AVID sales down 3% in H1

 Economy
Jul 222013
 
AVID sales down 3% in H1

MANILA, Philippines – Sales of vehicle importers declined slightly in the first semester from a year ago due to the weaker performance of passenger cars (PC). Data released yesterday by the Association of Vehicle Importers and Distributors, Inc. (AVID) showed that the group’s total sales reached 15,345 units in the January to June period, down three percent from the 15,800 units in the same period last year. This, as PC sales fell 18 percent to 7,821 units as of end-June from 9,530 units in the comparable period in the previous year. Despite the lower PC sales, the AVID’s light commercial vehicle (LCV) sales meanwhile rose 20 percent to 7,524 units in the first-half from 6,270 units a year ago. The strong LCV sales performance was driven by Motor Image Pilipinas, Inc.’s Subaru and The Covenant Car Company, Inc.’s Chevrolet brands which had compelling new offerings in the compact and mid-size sports utility vehicle categories. The LCV segment’s positive first half performance, AVID said, provided a strong cushion in tempering a supply-stricken PC category where primary movers Hyundai Asia Resources Inc. (HARI) and Chevrolet both experienced significant losses due to supply-dictated performance as well as strong external competition. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 For the month of June alone, AVID’s sales decreased 16 percent to 2,447 units from last year’s 2,912 units. The group’s PC sales declined 19 percent to 1,240 units from last year’s 1,526 units. Its LCV sales for the month of June reached 1,207 Read More …

MVP sets 51% limit on Meralco stake

 Economy
Jul 222013
 
MVP sets 51% limit on Meralco stake

MANILA, Philippines – Publicly-listed Metro Pacific Investments Corp. (MPIC), the flagship firm of the business empire headed by Manuel V. Pangilinan, is set to limit its interest in utility giant Manila Electric Co. (Meralco). Pangilinan, who serves as chairman of both MPIC and Meralco, told reporters in a chance interview that the holding firm intends to limit its stake in the electricity distributor within the  tender offer requirement. “We want to keep Meralco a listed company so we would prefer not to breach the limits on the requirement for a general offer,” Pangilinan said. Under the Securities Regulation Code, any entity that acquires more than 51 percent of a listed company must offer to buy the remaining shares held by minority investors for the same price. This law aims to protect investors by allowing them to divest from a company when there is a significant change of ownership that may affect the way it operates. When asked if MPIC would acquire 51 percent of Meralco, he said the holding firm does not want to exceed the limit on the tender offer rule. “Something like that,” he added. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 MPIC is the single largest shareholder in Meralco with a 48.3 percent interest through wholly owned subsidiary Beacon Electric Asset Holdings Inc. Last July 19, MPIC took up about 15 percent to 16 percent of the 64.3 million Meralco shares worth over P17 billion sold by diversified conglomerate San Miguel Corp. (SMC). San Miguel Read More …

Lack of mention of China during SONA ‘good judgment’ – DFA

 News
Jul 222013
 
Lack of mention of China during SONA ‘good judgment’ - DFA

Foreign Secretary Albert Del Rosario on Monday said he was glad President Benigno Aquino III made no mention of the territorial disputes with China in his fourth State of the Nation Address. “I think it was good judgment on the President’s part not to mention it,” Del Rosario said on the sidelines of the SONA at the Batasan Complex. “It’s like when you’re in dispute and you’re already in court, you really don’t discuss the issue.” “I think the plans are clear, because the train has left the station. We filed for arbitration and we’re waiting for the process to continue,” he added. The Philippines sought arbitration under the UN Convention on the Law of the Sea (UNCLOS) last January to have China’s nine-dash claim declared “illegal.” China’s territorial claims cover almost all the South China Sea, including sections that have been declared as the West Philippine Sea. Del Rosario also said he saw no need for the president to mention the issue of disputed territories, as the decision of the UN Arbitral Tribunal would be final. Also, Presidential Spokesperson Edwin Lacierda echoed Del Rosario’s sentiments. “Ngayon gumagalaw sa UNCLOS na ngayon, so there’s really nothing to discuss na, nasabi na rin ng Pangulo at ng Department of Foreign Affairs [lahat ng dapat sabihin,]” he said. The International Tribunal convened last week in the Netherlands to look at the complaint lodged by the Philippines. The Philippines and China have been locked in a territorial dispute over the Panatag (Scarborough) Shoal Read More …

Julia excited for aunt Claudine’s comeback

 Entertainment
Jul 222013
 

Young actress Julia Barretto said she is excited for the showbiz comeback of her aunt, Claudine Barretto, despite an ongoing feud between her and her other relatives. “Oh she’s coming back. I’m excited for that,” Julia said. “Siyempre I’m a fan. I’m still a fan of my tita and her movies, mga ganoon. So I’m […]

