THE GOVERNMENT rolled out yesterday its second public-private partnership (PPP) project, the P198-M restoration and redevelopment of the Talisay City plaza.
Jul 082013
Jul 082013
THE COURT of Appeals (CA) has denied the government’s appeal of a 2010 regional court decision declaring part of the oil deregulation law unconstitutional.
Jul 082013
TAX compliance has never been this burdensome, as evidenced by various complaints and uproars from taxpayers that the Bureau of Internal Revenue (BIR) normally shrugs off.
Jul 082013
MANILA, Philippines – International rating firm Moody’s Investors Service said Metropolitan Bank & Trust Co.’s decision to sell 20-percent stake of its power subsidiary Global Business Power Corp. to Japan’s Orix Corp. is “credit positive” for the bank. In a statement, Moody’s said the sale would further improve the bank’s capital ratio. “This sale is credit positive for Metrobank because we estimate its consolidated Tier 1 capital ratio will increase to 15.3 percent from 14.8 percent at the end of March, after factoring in the gains from the share sale. Such a ratio compares with the 14.7-percent average Tier 1 ratio at the end of March for the Philippines-based banks we rate,” it said. “Another credit positive is that the disposal allows Metrobank to avoid a punitive deduction in its Tier 1 capital that results from equity investments in non-financial entities under the new Basel III capital framework to be implemented next year,” it added. Moody’s estimated that if Metrobank had retained its current stake in GBPC, its Tier 1 ratio would decline to 13.6 percent under the new capital regime, based on March 2013 financials. From a strategic perspective, the credit watcher said the transaction reflects Metrobank’s proactive efforts to dispose of non-core assets and free up capital in preparation for business growth and higher capital requirements under the new Basel III regime. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “We understand that management plans to dispose of its remaining 29-percent stake in GBPC by the end of 2013. The Read More …
Jul 082013
MANILA, Philippines – Diversified conglomerate San Miguel Corp. (SMC) is expected to kick off the construction of the P15.86 billion Ninoy Aquino International Airport (NAIA) Expressway in January next year after inking a concession agreement with the Department of Public Works and Highways (DPWH). DPWH Secretary Rogelio Singson signed yesterday a concession agreement with SMC chief financial officer Ferdinand Constantino under the Aquino administration’s Public-Private Partnership (PPP) scheme. The signing was witnessed by DPWH Undersecretary Rafael Yabut, DPWH assistant secretary Maria Catalina Cabral, Public-Private Partnership (PPP) Center deputy executive director Ferdinand Tolentino, and SMC treasury infra head Raoul Eduardo Romulo. “The NAIA Expressway project exemplifies the extreme support and confidence of private sector in helping pursue development infrastructure plans and programs of the government through PPP,” Singson said in a statement. The 7.15 kilometer four-lane NAIA Expressway project is a strategic part of the envisioned Metro Manila Urban Expressway System to be built around a network of expressways serving Metro Manila. The project valued at P15.86 billion would provide access to NAIA Terminals 1, 2, and 3 linking the Skyway in the South Luzon expressway (SLEX) and the Manila-Cavite Toll Expressway (Cavitex). Business ( Article MRec ), pagematch: 1, sectionmatch: 1 It would also support the development of the Philippine Amusement Gaming Corp. (Pagcor) Entertainment City located along the Manila Bay reclamation area. It will connect all three terminals of the NAIA Complex and ease the flow of traffic to and from the airport. The project involves the improvement of Read More …
Jul 082013
MANILA, Philippines – Constellation Energy Corp. (CEC) is expanding its business interests to green architecture, its top official said yesterday. CEC is building Mindanao’s first eco-friendly building in Cagayan de Oro City through a partnership with ItalPinas Euroasian Design and Eco-Development Corp. (ITPI), said CEC chairman and ItalPinas president Jose Leviste. “Constellation Energy’s venture into green architecture is but a natural consequence of our company’s full thrust in exploring multi-technology renewable energy (RE) projects,” said Leviste. CEC has RE service contracts with the Department of Energy (DOE) for several geothermal, wind and hydroelectric projects all over the country. The project is a P45-million mixed-used twin-tower condominium, which features eco-friendly design features, an inner courtyard and cross-ventilation layout among the units for natural airflow and illumination, said Italian architect Romolo Nati, ITPI chairman and chief executive officer. The 160-unit Primavera Residences Tower A, which was completed last year, boasts of shaded façades to reduce direct sun illumination on the windows to bring down internal temperature of each unit. The building is equipped with photovoltaic solar panels on the rooftop for renewable energy production. “With ItalPinas, we put our money where our mouth is by going to great lengths to put up eco-friendly and sustainable building,” said Nati, who also sits as vice chairman of CEC. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Leviste said Primavera’s “passive design elements” had resulted in the reduction of energy consumption in air-conditioning expenses for their building residents. Set up in 2009, ItalPinas has Read More …
Jul 082013
