Robinsons Land posts double-digit first-quarter profit

The real estate arm of the Gokongwei Group of Companies reported double-digit profit growth in the first quarter of the current fiscal year buoyed by strong earnings from the flagship mall division.

In a filing to the local stock exchange Robinsons Land Corp. (RLC) said net income from October to December 2009 rose 28 percent to P869.2 million. This, on the back of combined revenues (which includes hotel revenues) which added 10 percent to P2.49 billion.

The growth was driven by the company’s 41-percent hike in the earnings of the commercial centers division, which accounts for over half of the company’s gross revenues or P1.4 billion.

“Significant rental increment was contributed by the newly opened malls in Dumaguete, Ilocos Norte, General Santos, Tacloban and Davao. Metro Manila malls led by Robinsons Galleria Ortigas also contributed to the growth while other provincial malls also posted decent growth in rental revenues,” said RLC. 

This improved profit picture was also supported by interest income and movie revenues which amounted to P100 million and P164 million for the period, respectively. Without these, the segment still posted a 16-percent growth.

The high-rise and residential building division, which accounts for 22 percent or P603 million of revenues, saw a decline of 14 percent due to lower completion of several projects.

However, significant revenues were realized from recent projects such as East of Galleria, Gateway Garden Heights, McKinley Park Residences, The Fort Residences and Woodsville Viverde.

The office space and hotels segments each contributed about a tenth of total revenues at P264.8 million and P289.2 million, respectively. Office rentals were up 5 percent due to rental charges from Cybergate Centers 2 and 3. Lease income is derived from six office buildings, Galleria Corporate Center, Robinsons Equitable Tower, Robinsons Summit Center and Towers 1, 2 and 3 at Robinsons Cybergate Center.

Meanwhile, hotel revenues were higher by 3 percent due to the opening of Summit Ridge Tagaytay Hotel. The other existing hotels—Crowne Plaza Galleria Manila, Holiday Inn Galleria Manila and Cebu Midtown Hotel—posted occupancy rates of 76 percent, 79 percent and 50 percent, respectively.

The housing and land development division reported realized revenues amounting to P136.1 million, from P137.2 million during the same period last year, or a slight decline of 1 percent. This was brought about by lower percentage completion of various ongoing projects.

Shares of Robinsons Land added 2.17 percent to end Friday’s session at P11.75 each.

Source: The Business Mirror

Total budgets P300M for expansion efforts

FRENCH-owned Total (Philippines) Corp. has earmarked for this year more than P300 million
to expand its domestic business and operation systems, Ernst Wanten, the company president
and managing director, said on Wednesday.
At the inauguration of Total’s double-hulled, double-bottom MT Camille vessel, Wanten said the
company is here to stay amid the challenges faced last year.
“We will continue to invest in the Philippines. This year alone we have budgeted over P300
million to fund our expansion program,” said the Total executive.
Wanten added that they are ready to pour in more resources to meet the energy requirements
of the country should the right opportunities come along.
Part of its expansion program, Total recently upgraded its waterborne fleet with the acquisition
of MT Camille, a 3,651-deadweight-ton vessel, which is under an exclusive time charter with
Sun Marine Corp. Total said MT Camille is classified by the Korean Register of Shipping to
have been accredited by the International Association of Classification Societies (IACS). IACS
assesses a ship’s structural strength and integrity, power generation, function and reliability of
systems, and other built features with regard to maintaining essential services on board.
Total said MT Camille will also go through the company’s strict vetting process to make sure the
vessel complies with regulatory standards.
Wanten said industrial safety and environmental stewardship are paramount to his company.
He added that in the case of marine transport, the acquisition of MT Camille starts with strict
selection criteria for chartered ships, followed by one of the most stringent vetting processes in
the oil industry.
“And while current shipping policies mandate a 20-year age limit to ships over 30,000 tons, we
have a modern fleet with an average age of five years,” Wanten said.;
MT Camille, which was built in 2004, can attain an average speed of 11.5 knots while carrying a
capacity of as much as 4.12 million liters of different white petroleum (gasoline, diesel and
ethanol) products.
It is also equipped with computerized cargo handling, advanced navigational, oil pollution
prevention and first-class satellite communication systems.
Dexter Flores, Total vice president for operations, said the new vessel will improve the
efficiency of the company’s waterborne distribution network by as much as 30 percent. “Its
bigger capacity, faster speed and higher discharging rate mean that we will be able to deliver
more products to more customers in a much shorter time,” he added.
In November Wanten said they have programmed to invest P120 million in Cebu to expand their
retail network. “The plan to expand in the Visayas, through Cebu, is an indication of [Total’s]
long-term commitment of doing business in the country amid some issues that continue to
hound the industry,” he said.
Wanten said they are planning to construct at least eight to 10 retail stations in Cebu. The first
station, he added, is expected to open shortly after Christmas or before the end of the year.
Wanten said they plan to build three more retail stations around Cebu in the next six months.
The Total executive said they will also put up a P10-million depot in the province. The facility will
have a capacity to store 2 million liters of various fuel products although this can be easily
expanded to accommodate more inventory.
He added that they will continue to expand their retail stations in Luzon. “In the past 12 years of
its operations in the country, we have already invested P4 billion in the country. The focal point
remains to be Luzon since there are still a lot of opportunities in the island-region,” Wanten said.
Total has been expanding its sales network by about 10 to 15 stations every year.

