philstar.com - Business

Jun 072014
 
No price hikes yet on basic goods – DTI

MANILA, Philippines – Prices of basic necessities and prime commodities should remain stable as pending requests for adjustments in suggested retail prices (SRP) are still under evaluation, the Department of Trade and Industry (DTI) said. “The DTI has pending requests for new SRPs on these products from their manufacturers. These requests are still for evaluation, thus, we do not expect any price increase on said products,” DTI Undersecretary Victorio Mario Dimagiba said in a statement. The DTI’s statement comes amid reports that there are sudden spikes in prices of canned and powdered milk, canned meat, bath soap, sugar, and bottled water. A common reason cited by manufacturers for the request to be allowed to adjust prices is the rising prices of imported raw materials in the last quarter of 2013 and first quarter of this year.  As a price freeze was declared following Super Typhoon Yolanda last year, the DTI has not granted any requests for price increases. Manufacturers are appealing anew for the review of the SRPs to narrow the price difference among competing brands and to correct the margins in their previously submitted SRPs. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The DTI argues that such reason does not merit a price increase. “We have immediately routed a memorandum to the DTI Regional and Provincial offices to verify these reports on price shoot up for several basic necessities and prime commodities. We have required them to report promptly if there are spikes on prices and to Read More …

Jun 072014
 
Learn to collect debts through the small claims court

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 …

Jun 072014
 
BSP likely to keep key rates steady

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) is still likely to keep key rates steady during its policy meeting this month despite inflation creeping up to the three to five percent target range. In a research note, Singapore-based DBS Bank, however, said it expects a 50-basis point increase in key policy rates that will transpire in the second half of the year. “Following the adjustment done to the reserve requirement rate in the two previous policy meetings, expect the BSP to adjust its key policy rate higher going forward,” DBS said. “Look for a total of 50 bps rate hikes in 2H14 (second half 2014),” the bank added. The BSP’s next rate-setting meetings are slated on June 19 and July 31. The policy-making Monetary Board of the BSP has maintained the overnight borrowing and overnight lending rates at 3.5 percent and 5.5 percent, respectively, during its first three meetings for the year. However, the reserve requirement ratio has been raised by a total of two percentage points to mop up excess liquidity in the system. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Last week, the Philippine Statistics Authority said inflation climbed to a 30-month high of 4.5 percent in May amid higher food prices following supply shocks that emanated after strong typhoons hit the country late last year. This brought the five-month average to 4.1 percent, above the midpoint of the BSP’s three percent to five percent target for the year. “At the current pace of Read More …

Jun 062014
 
BSP closely monitoring impact of ECB action

MANILA, Philippines – The Bangko Sentral ng Pilipinas said yesterday it will remain watchful of any impact the European Central Bank (ECB)action has on domestic markets. “The impact on individual economies and currencies however is likely going to be different and thus, the needed policy responses may also vary. For the BSP, we will include this development in our discussion during our next policy meeting,” BSP Governor Amando M. Tetangco, Jr. said in a text message to reporters. “In the meantime, we will continue to closely watch out for shifts in global investor sentiment and  monitor movements in our own  financial markets, and any financial stability pressures that these may bring about,” he added. The ECB on Thursday cut its benchmark interest rates by 10 basis points to record lows of 0.15 percent, and introduced a number of measures meant to pump money into the euro zone economy. “This is a clear sign of asynchronicity in the stance of monetary policies of the advanced countries. In a way, this should be favorable from a global liquidity point of view,” Tetangco said. The ECB also moved to encourage lending to businesses in the euro zone economy through incentives that will be given to banks. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 ECB president Mario Draghi also stressed the central bank will keep inflation rates within levels close to two percent. However, inflation is only seen settling at 0.7 percent this year, 1.1 percent in the next, and 1.4 percent Read More …

Jun 062014
 
2 firms qualify for IT project

MANILA, Philippines – Two companies are expected to slug it out for the P3.44-billion Land Transportation Office (LTO) information technology system project, the Department of Transportation and Communications (DOTC) said yesterday. Transportation Secretary Joseph Emilio Abaya said the government has qualified two bidders for the project while other disqualified bidders have filed motions for reconsideration (MRs). “Two have qualified and those who didn’t as usual filed MRs,” Abaya said. The two companies that qualified for the two-stage bidding are Indra Systems Inc. and Kaisa Consulting and Ceragon Network. The joint DOTC and LTO committee is expected to look into the proof of concept of both Indra and Kaisa Consulting before going to bidding proper for the project. The new IT system would provide a viable and long-term solution to address the current system’s issues.  The previous LTO IT system of Stradcom, which has been running for 13 years, is no longer responsive to current land transportation regulation requirements. Once the new LTO-IT system is in place, it would make it easier for authorities to recover stolen vehicles, trace smuggled vehicles, prevent double registration and monitor unregistered vehicles. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The DOTC has decided to slash the cost of the LTO-IT system project to P3.44 billion instead of P8.2 billion after two failed biddings. The project would instead be undertaken in two stages.

