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PSE eyes more products to sustain stock market’s growth momentum

Economy

Dec 032013

PSE eyes more products to sustain stock market’s growth momentum

MANILA, Philippines – The operator of the country’s sole stock seeks to sustain the growth momentum in market activity through investor-friendly rules and products. The newly-introduced Philippine Stock Exchange (PSE) and the Singapore Exchange (SGX) index futures and soon-to-be-launched shariah list, as well as several new rules will stimulate investor appetite, its top official said. “We need to do more work in terms of turning on more products,” said PSE president and CEO Hans B. Sicat. He said the PSE is optimistic for 2014 given ample liquidity despite uncertainties in the first quarter. “So far, we’re up 50 percent if you’re going to take a look at the daily average trading values,” Sicat said. The local stock market is enjoying local and foreign investor interest given the investment grade rating of the Philippines and robust economic and corporate growth. “The market activity shows that there is also a higher level of confidence,” Sicat said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Moving forward, the PSE is committed to introducing more products and rules. The PSE and SGX recently launched the Philippines-linked derivatives products. “We are very excited about this partnership with the SGX because we think this will allow foreign investors improved flexibility in trading our market,” Sicat said. “While the intention is to ultimately have our own futures products traded at the PSE, this particular partnership provides us an opportunity to learn how to develop a futures market,” he added. On Monday, First Metro Philippine Equity Exchange Read More …

Phl hosting of APEC still a go, says P-Noy

Economy

Dec 032013

Phl hosting of APEC still a go, says P-Noy

MANILA, Philippines – The Philippines’ scheduled hosting of the Asia-Pacific Economic Cooperation summit in 2015 will push through despite a proposal from a Cabinet member to cancel it, President Aquino assured yesterday. “There’s a proposal. But I was saying that is there a need to do so? I don’t… At this point, I don’t agree,” he told officers and members of the weekly Bulong Pulungan forum of mostly female veteran journalists at the Sofitel Plaza in Pasay City. Aquino’s statement was in reply to a query from a businesswoman Sandee Masigan who wanted to hear it from the Chief Executive whether the report was true, since backing out of the APEC 2015 hosting would definitely not do the country any good. “If it will make the Cabinet or everybody in government feel better, we from the business sector are like really behind you, and we wish and hope and pray that we push through with APEC,” she told the President. Masigan has since been looking forward to the hosting in Manila. “It’s really going to do the country a world of good. So we’re all behind you, if you need anything, we’re all here from the business sector.” Aquino nonetheless defended the Cabinet member who made the proposal. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “In fairness to that particular Cabinet member, iyung given the enormity of the reconstruction, rehabilitation efforts for Yolanda, he was thinking na shouldn’t this be the sole priority, in a sense, at this Read More …

Gov’t may end up operating Malampaya project – Petilla

Economy

Dec 032013

Gov’t may end up operating Malampaya project – Petilla

MANILA, Philippines – The government may end up operating the Malampaya deep water gas-to-power project if it decides not to extend the service contract of the consortium led by Shell Philippines Exploration B.V. (SPEx), Energy Secretary Carlos Jericho Petilla said. Petilla said if the consortium’s offer is not that good, the government may opt to just run the project after SPEx’s contract expires in 2024. At the same time, he also said that the government may agree to extend the contract by 15 to 25 years if SPEx submits a proposal that is advantageous to the government. “I am after what we will get in return. I am asking Shell, what is your offer? If it is the same, the government can just run it,” Petilla told reporters. The consortium is asking for an extension given the possibility of more oil and gas in the 83,000-hectare project in Northwest Palawan. Petilla said the consortium has not made any offer yet, which is why the Department of Energy has not made any decision on the group’s plan to extend its Malampaya contract for 15 years. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The government earlier targeted to decide on the matter this year. “They have not given anything at this point,” Petilla said. While he declined to provide details on what a “good offer” would be, Petilla said it should be “significantly better” than the terms of the existing contract. The Shell-led consortium wants a 15-year extension of Service Read More …

