SEC FORM 17-A (ANNUAL REPORT) (B) Has Been Subject to Such Filing Requirements for the Past 90 Days
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Annual Report 2010 Mission
sharpening our focus AnnuAl report 2010 Mission: to create long-term value for all its stakeholders Brand EssEncE: passion for better ways Brand spikEs • Driven • Driven to lead • Driven to excel • Driven to Serve corporatE ValuEs • passion • Innovation • professionalism • Integrity About the cover: Aboitiz equity Ventures, Inc. (AeV) has achieved unprecedented growth through the years, having expanded into power generation and distribution, banking and food. As it advances into another period filled with opportunities and challenges, AeV opts to sharpen its focus on its core strengths and maximize its potentials. TABLE OF CONTENTS 02 Financial Highlights Report to Stockholders 04 From your Chairman and President & CEO Results of Operations 08 Power 14 Financial Services 18 Food 20 Transport 22 From your Chief Financial Officer 25 From your Chief Risk Management Officer 26 Risk Management Report 28 From your Chief Compliance Officer 29 Corporate Governance Report FEATURES 42 CitySavings prepares to take on Luzon 44 Running the good race 46 Sustainability Statement 48 CSR: Helping people help themselves 50 Board of Directors / Board Committees 52 Corporate Officers 54 Operating Unit Heads 55 Management Directory 56 Location of Operations 57 Corporate Structure 58 Audit Committee Report 59 Statement of Management Responsibility 60 Independent Auditors’ Report 62 Consolidated Financial Statement The complete Securities & Exchange Commission Form 20-IS (Information Statement) and Annual Report is inside the CD inserted at the inside back cover -
Transportation History of the Philippines
Transportation history of the Philippines This article describes the various forms of transportation in the Philippines. Despite the physical barriers that can hamper overall transport development in the country, the Philippines has found ways to create and integrate an extensive transportation system that connects the over 7,000 islands that surround the archipelago, and it has shown that through the Filipinos' ingenuity and creativity, they have created several transport forms that are unique to the country. Contents • 1 Land transportation o 1.1 Road System 1.1.1 Main highways 1.1.2 Expressways o 1.2 Mass Transit 1.2.1 Bus Companies 1.2.2 Within Metro Manila 1.2.3 Provincial 1.2.4 Jeepney 1.2.5 Railways 1.2.6 Other Forms of Mass Transit • 2 Water transportation o 2.1 Ports and harbors o 2.2 River ferries o 2.3 Shipping companies • 3 Air transportation o 3.1 International gateways o 3.2 Local airlines • 4 History o 4.1 1940s 4.1.1 Vehicles 4.1.2 Railways 4.1.3 Roads • 5 See also • 6 References • 7 External links Land transportation Road System The Philippines has 199,950 kilometers (124,249 miles) of roads, of which 39,590 kilometers (24,601 miles) are paved. As of 2004, the total length of the non-toll road network was reported to be 202,860 km, with the following breakdown according to type: • National roads - 15% • Provincial roads - 13% • City and municipal roads - 12% • Barangay (barrio) roads - 60% Road classification is based primarily on administrative responsibilities (with the exception of barangays), i.e., which level of government built and funded the roads. -
Sec Form 20-Is Information Statement Pursuant to Section 20 of the Securities Regulation Code
ANNUAL REPORT 2010 FINANCIAL SUMMARY (In Million Pesos) 2007 2008 2009 % change Re-presented* Re-presented* (‘09 vs ‘08) For the Year Revenues 31,205 35,862 46,230 29% Operating Profit Operating profit from ordinary activities 2,902 2,340 7,527 222% Equity in net earnings of associates 3,987 3,625 4,322 19% Other income (charges) 1,178 309 (688) -323% Income before income tax 8,068 6,275 11,160 78% Provision for income tax (1,212) (978) (1,206) 23% Income before minority interest 6,856 5,297 9,955 88% Minority interest (1,035) (1,176) (1,648) Net income attributable to Equity Holders of the parent 5,821 4,121 8,307 102% At Year End Total Assets 65,908 75,715 143,281 89% Total Liabilities 18,812 29,059 88,639 205% Minority Interest 8,811 8,861 9,945 12% Equity Attributable to Equity Holders of the Parent 38,285 37,795 44,697 18% EBITDA 9,387 8,607 15,639 82% Per Share (in pesos) Earnings 1.02 0.73 1.49 104% Book Value 6.72 6.78 8.09 19% Cash Dividend (Common) 0.20 0.61 0.27 -56% Financial Ratios Current Ratio 2.42 1.90 0.79 Debt-to-Equity Ratio 0.40 0.62 1.62 Net Debt-to-Equity Ratio (0.14) 0.08 1.28 * Dec 2007 and 2008 Profit & Loss figures now consider the revenues & expenses of the ATS disposal group due to the aborted ATS sale in 2009. -
