Apr 072015
 
Globe to borrow P7B more for capex

MANILA, Philippines – Ayala-led Globe Telecom Inc. is set to borrow another P7 billion within the next two months to bankroll its capital expenditures, thus accelerating its network build-up program to just 18 months instead of three years. Albert de Larrazabal, chief finance officer of Globe, said in an interview after the company’s Annual Stockholders’ Meeting that Globe would complete the borrowing program next month after closing a seven-year loan worth P7 billion obtained from the Philippine National Bank (PNB) last December. “We are now getting into the market. We are getting proposals but we haven’t awarded yet. It is another P7 billion and we’ve asked people to give us all offers, but the one that is most compelling today is just a bilateral club deal,” he said. According to De Larrazabal, a total of 13 banks have offered to raise the P7 billion required by Globe. “Everybody has so much money and they are trying to move it,” he added. De Larrazabal said the planned borrowing would be denominated in peso and would mature within a period of seven to 10 years. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 He explained that Globe prefers local borrowings with the ample liquidity in the system, as well as the absence of foreign exchange risks compared to foreign borrowings. For this year, Globe has earmarked $850 million for its capital expenditures including the $200 million carry over from last year’s budget. “The total capex this year is about $850 million, Read More …

Apr 072015
 
MGB lifts suspension on 3 mining firms

MANILA, Philippines – The Mines and Geosciences Bureau (MGB) has temporarily lifted the suspensions imposed on the Zambales nickel operations of three companies found to have committed environmental violations last year. The MGB granted the temporary reprieve to LnL Archipelago Minerals Inc., BenguetCorp. Nickel Mines Inc. and Eramen Minerals Inc. On July 15, 2014, the MGB Region III office suspended the operations of the three mining firms after their operations caused nickel siltation in waterways and farm lots. It was discovered that the companies had been practicing an unsystematic strip mining method that leads to inefficient recovery of minerals and causes adverse environmental impacts like siltation in bodies of water and generation of dust. The companies were ordered to immediately remove all stand-by stockpiles in open cut areas and store these in designated stockpile areas equipped with proper drainage systems. The firms were also ordered to implement maintenance measures for the duration of the suspension. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The companies were also ordered to pay an aggregate of P3.2 million in compensation for farmers whose lots were damaged by siltation. The MGB said the companies have “substantially met the conditions” stipulated in the suspension order. The bureau, however, set several conditions before the suspension order can be fully lifted. The companies must construct an alternative mine haulage road, fix the damage to coastal areas caused by mining operations, pay in full the claims made by the owners of the fishponds damaged by siltation, conduct Read More …

Apr 072015
 
Ana Rocha’s summer dazzlers

MANILA, Philippines – For Ana Rocha, summer is about celebrating art, people, objects, places, and travels. A certified travel bug, the vivacious and well-loved Ana has always been inspired by her travels. She just got back from India and Kathmandu, Nepal, which she said was an eye opener for her.  Her gemstones, some of which come from India, dazzle and her designs are a cut above the rest. She loves to use indigenous materials, combining our native beauties with gemstones from other parts of the world. Ana Rocha’s summer dazzlers feature green amethyst with carabao horn and pearls, blue topaz in silver, citrine and beer quartz, golden baroque pearl with cabuchon, among others. Her silver (pilak) line is affordably priced at P15k and below. Bijou by Ana Rocha also carries a made-to-order couture line. Ask about her special payment plans. Bijou by Ana Rocha is located at the second level of Greenbelt 5, Makati. For inquiries, call 728-1342.

Apr 072015
 
243 OFWs evacuated from war-torn Yemen

More than 200 overseas Filipino workers (OFWs) had been evacuated from Yemen by the Department of Foreign Affairs (DFA) due to increasing violence and chaos. “DFA successfully evacuated from Yemen on April 6 a group of 243 Filipinos and one Yemeni national. The group consisted of 111 males, 112 females and 21 minors,” DFA said in a statement on Tuesday. BACKSTORY: DFA pleads to Filipinos in Yemen: Come home, conflict to worsen “As the situation in Yemen remains volatile and uncertain, the DFA firmly reiterates its urgent call to the remaining Filipinos there to register with the Crisis Management Team (CMT) … so that they can join what may be the last remaining land evacuation being scheduled in the coming days,” DFA said. DFA urged all Filipinos still in Yemen to contact the DFA CMT in Movenpick Hotel Sana’a and in Al-Sherif Hotel Hodeidah or through the following numbers: +967-73-019-4165 / +967-73-742-6292 / +967-73-384-4958 / +967-73-845-1828. They may also contact the team at the email address cmt-sanaa@riyadhpe.com READ: Filipinos in Yemen told to repatriate due to ‘deteriorating’ security situation Yemen is slowly descending into chaos with Houthi rebels having taken over the capital city of Sanaa and forcing Yemeni President Abdu Rabu Mansour Hadi to flee. Saudi Arabia and its allies struck back at the rebels with military air strikes over the past several weeks resulting in the destruction a lot of infrastructure in the country. Hundreds have been reportedly killed from the continuous fighting between the rebels and forces Read More …

