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GLOBE Subscribers reach 27.3 Million, Broadband Subscribers up 40% To 1.2 Million

(May 10, 2011) Globe Telecom, Inc (PSE:GLO). delivered strong results, with first quarter consolidated revenues reaching a record high of P16.5 billion. The growth momentum in the mobile business was sustained, resulting in service revenues of P13.1 billion. The fixed line and broadband business likewise posted strong revenue performance, surpassing last year’s level by 26% to close at P3.4 billion.

The mobile business posted improvements on most key subscriber metrics, for both the postpaid and prepaid brands. In the first quarter, gross acquisitions for the postpaid brand soared to a new record of over 120,000, anchored on the popularity of the new personalized and affordable subscription plans. Globe Postpaid subscribers stood at about 1.1 million by quarter-end, 30% higher than last year’s level of around 880,000. Prepaid subscribers grew 14% to 26.2 million. This growth was driven by breakthrough services such as SuperAllTxt and AstigTxtAll, the market’s first bucket, all-network text service for Globe Prepaid and TM subscribers, and SuperUnli, an unlimited, intra-network call and text offer. At the end of the first quarter, Globe had a total of 27.3 million subscribers.

The broadband business similarly sustained its expansion with subscriber base now at around 1.2 million. Growth continued to come from Globe Broadband Tattoo, the Company’s nomadic broadband service, and from Globe WiMAX, the Company’s fixed wireless service for at-home use. Wireless broadband subscribers now account for 78% of the total broadband subscriber base.

“Our earlier programs are already translating to improvements in our financial results,” said Ernest L. Cu, President and CEO of Globe Telecom, Inc. “This will provide us the momentum to take on greater challenges ahead, with the market consolidating and Globe now up against an even larger competitor. We will remain focused on differentiating through superior customer experience, and introducing more compelling, relevant products, to include not just core services such as voice and SMS, but also innovations to develop the nascent but highly promising market for mobile internet. The upgrade and modernization of our network infrastructure will also remain a key priority, to enable our networks and platforms to quickly adapt to this fast-moving market,” said Mr. Cu.

To date, the Company has already deployed its 4G mobile technology in 19 pilot areas in Metro Manila which includes Marikina, Quezon City, Makati, Pasay, Las Pinas, Taguig, and Manila. Current subscribers using 3G-enabled mobile phones and those using their broadband dongles in 4G-covered areas will already experience improvements in their calls, text and data services. Starting May 2011, the Company will offer 4G-enabled handsets, devices, and applications to allow subscribers to truly enjoy the 4G mobile experience.

In the first quarter, Globe capitalized on the recent success of its first-in-the-market personalized postpaid plans by reinforcing its service offering with the ALL NEW My Super Plan that gives subscribers greater flexibility in designing their plans. With the ALL NEW My Super Plan, subscribers determine the monthly service fee that best fits their budget by choosing to subscribe to either an All-Unlimited Plan or to an All-Consumable Plan. From this base fee, subscribers pick monthly add-on unlimited services such as calls, text, or mobile browsing to boost their plans. Subscribers also choose the freebies, comprising of bulk voice, bucket text and mobile surfing hours, to come with their postpaid plans. To make it even more enticing, Globe provides the latest handsets and device bundles for free or at a discount to new postpaid subscriptions. Similar to the earlier customized plans, subscribers are allowed to change these freebies and unlimited services as often as monthly.

In addition to the enhanced postpaid plans, Globe introduced another breakthrough offering, MY SUPERTXT ALL, the first-ever unlimited text service to all networks for its postpaid subscribers. Alternatively, subscribers of the ALL NEW My Super Plan may avail of MY SUPERTXT ALL as a monthly add-on service to their postpaid plans.

With mobile data usage gaining momentum, and to complement its suite of affordable data plans, Globe launched promotional deals that offered the latest smartphones and tablet devices from Samsung, Huawei and HTC at affordable prices with its Super Smartphone Deals. During the period, the Company also expanded its mobile data services for its Globe Prepaid subscribers with the launch of Super Facebook, a data subscription plan which provides 5 straight hours of mobile surfing on Facebook. Alternatively, for users who just access the internet from time to time, Globe introduced a new variant of its PowerSurf offering. PowerSurf15 provides subscribers 1 hour of mobile internet browsing valid for 1 day.

For Globe Prepaid, the Company also enhanced its bucket text offering SuperAll Txt 20 by now providing 250 all-network text messages from just 200 messages during its launch in late 2010. The service remains affordable which stays at the same price of P20 for 1 day. For the broadband business, meanwhile, Globe started the year with a revitalized campaign underpinned by the All-New Globe Tattoo: No Limits. Bannered by new brand ambassadors, Tattoo Broadband presented a new Tattoo logo and signature colors which provide an edgier and more vibrant look and feel. To kick-off the summer season, Globe launched barkada-friendly deals allowing subscribers to buy 3 prepaid Tattoo kits and get 1 Tattoo stick for free for only P3,735. This effectively reduced the price of each Tattoo stick to only P933.75, 25% lower than the regular price of P1,245 per stick. During the period, Globe also introduced SurfTxt60, the first-ever surf and text combo offer available to prepaid broadband dongle users.

