Maniolas

MANILA, Philippines – The Ilocos Norte provincial board recently passed a resolution eliminating coal from the province’s electric supply. In its 7th regular session held on Aug. 15, the board unanimously approved Provincial Resolution 017-2016, authored by environment committee chairman Mariano Marcos II, declaring Ilocos Norte as a “clean, green and coal-free province.” “No office or instrumentality of the provincial government of Ilocos Norte shall issue any permit, authorization, endorsement or any expression of support to the development of coal projects in the province,” the resolution said. The board encouraged all two cities and 21 municipalities of the province to refrain from issuing coal permits. The resolution was backed by environmental advocacy groups, as well as the province’s largest electric companies. It also makes Ilocos Norte the first province to phase out coal use and become a total renewable energy consumer. With its solar, wind and hydroelectric energy sources, Ilocos Norte is already generating about 50 percent of its power requirement from clean or renewable energy. With a 264-MW installed wind energy capacity as of 2015, Ilocos Norte is already dubbed the undisputed wind energy capital of the Philippines. Since 2010 local government initiatives have paved the way for Ilocos Norte to become home to the 150-megawatt (MW) wind-power project of Energy Development Corp. (EDC), a unit of First Gen Corp., in Burgos; the 81-MW Caparispisan wind station of Northern Luzon UPC Asia Corp.; and the 52-MW Bangui wind project of Northwind Power and Development Corp. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The Read More …

A total of P135 billion in Treasury bonds and bills will be floated from October to December, the Bureau of the Treasury announced Friday. File photo MANILA, Philippines – The government has kept the amount of local borrowings steady in the last three months of the year, but is now leaning toward issuing shorter-dated papers amid expectations interest rates will rise in the US. A total of P135 billion in Treasury bonds and bills will be floated from October to December, the Bureau of the Treasury announced Friday. Broken down, P60 billion of T-bills and P75 billion worth of T-bonds will be offered to local investors. T-bills have payment terms between three and 12 months, while T-bonds have longer terms. While the amount of issuance was kept, four- and seven-year T-bonds will instead be issued in the fourth quarter. The government borrows from local and international markets to fund its budget deficit and pay existing debt. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The issuances will come during the period when the US Federal Reserve is expected to raise interest rates a year after it tweaked them from near-zero levels for the first time in nine years. National Treasurer Roberto Tan has not replied for comment as of press time, but earlier said the Philippines was prepared for the US Fed hike. “The cost impact will be very manageable,” he said. While higher US rates may also increase local borrowing costs, Tan said the government’s preference for domestic Read More …

MANILA, Philippines – Philippine call center pioneer Sykes has made its first venture in the Metro South with the opening of its sixth facility in the country. Sykes opened last week its newest facility at Ayala’s ATC Corporate Center in Alabang, Muntinlupa. “We are very excited with the opening of the Alabang site. We are confident that it will play a vital role in the company’s efforts to further increase its business in the Philippines,”  said Dean Van Ormer, Sykes vice president for Philippine operations. Measuring more than 12,000 square meters, Sykes Alabang occupies five floors of the Ayala’s ATC Corporate Center. The new facility will open more than 2,200 employment opportunities to cater to its existing and upcoming clients, most of which are top players in their respective industries. According to Van Ormer, the Philippines remains one the best performing markets among Sykes’ global network. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Van Ormer said the new investment is part of Sykes’ desire to help boost economic activity in the Philippines as well as its commitment to the community. He added that as the company grows its operations, it also hopes to increase its social responsibility footprint in the Philippines. “Growing Philippine communities has always been an important mission for Sykes. As we grow our presence in the country, we make sure that we make a positive impact in the lives of Filipinos,” Van Ormer said. Sykes is regarded as the pioneer call center in the Philippines. Read More …

BSP Governor Amando Tetangco Jr. said outstanding loans of commercial banks grew 17.3 percent to P5.48 trillion in end-August from P4.67 trillion in end-August last year. STAR/File photo MANILA, Philippines – Bank lending growth remained steady in August on the back of strong demand from corporate and retail borrowers, the Bangko Sentral ng Pilipinas (BSP) reported yesterday. BSP Governor Amando Tetangco Jr. said outstanding loans of commercial banks grew 17.3 percent to P5.48 trillion in end-August from P4.67 trillion in end-August last year. The latest growth rate was slightly lower than the 17.7 percent expansion recorded in July. Tetangco said loans for production activities increased 17.3 percent to P4.88 trillion from P4.16 trillion and accounted for 89.2 percent of the bank’s total loan portfolio in end-June. Data showed loans to real estate activities went up 19.5 percent to P967.92 billion and accounted for 17.7 percent of the total loan portfolio, while lending to the manufacturing sector increased 7.7 percent to P766.86 billion for a 14 percent share. Loans to the wholesale and retail trade as well as repair of motor vehicles and motorcycles rose 15.9 percent to P757.57 billion for a 13.8 percent share, while lending to electricity, gas, steam and airconditioning supply surged 30.9 percent to P634.28 billion for an 11.6 percent share. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 On the other hand, loans for household consumption went up 20.3 percent to P436.23 billion in end-August from P362.65 billion in end-August last year. Statistics showed motor Read More …

MANILA, Philippines – Globe Telecom Inc. has obtained a P7 billion loan from Union Bank of the Philippines for capital expenditures for projects intended to address the consumers’ growing demand for data. The Ayala-led telco said it signed a 10-year term loan facility with Union Bank. “The loan shall be used to finance the company’s capital expenditures,” Globe said. For this year, Globe has allotted P35.4 billion capital expenditures, with the bulk to be spent for data-related projects. These projects include the rollout of LTE (Long Term Evolution) or the fastest wireless data service commercially available, improving capacity and coverage of 3G and HSPA+ (Evolved High-Speed Packet Access) which is an upgrade to existing 3G technologies, and modernization of fixed line data infrastructure as well as requirements for transmission facilities. Earlier, Globe also secured a P20 billion loan from Metropolitan Bank and Trust Co. to fund its acquisition of half of the telco assets of San Miguel Corp. (SMC). Globe and rival PLDT Inc. purchased the telco assets of SMC for P70 billion last May 30. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Following the transaction, Globe and PLDT gained access to frequencies including the 700 Megahertz (MHz) band which provides wider coverage and better indoor penetrability, previously held but not used by SMC. Both telcos are already using the new frequencies. Globe president and CEO Ernest Cu said earlier the telco expects to activate 500 cell sites with the 700 MHz band before the end of the Read More …