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B10 BUSINESS Tuesday, 9 July 2019 Daily Tribune Declining rates prompt full award on T-bills Rates for the 91-day day tenor dropped 50.2 basis points to 3.883 percent from the posted 4.385 percent week-ago By Joshua Lao A significant drop in treasury bill (T-bill) rates across the board coupled with strong market demand allowed the Bureau of Treasury (BTr) to award the securities in full on Monday. National Treasurer Rosalia de Leon expressed satisfaction with the T-bill auction noting on market expectations of another cut in the Bangko Sentral ng Pilipinas’ (BSP) key policy rates. “We have an excellent turnout in terms of the volume that we received given the following tranche of the RRR (reserve requirement ratio) cut,” De Leon told reporters. According to her, the accelerated demand observed in the recent auction can be traced to the reduction in T-bills volume for the quarter in addition to market anticipation of cuts both from the BSP and the Fed. “We have downsized our T-bills issuance so the demand is higher but supply is lower and then of course, an anticipation of a possible rate cut of the monetary board given the inflation print of 2.7 (percent) last June,” the Treasury chief said. “Also, the Fed talk about a possible cut during their FOMC (Federal Open Market Committee) meeting this July,” she added. Rates for the 91-day day tenor dropped 50.2 basis points to 3.883 percent from the posted 4.385 percent week-ago. Likewise, yields for both the 182- and 364-day benchmarks stood 4.238 percent and 4.737 percent respectively, a 48.5 basis point and 25 basis point improvement from the registered 4.723 percent and 4.986 percent on the same. In all, the BTr was able to raise its full P15 billion offer after bids reached P50.5 billion, oversubscribing the original amount more than thrice. Meanwhile, the timeline to which the eyed Samurai bond issuance is yet to be finalized as the Treasury chief noted that they are yet to find out its tenors while in terms of volume, they will issue up to $1 billion. “We are looking around sometime late July or early August (2019), basta before the ghost month, yung Obon (festival). I think it starts around mid-August,” De Leon said. Phoenix Petroleum price advisory Phoenix Petroleum Philippines (PPP) yesterday increased the price of gasoline by P0.25 per liter. PPP is an independent oil company. Its core businesses include petroleum products, aircraft refueling, liquified petroleum. Other businesses include PNX Petroleum Singapore, Phoenix Fuel Masters and Family Mart. New Clark: The country’s most sustainable city PHOENIX gasoline rates up by just 25 centavos. MONDAY 8 JULY 2019 PHILIPPINE STOCK EXCHANGE BCDA is building access roads to and from New Clark City that will provide access and connectivity to everyone New Clark City, within the Clark Special Economic Zone, promises to be the most sustainable and inclusive city in the country, according to a report by Bases Conversion and Development Authority (BCDA). For one, BCDA said it owns the land. There are no declared ancestral domains or certificates of ancestral domain titles (CADT) in the area. Thus, Aeta families are not displaced. New Clark City is creating opportunities for everyone especially for the indigenous people (IP) groups and farmers who may be affected in the development of roads and other infrastructure. BCDA also holds regular dialogues with the National