Could lady luck be turning her back to the powers-that-be at the Bases Conversion and Development Authority (BCDA)? Just recently, the Department of Environment and Natural Resources (DENR) reportedly stood by the Baguio City government in not finalizing BCDA’s application for a special patent covering the 14 barangays within the Camp John Hay (CJH) reservation. DENR Cordillera OIC Paquito Moreno Jr. said the special patent being sought by BCDA could not be issued in view of Baguio City Resolution 362 (1994) which listed 19 conditions for the city government’s turnover of the erstwhile US military camp to BCDA. Condition No. 14 of that resolution excluded from the CJH reservation 14 barangays, namely, Green Water, Country Club, Upper Dagsian, Lower Dagsian, Sta. Escolastica, Hillside, Happy Hollow, Loakan Apugan, Atok Trail, Loakan Proper, Camp 7, Loakan Liwanang, Lucnab and portions of Outlook Drive. SunStar Baguio reported that the DENR move has “strengthened the resolve” of the city government to appeal to the BCDA to comply with the 19 conditionalities, and has prompted Baguio City mayor Mauricio Domogan to order the city’s Legal Office to file a case for specific performance against the BCDA for breach of this resolution in applying for a special patent covering the 14 barangays. BCDA suffered another setback when the Baguio City government reportedly opposed BCDA’s application for a permit with the National Water Resources Board (NWRB) to tap Barangay Greenwater as a source of spring water for CJH. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Read More …

Manny and Jinkee Pacquiao File Photo by Elton Lugay MANILA, Philippines—World boxing champ and Saranggani Rep. Manny Pacquiao and his wife Jinkee have asked the Supreme Court to stop the Court of Tax Appeals (CTA) from requiring them to deposit a cash bond of P3.29 billion or a surety bond of P4.94 billion as a condition to suspend the collection of their alleged tax deficiencies in 2008 and 2009. In a petition for certiorari filed before the high court last month, the Pacquiaos said the payments being ordered by the tax court far exceeded their current net worth of P1.186 billion. The Bureau of Internal Revenue (BIR) initially said the Pacquiaos had evaded tax payments of P2.2 billion, but the amount was later increased to P3.29 billion, according to the petition. The petition, dated July 24 but released only on Friday, named as respondents the CTA, where the Pacquiaos are fighting the tax deficiency collection, and the BIR, which initiated the action. “If it was impossible for petitioners to simply settle the deficiency income tax assessments because the amount sought to be collected by respondent commissioner far exceeds their net worth, then for the same reason, it is equally impossible for petitioners to post the required cash or surety bond,” the 75-page petition said. Bond exceeds net worth “Petitioners will be unable to post the required bond within the prescribed period (10 days) since the amount of the bond required far exceeds their net worth, not to mention that a Read More …
Control your own destiny or somebody else will. —Jack Welch Who are your personal heroes or people you admire the most and wish to emulate in terms of success? Whether it’s tycoons John Gokongwei Jr., Lucio C. Tan or revolutionary Andres Bonifacio, reading about the exploits and lives of achievers in biographies will inspire you as well as give valuable lessons. At a recent luncheon, I was seated beside entrepreneur JR Palomo of Be/Loved boutique photography and his parents, Robert Palomo and Evelyn “Toots” Palomo, who own 40 outlets of Great Image Studio, which has been in SM malls for the past 30 years. When I asked who they most admire as a business icon or role model, former Ayala Group investment banker Robert Palomo replied: “Jack Welch.” The 79-year-old retired businessman John Francis “Jack” Welch Jr. is a chemical engineer who became one of the most legendary business leaders in the history of capitalism. He served as chairman and CEO of General Electric from 1981 and 2001, changing GE and leading it towards explosive growth as one of the world’s most valuable companies. Under his leadership, GE’s value rose 4,000 percent! Fortune magazine in 1999 hailed him as “Manager of the Century.” When I asked for five reasons why he admires Jack Welch, Palomo enumerated the following, and I am adding my personal comments to each: 1. Jack Welch looks at the bottom line. I agree. No matter how colorful or impressive a chief executive officer can be, one Read More …
INTERNATIONAL DONORS can now refer to a set of rules when securing duty and tax exemptions for their donations during calamities in the country.
THE PHILIPPINE Chamber of Commerce and Industry (PCCI) wants to put up additional air services going to Indonesia in the cities of General Santos and Davao to facilitate trade in and out of the country, an official said.
THE DEPARTMENT of Budget and Management (DBM) has released P7.68 billion to the National Electrification Administration (NEA) to energize rural communities throughout the country.

