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BSP sets release of new coins

Economy

Dec 182013

MANILA, Philippines – Filipinos may soon be using new coins as early as 2015 as the Bangko Sentral ng Pilipinas (BSP) is finalizing the design and features of the currency. “We are now discussing the new generation coins… A committee is now discussing the design for the new coins and by 2015, this is expected to be finalized,” BSP Deputy Governor Diwa C. Guinigundo said. “So probably by 2015 or 2016, we will be launching the NGC (new generation currency) coins,” he added. Guinigundo further said the design and make of the coins will have to be approved first by the BSP Governor and the President before they are launched to the public. The new coins will match the new generation bank notes launched in late 2010 and may have lesser metal content. At the same time, new technologies to prevent counterfeiting will be introduced, along with features that would help the blind distinguish between the denominations.

The Go Negosyo Bill

Economy

Dec 182013

Sen. Bam Aquino with Go Negosyo’s Executive Director Mon Lopez at the Senate for the GO NEGOSYO BILL sponsorship. For the past eight years, Go Negosyo, thru the entrepreneurs who have become part of this journey of empowering the marginalized sector of negosyantes which is the micro-entrepreneurs, they, the entrepreneurs continue to remain passionate in sharing their resources. The movement of people empowerment is clearly what is needed to help those at the bottom of the pyramid to start to feel the economic benefits that our country over the past three years has started to enjoy. We talk about inclusive growth, well, this is it. Last Tuesday, we had the privilege of attending the Senate session for the sponsorship of the GO NEGOSYO BILL by Sen. Bam Aquino who, himself, is also a leading social entrepreneur in the country today, with his empowering Hapinoy program for the nanays in the sarisari store retailing business. He understands the plight of the small and micro entrepreneurs. What was admirable in his talk was his continuous commitment to make a difference, by aiming to reduce poverty as the bill’s main goal, and this can be achieved by empowering the micro and small enterprises, to level-up and beat the odds in business. We are one with that objective ever since we started the Go Negosyo advocacy eight years ago, and Bam has been one of the strongest advocates, joining us in many parts of the country, inspiring and mentoring especially the young aspiring entrepreneurs Read More …

Tan, SMC to finalize PAL stake sale next yr

Economy

Dec 182013

Tan, SMC to finalize PAL stake sale next yr

MANILA, Philippines – Negotiations for the sale of the majority stake in flag carrier Philippine Airlines Inc. (PAL) with San Miguel Corp. (SMC) are expected to be finalized by next year. PAL chairman and chief executive officer Lucio Tan told reporters in a chance interview yesterday that his group is in talks with SMC for the sale of the 51-percent stake in the airline. He said he expects the negotiations for the sale to be completed “by early next year.” Should Tan’s group decide to sell its 51-percent stake to SMC, the carrier will become wholly-owned by SMC which currently holds a 49-percent share. In April last year, SMC infused $500 million for the purchase of a 49-percent equity interest in Trustmark Holdings Corp. Trustmark owns 97.71 percent of the airline’s parent firm PAL Holdings Inc., which owns 84.67 percent of PAL through PR Holdings Inc. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The carrier has embarked on a refleeting program since SMC’s entry. The refleeting program involves the acquisition of 100 new aircraft in preparation for its flights to Europe and additional flights to the US. PAL expects to save as much $400 million from fuel and maintenance costs each year as part of the refleeting program. It now operates a fleet of 48 aircraft composed of 10 Airbus 330-300, 12 A320-200, eight 340-300, five A321-231, four A319-100, five Boeing 777-300ER and four 747-400.

Globe sees slower Q4 revenue hike due to Yolanda

General

Dec 182013

Globe sees slower Q4 revenue hike due to Yolanda

MANILA, Philippines – Ayala-led Globe Telecom Inc. said it expects lower revenues in the fourth quarter of the year due to the extensive devastation in the Visayas region brought about by Super Typhoon Yolanda. Globe president and chief executive officer Ernest Cu said in a statement that the damage caused by the typhoon that battered the Visayas last Nov. 8 likely dampened the company’s revenue growth in the last quarter of the year. Cu said Globe expects lower revenues amid the expected surge in voice calls and short messaging system (SMS) during the holiday season as the extensive damage caused by the typhoon likely affected domestic spending in the last quarter. “Notwithstanding the usual seasonal increase in both SMS and voice traffic during the holiday season, fourth quarter revenues may not be as strong as in prior years due to softer demand for telco services in the affected areas and possible cutbacks in telco-related spending on the part of subscribers as they donate these instead to the relief and rebuilding efforts of the government and private sector,” he stressed. Cu also emphasized that the typhoon damage on the network is not expected to have long-term negative impact on revenues. According to him, the company’s restoration effort in the Visayas region is almost complete. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “As a utility company, we have made it our priority to restore mobile services in typhoon-affected areas as soon as possible,” he added. The company’s net income plunged Read More …

