Bank exposures to real estate up in Q2 – Bangko Sentral

The amount of exposure of Philippine banks to the real estate sector increased in in the second quarter of the year from a quarter earlier, Bangko Sentral ng Pilipinas reported Wednesday.

In a statement, the central bank said real estate exposure of universal, commercial and thrift banks stood at P900.1 billion as of end-June, up 6.8 percent from P842.6 billion as of end-March.

Bulk or 84.7 percent of the exposure was made up of real estate loans (RELs) to bankroll acquisition, construction and improvement of housing units. RELs grew 6.6 percent quarter-on-quarter to P762.5 billion.
The rest of bank's exposure comprised of investments in real estate securities, which grew 8.3 percent to P137.7 billion.


The numbers were based on central bank's new reporting system that covers loans to developers of socialized and low-cost housing, loans to individuals, loans supported by non-risk collateral or Home Guarantee Corporation, investment in securities to finance real estate activities, as well as exposure by banks' trust departments to the property sector.


Under Memorandum No. 2012-046, the central bank told banks to report more types of credit and investments in the real estate sector, casting a wider net in capturing the financial system's exposure to the property industry.


The central bank said it is “keen on monitoring the credit conditions that support the heightened activity in property development to prevent potential impairment of intermediation.” – Sieg Alegado/VS, GMA News

Pag-IBIG to invest P5B in stocks

HOME Development Mutual Fund (Pag-IBIG) is setting aside P5 billion for its maiden investment in equities, an official said last Thursday.

“I’ve just gotten approval [from the board of trustees] to invest a certain percentage of our investable funds into equities,” Pag-IBIG Chief Executive Officer Darlene Marie B. Berberabe told reporters at the sidelines of the Asia CEO Awards.

Ms. Berberabe, who was given the Public Sector Leadership Award, said Pag-IBIG currently holds P330 billion in assets, with about 70% of these invested in housing-related loans.

It also has P35 billion in “free funds” for other investments -- 85% of which are in government securities, while the rest are in fixed-income assets.

“We have approval for a maximum of P5 billion to be invested in equities,” she said.

Pag-IBIG has begun screening fund managers to help the state-run agency with the investment.

“That’s what we are doing now, we are accrediting fund managers because we recognize that we don’t have that capacity. This is a first for us,” Ms. Berberabe said.

She said fund managers would be chosen based on their track record and the management fees they offer.

“We really want to be safe. This is money that members will need at a certain point. We need to return them to our members.”

While no specific timetable has been set, Pag-IBIG’s first investment in stocks will likely happen next year, she said.

Earlier this year, two other state-run financial institutions, the Government Service Insurance System and Social Security System, said they were planning to increase their exposure to equities to take advantage of attractive valuations, especially with the Philippine economy booming.

Pag-IBIG’s foray into stocks is expected to add liquidity to the local market, which is bracing for volatility should the US Federal Reserve start reducing its massive stimulus program next year.

Last year, the Philippine Stock Exchange (PSE) emerged as the third best performing bourse in the world after Turkey and Thailand.

Despite volatility this year due to concerns over the Fed’s taper plans, the benchmark index has still gained 7.83% to date. It settled at 6,267.85 points yesterday against the 2012 yearend close of 5,812.73.

Before the US central bank said it would taper its $85-billion monthly bond-buying program and sent tremors across financial markets worldwide, the PSE index hit as high as 7,392.20 on May 15 -- a gain of 27.17% for the year.

source:  Businessworld

Pag-IBIG to invest P5B in stocks

Pag-IBIG to invest P5B in stocks

HOME Development Mutual Fund (Pag-IBIG) is setting aside P5 billion for its maiden investment in equities, an official said last Thursday.

“I’ve just gotten approval [from the board of trustees] to invest a certain percentage of our investable funds into equities,” Pag-IBIG Chief Executive Officer Darlene Marie B. Berberabe told reporters at the sidelines of the Asia CEO Awards.

Ms. Berberabe, who was given the Public Sector Leadership Award, said Pag-IBIG currently holds P330 billion in assets, with about 70% of these invested in housing-related loans.

It also has P35 billion in “free funds” for other investments -- 85% of which are in government securities, while the rest are in fixed-income assets.

“We have approval for a maximum of P5 billion to be invested in equities,” she said.

Pag-IBIG has begun screening fund managers to help the state-run agency with the investment.

“That’s what we are doing now, we are accrediting fund managers because we recognize that we don’t have that capacity. This is a first for us,” Ms. Berberabe said.

