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First tourism career fair in Visayas-Mindanao

Economy

Nov 172016

First tourism career fair in Visayas-Mindanao

MANILA, Philippines – The Tourism Congress of the Philippines (TCP) will bring the first ever tourism career fair to Visayas and Mindanao this November. TCP executive vice president Aileen Clemente said job opportunities in the tourism industry are already extending outside Metro Manila as the bulk of tourism development projects are moving to the southern part of the country. Clemente said some hotel chains and resorts have already entered the market, or are expanding their operations in the country to take advantage of the growing domestic and foreign arrivals in the Philippines. “The country has a growing middle class. And beyond our top markets abroad, the country is welcoming tourists from more European countries, the Middle East and India,” she said. “This is the best time for Filipinos to become part of the country’s tourism industry. Instead of going abroad, we are seeing competitive career opportunities locally,” she added. With this, the TCP will bring about 30 tourism-related companies to participate in the Visayas and Mindanao leg of the Tourism Career and Hospitality Fair. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The jobs fair, which will take place at the Cebu Trade Hall on Nov. 22 and at the SMX Convention Center Davao on Nov. 28, will bring together tourism companies, employment agencies, and schools looking for potential Read More …

Philippine economy grows by 7.1% in Q3 2016

Economy

Nov 162016

The country’s third quarter GDP growth rate is the highest since the second quarter of 2013 (7.6 percent). Jun Acculador/CC BY-ND MANILA, Philippines — The Philippine economy expanded by 7.1 percent in the third quarter of the year, higher than the revised second quarter growth of 7 percent, the Philippines Statistics Authority (PSA) announced on Thursday. The country’s latest GDP growth rate is the highest since the second quarter of 2013 (7.6 percent). The PSA said the services sector, which posted a growth of 6.9 percent, contributed much to the third quarter’s economic performance this year. “Services gave the highest contribution to the GDP growth in the third quarter of 2016 with 4.1 percentage points,” said National Economic and Development Authority Director Reynaldo Cancio said at a news conference. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The industry sector, meanwhile, accelerated by 8.6 percent this year, considerably higher than the 6.1 percent rate in 2015. This is a developing story.

Cusi orders reallocation of Agus-Pulangi output

Economy

Nov 162016

Cusi orders reallocation of Agus-Pulangi output

MANILA, Philippines – Energy Secretary Alfonso Cusi has ordered to redirect the output of the government-owned Agus-Pulangi hydroelectric power plants (HEPP) to poor areas and Philippine Economic Zone Authority (PEZA) locations in Mindanao to provide affordable electricity to consumers as well as encourage investments in the region. During the Coal Business and Policy Forum yesterday, the Energy chief directed the Power Sector Assets and Liabilities Management Corp. (PSALM) to study the re-allocation of the output of the Agus-Pulangi hydropower plants. Part of the output—amounting to around 700 to 800 megawatts (MW)—would be distributed to poor regions in Mindanao while the rest would be directed to industries, he said. “I have written a letter to PSALM to study allocating the output of Agus-Pulangi to the poorest of the poor, that means to say the ARMM region and the Lanao area and Maguindanao, so that we can help in the development of the area,” Cusi said. “And the rest will be directed to PEZA so that we can encourage investments in Mindanao, so that we can compete against our neighbors for having cheaper electricity to offer to the manufacturing companies,” he said. The 982-MW Agus-Pulangi hydroelectric power plants is owned by PSALM, the agency tasked to manage state-owned power assets, and is operated by state-run National Power Corp. (Napocor). Business ( Article MRec ), pagematch: 1, sectionmatch: 1 It is considered as the cheapest power source in Mindanao, with capacity being sold at around P2.70 per kilowatt-hour. Currently, 34 electric cooperatives are Read More …

