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Daily Dispatch. 2016.

Steady policy rates seen 22 Sep 2016

1. Steady policy rates seen (Sept 21, 2016)
The Bangko Sentral ng Pilipinas is unlikely to tweak monetary policy this year as the country’s economic growth remains strong while a low-inflation regime has been maintained despite volatile weather and a surge in government infrastructure spending, according to British banking giant HSBC.

2.
Prospects for insurance industry positive as PHL economy grows (Sept 21, 2016)
The insurance industry is expected to further expand, a top official of a life insurer said, citing the country’s economic growth prospects and expanding middle class. The insurance industry reported a total premium income of P224.33 billion in 2015, higher by 18.71% from the P188.96 billion posted in 2014. Broken down, life insurers earned a total premium income of P188.5 billion last year, up 18.78% from P158.7 billion in 2014.

3.
More listed firms buy back shares (Sept 20, 2016)
In a disclosure to the Philippine Stock Exchange (PSE), food and beverage company RFM Corp., said it repurchased 47,000 shares at P4.20 per share last Sept. 16. Semirara Mining and Power Corp. (SMPC) bought back 142,000 shares at an average price of P110.09 per share. Vista Land and Lifescapes Inc., likewise, repurchased 36,400 shares at an average price of P5.45 a piece.

4.
Thrift banks see steady income growth this year (Sept 16, 2016)
Thrift banks expect to sustain double-digit growth in the industry’s bottom line this year as lending in the countryside, which is seen to drive the expansion, remains strong.

5.
PHL pushes 'green' financing to Asean peers (Sept 14, 2016)
THE Philippines is pushing for an initiative on the so-called green finance—the issuance of bonds and other investments that address the effects of climate change.

6.
Ayala divests in Vietnam infra (Sept 21, 2016)
MANILA, Philippines – Ayala Corp., the country’s oldest conglomerate, has approved the divestment of its 100 percent interest in Vinaphil Technical Infrastructure Investment JSC.

U.K. Backs Brexit as Cameron Resigns After Historic Rupture 24 Jun 2016

1. U.K. Backs Brexit as Cameron Resigns After Historic Rupture
The U.K. voted to quit the European Union after more than four decades in a stunning rejection of the continent’s postwar political and economic order, prompting Prime Minister David Cameron to resign and sending shock waves around global markets.

2.
Philippine power supply jeopardized by Indonesian ban
Indonesian Foreign Minister Retno Marsudi extended the moratorium on coal shipments to the Philippines “until there is a guarantee for security from the Philippine government,” Reuters reported last week.
Indonesia supplies 70 percent of the coal used by the Philippines, equivalent to 15 million tons worth around $800 million in 2015.

3.
Philippines ‘uncompetitive’ in luring investors
The Philippines has yet to realize its full potential to attract foreign investors given long-standing barriers to ownership and “unfavorable” taxes, according to a recent report of BMI Research that assessed the country’s business environment.

4.
GT Capital to raise P12-B for infra, property investments
GT Capital Holdings, Inc., the holding company for the business empire of tycoon George S.K. Ty, is raising funds from the capital market in the third quarter to bankroll investments in infrastructure and property.

5.
SM hopeful of getting Duterte OK for reclamation project
SM PRIME Holdings, Inc. is hoping to start developing 600 hectares in Manila Bay after it secures President-elect Rodrigo R. Duterte’s approval for its proposed reclamation project within the year, its top executive said.

6.
Bloomberry sells Korean casino
In a disclosure to the Philippine Stock Exchange on Thursday, Bloomberry said its offshore unit Solaire Korea Co. Ltd. had entered into an agreement to sell its 96.23 percent stake in Golden & Luxury Co. Ltd. to the Iao Kun Group for 117.5 billion Korean won (P4.7 billion).

Golden Haven going for P778-M IPO 12 Jun 2016

1. Golden Haven going for P778-M IPO
The Philippine Stock Exchange has approved the listing application of Golden Haven, the Villar-led developer of memorial parks and columbarium facilities. The firm was assigned “HVN” as its stock symbol.
The company is offering 74.12 million shares at P10.50 per share beginning June 16. Golden Haven has tapped Asian Alliance Investment Corporation as the sole issue manager and lead underwriter for its maiden share sale.

