philstar.com - Business

Feb 082015
 
Ultra Mega's first franchise awarded

Today, Ultra Mega Wholesale and Retail Mart, one of the leading retail and wholesale chains in the Philippines, is jumpstarting 2015 with the launch of the company’s first franchise venture with Mr. Romeo Jalosjos’ Group of Companies. The first Ultra Mega Franchise, which will be located in Dapitan City, Zamboanga del Norte, is pioneering the industry with its new and excitingly innovative business model that provides an inclusive and insightful operational and support structure. It allows new players in the industry to have a trustworthy and reliable foothold that is designed to be both profitable and rewarding. For Franchise inquiries, contact Mr. Filbert See at 904-5882 or 0917-9894512. Romgardial Corporation and TAPE Inc. Chairman,  Mr. Romeo G. Jalosjos shake hands with Mr. Benito Lim, President of Ultra Mega Multi Sales during the contract signing ceremony at the Bellevue Hotel. From left to right, Jessica Mona, Romeo Jalosjos, Benito Lim and Julie Lim

Feb 082015
 
Emirates seeks P-Noy intervention in 3rd daily flight row

MANILA, Philippines – Emirates is seeking the intervention of President Aquino after the Civil Aeronautics Board (CAB) decided to end the airline’s third daily flight for the Manila-Dubai route late last month. Jose Perpetuo Lotilla, Undersecretary of the Department of Transportation and Communications (DOTC), said the Gulf carrier has elevated the case to the Office of the President after CAB denied its petition to further extend its third daily flights for the Manila – Dubai route that expired last Jan. 26.  “What I understand is that they (Emirates) elevated (the case) to the OP. I am not sure if CAB received anything,” Lotilla said. According to him, Emirates is probably following the administrative procedure by elevating the case to Malacanang instead of filing an appeal before the Court of Appeals (CA).  “They should have gone to the CA but they went to the OP. Probably, they are following the administrative procedure,” Emirates said. President Aquino attended the one-off commercial flight by Emirates using the world’s largest passenger aircraft – Airbus A380 – that landed at the recently completed Ninoy Aquino International Airport Terminal 3 (NAIA-3) last Oct. 7. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 CAB last October turned down petition of Emirates to use the unutilized frequency of PAL until March this year. The Middle Eastern carrier filed an appeal before the CAB. While the appeal was pending, CAB granted Emirates a 30-day extension to continue its third daily flight between Manila and Dubai until Nov. 26. Read More …

Feb 082015
 
Phl stocks attract interest in Tokyo roadshow

MANILA, Philippines – More Japanese firms are showing strong interest in Philippine stocks, the operator of the country’s sole stock market reported. The Philippine Stock Exchange (PSE) said it saw more participation from Japanese firms during this year’s roadshow in Tokyo compared with that of 2014. “We understand that when we sent out the invitation to participants in December last year, the event became fully booked within three hours. We are delighted by the strong interest by Japanese investors in our market and we thank our partners for helping us promote more businesses and investments between Japan and the Philippines,” said PSE president and chief executive officer Hans B. Sicat. The Tokyo roadshow in the Land of the Rising Sun held last January 21 to 23 featured a Philippine Corporate Day which was co-organized with DBP-Daiwa Capital Markets Philippines Inc. and a Philippine Business Environment Seminar. This was in partnership with KPMG Japan, Mori Hamada and Matsumoto Law, and Takara Printing Co. Ltd. The roadshow was aimed at courting Japanese firms to list in the local bourse by serving as a venue to discuss the listing structure and rules of the PSE. The PSE said the roadshow this year registered a 37 percent increase in investor turnout and a 58 percent growth in the number of fund houses present compared to last year. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Furthermore, the PSE reported a 32 percent increase in meetings between the listed companies and major Japanese investors. Read More …

