Facebook Instagram Linkedin X Youtube
Home Blog Page 12286

Belgium beats England, secure best-ever World Cup finish

SAINT PETERSBURG — Belgium beat England in the World Cup third-place playoff on Saturday to ensure their best-ever finish as tournament top scorer Harry Kane admitted his side need to improve if they are to end their long trophy drought.
Goals from Thomas Meunier and Eden Hazard secured a deserved 2-0 victory in Saint Petersburg and meant Belgium bettered their performance at the 1986 World Cup in Mexico, where they finished fourth.
Belgium, who suffered a painful 1-0 defeat to France in the semifinals, also beat Gareth Southgate’s England in the first round in Russia on their way to topping the group before beating Japan and Brazil.
“It’s all about the achievement. This is Belgium’s best finish at a World Cup. The players deserve that and they wanted to make the country proud,” said coach Roberto Martinez said.
Southgate’s men were forced to settle for England’s joint-best performance at a World Cup abroad, matching that of the 1990 generation in Italy.
Tottenham’s Kane remains the overwhelming favorite to win the Golden Boot with six goals, although he admitted his frustration at failing to find the net in England’s final three games.
He said despite England’s run to the semifinals, where they were beaten by Croatia, the young team are still not the finished article.
“We closed it for sure (the gap to the top teams),” he said. “But today shows, and some other games show, that there is still room for improvement.”
“Obviously I’m disappointed I couldn’t get a goal in the last few games,” added the Tottenham Hotspur striker, who is aiming to become just the second England player after Gary Lineker in 1986 to win the Golden Boot.
“Sometimes it goes for you, sometimes it doesn’t. But if I win it, it’ll be something I’ll be very proud of.”
FRANCE FAVORITES
Didier Deschamps’ France are firm favorites to win Sunday’s showpiece in Moscow’s Luzhniki Stadium and become world champions for the second time — 20 years after their first triumph in 1998.
France goalkeeper Hugo Lloris said they are shutting out the mounting excitement at home as they focus on one final push against Croatia.
Tens of thousands of people flooded the streets of Paris following Tuesday’s semifinal win over Belgium and confidence is high that Deschamps’ team can match the achievement of the 1998 winners.
L’Equipe’s Saturday magazine supplement even came with a front cover photo of crowds on the Champs-Elysees avenue. “See you tomorrow,” read the caption. — AFP

Filipino Tepora stops Mexican Ortega to win featherweight world crown

KUALA LUMPUR — Jhack Tepora gave fellow Filipino Manny Pacquiao a boost before his showdown with Lucas Matthysse on Sunday by stopping Mexico’s Edivaldo Ortega to win the interim World Boxing Association (WBA) featherweight title.
Cebu’s Tepora, fighting on the undercard of the Pacquiao-Lucas Matthysse world title bill in Kuala Lumpur, unleashed a wicked short right hand in the ninth round to knock down Ortega for the first time in what had been to that point an even contest.
He swiftly followed up with a barrage of powerful swinging punches that forced the referee to step in after 2min 38sec of round nine.
“I didn’t expect the win but I really trained hard for this fight for three long months,” said the big-punching Tepora who extended his unbeaten record to 22 wins with 17 inside the distance.
He cited boxing icon Pacquiao as his inspiration. “This is more than a dream come true,” said Tepora.
“When I saw Manny’s story, coming from the streets, I thought one day I could be like that and this is the first step to that dream.”
Earlier Lu Bin’s brave bid for a historic world title win in his second professional fight came crashing to earth as he was knocked out in the dying seconds.
The Chinese rookie from Jinan held his own in a battling display until experienced WBA light flyweight champion Carlos Canizales of Venezuela finished the contest in devastating fashion.
Lu was felled near the end of the 11th round for the first time in his short pro career.
And Canizales went for the kill in the 12th and final stanza. After a barrage of punches a storming straight right dropped Lu and the referee waved it off as the final bell was about to sound.
The exhausted, stricken 23-year-old left the ring at the Axiata Arena on a stretcher wearing an oxygen mask.
Lu is a former youth world amateur champion from Jinan in Shandong province trained by Pacquiao’s long-time corner man Buboy Fernandez.
‘I WAS READY FOR HIM’
“It was hard for me to figure out his style,” said Canizales who extended his unbeaten record to 21 wins and a lone draw. “I also fought as an amateur so I understood the rhythm, I was ready for him.”
Victory for Lu would have set a record for fastest man to win a world title, in terms of number of fights.
That record is jointly held by Thai super lightweight Saensak Muangsurin and Ukrainian lightweight Vasyl Lomachenko, who both won championships in their third pro bouts.
Earlier Moruti Mthalane from KwaZulu Natal in South Africa got off the canvas to take home the vacant International Boxing Federation flyweight title by outpointing Waseem Muhammad, who was bidding to become Pakistan’s first ever world champion.
“Baby Face” Mthalane had been in control of a hard-fought contest fight for long periods until Waseem found a stinging left to drop him to the floor just seconds from the end of the 11th round.
The 12th turned into an all-action brawl as both men tried to finish it.
But Mthalane had done enough to edge a unanimous decision 114-113, 114-113, 116-110 and extend his career record to 36 wins with two defeats. — AFP

