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Friday, November 14, 2003
Philippines'
RCBC Q3 net profit 223.48 mln pesos vs 351.03 mln
Philippines'
Empire East Land Q3 net profit 6.26 mln pesos vs 7.08 mln
Philippines'
APC Group Q3 net loss 230.25 mln pesos vs loss 363.63 mln
Philippine
Robinsons Land 9 mths net 682.3 mln pesos vs 454.6 mln
Philippines'
Universal Robina 9 mths net profit up 19.7 pct yr/yr
Arroyo
warns of plot to scuttle Philippine elections
Philippine
East Power Q3 net loss 210.55 mln pesos vs loss 795.85 mln
Philippines'
Lepanto Consolidated Q3 net profit 49.47 mln pesos vs 102.14 mln
Philippines'
Equitable PCI Bank Q3 net profit 320.4 mln pesos vs 209.5 mln
Philippines'
JG Summit Holdings Q3 net profit 49.9 mln pesos vs 470.3 mln
Philippines'
Benpres Holdings 9 mths net loss 1.14 bln pesos vs loss 459.0 mln
Philippine
Oct BoP surplus 942.0 mln usd; Jan-Oct BoP surplus 159.0 mln usd
Philippines'
Maynilad files rehabilitation petition in court
Philippines'
Macroasia Corp Q3 net profit 24.93 mln pesos vs loss 18.12 mln
First
Philippine Hldgs 9 mth net up 136 pct yr-on-yr on sales, one-time gain
First
Philippine Holdings Q3 net profit 1.337 bln pesos vs 296.17 mln
Manila
Jockey Club Q3 net loss 3.15 mln pesos vs profit 64.12 mln
Philippines'
Vitarich Q3 net loss 96.91 mln pesos vs loss 109.61 mln
Philippines'
Alsons consolidated Q3 net profit 1.47 mln pesos vs 2.23 mln
Manila
shares close marginally higher on selective bargain-hunting
Manila
hotels' Jan-Sept occupancy rate down to 57.64 pct vs yr-ago 60.11 pct
Philippine
MIC Holdings, ANTS sign MoA on cellular-based application tie-up
STOCK
ALERT - Philippines' SM Prime firmer on technical rebound
Philippines
pounded by tropical storm Nepartak
Philippines'
Transpacific Broadcast sets IPO price at 1.38 pesos/shr - PSE
Philippine
Stock Exchange to list shares by Dec 15
UBS
AG to set up Philippine representative office - report
Asia
Pacific Group hails Philippine anti-money laundering plan - report
Philippines
Jan 1-Nov 7 net portfolio inflows 142.87 pct yr-on-yr
Philippines
says 'status quo' remains over disputed Spratlys chain
Philippines'
PNCC Q3 net loss 199.38 mln pesos vs loss 162.22 mln
Philippine
Citystate Savings Bank Q3 net profit 7.55 mln pesos vs 11.05 mln
Philippine
agriculture 9 mths output growth slows to 2.87 pct yr-on-yr
Philippines
raises 250 mln usd from 3-yr Eurobond issue
Nokia
wins EDGE network equipment order from Philippine's Globe Telecom
Philippines'
Jollibee Foods to list 307,000 common shares Nov 14 - PSE
Thursday, November 13, 2003
New
Philippine Stock Exchange president vows to help improve country's image
Philippines
economic and corporate news summary ORM90
Singapore-listed
Del Monte Q3 net profit 3.40 mln usd vs 7.71 mln
Manila
shares close weaker on political concern; index at 1-mth low
Philippines'
Alaska Milk Q3 net profit 81.45 mln pesos vs 102.67 mln
Leading
Asian telcos show stabilising credit profiles - Fitch
STOCKWATCH
- Philippines' Globe lower after Ayala Corp, SingTel sale
Manila
shares weaker as political concerns weigh
STOCK
ALERT - Philippines' SM Prime, Ayala Land weaker on interest rate rise
Philippines
raises 250 mln usd from 3-yr Eurobond issue; coupon at 5.625 pct
Philippines'
ATR Kim Eng Q3 net profit 735,494 pesos vs loss 15.33 mln
Philippines'
Metro Alliance to borrow 100 mln pesos secured by Mabuhay shares
Manila
shares outlook - Mixed to higher on stronger Wall St, PLDT's ADR
Philippines'
Metrobank group plans more power plant acquisitions - source
Philippines'
National Steel rehabilitation may begin in March - report
Thousands
of street protesters dispersed in Philippines after crisis
Philippine
stock exchange elects new president - sources
November 11 -
12
November 7 - 10
November 5 - 6
November 3 - 4
| Philippines' RCBC Q3 net profit 223.48 mln pesos vs 351.03 mln |
MANILA (AFX-ASIA) - Rizal Commercial Banking Corp third quarter to September results: Interest income - 2.51 bln pesos vs 1.90 bln Interest expense - 1.41 bln pesos vs 1.31 bln Net interest income - 1.10 bln pesos vs 586.00 mln Loan loss provisions - 286.74 mln pesos vs 826.01 mln Other income - 1.44 bln pesos vs 2.49 bln Other expenses - 2.08 bln pesos vs 2.32 bln Net profit - 223.48 mln pesos vs 351.03 mln Nine months to September results: Interest income - 7.71 bln pesos vs 7.58 bln Interest expense - 4.37 bln pesos vs 4.53 bln Net interest income - 3.34 bln pesos vs 3.05 bln Loan loss provisions - 1.16 bln pesos vs 2.31 bln Other income - 4.92 bln pesos vs 4.88 bln Other expenses - 6.15 bln pesos vs 5.82 bln Net profit - 1.27 bln pesos vs 859.30 mln Earnings per share - 2.01 pesos vs 1.36 RCBC is among the country's biggest banks in terms of assets. (1 usd = 55.37 pesos) cecille.yap@afxasia.com |
| Philippines' Empire East Land Q3 net profit 6.26 mln pesos vs 7.08 mln |
MANILA (AFX-ASIA) - Empire East Land Holdings Inc's third quarter to September results: Revenue - 138.7 mln pesos vs 70.30 mln Operating expenses - 129.5 mln pesos vs 59.89 mln Net profit - 6.26 mln pesos vs 7.08 mln Nine months to September results: Revenue - 406.96 mln pesos vs 374.94 mln Operating expenses - 348.54 mln pesos vs 297.95 mln Net profit - 39.23 mln pesos vs 52.35 mln Basic loss per share - 0.0028 pesos vs loss 0.0058 Empire East is a real estate company which develops mass housing projects, such as condominium communities and house-and-lot packages. (1 usd = 55.37 pesos) cecille.yap@afxasia.com |
| Philippines' APC Group Q3 net loss 230.25 mln pesos vs loss 363.63 mln |
MANILA (AFX-ASIA) - APC Group third quarter to September results: Revenues - 215.96 mln pesos vs 200.41 mln Expenses - 443.86 mln pesos vs 561.74 mln Net loss - 230.25 mln pesos vs loss 363.63 mln Nine month to September results: Revenues - 1.11 bln pesos vs 964.64 mln Expenses - 1.66 bln pesos vs 1.62 bln Net loss - 552.69 mln pesos vs loss 663.63 mln Loss per share - 0.14688 pesos vs loss 0.17637 APC Group is a holding company with exposure in the mineral and petroleum exploration business. (1 usd = 55.37 pesos) cecille.yap@afxasia.com |
| Philippine Robinsons Land 9 mths net 682.3 mln pesos vs 454.6 mln |
MANILA (AFX-ASIA) - Robinsons Land Corp has posted a nine-month net profit of 682.3 mln pesos, up 50.1 pct from 454.6 mln a year earlier, on the back of higher revenues from its commercial centers, high-rise buildings and hotels. The company said nine months revenues rose 21.1 pct to 3.06 bln pesos from 2.52 bln a year earlier. The largest income contributor remains to be its commercial centers division, which contributed 56.9 pct of the company's gross revenues. Rental revenues were up 18.2 pct to 1.74 bln due to rental improvements and higher take-up of new malls. Gross revenues of its high rise buildings division was up 73 pct to 581.5 mln pesos on the back of higher sales and rental income. Its hotel division registered gross revenues fell to 473.4 mln pesos from 539.2 mln a year earlier due to the closure of its Manila Midtown Hotel last May. The company's housing and land development division reported revenues of 167.9 mln pesos, up from 128.6 mln a year earlier. Real estate cost rose 19.1 pct to 1.02 bln pesos due to higher realized cost of sales of high rise and housing projects, depreciation, repair and maintenance. Expenses in hotel operation was down 21 pct due to the close of Manila Midtown and lower depreciation, although no specific figure was provided. (1 usd = 55.37 pesos) cecille.yap@afxasia.com |
| Philippines' Universal Robina 9 mths net profit up 19.7 pct yr/yr |