Apr 062015
 
Is Marina waiting for another roro disaster?

Now that summer is here, expect thousands to travel to the beaches for personal vacations, office rest and recreation breaks, and family outings. Chances are, for a number of these trips, the roll-on, roll-offs (roros) will be part of the journey. Not to be a spoilsport, we all know that most of our roros are old, and worse, have not been maintained as well as they should be. In fact, even in the absence of foul weather, many countries with a sizeable number of expats working in the Philippines have advised their nationals not to use our roros. If the current state of our roros is not good enough for our foreign visitors, then Filipinos should also heed this warning. It’s pathetic that our government, knowing that many Filipinos cannot afford alternative (and more expensive) modes of transport, is taking its sweet time in bringing about the right reforms for the industry. Several recommendations were made by concerned members of the shipping industry, which were aired in previous columns. The beauty of these proposed reforms is that any implementation does not need legislative action, just as what happened in the oil bunkering sector. It’s all up to the Maritime Industry Authority (Marina) to act and issue the required circulars. Yet, Marina does not seem to be acting on this issue at all. Is Marina waiting for another disaster? Simple steps Business ( Article MRec ), pagematch: 1, sectionmatch: 1 It doesn’t really need a lot of research to implement the Read More …

Apr 062015
 
ALI acquires stake in Malaysian firm

MANILA, Philippines – Property powerhouse Ayala Land Inc. (ALI) has marked its maiden entry in Malaysia with a $43 million investment in a local property development company. ALI said yesterday it acquired a 9.16 percent stake in Malaysian firm GW Plastics Holdings Bhd through a private placement for a total amount of about P1.9 billion. The acquisition was made through Regent Wise Investments Ltd., ALI’s wholly-owned subsidiary in charge of its international ventures. ALI’s Malaysian investment marks only its fourth international foray and its second in the Asean region following “very small investments” made in China, Canada and Myanmar in previous years, company officials said. “Asean is one of the fastest growing regions in the world. Although the Philippines is growing as quickly, we feel that there are also other areas of opportunities in the region that we could possibly participate in. One of those countries which is experiencing fairly good growth rates not only this year but over the previous years is Malaysia. We feel Malaysia is a market that shows a lot of opportunity for us to participate in,” ALI president and chief executive officer Bernard Vincent Dy said in a press briefing yesterday. GW Plastics, which would soon be renamed MCT Bhd, is a property development company specializing in mixed-use projects that include retail, office, hotel, and mid- to affordable residential. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Dy said MCT Bhd currently has a market capitalization of about $450 million and is considered a Read More …

Apr 062015
 
BSP seen raising rates before end of 2015

INTEREST rates may be raised slightly toward the end of the year as the central bank tries to fend off volatility in financial markets by keeping up with the US Federal Reserve. Dutch financial giant ING said in a note to clients that the Bangko Sentral ng Pilipinas (BSP) would take its time before adjusting rates again, citing the space given by low inflation. Barring supply shocks, ING’s economist in Manila Joey Cuyegkeng said the BSP would increase rates by a total of 50 basis points in the second half of 2015. The BSP’s benchmark overnight borrowing and lending rates stand at 4 and 6 percent, respectively. Both rates are half a percentage point higher than their record lows. This comes amid expectations that consumer price inflation has bottomed out at the start of the year. For March, inflation was expected to hit 2.6 percent, slightly faster than February’s 2.5 percent, Cuyegkeng said. In January, inflation averaged 2.4 percent, a five-year low. Data for March inflation will be released Tuesday. ‘‘The fall in inflation from its recent peak of 4.9 percent in August has come in from the food, housing and utilities and transport components,’’ Cuyegkeng said. ‘‘Lower global oil prices mean lower electricity tariffs and lower gasoline prices, which make it cheaper to transport food from farm to market,’’ he said. The bank economist said inflation was still expected to average between 2 and 4 percent, the BSPÆs official target range for the year. The BSPÆs main goal is Read More …

