philstar.com – Business – Page 197

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Phl, Italy agree to hike flights

Economy

Sep 062013

MANILA, Philippines – The Philippines and Italy have agreed to increase weekly flights between the two countries, the Civil Aeronautics Board (CAB) said. “We got 14 flights per week between the Philippines and Italy,” CAB executive director Carmelo Arcilla said in a text message to reporters. The agreement was reached during the air talks held in Italy on Wednesday and Thursday. Under the previous agreement entered into in 1969, only one flight is allowed per week between the two countries. Arcilla noted that there are 170,000 Filipinos in Italy. “Rome and Milan can also be a jump off point for traffic between Southern Europe and the Philippines,” he added. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The development comes as the European Union (EU) lifted in July a ban it imposed three years ago which prevented airlines from the Philippines, led by flag carrier Philippine Airlines (PAL), from operating in Europe. EU Ambassador Guy Ledoux said the ban was lifted as the European Commission and the Air Safety Committee were encouraged by the actions being undertaken by the Civil Aviation Authority of the Philippines and PAL to address outstanding aviation safety issues. PAL president and chief operating officer Ramon Ang announced after the lifting of the EU ban that the airline intends to fly to Rome as well as other popular European destinations such as London, Paris, Frankfurt, Amsterdam and Madrid. The air talks are being held in line with the open skies policy. Executive Order 29 which Read More …

DTI puts up 6 shares service facilities in Zambales

Economy

Sep 062013

DTI puts up 6 shares service facilities in Zambales

MANILA, Philippines – The Department of Trade and Industry (DTI) has launched six shared service facilities (SSFs) worth P2.9 million in Zambales to help micro, small and medium enterprises (MSMEs) there become more competitive. In a statement, the DTI said it has provided the following SSFs: vegetable noodles processing facility in the municipality of Castillejos; sweet potato processing facility in the municipalities of San Felipe and Cabangan; pastillas processing facility in the municipality of Palauig, as well as Tetrapak bags production facilities in Olongapo City and Candelaria Town. Depending on the line of business, the DTI said the SSFs may be equipped with packaging machines, mechanical driers, industrial weighing scales, noodle making machineries, vegetable and meat slicers, metal craft machineries, milk extraction equipment, deep fat friers, stainless industrial tables, chillers, and freezers. DTI Central Luzon director Judith Angeles said the department has identified nine cooperatives in the province that would benefit from the six SSFs. She said that while initially, the DTI intends to just lend the equipment, after five years, the plan is to give the SSFs to the cooperatives. “This project is similar to the conditional cash transfer of the DSWD (Department of Social Welfare and Development); ours is conditional equipment transfer,” she said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 She said SSFs would be donated to a cooperative based on the number of beneficiaries, jobs generated, amount of products sold and equipment generated. The SSF program being implemented by the DTI seeks to provide Read More …

Cigarette industry remains strong despite taxes

Economy

Sep 062013

Cigarette industry remains strong despite taxes

MANILA, Philippines – Despite the imposition of higher taxes on tobacco manufactures, the cigarette manufacturing industry in the country remains strong, said the National Tobacco Authority (NTA). NTA administrator Edgardo Zaragoza said yesterday that during consultations with stakeholders in the tobacco industry, it was resolved that there is no significant change in consumer demand tobacco products. “There were concerns that a slight rise in taxes will be detrimental to the industry because of lower demand,” said Zaragoza. “But the industry continues to be stronger than it is. Stakeholders in the tobacco industry believe demand would remain high if higher taxes on tobacco products is countered by increased export and substitution of imported tobacco. To do this, the quality standards of local tobacco production should be raised. The NTA concluded yesterday its biennial Tobacco Tripartite Consultative Conference during which minimum buying prices for tobacco were set for the next two trading years. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 During the consultation meeting, tobacco manufacturers stressed the need for farmers to produce high quality leaf to be used by local cigarette manufacturers so that importation would be lessened. “Tobacco is still a crop to believe in and will be around for a long time. As quality is improved, we are trying to keep more Philippines tobacco,” said Jorge Struecker, leaf buying manager of Philip Morris Fortune Tobacco Corp.. “To sustain production, we need to increase production efficiency,” he added. Tobacco growing and trading firms also said Philippine tobacco needs Read More …

