DOCSLIB.ORG

2006-Part-2.Pdf

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

Contents Business Mission and Credo 2 Corporate Governance 3 Corporate Directory 4 Financial Highlights 5 PART I - BUSINESSAND GENERAL INFORMATION Item 1 Business 6 Item 2 Properties 27 Item 3 Legal Proceedings 30 Item 4 Submission of Matters to a Vote of Security Holders 34 PART II -OPERATIONAL AND FINANCIAL INFORMATION Item 5 Market for Issuer's Common Equity and Related Stockholders Matters 35 Item 6 Management's Discussion and Analysis or Plan of Operation :38 Item 7 Financial Statements 52 Item 8 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 62 PART III - CONTROL AND COMPENSATION INFORMATION Item 9 Directors and Executive Officers of the Registrant 63 Item 10 Compensation of Directors and Executive officers 72 Item 11 Security Ownership of Certain Beneficial Owners and Management 73 Item 12 Certain Relationships and Related Transactions '74, PART IV - CORPORATE GOVERNANCE 74 PARTV - EXHIBITS AND SCHEDULES Item 13 a. Exhibits 76 b. Reports on SEC Form 17-C (Current Report) 76 SIGNATURES 79 STATEMENT OF MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL STATEMENTS 80 REPORT OF INDEPENDENT AUDITORS 81 CONSOLIDATED BALANCE SHEETS 83 CONSOLIDATED STATEMENTS OF INCOME 85 CONSOLIDATED STATEMENTS OF CASH FLOWS 87 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 89 INDEX TO FINANCIAL STATEMENTSAND SUPPLEMENTARY SCHEDULES 186 ANNEX A SUMMARY OF OWNERSHIP OF SHARES 192 Business Mission and Credo BUSINESS MISSION Our basic purpose is to create new wealth for our stakeholders. Our business will focus on vital needs for national development in the areas of energy, infrastructure, manufacturing, and supporting industries. In pursuing our objective, we will be guided by the following fundamental and imperishable values and principles: nationalism, entrepreneurship and innovation, teamwork, a strong work ethic, and corporate social responsibility. CREDO We believeintheFilipino'sabilitytoinnovate,toseizedevelopmental opportunitiesbornefromtherealneedsofdomesticand overseasmarkets. We affirm our partnership with the Filipino in their endeavor of ever pushing the social development frontiers beyond currently known limits. We share the Filipino's vision of spreading gainful employment to all who are willing to put their talents in the total betterment of the Filipino. ,_ 2 Corporate Governance First Philippine Holdings Corporation other directors themselves, have been made by the company to the (First Holdings) has instituted corporate Securitiesand Exchange Commission (SEC) governance as a working philosophy. The audit committee is itself chaired by and to the Philippine Stock Exchange for It has adopted a Manual on Corporate an independent director. Its duty, among the benefit of the investing public. Governance, then a Manual on Anti- others, isto ensure transparency and Money Laundering, and finally a Code of integrity in financial management. External The law requires a company to have only Corporate Conduct intended to serve as a and internal auditors assist in this work. two independent directors. First Holdings guide in dealing with stakeholders, has three. Their presence provides the First Holdings has an Internal Audit Group board with broad and impartial viewpoints, Indeed, First Holdings finds the philosophy (IAG) headed by a vice-president, with a thus allowing for deliberations. of corporate governance dovetailing with the manpower complement of eight senior commitment, articulated by the company's and junior audit personnel, all certified For corporate governance, a compliance founders and pursued to this day, of public accountants and mostly certified officer and assistant have been designated. "sound strategic business management internal auditors. The lAG reports to the These are concurrently corporate secretary to improve the economic and commercial board through the audit committee, and assistant corporate secretary. First prosperity of the corporation and enhance Holdings is ISO certified, and regulatory shareholder value." The lAG provides assurance and consulting compliance is one of the processes that are functions for First Holdings and its subject to periodic audit under this system. This philosophy finds serious practical subsidiaries in internal control, corporate adherence in the very composition of First governance, and risk management. It Among the current governance compliance Holdings' board, which sits persons of observes faithfully the International steps taken by the company are: (1) the proven competence and integrity. Standards for Professional Practice of annual certification to the SEC regarding Internal Auditing (ISPPIA). compliance by the corporation, its The nomination committee itself initially directors, officers, and employees with the passes upon prospects for new