Source:  business Mirror

BIR going after motels

MANILA, Philippines - To boost its revenue collection efforts, the Bureau of Internal Revenue (BIR) has set its sights on motels and restaurants this Valentine’s Day.

The BIR said it will run after owners of motels, inns, hotels and restaurants who will not declare their true income on Valentine’s Day in order to evade taxes.

Such establishments usually earn large profits during the day of hearts.

BIR Deputy Commissioner Lucita Rodriguez told The STAR that these establishments would be placed under discreet surveillance to verify if the owners report and pay correct taxes.

She clarified that the program is not meant to harass couples who patronize these establishments.

“The only intention of the bureau is to collect correct taxes,” she said.

“We would not check who will patronize these establishments, especially the motels, but see the frequency of their clients,” she added.

Most of these establishments are also expected to profit from groups that will hold their Valentine’s parties or Juniors-Seniors prom, she added.

Rodriguez said the move is in line with the BIR’s program to increase tax collection.

She said they would conduct their discreet operations on Feb.13, 14 and 15 or before and after Valentine’s Day.

Source: The Philippine Star

BY MID 2010: Newly opened I.T. bldg expects 100% occupancy

CEBU, Philippines - TG Universal (TGU), one of the newest buildings that opened at the Cebu Asiatown IT Park, expects to be 100 percent occupied by middle of this year.
Shortly after it soft opened last year, TGU attracted 20 occupants, that filled in the 16-story structure developed by Business Ventures Corporation.
The company’s chief operating officer Charles Ong said that aside from those who expressed interest to locate at the building, the existing companies now occupying office spaces in the building are also expanding.
To date, big names in the IT sector have made their office-base at TGU building, these include; IBM Global Delivery Center, Bombardier Transportation

(Shared Services) Philippines Inc., Xlibris Philippines Inc., Windward Software Philippines Inc., Playtech—Bingames Limited, eBusiness BPO Inc., Next2Web, Taylor Science and Technology Philippines Inc., among others.
According to Ong, TGU which is the largest building in terms of gross floor area within the cyberpark, is expected to be fully occupied by the middle of this year.;
Business Ventures Corporation, which is also the developer of Sykes building in Mabolo, spent more than P700 million for the construction of the state-of-the-art IT building, to take advantage of the strong demand for BPO spaces in Cebu.
Ong, whose family core business is into real estate (apartment rentals, warehousing), said that the family decided to diversify its business to building development targeting the BPO investors because of the good prospect for this kind of development.
For this reason, the company has decided to focus on investing its money on the real estate trade in Cebu, with the establishment of a new brand, called “Innoland” which allocates close to a billion pesos capital expenditure (capex) for this year, to build three more sophisticated buildings within the metropolis.
Ong described one of its upcoming projects as an internationally-accredited “Green Building” that will put Cebu in another dimension of attracting investors that are looking for environment friendly structures.
The first project that will be started by the company in the next couple of months will be located in a 3,000 square-meter lot at the Asia Town IT Park. However, the group has not divulged the full description of the nature of project.
Innoland has done extensive research and feasibility study for Cebu real estate sector. “The market is different now—sophisticated, tech-savvy, well informed, and conscious of the environment,” Ong said.
Thus, the company’s line of projects will incorporate the different and sophisticated needs of today’s market.