Commitment and feelings

Economy

Sep 062013

There are bad-hair days, and there are days when you feel like you’re on top of the world. Truth be told, most of the days are neither bad nor on top. Most days are usually ordinary and cyclical. You attend my seminars. You get fired up, and you realize that there’s great benefit in being committed 100 percent to excellence. But then you start losing the feeling. Guess what? I have those days too. The temptation to just lie down and do nothing is strong, and there were times that I’ve succumbed to it. I remember a time in my life when I was just winging it. Because the place where I lived was near my factory, I’d go home, have lunch and then give in to the lure of my favorite piece of furniture – my lazy chair. An afternoon nap was just so enticing. I got to a point where I’d go to work in anticipation for my siesta. Much time was wasted simply because I wasn’t committed to my work and my personal growth. Now that I’m a little older and wiser, I’ve realized one crucial life-changing fact: commitment isn’t a feeling – it’s a decision. Commitment is an act of the will. It doesn’t deal with fleeting emotions. A commitment is a promise or a pledge. Every legal contract is a commitment. Every promise you make to the loan shark and the Mafiosi is a commitment. I can make a commitment to others and even to Read More …

UK-based private group sees slower growth for Phl

Economy

Sep 042013

UK-based private group sees slower growth for Phl

MANILA, Philippines – The Institute of Chartered Accountants in England and Wales (ICAEW) expects the economy growing by only 5.3 percent this year amid weak demand from China. “Strong growth in consumption and government spending in the Philippines will drive output up by 5.3 percent in 2013,” ICAEW said in a report. “While this is down on 2012, when GDP grew by 6.8 percent, it is 0.6 percentage points higher than average annual growth over the previous five years,” ICAEW said. This sharp deceleration from year-ago levels means slower growth for the second half of the year as the Philippine economy already grew by 7.6 percent in the first half. Moreover, this is below the government’s full-year economic growth target of six to seven percent this year. This expectation came as ICAEW expects growth in the Association of Southeast Asian Nations to slow down to 4.7 percent this year from 5.5 percent in 2012. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “This slowdown will be largely driven by easing demand from China while a squeeze on the availability of capital in 2014 and 2015 as US monetary policy is tightened will also hold back growth,” ICAEW said. ICAEW expects China’s growth to slow down to 7.2 percent this year, from an average of 10.5 percent in the last 10 years due to a drop in demand for Chinese exports. ICAEW also expects the economy to grow by 5.4 percent in 2014 before falling to 4.6 percent in 2015.

Globe launches new service in Canada

Economy

Sep 042013

MANILA, Philippines – Ayala-led Globe Telecom Inc. further expanded its presence overseas by offering telecommunication services in Canada to cater to almost one million Filipino permanent resident and transients. Rizza Maniego-Eala, head for International Business Group of Globe, said the company has extended the reach of its international inbound calling offer DUO International to over 900,000 Filipinos living and working in Canada. “Almost 90 percent of Filipinos in Canada are permanent migrants who are unable to visit family and friends back home as frequent as those in other countries, and we are proud to be able to give them an innovative and affordable way to keep in touch with loved ones in the Philippines for less than CAD$1 a day,” Maniego-Eala stressed. Canada is one of the top countries worldwide that houses the most number of overseas Filipinos making it a viable market for the telco’s roster of international services. DUO International is also offered in the US, Korea, and the United Kingdom. DUO Canada is a subscription service that assigns a virtual Canadian landline number to a registered Globe number in the Philippines. This allows Filipinos in Canada to call their loved ones in the country through their virtual Canadian landline number. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Calls to the virtual Canadian landline number assigned to the Globe subscriber would be charged at domestic Canadian call rates, effectively lowering call costs. “This allows Filipinos in Canada to contact loved ones at a much affordable rate Read More …

PLDT ties up with Dana Telecom

Economy

Sep 042013

MANILA, Philippines – Dominant carrier Philippine Long Distance Telephone Co. (PLDT) has tied up with Dana Telecom (Datelco) of the Durano family to provide telecommunication services in Danao City in Cebu. PLDT president and chief executive officer Napoleon Nazareno said in statement that the company entered into an agreement yesterday to provide services in Danao City in Cebu as Datelco is in the midst of winding down its local exchange carrier (LEC) business. “We welcome this opportunity to further expand our coverage in Cebu where we recently rolled out our fiber-to-the-home facilities,” Nazareno said. Under the agreement, PLDT would take over the existing customers of Datelco. Nazareno said PLDT and Datelco would also embark on joint marketing and promotions of PLDT’s products and services in fifth district of Cebu “Beyond the agreement that we signed today, we are genuinely interested in joining hands with Datelco in contributing to the development of areas north of Metro Cebu city that holds so much promise,” he said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 After more than 20 years of operations, Datelco president Oscar Rodriguez said the company decided to wind down its LEC business as the cost of upgrading its own network became untenable. “We are pleased to turn over our customers to PLDT who we believe will be able to take care of them very well. Being the largest telecoms company in the Philippines today, PLDT will be able to provide Danao’s residents and business establishments quality voice, data, Read More …

