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OFWs earn add’l P12.5M from SSS Flexi-fund savings

Economy

Jun 152013

OFWs earn add’l P12.5M from SSS Flexi-fund savings

MANILA, Philippines – More than 32,000 qualified overseas Filipino workers with active accounts at the Social Security System’s (SSS) provident fund earned P12.54 million in additional income last year, or three times the amount of earnings on their Flexi-fund savings in 2012. SSS senior vice-president and international operations division head Judy Frances See said nine out of every 10 SSS Flexi-fund members qualified for the first-ever release of the annual incentive benefit (AIB) which is based on OFW-members’ personal Flexi-fund equity as of end of the applicable year. “Flexi-fund members with no full early withdrawal claims or benefits filed in 2012 qualified for the AIB. They do not need to file an application for availment because the SSS automatically posts the AIB amount to their flexi-fund accounts.The more Flexi-fund savings a member has, the higher the AIB amount will be,” See said. For 2012, the member with the biggest Flexi-fund equity received an AIB amount of P106,498. According to See, the total AIB is taken from the Flexi-fund’s actual investment income at the end of the year minus the total guaranteed earnings already credited to the accounts of flexi-fund members. The SSS approved higher interest rates as basis for flexi-fund guaranteed earnings effective July 2012. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The prevailing low-interest environment encouraged SSS to revise the program’s policies last year to help OFW-members earn higher from their flexi-fund savings. Previously, the computation of guaranteed earnings was solely based on the 91-day T-bill rate, Read More …

Phl banks among group with high risk factors

Economy

Jun 152013

Phl banks among group with high risk factors

MANILA, Philippines – The Philippines has been grouped among countries whose banking systems have higher risk factors. The country is among Group 7 nations, with Group 1 as those with lowest risk levels while Group 10 has the highest risk levels. Standard & Poor’s (S&P) Ratings Services’ recently released its Banking Industry Country Risk Assessment (BICRA), which assessed 86 banking systems worldwide. “We also present economic and industry risk trends that we are introducing this year for those banking systems,” S&P said. The Philippine banking system’s credit risk to its economy was ranked “very high” by the rating agency. Among the countries with “low risks” are Switzerland and Germany, while nations with “extremely high risk” include Belarus, Jamaica, Greece, Egypt, Cambodia and Vietnam. The Philippines is lumped with Latvia, Uruguay, Bulgaria, Iceland, Jordan, Morocco, Portugal, Indonesia, Ireland, Russia and El Salvador in Group 7. These countries banking systems have strong or high-risk impact on their respective economies. BICRA is scored on a scale of 1 to 10, ranging from what S&P’s view as the lowest-risk banking systems (Group 1) to the highest-risk (Group 10). The BICRA methodology has two main analytical components: economic risk and industry risk. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The rating agency’s industry risk ranking of the Philippine banking system is a 6 with the highest industry risk level at 10 (Belarus). Some of the 1 ranking, or the lowest risk level, are Hong Kong, Canada, Germany, France and Singapore. The country’s banking Read More …

PCSO cited

Economy

Jun 152013

It has always been this column’s policy to give credit where credit is due. We just learned that the Philippine Charity Sweepstakes Office (PCSO), over a span of one week, garnered two noteworthy awards. First was an excellent rating from the Civil Service Commission (CSC) for strict compliance with the Anti-Red Tape Act (ARTA). And according to PCSO chairperson Margie Juico, the award is something to be happy and proud about. For years, PCSO had been handicapped by poor and inefficient services. Deplorably, it had also been used as a political milking cow and dumping ground for favored politicians. The mandate to maximize and extend charity assistance to the poor had been sideswept, among other things, by these practices. Juico said that the new PCSO Board has been trying to restore public faith in the agency as the primary government arm for the welfare of the poor. She pointed out that “the tasks have not been easy especially since there are detractors from the outside and within. But I think we have made some significant breakthroughs. The award is meaningful in more ways than one, because it showcases the agency’s very much improved quality of service to its poor clients, especially in their medical needs.” PCSO, for instance, has set up a central public service office desk which serves as a public assistance and complaints desk. A comfortable waiting area with TV monitors for the queuing system has been designated. Free water for the clients is also daily provided and Read More …

