MANILA, June 13 (Mabuhay) — Washington-based World Bank maintained its Philippine economic forecast, while it lowered the projection for East Asia and the Pacific and the rest of the world. The Philippine economy can still to grow at an annual rate of 6.2 percent and 6.4 percent this year and the next, respectively, the World […]
By Joey GabietaInquirer Visayas 3:27 am | Saturday, June 15th, 2013 TACLOBAN CITY, Philippines—A foreign commercial vessel loaded with more than 1,600 pieces of lumber ran aground off Maripipi Island in Biliran province on Thursday night. The Japan-bound MV Unicorn Logger, with a crew of 18 headed by Capt. Nguyen Anh Tuan, ran aground on Sambawan Islet at around 7:10 p.m., Maripipi town local government operations head Ritchie Peñaflor said in a phone interview. The 5,691-ton Panama-registered vessel was loaded with 1,607 pieces of lumber weighing 836.06 metric tons, Peñaflor said. He identified the vessel’s operator as Wisdom Marine Lines, based in Panama. The vessel departed from Sandakan, Malaysia, on June 11 around 9 a.m. and was sailing to Japan when it ran aground on Sambawan islet off the island town of Maripipi. Reef damage The vessel hit about 270 square meters of coral reef, Peñaflor said. “This is now our concern. The incident has resulted in the destruction of our coral reefs covering 270 square meters, according to the initial assessment of our local fishery and agriculture office,” he said. The fishery office was also looking for possible oil leaks but so far had found none, he said. Peñaflor said the Maripipi municipal government was studying the possibility of seeking damages for the destruction of coral reefs from the owner of the commercial vessel. The site of the incident is about 50 to 60 meters away from a beach resort maintained by the municipal government, he said. Maripipi Read More …
Nancy Binay is the product of a political system in which “Anak ni…” is a prevalent and effective campaign slogan. She joined the senatorial race without a day of experience in elected office, and she survived the campaign without engaging her opponents in televised debates. READ FULL STORY
THE NATIONAL government’s outstanding debt rose 4.6% year-on-year in April as it continued to increase the domestic component of its borrowings, data from the Bureau of the Treasury showed.
INQUIRER.net US Bureau 2:01 am | Saturday, June 15th, 2013 NEW YORK–A U.S. group critical of China’s claim on islands off the Philippines will hold a protest rally at the United Nations headquarters here on July 24. The U.S. Pinoys for Good Governance (USP4GG) is denouncing China’s latest “incursion” in Ayungin Reef, located just 105 nautical miles from Palawan. Rep. Walden Bello of the Akbayan partylist announced that his group is joining the July 24 mass action in the Philippines and will encourage its supporters throughout the world to join in global actions to denounce China’s provocative actions in the Ayungin Reef. “China seized the Philippines’ Mischief Reef in 1994, then our Scarborough Shoal last year,” stated Loida Nicolas Lewis, the national chair of USP4GG and former national chair of the National Federation of Filipino American Associations (NaFFAA). “This year, China is set to invade and occupy the Ayungin Reef. We refuse to accept China’s expansionist agenda.” Sansha anniversary Lewis explained that July 24 marks the first anniversary of China’s establishment of the Sansha City Prefecture, which Beijing mandated to have jurisdiction over more than two million square kilometers of the South China Sea (West Philippine Sea), including islands and reefs in the Spratlys that are within the 200-mile exclusive economic zone of the Philippines. The Philippine Department of Foreign Affairs (DFA) protested the creation of the Sansha Prefecture, after learning that its jurisdiction covered the Kalayaan Island Group in the Spratlys, which “is an integral part of the Philippine Read More …
Associated Press 1:07 am | Saturday, June 15th, 2013 POPULATION GROWTH Babies at the neonatal intensive care unit of East Avenue Medical Center. MARIANNE BERMUDEZ UNITED NATIONS—The United Nations has forecast that the world’s population will increase from 7.2 billion today to 8.1 billion in 2025 and 9.6 billion in 2050, with most growth in developing countries and more than half in Africa. The report said much of the overall increase between now and 2050 is expected to take place in Africa and countries with large populations such as India, Indonesia, Pakistan, the Philippines and the United States. (As of the May 2010 census, the Philippines’ population stood at 92,337,852. The Commission on Population projected the country’s population as of June 14, 2013 at 97,898,948, based on the 1.98 population percent change.) The UN report, “World Population Prospects,” released on Thursday, said most of the population growth will occur in developing regions which are projected to increase from 5.9 billion in 2013 to 8.2 billion in 2050. During that same period, it said, the population of developed countries is expected to remain largely unchanged at around 1.3 billion people. India to surpass China India’s population is expected to surpass China’s around 2028 when both countries will have populations of around 1.45 billion, according to the report. While India’s population is forecast to grow to around 1.6 billion and then slowly decline to 1.5 billion in 2100, China’s is expected to start decreasing after 2030, possibly falling to 1.1 billion in Read More …
