Apr
07
M1 PowerSports Releases Entertainment-Filled Event Schedule and Fan Track Map for the Triumph Big Kahuna Atlanta AMA Pro Nationals.
Apr
06
By Kyle Orland
| Published March 30, 2012 12:30 PMLast updated March 30, 2012 2:23 PM
Apr
06
Lawyer: Scruggs didnt reject settlement
DALLAS, March 30 (UPI) — Lauren Scruggs attorney says the model and fashion blogger has neither accepted nor rejected a settlement offer related to a plane-propeller mishap in Texas.
Scruggs lost her hand and eye after she was struck by the propeller in December. She had just gotten out of the plane and was on the tarmac after enjoying a tour of Christmas lights when she was seriously injured. The pilot had parked the plane, but left the engine on and propeller spinning.
Courthouse News Service Tuesday reported Scruggs, 23, turned down a $200,000 offer to settle and is suing the planes insurer; however, the models representatives said that account was inaccurate and CNS printed a correction Wednesday.
Contrary to an earlier report from Courthouse News Service that Lauren Scruggs, the 23-year-old Texan struck by a moving propeller, rejected an offer of settlement, attorneys for Ms. Scruggs wish to clarify that she neither accepted nor rejected the insurance companys offer. Instead, during ongoing negotiations, Ms. Scruggs filed a declaratory judgment action in Dallas County seeking interpretation of the insurance policy by the court, said a joint statement by Scruggs attorneys Hightower Angelley and Aggressive Insurance.
This afternoon, Hightower Angelley LLP, attorneys for Ms. Scruggs, and Aggressive Insurance Services LLC, jointly announce that they have resolved the issues raised in the declaratory judgment action.
Jerry Lee Lewis marries for seventh time
LOS ANGELES, March 30 (UPI) — A publicist for Jerry Lee Lewis says the 76-year-old music icon has married his seventh wife in Natchez, Miss.
Judith Brown is the ex-wife of Lewis cousin, Rusty Brown, whose sister, Myra Gale Brown, Lewis wed when she was 13 and he was 23.
Lewis marriage to Myra was a scandal that marred his career for years. They divorced in 1970 after 13 years of marriage.
Lewis made Judith wife No. 7 March 9, his representative Maureen OConnor told CNN Friday.
No other details regarding the marriage were immediately reported.
The famous singer and piano player is known for his hits Good Golly Miss Molly, Whole Lotta Shakin Goin On and Great Balls of Fire.
Twins sequel in the works
LOS ANGELES, March 30 (UPI) — Arnold Schwarzenegger, Danny DeVito and Eddie Murphy are to play brothers in a sequel to the 1988 comedy Twins, sources told The Hollywood Reporter.
Schwarzenegger and DeVito played experimentally conceived brothers Julius and Vincent in the first film and would reprise their roles in the follow-up. They would discover they have a sibling, played by Murphy, in the new outing, which is in the early stages of development, the entertainment industry trade newspaper reported.
No director or writers have been named yet, the report said.
Queens 2nd great-grandchild is born
LONDON, March 30 (UPI) — Britains Queen Elizabeth has become a great-grandmother for the second time with the birth of
Isla Elizabeth Phillips, daughter of Peter and Autumn Phillips.
The baby was born Thursday at the Gloucester Royal Hospital, and weighed in at 7 pounds, 4 ounces, UsMagazine.com said Friday, adding she is 13th in line for the English throne.
The couple, who married in 2008, also have a 15-month-old daughter named Savannah.
Peter, the son of Princess Anne and her first husband, Captain Mark Phillips, was present at Islas birth, UsMagazine.com said.
Apr
05
Hoboken, N.J., March 30, 2012 /PRNewswire via COMTEX/ –
Academy, a leading provider of charter and commuter bus services in the Northeast, acquired Entertainment Tours and Coach New England, Massachusetts based bus companies. With this acquisition, Academy’s charter and tour bus operations will now span from Boston to Washington, D.C.
“The incorporation of Entertainment Tours and Coach New England allows Academy to provide a seamless, one-stop, client experience that encompasses our region’s most iconic and exciting destinations,” said Francis Tedesco, president of Academy. “We share the same values of quality, safety and customer service, ensuring that our customers will receive the same great service they know and expect.”
