Philippines' PLDT, Jollibee to list additional shares March 3
|
MANILA (AFX-ASIA) - Philippine Long Distance Telephone Co and
Jollibee Foods Corp are to list 2,659 and 27,699 shares,
respectively, tomorrow.
The shares to be listed are fully paid under the two firms'
stock option plans, the Philippine Stock Exchange said.
PLDT closed down 10.00 pesos at 950.00, while Jollibee ended up
0.25 at 19.00.
(1 usd = 56.22 pesos)
cecille.yap@afxasia.com
|
Forex - Philippine peso ends firmer on technical correction
|
MANILA (AFX-ASIA) - The peso closed slightly firmer on a
technical correction and as investors traded with caution ahead of
the much-awaited Supreme Court decision on whether opposition
presidential candidate Fernando Poe Jr is eligible to run in the May
10 elections.
The High Court was widely expected to announce its decision
today, but failure to complete deliberations prompted the tribunal
to delay the ruling to tomorrow afternoon.
The peso ended at 56.22 versus the US dollar, firmer than
yesterday's close of 56.28, after trading within the 56.215-56.29
range on volume of 120. 80 mln usd.
"We've been saying the 56.30 levels were overdone and a
correction back to the 56.15 level was to be expected," a local bank
trader said.
Corporates have found it too expensive to buy US dollars at the
56.30 level, thinning out demand.
Dealers, however, said the peso may trade with a weaker bias
tomorrow and the day after as the market awaits and digests the
decision on Poe's disqualification case.
"We expect volatility to increase and trade to be a little
choppy. The decision will have serious repercussions either way.
It's going to be bad on both sides," another dealer said.
Financial markets are worried the disqualification of popular
movie star Poe will lead to violent protests by his supporters.
However, a possible victory by him in the polls also worries
investors on doubts about his ability to run the country and manage
the economy.
cecille.yap@afxasia.com
|
Philippines' GMA Network seeks to double capital, mulls IPO this
year |
MANILA (AFX-ASIA) - GMA Network Inc, the main rival of listed
ABS-CBN Broadcasting Corp, said it plans to double its authorized
capital to 2 bln pesos as it prepares for its initial public
offering, which may finally take place this year.
But the listing will also depend on market conditions, GMA
president, chairman and chief executive officer Felipe Gozon said.
"We are ready to list. But we are waiting for the market
conditions to improve. It could be this year if the stock market
improves," said Gozon, who holds a 30 pct stake in the broadcasting
giant.
Gozon and GMA chief operating officer Jimmy Duavit, who holds a
35 pct stake in the company, are to remain in control of the company
after the IPO.
"We would work out a plan wherein we would not lose control (of
GMA). We would still own not less than 50 pct plus one." Gozon said.
The Jimenez family owns the remaining 35 pct stake in GMA.
The company earlier said there was no urgent need to offer
shares to the public since it has been able to generate funds to
finance its capital expenditures.
GMA posted a net profit of over 1 bln pesos in 2003 versus the
previous year's 406 mln. Revenues rose by 28 pct to 6.2 bln last
year from the year-earlier 4.8 bln due to strong earnings from
advertising.
Gozon expects net profit this year to grow by 50 pct from 2003.
The company has set aside 350 mln pesos for capital
expenditures this year, which is 16 pct higher than last year's 300
mln.
A portion of this year's capital expenditure budget would be
used to finance the launching of GMA's international channel,
scheduled for the third quarter of the year.
The company is already negotiating with potential partners for
this venture.
Initially, GMA's international channel would be launched in
North America, targeting Filipino immigrants.
The company is also preparing to re-launch its Ultra High
Frequency TV Channel 27, which closed in 2001 due to losses.
It also plans to produce at least three movies this year.
(1 usd = 56.26 pesos)
afxmanila@afxasia.com
|
Philippines' Metro Alliance approves acquisition plan for Bataan
Polyethylene |
MANILA (AFX-ASIA) - Metro Alliance Holdings & Equities Corp
said its board of directors has authorized the company, through its
chairman Renato Magadia, to enter into a Memorandum of Agreement
(MOA) to purchase certain interests in the Bataan Polyethylene
Project.
Metro Alliance will enter into the MOA with Tybalt Ltd, BP
International Ltd, Petroliam Nasional Berhad and Sumitomo Corp for
the planned acquisition, which also covers shares of stock and
stockholder advances in the Bataan Polyethylene Corp (BPC).
Metro Alliance gave no financial details in its letter to the
stock exchange.
But it said the effectivity of the purchase or acquisition will
be subject to a satisfactory due diligence and closing targeted for
May 31 this year.
Metro Alliance earlier said it will acquire the debts of BPC to
pave the way for the ownership and operation of the petrochemical
midstream facility.
Metro Alliance said it has designated Polymax Worldwide Ltd --
a company incorporated in the British Virgin Islands -- as the
acquisition vehicle in the purchase of BPC's debt papers.
It said it would organize a consortium of local and foreign
investors that will eventually operate the plant.
edelacruz@afxasia.com
|
Philippines' Piltel net loss narrows in 2003 on wireless gains |
MANILA (AFX-ASIA) - Pilipino Telephone Corp (Piltel) said it
dramatically narrowed its net loss last year through substantial
growth in the revenue of its wireless business.
Piltel posted a net loss of 3.35 bln pesos for the full year to
Dec 2003, in line with the company's own projections, compared with
the previous year's net loss of 21.83 bln.
Gross GSM (global system for mobile communications) revenues
increased 54 pct year-on-year to 9.03 bln pesos from 5.87 bln, while
net GSM revenue rose 78 pct to 3.7 bln pesos from 2.1 bln a year
earlier.
GSM revenues now account for 83 pct of Piltel's net revenue.
As of end-2003, the total subscriber base of Piltel's GSM brand
Talk 'N Text stood at 2.87 mln, up 62 pct from 1.77 mln at the end
of the previous year.
Piltel president and chief executive officer Gregorio Atienza
said he is looking forward to the company's continued recovery in
2004.
Philippine Long Distance Telephone Co (PLDT) has a significant
stake in Piltel and it has been widely speculated that it will serve
as vehicle for the backdoor-listing of the group's wireless unit,
Smart Communications Inc.
Piltel earlier submitted its recovery plan to the Philippine
Stock Exchange, under which it expects to return to profitability
this year, with net profit forecast to come in at 402.4 mln pesos.
Piltel booked additional asset impairment charges of 1.72 bln
pesos in 2003, related to write-downs for its analog and code
division multiple access (CDMA) systems for mobile services and the
company's investment in ACeS Philippines Cellular Satellite Corp.
Its asset impairment charges in 2002 came to 16.79 bln pesos.
In 2001, Piltel booked extraordinary charges of 16.787 bln
pesos, also partly due to write-downs.
Operating costs, however, fell by 37 pct to 3.94 bln pesos from
6.24 bln in 2002, with an 83 pct decline in depreciation as a result
of a write-down at end-2002.
Piltel said site-related expenses, such as rent, utilities,
maintenance and insurance, fell by 76 pct, primarily due to the
decommissioning of various AMPS/CDMA cell sites in 2002.
Marketing expenses rose by 16 pct to 1.73 bln pesos in 2003
from the previous year's 1.49 bln as prepaid phone kit and SIM pack
sales almost doubled, partly offset by a lower incentive scheme for
dealers which was implemented in Aug 2002.
Management fees of 795 mln pesos, representing payments made in
connection with various outsourcing agreements with Smart and PLDT,
covering their management of relevant Piltel operations, increased
by 8 pct as the latter's subscriber base widened.
"Piltel has sustained the momentum it showed earlier in 2003
and has posted a positive operating result. It was also an
exceptional year in terms of subscriber growth with over one million
net additions," Atienza said.
He said this growth was supported largely by the introduction
in May 2003 of the TNT Load, the ground-breaking "over-the-air"
loading mechanism developed by Smart, which brought down the
subscriber churn rate as well as costs associated with the
production and distribution of prepaid cards.
Atienza also noted that Piltel has not had to seek financial
assistance from PLDT since late 2002, as Piltel's cash flow position
has improved.
