Market jitters wipe out PSEi gains

 Economy
Sep 232016
 
Market jitters wipe out PSEi gains

The benchmark Philippine Stock Exchange index (PSEi) declined 38.75 points, or 0.49 percent, to settle at 7,723.60, while the broader All Shares index shed 16.34 points, or 0.35 percent to finish at 4,586.71. STAR/File photo MANILA, Philippines – The local stock market erased whatever gains it booked on Thursday after the US Federal Reserve decided to keep rates steady. The benchmark Philippine Stock Exchange index (PSEi) declined 38.75 points, or 0.49 percent, to settle at 7,723.60, while the broader All Shares index shed 16.34 points, or 0.35 percent to finish at 4,586.71. The rest of counters closed in negative territory except for the mining and oil and the property sectors, which gained 1.39 percent and 0.03 percent, respectively. Total value turnover reached P7.61 billion as advancing stocks outnumbered decliners, 90 to 89 while 51 stocks were left unchanged. Analysts said stock market investors are becoming jittery over President Duterte’s rhetoric and the spate of extrajudicial killings. Standard & Poor’s, a global debt watcher, has warned that stability and predictability of policy making in the Philippines has diminished somewhat with the President’s statements. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “The President has a strong focus on improving ‘law and order,’ which has allegedly resulted in numerous instances of extrajudicial killings since he came to power. We believe this could undermine respect for the rule of law and human rights, through the direct challenges it presents to  the legitimacy of the judiciary, media, and other democratic institutions. When combined Read More …

New US government critical to BPO, OFW cash flows

 Economy
Sep 232016
 
New US government critical to BPO, OFW cash flows

Moody’s Investors Service said cash remittances and the income of the business process outsourcing (BPO) sector in the Philippines would be affected by a shift in US policies under the next administration. STAR/File photo Moody’s warns of policy shift MANILA, Philippines – Moody’s Investors Service said cash remittances and the income of the business process outsourcing (BPO) sector in the Philippines would be affected by a shift in US policies under the next administration. In a research note Moody’s said the outcome of the Nov. 8 presidential elections in the US could range from a continuation of the status quo to a gradual retrenchment from trade and investment ties, and curbs on immigration. The rating agency said remittances to Asia including the Philippines could weaken if US tightens immigration rules. “Immigration has been another major focus of the US election campaign. A tightening in immigration rules in the US would over time dampen growth in remittances to other countries, which are significant for some Asia-Pacific sovereigns,” Moody’s said. Moody’s said remittances from the US accounted for 3.3 percent of the country’s gross domestic product (GDP) and 9.2 percent of the current account (CA) surplus last year. Latest data from the Bangko Sentral ng Pilipinas (BSP) showed cash remittances from overseas Filipinos inched up three percent in the first seven months after contracting 5.4 percent in July alone. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Money sent home by Filipinos abroad reached $15.32 billion from January to July, $449 Read More …

Your internal operation system

 Economy
Sep 232016
 
Your internal operation system

You and I are familiar with terms like IOS and Android. These are the internal operating systems of our mobile phones and other gadgets. When a “virus” enters it and when the internal operating system is affected by it, then the entire device does not work with full efficiency. In some other cases, the contents of the device just get decimated. Have you ever experienced a big “win” whether in business or in other things? You worked hard for it, you prepared for it and you practically invested a major part of your time, attention, talent, energy and even your life into it and once you get the expected outcome, the expected ecstasy of joy and celebration was just not there. Perhaps, this is why we have a phrase for it that says: “The hunt is better than the kill.” Like finding gold in a mine, I discovered Dr. Dallas Willard addressing this issue and then, it all makes sense. Dallas Willard is a philosophy professor who passed away just a few years ago but was considered as one of the most influential thinkers in America. Allow me to share some of his thoughts and interject with a few side comments of mine. Willard asks a question: Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “What makes you smile and what claims your energy?” These are the things that claim your soul. When Jesus says: “What profits a man even if he gains the whole world and loses his 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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