Michael and Mark Curreri, owners and operators of Entertainment Tours and Coach New England, will manage Academy’s Boston terminal, and all employees will have the opportunity to remain in their existing roles.
“We look forward to continuing to provide state of the art equipment, premier maintenance facilities, exceptional drivers, and innovative training and safety programs,” said Michael Curreri. “Academy’s vision is simply the right fit, and we put full confidence in them to provide our customers with the best service in the Boston metro area.”
Entertainment Tours and Coach New England operate a diverse fleet of busses and is authorized by the U.S. Department of Transportation, consistently receiving the department’s highest safety ratings. The company was an integral part of the transportation management team during the Lake Placid Goodwill Games as well as the Winter Olympics in Salt Lake City, Utah.
About Academy
Based in Hoboken, N.J., Academy is the largest privately owned and operated motor coach company in the United States. Utilizing more than 600 top-quality buses from ten locations throughout the Northeast including new locations in Bridgeport, Conn., Providence, R.I., Washington D.C. and Boston, the company maintains a diverse set of service offerings in charter, commuter and casino operations. Whether moving 20 or 20,000, Academy has the expertise to satisfy every customer. For more information on Academy please visit
www.academybus.com .
Contact: Greg Rhodes(201) 420-7000, x2233
SOURCE Academy
Copyright (C) 2012 PR Newswire. All rights reserved
Apr
03
ORLANDO, Fla., March 30, 2012 /PRNewswire via COMTEX/ –
Leading audio visual integration firm Technomedia Solutions announced today it has been awarded the audio visual systems design-build for Merlin Entertainment’s new LEGOLAND® Water Park that will adjoin the new LEGOLAND® theme park in Winter Haven, Florida. Scheduled to open in time for summer 2012, the water park will feature a wave pool, Build-A-Raft lazy river, tube slides, body slides and an interactive water-play structure- DUPLO® Safari.
Just last year, Merlin Entertainment awarded Technomedia the AV media content and systems design-build for its newest LEGOLAND® theme park located in the heart of Central Florida’s tourist corridor. The new park, at 150 acres, is the largest LEGOLAND® yet and features numerous rides, shows, and interactive attractions along with restaurants, shopping, and spectacular botanical gardens. Technomedia was honored to be selected as the audio visual media producer and design/integration firm to deliver the multitude of innovations that create a truly remarkable guest experience.
Among the highlights of Technomedia’s contribution are custom control units and soundtrack production that animate and give voice to the LEGOLAND® characters. Dozens of audio racks distribute crisp, clean digital sound to multiple zones, rides and shows throughout the park. The innovative 4-D “Fun Town Theater” which seats 700 and thrills the senses with 4-D special effects and 3D films that run all day in a totally digital domain.
Tony Miceli, Technomedia’s Senior Project Manager, commented, “We knew from the start that Merlin wanted to create a very special park and I’m proud to say that we met the challenge and delivered to the complete satisfaction of the client and, even more importantly, the thrilled guests. Together with the LEGOLAND® team, we have helped create a park experience that will captivate people of all ages for many years to come and we are extremely pleased that they recognized our contributions by awarding us the water park project which we intend to make equally exciting.”
For more information on Technomedia, please visit
www.gotechnomedia.com
SOURCE Technomedia Solutions
Copyright (C) 2012 PR Newswire. All rights reserved
Apr
02
Robert L. Johnson, former chairman of Black Entertainment Television, is in talks to acquire Image Entertainment, a spokeswoman for the library confirmed Thursday.
Image has approximately 3,700 exclusive DVD titles and 300 exclusive CD titles in domestic release and more than 450 programs internationally via sublicense agreements.
Apr
01
AMC Entertainment Inc.
AMC Entertainment Inc.
Latest from The Business Journals
AMC Easton to dish out dining, high-end suitesAMC Entertainment hopes to build indie cred, revenue through independent filmsHunger Games midnight showings selling out quickly in St. Louis
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no longer is the only leading theater chain agreeing to show the controversial movie “Bully,” but it will remain the only one showing it during its premiere Friday and have less stringent limits on viewers.