(1 usd = 56.26 pesos)
edelacruz@afxasia.com
|
Philippines' Piltel 2003 net loss
3.35 bln pesos vs loss 21.83 bln |
MANILA (AFX-ASIA) - Pilipino Telephone Corp's full year to Dec
2003 results:
Operating revenue - 4.48 bln pesos vs 2.97 bln
Operating expenses - 3.94 bln pesos vs 6.24 bln
Operating income - 539.8 mln pesos vs loss 3.28 bln
Interest and financing charges - 706.9 mln pesos vs 782.5 mln
Other expenses - 3.10 bln pesos vs 17.77 bln
Net loss - 3.35 bln pesos vs loss 21.83 bln
Loss per share - 2.77 pesos vs LPS 13.66 pesos
(1 usd = 56.26 pesos)
cecille.yap@afxasia.com |
Philippine Treasury may issue CMBs
weekly as 2-year T-bond bids rejected |
MANILA (AFX-ASIA) - The Bureau of Treasury (BTr) said it may
issue about 10 bln pesos worth of cash management bills on a weekly
basis after rejecting all bids at today's auction of two-year
treasury bonds.
National Treasurer Mina Figueroa said the bureau will meet with
banks on the possibility of issuing CMBs, which will have a maturity
shorter than that of regular T-bill tenors of 91 days, 182 days, and
364 days.
She said the CMBs may be issued as early as next week.
Yesterday, the government rejected all tenders at the regular
auction of 91-day, 182-day, and 364-day T-bills, as market
participants offered rates that were significantly higher than
previous ones.
Tenders for the T-bills totaled 3.809 bln pesos against an
offering of 11 bln.
At today's auction of T-bonds, the offering was as much as 4.5
bln pesos.
Participating banks want higher rates for government securities
amid prevailing political uncertainties in the run-up to the May 10
elections and the peso's weakness against the US dollar.
(1 usd = 56.26 pesos)
edelacruz@afxasia.com
|
Philippines' Petron to negotiate
150 mln usd loan |
MANILA (AFX-ASIA) - Oil firm Petron Corp said its board of
directors has given management the authority to negotiate a 150 mln
usd long-term loan.
No other details about the loan were provided in the company's
disclosure to the stock exchange.
Petron said its board also approved the creation of a direct
retailing subsidiary outside the Subic Bay freeport north of
metropolitan Manila.
It will also advance 196 mln pesos for the development of
service station sites. It did not elaborate.
(1 usd = 56.26 pesos)
cecille.yap@afxasia.com
|
Manila shares close weaker on profit-taking mainly in telecom stocks
|
MANILA (AFX-ASIA) - Share prices closed weaker on
profit-taking mainly in telecom stocks, as investors stayed largely
on the sidelines to await fresh leads, in particular the Supreme
Court ruling on the disqualification petitions against opposition
presidential candidate Fernando Poe Jr, dealers said.
According to radio and television reports, the Supreme Court
may announce today its ruling on Poe's eligibility for the May 10
polls.
The composite index closed down 7.44 points, or 0.50 pct, at
1,477.02 on volume of 140.19 mln shares valued at 1.6 bln pesos. It
traded between 1,476. 96 and 1,491.83.
Cross sales and a block sale in Philippine Long Distance
Telephone (PLDT) worth 1.3 bln pesos boosted turnover.
In the broader market, losers beat gainers 33 to 21, while 29
stocks were unchanged.
Meanwhile, three Philippines military officers are being
detained for trying to recruit reservists to take part in
anti-government rallies ahead of the May 10 presidential election,
Agence France Presse reported, citing a military spokesman.
The unnamed colonel and two lieutenant colonels were arrested
last month after they were found trying to recruit reservists for
planned protests backing movie star Poe, Lieutenant Colonel Daniel
Lucero said.
They are being detained at the army headquarters of Fort
Bonifacio, while possible links either to other military plotters or
opposition politicians are being investigated.
"Investors were quick to cash in on gains and unwilling to take
aggressive and long-term positions, given the political
uncertainties," Citiseconline.com analyst Mark Alan Canizares said.
"There are no leads to set the direction for the market at this
point and, as long as the Poe citizenship issue remains unresolved,
the market will likely be unable to decide where to go," Westlink
Global Equities chairman Rommel Macapagal said.
Financial markets are worried that the disqualification of Poe
will lead to violent protests and even to another spate of military
uprisings.
However, investors are also fretting over Poe's possible
victory in the May polls on doubts over his ability to run the
country and manage the economy.
Globe Telecom was top-traded, but down 20.00 pesos at 870.00 on
volume of 95,430 shares.
PLDT was down 10.00 at 950.00 on 22,870 shares.
Manila Electric B, available to foreign investors, was down
1.00 at 33.00 on 1.1 mln shares, while Meralco A was unchanged at
20.00.
Meralco parent First Philippine Holdings was down 0.50 at
23.50.
Meralco and First Philippine Holdings extended gains early in
the session ahead of the release of their 2003 results, dealers
said.
The power distributor earlier said extraordinary provisions for
contingent liabilities may have sent its 2003 net profit to below
its 1-bln peso target. It booked a net loss of 2 bln pesos in 2002.
Analysts AFX-Asia polled expect Meralco to report a net profit
before provisions of 800 mln to 1.2 bln pesos on the back of
increased rates and higher electricity sales.
Bank of the Philippine Islands was up 0.50 at 46.00.
PLDT affiliate Pilipino Telephone Corp fell 0.08 to 1.50 on
11.2 mln shares ahead of the release of its 2003 results.
Piltel earlier said it expected to book a 2003 net loss of
about 3.33 bln pesos, substantially lower than the previous year's
21.8 bln and return to profitability this year, with earnings
expected at 402.4 mln pesos.
The all-shares index was up 0.62 points at 941.21.
The commercial-industrial index was down 19.07 to 2,293.85.
Property was up 0.59 at 532.41.
Mining was down 18.44 at 1,490.32.
Oil was down 0.02 at 1.25.
Banking and financial services was up 2.57 at 436.81.
(1 usd = 56.26 pesos)
edelacruz@afxasia.com
|
|
MANILA (AFX-ASIA) - Share prices closed weaker on profit-taking
mainly in telecom stocks, as investors stayed largely on the
sidelines to await fresh leads, in particular the Supreme Court
ruling on the disqualification petitions against opposition
presidential candidate Fernando Poe Jr, dealers said.
According to radio and television reports, the Supreme Court
may announce today its ruling on Poe's eligibility for the May 10
polls.
The composite index closed down 7.44 points, or 0.50 pct, at
1,477.02 on volume of 140.19 mln shares valued at 1.6 bln pesos. It
traded between 1,476. 96 and 1,491.83.
Cross sales and a block sale in Philippine Long Distance
Telephone (PLDT) worth 1.3 bln pesos boosted turnover.
In the broader market, losers beat gainers 33 to 21, while 29
stocks were unchanged.
Meanwhile, three Philippines military officers are being
detained for trying to recruit reservists to take part in
anti-government rallies ahead of the May 10 presidential election,
Agence France Presse reported, citing a military spokesman.
The unnamed colonel and two lieutenant colonels were arrested
last month after they were found trying to recruit reservists for
planned protests backing movie star Poe, Lieutenant Colonel Daniel
Lucero said.
They are being detained at the army headquarters of Fort
Bonifacio, while possible links either to other military plotters or
opposition politicians are being investigated.
(1 usd = 56.26 pesos)
edelacruz@afxasia.com
|
Philippine Feb customs collections 8.425 bln pesos vs target 7.045
bln |
MANILA (AFX-ASIA) - Customs collections in February reached
8.425 bln pesos, exceeding the target of 7.045 bln, preliminary
figures from the Bureau of Customs show.
January to February collections stood at 17.995 bln pesos, 15.8
pct higher than the target of 15.545 bln.
(1 usd = 56.261 pesos)
cecille.yap@afxasia.com
|
Philippines' Philex Jan copper/gold/silver output gross value 284.8
mln pesos |
MANILA (AFX-ASIA) - Philex Mining Corp said it produced in
January 1.4 mln kilos of copper, 186,192 grams of gold and 213,621
grams of silver with an estimated gross value of 284.8 mln pesos.
