San Miguel releases P11B for NAIA Expressway project

 Economy
Jun 052013
 
San Miguel releases P11B for NAIA Expressway project

MANILA, Philippines – The Ninoy Aquino International Airport’s (NAIA) Terminals 1 and 2 will soon be connected to the Diosdado Macapagal Boulevard and the Entertainment City casino complex after the San Miguel Corp. (SMC) released P11 billion for the construction of the NAIA Expressway Phase II project, the Palace announced on Wednesday. SMC made the payment through the SMC Vertex Tollways Development, Inc. after winning the bid last April 15. The Department of Public Works and Highways sent to SMC last May 6 the formal notice for award for the project. Presidential Spokesman Edwin Lacierda said the project could start some time this month, to be divided in two phases. The proposed NAIA Expresssway has a total length of 7.15 kilometers, with the first phase expected to be completed in time for the Asia Pacific Economic Cooperation (APEC) summit in 2015. “Hopefully before APEC, that will be completed. There’s another phase which is II-B, which will connect the Skyway to the existing tollways,” Lacierda said. The P15.5-billion NAIA Expressway Phase II project is the third public-private partnership project to be successfully bidded out by the government, the Palace reported.

San Miguel pays P11 billion for NAIA expressway project

 Economy
Jun 052013
 
San Miguel pays P11 billion for NAIA expressway project

MANILA, Philippines – The construction of the expressway for the Ninoy Aquino International Airport (NAIA) could now start after conglomerate San Miguel Corp. (SMC) gave the P11-billion upfront payment to the government for the project, a Palace official announced on Wednesday. The company released the upfront payment through the SMC Vertex Tollways Development Inc., according to Presidential Spokesman Edwin Lacierda. San Miguel won the P11-billion bid last April 15 and a formal notice for award was given by the Department of Public Works and Highways to the company last May 6. Lacierda said  that with the payment, the project could start sometime in June. The proposed NAIA Expressway, which has a total length of 7.15 kilometers, will connect the airport’s Terminals I and II to Diosdado Macapagal Boulevard and the Entertainment City casino complex. The project has two phases: Phase II-A and Phase II-B. The Cabinet official said Phase II-A will be completed in time for the Asia Pacific Economic Cooperation (APEC) summit in 2015.  Phase II-A will connect NAIA Terminals I and II through an elevated tollway structure to Roxas Boulevard and the Entertainment City, he said. “Hopefully before APEC, that will be completed. There’s another phase which is II-B, which will connect the Skyway to the existing tollways,” Lacierda said.

May inflation stays flat

 Economy
Jun 042013
 
May inflation stays flat

MANILA, Philippines – Prices of goods and services in the country stayed flat at 2.6 percent in May amid mixed price movements among commodity groups, the National Statistics Office reported on Wednesday. The indices for food and non-alcoholic beverages and housing, water, electricity, gas and other fuels registered higher rates while the indices of seven other commodity groups slowed down. The index for transport dipped while the education index retained its previous month’s rate, the state agency said. “This still leads us to an average inflation rate of 3 percent for the first five months of 2013, exactly at the low-end of the Development Budget Coordination Committee’s inflation target of 3 to 5 percent for 2013,” Socioeconomic Planning Secretary Arsenio Balisacan said. Inflation a year ago was at 2.9 percent. Headline inflation in the National Capital Region (NCR) grew to 1.8 percent in May, slightly higher than the 1.7 percent posted the previous month. A year ago, it was at 2.3 percent. Meanwhile, areas outside NCR inched slightly upward from 2.8 percent in April to 2.9 percent in May.

US manufacturing index sinks to June 2009 level

 Economy
Jun 042013
 
US manufacturing index sinks to June 2009 level

WASHINGTON (AP) — A measure of US manufacturing fell in May to its lowest level since June 2009 as slumping overseas economies and weak business spending reduced new orders and production. The Institute for Supply Management said Monday that its index of manufacturing activity fell to 49 last month from 50.7 in April. That’s the lowest level in nearly four years and the first time the index has dipped below 50 since November. A reading under 50 indicates contraction. The ISM index had sunk during the recession to a low of 33.1 in December 2008. Since the recession ended in June 2009, it peaked at 59.6 in February 2011. Monday’s report showed that a gauge of new orders fell to 48.8, the lowest in nearly a year. Production dropped to its lowest point since May 2009, and employment dipped. Manufacturing has struggled this year as weak economies abroad have slowed US exports. US businesses have also reduced their pace of investment in areas such as equipment and computer software. At the same time, consumers are holding back on spending more for factory-made goods, possibly a result of higher Social Security taxes, which have reduced most workers’ paychecks this year. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Monday’s weak manufacturing reading suggests that the economy will slow in the April-June quarter from its 2.5-percent annual pace in the first three months of the year. Many analysts expect the economy’s annual growth rate this quarter to be about two percent. Read More …

