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Phl eyed as ASEAN design hub

Economy

Oct 182013

MANILA, Philippines – The Department of Trade and Industry (DTI) will try to position the Philippines as a hub for design and craftsmanship in preparation for the Association of Southeast Asian Nations’ (ASEAN) Economic Community (AEC) in 2015 as it launched DeXign Global, a business platform to introduce trends and innovations for home and fashion yesterday. DTI’s Bureau of Export Trade Promotion director Senen Perlada told reporters at the opening of DeXign Global at the SMX Convention Center in Pasay City, the event is being held to prepare the Philippines and position the country as a design hub in the region given the upcoming AEC. “We are bringing them (designers from overseas) here to see what we have. This (design) is where we really have our edge,” he said. Rosario Virginia Gaetos, executive director of the DTI’s export marketing arm Center for International Trade and Expositions and Mission (CITEM) told reporters that as the AEC would be established in two years time, the government recognizes that the local design community has to prepare and look at how it can promote its products to the 600 million potential customers in the region. The AEC is expected to lead to free movement of goods, services, investment, skilled labor as well as flow of capital in the region. Gaetos said that for the country to be able to promote its strength in design, it is important for local designers to be updated with trends and innovations in home and fashion products overseas. Business Read More …

Think outside the box?

Economy

Oct 182013

Are you creative? Are you innovative? Why is it that every time I ask these questions, my seminar participants shift uncomfortably in their seats? Maybe because they equate creativity and innovation with the arts and entertainment, which is off the mark, so to speak. Being creative means using the imagination or original ideas to create something. You are creative, maybe you just never got around to putting those creative juices into practice. Consider this: give any kid a pen or a crayon and tell them to create something, and they’d amaze you with their work. They’d draw, color, imagine, but they won’t say, “But I don’t have the gift for it….” or “But I’m not creative.” Maybe this is the reason why children stay happy and adults don’t. Then the little kids start school, and as they grow up, their creativity isn’t given much opportunity to come out. Following rules take primary importance.“ Do not speak when not spoken to.” Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Follow the cue.” “Do not color outside the lines.” “Write down the answers inside the box.” “Make sure you stay within the borders.” Then when they start working, their bosses and managers would say, “You have to think outside the box!” Seriously? We are creative because you and I were created by a Brilliant Designer and Creator. From an idea, we can create something tangible. The moment you start thinking that you’re not creative, you’ll be right! I keep on wondering Read More …

BSP seen to hold rates until Q1

Economy

Oct 182013

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) may not need to adjust current policy settings until the first quarter of next year, a member of the central bank’s policy-making Monetary Board said yesterday. “There is no need to change policy settings and even SDA (special deposit accounts) rates for the rest of the year and probably until the first quarter of next year,” Felipe Medalla, a member of the Monetary Board, told reporters. Medalla explained that his view is on account of manageable inflation expectations despite expected uptick in domestic liquidity. “Inflation rate is now slightly below target and can inch up a bit as liquidity increases because of the SDA adjustments,” Medalla pointed out. Overnight borrowing and lending rates are at 3.5 percent and 5.5 percent, respectively, since the start of the year. The rates have been kept steady amid a robust economy that already expanded by 7.6 percent in the first half supported by a benign inflation environment. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Inflation has so far averaged 2.8 percent in the first nine months of the year, below the BSP’s target of three to five percent. The rate is expected to remain within target despite a foreseen rise in domestic liquidity due to adjustments in the central bank’s SDA facility. M3, the broadest measure of domestic liquidity, has been rising by more than 30 percent for July and August, owed to money flushed out of the SDA facility.

BSP reviews macro-economic targets

Economy

Oct 132013

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) is reviewing forecasts for foreign direct and portfolio investments, remittances, and other balance of payments components to take into account the latest developments that could affect inflows of capital into local financial markets. BSP Deputy Governor Diwa C. Guinigundo told reporters the central bank has already started reviewing projections for the country’s balance of payments (BOP) position. “We are reviewing that now. Not only the overall balance of payments, the current accounts, financial and capital accounts, but also the components,” Guinigundo said. The central bank revisits its forecasts for said indicators twice a year, usually in April and in October. The revised figures following the second review, meanwhile, are announced in November or in December. The review will take into account developments that could impact capital inflows to the country, along with remittances. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The balance of payments position is a summary of a country’s transactions with the rest of the world. Its components include imports of goods and services, merchandise exports, foreign direct investments, hot money, remittances, and other investments. Latest central bank data showed the country has seen a BOP surplus of $3.359 billion in the eight months to August, already 76 percent of the BSP’s full-year forecast of $4.4 billion. Foreign direct investments, meanwhile, summed up to $2.615 billion as of July, above the BSP forecast of $2.2 billion. Foreign portfolio investments or hot money already totaled $2.007 billion as Read More …

