business The Manila Times


Ayala Land sets sights on boutique hotels


AYALA Land Inc. (ALI) sees a lot of potential in its planned venture in the boutique hotel business amid the booming tourism industry. In the next few months, ALI


will break ground on its first boutique hotel project in Bonifacio Global City, near the property developer’s upscale West Tower project at One Serendra. “[The boutique hotel] is something


that’s urgently needed not just in Bonifacio, but all over the country,” Antonino Aquino, ALI president, told reporters in a briefing. Aquino said the “businessman’s


hotel” will rise near the company’s commercial centers such as Bonifacio Global City and North Trinoma, as well as in Alabang, Davao and Cagayan de Oro, to create synergies among the company’s businesses. “Every time we put something


in an Ayala growth center, each of the products we get there has a very positive effect on the products we put in the market,” Aquino said. Earlier, Jaime Ysmael, ALI chief financial officer, said the boutique hotel is estimated to cost less than P1 billion with the flagship unit in Bonifacio Global City having 175 rooms priced under $100.


Ysmael had said that ALI plans to put up another hotel, which will be managed by a foreign brand, in Ayala Center with a total of 350 rooms. “One thing very consistent with


it is that it will be reflecting the identity and character of the place [it is] going to be a part of,” Rex Mendoza, ALI senior vice president for corporate sales and marketing, said. Known for its high-end residential


projects, the company has diversified to reach consumer segments untapped by other brands by offering new business opportunities, such as boutique hotels and condotels, and communities and neighborhood centers in its retail portfolio, Aquino said. “We are very much aware that


there remains a large potential for tourism estate-related ventures and we are keen to capitalize on this with some possible investments within the year,” he added. KRISTA ANGELA M. MONTEALEGRE


■ Sunset at the back of an electric tower on April 12 in San Jose,Tarlac City. PHOTO BY JESSIE LAURETA Napocor, Belgian firm to build solar plants


STATE-OWNED National Power Corp. (Napocor) is set to tie up with a Belgian renewable energy firm for the construction of solar power plants in off-grid areas across the Philippines. Froilan Tampinco, Napocor president, said the company and Enfinity NV will be signing an agree- ment within the next two weeks for the establishment of 10-megawatt solar power installations. “They had talks with us that they plan to put up solar power in the country,” he said. The two parties are looking at


Romblon, Palawan and parts of Quezon as potential sites for the solar power plants.


Napocor plans to aggregate the


power requirements in nearby is- lands and missionary areas—or places that are not connected to the


Luzon, Visayas and Mindanao grids—to ensure that there would be adequate demand for the solar plants’ output.


“They are looking at a minimum


of 10 megawatts but they could go as high as 20 megawatts to make economies of scale,” Tampinco said. Under the law, Napocor’s power plants in the three main grids are to be privatized but the company would have to retain its island and off-grid power distribution and gen- eration facilities. Tampinco said that the entry of Enfinity would allow the state- owned firm to develop these areas that were hard-pressed to draw in- vestments from the private sector. Although the two companies


have yet to formalize the structure and details of the upcoming part- nership, the Napocor chief said that


Enfinity will be bringing in the tech- nology needed to put up the pro- posed solar power plants. “They are also willing to bring in the financing,” Tampinco said. The solar power plants are ex- pected to cost about $2.5 million to $3 million per megawatt to build. Even though solar power plants


are 50 percent more expensive to put up than fossil fuel-based variants, these facilities are still being consid- ered since they provide clean and indigenous energy. Aside from Enfinity, Napocor has also signed agreements with other renewable energy firms such as Enertime SAS of France for biomass and solar power projects, and Clenergen Corp. of the United States for pilot biomass projects in off-grid areas. EUAN PAULO C. AÑONUEVO


DENR embarks on computerization of land records


IN a bid to improve its land-related services, the Department of Environment and Natural Resources (DENR) announced on Thursday it will computerize all records and information to ease land titling. Dubbed as the Land Administration and Manage-


ment System (LAMS), the new computerized information system is designed to provide effective management of land records and efficient delivery of land transactions and information services to the public, the DENR said in a statement. This system would also allow the agency to view


up-to-date spatial maps and address the problem of deteriorating conditions of paper records. LAMS can be accessed through its One-Stop-Shops, Land Management Bureau (LMB), Regional Land Management Sector and concerned local government units (LGUs). “The new computerized system will address the


problem of missing, erroneous, and conflicting land records that has negatively affected the land-related services of the agency,” Environment Secretary Ramon Paje said. He said the system’s database and imaging technol-


