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Philippines' GMA Network Q1 net profit 251 mln pesos, up 57 pct
yr-on-yr |
MANILA (AFX-ASIA) - GMA Network Inc said its first quarter to
March net profit grew 57 pct year-on-year to 251 mln pesos, as
revenue rose 25 pct to 1. 48 bln pesos.
Unlisted GMA said political advertisements accounted for 107
mln pesos of its first-quarter revenue.
Operating expenses grew 21 pct, or 138 mln pesos, due to higher
production costs, amortization of program rights and salaries and
allowances, all of which were geared towards maintaining the
network's lead in the overall TV ratings game.
Earnings before interest, taxes, depreciation, and amortization
(EBITDA) for the quarter came in at 548 mln pesos, up 40 pct
year-on-year.
GMA Network senior vice president for corporate services Felipe
Yalong said the company's first-quarter performance has boosted the
network's optimism of meeting its targets for the year.
"We are on track in terms of reaching our targets. We are very
positive of sustaining the momentum we have established during the
first quarter," he said in a statement.
GMA, which operates television and radio stations, has
projected a 50 pct increase in net income this year from 1.05 bln
pesos in 2003, as it expects its TV and radio operations and its
soon-to-be-launched international channel to generate higher
revenue.
Plans to reopen its UHF channel and again produce quality
movies are also under way.
The company, the main rival of listed ABS-CBN Broadcasting
Corp, is also bullish about being debt-free by next year.
(1 usd = 55.8 pesos)
afxmanila@afxasia.com
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Poe rules out conceding Philippine election victory to Arroyo,
alleges fraud |
ZAMBOANGA, Philippines (AFX-ASIA) - Movie star Fernando Poe
declared he won last week's Philippine presidential election and
ruled out conceding to exit poll winner Gloria Arroyo.
Poe, Arroyo's closest rival, rejected preliminary "quick
counts" and exit polls showing that Arroyo was the likely winner,
saying: "We have won the election and they (the administration) know
that."
The government ridiculed his claim, saying only the official
Commission on Elections can proclaim the winner of the May 10 vote.
Poe began a barnstorming tour of the southern island of
Mindanao to gather evidence of fraud he alleges was committed by the
government.
"You know what is happening in Mindanao, what they are doing
not just in Mindanao but in the whole Philippines," Poe said at this
southern port city.
Two other candidates, television evangelist Eduardo Villanueva
and former senator and education secretary Raul Roco, have also said
the polls were tainted by widespread fraud.
In another forum in the southern city of Cagayan de Oro, Poe
ruled out conceding to Arroyo, saying: "I am not used to
retreating."
"Nowhere is it in my dictionary that you can find the word,
'quit'," Poe added.
"I am not fighting for my presidency but for the people who
believe there should be change," he said.
Poe also lashed out at the justice department for threatening
yesterday to prosecute anyone publishing election counts.
The justice department had warned media against publishing
misleading news reports, saying they could be used to destabilize
the government by discrediting the elections.
Only the Commission on Elections and the watchdog group, the
National Citizens Movement for Free Elections (Namfrel) were
sanctioned to carry out "quick counts" and all the other media were
barred from doing so.
Poe said this is an attempt to muzzle the press.
Reacting to Poe's proclamation, Arroyo spokesman Ignacio Bunye
said only the state poll body could officially name election
winners.
"He runs the risk of being ridiculous," Bunye told reporters.
Official results of the May 10 vote are not expected to be in
for at least two more weeks due to the laborious manual counting of
the ballots.
Namfrel in its latest tally Wednesday found Arroyo in the lead
with 5,893, 743 votes to Poe's 4,545,321 votes, with 42.44 pct of
all voting precincts counted.
Poe attacked the Namfrel's numbers, saying the group is clearly
partisan and was intentionally releasing voting results from Arroyo
baliwicks first in order to give her the appearance of a false lead.
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Philippine govt approves increase in land transport fares
|
MANILA (AFX-ASIA) - The Land Transportation Franchising and
Regulatory Board (LTFRB) said it has approved an increase in
transport fares starting next month, largely to reflect the rising
cost of oil and a weaker peso against the US dollar.
LTFRB chairman Elena Bautista said the agency has approved the
petition of jeepney operators to raise fares to 5.50 pesos for the
first four kilometers and a peso each for every succeeding
kilometer.
The fare currently stands at 4.00 pesos for the minimum
distance and adjusted by 0.63 pesos for every additional kilometer.
Ordinary bus fares were also increased to 6.00 pesos for the
minimum distance, up from 4.00 pesos. An adjustment of 1.10 pesos
for every succeeding kilometer for provincial buses and 1.25 for
those in Metro Manila was also approved.
Bautista said the order will be "formally" signed on Monday and
would take effect on June 9, or 15 days after publication.
"Give us some credit. There's more substance to what we're
doing than politics. This has no relation to the impending
proclamation," Bautista said, when asked about the delay in LTFRB's
decision.
