SSS sees further growth for OFW provident fund

 Economy
Dec 112014
 
SSS sees further growth for OFW provident fund

MANILA, Philippines – The Social Security System (SSS) said its provident fund for overseas Filipino workers has much more room for growth as only two in every five OFWs set aside money for investments and savings. Citing the Philippine Statistics Authority (PSA)’s 2013 survey on overseas Filipinos, SSS senior vice president and international operations division head Judy Frances A. See said only 40.7 percent of 1.9 million OFWs had savings from cash remittances. This was 2.2 percent lower than the 2012 figure. Given this, See urged OFWs registered with the state pension fund to invest in its Flexi-Fund program, a provident fund type of retirement plan offered exclusively to OFW members. Under the program, an OFW member could contribute at least P550 based on the P5,000 minimum monthly salary credit (MSC) for OFWs to a maximum of P1,760 per month based on the maximum MSC of P16,000. “Saving should be a priority because once they come back home and their income stops, they would likely have to live off whatever amount they have set aside. It is, therefore, important that they accumulate funds for a reserve, such as their SSS savings to mitigate loss of income.” See said. SSS savings would redound to their benefit in the form of payments for contingencies such as sickness, maternity, disability, retirement and death, she said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “For only a minimum of P200 paid in excess of the maximum contribution, it already enables an OFW member Read More …

Paying more attention to working capital (Part 3)

 Economy
Dec 102014
 

IN OUR SECOND installment of this three-part series on the importance of working capital in valuation, we talked about effective working capital planning, benchmarking, setting target levels, and managing working capital as part of a continuous improvement process. In this last installment, we will cover the actual tactics one can implement for effective working capital management. All of these tactics, applied on an ongoing basis, can help a firm optimize its cash flow and hence, its business enterprise valuation.

Start of a New Legend Lamborghini: Manila launches new Huracán

 Economy
Dec 092014
 
Start of a New Legend Lamborghini: Manila launches new Huracán

Automobili Lamborghini S.p.A. Asia Pacific Sales Director Sebastien Henry and Lamborghini Manila Sales Manager Enrique Jarlego II MANILA, Philippines – A new era is beginning for Automobili Lamborghini and the luxury super sports car segment. It’s called the Huracán and with it, Lamborghini is not only presenting the successor to the iconic Gallardo, it is also redefining the benchmark for luxury super sports cars in this segment. With 14,022 units produced, the Gallardo was the most successful Lamborghini model ever made. During its ten-year production run, it took the brand into a completely new dimension. And now, in true Lamborghini tradition, the successor to the Gallardo also takes its name from the world of bullfighting: Huracán was a fighting bull of the Spanish Conte de la Patilla breed that fought in August 1879 in Alicante. The mighty bull’s unyielding character made him invincible. With its pure and unique design, an innovative technology package, and outstanding dynamics, the Huracán offers a super sports car experience on a whole new level. The Huracán combines absolute performance with easy-to drive road behavior and both luxurious and sport-oriented finish. With the Huracán, Lamborghini is taking a big step into the future, and enhancing the brand’s illustrious history with the next automotive legend. The ceremony was held last November 26 in the presence of Sebastien Henry, Head of Southeast Asia of Automobili Lamborghini, who unveiled and presented the Huracán for the first time to Manila. The official world debut took place during the 2014 Geneva Read More …

Hyundai rolls out all-new 2015 Sonata: Integrity through luxury

 Economy
Dec 092014
 
Hyundai rolls out all-new 2015 Sonata: Integrity through luxury

MANILA, Philippines – Hyundai Asia Resources, Incorporated (HARI) announces the Philippine release of the all-new 2015 Hyundai Sonata, further cementing its mark in the performance-focused midsize sedan category. After making waves in the local auto industry with the sixth-generation Sonata, the all-new 2015 Sonata, which will be officially released on December 15, is luxury redefined, poised to set a new trend in global quality and an epitome of integrity with its four core innovations, labeled as RSVP—Run, Stop, Versatility, Protect—features that embody strength and beauty. The seventh-generation Sonata has a significantly bigger body than the previous model, measuring 35mm longer and 30mm wider. It is also slightly taller by 10mm, and has a longer wheelbase by 10mm. Passenger space was clearly a design priority with the size upgrade. The all-new 2015 Sonata is the only midsize sedan classified as a “large car” in terms of interior space, according to the US Environmental Protection Agency (EPA). Run With a quiet but responsive 178ps/23.3 kg-m Theta II 2.4L MPI DOHC D-CVVT engine underneath its hood, power is not a question with the 2015 Sonata. And to give even more flexibility and fuel efficiency, the new Sonata comes with a 6-speed automatic. With Hyundai’s new Fluidic Sculpture 2.0, the Sonata’s body is engineered to look good and perform even better. Its new shape—lowered hood edge and flat underbody—reduces wind drag and keeps a firm grip on the road, further improving fuel efficiency, stability, and handling. Business ( Article MRec ), pagematch: 1, sectionmatch: Read More …

Leveraging Filipino talent: Going global without leaving home

 Economy
Dec 072014
 

IN DAYS when Makati was still a 9-to-5 city, taxis knew their best chance at a late-night passenger would be outside the SGV & Co. offices. Like moths drawn to the few lights burning on Ayala long after the working day was done, cabs would queue outside the Firm’s buildings assured of a steady stream of passengers who had put in extra hours at the office.

Malaysia’s MTD Group to put up N. Ecija gov’t center

 Economy
Dec 072014
 
Malaysia’s MTD Group to put up N. Ecija gov’t center

PALAYAN CITY, Nueva Ecija, Philippines – A giant Malaysian conglomerate which bankrolled the construction of the South Luzon Expressway (SLEX) and the Calabarzon Regional Government Center (CRGC) has tied up with the Nueva Ecija provincial government to establish a P1.5-billion, world-class new government center and business hub in this provincial capital in what is considered as the single, biggest Capitol project under the Umali administration. The mega-project, dubbed the Palayan City Business Hub (PCBH), was unveiled during ground-breaking ceremonies at a 3.4-hectare site in Barangay Singalat at the back of the newly refurbished city hall. Gov. Aurelio Umali, who conceptualized the mega-project, said it is a joint venture between MTD Philippines, a subsidiary of Malaysian conglomerate Alloy MTD, and the provincial government under the Public-Private Partnership (PPP) scheme. The province was the first local government unit (LGU) to enact a PPP Code. Umali led the ground-breaking rites for the project along with Mayor Adrianne Mae Cuevas, Dato Azmil Khalid, chief executive officer of Alloy MTD Group of Malaysia and head of the Malaysia-Philippines Business Council (MPBC) and MTD Philippines president Isaac David. The project site was donated to the provincial government by the city government under Cuevas.  The mega-project is labor-intensive and would generate a whopping 13,000 jobs, 10,000 of which in call centers alone, with the rest to come from the operations of the various commercial establishments, the hotel and the government offices. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Alloy MTD, based in Malaysia, is a Read More …

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