February 2013 – Page 4

Gokongwei Group expands in Visayas

Economy

Feb 272013

MANILA, Philippines – Tycoon John Gokongwei Jr., named recently as an adopted son and honorary mayor of Bacolod City, is expanding his portfolio in the Visayas. This as Universal Robina Corp. (URC), the food manufacturing arm of Gokongwei-led conglomerate JG Summit Holdings Inc., will add value to its sugar mills in the region. Specifically, the company will put up an ethanol plant and power facilities in its sugar milling complexes in Negros Oriental and Negros Occidental, respectively, and operate a newly-acquired sugar mill also in the province to support the region’s booming economy. Gokongwei announced the projects last week in Bacolod, where he was named Honorary Mayor and Adopted Son by City Mayor Evelio Leonardia as part of the Bacolaodiat celebration of Chinese New Year. To date, the conglomerate has three sugar mills in the Visayas: Manjuyod in Negros Oriental, Kabankalan City in Negros Occidental and Passi City in Iloilo. “We recently bought a sugar mill in Tolong, Negros Oriental to add to our growing list of sugar mills,” said Gokongwei, chairman emeritus of JG Summit. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “And we are still thinking of more ways to partner with the region in its progress,” he added. URC is putting up ethanol and power plants using by products of sugar milling. In January, URC secured shareholders’ approval to enter the power generation business for the first time through a $60-million power plant in its sugar mill that will start commercial operations in 2014. Outside Read More …

Gov’t warns of another power crisis

Economy

Feb 272013

MANILA, Philippines – The power crisis that hobbled Mindanao last year may recur if the region’s baseload capacity is not increased soon, a government think tank said. Based on a study conducted by the Philippine Institute for Development Studies (PIDS), the Mindanao power crisis may stage a comeback in this year’s and next year’s summer season given that there had been no additions to the baseload capacity. Baseload capacity refers to the generation units normally used to meet power demand round-the-clock. PIDS senior research fellow Adoracion Navarro said in the summer of 2012, Mindanao experienced a crippling power crisis, which revealed the shoddy and fragmented state of energy infrastructure in the region as well as in the whole country. Entering another summer period, attention is again rising because of the precariously low power supply, which is feared to put a brake on economic development. “Businesses, for instance, have voiced concerns that the country’s energy situation may slow down and even stunt the country’s economic growth,” Navarro said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Consolidated forecasts for electricity demand for the period 2010-2019 show an annual average demand growth of 4.28 percent in Mindanao, which is higher than the national rate of 3.63 percent for the same period. The Mindanao grid at present has 37.31-percent baseload generating capacity, a far cry from Luzon’s 63.94 percent and Visayas’ 71.88 percent, based on 2012 data from the Department of Energy (DOE). Mindanao’s generating capacity is also heavily dependent on hydropower, Read More …

Mla Water posts 28% income hike

Economy

Feb 272013

MANILA, Philippines – Manila Water has reported a 28 percent year-on-year increase in its net income to P5.44 billion for 2012 on higher billed volume. In a financial statement filed at the local bourse, the company said its revenues grew 21 percent to P14.55 billion, while its core income rose 27 percent to P5.72 billion. The company’s total billed volume for 2012 was placed at 579.4 million cubic meters, up by 39 percent year-on-year. The East zone concession area, which is the company’s main income source, accounted for 427.3 million cubic meters of the billed volume, up four percent from the previous year. The firm’s earning before interests, taxes, depreciation and amortization (EBITDA), rose 29 percent to P10.54 billion. Other concessions that contributed to the company’s billed volume are its subsidiaries Laguna Water Co., Boracay Island Water Co. and Clark Water Corp. The company last year acquired the Thu Duc Water Boo Corp. in Vietnam. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The East zone concession area covers the cities of Marikina, Pasig, Makati, Taguig, Pateros, Mandaluyong, parts of Quezon City, parts of Manila and towns in Rizal province. As of end- 2012, the East Zone concession area had 896, 148 service connections comprising domestic, commercial and industrial customers, up five percent year-on-year. In the fourth quarter of 2012, Manila Water installed 37, 120 new domestic service connections and 1, 047 commercial and industrial clients. For 2012, the company’s operating expenses rose 22 percent to P4.38 billion as Read More …

