Economy – Page 283

400th Watsons store opens in Tacloban

Economy

Jan 072015

Rep. Martin Romualdez and Tacloban Mayor Alfred Romualdez (third and fourth from left, respectively) were guests of honor during the opening of Watsons’ 400th store in Savemore Tacloban. They are shown with SM Prime Holdings president Hans T. Sy (second from left) and SCMC president Annie Garcia (second from right) together with Watsons Beauty Trading director Reena Rodrigo and operation controller for Vismin Adel de Ramos. MANILA, Philippines – In November 2013, the Philippines was taken by storm, as Typhoon Yolanda swept across the country, devastating everything in its direct path. The hardest-hit region is still working to rebuild what was lost. But one year later, the resilient people of Tacloban have cause to rejoice as signs of progress, of growth, rise from the rubble. With this, Watsons Philippines has opened its 400th store in the city’s new Savemore Market. For Watsons’ management, this one was special. It was a conscious and symbolic decision to open in Tacloban. “It’s been a year after Yolanda and we’ve seen a lot of rehabilitation efforts but a lot still needs to be done. Opening our 400th store in Tacloban makes the event more meaningful as we are given a chance to help in the recovery efforts,” said Robert U. Sun, Watsons’ general manager. During the ribbon-cutting ceremony, the Mayor thanked Watsons for bringing jobs back to Tacloban and helping to reestablish commerce with new products and a new store. The new Watsons store with 249 sqm. redefines the meaning of personal shopping through innovation Read More …

DOE seeks more ILP participants

Economy

Jan 072015

MANILA, Philippines – The Department of Energy (DOE) continues to seek participants for the Interruptible Load Program (ILP) to help avert blackouts this summer, Energy Secretary Carlos Jericho Petilla said. “In times like this, we need the collective effort and assistance of those who are willing to extend their hands. Our search has never been in vain. In fact, ILP participants have been growing, reflecting the private sector’s role in this initiative,” Petilla said. Under the ILP scheme, big power users will be asked to run their own generators when supply is short in the summer months, instead of getting their power from the Luzon grid. In exchange, they will be compensated for their fuel costs. The electricity that would not be taken from the grid would be available to households and other users, sparing them from rotating blackouts. There is a projected power supply shortage this summer of at least 700 megawatts (MW) due to higher demand during the summer months. At least 38 establishments with a total combined capacity of 197.56 MW have already been committed to the ILP through Manila Electric Co. (Meralco), the country’s biggest power distributor. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The three largest participants are SM Prime Holding Inc., the mall development arm of the SM Group with 57.96 MW, Robinsons Land Corp., the property development arm of the Gokongwei Group with capacity of 23.15 MW and Waltermart Malls with 14.30 MW. In addition, there have been expressions of commitment Read More …

Group seeks IPO accreditation

Economy

Jan 072015

MANILA, Philippines – Sound Recording Rights Society, Inc. (SRRS) is seeking accreditation as a collective management organization (CMO) with the Intellectual Property Office of the Philippines (IPOPHL) to be able to collect fees for the commercial use of published sound recordings. In a notice posted on its website dated Jan. 6, the IPOPHL said it received a letter of application from SRRS to become an accredited CMO. SRRS was established in November 2013 as a non-stock and non-profit corporation to administer and uphold the sound recording rights of producers as well as performers, upon authorization. The organization is composed of record labels engaged in the music publishing business. It is applying for accreditation as a CMO so it may collect the remuneration for performers and producers on the use of their sound recordings for commercial purposes or broadcasting to the public, upon authorization of member-companies. Under Republic Act 10372 which amended the Intellectual Property Code and was signed by President Aquino in February 2013, the IPOPHL could set-up the Bureau of Copyright which would be responsible for the accreditation of the CMOs. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The IPOPHL said interested parties may submit their position on the SRRS’ application. “Any interested party may submit written observations thereon to the Bureau of Copyright and Other Related Rights within 30 days from publication,” it said. The following have earlier secured CMO accreditation with the IPOPHL: Filipino Society of Composers, Authors and Publishers, Inc.; Filipinas Copyright Licensing Society, Read More …

