THE POWER Sector Assets and Liabilities Management Corp. (PSALM) plans to start the bidding process for two geothermal power plants in Mindanao this quarter, the state-run firm’s top official said over the weekend.
Apr 132014
Apr 132014
AS THE day of reckoning for the Association of Southeast Asian Nations (ASEAN) Economic Community (AEC) draws closer, our clients have been asking how further integration will impact doing business and operating in a regional environment given the diversity of culture, political platform, scale of market and geography.
Apr 102014
DEVELOPMENT of the first two phases of the 146-hectare (ha) Poro Point Freeport Zone in San Fernando, La Union will cost around P1.3 billion, the state-run Bases Conversion and Development Authority (BCDA) yesterday said.
Apr 102014
TRADE between the Philippines and China will not likely be affected by the heightening territorial conflict between the two countries over portions of the South China Sea, government and industry officials yesterday said.
Apr 102014
DAVAO CITY — Resort owners in the Island Garden City of Samal are challenging a new policy by the city government, specifically a provision in the Revised Comprehensive Zoning Ordinance, regarding construction and maintenance of beach jetties on the island’s waterfront.
Apr 102014
DETROIT (AP) – Big US recalls by General Motors and Toyota have put the auto industry on a record pace as companies try to avoid bad publicity and punishment from an increasingly aggressive government. On Wednesday, Toyota announced it was recalling nearly 1.8 million vehicles in the US to fix a spate of problems, including air bags that might not inflate. It’s part of a worldwide recall of 6.4 million cars and trucks. So far this year, automakers have recalled about nine million vehicles in the US. If that pace continues, the nation would break the record of 30.8 million recalled vehicles set in 2004. Most of the recalls are from Toyota and General Motors, two automakers that are under government scrutiny and facing bad publicity and allegations that they concealed safety issues. Toyota’s latest recalls were announced before the company even developed specific repairs. They come two weeks after the Justice Department skewered the Japanese automaker for covering up problems that caused unintended acceleration in some cars starting in 2009. Toyota agreed to pay $1.2 billion to settle that case, but federal prosecutors can resurrect a wire fraud charge if the company fails to comply with the terms of the settlement. Toyota’s actions come as rival GM recalls 2.6 million small cars for defective ignition switches the company links to at least 13 deaths. Of those, 2.2 million are in the US. As that crisis unfolded, GM announced recalls of another 3.4 million US vehicles. Business ( Article MRec Read More …
Apr 102014
MANILA, Philippines – Manufacturing output growth continued to ease in February compared to the previous month, the Philippine Statistics Authority (PSA) said. The PSA’s Monthly Integrated Survey of Selected Industries released yesterday showed manufacturing output as measured by Volume of Production Index (VoPI) grew 1.2 percent in February, slower than the revised five percent growth posted in January. “This can be attributed to the slowdown in production of furniture and fixtures (130.6 percent) and tobacco products (102.6 percent),” the PSA said. The Value of Production Index (VaPI) likewise expanded at a slower rate of 0.9 percent in February compared to the previous month’s revised 4.3 percent. The VaPI’s growth rate in February was brought about by increases posted by the following sectors: tobacco products (102.2 percent), furniture and fixtures (75.9 percent), machinery except electrical (61.3 percent), publishing and printing (53.1 percent), textiles (35.4 percent), fabricated metal products (30.5 percent), wood and wood products (21.6 percent), leather products (15.2 percent), paper and paper products (14.4 percent) and electrical machinery (12.9 percent). The Value of Net Sales Index (VaNSI) posted an annual increment of 15 percent in February, nearly unchanged from the previous month’s revised 15.3 percent. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Fourteen major sectors contributed to the latest VaNSI performance led by chemical products which grew by 66.6 percent. The Volume of Net Sales Index (VoNSI) expanded at a slightly slower pace of 15.4 percent in February from the revised 16.1 percent in the previous month. The Read More …
Apr 102014
