SOUTH KOREAN businessmen are interested in putting up manufacturing facilities in the country after a delegation recently visited the country, the Trade department said in a statement yesterday.
Jul 232013
Jul 232013
MANILA, Philippines – Eastern Petroleum Corp. is pouring in P3 billion for its new liquefied petroleum gas (LPG) business, its top official announced yesterday. In a briefing with reporters, Eastern Petroleum chairman and chief executive Fernando Martinez said they would launch the LPG cylinder as EC Gas. He said the company will make the initial P3-billion investment for the first year of operation of its LPG business. Martinez said their LPG container is explosion-proof and made from composite materials up to 10 kilograms lighter compared to the average weight of LPG made from steel. He said the most important feature of the cylinder, supplied by Norway-based Hexagon Ragasco AS, is its ability to withstand explosion even if set on fire. Ragasco is a leading producer of composite pressure containers. The introduction of Eastern Petroleum’s EC Gas comes after a series of high profile accidents involving LPG, which resulted in serious injuries and deaths. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 According to April 2013 data from the Bureau of Fire Protection, more than 800 LPG-related fires occurred from 2005 up to the first quarter of the year, making it the third leading cause of fire among households. “That’s an average of 100 a year,” Martinez pointed out. He added this makes the use of the 60-year steel container technology an alarming and dangerous practice. Martinez, who is also president of the Independent Philippine Petroleum Companies Association (IPPCA), said aside from the high incidence of fire, the steel cylinder Read More …
Jul 232013
MANILA, Philippines – West Zone water concessionaire Maynilad Water Services Inc. (Maynilad) yesterday announced that it is investing P500 million to lay nearly 33 kilometers of primary, secondary and tertiary pipes in Imus Cavite. The pipes would be laid along Buhay na Tubig road (from Aguinaldo Highway to Barangay Pinagbuklod) and along Malagasang Road (from Patindig Araw to Dasmarinas boundary), both in Imus. The pipe laying projects would start in August and are expected to be finished by early 2014. With the additional pipes, Maynilad could connect 19, 000 households and establishments in Imus. Maynilad said water consumers in Imus currently obtain water from deep wells and water delivery tanks. “We are committed to providing full water service coverage in the West Zone. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 This project will enable us to reach communities in the southernmost portion of our concession area,” said Maynilad president and CEO Ricky Vargas. Maynilad is coordinating with the Imus Traffic Management Office (ITMO) and local government of Cavite for the implementation of measures to minimize traffic and public inconvenience. Traffic aides would be deployed in work areas to assist the traffic flow. Work sites would be enclosed with board-up barricades, with appropriate lighting and warning signs. In areas where primary pipes would be laid, the contractors of Maynilad would only be allowed to work from 10 p.m. to 4 a.m. These work sites would be temporarily restored after work hours to make the street passable during the day. Read More …
Jul 232013
MANILA, Philippines – AboitizPower, the holding company for the Aboitiz Group’s power generation, distribution and retail businesses, is eyeing to embark on wind projects, saying the sector could be an attractive venture. “We’re looking at some wind projects but it’s a bit difficult to sell,” said AboitizPower senior vice president Luis Miguel Aboitiz. He noted that wind energy is more expensive than coal and should be sold in a different way. At the same time, Aboitiz said the incentives from the government for renewable energy projects such as the feed-in-tariff (FIT) would help investors. The FIT regime is a form of incentives for renewable energy players. The FIT rate approved by the Energy Regulatory Commission (ERC), the power regulator, are as follows: P9.68 per kilowatt-hour for solar; P8.53 per kwh for wind, P6.63 per kwh for biomass and P5.90 per kwh for hydropower projects. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 AboitizPower is one of the biggest power companies in the Philippines, with plans to invest P125 billion in the power sector over the next five years to double its capacity to 3,500 megawatts (MW). The Department of Energy, for its part, has been enticing investors to the wind power sector. It expects 300 MW of power capacity by 2016 from a total of five wind power projects. This is on top of the approved three wind farm projects that will generate 208 MW, enough to supply power to at least 40,000 middle-class homes. The three projects are Read More …
Jul 232013
