Former Finance chief Jayme passes on

 Economy
Apr 042013
 
Former Finance chief Jayme passes on

MANILA, Philippines – The Department of Finance mourned the passing of former President Corazon Aquino’s Finance chief Vicente Jayme on Thursday, remembering his campaign for good governance “at a time when his country needed it most.” “When (Jayme) was appointed by President Aquino, Ting was a brilliant Finance Secretary whose legacy will be remembered as having steered the Philippines away from the brink of financial collapse,” Finance Secretary Cesar Purisima said in a message of condolences issued on Thursday. Jayme, who co-founded the National Citizens’ Movement for Free Elections (NAMFREL) and led the Asian Development Bank from 1990 to 1997, is also regarded for his prudence in enacting policies in a period of the country’s history when it was still rebuilding from the Martial Law days. “We want to let Ting Jayme’s family and friends know that the DOF family that he helped build condoles with them as well,” Purisima said.

Office supplies trader faces tax evasion raps

 Economy
Apr 042013
 
Office supplies trader faces tax evasion raps

MANILA, Philippines  – The Bureau of Internal Revenue filed on Thursday criminal charges against a trader of office supplies for tax evasion and other violations of the tax code. BIR filed the complaint against Kristian Soriano at the Department of Justice “for willful attempt to evade or defeat tax, deliberate failure to supply correct and accurate information in his Income Tax Return (ITR) and Value Added Tax (VAT) Returns for taxable year 2010 and Perjury, in violation of Sections 254, 255 and Section 267 of the National Internal Revenue Code of 1997.” Soriano is the sole proprietor of Natriks Enterprise, which trades office supplies. Charged with Soriano is his certified public accountant Crisanto Laguardia, Jr. who certified his financial statements in 2010. Soriano reportedly under-declared his firm’s 2010 sales by P125.16 million or 13,381 percent, after being paid by the Philippine National Police a total of P133.66 million in a transaction made in 2010. Soriano, however, declared only P935,382.77 in his income tax return during the same year. “Under Section 248 (B) of the Tax Code, an under-declaration of taxable income by more than 30 percent is considered substantial underdeclaration and constitutes a prima facie case of fraud tantamount to tax evasion,” the tax bureau said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 BIR added that Soriano was sued for a total tax liability amounting to P101.9 million for deficiency taxes in 2010. Laguardia, meanwhile, was charged for issuing unqualified opinion in his certification of Soriano’s 2010 financial Read More …

Fitch upgrades Napocor credit rating

 Economy
Apr 032013
 
Fitch upgrades Napocor credit rating

MANILA, Philippines – Fitch Ratings has upgraded the credit rating of National Power Corp. (Napocor), the state-owned power company.  In a statement, Fitch said it has upgraded Napocor’s 2006 fixed-rate notes due 2016 to ‘BBB-’ from ‘BB+’. It also assigned a stable outlook on the debt. “The rating on the notes is credit-linked to that of the Philippines as the notes are irrecoverably and unconditionally guaranteed by the Republic of Philippines,” Fitch said. Furthermore, the global debt watcher said the rating action follows the upgrade of Philippines’ long-term foreign currency issuer default rating to ‘BBB-’ from ‘BB+’ with a stable outlook. An investment grade rating reduces the government’s borrowing cost and puts the country back in the radar screen of foreign investors and fund managers. The Philippine economy grew 6.6 percent in 2012, beating the government’s target of five to six percent. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 In an interview yesterday, Bangko Sentral ng Pilipinas (BSP) Investor Relations Office executive director Claro Fernandez said the Fitch upgrade is a vote of confidence for the Philippines.

ABS-CBN, GMA both claim ratings leadership

 Economy
Apr 032013
 
ABS-CBN, GMA both claim ratings leadership

MANILA, Philippines – Rivals ABS-CBN Corp. and GMA Network Inc. claimed anew ratings leadership for the month of March based on surveys commissioned separately by both broadcasting companies. ABS-CBN said in a statement that it topped all TV stations in March, excluding Holy Week, with an average audience share of 41 percent or 10 points ahead of GMA’s 31 percent based on data from Kantar Media. ABS-CBN said it continued to rule in the hotly contested primetime from 6 pm to 12 midnight with an average audience share of 47 percent, a staggering 17-point lead over GMA’s 30 percent. Aside from leading in primetime, the Lopez-controlled TV network also continued to beat other networks across all programming blocks. In the morning from 6 am to 12 noon, it recorded an average audience share of 36 percent compared to GMA’s 32 percent and was also five points ahead in the early afternoon from 12 noon to 3 pm with 38 percent versus GMA’s 33 percent and late afternoon from 3 pm to 6 pm with 35 percent compared to GMA’s 30 percent. ABS-CBN sustained its leadership in key territories such as Balance Luzon or areas in Luzon outside of Mega Manila where it surged ahead of GMA with an average audience share of 43 percent vs GMA’s 34 percent. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 ABS-CBN registered an audience share of 49 percent versus the 26 percent of GMA in the Visayas and 54 percent compared to GMA’s Read More …

Ongpin maintains passive stance in SMC

 Economy
Apr 032013
 
Ongpin maintains passive stance in SMC

MANILA, Philippines – Given his busy schedule developing upscale membership clubs, business tycoon Roberto V. Ongpin is maintaining a passive stance while holding on to his shares in diversified conglomerate San Miguel Corp. (SMC). The billionaire investor said he has big faith in the diversification strategies of the food-to-power conglomerate. “I will be holding on to that (SMC shares),” Ongpin said in an interview. “I am a great believer in SMC. I think (SMC president) Ramon Ang is one of the greatest managers,” he added. As of end-2012, Ongpin’s investment vehicle in SMC, Top Frontier Investments Holdings Inc., alongside Ang, businessman Iñigo U. Zobel and condiments king Jose Y. Campos, is the single largest shareholder in the conglomerate with a 39.16-percent stake. With Ang at the helm, Ongpin characterized his involvement in SMC as “passive.” Business ( Article MRec ), pagematch: 1, sectionmatch: 1 To date, Ongpin is focused on his high-end property firm Alphaland Corp. Alphaland’s projects under construction include the three-tower Alphaland Makati Place that will have a sports club, a mall and condominium units; the P4-billlion Balesin Island Club in Quezon province; and the P2-billion Alphaland Marina Club that will have 300 berths for boats of all sizes. Alphaland president Mario Oreta said Ongpin even holds office and manages the day-to-day operations in the 500-hectare Balesin Island, the property firm’s flagship project that will have 300 villas in seven themed villages. Alphaland still has a lot in its plate that will need the attention of Ongpin. Oreta Read More …

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