James Yap gets second wind

Aging great players had great games left in them. Take the case of two-time Most Valuable Player James Yap, who unravelled his vintage form while steering the Rain or Shine Elasto Painters straight to the championship round.
Yap, considered as one of the best shooting forwards the league has ever produced, knocked in seven triples while carrying the Elasto Painters to the Final Four. It was simply his best performance while donning a Rain or Shine uniform.
For the past few games, Big Game James was able to stepped up his game.
It all started during the All-Star Game where he shone the brightest during the Three-Point Shootout competition. There, Yap was able to announced his return with a big bang as he picked up his second title in the long-distance competition. He won the event in 2009, yet he was able to rediscovered his vintage form.
On the road to the playoffs, Yap was even better.
The explosiveness that made him as one of the most remarkable small forwards has definitely returned.
No wonder, his old coach, Tim Cone, attributed Rain or Shine’s resurgence this conference to the big plays of Yap.
“There are reasons Rain or Shine is the no. 1 seed. One of course, is (Reggie) Johnson, a smart, mobile big-bodied big man, and another is the play of James Yap. James has always been good at supplying what the team needs whether it being scoring or sacrifice. Rain or Shine is just such a savvy basketball team with guys like James, (Gabe) Norwood, (Beau) Belga and (Chris) Tiu, and because of that, they don’t beat themselves,” said Ginebra coach Tim Cone.
Rain or Shine owner Raymond Yu told BusinessWorld that James had rejuvenated his confidence, which is vital in his team’s title campaign.
One of the reasons why Yap was playing so well, according to Yu, is his health condition.
“When he’s healthy, he can do a lot of things. With the team healthier now, we know we are capable of going it all the way,” added Yu.
Yap had certainly gotten his second wind and as the old saying goes, don’t write off great players.
 
Rey Joble has been covering the PBA games for more than a decade. He is a member of the PBA Press Corps and Philippine Sportswriters Association.
reyjoble09@gmail.com

Comeback

Considering the quality of tennis Rafa Nadal and Novak Djokovic displayed upon resumption of a postponed semifinal-round match, not a few quarters understandably felt let down by the ensuing Ladies’ Singles Final on Wimbledon’s Centre Court. It wasn’t merely that Angelique Kerber took all of 18 games spread over an hour and five minutes to triumph over Serena Williams; the fifth set of the set-to that preceded theirs had just as many. More tellingly, it was that they contested only 101 points, and yet they were separated by 11 in the end — as clear an indication as any of the lopsided nature of the affair.
Nonetheless, there can be no discounting the legitimacy of Kerber’s claim to the title. She certainly earned the Venus Rosewater Dish, going through a fortnight in which all but one of her contests went the minimum number of sets. Heading into the 2018 Championships, the story that made headlines was Williams’, who needed to convalesce from a variety of injuries and meet the demands of motherhood prior to putting a much-anticipated comeback in high gear. In truth, the narrative that surrounded her own return to the top of the sport was no less compelling.
Indeed, Kerber had a tough year after making her mark in 2016, with successful runs at the Australian and United States Opens sandwiching a runner-up finish at the All-England Club. She saw her world ranking go from Number One to a five-year low in the 20s, prompting her to fire longtime coach Torben Beltz in favor of Wim Fissette. Fortunately, the change, coupled with a renewed focus, worked wonders; it enabled her return to form, culminating in her triumph the other day.
Fittingly, Kerber paid tribute to Williams in her post-victory remarks. All the same, the spotlight was hers. As the 23-time Grand Slam holder noted, “from the first point to the last point, she played unbelievable.” And its to her credit that she cited her travails the year before as crucial to her development. “Without 2017, I couldn’t [have won] this tournament,” she disclosed. “I learned a lot last year.” Enough said.
 
Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994.

France versus Croatia: The battle of the economies

France and Croatia face off at the World Cup final on Sunday, July 15, an unexpected match-up that pairs one of the European Union’s founding nations against the bloc’s newest member.
Print
On the route to the final, France scored 10 goals, conceded four, and held their opponents scoreless in four games. Croatia are ahead on goals, scoring 12, but they let in five and only kept two clean sheets. As the soccer analysts parse those numbers, let’s see how the countries stack up in other ways.
It’s still undecided who’s better at football, but in terms of the economic outlook over the next year, it’s pretty clear who’s winning.
The question is: who’ll win the game? France has a better World Cup record and a bigger pool of young men from which to draw its team, but they’re slightly more partial to a tipple and aren’t as fit as their Croatian counterparts.
That said, the French are a happier bunch, ranking 23rd in the World Happiness Report, compared to Croatia’s 82nd place. Could a first ever World Cup victory for Croatia turn the tables?
France are the bookmakers’ favorite to win. A Goldman Sachs analysis also tips them, with a 63% chance. Before the tournament, the Goldman model (with 1 million simulations) predicted Brazil would be champions, which didn’t work out very well. That said, it should be noted that their second pick at the time was France.
But this weekend is about the beautiful game, not the dismal science. Kick off is at 6 p.m. in Moscow (11 p.m. in Manila) on Sunday. — Bloomberg

WB maintains Philippine growth forecast

By Melissa Luz T. Lopez, Senior Reporter
THE World Bank sees stronger growth during the second half of 2018 on the back of stronger public spending, with the Philippine economy expected to sustain its pace despite global headwinds.
The multilateral lender kept its 6.7% growth estimate for the Philippine economy this year and in 2019, matching the pace logged last year. The robust expansion is seen maintained “despite rising global uncertainty,” the World Bank said in a statement on Friday.
Stronger government spending is expected to keep the momentum upbeat, albeit slower than the 7-8% growth goal set by the Duterte administration.
“Given recent fiscal trends, government consumption growth was revised upwards, while private consumption growth is expected to expand at 5.9% in 2018 and 6.2% in 2019,” the statement read.
The adjustments compare to the World Bank forecasts published in April.
“Investment growth was slightly upgraded due to higher public capital outlays, including increased infrastructure spending,” the World Bank said. “Overall, it is anticipated that real GDP (gross domestic product) growth will increase towards the end of 2018 and into the first half of 2019 with higher election-related public spending.”
The Philippine economy grew by 6.8% during the first quarter fueled by a surge in government spending as well as capital formation, according to the Philippine Statistics Authority. In particular, public construction grew by 25.1% against a 6.8% climb in private sector activity.
Infrastructure spending surged by 42.4% as of end-May and accounts for more than a third of its full-year program, according to the Department of Budget and Management. Under the 2019 cash-based budget, infrastructure allotments are set at P874.8 billion.
“The government’s ability to carry out its investment spending agenda will determine if the Philippines can achieve its growth target of 6.5-7.5% over the medium term,” Birgit Hansl, World Bank Lead Economist for the Philippines, was quoted as saying.
“In addition, higher private investment levels will be critical to sustain the economy’s growth momentum as capacity constraints become more binding.”
Consumption is expected to keep driving economic activity as exports are seen to slow over the coming years amid easing global growth.
The World Bank expects a deceleration in global output at a time of higher interest rates, rising commodity prices and tempering global demand. Global growth is expected to keep steady at 3.1% this year, but will moderate to 3% by 2019 and 2.9% by 2020.
Uncertainties on trade as well as possible policy shocks in major economies also pose risks to the outlook, especially given an escalating tariff war between the United States and China.
The Bangko Sentral ng Pilipinas said they expect minimal first-round effects of the trade war, but warned that the Philippines could reel from its impact should it pull down growth in the world’ biggest economies.

