Maniolas

Abu Sayyaf group. AFP FILE PHOTO MANILA, Philippines—The military on Saturday said the extremist Abu Sayyaf has released a Malaysian policeman they kidnapped eight months ago from a Malaysian resort, because of the “relentless military operations” by the Armed Forces of the Philippines in Sulu and Basilan. Quoting civilian informants in Sulu, AFP spokesperson Col. Harold Cabunoc said that Zakia Aliep, a member of Malaysia’s marine police, was released at 11:30 a.m. on Friday. Aliep was taken to an unspecified place in Sabah, Malaysia, on a speedboat at 7 a.m. on Saturday, Cabunoc said. “The AFP firmly believes the bandits were forced to release the victim due to the relentless pursuit operations conducted by Joint Task Force Sulu led by Col. Allan Arrojado,” Cabunoc said. A military source said Malaysian intelligence authorities had confirmed to the AFP intelligence service the arrival of Aliep in that country. Aliep was taken by the Abu Sayyaf who ambushed several Malaysian marine police officers guarding the Mabul Water Bungalow Resort in Sabah on July 12, 2014. A policeman was killed during the firefight. A military intelligence report said the policeman was taken to an Abu Sayyaf jungle camp in Sulu’s Indanan township. The kidnapping was one of several staged in resorts in Sabah by the Abu Sayyaf to seize hostages for ransom. The Abu Sayyaf still holds a Dutch birdwatcher who was kidnapped in Tawi-Tawi three years ago. Cynthia D. Balana; AP Disclaimer: The comments uploaded on this site do not necessarily represent or Read More …

“The Wisdom and Teachings of Stephen R. Covey,” Franklin Covey Free Press, 2012. Those who have been students and mentors, or leaders and practitioners of management might have heard of the “7 Habits of Highly Effective People” authored by world-renowned Stephen R. Covey. Launched in 1989, the book of the same title has since included the “8th Habit.” I began thinking of Covey, as I read the book featured in this issue’s Executive Read—and I recalled vintage “Coveyisms” like: “Begin with the end in mind.” Or, “Seek first to understand, then to be understood ….” Still another, “Sharpen the saw.” And the 8th habit? Read on. “The Wisdom and Teachings of Stephen R. Covey” is a collection of aphorisms and sayings of the renowned leadership coach and mentor. Expectedly, some are truly brilliant, and other quotes are simply restatements of familiar principles. It is a book, though, that makes it easy for busy executives to pick favorite “thoughts” for any occasion. The Covey Family calls the book “crystallized wisdom,” as the editors cite the “power of enduring principles.” Viewed as a tribute too to Covey, who passed away a few years back, the book articulates “his passion … to articulate and teach the unchanging, immutable and ageless truths of life.” Speaking of overstating the obvious, this is it. And yet, we must forgive the authors, simply because they have given us “on a silver platter gems of thoughts that guide us … not to waste our life in mediocrity but Read More …

MANILA, Philippines – The central bank is not inclined to tweak its monetary policy stance for now given subdued inflation and continued robust domestic growth, Bangko Sentral ng Pilipinas (BSP)  Deputy Governor Diwa Guinigundo said yesterday. “We don’t need to reduce the policy rate at this point because the economy is growing and inflation rate is within the target of two to three percent,” Guinigundo told reporters on the sidelines of the Asian Pacific Economic (APEC) forum in Tagaytay. “There is no compelling reason why we should change our monetary policy stance, it remains appropriate,” he added. Ample liquidity and strong domestic activity provide ample fiscal headroom for the central bank to retain the current benchmark interest rates despite a steep drop in the price of oil and China’s slowing economy. The monetary board will meet on March 26 to decide whether or not to retain existing interest rates. The central bank is committed to promote and maintain price stability and provide proactive leadership in bringing about a strong financial system conducive to a balanced and sustainable growth of the economy. During its last meeting on Feb.12, the monetary board left its key policy rate on hold at four percent for the overnight borrowing or reverse repurchase facility and six percent for the overnight lending or repurchase facility. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The interest rates on special deposit accounts were also kept steady.

Investigators from the Office of the Ombudsman on Friday filed graft and malversation complaints against Vice President Jejomar Binay, his son Makati Mayor Junjun Binay, and 22 other city officials in connection with the alleged overpriced construction of Makati City Hall Building II. “The Complaint was filed following months of case build-up and evidence gathering by the Special Panel composed of field investigators,” the Office of the Ombudsman said in a statement. Aside from graft and malversation charges, the respondents were charged for alleged violation of the Government Procurement Reform Act in connection with several alleged irregularities in the procurement and award of the contracts for the design, architectural services and the construction of the controversial building. The elder Binay was Makati mayor while his son was Makati councilor when the controversial building was constructed in 2007. Both had denied irregularities, with the VP Binay linking the accusations to a supposed well-financed demolition job against him. VP Binay has been very open about his plans to run for president in 2016 and has been the top presidential candidate based on various surveys. The investigation of the Ombudsman’s Special Panel stemmed from a complaint filed by lawyer Renato Bondal, who was the younger Binay’s opponent in the 2013 elections, and a certain Nicolas “Ching” Enciso VI. The complainants alleged that the respondents awarded the P11,974,900.00 contract for the design and architectural services for the building to MANA Architecture & Interior Design Company without public bidding. The respondents also allegedly released payments Read More …

MANILA, Philippines–The Philippine Long Distance Telephone Co. group is borrowing about $500 million from Japanese banks to partly fund the capital requirements of both PLDT and Smart Communications. PLDT senior vice president treasurer Annabelle L. Chua said the first deal covering a $200- million loan from Mizuho Bank was signed last month. Before the Japanese fiscal year calendar ends this month, the agreement for another $200-million loan will be signed with the Bank of Tokyo-Mitsubishi UFJ Ltd. Additional loans, possibly reaching $100 million, may be signed with the bank over the next few quarters, Chua said. “We are still finalizing it (the loan details),” Chua said. The PLDT group plans to fund its P39-billion ($883 million) capital expenditure program for 2015 with a combination of bank borrowings and pregenerated cash, Chua said. The bulk of the capital expenditure this year was earmarked for the telco’s 3G and 4G infrastructure, PLDT chair Manuel V. Pangilinan said. PLDT president Napoleon L. Nazareno said the company would continue to “transform” to meet the growing demand for Internet connectivity and data access. Part of the transformation efforts is the activation of more 3G base stations and the expansion of its Time Division-Long Term Evolution (TD-LTE) and Frequency Division-LTE (FD-LTE). As of the end of 2014, the PLDT group’s gross debt stood at $2.9 billion, higher by $600 million from year-ago level, mainly due its the P15-billion ($300 million) retail bond issuance in the first quarter of 2014. PLDT said its debt maturity continued to Read More …