Dec 242015
 
MPIC gets TRB OK on C-5 link project

A view of C5-Bagong Ilog Flyover in Pasig City. File photo/Patrick Roque/CC MANILA, Philippines – Infrastructure giant Metro Pacific Investments Corp. (MPIC) has secured the approval of the Toll Regulatory Board (TRB) to start the construction of the C-5 (Circumferential Road 5) Link Expressway project. In a statement, MPIC unit Metro Pacific Tollways Corp. (MPTC) said the TRB approved the implementation of the first portion of the C-5 Link Expressway. The notice to proceed covers the C-5 Road in Taguig City until Moonwalk and Merville villages in Sucat, Parañaque City. The groundbreaking for the C-5 Link Expressway is targeted in January, while the construction is slated to begin by February. MPTC said the right-of-way for the first portion of the C-5 Link Expressway has been substantially acquired and is expected to be completed after the transfer of the land by the Manila International Airport Authority to the Department of Public Works and Highways. The C-5 Expressway Link will eventually connect to the Manila-Cavite Expressway (Cavitex) Coastal Expressway. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 MPTC is targeting to complete the tollway in 2019. The C-5 Expressway Link will provide a seamless connection to the Cavitex road network and to the Cavite-Laguna Expressway slated for completion in 2020. “The new C-5 Link is envisioned to spur further economic development in Parañaque and in Cavite and Laguna provinces by providing a safe and convenient link from the central and northern parts of Metro Manila to the high-growth industrial and residential Read More …

Dec 232015
 
Year-end window dressing boosts index

The main composite index returned to the 7,000 mark, finishing 36.24 points higher at 7,002.42, while the broader All Shares index settled at 3,994.66, up 24.19 points or 0.61 percent. Philstar.com/File MANILA, Philippines – The stock market continued to rise ahead of year-end window dressing, analysts said. The main composite index returned to the 7,000 mark, finishing 36.24 points higher at 7,002.42, while the broader All Shares index settled at 3,994.66, up 24.19 points or 0.61 percent. All other indexes closed higher except for the property index, which declined  1.13 points or 0.04 percent to end at 2,987.64. The mining and oil index gained 64.86 points or 0.64 percent while the holding firms rose 56.37 points or 0.86 percent. However, volume remained thin at 3.723 billion. Advancers edged out decliners, 97 to 67 while 42 stocks were left unchanged. “The PSEi closed at 7,007.42, up 36.24 points or 0.52 percent. Gainers were led by San Miguel Corp. at 5.38 percent, Lucio Tan Group at 2.74 percent and Aboitiz Power at 2.10 percent.  Losers, meanwhile, were led by Meralco at 1.20 percent, SM Prime Holdings, up 0.44 percent and BPI, which rose 0.40 percent. Total value traded was P3.2 billion,” said Paolo Hizon of Unicapital. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Yesterday’s session also followed the rise in US stocks on Tuesday. US stocks rose for a second day as a rally in commodity shares ignited broader gains while data showed consumer spending bolstered the economy amid slowing Read More …

Dec 222015
 
Los Angeles Fil-Am musician-teacher receives prestigious award

INQUIRER.net U.S. Bureau By: Cecile Ochoa, December 23rd, 2015 01:16 AM Los Angeles musician-teacher Asuncion Ojeda received the prestigious “Shining Star” award. CONTRIBUTED PHOTOS LOS ANGELES, California — Christmas came early this year for Los Angeles Unified School District teacher Asuncion Ojeda as she received December 6 the “2015 Shining Star” award from the non-profit Education Through Music – Los Angeles (ETM-LA) at the iconic Skirball Cultural Center in this city. The only other recipient this year of the prestigious award was Grammy winner and music executive Randy Spendlove, president of Motion Picture Music at Paramount Studios. Spendlove has worked with popular artists including Beyonce, Linkin Park, Green Day and U2. ETM-LA presents these awards every year to people who have had an impact on people’s lives through music. Asuncion Ojeda in performance with her flute. “This is a nonprofit organization that works to put quality music education in disadvantaged schools,” according to Ojeda, who also received recognition from LA Mayor Eric Garcetti. Ojeda has been teaching music in LA public schools for more than 14 years. She currently teaches in three schools: Normandie Avenue, Holmes Ave and Bushnell Way. ETM-LA brings children, families and artists together to make music through school concerts and community events. The group sends excellent music teachers to share their talents with school children, who otherwise would not have the money and chance to learn from the “masters.” Ojeda said, “To me, the award is an affirmation of the work that I have been doing—teaching Read More …

Dec 222015
 
Florentino P. Feliciano, legal scholar, lawyer, jurist exemplar, and great Filipino

