A PROCLAMATION designating several parcels of land in Bonifacio Global City as an information technology (IT) park has been signed by President Benigno S. C. Aquino III.
Oct 282013
Oct 282013
Department of Agriculture (DA) Secretary Proceso J. Alcala has directed the National Food Authority (NFA) to start purchasing corn grains by the start of the corn harvest season in June 2014 to make grits and pad the country’s buffer stock, according to an agency official.
Oct 282013
THE BUREAU of Internal Revenue (BIR) continued to fall short of its tax collections as it missed its collection target in the first nine months of the year. However, the BIR is not taking this serious matter sitting down.
Oct 272013
Giving kids piggy banks is one of the things parents can do to teach children the value of becoming financially responsible adults. But why give them sad-looking piggy banks if moms and dads can give them a bank account that earns interest and includes insurance coverage? Through PSBank’s Kiddie Savers and Teen Savers Accounts, parents can now gift their kids their own savings account that does not only teach them how to be thrifty, but provides rewards as well. “We’re very happy to offer two new savings products that will be a good tool for parents to teach their kids the values of thrift, discipline and perseverance. We designed it in such a way that it would be very easy for parents to open and maintain the accounts. They don’t have to make an initial deposit and there is no maintaining balance which means their children can start saving even with a small amount. Their accounts also continue to earn interest regardless of the balance,” PSBank Business Development Division Head and Vice President Melissa Tong said. The Kiddie Savers Account is for children from 0-12 years old, while the Teen Savers Account is for kids aged 13-18 years old. Aside from earning interest off their savings, the account also gives the kids a free personal accident insurance from Charter Ping An Insurance Corporation. This gives them an insurance coverage of up to five times the monthly average daily balance or a maximum of P500,000. Business ( Article MRec ), pagematch: Read More …
Oct 272013
THE PHILIPPINES is prepared for a possible reversal of capital inflows once the US Federal Reserve’s plan to scale back its massive stimulus program pushes through, the central bank chief said.
Oct 272013
CEBU CITY — The Department of Tourism (DoT) in Central Visayas is sticking to its arrivals target as industry stakeholders in Bohol declare readiness to welcome visitors just a little over a week after a strong earthquake severely damaged tourist spots and access roads.
Oct 272013
MANILA, Philippines – Diversified conglomerate San Miguel Corp. formally takes over ailing Albay Electric Cooperative (Aleco), Energy Secretary Carlos Jericho Petilla said over the weekend. The two parties will sign the agreement tomorrow, Oct. 29, in a formal ceremony at San Miguel’s headquarters in Ortigas. “The takeover is merely a formality because they’re already assessing right now. I don’t know how many people they have in Aleco but they are now doing the inspection works. The signing is for me, just ceremonial or formality,” Petilla said. Under the agreement, San Miguel Corp., through SMC Global Power Holdings Corp. would be spending at least P250 million to pay off Aleco’s debts. This is just the minimum, Petilla said. Albay Governor Joey Salceda has said that San Miguel also needs to spend for the plant’s rehabilitation, which could cost up to P1 billion. Aleco’s system loss is 24 percent compared to the cap of 13 percent. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Salceda attributed Aleco’s situation to its failure to collect from its customers and also to systems losses stemming from its obsolete equipment. Once rehabilitated, however, Salceda said San Miguel would be able to generate revenues of about P600 million annually. San Miguel will manage the operations of Aleco for 35 years, with the option to extend this for another 25 years. Last July, Aleco had been disconnected from the main grid because of mounting debts, plunging Albay into darkness. It was reconnected the following day upon Read More …
Oct 272013
MANILA, Philippines – Metro Pacific Tollways Corp. (MPTC), a unit of infrastructure conglomerate Metro Pacific Investments Corp. (MPIC), has earmarked P6 billion for its capital expenditures next year to bankroll major road projects. MPTC chief finance officer Christopher Daniel Lizo said the bulk of the budget next year would be for the construction of two road projects known as Segments 9 and 10 that would connect to the North Luzon expressway (NLEX). The Segment 9 which has a cost of P1.6 billion is a 2.4-kilometer road linking NLEX to MacArthur Highway while Segment 10 valued at P10 billion is the 5.65-km road from MacArthur Highway to Circumferential Road 3 (C3). Of the total amount for next year, Lizo said MPTC would spend P5 billion for Segment 10 while the balance of P1 billion would be used for Segment 9. “We are completing Segment 9 next year and we are hoping we can start Segment 10 which is about P10 billion,” he added. According to him, construction of Segment 10 is expected to start in the second quarter next year and would be completed after two years. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Lizo said the company is spending close to P1 billion for its capital expenditures this year. MPTC is the largest toll road operator in the Philippines operating 64 percent of the total 300 kilometers of toll roads in the country including the 85-km NLEX, the 94-km Subic-Clark-Tarlac expressway (SCTEX), and the 13.75-km Manila Cavite toll Read More …
Oct 272013
MANILA, Philippines – I hate long queues. I once saw a woman faint in front of me after standing in line for hours in a supermarket (no, she wasn’t pregnant; she simply passed out from exhaustion). Good thing there was a nurse (she was off-duty though) who was also standing in line right behind her. I hate lining up for hours just to pay for a small purchase, like a bottle of suka or patis or a garland of garlic. I often end up abandoning my grocery cart and fuming as I dash out of the store. If you’re like me and you’re a Citi cardholder, you’ll welcome this piece of news with a big sigh of relief: Now making waves is the Citibank Visa payWave, the first contactless credit card payment technology introduced just this September in the country. SHOP, TAP, and GO “We tied up with Citibank payWave because we want to provide our customers the best shopping experience, such as by exploring ways to make shopping fast and convenient,” says Robina Gokongwei-Pe, president/COO, Robinsons Retail Group. “Having the Citibank payWave in our stores will reduce long lines at check-out counters since it would speed up the transaction process. It will be very convenient for our customers who won’t have to struggle to look for small bills and coins to pay for small-ticket items as the card doesn’t have a minimum purchase. Customers also don’t need to sign the receipt for purchases less than P2,000 (but they have Read More …
Oct 272013
MANILA, Philippines – National flag carrier Philippine Airlines (PAL), jointly owned by taipan Lucio Tan and diversified conglomerate San Miguel Corp. (SMC), is further expanding its international reach through flights to Russia and London. PAL president and chief operating officer Ramon S. Ang said the new international destinations of the full service airline would boost the government’s campaign of luring 10 million tourists to visit the Philippines by 2016. “We recognize the growing demand from Russian tourists for a direct air link to the Philippines. Through this service, we hope to be able to serve this market and more importantly, help our government’s efforts to boost tourism,” Ang stressed. PAL yesterday mounted chartered flights between Manila and the Russian city of Vladivostok in partnership with Primorsky Agency of Aviation Companies TM Biletur. Chartered flights to and from the two cities would be scheduled throughout the year. Data from the Department of Tourism showed a 33-percent increase in the number of Russian tourists to 21,736 in the first eight months of the year. From Manila, Russian visitors would be able to fly out to PAL’s domestic destinations including Caticlan (Boracay), Cebu, Tagbilaran (Bohol), Puerto Princesa, and Legaspi. The visitors could also connect to the carrier’s regional and international hubs. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 PAL is also set to mount direct flights to London on Nov. 4 after the European Union lifted the ban on the airline from entering the European airspace last July 12. Ang said Read More …