Sunday, November 30, 2014

Del Monte teams up with Spanish firm for cold storage plant


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MANILA—Del Monte Pacific Ltd. (DMPL) has entered into a joint venture agreement with the Spanish fruit company Nice Fruit SL and the investment firm Ferville Ltd. to build a modern cold storage facility in the Philippines.


In a disclosure to the Philippine Stock Exchange on Monday, DMPL said the facility would utilize Nice Fruit’s patented technology called nice frozen dry (NFD) that allows fruits, vegetables and produce to be picked at their optimal ripeness and frozen for up to three years while preserving their nutrients, structure, original properties and organoleptic characteristics (including taste, sight, smell, and touch).


“It is envisaged that the joint venture will process, market and sell the Nice Fruit frozen products to various countries in the world,” the disclosure said.


Nice Fruit will control 51 percent of the upcoming facility while DMPL and Ferville will have a 35 percent stake. Ferville, a minority financial investor which has been instrumental in forging the partnership between DMPL and Nice Fruit, will have a 14 percent interest.


Nice Fruit is a company based in Barcelona, Spain, that is engaged in the international production and distribution of fruits and vegetables.


With the introduction of the NFD technology, Nice Fruit foresees “radical changes in food consumption habits, and advantages for export and improved food stock management.” The technology won for this Spanish firm one of the prestigious SIAL Innovation Awards–the Catering and Food Service Award this year at the Salon International de l’alimentation, or SIAL, or the Global Food Marketplace, as well as five awards at the Alimentaria International Salon in Barcelona.



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Oil prices hit new lows in Asia trade


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INQUIRER FILE PHOTO



Oil prices fell further in Asia on Monday to new multi-year lows, continuing a steep selloff sparked by OPEC’s decision to maintain crude output in an oversupplied market.


US benchmark West Texas Intermediate (WTI) for January delivery dipped $1.55 in early Asian trading to $64.60, its lowest intraday level since July 2009.


Brent crude for January sank $1.84 to $68.31, below the psychologically important $70 level.


“Negative actions in the oil market are continuing today. Investors see crude as remaining vulnerable after last week’s OPEC announcement,” Michael McCarthy, chief market strategist at CMC Markets in Sydney, told AFP.


“We have not yet seen any piece of news or development that could trigger a bottoming out phase in oil prices,” he added.


The unabated price plunge comes after the 12-nation Organization of Petroleum Exporting Countries (OPEC) opted Thursday to maintain its collective output ceiling at 30 million barrels per day, where it has stood for three years.


OPEC refused to cut production despite a glut of supplies that has sent prices tumbling by more than a third since June, with analysts warning of further falls to come.


The news dragged WTI down $7.54 in New York on Friday, compared with the settlement price on Wednesday, to end at $66.15 a barrel. US floor trading was closed Thursday for a holiday.


Brent meanwhile had settled at $70.15 on Friday, down $2.43 from Thursday’s close. It had earlier touched $67.90, its lowest intraday price since February 2010


OPEC has come under pressure from its poorer members, including Venezuela and Ecuador, to trim production as slumping prices have eaten into government revenues and raised fears over their economies.


But the group’s powerful Gulf members, led by kingpin Saudi Arabia, resisted the calls to turn down the taps unless they are guaranteed market share — particularly in the United States, where rising production of shale oil has contributed to the global supply glut.


McCarthy said weak Chinese manufacturing data released early Monday was “doing nothing to help oil prices”.


The official purchasing managers’ index for the manufacturing sector in the world’s second-biggest economy fell to 50.3 in November, from 50.8 in October, the government said.


The index tracks manufacturing activity in China’s factories and workshops and is a closely watched indicator of the health of the economy. A reading above 50 indicates growth, while anything below points to contraction.


RELATED STORIES


Lower oil prices loom as OPEC faces tough test


China manufacturing growth at eight-month low–gov’t



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With no cases against it, Mighty gets permits


MANILA, Philippines–Despite smuggling and and tax-evasion issues raised earlier by a Department of Finance task force against Mighty Corp., the low-cost cigarette manufacturer has been issued an importer accreditation by the Bureau of Customs (BOC) and a clearance certificate by the.


The Customs certificate, signed by Jemina Sy-Flores, head of the BOC Intelligence Group’s Account Management Office (AMO), is valid until


June 19, 2017.


The BIR document that Rosana San Vicente, head of the BIR’s Accounts Receivable Monitoring Division (ARMD), issued on June 19 did not specify its validity date.


The Customs Public Information and Assistance Division earlier said that for the record, no illicit trade practices-related case had been filed against Mighty Corp.


However, a BOC administrative order, issued in January, suspending the firm’s customs bonded warehouse operations remained in force.


The “24/7 monitoring” by a BIR team of Mighty’s nine-hectare fully integrated manufacturing and processing plant in Malolos, Bulacan, also continues.


The finance department has also required the firm to pay nearly P1 billion in customs duties and taxes for the importation of raw cigarette materials.


Not blacklisted


A top Customs official interviewed for this story clarified that “despite the fines imposed on Mighty Corp., it was neither blacklisted nor prevented from importing tobacco leaves and other cigarette-production materials.”


Oscar Barrientos, Mighty executive vice president, said the firm would use more local tobacco products for the company’s expanding product line, as well as locally blended cigarettes for export.


“We are working closely with local farmers and our tobacco suppliers here in planning and implementing our expansion program…We plan to export local tobacco as we move forward and compete in both the local and foreign markets,” he said.


Asked about the full-page advertisements placed by Philip Morris-Fortune Tobacco Corp. (PMFTC) in several broadsheets, including the Inquirer, attacking Mighty, Barrientos said PMFTC was “out to kill all low-priced local cigarette brands by hook or by crook.”


“They have accused us of smuggling, tax evasion and all other possible crimes. These are baseless and malicious accusations which mask the real agenda of our competitor, which is to kill off all other local brands after taking control of over 90 percent of the local market,” he said.


Mighty, he said, would “fight them, for sure. It’s an uphill battle, but we cannot allow a foreign bully to trample upon on us and other Filipino companies that it views as a threat to its campaign for market domination.”


“It’s a shame that such a big company has to resort to lies and deceit,” he said.


Barrientos said Mighty’s “competitor has foisted this ridiculous accusation that because we’re doing well, we’ve been doing something wrong. This shows how skewed its line of thinking is.”