2.
Incoming Finance chief aims to address lack of interest in REIT
Republic Act No. 9856, or The REIT Act of 2009 that lapsed into law in December that year, saw none of the major property developers coming forward with their prospective offerings amid issues on public ownership and taxation on asset transfers.
A REIT is a stock corporation established principally for the purpose of owning income-generating real estate assets.

3.
Villar’s Golden Haven prices IPO below guidance
The company owned by billionaire Manuel B. Villar will offer 74,117,647 common shares for P10.50 apiece, issue manager and sole underwriter Asian Alliance Corp. told the Philippine Stock Exchange (PSE) on Friday.

Bank of Korea cuts rates in surprise move to support economy 9 Jun 2016

1. Bank of Korea cuts rates in surprise move to support economy
The decision upset widespread market expectations that the bank would keep interest rates unchanged this month and wait until July or later this year to combine an easing move with government fiscal stimulus. Of 18 market analysts polled by The Wall Street Journal, 15 had expected the bank to stand pat on the benchmark seven-day repurchase rate in June.

2.
Japan revises upward growth estimate for Jan-Mar
The government earlier estimated the world’s third-largest economy grew at annualized rate of 1.7 percent. It said the improvement was mainly due to a better-than-expected level of corporate investment.
“While an improvement in business investment is positive for the economy, the strength of the Japanese yen and weak foreign demand may lead businesses to be more cautious about spending,” Bernard Aw of IG said in a commentary.

3.
Shell Philippines unit hires two banks for IPO
Pilipinas Shell Petroleum Corp, a unit of Royal Dutch Shell Plc, has hired BPI Capital Corp and JP Morgan for a domestic initial public offering, IFR reported on Thursday, citing two sources close to the transaction.

4.
Gokongwei to expand petrochemical business
“We’re planning to spend $500 million to $600 million in expanding our petrochemical operations. This will require us to expand the cracker, build further downstream for butadiene and aromatics stream,” President and Chief Operating Officer Lance Y. Gokongwei said.

5.
Ayala bonds obtain highest credit rating
AYALA Corp. bagged the highest credit score from Philippine Rating Services Corp. (PhilRatings) for its proposed bonds amounting to P10 billion.
PRS Aaa is the highest score assigned by PhilRatings. It signifies minimal credit risk and “extremely strong” capacity of the issuer to meet its financial commitment on the bonds.

6.
Allianz SE secures majority stake in PNB Life
The Lucio C. Tan-led PNB told the Philippine Stock Exchange that Allianz has completed the 51% acquisition of PNB Life following the necessary regulatory approvals and announced the appointment of Olaf Kliesow as CEO of the new joint venture agreement between Allianz and PNB effective June 6.

7.
AboitizPower, Zaneco sign supply contract
Power Corp. (AboitizPower) and Zamboanga del Norte Electric Cooperative (Zaneco) have signed a bilateral supply contract covering an initial 5 megawatts (MW) from the 68.8 MW Manolo Fortich run-of-river hydro power plant.
The hydro project is being built by AboitizPower subsidiary Hedcor in Bukidnon and is slated to be completed in 2017.

8.
Globe to provide free Wi-Fi in MRT-3 stations
In a statement, Globe said it signed a memorandum of understanding with MRT, an attached agency of the Department of Transportation and Communication (DoTC), allowing the telco to install wireless Internet infrastructure in the train stations.
The project is also expected to address the problem of weak mobile signal along Epifanio delos Santos Avenue (EDSA) during rush hour.

PH, India forge economic ties 31 May 2016

1. PH, India forge economic ties
Philippines and India have agreed to jointly develop a mechanism for sharing statistical data and to fast-track the development, signing, and implementation of pending Memoranda of Understanding between the two countries.
The meeting identified areas of cooperation in coconut (production, processing and commercialization), rice, customs, Science and Technology, Information Communication Technology (ICT), pharmaceuticals, micro, small, and medium enterprises (MSME) development, and higher education.

2.
San Miguel pulls out of telco industry in $1.5-B deal with giants
Shares in both Philippine Long Distance Telephone Co. (PLDT) and Globe Telecom, Inc. jumped after they said they will buy San Miguel’s telecoms units in a 50-50 purchase valued at 69.1 billion pesos ($1.48 billion). The pair will finance the deal via debt and asset sales.

