EastWest to invest 20% in bidder for railway fare collection system

 Economy
Jun 292013
 
EastWest to invest 20% in bidder for railway fare collection system

MANILA, Philippines – East West Banking Corp. is investing in E-trans Solutions Joint Venture Inc. a company bidding for the government’s automated fare collection system project. E-trans is a joint venture among TERA Investment Inc., Sagesoft Solutions Inc., Pilipinas Micro-Matrix Technology Inc., Pulsar Avancer Technologie Inc. and EastWest. Recently, E-trans pre-qualified in the bidding for the fare system project of the Department of Transportation and Communications and the Light Rail Transit Authority. East West’s board has approved a capital infusion of up to 20 percent in E-trans and subscribe to such number of shares for an initial payment of P1.5 million. The board said the subscription is not more than 10 percent of the total assets of EastWest. EastWest is the financial arm of the Gotianum family’s Filinvest Group. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Aside from investing in a technology firm, EastWest is also aggressively expanding its branch network all over the country. In 2006, EastWest Bank bought P750 million worth of shares in Green Bank, which has 46 branches in June 2012, the bank purchased 100 percent of Finman Rural Bank Inc. in Pasig City for P120 million. EastWest has been likewise on the acquisition mode to boost its consumer lending business. In 2009, it acquired the consumer finance units of AIG bundled into AIG Philam Savings Bank.  In 2003, it also bought Ecology Savings Bank Inc. By 2014, EastWest is planning to have 350 branches and become the fifth largest bank in terms of Read More …

PAL says remaining Saturday flights to go on as scheduled

 News
Jun 292013
 
PAL says remaining Saturday flights to go on as scheduled

Despite bad weather, the remaining flights of Philippines Airlines and its budget carrier PAL Express on Saturday will go on as scheduled. “This clarification is being issued by PAL amid concerns of possible flight cancellations due to the current weather disturbance,” the flag carrier said in its 7 p.m. advisory. PALex earlier canceled its flights to Catarman and Calbayog. “Tomorrow, passengers are being advised to expect some delays… Passengers will be advised accordingly, should there be flight cancellations,” the advisory said. For more information on PAL flights, please log on to www.philippineairlines.com or call PAL Reservations hotline at 855- 8888. For PALex flights, one may visit flypalexpress.com.ph or call the PALex hotline at 855-9000. Tropical Storm Gorio may hit Metro Manila Sunday morning, PAGASA said. The National Capital Region was placed under Storm Signal no. 2 Saturday afternoon.  — Rouchelle R. Dinglasan

NDRRMC: Storm Gorio leaves 10k people stranded, roads impassable

 News
Jun 292013
 
NDRRMC: Storm Gorio leaves 10k people stranded, roads impassable

A total of 10,064 people were stranded while at least two roads in Eastern Visayas were impassable in the wake of Tropical Storm Gorio (Rumbia), the National Disaster Risk Reduction and Management Council said Saturday evening. In its 6 p.m. update, the NDRRMC said the stranded were in Central Visayas, Southern Luzon, Bicol, Northern Mindanao and Eastern Visayas. The NDRRMC said 83 vessels, 1,031 rolling cargoes and 21 motor bancas were also stranded. Of the 10,064 stranded passengers, 2,604 were from Southern Luzon, 2,949 from Bicol, 99 from Northern Mindanao, and 2,628 from Eastern Visayas. Some of the stranded passengers in Eastern Visayas were brought to Pulam Bato Elementary School. In Bicol, the NDRRMC said a minor landslide briefly rendered the Masbate-Cataingan-Placer-Daraga Road impassable, but clearing operations made it passable again. At least two roads in Eastern Visayas – Barangay San Pablo in Naval, Biliran and Barangay Capokpok in Tabango, leyte – were impassable due to soil erosion and flooding respectively. Meanwhile, at least 23 flights of four airlines were canceled due to bad weather, including those of Philippine Airlines Express, Cebu Pacific, Zest Air and South East Asian Airlines. In Luzon, the Department of Health in Ilocos activated its operations center and stockpiled medicines, and mobilized medical response and health assessment teams. The Department of Social Welfare and Development in Bicol allocated P1.2 million in standby funds for possible disaster operations and pre-positioned 2,000 family food packs and 5,000 sacks of rice. Meanwhile, the Coast Guard sought to discourage Read More …

Thousands of metro informal settlers will soon transfer to safer, decent homes, says Palace

 Entertainment
Jun 292013
 

Thousands of families living in danger zones are willing to be relocated and the government is ready to assist their transfer to safer areas, a Palace official said on Monday. In a press briefing in Malacanang, Presidential Spokesman Edwin Lacierda said around 4,000 families staying in Metro Manila’s danger zones have agreed to be relocated off-site […]

CalEPA Creates New Environmental Justice Working Group

 Entertainment
Jun 292013
 

SACRAMENTO ­– California Environmental Protection Agency Secretary Matthew Rodriquez today announced the formation of a new agency-wide working group to improve compliance with state environmental laws in California communities most burdened by pollution. The new Environmental Justice Compliance and Enforcement Working Group, part of an ongoing effort to integrate environmental justice considerations into CalEPA’s mission, […]

