IFC energy expert bats for flexible LNG use

 Economy
Feb 102015
 
IFC energy expert bats for flexible LNG use

MANILA, Philippines – The chief energy specialist of the International Finance Corp. (IFC), the private sector investiment arm of the World Bank, said the introduction of flexible liquefied natural gas (LNG) in the Philippines would help reduce cost of power. “The physical characteristics and fuel supply constraints of the Philippines power system make necessary the introduction of flexible LNG to reduce price variability at the shoulder and peak,” said Tonci Bakovic in a paper disseminated to the media during an energy regulatory conference organized by the Norwegian Embassy. He said LNG supply that allows for the flexibility of spot purchases of LNG to avoid gas take or pay is a must.  “If gas with a large take or pay is re-introduced, we are back to square one and the sector will keep on having the physical must run problems that have nothing to do with the EPIRA (Electric Power Industry Reform Act),” Bakovic said. Furthermore, he said, authorities must “consider capacity payments to help with the financing of LNG import terminals. This, he said, is being done in other countries such as Colombia and Chile.  “The securitization of capacity payments from the electricity sector, in both Colombia and Chile, has facilitated the construction of importing LNG terminals in both countries,” the IFC official said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 For EPIRA, the landmark power reform law, Bakovic said there is no need to change this but noted that refinements can be made.  “Don’t change the EPIRA. Read More …

Cojuangco is new Petron chairman

 Economy
Feb 102015
 
Cojuangco is new Petron chairman

MANILA, Philippines – San Miguel Corp (SMC) chairman Eduardo M. Cojuangco Jr. has assumed the chairmanship of the conglomerate’s oil refining subsidiary following the resignation of Ramon S. Ang. In a disclosure to the Philippine Stock Exchange, Petron said its board of directors elected yesterday Cojuangco as the new chairman. “This is to advise that, at the meeting of the board of directors of Petron Corp. held earlier (yesterday), the following were elected as officers of the company: Eduardo M. Cojuangco Jr. as chairman of both the board of directors and the compensation committee of the company following the resignations of Ramon S. Ang from such positions, and Atty. Virgilio S. Jacinto as a member of the compensation committee,” Petron said. Ang in turn, has been elected as president following the resignation of Lubin Nepomuceno. Ang will serve as president for the remaining portion of Nepomuceno’s term while Nepomuceno will serve as general manager of the company. Petron did not cite any reasons for the resignation of Ang and Nepomuceno as chairman and president, respectively. Petron reported a consolidated net income of P3.2 billion in the first nine months of 2014, down 26 percent from the previous year’s P4.4 billion, due to the sustained fall in crude prices. Consolidated revenues, however, remained strong. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The benchmark Dubai crude fell to an average $97 per barrel in September from an average $108 per barrel in June, resulting in nine rounds of price rollbacks Read More …

Israeli exec wants boost in Philippines-Israel tourism

 Economy
Feb 092015
 
Israeli exec wants boost in Philippines-Israel tourism

The Cenacle, also known as the “Upper Room”, is a room in Jerusalem traditionally held to be the site of The Last Supper.  Etienne Valois/CC BY-NC-ND  MANILA, Philippines — A top Israeli diplomat is upbeat on areas for expansion in tourism between Israel and the Philippines, as he vows to return home to spread a good word about Manila. Mark Sofer, Israel’s chief diplomat for Asia-Pacific, said tourism is among the key topics brought up in his meeting with Foreign Affairs Secretary Albert del Rosario last week to “upgrade” bilateral ties between the Philippines and Israel. “Tourism in every way is one of the best industries there is … It brings people back as the ambassador of the other country,” Sofer told a small group of journalists during his one-day visit in Manila last week. “I can guarantee to you, I will come back from the Philippines … an ambassador of the Philippines in Israel,” he said, adding it is his first time in the country. RELATED: We treat OFWs better, senior Israeli exec says Sofer is confident that Israelis will want to visit the Philippines, while Filipinos will also easily consider to go on a pilgrimage to various parts of Israel. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “We’re talking here of a Catholic country, of course,” Sofer said. “If [Filipinos] want to see where Jesus walked on the water, in Capernaum … where he bathed, [where he multiplied] the fish and the loaves, where he was Read More …

Ultra Mega's first franchise awarded

 Economy
Feb 082015
 
Ultra Mega's first franchise awarded

Today, Ultra Mega Wholesale and Retail Mart, one of the leading retail and wholesale chains in the Philippines, is jumpstarting 2015 with the launch of the company’s first franchise venture with Mr. Romeo Jalosjos’ Group of Companies. The first Ultra Mega Franchise, which will be located in Dapitan City, Zamboanga del Norte, is pioneering the industry with its new and excitingly innovative business model that provides an inclusive and insightful operational and support structure. It allows new players in the industry to have a trustworthy and reliable foothold that is designed to be both profitable and rewarding. For Franchise inquiries, contact Mr. Filbert See at 904-5882 or 0917-9894512. Romgardial Corporation and TAPE Inc. Chairman,  Mr. Romeo G. Jalosjos shake hands with Mr. Benito Lim, President of Ultra Mega Multi Sales during the contract signing ceremony at the Bellevue Hotel. From left to right, Jessica Mona, Romeo Jalosjos, Benito Lim and Julie Lim

