I read books. Sometimes, I listen to them. Thank God for audio books. Technology has been providing us with almost limitless means to enjoy books and gives us no reason to say we cannot find the time to read books. Charlie “Tremendous” Jones said, “We will be the same person in five years that we are today except for two things: the people we meet and the book we read.” And how right he was. Months ago, I finished listening to the audio book version of “The Innovators” by Walter Isaacson, a brilliant writer. He wrote Steve Job’s biography. This book traced the history and origins of the people responsible for creating computers and the Internet, both of which, are so prevalent in our daily lives today. I initially thought that the book would appear “techy” for the nerdy folks, but uninteresting for me. Oh how wrong I was. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The moment I started listening to the introduction and first chapter, I felt engaged. The impact on me was so strong that I visited the Computer History museum in Mountain View, California last December. Let me share some things I learned from the book and the things I saw in the museum. Then let me connect them with what is happening today and what we need to do to prepare ourselves for the immediate future. “Will machines replace humans?” This is an old debate question stemming from the pioneers themselves. Here is Read More …
MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) will keep financial volatility in check and sees no reason to change its monetary policy stance at the moment, BSP Governor Amando M. Tetangco Jr. said yesterday. “For the moment, BSP is geared to keep the interim financial volatility in check,” Tetangco told reporters in a text message. “We don’t yet see a strong impetus to change the stance of monetary policy,” he said. His remarks came after the European Central Bank launched a government bond-buying program which will pump hundreds of billions in new money into a sagging euro zone economy. “The ECB action to further ease monetary conditions in EU should boost market confidence near-term especially as the “announcement uncertainty” is eliminated,” Tetangco said. “But in the medium-term, this needs to be followed through by structural reforms in the national economies and adjustments in EU labor market conditions, among others,” he said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The action came following earlier actions of the ECB that still left the euro zone economy with stagnating growth and persistent low inflation. “While we had been anticipating QE (quantitative easing) from EU for some time now, and the price action in markets in recent months has reflected the divergence in AE (advanced economies’) monetary policies, we still need to see how this policy divergence will continue to play out now that we are in a situation of very low oil prices,” Tetangco said. “For the moment, the Read More …
MANILA, Philippines – Government agencies are not speaking with one voice on a bill pending in the House of Representatives seeking a 10-percent tax on soft drinks and other sugar-sweetened beverages, including juices and so-called energy boosters. While the Department of Health (DOH) has supported the bill of Nueva Ecija Rep. Estrelita Suansing, the Sugar Regulatory Administration (SRA) has opposed it. In a position paper submitted to the House ways and means committee chaired by Marikina Rep. Romero Federico Quimbo, SRA Administrator Maria Regina Bautista-Martin said the proposed tax “will negatively affect incomes of sugarcane farmers and hamper development plans in the sugar industry.” She said it is most likely that the tax would be passed on to sugar farmers. “Most of our farmers have small farms. About 80 percent of farms have areas of five hectares or less. Any sugarcane farmer who is raising productivity and improving efficiency to better compete against imported sugar and sugar-containing products and against sugar substitutes like high fructose corn syrup cannot afford to shoulder either directly or indirectly any new tax measure,” she said. She added that the soft drinks industry accounts for six percent of total national demand for sugar. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 She pointed out that the sugar-producing sector is now in the middle of an upgrading program to prepare it for regional and global competition. “A tax on soft drinks may interfere with this objective,” she said. Earlier, Visayas congressmen led by Negros Occidental Read More …