Commission on Indigenous Peoples (NCIP) and the communities to assure that they are part of the development. Credible institutions such as the University of the Philippines and the Asian Development Bank worked with BCDA to study and to master-plan to ensure sustainability and inclusivity of New Clark City. Out of the 9,450 hectares, only 3,500 hectares are buildable, leaving 6,000 hectares or 60 percent of green and open spaces for upland farming and forest reserves. Less than 40 percent will be developed. BCDA is building access roads to and from New Clark City that will provide access and connectivity to everyone, especially IP, residents and farmers for their livelihood. The roads will benefit all stakeholders. They will be the first and biggest beneficiaries of these developments. Financial assistance packages amounting to P300,000 per hectare (or P30/sq.), have also been made available to all project-affected people, including IP/ farmers. This is the highest compensation package provided by government to project-affected people. Relocation sites have also been provided by BCDA within New Clark City for those whose residential structures were affected. Credible institutions such as the University of the Philippines and the Asian Development Bank worked with BCDA to study and to master-plan to ensure sustainability and inclusivity of New Clark City. The University of the Philippines Training Center for Applied Geodesy and Photogrammetry did the aerial mapping for this project to ensure that the masterplan is aligned with the natural contours and usage of the land, allowing maximum benefits for the government and all stakeholders. The development of the 1.4-kilometer River Park Corridor follows the natural flow of the Cutcut river as advised by the Asian Development Bank (ADB). The ADB is also conducting a Biodiversity Assessment and Hydrology Study to conserve the flora and fauna and ensure the sustainability of water in New Clark City. BCDA has yet to receive a copy of the study by the University of Glasgow and the University of the Philippines. BCDA is very eager to dialogue with the group to further ensure inclusivity and sustainability of New Clark City. NAME OPEN HIGH LOW CLOSE VALUE (P) FINANCIALS BANKS ASIA UNITED 58.5 58.9 58.5 58.9 286,623 BDO UNIBANK 139 143 139 143 353,321,494 BANK PH ISLANDS 79 79.35 78.6 78.6 134,948,677.50 CHINABANK 27.25 27.25 27.05 27.15 2,714,725 EAST WEST BANK 12.14 12.2 12.1 12.12 27,672,474 METROBANK 71.9 72.35 71.7 71.75 192,822,286 PB BANK 13.24 13.24 13.24 13.24 190,656 PHIL NATL BANK 54.5 56.15 54.5 55.8 14,390,670 PSBANK 58.1 58.1 58.05 58.05 285,610.50 RCBC 27.3 27.7 27.15 27.15 2,294,555 SECURITY BANK 171.5 172.6 171.4 172 224,524,597 UNION BANK 62 62.3 61.9 61.95 2,513,566.50 OTHER FINANCIAL INSTITUTIONS BRIGHT KINDLE 1.28 1.28 1.2 1.26 379,730 BDO LEASING 2.44 2.44 2.31 2.43 728,500 COL FINANCIAL 18.7 18.76 18.7 18.76 30,010 FERRONOUX HLDG 4.85 4.9 4.75 4.84 199,060 FILIPINO FUND 7.84 7.84 7.71 7.71 13,893 IREMIT 1.34 1.34 1.34 1.34 2,680 MEDCO HLDG 0.52 0.53 0.49 0.5 354,440 NTL REINSURANCE 0.98 0.99 0.98 0.98 253,990 PHIL STOCK EXCH 189.1 190 189.1 190 34,182 SUN LIFE 1,800 1,800 1,750 1,750 421,150 INDUSTRIAL ELECTRICITY, ENERGY, POWER & WATER ALSONS CONS 1.39 1.39 1.36 1.36 1,235,910 ABOITIZ POWER 37 37 36.6 37 13,960,695 BASIC ENERGY 0.27 0.27 0.255 0.26 1,244,300 FIRST GEN 27 27.05 26.95 26.95 142,301,535 FIRST PHIL HLDG 90 92.5 89 91.65 141,435,242 