THE ASIAN Development Bank (ADB) has increased its funding for development projects in the Asia-Pacific by a tenth in 2011-2012 as it recognized the continuing problems of poverty and climate change in the region.
Dec 262013
Dec 262013
THE TRANSPORTATION agency hopes to award the P3.769-billion contract to expand the capacity of one of the mass railway systems in the metropolis before the year ends, its top official said.
Dec 232013
2013 saw Richard Yap get catapulted into daytime stardom via his hit telenovela Be Careful With My Heart, where he stars with Jodi Sta. Maria or “Maya,” giving everyone who’s at home every morning or those who catch their love story online reasons to giggle and be “kilig.” The popular actor, however, breaks away from the stern and no-nonsense persona of “Sir Chief” and adapts some broadway moves to grace Duty Free Philippines’ latest Christmas campaign. Entitled “Show,” the Christmas TVC production also features the new generation of Maneuvers and Hotlegs, both of which being undeniable forces in the country’s dance industry from then till now. Veteran theater actress Shiela Valderrama, who recently alternated with Monique Wilson to play Anna Leonowens in the hit theater show “The King and I,” and Jake Macapagal from the critically acclaimed, British-produced film “Metro Manila” also lent their talents in giving the TVC the celebratory and festive feel that the legacy of Duty Free Philippines warranted. Since the late 1980s, Duty Free Philippines has been serving the nation’s Balikbayans with goods that are available for purchase tax-free, ranging from chocolates, liquor and wines, fragrances, watches to gadgets and groceries. This year, their tagline “Ito ang Christmas Pasalubong” greatly represents Duty Free’s top-of-mind prestige in eliciting excitement and anticipation from the entire families of returning Overseas Filipinos for the promise of a shopping trip at the flagship Fiestamall in Paranaque City. Carlo Ledesma, popular for his direction of the feature film “The Tunnel Movie” directed Read More …
Dec 222013
THE NATIONAL Economic Development Authority (NEDA) is expected to release before the end of this month a type of progress report on the Philippine Development Plan (PDP), a Cabinet official yesterday said.
Dec 222013
AGRICULTURAL insurance coverage has more than doubled as of November, data from the Philippine Crop Insurance Corp. (PCIC) showed, as more farmers are said to have realized the benefits of being insured.
Dec 222013
MORE than a month after the phenomenal damage wrought by super typhoon Yolanda, relief efforts continue for the thousands upon thousands of survivors who lost their homes and livelihoods. It goes without saying that rebuilding communities will be a long and uphill challenge, but with the generous response of local and global donors and the focused efforts of national and local government, we are assuaged that this, too, shall come to pass.
Dec 202013
MANILA, Philippines – Homegrown appliance maker Concepcion Industrial Corp. (CIC) posted a healthy earnings growth in January to September due to strong sales in all business segments. The supplier of integrated cooling and refrigeration solutions is positioned to ride on the country’s strong economic growth moving forward, the company said in a disclosure. Net income in the nine-month period climbed 14.7 percent to P607.8 million while net sales jumped 15.4 percent to P5.6 billion. “Year-on-year profit growth was seen across all segments of the business led by airconditioning and commercial refrigeration,” CIC said. “The strong performance was driven primarily by an accelerated expansion in the airconditioning part of the business with growth at 21.5-percent year-on-year,” it added. Last month, the appliance maker debuted in the local bourse as the eighth and last firm to go public this year. CIC raised P1.949 billion through an initial public offering. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 CIC CEO Raul Joseph Concepcion said the country’s leading supplier of integrated and refrigeration solutions in positioned to participate in the Philippines’ economic growth story. In the nine-month period, the Philippine economy picked up 7.4 percent, above the government’s target of six-to seven-percent growth for the entire year. “CIC continues to find ways to improve its profitability by focusing on key sales strengths and efficient, world-class business practices,” said CIC CFO Victoria Betita. Last month, CIC subsidiary Concepcion-Carrier Airconditioning Co. signed a deal with Midea Electric Trading (Singapore) Co., Pte. Ltd., a wholly-owned subsidiary Read More …
Dec 202013