The company had earlier reported output of 309.7 mln pesos in
December.
Shipments of copper concentrate in January were valued at
303.22 mln pesos, compared with December shipments worth 507.39 mln
pesos, Philex said in a statement to the stock exchange.
(1 usd = 56.26 pesos)
cecille.yap@afxasia.com
|
STOCK ALERT - Philippines' Meralco, First Hldgs extend gains ahead
of results |
MANILA (AFX-ASIA) - Manila Electric Company (Meralco) and
parent First Philippine Holdings were firmer in late morning trade,
extending gains ahead of the release of their 2003 results, dealers
said.
Meralco B, available to foreigners, was up 0.50 peso at 34.50
on volume of 461,600 shares, while Meralco A was up 0.25 at 20.25 on
52,400 shares.
First Philippine Holdings was up 0.25 at 24.25 on 410,200
shares.
Meralco earlier said extraordinary provisions for contingent
liabilities may have pulled its 2003 net profit below its 1-bln peso
target.
However, any net profit is better than the 2-bln peso net loss
it booked in 2002.
Analysts AFX-Asia polled expect Meralco to report a net profit
before provisions of 800 mln to 1.2 bln pesos on the back of
increased rates and higher electricity sales.
Dealers said investors may also be positioning ahead of the
Supreme Court decision on Meralco's suspended 0.12 peso per
kilowatthour rate hike.
(1 usd = 56.26 pesos)
edelacruz@afxasia.com
|
Philippine PLDT 1.378 mln shares sold in block transaction - PSE
|
MANILA (AFX-ASIA) - A total of 1.378 mln shares of Philippine
Long Distance Telephone Co were sold in a block transaction in
mid-trade, according to data from the Philippine Stock Exchange.
The shares were sold for 950 pesos each, or a total of 1.309
bln pesos.
UBS Securities Philippines handled the transaction.
At 10.50 am, PLDT was flat at 960 on 14,380 shares.
(1 usd = 56.25 pesos)
cecille.yap@afxasia.com
|
Philippines' Petron expands coverage of discount on diesel products
|
MANILA (AFX-ASIA) - Petron Corp said it has started to offer a
0.30 pesos per liter discount on diesel for public utility vehicles
in northern and southern Luzon, expanding the scheme which began
implementation in selected stations in metropolitan Manila late last
year.
"We hope to help in easing the burden of high fuel prices on
the economy, " Petron spokeswoman Virginia Ruivivar said.
The announcement comes a day after public utility vehicles
staged a strike to demand a hike in transportation fares.
Ruivivar added the discount is being implemented in
anticipation of the expected softening of crude oil prices in the
second quarter.
A total of 17 service stations in key cities throughout Luzon
started offering the discount today.
Since last September, Petron has been extending discounts to
public vehicles in selected stations in metropolitan Manila, selling
diesel 2.10 pesos per liter lower for jeepneys and buses.
Meanwhile, stations that will offer the 30-centavo discount are
those in Baguio City, Dagupan City, Tarlac City, Angeles City,
Olongapo City, Batangas City and Naga City.
(1 usd = 56.25 pesos)
cecille.yap@afxasia.com
|
Manila shares marginally higher mid-session amid lack of leads
|
MANILA (AFX-ASIA) - Share prices were marginally higher
mid-session on low volumes as investors stayed on the sidelines to
await fresh leads, particularly the Supreme Court's ruling on the
disqualification petitions against opposition presidential candidate
Fernando Poe Jr, dealers said.
The Supreme Court may announce today its decision on Poe's
eligibility to stand for the May 10 polls, according to radio and
television reports.
At 10.34 am, the composite index was up 2.64 points, or 0.18
pct, at 1, 487.10 on volume of 26.8 mln shares valued at 104.5 mln
pesos. It has traded between 1,484.63 and 1,491.83 so far.
In the broader market, gainers led losers 12 to eight, while 23
stocks were unchanged.
"There are no leads to set the market's direction at this
point. And, as long as the Poe citizenship issue is not resolved,
the market is likely to have any clear indication as to where to
go," Westlink Global Equities chairman Rommel Macapagal said.
"The good news is that we're holding support above the 1,480
level."
Financial markets are worried that the disqualification of Poe
will lead to violent protests and even to another episode of
military uprisings.
However, Poe's possible victory in May also worries investors
on doubts over his ability to run the country and manage the
economy.
Globe Telecom was top-traded, but down 10.00 pesos at 880.00.
Philippine Long Distance Telephone was unchanged at 960.00.
Manila Electric B, available to foreign investors, was up 0.50
at 34.50, while Meralco A rose 0.25 to 20.25.
Meralco parent First Philippine Holdings was up 0.25 at 24.25.
(1 usd = 56.25 pesos)
edelacruz@afxasia.com
|
Philippines' PNOC unit, Indonesia's PT Garda in possible coal mining
JV |
MANILA (AFX-ASIA) - PNOC Exploration Corp said it has signed a
memorandum of understanding with Indonesia's PT Garda Tujuh Buana
Coal Mining Corp for a possible coal-related joint venture business.
The project will, however, be pursued depending on the results
of a due diligence study that both parties are due to conduct, PNOC-EC
told the stock exchange.
PNOC-EC is a unit of state-owned Philippine National Oil Co.
It gave no further comments.
edelacruz@afxasia.com
|
Philippine NSO updates wholesale price index base year to 1998 from
1985 |
MANILA (AFX-ASIA) - The National Statistics Office said it will
update the base year for computing the wholesale price index (WPI)
to 1998 from 1985 to capture better the "true state" of wholesale
trading in the Philippines.
The WPI measures the average changes in the wholesale prices of
commodities from two levels of bulk distribution; the
wholesaler-to-retailer and the wholesaler-to-producer. It serves as
a basis for price adjustments in business contracts and projects.
The 1998-based WPI will also cover the Visayas and Mindanao
islands, instead of being limited to the main island of Luzon.
Early this year, the NSO also updated the base year of the
consumer price index to 2000 from the previous 1994 to reflect the
changes in the consumption patterns of Filipinos.
The WPI re-basing to year 1998 also involved updating the
commodity groups and weighting assigned to each category.
cecille.yap@afxasia.com
|
Philippine Feb CPI seen up 3.4 pct year-on-year - Neri
|
MANILA (AFX-ASIA) - The Philippines' consumer price index (CPI)
likely rose 3.4 pct year-on-year in February, unchanged from
January, using the 1994 price series, Economic Planning Secretary
Romulo Neri said.
The central bank is projecting a CPI rise of 3.4-3.6 pct
year-on-year for February, driven by higher oil prices and a weaker
peso versus the US dollar.
Economists polled by AFX-Asia have estimated CPI rose by
3.6-4.2 pct year-on-year in February as oil and food prices surged
and the peso weakened against the dollar.
The peso fell to its weakest-ever level of 56.35 to the dollar
on Feb 20 amid political uncertainties ahead of the May 10
elections.
Headline January CPI was up 4.1 pct year-on-year based on the
2000 price series.
The National Statistics Office will release the February CPI
data on Friday (March 5).
edelacruz@afxasia.com
|
Philippines' San Miguel,
Hormel Foods in talks on possible Vietnam
JV |
MANILA (AFX-ASIA) - San Miguel Corp said it is in discussions
with Hormel USA to set up a joint venture in Vietnam to manufacture
processed meat.
The food and beverage conglomerate, however, said no definitive
agreements have yet been reached with Hormel, its joint venture
partner in Purefoods Hormel Co Inc.
San Miguel also gave no other details of the planned venture in
Vietnam.
The group has embarked on a regional expansion exercise
involving seven markets, namely China, Thailand, Vietnam, Indonesia,
Australia, Malaysia and Taiwan.
A recent newspaper report said San Miguel and Hormel are
talking about a possible tie-up and targeting the Southeast Asian
and the Middle Eastern markets.
Hormel has long had a presence in Vietnam.
