Stock News 2010: SMC completes acquisition of 68% of Petron

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MANILA, Philippines – Diversifying giant San Miguel Corporation now controls 68 percent of oil refiner Petron Corporation after it exercised the option to acquire 60 percent of the outstanding shares of Sea Refinery Corporation.

SMC said in a disclosure to the Philippine Stock Exchange said the December 15, 2010 acquisition, equivalent to 24 million Petron shares is in line with the Option Agreement dated December 24, 2008.

The conglomerate plans to raise its stake in Petron to as much as 90 percent if given an opportunity by the Ashmore Group which still holds a block of the oil firm’s shares.

“We will want to buy more and maybe we can buy up to 90 percent,” said SMC president Ramon S. Ang in an earlier interview.

http://www.mb.com.ph/articles/293289/smc-completes-acquisition-68-petron

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International News 2010: Siemens selects initial projects for $100-M Integrity Initiative

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Siemens AG recently announced the first anti-corruption projects that will receive financing from the $100-million integrity initiative to promote clean markets. This initiative is part of the World Bank-Siemens AG comprehensive settlement that was agreed on July 2, 2009. An initial tranche of $40 million will now be distributed to more than 30 initiatives from over 20 countries that have been selected. Around 300 non-profit organizations from 66 countries had applied for funding during the first round.

“Siemens stands for top performance with the highest ethical standards,” said Peter Y. Solmssen, Member of the Managing Board and General Counsel of Siemens AG. “Together with the World Bank Group, we want to promote integrity and fair competition worldwide. With the selection of the projects for the Siemens Integrity Initiative, we have taken the first important step in this direction.”

“We welcome the company’s initiative and clear commitment to the principle that only clean business is good, sustainable business“, said Leonard McCarthy, Integrity Vice President of the World Bank Group. “Corruption steals from the poor, and it can only be tackled on a joint basis. The projects of the Siemens Integrity Initiative will help strengthen the will to combat corruption worldwide and improve conditions for everyone.”

Projects that will be supported by this initial tranche include a clarion call for collective action from two Philippine-based organizations - the Makati Business Club (MBC) and the European Chamber of Commerce in the Philippines (ECCP). Dubbed “Project: SHINE”, which is an abbreviation for Strengthening High-level commitment for Integrity Initiatives and Nurturing collective action of Enterprises advocating for fair market conditions, the joint undertaking aims to increase transparency and integrity in business transactions to create a more sustainable business environment in support of national development.

Project: SHINE’s key objectives include the standardization of business practices and codes of conducts, and the creation of integrity pacts among participating companies. This is in addition to fostering constant dialogue among various stakeholders to ensure a common understanding on the challenges and solutions in the fight against corruption, and strengthen their commitment to good corporate governance.

http://www.mb.com.ph/node/292898/

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Stock News 2010: Visa payments volume in Asia Pacific grows 12% to $800 billion

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MANILA, Philippines – Visa Inc. reported increased card spending throughout the Asia Pacific region.

For the 12 months ended September 30, 2010, payments volume generated on all Visa cards across Asia Pacific reached US$800 billion, an increase of 12.0 percent over the same period last year.

Significantly, the total number of actual payments transactions increased to 10.2 billion, up 11.4 percent from 12 months ago. This increase highlights the continued trend by consumers to use electronic forms of payments rather than cash and checks throughout the region.

Overall, across the Asia Pacific region, both Visa debit and credit products recorded strong growth throughout the year; payments volume for debit increased by 42.9 percent while credit increased by 9.7 percent.

The number of Visa debit cards increased by 15 percent for the year ending September, 2010. This growth figure is a key indicator that more and more people are joining the formal banking system, a sign in turn of improved financial inclusion in developing economies.

http://www.mb.com.ph/node/293099/vi

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Stock News 2010: FLI ramps up Cebu project

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MANILA, Philippines – Filinvest Land, Inc. (FLI), the property development arm of the Gotianun family, is ramping up its projects in Cebu.

The firm said it recently broke ground on the first of its mid-rise building (MRB) projects within Citta de Mare, in the South Road Properties, Cebu.

Amalfi Oasis is one of the mid-rise building communities FLI is developing within the 50.5-hectare Citta de Mare, under a joint venture with the Cebu City Government.