A major daily reported today that fears of a public backlash
have prevented LTFRB from issuing the order yesterday. The
presidential palace reportedly would have wanted to release the
order only after President Gloria Arroyo had been proclaimed as the
winner of the May 10 elections.
Partial and unofficial results of the poll showed Arroyo
enjoying a comfortable lead over main rival, film star Fernando Poe.
(1 usd = 55.79 pesos)
cecille.yap@afxasia.com
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ROUNDUP - Philippines posts trade deficit in March; outlook for this
yr mixed |
MANILA (AFX-ASIA) - The Philippines recorded a trade deficit of
228 mln usd in March against a surplus of 5 mln usd in the previous
month, with economists having a mixed outlook for the country's
trade performance in the coming months.
In the January-March period, the deficit amounted to 559 mln
usd, compared with a deficit of 512 mln a year earlier, the National
Statistics Office (NSO) announced.
Some economists are of the view that the deficit will narrow in
the coming months due to a pick-up in exports, while others said
they are uncertain if that will happen as imports are expected to
grow at a faster rate in the second half as manufacturers begin to
beef up production after the election season.
Song Seng Wun, regional economist at GK Goh Securities in
Singapore, said the deficit is likely to narrow in the second
quarter, and reverse to a surplus by third quarter, as exports are
expected to pick up after having been outpaced by imports in the
first quarter.
The assessment follows the trade data released today, which
showed merchandise imports rose 4.4 year-on-year to 3.579 bln usd in
March, against a 7.1 pct rise in exports to 3.35 bln usd.
Merchandise imports in the first quarter grew 6.4 pct
year-on-year to 9. 75 bln usd, while exports rose 6.3 pct
year-on-year to 9.19 bln usd, the NSO said.
"Although the imports growth in March is slower (than the 6.3
pct rise in February), I think it is not so bad. Imports outpaced
exports in the first quarter mainly due to increased orders of
electronic items," said Song of GK Goh Securities.
He expects this to translate to increased exports of electronic
products in the second quarter, in line with the pick up in global
demand for such items.
Electronic imports, which accounted for 45.4 pct of the total
March bill, rose 2.2 pct year-on-year to 1.591 bln usd.
"Given the high import content of Philippine exports, I think
the faster growth in imports in the first quarter will translate to
increased exports in the second quarter, and this should narrow the
trade deficit," Song said.
"The Philippines may even return to a trade surplus by the
third quarter. "
But he said the imports bill in the coming months will also
show higher payments for fuel imports.
Chee Seng Wong, regional economist at DBS Bank in Singapore,
however, said higher import of raw materials and intermediate goods
-- mostly used to produce items for exports -- in the coming months
will effectively push the trade deficit higher, putting added
pressure on local interest rates.
"The general expectation is that exports will rise this year.
However, imports will likely increase at a faster rate (than
exports) after the slow start due to election uncertainties," Wong
said.
"We could see production expanding and consequently imports of
raw materials rising once investors see a stronger government in
place," he added.
Economists may have conflicting outlooks for the Philippine
trade sector, but Economic Planning Secretary Romulo Neri
nonetheless agrees with them that sustained recovery in the imports
especially of electronic products and capital goods in March
suggests domestic expansion will continue.
Neri said the expansion is likely to continue, particularly in
the telecommunications and information technology (IT) sectors.
GK Goh's Song, however, noted that he does not expect exports
to be a major contributor to first quarter GDP growth, which he
projected to come in at 5.5 pct year-on-year.
"I think GDP in the first quarter grew 5.5 pct because of the
unexpectedly strong agriculture expansion and a boost to domestic
consumption" from spending related to the May 10 national elections,
he said.
afxmanila@afxasia.com
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Philippines' Jollibee Foods declares 0.19 peso per share cash div |
MANILA (AFX-ASIA) - Jollibee Foods Corp has declared a cash
dividend per share of 0.19 pesos, which will be paid on June 28 to
shareholders on record as of June 7.
In a disclosure to the stock exchange, the Philippines' largest
fast-food chain operator said the cash dividend will come from its
unrestricted retained earnings as of end-1997 and end-1998.
In a separate statement, Jollibee said the latest cash dividend
declared is 27 pct higher than last year's 0.15 peso per share.
"The significant increase reflects the strength of Jollibee's
cash flow and cash position, even after making a 11.5 mln usd cash
payment in March for the acquisition of an 85 pct ownership share of
Belmont Enterprises Ventures Ltd ... and after completing the 1.5
bln pesos investment in its new commissary in Canlubang, Laguna,"
Jollibee chief finance officer Ysmael Baysa said.
Belmont is the holding company of the Yonghe King fast food
chain in China.
Jollibee has been declaring cash dividends twice a year, one in
May and the other in November.
Last year, Jollibee declared a total cash dividend per share of
0.35 peso, up 25 pct year-on-year, and the highest it ever declared.
The cash dividends in 2003 represented a payout of 27.58 pct of
earnings per share of 1.269 pesos.
