AN ORDER implementing an agreement on a regional self-certification project has been signed by President Benigno S. C. Aquino III.
Oct 222013
Oct 222013
MANILA, Philippines – The outstanding debt of the government slightly rose as of July this year as the government continued to borrow to boost the economy. Data from the Department of Treasury showed that the outstanding debt amounted to P5.46 trillion as of July this year, slightly up from the P5.156 trillion recorded a year earlier. The latest figure was also up 0.2 percent or P9 billion from the end-June level. A big chunk of the debt or P3.5 trillion came from domestic sources while the remaining P1.96 trillion was sourced from foreign lenders. Local debt declined 0.1 percent or P2 billion as the government redeemed more local debt papers compared to the volume that was issued. Debt guaranteed by the government likewise went up 0.3 percent to P492 billion. Of the total, 70.7 percent or P348.1 billion are external guaranteed obligations while 29.3 percent or P144 billion are domestic guaranteed debts. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The net appreciation of third currencies caused an increase in the peso value of external guaranteed obligations. The net appreciation of third currencies caused an increase in the peso value of external guaranteed debt while domestic guaranteed debt remained unchanged over the previous month’s level. Aside from loans extended by multilateral lenders and official aid from foreign governments, the Philippines also borrows through the issuance of bonds.
Oct 222013
MANILA, Philippines – The Intellectual Property Office of the Philippines (IPOPHL) is setting up a new agency which would be responsible for the accreditation of organizations which would collect royalties for copyrighted works used for commercial purposes in line with the amended IP Code. IPOPHL director general Ricardo Blancaflor told reporters during the 3rd Philippine Anti-Counterfeiting and Piracy Summit yesterday that under the amended IP Code signed by President Aquino earlier this year, the IPOPHL could create a new agency, the Bureau of Copyright. “It (amended IP Code) gives us the right to create the Bureau of Copyright. We are just waiting for the go-signal of DBM (Department of Budget and Management),” he said. The new bureau, which the IPOPHL expects to be in place by early next year, would be responsible for promoting awareness of IP rights and the accreditation of collective management organizations (CMO) or those which would collect royalties of copyrighted works being used in public places. He noted that while the Filipino Society of Composers, Authors and Publishers (FILSCAP) already collects fees for the usage of works of composers, authors and publishers, many establishments would want to pay royalties to CMOs which are accredited by the government. “What mall owners want is for government to regulate them (CMOs),” he said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Performer’s Rights Society of the Philippines corporate secretary John Lesaca explained that while the FILSCAP has been collecting royalties for copyrighted works, collections have been small as Read More …
Oct 222013
MANILA, Philippines – The government needs to revitalize the mining and manufacturing sectors to create more jobs and achieve economic growth according to Vice President Jejomar Binay in his speech at the opening of the 39th Philippine Business Conference and Expo yesterday. Binay is pushing for the revitalization of both the manufacturing and mining sectors as these are seen to support economic growth. Attracting investments in both sectors, the VP said would not only provide jobs but also give individuals higher incomes. “On the latter, the Philippines is one of the most mineralized countries in the world and given the value of metals in the world, this sector can boost our level of economic development several notches higher, so long as we put in place proper environmental safeguards, and ensure that working conditions meet decent work international guidelines and activities in the Investment Priorities Plan (IPP) for 2012 and beyond,” he said. He noted that mining could be accepted provided that there is responsibility, accountability and sustainability. “With many experiences from the outside world, the Philippines certainly can learn from the best mining practices that creates a balance in economic development through harnessing natural resources and protecting the environment,” he said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 While there is interest from mining firms to invest in the country, they have been on a wait-and-see attitude as the government has yet to come up with a new revenue sharing scheme. The Chamber of Mines of the Philippines Read More …
Oct 222013
MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) has granted temporary regulatory relief to banks affected by Typhoon Santi. “(This is) to enable them to similarly assist and ease the financial burden of bank customers adversely affected by Typhoon Santi,” the central bank said in a statement. Banks eligible for the relief measures are those located in the provinces of Pangasinan, Isabela, Nueva Vizcaya, Quirino, Aurora, Bataan, Nueva Ecija, Pampanga, Tarlac, Zambales, Laguna, and Rizal. For thrift, rural and cooperative banks, the BSP has excluded the computation of due ratios for existing loans of borrowers in affected areas. The BSP has also allowed to the non-imposition of penalties on legal reserves deficiencies and has granted a moratorium on monthly payments due to the central bank for those banks with ongoing rehabilitation programs. At the same time, the central bank has slashed the general loan loss provision to one percent from five percent and said it will not be imposing penalties on delays in the submission of supervisory reports. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 For all types of banks affected, the BSP has allowed them to grant financial assistance to officers or employees affected by the typhoon. Meanwhile, for rediscounting banks, the central bank gave them a 60-day grace period to settle outstanding obligations as of Oct. 13 and allowed them to restructure with the BSP current loans of affected borrowers. The BSP has granted similar relief measures following typhoons Sendong, Pedring, Mina and Juaning in Read More …
Oct 222013
