MANILA, Philippines – In reference to the article published on Aug. 27 regarding the Energy Regulatory Commission’s refund order on National Grid Corp. of the Philippines, please note that the ERC ordered the NGCP to refund its customers in Mindanao P12 million and not P12 billion as erroneously reported. Thus, NGCP can implement the refund order by paying P1.05 million, not P1.05 billion, a month. We apologize for the typo error.
MANILA, Philippines – The National Grid Corp. of the Philippines (NGCP), the country’s power transmission operator, has warned that power outages may persist in certain areas in the country due to right-of-way (ROW) problems. In Mindanao, for instance, the 26.5-kilometer Baloi-Marawi 69-kilovolt line in Lanao del Norte, which transmit electricity to Lanao del Sur Electric Cooperative and the Mindanao State University (MSU), frequently trips due to vegetation growing beneath it. Residents in the area have continuously planted trees along the line, which have caused tripping of power. In June alone, the transmission line tripped eight times, for a period ranging from 40 minutes to almost five hours, NGCP president and chief executive officer Henry Sy Jr. said. “This is because of the ROW violators,” he said. The grid operator lamented that some landowners deliberately plant along the path of the transmission lines to be able to demand unreasonable amounts from NGCP in exchange for permission to enter their properties for line maintenance. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 This results in longer maintenance period, Sy said. “ROW violations add to our maintenance cost because we have to clear-up the lines before we maintain or repair it. Our personnel also have to extend working hours to finish these activities,” Sy said. He appealed to local government units to talk to the landowners and seek their cooperation. “Local government units will be a big help to us by talking to these landowners to allow us to enter their properties Read More …
Events have evolved into becoming effective marketing and branding tools for companies of all sizes. From product launches to life-cycle events, companies stage events to help them communicate with customers and potential clients. As such, event professionals aim toward an efficient event management system to incorporate in their business plan. Every event, big or small, requires a deep understanding of the science of event management. Every event manager must imbibe the discipline of planning in its core. To achieve success in event management, an event professional must know and develop an appreciation for the key areas involved in planning a successful event. He must approach event management with critical thinking by reflecting on work experience, events he has seen, literature he has read and by challenging the accepted wisdom on event planning and management. Learning Outcomes By the end of this course, the participants will be able to: Understand the five (5) phases of event managementLearn the creative process in events (i.e. themes, design, decor) Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Know the careful organization and management of logistics, including staging and technical production Perform event risk assessment, risk analysis, incident and crises planning and prevention strategies Learn the Best Practice in events protocol Develop a sound financial plan for events Course Topics Event Planning, Administration, and Execution Event Design, Decor, and Protocol Event Financing and Budgeting Event Contracting, Organizing, and Logistics Event Risk Analysis and Assessment Course Administration This course will have lectures, case studies, role playing, Read More …
MANILA, Philippines (Xinhua) – The Philippine stock market closed lower today even after the government reported a better-than- expected gross domestic product (GDP) growth in the second quarter. The bellwether Philippine Stock Exchange index retreated by 0. 83 percent, or 59.76 points, to 7,100.7, while the broader all- share index lost 0.62 percent, or 26.14 points, to 4,205.66. Trading volume reached 1.37 billion shares worth P10.42 billion ($238.69 million) with 111 stocks declining, 71 advancing, and 47 unchanged. Of the six counters, only the mining and oil sector bucked the trend. Analyst Justino Calaycay of Accord Capital Equities Corp. said the 6.4 percent GDP growth in the second quarter, although better than the previous quarter, was lower than last year. “This does not diminish the value of the result however. We think that the market’s reaction may only be temporary particularly in light of an extended advance since the Chinese Ghost month,” Calaycay said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 He said that as soon as investors are able to dissect the GDP data, confidence that the local economy is nearly back on track will provide the impetus for the local equities to head further north. PSA said economic growth in the April to June period was faster than the 5.6 percent recorded in the first quarter. GDP growth in the second quarter, however, was slower than the 7.9 percent recorded in the same period last year. Stocks in the 30-company index closed mixed. Among those sold Read More …
FILE – Christmas shoppers flock to Divisoria in Manila in December 2013. EDD GUMBAN MANILA, Philippines – The country’s 50 wealthiest persons continued to gain more riches in 2013, whose combined assets would be equivalent to about a fourth of the economy. According to Forbes, the 50 richest Filipinos have a combined assets of $74 billion, about 25 percent of the nearly $280-billion economy of the Philippines. The growth in the assets of the country’s richest also outpaced the growth of the Philippine economy in 2013. According to Forbes, the nation’s 50 wealthiest saw their incomes climb 12 percent from $65.8 billlion in 2013. In contrast, the Philippine economy posted a 7.2-percent growth in 2013. Victor Abola, economist at the university of Asia & the Pacific, said that although it would appear that the country’s wealthiest own about a fourth of the economy, it is a simplistic comparison. “They’re not apples to apples comparison,” Abola told philSTAR.com. Henry Sy for the seventh year in a row was named the richest Filipino with a net wealth of $12.7 billion, up $700 million from last year owing to the rising share prices of SM Prime Holdings, the country’s owner of the largest mall chain in the country, and Banco de Oro, one of the country’s largest lenders. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Coming in second is Lucio Tan with $6.1 billion, followed by port and casino tycoon Enrique Razon Jr with $5.2 billion. As the country’s wealthiest Read More …
MANILA, Philippines – Philippine hotels and resorts in key island destinations are ready to compete in the global marketplace, initial findings of a team of International Accommodation Assessors (IAAs) who joined the Department of Tourism (DOT) in conducting a national review of accommodation standards last month have shown. The team of IAAs composed of 10 experts from different countries said Philippine hotels and resorts including the small players have ‘very high standards’ in keeping the unique Filipino hospitality, one of the country’s competitive advantages. Final results of the assessment will be released next month, the DOT said. “The warmth of welcome for guests in all types of accommodation is almost unique among international destinations. There is a real potential for the Philippine tourism industry. Some hotels and resorts need to invest to improve, but the new rating system can help identify where to focus that investment,” the initial report said. New standards under the Hotel and Resorts Quality Assurance and Accreditation System aim to assist visitors in terms of the quality, service and comfort provided by accommodation businesses of all sizes and types in the Philippines. The system which was launched last year reviewed 144 hotels and resorts in the country’s main island destinations such as Cebu, Bohol, Davao and Palawan. DOT tapped international assessors to ensure that the review is based on accepted international standards. The review itself is part of a technical assistance funded by the Government of Canada and administered by the Asian Development Bank (ADB) Read More …
MANILA, Philippines – The peso shed 5 centavos against the dollar of Thursday, closing at 43.71 from the previous day’s 43.66. Total volume transacted at the Philippine Dealing System amounted to $807.7 million, higher than the $687.6 million posted on Wednesday. The peso opened Thursday at 43.6.
