Power woes loom as plants go into maintenance

 Economy
Jan 132015
 
Power woes loom as plants go into maintenance

MANILA, Philippines – Several power plants in Luzon will go on scheduled maintenance shutdown this year, with two plants closing down as early as this month, data submitted by generators to the Energy Regulatory Commission (ERC) showed. From January to July this year, several power plants with a total capacity of 4,162.6 megawatts will go on scheduled shutdowns but the exact amount of power that will disappear from the grid will vary every month, depending on the specific schedule each month. Unit 1 of GN Power’s Mariveles coal plant in Bataan, with a capacity of 302 MW has scheduled a January shutdown, while Quezon Power Philippines’ 456.6-MW coal plant will also go on maintenance shutdown starting Jan. 17. In February, Unit 2 of the Mariveles coal plant, with a capacity of 302 MW, will also go on maintenance shutdown, according to a released schedule of plant outages. From March 15 to April, the two units of the Ilijan natural gas power plant of Kepco Philippines in Batangas with a total capacity of 1,200 MW will also go on maintenance shutdown. This will follow the scheduled maintenance shutdown of the Malampaya deep water gas to power project in the same period. The Malampaya gas field in offshore Palawan supplies natural gas to three power plants in Luzon – the 1,200-MW Ilijan plant, the 1,000-MW Sta. Rita and 500-MW San Lorenzo power plants, both owned by the Lopez group. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The Sta. Rita plant Read More …

Kia serves up excitement, announces ‘Lucky Drive to Australia’ winner

 Economy
Jan 132015
 
Kia serves up excitement, announces ‘Lucky Drive to Australia’ winner

MANILA, Philippines – Kia and the Australian Open have partnered for four years now to bring together the worlds of motoring and sports. Every year, Kia Lucky Drive to Australia is staged to give opportunities for Kia test-drive participants to experience world-class tennis action at the Australian Open. The Australian Open is the first Grand Slam tournament in the tennis calendar and is home to amazing tennis rivalries, historic matches, and unparalleled sports action. Last December 16, Columbian Autocar Corporation (CAC), exclusive distributor of Kia Motors in the Philippines, officially announced the winner of this year’s trip for two to the Land Down Under to witness tennis at its best. After test-driving a Kia Sportage at Kia Pampanga, Elbert John Cruz will receive tickets to watch a semifinal match in the Australian Open 2015 Men’s Singles. Aside from live match viewing, Cruz and his companion will be able to enjoy city tours throughout their 4-day/3-night stay in Melbourne. CAC VP for Marketing Hernando D. Gañac, Jr. was elated at the continued success of Kia and the Australian Open’s partnership. “Tennis here in the Philippines also has a strong following and Kia and CAC are happy to provide a once-in-a-lifetime tennis experience to one lucky Filipino fan. He added, “Kia always tries to stay a step ahead when it comes to bringing the brand closer to our market. Kia Lucky Drive to Australia is a prime example of how we let people experience motoring’s finest, while at the same time, rewarding Read More …

Easing lease accounting

 Economy
Jan 112015
 

(First of two parts) THE INTERNATIONAL Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB), which we will collectively refer to as “the Boards,” are currently working on a new standard on leases (the “Leases Project”). The project aims to improve lease accounting under both International Financial Reporting Standards (IFRS) and United States Generally Accepted Accounting Principles (US GAAP), and at the same time is intended as a convergence effort to align lease accounting under the two accounting standards. A first Exposure Draft (ED) was issued in August 2010 which was followed by second version in May 2013 (the 2013 ED).

An urgent matter

 Economy
Jan 102015
 
An urgent matter

Almost two weeks after that “unforgettable” 13-hour road trip from Manila to Baguio City, I’m back in the City of Pines minus the estimated one million tourists who joined me in making the city a huge parking lot during the last holiday. I look back at that agonizing experience with a promise to myself that I will never, never go back to Baguio during a long weekend, or when there’s a public holiday. But I will be back, but always against the tide. But not everyone who got out of that traffic alive is as forgiving. Senate president Franklin Drilon said he would file a resolution calling for a Senate investigation into the monster traffic that plagued motorists who drove through three interconnected toll ways—North Luzon Expressway (NLEX), Subic-Clark-Tarlac Expressway (SCTEX) and Tarlac-Pangasinan-La Union Expressway (TPLEX)—last Dec. 26 en route to Baguio. The sheer number of motorists who took advantage of the low fuel price regime, the long holiday, all contributed to the monster traffic. To address the unexpected volume surge, NLEX and SCTEX carried out quick fixes like opening spare lanes and counter flow lanes and deploying ambulant tellers. TPLEX did the same. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 But imagine if motorists did not have to stop to get their tickets and pay the toll separately for these three tollroads. According to Drilon, he can’t understand why the collection of toll fees can’t be integrated, so that only one entity handles the collection. Interestingly, Arnel Read More …