ADB mulls increasing loan to Phl for Yolanda reconstruction

Economy

Dec 132013

ADB mulls increasing loan to Phl for Yolanda reconstruction

MANILA, Philippines – The Asian Development Bank (ADB) is looking at increasing its loan assistance to the Philippines from $500 million to $850 million for the reconstruction of areas affected by typhoon Yolanda. “We are considering to give additional $350 million by the end of the year,” ADB President Tahehiko Nakao said on Friday. The multilateral financial institution has earlier given the Philippines a $23-million grant after the typhoon, $3 million of which were given on Nov. 14. Nakao said the amount, used for the immediate needs of victims, came from the Asia Pacific Disaster Response Fund. The remaining $20 million will come the Japanese government’s Japan Fund for Poverty Reduction. Despite the devastation caused by the strongest typhoon to hit earth this year, the ADB president said it will maintain its 7-percent growth forecast for the Philippines in 2013 and 6.1 percent next year. “It will be offset by the very strong domestic demand in the country on the whole… there’s several quarters the growth that is higher than expected,” he said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Socioeconomic Planning Secretary Arsenio Balisacan earlier said regions of Eastern Samar, Panay and Central Visayas which were damaged by the typhoon contribute as much as 12 percent to the country’s overall economic growth. He said the typhoon may negatively affect the fourth quarter economic growth between .3 and .8 percent.

US job openings reach 5-year high, a hopeful sign

Economy

Dec 122013

US job openings reach 5-year high, a hopeful sign

Employment opportuniy banners stand in the foreground as retired US Navy Chief Jerome Porter, of Atlanta, talks with a recruiter during a job fair for veterans at the VFW Post 2681, in Marietta, Ga. (AP Photo/David Goldman) WASHINGTON — U.S. employers advertised the most job openings in more than five years in October, and the number of people quitting also reached a five-year high. The Labor Department said Tuesday that job openings rose 1 percent to a seasonally adjusted 3.93 million. That is the highest figure since May 2008, three months after the Great Recession began. And the number of workers who quit rose 2.5 percent to 2.39 million, the most since October 2008. More workers quitting can signal a healthy job market, because most of those people likely either have a new job or are confident they can find one. Total hiring, though, slipped 2.6 percent to 4.5 million after reaching a five-year high in September. Still, overall hiring has risen 5.2 percent in the past year. More hiring, job openings and quits point to a more dynamic job market. That trend creates more opportunities for people out of work or looking for a new job. Another positive sign in the report: Layoffs plunged 16 percent to 1.47 million, the lowest level on records dating to 2001. Still, while fewer layoffs are welcome, businesses need to step up hiring to more quickly reduce the still-high unemployment rate of 7 percent. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Read More …

Public warned vs fake SSS checks

Economy

Dec 122013

MANILA, Philippines – The Social Security System is warning the public, especially small establishments, against unscrupulous individuals who are passing off fake SSS checks. The warning was issued following a report from SSS La Union branch officer-in-charge Francisco F. Pentecostes that a phony check was encashed from a grocery store amounting to P9,000. “We want to remind everyone to be more prudent in accepting SSS checks being encashed to them. The fake SSS check that was encashed may look authentic for someone who is not familiar with the SSS check. But if placed side by side with the real SSS check, one can see a lot of inconsistencies,” the pension fund said. According to the SSS, the fake SSS check was allegedly issued by Land Bank of the Philippines Baguio City Branch but the account from which it will be drawn is from Land Bank Tarlac Branch. “The SSS check also indicated two different account numbers and the signatures are not by authorized signatories of the agency,” SSS said. The pension fund pointed out that authentic SSS checks only have one account number which is located above the check date and at the bottom part of the check, unlike the fake one which contained two different account numbers. The SS number of the member-payee is also printed on the check while such information is not found on the fake check. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Most importantly, the SSS president is the only signatory for all Read More …