Review of PJEPA set next year

Economy

Dec 032013

MANILA, Philippines – The Department of Trade and Industry (DTI) is set to start the review of the Philippines-Japan Economic Partnership Agreement (PJEPA) next year with the view of pushing for more benefits for agriculture products and movement of natural persons. “Next year, we will undertake a review of the PJEPA,” DTI assistant secretary Ceferino Rodolfo said during the National Export Congress 2013 yesterday. The review is intended to see how the deal could make trade policies more responsive to the country’s needs. Rodolfo said that part of the review would cover how to improve terms for entry of agricultural products as well as for the movement of natural persons. The PJEPA which came into effect in 2008 seeks to strengthen the economic relations of the Philippines and Japan. The bilateral agreement covers free flow of trade in goods, services, persons and capital. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Rodolfo noted that since the PJEPA came into effect, trade between the Philippines and Japan have grown by more than five times. Japan is the Philippines’ top export market, with outbound merchandise shipments to that country valued at $9.88 billion in 2012. In terms of imports, Japan is the Philippines’ third biggest source, with imports valued at $6.45 billion in 2012. Since the PJEPA came into force, Rodolfo said investments made in the Philippines from Japan have surged to P69 billion last year from just P16 billion in 2008. Japan is among the top sources of foreign investments Read More …

BSP bats for more reforms Stronger insolvency framework pushed

Economy

Dec 032013

BSP bats for more reforms Stronger insolvency framework pushed

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) said the country needs a stronger insolvency framework to reduce the losses incurred by the bankrupt firms’ creditors. “We really need a stronger insolvency framework and this weakness is not only true for the Philippines but it’s also true for other countries, as highlighted by the Asian financial crisis (in 1998),” BSP Governor Amando M. Tetangco Jr. told reporters on the sidelines of the Forum on Asian Insolvency Reform. “A number of reforms have already been implemented but the task now is really to improve the quality… not only the framework but also the implementing agencies have to be empowered,” Tetangco said. Tetangco explained that weak insolvency systems were one of the key problems of Asian markets that eventually led to the Asian financial crisis in 1998. Tetangco said the government needs to focus on the proceedings following a company’s declaration of bankruptcy, specifically the liquidation and division of remaining assets to creditors. “Having a well-developed insolvency law is important for the development of an effective insolvency system. But this is not enough, as we have seen in countries that have modernized their laws. We need to ensure its proper, effective and timely implementation,” Tetangco said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “It is equally important thereforeto focus on developing strong institutions that would interpret and implement the laws. Combined, a well-developed insolvency law and strong institutional capabilities provide a good foundation for a smoothly functioning insolvency system,” Read More …

Insular Life resumes operations in Tacloban, Ormoc

General

Dec 032013

Insular Life resumes operations in Tacloban, Ormoc

MANILA, Philippines – Insular Life has resumed operations in Tacloban and Ormoc after being shut down by Super Typhoon Yolanda, which devastated parts of the Visayas when it hit the region on Nov. 8. The company’s Tacloban City office opened its doors to policyholders and their beneficiaries on Nov. 26 amid piles of debris, intermittent communications connection, and crippled basic facilities. “We would have wanted to open earlier because our building sustained only minor damage. However, the city was virtually a war zone — residential houses were blown away, roads unpassable due to debris and fallen electric posts, no electricity, water, transportation, communication and government services,” said Insular Life chairman and CEO Vicente R. Ayllon. Company employees and agents in Tacloban also suffered some personal losses, and needed to be given time and assistance to attend to their concerns, he said in a statement. “A team from our head office and Cebu was deployed to provide the much-needed services to our policyholders,” he added. Its office in Ormoc resumed operations last Monday (Dec 2). In Tacloban, Insular has been able to service death claims, policy loans and dividend withdrawals, and even accepted premium and policy loan payments. But due to the absence of stable communications, electricity, water and other vital facilities, its workers are only able to provide limited services and operate on shortened business hours. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Company officials, said however, this is temporary and they will try to be fully operational Read More …