Officials hail fearless first-of-the-year transaction amid market volatility

Economy

Jan 072015

Officials hail fearless first-of-the-year transaction amid market volatility

MANILA, Philippines – Finance officials hailed the successfully concluded liability management transaction, as the Philippines marked its return to the international capital markets with a showing consistent with its now emergent sterling reputation. “It took courage and conviction to pursue strategic transaction in the midst of global market volatility. Strong economic fundamentals and track record of well placed deals allowed the RoP to be the first issuer in the global dollar market and to execute a $2 billion 25-year bond at an all time low coupon of 3.95%,” Finance Secretary Cesar Purisima said. This is reminiscent of the award-winning 1-day Accelerated Switch Tender Offer conducted last Jan. 10, 2014, hailed by FinanceAsia to be an innovative case of proactive liability management. “As the reputation of the [Philippines] gains steam in the international markets, we are proud to be the first to issue global bonds in the dollars space,” Purisima added. Treasurer of the Philippines Rosalia de Leon reported on the success of the transaction, saying, “Cash orderbook reached $7.9 billion or 15 times oversubscribed, while liability management orderbook reached $6.1 billion in market value terms. The size of the final deal is $2.0 billion, of which $1.5 billion were used to switch and retire old bonds $500 million in new money will be used for funding the budget.” “Notably, we attracted new name investment grade-only investors in this transaction. This robust response from the international markets reflects that our manifest confidence in the strength of the Philippine economy and liability Read More …

Complete list of canceled flights during Papal visit

Economy

Jan 072015

Complete list of canceled flights during Papal visit

A Philippine Airlines flight ascends from the Ninoy Aquino International Airport in this undated photo. Philstar.com/AJ Bolando MANILA, Philippines — The Civil Aviation Authority of the Philippines announced limited operations at the Ninoy Aquino International Airport on January 15, 17 and 19 to give way to Pope Francis’ visit in the country. Passengers who have booked on flights listed below are advised to call their airlines for rebooking or refund. Philippine Airlines January 15: Local Manila-Bacolod-Manila (2P2907/2908)Manila-Busuanga-Manila (2P2033/2034)Manila-Cagayan de Oro-Manila (2P2527/2528)Manila-Cagayan de Oro-Manila (2P2525/2526)Manila-Caticlan-Manila (2P2057/2058)Manila-Caticlan-Manila (2P2049/2050)Manila-Caticlan-Manila (2P2063/2064)Manila-Caticlan-Manila (2P2053/2054)Manila-Davao-Manila (2P2817/2818)Manila-Davao-Manila (2P2819/2820)Manila-Davao-Manila (2P2823/2824)Manila-Dumaguete-Manila (2P2543/2544)Manila-Laoag-Manila (2P2196/2197)Manila-Legazpi-Manila (2P2927/2928)Manila-Puerto Princesa-Manila (2P2787/2788)Manila-Surigao-Manila (2P2095/2096)Manila-Tacloban-Manila (2P2985/2986)Manila-Tacloban-Manila (2P2987/2988)Manila-Tagbilaran-Manila (2P2777/2778)Manila-Tuguegarao-Manila (2P2014/2015)Manila-Zamboanga-Manila (2P2997/2998)Davao-Manila (2P2808 Jan. 16)Cebu-Manila (PR2860)Manila-Cebu-Manila (PR2861/2862)Manila-Cebu (PR2863) January 15: International Manila-Singapore-Manila (PR511/502)Manila-Hong Kong-Manila (PR318/319)Manila-Hong Kong-Manila (PR312/313)Manila-Kansai (PR408)Manila-Bangkok-Manila (PR736/737)Manila-Honolulu-Manila (PR100/101) Business ( Article MRec ), pagematch: 1, sectionmatch: 1 January 19: Local Manila-Bacolod-Manila (2P2903/2914)Manila-Basco-Manila (2P2084/2085)Manila-Busuanga-Manila (2P2031/2032)Manila-Butuan-Manila (2P2967/2968)Manila-Cagayan de Oro-Manila (PR1519/1520)Manila-Calbayog-Manila (2P2071/2072)Manila-Catarman-Manila (2P2079/2080)Manila-Caticlan-Manila (2P2039/2040)Manila-Caticlan-Manila (2P2045/2046)Manila-Caticlan-Manila (2P2043/2044)Manila-Caticlan-Manila (2P2051/2052)Manila-Caticlan-Manila (2P2059/2060)Manila-Caticlan-Manila (2P2041/2042)Manila-Davao-Manila (2P2811/2810)Manila-Davao-Manila (2P2813/2814)Manila-Iloilo-Manila (2P2931/2940)Manila-Kalibo-Manila (2P2969/2970)Manila-Legazpi-Manila (2P2925/2926)Manila-Naga-Manila (2P2265/2266)Manila-Ozamiz-Manila (2P2889/2890)Manila-Puerto Princesa-Manila (2P2781/2782)Manila-Roxas-Manila (2P2201/2202)Manila-Surigao-Manila (2P2095/2096)Manila-Tacloban-Manila (2P2981/2982)Manila-Tagbilaran-Manila (2P2773/2774)Manila-Zamboanga-Manila (2P2993/2994)Manila-Zamboanga-Manila (2P2991/2992)Zamboanga-Jolo-Zamboanga (2P2245/2246)Manila-Cebu-Manila (PR2841/2842)Cebu-Manila (PR2846)Manila-Cebu (PR2849) January 19: International Manila-Hong Kong-Manila (PR300/301)Manila-Hong Kong (PR312 Jan. 18) & Hong Kong-Manila (PR313)Manila-Singapore (PR509 Jan. 18) & Singapore-Manila (PR510)Manila-Haneda-Manila (PR422/421)Manila-Haneda-Manila (PR424/423 Jan. 18)Manila-Bangkok-Manila (PR730/731)Manila-Jakarta-Manila (PR539/540)Manila-Fukuoka-Manila (PR426/425)Manila-Singapore-Manila (PR507/508) Air Asia Cebu Pacific January 15: Local 5J479/480 Manila – Bacolod – Manila5J481/482 Manila – Bacolod – Manila5J487/488 Manila – Bacolod – Manila5J529/530 Manila – Busuanga – Manila5J531/532 Manila – Busuanga – Manila5J539/540 Manila – Busuanga – Manila5J787/788 Manila – Butuan – Manila5J899/900 Manila – Caticlan – Manila5J905/906 Manila – Caticlan – Manila5J911/912 Manila – Read More …