“We improved the quality of our products to give the market value for money. We are obviously more efficient when it comes to production costs. And we don’t remit our earnings to our foreign mother company,” he added.



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9-month debt payments hit P337.12B


AFP FILE PHOTO/ROMEO GACAD

AFP FILE PHOTO/ROMEO GACAD



The government paid more debt in September than in the previous month even as the nine-month payments remained slower year-on-year.


Latest Bureau of the Treasury data showed that the government shelled out P33.89 billion to settle maturing liabilities last September, 34-percent higher than the P25.29 billion paid in August.


In September, P28.83 billion worth of interest were paid on top of P5.06 billion in amortization.


Year-on-year, debt servicing last September was 24.8-percent lower than the P45.06 billion paid in the same month last year.


During the January-to-September period, debt payments totaled P337.12 billion, down 28.3 percent from P470.14 billion in payments made in the first nine months of 2013.


As of end-September, interest payments reached P257.39 billion while amortization or principal repayments amounted to P79.73 billion.


The Treasury earlier reported that government debt inched up by 2 percent to P5.72 trillion as of end-September from P5.61 trillion during the same nine-month period last year.


The slight increase in government liabilities was driven by domestic net issuance as well as the impact of the peso’s depreciation against the US dollar, the Department of Finance (DOF) had explained.


Still, the DOF had pointed out that less borrowings amid a growing economy slashed the share of the general government debt to the gross domestic product (GDP).


The ratio of the general government debt—the outstanding liabilities of the national government combined with debts of social security institutions and local government units—to the GDP dropped to 37.3 percent as of end-June this year from 44.3 percent in 2009, or before President Benigno Aquino III assumed office.



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PH airlines buck gov’t move on Emirates


Rivals Philippine Airlines and Cebu Pacific took a common stand and jointly opposed the government’s decision to allow Emirates more time to operate an “excess” seven weekly flights between the crucial Manila market and Dubai, alleging it was unfair and would hurt their business.


Philippine Airlines, PAL Express, Cebu Pacific and its unit Tiger Airways Philippines announced in a statement on Friday their “grave concern” that the Philippine Civil Aeronautics Board allowed Emirates a 30-day extension to continue using frequencies in excess of its maximum entitlement.


The extension allows Emirates to operate until Dec. 26, 2014, which is in the midst of the busy Christmas travel season marked by the return of Filipino workers overseas, many of whom are flying in from the Middle East.


CAB officials did not immediately return calls seeking its comment on Saturday. An Emirates spokesperson was also unable to immediately reply over the weekend.


In the statement, the Philippine carriers said the seven weekly flights went beyond the maximum under the existing Philippines-United Arab Emirates bilateral air agreement.


They said their objections started as early as Oct. 13 when the CAB granted Emirates a 30-day extension through Nov. 26 to operate those seven weekly flights “presumably by virtue of its authority to grant extra frequencies to any foreign carrier for a period of not more than 30 days.” They said counting the further extension, CAB has granted Emirates an extension of 60 days now.


At stake is a bigger slice of the Filipino overseas market based in the Middle East and especially Dubai, where Philippine Airlines and Cebu Pacific mount direct flights. The United Arab Emirates is also a major source of remittances, which rose 6.1 percent to $17.64 billion in the nine months through September this year.


“The Philippine carriers believe that the issuance of the extended grant to operate additional 7 flights only worsens the current injurious situation, as Emirates had long been selling seats on these flights without prior CAB approval as required by RA 776,” the statement read.


“This constitutes blatant disregard of the CAB’s authority and thus the Philippine carriers respectfully appeal to the CAB to take the immediate and necessary action to cause this foreign carrier to cease and desist its defiance of the Philippine government, in the interest of fair competition and the growth of the Philippine aviation industry,” it added.


The carriers also claimed that the CAB has no authority to grant extra frequencies in Manila under Section 3 of Executive Order No. 29, which deals with the CAB’s right to add frequencies in airports outside of Manila’s Ninoy Aquino International Airport.


“If Emirates truly wants to expand its service into the Philippines, it has every opportunity to put up new flights to Clark, Cebu or other Philippine international airports outside of Manila,” the carriers said in the statement.



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BAP, PSE firming up PDS Group structure


The Bankers Association of the Philippines is firming up with the Philippine Stock Exchange the structure of a unified local capital market infrastructure platform, which will become the latter’s subsidiary.


BAP president Lorenzo Tan told reporters on Friday that whether or not the PSE would obtain 67 percent of Philippine Dealing Systems Holdings Corp. (PDS Group) after launching a general offer, the transaction would proceed.


During the special stockholders’ meeting of the Philippine Dealing Systems Holdings Corp. (PDS Group) on Thursday, minority investors were briefed on the rationale for the transaction and the P2.25-billion pricing for 100 percent of PDS Group, the holding firm for fixed-income trading platform Philippine Dealing and Exchange Corp. (PDEx), Philippine Depositary and Trust Corp. (PDTC) and Philippine Securities Settlement Corp.


“We said we’re doing this for national interest. We want a common platform so when the Asean (Association of Southeast Asian Nation) gates open, we want to be efficient. If you look at Singapore, which is probably the benchmark, it has a single platform for everything,” Tan said.


During last week’s meeting, Tan said the PSE confirmed that it had control of about 54 percent of PDS Group.


The local bourse earlier signed a deal to buy the 28.91-percent stake held by the BAP and some member-banks, hiking its interest to nearly 50 percent. It afterwards launched a general offer to other shareholders of PDS.


Recently, San Miguel Corp. agreed to sell its four-percent interest, giving the PSE its current 54-percent stake.


“What will happen is whether it’s 54 or 67 percent, we can still continue so it becomes a subsidiary…We’re not dissolving PDS. It will become a subsidiary,” Tan said. Doris C. Dumlao



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Biotech role in integrated Asean market cited


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Agricultural biotechnology can help the Philippines compete with lower-priced food commodities from other countries in the face of the integration of the Asean market next year.


This was pointed out by Emil Javier, former president of the University of the Philippines, who said the country faced serious competition in the rice and sugar sectors from Thailand and Vietnam.


Javier, who is also a former chancellor of UP Los Baños, said the “newfound vigor and competitiveness of the yellow corn feed sector” would be the country’s hope in the intense competition following the Asean market integration.