To enable subscribers to enjoy better, faster, and more reliable data connections, Globe recently announced that it is embarking on the country’s first commercial rollout of 4G mobile technology. Globe is utilizing the global standard HSPA+ or Evolved High-Speed Packet Access for its 4G mobile network. HSPA+ is a 4G wireless, mobile, high speed broadband technology that provides peak theoretical download speeds of up to 21 Mbps with upgradeability for 84 Mbps. Under the Globe HSPA+ network, subscribers are expected to enjoy data browsing at an average speed of 4-6 Mbps with even faster peak speeds.



Source: PSE Disclosure

VLL’s Lessandra to Launch P12B Worth of Housing Projects

Vista Land and Lifescapes (PSE:VLL) announced plans to expand Lessandra, the low‐cost housing unit of Camella, with additional projects worth P12 billion nationwide this year.

Vista Land president Benjamarie Serrano said Lessandra  P40 billion worth of from 2007 to 2010. VLL envisions that there will be a Lessandra presence in most Camella communities throughout the country.

Serrano explained that Lessandra was initially developed in 2007 as a Camella townhome series in response to the need for affordability in the low‐cost housing segment.

Camella serves the higher P1.2 million to P4 million per unit bracket while Lessandra caters to families looking to build a home in the P0.50 million to P1.2 million segment, but both are intended to embody practical and modern living standards and aim to provide friendly and accessible home environments for start‐up families.

Lessandra already has a presence in 18 key cities nationwide where it has launched 37 projects amounting to over 10,000 housing units developed over a total of 150 hectares of land. Serrano said Vista Land continues to be bullish about the prospects of Lessandra because it has gained strong market acceptance and its growing patronage has helped it to carve out its own niche where it is now the acknowledged market leader.

“Vista Land was the first to recognize the strong need for more home units in this segment and has been serving this market even when other property developers were focused on the middle to high‐end markets,” Serrano said.

She added that this segment continues to account for the biggest share of the housing backlog in the country and Vista Land remains committed to serve it by providing affordable, quality units.

(Source : April 25, 2011, PSE )

Cebu Pacific Expands Domestic and International Operations

Low fare leader and pioneer, Cebu Pacific (PSE: CEB) announced increase in flight frequencies for eight of its major international routes in Hongkong, Singapore, Kuala Lumpur, Brunei, Seoul, Bangkok,  Vietnam and Jakarta.  

The expansion will be powered by an expanded fleet with three brand-new Airbus A320 aircraft delivered in the last quarter of 2010.

Starting December, 2010:

• Manila - Hong Kong service will be five times daily
• Manila - Singapore service will be 32 times weekly.
• Manila - Kuala Lumpur service will be 10 times weekly
• Manila  - Brunei service will be thrice weekly
• Manila - Ho Chi Minh service will be daily
• Manila - Jakarta service will be four times weekly

The operations will be expanded further in early 2011:

• Manila - Seoul (Incheon) service will be twice daily
• Manila - Bangkok service will be 10 times weekly.

"These are all part of our international expansion plan as we continue to take delivery of more brand-new Airbus A320 aircraft in the coming months," said CEB VP for Marketing and Distribution Candice Iyog.

CEB is also adding flights to select domestic destinations:

• Cebu - Bacolod direct flights will be twice daily starting November 24,2010.
• Manila - Cebu flights will be 12 times daily
• Manila - Boracay (Caticlan) flights will be 11 times daily. 
• Cebu - Puerto Princesa will seven times weekly.
• Cebu - Boracay (Caticlan) and General Santos will be twice daily
• Manila - Kalibo flights will be 16 times weekly
• Manila - Puerto Princesa flights will be four times daily starting February 5, 2011.

For CEB booking and inquiries, guests can visit Cebu Pacific website or Funtours or call +63 (2) 7020-888 or +63 (32) 230-8888. The latest seat sales can also be found on cebupacificair on Twitter and Facebook Fan Page.
 

"Guests without credit cards can also book online and use our payment centers to pay. These centers include Bancnet online, LBC, Megalink, and partner banks Metrobank, BDO and Robinsons Savings Bank," Iyog said.
 

CEB operates the youngest aircraft fleet in the country, and will take delivery of three brand new A320 aircraft in the last quarter of 2010. The airline flew the most number of domestic and international passengers in the 1st half of 2010, based on Civil Aeronautics Board data.

Source:

CEB Disclosure to PSE 

Nov 5, 2010

Globe Doubles Broadband Base to 1M Subscribers

Globe Telecom doubled its broadband subscriber base to 1M subscribers in Sept 2010, up from 517,355 subscribers in 2009.  Globe Telecom, with one of the largest WIMAX deployments in Southeast Asia, posted tremendous growth in its broadband users, with a compounded growth rate of 123% since 2006, in DSL (wired Internet), Broadband Tatoo (mobile wireless Internet) and WIMAX (fixed wireless Internet) subscribers.

