besguerra

Biz Buzz: Powerful ‘Superfriend’

General

Mar 312015

THOSE familiar with the legal travails of the Bangko Sentral ng Pilipinas (BSP) know how much headache bank regulators have had in the many years that they have been trying to go after businessman and former banker Jose Go, whose Orient Bank collapsed in the 1990s. Well, it now seems that that headache is no longer exclusive to the BSP. We learned recently that United Coconut Planters Bank (UCPB) has been struggling with its own issues in going after some assets presently under the control of Go, who is also a former “mall magnate.” Here’s the story. In 2005, UCPB initiated the filing of three cases for unlawful detainer with damages (meaning that certain properties are being held by another party without a legal right to do so) against a Go-controlled firm called Superfriend Holdings Inc. with the Metropolitan Trial Court of Makati City. The bank properties in question are the Gotesco Caloocan Annex, Manila Plaza and Gotesco Corporate Center—all owned by UCPB and leased by Go, presumably with ownership changing hands after the latter ran into financial trouble. In 2006, the court granted UCPB’s plea and ordered Go’s Superfriend Holdings to pay its rental arrears and to vacate the leased premises. But then, Superfriend Holdings appealed the decision with the Regional Trial Court of Makati City, which then sided with Go and reversed the other court’s decision. So UCPB ran to the Court of Appeals, which, in 2009, agreed with the bank. It issued a resolution ordering the Makati Read More …

Max’s posts ‘pro-forma’ net loss of P56M in ’14

General

Mar 302015

Max’s posts ‘pro-forma’ net loss of P56M in ’14

MAX’S Group Inc., a listed restaurant group best known for its chain of fried chicken outlets, posted a “pro-forma” net loss in 2014 following expenses related to the acquisition of Pancake House Inc. through a P4-billion deal. Max’s said in a stock exchange filing Monday that its pro-forma full-year losses in 2014 amounted to P56 million. Excluding one-time costs and extraordinary expenses, Max’s said its pro-forma core net income in 2014 would have been P154.1 million. Revenues during the period hit P9.55 billion, it said. “The Max’s Entities-Pancake House integration came with the challenges that are typical of transactions of this scale and magnitude,” the company said in its filing. “Last year was a transformative and preparatory period for the company, anchored on a series of market-moving transactions, beginning with the acquisition of Pancake House Group, post-integration activities and capped off by a successful follow-on offering,” Dave Fuentebella, chief financial officer of Max’s, said in a statement. He noted that the company’s expenditures in 2014 included marketing costs, write-off of doubtful accounts receivables, one-off fees and expenses for kitchen upgrades, repairs and maintenance, along with the revamping of new and key branches of Pancake House, Teriyaki Boy and Dencio’s. The company underwent a comprehensive revamping program to align its portfolio of brands and consolidate operations—which included enhancing top brands and discontinuing underperformers and upgrading service platforms, the disclosure said. This revamping program is currently underway. For 2015, Max’s “expects to benefit from considerable cost savings” as it plans to realize Read More …

Asean officials keen on regional TIN

General

Mar 292015

popular . Santiago: ‘What is Binay afraid of?’ Peace advocates march in QC to mark CAB 1st anniversary Pinoy Pride 30 gets going PH gets P9.5B in new Japan aid US chef is ‘Santa’ to malnourished kids Three vital references for BBL Lessons from Ryan Agoncillo’s private haven You’re entitled to my opinion videos PBA: Ginebra’s LA Tenorio comfortable on the floor with Emman Monfort PBA: Agustin credits good defense, big men performance for win over Purefoods PBA: Warner’s maturity big thing for Globalport, says coach Gonzales Crime watchdog wants advisory body composed of bishops, inter-religious leaders Former Tarlac Governor calls Aquino to resign Top finance and central bank officials of the Association of Southeast Asian Nations support moves to come up with a regional tax identification number (TIN) in line with plans to harmonize taxation policies as well as strengthen compliance monitoring across member-states. “We acknowledged the progress of work of the Asean Forum on Taxation (AFT), particularly in the continuous efforts to complete a network of bilateral tax agreements, to improve exchange of information for tax purposes, and to enhance members’ cooperation on capacity-building on taxation matters. We also welcomed AFT’s plan to further discuss other areas under taxation, including the feasibility study of the global TIN scoping proposal, base erosion and profit shifting issues, and to explore possible ways on tax harmonization,” read the joint statement issued following the First Asean Finance Ministers’ and Central Bank Governors’ Meeting in Kuala Lumpur, Malaysia last week. Finance Secretary Cesar Read More …