ICTSI is the preferred bidder to operate Sudan port

INTERNATIONAL Container Terminal Services, Inc. (ICTSI) said it has been chosen by the government of Sudan to handle the operations and management of the South Port Container Terminal (SPCT).
In a disclosure to the stock exchange on Friday, the Enrique Razon-led company said it has been tapped to manage the operations and development of the Sudan port for 20 years.
“Sea Ports Corporation of Sudan (SPC), the independent state corporation of the Republic of the Sudan that governs, constructs and maintains the country’s ports, harbors and lighthouses, has confirmed ICTSI as the Preferred Bidder to operate and manage the South Port Container Terminal (SPCT) at the port of Port Sudan, Republic of the Sudan, under a 20-year concession,” it said.
The port operator noted it will still have to discuss and negotiate the concession agreement before the official signing and effectivity of the contract.
SPCT was able to record a throughput of 470,000 twenty-foot equivalent units (TEUs) in 2017 with a terminal capacity of 1 million TEUs.
ICTSI said the port has a total land area of 180 hectares and a 1,200-meter quay wall with water depth of up to 16 meters that enables it to handle the largest container vessels.
“It has equipment that includes eight Ship-to-Shore Gantry Cranes and an extensive range of yard handling equipment including more than 20 Rubber-Tired-Gantry Cranes,” it added.
If the deal is successful, SPCT will be the third port in Africa handled by ICTSI. The other two are the Matadi Gateway Terminal at Matadi, Congo; and the Madagascar International Container Terminal Services Ltd. at Toamasina, Madagascar.
ICTSI posted a 15% fall in earnings with $44.1 million during the first quarter from $51.7 million last year. In a regulatory filing, it said this was due to the “continued appreciation of the US dollar relative to other major currencies, particularly the Philippine peso, Brazilian reais, Mexican peso and the euro.” — Denise A. Valdez

