BDO profit declines on smaller trading, foreign exchange gains

The Philippines' second-largest bank, Banco De Oro Unibank Inc (BDO), said its profits declined in the first quarter of 2008 due to reduced trading and foreign-exchange gains. The bank said its net income fell by 24 percent to P1.34 billion in the first three months of 2008 compared with P1.77 billion in the same period in 2007. The bank attributed the double-digit drop in its noninterest income, which overshadowed a modest increase in its net interest income, to "a difficult operating environment." BDO said its net interest income increased by 6 percent to P5.4 billion due to a better loan and deposit mix. Growth in low-cost deposits expanded the bank's total deposits by 4 percent to P463.8 billion since the start of the year. BDO missed its profit growth target of 7 percent in 2007 due to higher expenses related to its consolidation with EPCIB

in Manila Times by Maricel E. Burgonio
May 9, 2008
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FBMA Marine gets repeat order for 2 catamarans

FBMA Marine Inc., the shipbuilding company of the Aboitiz Group, will start building two new high-speed catamarans, a repeat order from Wightlink, Portsmouth, United Kingdom. FBMA will build two 41-meter, high-speed vessels to be used for the Portsmouth-Ryde commuter route. Craig Patrick, FBMA chief engineer said the repeat order from Wightlink was won amid stiff competition from traditional catamaran builders. FBMA refitted the firm's existing fast passenger catamarans prior to delivery in 1997. FBMA also had contracted to build a 70-meter Ropax ferry for Scotland and a 57-meter, high-speed catamaran ferry for New Caledonia. FBMA is a joint venture between Aboitiz and Co. and FBM group of Hong Kong Parkview group.

in Malaya by Genivi Factao
May 9, 2008
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Vehicle sales up 14.8% in 4 months

Total auto sales in the first four months of 2008 soared to 39,981 units up by 14.8 percent from 34,827 units in the same period in 2007. Commercial vehicles (CV) continued to dominate the local market, making up 66 percent of total vehicle sales nationwide. Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) President Elizabeth Lee attributed the increase in CV sales to sustained growth in the light commercial vehicle segment (pickup trucks, vans and compact sports utility vehicles). Japanese auto maker Toyota dominated the market with 14,160 units, followed by Mitsubishi Motors Philippines with 5,345 units. Dropping to third from second slot was Honda Cars with 5,269 units followed by Hyundai Asia, 3,325 units.

in Daily Tribube by Ayen Infante
May 9, 2008
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Procter & Gamble opens distribution center for local, export sales

Procter and Gamble (P&G) Philippines Inc. has opened a new distribution center in Cabuyao, Laguna, to build up its domestic and export capacity, the company announced on May 7. The facility, costing P380 million, is expected to boost the production and movement of P&G goods here and abroad, said James Lafferty, P&G Philippines president and general manager. The center expands the capacity of the company's existing warehouse by 50 percent, enabling it to handle close to 20,000 added pallets of finished goods. P&G's Cabuyao plant, which serves the country and several markets in the region, manufactures approximately 75,000 cases daily of a wide range of products such as Tide, Ariel, Mr. Clean, Joy Dishwashing Liquid, Downy Fabric Enhancer, Pampers, Whisper, Safeguard, Zest, Secret and Old Spice.

in Manila Times by Katrina Mennen A. Valdez
May 8, 2008
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