Economy – Page 499

Japan logs $10.4 billion trade deficit for May

Economy

Jun 182013

Japan logs $10.4 billion trade deficit for May

Agence France-Presse 9:35 am | Wednesday, June 19th, 2013 Money traders work under a screen indicating the U.S. dollar is traded at 100.845 yen at a foreign exchange company in Tokyo, Friday, May 10, 2013. INQUIRER file photo TOKYO – Japan’s trade deficit for May expanded 9.5 percent from a year earlier to $10.4 billion, official data showed Wednesday as import costs rose on a weak yen. Data from the finance ministry showed Japan incurred a trade deficit of 993.9 billion yen, the 11th straight monthly shortfall. That was the longest run of monthly deficits since a 14-month string from July 1979 to August 1980. But May’s deficit was smaller than expected as the market had forecast a shortfall of around 1.2 trillion yen. Exports rose 10.1 percent to 5.76 trillion yen, growing for the third straight month on higher shipments to the United States and China. Imports also climbed 10.0 percent, an increase for the seventh consecutive month, as costs of fuel and other items jumped due to a weaker yen. A lower yen helps make Japanese exporters more competitive overseas but pushes up import bills. Japan’s fuel imports have soared as most of its nuclear reactors remain off-line since the huge earthquake and tsunami in 2011 sparked the world’s worst atomic accident in a generation. Follow Us Recent Stories: Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ Read More …

Vehicle imports rise on higher LCV sales

Economy

Jun 172013

Vehicle imports rise on higher LCV sales

MANILA, Philippines – Vehicle importers reported a slight increase in sales in the January to May period from a year ago due to strong demand for light commercial vehicles (LCV). The Association of Vehicle Importers and Distributors, Inc. (AVID) said in a statement yesterday it sold 12,898 units as of end-May, up slightly from the 12,888 units sold in the same period last year. This was supported by the strong demand for LCVs, with 6,317 units sold, 29.3 percent higher than the 4,884 units sold in the comparable period in 2012. Passenger car (PC) sales meanwhile, reached 6,581 units as of end-May, down 17.8 percent from the previous year’s 8,004 units. For the month of May alone, AVID sales rose 16 percent to 2,615 units from 2,255 units in the same month last year. This, as LCV sales jumped 59 percent to 1,237 units from 779 units a year ago. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 PC sales however, dipped seven percent to 1,378 units from the previous year’s 1,476 units. AVID president Ma. Fe Perez-Agudo said the group remains upbeat that sales would continue to post growth for the rest of the year given the positive economic developments. “Current economic indicators signal a solid degree of optimism for the auto industry for the rest of the year. Benefitting from this current growth momentum, AVID commits to stay ahead in bringing world-class design, cutting-edge technology, and premium service to the Filipino consumers,” she said. Total vehicle sales Read More …

PAL shops around for more planes

Economy

Jun 172013

MANILA, Philippines – Flag carrier Philippine Airlines (PAL) is still on the lookout for new aircraft as part of its fleet modernization program. PAL has already ordered around 70 new aircraft that will lower operating costs moving forward, its top official said last week. “Slowly, we are looking at different aircraft types,” PAL president Ramon S. Ang said when asked if the airline is still planning to buy more airplanes. Ang said PAL is also factoring in “good opportunities, good prices and good performance” for further aircraft acquisitions. Since the entry of San Miguel Corp. (SMC) in April 2012, PAL has embarked on a massive refleeting program aimed at acquiring 100 new aircraft to replace its existing fleet. It expects to save as much as $400 million from fuel and maintenance costs per year as part of its refleeting program. PAL entered into a $7-billion contract with Europe’s EADS Group in August for the acquisition of 54 Airbus aircraft consisting of 34 A321ceo, 10 A321neo, and 10 A330-300s, and another $2.5 billion deal in September to exercise an option to buy 10 more A330 aircraft. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Ang, who is also president and chief operating officer of SMC, said PAL’s order is already more than 70 aircraft. Diversified conglomerate SMC owns 49 percent of PAL and is in charge of the airline’s management. “Our investment in PAL and sister airline PAL Express is also an important piece in our overall vision for SMC,” Read More …

