Maniolas

MANILA, Philippines – The government’s debt servicing requirements will decline slightly next year because of prudent and efficient public financial management and decreasing principal payments. Documents from the Department of Finance show that out of the proposed 2015 national budget of P2.61 trillion, the government would spend P763.25 billion to pay its debts, P56 billion lower than the P819.19 billion earmarked this year. Of the P763.25 billion, P390.39 billion has been set aside for principal payments comprising P315.58 billion in domestic debt and P74.8 billion in foreign loans. The amount allocated for the settlement of principal obligations represents a 16.3 percent drop from this year’s P466.54 billion allocation.  The government has allotted P372.86 billion for payment of interest on the state’s outstanding debt. This is 6 percent higher than the P352.65 billion earmarked this year and 14.28 percent of the proposed 2015 national budget. Out of the P372.86 billion allocation, P277.56 billion will be set aside for domestic liabilities while P95.3 billion will be for foreign debt. Since President Aquino assumed office in 2010, the proportion of the national budget allotted for interest payments has been on a downward trend. Last year, the share fell to only 16.6 percent of the national budget. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The country’s economic managers seek to further reduce the interest payment share to 12 percent by 2016. As the allocation for interest payments is lowered, more funds would be available for infrastructure, social services and other vital expenditures Read More …

WASHINGTON (AP) – More than 1,000 US retailers could be infected with malicious software lurking in their cash register computers, allowing hackers to steal customer financial data, the Homeland Security Department said Friday. The government urged businesses of all sizes to scan their point-of-sale systems for software known as “Backoff,” discovered last October. It previously explained in detail how the software operates and how retailers could find and remove it. Earlier this month, United Parcel Service said it found infected computers in 51 stores. UPS said it was not aware of any fraud that resulted from the infection but said hackers may have taken customers’ names, addresses, email addresses and payment card information. The company apologized to customers and offered free identity protection and credit monitoring services to those who had shopped in those 51 stores. Backoff was discovered in October, but according to the Homeland Security Department the software wasn’t flagged by antivirus programs until this month. Jerome Segura, a senior security researcher at cybersecurity software firm Malware Bytes, said that the way that Backoff works is not unique. The program gains access to companies’ computers by finding insufficiently protected remote access points and duping computer users to download malware, tricks that have long been in use and are often automated. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 What has changed, Segura said, is that the hackers deploying it have become increasingly sophisticated about identifying high-value computer systems after they’ve broken into them. “Once the bad guys Read More …

MANILA, Philippines – The stake of leading telecommunications operator Philippine Long Distance Telephone Co. (PLDT) in Berlin-based Rocket Internet AG was further diluted to 8.4 percent following the entry of new investor Holtzbrinck Ventures (HV). In a disclosure to the Philippine Stock Exchange late Friday, PLDT said it welcomes the entry of HV in Rocket Internet. HV is acquiring a 2.5 percent stake in Rocket Internet. PLDT used to hold a 10 percent stake in Rocket Internet, but this was reduced to 8.6 percent after the entry of United Internet AG which invested about $582.7 million (435 million euros) for a 10.7 percent stake earlier this month. United Internet’s stake has also been pared down to 10.4 percent after HV’s investment in Rocket Internet. The latest transaction is expected to allow Rocket Internet to progress on its declared strategic objective of owning larger stakes in its network of companies. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Other firms which have stakes in Rocket Internet are Global Founders Fund GmbH (52.3 percent), Investment AB Kinnevik (18.1 percent) and Access Industries (8.3 percent). HV is one of Europe’s most successful early-stage investors in the Internet sector, having financed over 120 companies. Rocket Internet which started in 2007, provides a platform for the rapid creation and scaling of consumer Internet businesses outside the US and China. It currently has more than 20,000 employees across its network of companies which operate in more than 100 countries in five continents. Earlier this month, Read More …

WASHINGTON — The Homeland Security Department is warning that more than 1,000 retailers could have a new malicious software program lurking in their cash registers that allows computer hackers to steal financial data about their customers. The department on Friday warned businesses of all sizes they should scan their cash register systems for the “Backoff” malicious software first discovered last October. The government earlier this summer issued a more detailed warning explaining what the malicious program is doing and how retailers’ information technology departments could deal with it. The government says the Backoff program itself is not unique, but its wide deployment by hackers and its repeated updates over the last six months make it a serious threat for consumers and businesses.

MANILA, Philippines – The government needs to work on reducing the cost of doing business to allow small and medium enterprises (SME) to compete and take advantage of the upcoming Association of Southeast Asian Nations (Asean) economic integration. In a statement, Philippine Chamber of Commerce and Industry (PCCI) president Alfredo Yao said SMEs would benefit from Asean economic integration if there are policies designed to improve their capacities to trade and to exploit expanding regional opportunities. “Make no mistake about it: PCCI views the Asean Economic Community (AEC) in a positive light,” he said. “But we acknowledge that the opportunities offered by greater openness can only be achieved if our local industries and SMEs are provided with the complementary support that will enable them to participate effectively and benefit from the global production network being built by ASEAN with its trade partners and important export markets,” he added. While there are efforts to engage the private sector in realizing AEC, he said receptiveness to embrace opportunities offered has been rather meager. This, as there are concerns on the level of competitiveness of local industries compared to ASEAN neighbors. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 In addition, Filipino SMEs participation in global production networks has been limited.