NEA loan availments reach P1.4 B in Aug

 Economy
Sep 232016
 
NEA loan availments reach P1.4 B in Aug

MANILA, Philippines – A total P1.403 billion was lent to 43 electric cooperatives (ECs) by the National Electrification Administration (NEA) as of end-August 2016 to finance their capital expenditure projects and immediate rehabilitation of power distribution systems. In a statement, NEA officer-in-charge Sonia San Diego said the agency has developed a credit guarantee program and facility for the ECs. “This is to establish a power supply guarantee to secure the power purchase of qualified ECs in the Wholesale Electricity Spot Market (WESM), Interim Mindanao Electricity Market (IMEM) or under a bilateral contract with the generation companies (gencos) or the National Grid Corp. of the Philippines (NGCP),” she said. “NEA also continues to find ways to make funds readily available for the ECs particularly in times of natural and man-made calamities for them to serve better their member-consumers,” San Diego said.  Of the total, NEA said P399 million was borrowed by nine ECs primarily due to Typhoons Lando and Nona. Calamity loan has a term of 10 years of repayment period and one year grace period with interest rate of 3.25 percent  per annum. Meanwhile, P344.5 million was borrowed by five ECs to cover their monthly shortfalls on the settlement of their power accounts with the gencos and the NGCP, as well as to pay their debts with the National Power Corp. and/or NGCP in order to avail of the prompt payment discount. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Camarines Sur I Electric Cooperative Inc. (Casureco) and Zamboanga Read More …

Vega extends tender offer for Liberty shares

 Economy
Sep 232016
 
Vega extends tender offer for Liberty shares

MANILA, Philippines – Vega Telecom Inc. (VTI) is extending the tender offer period for common shares of subsidiary Liberty Telecoms Holdings Inc. until Oct. 20, in compliance to the directive of the Securities and Exchange Commission (SEC). “VTI has filed an amended tender offer report with the SEC to extend the offer period for the purchase by VTI of common shares in Liberty Telecoms Holdings Inc. until 12 noon on Oct. 20, 2016,” VTI said in a statement yesterday. Apart from the extension of the tender offer period, VTI said the same terms and conditions of the tender offer report as filed on Aug. 19, which includes the tender offer price of P2.20 per share, would apply. VTI’s tender offer for up to 165.88 million common shares representing 12.82 percent of the issued and outstanding common stock of Liberty, commenced on Aug. 24 and was initially expected to run until 12 noon of Sept.21. VTI decided to defer the deadline for the tender offer following a directive issued by the SEC. In a letter dated Sept. 16, Vicente Graciano Felizmenio Jr., director of SEC’s Markets and Securities Regulation Department said VTI is directed to defer the conclusion of the tender offer period from its original date of Sept. 21, and to submit a new timeline relative to the amended tender offer report. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “The new offer period should provide reasonable time to the tendering shareholders to evaluate or assess the amended and/or Read More …

Ports ready to handle holiday cargo volume surge – PPA

 Economy
Sep 232016
 
Ports ready to handle holiday cargo volume surge – PPA

Citing latest data on cargo volume as well as containerized cargo traffic, PPA general manager Jay Daniel Santiago said in a statement yesterday, the country’s ports are ready to accommodate the anticipated increase in cargo volume for Christmas. Philstar.com/File photo MANILA, Philippines – The Philippine Ports Authority (PPA) yesterday gave assurance the country’s ports are ready to handle an increase in volume of cargo for the Christmas season. Citing latest data on cargo volume as well as containerized cargo traffic, PPA general manager Jay Daniel Santiago said in a statement yesterday, the country’s ports are ready to accommodate the anticipated increase in cargo volume for Christmas. Latest data from the PPA showed total cargo throughput grew 11 percent to 141.770 million metric tons (MT) this year from 128.217 million MT in the same period last year. Foreign cargo volume inched up 12 percent year-on-year to 86.302 million MT, while domestic cargo shipments recorded a nine percent year-on-year increase. Containerized cargo traffic, meanwhile, climbed nine percent to 3.676 million twenty-foot equivalent units (TEUs) as of end-July this year from 3.368 million TEUs last year. Higher containerized cargo traffic was seen as both foreign and domestic boxes registered a nine percent year-on-year hike to 2.203 million TEUs and 1.473 million TEUs, respectively. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The Manila International Container Terminal remains the country’s top handler of foreign boxes as it processed 1.241 million TEUs for the January to July period. This was followed by the Manila South Harbor Read More …

Ball starts rolling for Duterte-backed tax reform on Monday

 Economy
Sep 232016
 
Ball starts rolling for Duterte-backed tax reform on Monday

“The tax reform package may be described as the linchpin of the broader reform package envisioned by the Duterte administration.” Philstar.com/File photo MANILA, Philippines – An administration-backed tax reform package will be submitted to Congress on Monday, with government support ensuring its passage although not likely by the end of the year as targeted. The first of four packages meant to amend the nearly two-decade-old National Internal Revenue Code will be handed to the House ways and means committee “on Monday, 10 a.m.,” the Department of Finance said on Friday. “The tax reform package may be described as the linchpin of the broader reform package envisioned by the Duterte administration,” Finance Secretary Carlos Dominguez said in a statement. Chances are high it will be passed, although at this early, the House committee that will tackle it tried to temper expectations it will be in effect by next year as DOF earlier said. “Our target is to bring it to the plenary by the end of the year,” said Quirino Rep. Dakila Carlo Cua, ways and means committee chair. “Definitely, it will be passed, it’s just a question when,” he said in a phone interview. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 As promised by President Rodrigo Duterte during his campaign, the first of four packages aims to lower personal income taxes by restructuring the tax brackets that currently impose a maximum of 32 percent on earnings more than P500,000. Under the plan, the 32 percent will now be charged for those earning between Read More …