Korean firm to invest P20 B for Subic resort

Economy

Jun 172013

Korean firm to invest P20 B for Subic resort

SBMA chairman and administrator Roberto Garcia and Resom Phils. chairman Sang So Shin sign an agreement for the construction of a P20-billion resort complex in the Subic Bay Freeport. SUBIC BAY FREEPORT, Philippines – The Subic Bay Metropolitan Authority (SBMA) has signed a contract with Korean-owned Resom Resort Phils. (Resom) for the development in the Freeport of a P20-billion world-class tourism resort complex. In a simple ceremony held last June 13 at the Freeport, SBMA chairman and administrator Roberto V. Garcia and Resom chairman Sang So Shin signed lease development agreements that would pave the way for the construction of the landmark tourism project. The first phase of the project involves the development of a prime waterfront property previously known as the mini-golf course with a gross area of two hectares and a buildable area of 6,000 sqm. Resom is committed to invest P1.2 billion for the construction of a luxury hotel with around 300 rooms, convention facilities, pool, spa, restaurants and other support facilities. The project is being targeted to be ready to serve the Asia-Pacific Economic Cooperation (APEC) conference in November 2015. The second phase of the project would cover the development of the Resom City tourism complex involving several properties in the Naval Magazine area covering around 300 hectares. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 This would include the construction of a world-class resort complex that would have hotels, condominiums, a theme park, luxury pool villas, casino and gaming operations, a waterpark and spa, health Read More …

PSE drums up interest in ETFs

Economy

Jun 172013

MANILA, Philippines – The Philippine Stock Exchange (PSE) is drumming up the market’s interest in its new investment product – the exchange-traded funds (ETF) – set for launching this year. In a memorandum, the operator of the country’s sole stock exchange said it will hold a seminar about ETFs on June 28. “The forum is intended to bring together participants, fund managers, investors and other stakeholders in order to introduce investing in ETFs and to discuss the latest updates in the product,” PSE said. “It also aims to inform the participants on the rules and regulations relevant to ETFs,” it added. Industry experts will discuss how ETFs differ from other types of investments and how stakeholders can take advantage of the new investment scheme, PSE said. Late in March, the Securities and Exchange Commission (SEC) gave its partial nod to the guidelines that will allow the launching of ETFs. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 ETFs are securities and investment instruments that monitor a commodity of assets like an index fund but trades like a normal stock in an exchange. PSE president and CEO Hans B. Sicat earlier said the new product will allow investors to go beyond just cash equities. So far, PSE has 254 listed firms and 134 active trading participants. ETFs are seen to offer several advantages and investment options to investors, including liquidity especially for those who cannot directly access specific sectors in the market due to a country’s specific regulatory environment. At Read More …

NEDA, DOT to identify potential tourism hubs

Economy

Jun 172013

NEDA, DOT to identify potential tourism hubs

MANILA, Philippines – The National Economic and Development Authority (NEDA) and the Department of Tourism (DOT) are working together to identify growth areas that could be developed into tourism hubs. NEDA deputy director-general Emmanuel Esguerra said they are aligning goals under the Philippine Development Plan 2011-2016 with that of the Tourism Development Plan (TDP). “Based on the tourism development plan, developments in tourism are not in immediate areas where tourists are present. Because you need other services, it could come from adjacent communities so the growth spreads even to areas that are not directly within the tourist hub,” he said. The NEDA official noted that development is not evenly spread in other parts of the country. “From the data, we observed that around 60 percent of the gross domestic product (GDP) just comes from three regions, which are NCR, Southern Tagalog and Central Luzon, Mindanao is 14 percent and the rest and from the point of view of inclusive growth, you would want growth to be broad based for the other regions to partake of the benefits of growth,” he said. Esguerra said this is one strategy that could lead to growth and eventually help alleviate poverty in the country. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Now going forward, the strategy to make that happen is to pay attention to the spatial or the geographical and sectoral dimension of growth and its possible to identify those specific areas that have very high growth potential that have good Read More …

Make home the perfect fit with Ilustrada residences

Economy

Jun 162013

Make home the perfect fit with Ilustrada residences

Own a prestigious address amidst New Manila and Greenhills; starting at PhP7,500/month. MANILA, Philippines – Amidst all the new residential condominiums that are fast on the rise in Metro Manila, how do you select the one that would suit you best? Whether you’re moving out of the family house, or keen on owning space after years of renting someone else’s, buying a home is a huge step forward. It’s more than just a monetary investment — it’s an investment on your life. That’s why you need to make sure the place you choose fits your lifestyle perfectly, including the significant moments that have yet to come. Studio Unit in Ilustrata Residences. Start your family life in a cozy home within the convenience of the city. Ilustrata Residences, rising in the cushy and cozy New Manila-Greenhills neighborhood, is set to offer you the best aspects of condo life while providing you with the comforts you’ve always associated with what a home should be. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 In fact, all steps were considered when the development was being planned out. First, its location. Ilustrata Residences is a mid-rise condominium with six buildings that occupy a total of 1.2 hectares along Boni Serrano Avenue. That positions it right in the residential area of the illustrious folk while being within reach of some of the country’s best schools, churches, commercial establishments like the Greenhills Shopping Center, and important business districts such as Ortigas Center. It also allows for Read More …

