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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

Job contracting seminar set

Economy

Mar 032015

MANILA, Philippines – As the principals in contracting relationships, employers are not liable for the claims of individuals deployed by contractors since these persons are not their employees. However, there are pitfalls which if companies fail to avoid, can make them liable for various employment claims as if the workers of contractors are their employees. Mistakes committed in dealing with contractors will hound companies relating to liabilities such as illegal dismissal, back wages, reinstatement, separation pay, money claims, SSS, Philhealth, Pag-IBIG and social legislation benefits, among others. This can cost you millions of losses years ahead when unchecked and unresolved. With that, you have to make sure that you know all the technicalities, strategies and best practices to ensure that you prevent liabilities from unnecessary labor claims and illegal dismissal judgements. To avoid such costly mistakes, the Center for Global Best Practices invites business owners, management decision-makers, HR practitioners, lawyers and all those in outsourcing businesses to attend this one-day pioneering seminar titled “Best Practices Guide to Valid Job Contracting and Subcontracting” on April 16 at the Edsa Shangri-La Hotel, Mandaluyong City. Learn all these from labor law practitioner, HR expert and author of 14 labor books including “Valid Contracting and Subcontracting”, Elvin Villanueva. Interested participants are encouraged to avail of the early bird and group discounts. This is a limited-seats-only event and pre-registration is required. For details and a complete list of seminars including Best Practices in Crafting HR Policies and Contracts, Best Practices In Crafting Your HR Code Read More …

P-Noy and the economy

Economy

Mar 032015

The claim is being made that it is wrong to call for P-Noy’s resignation and destabilize the country specially now that the economy is doing great. Is this correct? Yes, the economy is doing great. A Bloomberg survey of economists shows they think the Philippines will be the second fastest-growing economy in the world this year, second only to China. Yes, it is silly to destabilize our fast growing economy by adding a serious political risk into the equation. Why should we allow ambitions of old men among the Transformers and the Mitsubishops throw away a fast growing economy, something we had wanted all these years? True, the high GDP growth rate is still far from inclusive but, that – together with the favorable international credit rating and our record setting stock market – all show a good amount of confidence in our economy we haven’t had in a long while. If we manage things right, all these could be the basis of an economy that finally lifts most of our people out of poverty. No, it is wrong to say P-Noy was largely responsible for this favorable environment as some propagandists for the administration will have you believe. The contribution of P-Noy in this phenomenon of high trust among foreign investors is his perceived honesty. Investors and economic analysts are right to see P-Noy as basically honest, a sharp contrast to some of his immediate predecessors. It is more pleasant to do business in a country where the leadership is Read More …

DBM releases 2016 budget call

Economy

Mar 032015

MANILA, Philippines – The Department of Budget and Management has released the budget call for 2016 which prescribes specific guidelines and procedures for government agencies and departments as well as government-owned and -controlled corporations (GOCCs) as they craft their budget proposal documents. The government wants agencies and departments to focus on the following principles — aiming for the five key areas of the social contract; the disaggregation of lump sum funds in the agency budget; total resource budget; use of performance-based approaches; provision of strategic support for Private-Public Partnership (PPP) projects and activities; and program or horizontal/convergence budgeting. “We are constantly building on the strengths of previous budgetary reforms so as to create a national budget that is truly responsive to the needs of our countrymen. And more than deepening the budget reforms, we are aiming to make these reforms an integral part of the national budget process,” Budget Secretary Florencio Abad. To aid the government in piecing together the 2016 national budget, the DBM is implementing a two-tier budgeting approach (2TBA) introducing separate reviews for on-going/approved programs vis-à-vis new or expanded ones to give better focus on each type of program. The 2016 budget preparation also aims for a lesser number and magnitude of special purpose funds (SPFs) by incorporating these lump sums into the agency budgets (e.g. provisions for new positions, pensions and gratuities). “As we have pushed for disaggregating lump sum funds in the past, we are taking it further in the 2016 national budget. In addition Read More …