MERALCO 381.2 386 381.2 386 21,088,168 MANILA WATER 25.55 25.55 25.1 25.45 15,346,490 PETRON 5.9 5.95 5.86 5.87 8,924,819 PETROENERGY 4.64 4.75 4.6 4.75 563,450 PHINMA ENERGY 2.37 2.38 2.2 2.2 73,139,700 PHX PETROLEUM 12.08 12.08 11.96 12.08 160,460 PILIPINAS SHELL 38.95 39 38.75 38.8 11,910,315 SPC POWER 6.56 6.58 6.54 6.58 207,244 VIVANT 16 16 16 16 1,600 FOOD, BEVERAGE & TOBACCO AGRINURTURE 14.96 14.96 14.58 14.58 7,030,392 CNTRL AZUCARERA 17.48 17.48 17.46 17.46 26,204 CENTURY FOOD 14.4 14.5 14.3 14.48 6,917,138 DEL MONTE 6.27 6.45 6.27 6.4 3,340,882 DNL INDUS 10.54 10.54 10.48 10.5 24,674,786 EMPERADOR 7.68 7.68 7.56 7.62 9,685,431 SMC FOODANDBEV 105.1 105.2 103.9 104.1 5,468,119 ALLIANCE SELECT 0.84 0.86 0.84 0.85 1,298,410 GINEBRA 61 61.1 57.4 57.4 42,737,611.50 JOLLIBEE 285.8 286 284.6 285 95,619,752 MACAY HLDG 9.8 9.85 9.2 9.59 413,060 MAXS GROUP 14.7 14.76 14.5 14.56 3,916,502 MG HLDG 0.186 0.187 0.186 0.186 375,990 PEPSI COLA 1.94 2 1.9 1.91 28,214,940 SHAKEYS PIZZA 13.7 14.04 13.7 14 2,497,298 ROXAS AND CO 1.4 1.4 1.38 1.38 164,880 ROXAS HLDG 2.07 2.1 1.91 1.91 56,280 SWIFT FOODS 0.127 0.127 0.127 0.127 1,270 UNIV ROBINA 172 176.9 171.3 176 173,682,987 VITARICH 1.26 1.28 1.25 1.28 4,147,030 VICTORIAS 2.5 2.55 2.48 2.48 161,920 CONSTRUCTION, INFRASTRUCTURE & ALLIED SERVICES CONCRETE A 105.5 107.8 95 100.5 2,828,856 CONCRETE B 115.2 121 110 110.3 737,752 CEMEX HLDG 3.11 3.14 3.05 3.07 44,702,250 EAGLE CEMENT 15.6 15.6 15.56 15.58 38,613,958 EEI CORP 11.04 11.16 11 11 6,545,096 HOLCIM 13.6 13.6 13.5 13.6 5,420,314 MEGAWIDE 18.3 18.3 17.94 18 53,847,090 PHINMA 9.3 9.3 9.3 9.3 1,953,000 TKC METALS 1.21 1.24 1.2 1.23 691,710 VULCAN INDL 1.47 1.49 1.43 1.43 15,679,210 CHEMICALS CROWN ASIA 2.09 2.09 2.09 2.09 96,140 EUROMED 1.7 1.7 1.7 1.7 34,000 MABUHAY VINYL 3.3 3.44 3.3 3.44 13,480 PRYCE CORP 5.1 5.1 4.91 4.91 42,245 ELECTRICAL COMPONENTS & EQUIPMENT CONCEPCION 40.15 41 40.15 40.6 381,590 GREENERGY 2.59 2.6 2.55 2.59 12,299,380 INTEGRATED MICR 10.32 10.32 10.24 10.24 2,641,836 IONICS 1.74 1.75 1.69 1.7 3,488,630 PANASONIC 5.87 5.87 5.87 5.87 2,348 SFA SEMICON 1.16 1.17 1.14 1.14 1,491,650 CIRTEK HLDG 17.98 17.98 16.3 16.5 11,784,848 HOLDING FIRMS ABACORE CAPITAL 1.05 1.1 0.99 1.02 133,227,260 ASIABEST GROUP 13 13.22 12.9 12.98 196,406 AYALA CORP 901 915 900 910 262,368,475 ABOITIZ EQUITY 56 56 55 55.5 104,881,745.50 ALLIANCE GLOBAL 15.68 15.78 15.56 15.7 89,358,866 AYALA LAND LOG 3.94 3.95 3.83 3.86 10,715,070 ANSCOR 6.55 7.1 6.55 7 227,919 ANGLO PHIL HLDG 0.8 0.8 0.74 0.77 1,517,210 ATN HLDG A 1.3 1.31 1.29 1.29 5,509,520 ATN HLDG B 1.31 1.34 1.3 1.3 1,099,940 BHI HLDG 1,251 1,251 1,251 1,251 12,510 COSCO CAPITAL 6.82 6.87 6.82 6.87 57,055,567 DMCI HLDG 10.3 10.38 10.22 10.22 44,094,726 FILINVEST DEV 14 14.02 13.9 14 1,441,938 FORUM PACIFIC 0.225 0.242 0.223 0.24 130,640 GT CAPITAL 878 878 855 855 56,443,825 HOUSE OF INV 6.42 6.42 6.39 6.4 1,922,131 JG SUMMIT 68 68.75 66.8 68.75 41,845,930.50 LODESTAR 0.495 0.495 0.485 0.485 14,750 LOPEZ HLDG 4.1 4.25 4.1 4.24 6,070,900 LT GROUP 15.76 15.92 15.72 15.88 80,835,872 MABUHAY HLDG 0.63 0.65 0.62 0.64 917,780 MJC INVESTMENTS 2.89 2.89 2.89 2.89 11,560 METRO PAC INV 4.8 4.82 4.74 4.78 70,010,620 PACIFICA 0.039 0.04 0.039 0.04 310,300 PRIME MEDIA 1.5 1.68 1.48 1.51 27,693,440 SOLID GROUP 1.44 1.44 1.37 1.37 490,320 SYNERGY GRID 433.2 465.6 433 465.6 47,960 SM INVESTMENTS 978 992.5 978 983 68,913,325 SAN MIGUEL CORP 176 177 174.8 174.9 61,282,341 SOC RESOURCES 0.82 