THE MONETARY Board (MB) expects inflation to remain within the Bangko Sentral ng Pilipinas’ (BSP) 3-5% goal despite a hike in its 2014 forecast.
Nov 212013
Nov 212013
THE SENATE is considering restoring allocations for the National Housing Authority (NHA), which the Budget department gave a zero budget for emergency housing and resettlement capabilities in 2014.
Nov 212013
FOREIGN and local companies yesterday strongly opposed the petition filed by Puyat Steel Corp. with the Department of Trade and Industry (DTI) to impose safeguard duties on imported galvanized iron (GI) and pre-painted galvanized iron (PPGI) sheets and coils, which allegedly cause “serious injury” to the local industry.
Nov 212013
MANILA, Philippines – Energy Secretary Carlos Jericho Petilla has threatened to cancel Service Contract (SC) 55 after its proponents failed to submit a concrete drilling plan for the Cinco-1 well in offshore Palawan. The SC 55 proponents include BHP Billiton, Otto Energy, Trans-Asia Oil and Development Corp. and Energy Development Corp. BHP Billiton, an Australia-based oil and mining firm, earlier withdrew its participation in the Cinco-1 oil and gas project. Cinco-1 is believed to have potential gas reserves, being located near the Malampaya natural gas field in Northwest Palawan, the biggest natural gas find in the Philippines. “If Otto Energy does not find a drilling partner then I’ll just have to cancel it. Unless they ask for an extension because they are still interested to drill it then we will extend it. Otherwise, if there is no chance for them to drill it then might as well cancel the contract,” Petila said. The energy chief said the DOE had been informed that BHP Billiton might have been experiencing some financial difficulties, thus the decision to pull out of the SC 55 drilling project. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Their budget was cut by 35 percent. Not only in the Philippines but even in India they decided to cancel their participation in another contract. I think Otto Energy might file legal actions because BHP Billiton has contractual obligations,” he said. Petilla, however, pointed out that should the remaining members of the consortium opt to continue with the Read More …
Nov 212013
I know. We are not quite done with the last big one. But strangely enough, now is an appropriate time to start thinking of how to prepare for the next one while the lessons of the last one are still fresh in our minds. Once things really get back to normal, the sense of urgency will be lost and all those thousands of our countrymen died in vain. We have clearly seen that government’s disaster response planning fall short in many ways. Let me cite one example and I am sure there are many others. I was told that the PNP SAF was ready to deploy on day 2 or Saturday. They were indeed at Villamor but were unable to get a ride on the C-130s for some reason. They waited the whole day, but nothing happened. Some managed to leave the following day when commercial airlines agreed to bring them to Cebu. If they got to Tacloban on Day 2 or even Cebu for immediate airlift to Tacloban, the security problems would have been avoided. It was unfortunate that the disaster response planning did not include transporting the augmentation team of the PNP… ridiculous, isn’t it? As pointed out by former CNN correspondent Maria Ressa, a seasoned reporter with experience covering more disasters than she cares to remember, security is the first concern in a post Yolanda situation. Other concerns cannot be addressed if security is absent. It was also not very reassuring that Defense Secretary Volt Gazmin was quoted saying they Read More …
Nov 212013
MANILA, Philippines (Xinhua) – The National Economic and Development Authority (NEDA) Board has approved a series of infrastructure projects that worth P184.2 billion (about $4.22 billion) today. The list of seven projects include three rail projects and one airport, transport terminal, hospital, and water supply projects. Of the seven projects approved by the NEDA Board, six will be undertaken through a Public Private Partnership (PPP) mode. “The rail projects will connect the train systems and make it convenient for passengers to transfer from one train to another. This will also help reduce passengers’ travel time,” the Director- General of the NEDA Arsenio Balisacan said. Meanwhile, the other projects included Mactan-Cebu International Airport New Passenger Terminal Project ($401.60 million); the Development of Transportation System at the Southern outskirts of Metro Manila ($176.70 million); the Modernization of the Philippine Orthopedic Center ($128.51 million); and the Bulacan Bulk Water Supply Project ($559.94 million).
