Prices of agri-commodities drop for the first 2 months of 2024
Prices of onion, tilapia, and other selected agricultural commodities have started to decline in February, based on reports from the Philippine Statistics Authority (PSA).
Markets latest news
Wildflour takes $15-M investment at P3.4-B valuation
The Wildflour Hospitality Group (WHG) [link] took a US $15 million investment from private equity firm KV Asia Capital (KVAC) for 25% of WHG. The company will use this to fuel the expansion of its flagship Wildflour “premium casual” restaurant brand with “at least 10 additional new locations over the next 18 months.” The cash will also go toward building out WHG’s complementary brands such as Pink’s Burger, Hotdog, and Shakes. The Inquirer article mentions that “sources” have said that a Wildflour IPO could happen “within the next two years.”
ICT FY23 net income down 17% to US $511-M
International Container Terminal Services [ICT 283.20, down 2.0%] [link], the multi-national port operator owned by Enrique Razon, posted FY23 net income of $511 million, which was down 17% from FY22’s $618 million due to a “non-recurring and non-cash impairment of goodwill” related to ICT’s acquisition of Pakistan International Container Terminal (PICT), and to various other increases in expenses and liabilities. ICT said that without the impairment of goodwill attributed to PICT, the company would have had a FY23 net income of $677 million which would have been a 7% improvement over FY22. ICT’s revenues increased 6% to $2.39 billion, and the volume of containers handled increased 4% to 12.7 million.
A quick look at the week ahead
For the PSE, earnings season is starting to heat up as financial condition reports trickle in and the FY23 teasers keep coming to manage our expectations. We get February inflation data from the Philippine Statistics Authority tomorrow morning, and that should pair well with the macroeconomic data that we’ll get from the US on Friday morning about initial jobless claims.
Press Release - Villar wants to reduce dependence on imported pork
Sen. Cynthia A. Villar is upbeat that hog producers' link and network with institutional markets such as restaurants and hotels will lessen their dependence on imported pork.
‘Probe past NFA admins’ billion-peso palay sales’
MANILA, Philippines — Farmers’ group Federation of Free Farmers national manager Raul Montemayor asked Agriculture Secretary Francisco Tiu Laurel Jr. to include in the ongoing probe on the National Food Authority (NFA)’s questionable rice sale to some traders the alleged billions of pesos worth of fresh palay sold during previous administrations.
2GO powers logistics needs of online sellers in Centarl Luzon
MANILA, Philippines — 2GO, the logistics and solutions company of the SM Group, has partnered with the Department of Trade and Industry (DTI) to help online entrepreneurs in Central Luzon move their products across the country.
Retail price of galunggong down by P50/kilo
MANILA, Philippines — The retail price of round scad or galunggong has gone down by P50 per kilo with the peak fishing season, the Bureau of Fisheries and Aquatic Resources said yesterday.