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Stocks sink as investors worry over Italian vote

Economy

Feb 262013

Stocks sink as investors worry over Italian vote

MANILA, Philippines (Xinhua)- Profit takers pulled down the Philippine stock market today. The bellwether Philippine Stock Exchange index lost 1.35 percent or 90.66 points to 6,630.67. The broader all-share index retreated by 0.77 percent or 32.07 points to 4,144.87. Trading volume reached 2.03 billion shares worth P10.49 billion ($257.83 billion) with 111 stocks declining, 55 advancing, and 43 unchanged. All six counters closed in the negative. Analyst Justino Calaycay of Accord Capital Equities Corp. said investors took note of the 216-point drop of the Dow Jones industrial average index to start booking their gains. “It was a day filled with a menu of negative news from Europe,” Calaycay said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Among the negative developments cited by the analyst was the latest election in Italy. Investors are worried over projections in Italy that showed no political coalition is strong enough to form a government. This might lead to political deadlocks that could lead to another Euro-zone crisis. Italy is divided between those pushing for austerity measures as a means to restore the economy back to health and the populists, who oppose such measures. In the US, Calaycay said investors are growing apprehensive over the developments in Europe and ahead of a spate of economic data this week. Stocks in the 30-company index were mostly down. These issues were SM Investments Corp., Ayala Corp., and Ayala Land, Inc.

Feb inflation foreseen at 2.8-3.7 pct

Economy

Feb 262013

MANILA, Philippines (Xinhua) – Inflation growth in February is forecast to grow between 2.8 to 3.7 percent in February on back of higher oil prices, the central bank said today. Central Bank Governor Amando Tetangco Jr. said lower food and utility prices will offset the rise in oil prices. He added that February’s forecast is still within the low-end of this year’s three to five percent inflation target. “Results of the (central bank’s) latest forecasting exercises suggest that average inflation for 2013 and 2014 could still settle at the lower half of the government-set target range,” Tetangco said in a text message sent to reporters. Tetangco said this continues to reflect “manageable inflation pressures and well-anchored inflation expectations.” Inflation growth in February is forecast to grow between 2.8 to 3.7 percent in February on back of higher oil prices, the central bank said today.

Irony engulfs Yahoo's new work-in-office policy

Economy

Feb 262013

Irony engulfs Yahoo's new work-in-office policy

ASSOCIATED PRESS (AP) — Since Marissa Mayer became chief executive of Yahoo, she has been working hard to get the Internet pioneer off its deathbed and make it an innovator once again. She started with free food and new smartphones for every employee, borrowing from the playbook of Google, her employer until last year. Now, though, Yahoo has made a surprise move: abolishing its work-at-home policy and ordering everyone to work in the office. A memo explaining the policy change, from the company’s human resources department, says face-to-face interaction among employees fosters a more collaborative culture — a hallmark of Google’s approach to its business. In trying to get back on track, Yahoo is taking on one of the country’s biggest workplace issues: whether the ability to work from home, and other flexible arrangements, leads to greater productivity or inhibits innovation and collaboration. Across the country, companies like Aetna, Booz Allen Hamilton and Zappos.com are confronting these trade-offs as they compete to attract and retain the best employees. Bank of America, for example, which had a popular program for working remotely, decided late last year to require employees in certain roles to come back to the office. Employees, especially younger ones, expect to be able to work remotely, analysts say. And overall the trend is toward greater workplace flexibility. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Still, said John Challenger, chief executive of Challenger Gray & Christmas, an outplacement and executive coaching firm, “A lot of companies are Read More …

PSE among best stock markets in 2012

Economy

Feb 252013

MANILA, Philippines – The Philippine Stock Exchange ranked third globally among top performing bourses last year in terms of domestic market capitalization, PSE reported on Tuesday. Citing a report from the World Federation of Exchanges, the local bourse said that it was only outpaced by the stock exchanges in Turkey and Thailand after posting a 38.9 percent expansion in 2012. WFE is composed of 50 bourses all over the world. “Ranking among the top markets around the world is a feat which I think all Filipinos can be proud of as we are pitted against the best of the best markets in these global rankings. This is a testament to what we have been saying that the Philippines is now indeed in the global radar for investments and these numbers prove our worth as a viable investment destination,” PSE President and Chief Executive Officer Hans Sicat said. The report likewise noted that the PSE ranked third after the Saudi Stock Exchange and the Bermuda Stock Exchange after posting a 25.3-percent growth in the value trading turnover. It also placed fourth in terms of trades growth and fifth in terms of broad market index growth. In 2011, PSE also ranked first in the growth of its broad market index, third in domestic market capitalization and fourth in trading turnover among 51 stock exchanges. PSE added that among the top performing stock markets in 2011, it was the only one which figured in the best performing markets list by posting growth across Read More …

