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SEC approves Filinvest Land's P11B bond issue

MANILA, Philippines - The Securities and Exchange Commission (SEC) has given the green light for Gotianun-led property developer Filinvest Land Inc.'s issuance of P11 billion fixed rate bonds.

Based on the documents submitted to the SEC, the bonds will be issued in two tranches. The first tranche of P7 billion will be issued in June, while the rest will be issued in the third quarter of 2012. The bonds will have a term of 7 years.

BDO Capital and Investment Corp., BPI Capital Corp. and First Metro Investment Corp. have been named the joint issue managers

Filinvest has said it will use the proceeds from the offering to partially finance its P15 billion capital expenditures this year.

The property firm has already set aside P5.4 billion to develop medium-rise buildings in Metro Manila, Davao and Rizal. Another P3.8 billion is allocated for the development of properties in Metro Manila, Cavite and Cebu. The rest will be spent for developing subdivisions, acquiring land and building high-rise projects.

PDIC reviews BDO proposal to rehabilitate Export Bank

MANILA, Philippines - BDO Unibank on Wednesday said it submitted a proposal to rehabilitate the recently shuttered Export & Industry Bank, which is currently under receivership.
"BDO Unibank, Inc. confirms submission of a proposal for consideration of the Philippine Deposit Insurance Corp. (PDIC)," the Sy family-led bank told the stock exchange.
The Philippine Daily Inquirer reported that BDO has submitted a proposal that "it is prepared to move in immediately" and take over some P14 billion in the bank's deposit liabilities.
The PDIC said it is reviewing BDO's proposal to rehabilitate Export Bank. However, it noted that some of BDO's conditions are not within the scope of the PDIC's authority. 
"BDO has submitted a proposal to rehabilitate EIB with certain conditions. PDIC is reviewing the legal and economic viabilities of said proposal. Some of the conditions as proposed are not within the authority of PDIC," it said.
As receiver of Export Bank, the PDIC has 90 days to determine a rehabilitation proposal that will be advantageous to depositors, creditors and taxpayers. It is sill coming up with the terms of reference, as well as engage the services of a financial auditor to determine the valuation of Export Bank.
Any rehabilitation proposals will then be submitted to the PDIC Board, and later the Monetary Board, that will approve it.
Negotiations between BDO and Export Bank began as early as 2009, but that petered out despite obtaining regulators' approval last year.
"Our acquisition of Export Bank was conditional on the settlement of certain legal issues that to this date remain outstanding. Should we be invited, we are willing to help in the rehabilitation of the bank," BDO President Nestor Tan earlier said.
Export Bank has been having financial woes for years after buying failed Urban Bank in 2001.
Export Bank declared a bank holiday last month, after it informed the Bangko Sentral ng Pilipinas (BSP) that it was unable to meet its maturing obligations.

'Earnings excitement' to boost stocks this week

MANILA, Philippines – Investor excitement over corporate earnings is expected to give the local stock market a boost in the coming week.

“Earnings excitement may fuel next week’s market performance. But overall, we still expect the PSEi (Philippine Stock Exchange Index) to consolidate and find support at 5,140,” AB Capital Securities Inc. said in its weekly report.

The local earnings season started last week with property firms among the first ones to report.

According to AB Capital equities analyst Maria Arlysa Narcisco, first-quarter results were “very rosy,” which helped the PSEi post a new intraday high of 5,247.14.

The index closed at 5,169.05 on Friday or up 0.24% week-on-week, with the Mining and Oil sub-index recording the most gains of 5.52%.

Among the few surprises for the week, Narciso said, are the surge in share prices of Atok-Big Wedge Co. (up 34%), Philex Mining Corp. (up 19.6%) and its subsidiary Philex Petroleum Corp. (up 129.8%).

“All three rose on news that results of a seismic study proved that Service Contract 72, or commonly known as Recto Bank, holds vast natural gas reserves that surpasses that of Malampaya's,” Narciso said. “This would pave the way for the country to be less dependent on imported fuel.”

Meanwhile, (SMPH) and SM Development Corp. (SMDC) reported “robust” operating results, with SMPH earnings up 15% for the period due to opening of new malls, growth in same store sales, and increasing contribution from its China operations. SMDC, for its part, disclosed that it doubled its sales target for the period by recording a 59% increase in value of pre-sold units while volume of pre-sold units went up 51%.

“Interest in property firms is likely to be sustained due to the low interest rate environment, which is favorable to the industry,” Narciso said.

