BIZ BUZZ: DOF exec unfazed by complaints
Remember the Department of Finance (DOF) official we told you about last week who is the subject of a complaint filed with the Office of the Ombudsman for allegedly violating graft and corruption laws?
The one who is alleged to have used her position to try and influence another government agency to waive a penalty levied on a private company that sought her intervention?
The one that stalked one of the complainants, went to that complainant’s home on a Sunday, and allegedly made that complainant to withdraw her allegations under duress?
The one that is clinging on to her post at the department and is—Biz Buzz hears—actually even aiming for a promotion to undersecretary despite all this?
We have bad news for you, O Filipino people. Word in the DOF is that these issues have had no effect on the department’s leadership, which seems intent on having her reappointed once her holdover status ends by yearend.
Sorry. The good guys don’t always win, it seems.
—Daxim L. Lucas
Veteran banker, veteran winner
Veteran banker Eduardo Francisco did it again.
For the fifth straight year, Francisco-led BDO Capital & Investment Corp. was named the country’s corporate and investment bank of the year at the Asian Banking & Finance Awards.
Of course, BDO Capital is the investment banking arm of the country’s largest lender, the Sy family’s BDO Unibank Inc.
Francisco said maintaining leadership was not just about chasing deals but taking care of their clients.
“This recognition exemplifies our client-focused mindset. We are committed to our customers, ensuring that we consistently deliver great customer experience amid changing market conditions,” he said.
—Miguel R. Camus
Rebound
As we head toward the Christmas season, companies are gearing up to close their books for the year. This is why in the next few weeks, market aficionados will have to sift through the various financial statements businesses across all sectors will disclose.
Some companies will report a consistent trend of stronger earnings, while others will report lower profits. In between, a few find themselves in a favorable position of announcing a rebound in their income to investors.
For one, Abacore Capital Holdings Inc. reported a net income of P22.4 million in the first nine months of 2022, according to disclosures filed with the Philippine Stock Exchange. This is a positive development compared to its net loss of P15.5 million for the first half of the year.
The main factors that led to these results include a gain of P27.6 million from the sale of an investment property. These gains were associated with profits from the sale of land to businessmen making their first venture into the Batangas market.
Abacore’s subsidiaries also contributed P15 million in dividend income to their parent company.
These subsidiaries include Pacific Online Systems Corp., which leases gaming equipment; Philippine Regional Investment Development Corp., a provider of financial services; and Abacus Coal Exploration Development Corp., which recently signed an agreement to monetize its coal assets in Surigao del Sur.
A 14-percent year-over-year drop in operational expenses to P43.71 million also helped in boosting Abacore’s net income. The biggest drop in expenses were in taxes and licensing fees (down by 62 percent) and in professional fees and other services (down by 41 percent).
Despite President Marcos’ policies relaxing COVID-19-related restrictions, Abacore still expects these restrictions to impact its operations and future financial results. However, even with this gloomy note, the company has a bullish outlook on Montemaria Asia Pilgrims Inc., a pilgrimage center Abacore owns in Batangas.
Abacore expects profits from the continued sale of proprietary shares (currently numbering 7,500) and associate shares (currently at 30,000) to interested investors. In addition, the company looks forward to increased revenues from entrance fees that Montemaria is charging and higher restaurant sales should COVID-19-related restrictions continue to be loosened up.
