Economy – Page 520

BOC inks pact with Dutch counterpart

Economy

Apr 252013

MANILA, Philippines – The Bureau of Customs (BOC) has signed an agreement with its counterpart agency in the Netherlands to boost trade, border control and protection between the two countries. Customs Commissioner Ruffy Biazon said the agreement is intended to strengthen the application of customs laws and enhance information sharing between the two countries as part of their fight against smuggling. The accord opens up the communication line between the Customs agencies of the Philippines and the Netherlands in terms of addressing the problems on cross-frontier trafficking of illicit goods ranging from narcotic drugs, hazardous goods, endangered species and other contraband commodities that could pose danger to society. The most salient feature of the agreement is the establishment of a working co-operation between the two countries in putting-up the parameters for the accurate valuation and assessment of customs duties and taxes on all goods shipped between the Philippines and the Netherlands. The agreement has practically tightened the customs operational procedures between the Philippines and the Netherlands, eventually translating in more revenue collection for all trade between the two countries. Apart from border protection, Biazon said the mutual cooperation is part of the BOC’s overall plan to enhance the country’s trade facilitation with the global economy and regain public’s trust in the agency. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Just recently, the Philippines and Russia signed an agreement on mutual administrative assistance in customs matters. The landmark agreement would establish the connectivity of the two customs administrations in Read More …

BSP keeps policy rates steady

Economy

Apr 252013

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) kept its benchmark interest rate steady at a record low of 3.5 percent yesterday, while cutting the rate on special deposit account (SDA) by another 50 basis points to boost economic activity and contain the peso’s strength. Key policy rate was maintained at its record low of 3.5 percent for overnight borrowing and 5.5 percent for overnight lending, but SDA rates were cut by 50 basis points to two percent across all tenors. The cut was “effective immediately,” BSP Deputy Governor and officer-in-charge Nestor Espenilla Jr. said. The central bank has eased rules on foreign exchange transactions to spur dollar buying and contain the peso’s strength as it expects more capital inflows after the country’s first-ever promotion to investment grade status in March, and with other rating agencies seen following suit later in the year or next year. SDAs are fixed-term deposits of banks and their trust departments with the central bank with maturities of one week, two weeks and one month. This was the third time SDA rates were cut, following reductions of 50 basis points each in January and March. “The Monetary Board’s decision to maintain the policy interest rates at their current levels is based on its assessment that the inflation environment is likely to remain manageable,” Espenilla told reporters. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Inflation is seen to settle at 3.2 percent this year, slightly lower than the 3.3 percent forecast in March Read More …

BSP keeps policy rates, cuts SDA rates anew

Economy

Apr 252013

BSP keeps policy rates, cuts SDA rates anew

MANILA, Philippines – Policy rates were kept steady on Thursday but interest charged on special deposit accounts (SDA) was slashed anew as the Bangko Sentral ng Pilipinas (BSP) looks at pushing out credit to finance economic activity. Key rates were maintained at their record-lows of 3.5 percent for overnight borrowing and 5.5 percent for overnight lending, but SDA rates were cut by 50 basis points to 2 percent, across all tenors. The cut is “effectively immediately,” BSP Deputy Governor and officer-in-charge Nestor Espenilla, Jr. said. SDA are fixed-term deposits of banks and their trust departments with the central bank with maturities of one week, two weeks and one month. This was the third time SDA rates were cut, following reductions of 50 basis points each in January and March. “The Monetary Board’s decision to maintain the policy interest rates at their current levels is based on its assessment that the inflation environment is likely to remain manageable,” Espenilla told reporters. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Inflation is seen to settle at 3.2 percent this year, slightly lower than the 3.3 percent forecast in March “due to lower oil prices,” BSP Deputy Governor Diwa Guinigundo said in a briefing. For next year, consumer prices would likely rise 3.4 percent, up from 3.3 percent, on expectations of higher electricity prices, he added. Both forecasts fell within the BSP’s 3- to 5-percent target range. The benign inflation outlook, Espenilla said, gives space to the central bank to allow more Read More …

