Index retreats for 5th straight day

 Economy
Dec 092013
 
Index retreats for 5th straight day

MANILA, Philippines – The local bourse retreated for the fifth straight day yesterday, ignoring the climb in Asian and global markets. The Philippine Stock Exchange index eased 0.10 percent or six points to 6,008.90, recovering from the intraday low of 5,989.08. The broader all shares index fell 0.21 percent or 7.67 points to 3,680.80. “Against a backdrop of optimism that covers the rest of Asia, Philippine shares started the week on the same footing it ended the previous four sessions,” Justino Calaycay Jr., an analyst at Accord Capital Equities Corp. Given the historical average increase of the main index during December, Calaycay said “the best the index could hope for would be around 6,400. Anything above it will be a welcome surprise.” Wall Street gained on Friday amid stronger-than-expected US job creation last month. The Dow Jones Industrial average rose 1.26 percent or 198.69 points to 16,020.20, while the broader Standard & Poor’s 500 index added 1.12 percent or 20.06 points to 1,805.09. Japan’s Nikkei 225 rallied 2.29 percent or 350.35 points to 15,650.21, while Hong Kong’s Hang Seng index picked up 0.29 percent or 68.07 points to 23,811.17. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Most counters were in the red, paced by property firms that shed 1.18 percent or 27.81 points to 2,320.95. But holding firms improved 0.78 percent or 42.86 points to 5,537.86. The value of shares traded slipped to P4.58 billion from P5.9 billion on Friday. Decliners outpaced advancers, 99 to 53, while 40 Read More …

ALI unit seeks BOI perks

 Economy
Dec 092013
 
ALI unit seeks BOI perks

MANILA, Philippines – Ayala Land Inc.’s mass housing unit is seeking incentives from the Board of Investments (BOI) for the expansion of its project in Quezon City. The BOI said Amaia Land Corp. “is applying for registration with the BOI as expanding developer of low-cost mass housing project (Amaia Skies Cubao Tower 3) with a total capacity of 1,043 low-cost mass housing units on a non-pioneer status.” The project is located at EDSA and 5th Avenue, Brgy. Socorro in Cubao. The firm can qualify for income tax holidays if its application would be approved by the BOI. To attract investments, the BOI grants incentives to firms which engage in activities being promoted by the government. Every year, the BOI comes up with the Investment Priorities Plan (IPP) which identifies activities that can qualify for incentives. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Mass housing is listed as a preferred activity in the 2013 IPP. Other preferred activities in the IPP are agriculture or agribusiness and fishery; creative industries or knowledge-based services; shipbuilding; iron and steel; infrastructure; research and development; green projects; motor vehicles; strategic projects; hospital or medical services; and disaster prevention, mitigation and recovery projects. The 2013 IPP also has a mandatory list covering industries that require their inclusion as provided for under existing laws and covers export activities as well as priority activities identified by the Regional BOI of the Autonomous Region in Muslim Mindanao.

BCDA allots P76 M for Poro Point roads

 Economy
Dec 092013
 
BCDA allots P76 M for Poro Point roads

MANILA, Philippines – The Bases Conversion and Development Authority (BCDA) is spending  about P76 million for three road projects for improved access to the  Poro Point Freeport Zone (PPFZ) in La Union.  In a statement, the BCDA said the three projects, which were recently  launched by the Department of Public Works and Highways (DPWH), are the  construction of the road leading to the Poro Point Lighthouse; repair  of the road leading to the Poro Point Management Corp. (PPMC) and  upgrade of the road leading to the San Fernando Airport.  The BCDA and its subsidiary PPMC identified the Poro Point road  projects which the DPWH would execute.  BCDA president and chief executive officer Arnel Paciano Casanova said  the initiative is in line with the BCDA’s mandate to be a catalyst for  national growth and development.  “The PPFZ is a key economic driver in the region, and these road  projects will make it more accessible to tourists and locators,” he  said.  Under Republic Act (RA) 7917 which amended Section 8 of RA 7227 or the  Bases Conversion and Development Act, the BCDA should set aside 27.5  percent of its earnings for infrastructure projects, including the  construction and upgrade of highways, railways and other transport  facilities to improve access to former military bases.  Business ( Article MRec ), pagematch: 1, sectionmatch: 1 PPMC board chairman Ives Nisce said the road projects would   boost tourism and economic activities in the  Freeport zone, particularly the annual Sillag Festival, one of San  Fernando’s biggest tourist draws.  Read More …

Cebu Pacific adding HK-Mla daily flights

 Economy
Dec 092013
 
Cebu Pacific adding HK-Mla daily flights

MANILA, Philippines – The Philippines’ leading low-cost carrier, Cebu Pacific Air is adding one more daily flight between Manila and Hong Kong during the Christmas peak season to accommodate increased travel demand to Hong Kong. Utilizing Airbus A320 aircraft, CEB will operate a total of five daily Manila-Hong Kong-Manila flights on the following days only: December 20-23, 26-30, 2013 and January 2-5, 2014. The flight departs Manila at 11:30 p.m. and arrives at 1:30 a.m. he next day. The return flight departs Hong Kong at 2:15am and arrives in Manila at 4:15am. “We hope to give more travelers the chance to visit Hong Kong this Christmas holidays, especially with the festive activities lined up this season. With up to five daily flights between Manila and Hong Kong, guests can definitely pick the most convenient flight schedule that is perfect for their travel plans,” said CEB VP for marketing and distribution Candice Iyog. Aside from Manila, CEB flies from Cebu, Clark and Iloilo to Hong Kong. Business ( Article MRec ), pagematch: 1, sectionmatch: 1

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