FOLLOWING a rate hike, the Philippine Chamber of Commerce and Industry (PCCI) yesterday called on the government to urgently formulate a policy that will force power producers to guarantee stability of power supply.
Dec 122013
Dec 122013
Employment opportuniy banners stand in the foreground as retired US Navy Chief Jerome Porter, of Atlanta, talks with a recruiter during a job fair for veterans at the VFW Post 2681, in Marietta, Ga. (AP Photo/David Goldman) WASHINGTON — U.S. employers advertised the most job openings in more than five years in October, and the number of people quitting also reached a five-year high. The Labor Department said Tuesday that job openings rose 1 percent to a seasonally adjusted 3.93 million. That is the highest figure since May 2008, three months after the Great Recession began. And the number of workers who quit rose 2.5 percent to 2.39 million, the most since October 2008. More workers quitting can signal a healthy job market, because most of those people likely either have a new job or are confident they can find one. Total hiring, though, slipped 2.6 percent to 4.5 million after reaching a five-year high in September. Still, overall hiring has risen 5.2 percent in the past year. More hiring, job openings and quits point to a more dynamic job market. That trend creates more opportunities for people out of work or looking for a new job. Another positive sign in the report: Layoffs plunged 16 percent to 1.47 million, the lowest level on records dating to 2001. Still, while fewer layoffs are welcome, businesses need to step up hiring to more quickly reduce the still-high unemployment rate of 7 percent. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Read More …
Dec 122013
MANILA, Philippines – The Social Security System is warning the public, especially small establishments, against unscrupulous individuals who are passing off fake SSS checks. The warning was issued following a report from SSS La Union branch officer-in-charge Francisco F. Pentecostes that a phony check was encashed from a grocery store amounting to P9,000. “We want to remind everyone to be more prudent in accepting SSS checks being encashed to them. The fake SSS check that was encashed may look authentic for someone who is not familiar with the SSS check. But if placed side by side with the real SSS check, one can see a lot of inconsistencies,” the pension fund said. According to the SSS, the fake SSS check was allegedly issued by Land Bank of the Philippines Baguio City Branch but the account from which it will be drawn is from Land Bank Tarlac Branch. “The SSS check also indicated two different account numbers and the signatures are not by authorized signatories of the agency,” SSS said. The pension fund pointed out that authentic SSS checks only have one account number which is located above the check date and at the bottom part of the check, unlike the fake one which contained two different account numbers. The SS number of the member-payee is also printed on the check while such information is not found on the fake check. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Most importantly, the SSS president is the only signatory for all Read More …
Dec 122013
MANILA, Philippines – The Bangko Sentral ng Pilipinas decided yesterday to keep its key policy rates steady amid a manageable inflation environment. The BSP’s overnight borrowing and lending rates were maintained at 3.5 percent and 5.5 percent, respectively. Interest rates on special deposit accounts facility and the reserve requirement ratios were also left unchanged. “The Monetary Board’s decision is based on its assessment that the inflation environment remains manageable,” BSP Governor Amando M. Tetangco Jr. said in a briefing. The country’s average inflation rate of 2.8 percent for the first 11 months of the year was still below the BSP’s full-year target range of three to five percent. “While inflation forecasts have slightly risen due to the recent increase in global oil prices, utility rate adjustments, and the impact of the recent typhoons, the future inflation path continues to be within the target over the policy horizon since the uptick is expected to be largely transitory,” he added. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Market expectations of inflation remain consistent with the target range,” he added. The Monetary Board expects inflation to average 2.9 percent this year, slightly below its previous forecast of three percent announced in October. But the central bank hiked its 2014 inflation forecast to 4.5 percent from four percent on the back of higher oil prices, power adjustments and the impact of recent natural calamities. The 2015 inflation forecast, meanwhile, has been downgraded to 3.2 percent from 3.4 percent. The Monetary Board is Read More …
Dec 112013
INVESTMENT pledges registered with the Philippine Economic Zone Authority (PEZA) soared in the 11 months to November compared with the same period in 2012, with committed projects in the electronics sector making up the bulk.