MANILA (AFX-ASIA) - Universal Robina Corp posted a nine months to June net profit of 1.09 bln pesos, up 19.7 pct year-on-year on sales growth, despite the depressed economic conditions in the region and a highly competitive environment, parent JG Summit Holdings Inc said. Universal Robina, which is involved in food manufacturing, saw its consolidated net sales and services rise 11.5 pct year-on-year to 17.12 bln pesos in the nine-month period. Operating expenses grew 8.3 pct to 3.03 bln from last year as a result of the expansion of regional operations, JG Summit said. Operating profit rose 5.9 pct year-on-year to 1.69 bln pesos from 1.59 bln. (1 usd = 55.37 pesos) edelacruz@afxasia.com |
| Arroyo warns of plot to scuttle Philippine elections |
MANILA (AFX-ASIA) - Philippine President Gloria Arroyo warned against new attempts to destabilize her government and undermine presidential elections in May 2004. Arroyo said she was calling for reconciliation with her political enemies, but that the police and military were "ready to enforce the full might of the law when required by any situation." "There is a pattern to erode the looming electoral process and I call upon the people to stand for democracy," Arroyo said in a statement. "We shall respect the right of protesters to express their political views and grievances, but we would like to draw the line on the side of civility, political views and grievances." Police this week violently dispersed some 10,000 anti-government protesters who marched on the Makati financial district in Manila demanding the resignation of Arroyo. The protesters were mostly supporters of deposed president Joseph Estrada, Arroyo's predecessor now who is now in jail on corruption charges. Officials suggested said the protest could have been a dry run for a possible popular revolt led by the opposition, but that it fizzled out following the police intervention. In July, about 300 soldiers took over a portion of Makati in what the government later said was part of a larger plot to topple Arroyo and install a military junta. The rebellion was quashed after a day-long standoff and all the leaders have been detained. Wednesday's protest came shortly after the Philippines narrowly avoided a constitutional crisis when the House of Representatives and the Supreme Court defeated opposition moves to impeach Chief Justice Hilario Davide. Davide presided over Estrada's aborted impeachment trial in the Senate, a move that snowballed into a a popular uprising that ousted the president in 2001. |
| Philippine East Power Q3 net loss 210.55 mln pesos vs loss 795.85 mln |
MANILA (AFX-ASIA) - East Asia Power Resources Corp's third quarter to September results: Revenue - 197.99 mln pesos vs 816.56 mln Operating costs - 395.24 mln pesos vs 1.19 bln Net loss - 210.55 mln pesos vs loss 795.85 mln Loss per share - 0.06 pesos vs LPS 0.22 Nine months to September results: Revenue - 710.00 mln pesos vs 2.86 bln Operating costs - 1.49 bln pesos vs 2.97 bln Net loss - 994.10 mln pesos vs loss 676.00 mln LPS - 0.28 pesos vs LPS 0.19 (1 usd = 55.37 pesos) cecille.yap@afxasia.com |
| Philippines' Lepanto Consolidated Q3 net profit 49.47 mln pesos vs 102.14 mln |
MANILA (AFX-ASIA) - Lepanto Consolidated's third quarter to September results: Income - 571.02 mln pesos vs 488.45 mln Costs and expenses - 423.43 mln pesos vs 391.56 mln Net profit - 49.47 mln pesos vs 102.14 mln Earnings per share - 0.00236 pesos vs EPS 0.00465 Nine months to September results: Income - 1.23 bln pesos vs 1.47 bln Costs and expenses - 1.31 bln pesos vs 1.17 bln Net loss - 74.8 mln pesos vs profit 299.26 mln Loss per share - 0.00351 pesos vs EPS 0.01403 Lepanto Consolidated is primarily involved in exploration and mining of gold, silver, copper, lead zinc and other metals. (1 usd = 55.37 pesos) cecille.yap@afxasia.com |
| Philippines' Equitable PCI Bank Q3 net profit 320.4 mln pesos vs 209.5 mln |
MANILA (AFX-ASIA) - Equitable PCI Bank third quarter to September results: Net interest income - 1.60 bln pesos vs 1.26 bln Provision for probable losses - 464.38 mln pesos vs 106.60 mln Net profit - 320.4 mln pesos vs 209.5 mln No earnings per share figure was given for Q3 in the financial results. Nine months to September results: Net interest income - 4.77 bln pesos vs 3.77 bln Provision for probable losses - 787.2 mln pesos vs 460.4 mln Net profit - 985.5 mln pesos vs 548.04 mln Earnings per share - 2.03 pesos vs 1.13 Equitable PCI Bank is one of the country's 10 largest banks in terms of assets. 1 usd = 55.37 pesos) edelacruz@afxasia.com |
| Philippines' JG Summit Holdings Q3 net profit 49.9 mln pesos vs 470.3 mln |
MANILA (AFX-ASIA) - JG Summit Holdings Inc third quarter to September results: Revenue - 13.2 bln pesos vs 11.7 bln Cost and expenses - 13.07 bln pesos vs 10.99 bln Net profit - 49.9 mln pesos vs 470.3 mln Earnings per share - 0.01 pesos vs 0.07 Nine months to September results: Revenue - 39.59 bln pesos vs 35.08 bln Cost and expenses - 37.93 bln pesos vs 32.37 bln Net profit - 1.772 bln pesos vs 1.778 bln EPS - 0.26 pesos vs 0.26 The Gokongwei family controls JG Summit, which has interests in foods, agro-industrial products, textiles and garments, real estate development, hotel and service apartment management, airline and telecommunications. (1 usd = 55.37 pesos) edelacruz@afxasia.com |
| Philippines' Benpres Holdings 9 mths net loss 1.14 bln pesos vs loss 459.0 mln |
MANILA (AFX-ASIA) - Benpres Holdings Corp's nine month to September results: Revenues - 6.32 bln pesos vs 1.48 bln Costs and expenses - 8.01 bln pesos vs 1.93 bln Net loss - 1.14 bln pesos vs loss 459.0 mln Loss per share - 0.25 pesos vs loss 0.0984 Third quarter to September results: Revenues - 2.24 bln pesos vs 674 mln Costs and expenses - 3.6 bln pesos vs 1.04 bln Net loss - 1.19 bln pesos vs loss 370 mln (1 usd = 55.37 pesos) cecille.yap |
| Philippine Oct BoP surplus 942.0 mln usd; Jan-Oct BoP surplus 159.0 mln usd |
MANILA (AFX-ASIA) - The Philippines recorded a balance-of-payments (BoP) surplus of 942.0 mln usd in October and 159.0 mln usd for January-October due to fresh foreign borrowings during the period, the central bank said. The national government and the central bank went to the bond and loan markets to help finance maturing obligations, as well as pre-fund next year's financing requirements. The country recorded a BoP deficit of 130.0 mln usd in September and 783. 0 mln usd for January to September due to loan repayments. (1 usd = 55.33 pesos) afxmanila@afxasia.com |
| Philippines' Maynilad files rehabilitation petition in court |
MANILA (AFX-ASIA) - Maynilad Water Services Inc yesterday filed a petition for corporate rehabilitation in the Regional Trial Court of Quezon City, parent Benpres Holdings Corp said. The International Arbitration Court recently ruled that Maynilad should pay the government, through regulator Metropolitan Waterworks and Sewerage System (MWSS), 6.77 bln pesos in concession fees and maintain its 25-year concession agreement to supply drinkable water to parts of metropolitan Manila. The panel also allowed MWSS to draw on a 120 mln usd performance bond, which Maynilad put up on winning the concession a few years ago. "Maynilad filed a petition for corporate rehabilitation because it now foresees the difficulty of meeting its debts when they fall due as a result of the international arbitration panel's decision to allow MWSS to draw on the performance bond," Benpres told the stock exchange. "This course of action will enable Maynilad to ensure continuous delivery of water services to its consumers." Benpres guarantees 60 pct of the bond, while the other 40 pct is guaranteed by its partner in Maynilad, the Suez/Ondeo group. Benpres earlier said its guarantee of the Maynilad bond is already included in the 553 mln usd obligations currently being restructured under its Balance Sheet Manangement