Public service

 Economy
Jun 272013
 
Public service

Having just returned from an extended trip abroad, I am shocked at the headlines regarding Department of Labor personnel accused of “sex for fly”.  Even assuming they are guilty, I hasten to confirm that those instances are the exception rather than the rule. It may not be as newsworthy but there are individuals who have served the nation with dignity and commitment to excellence which greatly outnumber the sorry lot that give public service a bad name. I would like to cite two examples of individuals who have made immense contribution to our national interest and yet have managed to keep under the radar despite their very senior positions in government and the private sector. Tomas I. Alcantara He cannot be categorized as a career public servant although he continued to serve the public interest long after his brief stint in government. Tommy belongs to a prosperous Davao family.  He graduated from Ateneo de Manila, went to Harvard for his MBA and then to Columbia for an Advanced Management Program. He then went into private business as was expected of him.  In 1986, he was invited to join the government of President Cory Aquino as undersecretary of Trade and Industry, a position he occupied for nine years.  I first met him in 1992 when I was in DFA.  He impressed me as a driven individual, politely aggressive but fiercely stubborn if prevented from getting the job done.  During my first trip to Japan, he volunteered to join my delegation.  It Read More …

Phl needs $600-M investment for energy efficiency, says ADB

 Economy
Jun 272013
 
Phl needs $600-M investment for energy efficiency, says ADB

MANILA, Philippines – The Asian Development Bank (ADB) is eyeing to accelerate investments in end-user energy efficiency to help Asia Pacific economies meet the growing demand for power. At the 8th Asia Clean Energy Forum organized by the ADB, Bindu Lohani, ADB vice-president for knowledge management and sustainable development, said the Philippines needs $601 million in investments for energy efficiency from now up to 2020. He said there is huge potential for saving energy by making buildings, vehicles, machinery and water pumps more energy efficient to the benefit of consumers and the environment, and the time is right for ADB to do more in the area. “We want to promote demand-side energy efficiency through public and private sector partnership with ADB taking a lead role in providing customized policy advisory services, technical assistance and innovate financing support in developing member countries,” Lohani said. In a new ADB study, the multilateral lender noted the booming demand for power in developing Asia. In the study, the ADB said the region’s share in primary global energy consumption is set to rise to 56 percent in 2035 from only 34 percent in 2010. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 By then, the ADB said most Asian countries will produce less than half of the energy they need, forcing substantial fuel imports. The ADB study said if governments push for more energy efficiency investments, there would be less need to build power plants. This would free up government funds for spending elsewhere. Read More …

Stocks extend rally as global markets recover

 Economy
Jun 272013
 
Stocks extend rally as global markets recover

MANILA, Philippines – Hefty recoveries in global and regional markets spread to the local bourse yesterday, allowing the main index to rally for the second straight day en route to returning to the 6,300 level. The Philippine Stock Exchange index climbed 3.42 percent or 209.06 points to end at 6,328, while the broader All Shares index jumped 3.14 percent or 117.94 points to 3,877.61. Justino Calaycay Jr., an analyst at Accord Capital Equities Corp., said investors kept an eye on overseas development amid lack of market-moving news locally. “With share prices in Europe posting decent gains and US stocks extending a triple-digit advance to day two, local counters joined its regional peers in the green,” Calaycay said. On Wednesday, Wall St. rose for the second straight day on the back of a downward adjustment in US first quarter economic growth, which might prompt the Federal Reserve to keep its stimulus program longer. The Dow Jones industrial average picked up one percent or 149.83 points to 14,910.14 while the broader Standard & Poor’s 500 index gained one percent or 15.23 points to 1,603.26. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 In regional markets, Japan’s Nikkei 225 added 2.96 percent or 379.54 points to 13,213.55 while Hong Kong’s Hang Seng index inched up 0.52 percent or 104.80 points to 20,443.35 on easing worries over the credit crunch in China. Locally, all counters were in positive territory, led by holding firms that rallied 4.15 percent or 225.81 points to 5,669.50.

Aquino OKs 6 PPP projects worth P76.5 B

 Economy
Jun 272013
 
Aquino OKs 6 PPP projects worth P76.5 B

MANILA, Philippines – President Aquino approved on Wednesday six public-private partnership projects with a combined total of P76.5 billion among five government agencies, but two of the National Economic Development Authority-approved projects carried “conditions.” The P27.5-billion proposed Philippine Rural Development Program of the Agriculture department under Secretary Proceso Alcala was put on hold, and so was the P5.9-billion Philippine Ports and Coast Guard Capability Development project of the DOTC. The project from the office of Transportation Secretary Emilio Joseph Abaya was for the procurement of four brand new 24-meter patrol boats and one 82-meter patrol boat that would be used by the Philippine Coast Guard, an agency under the DOTC. The rural development project under the Department of Agriculture was for increasing “farm and fishery productivity in 16 targeted regions and 80 provinces all over the country, thru “adoption and integration of climate-smart agricultural support.” Among the four approved NEDA projects that the government’s Investment Coordination Committee endorsed were from the Departments of Energy (DOE), Education (DepEd) and Public Works and Highways (DPWH). There were two DPWH projects – the P6.7-billion post-Ondoy and Pepeng short-term infrastructure rehabilitation project and P5.5-billion Phase II of the Pasig-Marikina River Channel Improvement project. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The two others were from DOE’s P21.6-billion market transformation thru energy-efficient e-vehicles and DepEd’s P9.4-billion Basic Education Sector Transformation, giving focus on “improving teaching and learning” and “strengthening systems.” All in all, the six projects have a combined value of P76.5 billion. Read More …