EDSA traffic worse today than yesterday

Economy

Feb 252013

Complaints about the traffic in EDSA are increasing with the situation getting worse more today than yesterday. Over 120,000 cars were sold in 2012 (not including trucks and other vehicles) – just think of the heavy volume of vehicles added to the streets every year. It was really prudent of the government to defer the two-year EDSA rehabilitation plan unless new alternative routes are opened. Yesterday when parts of EDSA were closed for the 27th People Power celebrations, a young businessman spent four hours getting to the airport from White Plains – double the time it takes on a “normal” day. A lot of plans and proposals have been made to address the worsening traffic and the only feasible plan is to build a skyway, plus add more trains on the MRT and lessen the number of buses. Other creative solutions have been tried and tested, but none made remarkable improvements as far as traffic congestion is concerned. Reader Dr. Ron Benitez is suggesting a “brand coding scheme” in addition to the current number coding to ease up traffic – saying his proposal could help drastically reduce the estimated 400,000 vehicles plying EDSA every day. The plan is for every vehicle manufacturer to attend a “lottery” conducted by MMDA or DOTC to draw the day when their respective brands will not be allowed along EDSA. For instance, if Toyota drew Monday, then all types of Toyota-manufactured vehicles will be restricted from EDSA. MMDA or the DOTC can combine different brands Read More …

AmCham backs revision of Foreign Investment Negative List

Economy

Feb 212013

AmCham backs revision of Foreign Investment Negative List

MANILA, Philippines – The American Chamber of Commerce of the Philippines (AmCham) supports the government’s plan to review the Foreign Investment Negative List (FINL), citing that it is beneficial to update rules with the current environment. AmCham director Robert Sears said the group is backing the government’s plan to review the FINL. “It is always good to review outdated laws,” he said in a text message. Earlier this week, economic managers such as Finance Secretary Cesar Purisima, National Economic and Development Authority director general Arsenio Balisacan and Trade Secretary Gregory Domingo agreed to undertake a review and hold consultations for the FINL. Purisima said the plan is to present the results of the review and consultations to President Aquino. Sears, however, noted that only items in the list would be examined and they would not be review lifting economic restrictions in the Constitution. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The FINL identifies activities reserved to Filipino businesses and the limits to the participation of foreign enterprises in these areas. The latest list or the 9th FINL was released by the government in October last year. The FINL, which was introduced in 1991, is reissued every two years. Although the list is updated, it is not seen to have provided changes to help encourage more foreign investments. Earlier, the Joint Foreign Chambers said that since 1991, only two major changes have been made to the FINL, these include the opening of retail trade to foreign investors pouring in Read More …

Financial institutions urged to offer more retail products

Economy

Feb 212013

Financial institutions urged to offer more retail products

MANILA, Philippines – Financial institutions should introduce more retail investment products to catch migrating funds from special deposit accounts (SDA), the country’s chief economic planner said. Socioeconomic Planning Secretary Arsenio M. Balisacan said money parked in SDAs, estimated to amount to over P1.8 trillion, should be enticed to more productive investments similar to retail Treasury bills (RTBs). Balisacan likewise said that migrating investments in SDAs should be invested in agriculture, tourism and manufacturing activities to address poverty, employment and productivity. “What we want to put in place are instruments that are attractive for small savers, such as retail Treasury bills (RTBs),” he said on the sidelines of a Management Association of the Philippines (MAP) meeting yesterday. Balisacan, who is also director general of the National Economic and Development Authority (NEDA), said government wants banks and non-bank financial institutions to introduce retail products such as mutual funds. “We are getting all the actors to introduce market products that are retail in nature,” he added. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The Bangko Sentral ng Pilipinas (BSP) has reduced the interest rate on SDAs from 3.5 percent to just three percent, in what is deemed as a slow process of re-injecting liquidity in the system. The regulator wants banks to re-lend money for productive activities. For economic activities, NEDA wants the money invested in the agriculture, tourism, manufacturing, and the services sectors. These sectors can generate larger employment activities and further stimulate inclusive growth. Meanwhile, introducing or re-introducing retail Read More …

P2.1-B medical facility to rise in Makati

Economy

Feb 212013

P2.1-B medical facility to rise in Makati

MANILA, Philippines – Real estate firm Century Properties Group Inc. aims to be a major player in the government’s push to develop the country’s medical tourism industry. The property firm said it is on track to completing the construction of the 28-story Centuria Medical Makati in 2014. “The P2.1-billion project is positioned to attract local residents and most especially medical travelers, who are looking for quality treatment in a world-class facility that can offer huge cost savings, as compared to costs of medical treatment in their own countries,” said Century Properties chairman Jose E.B. Antonio. The outpatient medical facility will serve as a platform to support the Philippine government’s thrust to offer world-class medical services to foreign patients, Antonio said. It will house 553 clinics for doctors specializing in various medical practices. Centuria will offer also offer a day surgery center, radiology center, diagnostic laboratory, digital imaging, pharmacy, recovery suites, and an ambulance transfer service. To date, 84 percent of Centuria’s clinic spaces have been pre-sold. Clinic sizes range from 27 square meters to 187 sqm, with a current average price of P160,000 per square meter. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “With the added push from the tourism and health departments of our government, Century Properties is very optimistic about the prospects of medical tourism in the Philippines,” Antonio said. In 2010, the Philippines posted $25.3 million in revenues from the health and wellness industry, 60 percent of which came from foreign visitors. Medical procedures in Read More …

GMA-7 spending P75 M in Mindanao

Economy

Feb 212013

MANILA, Philippines – Broadcast giant GMA Network Inc. is spending P75 million to further expand its presence in Northern Mindanao with the establishment of an originating station in Cagayan de Oro. GMA chairman and chief executive officer Felipe L. Gozon said in a statement that the company has so far established three originating stations in just eight months as part of efforts to beef up its presence in the provinces particularly in Mindanao. “We are also exploring the possibility of constructing another TV relay facility to further expand the reach of GMA Northern Mindanao,” Gozon said. He said the company is spending at least P75 million for its GMA Northern Mindanao expansion efforts that covers Cagayan de Oro, Bukidnon, Misamis Oriental and Occidental, Camiguin, parts of Southern Bohol, Lanao del Norte, Lanao del Sur, Compostella Valley, North and South Catabato, Sultan Kudarat, Agusan del Norte and Sur, Surigao del Norte and Sur, Zamboanga del Sur and Zamboanga del Norte The amount covers the investment for GMA Northern Mindanao’s state of the art studio, technical operation center, satellite multi-link microwave system and electronic news gathering equipment. Just last month, GMA completed the conglomeration of three TV relay facilities of its local channels namely: TV-5 Ozamiz, TV-4 Dipolog and TV-3 Pagadian with its Cagayan De Oro originating station enabling the rebroadcast of the Northern Mindanao programs to the areas that are presently reached by the relay stations. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 This brought the coverage of GMA Read More …

Forum focuses on ‘Doing business amidst new threats’

Economy

Feb 212013

Forum focuses on ‘Doing business amidst new threats’

MANILA, Philippines – Business, government and institutions face increasing threats to their survival and competitiveness. The challenge lies in the increasing frequency and severity of cyber attacks, natural hazards, market uncertainties driven by geo-political risks, identity thefts and counterfeit crimes. In this year’s 8th PROTECT conference series on “Doing Business Amidst New Threats”, leading practitioners will present best practices and the latest advances on risk management, ICT advances to solve crimes, disaster preparedness, business continuity and technologies to fight identity thefts and counterfeit cases. A round table discussion will analyze the impact on security in Asia of developments in other parts of the world. In another session, future global critical concerns to the next century is the subject of a panel discussion among experts in the fields of food supply, energy sources, health issues and regional/global political dynamics. The PROTECT series is the largest and longest-running conference with specialized exhibit on security, risk and emergency management in the Philippines. Launched in 2005 with the Anti-Terrorism Council in response to the New York 9-11 terrorist attack, the PROTECT series has, over the years devoted added attention to risks arising from increasing natural disasters, pandemics, ICT developments and the changing face of terrorism This annual conference is attended by CEOs and senior executives of government and private companies and organizations responsible for guiding their institutions navigate the changing powerful forces of economics, technology, culture, and politics. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The conference, to be held on April Read More …

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