Feb 082015
 
Best practices guide on contract law

MANILA, Philippines – Don’t be duped, fooled, or taken advantage by others in business deals and personal transactions because of unfamiliarity on contract law. Life is a series of agreements and it will be useful to understand contract law, especially for non-lawyers in family businesses and for professionals. It’s a life skill that all citizens must know. Don’t be one of the many who have become victims of flawed, void or voidable contracts that cannot be enforced. To help you avoid pitfalls and traps in creating and enforcing agreements, the Center for Global Best Practices is launching a one-day seminar entitled, “Best Practices Guide on Contract Law for Non-Lawyers” on Friday, March 6, 2015 at the EDSA Shangri-La Hotel, Mandaluyong City, Philippines. For details and a complete list of upcoming seminars including How To Prevent, Collect and Prosecute Those With Bouncing Checks, International Trade Training Seminars, HR Laws, Education Law, and more, you may log on to www.cgbp.org or call (+63 2) 842-7148/ 59 and 556-8968/ 69, Cebu lines: (+63 32) 512-3106 or 07 or Baguio line: (+63 74) 423-5148. This pioneering seminar is designed to update professionals, businessmen and non-lawyers about the fundamentals and sticky areas of Philippine law governing obligations and contracts. Knowledge of the substance and form of agreements can prevent serious conflicts and business losses that can snowball into lawsuits and even violence. A legally enforceable contract binds the parties to their respective promises and signals the start of a smooth and continuous relationship for them. Read More …

Feb 082015
 
Philippine stock market: The outperformer

The Philippine stock market continues its record run as it enters the 7th year of its secular bull market.  Since bottoming out in 2008-2009, the PSE index has been one of the best performing in the world, gaining more than 350 percent.  This year, we at Philequity, expect the PSE index to continue outperforming as it tries to scale above the 8,000 level for the first time.  A standout in the global economic environment The Philippine economy stands out in a global economic environment of “slow and uneven” growth.  The IMF recently raised its Philippine growth forecast while cutting the global outlook, saying the country will get a boost from higher public spending and lower oil prices. In its recent World Economic Outlook update dated January 2015, the IMF expressed concern over the marked growth divergences across major economies.  Among developed economies, only the US rebounded ahead of expectations while economic performance in Japan and Europe fell short of expectations.  Among emerging markets, growth is expected to be lower in China while downward revisions are expected in commodity exporters such as Russia and members of OPEC. This highlights the Philippine economy which the IMF expects to grow by 6.6 percent in 2015 and 6.4 percent in 2016. CBs continue to flood the global economy with liquidity With the exception of the US and Asia, many countries continue to struggle with their respective economies and are still on the easing path.  While the US is preparing to tighten its noose on Read More …

Feb 082015
 
A clueless bureaucrat?

For a taxpayer who must work over four months of a year to pay a bureaucrat’s salary, it is frustrating to hear them publicly exposing their lack of knowledge. We all know that the problem of congestion at NAIA is on account of its single working runway. (They have stopped using the other cross runway for safety reasons.) Even if we build 10 terminals there but if there is only one runway, planes will still have to fall in line to take off and circle around to land. That is simple and logical even laymen should be able to understand. Here is how someone with technical knowledge explained the situation for me: “At present the separation between aircraft movements is 1.5 mins. or 40 per hour. On landing that means the aircraft behind you is only six km away and as you slow down for final landing that aircraft is only four km away.  To try to compress the separation is too risky. “On departures, the push back time from the terminal is critical to meet your take off slots. A delay in terminal departures destroys the entire slot program for that hour and creates a domino effect on the other hours. “Yes you will hear guys talking about NAIA doing 60/hr on one runway. They are talking through their ears. That is only possible with a multi-runway airport with the correct ICAO design standards. Yes you can bring aircraft movements close to even 20 to 30 secs separation but Read More …

Feb 082015
 
Meralco, Tepco tie up for innovative energy solutions

MANILA, Philippines – The Manila Electric Co. (Meralco) and Tokyo Electric Power Co. (Tepco) are continuing the exchange of technology and information to enhance service to their customers. The two companies signed a Memorandum of Understanding for the information exchange. Under the memorandum, Meralco and Tepco will exchange best practices that can lead to innovative energy solutions, which will positively impact electricity customers in both countries. “The continuing partnership with Tepco is another milestone for the company as it opens opportunities for development to Meralco. This will further strengthen Meralco’s delivery of services to its customers,” Meralco president and CEO Oscar Reyes said. Meralco senior vice president and head of Customer Retail Services and Corporate Communications Alfredo Panlilio as well as  and Tepco executive General Manager Hideo Kojima were also present during the signing. As a power distributor, Meralco has over 5.5 million customers. It is also known to pioneer energy solutions and innovations such as prepaid electricity Kuryente Load, E-Vehicles and Power Stations, and Meralco Virtual Engine (MovE) mobile application among others. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The company is also aiming to become a world-class Internet company in the long run and not just a power firm. “The vision for Meralco is not just a power company but an Internet company with a power business,” said Manuel V. Pangilinan, chairman of Meralco and mobile giants PLDT and Smart Communications. This, he said, is what he wants to achieve for Meralco in the long-term to Read More …