board Since the company focuses on finding leading practices and principles on good members, demanding among other appropriate financing and business governance as embodied in the company's qualifications the capability to "bring prospects, First Holdings has also manual, and (2) the secretary's certification prudent judgment to bear on the decision- constituted a finance and investment as to attendance and sworn declarations making process," committee, whose job, among others, by all independent directors as to their is to review investment objectives and qualifications as required under the SEC The philosophy is passed on down the strategies, fund raising, major capital Notice dated October 20, 2006. line. For instance, a compensation and expenditures, investment opportunities, remuneration committee oversees a and divestments. First Holdings keeps an abiding rewards system, closely observing a commitment to a type of governance that policy intended to promote a culture that For further transparency, the company is sound, transparent, responsive, and supports enterprise and innovation, has allowed one board observer at board equipped with a system of checks and meetings. Previously, there were two balances. The chairman's own remuneration observing as creditors' representatives. is subject to review by a committee In any event, complete, prompt and composed of the vice-chairman and the timely disclosuresof material information Corporate Directory iNVESTOR RELATIONS 4th Floor Benpres Building Exchange Road corner Meralco Avenue Ortigas Center, Pasig City, Philippines 1605 T (632) 631-2435, 910-3086 F (632) 631-4089 Email [email protected] LEGAL COUNSEL STOCKHOLDER SERVICESAND ASSISTANCE Quiason, Makalintal, Barot, Tortes & Ibarra Law Firm Mr. Antonio R. Galvez 21st Floor Robinsons Equitable-PCI Tower Head of Operations ADB Avenue corner Poveda Road SecuritiesTransfer Services, Inc. Ortigas Center, Pasig City, Philippines 4th Floor Benpres Building T (632) 631-0981 to 85 Exchange Road corner Meralco Avenue F (632) 631-3847 Ortigas Center, Pasig City, Philippines 1605 PO. Box No. 13951 Puno & Puno Law Offices T (632) 449-6149 to 69 12th Floor East Tower F (632) 631-7148 Philippine Stock Exchange Centre Email [email protected] Exchange Road, Pasig City, Philippines T (632) 631-1261 to 64 CORPORATE OFFICE F (632) 631-2517 First Philippine Holdings Corporation 4th Floor Benpres Building EXTERNAL AUDITOR Exchange Road corner Meralco Avenue Sycip, Gorres, Velayo & Co Ortigas Center, Pasig City, Philippines 1600 SGV Building T (632) 631-8024 6760 Ayala Avenue F (632) 631-4089 1226 Makati City, Philippines Website www.fphc.com T (632) 891-0307 Email [email protected] F (632) 819-0872 Schedule of Annual Stockholders' Meeting Every 3raMonday of May _::,_ zl First Philippine Holdings Corporation And Subsidiaries Financial Highlights December 31 2006 2005 OPERATING RESULTS(In million Php) Revenues Sale of electricity 51,176 45,485 Toll operations 5,705 5,104 Contracts and services 1,326 1,402 Sale of merchandise 1,184 861 Sale of real estate 181 407 Equity in net earnings of associates 4,208 963 Gain on sale of investment in shares of stock 535 594 Finance costs (7,338) (5,455) Finance income 3,281 1,086 Net income for the year 15,468 9,705 Net income attributable to equity holders of the parent 8,699 4,912 FINANCIAL POSITION (In million Php) Total Assets 135,476 125,635 Investments and deposits 17 758 14,158 Long-term debt (including current portion) 42 201 52,261 Total Liabilities 71 378 76,173 Total equity attributable to equity holders of the parent 35 879 29,334 Minority Interest 28 219 20,128 Total Equity 64 098 49,462 FINANCIAL RATIOS Return on equity 3 24% 17% Dividend payout ratio (%)4 23% 31% Current Ratio (times) _ 2.35 2.09 Long-term debt to equity (times)6 1.18 1.78 PERSHARE DATA (In Php) Earnings per share7 Basic 15.147 8.798 Diluted 14.984 8.651 Book value per shares 61.80 51.39 Priceearnings ratio _ 4.159 5.569 Market price 63.00 49.00 Cash dividend paid per share 2.00 2,00 Number of shares issued and subscribed 580,565,599 570,855,717 Weighted average number of shares Basic 574,293,127 558,293,115 Diluted 580,543,212 567,769,724 Number of stockholders 13,473 13,789 1 Theresultsfor the yearsended December31,2006 and 2005 are set out on the consolidatedfinancial statements. 2 Thebalancesheetsas of December31,2006 and 2005 areset outon the consolidatedfinancialstatements. 3 Returnonequity= netincomefor theyearattributabletoequityholdersof the parent/totalequityattributableto equityholdersofthe parent. 4 Dividendpayout ratio= dividendspaid/prioryear'snet incomeattributableto equity holdersof the parent. Currentratio= current assets/currentliabilities 6 Long-termdebt to equity = long-term debt (includingcurrentportion)/total
Recommended publications
  • 287 Students Graduate from UPVTC Jessa A