Apr 062015
 
DILG to seek Ombudsman’s guidance on CA’s TRO on Junjun Binay’s suspension

The Department of the Interior and Local Government said on Monday that it will consult the Office of the Ombudsman on how to proceed as regards the Court of Appeals’ order to indefinitely put on hold the suspension of Makati Mayor Junjun Binay. In a statement, DILG Undersecretary Peter Corvera said that the agency respected the latest decision of the CA, but would also seek the Ombudsman’s guidance on the matter. “Iginagalang ng DILG ang panibagong desisyon ng Court of Appeals (CA) na pumapanig sa hiling ni Makati Mayor Jun-jun Binay na magkaroon ng writ of preliminary injunction sa pagpapatupad ng suspension sa mayor,” he said. “Bilang isang ministerial agent na nagpapatupad lamang ng mga kautusan mula sa Office of the Ombudsman, ngayon pa lang hihingi na ang DILG ng guidance at clarification mula sa Ombudsman kung paano ipatutupad ng departamento ang writ of preliminary injunction kapag nailabas ito ng Court of Appeals lalo na ngayong meron pang pending na petisyon ang Ombudsman sa Supreme Court,” Corvera added. Earlier today, the CA has indefinitely extended its temporary restraining order against Binay’s suspension. “The court hereby resolves to grant Junjun Binay’s prayer for issuance of writ of preliminary injunction enjoining respondents Ombudsman, DILG and their agents and all representatives from enforcing the joint order dated March 10, 2015 and to respect and preserve the status quo before the issuance of the aforesaid joint order relative to petitioner’s preventive suspension for six months,” the resolution stated. For this extension, the CA ordered Read More …

Apr 052015
 
Sobrepeña firm faces suit on John Hay row

LOCATORS WITHIN the Camp John Hay are poised to file a class suit against the Sobrepeña-led Camp John Hay Development Corp. (CJHDevCo) to recover their investments in the former US military base, according to the state-run Bases Conversion and Development Authority (BCDA). In a statement, BCDA president and CEO Arnel Paciano D. Casanova said this followed the continued refusal of CJHDevCo to reimburse the sub-lessees for the unused portion of their contracts. Casanova also pointed out that CJHDevCo could have sold “in bad faith” 50-year straight leases to its sub-lessees when what was allowed by law was only a 25-year lease, which could be renewed for another 25 years. Article XIII, Section 3 of the 1987 Constitution does not provide a 50-year straight lease. “There is also such a thing as seller in bad faith. Did the Sobrepeña-led CJHDevCo sell the 50-year leasehold rights in bad faith?” Casanova asked. BCDA head for legal services Peter Paul Andrew T. Flores had clarified that sub-lessees should go after CJHDevCo and demand reparation of damages. CJHDevCo, Flores further alleged, has been misleading the sub-lessees by telling them that the BCDA was aware of their contracts and should be the agency to honor their contracts. The fact that CJHDevCo has concealed the contracts of the sub-lessees and sub-locators to John Hay Management Corp. and BCDA made the Sobrepeña firm liable to the sub-lessees and sub-locators. Casanova earlier urged the lessees and locators to lay their rightful claim to the P1.42 billion that CJHDevCo would Read More …

Apr 052015
 
Afraid of a fresh start?

Easter is about a fresh start. The sins and omissions of the past are of the past and the time has come for change in the hope of better outcomes. In the temperate countries, Easter happens in Spring and Mother Nature celebrates the fresh start with green leaves sprouting out of barren tree twigs and branches. Colorful flowers once again bring life to what was a desolate winter landscape. We make mistakes in the course of our lives that bring us down and make us lose hope. But the secret in living is doing fresh starts. Even our computers need that sometimes and we call that reboot, restart, refresh. But when it comes to running our country, our leaders are deathly afraid of fresh starts. They insist on the same old programs that have failed for decades. Someone (it could have been Einstein, Benjamin Franklin or a Chinese proverb) once defined insanity as doing the same thing over and over again and expecting different results. It describes the approach our government has taken through several administrations with regard to national problems. Totally insane! I realize that with a little more than a year left in P-Noy’s watch, he will have little desire to tinker with failed programs. He did nothing for almost five years because it is easier to blame past administrations for continuing failure. There is such a thing as getting comfortable with failure and we have perfected that art and called it resilience. Business ( Article MRec ), pagematch: 1, sectionmatch: Read More …