Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 9530

Prudential tops non-life firms in net premiums

PRUDENTIAL Guarantee & Assurance Inc. (PGA) continued to top non-life insurance companies in terms of net premiums written in 2018, data from the Insurance Commission (IC) showed.

PGA maintained its top rank as it recorded a premium income of P5.18 billion last year, according to a list released by the IC on Tuesday that ranks non-life insurance companies based on net premiums, assets, net worth and net income, based on unaudited quarterly statistics ending Dec. 31 submitted by the firms.

Charter Ping An Insurance Corp. also remained at second place with net premiums of P3.90 billion, followed by Malayan Insurance Co., Inc. which stayed at the third spot with P3.77 billion.

Meanwhile, Pioneer Insurance & Surety Corp. took fourth place with a net premium income of P3.09 billion, overtaking last year’s fourth-ranked BPI/MS Insurance Corp., which ended the year at fifth place with P3.04 billion in net premium written.

An insurer’s net premium income is premiums written on direct business plus assumed premiums and less cessions and retrocessions.

Meanwhile, in terms of assets, Yuchengco-led Malayan Insurance retained the top spot with P34.28 billion. Pioneer Insurance also placed second again this year with assets worth P31 billion.

Ranking third this year was PGA with P14.41 billion in total assets, switching places from 2017’s list with BPI/MS Insurance, which held P12.8 billion worth of assets.

Charter Ping An stayed at fifth place this year with P11.4 billion.

According to the IC, the combined assets of the top five companies accounted for 44.13% of the total assets of the non-life insurance industry in 2018.

On the other hand, in terms of net worth, Pioneer Insurance kept the first rank with P15.39 billion. Malayan Insurance, despite a reported decline in net worth to P4.24 billion this year from P6.9 billion in 2017, also remained at second place.

BPI/MS Insurance climbed one place from its 2017 finish to land the third spot this year with P2.75 billion. At fourth place was Standard Insurance Co. with a net worth of P2.74 billion, while Philippines First Insurance Co., Inc. slid two places from its 2017 ranking to finish at fifth place this year with P2.45 billion.

Ranked based on 2018 net income, BPI/MS Insurance continued to dominate the industry with P453.83 million, while CARD Pioneer Microinsurance, Inc. climbed by two places to take the second spot with P395.15 million.

Pioneer Insurance was at third place with P346.75 million, while PGA slipped two places to rank fourth with a P264.88-million net income. Malayan Insurance was at fifth place with P195.27 million. — R.J.N. Ignacio

Venice Biennale’s The Spectre of Comparison comes home to PHL

THE Spectre of Comparison, showcased at the 2017 Philippine Pavilion at the 57th International Art Exhibition of the Venice Biennale, will open in Manila on May 23 at the De La Salle-College of Saint Benilde (DLS-CSB) Museum of Contemporary Art and Design (MCAD). It features the works of Filipino artists Lani Maestro and Manuel Ocampo.

The Spectre of Comparison, inspired by the Spanish line “el demonio de las comparaciones,” from the novel Noli Me Tangere by the National Hero Jose Rizal, is an outline for the practices of the two artists. The puzzling phrase summarizes the experience of Rizal’s protagonist, Crisostomo Ibarra, when he gazes out to look at the Botanical Garden of Manila while at the same time remembering the gardens of Europe.

The showcase delves on the tainted viewpoints when one cannot help but juxtapose two different geographical areas.

Though both Maestro and Ocampo have resided abroad, they have maintained active engagements with the Philippines throughout their careers.

Manila-born Maestro acquired her Bachelor of Fine Arts degree in University of the Philippines (UP) Diliman, and, after migrating to Canada in 1982, earned her Master of Fine Arts from the Nova Scotia College of Art and Design (NSCAD) in Halifax, Canada. She received an honorary doctorate in Fine Arts from NSCAD University in 2018. Her multimedia pieces dwell on the topic of minimalist art itself and its connotations of emptiness.