    287 Students Graduate from UPVTC Jessa A

    May - June 2014 UPViews 1 OFFICIAL PUBLICATION OF U.P. VISAYAS May - June 2014 Vol. XVIII No. 4 Read UPViews online at www.upv.edu.ph 287 students graduate from UPVTC Jessa A. Amarille “Even though I suffered in the past, I can use its memory to learn, be healed, and be a better me now, towards a better future.” —Adrian Pantonial This statement best describes the thoughts and sentiments of the students of the UP Visayas Tacloban College (UPVTC) in Tacloban, Leyte, one of the hardest-hit areas when Yolanda struck central Philippines on November 8, 2013. Seven and a half months after Yolanda stormed in and trampled on their future, just like any other survivor, their lives simply must go on. Various scenes from UPVTC’s 38th Commencement Exercises. UPVTC held its 38th Arts and Sciences grounds. students were conferred various UP campuses for the second Commencement Exercises semester after the typhoon struck on June 27, 2014 at the HS Two hundred eighty-seven degrees including those students who cross registered in other UPV, Miagao LGU celebrate 287 STUDENTS / 8 4th Friendship Day Lydia G. Callano before midnight, were graced by UPV and Miagao LGU officials. JUNE 6, 2014 was a special This year’s theme was “Sa day for every constituent of UP paghirupay kag pagtamdanay, Visayas and the Municipality nag usbong ang kalipay kag pag- of Miagao. For the fourth time, abyanay.” The whole-day affair the two institutions gathered to was spearheaded by the UPV celebrate their friendship and Office of the Vice Chancellor cooperation through a fun run/ for Planning and Development walk, Mass, breakfast, boodle and the Office of the Municipal lunch, games and binayle Mayor of Miagao.
  • UNIVERSITY of CALIFORNIA RIVERSIDE Naming

    UNIVERSITY of CALIFORNIA RIVERSIDE Naming

    UNIVERSITY OF CALIFORNIA RIVERSIDE Naming the Artist, Composing the Philippines: Listening for the Nation in the National Artist Award A Dissertation submitted in partial satisfaction of the requirements for the degree of Doctor of Philosophy in Music by Neal D. Matherne June 2014 Dissertation Committee: Dr. Deborah Wong, Chairperson Dr. René T.A. Lysloff Dr. Sally Ann Ness Dr. Jonathan Ritter Dr. Christina Schwenkel Copyright by Neal D. Matherne 2014 The Dissertation of Neal D. Matherne is approved: Committee Chairperson University of California, Riverside Acknowledgements This work is the result of four years spent in two countries (the U.S. and the Philippines). A small army of people believed in this project and I am eternally grateful. Thank you to my committee members: Rene Lysloff, Sally Ness, Jonathan Ritter, Christina Schwenkel. It is an honor to receive your expert commentary on my research. And to my mentor and chair, Deborah Wong: although we may see this dissertation as the end of a long journey together, I will forever benefit from your words and your example. You taught me that a scholar is not simply an expert, but a responsible citizen of the university, the community, the nation, and the world. I am truly grateful for your time, patience, and efforts during the application, research, and writing phases of this work. This dissertation would not have been possible without a year-long research grant (2011-2012) from the IIE Graduate Fellowship for International Study with funding from the Andrew W. Mellon Foundation. I was one of eighty fortunate scholars who received this fellowship after the Fulbright-Hays Doctoral Dissertation Research Abroad Program was cancelled by the U.S.
  • INFORMATION to USERS the Most Advanced Technology Has Been

