THE EUROPEAN UNION (EU) said it is closely monitoring the provisions of the Philippine Competition Act, with its passage in July clearing a major hurdle to the ongoing talks for a possible Free Trade Agreement (FTA).
Sep 102015
Sep 102015
MACTAN ISLAND, CEBU — Emerging markets should start deleveraging to levels seen before the global financial crisis even though their indebtedness remains lower compared to advanced economies, an International Monetary Fund (IMF) official said yesterday.
Sep 102015
THE PHILIPPINES is “pretty untouched” in terms of risks posed by China’s economic slowdown, declining oil prices, and an expected Federal Reserve interest rate hike, a visiting European economist said.
Sep 092015
MACTAN ISLAND, CEBU — Senior finance officials yesterday completed drafting the proposed Cebu Action Plan (CAP), gaining broad support from members of the Asia Pacific Economic Cooperation (APEC) before the 10-year road map is presented to ministers later this week.
Sep 092015
STATE-RUN Bases Conversion and Development Authority (BCDA) has signed a deal with a British firm that will develop a 160-hectare (ha) health care facility inside Clark Green City in Tarlac province.
Sep 092015
It has almost been three years now since the Bureau of Internal Revenue (BIR) first introduced the use of the Electronic BIR Forms (eBIRForms) Package in the preparation and filing of tax returns of taxpayers who are not registered under the Electronic Filing and Payment System (EFPS). The eBIRForms Package is a platform that allows a non-EFPS taxpayer to accomplish a tax return electronically.
Sep 082015
Real estate developer Deca Homes gives home buyers important housing loan tips. MANILA, Philippines – A recent Bangko Sentral ng Pilipinas (BSP) report reveals that more Filipinos are optimistic about the country’s real estate sector. In the Consumer Expectation Survey for the second quarter of the year, 30.3 percent of households see this quarter as a favorable time to buy high-priced items like housing, motor vehicles and consumer durables. This optimism is largely driven by the improved outlook of consumers on real estate which people in the Metro consider as “a good investment and a means to avoid house rental fees”. But a house purchase always begins with facing critical money issues like your budget and financing source. While a lot of home loan providers these days have made the interest rates more competitive and the process simpler and easier, you still need to be on your guard while shopping around. Deca Homes gives you some tips on how you can be sure of your financing choice. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 READ MORE: How not to buy and get trapped in a bad house INFOGRAPHIC: Smart–and even smarter–ways to use your extra money INFOGRAPHIC: Did you know that your P30,000 salary can buy you a home? INFOGRAPHIC: What type of home buyer are you? TIMELINE: Deca homes through the years
Sep 082015
Last month, the Power Sector Assets and Liabilities Management Corp. (PSALM) announced two companies submitted bids for the operations and maintenance service contract of the 650 megawatt (MW) Malaya thermal power plant (MTPP) in Pililla, Rizal. PSALM president and chief executive officer Lourdes Alzona said local firm SPC Malaya Power Corp. and STX Marine Services Co. Ltd. of Korea have already submitted bids for the contract, but these are still subject to post-qualification of the bidders. The 40-year-old Malaya thermal power plant, composed of two units with a dependable capacity of 290 MW and 340 MW each, is now being operated by STX whose current contract ends on Sept. 25. The operations and maintenance contract of the Malaya thermal power plant has an approved budget of P457.27 million. But employees of MTPP want the current operator STX to be disqualified from participating in the bid for a new O&M contract for the period Oct. 26, 2015 to Oct. 25, 2016. They claim STX Marine has no experience and is not competent to operate and maintain a power plant as big as the 650-MW MTPP as the company’s core business consists of ship building and maintenance. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 It is also alleged STX Marine is already bankrupt, that the mother company has already applied for bankruptcy in South Korea, and that this fact was on the Internet and known to PSALM when STX won the bid in September 2014. Reports also revealed that while Read More …
Sep 082015
The so-called catastrophe bond may have its maiden issue this year, amounting to “between $100 million and $300 million,” Purisima told The STAR in a roundtable discussion yesterday. Philstar.com/File MANILA, Philippines – The Philippines is in the final stages of discussions on an investment product that would allow the government to eliminate obligations when a natural disaster hits the country, Finance Secretary Cesar Purisima said. The so-called catastrophe bond may have its maiden issue this year, amounting to “between $100 million and $300 million,” Purisima told The STAR in a roundtable discussion yesterday. “The idea is that if a certain type of catastrophe hits, the bond will be extinguish of the debt, and thus, will open up the financial capability of the government,” he explained. In turn, this would allow the government to allocate more funds as response to the calamity. The government is now working with the World Bank on the mechanisms of the bond, one of which is the rate of return an investor may get from availing of the security. Since the investment product could be riskier than regular bonds issued by the government, Purisima said it would have higher rates. Prevailing concessional loan rates of the multilateral lender would also be considered. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 At present, the World Bank charges around one percent for its concessional loans, while a 25-year benchmark bond issued by the government yields around four percent. “If we can pay a little more than that Read More …
Sep 082015
The bonds were priced at the minimum coupon rates of 3.625 percent for the 10-year tenor and 4.625 percent for the 25-year paper. MANILA, Philippines – The Philippines has accepted tenders more than double its minimum target for its latest bond exchange transaction, which has resulted in P2.4 billion in government savings in the first year. A total of P237 billion in new 10-year and 25-year bonds were swapped with eligible maturing obligations in an exercise meant to lower the country’s interest payments and lengthen debt payment terms, the Bureau of the Treasury said on Monday. Broken down, a total of P121 billion in 2025 bonds and P142 billion worth of 2040 securities were exchanged with illiquid debts or those no longer traded. The government had set a minimum P50-billion target for each maturity, but total tenders reached as high as P388 billion. The bonds were priced at the minimum coupon rates of 3.625 percent for the 10-year tenor and 4.625 percent for the 25-year paper. “The transaction has helped the Republic achieve its debt management objectives while also providing investors with new benchmark bonds in exchange for illiuid bonds,” Finance Secretary Cesar Purisima was quoted in the statement as saying. “Amid turbulence around the world, the overwhelming response we received from the market is an unequivocal show of strength and stability on the part of the republic,” he added. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Aside from the bond exchange, the Philippines also put on offer Read More …