Maniolas

Getting its fair share of news coverage these days is “endo,” a shortened term for “end of contract,” which is a contractual labor employment scheme that popularly arose from the infamous threat of labor employees of a department store chain in the early ‘60s to regularize sales staff. At that time too, as the freshly minted Martial Law regime was flexing its muscles, similar labor issues were sprouting in the new export processing zones, largely egged by a then militant labor movement. Labor groups were then asking for the regularization of workers that had been working for more than six months, and rightly so, since Philippine labor laws clearly spelled out that any newly hired worker who stays on the job for more than six months has to be regularized by its employer. The problem, in the view of the employer, was that regularization meant higher costs that would have killed the business – not immediately perhaps, but in the long term. Regularization was also viewed as a sure way of increasing the number of unionized workers, and strengthening unions and the overall labor movement, which would have also meant more costs and even uncertainties in future operations if the unions decided to be hostile and demand for unreasonable additional wages and benefits. Those who still remember the ‘60s and the ’70s will agree it was a time of chaos, when rising militancy in the labor sector was a state concern that would, if left unchecked, lead to a breakdown Read More …

MANILA, Philippines – Local hotel chain Waterfront Philippines Inc. (WPI) is banking on the continuous increase in international and domestic tourists in the country to sustain its robust growth. Kenneth Gatchalian, president of WPI, told The STAR there is still a huge opportunity for the Waterfront Group to ride on the gains achieved by the local tourism industry. “It looks like the tourism industry right now is still growing so there’s still a huge room for us,” Gatchalian said on the sidelines of Acesite’s annual stockholders’ meeting. Acesite is a subsidiary of WPI. Renato Magadia, WPI chairman, added the current administration’s drive to strengthen the peace and order situation in the Philippines also increased tourists’ confidence and interest in the Philippines as a safe destination. “I think today, there are more people interested to come in to the country because of the supposed change here, especially in the peace and order situation,” Magadia said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Last year, WPI’s consolidated gross revenues rose six percent to P2.1 billion from last year’s P1.97 billion. Gatchalian noted the growth in the group’s earnings was driven by its improved online presence and systems, as well as an increase in the bookings, particularly for meetings, incentives, conventions and exhibitions (MICE). The company official said WPI is targeting an increase of 10 percent in revenues this year.

Local credit watchdog Philippine Rating Services Corp. has issued a double-A credit rating on DoubleDragon’s proposed bond issuance. File photo MANILA, Philippines – DoubleDragon Properties Corp. plans to raise as much as P15 billion from its maiden bond offering under a shelf registration program. This marks DoubleDragon’s first foray into the local bond market as part of its  goal to build  one million square meters of leasable space in the next five years. The first tranche of the offering is the issuance of P5 billion in retail bonds, with an oversubscription option of  an additional P5 billion, before the end of the year. The succeeding tranches are proposed to be issued under a shelf registration program, which allows its issuance within a period of three years. A joint venture between Mang Inasal founder Egar “Injap” Sia II and Jolibee founder Tony Tan Caktiong, DoubleDragon is a fast-growing property developer.  It has recently entered the hospitality industry via the acquisition of Hotel of Asia. Local credit watchdog Philippine Rating Services Corp. has issued a double-A credit rating on DoubleDragon’s proposed bond issuance. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Obligations rated PRS Aa are of high quality and are subject to very low credit risk. The obligor’s capacity to meet its financial commitment on the obligation is extremely strong. PRS Aa is the second highest rating category on PhilRatings’ existing credit rating scale. PhilRatings said the credit assessment reflected DoubleDragon’s clear and well-planned growth strategies,  its strong alliance with its Read More …

Environment Undersecretary Leo Jasareno, head of the audit team, said 12 mining firms are on the verge of suspension, on top of the 10 companies that were already stopped. AP Photo/David Goldman MANILA, Philippines – Twenty-two mining companies are in possible trouble after the Department of Environment and Natural Resources (DENR) confirmed that more than half of the country’s 40 metallic mines are recommended for suspension following the end of the month-long audit on the industry. Environment Undersecretary Leo Jasareno, head of the audit team, said 12 mining firms are on the verge of suspension, on top of the 10 companies that were already stopped. “All reports have been submitted and 12 companies are recommended for suspension [by the audit team]. The other 18 are under final reviewed already,” Jasareno told reporters. “The violations include inadequate social development, mining practices and siltation among others. But most common is their environmental violations,” Jasareno said. He emphasized that of the 22 companies, majority are nickel miners and are located in Mindanao. Twenty-eight of the 40 metallic mines in the country are nickel miners which use the open pit method, thus more prone to risks, Jasareno said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The DENR is set to announce the final result of the mining audit on Monday after cancelling it twice due to document finalizations. Upon the release of the result, Environment Secretary Gina Lopez will forward the report to the regions to implement the decision of whether they Read More …

President Rodrigo Duterte vowed record infrastructure outlays to around P860 billion next year. File photo MANILA, Philippines — Infrastructure spending grew the slowest in at least 16 months in July as a transition in government also pulled down expenditures in other areas, the Department of Budget and Management (DBM) reported on Wednesday. Capital outlays amounted to P45.9 billion during the first month of the Duterte administration, up just 0.8 percent year-on-year, much slower than the previous month’s 31.4-percent growth. The figure also marked the slowest growth since the 5.9-percent drop by the first quarter of 2015. Monthly data for January to March 2015 were unavailable. Broken down, actual infrastructure spending posted a “minimal” one-percent expansion to P38.7 billion. The balance was allotted for equity and support to local governments. “Although disbursements of the DPWH (Department of Public Works and Highways) increased by P5.9 billion… it was offset by lower disbursements in the DND (Department of National Defense) and the ARMM ( Autonomous Region in Muslim Mindanao),” DBM said in a statement on its website. Specifically, the DPWH had tie-up “convergence programs” for the building of health and school facilities with the Health and Education portfolios. While details of such projects were unavailable, declines in the DND and ARMM could however by timing and procurement issues. For the DND, DBM said programs for military modernization had already been bid out in the first half and that the rest are still “in various stages of procurement.” ARMM, meanwhile, still experienced “delays in procurement” due to the election ban which prohibited bidding of projects Read More …