Maniolas

MANILA, Philippines – State-run Bases Conversion and Development Authority (BCDA) has signed the business agreement for the management, operation and maintenance of the Subic-Clark-Tarlac Expressway (SCTEx) with Manila North Tollways Corp. (MNTC). The business agreement was signed by BCDA president and chief executive officer Arnel Paciano Casanova and Manuel V. Pangilinan, chairman of MNTC and Metro Pacific Investments Corp. on Thursday at the Malacanang Palace and was witnessed by President Aquino and French President Francois Hollande. French firm EGIS Projects SA owns 10 percent of MNTC and is part of the consortium that would provide the toll equipment for the upgrading of the SCTEx. Under the business agreement, MNTC would be responsible for the management, toll collection, traffic safety and security, toll road and facilities maintenance including greening and landscaping, public relations and marketing, as well as other necessary support services for the SCTEx, which traverses the provinces of Bataan, Pampanga and Tarlac, for a period of 28 years or until Oct. 30, 2043. The agreement also covers the payment of concession fees equivalent to 50 percent of SCTEx gross toll revenues to the government. MNTC turned over a check worth P3.5 billion to the BCDA during the signing of the agreement as part of the conditions set during the price challenge conducted earlier this month for the management, operation and maintenance of the SCTEx. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 While BCDA and MNTC entered into a business operating agreement covering the management and operation of Read More …

MANILA, Philippines – Banks and other financial institutions will need to revise guidelines on internal control and internal audit following the Bangko Sentral ng Pilipinas’ approval of additional rules yesterday. “The guidelines feature the fundamental elements of internal control namely, management overseeing and control culture; risk recognition and assessment; control activities; information and communications; and monitoring activities and correcting deficiencies,” the central bank said in a statement. “These effectively broaden the regulatory expectations on internal control from previously being limited only to the implementation of basic internal control activities to promoting shared accountability of the board and personnel at all levels in the control process,” the BSP said. The policy-making Monetary Board mandated the amended rules to strengthen the quality of governance in the institutions under the BSP’s watch and align them with international standards and best practices.  “The Monetary Board recognizes though, that there is no ‘one size fits all’ internal control framework. As such, consistent with the principle of proportionality, (financial institutions) are expected to adopt internal control frameworks that are suited to their size, risk profile and complexity of operations,” the BSP said. The central bank said the new guidelines also support the view that internal audit function of banks are there to assess and complement operational management, risk management, compliance and other control functions. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Financial institutions are permitted to outsource their internal audit function so long as this will not include areas covered by laws on deposit Read More …

“The challenge now is nurturing an innovation-driven entrepreneurship ecosystem that is consciously inclusive, open and inviting to those who want to participate but lack the means to do so,” said Ceferino Rodolfo, assistant secretary for the Industry Development Group at DTI.  CEBU CITY, Philippines – The Department of Trade and Industry is working on promoting entrepreneuship among Filipinos to take advantage of the integration of markets with the Association of Southeast Asian Nations (ASEAN). “The challenge now is nurturing an innovation-driven entrepreneurship ecosystem that is consciously inclusive, open and inviting to those who want to participate but lack the means to do so,” said Ceferino Rodolfo, assistant secretary for the Industry Development Group at DTI. Rodolfo spoke on Thursday before engineering students and budding entrepreneurs at the second IDEA Global Entrepreneurship Symposium organized by the Philippine Science and Technology Development Foundation Manila, Inc. and the United States Agency for International Development. Ceferino said that among the efforts done by the government to promote entrepreneurship is the setting up of the Fabrication Laboratory (FabLab) at the Bohol Island State University, where would-be entrepreneurs and manufacturers and manufacturers can create prototypes of products they wish to introduce to the market. The FabLab, the only one of its kind in the country, was a project between the Japan International Cooperation Agency (JICA) and the Department of Science and Technology. Through FabLab, Bohol manufacturers can create product designs through an open-source software which helps improve the product’s marketability. According to JICA, the FabLab allows Read More …

THIS week, I would like to cover some exciting technology developments that would potentially impact us. Science and technology have progressed fast. Last week, Time showed that a baby may live up to 142 years, while Businessweek was more audacious. It showed a woman who may live to be 173. As science progresses, we are able to lead longer (and hopefully, more productive) lives. A person in the Philippines expects to reach an average of 70 (in some countries, it is nearer 80), which is 20 years more than the norm about 70 years ago. More than a third of Japan’s population is now over 60, while in the United States, there are more people over 60 than there are people under 15. This does not hold true in the Philippines. We are one of few countries with a very young population, which is why many economnists are saying our economy will surely grow – it’s called the demographic advantage. The search for the fountain of youth has spanned thousands of years, from the first Chinese emperor who was looking for the elixir, to the famed European expeditions around the world looking for it all over the Americas. It might actually be in our generation that the stuff of science fiction comes true. A few years ago, GlaxoSmithLine reportedly paid $720 million to buy Sirtris Pharmaceuticals, which believed they found a compound they called resveratrol. In 2008, sales reached more than $100 million a year. But things did not work Read More …

MANILA, Philippines – The future is here! And it has two wheels, a smart engine, loads of fuel-efficient features, and a futuristic swagger. If it had more bells and whistles, you might mistake it for the light bikes from Tron. This is the new Honda Click 125i. I’m no motorcycle expert, but the Honda Click does have me interested with its futuristic offerings. Its safety and security features make it safe enough for a two-wheel beginner, but I would expect the adept to try it out more without a moment’s notice because of the higher specs. The Honda Click 125i is so named for its liquid-cooled 4-stroke, SOHC 2-valve 125cc PGM-Fi engine. This system is Honda’s new Enhanced Smart Power (or eSP) system. The Click is the first bike to use this engine and system. It results in lower friction, lower vibration, improved durability, reduced noise, and higher fuel efficiency. The quieter drive is complemented by an ACG starter system which consumes less power for a smoother engine start. The fuel efficiency is from the Idling Stop feature that partially shuts the engine down while stationary. It uses a swing-back motor which keeps the engine rotating, instead of shutting it off, during idle stops so you get a running start when you run the engine again. As for power, the Click runs with 11.4 ps @ 8,500 rpm with a torque of 11.16 Nm @ 6,500 rpm. The scooter’s suspension is a telescopic front and a unit swing rear. Its Read More …