Mechanization is the only way to go

 Economy
Jun 142013
 
Mechanization is the only way to go

Many of our businessmen are keen on manufacturing, or import/export, or IT, or BPO. Only a few would give a second thought to the country’s agriculture sector, to the advances that we have gained over the last few years. Maybe because they are not trumpeted for the most part, but also because we tend to take agri news with a big ho-hum. What we know for a fact is that we have lagged behind our neighbors in this sector.  Where we used to be the lead producer of rice and sugar, we are now a net importer of rice and other countries have now challenged us too in sugar production. Countries like Thailand, Taiwan, Japan and Korea have overtaken us simply because they have embraced technology far earlier than us, and their governments have taken the initiative of empowering their farmers initially through subsidies, but later through production and marketing support while we continue to wallow in bureaucracy,  corruption and blissful ignorance. But take a second look now at what is going on in the country’s agriculture sector. For one, we have taken the first big step in mechanizing. In the late ’90s, mechanization of our farms stood at a low .52 – .56 HP/hectare.  That means, the total horse power used is only about one half horsepower per hectare. In 2012, Philmech, the lead agency under the Department of Agriculture (DA) tasked with farm mechanization, took a survey and came out with brighter results: 1.26 HP/ha. That is a Read More …

Mercato sets culinary show

 Economy
Jun 142013
 
Mercato sets culinary show

MANILA, Philippines – To further promote food tourism in the country, the Mercato Centrale Group is bringing the premier food and lifestyle night market experience to the culinary center of the Philippines – Angeles City, Pampanga – in Ayala-owned Marquee Mall. “We’re inviting food entrepreneurs from Manila, Pampanga and the surrounding provinces of Central Luzon to join our newest market-Cocina Centrale. It will be a culinary showdown where the best of Pampanga will meet the best of Manila,” said RJ Ledesma, co-founder of the Mercato Centrale Group. Cocina Centrale will have its grand launch on June 29, at the Marquee Park of Marquee Mall in Angeles City. It will be open every Friday and Saturday starting July 5, from 4 p.m. to 3 a.m. “This is our first food market outside of Metro Manila, and we feel the most ideal place where we could share the Mercato Centrale experience is with the Pampanga foodies,” said Anton Diaz, co-founder of the Mercato Centrale group. “The great tradition of cooking in this part of the country means we have to ‘level up’ when it comes to the quality of our gourmet and artisan vendors, so that the food satisfies the discerning taste buds of the Kapampangans,” added Diaz.

New Seacem owner makes tender offer to stockholders

 Economy
Jun 142013
 
New Seacem owner makes tender offer to stockholders

MANILA, Philippines – The new controlling owners of Southeast Asia Cement Holdings Inc. (Seacem) is offering to buy out the minority shareholders at a cost of almost P290 million. In a regulatory filing, the 8990 Group of Companies said it will conduct a tender offer to minority shareholders following its takeover of Seacem. IHoldings Inc., Kwantlen Development Corp. and Januarius Resources Realty Corp., collectively known as the 8990 Group, said they filed an “offer to acquire all the remaining common shares of Seacem held by the public.” The 8990 Group plans to buy 709.54 million common shares of Seacem at P0.4083 each for a total transaction value of P289.7 million. The tender offer price is a steep discount from Seacem’s closing price of P1.52 on Thursday. The offer to buy out minority shareholders will start on June 17 and end on July 12. Last week, 8990 Group entered into a purchase agreement to buy 89.87 percent of Seacem from Calumboyan Holdings Inc., Lafarge Philippines Holdings Philippines Inc. and Seacem Silos Inc. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The 8990 Group, one of the leading low-cost housing developers in Visayas and Mindanao, spent P2.75 billion for the acquisition. “The buyers are conducting the tender offer for all the remaining issued shares of Seacem, in compliance with the rules on mandatory tender offer,” the company said.

Bloomberry looks to raise fresh funding abroad

 Economy
Jun 142013
 
Bloomberry looks to raise fresh funding abroad

MANILA, Philippines – Razon-led Bloomberry Resorts Corp., the operator of the $1.2-billion Solaire Resort and Casino in Entertainment City, is looking to raise fresh funding abroad by tapping an international unit for the issuance of bonds and notes. The company said in a disclosure to the stock exchange that its board of directors approved the amendment in the articles of incorporation “to include in its primary purpose the power to guarantee the obligations of its subsidiaries or affiliates or any entity in which the corporation has lawful interest.” “This amendment will allow Bloomberry to raise funds through issuance of bonds or notes by offshore financing vehicles that it will guarantee,” it added. The guarantee clause to an offshore unit also provides Bloomberry a vehicle to raise funds from international investors. The amendment in the articles of incorporation is subject to shareholders’ approval during the company’s annual stockholders meeting on June 24. Since early this year, several listed firms have guaranteed the debts of their offshore units. In January, the overseas unit of taipan John Gokongwei’s investment vehicle JG Summit Holdings Inc. announced plans to raise funds through corporate notes. JG Summit will guarantee the debts of subsidiary JGSH Philippines Ltd. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 In March, Filinvest Development Corp. of the Gotianun family said it will guarantee the payment of interest rates of an offshore unit’s planned issuance of $300 million bonds. Bloomberry, for its part, has yet to announce the amount it intends to Read More …