0.82 0.82 0.82 135,300 TOP FRONTIER 266 267 260.2 260.2 349,940 WELLEX INDUS 0.232 0.24 0.231 0.237 830,090 ZEUS HLDG 0.34 0.34 0.325 0.335 1,258,400 PROPERTY ARTHALAND CORP 0.97 0.97 0.94 0.97 3,843,930 AYALA LAND 51.5 52.45 51.5 52.2 655,803,535.50 ARANETA PROP 2.01 2.05 2.01 2.05 314,940 BELLE CORP 2.34 2.37 2.34 2.35 1,433,640 A BROWN 0.84 0.85 0.84 0.85 1,504,200 CITYLAND DEVT 0.91 0.94 0.9 0.93 208,710 CROWN EQUITIES 0.239 0.24 0.238 0.238 302,590 CEBU HLDG 6.06 6.1 6.06 6.1 240,160 CEB LANDMASTERS 5.19 5.23 5.17 5.17 7,916,854 CENTURY PROP 0.63 0.64 0.62 0.63 24,295,960 CYBER BAY 0.45 0.47 0.45 0.46 615,950 DOUBLEDRAGON 25.2 25.5 24.9 25.2 10,342,710 DM WENCESLAO 10.18 10.66 10.18 10.58 11,815,952 EMPIRE EAST 0.475 0.475 0.47 0.475 835,150 FILINVEST LAND 1.88 1.93 1.88 1.9 183,506,060 GLOBAL ESTATE 1.4 1.41 1.38 1.38 3,182,860 8990 HLDG 15.62 15.62 15.3 15.3 3,538,188 NAME OPEN HIGH LOW CLOSE VALUE (P) PHIL INFRADEV 1.81 1.84 1.8 1.8 4,508,630 CITY AND LAND 0.85 0.85 0.83 0.85 276,480 MEGAWORLD 6.16 6.18 6.09 6.1 60,714,781 MRC ALLIED 0.345 0.35 0.34 0.34 3,738,250 PHIL ESTATES 0.48 0.48 0.48 0.48 230,400 PRIMEX CORP 2.25 2.25 2.19 2.24 2,440,510 ROBINSONS LAND 26.5 27.2 26.1 27 77,355,275 PHIL REALTY 0.405 0.415 0.405 0.405 210,950 ROCKWELL 2.22 2.26 2.22 2.22 775,410 SHANG PROP 3.12 3.2 3.12 3.14 1,909,050 STA LUCIA LAND 1.95 1.96 1.93 1.96 1,411,260 SM PRIME HLDG 38 38.4 38 38.25 190,304,725 STARMALLS 6.43 6.48 6.27 6.32 194,473 PTFC REDEV CORP 46 46 46 46 23,000 VISTA LAND 7.14 7.26 7.12 7.23 55,143,440 SERVICES MEDIA ABS CBN 18 18.18 17.5 17.5 1,636,722 GMA NETWORK 5.35 5.46 5.35 5.46 2,435,864 MANILA BULLETIN 0.51 0.53 0.51 0.53 389,970 MLA BRDCASTING 14.6 15.4 14.5 15.4 20,420 TELECOMMUNICATIONS GLOBE TELECOM 2,260 2,260 2,236 2,258 74,384,970 PLDT 1,246 1,267 1,240 1,240 85,350,875 INFORMATION TECHNOLOGY APOLLO GLOBAL 0.045 0.046 0.045 0.046 171,300 DFNN INC 6.23 6.23 6.18 6.18 318,534 IMPERIAL 1.99 1.99 1.91 1.98 261,620 ISLAND INFO 0.117 0.12 0.116 0.12 77,370 ISM COMM 6.74 6.88 6.73 6.79 37,611,736 JACKSTONES 3 3 3 3 15,000 NOW CORP 2.66 2.7 2.45 2.5 11,189,440 TRANSPACIFIC BR 0.39 0.39 0.385 0.39 1,582,750 PHILWEB 4.03 4.11 3.88 3.88 28,058,390 TRANSPORTATION SERVICES 2GO GROUP 11.22 11.6 11.22 11.3 129,348 ASIAN TERMINALS 21.5 21.5 21.05 21.5 730,955 CHELSEA 8.38 8.63 8.38 8.59 23,759,632 CEBU AIR 91.2 92.9 91.1 92.75 31,250,619 INTL CONTAINER 145.9 146 144 144.7 50,504,513 LBC EXPRESS 14.78 14.78 14.08 14.08 35,534 LORENZO SHIPPNG 0.86 0.86 0.83 0.85 85,190 MACROASIA 19.5 19.52 19.4 19.44 3,861,702 METROALLIANCE A 1.55 1.6 1.54 1.55 296,580 METROALLIANCE B 1.6 1.6 1.56 1.56 326,240 PAL HLDG 9.05 9.12 9.01 9.01 228,941 HARBOR STAR 2.24 2.24 2.21 2.21 2,473,560 HOTEL & LEISURE BOULEVARD HLDG 0.058 0.058 0.056 0.057 713,710 WATERFRONT 0.75 0.78 0.75 0.77 2,669,280 EDUCATION CENTRO ESCOLAR 7 7 7 7 8,400 IPEOPLE 10.1 10.1 9.8 9.8 46,066 STI HLDG 0.75 0.76 0.74 0.76 3,057,560 CASINOS & GAMING BERJAYA 2.75 2.77 2.68 2.74 600,740 BLOOMBERRY 11.6 11.74 11.58 11.66 63,426,860 PACIFIC ONLINE 3.08 3.08 3.03 3.04 913,380 LEISURE AND RES 3.76 3.8 3.72 3.8 2,298,340 MANILA JOCKEY 3.16 3.16 3.16 3.16 3,160 PH RESORTS GRP 5.3 5.55 5.3 5.53 322,135 PREMIUM LEISURE 0.78 0.79 0.74 0.75 13,371,540 TRAVELLERS 5.49 5.54 5.45 5.49 15,023,864 RETAIL METRO RETAIL 2.63 2.67 2.61 2.65 9,059,460 PUREGOLD 44 44.15 43.8 43.8 60,454,705 ROBINSONS RTL 76.85 77.3 76.85 77 35,658,867 PHIL SEVEN CORP 136 136 136 136 6,800 SSI