He said the Philippines had achieved near self-sufficiency in yellow corn feed due to the large-scale adoption of corn varieties developed through agricultural biotechnology. Data showed that Filipino corn farmers planted some 800,000 hectares to this variety in 2013. This represents 57 percent of the total area planted to corn nationwide.


Javier said farmers who used the biotech corn variety registered harvests of 5.4 to 5.8 tons per hectare, compared to the 3 tons per hectare harvested by users of traditional varieties. Farmers from Bukidnon and Isabela harvest as much as 8 tons per hectare using the biotech corn variety.


“We can compete in the world trade for feed corn,” Javier said.


He explained, however, that “the more realistic objective is to further increase supply of competitively priced quality feed corn to strengthen the competitiveness of our poultry and swine industries to bring down the cost of chicken and pork for domestic consumption and export.”


The biotechnology process raises the quality of corn by developing varieties with built-in resistance to insects and traditional pests. The resistance allows these varieties to produce more without the application of chemical pesticides.





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Calax rebid seen drawing more offers


The Department of Public Works and Highways said it received early expressions of interest for the controversial Cavite Laguna Expressway public private partnership (PPP) rebidding, a government official said on Friday.


Ariel Angeles, head of PPP Service of DPWH, told reporters that the department aimed to open the second Calax auction to all interested groups, apart from the original four bidders.


The special bids and awards committee of the DPWH, however, has yet to come up with a final resolution as it is still confirming that the Ayala-Aboitiz consortium known as Team Orion will not appeal President Aquino’s decision to rebid.


“There are still a lot of issues to discuss,” Angeles said. He said his office had received initial inquiries on a Calax rebid from a Singaporean group, which he did not name, and the Datem Consortium.


The original four bidders were the Ayala-Aboitiz Group, Malaysia’s AlloyMTD Group, a unit of Manuel V. Pangilinan-led Metro Pacific Investments Corp. and San Miguel Corp., which was disqualified due to a typo error in its submission. The disqualification was, however, reversed by President Aquino in a Nov. 19 decision.


In a statement last week, Team Orion, which was the front runner in the last bidding given SMC’s disqualification, said it was disappointed by President Aquino’s decision but it noted that “it will not stand in the way of the Calax rebid.”


Angeles said other issues discussed was the general timeline for the rebidding of the P35.4-billion, 45-kilometer expressway deal.


Officials said the plan was to rebid the Calax deal sometime in May 2015 at the latest.


As earlier reported, the DPWH is discussing the likelihood of setting the floor price based on SMC’s P20.1- billion offer, which would have been the highest bid had it not been disqualified by the department. Team Orion offered P11.66 billion for Calax, the highest qualified bid, in June.


San Miguel president Ramon Ang earlier said his group would participate in a Calax rebid while the Ayala group said it was unlikely to participate. Metro Pacific chair Manuel V. Pangilinan said late Thursday that his group would wait for the new bidding terms before deciding on joining.



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Consolidation seen


The local stock barometer is seen to consolidate this first trading week of December as the market further digests a potential downgrading of the local growth outlook.


The Philippine Stock Exchange index (PSEi) last week gained a modest 18.2 points or 0.25 percent to close on Friday at 7,294.38. The index hit a high of 7,372.57 last week but pulled back sharply after the country’s third-quarter gross domestic product (GDP) growth slowed to only 5.3 percent, way below consensus forecast of 6.5 percent.


“Chartwise, expect the index to continue to range between the 7,200-7,300 levels in the week ahead,” said Jonathan Ravelas, chief strategist at Banco de Oro Unibank. “The 7,300 level is proving to be a tough resistance as any signs of breaching that mark is being met with profit-taking,” he said.


Ravelas said his team was keeping its yearend target for the PSEi at 7,000.


Joseph Roxas, president of local stockbrokerage Eagle Equities Inc., said the Santa Claus rally might not yet start this week.


This week, dining chain operator Max’s Group Inc. will launch its public offering at P17.75 a share, allowing the company to raise P3.5 billion. The offering was valued at about about 20 times its likely earnings for 2015.


Three other companies that earlier conducted initial public offerings are set to list on the PSE this week: Phoenix Semiconductor Philippines Corp. (Dec. 1), Xurpas Inc. (Dec. 2) and Integrated Micro-Electronics Inc. (Dec. 5). Doris C. Dumlao



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Technology assisted bribery


Believe it or not.


This might as well be the head of the news report last week that, citing a 2013 survey commissioned by the Office of the Ombudsman, fewer Filipino families now give bribes to government employees.


According to the survey, the staff of government agencies involved in processing registry documents and licenses were more likely to solicit “grease money” compared to those engaged in other services.


Most bribes were solicited by government officials rather than initiated by the giver or person who transacts business with the government office concerned.


The survey showed, among others, that the families in the D and E social levels are prone to offering bribes to be able to get basic social services from the government.


The supposed drop in bribery cases has been attributed to the rise in the public’s consciousness of the pervasive effects of corruption on our poor countrymen and to our society, in general.


Ironically, rather than draw favorable reaction, the survey results elicited critical and derisive comments from the social media.


The offices that got the most flak as graft-ridden are the Land Transportation Office and local government licensing offices, two front-line agencies that the majority of our people often deal with.


Former employees


Although the survey results were positive, and had the Civil Service Commission crowing about them, it is doubtful if entrepreneurs and businessmen who regularly do business with the government will give credence to the findings.


The reality on the ground is the bureaucracy has made compliance with government rules and regulations difficult, which is either done on purpose or by force of habit, that people are compelled to look for shortcuts or connections to get things moving.


Sad, but true, modern technology has made it easier for corrupt government employees to engage in their nefarious activities with the least risk of exposure and, even if caught, conviction.


Demanding grease money upfront is fraught with danger. There is no gainsaying the prospective victim may seek police assistance and cooperate in a sting or entrapment operation.


The modus operandi nowadays is for the corrupt employee before whom, say, a “moneymaking” application is pending to relay that matter to a third party, often a retired or former colleague, who will act as “fixer.”


Before this, the employee will sit on the application and come up with all kinds of excuses to delay its processing or make piecemeal requests for additional documents to compel the applicant to repeatedly trek to the office.


Then, on the pretext of facilitating communication, the applicant will be asked to leave his cell phone number with the employee.