Plan. In late 2002, Maynilad decided to terminate early its 25-year concession agreement with the MWSS, after failing to win approval for rate increases. It said the government failed to comply with the terms of the concession agreement. Maynilad took the case to the International Court of Arbitration when the government disputed the allegations. Benpres said Maynilad is seeking clarification from the arbitration panel regarding issues relating to its dispute with MWSS. "Maynilad is seeking clarification on the terms and conditions of the continuation (of the concession agreement) which in its view fails to take into account the financial impact of such a decision," Benpres said. "In particular, Maynilad is seeking the arbitration panel's guidance on the rate rebasing exercise conducted by the MWSS Regulatory Office that has a negative effect on the economic viability of the concession." Maynilad also asked the arbitration panel to consider the impact of authorizing MWSS to draw on the performance bond in the light of the panel's recommendation for the parties to continue to seek extra-judicial solutions, Benpres said. (1 usd = 55.33 pesos) edelacruz@afxasia.com |
| Philippines' Macroasia Corp Q3 net profit 24.93 mln pesos vs loss 18.12 mln |
MANILA (AFX-ASIA) - Macroasia Corp three months to September results: Revenues - 192.35 mln pesos vs 127.40 mln Cost and expenses - 165.69 mln pesos vs 146.33 mln Net profit - 24.93 mln pesos vs loss 18.12 mln Earnings per share - 0.0199 pesos vs loss 0.0145 Nine months to September results: Revenues - 535.96 mln pesos vs 487.50 mln Cost and expenses - 471.41 mln pesos vs 467.91 mln Net profit - 62.80 mln pesos vs 18.86 mln Earnings per share - 0.0502 pesos vs 0.0151 Macroasia is engaged in aviation-related businesses at the Manila international airport. (1 usd = 55.33 pesos) edelacruz@afxasia.com |
| First Philippine Hldgs 9 mth net up 136 pct yr-on-yr on sales, one-time gain |
MANILA (AFX-ASIA) - First Philippine Holdings Corp said its net profit for the nine months to September surged 136 pct year-on-year to 3.27 bln pesos on higher power sales and a one-time gain from the sale of its Panay Island power plant. The company, which holds the power generation and distribution interests of the Lopez family, reported January-September revenue of 28.9 bln pesos, up 85 pct year-on-year. In its financial report, First Philippine Holdings attributed the profit growth to the commercial operation of unit First Gas Power Corp's San Lorenzo gas-fired power plant, which contributed 2.0 bln pesos during the period. Another unit First Generation sold its ownership interest in Panay Power Corp, which operates a 72-megawatt power plant on the island of Panay, resulting in a gain of 406.4 mln pesos. Costs and expenses totaled 20.4 bln pesos, up 9.4 bln year-on-year, due to higher expenses related to the operation of unit First Gas Power. (1 usd = 55.329 pesos) cecille.yap@afxasia.com |
| First Philippine Holdings Q3 net profit 1.337 bln pesos vs 296.17 mln |
MANILA (AFX-ASIA) - First Philippine Holdings third quarter to September results: Gross income - 10.765 bln pesos vs 5.221 bln Costs and Expenses - 7.513 bln pesos vs 3.651 bln Income before tax - 2.359 bln pesos vs 930.02 mln Net profit - 1.337 bln pesos vs 296.17 mln Nine month to September results: Gross income - 28.941 bln pesos vs 15.656 bln Costs and expenses - 20.44 bln pesos vs 11.031 bln Income before tax - 5.947 bln pesos vs 2.994 bln Earnings per share - 5.98 pesos vs 2.55 First Philippine Holdings is the Lopez family's holding firm for its power generation and distribution businesses. It also has investments in property development and road infrastructure. (1 usd = 55.33 pesos) cecille.yap@afxasia.com |
| Manila Jockey Club Q3 net loss 3.15 mln pesos vs profit 64.12 mln |
MANILA (AFX-ASIA) - Gaming firm Manila Jockey Club third quarter to September results: Sales - 2.49 bln pesos vs 2.46 bln Gross income - 216.94 mln pesos vs 353.91 mln Expenses - 225.20 mln pesos vs 289.78 mln Net loss - 3.15 mln pesos vs profit 64.12 mln (1 usd = 55.33 pesos) edelacruz@afxasia.com |
| Philippines' Vitarich Q3 net loss 96.91 mln pesos vs loss 109.61 mln |
MANILA (AFX-ASIA) - Animal feed producer Vitarich Corp third quarter to September results: Revenues - 1.14 bln pesos vs 1.32 bln Costs and expenses - 1.15 bln pesos vs 1.36 bln Opg loss - 9.49 mln pesos vs loss 34.17 mln Net loss - 96.91 mln pesos vs loss 109.61 mln Loss per share - 0.24 pesos vs loss 0.27 Nine months to September results: Revenues - 3.36 bln pesos vs 4.13 bln Costs and expenses - 3.54 bln pesos vs 4.34 bln Opg loss - 178.17 mln pesos vs 210.13 mln Net loss - 448.07 mln pesos vs loss 449.49 mln Loss per share - 1.09 pesos vs loss 1.10 (1 usd = 55.33 pesos) edelacruz@afxasia.com |
| Philippines' Alsons consolidated Q3 net profit 1.47 mln pesos vs 2.23 mln |
MANILA (AFX-ASIA) - Alsons Consolidated Resources Inc third quarter to September results: Revenues - 1.10 bln pesos vs 935.90 mln Cost and expenses - 809.09 mln pesos vs 994.60 mln Net profit - 1.47 mln pesos vs 2.23 mln Nine months to September results: Revenues - 3.47 bln pesos vs 3.15 bln Cost and expenses - 2.65 bln pesos vs 2.61 bln Net profit - 3.72 mln pesos vs loss 4.96 mln Earnings per share - 0.001 pesos vs loss 0.001 (1 usd = 55.33 pesos) edelacruz@afxasia.com |
| Manila shares close marginally higher on selective bargain-hunting |
(Updating with analyst comments, share prices) MANILA (AFX-ASIA) - Share prices closed marginally higher on selective bargain-hunting following seven straight sessions of declines, dealers said. Buying interest was limited to SM Prime Holdings and Globe Telecom, as political and security risk concerns continued to weigh on sentiment, they said. The composite index closed up 1.65 points, or 0.12 pct, at 1,345.53 on volume of 162.65 mln shares valued at 853.99 mln pesos. The index moved between 1,333.33 and 1,350.07. In the broader market, gainers led losers 25 to 17, while 41 stocks were unchanged. Dealers said investors remained jittery following an anti-government mass demonstration Wednesday. Supporters of former president Joseph Estrada trooped to Makati's financial district to call on President Gloria Arroyo to step down and condemn the Supreme Court's and House of Representatives' decisions against the impeachment of Chief Justice Hilario Davide. They were violently dispersed, but reports said the organizers are planning bigger mass actions in coming days. "It was generally a sluggish session ahead of the weekend. Selling pressure tapered offer following seven days of losses, suggesting that some bargain-hunters were back into the market to pick select issues," Accord Capital Equities analyst Lawrence de Leon said. "It could also be an indication of a technical rally next week, assuming it will be a peaceful weekend." He said, however, that investors will remain cautious following Wednesday's protests. "I think the market is still jittery following the Makati event, as there could be more of such disturbances in coming days," de Leon said. "I think these political events are just part of what we expect ahead of the May elections," DA Market Securities president Nestor Aguila said. Top-traded Philippine Long Distance Telephone capped the market's upside, closing down 10 pesos at 760 on 346,340 shares following a 0.72 usd drop in its New York-listed American Depositary Receipts last night to 13.83. SM Prime was up 0.20 at 6.50 on 29.22 mln shares. Globe Telecom was up 5.00 at 800.00 on 141,490 shares. Bank of the Philippine Islands was down 0.50 at 43. Manila Electric B, available to foreign investors, was down 0.25 at 19. 75, while Meralco A was unchanged at 13.50. San Miguel B was down 0.50 at 60, while San Miguel A was unchanged at 54. 50. The all-shares index was up 0.24 points at 835.40. The commercial-industrial index was down 1.67 at 2,005.03. Property was up 9.48 at 570.53, mining up 1.08 at 1,661.23, and oil up 0. 03 at 1.38. Banking and financial services dropped 2.15 to 422.90. (1 usd = 55.33 pesos) edelacruz@afxasia.com |