The Kansas City-based chain, which is the nation’s second-largest, will show the movie at two theaters — in Los Angeles and New York City. An independent theater in New York and two LA theaters operated by smaller chains also will show the film. “Bully” will expand to other theaters in the coming weeks.
The film lacks a rating from the Motion Picture Association of America, whose “R” rating recommendation was rejected by the film’s backers at The Weinstein Co. But AMC said it will allow people younger than 17 to see the movie either with a parent or guardian or with a signed parental permission slip.
“We believe ‘Bully’ has a relevant message that should be seen by a broad audience, including teens,” company spokeswoman Sun Dee Larson said.
Regal Entertainment Group
Regal Entertainment Group
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AMC Entertainment hopes to build indie cred, revenue through independent filmsLatitude Global gets million to expand/parking garageWinrock closes in on three restaurants; groundbreaking soon
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, the nation’s largest chain, and No. 4 chain Carmike Cinemas this week reversed their decisions not to show the film because of the lack of rating. However, both said they intend to treat it when it comes to their theaters next month as if it were rated “R,” meaning no one younger than 17 will get in without a parent or guardian.
The documentary tells the story of high school students tormented by their classmates and the sometimes useless attempts by teachers and parents to help them. The MPAA recommended giving the film an “R” rating because of crude language. The Weinstein Co. appealed, arguing that such a rating would keep much of its target audience — high schoolers — from seeing the film, but the challenge was unsuccessful.
Mar
30
FORT LAUDERDALE, Fla., March 29, 2012 /PRNewswire via COMTEX/ –
Star Entertainment Group, Inc. announced today that, pursuant a special meeting of the Board of Directors held on March 26th, 2012, the Directors have passed a resolution declaring a stock dividend to all stockholders and set the record date for stock dividends to be 5pm EST, May 5th, 2012.
Significant new operations and a number of key consumer media technology acquisitions are to be announced shortly. The Company’s new operations and acquisitions will not require the issuance of Common Stock or debt to complete. No reverse-split, name change or any other Corporate Action will occur as part of the Company’s new growth and acquisition plan.
In anticipation of the new growth plan and as a reward for the loyalty shareholders have shown, the Board has voted to pay all shareholders on record, a 3% stock dividend. This dividend would issue each shareholder 3 new shares for every 100 held.
Standard Ex-Dividend rules will apply and the Ex-Dividend Date has been set at May 5th, 2012. All shares purchased one day prior to the Ex-Dividend Date will qualify for the Stock Dividend, but those shares purchased on the Ex-Dividend Date of May 5th, 2012 or after, will not be eligible for the Stock Dividend. In order to qualify for this dividend, shares held cannot be sold before the May 5th Ex-Dividend Date.
New share certificates will be mailed directly to all qualifying shareholders of record by the Company’s Transfer Agent within 30 days of the Record Date. The Company recommends that all stockholders contact their brokers to ensure their mailing information is current so that there will not be any issues in the delivery of the new stock certificates.
In addition to its various upcoming announcements, the Company will publish its new web sites, revenue and asset projections and timely file complete public disclosures thereby bringing the Company to ‘current’ reporting status with the OTC Disclosure service.
About Star Entertainment Group
Star Entertainment Group Inc. is an independent investment, management, and holding company focusing on new media and digital content, delivery and monetization of multi-dimensional Online Customer Communities through the integrated use of online; interactive, real-time Internet television broadcasting; Internet radio networks; participatory mobile applications; proprietary search capabilities and intuitive advertising platforms. The Company will operate as a central hub, utilizing our strengths in M&A, capital and resource management and will proactively minimize risk by teaming with experienced technologies operators, leveraging their experience and knowledge.
