Feb 022015
 
A Brown divests stake in chalets and hotel unit

MANILA, Philippines – A Brown Co. Inc., the holding firm of the Brown Group of Companies, has sold its entire stake in its chalets and hotel unit to its top officials for P23.7 million. In a report to the Philippine Stock Exchange, A Brown said it sold 50 million shares representing its 100 percent equity in Brown Resources Corp. (BRC) to Angelus Agri Corp., a company which designated A Brown chairman Walter W. Brown and director Annabelle P. Brown for the transaction. Walter and Annabelle will serve as chairman and president of Angelus Agri, respectively. Shares of BRC, the company that operates the chalets and hotel business of the A Brown Group of Companies, were sold at P0.474 apiece for a total cost of P23.7 million, A Brown said. The amount was lower than the earlier consideration of P0.49 per share totalling P24.50 million. “The sale of BRC will realign the business focus on the core businesses of the company and increase liquidity with the receipt of the proceeds from the sale,” A Brown said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Aside from the transaction, A Brown said BRC also purchased several parcels of land within Xavier Estate in Cagayan de Oro City for P8 million. “BRC opted to purchase the land where the chalets of BRC stand instead of leasing it,” A Brown said. A Brown is primarily engaged in the business of real estate development. Its subsidiaries operate businesses in power generation, oil palm nursery Read More …

Feb 022015
 
TUCP seeks P136 minimum wage hike

— PISTON members, representing drivers and operators of public utility vehicles, march to the Supreme Court on Tuesday, urging justices to issue a Temporary Restraining Order (TRO) on the implementation of Joint Administrative Order no. 2014-01. The order imposes higher penalties for traffic violations, which the group finds unreasonable. (MNS photo) MANILA (Mabuhay) – The Trade Union Congress of the Philippines-Nagkaisa (TUCP) and the Trade Union Congress Party-list is seeking an P136 increase to the current P466 minimum wage for workers in Metro Manila. TUCP spokesperson Alan Tanjusay said the current minimum wage can no longer sustain needs of a family, arguing that the real value of the peso has been eroded by 35 percent due to several factors including consumer price index, tuition fees, the recent Metro Rail Transit/Light Rail Transit fare hike, and the impending water and electricity rate increases. “The real value of the current P466 minimum wage is P299 only. It cannot sustain the needs of a family. As a result, many employed workers fall through the cracks and join the growing ranks of the working poor. Thus, we are asking the board to give a ‘living’ minimum wage. We particularly appeal to employers to grant our petition,” Tanjusay said. Rep. Raymond Mendoza, meanwhile, cited a “social discrepancy” between the country’s economic growth and wages of workers. “We have been experiencing growth in our economy but the workers who worked hard for it are wallowing in poverty. They have jobs and most are employed yet they Read More …

Feb 022015
 
Longtime pals PNoy, Purisima at center of controversy over Mamasapano operation

President Benigno Aquino III and suspended police chief Director General Alan Purisima are both at the center of controversy for the botched operation in Maguindanao last week, which left 44 members of the PNP-Special Action Force (SAF) dead. Aquino admitted last week that he tapped Purisima to explain the “intricacies” of the plan to arrest Jemaah Islamiyah leader Zulkifli bin Hir, also known as “Commander Marwan,” which ultimately led to the deadly clash involving the PNP-SAF, the Moro Islamic Liberation Front (MILF) and the Bangsamoro Islamic Freedom Fighters (BIFF). This, despite being suspended as PNP chief since December because of a graft case. A Philippine Star report citing unnamed sources even identified Purisima as the one calling the shots during the operation. In contrast, acting PNP chief Deputy Director General Leonardo Espina and Interior Secretary Mar Roxas, Aquino’s close ally, have both said they were unaware of the operation in Mamasapano town. Why did the President put his trust in a police official who was not even supposed to be performing his official duties for advice on this operation? Their longtime friendship may provide an explanation. ‘Invaluable’ connection In a speech after Purisima’s appointment to helm the PNP in December 2012, Aquino said he has an “invaluable” connection with the police official that dates back to 1987. Purisima was the commanding officer of the Presidential Group of the Presidential Security Group (PSG) at a time when the administration of President Aquino’s mother, Corazon, was being rocked by coup attempts. “Buhat noon, Read More …

