Mar 072015
 
Poor man’s rich man

It looks like fish. It smells like fish. When unsold and unmarketable, it usually rots and goes to waste.  But not so in the fisherfolk community in Iligan, where excess catch of fish in season are collected for livelihood. It’s like chicken dung gathered by another community in Naawan, Misamis Oriental, and coconut husks collected from copra farms by a cooperative of former rebels who laid down their arms for life with society. Rotten fish, chicken dung, coconut husks – all biowastes that can be converted to organic fertilizers that communities can sell and make a living out of. For them, it is a way to resist poverty through their own productive work. But this is just half of the story. Someone helped these communities organize to gather lowly raw materials from their own vicinities. Someone supplies the secret ingredient and process to make fertilizers; someone teaches them how to manufacture. Finally, someone helps them sell their produce. Most of the proceeds stay with these folks and a part they remit to their technology provider, trainer, marketer and business partner. That “someone” is a social entrepreneur named Nanette and her enterprise is called Ecosystems Work for Essential Benefits, Inc. (ECOWEB). Before she empowered communities, she used her education as an agriculture engineer to formulate an inoculant to produce organic fertilizers and pest repellants. I am reminded of the phrase born out of weariness: “so much work for so little.” Social entrepreneurs give this phrase a proud new meaning. They work Read More …

Mar 072015
 
SEC steps up campaign vs Emgoldex

MANILA, Philippines – The Securities and Exchange Commission (SEC) has intensified its campaign against Emgoldex Philippines, an alleged fraud entity that is not registered to operate in the country. “This commission has received information about the proliferation of bogus SEC public advisories concerning Emgoldex Philippines that bear the SEC logo or appear to have been issued by the commission or signed by any of its officials,” the country’s corporate regulator said in its recent public advisory. The SEC last month already issued a warning to the public against investing their money with Emgoldex Philippines which claims to offer huge returns for every investment. Despite the earlier notice, however, fake SEC public advisories from Emgoldex Philippines have continued to surface.  “Any public offering or solicitation of investment in the Philippines without the prior license or permit from the SEC is strictly prohibited by law and may be penalized by imprisonment and/or fine,” the corporate regulator said.  “There is no distinction whether the investment offering is made through the Internet or in a commercial or public place as long as the investment solicitation is indiscriminately offered to the public in general within this jurisdiction,” it said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The SEC reiterated that based on its existing records, Emgoldex is not a registered corporation or partnership in the Philippines. Thus, the agency said the entity is not licensed or authorized to solicit investments from the public in the country.  “With regard to the claim that Emgoldex Read More …

Mar 072015
 
MNTC taps Maybank for payment solutions

MANILA, Philippines – Manila North Tollways Corp. (MNTC), the tollways arm of infrastructure giant Metro Pacific Investments Corp. (MPIC), has tapped Maybank Philippines Inc. to streamline check preparation and releasing transactions. Rodrigo Franco, president and chief executive officer of MNTC, said the check cutting service would make it more convenient for the company to settle its account with its supplies. MNTC operates the 87-kilometer North Luzon expressway (NLEX) and has recently bagged the concession for the 94-kilometer Subic-Clark-Tarlac expressway (SCTEX) from the Bases Conversion and Development Authority (BCDA). “The deal will enable MNTC to focus more on operating and maintaining the NLEX rather than doing the cutting and releasing of checks. It will also give more convenience to our suppliers due to Maybank’s accessible locations,” Franco said. For his part, Maybank president and chief executive officer Herminio Famatigan Jr. said MNTC could use selected Maybank branches or all branches nationwide to release check payments under the check cutting services agreement. “Through Maybank’s payment solution, the Check Cutting Service, MNTC will enjoy the convenience of outsourcing the preparation and releasing of their regular check payments to suppliers,” Famatigan said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Maybank’s check cutting service is an outsourcing solution for corporate customers that handle the preparation and nationwide disbursement of voluminous check payments to their suppliers and payees. The outsourcing solution automates clients the check and voucher preparation and enhances the client’s productivity while maintaining security, control and confidentiality of their financial transactions. This Read More …