ogy and computerized inspection, verification and approval of survey returns will help the Environment department realize more effective land titling activities. “This system will be the platform for managing the


land data and information of the Land Management Bureau and Land Management Services in the DENR’s regional offices, where data may be inputed from other systems such as the PRS 92 Project of the National Mapping Resources Information Authority and the Land Titling Computerization Project of the Land Registration Authority [LRA],” Paje said. Also links with the Local governments would be established on a demand-driven and partnership approach to increase their revenue collection, planning and other systems. “Complementing the computerization initiatives of other land agencies and LGUs, the LAMS will link other land information to cadastral maps, approved land survey plans, public land applications and titles,” Paje said. The LMB would oversee the implementation of


DENR Administrative Order 2010-18 to ensure that LAMS is successfully installed in all regional land


management offices, including Provincial and Community Environment and Natural Resources Offices of DENR. LMB director Allan Barcena, who is also the


executive director of LAMS, said the bureau was able to secure funds needed for the construction of records facilities and initial equipment outlay to all regional land offices for the eventual


computerization of records and services. On July 8, DENR started its free land patenting, which aims to legalize the private land rights of the qualified owners, who were occupying zoned residential lands without appropriate titles. The program will also help the agency with the full implementation of the LAMS.


JAMES KONSTANTIN GALVEZ


REPUBLIC OF THE PHILIPPINES CITY GOVERNMENT OF PASIG


INVITATION TO APPLY FOR ELIGIBILITY AND TO BID


The City Government of Pasig through its Bids and Awards Committee (BAC) invites suppliers/manufacturers/distributors/contractors to apply for eligibility and to bid for the hereunder project:


Quantity 1


1 2


Unit Lumpsum


Lumpsum Units


Brief Description of Goods Various Supplies and Materials


(dartboard, luminous gloves, handcuffs etc...) SP to be distributed to various barangays


One (1) unit Rescue Truck (second hand) & Various brand new rescue tools and equipments Automatic Processor-CHO


P7,458,000.00 P3,570,000.00


Only suppliers duly registered and accredited with the City Government of Pasig may be allowed to participate in the submission of eligibility requirements.


The City Government of Pasig assumes no obligation whatsoever to compensate or indemnify the bidders for any excuse that they may incur in the preparation of their bids. The City Government of Pasig also reserves the right to reject any of all bids to waive any defects found therein and to accept the bid most advantageous to the government.


Prospective bidders should have experience in undertaking a similar project within the last two (2) years with an amount of at least 50%


of the proposed project for bidding. The Eligibility Check/Screening as well as the Preliminary Examination of Bids shall use non-discretionary “pass/fail” criteria. Post qualification of the lowest calculated bid shall be conducted.


All particulars relative to post-qualification/eligibility, bid security, performance security, pre-bid conference, bid opening, bid evaluation


and award shall be governed by the provisions of RA 9184, and its Implementing Rules and Regulations. The complete schedule of activities is listed, as follows: Activities


Venue 1. Pre-bid Conference 2. Issuance of Bid Documents 3. Submission and Opening of Eligibility Req. 10:00 A.M., BAC Office


After pre-bid conference-G.S.O. 10:00 A.M., BAC Office


Schedule


July 30, 2010 July 30, 2010


August 12, 2010


The winning bidders must deliver the said articles within ___ calendar days from receipt of the Notice of Award/Purchase Order unless another period is authorized by the City Mayor or his representative.


The City Government of Pasig reserves the right to reject any and/or all bids, to waive defects or informalities therein, or to accept such


bids as maybe found advantageous to the government. For full particulars please see the undersigned at the Office of the City General Services, 4th


Noted by: (SGD.) HON. ROBERT C. EUSEBIO City Mayor


Note: For contracts to be bid with an approved budget of one million pesos [P1,000,000.00] or more, the BAC shall convene at least one [1] pre-bid conference to clarify and/or explain any of the requirements, terms, conditions and specifications stipulated in the bidding documents. For contracts to be bid costing less than one million pesos [P1,000,000.00], pre-bid conference may be conducted at the discretion of the BAC. Subject to the approval of the BAC, a pre-bid conference may also be conducted upon written request of any prospective bidder, [pursuant to Sec. 27.1 of RA 9184 and its IRR].


