A lookout bulletin memorandum (LBM) was issued yesterday against former Palawan Governor Joel Reyes and several others in connection with the January 24, 2011 killing of broadcast journalist Gerardo “Gerry” Ortega.
Justice Secretary Leila de Lima in a two-page memorandum ordered the Bureau of Immigration “to be on the lookout on” Reyes, et al. “should any of them pass through immigration counter in any international airport.”
Reyes’ brother Coron Mayor Mario Reyes Jr., former provincial administrator Romeo Seratubias, close-in aide Arturo Regalado and Valentin Lecias were also included in the LBM.
De Lima said unlike a watchlist order or hold departure order, an LBM would not prevent Reyes and his cop-accused from leaving the country.
The DOJ chief said an outstanding temporary restraining order from the Supreme Court prevented her office from issuing a hold departure order against Reyes, et al.
“Relative thereto, please find the attached copy of the memorandum dated March 13, 2012, wherein the Secretary of Justice directed the Commissioner of Immigration “to instruct all immigration officers to be on the lookout for the following accused should any of them pass through the immigration counters in any of our international airports and/or seaports.”
In the meantime, Mika, the eldest daughter of Ortega, lauded De Lima for issuing the directive.
She said they were hopeful the Regional Trial Court (RTC) of the Puerto Princesa City handling the case would issue an HDO and warrant of arrest against Reyes which were expected to be released on Tuesday.
“Tuesday (today) might be the earliest for issuance of warrant,” Mika stressed.
On March 13, the DOJ indicted Reyes (MJT) and several others for murder charges after the DOJ reversed its own ruling in connection with the killing of Ortega.
The panel of prosecutors in its new ruling found probable cause to indict Reyes, et al. for the crime.
Although the panel upheld the finding of probable cause against those previously indicted—and are behind bars— for murder, namely, Rodolfo Edrad, Jr., Armando Noel, Jr., Dennis Aranas, and Arwin Arandia, it reversed the finding of insufficiency of evidence in the same charge against Reyes, et al.
The panel, however, found no enough evidence to charge Jose Antonio Carrion, former Marinduque governor as there was no sufficient proof presented to prove that he was part of the alleged conspiracy.
www.manilatimes.net
Miyerkules, Marso 28, 2012
Lunes, Marso 26, 2012
Banks’ real estate exposure up 20%
The exposure of banks to the real estate sector, particularly in the form of extension of property loans and investments in bonds issued by property firms, rose by nearly 20 percent in 2011 to a new record high of over half a trillion pesos.
The Bangko Sentral ng Pilipinas said the increase in the banks’ exposure to real estate came on the back of higher household incomes and increased economic activity that led to more demand for residential and commercial properties.
Data from the BSP showed that the exposure of banks—both universal/commercial and thrift banks—to the real estate sector totaled P518.6 billion by the end of 2011, rising by 19.6 percent from the P433.6 billion reported during the same period the previous year.
The latest amount was also higher by 6.8 percent from the P485.6 billion seen in September 2011.
“The combined exposure to the real estate sector of universal and commercial banks, and thrift banks breached the half a trillion mark and reached the highest level [in 2011],” the BSP said in a statement Friday.
Rise in loans for residential properties was attributed largely to growth in remittances from overseas Filipino workers. Growing household incomes, supported by remittances, allowed many Filipino households to feel confident about buying homes with the help of bank loans.
On the other hand, rise in demand for commercial properties was partly credited to sustained investments by business process outsourcing (BPO) firms.
Data showed that loans to individual and corporate borrowers to support purchases of residential and commercial properties accounted for bulk of the banks’ exposure, or P506 billion.
The small remainder came from banks’ investments in bonds issued by property firms.
Also, universal and commercial banks accounted for P398 billion of the total, having catered to large corporate borrowers.
Although banks extended more real estate loans, the BSP said, their exposure to bad debts had in fact declined.
Nonperforming real estate loans ratio—the share of soured real estate loans to total real estate loans—improved to 5 percent by the end of 2011 from the 6.8 percent of the same period the previous year, and the 5.5 percent of September 2011.