The state of our nation

 Economy
Jun 272013
 
The state of our nation

Last June 19, Francis Estrada, former president of the Asian Institute of Management (AIM), spoke before the Financial Executives Institute of the Philippines (FINEX). It was vintage Francis… incisive and to the point. He talked about the Philippines today… what is right with it… what are the challenges. I have served in a board of judges with Francis to help select the Employer of the Year some years ago. I respected his insights during our discussions. Going through the text of his Finex speech, I think Francis has pre-empted P-Noy’s SONA, assuming P-Noy’s Palace staff is capable of such analysis. I will liberally pick up whole chunks from Francis’s speech because that is the only way the reader can appreciate his message. I hope the President will skip the good news part covered by Francis and just go on to the second part about the challenges. Most of the good part was due to external factors anyway. What the nation must know is how P-Noy intends to meet the challenges in the remaining three years of his term. P-Noy’s SONA must deliver a strong message that he has not given up delivering the infra projects that his DOTC officials no longer care to deliver. Francis opened his speech declaring that “we live in dangerous times.” But he also pointed out that “in an unstable global economy, conventional economic metrics suggest that the Philippines has never been stronger.” Business ( Article MRec ), pagematch: 1, sectionmatch: 1 These are the good Read More …

Tiger Airways sets massive Phl refleeting

 Economy
Jun 272013
 
Tiger Airways sets massive Phl refleeting

MANILA, Philippines – Low-cost carrier Tiger Airways Philippines, a unit of Singapore’s Tiger Airways, is undertaking a massive re-fleeting program as it initially intends to triple its revenues and increase its market share in the local aviation industry starting this year. Tiger Airways Philippines president and chief executive officer Olive Ramos said in a press conference yesterday that the budget airline intends to beef up its existing fleet of five aircraft to 25 within the next three to five years. Ramos said the airline would acquire at least three to four aircraft per year over the next three to five years as it intends to increase its flights to existing destinations and mount flights to more destinations. She pointed out that the airline would lease the additional aircraft as part of its existing model instead of acquiring new aircraft. “It is normally our business practice to lease aircraft rather than be trapped in huge investments,” she added. Tiger Airways Philippines has an existing fleet of three Airbus A320s with a seating capacity of 180 and two A319s with a capacity of 140 or about 10 to 20 seats less than competitors to offer passengers more leg room. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Funds for the re-fleeting program, she explained, would come from internally-generated funds. The additional aircraft would be used mainly for regional as well as domestic routes. This year, Ramos said the airline has earmarked $15 million for its working capital. She revealed that the Read More …

Phl stocks extend gains as US equities soar

 Economy
Jun 272013
 
Phl stocks extend gains as US equities soar

MANILA, Philippines (Xinhua)  – The three-digit gain of the US equities lifted the Philippine stock market for the second time today. The bellwether Philippine Stock Exchange index jumped by 3.42 percent, or 209.06 points, to 6,328. The broader all-share index rose by 3.14 percent, or 17.96 points, to 3,877.61. Trading volume reached 3.56 billion shares worth P12.11 billion ($278.99 million) with 139 stocks advancing, 37 declining, and 32 unchanged. All six counters were up. “On a slow news day from the domestic front, investors kept eyes turning on unfolding events overseas.  With share prices in Europe posting decent gains and US stocks extending a triple- digit advance, local counters joined its regional peers in the green,” analyst Justino Calaycay of Accord Capital Equities Corp. said in his daily stock market comment. European markets were supported by the easing of concerns over China’s credit crunch and a better-than-anticipated consumer confidence numbers. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Likewise, American investors appear to have found incentive to enter the equities despite reports that the economy is growing a less-than-expected pace. First quarter gross domestic product was revised to 1.8 percent, significantly lower than the 2.4 percent preliminary estimate as the gains in household purchases, accounting for 70 percent of growth, was lowered to 2.6 percent from the 3.4 percent estimate last month. “Sentiments have turned yet again, almost seemingly at a single flip. The main source of fears, namely the US Fed and the Chinese credit crunch, appears to Read More …

SKorea raises growth forecast after stimulus

 Economy
Jun 262013
 
SKorea raises growth forecast after stimulus

SEJONG, South Korea  — South Korea raised its growth forecast on Thursday to reflect the boost from government stimulus spending. The finance ministry said in a statement that South Korea’s economy will expand 2.7 percent this year, compared with its 2.3 percent estimate three months ago. South Korea’s parliament approved a $15 billion stimulus plan in May as companies are reluctant to step up investments amid an uncertain global economic outlook. In 2012, South Korea’s economic growth hit its lowest level in three years at just 2 percent. The ministry said the risks that could dent the country’s economy have been reduced compared with three months earlier. But the upward revision does not mean the export-reliant economy is set to enjoy a full-fledged recovery, the finance ministry said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “If you look at the speed of recovery, it is gradual and moderate,” ministry director general Choi Sang-mok told reporters. Exports have improved but continue to be weighed down by the weak yen which has reduced Japan’s demand for South Korean products. Big companies such as Samsung and Hyundai, which dominate South Korea’s economy, are yet to scale up their capital expenditures, indicating that the recovery still largely relies on government stimulus. Another worry for South Korea’s economy is the impending withdrawal of monetary stimulus in the U.S. But Choi said improvement in the U.S. economy could be a positive factor for South Korea’s economy even though financial markets had been rattled by Read More …

Open access launched

 Economy
Jun 262013
 

MORE than 200 contestable customers or those electricity end-users with an average monthly consumption of at least one megawatt (MW) are now being served by their chosen suppliers as the commercial implementation of retail competition and open access (RCOA) began yesterday.

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