After being scolded by PNoy, Customs chief Biazon offers resignation

 News
Jul 222013
 
After being scolded by PNoy, Customs chief Biazon offers resignation

(Updated 1:43 a.m., 23 July 2013) Customs Commissioner Ruffy Biazon on Monday night said he “offered” his resignation from government, following President Benigno Aquino III’s statement against the Bureau of Customs during his fourth State of the Nation Address (SONA). Aquino, however, did not accept his resignation, Biazon tweeted. The Bureau of Customs (BOC) was one of the three government agencies berated by the President in his mid-term SONA. The other two were the Bureau of Immigration, whose head Ricardo David resigned last week, and the National Irrigation Administration. Later, Biazon expounded more on the matter through both his Facebook account and his blog. He thanked the President for his appreciation of the difficulties involved in trying to reform the BOC, recalling that he took on the commissioner’s job “motivated by the President’s will and vision to reform the entire government, which makes it possible to the break the ‘kalakaran’ which has ruled Customs for generations.” However, ever present was the possibility a failure which would leave him “frustrated and damaged.” Also, after he had offered his resignation, Biazon said that he received reactions and advice through social media. Some of the feedback asked him to stay at his post, while others advised him to resign despite the President’s message of confidence. The matter is still up in the air, according to Biazon. He remains on the job, but “all of these I have to absorb and process.” Meanwhile, during an interview on Monday night’s episode of GMA News TV’s Read More …

3 Filipino fishers hit by storm to be repatriated from Taiwan—PCG

 News
Jul 222013
 
3 Filipino fishers hit by storm to be repatriated from Taiwan—PCG

By Jerry E. EsplanadaPhilippine Daily Inquirer 1:06 pm | Monday, July 22nd, 2013 MANILA, Philippines—The government will repatriate shortly three Filipino fishermen who were rescued Saturday by Taiwanese coast guard about 80 nautical miles off Kaohsiung port in southern Taiwan days after they were caught in storm last week, the spokesman of the Philippine Coast Guard said Monday. Commander Armand Balilo, also chief of the PCG Public Affairs Office, told the Inquirer on Monday that they were “coordinating with the Manila Economic and Cultural Office (in Taipei) for the repatriation of the rescued fishermen.” He identified the fishermen as Ronald Dumaran, Edwin Zoilo and Gener Mendoza, all residents of Sta. Ana, Cagayan. Citing a report from the Taiwan Economic and Cultural Office in Makati City, Balilo said the fishermen “encountered a storm last July 15.” “On board a fishing boat, they drifted for five days until they were rescued by a Taiwanese Coast Guard vessel,” he said.  “They are in good condition and currently under the custody of the TCG in Kaohsiung.” However, “another Filipino fishing boat (with an undisclosed number of crew) is still missing,” said Balilo. In May, a Philippine fisheries patrol vessel manned by the PCG shot at a Taiwanese fishing boat near Balintang Channel in northern Philippines. The PCG had admitted that its personnel shot at the vessel in an incident that left Taiwanese fisherman Hung Shih-chen dead. The Coast Guard shrugged off an Inquirer report that the National Bureau of Investigation had recommended the filing Read More …

Fil-Ams at high risk of hepatitis-B; free testing in SF Bay Area

 News
Jul 212013
 
Fil-Ams at high risk of hepatitis-B; free testing in SF Bay Area

By Rose PaquetteINQUIRER.net US Bureau 12:14 pm | Monday, July 22nd, 2013 BLOOD-DRAWING. Mark Nagales (right), Field Representative from the Office of Congresswoman Jackie Speier (D-San Francisco-San Mateo), who wants to set an good example to the Fil-Am community, volunteers for a free hepatitis B screening being conducted by Samson Ku (left), Lab Assistant of the North East Medical Center clinic in Eastmoor St., Daly City. PHOTO BY ROSE PAQUETTE DALY CITY, California—Among Asians, Filipinos are the third-most chronically infected with the deadly Hepatitis B disease, next only to Chinese (first) and Vietnamese (second), reported Genevieve V. Jopanda, executive director of the San Francisco Hep B Free Campaign. At the launching of the Free Hep B test clinic at the North East Medical Services (NEMS) in Daly City on Thursday, Jopanda explained that as many as 1 in 10 Asian and Pacific Islanders are infected with Hepatitis B worldwide. “Of these, two out of three don’t know they are infected, and one in four will develop liver cancer or liver disease if untreated,” Jopanda said, noting that nearly 80 percent of all liver cancers is directly associated with chronic hepatitis B. The campaign started in San Francisco in coordination with the city’s Public Health Clinic, Asian Week Foundation and the City of San Jose. Daly City Mayor Raymond A. Buenaventura encouraged the Filipino-American community to participate in the free hepatitis B testing. “Get tested and be a hero to yourself and family members by getting tested.” Silent killer “Hepatitis B Read More …

PSALM moves Naga plant auction

 Economy
Jul 212013
 

STATE-RUN Power Sector Assets and Liabilities Management Corp. (PSALM) plans to conduct another auction for the privatization of the 153.1-megawatt (MW) Naga power plant complex in Cebu after only one firm pre-qualified to participate in the bidding that was supposed to take place on Wednesday.

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