Soured loans or bad debts are those that have remained unpaid at least 30 days upon maturity.
The growth in bank loans to the real estate sector earlier elicited concerns over potential asset price bubbles, similar to what had happened in the late 1990s. But the BSP shrugged this off.
Unlike in the late 1990s when demand for properties was mostly speculative in nature, recent purchases of real estate were fueled by actual demand from households and enterprises that were in need of assets for expanded operations, the BSP explained.
business.inquirer.net
The Bangko Sentral ng Pilipinas said the increase in the banks’ exposure to real estate came on the back of higher household incomes and increased economic activity that led to more demand for residential and commercial properties.
Data from the BSP showed that the exposure of banks—both universal/commercial and thrift banks—to the real estate sector totaled P518.6 billion by the end of 2011, rising by 19.6 percent from the P433.6 billion reported during the same period the previous year.
The latest amount was also higher by 6.8 percent from the P485.6 billion seen in September 2011.
“The combined exposure to the real estate sector of universal and commercial banks, and thrift banks breached the half a trillion mark and reached the highest level [in 2011],” the BSP said in a statement Friday.
Rise in loans for residential properties was attributed largely to growth in remittances from overseas Filipino workers. Growing household incomes, supported by remittances, allowed many Filipino households to feel confident about buying homes with the help of bank loans.
On the other hand, rise in demand for commercial properties was partly credited to sustained investments by business process outsourcing (BPO) firms.
Data showed that loans to individual and corporate borrowers to support purchases of residential and commercial properties accounted for bulk of the banks’ exposure, or P506 billion.
The small remainder came from banks’ investments in bonds issued by property firms.
Also, universal and commercial banks accounted for P398 billion of the total, having catered to large corporate borrowers.
Although banks extended more real estate loans, the BSP said, their exposure to bad debts had in fact declined.
Nonperforming real estate loans ratio—the share of soured real estate loans to total real estate loans—improved to 5 percent by the end of 2011 from the 6.8 percent of the same period the previous year, and the 5.5 percent of September 2011.
Soured loans or bad debts are those that have remained unpaid at least 30 days upon maturity.
The growth in bank loans to the real estate sector earlier elicited concerns over potential asset price bubbles, similar to what had happened in the late 1990s. But the BSP shrugged this off.
Unlike in the late 1990s when demand for properties was mostly speculative in nature, recent purchases of real estate were fueled by actual demand from households and enterprises that were in need of assets for expanded operations, the BSP explained.
business.inquirer.net
Now Available: Philippines Real Estate Report Q2 2012
The Philippines real estate sector is generally considered to have outperformed in 2011. Almost 300,000 square metres (m2) of Grade A office space came to market across Metro Manila. The booming offshoring and outsourcing industry boosted office rents, while positive investor sentiment buoyed capital values. Remittances continued to provide local Filipinos with the spending power to drive the retail market, which saw the entry of new local and international retailers, such as Emporio Armani, LeSportSac, Paris Hilton Bags, HTC and Jamba Juice, enhancing the demand for retail space.
Despite the weak global economy constraining demand for Philippine exports, the local economy is fundamentally stable, though underperforming. While little can be done to prevent the exogenous factors affecting the Philippines, it may
Despite the weak global economy constraining demand for Philippine exports, the local economy is fundamentally stable, though underperforming. While little can be done to prevent the exogenous factors affecting the Philippines, it may
be said that the government could have done better in 2011. Weak government and private spending was little offset by resilient private consumption. Public spending targets were missed throughout the year, with Philippine President Benigno Aquino III's US$1.7bn stimulus package in Q411 having a relatively mute effect on the quarter's GDP growth. Private sector participation has also been hampered by Manila's inability to enact coherent investment policies, emblematic of which has been the government's highly touted Private-Public Partnership programme, under which not one project made it into fruition in 2011. Private consumption, which comprises 70% of total GDP, slowed from Q2 to Q3 but still posted year-on-year (y-o-y) growth of 7.1% for the quarter.
