May 092013
 
Philex to complete new tailings pond before rainy season

MANILA, Philippines –  Philex Mining Corp. said yesterday that it would be able to complete the construction of the new spillway for the compromised tailings pond of its Padcal copper-gold mine in Benguet before the onset of the rainy season. In a statement, the company said that the spillway, which will drain water from the broken tailings pond no. 3 (TP3), is seen to be completed by the end of June. The open spillway would replace the pond’s underground drainage system which was damaged last year, causing a massive tailings spill. The spillway would drain non-toxic water from the pond into the Agno River via the Maligaboy Creek and Balog Creek. Excessive water in the pond could cause the crest of its embankment to slump and trigger the release of water and sediment into the environs of the mine. Philex said that once completed, the spillway could channel as much as 1,000 millimeter of rain over a 24-hour period – equivalent to about two times the amount of rainfall brought about by the 2009 typhoon “Ondoy,” whose downpour brought 455 millimeters of rain over a 24-hour period. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Philex is currently conducting a process called beaching to fill the conical void in tailings pond no. 3. The spillway would then drain water from the pond as fresh tailings are dumped into the pond. The government allowed the temporary resumption of operations in the Padcal mine to last March 8, seven months after Read More …

May 092013
 
Gin, beer sales down due to sin tax

MANILA, Philippines – Higher taxes are taking their toll on liquor and beer producers, as drinkers seemingly get dissuaded from increasing their consumption. Conglomerate San Miguel Corp. (SMC), which owns Ginebra San Miguel Inc. and San Miguel Brewery Inc. (SMB), recorded substantially lower sales volume in the first quarter, its top executive said. “I think our beer and hard liquor businesses were greatly affected by the tax increase,” SMC president and chief operating officer Ramon S. Ang told reporters. “Our volume went down as much as 30 percent,” he added. Republic Act 10351 or the sin tax law took effect on Jan. 1, imposing higher excise taxes on tobacco and alcohol products in a bid to increase government’s revenues while discouraging heavy consumption of cigarettes, beer, liquor, wine, and other tobacco and alcohol products. Specifically, taxes for fermented liquor (beer) was pegged at P15 per liter if the net retail price is P50.60 and below per liter, and P20 per liter for those with a higher price. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The rates will rise to P17 and P21 in 2014, P19 and P22 in 2015, and P21 and P23 in 2016, respectively. For distilled spirits, the tax is 15 percent of net retail price plus P20 per proof liter, rising to 20 percent plus P20 in 2015. The ongoing election season is not enough to buoy sales of Ginebra and SMB. “Usually, before elections, the volume should be very strong but volume is not Read More …

May 092013
 
Manila Water to finish P6.1-B sewage treatment plant by Sept

MANILA, Philippines –  East Zone water concessionaire Manila Water Co. Inc.  expects to finish the construction of its P6.1-billion sewage treatment plant in Taguig City in September. The wastewater treatment plant located at Liwasan ng Kagitingan at Kalikasan will service 350,000 residents of Barangay Western Bicutan. Manila Water Project Delivery Group OIC director Estelita Orodio said the Taguig North Sewage Treatment Plant (STP) is a crucial component of the company’s Wastewater Master Plan which aims to reduce the pollution load in Metro Manila’s river systems especially the Pasig River which flows into the Manila Bay.   “Environmental protection is a major advocacy of Manila Water.  We have pioneered a number of initiatives to promote this cause and the construction of more STPs like this is part of our major contribution in the drive to clean-up Manila Bay,” Orodio said. The Taguig wastewater treatment plant is an underground facility that a can process  75 million liters per day. The land above the plant would developed into a public recreational park. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Upon completion of the plant, Manila Water would have 37 sewage treatment plants and two septage treatment facilities in its network. These facilities would process a total of 500 million liters per day. Manila Water services 6.2 million residents of portions of Quezon City and Manila, Marikina, Pasig, San Juan, Mandaluyong, Pateros, Makati, Taguig and several towns in Rizal Province. The company recently reported a flat growth in net income for the first Read More …