Narciso said the PSEi’s behavior last week was “a fresh relief from its consolidation phase after rallying and reaching high levels in the past quarter.”

In terms of individual stocks, she said Philex Mining is more of a “long term hold.”

“If the stock continues its descent (this) week, one may consider accumulating PX shares in view of its future potential,” she said.

AB Capital also has a “buy” recommendation on GT Capital Holdings Inc., the listed flagship firm of businessman George S.K. Ty, which debuted on the PSE two weeks ago.

On Friday’s close, the stock gained 10% to P502.50 from its IPO price of P455 per share.

“We have determined that its robust growth story and compelling valuations are attractive,” she said, adding that it has a target price on GT Capital of P631 per share.

AB Capital said it is also keeping its previous recommendations on Marcventures Holdings Inc. and First Philippine Holdings Corp.

Aquino gives preview on mining policy

MANILA, Philippines - President Benigno Aquino on Tuesday gave a preview of the executive order that he will issue to spell out his administration's policy on mining.

In a forum with members of the People Power Volunteers for Reform, Aquino reiterated that he prefers an increase in the share that the government gets from mining proceeds.

"A very simplistic way of looking at it: One hundred percent of the problem, if there becomes a problem, is our problem. But of the proceeds, only 2% is ours to take care of the 100% of the problem. Hindi yata fair. So there has to be an increase in what government gets," he said.

He also said that at least 78 eco-tourism sites "will not be exploitable to mining interests."

Aquino said various stakeholders are now going through the draft of executive order for their final inputs before he signs it.

"Last time na ilagay na ninyo ang inputs nyo. Agree ba kayo dito sa nakalagay na ito tapos magkakapirmahan tayo dito. I’m still awaiting yung pagbalik sa akin ng last go-around of this EO," he said.

AirAsia PH starts Puerto Princesa flights

CLARK, Pampanga  - Budget airline AirAsia on Friday launched its maiden flight from Clark International Airport to Puerto Princesa City, Palawan.

The flight coincides with the formal awarding of Puerto Princesa Underground River as one of the 7 New Wonders of Nature this weekend.

The first AirAsia flight to Puerto Princesa PQ7015 left Clark at 5:50 p.m. The flight included 40 delegates from the Philippine Swimming League, who will compete in Palawan.

"Puerto Princesa is the gateway to Palawan’s wealth of wonders and diverse eco-tourism offerings. Its new found fame as one of the new seven wonders of nature has generated a lot of interest from both local and international tourists. But beyond these must-see tourist spots and natural wonders, AirAsia brings awesome connectivity between these provinces and even beyond," AirAsia Inc. CEO Maan Hontiveros said.

Palawan has several tourist attractions such as Tubbataha Reef, Honday Bay, Palawan Wildlife Rescue and Conservation Center, and the famous Puerto Princesa Underground River (PPUR). The PPUR was voted as one of the seven wonders of nature.

AirAsia began its flights in the Philippines last March 28, with its flights to Kalibo, gateway to the world-famous Boracay, and Davao City.

Hontiveros said tourists from Central and Northern Luzon, as well as those in the northern part of Metro Manila, will now have access to flights to Palawan.

"In the same way that Palawan has a new and better access to Luzon other AirAsia destinations across Asia and Australia," she added.

AirAsia is currently offering a one-way fare to Puerto Princesa for just P799, including base fare, fuel surcharge, processing fees and other government taxes. The promotional sale for Puerto Princesa flights will run through April 22. Travel will be from April 23  to July 31 2013.

Hotel group to invest $200 million in PH

MANILA, Philippines - Concept hotel developer H20 Ventures, Inc. plans to invest up to $200 million over the next few years to develop five new hotels in the country.

First rise along Kalayaan Avenue and Makati City in the second half of 2014 is a P2 billion modern five-star hotel developed by H20 Ventures Inc. and global hotel concept developer WorldHotels, the first of a series of concept hotels to be developed by the two firms in the next five years.

H20 Ventures is the developer of the Ocean Park Manila and the marine-themed H2O Hotel within the park, while Germany-based World Hotels is the developer of 500 concept hotels in 265 destinations and 65 countries.

WorldHotel and Residences Makati is a 40-story development with 401 rooms. It is a 30-minute drive from the Makati business district and from the airport.It will have an alfresco dining and ground floor café and a roof deck bar. It will likewise has a function hall that can accommodate 400 guests.