(1 usd = 55.79 pesos)
cecille.yap@afxasia.com
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Philippine March imports growth shows expansion in telecoms, IT
sectors - Neri |
MANILA (AFX-ASIA) - The sustained recovery in the imports of
electronic products and capital goods in March suggests domestic
expansion will continue, especially in the telecommunications and
information technology (IT) sectors, Economic Planning Secretary
Romulo Neri said in a statement.
The Philippines' merchandise imports in March rose 4.4 pct
year-on-year to 3.579 bln usd, the National Statistics Office
reported.
Purchases of electronics products from overseas in March grew
1.5 pct to 1.615 bln usd, despite a drop of 2.8 pct in semiconductor
imports after two months of double-digit growth.
Neri said the increased imports of items such as electronic
data-processing (EDP) machines and telecommunications made up for
the dip.
In a statement, Neri also noted that the strong first-quarter
performance of the agriculture sector, which reported its highest
growth in 15 years at 8. 2 pct year-on-year, kept demand for
imported agricultural products healthy.
"Imports of wheat rallied 62.7 pct and inedible crude materials
26 pct. Imports of corn, on the other hand, slumped 19.4 pct from
last year, in part, due to continuous rises in world prices and
stable domestic supply," Neri said.
The agriculture department attributed the sector's strong
first-quarter showing to government's "intervention" to increase
food production and improve farm productivity. The growth in the
farming and fishery sectors was achieved despite the dry weather
during the three-month period.
cecille.yap@afxasia.com
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Philippines' EEI Corp Q1 net profit 26.55 mln pesos vs 1.33 mln
|
MANILA (AFX-ASIA) - Construction firm EEI Corp's first quarter
to March results:
Revenues - 664.48 mln pesos vs 618.93 mln
Costs - 540.29 mln pesos vs 571.86 mln
Gross profit - 124.19 mln pesos vs 47.07 mln pesos
Opg income - 62.66 mln pesos vs 10.18 mln
Net profit - 26.55 mln pesos vs 1.33 mln
EPS - 0.03 pesos vs nil
(1 usd = 55.79 pesos)
cecille.yap@afxasia.com
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|
Manila shares close down on political worries, oil price/rate
concerns |
MANILA (AFX-ASIA) - Share prices closed weaker for the fifth
straight session, with election-related concerns and worries over
the impact of high oil prices and possible interest rate hikes
sustaining the selling momentum, dealers said.
They said Wall Street's overnight rebound proved unconvincing,
with bargain-hunters very selective as they waited for the selldown
to ease and more positive leads to emerge.
The 30-company composite index closed down 7.76 points or 0.53
pct at 1, 468.32, a fresh six-week low, on volume of 177.1 mln
shares worth 685.1 mln pesos. It moved between 1,465.36 and
1,482.35.
Block and cross sales worth over 342 mln pesos boosted the
market's turnover.
In the broader market, losers led gainers 31 to 13, with 26
stocks unchanged.
Jose Vistan Jr, research director at AB Capital Securities
said, investor sentiment remained weak as numerous concerns -- oil,
interest rates and the elections -- continued to cloud the
investment environment. "Trading will be volatile as bargain-hunters
and nervous investors move in opposite directions," he said.
The government is now bracing for an even faster inflation rate
beginning May due to higher oil prices, which may force it to allow
further increases in public transport fares and even wages.
Lawrence de Leon, an analyst with Accord Capital Equities,
however, said bargain-hunters are just waiting for the selling
momentum to slow down before going back into the market.
"Bargain-hunters were very selective. But I think pretty soon
we'll see them buying into more stocks after the market's
significant decline over the past few days," he said.
The analysts said domestic political uncertainties remain as
both official and unofficial counting of votes cast in the May 10
elections is taking longer than expected, with the opposition
alleging electoral fraud by the administration.
The opposition is reportedly threatening to block the
proclamation of incumbent Gloria Arroyo, who was predicted to have
won the presidential race, based on exit polls.
As of 4 pm yesterday, Arroyo was leading by 1.4 mln votes over
her closest rival, film star Fernando Poe Jr, in the partial and
unofficial tally by the independent National Citizens' Movement for
Free Elections.
Top-traded Philippine Long Distance Telephone Co (PLDT) rose 20
pesos to 990 on 253,200 shares, limiting the market's downside,
after its American Depositary Receipts rose 0.79 usd to 18.02
overnight.
Bank of the Philippine Islands was down 0.50 at 40.
Manila Electric B, available to foreign investors, was down
0.50 at 29, while Meralco A rose 0.25 to 18.75.
Globe Telecom was down 15 at 785, while Filinvest Land was down
0.01 at 0. 99.
Petron Corp was down 0.10 at 2.95, while Ayala Land was down
0.10 at 5.40.
Jollibee Foods was down 0.50 at 19.25, but Metrobank was up
0.25 at 24.
The all-shares index was down 1.12 points at 914.13.
The commercial-industrial index fell 11.26 to 2,279.34.
Property retreated 4.73 to 519.90, while mining slid 14.74 to
1,375.15.
Oil lost 0.02 to 1.20, while banking and financial services
shed 1.03 to 442.07.
