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Tobacco, banking units lift LT Group Q1 bottom line

LT Group, Inc. (LTG)’s attributable profit jumped by 61% in the first quarter of 2018, boosted by its tobacco and banking units.
In a statement issued Friday, May 11, LTG said its net income attributable to equity holders of the parent reached P3.63 billion for the first three months of the year, higher than the P2.25 billion it posted in the same period last year.
The tobacco business accounted for 65% of the company’s attributable profit at P2.35 billion. LTG’s 49.6% stake in PMFTC, Inc. yielded it an equity in net earnings of P2.29 billion.
The listed conglomerate attributed the increase to the government’s actions against illicit trade, which casted out smuggled international and locally produced products. LTG said this gave it a level playing field and allowed it to pass on the increase in excise taxes to consumers. — Arra B. Francia

Stocks end week in rally mode

Stocks continued to rise on the trading week’s end following the central bank’s decision to increase interest rates on Friday, May 11.
The local bellwether Philippine Stock Exchange index (PSEi) climbed 181.11 points or 2.39% to close at 7,752.11, the first time it sustained an increase this week.
The broader all shares index also grew 79.24 points or 1.71% at 4,709.15.
“Market continued to recover today after BSP (Bangko Sentral ng Pilipinas) increased its lending rates to mitigate the inflationary effects,” Diversified Securities, Inc. equities trader Aniceto K. Pangan said.
On Thursday, May 10, the Monetary Board raised key lending rates by 25 basis points, the first time it did since 2014. Overnight lending rate is now 3.75%, overnight reverse repurchase rate 3.25% and overnight deposit rate 2.75%.
BSP Governor Nestor A. Espenilla, Jr. said the increase is intended to temper the rising prices caused by inflation.
Mr. Pangan added the lower-than-estimated US inflationary data indicates the Fed will not drastically hike its lending rates, “thus favorable for the emerging markets such as the Philippines.”
Sectoral indices all fell in the green, led by holding firms which posted a 182.84-point increase or 2.41%, closing at 7,745.5. The mining and oil sector followed at 10,194.17, up by 118.79 points or 1.17%
Industrials advanced 108.21 points or 0.97% at 11,188.84, while property added 86.12 points or 2.38% at 3,693.37.
Financials inched up 47.81 points or 2.53% to close at 1,933.66, and services by 26.5 points or 1.74% at 1,545.92.
Five of the session’s top 10 gainers announced net income growth in their first quarter reports–Aboitiz Equity Ventures, Inc., Pacific Online Systems Corporation, Robinsons Land Corporation, Alliance Global Group, Inc. and Bloomberry Resorts Corporation.
Advancers outpaced decliners, 116-80, while 49 were unchanged.
Foreigners were buyers, recording a net of P571.15 million. — Denise A. Valdez

Satisfaction with Duterte administration declines — SWS poll

Net satisfaction in the Duterte Administration dropped 12 points, falling one grade to a “very good” rating with a score of +58 in the first quarter of 2018 from the record-high rating of +70 in December 2017, according to the Social Weather Station (SWS).
The quarterly survey found 69% of adult Filipinos remained satisfied with the general performance of the present administration, 11% are dissatisfied, while 18% are neither.
The 12-point decrease was attributed to the net satisfaction decline in Balance Luzon, Mindanao and Metro Manila, combined with a steady score in Visayas.
The National Administration scored the highest in Mindanao with +72, down 15 points from the +87 in December 2017, but remained “excellent.” Similarly, in Balance Luzon, it recorded a +50 rating, down by 17 points from +67 last quarter, but stayed “very good.”
Rating in Metro Manila fell one grade from “excellent” to “very good” as it lost 13 points from +17 in December 2017 to +58 in March 2018. Whereas, score in Visayas was unchanged at +57, the same “very good” rating it recorded since September 2017.
Moreover, the government maintained a “very good” rating in classes ABC with a score of +56 in March 2018, but was down 6 points from +62 in the last quarter. — Charmaine A. Tadalan

RCBC books higher Q1 profit on strong loan growth

Rizal Commercial Banking Corp. (RCBC) reported higher net profit in the first quarter supported by robust loan growth and reduction in non-performing assets.
The Yuchengco-led lender booked an unaudited consolidated net income of P1.1 billion in the January-March period, 13.1% higher than the P1 billion reported in the same period last year.
“I am pleased to report that the [first quarter 2018] results had a good start to the year,” RCBC President and Chief Executive Officer Gil. A Buenaventura was quoted as saying in a disclosure to the local bourse Friday.
“Robust loan growth of 18% and continued reduction in non-performing assets helped lead to a double-digit increase in our net income.”
The lender saw an 18% growth in its loan portfolio to P370.9 billion from the year-ago level of P314.7 billion, based on its earlier regulatory filing.
RCBC said saw “solid” growth across all segments, with corporate loans climbing 14%, small and medium enterprise loans rising 40%, and consumer loans as well as credit cards receivables expanding 17% and 34%, respectively.
This brought the bank’s net interest income improving by 16% to hit P4.8 billion from the P4.1 billion logged in a comparable year-ago period. — Karl Angelo N. Vidal