Safe-Harbor Statement
Safe Harbor Statement: This information includes certain “forward-looking statements.” The forward-looking statements reflect the beliefs, expectations, objectives and goals of the Company management with respect to future events and financial performance. They are based on assumptions and estimates, which are believed reasonable at the time such statements are made. However, actual results could differ materially from anticipated results. Important factors that may impact actual results include but are not limited to commodity prices, political developments, legal decisions, market and economic conditions, industry competition, the weather, changes in financial markets and changing legislation and regulations. Matters discussed in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words “anticipate,” “believe,” “estimate,” “may,” “intend,” “expect” and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include but are not limited to risks and uncertainties associated with the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company. Forward-looking statements are intended to qualify for the safe harbor provisions of Section 21E of the Securities and Exchange Act of 1934, as amended.
Star Entertainment Groupinfo@StarEntertainGroup.com 1 954 990 0138
SOURCE Star Entertainment Group, Inc.
Copyright (C) 2012 PR Newswire. All rights reserved
Mar
15
Family-friendly content accessible via OnBuzz branded portals to include well-known artists, actors, athletes, businesses and nonprofit organizations
Tampa, FL (PRWEB) March 06, 2012
Savtira corporation, a leading cloud commerce solutions provider, today announced a partnership with Techertain LLC, a technology and entertainment company, to deliver the countrys first family entertainment social network via a cloud infrastructure. The company also intends on extending its OnBuzz branded portals internationally.
The idea is to provide a trusted place where everyone can find the entertainment they demand from any Internet connected device anytime, anywhere. The focus will be on PG-13 and under material including 17 million mainstream media titles from movies, video games, television, eBooks, music, audiobooks, Internet radio stations and physical goods.
Imagine Facebook + Hulu + Amazon + iTunes + XM Radio, said Alan Elias, CEO of Techertain. It is entertainment for families that can be accessed directly from any Internet-connected computer, mobile device, console, set-top box, and even connected cars. We selected Savtira for the build out and the lead consolidator of the impressive partner network because they have invested so much in developmental infrastructure and because of their strong list of partners that includes the likes of IBM, Intel, Comcast many industry leaders.
Using a freemium business model, where the content is free to use in a safe, family friendly experience, the network will be available via OnBuzz portals branded around celebrities and organizations who all exude familial characteristics. The network will operate virtually in a cloud environment, fully meshed between 11 data centers that Savtira has deployed expending more than $5 million in CAPEX infrastructure for each center.
Optional premium digital media and physical goods also will be available in an eStore built by Savtira.
This is the perfect example of what Savtira does for other businesses, said Timothy M. Roberts, President and CEO of Savtira. We are going to provide a quick solution for Techertain to get in front of a specific market using an enterprise-class, robust e-commerce infrastructure. They dont have to worry about doing it themselves. They can take advantage of our economies of scale and choose just the part of our ecosystem they need, in this case our large catalog and ecommerce in the cloud.
Savtira is a Software-as-a-Service (SaaS) Cloud Commerce solutions company poised to boost the offerings of e-tailers, traditional retailers, computer OEMs, cable operators, broadcast affiliates, publishers, content developers/distributors and similar companies.
About Savtira
Savtira is in the business of digital distribution with a Software-as-a-Service (SaaS) ecommerce platform that provides a turnkey system for the distribution, marketing, merchandising, and sale of digital media and physical goods in a single store, and in a single, unified shopping cart. Savtira-powered eStores are designed to meet the specific needs of retail partners and are custom-branded for each one. To facilitate the delivery of digital content, Savtira is building a new-generation, carrier-class Entertainment Distribution Network (EDN), streaming all digital media from the cloud, with a feature set that eclipses anything on the market. The company is headquartered in Tampa, Fla., and has an office location in the United Kingdom. For more information on Savtira, visit: www.savtira.com or call 813.402.0123. Follow us on Twitter at: www.twitter.com/savtira.
Savtira is a registered trademark. All other product and service names mentioned are the trademarks of their respective companies.
Media Contact
Savtira Corporation
Direct: (813) 440-3841
Fax: (813) 440-3800
www.Savtira.com
For the original version on PRWeb visit: www.prweb.com/releases/prweb2012/3/prweb9255025.htm
Mar
14
By Rosemarie Francisco and Jason Szep
MANILA Feb 20 (Reuters) – It is getting busy in
Cristino Naguiats spacious 5th-floor office overlooking Manila
Bay.
