SMI touts Tampakan project achievement

 Economy
Jun 092013
 
SMI touts Tampakan project achievement

MANILA, Philippines – Real stories of real people from Southern Mindanao filled the Manila air during the Sustainability Report launch of Sagittarius Mines Inc. (SMI) last June 6. The Manila launch is the culminating event from a series of two other roll-outs that happened in Davao City last 29 May and Koronadal City last May 31. SMI is the holder of a financial and technical assistance agreement that manages the Tampakan Copper-Gold project located in Southern Mindanao. Aside from the Sustainability Report magazine given to all attendees, the event showcased the stories of SMI’s different stakeholders who benefited from the companies programs – on education, livelihood, healthcare, resettlement consultation, and responsible mining advocacy campaign. The event touched on ‘a-day- in-the-life’ of a 73-year-old Blaan elder, Masalio Sumangay, who has witnessed all the changes that happened in her tribal community. Lola Sumangay expressed during the ‘Dialogue with the Stakeholders’, “I feel better now.  I see progress everywhere and life for my people is now more comfortable.” Lola Sumangay added, “I am happy that all my children and grandchildren are now able to school.  Business ( Article MRec ), pagematch: 1, sectionmatch: 1 My daughter Dalena, one of the tribal chieftains, goes to many meetings to promote responsible mining and tell people about the benefits of mining.” Lola Sumangay further added, “SMI’s (sustainable) programs should benefit all tribal communities and barangays within the project area so that the IPs will not be jealous of the benefits that one tribe is enjoying.” The Read More …

China's top butcher tries to sell US on takeover

 Economy
Jun 062013
 
China's top butcher tries to sell US on takeover

Wan Long, 72, chairman of Shuanghui International, prepares himself before an interview in his office in Luohe, in central China’s Henan province. (AP Photo/Alexander F. Yuan) LUOHE, China  — At an age when most Chinese executives are long retired, the country’s top hog butcher is taking on a daunting new job persuading Americans to allow him to complete China’s biggest takeover of a U.S. company. Shuanghui International’s $4.7 billion bid for Smithfield Foods Ltd. has the endorsement of the American company’s board. But facing anxiety over food safety scandals in China and complaints about Chinese cyber spying, 72-year-old chairman Wan Long has launched a charm offensive to reassure Americans they have nothing to fear and possibly much to gain from the tie-up. “We want to be vigilant that Smithfield’s brand doesn’t change, its team doesn’t change, its production sites don’t change, it doesn’t cut jobs,” said Wan in an interview at Shuanghui’s 15-story headquarters in this eastern Chinese city. As for reassuring American consumers about quality, Smithfield “already has a very good food safety control system,” Wan said. “With our support, they will do better in quality and safety controls.” Wan’s strategy of talking to reporters and inviting them to visit Shuanghui’s packing plants is an unusual approach in China, where companies are secretive and corporate bosses rarely speak in public. As Chinese companies expand abroad, those habits have hurt some when the United States, Australia and other countries balked at acquisitions by unfamiliar buyers in oil, mining and technology Read More …

Coco oil exports up 83% in May

 Economy
Jun 062013
 
Coco oil exports up 83% in May

MANILA, Philippines – The country’s cocunut oil exports rose 83 percent to 136,985 metric tons (MT) in May from 74,613 MT a year ago due to a strong demand for the commodity in key markets, the United Coconut Association of the Philippines Inc (UCAP) reported yesterday. The rise in May shipments followed  a 14.2 percent drop in April. UCAP executive director Yvonne Agustin said demand from key markets such as the US and Europe picked up in May as CNO price remained lower than palm oil, its main competitor in the market. In May, CNO was priced at an average of $811 per MT while palm kernel oil was priced at $852 per MT. CNO enjoyed a greater pricing advantage over another competitor in the market, soybean oil which was priced at $1,000 per MT in May. Agustin said demand is expected to pick up in the coming months as buyers replenish stock requirements. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 UCAP expects CNO shipments to reach 900,000 MT within the year, higher than 851, 913.18 MT shipped in 2012 and 821, 445.37 MT in 2011.