At 9.53 am, San Miguel B, open to foreign investors, was
untraded after closing previously at 69 pesos, while San Miguel A
was unchanged at 56.50.
(1 usd = 56.27 pesos)
edelacruz@afxasia.com
|
STOCK ALERT -Philippines' Metro Pacific gains after returning to
2003 profit |
MANILA (AFX-ASIA) - Metro Pacific Corp was firmer after
reporting yesterday an unaudited net profit of 56.5 mln pesos in
2003, a significant turnaround from the previous year's net loss of
11.9 bln, dealers said.
After closing flat yesterday, despite releasing better results,
Metro Pacific was up 0.02 peso, or 7.41 pct, at 0.29 in early trade
on volume of 1. 95 mln shares.
The company, a unit of Hong Kong's First Pacific Co Ltd and has
interests in property and shipping, attributed its return to profit
to other income of 542 mln pesos, mostly from non-recurring gains
related to the completion of various debt-reduction and
restructuring exercises.
Metro Pacific said it has repaid, or is in the process of
restructuring, outstanding loans of 12.1 bln pesos in total as of
end-2003.
The outstanding loans represent approximately 94 pct of the
company's total debt of 12.9 bln pesos as at end-Dec 2001.
(1 usd = 56.27 pesos)
edelacruz@afxasia.com |
Philippine SEC approves Banco Santander name change to BDO Private
Bank |
MANILA (AFX-ASIA) - The Securities and Exchange Commission has
approved Banco Santander Philippines Inc's application to change its
name to BDO Private Bank Inc.
BDO Private Bank is a wholly owned subsidiary of Banco de Oro
Universal Bank.
The corporate watchdog also approved Santander Securities
Philippines Inc (SISPI) name change to BDO Securities Corp, which is
a wholly owned brokerage unit of BDO Capital & Investment Corp.
Banco de Oro acquired 100 pct of Banco Santander last year for
2.56 bln pesos.
(1 usd = 56.265 pesos)
cecille.yap@afxasia.com
|
Philippines' Negros Navigation 2003 net profit 84 mln pesos vs 102.7
mln |
MANILA (AFX-ASIA) - Negros Navigation Company Inc full year to
Dec 2003 results:
Revenue - 2.24 bln pesos vs 2.36 bln
Opg cost and expenses - 1.96 bln pesos vs 2.009 bln
Net profit - 84 mln pesos vs 102.7 mln
Negros Navigation is the shipping unit of Metro Pacific Corp,
which is the local unit of Hong Kong-listed First Pacific Co Ltd.
(1 usd = 56.28 pesos)
edelacruz@afxasia.com
|
Philippine SEC approves listing of additional 812,095 PSE shares
|
MANILA (AFX-ASIA) - The Securities and Exchange Commission
(SEC) said an additional 812,095 common shares of the Philippine
Stock Exchange (PSE) have been approved for listing on the PSE
board.
The PSE paid yesterday a listing fee of 97,045.35 pesos for the
shares, which have a placement price of 119.50 pesos each and are
now deemed listed, said SEC director Jose Aquino.
PSE closed yesterday at 155 pesos.
(1 usd = 56.28 pesos)
edelacruz@afxasia.com
|
Manila shares outlook - Mixed ahead of court's Poe citizenship
ruling |
MANILA (AFX-ASIA) - Share prices are expected to open mixed as
the market awaits fresh leads, particularly the Supreme Court's
ruling on the eligibility of opposition candidate Fernando Poe Jr to
contest the May 10 presidential race, dealers said.
There have been reports that the Supreme Court may announce its
decision as early as today.
Yesterday, the composite index closed up 1.28 points at
1,484.46.
"We expect the market to remain in a consolidation mode even
after the Supreme Court announces its ruling. Investors are likely
to want to gauge the public's reaction to the ruling before
committing fresh funds to the market," BPI Securities said in its
daily note.
The market's consolidation range is between 1,430 and 1,500
points, it said.
Financial markets are worried the disqualification of Poe will
lead to violent protests and even to another episode of military
uprisings.
However, his possible victory in the May 10 polls also worries
investors on doubts over his ability to run the country and manage
the economy.
edelacruz@afxasia.com
|
Philippine oil firms cut LPG price 1.50 pesos/kg, but fuel prices
still up |
MANILA (AFX-ASIA) - Local oil firms, led by Petron Corp, have
reduced the prices of their liquefied petroleum gas (LPG) brands by
1.50 pesos per kilogram effective today.
However, Caltex Philippines Inc said that prices of finished
fuel products rose further up to the end of February after
temporarily easing earlier in the month.
This may lead to further increases in gasoline prices, it said.
The oil firms said the price rollback for LPG was made possible
by lower spot market prices.
"International prices of LPG have softened in the past two
weeks. We are reflecting this downtrend in our local LPG prices,
despite the continuous increase in regional finished product prices,
particularly gasoline, in order that the public may benefit from it
right away," Caltex said in a statement.
However, it noted that, after OPEC's decision to cut production
was announced on Feb 10, international gasoline prices increased
about 6.50 usd per barrel from a low of 37.00 usd per barrel before
the announcement to about 43.50 last week.
"If this uptrend continues, and depending on market conditions,
we may have to review price levels of our gasoline products in the
near future," Caltex said.
(1 usd = 56.28 pesos)
edelacruz@afxasia.com
|
Philippines' Philcomsat to venture into call center business
|
MANILA (AFX-ASIA) - Philcomsat Holdings Corp's board of
directors approved an investment of not more than 80 mln pesos in a
call center project, to be undertaken in association with SM
eVentures Inc and Netwisers Info Technologies Pvt Ltd, it said in a
disclosure to the stock exchange.
Philcomsat will set up a wholly-owned subsidiary to undertake
the project.
It gave no other details in the disclosure.
(1 usd = 56.30 pesos)
edelacruz@afxasia.com
|
Philippines
Jan budget deficit 16.12 bln pesos |
MANILA (AFX-ASIA) - The government incurred a budget deficit of
16.12 bln pesos in January on revenues of 53.13 bln pesos versus
expenditures of 69.25 bln, the Department of Finance (DoF) said.
The government did not set any deficit ceiling for the month,
but aims to contain this year's deficit at 197.8 bln pesos, or 4.2
pct of GDP, lower than last year's actual deficit of 199.9 bln.
It also has yet to announce the quarterly breakdown of this
year's fiscal targets in light of the re-enactment of the 2003
national budget.
In a statement, the DoF said revenues grew 4.7 pct in January
as collections of the Bureau of Internal Revenue rose 6.9 pct
year-on-year to 36. 54 bln.
Customs collections amounted to 9.58 bln pesos compared with
9.62 bln a year ago.
Government spending, however, exceeded the year-ago level by
4.56 bln pesos, largely due to higher net lending to
government-owned and controlled corporations and higher interest
payments.
But the DOF said spending for regular government operations was
kept "within reasonable levels" under the re-enacted 2003 budget
scenario.
"We will stick to our fiscal deficit target of 4.2 pct of GDP
or approximately 197.8 bln pesos for 2004. This is based on our
deficit reduction program over the medium-term in order to achieve
fiscal consolidation by 2009," Finance Secretary Juanita Amatong
said in the statement.
Some are concerned the government will spend more than what it
has programmed this year to win votes for the administration led by
President Gloria Arroyo, possibly resulting in the budget deficit
widening.
But Arroyo and her economic managers have repeatedly given
assurances the government remains committed to fiscal discipline.
(1 usd = 56.30 pesos)
afxmanila@afxasia.com
|
First Philippine Holdings to list 486,502 shares March 2
|
MANILA (AFX-ASIA) - First Philippine Holdings will list on
March 2 a total of 486,502 additional common shares, arising from
the exercises of employee and executive stock options.
The listing will raise the number of common shares listed under
the two plans to 9.5 mln.
First Holdings closed up 0.50 pesos at 24.00.
(1 usd = 56.30 pesos)
cecille.yap@afxasia.com
|
Philippine Treasury rejects bids for all 3 T-bill tenors |
MANILA (AFX-ASIA) - The Bureau of Treasury rejected all tenders
at today's regular auction of 91-day, 182-day, and 364-day T-bills,
as market participants offered rates significantly higher than
previous ones.
