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Thursday, May 17, 2012
Wednesday, May 09, 2012
"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.
Sunday, April 29, 2012
Tuesday, April 24, 2012
Friday, April 20, 2012
Thursday, April 19, 2012
Tuesday, April 17, 2012
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.
Monday, April 16, 2012
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.
Sunday, April 15, 2012
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.
Saturday, February 04, 2012
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.
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.