Meralco expands to Nigeria

 Economy
Nov 102013
 
Meralco expands to Nigeria

MANILA, Philippines – The Manila Electric Co. (Meralco), the country’s biggest power distributor, has formally expanded its foothold in Nigeria, Africa last Nov. 1, its chairman said. “Nov. 1, I believe was the turnover date. We’ve sent our people there early October. It was a team of two groups, a total of 12 Filipinos,” said Meralco chairman Manuel V. Pangilinan said. Meralco has partnered with Lagos-based Integrated Energy Distribution and Marketing Ltd., a special purpose vehicle, for the takeover of two distribution utilities in Nigeria – Ibadan Electricity Distribution Company Plc. and Yola Electricity Distribution Co. Plc. The IEDM-led consortium tapped Meralco as technical partner for two power firms privatized by the Federal Republic of Nigeria. Meralco has taken a five-percent equity in IEDM, amounting to $31.500. Pangilinan said IEDM tapped Meralco because it does not have any background experience in distribution system. In announcing the partnership last August, Pangilinan said Meralco also has the option to increase its stake to 20 percent. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Meralco president Oscar Reyes said the distributor views the deal in Africa as a way to bring its power retailer brand overseas. IEDM approached Meralco in 2011 after it was referred by a European advisory firm. Aside from Nigeria, Reyes said Meralco would continue to be on the look out for opportunities overseas. In April, Meralco completed the purchase of a 70 percent stake in an 800-megawatt liquefied natural gas project in Singapore for $488 million. Meralco subsidiary Read More …

Phl seeks flexibility on TPP membership

 Economy
Nov 102013
 
Phl seeks flexibility on TPP membership

MANILA, Philippines – The Philippines may seek for flexibility from members of the Trans-Pacific Partnership (TPP) to be allowed to join the trade pact without having to amend the Constitution. “Our problem is we have a limitation in the Constitution that may not meet standards or ambitions of TPP members. We may have to ask for flexibility at some point, if and when they invite us (to be part of the deal) to be able to comply,” Trade secretary Gregory Domingo said in an interview with reporters. Domingo said the constitution’s limits to foreign ownership in certain sectors may not fit with the TPP. “We cannot promise that we will make changes to the Constitution.” President Aquino has been firm in his stand that there is no need to amend the constitution to achieve economic growth. Domingo said it is in the interest of the country to become a member of the TPP as the trade pact is an avenue to get access to markets, primarily the US. “It (TPP) is something we have to engage in. We have no choice because the US is our second largest trading partner and many of our neighbors will become members of  TPP. If they have duty-free access, for example, in the US and we don’t, it will really handicap the Philippines and affect us in a significant way,” he said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The TPP, currently being negotiated by 12 countries, aims to establish a free Read More …

Smart, Globe reveal iPhone subscriber plans

 Economy
Nov 102013
 
Smart, Globe reveal iPhone subscriber plans

MANILA, Philippines – Rivals Smart Communications Inc. of dominant carrier Philippine Long Distance Telephone Co. (PLDT) and Ayala-led Globe Telecom Inc. expect strong demand for the new Apple iPhone 5s and 5c which will be made available to subscribers on Nov. 15. Kathy Carag, head of the postpaid business group of Smart, said the company is giving subscribers flexible options to easily own the latest iPhones with the country’s most advanced mobile service network and widest long term evolution (LTE) coverage. “Our subscribers have been keenly anticipating our iPhone plans. The good news is we’re offering a wide range of choices so they can select the plan that will best suit their lifestyle and let them experience the full capabilities of their phone – whether they need fast web browsing, extensive multimedia streaming or frequent use of data-driven applications.” Carag said. The iPhone 5s (16GB, 32GB, 64GB) and iPhone 5c (16GB, 32GB) will be offered under Smart Postpaid’s Freedom Plan, All-In Plans 500, 800, 1200, 1800 and 2500; iPhone Plans 999 and 2499; and UnliData Plans 1500, 2000 and 3000. Subscribers are expected to enjoy premium perks and services when they avail of the iPhone 5s and iPhone 5c with Smart Infinity Plans 3500, 5000 and 8000. They could get any color of the iPhone 5c (16 GB) for only P1,499 a month with the iPhone Plan 999 (P999 monthly service fee plus P500 device amortization via credit card). For those who need more free voice and text credits, the Read More …

