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MPIC gets TRB OK on C-5 link project

General

Dec 242015

A view of C5-Bagong Ilog Flyover in Pasig City. File photo/Patrick Roque/CC MANILA, Philippines – Infrastructure giant Metro Pacific Investments Corp. (MPIC) has secured the approval of the Toll Regulatory Board (TRB) to start the construction of the C-5 (Circumferential Road 5) Link Expressway project. In a statement, MPIC unit Metro Pacific Tollways Corp. (MPTC) said the TRB approved the implementation of the first portion of the C-5 Link Expressway. The notice to proceed covers the C-5 Road in Taguig City until Moonwalk and Merville villages in Sucat, Parañaque City. The groundbreaking for the C-5 Link Expressway is targeted in January, while the construction is slated to begin by February. MPTC said the right-of-way for the first portion of the C-5 Link Expressway has been substantially acquired and is expected to be completed after the transfer of the land by the Manila International Airport Authority to the Department of Public Works and Highways. The C-5 Expressway Link will eventually connect to the Manila-Cavite Expressway (Cavitex) Coastal Expressway. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 MPTC is targeting to complete the tollway in 2019. The C-5 Expressway Link will provide a seamless connection to the Cavitex road network and to the Cavite-Laguna Expressway slated for completion in 2020. “The new C-5 Link is envisioned to spur further economic development in Parañaque and in Cavite and Laguna provinces by providing a safe and convenient link from the central and northern parts of Metro Manila to the high-growth industrial and residential Read More …

World Bank extends $500-M credit line to Philippines for disaster risk program

Economy

Dec 232015

World Bank extends $500-M credit line to Philippines for disaster risk program

The World Bank said the drawdown period is three years and renewable up to four times for a total of 15 years. Amounts repaid during the drawdown period are available for subsequent withdrawal. Philstar.com/File MANILA, Philippines – The World Bank is extending a $500-million credit line to help the Philippines prepare for further damage caused by natural disasters. The credit line will come from the Second Disaster Risk Management Development Policy Loan with a catastrophe-deferred drawdown option (CAT-DDO 2), which provides a $500-million package to strengthen investment planning and regulations to reduce disaster risks and help manage the financial impacts when disasters strike. CAT-DDO 2 gives the Philippines flexibility to use the funds as needed. The World Bank said the drawdown period is three years and renewable up to four times for a total of 15 years. Amounts repaid during the drawdown period are available for subsequent withdrawal. World Bank country director Motoo Konishi said this new operation signifies the World Bank’s recognition of the Philippines’ comprehensive efforts to strengthen the country’s capacity for managing disaster risks. The World Bank official said if not managed well, disasters can roll back years of development gains and plunge millions of people into poverty. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Disasters can induce and exacerbate poverty through the loss of lives, destruction of assets, disruption of economic activities and trade, and indirect impacts on health, mobility, gender equality, and access to education,” Konishi added. The Philippines was the first country Read More …

Year-end window dressing boosts index

General

Dec 232015

The main composite index returned to the 7,000 mark, finishing 36.24 points higher at 7,002.42, while the broader All Shares index settled at 3,994.66, up 24.19 points or 0.61 percent. Philstar.com/File MANILA, Philippines – The stock market continued to rise ahead of year-end window dressing, analysts said. The main composite index returned to the 7,000 mark, finishing 36.24 points higher at 7,002.42, while the broader All Shares index settled at 3,994.66, up 24.19 points or 0.61 percent. All other indexes closed higher except for the property index, which declined 1.13 points or 0.04 percent to end at 2,987.64. The mining and oil index gained 64.86 points or 0.64 percent while the holding firms rose 56.37 points or 0.86 percent. However, volume remained thin at 3.723 billion. Advancers edged out decliners, 97 to 67 while 42 stocks were left unchanged. “The PSEi closed at 7,007.42, up 36.24 points or 0.52 percent. Gainers were led by San Miguel Corp. at 5.38 percent, Lucio Tan Group at 2.74 percent and Aboitiz Power at 2.10 percent. Losers, meanwhile, were led by Meralco at 1.20 percent, SM Prime Holdings, up 0.44 percent and BPI, which rose 0.40 percent. Total value traded was P3.2 billion,” said Paolo Hizon of Unicapital. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Yesterday’s session also followed the rise in US stocks on Tuesday. US stocks rose for a second day as a rally in commodity shares ignited broader gains while data showed consumer spending bolstered the economy amid slowing Read More …