IPR agency seeks 2-year cap on litigation

Economy

Nov 162016

IPR agency seeks 2-year cap on litigation

MANILA, Philippines – The Intellectual Property Office of the Philippines (IPOPHL) is seeking to put a cap on the litigation period of intellectual property rights (IPR) cases to not more than two years. IPOPHL director general Josephine Santiago said in a briefing yesterday the limitation would form part of its proposed revisions to the implementing rules and regulations (IRR) of the Violation of Law Involving Intellectual Property Rights. “In litigating a case, I don’t remember seeing a provision that it should be five years only or six. So I said why don’t we limit it to two years. So we will be coming up with a revised IRR limiting the litigation part of the intellectual property to two years and by then there should be a decision. Perhaps that will be shorter than that of the courts. Certainly they will be assured that in two years’ time there is a decision already,” Santiago said. According to Santiago, cases in the country take time to be resolved as one or two parties usually delay it. Santiago said implementation of the revised IRR is targeted by the first quarter of next year once a series of public consultations are completed. “This is going to evolve after the public consultation, particularly as to what will happen and what will we do if it is not concluded within two years. So we have to consult. The revisions are still being crafted but in principle, that is going to be the direction,” the IPOPHL chief Read More …

DOT taps DTI, DOLE for tourism promotion

Economy

Nov 162016

DOT taps DTI, DOLE for tourism promotion

MANILA, Philippines – The Department of Tourism (DOT) plans to forge tie-ups with the Department of Trade and Industry (DTI) for the promotion of tourism products and the Department of Labor and Employment (DOLE) for the capacity building of non-English speaking tour guides. Tourism Undersecretary for regulation, coordination and resource generation Alma Jimenez said this was part of the various convergence initiatives being considered by national agencies under the new administration. “One of the convergence programs which will surface soon, is the signing of an agreement between the DTI and the DOT for the mutual promotion of tourism products,” Jimenez said. “Tourism will be considered a product of the DTI, the same way we consider the products being espoused by the DTI,” she added. Under the partnership, the DOT will showcase the various products of the Philippines in their showrooms, while the DTI will promote Philippine destinations and tour packages. Jimenez said the DOT was also considering taking part in the reintegration program of DOLE for returning overseas Filipino workers to convert them into tour guides once back in the Philippines. Instead of training tour guides in various languages, such as Chinese and Japanese, the official said the DOT would hire returning OFWs and capacitate them as tour guides. “It’s harder for us (DOT) to teach language training. Incidentally, I removed the language training in the industry and manpower development (of DOT) because what I wanted was our returning OFWs, who already have conversational ability to speak languages of their Read More …

Hope for OFWs

Economy

Nov 162016

In their desire to improve their lives, many Filipinos sacrifice their time with their families to work abroad and earn a decent income. Hopefully, in the next few years, our modern day heroes will not need to work overseas in order to help their families. Last Tuesday was the 6th OFW and Family Summit. The summit was organized by Villar Sipag Foundation and Go Negosyo to promote entrepreneurship among OFWs and their families. For the past few years, the summit has featured different business opportunities OFWs or their families can consider and invest on. I met one former OFW turned entrepreneur, Imelda Dagus. She has been an OFW for more than 20 years and worked as an executive secretary in an oil company in Oman. She has always been enterprising. She has read business books and attended business seminars. In fact, she attended one of the first seminars abroad of Go Negosyo in 2013 held in Bahrain where she met some of our angelpreneurs and learned about the Go Negosyo advocacy. Her family has a coffee shop established by her grandmother in 1962. The family has managed the business, but because of lack of focus, the business did not grow. Imelda decided to improve the business and upgrade the products and services they offered. In 2015, she opened Dennis Coffee Garden which originated in Jolo, Sulu, but is now in Zamboanga. It is one of the most visited coffee shops in the province. Their coffee shop offers organic coffee called Read More …

Bids submission for P50-B prisons PPP moved to April

Economy

Nov 162016

Bids submission for P50-B prisons PPP moved to April

MANILA, Philippines – Submission of bids for the P50.2-billion Regional Prison Facilities public-private partnership (PPP) project has been moved to April 27, 2017 to give prequalified bidders more time to prepare their offers, the Public-Private Partnership (PPP) Center said yesterday. The bid submission was originally slated for Nov. 24, 2016. The prison project to be implemented by the Department of Justice (DOJ) and the Bureau of Corrections (BuCor) entails the construction and maintenance of a modern facility in Fort Magsaysay, Nueva Ecija. This new facility would provide for the basic needs of inmates incarcerated in the New Bilibid Prison and the Correctional Institution for Women. It would be constructed in a way that there are adequate living spaces for inmates and at the same time fitted with high security equipment. The facility, which can accommodate 26, 880 inmates, would also contain housing for staff, administrative buildings, as well as areas for rehabilitation activities. Three firms have prequalified to submit offers for the project: Mega Structure Consortium, San Miguel Holdings Inc. and DM Consunji Inc. The private sector partner would be responsible for the financing, detailed design, construction as well as maintenance of the facility. Several services pertaining to the maintenance of buildings as well as accommodation related services may be outsourced. These cover waste treatment and disposal, sewage water treatment and power generation. BuCor, in turn, would have complete control over the operations of the regional prison. The project would be conducted under a 23-year build-transfer-and-maintain contract, inclusive of a Read More …

