Maniolas

The stock market plunged 154.66 points or 2.006 percent to finish at 7,553.76 yesterday following a technical rally on Thursday. AP file photo/Bullit Marquez MANILA, Philippines – The stock market plunged 154.66 points or 2.006 percent to finish at 7,553.76 yesterday following a technical rally on Thursday. Analysts said the drop was expected following Thursday’s unusual jump . “Well I think majority of the decline was caused by the unusual jump yesterday on close – maybe due to last second index buying prompted by an oversold market. But because prices normalized off that heavy up sway, the negatives began to pile in. We still see corrective bias but the oversold state will cause hiccup rallies on occasion,” said Juanis Barredo, vice president and chief technical analyst at COL Financial. Luis Limlingan, managing director at Regina Capital said the market simply resumed its downward trend. “The Philippine markets resumed their downward trend as it took yesterday’s run up as an anomaly. The 7,700 resistance proved rather firm as we slipped closer back to the 7,500 level. Markets became choppy once more as investors continue to speculate on the upcoming US Fed rate hike decision next week,” he said. During yesterday’s session, the broader All Shares index also plunged 55.83 points or 1.21 percent. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 All counters likewise retreated into negative territory following Thursday’s upward trend. Total value turnover closed at P13.80 billion as foreign selling continued. Decliners edged out advancing stocks, 102 to Read More …

The Department of Labor and Employment reported there are currently 5,150 registered contractors and subcontractors deploying more than 416,000 workers to not less than 26,000 principals. STAR/File photo MANILA, Philippines – The Department of Trade and Industry (DTI) has come up with a win-win solution for businesses and workers in line with President Duterte’s mandate to end labor contractualization and end-of-contract or “endo” schemes. Trade Secretary Ramon Lopez presented the so-called “win-win structure” of labor relations Thursday during a consultation involving government officials on labor and trade, business leaders and selected legislators. The win-win structure involves workers, service providers and companies. “We have come up with an alternative structure, and the premise of this is that the workers’ benefits will be assured and will be protected. We also have to balance it with the need to have a business-friendly policy environment that will generate jobs and attract investments. In other words, the structure should be in favor for both business and labor,” Lopez said. “We basically have two set-ups, one is the company hires directly the workers, the labor. The other option is if it is not direct hire via the company, the principal or the company will outsource it to service providers. Service providers will then hire the workers and they will have the direct employer-employee relationship,” he added. Through this win-win set-up, Lopez said workers can be hired by service providers as regulars, receiving full benefits such as leave credits, 13th month pay, as well as retirement, social Read More …

MANILA, Philippines – Splash Corp. is seeking an extension of its tender offer period to give shareholders more time to consider their options. The company launched a tender offer for the remaining shares held by minority investors at P3.10 per share. The move is in preparation for its plan to voluntary delist from the Philippine Stock Exchange (PSE). Splash asked the Securities and Exchange Commission to extend the tender offer period to Oct. 5 from the original deadline of Sept. 20. “The request for extension is being made pursuant to Securities Regulation Code Rule 19.9.9 and in order to give the stockholders more time to consider their options and to decide whether they wish to tender their shares given that the tender offer is being conducted pursuant to the company’s intention to voluntarily delist from the exchange,” Splash said. The company is targeting to delist from the PSE on Oct. 7. Splash applied for delisting because of the low trading volume of its shares over the last 24 months, the response of the investing public to the ongoing share buy-back program, and the company’s desire to avoid telegraphing its business plans to its competitors. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 As of July 5 this year, the company’s public ownership stood at 26.66 percent. “After the termination of the tender offer…the company’s public ownership is expected to fall below the prescribed 10 percent minimum public ownership,” Splash said. The company reported a net income of P98.84 million Read More …

From left: AVP and Head of Community Engagement and Marketing Communication Gabby Cui, PLDT VP and Head of SME Nation Mitch Locsin, Boss for Innovative Solutions Matthew Cua of Skyeye, Boss for E-Commerce Barni Rennebeck of The Sexy Chef, Bosses for Social Responsibility Melanie Go and Hindy Weber with PLDT Group Chair Manuel V. Pangilinan (center), Bosses for Social Media Jill Borja, Nadine Fanlo, and Jaime Fanlo joined by Rappler CEO Maria Ressa, and PLDT EVP and Head of Enterprise International and Carrier Business Eric R. Alberto PLDT/Released MANILA, Philippines – The 2016 search for the country’s next generation of digital business leaders has finally come to a close, and PLDT SME Nation, the micro, small, and medium enterprise (MSME) arm of PLDT, Inc., concluded the competition with the announcement of the new batch of game-changing entrepreneurs at the #BeTheBoss Awards Night last September 9 at the Conrad Hotel Manila. The #BeTheBoss Awards, now on its second year, recognizes promising Filipino entrepreneurs leading through tech innovation and digital integration in their business. “It’s amazing to see the number of revolutionary MSMEs we have in the country. We received double the amount of nominations from last year’s competition,” enthused PLDT VP and Head of SME Nation Mitch Locsin. “And with over 24,000 votes that came in, we can very much observe how technology continues to play a key role in the growth and success of the Filipino MSME.” From over 600 nominations, this year’s #BeTheBoss Awards highlighted 12 finalists who exhibited Read More …

PLANTING tobacco is not a lucrative endeavor, with four out of 10 farmers not happy with the revenues they make from tobacco farming, according to a joint study by activist policy group Action for Economic Reforms (AER) and the research arm of the American Cancer Society.