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GMA Network
4 days ago
- Business
- GMA Network
Marcos agreed PUV modernization not viable at present — Palace
President Ferdinand ''Bongbong'' Marcos Jr. agreed that the Public Transport Modernization Program (PTMP) is not viable as most jeepney drivers have to borrow money to acquire a new unit. On Wednesday, Palace Press Officer Undersecretary Atty. Claire Castro was asked about the President's sentiment on the remarks made by Transportation Secretary Vince Dizon that the modernization program is not feasible at the moment. ''Nong binanggit po ito ni Secretary Dizon kay Pangulo, positibo naman po ang response ng ating Pangulo at ayaw naman din po niyang pahirapan ang mga operators at mga jeepney drivers natin kung ipu-push po ito tapos parang pilit,'' Castro said at a press briefing. (When Secretary Dizon mentioned this to the President, his response was positive and he doesn't want operators and jeepney drivers to feel the burden if the government will push for this at this time.) ''So, dapat po talagang aralin para po lahat po naman ay maging maayos ang takbo at pag-implement po ng programa na ito,'' she added. (There's really a need to study this so that the implementation of the program will be smooth.) Dizon earlier said that a modernized jeepney unit costs roughly between P2.5 million to P2.8 million, of which 15% to be subsidized by the government. Drivers will shoulder an estimated P40,000 He said that transport cooperatives and operators were given "limited" loaning options with the PTMP. The DOTr has also come up with several interventions in a bid to address the problem, according to Dizon. Initiated in 2017, the PTMP—formerly the PUV Modernization Program—seeks to replace old jeepneys with Euro 4-compliant models to reduce pollution and improve road safety. However, the cost of a modern jeepney exceeds P2 million, a price deemed too steep even by government financial institutions. The program mandated the consolidation of individual PUV franchises into cooperatives or corporations. Unconsolidated units were classified as ''colorum'' and were subject to penalties. — RSJ, GMA Integrated News
GMA Network
29-05-2025
- Business
- GMA Network
Ginebra San Miguel Q1 net income up 11%
Ginebra San Miguel Inc. (GSMI), the spirits business of San Miguel Corp. (SMC), on Thursday reported an 11% growth in its net income for the first quarter of the year, on the heels of its continued growth over the last 11 years. In a regulatory filing, GSMI said its net income rose to P2.1 billion, as consolidated revenues grew by 8% to P16.3 billion, while operating income increased by 8% to P2.5 billion. 'Our spirits business, Ginebra San Miguel Inc., has demonstrated remarkable strength over the years, even in the face of various challenges, including the global pandemic,' GSMI president and chief executive officer Ramon Ang said. 'The company's over a decade-long growth trajectory clearly shows the wide appeal of our brands and the company's overall resilience and strength,' he added. GSMI last year reported a record net income of P7.3 billion, reflecting a 3% increase from the previous year as it sold 50 million cases for the first time, and gained a larger share of the local liquor market. Sales revenues for the year climbed 17% to P62.5 billion. The company's brands include Ginebra San Miguel Gin, Ginebra San Miguel Premium Gin, GSM Blue Light Gin, GSM Blue Mojito, GSM Blue Margarita, GSM Blue Gin Pomelo, GSM Blue Lychee Martini, Ginebra San Miguel, 1834 Premium Distilled Gin, Archangel Reserve Premium Dry Gin, Antonov Vodka, Freedom Island Light Rum, Primera Light Brandy, and Chinese wine Vino Kulafu. — Jon Viktor D. Cabuenas/BM, GMA Integrated News
