THE DEPARTMENT of Agriculture (DA) is planning to export another batch of long-grain, aromatic rice this month to Indonesia and Malaysia as the agency targets a trial shipment of 100 metric tons (MT) in 2013.
Jul 022013
Jul 022013
MANILA, Philippines – A local tugboat operator plans to join the roster of companies in the Philippine Stock Exchange (PSE) early next month, making it the fourth to list in the bourse this year. In a memorandum circular, the PSE said Harbor Star Shipping Services Inc.’s P593-million initial public offering (IPO) will be completed in August. The final price setting is scheduled on July 10, followed by the start of a domestic roadshow on July 11. The offer period will start on July 22 and end on July 26 while Aug. 2 will mark the “tentative listing date and commencement of trading on the PSE” under the ticker symbol TUGS, the local bourse said. Harbor Star plans to list 605.238 million common shares, of which 181.6 million will be sold to the public at a maximum price of P3.27 each. Net proceeds could reach P540.826 million, Harbor Star said, adding that P227.41 million will be used for the “acquisition of tugboats for domestic and international expansion and refleeting.” Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Harbor Star also allotted P120 million to buy barges for lighterage operations while another P120 million will fund the settlement of a bridge loan for the purchase of a vessel. The remaining P73.4 million will be used to pay existing debts, it added. It has tapped Abacus Capital and Investments Corp. as its lead issue manager and underwriter. Harbor Star started commercial operations with just one tugboat in 1998. After 10 years, it Read More …
Jul 012013
THE WORLD Bank is somewhat dissatisfied with the slow implementation of local infrastructure projects and tax administration improvements, whose delays have resulted in low loan take-up.
Jul 012013
THE BUREAU of Fisheries and Aquatic Resources (BFAR) has proposed a budget of P6.7 billion to fund post-harvest investments and fisherfolk settlements, a top bureau official said at a press briefing yesterday.
Jun 302013
THE LONG-AWAITED manufacturing road map is expected to be released this month as the government is finalizing the master plan, the Philippine Institute for Development Studies (PIDS) and Philippine Exporters’ Confederation (PhilExport) said.
Jun 302013
THE COMMERCIAL implementation of retail competition and open access (RCOA), which began June 26, is off to a good start, based on feedback as the Energy department received from initial customers.
Jun 302013
IN JUNE 2011, the International Accounting Standards Board (IASB) issued amendments to IAS 19 Employee Benefits. These amendments were subsequently adopted by the Philippine Securities and Exchange Commission as amendments to PAS 19, Employee Benefits. Companies are required to apply the revised standard for annual periods beginning on or after Jan. 1, 2013, with retrospective application.
Jun 302013
MANILA, Philippines – Various sectors of the widely diversified and highly profitable fuel industry are moving with the tide of successful franchised businesses by opening up to new investors via franchising or dealerships. These lucrative investment opportunities will be showcased at the fuel industry’s own Petro and Energy Pavilion occupying an entire hall of the SMX Convention Center as part of the Franchise Asia Philippines 2013 Expo, which will be held on July 19 to 21. The pavilion will serve as a one-stop shop for all investment activities in any of the numerous fuel and energy-related businesses to be exhibited during the expo’s three-day run. Among such businesses are petro filling stations, equipment and related products, renewable energy sources, fuel conservation devices, auto care services, and many other technologies and innovative systems that constitute the ever-growing energy supply and value chain, including retail spaces for franchised food and non-food consumer outlets catering to motorists. This sector of the economy enjoys a stable and consistently rising market demand since it is centered on energy that powers industries, vehicles and households all the way to the kitchen, practically driving infrastructure development nationwide for the transport of goods and people by land, sea and air. The petro pavilion is part of one-stop shop international franchise expo that will feature international and homegrown successful franchise brands in the food, retail, and service sectors providing investment opportunities at all levels, from micro to large. Special areas are also dedicated for budding business at the expo’s Read More …
Jun 302013
MANILA, Philippines – The Asian Development Bank (ADB) is setting aside $500 million for the Philippines’ Local Government Finance and Fiscal Decentralization Reform Program. In addition, the ADB is willing to provide a $1-million technical assistance (TA) grant for the program. The policy-based $500-million loan will be used to get the reform program off the ground, which will be issued in two tentative tranches of $250 million each starting this year and the second in 2015. A co-financing partner Agence Francaise de Developpement (AFD) will allocate an additional $150 million. The TA is a preparatory project that will provide the required technical and logistical resources to assist the government-led review of the 1991 Local Government Code. The main bulk of the TA will go to international and domestic consultants accounting for half of the entire grant. The remaining amount will be used for travel expenses, hard and software, seminars and workshops, and the like. The local government reform program aims to improve service delivery by increasing the efficiency and transparency of local governance and financial management systems. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Based on the ADB report, reducing local disparities in access to services is critical to achieving the government’s goal of inclusive growth and poverty reduction. The poverty rate was 26.5 percent in 2009 and increasing to 27.9 percent in the first semester of 2012 above prevailing rates in neighboring countries in Southeast Asia. Geographically, the poor remain concentrated in the southern Philippines and in Read More …
Jun 292013
MANILA, Philippines – East West Banking Corp. is investing in E-trans Solutions Joint Venture Inc. a company bidding for the government’s automated fare collection system project. E-trans is a joint venture among TERA Investment Inc., Sagesoft Solutions Inc., Pilipinas Micro-Matrix Technology Inc., Pulsar Avancer Technologie Inc. and EastWest. Recently, E-trans pre-qualified in the bidding for the fare system project of the Department of Transportation and Communications and the Light Rail Transit Authority. East West’s board has approved a capital infusion of up to 20 percent in E-trans and subscribe to such number of shares for an initial payment of P1.5 million. The board said the subscription is not more than 10 percent of the total assets of EastWest. EastWest is the financial arm of the Gotianum family’s Filinvest Group. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Aside from investing in a technology firm, EastWest is also aggressively expanding its branch network all over the country. In 2006, EastWest Bank bought P750 million worth of shares in Green Bank, which has 46 branches in June 2012, the bank purchased 100 percent of Finman Rural Bank Inc. in Pasig City for P120 million. EastWest has been likewise on the acquisition mode to boost its consumer lending business. In 2009, it acquired the consumer finance units of AIG bundled into AIG Philam Savings Bank. In 2003, it also bought Ecology Savings Bank Inc. By 2014, EastWest is planning to have 350 branches and become the fifth largest bank in terms of Read More …