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Philippine authorities report 16 new deaths in poll violence; toll
tops 100 |
MANILA (AFX-ASIA) - Authorities reported 16 new deaths in
election-related violence as polling booths opened across the
country today, taking the total death toll from the campaign to over
100.
Security forces shot dead seven gunmen working as election
enforcers for local candidates on the central island of Masbate
yesterday, while a campaign worker was gunned down on the island of
Cebu, police said.
Two campaign workers were killed in Manila late Sunday in a
grenade attack.
A further six campaign workers died in two ambushes in the
southern Philippine province of Zamboanga del Norte, local army
commander Brigadier General Alexander Yapching said.
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|
Voting
begins in Philippines presidential election |
MANILA (AFX-ASIA) - Voting began today in the presidential
election after an acrimonious campaign marred by violence,
allegations of fraud and coup conspiracies, Agence France-Presse
reported.
It said voting booths across the nation opened at 7:00 am and
are due to close at 3:00 pm. A credible exit poll is expected 24
hours later but final results could take over a week.
Over 43 million voters are being asked to elect a president, a
vice president, 12 members of the Senate, 212 Congressmen and more
than 17,000 local posts. Turn-out in the last general election was
over 80 pct.
The five-way presidential race has turned into a straight fight
between the incumbent Gloria Arroyo and Fernando Poe, the country's
best known film star who left school at 15 and has no experience of
government.
A final independent opinion poll released Saturday predicted
Arroyo would win 37 pct of the vote compared to 30 pct for Poe. The
remaining votes were split between the three other candidates.
The country has been gripped by rumours and unsubstantiated
allegations from both sides that elements in the armed forces are
planning a coup or violent unrest if their favoured candidate does
not win.
Nearly 100 people have been killed in election-related violence
mostly in local disputes or in violence linked to Communist rebels,
prompting an appeal by Amnesty International for urgent government
action.
Police today reported the deaths of eight campaign workers. Two
died in Manila when a grenade was hurled into a mayoral campaign
office, and six were killed in two ambushes in the southern province
of Zamboanga del Norte.
Fears of bombings by the Al-Qaeda-linked Abu Sayyaf or Jemaah
Islamiyah groups have triggered a nationwide security alert for the
elections, including an extra 17,000 police and troops on the
streets of Manila.
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Philippines' Arroyo heading for re-election, calls for end to hatred
|
MANILA (AFX-ASIA) - President Gloria Arroyo increased her poll
lead on the last day of the Philippine election campaign and
appealed for an end to the "air of hate" hanging over the country.
A final poll by the independent Social Weather Stations group
gave Arroyo 37 pct of the vote for tomorrow's elections, compared to
30 pct for main rival Fernando Poe, a film star, who dropped out of
school at the age of 15.
The previous SWS survey two weeks ago had Arroyo leading by
less than 5 percentage points, but Poe shrugged off the result as he
prepared for a rally here expected to draw up to a million
supporters.
"If they say they are ahead in the surveys, why are they still
panicking? " said Poe, who draws most of his support from the poor
and has alarmed the business elite and financial markets with his
poor grasp of issues.
As fears of violent unrest and unsubstantiated coup rumors
continued to swirl around, Arroyo called for unity and warned all
members of the military to stay out of politics.
"Let us now clear the air of hate and recrimination and prepare
for an election that is befitting our most cherished democratic
traditions," said Arroyo as she campaigned in slum areas near the
presidential palace.
Arroyo, under whose watch junior military launched a failed
rebellion last July, also called on armed forces chiefs to
"summarily punish any military personnel engaged in partisan
activities."
The presidential polls are only the third since dictator
Ferdinand Marcos was forced out 18 years ago and coups have
repeatedly tested the fragile democracy.
A huge security operation involving 17,000 extra police and
troops in Manila alone has swung into action amid fears of attacks
by the Al-Qaeda linked Abu Sayyaf and Jemaah Islamiyah groups.
Over 90 people have been killed during the election campaign,
three in a shoot-out in the north on Saturday. Most killings have
involved local disputes or have been linked to Communist rebels.
Some 43 mln voters scattered around 7,100 islands that make up
the Philippine archipelago will elect a president, vice president,
12 Senators, 200 Congressmen and 17,000 local posts.
Five candidates are running for president. The SWS poll gave
former police chief Panfilo Lacson 11 pct, independent reformer Raul
Roco 6 pct and television evangelist Eddie Villanueva 4 pct.
The election battle has been fought largely on personality,
ignoring pressing issues such as poverty, a looming debt crisis,
Muslim and Communist insurgencies and birth control.
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Philippines gets 20 pct of San Miguel from Marcos crony - official
|
MANILA (AFX-ASIA) - A court ruling has delivered the government
a major victory in its fight to wrest control of Philippines food
and drink giant San Miguel Corp from Eduardo Cojuangco, a key crony
of the late dictator Ferdinand Marcos, an official said at the
weekend.
The Sandiganbayan anti-graft court ruled late Friday that at
least 27 pct of San Miguel Corp belonged to the government of
President Gloria Arroyo and not to Cojuangco, the San Miguel
chairman.
It was a giant boost for Arroyo, 57, just ahead of presidential
elections tomorrow in which she is running for another term against
opposition candidate, movie star Fernando Poe, 64, who has the
backing of many former Marcos men.
The government has charged that the shares are part of a 47-pct
block of San Miguel acquired through a levy on the coconut industry
imposed during the Marcos years and which Cojuangco and other Marcos
cronies had illegally controlled.
"It is a major victory for the government because it is our
position that all coconut levy funds are public funds and should be
returned to government, " said Nick Suarez, spokesman of the
Presidential Commission on Good Government (PCGG).
However, Cojuangco has told the PCGG, which has spent the past
17 years trying to recover an estimated 10 bln usd allegedly stolen
by Marcos and his allies, that he will appeal the case to the
Supreme Court.
And the status quo of San Miguel's top management, where
Cojuangco sits as chairman and chief executive, will remain, Suarez
said.