Cebu Pacific adds flights in 3 routes

Economy

Dec 232015

MANILA, Philippines – Budget carrier Cebu Air Inc. (Cebu Pacific) has received additional entitlements to the United Arab Emirates (UAE), Taiwan and Russia. Cebu Pacific said in a statement the additional entitlements were granted following the recently concluded board meeting of the Civil Aeronautics Board (CAB). The carrier was granted the right to operate an additional seven flights per week from Manila to any point in the UAE. At present, Cebu Pacific is fully utilizing its entitlements with daily flights between Manila and Dubai. The airline also secured rights to operate direct flights to Taipei from Caticlan, Clark, Davao, Puerto Princesa, and Tagbilaran, as well as direct flights to Kaohshiung from Caticlan and Cebu. Cebu Pacific currently operates 10 flights per week between Manila and Taipei, and thrice weekly flights between Cebu and Taipei. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 In addition, Cebu Pacific was designated the official Philippine carrier to Russia, with three weekly flights each from Manila to Moscow and Vladivostok. CAB likewise approved the airline’s request to be designated as an official carrier under the Asean Multilateral Agreement on Air Services (MAAS). After the Philippines completes the ratification of the relevant protocols of the MAAS, Cebu will be able to operate unlimited flights between capital cities within the Asean region. Cebu Pacific has flights to over 90 routes on 60 destinations.

Higher power bills loom in 2016

Economy

Dec 232015

In a government filing, the state-owned transmission company is asking the Energy Regulatory Commission (ERC) to approve the feed-in tariff allowance (FIT-All) of P0.1025 per kwh for 2016. Philstar.com/File MANILA, Philippines – Consumers may start paying higher electricity bills starting 2016 if the power regulator approves the application of the National Transmission Corp. (TransCo) for at least 10 centavos per kilowatt-hour (kwh) tariff for the renewable energy (RE) sector. In a government filing, the state-owned transmission company is asking the Energy Regulatory Commission (ERC) to approve the feed-in tariff allowance (FIT-All) of P0.1025 per kwh for 2016. With the provisional authority, the state-run agency can enforce the rate adjustment while the petition is still being heard by the ERC. Apart from a provisional authority, TransCo is also seeking for a permanent approval for the rate, “or in the alternative, such other amount as may be found by the Commission to be consistent with the FIT-All guidelines.” The FIT-All is a uniform charge billed to all on-grid electricity consumers, reflected as a separate component in their monthly electricity bills. Under the FIT-All guidelines, TransCo is designated as the administrator of the FIT Allowance Fund and is required to make an annual determination of the tariff. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 TransCo is a government agency created under Republic Act 9136 or the Electric Power Industry Reform Act (EPIRA) of 2001, which used to operate and manage the country’s power transmission system until it was bid out in Read More …

Florentino P. Feliciano, legal scholar, lawyer, jurist exemplar, and great Filipino

General

Dec 222015

Florentino P. Feliciano, legal scholar, lawyer, jurist exemplar, and great Filipino

Few Filipinos can match the stature and quality of Florentino P. Feliciano’s accomplishments in one brilliant career. Several distinguished lifetimes could have fitted to produce his many achievements. In his own country, he excelled among the best. In the international sphere, he was considered a major figure. Man of many outstanding achievements. Justice Feliciano, who died last week at 87 years, was at work on important issues even as he approached the illness that cut him down. His former firm, SyCip Salazar Hernandez and Gatmaitan, summed up his achievements succinctly in the press announcement cum obituary last week. (I quote these below, adding only paragraph breaks.) “Justice Feliciano was a partner of the firm from 1962 to 1986, when he withdrew from SyCipLaw to serve as an associate justice of the Philippine Supreme Court. He was the firm’s managing partner at that time. “As a Supreme Court justice, he decided numerous cases involving significant commercial law and tax law issues. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “He served on the Highest Tribunal until 1995 when he retired early to accept an appointment as one of the first seven members of the Appellate Body of the World Trade Organization. He served on this body with distinction from 1995 to 2001, the last year of which he was chairman. “He then rejoined SyCipLaw as senior counsel. In 2003, he chaired the Fact Finding Commission created by Administrative Order No. 78 (2003) on the military rebellion of July 2003. He Read More …

Napocor boosts Burias power supply

Economy

Dec 222015

Napocor is expected to distribute 62 more gensets in various SPUG power plants in the country. Currently, it services around 800,000 households through its 290 spug plants. Philstar.com/File MANILA, Philippines – The National Power Corp. (Napocor) has increased the operating hours of its Small Power Utilities Group (SPUG) plant in San Pascual, Masbate after it delivered last Dec. 11 an additional 300-kW generating set. “With this improvement we can now extend the service hours of the Burias Island Diesel Power Plant (DPP) from eight hours to 12 hours, benefiting at least 1,857 households. In 2016, the power plant may further extend to 16 hours of operating hours,” Napocor said. Napocor president Ma. Gladys Cruz-Sta. Rita personally led the switching on of the genset and shared among the residents there Napocor’s intensified programs in electrifying the farthest island in the country. With the new genset, power services in the said municipality can now be enjoyed from 8 am in the morning until 12 midnight, enabling students to use computer in schools. It will also promote tourism and will help boost the local economy as the people in the island are now more optimistic with longer power hours. Sta. Rita, has likewise committed to electrify nine more barangays in the town. Napocor is expected to distribute 62 more gensets in various SPUG power plants in the country. Currently, it services around 800,000 households through its 290 spug plants.

