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DOTC to order rebid of P60-B LRT 1 Ext

Economy

Aug 232013

MANILA, Philippines – The Department of Transportation and Communications (DOTC) is set to order the rebidding of the proposed P60-billion light rail transit line 1 (LRT1) extension project next week after only one bidder submitted a non-compliant bid last Aug. 15. Michael Arthur Sagcal, DOTC spokesperson, said in a text message that the joint special bids and awards committee (SBAC) of the agency and the Light Rail Transit Authority (LRTA) is expected to convene and pass a resolution ordering the rebidding of the biggest infrastructure project of the Aquino administration. The resolution to formalize the recommendation of the joint SBAC would be submitted to Transportation Secretary Joseph Emilio Abaya as the committee failed to meet this week due to the floods caused by the heavy rains brought about by southwest monsoon and typhoon Maring. “The SBAC will convene next week to formalize its recommendation on our next steps. It was unable to convene this week due to notice requirements which the work cancellations prevented,” he said. The DOTC is looking at rebidding the project as allowed under the Built-Operate-Transfer (BOT) law without sacrificing the original timetable of the project under the public private partnership (PPP) scheme. In case of a re-bidding, a single-stage process is possible in order to meet the original deadlines,” Sagcal said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Under a single-stage process, he explained that all interested parties would be required to submit the prequalification documents together with the technical and financial proposals. Last Read More …

An unwelcome abundance of water

Economy

Aug 232013

A collective sigh of relief has swept over the entire metropolis at the reluctant departure of those fierce monsoon rains that descended on us last Monday. I say reluctantly because, even as Pagasa has declared the official exit of typhoon Maring, many areas were still experiencing heavy, heavy downpours all of Tuesday and Wednesday. When the skies cleared last Tuesday, my wife and I bravely set out for the office, but the rains came back all too soon. EDSA, though, was clear of vehicles and flood-free. Many of our employees couldn’t even set foot outside of their homes, especially those residing in Marikina and Cainta. We had no work for three whole days because the floods in those areas fully subsided only last Thursday, which wrought havoc on our air-tight work schedule. Now we’re scrambling like crazy to get back on track. Oh well. Thankfully, many areas remained flood-free as well, like most of Paranaque and Alabang. However, several vehicles were stranded along the South Luzon Expressway near the Southwoods Exit in Binan City. Southwoods itself, the golf club, was flooded, a first in its long history of existence. Traffic here was terrible because many light vehicles got stranded at the exit as the flood waters rose to “unnavigable” levels. It looked like a war zone, a friend who lives in the area reported. Biñan, Sta. Rosa and San Pedro took the brunt of Maring because the rains poured since Sunday. In Sta. Rosa alone, 15 out of the 18 Read More …

BSP to tighten credit card reporting system

Economy

Aug 212013

BSP to tighten credit card reporting system

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) is set to issue a new report to assess the credit card situation in the country. “We are launching in the next few months a new reporting system called Credit Card Business Activity Report,” BSP Deputy Governor Nestor A. Espenilla Jr. told reporters late last week. “So all banks, all credit card providers will be required to complete this… so we have a better handle of the information,” Espenilla added. Moreover, this new report will allow the central bank to determine the number of credit cards issued and the number of cardholders in the country. “We also want to know the aging of those so we have a smoother appreciation of the credit card situation,” Espenilla said. Aging is a tool employed by firms to estimate possible losses from uncollected receivables, in this case, from credit cards. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The central bank already tracks credit card debt through the local banks’ report of the loans they have extended. Credit card receivables grew nine percent to P143.684 billion in the first quarter from P131.870 billion in the same period last year. The increase in credit card receivables along with growth in other consumer loans was attributed by the BSP to the favorable macroeconomic conditions enjoyed by the country and the steady inflow of remittances from abroad.