First-quarter tax collections hit fresh record high

The government’s tax effort saw a substantial improvement relative to the Philippine economy in the first quarter, with collections hitting a fresh record high, the Department of Finance (DoF) said.
Revenues collected from January to March accounted for 15.82% of gross domestic product (GDP), jumping from the 14.91% share logged during the same period in 2017. The computation includes taxes, import duties, and other fees collected by the government.
“Tax effort also rose by 1.03 percentage point, from 13.44% to 14.47%, the highest first quarter tax effort ever achieved,” the DoF said in a statement on Friday. — Melissa Luz T. Lopez

BSP creates fourth unit as part of reorganization plan

The Bangko Sentral ng Pilipinas (BSP) will introduce a new unit to be headed by a third deputy governor as part of its reorganization plan, it announced on Friday, May 11.
In a statement, the central bank revealed a “phased” reorganization which involved the renaming of three existing sectors and the creation of a new unit. The adjustment is seen “to enhance its capability to fulfill its mandate in an ever-shifting economic landscape,” the BSP said.
The changes took effect on May 2.
The four sectors are as follows:
• the Financial Supervision Sector, formerly known as the Supervision and Examination Sector headed by Deputy Governor Chuchi G. Fonacier;
• the Monetary and Economics Sector, previously the Monetary Stability Sector (MSS) headed by Deputy Governor Diwa C. Guinigundo;
• the Corporate Services Sector, formerly named the Resource Management Sector led by Deputy Governor Maria Almasara Cyd N. Tuaño-Amador;
• and the Currency Management Sector, previously under the MSS with Assistant Governor Dahlia D. Luna sitting as acting head. — Melissa Luz T. Lopez

P29 million lost to fish kill in Obando, Bulacan

The Bureau of Fisheries and Aquatic Resources (BFAR) Region III said that the intense heat last May 6 led to P29-million worth of losses for 40 fish pen operations in Obando, Bulacan.
In a statement on Friday, May 11, BFAR said that the 34 °C temperature and the 0.050 low tide levels affected 130 hectares of milkfish farms, or 250 metic tons of fish the day after, on May 7.
“Light rain showers, prolonged cloudy skies and thermal fluctuations in the water due to changing weather conditions have been found to be the causes of dissolved oxygen depletion which, in turn, caused the fish kill,” Its statement read.
However, BFAR said that there was already a high chance of fish kill prior to this, with the milkfish farms stocking more fish than the recommended 3,000 fish per hectare.
As of the latest price monitored by BFAR on Wedneday, the fish kill will not affect its market prices, as Obando is not the only source of milkfish.
The Department of Agriculture agency said that the low supply of both milkfish and tilapia in Obando will only be temporary, noting that they expect the farms to recover quickly.
Agriculture Secretary Emmanuel F. Pinol on Thursday said that the fishkill in Obando “has a minimal” effect to the fisheries sub-sector in the second quarter. — Anna Gabriela M. Mogato

Sugar production to meet local demand, US quota this year — SRA

The Sugar Regulatory Administration (SRA) said that the country’s sugar production will still be able to cater to both domestic demand and the US Quota for this crop year.
SRA Hermenegildo R. Serafica in a statement on Friday, May 11, said that sugar mill factory managers in Luzon and Visayas had given him updates on their operations and production outlook.
“We have the canes [to mill], but the problem besetting the industry at the moment is the scarcity of cane cutters. The canes have to be harvested and brought to the central for milling,” he added.
“That is why some mills may end much later in the crop year, around June or July, and others to start earlier to take advantage of the remaining canes.”
According to SRA, sugar production already hit 1.93 million metric tons (MT) as of the production week that ended last May 6.
Only 340,694 MT is needed to complete the 2.27 million MT, Mr. Serafica said.
“[I]t is very apparent that in a few weeks, we’ll be able to meet this target,” he added. — Anna Gabriela A. Mogato