Aboitiz, 42 firms to address power shortage

Economy

Jan 062015

Aboitiz, 42 firms to address power shortage

MANILA, Philippines – AboitizPower Corp., the power generation company of the Aboitiz Group has partnered with some 42 local and multinational companies to help address the impending power shortage, expected in the summer of 2015, through the Interruptible Load Program or ILP. Under the ILP scheme, big power users would be asked to run their own generators when supply is short in the summer months instead of getting their power from the Luzon grid. In exchange, they would be compensated for their fuel costs. The electricity that would not be taken from the grid would be available to households and other users, sparing them from rotating blackouts. The 42 companies are customers of AboitizPower who have volunteered to temporarily isolate themselves from the electricity grid when power demand is high so that the electricity could be re-directed to other areas. The company said yesterday that as of December 2014, 42 contestable customers of AboitizPower’s Retail Electricity Supply (RES) companies have committed to the program with a total of 102 megawatts de-loading capacity. Some of these companies are big multinational and industrial firms such as Procter and Gamble Philippines, Wyeth Philippines, Jollibee Foods Corp., Samsung Electro Mechanics Philippines Corp., Amkor Technology Phils., Asia Brewery Inc., Monde Nissin Corp., among others. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Visayan Electric Co. (Veco), Subic Enerzone and Lima Enerzone – all distribution utilities of AboitizPower, similar to Manila Electric Co. (Meralco), meanwhile, are pouring in an additional 75 MW of de-loading capacity Read More …

Fare hike before rehab?

Economy

Jan 062015

I would normally support raising the MRT fare up to the level of EDSA bus fares. Reducing the subsidy for MRT riders would be fair for taxpayers in other parts of the country who get no benefit but share the cost of running the commuter line. But given the inability of DOTC to provide adequate service or even guarantee passenger safety, raising the fare now is like showing a dirty finger to the riders. As someone in one of my e-groups puts it, it is like increasing the price of an old piece of moldy bread because you know the consumer has little choice. Transport expert Rene Santiago captures the situation well: “Train supply has dwindled. On MRT-3, from 22 trains to 16. On LRT-1, from 104 to 95. On LRT-2, from 16 to 12. Nearly all ticket vending machines at stations are broken down. “Visible results: overcrowded trains and long queues at stations. Hongkong MTR audit report on MRT-3 are alarming – especially about track conditions. Track replacements on Line 1 also delayed. How can we justify a fare increase against this backdrop?” If I were confident that raising the fares now would guarantee better service, I would probably overlook the decrepit situation of the MRT system and focus on the prospect of a much improved one within a reasonable time. But DOTC cannot even guarantee that improvement would happen within the foreseeable future. Indeed, I do not have confidence DOTC knows what it is doing. Sec. Jun Abaya Read More …

