New group opposes bid to hike port tariff

 Economy
Aug 182016
 
New group opposes bid to hike port tariff

The National Center for Commuters Safety and Protection Inc. (NCCSPI), an umbrella organization of transport groups, asked the Philippine Ports Authority (PPA) to junk MNHPIs  petition due to lack of consultations with stakeholders. BY-NC/Sodaro K, file photo MANILA, Philippines – Another group has opposed the bid of port operator Manila North Harbour Port Inc. (MNHPI) to increase port tariff by 37.45 percent. The National Center for Commuters Safety and Protection Inc. (NCCSPI), an umbrella organization of transport groups, asked the Philippine Ports Authority (PPA) to junk MNHPIs  petition due to lack of consultations with stakeholders.  Elvira Medina, president of NCCSPI, questioned MNHPI’s move which he said was already monopolizing port operations. Medina warned that the proposed tariff adjustment would have severe impact not only on consumer goods but also on transportation costs as well.  “We oppose this. It will have a heavy impact on the public, not just on cost of freight and consumer goods but also on petroleum products, which eventually will jack up transportation costs,” he said.  “They cannot justify this increase. They are already acting like a monopoly, and now they get to dictate the price? The public will always be at the losing end,” she added.  Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Medina is urging the Duterte administration to give priority to the interest and welfare of the local traders and commuting public, before any tariff rate adjustment is even considered.  “This attitude of not giving consideration to the public, to ordinary Filipinos — that is the identity of Read More …

Trans-Asia earnings up 43% in H1

 Economy
Aug 182016
 
Trans-Asia earnings up 43% in H1

MANILA, Philippines – Trans-Asia Oil and Energy Development Corp. reported a net income of P542 million in the first semester, a 43-percent increase from P377 million in the same period last year. The company said revenue from the sale of electricity for the period increased 11 percent to P7.1 billion “largely brought about by higher energy sales in the power supply business.” Trans-Asia said available energy increased this year after subsidiary South Luzon Thermal Energy Corp. started operating its second 135-megawatt (MW) circulating fluidized bed coal-powered plant in February, supplementing the first 135-MW unit that started commercial operations in April 2015. Adding to the higher energy supply is the commercial operations of power barges 101 and 102 also in February this year. The company also has renewable energy in its portfolio. Its wholly-owned subsidiary Trans-Asia Renewable Energy Corp., which operates the 54-MW wind farm located in San Lorenzo, Guimaras, delivered 61.3 gigawatt-hours of wind-powered electricity during the first half.  The company expects to boost energy supply from its portfolio with the addition of new projects. Business ( Article MRec ), pagematch: 1, sectionmatch: 1

Strong Q2 growth boosts index

 Economy
Aug 182016
 
Strong Q2 growth boosts index

The benchmark Philippine Stock Exchange index (PSEi) gained 6.62 points or 0.08 percent to settle at 7,952.81, while the broader All Shares index edged higher by 10.47 points or 0.22 percent to end at 4,707.58. STAR/File photo MANILA, Philippines – The stock market posted modest gains yesterday on the back of strong second quarter economic growth of seven percent. The benchmark Philippine Stock Exchange index (PSEi) gained 6.62 points or 0.08 percent to settle at 7,952.81, while the broader All Shares index edged higher by 10.47 points or 0.22 percent to end at 4,707.58. “The growth is within market expectations given average consensus forecast of 6.1 to 7.2 percent for the second quarter. This strong growth increases the probability of attaining the revised full-year 2016 DBCC-approved real growth projection of six to seven percent. With the first semester GDP growth of 6.9-percent, the economy will need to grow by at least 5.1 percent in the second half to attain at least the low-end of the growth target,” said Socioeconomic Planning Secretary Ernesto Pernia. He said among the major Asian emerging economies, the Philippines remains the fastest or second fastest-growing economy in the second quarter, followed by China, which grew 6.7 percent; Vietnam, 5.6 percent, Indonesia,  5.2 percent; Malaysia, four percent;  and Thailand  3.5 percent.  JP Morgan regional analyst Nur Rasid said the growth narrative of the Philippines is likely to remain positive.  “Domestic demand will likely remain robust due to investment growth which could further lower external balances,” Rasid said. Read More …

Strong growth gives Philippines headway vs external shocks

 Economy
Aug 182016
 
Strong growth gives Philippines headway vs external shocks

Finance Secretary Carlos Dominguez said the second quarter GDP growth was the highest for quarterly and semestral growth since 2014 and would enable the government to keep its growth targets on track for the rest of the year and in 2017. STAR/File photo MANILA, Philippines – Economic managers of the Duterte administration said yesterday the sustained economic growth evidenced by the seven percent expansion of the gross domestic product (GDP) in the second quarter would give the Philippines enough headway to survive external shocks. Finance Secretary Carlos Dominguez said the second quarter GDP growth was the highest for quarterly and semestral growth since 2014 and would enable the government to keep its growth targets on track for the rest of the year and in 2017. “Our strong macro-economic fundamentals will buffer the economy from external shocks,” Dominguez said. Headwinds are caused by volatile markets with the impending interest rate hike in the US, the decision of the United Kingdom to leave the European Union, and the slowdown in China. With the sustained growth momentum for the past 70 straight quarters, Dominguez pointed out the Duterte administration would build on previous efforts to effectively implement its 10-point socioeconomic agenda. “The numbers are good for the Duterte government to hit its growth targets of at least seven percent this year’s second semester and 6.5 to 7.5 percent in 2017,” he said. Dominguez acknowledged the good policies of both the Aquino and Arroyo administrations. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Read More …