The chairman of gambling regulator Philippine Amusement
Gaming Corp is fielding calls and booking appointments to meet
possible investors in a sprawling gambling and entertainment
project his government hopes will rival Las Vegas in five years.
Among them: Casino billionaire Francis Lui of Galaxy
Entertainment Group Ltd and executives from Melco Crown
Entertainment Ltd, controlled by Australian billionaire James
Packer and the son of Macau gambling mogul Stanley Ho.
There is growing interest. The fact that in just two
weeks I have had two visitors from big companies in
Macau says something about it, said Naguiat, a veteran of the
gaming industry.
Investors are having a second look at the Philippines. The
fundamentals are very good.
The Philippines, the perennial sick man of Asia, has
rarely looked healthier and investors are placing their bets.
Its stock market, the best performer in Asia last year, is
up nearly 13 percent this year to a record high on Monday.
Benchmark 10-year government bond yields are down about 44 basis
points, as prices jump. Overseas buying of Philippine stocks hit
a record $938 million in the fourth quarter, and the pace has
quickened this year, according to TrimTabs Investment Research.
Economic growth is projected at about 4 percent despite
global headwinds, about middle for the region. Easing inflation,
among the lowest in Southeast Asia at 3.9 percent in January,
gives the central bank room to cut rates by at least another
quarter-point this year. Infrastructure spending is rising.
PRESSURE ON PRESIDENT
But as investors crowd into Manilas hotels,
pressure is growing on Philippine President Benigno Aquino
III to go beyond usual half-hearted attempts to crack down on
corruption, fix a stifling bureaucracy and find new streams of
revenue in a country whose earnings usually end up in the hands
of the elite.
Several crucial tests loom, including his pursuit of graft
allegations against Gloria Arroyo, who until June 2010 was
president, and the impeachment trial of the Supreme Courts
chief justice, accused of protecting Arroyo from investigation.
Both cases could determine whether the Philippines moves
ahead or withers again as a choice for investors after a brief
spell of optimism.
Although he enjoys a 72 percent approval rating after 1-1/2
years in office, the odds are stacked against him.
He is trying to transform the mindset of the
people from being always suspicious to being hopeful, trustful
of government, said Philippine Secretary of Finance Cesar
Purisima in an interview at his home in a leafy Manila
neighbourhood.
BLOOMING TIGER
The rise of the resource-rich Philippines has been hailed
before, only to disappoint. About a third of the archipelagos
94 million population still lives below the poverty line,
fuelling an exodus of 4,000 workers a day joining a huge
Filipino diaspora seeking opportunities abroad.
In the 1950s, it boasted one of the highest per capita
incomes in Asia. President Ferdinand Marcos, however, intervened
with two decades of dictatorship.
Optimism surged anew when Marcos fled a People Power
revolt in 1986 that swept to Aquinos mother, Corazon, to the
presidency. On January 30, 1997, then-Finance Secretary Roberto
De Ocampo uncorked champagne on the stock-exchange floor as
share prices pierced all-time highs, toasting the blooming
tiger economy of Asia and predicting the Philippines would soon
catch up with South Korea and Singapore.
Another flutter of optimism occurred in mid-2007, as the
economy approached its best performance since the 1990s, pushing
up stock prices and luring back foreign investors. Yet again,
hopes were crushed. Corruption, cronyism and personality-driven
politics flourished, squeezing the life out of reforms.
The $200 billion economy is on stronger footing this time.
Corporate balance sheets are in the best shape in a decade
with gearing of less than 60 percent. The governments budget
gap has narrowed to about 2 percent of the economy from a record
5.3 percent in 2002. Remittances from overseas Filipinos remain
steady at 10 percent of GDP, and consumer debt as a proportion
of the economy is just 7 percent, the lowest in Asia.
The Philippines economy is clearly at the stage where it
will be attracting more investor interest, said Prakriti Sofat,
regional economist at Barclays Capital.
UBS offered an even rosier view. We think the Philippines
has one of the most attractive medium-term investment and
consumption growth stories among emerging markets, its
economists said in a Jan. 11 report, calling it a safe haven in
turbulent times.
The buzz is drawing inevitable comparisons with another
booming Southeast Asian former basket-case: Indonesia.