Ocampo, a graduate of Fine Arts in UP Diliman, has been a constant presence in the international art scene for over two decades, and has built up a reputation for tacking revered icons of society. He has been awarded with accolades from the US-based National Endowment for the Arts, the American Academy in Rome’s Rome Prize in Visual Arts, and Reader’s Digest’s Artists at Giverny Program. Now based in Manila, he has immersed himself into the local art scene, not just an artist but as a curator.

Curated by MCAD Director Joselina “Yeyey” Cruz, The Spectre of Comparison will run until July 20.

MCAD is located at DLS-CSB School of Design and Arts Campus, Dominga St., Malate, Manila.

Global-Estate Resorts grows income by 41%

GLOBAL-ESTATE Resorts, Inc. (GERI) reported a 41% growth in its net income attributable to parent during the first quarter of 2019 driven by higher rental income and hotel operations, and sustained sales of its residential projects.

In a regulatory filing on Tuesday, the leisure and tourism arm of Megaworld Corp. said it booked P447.48 million in attributable profit during the period, versus the P338.5 million recorded in the same period last year.

Revenues, excluding non-recurring gains, rose 20% to P1.7 billion during the first quarter from P1.4 billion booked in the same period last year.

“We believe that we have made the right investments to secure our rental income early on as this is now providing stability in GERI’s earnings, which is evident in our results the past several years. We plan to further solidify this side of the business as we add more investment properties across our lineup of tourism townships and integrated lifestyle communities in the country,” Monica T. Salomon, president of GERI, said in a statement.

Rental income more than doubled to P180 million during the three-month period, thanks to the increase in occupancy and additional leasable area with the completion of new office spaces. Specifically, this was driven by revenues from the Southwoods Office Towers and the Southwoods Mall, its first full-scale mall, both located in Laguna.

Hotel operations generated 78% higher revenues to P171 million, as it opened new hotels in Boracay and Batangas last year. GERI is set to open the 450-room Belmont Hotel Boracay this year.

Residential sales also grew by 5% to P1.24 billion from P1.18 billion last year. The company launched new residential developments in the Twin Lakes and Southwood City last year.

Currently, GERI has five tourism estates and two integrated lifestyle communities across the country that covers about 3,000 hectares. These are the Twin Lakes in Laurel, Batangas; Southwoods City in Biñan, Laguna and Carmona, Cavite; Alabang West in Las Piñas City; Boracay Newcoast in Boracay Island, Aklan; Sta. Barbara Heights in Sta. Barbara, Iloilo; Eastland Heights in Antipolo, Rizal; and The Hampton Caliraya in Lumban-Cavinti Laguna.

Shares in GERI went down by 1.49% or 0.02 centavos to close at P1.32 each at the stock exchange on Tuesday. — Vincent Mariel P. Galang

Celebrating children’s literature

A PROJECT by a new small press and curatorial platform Comma and independent bookstore Kwago, “A Curated Shelf” creates a space to understand the many ways we read, write and publish.

To be launched at the Komura; Book Fair on May 18, 3-4 p.m., the second curated shelf will feature guest curator Ani Almario. Her selection of 15 publications are children’s books that she would require her own children to read.

In the second curated shelf, Ms. Almario addresses questions on literature and the printed word but ultimately reflects on her personal relationship with books and the chosen stories. She features the works of Maurice Sendak, Neil Gaiman and Charles Vess, Rene Villanueva and Ibarra Crisostomo, and May Tobias Papa and Pepper Roxas in her selection.

“These books are about my concerns, my politics and thoughts as of late. They reflect what I think are the stories that have to be told to children TODAY. I am happy that not all choices ended up grim and determined, as I also believe in children’s literature’s power to preserve happiness and wonder,” Ms. Almario wrote in her curatorial notes.

Ms Almario is the school director and co-founder of The Raya School, a progressive institute for young children emphasizing national pride and passion for learning.

She is the vice-president of Adarna House, the publisher at the forefront in producing local children’s books and educational materials. She is also Secretary-General of the Philippine Board on Books for Young People and president of the Book Development Association of the Philippines.