May 092013
 
Index inches up in listless trade

MANILA, Philippines – The local stock market managed to eke out slight gains for the second straight session yesterday as investors exited the market ahead of a long weekend. The Philippine Stock Exchange index (PSEi) inched up 0.18 percent or 13.13 points to settle at 7,194.43, while the broader all shares index added 0.18 percent or 8.19 points to 4,481.81. “Investors appeared listless in yesterday’s trades, with the index staying generally positive despite a brief dip into negative territory before the midsession break,” said Justino Calaycay Jr., analyst at Accord Capital Securities. Financial markets will be closed on Monday for the mid-term elections. The market failed to secure an additional push from Wall Street that benefited from rosy first quarter corporate earnings. The Dow Jones industrial average gained 0.3 percent or 48.92 points to 15,105.12 while the broader Standard & Poor’s 500 index climbed 0.4 percent or 6.73 points to another record high at 1,632.69. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Locally, most counters were in the green, paced by holding firms that rose 0.38 percent or 24.77 points to 6,510.85. But mining and oil again bucked the trend, falling 0.13 percent or 24.76 points to 19,636.28. Investor participation thinned, with P6.68 billion worth of shares changing hands, down from P9.01 billion on Wednesday. Advancers outpaced decliners, 83 to 66, while 71 stocks did not change.

May 092013
 
Greenberg firm enters non-life insurance mart in Phl

MANILA, Philippines – After nearly two decades, a major foreign insurance and financial institution has entered the country’s struggling non-life insurance industry. Starr International Insurance (Asia) Ltd. received its certificate of authority to operate from the Insurance Commission (IC) yesterday, after raising P1 billion as minimum paid-up capital. Starr International is part of C.V. Starr & Co. Inc., the diversified investment group of Maurice “Hank” R. Greenberg, the former the head of insurance giant American International Group (AIG). In an interview, Starr International Insurance president and chief executive officer Ross E. Matthews said they are willing to cooperate with other domestic insurers in creating business. He said they would be starting exploratory talks with AIG’s former – subsidiary Philippine American Life and General Insurance Co. (Philam Life), which has a composite license. A composite license holder empowers it to operate both as a life and non-life insurer. Philam Life has not been utilizing its non-life insurance privileges in the past few years. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “There are areas in their business were we can work together, especially their retail and corporate accounts,” Mattews added. The Hong Kong-based insurer said the Philippines is favorably viewed by foreign businesses, and that foreign direct investments (FDI) are expected to flood the local market. Starr International prefers to look for opportunities in the power sector, oil exploration and distribution, mining and mining-related activities, port operations and other port-related passenger and cargo activities, utilizes, real estate, airport and airport-related Read More …

May 092013
 
1,542 out of 3,601 pass Civil Engineer Licensure Exam — PRC

A total of 1,542 out of 3,601 passed the Civil Engineer Licensure Examination given in the cities of Manila, Baguio, Cagayan de Oro, Cebu, Davao, Iloilo, Legazpi and Lucena this month, the Professional Regulation Commission (PRC) announced Thursday. The PRC said the results of examination with respect to two examinees were withheld pending final determination of their liabilities under the rules and regulations governing licensure examination. [Click here for complete list of passers in Civil Engineer Licensure Exam.] Registration for the issuance of Professional Identification Card (ID) and Certificate of Registration will be from May 20 to May 22, 2013, the PRC said. The date and venue for the oathtaking ceremonies of the new successful examinees in the said examination will be announced later, the PRC added. — KBK, GMA News

