Real state

Media

Part of The American Chamber of Commerce Journal

Title: Real state
Language: English
Source: The American Chamber of Commerce Journal Volume XXV (No. 4) April 1949
Year: 1949
Rights
Fulltext: GROSS SALES (TEN LEADING BUSINESS FIRMS) 1937-1949 Bureau of the Census and Statistics (1937 = 100) 1937 1938 1939 1940 1941 1945 1946 1947 1948 1949 January . ................ 95.1 75.5 88.8 106.7 104.8 _ 49.6 160.9 ” 225?2 February . ............... 102.5 71.6 80.3 99.8 95.9 — 34.6 228.9 228.3 — March . . ................ 105.9 85.2 87.1 104.3 107.2 — 61.1 218.8 257.5 — April . . ................. 107.5 81.4 79.8 100.3 105.6 75.1 155.3 254.0 _ May . . . ................ 100.4 76.9 80.1 97.5 113.0 1.6 117.5 216.0 273.8 — June . . . ................ 100.3 76.6 107.7 103.5 117.0 5.4 85.3 249.4 308.7 — July . . . ................ 105.7 72.0 90.8 98.8 110.0 8.4 89.7 240.4 313.2 _ August . . ............... 97.4 75.2 90.8 98.3 109.8 10.4 118.9 202.8 272.2 — September ................. 83.4 76.8 103.3 93.1 114.0 110.7 116.4 219.2 261.1 — October . . ............... 97.0 80.1 103.4 85.8 100.1 10.8 147.0 222.9 252.5 _ November ................. 100.4 104.2 110.1 105.6 97.7 21.4 165.1 278.7 215.8 — December . .............. 104.3 88.6 119.4 119.1 64.8 27.9 184.4 291.8 253.4 — early post-war period only under letters of credit, ■ are now considering granting more liberal terms. In addition to encouraging trade, this trend brings with it the need for more accurate and extensive credit information. As more data becomes available, this should be helpful to local business houses as well as to foreign sellers. The amount of cash required for advance salestaxes on stocks imported into the Philippines, conti nues to aggregate millions of pesos. In cases where the merchandise is not sold immediately, financing is quite frequently needed and some importers have found it necessary to arrange special credit facilities with banks in order to meet their tax payments. Real Estate By C. M. Hoskins C. M. Hoskins & Co., Inc. HE Manila real estate market continued firm as to prices during March. Volume of sales was slightly higher than for the previous two months, preliminary figures showing sales of P2,396,578 during March, as compared with P2,017,139 for February and Pl,889,925 for January. The number of transactions likewise showed a slight increase. Residential rentals, after having eased off during the past six months, seemed to have reached a point of stability. Much of the 1946 rental construction which was leased on the basis of very high building costs, is now being rented on the basis of today’s re placement costs, which are expected to continue ma terially unchanged for some time to come. Demand for desirable rental proper ties is brisk, but tenants are now demand ing more in the way of amenities than they expected two years ago. City plan ning proposals have tended to slow up reha bilitation i n some sections, owing to the efforts of public officials to enforce the proposed new build ing-lines before these have been officially approved and new rights-of-way acquired. Late in March, what promises to be a test case was filed with the courts, in which an applicant for a building permit seeks a mandamus compelling the city engineer to issue him a building permit, although the planning office has proposed a street encroaching upon his lot without of fering to compensate the owner. The outcome of this case is watched with interest by real estate and build ing interests. It is generally recognized that considerable street widening is needed in Manila to meet growing traffic volume. The City of Manila has an area of 3,600 hectares (9,000 acres), but the area devoted to streets is only 11.4% (410 hectares), compared with the gen erally accepted 20% which community planners consi der necessary. The City of Manila is seeking author ity for issuing a P40,000,000 public works bond issue to provide the funds for street widening and construc tion, as well as other permanent public improvements. Financial circles consider the amount sought to be well within the paying capacity of the city, being less than 10% of the value of the taxable realty. Another city project for which authority is sought, is the issuance of tax-anticipation warrants, bearing 3% interest, for the purchase of odd strips of land needed for street widening. The warrants would be divided in 15 annual installments, acceptable in payment of real-estatie taxes over the 15-year period. The warrants would be negotiable. If approved this would expedite the acquisition of rights-of-way for urgently needed street widening in congested dis tricts. Note : January . February March . . April . . May . . June . . July . . August . September October . November December Total . . P REAL ESTATE SALES IN MANILA, 1940-1949 Prepared by the Bureau of the ICensus and Statistics percentage of 1945 sales and a diminishing percentage of Japanese Occupation transactions not recorded until after P P P 1946 sales, re liberation. 1948 P 3,644,734 3,879,633 4,243,719 5,021,093 3,129,799 8,019,246 5,146,529 6,192,876 4,737,581 5.350,376 3,046,287 5,386,248 1949 P3,965,420 5,047,126 154 BUILDING CONSTRUCTION IN MANILA: 1936 TO 1949 Compiled by the Bureau of the Census and Statistics from data supplied by the City Engineer's Office. MONTH 1 1936 I 1937 1938 1939 1940 | 1941 1945 1 1946 1 1947 1 1948 1949 | (Value) | (Value) | (Value) | (Value) (Value) | (Value) (Value) | (Value) | (Value) | (Value) 1 (Value) January P 540,030 P 720,110 426,230 P 694,180 P 463,430 Pl,124,550 P 891,140 P — P 1,662,245 P 3,645,970 P 6,571,660 P4,807,320 February . 