She said fund managers would be chosen based on their track record and the management fees they offer.

“We really want to be safe. This is money that members will need at a certain point. We need to return them to our members.”

While no specific timetable has been set, Pag-IBIG’s first investment in stocks will likely happen next year, she said.

Earlier this year, two other state-run financial institutions, the Government Service Insurance System and Social Security System, said they were planning to increase their exposure to equities to take advantage of attractive valuations, especially with the Philippine economy booming.

Pag-IBIG’s foray into stocks is expected to add liquidity to the local market, which is bracing for volatility should the US Federal Reserve start reducing its massive stimulus program next year.

Last year, the Philippine Stock Exchange (PSE) emerged as the third best performing bourse in the world after Turkey and Thailand.

Despite volatility this year due to concerns over the Fed’s taper plans, the benchmark index has still gained 7.83% to date. It settled at 6,267.85 points yesterday against the 2012 yearend close of 5,812.73.

Before the US central bank said it would taper its $85-billion monthly bond-buying program and sent tremors across financial markets worldwide, the PSE index hit as high as 7,392.20 on May 15 -- a gain of 27.17% for the year.

source:  Businessworld

Pag-IBIG to invest P5B in stocks

HOME Development Mutual Fund (Pag-IBIG) is setting aside P5 billion for its maiden investment in equities, an official said last Thursday.

“I’ve just gotten approval [from the board of trustees] to invest a certain percentage of our investable funds into equities,” Pag-IBIG Chief Executive Officer Darlene Marie B. Berberabe told reporters at the sidelines of the Asia CEO Awards.

Ms. Berberabe, who was given the Public Sector Leadership Award, said Pag-IBIG currently holds P330 billion in assets, with about 70% of these invested in housing-related loans.

It also has P35 billion in “free funds” for other investments -- 85% of which are in government securities, while the rest are in fixed-income assets.

“We have approval for a maximum of P5 billion to be invested in equities,” she said.

Pag-IBIG has begun screening fund managers to help the state-run agency with the investment.

“That’s what we are doing now, we are accrediting fund managers because we recognize that we don’t have that capacity. This is a first for us,” Ms. Berberabe said.

She said fund managers would be chosen based on their track record and the management fees they offer.

“We really want to be safe. This is money that members will need at a certain point. We need to return them to our members.”

While no specific timetable has been set, Pag-IBIG’s first investment in stocks will likely happen next year, she said.

Earlier this year, two other state-run financial institutions, the Government Service Insurance System and Social Security System, said they were planning to increase their exposure to equities to take advantage of attractive valuations, especially with the Philippine economy booming.

Pag-IBIG’s foray into stocks is expected to add liquidity to the local market, which is bracing for volatility should the US Federal Reserve start reducing its massive stimulus program next year.

Last year, the Philippine Stock Exchange (PSE) emerged as the third best performing bourse in the world after Turkey and Thailand.

Despite volatility this year due to concerns over the Fed’s taper plans, the benchmark index has still gained 7.83% to date. It settled at 6,267.85 points yesterday against the 2012 yearend close of 5,812.73.

Before the US central bank said it would taper its $85-billion monthly bond-buying program and sent tremors across financial markets worldwide, the PSE index hit as high as 7,392.20 on May 15 -- a gain of 27.17% for the year.

source:  Businessworld

Pag-IBIG to invest P5B in stocks

HOME Development Mutual Fund (Pag-IBIG) is setting aside P5 billion for its maiden investment in equities, an official said last Thursday.

“I’ve just gotten approval [from the board of trustees] to invest a certain percentage of our investable funds into equities,” Pag-IBIG Chief Executive Officer Darlene Marie B. Berberabe told reporters at the sidelines of the Asia CEO Awards.

Ms. Berberabe, who was given the Public Sector Leadership Award, said Pag-IBIG currently holds P330 billion in assets, with about 70% of these invested in housing-related loans.

It also has P35 billion in “free funds” for other investments -- 85% of which are in government securities, while the rest are in fixed-income assets.

“We have approval for a maximum of P5 billion to be invested in equities,” she said.

Pag-IBIG has begun screening fund managers to help the state-run agency with the investment.

“That’s what we are doing now, we are accrediting fund managers because we recognize that we don’t have that capacity. This is a first for us,” Ms. Berberabe said.

She said fund managers would be chosen based on their track record and the management fees they offer.

“We really want to be safe. This is money that members will need at a certain point. We need to return them to our members.”

While no specific timetable has been set, Pag-IBIG’s first investment in stocks will likely happen next year, she said.

