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Power users allowed to look for best deal

Economy

May 282013

Power users allowed to look for best deal

MANILA, Philippines – The Department of Energy (DOE) and the Energy Regulatory Commission (ERC) will allow power consumers more time to enter into a retail supply contract as part of the open access regime. Under a draft resolution issued by the ERC, contestable customers who have not yet signed a contract with a supplier shall continue to be served by their franchised distribution utilities until they are able to negotiate a more competitive retail supply contract. “The intent is to ease pressure on the contestable customers in securing a retail supply contract and to avoid being disconnected from service or be served by a supplier of last resort which have higher rates,” the DOE said. The DOE said the ERC resolution is intended to address the growing concerns of many contestable customers of possible disconnection due to the inability to sign a retail supply contract with a supplier. The so-called retail competition and open access (RCOA) will make power distribution companies more competitive. Both the DOE and ERC are looking into how RCOA will better operate to achieve the intent of the Electric Power Industry Reform Act (EPIRA) in terms of promoting customer choice, better services and competition in the power supply sector. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Under the so-called open acccess regime, large power users will be able to choose their own suppliers, in contrast with the current system where they are limited to the supplier that has jurisdiction over their areas. Mandated under Read More …

Solar names 2 new officers

Economy

May 282013

(From left) Wilson Tieng, Solar Entertainment president and CEO; Maria Theresa Borromeo, chief operating officer; Manuel Quiogue, chief commercial officer. MANILA, Philippines – The country’s leading cable network, Solar Entertainment Corp., recently appointed two officers to manage its broadcasting and cable businesses. Joining Solar’stop management are Manuel “Meckoy” Quiogue as chief commercial officer and Maria Theresa “Mitos” Borromeo as chief operating officer. Quiogue joins Solar with an illustrious management track record in both advertising and broadcasting industries. He started in marketing, handling major accounts such as Coca-Cola, and Unilever brands. He moved to advertising, becoming the president and chief operating officer of J. Walter Thompson. Then he went into broadcasting, first with ABS-CBN’s Studio 23, before becoming president and COO of GMA Marketing and Productions, Inc. Prior to Solar, he was the President and CEO of Group M Philippines, the parent company of four media agencies. As Solar’s CCO, Meckoy will oversee the programming, marketing, and sales of Solar’s cable and free-television channels. Borromeo comes with an extensive background in advertising and media. She held top positions in major advertising agencies like DY&R/Alcantara, Lowe, J. Walter Thompson, and Bates Manila.She also was managing director of Mindshare Philippines before being promoted to chief executive cfficer of Group M Philippines. As Solar’s COO, Mitos will oversee the operations of Solar Entertainment Corp. President and CEO Wilson Tieng is confident that the two will bring fresh energy and purpose to Solar Entertainment Corp. In a statement welcoming the two, Wilson said: “Mekoy’s a Read More …

DA asks DTI to monitor lead content in rice

Economy

May 282013

DA asks DTI to monitor lead content in rice

MANILA, Philippines – The Agriculture department is asking the Trade department to monitor rice being sold in Metro Manila, citing reports that the packages of these goods have been found to contain lead. Department of Agriculture (DA) Secretary Proceso Alcala said in a letter dated May 24 to Department of Trade and Industry (DTI) Secretary Gregory Domingo, they would want the Trade department to monitor the packages of rice being sold in the market. This, as the DA received information from the EcoWaste Coalition of the presence of lead in rice sacks. The EcoWaste Coalition is a public interest network of community, church, school, environmental and health groups pursuing sustainable solutions to waste, climate change and chemical issues facing the Philippines and the world. “It is informed that out of 125 sacks, representing 100 brands of rice purchased between the periods of April 13 to 18, 2013 from various rice dealers in public and private markets in cities of Metro Manila, about 53 percent showed low or non-detectable levels of lead, while 47 percent were found to contain lead in the range of 124 parts per million (ppm) to 2,605 ppm,” Alcala said. Alcala noted that the lead content of the rice sacks exceeds the US limit of 90 ppm for lead in paint and surface coating. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 He said lead was detected in the outer portions of the sacks as well as in the inner sections, posing a concern for adulteration Read More …

