Get more for less on Ford’s latest service offerings

 Economy
Sep 032013
 
Get more for less on Ford’s latest service offerings

MANILA, Philippines – Ford Philippines today announced the launch of a new service promotion, extending its popular ‘Get More for Less’ promotion to Ford’s service offerings.  Dubbed as Get More for Less on Ford Service, Ford vehicles with expired warranties can avail of a free Genuine Ford Oil Filter and a 10 percent discount on Ford Genuine Parts for any general repair at any authorized Ford dealership. This is part of Ford’s ongoing commitment to ensure the highest performance of all Ford vehicles, old or new. “While offering best-in class Ford vehicles across the country, we always aim to go further and offer our customers – old and new – a world-class customer service experience through our expanding network of authorized dealerships and attractive promotions,” says Margo Delfinado, Director, Ford Customer Service Division. To qualify, customers must avail of either a Periodic Maintenance Service (PMS) or a General Repair worth PhP5,000 and above. The Get More for Less on Ford Service is offered to all out-of-warranty Ford vehicles sold by any authorized Ford dealership nationwide.

Workers' protests highlight fast-food economics

 Economy
Sep 012013
 
Workers' protests highlight fast-food economics

In this Aug. 29, 2013, file photo, Becky Rafter, left, Courtney Hanson and Emilia Kaiser with Georgia WAND (Georgia Women’s Action for New Directions) protest in front of a McDonald’s on Moreland Avenue in Atlanta, on a day where organizers say fast-food employees in 50 cities across the country are calling for $15 an hour and the right to unionize. Thousands of fast-food workers and their supporters have been staging protests across the country to call attention to the struggles of living on or close to the federal minimum wage. The push raises the question of whether the economics of the fast-food industry allow room for a boost in pay for its workers. AP  NEW YORK  — American fast-food workers often earn about $7.25 an hour to make the $3 chicken sandwiches and 99-cent tacos that generate billions of dollars in profit each year for McDonald’s, Taco Bell and other chains. Thousands of the many millions of U.S. fast-food workers and their supporters have been staging protests across the country in the past year to call attention to the struggles of living on or close to the federal minimum wage. The push raises the question of whether the economics of the fast-food industry allow room for a boost in pay for its workers. The industry is built on a business model that keeps costs — including those for labor — low so companies can make money while satisfying America’s love of cheap, fast food. And no group along the food Read More …

Tuna industry seeks reforms

 Economy
Sep 012013
 
Tuna industry seeks reforms

MANILA, Philippines –  Major players and stakeholders in the tuna industry will gather once more during the 15th National Tuna Congress and Trade Exhibit to be held from Sept. 6 to 7, at the SM City Trade Hall in Gen. Santos City. The tuna industry players and stakeholders are set to call on government for policies governing the tuna industry. Organized by the Socsksargen Federation of Fishing and Allied Industries, Inc. (SFFAII), the gathering is expected to pass 12 resolutions pertaining  to vital government reforms to make the tuna sector more resilient. With the theme “Celebrating 15 Years of Advocacy, Partnership and Collaboration,” the annual confab will draw delegates and resource persons from Palau, Papua New Guinea, Indonesia, Solomon Islands, Japan, the United States, Italy and Taiwan. Tuna Congress chairman Joaquin Lu said that among the top resolutions the congress would pass is for the creation of a Department of Fisheries and Aquatic Resources (DFAR) which has been a recurring clamor of the fishing industry for the past four NTCs. Lu, a leading player in the local tuna industry, said there is a need to give priority to the fishery sector to ensure the nurture of the country’s archipelagic waters in light of the depletion of the resources of the sea.  Business ( Article MRec ), pagematch: 1, sectionmatch: 1 He noted that the country could leverage better in international ministerial conferences if it is represented by a Cabinet secretary, and not just a bureau director. The Senate and the House of Representatives have Read More …

Why gold is making a comeback

 Economy
Aug 312013
 
Why gold is making a comeback

Gold is having a summer revival. The price of gold touched $1,420 an ounce this week, a three-and-a-half month high, as escalating tensions in the Middle East, volatile currency markets and renewed demand for jewelry in China and India pushed prices higher. Gold has rebounded 15 percent to $1,396 an ounce since sinking to $1,212, its lowest level in almost three years, on June 27. A gain of 20 percent or more would put the metal back in a bull market. Gold’s resurgence follows a rough ride this year. Gold slumped 4.8 percent in the first three months of 2013 as the outlook for the economy improved while inflation remained subdued. For many years prior to that, large investors, like hedge funds, bought the metal as a way to protect their investments against rising prices and a slumping dollar. They feared that the Federal Reserve’s stimulus program could cause prices to rise. But inflation remained subdued and that reduced the need to buy gold. Also, signs in January that the dollar was strengthening diminished the appeal of owning gold. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Then in April, the bottom fell out. A proposal that Cyprus sell some of its gold reserves to support its banks rattled traders, prompting concern that Spain, Italy and other weak European economies might also sell and flood the market. Gold plunged by $140 an ounce, or nine percent, on April 15 as investors unloaded their holdings. That was the biggest one-day Read More …