Feb 022015
 
The 5 Types of Bad Drivers You Encounter in the Philippines

There’s a video making the rounds on social media of a Pinoy driver “teaching” other drivers how to turn the “beast mode” on while driving. Reactions to the video are (naturally) mostly negative with the one of the most common comment calling for authorities to revoke his license. In the video, you could see the driver getting into an argument with another driver who he bumped into then you could see him laughing at the camera after driving off and leaving the other driver. The driver in the video later apologised saying that his wife and child have been threatened because of the viral video. Bad drivers are out there and you encounter them every day on the road on your daily commute. Here are five types of bad drivers you see on the roads of the Philippines. Drivers Who Don’t Use Turn Signals Turn signals are a requirement for your car to be road worthy so drivers can’t really give an excuse that their turn signals are not working. Other drivers are not mind readers and can’t tell if you plan to change lanes unless you use your turn signal, so please, use your turn signal and let’s avoid accidents. Drivers Who Cut Other Cars Off That “beast mode” driver’s tutorial was about how to cut other cars off. Here’s a tip, DON’T follow his advice! Drivers who do this are bullies and are a hazard on the road. He bumped into another car in the video and got Read More …

Feb 012015
 
BSP seen likely to ease key policy rates

Bangko Sentral ng Pilipinas. INQUIRER.net FILE PHOTO AS LOW fuel prices keep inflation subdued, monetary authorities may start considering easing policy settings to give the economy as much room as it needs to grow. US financial giant JP Morgan last week said a hike in interest rates this year was by no means assured. The Bangko Sentral ng Pilipinas (BSP), JP Morgan said, may even go back to easing settings, which will benefit consumers. “Our economics team expects oil prices to … keep inflation in check. They penciled in [cuts] in the reverse repurchase [RRP] and special deposit account [SDA] rates in the second half,” the bank said in a note to clients over the weekend. “We think this bodes well for the country amid diverging global monetary policies and uncertainties surrounding expectations of a US Fed rate hike.” The bank’s statements come ahead of the BSP’s first policy stance meeting on Feb. 12. BSP Governor Amando M. Tetangco Jr. said a benign inflation outlook for 2015 would allow the central bank to keep rates steady. For January, the BSP said inflation would have decelerated to its slowest pace in over five years. The BSP’s main goal is to protect consumers’ purchasing power by keeping consumer prices stable. “The BSP enjoys great monetary flexibility, thanks to oil,” JP Morgan said in its note. The bank expects the BSP to cut SDA rates by 25 basis points. A similar cut may be in store for the main benchmark overnight borrowing rate Read More …

Feb 012015
 
Seniang-affected banks enjoy regulatory relief

MANILA, Philippines – The Bangko Sentral ng Pilipinas said it will be extending regulatory relief to banks affected by Tropical Storm Seniang which hit the country last December. The set of measures is aimed at helping banks and other financial institutions cope with the damage brought about by the typhoon to better assist their clients also devastated by the calamity. The central bank said in a statement banks qualified to apply for the relief are those located in Occidental Mindoro, Palawan, Antique, Capiz, Iloilo, Negros Occidental, Bohol, Cebu, Siquijor, Eastern Samar, Leyte, Northern Samar, Samar (Western Samar), and Southern Leyte. Those in the provinces of Zamboanga del Sur, Bukidnon, Camiguin, Lanao del Norte, Misamis Oriental, Compostela Valley, Davao del Norte, Davao Oriental, Agusan del Norte, Agusan del Sur, Dinagat Islands, Surigao del Norte and Surigao del Sur may also ask for regulatory relief. Seniang, which made landfall in the country last Dec. 28, killed 66 and injured 43. The government has estimated more than half a million persons were affected by the calamity. The weather disturbance also devastated P552.38-million worth of roads, bridges, and other infrastructure, and P719.21-million worth of crops, livestock, and agriculture facilities. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The relief measures, approved by the policymaking Monetary Board last Jan. 14, will allow thrift, rural, and cooperative banks to exclude the outstanding obligations of their borrowers in affected areas from the computation of past due ratios. The central bank will also allow the decrease of Read More …