Trust, approval ratings for Duterte, Robredo go up, Pulse Asia survey says

By Dane Angelo M. Enerio
THE Philippines’ two highest government officials “enjoy majority approval and trust scores,” a survey report released by Pulse Asia on Friday said.
The nonprofit polling organization’s latest Ulat ng Bayan said President Rodrigo R. Duterte and Vice President Maria Leonor “Leni” G. Robredo received approval ratings of 88% and 62%, respectively.
Both officials saw similar gains in June compared to their previous ratings in March, with Mr. Duterte seeing an 8% increase over his previous 80% rating and Ms. Robredo seeing a 7% increase from her previous 55% rating.
Ms. Robredo’s disapproval rating went down to 14% from 21% in March while Mr. Duterte’s was halved to 3% from 6%.
In comparison, recent poll results from the Social Weather Stations (SWS) showed Mr. Duterte’s satisfaction rating drop to a record low of +45 (good), an 11-point decline from his previous +56 rating (very good). The Pulse Asia survey was conducted between June 15 and 21 while the SWS poll was conducted between June 27 and 30.
In the time between the two surveys, Mr. Duterte had called God “stupid” and has pushed exiled communist leader Jose Maria Sison to give up on having peace talks with the government after saying the President was “difficult to talk with.”
Besides the approval ratings, Pulse Asia also noted both Mr Duterte and Ms. Robredo enjoyed higher trust ratings of 87% (from 78%) and 56% (from 53%), respectively. Public distrust towards the two were steady, with Mr. Duterte’s going down to 2% from 4% and Ms. Robredo seeing a one point dip to 17%.
Former Senate President Aquilino L. Pimentel also saw majority approval ratings of 72%, an 11% increase from his 61% rating in March. His trust rating also saw a similar jump to 64% from 53%.
House Speaker Pantaleon D. Alvarez was the only official in the list not to enjoy majority approval ratings, despite his rating going up to 47% from 41%. Mr. Alvarez’s trust rating dipped to 19% from 22%, as well.
Public approval of the Senate, House of Representatives (HoR), and Supreme Court (SC) also rose, with ratings of 69% (from 60%), 66% (from 56%), and 63% (from 53%), respectively.
A similar pattern emerged for the trust ratings, as the Senate’s rating jumping to 61% from 55%, the HoR’s increasing to 58% from 51%, and the SC’s going up to 54% from 47%.
The gap between the two Pulse Asia surveys saw the ouster of former Chief Justice Maria Lourdes P.A. Sereno by her peers in the high court through Solicitor-General Jose C. Calida’s quo warranto petition.
In the survey, Ms. Sereno’s trust rating dropped to 19% from 22% while her distrust rating increased to 35% from 27%.
Responding to the survey, Presidential Spokesperon Harry L. Roque, Jr. said in a statement “[t]he Palace expresses its gratitude for our people’s continuing vote of confidence for President Rodrigo Roa Duterte who remains the most approved and most trusted top national official today.”
Ms. Robredo’s camp, through lawyer Ibarra “Barry” M. Gutierrez, said in a statement, “[m]alaki ang pasasalamat ng Pangalawang Pangulo sa patuloy na pagtiwala at pagbigay suporta ng ating mga kababayan sa kanya at sa trabahong ginagawa niya (the Vice President is grateful for the continued trust and support coming from our countrymen which are given to her and to her work.)”
“Ang resultang ito ay muling nagpapatunay na ang pagtutok ng Pangalawang Pangulo sa kapakanan ng mga nasa laylayan ay suportado ng maraming Pilipino, at magsisilbi itong inspirasyon sa kanya na ipagpatuloy at lalo pang palawakin ang kanyang programa para sa mahihirap (This result once again proves the Vice President’s focus on the welfare of the needy is supported by many Filipinos, and it serves as an inspiration for her to continue and, more importantly, expand her programs for the poor,)” Mr. Gutierrez added.
Opposition Senator Antonio F. Trillanes IV, for his part, said in a statement the survey was “invalid” as there was “clearly a sampling design error.”
“Pulse Asia, historically, keeps on insisting to use respondent of Davao City to generalize or represent the population for the whole Mindanao,” he said.
He explained, “[t]his is not valid anymore because the respondents of the other regions are clearly not as fanatical to or fearful of Duterte.”
According to Pulse Asia, its survey was conducted using face-to-face interviews with 1,800 registeres voters aged 18-years old and above with a + 2% error margin at the 95% confidence level.

Govt-run oil mills may stop operations after officials quit en masse to oppose new Palace appointee

CIIF.PHTHREE oil mills managed by a government-controlled corporation may stop operations after a dozen of its officials resigned en-masse to oppose the appointment of a new president.
Eddie P. Delima, chair of the Coconut Industry Investment Fund Oil Mills Group (CIIF-OMG) which owns the facilities, also warned that the group’s profitability may also be affected by the change in leadership.
“This will definitely affect [operations] given that we have different priorities,” Mr. Delima told BusinessWorld in a phone interview, referring to the recently-appointed president of the group, Rehan Lao. “The profitability of the company will be affected.”
Mr. Delima, who was among those who quit, reiterated the three oil mills may have to stop operations but only until the vacancies are filled up.
On Thursday afternoon, 12 officials, including Mr. Delima, tendered their irrevocable resignation to Executive Secretary Salvador C. Medialdea after Malacañang held its ground to place Rehan Lao as the new president.
Mr. Lao, a former director of the CIIF-OMG, has been named as the new head last June 28. The resigned officials has been asking for the palace to reconsider since then.
The group has questioned the credibility of Mr. Lao, who has a pending case before the Office of the Ombudsman.
Presidential spokesman Harry L. Roque said that the resigned officials “are just there in holdover capacity,” citing a message that he forwarded to reporters on Friday.
While it “pains” the CIIF-OMG officials to submit their resignation, Mr. Delima added that they remain optimistic that the Palace will open its doors to negotiate.
“Before we left Mr. Medialdea’s office yesterday, he told us to keep our phones open. If they do not call in the next few days, then that’s that,” Mr. Delima said.
Mr. Delima added that if the Palace “takes their preferences into consideration”, they may consider coming back.
“We’ll definitely come back as long as [Mr. Lao] isn’t the president. Anybody but him.”
Known for its Minola brand, the company operates oil mills and refineries around the Philippines since the 1970s.
According to its website, CIIF-OMG’s plants have a total crushing capacity of 370,000 metric tons (MT) of copra per year, around 10% of the total coconut oil milling industry of the Philippines..
In terms of refining capacity, the company can process 240,000 MT of coconut oils.
Just a few months ago, CIIF-OMG sealed its first partnership with an international company, Swedish solutions firm AarhusKarlshamn (AAK). AAK last month broke ground on the CIIF-OMG’s Batangas property where they will be setting up oil and fats mixing facility.
Besides owning oil mills, CIIF also previously owned a block of shares in San Miguel Corporation whose ownership was later transferred to coconut farmers, thanks to a several Supreme Court decisions favorable to them. The shares were later sold and then turned into a fund for the benefit of coconut farmers which is currently being handled by the government.
In the 1970s, at the height of Martial Law, the company collected levies from coconut farmers and later used them to buy assets, including oil mills and more than 20 percent of shares of San Miguel in 1983.
At that time, the company was headed by, among others, Marcos crony Eduardo “Danding” C. Cojuangco Jr. — A. G. A. Mogato

