Economy – Page 470

Tales of a frequent flyer

Economy

Aug 082013

In my seven decades of going around the world, I have had more than my fair share of experiences in multiple airlines and airports. Allow me to recount some which you may find interesting and helpful. My first experience was in March 1945 when my family was airlifted together with the family of President Sergio Osmeña to the United States. Manila was not yet completely liberated and there were Japanese snipers on the way to the airport. I remember taking off from what is now Makati Avenue. The plane was a US Army Air Force C-47 (DC-3). It was neither comfortable nor fast. We must have landed in every Pacific island on the way to San Francisco. Fast forward to the 1950s: I flew Philippine Airlines for summer vacation a couple of times. There was no distinction between first or economy class. The service was excellent and the stewardesses were well trained, charming and very pretty. Today, PAL is different and it needs substantial improvement particularly because of its old fleet going to the United States. I look forward to the future when the ban is lifted and the new planes ordered by Ramon Ang are utilized on this popular leg. However, I am constrained to draw attention to the uncompetitive pricing structure. My granddaughter had an economy ticket Toronto-Manila-San Francisco. I decided to give her a treat and upgraded her to business class on the flight back to the US. I was astounded that it would cost me $2,900 Read More …

UK eyes more investments in infra, energy and retail sectors

Economy

Aug 082013

UK eyes more investments in infra, energy and retail sectors

MANILA, Philippines – The British government is looking at increasing investments in the infrastructure, energy and retail sectors in the Philippines as part of strengthening the economic ties of both countries. “Infrastructure, energy and retail, these are the areas the United Kingdom is interested to invest in (here),”newly appointed UK Trade and Investment director for Manila Iain Mansfield told reporters yesterday. He said British firms are interested in infrastructure projects under the public private partnership since they have expertise in building rails as well as airports. Some British companies, he noted, are part of the consortia which have expressed interest in the proposed P17.5 billion Mactan Cebu International Airport passenger terminal project. The UK, he also said, sees opportunities in the area of infrastructure in the country since the Philippine government is moving to hike its investments to address the lack of infrastructure here. Apart from infrastructure, he said British firms are interested in wind, hydro as well as energy efficiency projects since they have been involved in similar projects in the past. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The UK is also interested in bringing more retail brands here given the big market. Among the British retail brands active in successful franchising here are Debenhams, Marks & Spencer, Topshop and Burberry. Mansfield said as part of efforts to encourage British firms to invest in the Philippines, the UK government is planning a trade mission in September to present available opportunities here, particularly in the energy sector. Read More …

Index eases ahead of long weekend

Economy

Aug 082013

MANILA, Philippines – Local stocks barely moved yesterday as investors stayed on the sidelines ahead of a long weekend. The Philippine Stock Exchange index fell 0.26 percent or 16.56 points to settle at 6,404.23, while the broader all shares index slipped 0.13 percent or 4.93 points to 3,918.63. “The market was quiet again. It seems like most investors are already on a holiday mood given the long weekend as seen in the value turnover,” Astro del Castillo, managing director of First Grade Finance Inc. Financial markets are closed today due to Eid al-Fitr celebration. Asian bourses closed mixed, with Japan’s Nikkei 225 continuing to suffer from volatility as it declined 1.59 percent or 219.38 points to 13,605.56, while Hong Kong’s Hang Seng index inched up 0.31 percent or 67.04 points to 21,655.88. Wall Street also failed to bring good news to the local market. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The Dow Jones industrial average lost 0.3 percent or 48.07 points to 15,470.67, while the Standard & Poor’s 500 index shed 0.4 percent or 6.46 points to 1,690.91 on disappointing earnings. In the local bourse, most subindices were in the red, led by holding firms that eased 0.37 percent or 21.21 points to 5,784.31. Mining and oil bucked the trend, barely rising 0.09 percent or 13.32 points to 14,500.33. Turnover value dropped anew to P4.18 billion from P4.94 billion on Wednesday. Advancers barely outplayed decliners, 63 to 61, while 57 stocks did not change.

