LTCP goes full blast despite birth pains

 Economy
Jul 142013
 
LTCP goes full blast despite birth pains

MANILA, Philippines – The Land Registration Authority (LRA) said its land titling computerization project (LTCP) continues to go full blast to give its target clientele the optimum security and benefits of state-of-the-art information technology at the soonest possible time. LRA deputy administrator Ronald Ortile said the installation of the LTCP system in cooperation with the agency’s private partner, the Land Registration Systems Inc. (LARES), “is 93 percent complete, with 134 RDs already live and connected to LRA central office.” Reacting to reports of delay in the release of certain documents being sought by land owners from the RDs in the provinces, Ortile noted that “the delays may be likened to birth pains since we are introducing a new and ultra-modern concept in land titling services.”  Moving to a new system also involves the challenge of training existing employees, which may be a contributing factor in delays experienced by specific RDs. While staff training continues, LRA has conveyed its plan to augment manpower in different RDs to help address isolated cases of delay. But with the refurbished RD offices in place, the public can enjoy the full benefits of the LTCP that could translate into utmost convenience for land owners and other parties availing themselves of LRA’s online services made possible by the computer system.  Ortile said land owners could actually save time and money by using the LRA’s A2A service. “If a client based in Quezon City wants to obtain a CTC of a land title stored in an RD located Read More …

Energy experts set fuel biz training

 Economy
Jul 142013
 
Energy experts set fuel biz training

MANILA, Philippines – Micro, small and medium enterprises (MSMEs) wanting to join the highly lucrative and stable fuel-related business sectors can now have free training at the PetroBusiness Pavilion of the Franchise Asia Philippines (FAP) 2013, which will be held at the SMX Convention Center Manila on July 19 to 21. The special seminars for SMEs will be conducted by energy experts invited by FAP 2013 organizer Philippine Franchise Association (PFA) to guide new and aspiring petro industry players in learning the tricks of the trade and steering their franchised businesses to success – from startup to managing the onstream operations. 7-Eleven president and FAP 2013 international expo chairman Victor Paterno said experts from Phoenix Petroleum Philippines, Seaoil, Total and Unioil had also been called upon to  present business models and concepts during the seminars. Co-presented by BPI Family Ka-negosyo, PLDT SME Nation and Sun Cellular, the FAP 2013 will feature unlimited business opportunities in both fully established and upcoming franchise concepts for every sector and investment level industrywide.  Interested participants in the petrobusiness seminars are encouraged to register early because of the limited availability of seats. For more details, call PFA (632) 6870365 to 67 and (63917) 8320732, or e-mail pfa@pfa.org.ph).

Almirante: Unfair labor practice

 Economy
Jul 122013
 
Almirante: Unfair labor practice

PETITIONER Bankard, Inc. has resorted to job contractualization or outsourcing or contracting out of jobs. Among other programs, it also implemented a Manpower Rationalization Program (MRP), which was an invitation to the employees to tender their voluntary resignation with entitlement to separation pay equivalent to at least two months’ salary for every year of service. Majority of its Phone Center and Service Fulfillment Division employees availed themselves of the MRP. Respondent Bankard Employees Union-AWATU (Union) contended that Bankard committed unfair labor practice (ULP). Is there merit to this contention? Ruling: No. The general principle is that the one who makes an allegation has the burden of proving it. While there are exceptions to this general rule, in ULP cases, the alleging party has the burden of proving the ULP; and in order to show that the employer committed ULP under the Labor Code, substantial evidence is required to support the claim. Such principle finds justification in the fact that ULP is punishable with both civil and/or criminal sanctions. Aside from the bare allegations of the union, nothing in the records strongly proves that Bankard intended its program, the MRP, as a tool to drastically and deliberately reduce union membership. Contrary to the findings and conclusions of both the National Labor Relations Commission (NLRC) and the Court of Appeals (CA), there was no proof that the program was meant to encourage the employees to disassociate themselves from the union or to restrain them from joining any union or organization. There was Read More …

Gov't plans to borrow less next year

 Economy
Jul 122013
 
Gov't plans to borrow less next year

MANILA, Philippines – The national government has proposed a slightly lower borrowing program for next year, with the bulk still to be financed locally in a bid to take advantage of huge domestic liquidity, the National Treasurer said. A total of P714.6 billion will be borrowed by the Aquino administration next year, 2.78 percent down from this year’s P735 billion, said Rosalia de Leon in a phone interview with The STAR on Friday. “The borrowing mix will be 87 percent to 13 percent, in favor of domestic borrowings,” she said. Broken down, funds to be raised in the domestic market will amount to P620 billion, a decline of 7.44 percent from the programmed P669.8 billion this year.  “We still expect strong appetite for government securities even in terms of tenor. Definitely, we see strong demand in the long-end of the curve,” De Leon said. Inflation is expected to remain benign, she explained, and thus that would drive investors to seek for higher yields which will be found in longer-termed papers. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 On the foreign market, De Leon said a total of P94.6 billion, equivalent to $2.2 billion, may be raised through bond flotations and official development assistance (ODA) from multilateral financial institutions.  Of the total foreign financing, $1 billion may be sourced through offshore bond issuances, while the remaining amount of $1.2 billion may come from the World Bank and Asian Development Bank, among others. The planned external borrowings for 2014 will Read More …