Feb 082015
 
CAB sets air talks with Emirates, Singapore

MANILA, Philippines – The Civil Aeronautics Board (CAB) is set to hold bilateral air talks with Singapore authorities this week and is likewise looking at the possibility of holding similar discussions with the United Arab Emirates. This was revealed to the STAR by CAB executive director Carmelo Arcilla on the sidelines of Singapore Airlines’s recent launch of its Showcase and Travel Fair 2015 last week at the Glorietta Activity Center in Makati. Arcilla said he would meet with the Philippine air panel and representatives of the UAE today to discuss Emirates Airlines’ request for more  seat entitlements. “We are going to meet again (today). I don’t know what will happen,” Arcilla revealed, adding that “discussions are complicated since it would involve Sixth Freedom issues.” UAE has been pushing for bilateral air talks to formalize its request for more seat entitlements for the Manila-Dubai route after Emirates’ code-sharing arrangement with Philippine Airlines ended several months ago. However, local carriers PAL and Cebu Pacific are opposed to the UAE’s move to hold bilateral air talks as it would affect the two local airlines’ plans to expand their operations in the Middle East which is a top destination for overseas Filipino workers. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Emirates Airlines was recently penalized by CAB for mounting unauthorized extra flights for the Manila-Dubai route. Meanwhile, CAB is also scheduled to hold bilateral air talks with Singapore on Thursday. According to Arcilla, one of the topics for discussion would include the Read More …

Feb 082015
 
Phl factory output up 7.5%

MANILA, Philippines – Factory output likely expanded by 7.5 percent in December due to a strong demand from the domestic market and a rise in export performance, Moody’s Analytics said. “Industrial production in the Philippines grew strongly through the second half of 2014 and we expect this to continue in the December report,” Moody’s Analytics said in a research note. “Robust domestic demand improving export demand are driving a solid upturn in manufacturing,” the research firm said. Manufacturing output, as measured by the volume of production index, grew faster by 8.1 percent in November from 7.7 percent in October. Official December factory output data will be released on Tuesday. “Fourth quarter GDP figures have already been released, showing a 7.3-percent year-on-year expansion in manufacturing,” Moody’s Analytics said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “We expect a similar return in the final industrial production print for the year,” Moody’s continued. The November performance was driven by the increases in the production of printing products, fabricated metal products, beverages, paper and paper products, non-metallic mineral products, and basic metals, data from the Philippine Statistics Authority showed. Meanwhile, the value of production index also went up by 7.5 percent in November from a year ago. The PSA said this was due to higher returns from printing products, fabricated metal products, beverages, paper and paper products, non-metallic mineral products, and leather products. The country’s manufacturing sector recorded double-digit growth in the second half of 2013, helping the domestic economy achieve a Read More …

Feb 072015
 
Government, private sector to fasttrack Clark projects for APEC hosting

MANILA, Philippines – The government and the private sector have decided to fasttrack projects in Clark, Pampanga with the area serving as one of the venues for the Asia Pacific Economic Cooperation (APEC) events this year. In a statement, Clark Development Corp. (CDC) president and chief executive officer Arthur Tugade said the country’s APEC hosting has encouraged both government and the private sector to advance the implementation of their respective projects. The Philippines is hosting the APEC meetings this year. The APEC senior officers meeting started in Clark on January 26. Tugade said projects such as the Clark Rotunda, Clark Museum, Clark 4D Theatre and Clark Integrated Command Center are to be implemented this year. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The renovation of the Clark Parade Ground, which is in its final stages, is expected to have a rubberized overlay for the jogging path, renovated park bencher, as well as shower room for sports participants upon completion. Tugade said some locator firms in Clark have also advanced the dates of their development plans. Among these locators is Fontana Leisure Parks which is expanding the seating capacity of its convention center to more than 1,800 seats from 500, at present, putting up new villas and rooms and adding 1,000 workers. Oxford Hotel meanwhile, has committed to invest P1 billion in the next five years to put up a new hotel, casino and restaurant with one-stop commercial complex as well as employ 615 individuals. Widus Hotel and Casino Read More …