Postings: At any conspicuous place reserved for this purpose in the premise of the procuring entity concerned [Sec. 21 of IRRA. RA 9184]


City Hall Bulletin Board City Public Market Bulletin Board City Library Bulletin Board


MT – July 23, 2010


Doc. No. 142 Book No. 203 Page No. 30 Series of 2010


Flr., of the Pasig City Hall, Pasig City.


(SGD.) ENGR. JOSE L. REYES BAC Chairman


ABC for the Contract P17,499,730.00


A S S E T S Cash and Cash Items


Due from Bangko Sentral ng Pilipinas (BSP) Due from Other Banks


Financial Assets at Fair Value through Profit or Loss Available-for-Sale Financial Assets-Net Held-to-Maturity (HTM) Financial Assets-Net Unquoted Debt Securities Classified as Loans-Net Loans and Receivables


Loans and Receivables - Others General Loan Loss Provision


Loans and Receivables Arising from RA/CA/PR/SLB Other Financial Assets


Bank Premises, Furniture, Fixture and Equipment-Net Other Assets-Net TOTAL ASSETS


L I A B I L I T I E S Deposit Liabilities


Other Financial Liabilities Other Liabilities


TOTAL LIABILITIES


S T O C K H O L D E R S’ E Q U I T Y Capital Stock


Other Capital Accounts Retained Earnings


TOTAL STOCKHOLDERS’ EQUITY TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY


C O N T I N G E N T A C C O U N T S Others


TOTAL CONTINGENT ACCOUNTS


ADDITIONAL INFORMATION Non-Performing Loans (NPLs)


18,423,140.52 21,214,260.23 241,513,443.69 691,600.00 850,000.00 6,974,980.82


136,776,561.51


456,080,749.87 (3,780,339.64) 227,000,000.00 12,280,188.18 103,032,242.34 28,822,021.44


1,249,878,848.96


857,912,993.31 8,588,335.79 6,588,518.16


873,089,847.26 EXECUTIVE OFFICERS:


365,000,000.00 (612,144.24)


12,401,145.94 376,789,001.70 1,249,878,848.96


8,173,739.33 8,173,739.33


82,045,086.85


Ratio of Non-Performing Loans to Total Loan Portfolio (NPL to TLP) Classified Loans & Other Risk Assets Specific provision for loan losses Return on Equity (ROE)


DOSRI loans and receivables Past due DOSRI loans and receivables


Ratio of Past due DOSRI loans and receivables to TLP Compliance with Magna Carta - 8% for Small Enterprises a. 8% Small Enterprises


b. 2% for Medium Enterprises


Capital Adequacy Ratio(CAR) on Solo Basis, under Cir No. 538 or Cir No. 280 as applicable a. Total CAR (refer to report)


b. Tier I CAR (if there’s no Tier 2 same as Total CAR) Deferred Charges not yet Written Down


Republic of the Philippines ) MAKATI CITY


) ss


We, JOSEPH R. SINAY AND YOUNG TAE KIM of the above mentioned bank do solemly swear that all matters set forth in the above balance sheet are true and correct to the best of our knowledge and belief.


(SGD.) JOSEPH R. SINAY Accountant


(SGD.) YOUNG TAE KIM President


SUBSCRIBED AND SWORN to before me this 16th day of July 2010 at Makati City, affiant exhibiting his Community


Tax Certificate No. 1401086 issued at Manila on January 08, 2010 and his Passport No. M40394269 issued at Seoul, Korea on April 17, 2009.


(SGD.) ATTY. LOPE M. VELASCO NOTARY PUBLIC Until Dec. 31, 2011


PTR O.R. No. 2087649-Makati. 01/04/10 IBP O.R. No. 803499-Pasig City. 12/21/09


TIN 212-965-989 Roll No. 28757


12.08%


354,340,790.44 53,611,029.57 0.18


48,770,193.82 - - -


8.26% 2.26%


43.51% 43.51% -


Unbooked Allowance for Probable Losses on Financial Instruments Received -


Young Tae Kim President


BOARD OF DIRECTORS:


KIM, YOUNG TAE Chairman


RYU, BYUNG-HEE Director


BAIK, DO-KWAN Director


DIMAYUGA, ATTY. RANIEL L. Director


BASE, ATTY. CHRITINE P. Director


FRIDAY July 23, 2010 BY KATRINA MENNEN A. VALDEZ REPORTER


B 3


PNCC collected toll without permit T


HE Department of Finance wants


state-led Philippine National Construction Corp. (PNCC) to remit


toll collected since 2007 on the ground that it had been operating with an expired franchise.