3.
More rural banks ready to consolidate, says PDIC
Consolidation Program for Rural Banks, a tripartite program of the PDIC, the Bangko Sentral ng Pilipinas (BSP), and Land Bank of the Philippines, was launched in August last year to encourage consolidation among rural banks to improve financial strength and enhance their viability.
Orbeta said two groups consisting of 10 rural banks have pending applications to avail of incentives under the CPRB.

4.
8990 spending P573 M for housing project in Cebu
Top local mass housing developer 8990 Holdings, Inc. has launched the P573 million Urban DECA homes (UDH) Hernan Cortes, its fourth project this year and the third medium rise building (MRB) of 8990 in Cebu.
The project is located at the back of Cebu Country Club Golf Course and is between Cebu City and Mandaue City.

5.
LRT Line 6 project bidding goes to next admin
Even the pre-qualification process of the P65.1 billion Light Rail Transit (LRT) Line 6 project is no longer the responsibility of the outgoing administration after the deadline for the project’s bid submission has been moved further to September.

6.
PSE proposes PPP listing rules
The Philippine Stock Exchange, Inc. (PSE) is opening the equities market to support infrastructure growth in the country with the release of its draft Public Private Partnership (PPP) Supplemental Listing and Disclosure Rules.
“We recognize the need for PPP companies to have funding options available to them. We hope that by enhancing our listing rules for infrastructure companies, PPP firms will consider raising capital through the stock market,” said PSE chief operating officer Roel A. Refran.

OECD joins calls for easing foreign investment limits 12 May 2016

1. OECD joins calls for easing foreign investment limits
The 34-member countries of the Overseas Economic Cooperation and Development (OECD) have joined the chorus for the Philippines to remove statutory restrictions on foreign direct investments in the Constitution and address under-investments in the country by both domestic and foreign businesses.

2.
New plants projected to hike First Gen net profit by $30M
The power plants of the Lopez group – namely the 97-megawatt Avion aero-derivative and 414MW San Gabriel gas-fired plants – are both expected reaching full commercial operations this year.

3.
EDC seeks FIT for geothermal developments
Geothermal is the next renewable energy technology proposed to be incentivized with feed-in-tariff (FIT) to the tune of P5.00 to P6.00 per kilowatt hour.

4.
More banks partner with Lendr for sale of products
The latest tie-ups brings total number of partners that have officially signed up with Lendr to 25 banks and financial institutions. Currently, loan products from China Bank Savings (auto loan) and PNB Savings Bank (SSS Pension Loan) are already available via the platform.
Lendr is one of the breakthrough products developed by FINTQ -- the financial technology unit of Voyager Innovations -- the digital innovations arm of PLDT and Smart.

5.
Steady residential sales boost property firms’ bottom line
Vista Land & Lifescapes, Inc. of former Senator Manuel B. Villar, Megaworld Corp. of tycoon Andrew L. Tan, and Filinvest Land, Inc. (FLI) of the Gotianun family enjoyed an improvement in bottom line in the January to March period, according to separate disclosures to the stock exchange on Thursday.

6.
Housing board can require condo firms to disclose finances
The DoJ cited Executive Order No. 648, which transfers to the HLURB (then the Human Settlements Regulatory Commission) the National Housing Authority’s (NHA) function of “regulation of the real estate trade and business.”
The opinion stated that the power to require project owners and developers to submit financial reports “(is) implied from the express grant of power to regulate the real estate trade and business.”

7.
Two parties could be interested in Swiss challenge for connector road
AT LEAST two competitors are expected to challenge the Metro Pacific group’s unsolicited proposal to build the P23.2-billion North Luzon Expressway (NLEx) and South Luzon Expressway (SLEx) Connector Road, which will be subject to a Swiss challenge in July.

Halliburton, Baker Hughes Calls Off $28 Billion Deal 2 May 2016

1. Halliburton, Baker Hughes Calls Off $28 Billion Deal
The second- and third-largest oil-service firms, said in a May 1 announcement regulatory approval challenges led to the conclusion that terminating the deal was the best course of action. The companies had set a deadline for the end of April to complete the deal or walk away. Halliburton will pay Baker Hughes a $3.5 billion termination fee by May 4.