There was no immediate reaction from San Miguel or Cojuangco.
Suarez said the PCGG hoped to use the same arguments that
reclaimed the 27 pct to get the remaining 20 pct of San Miguel still
provisionally held by Cojuangco and his allies.
The PCGG sequestered the 47 pct of San Miguel shares in 1986
after a popular revolt ended the 20-year Marcos rule and sent Marcos
and his close ally, Cojuangco, into exile abroad.
Reacting to the ruling, Arroyo's spokesman Ignacio Bunye simply
stated, "It's the decision of the Sandiganbayan. Let the case take
its course."
"Of course, the Supreme Court is always the court of last
recourse," he said.
He would not comment on how the decision might affect the
elections amid opinion surveys showing that Arroyo has a slight lead
over her main rival, Poe.
In the past, Cojuangco has supported politicians linked with
Marcos, but, in recent months, he has taken an apolitical stance
publicly, leading to speculation that Arroyo had struck a deal with
him.
San Miguel, which specializes in beer, but also has interests
in food processing and non-alcoholic beverages, has been expanding
abroad in recent years, due largely to the leadership of Cojuangco.
The company's 2003 net profit rose 7 pct year-on-year to 7.37
bln pesos, while earnings for the first quarter to March grew 30 pct
to 1.74 bln pesos.
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Forex - Philippine peso weaker amid security concerns ahead of
Monday polls |
MANILA (AFX-ASIA) - The peso closed slightly weaker against the
US dollar, but off lows, amid heightened caution ahead of Monday's
presidential polls, dealers said.
Security concerns weighed on the peso, although a rumored
central bank intervention helped the local unit recover some lost
ground shortly before the market closed, they added.
The peso closed at the day's high of 55.68 to the dollar, after
hitting a low of 55.80, on volume of 190.2 mln usd. It closed at
55.65 yesterday.
Although security jitters are "normal" as election day draws
nearer, Union Bank chief currency dealer Rovic de Guzman said the
market was, nonetheless, cautious.
"The peso's direction on Tuesday will really depend on the
outcome of the elections," he said.
He added there were rumors the central bank sold some dollars
at 55.80 on the spot market in the afternoon.
Rovic said there may be "initial euphoria", if the conduct of
the elections turns out to be peaceful, and if incumbent Gloria
Arroyo, the financial market's favorite candidate, wins a fresh
mandate.
He said, however, the market is aware of security issues, such
as a warning from the Roman Catholic church in the Philippines of
alleged conspiracies to rig the election, allegations from the
Arroyo camp of the opposition plotting with some military officials
to disrupt Monday's exercise.
Cardinal Ricardo Vidal said a group of colonels in the military
approached the church to complain that soldiers, teachers and
government workers assigned to election duties had been told to vote
for certain unnamed candidates.
Yesterday, Arroyo's national security adviser, Norberto
Gonzales, accused the opposition of planning to spark civil unrest
similar to the rioting that millions of supporters of deposed
president Joseph Estrada staged in May 2001.
The camp of Arroyo's closest rival, movie star Fernando Poe Jr,
a close friend of Estrada, rejected the allegations.
afxmanila@afxasia.com
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Philippine Moslem rebel leaders order members to boycott elections
|
ZAMBOANGA, Philippines (AFX-ASIA) - Leaders of the separatist
Moro Islamic Liberation Front (MILF) ordered members not to
participate directly or indirectly in Monday's elections, a
statement issued by the group said.
"MILF would strictly enforce its non-participation policy on
Philippine elections with corresponding punishment for violators,"
MILF vice chairman Ghadzali Jaafar was quoted as saying.
He warned that the group has intensified its monitoring system
to make sure members observe the ban.
The statement made no mention of deterring non-MILF members
from voting.
The MILF, which commands more than 8,000 fighters, has been
fighting for almost three decades for a separate Islamic state in
the southern third of this largely-Roman Catholic country.
The Philippine government has signed a ceasefire with the MILF
and is hoping to have a peace agreement this year to prevent the
rebels' stronghold in the southern Philippines from being used as
training camps by regional terrorists.
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Philippines' ICTSI Q1 net profit 165.8 mln pesos vs 102.5 mln
|
MANILA (AFX-ASIA) - Port operator International Container
Terminal Services Inc (ICTSI) said its first quarter to March net
profit grew 62 pct year-on-year to 165.8 mln pesos from 102.5 mln.
It added that its revenue received a boost from the operations
of Baltic Container Terminal (BCT), which it took over last June,
and the considerable reduction in interim net losses of its business
in Brazil.
Group-wide volume for the period was 423,934 TEU (20-foot
equivalent units), 37 pct higher than the year-earlier level.
Volume at the Manila International Container Terminal and
consolidated subsidiaries totaled 397,190 TEU, up 40 pct
year-on-year.
Volume at BCT grew 34 pct year-on-year to 89,251 TEU, while
that at the Suape terminal in Brazil rose 277 pct to 29,974 TEU.
The volume growth resulted in a 41 pct year-on-year rise to 2.0
bln pesos in consolidated gross revenue, ICTSI said.
The company also said BCT recently signed purchase agreements
with various equipment suppliers to complete the first phase of its
15-year, 80-mln usd terminal expansion program.
BCT intends to finance the acquisitions, worth a total of 12
mln usd, with internal funds and bank loans.
(1 usd = 55.7 pesos)
afxmanila@afxasia.com
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Philippines appeals for higher OPEC output to reduce oil prices
|
MANILA (AFX-ASIA) - Energy Secretary Vincent Perez urged the
Organization of Petroleum Exporting Countries (OPEC) to raise its
crude output in order to bring down oil prices in the world market.
He expressed serious concern over the continuous climb of
global oil prices, saying this could hold back growth of the global
economy.
"We are appealing to OPEC to raise its crude production to help
bring down oil prices. Prices have already been soaring because of
low inventories in the US," he said in a statement.
"We, therefore, call on OPEC to consider this appeal when they
meet informally during the producer-consumer summit in Amsterdam on
May 24 to review the world oil market."
