Maniolas

THE Philippine Electricity Market Corp. (PEMC) has declared its readiness to accommodate more renewable energy (RE) capacities on the country’s electricity trading platform.

MANILA, Philippines – South Koreans remain the top tourists in the country with over a million arrivals a year, the Department of Tourism (DOT) said. DOT Secretary Ramon Jimenez said Korea is followed by the United States, Japan, China and Australia in terms of tourist arrivals. “China and Japan are still very close. You can assume that monthly you have around 100,000 arrivals from Korea,” Jimenez told reporters at the “Tourism Star Philippines” awarding ceremony on Thursday night at the Raffles and Fairmont Hotel in Makati. Jimenez said primary destinations in the country for Korean tourists are Manila, Cebu, Bohol and Southern Luzon. Meanwhile, Jimenez said the DOT is confident that the country could rake-in at least US$6-billion in tourism revenue by the end of this year. “We are now close to $5 billion a year in income from foreign arrivals. We were able to improve our product offerings so we are actually making more money than the actual,” said Jimenez. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The DOT chief said that they were actually projecting a serious decline in the tourist arrivals , but the opposite happened. “We still have growth and because our major markets are growing again—Taiwan is growing again, the US market, Japan, so nakatulong yun,” Jimenez said. Meanwhile, Jimenez said the DOT for this year, is aiming to develop a stronger reputation in gastronomy for the Philippines. “Not necessarily for Filipino food but for Filipino skill. Importante yun, remember it’s the 21st Read More …

BSP Governor Amando M. Tetangco, Jr. Photo by MIKE MOROSO MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) kept its key policy rates steady as inflation is expected to continue to be manageable this year until the next. BSP Governor Amando M. Tetangco Jr. said in a briefing the overnight borrowing and overnight lending rates were maintained at four percent and six percent, respectively. The interest rates on the reverse repurchase, repurchase, and the special deposit account facility and the reserve requirement ratios were also kept on hold. “The Monetary Board’s decision is based on its assessment that prevailing monetary policy settings remain appropriate. Latest baseline forecasts show a lower inflation path… while inflation expectations remain firmly anchored,” Tetangco said. “Inflation pressures have moderated further since the previous monetary policy meeting, reflecting mainly the significant decline in international oil prices,” he added.  “At the same time, the Monetary Board observed that prospects for domestic activity continue to be firm, and positive growth dynamics are expected to be supported by buoyant private demand, sustained bank lending growth, and upbeat business sentiment,” Tetangco further said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Inflation is forecast to average 2.3 percent this year, lower than the BSP’s December estimate of three percent. The central bank also lowered its 2016 projection for average inflation to 2.5 percent from 2.6 percent. All projections are within the government and BSP’s two to four percent target range for this year until 2016. Tetangco recounted that Read More …

THE NATIONAL Grid Corporation of the Philippines (NGCP) has secured regulatory approval to invest P2.31 billion for a transmission project that will connect a new 600-megawatt (MW) coal-fired power plant in Davao del Sur.