THE PHILIPPINE Coconut Authority (PCA) has been working with scientists on a strategy to address the coconut scale insect infestation in the country.
Jun 262014
Jun 262014
THE TOURISM department expects to have recorded over 2 million tourists from January to May, about one third of the agency’s full-year target, as the Budget department announced a rollout of half a billion pesos for tourism promotion.
Jun 262014
THE ASIAN Development Bank (ADB) and Japan have established a new trust fund to develop advanced low-carbon technologies in developing Asian countries.
Jun 262014
MANILA, Philippines – Malacanang has directed the Department of Transportation and Communications (DOTC) to immediately resolve the legal hurdles hindering the construction of the P18 billion “connector road” by infrastructure giant Metro Pacific Investments Corp. (MPIC). Transportation Secretary Joseph Emilio Abaya yesterday met with Justice Secretary Leila de Lima in Malacañang to address the legal issues delaying the approval of the road that would connect the North Luzon Expressway (NLEX) and South Luzon Expressway (SLEX). “The President called us all together to resolve the issues. We have to do that because at the end of the day its Presidential approval. We have to protect the President by making sure what we are recommending is legally sound,” Abaya said. A certain lawyer in February questioned before the Department of Justice (DOJ) whether the connector road would be built under the PNCC franchise or would be subjected to a Swiss challenge. Abaya explained that the complainant questioned the shift of the mode of the project from an unsolicited proposal to a Swiss challenge and then to a JV with PNCC. “So those are the legal questions that we passed on to the DOJ,” he added. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The DOTC chief is hopeful that the legal issues could be resolved soon. “So we will see. We hope there is a clear legal solution to it. I am really interested in getting this implemented,” he said. The project would connect NLEX and SLEX via Segment 9 worth Read More …
Jun 262014
MANILA, Philippines – The National Telecommunications Commission (NTC) ordered two companies to immediately stop sending annoying spam messages to the subscribers of Ayala-led Globe Telecom Inc. NTC has issued show-cause orders against Caritas Health Shield Inc. and Center for Global Best Practices due to separate complaints filed by Globe. Globe stated in the complaints that the agents and employees of the two companies are involved in sending unsolicited promotional text messages to its mobile customers. The legal action taken by the telecommunications provider against Caritas and CGBP is in line with the telco company’s intensified campaign to combat text spam, prompted by constant customer service complaints on the issue. The order is expected to provide respite to Globe consumers who constantly receive annoying spam messages. Globe specifically asked the regulatory body to order Caritas, a health insurance company, and CGBP, which offers various training and seminar courses, the payment of appropriate fines and penalties for sending annoying text spam to Globe subscribers. Globe also asked the NTC to permanently bar Caritas and CGBP, its agents and employees from sending spam texts to Globe customers. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The regulatory body also ordered the two companies to appear before the commission on July 15 and to explain in writing within 15 days from receipt of the order why it should not be administratively sanctioned for such violation. Globe general counsel Froilan Castelo said the NTC directive should provide some breathing space for Globe customers who Read More …
Jun 262014
MANILA, Philippines – Consumer loans extended by local banks climbed 13.6 percent in the first quarter as more households borrowed for the purchase of cars and real estate, data from the Bangko Sentral ng Pilipinas showed. Loans extended to individuals and families or those for household expenses amounted to P735.102 billion as of end-March, higher than the P647.062 billion recorded in the same period last year. Central bank data revealed consumer loans during the period made up 15.6 percent of banks’ total loan portfolio net of interbank loans. The increase was due to the continuous rise in auto loans, credit card receivables, and borrowings made for real estate. Auto loans went up 16.3 percent to P194.373 billion in the first quarter from P167.193 billion in the same period last year, while credit card receivables increased by 6.8 percent to P153.396 billion from P143.684 billion. Residential real estate loans also rose 10 percent to P326.917 billion from P279.311 billion, while other consumer loans grew 6.2 percent to P60.417 billion from P56.874 billion. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 BSP data showed non-performing consumer loans summed up to P38.209 billion in the first quarter, comprising 5.2 percent of the total consumer loans portfolio. Loan loss reserves for consumer loans for the period reached P26.939 billion, the central bank also disclosed. The continuous rise in consumer loans has supported domestic consumption, which has remained as the major driver of the Philippine economy. The BSP monitors credit and liquidity conditions to Read More …
