CAGAYAN DE ORO — The regional office of the Department of Tourism (DoT-10) has intensified its drive to promote eco-tourism sites in Northern Mindanao.
Feb 072013
Feb 072013
By Tonette OrejasInquirer Central Luzon 6:03 am | Friday, February 8th, 2013 Marissa Lapid with husband, Sen. Manuel “Lito” Lapid CITY OF SAN FERNANDO, Philippines—A judge in Las Vegas, Nevada, has turned down the request of the wife of Sen. Manuel “Lito” Lapid to live in the Philippines as she serves three years of probation for dollar smuggling and reporting violations, an Inquirer source said. Last Monday’s ruling by United States Magistrate Judge Peggy Leen denied Marissa Lapid’s request to live in the Philippines while on probation, said the source who was inside the courtroom when the sentence was handed to the senator’s wife. The sentence came more than a year after the Department of Homeland Security found $40,000 in her luggage when she entered Nevada in November 2011. She pleaded guilty in a plea bargain. Probation Aside from the probation that comes with travel restrictions, the sentence includes a five-month home confinement for which she was required to continue wearing an ankle bracelet that electronically tracks her location, according to reports quoting the spokesperson of Nevada US Attorney Daniel Bogden. The source explained this “means she can’t travel and has to report to an officer of the court in a supervised release system for three consecutive years, usually once a month.” The source declined to be named, citing future work in the Philippines. “There is usually a fine and an additional sentence of time served or added as possible total time to serve if they fail to adhere to Read More …
Feb 072013
By Michael Lim Ubac, Paolo G. MontecilloPhilippine Daily Inquirer 5:58 am | Friday, February 8th, 2013 President Aquino approved Thursday, Feb. 7, 2013, the salvage operations plan submitted by the US Navy to use floating cranes to lift piece by piece its stranded minesweeper out of the Tubbataha Reefs in the Sulu Sea. AP PHOTO MANILA, Philippines—President Aquino approved Thursday the salvage operations plan submitted by the US Navy to use floating cranes to lift piece by piece its stranded minesweeper out of the Tubbataha Reefs in the Sulu Sea. In a statement, Transportation Secretary Joseph Emilio Abaya said, “We have carefully reviewed the US Navy’s salvage operations plan and we were assured that among their priorities is to have no further damage to the Tubbataha Reefs.” He said the DOTC had “considered several factors and imposed certain conditions before we gave clearance for the US Navy and commercial salvors it has commissioned to undertake the dismantling and vertical removal of the grounded US ship.” “It was presented to [President Aquino] by Secretary Abaya and he has approved it,” said Communications Secretary Ricky Carandang at a briefing in Malacañang. After getting the President’s approval, Abaya promptly issued a statement to formally announce the government’s acceptance of the salvage plan. Asked if the plan had been modified in any way following discussions between Philippine and US officials, Carandang said the salvage plan was approved “as presented” by the US Navy. He said the plan would follow “a general timeframe,” but declined Read More …
Feb 072013
MANILA, Philippines – The government has postponed anew the bidding for the P15.5-billion Ninoy Aquino International Airport expressway project to give interested companies more time to finalize their bid documents. Cosette Canilao, executive director of the PPP Center, told reporters on the sidelines of the groundbreaking of the Harbor Link project at the North Luzon Expressway (NLEX) that the deadline for the submission of bids for the NAIA expressway project has been moved to April 8 instead of Feb. 24. Canilao said the deadline was extended upon request of the pre-qualified bidders for more time to prepare their documents in light of the holidays during the Holy Week at the end of March. “They needed more time,” she told reporters. The Department of Public Works and Highways (DPWH) has set the deadline for the submission of bids on Feb. 26 while the notice of award has been scheduled in April. The government originally set the bidding in June 2012 but postponed it to this year to give interested parties more time to finalize their bids. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Canilao said four groups that prequalified for the bidding include diversified conglomerate San Miguel Corp., Metro Pacific Investments Corp. of Hong Kong’s First Pacific, publicly-listed conglomerate Ayala Corp., and Indian-owned M/S IL and FS Transportation Network. Prior to pre-qualification, a total of 13 firms including DM Consunji, EEI Corp., Megawide Construction Corp., Macquarie Capital Securities, EGIS Projects, Alloy MTD Philippines, J.E. Manalo Construction, Daelim Philippines and Read More …