    INFORMATION to USERS the Most Advanced Technology Has Been

    INFORMATION TO USERS The most advanced technology has been used to photo­ graph and reproduce this manuscript from the microfilm master. UMI films the text directly from the original or copy submitted. Thus, some thesis and dissertation copies are in typewriter face, while others may be from any type of computer printer. The quality of this reproduction is dependent upon the quality of the copy submitted. Broken or indistinct print, colored or poor quality illustrations and photographs, print bleedthrough, substandard margins, and improper alignment can adversely affect reproduction. In the unlikely event that the author did not send UMI a complete manuscript and there are missing pages, these will be noted. Also, if unauthorized copyright material had to be removed, a note will indicate the deletion. Oversize materials (e.g., maps, drawings, charts) are re­ produced by sectioning the original, beginning at the upper left-hand corner and continuing from left to right in equal sections with small overlaps. Each original is also photographed in one exposure and is included in reduced form at the back of the book. These are also available as one exposure on a standard 35mm slide or as a 17" x 23" black and white photographic print for an additional charge. Photographs included in the original manuscript have been reproduced xerographically in this copy. Higher quality 6" x 9" black and white photographic prints are available for any photographs or illustrations appearing in this copy for an additional charge. Contact UMI directly to order. UMI University Microfilms international A Bell & Howell Information Company 300 Nortfi Zeeb Road.
  • JOHN FRANCIS GATUS LIQUIGAZ PHILS., CORP. 3Rd Flr. NOL Tower, Commerce Ave., Madrigal Business Park, Ayala - Alabang Muntinlupa City

    JOHN FRANCIS GATUS LIQUIGAZ PHILS., CORP. 3Rd Flr. NOL Tower, Commerce Ave., Madrigal Business Park, Ayala - Alabang Muntinlupa City

    JOHN FRANCIS GATUS LIQUIGAZ PHILS., CORP. 3rd Flr. NOL Tower, Commerce Ave., Madrigal Business Park, Ayala - Alabang Muntinlupa City MR. OSCAR DE VENECIA President BASIC CONSOLIDATED, INCORPORATED 6/F Basic Petroleum Bldg., Carlos Palanca Jr. St., Legaspi Village, Makati City Phone: (632) 817-8596 to 98/817-8642 to 43 Fax: (632) 817-0191 MS. MILAGROS V. REYES SEAFRONT RESOURCES CORPORATION Unit D, 7th Floor, JMT Building ADB President Avenue, Ortigas Ctr., Pasig City Phone: (632) 633-8721 Fax: (632) 633-8730 MR. EDGARDO P. REYES Chairman MR. DAVID R. BALADAD Vice President SOUTH CHINA RESOURCES, INC. 3rd Floor, Pacific Star Building Gil Puyat Ave. cor. Makati Ave. Makati City, Philippines Phone: (632) 840-0808 Fax: (632) 812-2383 MR. BRIAN SIMMONDS G & G Project Manager MR. EDGAR SEVILLA Senior Associate- Commercial Affairs UNOCAL SULU, LTD. 14th Flr., Pearlbank Centre, 146 Valero St., Salcedo Vill., Makati City Phone: (632) 840- 0573 to 77 Fax: (632) 840-0571 ADD RESEARCH PAINTS & CHEMICALS, INC 167-169 A. Bonifacio Ave., Tañong, 1803 Marikina City Tel. no. : (632) 997-3206; (632) 997-3212 TO 14 Fax : (632) 997-3178 E-mail : [email protected] Contact : Mr. Robert Valentin Position: President Products : ARCHITECTURAL PAINTS, AUTOMOTIVE ACRYLIC LACQUER, POLYURETHANE COATINGS AND VANISH Company : BARSAN CORP. Address : #32 Pili Avenue, Forbes Park 1219 Makati City Tel. no. : (632) 811-3483; (632) 810-7483; (632) 810-7497 Fax : (632) 810-7483; (632) 811-3482 E-mail : [email protected] Contact : Mr. Oscar A. Barrera Position: President Products : CHEMICAL RESEARCH & PROJECT DEVELOPMENT Company : CAGAYAN GAS CORPORATION Address : National Highway, Igpit Opol, 9000 Cagayan De Oro City Tel.
  • Report November 2016

