facility for 23 years, including the three-year construction period.
The new facility should accommodate 26,880 inmates, and apart from the detention area, should include staff housing, administrative buildings, areas for sports, work and religious activity.
The winning bidder will also install high-security equipment.
- Interaksyon
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Wednesday, July 15, 2015
Thursday, July 2, 2015
Filinvest Land wins bid for 19-hectare Cebu property
Property developer Filinvest Land, Inc. (FLI) and its subsidiaries and affiliates won the bid for the 19.24-hectare lot located at South Road Properties (SRP) owned by Cebu City government.
In a disclosure to the Philippine Stock Exchange, FLI said they aim to develop Lot No. 1 (consolidated portions of lots 7 and 17) into commercial and/or office and residential projects, in accordance with the required minimum development plans of the city government.
Under the bidding guidelines, 70 percent of the buildable area is intended for commercial and/or office use, and the remaining 30 percent for residential use.
“The new development will complement the ongoing City di Mare project of FLI in SRP,” it said.
The property will be developed and owned by FLI, the residential property arm of the Filinvest Group, together with its office development subsidiary, Cyberzone Properties, Inc., its Central Business District affiliate, Filinvest Alabang, Inc. (FAI) and other possible strategic partners.
Earlier, a consortium formed by property giants SM Prime Holdings Inc. and Ayala Land Inc. and its affiliate Cebu Holdings, Inc, also won the bid for the development of a 26-hectare portion of SRP for P10 billion.
- Interaksyon
In a disclosure to the Philippine Stock Exchange, FLI said they aim to develop Lot No. 1 (consolidated portions of lots 7 and 17) into commercial and/or office and residential projects, in accordance with the required minimum development plans of the city government.
Under the bidding guidelines, 70 percent of the buildable area is intended for commercial and/or office use, and the remaining 30 percent for residential use.
“The new development will complement the ongoing City di Mare project of FLI in SRP,” it said.
The property will be developed and owned by FLI, the residential property arm of the Filinvest Group, together with its office development subsidiary, Cyberzone Properties, Inc., its Central Business District affiliate, Filinvest Alabang, Inc. (FAI) and other possible strategic partners.
Earlier, a consortium formed by property giants SM Prime Holdings Inc. and Ayala Land Inc. and its affiliate Cebu Holdings, Inc, also won the bid for the development of a 26-hectare portion of SRP for P10 billion.
- Interaksyon
Friday, June 12, 2015
World Bank keeps Philippine economic growth forecast despite first-quarter disappointment
The World Bank is keeping its forecast despite the Philippine economy's lower-than-expected first-quarter turnout, with the lender's lead economist saying the country's growth story has improved.
The Washington-based lender overnight launched its Global Economic Prospects (GEP) report, which show that its growth forecast for the Philippines remaining at 6.5 percent for this year. The Bank forecast the same rate for next year and 6.3 percent in 2017.
On the sidelines of the Asia-Pacific Economic Cooperation (APEC) Senior Finance Officials’ Meeting in this town, World Bank economist Rogier van den Brink said the GEP forecast already incorporates the Philippines’ first-quarter growth of 5.2 percent, which came in below market consensus of at least 6 percent.
"We see the rest of the quarters of the year showing a different pattern. We know the agencies are working very hard to ramp up spending," Van den Brink said, adding that the Philippines would benefit from a recovery in Japan and from cheap oil.
"But these relatively small changes in the growth numbers per se are secondary to the bigger story that matters. The country has established a clear trajectory towards growth that is more inclusive. Continuing reforms will ensure that the country will maintain this momentum," he said.
Van den Brink said the Philippine economic story has changed from what it was as late as two decades ago when the recurring theme was a boom-and-bust cycle marked by slow growth, high inflation, current account deficits, budget deficits and soaring government debt.
"In the last several years, these issues are no longer a major concern. We are starting to see that the sustained high economic growth in recent years is translating into stronger job creation," he said.