MANILA, Philippines – The Philippines will need to pass a competition policy to create an environment more conducive for business and attract much needed investments to achieve economic growth and prepare for regional economic integration. Speaking at the 39th Philippine Business Conference and Expo yesterday, House Speaker Feliciano Belmonte Jr. said the country needs a competition policy to create an environment conducive to investor as the Association of Southeast Asian Nations (ASEAN) is set to establish regional economic integration in 2015. The ASEAN economic community (AEC) is expected to lead to free movement of goods, services, investment, skilled labor as well as flow of capital in the region. As the AEC will be put in place in two years time, Belmonte said all member nations including the Philippines will have to prepare and look at how they could maximize the benefits of economic integration, while minimizing its costs to the society. “In our own country, competitiveness-enhancing policies are necessary when faced with the conditions in the domestic and international markets. Relaxed foreign investment and ownership requirements, a liberalized trade policy, and further economic deregulation – all these may be part of our competitiveness policy which seeks to promote efficiency and maximize welfare,” Belmonte said. He noted though that the country’s existing laws are not sufficient to hurdle problems that may arise in 2015 should the ASEAN constitute itself into a single market. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 To attract investments and prepare for the AEC, he Read More …
Oct 222013
The mere mention of Tondo evokes a feeling of fear in the hearts of many. The feeling is not without basis. After all, Tondo is notorious for being a haven for lawless elements, for criminal syndicates, street children, squatter shanties. The image may sound unfair, but that is the perception and that is difficult to change. Not even Manila North Harbor in Tondo was spared from this perception. Dilapidated structures, grubby facilities, and thugs and pickpockets in every corner of the port prying on travel-weary passengers are common sights in the country’s oldest and busiest domestic port. But North Harbor is transforming into a modern port that can rival those that can be found in other more developed countries. Manila North Port, formerly North Harbor, is getting a lot of people excited. First, it now offers a modern, more convenient and safer sea travel. Second, it gives businesses a big boost in product mobility. Third, it provides employment opportunities especially to the people of Tondo. Fourth, it gives the country a better standing in international port operations and expectantly more opportunities for investors. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Manila North Port is a new and modern passenger terminal located in an 11,600 sq.m. area situated between Piers 4 and 6. It can accommodate more than 3,000 passengers at any given time. The world-class terminal can handle some two million passengers annually, which is double the current annual capacity of the old port terminal. It is a Read More …
Oct 212013
MANILA, Philippines – Lower commodity prices dragged down metal production value 7.89 percent in the first semester of the year, data from the Mines and Geosciences Bureau (MGB) showed. Aggregate metal production value during the first six months of the year fell to P45.91 billion from P49.84 billion in the same period last year. “Dictated by the less upbeat world metal prices, the precious metals gold and silver, and the base metals copper and nickel, all recorded negative movements during the review period,” the MGB said in a report. Nickel production remained the top contributor to the aggregate production value for the period. Nickel direct shipping ore and mixed sulfides accounted for 41 percent of the output value, equivalent to P18.99 billion combined. Gold comprised 34 percent of the production value, contributing P15.60 billion, while copper made up 22 percent of the production, contributing P9.97 billion. The remaining three percent of the production value equivalent to P1.34 billion comprised silver, zinc, chromite and iron production. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Average gold price during the first half fell 7.70 percent to $1,524.52 per troy ounce from $1, 651.69 per troy ounce in the same period last year. “Despite this, demand from India and Greater China (China, Hong Kong and Taiwan) remained strong,” said the MGB. The six-month averages for copper and nickel also fell 7.54 percent and 13.13 percent respectively. Copper prices slipped to $3.39 per pound from $3.66 per pound, while nickel prices fell to Read More …
Oct 212013
MANILA, Philippines – The company behind upscale resort hotel Discovery Shores Boracay is pushing through with its initial public offering (IPO), emptying the list of firms that previously deferred their share sale due to market volatility. Discovery World Corp. will raise as much as P550 million, just half of the earlier targeted P1 billion proceeds, from the IPO next month, the Philippine Stock Exchange (PSE) said. In a memorandum, the bourse said Discovery World, which earlier planned to sell stocks in August, will offer its shares on Nov. 8-14, to be followed by its listing on Nov. 21. “Given the company’s decision to concentrate on the tourism business, the company will no longer pursue the investment in Enderun Colleges Inc.,” Discovery World said. “It will also delay the development of Palawan Cove Corp. in light of the company’s acquisition of Euro-Pacific Resorts Inc.,” it added. Euro-Pacific owns and operates Club Paradise Resort in Dimakya Island in Coron, Palawan. Hence, Discovery World reduced the offer size to 168 million shares from 306 million, with expected proceeds scaled down to P551 million from P1 billion. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The resort owner and operator retained its offer price at P3.28 per share, for a post-IPO market capitalization of P2.05 billion. In August, Discovery World shelved its IPO as it awaited for the result of several business transactions. The PSE approved the listing plan of Discovery World in July. Discovery World will be the third company of the Read More …
Oct 212013
MANILA, Philippines – The Semiconductor and Electronics Industries in the Philippines Inc. (SEIPI) expects the value of shipments of electronic products to contract by 10 to 12 percent this year, a revision of the previous projection of five-percent growth, amid weak demand for semiconductors from overseas markets. SEIPI president Dan Lachica said in a press conference yesterday the group has decided to revise its forecast as the country’s exports of electronic products have declined year-on-year. “The board has reduced its projections for the year. Whereas before, as you know, we have been projecting five percent growth by the end of 2013. Year-to-date, we are actually in the negative,” he said. Data from the National Statistics Office showed that in 2012, the value of exports of electronic products decreased 5.20 percent to $22.557 billion from $23.795 billion in 2011. For the January to August period, the value of electronic shipments amounted to $13.664 billion, down 13 percent from the $15.707 billion in the same period last year. As of end-August, revenues from shipments of semiconductors or components and devices reached $10.441 billion, 11.62 percent lower than the $11.814 billion in the comparable period in 2012. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “We see that volumes continue to be high. In fact, many of our members are not going to be shutting down during the Christmas holidays but nonetheless, that is not going to be enough to recover to a positive five percent by the end of the year,” Read More …