MANILA, Philippines – The group of Manuel V. Pangilinan is comfortable with its shareholding in the country’s largest power distributor Manila Electric Co. (Meralco) and is not likely to buy out San Miguel Corp.’s (SMC) assets in the firm. “We are comfortable with our current shareholding in Meralco and we would be prepared to assist should San Miguel decide to dispose assets in Meralco,” Pangilinan told reporters following the stockholders meeting of Philippine Long Distance Telephone Co. (PLDT) yesterday. “There has been no final decision to what extent we may or may not participate, but if we do, we may consider participating in a modest way,” he said further. He said that should the group decide to acquire more Meralco shares, it would not be to the point where their total stake would go over 51 percent. “(We will participate but) not to the point it will trigger tender offer obligation,” he said. A mandatory tender offer is triggered when an investor accumulates more than 51 percent stake in a public company. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The acquiring company should then offer to buy all shares held by minority shareholders. SMC president and chief operating officer Ramon S. Ang said earlier that the diversifying conglomerate is willing to sell its stake in Meralco. SMC owns around 36 percent of Meralco, making it one of the top shareholders in the company. Beacon Electric Asset Holdings, Inc., a subsidiary of Pangilinan-led Metro Pacific Investments Corp., controls nearly Read More …
MANILA, Philippines – Razon-led Bloomberry Resorts Corp., the operator of the $1.2-billion Solaire Resort and Casino in Entertainment City, is looking to raise fresh funding abroad by tapping an international unit for the issuance of bonds and notes. The company said in a disclosure to the stock exchange that its board of directors approved the amendment in the articles of incorporation “to include in its primary purpose the power to guarantee the obligations of its subsidiaries or affiliates or any entity in which the corporation has lawful interest.” “This amendment will allow Bloomberry to raise funds through issuance of bonds or notes by offshore financing vehicles that it will guarantee,” it added. The guarantee clause to an offshore unit also provides Bloomberry a vehicle to raise funds from international investors. The amendment in the articles of incorporation is subject to shareholders’ approval during the company’s annual stockholders meeting on June 24. Since early this year, several listed firms have guaranteed the debts of their offshore units. In January, the overseas unit of taipan John Gokongwei’s investment vehicle JG Summit Holdings Inc. announced plans to raise funds through corporate notes. JG Summit will guarantee the debts of subsidiary JGSH Philippines Ltd. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 In March, Filinvest Development Corp. of the Gotianun family said it will guarantee the payment of interest rates of an offshore unit’s planned issuance of $300 million bonds. Bloomberry, for its part, has yet to announce the amount it intends to Read More …
MANILA, Philippines – The new controlling owners of Southeast Asia Cement Holdings Inc. (Seacem) is offering to buy out the minority shareholders at a cost of almost P290 million. In a regulatory filing, the 8990 Group of Companies said it will conduct a tender offer to minority shareholders following its takeover of Seacem. IHoldings Inc., Kwantlen Development Corp. and Januarius Resources Realty Corp., collectively known as the 8990 Group, said they filed an “offer to acquire all the remaining common shares of Seacem held by the public.” The 8990 Group plans to buy 709.54 million common shares of Seacem at P0.4083 each for a total transaction value of P289.7 million. The tender offer price is a steep discount from Seacem’s closing price of P1.52 on Thursday. The offer to buy out minority shareholders will start on June 17 and end on July 12. Last week, 8990 Group entered into a purchase agreement to buy 89.87 percent of Seacem from Calumboyan Holdings Inc., Lafarge Philippines Holdings Philippines Inc. and Seacem Silos Inc. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The 8990 Group, one of the leading low-cost housing developers in Visayas and Mindanao, spent P2.75 billion for the acquisition. “The buyers are conducting the tender offer for all the remaining issued shares of Seacem, in compliance with the rules on mandatory tender offer,” the company said.
MANILA, Philippines – To further promote food tourism in the country, the Mercato Centrale Group is bringing the premier food and lifestyle night market experience to the culinary center of the Philippines – Angeles City, Pampanga – in Ayala-owned Marquee Mall. “We’re inviting food entrepreneurs from Manila, Pampanga and the surrounding provinces of Central Luzon to join our newest market-Cocina Centrale. It will be a culinary showdown where the best of Pampanga will meet the best of Manila,” said RJ Ledesma, co-founder of the Mercato Centrale Group. Cocina Centrale will have its grand launch on June 29, at the Marquee Park of Marquee Mall in Angeles City. It will be open every Friday and Saturday starting July 5, from 4 p.m. to 3 a.m. “This is our first food market outside of Metro Manila, and we feel the most ideal place where we could share the Mercato Centrale experience is with the Pampanga foodies,” said Anton Diaz, co-founder of the Mercato Centrale group. “The great tradition of cooking in this part of the country means we have to ‘level up’ when it comes to the quality of our gourmet and artisan vendors, so that the food satisfies the discerning taste buds of the Kapampangans,” added Diaz.