philstar.com – Business – Page 178

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Jobless rate drops to 6.5%

Economy

Dec 102013

MANILA, Philippines – Joblessness in the country declined in October compared to the same month a year ago with more individuals finding work, the National Statistics Office (NSO) reported. The Labor Force Survey released by the NSO yesterday showed that the unemployment rate was estimated at 6.5 percent in October, down slightly from 6.8 percent in the same month last year. The NSO noted that the number of jobless Filipinos fell to 2.602 million this year from 2.763 million a year ago. “Among the regions, the NCR (National Capital Region) continued to have the highest unemployment rate,” the NSO said. The jobless rate in the region was estimated at 10.2 percent in October compared to the 11 percent in the same month last year. The statistics agency also noted that majority or 64.4 percent of those without jobs were males. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 In terms of educational attainment, 21.4 percent of the unemployed were college graduates, 13.9 percent were college undergraduates, and 33.5 percent were high school graduates. Of the estimated 63.109 million population of those aged 15 years and over in October, the NSO said 37.733 million individuals were employed, up from the 37.670 million in the previous year. Of the total employed persons, most or 53.4 percent were in the services sector. Those in the agriculture sector comprised the second largest group, with its 31.4- percent share, while the balance or 15.2 percent was accounted for by the industry sector. The number Read More …

Sun Life banks on new products for growth

Economy

Dec 102013

Sun Life banks on new products for growth

MANILA, Philippines – Sun Life Asset Management Co. Inc. (SLAMCI) is targeting an expansion in its assets under management (AUMs) by 20 to 30 percent to P40 billion next year, driven by more distribution channels and new products. SLAMCI president and chief executive officer Valerie Pama said the fund manager is looking at a 20 to 30 percent growth next year. SLAMCI is the fund manager of Sun Life Financial-Philippines. “That will be achieved through additional agents, looking for new distribution partners including banks and non-bank channels,” Pama said in a press briefing yesterday. Already in the pipeline is a peso-denominated balanced fund seeking approval from the Securities and Exchange Commission (SEC). It also expanded its partnerships with 10 bank institutions including Citi NA and the Rizal Commercial Banking Corp. (RCBC), and is eyeing new relationships with non-bank financial institutions. SLAMCI will also be expanding its retail market base as it has already lowered its initial minimum placement to P5,000 from the original P10,000, and additional placements as low as P1,000. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “We want to expand to a wider base and the regions,” Pama added. Recently, the fund manager launched SLAMCI MF Online, an Internet-based dealing facility, which allows clients and investors to perform mutual fund transaction such as adding, transferring and redeeming shares. As of end-November this year, SLAMCI’s total AUMs rose to a record P32 billion. SLAMCI manages seven mutual funds under the Sun Life Prosperity (SLP) family of funds, Read More …

SEC issues new rules on corporate names

Economy

Dec 092013

MANILA, Philippines – The Securities and Exchange Commission (SEC) is rationalizing the guidelines on the use of corporate and partnership names. The new rules simplify the identification of a company based on the nature of its business, avoiding confusion for the investing public, the corporate regulator said. In a memorandum, SEC said it came up with the Omnibus Guidelines and Procedures on the Use of Corporate and Partnership Names “to keep abreast with developments in business and information technology in the country.” “The SEC shall, for the protection of the public interest and other justifiable causes, disallow the use of names that, in its judgment, are misleading, deceptive, confusingly similar to a registered name, or contrary to public morals, good customs or public policy,” the agency said. The corporate regulator said corporate names should contain “Corp.” or “Inc.” but partnerships are required to bear “Co.” or “Ltd.” A professional partnership name may include “Co.,” “Associates” or “Partners.” “A term that describes the business of a corporation in its name should refer to its primary purpose,” SEC said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “The name shall not be identical, misleading or confusingly similar to a corporate or partnership name registered with the SEC, or with the Department of Trade and Industry, in the case of sole proprietorships,” it added. The corporate watchdog also prevented companies from using punctuation marks, spaces, signs and symbols to differentiate a proposed name from a registered entity. “The name of an internationally Read More …