Both mostly escaped fallout from Europes debt crisis. Both
limped to the International Monetary Fund for bailouts
in the Asian crisis of the late 1990s. And both have since
built up their reserves and slashed debt. In the Philippines,
foreign exchange reserves have more than tripled since 2005.
Indonesia has been rewarded with a return to investment
grade status. Many think the Philippines is next.
Standard Poors Corp upgraded its outlook on Philippine
debt in December to positive from stable. In June, Fitch Ratings
raised the Philippines to one notch below investment grade,
citing better government finances, a more stable economy and
favorable economic prospects.
If Indonesia is investment grade, we cannot be two notches
below Indonesia, Purisima said.
Like Indonesia, the Philippines public debt as a percentage
of GDP is falling, dipping to 57 percent from 79 percent in
2005. Indonesia, its population and economy more than twice the
size, has done better, halving the ratio to 23.5 percent,
according to Bank of America Merrill Lynch economists.
CAUTIOUS
But making money in the Philippines remains difficult.
Its stock prices are among Asias most expensive.
Investment protection laws are opaque and government revenue is
the weakest in Southeast Asia at just 13 percent of the economy.
Long-running Communist and Muslim insurgencies and complex
regulations deter mining investments.
The economy seems to be on the mend, however when you look
at the stock market, it is relatively small for a country that
size and the good stocks are very expensive, said
emerging-market investor Mark Mobius, executive chairman of
Templeton Asset Management Ltd in San Mateo, California.
Valuations have been rising: the MSCIs index of the
Philippines, for instance, trades at 15.2 times
2012 earnings, up from 13.5 times a year earlier. Compare that
to Singapores 13.3 times, Malaysia
at 14.3, Thailand at 10.6 and
Indonesia at 12.90 times.
The problem, however, goes beyond high prices.
You have to be quite cautious when looking at the
Philippines. Whats needed in the Philippines are more IPOs,
more companies going to the market, said Mobius.
Just eight companies launched initial public offerings
(IPOs) to list their shares in the Philippines between 2008 and
2011, a sharp contrast to 76 in Indonesia, 85 in Malaysia, 50 in
Vietnam and 49 in Thailand, according to Reuters data.
That, too, appears to be changing. The Philippine Stock
Exchange forecasts a doubling in total fund-raising to about
$4.7 billion this year after foreign inflows into stocks rose
more than three-fold in the first six weeks of the year to $351
million, overtaking net buying for all of 2009.
MULTINATIONALS NEEDED
But Aquino needs to attract more than just portfolio money.
He needs spending by multinationals.
The Philippines attracted just $1.7 billion, or 2.3 percent
of the $75.6 billion of foreign direct investment (FDI) that
flowed into the 10 members of the Association of South East
Asian Nations in 2010, trailing Singapore, Indonesia, Malaysia,
Vietnam and Thailand, the most recent ASEAN data shows.
In the 10 years to 2010, the countrys annual net
FDI never exceeded $2 billion.
You have to look at the foreign investors negative list
(FNL) — no changes in 10 years; it essentially stayed the
same, said Jeffrey Woodruff, executive director of the American
Chamber of Commerce in Manila, referring to the list of sectors
with limits to overseas investors.
The only changes came in allowing investment in gambling,
which took place a few years ago. Other than that, theres been
no change in the FNL for a decade, he said.
GRAFT, MINING TROUBLES
A report from the World Banks private sector arm, the
International Finance Corporation, helps explain the trickle in
investments: the Philippines ranked 136th out of 183 economies
globally for the ease of doing business last year, and scored
even lower for starting businesses. Overall, it was one place
worse than the Sudan and two behind Syria.
To try to address that, the government has set up
one-stop-shops in 252 economic zones to help investors. Outside
those areas, however, lie thickets of red tape and bribes for
permits.
Mining investments are especially difficult.
In 2005, the Philippines Supreme Court upheld a
law allowing full foreign ownership of mining projects. Top
global miners such as BHP Billiton started investing,
lured by an estimated $1 trillion in untapped mineral resources.
But strong opposition from the Catholic church, mine accidents,
a strong anti-mining lobby and the previous unpopular
governments unwillingness to counter public opinion drove most
miners away.