2.
Puerto Rico Will Default on Government Development Bank Debt
Puerto Rico will default on a $422 million bond payment for its Government Development Bank, escalating what is turning into the biggest crisis ever in the $3.7 trillion market that state and local entities use to access financing.
Puerto Rico officials have been negotiating with creditors to defer payments. No matter which route Puerto Rico took, credit-rating companies saw a default as inevitable. Moody’s Investors Service analysts said last week that any non-payment, even if it’s agreed to by creditors, constitutes a default in their eyes. S&P Global Ratings said a distressed debt exchange or temporarily withholding interest is synonymous to default.

3.
French Plans for a Nuclear Plant Begin to Look Like a Bad Deal for Britain
As Britain races to replace its aging nuclear reactors and coal generators, it’s hoping to team up with France to build the most expensive power plant in history—a massive atomic facility with two reactors at Hinkley Point on England’s southwestern coast. It could provide 7 percent of the country’s electricity by 2025. But the design, intended to showcase the latest French reactor technology, poses engineering and financial problems that could create a costly morass for both countries.

4.
Tata Power set to buy Welspun’s wind, solar assets valued at $1.45 billion
Tata Power, India's largest integrated power utilities company, looks set to acquire the renewable energy assets of the diversified Welspun Group, valuing the 1152 MW or 1.15 GW portfolio of operational and almost ready solar and wind farms at close to $1.45 billion, inclusive of its debt, said three people directly involved.

5.
Filinvest sets P44-billion capex
FDC Investor Relations Officer Ana Regina A. Santillan told reporters last week that the Gotianun-led conglomerate set an investment program of P44 billion, higher than the roughly P30 billion spent in 2015.
More than half of the capex budget will be earmarked for its real estate business through Filinvest Land, Inc. and Filinvest Alabang, Inc. and about 35% will be allotted for its power business through FDC Utilities, Inc., Ms. Santillan said. The balance will fund the expansion of the banking, hotels and sugar businesses.

6.
Peso to weaken further
The local unit slipped to P46.89 a dollar last Friday from its previous close of P46.77 versus the foreign unit as investors flocked to the safety of the greenback amid continued volatility in oil prices.

7.
Hackers may pocket $70M from Bangladesh heist
The Philippines, where most of the funds ended up, will probably recover as much as $10 million of the $81 million stolen in February from Bangladesh’s account at the Federal Reserve Bank of New York, Mr. Muhith said, adding that the rest would be hard to track.

China debt load reaches record high as risk to economy mounts 29 Apr 2016

1. China debt load reaches record high as risk to economy mounts
China’s total debt rose to a record 237 percent of gross domestic product in the first quarter, far above emerging-market counterparts, raising the risk of a financial crisis or a prolonged slowdown in growth, economists warn.
Beijing has turned to massive lending to boost economic growth, bringing total net debt to Rmb163 trillion ($25 trillion) at the end of March, including both domestic and foreign borrowing, according to Financial Times calculations.

2.
Yieldcos enabled SunEdison's debt-fueled acquisition spree
SunEdison had established TerraForm Power Inc as a "yieldco," a complex financing vehicle to purchase energy projects from SunEdison and other developers. TerraForm lured investors with the promise of reliable dividends based on long-term power contracts.
The resulting acquisition spree would drive SunEdison deeply into debt - and ultimately into bankruptcy. SunEdison's Chapter 11 filing last week has brought new scrutiny to the company's relationship with TerraForm Power and a second yieldco it formed in 2015, TerraForm Global.

3.
Security Bank looks to pursue Japanese market
SECURITY BANK Corp. (Security Bank) is looking to expand its core businesses by “aggressively” pursuing the Japanese market through a newly created unit, in its bid to post another banner year by leveraging on its partnership with the Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU).
Among the first steps to be taken by the bank was to set up branches inside export processing zones in the country where Japanese businesses are currently operating, alongside offering financial products to “hundreds of thousands” of employees of Japanese firms based here.

4.
Non-life insurance firms seen unable to meet capital rule
Under Republic Act (RA) 10607 or the Amended Insurance Code of the Philippines signed in August 2013, new life and non-life insurance companies must have P1 billion in paid-up capital when they set up shop here, while existing insurers must have a paid-up capital of P250 million by June 2013, P550 million by December 2016, P900 million by December 2019 and P1.3 billion by December 2022.
THE HIGHER capital requirement set for insurance firms in the country will prompt more non-life players into mergers and possible partnerships with foreign companies as the deadline for compliance nears and with insurers’ current operations seen unable to support the mandated hike.