In her notes, she shares a glimpse behind the history of her education and line of work: “One of my most vivid and treasured memories as a child has me, around 10 or 11, with my legs propped up on the arms of our butaka on our terrace, reading Little Women while eating pastillas that my tita made. Growing up, there was no better way to spend afternoons after school, than to curl up with a book.”

Along with “A Curated Shelf,” Komura; is presenting pockets of storytelling, focusing this year on highlighting women creators, and women in tech and film.

Komura; will be held at Warehouse Eight on May 18, 11 a.m. to 11 p.m. Regular tickets cost P200; P120 for students. Children 10 years old and below can come for free. Children will get zines and coloring books when they sign up to “A Curated Shelf.” At the program, Adarna books are available for sale.

Fed’s Williams says policy makers need to better prepare for lower interest rates

TORTUROUSLY SLOW recoveries from recessions and low inflation are here to stay unless policy makers can get a better grip on how to stabilize the global economy in an era of lower interest rates, a top Federal Reserve policy maker said on Tuesday.

“Experience teaches us that it is better to prepare for the future than wait too long,” New York Fed President John Williams said in remarks prepared for delivery at a policy conference in Zurich, Switzerland. “Ultimately, failure to prepare often means preparation for failure.”

Lower birthrates are keeping population growth down in the world’s wealthier economies and technological advancement has shifted down to more normal levels. Each trend is capping how much economies can grow, Williams said.

The lower growth leads to less investment and aging populations in those advanced economies increases saving. Lower demand for and a higher supply of savings has reduced the “neutral” level of interest rates around the world that would, in theory, not restrict or heat up the economy.

Those factors keep rates close to zero, where they lose their potency to respond to a recession, the economist argued, adding that there is no sign that “neutral” rates will go back to previously normal levels absent a change in demographics or a scientific or technological breakthrough. The Fed has set rates in the United States between 2.25-2.50%, but they are lower and in some cases even negative in places, such as Japan and Europe.

Williams, who earlier in his career was a researcher at the San Francisco Fed, is known for helping develop estimates of what the “neutral” interest rate might be. Now, he is pushing to encode some of that thinking in how the Fed approaches inflation from now on.

As part of a broad policy review, Williams has been advocating for the Fed to systematically respond to periods of tepid inflation by keeping US interest rates “lower for longer.”

But any alternatives to the Fed’s current approach could be controversial, raising questions about whether the Fed can actually live up to even more complex commitments to meet a 2% inflation target it has frequently missed.

The Fed’s preferred measure of inflation, the “core” personal consumption expenditures (PCE) price index excluding the volatile food and energy components, slowed to an annual rate of 1.6% in March.

“Investors view these low inflation readings not as an aberration, but rather a new normal,” Williams said. — Reuters

How inclusive is the internet in the Philippines?

How inclusive is the internet in the Philippines?

How PSEi member stocks performed — May 14, 2019

Here’s a quick glance at how PSEi stocks fared on Tuesday, May 14, 2019.

 

Duterte to visit Japan in late May

PRESIDENT Rodrigo R. Duterte is set to visit Japan from May 29 to 31 on a Prime Minister Shinzo Abe’s invitation, Cabinet officials said Tuesday.

In a briefing at the Palace, the President’s Spokesman Salvador S. Panelo confirmed that Mr. Duterte is set to visit Japan this month. “Sure na pupunta siya roon (the trip is confirmed),” he said.

Asked for more details after the briefing, Mr. Panelo told reporters: “What I know is that the invitation was personally carried here by the representatives of the Prime Minister. According to what I heard also is that when the President accepted that, the representatives of the Prime Minister came here to thank [Mr. Duterte].”

He also said the Palace is “hoping” to sign some deals with the Japanese government.

“I think May 29-31,” Trade Secretary Ramon M. Lopez said in a phone message to BusinessWorld when asked about the exact dates of the President’s visit.

He said there will be a “bilateral” meeting, and “meetings with Japanese corporations to relay their expansion plans.”

Mr. Lopez added that the “business to business (B2B) proposals” are “still being discussed.”