Disqualification bids

Economy

Dec 222015

The camp of Sen. Grace Poe has hinted someone is behind the several attempts designed to have her disqualified from the presidential race. There are two who stand to benefit from Poe’s disqualification, Liberal Party standard bearer and Mar Roxas and Vice President Jejomar Binay, although of course the picture changes with the entry of Davao City Mayor Rodrigo Duterte in the race. One newspaper columnist cited some political analysts as saying the group of Binay may be behind all of this as evidenced by the following: First, it was United Nationalist Alliance (UNA) president Navotas Rep. Toby Tiangco who made the opening salvo when he questioned the citizenship of Poe during a press conference. And then right after, a disqualification case based on citizenship questions was filed with the Senate Electoral Tribunal (SET) by lawyer Rizalito David, the former chief of staff of then Sen. Francisco Tatad, against Poe. Tatad is known to be an ardent supporter of Binay. (David has also filed a disqualification case against Duterte with the Comelec last Dec. 21, opposing the Davao mayor’s substitution for PDP-Laban former standard bearer Martin Diño and branding this as null and void) Second, David’s lawyer, Manuelito Luna, also represented Tatad in another case, this time filed with the Commission on Elections (COMELEC), to disqualify Poe from the presidential race. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Third, former UE Law Dean Amado Valdez filed a disqualification case with the Comelec against Poe’s bid for the presidency. Read More …

Government debt ratio improves in Q3

Economy

Dec 222015

In a statement yesterday, the Department of Finance said the general government debt accounted for 36.8 percent of gross domestic product (GDP) as of September. Philstar.com/File MANILA, Philippines – The broadest measure of the government’s debt standing inched up in the third quarter from the previous three months, but remained down from last year. In a statement yesterday, the Department of Finance said the general government debt accounted for 36.8 percent of gross domestic product (GDP) as of September. The figure was up slightly from 36.2 percent as of end-June, but was still an improvement from 37.2 percent in the same period a year ago. General government debt is a wide measure of debt levels across the bureaucracy, including that of the National Government, local governments, and social security institutions such as the Social Security System and Philippine Health Insurance Corp. A lower ratio indicates the government is generating more resources than debts, giving it more payment capacity. GDP is the sum of all goods and services gauging economic output. Based on DOF figures, the decrease in the ratio could be traced from faster economic growth than debt accumulation in the first nine months. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 In absolute amounts, general government debt rose 5.1 percent to P4.8 trillion from P4.6 trillion last year. GDP grew a faster 5.8 percent during the period. “Keeping this ratio down is part and parcel of our commitment to keeping the Philippines resilient. We can expect the downtrend Read More …

Meralco partners with Repower Energy

Economy

Dec 202015

MANILA, Philippines – Manila Electric Co. (Meralco) is venturing deeper into the renewable energy sector by partnering with local firm Repower Energy Development Corp. (REDC) to construct hydropower projects. In a statement, REDC said it signed a joint venture agreement with the power distributor to build and develop mini-hydropower plants using run-of-river resources for renewable and efficient energy production while minimizing environmental impact. The partnership marks Meralco’s foray into mini-hydropower development. Earlier, Meralco president Oscar S. Reyes said it is pursuing renewable energy projects, which include solar, wind, run-of-river, other hydro projects and gas. It plans of spinning off a new unit for RE investments, a separate entity from the group’s power generating unit Meralco Powergen Corp. (MGen). As for the partnership, the REDC-Meralco tie up will lead to a series of ground breaking of mini hydropower plants starting from the first half of 2016 in select regions. REDC has over 100-megawatt (MW) of mini-hydropower projects clustered in Quezon, Camarines Sur, Bukidnon, and other provinces under development with investments worth $400 million. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Earlier this month, REDC broke ground in the Rangas mini hydropower project located in Camarines Sur. It will be followed soon by the Upper Labayat project in Quezon, scheduled for the first quarter of 2016. The joint venture, which is set to have its first set of hydropower plants operational by 2019, will avail of the Feed-in-Tariff (FIT) scheme mandated by the Renewable Energy Act of 2008.

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