Source: The Freeman Cebu

RLC rolling out 11 new residential projects

MANILA, Philippines - Robinsons Land Corp. (RLC), the property development arm of Gokongwei holding firm JG Summit Holdings Inc., is rolling out 11 new residential projects to fill in the strong demand for low-to middle-income housing.
In a filing with securities regulators, RLC said it is awaiting the issuance of a license to sell a total of 5,008 housing units covering 11 new projects.
These projects are Monte Del Sol, Costa Verde, Forest Parkhomes North, Hanalei Heights , Brighton Parkplace North, Montclair Highlands , Sitio Andalucia, St. Bernice Estates, Nizanta Gardens , Vimana Verde Residences and Grand Tierra.
RLC said it plans to develop at least three new housing projects a year. To further expand its landbank and geographic base, the company is in various stages of negotiations for the acquisition of approximately 203 hectares in key regional cities throughout the country.
For its residential buildings division, RLC said it plans to build at least three new projects annually. As of end-September  2009, RLC had a portfolio of 29 residential condominium projects located in Metro Manila and Cebu , of which 16 had been completed and 13 projects under various stages of development.
“The company’s business plan for its residential buildings division is to develop new projects in response to actual and anticipated market demand.
The company believes that the potential for growth is in the affordable to middle-cost high-rise condominium developments and in the middle-cost to high-end horizontal residential segments of the market,” RLC said.
For its commercial center division, RLC had 10 new shopping malls in the planning and development stage for completion in the next two to three years to sustain its growth momentum.
For its fiscal year ending September 2009, RLC had opened five malls: Pulilan, Bulacan; Tagaytay; Davao; Tacloban and Gen. Santos City and a redeveloped mall in Tarlac City. It currently operates 26 shopping malls, comprising six malls in Metro Manila and 20 malls in other urban areas throughout the Philippines, with a gross floor area of approximately 1.43 million square meters.
The commercial centers division’s main revenue stream is derived from the lease of commercial spaces. Historically, revenues from lease rentals have been a steady source of operating cash flow for the company.
RLC expects that the revenues and operating cash flow generated by the commercial centers business shall continue to be the driver for the company’s growth in the future.

Source: The Philippine Star

The GA Report: A fresh take on housing and property development

MANILA, Philippines - The phenomenal success of Globe Asiatique Realty Holdings Corp. in redefining mass housing and township development in the country has motivated the company to open another door of opportunity for most Filipino families who dream of owning their own home by conceptualizing an informative TV show which answers the questions posted by viewers interested in various aspects of housing, real estate and property development.
Aptly called The GA Report, the show airs over the ABS-CBN News Channel (ANC) with primetime telecast every Thursday, from 10:30 to 11 p.m. and replays every Saturday from 1 to 1:30 p.m. The show is slated to run until April 24, 2010. The program will also be telecast over The Filipino Channel (TFC), reaching a wide range of audience both here and abroad.
The program is hosted by Globe Asiatique president, successful entreprenuer and philanthropist Delfin Lee. It will be co-hosted by noted broadcaster, television personality and Clark Development Corp. Public Affairs manager, Angelo “Sonny’’ Lopez Jr.
“The GA Report wants to bring Filipinos closer to their dream of owning their own home by discussing relevant issues on housing, property development and tips on sustaining a progressive lifestyle,’’ Lee explained.
Lee has been vocal on his ambition to elevate the lifestyle condition of Filipinos through his company’s housing projects and make them affordable to income-challenged Pinoys.
As such, The GA Report aims to bring fresh concepts on housing and property development by making first time property buyers especially the overseas Filipino workers (OFWs) as well as Filipinos living abroad make an informed decisions on their investments.
By discussing relevant issues and concerns ranging from the most mundane such as how to go about obtaining a Pag-IBIG loan, interest rate computations, amortization schemes   to presenting helpful tips and information on family life in a township community, the show aims   to simplify and make information available to the masses and potential buyers.
The program is also envisioned to inspire start-ups as well as experienced entrepreneurs in the field of real state and property development.
Lee hopes the phenomenal success of Globe Asiatique in mass housing could inspire more businessmen and entreprenuers to take on the challenges of property developments and likewise set a noble goal of developing housing opportunities for low-income earners without the low quality standard that comes with that segment.
The GA Report also hopes to provide viewers with candid answers on housing and property development by presenting what people are drawn to such as security, good environment, community solidarity, and first class facilities.
With Globe Asiatique’s well established reputation as the leader in community and township development, Lee is confident that The GA Report has the credibility to present information on the advantages of living in a well planned township project.
“We are in the business of building communities and not just houses. The ordinary Filipino wants a better lifestyle, a higher standard of living for his children. We at GA are going all out to make this particular Filipino dream possible, and I believe we’ve been uniquely successful,’’ Lee was quoted as saying.
Likewise, the program will touch on city planning, corporate social responsibility, careers in the field of sales and so much more.
It will also feature various case studies and success stories of people who have made it as well as businesses and developments which continue to thrive.
Globe Asiatique, owned by the family of Delfin Lee, is a leading developer of mass housing communities and a prominent player in the high-rise residential condominium market