Full Report Details at
- www.fastmr.com/prod/335701_philippines_real_estate_report_q2_201 ..
Overseas remittances play a large role in household expenditure and managed to keep private consumption buoyant amid the weakening wider economy. However, this is not expected to continue as BMI forecasts that private consumption will be limited to 4.3% in 2012 following a 5.8% performance in 2011.
A recent pledge by the Philippine government to boost infrastructure spending in 2012, as well as improve monetary conditions, suggests that a recovery in construction activity is on the cards. As a result, we are revising up our forecasts for the Philippine construction sector, with real growth expected to reach 6.5% in 2012 (from 5.7%). Beyond 2012, we believe that construction activity in the Philippines could improve further, with real growth for the sector forecast to average 7.5% per annum between 2013 and 2016.
Some of the key opportunities in the real estate market are:
* The Philippines is one of the fastest-urbanising countries in East Asia. With an English-speaking and relatively low-cost workforce, it is ideally placed to participate in high-demand services such as business process outsourcing.
* Many residents of cities in the Philippines continue to experience poverty, environmental degradation and live in slums or other inadequate housing arrangements. Economic development has created rural-to-urban migration.
Some key risks to the real estate market are:
* Political unrest in the Middle East and North Africa causing a decline in overseas remittances.
Full Report Details at
- www.fastmr.com/prod/335701_philippines_real_estate_report_q2_201 ..
Overseas remittances play a large role in household expenditure and managed to keep private consumption buoyant amid the weakening wider economy. However, this is not expected to continue as BMI forecasts that private consumption will be limited to 4.3% in 2012 following a 5.8% performance in 2011.
A recent pledge by the Philippine government to boost infrastructure spending in 2012, as well as improve monetary conditions, suggests that a recovery in construction activity is on the cards. As a result, we are revising up our forecasts for the Philippine construction sector, with real growth expected to reach 6.5% in 2012 (from 5.7%). Beyond 2012, we believe that construction activity in the Philippines could improve further, with real growth for the sector forecast to average 7.5% per annum between 2013 and 2016.
Some of the key opportunities in the real estate market are:
* The Philippines is one of the fastest-urbanising countries in East Asia. With an English-speaking and relatively low-cost workforce, it is ideally placed to participate in high-demand services such as business process outsourcing.
* Many residents of cities in the Philippines continue to experience poverty, environmental degradation and live in slums or other inadequate housing arrangements. Economic development has created rural-to-urban migration.
Some key risks to the real estate market are:
* Political unrest in the Middle East and North Africa causing a decline in overseas remittances.
* Economic difficulties in the US and eurozone, and commodity price fluctuations, pose risks to private consumption growth.
* Despite President Benigno Aquino III's pro-foreign direct investment (FDI) policies, the changes in the law affecting REITs mean developers that had planned to set trusts up have stopped. In August 2011, mall developer SM Prime Holdings dropped its plans to raise US$500mn via a REIT and Ayala Land dropped its plans to raise US$400mn following the tax rises by the BIR and the tax agency.
* Despite President Benigno Aquino III's pro-foreign direct investment (FDI) policies, the changes in the law affecting REITs mean developers that had planned to set trusts up have stopped. In August 2011, mall developer SM Prime Holdings dropped its plans to raise US$500mn via a REIT and Ayala Land dropped its plans to raise US$400mn following the tax rises by the BIR and the tax agency.
Debt watcher retains top rating for ALI bonds
A DEBT WATCHER yesterday announced it was keeping its top rating for proposed and outstanding bonds from Ayala Land, Inc. (ALI) due to the company’s reportedly well diversified nature and strong capitalization.