SANTA ROSA, Laguna, Philippines — Toyota Motor Philippines Corp. (TMPC) is planning to hike its total production by 18 percent to 36,300 units this year from a year ago as it expects higher demand for vehicles. Speaking at the ceremonial roll-off of the all-new Vios yesterday, TMPC president Michinobu Sugata said the firm has made improvements in its production line to increase its capacity and be able to manufacture more vehicles. “The result of all these improvements is a faster production line giving us a 10 percent increase in capacity from 30,500 to 33,300 vehicles per year,” he said. “We expect to sell more than that number so we plan to actually build 36,300 units of Vios and Innova by the end of 2013, which is 18 percent more than last year, by rendering overtime and holiday work,” he said further. The improvements made at the company’s plant required the investment of more than P2 billion. The firm decided to raise the level of its production capability as it expects strong demand for vehicles particularly for the all-new Vios sedan, which accounts for 60 percent of the company’s total sales of completely knocked down units. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “TMP is confident that the new Vios will recharge the market. Anticipating higher demand due to this model’s improved features, we raised the level of our production capability to ensure that what the customers want, we can supply,” Sugata said. He noted that about 14,594 units Read More …
Jul 082013
MANILA, Philippines – Smart Communications Inc. of dominant carrier Philippine Long Distance Telephone Co. (PLDT) has tied up with recording giant MCA Music Inc. to provide over 70 million mobile subscribers with online music service and at the same time combat rampant piracy in the country that cost the industry over P2 billion in revenue losses per year. Smart executive vice president and head of wireless consumer business Charles Lim told reporters in a press conference that the three-year tie up with MCA Music is a vital part of the PLDT Group’s multimedia strategy. “We will rapidly grow our multimedia content offerings in the next few months. What better way to jumpstart this effort than by offering what’s close to the hearts of Filipinos – music,” Lim stressed. He pointed out that the partnership hopes to increase the share of digital music in the total P700-million industry in the Philippines to about 60 percent to 70 percent over the next two years from the current level of about 40 percent. He said the partnership with Universal Music Group (UMGI) and its local company MCA Music would enrich the lives of Smart subscribers by democratizing access to legitimate music and enabling them to keep creating the playlists of their lives in fast, easy and affordable way. UMGI president for Southeast Asia Sandy Montero said the “game-changing” partnership is a first in the world between Smart and MCA Music, making more than three million tracks in MCA Music’s global catalog exclusively available Read More …
Jul 082013
MANILA, Philippines – Banks are no longer allowed to shut down operations during local holidays without prior notice to the Bangko Sentral ng Pilipinas (BSP), a new order said. Under Circular 802 signed June 21, the central bank has ordered lenders and their extension offices to notify the central bank two days before their closure in the observance of a local holiday within their area. The order, which will take effect 15 days from yesterday’s release, asked banks and their branches to “submit, either individually or through their head offices” a “prior notice of their intended closure” to the BSP Supervisory Data Center. The circular covered all banks, their branches and “other banking offices.” BSP officials could not be reached for comment on the new circular. Prior to this amendment to the Manual Regulations of Banks, lending institutions were only tasked to have their closure during local holidays approved by the banking association where they belong. Meanwhile, during national holidays declared by presidential proclamations, no prior notice is required for bank closures. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “The required notice (for local holiday closures)…shall be supported by a certification jointly signed by the president of the bank or officer of equivalent position and the head of the branches department,” the central bank explained. The notice and reason of a bank’s closure should be posted on the banks’ establishment to inform depositors and other banking clients.
Jul 082013
MANILA, Philippines – Prime Media Holdings Inc., formerly First e-Bank Corp., has been placed new management as its major shareholder has defaulted on a P44-million loan. In a disclosure, to the stock exchange Prime Media said its majority stake will be taken over by RYM Business Management Corp. from the former leading investment unit of Hong Kong-based First Pacific Group. “Neo Oracle Holdings Inc., pledgee and owner of shares in Prime Media Holdings Inc., defaulted in the payment of its loan obligation to pledgor RYM, resulting in the foreclosure of the pledged shares,” the company said. Prime Media implemented a trading halt yesterday for the transaction, which involves the transfer of 298.94 million shares or around 77 percent of the listed firm to RYM. RYM is a Makati-based business and management consultancy firm while Prime Media’s principal shareholder Neo Oracle was formerly Metro Pacific Corp., First Pacific’s unit that previously entered into real estate, telecommunications, transportation, consumer, packaging and banking. Late in June, RYM warned Neo Oracle that it will foreclose the Prime Media shares that were given as security for P44.8-million debt. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “The company shall initiate foreclosure proceedings on the said shares” unless Neo Oracle paid the debts and its interest rates, RYM said. Prime Media was originally incorporated in February 1963 as Private Development Corp. of the Philippines and then changed to PDCP Development Bank Inc. in the same year. In 2000, the company changed its name to First Read More …