    Report November 2016

    Report November 2016 The Political Economy of the News Media in the Philippines and the Framing of News Stories on the GPH-CNN Peace Process By Crispin C. Maslog Ramon R. Tuazon Revised edition Senior writers Daniel Abunales Jake Soriano Lala Ordenes Researcher writers Asian Institute of Journalism and Communication (AIJC) Ma. Imelda E. Samson November 2016 Project manager Loregene M. Macapugay Administrative officer Contents Executive summary 3 Abbreviations and acronyms 4 I. Introduction and history: the peace process 4 II. Objectives and methodology of the study 5 III. Roles of the news media in conflict reporting 5 IV. Political economy and news coverage 6 1. Reporting on the CNN lacks context 7 V. Current media framing of the peace process 9 VI. Characteristics of media reporting 9 1. Lack of balance in the use of sources 9 2. Reliance on government and military sources 10 3. Peace reporting on Muslim conflict 11 VII. Ownership structure of the Philippine mass media 12 1. Pre-martial law oligarchs 12 2. Martial law oligarchs 12 3. Today’s oligarchs 13 4. Duopoly 14 5. New kid on the block 14 Table 1: Chain of ownership of the Philippine mass media, 2015 15 6. Philippine media’s global reach 18 VIII. The impact of ownership on the peace process 18 IX. The alternative media: going beyond simplistic peace discourse 18 X. Recommendations 21 1. Jumpstart the stalled GPH-CNN peace process 21 2. Stir up public opinion to support the resumption of the peace process 21 3. Upgrade the quantity and quality of peace process coverage 22 4.
  • The Political Economy of the News Media in the Philippines and the Framing of News Stories on the GPH-CNN Peace Process by Crispin C

    The Political Economy of the News Media in the Philippines and the Framing of News Stories on the GPH-CNN Peace Process by Crispin C

    Report September 2015 The political economy of the news media in the Philippines and the framing of news stories on the GPH-CNN peace process By Crispin C. Maslog Ramon R. Tuazon Daniel Abunales, Jake Soriano, Lala Ordenes Asian Institute of Journalism and Communication (AIJC) September 2015 Contents Asian Institute of Journalism and Communication (AIJC) 1 Abbreviations and acronyms 3 I. Introduction and history: the peace process 3 II. Objectives and methodology of the study 4 III. Roles of the news media in conflict reporting 4 IV. Political economy and news coverage 5 1. Reporting on the CNN lacks context 6 V. Current media framing of the peace process 7 VI. Characteristics of media reporting 8 1. Lack of balance in the use of sources 8 2. Reliance on government and military sources 8 3. Peace reporting on Muslim conflict 10 VII. Ownership structure of the Philippine mass media 10 1. Pre-martial law oligarchs 11 2. Martial law oligarchs 11 3. Today’s oligarchs 12 4. Duopoly 12 5. New kid on the block 12 Table 1: Chain of ownership of the Philippine mass media, 2015 14 6. Philippine media’s global reach 16 VIII. The impact of ownership on the peace process 16 IX. Recommendations 17 1. Jumpstart the stalled GPH-CNN peace process 17 2. Stir up public opinion to support the resumption of the peace process 17 3. Upgrade the quantity and quality of peace process coverage 18 4. Seek media cooperation to develop full-time peace process reporters 18 5. Create a Centre for Peace Studies and Peace Journalism 19 Bibliography 19 NOREF Report – September 2015 Executive summary The following points emerged from the research: • The peace process between the Government of the Republic of the Philippines (GPH) and the CNN (CPP-NPA-NDF) is “invisible”, with nothing going on worth reporting.
  • The Revolution and Realigntnent of Political Parties in the Philippines (Decetnber 1985-January 1988): with a Case in the Province of Batangas

    The Revolution and Realigntnent of Political Parties in the Philippines (Decetnber 1985-January 1988): with a Case in the Province of Batangas

    Southeast Asian Studies. Vol. 27, No.3, December 1989 The Revolution and Realigntnent of Political Parties in the Philippines (Decetnber 1985-January 1988): With a Case in the Province of Batangas Masataka KIMURA* time, a new pro-Aquino party, Lakas ng I Introduction Bansa, was formed by political leaders close to President Aquino and attracted The revolutionD of February 1986 and many politicians at various levels who subsequent events drastically changed were supportive of her administration the alignment of political parties and regardless of their previous party affilia­ their power relations. The once-domi­ tions. The Liberal Party (LP)-Salonga nant Kilusang Bagong Lipunan (KBL) Wing also enhanced its strength; it disintegrated rapidly, once the then Pres­ started to take an independent course of ident Marcos fled the country. Its lead­ action, while remaining in the ruling ership splintered into a few groups; it coalition. Some parties became critical of lost many followers. The state of the President Aquino. The United Nationalist coalition of parties which supported Democratic Organization (UNIDO), for Aquino's candidacy in the special presi­ one, was frustrated by and dissatisfied dential election, or the snap election as it with the Aquino Administration, though has been popularly called, also changed it barely remained in the ruling coalition. dramatically. For example, Partido The Mindanao Alliance and the Christian­ Demokratiko Pilipino Lakas ng Bayan Social Democratic Party (CSDP) left (PDP-Laban) increased its membership the coalition at an early stage and size rapidly by great magnitude; it joined the opposition. Bansang Nagkaisa strengthened the position of the conserva­ sa Diwa at Layunin (BANDILA)2) tive bloc against that of the progressive increased its membership immediately bloc within the party and conflicts be­ 2) BANDILA decided, at its Second National tween the two aggravated.
  • Report September 2015