| Manila hotels' Jan-Sept occupancy rate down to 57.64 pct vs yr-ago 60.11 pct |
MANILA (AFX-ASIA) - The average occupancy rate of hotels in metropolitan Manila for January to September fell to 57.64 pct from 60.11 pct a year earlier, latest data from the Tourism department show. Guests' average length of stay was also 2.99 pct shorter at 2.60 nights. afxmanila@afxasia.com |
| Philippine MIC Holdings, ANTS sign MoA on cellular-based application tie-up |
MANILA (AFX-ASIA) - MIC Holdings Corp said it has signed a memorandum of agreement with Asian Navigation and Tracking System (ANTS) related to the latter's cellular-based application systems. Under the deal, MIC will enhance ANTS' cellular-based applications, which include the person finder and establishment finder services currently offered by Smart Communications Inc. MIC will also provide for the marketing and promotion of such applications an amount not exceeding 20 mln pesos. In return, ANTS will pay MIC 80 pct of the gross revenue the former's location-based services generates. No further details were provided in its disclosure to the stock exchange. (1 usd = 55.365 pesos) cecille.yap@afxasia.com |
| STOCK ALERT - Philippines' SM Prime firmer on technical rebound |
MANILA (AFX-ASIA) - SM Prime was higher in early trade on a technical rebound after having reached oversold levels, dealers said. SM Prime was up 0.20 pesos at 6.50 on 6.8 mln shares. Dealers, however, said investors are cautious about taking further positions in the property stock as they are uncertain of the sustainability of the gains. They said market sentiment remains generally weak due to prevailing political and security risk concerns. (1 usd = 55.37 pesos) edelacruz@afxasia.com |
| Philippines pounded by tropical storm Nepartak |
MANILA (AFX-ASIA) - Tropical storm Nepartak pounded the central Philippines early today, leaving nearly 4 mln people without electricity and close to 2,000 ferry passengers stranded, officials said. There were no immediate reports of casualties as Nepartak cut across Samar and Masbate islands with peak winds of 85 kilometers an hour, the civil defense office said. It said the strong winds blacked out Samar, Masbate and the nearby island of Marinduque, with a combined population of nearly 4 mln people. Rough seas kept domestic shipping at ports, stranding 1,772 passengers bound for the central islands. Civil defense officials said there was "minimal" damage to crops and houses made of light materials. About 19 storms and typhoons hit the Philippines every year, killing an average of 500 people annually since 1970, official records show. Nepartak arrived from the Pacific Ocean about a month after the traditional end of the typhoon season in the Philippines. |
| Philippines' Transpacific Broadcast sets IPO price at 1.38 pesos/shr - PSE |
MANILA (AFX-ASIA) - Satellite service provider Transpacific Broadcast Group International Inc has set its initial public offering price at 1.38 pesos per share, the Philippine Stock Exchange said. Transpacific, a unit of listed ATN Holdings Inc, will list on Dec 12 and will offer 76.64 mln shares or 37 pct of its common stock. The expected IPO proceeds of about 91.83 mln pesos will be used to purchase an additional very small aperture terminal, or VSAT, costing 69 mln, as well as cover working capital requirement of 12.9 mln and marketing promotions expenses of 9.9 mln. Transpacific's offering period is from Nov 17 to 28, with RCBC Capital Corp as the lead underwriter. (1 usd = 55.33 pesos) edelacruz@afxasia.com |
| Philippine Stock Exchange to list shares by Dec 15 |
MANILA (AFX-ASIA) - The Philippine Stock Exchange (PSE) said it has agreed to list its shares by Dec 15 by introduction mode, which means it does not have to offer the shares to the public. The PSE and the Securities and Exchange Commission (SEC) signed a memorandum of understanding on Wednesday for the listing, which will reduce PSE member-brokers' ownership of the bourse to a maximum of 20 pct from 100 pct. The SEC has imposed an end-2003 deadline for PSE's long overdue listing. ATR Kim Eng Securities is PSE's advisor for the listing and is expected to come up with the indicative price for PSE shares soon. afxmanila@afxasia.com |
| UBS AG to set up Philippine representative office - report |
MANILA (AFX-ASIA) - Asset manager UBS AG will set up a representative office in the Philippines in line with its expansion in Southeast Asia, the Philippine Star reported, citing UBS Asia Pacific head of equities Brad Orgill. "Applying for a representative office license was the next logical step to build on the momentum we have already generated in this important market. This license is the latest manifestation of UBS's unflagging commitment to the Philippines," Orgill was quoted to have said. The report said UBS currently operates in over 50 countries. edelacruz@afxasia.com |
| Asia Pacific Group hails Philippine anti-money laundering plan - report |
MANILA (AFX-ASIA) - The Asia Pacific Group for Anti-Money Laundering (APG) has endorsed the Philippines' anti-money laundering implementation plan as a model for other Asian countries, the Philippine Star reported. Citing an official of the Philippines' Anti-Money Laundering Council (AMLC), the report said the APG hailed the plan as "outstanding and very satisfactory." AMLC executive director Vic Aquino said the APG's "strongly positive response" to the plan boosts the country's changes of being removed from the list of non-cooperative countries and territories issued by the Paris-based Financial Action Task Force. edelacruz@afxasia.com |
| Philippines Jan 1-Nov 7 net portfolio inflows 142.87 pct yr-on-yr |
MANILA (AFX-ASIA) - The country's net foreign portfolio investments rose 142.87 pct year-on-year to 492.30 mln usd during Jan 1-Nov 7, compared with 202.70 mln recorded in the same period last year, the central bank said. The figures were collated from five banks, which act as custodians for portfolio investments in the country, preliminary data from the central bank showed. The banks report portfolio flows on a weekly basis to the central bank. (1 usd = 55.33 pesos) cecille.yap@afxasia.com |
| Philippines says 'status quo' remains over disputed Spratlys chain |
MANILA (AFX-ASIA) - An agreement to maintain the "status quo" in the disputed Spraltys island chain has not been violated and remains in effect, the Philippines said today as it downplayed reports of increased Chinese activity in the area. Foreign Minister Blas Ople scotched military reports that China has erected new structures in the area in violation of an agreement among the six claimants to the Spratlys, which lie in the South China Sea. The defense department and the military have submitted reports on the current situation in the Spratlys "and they have confirmed to me that no new structures have been built" in the area," Ople said in a statement. "The status quo is being maintained as we work towards a lasting solution to the situation. The code of conduct remains intact and continues to be a viable means to maintain trust and confidence in the South China Sea," Ople said. He praised fellow claimants Brunei, Malaysia, Taiwan and Vietnam for showing "admirable restraint" and blamed the media for reports "that would have ordinarily elicited a response" from the six countries. The military last week said it has monitored increased visits by Chinese research vessels and warships in the Spratlys, as well as new Chinese markers on reefs not already occupied by rival claimants. Reacting to the report, Arroyo ordered Ople to conduct and investigation for a possible filing of a diplomatic protest against China. Straddling vital shipping lanes and believed sitting on top of vast natural reserves including oil, the Spratlys are considered a potential flashpoint in the region. Vietnam and China have clashed twice over the Spratlys, in 1988 and 1992 and since the 1990s, the Philippines has been concerned over a Chinese installation on the Spratlys atoll of Mischief Reef. |