Influence


Later, the applicant will receive a text message from the fixer informing him that he has good connections in the government office he can tap to facilitate action on his application.


To show proof of his influence, the fixer will ask the applicant to meet up in the office and, in full view of the latter, will animatedly converse or banter with his former colleagues.


Once they agree on the bribery terms, the application will be quickly approved, or calendared for deliberation or approval by a higher authority.


If the application has to go through several channels within the office, the bribe money is paid in instalments; failure to pay any amortization within the agreed period would stall its processing or, worse, result in its disapproval.


The practice of giving the bribe in cash is already passé. The fear of entrapment and the accompanying adverse publicity makes this kind of payoff too risky.


The new SOP is the bribe is deposited in a bank account designated by the fixer, the details of which are sent through text message.


Although text messages create a paper trail about the deposit, getting more information about the bank account and its holder that would prove the bribery is not easy.


Without a court order or formal instructions from the Anti-Money Laundering Council, no bank will willingly disclose the identity of its depositors or their banking transactions.


Anonymity


Except probably for one or two personal meetings, all transactions are conducted through the cell phone between the applicant and the fixer.


For the protection of the corrupt employee, neither his name nor his cell phone number is mentioned in the exchange of text messages. So in case the fixer gets caught, the employee can profess innocence about the incident and go scot-free.


And even if the text messages indicate their sources, linking the sender to the cell phone number is next to impossible because cell phone numbers are not registered and SIM cards in pre-paid accounts are easy to secure and dispose of.


In the face of these odds, not to mention the slow pace of justice in our country, complaining about bribery in government offices is practically an exercise in futility.


Worse, the person who may have the guts to expose bribery attempts could find himself “blacklisted” in the office concerned. His future transactions, no matter how valid, will go through the wringer or closely scrutinized for causes that would justify their disapproval.


If you happen to be a businessman whose operations are supervised by that office, you might as well close shop because corrupt government employees have elephant memories.


There is an ocean of a difference between what surveys on bribery show and what really happens in some government offices. For now, there is little reason to believe the survey findings are credible.


For comments, please send your e-mail to “rpalabrica@inquirer.com.ph.”



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Tuna firm’s stock offer named ‘deal of the year’ in PH


A P3.2-billion initial public offering (IPO) undertaken by leading canned food manufacturer Century Pacific Food Inc. was cited the Philippines’ “2014 Deal of the Year” by Hong Kong-based financial magazine The Asset.


Century Pacific Food Inc, the company behind household brands Century Tuna, Argentina Corned Beef, 555 Sardines, Angel and Birch Tree, debuted on the local stock market last May 6 under the trading symbol CNPF.


The IPO was 3.5 times oversubscribed and allowed CNPF to sell 230 million shares at P13.75 each. Since its trading debut six months ago, CNPF’s share price has risen by 18.5 percent to close at P16.30 on Friday, giving it a market capitalization of P36.57 billion.


“It was a great honor and pleasure to advise and assist Century Pacific on its IPO. It is gratifying to see how successful it was and that this was recognized by the prestigious Asset Magazine as one of its deals for the year,” said Stephen CuUnjieng, chair of Evercore Asia, which acted as exclusive financial adviser to Century Pacific.


After the stock debut, Singapore’s sovereign wealth fund GIC, through Arran Investment Private Ltd., also extended to parent company Century Canning Corp. a P3.4-billion loan convertible to 250 million issued and outstanding shares of CNPF.


First Metro Investment Corp. (FMIC) president Roberto Juanchito Dispo said the deal was a winner from the start. “It had all the right ingredients for a successful IPO—a solid and viable business model, top notch management and strategic growth direction.”


“The award is really just icing on the cake as delighting customers with consistently good products has always been Century’s strength,” said Eduardo Francisco, president of BDO Capital and Investment.


Reggie Cariaso, BPI Capital’s chief operating officer, said: “We are very pleased to have helped support Century Pacific in their first foray into the capital markets. We look forward to working on many future transactions with them.”


BPI Capital, BDO Capital and FMIC served as joint lead underwriters for the transaction.


The Asset’s Triple A Awards recognize excellence in the finance industry in the region. The winners are selected based on a stringent methodology.



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Gov’t urged to solve infra issues


The government must start pulling its own weight and focus on addressing infrastructure bottlenecks if the economy is to return to higher growth rates that can have meaningful effects on poverty alleviation.


Following the release of disappointing data for the third quarter, the International Monetary Fund (IMF) said the Philippines’ “growth story,” driven by consumer spending and investments, remained “intact.”


“Addressing the supply constraints and infrastructure-related bottlenecks…. through public financial management reforms appears to be the immediate priority for sustaining faster growth,” IMF Representative Shanaka Jayaneth Peiris said in an email.


Peiris at the weekend said the government would have to hike public spending while at the same time find a way to accelerate the implementation of its public-private partnership (PPP) to get more projects off the ground.


Last week, the government reported that the economy grew by 5.3 percent in the third quarter, the slowest annual growth since 2011. Quarter on quarter, the economy was at its most sluggish since 2009. Growth for the quarter missed all analysts’ projections.


Economic managers commented following the report that achieving the growth target for the year of at least 6.5 percent would be a “big challenge.”


To hit this goal, the economy would have to grow by at least 8.2 percent in the October-to-November period—a rate of expansion not seen in decades.


Last year, the economy expanded by 7.2 percent, which followed a 6.8-percent surge the year before.


Prior to the announcement, the IMF was already among the least optimistic about the economy’s growth prospects, projecting a 6.2-percent expansion for the Philippines this year. This forecast may have been too generous, given the third quarter number, Peiris said.


“The third quarter gross domestic product (GDP) number was somewhat below our expectations,” Peiris told the Inquirer. “With the third quarter outturn, the downside risks are greater, particularly to our 2014 forecast.”


However, he noted that consumption, construction, exports and private investment remained robust. “Therefore, the Philippines growth story of resilient consumption and rising investments remains intact,” he said.



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Learning, applying the economics of talent


HUMAN resource expert Gyan Nagpal

HUMAN resource expert Gyan Nagpal



The dynamics of today’s workplace is ever-changing. In the Philippines, this is due in large part to the boom of the business process outsourcing (BPO) industry in recent years—with its unconventional work hours and office locations, as well as its massive manpower requirements that has led to stiff competition, not just among hiring companies but among prospective employees as well.


