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DTI to conduct more info drive on AEC

Economy

Nov 302013

MANILA, Philippines – The Department of Trade and Industry (DTI) is set to intensify its education campaign for the Association of Southeast Asian Nations (ASEAN) Economic Community (AEC) next year as part of preparations for the upcoming regional economic integration. “We are intensifying our education campaign on the AEC through larger fora four times every month starting in the first quarter of 2014,” DTI assistant secretary Ceferino S. Rodolfo said on the sidelines of a conference on the AEC. He said the plan is to conduct the fora by region, by sectors, and by issues. “Alongside these fora, the DTI will continue organizing the Doing Business in Free Trade Areas (DBFTA) sessions,” he said. The DBFTA is a series of business information sessions that provide entrepreneurs with knowledge on how to navigate and profit from the country’s free trade agreements (FTAs). Currently, the Philippines has signed seven free trade agreements, namely, the ASEAN FTA, ASEAN-China FTA, ASEAN-Korea FTA, ASEAN-Australia-New Zealand FTA, ASEAN-Japan Comprehensive Economic Partnership Agreement, Philippines-Japan Economic Partnership Agreement and ASEAN-India FTA. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Since January of this year, more than 100 DBFTA sessions have been conducted nationwide, with many focused on the AEC. The AEC, which will be in place by 2015, will transform the ASEAN into a region with free movement of goods, services, investment, skilled labor as well as flow of capital. Large market opportunities are seen to be opened by the AEC’s market of 600 million people for Read More …

Going a step further

Economy

Nov 302013

Quezon City has always been a pioneer in giving its residents a cleaner and greener place to live in. In 2009, the QC government passed its “green building” ordinance, which requires the design, construction, or retrofitting of building, other structures and movable properties to meet minimum standards of a green infrastructure. But how do we know if a building is “green” in the true sense? There are a number of green building rating systems worldwide which provide for a third-party certification, monitoring and verification system. The rating system LEED, or Leadership in Energy and Environmental Design developed by the US Green Building Council which started in 1998 and has been applied to more than 7,000 projects in the US and 30 other countries is considered as the most widely adopted and prestigious, if not the most expensive and most difficult to attain. To have LEED certification is therefore something that every developer aspires. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The planned Green School by the Multiple Intelligence International School (MIIS) in Quezon City, therefore, comes as a big boost to the city’s green building initiative. This pioneering project will be the first-ever LEED-certified educational institution in the Philippines. It carries a green, sustainable design that ensures minimal carbon footprint while, at the same time, promoting the protection of the ecosystem. It employs an innovative wastewater technology and water management facility that features a network of water collection facilities, such as rain gardens, underground storm water storage, and Read More …

FedEx delivers P430M worth of aid to typhoon-hit areas

Economy

Nov 252013

FedEx delivers P430M worth of aid to typhoon-hit areas

Ground crew receiving the relief supplies which arrived from FedEx regional hub at the Los Angeles International Airport in Los Angeles, U.S. MANILA, Philippines – FedEx Corp. has teamed up with Direct Relief and Heart to Heart International to deliver over $10 million (P430 million) worth of relief aid and medical supplies to communities ravaged by Super Typhoon “Yolanda.” The shipment, containing about 90,000 kilos of personal care and hygiene items, pharmaceuticals, and first aid kits departed from Los Angeles on November 23 and arrived at the Mactan International Airport in Cebu on November 25. “FedEx team members around the globe, in Asia Pacific and in particular the Philippines,are committed to assisting with the recovery effort,” said David L. Cunningham Jr., president, Asia Pacific, FedEx Express. “FedEx has a long history of connecting non-profit organizations with communities in need, especially in the wake of a disaster of this scale. We are privileged to be using our extensive global network and logistical expertise to bring relief supplies to victims of the typhoon.” Krystal Barr, interim chief executive officer of the humanitarian group Heart to Heart International, said they can make a positive impact for the Filipinos with the relief efforts for the typhoon victims. “With a disaster of this magnitude, it is imperative that Heart to Heart International rapidly respond with critically-needed aid and supplies,” she said. Meanwhile, Direct Relief President Thomas Tighe said the relief efforts for the typhoon-ravaged areas have logistical challenges. Business ( Article MRec ), pagematch: 1, Read More …

