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DTI seeks capital limit on foreign contractors’ entry in PH

The Department of Trade and Industry  (DTI) is strongly batting for a limit on the capital requirement for foreign contractors to protect the small and medium contractors.

Trade and Industry Secretary Ramon M. Lopez stressed this during the Senate budget hearing when asked on the impact on small Filipino contractors the Supreme Court’s ruling liberalizing the entry of foreign-owned firms in the construction services sector in the country.

“If we can put a threshold for a certain level reserved for Filipinos,” said Lopez. He said that companies with capitalization of up to P100 million are defined as medium and those with higher capitalization are considered large.

“Offhand that should be a threshold, but large firms obviously be open for competition,” he said. He added that putting a threshold also protects local firms dealing with small foreign contractors as it would be difficult to run after foreign firms for liability issues and other problems that may arise in the future.

Lopez explained that being the country’s premier investment promotion agency, the opening of the construction services sector would be a welcome development as it should spur foreign investments  in the construction services sector.

But he also stressed the need to protect and develop the capability of local construction services firms who may be displaced because foreign firms are more capable and competitive.

Thus, DTI is supporting a move by the private construction industry and the Philippine Contractors Accreditation Board (PCAB) to appeal the SC decision.

As the country’s competitive watchdog, the Philippine Competition Commission (PCC) lauded the SC decision, declaring certain anti-competitive regulations implementing the Contractors’ License Law unconstitutional. It said the decision paves the way for a level playing field for local and foreign firms to undertake construction activities in the Philippines.

PCC Chairperson Arsenio Balisacan cited that with the

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Enjoy a Sneak Preview of a Leawood Parade of Homes Entry

Just two villas remain at The Enclave at Highland Villas, featuring homes built by Willis Custom Homes and priced from $625,000.

Just two villas remain at The Enclave at Highland Villas, featuring homes built by Willis Custom Homes and priced from $625,000.

Modern conveniences, luxurious finishes, spacious floor plans, provided maintenance — it’s no wonder only two villas remain in The Enclave at Highland Villas. Visit the community now to get a sneak peek of the Fall Parade of Homes entry, a newly finished Willow Bay floor plan by Willis Custom Homes, the community’s exclusive builder.

The home offers 2,711 square feet, three bedrooms, three bathrooms and a stunning kitchen decorated in an eye-catching palette of white, gray and sleek stainless steel. The master bathroom includes double vanities and ample built-in storage. A luxurious wet bar, complete with a wine refrigerator, is within easy reach of the dining area, an ideal set-up for effortless entertaining. A covered, screened porch beckons for a quiet cup of coffee or an al fresco meal. The home is priced at $645,000.

A second villa is move-in ready and open to tour. The Maple Valley, a 2,560-square-foot, reverse 1½-story home at 14513 Birch St., took home a Parade of Homes Gold Award and first place, Distinctive Plan and Design Award earlier this year. Priced at $625,000, the Maple Valley floor plan offers a spacious, light-filled layout enhanced by high ceilings. A fully equipped kitchen offers custom cabinetry, quartz counters and stainless-steel appliances. The home’s screened porch is a wonderful place to drink coffee in the morning. The lower level finish includes one bedroom, one bathroom, rec room and a bar kitchen. Additionally, the Maple Valley home comes complete with a pre-built elevator shaft, currently configured to serve as a second pantry. Should homeowners opt to install an elevator, that change can be made to allow for continued access to the home’s lower level.

The

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Attractive entry point called out on Home Depot by Wells Fargo (NYSE:HD)

Wells Fargo reports back on virtual investor meetings held with Home Depot (NYSE:HD) CFO Richard McPhail and other execs.

The firm says the talks reinforced its view that recent tailwinds appear sustainable, 1H margin headwinds can improve, and outsized share gains can continue via enhanced Pro offerings, category initiatives and expanding supply chain capabilities.

“With sustainability questions and tough FY21 compares entering the narrative, we continue to view the home improvement category among the highest quality in retail, and with HD shares – 10% off recent highs (-7% SPX), we see an attractive entry point. In our view, recent share gains can accelerate (vs. fragmented, underinvested competition), macro/housing remains robust (turnover, rates, etc.), and de-urbanization and wallet share shifts remain incremental.”

For investors, the math still works out for snapping up shares, per the WF analyst team.

“At 22x, we see an entry point. HD’s NTM P/E shed 2.5x turns since late August, and relative to the S&P, HD now trades 1.3 standard deviations below its historical mean.”

Home Depot is rated at Outperform by WF and tagged with a price target of $310 vs. the average Wall Street price target of $303.65.

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