April 2013 – Page 5

BSP keeps policy rates steady

Economy

Apr 252013

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) kept its benchmark interest rate steady at a record low of 3.5 percent yesterday, while cutting the rate on special deposit account (SDA) by another 50 basis points to boost economic activity and contain the peso’s strength. Key policy rate was maintained at its record low of 3.5 percent for overnight borrowing and 5.5 percent for overnight lending, but SDA rates were cut by 50 basis points to two percent across all tenors. The cut was “effective immediately,” BSP Deputy Governor and officer-in-charge Nestor Espenilla Jr. said. The central bank has eased rules on foreign exchange transactions to spur dollar buying and contain the peso’s strength as it expects more capital inflows after the country’s first-ever promotion to investment grade status in March, and with other rating agencies seen following suit later in the year or next year. SDAs are fixed-term deposits of banks and their trust departments with the central bank with maturities of one week, two weeks and one month. This was the third time SDA rates were cut, following reductions of 50 basis points each in January and March. “The Monetary Board’s decision to maintain the policy interest rates at their current levels is based on its assessment that the inflation environment is likely to remain manageable,” Espenilla told reporters. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Inflation is seen to settle at 3.2 percent this year, slightly lower than the 3.3 percent forecast in March Read More …

BOC inks pact with Dutch counterpart

Economy

Apr 252013

MANILA, Philippines – The Bureau of Customs (BOC) has signed an agreement with its counterpart agency in the Netherlands to boost trade, border control and protection between the two countries. Customs Commissioner Ruffy Biazon said the agreement is intended to strengthen the application of customs laws and enhance information sharing between the two countries as part of their fight against smuggling. The accord opens up the communication line between the Customs agencies of the Philippines and the Netherlands in terms of addressing the problems on cross-frontier trafficking of illicit goods ranging from narcotic drugs, hazardous goods, endangered species and other contraband commodities that could pose danger to society. The most salient feature of the agreement is the establishment of a working co-operation between the two countries in putting-up the parameters for the accurate valuation and assessment of customs duties and taxes on all goods shipped between the Philippines and the Netherlands. The agreement has practically tightened the customs operational procedures between the Philippines and the Netherlands, eventually translating in more revenue collection for all trade between the two countries. Apart from border protection, Biazon said the mutual cooperation is part of the BOC’s overall plan to enhance the country’s trade facilitation with the global economy and regain public’s trust in the agency. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Just recently, the Philippines and Russia signed an agreement on mutual administrative assistance in customs matters. The landmark agreement would establish the connectivity of the two customs administrations in Read More …

Japan QE has neutral impact on Phl

Economy

Apr 252013

MANILA, Philippines – The Philippines has a “neutral” exposure to Japan and the continued monetary easing on the world’s third largest economy would not likely result into excessive capital flows, the Bank of America-Merrill Lynch (BofA-ML) said in a report released yesterday. Quantitative easing (QE) from Japan may impact on Asia through exchange rates, reflation and portfolio inflows or hot money, BofA-ML. “Japan’s QE impact is more neutral for China, India, Indonesia and the Philippines,” the investment bank said. Japan is trying to boost its economy by embarking on a multi-billion yen asset purchase program known as QE to swamp the economy with money and in the process boost consumer spending to achieve inflation and growth. On the flipside though, lower rates tend to shun investors who then flock to other markets for better yields. This results into more capital inflows and, among others, more exchange rate pressures. In the Philippines, the effect is seen “neutral,” with BofA-ML noting that only 2.8 percent of total investments to bonds and equities in the country came from Japan for the past seven years. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Japanese foreign direct investments (FDI) in the Philippines accounted for only 0.3 percent of the total, the bank pointed out. The figures were lower compared with other Asian countries in BofA-ML radar. Singapore, with 30.8 percent of hot money coming from Japan, would likely experience a flood of bond and equity inflows. Vietnam, on the other hand, would likely benefit Read More …

Honda Phl to sell hybrid cars this yr

Economy

Apr 252013

MANILA, Philippines – Honda Cars Philippines Inc. (HCPI) will start selling hybrid vehicles in the country with the introduction of the CR-Z sport hybrid coupe this year. In a statement yesterday, HCPI president and general manager Tatsuya Natsume said the firm decided to introduce the CR-Z this year following inquiries about the sale of the vehicle model after it was displayed at the 4th Philippine International Motor Show held last year. “Even after that, we are still getting inquiries online, at our dealer showrooms and various display events. This scenario gives us the confidence that the Philippine market will warmly welcome the all new CR-Z when it arrives in August, exactly a year after its concept was shown,” he said. He declined to say how many units the firm aims to sell per month. “This is the first time that we will be introducing this model in the Philippines so we have no data to compare it with as of the moment,” Natsume said in an email. The CR-Z which stands for “Compact Renaissance Zero” was developed to fuse two ideas: sport and ecology. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The vehicle uses a 1.5-liter i-VTEC engine as the main source of power with an electric motor, Honda’s Integrated Motor Assist (IMA) which enables drivers to have a responsive driving experience as well as achieve fuel efficiency. The CR-Z, which would come in both manual transmission and continuously variable transmission with paddle shifters, would be available in Read More …