South Korea’s biggest bank seen opening in PH

General

Mar 242015

South Korea’s biggest bank seen opening in PH

MANILA, Philippines–South Korea’s oldest and largest bank has been given the green light to open its doors in the Philippines, following policymakers’ move to open up the local financial industry to more foreign competition. The Bangko Sentral ng Pilipinas (BSP) this week confirmed that Shinhan Bank’s desire to open up a branch in the Philippines was approved last week. Shinhan follows Japan’s Sumitomo Mitsui Bank to be allowed into the Philippines under a legislation approved last year that removed restrictions on the entry of foreign lenders into the country. “The bank will apply localized business strategy based on its broad experience in Asian region, providing various financial services to both Korean and local corporations and the Korean community in the Philippines,” Shinhan said in a statement. Once it opens in September, Shinhan’s Philippine branch aims to target the large South Korean immigrant population in the Philippines. More than 100,000 overseas Koreans are residing in the Philippines and 1 million tourists visit yearly. The two countries also have strong economic relations, with South Korea being the fifth-largest trading partner of the Philippines. Shinhan’s entry was approved by the BSP Monetary Board last Thursday, Deputy Governor Nestor A. Espenilla Jr. told the Inquirer late Monday. In 2011, Shinhan dispatched a regional specialist for market research in the country, showing that the bank has been interested in the local banking sector “for several years.” Last year, the bank also hosted an investment seminar in partnership with the Philippine Embassy in Seoul. The bank Read More …

P150K income tax exemption cap eyed

Economy

Mar 222015

Rep. Romero “Miro” Federico S. Quimbo. FILE PHOTO MANILA, Philippines–The Lower House is looking at raising the tax exemption cap for workers to an all-inclusive, gross annual income of at least P150,000, according to Marikina City Rep. Romero Federico S. Quimbo. Quimbo, chair of the House ways and means committee, told the Inquirer that they were also looking at raising the taxable income ceiling to P10 million from only P500,000 at present to align with inflation the tax brackets in place since the 1990s. “We intend to retain the highest income tax rate of 32 percent for those earning P10 million and above a year,” Quimbo said. At present, an annual taxable income of as low as P10,000 and less is already slapped a 5-percent tax rate, which goes up to a high of 32 percent for those earning P500,000 and above. To ease the burden on salaried workers as well as on tax collectors, Quimbo said the substitute bill being finalized by the House ways and means committee to unify all the pending income tax reform measures would be based on gross income. “We’re going to set aside all deductions, personal exemptions, de minimis, minimum wage … Everything will be based on gross income. It is easier to compute and easier to administer by the BIR [Bureau of Internal Revenue],” Quimbo said. The tax brackets would also be less, or about three to four, from seven at present, he added. As part of the overhaul and rationalization of the Read More …

Earth Hour looms

News

Mar 222015

popular Shoes that ‘symbolize the great power and flexibility of Japan’ Gilas center Blatche to sign richest contract in China, says report Employees rally behind Junjun Binay China state media tells US to stop ‘kibitzing’ Break in war on BIFF sought for graduation IN PHOTOS: Sinag Maynila film fest awards night Ginebra ends skid, routs slumping Globalport 200 Filipino-Canadians tour Cebu videos PBA: Ginebra’s LA Tenorio comfortable on the floor with Emman Monfort PBA: Agustin credits good defense, big men performance for win over Purefoods PBA: Warner’s maturity big thing for Globalport, says coach Gonzales Crime watchdog wants advisory body composed of bishops, inter-religious leaders Former Tarlac Governor calls Aquino to resign MANILA, Philippines–Filipinos are called upon to again show their overwhelming support for Earth Hour this year, on March 28. Earth Hour is an annual global event that calls for shutting off for an hour all electric lights and appliances in support of efforts to mitigate environmental degradation. Earth Hour will be observed from 8:30 p.m. to 9:30 p.m. on Saturday. For having the biggest participation from 2009 to 2013, the Philippines has been acknowledged as an “Earth Hour Hero Country.”–Dona Z. Pazzibugan Get Inquirer updates while on the go, add us on these apps: Tags: Earth Hour energy saving Environment Philippines Related Stories: Australia investigates ‘paedophile’ father in Thai baby scandal Bangladesh ferry owner faces charges in sinking Bangladesh ferry owner faces charges in sinking Bangladesh ferry owner faces charges in sinking Bangladesh ferry owner faces charges in Read More …

Pre-Pemberton trial: Lawyers tussle

News

Mar 222015

OLONGAPO CITY, Philippines—US Marine Lance Cpl. Joseph Scott Pemberton goes on trial here Monday more than three months after he was charged with the murder of transgender Jeffrey “Jennifer” Laude in a local hotel in October last year. According to Virgie Suarez, one of the Laude family’s lawyers, the family will come prepared for the trial despite apparent tension between the public and private prosecutors of the case. Suarez said the government prosecution panel on Wednesday barred the Laudes’ private lawyers from attending the trial preparation. She said the panel, headed by Chief City Prosecutor Emilie Fe de los Santos, refused to involve the private lawyers in the conference because only the criminal aspect of the case was to be tackled. “Prosecutor [De los Santos] said the private lawyers of the Laude family have nothing to do with the case’s criminal aspect,” Suarez said in a text message on Sunday. De los Santos had told reporters the lawyers of the Laude family could be involved only in the civil aspect of the case. Suarez said, “We need to prepare [the Laudes]. We need to do something.” Judge Roline Ginez-Jabalde of Regional Trial Court Branch 74 in this city has directed court employees to collect the telephones, cameras and other recording gadgets of the lawyers and other people who would be allowed in the courtroom. Reporters, however, have been barred from the courtroom. Jabalde has scheduled two hearings weekly to be held Mondays and Tuesdays, the preliminary conference minutes showed. The Read More …