DOE nixes SC 6 farm-in proposal

 Economy
Aug 302013
 
DOE nixes SC 6 farm-in proposal

MANILA, Philippines – The Department of Energy (DOE) has thumbed down the proposed farm-in agreement for Service Contract 6 in Northwest Palawan primarily due to its proponents failure to meet the required financial capability, Trans-Asia Oil and Energy Development Corp. disclosed to the Philippine Stock Exchange (PSE) yesterday. The farm-in agreement proposes to transfer the 70 percent interest and right to operate SC 6 to three companies, namely Peak Oil and Gas Ltd., Blade Petroleum and VenturOil Philippines Inc. Trans-Asia Petroleum, a wholly-owned subsidiary of Trans-Asia Oil and Energy Development Corp., has a 14.063 percent participating interest in SC 6 Block B. Other consortium members are Philodrill, Nido Petroleum Ltd., Oriental Petroleum & Minerals Corp., Forum Energy Philippines Corp. and Alcorn Petroleum & Minerals Corp. In December 2011, Philodrill executed a deed of assignment, transferring the 70 percent participating interest in SC 6B – located northwest of Palawan – to the three companies. However, the energy department said that after a thorough review of the documents, the documents were deemed not enough to completely evaluate the application. “Further, Philodrill failed to comply and submit additional updated documents as requested in our letter… Since then and up to now, all the farminees have been unable to comply with the DOE’s directive to submit additional documents which are supposed to aid the DOE in properly determining whether the farminees and applicant for operatorship are qualified to perform the work obligations in SC 6B,” the energy department said in an earlier letter to Read More …

BIR on track to hitting ‘sin tax’ target

 Economy
Aug 302013
 
BIR on track to hitting ‘sin tax’ target

MANILA, Philippines – The Bureau of Internal Revenue (BIR) is on track to hit or even exceed its sin tax collection target of P60 billion this year, according to its top official. “We’re confident that we will reach the target.  We think we can even surpass it,” said Internal Revenue commissioner Kim Henares. Excise tax collections from sin products grew 46 percent to P38.54 billion as of end-June. The bigger share of P22.38 billion came from excise tax revenues from tobacco products. Excise tax collections from alcohol amounted to P16.16 million, up 37 percent from P11.77 billion a year ago. Henares said the BIR would have collected P9 billion more if volumes did not fall by 43 percent.  Nevertheless, collections were still up 56 percent compared with the previous year. The P12.15-billion increase in sin tax collections accounted for less than half of the expected P33.96 billion additional revenues that the government seeks to raise in the first year of implementation of the sin tax reform law. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The decline in volume was due to frontloading at the latter part of 2012. Of the total P33.96 billion in incremental six tax revenues expected this year, P22.9 billion would come from tobacco products while P11 billion would come from alcohol products. Henares said the BIR would have collected P9 billion more if volumes did not fall 43 percent.  Nevertheless, collections were still up 56 percent compared with the previous year. The decline in Read More …

Businesses turn less bullish in Q3

 Economy
Aug 302013
 
Businesses turn less bullish in Q3

MANILA, Philippines – After sentiment hit an all-time high in the second quarter, businesses turned less bullish in the succeeding three-month period on the back of the seasonal drop in demand, peso volatility and concern over the impact of the US Federal Reserve’s looming exit from its massive bond buying program, the Bangko Sentral ng Pilipinas (BSP) said yesterday. In its Business Expectations Survey (BES), the BSP said the overall confidence index for the third quarter eased to 42.8 percent from record high of 54.9 percent in the second quarter. Despite the  slight drop, the index for the fourth quarter climbed to a new high of 60 percent. The index is the difference between the percentage of firms that answered in the positive and those in the negative. “Basically, the general story is the business sentiment of our respondents continue to be broadly bullish,” BSP Deputy Governor Diwa C. Guinigundo said. “There was some slight decline in the confidence index but in general, it remains in the positive story so the bullishness that we saw in the first quarter and second quarter continued in the third quarter,” he added. “Respondents attributed their less buoyant outlook to expectations of lower seasonal demand during the quarter, stiffer competition, particularly from products from China, and volatility in the movements of the peso” Teresita B. Deveza, deputy director of BSP’s Department of Economic Statistics, said.  “Uncertainties in the global economy such as the impact of the anticipated exit from quantitative easing in the US Read More …

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