2 PPP projects to boost FDIs – DOTC chief

 Economy
Apr 062014
 
2 PPP projects to boost FDIs – DOTC chief

MANILA, Philippines – The Department of Transportation and Communications (DOTC) said yesterday the recent awarding of two major infrastructure projects worth P19 billion under the Aquino administration’s public private partnership (PPP) scheme is expected to boost the flow of foreign direct investments (FDIs) into the Philippines. Transportation Secretary Joseph Emilio Abaya said the decision to award the P17.5-billion Mactan-Cebu international airport expansion project and the P1.72-billion automated fare collection system (AFCS) would enhance the perception of the international community of the Philippines as an investment destination. The DOTC inked a 10-year concession agreement with the AF Consortium led by conglomerate Ayala Corp. and infrastructure giant Metro Pacific Investments Corp. (AFCS) last March 31 for the single ticketing system for both the Metro Rail Transit and Light Rail Transit (MRT-LRT) after rejecting the appeal of losing bidder SM Group of retail magnate Henry Sy. The agency last Friday awarded the expansion project of the country’s second largest international gateway to the consortium of Filipino-owned Megawide Construction Corp. and Bangalore-based GMR Infrastructure after resolving the issues raised by second highest bidder Filinvest Group of business tycoon Andrew Gotianun. Abaya said the bidding process for the agency’s PPP projects are conducted in a fair and transparent manner. “By sticking to bidding rules and refusing to be influenced by external factors, we are showing the world that the country now has an excellent investment climate. Gone are the days when big-ticket contracts would be awarded despite being tainted with irregularities,” Abaya said. Business ( Read More …

India’s Tata Motors ties up with Pilipinas Taj

 Economy
Apr 062014
 
India’s Tata Motors ties up with Pilipinas Taj

MANILA, Philippines – India’s largest automobile company Tata Motors Ltd. is looking to reignite sales growth with its foray into the burgeoning Philippine automotive market as part of its ongoing Asean expansion. Tata, maker of what is billed as the world’s cheapest car, has partnered with Pilipinas Taj Autogroup to further expand its footprint in Southeast Asia, which already included Thailand, Indonesia, Malaysia and Myanmar. As the exclusive distributor of Tata vehicles, Pilipinas Taj will bring to Philippine shores a total 10 models this year including the Manza, Vista, Indigo and Indica brands from its passenger vehicles portfolio and the Xenon, Ace and Super Ace from its commercial vehicles range. In an interview, Pilipinas Taj general manager Nicky Mariano said the group is investing up to P200 million to jumpstart the business. Mariano said Pilipinas Taj is hoping to sell more than a thousand units in its first year of operations given robust auto sales in the country. Last week, Pilipinas Taj introduced to the market four models – Mazda sedan 1.4 L MTwhich sells for P600,000, Vista Hatchback 1.4L (P565,000), Xenon 2.2L diesel 4×2 MT at (P805,000), and Xenon 2.2L diesel 4×4 MT (P1.125 million). Business ( Article MRec ), pagematch: 1, sectionmatch: 1 These vehicles, imported from India as completely built units, are now available for viewing at the company’s newly-opened showrooms in Marcos Highway and in Davao. Mariano said the group is set to launch its diesel- powered cars in the third quarter as part of its Read More …