Globe WIMAX subscribers passed the 100,000 mark in July 2010.  WIMAX (Worldwide Interoperability for Microwave Access) is a next-generation fixed wireless broadband technology used to provide affordable and reliable high-speed internet service, normally faster than many other broadband services.  WIMAX can cover areas not covered by traditional wired Internet solutions.

"We are seeing robust growth in subscriber takeup for our DSL, Broadband Tatoo and WIMAX offers, especially in the provinces. ... We are happy to hit the one million milestone for broadband users, and expect our growth trajectory to continue by year end. We aim to be the preferred provider by more subscribers as we introduce new products and improve the surfing experience of our customers," said Ernest Cu, President and CEO of Globe.

Globe has the largest WiMAX network in the Philippines, covering nearly 60 provinces and 365 key cities, including Metro Manila, Cainta, Antipolo, Taytay, Plaridel, Cabanatuan, Dasmarinas, Bacoor, Imus, Tanza, Calamba and Batangas City in Luzon  plus Cebu City, Cagayan de Oro and Zamboanga in Southern Philippines.

Globe has invested US$120M for expansion of its broadband network during the first six months of 2010.

source:
Globe Telecom disclosure to PSE
Nov 2, 2010.

Emperador Distillers Post Record 9-month Income

Emperador Distillers, Inc.reported a net income of P1.061 billion for the first three quarters of 2010.  Emperador Distillers President Winston Co said “This goes down as the highest income that we have ever achieved for a nine-month period, and it’s already 86 percent higher than that for the whole year of 2009.”

Co expects 2010 to be a banner year in revenue and income for EDI. He added: “We are confident that our net income this year will be the highest in the history of Emperador Distillers.” 

EDI's strong performance is largely due to improved consumer confidence and spending as well as the company’s ability to innovate and control cost, said Co. The record revenue gains also reflect EDI’s strong financial management as it has zero bank debt, he said.

EDI is the country's largest brandy manufacturer, with Emperador Brandy as its flagship brand. To seize new profit and growth opportunities, the company launched its foray into the white spirit segment by introducing the first flavored vodka and gin under the brand name The BAR in 2009.

“The BAR follows the blue ocean strategy as it targets uncontested market space with exciting offerings and a high-end image appeal ... The Bar has successfully penetrated all segments of the socio-economic market from A to D.”  according to Co.

The BAR sold 50 million bottles in the first 12 months of its launch, making the brand an instant success.

“This wide market acceptance of The BAR is a first in Philippine liquor history.. The two new products are the result of a long, careful market study and research that EDI has undertaken, and they represent the latest innovations that we are bringing into the mainstream of the liquor industry,” said Co. He disclosed that EDI would launch two more new beverages within the last quarter of the year.

“I promise you that the new drinks will be very, very exciting. We expect them to create a new demand and generate additional revenue for EDI in the coming years,” he said.

Emperador Distillers, Inc. is a 100 percent owned of subsidiary of Andrew Tan-led conglomerate Alliance Global Group, Inc.

 

source: PSE Disclosure

Oct 21, 2010

Treasure Steelworks Corporation Energizes Iligan Steel Plant

TKC Steel Corporation announced the forthcoming completion of its major capacity and capability enhancement project with the commissioning work of the first blast furnace in Iligan City.  This is the first of two blast furnace modules undertaken by subsidiary, Treasure Steelworks Corporation (TSC).

The Iligan City blast furnace is scheduled for cold testing to ensure all components of the system will function properly when the facility is energized next week.

Upon confirmation of cold testing results, the facility will be scheduled for hot testing and actual firing soon thereafter. With the full operation of its blast furnace, TSC expects to improve its capability to produce steel from indigeneous iron ore, thereby completing the first fully integrated steel mill in the Philippines.

Support facilities earlier set-up by TSC will complement the blast furnace to ensure adequate raw material supply for efficient production of steel products. These include the ore beneficiation plant and the power generation plant which is expected to help alleviate the power supply shortage in Mindanao.

SM Prime Signs Lease for Cebu Property To Build Second Mall

SM Prime Holdings, Inc. (SM Prime) announced that it has entered into a lease contract with Everjust Realty Development Corporation for a 46,296 square meter (sqm) lot in Barangay Lamac, Municipality of Consolacion, Cebu Province. SM Prime intends to build on the leased property its second mall in the province,
after SM City Cebu. The new mall will be named SM City Consolacion Cebu.

"The signing of the lease contract is one of the first significant steps that SM Prime is taking towards completing its second mall in Cebu. The company considers Cebu as an ideal site for further expansion of SM malls, given itsstrategic role in the Visayas region and its strong export capability. It is also an ideal tourism destination and a take off point for island hopping by ferry to other destinations,” said SM Prime President Mr. Hans T. Sy.