AboitizPower to build 2 more hydro plants

Economy

Apr 252013

AboitizPower to build 2 more hydro plants

MANILA, Philippines – AboitizPower subsidiary Hedcor is adding two more hydropower plants in its portfolio, a move seen to help curb the ongoing power crunch in Mindanao. The company yesterday announced that it would be building two cascading plants in Bukidnon, which would be tapping power from the Amusig, Guihean and Tanaon rivers. The first plant, the Manolo Fortich Hydro 1 will have a capacity of 35.2 megawatts while the second plant, the Manolo Fortich Hydro 2 will generate 16.4 MW. The two plants combined can produce a total of almost 300 million kWh a year, Hedcor said. The projects have received support from the local government of Impasug-ong and the barangay chairman of Guihean, which are both in Bukidnon. The local officials called on local residents to support the hydro investor in their community during the official signing of the Memorandum of Agreement (MOA) among the local officials and the AboitizPower subsidiary, Hedcor on the project. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Hedcor needs the full support of the community, we have to ensure the safety of our investors against any unfavorable incident. The project will help ease the power crisis in Mindanao,” said Impasug-ong Mayor Mario Okinlay said. He said the community needs Hedcor’s additional capacity to reduce the brownouts they currently experience in their area. Hedcor vice president for business development Boy Jabonillo said the company strives to bring inclusive growth to the host communities by helping them with sustainable social development programs. Other Read More …

Cardinal Tagle joins calls for return of activist Jonas Burgos

News

Apr 252013

Cardinal Tagle joins calls for return of activist Jonas Burgos

Manila Archbishop Luis Antonio Cardinal Tagle on Thursday joined calls to surface political activist Jonas Burgos, who has been missing since 2007. In his homily at a Mass in Manila, Tagle warned the perpetrators that if they are afraid to face a civil court, they should be more afraid of God’s judgment. “I’m calling on those holding Jonas and many others who are being searched by their mothers, fathers and siblings, you will face God. You must face God now,” he said in his homily, excerpts of which were posted Thursday night on the Catholic Bishops’ Conference of the Philippines news site. Tagle led a Mass in Manila’s Quiapo district to mark the sixth year of Burgos’ disappearance. Among those who attended the Mass were Burgos’ relatives, friends and colleagues. “Now in this gathering we continue to pray for our brother Jonas Burgos [because] we are one with his family, his mother and his friends,” the prelate said. Burgos was forcibly taken by armed men near a mall in Quezon City in broad daylight on April 28, 2007. His mother Edita still believes Jonas is alive. She welcomed Tagle’s support, which she said is a boost to their campaign against enforced disappearances and human rights abuses. “He’s really a big help because he took time out because I know how busy he is. He is a friend from the past but I know he will do everything just to be with us, the families of desaparecidos,” she said. — BM, Read More …

Comelec adds 7 provinces to 'areas of concern', assures smooth polls

News

Apr 252013

Comelec adds 7 provinces to 'areas of concern', assures smooth polls

Following the Comelec’s decision to place Misamis Oriental on its list of areas of immediate concern, Comelec Commissioner Sixto Brillantes on Thursday revealed that at least six more provinces had also been put on the list. “Oo, may nadagdag,” Brillantes said in a joint press conference with the Philippine National Police and the National Telecommunications Commission in Camp Crame. He refused to reveal which provinces were being closely watched, but assured the public that police presence will be intensified in those areas. Earlier, Comelec declared 15 provinces were being monitored, similar to the list prepared by the PNP and the Armed Forces of the Philippines. Brillantes revealed that the 15 areas were historically where election-related crimes have taken place. Misamis Oriental was elevated to an area of immediate concern last Tuesday following the ambush on Gingoong Mayor Ruth Guingona over the weekend. “Pag sabihin nating Masbate, Sulu, alam natin yan are always areas of concern. Dahil inambush yung Mayor [sa Gingoog] naging area of immediate concern, magpadala ka ng augmentation group,” Brillantes said., The New People’s Army has since claimed responsibility for the attack, an additional reason why the Comelec elevated it to an area of immediate concern. “NPA ito, proof of harm. Hindi ‘to away ng politiko. Inamin nila, eh,” Brillantes said. The Commissioner also reminded the media that the Comelec has abolished the use of the term “hotspots”. This has been replace with the four degrees of areas of concerns: area of concern, area of immediate concern, area Read More …