All three tenors were undersubscribed.
Bids for 91-day T-bills ranged from 6.72 pct to 8.25 pct,
compared with the previous average rate of 6.435 pct. Tenders
totalled 1.355 bln pesos against an offering of 3.0 bln.
Bids for 182-day bills ranged from 8.00 pct to 9.25 pct versus
the previous average rate of 7.834 pct. Tenders totalled 1.247 bln
pesos against an offering of 3.5 bln.
Bids of 364-day bills ranged from 9.25 pct to 10.375 pct
against the previous average rate of 8.384 pct. Tenders reached
1.207 bln pesos versus an offering of 4.5 bln.
National Treasurer Mina Figueroa said the government is still
not allowing interest rates to be affected by continued speculation
against the peso.
At the Philippine Dealing System, the peso averaged 56.293 to
the US dollar at noon, a few centavos away from its record low
56.350, which was first hit on Feb 20 amid prevailing political
uncertainties in the run-up to the May 10 presidential polls.
Figueroa said investors seem to want to invest their funds in
short-term instruments, and the government may consider "other
options" to satisfy the needs of the market "wary of (political)
scenarios."
One of these options is the issuance of cash management bills,
which have a tenor of less than 91 days.
The Bureau of Treasury will offer 4.5 bln pesos worth of
two-year T-bonds at tomorrow's auction.
edelacruz@afxasia.com
|
Philippines' Prime Orion to restructure loans, rehabilitate unit
|
MANILA (AFX-ASIA) - Holding firm Prime Orion Philippines Inc
said it plans to restructure 1-bln pesos in outstanding bank loans
and rehabilitate unit Lepanto Ceramics Inc to turn the company's
equity positive and avoid having to de-list from the stock exchange.
Prime Orion said Lepanto Ceramics' rehabilitation involves
restructuring 2.5-bln pesos in existing loans with creditors and
capital infusion from a strategic investor.
The company is also holding negotiations for the restructuring
of a 1-bln peso loan, which will involve sale of certain assets to
settle the existing bank obligation.
Prime Orion is a holding firm with interests in real estate and
property development, as well manufacturing and distribution of
ceramic tiles and construction-related materials, financial
services, integrated forest/logging/paper operations, hotel and
infrastructure development.
(1 usd = 56.30 pesos)
cecille.yap@afxasia.com
|
Philippine trade dept asks exporters to take advantage of EU GSP
extension |
MANILA (AFX-ASIA) - The Department of Trade and Industry has
urged domestic exporters to "take advantage" of the European Union's
decision to extend the Generalized System of Preferences.
The EU GSP, which offers lower tariffs or completely duty-free
access to products from about 180 developing countries and
territories, was scheduled to end its 10-year cycle in 2004, but has
been extended to Dec 2005.
Trade and Industry undersecretary Thomas Aquino said the
extension is an opportunity for local manufacturers "to increase
their export earnings and, at the same time, promote the Philippine
industrialization and diversification of markets."
"Certainly, we welcome this move by the EU Commission to open
further the EU market and help developing countries, like the
Philippines, to gain from the world trading system," Aquino said.
Aquino, however, said the Philippines has yet to maximize the
benefits in tariff reductions since the avalability rate of the
country's exporters to the EU GSP amounted to only 43 pct in 2002.
The Philippines exported 7.324 bln euros worth of products to
the EU market in 2002, 1.394 bln euros of which were eligible under
the GSP. However, Philippine exporters made use of only 599.93 mln
euros worth.
As a result, the country lost about 794.07 mln euros in
foregone business opportunities instead of benefiting from the lower
tariff environment.
"Two possible reasons cited by most exporters for the low rate
are the heavy documentary requirements and the lack of awareness
among exporters," Aquino said.
(1 usd = 56.29 pesos)
cecille.yap@afxasia.com
|
Manila
shares close flat as market awaits Poe ruling, fresh leads |
MANILA (AFX-ASIA) - Share prices closed flat in sluggish trade,
with the market consolidating and awaiting fresh leads, such as the
Supreme Court's ruling on the eligibility of opposition presidential
candidate Fernando Poe Jr to stand for the May 10 polls, dealers
said.
The composite index closed up 1.28 points or 0.09 pct at
1,484.46 on volume of 74.1 mln shares valued at 603.7 mln pesos. It
traded between 1,481. 83 and 1,486.47.
In the broader market, gainers slightly edged out losers 23 to
21, while 25 stocks were unchanged.
The Supreme Court may soon announce its ruling on petitions
seeking Poe's disqualification on citizenship grounds.
Investors fear that the disqualification of Poe, the son of a
Filipino father and an American mother, will trigger mass protests
by his supporters. It may also lead to another act of military
adventurism, according to recent reports.
"There's hardly any news to spur interest in the market. The
uncertainty before the elections is also keeping investors on the
sidelines," Unicapital Securities research head Elena Ponceca said.
"But I think what's really keeping investors cautious at this
moment is the Supreme Court decision on his citizenship. We still
have no idea exactly when the decision will be announced."
Philippine Long Distance Telephone was top-traded and down 10
pesos at 960 on volume of 377,890 shares, following recent gains.
Its New York-listed American Depositary Receipts (ADRs) shed 0.17
usd to 17.44 on Friday, but were still ahead of the local share
price.
Meralco B, available to foreign investors, was up 2.00 pesos at
34.00 and Meralco A up 0.50 at 20.00, ahead of the release of its
2003 results.
Meralco parent First Philippines Holdings gained 0.50 to 24.00,
while First Philippines Holdings parent Benpres Holdings was up 0.01
at 0.60.
Meralco officials earlier said the company's 2003 net profit
may have fallen below the company's 1.0 bln pesos target due to
extraordinary provisions for contingent liabilities.
It will, nevertheless, be better than the 2 bln pesos net loss
posted in 2002.
Analysts polled by AFX-Asia expect Meralco to report net profit
before provisions of 800 mln to 1.2 bln pesos on the back of
increased rates and higher electricity sales.
"The worst appears to be over for the company,"
Citiseconline.com analyst Mark Alan Canizares said.
Dealers said Meralco has been slowly weathering the impact of
having to refund 30 bln pesos to customers who had been overcharged.
Metro Pacific, a unit of Hong Kong-listed First Pacific Co Ltd,
was unchanged at 0.27 after announcing net profit of 56.5 mln pesos
in 2003. It was a significant turnaround from a net loss of 11.9 bln
pesos in 2002, made possible by non-recurring gains related to the
completion of various debt reduction and restructuring exercises.
PLDT affiliate Pilipino Telephone extended gains and was up
0.02 at 1.58 amid speculation that it will be merged with PLDT's
wireless unit Smart Communications, which is required to offer its
shares to the public not later than August this year.
Globe Telecom was up 5.00 at 890.
Ayala Corp was up 0.20 at 6.10.
Metrobank was up 0.50 at 25.50.
The all-shares index was down 0.99 points at 940.59.
The commercial-industrial index fell 0.76 to 2,312.92.
Property was up 1.22 at 531.82.
Mining was down 17.37 at 1,508.76.
Oil was unchanged at 1.27.
Banking and financial services were up 1.27 at 434.24.
(1 usd = 56.30 pesos)
edelacruz@afxasia.com
|
Philippines'
Zeus Holdings mulls asset injection to address capital deficiency |
MANILA (AFX-ASIA) - Zeus Holdings
Inc is considering injecting 6.0 mln pesos worth of real estate
assets to resolve its capital deficiency and avoid delisting from
the Philippine Stock Exchange.
This would wipe out the existing
capital deficit of 0.92 mln pesos and bring its capital reserve
into positive territory, Zeus Holdings president Yuen Po Seng and
treasurer Ronald Sugapong said in a letter to the exchange.
Management expects to complete the
proposed asset injection in one year, they added.
The company is also considering
shifting its focus from an investment holding firm into a real
estate company, and is looking at several properties and
landholdings for potential business endeavors.