Agri-entrepreneur awardee Senen Bacani, author Joey Concepcion, Secretary Francis Pangilinan, Senator Cynthia Villar, Undersecretary Berna Romulo-Puyat, Dr. Jaime Alip and New Zealand Ambassador Reuben Levermore with the over 7,000 participants and delegates inside the World Trade Center The first Agri-Negosyo Summit was a huge success! Over 7,000 participants showed their keen interest in this sector. The various speakers showed that there’s money in agriculture, as exemplified by their respective negosyo models, and how several institutional enablers can assist them. Over 40 resource persons/ agripreneurs and enablers surely empowered all the participants that day. The learnings and opportunities have been provided and it is now up to the participants to make good use of them. The choice is ours. And, as we say, success is for those who want it most. That is why Go Negosyo is promoting agripreneurship, because millions of Filipinos live near lands dedicated to agriculture and they should maximize it. With the Go Negosyo bill now signed into law, agri-negosyo should be a major component in the development of the economy of this country.
Is P400 million enough to construct an 11-storey building? Observers note that for the Makati City government under the leadership of former Mayor Jejomar Binay and current head Junjun Binay, it wasn’t. In 2007, councilors passed a resolution to secure a P400 million loan from the Land Bank of the Philippines (LBP) for the construction of an 11-storey parking building. Based on official data from the National Statistics Office (NSO), the said amount was more than enough to cover the construction cost as only P7,691 per square meter was needed for commercial and institutional buildings during that time. With a total area of 31,928 square meters, the construction of the parking building will cost just aroundP246 million, giving the city savings of about P154 million. However, P400 million was still not enough. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 In 2010, or less than three years after the initial fund was approved, the city council and new Mayor Junjun Binay approved the appropriation of an additional P760 million for the construction of the building, bringing its total to P1.16 billion. Not contented with the additional funds, the Binays did not stop there. The next year, Mayor Binay approved a city council resolution earmarking another P400 million from the P5-billion loan it obtained from the Land Bank of the Philippines (LBP) for the construction, raising the total budget to P1.560 billion. However, the existing acceptable construction cost per square meter is only P25,000 per square meter or P798 million Read More …
MANILA, Philippines – Globe Telecom Inc. and dominant carrier Philippine Long Distance Telephone Co. (PLDT) inked a new interconnection pact allowing their subscribers in Sorsogon to call each other without additional charges. Froilan Castelo, general counsel of Globe, said the company, through Globelines, and PLDT are also in talks for similar interconnection arrangements in Zambales, Misamis Occidental and Ilocos Norte. “We are happy to announce the expansion of Globe Telecom’s interconnection with competition to include the province of Sorsogon, which further enhances our customers’ access to affordable telecommunication services. We are hopeful that such collaboration and cooperation for cost-effective services will further extend to more and more provinces in the country,” he said. Globe and PLDT are now interconnected in Metro Manila, Cavite, Iloilo, Capiz, Batangas, Cebu, Negros Occidental, Negros Oriental, Bohol, Leyte, Davao City, Pampanga, Bulacan, Zamboanga, Laguna, Quezon, La Union, Nueva Ecija, and Benguet, GenSan/South Cotabato , Tarlac, Davao del Norte and Pangasinan. Republic Act 7925 or the Public Telecommunications Policy Act mandates the compulsory interconnection of authorized public telecommunications carriers to create a universally accessible and fully integrated nationwide telecommunications network. The law also encourages more infrastructure investments from the private sector that would benefit the consumers. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The local interconnection between Globe and PLDT allows landline customers of both entities to realize substantial savings as they no longer have to pay for long distance charges when calling one another. Prior to the commercial activation of the interconnection, landline Read More …
MANILA, Philippines – The group of taipan Lucio Tan expects to take back full control of flag carrier Philippine Airlines Inc. (PAL) as early as this month. After reclaiming management control of PAL, the taipan’s next move is reportedly to take in Abu Dhabi-based Etihad Airways as partner. A source said negotiations regarding the buyback of the 49 percent interest of diversified conglomerate San Miguel Corp. (SMC) is expected to be completed in the next few weeks, paving the way for the return of full ownership of PAL back to the Tan Group on Aug. 27. The source said talks between the Tan Group and SMC have narrowed down to the value of the buyout as well as the terms of payment. SMC president and chief operating officer Ramon S. Ang confirmed that the Tan Group had made a formal offer to buy back the conglomerate’s stake in PAL. However, he clarified that negotiations are still ongoing. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Yes, still in talks,” Ang said in a text message. Ang is president and COO of PAL while Tan serves as chairman of Asia’s first airline. Tan chairs the 11-man board of PAL while directors include Lucio Tan Jr., Harry Tan, Michael Tan, Inigo Zobel as well as Ang, Aurora Calderon, Roberto Ongpin, Ferdinand Constantino and independent directors Antonio Alindogan and Enrique Cheng. Estelito Mendoza serves as the airline’s corporate secretary. The Tan Group is reportedly raising close to $1 billion to buy back Read More …