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BSP not inclined to tweak monetary policy – Guinigundo

General

Mar 062015

BSP not inclined to tweak monetary policy – Guinigundo

MANILA, Philippines – The central bank is not inclined to tweak its monetary policy stance for now given subdued inflation and continued robust domestic growth, Bangko Sentral ng Pilipinas (BSP) Deputy Governor Diwa Guinigundo said yesterday. “We don’t need to reduce the policy rate at this point because the economy is growing and inflation rate is within the target of two to three percent,” Guinigundo told reporters on the sidelines of the Asian Pacific Economic (APEC) forum in Tagaytay. “There is no compelling reason why we should change our monetary policy stance, it remains appropriate,” he added. Ample liquidity and strong domestic activity provide ample fiscal headroom for the central bank to retain the current benchmark interest rates despite a steep drop in the price of oil and China’s slowing economy. The monetary board will meet on March 26 to decide whether or not to retain existing interest rates. The central bank is committed to promote and maintain price stability and provide proactive leadership in bringing about a strong financial system conducive to a balanced and sustainable growth of the economy. During its last meeting on Feb.12, the monetary board left its key policy rate on hold at four percent for the overnight borrowing or reverse repurchase facility and six percent for the overnight lending or repurchase facility. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The interest rates on special deposit accounts were also kept steady.

Seminar on valid contracting set

Economy

Mar 052015

MANILA, Philippines – The Center for Global Best Practices invites business owners, management decision makers, HR practitioners, lawyers and all those in outsourcing businesses to attend a one-day pioneering seminar entitled “Best Practices Guide to Valid Job Contracting and Subcontracting” scheduled on April 16, at Edsa Shangri-La Hotel, Mandaluyong City. For details and a complete list of seminars including Best Practices in Crafting HR Policies and Contracts, Best Practices In Crafting Your HR Code of Discipline, A Guide To Valid Dismissal, How To Structure and Compute for Wages and Salaries with the New Tax Exemption Limits, log on to www.cgbp.org or call (02) 842-7148/59 and 556-8968/69; Cebu lines (032) 512-3106 or 07; Baguio line (074) 423-5148; and Legazpi Line (052) 736-0148.

Inflation inches up to 2.5% in Feb

Economy

Mar 052015

MANILA, Philippines – Inflation climbed to 2.5 percent in February from an 18-month low of 2.4 percent in January as a result of the price increases in oil and other utility, the Philippine Statistics Authority reported yesterday. Inflation was 4.1 percent a year ago. The current figure brings the year-to-date average to 2.4 percent, within the Bangko Sentral ng Pilipinas’ 2.2 to three-percent forecast for last month and near the lower-end of its full-year target of two to four percent. Without food and oil prices, core inflation rose to 2.5 percent in February from 2.2 percent in January. “Inflation over the policy horizon is seen to remain manageable,” BSP Governor Amando M. Tetangco Jr. said in a text message to reporters. “While we see the stance of policy still appropriate at this time, we continue to watch global developments, including possible strong reversals in oil price trends and changes in investor sentiment which could create market volatilities and affect inflation expectations,” Tetangco said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The BSP last month kept key policy rates steady as inflation expectations fell within the target ranges for this year and the next. The overnight borrowing and overnight lending rates were last tweaked in the third quarter of 2014 to anchor inflation expectations. Looking at inflation by region, the rate in the National Capital Region went up to 2.2 percent in February from 1.5 percent in January. Areas outside the capital, meanwhile, saw the rate fall to 2.6 Read More …

Filipinos in New York await PAL return

Economy

Mar 052015

MANILA, Philippines – Filipinos in New York eagerly await the return of Philippine Airlines to the Big Apple, after PAL recently introduced low fares on the new service that will start on March 15. The four-times-a-week flights, via Vancouver, provides the most direct and fastest link (approximately 18.5 hours) from the US east coast to Manila, fueling much anticipation from New York’s Filipino community. Lizette Cancio, who has lived in New Jersey for the last 18 years, said – “It’s so nice to hear that PAL is finally flying back to the New York/New Jersey area. Flying PAL is as close to feeling at home. The service and professionalism of PAL staff is truly amazing!” Lizette’s husband, Adrian who works for an IT company in Union, New Jersey, adds: “I cannot believe that after 18 years, PAL is finally landing in New York! Only PAL can give you that experience of being close to home. Congratulations!” Viola Binua, who manages a Filipino-staffed auditing firm in Queens, New York, said: “We got excited upon learning PAL is flying here in New York. We look forward to flying with a crew who understands us. We feel proud PAL is back in New York.” PAL executives, including chairman Lucio C. Tan and president Jaime J. Bautista, are leading a high-level delegation of government officials and local media on the March 15 inaugural flight. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 US Ambassador Philip Goldberg will be on hand during the send-off Read More …