"Most of you will probably report on these growth forecasts for the Philippines in the context of more challenging environment, including the higher borrowing costs, lower prices for oil and other commodities, the easing of growth in China and other countries in the East Asia and the Pacific region, and so on. That's fine. But if you do focus solely on these growth forecasts, you will miss on what I think is the more important and emerging story about the Philippines," van den Brink said.
"For me, as an economist working for an institution committed to the eradication of extreme poverty, the real story is this: the Philippines has achieved macroeconomic stability, high growth rates, and, more recently, is starting to show the kind of growth which is more inclusive," he said.
- Interaksyon
The Washington-based lender overnight launched its Global Economic Prospects (GEP) report, which show that its growth forecast for the Philippines remaining at 6.5 percent for this year. The Bank forecast the same rate for next year and 6.3 percent in 2017.
On the sidelines of the Asia-Pacific Economic Cooperation (APEC) Senior Finance Officials’ Meeting in this town, World Bank economist Rogier van den Brink said the GEP forecast already incorporates the Philippines’ first-quarter growth of 5.2 percent, which came in below market consensus of at least 6 percent.
"We see the rest of the quarters of the year showing a different pattern. We know the agencies are working very hard to ramp up spending," Van den Brink said, adding that the Philippines would benefit from a recovery in Japan and from cheap oil.
"But these relatively small changes in the growth numbers per se are secondary to the bigger story that matters. The country has established a clear trajectory towards growth that is more inclusive. Continuing reforms will ensure that the country will maintain this momentum," he said.
Van den Brink said the Philippine economic story has changed from what it was as late as two decades ago when the recurring theme was a boom-and-bust cycle marked by slow growth, high inflation, current account deficits, budget deficits and soaring government debt.
"In the last several years, these issues are no longer a major concern. We are starting to see that the sustained high economic growth in recent years is translating into stronger job creation," he said.
"Most of you will probably report on these growth forecasts for the Philippines in the context of more challenging environment, including the higher borrowing costs, lower prices for oil and other commodities, the easing of growth in China and other countries in the East Asia and the Pacific region, and so on. That's fine. But if you do focus solely on these growth forecasts, you will miss on what I think is the more important and emerging story about the Philippines," van den Brink said.
"For me, as an economist working for an institution committed to the eradication of extreme poverty, the real story is this: the Philippines has achieved macroeconomic stability, high growth rates, and, more recently, is starting to show the kind of growth which is more inclusive," he said.
- Interaksyon
Friday, June 5, 2015
Philippine banks' problem loans stay manageable
The latest data from the Bangko Sentral ng Pilipinas (BSP) show that banks' problem loans remain manageable.
In a statement, the BSP said the non-performing loan (NPL) ratio of the country's biggest lenders stood at 1.95 percent at end-March, unchanged from the 1.96 percent at end-February. This ratio has been below 2 percent since November last year.
The manageable bad loan ratio was on account of NPLs rising in step with overall loan growth. Universal and commercial banks had P4.99 trillion worth of loans outstanding at end-March, while their combined NPLs stood at P97.36 billion.
The country's biggest banks also set aside more than ample reserves to cushion against these soured loans at 138.19 percent in March, down from 140.6 percent the month before.
As for thrift banks, their NPL ratio stood at 4.38 percent in the fourth quarter of last year, down from the 4.52 percent in the third quarter of the same year. Thrifts have set aside 77 percent loan loss reserves.
- Interaksyon
In a statement, the BSP said the non-performing loan (NPL) ratio of the country's biggest lenders stood at 1.95 percent at end-March, unchanged from the 1.96 percent at end-February. This ratio has been below 2 percent since November last year.
The manageable bad loan ratio was on account of NPLs rising in step with overall loan growth. Universal and commercial banks had P4.99 trillion worth of loans outstanding at end-March, while their combined NPLs stood at P97.36 billion.
The country's biggest banks also set aside more than ample reserves to cushion against these soured loans at 138.19 percent in March, down from 140.6 percent the month before.
As for thrift banks, their NPL ratio stood at 4.38 percent in the fourth quarter of last year, down from the 4.52 percent in the third quarter of the same year. Thrifts have set aside 77 percent loan loss reserves.