SM City Consolacion Cebu is estimated to have a gross floor area (GFA) of 57,436 sqm. It is scheduled to open by the fourth quarter of 2011. For the rest of 2010, SM Prime will be opening

• SM City Calamba, the third SM mall in the province of Laguna, and
• SM City Novaliches in Quezon City.

The company is also set to open its fourth SM mall in mainland China, which will be located in the city of Suzhou. By end 2010, the company is expected to have 40 malls in the Philippines, with a total gross floor area of 4.8 million sqm.

SM City Cebu, the first SM Mall in Cebu, is the country’s fourth largest shopping complex.

For further inquiries:
Mr. Jeffrey C. Lim
Executive Vice President
SM Prime Holdings, Inc.
E-mail: jeffrey.lim@smprime.com

Source: PSE Disclosure
08 October 2010. Pasay City, Philippines.

Integrated Micro-Electronics Opens Chengdu Factory

Integrated Micro-Electronics Inc. (IMI) of the Ayala Group announced the official opening of its new factory in Chengdu, Sichuan Province in southwestern China.

Members of IMI’s board of directors and management committee, led by chairman Jaime Augusto Zobel de Ayala, president Arthur Tan, and board member Gerardo Ablaza Jr., attended the event graced the inauguration ceremony held on April 9, 2010, at the factory in Xindu District’s Muwei Industrial Park

Ayala said, “IMI’s expansion to Chengdu is part of our strategy to bring IMI’s services closer to OEMs which increasingly require greater capacity in China to supply a large domestic market as well as to manufacture for export markets. We believe China will remain at the center of the global electronics manufacturing industry and will be a significant driver of the world economy as it regains its growth momentum. Having this strategic position in the region will allow us to capture a greater share of volume orders as demand turns in step with the economic cycle.”

The Chengdu factory is the sixth IMI’s manufacturing site in China. The other plants of IMI are located in Shenzhen (in Liantang, Kuichong, Fuyong); Jiaxing; and Chongqing.

Tan said, “We were invited by one of our key customers to support their new plant in Chengdu. We also have OEM customers based in Chengdu that are currently serviced by our plant in Chongqing, which is also located in southwestern China. With our new plant in Chengdu, we can offer to bring our expertise nearer to them.”

Tan added that IMI also considered the steadily rising costs of manufacturing and labor supply shortages in the coastal regions in its further expansion into southwestern China. “Southwestern China’s manufacturing costs are more competitive compared to those in the coastal cities. It also has the largest
pool of migrant workers. Because of this, the move into the central regions by OEMs and their EMS partners has gained momentum.”

IMI’s 7,500-sq m Chengdu plant offers a wide variety of electronics manufacturing solutions, from printed circuit board assembly to full product assembly for OEMs in various markets such as those in the industrial, automotive, medical, and telecommunications infrastructure industries. Contract design services are also offered to OEMs in collaboration with IMI’s design and engineering centers in
Shenzhen, Singapore, the Philippines, and the United States.

Integrated Micro-Electronics Inc. (IMI) is a leading electronics manufacturing services (EMS) and provider to the world’s key original equipment manufacturers (OEMs).

Source: PSE Disclosure April 12, 2010

EDC's New Rig to Boost Drilling Income

Geothermal leader Energy Development Corporation (EDC) expects to save US$40,000 a day from its new state-of-the-art drilling rig with Variable Frequency Drive (VFD) and Amphion Integrated Rig Control System, the most modern in the country.

EDC President and COO Richard Tantoco said:
“With this new state-of-the-art rig, we will achieve significant operational efficiency by reducing our drilling days by 40 to 50%. For every day deducted from each well we drill, not only do we save US$40,000 but we also accelerate the production of steam that results in higher revenues.

The rig’s superior safety and mobility features will also enable us to accomplish our drilling targets in terms of programmed wells per year and this is crucial since we are in an expansionary mode.”

The new rig which EDC purchased for almost P1 billion has two unique features:

• the Variable Frequency Drive (VFD) which allows for a more accurate speed and torque control, and
• the Amphion Integrated Rig Control System which centralizes control of various rig equipment.

In addition, its mud system has a 1,800 barrels capacity which can increase rate of penetration. The new rig also has superior safety and mobility features.


Tantoco added:
“We continue to invest in drilling equipment and manpower because they form the backbone of our geothermal business. The new rig is a valuable addition to our assets and will enable us to meet our drilling targets not only for our existing projects but also for the Mt. Labo and Mt. Mainit prospects.”

EDC recently bagged the service contracts for the Mt. Labo and Mt. Mainit geothermal prospects in Camarines Norte and Davao del Norte, respectively.