. It is the company behind groundbreaking projects such as St. Monique Valais in Binangonan, Rizal; Xevera in Bacolor and Mabalacat town in Pampanga; Casa Ibiza in Antipolo; the Enclave in Angeles City; Chateau Valenzuela; GA Twin Towers in Mandaluyong; and the 38-storey GA Sky Suites in Quezon Avenue-soon to rise as the tallest building along Edsa.
The company is set to lauch more projects soon, including The Courtyard, the New Sta. Rosa Homes in Laguna, Sameerah in Angeles City and the Xevera Neo-Calapan in Mindoro.
During the first nine months of 2009, Globe Asiatique posted a net income of P300.1 million, 40 percent higher than its earnings a year earlier, on revenues of P3.02 billion.
Globe Asiatique is gearing up for its   initial public offering (IPO) soon. The company said proceeds from the sale share will fund the development of the company’s housing projects on a wider, nationwide scale. It is currently awaiting the Securities and Exchange Commission (SEC) approval of its IPO registration filed late last year.

Source: The Philippine Star

Great potential seen for RP's mortuary industry

CEBU, Philippines

- The growing number of those interested in the business and the profession is an indication that there is great potential for the country’s mortuary industry.
During the 5th Annual Convention of the Philippine Mortuary Association (PMA) held in Cebu, Renato Dychangco Jr., PMA President, said that there are over 500 members of PMA at present which have grown tremendously since it started and still shows a budding possibility to grow more. 
Dychangco said that they are now targeting to double the number of members they have to 1,000 or more which he said they are very optimistic of achieving.
In their aim to further boost the mortuary industry in the country, Dychangco said that they will bid to host the Asian Mortuary conference which will be held this May in Hong Kong.
Dychangco said that Malaysia and Indonesia

will also be bidding but they are hopeful to get the final nod in order to show to other countries that the mortuary industry in the Philippines is doing well.
He said that if they would be given the chance to host the next conference, they would be preparing for a big event which would have more than 2,000 participants.
Further, as PMA aims to “professionalize funeral service and upgrade the standard of death care in the Philippines,” Dychangco said that with the help of the annual conventions where they have various discussions on the concerns of the sector, they would be able strengthen the high standard mortuary services that they would want for all the industry players to offer.
This starting off with the discussion of procedures and policies that was discussed during the convention by the Department of Health represented by Dr. Josephine Hipolito, secretariat of the Committee of Examiners for Undertakers and Embalmers.
Dychangco said that part of the discussion was aimed to intensify their goal to professionalize the industry and provide licenses for the embalmers.
“We are making sure that the standards of the industry would be higher and greater,” said Dychangco who added that Cebu member-mortuaries in particular have been complying with the standards that they wish to sustain and is continually uplifting the standards that they are practicing.
Aside from the updates from DOH during the convention, health care waste management

in mortuary setting was also discussed as well as managing the perspective to success for mortuary businesses and the role of mortuary professionals in Philippine disaster protocols.

