Maniolas

MANILA, Philippines – Manila Electric Co. (Meralco) is eyeing to conduct a competitive bidding for nearly 250-megawatt (MW) of capacity to augment peaking power supply in its franchise area in time for summer of 2016. The country’s largest power distributor has received three proposals for peaking power supply, which will be put for a price challenge, Meralco president Oscar S. Reyes told reporters in an informal briefing. “We’re publishing a price challenge for an interim power supply agreement in the order of about 245 MW,” he said. The three power firms that submitted unsolicited proposals are Toledo Power Corp. for 28 MW, Panay Power Corp. for 45 MW and 1590 Energy Corp. for 170 MW, for a total of 243 MW. Meralco will publish an invitation for price challenge and will be accepting offers until Dec. 28. The supply will cover the February to July period, specifically the trading intervals 10 a.m. to 9 p.m. from Mondays to Saturdays. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Whoever gets it, we will enter into interim PSA,” Reyes said. The agreement will commence once the Energy Regulatory Commission (ERC) approves the deal and will expire on Feb. 27, 2017, which can be extended for up to three years. The auction is part of the distribution utility’s way of complying with the Energy department’s directive of conducting competitive selection process (CSP), the company’s top official said. “We try to work within the [CSP] framework to see if it works,” Reyes said. Read More …

THE PROPOSED law which will create a Department of Information and Communication Technology (DICT), a priority measure, will soon make its way to Malacañang after the Senate fell in line with the House of Representatives version of the bill, thereby eliminating any need for a bicameral conference committee.

If you’re one of the estimated 39.7 million employees in the Philippines, perhaps by now, you may have already received an e-mail or a memo from your employer asking or confirming whether you are qualified for substituted tax filing of your Annual Income Tax Return (BIR Form 1700) for calendar year 2015. Since the Philippines follows the Pay As You Earn (PAYE) system for employee’s tax, and is carried out through the withholding tax mechanism, the local employer is constituted as the withholding agent of the Bureau of Internal Revenue (BIR). As such, it is responsible to withhold and remit taxes on the Philippine-source compensation income of its employees to the BIR, irrespective of the place of payment of the compensation.

DAVAO CITY — The city council passed a resolution on Dec. 14 objecting to the modernization plan for Sasa Port under the public-private partnership (PPP) program, citing the Department of Transportation and Communications’ (DoTC) failure to seek the local government’s endorsement.

Autostrada chairman and president Wellington Soong with Ferrari Far East Hub managing director Dieter Knechtel A deep roar reverberated through Autostrada Motore’s showrooms last week with the official launch of the celebrated Ferrari 458 Italia’s worthy successor – the 488 GTB. Its twin-turbocharged 3.9-liter V8 heart had emitted the sonorous growling, underlining the physicality and sheer power of the new Maranello son. Front and center, the sexy vehicle painted in classic rosso corsa emerged – dramatically peering out through a fog at the gathered motoring journalists ogling it. “The year is coming to an end, and what a way to end (it),” Wellington Soong, chairman and president of the Autostrada Motore, had declared. He and son Jason (executive director of the noted dealership of some of the world’s exclusive, premium auto brands), expressed excitement at the entry of the 488 GTB. Indeed, there is a lot riding on this particular prancing horse. In an exclusive interview with STAR Motoring, Dieter Knechtel, managing director of Ferrari’s Far East Hub, explained that the 488 GTB is in “the segment where Ferrari has the biggest available customer base.” These clients, he continued, are also the most traditional as far as expectations go. Equipped with a mid-mounted V8 that promises a stable of 670 horses (up 100hp over the 458) and 760 Nm (plus 40 percent over the same car) on tap, the 488 GTB “enhances all the purist Ferrari values, and driving pleasures we can combine in one car for everybody who is Read More …