He warned of a "very serious setback" for the global economy if
the artificially high oil prices prevail.
Earlier this week OPEC president Purnomo Yusgiantoro was quoted
by the state Antara news agency as saying that OPEC members were
already exceeding their agreed production ceiling by 1.5 mln barrels
per day.
Yusgiantoro, however, added that the oil price increase in the
world market was caused by a recent terrorist attack in Saudi
Arabia, as well as the turmoil in Iraq and the oil workers' strike
in Nigeria.
The Philippine Department of Energy (DoE) said world oil prices
have climbed nearly 47 pct over the past year, touching a 13-year
high on May 6, with Dubai crude reaching 34.55 usd per barrel due to
the continued threats to Iraq infrastructure, the rebounding
economies across the globe, coupled with low reserves in the US.
It said US crude prices likewise have hit a 13-year closing
high of above 38 usd per barrel and have remained above 37 usd for
most of the past three weeks due to fears of a supply crunch.
US wholesale gasoline prices also rose to a 20-year high on
fears of a shortage during the period of peak summer demand, the DoE
said.
Rising crude prices and the peso's weakening against the US
dollar in recent weeks have pushed local fuel prices higher, forcing
the government to allow an increase in public transport fares.
afxmanila@afxasia.com
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| FOCUS
- Philippine markets cautious ahead of Monday's presidential
elections |
---- by Enrico de la Cruz ----
MANILA (AFX-ASIA) - Filipinos will
go to the polls on Monday to choose their next president, with
incumbent Gloria Arroyo -- the financial markets' favorite --
tipped to win a second term given the other uninspiring choices,
analysts said.
They said economic concerns will
play a crucial role in determining voters' preferences as the
nation struggles to recover and the employment situation remains a
worry for many people.
While the financial markets now
smell victory for Arroyo, investors are however cautious as they
await the outcome of the elections and developments that will
follow, they said, pointing to fears over the security situation
and possible attempts to disrupt the political process.
At stake -- besides the presidency
-- are the vice presidency, seats in the legislature, and some
17,000 local government positions.
The past few days saw both foreign
and local investors already placing their bets on an Arroyo
victory. Analysts said given the five choices for president,
investors want her to remain in office as she is perceived by
investors as the most "market-friendly".
In previous weeks, Arroyo saw
herself in a neck-and-neck race with the opposition
standard-bearer, Fernando Poe Jr, a popular movie star who often
played a hero of the masses in hundreds of his movies.
But many political analysts say it
takes more than just mass appeal to win votes.
Poe's refusal to engage in a debate
with his rivals on issues of national interest and his inability
to articulate whatever political and economic agenda he has for
the Philippines in the next six years clearly hurt his chances at
the polls, they said.
In contrast, Arroyo's well-oiled
machinery and issue-oriented campaign have apparently worked in
her favor. Although a number of Filipinos are dismayed at her amid
corruption allegations against her administration, Arroyo's
handlers insist -- and many voters seem to believe -- that she is
still the best choice among the five candidates.
After formally announcing his bid
for the presidency in late 2003, Poe emerged as the front-runner.
His candidacy, however, spooked the financial markets due to his
unimpressive educational background and lack of experience in
running a public office.
In the latest poll by independent
research firm Pulse Asia, conducted during April 26-29, Arroyo
stretched her lead over the high-school dropout Poe. She got 37
pct of votes against Poe's 31 pct.
The poll gave breakaway opposition
candidate and former police chief Panfilo Lacson 11 pct, former
education secretary Raul Roco 7 pct and television evangelist
Eddie Villanueva 5 pct.
Pulse Asia's previous poll showed
Arroyo with 34 pct vote share and Poe at 31 pct.
Following the release of the latest
poll results, big religious groups, including the Iglesia ni
Cristo, formally endorsed Arroyo's candidacy.
The INC voting members, reportedly
totaling at least 2 mln, traditionally vote as a block.
Yet caution prevails in the
financial markets.
Reflecting the caution, the
Philippine Stock Exchange's composite index ended almost flat
today, gaining a mere 3.0 points or 0.19 pct to 1,554.69, after
earlier bouts of profit-taking.
At the Philippine Dealing System,
the peso averaged 55.729 to the US dollar at noon, after rising to
a 16-week high of 55.46 on Wednesday.
Yesterday, National Security Adviser
Norberto Gonzales accused supporters of Poe of conspiring with
elements of the armed forces to cause massive and violent
disruptions during next week's elections with the aim of bringing
down Arroyo's government.
He said "the plot consists of a
coordinated action plan involving civilian, retired and active
military operatives."
He said the aim is to spark civil
unrest similar to rioting by millions of supporters of deposed
Joseph Estrada, Poe's close friend, in 2001.
Poe spokesman Mike Romero rejected
the allegations as "uncalled for and unfair".
"There is no denying that the
markets favor an Arroyo presidency. If indeed the surveys prove to
be right, chances are there will be positive reactions across the
markets which in turn could provide a good headstart for the
economy under the new administration," said economists Chee
Seng Wong and Euben Paracuelles of Singapore's DBS Bank in a joint
report.
"But for the remaining days
before May 10, the biggest downside surprise could come from a
last minute, Taiwan-like event which may quickly turn the tables
around for the opposition."
They added that there are
"other factors that might enhance this possibility (such as)
security threats or any untoward incident, deliberate or
otherwise, that may cause blame on the government."
"The relatively uneventful
April, or a month immediately preceding the elections, warrant us
to raise the alarm. In addition, the manual tallying of votes
usually takes weeks before a winner is officially declared; so
uncertainties could further heighten," they said.
afxmanila@afxasia.com
|
| Manila
shares close higher on bargain-hunting amid hopes of Arroyo win |
MANILA (AFX-ASIA) - Share prices
closed slightly higher on selective last-minute bargain-hunting,
although investors remained largely cautious ahead of Monday's
presidential elections, dealers said.
They said bargain-hunters took
positions in a few blue chips on optimism that President Gloria
Arroyo, the markets' favorite, will win a fresh mandate.