| Philippines' PNCC Q3 net loss 199.38 mln pesos vs loss 162.22 mln |
MANILA (AFX-ASIA) - Philippine National Construction Corp third quarter to September results: Revenue - 224.67 mln pesos vs 225.06 mln Costs and expenses - 247.18 mln pesos vs 254.82 mln Operating loss - 51.99 mln pesos vs loss 57.11 mln Net loss - 199.38 mln pesos vs 1oss 162.22 mln Loss per share - 1.13 pesos vs LPS 0.92 Nine months to September results: Revenue - 693.56 mln pesos vs 747.74 mln Costs and expenses - 745.08 mln pesos vs 766.08 mln Operating loss - 134.17 mln pesos vs loss 99.78 mln Net loss - 506.73 mln pesos vs loss 445.12 mln LPS - 2.88 pesos vs LPS 2.53 (1 usd = 55.30 pesos) cecille.yap@afxasia.com |
| Philippine Citystate Savings Bank Q3 net profit 7.55 mln pesos vs 11.05 mln |
MANILA (AFX-ASIA) - Citysavings Bank Inc third quarter to September results: Interest income - 27.32 mln pesos vs 34.15 mln Interest expense - 5.97 mln pesos vs 5.74 mln Net interest income - 21.35 mln pesos vs 28.41 mln Provision for probable losses - 452,000 pesos vs 3.77 mln Other income - 8.81 mln pesos vs 7.15 mln Other expenses - 21.93 mln pesos vs 20.67 mln Net profit - 7.55 mln pesos vs 11.05 mln Earnings per share - 0.171 pesos vs 0.251 Nine months to September results: Interest income - 81.91 mln pesos vs 79.20 mln Interest expense - 17.17 mln pesos vs 15.70 mln Net interest income - 64.74 mln pesos vs 63.51 mln Provision for probable losses - 452,000 pesos vs 3.77 mln Other income - 24.60 mln pesos vs 22.31 mln Other expenses - 64.65 mln pesos vs 61.13 mln Net profit - 23.76 mln pesos vs 19.71 mln EPS - 0.539 pesos vs 0.447 (1 usd = 55.30 pesos) edelacruz@afxasia.com |
| Philippine agriculture 9 mths output growth slows to 2.87 pct yr-on-yr |
MANILA (AFX-ASIA) - Agricultural output grew 2.87 pct year-on-year in the nine months to September, slower than the year-earlier growth of 3.08 pct as the unfavorable weather limited farm production, the Department of Agriculture said. In the third quarter, the sector's output grew 4.32 pct year-on-year, it said. "Uncooperative nature but improved volumes and higher revenues for the farmers highlighted the first three quarters," Agriculture Secretary Luis Lorenzo Jr said in a statement. "It was a tough planting and growing season...but amid all the weather setbacks, we managed to push forward with a 5.79 pct expansion in current prices resulting from increments in both production and farmgate prices." The department said a dry spell in the first half of the year, strong typhoons at the start of the third quarter, and erratic rainfall for the rest of the period limited farm output during the first nine months of the year. The crops sub-sector's output rose 2.29 pct year-on-year, driven by gains in sugarcane, mango, tobacco and abaca. Production of unmilled rice was up a modest 1.59 pct from a year ago. The livestock sub-sector posted an output rise of 3.17 pct year-on-year, with the swine industry as main source of growth. The fishery sub-sector produced 3.37 pct more than a year ago. Lorenzo said he is optimistic of higher growth rates in the fourth quarter. The National Economic and Development Authority had projected third quarter growth for the sector at leastly 5.90 pct year-on-year. Agriculture accounts for about a fifth of the Philippine economy. The country's gross domestic product (GDP) likely grew faster at 2.10 pct in the third quarter from the second quarter, Economic Planning Secretary Romulo Neri said Monday. GDP expanded 0.10 pct quarter-on-quarter and 3.20 pct year-on-year in the second quarter, the National Statistical Coordination Board (NSCB) earlier said. Neri is maintaining his year-on-year growth forecast of between 3.80-4.30 pct for the third quarter. The NSCB will announce the third quarter GDP data later this month. edelacruz@afxasia.com |
| Philippines raises 250 mln usd from 3-yr Eurobond issue |
MANILA (AFX-ASIA) - The government has raised 250 mln usd from a three-year Eurobond issue at a coupon rate of 5.625 pct, deputy national treasurer Mina Figueroa said. The effective yield-to-maturity rate is 5.80 pct. Proceeds of the bond issue will be used to meet the government's 2004 financing requirements. HSBC, Land Bank of the Philippines and First Metro Investment Corp acted as joint lead managers for the issue. The government wants to raise up to 1.0 bln usd of the 1.8 bln usd foreign financing requirement for 2004 before the end of this year, well ahead of the elections next May, when interest rates are expected to rise. Prior to the Eurobonds issue, the government had already raised proceeds of about 800 mln usd from the sale of 1.05 bln usd worth of long-term bonds. Finance Secretary Jose Isidro Camacho said the Eurobond issue will be the this year's last foreign borrowing exercise as the government has already built up a significant portion of next year's financial requirement. Given a spread of 377 basis points over US treasuries, Camacho added the price is "quite reasonable" in light of the "unsettled (political) situation." The local equities market dropped significantly for the seventh straight session on renewed political and security concerns after the violent dispersal of a mass demonstration at the country's premiere financial district of Makati. About 10,000 demonstrators stormed the busy streets of Makati to demand the resignation of President Gloria Arroyo and Supreme Court Chief Justice Hilario Davide days after the impeachment case against the latter failed. Arroyo has warned of renewed destabilization efforts against her government. (1 usd = 55.30 pesos) cecille.yap@afxasia.com |
| Nokia wins EDGE network equipment order from Philippine's Globe Telecom |
HELSINKI (AFX) - Nokia Corp said it has an order from Globe Telecom Inc for equipment and services EDGE (Enhance Data Rates for GSM Evolution) network for the Manila metropolitan area. Financial details were not disclosed. tarmo.virki@afxnews.com |
| Philippines' Jollibee Foods to list 307,000 common shares Nov 14 - PSE |
MANILA (AFX-ASIA) - Jollibee Foods Corp will list 307,000 common shares tomorrow, the Philippine Stock Exchange (PSE) said. The shares were availed of and fully paid for under the company's stock purchase and option plan. Jollibee closed unchanged at 16.25 pesos per share. (1 usd = 55.30 pesos) afxmanila@afxasia.com |
| New Philippine Stock Exchange president vows to help improve country's image |