SM Supermalls wins Reader’s Digest Trusted Brands award

Economy

Jun 142013

SM Supermalls wins Reader’s Digest Trusted Brands award

MANILA, Philippines – The SM Supermalls recently received a Platinum Award in the Reader’s Digest Trusted Brands Shopping Centers/Malls category during ceremonies held recently at the Edsa Shangri-La, Manila. The award, which is considered the ultimate seal of consumer approval, has been a tradition for Reader’s Digest Asia since 1999. The Reader’s Digest Trusted Brands Survey has a well-established reputation as the premier consumer-based and international measure of brand preference. It seeks to identify which brands consumers in Asia trust and provides an objective and reliable reference for consumers throughout the region. Survey respondents are asked to name their most trusted brand in each of the product categories, and then give each brand they name a rating from one (poor) to five (excellent), on six qualitative criteria: Trustworthiness and Credibility, Quality, Value, Understanding of Customer Needs, Ability to Innovate, and Social Responsibility. Each brand then receives a mathematical score based on the number of respondents who named it multiplied by the average rating of the six qualitative criteria. Awardees are given gold and platinum recognitions. Brands that have a clear lead over competitors receive a gold award. Brands that score three times more than their nearest competitor get a platinum award. SM Malls have been recipients of the Reader’s Digest Trusted Brands Awards for the past years – SM North EDSA, SM Megamall, and the SM Mall of Asia in 2011 and SM North EDSA and SM Megamall in 2012. Business ( Article MRec ), pagematch: 1, sectionmatch: 1

Consumer confidence hits record high

Economy

Jun 142013

MANILA, Philippines – Consumer confidence has hit record high this quarter as the country’s strong economic growth is expected to translate to more investments, more hiring and higher salaries, the Bangko Sentral ng Pilipinas (BSP) reported yesterday. According to the results of the Consumer Expectations Survey, the overall confidence index (CI) climbed to -5.7 percent for the next quarter from -11.2 percent in the previous three months. The current CI – although still negative – is the highest since the BSP survey began in the first quarter of 2007, central bank assistant governor Ma. Cyd Tuaño-Amador told reporters in a briefing. A negative result in the index indicates the pessimists outnumber the optimists “although the margin between the two declined to its lowest ever,” she said. Rosabel Guerrero, director of the BSP’s department of economic statistics, attributed the result to “better job opportunities, increased investment inflows that would support job creation and salary increases.” “Consumers also cited the country’s strong macroeconomic fundamentals and the investment grade credit rating by Fitch Ratings as factors that contributed to their more bullish outlook,” she told reporters. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The local economy expanded 7.8 percent in the first three months of the year, surpassing market expectations to become Asia’s fastest growing economy. This was achieved against the backdrop of a slow three-percent inflation. Slow inflation and a “stable” foreign exchange rate give consumers more purchasing power to spend for goods and services, in addition to public savings. Read More …

Get a mind tuck

Economy

Jun 142013

High in my non-negotiable priority list in life is to take care of my body, maintain a healthy lifestyle, continue to pursue knowledge, master my moods and emotions, maintain a network of people I trust and who trust me, and continue to strengthen my spiritual walk. In light of all these, I have set a couple of perspectives. Let me share those with you. I’ve promised myself never to retire. I don’t want to coast my way into retirement. I still want to make a difference in this world. But what God wants from me is totally different from what all the Hollywood, media and marketing messages are saying. God made me to be me; not some version of perfection now appearing at a theater near you. This is why I have a plan. I have a plan for my health maintenance. I have a plan for my self-education and intellectual development. I have a plan on how to master my moods and emotions. I have a plan on how to maintain my network of close connections. Most important, I have a plan on how to keep my personal relationship with Christ intimate and vibrant through the years. Without a plan I fail. If you fail to plan then you plan to fail, goes the adage. Stop dragging your feet, procrastinating and putting off planning and execution. If you’re overweight and unhealthy, don’t wait for a tummy tuck; start with getting a mind tuck. The constant thought that “It’s so Read More …

