(First of three parts)BANKS face a sobering truth — the clear response under the intoxicating regulatory environment is to accept and adapt. The regulatory fine print and national versions of the reforms may still be in various stages of finalization, but enough is now known and can be known to assess the aggregate impact, and to consider the effects of regulatory changes on banks’ business models and the interdependent implications with the broader economy.
MANILA, Philippines – The country’s corporate regulator has come up with new rules to protect minority shareholders in companies subject to takeovers. In a memorandum, the Securities and Exchange Commission (SEC) formulated the Guidelines on the Conduct of Valuation and Issuance of Fairness Opinion for investors wanting to acquire a listed company. The regulations aim to “increase the reliability of fairness opinions being issued prior to the conduct of mandatory tender offer,” SEC said. It was also issued to align SEC’s rules with best practices in other jurisdictions, it added. The Securities Regulation Code requires that the price of the minority’s stocks subject to mandatory tender offer be “supported by a fairness opinion provided by an independent financial advisor or equivalent third party.” A mandatory tender offer is triggered when an investor accumulates more than 51 percent of the total outstanding shares of a listed company. The acquiring entity should then offer to buy all shares held by minority stockholders. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Given the new rules, only independent firms accredited by the Philippine Stock Exchange can conduct valuation and issue fairness opinions, SEC said. The regulator also issued several measures to ensure investor protection as shares are valued. “An expert shall use more than one valuation methodology and compare the values derived from using different methodologies to minimize the risk that opinion is unreliable,” SEC said. “If an expert’s valuation of a company differs from the price of the company’s securities prior to Read More …
MANILA, Philippines – Once again, the Filipino consumers have spoken: Whirlpool is still their brand of choice in washing machines. For three consecutive years, Whirlpool has been conferred with the Ultimate Seal of Consumer Approval as one of the Most Trusted Brands for Household Products for the Washing Machine Category in the Reader’s Digest Asia’s Trusted Brand 2013 Awards. “Receiving this award for the third time is simply overwhelming and we are filled with gratitude and pride as this recognition comes from the Filipino consumers themselves. The trust they have in Whirlpool is proof that we are a brand committed to bringing only high-quality and energy-efficient products to help make the lives of Filipino families more convenient,” said Joy Catiis-Cruz, marketing manager of Whirlpool in the Philippines. Achieving the Reader’s Digest Asia Trusted Brands status is a genuine recognition of consumer approval. The survey reflects consumers’ choice of their most trusted brands among the thousands available in the market. Launched in 1999, the Reader’s Digest Asia Trusted Brands has established a solid reputation as the premier consumer-based survey in Asia, providing an objective and reliable reference for consumers throughout the region. Whirlpool was also recently awarded by the US Department of Energy the 2013 Energy Star’s Partner of the Year award for Sustained Excellence.
MANILA, Philippines – The Discovery Leisure Company Inc. (TDLCI), the homegrown Filipino holding company that owns and manages a distinguished portfolio that includes Discovery Suites in the Ortigas Business District, Discovery Country Suites in Tagaytay, and the much celebrated Discovery Shores Boracay, has named chef Anthony Raymond as the new corporate chef. Raymond has a vibrant and impressive culinary career that spans over 15 years at establishments that include a five star /Diamond Hotel (The Peninsula Beverly Hills), a French Michelin-star restaurant (Stella Maris restaurant in Paris) under the tutelage of Michelin Star chef Tateru Yoshino, catering alongside restaurant competitors Wolfgang Puck of Spago, Tom Calicchio of Craft, and Thomas Keller of Bouchon, and several fine dining hotel restaurants here and abroad. In the Philippines, he worked as sous chef for The Peninsula Manila’s Old Manila Restaurant working alongside Chef de Cuisine Adrian Mellor and under the supervision of Chef de Cuisine Nicholas De Viche. At Azzurro Bistro and Bar, he worked under the direction of Chef Philip Golding.
MANILA, Philippines – Harnessing solar power in the Philippines can decrease the country’s dependence on the increasing and volatile prices of fossil fuels as bulk of the country’s supply of crude and finished petroleum products come from the Middle East, a report developed by the GIZ on behalf of the German Federal Ministry of Economics and Technology said. Citing data from the Department of Energy, the report said that while the aspirational solar energy target set by the government is 1,528 megawatts, the potential may even be greater. The DOE’s 2009 to 2030 Power Development Plan said the country’s energy consumption may reach 149,067 gigawatt-hours (Gwh) by 2030, from an estimated demand of 86,809 Gwh by 2018 and actual demand of 55,417 Gwh in 2008. “Peak demand should hit 14,311 Gwh by 2018 and go up to 24,534 Gwh by 2030 from 2008’s 9,226 Gwh,” the report said. As such, to ensure adequate power supply, additional capacity can come from renewable energy, particularly from solar power. The National Renewable Energy Program said the country’s RE base should reach 15,304 MW by 2030, almost triple the current installed base, of which 10 percent will be attributed to solar energy. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 In the report, the GIZ said the installed base for solar can be increased and accelerated. It said that under the so-called feed-in-tariff (FIT) rules, the Energy department needs to decide on how to continue the process after the target has been reached Read More …
