DAVAO CITY — The commercial operation of the first 150-megawatt (MW) coal-fired power plant of Therma South, Inc. (TSI), targeted this month, could be delayed following the Mindanao-wide blackout last Sunday, for which the cause has not yet been determined.
THE GOVERNMENT is moving forward with an auction for unused natural gas stored at the Malampaya gas reservoir next week, an Energy official announced yesterday.
It’s crunch time for taxpayers as the April 15 deadline looms. At such a critical juncture, no one can afford to have his tax return rejected because of failure to properly use the electronic Bureau of Internal Revenue Forms (eBIRForm). It appears that, up to this point, the guidelines for filing income tax returns (ITR) for calendar year 2014 are still not crystal clear to many taxpayers. Although the Bureau of Internal Revenue (BIR) has released issuances and publications about the eBIRForms package, the rules and information provided can be confusing especially as the guidelines are frequently amended.
MANILA, Philippines – Food-to-infrastructure conglomerate San Miguel Corp. (SMC) has successfully repurchased more than half of the debt notes it issued in 2013. In a disclosure to the Singapore Stock Exchange, SMC said it has agreed to buy back $283.62 million of its 4.875 percent notes due in 2023 that it intends to retire. “A total of $283.62 million in principal amount of the notes have been validly tendered and accepted by the company for purchase on the settlement date pursuant to the tender offer,” the conglomerate said. “The price at which the company is purchasing the notes validly tendered and accepted for purchase is 95 percent,” SMC added. SMC was earlier planning to buy back from lenders up to $400 million debt notes issued in 2013 and due 2023. The conglomerate in April 2013 issued $800 million aggregate principal amount notes with a rate of 4.875 percent. The notes are listed on the Singapore Exchange Securities Trading Ltd. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “The notes purchased pursuant to the tender offer will be cancelled after the completion of the tender offer, following which $516.376 million in aggregate principal amount of the notes will remain outstanding,” SMC said. SMC operates food, beverage, beer and liquor businesses through units San Miguel Pure Foods Co. Inc., San Miguel Brewery Inc., and Ginebra San Miguel Inc. The conglomerate is also behind leading oil player Petron, SMC Global Power, San Miguel Yamamura Packaging Corp., and infrastructure projects, namely the Tarlac-Pangasinan-La Read More …
MANILA, Philippines – South Luzon Tollway Corp., a unit of conglomerate San Miguel Corp., obtained the highest credit grade from the Philippine Rating Services Corp. for its planned issuance of P7.3 billion worth of fixed-rate bonds. The issue was given a PRS Aaa rating, which are deemed of the highest quality with minimal credit risk. The obligor’s capacity to meet its financial commitment is extremely strong. The rating was issued based on SLTC’s competitive market position; its ample cash flows to service debt obligations; its well experienced management team and its improving profitability. SLTC, which is 80 percent owned by San Miguel-led MTD Manila Expressways Inc. and 20 percent by the state-run Philippine National Construction Corp., has a 30-year concession to operate and maintain the South Luzon Expressway (SLEX) or until February 2036. San Miguel is one of the largest and most diversified conglomerates in the country, with businesses and investments in beverages, food, packaging, fuel and oil, power and infrastructure. BDO Capital and Investment Corp., PNB Capital and Investment Corp. and Standard Chartered Bank were appointed as joint lead underwriters and bookrunners for the proposed bond offering. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The company is currently completing the construction of tollroad 4 (RT4), a new 57.6 kilometer four-leaf tollroad from Sto. Tomas, Batangas to Lucena, Quezon. Targeted for completion in 2019, RT4 is estimated to cost around P12 billion. The SLEX serves as a gateway for travelers going to Southern Luzon from Metro Manila and Read More …
MANILA, Philippines – The Department of Agriculture is working on the details of a technical cooperation agreement on food and agriculture with the Kingdom of Cambodia. Agriculture Secretary Proceso Alcala, who met recently with Cambodian Agriculture Minister Ouk Rabun in Phnom Penh, said the agreement would promote technical cooperation and information exchange in food and agriculture. A technical working group is being formed to flesh out the details of the memorandum of understanding (MOU) that would be signed this year. “Creating more robust alliances with our counterparts in Cambodia and other Southeast Asian neighbors is high on the Department of Agriculture’s agenda, as it is both timely and necessary towards achieving national food security and inclusive socio-economic progress in an era of an integrated ASEAN community,” said Alcala. The ASEAN economy, which would be fully integrated this year, offers numerous opportunities for increased agri-fishery trade and investments, he noted. “The job of the department is to provide and facilitate the needed resources, policies and linkages to turn these bright prospects into reality,” he said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Cambodia is among the countries that have rice procurement agreements with the Philippines along with Vietnam and Thailand. This means that these are the only countries qualified to supply the government with rice under a government-to-government procurement scheme. Alcala said his meeting with Rabun allowed both countries to re-affirm their shared commitment to push for closer relations. Alcala likewise reiterated DA’s invitation to the Cambodian official to Read More …
MANILA, Philippines – The Philippines is looking at opportunities to provide products and services that cater to the halal market in line with the objective of attracting more tourists here. In a statement yesterday, the Department of Trade and Industry (DTI) said it is exploring opportunities in the halal market. During the 8th World Halal Conference (WHC) 2015 and 11th Malaysia International Halal Showcase (MIHAS) held in Kuala Lumpur last week, Prudencio Reyes, Jr. who serves as undersecretary at the DTI and senior official for the Brunei-Indonesia-Malaysia-Philippines East AseanGrowth Area (BIMP-EAGA) attended the event to learn about opportunities available for the country. The WHC is an annual event organized by the Halal Industry Development Corp. It focuses on the overall development of the halal industry in Malaysia, while the MIHAS is an internationally recognized exhibition of halal products and services conducted by the Malaysia External Trade Development Corp. Halal is the prescribed process of product preparation based on Islamic law. To be considered halal, products and services need to be certified by halal certification agencies. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “This is a great opportunity for the Philippines to enter the billion-dollar halal industry. Mindanao could be a potential producer of tuna, sardines, banana, coconut, fruits and most especially poultry and livestock products due to its advantage as bird flu and FMD (foot-and-mouth disease) free island in the country as well as in the BIMP-EAGA,” Reyes said. Tapping the halal market will not only provide livelihood Read More …
THE REHABILITATION of Angat Dam in Bulacan is expected to move forward in June, with Korea Water Resources Corp. (K-water) taking the lead in implementing the project.
AYALA CORP. may participate in the auction to upgrade the Ninoy Aquino International Airport (NAIA), but said it will not bid for the upgrade, operations and maintenance (O&M) contracts for five regional airports, worth a combined P108.19 billion, a senior company official said last week.
National tax laws are struggling to keep pace with the rise of the digital economy and the progress of multinational companies. These factors leave gaps that are susceptible to misuse and lead to cases of double non-taxation, which undermine the integrity and fairness of tax systems around the world. The Base Erosion and Profit Shifting (“BEPS”) Project seeks to address this problem through measures that focus on three core principles — coherence, substance and transparency — and will result in fundamental changes in international tax standards.