MANILA, Philippines – Flag carrier Philippine Airlines (PAL) has tapped Amadeus, a leading technology provider for the global travel industry, for air traffic solutions and services to support the airline’s ongoing expansion program. Amadeus Asia Pacific head of airline commercial Hazem Hussein said the European based company will assist the airline in its business and help it deal with the challenges and opportunities in the market. “Travel intelligence is a critical asset in a fast-moving, fragmented industry like travel. However, it is not only about having data. It is also about having the industry knowledge and analytical capability to turn it into valuable business insights,” he said. PAL president Ramon Ang, for his part, said: “We are committed to retaining our position at the forefront of the industry in the Asian region and the key to it is fleet modernization, network expansion, and service innovation programs.” “It is important for us to be able to base our network planning and marketing decisions on complete and reliable data that Amadeus solutions offer,” he added. The agreement will allow PAL the use of the Amadeus Market Information (MIDT) and Amadeus Air Traffic solutions to drive revenue growth and increase market share as it expands flights to Asia, Europe, and the Middle East. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 MIDT allows PAL to monitor global market dynamics and identify profitable routes while developing more effective sales and marketing programs. In parallel, Amadeus Air Traffic calculates an accurate estimate of air Read More …
Jul 232013
MANILA, Philippines – Publicly-listed IRC Properties said a foreign-backed investor group has signified interest to acquire one of its lots in Binangonan, Rizal. In a disclosure to the Philippine Stock Exchange (PSE), Interport said the purchase of the 22-hectare land will provide IRC with fresh funds to continue building road/bridge infrastructures within its vast property. Plans for the property include a residential development to complement a planned garden community (residential cum retail promenade with upscale shops and restaurants). “The move is an integral part of the company’s thrust towards township development. Moreover, it is in line with the renewed interest of various local and foreign conglomerates in the area just east of Metro Manila,” Interport said. Last year, the company inked an agreement with Dell Equipment and Construction Corp. to jointly develop a residential subdivision in Binangonan, Rizal. The proposed project, dubbed Fiesta Casitas, sits on a 872-hectare property owned by Interport. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The project will form part of Sunshine Fiesta, the company’s socialized housing project involving some 4,290 units. Ayala Land was earlier rumored to have set its sights on the IRC’s property in line with its strategy to build townships similar to its flagship project, Nuvali in Canlubang, Laguna. IRC incurred a net loss of P2.2 million in the first quarter and accumulated losses amounting to P88 million as of March this year. The company’s main objective is to ensure it has adequate working capital moving forward to pursue Read More …
Jul 222013
TENTATIVE tax returns filed by taxpayers are considered final unless an amended return is submitted to correct or complete any deficiencies in the initial filing, according to the Bureau of Internal Revenue (BIR).
Jul 222013
CEBU CITY — Deputy Ombudsman for Visayas Pelagio S. Apostol said a fact-finding investigation will soon be conducted on the reported disappearance of 500 sacks of smuggled rice from the Cebu International Port.
Jul 222013
MERE RELIANCE on another person in preparing, filing and paying income taxes is not a justification for failure to file the right information on income taxes.
Jul 222013
MANILA, Philippines – Publicly-listed Metro Pacific Investments Corp. (MPIC), the flagship firm of the business empire headed by Manuel V. Pangilinan, is set to limit its interest in utility giant Manila Electric Co. (Meralco). Pangilinan, who serves as chairman of both MPIC and Meralco, told reporters in a chance interview that the holding firm intends to limit its stake in the electricity distributor within the tender offer requirement. “We want to keep Meralco a listed company so we would prefer not to breach the limits on the requirement for a general offer,” Pangilinan said. Under the Securities Regulation Code, any entity that acquires more than 51 percent of a listed company must offer to buy the remaining shares held by minority investors for the same price. This law aims to protect investors by allowing them to divest from a company when there is a significant change of ownership that may affect the way it operates. When asked if MPIC would acquire 51 percent of Meralco, he said the holding firm does not want to exceed the limit on the tender offer rule. “Something like that,” he added. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 MPIC is the single largest shareholder in Meralco with a 48.3 percent interest through wholly owned subsidiary Beacon Electric Asset Holdings Inc. Last July 19, MPIC took up about 15 percent to 16 percent of the 64.3 million Meralco shares worth over P17 billion sold by diversified conglomerate San Miguel Corp. (SMC). San Miguel Read More …