Maniolas

MANILA, Philippines – Business registration for financing and lending companies has just been made easier by the Securities and Exchange Commission (SEC) in line with the Duterte administration’s anti-red tape thrust. “This would speed up the processing for the issuance of the certificates since there would be lesser documents for inspection and evaluation,” SEC chair Teresita Herbosa said. From 23 documents, those registering to operate need now only to submit 15 to the SEC’s registration and monitoring department’s (CRMD). This was after the agency consolidated requirements and dropped ones deemed redundant. Dropped documents were local police clearance; certificate of good moral character for Filipino directors and officers; work permit from the Department of Labor and Employment for foreign directors and officers and location map and copy of the lease contract or title of the building where the company is located. For financing companies applying to operate a branch office, requirements had been reduced to eight from 13 previously. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 As part of the streamlining of processes, CRMD has also modified its application form, company’s information and personal information sheets and made them easier to be filled out. Monitoring of existing players were also made easier through less requirements needed to be submitted to the agency’s corporate governance and finance department (CGFD). The department will no longer require the submission of the following documents: SEC form Q-EPS or quarterly report; certification of corporate secretary on the attendance of directors on board meetings if Read More …

MANILA, Philippines – The Energy Regulatory Commission (ERC) is working on another settlement with Manila Electric Co. (Meralco) after the power distributor asked a local court to stop the new rules on the retail competition and open access (RCOA). “We’re preparing our defense. Meralco’s doing the same. In the meantime, we’re trying to talk to them,” ERC commissioner Alfredo Non told reporters. “I have talked to (Meralco president and CEO) Oscar Reyes, (Meralco senior vice-president) Al Panlilio to see how we can manage the earlier settlement,” he added. In May, Meralco sought court relief after the government issued new RCOA rules that it claimed were not in accordance with Republic Act 9136 or the Electric Power Industry Reform Act and its implementing rules and regulations. The company secured a temporary restraining order from the Pasig regional trial court, but ERC said it has no jurisdiction over the case. Currently, other qualified RES are continuing under the RCOA scheme. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The injunction on the new RCOA rules only brings disadvantage to distribution utilities (DUs) like Meralco because this prevents them from participating in the open market, the ERC commissioner said. “I cannot understand why DUs like Meralco and VECO would oppose the change. The longer they are in injunction, the longer they cannot participate in the CREM (Competitive Retail Electricity Market),” Non said. Under the RCOA regime, end-users who are part of the contestable market, or contestable customers, are given the choice to Read More …

Euben Paracuelles, economist at Nomura, said in its latest insight titled “Philippines: stable trade deficit in July” that imports would continue to grow despite a 1.7 percent drop in July. MANILA, Philippines – Nomura Securities Co. Ltd. sees sustained growth in imports but expects exports to remain weak this year amid soft global demand. Euben Paracuelles, economist at Nomura, said in its latest insight titled “Philippines: stable trade deficit in July” that imports would continue to grow despite a 1.7 percent drop in July. He pointed out the contraction in July was due to a post-election normalization of demand. “Notwithstanding monthly fluctuations, we still expect import growth to remain strong, underpinned by a solid domestic demand outlook, particularly in light of the Duterte administration’s focus on boosting infrastructure spending,” he said. The Duterte administration raised the budget deficit ceiling to three percent of gross domestic product (GDP) instead of two percent of GDP under the leadership of former president Benigno Aquino III. On the other hand, exports fell by a larger-than-expected 13 percent in July after contracting 11.4 percent in June, led by weaker exports of manufactured goods and petroleum products. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “We still expect exports to remain weak over the remainder of the year given the external backdrop and as electronics demand is likely to soften,” Paracuelles said. Latest data from the Philippine Statistics Authority (PSA) showed the country’s trade in goods deficit widened to $14 billion from January to July Read More …

The benchmark Philippine Stock Exchange index (PSEi) may recover up to 7,780 this week after a weak performance last week, analysts said. MANILA, Philippines – The benchmark Philippine Stock Exchange index (PSEi) may recover up to 7,780 this week after a weak performance last week, analysts said. According to Jonathan Ravelas, chief market strategist at Banco de Oro (BDO), a pullback, if it does happen, may be limited. “The week’s close at 7,581.79 suggests the market still has some room to test the 7,500 levels in the near-term. Failure for the 7,500 levels to hold could call for further losses toward the 7,250 levels. However, given the decline for the fifth straight week, a pullback could occur but limited toward the 7,760 to 7,780 levels,” Ravelas said. Last week, the main composite index fell 2.89 percent to 7,581.79. Analysts attributed the decline to a series of unfortunate events, with a looming US Federal Reserve hike among the biggest of such factors. President Duterte’s tirade with US President Barack Obama also added to the uncertainty as investors deem that the Philippines cannot afford to strain ties with the US. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Market participants are waiting for the US Federal Open Market Committee meeting scheduled on Sept. 22. For Victor Felix, equity analyst at AB Capital, immediate support is seen at 7,550, which may serve as a technical rebound point. “Overall, we may continue to trade lower next week on increasing downward momentum. That said, Read More …

MANILA, Philippines – The country’s healthcare information management service industry employed 100,000 people last year and generated $1.9 billion in revenues, the Healthcare Information Management Association of the Philippines (HIMAP) said. HIMAP president Beng Coronel said the industry is on track to hitting its target of employing 210,000 people by 2022, translating to a 100 percent jump in revenues to about $5 billion. Actual revenue growth could even be higher given the potential of the industry, Coronel said. “This is a conservative growth in revenue forecasted at 250 percent from $1.9 billion in 2015 and these figures were shown during last year’s conference,” she said. The industry has been growing since 2011 with service providers showing strong capability to offer more work. It has diversified from just medical transcription such as medical coding, medical billing, outpatient care services, telemedicine, pharmaceutical and healthcare application support. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 As the industry continues to grow, it is expected to offer a wide array of career opportunities for healthcare professionals including nurses who often find it difficult to find gainful opportunities in the country. HIMAP is organizing the Global Convergence Enabling Inclusive Care and Innovation seminar on Sept. 15. The conference is expected to look into stakeholder roles in healthcare and how some trends disrupt the growth and innovation in healthcare industry. Coronel said the conference aims to look back at the achievements of the industry and look forward to opportunities for sustained growth. “It will feature presentations and briefings by industry Read More …