NEARLY ?28 billion in dividends from state-run companies were turned over to the government yesterday, higher than last year’s remittance as a result of better corporate governance.
Jun 032013
Jun 032013
FIVE GROUPS have expressed interest to participate in the privatization of the Naga Power Plant Complex (NPPC) in Cebu, the Power Sector Assets and Liabilities Management Corp. (PSALM) said in a statement yesterday.
Jun 032013
ON MARCH 29, 2013, Republic Act (RA) 10378, “An Act Recognizing the Principle of Reciprocity as Basis for the Grant of Income Tax Exemptions to International Carriers,” took effect. The law touches on the tax treatment of international air carriers having landing rights in the Philippines. Many sectors have lobbied for this reform claiming the legislation has long been overdue. The business community is optimistic that the new law will aid in the movement of passenger, goods and commodities and encourage investments in the Philippines in line with the government’s thrust of improving the economy.
Jun 032013
MANILA, Philippines – The Department of Energy (DOE) has awarded coal exploration contracts to Semirara Mining Corp. of the Consunji Group covering two parcels of coal-bearing land in Mindoro Oriental. In a disclosure to the Philippine Stock Exchange (PSE) yesterday, Semirara Mining said the contract for coal-bearing land in the municipality of Bulalacao covers two phases – the exploration phase and the development and production phase. Under the exploration phase, Semirara Mining has two years to commence and may extend this for a maximum of two years. The exploration phase will terminate automatically unless coal reserves in commercial quantity are delineated. The DOE said Semirara Mining may proceed with the development and production phase for up to 10 years if coal reserves exist in commercial quantity. “Thereafter a term for a series of three-year periods, the total of which shall not exceed 12 years,” Semirara Mining said in its disclosure. The company has committed to spend no less than P148 million for its work program for the first two years in the conduct of geological investigation, geodetic survey and sub-surface exploration for the coal contract area. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Semirara Mining, owned by DMCI Holdings Inc., is a publicly listed company that has significant coal resources and reserves to supply a growing demand for clients in various areas including Cebu and Panay.
Jun 032013
MANILA, Philippines – The country’s third investment grade rating may be forthcoming as Moody’s Investors Service has lauded the Philippine economy’s robust expansion, the Aquino government’s record budget surplus, and the conduct of generally peaceful elections. Moody’s is the only global credit rating agency that still rates the Philippines one notch below investment grade or BA1. The country obtained its first, investment grade upgrade from Fitch Ratings Services in March. Standard & Poors’ followed suit in May. In a statement issued yesterday, Moody’s said the Philippines’ first quarter GDP (gross domestic product) and record budget surplus are “credit positive,” a sign that that an upgrade may be in the offing. National Treasurer Rosalia De Leon said officials from Moody’s are expected to arrive in the Philippines next month. Last week, the government announced that it posted a P36.8-billion budget surplus in April, the highest monthly surplus it achieved, largely due to a 28.9- percent year-on-year increase in income tax receipts. “The improvement in tax receipts demonstrates that the government’s efforts to bolster tax compliance are gaining traction and helping to boost revenue generation, one of the key weaknesses of the Philippines’ credit profile. The relatively moderate year-to-date fiscal deficit also suggests that a degree of spending restraint in the run-up to the midterm elections held last month and that the government’s spending decisions are increasingly driven by long-term economic objectives rather than short-term political ones,” said Moody’s senior analyst Christian de Guzman. Business ( Article MRec ), pagematch: 1, sectionmatch: Read More …
Jun 032013
MANILA, Philippines – The Philippines is temporarily imposing a moratorium on the issuance of permits to foreign airlines planning to mount flights to Manila due to the limited capacity of the Ninoy Aquino International Airport (NAIA). Sources said the Civil Aeronautics Board (CAB) has denied the application of Oman Air and Jet Airways of India to fly to Manila due to constricted infrastructure at the 30-year-old international gateway. “We are denying foreign airlines such as Oman and Jet Airways. It’s not that the market is becoming less vibrant. It is due to the infrastructure,” one of the sources said. The sources pointed out that aside from the congested NAIA, other airports in different parts of the country could not accommodate night flights. “Most airports in the country are not night rated and are limited to day time operations in many airports. Most of the domestic flights are connecting to Manila,” the source added. Both Oman Air and Jet Airways have filed separate applications with the CAB for the issuance of Foreign Air Carrier’s permit (FACP) to operate international scheduled air transportation services. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The CAB issued FACP to foreign airlines allowing them to operate in the country and also issues Certificate of Public Convenience and Necessity to local airlines allowing them to mount flights in the country. As of end of last year, the CAB has granted FACP to 39 foreign airlines allowing them to operate in the Philippine. Oman Air – Read More …
May 312013
The Energy Regulatory Commission (ERC) has approved various changes in the rules of the Interruptible Load Program (ILP) in response to an appeal from a distribution utility in Mindanao.
May 312013
CAGAYAN DE ORO — A month after the Associated Labor Unions-Trade Union Congress of the Philippines (ALU-TUCP) filed an P88-wage hike petition in Northern Mindanao, an official of the Regional Tripartite Wages and Productivity Board said an adjusted wage rate would soon be implemented in the region.
May 312013
The correction on the value of the peso against the dollar and a recovering Japanese economy — the Philippines’ largest export market — are seen as boosting the country’s export industry, British bank Barclays said.
May 302013
THE GOVERNMENT needs to increase its infrastructure spending if it wants to be able to compete in an integrated regional market, an economist said.