THE BUREAU of Internal Revenue (BIR) has filed tax evasion raps against Zamboanga City-based mining company Siennalyn Gold Mining Corp. (SGMC) for an aggregate deficient tax liability amounting to more than P52 million covering the years 2010 and 2011.
A DECISION on the National Transmission Corp.’s (TransCo) petition to start implementing a P0.04057 per kilowatt-hour (/kWh) renewable energy (RE) charge under the feed-in tariff (FIT) system will be released soon, an official said yesterday.
By Paolo G. Montecillo |Philippine Daily Inquirer 1:08 am | Friday, October 24th, 2014 Additional capital requirements announced by regulators this week may prove to be a burden for the country’s largest banks, whose shareholders would have to fork out more cash to meet regulatory requirements and support expansion plans. Brokerage firm Maybank ATR KimEng on Thursday said the capital buffers approved by the Bangko Sentral ng Pilipinas (BSP) for banks that were “too big to fail” were higher-than-expected. In a note to clients, the firm said local banks had already been raising their capitalization levels in the last three years to meet the already-strict prescriptions by the BSP. “However, these may not be enough to meet the required increase as well as support their growth strategies,” Maybank ATR KimEng said. Under the new rules, the banks would be classified into various buckets. Those at the top would have to set aside an extra 3.5 percentage points of common tier-1 capital. This would be on top of the minimum 6 percent tier 1 capital already required of major banks. These banks are also required to set aside another 2.5 percentage points of capital as a conservation buffer. Rules on domestic systemically important banks (D-SIBs) are in line with recent Basel III rules being put in place worldwide to avoid a repeat of the global financial meltdown in 2008. By forcing large banks to set aside higher levels of capital, regulators hope to remove the “moral hazard” of government bailouts for Read More …
MANILA, Philippines – Reaching the flag-off point at Nissan North EDSA for our drive up to Baguio, I noted that there was something about seeing 17 X-Trails parked side by side that leaves you in awe. It’s a show of strength—no other car manufacturer in recent memory has had this massive convoy for a driving event. Next, your eyes focus on a single X-Trail and then it hits you: it’s a handsome thing. Whereas the first and second-generation X-Trails looked boxy and upright, this new one is sexy sleek with soft, flowing contours and just the right amount of curves and lines. It contains all the styling elements that tie it in with Nissan’s latest models like the Sylphy and Altima. Around the X-Trail, there’s a good amount of chrome embellishments, headlined by the V-Motion grille. Flanking the grille is a pair of halogen headlights with boomerang-shaped LED daytime running lights which are echoed in the rear lamp’s lighting signature. Across the line, the X-Trail rides on 17-inch alloys with fuel-efficient Goodyear Assurance Fuel Max 225/65R17 tires. One single nitpick though: the rear hatch handle could have been integrated into the panel above the license plate, like most crossovers, instead of just appearing a couple of inches above the bumper. After a short briefing (and the mandatory photo op), it’s time to board the cars. Stepping inside the X-Trail reveals a dramatic departure from previous-generation models. The overall look and feel is certainly more premium with aluminum, carbon fiber, and Read More …
MANILA, Philippines – Last October 18, during the final round of the 2014 Toyota Vios Cup held at the McKinley West street circuit in Taguig, Toyota Motor Philippines formally signed its agreement with Toyota Technocraft Co. Ltd. to distribute Toyota Racing Development (TRD) products in the country. “As the sole distributor in the Philippines, the public will see a wide range of TRD products designed to provide our Toyota customers a more enjoyable and sportier driving feel. We are set to expand our future TRD line-up with performance parts for motorsports enthusiasts,” said Mr. Michinobu Sugata, President of Toyota Motor Philippines. “Truly, it is Toyota Motor Philippines’s vision to deliver the spirit of ‘waku doki’ to every Toyota customer,” he added. TRD is an internationally renowned brand with a heritage firmly planted in automobiles and racing. TRD has been in the sport customization business since the 1950’s and has pioneered developing racing cars and high-performance parts for Toyota vehicles. It has also been a crucial technical partner to the highly-successful 2014 Toyota Vios Cup One-Make Racing Series. With this partnership, TRD products will now be exclusively distributed in all 43 dealerships of Toyota Motor Philippines nationwide. The wide range of TRD products include both cosmetic and performance-related parts designed and engineered to make Toyota vehicles more fun-to-drive and sportier-looking.
