MANILA, Philippines – The peso dropped against the dollar midday Monday, settling at 43.871 from the previous day’s 43.76. Total volume transacted at the Philippine Dealing System amounted to $364.4 million in the morning, lower than the $470 million posted the same period on Friday. The peso opened the week at 43.8.
MANILA, Philippines – Bangko Sentral ng Pilipinas Assistant Governor Ma. Ramona GDT Santiago was named one of the 25 Most Influential Women in Asset Management in the Asia Pacific region by AsianInvestor, a leading publication dedicated to the Asian region’s asset management industry, in ceremonies held at Ritz Carlton Hong Kong last May 20. With over 30 years of experience in the BSP, Santiago is currently the assistant governor in charge of the Treasury Department where she oversees functions that have far-reaching impact on the country’s monetary and financial stability, including the management of the country’s international reserves and the conduct of market operations to ensure stability in the domestic financial markets. The awardees are 25 successful women movers and shakers who are shaping the asset management industry today and includes top executives from the region who manage money or run the asset management of their respective institutions. The selection was made by the editorial staff of AsianInvestor, in consultation with senior industry practitioners, from a shortlist of over 100 candidates from around the region.
MANILA, Philippines – The Department of Transportation and Communications (DOTC) is set to defer the deadline for the submission of bids for the proposed P2.5-billion Integrated Transport System (ITS) Southwest Terminal project. The agency is likely to postpone anew the June 16 deadline to give bidders enough time to prepare their documents as the National Economic and Development Authority (NEDA) Board chaired by President Aquino approved the revised terms of the public private partnership (PPP) project only last Thursday. The original deadline of submission was scheduled last May 15 but was moved to June 16 as the DOTC amended the terms of the concession agreement to make it more attractive to prospective investors. The Southwest terminal project situated in a 2.9-hectare property located at the Coastal Road Terminal along the Manila-Cavite Expressway would connect passengers coming from Cavite to other urban transport systems such as the future Light Rail Transit line 1 (LRT) South Extension to Bacoor in Cavite, city bus, taxi, and other public utility vehicles plying Metro Manila. The project would include a passenger terminal building, arrival and departure bays, public information system, ticketing and baggage handling facilities and park-ride facilities. The DOTC pointed out that the proponent would finance, design, construct, operate, and maintain the ITS project for a period of 35 years. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Interested bidders include diversified conglomerate San Miguel Corp., conglomerate Ayala Corp. and property giant Ayala Land Inc. , Metro Pacific Tollways Corp. of infrastructure giant Read More …
MANILA, Philippines – Businesses are against amending the power reform law under the Electric Power Industry Reform Act (EPIRA) or Republic Act 9136, the country’s business groups said in a position paper. “Amending or making changes in the EPIRA is not the problem, failure to implement it properly is,” the different business groups said in the position paper. The signatories are the American Chamber of Commerce of the Philippines, the Employers Confederation of the Philippines, the European Chamber of Commerce of the Philippines, the Financial Executives Institute of the Philippines, the Japanese Chamber of Commerce and Industry of the Philippines, Inc., the Korean Chamber of Commerce of the Philippines and the Management Association of the Philippines. The business groups stressed the need to build new power plants, adding that if amendments are introduced, it would create uncertainty and turn off investors. “Brownouts will be inevitable if we don’t build new power plants. International and local investors and financial institutions won’t invest in an industry where the rules are not known and stable. The national government should announce now that EPIRA will not be amended, as amendment will not solve the present problem, and the government should increase dialogue with industry participants to reduce key uncertainties or changing material rules midstream,” they said. The groups cited for instance, the recent changes in the Wholesale Electricity Spot Market (WESM), the country’s trading floor for electricity. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “There were also changes in the rules, such Read More …
Why am I not surprised that after all the huffing and puffing and press releases about how seven interested bidders will compete for the right to build LRT1 extension to Cavite, only one showed up with an actual bid? It will be recalled that DOTC had to rebid the LRT Line 1 Cavite Extension project last week after prospective investors backed out the first time around. The bidders were unanimous last year in saying that the terms of reference prepared by the DOTC usecs made no business sense at all. Thus, I was laughing out loud when I read the press release of Cosette Canilao of the PPP Center the day after the bidding. The release had this completely hilarious paragraph: “Undersecretary Rene Limcaoco explains, ‘It was back to the drawing board for us then. We had to unlearn some of our previous notions on project structuring and procurement. We learned to balance the interests of both the government and the private sector without compromising the project’s viabilities and its public service objectives. We are hopeful we will receive good bids for the LRT Line 1 project.’” Hahaha! This is embarrassing, Timmy Limcaoco… apparently, you guys learned nothing from the first experience. As I told ANC’s Business Nightly when they asked for my comment last Wednesday, you guys simply have no idea what makes an attractive business proposal. And to think that Mar Roxas’s bright boys came from the private sector, supposedly hot shot lawyers with Ivy League or hot Read More …