Globally, digital technology and connectivity on the Internet has also changed the way people work. Universities and academic institutions have branched out widely into many types of specialized disciplines and skills. Thus, companies have also been scrambling to adapt to new methods to go after these talent.


Valuable commodity


The corporate world is no longer what it used to be, according to learning and development expert Armi Treñas. In her line of work in instructional design—a discipline that seeks to enhance training and learning programs—she invariably works closely with human resource managers in various corporations and firms. Thus, she is also aware of other issues that plague them, which is the hiring and retention of talent.


Progressive HR practitioners are now introducing what seems to be a radical thought, but is actually a simple but effective solution on how to tackle today’s talent management issues.


“If you think about it, the term ‘talent management’ is really just that,” poses Treñas. “Being a manager means handling resources in an effective and efficient manner. The challenge is managing talent in the truest sense of the word—and this means viewing it as a valuable commodity or a limited resource.”


Think like an economist


This is the idea behind the concept of “talent economics,” described in the seminal publication of the same title by Singapore-based human resource expert Gyan Nagpal. Having worked in HR departments of multinational organizations throughout his corporate career, Nagpal gained valuable insight into what truly drives the workforce in the 21st century.


LEARNING and development expert Armi Treñas

LEARNING and development expert Armi Treñas



According to him, a different look at talent management these days is that through the eyes of a business owner—talent treated as a scarce resource that is valuated, negotiated, traded and acquired. In other words, the realm of talent management has taken on the dynamics of a lucrative economy, in which companies need to be able to survive using the right strategies and tools.


Renowned global advisory Deloitte puts it succinctly in its “Human Capital Trends 2013: Leading Indicators” report: “Increasingly, many HR leaders have to answer questions that have an economic issue at their core—the allocation of a scarce resource called talent.”


This is where one of the most important ideas of talent economics comes in, and that is finding the right value that attracts the different breed of employees today. Gone are the days when one found a job and stuck to it until retirement. Jobseekers cannot be blamed as well due to the uncertain atmosphere of retrenchments, corporate mergers and acquisitions, as well as the unstable economies of even the biggest countries in the world.


Thus, HR managers are faced with tough issues that require more strategic approaches.


“They are no longer simply dealing with personnel issues,” affirms Treñas. “They should now be involved, for instance, in building a brand that will resonate with the talents they are trying to attract.”


And this involves the buy-in of the top bosses in the organization as well, in order to drive the appropriate business strategy.


Creating an environment that cultivates and retains talent is essential. Sometimes, companies get the right person but end up losing them to competition, or they hire the wrong person hoping that training can fix the problem.


Treñas knows this herself, being an instructional design expert who draws up and implements training programs.


“Learning and development is only part of the picture,” she says. “Training is not effective if the problem lies, for instance, in company systems and procedures. It is all about developing people, not just for present requirements, but with an eye toward future needs of the organization.”


Talent strategy


Treñas believes that talent economics is a valuable complement to the learning and development programs that she offers her clients. Quite fortunately, she had personally met Nagpal in the course of her regional consultancies under her firm, Learning and Performance Partners Inc. (LPPI).


She learned more about Nagpal and his pioneering theory on talent management. He has come up with a solid Certified Talent Economist (CTE) program that he is bringing to Singapore, Malaysia, India, South Africa and the United Kingdom. By next year, it is also slated to be offered in the United States and the Middle East.


It was natural that the two partnered to bring the pioneering program to HR practitioners in Manila through LPPI. Treñas says the program is recommended for CEOs and senior HR leaders—those who drive the business agenda, and those who craft and implement talent strategy to support this. Other HR and strategy consultants, as well as policymakers in government agencies, may also benefit greatly from the program.


The CTE program will tackle four key topics—business and talent strategy, diagnosing talent needs, investing in talent, and leadership engagement. All these will be implemented in learning, practice or application, and review or sharing phases.


“This design significantly increases the quality of learning and application, as compared to a traditional workshop,” explains Treñas.


Participants who complete the course will also receive perpetual and license-free use of all the tools and frameworks included in Nagpal’s Talent Economics book, as well as access to other resources such as a database of talent diagnosis questions and articles on global talent economics.


Indeed, talent economics provides exciting new hope to frustrated HR practitioners and professionals all over the world.


“Human resources professionals need to be equipped with the latest knowledge and skills on how to best select, make use of, and retain talent,” says Treñas.


The Certified Talent Economist program will be held in Manila from March 4 to 6, 2015. For more information, call (+632) 224-2020, e-mail info@learnperformance.com, or visit http://www.learnperformance.com.



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Son gladly treads same path taken by father


QUINTOOreta has chosen a parallel but distinct path for himself.

QUINTOOreta has chosen a parallel but distinct path for himself.



In the world of business, following in the footsteps of a successful parent can be daunting.


Comparisons are inevitable, and the pressure for the scion to approximate, match or even surpass the achievements of the previous generation may be intense on both professional and personal levels.


But that doesn’t seem to bother newly minted real estate businessman Quinto Oreta.


In fact, the son of lawyer and real estate developer Mario Oreta seems to revel in walking a path similar to his father’s.


The elder Oreta is president of Alphaland Corp.—a property firm that has had its share of controversies in recent months, but is also known for having turned around the ugliest and longest running eyesores of the Makati City skyline, giving new life to what is now known as Alphaland Southgate Tower and Mall.


oreta1


The younger Oreta, however, has chosen a parallel but distinct path for himself in managing the family-owned Major Homes Inc.


Build and grow


“I can’t go head on with the big boys of the real estate industry—at least not yet—so we decided to find a niche from which we can build and grow the firm,” says Quinto, who has a Management Information Systems degree from the Ateneo de Manila University and an MBA from Thunderbird School in Arizona.


“So our company’s goal right now is to roll out quality and affordable projects that are aimed at the middle market Filipino buyer,” he says, describing Major Homes’ business model with enthusiasm.


One look at Major Homes’ portfolio of ongoing and completed projects will show that Oreta is not just some glib talker with practiced grad school jargon, but someone who means business.


Condormitels


Major Homes is now a full-service real estate development company with interests and initiatives in affordable housing, middle–income, leisure destination condominium-hotels and—a relatively new concept—the high-rise condominium-dormitory-hotel (or condormitel) business.


