Phl hosting of APEC still a go, says P-Noy

 Economy
Dec 032013
 
Phl hosting of APEC still a go, says P-Noy

MANILA, Philippines – The Philippines’ scheduled hosting of the Asia-Pacific Economic Cooperation summit in 2015 will push through despite a proposal from a Cabinet member to cancel it, President Aquino assured yesterday.  “There’s a proposal. But I was saying that is there a need to do so? I don’t… At this point, I don’t agree,” he told officers and members of the weekly Bulong Pulungan forum of mostly female veteran journalists at the Sofitel Plaza in Pasay City.  Aquino’s statement was in reply to a query from a businesswoman Sandee Masigan who wanted to hear it from the Chief Executive whether the report was true, since backing out of the APEC 2015 hosting would definitely not do the country any good.  “If it will make the Cabinet or everybody in government feel better, we from the business sector are like really behind you, and we wish and hope and pray that we push through with APEC,” she told the President. Masigan has since been looking forward to the hosting in Manila. “It’s really going to do the country a world of good. So we’re all behind you, if you need anything, we’re all here from the business sector.”  Aquino nonetheless defended the Cabinet member  who made the proposal.  Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “In fairness to that particular Cabinet member, iyung given the enormity of the reconstruction, rehabilitation efforts for Yolanda, he was thinking na shouldn’t this be the sole priority, in a sense, at this Read More …

Gov’t may end up operating Malampaya project – Petilla

 Economy
Dec 032013
 
Gov’t may end up operating Malampaya project – Petilla

MANILA, Philippines – The government may end up operating the Malampaya deep water gas-to-power project if it decides not to extend the service contract of the consortium led by Shell Philippines Exploration B.V. (SPEx), Energy Secretary Carlos Jericho Petilla said. Petilla said if the consortium’s offer is not that good, the government may opt to just run the project after SPEx’s contract expires in 2024. At the same time, he also said that the government may agree to extend the contract by 15 to 25 years if SPEx submits a proposal that is advantageous to the government. “I am after what we will get in return. I am asking Shell, what is your offer? If it is the same, the government can just run it,” Petilla told reporters. The consortium is asking for an extension given the possibility of more oil and gas in the 83,000-hectare project in Northwest Palawan. Petilla said the consortium has not made any offer yet, which is why the Department of Energy has not made any decision on the group’s plan to extend its Malampaya contract for 15 years. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The government earlier targeted to decide on the matter this year.  “They have not given anything at this point,” Petilla said. While he declined to provide details on what a “good offer” would be, Petilla said it should be “significantly better” than the terms of the existing contract. The Shell-led consortium wants a 15-year extension of Service Read More …

Review of PJEPA set next year

 Economy
Dec 032013
 
Review of PJEPA set next year

MANILA, Philippines – The Department of Trade and Industry (DTI) is set to start the review of the Philippines-Japan Economic Partnership Agreement (PJEPA) next  year with the view of pushing for more benefits for agriculture products and movement of natural persons.        “Next year, we will undertake a review of the PJEPA,” DTI assistant secretary Ceferino Rodolfo said during the National Export Congress 2013 yesterday.        The review is intended to see how the deal could make trade policies more responsive to the country’s needs.        Rodolfo said that part of the review would cover how to improve terms    for entry of agricultural products as well as for the movement of natural persons.        The PJEPA which came into effect in 2008 seeks to strengthen the economic relations of the Philippines and Japan.        The bilateral agreement covers free flow of trade in goods, services,  persons and capital.        Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Rodolfo noted that since the PJEPA came into effect, trade between the    Philippines and Japan have grown by more than five times.       Japan is the Philippines’ top export market, with outbound merchandise    shipments to that country valued at $9.88 billion in 2012.        In terms of imports, Japan is the Philippines’ third biggest source,  with imports valued at $6.45 billion in 2012.        Since the PJEPA came into force, Rodolfo said investments made in the Philippines from Japan have surged to P69 billion last year from just P16 billion in 2008.        Japan is among the top sources of foreign investments Read More …

