Maniolas

Michael Tan and Joseph Chua who are both friends of mine called me to clarify that there is no “intrigue at PAL” (Spy Bits Dec. 16). They both denied the existence of any demolition job or intrigues within the family against Joseph. As pointed out to me by businessman Tony Garcia, the delay of the Macau PAL flight incident was caused by the offloading of the baggage of a passenger who failed to show up. Our PAL source tells us the “mountainous” uproar over radio and television regarding the matter must have been encouraged by outside “intrigueros.” Trouble at SCTEX Bases Conversion Development Authority CEO Arnel Casanova is in the news again after Subic-Clark-Tarlac Expressway (SCTEX) interim operator Manila North Tollways Corp. (MNTC) aired its concern over BCDA’s decision to publish an advertisement inviting bidders for the so-called “price challenge” on the privatization of SCTEX. Apparently, BCDA did not even bother to consult MNTC on the terms of reference for the bidding – a clear violation of the Business and Operating Agreement (BOA) both parties signed in 2011, according to informed sources.  If one can remember, Casanova was the same guy who tried to prevent mall developer SM from completing the construction of the Mckinley Parkway access road leading to SM Aura just before the high-end mall was set to open in May last year. A YouTube video showed Casanova with his retinue of security guards looking like they were gearing up for battle – armed with automatic assault weapons Read More …

MANILA, Philippines – The country’s total exports are seen to grow by 10 to 11 percent this year and next year to be supported by the rebound of the electronics sector and continued growth of services exports, a trade official said. “I think our overall (exports) growth will be 10 to 11 percent, when you get to the bottom of it, and that is my forecast for next year as well,” Trade Undersecretary Ponciano Manalo Jr. told reporters. He noted that merchandise exports are expected to grow by eight to nine percent even as demand from Japan, the country’s top destination for merchandise exports, may slow down amid economic recession there. The growth in merchandise exports would be driven by the recovery of the electronics sector. Manalo said exports of electronics products are seen to grow by seven percent this year and rise by six to eight percent next year, citing the positive outlook of the Semiconductor and Electronics Industries in the Philippines Inc. (SEIPI). Earlier, the SEIPI said it sees electronic exports rising by five to eight percent this year from 2013’s $21.823 billion due to strong global demand. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “I think the electronics sector will continue to get back on its feet. Our task and our job is to go into higher value electronics,” Manalo said. Apart from electronics, other merchandise goods seen to help drive the growth this year and next year are agricultural products, minerals such as nickel Read More …

MANILA, Philippines – The government continued to show a downtrend in its debt servicing for the first 10 months this year, with payments for amortization declining significantly. According to the latest data from the Bureau of Treasury, debt servicing from January to October amounted to P357 billion, down 28.3percent from P498.04 billion in the same period last year. The government settled a total of P82.83 billion in principal, including P79.66 billion in foreign loans and P3.18 billion in domestic debts. Total principal payment in the 10-month period was 137.7 percent lower than the P219.47 billion recorded in the year ago period. The government also paid a total of P274.16 billion in interest, covering P182.74 billion on domestic obligations and P91.42 billion on foreign borrowings. Total interest payments marked a slight decrease from the P278.56 billion settled the previous year. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 In October alone, government debt payments totaled P19.88 billion, 28.7 percent less than the P27.9 billion paid in the same month a year earlier. Of the P19.88 billion, P16.77 billion comprised interest payments while the balance of P4.69 billion made up principal payments. The government’s outstanding debt rose 1.2 percent to P5.71 trillion as of October as the state continued to rely on borrowings to fund its expenditure requirements. The latest figure, however, was lower than the P5.72 trillion registered in September due to the net redemption of government securities. Bulk of the amount or about P3.75 trillion was accounted for by Read More …

MANILA, Philippines – The Philippines is pushing for the renewal of a program in the US granting trade preferences to support exporters, Trade Assistance Secretary Ceferino Rodolfo said over the weekend. “The Philippines is actively involved in the Alliance of GSP (Generalized System of Preferences) beneficiary countries in the US. We are continuously advocating together with other countries like Thailand, for the renewal of law,” Rodolfo said. The Philippines is among the beneficiary countries of the GSP which provides preferential duty-free treatment for up to 5,000 products entering the US. Products that are eligible for duty-free treatment under GSP include: most manufactured items; many types of chemicals, minerals and building stone; jewelry; many types of carpets; and certain agricultural and fishery products. The GSP program expired in July 31, 2013. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Rodolfo said that based on information received by the government, the US is looking to consolidate its different programs seeking to provide trade preferences. “They want to consolidate into one law…That was what we were told,” he said. Even as the GSP has expired, Rodolfo said the DTI continues to advise exporters to declare that they intend to avail of GSP rates so that when the program is extended and benefits are made retroactive, reimbursements on duties paid can be made. In the past, when the US Congress acted to extend the GSP, the duty-free treatment to GSP-eligible products was applied retroactively to the expiration of program, allowing refunds of duties Read More …