CBCP official: Suicide is a sin

 News
Jun 292013
 
CBCP official: Suicide is a sin

A gentle reminder from a Catholic priest: committing suicide is a sin. “[The] taking of one’s life is a sin. The Church would not condone that for whatever reason. We must understand that oftentimes, when somebody tries to kill himself, there is something wrong with him mentally…that is the best way the Church understands those who try to kill themselves,” said Fr. Francis Lucas, executive secretary of the Catholic Bishops’ Conference of the Philippines-Episcopal Commission on Social Communication and Mass Media. However, the CBCP official refused to comment on the case of outgoing Cagayan de Oro (First District) Rep. Benjo Benaldo, since the latter has kept mum on what happened the Thursday night he was found bleeding from a self-inflicted gunshot wound to the chest. “Well first, it is not proven. It’s not yet confirmed. We cannot comment unless he confirms it himself. It is just an allegation up to today. The police does not even confirm this,” Fr. Lucas added. Fr. Lucas also advised that those who survived their suicide attempts to go to confession and to atone for trying to end his/her life. The priest added that people who are facing difficulties in life should talk to people they trust and also to a priest who might understand their situation.  He ended the interview with a reminder of the value of life. “Life is so precious because it was given by God…I always say we have rights, but it’s God who owns our [lives]…life is just a lease Read More …

NCR under storm signal 2; Gorio may pass Metro Manila Sunday morning

 News
Jun 292013
 
NCR under storm signal 2; Gorio may pass Metro Manila Sunday morning

Metro Manila and at least 19 other areas were placed under Storm Signal No. 2 Saturday afternoon as Tropical Storm Gorio (Rumbia) accelerated further and was over Sorsogon Bay, state weather forecasters said. PAGASA also said there is a chance Gorio may pass Metro Manila Sunday morning, and exit the Philippine area of responsibility Monday morning. A report by radio dzBB’s Paulo Santos quoted Perez as saying Gorio may pass Metro Manila’s southern part Sunday. But Perez also allayed fears of Gorio causing dams in Luzon to overflow. “Walang [pang dam na] umaabot sa high water level,” he said. PAGASA’s 5 p.m. advisory said that as of 4 p.m., Gorio was estimated at 40 km southeast of Legazpi City, with maximum winds of 65 kph near the center and gustiness of up to 80 kph. It was moving northwest at 24 kph and is expected to be 60 km northwest of Iba, Zambales Sunday afternoon, “after passing Metro Manila in the morning.” By Monday afternoon it is expected to be 560 km northwest of Sinait, Ilocos Sur, and out of the Philippine Area of Responsibility (PAR). The 20 areas under Storm Signal No. 2 include: Masbate including TicaoBurias IslandsSorsogonAlbayCamarines SurCamarines NorteMarinduqueQuezon including Polilio IslandRizalBulacanPampangaTarlacZambalesNueva EcijaPangasinanBatangasLagunaCaviteBataanMetro Manila The 14 areas under Signal No. 1 are: CatanduanesRomblonMindoro Provinces including Lubang IslandLa UnionBenguetNueva VizcayaQuirinoAuroraSamar provincesLeyte provincesBiliranNortheastern IloiloCapizAklan “Residents in low-lying and mountainous areas under signals 2 and 1 are alerted against possible flash floods and landslides. Likewise, those living in coastal areas are Read More …

DFA: China's 'counterstrike' statement provocative

 News
Jun 292013
 
DFA: China's 'counterstrike' statement provocative

The Department of Foreign Affairs on Saturday said China’s warning of an inevitable “counterstrike” against the Philippines is a provocative statement that has “no place in the relations of civilized nations.” In a text message to GMA News Online, DFA spokesperson Raul Hernandez said China is obligated under international law, specifically the United Nations Charter “to pursue a peaceful resolution of disputes – meaning without the use of force [or] the threat to use forces.” China’s state media warned on Saturday a

China's state media warns PHL of 'counterstrike' in West PHL Sea

 News
Jun 282013
 
China's state media warns PHL of 'counterstrike' in West PHL Sea

BEIJING – China’s state media warned on Saturday that a “counterstrike” against the Philippines was inevitable if it continues to provoke Beijing in the West Philippine Sea (South China Sea), potentially Asia’s biggest military troublespot. The warning comes as ministers from both countries attend an Association of Southeast Asian Nations meeting in Brunei, starting Saturday, which hopes to reach a legally binding code of conduct to manage maritime conduct in disputed areas. At stake are potentially massive offshore oil reserves. The seas also lie on shipping lanes and fishing grounds. Both China and the Philippines have been locked in a decades-old territorial squabble over the West Philippine Sea, with tensions flaring after the Philippines moved new soldiers and supplies last week to a disputed coral reef, prompting Beijing to condemn Manila’s “illegal occupation”. The overseas edition of the People’s Daily, the official newspaper of the Chinese Communist Party, said in a front-page commentary that the Philippines had committed “seven sins” in the West Philippine Sea. These include the “illegal occupation” of the Spratly Islands, inviting foreign capital to engage in oil and gas development in the disputed waters and promoting the “internationalisation” of the waters, said the commentary. The Philippines has called on the United States to act as a “patron”, while ASEAN has become an “accomplice,” said the commentary, which does not amount to official policy but can reflect the government’s thinking. “The Philippines, knowing that it’s weak, believes that ‘a crying child will have milk to drink’,” the Read More …

 Older Entries  Newer Entries