- Interaksyon
Friday, May 22, 2015
AirAsia PH reveals plan for IPO ‘within 2 years’
The Philippine unit of Malaysian budget carrier AirAsia Berhad is seeking a valuation of at least $500 million for its initial public offering (IPO) set within the next two years, one of its top executives said.
Michael Romero, vice chair of Philippines-based AirAsia Inc., said in a recent interview that plans to go public were still on track. This follows recent statements by Malaysian tycoon Tony Fernandes, founder of AirAsia Berhad, relating to a plan to hold an IPO for its Philippine and Indonesian units.
“We are looking at a [float] of 30 percent to 40 percent,” Romero said, meaning the carrier can raise as much as $200 million from its IPO. He declined to elaborate, as plans have yet to be finalized.
The decision comes as domestic financial operations, which include AirAsia Philippines and AirAsia Zest, are improving, consultancy firm Capa-Center of Aviation said in a report this month.
“The AirAsia Group’s Philippine affiliates likely remained in the red in [first quarter 2015] but are expected to be profitable in the second quarter of 2015,” Capa said. “This would mark the first profitable quarter for AirAsia in the Philippines.”
Capa noted that the second quarter is typically the strongest period for local carriers as this is marked by the travel-heavy summer holidays.
AirAsia, which had 15 Airbus A320s in the Philippines at the end of 2014, controls about 10 percent of the Philippine market. It mainly competes Philippine Airlines and budget airline Cebu Pacific in the domestic market.
AirAsia Philippines still receives financial support from its parent company. AirAsia Bhd said in a filing to the Malaysian Stock Exchange last Feb. 26, 2015 that it provided another $22.34 million loan to AirAsia Inc., as the Philippine unit is formally known, “to facilitate the ordinary course of business of AirAsia Inc.”
In an interview last November, Fernandes said AirAsia Bhd was committing at least $500 million for the expansion of its Philippine operations once its units were consolidated. He was referring to the consolidation of both AirAsia Philippines and AirAsia Zest, which is still ongoing.
- Inquirer
Michael Romero, vice chair of Philippines-based AirAsia Inc., said in a recent interview that plans to go public were still on track. This follows recent statements by Malaysian tycoon Tony Fernandes, founder of AirAsia Berhad, relating to a plan to hold an IPO for its Philippine and Indonesian units.
“We are looking at a [float] of 30 percent to 40 percent,” Romero said, meaning the carrier can raise as much as $200 million from its IPO. He declined to elaborate, as plans have yet to be finalized.
The decision comes as domestic financial operations, which include AirAsia Philippines and AirAsia Zest, are improving, consultancy firm Capa-Center of Aviation said in a report this month.
“The AirAsia Group’s Philippine affiliates likely remained in the red in [first quarter 2015] but are expected to be profitable in the second quarter of 2015,” Capa said. “This would mark the first profitable quarter for AirAsia in the Philippines.”
Capa noted that the second quarter is typically the strongest period for local carriers as this is marked by the travel-heavy summer holidays.
AirAsia, which had 15 Airbus A320s in the Philippines at the end of 2014, controls about 10 percent of the Philippine market. It mainly competes Philippine Airlines and budget airline Cebu Pacific in the domestic market.
AirAsia Philippines still receives financial support from its parent company. AirAsia Bhd said in a filing to the Malaysian Stock Exchange last Feb. 26, 2015 that it provided another $22.34 million loan to AirAsia Inc., as the Philippine unit is formally known, “to facilitate the ordinary course of business of AirAsia Inc.”
In an interview last November, Fernandes said AirAsia Bhd was committing at least $500 million for the expansion of its Philippine operations once its units were consolidated. He was referring to the consolidation of both AirAsia Philippines and AirAsia Zest, which is still ongoing.
- Inquirer
Saturday, May 16, 2015
Cebu Pacific's net income soars amid slump in price of jet fuel
Cebu Pacific is making a killing, as first-quarter profit soared because of the combination of lower fuel costs and strong demand for travel.
In a statement, Cebu Air Inc (CEB) said it earned P2.23 billion in the January to March period, or 1,255 percent more than the P164.16 million in the same three months last year.