Gov't eyes dual NAIA-Clark system

Economy

Apr 252013

MANILA, Philippines – The Department of Transportation and Communication (DOTC) is considering a number of options for the Philippine airport system including the plans to develop two major gateways for the country. Speaking before the members of the Makati Business Club on Thursday, DOTC Secretary Joseph Abaya revealed three proposals, with the first one involving a single airport system. With this scheme, the government will close the Ninoy Aquino International Airport (NAIA) and develop the Clark International Airport in Pampanga. The second option is to make a dual airport system, where the government will develop the Clark airport while maximizing operations at the NAIA through 2025 and also look for a new gateway site 30 minutes away from the said airport. The third option also involves a dual system, where the government will develop both the Clark airport and the NAIA, while considering an alternative airport. “Previously, the direction was to move all NAIA’s current operations to Clark International Airport within the next 5 to 7 years. What is clear now is that we need Clark to absorb some of the traffic in NAIA,” Abaya said. Abaya noted that passenger demand keeps surging and in some places, two major airports are really needed. “That steadily increasing demand is what we expect for Manila, especially with the [Department of Tourism] doing so well in drawing tourists to the country. We will be seeking approval from the President to aggressively expand and promote Clark,” Abaya said. Abaya also clarified that the ongoing Read More …

Gov’t confident ban on Phl carriers lifted this year

Economy

Apr 242013

Gov’t confident ban on Phl carriers lifted this year

MANILA, Philippines – The Aquino administration is confident that the ban imposed by the US and Europe preventing local airlines from flying and mounting additional long haul flights would finally be lifted within the year. (Ret) Gen. William Hotchkiss lll, director general of the Civil Aviation Authority of the Philippines (CAAP), told reporters that the government is confident that the results of the audit to be conducted by the US Federal Aviation Authority (US FAA) and the European Union within the next two months would be positive. Hotchkiss said US FAA manager for international programs and policy John Barbagallo is scheduled to conduct a check in visit starting May 2 to validate whether the Philippines has complied with the recommendations made in 2010. He pointed out that the EU Commission directorate general for mobility and transport (DG MOVE) had accepted its invitation for the EU representative on Air Safety to conduct an on-site visit to the Philippines from June 3 to 7. He said the on-site visit would coincide with the meeting of the EU Air Safety Committee on the last week of June in Belgium. “This committee is the one tasked to determine whether a country can be removed from the EU blacklist,” he stressed. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Hotchkiss said the Philippines was informed about the on-site visit during his recent trip to Brussels, Belgium where he met with EU Commission DG MOVE head director Matthew Baldwin last April 16. “Hopefully within the Read More …

Index slips on continued profit taking

Economy

Apr 242013

MANILA, Philippines – Share prices slipped for the second straight day yesterday on continued profit taking. The Philippine Stock Exchange index dropped 0.14 percent or 9.67 points to settle at 6,972.69, while the broader all shares index fell 0.31 percent or 13.61 points to 4,351.17. Profit takers continued pocketing gains made in the past few trading days, said BDO Capital and Investments Corp. president Eduardo Francisco. “That’s just a normal up and down movement of the market, nothing intrinsically negative about it,” Francisco said. The market bucked the trend in Wall Street, whose Dow Jones industrial average gained 1.1 percent or 152.29 points to close at 14,719.46 while the Standard & Poor’s 500 index climbed one percent or 16.28 points to 1,578.78 given the run up of selected companies. Locally, all counters, save for industrial companies that inched up 0.73 percent or 76.71 points to 10,606.43, were in the red. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The laggards were led by mining and oil that lost 1.23 percent or 253.83 points to 20,381.48. Turnover value jumped to P27.02 billion, boosted by a P15.26-billion share sale of Melco Philippines Resorts, from P11.82 billion on Tuesday. Decliners outplayed advancers, 109 to 65, while 36 stocks did not change. Casino and resort operator Melco Crown (-14.81 percent), Alliance Global Group Inc. (-3.43 percent) and Ayala Land Inc. (-1.59 percent) paced the losers.

