Economy – Page 87

Master parliamentary procedures in board meetings

Economy

Oct 012016

Master parliamentary procedures in board meetings

MANILA, Philippines – The Center for Global Best Practices is holding two pioneering one-day seminars: SEC-accredited corporate governance topic, “Best Practices in Parliamentary Procedures for Board Directors” on Oct. 13 and LGA / LoGoTri-PhilNet-accredited “Best Practices in Parliamentary Procedures for Public Officials” on Oct. 14 at Makati Diamond Residences, Makati City, to help the presiding officers in a committee, board and stockholder’s meeting, deliberative body of an NGA, an LGU, and a GOCC and even family business owners professionalize their meetings. These comprehensive seminars will cover important topics such as how to conduct meetings and sessions, quorum, order of business, debates, voting, committees and their reports, rules of order and standing rules, the different kinds of motions, and resolutions. When you attend this program, you will gain considerable ability in this field that will provide you a rare advantage and distinct superiority in any and all meetings and deliberations. This will feature the authority on this topic, chief parliamentarian of the Philippine Senate, Atty. Amado Formoso Maralit, LL.M., M.P.A., D.C.L., CEO VI. He provides expert guidance on all parliamentary matters in the Senate. He lectures and coaches senators, chief executives, chairmen and board members, leaders in both government and the private sectors on the conduct of meetings, sessions, deliberations. He graduated magna cum laude with the most prestigious higher law doctorate known as the Doctor of Civil Law (DCL) at the University of Santo Tomas, Master’s of Public Administration (MPA) at the University of the Philippines (Diliman) and Master’s of Laws (LLM) Read More …

Material information

Economy

Oct 012016

Just recently, the Securities and Exchange Commission (SEC) ordered Vega Telecom Inc. to suspend its tender offer to minority investors in Liberty Telecoms Holdings Inc. originally set last Sept. 21, until having clarified the reassignment of coveted frequencies thought to have eroded the listed company’s share value. SEC ordered Vega Telecom to submit an amended tender offer report, one that discusses the reassignment of certain frequencies, among others, five business days before it can recommence the offer not later than Oct. 17. The new offer period should provide reasonable time to the tendering shareholders to evaluate or assess the amended and/or additional information, the SEC said. A report by BusinessWorld said SEC’s markets and securities regulation department also asked Vega Telecom to discuss the circumstances surrounding the reassignment of the 723-738/778-793 and 2555-2595 bands from Liberty Telecoms’ subsidiary Tori Spectrum Telecom Inc. to affiliate Bell Telecommunications Inc., as well as the consideration received from the reassignment and how the frequencies were reflected on its financial statements as well as financial operations and results before and after the transaction. Vega Telecom was also ordered to discuss in detail the unified rollout plan of Tori Spectrum and affiliates BellTel, Express Telecoms Co. and Hi Frequency Telecommunications, Inc. in the amended tender report. This was after Vega’s parent San Miguel Corp. (SMC) had explained that the reassignment of the frequencies from Tori to BellTel formed part of plans to roll out a unified telecommunications network. The reassignment was not disclosed until Vega Telecom Read More …

Why good people leave

Economy

Oct 012016

For 30 years, Johnson had arrived at work at 9 a.m. on the dot. He had never missed a day and had never been late. Consequently, on one particular day, 9 a.m. had passed without Johnson’s arrival and that caused a different sensation. All work ceased and the boss himself, looking at his watch and muttering, came out into the corridor. Finally, at precisely 10 a.m., Johnson showed up. His clothes were dusty and torn, his face was scratched and bruised, and his glasses were bent. He limped painfully to the time clock, punched in, and aware that all eyes were upon him. Then, he said; “I tripped and rolled down two flights of stairs in the subway. I nearly killed myself.” His boss replied skeptically, “And to roll down two flights of stairs took you a whole hour?” Ever wondered why attrition rate is high? Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Maybe you thought your pay for the good people is not high enough and so you tell your compensation manager to up the rate. Maybe you thought your company benefits and perks are not attractive enough to retain good people. And so, you ask HR to institute a lot more programs, events and even benefits in the hope to stop or at least slow down good people leaving. Well, what I am going to say may be a shocker to some. Perhaps, you may have suspected this and certainly, in my leadership seminars, my participants Read More …