SM Prime spending P70 B next year

 Economy
Nov 082013
 
SM Prime spending P70 B next year

MANILA, Philippines – SM Prime Holdings Inc., which will hold most of the property-related assets of tycoon Henry Sy, has set a capital expenditure budget of more than P70 billion next year as it seeks to spur faster growth amid an expanding economy. In an interview, SM Prime Holdings Inc. chief finance officer Jeffrey Lim said the bulk of the capital outlays for next year would go to shopping malls (P38.9 billion) and residential development (P18.8 billion). The total budget for malls includes the P18 billion allocated for the expansion of the group’s operations in China. The group has earmarked P7.2 billion for commercial development (business process outsourcing buildings) and another P4.6 billion for hotels. It has also set aside P797 million for resorts/leisure. SM Prime is opening two new malls next year – SM Cauayan and SM Angonon and the expansion phase of SM Bacolod and SM Lipa. By the end of 2014, SM Prime will have a total of 50 malls with a total estimated gross floor area of 6.6 million square meters. In China, SM Prime SM Prime plans to open one mall per year in second and third tier cities. Slated for opening next year is Zibo, which will provide an additional 154,000 sqm of gross floor area (GFA).  Also under construction is SM Tianjin, which will be SM Prime’s largest shopping center when it opens in 2015. It will have a total GFA of 540,000 sqm. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Read More …

Minimum wage now higher than poverty threshold

 Economy
Nov 082013
 
Minimum wage now higher than poverty threshold

MANILA, Philippines – Most workers nationwide are now better off and are earning more to address their basic needs. The Department of Labor and Employment (DOLE) reported yesterday that most minimum wage rates in the country’s different regions are above the “poverty threshold.” DOLE Secretary Rosalinda Baldoz said from the 37 minimum wage rates below the poverty threshold in 2011, the number is down to 19. “Since the different regional tripartite wages and productivity boards (RTWPBs) started implementing in 2012 the two-tiered wage system, there have been gradual upward adjustments in those minimum wages that lag behind the poverty threshold to levels higher than the threshold,” Baldoz said. Poverty threshold is defined as the minimum earnings or expenditure required for a family or individual to meet food and other basic requirements. Baldoz said the country’s 16 RTWPBs have completed their transition plans to the two-tiered wage system, which consists of a mandatory minimum wage to protect the poor and vulnerable workers and a voluntary productivity-based incentive scheme over and above the minimum wage. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 She said part of the transition plan is for the wage boards to issue industry-specific advisories to guide enterprises and workers in adopting productivity incentive schemes and gain-sharing programs. She added that the wage boards in the Cordillera Administrative Region (CAR) and Calabarzon have issued advisories on the adoption of productivity incentive schemes. “The rest of the boards have identified priority or growth sectors for which advisories will Read More …

SEC oks AEVs P10-B bonds

 Economy
Nov 082013
 
SEC oks AEVs P10-B bonds

MANILA, Philippines – Aboitiz Equity Ventures Inc., the listed holding firm of the Cebu-based Aboitiz clan, secured the Securities and Exchange Commission’s nod to issue up to P10 billion worth of retail bonds. The approval, however, is contingent on AEV’s compliance of certain conditions which include the submission of certain documents to the SEC, the company said in a disclosure to the Philippine Stock Exchange. The 10-year bonds earlier received the highest credit rating of  “PRS Aaa” from the Philippine Rating Services Corp. Obligations rated PRS Aaa are of the highest quality with minimal credit risk. It means the issuer’s capacity to meet its financial obligations is extremely strong. PhilRatings said the credit score reflects AEV’s sustained and strong operating performance, sound capital structure with a conservative leverage position and positive growth prospects. AEV’s main core investments are  in power distribution and generation (Aboitiz Power), banking (Union Bank of the Philippines), food manufacturing (Pilmico Foods) and property development (Aboitiz Land). Business ( Article MRec ), pagematch: 1, sectionmatch: 1 It is also diversifying into infrastructure, particularly on water distribution and airport development.  The conglomerate in partnership with  Ayala Corp. is vying for the Mactan-Cebu International Airport. Aboitiz Power, is a leading power generation and distribution company in the county with a total attributable capacity of 2,232 megawatts.

NFA asks BOC to block illegal rice imports

 Economy
Nov 082013
 
NFA asks BOC to block illegal rice imports

MANILA, Philippines – The National Food Authority (NFA) has asked the Bureau of Customs (BOC) to watch out for the possible illegal entry of 120,000 metric tons (MT) of rice from Vietnam. In letter dated Oct. 21, NFA administrator Orlan Calayag informed Customs commissioner Rufino Biazon of reports of an agreement between unnamed Filipino traders with Vietnam Food Association for the supply of such volume. “This agreement was made without prior consent from the NFA,” said Calayag. A wires report last month said that Vietnam has signed contracts to sell 120,000 of rice to private companies in the Philippines. “For your information, the planned importation is in violation of Republic Act 8178 and Presidential Decree No. 4, as amended,” Calayag said in his letter. “Rice cannot be imported in the Philippines without an import permit from the NFA.” Calayag noted that Republic Act 8178 also known as “The Agricultural Tariffication Act,” mandates the NFA to require importation permits for rice shipments upon assessment of the current supply. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 NFA also informed the BOC that rice is being smuggled into the country in container vans from Vietnam through ports in Thailand, Singapore or Taiwan. Earlier, the NFA asked BOC to go after five traders that have allegedly smuggled into the country, through the port of Davao,  243,000 50-kilogram bags of rice. The shipments, which originated from Vietnam arrived betwen July and September. The NFA said the shipments were sent to the Philippines via Read More …

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