The hotel is being designed by Suying Design, a Singapore-based interior and architecture firm, that has designed condominiums and commercial complexes in Hong Kong, India, China, Indonesia, Vietnam, Malaysia, and Singapore.

During the launch of the hotel yesterday, H2o Ventures president Lim Chee Yong also announced that the joint venture would be developing five concept hotels in the next decade and that they are already scouting for locations in Busuanga, Coron, Boracay and Cebu.

Aside from the new hotel in Makati, another WorldHotel property would be developed in Metro Manila.

Lim said the construction and management of the new Makati hotel would be borne by H20 Venture Inc., while the branding side would be taken cared of by WorldHotels.

The new hotel, like Hotel H20, would employ around 500 staffers.

“The partnership between Hotel H20 and WorldHotels has proven to be a mutually beneficial collaboration. WorldHotels branded hotel solutions offers one of the most flexible hotel models in the world for upscale independent properties and hotel groups,” he said.

“Adopting the WorldHotel brand enables quality independent hotel groups to position themselves internationally in the face of competition from global hospitality brands,” he added.

WorldHotels vice president for Asia-Pacific Roland Jegge said that with the government’s commitment to increase public spending for infrastructure and development of the tourism sector, the hotel business has great potential.

“Manila needs more hip hotels. The hotels that we have here were built a generation ago,” said Jegge.

He said WorldHotels also welcomes other property developers in the country who want to develop concept hotels that target the young market.

“We are fast to embrace other partners who want to develop their own hoteals. We allow owners to develop their own concept. No cookie cutter hotels,” he said.

WorldHotels provide partnerships with airlines, credit card firms, car rentals and travel firms.

It also provides marketing and branding services to its development projects.

PSEi hits new closing record

MANILA, Philippines - The Philippine Stock Exchange index (PSEi) closed at a new all-time high on Tuesday.

On Tuesday, the PSEi closed at 5,157.28, up 39.82 points or 0.80 percent. The previous closing record high was 5,145.89, which was set last March 16.

The PSEi also reached a fresh intraday high at 5,186.52, beating the previous record intraday level at 5,146.17 last March 19.

"While developments abroad continue to be a significant factor in dictating market movements, investor confidence in our local market remains strong which has enabled it to buck the downward trend in the region these past few days. This four-day rally shows that the market continues to withstand external shocks as it is supported by the Philippines' growth story," PSE president and CEO Hans B. Sicat said, in a statement.

As of April 17, the PSEi has grown by 18% or 785.32 points, year-to-date.

Ayala Land starts public offer of P15B bonds

MANILA, Philippines - Ayala Land Inc. (ALI) started its public offer of P15 billion bonds on Monday, which represent the property developer's largest debt issue to date.

The bonds consist of an aggregate principal amount of P10 billion with an oversubscription option of up to P5 billion. It will be issued in two tranches of 7 and 10 years.

ALI's public offer runs through 3:00 p.m. on April 23. The issue date for the bonds is on April 27.

"This offering represents the largest fundraising initiative by Ayala Land in the capital markets, exceeding its P10 billion note issue last year with a 15-year tranche, the longest tenor for a Philippine corporate institution," ALITreasurer Augusto D. Bengzon said.

"This is in step with Ayala Land's largest capital expenditure program to date of P37 billion, topping as well last year's record of P30 billion. This positions Ayala Land to achieve stronger results in 2012, having closed yet another banner year in 2011," he added.

ALI posted an all-time high net income attributable to equity holders of P7.4 billion in 2011, 31% more than the P5.46 billion recorded in 2010.

BPI Capital Corporation and The Hong Kong and Shanghai Banking Corporation Limited are joint lead managers and underwriters.

BDO Capital and Investment Corporation and First Metro Investment Corporation are co-lead managers and underwriters for the offering.

SBMA eyes Subic BPO city

MANILA, Philippines -- The Subic Bay Metropolitan Development Authority (SBMA) plans to develop a business process outsourcing (BPO) center inside the freeport zone, similar to the Ayala Techno Hub.

In a statement, SBMA chairman Roberto Garcia said the project could create as many as 20,000 jobs in five years.

“The SBMA is already developing what we call the Subic BPO City, which will be similar to the Ayala Techno Hub. We believe we can already provide BPO services here because we now have a workforce that’s well-trained in ICT,” he said.