Best practices in financial controls

Economy

Oct 132013

MANILA, Philippines – The Center for Global Best Practices (CGBP), in collaboration with Isla Lipana/ PriceWaterhouseCoopers, is holding a one-day seminar on “Best Practices in Financial Processes and Controls” on Friday, October 25, 2013 at Edsa Shangri-la Hotel, Mandaluyong City, Philippines. Participants in this special program will learn the best practices in how to design and implement financial controls that will safeguard your assets, enhance integrity of financial reports, and protect you from business operational risks. Whether you are a corporate giant or a small family owned firm, your business systems and operational processes can only function efficiently and effectively if you have the right internal controls. Left unchecked and not given attention, your internal control system is where much “hocus pocus”, such as fraud, theft, fake financial transactions and other business crimes, often take place. Effective internal controls are crucial to a company’s operations. It is your “regulator” and defense against losses in key areas like procurement, payroll, sales, cash disbursements and other business activities needed to complete a business transaction. Internal controls can “help an entity get to where it wants to go, and avoid pitfalls and surprises along the way”. The principal lecturer for this program is Roderick Danao, CPA, who is the newly appointed vice-chairman of Isla Lipana/ PriceWaterhouseCoopers. He held the position of being the assurance and Learning and Education partner for five years and Audit Methodology leader for seven years. He has over 20 years experience in accounting, audit and business advisory practice both in private Read More …

Henkel transfers German technologies to Phl firm

Economy

Oct 132013

Henkel transfers German technologies to Phl firm

MANILA, Philippines – German manufacturing giant Henkel is transferring two revolutionary technologies to its local partner, the Monheim Group of Companies (MGC), for the marketing and distribution of laundry products in the Philippines. Henkel is sharing to MGC the fiber rebonding technology, which is the formula behind Perwoll liquid detergent, and the fabric ionizer formula, which is the technology behind Vernel Soft – fabric softener. MGC president Gino Baltao said “German technologies are among the best in the world. We are proud to bring these technologies to the Filipinos through Perwoll Brilliant White and Vernel Soft.” Baltao said with the Henkel technologies, MGC would proceed with its P300-million investment to grow Henkel’s laundry and home care business in the Philippines. The investment will be pumped into the technology transfer, research and product development, raw materials importation and brand building. “The Monheim Group is committed to delivering the cutting-edge German quality fabric softeners and laundry detergents with a strong advocacy to protect our environment. The technology transfer between Henkel Germany and the Monheim Group assures the Filipinos of that commitment,” Benjie Ros, MGC treasurer said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The technology transfer marks the fusion of a global company and a Filipino-owned firm to pursue business expansion. “We need local expertise and we think we can grow much faster with Monheim as our partner. We can take advantage of so many synergies,” Thomas Jungmann, director for global business development of Henkel’s Laundry & Home Care, said. Read More …

Sun Cellular to boost partnership with LGUs

Economy

Oct 132013

Sun Cellular to boost partnership with LGUs

MANILA, Philippines – Sun Cellular, a unit of dominant carrier Philippine Long Distance Telephone Co. (PLDT), is set to offer best-value data solutions and more innovative communications offerings to help local governments nationwide to modernize public service. Corrine Zablan, assistant vice president for strategic sales partnership of Sun Cellular, said the telecommunications provider intends to fuel the modernization of public service and local governance nationwide. Zablan cited its partnership with the local government of Gen. Trias, Cavite for the provisioning of a 24/7 hotline system covering all government units and barangays of the municipality. Sun Cellular has been extending its renowned unlimited call and text services to power up a unified communication channel for Gen. Trias since August 2008, helping the municipality in terms of information dissemination and in making public service even more accessible to all constituents. “We are very proud to be part of this endeavour of marrying innovation and public service. Apart from the consumer and commercial level, we recognize the vital role of communications in maintaining peace and order, and in fostering transparency and strong ties within the community,” Zablan added. The hotline system through the “Serbisyo 24/7” Text Hotline and the “Mayor’s 24/7” Call and Text Hotline comprise of 220 mobile and wireless desk phones in all 33 barangays of the municipality including public schools, social service offices, civil groups and homeowner associations. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The hotline system has been instrumental in sending text broadcasts of public service Read More …

