- PH unlikely to get investment grade soon, says Fitch (ABS-CBN)
- Fitch Ratings said that the Philippines’ goal of securing investment grade status in the near term may be “a bit ambitious” as the government needs to first show evidence of sustained reforms to raise investments and state revenue, and fuel growth. Standard and Poor’s revised its rating outlook for the Philippines to positive from stable in December and two notches below investment grade, while Moody’s rates the country the same rating last June 2011.
- Villar’s Vista Land posts 17% growth in 2011 profit (ABS-CBN, BWorld)
- VLL’s earnings increased 17% to P3.5 Bil y/y as revenues from real estate sales hit P13.51 Bil on the back of strong demand for affordable homes. Net income and revenues is forecasted to rise 20% this year. The company may increase its capital expenditures to P15 Bil this year, with funds being funneled for mass housing under its flagship brand Camella Homes.
- Meralco generation charge up P0.33/kWh in April (ABS-CBN)
- Meralco is raising generation charges by P0.33/kwh reflecting upward adjustments in the rates of its suppliers. The increase will take effect this April. Wholesale Electricity Spot Market (WESM) prices went up by P2.46/kwh while independent power producers’ prices rose by P0.24/kwh. Napocor’s rates went down by P0.09. Meralco sources 7% of power from WESM,44% from IPPs and 36% from Napocor.
- Atlas Mining Hits Production and Sales Record in 2012 (PSE)
- Atlas Mining reports total mill throughput for March amounted to 1.276 Mil tones of ore at an average grade of 0.33% Cu. This resulted in the production of 12,979 DMT of copper concentrate with an average grade of 26.69% Cu, 2.91g/t Au and 22.07 g/t Ag. Shipments of copper concentrates totaled 14,605 DMT this March with total payable metal content of 7.995 Mil lbs of copper and 1,159 oz of gold with an estimated value of $32.48 Mil based on provisional hedged prices of $3.81/lb of copper and $1,706/oz gold.
- Ortigas parent firm sets P4-billion capex, plans P9-billion IPO (Philstar)
- Ortigas & Co.’s parent firm Ortigas Holdings Inc. expects to conduct an initial public offering (IPO) within the year to raise a minimum of P9 Bil to finance future developments. CLSA has been tapped as advisor for the IPO. Capex is set at Php4 Bil to finance the redevelopment of the new Unimart building at the Greenhills Shopping Center, housing a new “tiangge” estimated to be 40,000 square meters big. A BPO building is also going to be constructed. Frontera Verde, Viridian, Capitol Commons and Circulo Verde will also be further developed.
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