US-based Pangea to bring in electric PUV for Phl market

 Economy
Aug 182013
 
US-based Pangea to bring in electric PUV for Phl market

MANILA, Philippines – United States-based Pangea Motors, LLC (Pangea) is bringing to the Philippines a fully electric public utility vehicle (PUV) next month. Pangea has teamed up with local investors to create an international partnership called Global Electric Transportation with a Philippine franchise named GET Philippines Inc. to carry out its plan.  “GET has an exclusive arrangement with Pangea for the supply and distribution of the public utility vehicle called the Comet,” Pangea said in a statement. Pangea said that unlike its competitors, its vehicles are designed to be fully electric from the beginning instead of modifying gas vehicles or golf carts. The vehicle uses lithium iron phosphate batteries that are enclosed in a watertight casing and consists of less than 300 parts instead of the usual 4,000 parts of a typical diesel-run engine, which translates to cost-efficient manufacturing and minimal maintenance, Pangea said. To penetrate the Philippine market, the GET team has painstakingly studied different angles of the Philippine transport system to ensure that all members of the community benefit from this endeavor. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “GET Philippines has conceived cashless fare payment and centralized fleet management systems, designated infrastructure, customer service support and adaptable financial models to support the needs of all the stakeholders involved,” Pangea said. The first vehicle is expected to arrive in the Philippines by mid-September. It will be making its public appearance soon after, the company said. It is set to serve passengers on its first route by Read More …

BPI sees BSP tweaking 2015 inflation target

 Economy
Aug 182013
 
BPI sees BSP tweaking 2015 inflation target

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) may tweak its 2015 inflation target of two to four percent in order to keep up with a foreseen volatile interest rate environment, the Bank of the Philippine Islands said. “In keeping with its desire to fulfill its dual mandate of price stability and financial stability, the BSP may consider widening its 2015 inflation target, a move that will be widely accepted by the market,” BPI Economics and Financial Markets Research said in a commentary. “BSP may resort to invoking flexibility and widen its inflation target to avoid a volatile interest rate environment, a scenario which could emerge with its pre-set 2015 inflation target of two to four percent,” it said. The bank explained the 2015 inflation target may be “incompatible” with the central bank’s preferred “middle-of-the-pack” stance for the peso. This “middle-of-the-pack” stance, which means the BSP is keeping the peso from veering away from the movement of other regional currencies, is seen to have a pass-through impact on inflation, the bank noted. “BSP’s more flexible exchange rate policy, embodied in their efforts to keep USD/PHP in the middle of the regional pack will likely lead to an upward adjustment in the BSP’s 2015 inflation target, which will in turn, enable monetary policy authority to keep interest rates stable in the next 18 months,” BPI said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The BSP sees inflation to fall within the three to five percent target this year Read More …

ATI to expand Manila, Batangas ports

 Economy
Aug 182013
 
ATI to expand Manila, Batangas ports

MANILA, Philippines – Listed Asian Terminals Inc. (ATI) is jointly expanding the ports of Manila and Batangas backed by its P4.2-billion capital investments over the next three years to boost the competitiveness of Philippine industries. ATI vice president Sean Perez said the company is supporting the government’s bid to boost the competitiveness of industries by sustaining efficient gateway ports especially at this time of rapid economic growth. “Manila is the center of the country’s consumer-driven economy and where majority of economic activities transpire. This is what the ports of Manila serve,” he said. Aligned with this, Perez said that ATI is taking a balanced approach in its port development initiatives to ensure that Manila and its surrounding environs are adequately served by Manila South Harbor while at the same time opening up a viable option for industries based in southern Luzon via its modern Batangas Port. Perez said that developments at Manila South Harbor are on schedule and are primarily anchored on expanding pier- and land-side infrastructure, improving current facilities and acquiring new equipment to sustain the port’s reliability, efficiency and high productivity. Backed by P4.2 billion in capital investments over the next three years, ATI expects to meet its expansion targets for Manila’s gateway port as part of its contractual commitments with the state-run Philippine Ports Authority (PPA). Business ( Article MRec ), pagematch: 1, sectionmatch: 1 He added that Batangas Port container terminal would continue complementing Manila ports with a capacity of 300,000 twenty foot equivalent units (TEUs) Read More …

