Maniolas

MANILA, Philippines – The Department of Transportation and Communications (DOTC) said yesterday the agreement with the SM Prime Holdings on the location of the proposed P1.4 billion Metro Rail Transit and Light Rail Transit (MRT-LRT) common station expired more than three years ago. Michael Arthur Sagcal, DOTC spokesperson, said the memorandum of agreement signed by SM Prime Holdings Inc. and the Light Rail Transit Authority (LRTA) that was approved by the National Economic and Development Authority (NEDA) in July 2009 already lapsed in 2011. SM Prime filed a case against the DOTC and LRTA before the Pasay City regional trial court early this month seeking an injunction to stop the government from relocating the planned common station to the Trinoma Mall instead of SM North EDSA mall. “First of all, the NEDA approval that SMPHI is referring to expired in 2011.  The 2013 NEDA approval, which is in effect, allows the Common Station to be built in the more advantageous location at MRT3,” Sagcal said. The proposed common station would connect the LRT1, MRT3, and the future proposed MRT7 of diversified conglomerate San Miguel Corp. The MOA also stated that SM would have the naming rights to the proposed common station in exchange for P200 million. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Secondly, SMPHI was publicly quoted through its president in 2013 as saying that it does not mind where the common station is built, as long as it can exercise its alleged naming rights,” Sagcal said. Read More …

FATCA is part of a larger piece of legislation called the Hiring Incentives to Restore Employment Act (HIRE) that was passed by the United States Congress in 2010. Although FATCA has some tax components, it is actually a compliance measure aimed at curbing tax evasion or possible tax evasion by US persons. FATCA requires foreign financial institutions (FFIs) such as depositary institutions, custodial institutions, investment entities and certain types of insurance companies that have cash value products or annuities, to disclose to the US Internal Revenue Service (IRS) specific information on financial accounts identified as held by US persons. Under the FATCA rules, any FFI that does not register for FATCA purposes and does not disclose the required information to the IRS would be subject to a penal 30 percent final withholding tax on its US source income. After passage of the law, the US Treasury department came out with voluminous proposed regulations regarding the implementation of FATCA. In the Philippines, the reception to FATCA was lukewarm initially as it was generally viewed as US legislation having no impact on Philippine financial institutions. However, as FATCA registration deadlines drew closer, increased concern over its impact on FFIs caused many financial institutions to take a second look. Because of bank secrecy laws in the Philippines, financial institutions are faced with challenges regarding FATCA disclosure requirements. Thus, industry groups have been lobbying the Philippine government to enter into an inter-governmental agreement (IGA) with the US. However, the government response seems to be Read More …

MANILA, Philippines – The Power Sector Assets and Liabilities Management Corp. (PSALM) has attracted nine investor groups for the selection and appointment of the independent power producer administrator (IPPA) for the output of the Mindanao I and II (Mt. Apo 1 and 2) geothermal power plants. PSALM president and chief executive officer Emmanuel Ledesma Jr. made the announcement after the lapse of the deadlines for the initial requirements such as the submission of a letter of interest on May 30, 2014, and payment of the P120,000 non-refundable participation fee and the execution of a confidentiality agreement and undertaking with PSALM on June 6, 2014. Of the ten investor groups which submitted letters of interest, nine have complied with the initial requirements, according to PSALM. These are EDC Mindanao Geothermal Inc., FDC Misamis Power Corp.,  GDF SUEZ Energy Philippines Inc., Good Friends Hydro Resources Corporation, SMC Global Power Holdings Corp., SPC Power Corp., Therma Southern Mindanao Inc., Trans-Asia Oil and Energy Development Corp. and Vivant Geo Power Corporation. Ledesma reiterated that the deadline for the submission of bids is on Sept. 24, 2014, with the opening and evaluation of bids commencing thereafter.  PSALM will hold the pre-bid conference for the Mt. Apo 1 and 2 IPPA on June 26, 2014 at the PSALM office in Ayala Avenue, Makati City.  The bidding exercise is PSALM’s first IPPA auction in the Mindanao region.  Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The Mt. Apo IPPA will be tasked to manage the output Read More …

Learn from the good and learn from the bad. This is what I constantly say in my leadership seminars. Take our bosses for example. Good bosses are everywhere and unfortunately, bad bosses are everywhere as well. You know as well as I do that some bosses behave more like jerks than inspiring leaders. Instead of inspiring their subordinates, they make life difficult for those who have no choice but to follow them. Unfortunately, this kind of leadership can cause serious problems; I have known sufferers of strokes or heart attacks as a result of high stress levels following such leaders. But then, there are those who benefit greatly from working under inspiring leaders who help them tap into their hidden potential, and excel in their skills. Leadership skills are not always taught in the way it should be. There are many teachings and seminars on theoretical leadership. They show matrixes, quadrants, and draw up frameworks for leadership. The students or seminar participants leave the room carrying with them tons of valuable theoretical principles but find them hard to relate to actual happenings in the work place. While many books and articles offer useful information in the subject of leadership skills, most of these ideas are really taught experientially. New managers or emerging leaders, for better or worse, often mimic what their former managers did when they were under their charge. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 If you are a regular reader of this column then you Read More …

MANILA, Philippines – Whether you are a sole proprietor, a small or medium-sized enterprise, a large-scale company, a financing institution or a financier, collecting money from abusive debtors has now been made easier. You can present and argue your case in court with no lawyer required.  You can have a speedy trial with your case heard and resolved in one day with the judge’s final, executory, and non-appealable decision. The Center for Global Best Practices is launching a pioneering seminar entitled, “Best Practices Guide in Using the Small Claims Court:  How to Collect Debt Without Using a Lawyer” on Friday, June 25, 2014 at the EDSA Shangri-la Hotel, Mandaluyong City, Philippines. The establishment of the Small Claims Court has made settlement of collection cases become more convenient, less complicated and generally hassle-free. When you need to collect P100,000 and below that amount against non-paying debtors, all you have to do is to file your cases in the small claims court. Yes, you can easily do it yourself. No lawyers needed.  No costly litigation expenses, no delays with speedy resolutions of your collection cases.  Learn all of these and empower yourself in this one-day comprehensive program where you will be taught the rules and procedures on what to file, where to file, how to file your collection cases in this practical, easy to understand and comprehensive program.   What if your total collection is beyond P100,000?  The amount limit does not include interests and costs. Thus, an indebtedness of P100,000 that earned Read More …