MANILA, Philippines – Shangri-La’s Boracay Resort & Spa, Philippines has launched an unconventional destination meeting package bespoke to dynamic companies on a hunt for an extraordinary business holiday experience in an iconic location—that is, Boracay. Dubbed as “Sunglasses at Work” Meet by Design, this one-of-a-kind offer is a set of customized ideas and setups that transform the usual boardroom sessions, team bonding activities, special events and other corporate requirements into a fun and memorable affair in Boracay. “We have brainstormed on how we can provide our corporate clients a relevant destination meeting and social events experience that they cannot do in a city setup. We took advantage of our prime location with its already inspiring nature and pitched in a quip of mixing business with pleasure,” explained Melissa Santiago, director of events at Shangri-La’s Boracay Resort & Spa, Philippines. For instance, a group can do their strategic planning in a Treehouse Villa endowed with invigorating atmosphere where minds are free to think. After a tedious session, the team may indulge in a 45-minute not-so-usual coffee break either with a quick massage, an arcade game at the Entertainment Centre or beach golf. They may also engage with nature and easily unwind under the sea with coral reef planting or participate in a beach clean-up. When the meetings adjourn, groups may find further inspiration throughout the lush 12.5-hectare property offering a multitude of leisure activities and suitable venues for teambuilding or bonding amidst tranquil gardens and beaches. Having a get together without Read More …
MANILA, Philippines – Steag State Power Inc (SPI) is set to resume full commercial operations of its 210-megawatt coal-fired power plant in Villanueva, Misamis Oriental. In an advisory, SPI said Unit 1, with a net generating output of 105 MW, was synchronized to the Mindanao grid May 30 ahead of its June 1 target. Unit 2 resumed operations last May 7, after both units shut down on Feb. 27, causing an island-wide blackout in Mindanao. Without SPI’s capacity, Mindanao suffered two to three-hour rotating blackouts. This is because the power plant is currently Mindanao’s biggest in terms of unit capacity, accounting for nearly a fifth of the island’s total electricity supply. SPI power plant manager Carsten Evers said the resumption of the operations could ease the prevailing power shortage in Mindanao. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “We are pleased to announce that Unit 1 has resumed operations and we hope that this added capacity will help improve the critical power supply condition of Mindanao,” he said. The SPI plant has two identical electric generators, each with a net generating capacity of 105 MW, or a total combined net generating output of 210 MW. Since start of its full commercial operations in November 2006, SPI has delivered more than 10 billion kilowatt-hour of electric power to the grid, accounting for about a fifth of the island’s total power supply, the company said. SPI is owned by German company Steag GmbH, with Aboitiz Power Corp. and La Filipina Read More …
MANILA, Philippines – Filinvest Development Corp. (FDC), the investment arm of the Gotianun family, is entering the power generation business in Luzon with a 300-megawatt (MW) power plant project in the next few years. The holding firm expects to reap a substantial income of P2 billion a year from its large investments in power generation in Mindanao starting 2016, officials said last week. “First [in the expansion program] is the Luzon market. The growth requirements of Luzon are substantial so we will take a look at that,” said FDC president and CEO Josephine Gotianun-Yap. “We really want to grow our power portfolio, whether greenfield, acquisition of power assets or joint venture,” said FDC chairman Jonathan Gotianun. “In general, we would start off probably with 150-300 MW. Normally you would scale it up,” Gotianun-Yap said, adding that the holding firm is also open to hydropower projects. Subsidiary FDC Utilities Inc. last year broke ground for a 405-MW clean coal-fired power plant in Misamis Oriental that is scheduled to start operations in 2016. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 When completed, it will be the largest power plant in Mindanao and is expected to alleviate the region’s ongoing power crisis. So far, FDC has contracted 81 percent of the power plant’s output to 17 power distributors. FDC expects to book P2 billion in profits every year when its Mindanao coal plant starts operations in 2016, making the power generation business the third biggest income contributor next to property development Read More …
MANILA, Philippines – Philippine Airlines Inc. (PAL), jointly owned by taipan Lucio Tan and diversified conglomerate San Miguel Corp. (SMC), has tapped US-based MedAire to provide round-the-clock access medical advice to passengers and crew of long-haul international flights. MedAire would provide PAL access to advice and assistance from emergency physicians stationed at its MedLink Global Response Center based at Banner Good Samaritan Medical Center. Phoenix-based MedLink medical assistance is available from anywhere in the world using the existing communications system of PAL aircraft. MedAire’s MedLink doctors are available 24 hours a day to help manage in-flight medical situations as well as provide pre-flight medical guidance on whether an ill passenger is fit to fly. With the partnership, PAL pilots and cabin crew could contact the MedLink center and communicate with a specialist physician via the aircraft’s satellite phone, HF/VHF radio or ACARS system during an in-flight emergency. The MedAire doctor assesses the situation, guides the crew or volunteer in providing emergency care to the patient and, depending on the severity of the illness, may recommend for or against a flight diversion. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Paulo Alves, MedAire’s global medical director of aviation, said medical volunteers are often helpful to assist the MedAire MedLink physician. “But remember, volunteers are passengers first – and, depending on their specialty background, may not have the appropriate qualifications to assist the passenger or make a confident decision should they be asked whether they recommend a diversion,” Alves said. “With Read More …
MANILA, Philippines – The stock market’s decline will likely continue this week following the benchmark index’s plunge below the support level, snapping the five-month upward trend. “For this week, the downtrend would continue as the main index dropped below the 6,750 support level,” Freya Natividad, investment analyst at Papa Securities, said in a phone interview. “On a technical perspective, we saw a breakdown from the five-month upward trend channel, breaching the 6,650 support level we have previously mentioned,” said Joyce Anne J. Ramos, analyst at AB Capital Securities Inc. This signals a potential consolidation of prices or a fall to its next support level at 6,625.55, Ramos said. Week-on-week, the Philippine Stock Exchange index sank 2.4 percent or 163.68 points to finish at 6,647.65, marking the third straight weekly decline of the bellwether index. Investors unloaded stocks following the release of economic growth data, which showed that Philippine gross domestic product (GDP) rose 5.7 percent in the first quarter. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 It is below the consensus estimate of 6.4 percent and slower than 7.7 percent uptick in the first quarter of 2013. Government officials said the economy was weighed down by natural disasters late last year.