The company currently operates 15 projects in and around Metro Manila, and its buyers’ profile exceeds 6,000 individual accounts with more than 50 percent represented by Filipino professionals working overseas.


THE niche player with his kids

THE niche player with his kids



“We are especially active in overseas Filipino worker communities abroad as they are the one who have the income and the strong desire to invest for their future in real estate back here,” Oreta says.


According to Oreta, Major Homes currently controls a total of nearly 25 hectares of land that can be developed into various property concepts.


This land bank has an estimated aggregate sales contract price of P9.4 billion spread across 15 horizontal and vertical development projects throughout the metropolis.


As of mid-2014, 81 percent of this land bank has already been sold to buyers, leaving the company hungry for more property acquisitions or joint ventures.


The aggregate budgetary cost to complete the company’s projects are estimated at P4.4 billion due for deployment in the next 30 months.


Indeed, the numbers show that the company is small enough to be nimble—if you can call P9 billion “small”—but large enough to be noticed by the market.


So far, Major Homes has, among others, residential and mixed-use projects being built in Lipa City called Lipa Verde; Crescent Knoll in Calamba, Laguna; Ravenna residential development in Mabalacat, Pampanga; Juez Residences in Malabon; and the Monteluce mixed-use complex in Silang, Cavite.


Of its ongoing projects, however, it is the condormitel concept—Oreta’s newest baby—that he is most excited about.


Sold out


In this concept, Major Homes will build high-rise condos in Manila’s University Belt area, and rents out affordable dorm space to college students who need clean, convenient and safe places to stay during their matriculation.


The condos are run by a professional management firm, and their construction is funded by investors who buy units in the development in return for a fixed and regular rental yield on their capital.


“It’s an amazing concept, and is a big hit with our foreign investment market,” Oreta says of the sub-brand dubbed “Space.”


“In fact, the three projects we have (the San Marcelino, Romualdez and University Belt projects) have already been sold out,” he adds.


Going public


The company’s finances reflect the strong demand for its product portfolio. Major Homes posted an asset compounded annual growth rate of 29 percent from 2011 to 2014. During this period, it developed and launched various horizontal and vertical product offerings, amid positive client response.


Major Homes is projected to hit a net income after tax compounded growth rate of 18 percent from 2011 to 2014. Robust sales in 2012 through 2013 mainly derived from the Space condormitel units, coupled with the programmed increase in construction progress for Monteluce units this year, is predicted to help the firm hit its P150 million operating income target for 2014.


And what’s Oreta’s major goal for Major Homes? It is nothing less than to take the company public on the Philippine Stock Exchange—perhaps as soon as next year, depending on market conditions—via an initial public offering.


“Being in this business is demanding work,” Oreta says. “But it’s enjoyable work.”


And as most business gurus will attest, enjoying one’s work is one of the essential elements of success.



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New guidelines to free Manila ports of empty container vans


MANILA, Philippines–Cabinet Secretary Rene Almendras will convene a technical working group (TWG) this week to draw up guidelines on the dispatch and allocation of empty container vans at the Manila International Container Terminal (MICT).


The TWG will also discuss plans of action based on the agreements reached during the Manila Ports Forum hosted by the Office of the Cabinet Secretary and the Philippine Ports Authority (PPA) at the Diamond Hotel in Manila recently.


The Manila Ports Forum drew up agreements with port stakeholders to further improve cargo processing and port operations during the holiday season and over the long term.


Almendras said the problem of empty container vans at the Port of Manila had started to ease following a significant improvement in their positioning by truckers, new systems from the Association of International Shipping Lines (AISL) and the opening of a new empty container depot (ECD) at the MICT.


The AISL said they would urge their members to operate 24/7 and start moving empty containers to MICT’s new ECD.


Returning empty containers has been identified as a major cause of the backlog at the Manila ports that was caused by the Manila daytime truck ban. Even after the ban was lifted indefinitely in September, the empty container backlog persisted due to the peak holiday trade season.


AISL said they were doing their part to ease congestion at the Manila ports—including a project for an online system on the retrieval of empty containers.


Once approved by the AISL board, the system could be rolled out to interconnect all stakeholders, including shipping lines, truckers and depots directly involved in empty container returns.


AISL said it had commissioned technology provider Cargo Data Exchange Center (CDEC) to develop and implement the integrated system.


The Web-based system was suggested by truckers, specifically Alberto Suansing, director of the Confederation of Truckers Associations of the Philippines, and drew support from other industry stakeholders such as the Alliance of Concerned Truck Owners and Organizations and Container Depot Association of the Philippines.


Almendras said the new yard expansion at the MICT would significantly improve the situation at the Port of Manila. Shipping lines now have additional space to park their empty containers within the port. “Operationally, this will be very efficient when shipping lines move out their empty containers outside of the country,” he said.



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CBCP warns hotels vs raising rates during papal visit


MANILA, Philippines–The committee in charge of Pope Francis’s visit to the Philippines in January is set to meet with the Department of Tourism (DOT) to discuss reports some hotels were taking advantage of the papal visit to hike their room rates.


“Reports said some hotels along Roxas Boulevard had made the forthcoming papal visit an excuse to raise their accommodation rates,” Fr. Jimmy Marquez, executive secretary of the Papal Visit on Accommodations of the Catholic Bishops Conference of the Philippines, said in an article posted on the CBCP website.


But Kenneth Montegrande, spokesman for the Ermita Malate Business Owners Association (Emboa), a group aiming to improve the image of the two prime tourist areas of Manila, refuted the reports.


Montegrande said that in fact the hotels around the Luneta, where an open papal Mass is expected to be celebrated, were fully booked long before Pope Francis’s visit from Jan. 15 to 19.


“Hotels from Ermita to Quirino Avenue are already fully booked, so it’s not true,” Montegrande said in a phone interview.


He said that during Emboa’s last meeting, the owners of hotels even discussed giving promotional discounts to those wishing to attend the papal Mass.


Montegrande, however, said the organization—composed of 160 hotels, restaurants and shops in Ermita and Malate—could not speak for establishments that did not belong to the group.


“Among our members, which include the Manila Hotel and Bayview Hotel, we encourage them not to increase their rates. But for the others, we cannot tell them not to do so,” he said.