US auto sales roar back in May

 Economy
Jun 042013
 
US auto sales roar back in May

A buyer moves between rows of 2013 Ram pickup trucks and Dart sedans at a Dodge dealership in Littleton, Colorado. Chrysler’s US sales rose 11 percent in May, a sign that auto sales rebounded from a slight dip in April and will continue to boost the US economy. AP DETROIT (AP) – Full-size pickups once again dominated US auto sales in May, as small businesses – increasingly confident in the economy – raced to replace the aging pickups they held on to during the recession. Car buyers, too, were lured by low interest rates and Memorial Day sales. Overall, US consumers bought 1.4 million vehicles in May, up eight percent from the same month a year ago, according to Autodata Corp. The results suggest the auto industry will remain a bright spot in an economy that’s been slowed by weak manufacturing. And the boost from the industry will help sustain the economy’s steady job growth. Most automakers topped analysts’ expectations last month, with Nissan reporting its highest May sales ever after cutting prices on seven popular models. Chrysler, Ford, Honda and Toyota also reported increases. Only Volkswagen’s sales were down from last May. Automakers sold 173,972 full-size pickups in May, the highest total since a year-end rush last December, according to Ward’s AutoInfoBank. Sales of Ford’s F-Series pickup, which is the country’s best-selling vehicle, rose 31 percent to a six-year high of 71,604. General Motors and Chrysler also posted full-size truck sales gains of more than 20 percent. Those sales Read More …

Phl stocks extend losses today on concerns over US Fed

 Economy
Jun 042013
 
Phl stocks extend losses today on concerns over US Fed

MANILA, Philippines (Xinhua) – The Philippine stock market extended its losses today as most investors are still wary of the developments overseas. The bellwether Philippine Stock Exchange index dived by 1.33 percent or 89.91 points to 6,673.47. The broader all-share index lost 1.17 percent or 48.76 points to 4,128.11. Trading volume reached 1.77 billion shares worth P13.25 billion ($315.25 million) with 123 stocks declining, 53 advancing, and 41 unchanged. All six counters were down. Brokerage 2TradeAsia.com said the successive sell-off has pushed away bargain hunters from local equities, many of whom are waiting for the selling spree to taper off. “Prospective institutional bargain shoppers might bid for time, until the potential unwinding of earlier overbought positions from some overseas managed funds ceases,” 2TradeAsia.com said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The composite index tumbled following the announcement by US Federal Reserve Chairman Ben Bernanke that they might cut stimulus if they start seeing indications of sustained growth. The brokerage said the latest descent has opened room for some investors to consider this as good technical entry to ramp-up on large-caps that quickly recovers once pessimism abates. The bargain hunters are slowly manifesting their presence in Tuesday’s trade, where investors saw the index climb back after losing more than 100 points during the session. 2TradeAsia.com advises investors to check for potential momentum build-up especially after the local index’s successive declines. Stocks in the 30-company index were mostly down. These issues include SM Investments Corp., SM Prime Holdings, Inc., Read More …

IT, BPM industry poised to hit 1.3M job target by 2016

 Economy
Jun 042013
 
IT, BPM industry poised to hit 1.3M job target by 2016

MANILA, Philippines – The country’s information technology and business process management industry is poised to hit its 1.3 million employment target by 2016 after an annual growth of 21 percent in 2012, the chief of the Information Technology and Business Process Association of the Philippines (IBPAP) said on Tuesday. IBPAP president and chief operating officer Jomari Mercado said the industry is likely to meet its goal after employing 776,794 in 2012, adding 137,066 net jobs from 2011. He added that in terms of export revenues, industry earnings grew by 19 percent to $13.2 billion, well within the level required to keep the industry on track to reach its revenue goal of $25 billion by 2016. “To reach our 2016 targets, we reiterate that it is imperative that we sustain and strengthen the work we are doing with government. We have received impressive support from President Aquino and his teams in the executive branch and we were able to pass key legislation needed by the industry,” Mercado said. IBPAP and its partner associations reported that the healthcare information management posted the biggest increase in employment in the industry with an 80-percent growth in employment or 45,000 jobs in 2012. Revenues from the sector soared to $460 million representing a 66-percent growth, following the game development sector.

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