Factory output eases in Nov

 Economy
Jan 102015
 
Factory output eases in Nov

MANILA, Philippines – Philippine manufacturing growth slowed in November from the same month in 2013, according to the Philippine Statistics Authority (PSA). The PSA’s Monthly Integrated Survey of Selected Industries released yesterday showed manufacturing output in terms of the Volume of Production Index (VoPI) climbed at a slower pace of 8.1 percent in November 2014 compared with the 18.8 percent growth registered in the same month in 2013. Of the 20 major sectors, seven posted year-on-year declines in November such as electrical machinery; footwear and wearing apparel; tobacco products; machinery except electrical; rubber and plastic products; furniture and fixtures; and miscellaneous manufactures. The PSA said the Value of Production Index (VaPI) also recorded slower growth of 7.5 percent in November 2014 from 13.1 percent a year earlier. Sectors which registered decreases in production value were petroleum products; footwear and wearing apparel; machinery except electrical; electrical machinery; tobacco products; rubber and plastic products; miscellaneous manufactures; and furniture and fixtures. The Value of Net Sales Index (VaNSI) meanwhile contracted 0.3 percent in November 2014 compared with the 32 percent growth registered in November 2013. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 This was attributed to the shortfall in sales value observed in eight major sectors, with two-digit decreases observed in the following: footwear and wearing apparel (-23.1 percent), miscellaneous manufactures (-14.9 percent), and the heavy weighted petroleum products (-10.4 percent). The Volume of Net Sales Index (VoNSI) also accelerated at a slower rate of 0.3 percent in November 2014 compared Read More …

HSBC trims Phl GDP growth forecast to 5.6% this year

 Economy
Jan 102015
 
HSBC trims Phl GDP growth forecast to 5.6% this year

MANILA, Philippines – Hongkong and Shanghai Banking Corp. (HSBC) has revised downwards its growth forecast for the Philippine economy this year to 5.6 percent from its earlier projection of 6.1 percent. However, the British financial giant retained its 6.1 percent growth outlook for 2016. In a report, HSBC economist Trinh Nguyen noted that the slowdown would be caused by weaker private spending due to higher prices, strong surge in imports, net exports deterioration, negative real interest rates, and cautious foreign investments in a run-up to the 2016 elections. “Negative real interest rates will likely dampen capital inflows,” Trinh said. “While we do not see a sharp reversal of funds, we also do not expect large portfolio inflows in the next two years, especially for carry or growth differential reasons,” the HSBC economist said. Trinh said another risk is policy paralysis due to the upcoming 2016 elections. Public investment will likely slow down, although private consumption as well as private investment will pick up the slack. Slower government spending coupled with weaker household expenditure would drag the economy further. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Inflation is also another risk as the Philippines continues to face short-term supply shocks. For example, the government already projected an electricity shortage for 2015. The decline of oil prices has helped offset price risks from various supply-side constraints. Nonetheless, the Philippines has plenty of demand growth as the population is young and expanding. The HSBC report however said tha there is a Read More …

DTI reviews SRP of select basic goods, sees room for reduction

 Economy
Jan 102015
 
DTI reviews SRP of select basic goods, sees room for reduction

MANILA, Philippines – The Department of Trade and Industry (DTI) is reviewing the suggested retail prices (SRPs) for selected basic goods such as milk, bread and noodles, citing lower cost of imported raw materials. Trade Secretary Gregory Domingo has instructed Trade Undersecretary for Consumer Protection Group Victorio Mario Dimagiba to review the retail prices of the selected basic goods. “SRPs for selected basic goods such as milk, bread and noodles should go down due to lower cost of imported raw materials of skimmed milk, powdered milk, and LPG (liquefied petroleum gas),” the department said. Even as prices of Pinoy Tasty and Pinoy Pandesal have been reduced by P0.50 and P0.25, respectively in November. Domingo said any additional price reduction would be welcomed by consumers. Prices of most basic necessities and prime commodities in the last quarter of 2014 reflected the declining cost of petroleum products such as diesel and gasoline for the same period. The DTI said the prices of most of the monitored retail prices of basic and prime goods from October to December 2014 are unchanged or are lower than the published SRPs by 0.06 percent up to 23.53 percent. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Prevailing monitored prices of 51 brands of basic and prime goods remained at SRP levels, while products whose prevailing prices are lower than the SRPs are: Milkmaid Full Cream Sweetened Condensed Milk 300 ml (millilitre) – lower by P2.85; Alaska Evaporated Milk 370 ml – lower by P1.20; Alpine Read More …

DOTC evaluates tech proposals of Filinvest, Megawide for P2.5-B southwest terminal

 Economy
Jan 102015
 
DOTC evaluates tech proposals of Filinvest, Megawide for P2.5-B southwest terminal

MANILA, Philippines – The Department of Transportation and Communications (DOTC) has started evaluating the technical proposals of Filinvest Land Inc. and a group led by Megawide Construction Corp. for the proposed P2.5 billion integrated transport system – southwest terminal. The DOTC has opened the technical proposals submitted by Filinvest Land and Megawide’s MWM Terminals for the Public Private Partnership (PPP) project. “The DOTC will conduct a detailed evaluation of the group’s technical proposals before the financial proposals are opened,” the PPP Center said in a statement. Both groups were prequalified by DOTC’s Bids and Awards Committee (BAC) early this year. A total of 16 companies bought prequalification documents for the PPP project but only Filinvest Land and MWM Terminals submitted qualification documents last Dec. 22. Aside from Filinvest and Megawide, other companies that bought bid documents include San Miguel Corp., Ayala Corp., Ayala Land Inc., Metro Pacific Tollways Corp., Robinsons Land Inc., D.M. Wenceslao and Associates Inc., Vicente T. Lao Construction, French-owned Egis Projects Philippines, Megaworld Corp., State Properties Corp., Expedition Properties Corp., MGS Construction Inc., Altus San Nicolas Corp., and Tutuban Properties. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The proposed terminal to be situated in a 4.6-hectare property at the Coastal Road Terminal along the Manila-Cavite Expressway would connect passengers coming from Cavite to other urban transport systems such as the future Light Rail Transit line 1 (LRT) South Extension to Bacoor in Cavite, city bus, taxi, and other public utility vehicles plying Metro Manila. Earlier, Read More …

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