In line with this, Father Marquez appealed to the faithful to extend their hospitality to friends and relatives from outside Metro Manila who may want to join the papal activities, in order to spare them the need to book hotel rooms.


Meanwhile, the government is studying the possibility of declaring the duration of the papal visit a holiday, according to a member of the Papal Visit Committee.


Ambassador Marciano Paynor Jr., a former envoy to Israel and a member of the committee, said this was likely given that the last papal visit—that of Pope St. John Paul II in 1995—had also been declared a holiday.


“We are seriously considering [the possibility] and in due time we will announce if there is going to be holidays on those days,” Paynor was quoted as saying over Radio Veritas.


“When John Paul II came here a holiday period had also been declared … it is under very serious and close study,” he said.


The holiday declaration aims to avoid the buildup of heavy traffic and enable Catholics who may want to take part in the papal activities to do so.


Earlier, Manila Mayor Joseph Estrada announced a five-day, nonworking holiday in Manila for Pope Francis’s visit on Jan. 15 to 19.


In an executive order, Estrada declared the suspension of classes and a holiday for all the city government offices during the papal visit.



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Tuesday, November 25, 2014

DBM releases P290.4M to disaster-hit SUCs


MANILA, Philippines—The government has released P290.4 million for the rehabilitation of state universities and colleges (SUCs) whose facilities had been damaged by recent calamities.


In a statement on Tuesday, the Department of Budget and Management (DBM) said that this fund released to the Commission on Higher Education would cover 23 SUCs that were affected by the following: the magnitude 7.2 earthquake that shook the Visayas in 2013, the Zamboanga City siege also in 2013, and typhoons Labuyo, Odette, Santi, Sendong and Vinta.


The funding would be used to replace damaged equipment, rehabilitate water systems, as well as procure energy-saving devices and generator sets, the DBM said.


florencio-abad

Budget Secretary Florencio B. Abad. INQUIRER FILE PHOTO



The P290.4 million was taken from the 2014 Rehabilitation and Reconstruction Fund (RRF).


The beneficiary-SUCs and their shares of the funding were as follows: Apayao State College (P11.347 million); Ifugao State University (P19.35 million); Batanes State College (P10.245 million); Nueva Vizcaya State University (P56.84 million); Quirino State University (P2.244 million); Cagayan State University (P7.596 million); Aurora State College of Technology (P3.088 million); Ramon Magsaysay Technological University (P3.134 million); Pampanga Agricultural College (P5.767 million); Tarlac State University (P3.97 million); Tarlac College of Agriculture (P12.232 million); and Nueva Ecija University of Science and Technology (P56.346 million).


Also to receive funding were: Bohol Island State University (P39.411 million); Siquijor State College (P1.554 million); Negros Oriental State University (P3.5 million); Zamboanga State College of Marine Science and Technology (P4 million); Zamboanga City State Polytechnic College (P34 million); Misamis Oriental College of Agriculture and Technology (P2.15 million); Bukidnon State University (P3.187 million); Davao Oriental State College of Science and Technology (P3.2 million); Surigao del Sur State University (P1.895 million); Sulu State College (P1.8 million); and Adiong Memorial Polytechnic State College (P3.550 million).


Last May, 35 SUCs received P987.3 million also under the 2014 RRF, which has a total allocation of P3 billion.


“The Aquino administration’s efforts to repair damaged public facilities are only some of the ways through which we’re improving access to quality education. The country is prone to calamities and man-made crises, so it’s even more important for us to ensure the safety and continuing education of our college and university students in our state-run schools,” Budget Secretary Florencio B. Abad said.


“These repair activities are also preemptive, in the sense that our SUCs will be better prepared for future disasters or possible power shortages. The fund release isn’t therefore just a release. It’s most certainly an important investment towards better tertiary education,” Abad added.



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Monday, November 24, 2014

PLDT HOME still the most dominant broadband, three times bigger than competition


PLDT


Leading telecommunications and multimedia services provider PLDT, through its home digital services group PLDT HOME, has maintained its leadership in fixed broadband with a 70 percent market share at the end of the third quarter of 2014, more than triple that of its nearest competitor.


PLDT HOME has remained the preferred broadband provider in the country with consistent double-digit increases in broadband subscribers as it grew a robust 18 percent at the end of September from its year-ago level, bringing its total broadband subscriber base to nearly one million.


According to PLDT president and CEO Napoleon L. Nazareno, “The PLDT Group’s fixed broadband businesses generated P10.2 billion in revenues for the first three quarters of the year, up by 12 percent from P9.1 billion in the same period in 2013.”


“We are glad to know that majority of the broadband market prefers our products and services which is primarily due to the PLDT Group’s integrated approach of providing a range of high-quality voice, data, and multimedia services to our customers,” Nazareno said.


PLDT EVP and head of HOME Business Ariel P. Fermin said, “PLDT’s fixed broadband services led by PLDT HOME DSL and PLDT HOME Fibr serve as the foundation for value-added services such as Pay TV, video on demand, and live streaming.”


Fermin said PLDT HOME expects sustained growth in broadband with new revenue streams through various services offered in PLDT HOME Telpad and TVolution.


“The increased multimedia usage in Filipino homes is evident as our Cignal over Fibr subscribers expanded by five-fold this year,” he said.


In September this year, PLDT also grew its Time-Division Duplex-Long Term Evolution (TD-LTE) network to over 400 cell sites to fortify its leadership in providing high-speed Internet services to more Filipinos nationwide.


“The continuous expansion of our TD-LTE network will further strengthen connections at home, especially those who live in remote towns and provinces. TD-LTE will provide them access to the internet and allow them to experience the benefits of broadband technology,” Fermin said.


PLDT HOME Ultera, one of PLDT’s latest services launched earlier this year, gives the country’s internet service a fresh boost by enabling more Filipino homes to gain ready access to multimedia services like social media, movies, games, and music through fourth-generation wireless broadband platform.


“We are bringing all these digital services within reach of more Filipino homes across the country with our various plan options,” Fermin added.


More information on PLDT HOME’s products and services can be found in the website pldthome.com.


ADVT



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Thursday, November 20, 2014

PSEi in slight dip; Ayala Corp’s discounted share sale cited


AFP FILE PHOTO

AFP FILE PHOTO



MANILA, Philippines – The local stock barometer was a tad lower on Thursday, weighed down by a discounted place-out of Ayala Corp. shares.


