Forum focuses on ‘Doing business amidst new threats’

 Economy
Feb 212013
 
Forum focuses on ‘Doing business amidst new threats’

MANILA, Philippines – Business, government and institutions face increasing threats to their survival and competitiveness. The challenge lies in the increasing frequency and severity of cyber attacks, natural hazards, market uncertainties driven by geo-political risks, identity thefts and counterfeit crimes. In this year’s 8th PROTECT conference series on “Doing Business Amidst New Threats”, leading practitioners will present best practices and the latest advances on risk management, ICT advances to solve crimes, disaster preparedness, business continuity and technologies to fight identity thefts and counterfeit cases. A round table discussion will analyze the impact on security in Asia of developments in other parts of the world.  In another session, future global critical concerns to the next century is the subject of a panel discussion among experts in the fields of food supply, energy sources, health issues and regional/global political dynamics. The PROTECT series is the largest and longest-running conference with specialized exhibit on security, risk and emergency management in the Philippines. Launched in 2005 with the Anti-Terrorism Council in response to the New York 9-11 terrorist attack, the PROTECT series has, over the years devoted added attention to risks arising from increasing natural disasters, pandemics, ICT developments and the changing face of terrorism This annual conference is attended by CEOs and senior executives of government and private companies and organizations responsible for guiding their institutions navigate the changing powerful forces of economics, technology, culture, and politics. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The conference, to be held on April Read More …

The burden of proving tax fraud

 Economy
Feb 202013
 

THE BUREAU of Internal Revenue (BIR) has a period of three years from the last day for the filing of the return to conduct an assessment; otherwise, the right to assess will prescribe. However, if there is prima facie evidence of tax fraud through the filing of a false or fraudulent return or non-filing of a return, the assessment period is extended from three years to 10 years.

Sun Life sees income doubling in Asia Pacific

 Economy
Feb 202013
 
Sun Life sees income doubling in Asia Pacific

MANILA, Philippines – Canada-based insurance giant Sun Life Financial is optimistic it could double its income from its Asia Pacific operations to $250 million in 2015 from $129 million this year as it continues to expand in the region. In an interview on the sidelines of the 14th Asia Pacific Life Insurance Congress (APLIC), Sun Life Financial Asia president Kevin Strain said the earnings assumption would be supported by the projected double-digit growth in sales in the region over the next three years. Sun Life’s interests in Asia include the Philippines, Hong Kong, Indonesia, India and China. This year, Strain said they would expand operations in Malaysia and Vietnam. “We are now in seven countries in Asia. We added Vietnam and Malaysia. We are now in four ASEAN countries  – Philippines, Malaysia, Vietnam and Indonesia. We have great expectations. The ASEAN region has been growing so quickly, growing middle class, growing GDP. We think, there’s an incredible opportunity to get real growth in our business in Asia, in particular in our ASEAN business,” he said. Strain said among its businesses in ASEAN, the Philippines has the strongest potential for growth. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “We are most proud of our business here in the Philippines. It is such a strong business. It has a great brand position. We have number one position in terms of insurance sales, number two for mutual funds, and a really great leadership platform to show to the rest of our Read More …

The Women Entrepreneur Icons and Filipina Entrepreneurs of 2013

 Economy
Feb 202013
 
The Women Entrepreneur Icons and Filipina Entrepreneurs of 2013

An international study on entrepreneurship revealed that 70 percent of SME business startups in the Philippines are started by women. This strong number is giving us the impression that women are more entrepreneurial. To sustain this, we at Go Negosyo continue to encourage our Filipinas to take the entrepreneurial route, and eventually create a nation of entrepreneurs that will finally end the evil spell of misery of poverty that has been with us for quite sometime. On March 1, Go Negosyo will mount the 15th Filipina Entrepreneurship Summit at the World Trade Center Manila. In keeping with tradition, Go Negosyo has selected a pool of women entrepreneurs and enablers to recognize their valuable contributions in their respective fields, as well as to promote their stories to inspire aspiring entrepreneurs that they can also make it in life. The two Go Negosyo Women Entrepreneur Icons and the 11 Filipina Entrepreneurs of 2013 came from diverse backgrounds such as education, retail, agriculture, fashion, and medicine, and this shows us that Filipinas can actually carry their multiple burdens and succeed in their chosen fields. Let me share the stories of the inspiring women awardees that we will be recognizing next week. One of Go Negosyo’s Women Entrepreneur Icons is Dr. Helena Z. Benitez of the Philippine Women University. She is probably the oldest active woman enabler in the country because despite being nearly 99 years old, she remains as PWU chairperson. Her life has been a constant source of inspiration for many women Read More …