The 30-company composite index
closed up 3.0 points or 0.19 pct at 1,554. 69 on volume of 121.9
mln shares valued at 563.2 mln pesos. It moved between 1,538.36
and 1,556.87.
In the broader market, gainers beat
losers 27 to 17, with 38 stocks unchanged.
"Bargain-hunters returned to
the market before the close, while other investors took a cautious
stance and pocketed profits or stayed on the sidelines," said
Westlink Global Equities chairman Rommel Macapagal.
He said support at the 1,550-point
level proved to be strong given the growing possibility of an
Arroyo victory.
Arroyo has stretched her lead over
her closest rival Fernando Poe Jr, according to the latest poll by
independent research firm Pulse Asia, conducted April 26-29. She
got 37 pct of the votes against his 31 pct.
Following the release of the latest
poll results, big religious groups, including the Iglesia ni
Cristo (INC), formally endorsed Arroyo's candidacy.
The INC voting members, reportedly
totaling at least 2 mln, traditionally vote as a block.
Top-traded Philippine Long Distance
Telephone Co (PLDT) was up 5.00 pesos at 1,075 on 127,220 shares,
following declines early in the session.
PLDT rival Globe Telecom was up 15
at 830, after the company said its mobile phone subscribers
increased to around 9.5 mln as of end-April from 9.1 mln as at
end-March.
Globe president Gerardo Ablaza Jr
told an investors' briefing yesterday that some 370,000
subscribers were added to the roll in April.
Globe admitted some of its
subscribers switched to PLDT unit Smart Communications Inc between
June and October last year when the major rival's competitive
over-the-air reload service, available in small denominations, was
unchallenged.
Ayala Land was down 0.10 at 5.60
after recent gains made ahead of the release of its first-quarter
results. The property developer announced yesterday that its
unaudited consolidated net profit in the first quarter to March
rose 5 pct year-on-year to 536 mln pesos on higher rental revenues
and sales.
Ayala Land parent Ayala Corp was
down 0.10 at 5.70, also after the conglomerate reported yesterday
that its first quarter to March net profit rose 40 pct to 920 mln
pesos from 656 mln in the year-earlier period.
Ayala Corp said the growth was
driven by strong gains in its major operating subsidiaries and
affiliates, including Globe and Bank of the Philippine Islands
(BPI), and increasing returns from its internal developmental
division AC Capital.
Manila Electric B, available to
foreign investors, was up 2.00 at 33, while Meralco A rose 0.75 to
20.
Meralco parent First Philippine
Holdings was up 1.00 at 28.50.
BPI was down 0.50 at 41.50.
San Miguel B was down 1.00 at 73.50,
while San Miguel A was unchanged at 59.50.
SM Prime was up 0.20 at 6.30.
Westlink's Macapagal said it is
difficult to predict the market's direction when trading resumes
on Tuesday, after the elections.
"Investors' mood next week will
largely depend on the conduct of the elections, the counting of
votes, and other election-related developments," he said.
National Security Adviser Norberto
Gonzales has accused some of Poe's supporters of conspiring with
elements of the armed forces to cause disruptions during next
week's elections with the aim of bringing down Arroyo's
government.
He said "the plot consists of a
coordinated action plan involving civilian, retired and active
military operatives."
He said the aim is to spark civil
unrest similar to rioting by millions of supporters of deposed
Joseph Estrada, Poe's close friend, in 2001.
Poe spokesman Mike Romero rejected
the allegations as "uncalled for and unfair".
The all-shares index was up 2.64
points at 953.21.
The commercial-industrial index
advanced 6.64 to 2,431.98.
Property was up 2.98 at 548.08, and
mining up 8.68 at 1,383.95.
Oil was unchanged at 1.20.
Banking and financial services shed
1.61 to 451.70.
(1 usd = 55.7 pesos)
afxmanila@afxasia.com
|
| Philippines
end-April forex reserves 16.42 bln usd vs 16.34 bln March |
MANILA (AFX-ASIA) - The Philippines'
gross international reserves (GIR) stood at 16.42 bln usd as of
end-April, up from 16.34 bln as at end-March, the central bank
said.
The central bank attributed the rise
to the deposit by the national government of proceeds of its
zero-coupon treasury bond issue and the central bank's own medium-
and long-term borrowing.
However, these inflows were almost
offset by disbursements to service the debt requirements of both
the national government and the central bank.
The end-April GIR was adequate to
cover 4.5 months of imports of goods and payments of services and
income, and equivalent to 2.8 times the country's short-term debt
based on original maturity, and 1.5 times based on residual
maturity, central bank officer-in-charge Alberto Reyes said in a
statement.
afxmanila@afxasia.com
|
| Philippines'
Banco de Oro Q1 profit up on interest gain, lower expense |
MANILA (AFX-ASIA) - Banco de Oro
Universal Bank said it posted an unaudited first quarter to March
net profit of 427.2 mln pesos, up 50 pct from the year-earlier
283.9 mln, due to higher net interest income and lower operating
expenses.
Net interest income rose 28 pct
year-on-year to 1.1 bln pesos, while operating expenses fell 14
pct to 996.2 mln, after acquiring and integrating into its
operations the branches of First e-Bank last year.
Banco de Oro said its fee-based
activities remained "strong" but trading gains slowed
down given the rise in interest rates. It gave no figures.
As of end-March, the bank's
non-performing loans accounted for 7.99 pct of total loans, below
the industry average of 14.24 pct. It set aside an additional
263.8 mln pesos for loan loss provisions during the quarter.
Total resources grew 4 pct to 154.4
bln pesos from the end-2003 level.
Deposit liabilities rose 13 pct
year-on-year, but no absolute figures were provided.
Net loans expanded 2 pct to 57.5 bln
pesos from the end-2003 level, while capital funds increased to
15.28 bln pesos from 14.85 bln.