King-king project secures ECC for $2-B copper-gold project

Economy

Mar 032015

King-king project secures ECC for $2-B copper-gold project

MANILA, Philippines – The Environmental Management Bureau (EMB) has issued an Environment Compliance Certificate (ECC) to the $2 billion King-king copper-gold project in Campostela Valley of US-based St. Augustine Gold and Copper Limited and its local partner Nationwide Development Corporation (Nadecor), bringing it closer to the completion of the permit process. In an announcement on its website, St. Augustine said the project has successfully satisfied the requirement of the EMB’s Environmental Impact Statement (EIS) system. An ECC is a document certifying that a project would not have an adverse impact to the environment. The ECC is a critical requirement for the approval of the Declaration of Mining Project Feasibility (DMPF), the final requirement for operating a project. “The approval of the EIS is a key milestone for the project on a number of levels,” said Paolo A. Villar, president and CEO of St. Augustine. “First, we achieved a critical step in de-risking the project. The approved EIS demonstrates our commitment to international environmental and social best practices. Furthermore, it is a testament of the support for development of the King-king (project) from the Philippine government, both as the local and national levels,” he added. The King King project, one of the priority projects by the MGB, is expected to produce 3.16 billion pounds of copper and 5.43 million ounces of gold over its 25-year mine life. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The construction of the mine had been originally scheduled this year, with commercial production seen Read More …

Inflation seen to stay within gov’t target

Economy

Mar 032015

Inflation seen to stay within gov’t target

MANILA, Philippines – Inflation is expected to remain within the government’s two to four percent target this year, local businesses said in a survey. “Businesses expected that the rate of increase in commodity prices is likely to remain low and within the two to four percent target range in 2015,” the Bangko Sentral ng Pilipinas said. The latest Business Expectations Survey showed that respondents expect inflation to fall this quarter although firms see it picking up in the second quarter. A 3.9-percent average for both quarters has been forecast by the survey respondents. “This is consistent with inflation expectations based on the results of the January 2015 BSP’s survey of private sector economists which yielded lower mean inflation forecasts for 2015, supporting the assessment of within-target inflation outlook,” the central bank said. “Similarly, results of the January 2015 Consensus Economics inflation forecast survey for the country showed lower inflation forecasts for 2015,” the BSP said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The BSP in January said economists it surveyed have forecast the rate to average 3.6 percent this year, down from their previous estimate of four percent. Consensus Economics, meanwhile, also expects the rate to average 3.6 percent this year, also lower than its previous forecast of 3.9 percent. Inflation slowed to an 18-month low of 2.4 percent in January due to lower utility and oil prices. The central bank last month kept key policy rates steady as inflation expectations fell within the two to four percent Read More …

More reforms needed to achieve 8% growth – JFC

Economy

Mar 032015

More reforms needed to achieve 8% growth – JFC

MANILA, Philippines – The Philippine government has made progress in acting on recommendations of the Joint Foreign Chambers (JFC) to increase investments in the country, but it will have to undertake more reforms and sustain gains to allow the economy to accelerate by eight percent and make the growth inclusive. “We in the JFC believe the economy can grow by eight percent,” Australian-New Zealand Chamber of Commerce Philippines president Ian Porter said during the Arangkada Philippines Forum press conference yesterday. For the Philippine economy, which has been growing at an average of six percent since President Aquino came to office to expand at a faster rate of eight percent, he said the government has to sustain reforms to make the country a more attractive location for investments. American Chamber of Commerce of the Philippines (AmCham) senior advisor John Forbes said that based on the fourth assessment of government actions on 462 recommendations made by the JFC, 74.22 percent or 331 are active or moving in 2014, up slightly from 73.26 percent or 326 in 2013. Meanwhile, 25.78 percent or 115 of the recommendations were considered dormant in 2014, down from the previous year’s 26.74 percent or 119. The recommendations were put forward by the JFC, which is composed of the American, Australian New Zealand, Canadian, European, Japanese and Korean Chambers in the Philippines and the Philippine Association of Multinational Companies Headquarters, Inc., in the Arangkada report launched in 2010. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The proposals Read More …

‘Raising growth: two different approaches’

General

Mar 032015

‘Raising growth: two different approaches’

