Maniolas

MANILA, Philippines – BDO Unibank Inc. is the first institution in the country to be accredited as administrator of the contributions made by employers and employees to a retirement savings program. The universal bank owned by retail and banking magnate Henry Sy through its Trust and Investments Group is now an administrator for the Personal Equity and Retirement Account (PERA). BDO Trust executive vice president and trust officer Ador Abrogena said being named the first PERA administrator is a distinct privilege. “This will allow BDO to further promote its advocacy for financial inclusion. It is also a great responsibility and thus, we have to see to it that it is properly implemented.  We are working towards aligning our systems and processes with recent and forthcoming regulatory issuances,” he said.  The listed bank hurdled stringent qualification requirements of the Bangko Sentral ng Pilipinas (BSP) and the Bureau of Internal Revenue (BIR). RA 9505 also known as the PERA Act of 2008 was enacted to establish a legal and regulatory framework for voluntary personal retirement plans as a means to promote savings mobilization and capital market development, to contribute to long-term fiscal sustainability through the provision of long-term financing and to reduce the need for social pension benefits. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 PERA establishes the legal and regulatory framework for voluntary personal retirement plans as a means to promote savings mobilization, capital market development and long-term fiscal sustainability.  It affords employers an opportunity to become agents in Read More …

If it’s your first time to buy take out a housing loan, it’s best to take time understandig the basics before going through the process. NY/CC BY-SA 3.0 MANILA, Philippines – When purchasing a home, you need to understand how housing loans work. But the subject is often intimidating, especially to first-time home buyers. Many people think it is complex, with all the math and legal mumbo jumbo involved. Don’t worry, because to give you an idea of how housing loans work, here’s an infographic to guide you through some basic concepts you’ll encounter as you try to get your home purchase financed. READ MORE: How to get started with renting out a property Business ( Article MRec ), pagematch: 1, sectionmatch: 1 4 inspiring tips for fearful investors Settling in the metro: Does it still make sense? How long does it really take to own a house? Map: Places to live that may be better than Metro Manila

DEVELOPED countries’ “mediocre” performance since the 2008-2009 economic and financial crisis is set to persist, but this time the loss of momentum in developing countries will become an added threat, the United Nations Conference on Trade and Development (UNCTAD) said.

SMIC’s board of directors approved yesterday the P50 billion package under the three-year shelf registration facility of the Securities and Exchange Commission. File photo MANILA, Philippines – SM Investments Corp. (SMIC) has launched a new round of fixed rate bond offer worth P50 billion, with an initial tranche of up to P20 billion targeted to be issued this year. SMIC’s board of directors approved yesterday the P50 billion package under the three-year shelf registration facility of the Securities and Exchange Commission. Initial issuance under this program is expected later this year in the amount of P15 billion with an oversubscription option of up to P5 billion,” SMIC said in a disclosure to the Philippine Stock Exchange (PSE) yesterday. SMIC’s management has yet to negotiate and finalize the terms and conditions including pricing, tenor and any increase in issuance amount. SMIC chief finance officer Jose Sio said proceeds would be used to support the expansion of its subsidiaries. The tenor may be seven to 10 years given the ample liquidity in the market, Sio added. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 In the first half of the year, SMIC reported a consolidated net income of P13.5 billion, an increase of 10 percent over the same period last year, with growth led by the property business. Excluding extraordinary items, recurring income grew 13 percent. Similarly, consolidated revenues grew six percent to P138.9 billion in the first half from the P130.9 billion generated in the same period last year. By Read More …

In its Philippine economic update for September, the World Bank said with an average capacity utilization rate of 84 percent as of July, Philippine factories are already operating near full capacity. However, the capacity utilization rate barely moved since 2012. Wikimedia Commons MANILA, Philippines – The manufacturing sector remains on a strong growth trajectory but has barely increased capacity limits, the World Bank said in a report. In its Philippine economic update for September, the multilateral lending institution said with an average capacity utilization rate of 84 percent as of July, Philippine factories are already operating near full capacity. However, the capacity utilization rate barely moved since 2012. In July, 11 out of 20 major industries operated at capacity rates of 80 percent and above. These were basic metals, petroleum products, non-metallic mineral products, machinery except electrical, food manufacturing, electrical machinery, chemical products, paper and paper products, rubber and plastic products, wood and wood products and printing. “Unless businesses actively invest in expanding production capacities, capacity constraints may limit growth prospects in the near future,” World Bank said. The manufacturing sector grew 10 percent in July mainly due to the expansion in the production of basic metals, transport equipment, rubber and plastic products, machinery, wood and wood products and tobacco products. Factory output, as measured by the Volume of Production Index (VoPi), rose 10.1 percent in July 2016, significantly faster than the growth rate of 0.1 percent in the same month last year. Production value, as measured by the Value of Read More …