philstar.com - Business

Oct 012014
 
Remembering 9/11

New York City – It was a deeply moving experience to visit the 9/11 Memorial in downtown Manhattan yesterday. Anyone who visits the memorial will inevitably find himself in tears when you begin to recall where you were on that fateful day of Sept. 11, 2001 when terrorist extremists hijacked four commercial jets and crashed two of them into the Twin Towers, resulting in the total destruction of the World Trade Center which has come to be known as “ground zero.” We also had a chance to see the inside of the Pentagon where the memorial chapel was established with the names of those who perished. Almost 3,000 people died, among them Filipinos. as well as the 400 “first responders” – the emergency workers and firefighters who died as they rushed to help. Several days ago, three of the firefighters who were at ground zero in the aftermath of the terrorist attack all died of cancer on the same day, raising to 92 the number of search and rescue workers who died of 9/11-related illnesses. According to NYC health statistics, a high 99 percent of responders were diagnosed with lung and respiratory illnesses after the attack due to prolonged exposure to the toxic air that hovered above ground zero for months. A study from the New York City Fire Department also noted that the firefighters lost “12 years lung capacity in the blink of an eye.” Since its opening in 2011, the 9/11 Memorial has become “a must see” place Read More …

Oct 012014
 
Travellers on track to becoming Phl’s largest leisure, entertainment firm

MANILA, Philippines – The partnership between real estate tycoon Andrew Tan and Malaysia’s Genting Group is on track to becoming the biggest leisure and entertainment company in the Philippines with the completion of its two integrated gaming hubs. Travellers International Hotel Group, the joint venture between Tan’s holding firm Alliance Group Inc. and Malaysian-based conglomerate Genting, broke ground yesterday  on its second  integrated gaming hub, Bayshore City Resorts World, slated for opening by the fourth quarter of 2018. Its first casino hub, Resorts World Manila (RWM), opened in 2009. Bayshore City, located at Pagcor Entertainment City, will make available at least 1,500 hotel rooms operated by global brands The Westin Hotel Manila Bayshore of the Starwood Asia Pacific Hotels & Resort Group, Hotel Okura Manila and the Genting Grand and Crockfords Tower of the Genting Group. Combined with RWM, Bayshore City will make the Travellers International the biggest leisure and gaming operator in the Philippines, offering a total of about 5,100 hotel rooms. “With the current developments at both Resorts World Manila and Bayshore City Resorts World properties, Travellers continues to push the envelope in the integrated resort industry as it will be the only player that offers global brands like Marriott, Sheraton, Hilton, Westin and Okura hotels,” Travellers International president Kingson Sian said. Bayshore City, which is seen to accommodate 1.5 million tourists a year , will be the last of the four  gaming proponents to rise in the Las Vegas-like Pagcor Entertainment City in Pasay City, Business ( Read More …

Sep 292014
 
Phl Economic Briefing to focus on sustainability

MANILA, Philippines – Government officials will be promoting today the sustainability of the country’s gains beyond 2016 at the Philippine Economic Briefing. “The country has achieved a lot over the last four years. With the Aquino administration ending in two years, it is keen on promoting confidence that the economic gains and the good-governance agenda will persist beyond 2016,” Editha L. Martin, executive director at the Bangko Sentral ng Pilipinas’ Investor Relations Office (IRO), said.  “The subject of sustainability has been etched in people’s minds given the significant gains in the economic and governance fronts over the last four years,” Martin said. The economy expanded by a strong 7.2 percent last year, sustaining the already faster-than-expected 6.8 percent in 2012. The government hopes to grow the economy by 6.5 to 7.5 percent this year despite the six-percent average recorded in the first half. The country has also received investment-grade credit ratings from the three largest international debt watchers which are seen boosting foreign investments and in turn, creating more jobs. The briefing will be opened by Bangko Sentral ng Pilipinas Governor Amando M. Tetangco Jr. and will be attended by Socioeconomic Planning Secretary Arsenio Balisacan, Public Works Secretary Rogelio Singson, and Bases Conversion and Development Authority President Arnel Casanova, who will all be discussing big-ticket infrastructure projects that will be pursued in the next two years. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Trade and Industry Secretary Gregory Domingo, Tourism Secretary Ramon Jimenez Jr., and Senator Paolo Benigno Read More …