While its main revenues come from steam and electricity sales, EDC has made significant inroads in marketing its drilling services abroad. It has an existing contract with Papua New Guinea’s Lihir Gold Limited (LGL), one of the leading gold producers in the Asia Pacific region. LGL has been engaging EDC’s engineers and services since 1999 for various drilling contracts. EDC has been exporting its drilling services since 1997.

Source: EDC Press Release Feb 25, 2010.

DMCI Homes spending P4.5B in 2010 for three condo projects

DMCI Homes expects higher sales and profit this year amid expectations of an economic recovery that will drive demand for medium-rise residential buildings.

DMCI Homes, the property and housing arm of the Consunji-led DMCI Holdings, Inc., has allotted P4.5 billion construction budget for the year 2010.

“We expect to sell better this year than last year,” DMCI Homes Managing Director Alfredo R. Austria told Business World at the sideline of the launching of new projects. “This year, we’ll probably sell P10.5 billion to P11 billion”

Net income is projected to rise to more than P1 billion this year form the preliminary figure of P900 million last year.

"This year, we will be spending about P500 million. By next year, [we’ll spend] about P2 billion and then another P2 billion [the following year],” Elmer G. Civil, DMCI Homes’ Director for Design and Construction, said in a separate interview

Source: DMCI Homes disclosure to the PSE, Feb 18, 2010.

PETRON Opens 200 New Service Stations

The country’s leading oil refining and marketing company Petron Corporation ( PSE:PCOR)said it has completed the 1st phase of its retail network expansion program. From January 2009 to January 2010, Petron has opened 200 new service stations across the country bringing its total service station count to 1,463—the largest retail network in the industry.

“We intend to pursue our network expansion program to bring Petron’s first-rate fuel products and quality services closer to Filipino motorists. This is also in line with our strategic initiative to strengthen the company’s core business and ensure our market dominance over the long-term,” Petron Chairman and CEO Ramon S. Ang said.

At the heart of the company’s expansion program is the establishment of Petron service stations in far-flung areas as the framework for volume building. The concept is based on pre-fabricated models that can start with 2-3 product pumps but easily expandable as demand increases in growth centers, real estate development sites and provincial areas. Of the 200 Petron service stations opened in the last year, 84 are located in Luzon, 48 in Visayas and 68 in Mindanao.

At present, Petron has 30% of the total oil industry service station count and this is expected to further increase in the next few years. The company has programmed the construction of more service stations over the next few years which is expected to further enhance its market leadership.

To complement this initiative, the company is already rolling out more services at its various gasoline stations to give customers more service convenience. These include bank ATMs, money transfer, bill payments, and additional food and service locators etc.

Petron posted a net income of P3.37 billion in the first nine months of 2009 continuing its strong recovery from losses suffered in 2008. This is equivalent to a 21% increase compared to the P2.78 billion income posted in 2008 over the same period

PSE Disclosure: Feb 9, 2010

SM Prime to Invest P12B to build new malls

In a disclosure to the Philippine Stock Exchange, JEFFREY C. LIM, Executive Vice President of listed SM Prime Holdings, Inc.(PSE:SMPH), confirmed that SMPH, the country’s largest mall operator, will invest P12 billion this year to put up 11 new malls until 2011.

The Henry Sy-led firm is looking to tap the new Real Estate Investment Trust or REIT Law and secure about $300 million of funds to help finance the expansion… “[Capital expenditure] for this year will be about P12 billion. We are spending P8 billion for the Philippines and P4 billion in China,” Mr. Lim said


Source: PSE Disclosure Feb 4, 2010.

SMDC Launches Princeton Residences

SM Development Corporation (SMDC) launched its latest residential condominium project, the Princeton Residences, during ceremonies held at The Podium in Mandaluyong City on 25 November 2009. The Princeton Residences will be constructed in a lot located along Aurora Boulevard in Quezon City, right beside the Gilmore station of the LRT (light railway transit) Line-2.

Roger R. Cabuñag, SMDC president said, “It is with pride and delight that we introduce to the public our newest project, the Princeton Residences. It will be our fourth residential condominium project in Quezon City, after Mezza Residences in front of SM City Sta. Mesa, Berkeley Residences along Katipunan Avenue, and the Grass Residences beside SM City North EDSA. The Princeton Residences is ideally located in a school zone along Aurora Boulevard, which is a major thoroughfare, and provides added convenience from its proximity to an LRT station. As with our other projects, the Princeton Residences offer five-star homes in a prime location, but at affordable prices.”

The whole Princeton Residences project will sit on approximately 2,403 square meters (sqm) of land, with the condominium building occupying roughly 1,354 sqm. It will have 41 floors, offering one- and two-bedroom units. It is estimated to have a total of 1,095 units for sale.

The Princeton Residences’ planned amenities include a grand main lobby, a lobby lounge, function room, three swimming pools, a poolside cabana, children’s play area, and a roof deck clubhouse, among others.