MANILA (AFX-ASIA) - Incoming Philippine Stock Exchange (PSE) president Cayetano Paderanga said he will work to help improve investor perception of the Philippines and continue implementing reforms in the local bourse. Paderanga, who served as economic planning secretary in the Cabinet of former President Corazon Aquino, will serve a two-year term as PSE president from Feb 1 next year. He replaces Ernest Leung. "Externally, one of the bigger jobs immediately would be to try to assist and coordinate with the government in trying to change (investor) perception of the Philippines because that will be helpful in trying to improve (local) financial markets," he said over ABS-CBN television. "Within the stock exchange itself, I think we will continue discussing developments that PSE has been doing over the past few years." He said the PSE under his wings will also "try to improve the infrastructure and the processes" in light of new procedures introduced with the enactment of the country's anti-money laundering law and the emergence of new corporate governance rules all over the world. The PSE will also try to assist trading participants "become more efficient and try to help them in their business," he added. He said the PSE management could help the government in enticing more investors into the country by "telling them what the fundamentals are" despite the prevailing security and law and order concerns here. "We can also try to reach the decision-making centers in the world especially with respect to financial flows and try to give them what's the more fundamental and longer-term picture," he said. Locally, he said the PSE can hold "more intimate discussions" with investors and organize roadshows, as well as try to fix some of the governance rules to raise the level of investor confidence. In terms of infrastructure, Paderanga said the PSE will pursue its computerization plans to improve the clearing system. "We will also look at some of the trading arrangements that will have to be done, including trying to put more liquidity into the market," he added, "and also try to give a better guarantee for people who would like to participate (in the trading)." On the issue of stock exchange demutualization, he said the PSE will likely meet the year-end deadline imposed by the Securities and Exchange Commission to list its shares. He said the PSE is also trying to get possible strategic partners both here and abroad as well as the assistance of some financial institutions "so that demutualization can continue." "That's part of trying to get the better perception of the stock exchange, " he said. He also said the stock exchange is participating in the establishment of a fixed-income exchange together with other partners. He said there may also be some discussions on whether the PSE is ready for futures trading, "but we have to look into (it) more closely." He said he would also work to unify the stock exchange, by "trying to get the visions (of warring factions of brokers) and be aware and symphathetic to what people are trying to say." edelacruz@afxasia.com |
| Philippines economic and corporate news summary ORM90 |
BEIJING (AFX-ASIA) - A summary of Philippine economic and corporate news at 0500 GMT -BIR Oct collection 35.67 bln pesos, exceeds target -Philippines raises 250 mln usd from 3-yr Eurobond issue; coupon at 5.625 pct -Thousands of street protesters dispersed in Philippines after crisis -Alaska Milk Q3 net profit 81.45 mln pesos vs 102.67 mln -ATR Kim Eng Q3 net profit 735,494 pesos vs loss 15.33 mln -Metrobank group plans more power plant acquisitions - source -Cebu Pacific eyes China, Japan in regional expansion bid |
| Singapore-listed Del Monte Q3 net profit 3.40 mln usd vs 7.71 mln |
SINGAPORE (AFX-ASIA) - Philippine-based Del Monte Pacific Ltd third quarter to September results: Sales - 43.08 mln usd vs 49.07 mln Gross profit - 9.44 mln usd vs 13.97 mln Net profit - 3.40 mln usd vs 7.71 mln Earnings per share - 0.32 cents vs 0.72 cents Nine months to September results: Sales - 127.68 mln usd vs 133.92 mln Gross profit - 34.65 mln usd vs 37.10 mln Net profit - 16.81 mln usd vs 20.91 mln Earnings per share - 1.57 cents vs 1.95 cents (1 usd = 1.72 sgd) singapore@afxasia.com |
| Manila shares close weaker on political concern; index at 1-mth low |
MANILA (AFX-ASIA) - Share prices closed weaker for the seventh straight session, failing to sustain early gains inspired by Wall Street's overnight advance, as investors continued to cash out or stayed on the sidelines due to political and security concerns, dealers said. Yesterday's violent dispersal of a mass demonstration in Manila's Makati financial district weighed on sentiment, they added. The composite index closed down 19.65 points, or 1.44 pct, at 1,343.88 on volume of 250.59 mln shares valued at 586.03 mln pesos. It moved between 1, 336.78 and 1,365.78. It is the index's weakest close since Oct 9, when it finished at 1,303.66. In the broader market, losers beat gainers 37 to 10, with 49 stocks unchanged. Thousand of anti-government demonstrators, including supporters of former president Joseph Estrada, trooped to Ayala avenue in Makati, asking President Gloria Arroyo to step down. Police had to use tear gas, truncheons and water cannons to break up the demonstration, which followed the move of the House of Representatives to uphold the Supreme Court ruling against the legality of the impeachment move against Chief Justice Hilario Davide. Estrada had accused Davide and other Supreme Court justices of conspiring with Arroyo to remove him from office in 2001. "To a certain extent, the Ayala episode gives a negative image and perception of the Philippines. We've always been a victim of negative perception," AB Capital Securities research director Jose Vistan Jr said. He said the market's sustained technical correction was "overdone." Dealers see the market supported at 1,340, with resistance at 1,380. Philipine Long Distance Telephone was top traded and down 25 pesos at 770 on 280,380 shares, giving back early gains made following a 0.24-usd rise in its New York-listed American Depositary Receipts to 14.55 last night. Property stocks SM Prime Holdings and Ayala Land fell on concerns over rising domestic interest rates following the hike in 91-day and 182-day Treasury bill rates at Monday's auction. SM Prime was down 0.10 at 6.30 on 24.06 mln shares. Ayala Land was down 0.20 at 6.00 on 2.78 mln shares. Bank of the Philippine Islands was down 1.00 at 43.50. Globe Telecom fell 10 to 795, afer major shareholders Ayala Corp and Singapore Telecommunications sold a total of 7.50 mln of their Globe shares yesterday at 765 pesos each, or lower than their current market value. Ayala Corp was unchanged at 5.00 pesos, following the sale of Globe shares and its announcement that its net profit fell to 2.20 bln pesos in the nine months to September from 2.65 bln a year ago due to substantially weaker capital gains. San Miguel B, open to foreign investors, was down 0.50 at 60.50, while San M iguel A was unchanged at 54.50. Manila Electric B, available to foreign investors, was down 0.50 at 19. 50, while Meralco A was unchanged at 13.50. The all-shares index was up 1.34 points at 835.16. The commercial-industrial index fell 20.84 to 2,006.70, while property dropped 12.58 to 561.05. Mining was up 23.10 at 1,660.15, while oil was down 0.03 at 1.35. Banking and financial services shed 8.68 to 425.05. (1 usd = 55.30 pesos) edelacruz@afxasia.com |
| Philippines' Alaska Milk Q3 net profit 81.45 mln pesos vs 102.67 mln |
MANILA (AFX-ASIA) - Alaska Milk Corp's third quarter to September results versus a year earlier: Sales - 949.90 mln pesos vs 861.65 mln Cost of sales & opg expenses - 865.78 mln pesos vs 755.97 mln Opg profit - 84.11 mln pesos vs 105.67 mln Other income - 28.60 mln pesos vs 35.60 mln Net profit - 81.45 mln pesos vs 102.67 mln Earnings per share - 0.09 pesos vs 0.12 Nine months to September results: Sales - 3.11 bln pesos vs 2.79 bln Cost of sales & opg expenses - 2.65 bln pesos vs 2.51 bln Opg profit - 466.00 mln pesos vs 284.79 mln Other income - 68.36 mln pesos vs 60.71 mln Net profit - 386.95 mln pesos vs 253.10 mln EPS - 0.43 pesos vs 0.28 (1 usd = 55.277 pesos) cecille.yap@afxasia.com |
| Leading Asian telcos show stabilising credit profiles - Fitch |
