Property market mixed at best

There are no new plans. Those who have started constructing apartment buildings will complete them because the units were pre-sold.

Property developers who are ready to deliver the apartments are having a hard time getting the buyers to complete payment.
In fact, a property developer told Malaya Business Insight that there are 40 apartments in Rockwell of the Lopezes which are up for sale. Some want to convert the asset into cash.

Some do not want to part with their money by paying the balance or have better uses for it.

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PC maker banks on untapped computer market

Gateway, a wholly owned subsidiary of Acer, Inc., is banking on the budding local Internet market to drive demand for its products amid the global slump. The country’s Internet penetration rate is only 14.6%.

“The Internet penetration in the country is not yet that mature, which presents opportunities for us. Also, there are still many untapped markets outside Metro Manila,” Dio S. Vasquez, product manager of Acer Philippines, said.

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Development at Bonifacio Global City continues amid global slowdown

Noel Eli B. Kintanar, Commercial Operations head of Fort Bonifacio Development Corp. (FBDC), told a briefing yesterday they continue to enjoy high lease rates, with land values appreciating by more than a quarter to P140,000 to P150,000 per square meter last year.

“The market remains good and [property appreciation] indicates that the market has given a premium to Fort Bonifacio. Property developers’ appetite for leasing the lands in Fort Bonifacio is still growing,” Mr. Kintanar said. He added that despite the crisis, the company gets a lot of inquiries from interested developers.

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Beating fashion fads

Marlyn RosasGilan gave me a wink and said, “Women of all ages want to wear stylish clothes but more so when their birthday cake doesn’t carry the right number of candles, on purpose.” The icing is much too good to have candles spoil it, right?

After spending more than three decades in the travel industry and with a daughter who no longer demanded too much of her time, Marlyn was ready to do a spin a la Madonna; she reinvented herself.  She pursued something she has always loved: designing and making clothes and accessories that give women an “Oh! I feel pretty” feeling.

Her shop faces a busy street but the parking at the back has ample space for clients and shoppers.  I saw rows of shirts, skirts, dresses, bags and accessories thoughtfully arranged — solids on one side and patterned on another — that were too pretty to ignore.  In fact, her clients swear that Marlyn’s creations jump from the shelves, and they’re close to hearing a  chorus sing, “Choose me, yes ‘me’… I’ll make you gorgeous.”[Read full article...]

’08 growth seen slowest in 7 years

The economy may have grown at its slowest pace in seven years last year, pulled down by the food and fuel crises in the first half and global recession in the last quarter, according to Dennis Arroyo, head of the NEDA policy planning office.

He said the economy expanded 4.2 to 4.5 percent last year, after hitting a more than three-decade peak of 7.2 percent in 2007.

The low end of the government’s annual growth forecast was the slowest since 2001, when the economy grew just 1.8 percent.

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Tough year for banks

Fitch Ratings yesterday reported that banks will have a tough year this year, with lower profits and higher loan defaults. Fitch in its latest report Banks in Asia (Excluding Japan): Outlook for 2009 reported that bad loans have not been disposed as fast as it should have been. It said that from 2002, foreclosed assets have reached P200 billion.

It said that should all these assets be written off bank capital would be impaired by an average of 40 percent. Several weaker banks will be devastated with as much as 80 percent of capital impaired.

Fitch however noted that for many years until 2005, loan demand was weak with bank funds parked at riskless government borrowings.

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