A P5.77-billion infrastructure project that will strengthen Metro Manila’s major water supply source is set to be rolled out by the government this month, an official said on Friday.
Oct 192014
Oct 192014
THE NATIONAL Telecommunications Commission (NTC) will amend its memorandum on the minimum speed of broadband connections after concerned parties on a Senate inquiry on Sept. 16 sought for some changes in the terms, a senior official said.
Oct 192014
THE MINING and metals sector in the Philippines is considered one of the key industries driving economic development and growth. Yet, it is also a sector that is constantly confronted with risks detrimental to the sector participants’ long-term profitability, and economic growth and sustainability. It is therefore important in strategic planning to anticipate and plan for these risks.
Oct 192014
Author James Michael Lafferty with Joe and Billie Rosmarino and the Calvary Kids family MANILA, Philippines – The words “business” and “stress” go hand-in-hand for most of us. It’s an endless list of worries. “Will I make the annual target?” or “Will the new competitive launch put me out of business?” are just a meager few of the stresses that can get to us. Unless we are willing to forego a life in business, the stress is not going to go away. There will always be something because that is the nature of business. So our sole solution is to manage the stress, and that means keeping things in their proper perspective. I have spent nearly 30 years selling soap, diapers, razors, tampons, tobacco, shampoo, soft drinks — all coming from blue-chip multinationals, but in the grand scheme of things, not really that important. I mean, if a consumer shifts from buying Coke to buying Pepsi, will the sun fail to rise tomorrow morning? We can somehow worry ourselves to the point we think the end of the world is coming simply because we did not achieve the market share we targeted, or we did poorly in a management presentation. It’s not the end of the world. If you want to worry about something, well, then, worry yourself sick about something that really matters. We love our children. We would do anything for our kids. We would die for our kids. If one of my kids needed a liver transplant, Read More …
Oct 192014
MANILA, Philippines – Dominant carrier Philippine Long Distance Telephone Co. (PLDT) has doubled the number of its long term evolution (LTE) capable cell sites as of end September as part of efforts to provide high-speed Internet services to more Filipinos nationwide. PLDT executive vice president and head of Home Business Ariel Fermin said the PLDT Group continues to expand its Time-Division Duplex-Long Term Evolution (TD-LTE) network. As of end-September, the number of TD-LTE cell sites has reached over 400 or more than double the 200 sites that had been installed as of April this year in such provinces as Cagayan in Northern Luzon and Davao del Sur in Mindanao. The additional TD-LTE cell sites would further expand the reach of the PLDT service in existing sites, such as Cebu, and cover new areas like the province of Bohol and the tourist center of Boracay, Aklan. Likewise, the expansion also covers other provinces in central and southern Luzon and Mindanao enabling the PLDT Group to deliver its HOME Bro Ultera service that provides speed of up to 10 megabits per second (Mbps) for its customers. “We are continuously expanding our TD-LTE network to further strengthen connections at home, especially for those in the remote towns and provinces of our country, by providing access to the internet and allowing them to experience the benefits of broadband connectivity,” Fermin said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 According to Fermin, PLDT is bringing these digital services to more Filipino homes all Read More …
Oct 192014
MANILA, Philippines – Retail giant Puregold Price Club launched Tindahan ni Aling Puring’s first KAINdustriya Convention last Oct. 14 at the World Trade Center in Pasay City in recognition of the contribution of local food businesses in driving the economy. In photo (from left) are RJ Ledesma, Mercato Centrale; Larry Conchangco, executive vice president for sales, Fly Ace Corporation; Angie Flaminiano, president and COO, Nutri-Asia Inc.; Shankar Viswanathan, general manager, Procter & Gamble Philippines; Vincent Co, merchandising director, Puregold; Susan Co, vice chairman, Puregold; Lucio Co, chairman, Puregold; Leonardo Dayao, president, Puregold; Antonio De Los Santos, national operations manager, Puregold; Colin Butler, managing director, Unilever Food Solutions; Raul Nazareno, president, Branded Business Cluster, San Miguel Purefoods Co.; John Martin Miller, chairman and CEO, Nestle Phils. Inc.; and Ashish Pisharodi, country manager, Mondelez Philippines Inc.