When it comes to economic performance, the Benigno Aquino III administration can claim to some element of swagger and boast. Overshadowing poor past performance. In the eyes of national economy watchers, the growth rate has risen above historical performance. We now deserve good notice in many international surveys of economic and social indicators among developing countries, including in the Asean. The sovereign credit rating has reached investment grade, increasing our visibility within the international development community. Moreover, as the saying goes, a rising tide raises all boats. Higher economic growth improves public resources. It is then possible to address urgent social problems that need redressing. We see this happening in the allocation of more funding for education and public health. It is helping poverty alleviation, although this will take a long time to succeed. Good luck supports economic performance. The successful outcome that is apparent from this economic record needs emphasis. The management of the fiscal side of government operations has been kept under a tight budgetary framework, making it possible to work within the boundaries of sound macroeconomic balance. But the maintenance of sound macroeconomic fundamentals is partly and importantly helped along by “good luck” rather than by internal efforts at economic reforms. Two main factors that contribute to the sound macroeconomic conditions are the result of “good luck”: (1) High dollar earnings due to homeward remittances of migrant workers from foreign shores and, to a large extent, the rising BPO service export earnings, and (2) Structural adjustments taking Read More …

11 Filipinos in Forbes' 2015 world billionaires list

Economy

Mar 022015

11 Filipinos in Forbes' 2015 world billionaires list

Resorts World Manila owner Andrew Tan is in this year’s Forbes list of dollar billionaires with a net worth of $4.8 billion in 2015. Resorts World MANILA, Philippines — Mall and real estate magnate Henry Sy and his family remain the richest in the Philippines and among the 11 Filipinos included in the Forbes’ dollar billionaires club this year. The 11 Filipino billionaires have a combined fortune of $51.9 billion or P2.28 trillion—a little less than the Philippine government’s P2.6 trillion national budget for 2015. Forbes Magazine reported Sy’s 10-digit growth in fortune was due to the expansion of SM Investments Corp. in real estate development, shopping malls and banking the past year. Sy also invested in City of Dreams Manila resort and casino. JG Summit Holdings’ John Gokongwei Jr. with $5.8 billion landed second in this list, followed by ports king Enrique Razon Jr. with $5.2 billion. Philippines Rank Global Billionaires Rank Billionaire Source of Wealth Associated Brands 2015 Net Worth 1 73 Henry Sy and family diversified SM Investments Corp. City of Dreams Manila $14.8 billion 2 254 John Gokongwei Jr. diversified JG Summit Holdings, Cebu Pacific, Universal Robina $5.8 billion 3 291 Enrique Razon Jr. ports International Container Terminal Services, Solaire Resort $5.2 billion 4 330 Andrew Tan diversified Megaworld, McDonald’s, Emperador Distillers, Resorts World Manila $4.8 billion 5 369 Lucio Tan and family diversified Asia Brewery, Philip Morris-Fortune Tobacco, Philippine Airlines, Philippine National Bank $4.4 billion 6 369 George Ty and family banking GT Capital, Metrobank Read More …

Donated donations

Economy

Mar 022015

Charitable organizations are usually at the receiving end of a donation. Since most of them are non-stock non-profit organizations, their main source of funding are the contributions or donations given by natural or juridical persons. They enjoy income tax exemption on the contributions received on the rationale that the loss of taxes by the government is compensated by its relief from doing public works which would have been funded by appropriations from the Treasury. However, would a remittance by a charitable organization to another charitable organization of donations it received constitute a donation? In 2014, the Securities and Exchange Commission (SEC) issued an opinion on whether or not a domestic non-stock, non-profit corporation may remit some, or all of its received donations to its foreign counterpart, a related party which has the ability to control, directly or indirectly, the domestic foundation. The foreign foundation pools the remittances it receives from the domestic foundation with other donations from other related organizations to fund their charitable programs worldwide. It is the foreign foundation that determines which program will be funded from the donations received from the domestic foundation. In resolving the query, the SEC treated the remittance as an act of donation, considering that the domestic foundation would give the amounts gratuitously and with all liberality in favor of the foreign foundation. The SEC then ruled that the domestic foundation is allowed to make a donation because under the Corporation Code, one of the powers of a corporation is to make reasonable Read More …

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