"CEB attributes its bullish income and passenger growth to increased presence in key markets, strategic seat sales offering the lowest possible fares and continuous network expansion," JR Mantaring, officer-in-charge for CEB corporate affairs.
Revenue rose by a fifth to P14.2 billion this year from P11.764 billion last year.
The passenger business, which comprised nearly three-fourths of CEB’s revenue, climbed by 22 percent to P10.81 billion from P8.85 billion in 2014.
The Gokongwei-owned airline ascribed this to the 13 percent increase in passenger volume to 4.3 million from 3.8 million last year and the 8.1 percent increase in average fares to P2,525 from last year’s P2,336.
CEB mounted 14.3 percent more flights after it acquired wide-body Airbus A330 aircraft with a configuration of more than 400 all-economy class seats.
Cargo revenues increased 13.6 percent to P772.545 million from P679.818 million last year.
Operating expenses rose by a slower one percent to P11.368 billion this year from P11.252 billion last year. While the company embarked on costlier long-haul flights, cheaper jet fuel tempered overall expenses by 17 percent to P5.144 billion this year from P6.2 billion in 2014.
Aviation fuel expenses fell by 22.1 percent to P4.325 billion from P5.551 billion over the same period.
Published jet fuel prices averaged $68.98 per barrel, half the $121.47 in 2014.
- Interaksyon
In a statement, Cebu Air Inc (CEB) said it earned P2.23 billion in the January to March period, or 1,255 percent more than the P164.16 million in the same three months last year.
"CEB attributes its bullish income and passenger growth to increased presence in key markets, strategic seat sales offering the lowest possible fares and continuous network expansion," JR Mantaring, officer-in-charge for CEB corporate affairs.
Revenue rose by a fifth to P14.2 billion this year from P11.764 billion last year.
The passenger business, which comprised nearly three-fourths of CEB’s revenue, climbed by 22 percent to P10.81 billion from P8.85 billion in 2014.
The Gokongwei-owned airline ascribed this to the 13 percent increase in passenger volume to 4.3 million from 3.8 million last year and the 8.1 percent increase in average fares to P2,525 from last year’s P2,336.
CEB mounted 14.3 percent more flights after it acquired wide-body Airbus A330 aircraft with a configuration of more than 400 all-economy class seats.
Cargo revenues increased 13.6 percent to P772.545 million from P679.818 million last year.
Operating expenses rose by a slower one percent to P11.368 billion this year from P11.252 billion last year. While the company embarked on costlier long-haul flights, cheaper jet fuel tempered overall expenses by 17 percent to P5.144 billion this year from P6.2 billion in 2014.
Aviation fuel expenses fell by 22.1 percent to P4.325 billion from P5.551 billion over the same period.
Published jet fuel prices averaged $68.98 per barrel, half the $121.47 in 2014.
- Interaksyon
8 Philippine companies make it to Forbes' list of top global firms
The listed holding company of the country's richest man is the top-ranking Philippine firm in Forbes' list of the world's biggest public corporations.
SM Investments Corporation, which earns its keep from banking, property and retail, landed in the top 1,000 at 911th place among the world's top 2,000 publicly-listed firms. Joining SM were two Ayala-owned firms (BPI and Ayala Corporation), two companies chaired by businessman Manuel V. Pangilinan (PLDT and Meralco), George Ty-owned Metrobank, John Gokongwei's JG Summit and Top Frontier Investment Holdings Inc, which is owned by San Miguel Corporation.
Here are the screen grabs of Forbes' profiles on the eight companies:
- Interaksyon
SM Investments Corporation, which earns its keep from banking, property and retail, landed in the top 1,000 at 911th place among the world's top 2,000 publicly-listed firms. Joining SM were two Ayala-owned firms (BPI and Ayala Corporation), two companies chaired by businessman Manuel V. Pangilinan (PLDT and Meralco), George Ty-owned Metrobank, John Gokongwei's JG Summit and Top Frontier Investment Holdings Inc, which is owned by San Miguel Corporation.
Here are the screen grabs of Forbes' profiles on the eight companies:
- Interaksyon
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