    Report September 2015

    Report September 2015 The political economy of the news media in the Philippines and the framing of news stories on the GPH-CNN peace process By Crispin C. Maslog Ramon R. Tuazon Daniel Abunales, Jake Soriano, Lala Ordenes Asian Institute of Journalism and Communication (AIJC) September 2015 Contents Asian Institute of Journalism and Communication (AIJC) 1 Abbreviations and acronyms 3 I. Introduction and history: the peace process 3 II. Objectives and methodology of the study 4 III. Roles of the news media in conflict reporting 4 IV. Political economy and news coverage 5 1. Reporting on the CNN lacks context 6 V. Current media framing of the peace process 7 VI. Characteristics of media reporting 8 1. Lack of balance in the use of sources 8 2. Reliance on government and military sources 8 3. Peace reporting on Muslim conflict 10 VII. Ownership structure of the Philippine mass media 10 1. Pre-martial law oligarchs 11 2. Martial law oligarchs 11 3. Today’s oligarchs 12 4. Duopoly 12 5. New kid on the block 12 Table 1: Chain of ownership of the Philippine mass media, 2015 14 6. Philippine media’s global reach 16 VIII. The impact of ownership on the peace process 16 IX. Recommendations 17 1. Jumpstart the stalled GPH-CNN peace process 17 2. Stir up public opinion to support the resumption of the peace process 17 3. Upgrade the quantity and quality of peace process coverage 18 4. Seek media cooperation to develop full-time peace process reporters 18 5. Create a Centre for Peace Studies and Peace Journalism 19 Bibliography 19 NOREF Report – September 2015 Executive summary The following points emerged from the research: • The peace process between the Government of the Republic of the Philippines (GPH) and the CNN (CPP-NPA-NDF) is “invisible”, with nothing going on worth reporting.
  • The Philippines Has Become the Call-Center Capital of the World

    The Philippines Has Become the Call-Center Capital of the World

    The Philippines has become the call- center capital of the world Don Lee Ever since Joahnna Horca lost her father, a doctor, in a South China Sea typhoon, her large family has struggled to make ends meet. So after Horca earned a college degree in social work, an older sister nudged her to help support the family by taking a better-paying job — at a call center. That was eight years ago, when the outsourcing industry was just taking off in the Philippines. Today, it's the job of choice for many young people here. More than 1 million Filipinos now work at call centers and in related outsourcing businesses, mostly serving American companies. The combination of cheap labor and specialized skills has made the Filipino workforce invaluable to a growing list of U.S. companies, which use them to field customer complaints, generate sales leads, code data, format documents and read medical scans and legal briefs. Horca, 30, eventually got her social-worker license, but she could never tear herself away from the call-center job for a U.S. banking company. It's draining work. She handles as many as 100 calls a day from angry Americans, often working the graveyard shift. We don't yell on the phone often. We're very customer-centric. — Fred Chua, a lifelong Manila resident who runs a call center But she makes about $700 a month, more than many general physicians earn in the Philippines, let alone social workers. The industry in the Philippines has grown so fast that it has overtaken India as the call-center capital of the world.
  • 2.00.00 Cover Sheet 2020.Docx