Landbank loans expand 16% to P280 B in 9 months

Economy

Nov 252013

Landbank loans expand 16% to P280 B in 9 months

MANILA, Philippines – State-run Landbank of the Philippines has reported a 16 percent increase in its loan portfolio to P280 billion in the first nine months of 2013, from P241.9 billion a year earlier. Landbank president and CEO Gilda Pico said most of the loans were granted to priority sectors of the government. Specifically, loans to priority sectors expanded to P221.7 billion, representing 79.2 percent of the bank’s total loan portfolio. The bank’s priority sectors comprise, among others, small farmers and fisherfolks microenterprises and SMEs, agri-aqua related projects of LGUs and GOCCs, socialized to medium cost housing, and utilities. “The consistent growth in our loan portfolio, particularly our loans to our priority sectors, is solid testament of Landbank’s aggressive support to the government’s thrust towards inclusive growth and our relentless commitment to nurture progress in the rural areas,” Pico said. As of end-September, outstanding loans to small farmers and fisherfolks reached P29.6 billion, 15 percent higher than last year. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 From January to September, loan releases to small farmers and fisherfolks amounted to P29.8 billion. The regions with the highest loan releases to small farmers and fisherfolk are Central Luzon with P6.8 billion, Central Visayas with P4.4 billion, followed by Cagayan Valley, Southern Mindanao, and Northern Mindanao with P3.9 billion, P2.7 billion and P2.6 billion, respectively. Loans to microenterprises and SMEs also grew by a hefty 21 percent from P28.7 billion to P34.6 billion while loans to socialized, low-cost and medium-cost housing Read More …

Napocor seeks automatic rate adjustments

Economy

Nov 252013

Napocor seeks automatic rate adjustments

MANILA, Philippines – State-run National Power Corp. (Napocor) applying for an automatic tariff rate adjustment mechanism before the Energy Regulatory Commission (ERC), to sustain its financial viability, its top official said. The application for automatic tariff and universal charges for missionary electrification (UCME) adjustment mechanism is part of the power firm’s plans and projects to improve the delivery of electricity in so-called missionary areas, said Napocor president Ma. Glady Cruz-Sta. Rita. Sta. Rita said another of their project involves a massive re-fleeting and retirement program to replace oil and high-fuel consuming and unreliable diesel generator sets in the different missionary areas. UCME refers to the cost of service not covered by the subsidized approved generation rate. It is approved by the ERC and is collected from all end-users subsidizing the cost of electricity service in the island grid. Napocor’s UCME is at a prevailing rate of P0.0709 per kilowatt-hour. It intended to raise its UCME to P0.2262 per kwh by 2013 and P0.3179 per kwh for 2014. These missionary areas are scattered all over the country. They are far-flung villages and remote barangays that are not connected to the main power grid. Sta. Rita said a Napocor study showed that the break-even for recovery of capital cost vis-a-vis fuel savings ranges from 12 to 20 months. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 As such, Napocor would be pursuing procurement of new diesel generator sets to replace the rented ones and supplement the needed capacity of the first Read More …

Surge in remittances expected

Economy

Nov 252013

MANILA, Philippines – A surge in remittances from Filipinos abroad may be seen in November and December following the destruction caused by Super Typhoon Yolanda, a central bank official said. Bangko Sentral ng Pilipinas (BSP) Deputy Governor Diwa C. Guinigundo said that Filipinos abroad are expected to send more to their families in the Philippines, especially those in hard-hit areas, as they rebuild their homes and businesses. “We might see a strong inflow come November because there are also reports indicating that families who were displaced by the super typhoon have members who are working abroad,” Guinigundo said. “What we would expect is aside from the normal level of remittances that they send, probably they will increase that precisely to cover the extra cost of rehabilitation and rebuilding the homes and their business,” he continued. Yolanda, which ravaged the Visayas region earlier this month, has killed more than five thousand and destroyed billions of pesos worth of infrastructure and agriculture. “We would expect that in November, perhaps even in December, there could be some spikes in terms of remittances,” Guinigundo said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “We could probably see stronger growth (in remittances) than in the other months of 2013,” he added. Cash remittances hit $16.480 billion in the first nine months of the year, 5.8 percent higher than the $15.571 billion recorded in the first same period last year. Historically, the country sees a jump in the volume of remittances for the month of Read More …

