Maniolas

Do you know that most of us can’t avail of housing loans from the Social Security System anymore?  Though I have not applied (thus have not been rejected) for this loan, it came as a surprise to me.  The fact is, many of us are not familiar with this agency’s updated products and services, and for those of us in the private sector who are SSS members, this may be our loss. I thought it was an opportune time to invite a top SSS official to the TV show Business & Leisure. Vice president May Catherine Ciriaco came for a one-on-one interview and was happy to do so because they had something new to offer to our “kababayans” who may be recent calamity victims and wanted to share this with television viewers: The SSS Calamity Relief Package may not seem significant to others, but for those who lost their house or their livelihood, the aid is welcome like manna. For pensioners in calamity areas for instance, they are allowed to advance three month’s pension to tide them over, and because of Yolanda, this was extended to six months’ worth of advance pension. There is also the Salary Loan Renewal Program for those who still have outstanding salary loans with SSS. Such salary loans normally take two years to pay, but if records will show that you have paid at least half (one year), SSS allows the renewal of the loan and even waives the one percent service fee for the Read More …

COSTLIER electricity looms for households and establishments in Metro Cebu by the end of 2014, said an official of the Visayan Electric Co. (Veco). The increase will be roughly 27 centavos per kilowatt hour or three to four percent higher in most consumers’ electricity bills, said Veco Chief Operating Officer Sebastian Lacson, during his presentation during the 23rd Visayas Area Business Conference in the Oakridge Business Park in Mandaue City last Aug. 22. He attributed the increase to the privatization of the Unified Leyte Geothermal Power Plant, from which Veco secures 30 percent of its supply, for distribution in Metro Cebu. “By the fourth quarter of this year, the last (government-) subsidized power in the Visayas will be gone. It (Unified Leyte) has been privatized, and the owners will take possession of the plants by the fourth quarter of this year. Its power supply buyers, like Veco, will be paying market rates for this power…which means rates are going to go up,” Lacson said. Last year, the Power Sector Assets and Liabilities Management Corp. (PSALM), the government agency tasked to privatize state-owned power assets, held the bidding for the selection and appointment of Unified Leyte’s independent power producer administrators (IPPAs). The 588.5-megawatt geothermal power complex is located in Tongonan, Leyte. It consists of four production wells: the 125-mw Upper Mahiao plant, 232.5-mw Malitbog plant, 180-mw Mahanagdong power plants and the 51-mw optimization plants. The good news, amid this impending increase caused by privation and the reduction of government subsidies, is Read More …

MANILA, Philippines – The birth of a third child usually signifies the end to owning any car that’s remotely stylish. The dream of owning something that’s out-of-this-world fun is replaced by something much more down-to-earth. Adjectives such as “sporty” and “dynamic” are replaced with “comfortable” and “practical.” Thankfully, modern day moms and dads are blessed with a player out there; one that manages to blend practicality with some French flair. Meet the Peugeot 5008—a sexy MPV that’s also quite sensible. The Peugeot 5008 looks nothing like a typical MPV. In fact, the styling is more wagon than family hauler. Upfront, it has the modern Peugeot family face with the triangular headlights, split grille work, and the large lion emblem set upon a shield-like opening. The 5008 equally impresses in the detailing as well. It uses subtle curves, creating a delicate play of light, especially in the front quarter. At the side, the 5008’s wheelbase has been clearly stretched out, endowing it with a 2,727mm wheelbase despite the compact 4,530mm overall length. The nice detail work continues with the rising chrome beltline, front fender flare, and the parallel front-back crease line. Even the wheels, fitted with Michelin Primacy HP 215/50R-17 tires look perfect. The rear is perhaps the only view on the 5008 that looks like an MPV. And yet, there’re still some things left to talk about such as the rectangular taillights that seem to wrap around the rear fenders and the rear glass that dips to fit the Peugeot Read More …

MANILA, Philippines – The peso plunged against the dollar midday Tuesday, settling at 43.566 from the previous day’s 43.475. Total volume transacted at the Philippine Dealing System amounted to $762.1 million in the morning, higher than the $395.5 million posted the same period on Monday. The peso opened Tuesday at 43.51.

MANILA, Philippines – GT Capital Holdings Inc. of banking tycoon George S.K. Ty is acquiring 40 percent of the shares held by its banking units Metropolitan Bank & Trust Co. and Philippine Savings Bank in a leasing and financing company catering to Toyota vehicles for P2.1 billion. In a disclosure to the Philippine Stock Exchange, GT Capital said it has signed a sale and purchase agreement with Metrobank and PSBank for the acquisition of their respective 15-percent and 25-percent stakes in Toyota Financial Services Philippines Corp. (TFSPC). GT Capital said the share purchase is part of the company’s strategy to invest “in market leading businesses that bring synergy to its current component companies.” As for Metrobank and PSBank, GT Capital said the transaction is in line with their capital planning initiatives under the new Basel III global banking standards. The P2.1-billion acquisition price was derived following an independent valuation exercise and subjected to third-party fairness opinion, the investment holding firm said. TFSPC is one of the country’s leading leasing and financing companies, exclusively catering to Toyota vehicles. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Last March, GT Capital acquired another Toyota cars and parts distributor, buying 62.42 million common shares or 79.84 percent of Toyota Cubao Inc. for P311.5 million. Toyota Cubao, formed in 1989, is one of the pioneering and leading Toyota dealerships in the Philippines. GT Capital posted a net income of P4 billion in the first half of the year, down more than a third Read More …