Vista Land tops Finance Asia’s ‘Best Mid Cap,’ ‘Best CFO’ awards

Economy

May 282013

Vista Land tops Finance Asia’s ‘Best Mid Cap,’ ‘Best CFO’ awards

MANILA, Philippines – Vista Land and Lifescapes Inc., the Philippine Stock Exchange-listed flagship company of Sen. Manny Villar, has garnered several awards from the prestigious Hong Kong-based FinanceAsia magazine. Based on the final tally of votes for FinanceAsia’s 13th annual poll of Asia’s top companies, Vista Land ranked number one in two key categories: “Best Mid Cap” company and “Best CFO.” The company also made it to the top 10 in five other categories: Best Managed Company – 8th; Best Corporate Governance – 5th; Best Investor Relations – 3rd; Best Corporate Social Responsibility – 10th; Most Committed to a strong dividend policy – 6th. Vista Land improved its ranking from 7th in “Best Investor Relations” and 4th in “Best Mid Cap” in 2012. For the second year in a row, Vista Land’s Chief Financial Officer, Ricardo Tan, Jr., was voted number one by investors and analysts across the region in the “Best CFO” category. Metro Pacific Investments CFO David Nicol came in second, while Emmanuel Singson of First Gen, Iker Aboitiz of Aboitiz Power, and Ismael Basa of Joillibee all came in third equal. Last year, Vista Land was the sole winner of the “Best Investor Relations award” from rival publication Asiamoney, and also received a Best Investor Relations award from CorporateGovernanceAsia. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 CorporateGovernancAsia also cited Vista Land as one of Asia’s Most Promising Companies in Corporate Governance in 2013. Vista Land, the largest homebuilder in the Philippines, posted a net income Read More …

Seair mounts int’l flights from Cebu, Kalibo

Economy

May 262013

Seair mounts int’l flights from Cebu, Kalibo

MANILA, Philippines – Low-cost carrier Southeast Asian Airlines (Seair), a unit of Tiger Airways Holdings Ltd. of Singapore, is set to mount flights to Singapore and Hong Kong from Cebu and Kalibo in Aklan. Seair has filed a petition with the Civil Aeronautics Board (CAB) to impose a fuel surcharge of P500 for flights from Kalibo to Singapore and Hong Kong as well as flights between Cebu and Singapore. Last February, the budget airline started imposing a fuel surcharge of P500 for all its international passengers and P300 for all its domestic passengers flying within the Philippines except Davao. The budget airline also started imposing a P400 fuel surcharge for Manila to Davao passengers. The CAB allows airlines to impose fuel surcharge on international and domestic passengers as a temporary relief to help them recover losses arising from the increase in jet fuel prices in the world market. Latest results of the jet fuel price monitor of the International Air Transportation Association (IATA) showed that average price of jet fuel rose 4.7 percent to $118.1 per barrel from a month ago level. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Seair flies from Manila to Cebu, Davao, Tacloban, Iloilo, Puerto Princesa, Bacolod, and Boracay via the Ninoy Aquino International Airport (NAIA). Its international destinations include Hong Kong, Singapore, Bangkok, and Kota Kinabalu via the Clark International Airport in Pampanga. In August last year, Tiger Airways through wholly-owned subsidiary Roar Aviation II Pte Ltd. acquired a 40-percent stake in Seair Read More …

Use of solar power urged to lower oil dependence

Economy

May 262013

Use of solar power urged to lower oil dependence

MANILA, Philippines – Harnessing solar power in the Philippines can decrease the country’s dependence on the increasing and volatile prices of fossil fuels as bulk of the country’s supply of crude and finished petroleum products come from the Middle East, a report developed by the GIZ on behalf of the German Federal Ministry of Economics and Technology said. Citing data from the Department of Energy, the report said that while the aspirational solar energy target set by the government is 1,528 megawatts, the potential may even be greater. The DOE’s 2009 to 2030 Power Development Plan said the country’s energy consumption may reach 149,067 gigawatt-hours (Gwh) by 2030, from an estimated demand of 86,809 Gwh by 2018 and actual demand of 55,417 Gwh in 2008. “Peak demand should hit 14,311 Gwh by 2018 and go up to 24,534 Gwh by 2030 from 2008’s 9,226 Gwh,” the report said. As such, to ensure adequate power supply, additional capacity can come from renewable energy, particularly from solar power. The National Renewable Energy Program said the country’s RE base should reach 15,304 MW by 2030, almost triple the current installed base, of which 10 percent will be attributed to solar energy. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 In the report, the GIZ said the installed base for solar can be increased and accelerated. It said that under the so-called feed-in-tariff (FIT) rules, the Energy department needs to decide on how to continue the process after the target has been reached Read More …

Discovery names new corporate chef

Economy

May 262013

MANILA, Philippines – The Discovery Leisure Company Inc. (TDLCI), the homegrown Filipino holding company that owns and manages a distinguished portfolio that includes Discovery Suites in the Ortigas Business District, Discovery Country Suites in Tagaytay, and the much celebrated Discovery Shores Boracay, has named chef Anthony Raymond as the new corporate chef. Raymond has a vibrant and impressive culinary career that spans over 15 years at establishments that include a five star /Diamond Hotel (The Peninsula Beverly Hills), a French Michelin-star restaurant (Stella Maris restaurant in Paris) under the tutelage of Michelin Star chef Tateru Yoshino, catering alongside restaurant competitors Wolfgang Puck of Spago, Tom Calicchio of Craft, and Thomas Keller of Bouchon, and several fine dining hotel restaurants here and abroad. In the Philippines, he worked as sous chef for The Peninsula Manila’s Old Manila Restaurant working alongside Chef de Cuisine Adrian Mellor and under the supervision of Chef de Cuisine Nicholas De Viche. At Azzurro Bistro and Bar, he worked under the direction of Chef Philip Golding.