Communication Management Category 1: Internal Communcation List of Winners Title Company Entrant's Name AGORA 2.0 Aboitiz Equity Ventures, Inc
Division 1: Communication Management Category 1: Internal Communcation List of Winners Title Company Entrant's Name AGORA 2.0 Aboitiz Equity Ventures, Inc. Lorenne Alejandrino-Anacta Keep It Simple, Sun Lifers: Gamifying A Simple Language Sun Life Financial Philippines Campaign Donante Aaron Peji Data Defenders: Data Privacy Lessons Made Fun and Sun Life Financial Philippines Engaging For Sun Life Employees Donante Aaron Peji PLDT Group Data Privacy Office Handle With Care Ramon R. Isberto Campaign PLDT Aboitiz Equity Ventures, Inc. (Pilmico Foods Super Conversations with SMA Corporation) Lorenne Alejandrino-Anacta Inside World: Engaging a new generation of Megaworld employees via a dynamic e-newsletter Megaworld Corporation Harold C. Geronimo Harnessing SYKES' Influence from Within to Inspire Beyond Reach Sykes Asia, Incorporated Miragel Jan Gabor ManilaMed's #FeelBetter Campaign Comm&Sense Inc. Aresti Tanglao Category 2: Employee Engagement Title Company Entrant's Name LOVE Grants Resorts World Manila Archie Nicasio a.Lab Aboitiz Equity Ventures, Inc. Lorenne V. Alejandrino CineNRW Maynilad Water Services, Inc Sherwin DC. Mendoza Central NRW Point System Maynilad Water Services, Inc Sherwin DC. Mendoza Leadership with a Heart Megaworld Foundation Dr. Francisco C. Canuto Dare 2B Fit ALLIANZ PNB LIFE INSURANCE, INC. ROSALYN MARTINEZ Category 3: Human Resources and Benefits Communication Title Company Entrant's Name Recruitment in the Social Media Era Manila Electric Company Gavin D. Barfield Category 5: Safety Communication Title Company Entrant's Name Championing cybersecurity awareness Bank of the Philippine Islands (BPI) Owen L. Cammayo Unang Hakbang Para Sa Kaligtasan: 2018 First Working MERALCO - Organizational Safety and Day Safety Campaign Resiliency Office Antonio Abuel Jr. -
Diversification Strategies of Large Business Groups in the Philippines
Philippine Management Review 2013, Vol. 20, 65‐82. Diversification Strategies of Large Business Groups in the Philippines Ben Paul B. Gutierrez and Rafael A. Rodriguez* University of the Philippines, College of Business Administration, Diliman, Quezon City 1101, Philippines This paper describes the diversification strategies of 11 major Philippine business groups. First, it reviews the benefits and drawbacks of related and unrelated diversification from the literature. Then, it describes the forms of diversification being pursued by some of the large Philippine business groups. The paper ends with possible explanations for the patterns of diversification observed in these Philippine business groups and identifies directions for future research. Keywords: related diversification, unrelated diversification, Philippine business groups 1 Introduction This paper will describe the recent diversification strategies of 11 business groups in the Philippines. There are various definitions of business groups but in this paper, these are clusters of legally distinct firms with a managerial relationship, usually by virtue of common ownership. The focus on business groups rather than on individual firms has to do with the way that business firms in the Philippines are organized and managed. Businesses that are controlled and managed by essentially the same set of principal owners are often organized as separate corporations, not as separate divisions within the same firm, as is often the case in American corporations like General Electric, Procter and Gamble, or General Motors (Echanis, 2009). Moreover, studies on emerging markets have pointed out that business groups often occupy dominant positions in the business landscape in markets like India, Korea, Indonesia, Thailand, and the Philippines (Khanna & Palepu, 1997; Khanna & Yafeh, 2007). -