MVP, Gokongwei groups seek more power projects

 Economy
Apr 062014
 
MVP, Gokongwei groups seek more power projects

MANILA, Philippines – JG Summit Holdings of the Gokongwei Group and Pangilinan-led Manila Electric Co. (Meralco) are open to entering into more joint venture projects in the power sector. “We still have to sit down with them. We’re prepared to partner with various companies including JG but we haven’t talked about it,” said Meralco president Oscar Reyes.  JG Summit bought the 27 percent stake of San Miguel Corp. in Meralco for P72 billion, resulting in the appointment of John Gokongwei Jr. and Lance Gokongwei in Meralco’s board of directors, replacing SMC president Ramon Ang and director Estelito Mendoza. Meralco chairman Manuel V. Pangilinan said the Gokongweis already attended their first Meralco board meeting last week. “We’ve had our first meeting with them,” Pangilinan said. For now, the partnership between the two MVP, Gokongwei from B-13 companies is focused on a power supply deal for JG Summit’s planned naphtha and polyethylene facility in Batangas, which is expected to open this year. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “They have a requirement for their plant in Batangas. They want to be connected to the grid so we’re building out the connectivity to the grid from their plant,” said Meralco senior vice president Al Panlilio and head of Customer Retail Services. Panlilio said this is a cheaper option for JG. Otherwise, it would have to generate its own power, which could be costly because of rising diesel prices. “I think they feel that it’s going to be cheaper for them Read More …

Co sets June start for biomass plant

 Economy
Apr 062014
 
Co sets June start for biomass plant

MANILA, Philippines – The company of supermarket chain owner Lucio Co expects to start commissioning this June its 9.9-megawatt biomass plant in Nueva Ecija, with commercial operations targeted to commence in October. Co, the Filipino-Chinese businessman behind the Puregold supermarket chains, earlier bought a majority stake in San Jose City I Power Corp. (SJC I Power), a renewable energy that will build the biomass plant. According to SJC I Power chief operating officer Edgardo Alfonso, commercial operation will be on Oct. 1. “The project is 95 percent completed,” Alfonso said. The project is estimated to cost P1 billion. Ruby de Guzman, OIC-division chief of the Department of Energy’s Biomass Energy Management Division Renewable Energy Management Bureau, said that Co’s group is also venturing into a second phase of the project, which involves adding 24 MW. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “By June, they will start construction of second phase, which they amended to 24 MW,” De Guzman said. “The expansion will start as soon as the first phase becomes operational,” Alfonso confirmed. Alfonso said the project would avail of incentives under the government’s Feed-in-Tariff (FIT) system. The FIT regime is a form of incentives for renewable energy players. Feed-in tariffs offer cost-based compensation to renewable energy players among other perks. The FIT rate approved by the Energy Regulatory Commission (ERC), the power regulator are as follows: P9.68 per kilowatt-hour for solar; P8.53 per kwh for wind, P6.63 per kwh for biomass and P5.90 per kwh for Read More …

Live a connected life in AMA Tower Residences

 Economy
Apr 052014
 
Live a connected life in AMA Tower Residences

AMA Tower Residences combines central living and customized lifestyle for an enhanced urban life. MANILA, Philippines – Life has never been so ultimately connected until AMA Tower Residences rose along EDSA-Ortigas. Now, living in close proximity to your favorite lifestyle hotspots in Metro Manila and being always connected to the virtual world are possible. AMA Tower Residences lets you live in the heart of the metro – EDSA corner Fordham Street in Mandaluyong City to be exact – where several entertainment and business districts like Ortigas Center, Makati CBD, Araneta Center-Cubao and Eastwood City are just a short drive away. It will also feature high-speed Wi-Fi access in every corner of its 34 floors, enabling tech-savvies to check work emails, share photos and videos on various social networks or play online games anytime they want to. Connecting with friends, family and fellow residents will be more exciting with lifestyle amenities that encourage social interaction. These include swimming pools, a gym, a multi-purpose hall and landscaped areas. Commercial and retail spaces will be offered to interested entrepreneurs. Also, unit types are so diverse that they can match all kinds of preferences and spatial needs. Aside from studio, one- and two-bedroom flat units, it offers loft and bi-level types as well as units built with balcony. “AMA Tower Residences will connect its residents to everything they need for the full enjoyment of urban lifestyle,” said Marian Recto-Arrieta, vice president for sales of AMA Land, Inc., the mixed-use condo developer under the AMA Read More …