Standard Chartered looking to sell at least $4.4 billion of Asian assets 12 Apr 2016

1. Standard Chartered looking to sell at least $4.4 billion of Asian assets
The London-based bank is speaking with potential buyers for about $1.4 billion of stressed loans extended to Indian companies including GMR Infrastructure Ltd., according to the people, who asked not to be identified as the information is private. Standard Chartered has also started a sale of around $3 billion of assets in the rest of Asia, one of the people said.

2.
World Bank joins call to include casinos in anti-laundering
The Philippines must make sure casinos are covered by anti-money laundering legislation, the World Bank (WB) said, joining calls for the government to better regulate its gambling industry after stolen millions from Bangladesh found their way to Manila.

3.
Alibaba to buy controlling stake in Lazada for about $1 bln
Alibaba to buy controlling stake in Lazada for about $1 bln
Alibaba would invest about $500 million in newly issued Lazada shares and acquire shares from shareholders of Lazada for a total of about $1 billion.

4.
SM Prime to float P70-B bonds to partly fund P180-B 3-yr capex
SMPH executive vice president Jeffrey Lim said they will soon seek the shelf registration of P50 billion to P70 billion in long term bonds with the Securities and Exchange Commission.
The bonds will have a tenor of 10 years or more and will be issued over a three year period with the first tranche to be floated in the third quarter of the year.

5.
Security Bank interested in possible acquisitions
Security Bank is open to buying a universal, thrift, or rural bank, but the local lender does not want to “overpay” for any acquisition it will make, Security Bank President and Chief Executive Officer Alfonso L. Salcedo, Jr., said.
The country’s fifth largest private domestic universal bank in asset terms recently sealed a partnership deal with Bank of Tokyo-Mitsubishi UFJ Ltd., (BTMU), Japan’s largest bank, which increased the local lender’s shareholder capital to P90.2 billion pro-forma as of April 1 from P53.2 billion as of Dec. 31, 2015.

6.
BSP seeks interagency body for financial inclusion
Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco, Jr. said the central bank and 14 partner agencies have endorsed a draft executive order that would institutionalize the intergovernmental body, alongside tactical plans to carry out the National Strategy for Financial Inclusion (NSFI), a program aimed at widening the coverage of banks and financial institutions and promoting financial literacy.

Demand for affordable housing remains unmet: Colliers PHL 13 Feb 2016

1. Demand for affordable housing remains unmet: Colliers PHL
Property Developers are scrambling to serve the demand for residential products serving the lower segment of the market, but challenges remain to making home ownership more affordable for Filipinos, real estate advisory firm Colliers Philippines said in a briefing yesterday.
Key to addressing the backlog is to “strike the ideal financing structure” for this sector, said Ieyo de Guzman, executive director for investment services at Colliers Philippines.

2.
Residential condo development seen slowing down
Property developers in the country are seen holding back on new residential condominium developments in Metro Manila this year to help address the supply overhang in the middle- and high-end segments.

3.
Peso expected to drop following good US data
THE PESO is expected to weaken against the dollar this week following the release of “better-than-expected” retail sales data out of the world’s largest economy, which could revive expectations of an interest rate hike soon.

4.
San Miguel Corporation seeking to cut dollar debt in half
SMC aims to cut the portion of its dollar-denominated debt by half in two to three years to shield earnings from a weaker peso.
The company had $8.54 billion of dollar-denominated debt at the end of September, 47% of its P855.8-billion ($18-billion) total liabilities, according to the company’s third-quarter filing.

5.
BSP warns public against Global Investment Bank
The Central Bank has warned the public against transacting with Global Investment Bank (GIB), as the latter claimed to be an authorized financial entity to facilitate international transactions.

6.
PSEi clings to 6,600 level
The first trading week of the Lunar Year of the Fire Monkey – shed a total of 110.68 points or 1.6 percent.
The PSEi was led lower by the property counter, which slumped by 1.07 percent while the financial, industrial and services counters also slipped.
On the other hand, the mining/oil counter bucked the downturn, gaining 1.29 percent while holding firms also modestly gained.

