EARNINGS of Globe Telecom, Inc. rose 44% in the first quarter, on strong revenues from sustained increase in data usage by mobile and home broadband subscribers.
The Ayala-led telco said in a regulatory filing Monday its attributable net income stood at P6.7 billion in the January to March period, up from P4.7 billion in the same period last year. Core net income, which excludes forex, mark-to-market gains/losses and non-recurring items, also grew 40% to P6.7 billion.
Total revenues increased 10% to P40.6 billion, driven by the 44% jump in mobile data revenues to P16.5 billion. This segment now accounts for 61% of the company’s gross service revenues, rising from 47% last year.
Globe’s home broadband service contributed P5.2 billion to the company’s total revenues, or 21% higher from the same period last year, while corporate data added P3.1 billion or an increase of 16% from last year.
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THE EXECUTIVE is aiming for the country to bag another credit upgrade within two years by enacting remaining tax reforms, the Finance chief said on Monday, but the Senate president said he could commit approval of only the corporate tax component of that program within that period.
“We want to do it in two years,” Finance Secretary Carlos G. Dominguez III told reporters in Manila, referring to the government’s aim to achieve “A” credit rating, boosted by enactment of remaining reforms designed to shift the tax burden to those who can afford it while increasing revenue sources.
S&P Global Ratings on Thursday last week upgraded the Philippines’ credit score to “BBB+” from “BBB” — the country’s highest debt rating so far that is a step shy of “A” investment grade — citing above-average growth and strong external and fiscal position that have boosted the country’s economic profile. S&P assigned a “stable” outlook to the rating which means it expects to maintain that grade in the next six months to two years as the economy is likely to remain strong over the medium term.
The government’s shift to renewable energy is starting to pay off in terms of capital inflow, as power projects accounted for nearly two thirds of commitments approved by the Board of Investments (BOI) from January to April.
Investments registered with the BOI in the first four months of the year surged 46.49 percent to P286.7 billion, from P195.7 billion during the same period last year. Power projects made up 64.66 percent of this at P185.4 billion, a growth of 77.75 percent from P104.3 billion.
In a statement over the weekend, Trade Undersecretary and BOI Managing Head Ceferino S. Rodolfo said the investment body approved successive green energy projects in line with the government’s commitment to build infrastructure that are environmentally friendly.
Among others, the BOI authorized Vires Energy Corp. to carry out its P35.2 billion 506 megawatt (MW) natural gas power plant in Batangas. Further, it gave the Philippine Geothermal Production Co. Inc. the green light to do its P1 billion geothermal source in several towns of Albay and Camarines Sur.
MANILA, Philippines — The Philippines and other Southeast Asian countries may lose their competitiveness as a location for businesses over the next decade due to rising labor costs in the region, a unit of Fitch Ratings said.
Fitch Solutions Macro Reasearch said in its industry trend analysis titled, “Rising Labor Costs Gradually Eroding Ease and Southeast Asia’s Competitiveness,” several East and Southeast Asian countries which currently offer lower labor costs compared to developed economies, as well as other less-developed states in Central and Eastern Europe, may fail to keep their advantage as the minimum wage increases in the region.
It said East and South East Asia’s average minimum wage has risen to nearly 82 percent this year from just around 63 percent of the global average in 2015.