Sep 292014
 
Parking for seniors and traffic enforcement

Just before we enter the fourth and last quarter of the year, let’s take a breather by giving way to our readers. The first two letters tackle complaints about the irregularity of perks for senior citizens, particularly about parking allocation in malls. I hope the local governments, particularly of cities, can meet and discuss about standardizing the benefits that accrue to senior citizens. Understanding that not all cities are as affluent as Makati, which has become the model for providing benefits and privileges to seniors, a categorized standard could be agreed on to avoid confusion and complaints. The next two letters feature contributions from readers about our worsening traffic in Metro Manila, which we can expect to even deteriorate now that the gift-giving month of December is fast approaching. Read on. Limited parking slots This one is from Gilda “Vanessa” Figueroa: “May I just inform you that Robinsons Magnolia has only 40 allotted parking slots for seniors; likewise Ayala Trinoma (I forget now how many slots); and others. The senior is asked to pay if there are no more available vacant slots. “Is there a law that says malls and establishments can only give a number of senior citizen slots? Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Please enlighten because we are made to fall in line and wait for a next available slot for seniors even if there are normal slots available. Sometimes it takes almost an hour or more until we just give up and relent Read More …

Sep 292014
 
Electronic negotiable instrument: Does it exist?

A number of businesses here and abroad are concluding transactions through electronic means. It has allowed the buying and selling of goods and services from one company to another across borders. In this age, commerce is no longer limited to the physical purchase and payment.  Transactions can now be electronically done. Recently, the Supreme Court held that instructions by investor-clients from abroad to debit their local or foreign currency accounts with a Philippine bank and to pay the purchase price of their investments in shares of stocks in domestic corporations through SWIFT, “Society for Worldwide Interbank Financial Telecommunications”, are not subject to documentary stamp tax (DST).  In purchasing shares of stock and other investment in securities, the investor-clients would send electronic messages from abroad instructing its Philippine bank to debit their local or foreign currency accounts and to pay the purchase price. Section 181 of the Tax Code provides that “any bill of exchange or order for the payment of money purporting to be drawn in a foreign country but payable in the Philippines shall be subject to DST at P0.30 on each P200 or a fractional part thereof, of the face value of any such bill of exchange or order”.  On Aug. 23, 1999, the Bureau of Internal Revenue (BIR), through Commissioner Beethoven L. Rualo, issued BIR Ruling No. 132-99 and ruled  that instructions or advises from abroad on the management of funds located in the Philippines which do not involve transfer of funds from abroad are not subject Read More …

Sep 292014
 
PLDT mulls options for new HQ

MANILA, Philippines – Leading multimedia and telecoms provider Philippine Long Distance Telephone Co. (PLDT) is looking at other options to put up a new headquarters aside from the proposed campus-type complex patterned after the “Googleplex” of Google Inc. in California. PLDT president Napoleon Nazareno said in an interview that the company is considering putting up a high-rise building at the Ramon Cojuangco Building along Makati Avenue corner Ayala Avenue in Makati City. Nazareno said the company is carefully studying the planned high-rise building as this would involve tearing down of the existing building and putting up a new one without damaging the equipment at the basement of the existing headquarters. He added that the PLDT would have to find a place to relocate its employees while the planned high-rise building is being constructed. Nazareno earlier told The STAR that the telecom giant is looking at establishing a “campus type” complex as the company was assessing whether to put up a new building or acquire a building that would serve as its new headquarters. The planned acquisition of the Alphaland Building owned by former Trade Minister Roberto Ongpin along Ayala Ave. in Makati City might no longer push through. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Pangilinan earlier said the PLDT Group was looking at Sta. Rosa in Laguna and Alabang in Muntinlupa City due to the size of property of between 10 and 15 hectares needed for the “campus type” complex. He added that the company is still Read More …

Sep 292014
 
Global effort vs Tax evasion: Phl signs multilateral pact on tax matters

MANILA, Philippines – The Philippines has signed a multilateral agreement on mutual administrative assistance in tax matters to boost its participation in global efforts to fight tax evasion. Internal Revenue Commissioner Kim Henares signed the convention on behalf of the Philippine government last Friday in Paris. By signing the accord, the Philippines has become the 68th signatory to the convention, which has now taken on increasing importance with the G20’s call for automatic exchange of information to become the new international tax standard of exchange of information. The convention was developed jointly by the Organization for Economic Cooperation and Development (OECD) and the Council of Europe with the aim of promoting international cooperation for effective implementation of national tax laws. The G-20 is a forum for the governments and central bank governors from 20 major economies.  Collectively, the G-20 economies account for around 85 percent of the gross world product, 80 percent of world trade and two-thirds of the world population. The convention facilitates international co-operation for a better operation of national tax laws, while respecting the fundamental rights of taxpayers. It also provides for all possible forms of administrative cooperation between states in the assessment and collection of taxes, in particular with a view to combating tax avoidance and evasion. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “As the Philippines continues to grow, the government continues to look for ways to increase revenues to support this growth and ensure that critical investments in infrastructure and social services Read More …