BEPS Action Plan 6: Preventing the granting of treaty benefits in inappropriate circumstances

 Economy
Feb 082015
 

(First of two parts) The Organization for Economic Co-operation and Development’s (OECD) Action Plan 6 on the Base Erosion and Profit Shifting (BEPS) initiative recognizes that countries need to incorporate sufficient safeguards in their tax treaties and domestic rules to protect against practices that take advantage of the differences in national tax systems and the weaknesses in the application of tax treaties.

Phl stocks attract interest in Tokyo roadshow

 Economy
Feb 082015
 
Phl stocks attract interest in Tokyo roadshow

MANILA, Philippines – More Japanese firms are showing strong interest in Philippine stocks, the operator of the country’s sole stock market reported. The Philippine Stock Exchange (PSE) said it saw more participation from Japanese firms during this year’s roadshow in Tokyo compared with that of 2014. “We understand that when we sent out the invitation to participants in December last year, the event became fully booked within three hours. We are delighted by the strong interest by Japanese investors in our market and we thank our partners for helping us promote more businesses and investments between Japan and the Philippines,” said PSE president and chief executive officer Hans B. Sicat. The Tokyo roadshow in the Land of the Rising Sun held last January 21 to 23 featured a Philippine Corporate Day which was co-organized with DBP-Daiwa Capital Markets Philippines Inc. and a Philippine Business Environment Seminar. This was in partnership with KPMG Japan, Mori Hamada and Matsumoto Law, and Takara Printing Co. Ltd. The roadshow was aimed at courting Japanese firms to list in the local bourse by serving as a venue to discuss the listing structure and rules of the PSE. The PSE said the roadshow this year registered a 37 percent increase in investor turnout and a 58 percent growth in the number of fund houses present compared to last year. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Furthermore, the PSE reported a 32 percent increase in meetings between the listed companies and major Japanese investors. Read More …

Emirates seeks P-Noy intervention in 3rd daily flight row

 Economy
Feb 082015
 
Emirates seeks P-Noy intervention in 3rd daily flight row

MANILA, Philippines – Emirates is seeking the intervention of President Aquino after the Civil Aeronautics Board (CAB) decided to end the airline’s third daily flight for the Manila-Dubai route late last month. Jose Perpetuo Lotilla, Undersecretary of the Department of Transportation and Communications (DOTC), said the Gulf carrier has elevated the case to the Office of the President after CAB denied its petition to further extend its third daily flights for the Manila – Dubai route that expired last Jan. 26.  “What I understand is that they (Emirates) elevated (the case) to the OP. I am not sure if CAB received anything,” Lotilla said. According to him, Emirates is probably following the administrative procedure by elevating the case to Malacanang instead of filing an appeal before the Court of Appeals (CA).  “They should have gone to the CA but they went to the OP. Probably, they are following the administrative procedure,” Emirates said. President Aquino attended the one-off commercial flight by Emirates using the world’s largest passenger aircraft – Airbus A380 – that landed at the recently completed Ninoy Aquino International Airport Terminal 3 (NAIA-3) last Oct. 7. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 CAB last October turned down petition of Emirates to use the unutilized frequency of PAL until March this year. The Middle Eastern carrier filed an appeal before the CAB. While the appeal was pending, CAB granted Emirates a 30-day extension to continue its third daily flight between Manila and Dubai until Nov. 26. Read More …

Philippine stock market: The outperformer

 Economy
Feb 082015
 
Philippine stock market: The outperformer

The Philippine stock market continues its record run as it enters the 7th year of its secular bull market.  Since bottoming out in 2008-2009, the PSE index has been one of the best performing in the world, gaining more than 350 percent.  This year, we at Philequity, expect the PSE index to continue outperforming as it tries to scale above the 8,000 level for the first time.  A standout in the global economic environment The Philippine economy stands out in a global economic environment of “slow and uneven” growth.  The IMF recently raised its Philippine growth forecast while cutting the global outlook, saying the country will get a boost from higher public spending and lower oil prices. In its recent World Economic Outlook update dated January 2015, the IMF expressed concern over the marked growth divergences across major economies.  Among developed economies, only the US rebounded ahead of expectations while economic performance in Japan and Europe fell short of expectations.  Among emerging markets, growth is expected to be lower in China while downward revisions are expected in commodity exporters such as Russia and members of OPEC. This highlights the Philippine economy which the IMF expects to grow by 6.6 percent in 2015 and 6.4 percent in 2016. CBs continue to flood the global economy with liquidity With the exception of the US and Asia, many countries continue to struggle with their respective economies and are still on the easing path.  While the US is preparing to tighten its noose on Read More …

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