A Sonny future in entrepreneurship

Economy

Apr 242013

As the midterm election draws near, the call to vote for the most deserving candidates becomes stronger. We need people who can help us sustain the positive economic climate that we are having. We know that the backbone of our economy is the MSMEs, but aside from their innate entrepreneurial mindset, they will need a legislator who can push for laws that will make success easier for them to attain. I came across Sonny Angara during our Technopreneur summit last January, and I really find his track record quite impressive. As he runs for a higher position this coming elections, I asked him what is in store for the micro, small, and medium negosyantes should he get elected. Let me share with you his answers. Entrepreneurship creates jobs. Do you think this is a very good alternative to the OFW phenomenon? Yes, definitely. The main reason why our OFWs have to go to other countries is to look for jobs that they cannot find here. Thus, if we can create the needed jobs through successful business ventures, there will be no necessity for our OFWs to seek employment abroad. Having more entrepreneurs that employ our workforce would mean lesser Filipinos having to leave the country and their families. What are your platforms to support job generation through entrepreneurship? To generate decent jobs, I have been pushing for economic and investment policies that promote growth and development of the economy since I became a legislator. To date, I have principally authored Read More …

Cebu exporters warned vs. pirated software

Economy

Apr 242013

Cebu exporters warned vs. pirated software

MANILA, Philippines – Philippine suppliers and exporters to the United States may be charged with “unfair competition” once discovered using pirated software, an intellectual property firm said Wednesday. Open Computing Alliance (OCA), an international trade agency, urged the local export industry, particularly in Cebu, to adhere to software licensing rules as they can be subjected to US laws punishing patrons of piracy. OCA Asia Pacific secretary-general Michael Mudd said in a statement that Washington state, for one, passed a bill prohibiting even foreign businesses in touch with the US “while using stolen or misappropriated information technology.” “Although this is not a US Federal law, the principle is enshrined in the US Federal Trade Commission in preventing unfair competitive advantage and providing a level playing field,” Mudd added. He said that exporters charged with violations may affect the whole of the country’s trading ties with the US, which has been a significant market for Philippine products. Citing 2011 data alone, Mudd said that Philippine exports to the North American country reached $9.1 billion. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The intellectual property expert gave garments companies Ningbo Beyond Home Textile from China and Pratibha Syntex from India which are facing “unfair competition” lawsuits that may penalize them for over $100,000 for software copyright violations. “Software is a small fraction of total operating expenses but can be a high cost if it has not been properly paid for. IT piracy is an issue that must be dealt with immediately Read More …

Bill seeks to rid age discrimination in workplace

Economy

Apr 232013

Bill seeks to rid age discrimination in workplace

Old and young people will have equal opportunities to get employed under the proposed “Anti-age Discrimination in Employment Act.” House Bill 156, authored by Rep. Edwin Olivarez (1st District, Parañaque City), will protect the not so young job seekers from employers who do not hire applicants because of age and not because of qualifications. “In the face of rising productivity and affluence, older workers find themselves disadvantaged or discriminated against their efforts to retain employment or to regain employment when displaced from their jobs,” Olivarez said. Under the measure, employers who fail or refuse to hire or discharge any individual with respect to compensation and other terms and conditions of employment by reason of age shall be unlawful. “It shall also be unlawful for an employment agency to fail or refuse to refer for employment, or otherwise to discriminate against any individual because of age, or to classify or refer for employment any individual on the basis of age,” Olivarez said. Employers with less than 20 employees shall be exempted from the prohibition of the bill. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The act of segregating or classifying employees, which will deprive individuals of employment opportunity or otherwise adversely affect the status as an employee because of age shall be punishable by law. The measure also prohibits the employer from reducing the wage rate of any employee by reason of age. Any labor organization that shall exclude or expel from its membership or discriminate against any individual Read More …

New regional trade pact eyed

Economy

Apr 232013

BANDAR SERI BEGAWAN — Sixteen Asia-Pacific countries are set to start talks next month on a free-trade zone that would cover over half the world’s population, according to a document obtained by AFP yesterday.

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