Exports seen rebounding 16.5% in Feb

 Economy
Apr 052014
 
Exports seen rebounding 16.5% in Feb

MANILA, Philippines – UK-based Barclays projects exports growth could have finally picked up in February following two months of decline. “Improved external demand environment and dissipation of Lunar New Year effects to support an export bounce,” the financial services company said in a research note. Barclays forecast merchandise exports could have expanded by 16.5 percent in February, faster than the 9.3 percent recorded in January. Recovery in exports would be on the back of an improving global economy, which the International Monetary Fund in January said could grow by 3.7 percent this year. Barclay’s projection is slightly higher than the Fund’s 3.6 percent projection made in October last year. The IMF said global activity has strengthened in the second half of 2013 and this is seen continuing this year largely due to the recovery of advanced economies.  Official February exports data is set to be released by the Philippine Statistics Authority on Thursday, April 10. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Outbound shipments amounted to $4.382 billion in January, up 9.3 percent from $4.011 billion in the same month last year. The PSA said improvement in other manufactures, electronic equipment and parts, metal components, articles of apparel and clothing accessories, electronic products, machinery and transport equipment, and woodcrafts and furniture helped lift growth.  Electronic products made up bulk or 41 percent of the country’s exports. Government data show the country shipped $1.793-billion worth of electronic products in January, up 22.1 percent from the same month last year. Read More …

Search for The Outstanding Filipinos officially launched

 Economy
Apr 052014
 
Search for The Outstanding Filipinos officially launched

MANILA, Philippines – On its 27th year of searching for outstanding Filipinos, the Insular Life Assurance Co. and the JCI Senate Philippines recently held the launching ceremonies signaling the start of another six months of scouring the entire country for the three deserving individuals who will be bestowed the prestigious honor. 2008 TOFIL awardee for Arts & Culture Dr. Rustica Carpio shared her thoughts as a TOFIL awardee,  saying that from TOFIL’s creed emanates the recognition to outstanding Filipinos, not necessarily as a prize or a reward, but as a gesture of appreciation and encouragement. The recognition given to real-life heroes is a milestone in the history of Jaycees International and Insular Life Assurance Company in the service to the nation.  “When TOFIL institutionalized the awards, it meant a recognition of human endeavor for the enhancement of the quality of life, a timeless and undying devotion of people to other people.” According to Insular Life chairman and CEO Vicente Ayllon, “Leadership can come from anybody brave enough to open his eyes and see what needs to be done, and work with his community to bring about the reality they envision for themselves. This is a powerful message that TOFIL can impart to the younger generation. We need to mold leaders who are willing to forgo their ego to share their task of change with their community, and to stand resolute in the face of conflict both from within and outside their group.” Last year’s TOFIL awardees were: Arsenio B. Ella Read More …

NGCP says it dutifully pays franchise taxes to gov’t

 Economy
Apr 042014
 
NGCP says it dutifully pays franchise taxes to gov’t

MANILA, Philippines – The National Grid Corp. of the Philippines (NGCP), the country’s power grid operator, maintained that it is exempt from income tax but stressed that it dutifully pays its franchise taxes to the government. NGCP, a privately owned transmission company, said that its tax-exempt privilege is provided under Republic Act 9511, the law that granted NGCP a 50-year franchise to operate the grid. The grid operator made the clarification after the Department of Finance (DOF) published a Tax Watch print ad stating that only 39 of the top 100 corporations ranked by the Securities and Exchange Commission (SEC), the corporate regulator, landed on the Bureau of Internal Revenue’s (BIR) list of 500 top corporate/non-individual taxpayers. NGCP is in the SEC’s list of top 100 corporations, occupying the 25th spot, based on revenues. On the other hand, BIR’s list, which was based on income tax returns, did not include the grid operator. NGCP spokesperson Cynthia Perez-Alabanza said that the company pays franchise tax in lieu of income tax.  “NGCP’s franchise granted through Republic Act 9511 mandates that it pay a franchise tax equivalent to three percent of all gross receipts, ‘in lieu of income tax and any and all taxes, duties, fees and charges of any kind, nature of description levied, established or collected by any local or national authority on its franchise, rights, privileges, receipts, revenues and profits, and on properties used in connection with its franchise,” she said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Read More …

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