The Ayala Land Techno Hub is a 20-hectare information technology center located in Quezon City. It is listed as an IT park by the Philippine Economic Zone Authority, which gives incentives to investors in information and communication technology (ICT).

Garcia said all technical infrastructure for the Subic BPO City are already prepared. He said the SBMA would also provide housing for professionals who would work in the center.

He noted that the BPO sector is growing by about 25 percent a year, remitting $13 million to the Philippine economy and is fast catching up with the $20 million annual remittance of overseas Filipino workers. The country now has more than 700,000 seats for call center agent services and business process outsourcing.

“We have already surpassed India in the field of BPO, and because of this, the future looks very bright for the Philippines,” he said.

Garcia said Subic has a skilled workforce that is English-proficient and computer literate.

“This is readily available in the Subic Bay area – a well-trained workforce well-versed in ICT. This will be a big boost to our dream to build a BPO City here,” he said.

Palace admonishes Llamas over pirated DVDs

MANILA, Philippines – Malacañang has admonished Presidential Political Adviser Ronald Llamas for purchasing pirated DVDs in a Quezon City mall last month.

In a letter penned by Executive Secretary Paquito Ochoa Jr., Llamas was also reminded to exercise good judgment in his personal endeavors.

“Taking into account your expression of ‘deep regret’ and your tender of an apology, you are hereby formally admonished and given a firm reminder that you should, in the future, observe a higher degree of circumspection and discretion even with regard to your private, non-official conduct,” Ochoa said.

Llamas was also advised to “act at all times with a high degree of prudence and propriety.”

While the purchase of bootlegged videos did not violate any law, the Palace warned Llamas of severe sanctions if he commits another act of impropriety in the future.

Llamas apologized to the President and verbally offered to resign during a meeting last Friday, but Aquino rejected it.

De Lima, Lacierda face disbarment for criticizing Corona

MANILA, Philippines - Justice Secretary Leila De Lima and Presidential Spokesperson Edwin Lacierda have been slapped with a disbarment case before the Supreme Court(SC) for "contemptuous" utterances and remarks against Chief Justice Renato Corona.

In a 5-page petition filed last January 16, lawyer Agustin Sundiam asked the high tribunal to allow the commencement of proceedings for the disbarment and/or suspension of respondents from the practice of law, and to impose disciplinary actions.

Sundiam said that by "echoing" what he called "contemptuous remarks" made by President Aquino against Chief Justice Renato Corona during the 1st National Criminal Justice Summit at the Manila Hotel last December 5, De Lima and Lacierda violated the Lawyer's Oath, the Code of Professional Responsibility, and the Rules of Court in the Philippines.

During the said event, which happened days before the initiation of an impeachment complaint against Corona by administration allies at the House of Representatives, President Aquino bashed Corona for being a "midnight appointee" of former President Gloria Macapagal Arroyo, and for supposedly being a roadblock in his reform agenda.

"[K]ung may isang lingkod-bayan na tumatanaw ng utang ng loob, hindi sa taumbayan na siyang dapat na bukas ng aming kapangyariha, kundi sa isang padron na isiniksik siya sa puwesto, maaasahan po kaya natin siyang intindihin ang interes ng Pilipino?" Aquino said in his speech, with the Chief Justice merely a seat away from him.

"Shortly thereafter, the respondents also made utterances and remarks on national television which were bannered in all newspapers in the country and which this Honorable Court may take judicial notice, echoing the said contemptuous remarks of the President of the Philippines apparently in their respective aforesaid capacities as cabinet members," Sundiam, in his petition, said.

"These contemptuous remarks of the respondents are violative fo the Lawyer's Oath, the Code of Professional Responsibility and Section 20(b), Rule 138 of the Rules of Court which direct the respondents-lawyers to observe and maintain the respect and dignity due to the courts of justice and judicial officers," he added.

Sundiam alleged that the remarks issued by De Lima and Lacierda against the Chief Justice -- the head of a co-equal branch of government -- constitute indirect contempt as defined and punished under the 1997 Revised Rules on Civil Procedure.

Sundiam's petition further alleged that "the subject remarks were calculated precisely to degrade or tend to degrade the administration of justice, and erode and undermine the people's confidence" in the Supreme Court and the judicial officers.

Complainant/petitioner stressed that respondents' stature notwithstanding, the Supreme Court should apply the Rules and doctrines it has laid down "with equal force to every and all citizens."

"[E]specially and including the respondents, since no one is above the law in our democratic and republican State," Sundiam said.