Angara seeks adjustments in tax brackets

Economy

Oct 012016

Angara seeks adjustments in tax brackets

MANILA, Philippines – Sen. Juan Edgardo Angara is urging the Duterte administration to prioritize correcting and adjusting the income tax brackets to inflation, to provide immediate tax relief and raise the take-home pay of Filipino workers. The Department of Finance (DOF) has submitted to both houses of Congress a draft bill, the first of the six packages, that seeks to lower personal income taxes while broadening the value-added tax (VAT) base and adjusting excise taxes of petroleum products and automobiles. “While we give full credit to the Duterte administration for prioritizing income tax reform, I suggest we first work on the indexation of our existing tax rates to give our ordinary taxpayers immediate relief that is truly long overdue,” said Angara, chairman of the Senate ways and means committee. Angara has filed Senate Bill 129 that seeks to adjust tax brackets to inflation. Under the current tax system enacted in 1997, individuals with taxable income of over P500,000 are taxed with a fixed amount of P125,000 plus the 32 percent of the excess over P500,000. Angara said that P500,000 in 1997 does not have the same value today due to inflation. One peso in 1997, when adjusted for inflation, is now worth only 44 centavos. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Middle-income earners, who were mostly taxed at 20 or 25 percent in 1997, are now pushed into the top tax bracket at 32 percent, together with the billionaires of the country because of the outdated tax Read More …

An X-gen in every next gen

Economy

Oct 012016

After building a highly successful chain of potato fries stands from one corner to the next, nationwide, and creeping internationally, there was more than enough room for his children to get involved in the business and build on that success. But he told his children, “You can’t work here.” This was the disarming revelation of Jose Magsaysay, founder and CEO of Potato Corner during a survey interview done by PwC for the Management Association of the Philippines (MAP). He recalled his early days when he needed to work at a burger chain, cleaning toilets in the beginning. He felt that the lessons he learned when he was struggling were quite formative, and none could help his children more than to learn for themselves how to carve a destiny of their own. Starting with very menial positions in a company, then working one’s way up through the ranks or to greener pastures is indeed the template for most of Generation X. It just seems to be the right process, the right ripening for a person to mature, career-wise. For millennials, who we call the next-generation leaders, a popular storyline seems to be to jump from A to Z, and even “success” for a next-gen is redefined. I am still caught off-guard whenever a person in his 20s calls himself CEO, and I’m amazed to hear students nowadays focused on setting up their own companies when they graduate – not really looking forward to be an employee at all. Parents do have Read More …

Sykes opens 6th call center in Philippines

Economy

Oct 012016

Sykes opens 6th call center in Philippines

MANILA, Philippines – Philippine call center pioneer Sykes has made its first venture in the Metro South with the opening of its sixth facility in the country. Sykes opened last week its newest facility at Ayala’s ATC Corporate Center in Alabang, Muntinlupa. “We are very excited with the opening of the Alabang site. We are confident that it will play a vital role in the company’s efforts to further increase its business in the Philippines,” said Dean Van Ormer, Sykes vice president for Philippine operations. Measuring more than 12,000 square meters, Sykes Alabang occupies five floors of the Ayala’s ATC Corporate Center. The new facility will open more than 2,200 employment opportunities to cater to its existing and upcoming clients, most of which are top players in their respective industries. According to Van Ormer, the Philippines remains one the best performing markets among Sykes’ global network. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Van Ormer said the new investment is part of Sykes’ desire to help boost economic activity in the Philippines as well as its commitment to the community. He added that as the company grows its operations, it also hopes to increase its social responsibility footprint in the Philippines. “Growing Philippine communities has always been an important mission for Sykes. As we grow our presence in the country, we make sure that we make a positive impact in the lives of Filipinos,” Van Ormer said. Sykes is regarded as the pioneer call center in the Philippines. Read More …

Ilocos Norte bans coal power plants

Economy

Oct 012016

MANILA, Philippines – The Ilocos Norte provincial board recently passed a resolution eliminating coal from the province’s electric supply. In its 7th regular session held on Aug. 15, the board unanimously approved Provincial Resolution 017-2016, authored by environment committee chairman Mariano Marcos II, declaring Ilocos Norte as a “clean, green and coal-free province.” “No office or instrumentality of the provincial government of Ilocos Norte shall issue any permit, authorization, endorsement or any expression of support to the development of coal projects in the province,” the resolution said. The board encouraged all two cities and 21 municipalities of the province to refrain from issuing coal permits. The resolution was backed by environmental advocacy groups, as well as the province’s largest electric companies. It also makes Ilocos Norte the first province to phase out coal use and become a total renewable energy consumer. With its solar, wind and hydroelectric energy sources, Ilocos Norte is already generating about 50 percent of its power requirement from clean or renewable energy. With a 264-MW installed wind energy capacity as of 2015, Ilocos Norte is already dubbed the undisputed wind energy capital of the Philippines. Since 2010 local government initiatives have paved the way for Ilocos Norte to become home to the 150-megawatt (MW) wind-power project of Energy Development Corp. (EDC), a unit of First Gen Corp., in Burgos; the 81-MW Caparispisan wind station of Northern Luzon UPC Asia Corp.; and the 52-MW Bangui wind project of Northwind Power and Development Corp. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The Read More …