(1 usd = 55.8 pesos)
afxmanila@afxasia.com
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Philippines' Euro-Med declares 10 pct stock div; to issue 200 mln
new shares |
MANILA (AFX-ASIA) - Pharmaceutical firm Euro-Med Laboratories
Phil Inc has declared a 10 pct stock dividend from its unrestricted
retained earnings as of end-2003.
It has yet to determine the record and payment date of the
stock dividend, Euro-Med told the stock exchange in a disclosure.
The company also reported that its shareholders have approved
the additional issuance of 200 mln shares with a par value of 1.00
peso each from the company's authorized and unissued capital stock.
It did not elaborate.
As of 11.40 am, Euro-Med was untraded, after it previously
closed at 3.05 pesos.
(1 usd = 55.79 pesos)
cecille.yap@afxasia.com
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DATAWATCH Philippine imports seen growing faster in H2 as elections
end - DBS |
MANILA (AFX-ASIA) - Merchandise imports will likely grow at a
faster rate in the second half as manufacturers begin to beef up
production now that the election season is over, DBS Bank economist
Chee Seng Wong said.
Wong said higher import of raw materials and intermediate goods
-- mostly used to produce items for exports in the coming months
will effectively push the trade deficit higher, putting added
pressure on local interest rates.
"The general expectation is that exports will rise this year.
However, imports will likely increase at a faster rate (than
exports) after the slow start due to election uncertainties," Wong
said.
"We could see production expanding and consequently imports of
raw materials rising once investors see a stronger government in
place," he added.
Philippines' merchandise imports rose 4.4 pct year-on-year in
March to 3. 579 bln usd, slower than the 6.3 pct growth registered
in February, the National Statistics Office announced earlier today.
Imports in the first quarter to March grew 6.4 pct year-on-year
to 9.75 bln usd.
Trade deficit narrowed to 228 mln usd in March from 299 mln a
year earlier. For the January to March period, the deficit amounted
to 559 mln usd, higher than the year earlier's 512 mln usd.
Wong said exports for the full-year are likely to grow by 5.5
pct, lower than the government's target of 10 pct.
The country will continue to buy more products overseas, with
full-year imports seen growing 8.0 pct from last year, Wong said.
"A higher trade deficit will mount added pressure on interest
rates," Wong added.
(1 usd = 55.79 pesos)
cecille.yap@afxasia.com
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Typhoon Nida leaves 23 dead and missing in the Philippines; 28,000
displaced |
MANILA (AFX-ASIA) - Twenty three people are either dead or
missing and more than 28,000 people have been displaced due to
Typhoon Nida which hit parts of Philippines this week, civil defense
agencies said.
At least 13 people were confirmed dead, mostly from drowning
while 10 others are still missing with one person injured, the
government said.
In the worst single incident, eight people were killed and four
are still missing after a small inter-island ferry capsized off the
Camotes island in the central Philippines on Tuesday, the civil
defense office said.
Initial damage estimates were placed at 72.6 mln pesos, with
the agricultural sector sustaining the worst damage.
President Gloria Arroyo declared the heavily-hit eastern Bicol
region and the islands of Masbate and Samar under a state of
calamity, which would give them faster access to emergency funds.
Typhoon Nida, with winds of up to 150 kilometers per hour was
charted before dawn Wednesday, 330 kilometers northeast of the
northern city of Aparri, moving northeast away from the Philippines
at 19 kilometers per hour.
Storm alerts have been lowered throughout the country except
for the lowest-level alert, still raised over the northernmost
islands of Batanes.
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DATAWATCH - Philippine trade deficit seen narrowing in Q2 - GK Goh
|
MANILA (AFX-ASIA) - The Philippines' trade deficit is likely to
narrow in the second quarter, and reverse to a surplus by third
quarter, as exports are expected to pick up in the coming months
after having been outpaced by imports in the first quarter, GK Goh
Securities regional economist Song Seng Wun said.
The country recorded a trade deficit of 228 mln usd in March,
narrower than the 299 mln deficit a year earlier, the National
Statistics Office (NSO) announced this morning.
In the January-March period, the deficit amounted to 559 mln
usd, compared with a deficit of 512 mln a year earlier.
The country's merchandise imports in March rose 4.4
year-on-year to 3.579 bln usd, against a 7.1 pct year-on-year rise
in exports to 3.35 bln usd.
Merchandise imports in the first quarter grew 6.4 pct
year-on-year to 9. 75 bln usd, while exports rose 6.3 pct
year-on-year to 9.19 bln usd.
"Although the imports growth in March is slower (than the 6.3
pct rise in February), I think it is not so bad. Imports outpaced
exports in the first quarter mainly due to increased orders of
electronic items," Song said.
He expects this to translate to increased exports of electronic
products in the second quarter, in line with the pick up in global
demand for electronics.
Electronic imports, which accounted for 45.4 pct of the total
March bill, rose 2.2 pct year-on-year to 1.591 bln usd.
