MANILA, Philippines – The peso declined against the dollar midday Friday, settling at 44.843 from the previous day’s 44.77. Total volume transacted at the Philippine Dealing System amounted to $607.8 million in the morning, higher than the $435.1 million posted the same period on Thursday. The peso opened Friday at 44.74.
MANILA, Philippines – All prepaid subscribers of Smart, Talk ‘N Text and Sun Cellular can now enjoy free mobile Internet access, Philippine Long Distance Company Chair Manuel Pangilinan announced on Friday. By texting FREE to 9999, the three network’s prepaid users can access the Internet and use social networking sites like Facebook, Twitter and Instagram, stream music, access search engines, send and receive emails and shop online, among others. However, dowloading, streaming and watching videos (YouTube, Vimeo) and using VOIP apps (FaceTime, Skype, Viber), messaging apps (WhatsApp, WeChat, Line, Viber) and file-sharing sites are not covered by the promo. Smart said an active subscriber that has an available airtime balance of at least P1 or is subscribed to any load bucket/promo can avail of the offer, which will run until November 30 this year. Smart added that the promo has an inital 30-megabyte cap per day per subscriber, and is subject to the promo terms and fair use policy. “Internet access is a powerful stimulant to growth, and to improving the lives of people,” Pangilinan said.
THE DEPARTMENT of Environment and Natural Resources (DENR) will focus on agrobiodiversity, urban biodiversity, access and benefit sharing, and invasive alien species (IAS) for the next 15 years under its Philippine Biodiversity Strategy and Action Plan (PBSAP).
TEN DAYS after the lifting of the truck ban in the metropolis, the two Manila ports posted a greater cargo volume movement, which will eventually result in stable prices of goods and job security, Federation of Philippine Industries (FPI) said in a statement on Thursday.
THE SENATE is likely to turn down the request of President Benigno S. C. Aquino III to buy additional megawatts (MW) to plug the looming power shortage in Luzon for 2015.
MANILA, Philippines – The Philippine Chamber of Commerce and Industry (PCCI) is pushing for the implementation of the Interruptible Load Program (ILP) to address the country’s expected power supply shortage next year. The ILP, the PCCI said, entails the least cost and may be done without need for special law. “PCCI is of the view that the least-cost and most workable palliative measure is the full and active promotion of the ILP,” the business group said in a statement yesterday. The ILP is a voluntary program subject to compensation of participants. Under the ILP, qualified businesses would be compensated if they use their own generating facilities or sets during peak hours. By using their own generating facilities, distribution utilities (DU) such as the Manila Electric Co. (Meralco) could reduce electricity supplied to participating businesses and serve other customers. The PCCI said there are over 2,000 megawatts (MW) of stand-by generators registered with the Energy Regulatory Commission (ERC). Business ( Article MRec ), pagematch: 1, sectionmatch: 1 To be safe and assured, the group said only about 600 MW is needed to adequately respond to a 300-MW to-400 MW or more supply shortfall. By using 400 MW for five hours a day using fuel costing P45 per liter, the PCCI estimates the resulting power cost increase is only in the vicinity of P0.9 per kilowatt hour for the month if such is implemented. “There may be no need for subsidy for this and is a win-win situation for the ILP participants Read More …
MANILA, Philippines – Integrated Micro-Electronics Inc. (IMI) of the Ayala conglomerate intends to raise up to P3 billion from the proposed sale of common shares through a follow-on offering. In a disclosure to the Philippine Stock Exchange, IMI said its board of directors has approved the issuance and public offering of up to 215 million common shares, with an over-allotment option for 85 million shares, at an offer price of P10 each. “The offer shares and additional offer shares will have the same rights attached to the common shares being held by our existing common stockholders,” IMI said. The Ayala-led listed firm said proceeds from the offering would be used to finance capital expenditure, business expansion, refinancing and working capital requirements. BPI Capital Corp. is tasked to be the issue manager and lead underwriter for the transaction. IMI was able to secure last April the regulator’s approval to postpone its public share sale for another year as it waits for the right market timing. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The firm listed by way of introduction in 2010, allowing it to postpone a public share sale. The company, however, was penalized for failing to sell shares beyond the leeway. IMI, a provider of electronics manufacturing services (EMS) and power semiconductor assembly and tests services, has existing factories in the Philippines, Mexico, Bulgaria, Germany, China Japan and France. The firm is expecting a double-digit income and revenue growth this year as it serves more energy, mobility, power, Read More …
MANILA, Philippines – The tandem of infrastructure giant Metro Pacific Investments Corp. (MPIC) and conglomerate Ayala Corp. expects to ink next month the concession agreement for the P65-billion Light Rail Transit Line 1 Cavite Extension project. John Eric Francia, managing director of Ayala Corp., said the corresponding down payment would be made during the signing of the concession agreement. “Payment is expected to be made by concession agreement signing, which will potentially happen next month or so,” Francia said in a text message. The winning bidder is required to make a down payment of 10 percent of its P9.35 billion premium bid for the PPP project while the remaining 90 percent would be paid during the concession period of 32 years. Last Sept. 12, the DOTC awarded the LRT-1 extension project to the Light Rail Manila Consortium. The lead member of the group is MPIC Light Rail Corp. with 55 percent while other members include Ayala’s AC Infrastructure Holdings Corp. with 35 percent and Macquaire Infrastructure Holdings (Philippines) Pte Ltd. with 10 percent. The DOTC gave the consortium 20 days to comply with the post award requirement. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Transportation Secretary Joseph Emilio Abaya earlier said the Light Rail Manila Consortium could take over the operations of LRT-1 and begin construction works by October next year or within a maximum of one year from the signing of the concession agreement. Abaya said the PPP project should be fully operational within 54 months or Read More …
PNOC-EXPLORATION Corp. (PNOC-EC) targets the commercial operations of two compressed natural gas (CNG) refilling stations within next year, an official from the Energy department said in a recent interview.
CORN IMPORTERS were the latest to be featured in the Finance Department’s weekly Tax Watch advertisement, which listed the top companies which make up bulk of the inbound shipments.