It believes the shift to real estate
development is "the most suitable strategy to pursue at this
time and will be most beneficial to the company in the long
run."
Zeus said it also believes the shift
is timely since it expects an imminent recovery in the property
sector after having been in the doldrums for the past several
years.
(1 usd = 56.30 pesos)
edelacruz@afxasia.com
|
Philippines'
Metro Pacific 2003 net profit 56.50 mln pesos vs loss 11.90 bln |
MANILA (AFX-ASIA) - Metro Pacific
Corp's unaudited full year to Dec 2003 results:
Revenue - 3.73 bln pesos vs 5.88
bln
Opg profit - 94.60 mln pesos vs
363.58 mln
Opg expenses - 613.39 mln pesos vs
1.10 bln
Net profit - 56.50 mln pesos vs
loss 11.90 bln
Earnings per share - 0.30 pesos vs
loss per share 63.85 pesos
(1 usd = 56.30 pesos)
edelacruz@afxasia.com
|
STOCK
ALERT - Meralco, other Lopez-led stocks firmer ahead of 2003
results |
MANILA (AFX-ASIA) - Manila Electric
Co and other Lopez-related stocks were firmer mid-morning as
investors took positions ahead of the companies' 2003 results, due
out in the next couple of weeks, dealers said.
Meralco B, available to foreigners,
was up 2.00 pesos, or 6.25 pct, at 34. 00 on 736,000 shares, while
Meralco A was up 0.50 at 20 on 69,800 shares.
Meralco parent First Holdings gained
0.75 to 24.25 on 492,200 share, while First Holding parent Benpres
was up 0.01 at 0.60 on 10.23 mln shares.
Meralco officials earlier said its
2003 net profit may have fallen below the company's 1-bln peso
target due to extraordinary provisions for contingent liabilities.
It will, nevertheless, be better
than the 2-bln peso net loss posted in 2002.
Analysts expect Meralco to report a
net profit before provisions of 800 mln to 1.2 bln pesos on the
back of increased rates and higher electricity sales.
"The worst appears to be over
for the company," Citiseconline.com analyst Mark Alan
Canizares said.
Dealers said Meralco has been slowly
weathering the impact of a 30-bln peso refund of overcharges the
Supreme Court mandated late last year.
(1 usd = 56.30 pesos)
cecille.yap@afxasia.com
|
Philippine
Savings Bank to launch credit cards this year |
MANILA (AFX-ASIA) - Philippine
Savings Bank said its board of directors has approved the launch
of PSBank credit cards this year.
No other details were provided in
its disclosure to the stock exchange.
At 10.46 am, PSBank was untraded
after its previous close of 27.00 pesos per share.
(1 usd = 56.291 pesos)
cecille.yap@afxasia.com
|
Manila
Jockey Club to list additional 29.99 mln shares March 3 - PSE |
MANILA (AFX-ASIA) - Manila Jockey
Club Inc will list on Wednesday 29.99 mln additional common
shares, arising from its 20 pct stock dividend declaration, a
Philippine Stock Exchange circular said.
The horse racing track operator's
dividend is payable to stockholders on record as of Feb 6.
At 10.41 am, Manila Jockey was not
traded. It closed at 9.00 pesos previously.
(1 usd = 56.30 pesos)
edelacruz@afxasia.com |
Philippine
Metro Pacific swings to 2003 profit on non-recurring gain |
MANILA (AFX-ASIA) - Metro Pacific
Corp has reported an unaudited 2003 net profit of 56.5 mln pesos,
a significant turnaround from the 11.9 bln net loss in 2002.
The company, a unit of Hong Kong's
First Pacific Co Ltd, attributed its return to profit to other
income of 542 mln pesos, mostly from non-recurring gains related
to the completion of various debt reduction and restructuring
exercises.
Metro Pacific said it has repaid, or
is in the process of restructuring, a total of 12.1 bln pesos
worth of outstanding loans as at end-2003.
The outstanding loans represent
approximately 94 pct of the company's total debt of 12.9 bln pesos
as at end-Dec 2001.
Metro Pacific posted a consolidated
net revenue of 3.7 bln pesos in 2003, compared with 5.9 bln the
previous year, reflecting the de-consolidation of former unit
Bonifacio Land Corp from the group's accounts.
Operating expenses fell 44.6 pct to
613.4 mln pesos in 2003 from 1.1 bln in 2002, also due to the
de-consolidation.
Metro Pacific's 2002 results
included a non-cash provision of 8.7 bln pesos for expected losses
from the sale of shares in Bonifacio Land Corp. A further non-cash
provision of 1.4 bln pesos was also made in 2002 against the
carrying values of various property assets, given the
then-depressed property market.
The company sold the controlling
stake in Bonifacio Land to a group comprising Ayala Land Inc and
Evergreen Holdings, which assumed Metro Pacific's 90 mln usd debt
to a firm named Larouge BV.
In exchange for settling the debt,
the joint venture took over Metro Pacific's 50.4 pct stake in
Bonifacio Land, which controls the Global City property
development in the former military camp of Fort Bonifacio.
With the divestment and the
subsequent sale of additional Bonifacio Land shares, Metro
Pacific's stake in the property firm was reduced to approximately
14.7 pct.
Bonifacio Land was de-consolidated
from the group accounts effective Jan 1, 2003.
"2003 was a transforming year
for Metro Pacific. We proved we could meet the aggressive debt
reduction targets we set in late 2001. We may be smaller now, but
better focused, and still have a stable of high quality real
estate assets, such as the urban development property in the
Bonifacio Global City and in resort areas south of Metro
Manila," Metro Pacific president and chief executive officer
Jose Ma Lim said.
Meanwhile, unit Landco Pacific Corp
reported a 2003 net profit of 57.8 mln pesos, up from 43.6 mln in
2002 on revenue of 686.6 mln, compared with 641.6 mln previously.
Landco's operating expenses
increased 6.8 pct year-on-year to 168.8 mln pesos due to the
expansion of its Punta Fuego and Leisure Farms residential resort
projects. Its Terrazas de Punta Fuego project sold 87 pct of the
total units available.
Landco plans to expand further both
the Punta Fuego and Leisure Farm brands, increase development of
its provincial shopping centers and accelerate strategic
land-banking in anticipation of a property market recovery.
Metro Pacific's Pacific Plaza
Towers, meanwhile, reported a higher net loss of 87.3 mln pesos in
2003, compared to 44.0 mln a year earlier, despite a higher
revenue of 668.2 mln pesos. It did not provide an explanation for
the lower profit, but said the sales outlook for this year is
cautiously optimistic as interest in luxury condominium units has
risen in recent months.
The group's shipping unit, Negros
Navigation Co, posted a 2003 net profit of 84 mln pesos, down 18.2
pct from 102.7 mln in 2002, due to higher operating expenses and
lower revenue from its passage and freight business.
"Nenaco enters 2004 engaged in
discussions with a number of parties for possible equity
investments and strategic business partnerships," Metro
Pacific said in a statement.
The shipping firm earlier said it
was in talks with at least two groups interested in buying as much
as 45 pct of the company.
Nenaco is looking to raise 600 mln
pesos in fresh capital from the planned ownership sale.
Metro Pacific owns 97.4 pct of
Nenaco.
As of 10.15 am, Metro Pacific was
unchanged at 0.27 peso on volume of 300, 000 shares.
(1 usd = 56.291 pesos)
cecille.yap@afxasia.com
|
Manila
shares flat early as market awaits Poe citizenship ruling |
MANILA (AFX-ASIA) - Share prices
were flat in early trade as the market awaited fresh leads, such
as the Supreme Court's ruling on whether opposition candidate
Fernando Poe Jr is a "natural-born Filipino citizen"
and, as such, qualified to stand for the May 10 presidential
polls, dealers said.
At 10.10 am, the composite index was
down 0.07 points at 1,483.11 on thin volume of 16.8 mln shares,
valued at 73.5 mln pesos. It has so far traded in a range of
between 1,481.83 and 1,484.07 points.
In the broader market, losers led
gainers eight to six, while 23 stocks were unchanged.