BSP bats for more reforms Stronger insolvency framework pushed

 Economy
Dec 032013
 
BSP bats for more reforms Stronger insolvency framework pushed

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) said the country needs a stronger insolvency framework to reduce the losses incurred by the bankrupt firms’ creditors. “We really need a stronger insolvency framework and this weakness is not only true for the Philippines but it’s also true for other countries, as highlighted by the Asian financial crisis (in 1998),” BSP Governor Amando M. Tetangco Jr. told reporters on the sidelines of the Forum on Asian Insolvency Reform. “A number of reforms have already been implemented but the task now is really to improve the quality… not only the framework but also the implementing agencies have to be empowered,” Tetangco said. Tetangco explained that weak insolvency systems were one of the key problems of Asian markets that eventually led to the Asian financial crisis  in 1998. Tetangco said the government needs to focus on the proceedings following a company’s declaration of bankruptcy, specifically the liquidation and division of remaining assets to creditors. “Having a well-developed insolvency law is important for the development of an effective insolvency system. But this is not enough, as we have seen in countries that have modernized their laws. We need to ensure its proper, effective and timely implementation,” Tetangco said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “It is equally important thereforeto focus on developing strong institutions that would interpret and implement the laws. Combined, a well-developed insolvency law and strong institutional capabilities provide a good foundation for a smoothly functioning insolvency system,” Read More …

DBM releases P3.38 B to NHA for housing dev’t

 Economy
Dec 032013
 
DBM releases P3.38 B to NHA for housing dev’t

MANILA, Philippines – The Department of Budget and Management approved the release of P3.38 billion to the National Housing Authority (NHA) for the continued implementation of its housing development and settlement program. The money will be used to cover the construction and completion of off-city housing projects which include 3,086 housing lots as well as  address the perennial flooding in several problematic areas in Metro Manila by relocating informal settler families to safer ground. “The Aquino administration still prioritizes the implementation of housing projects and the relocation of informal settler families from pre-determined danger areas , especially because we continue to experience the effects of the rainy season and the risks associated with storms and weather disturbances,”DBM Secretary Florencio “Butch” Abad said. “At the end of the day, the primary goal is to prevent the potential loss of property and lives caused by flooding, primarily through the provision of safe housing alternatives to our informal settlers,” he added.  As of August 2013, the NHA has already spent  P3.82 million for the development of 12,941 off-city lots, of which 12,291 housing units have been constructed.  This benefited about 6,511 families. The money was likewise used to beef up its land holdings. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 According to the DBM, a total of 24,851 new housing units will be built upon completion of the housing program in 2014. The P3.38 billion cash funding, sourced from  2011 savings, was transferred to the NHA from the Bureau of Treasury Read More …

DOTC eyes system to monitor bids for major infra projects

 Economy
Dec 032013
 
DOTC eyes system to monitor bids for major infra projects

MANILA, Philippines – The Department of Transportation and Communications (DOTC) is set to put in place a system that would monitor all major infrastructure projects from the development of terms of reference up to the issuance of notice to proceed. The agency is looking for a consultant for the development of a Bidding Process Monitoring System (BIDPMS) to monitor and track the bidding of various projects. The system would also make sure that all bidding process being undertaken by the DOTC follows the strict guidelines set up in the implementing rules and regulations of RA 9184 or the Government Procurement Reform Act. The DOTC is in charge of the implementation of transportation projects covering infrastructure and feasibility studies. “Transportation infrastructures are important support services to cater to the various needs of the country covering tourism, agriculture and other economic activities to foster and accelerate the growth of the country,” the agency said. The system, the DOTC added, would be fully accessible to the stakeholders and implementors to see the progress of the bidding of major projects. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The DOTC is currently bidding out major public-private partnership (PPP) projects led by the P65 billion Light Rail Transit line 1 (LRT1) Cavite extension project, the P17.5 billion Mactan Cebu International Airport expansion project, and the P1.7 billion Automated Fare Collection System (AFCS) project.

SEC rationalizing penalties for corporate violations

 Economy
Dec 032013
 
SEC rationalizing penalties for corporate violations

MANILA, Philippines – The Securities and Exchange Commission (SEC) is rationalizing its guidelines in penalizing companies that violate licensing, reportorial and regulatory requirements. Stiffer penalties and sanctions are seen to dissuade firms from committing violations while beefing up the agency’s funds to upgrade its manpower and monitoring systems, the SEC said. In a public notice, SEC said it formulated the Consolidated Scale of Fines and Penalties now open for public comment. “The clarity of obligations and understandability of the consequences of violations is attained when the fines and penalties are updated and contained in one issuance,” the SEC said. Hence, the corporate regulator said it is ideal for it to adopt a consolidated scale of fines covering the sanctions for violations of the various laws and rules. Specifically, the proposed rules took into consideration the guidelines that took into effect since 2002 like the rules for non-compliance on reportorial requirements, revised guidelines on foundations and scale of penalties for lending companies. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Under the revised scale, violations will be presented according to three dimensions: licensing that focuses on market activities without prior registration; reportorial that highlights non-submission or late filing of records; and operational, prudential and other requirements that take on failure to perform a prescribed activities or adopt a mandated principle, standard or procedure. The SEC has posted a steady increase in its collection of fines and penalties, hitting P213.73 million last year from P199.02 million in 2011, P148.96 million in Read More …