The interior of the Tower One & Exchange Plaza in Makati City, headquarters of Ayala Land, Inc. is seen from the lower floors. Philippine Ratings Service Corp. has retained its top rating for the listed developer’s proposed and outstanding bond issuances. -- Photo By Jonathan L. Cellona
Following a recent review, local credit ratings agency Philippine Ratings Service Corp. (PhilRatings) retained its outstanding “Prs Aaa” score for Ayala Land’s proposed P5-billion bond issuance, as well as its outstanding bonds worth P4 billion, the press statement showed.
“The ratings reflect the following factors: Ayala Land’s well-diversified portfolio complemented by solid brand equity and a highly-experienced management team; sound profitability coupled with strong cash flow generation and cash reserves, and conservative capitalization with ample room for additional debt,” PhilRatings said.
Last month, the real estate firm said it was issuing the multi-year bonds worth P10 billion in order to fund general capital expenses. This comes on top of an earlier P4-billion bond issue first issued back in 2008.
In the meantime, the company announced last week that it was earmarking as much as P60 billion -- its biggest investment in a single area yet -- to develop six districts within Makati City, the country’s so-called financial capital.
Ayala Land has allotted a record P37 billion in capital expenditures this year alone to fund new residential and leasing projects, as well as for the acquisition of new properties moving forward.
This amount will be partially sourced from seven- and 10-year corporate bonds worth P15 billion that were issued last month, earlier reports said.
Ayala Land hiked its net income for 2011 to a record P7.14 billion versus P5.46 billion it generated in 2010, while total consolidated revenues rose by 17% to P44.21 billion from P37.8 billion two years ago.
Total expenses last year grew by 12% to P33.50 billion in 2011 from P29.95 billion, year on year.
“Indications are strong that the growth in profitability will continue in the medium-term given the current favorable industry and general economic environment,” PhilRatings noted.
Linggo, Marso 25, 2012
JG Summit to ramp up spending this year for expansions
LISTED CONGLOMERATE JG Summit Holdings, Inc. is ramping up capital spending this year in line with expansion plans in place for its real estate and aviation units, an official said.
The Gokongwei-led firm has pegged capital expenditure at P52.87 billion for 2012, up 79.89% from the P29.39 billion spent in 2011, Bach Johann M. Sebastian, JG Summit senior vice-president and corporate planning head, told Business World in an e-mail.
A bulk of JG Summit’s will be accounted for by the company’s real estate arm Robinsons Land Corp. and low-cost airline operator Cebu Air, Inc., Mr. Sebastian said.
Robinsons Land will be spending P19.25 billion this year, a 73.74% increase from the P11.08 billion spent last year, the e-mailed data showed.
Robinsons Land, which hiked its full-year net profits by 10% to P3.97 billion last year, earlier said it will be sourcing its capex from cash operations and debt, with more than 60% of the funding going to malls, office buildings, and hotels, and the remainder for condominiums and other housing units.
Cebu Air, for its part, nearly tripled its budget to P12.50 billion this year versus only P4.22 billion last year.
“Funding for Cebu Air will contribute to the growth of its fleet acquisitions this year,” Mr. Sebastian said in a separate telephone interview.
Cebu Air, which operates budget carrier Cebu Pacific, aims to expand its fleet to 47 aircraft by the end of 2014 in line with plans to embark on long-haul flights within the year.
Other JG Summit units, particularly its unlisted petroleum and banking firms, will also ramp up spending this year.
JG Summit Petrochemical Corp., the unlisted petroleum subsidiary of JG Summit, has pegged its 2012 budget at P15.54 billion, up by 88.82% from P8.23 billion in 2011.
JG Summit Petrochemical aims to open the country’s first naphtha cracker raw material factory in Batangas City in the third quarter next year, in a bid to drive down raw material production costs according to earlier reports.
Robinsons Bank Corp., for its part, will be spending P390 million this year, more than double the P190 million figure earmarked in 2011.
Listed food and beverage firm Universal Robina Corp. will be spending P4.56 billion this year, unchanged from its last year’s capex.
JG Summit, established in 1990, is the Gokongwei family’s holding company for various interests. JG Summit shares were traded unchanged on Friday at P28 apiece. -- Franz Jonathan G. de la Fuente.