NEA offers RE loan window for power coops

Economy

Oct 012016

NEA offers RE loan window for power coops

MANILA, Philippines – State-run National Electrification Administration (NEA) has opened a loan window for renewable energy (RE) projects to encourage the development and usage of cleaner sources of power among electric cooperatives (ECs) within their franchise areas. According to NEA, the new loan window seeks to finance not only the equity requirement for the development and construction of RE projects but also the cost of repairing or rehabilitating existing RE facilities of the power coops. The RE loan window aims to scale up the capacity of the ECs to construct, acquire, own, operate, and maintain generating facilities within their franchise areas as mandated by Sec.9 of RA 10531 or the National Electrification Administration Reform Act of 2013. “NEA is broadening the range of financing options for the ECs to guarantee their ability to provide quality and reliable power supply to their member-consumers,” said NEA officer-in-charge Sonia San Diego. “We have established the RE loan window, in particular, to encourage ECs to adopt embedded sustainable energy solutions, like solar farms, solar PV rooftops, mini or micro-hydro power generation systems, and small-scale wind and biomass projects, following the policy of the State to accelerate the exploration, development, and utilization of RE resources as stipulated in RA 9513, or the Renewable Energy Act of 2008,” San Diego said. For new projects, ECs can secure loans of up to 30 percent of the total project cost but not exceeding P100 million. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Meanwhile, maximum loanable amount Read More …

Government issuing more short-term papers

Economy

Oct 012016

Government issuing more short-term papers

A total of P135 billion in Treasury bonds and bills will be floated from October to December, the Bureau of the Treasury announced Friday. File photo MANILA, Philippines – The government has kept the amount of local borrowings steady in the last three months of the year, but is now leaning toward issuing shorter-dated papers amid expectations interest rates will rise in the US. A total of P135 billion in Treasury bonds and bills will be floated from October to December, the Bureau of the Treasury announced Friday. Broken down, P60 billion of T-bills and P75 billion worth of T-bonds will be offered to local investors. T-bills have payment terms between three and 12 months, while T-bonds have longer terms. While the amount of issuance was kept, four- and seven-year T-bonds will instead be issued in the fourth quarter. The government borrows from local and international markets to fund its budget deficit and pay existing debt. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The issuances will come during the period when the US Federal Reserve is expected to raise interest rates a year after it tweaked them from near-zero levels for the first time in nine years. National Treasurer Roberto Tan has not replied for comment as of press time, but earlier said the Philippines was prepared for the US Fed hike. “The cost impact will be very manageable,” he said. While higher US rates may also increase local borrowing costs, Tan said the government’s preference for domestic Read More …

Government debt dips to P5.9 T

Economy

Oct 012016

MANILA, Philippines – A stronger peso in August tempered the National Government’s (NG) debt burden in the first eight months, but this could prove to be just a blip and may have hit a record-high last month as the local currency slumped. The debt pile amounted to P5.98 trillion as of August, down 0.04 percent from P5.982 trillion in the first seven months, data from the Bureau of the Treasury showed. Since the beginning of the year, however, liabilities already climbed 0.4 percent. Obligations are compared every month than year-on-year since they add or subtract to an existing pile. “For the month, NG debt slightly declined…from its end-July level due to currency revaluation,” Treasury said in a statement on its website. In particular, the government computed its debts using an average peso-dollar exchange rate of 46.552, much stronger than July’s 47.09. This, in turn, lowered the value of external liabilities, more than 60 percent of which were denominated in US dollars. They went down 1.4 percent to P2.1 trillion, data showed. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “For August, forex (foreign exchange) adjustments on US dollar- and third-currency-denominated debt reduced the peso value by P2.19 billion…,” Treasury said. In addition, the government settled than secured more external debts during the month for a net repayment worth P3.13 billion. Lower foreign obligations more than offset the 0.7-percent increase in their domestic counterparts to P3.88 trillion, data showed. This is “in line with the net issuance of government securities,” Read More …

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