PSE eyes more products to sustain stock market’s growth momentum

 Economy
Dec 032013
 
PSE eyes more products to sustain stock market’s growth momentum

MANILA, Philippines – The operator of the country’s sole stock seeks to sustain the growth momentum in market activity through investor-friendly rules and products. The newly-introduced Philippine Stock Exchange (PSE) and the Singapore Exchange (SGX) index futures and soon-to-be-launched shariah list, as well as several new rules will stimulate investor appetite, its top official said. “We need to do more work in terms of turning on more products,” said PSE president and CEO Hans B. Sicat. He said the PSE is optimistic for 2014 given ample liquidity despite uncertainties in the first quarter. “So far, we’re up 50 percent if you’re going to take a look at the daily average trading values,” Sicat said. The local stock market is enjoying local and foreign investor interest given the investment grade rating of the Philippines and robust economic and corporate growth. “The market activity shows that there is also a higher level of confidence,” Sicat said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Moving forward, the PSE is committed to introducing more products and rules. The PSE and SGX recently launched the Philippines-linked derivatives products. “We are very excited about this partnership with the SGX because we think this will allow foreign investors improved flexibility in trading our market,” Sicat said. “While the intention is to ultimately have our own futures products traded at the PSE, this particular partnership provides us an opportunity to learn how to develop a futures market,” he added. On Monday, First Metro Philippine Equity Exchange Read More …

Vital C to open wellness center in Davao

 Economy
Dec 012013
 
Vital C to open wellness center in Davao

VITAL C-Davao has gone a notch higher in keeping people in top shape, as it is set to open the first-of-its-kind health and wellness center in Mindanao early next year. Albert Obenza, branch manager of Vital C-Davao, said the facility is equipped with state-of-the-art medical equipment fit for the Vital C products, and to be manned by doctors and nurses. Among the equipment already in place at the center are the Vital Resonance Analyzer (VRA), Live Cell Analysis (LCA), and Cardio-Vacular Analyzer (CVA), all are imported from Germany. “We’re still preparing the center,” he said. Obenza said they are now in the phase of putting in some finishing touches to the center. They will also train two or three doctors, plus nurses on how to operate the equipment before finally opening its doors to the public. The VRA can determine whether one’s body lacks vitamins and minerals, or the machine can also be more specific by pinpointing which among the body’s organs are not anymore in good shope. “It can detect unsay kulang sa imong system unsa nga organ ang weak… makita pud nato unsa nga product ang dapat itake (It can detect what’s lacking in your system and which organ is week. Then, we’ll know which product to take),” he said. The LCA is used simply to analyze the thickness of the blood. When results from blood samples turned out to be stickier, the patient is prone to stroke and heart failure. Obenza explained that “sticky blood” hampers good Read More …

Money supply expands to P6.3 T in October

 Economy
Nov 302013
 
Money supply expands to P6.3 T in October

MANILA, Philippines – Demand for money continues to grow in October  as domestic liquidity (M3) rose 32.5 percent year-on-year to P6.3 trillion, Bangko Sentral ng Pilipinas (BSP) data showed. The rise was slightly faster than the 31.3 percent expansion recorded in September. M3 is one of the economic indicators being watched closely by the central monetary authority as this may have an impact on the country’s inflation rate. It consists of money supply, peso, savings and time deposits and deposit substitutes of money generating banks or deposit money banks. If the M3 level is high, this means there is too much money in the financial system. which may trigger inflationary pressures. On a month-on-month basis, seasonally-adjusted M3 increased two percent, similar to the expansion record the previous month. The BSP attributed the money supply growth to the sustained  expansion in domestic claims, or credits to the domestic economy. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Domestic claims grew 11.6 percent in October from 10.9 percent in September due to the continued increase in claims on the private sector (16.2 percent), in line with the sustained growth in bank lending. Net claims on the public sector, on the other hand, rose five percent in October, largely as a result of the increase in credits to the government. Net foreign assets (NFA) also grew 10.5 percent, from 7.7 percent in September. The BSP said its NFA position improved on the back of robust foreign exchange inflows from remittances, BPO receipts Read More …

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