Mr. Panelo said the President’s visit to Tokyo, which will be his third since 2016, is expected to “improve” the trade relationship between the two countries.

According to DTI data, two-way trade volume between the Philippines and Japan was $20.02 billion in 2018, with exports at $9.47 billion and imports at $10.5 billion.

The DTI also noted that last year, Japan was the Philippines’ “second major trading partner (out of 221), third export market (out of 211), and third import supplier (out of 198).”

Mr. Duterte is also scheduled to deliver a keynote speech on May 31 at the 25th International Conference on the Future of Asia in Tokyo organized by the newspaper and media group Nikkei, Inc., according to the Nikkei website.

Nikkei said the Future of Asia is an “international gathering where political, economic and academic leaders from the Asia-Pacific region offer their opinions frankly and freely on regional issues and the role of Asia in the world.”

“Held by Nikkei every year since 1995, it is considered one of the most important global conferences in Asia,” the organizer also said. — Arjay L. Balinbin

NEDA sees rice tariffs exceeding P10 billion quota for RCEF

THE NATIONAL Economic and Development Authority (NEDA) said it is expecting more than the authorized P10 billion total to be collected from rice import tariffs under the Rice Tariffication Law, with the excess to be used to help farmers diversify into other crops.

In a mobile message, NEDA Undersecretary Rosemarie G. Edillon said NEDA is still in the process of finalizing its estimates of total revenue from rice tariffication this year.

The Rice Tariffication Law cam into force on March 5. Its provisions include the allotment of P10 billion for the Rice Competitiveness Enhancement Fund (RCEF) which will be used to assist farmers in the form of mechanization, credit, education and seed.

“We are still finalizing our estimates. But we do expect it to be higher than P10 billion. The law stipulates that the excess of P10 billion will go back to assist farmers diversifying into other crops,” Ms. Edillon said.

“Assistance for diversification is not in the RCEF. Funds for this will come from the excess revenue,” Ms. Edillon added.

Ms. Edillon declined to give initial estimates of revenue from tariffs.

The Department of Agriculture (DA) has been advanced P5 billion from the re-enacted 2018 Budget pending the generation of revenue for the RCEF proper, NEDA Assistant Secretary Mercedita A. Sombilla has said.

Another P5 billion will be given to DA in the third quarter to complete the P10 billion RCEF for the year, according to Ms. Sombilla.

“Mayroon nang napaunang P5 billion (The first P5 billion has been released). About P1 billion out of that has to be given to the farmers. DA is now trying to allocate some parts of it to the various agencies who are supposed to receive the RCEF,” Ms. Sombilla said in a briefing late last month.

“Kinakausap na namin ang DA (We’ve spoken to the DA). As much as possible, (it needs to) find measures to allocate some money to PhilMech, PhilRice, and to the training institutes which should be receiving money from RCEF,” according to Ms. Sombilla, referring to the various agencies in charge of farm mechanization and rice research. — Reicelene Joy N. Ignacio

Palay output falls 4.6% in Q1 to 4.69 million MT

PRODUCTION of palay, or unmilled rice, fell 4.6% year-on-year in the first three months of 2019 to 4.69 million metric tons, the Philippine Statistics Authority (PSA) said.

According to the PSA’s rice production and price report for January to March 2019 released by the Philippine Statistics Authority, on Tuesday, palay output also fell 0.4% from 4.71 million MT in the fourth quarter of 2018.

The production report covers effectively the last quarter before rice imports are liberalized, with domestic farmers under pressure from potential competition from cheap foreign imports and the government still gearing up to fund farm mechanization and switching farmers over to alternative crops.

“From 2011 to 2019, the highest deseasonalized palay output for the first quarter was in 2018 at 4,918 thousand metric tons and the lowest was in 2016 at 4,248 thousand metric tons,” PSA said in the report.

The farmgate price of palay fell 5.3% to P20.07 per kilogram (kg), quarter-on-quarter. It was still slightly higher than the P20.04 per kg recorded in the same period last year. — Vincent Mariel P. Galang

UN agency IFAD to provide $62.9 M loan for poverty-reduction

THE International Fund for Agricultural Development (IFAD) has signed a financing agreement with the Philippines supporting a poverty-reduction and income-raising program covering 20 of the poorest provinces in Mindanao and the Eastern Visayas.