Women's Political Participation and Representation in Asia
iwanaga The ability of a small elite of highly educated, upper-class Asian women’s political women to obtain the highest political positions in their country is unmatched elsewhere in the world and deserves study. But, for participation and those interested in a more detailed understanding of how women representation strive and sometimes succeed as political actors in Asia, there is a women’s marked lack of relevant research as well as of comprehensive and in asia user-friendly texts. Aiming to fill the gap is this timely and important study of the various obstacles and opportunities for women’s political Obstacles and Challenges participation and representation in Asia. Even though it brings political together a diverse array of prominent European and Asian academicians and researchers working in this field, it is nonetheless a singularly coherent, comprehensive and accessible volume. Edited by Kazuki Iwanaga The book covers a wide range of Asian countries, offers original data from various perspectives and engages the latest research on participation women in politics in Asia. It also aims to put the Asian situation in a global context by making a comparison with the situation in Europe. This is a volume that will be invaluable in women’s studies internationally and especially in Asia. a nd representation representation i n asia www.niaspress.dk Iwanaga-2_cover.indd 1 4/2/08 14:23:36 WOMEN’S POLITICAL PARTICIPATION AND REPRESENTATION IN ASIA Kazuki_prels.indd 1 12/20/07 3:27:44 PM WOMEN AND POLITICS IN ASIA Series Editors: Kazuki Iwanaga (Halmstad University) and Qi Wang (Oslo University) Women and Politics in Thailand Continuity and Change Edited by Kazuki Iwanaga Women’s Political Participation and Representation in Asia Obstacles and Challenges Edited by Kazuki Iwanaga Kazuki_prels.indd 2 12/20/07 3:27:44 PM Women’s Political Participation and Representation in Asia Obstacles and Challenges Edited by Kazuki Iwanaga Kazuki_prels.indd 3 12/20/07 3:27:44 PM Women and Politics in Asia series, No. -
Msgr. Gutierrez Bill Labestre Zena Babao
Msgr. Gutierrez Zena Babao Bill Labestre The Cross: Communion with the Hard Choices A Collision - p. 8 Living God - p. 13 - p. 6 SeptemberSeptember 12-18, 12-18, 2014 2014 The original and first Asian Journal in America PRST STD U.S. Postage Paid Philippine Radio San Diego’s first and only Asian Filipino weekly publication and a multi-award winning newspaper! Online+Digital+Print Editions to best serve you! Permit No. 203 AM 1450 550 E. 8th St., Ste. 6, National City, San Diego County CA USA 91950 | Ph: 619.474.0588 | Fx: 619.474.0373 | Email: [email protected] | www.asianjournalusa.com Chula Vista M-F 7-8 PM CA 91910 PHL seeks review of UN peacekeeping guidelines after Golan controversyby Xianne Arcangel, GMA News | MANILA, 9/8/2014 Cate launches ‘Neighborhoods So what are you doing for the salvation — The Philippine government First’ Coalition has asked the United Nations of your soul? to review the principles and guidelines of its peacekeep- ing operations following the Sometimes I sit back and try to analyze my life. recent controversy involving “What have I done that benefi ted mankind?” I ask myself. Filipino troops stationed in Golan Heights. By Simeon G. Silverio, Jr. In a letter sent to UN Publisher & Editor Secretary General Ban Ki- San Diego Asian Journal moon, Foreign Affairs Secre- The Original and First Asian Journal In America tary Albert del Rosario urged the UN to revisit its rules on peacekeeping to keep up with San Diego, California the “new threats” faced by SAN DIEGO, 9/5/2014 -- important to each neighbor- February 26, 2005 peacekeepers. -
Aboitiz Equity Ventures, Inc