Need for food security plan cited

 Economy
Jun 062013
 
Need for food security plan cited

MANILA, Philippines – It is not enough that countries have sufficient food today; it is important to ensure that there will continue to be sufficient food tomorrow. This was stressed recently by leading European agriculture executive Martin Taylor before the European Chamber of Commerce of the Philippines (ECCP) and the American Chamber of Commerce of the Philippines (AMCHAM). According to Taylor, increasing food security “in an environmentally sustainable way” is an issue that must be addressed not just by the Philippines but by the international community as well. Taylor expressed concern that there are “seven billion people in the world who do not have enough to east despite significant growth in production over the past 50 years.” He said global food production needs to grow by 70 percent if countries are to meet the growing food requirement. The need is for global food security, not just food sufficiency, he added. This calls for a well planned strategy backed by both governments and the private sector, he underscored. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Concerning the Philippines, Taylor said the challenge to the business and agriculture sectors is “to give small farmers access to technology” to increase production and move closer to food security. He noted that most farmers in the country are considered small since they generally till one to three hectares of farmland. Taylor said technology does not only include the use of modern tools and equipment but also the development of seeds and farm inputs Read More …

Travel groups buck moratorium on landing permits

 Economy
Jun 062013
 
Travel groups buck moratorium on landing permits

MANILA, Philippines – The moratorium on the issuance of landing permits at the Ninoy Aquino International Airport (NAIA) is sending the wrong signal to international investors, the country’s largest travel/tourism groups said. In a joint statement, Philippine Travel Agencies Association (PTAA) and the Federation of Tourism Industry of the Philippines (FTIP) said they are asking the government to study carefully the impact of the moratorium to the tourism industry and the economy as a whole. PTAA president John Paul Cabalza said the industry already anticipated the influx of request for permits to have regular flights into the country’s major gateways after the scrapping of the common carriers tax (CCT) earlier this year. “Having a strong Philippine tourism campaign requires the support of other government agencies and needs a singular voice on that same plan. We cannot give the international community mixed signals when we push hard to open a door and yet have that door being shut again,” he said. For her part, interim FTIP president Aileen Clemente said more than just addressing the flight congestion challenges of NAIA, “we want the government in general, to map out and address connectivity, tourism growth, and capacity build-up across the country.” Earlier reports came out that the Civil Aviation Board (CAB) has denied the request of both India’s Jet Airways and Oman Airways to mount regular flights to Manila. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Jet Airways is the second largest carrier in India with 21 international destinations across Read More …

FTI offers new investment opportunities

 Economy
Jun 062013
 
FTI offers new investment opportunities

MANILA, Philippines – With the recent acquisition of Food Terminal Inc. (FTI) by Ayala Land Inc. (ALI) in late 2012, it is expected that the 120-hectare property will soon grow to become one of the brightest and busiest commercial business districts in Southern Metro Manila. In a signing ceremony witnessed by President Aquino at the Malacañang Palace, ALI executives led by chairman Fernando Zobel de Ayala expressed their plans to develop the sprawling 74-hectare complex into a commercial district featuring dining, retail and entertainment for residents and employees in the area as well as travelers from various parts of the country. The complex already features various services and amenities such as banks, fast-food restaurants, food markets and the Sunshine Plaza Mall. FTI began as the Greater Manila Terminal Food Market in 1968 through a Presidential directive meant to ensure price stability and productivity of the country’s agricultural economy. In the 80s, FTI became involved in retailing various products at government subsidized prices, trading, food processing and cold storage. Today, FTI operates as a provider of prime lots for industrial, commercial and residential use. Many of its industrial buildings offer leasable facilities for various manufacturers, exporters and food producers. Conveniently located near the country’s major local and international airports such as the Ninoy Aquino International Airport Terminal 3, South Luzon Expressway, C-5 and C-6 roads, as well as surrounded by various communities, FTI is a promising hub for economic activity and a key pivotal convergence point for the south. The planned Read More …

New OR reqm’t will proceed as planned – BIR

 Economy
Jun 062013
 
New OR reqm’t will proceed as planned – BIR

MANILA, Philippines – The new regulations requiring all business  establishments to print new official receipts, invoices and other business documents  will proceed as scheduled on July 1, 2013, the Bureau of Internal Revenue (BIR) said yesterday. BIR Commissioner Kim S. Jacinto-Henares said “the complaints against the new regulation are without any basis” and that business establishments were given more than enough time to meet the requirement. Henares said the BIR issued the new policy last year and published the same in a newspaper of general circulation informing the parties concerned that existing receipts would expire on June 30, 2013. “We believe that six months is enough preparation for everyone to comply with such requirement,” Henares pointed out. The BIR, in issuing this new regulations, aims to regulate further the printing of all invoices, set validity period and generate reports relative to the Authority to Print official receipts. This was an offshoot of the agency’s discovery of businesses registered with the BIR that are not really engaged in any business except to sell invoices, thereby defrauding the government of billions in tax revenues. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 These businesses, the BIR noted,  sell their invoices to entities who are either engaged in smuggling and/or purchasing goods without receipts. When BIR looked for these companies, mostly Small and Medium Enterprises, they cannot be found. The BIR also discovered that a lot of invoices that were printed in the ‘70s are still being used. Henares said the issuance Read More …

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