DA bans poultry imports from California

Economy

Mar 052015

MANILA, Philippines – The Department of Agriculture has imposed a temporary ban on the importation of domesticated and wild birds and their products from California, United States because of a confirmed outbreak of bird flu. Covered by the ban are poultry meat, day-old chicks, eggs and semen. Agriculture Secretary Proceso Alcala said the imposition of a temporary ban is meant to protect the health of the local poultry population from infection. “We have been closely monitoring advisories from the OIE since we want to proactively protect the integrity of our poultry products as avian flu-free,” he said. The Animal and Plant Health Inspection Service (APHIS) of the US Department of Agriculture (USDA) confirmed the outbreak of highly pathogenic avian influenza ( HPAI) virus serotype H5N8 in a commercial turkey farm in Stanislaus County. The disease ourbreak has been duly reported to the Office Internationale Des Epizooties (OIE), an international organization that disseminates information on occurrences of animal diseases to governments. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 H5 and N7 high pathogenicity avian influenza virus are among the notifiable OIE-listed terrestrial animal diseases. As such, the processing, evaluation of application and issuance of Sanitary and Phytosanitary (SPS) Import Clearance for the above-mentioned commodities from said location have been suspended. With the exemption of heat-treated products, all shipments of poultry and poultry products from California would be stopped and confiscated in Philippine ports. The OIE is an inter-governmental organization that informs governments of the occurrence of animal diseases and Read More …

Index retreats as profit takers swarm market

General

Mar 052015

Index retreats as profit takers swarm market

Philippine Stock Exchange index. STAR/File photo MANILA, Philippines – The Philippine Stock Exchange index (PSEi) retreated yesterday as profit takers swarmed the market following the downtrend in most bourses abroad. The PSEi slipped 0.37 percent or 28.79 points but managed to stay above the 7,800 level at 7,819.04. The broader all shares index also finished in the red, dropping 0.21 percent or 9.71 points to close at 4,547.60. Most analysts said investors have been too enticed to pocket in gains from Wednesday’s all-time high performance, resulting in the decline during yesterday’s session. The much anticipated outcome of February’s inflation data did not make much of an impact yet to the local market during Thursday’s session. “With foreign demand seeming to have dried up in the previous session, investors may check for flat trading with a downward bias in the next couple of sessions,” said Jason Escartin, investment analyst at F. Yap Securities Inc. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Abroad, most Asian markets and even Wall Street indexes ended lower. Locally, counters in the red overwhelmed those in the green, as only the services and mining and oil companies managed to increase. Industrial firms led counters which closed in the negative territory as it loss 1.07 percent or 137.59 points. Value turnover stood at P9.09 billion with 7.02 billion shares changing hands. Market breadth was positive as advancers beat decliners, 94 to 90, while 46 stocks were unchanged.

Globe partners with Google to boost smartphone, Internet penetration

Economy

Mar 052015

Globe partners with Google to boost smartphone, Internet penetration

MANILA, Philippines – Ayala-led Globe Telecom Inc. has partnered with Internet giant Google to further boost smartphone and Internet penetration in the Philippines. Issa Cabreira, senior vice president for consumer mobile marketing at Globe, said the partnership involves the launch of Android One devices such as Cherry Mobile Uno and MyPhone One running on the latest Android 5.1 software Lollipop. “Over the years, Globe has been purveyor of the digital lifestyle by extending free access to the Internet on the back of its partnerships with global brands such as Google, Facebook, and Viber,” Cabreira said. Under the partnership, Globe customers purchasing the latest Android One devices would get free 100MB of mobile data connectivity per month for six months. Aside from using mobile data to access the Internet on their phones, it would also help ensure their devices automatically update to the latest version of Android. Customers would also be able to download select apps from Google Play Store for free up to 200MB of mobile data per month for six months and at the same time allows new customers to get free 100MB to 150MB of data per month for one year for as long as they load at least P100 per month depending on their device. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “As the leading digital service provider in the country, we want the continuing shift to a digital lifestyle to be more inclusive by providing free Internet on superior but reasonably-priced devices. We are Read More …