7.
The global stock rout rolled across Asia on Friday.
Major Asian stock markets sank as investors continued to dump riskier assets. Japan's Nikkei tumbled 4.8%, bringing its losses for the week to more than 11%. The Hang Seng in Hong Kong slipped 1.2% after plunging 3.9% the day before.
In South Korea, trading was temporarily halted on the Kosdaq, a market focused on small technology companies, after it nosedived more than 8%. It recovered slightly after the suspension, closing down 6.1%. The country's main index, the Kospi, ended the day 1.4% lower.

8.
Stock markets hit by global rout raising fears for financial sector
Panicked investors sought refuge in the safe havens of gold and government bonds on Thursday as a fresh spasm of global selling sent share prices crashing in Asia, Europe and North America.
Banks and companies exposed to lower commodity prices were among the biggest losers in London, where the FTSE 100 Index fell by 135 points, a drop of more than 2%.

9.
China is on a massive gold buying spree
China now consumes about 40% of the gold that comes out of the ground every year, according to LaForge.The Hong Kong data alone show that China went from importing just over 100 tons of gold in 2010 to just under 1,000 tons last year.
In addition to all the imports, China is also the world's largest gold miner, according to the World Gold Council. So it's both buying and unearthing a lot of gold each year.

Asian markets extend rout as volatility returns 10 Feb 2016

1. Asian markets extend rout as volatility returns
More bourses reopened after the Lunar New Year break but immediately plunged into the red, playing catch-up with a rout that has seen billions wiped off valuations from Sydney to Frankfurt to New York this year.
Energy firms were once again in the firing line after oil prices sank below $28 a barrel Tuesday, while financial plays are also coming under increasing pressure as investors fret about their bottom lines in the face of the economic slowdown.

2.
Aquino OK’s Landbank-DBP merger
The chief executive approved the merger of the two state banks through Executive Order No. 198 last Feb. 4, subject to consent of the Bangko Sentral ng Pilipinas (BSP) and the Philippine Deposit Insurance Corp., citing the “need to rationalize the operation of government agencies and government financial institutions to strengthen their financial capabilities, improve the delivery of services, achieve economic efficiency and support the development thrust of the government.”

3.
Post-election months could see flurry of IPOs
Philippine Stock Exchange (PSE) Chief Operating Officer Roel A. Refran said in a telephone interview last Saturday that the bourse has received word from some potential issuers that they would pursue their planned maiden share sales after the election season.
Integrated real estate and construction firm D.M. Wenceslao & Associates, Inc. and diversifying construction firm Datem, Inc. that had shelved their planned IPOs last year had said they are looking at reviving such plans next semester.

4.
Sun Life introduces stock index fund
“With Index Fund, clients will be able to invest in the country’s largest corporations all in just one fund, thus allowing them to ride the wave of our country’s bright prospects. It is handled by a team of professional fund managers who will ensure that they can maximize returns,” Mylene Lopa, Sun Life chief marketing officer, said.

5.
Aboitiz Equity allocates P58.4-B capex for 2016
ABOITIZ EQUITY Ventures (AEV) has set aside about 89% of its P58.4-billion capital expenditure (capex) this year for the expansion of its power generation projects, the holding firm told the stock exchange yesterday.
For this year, AEV allocated P52 billion for Aboitiz Power Corp. (AboitizPower), its power subsidiary that accounts for 75% of its business, saying it “remains committed, along with its partners” to raise the unit’s power generation capacity to 4,000 megawatts (MW) by 2020.

Ten million reasons why falling oil might hurt PH 2 Feb 2016

1. Ten million reasons why falling oil might hurt PH
That’s how many Filipinos work overseas, many of them on rigs, tankers and as domestic help or construction workers in oil-producing nations in the Middle East. Together they sent home $22.8 billion in the first 11 months of 2015, around 10 percent of gross domestic product.

2.
Small companies to start 2016’s first IPO wave
Philippine Primark Properties, Inc. and Philstocks Financial, Inc. remain hopeful they can launch their IPOs in the first quarter of theyear. Both firms are applying to be listed on the Small, Medium and Emerging (SME) Board of the Philippine Stock Exchange (PSE).

3.
Hyundai Rotem wins $440-M turnkey project in PH
Under the deal signed with Universal LRT Corporation Limited, a consortium led by Hyundai Rotem will build a subway line linking Quezon City North EDSA in Manila to San Jose Del Monte in Bulacan, which is located in the northern part of the country. The contract also calls for the South Korean train maker to provide 108 subway cars, signaling, communications and power systems by the second half of 2019.

