Philex nets P719 million in 1st half
PHILEX MINING Corp. reported its net income slipped 5% in the first six months due to lower output at its Padcal mine.
Logistics faults to surface in shift to e-commerce
SINGAPORE will take over the chairmanship of the Association of Southeast Asian Nations (ASEAN) next year and plans to focus on e-commerce initiatives to bolster regional trade, possibly exposing infrastructure gaps in the Philippines, officials said.
Beermen determined on grand slam aspirations
GRAND slam seeking San Miguel Beer is determined to complete a historic three-peat this season, but the most dominant team in the past three seasons knows it won’t be an easy task.
Universal to handle Bruce Springsteen’s song catalog around the world
UNIVERSAL Music Publishing Group will represent Bruce Springsteen’s entire catalog of songs around the world under a new deal signed between the music company and the singer-songwriter behind “Dancing in the Dark” and “Badlands.”
In the aftermath of the Marawi Crisis and with martial law, what to do with illicit guns?
Yellow Pad
Ed Quitoriano
The November 2009 Ampatuan Massacre was too big and too heinous to be ignored.
NPA bomb expert, one other nabbed in Bukidnon
TWO SUSPECTED New People’s Army (NPA) members, one of whom is believed to be a bomb expert, were captured by combined military and police troops following a clash in the outskirts of Quezon, Bukidnon early morning yesterday, the Eastern Mindanao Command (EastMinCom) reported. The military said the troops were deployed following reports from the community that a group of NPAs, the armed wing of the Communist Party of the Philippines, were planning to launch attacks in the area. Arrested were Ruel Cololot, an improvised explosive device (IED) expert and a member of Anak Pawis Partylist based on an identification card, and Ramil Cololot. Confiscated from their possession were IEDs, revolvers, three laptops, among other items. “This, another victory, sends a strong message to all NPAs that people are already fed up to all your lies and atrocities. The reports that we received from all the people manifests their anger over your decades of atrocities,” Major-Gen. Benjamin R. Madrigal, Jr., 4th Infantry Division commander, said in a statement. The two arrested are now in police custody and will be facing charges. — Mindanao Bureau
H&M to open 3 more stores in Metro Manila in 2nd half
H&M PHILIPPINES is planning to open three more stores in Metro Manila in the second half of the year, as the Swedish fast fashion giant continues to expand its footprint in the country.
BPI’s net income declines 7.7% in first semester
BANK of the Philippine Islands (BPI) reported a lower net income as of end-June following one-off gains from the sale of securities a year ago, coupled with higher operating costs as the lender spent more for technology upgrades.
The Ayala-owned lender reported an P11.7-billion net profit for the first semester, down 7.7% from the P12.6 billion tallied during the first six months of 2016, it said in a disclosure to the Philippine Stock Exchange yesterday.
Net revenues stood flat at P35.3 billion, with the increase in interest income offset by lower non-interest profits.
The country’s third biggest bank in asset terms said interest income rose by 13.6% to P23.5 billion, which came alongside an 18.4% slide in other revenue sources to just P11.8 billion.
BPI reported lower securities trading gains as of end-June due to the sale of securities a year ago, as the lender raised fresh funds which were deployed to loans and additional bank capital.
“The absence of one-off trading gains in 2017 H1 was partially offset by higher fee-based income, which grew at a robust pace of 17.8% year-on-year driven by cards and payments, service charges, and investment banking,” the bank said in a statement.
Netting out the sale of hold-to-maturity debt notes, BPI said net income picked up by 48% from a year ago.
Total loans reached P1.1 trillion, surging by 16.9% from P904.38 billion from January-June 2016 as corporate lending grew by a fifth. Deposits likewise climbed by 8% to reach P1.4 trillion from P1.33 trillion posted in end-June 2016.
Return on equity also slipped to 13.7% from 16.4% a year ago, while return on assets likewise dipped to 1.4% from 1.6% previously.
On the other hand, the bank’s operating expenses rose by 5.4% to P18.3 billion, attributed to higher spending on technology and regulatory costs.
BPI faced a two-day interruption in its electronic banking services after an internal processing error led to incorrect balances posted for 1.5 million clients on June 7 and 8. It took the bank some 37 hours to correct the account balances and had to shut down access to online banking channels and automated teller machines (ATMs).
Despite this, the bank said it held more than enough capital buffers at 13.7% of total assets, which is well above the 10% standard set by the Bangko Sentral ng Pilipinas. The lender also set aside more reserves versus potential loan defaults, even as the share of soured debts declined further to 1.5% from 1.6% previously.
BPI shares rose to end at P105.40 apiece yesterday, gaining 1.74% from P103.60 on Wednesday. — Melissa Luz T. Lopez
Vietnam wins bulk of NFA rice import order
THE National Food Authority (NFA) has awarded contracts for the supply of 250,000 metric tons (MT) of rice mostly to suppliers from Vietnam, with the shipments intended to supplement buffer stocks for the lean season.
Vin Diesel and NBC plan Miami Vice reboot
LOS ANGELES — American television network NBC is working with action star Vin Diesel on a reboot of hit police drama Miami Vice, sources told AFP on Wednesday.
Alaska Aces try anew to break from free fall
ELEVEN straight losses in the Philippine Basketball Association (PBA) dating back to last conference is what the Alaska Aces hope to break from today as they take on the TNT KaTropa in the curtain-raiser at 4:15 p.m. at the Smart Araneta Coliseum.
Making every Juan fly
By Michael Angelo S. Murillo
PRIDING ITSELF WITH having made air travel more accessible, Cebu Pacific has continuously come up with activities and programs to communicate that flying is for everyone. Recently, the country’s largest carrier held the sixth edition of its “Juan for Fun Backpacking Challenge” that had participants going on a seven-day race across the country.