ALI to boost supermarket line

General

Oct 132013

MANILA, Philippines – Property giant Ayala Land Inc. (ALI) wants to create a significant footprint in the department store and supermarket business in the next five years. The listed real estate arm of the Ayala conglomerate aims to roll out as much as 10 supermarkets and department stores, hinged on the expansion of malls and mixed-use projects, an executive said. “The department stores and supermarkets will definitely be our anchors so they will be in step with our (shopping malls) expansion program,” ALI chief finance officer Jaime Ysmael said. Preliminary target is to set up five to 10 department stores and supermarkets in the next five years,” Ysmael said. “It will take time. They will follow the opening of the malls that takes two years to construct depending the size,” Ysmael said. In July, ALI subsidiary Varejo Corp. and Puregold Price Club Inc. unit Estenso Equities Inc. signed a joint venture deal to develop and operate mid-segment supermarkets for ALI’s new integrated and mixed-use developments. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 ALI also created a joint venture company with the Rustan’s Group, one of the largest specialty retail firms in the Philippines, for the creation of department stores in Ayala malls. Ysmael said both department stores and supermarkets are required in the company’s developments. ALI intends to complete its offering in its mixed-use developments, which so far include shopping malls, office buildings, residential projects and hotels. For new developments, ALI will introduce its own hospitals, convenience stores, Read More …

NGCP: Several transmission lines under repair

Economy

Oct 122013

NGCP: Several transmission lines under repair

MANILA, Philippines – The National Grid Corporation of the Philippines (NGCP), the operator of the country’s power never transmission highway, said several transmission lines and other facilities are still undergoing restoration work. NGCP said the loss of power currently being experienced in various parts of the country may be caused by affected transmission facilities of either NGCP, the distribution utilities or electric cooperatives. “Necessary preparations and precautions have been implemented to minimize the impact of the storm on NGCP operation and facilities. These include ensuring the availability of hardware materials and supplies necessary for the repair of damages to facilities, as well as the positioning of line crews in strategic areas, to facilitate immediate restoration work,” the company said in an advisory yesterday. Restoration work will be in full swing as soon as the weather allows it, NGCP also said. According to its advisory, 14 transmission lines are still undergoing restoration works. These are: • Bacnotan-San Esteban 230-kv line Business ( Article MRec ), pagematch: 1, sectionmatch: 1 • Botolan-Candelaria 69-kv line • Botolan-Castillejos 69-kv line • Mexico-Cabanatuan 230kV line • Mexico-PELCO 69kV line • Mexico-SKK40 69kV line • Mexico-Clark 69kV line 1 • Mexico-Clark 69kV line 2 • Cabanatuan-Bongabon-Baler 69kV line • Cabanatuan-San Isidro 69kV line 1 • Cabanatuan- CELCOR/FCVC 69kV line • Cabanatuan-San Isidro 69kV line 2 • Cabanatuan-Pantabangan/MHEP 69kV line

Pepsi focuses on building an atmosphere of trust

Economy

Oct 122013

Pepsi focuses on building an atmosphere of trust

MANILA, Philippines – Pepsi Cola Products Philippines Inc. (PCPPI) president Partho Chakrabarti has underscored “building an atmosphere of trust” in the company’s employer-employee relationship as a key factor in PCPPI’s continuing growth in the highly competitive soft drinks industry. Speaking at the recent Towers Watson Talent Management Summit in Makati City, Chakrabarti shared Pepsi’s experience in maintaining high employee satisfaction and engagement ratings based on annual surveys conducted by Towers Watson. The survey results showed PCPPI registering 91 percent for employee alignment with goals and objectives, 86 percent for values formation, and 89 percent for communication. Chakrabarti identified three “strategic imperatives” used in Pepsi’s employee empowerment program: communicating constantly and meaningfully; setting the tone with inspired leadership; and getting the people excited about their role in the company. Pepsi’s dramatic growths over the past years have been largely attributed to personnel-oriented initiatives generated by its Organizational Development Unit. With the view of transforming PCPPI into a globally competitive company, Chakrabarti believes in arming the company’s 3,000-strong workforce with entrepreneurial skills necessary to survive in a borderless economy.

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