An unwelcome abundance of water

 Economy
Aug 232013
 
An unwelcome abundance of water

A collective sigh of relief has swept over the entire metropolis at the reluctant departure of those fierce monsoon rains that descended on us last Monday. I say reluctantly because, even as Pagasa has declared the official exit of  typhoon Maring, many areas were still experiencing heavy, heavy downpours all of Tuesday and Wednesday. When the skies cleared last Tuesday, my wife and I bravely set out for the office, but the rains came back all too soon. EDSA, though, was clear of vehicles and flood-free. Many of our employees couldn’t even set foot outside of their homes, especially those residing in Marikina and Cainta. We had no work for three whole days because the floods in those areas fully subsided only last Thursday, which wrought havoc on our air-tight work schedule. Now we’re scrambling like crazy to get back on track. Oh well. Thankfully, many areas remained flood-free as well, like most of Paranaque and Alabang. However, several vehicles were stranded along the South Luzon Expressway near the Southwoods Exit in Binan City. Southwoods itself, the golf club, was flooded, a first in its long history of existence. Traffic here was terrible because many light vehicles got stranded at the exit as the flood waters rose to “unnavigable” levels. It looked like a war zone, a friend who lives in the area reported. Biñan, Sta. Rosa and San Pedro took the brunt of Maring because the rains poured since Sunday. In Sta. Rosa alone, 15 out of the 18 Read More …

ADB urges manufacturing

 Economy
Aug 212013
 

THE PHILIPPINES and other countries that have moved from agriculture to services must reassess the importance of manufacturing in their economies and are urged to look at developing higher-productivity and complementary services, a new report from the Asian Development Bank (ADB) said.

Motivation and Our Regrets

 Economy
Aug 212013
 

ONE of the biggest challenges besetting work organizations has always been in the human capital domain of motivation and work productivity. Since the Industrial Revolution of the 18th century, a wealth of studies have been devoted to theory formulation and social research in finding the “holy grail” for achieving optimal work performance and employee satisfaction. Management has pumped millions in budget to address employee needs by providing improved compensation and benefit packages, developmental training and Organizational Development (OD) interventions, comprehensive health and safety programs, and a healthy balance of work-life experience. The measures are implemented on the assertions that satisfaction of employee “needs” leads to a motivated work force capable of achieving peak and efficient process output. Notwithstanding, there has been no letup to nagging human resource issues such as high turnover, low morale, increasing customer complaints, and discordant industrial relationship. Is there an arcane frontier that remains to be explored and mapped out in dealing with employee motivation?

BSP to tighten credit card reporting system

 Economy
Aug 212013
 
BSP to tighten credit card reporting system

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) is set to issue a new report to assess the credit card situation in the country. “We are launching in the next few months a new reporting system called Credit Card Business Activity Report,” BSP Deputy Governor Nestor A. Espenilla Jr. told reporters late last week. “So all banks, all credit card providers will be required to complete this… so we have a better handle of the information,” Espenilla added. Moreover, this new report will allow the central bank to determine the number of credit cards issued and the number of cardholders in the country. “We also want to know the aging of those so we have a smoother appreciation of the credit card situation,” Espenilla said.  Aging is a tool employed by firms to estimate possible losses from uncollected receivables, in this case, from credit cards. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The central bank already tracks credit card debt through the local banks’ report of the loans they have extended. Credit card receivables grew nine percent to P143.684 billion in the first quarter from P131.870 billion in the same period last year. The increase in credit card receivables along with growth in other consumer loans was attributed by the BSP to the favorable macroeconomic conditions enjoyed by the country and the steady inflow of remittances from abroad.

Cloud computing heightens bank competitiveness – BSP

 Economy
Aug 212013
 
Cloud computing heightens bank competitiveness – BSP

MANILA, Philippines – Employing cloud computing would help small banks increase their competitiveness, the Bangko Sentral ng Pilipinas (BSP) said. “It’s a cost-effective way for them to be able to store, manage data without having to invest heavily in infrastructure,” BSP Deputy Governor Nestor A. Espenilla Jr. told reporters. “Actually, it’s a solution which upgrades the competitiveness of small institutions,” he continued. The BSP recently approved the issuance of an enhanced Information Technology Risk Management for financial institutions which includes the need for banks and non-bank financial institutions to adopt cloud computing to improve their services. Cloud computing utilizes the Internet to store and share information. Firms can use a private cloud which will be solely for their own use or a public cloud, which the public or a group of companies can use. Firms can also opt to use a mix of both. “I think we’re actually a pioneer in formulating a regulation that allow banks to do cloud computing,” Espenilla said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Regulators in the Philippines and Singapore are the among the first in the Association of Southeast Asian Nations (ASEAN) to issue specific guidelines for the use of cloud computing for banks and other financial institutions, Espenilla said. The mandate in the Philippines is effective immediately, he said. Aside from the use of cloud computing, the BSP has ordered banks to replace automated teller machine (ATM) cards with EMV-enabled ones by January 2017. Banks were also mandated to change Read More …