"Investors are awaiting the
Supreme Court's ruling on the disqualification petitions against
FPJ (Poe's initials)," BPI Securities said in its daily note.
It is feared that Poe's
disqualification will trigger mass protests by his supporters and
also lead to more military adventurism, according to recent
reports.
(1 usd = 56.30 pesos)
edelacruz@afxasia.com
|
Philippine
Metro Pacific swings to profit in 2003 on non-recurring gains |
MANILA (AFX-ASIA) - Metro Pacific
Corp has reported an unaudited net profit of 56.5 mln pesos in
2003, posting a significant turnaround from an 11. 9 bln net loss
in 2002.
The company, a unit of Hong Kong's
First Pacific Co, attributed its profitability to other income of
542 mln pesos, mostly derived from non-recurring gains relating to
the completion of various debt reduction and restructuring
exercises.
Metro Pacific said it has repaid, or
is the process of restructuring, a total of 12.1 bln pesos worth
of outstanding loans as of end-2003.
The outstanding loans represent
approximately 94 pct of the company's total indebtedness of 12.9
bln pesos as of end-Dec 2001.
Metro Pacific posted consolidated
net revenue of 3.7 bln pesos in 2003, compared with 5.9 bln the
previous year, reflecting the deconsolidation of former unit
Bonifacio Land Corp from the group's accounts.
Operating expenses were down 44.6
pct to 613.4 mln pesos in 2003 compared with 1.1 bln in 2002, also
due to deconsolidation.
Net non-recurring gains of 541.9 mln
pesos were recorded in 2003, realized from various debt reduction
and restructuring exercises.
(1 usd = 56.315 pesos)
cecille.yap@afxasia.com
|
Philippines
awards electricity bourse management contracts to ABB, M-Co |
MANILA (AFX-ASIA) - The National
Transmission Corp's (Transco) board has approved the awarding of a
8.47 mln usd market management contract for the Philippines'
Wholesale Electricity Spot Market (WESM) to ABB Inc of Sweden,
Energy Secretary Vincent Perez said.
The Transco board also commissioned
M-Co of New Zealand to be the market operator at a cost of 1 mln
usd.
The Japan Bank for International
Cooperation (JBIC) has extended financing assistance for the
project, he said.
The electricity bourse is expected
to open later this year, he said.
"We are very proud that we were
able to contract these companies at a much lower rate, compared to
Singapore, which spent about 100 mln usd to set up the system.
It's a major savings for the country. This will mean lower market
fees per transaction," Perez said.
The contracts will be signed on
March 17.
The establishment of the WESM will
allow consumers to choose suppliers of electricity and, in the
process, bring down power costs, improve efficiency in services
and enhance transparency in generation charges, Perez said.
edelacruz@afxasia.com
|
Philippines'
MRT group plans 300 mln usd bond offering - report |
MANILA (AFX-ASIA) - The Metro Rail
Transit (MRT) consortium is considering raising at least 300 mln
usd usd through a secondary public offering of bonds, the
Philippine Daily Inquirer reported, citing Fil-Estate Corp
president Robert John Sobrepena.
Fil-Estate is a member of the
consortium.
Proceeds from the offering will go
to the original bondholders, who are consortium members, including
Anglo Philippine Holdings Corp.
Sobrepena said the MRT group hopes
to get an upgrade on the bond's credit rating from Standard &
Poor's affiliate Philippine Ratings Services Corp (PhilRatings),
as it plans to list them on the Luxembourg Stock Exchange.
PhilRatings has assigned a PRS-Aa
rating to the bond issue, but Sobrepena said the consortium is
seeking an upgrade to the highest possible rating of PRS-Aaa.
edelacruz@afxasia.com
|
Manila
shares outlook - Mixed to lower as market awaits Poe citizenship
ruling |
MANILA (AFX-ASIA) - Share prices are
expected to open mixed to lower with the market expected to remain
in consolidation mode on prevailing pre-election political
uncertainties and a lack of fresh leads, dealers said.
The composite index closed on Friday
down 2.79 points, or 0.19 pct, at 1, 483.18.
Dealers said the market is focused
on the pending ruling of the Supreme Court on the citizenship
issue involving opposition presidential candidate Fernando Poe Jr,
who is in a neck-and-neck fight with incumbent Gloria Arroyo in
the May 10 polls.
"The worries of possible mass
protest (by Poe's supporters) in the event of the Supreme Court
ruling being unfavorable has spooked investors," said AB
Capital Securities research director Jose Vistan Jr.
The double-digit gains in 2003 are
also keeping the market from going up further, he added.
"We have not seen a significant
correction since and a lot of traders think we're due for
one," he said.
The market, however, should continue
to see support from the positive corporate earnings outlook for
this year, particularly in the telecom sector.
Still, Vistan said investors may opt
to lock in gains in the absence of any significant news to serve
as a further catalyst for an upside.
The market is seen consolidating at
a range of 1,430 to 1,500 points.
Jonas Ravelas, market strategist at
Banco de Oro Universal Bank, said prices seem to be losing
momentum and that "the bulls may be in trouble."
"A break below the 1,460 (this
week) will confirm further tests towards the 1,400 level. Only a
sustained move above the (resistance level of) 1,500 will negate
the near-term bearish bias," he said.
edelacruz@afxasia.com
|
Philippine
central bank gets 125 mln usd loan from AIG |
MANILA (AFX-ASIA) - The central bank
has sealed a 125 mln usd gold-backed loan from AIG International
Inc, the proceeds of which will be used to boost the country's US
dollar reserves, said the regulator's governor, Rafael
Buenaventura.
As of end-January, the country's
gross international reserves stood at 16. 08 bln usd, still above
the 14-15 bln level the central bank is hoping to maintain for
2004.
The one-year loan was extended at a
"cheap" interest rate, central bank officials said,
without disclosing the exact figure.
The dollar inflow should also boost
the country's balance-of-payments position, which a deficit of 595
mln usd in January.
edelacruz@afxasia.com
|
Philippines'
Purefoods Hormel looks to Vietnam for expansion - report |
MANILA (AFX-ASIA) - Purefoods Hormel
Company Inc, the processed meat joint venture between San Miguel
Corp and Hormel Foods Corp of the US, is looking at expanding its
operations to Vietnam, Manila Standard reported, citing Hormel
Foods International president Richard Bross.
San Miguel has embarked on a
regional expansion exercise involving seven markets, namely China,
Thailand, Vietnam, Indonesia, Australia, Malaysia and Taiwan.
The paper quoted Bross as saying
that San Miguel and Hormel are "talking about a possible
tie-up" and are targeting the Southeast Asian and the Middle
Eastern markets.
Purefoods Homel president Francisco
Alejo III added the company is "looking at the possibility
(of investing in Vietnam) and we are talking to our partner Hormel
for operations there. Hormel has been in Vietnam for quite a
number of years already."
edelacruz@afxasia.com
|
Norway's
Odfjell says reason for tanker explosion unknown |
OSLO (AFX) - Odfjell ASA said the
cause of the explosion and fire that sank the Singapore-flagged
Bow Mariner off Virginia yesterday is unknown.
The Singapore government has asked
the US Coast Guard to carry out an investigation on their behalf.
Odfjell as owner and Ceres Hellenic Shipping Enterprises as
managers have representatives on the scene.
Bow Mariner was subject to
periodical routine inspections in North America last year, Odfjell
said. No deficiencies where found during an inspection in
Vancouver. In the last inspection in Philadelphia in October, five
insignificant deficiencies were noted. These were corrected
immediately and the ship sailed without delay.
Classification society Det Norske
Veritas has done periodical routine inspections, too. Class
records are clean without any conditions of class issued, Odfjell
added.
The vessel had a crew of 27 of whom
24 were Filipino and three Greek. Nine crew members have been
picked up but three were dead, and 18 are still missing. Five of
the rescued crew members are reportedly in good condition, while
the condition of the sixth is stable and improving, Odfjell said.
|
Number
of people missing from Philippine ferry fire rises to 186 |
MANILA (AFX-ASIA) - The number of
people missing after a blaze aboard a ferry last week has risen to
186, with only one death confirmed, the operator of the vessel
said.