Feb 012015
 
Filinvest ready to expand

FILINVEST Land Inc., the real estate arm of the Gotianun family from Cebu, is preparing a more aggressive expansion of its residential offerings next year as it seeks to further cement its mark in the affordable and middle-income housing market segments. With an estimated land bank of over 2,400 hectares, FLI President and Chief Executive Officer Josephine Gotianun-Yap said the company has planned further expansions in Mactan and in the cities of Cebu, Dumaguete and Iloilo. In a press release, FLI said it will also ramp up residential offerings in northern Luzon and through project launches in Taguig, Pasig, Valenzuela, Paranaque, Cavite, Binondo and Manila. “FLI has one of the largest land banks among the listed property companies. We have enough land to sustain projects for over 10 years,” Gotianun-Yap said. Bulk in development She said the Filinvest Group’s housing portfolio is still the “bread and butter” of the company, even with its diversification into other real estate businesses such as hotel developments and investments in power generation, financial service, sugar farming and milling. She said 70 percent of FLI’s income is still derived from development projects, while 30 percent comes from rental or recurring income projects. In Cebu, the company continues to develop and market properties at Amalfi Oasis and Sanremo Oasis at SRP and One Oasis in Kasambagan, residential options at Escala in Corona del Mar in Talisay City, as well as Aldea de Sol and Seascapes in Mactan. “Filinvest is one of the country’s top and largest Read More …

Feb 012015
 
Palace denies report that Deles stopped Aquino from sending reinforcements to Mamasapano

Malacañang on Sunday denied a news report that Office of the Presidential Adviser on the Peace Process (OPAPP) Secretary Teresita Deles stopped President Benigno Aquino III from sending reinforcements to help government troops trapped in a firefight with Moro Islamic Liberation Front (MILF) members and Bangsamoro Islamic Freedom Fighters (BIFF) in Maguindanao last week. “Wala pong batayan ang pahayag na ‘yan. Mainam na sa kasalukuyan ay umiwas na lang po tayo sa mga haka-haka at purong espekulasyon na walang batayan,” Presidential Communications Operations Office Secretary Herminio Coloma Jr. said in a press briefing over state-run dzRB. According to a report by The Daily Tribune, Deles advised the President not to call the Armed Forces of the Philippines to ask for reinforcements for the Philippine National Police-Special Action Force (PNP-SAF) team that was sent to Maguindanao to serve arrest warrants on two terror suspects last week. The OPAPP also denied the allegations in a statement posted on its Facebook account on Sunday. “There is NO TRUTH whatsoever, as alleged by the Daily Tribune in its news story ‘Noy held back on order to reinforce SAF – source’ that came out in its 30 January 2015 issue, that the President called Secretary Deles early in the morning on Sunday, 25 January 2015, to ask her to call the MILF to withdraw its forces,” OPAPP Communications Group Team Leader Polly Cunanan said in the post. “President Aquino did not call Secretary Deles and, accordingly, there is no truth to the further allegation by Read More …

Jan 312015
 
FBI says it had no prior knowledge of Philippine raid that killed 44 police

WASHINGTON – The FBI had no prior knowledge of a police raid in the Philippines last Sunday to arrest wanted militants that went awry and left more than 44 police dead, an FBI spokesman told Reuters on Saturday. Philippine media had reported that the FBI helped orchestrate the raid, which targeted Zulkifli bin Hir, an Islamic militant on the U.S. law enforcement agency’s list of “most-wanted terrorists.” — Reuters

Jan 312015
 
Write about importance of  OFWs and win P25,000

For the education and increased awareness of Filipino students regarding the roles and importance of overseas Filipinos in the future of the Philippines, Dr. Celia Lamkin, chair of the US Pinoys for Good Governance (USP4GG) Marianas chapter (Commonwealth of the Northern Mariana Islands and Guam), has launched an essay contest for high school and college students in December 2014. In 2012, the Commission on Filipinos Overseas (CFO), a government agency under the Office of the President of the Philippines, headed by Secretary Imelda Nicolas, estimated that approximately 10.5 million Filipinos worked or resided abroad. The contest is open to all Filipino students or of Filipino descent in the Philippines or overseas, from 10 to 25 years old who are enrolled in high school and college. The deadline for submission of the essay entries has been extended to Feb. 8, 2015. Entries should be submitted by e-mail only at overseasfilipinosessay@yahoo.com. The theme of the essay is “The Overseas Filipinos and their impact on the Philippines.” The essay should focus on: The contributions of overseas Filipinos to the economy of the Philippines. The importance of the participation of overseas Filipinos in the Philippine elections. What are the social risks that the children and families of overseas Filipinos face due to long years of separation or long distance relationships? Why are the overseas Filipinos called the “new heroes” of the Philippines? Please describe the traits of overseas Filipinos which make them unique as global immigrants and overseas Filipino workers. The essay must be Read More …