Hot money outflow in May largest since 1999

 Economy
Jun 142013
 
Hot money outflow in May largest since 1999

MANILA, Philippines – Foreign portfolio investments slumped the most last month since 1999 after investors shied away from emerging markets on indications US stimulus measures will be scaled down. The Bangko Sentral ng Pilipinas (BSP) reported on Friday that portfolio placements— usually placed in the bond and stock markets— reversed to a net outflow of $640.84 million in May, the first for the year. A net outflow indicates more investments left the country than entered. The May tally was also the highest monthly outflow based on available records from the BSP website that dated back to 1999.  For the first five months though, portfolio investments— also called hot money for the ease they enter and exit economies— remained on the positive territory at $1.577 billion, up 74.4 percent from last year’s $904.16 million. The BSP expects hot money net inflow to reach $3 billion this year, although that amount may be revised next week. “The announcement of a possible scaling down of quantitative easing (QE) in the United States” drove investors to withdraw funds from emerging markets such as the Philippines last month, the BSP said in a statement. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 As the United States economy showed signs of recovery, the US Federal Reserve has signaled last month that some of its members favor a “downward” adjustment to its QE, which involves the purchase of $85 billion worth of securities every month. The measure, instituted five years ago, was meant to flood the Read More …

HDO to be issued vs companies, stores using fake software

 Economy
Jun 142013
 
HDO to be issued vs companies, stores using fake software

Photo shows Computer and hardware retail shops along Gilmore Avenue in Quezon City. KARL AGUILAR/URBAN ROAMER MANILA, Philippines – The National Bureau of Investigation (NBI) on Friday announced that Hold Departure Orders (HDO) will be issued against an owners of hardware retailers found to be hard loading branded computer units with pirated software. The NBI said that Cebu hardware shops Nutech, MSi and Across Technology were caught using illegal software in a raid last May, while four other computer establishments were caught in a crackdown in November 2012. Once found guilty for copyright infringement, the store operators may be issued HDOs, restraining them from overseas travel. “Hard-disk loading is a form of software piracy where resellers of computer hardware load unauthorized copies of software onto the machines they sell,” lawyer Dante Jacinto, chief of NBI’s Intellectual Property Rights arm, explained. Jacinto said that besides hold orders, copyright violators may also face business permit cancellation, revocation of US visas, tax investigations and tax evasion charges for selling and using fake software. The Pilipinas Anti-piracy Team (PAPT) also found the Cardinal Audio Center, PC Chain Superstore, PC Gadgets & Mobile Hub and Acenet Unlimited Business Computer Inc. to be installing pirated programs into Acer, Lenovo and Samsung laptops in a crackdown in Visayas. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Jacinto, meanwhile, discouraged businesses and computer users from installing pirated software into their desktop units as this is not only a crime, but can place the computer’s system at risk. Read More …

Consumer confidence hits record high

 Economy
Jun 142013
 
Consumer confidence hits record high

MANILA, Philippines – Consumer confidence hit a record high this quarter as the country’s strong economic growth is expected to translate to more investments, hiring and higher salaries, the Bangko Sentral ng Pilipinas (BSP) reported on Friday. According to the results of the Consumer Expectations Survey, the over-all confidence index (CI) climbed to -5.7 percent for the next quarter from -11.2 percent in the previous three months. The current CI— although still negative— is the highest since the BSP survey began in the first quarter of 2007, central bank Assistant Governor Ma. Cyd Tuaño-Amador told reporters in a briefing. A negative result in the index indicates the pessimists outnumbered the optimists “although the margin between the two declined to its lowest ever,” she said. Rosabel Guerrero, director of the BSP’s department of economic statistics, attributed the result to “better job opportunities, increased investment inflows that would support job creation and salary increases.” “Consumers also cited the country’s strong macroeconomic fundamentals and the investment grade credit rating by Fitch Ratings as factors that contributed to their more bullish outlook,” she told reporters. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The local economy expanded by 7.8 percent in the first three months of the year, surpassing market expectations to become Asia’s fastest growing economy. This was achieved against the backdrop of slow three percent inflation. Slow inflation and a “stable” foreign exchange rate give consumers more purchasing power to spend for goods and services, in addition to public savings. Based Read More …

Cebu Pacific, PAL eye Iloilo-Korea flights

 Economy
Jun 142013
 
Cebu Pacific, PAL eye Iloilo-Korea flights

MANILA, Philippines – Flag carriers Cebu Pacific and Philippine Airlines are looking into the possibility of offering direct flights from Iloilo to Korea, the firms’ representatives said on Friday. PAL Iloilo Area Manager Juancho Demaguila said the company’s general sales agent is now considering an Iloilo to Korea flight due to the influx of Korean tourists coming to Iloilo to travel and study. Meanwhile, Rosalie Gamutan, senior supervisor of Cebu Pacific, said the budget carrier is also planning to offer the same flights following its launch last year of direct flights from Iloilo to Hong Kong and Singapore. Overseas Filipino workers  from Western Visayas are expected to benefit from the direct flights, along with tourists from the region. The two airline companies are also reportedly studying the possibility of having direct flights from Iloilo to Xiamen, China and Japan to boost tourism in the country.

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