The adjustment was made after it was
verified that the Superferry 14 had been carrying more people than
initially reported when it caught fire off Manila before dawn
Friday, Aboitiz Transport spokeswoman Gina Virtusio said.
The boat had 899 passengers and crew
onboard, instead of the 861 passengers and crew reported earlier,
she said.
Of this number, 712 had been
confirmed as rescued with only one dead, leaving 186 still
unaccounted for.
The coast guard had earlier said 165
were still missing but later withdrew the number saying it had to
be confirmed. Virtusio said her company and the coast guard were
meeting to reconcile all figures and confirm all reports of people
rescued.
Virtusio and the coast guard said
there had been no confirmed reports of any survivors since
Saturday.
Rescuers were only able to board the
vessel on Sunday to look for victims as the smoldering wreck had
been too hot to enter earlier.
|
Philippines' ATN Holdings Q3 net loss 450,524 pesos vs loss 85,855
|
MANILA (AFX-ASIA) - ATN Holdings Inc's third quarter to Dec 31
results:
Revenues - 2.37 mln pesos vs 1.32 mln
Expenses - 2.82 mln pesos vs 1.4 mln
Net loss - 450,524 pesos vs 85,855
Nine months to Dec 31 results:
Revenues - 7.18 mln pesos vs 3.54 mln
Expenses - 7.05 mln pesos vs 3.47 mln
Net profit - 131,03 pesos vs 69,985
Earnings per share - 0.00007 peso vs 0.00003
ATN Holdings has interests in property, financial services and
health care.
(1 usd = 56.335 pesos)
edelacruz@afxasia.com
|
Philippines' PT&T Q2 to Dec net loss 281.7 mln pesos vs loss
395.55 mln |
MANILA (AFX-ASIA) - Philippine Telegraph and Telephone Corp's
second quarter to Dec 31 results:
Operating revenues - 157.41 mln pesos vs 175.97 mln
Operating losses - 184.02 mln pesos vs 207.4 mln
Other charges - 97.67 mln pesos vs 188.14 mln
Net loss - 281.7 mln pesos vs loss 395.55 mln
Loss per share - 0.23 peso vs loss 0.32
PT&T is a full service domestic telecommunications service
provider.
(1 usd = 56.35 pesos)
cecille.yap@afxasia.com
|
Philippines' Prime Orion Q2 to Dec net loss 238.6 mln pesos vs loss
146.7 mln |
MANILA (AFX-ASIA) - Prime Orion Philippines Inc's second
quarter to Dec 31 results:
Revenues - 375.4 mln pesos vs 353.3 mln
Expenses - 598.2 mln pesos vs 491.4 mln
Net loss - 238.6 mln pesos vs 146.6 mln
Loss per share - 0.10 peso vs 0.06
Prime Orion is a holding firm with interests in real estate and
property development, manufacturing and distribution of ceramic
tiles and construction-related materials, financial services,
integrated forest/logging/paper operations, hotel and infrastructure
development.
(1 usd = 56.35 pesos)
edelacruz@afxasia.com
|
Philippines' Asiatrust Bank Q2 to Dec net profit 10.09 mln pesos vs
5.85 mln |
MANILA (AFX-ASIA) - Asiatrust Development Bank's second quarter
to Dec 31 results:
Interest income - 373.42 mln pesos vs 353.64 mln
Interest expense - 224.06 mln pesos vs 182.24 mln
Net interest income - 149.36 mln pesos vs 171.4 mln
Provision for probable losses - 4.74 mln pesos vs 12 mln
Other income - 79.72 mln pesos vs 96.16 mln
Net profit - 10.09 mln pesos vs 5.85 mln
Earnings per share - 0.10 peso vs 0.06
(1 usd = 56.35 pesos)
edelacruz@afxasia.com
|
Philippines Roxas Holdings Q2 to Dec net loss 3.6 mln pesos vs
profit 73.6 mln |
MANILA (AFX-ASIA) - Sugar producer Roxas Holdings Inc's second
quarter to Dec 31 results:
Gross profit - 140.9 mln pesos vs 228.6 mln
Opg income - 20.1 mln pesos vs 130.02 mln
Opg expenses - 127.09 mln pesos vs 102.3 mln
Net loss - 3.6 mln pesos vs profit 73.6 mln
Loss per share - nil vs EPS 0.08 peso
(1 usd = 56.35 pesos)
edelacruz@afxasia.com
|
Philippines Jan budget deficit around 16.4-16.5 bln pesos - Amatong
|
MANILA (AFX-ASIA) - The national government's budget deficit in
January stood at around 16.4-16.5 bln pesos, Finance Secretary
Juanita Amatong said, citing preliminary figures.
The government has not disclosed the deficit ceiling for the
month.
The government aims to contain this year's deficit at 197.8 bln
pesos, or 4.2 pct of GDP, lower than last year's actual deficit
level of 199.9 bln.
(1 usd = 56.35 pesos)
edelacruz@afxasia.com |
OUTLOOK - Philippine Feb CPI seen rising 3.6-4.2 pct yr-on-yr
|
MANILA (AFX-ASIA) - The Philippines' consumer price index (CPI)
likely rose 3.6-4.2 pct year-on-year in February as oil and food
prices surged and the peso weakened against the US dollar,
economists AFX-Asia polled said.
Headline January CPI was up 4.1 pct year-on-year based on the
2000 price series. Using the previous 1994 series, which most
economists and the central bank continue to use, January's CPI rose
3.4 pct from a year earlier.
The National Statistics Office will release the February CPI
data on March 5.
"The bird flu scare has prompted consumers to shift to other
meat products, fish and other substitutes, generally pushing food
prices higher than the usual," said AB Capital research director
Jose Vistan Jr, who expects February CPI to have risen 3.6 pct
year-on-year.
The food, beverages and tobacco (FBT) commodity group has been
assigned a 50.031-points weighting in the CPI basket.
Vistan noted chicken prices did not decline despite weak demand
since suppliers imported more expensive poultry products overseas,
while local producers prepared to export to Asian countries hit by
the avian flu outbreak.
At least 10 countries in the region, including top poultry
exporter Thailand and major chicken buyer Japan, were hit by the
disease. The Philippines has been bird flue-free so far, opening
export opportunities for local poultry producers.
Banco de Oro Universal Bank market strategist Jonathan Ravelas
said higher oil prices, due to a weaker peso and rising world crude
costs, also provided upward pressure on prices of goods and services
in February.
Oil prices have remained high for almost a year due to tight
supply and may not come down as OPEC plans to cut production in
April when demand is expected to soften.
In the local market, oil retailers have increased pump prices
since the start of the year to reflect the higher costs in the world
market. At the same time, they may also start recovering investments
made to produce environment-friendly fuels to comply with the
stringent provisions of the Clean Air Act.
"Oil prices have gone up as a direct result of a weak peso.
(Higher) utility rates would not be far behind," Ravelas, who
projects February CPI to have inched up 3.6-3.8 pct, said.
The government's economic projections for the year, which
include a full-year CPI average of 4.0-5.0 pct, are based on
assumptions that the foreign exchange rate would average 54.00-56.00
to the US dollar.
However, the peso fell to a record low of 56.35 versus the
greenback as early as February 20 on political concerns ahead of the
May 10 general elections.
"We expect price pressures to further intensify come March and
April due to election-related spending," Ravelas added.
Vistan, however, said the rise in February CPI was modest,
thanks to weaker pricing power among producers who refrained from
jacking up prices as consumer demand remains soft.
As an indication, December manufacturing output and sales were
both down year-on-year, while the industry's average capacity
utilization was unchanged at 78.2 pct.
"The weak peso, election-related spending and rising petrol
prices are likely to jack up February's CPI to 4.2 pct from 4.1 in
the previous month," DBS economist Chee Seng Wong said, using the
new 2000 base year in his computation.
He added core inflation, which strips out the effects of
temporary disturbances on the headline CPI by excluding items such
as food and energy, is likely to stay strong in February in line
with its rising trend since May 2002.
(1 usd = 56.33 pesos)
cecille.yap@afxasia.com
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