SMDC income hits nearly P5 B in 2012

 Economy
Feb 202013
 
SMDC income hits nearly P5 B in 2012

MANILA, Philippines – Property firm SM Development Corp. (SMDC), which is studying a merger with mall operator SM Prime Holdings Inc., said its income hit nearly P5 billion last year on strong residential sales. In a disclosure, the firm said its consolidated net income jumped 17.5 percent to P4.9 billion, backed by a 16.4-percent uptick in income from real estate sales to P4.7 billion. SMDC’s profit growth topped the 12-15 percent target within the SM Group, which includes shopping malls, retailing, banking and hotels. Operations of SMDC became more profitable last year as return on equity improved to 13 percent from 12 percent a year ago. “The number of units sold during the year increased 7.6 percent to 12,614 units from 11,726 units in 2011,” SMDC said. Reservation sales surged a fifth to P31.7 billion from P26.3 billion a year earlier. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 SMDC said most of the units sold were from Shell Residences in the Mall of Asia complex, Green Residences along Taft Ave., Jazz Residences in Makati, Light Residences along EDSA, Sun Residences in Quezon City, Grass Residences, also in Quezon City, and Wind Residences in Tagaytay City. Total revenues from real estate sales picked up by one-third to P21.6 billion from P16.2 billion. SMDC expects to continue its robust sales this year given the property boom and its ongoing residential projects. As of end-2012, SMDC had 15 ongoing residential condominium projects all over Metro Manila, with the exception of Wind Read More …

Megaworld doubles budget for Mactan township proj

 Economy
Feb 202013
 
Megaworld doubles budget for Mactan township proj

MANILA, Philippines – Property giant Megaworld Corp. has doubled its investment commitment for its first township project in Cebu to P20 billion. The development is seen to be a major driver for the economic growth of Cebu given its job generation and business opportunities, the company’s top executive said. “In the next seven years, we are investing P20 billion in this township to build luxury residential condominiums, office towers, a world-class lifestyle mall, our very own Richmonde Hotel and soon, a sports and leisure facility,” said Megaworld chairman and CEO Andrew L. Tan. “We see the Mactan Newtown as a major driver of growth for Lapu-Lapu City and Cebu in general in terms of job opportunities, sports and recreation, retail shopping and of course, tourism,” Tan said. The 16-hectare Mactan Newtown development was formally inaugurated yesterday with President Aquino as guest of honor. In June last year, President Aquino signed Proclamation No. 407 declaring The Mactan Newtown as a mixed-use special economic zone for information technology, tourism and retirement under the Philippine Economic Zone Authority. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Megaworld launched two luxury residential condominiums in the township project last year: the 8 Newtown Boulevard and One Pacific Residence, both of which are already sold out. “A new residential cluster will be launched this year,” Megaworld said. Megaworld partnered with the Philippine Retirement Authority to allow foreigners who want to retire in the urban community project to get a special resident retiree’s visa. For its Read More …

Ricky’s new toy

 Economy
Feb 202013
 
Ricky’s new toy

Billionaire ICTSI chairman Enrique “Ricky” Razon Jr. or EQR to his employees will be taking delivery of a brand new twin-engine Eurocopter EC 155 in a couple of months for his personal use or perhaps also for the use of high rollers of the new Solaire Manila Resort and Casino set for a soft opening mid-march. The EC 155 is easily one of the most luxurious helicopters in its class, described as a “flying limousine” due to its sophisticated design like a fully intuitive glass cockpit with LCD displays, with the most minimal noise and vibration levels that make passengers feel like they’re traveling in a business jet instead of a chopper. That’s because the twin-engine helicopter is equipped with a five-blade main rotor and the trademark Eurocopter “Fenestron” tail rotor. The “limousine in the sky” has powerful engines with optimum performance at high altitudes, whether in hot or cold temperature. In fact, this “expensive toy for the big boys” is fitted with an “anti-icing system” that allows it to fly even in extremely cold climate conditions. The high-end EC 155 also features a very spacious cabin and a bigger baggage hold volume that allows for flexible configurations – making it perfect for transporting VIPs like the high flying, high-rolling gamers who will be coming in to play at Solaire Manila. The $1.2 billion resort and casino complex will feature state-of-the-art facilities and modern amenities that will rival what Macau and Las Vegas have to offer. Among the big names Read More …

Renewed fervor for Google lifts stock above $800

 Economy
Feb 192013
 
Renewed fervor for Google lifts stock above $800

bSAN FRANCISCO (AP) — Google’s stock price topped $800 for the first time Tuesday amid renewed confidence in the company’s ability to reap higher profits from its dominance of Internet search and prominence in the growing mobile market. The milestone comes more than five years after Google’s shares initially hit $700. Not long after breaking that barrier in October 2007, the economy collapsed into the worst recession since World War II and Google’s stock tumbled into a prolonged malaise that eventually led to a change in leadership. Besides enriching Google’s employees and other shareholders, the company’s resurgent stock is an implicit endorsement of co-founder Larry Page. He replaced his managerial mentor, Eric Schmidt, as CEO in April 2011. Google’s stock has risen by 36 percent since Page took over. By contrast, the benchmark Standard & Poor’s 500 index has climbed by 15 percent over the same stretch. Most of Google’s gains have occurred in the past seven months — a period that has overlapped with a sharp downturn in the stock price of rival Apple Inc. The iPhone maker’s market value has plunged by about $230 billion, or 35 percent, since late September. “All that Apple money had to go somewhere,” said BGC Financial analyst Colin Gillis. Standard & Poor’s Capital IQ analyst Scott Kessler concurred, reasoning that many investors who have abandoned Apple are gravitating to one of its biggest rivals. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Google makes and distributes its free Android software to Read More …

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