MANILA, Philippines – Maybank Kim Eng has kept a “positive” outlook on the local bourse despite a five-percent decline since the last week of September. “(We) retain positive outlook despite recent bearish turn that has given rise to volatility and five percent decline in PSEi (Philippine Stock Exchange index) since late September,” Luz Lorenzo, economist at Maybank Kim Eng, said in a research note. Sentiment in the local market has been greatly affected by concerns over a slowing global economy. The PSEi closed at 7,355.29 last Sept. 24, its highest level this year. The index finished 7,057.53 yesterday, up 0.78 percent or 54.31 points from Friday’s closing. “However, the impact of these forces differs in different economies,” Lorenzo said. The Philippine economy grew by 6.4 percent in the second quarter, faster than the 5.6 percent recorded in the first three months of the year. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 First-half economic expansion settled at six percent, below the government’s target of a 6.5 percent to 7.5 percent growth. “With first half GDP (gross domestic product) growth at six percent, the consensus… is second half will be better. We concur as recent issues holding back growth in first half are being resolved,” Lorenzo said. She cited inflation decelerating to 4.4 percent in September from 4.9 percent in the previous two months amid a decline in the price of oil and basic food commodities. At the same time, Lorenzo said the easing of the port congestion in Metro Read More …
For those worried about their acquisitions in Alphaland projects such as Balesin Island Club, the City Club and the Makati Place condominium there’s good news! Investors should be happy to know that the group of Bobby Ongpin has finished complex negotiations for a final agreement with the UK-based Ashmore Group. While disagreeing with the Philippine Stock Exchange interpretation that Alphaland’s disclosure violated PSE rules, Ongpin disclosed that he is looking forward to doing more projects with Alphaland as a private corporation following the company’s delisting from the PSE which took effect yesterday. He laments, however, the imposition of a disqualification penalty on Alphaland president Mario “Babes” Oreta and corporate secretary Rodolfo Ponferrada, saying the two had nothing to do with the disclosure process since they were simply following his specific instructions. Earlier, Bobby had also written to the PSE categorically stating that Babes Oreta “had nothing to do at all with the disclosures in question,” adding that a serious injustice would be committed if the two Alphaland executives are subjected to a five-year disqualification from serving as directors or officials in any company applying for PSE listing. In his latest letter to the PSE, Ongpin reiterated his position, saying he accepted the disqualification meted on him but appealed to the PSE board of directors to spare Babes Oreta and Ponferrada. Moving on, however, Bobby is looking forward to numerous development projects for the exclusive Balesin Island Club with P2.5 billion in additional funds made available for the delisted company – Read More …
MANILA, Philippines – Peakpower Energy Inc. (PEI) is set to commission by the end of the month its 20 megawatt bunker-fired power plant in Gen. Santos City. The facility will supply the peaking power demand of South Cotabato Electric Cooperative II (Socoteco II), its president Roel Castro said. “The power plant will be ready to go online this month as committed, ensuring the stability of power supply in the city and the neighboring areas,” he said. He said electric power consumers, especially those in the business sector, would no longer have to worry over power outages due to inadequate generation capacity during peak hours. Socoteco II, the local electric distributor, supplies electricity to the provinces of South Cotabato, Sarangani and Gen. Santos City, which are mostly agro-industrial and tourism economies. In all, the whole franchise area of Socoteco II requires a daily peak power demand of 120 MW. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Socoteco II president Elenito Senit welcomed the new facility, saying that it would benefit majority of its residential customers. “Around 93 percent of our residential customers will be benefited when the power plant begins commercial operations,” he said. For the past several summers, the whole franchise area of Socoteco II suffered daily rotational brownouts lasting up to eight hours due to insufficient power supply and affecting industries in the area. Gen. Santos City Chamber of Commerce and Industry Inc. (GSCCCI), in a statement, said it welcomed the new power plant.
MANILA, Philippines – DMCI Holdings of the Consunji Group is targeting to have its 150-megawatt coal-fired power plant expansion in Batangas available by the summer of 2015. Energy Secretary Carlos Jericho Petilla said the new plant would now be online on April 1, 2015. “DMCI has formally submitted documents saying that their new plant will now be online on April 1, 2015 (150 MW) and the other 150 MW will be online on July 1, 2015,” Petilla said. DMCI’s latest target is a welcome development for the Department of Energy (DOE) on the back of a looming power supply shortage in the summer of 2015. Last month, the company informed the DOE that the first 150-MW expansion of the 600-MW Calaca coal-fired power plant in Batangas would be delayed. The planned expansion would eventually bring the total capacity of the power plant to 1,250 MW. The first phase of the expansion involves the construction of two units of a 150-MW circulating bed power plant for a total of 300 MW while the second phase involves a single unit of 350 MW. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The target commissioning of the power plant has been moved several times already. Originally, the plan was to have the first 150-MW unit ready by the end of 2014 and then this was moved to March 2015 and then to June 2015. Now, the latest target is April 2015. Petilla said the DMCI plant is supposed to be the biggest Read More …
MANILA, Philippines – In an open bidding conducted by the Bureau of Fire Protection (BFP), the joint venture of LDLA Marketing and Wuhan Automobile Refitting Factory of China bested its competitors in the supply of fire trucks with a bid of P2.326 billion, P251 million lower than the bid submitted by the joint venture of Kolonwel Trading and Hubei Jiangnan Special Automobile Factory. A third bidder, Adlib International Sales, was disqualified for submitting insufficient documentation. Bids and Awards Committee (BAC) chairman Rodrigo Abrazaldo said the BFP will now subject the bid proposal of LDLA-Wuhan to post qualification to determine its responsiveness to the eligibility and bid requirements. If determined to be post qualified, the BAC can officially declare the lowest calculated responsive bidder as the winner, said Abrazaldo. The approved budget for the contract is P2.589 billion and the cost of each fire truck of 244 units of 1,000-gallon capacity and 225 units of 500-gallon capacity should not exceed P6 million and P5 million, respectively. The lowest bid represents a total savings of over P263 million to the government. According to the BFP, the acquisition in bulk of 469 units of brand new fire trucks is in line with Interior Secretary Mar Roxas’ modernization program of acquiring quality fire-fighting equipment and providing every town in the Philippines with its own fire truck at the lowest possible cost. Business ( Article MRec ), pagematch: 1, sectionmatch: 1