Finance Secretary Cesar Purisima on Thursday said the PNCC had been collecting tolls from motorists pass- ing through the South Luzon Express-


way (SLEX) even though the company already had no legislative franchise. “PNCC’s franchise has not been renewed by Congress since its expi-


ration on May 1, 2007. Hence, it does not have the authority to col- lect toll fees,” Purisima said. “I told PNCC last Friday that since their franchise expired in 2007, the collection made by it thereafter should accrue to the benefit of the government,” he said.


In a letter dated July 16, Purisima informed the Toll Regulatory Board (TRB) that PNCC’s collection pro- ceeds shall be remitted to the Bureau of the Treasury as it had no legal right to collect fees from motorists.


The finance chief said the govern- ment is still computing the actual amount that could be collected from PNCC.


“I still don’t have the actual col- lections since 2007 because we are computing it now,” he said. The finance department’s move comes after Gov. Joey Salceda of Albay complained in his blog that PNCC was still collecting tolls from motorists us- ing the SLEX, which is the main gate- way to Metro Manila in the south. Salceda said that PNCC has to remit


AGRINURTURE Inc. disclosed on Thursday the terms of the planned share sale to its existing stockholders. The agricultural firm told the Phil- ippine Stock Exchange that its board has approved the stock rights offer- ing to raise P500 million in addi- tional funds. AgriNurture would be selling one share for every share held by stockholders for P2.50 apiece. “The stockholders who would


avail of the company’s stock rights of- fering shall also be entitled to free warrants at a ratio of one warrant for every two shares actually acquired by the stockholder from the company’s stock rights offering,” Kenneth Tan , AgriNurture compliance officer, said. “The warrants are of European call option, exercisable after three years, at a strike price of P10 per share,” Tan added.


In this fund raising exercise, AgriNurture said its directors, offic- ers and stockholders who own


at least P7 billion to the government. Operation of the SLEX was turned


over to the Malaysian partner of PNCC in South Luzon Tollways Corp. (SLTC) a few months ago. SLTC, which is a joint venture be-


tween the MTD Capital of Malaysia and PNCC, holds the right to reha- bilitate, expand and maintain the SLEX. MTD owns 80 percent of SLTC, while PNCC controls the remaining 20 percent. MTD Capital also owns Manila Toll Expressway Systems Inc., which operates SLEX.


AgriNurture board clears terms of stock rights offer


more than 10 percent of the compa- ny’s outstanding capital stock shall subject the shares availed through the rights offering to a lock up of 360 days from the date of issuance of the corresponding stock certificates. The firm said the planned rights of-


fering would be presented to stockhold- ers during their annual meeting today. Apart from the rights offering, AgriNurture also plans to conduct a maiden share sale to the public this quarter to generate an additional P1.5 billion in fresh capital. The initial public offering covers 25 percent to 30 percent of AgriNurture’s authorized capital stock, with the pro- ceeds allotted for its capital require- ments in the next three years. Part of the proceeds will be used to build a cold storage facility for longer shelf life of the company’s farm products and for the expansion of its farm and wet market operations. JAMES KONSTANTIN GALVEZ


Petron to pursue power plant project on its own


PETRON Corp. said it will put up a power plant in its refinery in Bataan without the assistance of a unit of San Miguel Corp. (SMC). Eric Recto, Petron president, said the company will pursue the con- struction of a 70-megawatt plant to reduce its costs and ensure the sta- bility of power supply to its refin- ing facilities. “We still plan to have the 70


megawatts to be located beside our refinery,” he said. The power generating facility is estimated to cost P4 billion and could generate savings of about P2.5 billion a year for Petron. Petron earlier announced that it


would form a joint venture company with San Miguel Energy Corp., to put up the power generating plant.


Both Petron and San Miguel En- ergy are units of SMC. Petron’s 180,000 barrel a day refin- ery in Bataan is the country’s largest. Besides petroleum processing op- erations in the facility, Petron in- vested $300 million in the past few years for the construction of petro- chemical facilities inside the refinery. Demand from the facility stands at about 50 megawatts, well above Petron’s nine-megawatt power gen- erating capacity. The company is ex- pected to require additional capac- ity as it plans to expand its petro- chemical operations further. Also, power supply in the country has been erratic since the start of the year because of insufficient gener- ating capacity.


EUAN PAULO C. AÑONUEVO Tong Yang Bank a Korean Savings Bank G/F, 116 Chatham House Valero cor. Herrera Sts., Salcedo Village, Makati City


BALANCE SHEET (Head Office)


As of JUNE 30, 2010


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