"Given the high import-content of Philippine exports, I think
the faster growth in imports in the first quarter will translate to
increased exports in the second quarter, and this should narrow the
trade deficit," Song said.
"The Philippines may even return to a trade surplus by the
third quarter. "
But he said the imports bill in the coming months will also
show higher payments for fuel imports.
Mineral fuels, lubricants and related materials accounted for
11.3 pct of the March bill, with payments totaling 405.88 mln usd,
up 9.0 pct year-on-year
Song added that he does not expect exports to be a major
contributor to first quarter GDP growth, which he projected to come
in at 5.5 pct year-on-year.
"I think GDP in the first quarter grew 5.5 pct because of the
unexpectedly strong agriculture expansion and a boost to domestic
consumption" from spending related to the May 10 national elections,
he said.
afxmanila@afxasia.com
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STOCK
ALERT - Philippines' PLDT firmer on ADR rebound |
MANILA (AFX-ASIA) - Philippine Long Distance Telephone Co (PLDT)
was firmer in early trade on bargain hunting after its American
Depositary Receipts (ADR) rebounded overnight following recent
declines, dealers said.
PLDT was top-traded on 82,610 shares and up 10 pesos at 980.
Its ADRs rose 0.79 usd to 18.02 in New York overnight.
(1 usd = 55.8 pesos)
afxmanila@afxasia.com
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Philippine March imports up 4.4 pct yr/yr; trade deficit 228 mln usd |
MANILA (AFX-ASIA) - The Philippines' merchandise imports in
March rose 4. 4 pct year-on-year to 3.579 bln usd, the National
Statistics Office (NSO) said.
The growth was slower than the 6.3 pct year-on-year rise in
February.
The country's trade deficit of 228 mln usd in March narrowed
from 299 mln in the year-earlier month.
In the January-March period, the deficit amounted to 559 mln
usd, compared with a deficit of 512 mln a year earlier.
Merchandise imports in the first quarter grew 6.4 pct
year-on-year to 9. 75 bln usd.
The NSO earlier reported that merchandise exports increased 7.1
pct year-on-year in March to 3.35 bln usd. In the first quarter,
exports rose 6.3 pct year-on-year to 9.19 bln usd.
The government is aiming for growth of 11 pct for imports and
10 pct for exports this year.
Electronic imports, which accounted for 45.4 pct of the total
March bill, rose 2.2 pct year-on-year to 1.591 bln usd.
Mineral fuels, lubricants and related materials accounted for
11.3 pct of the bill, with payments totaling 405.88 mln usd, up 9.0
pct year-on-year
Industrial machinery and equipment came in third, with
shipments worth 163.76 mln usd, up 14.7 pct year-on-year.
Imports of capital goods comprised 40.1 pct of the March bill,
amounting to 1.433 bln usd, up 6.4 pct year-on-year.
Payments for raw materials and intermediate goods accounted for
38.3 pct of the bill, totaling 1.37 bln usd, up 1.6 pct
year-on-year.
Imports from Japan accounted for 19 pct of the March bill, up
3.1 pct year-on-year to 679.29 mln usd, while exports to that
country amounted to 678. 32 mln usd. This resulted in a trade
deficit of 1.0 mln usd for the Philippines.
Shipments from the US were valued at 644.51 mln usd against
exports of 562.15 mln usd, or a trade deficit of 82.36 mln usd for
the Philippines.
Singapore was the country's third biggest source of imports in
March, with payments worth 295.23 mln usd against exports to the
city-state amounting to 214.3 mln usd. This resulted in a trade
deficit of 81.1 mln usd for the Philippines.
afxmanila@afxasia.com
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Philippine NHMFC sells 13.4 bln pesos NPLs to Deutsche Bank
affiliate - report |
MANILA (AFX-ASIA) - The state-run National Home Mortgage
Finance Corp (NHMFC) has sold its non-performing housing loans (NPL)
worth 13.4 bln pesos to DB Real Estate Global Opportunities, an
investment fund affiliated with Deutsche Bank AG, the Philippine
Star reported.
The report, which cited NHMFC president Angelico Salud, said
the fund will form, together with NHMFC, a Special Purpose Entity
that will manage the restructuring and collection of the loans.
(1 usd = 55.8 pesos)
afxmanila@afxasia.com
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Philippine telcos' request to keep country in US' approved routes
denied - FCC |
MANILA (AFX-ASIA) - The US Federal Communications Commission
(FCC) said it has denied the request of Philippine telecom companies
to put the country back on the US' list of approved international
routes.
In a statement released in Washington, the commission affirmed
a previous order by its International Bureau, which said Philippine
carriers had "whipsawed" US carriers by acting collectively to
demand rate increases from the latter.
The FCC also affirmed the Philippines' removal from the list of
routes approved for "International Simple Resale (ISR)," or the
practice of routing switched traffic over international private
lines.
"Responding to anti-competitive and retaliatory behavior by
certain carriers in the Philippines, the FCC took action to preserve
the ability of consumers and carriers to enjoy competitive prices
for calls to the Philippines," the FCC said in a statement.
