Newly elected GT Capital Chairman, Arthur Ty said; "Key economic indicators for the first half of the year are now pointing towards an even stronger second half that will match if not exceed the 6.4% GDP growth of the first quarter. On a year-on-year basis each of the sectors where GT Capital is present has shown significant growth. In this ideal environment our company, which is focused on domestic consumption, will do extremely well."
Toyota Motor Philippines Corporation (TMPC) reported its highest-ever record of vehicle sales in a single month last May having sold a total of 5,977 units. Volume growth is attributed to stable supply, new models introduced into the market and aggressive sales efforts. The Vios continues to be the best selling vehicle in the market with over 1,500 units sold last month. Industry sources report that nationwide auto sales are up 9% as of May.
Federal Land Inc., reported sustained growth in reservation sales with an aggregate of Php 5.5 billion for the first five months of the year maintaining the average of Php 1.0 billion a month, or approximately 40% higher than 2011 levels. "We are confident that the steady growth in reservation safes is sustainable given the availability of fixed, low interest rates in the market. The backlog for housing was always there, now with accessible financing there is also affordability," said Federal Land President Alfred Ty.
Global Business Power Corporation (GBPC), signed an Engineering Procurement and Construction (EPC) contract with Formosa Heavy Industries last May 25, 2012 for the construction of a new 82 MW coal-fired plant increasing the capacity of the existing Toledo plant in Cebu. This increased generation capacity is targeted for completion by the end of 2015. Subsequently, within a few days, GBPC also signed an Electric Power Purchase Agreement (EPPA) with Carmen Copper for the off-take of up to 70% of the new plant's power output.
Metrobank's loan portfolio has been growing better than expected without the benefit of the anticipated surge in funding requirements to be triggered by the PPP infrastructure projects by the second half of the year. Despite the loan growth, asset quality remains better than industry as nonperforming loan ratio improved further to 1.38% versus the industry average of 2.87%. Low cost deposit growth is also maintained with the increase of branches from 785 to 812. These are in line with the bank's strategy of expanding coverage, strengthening customer relationships, and driving profitability through core earnings growth.
The Philippine Life Insurance Association (PL1A) expects the entire sector to grow by 16% this year. Philippine AXA Life (AXA) grew its new business by 45% for the first five months confirming the effects of the strategy to expand the agency force. The agency force of over 1,500 is targeted to double by 2015.
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