Myanmar pins hopes on Phl investments

Economy

Aug 082013

YANGON, Myanmar – Businessmen in this Southeast Asian country are counting on the entry of Philippine investments here to help move their economy forward. Dr. Maung Maung Lay Lay, vice-president of the Union of Myanmar Federation of Chambers of Commerce & Industry (UMFCCI), which groups 26,000 members and 69 affiliate organizations, said this would be a “win-win situation” for both Myanmar and the Philippines. Reeling from a half century of military rule, Myanmar has dramatically fallen behind its peers in the region. Its economy grew by an average of five percent in the last five years, picking up only last year with a 6.3 percent clip. Lay said Myanmar needs foreign investors, including Philippine companies to move the economy forward and help prepare it for the Asean Economic Community (AEC) in 2015. Lay noted for instance that the Philippines has one of the cheapest mobile phone systems in the region and welcomed potential investments in the telecommunications sector. In mining, Lay said their country also needs investments. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “They are our partners. But we also have to make sure they don’t just extract our resources and leave it at that,” he said. The Philippines, which posted the highest first quarter economic growth in the region at 7.8 percent, has been dubbed by Standard & Poor’s, a credit rating agency, as the new leader in Asean. In June, President Aquino said after the World Economic Forum for East Asia held here that three Read More …

Preserve Angat for our water needs

Economy

Aug 082013

Some weeks ago, I wrote in this column that while the practice of making us pay for the income tax bill of the water concessionaires seems inappropriate, it is not the water issue we should get too excited about. That can be easily fixed. The more important concern for me is reliability of supply. We are over dependent on just one source for the water needs of 10 million of us Metro Manilans. Gerry Esquivel, the administrator of MWSS, told me we depend on Angat Dam for a chilling 97 percent. As I wrote in this column, one bad earthquake (Angat is close enough to the Marikina fault) that damages the dam and we will all go thirsty. The rivers that flow through Metro Manila are just too murky to be even considered as alternative sources. A limited amount of water from Laguna de Bay already undergoes the expensive process of reverse osmosis. I doubt we can tap more of that in an emergency. Gerry told me some months ago that he had plans to strengthen portions of the dam that need reinforcement. Gerry also had plans to increase the water storage capacity of the dam somewhat. But everything is apparently at a standstill because the power generating facilities at the dam was privatized. It worries me that our government is not doing enough to bring new sources of raw water into the system to reduce our dependence on Angat. Worse, it sold the power side of Angat and this Read More …

Meralco eyes P3.6-B add’l revenues

Economy

Aug 072013

MANILA, Philippines – Manila Electric Co. (Meralco), the country’s largest power distributor, expects about P3.6-billion additional revenues from the locators in the 120-hectare Entertainment City project of the Philippine Amusement and Gaming Corp., a company official said. Meralco senior vice-president and head for customer retail services Al Panlilio said upon full operations, more than P300 million per month in gross revenues can be generated from the hotel and resort facilities in the complex. “Approximate numbers of gross revenues of more than P300 million and distribution revenues between P17 million to P23 million per month,” Panlilio said. Meralco estimated that Entertainment City would need about 41.5 gigawatt-hours (gwh) per month from all Pagcor licensees. The Entertainment City operators and their expected monthly power requirements are: Manila Bay Resorts (13 gwh); Resorts World Bayshore (22 gwh); Belle Grande (2.5 gwh); and Solaire Resort and Casino (four gwh). Meralco has already sought approval from the Energy Regulatory Commission (ERC) to build a 2.4-kilometer, 115-kilovolt (kV) substation with two 83 mega-volt amperes power transformers worth P1.15 billion. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “We should have the substation ready by September 2014,” Panlilio said. Without the substation, Meralco said there may be critical loading of existing transformers in the area by 2014 and possibly an overloading by 2015. From January to June this year, Meralco’s consolidated volume of energy sold rose to 16,863 gwh, four percent higher than the volume sold a year ago.

Century Properties jumpstarts reg’l expansion with Pampanga proj

Economy

Aug 072013

Century Properties jumpstarts reg’l expansion with Pampanga proj

MANILA, Philippines – High-end developer Century Properties Group Inc. has jumpstarted its bid to gain a foothold in key regions outside Metro Manila. In a disclosure to the stock exchange, Century Properties said it acquired close to eight hectares of property in the city of San Fernando in Pampanga. The strategic location of the property, which was acquired from the House of David Realty and Development Corp., makes it ideal for a mixed-use development with residential, commercial and institutional components, Century Properties said. “This will form part of a city or town center that the company envisions for the area, to position it as a future central business district in the north,” Century Properties said. “We are confident that, similar to how it has masterplanned its projects in Metro Manila, Century Properties will also build a world-class urban center in San Fernando, Pampanga,” said Ladislao David, chairman emeritus of the House of David Group. Century Properties said the Pampanga project will allow the real firm to book P6 billion in sales from the residential portfolio targeting end-users from the middle-income market segment. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The acquisition was backed by a portion of an equity placement offering, the company said. In March, Century Properties, controlled by the Antonio family, raised P1.64 billion by selling shares to foreign investors to support its landbank expansion in Metro Manila and secondary cities. Century Properties said its strategic expansion to the north is guided by the rapid progress Read More …