Mining not a sunset industry – consultancy firm

 Economy
Aug 182016
 
Mining not a sunset industry - consultancy firm

A management consultancy firm specializing in mining said the industry would never experience sunset as it is a major economic pillar. Danny Jovica, File MANILA, Philippines — Contrary to what President Rodrigo Duterte stated, the local mining sector would never experience sunset as it is a major economic pillar, a management consultancy firm specializing in mining said. AMDGY Consultancy countered Duterte’s statement that the minerals development sector is already a sunset industry. “Since the dawn of time, we have been mining. Mining is not just metallic, it also includes non-metallic and energy,” AMDGY Consultancy president and chief executive officer Deogracias Contreras said. He added that there is an increasing need for both metallic and non-metallic resources to keep the country’s economy moving forward. Earlier, Duterte issued a stern warning to mining firms as he vowed to be tough on businesses that are destroying the environment and violating government standards. Duterte has announced that the administration is willing to forego the P40-billion mining investments. RELATED: Duterte on mining firms: We can survive without you The Philippines is the fourth most mineralized country in the world with an estimated total worth of over P70 trillion if the government harnessed its full potential. In defense of the large-scale mining operations, Contreras said the absence of a regulatory framework and the lack of capacity to enforce existing frameworks remained to be the biggest hurdle for the minerals development sector. “The culture of corruption still exists [in the sector]. It’s sad to say, but where there is large-scale mining, there’s Read More …

GDP hits 7% in Q2 2016

 Economy
Aug 182016
 
GDP hits 7% in Q2 2016

The Q2 growth is an upbeat start for the Duterte administration, Socioeconomic Planning Secretary Ernesto Pernia said. File photo MANILA, Philippines — The country’s gross domestic product (GDP) expanded by 7 percent during the second quarter of 2016, the Philippine Statistics Authority (PSA) announced Thursday. The Q2 growth is an upbeat start for the Duterte administration and is within market expectations, according to Socioeconomic Planning Secretary Ernesto Pernia. Pernia said the Philippines likely remains the fastest or at least second fastest growing economy in the second quarter of 2016 among the major emerging economies in Asia followed by China (6.7 percent), Vietnam (5.6 percent), Indonesia (5.2 percent) and Malaysia (4.0 percent). GDP is the sum total of all goods and services produced within an economy in a given period. RELATED: Phl GDP hits 6.9% in Q1 2016, fastest among major Asian economies The growth in Q2 was driven by the services sector which expanded by 8.4 percent compared to the 6.7 percent in the same period last year. “Among the three major economic sectors, services gave the highest contribution to the GDP growth in Q2 accounting for 4.8 percentage points,” the PSA said. This was followed by the industry sector which grew by 6.9 percent. The agriculture sector, however, was a poor performer declining by 2.1 percent. It pulled down the GDP growth with -0.2 percentage point. PSA said agriculture has been on the decline for five quarters already due to disasters, said Rosemarie Edillon, assistant director-general of the National Economic and Development Authority. “While it is normal Read More …

Swipe right: Know the credit card law

 Economy
Aug 172016
 

In less than two weeks, the so-called “ber” months will begin. This marks the unofficial start of the Christmas season for Filipinos. It is when people crowd the malls to take advantage of various promos, such as zero-interest and deferred-payment schemes. More often than not, they also go overboard on spending, resulting in broken budgets. The temptation to swipe is all around, but do we really know what to do when our credit card statements reflect unexpected charges or when we are victimized by credit card fraud or scams?

Name and shame smugglers, consumer group urges Customs

 Economy
Aug 172016
 
Name and shame smugglers, consumer group urges Customs

Consumer watchdog United Filipino Consumers and Commuters wants the Bureau of Customs to release a list of cement smugglers, saying these illicit traders do not only rob the government of millions in revenue but also endanger the lives of Filipinos. STAR/File photo MANILA, Philippines – After alleged drug personalities, consumer watchdog United Filipino Consumers and Commuters (UFCC) now wants government to name and shame smugglers. The group in particular wants the Bureau of Customs (BOC) to release a list of cement smugglers, saying these illicit traders do not only rob the government of millions in revenue but also endanger the lives of Filipinos. UFCC said total under-declaration of imported cement  from January to April this year alone has reached over P200 million. “If President Duterte did it with drug lords in government, Nic Faeldon of the Bureau of Customs should do it with smugglers as well,” UFCC president Rodolfo Javellana Jr. said. Javellana said his group wants the BOC to bare information on cement traders that are misrepresenting freight rates to lower import fees for thousands of tons of cement being shipped into the Philippines monthly. “We have evidence that shows that in the first half of 2016 alone, about 30 cement traders have technically smuggled over 50 thousand metric tons of cement into the country. We are turning this evidence over to the BOC, and we hope Commissioner Faeldon will take swift action against these groups,” he said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 According to Read More …

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