SC clears media, finds Ampatuan trial prosecutor guilty of contempt

News

Feb 272013

SC clears media, finds Ampatuan trial prosecutor guilty of contempt

The Supreme Court has cleared several journalists of indirect contempt for their article on the disbarment complaint against one of the defense lawyers in the high-profile Maguindanao massacre case. At the same time, the high court found a prosecution lawyer in the case guilty of indirect contempt for distributing copies of the complaint, which it said was supposed to be confidential, against Philip Sigfrid Fortun to the media. In a 16-page decision, the court ordered private prosecutor Prima Quinsayas to pay P20,000 in connection with the filing of the disbarment case on November 22, 2010. “As a lawyer and an officer of the Court, Atty. Quinsayas is familiar with the confidential nature of disbarment proceedings. However, instead of preserving its confidentiality, Atty. Quinsayas disseminated copies of the disbarment complaint against petitioner to members of the media which act constitutes contempt of court,” the Supreme Court said. Fortun is a legal counsel for members of the Ampatuan family who are implicated in the massacre of 58 people, including over 30 journalists, in Maguindanao on November 23, 2009. Quinsayas has yet to comment on the ruling, saying she has yet to receive a copy of it. “I’ll have to read the SC decision first before I can make a sensible response,” she told GMA News Online. In its ruling, the Supreme Court said that as a complainant and a lawyer, Quindayas was bound by Section 18, Rule 139-B of the Rules of Court, which maintains the confidentiality of a disbarment case until Read More …

Comelec chief Brillantes: Getting source code still slim

News

Feb 272013

Comelec chief Brillantes: Getting source code still slim

Elections chairman Sixto Brillantes Jr. on Wednesday said the poll body is in the last part of its negotiations with Dominion Voting Systems, but he admitted that the chance of getting the source code remains slim. “I’m still waiting. I’m still in negotiation with Dominion. Hopefully, something happens before the first week of March,” Brillantes told reporters. “We are already on the last part of negotiations. (I am) not very much (optimistic). I would say at this point, it’s about 50-50,” he added. The source code is still with the SLI Global Solutions, which tested it and certified it as ‘functionally capable.’ SLI, however, cannot release it without a go-signal from Dominion which is in a legal battle with Smartmatic. “The only pending lang is whether we can ask SLI to bring the source code here so that it can be reviewed by parties and interested groups. Right now, we already announced that we are having difficulty because Dominion does not want to give the go signal for SLI to bring it here,” he said. Dominion wants Smartmatic to pay $10 million for using the former’s technology during the 2010 polls. Brillantes earlier offered to put the money in escrow. But Brillantes reiterated that with or without the source code review by political parties, “we will proceed with the automated elections.” “Whether we get it or not, we already have the binary code. This is regardless of the presence of the source code. Meron namang source code, hindi Read More …

BIR's January 2013 collections up by 11.27%

Economy

Feb 272013

BIR's January 2013 collections up by 11.27%

MANILA, Philippines – The Bureau of Internal Revenue’s collections for January rose by 11.27 percent or P9.59 billion year-on-year, the state agency reported on Wednesday. BIR said it collected P89.03 billion from its operations and P5.71 billion from non-BIR operations for a total of P94.74 billion worth of tax revenues collected in January 2013. The agency collected P85.15 billion in January last year. BIR Commissioner Kim Henares earlier said the agency is aiming to collect P1.25 trillion this year after missing last year’s target by a small margin. BIR has also unveiled 26 major projects to ensure that it will sustain a positive growth in its collections.

Comelec to ask Maceda to explain 'raffle' during Kabaka meeting

News

Feb 272013

Comelec to ask Maceda to explain 'raffle' during Kabaka meeting

Another senatorial candidate, this time from the United Nationalist Alliance, could get into trouble with the Commission on Elections for allegedly holding a raffle and offering P500 as a prize. Comelec chairman Sixto Brillantes Jr. on Wednesday said the poll body will be sending a letter to senatorial candidate Ernesto Maceda asking him to explain the raffle he held during the Kabalikat ng Bayan sa Kaunlaran (Kabaka) meeting in Manila last Tuesday. A video taken by GMA News showed Maceda, together with re-electionist Rep. Amado Bagatsing and candidate for councilor Ali Atienza, announcing a raffle to the members of Kabaka with a pile of P500 bills on the table. Maceda called out names but did not give the cash. He also announced his number on the May election ballot. The video was shown to Brillantes and lawyer Esmeralda Ladra, Comelec law department head. “Merong statement na parang may nagra-raffle at may perang involved, therefore we don’t really know kung ano ang circumstances, we have to investigate him, just to check kung anong nangyari. So to be fair to the candidate, we have to write him a letter so he can explain,” said Brillantes. He said he will make a conclusion and determine what course of action to be taken once he gets Maceda’s explanation. “Initially, there appears to be something wrong, it is a ground for us to investigate further the details. We always [give] a chance to the candidate because the penalty is serious, he could get disqualified as Read More …