MANILA, Philippines – Low-cost carrier Southeast Asian Airlines (Seair), a unit of Tiger Airways Holdings Ltd. of Singapore, is set to mount flights to Singapore and Hong Kong from Cebu and Kalibo in Aklan. Seair has filed a petition with the Civil Aeronautics Board (CAB) to impose a fuel surcharge of P500 for flights from Kalibo to Singapore and Hong Kong as well as flights between Cebu and Singapore. Last February, the budget airline started imposing a fuel surcharge of P500 for all its international passengers and P300 for all its domestic passengers flying within the Philippines except Davao. The budget airline also started imposing a P400 fuel surcharge for Manila to Davao passengers. The CAB allows airlines to impose fuel surcharge on international and domestic passengers as a temporary relief to help them recover losses arising from the increase in jet fuel prices in the world market. Latest results of the jet fuel price monitor of the International Air Transportation Association (IATA) showed that average price of jet fuel rose 4.7 percent to $118.1 per barrel from a month ago level. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Seair flies from Manila to Cebu, Davao, Tacloban, Iloilo, Puerto Princesa, Bacolod, and Boracay via the Ninoy Aquino International Airport (NAIA). Its international destinations include Hong Kong, Singapore, Bangkok, and Kota Kinabalu via the Clark International Airport in Pampanga. In August last year, Tiger Airways through wholly-owned subsidiary Roar Aviation II Pte Ltd. acquired a 40-percent stake in Seair Read More …
The Apl.De.Ap Foundation International and the This Time Foundation International hosted the Time for Hope Gala at the Beverly Wilshire Hotel in Beverly Hills, California on May 18, 2013. The event was sponsored by the Honolulu Cookie Company, One Hope Wine, Red Ribbon, Sony and Tikkun Holistic Spa. Balita Media, Inc. was the official media sponsor and peakPRgroup was the public relations sponsor. The event honorees […]
Malacañang on Saturday said it has not received any report that Philippine Coast Guard personnel could be held liable in an encounter in disputed waters that killed a Taiwanese fisherman last May 9. Deputy presidential spokesperson Abigail Valte reiterated the government’s call to the public to wait for the final result of the probe, after a newspaper reported on the supposed liability of the Coast Guard. “Wala pang isinusumite, mabuti hintayin natin ang final na result bago pag-usapan ang sinasabing detalye,” Valte said on government-run dzRB radio. A 65-year-old Taiwanese fisherman was killed in the incident, prompting Taiwan to freeze the hiring of Filipino workers and discourage its residents from traveling to the Philippines. On Saturday, a report on The Philippine Star quoted a source that said initial findings may indicate criminal negligence by the Philippine Coast Guard personnel involved. It said its source indicated Coast Guard personnel in the incident may face criminal and administrative charges for possible violations of rules of engagement, excessive use of force, and neglect of duty. But the Coast Guard initially said its men fired on the Taiwanese boat as it was about to ram the Philippine vessel. Meanwhile, Valte reiterated President Benigno Aquino’s stance that a fisheries agreement with Taiwan may have to wait until after the present row is settled. A fisheries agreement had been one of Taiwan’s demands following the May 9 incident. “I think the president has spoken very clearly about the proposed fisheries agreement, he had actually mentioned it Read More …
Rainy weather may be expected over parts of northern Luzon and Mindanao on Sunday, even as thunderstorms brought rain to parts of Metro Manila and Luzon Saturday. PAGASA said the diffused tail-end of a cold front is affecting the northern and eastern sections of Luzon while the Inter-tropical Convergence Zone is affecting Southern Mindanao. “The regions of Ilocos, Cordillera, Cagayan Valley, the provinces of Aurora and Quezon, Bicol region, Zamboanga Peninsula, Autonomous Region of Muslim Mindanao (ARMM) and SOCCSKSARGEN will experience cloudy skies with light to moderate rain showers and thunderstorms,” it said in its 5 p.m. bulletin. It added Metro Manila and the rest of the country will have “partly cloudy to at times cloudy skies with isolated rain showers or thunderstorms mostly over the western section.” For Sunday, PAGASA said Metro Manila may expect temperatures of 24 to 34 degrees Celsius while Tuguegarao City may have temperatures of 23 to 32 degrees Celsius. Angeles and Olongapo Cities may have temperatures of 25 to 34 degrees Celsius. PAGASA also said light to moderate winds from the southeast to south will prevail over Luzon and Visayas and coming from the east to northeast over Mindanao. The coastal waters throughout the archipelago will be slight to moderate, it added. Meanwhile, PAGASA’s Twitter account said thunderstorms brought rain over Metro Manila and nearby provinces, including: – Pinatubo and San Marcelino in Zambales – Candelaria, Mayantoc, Masinloc Sn Jose, Botolan, Bamban and Cabangan in Zambales – Quezon, Mandaluyong, Manila, Marikina, Pasay, Taguig, Parañaque Read More …
Need to enroll for college but short in cash? You may avail of the Social Security System or Government Service Insurance System education loans as long as you are an active contributing member with a monthly income of P25,000 or below, a television report on Friday said. SSS can provide up to P20,000 educational loan in one semester for a college student taking up a four-year course, Sherrie Ann Torres reported on GMA’s “24 Oras” on Friday. For those taking up vocational course, SSS can extend P10,000 loan. “After the four-year course plus the one year grace period, so our member starts paying or amortizing for six years. Three percent lang lumalabas ‘yung loan sa SSS so very affordable ang loan repayment,” said Luz Generoso, assistant vice president at SSS Loans and Assets Management Department. In April, SSS president and chief executive officer Emilio de Quiros Jr said members earning P25,000 and below per month are now eligible for Educ-Assist loans from the previous P15,000 maximum monthly income requirement. Meanwhile, for GSIS members, the state-run agency provides one-time educational loan for its members worth P4,000, the “24 Oras” report said. GSIS also provides scholarships to 200 incoming college freshmen, whose parents are from low to middle ranking regular government employees. A scholar with a four-year college course will receive P20,000 per semester and a monthly allowance of P2,000. “Dapat incoming freshman ka, so dapat magsimula tayo sa umpisa. Basta po ang bata ay nakapasa doon sa eskuwelahan na kanyang napupusuan [pwede Read More …