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LBP to hike loans to rural banks

Economy

Jun 162013

MANILA, Philippines – State-owned Land Bank of the Philippines expects to increase its loans coursed through rural banks to provide more people in the countryside greater access to funds. Landbank president and CEO Gilda Pico said “we would be jacking up our loans to rural banks”. Declining to specify as to how much the increase would be, Pico noted that as of April 2013, Landbank’s loan portfolio to rural banks amounted to P7 billion. At the same time, Pico has vowed to look into complaints that some banks, including Landbank, tend to unfairly compete with rural banks in capturing local government units (LGUs) accounts. “We will discuss this with concerned rural banks. Landbank has always been a partner of rural banks in serving the countryside,” she said. “We have been giving the RBs loans through the years. We have to resolve this issue because rural banks are our partners,” Pico added. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 It was learned that some LGUs normally request the government financial institutions (GFIs) and some commercial banks to offer a so-called consolidated loan package which also carries lower interest rates than that of rural banks. Included in the consolidated loan package of GFIs, it was noted, are salary loans to government employees which apparently are also being eyed by the RBs. During an open forum at the 60th Annual Convention of the Rural Bankers Association of the Philippines (RBAP), Bangko Sentral ng Pilipinas (BSP) deputy governor Nestor Espenilla said they Read More …

Philex Mining wraps up 4-mo rehab of Padcal

Economy

Jun 162013

Philex Mining wraps up 4-mo rehab of Padcal

MANILA, Philippines – Listed Philex Mining Corp. is expected to finish the rehabilitation of its Padcal mine in Benguet next month, paving the way for the sale of additional shares to finance projects in the facility. “(Rehabilitation) has proceeded well. Actually, we’re already at the tail-end of the process,” said Philex chairman Manuel V. Pangilinan. “We are now applying for the lifting of the (mining) suspension and that is pending,” he added. Operations of the Padcal mine were suspended in August after its tailings pond collapsed. Late in February, the Mines and Geosciences Bureau allowed Philex to reopen a portion of the Padcal gold and copper mine to conduct remediation measures for tailings facility storage number. 3. The company has also paid P1.034 billion in penalty to the Department of Environment and Natural Resources for the spill that affected Balog Creek and Agno River. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “The major work has been the construction of the spillway, which should be finished by the end of this month,” Pangilinan told reporters. Philex, the country’s largest miner, has substantially filled up the sinkhole that caused the operations to halt almost a year ago, he pointed out. Moving forward, Philex is planning to sell more than P12 billion worth of shares to finance other projects, including the construction of a new tailings pond in Benguet. Proceeds will also be used to fund an exploration program of the Silangan and Kalayaan mining projects in Surigao del Norte. The Read More …

Export opportunities opening up in Iraq

Economy

Jun 162013

MANILA, Philippines – Iraq is shaping up to be a promising export destination and potential investment and joint venture partner for Philippine enterprises. This comes about after the two countries recently agreed to explore bilateral opportunities in trade and investment. Iraq has expressed interest in importing from the Philippines raw and finished products including electronics, auto parts, polypropylene granules, furniture, processed foods, fresh and frozen agricultural products, garments, raw and refined sugar, vegetable oil, coconut oil, dairy products, baby milk formulas, tobacco leaves, and yellow corn. Additionally, the Middle East country seeks technical assistance and joint-venture agreements in the production of fertilizers, petrochemicals, cigarettes, sugar, automobile tires, raw rubber, and cement. There are also opportunities for Philippine service companies wishing to tap the Iraqi market. The nation needs providers of training courses in strategic planning, data gathering, and preparing statistical reports. As part of their cooperation, the Philippines is inviting Iraqi businessmen to attend trade fairs and conferences in the country, such as the Manila FAME in October this year. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 There are also exploratory talks on opening a Philippine commercial center in Baghdad for exhibiting Filipino commodities and products. To promote private-sector collaboration, the two countries will facilitate the establishment of a joint business council of Iraqi and Filipino industry representatives. On the investment side, Iraq is encouraging Filipino companies and entrepreneurs to invest in the country and avail themselves of incentives under the Iraqi investment law. The Philippines, for its Read More …