Dec 112013
THE SUPPLY of residential condominium units is projected to double next year as more projects are expected to be completed, but the stock is seen to slow down starting in 2015 amid tightening competition.
Dec 112013
KAIZEN is a Japanese concept for continuous improvement. Literally, the word means “improvement” or “betterment”, but some may expand this to “the act of making bad points better”. With the issuance of Revenue Regulations (RR) No. 18-2013 on Nov. 28, it seems that the Bureau of Internal Revenue (BIR) has dipped into kaizen by leveraging on past experience. RR 18-2013 amends certain provisions of RR 12-1999, the implementing regulations that contain the BIR’s procedures on issuing deficiency tax assessments.
Dec 112013
MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) said yesterday it stands ready to curb any excessive volatility in the peso’s movements against the dollar. BSP Governor Amando M. Tetangco Jr. said this amid the weakening streak of the peso, which went back to 44-to-a-dollar level last Monday. “As we understand it, the peso weakness over the past couple of days is partly due to real demand for specific import requirements and partly due to some portfolio adjustment of funds in reaction to Fed (US Federal Reserve) tapering concerns,” Tetangco said. “We are closely monitoring developments, and, as is our policy, will maintain a strategic presence in the market, as needed to curb excessive volatility in foreign exchange rate movements,” he added. The peso on Wednesday closed at a 44.12 per dollar, strengthening from Tuesday’s finish of 44.29:$1. Tuesday’s close was the lowest since Sept. 6. Eduardo Francisco, president of BDO Capital & Investment Corp., said foreseen rise in remittances due to the Christmas may partly strengthen the peso before the year ends. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “[I] believe it will remain weak but hope it will be back to 43.50:$1 level by year end as more remittances come in,” he said. Historically, the volume of remittances are highest during December due to the Christmas season. But the central bank earlier noted the volume may even be higher this year as Filipinos abroad may send more to their families following the devastation of recent Read More …
Dec 112013
2013 Citi-Moty Awardees honored and recognized for their exemplary performance and accomplishments as microentrepreneurs Christmas is fast approaching, and in a few days this year will end. I must say that contrary to earlier expectations, it has been a very difficult year for many of our countrymen especially those hit by quite a number of calamities. While we always try to look at the bright side, it is but a reality to deal with the present challenges and help each other recover from the emotional and physical traumas brought about by these disasters. We see the outpouring of support to those affected and it is like seeing the spirit of Christmas happening a month earlier. However, there is this one massive calamity that needs a lasting solution. It is poverty that remains pervasive in over a quarter of the country’s population. Dole outs and donations are temporary remedies. As they say, “giving a man a fish will feed him for a day, but teaching him how to fish will feed him a lifetime”. How can we help to teach a man how to fish? How can we help change a mindset of entitlement, that government and other sectors must give them everything they need? How can we empower them to take a different kind of thinking, that one can pursue his or her dream, and move up in life? How can one take action and have better control of his or her destiny? Yes, it is true the country has Read More …
Dec 112013
MANILA, Philippines – Suzuki Philippines Inc. president Hiroshi Suzuki has expressed the heartfelt sympathy of the company, and its parent-corporation Suzuki Motor Corp. of Japan [SMC Japan], to all Filipinos affected by super typhoon Yolanda. In its goal to aid relief and rehabilitation efforts, Suzuki Philippines Inc. and its employees donated a total of P1 million (of which P400,000 came from Suzuki Foundation) in the form of cash and relief goods, to various recipients such as ABS-CBN Foundation Inc. – Sagip Kapamilya, and its affected dealer employees for motorcycle and automobile. On the other hand, Suzuki Motor Corp. of Japan donated a total of ¥5 million to the ravaged areas of the typhoon through the Japan Red Cross Society. Suzuki Philippines Incorporated likewise, collaborated with ABS-CBN Foundation, Inc. – Sagip Kapamilya in delivering relief efforts to the affected areas in the Visayas Region by providing two trucks to assist in the transportation of relief goods. SMC Japan said all Suzuki group prays for the earliest possible recovery of the affected areas. Business ( Article MRec ), pagematch: 1, sectionmatch: 1