Maniolas

MANILA, Philippines – Public infrastructure spending jumped by nearly half in February, reflecting the Aquino administration’s commitment to keep the Philippines as one of the fastest-growing economies in Asia.        The government continued to pour more funds into infrastructure development with total spending rising to P49.8 billion or P16.4 billion higher year on year. Both local and foreign investors have long cited the country’s fragile and patchy infrastructure as one of the biggest hindrances to sustainable and inclusive growth. Budget and Management Secretary Florencio B. Abad said increased spending on various infrastructure projects brought total government disbursements to P313 billion, up 11 percent from the P282 billion recorded during the same period of 2013. These projects include the Armed Forces of the Philippines (AFP) Modernization Program of the Department of National Defense (DND) and those implemented by the Department of Public Works and Highways (DPWH), Department of Transportation and Communications and Department of Health. Among the transportation and communication facilities include the renovation of the Ninoy Aquino International Airport (NAIA) Terminal 1. Business ( Article MRec ), pagematch: 1, sectionmatch: 1  “We expect to ramp up infrastructure and other priority disbursements further for the succeeding months, particularly post-Yolanda reconstruction and rehabilitation efforts. As we deeply embed reforms in the processes of government departments and agencies, we are enabling them to improve their utilization of public funds,” Abad said. Accelerating reconstructing spending would offset the drag on consumption from the effects of natural disasters last year.  “The Aquino administration’s reforms for faster Read More …

MANILA, Philippines – Filinvest Development Corp. (FDC), the investment firm of the Gotianun family, is pursuing synergies with its property unit through the launch of more hotels in mixed-use developments. The listed holding firm plans to put up as much as seven hotels through different brands in commercial centers and tourist spots nationwide in the next few years, its top executive said. “We have five to seven hotel projects in the works. Some already broke ground while some are in the planning stage,” said FDC president and CEO Josephine Gotianun-Yap. FDC has identified tourist spots Boracay and Tagaytay for its new hotels while mixed-use projects of property arm Filinvest Land Inc. (FLI) in Binondo, Cubao and Ortigas Center would feature hotels, Gotianun-Yap said. Subsidiary FDC Hotels Corp. recently started the construction of the P3.49-billion, 192-room Crimson Resort and Spa in Boracay Island that would start operations in 2016. “Our hotel brand will be dependent on the location and the market segment,” Gotianun-Yap said. For instance, the company would put up an affordable hotel in the Cubao lot formerly owned by National Bookstore. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Hence, FDC would be able to offer a complete portfolio of hotels ranging from the affordable segment to the upscale brands. In Cebu, FDC operates the 400-room Quest Hotel and Conference Center in Cebu that caters to the middle income segment. FDC also owns Crimson Resort and Spa at Seascapes Resort Town in Cebu and Crimson Hotel Filinvest City Read More …

MANILA, Philippines – Sustained economic growth, continued improvement in governance and reduction of sectors in which foreign participation is limited will be crucial to achieving the European Union’s (EU) aim of doubling its investments in the country in the next five years. EU Ambassador to the Philippines Guy Ledoux told reporters during the celebration of Europe Day 2014 that while the EU is already the biggest foreign investor here it intends to keep its position by doubling the amount of investments in the next five years. EU’s foreign direct investment (FDI) stock in the country is worth 7.6 billion euros, around 30 percent of the country’s FDI stock.  “If all the parameters I mentioned before (such as) macroeconomic management, improvement in governance, reduction of corruption and addressing the (Foreign Investment) Negative List (FINL) issue, if all these elements are there, there are high hopes we can reach that target,” said Ledoux. He noted that many European investors are considering the Philippines as a place to do business because of the country’s significant improvement in macroeconomic environment, investment grade status and the government’s good governance thrust. “European companies are interested to explore opportunity in a fast growing market,” he said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 He said that through the revision of the FINL, the country would be able to attract more foreign firms to make investments. The FINL, which is released every two years, identifies investment areas or activities which may be opened to foreigners and Read More …

MANILA, Philippines – Dominant carrier Philippine Long Distance Telephone Co. (PLDT) is confident that it would dominate the pay-TV industry by the fourth quarter of the year as it strengthens the company’s multi-media initiatives. PLDT chairman Manuel V. Pangilinan said Cignal Digital TV is currently the largest single brand pay-TV service and number one in terms of digital service in the country with approximately 705,000 subscribers as of end-April. “I think it will be the number one pay TV service overall by the fourth quarter this year because it is growing by leaps and bounds,” Pangilinan said. He likened the growth of the digital pay-TV business to the strong growth experienced by the cellular phone market compared to the fixed line over the past few years. “It is the similar story between the growth of cellular many years ago versus the growth of fixed line. It is so much easier to connect on a wireless delivered system and at the same time Cignal has a national footprint,” he added. The subscriber base of direct-to-home Cignal TV jumped 36.5 percent to 602,000 last year from 441,000 in 2012. Of the total subscriber base about 68 percent are prepaid subscribers with plans ranging between P290 per month to P430 per month while 32 percent are postpaid subscribers with plans ranging between P430 and P1,590. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 As of end-December, Cignal TV had 104 channels including 13 free-to air as well as are standard definition channels Read More …

Cebu City , Philippines   – More than 25 Philippine hotels, resorts and tourism industry associations have received skills development grants from Asian Development Bank (ADB) and the Government of Canada to upgrade the quality of services of their respective tourism workers. The grants scheme program, established by the Department of Tourism (DOT), forms part of the Improving Competitiveness in Tourism (ICT) project. Launched in 2013, the $7.1-million technical assistance was designed to support the government’s effort to achieve inclusive growth and create employment opportunities in tourism. Chosen from the country’s main tourism destinations, the awardees are based in Bohol, Cebu, Davao, and Palawan, which serve as the program’s pilot areas. Under the program, which will run for 38 months, various accommodation enterprises submitted proposals to help fund their skills training programs. These include food and beverage preparation and service, front office, personality development, housekeeping, and leisure and entertainment activities. “We welcome this technical assistance as it complements our National Tourism Development Plan which targets to increase tourism revenue, employment, and arrivals to aid in job creation and poverty reduction. Our collaboration with the Asian Development Bank and the Government of Canada for this grants scheme program proves that international institutions recognize the role of tourism as a key driver of  economic development in the country,” Tourism Secretary Ramon Jimenez Jr. said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The Improving Competitiveness in Tourism project aims to deliver three outputs, namely: assistance for local governments to reduce red tape Read More …