MANILA, Philippines – Despite the continued slowdown of inflation in March, the Bangko Sentral ng Pilipinas said it remains vigilant amid risks that could cause an uptick in the rise of commodity prices. “Clearly, while we see inflation falling within the target range this year and next, there are additional challenges to our operating environment this year relative to last year,” BSP Governor Amando M. Tetangco Jr. said in an e-mailed statement. Inflation eased for a second month to 3.9 percent in March on the back of lower price increases for housing, water, electricity, gas, and other fuels. This puts the three-month average to 4.1 percent, above the midpoint of the central bank’s three to five percent target range. “Inflation has slowed over the last two months. However, the upside risks to inflation that we have mentioned before still remain,” Tetangco said. “In particular, we note potential price pressures that could emanate from increases in power rates, higher food prices and potential volatility in oil prices are still present,” he added. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “The uncertainty as to when supply-side pressures will dissipate also highlights the potential risk of second-round effects,” Tetangco noted. The BSP, mandated to keep prices stable, last month kept key policy rates stable amid inflation expectations seen falling within target. However, monetary authorities hiked banks’ reserve requirement (RR) ratio by one percent age point due to the sustained high domestic liquidity growth seen since July. “[W]e continue to be mindful Read More …
Apr 102014
MANILA, Philippines – Cosco Capital Inc., the investment vehicle of Lucio and Susan Co, posted a strong income and revenue growth last year driven by the grocery business. In a regulatory filing, Cosco Capital said its pro-forma net income hit P5.3 billion, up 83 percent from P2.9 billion a year ago, while pro-forma net income attributable to equityholders of the parent firm surged 120 percent to P3.3 billion from P1.5 billion. “For its first annual reporting, after being transformed in May 2013 into a consumer-focused holding company, Cosco Capital recorded pro-forma total revenues of P77.2 billion in 2013 from P60.7 billion in 2012 or a growth of 27 percent,” the company said. “Revenues of Cosco Capital were principally accounted for by Puregold Price Club Inc.,” the listed holding firm said. Cosco Capital said that for the last seven-month period 2013, the firm recorded a net income of P3.7 billion. Aside from Puregold, the company is also into liquor importation (Premier Wine & Spirits Inc.), commercial real estate, oil storage and oil exploration activities. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Cosco Capital claims to be the country’s leading importer of liquor with exclusive distribution rights for some of the world’s top brands like Cuervo, Jim Beam, Fundador, Absolut Vodka, Johnny Walker, Chivas Regal and Alfonso.
Apr 102014
MANILA, Philippines – As part of its campaign to promote energy security, the Department of Energy (DOE) is urging consumers to use fuels and electricity judiciously, especially during the summer months when demand will be high. Some simple household energy-saving tips are posted on the DOE website and www.wattmatters.org.ph. Equally important, the DOE is also encouraging consumers to buy products that carry an energy label. Yellow energy labels are mandatory on household air conditioners (except inverter type), household refrigerators (size range: 5-8 cubic feet), compact fluorescent lamps (self-ballasted), linear fluorescent lamps, circular fluorescent lamps and ballasts. To reduce electricity bills from air conditioning devices, look for a high Energy Efficiency Ratio (EER) when buying a new unit. EER refers to the cooling efficiency of the unit. For refrigerators and freezers, the yellow energy guide bears the Energy Efficiency Factor (EEF) of the unit. The higher the energy efficiency rating, the lower the energy consumption. For fluorescent lamps, the energy label indicates the light output in lumens, power consumption, lamp efficacy and average life. More lumens mean more light output. The higher the efficacy rating, the lower the energy consumption. The safety tests, on the other hand, are being administered by the Bureau of Product Standards of the Department of Trade and Industry. In addition, the DOE has established state-of-the-art laboratory facilities for performance testing of television sets, washing machines, refrigerators, and freezers through the assistance of the Asian Development Bank. Business ( Article MRec ), pagematch: 1, sectionmatch: 1