APECO shelves freeport zone plan

 Economy
May 052013
 
APECO shelves freeport zone plan

MANILA, Philippines – The controversial Aurora Pacific Economic Zone and Freeport Authority has abandoned its plans to develop a freeport zone in Casiguran, Aurora, the National Economic and Development Authority reported on Monday. “Apparently, APECO, the manager and operator of the zone, has veered away from the original plan of establishing a freeport zone, based on the findings of the study conducted by NEDA to assess the economic potential of the controversial project,” the state agency said. As an alternative to a freeport zone, NEDA said the establishment of an agro-aqua and ecotourism zone will help in promoting growth and development in Casiguran and other neighboring municipalities. “A well-defined market for outputs within and outside of the ecozone as well as the abundant agri-aqua raw materials and human resources in the area serve as a strong draw for locators,” the NEDA assessment noted. “This new plan would generate employment and spur development not just in the catchment area of Dilasag-Casiguran-Dinalungan in Aurora, but also in the nearby provinces,” it added. The state agency, however, did not recommend an immediate implementation of the proposal. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 ““Further investment support for the installation of all these additional facilities will be contingent on APECO’s completion of its master plan, and other essential corporate business plans and policies in place, including its land use plan. Partnership with local government units and other national agencies through dialogues and consultations would truly make the effort supportive of inclusive growth,” Read More …

The next great upheaval in financial reporting for insurance firms

 Economy
May 052013
 

IN JULY 2010, the International Accounting Standards Board (IASB) issued an Exposure Draft (ED) on Phase 2 of International Financial Reporting Standard (IFRS) 4, Insurance Contracts, which detailed several significant changes to the way insurers measure insurance contracts. The ED required them to apply current market assessment when they measure their liabilities. The comment period for the ED ended on Nov. 20, 2010 and the IASB has since conducted re-deliberations and has reached tentative conclusions on key topics.

PLDT media business remains insignificant contributor to profit

 Economy
May 052013
 
PLDT media business remains insignificant contributor to profit

MANILA, Philippines – New York-based Moody’s Investors Service believes that the media business of dominant carrier Philippine Long Distance Telephone Co. (PLDT) would remain an insignificant contributor to the company’s profitability. Yoshio Takahashi, assistant vice president of Moody’s, said in the company’s new and analysis of its latest credit outlook that PLDT’s media business would remain a insignificant contributor to the company’s profitability over the next two to three years. “In this context, strengthening PLDT’s media business is a positive move, although it will remain an insignificant contributor to PLDT’s profitability over the next two to three years,” Takahashi stressed. In the global telecommunications market, he pointed out that quadruple-play services including telephone, wireless, broadband Internet, and television (TV) are increasingly important in attracting and retaining customers and at the same time increasing average revenue per user and broadening the earnings base. Furthermore, he added that the development of pay-TV would enhance the provision of content across various platforms. According to him, revenues from PLDT’s TV business accounted for about two to three percent of the total group revenues last year. The company’s net income jumped 12 percent to P35.5 billion last year from P31.7 billion in 2011, while consolidated revenues rose 10 percent to P169.33 billion from P153.96 billion. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The analyst said the PLDT Group is strategically increasing its investment in the media business to strengthen its ability to deliver multi-media content through its broadband and mobile networks. PLDT, through Read More …

BOC conducts audit of luxury car distributors

 Economy
May 052013
 
BOC conducts audit of luxury car distributors

MANILA, Philippines – The Bureau of Customs (BOC) expects to release  the result of the audit of imports of luxury car distributors soon. Customs commissioner Rozzano Rufino Biazon told reporters in a chance interview the BOC is conducting an audit of all luxury car importers to check possible undervaluation of vehicles brought in to the country. The results of the audit, he added,  are expected to be out soon. “We’re just waiting for the report from the post entry audit group of the BOC,” he said. In March, he said a post-audit entry of vehicles imported by PGA Cars Inc. was being conducted amid uncertainties over declarations made by the firm. PGA Cars is the distributor of Porsche and Audi vehicles. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Biazon said PGA Cars has already submitted its books of accounts to the agency. “They had to comply, otherwise we can suspend their import license,” he said. He noted that books of accounts are needed for the audit as such provide more information compared to documents presented at the port of entry which only show the declared value of the units being brought in. “Remember, we signed up to the WTO (World Trade Organization) agreement on adopting the transaction value method. The price agreed upon by buyer and seller, that is the transaction value. But the books of accounts show more data, for example, what costs they reported to the Bureau of Internal Revenue,” he said. Apart from PGA Cars, Read More …

