BSP sets release of new coins

 Economy
Dec 182013
 
BSP sets release of new coins

MANILA, Philippines – Filipinos may soon be using new coins as early as 2015 as the Bangko Sentral ng Pilipinas (BSP) is finalizing the design and features of the currency. “We are now discussing the new generation coins…  A committee is now discussing the design for the new coins and by 2015, this is expected to be finalized,” BSP Deputy Governor Diwa C. Guinigundo said. “So probably by 2015 or 2016, we will be launching the NGC (new generation currency) coins,” he added. Guinigundo further said the design and make of the coins will have to be approved first by the BSP Governor and the President before they are launched to the public. The new coins will match the new generation bank notes launched in late 2010 and may have lesser metal content. At the same time, new technologies to prevent counterfeiting will be introduced, along with features that would help the blind distinguish between the denominations.

The Go Negosyo Bill

 Economy
Dec 182013
 
The Go Negosyo Bill

Sen. Bam Aquino with Go Negosyo’s Executive Director Mon Lopez at the Senate for the GO NEGOSYO BILL sponsorship. For the past eight years, Go Negosyo, thru the entrepreneurs who have become part of this journey of empowering the marginalized sector of negosyantes which is the micro-entrepreneurs, they, the entrepreneurs continue to remain passionate in sharing their resources. The movement of people empowerment is clearly what is needed to help those at the bottom of the pyramid to start to feel the economic benefits that our country over the past three years has started to enjoy. We talk about inclusive growth, well, this is it.  Last Tuesday, we had the privilege of attending the Senate session for the sponsorship of the GO NEGOSYO BILL by Sen. Bam Aquino who, himself, is also a leading social entrepreneur in the country today, with his empowering Hapinoy program for the nanays in the sarisari store retailing business. He understands the plight of the small and micro entrepreneurs. What was admirable in his talk was his continuous commitment to make a difference, by aiming to reduce poverty as the bill’s main goal, and this can be achieved by empowering the micro and small enterprises, to level-up and beat the odds in business. We are one with that objective ever since we started the Go Negosyo advocacy eight years ago, and Bam has been one of the strongest advocates, joining us in many parts of the country, inspiring and mentoring especially the young aspiring entrepreneurs Read More …

Tan, SMC to finalize PAL stake sale next yr

 Economy
Dec 182013
 
Tan, SMC to finalize PAL stake sale next yr

MANILA, Philippines – Negotiations for the sale of the majority stake in flag carrier Philippine Airlines Inc. (PAL) with San Miguel Corp. (SMC) are expected to be finalized by next year. PAL chairman and chief executive officer Lucio Tan told reporters in a chance interview yesterday that his group is in talks with SMC for the sale of the 51-percent stake in the airline. He said he expects the negotiations for the sale to be completed “by early next year.” Should Tan’s group decide to sell its 51-percent stake to SMC, the carrier will become wholly-owned by SMC which currently holds a 49-percent share. In April last year, SMC infused $500 million for the purchase of a 49-percent equity interest in Trustmark Holdings Corp. Trustmark owns 97.71 percent of the airline’s parent firm PAL Holdings Inc., which owns 84.67 percent of PAL through PR Holdings Inc. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The carrier has embarked on a refleeting program since SMC’s entry. The refleeting program involves the acquisition of 100 new aircraft in preparation for its flights to Europe and additional flights to the US. PAL expects to save as much $400 million from fuel and maintenance costs each year as part of the refleeting program. It now operates a fleet of 48 aircraft composed of 10 Airbus 330-300, 12 A320-200, eight 340-300, five A321-231, four A319-100, five Boeing 777-300ER and four 747-400.

Thinking about Christmas or taxes?

 Economy
Dec 162013
 

WE ARE NOW in the last month of the year. At this time, companies will be closing their books, managing reconciliations of their accounting records against their tax returns, conducting year-end adjustments, preparing for the year-end withholding tax obligations, completing compliance requirements for renewal with the Bureau of Internal Revenue (BIR) and local government unit (LGU) registrations and planning for the 2014 income tax filing season.

Eco-chic finds a niche

 Economy
Dec 152013
 
Eco-chic finds a niche

MANILA, Philippines – In the Philippines, the name carries the stigma of poverty, filth and tragedy. The place is best remembered for its infamous dumpsite, which claimed hundreds of lives when it leveled nearby slums in an avalanche of trash back in 2000. Over a decade later, a nearby village paints a different picture. Villagers no longer sift through trash; instead, they dabble in textiles. Men print patterns on canvas, which the women then fashion into eco-bags. Welcome to Payatas 13, a village transformed by the power of social entrepreneurship. For the people, by the people Payatas 13 experienced a turnaround when Mike Go, a Gawad Kalinga social entrepreneur, launched Trese back in 2008. The concept was simple: employ local residents, print shirts, and use the profits to fund community projects. After securing a deal to become the official shirt printer of Gawad Kalinga, their product offering diversified with the addition of canvas eco-bags.  In fact, the demand for bags has now grown bigger than that of the very popular print shirts. But while Trese attributes its initial success to Gawad Kalinga’s orders, Mike admits that it’s not enough to sustain all of Payatas 13’s community projects. The real profit, he says, comes from corporate patrons who share his vision. Lifestyle Feature ( Article MRec ), pagematch: 1, sectionmatch: As word spread about Trese’s philosophy of grassroots empowerment, organizations with an inclination for philanthropy contacted Mike to order company collaterals. Spreading the good cause Top call center and business process Read More …

ADB mulls increasing loan to Phl for Yolanda reconstruction

 Economy
Dec 132013
 
ADB mulls increasing loan to Phl for Yolanda reconstruction

MANILA, Philippines  – The Asian Development Bank (ADB) is looking at increasing its loan assistance to the Philippines from $500 million to $850 million for the reconstruction of areas affected by typhoon Yolanda. “We are considering to give additional $350 million by the end of the year,” ADB President Tahehiko Nakao said on Friday. The multilateral financial institution has earlier given the Philippines a $23-million grant after the typhoon, $3 million of which were given on Nov. 14. Nakao said the amount, used for the immediate needs of victims, came from the Asia Pacific Disaster Response Fund. The remaining $20 million will come the Japanese government’s Japan Fund for Poverty Reduction. Despite the devastation caused by the strongest typhoon to hit earth this year, the ADB president said it will maintain its 7-percent growth forecast for the Philippines in 2013 and 6.1 percent next year. “It will be offset by the very strong domestic demand in the country on the whole… there’s several quarters the growth that is higher than expected,” he said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Socioeconomic Planning Secretary Arsenio Balisacan earlier said regions of Eastern Samar, Panay and Central Visayas which were damaged by the typhoon contribute as much as 12 percent to the country’s overall economic growth. He said the typhoon may negatively affect the fourth quarter economic growth between .3 and .8 percent.

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