BSP keeps key rates steady

Economy

Dec 122013

MANILA, Philippines – The Bangko Sentral ng Pilipinas decided yesterday to keep its key policy rates steady amid a manageable inflation environment. The BSP’s overnight borrowing and lending rates were maintained at 3.5 percent and 5.5 percent, respectively. Interest rates on special deposit accounts facility and the reserve requirement ratios were also left unchanged. “The Monetary Board’s decision is based on its assessment that the inflation environment remains manageable,” BSP Governor Amando M. Tetangco Jr. said in a briefing. The country’s average inflation rate of 2.8 percent for the first 11 months of the year was still below the BSP’s full-year target range of three to five percent. “While inflation forecasts have slightly risen due to the recent increase in global oil prices, utility rate adjustments, and the impact of the recent typhoons, the future inflation path continues to be within the target over the policy horizon since the uptick is expected to be largely transitory,” he added. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Market expectations of inflation remain consistent with the target range,” he added. The Monetary Board expects inflation to average 2.9 percent this year, slightly below its previous forecast of three percent announced in October. But the central bank hiked its 2014 inflation forecast to 4.5 percent from four percent on the back of higher oil prices, power adjustments and the impact of recent natural calamities. The 2015 inflation forecast, meanwhile, has been downgraded to 3.2 percent from 3.4 percent. The Monetary Board is Read More …

S&P expects Phl to remain fastest growing in Asean

General

Dec 122013

S&P expects Phl to remain fastest growing in Asean

MANILA, Philippines – Standard & Poor’s Financial Services (S&P) said the Philippines will continue to reflect strong growth in 2014 compared to the rest of the countries in the Association of Southeast Asian Nations (Asean). In a report, S&P said while Asean member nations are expected to exhibit steady growth moving towards 2014, the Philippines would once again post the strongest growth in the region. Rising household indebtedness has weighed on consumption in Thailand and Malaysia, while Indonesia is facing tighter monetary settings that were put in place to rein in the current account deficit. “Of this group, only the Philippines looks like growth will continue at a high pace, particularly as rebuilding efforts begin after the disastrous typhoon that hit the country,” the report said. S&P’s baseline outlook for Philippine gross domestic product (GDP) growth rate remains at seven percent, but would likely taper to 6.4 percent in 2014 and at six percent in 2015. Assuming negative external conditions and weak reconstruction efforts for the devastation of the super typhoon and earthquake, next year’s growth could slow down to 5.7 percent and 5.4 percent in 2015, S&P added. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 But if the economy can weather external pressures and swiftly take advantage of opportunities in the rebuilding phase, a seven-percent growth rate in 2014 is possible and 6.8 percent the following year, it pointed out. Inflation will remain well under control across most of the region as slower growth and existing output Read More …

BSP stands ready to curb peso volatility

Economy

Dec 112013

BSP stands ready to curb peso volatility

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) said yesterday it stands ready to curb any excessive volatility in the peso’s movements against the dollar. BSP Governor Amando M. Tetangco Jr. said this amid the weakening streak of the peso, which went back to 44-to-a-dollar level last Monday. “As we understand it, the peso weakness over the past couple of days is partly due to real demand for specific import requirements and partly due to some portfolio adjustment of funds in reaction to Fed (US Federal Reserve) tapering concerns,” Tetangco said. “We are closely monitoring developments, and, as is our policy, will maintain a strategic presence in the market, as needed to curb excessive volatility in foreign exchange rate movements,” he added. The peso on Wednesday closed at a 44.12 per dollar, strengthening from Tuesday’s finish of 44.29:$1. Tuesday’s close was the lowest since Sept. 6. Eduardo Francisco, president of BDO Capital & Investment Corp., said foreseen rise in remittances due to the Christmas may partly strengthen the peso before the year ends. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “[I] believe it will remain weak but hope it will be back to 43.50:$1 level by year end as more remittances come in,” he said. Historically, the volume of remittances are highest during December due to the Christmas season. But the central bank earlier noted the volume may even be higher this year as Filipinos abroad may send more to their families following the devastation of recent Read More …

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