Maniolas

Philippine President Rodrigo Duterte, left, listens to Russian President Vladimir Putin during their meeting at the Asia-Pacific Economic Cooperation (APEC) forum in Lima, Peru, Saturday, Nov. 19, 2016. Mikhail Klimentyev, Sputnik, Kremlin Pool Photo via AP LIMA, Peru — Russia is expected to hike significantly the value of goods it would import from the Philippines and to cooperate with the Philippine government in tourism, infrastructure, energy and agriculture, a Cabinet official said Monday. Trade Secretary Ramon Lopez said Russia has committed to increase the value of its imports from the Philippines to $2.5 billion (about P124.17 billion) from about $46 million (about P2.28 billion) for a year.  “They are saying immediately… they can easily bring up the imports from the Philippines to the tune of about $2.5 billion,” Lopez told reporters in a press briefing here.   Lopez said Russia imports agricultural products and beer from the Philippines.  “I think on fruits and other products, they (Russia) can easily bring up (the volume),” the trade chief said.   “We can only look up, I mean, nowhere to go but up because it’s really a relationship that offers a lot of opportunities because before, almost nothing happened when it comes to trade and investment with Russia,” he added.  Total trade between the Philippines and Russia amounted to $422 million last year. President Rodrigo Duterte and Russian President Vladimir Putin met here Sunday (Manila time) to discuss ways to boost the ties between Manila and Moscow.  The meeting was an opportunity for Duterte to Read More …

Energy Regulatory Commission Jose Vicente Salazar is waiting for President Rodrigo Duterte to return from Peru to seek out a meeting with him. ERC/Released MANILA, Philippines — Energy Regulatory Commission (ERC) Chairman and CEO Jose Vicente Salazar will seek a meeting with President Rodrigo Duterte following the latter’s demand for all ERC officials to step down from office. The president warned that he will ask Congress to abolish the ERC, which was created by the Electric Power Industry Reform Act of 2001, if its officials refuse to resign following the suicide of one of their colleagues. READ: Duterte demands resignation of ERC execs Last week, ERC bids and awards chairman Francisco Jose Villa Jr. took his own life after being allegedly pressured by Salazar into rigging bids. Salazar said that he is waiting for Duterte’s return from Peru to meet with him and update him on the current developments at the ERC. “I am confident that the proposed meeting with and briefing for the president would result in clearer directions from him regarding the issues facing the ERC,” Salazar said in a statement. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The ERC chairman also assured Duterte that he respects his recent statement and vowed to take appropriate actions to protect the organization. “Part of this is our request to the Commission on Audit to immediately probe the allegations made by the late Director Jun Villa and our expression of support and full cooperation for the planned inquiry by the Senate Read More …

THE Mines and Geosciences Bureau (MGB) forecasts metal output this year to decline from 2015 levels due to the unfavorable price environment and the government’s environmental audit that threatens to suspend several miners.

MANILA, Philippines – Golden Haven Memorial Park Inc., the Villar family’s memorial park developer, registered a 27 percent increase in net income in the nine months to September to P135.5 million from P106.4 million a year ago. This as the company churned in revenues of P607.3 million during the nine-month period, higher than the P506.1 million recorded a year ago. Golden Haven chairman Jerry Navarrete said the double-digit growth was within expectations and in line with the company’s strategic expansion plans. “The continued double-digit growth of the company in both our top line and bottom line numbers that we have delivered were in line with our strategic expansion plans of providing premier privately-managed memorial parks and services for Filipinos all over the country,” he said. The company was the first to debut in the local stock market this year, raising P787 million from its initial public offering (IPO) last June. Navarrete said proceeds from the IPO have been funding the company’s expansion. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “The funds we raised from our successful initial public offering is now being deployed to acquire more properties for expansion, to develop our existing parks as well as to construct our first stand-alone memorial chapel and crematorium facility in the San Ezekiel complex in Las Piñas,” Navarrete said. In all, the company plans to add an average seven new memorial parks a year with the aim of having at least 50 parks in the Philippines. The company has nine Read More …

A total of P131.09 billion in notices of cash allocation (NCAs) were utilized in October, accounting for 68 percent of the P192.65 billion released during the period. File photo MANILA, Philippines – Government agencies spent slowest in October for this year, latest data from the Department of Budget and Management (DBM) showed. A total of P131.09 billion in notices of cash allocation (NCAs) were utilized in October, accounting for 68 percent of the P192.65 billion released during the period. The NCA utilization rate – the proportion of utilized NCAs over total releases – was the lowest so far this year and marked a considerable drop from 119 percent the month before. It was 83 percent in August and 78.9 percent in July, the first full month of the Duterte administration. NCAs are used by agencies to secure checks from the Bureau of the Treasury to pay for their contracted obligations. Once utilized, funds are deemed disbursed and are recorded on government balance sheet. DBM officials did not reply to request for comment, but an earlier disbursement gave some glimpse of the pace of agency spending last month. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Based on preliminary numbers, spending for the month of October this year is likely lower than that of the previous year,” DBM said in a report on its website. According to the agency, the lower figures were a result of base effects, coming from high disbursements in same period last year for preparations for Read More …