Ayala-Aboitiz tandem asks Palace to dismiss CALAX appeal of SMC

 Economy
Jul 212014
 
Ayala-Aboitiz tandem asks Palace to dismiss CALAX appeal of SMC

MANILA, Philippines – The tandem of Ayala Corp. and Aboitiz Land Inc. has asked Malacanang to dismiss the appeal filed by San Miguel Corp. (SMC) regarding its disqualification in the bidding for the P35.4 billion Cavite-Laguna Expressway (CALAX) project held last month. Team Orion, a 50-50 joint venture between Ayala’s AC Infrastructure Holdings Corp. and Aboitiz Land, submitted to the Office of the President a comment on the Memorandum of Appeal filed by SMC last June 27 appealing the disqualification of Optimal Infrastructure Development Inc. Team Orion spokesperson Roman Azanza III said the group earlier filed a Motion to Intervene with Malacanang to inform the public about the ongoing dispute in the award of the infrastructure project. “We believe that nobody or no entity should ever be allowed to undermine the bidding process. There are rules and procedures that must be followed in a public bidding. If we do not follow it, and if we let errant participants act outside of the rules of a public bidding process, then the whole process will lose credibility,” Azanza said. He warned that the controversy puts in peril close to P900 billion worth of major infrastructure projects  under the Aquino administration’s PPP scheme. “We stand more to lose as a nation if we do not respect our own bidding rules and procedures. We need to keep the hard-earned confidence of investors in the stability and integrity of our public bidding process,” he said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Losing Read More …

Wedding planners open S’pore expo to promote Phl as wedding venue

 Economy
Jul 212014
 
Wedding planners open S’pore expo to promote Phl as wedding venue

MANILA, Philippines – Philippine wedding planners will formally open an exposition in Singapore to showcase world-class Filipino talent and promote the Philippines as a prime international wedding destination. The event, dubbed “Philippine Weddings @ Singapore,” is a two-day expo opening on July 27 at the Raffles Convention Center in Singapore jointly organized by Destination Events & Business Solutions (DEBS) and the Philippine Association of Wedding Planners (PAWP). DEBS president Giselle De Leon said they are grateful for the support the Philippine government is extending to the expo.  “Since his appointment in May, Philippine Amb to Singapore Antonio Morales has been aggressively pushing for stronger economic ties between the Philippines and Singapore. His presence at the expo is a strong sign that our government now sees a lot of economic potential in the wedding industry,” De Leon said. For her part PAWP president Liza Alviedo said: “By going international, we are sending a strong signal that the Philippine wedding industry is now ready to provide services at the highest level.  There is a large of pool of talent in the country that is just waiting to be tapped.” The expo, the first in a series of international roadshows stretching to January next year, will feature more than 50 companies involved in the wedding industry that are currently providing services across the country. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Among the participating companies include those in fashion design, photography, catering, jewelry, hotels, and resorts. De Leon said the companies Read More …

Proposed P7.2-B budget terminal in Clark to be presented to NEDA

 Economy
Jul 212014
 
Proposed P7.2-B budget terminal in Clark to be presented to NEDA

MANILA, Philippines – The Clark International Airport Corp. (CIAC) is set to present to the National Economic and Development Authority (NEDA) the master plan for the aerotropolis and the feasibility study for the proposed P7.2-billion low cost carrier (LCC) terminal in Pampanga. Transportation Secretary Joseph Emilio Abaya said the master plan and feasibility study prepared by Aeroports de Paris (ADP) of France would be presented to the NEDA-Investment Coordination Committee next month. “ADP presented its concept design for a new LCC terminal to DOTC and CIAC officials last month, and CIAC is now scheduled to present this proposal to the NEDA-ICC in August,” Abaya said. According to Abaya, the P417-million improvement project of the existing passenger terminal building at the Clark International Airport was completed last May raising the annual passenger capacity from 2.5 million to four million. The project increased the size of the building to 19,799 square meters from 11,439 square meters. Likewise, the number of check-in counters was also increased to 34 from 13 with the addition of 12 departure counters and five arrival counters to accommodate more passengers and ease queuing. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The modernized portion of the terminal itself has eight entry points and three customs stations allowing the international airport to accommodate more international flights from Qatar Airways and Emirates. On the other hand, Abaya said the proposed new budget terminal would further boost the capacity of the international airport to between eight and 16 million passengers Read More …

URC acquires NZ snack food firm

 Economy
Jul 212014
 
URC acquires NZ snack food firm

MANILA, Philippines – Snacks and beverage giant Universal Robina Corp. (URC) of the Gokongwei family is taking over the leading biscuit and snack food company in New Zealand for NZ$700 million (roughly P26.4 billion), marking its largest acquisition to date. The acquisition jumpstarts URC’s goal of becoming a major regional player while continuing the trend of Philippine firms buying established companies abroad. In a regulatory filing, URC said its wholly owned offshore subsidiary URC International Co. Ltd. entered into an agreement to acquire 100 percent of NZ Snack Food Holdings Ltd. (NZFHL) from management and funds advised by Pacific Equity Partners. “The transaction is valued at NZ$700 million and is subject to approval by New Zealand’s Overseas Investment Office,” URC said. NZFHL is the holding company of Griffin’s Foods Ltd., New Zealand’s leading biscuit and snack food company with approximate net sales and earnings before interest, taxes, depreciation, and amortization of NZ$280 million and NZ$78 million, respectively. “In recent years URC has been looking for opportunities to explore potential acquisitions and partnerships in line with our vision to be a significant regional player in snack foods and beverages,” said URC president and CEO Lance Gokongwei. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 While URC has already built strong brands, the strategy is to continue offering existing consumers and markets in Southeast Asia and Greater China with innovative, convenient, lifestyle-focused and on-the-go products, Gokongwei added. “Griffin’s board believes URC’s significant experience in developing its own export markets makes it Read More …

Better BoP position expected

 Economy
Jul 202014
 

THE COUNTRY’S external payments position is expected to improve in the coming months even as another deficit was recorded in June — widening the year-to-date gap — on the back of more capital inflows, robust remittances and strong exports, the Bangko Sentral ng Pilipinas (BSP) said.

Mindanao local investment codes pushed

 Economy
Jul 172014
 

DAVAO CITY — The Mindanao Development Authority (MinDA) wants municipal governments on the island to firm up their respective investment codes to serve as basis for identifying priority ventures that the agency can match with prospective private investors, a spokesman of the agency said in a recent statement.

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