MANILA, Philippines – The peso strengthened by 9 centavos on Thursday, closing at 44.81 from the previous day’s 44.9. Total volume transacted at the Philippine Dealing System amounted to $811.7 million, lower than the $875 million posted on Wednesday. The peso opened Thursday at 44.77.
MANILA, Philippines – The peso rallied against the dollar midday Thursday, settling at 44.748 from the previous day’s 44.9. Total volume transacted at the Philippine Dealing System amounted to $596.2 million in the morning, higher than the $524 million posted the same period on Wednesday. The peso opened Thursday ay 44.77.
MANILA, Philippines – The country’s international investment position worsened in end-June due to the increase in foreign direct and portfolio investments, the Bangko Sentral ng Pilipinas reported yesterday. Preliminary data showed the country’s net liability position at $48.2 billion in end-June, higher than the $44.5 billion recorded in end-March. The BSP said this was due to the a $7.7-billion rise in total external financial liabilities to $187.1 billion in end-June, which was more than the $3.9-billion increase in total external financial assets to $138.9 billion. The IIP summarizes a country’s stock of financial claims and financial liabilities with the rest of the world. It is a companion framework to the balance of payments (BOP) data, which is a record of the country’s transactions with the rest of the world. By sector, the BSP was the only one that recorded a net external asset position at $79.7 billion in end-June, up from $78.3 billion in end-March. Banks had a net liability position of $9.9 billion in end-June, while the general government also recorded a net liability position of $37.3 billion during the period. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Other sectors continued to hold the bulk of the resident’s total liabilities to foreigners as its net liability position settled at $80.7 billion in end-June. The central bank said these liabilities were made up mostly of foreign direct investments and portfolio investments. The higher net liability of other sectors in end-June versus the $76.1 billion recorded in end-March was Read More …
Association of Filipino Franchisers Inc., invites you to the 2014 Filipino Franchise Show on October 3-5 at the World Trade Center. As we promote entrepreneurship as part of our advocacy, we recognize that not all will be entrepreneurs, but we believe that everyone can be enterprising. A positive mindset and attitude can make anything possible, and that we should find a way. We all can be the best that we can be if we harness our strengths and talents and build on it. Those who decide to go into business are taught how best to enter and start a business, ideally taking-off from his core strengths, and starting with a new creative idea that serves a market need or fills a gap. We encourage idea-based entrepreneurship. However, it is not always easy to start with a new unique business idea, but one can go into business by adopting tried and tested business concepts that are now being offered through franchising. It is a fast way to get into a business, and the good thing with franchising, and I am talking of legitimate franchising, is that one can have not only a working model and system, but also the training and mentorship that will guide him in operating the business. The franchisors serve as mentors, which are what we see as important assistance for business start-ups. Success is not guaranteed unless the franchisee still puts in a lot of hard work and follows well the franchising system. We are fortunate that one Read More …
MANILA, Philippines – The Department of Agriculture (DA) believes the country could attain self-sufficiency in rice by 2015 because of steady growth in yield per hectare and increased production support for farmers. The country’s goal of attaining self-sufficiency in the country’s main staple in 2013 was blown away by a string of strong typhoons — Santi, Pablo and Yolanda — that visited major rice producing regions in the second quarter of the year. Interviewed on the sidelines of the Philippine Economic Briefing in Pasay City yesterday, Agriculture Secretary Proceso Alcala said adequate funding for the department’s programs for this year is sufficient to increase domestic production this year from last year. “We are double-checking this against the Food Staple Sufficiency Program (FSSP) that we have laid down. And based on the funding we have for this year, it would be enough to surpass the 96-percent self-sufficiency we have right now,” he said. “So by 2015, we would be able to provide more inputs in areas where support is lacking,” he added. This year, the country aims to produce 19.07 million metric tons of palay from 4.83 million hectares of land with an average yield per hectare (ha) of 3.95 million metric tons (MT). Business ( Article MRec ), pagematch: 1, sectionmatch: 1 In 2015, the DA projects a harvest target of 20.09 million MT from 4.92 million ha with an average yield of 4.08 MT per ha. In 2016, the DA would rally Filipino farmers to produce 20.52 million MT Read More …