Few Filipinos can match the stature and quality of Florentino P. Feliciano’s accomplishments in one brilliant career. Several distinguished lifetimes could have fitted to produce his many achievements. In his own country, he excelled among the best. In the international sphere, he was considered a major figure. Man of many outstanding achievements. Justice Feliciano, who died last week at 87 years, was at work on important issues even as he approached the illness that cut him down. His former firm, SyCip Salazar Hernandez and Gatmaitan, summed up his achievements succinctly in the press announcement cum obituary last week. (I quote these below, adding only paragraph breaks.) “Justice Feliciano was a partner of the firm from 1962 to 1986, when he withdrew from SyCipLaw to serve as an associate justice of the Philippine Supreme Court. He was the firm’s managing partner at that time. “As a Supreme Court justice, he decided numerous cases involving significant commercial law and tax law issues. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “He served on the Highest Tribunal until 1995 when he retired early to accept an appointment as one of the first seven members of the Appellate Body of the World Trade Organization. He served on this body with distinction from 1995 to 2001, the last year of which he was chairman. “He then rejoined SyCipLaw as senior counsel. In 2003, he chaired the Fact Finding Commission created by Administrative Order No. 78 (2003) on the military rebellion of July 2003. He Read More …

Dec 212015
 
Mar taunts Rody: Ang lider ng ating bansa, hindi umuurong

President Benigno S. Aquino III with Liberal Party (LP) standard bearers Mar Roxas and Leni Robredo are greeted by supporters outside the Manila Cathedral as they walk to Commission on Election building to file their Certificate of Candidacy, Thursday, (October 15). Tomorrow, Friday, (October 16) is the deadline of filing of candidacy for the 2016 elections. (MNS photo) LEYTE, Dec 21 (Mabuhay) – Liberal Party (LP) standard bearer Mar Roxas is far from done with his tirades against fellow presidential candidate, Davao City Mayor Rodrigo Duterte. In his visit to Baybay, Leyte Sunday, Roxas taunted Duterte for “backing out” from his challenge of settling their feud through a debate, fistfight or a slapping match. “Hamon sa sampalan, umurong; hamon sa suntukan, umurong; hamon sa debate, umurong. Ang lider ng ating bansa hindi umuurong sa hamon, hinaharap ito,” Roxas insisted. Roxas’ criticism of the peace and order in Davao sparked a bitter word war with Duterte. The seven-term mayor has accused Roxas of falsely claiming that he is a graduate of the prestigious Wharton School of the University of Pennsylvania. What followed was a mutual challenge to slap each other if one of them was proven wrong. Roxas also dared Duterte to a fistfight and debate. In the interview, Roxas stressed that he was able to disprove Duterte’s accusation regarding his academic credentials. The administration’s bet said the Wharton School itself confirmed that he finished his undergraduate degree of Bachelor of Science in Economics, major in Finance from the school in Read More …

Dec 212015
 
WTO members to scrap export subsidies

Philippine Daily Inquirer By: Ronnel W. Domingo, December 22nd, 2015 12:30 AM MEMBERS of the World Trade Organization (WTO), including the Philippines, moved to scrap agricultural export subsidies, providing a fresh whiff of agreement even as the global grouping continued to be divided on the direction of worldwide trade reforms. WTO Director General Roberto Azevedo said in a statement that the decision was the “most significant outcome on agriculture” since the group was formed 20 years ago. “WTO members—especially developing countries—have consistently demanded action on this issue due to the enormous distorting potential of these subsidies for domestic production and trade,” Azevedo said. “Today’s decision tackles the issue once and for all.” Gathered in Kenya for the 10th Ministerial Conference of the WTO, the ministers adopted the so-called Nairobi Package that includes a decision on export competition. The nine-page decision states that WTO members that are developed countries will immediately eliminate their remaining export subsidy entitlements. Also, members that are developing countries will eliminate their export subsidy entitlements by the end of 2018. However, developing members may keep the flexibility to cover marketing and transport costs for agriculture exports until the end of 2023. As for the poorest and food-importing countries, they are provided additional time to comply with the decision. The United States and the European Union, among the Philippines’ major trading partners, have in years raised concern about the latter offering support for exporters. In particular, the EU has described this as a “potentially trade-restrictive” measure. Also, Washington Read More …

Dec 212015
 
Holiday recipes from top Paris chefs: French-grown quinoa, black truffle, vegetable roots and mushrooms by Alain Ducasse

French-grown quinoa, black truffle, vegetable roots and mushrooms by Alain Ducasse (photo from “Naturalité”, released on October 29, 2015 by Alain Ducasse Edition, 150 euros)©”Naturalité”, Auteurs : Alain Ducasse, Camille Labro et Romain Meder Photographe : Benjamin Schmuck (Relaxnews) – End-of-year festivities are drawing near. This week Relaxnews provides you with recipes from top chefs in Paris to add a gourmet French touch to your Christmas menu. Today, Alain Ducasse tells us how to make his French-grown quinoa, black truffle, vegetable roots and mushroom dish. This recipe is taken from the chef’s repertoire for the Plaza Athénée hotel in Paris and is featured in his book “Naturalité.” Serves 4 Root vegetables 1 20 cm stick of salsify 1 fennel bulb 4 root parsley with tops 4 mini-parsnips with tops 8 small sunchokes (a root vegetable similar to a Jerusalem artichoke) 4 small Jerusalem artichokes 5 drizzles of olive oil 25 cl of vegetable stock Salt Root vegetable glaze 100 g of root vegetable jus 10 g of butter 10 g of chopped truffle Quinoa 80 g of quinoa 10 g of white onion 20 g of butter 24 g of chopped truffle 6 cl of truffle juice 12 cl of vegetable stock Salt Roasted black quinoa 8 g of black quinoa a drizzle of olive oil 20 cl of vegetable stock 10 g of butter Seasoning Tops of the root vegetables 50 g of turnip greens 1 black garlic clove 5 g of chopped truffle 1 cl of olive oil Read More …