PET to Marcos: We already probed swimming trip

By Dane Angelo M. Enerio
THE Supreme Court (SC), sitting as the Presidential Electoral Tribunal (PET), has dismissed former Senator Ferdinand “Bongbong” R. Marcos, Jr.’s request to probe a swimming trip attended by several PET personnel and a revisor of Vice President Leonor “Leni” G. Robredo.
In a six-page notice released on Friday, the Tribunal said that it “has already commenced and concluded its investigation.”
Mr. Marcos, who lost his vice-presidential bid to Ms. Robredo, claimed in a manifestation submitted on Monday, July 9 the trip was a “conspiracy” used by Ms. Robredo’s camp to “infiltrate” the PET in their ongoing election recount.
Ms. Robredo, however, noted both of their camps were invited to the trip, with Mr. Marcos allegedly sending snacks ahead of the June 22 trip in Pansol, Laguna.
Following Mr. Marcos’s motion, Ms. Robredo last Wednesday, July 11, urged the PET in a counter-manifestation to release CCTV footage to prove her claim.
In response to the PET notice, Ms. Robredo, through lawyer Emil Marañon III, said, “this is precisely why we filed the counter-manifestation. We knew that Marcos knew about what the revisors did. Again, this is part of their PR (public relations) stunt to confuse the Filipino public with lies and hide the truth.”
Lawyer Victor Rodriguez, Mr. Marcos’s spokesperson, said in a statement, “[w]e are completely surprised and quite shocked with the pronouncement of the Presidential Electoral Tribunal that an investigation on the highly improper Pansol outing had already been conducted and concluded.”
COMELEC GIVEN TEN DAYS TO COMMENT ON ROBREDO MOTION
In a separate development, the PET has given the Commission on Elections (Comelec) ten days to comment on Ms. Robredo’s motion to impose a 25% ballot shading threshold in her ongoing vice presidential election recount against Mr. Marcos, the losing candidate.
According to the PET’s Friday notice, the court in a July 10 resolution took note but did not act on Ms. Robredo’s motion to give the Comelec five days to comment following Solicitor-General Jose C. Calida’s decision to drop the election body as its client in the case.
Ms. Robredo’s camp claimed the Office of the Solicitor General (OSG) already had a total of 46 days to prepare submit its comment in behalf of the Comelec before dropping them on July 6.
They added the Comelec can submit their comment within five days because they implemented the 2016 the Automatic Election System used in the 2016 national and local elections.