Phl safe from asset bubbles – BSP

 Economy
May 052013
 
Phl safe from asset bubbles – BSP

MANILA, Philippines – Property loans granted for residential purposes rose the fastest among other household credit last year, but remained of the best quality, boosting the Bangko Sentral ng Pilipinas’ (BSP) belief that the country is still safe from asset bubbles. In its Status of Philippine Financial System Report released last Friday, the central bank said residential real estate loans increased 19.77 percent to P264.2 billion from P220.836 billion a year ago. This accounted for the biggest share in consumer loans, at 42 percent of the total P629.3 billion granted during the same period. Aggregate consumer loans went up 15.28 percent year-on-year. Other consumer loans were auto loans, credit card receivables and those used for other purposes such as purchase of appliances. All recorded gains from their 2011 levels. Despite the marked increase, residential property loans enjoyed the lowest bad loan ratio or the proportion of unpaid loans over the loan portfolio. Bad loans are those that remained unpaid 30 days after the due date. Unpaid credit accounted for 4.1 percent of total residential real estate loans, down from 4.3 percent in 2011. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Last week, BSP Governor Amando Tetangco Jr. said there are “no emerging signs” of asset bubble formation in the Philippines despite the affordability of bank credit and surge of inflows from abroad. Asset bubbles are characterized by an upshot in asset prices, such as those in the real estate sector, that they no longer reflect real market rates Read More …

ALI jumpstarts dev’t of P20-B Circuit Makati

 Economy
May 052013
 
ALI jumpstarts dev’t of P20-B Circuit Makati

MANILA, Philippines – Property giant Ayala Land Inc. (ALI) has jumpstarted the P20-billion development of the former Sta. Ana racetrack into a masterplanned entertainment and leisure district. Upscale residential brand Alveo Land launched on Saturday the first phase of the two-tower Solstice, the maiden residential project in the 21-hectare Circuit Makati. “Solstice will be the pinnacle of expression for the dynamic and vibrant living experience that Circuit Makati espouses,” said Alveo Land president Robert Lao. He earlier said that investment per tower is around P2.5 billion. This forms part of the property firm’s plan of launching one tower every year in Circuit Makati to fill the mixed-use community with eight to 10 towers in the next 10 years. “Solstice Tower One will be 41 floors high and will provide 461 residential units in a complete range of studio, one-, two-, and three-bedroom units,” ALI said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 One-bedroom units ranging from 57 to 96 square meters (sqm) will account for majority of the offerings given Alveo Land’s positioning as a developer for mobile individuals, professionals, executives and starting-out couples, ALI said. Turnover for Solstice Tower One is targeted in the third quarter of 2018. Alveo Land said it will also introduce exclusive two- and three-bedroom Sunrise Villas at the third to seventh levels of Solstice. Amenities at the podium’s eighth floor include a lap and lounge pool, juice bar, lounge area, and kids’ play area and pool, as well as an indoor and Read More …

Chinese firms keen on more trade, investments in Phl

 Economy
May 052013
 
Chinese firms keen on more trade, investments in Phl

MANILA, Philippines – Chinese businesses are keen to trade and invest more in the Philippines amid its growing economic growth. Xu Ningning, Executive Secretary General of China-ASEAN Business Council (CABC), said they are willing to cooperate with the Philippines in sectors such as agriculture, fishery, infrastructure, mining, energy, information and communication technology, manufacturing, tourism, engineering service, forestry and some other areas. “There are huge cooperation potential and numerous business opportunities for trade and economic cooperation between China and the Philippines,”  he said during the recent Philippine-China Business Forum organized by the Philippine Chamber of Commerce and Industry (PCCI) held here. Ningning said that as Chinese enterprises are eager to “go out”, the Philippines and other ASEAN countries have become their biggest markets. He said the Philippines is one of their preferred markets and investment locations, citing its fast economic growth that is expected to accelerate six to seven percent this year. “At present, the Philippines is actively attracting foreign investments and promoting its industrial development. And China is actively implementing its 12th Five-Year Plan, with its average annual GDP (gross domestic product) growth rate at seven percent as planned,” he added. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 With this, Ningning urged the need to implement the five-year development program for trade and economic cooperation signed by the Philippines and China in 2011 which targeted to expand the volume of bilateral trade to $60 billion by 2016. “The Philippines should actively promote its business opportunities and famous brands Read More …

Volunteer educators are potential good employees – MBC

 Economy
May 052013
 
Volunteer educators are potential good employees – MBC

MANILA, Philippines – Businesses should consider hiring individuals that take part in programs seeking to expand educational opportunities, to get employees that have leadership skills and to be able to contribute to improving the quality of education in the Philippines. Speaking at the joint membership meeting of the Management Association of the Philippines and Makati Business Club (MBC), Wendy Kopp, co-founder and chief executive officer of Teach for All, said businesses could play a role in improving the quality of education in the country. She said businesses could consider hiring individuals that become involved in programs similar to those being undertaken by organizations which are part of the Teach for All network, which seek to improve teaching in schools. “Business people can consider this as an excellent leadership training program,” she said. Teach for All is a global network of national organizations working to expand educational opportunities in their respective countries. These national organizations recruit promising future leaders to teach for two years in high-need schools and to work throughout their lives as leaders in the classroom, in education and across all sectors to address the root cause of educational need. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Here in the country, Teach for the Philippines which is an official network partner of Teach for All, has recruited 54 fellows who are spend its the next two years teaching in 10 of the highest-need public schools in Quezon City. Kopp said hiring individuals that take part in programs Read More …

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