GROUP 3.3 3.37 3.27 3.36 16,809,970 WILCON DEPOT 16.94 17 16.92 16.94 4,167,458 OTHER SERVICES APC GROUP 0.54 0.54 0.51 0.53 3,258,940 EASYCALL 10.46 10.46 10.04 10.06 513,456 GOLDEN BRIA 426 443 410 420 1,022,774 IPM HLDG 5.85 5.85 5.75 5.75 92,950 PRMIERE HORIZON 0.91 0.93 0.89 0.89 34,592,460 SBS PHIL CORP 9.1 9.27 8.98 8.98 646,946 MINING & OIL MINING ATOK 12.48 12.48 12.48 12.48 6,240 APEX MINING 1.23 1.23 1.15 1.18 4,826,720 ABRA MINING 0.0018 0.0018 0.0018 0.0018 1,800 ATLAS MINING 2.78 2.78 2.68 2.78 103,710 BENGUET B 1.2 1.2 1.19 1.19 56,180 COAL ASIA HLDG 0.28 0.29 0.28 0.29 143,400 CENTURY PEAK 2.75 2.75 2.73 2.73 1,923,890 DIZON MINES 7.82 7.85 7.82 7.85 4,701 FERRONICKEL 1.5 1.52 1.47 1.47 20,679,270 GEOGRACE 0.226 0.226 0.22 0.222 238,260 LEPANTO A 0.107 0.11 0.105 0.11 303,130 LEPANTO B 0.12 0.121 0.12 0.121 6,010 MANILA MINING A 0.0075 0.0075 0.0075 0.0075 22,500 MANILA MINING B 0.0076 0.0076 0.0076 0.0076 7,600 MARCVENTURES 1.22 1.3 1.17 1.18 3,277,110 NIHAO 1.04 1.04 1 1.02 42,140 NICKEL ASIA 2.27 2.28 2.24 2.25 4,627,050 OMICO CORP 0.54 0.54 0.53 0.53 15,390 ORNTL PENINSULA 0.87 0.9 0.87 0.87 97,760 PX MINING 3.59 3.59 3.51 3.51 734,320 SEMIRARA MINING 22.8 23.1 22.5 22.7 25,417,690 OIL ORNTL PETROL A 0.012 0.013 0.012 0.012 167,700 PHILODRILL 0.01 0.01 0.01 0.01 109,000 PHINMA PETRO 4.95 4.95 4.65 4.84 1,403,040 PXP ENERGY 7.39 7.4 7.3 7.35 3,378,168 PREFERRED HOUSE PREF A 94.15 94.15 94.15 94.15 2,824.50 ALCO PREF B 100 100 100 100 1,000 ALCO PREF C 98 98 98 98 49,000 DD PREF 99 99 98.1 98.1 627,642 SMC FB PREF 2 965 965 960 965 8,001,950 GLO PREF P 496 500 496 500 6,989,390 GTCAP PREF A 899.5 900 899.5 900 44,990 LR PREF 1 1 0.98 1 47,960 MWIDE PREF 99.7 99.7 99.7 99.7 5,982 PNX PREF 3A 100 100 99.5 100 1,488,980 PNX PREF 3B 107.5 107.5 107.5 107.5 10,750 PCOR PREF 3A 1,011 1,011 1,011 1,011 2,011,890 PCOR PREF 3B 1,012 1,012 1,010 1,010 237,580 SMC PREF 2B 75 75 75 75 1,500,000 SMC PREF 2C 76.1 76.1 76 76.05 5,303,413 SMC PREF 2D 72.5 72.5 72.5 72.5 2,175 SMC PREF 2E 73 73 73 73 2,044,000 SMC PREF 2F 73.9 74 73.75 74 1,007,195 SMC PREF 2H 72.05 73.9 70.8 73.9 1,003,935 SMC PREF 2I 73.7 73.7 73.7 73.7 103,917 PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 17.1 17.22 17.1 17.1 2,399,854 WARRANTS LR WARRANT 1.87 1.92 1.85 1.86 197,750 SMALL, MEDIUM & EMERGING ITALPINAS 4.83 5.04 4.83 5.01 2,237,650 MAKATI FINANCE 2.48 2.48 2.48 2.48 12,400 XURPAS 1.18 1.19 1.15 1.18 6,703,050 EXCHANGE TRADED FUNDS FIRST METRO ETF 120.9 121.7 119.6 121.7 1,683,062
Tuesday, 9 July 2019 Daily Tribune BUSINESS B11 Scheduling issues delay EU, FTA talks By AJ Bajo The Department of Trade and Industry (DTI) pointed at problems in scheduling meetings as a factor behind the suspension in the free trade CHINESE workers manufacture heavy trucks at the auto plant of China National Heavy Duty Truck Group Corp in Jinan Industrial Park in Jinan, East China's Shandong province. Exports, a broader portfolio, after-sales service in Sinotruk's focus for edge abroad. CHINA DAILY Jollibee Foods Corp. (JFC) and California-based Panda Restaurant Group, Inc. have entered into a joint venture allowing the former put up an initial five Panda Express restaurants in Metro Manila. Panda Express serves American Chinese food. It opened the first Panda Express store in Glendale, California in 1983 and is now the largest family-owned and operated Chinese food Gokongwei-led Universal Robina Corp. (URC) is expecting to take a larger