Sep 272014
 
DOT rebids Mactan-Cebu airport consultancy contract

MANILA, Philippines – The Department of Transportation and Communications (DOTC) is set to rebid the contract for independent consultancy services for the P17.5-billion Mactan – Cebu international airport expansion project. The DOTC said it is tapping an independent consultant for the Public Private Partnership (PPP) project that was awarded to the tandem of Megawide Construction Corp. and Bangalore-based GMR Group after a failed bidding a few months ago. However, the approved budget for the contract is now P115.1 million compared to the earlier budget of P122.6 million under the first bidding.  “The DOTC is in need of the services of an independent consultant to review the design, construction, commissioning, operation, and maintenance deliverables of the concessionaire under the Public Private Partnership concession agreement,” the agency said. The DOTC is giving interested bidders until Oct. 8 to submit their eligibility documents, after which the agency’s Bids and Awards Committee would draw up the shortlist of consultants based on a non-discretionary pass or fail criteria. Criteria for the shortlisting of five bidders include 45 percent for applicable experience, 45 percent for the qualification of key personnel, and 10 percent for current workload. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Michael Arthur Sagcal, DOTC spokesperson, earlier said an independent consultant is essential in all government infrastructure projects. “It will act as government’s engineer and representative in monitoring the project’s progress and ensuring compliance by the concessionaire with its obligations,” Sagcal said in a text message. The DOTC issued a Notice of Read More …

Sep 272014
 
SM Prime to develop smaller comm’l bldgs

MANILA, Philippines – SM Prime Holdings Inc., the integrated property development arm of retail and banking conglomerate SM Group, is preparing to bolster the network of its smaller commercial buildings in the near term as demand for office space in Metro Manila continues to grow. Dave Rafael, SM Prime senior vice president for the Commercial Properties Group, said the company is eyeing to expand the company’s Cyber building offering to seven over the next two to three years. “We’re building three Cyber buildings in the next two to three years,” he said. Rafael did not identify the sites for the planned expansion of its office property portfolio, but said the developments would be stand-alone buildings and not located near any of its existing malls. The Cyber buildings, with a gross floor area ranging from 60,000 square meters to 80,000 square meters, are office buildings smaller than SM’s E-com Centers development at the Mall of Asia (MOA) Complex in Pasay City. SM’s E-com Centers are mostly about twice the size of Cyber buildings. SM Prime has four existing Cyber buildings located in Makati, Quezon City and Baguio. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 SM Makati Cyber One and SM Makati Cyber Two were completed in 2008, while SM Cyber Baguio and SM Cyber West opened in 2006 and 2014, respectively. Rafael said SM Prime is also studying potential expansion outside Metro Manila or the next-wave cities given the large demand for office spaces, specially for business process outsourcing Read More …

Sep 272014
 
BSP to finalize new rules on bank capitalization

MANILA, Philippines – The Bangko Sentral ng Pilipinas expects to finalize an overhaul of bank capital requirements within the year to allow the banking sector to experience more robust growth as well as raise systemic stability in the long-term, its top official said. Central Bank governor Amado Tetangco Jr. said local banks will need to increase their minimum capital under a new rule that will be issued by the agency before the end of the year. “Higher capital would serve to make our financial institutions more resilient and stable. This would help individual institutions as well as the financial system as a whole,” he said. Tetangco declined to say by how much the capitalization would be increased but expressed confidence that the local banks would be able to meet higher capital requirements. “There’s no final number yet. That’s is being discussed right now so it may not be the proper time to cite a specific number. But the idea is to raise it because the existing capital requirement was set way back in the 1990s,” Tetangco said. Based on information culled from local banks, stockbrokerage firm Maybank ATR Kim Eng said  the minimum capitalization for lenders could increase by four-fold. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 For universal banks, the minimum capital may be raised to P20 billion from P4.95 billion while commercial banks may be required to keep a capital of P10 billion from the current level of P2.4 billion, Maybank ATR Kim Eng said in a Read More …