In addition to the Princeton Residences, SMDC’s other on-going projects are Chateau Elysee in Paranaque City, Mezza Residences across SM City Sta. Mesa, the Berkeley Residences along Katipunan Avenue in Quezon City, the Grass Residences beside SM City North EDSA, the Field Residences in Parañaque City, the Sea Residences near the Mall of Asia Complex in Pasay City, and the residential subdivision Lindenwood Residences in Muntinlupa City.

SMDC is set to launch four more residential condominium projects within the year.


Source: PSE Disclosure 26 November 2009. Pasay City, Philippines.

Sumitomo partners with PSBank for PhP2-billion motorcycle financing firm

Sumitomo Corporation, one of the world’s leading trading and investment companies, has partnered with Philippine Savings Bank (PSBank), a member of the Metrobank Group, to form a PhP2-billion motorcycle financing company.

Sumisho Motor Finance Corporation will provide financing for all motorcycle brands at easy-to-acquire terms. It has already secured regulatory approvals from the Bangko Sentral ng Pilipinas and the Securities and Exchange Commission (SEC) to start operations in Metro Manila in the first quarter of 2010.

The motorcycle financing company aims to tap into a niche market to provide a great number of Filipinos with an affordable means of transportation that will spur mobility and development throughout the country.

'We are pleased to have an opportunity to partner with Sumitomo in this pioneering effort to extend financing to motorcycle buyers,' PSBank Chairman Jose Pardo said. 'We deem this investment made during these challenging economic times as a vote of confidence for the country.'

Sumisho Motor Finance Corporation is considered a landmark venture as PSBank will be the first savings bank in the country to partner with Sumitomo.

Sumitomo is a global, integrated trading and investment company with a wide and diverse range of business interests. Sumitomo counts Japan, Asia, the Americas,Europe, and China among its major profit areas and has a network of global partners, offices, and subsidiaries. Its audited consolidated financial statements for the fiscal year 2009 indicate total assets of JPY 7,018 billion (USD 70.9 billion) and a net income of JPY 215 billion (USD 2.2 billion).

In Asia, Sumitomo has invested in companies in China, Taiwan, Korea, Thailand, Singapore, Malaysia, the Philippines, Indonesia, Vietnam, and India. It has established considerable experience in motorcycle and vehicle leasing and financing through its finance companies in Indonesia and Thailand.

PSBank is one of the largest thrift banks in the Philippines with a capital base of PhP10.94 billion and assets of PhP90 billion as of end-September 2009. It currently has a network of 170 branches and 301 ATMs nationwide. PSBank offers deposit and loan products that are geared towards the consumer and SME markets.

Sumisho Motor Finance Corporation was launched in an event dubbed 'The Ride of Your Life' at The Peninsula Manila in Makati City. It was attended by Metrobank Group Chairman George S.K. Ty, Metrobank Chairman Antonio Abacan Jr., PSBank Chairman Jose Pardo, PSBank President Pascual M. Garcia III and Sumitomo Corporation EVP Kazuo Ohmori.

Also present were Metrobank President Arthur Ty, Sumitomo Corporation Automotive Division GM Masao Tabuchi, Sumitomo Corporation of the Philippines President Hisashi Chujo, Japanese Ambassador Makoto Katsura, and SEC Chairperson Fe Barin.

source: PSE Disclosure Dec 3, 2009

MPIC SECURES AGREEMENT WITH FIRST HOLDINGS FOR HALF OF ITS 13.4 STAKE IN MERALCO

MANILA, Philippines, 05th November 2009

Metro Pacific Investments Corporation (“MPIC”, PSE: MPI) today reported that the Board of Directors in its regular meeting held today, approved
the Term Sheet between MPIC and First Philippine Holdings Corporation ("First Holdings"), in relation to, amongst other things:

1. the provision of a loan in the amount of approximately PhP11.2 billion by MPIC to First Holdings or its designated wholly owned subsidiary (the "Loan"); and
2. the agreement of First Holdings to grant to MPIC a call option relating to approximately 74.6 million common shares of Meralco (approximately 6.7% of the total current outstanding common shares of Meralco) (the "Subject Shares") owned by First Holdings (the "Call Option"). The Term Sheet is expressed to be legally binding and enforceable but it is contemplated in the Term Sheet that the parties shall endeavour, in utmost good faith, to sign appropriate documentation in due course.

The Php 11.2 billion Loan
MPIC shall provide a loan in the amount of approximately PhP11.2 billion, to be evidenced by a promissory note ("Note"), to First Holdings or its designated wholly owned subsidiary. It is anticipated that the Loan will be advanced by MPIC and drawn down by First Holdings on or around the 13th November 2009 subject to the execution and delivery of the Note and a pledge over 138,357,600 common shares of First Gen Corporation owned by FGH Cayman and 30,093,270 common shares of Meralco owned by First Holdings Utilities Corporation. The Note will mature on 31 March 2010 and will bear interest at the rate of 5% per annum payable in arrears on maturity of the Note, calculated on the basis of the actual number of days elapsed in a year of 365 days.

