Maniolas

Singapore Prime Minister Lee Hsien Loong speaks at the U.S. Chamber of Commerce during a reception and discussion, Monday, Aug. 1, 2016 in Washington. Prime Minister Lee discussed the Trans Pacific Partnership, TPP, and other topics. AP/Alex Brandon WASHINGTON — American credibility is on the line over the Trans-Pacific Partnership, Singapore’s prime minister said Monday, urging its ratification despite growing political opposition in the U.S. to the 12-nation free trade pact. Prime Minister Lee Hsien Loong acknowledged that the TPP was politically difficult in a tough election year because of American people’s worries over jobs and competition from overseas. But he said the pact would give the U.S. better access to the markets that account for 40 percent of global economic output and add heft to Washington’s effort to deepen its engagement in the Asia-Pacific. “For America’s friends and partners, ratifying the TPP is a litmus test of your credibility and seriousness of purpose,” Lee told the U.S. Chamber of Commerce ahead of a meeting Tuesday with President Barack Obama at the White House. The TPP was negotiated by the Obama administration and was signed by the 12 participating governments, including Singapore, in February but it has yet to be ratified by Congress. The Republican presidential contender Donald Trump and his Democratic rival Hillary Clinton have both come out against the pact. The proposed deal would eliminate trade barriers and tariffs, streamline standards and encourage investment between the participating countries which also include Mexico, Japan, Vietnam and Australia. Critics say Read More …

The country’s largest bank recorded a net income of P13.2 billion in the first six months,  P1.5 billion higher than the P11.7 billion recorded in the same period last year. Philstar.com/File Photo MANILA, Philippines – BDO Unibank Inc. (BDO) posted a double-digit growth of 13 percent in earnings  in the first half, and is on its way to deliver promised record profits amounting to P26 billion this year. The country’s largest bank recorded a net income of P13.2 billion in the first six months,  P1.5 billion higher than the P11.7 billion recorded in the same period last year. BDO president Nestor Tan earlier said the bank is on track with its record-high income target of P26 billion this year from P25 billion last year. BDO, owned by retail and banking magnate Henry Sy, traced the growth to the broad-based improvement across its businesses and a one-time gain from the consolidation of BDO Life. The bank said core lending, deposit-taking, and fee-based businesses drove its performance in the first semester. BDO said net interest income rose 17 percent to P31.7 billion in the first half  from P27.1 billion after its lending activity surged 21 percent to P1.4 trillion, while total deposits rose 17 percent to P1.8 trillion. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Earnings from fee-based services including investment or wealth management, electronic banking, capital markets, and insurance business grew 18 percent to P10.6 billion. BDO said trading and foreign exchange income normalized and contributed P2.9 billion in Read More …

This could create a vacuum in several GOCCs as some of the appointees of President Duterte did not go through vetting process of the Governance Commission on GOCCs as prescribed under RA 10149. KJ Rosales, file MANILA, Philippines – Hold-over officials of government-owned and controlled corporations (GOCCs) are stepping down from their posts effective today. This could create a vacuum in several GOCCs as some of the appointees of President Duterte did not go through vetting process of the Governance Commission on GOCCs as prescribed under RA 10149. The GCG source who declined to be identified because she is not authorized to speak on the matter, said the GCG has been “reminding” Malacanang about the requirement since it took over and even after memorandum circular 1 was issued.  Under the circular, officials from the previous administration may stay on hold-over capacity until July 31. Vetting and shortlisting requirements on GOCC appointments were listed under Section 16 of the GOCC Governance Act of 2011. It said presidential appointees to the director level, chief executives and board of trustees would need to come from a GCG shortlist. Section 16 of the law states that all board members, chief executive officers and the equivalent as well as all appointive directors will need to pass the “fit and proper” rule. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “To maintain the quality of management of the GOCCs, the GCG…shall… prescribe, pass upon and review the qualifications and disqualifications of individuals appointed as officers, Read More …

MANILA, Philippines – Four delinquent power distributors were penalized for failure to submit required five-year plans to the Energy Regulatory Commission (ERC). The four distribution utilities are First Bay Power Corporation Inc. (FBPC), Albay Electric Cooperative Inc. (ALECO), Abra Electric Cooperative Inc. (ABRECO) and Maguindanao Electric Cooperative Inc. (MAGELCO). The four were ordered to pay P50,000 each for non-compliance, as provided for in Section 46 – Fines and Penalties of the Electric Power Industry Reform Act of 2001 (EPIRA). “The ERC, under its investigation and enforcement function, will see to it that every stakeholder complies with all the relevant laws and directives issued by the ERC to promote and protect the long-term interests of the consumer,” ERC chairman Jose Vicente Salazar said. Following a request from the Department of Energy (DOE), the power regulator conducted a thorough investigation and issued a Show Cause Order (SCO) to the companies for their failure to comply with the submission of their respective Distribution Development Plan (DDP). But the ERC found no justifiable reason to absolve FBPC, ALECO, ABRECO and MAGELCO.

MANILA, Philippines – The Cement Manufacturers Association of the Philippines (CeMAP) is urging the government to immediately take actions on the growing presence of substandard cement in the country. CeMAP president Ernesto Ordoñez said the Department of Trade and Industry (DTI) has yet to submit as promised an action plan to address cement cases “which have been threatening people’s lives for over 10 months now.” “I was hopeful that with the commitment of the DTI to submit an action plan that would stop the distribution of dangerous cement, long delayed measures would be finally put in place,” Ordoñez said. “However, weeks have passed since the July 8 deadline and still no submission. This shows a total disregard of the commitment DTI made at the Ombudsman’s office last June 29,” he added. Ordoñez said the Ombudsman arranged a meeting between the private and public sector last June 29 to address the local cement industry’s concerns. CeMAP last month expressed alarm over the rising cases of technical smuggling in the local cement industry which it said could easily escalate into something more dangerous if not addressed immediately. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Ordoñez reckoned that about 75 percent of the 161,000 metric tons (MT) of imported cement that went into the country in the first quarter of the year were technically smuggled. Last week, the National Consumer Affairs Council (NCAC) raised concern on the presence of contaminated cement in the local market. NCAC chairman Jose Paredes Pepito said Read More …