The Supreme Court magistrates figuratively poured a bucket of ice water on BIR chief Kim Henares when they rejected with finality the motion for reconsideration filed by Henares to obtain certified true copies of the statement of assets, liabilities and net worth (SALN) of the SC justices from 2003 to 2012. In the resolution issued earlier, the SC also slammed Henares, saying that the powers bestowed on the BIR chief are “not absolute.” Like the magistrates, many were also wondering why the revenue chief seemed engaged in “selective targeting” because it did not include the Sandiganbayan and lower court members in her request – only the justices of the SC, the Court of Appeals and the Court of Tax Appeals where cases involving the BIR are being heard. The SC also said Section 5(B) of the Tax Code should not be used in the conduct of a fishing expedition to hunt for any tax liability. Businessmen were relieved to hear the SC ruling, with many saying they hope Henares – shown in the screen-grab photo (sent in by a reader) taking the ice bucket challenge issued by ABS-SBN host Anthony Taberna – would cool down her tendency to overstep the limits of her authority. Business groups actually have a long list of complaints against several memos and regulations issued by the BIR, among them Revenue Regulation (RR) 01-2014 where the Tax Identification Number (TIN) of all payees and income payments to them must be disclosed in the Alphalist of Read More …
MANILA, Philippines – Philippine economic growth in the second quarter could have been faster than the first quarter performance, the research arm of Metropolitan Bank and Trust Co. said, but added the figure remains below the government’s target. “The second quarter Philippine GDP (gross domestic product) growth is expected to come in at 5.9 percent, underpinned by solid consumption spending, improvement in external trade, and acceleration in the manufacturing sector,” Pauline Revillas, research analyst at Metrobank, said in a report. The figure is faster than the 5.7-percent growth recorded in the first quarter, but below the 7.6-percent growth recorded in the second quarter of last year. At the same time, the forecast is below the government’s 6.5- to 7.5-percent target for 2014. Revillas said the second quarter economic growth was supported by strong consumer spending, expansion in trade, and improvement in the manufacturing sector. “Consumption spending was still driven by robust OFW (overseas Filipino workers) remittances which grew by almost six percent in the April to June period,” Revillas said. Remittances, which made up 8.4 percent of the country’s GDP last year, support domestic consumption, the main driver of the Philippine economic growth. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “The improvement in the economies of some of the Philippines’ major trading partners also supported the expansion in the trade front,” Revillas said. “Furthermore, the growth in the manufacturing sector accelerated as industries adjusted to the effects of external conditions,” she said.
The 2014 Inspiring Young Cebuano Entrepreneur Awardees. For the past few weeks, the Go Negosyo team has been researching and evaluating several nominations to select the young breed of inspiring and innovative Cebuano entrepreneurs. This is being done to create the new role models for the youth and they will be recognized when we mount the Creativity and Innovation Summit tomorrow at the J Center Convention Halls in Cebu. This particular batch of young entrepreneurs was selected as they have shown passion, integrated exceptional innovation and applied creativity with their products and services. Aside from that, they have made an impact to the development of their communities. They will be awarded in a private dinner tonight in Cebu when we do a dinner forum which will be attended by almost 300 Cebuano entrepreneurs. They will also be recognized and honored in the summit tomorrow and most of them will also join the panel in the different forums. Let me share their stories: First is Gabino Abejo Jr. who is the president and CEO of Abejo Waters Corp. (AWC). At a very young age, he directed the AWC to be one of the biggest bulk water suppliers in Metropolitan Cebu. His efforts were also recognized as he was awarded as the Young Entrepreneur of the Year 2010 by Ernst & Young Philippines. Abejo Waters has also given multiple areas of Cebu a water distribution system. At 29, Lorenz Florendo introduced a new variety to the popular lechon Cebu. He opened Tatang’s Extra Crispy Boneless Lechon in Read More …