Maniolas

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 …

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 …

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 …

FAVORABLE demand and supply conditions continue to point to a rosy outlook for the economy despite low government spending and prolonged uncertainties abroad, monetary authorities noted in their last policy meeting for 2014.

MANILA, Philippines – The Philippine stock market continued its bull run yesterday, marking its tenth straight winning streak with an all new record high. The Philippine Stock Exchange index (PSEi) gained 0.48 percent or 35.09 points, zooming to a fresh record close of 7,402.72. Friday’s finish shattered the previous all-time high closing level of 7,392.20 posted on May 15, 2013. Aside from the record close feat, the local benchmark index also trampled the previous all-time intraday high at 7,413.62 on Sept. 25, 2014 with yesterday’s 7,446.66. The all shares index also joined the climb, picking up 0.35 percent or 15.01 points at 4,336.90. Analysts said upbeat moods abroad helped propel local investors’ hopes, pushing the PSEi to a whole new level only a few days into 2015. “The PSEi rewrote history right on the first week of trades en route to its 10th straight positive day,” said Accord Capital Equities Corp. analyst Justino Calaycay Jr. said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 US stocks followed up its recovery the previous day with another positive performance, led by the Dow and the Nasdaq which increased 1.84 percent, respectively. Locally, three counters still ended in the red despite the market’s stellar trading day with the mining and oil firms suffering the biggest drop of 0.77 percent or 125.70 points. Services firms, meanwhile, enjoyed the largest growth of 1.10 percent or 23.28 points. Market breadth was positive as advancers dominated decliners, 99 to 91, while 42 stocks did not change Read More …