Sultan’s brother open to ‘peaceful’solution

News

Feb 262013

Sultan’s brother open to ‘peaceful’solution

SABAH STANDOFF Conflict puts 800,000 Filipinos in danger, says Roxas By Frances Mangosing, Maila Ager INQUIRER.net 1:54 pm | Wednesday, February 27th, 2013 The heirs of the Sultan of Sulu: (seated from left) Rajah Mudah Agbimuddin Kiram, Sultan Jamalul Kiram III, Sultan Bantilan Esmail Kiram II and (standing from left) Datu Alianapia Kiram, Datu Phugdal Kiram and Datu Baduruddin Kiram. CONTRIBUTED PHOTO MANILA, Philippines – The brother of the sultan of Sulu said his group in Lahad Datu town in Sabah was open to negotiate with the Malaysian government just to have a “peaceful” solution to the Sabah standoff. “Yes. Talagang peaceful negotiation ang kailangan…so long as our rights will not be taken away from us. Negotiation talaga ng gusto namin,” Raja Muda Agbimuddin Kiram told Radyo Inquirer 990AM on Wednesday when asked if they were open to negotiations. “Kailangan namin ng ganun, peaceful. We have to renegotiate in a peaceful way,” said Raja Muda, brother of Jamalulu Kiram III. Raja Muda said the standoff could be resolved peacefully “so long as there is no betrayal, so long as they are sincere with the negotiation.” His statements came just a day after Sultan Jamalul rejected President Benigno Aquino III’s call to withdraw the armed group in the disputed land or “face the full force of the law.” Raja Muda said they were ready to listen to the President and accept his views if they think these were right. Unfortunately, the sultan’s brother did not agree with the President’s claim that they may have violated Philippine laws when they refused to leave the land. “As President and chief executor of our laws, I have tasked an investigation Read More …

Rights, recognition key to solving Sabah standoff — Sultan's wife

News

Feb 262013

Rights, recognition key to solving Sabah standoff — Sultan's wife

Sulu sultan scoffs at PNoy’s warning, remains defiant. Sitti Krishna Idjirami (left) sister of Jamalul Kiram III (center), the 74-year-old Sultan of Sulu, and Crown Prince Bantillan Kiram (right) speak at a press conference in Manila on Tuesday. President Benigno Aquino III has warned Jamalul Kiram III that he would face the ‘full force of the law’ if he did not withdraw his gunmen from Sabah, Malaysia, but the elderly ruler remained defiant. AFP/Ted Aljibe Proper recognition as rightful owners of Sabah and a stop to human rights abuses allegedly committed on some of the Sultan’s followers are among the factors that could lead to the resolution of the ongoing standoff there, according to the wife of Sulu Sultan Jamalul Kiram III. “The Sultanate of Sulu wanted only the recognition that the property belongs to the Sultanate of Sulu, number one,” said Princess Fatima Kiram, who is also the Sultan’s spokesperson, in an interview on GMA News TV’s “News to Go” on Wednesday. Hundreds of Kiram’s followers, some of them reportedly armed, remained holed up in Sabah even after the Tuesday midnight deadline set by Malaysia lapsed and despite an appeal from President Benigno Aquino III for them to leave the place. During the interview, Fatima expressed the desire of their followers to be treated “like other Muslim brothers” and to benefit from the “fruits” of the land. “For how many years, centuries na nga yata, na pinakikinabangan nila itong lupain na ito, at ang fruit ng aming lupain ay Read More …

Phl, emerging markets await US decision on spending cuts

Economy

Feb 262013

Phl, emerging markets await US decision on spending cuts

MANILA, Philippines – Hopes are high that leaders in the United States will strike a deal to stop spending cuts from taking effect Friday, an event that could trigger heightened risk aversion in the emerging markets like the Philippines, the central bank said. “Given what transpired at year-end, most analysts have probably not factored in ‘sequestration’ (or the automatic spending cuts) in their baselines,” Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco, Jr. said. “As in the past, I think we can expect heightened volatility in the market in the run up to March 1,” he said in a text message to reporters Tuesday night. US lawmakers found themselves pitted against each other anew, two months after dodging the “fiscal cliff”— the $600-billion spending cuts and tax rises— by choosing to hike income taxes to generate revenues. They however left decision on disbursement cuts, choosing to extend the leeway by another 60 days which is bound to end Friday midnight, Washington time. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 A total of $85 billion worth of cuts could kick in immediately, affecting government services and employee payrolls, seen detrimental to the still-fragile US economy. On Tuesday, the BSP chief said the market would evaluate how the US would act to avert a looming budget problem. “Again, what we could see in the market is a move to safe haven. But what that safe haven is would depend on risk appetite at that point,” Tetangco said. “Given the US Read More …

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