MANILA, Philippines – The National Grid Corp. of the Philippines (NGCP), the grid operator, has restored all transmission and sub-transmission lines and substations in the Visayas affected by Tropical Storm Amang. In an advisory, NGCP said it has completed the restoration on Jan. 21. NGCP assured the public that it is ready to conduct similar disaster management activities to ensure reliable power transmission services. “The corporation is also continuously taking necessary preparations and precautions to minimize the impact of succeeding tropical storms and disasters on NGCP operations and facilities,” it said. Some of the transmission facilities toppled by the storm are the Nasaug-San Isidro 69 kilovolt line, the Taft-Borongan 69 kv line and Palanas Cara-Catarman 69-kv Line all in the Visayas region. Among the last to be restored are the transmission facilities servicing the areas of Samar 1 Electric Cooperative (Samelco) and the Northern Samar Electric Cooperative (Norsamelco) in Eastern Visayas. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Affected towns included Pagsanjan, Gandara, Tarangnan, San Jorge, Matuguinao for the Samelco service areas and the Catubig, Gamay, Lao-ang, Pambuhan, Palapag, Las Navas, Bobon, Catarman, Mondragon, San Roque, Rosario, San Jose, Lope de Vega, Allen, Victoria, San Isidro and Lavezares for the Norsamelco service areas. NGCP said the loss of power may be caused not just by affected transmission facilities of NGCP but those facilities operated by local distribution utilities or electric cooperatives. Specific cities and municipalities affected by the power interruptions are determined by concerned distribution utilities, unless the Read More …
MANILA, Philippines – The Department of Trade and Industry (DTI) plans to conduct across the country more than 80 information sessions focused on the European Union’s Generalized System of Preferences Plus (EU GSP+) to allow more businesses to benefit from the scheme. According to the DTI, it is holding more than 80 information sessions under the Doing Business Free Trade Areas program focused on the EU GSP+ in key cities and towns in the country to help exporters understand how to avail of the scheme. “As tariffs go down, we need to work more closely with Philippine businesses to help them navigate the rules of origin requirements and to hurdle other barriers, for instance product standards,” Trade assistant secretary Ceferino Rodolfo said. The EU GSP+ is a scheme which allows beneficiary countries to export 6,274 products to any of the 28 members of the EU bloc at zero tariff for a period of 10 years. The Philippines, which is the only beneficiary country of the scheme in Southeast Asia, secured EU GSP+ status in December last year. Products that may avail of the duty free access include coconut and marine products, processed fruit, prepared food, animal and vegetable fats and oils, textiles, garments, headwear, footwear, furniture, umbrellas, and chemicals. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Prior to securing EU GSP+ status, the Philippines was a beneficiary of the regular GSP program which only covered 6,209 products, with 2,442 products subject to zero duty and the rest subject Read More …
MANILA, Philippines – Power utility giant Manila Electric Co. (Meralco), and the Department of Energy (DOE) continue to draw in more participants for the Interruptible Load Program (ILP) which would help ease projected blackouts this summer. As of Jan. 20, total committed capacity under the ILP has reached 685.07 megawatts from customers of Meralco and contestable customers or those with a monthly electricity demand of at least one megawatt and who can source their power supply from retail electricity suppliers. Of the 685.07 MW, 224.22 MW are from Meralco customers and 460.85 MW are from contestable customers. Meralco is still eyeing potential commitments of 233.30 MW from its customers and contestable customers. The latest figure, however, is still below the 1,000-MW target but the DOE and Meralco continue to talk to more potential participants. Under the ILP scheme, big power users will be asked to run their own generators when supply is short in the summer months, instead of getting their power from the Luzon grid. In exchange, they will be compensated for their fuel costs. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The electricity that would not be taken from the grid would be available to households and other users, sparing them from rotating blackouts. There is a projected power supply shortage this summer of at least 700 MW due to higher demand during the hot months. The three largest participants in the ILP are SM Prime Holdings Inc., the mall development arm of the SM Group Read More …
Gentlemen: Cruz Marcelo and Tenefrancia (CMT) previously wrote a letter dated Dec. 16, 2014 bringing to your attention the one-sided and libelous articles of Victor C. Agustin (Agustin). CMT pointed out that Agustin has singled out CMT for libelous attacks to favor Atty. Arthur Villaraza (Villaraza) and his law firm Villaraza and Angangco (VAT). It was likewise pointed out that Agustin readily wrote what was fed him without verifying the facts nor seeking the side of CMT. These were not denied by Agustin. On Jan. 9, 13, 20, 2015, another series of libelous and false articles against CMT were written by Agustin. In his recent libelous attacks, Agustin callously failed to see that due to the reckless acts of disconnecting utilities without due notice to floors occupied by CMT in CVCLAW Center, the lives of all building occupants, including the employees of VA, were put in grave danger. Consequently, upon inspecting the building, Taguig City building officials warned that if orders to restore utilities and elevator service to said floors were not complied with, the “revocation or invalidation” of the certificate of occupancy of the building could follow and further administrative sanctions would be imposed. Also upon inspection, the Bureau of Fire Protection (BFP) warned that unless utilities are restored, it may cause your Fire Safety Inspection Certificate (FSIC) and other ancillary clearances issued by this office to become null and void.” The treacherous attack clearly backfired as it put the entire building in danger of a lockdown as well Read More …