HONG KONG (AFX-ASIA) - Fitch Ratings said remedial actions taken by many of Asia's leading telecommunications operators over the last few years have enabled them to show stabilising credit profiles. In a new report titled "Still Recovering: The Credit Trend of Asian Telecoms" the agency said the results of the leading Asian telecom operators in 2003 will confirm further momentum in their efforts to improve their credit profiles. "Nowhere is this more evident than in free cash flow; until 2001 the industry had been generating negative free cash flow, but this was rapidly turned around in 2002 by stabilisation or slight improvement in margins but more importantly through reduced capital expenditure," the report said. The agency cautioned that while it forecasts a stable outlook in the sector's credit profile for 2004, the situation for the period thereafter will be more uncertain. "We expect ourselves to be in a better position to assess the medium-term outlook for the Asian telecom industry in the second half of 2004," said Jonathan Cornish, a director with Fitch's corporate ratings team. "Around that time, we will have had the opportunity to reflect on the initial demand for third generation mobile telecommunications services in markets such as Hong Kong, Korea and Australia as well as sentiment around the build up to launches in Singapore and Malaysia," he added. The report said Indonesia's PT Telekomunikasi Sellular, part of the state-owned telephone operator PT Telekomunikasi Indonesia (TLKM.JK), China Mobile (941.HK) and SK Telecom Co (1767.HK) "managed to report weaker credit metrics without affecting their overall credit rating or credit assessment". It said PLDT (TEM.MN), Singtel (S12.SG), Singtel Optus (SGT.AU), Korea Telecom Freetel Co Ltd (3239.KR), PCCW-HKT (8.HK), Globe (GTHP.MN) and Maxis (5051.KL) are "standout performers in terms of improving their credit risk profile in the last couple of years". peter.chan@afxasia.com |
| STOCKWATCH - Philippines' Globe lower after Ayala Corp, SingTel sale |
MANILA (AFX-ASIA) - Globe Telecom was lower late morning after major shareholders Ayala Corp and Singapore Telecommunications sold a total of 7.50 mln of the company's shares yesterday at a price lower than their current market value, dealers said. At 11.03 am, Globe was down 15 pesos at 790 on volume of 14,530 shares. The 30-company composite index was down 11.13 points or 0.82 pct at 1,352. 40 on 152.72 mln shares worth 274.04 mln pesos. Ayala Corp and SingTel sold 3.75 mln Globe shares each, at 765 pesos apiece. The sale followed the two shareholders' recent purchase of 10.03 mln Globe shares from Deutsche Telekom AG unit DeTeAsia Holdings GmbH at 680 pesos each, effectively giving Ayala Corp and SingTel gains of 562.5 mln pesos. "When a major block of shares is sold, the sellers give the market an idea of what the real value (of the stock) is," AB Capital Securities research director Jose Vistan Jr said. Investors may be disappointed to find out that they bought their Globe shares at a price higher than that Ayala Corp and SingTel set, he added. "However, if you look at the earnings potential of Globe, it's still worth the price," Vistan said. Globe Telecom registered a 70 pct year-on-year surge in net profit to 7.5 bln pesos in the nine months to September, after recording its highest-ever quarterly wireless subscriber take-up in the third quarter. It said the net profit figure took into account provisions made in the first half of the year. Net profit before provisions stood at 8.4 bln pesos in the nine-month period, up 91 pct year-on-year. (1 usd = 55.297 pesos) cecille.yap@afxasia.com |
| Manila shares weaker as political concerns weigh |
MANILA (AFX-ASIA) - Share prices were weaker in late morning trade, after slight gains at the open inspired by Wall Street's overnight advance, with investor sentiment undermined by political and security concerns, dealers said. They said yesterday's violent mass demonstration in Manila's Makati financial district was a fresh excuse for investors to cash out or stay on the sidelines. At 10.29 am, the composite index was down 9.24 points, or 0.68 pct, at 1, 354.29 on volume of 54.47 mln shares valued at 209.80 mln pesos. It has moved between 1,354.29 and 1,365.78 so far. In the broader market, losers narrowly beat gainers 15 to 13, with 31 stocks unchanged. "Activities such as yesterday's demonstration in Makati do not do any good to the economy," Westlink Global Equities chairman Rommel Macapagal said. About 10,000 supporters of former president Joseph Estrada trooped to Ayala avenue in Makati, demanding the sacking of President Gloria Arroyo. Police had to use tear gas, truncheons and water cannons to break up the demonstration, which followed the move of the House of Representatives to uphold the Supreme Court ruling against the legality of the impeachment move against Chief Justice Hilario Davide. (1 usd = 55.30 pesos) edelacruz@afxasia.com |
| STOCK ALERT - Philippines' SM Prime, Ayala Land weaker on interest rate rise |
MANILA (AFX-ASIA) - Property stocks SM Prime Holdings and Ayala Land were weaker in early trade, extending losses from yesterday due to concerns over rising interest rates, dealers said. The decline in their share prices was also due to the generally weak market sentiment arising from lingering political and security concerns, they added. SM Prime, in particular, is being sold down by foreign investors, probably due to portfolio re-allocation, dealers said. SM Prime was down 0.10 pesos at 6.30 on 7.28 mln shares, while Ayala Land was 0.20 lower at 6.00 on 2.09 mln shares. "Apart from concerns over rising interest rates, worries over the political situation have also been weighing on investor sentiment," Westlink Global Equities chairman Rommel Macapagal said. Higher interest rates will make it difficult for borrowers to settle their housing mortgages or acquire new properties, dealers said. At Monday's auction, the government allowed the 91-day and 182-day Treasury bill rates to rise, while rejecting all tenders for the 364-day tenor, The bellwether 91-day average rate, which banks use as a benchmark to price loans, rose to 6.262 pct from 5.966 pct previously. Treasury officials said banks continued to bid up the rates to price in political and security risks emerging ahead of the May 2004 elections. (1 usd = 55.30 pesos) edelacruz@afxasia.com |
| Philippines raises 250 mln usd from 3-yr Eurobond issue; coupon at 5.625 pct |
MANILA (AFX-ASIA) - The government has raised 250 mln usd from a three-year Eurobond issue, with the coupon rate set at 5.625 pct, deputy national treasurer Mina Figueroa said. Proceeds of the bond issue will be used to meet the government's 2004 financing requirements. HSBC, Land Bank of the Philippines and First Metro Investment Corp acted as joint lead managers for the issue. The government is seeking up to 1.00 bln usd of the 1.80 bln usd foreign financing requirement for 2004 before the end of this year and ahead of the elections next May, when interest rates are expected to rise. Prior to the Eurobonds issue, the government had already raised proceeds of about 800.00 mln usd from the sale of 1.05 bln usd worth of long-term bonds. (1 usd = 55.30 pesos) cecille.yap@afxasia.com |
| Philippines' ATR Kim Eng Q3 net profit 735,494 pesos vs loss 15.33 mln |
MANILA (AFX-ASIA) - ATR Kim Eng Financial Corp's third quarter to September results: Revenues - 146.38 mln pesos vs loss 8.68 mln Expenses - 148.98 mln pesos vs 8.93 mln Net profit - 735,494 pesos vs loss 15.33 mln Earnings per share - 0.0012 pesos vs loss 0.15 Nine month to September results: Revenues - 436.00 mln pesos vs loss 10.85 mln Expenses - 415.01 mln pesos vs 17.29 mln Net profit - 356.45 mln pesos vs 99.999 mln Earnings per share - 0.04 pesos vs loss 0.24 (1 usd = 55.30 pesos) cecille.yap@afxasia.com |