bite of the Oceania snack food market through a strategic partnership with European firm Intersnack Group. Listed food and beverage company URC, through its wholly-owned British Virgin Islands (BVI) subsidiary URC Oceania Co. Ltd., entered into the agreement by selling a 40 percent stake in URC’s consolidated businesses in Australia and New Zealand to Intersnack. The company’s international sales declined by 3 percent to P10.2 billion in the period owing to foreign exchange devaluation in Australia and New Zealand ranging from 8 to 10 percent. URC did not disclose the amount of the transaction. URC said the consideration for the transaction will be a mix of cash as well as shares of Yarra Valley Snack Foods Pty. Ltd., Intersnack’s Australia snack food unit offering “organic and gluten free snacks.” “Leveraging on URC and Intersnack’s know-how from their respective markets will yield best practices in manufacturing, supply chain and sustainability practices, setting the groundwork for an even larger and more efficient Oceania operations,” URC said in a disclosure to the stock exchange on Monday. “Through this transaction, URC Jollibee rides Panda Express It opened the first Panda Express store in Glendale, California in 1983 and is now the largest family-owned and operated Chinese food chain in America with over 2,000 locations chain in America with over 2,000 locations. In a disclosure to the stock exchange on Monday, JFC said that the 50/50 joint venture with Panda was incorporated on 3 July and is initially equipped with an authorized capital stock of the Philippine monetizes some of the synergies it has generated from its early investments in Australia and New Zealand, while still retaining control and its ability to further create value within and beyond ANZ,” URC added. The deal will be closed once the companies obtain necessary approval from the Australian Foreign Investment Review Board and the New Zealand Overseas Investment Office. Privately-owned Intersnack Group has operations in 24 countries, where it stands as a top market player with its line-up of snacks including potato and tortilla chips, puffed and other corn snacks, baked products, popcorn and nuts. Intersnack generates about $3 billion, or P158.6 billion, in net sales across Europe, URC said. Its presence in Australia is currently limited to Yarra Valley. URC has earmarked up to P9 billion in capital expenditures this year, the bulk of which will go to increasing its manufacturing capacity in the Philippines. URC’s net income attributable to the parent rose 3 percent in the first three months of the year, to P3.04 billion from P2.952 billion in the same period in 2018, on the back of a s7 percent increase in net sales, to P33.3 billion. The company’s international sales declined by 3 percent to P10.2 billion in the period owing to foreign exchange devaluation in Australia and New Zealand ranging from 8 to 10 percent. Aj Bajo peso equivalent of $5 million. The joint venture has been officially been named JBPX Foods Inc. JBPX Foods received its certificate of incorporation from the Securities and Exchange Commission on 5 July. “With proven track records in providing great tasting food at a great value, JFC and Panda join hands to introduce American Chinese food, a globally-influenced cuisine inspired by authentic Chinese culinary principles, to the A BUZZING bee meets the Americanized panda as Jollibee is set to introduce another fast-food chain