P108-M worth of shabu seized by PDEA-9 agents in Zamboanga City
COTABATO CITY, Philippines — Agents of the Philippine Drug Enforcement Agency seized P108 million worth of shabu from a dealer entrapped in Zamboanga City on Friday night.
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DAR Partners with DBM to Advance Digitalization Initiatives
The Department of Agrarian Reform (DAR) has taken a significant step forward in its digitalization efforts by partnering with the Department of Budget and Management (DBM).
Marcos: Philippines' tourism in 'stiff competition' with Asian neighbors
MANILA, Philippines — President Ferdinand Marcos Jr. believes that the Philippines must build more tourism rest areas (TRA) as part of its initiatives to compete with the tourism of neighboring countries in Asia.
Several corps placed on suspension notice for reporting failures
The PSE [link] notified four high-profile companies that their shares would be suspended at 9 AM today if 2023 Annual Reports were not posted. The companies that were put on notice are Tony Tiu’s AgriNurture [ANI 0.57, down 1.7%; 102% avgVol], Philippine Infradev [INFRA 0.53, up 1.9%; 262% avgVol] and two from pseudo-tycoon Dennis Uy, Chelsea Logistics [C 1.30, up 4.0%; 526% avgVol] and Phoenix Petroleum [PNX 4.17, down 0.2%; 78% avgVol]. Should any of these companies fail to submit their Annual Reports before 9 AM, they will remain suspended for up to three months until such report is submitted. If nothing has changed after three months, the PSE must begin involuntary delisting proceedings.
Jollibee Q1 profit: P2.6-B (up 27%)
Jollibee [JFC 224.00, up 0.9%; 300% avgVol] [link] posted a Q1 net income attributable of P2.6 billion, up 27% from its Q1/23 net income attributable of P2.1 billion. JFC said it was able to grow profit margins and exceed its Q1 performance outlook thanks to “healthy top line growth combined with further operational efficiencies and effective management of expenses”. JFC’s system-wide sales were up 10.4% to P86.8 billion due to new store additions and same-store sales growth was up 5.5%, which JFC said was due to increased volume. Across all of JFC’s segmented business units, “Europe, Middle East, Asia” had the largest same-store sales growth (+14.7%) and system-wide sales growth (+25.5%). The “People’s Republic of China” and “Highlands Coffee” were negative in terms of same-store sales growth (-3.7% and -9.0%, respectively), and only the People’s Republic of China business unit was negative in terms of system-wide sales growth (-3.7%). JFC said that its difficulties in China are partly due to a high bar effect from last year’s success, and a slowdown in the quick service restaurant industry in that country more generally. JFC said that while Highlands Coffee saw its same-store sales growth fall 9.0%, it did “better than industry” and managed to gain 4% market share during that period.
DDMPR declares falling Q1 div at 116% payout ratio
DDMP [DDMPR 1.17, up 0.9%; 37% avgVol] [link] declared a Q1/24 dividend of P0.023476, payable on July 15 to shareholders of record as of June 19. The dividend has an annualized yield of 8.03% based on the previous closing price. The total amount of the dividend is P419 million, which is 116% of the P362 million in distributable income that DDMPR reported for the quarter. Relative to DDMPR’s IPO price, the dividend increased DDMPR’s total stock and dividend return to -32.29%, up from its pre-dividend total return of -32.33%. DDMP REIT Fund Managers reported that DDMPR’s occupancy as of March 31 was just 76%, with occupancy at its main building (DoubleDragon Plaza) listed at just 70.8%.
House urged to carefully review Meralco franchise
SURIGAO del Sur Rep. Johnny Pimentel urged the House of Representatives to carefully review the franchise of the Manila Electric Co. (Meralco) before considering its renewal.
Digitalization could curb corruption – DICT chief
INTEGRATING technology into government transactions would not only streamline processes but also reduce bureaucratic corruption, a Cabinet official said.