Buy Pinoy Exporters Fair starts Aug 15

Economy

Aug 072013

MANILA, Philippines – Locally-made products will be showcased during the Buy Pinoy Exporters Fair (BPEF) to be held at SM Megamall on Aug. 15-18. Marlane Villa-Real, president of the Buy Pinoy Movement Foundation Inc. (BPMFI), said Filipino entrepreneurs and manufacturers will get to promote and sell their products directly to consumers in the biggest BPEF. As BPEF celebrates its 25th edition, the organizer has invited consumers, institutional buyers, and local government officials and employees to participate in the event so they could appreciate first-hand what local entrepreneurship can do to their respective localities. More Filipinos, especially those in the countryside, are encouraged to be entrepreneurs to create additional jobs and thus help reduce poverty in the country. There will be no imported products or imported products camouflaging as locally-made during the fair. For the past 10 years, BPEF has been providing beacons of hope to the poor by showing them tangible proofs of products of Filipino originality, artistry, craftsmanship and industry that has been in ever-growing demand in the world market. BPMFI believes that by creating public awareness through actual exposure with export products that are in demand worldwide, Filipinos through entrepreneurship can have a brighter future if every one works together. Leonor D. Abella, vice president for promotions of the Philippine Exporters Confederation Inc. (Philexport) and trustee of the BPMFI, said apart from job generation, the keys to a sustainable anti-poverty program are skills upgrading, training and continuing practice provided by the small and medium enterprises. Cecilia Ramos, secretary Read More …

NGCP nears completion of critical transmission projects

Economy

Aug 072013

NGCP nears completion of critical transmission projects

MANILA, Philippines – The National Grid Corp. of the Philippines (NGCP) assured yesterday that some of its transmission line projects, including those being upgraded, are in the final stages of completion to address load growth in many areas around the country. NGCP President Henry T. Sy Jr. told the 34th Annual General Membership Meeting of Philippine Rural Electric Cooperatives Association, Inc. (PHILRECA) at PICC yesterday that some critical transmission lines and upgrading projects are expected to be completed by end of 2013. Sy, in a speech read for him by his assistant Joseph Ferdinand M. Dechavez, said that NGCP is pursuing the implementation of projects like the Colon-Cebu 138-kV Transmission to mitigate the impact of line rental charges on customers in Bohol and Panay. “This will reinforce the Cebu backbone which is transmitting the 246 MW of CEDC Coal and the 200 MW of KSPC Coal Power Plants to electric cooperatives in Cebu and in Bohol,” adding that the Visayan Electric Company, BOHECO I, Mactan Enerzone Corporation, General Milling Corporation and the Waterfront Hotel and Casino would benefit from the project once completed in December 2013. In Mindanao, Sy said that the Balo-i-Villanueva-Maramag transmission project would also be finished in December, completing the Mindanao 230-kV transmission backbone which links northern and southern Mindanao. Also, Sy added, the second circuit of the Butuan-Placer 138-kV transmission project that would provide power supply to mining operations in northeastern Mindanao would soon be implemented. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 More Read More …

Index barely moves in lackluster trade

Economy

Aug 072013

MANILA, Philippines – Lackluster trading marked the start of the traditional Chinese ghost season, with the main share index barely changing from Tuesday’s close. The Philippine Stock Exchange index (PSEi) was nearly unchanged at 6,420.79, up by just 0.01 point. The broader all shares index inched up 0.03 percent or 1.28 points to 3,923.56. “There is really nothing to drive the market. There is a dearth of news and the interest is not there,” said Astro del Castillo, managing director of First Grade Finance Inc. “August is called ghost month after all given the lackluster trades of the market,” Del Castillo said. Considered unlucky by Chinese, investors hold off from major investment decisions while Western fund managers take advantage of low turnover to enjoy vacation. The bellwether index erased early gains that allowed it to hit an intraday high of 6,450.41. Local shares were immovable, bucking large decline in Asian markets, led by Japanese stocks that suffered from a stronger yen that hurts the export sector. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Japan’s Nikkei 225 sank four percent or 576.12 points to 13,824.94 while Hong Kong’s Hang Seng index declined 334.86 points to 21,588.84. Locally, all counters were in the green, led by mining and oil that recovered 58.37 points to 14,487.01. Holding firms bucked the trend, slipping 0.78 percent or 45.93 points to 5,805.52. Del Castillo said that even benign inflation data and good corporate earnings failed to cheer the market.

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