The Call Option
First Holdings has also agreed to grant to MPIC the Call Option relating to the Subject Shares owned by First Holdings. The Term Sheet provides that First Holdings shall grant the Call Option not later than 15 January 2010. The Call Option shall be exercisable at any time from the date that the Call Option is granted until midnight on 31 March 2010.

It is expressly stated in the Term Sheet that the rights of MPIC under the Call Option shall be independent of any rights that MPIC may have as lender under the Loan (as described above) and may be exercised by MPIC at its sole option and discretion without regard to the existence or absence of any default under the Loan; provided that the Loan may be assigned by MPIC to First Holdings as payment for part of the purchase price of the Subject Shares in the event (the Call Option is exercised by MPIC while the Loan is still outstanding.

MPIC shall pay to First Holdings (in cash) a distinct consideration for the grant of the Call Option, in an amount to be determined using the Black-Scholes option pricing model. The exercise price is Php 300 per Subject Share. The Term Sheet provides that the exercise of the Call Option by MPIC shall be subject to any appropriate corporate approvals being obtained. The Term Sheet provides for the Subject Shares to be held in escrow by an escrow agent mutually agreed by MPIC and First Holdings, pending the exercise of the Call Option. If the Call Option is not exercised prior to 31 March 2010, the escrow arrangement will terminate and the stock certificates representing the Subject Shares will be returned to First Holdings. First Holdings shall not sell, alienate, transfer, encumber or create any lien or charge on, or any security interest in, the Subject Shares during the period that the Call Option is exercisable by MPIC.

The Term Sheet, which contemplates, amongst other matters, the commitment from First Holdings to grant to MPIC the Call Option, provides MPIC the ability to acquire a strategic equity interest in Meralco. It is anticipated that such strategic interest will complement MPIC's existing investment in the toll road and water sectors represented by controlling interests in Manila North Tollways Corporation and Maynilad Water Services, Inc., respectively.

Issuance of Fixed Rate Corporate Notes
The Board authorized the issuance by MPIC of up to PhP12 Billion 9-Year Fixed Rate Corporate Notes, in one or more tranches, to Primary Institutional Lenders. Said Notes will be secured by a pledge over a total of 163,602,961 Meralco shares owned by MPIC. In connection with said Notes issuance, MPIC is appointing First Metro Investment Corporation and PNB Capital & Investment Corporation as joint issue managers and joint lead underwriters, Metropolitan Bank & Trust Company – Trust as facility agent, paying agent, and debt service account agent and Philippine National Bank – Trust Banking Group as collateral trustee.

A Significant Stake in Meralco
“As MPIC intended, the 6.7% purchase agreement with First Holdings reflects our goal to be a significant shareholder of Meralco” said MPIC President & CEO Jose Ma. K. Lim.

“As a strategic shareholder with appropriate board and management participation, this agreement will enable the realization of synergies within the whole group ” Mr. Lim added.

“Taking into consideration Meralco’s strong financial prospects, we are confident that this transaction secures our objective in adding another valuable core business to MPIC’s portfolio and in strengthening our position as a dominant player in the country’s infrastructure industry” said MPIC Chairman Manuel V. Pangilinan.



source: MPI Press Release/Disclosure to Philippine Stock Exchange

Epic Flooding and Rains in Manila

Typhoon “Ondoy” (tropical storm Ketsana) hit Metro Manila last September 26, 2009 causing unprecedented flooding in 80% of the metropolis.

Entire towns were submerged in floods and in some areas, cars and trucks were swept by the waters like inflatable toys. As of Monday, Sept 28, 2009, 95 were confirmed dead, 280,000 displaced, 30 missing. Many were still stranded in flooded areas with thousands still perched on rooftops and second levels of their houses. Traffic remained paralyzed in many areas.

• The amount of rain brought by Hurricane Katrina to New Orleans is 2005 was 250mm in 24 hours
• The previous highest daily amount of rain in recorded Philippine history was 334mm in 24 hours.
• The amount of rain that fell September 26 in Quezon City from 8am to 2pm was 341mm in SIX hours only!
• The average maximum rainfall in Manila during the year is 432mm for the entire month of August.
• The amount of rain that fell September 26 in Quezon City was 455mm in 24 hours

Related Links:

• Epic Flood in Metro Manila Caused by Record Rainfall
• Tropical Storm Ketsana
• Typhoon Andoy in pictures
• Floating cars in UERM

SPI Acquires Laguna Medical Systems, Inc

ePLDT's BPO subsidiary SPI acquires Laguna Medical Systems, Inc. (LMS) SPi Expands Healthcare Platform by Adding Medical Coding Consulting Services to Its Portfolio.

WASHINGTON, DC. Sept 02, 2009. SPi, a leading global business process outsourcing (BPO) company, today announced that it has acquired Laguna Medical Systems, Inc. (LMS) for an aggregate purchase price of US $8.25 million.

