Maniolas

MANILA, Philippines – The Philippines is looking to enhance its cooperation in terms of trade and investments with South Korea to take advantage of the Association of Southeast Asian Nations’ (Asean) move towards economic integration. Speaking at the Asean-Korea Forum, Foreign Affairs Secretary Albert del Rosario said it is in the interest of the Philippines to pursue a strategic relationship with South Korea. He said the Philippines sees trade and investments as an area of focus in pursuing stronger ties with South Korea. “We offer the Philippines as a gateway to Korea’s engagement to Asean,” he said. He noted that South Korea was among the Philippines’ biggest trading partners last year, accounting for seven percent of total trade. South Korea was also one of the biggest sources of investments to the Philippines, having poured in P8.5 billion last year with 7.2 percent earmarked for manufacturing. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Park Bun Soon, a professor from Hongik University, said in his presentation in the same event that while economic integration is seen to provide gains for Asean members, there is a need for the Philippines to work with South Korea for it to benefit from such and contribute to the further development of the region. At present, Park noted that the Philippines is the least benefitting from trade and investment cooperation in the Asean. The Philippines trade with other countries in the Asean accounts for only 19.1 percent of its total trade, among the lowest in Read More …

MANILA, Philippines – The Department of Environment and Natural Resources (DENR) is allowing operating mines to expand their contract areas provided that these have viable economic reserves. The DENR, through the recommendation of the Mines and Geosciences Bureau (MGB) has issued Administrative Order (AO) 2014-06 which states that the expansion of areas of existing mines with viable economic deposits would be allowed subject to validation by the Mining Industry Coordinating Council (MICC) through its Technical Working Group on Environmental Protection of which the MGB is part of. Applications for expansion would also be subjected to certain conditions. MGB director Leo Jasareno said the new order was issued in consideration of a number of operating mines in the country that need to expand in existing contract areas to sustain operations. As such, operations of existing mines with dwindling resources could be expanded provided that the expansion area applied for is adjacent to the contract area or is situated within the immediate vicinity or a municipality. Jasareno said a declaration of mining project pre-feasibility (DMPF) should be submitted for the expansion areas to prove the economic viability of deposits. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The new regulation applies to existing contract areas covered by mineral production and sharing agreements (MPSA), as well as Financial and Technical Assistance Agreements (FTAA). As the new mining policy bans the issuance of new mining contracts pending the legislation of a new taxation scheme for the extractive industry, the new mining areas would Read More …

MANILA, Philippines – Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr. wants to widen the minimum public float for universal banks to ensure increased transparency and accountability. Under the listing rules of the Philippine Stock Exchange, a company that goes public must sell an initial 10 percent of its initial outstanding capital.  “I personally think that the 10 percent minimum public ownership requirement is on the low side.  Public ownership of a financial institution must be expanded. This should help improve their operations,” Tetangco said. When asked by how much the minimum public float requirement should be increased, Tetangco said:  “It is something that we need to study.” A check on the PSE website showed that UnionBank had the lowest public float among the listed banks at 19 percent, which is almost double the exchange’s 10 percent requirement. Security Bank had the largest public float at 73 percent. Public float or free float represents the shares of a corporation that are in the hands of public investors as opposed to locked-in stock held by company officers, controlling-interest investors, or government. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Universal banks are mandated by law to go public three years after acquiring their universal banking licenses. Being publicly-listed will make bank operations more transparent to the public as companies listed on the local bourse are required to submit regular disclosures which include financial statements and other transactions that have a material impact on its shareholders. Universal banks  represent the largest Read More …

CREWE, England – Nine months in to 2014 and Bentley’s aim of having a record breaking year is firmly on track. Global deliveries increased by 19 percent, to 7,786 cars, up from 6,516 cars in the same period in 2013, Bentley’s four key regions, Americas, China, Europe including the UK, and Middle East all saw strong performance, with the Americas retaining its position as Bentley’s number one market, but with China posting strong growth to close the gap. New models drove this international success, with the Continental GT V8 S coupe and convertible and Flying Spur V8 entering the market. Commenting on the results, Bentley’s Member of the Board for Sales, Marketing and Aftersales, Kevin Rose, said: “We said at the start of the year that 2014 would be a record breaking year for Bentley and we are firmly on track to deliver on our promise. Certain markets are tough, as other luxury car brands can testify, but with our three model lines delivering a perfect blend of luxury and performance, alongside the international appeal that we have as a brand, it will ensure 2014 will go down as our best ever year.” Remaining in Bentley’s number one position, the Americas delivered 2,107 cars, 4 percent up on the first nine months of the 2013 performance of 2,022 cars. Bentley’s sales in China remained solid in a less than buoyant market—1,959 cars were delivered in the first nine months of 2014, against 1,264 cars in 2013. A strong German market Read More …