China Airlines seeks CAB OK on higher fuel surcharge

Economy

Jun 152013

China Airlines seeks CAB OK on higher fuel surcharge

MANILA, Philippines – China Airlines is seeking the approval of the Civil Aeronautics Board (CAB) to raise the fuel surcharge on flight tickets. “Notice is hereby given that China Airlines has filed with the CAB a petition for authority to impose upward fuel adjustment on international passenger tickets,” the CAB said in a notice posted on its website. China Airlines, the CAB said, intends to raise the fuel surcharge to $32 from $30 for all passenger tickets originating from the Philippines. The fuel surcharge forms part of airline ticket prices to allow the carrier to recover the cost of fuel. Fuel accounts for the bulk of an airline’s operating costs. The International Air Transportation Association’s (IATA) price monitor showed that jet fuel price reached $114.3 per barrel as of May 31. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The jet fuel price as of May 31 is 1.5 percent higher than in the previous month. Compared to a year ago though, IATA’s price monitor showed the jet fuel price as of May 31 was lower by 2.9 percent. The CAB said the hearing for China Airlines’ petition is scheduled on July 9 at the agency’s office in Pasay City. China Airlines was established in 1959. It has flights to 106 destinations in 29 countries. The airline has 53 passenger jets and 21 freighters.

EU gets deal on trans-Atlantic trade pact

Economy

Jun 152013

EU gets deal on trans-Atlantic trade pact

LUXEMBOURG– The European Union worked around French objections on Friday to agree on a free trade negotiating mandate for sweeping talks with the United States that President Barack Obama wants to officially open next week. Under Friday’s deal, trade ministers at a meeting in Luxembourg agreed to France’s demand to keep its movie and television industry out of the hotly anticipated trans-Atlantic talks. But, they said they could possibly come back to debate it at a later time, meaning the deeply divisive issue could resurface. The outcome should allow Obama and his EU counterparts to announce the start of negotiations for a deal expected to provide a big boost to growth and jobs by eliminating tariffs and other barriers that have long plagued economic relations. A free trade pact would create a market with common standards and regulations across countries that together account for nearly half the global economy. France’s longstanding objections, which turned a simple ministerial meeting into a 12-hour negotiating marathon, showed the challenges ahead. Within the EU alone, there is a rift with some nations big on protecting struggling sectors with subsidies and more pro-free-trade member states. Beyond the audiovisual sector, major problems are expected to emerge over agriculture and transport. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Friday night though, Finland’s European Affairs Minister Alexander Stubb tweeted optimistically about the prospect of trans-Atlantic negotiations: “Play ball!” he wrote. All other EU nations have vowed to protect the culture industry as well, but the large Read More …

PLDT unit hikes stake in BusinessWorld

Economy

Jun 152013

MANILA, Philippines – MediaQuest Holdings, Inc., the media arm of telecommunications giant Philippine Long Distance Telephone Co. (PLDT) has increased its stake to take control of business newspaper, BusinessWorld. PLDT chairman Manuel V. Pangilinan told reporters on the sidelines of the company’s stockholders meeting late Friday that its acquisition of more shares in BusinessWorld is a done deal. He said that in a meeting held last week, BusinessWorld’s stockholders approved the increase the firm’s capital. “The details are being worked out as to the amount of new money that we will inject to BusinessWorld,” he said. “We would certainly be north of 50 percent, after it is accomplished,” he said further. MediaQuest holds a 30 percent stake in BusinessWorld. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 It likewise has a 20 percent interest in The Philippine STAR and an 18 percent stake in Philippine Daily Inquirer. Established in the 1990s, MediaQuest is owned by the Beneficial Trust Fund of PLDT. It owns media establishments such as Associated Broadcasting Co. (TV5), Nation Broadcasting Corp. and Cignal Digital TV. In a related development, PLDT corporate secretary Lourdes Rausa-Chan said in a disclosure to the local bourse, the firm’s board of directors has approved the declaration of a cash dividend of P2.438 million on all outstanding shares of voting preferred stock of the company for the quarter ending July 15. The payment date is on July 15. “The cash dividend was declared out of the company’s audited unrestricted retained earnings as Read More …

Aboitiz unit on track with Sabangan hydro project

Economy

Jun 152013

Aboitiz unit on track with Sabangan hydro project

MANILA, Philippines – Hedcor Inc., a fully owned subsidiary of Aboitiz Power Corp., is on track with the completion of its Sabangan hydroelectric power project in the Mountain Province, officials said during the weekend. The Sabangan project will supply 14 megawatts of renewable energy by early 2014, the company said. It is also track with its expansion projects including the Tudaya hydroelectric project in Davao del Sur. Hedcor president and chief operating officer Rene Ronquillo said the company also has small hydropower projects in Bukidnon, Negros and other parts of the Cordilleras. “We believe there’s strong community support because the nice thing about small hydro is that it provides inclusive growth and inclusive development in the communities.” Hedcor, a run-of-river hydropower plant developer and operator, recently celebrated its 35th anniversary. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The company started operating in 1978 the Lower Talomo hydropower plants in Davao, then owned by National Power Corp. (Napocor), the state-owned power firm. In 1985, Hedcor assumed operation and maintenance of the Asin hydropower plants owned by the City of Baguio. The first Hedcor-built hydropower plant was constructed in Benguet in 1988. To date, the company has a portfolio of 19 power plants with a combined capacity of 155 MW. Run-of–river hydropower utilizes the flow and elevation drop of rivers to generate electricity. A portion of the water from the river is diverted into a conveyance pipe and then to a turbine to generate electricity. Once the electricity has been Read More …