| Philippines' Metro Alliance to borrow 100 mln pesos secured by Mabuhay shares |
MANILA (AFX-ASIA) - Metro Alliance Holdings & Equities Corp will borrow up to 100 mln pesos and pledge its shares in Mabuhay Vinyl Corp (MVC) with a par value of 1.00 peso each as collateral, MVC said. Metro Alliance, which has interests in manufacturing, importation and distribution of drug, pharmaceutical, agro-chemical and consumer products, and hospital equipment, owns a 43.46 pct stake in MVC. MVC told the stock exchange that Metro Alliance will avail itself of the loan in two tranches of 50 mln pesos each, which shall bear interest based on the current bank rate plus 1 pct and be covered by a six-month promissory note. (1 usd = 55.28 pesos) edelacruz@afxasia.com |
| Manila shares outlook - Mixed to higher on stronger Wall St, PLDT's ADR |
MANILA (AFX-ASIA) - Share prices are expected to open mixed to higher as bargain-hunters may re-enter the market, taking their cue from Wall Street's overnight gains, dealers said. They said the 0.24-usd rise in Philippine Long Distance Telephone's (PLDT) American Depositary Receipts (ADR) in New York last night to 14.55 may also encourage buying in the market heavyweight locally. However, political and security risks continue to undermine sentiment, they added. Yesterday, the composite index closed down 20.28 points, or 1.47 pct, at 1,363.53. "Bargain-hunting following sustained market declines is possible as Wall Street's and PLDT's gains in New York may entice local investors to position themselves, particularly in fundamentally sound stocks," First Grade Holdings Inc managing director Astro del Castillo said. He sees the market's support at 1,360 and immediate resistance at 1,380. He said that political developments may still worry investors. Yesterday, about 10,000 supporters of former president Joseph Estrada occupied the main avenue of Manila's Makati financial district demanding the sacking of President Gloria Arroyo. Police used tear gas, truncheons and water cannons to break up the demonstration, which followed the move of the House of Representatives to uphold the Supreme Court ruling against the legality of the impeachment move against Chief Justice Hilario Davide. edelacruz@afxasia.com |
| Philippines' Metrobank group plans more power plant acquisitions - source |
MANILA (AFX-ASIA) - First Metro Investment Corp, the investment arm of the Metrobank group, is looking to acquire at least five more power generation companies in the country, a source within the Metrobank group said. The Metrobank group is keen on acquiring power producers in Palawan, Cebu and other areas in the Visayas. Mirant Philippines and Global Business Holdings, also a member of the Metrobank group, earlier bought Panay Power Corp, which is supplying power in Panay province in the central Philippines, from First Philippine Holdings Corp for 2.33 bln pesos. (1 usd = 55.28 pesos) afxmanila@afxasia.com |
| Philippines' National Steel rehabilitation may begin in March - report |
MANILA (AFX-ASIA) - The rehabilitation of National Steel Corp (NSC) may begin in March 2004, BusinessWorld newspaper quoted Trade Secretary Manuel Roxas II as saying. He said talks between Global Infrastructure Holdings Ltd, which is interested in rehabilitating and reopening the NSC plant in the southern Philippines, and the negotiating panel representing the creditor-banks of NSC are going on smoothly. "I am hopeful that Global Infrastructure and the banks can strike a deal...so that we can put this vital industry into operation and put back to work immediately at least 500 workers," Roxas was quoted to have said. Roxas reportedly met with officials of Philippine National Bank (PNB) on Monday, and was told that NSC creditors would exclusively negotiate with Global Infrastructure for 90 days starting December to discuss the terms of a possible lease-to-own contract. PNB is one of the major creditors of NSC. edelacruz@afxasia.com |
| Thousands of street protesters dispersed in Philippines after crisis |
MANILA (AFX-ASIA) - Police used tear gas, truncheons and water cannons to break up a demonstration of about 10,000 protesters Wednesday demanding the sacking of Philippine President Gloria Arroyo and condemning the defeat of a move to oust the country's chief justice. Ignoring Arroyo's calls for reconciliation, the protesters had occupied the main avenue of Manila's Makati financial center, snarling rush-hour traffic. At least one protest leader was carried away by police while others were seen sprawled on the road afterwards, stunned by the force of the water cannons and the tear gas. However Makati police said they had no immediate reports of any serious injuries. It was the biggest demonstration since the House of Representatives began a controversial move last month to impeach Supreme Court Chief Justice Hilario Davide for alleged mismanagement of a judiciary fund. The Supreme Court and the majority within the House of Representatives this week killed the impeachment attempt led by opposition congressmen and averted a constitutional crisis. Police moved to break up the demonstration on Wednesday after protesters, mainly supporters of deposed president Joseph Estrada, refused to disperse at 5.00 pm local time (0900 GMT) as they had earlier agreed. Davide is blamed for legitimizing the removal of Estrada from power in a popular military-backed uprising in 2001 that installed former vice-president Arroyo as president. The marchers carried banners saying "We need a new government now", "Game over" and "Supreme Court-dictatorship," and chanted "Gloria, Davide resign now". They distributed leaflets calling for the removal of Davide and Arroyo, who had lobbied against the impeachment move. The protesters had initially congregated near the Oakwood apartment, the building occupied by renegade soldiers during a short-lived uprising against Arroyo in July. When the deadline for their dispersal had passed, the protesters began yelling to the advancing riot police, "Calm down, calm down." However, almost as soon as the police fired their water cannons and tear gas canisters, the protesters swiftly fled. The military has been on alert since Sunday for possible "destabilization attempts" and Arroyo earlier Wednesday called for "principled reconciliation" in the wake of the impeachment crisis. She said she would reach out to Estrada followers, the opposition and rebel groups such as the communists and military coup plotters. Military spokesman Lieutenant Colonel Daniel Lucero assured the public that the "situation is at a level manageable by the police." "People should not worry. There is no need for military intervention," he said. National Security Adviser Roilo Golez said that there were no signs that this rally was part of a wider destabilization plot but added that "we always make sure that this will not lead to something (wider)." He said the government had shown "maximum tolerance" to the protesters but they could not allow them to remain in the financial district beyond the agreed time. |
| Philippine stock exchange elects new president - sources |
MANILA (AFX-ASIA) - The board of the Philippine Stock Exchange has elected former Economic Planning Secretary Cayetano Paderanga as its new president to replace Ernest Leung, PSE sources said. Paderanga will serve a two-year term from Feb 1 next year. The PSE has yet to formally announce the election of Paderanga, who had served as a PSE non-broker director. edelacruz@afxasia.com |
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