IN BRIEF

an increase of 27 percent from P7.4 billion in the same period last year. SMIC’s retail income expanded 51 percent to P3.9 billion from P2.6 billion.

Meanwhile, Ayala Corp. said first-quarter profit grew 31 percent to P10.3 billion as consolidated revenues increased 19.7 percent to P78.9 billion from P65.9 billion.

First-quarter core net income, excluding one-off items, jumped 61 percent year-on-year to P9.4 billion.

“One of our priorities is to end 2023 with profits above pre-COVID levels. Given our first-quarter results, our constructive outlook for the year remains intact,” Ayala president and chief executive Cezar Consing said.

The group’s banking unit Bank of the Philippine Islands saw its net income rise 52 percent year-on-year to P12.1 billion in the first quarter on sustained loan and margin growth, increased fee income and lower loan loss provisions.

Property arm Ayala Land’s net income went up 42 percent to P4.5 billion as its diversified portfolio generated a 26-percent revenue growth on higher contributions across business lines.

Foreign direct investments fell 14.6% in 2 months

NET inflows of foreign direct investments fell 14.6 percent in the first two months from a year ago as the elevated global inflation impacted investors’ sentiment, the Bangko Sentral ng Pilipinas said Wednesday.

The BSP said in a statement FDI net inflows from January to February decreased to $1.5 billion from $1.8 billion in the same period last year.

“All major FDI components yielded lower net inflows as foreign investors remained cautious amid persistent and broadening global inflation,” the BSP said.

Data showed that FDI net inflows in February grew by 13 percent to $1.0 billion from $926 million a year ago. “The increase in FDI [in February] was due to higher non-residents’ net investments in debt instruments, notwithstanding lower net equity capital placements and reinvestment of earnings,” it said.

The bulk of the equity capital placements for the month came from Japan, the United States, and the Cayman Islands. They were channeled mostly to manufacturing; real estate; electricity, gas steam and air conditioning supply; and financial and insurance industries. Julito G. Rada

Petron

posted P3.4-billion income in first quarter

PETRON Corp. said Wednesday net income slightly dipped in the first quarter to P3.4 billion from P3.6 billion in the same period in 2022 on increased financing cost, which was partly tempered by the mark-to-market valuation of commodity hedges.

Petron said that despite a 16-percent decline in crude prices in the first three months, it reported an operating income of P8.4 billion, the same level as last year, mainly due to higher sales volume and strong regional refining margins.

“It’s still a promising start to the new year,” said Petron president and chief operating officer Ramon Ang in a statement.

“The consistent rise in fuel demand and better industry conditions, combined with our efficiency and volume-generating measures contributed to our results in the first quarter. Despite external challenges, we remain confident in our ability to navigate the highs and lows of this industry as we work on achieving a full financial recovery this year,” said Ang. Petron sustained its recovery momentum as it continued to deliver significant growth across the business in the first quarter. Alena Mae S. Flores

Megaworld’s income surged

33% to P4.08b in Q1

MEGAWORLD Corp. said Wednesday attributable net income surged 33 percent to P4.08 billion from P3.06 billion in the same period last year on robust performance from residential, office, mall and hotel businesses.

First-quarter consolidated revenues grew 24 percent to P16.2-billion, the company said Wednesday in a stock exchange filing.

“We start the year strong as we continue sustaining the recovery momentum of our businesses and finally grow past our pre-pandemic performance for the first time since the pandemic began in 2020. This affirms our position in the industry and ability to quickly adapt in this new environment and capture opportunities,” said Megaworld chief strategy officer Kevin Tan. Real estate sales in the first quarter rose 17 percent year-on-year to P9.4-billion, driven by the higher completion rate of its projects and renewed demand for condominium projects. Reservation sales jumped 71 percent to P39.6 billion in the first quarter and accounted for 30 percent of the company’s year-end pre-sales target of P130 billion. Jenniffer B. Austria

Pag-IBIG finances

2,968 homes for low-wage earners

PAG-IBIG Fund financed 2,968 socialized homes for minimum-wage and low-income members in the first three months of 2023, its top executives said Tuesday.

Socialized home loans represented 14 percent of the 21,870 units financed by the agency from January to March this year. Meanwhile, the amount of socialized home loans accounted for 5 percent, or P1.26 billion, of the P27.57 billion home loans released by the agency in the period.

“We always emphasize inclusivity as a major pillar in the implementation of the Pambansang Pabahay para sa Pilipino Housing or 4PH Program. With the Pag-IBIG Affordable Housing Program, we provide the unserved and underserved sectors, particularly low-wage earners in our country, the opportunity to own a home. All these are in line with the directive of President Ferdinand R. Marcos, Jr. to provide our fellow Filipinos with better and dignified lives,” said Secretary Jose Rizalino Acuzar, who leads the Department of Human Settlements and Urban Development and the 11-member PagIBIG Fund board of trustees.

The Pag-IBIG Fund’s Affordable Housing Program is for members from the low-income and minimumwage sectors who earn up to P15,000 a month in the National Capital Region and up to P12,000 per month outside the NCR.

Under the AHP, borrowers enjoy a subsidized rate of 3-percent per annum for home loans of up to P580,000 for socialized subdivision projects and up to P750,000 socialized condominium projects.