in the country, the Panda Express. URC, Intersnack firm up Oceania presence By Jonas Reyes The FTA is seen to propel investments from the EU, one of the country’s largest trading partners by economic bloc BALANGA CITY, BATAAN — The World Bank is set to finance the P94-million rehabilitation of a 5.2-kilometer farm-tomarket road in this city, the local government of Bataan announced. Once rehabilitation is complete, farmers and traders will have easier access when transporting produce from Sitio Nazareno to Culis. This was made public by the Office of the Provincial Agriculturist last week as Philippines,” JFC said in the disclosure. JFC noted that the profits from JBPX Foods will be equally divided between the companies, in accordance to the 50/50 ownership. JBPX Foods will also have its own management while JFC will provide assistance. It opened the first Panda Express store in Glendale, California in 1983 and is now the largest family-owned and operated Chinese food chain in America with over 2,000 locations. Homegrown food giant JFC ended March with 4,543 stores across the globe, 3,141 of which are in the Philippines where it also runs food chains Chowking, Greenwich, Red Ribbon, Mang Inasal, and Burger King. This year, it plans to open 500 more local and overseas stores, with capital investments of P17.2 billion. JFC registered a 14.7 percent drop in net income in the first quarter of 2019, to P1.535 billion from the P1.799 billion it recorded in the same period last year, owing to losses from US-based chain Smashburger, which it acquired in 2018. Shares of JFC were sold for P282.20 apiece as of 11:59 a.m. on Monday, down 0.98 percent. AJ Bajo agreement (FTA) negotiations with the European Union (EU). According to Trade Secretary Ramon Lopez, the EU did not officially communicate the reasons behind the pause in the FTA talks, the scope of which was established as early as 2013. “I don’t know their priorities but we’re just having problems on the scheduling — on the continuation of the third round of talks,” Lopez told reporters at the sidelines of the opening program for the MSME Week in Pasay on Monday. The first formal meeting between EU and the Philippines was held in Brussels, Belgium in May 2016, followed by another round in Cebu City in February 2017. As part of the FTA talks, the country has proposals in seven areas including services, investment, trade, and sustainable development. On the other hand, the EU has nine proposals including rules of origin, small and medium enterprises, custom and trade facilitation, state-owned enterprises, intellectual property, sanitary and phytosanitary measures, public procurement and trade remedies. By Maria Romero Having experienced a cyclical downturn in 2018, engineering and infrastructure conglomerate Megawide Construction Corporation expects to have a stronger year this year as construction activities rebound. In a statement over the weekend, the wholly-owned construction business said the impact of amortization and devaluation charges and interest expenses on airport operations, will push consolidated net income by more than 50 percent and boost net income attributable to shareholders. Citing its latest data, Megawide reported it is currently on track in the first quarter of the year, with revenues reaching P3.56 billion, 10 percent higher than the posted income in the last quarter of 2018. In terms of segment, revenues from the construction business picked