TransCo sets penalties for failure to remit FIT-All charges

 Economy
Feb 212015
 
TransCo sets penalties for failure to remit FIT-All charges

MANILA, Philippines – Collection agents that fail to promptly or fully remit revenues from the feed-in tariff (FIT) allowance (FIT-All) collections would be slapped penalty charges, according to the National Transmission Co. (TransCo), the administrator of the FIT-All. At a rate of four centavos per kilowatt-hour, the FIT-All would be charged to all electricity consumers, similar to a universal charge which is a separate line in electricity bills and is used to pay off the debts of the National Power Corp. (Napocor), the state-owned power company. The FIT-All would be given to renewable energy players as an incentive to invest in the more expensive but less lucrative renewable energy (RE) sector.  Renewable energy players are solar, wind, biomass and small hydropower companies. The charge would be collected by distribution utilities such as Manila Electric Co. (Meralco), retail electricity suppliers, the National Grid Corp. of the Philippines (NGCP) and the Philippine Electricity Market Corp. (PEMC), the grid operator. According to TransCo, collection agents that fail to remit the collections would be slapped with penalties such as a monthly interest on unpaid amounts based on the prevailing 91-day Treasury Bill rate at the close of each billing period that the amount remains unpaid; a 20 percent surcharge if there was failure to remit the collections for two successive billing periods and possible disconnection from the grid by the NGCP upon instruction of TransCo in case of failure to remit collections for more than two successive billing periods. The FIT-All charge has already Read More …

Maynilad calls on gov’t guarantee

 Economy
Feb 202015
 
Maynilad calls on gov’t guarantee

Maynilad Water Services Inc. on Friday said the government should compensate it for at least P208 million in monthly opportunity losses that it is incurring because of regulators’ inaction on its rate hike petition. The concessionaire said it has invoked a Philippine government undertaking to pay for such losses caused by the Metropolitan Waterworks and Sewerage System’s “refusal to implement rate adjustments, notwithstanding Maynilad’s having won in the arbitration with MWSS almost two months ago.” In early January, Maynilad’s major stockholders announced that an appeals panel with the International Chamber of Commerce had decided in the company’s favor, awarding an average increase of P3.06 a cubic meter—on top of the current basic rate of P31.28 cubic meters—for the five-year rate rebasing period 2013-2017. In early 2013, the water service firm submitted to the MWSS a five-year business plan that required an increase in the company’s basic charges by P8.58 a cubic meter. In September that year, the MWSS issued a memorandum ordering Maynilad to cut rates by P1.46 a cubic meters for the five years until 2017 or 49 centavos a year. Similarly, Manila Water proposed to raise rates by P5.83 a cubic meter, but the MWSS ordered a reduction of P1.48 a cubic meter per year. Last Monday, MWSS chief regulator Joel C. Yu said the government agency would not act on Maynilad’s petition for implementation of the tariff hike as it preferred to wait for the decision on Manila Water’s case. On Friday, Maynilad said it had asked Read More …

Oro Chamber gears up for Asean Integration

 Economy
Feb 202015
 
Oro Chamber gears up for Asean Integration

THE Cagayan de Oro Chamber of Commerce (Oro Chamber) is gearing up for the challenges in the upcoming Association of Southeast Asian Nations (Asean) integration through Asean Economic Community (AEC) this year. With AEC on, Oro Chamber expects new investors arriving in the city to take advantage of the market. The Asean integration is aimed at improving the standard of living and quality of life of the people in the region. Cerael Donggay, president of Oro Chamber, said that they are expecting much from this integration. “Our role, with the upcoming Asean Regional Integration, is to help our members – industries, sectors, commercial establishments, trade and commerce, services, etc. survive the [upcoming integration] competition… so we should find ways for them to survive,” Donggay said. Donggay added that they are now in the “planning stage” on how to make local businesses and entrepreneurs compete and collaborate with foreign investors. He said that one example in helping local businesses is for Oro Chamber to promote more industries to come in and put up their business here and generate employment through vertical integration – upstream and downstream. He added that as part of the AEC, inclusive growth should be achieved in which there is a reduction of poverty along with increase of employment – if this happens, there is peace and order. “A country with a low economic development will create disorder – militant movement, rebellion – subversive element… we can eliminate this by ensuring that there is an inclusive growth where Read More …

Samsung buying mobile-pay co. in bid to challenge Apple Pay

 Economy
Feb 182015
 
Samsung buying mobile-pay co. in bid to challenge Apple Pay

This product image provided by LoopPay shows the LoopPay card, front, and the LoopPay app for Android. Samsung is buying mobile-payment startup LoopPay as the Korean phone maker steps up its rivalry with Apple and its payment system on iPhones. AP/LoopPay NEW YORK — Samsung is buying mobile-payment startup LoopPay as the Korean phone maker steps up to challenge Apple and its payment system on iPhones. The deal strengthens speculation that Samsung Electronics Co. plans to include mobile-payment technology in its next major phone, which is expected to be announced March 1 at the Mobile World Congress in Barcelona. Launched a year ago, LoopPay works by reproducing the signals from a credit card’s magnetic swipe as users tap a LoopPay device next to a retailer’s card reader. That means LoopPay should work with most retailers’ existing payment terminals. Most other mobile-payment systems, including Apple Inc.’s Apple Pay, require newer terminals with wireless chips called near-field communication, or NFC. That limits the number of retailers that can accept such payments. But LoopPay has had trouble with some older readers; restaurants and bars often couldn’t process LoopPay transactions due to a variety of hardware and software issues. It also doesn’t work with transit fares, parking meters and other machines that require the customer to fully insert a card, like a bank ATM. Plus, it’s not clear what will happen when merchants hit an October deadline for accepting cards with stronger security known as EMV, as LoopPay offers only the basic magnetic signals. Read More …

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