Malabon barangay chairman in drug list faces charges

A barangay official included in the recently released ‘narco-list’ by the Philippine Drug Enforcement Agency (PDEA) faces charges for involvement in the illegal drug trade.
The PDEA on Friday submitted before the Office of the Ombudsman separate criminal and administrative charges against Alvin A. Mañalac, Punong Barangay of Barangay Tinajeros, Malabon City for alleged multiple violations of Republic Act 9165 or the Comprehensive Dangerous Drugs Act of 2002.
“The charges stemmed from the discovery of a clandestine laboratory in Barangay Tinajeros, Malabon City on April 13, 2018,” PDEA Director General Aaron N. Aquino was cited as saying in the statement.
“Failure of Mr. Mañalac, as barangay chairman, to identify oushers and users in his barangay prior to the search warrant implementation constitutes an act of being a protector or coddler,” he explained.
According to the statement, “additional charges were also filed against Mañalac for violation of Article 171 (Falsification by Public Officer, Employee, or Notary) of the Revised Penal Code; Gross Negligence and Dereliction of Duty under Section 60 of RA 7160; Gross Neglect of Duty, Grave Misconduct and Conduct Prejudicial to the Best Interest of the Service, the Local Government Code of 1991.”
It added: Mañalac has also violated Dangerous Drugs Board (DDB) Regulation No. 2, Seies of 2004 in declaring Office of Barangay Tinajeros as Drug-Free Workplace in aabsence of a Drug-Free Workplace Committee and for his failure to submit documentary requirements for application of drug-free status.”
“This is to let the public know about the involvement in the illegal drug trade of the barangay leaders seeking for re-election, and will serve as a guide to the voting public on whom they shall entrust their votes,” Mr. Aquino said in the statement.
The PDEA drug list, released by the agency on April 30, contained a total of 207 names, 90 of which were village chiefs while 117 were of councilors. The officials named were from the Cordillera Administrative Region (CAR), Autonomous Region of Muslim Mindanao (ARMM), and Bicol region. – Dane Angelo Enerio

Pilipinas Shell, Phoenix Petroleum win supply bid for two power plants

The Power Sector Assets and Liabilities Management Corp. (PSALM) selected Pilipinas Shell Petroleum Corp and Phoenix Petroleum Philippines, Inc. as the winning bidders for the procurement of oil-based fuel for two power plants this year.
PSALM on Friday, May 11, announced that Shell and Phoenix will be supplying and delivering the fuel for the Ilijan Natural Gas Power Plant (INGPP) and the Malaya Thermal Power Plant (MTPP) for 2018.
Shell submitted the lowest bid at P961.16 million for the supply and delivery of neat diesel oil for INGPP.
Phoenix likewise submitted the lowest bid to supply and deliver industrial fuel oil and diesel oil to MTPP at P1.14 billion and P47.70 million, respectively.
According to PSALM, other bidders who competed for the procurement were Petron Corp., Petrotrade Philippines, Inc., Seaoil Philippines, Inc. and SL Harbor Bulk Terminal Corp. — Anna Gabriela A. Mogato

Palace welcomes return of newly-elected Malaysia PM Mahathir

Malacañang palace on Friday issued a statement congratulating Mahathir Mohamar “on his return as Prime Minister of Malaysia” after beating his political protege Najib Razak on Thursday in the country’s national elections.
“Prime Minister Mahathir is an old friend of the Philippines and his fresh mandate augurs well for the deep relations between the Philippines and Malaysia,” said the statement, quoting Presidential spokesperson Harry L. Roque.
“Malaysia, as we all know, is a brother nation and dependable partner of the Philippines for having played a constructive role towards the attainment of peace and stability in Mindanao,” said Mr. Roque, referring to Malaysia’s involvement in the peace negotiations between the Philippine Government and terrorist group Moro Islamic Liberation Front (MILF) during the time of Mr. Mahathir’s predecessor.
He added: “We are thus confident that the strong partnership between our countries would continue to be enhanced in the years to come.”
Mr. Mahathir was Prime Minister of Malaysia for 22 years between 1981 to 2003 until he stepped down following controversies surrounding his authoritarian rule. He is now the world’s oldest elected leader at 92-years old. – Dane Angelo Enerio

Starlite Ferries opens new route

Chelsea Logistics Holdings Corp. (CLC) announced Friday, May 11, that its subsidiary Starlite Ferries Inc. has opened a Matnog, Sorsogon — Allen, Northen Samar route in April 2018.
“M/V Archer departed Roxas, Mindoro on Wednesday, April 18 at 6 p.m., for an overnight trip to Allen. Upon arrival at Allen port on Thursday at 6 a.m., M/V Archer and its crew were welcomed by former Mayor Rod Suan. On 11 a.m. of the same day, MV Archer made its maiden voyage from Allen to Matnog and the return trip from Matnog, which departed 2:30 pm,” it said in a statement.
The M/V Archer is a passenger vessel weighing 836 tons and could accommodate 788 passengers and 26 rolling cargos per trip. Starlite said the vessel will have eight trips from 6 p.m. to 9 p.m. every day.
Starlite currently has 14 passenger vessels, and M/V Archer is the fifth ship it had acquired under its vessel modernization program.
“M/V Pioneer debuted in 2015 and three more vessels – M/V Reliance, M/V Eagle and M/V Saturn were built in 2016,” it said in a statement. — Denise A. Valdez

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