(1 usd = 55.7 pesos)
afxmanila@afxasia.com
|
| Philippines'
Chinabank Q1 net profit 813.44 mln pesos |
MANILA (AFX-ASIA) - China Banking
Corp (Chinabank) said it posted an unaudited consolidated net
profit of 813.44 mln pesos in the first quarter to March.
Operating income totaled 2.5 bln
pesos, while operating expenses amounted to 1.76 bln. Net
operating profit reached 744.9 mln pesos.
No comparative figures were
available. Chinabank earlier reported a net profit of 765 mln
pesos in the first quarter of 2003.
(1 usd = 55.65 pesos)
afxmanila@afxasia.com
|
| Philippines'
Cosmos Bottling Q1 net sales revenue up 35 pct yr-on-yr |
MANILA (AFX-ASIA) - Soft-drink
manufacturer Cosmos Bottling Corp (CBC) said it posted a 35 pct
year-on-year increase in net sales revenue in the first quarter to
March.
It did not give absolute figures or
other details of its first quarter results.
In a statement, CBC president
Roberto Huang also said that the company expects to post
double-digit volume growth this year as it widens its geographic
scope using parent San Miguel Corp's manufacturing strength and
distribution reach.
Cosmos' net sales revenue grew 10
pct in 2003, while operating income increased 9 pct. Volume grew 7
pct year-on-year last year.
It had 22 pct of the local
carbonated soft drink market at end-2003.
(1 usd = 55.65 pesos)
afxmanila@afxasia.com
|
| Philippine
govt end-Feb total debt 4.13 trln pesos vs 4.12 trln in Jan |
MANILA (AFX-ASIA) - The national
government's total outstanding debt increased to 4.13 trln pesos
as of end-February from 4.12 trln a month earlier, data from the
Department of Finance showed.
These include 3.407 trln in actual
liabilities and 723 bln in contingent liabilities, representing
guarantees extended to loans secured by government-owned and
controlled corporations and government financial institutions.
Domestic borrowings as of
end-February accounted for 1.78 trln pesos of total, while foreign
loans amounted to 2.35 trln.
(1 usd = 55.65 pesos)
afxmanila@afxasia.com
|
| Manila
shares outlook - Mixed to lower on caution ahead of Monday's
elections |
MANILA (AFX-ASIA) - Share prices are
expected to open mixed to lower on heightened caution ahead of
Monday's presidential elections, dealers said.
Investors are seen locking in more
profits or staying on the sidelines, awaiting the outcome of the
elections although they are generally optimistic that incumbent
Gloria Arroyo, a favorite of the financial markets, will win a
fresh mandate.
Yesterday the composite index closed
down 10.44 points or 0.67 pct at 1, 551.69.
"The market will continue to
move sideways with a negative bias. Investors will be cashing in
on recent gains and will continue to exercise caution ahead of the
elections," AB Capital Securities research director Jose
Vistan Jr said.
He sees the market's support at
1,500 and resistance is at 1,580.
Despite Arroyo's anticipated
victory, dealers said investors will keep an eye on developments
before and after May 10.
National Security Adviser Norberto
Gonzales said yesterday that supporters of opposition leader
Fernando Poe Jr are conspiring with elements of the armed forces
to cause massive and violent disruptions during next week's
elections with the aim of bringing down Arroyo's government.
He said "the plot consists of a
coordinated action plan involving civilian, retired and active
military operatives."
He said the aim is to spark civil
unrest similar to rioting by millions of supporters of deposed
Joseph Estrada in 2001.
Poe spokesman Mike Romero rejected
the allegations as "uncalled for and unfair".
afxmanila@afxasia.com
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Philippines' Aboitiz Equity Q1 up 13.5 pct yr/yr on power unit gains |
MANILA (AFX-ASIA) - Conglomerate Aboitiz Equity Ventures (AEV)
said its net profit for the first quarter to March grew 13.5 pct
year-on-year to 440 mln on robust contributions from its
power-related businesses.
Earnings per share in the quarter rose 14 pct year-on-year to
0.09 peso.
"AEV's power companies posted the largest contribution to
2004's first quarter income, with a combined total of 219 mln
pesos," the company told the stock exchange.
However, the contribution was 20 pct lower than last year's
level, due to lower profit contributions from unit Luzon Hydro Corp
and its two diesel plants in the southern Philippine island of
Mindanao, AEV said.
The banking business contributed 172 mln pesos, up 7 pct
year-on-year, to income in the first quarter, it added, while the
transport unit contributed 47 mln pesos, up 26 pct year-on-year.
Unit Pilmico Foods Corp contributed 104 mln pesos, an increase
of 87 pct year-on-year.
AEV said its total assets grew 10 pct year-on-year to 32 bln
pesos as at end-March, while consolidated debt rose 11 pct to 14.8
bln.
Parent company debt, however, fell 16 pct year-on-year to 4.46
bln pesos at end-March.
Stockholders' equity grew 10 pct year-on-year to 17 bln pesos.
AEV said, after paying cash a dividend of 497 mln pesos,
equivalent to 0. 10 peso per common share on March 10, its cash
balance as of end-March stood at 2.6 bln pesos.
(1 usd = 55.65 pesos)
afxmanila@afxasia.com
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Philippines' Globe Telecom gets April adds of 370,000 new wireless
subscribers |
MANILA (AFX-ASIA) - Globe Telecom Inc said its mobile phone
subscribers increased to around 9.5 mln as of end-April from 9.1 mln
as at end-March.
Globe president Gerardo Ablaza Jr told an investors briefing
today that some 370,000 subscribers were added to the roll in April.
Globe admitted some of its subscribers switched to Smart
Communications Inc between last June and October when the major
rival's competitive over-the-air reload service, available in small
denominations, was unchallenged.
Philippine Long Distance Telepone Co (PLDT) wholly owns Smart.
"I hope the worst is over and that we can sustain the trend of
increased uptake in the subscriber base seen in March and April,"
Ablaza told reporters.
From a peak of about 7 pct in February, Globe's churn rate, the
percentage of subscribers disconnecting from the system, dropped to
4.2 pct in April, he said.