Shell chief underscores benefits of regional integration by 2015

Economy

Jun 152013

Shell chief underscores benefits of regional integration by 2015

MANILA, Philippines – The benefits of regional integration are numerous not just for the different economies but for the private sector as well as it would encourage companies to further improve their services and products, the Philippine chief of a multinational oil firm said. In a paper on regional integration, Pilipinas Shell Petroleum Corp. country manager Edgar Chua said these initiatives could provide an opportunity for companies like Shell to further improve themselves and compete more “through operational excellence.” “Hence, we benchmark our product and services against the best of the best in the world. Benchmarking is our way of knowing where we are vis-à-vis our peers and competitors,” said Chua in an article posted on the company’s website. In Asia, negotiations for various regional integration initiatives have taken off. One such initiative is the negotiations for the proposed Regional Comprehensive Economic Partnership (RCEP). The proposed RCEP, which includes all the 10 ASEAN economies plus their six free trading agreement partners namely, Australia, China, India, Japan, Korea, and New Zealand, would create the world’s largest free trade bloc with huge impact to the world economy, according to the Asian Development Bank in its ADB Outlook 2013. The RCEP economies have a combined total population of 3.5 billion, a gross domestic product of $21.4 trillion and trade receipts of $12 trillion, according to the ADB. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Chua said besides the RCEP, the so-called ASEAN economic community (AEC) has also emerged. With a target Read More …

Father’s values are family values

Economy

Jun 152013

Somebody once said, “Father’s Day was both a joy and a worry as my kids were growing up. I was always afraid they were going to give me a present that I couldn’t afford.” What’s the definition of a dad? What are the characteristics of a father? Here’s an old material somebody posted in the net, and I’d like to share this with you: BECAUSE I’M A DAD… • I must hold the television remote control in my hand while I watch TV. If the thing has been misplaced, I’ll miss a whole show looking for it, though one time I was able to survive by holding a calculator. • When I lock my keys in the car, I will fiddle with a wire clothes hanger and ignore your suggestions that we call road service until long after hypothermia has set in. Oh, and when the car isn’t running very well, I will pop the hood and stare at the engine as if I know what I’m looking at. If another guy shows up, one of us will say to the other, “I used to be able to fix these things, but now, with all these computers and everything, I wouldn’t know where to start.” • When I catch a cold, I need someone to bring me soup and take care of me while I lie in bed and moan. You never get as sick as I do, so for you this isn’t an issue. Business ( Article MRec ), Read More …

Fertilizer prices fall in May

Economy

Jun 152013

MANILA, Philippines – The average dealers’ price of four fertilizer grades fell month-on-month and year-on-year in May, the Bureau of Agricultural Statistics (BAS) reported. Data released by BAS late Friday showed that this was caused by the reduction of prices in most regions. The monthly average dealers’ price of Urea in May was placed at P1,194.51 per sack, down 0.54 percent from the previous month’s price level and 8.68 percent from the price in the same period last year. In most regions, Urea prices were lower than the previous month’s levels. The biggest price cuts were recorded in Zamboanga Peninsula and SOCCSKSARGEN with respective price reductions of 3.54 percent and 3.22 percent. Urea prices in Davao Region and ARMM remained at the previous month’s price levels. The average dealers’ price of Complete in May was P1,238.16 per sack. Prices slid by 0.21 percentand 2.56 percent month-on-month and year-on-year respectively. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 In most regions, prices went down by 2.0 percent from the previous month’s records. The biggest markdown was noted in Zamboanga Peninsula at 1.13 percent. Prices of Complete in ARMM remained at last month’s price levels. The monthly average dealers’ price of Ammosul was placed at 750.86 per sack in May, down by 0.44 percent and 2.27 percent against month-on-month and year-on-year. Month-on-month, prices in most regions fell – by 0.09 percent in Cagayan Valley and by as much as 2.08 percent in Zamboanga Peninsula. In ARMM, Ammosul retained April’s price of Read More …

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