Oct 192014
MANILA, Philippines – The Bangko Sentral ng Pilipinas represented by Deputy Governor Diwa C. Guinigundo (left) and the Department of Foreign Affairs led by Undersecretary Linglingay F. Lacanlale (second from right) signed a memorandum of understanding to help overseas Filipinos, who are hastily repatriated from foreign countries due to significant security risks or armed conflict, exchange their foreign currency to Philippine pesos. Other signatories were BSP director of the international operations department Patria B. Angeles and DFA Assistant Secretary Domingo P. Nolasco. The MOU expedites the process of setting up currency exchange facilities (CEFs) that allows returning OFWs with foreign currencies that are not readily convertible to have them exchanged at the BSP head office, its regional offices and branches nationwide, and at authorized agent banks. So far, the seven CEFs that have been established have allowed repatriated Filipinos to exchange over P200 million worth of foreign currencies. The CEF for overseas workers from Libya is now activated and is available until Dec. 9, 2014.
Oct 192014
The last three weeks have proven to be one of the most volatile and painful times for stock investors. European indices from Germany to Italy were gripped with fear, losing more than 10 percent over this time period. By the 2nd week of October, the Dow Jones had wiped out its entire return for 2014. Even the Philippines was not spared, with the index falling as much as 3.8 percent for the week and breaking the crucial 7,000 level before recovering. Global slowdown The proximate cause behind the weakness in equities is the slowdown in global growth. In our previous presentations, we highlighted the ISIS conflict and the Russia-Ukraine crisis as key geopolitical risks that may affect global growth if left unabated. We said then that if sanctions against and from Russia escalate, then it is not only Europe’s growth that will be affected, but the rest of the world as well. Unfortunately, these fears did come to pass. ISIS continues to wreak havoc with thousands of people murdered, while Russia, Western Europe and the US remain in a cold war. Too strong a dollar not welcome Two weeks ago, we wrote about the strong dollar and its impact on different currencies (see It’s the strong dollar, stupid! Part II, Oct. 20, 2014). Commodity-exporting countries continue to suffer as their exports drop in value. Many other countries have voiced their apprehension over the sharp strengthening of the world’s reserve currency. Even the US has aired its concern over the strong Read More …
Oct 182014
MANILA, Philippines – The Philippine Stock Exchange (PSE) is not giving Alphaland Corp.’s delisting a second look despite the latter’s appeal. In a new circular, PSE president and chief executive officer Hans Sicat has ordered for Alphaland’s shares to be removed from the official registry of the exchange. Alphaland chief executive officer Roberto V. Ongpin earlier made an appeal to the PSE to reconsider its decision to delist the upscale property developer from the local bourse. Ongpin claimed that the PSE’s decision is not final and executory and is still subject to the appeal process. In early September, the PSE came out with a decision to kick out Alphaland from its roster of listed companies to serve as penalty for violating disclosure requirements. On top of the delisting punishment, Alphaland has also been banned to apply for relisting within five years after its delisting date. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Ongpin, however, has said that if the PSE does not reconsider its petition, Alphaland will appeal to the Securities and Exchange Commission and even move it up to the Supreme Court if necessary. Alphaland last week concluded a tender offer in which it was able to acquire 2.67 million shares from non-strategic shareholders. A tender offer has been required by the local stock market operator as part of the delisting order in consideration of the minority shareholders of Alphaland as well as “for the maintenance of a fair and orderly market.”
Oct 182014
MANILA, Philippines – The strong inflows of remittances in August should continue supporting domestic consumption, but UK-based investment bank Barclays said it still sees this year’s economic growth decelerating to 6.5 percent from 2013 levels. “Stable and sustained growth in remittances should continue to support domestic consumption. We maintain our 2014 GDP (gross domestic product) growth forecast at 6.5 percent,” the bank said in a research note. Cash remittances climbed six percent to $2.053 billion in August, bringing the eight-month figure to $15.538 billion. Barclays said the expansion rate was in line with market expectations. The Bangko Sentral ng Pilipinas cited the sustained strong demand for Filipino workers abroad as the main driver of the robust remittance inflows. Bulk of cash remittances were sent from the United States, Saudi Arabia, the United Arab Emirates, the United Kingdom, Singapore, Japan, Canada, and Hong Kong during the eight-month period. Those that came from land-based workers went up 5.2 percent to $11.8 billion, while those remitted by sea-based workers rose eight percent to $3.7 billion. Remittances provide a big support to the domestic economy as it fuels household consumption. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 In 2013, cash remittances alone made up 8.4 percent of the country’s gross domestic product. The economy then grew a stellar 7.2 percent from an already faster-than-expected 6.8 percent in 2012. The BSP hopes to grow remittances by five percent this year over last year’s $22.968 billion. Philippine economic expansion accelerated to 6.4 percent in Read More …