ONLY CNR Dalian Locomotive & Rolling Stock Co., Ltd. has qualified for the P3.7-billion Metro Rail Transit Line 3 (MRT-3) capacity expansion project of the Department of Transport and Communications (DoTC).
Jun 112013
Jun 112013
PALO, LEYTE — The Mines and Geosciences Bureau (MGB) has declared a 440-hectare area in Eastern Samar as the first People’s Small-Scale Mining Area or Minahan ng Bayan in Eastern Visayas.
Jun 102013
MANILA, Philippines (Xinhua) – Foreign portfolio investments known as “hot money” to the Philippines declined 8.5 percent on year to $1.3 billion in the first quarter of 2013, the central bank reported today. The central bank said lower net equity capital investments reduced inflow of portfolio investments in the country. Gross equity capital placements rose 49.4 percent on year to $1.5 billion in the first quarter, mostly due to investments that came in from Mexico, Japan, Malaysia and the U.S. But these placements were offset by withdrawal of $799 million during the same period. Reinvestment of earnings likewise declined, decreasing 26.3 percent on year to $196 million in the first quarter. Net placements by overseas companies in debt instruments issued by local affiliates totaled $378 million, up 71 percent on year as parent companies abroad continued to lend funds to their local subsidiaries and affiliates to sustain existing operations or expand their businesses in the country. In March alone, FDI posted net outflow of $78 million.
Jun 102013
MANILA, Philippines (Xinhua) – The Philippine stock market rallied back to the 6,800 level following the strong gains in US stocks last Friday. The bellwether Philippine Stock Exchange index jumped by 2.59 percent or 173.65 points to 6,875.60. The broader all-share index rallied by 1.96 percent or 81.20 points to 4,229.61. Trading volume reached 1.14 billion shares worth P14.22 billion ($332.63 million) with 123 stocks advancing, 52 declining, and 29 unchanged. All six counters were up. “Buyers resumed to position in equities on Monday, encouraged in part by Wall Street’s overnight ascent,” 2TradeAsia.com said. Dow Jones industrial average index jumped by 207 points last Friday on back of a US labor department report that American employers took in more workers in May. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Monday’s climb, according to analyst Justino Calaycay of Accord Capital Equities Corp., has taken back 40 percent of the values lost during the meltdown. “Yet despite the strong price and index surge, caution remained fairly evident as turnover kept a slack pace,” Calaycay said. Value turnover have been below the five-period and 30-period averages for quite some time and Monday’s action does not show any indication that is to change. Stocks in the 30-company index were mostly up. These include Metropolitan Bank and Trust Co., SM Prime Holdings, Inc., and Alliance Global Group, Inc.
Jun 102013
Heritage Foundation senior analyst Anthony Kim (left) speaks to the press. (Prinz Magtulis) MANILA, Philippines – Improved economic freedom in the Philippines should be sustained to boost investments in the next five years and promote prosperity, an analyst for global think tank Heritage Foundation said on Monday. “We are really impressed by well intended good policies. But it’s not easy to make good policy economic reform: it takes time, it takes energy and dedication,” senior analyst Anthony Kim told reporters in a roundtable discussion. “Reforms will attract and generate more opportunities for average people of the Philippines but it will take some time so it’s time to wait and just move forward,” he added. The Washington-based agency publishes yearly a global index measuring economic freedoms in 157 countries, including the Philippines. In its latest edition released last March, the country improved 10 notches to 97th place. Economic freedom, Kim said, involves measuring individual and country liberties, good policies and promotion of free enterprise as a tool to achieve economic growth and prosperity across the population. For the Philippines, Kim noted that the country’s “resilient and dynamic” economic story was hedged on a “committed” government to pursue “real, practical policy solutions” that cover taxation and the business environment, among others. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 While Kim refrained from discussing specific reforms that need to be undertaken or continued, the official noted that “healthy discussions” on lifting the 40-percent foreign ownership cap on certain industries should be Read More …
Jun 092013
CAGAYAN DE ORO — A belated ?20 minimum wage adjustment has been approved for Northern Mindanao after officials last year deferred action on a proposed wage raise.
Jun 092013
PROJECTS TO upgrade three regional airport terminals will be auctioned off this month while the deadline of submission and bid opening for two other projects has been rescheduled, according to the Department of Transportation and Communications (DoTC).
Jun 092013
(Third of three parts)OVER THE last two weeks, we have been talking about the many challenges facing banks, supervisors and policy makers given the current convoluted and evolving financial regulatory reform landscape. While these reforms are still in various stages of finalization, we have enough information to make qualified assessments of how these reforms will impact banks and their business models, providing financial organizations with a small breathing space within which to engage in scenario planning and risk management assessments.
Jun 092013
FAYETTEVILLE, Ark. — Wal-Mart’s biggest news at its annual meeting on Friday was that the world’s largest retailer will repurchase up to $15 billion of its shares at a time when the behemoth faces increased scrutiny from investors over its business overseas. The buyback replaces the current $15 billion share repurchase program that Wal-Mart began in 2011. About $712 million is left under that program, according to the company. The program comes as Wal-Mart encounters concerns over how it handled bribery allegations that surfaced last year at its Mexican unit. The company also is being pressured to increase its oversight of factories abroad following a building collapse in April in Bangladesh that killed more than 1,100 garment workers. Wal-Mart wasn’t using any of the factories in the building at the time of the collapse, but it is the second-largest retail buyer of clothing in Bangladesh. During the annual meeting, shareholders in the audience presented four proposals that related to increasing governance of its board in light of the incidents overseas. They included a proposal for an independent chairman that doesn’t serve as an executive at Wal-Mart. None of those resolutions passed, according to a preliminary shareholder tally. “If the world’s largest retailer refused to improve the state of workers’ rights and labor standards, things will not change,” said Kalpona Akter, a labor activist based in Bangladesh, who introduced the proposal about having a special shareholders’ meeting. Executives referred to the problems Wal-Mart has been having abroad during the meeting. Business Read More …
Jun 092013
MANILA, Philippines – Dividends remitted by the Philippine Ports Authority (PPA) to the national coffers jumped 23.5 percent last year, making it one of the largest contributors among government-owned and controlled corporations (GOCCs). PPA general manager Juan Sta. Ana said the agency has consistently been among the profitable government agencies sharing its net earnings to the National Government since the law was enacted in 1998. Sta. Ana said PPA’s total dividend payment reached P1.009 billion last year from P817 million in 2011. “The port agency will always be a strong partner of the government in moving the country forward specifically in the area of providing support to the National Government’s fiscal consolidation efforts,” he stressed. He added that PPA landed seventh in the top 10 list of the biggest contributors for 2012 out of the 38 GOCCs that paid their respective dividends. Other major contributors include Philippine Amusement and Gaming Corp., Land Bank of the Philippines, Development Bank of the Philippines, Bases Conversion and Development Authority, Power Sector Assets and Liabilities Management Corp., Manila International Airport Authority, Philippine Reclamation Authority, Philippine Deposit Insurance Corp. and the Philippine National Oil Co. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Republic Act 7656 requires GOCCs to remit at least 50 percent of its annual gross earnings to the National Government. For 2013, the government aims to keep its budget deficit at below P238 billion or two percent of the projected gross domestic product (GDP). The deficit limit for this year is Read More …