Nov 212013
MANILA, Philippines (Xinhua) – The Philippine stock market further retreated below the 6,200-level today over concerns that the United States might soon taper its economic stimulus. The bellwether Philippine Stock Exchange index lost 0.53 percent or 32.45 points to 6,122.89, while the broader all-share index fell by 0.70 percent or 26.50 points to 3,737.18. Trading volume reached 853.18 million shares worth P8.54 billion ($196.06 million) with 123 stocks declining, 34 advancing and 41 were unchanged. Of the six counters, only the industrial and the holding firm sectors bucked the trend. “Weakness continue to prevail, following indications of tapering plans in the US,” brokerage 2TradeAsia.com said in its daily stock market comment. Investors are worried that the US Federal Reserves might soon go slow on its $85-billion a month asset purchase program following signs of recovery in the labor market. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 This caused major currencies to slide and the Dow Jones to close Wednesday’s session 66.21 points lower. 2TradeAsia.com advises investors to spot for good trading windows in second-tier shares that have breached “oversold zones.” Stocks in the 30-company index were mostly down. Among those sold out were Ayala Land, Inc., Alliance Global Group, Inc. and heavyweight Philippine Long Distance Telephone Co.
Nov 212013
MANILA, Philippines (Xinhua) – Despite the extensive damage caused by typhoon Haiyan, locally named “Yolanda,” to rice-growing areas in central Philippines, the Department of Agriculture (DA) said today that the country’s rice imports for 2014 would not reach 1.2 million metric tons (MMT). Agriculture Undersecretary Dante Delima said the United Nations Food and Agriculture Organization’s (FAO) estimate is “too much.” “The 1.2 MMT of rice which FAO has projected the Philippines will import next year is beyond what the country needs,” Delima said in a text message to Xinhua News Agency. However, he declined to provide the exact volume of rice that the country will import next year. The DA official issued the statement after FAO said in a report that Philippine rice imports would increase by 20 percent to 1.2 MMT in 2014 after 32 percent of rice crops were affected by typhoon Haiyan. FAO said this will cause Philippine rice output to drop to 18 MMT from its earlier projection of 18.9 MMT. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The Philippine government imports rice to beef up the buffer stock of state food agency National Food Authority which provides the staple to areas affected by natural calamities. For 2013, Manila imported 205,700 metric tons from Vietnam under a government-to-government transaction. Based on the latest data from the National Disaster Risk Reduction and Management Council (NDRRMC), the typhoon destroyed P10.51 billion ($241.5 million) worth of crops and farm infrastructure in central Philippines.
Nov 202013
Nuvoland President & CEO Rally Martinez leads the company forward with the philosophy of innovation, quality, and customer satisfaction. MANILA, Philippines – Recognizing the changing trends and preferences that shape the lifestyle of Filipinos, upscale property developer Nuvoland Philippines Inc. has undertaken a brand update to reflect its commitment to create value for clients through real estate. Rally Martinez, Nuvoland president and chief executive officer, sat down with PhilSTAR.com to share the company’s vision and strategies to keep their clients happy. He said the new Nuvoland logo reflects the company’s passion for innovation and adherence to the gold standard in delivering high quality products and first-class customer service. “We have always been committed to observing and applying the gold standard, which represents the highest quality possible, to each and every Nuvoland product that we bring to the market,” Martinez said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Creating Lifespaces that Shape Lifestyles Fulfilling its tagline and brand promise of “Creating Lifespaces. Shaping Lifestyles. Fulfilling Lives,” Nuvoland is firming up even grander plans and projects both to grow its corporate profile and expand its product line. “We coined ‘lifespaces’ because, clearly, whether it’s residential, office, or retail, it’s a space where people spend a lot of time in, and thus, where they create and live their lives,” Martinez added. Aside from Infinity Tower in Bonifacio Global City in Taguig and Aspire Tower in Quezon City, Nuvoland is also constructing Dream Tower, the second residential building in its flagship mixed-use Read More …
Nov 202013
A CONSORTIUM of construction firms may bag within the month the contract to develop a 5,225-square-meter commercial lot in Bonifacio Global City that is being auctioned off by the government, provided the companies hurdle post-qualification procedures, a Bases Conversion and Development Authority (BCDA) official yesterday said.