Index retreats for 5th straight day

Economy

Dec 092013

MANILA, Philippines – The local bourse retreated for the fifth straight day yesterday, ignoring the climb in Asian and global markets. The Philippine Stock Exchange index eased 0.10 percent or six points to 6,008.90, recovering from the intraday low of 5,989.08. The broader all shares index fell 0.21 percent or 7.67 points to 3,680.80. “Against a backdrop of optimism that covers the rest of Asia, Philippine shares started the week on the same footing it ended the previous four sessions,” Justino Calaycay Jr., an analyst at Accord Capital Equities Corp. Given the historical average increase of the main index during December, Calaycay said “the best the index could hope for would be around 6,400. Anything above it will be a welcome surprise.” Wall Street gained on Friday amid stronger-than-expected US job creation last month. The Dow Jones Industrial average rose 1.26 percent or 198.69 points to 16,020.20, while the broader Standard & Poor’s 500 index added 1.12 percent or 20.06 points to 1,805.09. Japan’s Nikkei 225 rallied 2.29 percent or 350.35 points to 15,650.21, while Hong Kong’s Hang Seng index picked up 0.29 percent or 68.07 points to 23,811.17. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Most counters were in the red, paced by property firms that shed 1.18 percent or 27.81 points to 2,320.95. But holding firms improved 0.78 percent or 42.86 points to 5,537.86. The value of shares traded slipped to P4.58 billion from P5.9 billion on Friday. Decliners outpaced advancers, 99 to 53, while 40 Read More …

ALI unit seeks BOI perks

Economy

Dec 092013

MANILA, Philippines – Ayala Land Inc.’s mass housing unit is seeking incentives from the Board of Investments (BOI) for the expansion of its project in Quezon City. The BOI said Amaia Land Corp. “is applying for registration with the BOI as expanding developer of low-cost mass housing project (Amaia Skies Cubao Tower 3) with a total capacity of 1,043 low-cost mass housing units on a non-pioneer status.” The project is located at EDSA and 5th Avenue, Brgy. Socorro in Cubao. The firm can qualify for income tax holidays if its application would be approved by the BOI. To attract investments, the BOI grants incentives to firms which engage in activities being promoted by the government. Every year, the BOI comes up with the Investment Priorities Plan (IPP) which identifies activities that can qualify for incentives. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Mass housing is listed as a preferred activity in the 2013 IPP. Other preferred activities in the IPP are agriculture or agribusiness and fishery; creative industries or knowledge-based services; shipbuilding; iron and steel; infrastructure; research and development; green projects; motor vehicles; strategic projects; hospital or medical services; and disaster prevention, mitigation and recovery projects. The 2013 IPP also has a mandatory list covering industries that require their inclusion as provided for under existing laws and covers export activities as well as priority activities identified by the Regional BOI of the Autonomous Region in Muslim Mindanao.

BCDA allots P76 M for Poro Point roads

Economy

Dec 092013

MANILA, Philippines – The Bases Conversion and Development Authority (BCDA) is spending about P76 million for three road projects for improved access to the Poro Point Freeport Zone (PPFZ) in La Union. In a statement, the BCDA said the three projects, which were recently launched by the Department of Public Works and Highways (DPWH), are the construction of the road leading to the Poro Point Lighthouse; repair of the road leading to the Poro Point Management Corp. (PPMC) and upgrade of the road leading to the San Fernando Airport. The BCDA and its subsidiary PPMC identified the Poro Point road projects which the DPWH would execute. BCDA president and chief executive officer Arnel Paciano Casanova said the initiative is in line with the BCDA’s mandate to be a catalyst for national growth and development. “The PPFZ is a key economic driver in the region, and these road projects will make it more accessible to tourists and locators,” he said. Under Republic Act (RA) 7917 which amended Section 8 of RA 7227 or the Bases Conversion and Development Act, the BCDA should set aside 27.5 percent of its earnings for infrastructure projects, including the construction and upgrade of highways, railways and other transport facilities to improve access to former military bases. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 PPMC board chairman Ives Nisce said the road projects would boost tourism and economic activities in the Freeport zone, particularly the annual Sillag Festival, one of San Fernando’s biggest tourist draws. Read More …

Cebu Pacific adding HK-Mla daily flights

Economy

Dec 092013

Cebu Pacific adding HK-Mla daily flights

MANILA, Philippines – The Philippines’ leading low-cost carrier, Cebu Pacific Air is adding one more daily flight between Manila and Hong Kong during the Christmas peak season to accommodate increased travel demand to Hong Kong. Utilizing Airbus A320 aircraft, CEB will operate a total of five daily Manila-Hong Kong-Manila flights on the following days only: December 20-23, 26-30, 2013 and January 2-5, 2014. The flight departs Manila at 11:30 p.m. and arrives at 1:30 a.m. he next day. The return flight departs Hong Kong at 2:15am and arrives in Manila at 4:15am. “We hope to give more travelers the chance to visit Hong Kong this Christmas holidays, especially with the festive activities lined up this season. With up to five daily flights between Manila and Hong Kong, guests can definitely pick the most convenient flight schedule that is perfect for their travel plans,” said CEB VP for marketing and distribution Candice Iyog. Aside from Manila, CEB flies from Cebu, Clark and Iloilo to Hong Kong. Business ( Article MRec ), pagematch: 1, sectionmatch: 1