Feb 072013
UP economist Noel de Dios has a good idea on how to get more inclusive growth: get big business deeply involved in the fight against poverty. Since the bulk of our poverty stricken population are in the rural areas, get big business involved in agriculture. Noel, in a recent Business World column, argues his point: “A leap in productivity and incomes among today’s poor can come only by linking them with those who already possess exceptional access to knowledge and resources. If one speaks of agriculture, for example, this cannot be done without inducing major corporate businesses – those already inserted in national and global value-chains – to enter agriculture in a big way and include the poor in their plans.” Indeed, all the Corporate Social Responsibility activities of the large corporations are only self serving feel good press releases unless the outcome makes dramatic transformations in the lives of those at the bottom of the pyramid. As Noel puts it, “only large infusions of capital, technology, and market intelligence from the private sector can transform the conditions of the poor today.” But Noel knows things are always easier said than done specially in this country. Thus, he points out that “for all this to occur, difficult questions must first be answered: What policies and regulations hinder the entry of private capital and technology in agriculture? (Here one must wonder what hinders conglomerates like Metro Pacific, San Miguel, SM, and Ayala from becoming more involved in commercial agriculture rather than Read More …
Feb 072013
MANILA, Philippines – The Securities and Exchange Commission (SEC) has yet to approve the rules that will govern the listing of exchange-traded funds (ETFs). “Still under discussion,” SEC commissioner Ma. Juanita E. Cueto said in a text message when asked if corporate regulators have approved the guidelines. The SEC was scheduled to meet on Feb. 6 to deliberate on the proposed listing rules for the new investment instrument. An ETF is defined as a security that monitors the index, a commodity of assets like an index fund, but trades like a normal stock in an exchange. Late last month, the Philippine Stock Exchange (PSE) submitted to the SEC its proposed rules that will govern the listing and trading of ETFs after it gathered public comments. At least three firms, First Metro Investment Corp. of the Metrobank Group, Sy-led BDO Unibank Inc. and Bank of the Philippine Islands of the Ayala conglomerate have expressed plans to offer ETFs. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 PSE president and CEO Hans B. Sicat earlier said ETFs will provide several advantages and investment options to investors including liquidity, especially for those who cannot directly access specific sectors in the market due to a country’s specific regulatory environment. The creation of an ETF would allow investors more investment options aside from the existing stocks in the market. The proposed ETF listing rules, which is governed by the general ETF guidelines issued by the SEC in October, provides for transparency and investor safeguards Read More …
Feb 072013
MANILA, Philippines – The Philippines needs to generate between three to four million new jobs yearly if it is to eradicate poverty by 2016, the country’s chief economic planner said. “That means new investments worth $3 billion a year,” Socioeconomic Planning Secretary Arsenio M. Balisacan said in a briefing yesterday. He said the labor force is growing by one to 1.1 million a year, while roughly a million Filipinos enter the employment force every year, on top of is the existing 10 million unemployed and underemployed. “So the employment generating capacity must grow faster than the labor force,” Balisacan, who is also director general of the National Economic and Development Authority (NEDA), said. Half of those joining the work force are aged 15 to 34 years, or equivalent to 46 percent of the employed population. To be able to generate the huge number of jobs, government must focus to the sectors with the inherent ability to create jobs. Among the favored sectors are tourism, agriculture, manufacturing outside of the electronics and semi-conductor industry, construction and infrastructure. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “We need to sharpen on our focus on sectors that generate jobs. We estimate that if we can get the sectors, mainly the private sector, to bring in $3 billion in new investments,” he said. The economic planning chief said that it is likewise a prerequisite to overcome certain constraints, especially the poor infrastructure situation, which includes power and connectivity, meaning roads, railways, air and Read More …