DOLE: 400K jobs up for grabs in Labor Day job fairs nationwide

News

Apr 252013

DOLE: 400K jobs up for grabs in Labor Day job fairs nationwide

At least 400,000 local and overseas jobs will be up for grabs in 75 job fairs that the Department of Labor and Employment will set up nationwide on May 1, Labor Day. According to DOLE Secretary Rosalinda Baldoz, 16 of these 75 job fairs will be held in Metro Manila alone, offering up to 171,532 job vacancies. “These 171,532 job vacancies [in Metro Manila] as of today are part of the more than 400,000 vacancies to be offered by employers to tens of thousands of jobseekers expected to troop to the DOLE’s 75 job fairs nationwide,” Baldoz said Thursday. She said the job fairs in Metro Manila will have 726 prospective local employers and 37 licensed overseas recruitment agencies. The job vacancies are in identified key employment generator (KEG) sectors, including: – cyber services– tourism– banking and finance– hotel and restaurant– health and wellness– wholesale and retail trade– automotive– construction The Metro Manila job fairs will be held at SM malls in North EDSA, Fairview, Novaliches, Manila, Sta. Mesa, San Lazaro, Valenzuela, Megamall, Pasig, Marikina, South Mall, Las Piñas, Sucat, Bicutan, Muntinlupa, and Mall of Asia. Baldoz said this year’s Labor Day will have the theme, “Manggagawang Pilipino: Handa sa Hamon ng Makabagong Panahon,” which reflects the government’s confidence on the readiness of the Filipino workforce to meet the challenges of the times. What to bring She advised prospective jobseekers to bring documents to the job fairs, such as:– resume/biodata– copy of diploma– copy of transcript of records– clearances– employment Read More …

Court orders arrest of ex-AFP comptroller Ligot

News

Apr 252013

Court orders arrest of ex-AFP comptroller Ligot

The Sandiganbayan First Division on Thursday has ordered the arrest of former military comptroller Lt. Gen. Jacinto Ligot in connection with the 11 counts of perjury charges filed against him. The Sandiganbayan also prohibited Ligot from leaving the country without clearance from the court. “After perusing the Informations and evaluating the resolution of the prosecutor, the evidence in support thereof and the records of the preliminary investigation attached thereto, it appears that sufficient grounds exist for the finding of probable cause for the purpose of issuing a warrant of arrest against the accused charged in the instant cases,” the anti-graft court said in its resolution. Ligot’s bail bond was set at P6,000 per count, or a total of P66,000. The charges, filed by the Office of the Ombudsman last April 13, were related to a forfeiture case earlier filed against Ligot, his wife Erlinda, their children Paulo, Riza, Miguel, and relatives Edgardo Yambao and Miguela Paragas for the recovery of unexplained wealth allegedly worth at least P135.28 million. Graft investigators said the former military general concealed assets by omitting them from his Statements of Assets, Liabilities and Net Worth (SALN) for the years 1993 to 2003. Ligot, retired since 2004, served as Armed Forces of the Philippines (AFP) comptroller from July 1999 to March 2001. He and his family were accused of amassing P135,280,822.11 in unexplained wealth, including several hectares of land in Bukidnon and Rizal, posh condominium units, houses and lots in the United States, several vehicles, and millions Read More …

Aquino: PHL gets ASEAN support on maritime dispute with China

News

Apr 252013

Aquino: PHL gets ASEAN support on maritime dispute with China

President Benigno Aquino III on Thursday expressed confidence that the Philippines got the support of the Association on Southeast Asian Nations (ASEAN) on the way it is handling its maritime dispute with China. In his speech upon arrival from the ASEAN summit in Brunei, Aquino said he was able to voice out the Philippines’ call for a legally binding code of conduct that will govern the South China Sea during the annual meeting of Southeast Asian leaders. “Batid ng lahat ng pinuno ng ASEAN: ang maigting nating paninindigan ukol sa West Philippine Sea, ay nakatuon, hindi lamang sa pansariling interes ng kanya-kanyang bansa, kundi para rin sa mas aktibong kalakalan, at malawakang kaunlaran sa bahaging ito ng daigdig,” he said. Aquino added that ASEAN leaders also agreed to fully implement the Declaration of the Conduct of Parties in the South China Sea. The Philippines refers to maritime areas on the western side of the country as the “West Philippine Sea.” These include the Kalayaan Island Group, which is part of the disputed Spratly Island, and the Panatag Shoal, which was the site of standoff between Philippine and Chinese vessels last year. The ASEAN is a regional organization composed of the Philippines, Brunei, Indonesia, Malaysia, Thailand, Cambodia, Singapore, Myanmar, Laos and Vietnam. The Philippines, Vietnam, Malaysia and Brunei, as well as Taiwan and China, have overlapping territorial claims on parts of the South China Sea. China claims ownership of the whole South China Sea. ‘Two-step approach’ At a separate press briefing Read More …

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