M & A CONSTRUCTION AND DEVELOPMENT
M & A Construction and Development Company is the construction and real estate development division of the M. Lhuillier Group of Companies. It was established in the early part of 1996 as the contracting and construction arm of the new sites of ML Pawnshop and Jewelry Stores nationwide especially in the Visayas and Mindanao areas. Estimated number of employees reached 110 skilled workers including office personnel.
In the early months of operation, M & A Construction has constructed hundreds of new pawnshop branches and jewelry stores. During the first quarter of 1996, Mr. Panfilo F. Elma, the Chief Financial Officer of the business conglomerate and presently the company’s general manager, proposed the idea of a residential subdivision with a combination of high-end, middle-class and socialized housing units. The initial P10M investment made the company sustain its operation in the succeeding years.
Pioneer projects are the Sta. Monica Homes and Charle’s Peak Subdivision situated at Lapu-lapu City and Mandaue City respectively, with 160 total units combined. The company is also tasked for the land development, house construction, renovation, repair works of the M. Lhuillier Group real property holdings like Las Palmas in Danao City, Club Pacific in Sogod, Cebu and several northern town properties.
One of the main concerns of the company is to contribute its share in alleviating the housing shortage in the Metro Cebu area by increasing the accessibility of home ownership and improved housing facilities among the middle and low income group. Top management is considering other properties available for this purpose in the near future.
Sabado, Marso 24, 2012
Lhuilliers plan P100M park investment
AFTER allotting some P70 million as initial investment for the development of Cattleya Gardens and Memorial Park, the M. Lhuillier Group will be spending an additional P100 million for the completion of the project, which is due next year.
In a press briefing yesterday, Michel Lhuillier, president of the M. Lhuillier Group of Companies, said that Cattleya is one of the latest and biggest real estate developments of the company in Cebu, and is positioned to provide affordably-priced memorial park lots.
“We have been building properties for the living, so why not also build beautiful homes for our departed loved ones?” Lhuillier said.
Cattleya Garden is a 5.4-hectare development located in Cordova, Mactan. It sells 12,728 lots of various types. Cattleya is also the first to offer a park cemetery in Cebu.
According to Cattleya sales and marketing manager Maria Lovena Ordaneza, the company has already sold some 500 lots worth P31.7 million since it opened its pre-selling program last March 6.
Cattleya targets the ABC market. “Our competitive advantage is that we are offering various product types for Cebuanos to choose from, on top of the amenities we are going to feature inside Cattleya,” Ordaneza said.
Cattleya’s various lot products include lawn lots, designed for underground internment and priced at P75,000 to P85,000, and the wall niche that can house 710 outdoor niches remains priced at P67,000 to P73,700. Places in the bone ossuary cost P51,000 to P56,100; the cinerarium, designed for those families who have not yet finalized their permanent memorial plans, will go for P41,000 to P45,100. Places in the pet memorial are priced at P21,000 to P23,100.
Cattleya also offers garden lots, where families have the option of building an 18-inch-high granite monument with 25 percent of the lot. Garden lots are priced at P1.1 million to P2 million. Families may also choose Cattleya’s biggest size, the family estate, with a regular lot size of 37.5 square meters. Its price ranges from P2.1 million to P3.9 million.
Among the amenities to be developed at Cattleya are an orchidarium, playground, central pond, multi-purpose hall, animal habitat and pocket garden and meditation area.
“We wanted to develop this not just a memorial park, but a place where families can enjoy and have a deeper sense of connection with their loved ones,” Lhuillier said.
The Cattleya is Lhuillier’s third biggest project in real estate so far. The company ventured into residential developments in 1997, building Charles’ Peak Subdivision and Sta. Monica Homes located in Lapu-Lapu City and Mandaue City, respectively.
Lhuillier said the company will launch more projects in the coming years, including the development of properties in Carmen, Sogod and Talamban into mixed-used commercial properties.
The M. Lhuillier Group is into various businesses such as financial services, food, and pawnshops, among others.
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