up to P2.57 billion in Q1, 10 percent higher than 2018’s last quarter while the airport operations already recorded P892 million income provincial agriculturist Engineer Johanna Dizon said that Governor Albert Garcia has approved the implementation of the World Bank-funded road project. Dizon said that this is in line with the provincial government’s plan to improve road network in Bataan. Dizon noted that 80 percent of the total project cost will be funded by the World Bank while the remaining 20 percent well be shouldered by the Department of Agriculture with the local government unit as their The FTA is seen to propel investments from the EU, one of the country’s largest trading partners by economic bloc. Currently, the Philippines also benefits from the Generalized Scheme of Preferences (GSP+) granted by the EU. Under the program, 6,274 local products enter the EU without tariff on condition that the country complies with the 27 core international conventions involving environmental protection, good governance and human and labor rights. The EU has been a staunch critic particularly of the government under president Rodrigo Duterte’s bloody campaign against illegal drugs. It has earlier on said that the “war on drugs,” on top of other factors such as proposals to reinstate the death penalty and efforts to lower the age of criminal responsibility to 9 years old, poses a threat to the benefits the country receives under the GSP+ scheme. Data from the Philippine Statistics Authority indicates that exports to EU declined by 12.1 percent to $666.5 million in April 2019 from $732.41 million in the same month, 2018. Likewise, imports from EU dropped 1.7 percent during the month to $667.11 million from $678.42 million a year ago. Megawide bounces back during the same period, up 9 percent from Q12018. Megawide chairman and CEO Edgar Saavedra said he expects construction revenues this year to go back to the 2017 consolidated level where it peaked at P1.08 billion. “We are expecting an upturn in 2019 especially in the construction business, with the completion of new projects towards the second half of 2019,” he said. He further noted that with the secured “healthy pipeline of new projects” in the first quarter of the year amounting to P6.2 billion, the company remains optimistic to sustain a healthy order book of projects moving forward. However, he explained that the company’s full-year consolidated revenues may be flat due to one-off depreciation expenses from the Airport business. As of June 2019, Megawide has signed and received Notices to Proceed for seven new projects valued at P9.8 billion and is on track to hit the P20 billion new contracts target, mostly from residential, office and commercial projects. THE farm-to-market road is located in Balanga City, Bataan. Its rehabilitation will cost P94 million, of which 80 percent will be funded by the World Bank. WB financing Bataan farm-to-market road counterpart. “The infrastructure plan of Governor Garcia is focused on the development of agricultural sector to achieve food sufficiency and security for the growing number of constituents, taking into account the growing number of local and foreign investors and employees inside the ecozones, including the industrial estates of Bataan,” she said. She added that the rehabilitation of the road is a precursor to the possible expansion of the Hermosa Economic Zone.
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