Cloud computing heightens bank competitiveness – BSP

Economy

Aug 212013

Cloud computing heightens bank competitiveness – BSP

MANILA, Philippines – Employing cloud computing would help small banks increase their competitiveness, the Bangko Sentral ng Pilipinas (BSP) said. “It’s a cost-effective way for them to be able to store, manage data without having to invest heavily in infrastructure,” BSP Deputy Governor Nestor A. Espenilla Jr. told reporters. “Actually, it’s a solution which upgrades the competitiveness of small institutions,” he continued. The BSP recently approved the issuance of an enhanced Information Technology Risk Management for financial institutions which includes the need for banks and non-bank financial institutions to adopt cloud computing to improve their services. Cloud computing utilizes the Internet to store and share information. Firms can use a private cloud which will be solely for their own use or a public cloud, which the public or a group of companies can use. Firms can also opt to use a mix of both. “I think we’re actually a pioneer in formulating a regulation that allow banks to do cloud computing,” Espenilla said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Regulators in the Philippines and Singapore are the among the first in the Association of Southeast Asian Nations (ASEAN) to issue specific guidelines for the use of cloud computing for banks and other financial institutions, Espenilla said. The mandate in the Philippines is effective immediately, he said. Aside from the use of cloud computing, the BSP has ordered banks to replace automated teller machine (ATM) cards with EMV-enabled ones by January 2017. Banks were also mandated to change Read More …

PSALM to review bid terms for Cebu power plant

Economy

Aug 212013

PSALM to review bid terms for Cebu power plant

MANILA, Philippines – The Power Sector Assets and Liabilities Management Corp. (PSALM), the agency tasked to oversee the privatization of the government’s power assets, will review the terms for the sale of the 153.1-megawatt Naga Plant in Cebu after last month’s failed bidding. An official said the government would have to “review the price” as it may be too high to attract investors. “PSALM will assess if the price is attractive enough,” the official said, adding that the agency would again try to resell the plant this year. “PSALM will try to do another round of bidding this year,” said the source who declined to be identified due to the sensitivity of the issue. In July, the PSALM Bids and Awards Committee (PBAC) declared a failure of bidding for the Naga plant after only one bidder submitted documents deemed compliant by the committee. “Pursuant to the bidding procedures, should only bidder submit documentary deliverables that is deemed compliant by the PBAC, there shall be a failure of bidding,” PSALM said in a notice issued last month. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Under the original terms, the winning bidder will be required to issue a P93.86 million performance bond to PSALM. Sources said the failure of bidding was not expected after four groups earlier expressed interest in bidding for the plant. DMCI Holdings Inc., the Aboitiz Group, D.M. Wenceslao and SPC Power Corp. joined the pre-bid conference for the Naga Plant privatization. The Naga complex in Cebu Read More …

DTI weighs proposal to extend tariff on testliner boards

Economy

Aug 212013

DTI weighs proposal to extend tariff on testliner boards

MANILA, Philippines – The Department of Trade and Industry (DTI) is studying a recommendation from the Tariff Commission to extend the safeguard measure imposed on imported testliner boards which expired in June. “It (Tariff Commission’s recommendation) is under evaluation,” Trade Secretary Gregory Domingo said in a text message. He declined to say however when the department would decide on the matter. As the DTI has yet to issue a decision, the tariff on imported testliner boards will remain at its current level of P1,211.15 per metric ton (MT). Testliner boards, which are usually made of recycled paper, are used to produce corrugated boxes for the packaging of consumer products. The Tariff Commission has recommended the extension of the safeguard duty on testliner boards, which expired on June 14, for another three years citing that it is necessary to give the local industry time to implement its adjustment plan and prepare for competition from imports. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 For the first year of implementation, the Tariff Commission is proposing a safeguard duty of P1,150.60 per MT, which represents a five percent reduction in the current safeguard duty of P1,211.15 per MT, following the DTI’s formula. The recommendation was made after the conduct of public hearings for the petition filed by the Philippine Paper Manufacturers Association, Inc. in November last year. The Tariff Commission noted that the local testliner board industry needs to prepare as it faces threat from imports, with tariff rates in various free Read More …

Turkish companies seek Phl partners

Economy

Aug 212013

MANILA, Philippines – Several Turkish companies have indicated interest to tap local partners for the distribution of their products and for other business opportunities in the Philippines. In an email-message, Turkish Chamber of Commerce of the Philippines Inc. (TCCP) said the companies are set to meet with Philippine firms through a business matching activity on Aug. 27 at the F1 Hotel in Bonifacio Global City. The visiting group is composed of the following firms: Ezinc Metal (solar water heater and storage tanks); Tuna Steel Doors (steel doors, interior doors and special doors); Envai (spices and condiments); Erkut Holdings (construction); Vendeka Group (information and communication technology products and solutions); S&L Fine Foods (importer of food from Europe and Australia); Altus Qualitas Trading Inc. (import and export of goods); JMJ Auction (household appliances and furniture); Erciyes Construction (construction) and Neva Trade (cosmetics and textiles). The event is seen to present opportunities for companies for business; is likewise expected to help enhance the economic ties between the Philippines and Turkey. The TCCP which is organizing the business matching activity, invites firms from Turkey regularly to come to the Philippines to explore opportunities here. The TCCP also arranges business and leisure trips for Philippine companies to Turkey to allow them to see if there are opportunities for them there. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Total trade between the Philippines and Turkey was valued at $171.37 million last year. Philippine merchandise exports to Turkey reached $42.18 million while imports from Turkey Read More …