Source: The Freeman Cebu

OFW inflows seen growing 5-10% this year

MANILA, Philippines

- British banking giant HSBC sees remittances by overseas Filipino workers (OFWs) posting a double-digit growth this year as the Philippine economy slowly rebounds from the global financial meltdown.
Junie Veloso, head of the corporate banking division of HSBC, told reporters that OFW inflows would grow by five to 10 percent this year, faster than the six-percent growth projected by the Bangko Sentral ng Pilipinas (BSP).
The BSP said remittances likely grew by four percent to a new record of $17.1 billion last year from $16.4 billion in 2008.
Latest data from the BSP showed that OFW remittances climbed by 5.1 percent to $15.78 billion as of November last year from $15.019 billion as of end-November in 2008. Remittances – fastest in 14 months – grew by 11.3 percent to $1.459 billion in November last year from $1.311 billion in the same month in 2008.
Major sources of remittances were the US, Canada

, Saudi Arabia, United Kingdom, Japan, Singapore, United Arab Emirates, Italy, and Germany.
“OFW remittances is very strong and it definitely exceeded $17 billion in 2009,” Veloso pointed out.
The growth, he explained, would come from the continued recovery of the global economy as well as the domestic economy.
HSBC sees the country’s gross domestic product (GDP) expanding by 5.1 percent this year.
Veloso said monetary authorities would likely start adjusting the BSP’s key policy rates in the second quarter or third quarter of the year.
“The downside risk is inflationary pressures. Due to continued demand, prices have gone up,” he said.
The central bank’s Monetary Board has slashed its key policy rates by 200 basis points from December 2008 to July 2009 as part of an easing cycle aimed at cushioning the impact of the global financial crisis. This brought the overnight borrowing rate to a record low of four percent and the overnight lending rate to six percent.
According to Veloso, inflation this year would not go beyond the target of 3.5 to 5.5 percent set by the BSP.
“The BSP is very good in reading the situation. They have been managing inflation pretty well. We wouldn’t breach the high end of the target which is 5.5percent,” he said.

Source: The Philippine Star

DOT's comprehensive infra program to provide water to tourist destinations

CEBU

, Philippines - As part of its efforts to provide efficient infrastructure support to top tourism destinations

in the country, the Department of Tourism is running a comprehensive infrastructure program in Boracay Island and other island destinations.
Boracay Island, the country’s pride and premier tourist destination, is undergoing a much-needed makeover, with the ongoing comprehensive infrastructure program that will provide ample supply of water to the area.
According to Tourism secretary Joseph Ace Durano the increased water efficiency will make a significant difference to the island, ensuring the availability of safe, potable water, and addressing the concern of water pollution, a concern in Boracay for sometime now.
The project is spearheaded by the Boracay Island Water Company, Inc. (BIWC), a joint venture company between Manila Water Company, Inc. and the Philippine Tourism Authority (PTA).
Established through a Memorandum of Agreement (MOA) signed in April last year, with Durano and Manila Water chairman Fernando Zobel de Ayala as key witnesses, the JV company will develop and operate the existing Boracay Water Supply and Sewerage System (BWSS) in Malay, Aklan.
Durano said the public-private sector partnership can be likened to a ‘grand slam win’ noting the four key factors such as “support infrastructure as an integral component of sustainable tourism development, the elimination of the water and sewerage constraint, benefiting both existing and new investments in the island, protection and conservation of the natural beauty of Boracay, and the creation of new jobs for locals.

Malapascua grant

In Cebu, the DOT gave P1.7 million to Barangay Logon, Malapascua Island in the northern Cebu to implement a solid waste management program and sustain tourist arrivals in the island.
Durano said the Malapascua Island grant is part of the DOT’s vision to make Malapascua a wold class eco-tourism destination.
“It is in eco-tourism products that the Philippines can be competitive. To revive the European market, we pushed scuba diving and look where it led us? Despite the crisis, French and German arrivals are still up,” said Durano.
Malapascua island in Daanbantayan town, one of the country’s top diving destinations, has three marine protected areas which attract scuba divers worldwide. These are Monad Shoal, Gato Island and Lapus Lapus.
“Preserving the island’s ecological wealth is our foremost priority. Promoting the sought-after destination to travelers also entails guaranteeing that the island can provide safe water to the local community and to tourists,” said DOT undersecretary for tourism planning and promotions Eduardo Jarque Jr.