May 062013
 
Graft raps filed vs. Loren Legarda over misdeclared assets

Self-proclaimed “anti-corruption crusader” Louis Biraogo on Monday filed a complaint against re-electionist Senator Loren Legarda for allegedly misdeclaring her assets in her Statement of Assets, Liabilities and Net Worth (SALN). The case was in connection with the posh residential condominium unit that Legarda bought in New York in 2006 for $700,000. “Eto po ay napaka-expensive, mahal na property, na hindi kaya ng ordinaryong tao dito sa ating bansa. Ito ay binili ni Sen. Loren Legarda noong 2006 sa halagang $700,000,” Biraogo said in a report on GMA News’ “24 Oras.” Legarda, who is running under the administration coalition, was accused of violating the anti-graft law and code of conduct and ethical standards of public officials, the report said. At a press briefing last week, Legarda said the property, which she said is family-owned, has been in her SALN since 2007 but declared as “Equity in Real Property.” The price of the unit as reflected in her SALN was $7.1 million, supposedly her share in purchasing the property. But in filing the complaint with the Office of the Ombudsman, Biraogo presented to the media the title for the condominum unit showing that Legarda is the sole owner of the property. “Eto yung titulo, at sa titulo po ang buyer ay si Sen. Loren Legarda. Walang nakalagay na kapatid nya o asawa nya,” he said. Legarda was among the senators who voted in favor of ousting Chief Justice Renato Corona last year for misdeclaring his SALN. Legarda, who continues to top surveys Read More …

May 062013
 

Play explores the real life tragic story of an Oscar-winning actor who survived the brutal Khmer Rouge regime, only to be fatally gunned down in the streets of Los Angeles Los Angeles, CA, April 12 –Grove Theater Center (GTC) is proud to present the West Coast premiere of Henry Ong’s play, “Sweet Karma.”  Based on true events, […]

May 062013
 
MILF reminds members vs supporting candidates in upcoming polls

In the last week before the May 13 elections, the Moro Islamic Liberation Front issued a last-minute reminder to its members against supporting any candidate. At most, MILF secretariat chairman Muhammad Ameen said, the MILF’s members can vote for candidates who are pro-people and pro-peace process. “We will not support any candidate officially during the May 13 Philippine national elections.  However, we appeal to our people and members who wish to participate to vote for candidates who are genuinely pro-people and pro-peace process and reject those who are corrupt, oppressive, and violent,” he said in an article posted Monday on the MILF website. The article stated that this is “the nth time” that the organization has reiterated its “hands-off policy” on Philippine elections. “The MILF is beyond partisan politics and considers everyone as part of its constituency,” Ameen said, adding the MILF is a revolutionary Islamic organization. Ameen issued the hands-off reminder on May 2 following a meeting of the MILF central committee. MILF chairman Al Haj Murad had presided over the meeting after returning from a visit to several countries in Asia and the Middle East. On April 29, he attended the launching of the FASTRAC (Facility for Advisory Support for Transition Capacities) in Darapanan, Sultan Kudarat, Maguindanao. FASTRAC is a three-year program organized by the MILF, the United Nations and the World Bank. It provides on-demand technical assistance in the run-up to the establishment of the upcoming Bangsamoro political entity. — BM, GMA News

May 062013
 
De Lima wants Mancao coddlers unmasked

Investigators are currently zeroing in on the coddlers of fugitive murder suspect Cezar Mancao II, Justice Secretary Leila de Lima said Monday. “I don’t think mag-isa siya (Mancao). May kasama siya [at] may ibang nagpo-protekta sa kaniya. Iyon ngayon ang pinapahanap ko,” De Lima said. De Lima also said they are determining Mancao’s possible real agenda in escaping, among these to put the Department of Justice in bad light and to push for his candidacy for local position in Compostela Valley, his home province. Mancao, a suspect in the high-profile Dacer-Corbito double murder case, escaped from the National Bureau of Investigation (NBI) compound last Thursday, the same day he was about to be transferred to the Manila City Jail. In various interviews after his escape, Mancao cited fear for his life as reason for his escape. De Lima said Mancao could have another agenda for escaping, although investigators have yet to confirm this. “I hope wala nang ibang agenda. Ang sinasabi niya kaya siya tumakas dahil mamamatay lang siya sa city jail,” De Lima said. “Pero what if kung may mga tao na ibang agenda na somehow maa-access siya?” Sabotage the DOJ De Lima noted the possibility that Mancao’s escape was part of a plan to “sabotage” the DOJ and the NBI. “Ayoko nag-iisip ng ganoon. Pero I also want to think ahead. Sa trabahong ito, hindi puwedeng hindi ka paranoid paminsan-minsan,” she said She said whoever could be coddling Mancao probably wants to “destroy the reputation and put to Read More …