The FCC's International Bureau had previously ordered the US
carriers to stop payments to their Philippine counterparts, whose
decision to increase termination rates for inbound calls from the US
allegedly forced the US carriers to compete unfairly.
The payment suspension order was also affirmed, but months
after Philippine and US carriers have agreed to settle the rates
issue.
Local carriers raised termination rates from Feb 1, 2003 to
0.12 usd per minute from 0.08 usd for landline calls and to 0.16 usd
from 0.12 for mobile phone calls.
The US-Philippine route is the fourth-largest international
route based on outgoing US calls, with about 1.7 bln minutes in
2001.
(1 usd = 55.82 pesos)
cecille.yap@afxasia.com
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Philippine May CPI seen up 4.6 pct yr-on-yr - Neri |
(Repeating to clarify govt position on jeepney fare hike plea
in 7th para)
MANILA (AFX-ASIA) - Consumer prices in May are expected to
increase 4.6 pct year-on-year based on 2000 prices, against April's
4.2 pct rise, due to higher oil prices, Economic Planning Secretary
Romulo Neri said.
The government will release May's inflation rate on June 4.
"The expected inflation in May is 4.6 pct. We factored in the
increase in oil prices," Neri said.
Oil firms over the weekend increased pump prices of gasoline
products by an average of 1.00 peso per liter to reflect higher
world crude prices.
Increased spending due to the opening of the school year and a
fare hike set to take effect next month could further drive up
consumer prices in June, he added.
Inflation based on 2000 prices averaged 4 pct as of April,
still within government's target of a 4-5 pct rise in the consumer
price index for the full year.
The Land Transportation Franchising and Regulatory Board is
expected to approve today jeepneys' petition to raise fares to 5.50
pesos for the first four kilometers and a peso each for every
succeeding kilometer.
The fare stands at 4 pesos for the minimum distance and 0.63
pesos for each additional kilometer.
Ordinary bus fares were also increased to 5.0 pesos from 3.0
pesos. The adjustments will take effect in the first week of June.
Neri said the fare hike alone could already push the consumer
price index by an estimated 60 basis points.
"Every peso hike in public fares would increase inflation by
about 40 basis points. So a 1.50 peso fare hike would translate to
about 60-basis-point increase," Neri said.
(1 usd = 55.82 pesos)
cecille.yap@afxasia.com
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Forex - Philippine peso firmer in line with yen, easing
post-election jitters |
MANILA (AFX-ASIA) - The peso closed higher against the US
dollar as it tracked the strong performance of the Japanese yen and
as investor sentiment begins to improve on the back of easing
post-election concerns, dealers said.
The peso closed at 55.825 to the dollar after trading between
55.82 and 55.98 on volume of 99.50 mln usd. It closed at 55.93
yesterday.
"Investors will remain cautious until the votes have been
counted, but this cautiousness has somewhat eased since the ongoing
count has so far shown President Arroyo enjoying a comfortable
lead," a local bank dealer said.
Preliminary and unofficial results from independent poll
watchdog National Citizens' Movement for Free Elections (NAMFREL)
showed market favorite Arroyo ahead of her major rival, film star
Fernando Poe Jr, by over one million votes.
Dealers said there was room for the peso to recover after
recent weakness, with the yen's strong showing further boosting
sentiment on the local currency.
The peso is expected to trade within a range of 55.80-56.00
tomorrow, with market players opting to be "square" rather than be
either short or long on the US dollar.
"The small volume turnover suggests that market players do not
intend to take any aggressive positions at the moment," another
dealer from a local bank said.
cecille.yap@afxasia.com
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Philippine Treasury to raise T-bill, T-bonds offerings in June
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MANILA (AFX-ASIA) - The Bureau of Treasury (BTr) said it will
raise its T-bill offering at the fortnightly auction in June to 11
bln pesos from 10 bln this month.
The BTr will also offer 4.5 bln worth of T-bonds, with
maturities of four, five, seven, and 20 years at the weekly auction
next month, up from 4.0 bln this month.
In a memorandum to government securities dealers, National
Treasurer Mina Figueroa said the BTr will offer 4.5 bln pesos worth
of 91-day T-bills, up from 4.0 bln this month.
It will also increase the offering for 364-day bills to 3.0 bln
pesos from 2.5 bln this month, while the offering for 182-day bills
will stay at 3. 5 bln.
(1 usd = 55.8 pesos)
afxmanila@afxasia.com
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Philippine colonel on arrest order for campaigning for Poe ready to
give up |
MANILA (AFX-ASIA) - An army colonel, under an arrest order for
campaigning actively for main opposition presidential candidate
Fernando Poe Jr, today said he is willing to surrender.
However, he denied involvement "in any partisan political
activity" and plots to destabilize the government.
Colonel Jose Camus said he had travelled around southern
Mindanao island for personal reasons, contrary to allegations he
worked with Poe's camp during the campaign for the May 10
presidential election.
Armed forces chief General Narciso Abaya yesterday said there
were other former generals, active officers and some civilians also
being monitored for possible plots against President Gloria Arroyo's
government.