DBM releases P3.38 B to NHA for housing dev’t

Economy

Dec 032013

DBM releases P3.38 B to NHA for housing dev’t

MANILA, Philippines – The Department of Budget and Management approved the release of P3.38 billion to the National Housing Authority (NHA) for the continued implementation of its housing development and settlement program. The money will be used to cover the construction and completion of off-city housing projects which include 3,086 housing lots as well as address the perennial flooding in several problematic areas in Metro Manila by relocating informal settler families to safer ground. “The Aquino administration still prioritizes the implementation of housing projects and the relocation of informal settler families from pre-determined danger areas , especially because we continue to experience the effects of the rainy season and the risks associated with storms and weather disturbances,”DBM Secretary Florencio “Butch” Abad said. “At the end of the day, the primary goal is to prevent the potential loss of property and lives caused by flooding, primarily through the provision of safe housing alternatives to our informal settlers,” he added. As of August 2013, the NHA has already spent P3.82 million for the development of 12,941 off-city lots, of which 12,291 housing units have been constructed. This benefited about 6,511 families. The money was likewise used to beef up its land holdings. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 According to the DBM, a total of 24,851 new housing units will be built upon completion of the housing program in 2014. The P3.38 billion cash funding, sourced from 2011 savings, was transferred to the NHA from the Bureau of Treasury Read More …

DOTC eyes system to monitor bids for major infra projects

Economy

Dec 032013

DOTC eyes system to monitor bids for major infra projects

MANILA, Philippines – The Department of Transportation and Communications (DOTC) is set to put in place a system that would monitor all major infrastructure projects from the development of terms of reference up to the issuance of notice to proceed. The agency is looking for a consultant for the development of a Bidding Process Monitoring System (BIDPMS) to monitor and track the bidding of various projects. The system would also make sure that all bidding process being undertaken by the DOTC follows the strict guidelines set up in the implementing rules and regulations of RA 9184 or the Government Procurement Reform Act. The DOTC is in charge of the implementation of transportation projects covering infrastructure and feasibility studies. “Transportation infrastructures are important support services to cater to the various needs of the country covering tourism, agriculture and other economic activities to foster and accelerate the growth of the country,” the agency said. The system, the DOTC added, would be fully accessible to the stakeholders and implementors to see the progress of the bidding of major projects. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The DOTC is currently bidding out major public-private partnership (PPP) projects led by the P65 billion Light Rail Transit line 1 (LRT1) Cavite extension project, the P17.5 billion Mactan Cebu International Airport expansion project, and the P1.7 billion Automated Fare Collection System (AFCS) project.

SEC rationalizing penalties for corporate violations

Economy

Dec 032013

SEC rationalizing penalties for corporate violations

MANILA, Philippines – The Securities and Exchange Commission (SEC) is rationalizing its guidelines in penalizing companies that violate licensing, reportorial and regulatory requirements. Stiffer penalties and sanctions are seen to dissuade firms from committing violations while beefing up the agency’s funds to upgrade its manpower and monitoring systems, the SEC said. In a public notice, SEC said it formulated the Consolidated Scale of Fines and Penalties now open for public comment. “The clarity of obligations and understandability of the consequences of violations is attained when the fines and penalties are updated and contained in one issuance,” the SEC said. Hence, the corporate regulator said it is ideal for it to adopt a consolidated scale of fines covering the sanctions for violations of the various laws and rules. Specifically, the proposed rules took into consideration the guidelines that took into effect since 2002 like the rules for non-compliance on reportorial requirements, revised guidelines on foundations and scale of penalties for lending companies. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Under the revised scale, violations will be presented according to three dimensions: licensing that focuses on market activities without prior registration; reportorial that highlights non-submission or late filing of records; and operational, prudential and other requirements that take on failure to perform a prescribed activities or adopt a mandated principle, standard or procedure. The SEC has posted a steady increase in its collection of fines and penalties, hitting P213.73 million last year from P199.02 million in 2011, P148.96 million in Read More …

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