ABOITIZ EQUITY VENTURES, INC. PhP30,000,000,000 Debt Securities Program First Tranche: Up to PhP3,000,000,000 with an Oversubscription Option of up to PhP2,000,000,000 Series A: 6.0157% 5-Year Bonds Due 2024 Series B: 6.3210% 10-Year Bonds Due 2029 Offer Price: 100% of Face Value to be listed and traded on the Philippine Dealing & Exchange Corp. Joint Issue Managers, Joint Lead Underwriters and Joint Bookrunners THE SECURITIES AND EXCHANGE COMMISSION HAS NOT APPROVED THESE SECURITIES OR DETERMINED IF THIS PROSPECTUS IS ACCURATE OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE AND SHOULD BE REPORTED IMMEDIATELY TO THE SECURITIES AND EXCHANGE COMMISSION. The date of this Final Prospectus is May 31, 2019. 1 (A corporation duly organized and existing under Philippine laws) This Final Prospectus relates to the shelf-registration and continuous offer of Aboitiz Equity Ventures Inc. (“AEV”, the “Issuer”, or the “Company”) through a sale in the Philippines of Fixed Rate Bonds in the aggregate principal amount of up to PhP30,000,000,000 (the “Bonds”). For the first tranche of the Bonds to be issued out of the shelf-registration, AEV is offering Fixed Rate Bonds in the aggregate principal amount of up to PhP3,000,000,000, with an oversubscription option of up to PhP2,000,000,000 (the “Offer”; the Fixed Rate Bonds subject of the Offer, the “First Tranche Bonds”) to be issued on June 18, 2019 (the “Issue Date”). The Issuer has the discretion to allocate the First Tranche Bonds between Series A Bonds and Series B Bonds, or depending on prevailing market conditions, to fully allocate the First Tranche Bonds in just one series, based on the book building process of the Joint Lead Underwriters. -
Philippine Governance: Merging Politics and Crime
PRIF-Reports No. 93 Philippine Governance: Merging Politics and Crime Peter Kreuzer I would like to thank the Deutsche Forschungsgemeinschaft (DFG) for the generous grant provided for the project “Genesis, Structure and Workings of Coercive Systems of Social Control”. Peace Research Institute Frankfurt (PRIF) 2009 Correspondence to: PRIF Baseler Straße 27-31 60329 Frankfurt am Main Germany Telephone: +49(0)69 95 91 04-0 Fax: +49(0)69 55 84 81 E-Mail: [email protected] Internet: www.prif.org ISBN: 978-3-942532-03-7 Euro 10.- Summary The Philippines are a “gambling republic” in which politicians hold “power without virtue”, dominating by means of “capital, coercion and crime”. Individual power holders are “bosses”, acting in a “mafia-style” and employing “guns, goons and gold” in order to gain, uphold or enhance their power positions. Whereas the politicians at times make use of vigilantes, private armies, death squads and hired contract-killers, the state itself resorts to “state terror” to counter the leftist threat posed by the Communist New People’s Army and its various offshoots, as a sideline killing hundreds of people in extralegal executions. Local power remains “in the family”, and national power is diffused in an “anarchy of families”. All of these characterizations of Philippine politics put in quotation marks are taken out of scientific books, articles and statements of Philippine state officials and politicians. While Philippine politics certainly is much more than captured in these characterizations, this report takes them as a starting point to analyze Philippine politics as if it was crime, or as “criminalized governance” (Briscoe 2008: 4), arguing that criminal activities do not only connect to politics in an erratic and unsystematic way, but seem to be a durable and integral part of politics from the local to the national levels. -
Capacity Building of Local Contractors: Technology Transfer Through Joint Ventures
CAPACITY BUILDING OF LOCAL CONTRACTORS: TECHNOLOGY TRANSFER THROUGH JOINT VENTURES Background In its Position Paper entitled “Lifting Foreign Equity Restrictions for EPC Contractors” issued last September 2011, the Philippine Contractors Accreditation Board (PCAB) recognized the “need to consider relaxing the current policies on foreign contractors entry into the Philippines for the purpose of encouraging technology transfer and capacity building of local contractors. This can provide certain benefits to promote and accelerate the growth and development of the construction industry.” In particular, PCAB proposed to allow up to 95% foreign equity for construction projects where there is limited local capacity. Capacity building – through technology transfer – of local contractors is important because of the following: . expansion of technical expertise of local contractors; . track record improvement, enabling local contractors to bid for more projects abroad; . Public-Private Partnership (PPP) projects demands bigger and more capable local contractors; and . further development of the construction industry, which is beneficial to other industries and the economy as a whole. Local contractors, in general, are capable of undertaking infrastructure construction projects. Attached in Annex A is the list of major projects undertaken by the local contractor, whether as proponent or sub-contractors. They have limited capacity, however, on projects that require modern or advanced detailed engineering designs, technology or equipments. Often, these projects include international airport terminals, power plants, oil exploration, and gas and renewable energy projects. In those areas where local contractors have limited capacity, foreign contractors should precisely be encouraged to enter in the country. This entry can facilitate technology transfer and capacity building for the local contractors. -
2015 Issue 2
The Official Publication of the Aboitiz Group • www.aboitiz.com • 2nd Issue 2015 Aboitiz Group achieves Project Forward CSR 2.0: a defining Risk Maturity Level 4 in full force to metric towards inclusive P. 5 achieve 1AP & sustainable growth P. 19 P.43 contents Cover Story Banking CSR 4 The Role of the Corporate Center 30 UnionBank celebrates 33 years of Making Da Diff 43 CSR 2.0: A defining metric towards inclusive & sustainable growth 31 First-ever UnionBank Mr. & Ms. DNA Ambassadors named 44 Education 45 Health & Well-Being Corporate Center 31 UnionBank Internal Audit Division bags top 50 Other News 5 Aboitiz Group achieves Risk Maturity Level 4 certification 32 UnionBank RBC Makati Region holds 51 WeatherPhilippines conducts its first 6 Coaching and Mentoring Course launched Weather 101 training for an LGU in the Aboitiz Group investment briefing 32 CitySavings 2015 Sales Rally 51 Understanding our weather empowers the 7 Aboitiz honors bankers and brokers at Filipino nation annual cocktail parties 33 CitySavings launches new branches in Luzon, 8 Key learnings from the Aboitiz brand Mindanao, and NCR forum 33 Shaping the financial industry with 10 22 Aboitiz Toastmasters inducted in Taguig UnionBank’s UITF RAFI 11 Aboitiz Groupwide Inspired by Passion 34 MAA and AAL: Recognizing CitySavings’ pillars 52 RAFI’s Kool Adventure Camp promotes Disaster Team Awards 2014 Response Principles at RESCYouth 2014 12 EIA Messages 53 Cash aid for Samar families affected by Food Typhoon Ruby 14 Aboitiz kicks off Groupwide Sportsfest 2015 53 Cebu is -
Metro Pacific Investments
07 June 2013 Asia Pacific/Philippines Equity Research Conglomerates Metro Pacific Investments (MPI.PS / MPI PM) Rating OUTPERFORM* Price (06 Jun 13, P) 5.86 INITIATION Target price (P) 7.90¹ Upside/downside (%) 34.8 Mkt cap (P mn) 152,456 (US$ 3,620) Hospitals biz deserves a second look Enterprise value (P mn) 189,919 ■ Initiate with OUTPERFORM. We initiate coverage on Metro Pacific Number of shares (mn) 26,016.46 Investments with an OUTPERFORM rating and a P7.90 target price, Free float (%) 43.9 52-week price range 6.29 - 3.92 implying 35% potential upside. Our target price is SOTP-based and ADTO - 6M (US$ mn) 6.1 translates to an implied 2014E PER of 20.6x and PBR of 2.0x (sector *Stock ratings are relative to the coverage universe in each average of 18.0x and 2.2x, respectively). The company focuses on water, analyst's or each team's respective sector. ¹Target price is for 12 months. power, toll roads, and hospitals. We forecast that hospitals will contribute 11% to 2014E net profit but we estimate that its NAV contribution is more Research Analysts substantial at 20%. Alvin Arogo ■ Multi-year growth potential for hospitals. Metro Pacific manages and 63 2 858 7716 [email protected] operates various privately held hospitals and we forecast its total beds to witness an 18% CAGR to 3,000 by 2015. This would be the main driver for Gab Roque 63 2 858 7756 the 47% CAGR in its net income contribution, in our view.