"About 70 pct of the total churn rate hit us in the first two
months of the year. But the rate was down by April," he said.
Globe posted a first quarter to March net profit of 3.1 bln
pesos, up 52 pct year-on-year.
The company, whose major shareholders are Ayala Corp and
Singapore Telecom, said on Tuesday that service revenue in the first
quarter rose 16 pct year-on-year to 12.8 bln pesos on growth in the
take-up of wireless subscribers.
Smart, which accounted for more than 12 mln of the total
subscribers of 14.4 mln of the PLDT group as at end-March, launched
the e-Load and free SIM swap in the second half of 2003. Globe
caught up with its Auto Load in late 2003 and the SIM swap early
this year.
The PLDT group includes Pilipino Telephone Corp, which offers
wireless services under the Talk 'N Text brand.
"It is difficult to quantify the impact of the competition to
our revenue. But we would like to point out that our revenue
increased faster in the first quarter than in the fourth quarter of
2003," said Globe chief finance officer Delfin Gonzalez Jr.
Ablaza predicted that 33-40 pct of the Philippine population of
over 80 mln will become wireless subscribers in the next two years.
(1 usd = 55.65 pesos)
afxmanila@afxasia.com
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| Philippines'
ICTSI Q1 gross revenue up 41 pct yr-on-yr |
MANILA (AFX-ASIA) - Port operator
International Container Terminal Services Inc (ICTSI) said its
first quarter to March gross revenue grew 41 pct year-on-year on a
boost from its operations in Poland and Brazil.
It gave no absolute figures in its
disclosure to the stock exchange.
ICTSI has been operating the Baltic
Container Terminal at Gdynia in Poland since last year.
The company also saw improved
turnover from operations at the Port of Suape in Recife, Brazil.
The company has yet to report its
full first-quarter results.
afxmanila@afxasia.com
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| Philippine
official accuses opposition of planning poll disruptions |
MANILA (AFX-ASIA) - National
Security Adviser Norberto Gonzales said backers of opposition
leader Fernando Poe Jr are conspiring with elements of the armed
forces to cause massive and violent disruptions during next week's
elections with the aim of bringing down President Gloria Arroyo's
government.
"The plot consists of a
coordinated action plan involving civilian, retired and active
military operatives," Gonzales told reporters.
He said the aim is to spark civil
unrest similar to rioting by millions of supporters of deposed
Joseph Estrada in 2001.
"The objective is, it ends with
a takeover," Gonzales said.
The Philippines, which has a long
history of coups and military plots, has been gripped by rumors
and unsubstantiated allegations of unrest throughout the election
campaign.
Last July, around 300 junior
military officers briefly took over a Manila luxury apartment
block and demanded Arroyo step down. Many believe politicians
associated with Estrada were behind the rebellion.
Poe spokesman Mike Romero rejected
the allegations as "uncalled for and unfair".
The latest independent opinion polls
have Arroyo opening up a lead of between 4 and 7 percentage points
over Poe.
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| Philippines'
Ayala Corp Q1 net profit 920 mln pesos vs 656 mln |
MANILA (AFX-ASIA) - Conglomerate
Ayala Corp said its first quarter to March net profit rose 40 pct
to 920 mln pesos from 656 mln in the year-earlier period, driven
by gains in major operating subsidiaries and affiliates and
increasing returns from its internal developmental division AC
Capital.
"Led by the robust financial
performance of Globe Telecom and BPI (Bank of the Philippine
Islands) in the first three months, Ayala's core businesses in
property, banking and telecommunications along with AC Capital
contributed a total of 2.3 bln pesos in equity earnings to the
holding company," Ayala Corp said in a statement.
That was 61 pct higher year-on-year.
It said these gains more than offset
the 153 mln peso increase in consolidated interest and financing
charges, which grew 13 pct year-on-year due to a combination of
higher average loan balances and borrowing costs.
Ayala Corp, meanwhile, described its
consolidated debt-to-equity ratio of 1.02:1 and a net
debt-to-equity ratio of 0.73:1 as "comfortable",
improving from the year-earlier levels of 1.12:1 and 0.78:1,
respectively.
"We are pleased with our first
quarter performance," said Ayala Corp president and chief
executive officer Jaime Augusto Zobel de Ayala II.
"The growth momentum in our
recurring earnings stream has been sustained as our key businesses
continue to deliver very strong financial and operating
results."
He said Ayala Corp is optimistic
that 2004 will be an even better year for the group "as we
look forward to a stable post-election economic environment."
The Philippines will hold national
elections on Monday.
Property unit Ayala Land posted a
consolidated net profit of 536 mln pesos in the first quarter, up
5 pct year-on-year.
BPI booked a net profit of 1.6 bln
pesos during the period, up 19 pct year-on-year.
Globe Telecom Inc's net profit for
the same period grew 52 pct year-on-year to 3.1 bln pesos.
Two of Ayala Corp's units under its
internal development division also posted strong gains in the
first quarter.
Manila Water Co Inc booked a net
profit of 309 mln pesos, up 13 pct year-on-year.
Integrated Microelectronics Inc's
net profit surged 107 pct year-on-year to 249 mln pesos.
However, Ayala Automotive Holdings
Corp's net profit declined to 60 mln pesos in the first quarter
from 124 mln a year earlier on lower sales volumes.
(1 usd = 55.5 pesos)
afxmanila@afxasia.com
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| Philippines'
Solid Group director Elena Lim sells 499.99 mln shares |
MANILA (AFX-ASIA) - Electronic
products manufacturer and distributor Solid Group Inc said company
director Elena Lim today sold her 499.99 mln Solid shares to AV
Value Holdings Corp at 0.33 peso each on the Philippine Stock
Exchange (PSE).
Data from the PSE showed a block
sale this morning involving 499.99 mln Solid shares worth a total
of 164.99 mln pesos.
Elena Lim previously owned some
500.001 mln shares of Solid Group, representing about 25 pct of
the company's total shares.