’China surpasses US GDP, is now no. 1 in world economy’

Economy

Jan 062015

As we commence 2015, China’s GDP (gross domestic product), the measure of an economy’s total output in equivalent purchasing power, was valued at $17.6 trillion, surpassing that of the United States, which was at $17.4 trillion. These are very large numbers. (Philippine GDP is below $1 trillion, around $700 billion). In previous years, China’s numbers have outstripped the US: in terms of electricity generation; in total industrial output; and in international trade volume. ‘The economic power game.’ These measures of output by country are often used as indicators of economic clout. The size of big, dominating economies is often used to indicate changing economic power relationships among them. Total output is not the whole or even the best measure. Output, tempered by population size, is more meaningful. But big countries growing at spectacular rates and conquering mass poverty, as China had done, have no comparison in current or past economic experience. This is truly awesome as an accomplishment. China’s one-child policy over the last four decades meant that the country’s natural population growth rate was at a negative replacement rate: it takes two parents to produce a child. Even if there is slippage in this plan, China’s population has stood relatively still during this period. Over the same period, China expanded at the breakneck speed of 10 percent per year. That expansion of economic production has that its rate of growth was also the gain per head of population! Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Hence, China’s Read More …

Petron Fast Prize promo brings holiday cheer to winners

Economy

Jan 062015

Petron Fast Prize promo brings holiday cheer to winners

MANILA, Philippines – Christmas came early to the lucky winners of the Petron Fast Prize promo, who will be enjoying their new cars, motorcycles, and free fuel for a year. On the very first day of the promo, which runs from November 15, 2014 to February 15, 2015, Ferdinand Siobal, a businessman, was feeling lucky when he saw the tarp announcing Petron’s Fast Prize promo, jokingly telling his wife, “Do you see that? What if we take home the Toyota Vios?” Even with his tank still half-full, he decided to stop at the Petron station in Marikina and fueled up his Nissan Navarra with P1,500-worth of Diesel Max. True enough, he got his wish and was the first winner of a major prize in Petron’s ongoing Fast Prize promo. A bus conductor from Cebu, Joelmar Carcueva, will also be bringing home a brand new car. With his driver, Carcueva took their passenger bus to fuel up on with P1,500-worth of Diesel Max at the Petron station in Naga. He was speechless when he opened the peel-away coupon and saw the words “Toyota Vios”. Looking ahead, he plans to use the car as a for-hire vehicle, to augment the family income. Another lucky winner is Rodolfo Sumalinog, who received a Petron Value Card preloaded with P88,000 worth of points, equivalent to free fuel for a year. The 60-year old Sumalinog drives an L300 van for his church. Together with his churchmates, he was on his way to a service in Apalit, Read More …

Phl economy seen to remain strong this year

Economy

Jan 062015

MANILA, Philippines – The Philippine economy is expected to remain strong this year despite external challenges as global growth continues to be uneven, Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr. said yesterday. “2015 will likely bring continued economic challenges for the Philippines. Nonetheless, the country appears to be well-placed to deal with these tests,” Tetangco said at a breakfast forum hosted by the Tuesday Club at the EDSA Shangri-La Hotel. Accoriding to Tetangco, the domestic economy will have to cope with uneven global growth prospects as the US recovers while the euro area and Japan continue to struggle. China’s growth slowdown has also tempered prospects in emerging markets, adding to a more challenging economic global backdrop. Tetangco added. “The Philippines’ underlying story of resilience has remained intact throughout a challenging 2014. Despite some moderation owing to slower agricultural production and lower public spending, economic growth remained robust, supported by a broadening production base and solid domestic demand,” Tetangco said. Tetangco said inflation remained manageable last year, while the peso continued to be supported by strong inflows of remittances from Filipinos abroad, receipts from the business process outsourcing industry, and the current account surplus. “These developments give us confidence that the Philippine economy will remain on firm footing in 2015,” Tetangco said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “In raising the country’s credit rating to one notch above the minimum investment-grade rating, Moody’s [Investors Service] cited the government’s ongoing efforts to reduce debt, improve fiscal management, and Read More …

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