POWER Sector Assets and Liabilities Management Corp. (PSALM) has declared Therma Power Visayas, Inc. — a unit of Aboitiz Power Corp. — the highest bidder for the 153.1-megawatt (MW) power plant complex in Naga City, Cebu.
Mar 312014
Mar 312014
AS the April 15 filing deadline of income tax returns (ITRs) for taxable year 2013 draws near, taxpayers are advised to prepare as early as now rather than suffer the inconveniences encountered when trying to beat the deadline.
Mar 302014
TWO STATE-OWNED power facilities are to be auctioned off by the Power Sector Assets and Liabilities Management Corp. (PSALM) today, a top official said over the weekend.
Mar 302014
THE DEPARTMENT of Budget and Management (DBM) has allowed the Transportation department to enter into a multi-year funding contract that will link up the Light Rail Transit Line 1 (LRT-1) and Metro Rail Transit Line 3 (MRT-3) systems.
Mar 302014
THERE are basic truths to doing business. One of these truths is that to generate profit, you have to take risks — the bigger the profit, the higher the risks. While there are various types of risk that companies today face, we will focus on third-party fraud and corruption risk in this column.
Mar 302014
Photo shows Shell employees and a tanker of the Petroleum Distribution Association of the Philippines in 1945. After the war, Stephen Crawford took over as general manager of the Shell Company of the Philippine Islands as it helped in rebuilding efforts. MANILA, Philippines – The opportunity for businesses and enterprises to step up to the challenge of nation-building becomes especially apparent in times of difficulty or crisis, such as during a war. In December 1941, when the Philippines faced the Japanese invasion during World War II, one company played a vital role in powering the lives of Filipinos, literally and figuratively. Shell, as a trusted power, energy and gas technology brand that it is today, counts that dark period in Philippine history as an important milestone in its 100 years in the country. In the few years before WWII broke out, there were around 56,000 registered motor vehicles in the Philippines. Shell, then operating under the consortium Asiatic Petroleum Corporation, had grown from its original workforce of six personnel in 1914 to about 72 expatriates and 180 Filipinos. As war broke out, the company’s oil products and tankers were immediately utilized by the defense forces. At that time, the Pandacan oil depot was already in operation, and Shell had an efficient production and distribution system in place. When enemy capture of the Pandacan installation became imminent, the United States Army set the depot ablaze to prevent the opponents from exploiting its fuel supplies. The war unraveled for four years in Read More …
Mar 292014
MANILA, Philippines – The financial strength of BDO Unibank Inc., the main banking unit of the SM Group, remains stable, international credit rating firm Moody’s Investors Service said. In a statement, Moody’s said it affirmed BDO’s Baa3/Prime-3 deposit rating with a positive outlook. “BDO’s bank financial strength rating (BFSR) is also affirmed at D+. The outlook remains stable,” it said. At the same time, Moody’s revised BDO’s baseline credit assessment (BCA) to baa3 from ba1 to reflect improvements in its stand-alone credit profile, justifying investment grade on a stand-alone basis. According to Moody’s, it affirmed the BDO deposit rating with a positive outlook to reflect its expectation of continued strength in the operating environment for the Philippine banking system, owing to robust growth of the Philippine economy and stabilizing external conditions, which is positively supporting the government’s own credit profile. The revision of BDO’s BCA to baa3 from ba1, on the other hand, took into consideration the banks’ consistently improving asset quality, as well as robust liquidity and capital profiles, which have become comparable to those of its closest peers in the Philippines and other baa3 banks in the region. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “In line with our expectation of an improved operating environment, Philippine banks, particularly BDO — given its dominance in the domestic corporate and middle markets segments — will likely benefit from healthy credit growth, core profitability, as well as stable asset quality,” it stressed. Furthermore, Moody’s said it viewed the credit Read More …
Mar 292014
MANILA, Philippines – The best investment you can give your children is the gift of excellent memory for their lifetime of success and productivity. Maximize your children’s learning capacity by sending them to an amazing program that will boost their memory skills. The Center for Global Best Practices is launching a pioneering five-session seminar entitled “Super Memory & Accelerated Learning Program for High School & College.” For high school, the schedule is on Saturday, May 10 (whole day session) and Monday to Thursday, May 12 to 15 (half-day morning sessions) while for college, it’s on Friday, May 9 (whole day session) and Monday to Thursday, May 12 to 15 (half-day afternoon sessions). Both events will be held at The Bellevue Manila, Alabang, Muntinlupa City, Philippines. Special rates apply for those staying in the hotel. For details and a complete list of upcoming best practices seminars including “Super Memory Techniques on How to Memorize the Bible,” “Super Memory Program for Seniors” and “Super Memory Techniques for Executives & Professionals,” you may log on to www.cgbp.org or call (02) 842-7148 / 59 and 556-8968 / 69; Cebu lines (032) 512-3106 or 07 or Baguio line (074) 423-5148. Yes, your children can ace all exams, excel in school and top the class! In this super memory program, they will be taught on how to store, retain and retrieve information in a fast, effective, organized and stress-free manner. These proven and tested world-class systems will help your children get higher grades, raise academic skills Read More …
Mar 292014
MANILA, Philippines – Dormant firm Nextstage Inc. is unloading several assets following a scuttled backdoor listing deal with a popular coconut vodka manufacturer. In a disclosure, the company said its board approved the sale of corporate assets consisting of stocks in multi-application smart card operator Mondex Philippines Inc., outsourcing firm Technology Support Services Inc., software developer Infinit-E Asia Inc. and Mondex Protector Philippines Inc. Last month, VuQo Inc., the company behind the world’s first premium vodka distilled from coconut nectar, dropped its plan to merge with Nextstage. The company said the lengthy transaction would fail to satisfy the urgent funding needs of VuQo. Moving forward, the board discussed Nextstage’s reorganization plans. “The board of directors had a discussion on the direction of the corporation and manifested its continued commitment to implement the business plan,” Nextstage said. It aims “to maximize its structure as a holding company and focus on the ASEAN region and other Asian involvements, with a view of integration into the ASEAN Economic Community,” it added. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Nextstage earlier announced that it is preparing for the company’s revitalization through acquisitions. Specifically, Nextstage plans to secure up to 100 percent of digital signage firm In-store Digital Display International Inc., a minimum of 40 percent of digital marketing firm Snapworx Digital Inc. and a minimum of 19 percent of mobile phone marketing company Mobext Inc.
Mar 272014
THE PHILIPPINE furniture and herbal industries aim to be the top exporter of their respective products in Southeast Asia and have laid out plans to boost their competitiveness.