San miguel in san miguel

Iriga City in Camarines Sur (Google maps) LEGAZPI CITY – Heavy rains caused flood at the central business district of Iriga City in Camarines Sur Thursday afternoon (August 4), rendering some main roads impassable to motorists. The villages of San Roque, San Francisco and parts of San Miguel were flooded due the heavy downpour brought by a Low Pressure Area (LPA) that started at around 3 p.m. Iriga City disaster risk reduction and management office said roads in the downtown area were impassable, including the Ortega Street corner Rotary Road which was inundated with knee-deep floodwater and the JP Rizal Street with thigh-level flood. Camarines Sur Governor Vincenzo Renato Luigi Villafuerte has placed the province under blue alert status due to the effects of the LPA. The local government units were advised to activate their respective 24/7 emergency operation centers and implement pre-emptive evacuation of families living in flood and landslide prone areas. All … [Read more...] about Flood hits Iriga City’s central district

San Miguel Corp. reported strong financial performance in the first half of 2022 driven by top-line gains across its businesses. This, amid the lingering effects of the pandemic, supply chain bottlenecks and inflationary pressures. Consolidated sales revenue rose 73 percent to P711.4 billion on sustained volume growth and better selling prices. Operating income grew by 41 percent to P85.9 billion, boosted by  the improved performance of its fuel and oil subsidiary Petron, and sustained recoveries of its food, beverage, packaging, and infrastructure businesses. Ebitda (earnings before interest, taxes, depreciation and amortization) reached P91.2 billion, up 13 percent from the first half of 2021. Recurring consolidated net income was up 24 percent to P32.5 billion. With the effects of foreign exchange movements and the impact of the CREATE ( Corporate Recovery and Tax Incentives for Enterprises)  Law, which were reflected in its 2021 results, consolidated net income settled at P19.8 … [Read more...] about SMC delivers strong H1 results

When San Miguel Corp. entered into fixed-price agreements to supply electricity to Manila Electric Co. (Meralco) consumers in 2019, little did it know that unforeseen geopolitical forces would cause it to lose billions of pesos on its Sual and Ilijan power plants. For one, the price of coal which powers Sual stood between $60 and $65 per metric ton at the time the contract was entered into, and was expected to stay in that range for the next 10 years. But no one could have foreseen that Indonesia would impose a coal export ban in January of this year, soon to be followed by a spike in energy prices globally due to Russia’s invasion of Ukraine the following month. As a result, coal prices skyrocketed to over $400 per MT at present. To make matters worse, the Malampaya gas field which supplies the natural gas for the Ilijan plant was “derated,” resulting in a drop in supply. This forced San Miguel to source fuel from overseas which, as one would expect, is also substantially more … [Read more...] about BIZ BUZZ: Seeking ‘temporary relief’

CITY OF CALAPAN – The Mimaropa police on Friday (Aug. 5) afternoon reported that it made 183 anti-illegal drug operations and arrested 207 drug suspects who yielded a total of P2.9-million worth of “shabu” (crystal meth) from January to Aug. 4 this year. The latest were three suspects nabbed on Wednesday (Aug. 3), in separate drug buy-bust operations. Ian Mejica, 36, a priority high-value individual, was arrested at Barangay San Miguel in Puerto Princesa City, after allegedly selling 0.69 gram of shabu worth P2,000 to a poseur buyer. Arvin Malibiran, 41, also a high-value target, was arrested at Barangay Lazareto in this city after selling P500 worth of shabu. He yielded 0.40 gram of shabu valued at P2,720. Saturday Carpo, 43, was arrested at Barangay IV, Roxas town in Palawan province, after selling shabu worth P2,500. The suspects are now under police custody and face charges for violation of the Comprehensive Dangerous Drugs Act of 2002. “This is an evident … [Read more...] about Mimaropa cops seize P2.9-M worth of ‘shabu’ in 7 months

Monalisa Dimalanta. Phhoto from Aboitiz Power MANILA, Philippines — President Ferdinand Marcos Jr. has named a former chief legal counsel and compliance officer of Aboitiz Power Corp. as chair of the Energy Regulatory Commission (ERC), Malacañang announced Friday. Marcos Jr. signed on Monday the appointment of Monalisa Dimalanta, who replaces Agnes Devanadera following the latter’s retirement on July 10. Dimalanta will serve a seven-year term until 2029. Lawyer, teacher She is the second appointee who used to be connected with Aboitiz Power. On July 11, the Palace announced that Marcos Jr. had nominated Raphael Lotilla, a former independent director of the power firm, as energy secretary. Two days later, the President named Aboitiz Group CEO Sabin Aboitiz as head of the consultative Private Sector Advisory Council , which Marcos Jr. formed on July 7. He swore Lotilla into office on July 29 – the weekend preceding Dimalanta’s appointment. This was the second time … [Read more...] about Former Aboitiz legal counsel new ERC chair