LMS has 50+ regionally-based consultants who assist more than 200 hospitals to achieve coding and billing compliance and to optimize entitled reimbursements for patient services. The 22-year-old company also offers Recovery Audit Contractor (RAC) defense and recovery services to help healthcare providers manage and defend RAC audits.

Peter Maquera, President and CEO of SPi, said, "As a result of the significant focus on healthcare reform in the US, we have been actively tracking companies in the coding compliance space with the goal of finding one to acquire whose corporate culture and values match our own. LMS fits the bill. Their capabilities nicely complement our existing medical transcription, billing and revenue cycle management services and provide an excellent, new entry point for us into this rapidly growing $25 billion industry."

Maquera went on to say, "The inclusion of LMS's service offerings in our Healthcare portfolio allows us to strengthen our relationships with the more than 400 hospitals, multi-specialty clinics and physician practices that we currently serve, and it increases our Healthcare-specific employee base to more than 2,000 worldwide."


The US healthcare industry accounts for 16% of US GDP and is the largest segment in the US economy. With the US government now requiring healthcare providers to achieve a 95% or greater accuracy rate on medical coding, inexperienced healthcare providers with limited resources are expected to struggle to meet this requirement, enhancing growth opportunities for well-funded and managed service providers in the coding compliance consulting market. Add to this that the US government's RAC program is soon to expand from just hospitals to physicians in all states and the rationale for entering this coding marketplace becomes even stronger.

"SPi's acquisition of LMS is an excellent example of how we are executing on our strategic plan to accelerate growth and strengthen our position in the BPO arena," stated Ray C. Espinosa, President and CEO of ePLDT.

Espinosa went on to say, "Recognizing the rapid and continued growth in the healthcare industry, we are committed to expanding our platform in this area and are delighted to be adding another annuity-based business to our overall BPO portfolio."

Mike Beninato, President and CEO of SPi's wholly-owned medical billing and revenue cycle management company, Springfield Service Corporation (SSC), said, "SSC's management team is equally pleased with the acquisition of LMS and looks forward to merging its service offerings with our own." He added, "As it is becoming increasingly important for healthcare providers to significantly improve their efficiency while simultaneously lowering their costs, LMS's coding, audit and compliance consulting services, along with the rest of SPi's offerings, provide a critical set of capabilities for organizations navigating their way through today's ever-changing healthcare landscape. We look forward to working with LMS to integrate its offerings with ours and to achieve continued growth and profitability together in the years ahead."

Source ePLDT Press Release

Treasure Steelworks Fires New Furnace

Manila. Sept 3, 2009. Treasure Steelworks, a subsidiary of TKC Steel Corporation, has commissioned its new Eccentric Bottom Tapping Electric Arc Furnace (EBT-EAF) as part of its capacity and capability enhancement projects.

Full commercial operation of the new facility is expected to start as soon as the series of tests for direct charging of beneficiated iron core are completed.
As part of the strategic plan of TKC Steel, it is testing the use of locally sourced iron ora processed from its beneficiating facility as raw material for its furnaces. Scrap metal is fast becoming scarce and costly. But the country has more than enough supply of iron ore to meet the TKC subsidiary's total present and future requirements.

Initial test results from the use of beneficiated local iron ore are said to be encouraging. They indicated substantial cost savings and improved yields of melted steel that the company is confident that it will be able to arrive at the optimum mixture of materials and additives that will reduce its dependence on scrap.

The capacity of the new furnace is 50MT per heat. This increases Treasure Steelworks' annual production output of billets by about 15%. The new facility is also equipped with the latest supersonic oxygen injector that would further improve production output.

Together with the newly commissioned ladle furnace and the newly installed iron ore beneficiating facility, the billet manufacturing shop of Treasure Steel will be the most modern facility in the Philippines, equal to similar modern plants in the ASEAN region.

Source: TKC Steel Press Release

Philippine Flash Indicators Show Signs of Recovery

The impact of the global financial crisis was felt in the Philippines starting October 2008 as exports decreased, manufacturing dropped, stock index declined and car sales weakened. However, statistics point to modest signs of recovery by the end of the 1st quarter of 2009.

Multiple indicators dropped beginning October 2008:

• Manufacturing: the value and volume of production index and capacity utilization rate
• Exports: electronic products and agricultural products
• Imports: raw materials and capital goods.
  
• Others: composite stock index, stock market capitalization, and volume of cars sold.

All these indicators showed signs of recovery towards the end of February 2009.

These indicators are among the 81 flash indicators identified by the NSCB Task Force on Flash Indicators to Measure the Impact of Global Crisis in the Philippines (TFFI) chaired by Mr. Dennis P. Arroyo, Director of the National Planning and Policy Staff of the National Economic and Development Authority. The levels and movements of these indicators can serve as early warning signals of economic crisis or recovery when the indicators start to shift significantly from their “normal” levels.

See full story from the Philippine National Statistical Coordination Board

August 19, 2009