NATIONAL elections are just around the corner, but the polls are the least of the Aquino administration’s more immediate concerns. Understandably, it wants to focus on instituting more reforms in the remaining two-and-a half years, or at least on initiating changes in areas of governance that need improvement.
MANILA is now the world’s second best outsourcing destination, having moved up one notch in the annual ranking by research firm Tholons.
MACTAN, CEBU — The Philippine Economic Zone Authority (PEZA) is targeting more foreign direct investments (FDI), particularly in shipbuilding and car parts manufacturing, this year.
MANILA, Philippines – Philippine National Bank (PNB), the main banking arm of tycoon Lucio Tan, has estimated that losses to the group as a result of the damage brought about by recent calamities could reach P800 million. In a prospectus submitted to the Philippine Stock Exchange (PSE) in relation to its rights offering, PNB said “as a result of the typhoons Maring and Santi, the earthquake in Bohol and, in particular Super Typhoon Yolanda — which caused significant damage in Central Visayas and certain parts of Southern Luzon — the bank expects to incur losses as a result of claims for property damage by clients of the Bank’s non-life insurance company, PNB Gen.” “While the amount of these losses, particularly with respect to losses arising as a result of Yolanda have not been fully assessed at this time, the bank currently estimates that these losses will be between P700 million and P800 million,” it said. In addition, PNB said it is still currently assessing the impact of Yolanda on the bank’s owned and invested properties. Despite these expected losses, PNB said it has competitive strengths relative to the banking sector. “The bank believes that it is well-positioned in the robust Philippine banking sector. The Philippines has one of the lowest banking penetrations in Asia, leaving significant headroom for growth,” it said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 According to the Economist Intelligence Unit, loan growth is expected to be strong at 13.5 percent on average over the Read More …
MANILA, Philippines – Amendments to the central bank charter that would give the institution additional powers of surveillance over banks and its sister companies is “critical” for financial stability, the International Monetary Fund said. “That’s critical… that’s a very important aspect and most countries have that actually,” IMF resident representative Shanaka Jayanath Peiris told reporters. “The lesson from the global crisis was that there should be a regulator with powers to ensure financial stability, to cover and avoid regulatory gaps, and to be able to look at institutions including financial and non-financial entities,” he continued. Peiris was commenting on the Bangko Sentral ng Pilipinas’ proposed amendments to the New Central Bank Act of 1993 aimed at strengthening the institution’s monetary and financial stability mandates. The said amendment is deemed important in order to trace where bank loans go to or if these funds are being granted as fresh loans by the borrower. This will help the BSP assess the risks faced by the banks if the end-borrower does not pay the firm that originally received the loan from the bank. “From the global crisis, we learned that not knowing was the problem but also you need the power to act as well,” Peiris said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “So first you need to enhance the monitoring which also partly being done but you also have to have the legal mandate for it if you need to act in the future,” he added. The global financial Read More …
MANILA, Philippines – The group of former Trade Minister Roberto V. Ongpin has firmed up control of Alphaland Corp. after the trial court junked the plea of erstwhile British partner to cancel an equity infusion. With Ashmore Group diluted to a minority stake, Alphaland management is moving forward with various projects including a share sale to increase its public ownership level. In a disclosure, upscale property firm Alphaland said the Makati Regional Trial Court (RTC), in an order dated Jan. 22, upheld Ongpin’s position and denied Ashmore’s request for a temporary restraining order (TRO). The Ongpin Group earlier secured 50.57 percent of Alphaland’s outstanding shares following a P1.5-billion capital call that was ignored by the London-based Ashmore Group. Prior to the transaction, Ongpin Group owned 21.73 percent of Alphaland while Ashmore Group controlled 69.37 percent, which is now down to 24.41 percent. “Instead of participating in the capital call, Ashmore Group applied for an ex parte TRO for 72 hours from the executive judge of the RTC on Jan. 14,” Alphaland said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The judge denied the application and had the case raffled. A hearing was then conducted on Jan. 16, on whether a 20-day TRO should be issued, Alphaland said. Alphaland claimed that Ashmore Group misrepresented the sale of 49.6 million Alphaland shares worth P942 million to comply with the minimum public ownership requirement. “The shareholders agreement was not properly and fully executed. And it is also void for being contrary Read More …
THE P1.64-BILLION rehabilitation of Ninoy Aquino International Airport Terminal 1 (NAIA-1) will start today, the Department of Transportation and Communications (DoTC) said in a statement.
TRANSPORTATION Secretary Joseph Emilio A. Abaya said that the Department of Budget and Management (DBM) has approved a P56-billion budget for the buyout of Metro Rail Transit Line 3 (MRT-3).
WHEN the Philippine Transfer Pricing (TP) Guidelines (Revenue Regulations [RR] No. 2-2013) were finally issued in January 2013 (after nearly a decade of waiting), it was generally regarded by many as a welcome addition to the roster of administrative issuances and regulations being implemented by the Bureau of Internal Revenue (BIR), especially by multinational enterprises (MNEs) that deal with numerous related parties (i.e. companies belonging to the same group or common controlled companies) from various jurisdictions around the world.
THE TOTAL internal revenue allotment (IRA) share of local government units (LGUs) in this year’s P2.265-trillion budget went up by more than a tenth from last year as the state’s revenue collections continued to improve.