MANILA, Philippines – Hong Kong’s Labour Department has granted foreign domestic helpers an increase of (FDHs) HK$ 100 increase in their monthly salaries, raising the minimum wage to HK$4,110 per month. The Philippine Consulate General in Hong Kong said the Hong Kong SAR Government announced last Sept. 30) the increase in the Minimum Allowable Wage (MAW) and Food Allowance for foreign domestic helpers (FDHs) in the territory. The additional pay of HK$100 from HK$4,010 to HK$4,110 per month, represents an increase of 2.5 percent. Under the standard employment contract for hiring FDHs, employers are required to provide FDHs with food free of charge (free food). At present, majority of employers provide free food to FDHs. Employers may choose to pay a food allowance instead. “If employers choose to provide their FDHs with a food allowance in lieu of free food, said allowance will be increased by HK$44 to not less than HK$964 per month from not less than HK$920 per month, representing an increase of 4.8 percent,” the consulate l said in a statement. The consulate said the new levels of the MAW and the food allowance will apply to all contracts signed on or after Oct. 1, 2014. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 All contracts signed on or before Sept. 30 2014 with the previous MAW of HK$4,010 per month and food allowance of not less than HK$920 per month will still be processed by the Hong Kong Immigration Department (ImmD), provided that the applications Read More …
New York City – It was a deeply moving experience to visit the 9/11 Memorial in downtown Manhattan yesterday. Anyone who visits the memorial will inevitably find himself in tears when you begin to recall where you were on that fateful day of Sept. 11, 2001 when terrorist extremists hijacked four commercial jets and crashed two of them into the Twin Towers, resulting in the total destruction of the World Trade Center which has come to be known as “ground zero.” We also had a chance to see the inside of the Pentagon where the memorial chapel was established with the names of those who perished. Almost 3,000 people died, among them Filipinos. as well as the 400 “first responders” – the emergency workers and firefighters who died as they rushed to help. Several days ago, three of the firefighters who were at ground zero in the aftermath of the terrorist attack all died of cancer on the same day, raising to 92 the number of search and rescue workers who died of 9/11-related illnesses. According to NYC health statistics, a high 99 percent of responders were diagnosed with lung and respiratory illnesses after the attack due to prolonged exposure to the toxic air that hovered above ground zero for months. A study from the New York City Fire Department also noted that the firefighters lost “12 years lung capacity in the blink of an eye.” Since its opening in 2011, the 9/11 Memorial has become “a must see” place Read More …
MANILA, Philippines – The partnership between real estate tycoon Andrew Tan and Malaysia’s Genting Group is on track to becoming the biggest leisure and entertainment company in the Philippines with the completion of its two integrated gaming hubs. Travellers International Hotel Group, the joint venture between Tan’s holding firm Alliance Group Inc. and Malaysian-based conglomerate Genting, broke ground yesterday on its second integrated gaming hub, Bayshore City Resorts World, slated for opening by the fourth quarter of 2018. Its first casino hub, Resorts World Manila (RWM), opened in 2009. Bayshore City, located at Pagcor Entertainment City, will make available at least 1,500 hotel rooms operated by global brands The Westin Hotel Manila Bayshore of the Starwood Asia Pacific Hotels & Resort Group, Hotel Okura Manila and the Genting Grand and Crockfords Tower of the Genting Group. Combined with RWM, Bayshore City will make the Travellers International the biggest leisure and gaming operator in the Philippines, offering a total of about 5,100 hotel rooms. “With the current developments at both Resorts World Manila and Bayshore City Resorts World properties, Travellers continues to push the envelope in the integrated resort industry as it will be the only player that offers global brands like Marriott, Sheraton, Hilton, Westin and Okura hotels,” Travellers International president Kingson Sian said. Bayshore City, which is seen to accommodate 1.5 million tourists a year , will be the last of the four gaming proponents to rise in the Las Vegas-like Pagcor Entertainment City in Pasay City, Business ( Read More …
THE PHILIPPINE ECONOMY could have expanded by 7% in the third quarter, the country’s socioeconomic planning chief yesterday said, with the government seen to still be on track to meet the low end of its growth target for this year.
CONGRESS aims to pass within the year a measure that will curb monopolies and unfair competition in business, according to lawmakers.