Over 20,000 workers lose jobs in H1 – DOLE survey

General

Nov 252013

Over 20,000 workers lose jobs in H1 – DOLE survey

MANILA, Philippines – Over 20,000 workers nationwide lost their jobs due to closures of commercial establishments, the Department of Labor and Employment (DOLE) reported. Data from the DOLE’s Bureau of Labor and Employment Statistics (BLES) showed that closures of establishments affected a total of 20,222 workers nationwide in the first half of 2013. From January to June, BLES noted that a total of 1,137 commercial establishments closed due to various reasons. Metro Manila accounted for the biggest number of displaced workers resulting from the closures of various commercial establishments nationwide. A total of 706 commercial establishments in Metro Manila filed notice of closures that affected 10,783 workers. The top causes cited for retrenchment and closures of establishments was downsizing, which led to the displacement of more than 5,414 workers in the country. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Employers also claimed financial losses and lack of market as among factors that forced them to lay off workers or close down their commercial firms. In the past two years, an annual average of 2,000 companies folded up due to economic difficulty. The closures resulted to displacement of over 30,000 workers each year. The number of companies resorting to closures could still go up this year as numerous calamities hit various areas in the country. Labor Secretary Rosalinda Baldoz expressed confidence that the country would be able to immediately bounce back from the calamities. With the Christmas holiday already coming, Baldoz said, they see a surge in employment that could Read More …

Phl bourse maintains losing streak

Economy

Nov 252013

MANILA, Philippines (Xinhua) – The Philippine stock market retreated for the sixth time toMonday as investors continued to unload their shares over fears that the local equities market’s fortune has been reversed. The bellwether Philippine Stock Exchange index is threatening to break below the 6,000-level after shedding another 1.32 percent, or 80.58 points, on Monday to settle at 6,004.26. Similarly, the all-share index retreated by 0.97 percent, or 35.96 points, to 3, 681.67. Trading volume reached 552.94 million shares worth P7.16 billion ($163.4 million) with 92 stocks declining, 64 advancing, and 28 were unchanged. Of the six counters, only the financials and the mining and oil sectors bucked the trend. “The conviction that pushed the market to 31 fresh all-time records in the first five months of the year has completely evaporated and fears that the bull-market has probably reached a point of reversal begins to spread,” said analyst Justino Calaycay of Accord Capital Equities Corp. The analyst noted that the composite index is just a couple hundred points above the 2012 close and any further drops will wipe out all the year’s gains. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Calaycay said there is an increasing number of “unbelievers” and that any further slide will pull down the index to the 5,812. 73-mark. This, he said, will strengthen the bears’ claims. On the other hand, a recovery that restores the index to at least between the 6, 200-6,300 range should lend some credence to the bull’s proposition Read More …

DOF officials to arrive in Tacloban to address traders' concerns

Economy

Nov 252013

DOF officials to arrive in Tacloban to address traders' concerns

MANILA, Philippines – Officials from the Department of Finance (DOF) and the Bureau of Internal Revenue (BIR) are set to arrive in Tacloban City this week to address concerns of business owners as they reopen their establishments weeks after typhoon Yolanda destroyed the city. “(The traders’) primary concern is security and … soft loans and implication of the BIR,” Lim said on Monday at an inter-agency meeting. He added that security options are also being studied by the business owners, and officials from major malls are also assessing when to open supermarkets. Lim said the aim is to have the supermarkets open by the second week of December.

60% of banks in Samar, Leyte back to normal

Economy

Nov 242013

60% of banks in Samar, Leyte back to normal

MANILA, Philippines – The central bank on Monday said about 60 percent of banks in typhoon-hit Leyte and Samar have resumed their operations nearly two weeks after the massive destruction caused by typhoon Yolanda. Data from the Bangko Sentral ng Pilipinas (BSP) show that 102 banks out of the 171 banking offices in Leyte and Samar are back in operations as of Nov. 21. Meanwhile, only 63 out of the 204 automated teller machines (ATMs) in the two provinces are back online. The central bank said in the six provinces hit by Yolanda- Leyte, Samar, Cebu, Aklan, Capiz and Palawan- 742 of the 855 banking offices have resumed operations while 931 of the 1,203 ATMs are now online. However, BSP Deputy Governor Nestor Espenilla, Jr. said only five out of the 44 banks in Tacloban City resumed operations during the same period. He said banks in the city are finding it hard to resume operations after the typhoon, and damaged equipment and unavailable employees make it difficult to resume operations. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “They need to bring in new ATMs among others because those being used before the typhoon were heavily destroyed,” Espenilla said. He added that there were isolated cases where ATMs were stolen. Espenilla said he expects most of the banks in Tacloban to reopen by the end of the year.

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