Dec 202015
 
Manila Water sets P30-B capex for 2016-17

MANILA, Philippines – Ayala-led Manila Water Company Inc., the water concessionaire for Metro Manila’s east zone, has allocated an estimated P30 billion capital expenditures for the next two years as it commences a “catch up year” in 2016, a ranking official said. In an interview with The STAR, Manila Water chief finance officer Luis Juan Oreta said the company has set aside P15 billion for its 2016 capex and “very likely the same amount” for 2017. Of the P15 billion, P12 billion would be set aside for the east zone and P3 billion for non east zone project. “This year, we’ve finally settled our differences with MWSS so next year is a catch up year. Previously, we had no approved plans because we were in dispute with MWSS,” Oreta said. The MWSS slashed by 29.47 percent the East Zone water concessionaire’s basic charge of P25.07 per cubic meter, a reduction of P7.25 per cubic meter for the rate rebasing period of 2013 to 2017. This prompted Manila Water to dispute the rate reduction before the International Chamber of Commerce (ICC). Business ( Article MRec ), pagematch: 1, sectionmatch: 1 However, ICC slashed Manila Water’s basic water charge by 11. 05 percent, equivalent to a decrease of P2.77 per cubic meter. A reduction of P1.66 per cubic meter would be implemented in 2015, then P0.55 per cubic meter in 2016 and finally P0.55 per cubic meter in 2017, according to the ICC. Oreta said the dispute stalled the company’s projects thus Read More …

Dec 192015
 
AgriNurture divests in Australia food firm

MANILA, Philippines – Fruit and vegetable processing company AgriNurture Inc. (ANI) has disposed of its shares in AgriNurture HK Holdings Ltd. worth $2.5 million (roughly P117 million) as it shifted its focus on its operation in China and in the local market. “AgriNurture Inc. wishes to inform the investing public that its wholly-owned foreign subsidiary AgriNurture HK  Holdings Ltd. entered into an agreement for the sale of the entire interest of ANI HK in its wholly-owned subsidiary, Freshness First Ltd. Pty, in favor of Organic Path Ltd.,” the company said in its disclosure to the Philippine Stock Exchange. Freshness First is part of the Australian operations of the ANI Group and is primarily engaged in the business of processing fruits and vegetables. The divestment in the Australian entity means current ANI management is focusing on its core business in the Philippines and Greater China operation.   “The said divested asset will further reduce liabilities.  This will free up more resources for growth of the core business of ANI locally and improve the balance sheet ratios of the company,” it added. The divestment was concluded last Dec. 11 among the parties. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Organic Path will be solely responsible for the payment of any previous earn-out due to the original shareholders of Freshness First. The ANI board also announced the appointment of veteran Dutch investment banker Ernst Jan Kruis as representative of Solveigh fund that bought out Black River’s stake in ANI.

Dec 192015
 
BIR drive bears fruit

A recent report from the World Bank has shown that the Bureau of Internal Revenue has succeeded in its program that requires all cigarette packs being sold in the country to have tax stamps. WB data covering the week of Aug. 23 to the week of Nov. 29 this year revealed that over 90 percent of cigarette packs in retail outlets adhered to the Internal Revenue Stamps Integrated System (Irsis). Compliance during the week of Nov. 29 was higher, with about 96.1 percent of cigarette packs bearing tax stamps and all 13 brands being monitored having at least 90 percent of their inventory bearing the stamps. The brands Boss, LA and Plaza had 100-percent compliance, while the 10 others—Camel, Champion, Fortune, Hope, Mark, Marlboro, Mighty, More, Philip Morris and Winston—had over 90 percent of their cigarette packs with stamps, the data revealed. There was a 100 percent Irsis compliance in Bulacan, Pampanga and Pangasinan; 99.8 percent in Metro Manila; 93.5 percent in Quezon province; 90.2 percent in Negros Oriental; 85.7 percent in Laguna; and 66.7 percent in Cebu and Nueva Vizcaya. In Davao del Sur, only 30.3 percent of cigarette packs in retail outlets bore stamps. The BIR had ordered that all packs of cigarettes produced in the country since Dec. 1 last year must be affixed with tax stamps, so that only stamped locally made cigarettes should be sold in the market by Mar. 1 this year. As for imported cigarettes, all packs must bear tax stamps starting April Read More …