479,810 434,930 1,063,050 662,840 1,025,920 467,790 — 2,509,170 3,040,010 3,270,150 6,827,005 7,286,630 March . . 411,680 396,890 1,300,650 671,120 641,040 — 3,398,910 7,498,560 8,100,700 April . . 735,220 659,680 670,350 770,130 1,029,310 1,139,560 962,420 408,640 335,210 462,020 3,125,180 8,295,640 7,370,292 8,570,410 May . . . 400,220 1,063,570 740,510 1,496,700 3,968,460 3,904,450 5,564,870 June . . . 827,130 459,360 754,180 809,670 542,730 418,700 2,444,070 5,898,580 10,217,840 July . . . 302,340 691,190 756,810 495,910 357,680 609,920 1,741,320 3,062,640 9,875,435 7,771,487 August . . 368,260 827,660 627,790 684,590 622,050 661,860 590,380 306,680 1,418,360 1,015,250 4,889,640 7,326,570 7,428,260 7,770,310 7,568,950 September 393,100 777,690 554,570 530,830 7,095,860 October . . 663,120 460,720 971,780 718,190 645,310 738,700 699,040 639,030 4,630,550 6,747,240 5,368,800 November 320,890 972,310 461,580 485,100 315,930 1,364,310 4,373,390 7,088,283 3,424,125 December . 648,820 849,160 503,230 1,105,910 333,490 67,553 1,605,090 5,034,600 4,924,320 4,507,580 Total . P6,170,750 P7,530,690 P9,280,560 P9,053,250 P8,234,460 P5,692,273 P12,186,150 P47,526,905 P73,907,248 P82.792.569 P20.194.650 Annual Average P514.229 P627.557 P773.380 P754.438 P686.205 P474.356 Pl,015,513 P3,960,575 P6,158,937 P6,899,381 P6,731,550 Electric Power Production Manila Electric Company System By J. F. Cotton Treasurer, Manila Electric Company 1941 Average — 15 316 000 KWH Kilowatt Hours im!) um January..................... 33 745 000 27 301 000 February................... 31 110 000s’ 26 021 000 March......................... 34 615 000** 26 951 000 April............................................ 26 871 000 May............................................. 28 294 000 June . . ’....................................... 29 216 000 July.............................................. 31 143 000 August........................................ 31 993 000 September................................... 32 012 000 October........................................ 33 943 000 November.................................... 32 661 000 December.................................... 35 104 000 TOTAL........................ 361 510 000 • 11 “vised •• Partially estimated The increase in March over February output is due mainly to February having only 28 days. The increase over March, 1948, was 7,664,000 KWH, or 35%. Port of Manila By R. L. Bary General Manager, Luzon Brokerage Company IN the meeting of the Manila Arrastre Service Ad visory Committee with the various brokers asso ciation on March 25, 1949, the matter of transfer of cargo from the piers to the Manila Terminal Bon ded Warehouse came under discussion with very little resultant change in policy. The brokers raised objection to the transfer of cargo to the Terminal Warehouse when such cargo is covered by permits, but Mr. Fermin Francisco, repre senting the Philippine Ports Terminals, Inc., pointed out that this is done in most cases to protect the cargo and in other cases, is necessitated by the crowded con dition of the piers. Whether or not the goods are covered by delivery permits, even though the threeday period of grace following completion of discharge of carrying vessel has not expired, goods which can be damaged by exposure to weather are often put in the Terminal Warehouse to protect them against damage, and Mr. Francisco further pointed out that in such cases, no transfer charges are made and no storage fees are imposed before the expiration of the free storage period. Mr. Francisco referred to the meeting of the Manila Arrastre Service Advisory Committee on April 19, 1947, in which the following clauses were agreed upon and which are still in effect: (a) On all cargo transferred to the Terminal Warehouse within the free-storage period and taken delivery of within the said period, no transfer and storage charges shall be collected. (b) On cargo transferred to the Terminal Warehouse within the free-storage period, and taken delivery of after its expiration, only storage charges shall be collected. (c) On small shipments not exceeding 10 packages for which the delivery permit has been filed and partial delivery made within the free-storage period, no transfer and storage charges shall be collected if delivery is made within 5 days from date storage begin. The representative of the brokers requested re duction in charges of goods transferred to the Ter minal Warehouse after expiration of the three-day period, but it was pointed out by one of the represen tatives present that the charge of Pl per ton per day was intended as a penalty because if the Terminal Warehouse is to charge the same storage fee as that charged for bonded warehouses of various brokers, it would be impossible to handle the volume of business that would result and further, it would place the Ter minal Warehouse in competition with privately-owned bonded warehouses. It was also called to the atten tion of the brokers that in cases where goods cannot be removed from the piers because of delay in securing delivery permits or other causes, they have the privi lege of transferring their goods to their own ware houses under guard, thus saving their customers the penalty charge. The matter of reducing the present rate of Pl per ton per day to P.50 per ton per day is now under consideration. Other matters under consideration before the meeting included the piling of cargo on the pier, but little change can be expected. Mr. Francisco pointed out that it was often necessary to pile damageable cargo in various parts where roof-protection is avail 155