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Philippine army officer denies campaigning for opposition candidate
Poe |
MANILA (AFX-ASIA) - An army colonel, under a arrest order for
campaigning actively for main opposition presidential candidate
Fernando Poe Jr, today said he is willing to surrender.
However, he denied involvement "in any partisan political
activity" and plots to destabilize the government.
Colonel Jose Camus said he had travelled around southern
Mindanao island for personal reasons, contrary to allegations he
worked with Poe's camp during the campaign for the May 10
presidential election.
Armed forces chief General Narciso Abaya yesterday said there
were other former generals, active officers and some civilians also
being monitored for possible plots against President Gloria Arroyo's
government.
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Philippines' Petron to raise fuel prices by 1.0 peso/liter from
midnight |
MANILA (AFX-ASIA) - Petron Corp said it will raise from
midnight tonight the prices of its fuel products by an average 1.0
peso per liter to reflect higher global crude oil costs.
The company is the last among oil retailer in the Philippines
to announce price increases after the others jacked up prices at the
weekend.
The price increases involve gasoline, diesel, kerosene and
liquefied petroleum gas, Petron said.
Petron corporate communications manager Virginia Ruivivar said
the price hikes covers crude cost adjustments from April to early
May.
She said any further increases in local fuel prices in the
coming months, which industry officials believe are inevitable, will
depend on the movements of crude prices on the international market.
"What's really troublesome is that the price of (benchmark)
Dubai crude is now ... close to 36 usd per barrel, a 13.5-year
high," she said in a television interview.
(1 usd = 55.9 pesos)
afxmanila@afxasia.com
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Philippines' RCBC Q1 net profit 360.16 mln pesos vs 562.32 mln
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MANILA (AFX-ASIA) - Rizal Commercial Banking Corp' first
quarter to March results:
Interest income - 2.82 bln pesos vs 2.54 bln
Interest expense - 1.61 bln pesos vs 1.41 bln
Net interest income - 1.2 bln pesos vs 1.14 bln
Provision for probable losses - 202.38 mln pesos vs 669.33 mln
Net profit - 360.16 mln pesos vs 562.32 mln
Earnings per share - 0.57 pesos vs 0.89
(1 usd = 55.95 pesos)
cecille.yap@afxasia.com
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Philippines' Music Semiconductors Q1 net profit 9.3 mln pesos vs 7.4
mln |
MANILA (AFX-ASIA) - Music Semiconductors Corp's consolidated
first quarter to March results:
Revenues - 69.7 mln pesos vs 51.9 mln
Cost and expenses - 48.7 mln pesos vs 42.6 mln
Opg income - 20.98 mln pesos vs 9.29 mln
Net profit - 9.3 mln pesos vs 7.4 mln
EPS - 0.1040 peso vs 0.0170
(1 usd = 55.9 pesos)
afxmanila@afxasia.com |
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Philippines' Ginebra San Miguel Q1 net profit 419.66 mln pesos vs
467.63 mln |
MANILA (AFX-ASIA) - Liquor-maker Ginebra San Miguel Inc's
consolidated first quarter to March results:
Net sales - 2.95 bln pesos vs 3.15 bln
Cost of sales - 1.84 bln pesos vs 1.93 bln
Gross profit - 1.1 bln pesos vs 1.22 bln
Opg expenses - 456.6 mln pesos vs 495.4 mln
Opg profit - 650.5 mln pesos vs 724.6 mln
Net profit - 419.66 mln pesos vs 467.63 mln
Earnings per share - 1.34 pesos vs 1.49
Ginebra is a unit of San Miguel Corp.
(1 usd = 55.9 pesos)
afxmanila@afxasia.com
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STOCK ALERT - First Philippine Holdings up on dividend, expected
profit growth |
MANILA (AFX-ASIA) - Lopez-led First Philippine Holdings Corp
was slightly higher in early trade after the company promised to
resume dividend payments amid expectations of better profit this
year, dealers said.
First Holdings was up 1.00 peso at 27.50 on 310,600 shares.
Its president and chief operating officer Elpidio Ibanez said
the company expects 2004 recurring net profit to grow 10 pct from
the last year level on the back of higher electricity sales and
lower expenses.
The company booked net profit of 3.8 bln pesos in 2003,
including non-recurring gains of 800 mln pesos from the sale of a
power generation unit in the island of Panay and global depositary
shares (GDS).
The company reiterated that it is ready to resume cash dividend
payouts this year, with the amount and date to be announced in the
next two months.
It last paid a cash dividend in 1999.
The dividend will be "considerably higher" than the average
0.10 peso per share paid previously, its chairman and chief
executive officer Oscar Lopez said.
The company also plans to raise its stake in its toll-way unit
to 51 pct from 38 pct currently with the infusion of 13 mln usd,
which will partly dilute the stake of affiliate Benpres Holdings
Corp.
The toll-way unit is expected to start contributing to the
holding firm's bottomline from next year.