Jun 062014
 
ADB warns of climate change impact on growth

MANILA, Philippines – The Asian Development Bank (ADB) has warned that catastrophic events brought about by climate change could stall economic growth in Southeast Asia, especially the Philippines. ADB economist David Anthony Raitzer said a worst-case scenario under its integrated assessment model indicates that a natural catastrophic event could result in economic losses equivalent to 6.7 percent of gross domestic product (GDP). Based on World Bank eastimates, the combined destruction brought by typhoons Yolanda, Ondoy, Pepeng, Sendong and Pablo resulted in economic damage at $18.6 billion (approximately P799.8 billion. In a media forum sponsored by the Philippine Agricultural Journalists Inc., Raitzer said the Philippines is in the top of the list of countries in Southeast Asia most affected by climate change. “Manila is the second most vulnerable city in the world, and the Philippines is sixth most vulnerable country globally,” Raitzer said. British risk consultancy Maplecroft, in its Change Vulnerability Index 2014, also ranked Manila among five cities worldwide facing “extreme” climate risk. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The ADB economist said in a “mild” disaster caused by climate change in Southeast Asia, economic losses from damaged marketed goods and services would reach an equivalent of 2.2 percent of GDP every year until 2100. This could increase to 5.7 percent of GDP if it takes into account health and ecosystem service losses. The ADB economist also noted that climate change would also result in an increase in length of the dry season, and greater intensity of Read More …

Jun 062014
 
Phl stock  prices ease on sideways trading

MANILA, Philippines – Share prices traded sideways yesterday, dragging the main composite index 0.14 percent or 9.82 points lower at  6,762.62. “The market is still moving sideways,” Miguel A. Agarao, an analyst at Wealth Securities Inc., said in a phone interview. Agarao said investors are assessing different leads like the stimulus measures in the Eurozone and the tapering of the US Federal Reserve. In contrast, Wall Street climbed anew overnight as investors expect liquidity to remain high with the European Central Bank’s stimulus measures. The Dow Jones industrial average rose 0.59 percent or 98.58 points to 16,836.11, while the broader Standard & Poor’s 500 index added 0.65 percent or 12.58 points to close at 1,940.46. Asian markets were mixed yesterday ahead of the release of the US payrolls data. Locally, most counters were in the negative territory, led by holding firms that eased 0.34 percent or 20.82 points to 6,165.41. Industrial companies gained 0.11 percent or 11.05 points to finish at 10,366.56. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Investor participation went down as P7.84 billion worth of shares changed hands from P8.81 billion on Thursday. Losers outpaced advancers, 95 to 74, while 48 stocks did not change. Most traded shares were in the red, paced by blue chips Megaworld Corp. (-0.86 percent), PLDT (-0.07 percent), Ayala Land Inc. (-0.16 percent) and Security Bank Corp. (-0.94 percent). Top-traded Sinophil Corp. (+15.70 percent) continued its ascent following a reorganization plan that will make it SM Group’s gaming arm.

Jun 062014
 
It takes faith to see

“To see is to believe” is a very popular catchphrase. Oh, I’m sure you have heard of it. Does this phrase mean that you do not have to believe in what you cannot see? That you can only believe in what you can see? I am pretty sure this is not the case. See faith for example, faith is something subjective. I can’t see it, yet I can feel it, so therefore, I believe in its existence.  Now, let me illustrate that believing is not just seeing. Let’s try gravity, I believe in the law of gravity and I know you do too. I can’t see gravity and you can’t too, but my faith in it says it is there, simply because my feet remain firmly on the ground. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 But let’s say – for example – that you feel like contradicting this. To debate about the existence of gravity or to debate against it is nothing more than an exercise in futility.  When you debate, you need to prove your point. You may be very sincere in your conviction that there is no such thing as gravity, so you go up a building and jump off it just to prove your point. Jumping safely off a building is okay as far as I am concerned, I have jumped off the Macau Towers, but because I believed in the law of gravity, I made sure that there were cables and machinery tied Read More …

Jun 052014
 
Peso strengthens midday Friday

MANILA, Philippines – The peso rallied against the dollar midday Friday, settling at 43.671 from the previous day’s 43.815. Total volume transacted at the Philippine Dealing System amounted to $518.4 million in the morning, higher than the $378.8 million posted the same period on Thursday. The peso opened Friday at 43.65.

Jun 052014
 
Int’l experts to speak at Franchise Asia

MANILA, Philippines – Noted international experts in franchising, retailing, marketing and other disciplines will share their knowledge on how franchise brands can raise their global competitiveness and succeed in an integrated ASEAN at the Franchise Asia Philippines 2014 (FAPHL 2014) International Franchise Conference on July 16 and 17 at the SMX Convention Center. Leading the cast of speakers is a best-selling author and sought after franchise expert Greg Nathan who will also be the resource speaker and facilitator for this year’s CFE program. Nathan, founder of the Franchise Relationships Institute of Australia, is widely recognized as an international thought leader on managing people issues in franchising and will give a presentation on franchisor-franchisee relationships on day one of the conference plenary sessions. The International Franchise Conference is a major component of the multi-faceted Franchise Asia Philippines 2014 slated on July 16 to 20 at the SMX Convention Center with the theme “Conquering an Integrated ASEAN”. Asia’s biggest 4-in-1 franchise event also features a three-day international franchise expo from July 18 to 20; franchise educational seminars from July 18 to 20; and the Certified Franchise Executive (CFE) program on July 16 and 17. The other foreign experts presenting at the international franchise conference are Fabio Trabucchi, Retail and Shopper Client Service director for TNS RI Korea handling Samsung Global Insight Leader; Stanley Kee, managing director for Southeast Asia of GfK Asia Pte Ltd. Singapore; Tony Harris, chief executive of creative agency BBDO Guerrero which conceptualized the Department of Tourism’s “It’s More Read More …