FLI held ground breaking ceremonies last November 13 for Amalfi Oasis’ first of 10 to 12 buildings. The first tower will have 150 units and should be ready for turnover to buyers by the end of 2011.

By February, 2011, FLI targets to break ground on its second project in Citta de Mare, San Remo Oasis. It will have a total of eight buildings, with the first having 130 units.

http://www.mb.com.ph/node/292896/fli-ramp

Stock News 2010: PLDT reinvents its landline bundle offering

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MANILA, Philippines – The Philippine Long Distance Telephone Co. (PLDT) transforms the face, feel and future of the wireline business via a new offering that bundles a landline with a touch’ screen tablet and a high speed myDSL under a single service plan.

The PLDT TelPad unit includes a special handset that also serves as a charging dock for a 7-inch screen tablet computer. Subscribers can use the handset or the portable tablet computer to make and receive phone calls and access over a hundred thousand online applications on top of the unlimited broadband access of the bundled service.

“The PLDT TelPad was conceptualized and developed here in the Philippines using world-class technology,” PLDT President and CEO Napoleon L. Nazareno pointed out. “And we are starting to bring it to the market now to reshape the future of the landline.”

http://www.mb.com.ph/node/292687/pldt-reinvent

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Stock News 2010: Double-digit investment growth seen in 2011

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MANILA, Philippines – As investments now reaching over P457 billion and expected to exceed the 2010 growth targets, Trade and Industry Secretary Gregory L. Domingo sees double-digit growth in investments next year with infrastructure projects and the government’s six big winners as growth drivers.

Domingo said this as new investments registered with the Board of Investments (BoI) and the Philippine Economic Zone Authority (PEZA), the country’s premier investment generating agencies, are expected to exceed targets this year.

As of December 13, BoI-registered investments, as measured by project cost, already reached P257 billion while PEZA investments are expected to exceed its P200 billion target for the year as of December .

“We are going to exceed our 15-10-10 growth targets for the year,” said PEZA Director-General Lilia B. De Lima told reporters, but did not divulge the latest investments figure.

PEZA is eyeing for a 15 percent growth in investments and 10 percent growth each for exports and employment.

In addition, BoI executive director Lucita P. Reyes said the agency has approved a total of P257 billion as of its last meeting.

“We only need one big project to exceed our last year’s total investments of P287 billion,” Reyes said.

“We are more bullish next year on investments,” Domingo told reporters at the sidelines of the recently concluded Philippine Retailers Association’s 2010 Awardees for Best Retailers and Shopping Centers.

“We expect double-digit growth next year,” Domingo said.

http://www.mb.com.ph/node/292685/doubledigit-inve

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Stock News 2010: Green Makes Good Business

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Advocating green living is no doubt the cause of the times. Recognizing their responsibility to the environment, more organizations and individuals are doing their part to address climate change and promote sustainable living.

Taking these efforts beyond the usual is Unilever Philippines, which not only joins public campaigns but also invests in making its own business operations eco-friendlier. “We want to make sure that we’ll be able to grow our business without raising the impact of our operations on the environment,” shares Chito Macapagal, Vice President for Corporate Affairs of Unilever Philippines. “Sustainability is the key here and by implementing such practices now, we achieve a two-fold mission—growing our business by bringing vitality to the lives of individuals and to the community.”

Greener Operations

One notable effort is the company’s wastewater treatment facility in its manufacturing plant in Paco, Manila, which has been in place since 1994. Wastewater from plant operations go through several processes—including a bath of germ-killing natural bacteria—to make sure that no toxic residue reaches the nearby 25-kilometer waterway which ultimately flows into the Pasig River. The whole system is so effective that the treated water also becomes the habitat of the company’s koi fishes.

Unilever Philippines has also heavily invested in solid waste management. In 2003, it began Project Eliminate to minimize the need for an on-site landfill. Through conversion and recycling programs, the company completely cleared the dumpsite within two years and now Businessuses the extra space as a parking lot. Recently, the company won the Grandmaster award at the country’s first Zero Basura Olympics for another one of its solid waste management initiatives. The project makes use of “green” technology to convert waste sachets and other plastic packaging materials into powder material used in making bricks and pavers that are then donated to Gawad Kalinga to help build homes. Mothers from a select community also get livelihood from the program by creating bags, aprons and other items from the more presentable-looking waste packaging.

http://www.mb.com.ph/node/292505/green-make

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