    2.00.00 Cover Sheet 2020.Docx

    1 9 0 7 3 SEC Registration Number F I R S T P H I L I P P I N E H O L D I N G S C O R P O R A T I O N A N D S U B S I D I A R I E S (Company’s Full Name) 6 T H F L O O R , R O C K W E L L B U S I N E S S C E N T E R T O W E R 3 O R T I G A S A V E N U E , P A S I G C I T Y (Business Address: No. Street City/Town/Province) Maria Carmina Z. Ubaña (02) 8631-8024 (Contact Person) (Company Telephone Number) 1 2 3 1 1 7 - A 0 5 2 1 Month Day (Form Type) Month Day (Fiscal Year) Annual Meeting (Secondary License Type, If Applicable) Dept. Requiring this Doc. Amended Articles Number/Section Total Amount of Borrowings 11,993 ₱ 113,003 million ₱21,478 million Total No. of Stockholders Domestic Foreign To be accomplished by SEC Personnel concerned File Number LCU Document ID Cashier S T A M P S Remarks: Please use BLACK ink for scanning purposes. SECURITIES AND EXCHANGE COMMISSION SEC FORM 17- A ANNUAL REPORT PURSUANT TO SECTION 17 OF THE SECURITIES REGULATION CODE AND SECTION 141 OF CORPORATION CODE OF THE PHILIPPINES 1. For the year ended December 31, 2020 2. SEC Identification Number 19073 3. BIR Tax Identification No.
  • Government Interventions and Rent Seeking

    Government Interventions and Rent Seeking

    This PDF is a selection from an out-of-print volume from the National Bureau of Economic Research Volume Title: Developing Country Debt and Economic Performance, Volume 3: Country Studies - Indonesia, Korea, Philippines, Turkey Volume Author/Editor: Jeffrey D. Sachs and Susan M. Collins, editors Volume Publisher: University of Chicago Press Volume ISBN: 0-226-30455-8 Volume URL: http://www.nber.org/books/sach89-2 Conference Date: September 21-23, 1987 Publication Date: 1989 Chapter Title: Government Interventions and Rent Seeking Chapter Author: Robert S. Dohner, Ponciano Intal, Jr. Chapter URL: http://www.nber.org/chapters/c9050 Chapter pages in book: (p. 460 - 481) 460 Robert S. Dohner and Ponciano Intal, Jr. The combination of trade protection, investment incentives, and domestic growth propelled by investment and construction took its toll on Philippine industry. Output shifted toward more capital-intensive, lower productivity industries, limiting the growth that the Philippines got out of its investment and foreign borrowing. But these industries were also dependent on the continued momentum of borrowing and investment and proved extremely vulnerable to the recession of the early 1980s. The sharp declines in many of these industries worsened the recession in the early 1980s, and many of these firms ended up in the hands of the government, either through rescue operations or the assumption of guaranteed external loan obligations. 4 Government Interventions and Rent Seeking In the popular imagination the legacy of the Marcos administration was the accumulation of vast wealth by Ferdinand Marcos, his family members, and various individuals, or “cronies,” who were closely associated with him.
  • Imelda Romualdez Marcos the Verdict

    Imelda Romualdez Marcos the Verdict

    Imelda Romualdez Marcos The Verdict Lathiest Vaclav plasmolyses etymologically and consequentially, she glad her quandangs disarray cosmetically. Kingliest Baily usually lark some pions or prevaricating pushingly. Collapsed and peach-blow Odie misheard so tongue-in-cheek that Patin tamps his nestling. The verdict of essential consumer goods between britain and. Duterte confirms marcos and imelda romualdez marcos the verdict, imelda romualdez marcos era was ninoy is. Tar Heels beat Northeastern in rare Feb. Imelda Marcos, the former first lady of the Philippines, was behind a plot to assassinate. Code of marcos has collapsed during the. Motion took her imelda marcos gained notoriety for tatler magazine out. How the specimen caught up green the Philippines' Imelda Marcos. Judge Marcos informed Roxas that in accordance with Philippine law. Eriza Bareng DissertationLATEST ScholarSpace. Ferdinand Marcos New World Encyclopedia. PRESIDENT MARCOS paid tribute where the soldier, saying as the nation owes much to him, complain in donning the uniform, has chosen the path his duty, discipline, and sacrifice. Aide sol vanzi in marcos the imelda romualdez verdict that? Her nicknames are multiple Butterfly and virtual Butterfly. He noted that the equipment can no longer be used because they had been cannibalized and their parts stolen while in storage. Marcos and the late president Marcos have done nothing that is not legal. Are Cold Workouts the stove Hot Yoga? This site uses cookies. These buildings were erected for tourists and the upper classes of the capital city and later lost a great deal of money. He appealed to everybody to shift concentration to the economic crisis plaguing the nation.