European economic growth still on US agenda

Economy

Jun 142013

European economic growth still on US agenda

WASHINGTON (AP) — A year after President Barack Obama made an emphatic pitch to Europe’s economic powers to focus more on economic growth than austerity, much of the eurozone remains mired in or near recession. Obama’s appeals have had mixed results in softening the demands on some of the most debt-ridden European nations to cut their spending. Still, the region’s crisis is no longer perceived as an urgent threat to the global economy, and while the US still wants Europe to temper the debt trimming and increase global demand, Obama is not expected to be as insistent with other leaders of the Group of Eight industrial nations when they meet in Northern Ireland next week. Last year, the G-8 leaders assembled at the Camp David, Md., presidential retreat in the aftermath of European elections that represented a revolt against the austerity measures pushed by German Chancellor Angela Merkel. When Obama greeted Merkel and asked how she had been, the German leader merely shrugged. “Well, you have a few things on your mind,” Obama replied then. These days, the furor has died down, high-debt nations have been given more time to work on their fiscal cuts, and even the language has changed from “austerity” to “growth-oriented structural reforms.” “Relative to last year, things are somewhat better in that the European situation is more contained,” said Matthew Goodman, a former Obama international economics adviser now at the Center for Strategic and International Studies. “The risks that people were worried about have been Read More …

Mechanization is the only way to go

Economy

Jun 142013

Many of our businessmen are keen on manufacturing, or import/export, or IT, or BPO. Only a few would give a second thought to the country’s agriculture sector, to the advances that we have gained over the last few years. Maybe because they are not trumpeted for the most part, but also because we tend to take agri news with a big ho-hum. What we know for a fact is that we have lagged behind our neighbors in this sector. Where we used to be the lead producer of rice and sugar, we are now a net importer of rice and other countries have now challenged us too in sugar production. Countries like Thailand, Taiwan, Japan and Korea have overtaken us simply because they have embraced technology far earlier than us, and their governments have taken the initiative of empowering their farmers initially through subsidies, but later through production and marketing support while we continue to wallow in bureaucracy, corruption and blissful ignorance. But take a second look now at what is going on in the country’s agriculture sector. For one, we have taken the first big step in mechanizing. In the late ’90s, mechanization of our farms stood at a low .52 – .56 HP/hectare. That means, the total horse power used is only about one half horsepower per hectare. In 2012, Philmech, the lead agency under the Department of Agriculture (DA) tasked with farm mechanization, took a survey and came out with brighter results: 1.26 HP/ha. That is a Read More …

Mercato sets culinary show

Economy

Jun 142013

MANILA, Philippines – To further promote food tourism in the country, the Mercato Centrale Group is bringing the premier food and lifestyle night market experience to the culinary center of the Philippines – Angeles City, Pampanga – in Ayala-owned Marquee Mall. “We’re inviting food entrepreneurs from Manila, Pampanga and the surrounding provinces of Central Luzon to join our newest market-Cocina Centrale. It will be a culinary showdown where the best of Pampanga will meet the best of Manila,” said RJ Ledesma, co-founder of the Mercato Centrale Group. Cocina Centrale will have its grand launch on June 29, at the Marquee Park of Marquee Mall in Angeles City. It will be open every Friday and Saturday starting July 5, from 4 p.m. to 3 a.m. “This is our first food market outside of Metro Manila, and we feel the most ideal place where we could share the Mercato Centrale experience is with the Pampanga foodies,” said Anton Diaz, co-founder of the Mercato Centrale group. “The great tradition of cooking in this part of the country means we have to ‘level up’ when it comes to the quality of our gourmet and artisan vendors, so that the food satisfies the discerning taste buds of the Kapampangans,” added Diaz.

New Seacem owner makes tender offer to stockholders

Economy

Jun 142013

New Seacem owner makes tender offer to stockholders

MANILA, Philippines – The new controlling owners of Southeast Asia Cement Holdings Inc. (Seacem) is offering to buy out the minority shareholders at a cost of almost P290 million. In a regulatory filing, the 8990 Group of Companies said it will conduct a tender offer to minority shareholders following its takeover of Seacem. IHoldings Inc., Kwantlen Development Corp. and Januarius Resources Realty Corp., collectively known as the 8990 Group, said they filed an “offer to acquire all the remaining common shares of Seacem held by the public.” The 8990 Group plans to buy 709.54 million common shares of Seacem at P0.4083 each for a total transaction value of P289.7 million. The tender offer price is a steep discount from Seacem’s closing price of P1.52 on Thursday. The offer to buy out minority shareholders will start on June 17 and end on July 12. Last week, 8990 Group entered into a purchase agreement to buy 89.87 percent of Seacem from Calumboyan Holdings Inc., Lafarge Philippines Holdings Philippines Inc. and Seacem Silos Inc. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The 8990 Group, one of the leading low-cost housing developers in Visayas and Mindanao, spent P2.75 billion for the acquisition. “The buyers are conducting the tender offer for all the remaining issued shares of Seacem, in compliance with the rules on mandatory tender offer,” the company said.

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