PH entry makes it to Project Inspire finals

 Economy
Aug 182013
 
PH entry makes it to Project Inspire finals

MANILA, Philippines – Ilaw ng Tahanan, a project designed to train women inmates to produce low-cost solar lamps, brings young Filipino lawyers Margarita N. Gutierrez and Doranne Lim to Singapore for the finals of Project Inspire: 5 Minutes to Change the World, hopefully to win the US$25,000 Women’s Empowerment Grant. Gutierrez and Lim will compete with nine other Project Inspire finalists from Canada, India, Netherlands, Pakistan, Sri Lanka, Tanzania, Timor-Leste, Uganda and United States, whose projects will benefit communities in Asia/Pacific, the Middle East or Africa (APMEA). The 10 finalists were selected based on their sustainability, impact and economic or social benefit, out of this year’s 577 submissions from 62 countries around the world. Jointly organized by the Singapore Committee of UN Women and MasterCard and supported by INSEAD, Project Inspire is a digital and social media driven initiative that encourages young people across the world to empower disadvantaged women and girls. It was launched in 2011, to coincide with the 100th anniversary of International Women’s Day and the 25th anniversary of MasterCard in APMEA. Open to 18-35 year olds all over the world, Project Inspire provides a five-minute platform for pitching transformative, sustainable ideas and a grant for the winner to implement the initiatives, which can range from education and skills training, to financial inclusion or social entrepreneurship. It’s the third time Filipinos made a mark on the competition. For Project Inspire 2011, a micro-entrepreneurship program, Hapinoy, won the Grand Prize. Hapinoy equipped underprivileged women with the skills, tools, Read More …

Remittances rise 6.2% to US$11.8B

 Economy
Aug 162013
 
Remittances rise 6.2% to US$11.8B

PERSONAL remittances from overseas Filipinos for January-June 2013 amounted to US$11.8 billion, representing a 6.2 percent increase from the level registered in the same period last year. The Bangko Sentral in Pilipinas (BSP) announced that 75.1 percent of the remittances came from land-based workers with work contracts of one year or longer. These remittances increased by 5.1 percent, despite continuing gloom in some major economies abroad. Remittance flows from sea-based workers and land-based workers with short-term contracts grew by 7.5 percent. For June 2013 alone, personal remittances increased year-on-year by 5.7 percent to reach US$2.1 billion, the highest monthly level recorded during the year. Cash remittances coursed through banks for the first six months of 2013 reached US$10.7 billion, sustaining the 5.6 percent growth in the same period last year. In particular, remittances from both sea-based (US$2.5 billion) and land-based workers ($8.2 billion) expanded by 7.4 percent and 5.1 percent, respectively, the BSP also said. Major sources of cash remittances were the United States, Saudi Arabia, the United Kingdom, the United Arab Emirates, Singapore, Canada, and Japan. Total flows from these countries represented about three-fourths (74.8 percent) of the total cash remittances coursed through banks. Remittances remained robust partly on the back of continued increase in demand for skilled Filipinos. The Philippine Overseas Employment Administration (POEA) reported the number of workers deployed overseas in 2012 increased by 6.8 percent to 1,802,031, from 1,687,831 in 2011. “The steady stream of remittances also drew continued support from the efficient network of bank Read More …

Equity and consistency in granting tax refunds

 Economy
Aug 142013
 

THE DYNAMIC character of tax laws is due in large part to the wealth of jurisprudence that through the years have helped interpret, clarify and elaborate Tax Code provisions and their implementing rules and regulations. On some occasions, court rulings have even upheld the constitutionality of tax issuances and looked favorably on decisions and policies made by tax officials. Judicial interpretations both from the Court of Tax Appeals (CTA) and the Supreme Court (SC) breathe new life to tax laws, introducing insightful perspectives. Nowhere is this more evident than in the refunds of excess creditable withholding tax (CWT).

San Miguel to form new unit for Angat hydropower

 Economy
Aug 122013
 
San Miguel to form new unit for Angat hydropower

MANILA, Philippines – Highly-diversified conglomerate San Miguel Corp. (SMC) will form a new unit to handle its investment in the Angat hydro powerplant, a company disclosure to the Philippine Stock Exchange (PSE) said. At the same time, SMC said its board also authorized the management of Angat “to discuss, negotiate, and to enter into a joint venture with K-Water Resources Corp., under the terms and conditions favorable to the company.” SMC said the new entity would undertake the administration, rehabilitation, operation and management of the hydropower facility. Last month , SMC announced plans to form a joint venture with K-Water for the Angat plant. K-Water is currently negotiating to bring down the $440.88-million price tag on the plant, citing the state of the facility as well as several changes the government put in the agreements signed by both parties. K-Water won the bidding in 2010 for the 218-megawatt plant, which sources its power from the Angat Dam in Bulacan. The Korean water firm said it wants to “achieve the same level of benefits expected” in its 2010 bid for the power plant and wants the plant’s Auxiliary Units 4 and 5 to be included in the takeover. The auxiliary units are owned by the Metropolitan Waterworks and Sewerage System. Business ( Article MRec ), pagematch: 1, sectionmatch: 1

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