(1 usd = 55.5 pesos)
afxmanila@afxasia.com
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| Philippines'
Ayala Land Q1 net profit up 5 pct on higher sales |
MANILA (AFX-ASIA) - Ayala Land Inc,
the property development arm of Ayala Corp, said its unaudited
consolidated net profit in the first quarter to March rose 5 pct
to 536 mln pesos, from 510 a year earlier, on higher rental
revenues and sales.
Revenues grew 19 pct year-on-year to
3.7 bln pesos.
"In the first quarter, Ayala
Land successfully launched new projects and maintained market
interest in existing key developments amid pre-election
concerns," the company said.
Rental properties contributed 9 pct
to rental revenues of 947 mln pesos and accounted for 26 pct of
consolidated revenues.
The company's office buildings for
lease maintained high occupancy rates, averaging 96 pct in the
first quarter, and contributed 15 pct to total rentals.
Revenues from land sales,
representing 18 pct of total revenues, increased by 14 pct to 666
mln pesos.
Residential unit sales generated 467
mln pesos in revenues, representing a 14 pct year-on-year growth
and accounting for 13 pct of total.
With new projects launched by unit
Laguna Properties Holdings Inc, Ayala Land said sales bookings
reached 381 units, 49 pct higher than the previous year, and
amounted to 474 mln pesos, representing 13 pct of Ayala Land's
consolidated revenues.
Revenues from hotel operations,
representing 10 pct of consolidated revenues, rose 20 pct to 380
mln, thanks to higher occupancy and room rates compared with the
previous year.
Construction projects of
wholly-owned unit Makati Development Corp contributed 9 pct to
consolidated revenues or 325 mln pesos, up 58 pct year-on-year.
The core middle-income residential
segment under unit Community Innovations Inc contributed 5 pct of
total revenues or 203 mln pesos, up 163 pct year-on-year.
As of end-March, Ayala Land's assets
totaled 68.2 bln pesos, with stockholders' equity at 35.8 bln.
Cash reserves stood at 4.0 bln
pesos.
With total borrowings of 14.24 bln
pesos, the company's debt-to-equity and net debt-to-equity ratios
remained at "comfortable" levels of 0.40:1 and 0.29:1,
respectively.
Ayala Land said it disbursed 1.36
bln pesos or 24 pct of the 5.6-bln budget for project and capital
expenditures for 2004.
The company said it has lined up a
number of projects for the rest of the year, which will fortify
its market presence.
"In addition to projects
introduced during the first quarter such as Serendra, Verdana
Mamplasan and PeopleSupport Center, the company, through unit Fort
Bonifacio Development Corp, recently launched the 5-hectare
Bonifacio Triangle," it said.
"To further beef up its rental
portfolio, Ayala Land will break ground on the North Triangle
Commercial Center within the second half of the year while the
initial phase of Market! Market! will open in the fourth
quarter."
(1 usd = 55.5 pesos)
afxmanila@afxasia.com
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| Philippines'
San Miguel plans to set up beverage facility in Vietnam |
MANILA (AFX-ASIA) - San Miguel Corp
said it plans to set up a beverage facility in Vietnam in line
with its regional expansion program.
In a statement, the food and
beverage conglomerate said it signed yesterday a 40-year lease
agreement with Amata (Vietnam) Co Ltd for a 100, 000-hectare
property, located at the Long Binh Ward, Bien Hoa City, in Dong
Nai Province, where the facility will be set up.
San Miguel had an earlier agreement
with Amata for a similar venture in Rayong, Thailand.
The lease will run until Dec 2044.
No financial details were provided.
San Miguel Packaging Products
president and director for regional expansion projects Alberto
Villa-Abrille signed the agreement with Amata Vietnam president
Charles Lewis Sims.
"The facility to be built is a
multi-product flexi-line that will manufacture high-quality
beverages primarily from domestic materials. The products include
fruit-based drinks, bottled water and other beverages," San
Miguel said.
The Dong Nai Industrial Zones
Authority issued a business licence in Oct 2003.
"The investment will allow the
company to cash in on Vietnam's economic growth and prosperity,
underscoring its confidence in the country and its seriousness in
a long-term investment," San Miguel added.
San Miguel's principal businesses
are beverages, food and packaging. It has facilities and
operations in the Philippines, China, Hong Kong, Indonesia,
Vietnam and Australia. The company's products, principally beer,
are exported to over 40 countries.
San Miguel has been operating a
brewery in Vietnam since 1996.
San Miguel Brewery Vietnam Ltd
operates in Nha Trang.
In 1996, San Miguel Phu Tho
Packaging Co started making metal closures and caps, while San
Miguel Yamamura Haiphong Glass Co began producing and marketing
glass containers.
It recently completed its purchase
of TTC Vietnam Ltd, a company with hog farm and feed milling
operations in Binh Duong.
San Miguel's expansion program
covers such markets as China, Taiwan, Australia, Thailand,
Indonesia, Vietnam and Malaysia.
afxmanila@afxasia.com
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| Manila
shares close lower on profit-taking ahead of May 10 elections |
MANILA (AFX-ASIA) - Share prices
closed weaker for a second straight day as investors continued to
cash in on recent gains amid growing caution ahead of Monday's
presidential election, dealers said.
Investors were sidelined, watching
preelection developments, but generally optimistic that incumbent
Gloria Arroyo, a favorite of the financial markets, will win a
fresh mandate.
The 30-company composite index
closed down 10.44 points or 0.67 pct at 1, 551.69 on volume of
595.3 mln shares worth 803.4 mln pesos. Block and cross sales
worth 498.5 mln pesos boosted the turnover.
The index moved between 1,547.81 at
1,562.13.
In the broader market, losers edged
out gainers 22 to 21, with 29 stocks unchanged.
"Investors (took) profits and
others are staying on the sidelines, awaiting developments before
and after May 10," said Unicapital Securities research head
Elena Ponceca.
"But they are largely
optimistic about a surge in investments after Monday, especially
if Arroyo wins, which is expected, based on the Pulse Asia
survey."