Money supply expands to P6.3 T in October

Economy

Nov 302013

Money supply expands to P6.3 T in October

MANILA, Philippines – Demand for money continues to grow in October as domestic liquidity (M3) rose 32.5 percent year-on-year to P6.3 trillion, Bangko Sentral ng Pilipinas (BSP) data showed. The rise was slightly faster than the 31.3 percent expansion recorded in September. M3 is one of the economic indicators being watched closely by the central monetary authority as this may have an impact on the country’s inflation rate. It consists of money supply, peso, savings and time deposits and deposit substitutes of money generating banks or deposit money banks. If the M3 level is high, this means there is too much money in the financial system. which may trigger inflationary pressures. On a month-on-month basis, seasonally-adjusted M3 increased two percent, similar to the expansion record the previous month. The BSP attributed the money supply growth to the sustained expansion in domestic claims, or credits to the domestic economy. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Domestic claims grew 11.6 percent in October from 10.9 percent in September due to the continued increase in claims on the private sector (16.2 percent), in line with the sustained growth in bank lending. Net claims on the public sector, on the other hand, rose five percent in October, largely as a result of the increase in credits to the government. Net foreign assets (NFA) also grew 10.5 percent, from 7.7 percent in September. The BSP said its NFA position improved on the back of robust foreign exchange inflows from remittances, BPO receipts Read More …

Sales and numbers

Economy

Nov 302013

People from the sales department are so dynamic and noisy, while people from the finance or accounting department are usually quiet and serious. Oftentimes, they clash. But sales and numbers shouldn’t clash. Sometimes, it’s dangerous to have a finance person head an organization. Sometimes, the numbers person just sees numbers and doesn’t see potential. Cost-cutting is done here and there, but risks aren’t taken in order to expand a business. I’ve spent many years in business consultancy, and while I don’t discount the necessity of cost cutting and being financially prudent, I’ve yet to see a company that has shrunk its way to greatness. Sometimes it’s also dangerous to have a sales person head an organization, especially if the sales executive isn’t interested in numbers. Coming from a sales background, he or she is most probably a “Can Do! Will Win! Rara-rara!” person and may be obsessed with just bringing in the sales, viewing any kind of company policy either a stumbling block or a stepping stone. This may bring the company to the ground. The head of an organization needs to be a finance person who’s also a people person, somebody equipped with financial prudence, yet optimistic and excited with possibilities. The top honcho of the organization should also be a sales person who understands the importance of numbers, and carries enough fiscal sense to be careful in taking risks. In other words, you need to have a finance person who’s a salesman and a salesman who’s a finance Read More …

Learn how to collect debts without using a lawyer

Economy

Nov 302013

Learn how to collect debts without using a lawyer

MANILA, Philippines – Good news! 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 Thursday, Dec. 12, 2013 at the EDSA Shangri-la Hotel, Mandaluyong City, Philippines. The establishment of the Small Claims Court has made settlement of collection cases 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 Read More …

Local banks urged to prepare for Asean integration

Economy

Nov 302013

Local banks urged to prepare for Asean integration

MANILA, Philippines – Local banks should start preparing for the ASEAN 2015 integration to be able to compete with their counterparts in the region, results of a recent survey by Sungard, one of the world’s leading software and technology services companies, noted. “There is a strong potential that local banks may compete with other banks in the region but they have to be prepared for it,” Sungard vice president of product management for retail banking business Dean Young said. Young said it would be best for local banks to jumpstart efforts to improve their customer relations. Though there have been indications based on Sungard’s latest survey that Filipino depositors have strong ties and are loyal to their primary banks, there is still a possibility that depositors may tap other banks if they are performing better than the existing local banks. Although the Philippine economy has moved up 30 spots in the latest Ease of Doing Business 2014 Report released by the World Bank and International Finance Corp., new consumer research undertaken by Sungard has found that banks in some of the world’s fastest-growing emerging markets are still struggling to meet evolving customer expectations. In the Philippines, Sungard said banks have yet to leverage customer demand for an improved, integrated customer multichannel experience. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “This is negatively impacting the customer experience and driving a trend towards multiple banking relationships, which could affect future profitability and agile growth,” the survey said. “Despite the fact Read More …

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