4.
European and Asian Shares Slip as Crude Resumes Drop
European and Asian equities fell on Tuesday as the price of crude oil declined on oversupply fears and after downbeat manufacturing data raised concerns about sluggish global economic growth.

5.
For Once, Low Oil Prices May Be a Problem for World's Economy
For the last 75 years, almost every economic crisis has been preceded by an oil price spike. The worry now is that low energy prices are pushing the global economy into a tailspin. “I never thought I would wish, let alone pray, for higher oil prices, but I am,” said Han de Jong, chief economist at ABN Amro Bank NV in Amsterdam. “The world badly needs higher oil prices.”

6.
Google overtakes Apple as world's most valuable listed company
Revenue spike sees tech firm’s parent company, Alphabet, valued at $568bn – surpassing Apple’s valuation of $535bn.

Home Healthcare Market Will Reach $355.3 Billion, Growing At An Estimated CAGR Of 11.7% Till 2020: Grand View Research, Inc. 25 Jan 2016

1. Home Healthcare Market Will Reach $355.3 Billion, Growing At An Estimated CAGR Of 11.7% Till 2020: Grand View Research, Inc.
Asia Pacific home healthcare market is expected to grow at the fastest CAGR of 9.7% from 2014 to 2020 majorly owing to high unmet medical needs coupled with rapidly improving healthcare infrastructure in emerging markets of India and China. Presence of a large geriatric population base in Japan is also expected to drive regional market growth during the forecast period.

2.
High Investments in Healthcare Industry Stimulating Growth for Global Medical Device Packaging Market, says Technavio
According to the latest market study released by Technavio, the global medical device packaging market is expected to grow at a CAGR of over 6% from 2016 to 2020.

3.
5 Game-Changing Hotel Industry Trends To Tackle in 2016

4.
Hotel industry group claims Airbnb runs 'illegal hotels'
A report funded by a national hotel industry group attacks Airbnb, the popular couch surfing service, for running "illegal" and "unregulated" hotels in major cities around the country, including Houston.

5.
UK: Demand growing for serviced apartments: operators reveal their pipelines
The Ascott Limited – the world’s largest operator – is on track to double its global portfolio to 80,000 units by 2020
Oakwood Worldwide is expecting 2016 to be ‘the year of the serviced apartment’ – they plan to triple the number of Oakwood-branded properties worldwide.

6.
Ayala, Lucio Tan Group team up for major property dev’t
Ayala Land, Inc. and LT Group, Inc., the holding firm for Mr. Tan’s business empire, entered into an agreement to jointly develop a 35-hectare (ha) lot that spans portions of Pasig City and Quezon City, both firms said in a joint disclosure to the stock exchange on Friday.

7.
SM Prime earmarks P4B for new office complex
Property giant SM Prime Holdings Inc. is investing more than P4 billion in building an elegant three-tower office complex at the Mall of Asia’s Bayshore area, which the company plans to transform into a leading central business district.

8.
SM sees reclamation projects OK in 2017
SM PRIME Holdings, Inc. expects its massive land reclamation deals with the cities of Pasay and Parañaque to hurdle all regulatory approvals next year, a company official said last week.

9.
Australia’s Acquire BPO looks to purchase 2-3 local companies
“We are having two to three serious conversations with prospective targets… certainly in the BPO (business process outsourcing) space, servicing predominantly Australian and US markets,” Acquire BPO Chief Executive Officer Scott Stavretis told a media briefing yesterday at the company’s Ortigas office.

10.
DOTC moves bid submission date for LRT-2 deal
In a bid memorandum dated Jan. 20, 2016, the DOTC bids and awards committee said bid submission, already delayed several times, was pushed back to March 8, 2016. It earlier set the deadline on Jan. 26 this year.

11.
IPO hopefuls watching mart dev’ts
THE PIPELINE of initial public offerings (IPO) remains healthy, but the volatility in global markets has forced companies intending to go public to play the waiting game.

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63 2 887 6320 (Manila)
+1 212 427 9449 (New York)
12th Floor, Tower One & Exchange Plaza
6767 Ayala Avenue, Makati City 1226 Philippines