Interest rates seen staying at lowest levels

Economy

Jun 162013

Interest rates seen staying at lowest levels

MANILA, Philippines – Interest rates are expected to remain at their lowest levels this year as the current market sell-off, the worst since 2008, remains manageable thanks to the country’s strong fundamentals. On Thursday, the Bangko Sentral ng Pilipinas (BSP) kept policy rates steady at 3.5 percent and 5.5 percent for overnight borrowing and lending, respectively. It also held the rate it charges on special deposit accounts (SDA) at two percent. Policy rates – which serve as benchmark for banks in charging their loans – have been maintained at their historic low levels since October last year, with the BSP choosing to reduce SDA rates by a total of 150 basis points earlier this year to push out more funds into the system and support economic growth. “It’s neutral for now. It’s both hard to say at this point whether this is the end of the cuts or is just a pause at the end of the year,” BSP Governor Amando Tetangco Jr. told CNBC in a televised interview, adding that “if it is needed, we have scope to further ease.” For analysts, the decision – which one described as a “disappointment” – was a show of strength from the BSP, which has successfully maneuvered the country from the global financial crisis five years ago to help it become Asia’s fastest growing economy now. “There were economic reasons for the BSP to pursue another SDA reduction, but it chose to pause,” said Emilio Neri Jr., lead economist at the Bank Read More …

PIRA seeks deadline extension

Economy

Jun 162013

MANILA, Philippines – The government should hold the implementation of higher paid up capital for insurers by the end of this month and just await the passage of a new law, non-life insurers said. “Once (the) new code is signed by President Aquino, the existing Department of Finance Order 2007-06 outlining the capitalization level becomes moot and academic,” said Emmanuel Que, chairman of the Philippine Insurers and Reinsurers Association (PIRA). “We will appeal to the Insurance Commission (IC) to extend the deadline in consideration of this development,” he added. PIRA is the umbrella group for non-life insurers and reinsurers. Finance and insurance officials could not be immediately reached for comment. According to the 2006 order, insurance companies should hike their minimum paid up capital to P250 million from P175 million by this year. The capitalization should be formalized on paper by June 30. Any company that fails to meet the requirement will not be issued a license to operate by the Insurance Commission. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Industry sources said that 19 of the 84 licensed non-life companies have yet to comply with the P250-million minimum capital requirement. However, as the Finance department pursues its order, amendments to the 1974 Insurance Code of the Philippines have passed the bicameral conference committee and will simply need Aquino’s signature to take effect. Que said it would be prudent for the government to wait as there are conflicting provisions between the new code and the department order. Among Read More …

Better product, service quality vital to Phl – study

Economy

Jun 162013

Better product, service quality vital to Phl – study

MANILA, Philippines – The Philippine Metrology, Standards, Testing and Quality Incorporated (PhilMSTQ Inc.), a non-government organization, recently launched “Quality Matters”, an advocacy for an improved National Quality Infrastructure (NQI). “Quality Matters” aims to raise awareness on the country’s system for quality. PhilMSTQ hopes to engage consumers, small and medium enterprises (SMEs), business, and government agencies to improve the country’s NQI. “A strong and well-coordinated national quality infreastructure (NQI) with the inherent elements of metrology, standardization, testing, certification and accreditation is vital to a country’s economic growth,” said PhilMSTQ Inc. president, Cirila Botor. During the launch, PhilMSTQ presented a copy of the Executive Summary of the NQI Study to Department of Trade and Industry Undersecretary for Consumer Welfare and Business Regulation Group Zenaida Maglaya. The main recommendation of the study is the establishment of a single NQI Policy and Strategy supported and endorsed by regulators and all relevant stakeholders. The study further identifies the current strengths and weaknesses of the Philippines’ quality infrastructure and provides recommendation to help regulators move forward to create the conditions for the improvement of the country’s NQI.

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