The independent research firm's
latest poll shows Arroyo with 37 pct of the votes against the 31
pct of her closest rival, film star Fernando Poe Jr.
"The market will continue to
move sideways, with support strong at the 1, 550-point
level," said Ron Rodrigo, a research consultant at Accord
Capital Equities.
Dealers also expect thinner volumes
tomorrow, the last trading day before the elections.
Philipine Long Distance Telephone Co
(PLDT) was unchanged at 1,070 on volume of 150,060 shares, giving
back early gains made in line with the overnight gains of its
American Depositary Receipts (ADR) in New York.
PLDT's ADRs advanced 0.17 usd to
19.60.
Dealers said investors remain upbeat
about growth prospects for PLDT and other telecom firms this year,
following the sector's strong first-quarter performance on the
back of sustained gains in the wireless segment.
PLDT president and chief operating
officer Napoleon Nazareno has predicted that 10 mln more Filipinos
will become mobile phone subscribers in the next three years,
raising the penetration rate in the Philippines to 35-40 pct from
about 30 pct currently.
PLDT rival Globe Telecom was down 25
at 815 on 296,270 shares on extended profit-taking following gains
made ahead of the company's announcement of strong first-quarter
results on Tuesday.
Manila Electric B, available to
foreign investors, was down 0.50 at 31, while Meralco A was
unchanged at 19.25.
Mall operator SM Prime was down 0.30
at 6.10.
Bank of the Philippine Islands was
up 0.50 at 42.
First Philippine Holdings was down
0.50 at 27.50.
PLDT affiliate Pilipino Telephone
Corp was down 0.06 at 1.64.
The all-shares index was down 1.45
points at 950.57.
The commercial-industrial index fell
14.91 to 2,425.34, while property dropped 11.26 to 545.10.
Mining retreated 25.36 to 1,375.27.
Oil was unchanged at 1.20.
Banking and financial services rose
1.19 to 453.31.
(1 usd = 55.5 pesos)
afxmanila@afxasia.com
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| STOCK
ALERT - Philippines' Globe Telecom weaker on profit taking |
MANILA (AFX-ASIA) - Globe Telecom
shares were weaker mid-session on extended profit taking, with
investors having priced in the company's strong first quarter
results ahead of announcement, dealers said.
Globe Telecom was down 10 pesos at
830 on 36,670 shares.
"First there was a buy on
rumor, now it's sell on news," Unicapital Securities research
head Elena Ponceca said.
Globe announced on Tuesday a first
quarter to March net profit of 3.1 bln pesos, up 52 pct
year-on-year, on gains in the mobile phone business.
Dealers, however, noted that rival
PLDT's results for the same period were more spectacular.
(1 usd = 55.4 pesos)
afxmanila@afxasia.com
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| STOCK
ALERT - Philippines' PLDT firmer on ADR gains |
MANILA (AFX-ASIA) - Philippine Long
Distance Telephone Co (PLDT) was firmer mid-session in line with
the advance overnight of its American Depositary Receipts (ADR),
dealers said.
PLDT was top-traded so far and up 10
pesos at 1,080 on 71,640 shares.
Its ADRs advanced 0.17 usd to 19.60
in New York.
Dealers said investors remain upbeat
about growth prospects for PLDT and other telecom firms this year
following the sector's strong first quarter performance on the
back of sustained gains in the wireless segment.
PLDT president and chief operating
officer Napoleon Nazareno has predicted that 10 mln more Filipinos
will become mobile phone subscribers in the next three years,
raising the penetration rate for mobile phones in the Philippines
to 35-40 pct from about 30 pct currently.
(1 usd = 55.4 pesos)
afxmanila@afxasia.com
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| Philippines'
Chinabank declares 20 pct stock div, 5.00 pesos/shr cash div |
MANILA (AFX-ASIA) - China Banking
Corp (Chinabank) said its board has declared a 20 pct stock
dividend, to come from unissued shares, and 5.00 pesos per share
in cash dividend.
The record and payment dates will be
fixed after the bank has secured approvals of the central bank,
the Philippine Stock Exchange and the Securities and Exchange
Commission.
Both dividends are also subject to
approval by stockholders at the bank's annual meeting to be held
on May 6, China Banking Corp told the stock exchange.
(1 usd = 55.4 pesos)
afxmanila@afxasia.com
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| Manila
shares outlook - Mixed to lower amid pre-election caution |
MANILA (AFX-ASIA) - Share prices are
expected to open mixed to lower with investors increasingly
cautious as the Philippine presidential elections are just four
days away, dealers said.
They added that a further technical
correction is likely following the market's recent gains, but
support is also seen especially in telecom stocks, as investors
remain upbeat about the sector's growth prospects after a strong
first quarter performance.
Yesterday, the composite index
closed down 11.70 points or 0.74 pct at 1, 562.13.
"We expect a mixed session
today with a negative bias on extended correction," said
Accord Capital Equities research consultant Ron Rodrigo.
"But telecom stocks like PLDT
may enjoy some support."
Dealers, however, said that despite
the cautious mood, investors' sentiment is generally positive
given the growing possibility of a victory for the financial
markets' candidate, incumbent Gloria Arroyo, in the May 10
presidential race.
US-trained economist Arroyo has
stretched her lead over her closest rival, high-school dropout
Fernando Poe, according to the latest poll by private research
firm Pulse Asia.
She had 37 pct of the votes against
the film star's 31 pct, according to the Pulse Asia survey,
conducted in late April.
Currency market players cheered this
development, with the peso closing at 55.460 to the US dollar
yesterday, its strongest finish in 16 weeks.
But investors are keeping an eye on
more pre-election developments and would rather play it safe for
the meantime, dealers said.
Jose Vistan Jr, research director at
AB Capital Securities, added "the outlook on US interest
rates will continue to be an important variable to consider."
He noted that while the US Federal
Reserve has reassured investors that any increase in its benchmark
interest rate will be measured, the Fed also "has already
dropped their pledge to be patient in keeping rates low."
afxmanila@afxasia.com
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