Earlier this year, two other state-run financial institutions, the Government Service Insurance System and Social Security System, said they were planning to increase their exposure to equities to take advantage of attractive valuations, especially with the Philippine economy booming.

Pag-IBIG’s foray into stocks is expected to add liquidity to the local market, which is bracing for volatility should the US Federal Reserve start reducing its massive stimulus program next year.

Last year, the Philippine Stock Exchange (PSE) emerged as the third best performing bourse in the world after Turkey and Thailand.

Despite volatility this year due to concerns over the Fed’s taper plans, the benchmark index has still gained 7.83% to date. It settled at 6,267.85 points yesterday against the 2012 yearend close of 5,812.73.

Before the US central bank said it would taper its $85-billion monthly bond-buying program and sent tremors across financial markets worldwide, the PSE index hit as high as 7,392.20 on May 15 -- a gain of 27.17% for the year.

source:  Businessworld

Inframachineries goes to PhilConstruct

A LEADING provider of construction tools and equipment is launching its latest product lines “that has never been displayed in the any trade exhibition in the Philippines”

Doosan-DLA wheel loader

Eduardo Trinidad, president of Inframachineries, said that the company is confident that its new line of equipment—-that will be on display during PhilConstruct 2013 this week—will meet the growing needs of developers

Our team is excited to unveil it in this year’s PhilConstruct,” Trinidad said.

As one of the major exhibitors at PhilConstruct, the company is expected to showcase its products and services to than 50,000 visitors, including the largest network of industry professionals, in a single venue.

“We are a key partner in infrastructure development across the country, providing builders with the expertise and superior machinery they need to fulfill their requirements,” Trinidad said, adding that the leadership team brings 30 years of training and experience to every project.  

“It’s an exciting time to be part of PhilConstruct,” Trinidad said. “The construction sector is booming and we want to support this growth by making the right insight and most advanced equipment available.”
The company is the exclusive distributor of Doosan Infracore Construction Equipment for sales and service, and Zoomlion, Everdigm, and Sandvik equipment.

Inframachineries is optimistic that a strong economy will lead to improved infrastructure, which will help pave the way for sustainable and inclusive development.

The Philippines’ construction sector continues to show robust growth. In the second quarter of 2013, the National Statistics Office reported a total of 29,424 construction projects based on approved building permits. Residential and non-residential projects generated P32.60 billion and P28.50 billion, respectively. In 2012, new construction projects from approved building permits were recorded at 121,051, representing an increase of 7.2% compared with 112,881 construction projects in 2011.

Since its establishment in 2011, Inframachineries steadily rose to serve more global brands and clients that rely on highly personalized after-care service. “Inframachineries is making a name in the industry by offering competitive prices and excellent service to customers,” said Peter Pancho, former president of the Association of Carriers and Equipment Lessors (ACEL).

source:  Manila Standard

BIR: Few lawyers, CPAs in top taxpayers list

MANILA, Philippines – Doctors, lawyers, accountants – they are the first who come to mind when talking about high-earning professionals.

But sadly, many of them aren't paying the right amount of taxes, said the Bureau of Internal Revenue, which has been zeroing in on professionals, especially the self-employed ones, in its fight against tax evasion.

In its latest tax campaign ad, BIR pointed out that of 3.2 million people belonging in 50 registered professions, less than a hundred made it to the Top 500 Individual Taxpayers List for 2012.

BIR failed to note, however, that the professionals who made it to BIR's list are also businessmen.
BIR said of 65,398 lawyers registered with the Philippine Regulation Commission (PRC) as of 2011, 19 were top taxpayers in 2012.

Corporate lawyer and PAL Holdings Inc. company secretary Estelito Mendoza led the lawyers group, with P56.59 million tax paid. He ranked third on the BIR list.

Following Mendoza was GMA Network Inc. chairman and CEO Felipe Gozon, who ranked 41st on the BIR list, with P20.91 million tax paid.

Among 176,048 doctors and dentists, 2 were on the BIR list – Splash Corporation chairman and CEO Rolando Hortaleza (P12.32 million) and Levi Labra of Procter & Gamble (P9.38 million).

Meanwhile, 8 out of 145,209 certified public accountants registered with PRC were included in the list. The 8 were led by Rizal Commercial Banking Corporation president and CEO Lorenzo Tan, with P33.16 million; TVI Resource Development president Eugene Mateo, with P13.10 million; and businessman Roberto Ongpin, with P7.42 million.

Check out this graphic for the names of the other professionals who paid the highest amount of income taxes last year.



source: Rappler