Marwan facilitator of jihadists, says security exec

General

Mar 222015

Marwan facilitator of jihadists, says security exec

Marwan. PHOTO FROM FBI.GOV MANILA, Philippines–It was his role as an efficient facilitator in the jihadist network in Southeast Asia that made it imperative for the Philippines to neutralize Zulkifli bin Hir, alias “Marwan,” even if he was not the deadly terrorist that sacked Special Action Force (SAF) Director Getulio Napeñas portrayed him to be, according to National Security Adviser Cesar Garcia. The Inquirer last week sought Garcia’s comment on the claim of the Institute for Policy Analysis of Conflict (Ipac) that Marwan was not a terrorist leader in Mindanao with impeccable bomb-making skills, as was declared after police commandos killed him in a daring raid in Mamasapano, Maguindanao province, on Jan. 25. In a 15-page paper titled “Killing Marwan in Mindanao,” the Ipac noted how the Mamasapano debacle “raises questions about the intersection of counterterrorism and conflict resolution and their sometimes competing objectives.” “Those questions would have been important to address even had Marwan proven to be the master bomber that his reputation suggested. They become even more pressing if he was not,” it said, citing former colleagues of Marwan who had nothing impressive to say about the slain terrorist. Garcia said some of those who make up the Ipac were “very good … but their information came from old sources.” “The information may have been correct 10 or 15 years ago. But through the years, the prominent jihadists had either been killed or arrested that Marwan grew in importance in so far as being a facilitator for the Read More …

Malaysia: MILF’s Murad Ibrahim, Mohagher Iqbal not Malaysians

News

Mar 162015

Malaysia: MILF’s Murad Ibrahim, Mohagher Iqbal not Malaysians

popular The Mamasapano Report’s most difficult truth Rebel leader in killing of SAF men falls to gov’t troops BOI pours blame on Napeñas SC upholds Uniwide ejection from Ng property Actress Liezl Martinez dies of cancer; 47 ‘Aquino left nothing to chance’ Australian boxer fighting for his life after losing to Filipino bet–report US firms urged to bid for major PH infra projects videos PBA: Ginebra’s LA Tenorio comfortable on the floor with Emman Monfort PBA: Agustin credits good defense, big men performance for win over Purefoods PBA: Warner’s maturity big thing for Globalport, says coach Gonzales Crime watchdog wants advisory body composed of bishops, inter-religious leaders Former Tarlac Governor calls Aquino to resign Mohagher Iqbal and Murad Ebrahim. FILE PHOTOS LANGKAWI, Malaysia–The government has lashed out at a statement by a Davao member of parliament claiming that the Moro Islamic Liberation Front (MILF) president Murad Ibrahim and his chief consultant, Mohagher Iqbal, are Malaysians. Home Minister Datuk Seri Dr Ahmad Zahid Hamidi said the government had confirmed that both leaders of the MILF were not Malaysians as claimed. “I have checked with the Director-General of the Registration Department, including checking the personal information, date of birth and other details, and found that Haji Murad Ibrahim and (Mohagher) Iqbal are not Malaysians. “I hope the member of parliament understands and this is the official stand of the Government of Malaysia on this issue,” he told reporters after officiating the Multi-nations Counter-Terrorism Exercise at the Langkawi International Shooting Range, here. He Read More …

India backs peaceful resolution of sea row

News

Mar 162015

India backs peaceful resolution of sea row

MANILA, Philippines–India has assured the Philippines that it will promote the peaceful resolution of the South China Sea territorial and jurisdictional disputes after Manila called anew for the global community’s assistance in helping put a stop to China’s massive reclamation activities. India has its own territorial issues with China. The Department of Foreign Affairs (DFA) on Monday said Foreign Undersecretary Evan Garcia had made the appeal to the global community at the 17th Association of Southeast Asian Nations (Asean)-India Senior Officials’ Meeting in New Delhi, India, on Saturday. The DFA said recent developments in the South China Sea were discussed in the meeting, where Indian Minister of External Affairs Anti Wadha thanked the Philippines for providing India with this information. “Noting that an important dimension of the Asean-India strategic partnership is its increasing relevance to the political security of the region, Minister Wadha assured the Philippines that India will encourage the peaceful resolution of the dispute,” the DFA said in a statement. It said that during the meeting, Garcia also reiterated Manila’s call for the international committee to help press for a stop to massive reclamation activities in the South China Sea. The DFA was referring to the government’s campaign to stop Chinese reclamation activities in the South China Sea, which included maritime features of the Philippines in the West Philippine Sea. “Such unbridled reclamation activity worsens an already sensitive geopolitical situation and raise the specter of increasing militarization,” the DFA quoted Garcia as telling his Asean-India colleagues. The Philippines Read More …

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