Jun 262014
MANILA, Philippines – The tandem of infrastructure giant Metro Pacific Investments Corp. (MPIC) and conglomerate Ayala Corp. would have to wait for two more weeks before getting the green light for the P65 billion Light Rail Transit Line 1 (LRT1) Cavite extension project. Transportation Secretary Joseph Emilio Abaya said the joint bids and awards committee (BAC) of the Department of Transportation and Communications (DOTC) and the Light Rail Transit Authority (LRTA) are now negotiating with the Light Rail Manila Consortium. “In two weeks we expect to make an award. We are in the process of negotiating with the lone bidder,” Abaya said. He pointed out that the government would try to convince the Light Rail Manila Consortium to further improve its P9.35-billion premium payment to the government for the public private partnership (PPP) project under the Build Operate Transfer (BOT) law or Republic Act 7718. “We are mandated to negotiate,” Abaya explained. The National Economic and Development Authority (NEDA) earlier approved the offer made by the Light Rail Manila Consortium. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “We haven’t awarded yet,” Abaya clarified. The lead member of the group is MPIC Light Rail Corp. with 55 percent while other members include Ayala Corp.’s AC Infrastructure Holdings Corp. with 35 percent and Macquaire Infrastructure Holdings (Philippines) Pte Ltd. with 10 percent. Other bidders including diversified conglomerate San Miguel Corp. (SMC) through SMC Infra Resources Inc., construction giant DMCI Holdings Inc., Filipino-owned Megawide Construction Corp., Spanish-owned Globalvia Inversiones SAU, Eco Read More …
Jun 262014
MANILA, Philippines – Foreign tourist arrivals from January to May this year increased three percent to more than two million, according to the Department of Tourism (DOT). DOT Undersecretary Daniel Corpuz said Korea remained the biggest market as it cornered a huge chunk of arrivals. The release of the foreign arrival data was delayed by about three weeks after the Bureau of Immigration came up with a new set of rules on the issuance of immigration cards. As part of efforts to facilitate faster immigration processes at Philippine airports, the government last March ruled that all arriving Filipinos no longer have to fill out the new immigration arrival cards. Foreigners, including Philippine passport holders with existing immigrant status, on the other hand, will be required to fill out the new arrival cards. Corpuz said the BI would be coming up with revised rules which will define the “immigrant status” so as to properly account Filipinos who are Philippine passport holders but have not been living in the country for a long period of time. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “The Bureau of Immigration would require Filipino resident aliens residing outside the country for a long time to fill out the disembarkation card,” he said. He said they have coordinated with the BI for the smooth implementation of the more defined rules. “BI may issue a circular addressed to all consulates around the world. The changes may also be announced by airlines onboard the planes and put Read More …
Jun 262014
Enrique Razon, Jr. photographed at the opening of his business venture Solaire Resort & Casino in 2013. Solaire photo MANILA, Philippines — Forbes Magazine recognized four Filipino businessmen in its annual list of “Heroes of Philanthropy” for launching new and innovative projects the past year. “Our goal is not to rank the biggest givers–the figures would be impossible to collect. Instead we aim to call attention to people and causes,” Forbes Asia editor John Koppisch wrote. He also explained that the 48 people in the list give their own money and not their company’s, unless the firms are owned mostly by them. “We want to focus on the people writing the checks and sketching the broad vision,” Koppisch said in the magazine’s behalf. Century Pacific Group chairman Ricardo Po, Sr., nicknamed “Mr. Tuna” after his companies’ most popular product, launched CPG-RSPo Foundation in 2010 to help eliminate hunger and improve nutrition. Ricardo Po, Sr. giving a food pack to a boy for the Kain Po program of his foundation in 2012. Century Pacific Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Forbes said 83-year-old Po, who experienced hunger himself as a child, served three million meals a year to children. The magazine also named 54-year-old International Container Terminal Services chief executive Enrique Razon, Jr., who set out to rehabilitate most devastated areas after super typhoon Yolanda last year. The ports and casino tycoon also contributed to rebuilding Tacloban’s airport and hospital and to delivering relief supplies via ships. “[Razon] Read More …
Jun 252014
MANILA, Philippines – The peso rallied against the dollar midday Thursday, settling at 43.831 from the previous day’s 43.905. Total volume transacted at the Philippine Dealing System amuonted to $323.5 million, higher than the $311.6 million posted on Wednesday. The peso opened Thursday at 43.82.