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 …

Fight gout with Goutritis

 Economy
Jun 062013
 
Fight gout with Goutritis

MANILA, Philippines – Fight gout with Goutritis, an all-natural food supplement that contains tart or sour cherries, which have a high content of anthocyanins, antioxidants and potassium.  All these natural nutrients combine to effectively and safely reduce inflammation and contribute to alkalizing the body, which is helpful in reducing pain associated with gout. Goutritis is FDA-approved.  It is available directly from Whealth Inc. with customer hotlines 524-6549, 354-2208 to 09 and 09474890262.  It is currently sold in jars of 90 capsules priced at P900.  For additional product information, email info@goutritis.com or visit www.goutritis.com and www.facebook.com/GoutritisSupplement. Three capsules of Goutritis, taken daily before breakfast, will help the patient manage his gout on top of doctor’s orders to take the prescribed medication, maintaining a healthy and  balanced diet low on Purine-rich foods, drinking plenty of water to rehydrate the body and flush out excess uric acid, exercising regularly and maintaining a healthy body weight.

Gov't warns companies in Visayas to use legit software

 Economy
Jun 062013
 
Gov't warns companies in Visayas to use legit software

MANILA, Philippines — The Philippine Anti-Piracy Team (PAPT) issued a warning to businesses in the Visayas region to use genuine software as it sets another round of inspections. Ricardo Blancaflor, Director General of the Intellectual Property Office of the Philippines (IPOPHL), said continuing the use of pirated and unlicensed software can lead to heavier charges and be detrimental to business operations. “We encourage businesses to use genuine software for a stable and safe business environment. Especially those businesses in the Visayas region who are not using licensed software, we recommend that they standardize on genuine as soon as possible because we might visit them next,” Blancaflor said. PAPT recently visited several business centers in the South Metro region to conduct inspections and determine if the companies were utilizing genuine software. Establishments in Batangas and Laguna were inspected including Automated Technology Philippines, Diversion Industries Inc., Fastech Synergy, Glades International Corp., Miyasaki Polymer (Philippines), Nikkoshi Philippines, Paete Manufacturing Cooperative, Renewable Products Group, and Tann Philippines. IPOPHL led the inspections together with the Optical Media Board (OMB), both members of the PAPT. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “To lower the piracy and counterfeiting rate in our country, we at IPOPHL have taken to the lead in conducting regular visits in the Metro South region to emphasize the importance of Intellectual property in all industries,” Blancaflor said. “Use of stolen or misappropriated information for business operations is a crime and through these visits, we are further creating awareness on how Read More …

Megaworld’s stock price to hit P9 per share

 Economy
Jun 052013
 
Megaworld’s stock price to hit P9 per share

MANILA, Philippines – Megaworld, the country’s leading real estate developer and BPO landlord, has received an upgraded stock price target of P9.01 per share and a buy rating by the prestigious online brokerage firm COL Financial Private Clients Group in a recently released report. Megaworld’s target price represents a 20 percent discount to the COL Financial’s Net Asset Value estimate of P11.26 per share. COL is estimating that Megaworld will enjoy a net income growth of P7.9 billion in 2013, up from the P7.4 billion earnings in 2012. This gives the real estate giant a price to earnings ratio of about 14.4 this year or way below other real estate properties having a price to earnings ratio of 20 times or more. COL Financial said that the upgraded rating is due to the high prices of the company’s properties located in prime locations such as the Bonifacio Global City (BGC) combined with the country’s strong economic growth, low interest rates and continued infrastructure developments benefitting real estate companies like Megaworld. Likewise, the firm said that the increase in income for Megaworld will be driven by its P180 billion in sales backlog and strong rental portfolio, assuming a six-year development period and a 16x price to earnings ratio valuation. They noted that the company’s current stock price is a good buy given the stable source of cash flows coming from its residential, office and commercial developments. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Megaworld is looking to double its Read More …

Striking a balance

 Economy
Jun 052013
 

EVER SINCE the Philippines opened its doors to global trade, our country has experienced a radical change when it comes to business opportunities for foreign investors. Despite the foreign equity safeguards in the 1987 Constitution, Congress passed the Foreign Investments Act (FIA) of 1991, as amended, and Republic Act (RA) 8762, otherwise known as the Retail Trade Liberalization Act of 2000. These laws paved the way for more favorable and concrete guidelines for investors to consider before taking a plunge in the local business market.

Japan patrimonial property recovered

 Economy
Jun 052013
 
Japan patrimonial property recovered

We congratulate Ambassador Manolo Lopez for successfully recovering the Philippines’ Nampeidai property in Japan – one of the properties acquired by the Philippine government as part of the May 1956 Reparations Agreement with Japan. We also congratulate Foreign Secretary Albert del Rosario for his solid support and encouragement in the efforts to win back this prime property located in Tokyo’s shopping district. We have been very vocal in opposing moves to dispose of our patrimonial properties in Japan – bought with the blood of Filipinos who gave up their lives fighting for this country during World War II.  It was during the term of Gloria Arroyo that the sale of these prime properties in Roppongi, Kobe and Shibuya were initiated, with the Nampeidai property eventually sold to a Japanese consortium under a 50-year build-operate-transfer scheme. It took several years of litigation before the successful recovery of the property. The government had also wanted to sell the property located in upscale Fujimi district where the Philippine Ambassador to Japan resides to pave the way for the construction of a condominium – with plans to just make the Ambassador reside in the penthouse. While the Fujimi property was not part of the reparations agreement with Japan, it is a prime piece of property, considered a heritage site having once been the home of Baron Zenjiro Yasuda whose family founded the Fuji Group. It was then President Jose P. Laurel who bought the Fujimi property in 1944, which has since become the official Read More …

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