MANILA, Philippines – Local banks tightened their credit rules for household borrowers in the fourth quarter, according to a survey by the Bangko Sentral ng Pilipinas (BSP). “The DI (diffusion index) approach… indicated a net tightening of overall credit standards for household loans owing largely to perceived stricter financial system regulations,” according to the latest Senior Loan Officers Survey. “In particular, banks’ responses indicated reduced credit line sizes for auto loans and wider loan margins for personal and salary loans,” the BSP said. Household loans pertain to finance auto loans, credit card loans, personal or salary loans, and housing loans. A diffusion index of 14.3 percent was recorded for the fourth quarter, higher than the 9.5 percent in the third quarter, the BSP survey showed. This is the fifth consecutive quarter the index showed a net tightening for credit standards for household loans. The diffusion index approach measures the proportion of banks that tightened credit standards versus those that eased them. A positive index means more banks tightened their standards, while a negative one shows there were that loosened them. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Most of the respondent banks foresee maintaining their credit standards over the next quarter,” the BSP said. “However, some banks expect overall credit standards to tighten slightly due to expectations of continued strict financial system regulations and banks’ reduced tolerance for risk, among others,” the central bank added. On the other hand, banks maintained their credit standards for enterprises in the Read More …
MANILA, Philippines – Cash strapped Bayan Telecommunications Inc. (Bayantel) yesterday said the entry of Ayala-led Globe Telecom Inc. into the Lopez-owned company is crucial to its going rehabilitation. According to Bayantel chief operating officer Rafael Aguado, the company is confident that the National Telecommunications Commission (NTC) would approve its joint petition with Globe for the change in ownership. Aguado pointed out that the change of ownership, with the entry of Globe, would complete the rehabilitation of Bayantel. Bayantel, Aguado said, is confident in the wisdom of NTC’s decision-making process to allow the change in the majority shareholder of Bayantel for the greater benefit of the consumers. “We stand behind every part of our rehabilitation plan in our aim to build a stronger Bayantel,” he said. In 2013, both Globe and Bayantel jointly filed a petition with the NTC to approve its debt-to-equity transaction wherein the Ayala-owned telco provider acquired a sizable portion of Bayantel’s debt. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “The approval of the NTC of the transaction will strengthen Bayantel’s position as a viable player in the rapidly evolving telecommunications industry, making the environment more competitive in the process, “ Aguado added. As soon as Bayantel gets out of rehabilitation, Aguado said the company would become stronger and would have new capabilities to better serve its customers.
MANILA, Philippines – The Philippines and South Korea have the potential to grow bilateral trade to over $20 billion over the next five years through greater cooperation. “I think if we try very hard and if we improve the (business) environment, it will not be difficult for us to see two-way trade to surpass $20 billion in the near future… within five years,” South Korean Ambassador to the Philippines Lee Hyuk told reporters during the Philippines-Korea Economic Council (Philkorec) Induction of Officers and new members. Two-way trade between the Philippines and South Korea amounted to around $12 billion last year. For the countries’ bilateral trade to breach $20 billion in the next five years, Lee said both parties would have to work together in terms of promoting each other’s manufactured goods and services. Apart from increasing bilateral trade, Lee said there are also opportunities to increase South Korean firms’ investments in the Philippines. “But this will only be if there is an improved environment for investment, so we want the Philippine government to improve investment environment for foreign companies,” he said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 For his part, Philkorec chairman Gerardo Garcia told reporters the council plans to organize inbound missions of Korean firms to the country, as well as outbound missions of Philippine firms to South Korea, to promote greater trade and investment relations between the two countries. The missions would be organized with business groups such as the Philippine Chamber of Commerce and Read More …