Conglomerate San Miguel Corp. (SMC) said higher selling prices and volumes pushed sales higher in the first half of 2022 but profits were pressured by the weakening Philippine peso and pandemic tax adjustments. The food, beverage, energy and infrastructure giant said net income from January to June sank 33 percent to P19.8 billion amid foreign exchange “movements” and normalized tax expenses from last year’s effectivity of the Corporate Recovery and Tax Incentives for Enterprises Act. SMC’s total revenues jumped 73 percent to P711.4 billion while operating income rose 41 percent to P85.9 billion. SMC said earnings before interest, taxes, depreciation and amortization increased 13 percent to P91.2 billion. Earnings were propelled by the outperformance of infrastructure and Petron Corp., whose first semester 2022 earnings exceeded those of the entire 2021. The food and beverage segment also sustained revenue and profit growth while the power subsidiary saw earnings drop due to … [Read more...] about SMC first half profits declined 33%

CATALYST FVR pushed for the merger of the Makati and Manila stock exchanges to create what we now know as the Philippine Stock Exchange – PSE file photo His presidency was credited with a number of meaningful reforms that sped up economic liberalization, put the Philippines back on the radar of investors, promoted infrastructure building through the Build-Operate-Transfer scheme, addressed the power crisis and unified two rival stock exchanges, to name a few. Not even the 1997 Asian currency turmoil that erupted at the tail end of his presidency could diminish the rare kind of respect that Edsa Revolution icon Fidel V. Ramos, aka FVR, commanded. Business leaders mourn with the nation his passing at the age of 94. The Management Association of the Philippines (MAP) cites FVR as an “epitome of management excellence for nation-building,” adding that the country has lost a “great Filipino leader, statesman, peacemaker and stabilizer.” “His administration was distinguished by … [Read more...] about Tycoons pay tribute to FVR

Bank of Commerce (BankCom) said its profit in the first half of 2022 nearly tripled on higher interest earnings and revenues  from fees and commissions. Net income from January to June reached P886.9 million versus P304.4 million in the same period last year. “The surge was mainly spearheaded by growth in the bank’s core business,” BankCom, an affiliate of conglomerate San Miguel Corp., said in a stock exchange filing on Monday. The lender said net income in the first semester rose 18.21 percent to P3.1 billion as its loan portfolio expanded by 35.6 percent. Interest expenses during the period rose 9 percent to P385.7 million. BankCom saw a large jump in service charges, fees and commissions and foreign exchange gains—which grew nearly 56 percent to P583.57 million. Expenses for bad debts fell nearly 20 percent while the ratio of non-performing loans to its loan portfolio dropped to 2.63 percent from 3.09 percent in December last year. BankCom said  this was below the 3.9 … [Read more...] about BankCom profit nearly tripled in H1

(FILE) Motorists gather at North Luzon Expressway (NLEX) Balintawak Toll Plaza on Sunday, October 18, 2020, to avail the radio frequency identification stickers. Niño Jesus Orbeta/Philippine Daily Inquirer MANILA, Philippines — The Department of Transportation (DOTr) and tollway operators have assured the public that the country’s expressways are ready to enforce cashless transactions as 3.2 million vehicles already secured radio frequency identification (RFID) tags. According to officials of DOTr’s Toll Regulatory Board (TRB), 1.8 million more vehicles were given RFID stickers since the agency issued in August a memorandum directing tollways to go electronic in receiving payments for the use of expressways to stop person-to-person transactions and avert transmission of the COVID-19 causing coronavirus. Some 1.4 million cars obtained RFID tags prior to the DOTr memo. “Today, we can say that we are ready to implement ‘yung Department Order 2020-12 o ‘yung tinatawag na cashless … [Read more...] about DOTr: Toll operators 100% ready to go cashless; 3.2M cars now have RFID tags

With two weeks left until the deadline of nominations on August 15, everyone is encouraged to submit their entries and to be part of one of the grandest business awards in the Philippines and the Asian Region, the Asia CEO Awards. NOMINATE NOW: https://www.asia-ceo-awards.org/nominations For more than a decade, this most awaited award-giving body has been recognizing pillars of industries like Ramon S. Ang of San Miguel Corporation, Manuel V. Pangilinan of PLDT, Inc. as well as movers of the nation like former Philippine President Fidel V. Ramos. Big and small enterprises, local and international companies, and executives of different nationalities are welcome to join. Asia CEO Awards Chairman Chris Mills said they also want to highlight young men, young women, young leaders, small companies, start-ups. “In all cases, it’s to really show the best that the Philippines is doing,” said Mills who is also past president of the Canadian Chamber of Commerce in the … [Read more...] about Final call to nominate entries to The Real Deal: Asia CEO Awards 2022