Xstrata Plcs $5.9 billion Tampakan project in
southern Philippines, Southeast Asias largest undeveloped
copper-gold prospect, has yet to move off the drawing boards,
caught between local and national policies on mining.
Turning that around and improving decrepit infrastructure
are central to Aquinos plans as he tries to attack graft and
low tax revenue that have undermined public spending.
Decembers successful bidding of the Philippines first
public private partnership project, the Daang Hari SLEX
expressway, will be followed by at least $1.8 billion in similar
auctions this year and $17 billion in the next five years.
The Philippines appears to be at an inflection point, said
Pauline Ng, investment manager for the Pacific at JP Morgan
Asset Management, which oversees $102 billion in Asian client
assets. Sectors like industrial land, property, toll roads and
cement will be key beneficiaries of investment-led growth.
The country is plagued by chronically low tax collection and
domestic credit too is falling — at 8 percent as of June 2011
from around 17 percent in 2008 and well 15 percent in Indonesia
and Thailand.
Aquino, 52, has vowed to enforce tax rules better before
imposing new taxes or raising them. But he hasnt got far. Tax
revenue rose to 12.3 percent of GDP last year, barely up from 12
percent in 2010 when it was the lowest in at least a decade.
He has now begun to raise duties on alcohol and tobacco –
steps that could generate $1.4 billion in 2012 and $2.75 billion
by 2014 if passed by Congress.
He hopes these and other measures will lift the economys
growth rate to as fast as 8 percent during his single term
mandate that runs to 2016.
He enjoys almost unprecedented support. He is the first
president since his mother to have backing of both chambers of
Congress after winning elections in May 2010 by a record margin.
He owes part of his popularity to his revered family name
and its reputation for probity. His father, Benigno, was an
opposition leader assassinated during the Marcos era.
This is a rare occasion in the Philippines where
you have a president who has the largest mandate ever and he
wants to use that mandate to really transform the country,
Purisima, the Secretary of Finance, said.
But it is unclear whether he will succeed in his biggest
challenge of all: a confrontation with what he calls an
obstructionist judiciary beholden to his predecessor.
As his government attempts to impeach Supreme Court Chief
Justice Renato Corona, the stakes could hardly be higher. If the
impeachment fails, Aquino has said it would virtually destroy
his efforts to end corruption.
The final decision rests with the Senate where Aquinos
party faces a struggle to win enough support to convict Corona.
YOUNG POPULATION
Fund managers such as Ng see opportunities for gains in
stocks exposed to consumers. UBS, for instance, likes PLDT
, the countrys largest telecommunications company, and
BDO Unibank Inc.
Part of the Philippines allure is its youthful population.
Half the population is under 20 years old, many speak English –
a legacy of its past as an American colony – and the population
itself is projected to swell to 190 million by 2040.
Remittances from more than 10 million overseas workers are a
growing source of growth, pumping $20 billion into the economy
last year.
The Philippines business-outsourcing industry, including
call centres, is also growing fast. It is projected to generate
revenue of at least $13 billion this year, rising 20 percent
from 2011 and more than four-fold from six years ago.
Aquino also has another wager that plays directly into hopes
to transform Manila into a Southeast Asian Las Vegas.
He has targeted a rise in tourism to about 10 million
visitors by the end of his term, from about 3.9 million now.
The Philippines awarded four licenses in 2008 and 2009 to
operate casinos in a gambling and entertainment complex in
Manila. Each Philippine licensee agreed to invest $1 billion
over five years. Three of the four licenses went to a venture
between Genting Malaysia Bhd and Alliance Global Group Inc
, Philippine property developer Belle Corp, and
ports tycoon Enrique Razons Bloombury Investments Holding Inc.
But why should a wealthy gambler from China come to the
Philippines instead of gambling resorts that have sprouted in
Singapore, Macau in China and Genting in Malaysia?
No gambler will play and lose everything in the same
casino, Naguiat, the gaming regulator, said. Look around.
Were part of this circle. Theyll go to Macau, theyll go
Genting. Theyll go to Singapore and theyll go to the
Philippines.