(1 usd = 55.95 pesos)
cecille.yap@afxasia.com
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Manila shares lower on economic, political concerns; rebound seen
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MANILA (AFX-ASIA) - Share prices were lower in mid-trade, but
off lows, on concerns over the economic impact of soaring oil prices
in the world market and possible interest rate hikes, dealers said.
Some stocks, however, were seen staging a technical bounce,
they said.
At 10.25 am, the 30-company composite index was down 10.44
points or 1.70 pct at 1,476.55 on volume of 32.9 mln shares worth
186.4 mln pesos. It has so far moved between 1,467.46 and 1,476.55.
In broader market, losers were leading gainers 17 to 11, with
13 stocks unchanged.
"Investors are focused on the global uncertainty amid rising
oil prices and a threat of interest rate hike in the US. The
economic impact of these factors is really a major concern for
financial markets here and abroad," DA Market Securities president
Nestor Aguila said.
"But we may see some technical bounce today given that,
fundamentally, we're OK."
He said companies which have just reported strong first-quarter
results may draw interest.
However domestic political uncertainties remain as official and
unofficial counting of votes cast during the May 10 elections is
taking longer than expected, while the opposition is reportedly
threatening to block the proclamation of incumbent Gloria Arroyo as
the winner in the presidential race, dealers said.
Top-traded SM Prime was down 0.20 peso at 5.90 on 8.6 mln
shares.
Philippine Long Distance Telephone (PLDT) was down 10 at 990 on
47,160 shares, off lows, after its American Depositary Receipts fell
1.11 usd to 17. 23 in New York overnight.
PLDT rival Globe Telecom was down 10 at 800.
Manila Electric B, available to foreign investors, was up 0.50
at 29.50, while Meralco A was unchanged at 18.75.
Ayala Land was down 0.10 at 5.50.
First Philippine Holdings was up 1.00 at 27.50.
PLDT affiliate Pilipino Telephone was up 0.02 at 1.54.
Petron Corp was up 0.05 at 3.00.
Jollibee Foods was up 0.25 at 19.75.
(1 usd = 55.9 pesos)
afxmanila@afxasia.com
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STOCK ALERT - Philippines' Jollibee firmer on robust Q1 profit
|
MANILA (AFX-ASIA) - Jollibee Foods Corp was firmer in early
trade, bucking the market's overall weakness, after the country's
largest fast-food chain reported that its first quarter to March net
profit grew 41.6 pct year-on-year to 382.1 mln pesos, dealers said.
Jollibee was up 0.25 pesos at 19.75 on 202,100 shares.
It generated system-wide sales of 7.8 bln pesos, up 16.6 pct
year-on-year, driven by increases in flagship brand Jollibee (10.5
pct), Greenwich (14.4 pct) and Chowking (43.7 pct).
This is the third consecutive quarter of improving sales
figure, the company said.
(1 usd = 55.956 pesos)
cecille.yap@afxasia.com
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Philippines' Baguio Gold accepts Lucio Tan's resignation, appoints
Bautista |
MANILA (AFX-ASIA) - Baguio Gold Holdings Corp said its board of
directors has accepted the resignation of Lucio Tan as president and
appointed Jaime Bautista to the post.
In a disclosure to the Philippine Stock Exchange, Baguio Gold
said Tan was "constrained to resign due to the many other business
concerns that he has to personally attend to."
Bautista is currently president of Tan's Air Philippines Corp
and was chief finance officer of flag carrier Philippine Airlines.
He is also director of Balabac Resources & Holdings Co and vice
chairman of University of the East, both of which Tan owns.
Baguio Gold was engaged in mining operations until 1996 when
its primary function was changed to that of a holding company.
cecille.yap@afxasia.com
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STOCK ALERT - Philippines' PLDT lower after sharp fall in ADR price
|
MANILA (AFX-ASIA) - Philippine Long Distance Telephone shares
were lower in early trade, tracking the sharp fall of its American
Depositary Receipts (ADR) overnight, dealers said.
PLDT was down 25 pesos or 2.5 pct at 975 on 25,640 shares.
Its ADRs fell a hefty 1.11 usd to 17.23 overnight, in line with
the sell-offs on Wall Street on worries over increasing violence in
Iraq, the impact of rising oil prices on economic growth and the
threat of higher interest rates.
(1 usd = 55.9 pesos)
afxmanila@afxasia.com
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Philippines' Chinabank clarifies Q1 net profit figure as 817 mln
pesos |
MANILA (AFX-ASIA) - China Banking Corp (Chinabank) said its
consolidated net profit for the first quarter to March 2004 came in
at 817 mln pesos and not 813.4 mln as reported earlier.
It said the earlier figure of 813.4 mln pesos accounts for the
parent bank's net profit, while the latest includes earnings of
units CBC Insurance Brokers Inc, CBC Forex Corp and CBC Properties
and Computer Center Inc.
Chinabank booked a net profit of 765 mln pesos in the first
quarter of last year.
(1 usd = 55.9 pesos)
afxmanila@afxasia.com
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