Banks cancel operations due to heavy rain, flooding

Economy

Aug 192013

Banks cancel operations due to heavy rain, flooding

MANILA, Philippines – At least three banks canceled operations on Monday in light of heavy rains and flooding in Metro Manila and surrounding provinces. Security Bank announced the suspension of its branches’ operations in Metro Manila and several areas in Luzon affected by typhoon Maring. “Customers from affected areas can still access their accounts thru ATMs (automated teller machines) and its eBanking Facility,” it said. The bank added that it can be reached through 88-791-88 should customers need additional assistance. Bando de Oro Unibank similarly suspended its operations in Metro Manila and some areas in Rizal and Cavite, Bulacan and Laguna. Meanwhile, Land Bank of the Philippines canceled the operations of its Metro Manila branches after 12 p.m. It noted, however, that its ATM branches remain operational 24/7. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Bank of the Philippine Islands (BPI), on the other hand, said it will be business as usual for its head office and Luzon branches until 3 p.m. today. BPI branches and offices in Visayas and Mindanao will remain open up to 4:30 p.m. “This will give our customers ample time to fulfill their banking transactions for the day and also allow our employees enough time to go home early,” it said. It added that its ATM branches and online services remain operational.

DTI puts up SSF for Batangas sugar farmers

Economy

Aug 182013

DTI puts up SSF for Batangas sugar farmers

MANILA, Philippines – The Department of Trade and Industry (DTI) has provided two shared service facilities (SSF) for sugar farmers in Batangas. In a statement, the DTI said it has given an automatic granular packaging machine worth P280,000 to Kamahari Agri-based Multi-Purpose Cooperative in Nasugbu. “Kamahari sells muscovado sugar in 250-and, 500-gram, and one kilogram packs. With the automated packaging machine, Kamahari would be able to sell muscovado in 10-20-and 30-gram sachets to supermarkets, restaurants, hotels and resorts,” DTI said. The Trade department added that at least five more producers of coffee, bignay tea, muscovado and other sugar products within the first district of Batangas would be able to use the packaging machine. Apart from the packaging machine given to Kamahari, the DTI likewise provided a presser or extractor, and workbench amounting to P78,000 to Riverside Multi-Purpose Cooperative, which sells sugarcane juice in Nasugbu. Riverside had earlier acquired a sugarcane press to use for its production, but was only able to sell juice in paper cups due to insufficient output. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Through the new SSF, Riverside is expected to increase its output of juice contained in polyethylene bottles which could be sold to restaurants, beach resorts and supermarkets not just in Batangas, but in Metro Manila as well. The SSF is one of the programs being implemented by the DTI to provide enterprises, particularly those in the countryside, with machinery and equipment to increase their levels of quality, productivity, and competitiveness. The Read More …

US-based Pangea to bring in electric PUV for Phl market

Economy

Aug 182013

US-based Pangea to bring in electric PUV for Phl market

MANILA, Philippines – United States-based Pangea Motors, LLC (Pangea) is bringing to the Philippines a fully electric public utility vehicle (PUV) next month. Pangea has teamed up with local investors to create an international partnership called Global Electric Transportation with a Philippine franchise named GET Philippines Inc. to carry out its plan. “GET has an exclusive arrangement with Pangea for the supply and distribution of the public utility vehicle called the Comet,” Pangea said in a statement. Pangea said that unlike its competitors, its vehicles are designed to be fully electric from the beginning instead of modifying gas vehicles or golf carts. The vehicle uses lithium iron phosphate batteries that are enclosed in a watertight casing and consists of less than 300 parts instead of the usual 4,000 parts of a typical diesel-run engine, which translates to cost-efficient manufacturing and minimal maintenance, Pangea said. To penetrate the Philippine market, the GET team has painstakingly studied different angles of the Philippine transport system to ensure that all members of the community benefit from this endeavor. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “GET Philippines has conceived cashless fare payment and centralized fleet management systems, designated infrastructure, customer service support and adaptable financial models to support the needs of all the stakeholders involved,” Pangea said. The first vehicle is expected to arrive in the Philippines by mid-September. It will be making its public appearance soon after, the company said. It is set to serve passengers on its first route by Read More …

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