“To boost the rural economy and reduce poverty in rural areas, it is important that agribusiness enterprises drive a process of inclusive rural transformation, creating market opportunities for smallholder farmers as well as jobs for other disadvantaged rural people,” Alessandro Marini, IFAD country director for the Philippines said in a statement.

This agreement was signed by Gilbert F. Houngbo, President of IFAD, and Finnce Secretary Carlos G. Dominguez III by correspondence last week.

The Rural Agro-enterprise Partnerships for Inclusive Development and Growth (RAPID) is worth $95.1 million. Of this, $62.9 million will be provided by IFAD through a loan, as well as a $2.5 million grant.

The Philippines will co-finance $10.8 million, while $12.4 million will be provided by domestic financial institutions, $2.8 million by private sector partners, and $2.1 million by the beneficiaries. The source of the remaining $1.6 million will be determined later on.

The main goal of the project is to increase incomes of farmers and generate employment in some provinces.

“The project aims to do this by creating the conditions for the sustainable development of micro and small enterprises in specific agricultural commodity chains (cocoa, coffee, processed fruit and nuts, and coconut),” IFAD said.

IFAD noted that although the Philippines is a lower middle-income country, more than 20% of Filipinos are below the poverty line, with high incidence in rural areas where agriculture is the main source of income for most people. Rural areas tend to be behind growth and have high rates of underemployment since farmers have no access to capital, knowledge and technology, and often limited market access. Such people also have few alternative sources of income and limited access to financial services.

“The project will support the development of inclusive, sustainable and resilient commodity chains, providing farmers and agribusinesses with a range of services, including access to finance and business and technical advisory services, as well as key economic infrastructure such as farm-to-market roads,” Mr. Marini added.

In late 2018, IFAD committed to invest $63.5 million to support agriculture-based micro and small enterprises in 20 provinces across the Eastern Visayas and Mindanao.

Since 1978, IFAD, an agency of the United Nations, has financed 16 projects in the Philippines, reaching 1.8 million households in rural areas. — Vincent Mariel P. Galang

PAGCOR remits record P16.17 billion dividend to Treasury

THE Philippine Amusement and Gaming Corp. (PAGCOR) remitted a record dividend of P16.17 billion to the National Treasury on Tuesday.

According to PAGCOR, the single payment is close to matching its total of P17.16 billion worth of dividends from 2011 to 2017.

“Since 2011, PAGCOR has been remitting cash dividends to the government but it was in 2018 when we posted the highest amount. Because of this, PAGCOR’s total remitted cash dividends from 2011 to the present has reached P33.33 billion, enabling the agency to consistently make it to the GOCC (Government-Owned and Controlled Corporation) Elite Circle or the Billionaires’ Club,” PAGCOR Chairman and Chief Executive Officer Andrea D. Domingo said in a statement, referring to GOCCs that remit at least P1 billion to the Treasury.

By law, GOCCs must remit at least half of their profits to the national government.

“In 2018, we recorded our highest revenue in history which amounted to P104.12 billion. This feat enabled our agency to significantly increase our contributions to nation-building by 42.52%,” Ms. Domingo said.

PAGCOR remitted P58.95 billion to the national treasury and other beneficiaries in 2018, from P41.36 billion contributions in 2017.

PAGCOR said its gaming operations generated P67.85 billion in revenue, while other income including the sale of the agency’s land in Entertainment City to Bloomberry Resorts Corp. generated P36.27 billion. The land was purhased for P32.71 billion.

PAGCOR said that its “revenue increase is fueled by a gain from the sale of land to Bloomberry Resorts Corp.”

PAGCOR’s net income in the first quarter of 2019 was reported to have increased by 9.51% to P1.55 billion from P1.42 billion in the same period of the previous year. — Reicelene Joy N. Ignacio

1...9,5299,5309,531...12,768Page 9,530 of 12,768
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube