GSIS to roll out e-billing system

 Economy
May 012014
 
GSIS to roll out e-billing system

MANILA, Philippines – The Government Service Insurance System (GSIS) will roll out an electronic billing collection system (eBCS) that will allow the state pension fund to send its billing statements for premium and loan amortization to government agencies as well as accept payments online.  “The online billing and electronic payment will save GSIS millions of pesos in postage and courier expenses as files will change hands electronically at no cost,” GSIS president and general manager Robert G. Vergara said. To be introduced in July, the eBCS will enable government agencies to upload the electronic remittance file which contains the list of members and their monthly remittances, and review the account history of members. The system will also generate reports that will allow GSIS members to check, update data, and correct errors  before remitting payments online, making their jobs easier and faster. Under eBCS, the pension fund will notify remitting agencies through email on the first and 15th day of the month to inform them that they can already download the billing statement from the system. The remittance list may then be uploaded by the remitting officers who will match it with the billing statement.  Should both files match, the agency could already pay the amount due the GSIS online. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Agencies that lack online capability may still pay either over the counter or through banks. To facilitate the payment of remittances, eBCS will be electronically linked to servicing banks accredited by the Read More …

Napocor completes repair of Angat rain gauge stations

 Economy
May 012014
 
Napocor completes repair of Angat rain gauge stations

Sta. Rita MANILA, Philippines – The National Power Corp. (Napocor) has completed the repairs of three remote rain gauge stations at the Angat Watershed Reservation in Bulacan, the state-run power company said yesterday. The move is part of Napocor’s efforts to prepare for the rainy season as water elevation in Angat Dam remains low. Napocor, through its Dams Management Department’s Flood Forecasting and Warning System Division (FFWSD), has repaired the Matulid, Maputi and Talaguio rain gauge stations, Napocor president Ma. Gladys Cruz-Sta. Rita said. “These rain gauges measure rainfall intensity in the area which translates to water inflow and help us manage water utilization in Angat Dam. Data collected from these rain gauges are very important especially during rainy season because it supplies the primary inputs in forecasting inflow to the reservoir,” she said. She said that with the assistance of the National Grid Corp. of the Philippine’s (NGCP), the country’s power grid operator, Napocor personnel were able to expedite the repair of the rain gauges located distantly from each other and which are almost not accessible by land. The repair works are part of Napocor’s regular maintenance of the facility. These include replacing of batteries, checking of wires and cleaning of rain gauges and solar panels. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Based on Napocor data, Angat Dam’s elevation is at 183.62 meters above sea level (masl) as of yesterday. “There has been no decrease in water elevation since yesterday. In fact, the water level increased Read More …

Revisiting worker’s statutory leave benefits

 Economy
Apr 302014
 

NOWADAYS, contrary to its commemorative spirit, the celebration of Araw ng Manggagawa or Labor Day is punctuated by protest rallies organized by different labor groups to air their grievances. With besetting socioeconomic realities such as inflation, erosion of security of tenure and unemployment, the promotion of labor rights should not be reduced to lip service. Such realities should, in fact, compel the issuance and implementation of responsive legislation protecting the welfare of workers.

Fore for golf

 Economy
Apr 302014
 
Fore for golf

The potential of golf tourism in the Philippines continues to be untapped, and just because the country’s top CEOs like Ramon Ang and Manny Pangilinan or the President of the Republic don’t play golf should not be a reason why some serious attention should not be given to this sector. The Philippines is in this part of the world that is in the midst of growth. Southeast Asia, of which the Philippines is a part of, is one of the fastest growing economies in the world today. The region has a huge consumer base, larger than all of European nations combined, and are tech-savvy, young and upwardly mobile. China, Japan, Australia and Korea are countries that have a sizeable population of golfers who enjoy going on golf tours during their winter months. And many of them bring their families with them to shop, surf or simply laze in the sun during these breaks. In fact, in a recent report by the International Association of Golf Tour Operators, worldwide golf holiday sales by golf tour operators have grown by more than 20 percent over the past two years, and early figures this year already show strong growth. As to be expected, growth is coming from Asia and Australia, which were up 12.8 percent and 22.5 percent, respectively from last year compared to 2012. Even in Europe and North America, which are still hurting from the global financial crisis of 2007, growth of golf tours are already at double digit. More than Read More …

PAFMIL assures no increase in flour, bread prices

 Economy
Apr 302014
 
PAFMIL assures no increase in flour, bread prices

MANILA, Philippines – The Philippine Association of Flour Millers Inc. (PAFMIL) assures the public there would be no increase in bread prices despite the provisional duty imposed on Turkish flour imports. According to PAFMIL, there should be no upward movement in the price of bread products such as pan de sal and Pinoy Tasty as flour product prices are stable. The assurance was given amid concerns that there would be price increases following the Department of Agriculture’s (DA) decision to impose provisional anti-dumping duties on imported Turkish flour. “The public should not be unduly worried that bread prices will increase after the DA move. The higher bread price scenario is pure speculation and bereft of any basis,” PAFMIL executive director  Ric Pinca said. Trade Undersecretary Victorio Mario Dimagiba likewise said the imposition of additional anti-dumping duties on Turkish flour would not have any effect on the prices of pan de sal and Pinoy Tasty as bakers have given assurances that they would not raise their prices. Dimagiba said the price of the 450-gram Pinoy Tasty would remain at P37 per loaf, while that of pan de sal would stay at P22.50 for each 10-piece pack.  Business ( Article MRec ), pagematch: 1, sectionmatch: 1 While locally milled flour is used for these bread products, he said even the bread made from branded imported flour would not have any price increase. Philippine Federation of Bakers’ Associations, Inc. president Chito Chavez said his group is also not in favor of any increase Read More …

Alphaland sells Shangri-La at The Fort stake

 Economy
Apr 302014
 
Alphaland sells Shangri-La at The Fort stake

MANILA, Philippines – Upscale property developer Alphaland Corp. has unloaded its minority stake in the Shangri-La at The Fort hotel and luxury residential project, giving it much-needed cash to continue operations. The asset disposal comes on the heels of several fundraising programs by the property firm of former trade minister Roberto V. Ongpin. In a disclosure, Alphaland said it completed yesterday the sale of a 20-percent stake in the Shangri-La at The Fort project. “The stake was sold to subsidiaries of Shang Properties Inc. for a total cash consideration of P1.7 billion,” Alphaland said. The 60-storey Shangri-La at The Fort is composed of 576 hotel guest rooms, 97 hotel residences and 96 exclusive Horizon Homes. It is scheduled to open in early 2015. The hotel features over 4,600 square meters of meeting and banqueting facilities including ballrooms, function rooms, a business center, a teleconferencing room, and a 350 square meter high-end outdoor events area. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The divestment in Shangri-La at The Fort marks the latest fundraising initiative of Alphaland. Despite facing a delisting process, Alphaland raised almost P300 million from the sale of 109 million new common shares to private foreign investors early last month to comply with the minimum public ownership requirement. “The subscriptions have resulted in a cash inflow of more than P272 million to the company, which it sorely needs in order to maintain operations,” the property firm earlier said. In March, the Philippine Stock Exchange (PSE) announced that Read More …

Toshiba subsidiary seeks PEZA incentives

 Economy
Apr 302014
 
Toshiba subsidiary seeks PEZA incentives

MANILA, Philippines – A subsidiary of Japanese engineering and electronics firm Toshiba  Corp. is seeking incentives from the Philippine Economic Zone Authority (PEZA) for the local production of hard disk drives.     “Toshiba Information Equipment Philippines Inc. with plant site at the  Laguna Technopark – Special Economic Zone has filed with the PEZA an application for pioneer status to be granted to its production of new  generation 2.5-inch  hard disk drive based on newness of product and  technology,” the PEZA said in a published notice yesterday.    PEZA said the application has been officially accepted and is  currently being processed.    If approved, the firm would be able to enjoy income tax holidays for six years. The PEZA, an attached agency of the Department of Trade and Industry,  is tasked to promote investments, extend assistance, register, grant incentives as well as facilitate the business operations of investors  engaged in export-oriented manufacturing in areas proclaimed by the President of the Philippines as PEZA Special Economic Zones.    Aside from export manufacturing, other activities which could qualify  for PEZA registration and incentives are information technology service export, tourism, medical tourism, agro-industrial export  manufacturing, agro-industrial biofuel manufacturing and logistics and  warehousing services.    Business ( Article MRec ), pagematch: 1, sectionmatch: 1 PEZA, likewise, gives incentives to firms engaged in the development and  operation of economic zones.    The government offers incentives to encourage investments to be made  in the country.  

Alliance Global profit up 13% to P23.1B

 Economy
Apr 302014
 
Alliance Global profit up 13% to P23.1B

MANILA, Philippines – Investment firm Alliance Global Group Inc. (AGI) recorded another banner year in 2013, posting double-digit growth in earnings and revenues driven by the real estate and liquor businesses. Ongoing expansion projects will allow the holding firm of property tycoon Andrew L. Tan to further improve its performance in the long term, the company said in a disclosure. Net income of AGI rose almost 13 percent to P23.1 billion last year from P20.5 billion a year ago while consolidated revenues picked up 21 percent to P123.4 billion from P102.1 billion. “We are elated that the group continues to show robust financial performance. We believe that all the ongoing expansion happening at the major subsidiaries of AGI will provide the impetus for sustained growth in the long run,” said AGI president and chief operating officer Kingson U. Sian. Net income attributable to AGI shareholders climbed by nearly a quarter to P17.2 billion from P13.9 billion in 2012. Specifically, attributable earnings from Emperador Inc. hit P5.3 billion, followed by Megaworld Corp. at P5.3 billion, Travellers International Hotel Group Inc. at P1.2 billion, Golden Arches Development Corp. at P387 million and Global-Estate Resorts Inc. (GERI) at P224 million. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Emperador, through its wholly-owned subsidiary Emperador Distillers Inc., sold 33 million cases of products, mostly brandy, last year, up by two million cases from 2012. AGI said Emperador recorded higher sales despite the increase in liquor tax at the start of 2013. “Megaworld’s performance Read More …

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