Mar 062015
 
Software firm iRipple sells assets

MANILA, Philippines – Listed software solutions provider iRipple Inc. has completed its divestment after selling all its assets worth P24 million to management solutions firm Movmento Inc. In a disclosure to the Philippine Stock Exchange, iRipple said its board approved the sale of substantially all of its operating assets and assignment of liabilities to Movmento. The listed company said it sold for P23.75 million all its assets, including equipment, furniture and fixtures, motor vehicles to Movmento. It also assigned its rights in its trademarks, copyrights and investment in subsidiaries to the latter. “The company sold substantially all its assets to Movmento in preparation for a contemplated change in primary purpose of the company,” iRipple said. “This sale would render the corporation incapable of continuing the business or accomplishing the purposes for which it was incorporated. This is in line with the preparations for the contemplated change in primary purpose,” it added. iRipple’s board of directors approved the sale of all of its assets to a third-party in December last year in preparation for a planned change in primary purpose into a holding company. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 iRipple was incorporated on November 2000 to establish, operate, develop, manage and provide software solution projects and related businesses as well as to engage in trading of computer hardware and software products. The shell company is behind Barte Merchandise Management Solution (MMS), a locally developed software solution designed to support the entire merchandising operations of businesses engaged in Read More …

Mar 062015
 
Delegates fine-tune Cebu Action Plan

COME September, finance ministers from Asia Pacific Economic Cooperation (Apec) member-nations will be in Cebu for the three-day Finance Ministerial Meeting to firm up a road map that the Philippines is proposing to make the region more inclusive. Deputies from finance ministries and central banks of Apec nations met in Tagaytay recently to fine-tune the Cebu Action Plan, a plan to make Apec member-nations more financially integrated, transparent and resilient. The plan is anchored on four pillars: promoting financial integration, advocating financial transparency, enhancing financial resiliency, and supporting infrastructure development and financing. The plan will officially be launched during the Apec Finance Ministers’ Meeting in Cebu. This year, the Philippines is hosting the Apec Summit and the country has chosen inclusivity as an agenda to make economic growth instrumental in reducing poverty, a report posted on the Apec 2015 Philippines website stated. “Financial interconnectivity of Apec member-economies and their close linkages in the global financial markets make the region exposed to the risk of a global market liquidity dry-up and other market volatilities. As such, Apec economies must also build buffers to protect it from these financial market disturbances,” Philippine Treasurer Roberto Tan was quoted as saying during the opening remarks of the deputies’ meeting. According to the website, efforts to boost inclusivity and economic resiliency are ongoing across the region, but delegates agreed that more needs to be done. For the Philippines, regulations that improve accessibility of credit to micro, small and medium enterprises, and increases in allocations for Read More …

Mar 052015
 
Pacific Mall named Reg’l Shopping Center of the Year

MANILA, Philippines – The Philippine Retailers Association and the Department of Trade and Industry (DTI) conferred the Regional Shopping Center of the Year Award to Pacific Mall Legazpi during the 2014 Outstanding Filipino Retailers and Shopping Centers of the Year  held last Feb.25 at Crowne Plaza Ortigas. Pacific Mall Legazpi is the first full-sized integrated shopping center in the Bicol region. The mall opened in 2001 as the centerpiece of Landco Business Park, a master-planned central business district in the heart of the city. Pacific Mall offers a selection of national and local retail shops, restaurants, salons, boutiques, including the Metro Department Store and Supermarket as its anchor store, two state- of- the- art cinemas, food court and amusement center. Today, the Pacific Mall is the premier shopping destination in Legazpi City, and regarded as a complete one-stop destination with other complementary facilities provided by establishments within the business park. Pacific Mall and the Metro Retail Stores Group are both affiliate companies under Vicsal Development Corp. Business ( Article MRec ), pagematch: 1, sectionmatch: 1

Mar 052015
 
Gov’t debt hits P5.75T in Jan

MANILA, Philippines – The National Government’s outstanding debt went up 2.8 percent to P5.75 trillion as of the end of January from P5.593 trillion a year ago, the Bureau of Treasury reported yesterday. The bulk of the amount or about P3.83 trillion came from the domestic market while the balance of P1.92 trillion came from lenders overseas. With a population of 92.34 million, every Filipino at the start of 2015 was indebted by P62,290. Domestic debt, which accounted for 68 percent of the total outstanding obligations, was 5.7 percent higher than the P3.62 trillion recorded in January 2014.  This was tempered by the stronger peso which lowered the peso value of multi-currency domestic debt securities. On the other hand, foreign-denominated debt declined by 2.5 percent to P1.92 trillion as of end-January this year. Debt denominated in dollars, Japanese yen and euro made up 25 percent, five percent and one percent, respectively, of the total foreign currency debt. On a month-on-month basis, however, debt sourced from foreign lenders inched up 0.5 percent to P1.91 trillion as of the end of December.  The increase was due to net availments amounting to P33 billion, which was used to meet financing requirements and redeem high coupon bonds. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 This was partially offset by the appreciation of the local currency which reduced the peso value of foreign obligations by P26 billion. “NG’s debt portfolio continues to exhibit resilience against interest rate risk with only 6.78 percent of Read More …