Support

Meanwhile, helping the government improve the poor infrastructure state in the country, two water resource technology and distribution providers started their nationwide venture to solve water scarcity especially in the islands with huge tourism potentials.
Mactan Rock Industries, Inc. and Pilipinas Water Resources Inc (PWRI) jointly ventured into water supply operations in the outskirts municipalities of Visayas and Mindanao, following the success of “Barangayan” water projects in Cebu.
Mactan Rock and PWRI chairman Antonio P. Tompar said the two companies will spend another P70 million in this nationwide project, initially providing community water supply facilities in El Nido (Palawan), Cabadbaran in Agusan del Norte, and Aracelli in Northern Palawan.
“These areas have huge commercial and tourism potentials. We are providing them with water supply tapping their water-bank resources, to bring water directly to the households,” said Tompar.
Mactan Rock and PWRI are Cebu-based companies, which primarily aim to provide ample and affordable water supply to barangays or towns which water system facilities are not property implemented.

Source: The Freeman Cebu

Filinvest Land buys out partner in two companies

MANILA, Philippines - Filinvest Land Inc. (FLI), the property development unit of the Gotianun family, has acquired full ownership of Cyberzone Properties Inc. (CPI) and Filinvest Africa-Israel Properties Inc. (FAPI) after buying out its partner Africa-Israel Properties (Phils.), a foreign investment firm, for P1.16 billion.
In a disclosure to the Philippine Stock Exchange, FLI said it has completed the acquisition of the 40 percent interest of Africa-Israel Properties in CPI as well as the 40 percent stake in FAPI for P780 million and P383.2 million, respectively.
FLI said the acquisition price was computed at the company’s book value per share while the CPI share price was computed at a premium of 8.79 percent over the company’s book value as of Sept. 30 last year.
CPI owns and operates the BPO offices in Northgate Cyberzone in Alabang, Muntinlupa while FAPI is developing the Timberland Sports and Nature Club and approximately 50 hectares of land comprising Phase 2 of FLI’s Timberland Heights township project in San Mateo, Rizal.
FLI said the acquisition will enable the company to consolidate its share in the strong and stable recurring revenue streams from the two companies as well as provide incremental development potential to FLI’s existing revenue streams.
On the other hand, the sale by Africa-Israel of its interests in the two companies is part of the group’s global portfolio rebalancing and consolidation activity.

Source: The Philippine Star

6%-7% increase in OFW remittances seen this year

MANILA, Philippines - Metrobank Group’s First Metro Investments Corp. (FMIC) and the University of Asia and the Pacific (UA&P) see the amount of money sent home by Filipinos abroad growing between six percent and seven percent this year with the expected gobal economic recovery.
FMIC and UA&P in its The Market Call Capital Markets Research said the growth of overseas Filipino workers’ (OFW) remittances would remain in double digit level this year with the gradual recovery from the gobal financial meltdown.
“And with the improvement of our host countries’ economies, we see remittances growing by six percent to eight percent this year,” the groups said.
The research note stated that OFW remittances would grow between four percent and six percent in the first quarter of the year.
“OFW remittance growth in US dollar terms will remain single digit in Q1, moving in a tight range of four percent to six percent, but in peso terms this will be closer to zero, thus giving little added stimulus to the economy,” FMIC and UA&P added.
The Bangko Sentral ng Pilipinas (BSP) sees OFW remittances growing by at least six percent this year from a record $17.1 billion last year.
Latest data from the BSP showed that OFW remittances climbed by 5.1 percent to $15.78 billion as of end-November last year from $15.019 billion as of end-November in 2008. This after it accelerated to its fastest level in 14 months after it grew by 11.3 percent to $1.459 billion in November last year from $1.311 billion in the same month in 2008.
Major sources of remittances included the US, Canada, Saudi Arabia, United Kingdom, Japan, Singapore, United Arab Emirates, Italy, and Germany.
“Though not as high as recorded in earlier years, US dollar remittances outperformed expectations of negative to flat growth by many foreign institutions. As expected, these remittances kept the Philippine economy buoyant while neighboring countries, except for Indonesia and Vietnam, saw their economies shrink in 2009,” it added.
FMIC an UA&P added that another driving force behind this is the increase in services such as money transfers and account transfers provided by commercial banks

.
The groups said the appreciation of the peso against the dollar would continue to mitigate the effects of high OFW remittances on domestic consumption spending in the country.
According to the, OFW remittances could have gone up by 5.5 percent last year or better than the projected four percent growth forecast sey by BSP officials.
“Given the strong inflow of remittances during the Christmas holidays

, we think that it is still possible for remittances to post 5.5 percent growth for 2009.”

Source: The Philippine Star