PSALM to review bid terms for Cebu power plant

 Economy
Aug 212013
 
PSALM to review bid terms for Cebu power plant

MANILA, Philippines – The Power Sector Assets and Liabilities Management Corp. (PSALM), the agency tasked to oversee the privatization of the government’s power assets, will review the terms for the sale of the 153.1-megawatt Naga Plant in Cebu  after last month’s failed bidding. An official said the government would have to “review the price” as it may be too high to attract investors. “PSALM will assess if the price is attractive enough,” the official said, adding that the agency would again try to resell the plant this year. “PSALM will try to do another round of bidding this year,” said the source who declined to be identified due to the sensitivity of the issue. In July, the PSALM Bids and Awards Committee (PBAC) declared a failure of bidding for the Naga plant after only one bidder submitted documents deemed compliant by the committee. “Pursuant to the bidding procedures, should only bidder submit documentary deliverables that is deemed compliant by the PBAC, there shall be a failure of bidding,” PSALM said in a notice issued last month. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Under the original terms, the winning bidder will be required to issue a P93.86 million performance bond to PSALM. Sources said the failure of bidding was not expected after four groups earlier expressed interest in bidding for the plant. DMCI Holdings Inc., the Aboitiz Group, D.M. Wenceslao and SPC Power Corp. joined the pre-bid conference for the Naga Plant privatization. The Naga complex in Cebu Read More …

DTI weighs proposal to extend tariff on testliner boards

 Economy
Aug 212013
 
DTI weighs proposal to extend tariff on testliner boards

MANILA, Philippines – The Department of Trade and Industry (DTI) is studying a recommendation from the Tariff Commission to extend the safeguard measure imposed on imported testliner boards which expired in June. “It (Tariff Commission’s recommendation) is under evaluation,” Trade Secretary Gregory Domingo said in a text message. He declined to say however when the department would decide on the matter. As the DTI has yet to issue a decision, the tariff on imported testliner boards will remain at its current level of P1,211.15 per metric ton (MT). Testliner boards, which are usually made of recycled paper, are used to produce corrugated boxes for the packaging of consumer products. The Tariff Commission has recommended the extension of the safeguard duty on testliner boards, which expired on June 14, for another three years citing that it is necessary to give the local industry time to implement its adjustment plan and prepare for competition from imports. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 For the first year of implementation, the Tariff Commission is proposing a safeguard duty of P1,150.60 per MT, which represents a five percent reduction in the current safeguard duty of P1,211.15 per MT, following the DTI’s formula. The recommendation was made after the conduct of public hearings for the petition filed by the Philippine Paper Manufacturers Association, Inc. in November last year. The Tariff Commission noted that the local testliner board industry needs to prepare as it faces threat from imports, with tariff rates in various free Read More …

Turkish companies seek Phl partners

 Economy
Aug 212013
 
Turkish companies seek Phl partners

MANILA, Philippines – Several Turkish companies have indicated interest to tap local partners for the distribution of their products and for other business opportunities in the Philippines. In an email-message, Turkish Chamber of Commerce of the Philippines Inc. (TCCP) said the companies are set to meet with Philippine firms through a business matching activity on Aug. 27 at the F1 Hotel in Bonifacio Global City. The visiting group is composed of the following firms: Ezinc Metal (solar water heater and storage tanks); Tuna Steel Doors (steel doors, interior doors and special doors); Envai (spices and condiments); Erkut Holdings (construction); Vendeka Group (information and communication technology products and solutions); S&L Fine Foods (importer of food from Europe and Australia); Altus Qualitas Trading Inc. (import and export of goods); JMJ Auction (household appliances and furniture); Erciyes Construction (construction) and Neva Trade (cosmetics and textiles). The event is seen to present opportunities for companies for business; is likewise expected to help enhance the economic ties between the Philippines and Turkey. The TCCP which is organizing the business matching activity, invites firms from Turkey regularly to come to the Philippines to explore opportunities here. The TCCP also arranges business and leisure trips for Philippine companies to Turkey to allow them to see if there are opportunities for them there. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Total trade between the Philippines and Turkey was valued at $171.37 million last year. Philippine merchandise exports to Turkey reached $42.18 million while imports from Turkey Read More …

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