CBK hydro plant seen to ease power crisis

Economy

Mar 052015

CBK hydro plant seen to ease power crisis

MANILA, Philippines – The risks of the Luzon grid experiencing rotating blackouts this summer have been reduced as the Caliraya-Botocan-Kalayaan hydropower plants and pumped storage in Laguna is now ready to pump in 720 megawatts to the grid, a lawmaker said yesterday. On the sidelines of a natural gas summit, Sen. Serge Osmena, chairman of the Committee on Energy, said the CBK plants are now able to run by an additional 400 MW, reaching full capacity of 720 MW following the energization of the Lumban line. “The NGCP has energized the Lumban line so we will now have 720 MW (from CBK),” he said. He said with 400 MW added to the capacity of CBK, which was running at roughly 300 MW prior to the energization of the line, the chances of the Luzon grid experiencing a blackout have been diminished. “With that, we really lessen the chances of brownouts,” Osmena said. At the same time, he said it’s impossible to categorically say that there wouldn’t be blackouts this summer. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “What we’re scared of is sudden breakdowns of (power plants),” the lawmaker said. Still, he expressed optimism the power supply shortage in summer would be manageable with power from both the CBK and the Interruptible Load Program (ILP). “We may not have any blackouts but if we do, it’s in the peripheral areas and not the industrial or commercial areas,” he said. Under the program, big power users will use their Read More …

Pacific Mall named Reg’l Shopping Center of the Year

Economy

Mar 052015

Pacific Mall named Reg’l Shopping Center of the Year

MANILA, Philippines – The Philippine Retailers Association and the Department of Trade and Industry (DTI) conferred the Regional Shopping Center of the Year Award to Pacific Mall Legazpi during the 2014 Outstanding Filipino Retailers and Shopping Centers of the Year held last Feb.25 at Crowne Plaza Ortigas. Pacific Mall Legazpi is the first full-sized integrated shopping center in the Bicol region. The mall opened in 2001 as the centerpiece of Landco Business Park, a master-planned central business district in the heart of the city. Pacific Mall offers a selection of national and local retail shops, restaurants, salons, boutiques, including the Metro Department Store and Supermarket as its anchor store, two state- of- the- art cinemas, food court and amusement center. Today, the Pacific Mall is the premier shopping destination in Legazpi City, and regarded as a complete one-stop destination with other complementary facilities provided by establishments within the business park. Pacific Mall and the Metro Retail Stores Group are both affiliate companies under Vicsal Development Corp. Business ( Article MRec ), pagematch: 1, sectionmatch: 1

Gov’t debt hits P5.75T in Jan

Economy

Mar 052015

MANILA, Philippines – The National Government’s outstanding debt went up 2.8 percent to P5.75 trillion as of the end of January from P5.593 trillion a year ago, the Bureau of Treasury reported yesterday. The bulk of the amount or about P3.83 trillion came from the domestic market while the balance of P1.92 trillion came from lenders overseas. With a population of 92.34 million, every Filipino at the start of 2015 was indebted by P62,290. Domestic debt, which accounted for 68 percent of the total outstanding obligations, was 5.7 percent higher than the P3.62 trillion recorded in January 2014. This was tempered by the stronger peso which lowered the peso value of multi-currency domestic debt securities. On the other hand, foreign-denominated debt declined by 2.5 percent to P1.92 trillion as of end-January this year. Debt denominated in dollars, Japanese yen and euro made up 25 percent, five percent and one percent, respectively, of the total foreign currency debt. On a month-on-month basis, however, debt sourced from foreign lenders inched up 0.5 percent to P1.91 trillion as of the end of December. The increase was due to net availments amounting to P33 billion, which was used to meet financing requirements and redeem high coupon bonds. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 This was partially offset by the appreciation of the local currency which reduced the peso value of foreign obligations by P26 billion. “NG’s debt portfolio continues to exhibit resilience against interest rate risk with only 6.78 percent of Read More …

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