MANILA, Philippines – Sterling Bank of Asia (Sterling Bank) is introducing the first locally-issued dollar-based currency prepaid card. The thrift bank has partnered with Visa International for the use of the ShopNPay US Dollar Visa Prepaid Card, which has an embedded EMV chip. An EMV card has an embedded microprocessor chip that store and protect cardholder data. EMV actually stands for Europay, Mastercard, and Visa. “Compared with existing magnetic stripe cards, the computing power of the chip ensures security and global interoperability so that Visa cards can be accepted around the world,” Lamberto R. Villena, Sterling Bank president and chief executive officer, said. Villena added that Sterling Bank is constantly developing innovative products to fulfil the needs of its clients. “The ShopNPay US Dollar Visa Prepaid card is a convenient and a secure way for our clients to manage funds when travelling abroad. It also makes shopping overseas a seamless experience,” he added. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 One of the major concerns of travellers is the fluctuations in exchange rate, which can be answer by an EMV enabled card. No currency fluctuation for US dollar transactions will be experienced by cardholders as the US dollar exchange rate is locked-in at the time of card load, thus giving cardholders complete control over their travel funds. The ShopNPay US Dollar Visa Prepaid Card reduces the risk of carrying large amounts of cash when travelling. It can be used to make purchases worldwide. Visa is accepted by millions Read More …
Dec 202013
MANILA, Philippines – The local unit of Macau-based casino giant Melco Crown Entertainment Ltd. has secured P15 billion in fresh capital from the sale of corporate notes. Proceeds from the company’s second fundraising this year will bankroll the completion of its $1.3-billion integrated casino project. In a regulatory filing, listed Melco Crown (Philippines) Resorts Corp. said its subsidiary MCE Leisure (Philippines) Corp. priced its senior notes offered to limited investors through a private placement. “The notes offering consists of P15-billion ($340-million) aggregate principal amount of five-percent senior notes due 2019,” Melco Philippines said. “MCE Leisure intends to use the net proceeds from the offering for capital expenditure, refinancing of debt and general corporate purpose,” it added. Nineteen primary institutional lenders joined the private offering, Melco Philippines said, adding that the corporate notes will be issued in January next year subject to customary closing conditions. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 It is the second fundraising program of Melco Philippines this year. In April, the company secured $377 million through a share sale that was more than six times oversubscribed by 140 investors. The $1.3-billion City of Dreams Manila will start commercial operations in July next year with 365 gaming tables, 1,680 slot machines and 1,680 electronic table games. Previously, the casino planned to offer only 242 gaming tables and 1,450 electronic gaming machines. Melco Crown is banking on attracting its wide network of Asian high rollers for its first project outside Macau. The casino owner and operator Read More …
Dec 202013
MANILA, Philippines – Businessman Manuel V. Pangilinan has acquired 34 percent of listed sugar miller Roxas Holdings Inc. (RHI) after investing P2.474 billion in the firm. RHI yesterday announced that Pangilinan has been elected as vice chairman of its board of directors after the acquisition. Pangilinan is the founder and CEO of First Pacific Co. Ltd. He is also chairman of Metro Pacific Investments Corp., the Philippine Long Distance Telephone Co., Manila Electric Co. and other major companies in the country. Two officials in Pangilinan-led companies were also elected to replace and serve the unexpired terms of RHI directors who resigned. They are lawyers Ray C. Espinosa and Alex Erlito S. Fider. Espinosa is the associate director of First Pacific, vice chairman of the Board of Trustees of the PLDT Beneficial Trust Fund, the general counsel of Manila Electric. He also sits as director in several companies. Fider is a director and corporate secretary of several Panglinan-led firms, including Metro Pacific Tollways Corp., Smart Communications, Inc. and Maynilad Water Services Inc. He is a senior partner of Picazo Buyco Tan Fider Santos Law Office. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 RHI is an integrated sugar milling business, exercising full management of Central Azucarera Don Pedro Inc., in Nasugbu, Batangas, as well as Central Azucarera de la Carlota Inc., and Roxol Bionergy Corp. In La Carlota, Negros Occidental. It also holds a 45-percent interest in sugar miller Hawaiian-Philippine Co. in Negros Occidental. RHI posted a lower year-on-year net Read More …