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 …

Business groups back proposed tax reforms

 Economy
Sep 232016
 
Business groups back proposed tax reforms

“Having fair, simple and easy-to-comply tax laws will help improve the ease of doing business in the country and will encourage more local and foreign investments,” the Management Association of the Philippines (MAP) said in a statement yesterday. STAR/File photo MANILA, Philippines – Local business groups have reiterated their support to the Duterte administration’s tax reform plan, citing its importance in making the country a more attractive investment destination. “Having fair, simple and easy-to-comply tax laws will help improve the ease of doing business in the country and will encourage more local and foreign investments,” the Management Association of the Philippines (MAP) said in a statement yesterday. “The MAP fully supports the tax reform package of the Duterte administration for a simpler, equitable, and efficient tax system that would encourage voluntary compliance, lower the compliance cost, promote progressivity, and expand the tax base while spreading the tax burden,” the group added. The MAP is urging the Department of Finance (DOF), the Senate, and the House of Representatives to exhaust all possible means to make the tax system simpler to administer, fairer to taxpayers, and more attractive to investors. The business group said the enactment of a holistic tax reform measure would correct current inequities, encourage compliance, and pursue measures that would counter the effects of tax rate adjustments. The Philippine Chamber of Commerce and Industry (PCCI), the country’s largest business organization,  has also aired its support to the comprehensive tax reform program being proposed by the DOF. Business ( Article Read More …

As DA review on QR starts rice import policy in limbo

 Economy
Sep 232016
 
As DA review on QR starts rice import policy in limbo

MANILA, Philippines – The country’s policy on rice imports remains in limbo as the Department of Agriculture (DA) is just starting to review the possible extension of the quantitative restriction on the main Filipino staple food. “There’s no decision yet. We are doing consultations nationwide with the stakeholders. There are ways to hack it through renegotiations,” Agriculture Undersecretary for Policy and Planning Segfredo Serrano told reporters. Agriculture Secretary Emmanuel Piñol has made public his stand on seeking another extension of the QR by least two more years. Should the Philippines decide to extend the QR, World Trade Organization (WTO) member-countries that wish to seek concession for allowing the extension would have to negotiate with the country, which would normally take at least one year of negotiations. In 2014, the Philippines under former president Benigno Aquino III won approval of the WTO to keep import restrictions for three more years to June 2017. The previous administration took two years to renegotiate the extension. “If it would be painless and just extend for two years, then we retain the same concession. If they (WTO members) will ask for more in terms of rice, we don’t have a problem if it’s reasonable. But, they could ask conceivably concessions outside of agriculture which we may be sensitive,” Serrano said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 He said Congress would need to amend the Agricultural Tariffication Act. Under the law, only rice is protected by the QR and it did not specify 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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