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LATEST UPDATES
PAL to revive nonstop flights to Israel
Flag carrier Philippine Airlines plans to mount twice weekly flights to Israel by October 2021.
Read more.
Manila Bulletin appoints Loreto Cabañes as editor-in-chief
The Manila Bulletin has appointed Loreto Cabañes as its new editor-in-chief effective May 1, 2021.
Cabañes replaces Crispulo Junio Icban Jr., who died last April 5 at the age of 85.
The company’s board of directors also approved the appointment of Herminio Coloma as publisher.
Coloma was secretary of the Presidential Communications Office during the presidency of Benigno Aquino III.
Cemex nets P205 million in Q1 2021
Cemex Holdings Philippines saw its net income rise by 130% to P205 million in the first quarter of 2021, from P89 million during the same quarter in 2020.
Cemex attributed this to the 78% decrease in financial expenses, lower debt levels, and declining interest rates.
Net sales, however, dipped by 8% to P5.2 billion, while domestic cement volumes went down by 4%, amid the COVID-19 pandemic.
PXP Energy narrows losses at P5.6 million in Q1 2021
Manny Pangilinan’s PXP Energy posted a net loss of P5.6 million from January to March this year, lower than the 2020 figures of P16.9 million.
Consolidated costs and expenses dove by 32.5% to P6.1 million. PXP Energy said there were no production costs in Service Contract (SC) 14C-1 Galoc, but the 25% increase in general and administrative expenses slightly offset this.
For the coming months, PXP Energy and its unit Forum will be focused on work commitments for SC 75 and 72, respectively.
AgriNurture signs deal with DA, AFAB for farmers’ financial inclusion
AgriNurture Incorporated entered into a memorandum of understanding (MOU) with the Department of Agriculture and the Authority of the Freeport Area of Bataan for a financial inclusion platform for farmers.
Under the MOU, AgriNurture will implement 1ANI e-commerce platform, a financial technology ecosystem for farmers and fisherfolks which uses a virtual currency called “Agri Tokens.”
The platform would aid farmers buy and sell seeds, fertilizers, and other agricultural goods.
AgriNurture will also support the agriculture sector by establishing a food terminal, cold and dry storages, and a logistics hub in the Bataan Freeport area.
Philex Mining nets P540 million in Q1 2021
Philex Mining Corporation saw its profits grow five-fold to P540 million in the first quarter of 2021, as gold and copper prices rose amid the pandemic.
The Pangilinan-led company said its operating revenues grew 38% to P2.37 billion.
The company produced a total of 13,413 ounces of gold, while copper production totaled 6.77 million pounds.
“The higher prices of gold and copper helped the company maintain its uninterrupted operations despite the challenges brought about by the pandemic. God willing, the favorable gold and copper prices will continue up to the end of the year, as the pandemic is still with us and many more challenges may lie ahead,” said Eulalio Austin Jr., Philex president and chief executive officer.
Universal Robina profits up 51% as tax perks kick in
Universal Robina says profits grew due to the passage of CREATE Act and growth in operating income.
Read more.
Ayala Land to merge with 4 companies
Ayala Land will merge with four companies, namely Cebu Holdings, Asian I-Office Properties, Arca South Commercial Ventures Corporation, and Central Block Developers.
Ayala Land will be the surviving entity.
The said merger was filed by the corporations with the Securities and Exchange Commission last April 29.
