THE PRIVATIZATION of the 153.1-megawatt (MW) Naga power plant complex failed again after only one firm participated in the second round of bidding by the Power Sector Assets and Liabilities Management Corp. (PSALM) yesterday.
Nov 072013
Nov 072013
THE SCHEDULED maintenance shutdown of the Malampaya gas-to-power facility has been pushed back for two days with the expected entry of a super-typhoon this weekend.
Nov 072013
SEVERAL major highway and light-rail transit (LRT) projects set to be rolled out next year could finally ease serious congestion problems in the Philippines.
Nov 072013
MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) introduced yesterday new rules on foreign exchange (FX) transactions as it continues to align the framework with current economic conditions. In a statement, the central bank said it is now allowing the prepayment of BSP-registered short-term loans although subject to documentary requirements. At the same time, the BSP said it has dropped banks’ submission of documents to support reports on importations. The central bank also lifted its requirement to have private sector loans to be granted by banks’ Foreign Currency Deposit Units or Expanded (FCDUs) approved by the BSP. These loans, however, should be those directly funded from or collateralized by offshore loans or deposits of the lending bank. The last amendment in FX rules pertain to the “clarification of the prescriptive period for filing of requests for BSP registration of foreign direct investments and rules on cross currency swaps.” The central bank continues to assess its guidelines for FX transactions to make them suitable to current economic conditions. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “The BSP will continue to review rules on FX transactions and make amendments thereto as necessary to ensure that the FX regulatory framework is appropriate considering current economic conditions,” the central bank said. Last month, the BSP eased restrictions on the movement of foreign-currency denominated funds to and from the country in preparation for the integration of Southeast Asian nations. The BSP on Oct. 18 issued Circular 815, which amended foreign exchange regulations Read More …
Nov 072013
LONDON – The single largest shareholder in diversified conglomerate San Miguel Corp. (SMC) is venturing into coal projects in the Philippines. Top Frontier Investment Holdings Inc. wants to take advantage of low valuation on coal projects to expand its existing portfolio of nickel, gold and copper projects, its top executive said. “I think Top Frontier has quite a good investment at the moment and of course, it can invest more on coal projects,” said Top Frontier president and CEO Ramon S. Ang. Ang said Top Frontier can benefit from soft coal prices that result in low valuation of coal projects. Global coal prices have dropped significantly due to oversupply, making it one of the worst-performing bulk commodities this year. “So, I think there’s an opportunity for us to invest in that business,” he stressed. Top Frontier is backed by former Trade Minister Roberto V. Ongpin, businessman Iñigo U. Zobel, condiments king Jose Y. Campos and Ang, who is also SMC president and chief operating officer. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Top Frontier, through fully-owned subsidiary Clariden Holdings Inc., holds the mining rights for the Nonoc nickel project in Surigao del Norte, Mt. Cadig nickel project and Lo-oc limestone project. It also owns exploration permits for certain areas under the Bango gold project. A subsidiary of Clariden Holdings was also chosen as the contractor under a joint operating agreement to be executed for the North Davao project. In 2012, Clariden Holdings posted P2.66 billion in revenues and Read More …
Nov 062013
LONDON — More businesses in the United Kingdom are expected to set up shop in the Philippines as British retail companies scale up their operations, the UK ambassador to the Philippines said.
Nov 062013
MANILA North Tollways Corp. (MNTC) will formally present its proposal to state-run Philippine National Construction Corp. (PNCC) this month to form a joint venture for the P22.95-billion connector road that will link the North and South Luzon Expressways (NLEX and SLEX).
Nov 062013
AS OF TODAY, there are only 48 days to go before Christmas. For businesses operating on a calendar year basis, the coming yuletide also creates anticipation for yearend reporting requirements.
Nov 052013
SEMICONDUCTORS and Electronics Industries of the Philippines, Inc. (SEIPI) yesterday asked the Department of Energy (DoE) to not charge higher power rates this month with the scheduled maintenance of the Malampaya gas field.
Nov 052013
THE DEPARTMENT of Transportation and Communications (DoTC) will present to President Benigno S.C. Aquino III today the options to prepare the country’s gateway airports for an expected passenger increase up to 2040.