America is not the greatest country on earth. It’s No. 28, says new analysis

 Economy
Sep 222016
 

NEW YORK/LONDON — Every study ranking nations by health or living standards invariably offers Scandinavian social democracies a chance to show their quiet dominance. A new analysis published this week — perhaps the most comprehensive ever — is no different. But what it does reveal are the broad shortcomings of sustainable development efforts, the new shorthand for not killing ourselves or the planet, as well as the specific afflictions of a certain North American country.

PLDT’s new mobile app targets OFWs

 Economy
Sep 222016
 
PLDT’s new mobile app targets OFWs

MANILA, Philippines – PLDT Inc. has rolled out a new mobile application called SmartLife Global to provide digital content as well as other services such as bills payment to overseas Filipinos. The new app offers carefully curated digital content such as Philippine movies, music, and news that enable overseas Filipinos to stay in touch with home. It also features other relevant services such as bills payment for utilities and load sharing for families in the Philippines. “Smartlife Global provides Filipinos abroad with a lively digital connection to home,” PLDT chairman and CEO Manuel V. Pangilinan said in a statement. The app is being delivered through PLDT’s international marketing and operations unit PLDT Global Corp. and being made available initially in the US, Canada, United Kingdom, Spain, Italy, Hong Kong, Macau, Singapore, Malaysia, Japan, Taiwan, Vietnam, Guam and Australia. SmartLife Global is free upon download and users can enjoy a 30-day trial period during which they have unlimited access to local news and free access to a rich library of Filipino movies, concerts, original Pilipino music and premium magazines. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 After the 30-day trial period, users can continue enjoying content from the app for only $2.99 per month for music, and $4.99 per month for movies and concerts. To date, the app has over 20,000 downloads, with more than 3,000 movies watched, more than 2,000 songs listened per day, more than 600 magazines downloaded, and more than 15,000 news feeds read. “We are Read More …

China Bank injects P2B into thrift unit

 Economy
Sep 222016
 
China Bank injects P2B into thrift unit

MANILA, Philippines – China Banking Corp. is pumping P2 billion in fresh equity to its thrift bank arm to beef up its capital base and bankroll its aggressive expansion program. Corazon Morando, vice president and corporate secretary of China Bank, said in a disclosure to the Philippine Stock Exchange (PSE) P1 billion would be infused this month and another P1 billion in December to China Bank Savings Inc. (CBSI) to support its business expansion. In total, China Bank has infused P6.01 billion in additional equity into CBSI since September 2014. China Bank bought out the 87.51 percent stake of the Puyat family in the The Manila Banking Corp. in 2007 afterwhich the thrift bank was renamed to CBSI the following year. It has raised its interest in CBSI to 98 percent after buying out the holdings of minority shareholders. The bank owned by retail and banking magnate Henry Sy has been gobbling up smaller banks including Planters Development Bank in 2014 and Unity Bank in 2012 to fast track its expansion nationwide. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The China Bank Group also includes CBC Insurance Brokers Inc., Bancassurance affiliate Manulife China Bank Life Assurance Corporation (MCBLife), CBC Properties and Computer Center Inc., China Bank Capital Corp. (CBCC), and CBC Forex Corp. China Bank through CBCC acquired ATC Securities Inc. this year to set up its own brokerage firm, China Bank Securities Corp. CBCC also incorporated a securitization company, CBC Assets One (SPC) Inc.

AC Energy breaches 1,000-MW capacity target

 Economy
Sep 222016
 
AC Energy breaches 1,000-MW capacity target

MANILA, Philippines – AC Energy Holdings Inc., the power generating arm of conglomerate Ayala Corp., has breached its 1,000-megawatt (MW) capacity target with the construction of the 668-MW GNPower Dinginin project now in full swing.  With the construction of GN Power Dinginin Ltd. Co. (GNPD) coal plant, AC Energy now has a total attributable capacity of 1,088 MW. AC Energy president and CEO John Eric Francia said the company achieved this milestone through partnerships with various industry players.   “Our ability to partner has been a strong driver in rapidly growing our portfolio. We will continue to grow through partnerships and in the process have a more diversified portfolio,” he said. The power firm has an attributable capacity of 334 MW from GNPD, where it owns a 50-percent economic stake with US-based GN Power, owned by Nauruan-American firm Power Partners Ltd. Co. Since it entered the market in 2011, AC Energy now has seven thermal, wind, and solar assets. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Apart from the Dinginin project, other facilities that make up the 1,000 MW portfolio include the 604-MW GNPower Mariveles, the 2×135-MW coal-fired power plant in Calaca, Batangas under South Luzon Thermal Energy Corp. (SLTEC) and the 4×135- MW coal-fired power plant in Kauswagan, Lanao del Norte in Mindanao through GN Power Kauswagan Ltd. Co. (GNPK). AC Energy’s portfolio also includes the 52-MW Northwind Power Development Corp. in Bangui, Ilocos Norte and the 81-MW wind farm in Pagudpud, Ilocos Norte through its affiliate Read More …

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