Stock News 2011: Grepalife-managed mutual funds surpass P3-B sales in Q3

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Grepalife Asset Management Corporation (GAMC), the mutual fund management arm of Yuchengco Group of Companies, has marked its presence in the mutual fund market by surpassing P3.2 billion gross sales mark as of the end of the third quarter of 2011. Based on data from the Philippine Investment Fund Association (PIFA) as of the period ended August 2011, GAMC-managed mutual funds likewise dominated total net sales (difference between gross sales and redemptions) among bond mutual funds invested in foreign currency securities by increasing net assets by P1.3 billion representing 106% share in total net sales growth for all funds in the same category. Industry data likewise revealed some competitor funds have experienced negative net sales in the same period.

Butch L. Lustado, Assistant General Manager of GAMC claims that the stable returns have allowed their company to grow their assets under management to over P4.6 billion by the end of the third quarter of 2011. “Our investors are by and large very satisfied with the way we handle their hard-earned funds and keep them informed about it,” says Lustado. GAMC has an on-demand account inquiry service for investors via SMS and the Internet.

http://mb.com.ph/articles/337019/grepalifemanaged-mutual-funds-surpass-p3b-sales-q3

Stock News 2011: MRC Allied raising P1 B via private placement

MRC Allied Inc. may opt to sell shares via private placement to raise about P1 billion for its mine exploration activities instead of the earlier planned P750-million primary common or preferred share offering.

In an informal briefing, MRC chief finance officer Vicente Laza said they are more inclined towards the fastest means to raise fresh funds since they want to start exploration activities in their two recently acquired mine sites as early as possible.

Since the private placement of shares will dilute existing shareholder, Laza said it’s a possibility that the firm’s major shareholder, Menlo Capital Corporation will be one of the investors in the private placement.

He explained that a rights offering will take at least six months to complete and stringent requirements for rights offers will not give them the flexibility to rechannel funds for the acquisition of more mine sites if the opportunity arises.

MRC chief information officer Miguel Bitanga said they are looking to acquire more mining properties in the next five months with a target of buying three more mine sites this year.

http://www.mb.com.ph/node/298364/mrc-allied-rai

Stock News 2010: Globe Asiatique has not been getting money from Pag-IBIG

Image by express000 via Flickr

MANILA, Philippines - Globe Asiatique Realty Holdings Corp. has not received a single centavo from Pag-IBIG Fund (Home Mutual Development Fund) for more than two months now or even before the adverse publicity about it, according to its owner Delfin Lee.

Lee stressed that Globe Asiatique does not owe Pag-IBIG Fund a single centavo and has not been remiss in its obligations even up to this time. Nevertheless, he said, Pag-IBIG Fund has stopped releasing money to the company.

The Globe Asiatique official also emphasized that it has been using its own money to build the houses sold to ordinary Filipinos.

He said the housing loans are granted not to developers like Globe Asiatique but to the Pag-IBIG members, who, in turn, use the proceeds to buy houses from developers like Globe Asiatique.           

“It is not Globe Asiatique which approves the loans but Pag-IBIG,” he said. “Globe Asiatique only processes the application upon certification from Pag-IBIG that the applicant is a bonafide member.”

Lee reiterated that it is Pag-IBIG Fund and not Globe Asiatique which receives, processes and approves applications for membership so that the housing loan can be availed of.

Incumbent Vice President Jojo Binay, who now chairs Pag-IBIG Fund, has also clarified in news reports that appeared Sept. 8 that the money of the agency is safe and intact in the midst of bad publicity against Globe Asiatique.

Lee said Globe Asiatique protects the money of Pag-IBIG Fund through its buy-back guarantee which is for five years and not just two years as given by other developers.

This way, when the borrower fails to pay the Pag-IBIG loan, it is Globe Asiatique which assumes the obligation, he said.

http://www.philstar.com/Article.aspx?articleId=610234&publicationSubCategoryId=66

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