No. 1 in Phl: BDO jumps to 251 in global banking rank

Economy

Sep 042013

No. 1 in Phl: BDO jumps to 251 in global banking rank

MANILA, Philippines – BDO Unibank Inc. (BDO), the main banking arm of the SM Group, has improved its ranking in the world’s top 1,000 banks list, according to a report by UK-based banking and finance magazine The Banker. Based on the report, BDO now occupies the 251st spot from 396th place in 2012, or 145 notches higher. The Banker said the improvement in BDO’s ranking is on the back of an enhanced overall performance, particularly in terms of Tier 1 capital, assets and profit. For the Philippine country listing, BDO secured the number one spot, the publication said. The Banker’s Top 1000 World Banks ranking has been setting the industry benchmark since 1970, providing comprehensive intelligence about the health and wealth of the banking sector. The report enables investors and clients worldwide to assess the strength and weakness of the banks, identify banking partners for the future, and track the big movers and new arrivals in the sector. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 BDO has been one of the most profitable banks in the country, more than doubling its net income in the first half of 2013 to P14.1 billion from P5.8 billion in the same period in 2012. As of end-June 2013, BDO remained well capitalized with a capital adequacy ratio (CAR) and Tier 1 capital ratio of 18.3 percent and 15.6 percent, respectively, well above the regulatory minimum. With record earnings for the period already representing more than two-thirds of its P20.4-billion guidance for Read More …

Wego expands local operations

Economy

Sep 042013

MANILA, Philippines – Singapore-based Wego, the leading travel search site in Asia Pacific and the Middle East, is expanding its operations into the Philippines. As a participant in the first Philippine Tourism Forum and the 24th Philippine Travel Mart, Wego said it sees huge growth potential in the country’s tourism industry. Wego said it has appointed a dedicated market manager to the Philippines to extend its localization strategy to further incorporate and serve travelers, hotels, airlines and other travel industry businesses. Currently, Wego has local offices in Indonesia, India and Dubai. Wego chief marketing officer Joachim Holte said the Asia Pacific market is a strategic region for Wego. “We’ve established a successful localization program with more than 50 country sites in 30 languages worldwide in 42 currencies,” he said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “In the Philippines, we are one of only a few travel comparison sites to display rates in Philippine peso,” he added. “Following an investment of $17 million in growth capital through the completion of a Series C preferred share offering, part of our strategy is to appoint dedicated market managers in our growth regions to extend our activities going forward. The Philippines is undergoing a surge in tourism development and economic growth which is being reflected in the growing number of Wego users from the country,” Holte said.

Berjaya unit offers P2 B for luxury car dealer

Economy

Sep 042013

Berjaya unit offers P2 B for luxury car dealer

MANILA, Philippines – The local unit of Malaysian conglomerate Berjaya Corp. has extended anew its P2-billion offer to take over a British luxury car distributor. The longer tender offer period will allow Berjaya Philippines Inc. to buy more stocks from shareholders, the company said. “The issuer extended the offer period for a further 14 days or until Sept. 16,” Berjaya Philippines said in a regulatory filing. As of Sept. 2, Berjaya Philippines received shareholders’ approval to buy 90,195 shares representing around 0.38 percent of the issued stocks of London-based car distributor H.R. Owen, or just 0.54 percent of shares subject to the tender offer. “The offer price remains unchanged in connection with the extension,” Berjaya Philippines said. Under the terms of the tender offer, Berjaya Philippines wants to buy out other stakeholders for 130 pence per share for a total transaction value of 32.5 million pounds (around P2.25 billion). Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The first takeover offer attempt took place on July 29 to Aug. 19 but H.R. Owen management rejected the buyout, claiming Berjaya Philippines undervalued the company’s shares. Berjaya Philippines then extended the tender offer to Sept. 2. In June, Berjaya Philippines expanded its car dealership business by acquiring 29.81 percent of H.R. Owen for P540.36 million as a long-term investment in line with its diversification strategy. H.R. Owen is involved both sales and after-sales of brands like Aston Martin, Audi, Bentley, BMW, Bugatti, Ferrari, Lamborghini, Lotus, Maserati, Mini, Pagani and Rolls-Royce, predominantly Read More …

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