Most trusted brand

Economy

May 262013

MANILA, Philippines – Once again, the Filipino consumers have spoken: Whirlpool is still their brand of choice in washing machines. For three consecutive years, Whirlpool has been conferred with the Ultimate Seal of Consumer Approval as one of the Most Trusted Brands for Household Products for the Washing Machine Category in the Reader’s Digest Asia’s Trusted Brand 2013 Awards. “Receiving this award for the third time is simply overwhelming and we are filled with gratitude and pride as this recognition comes from the Filipino consumers themselves. The trust they have in Whirlpool is proof that we are a brand committed to bringing only high-quality and energy-efficient products to help make the lives of Filipino families more convenient,” said Joy Catiis-Cruz, marketing manager of Whirlpool in the Philippines. Achieving the Reader’s Digest Asia Trusted Brands status is a genuine recognition of consumer approval. The survey reflects consumers’ choice of their most trusted brands among the thousands available in the market. Launched in 1999, the Reader’s Digest Asia Trusted Brands has established a solid reputation as the premier consumer-based survey in Asia, providing an objective and reliable reference for consumers throughout the region. Whirlpool was also recently awarded by the US Department of Energy the 2013 Energy Star’s Partner of the Year award for Sustained Excellence.

SEC moves to protect minority shareholders in takeovers

Economy

May 262013

SEC moves to protect minority shareholders in takeovers

MANILA, Philippines – The country’s corporate regulator has come up with new rules to protect minority shareholders in companies subject to takeovers. In a memorandum, the Securities and Exchange Commission (SEC) formulated the Guidelines on the Conduct of Valuation and Issuance of Fairness Opinion for investors wanting to acquire a listed company. The regulations aim to “increase the reliability of fairness opinions being issued prior to the conduct of mandatory tender offer,” SEC said. It was also issued to align SEC’s rules with best practices in other jurisdictions, it added. The Securities Regulation Code requires that the price of the minority’s stocks subject to mandatory tender offer be “supported by a fairness opinion provided by an independent financial advisor or equivalent third party.” A mandatory tender offer is triggered when an investor accumulates more than 51 percent of the total outstanding shares of a listed company. The acquiring entity should then offer to buy all shares held by minority stockholders. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Given the new rules, only independent firms accredited by the Philippine Stock Exchange can conduct valuation and issue fairness opinions, SEC said. The regulator also issued several measures to ensure investor protection as shares are valued. “An expert shall use more than one valuation methodology and compare the values derived from using different methodologies to minimize the risk that opinion is unreliable,” SEC said. “If an expert’s valuation of a company differs from the price of the company’s securities prior to Read More …

BSP ready to face withdrawal of stimulus measures abroad

Economy

May 242013

BSP ready to face withdrawal of stimulus measures abroad

MANILA, Philippines – The Philippines stands ready to respond should the planned withdrawal of stimulus measures abroad results into capital outflows. “While there may be a possible effect of an exit strategy, I think investors will still look at the fundamentals, the prospects of individual countries. So it does not mean that suddenly they will just exit,” BSP Governor Amando Tetangco Jr. told reporters yesterday. Should it be necessary, the central bank “have the tools” to respond to possible inflow of capital to the US once it decides to scale down or stop its quantitative easing (QE) program. On Wednesday, US Federal Reserve chairman Ben Bernanke told a Senate inquiry that QE — which involves the buying of $85 billion worth of securities every month — is “providing benefits” to US economy still reeling from the effects of the 2007 financial crisis. While he warned against “premature tightening,” minutes of the meeting of the Federal Open Market Committee — the Fed’s policymaking body — showed that some members wanted to “adjust the flow of purchases downward.” This has disgruntled Asian financial markets, causing investors to fly back to safe haven assets such as the dollar. The peso plunged to 41.69 versus the greenback on Thursday, its weakest level in almost eight months. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 In the long run though, Tetangco said it should be expected that QE will stop as the US economy recovers and that Asian nations, such as the Philippines, should Read More …

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