Peso nears 8-year low

Economy

Nov 162016

British banking giant HSBC expects the peso to breach the 50 to $1 level early next year due to the shocking victory of Republican Donald Trump as well as the notable shift in government policy under the Duterte administration. File photo MANILA, Philippines – The peso tumbled to a near eight-year low against the dollar yesterday, closing at 49.35 from Tuesday’s close of 49.17 to $1 as the dollar continued to strengthen against major currencies. Yesterday’s close was the lowest since it settled at 49.37 to $1 on Dec. 4, 2008 due to the global financial crisis. Trading volume increased to $666.5 million from Tuesday’s $600.9 million. British banking giant HSBC expects the peso to breach the 50 to $1 level early next year due to the shocking victory of Republican Donald Trump as well as the notable shift in government policy under the Duterte administration. In a report, HSBC said the peso is expected to settle at 49.40 to $1 this year and at 50.70 to $1 in 2017. HSBC said the election of President Duterte in May has led to a notable shift in government policy and fortunes for the peso. The bank pointed out Duterte was elected on his proposals of large-scale infrastructure spending, economic reforms and reduction of crime. Initially, HSBC said the political change could be positive for the peso with reforms paving the way for foreign direct investment inflows. However, the foreign bank said it underestimated the administration’s change in foreign policy after President Read More …

International carriers seek master plan for new airport

Economy

Nov 162016

International carriers seek master plan for new airport

“What is needed is a master plan for aviation in the Philippines, especially for airports in Manila to cater to the needs of Metro Manila region and then act on it. Start digging,” Vinoop Goel, regional director for airport, passenger, cargo and security for Asia Pacific at IATA said in a briefing yesterday. File photo MANILA, Philippines – The International Air Transport Association (IATA) is urging the government to finalize the master plan for the development of an international airport, which will cater to the Metro Manila region as passenger traffic in the country is expected to continue to grow. “What is needed is a master plan for aviation in the Philippines, especially for airports in Manila to cater to the needs of Metro Manila region and then act on it. Start digging,” Vinoop Goel, regional director for airport, passenger, cargo and security for Asia Pacific at IATA said in a briefing yesterday. He said there is a need to finalize the master plan given the various proposals being floated for the development of a new airport in the Metro Manila region amid congestion at the country’s main international gateway, the Ninoy Aquino International Airport (NAIA). San Miguel Corp. (SMC) president and COO Ramon Ang has revived a proposal to build a new international airport for Metro Manila in Bulacan. During the previous administration, SMC has offered to build an airport on a reclaimed land in Manila Bay. Under the Aquino administration, the Japan International Cooperation Agency has also been Read More …

Xurpas starts share buyback

Economy

Nov 162016

MANILA, Philippines – Mobile technology firm Xurpas Inc. started buying back P170 million worth of shares to improve the value of its stocks. “The program is aimed to improve shareholder value and is deemed appropriate given the substantial undervaluation of the company’s shares,” Xurpas said in a disclosure to the Philippine Stock Exchange (PSE). The buyback program commenced Monday and will end upon the full usage of the approved allotment. Xurpas said the company would use its retained earnings to purchase the shares. Shares of Xurpas closed at P9.78 per share on Nov. 11. The firm has a total of 1.8 billion outstanding shares to date. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 According to Xurpas, the buyback program will be executed through the open market via the PSE’s trading facilities and will not involve active and widespread solicitation from stockholders. Meanwhile, Concepcion-led food and beverage producer RFM Corp. last week purchased a total of 112,000 shares at an average price of P4.35 per share as part of its buyback program. With the purchase, the total number of shares bought back by RFM has reached 53.91 million million, valued at P217.25 million. The buy back is part of the company’s program to repurchase up to P300 million worth of shares. RFM reported a total net income of P683 million in the first nine months of the year, mainly due to the improved sales of its ice cream, milk and pasta businesses.

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