The Philippine Stock Exchange index shed 0.54 point or 0.007 percent to close at 7,268.95 in mixed trade. The holding firm and mining/oil counters dragged down the index while the industrial, services and property counters eked out modest gains.


Trading was halted at the local bourse from 1:46 p.m. to 2:30 p.m. due to a technical glitch. But the session was not extended despite the disruption.


Value turnover was heavy at P21.09 billion, bloated by a $275 million sale of AC shares at P660 per share or a discount to Wednesday’s close of P717 per share. AC thus fell by 4.88 percent to close at P682 per share.


There were 98 decliners that edged out 84 advancers while 42 stocks were unchanged.


Apart from AC, the PSEi was weighed down by BDO (-1.39 percent) while Bloomberry, AP and JG Summit also declined.


On the other hand, SM and BPI bucked the downturn, both rising by over 1 percent while PLDT, URC, GTCAP, AGI and ICTSI also slightly firmed up.


Outside of PSEi stocks, the notable gainers were newly listed retailer SSI (+2.59 percent) and agribusiness firm Vitarich (+6.06 percent). CMT fell by 1.65 percent after sizzling in the last few days while PLC also dipped by 1.44 percent.


Elsewhere in the region, trading was mostly soured by the US Federal Reserve minutes, which indicated concerns on low US inflation. There was likewise caution ahead of the release of the latest US jobless data report.



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Wednesday, November 19, 2014

DBM seeks P23.34-B supplemental budget for Yolanda rehab, LRT repairs


florencio-abad

Budget Secretary Florencio B. Abad. INQUIRER FILE PHOTO



MANILA, Philippines — The Department of Budget and Management (DBM) is seeking the approval of an additional P23.34 billion as supplemental budget for 2015, which the agency said would be spent mainly on post-“Yolanda” rehabilitation as well as preparations for the 2015 hosting of the Asia-Pacific Economic Cooperation (APEC) Summit.


In a statement on Wednesday, DBM said that the supplemental budget would be used to build permanent houses and rebuild infrastructure in areas devastated by super-typhoon “Yolanda” (Haiyan) in late 2013, as well as fund the rehabilitation of lines 1 and 2 of the Light Rail Transit (LRT) system ahead of the country’s APEC hosting duties in 2015.


“The national treasury has already certified the availability of funds to support these projects, but these appropriations must likewise be supported by proper legislation. With the proposed 2015 national budget already subject to Senate deliberations, we need the support of the House of Representatives to pass a supplemental appropriations bill to fund these projects,” Budget Secretary Florencio B. Abad said.


The supplemental budget would be funded with money coming from the government’s excess income and revenues.


On the sidelines of the 2015 budget deliberations at the Senate, Abad told reporters that the measure was submitted to the House of Representatives last Monday.


“We gave it to the Speaker [Rep. Feliciano R. Belmonte Jr.]; they’ll take care of that,” Abad said.


The budget secretary said that they would like it be approved “hopefully before this year ends.”


“Once it’s filed, we’ll ask the President to certify it as urgent,” he said.


According to DBM, the bulk or P16.4 billion of the 2015 supplemental budget would be spent on “new and urgent” projects, including P9.5 billion for the “Yolanda” Comprehensive Rehabilitation and Reconstruction Program.


For the hosting of the 2015 APEC Summit, P1.44 billion was earmarked.


The supplemental budget would also be used to pay P1.85-billion worth of liabilities incurred from infrastructure projects rolled out by the Department of Public Works and Highways.


Another P5.08 billion would finance “priority” projects that were previously approved but have been partially or not yet implemented. These projects were supposed to be originally funded either by the scrapped Priority Development Assistance Fund or “pork barrel,” or the controversial Disbursement Acceleration Program.


“Most of these projects have already been completed, are ongoing, or are urgently needed to sustain our socioeconomic development. The passage of the proposed supplemental budget will allow us to allocate funds accordingly so we can complete these projects right away,” Abad said.


The proposed budget for 2015 is P2.606 trillion.



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SM to expand Mall of Asia


MANILA—SM Prime Holdings has earmarked as much as P1.5 billion to redevelop Mall of Asia, which will expand its selling area by about a third and become the country’s first shopping mall with a football field on its roofdeck.


The upgrading of Mall of Asia is part of SM Prime’s medium-term expansion program.


In 2015, four to five malls will open, including a new complex in Tianjin, China, expanding the group’s gross leasable area by about 8 percent, the company’s chief financial officer Jeffrey Lim told reporters on the sidelines of the ING-Financial Executives Institute of the Philippines’ CFO of the Year awarding ceremony on Wednesday.


SM Prime recently opened its 50th shopping mall in the Philippines: the 41,481-square-meter SM Center Angono in Rizal, bringing its total floor area to 6.4 million square meters —the largest in the country — in a span of less than three decades.


Capital spending for the expansion of Mall of Asia amounting to P1.2 to P1.5 billion will be spread out over the next two years, Lim said. The expansion is not expected to affect the mall’s current operations.


“Mall of Asia is already a mature mall so when we redevelop we will be able to get the (mature) rental rate. It’s not greenfield,” Lim said.


Once this large shopping mall fronting Manila Bay is expanded, it will have about 530,000 square meters of retail area, surpassing Megamall’s 490,000 sqms. Mall of Asia is thus expected to be SM Prime’s largest shopping mall and the largest in the country in two years’ time.


To date, SM Mall of Asia is already among the 10 largest shopping malls in the world. Two other SM malls – Megamall and North Edsa – are on this roster of giant malls.


The expanded Mall of Asia is expected to open to the public by 2017. Apart from adding one new floor to expand leasable space in the currently two-level mall, SM Prime plans to construct a football field on the fourth level.


Asked whether SM Prime would make money from having the football stadium, Lim said, “It’s really [a matter of] providing a venue,” adding that once constructed, “there won’t be a lot of operating cost.”


Lim said the football component of Mall of Asia was an “afterthought.” The popularity of football in the country has increased in recent years.


Moving forward, Lim said, SM Prime would like to grow its gross leasable area “within the range” of 8 percent each year.


In China, alongside the opening of the Tianjin mall, SM Prime is now planning to undertake residential projects, the first of which will be beside the existing mall in Chengdu in Sichuan province.



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