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 …

Establishments hit by natural and human-induced disasters can now file for extended wage hike exemptions under a new resolution approved by the Department of Labor and Employment (DoLE).

MALACAÑANG yesterday welcomed the Philippines’ credit rating upgrade by international debt watcher Standard & Poor’s (S&P) as it vowed commitment to support programs for inclusive growth.

MANILA, Philippines – Forum Energy, a company owned by businessman Manuel V. Pangilinan, has asked the Department of Energy (DOE) to allow it to resume exploration work in the disputed Recto Bank in the West Philippine Sea, Energy Secretary Carlos Jericho Petilla said in a press conference yesterday. However, Petilla said the DOE has yet to decide on the matter given the ongoing territorial dispute with China. “We will still talk to them (Forum) on why they’re interested and what is the reason why we should lift it (the moratorium),” Petilla said. Forum Energy holds a 70 percent stake in Service Contract 72, which covers Recto Bank. However, in August 2012, the DOE issued a moratorium on all exploration and drilling works in the area due to an ongoing territorial dispute with China. In the same briefing, Rino Abad, director of the DOE’s Energy Resource Development Bureau said Forum Energy has sent the DOE a letter two days ago asking the department to lift the moratorium. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “They want to continue. They wrote a letter to the DOE two days ago. They want the moratorium lifted. If we approve that, they can proceed with the drilling,” he said. Petilla said Forum is still very much keen on continuing the project. “They’re still interested in the service contract. They are talking to CNOOC on a commercial basis. Whatever their arrangement is, they have to present it to us to see if they are Read More …

MANILA, Philippines – Megaworld Corp., the flagship property unit of tycoon Andrew L. Tan, is acquiring a majority stake in affiliate Global-Estate Resorts Inc. (GERI), completing the consolidation of the billionaire’s real estate assets under a single brand. In a regulatory filing, Megaworld said it agreed to buy parent firm Alliance Global Group Inc.’s 49.20-percent stake in tourism estate developer GERI for P10.43-billion. “We are excited that this consolidation will enable us to further capture the growth in the tourism sector through GERI’s projects. The exposure to the tourism industry will also complement our leadership position as the number one landlord and developer of office spaces in the Philippines, specifically for information technology-business process outsourcing companies,” said Megaworld chief finance officer Francisco Canuto. “The acquisition is set to complete the consolidation of all real estate businesses of AGI under the Megaworld brand, enabling the company to capitalize on real estate opportunities and to capture the expected growth momentum of its real estate affiliates,” Megaworld said. The transaction will also increase Megaworld’s landbank to more than 3,900 hectares. Under the agreement, Megaworld will buy the GERI shares at P1.93 per share, which is based on the 30-day volume weighted average price as of Apr. 30. The offer price is supported by a fairness opinion and valuation report issued by Navarro Amper & Co. After the acquisition, Megaworld will own 74.96 percent of GERI. Hence, Megaworld is required to conduct a mandatory tender offer for the remaining GERI shares held by minority Read More …