Maniolas

MANILA, Philippines – The government will sell 10-year bonds for the first time in a year as part of its P135 billion domestic borrowing program for the third quarter. The Bureau of Treasury has kept its domestic borrowing ceiling at P135 billion given its strong liquidity position. Under the plan, the government will sell P20 billion worth of 91-, 182- and 364-day Treasury bills per month from July to September. The Treasury bill auctions will be held on July 9, Aug. 6 and Sept.r 3. The government will offer P25 billion worth of seven, 10 and 20-year Treasury bonds on July 24, Aug. 20 and Sept. 18, respectively.            For this year, the Aquino administration has programmed to  borrow P715 billion, of which P620 billion will come from the domestic market. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The government’s program for the borrowing mix for 2014 is 85 percent for domestic and 15 percent for foreign. The government regularly holds auctions of securities to help fund the country’s budget and provide investors with fresh investment options. The Aquino administration will continue to rely more on domestic sources than on foreign creditors to avoid substantial exposure to foreign exchange risks. The government borrows funds to pay maturing obligations and plug the deficit in its budget.  The country relied heavily on domestic borrowings last year to capitalize on the local financial system’s strong liquidity and help ward off pressures on the exchange rate. Foreign borrowing was limited to loans from Read More …

MANILA, Philippines – Tourism Undersecretary Daniel Corpuz, a career executive who has served the department over the past four decades, is retiring by the end of this month. Department of Tourism Secretary Ramon Jimenez Jr. said Corpuz has tendered his resignation because he “wants to slow down and take a well-deserved rest.” Jimenez is set to nominate a replacement for Corpuz soon. Corpuz joined the DOT in 1974 and rose from the ranks to reach his present position as undersecretary for tourism development. His influence on the tourism industry was immeasurable after being involved as a consultant in some of the programs of top international tourism organizations such as the World Tourism Organization, United Nations Development Programme and the European Community in formulating various tourism master plans, marketing as well as physical development plans for the Philippines and other nation-states. He is a product of the University of the Philippines and a former dean and senior lecturer of the Asian Institute of Tourism. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Corpuz is also a  believer of strategy formulation, project management and creative thinking in development programs.

MANILA, Philippines – International magazine Alpha Southeast Asia has cited leading Philippine conglomerate SM Investments Corp. (SM) for major awards in its 4th Annual Southeast Asia Institutional Investor Corporate Awards. SM executive vice president and chief finance officer Jose T. Sio was cited as the Best CFO in the Philippines while SM has topped the poll as the company with the Most Organized Investor Relations and Best Strategic Corporate Social Responsibility. SM was also cited as among the companies with the Best Senior Management IR Support and Strongest Adherence to Corporate Governance. Sio has won Best CFO in the Philippines for the fourth time in a row. He is a director, EVP, and CFO of SM. Known for setting benchmarks in financial reporting in the Philippines, Sio is also a director of China Banking Corp., Belle Corp. and Atlas Consolidated Mining and Development Corp., among other companies within the SM group.  Sio is a certified public accountant with a master’s degree in Business Administration from New York University. He was formerly a senior partner at Sycip Gorres Velayo & Co. The poll is based on tallied votes among 477 investors, pension funds, hedge funds, equity and fixed income brokers and analysts with investment interests in the Southeast Asia region. Business ( Article MRec ), pagematch: 1, sectionmatch: 1

“Sir Francis, do you consider yourself successful?” “Sir Francis, how did you become successful?” These questions always come up especially when I speak to the younger audiences. And my response over the years has been consistent. “I have never considered myself successful – just thankful that God has been good to me so far. Every day, I just strive to be better and to do better today compared to yesterday because I have to carry the responsibility of passing what I know to my children as well as to my clients. The moment I consider myself successful is also the moment my decline starts. I’ll keep on striving.” Here is an old article written by Robert J. Hastings. The title is “The Station.” This piece is absolutely brimming with wisdom; may this material bless your heart as it did to mine. The Station Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Tucked away in our subconscious minds is an idyllic vision in which we see ourselves on a long journey that spans an entire continent. We’re traveling by train and, from the windows, we drink in the passing scenes of cars on nearby highways, of children waving at crossings, of cattle grazing in distant pastures, of smoke pouring from power plants, of row upon row of cotton and corn and wheat, of flatlands and valleys, or city skylines and village halls. But uppermost in our minds is our final destination — for at a certain hour and on a Read More …

There are 7.7 million credit card holders in the country today. Obviously, the credit card industry is doing well in the Philippines, undoubtedly still very far from the more developed countries like the United States where even $10.00 purchases are charged to cards, but the fact that there are fourteen credit card companies (most of them affiliated with existing banks in the country) now operating here to serve all 7.7 million card holders, the industry is hale and hearty.  Actually, it is more accurate to say that there are 7.7 million active credit cards being used here, but since most people usually own two, three or even four cards at the same time, the actual number of credit card holders in the country is estimated by the Credit Card Association of the Philippines (CCAP) to be somewhere between 2.5 million to 4 million individuals. And why not indeed when some credit card promos are so enticing and varies from one company to the other that every month there are bargains to avail of from these credit cards. Delinquency is kept at a minimum now too, at only 5.2 percent, meaning about 95 percent of credit card holders pay their accounts on time, according to CCAP executive director Alex Ilagan. With the growth of any industry, the creative minds of devious minds are kept busy.  Credit card scams can be very ingenious, the perpetrators more inventive as security measures tighten up. I remember a couple of years back when my wife Read More …