Vista Land signs P7.7-B corporate note facility

VISTA Land & Lifescapes, Inc. (VLL) has secured corporate note facilities totaling P7.7 billion to fund its capital expenditures this year.
In a disclosure to the stock exchange on Friday, the Villar-led firm said it signed a corporate note facility consisting of seven-year corporate notes worth P1.7 billion with a coupon rate of 7.4913% per year, and 10-year corporate notes worth P6 billion with a fixed interest of 7.7083% per annum.
With this, VLL entered into a corporate notes facility agreement with China Banking Corp., China Bank Savings, Inc., and Security Bank Corp., which will act as note holders.
Meanwhile, China Bank Capital Corp. and SB Capital Investment Corp. were tapped as joint lead underwriters, with the former as sole issue manager and sole bookrunner.
China Banking Corp.-Trust and Asset Management Group is the issuance’s facility agent, while VLL’s subsidiaries Brittany Corp., Crown Asia Properties, Inc., Camella Homes, Inc., Communities Philippines, Inc., Vista Residences, Inc., and Starmalls, Inc. are the subsidiary guarantors.
“The proceeds of the corporate notes facility will be used to fund the Company’s 2018 capital expenditures for commercial property projects, and to fund other general corporate purposes,” the company said.
The listed property developer has committed to spend P50 billion in capital expenditures this year, ramping up spending from the P37.4 billion it spent in 2017.
The 2018 capex is intended to expand VLL’s leasable space to 1.4 million square meters (sq.m.) by the end of the year, from 1.06 million sq.m. the year before. This includes increasing its shopping mall footprint to 30 by the end of 2018, from 22 at the end of 2017.
VLL is currently present in 141 cities and municipalities across 47 provinces. This year, the company said it is looking to develop 23 projects into what it calls “communicities,” or integrated urban developments that combine lifestyle retail, office, university town, healthcare, residential, and leisure components.
The company’s net income jumped by 13% to P2.6 billion in the first quarter of 2018, supported by a 12% uptick in revenues to P10.1 billion during the same period.
VLL targets to breach the P10-billion mark in terms of net income this year, around 10% higher than the P9.1 billion it generated in 2017. Reservation sales are also expected to hit P72 billion for the year.
Shares in VLL dropped by 0.82% or five centavos to close at P6.05 each at the Philippine Stock Exchange on Friday. — Arra B. Francia

Group under CBCP opposes Charter change, citing lack of transparency

AN ORGANIZATION under the Catholic Bishops’ Conference of the Philippines has expressed its opposition to charter change, saying it is untimely and not transparent.
The CBCP’s lay sector, Sangguniang Laiko ng Pilipinas (LAIKO), said in a statement on Thursday that “ in unity with all Filipinos who are freedom-loving and defenders of truth, we strongly oppose the Charter Change.”
“We do not believe in the timeliness of the process and its lack of transparency because we are witnesses to a House of Representatives that acts as puppets of a totalitarian executive,” LAIKO added.
“Based on the March 2018 Pulse Asia Survey the number of Filipinos opposed to Charter change went up from 44 percent in July 2016 to 64 % in March 2018, and the opposition to federalism went the same way, except by a larger margin from 33 percent to 66 percent,” the organization explained.
LAIKO urged the local government to stop charter change and consider to “craft enabling laws that will fully implement the provisions of the 1987 Constitution especially on the Freedom of Information and the Anti-Dynasty Law.”
They also insist that incumbent politicians should, “Make the wider consultation process in the country for the Filipinos to fully understand the effects of tampering with the 1987 Constitution”
LAIKO also emphasized that the government should “call for a constitutional convention wherein the different sectors of society are represented and in a democratic venue express their stand without being afraid for their life.”
“We do not believe in the proposal to adopt a federal form of government that would apparently guarantee a fairer distribution of resources among the regions, more participation in the political process and a better life for all, yet giving vast powers to President Duterte between 2019-2022, and impose more taxes on the people to support new structures and officials,” the group said.
On the other hand, The Consultative Committee to Review the 1987 Constitution’s (ConCom) draft charter assured in Section 3 of Article XIII that “The Federal Government and the Federated Regions shall ensure that taxation shall be uniform, equitable, and progressive. No double taxation shall be allowed.”
It was also reported earlier this week that president Rodrigo R. Duterte asked the ConCom to revise its Transitory Provisions, saying he wants to be barred from running in the 2022 General Elections and wants a “Transition leader” to hold office after the ratification of the Constitution.
Despite the ConCom being tasked to revise the 1987 Constitution according to an Executive Order 10 issued by the president back in 2016, it is up to the Congress to legislate the Federal government.
LAIKO said the legislative body “acts as puppets of a totalitarian executive.” — Gillian M. Cortez

1...12,28512,28612,287...14,244Page 12,286 of 14,244
ADVERTISEMENT
ADVERTISEMENT
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin X Youtube