Feb 072013
MANILA, Philippines – Local share prices rebounded yesterday, bucking the cautious trading in Asian markets ahead of a European Central Bank’s policy meeting. The Philippine Stock Exchange index rose 0.45 or 28.64 points to close at 6,459.99, recovering from a profit taking spree a day ago as investors picked second liners. The broader all shares index gained 0.61 percent or 24.75 points to 4,062.70. Investors reallocated investments in favor of second liners that might benefit from the continued low interest rate environment and market liquidity, Freya Natividad, investment analyst at brokerage firm 2Trade-Asia.com, said in a phone interview. Local fundamentals shielded the country from worries in neighboring markets, Natividad said. In Asia, the trading day was marked by cautiousness as investors waited for the results of the ECB policy meeting. Investors also watched out for indications on the economic growth of the European economic bloc. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Japan’s Nikkei 225 lost 0.93 percent or 106.68 points to 11,357.07 while the Hong Kong’s Hang Seng index declined 0.4 percent or 79.93 points to 23,177. On Wednesday in Wall Street, the Dow Jones industrial average inched up 0.05 percent or 7.22 points to 13,986.52 while the broader Standard & Poor’s 500 index barely rose 0.05 percent or 0.83 points to 1,512.12. The market also awaited the ECB policy meeting.
Feb 072013
A respondent in the syndicated estafa cases filed against officials of the Aman Futures Group Philippines on Thursday asked the Department of Justice (DOJ) to be formally admitted as state witness in the case. Donna Coyme told a DOJ preliminary investigation that she is ready to divulge whatever she knows about the company and its founder, Manuel Amalilio. During the proceedings, Coyme denied being an officer of the Aman Futures Group. “Investor lang po ako dun. Napagkamalan lang po ako na officer kasi araw-araw po ako nandun sa mga Luna, dahil tutor ako ng mga anak nila,” she told the DOJ panel, referring to company president Fernando Luna and his wife Nimfa. “I have an idea of what was going on because I was in their (Lunas’) house every day,” she added when asked on what her possible testimony will be about. She also said she never saw Pagadian Mayor Samuel Co, another respondent in the case, in the Aman Futures office. Coyme said the company used the Lunas’ house as its headquarters. Her statement ran contrary to Mr. Luna’s claim that he was just Amalilio’s driver who was asked to stand as company president. Amalilio is currently serving a two-year sentence in Malaysia after he was caught in possession of a fraudulent passport and ID. He went to Malaysia after news broke out of his firm’s alleged illegal activity. Aman Futures is accused of defrauding thousands of investors through a so-called “Ponzi Scheme,” in which the firm misrepresents itself Read More …
Feb 072013
President Benigno Aquino III used a Liberal Party event in Cavite province on Thursday to take a swipe at politicians who he said are just pretending to be allies of the administration, a report on “24 Oras” said. “Paalala lamang po, asahan na po ninyong may mga nagpapanggap at may mga nakikisakay diumano sa ating krusada,” he said in his speech without giving names. “Matuto po tayong kumilatis ng mga susunod na lider ng bansa upang matiyak na aarangkada tayo sa katuparan n gating mga pangarap at hindi na kailanman lumihis pa,” he added. At one point, the president even said the electorate should not take their chances on “agimat” or “anting-anting (amulets)” — a statement that could be construed as referring to Sen. Ramon Bong Revilla Jr. and his family. “Huwag po tayong umasa sa tsamba o sa agimat o anting-anting,” Aquino said. Aquino gave the speech days after the opposition party Lakas-CMD said it is eyeing Revilla, an actor known in some of his popular movies as “Agimat,” as its standard bearer in the 2016 presidential election. Cavite is a known bailiwick of the Revilla political clan. Revilla’s father, Ramon Revilla Sr., is a former actor and senator popularly known for his movies about amulets. His wife, Lani Mercado, is the incumbent congresswoman of Cavite’s second district while his son, Jolo Revilla, is running for vice governor in the May elections. The “24 Oras” report by Theresa Andrada said Sen. Revilla did not directly comment on Aquino’s statement Read More …