World Bank: Phl should boost reforms to create more jobs

 Economy
Jul 122013
 
World Bank: Phl should boost reforms to create more jobs

Axel von Trotsenburg, World Bank Vice President for East Asia and Pacific (Jovan Cerda) MANILA, Philippines – The Philippine government has to create more jobs to reduce poverty and sustain high economic growth, the World Bank said on Friday. “Turning high growth into inclusive growth is increasingly important for the Philippines, by deepening and accelerating reforms that will create more and better jobs to reduce poverty,” Axel van Trotsenburg, World Bank Vice President for East Asia and Pacific said. Van Trotsenburg said job generation supported by quality education remains a big challenge in the Philippines and other countries in the world, and the country needs to create high-paying jobs directed to the youth sector. The unemployment rate in the country jumped to 7.5 percent in April from the 6.9 percent in 2012 despite gross domestic product soaring by 6.8 percent in 2012 and a 7.8 percent in the first quarter of 2013. For this year, World Bank expects the Philippines to grow by 6.2 percent. Van Trotsenburg earlier met President Benigno Aquino III and the government’s economic team to discuss areas where the multilateral financial institution can help the country in funding projects aimed at reducing poverty and improving governance in the Philippines. He also noted the transfer of the $300-million development policy loan aimed at spurring job-creating and poverty-reducing growth in the country. “There is clear convergence with the government’s goal of inclusive growth and the World Bank Group’s twin goals to end extreme global poverty by 2030 and Read More …

PSE boosts info drive as new product enters local bourse

 Economy
Jul 112013
 
PSE boosts info drive as new product enters local bourse

MANILA, Philippines – The Philippine Stock Exchange (PSE) has launched an information campaign on exchange traded funds (ETFs), a form of investment funds to be introduced in the local market. “Now that the Philippine regulatory framework for ETFs has been finalized, we can officially start accepting listing applications from prospective ETF companies.  I know a lot of market participants have waited long for this product to be offered to investors and we are now all working hard to ensure that we meet the expectations of the market,” PSE President and Chief Operating Officer Hans B. Sicat said. The Securities and Exchange Commission approved last June 20 Part C of the PSE ETF rules after Parts A and B were approved last March. The local bourse then proceeded to conduct seminars to make the public aware of how ETFs work. An ETF is similar to a mutual fund that tracks a basket of assets but is traded like stocks. Unlike mutual funds, however, the price of an ETF is quoted real time so investors immediately know the buying and selling price of their shares. “For retail investors, especially those who are just starting to invest in the market, ETFs allow for a cheaper access to a diversified portfolio of stocks because investors do not have to buy multiple stocks,” the local bourse said. PSE added that the performance of an ETF is also easier to analyze and monitor because its asset per share value is updated every minute and its tracking Read More …

PAL 100% sure of building $6-B int'l airport

 Economy
Jul 112013
 
PAL 100% sure of building $6-B int'l airport

A Philippine Airlines plane at Bohol’s Tagbilaran Airport. HOAGLAND PHOTO MANILA, Philippines – Philippine Airlines (PAL) chef executive Ramon Ang revealed Thursday night that the flag carrier is certain of pushing through with the $6 billion development of an international airport to house its planes. “One hundred percent tuloy ‘yung airport development, timing lang,” Ang said. There were reports that the airlines have shelved the project after PAL failed to present it to President Benigno Aquino III last February. The project would help decongest the already crowded Ninoy Aquino International Airport in Manila. This time, however, Ang is confident that Aquino himself expressed support for the mammoth development but is only hindered by bureaucrats and critics. “Suportado naman ‘yan ng Presidente. Siyempre, may mga little indians diyan na maraming sinasabi kaya ayaw na natin silang kulitin muna,” the tycoon, who also heads food manufacturing firm San Miguel Corporation, said. Ang has been proposing the 2,000-hectare development to build four runways since August in 2012. He also said in previous reports that PAL will buy 54 new Airbus planes working toward acquiring 100 planes, several of which will be long-range crafts. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 According to a report by Malaysian banking firm CIMB Group, the airline company is eyeing Bulacan as a possible location for the new airport.

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