SUPERSTITIOUS PEOPLE may view the 13th of the month as an inauspicious date whenever it falls on a Friday. When it falls on a Saturday, it generally doesn’t attract the same sense of dread. Revenue regulations like the one issued last Saturday, however, may soon change that.
MANILA, Philippines – Public infrastructure spending is seen to more than double to P834.5 billion by 2016 as the Aquino government allocates more funds to build more roads, railways, airports and bridges to support its goal of inclusive and sustainable growth. In a briefing yesterday, Budget and Management Secretary Florencio Abad said the government would continue to bolster infrastructure spending to further spur economic growth to as much as seven percent this year. For this year, the Aquino administration expects to spend P299.4 billion for infra-related projects, equivalent to 2.5 percent of gross domestic product or GDP. The amount excludes projects under the government’s Public-Private-Partnership program. For next year, infrastructure spending is forecast to rise by 28.4 percent to P418.2 billion or three percent of GDP. The budget is expected to increase further to P601.5 billion and P834.5 billion by 2015 and 2016, respectively, corresponding to 4.1 percent and 5 percent of GDP. The Philippines trails behind its Asian neighbors in terms of government infrastructure spending. According to the World Bank and the Asian Development Bank, the Philippines needs to jack up infrastructure investments to keep pace with its Asian peers in attracting foreign direct investments. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Across Southeast Asia, public works are being given priority by governments seeking to maintain growth amid the global economic downturn. Improved infrastructure would contribute to reduced costs of doing business, increased market accessibility and enhanced competitiveness, the ADB said. Higher tax collections and improved public Read More …
MANILA, Philippines – The bellwether stock index slipped for the second straight session yesterday as investors took the lead from disappointing earnings in Wall St. while some stayed on the sidelines ahead of US Federal Reserve chairman Ben Bernanke’s policy speech before Congress. The Philippine Stock Exchange index (PSEI) dropped 0.13 percent or 8.83 points to 6,574.72, paring earlier losses that pushed the main index to an intraday low at 6,514.10. “The battle between the bears and the bulls turned in favor of the former as another round of not-so-encouraging numbers from the US corporate front pulled on sentiments,” said Justino Calaycay Jr., an analyst at Accord Capital Equities Corp. “Adding to the slight return to pessimism was another Fed official voicing the need to cut back on the stimulus program ahead of Bernanke’s semi-annual monetary policy report to Congress later this week,” he added. Wall St. which is in the thick of the earnings season, retreated Tuesday on the back of lower-than-expected second quarter income companies like Coca-Cola. The Dow Jones industrial average shed 0.2 percent or 32.41 points to close at 15,451.85 while the broader Standard & Poor’s 500 index slipped 0.4 percent or 6.24 points to 1,676.26, snapping an eight-day climb. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Local stocks bucked the climb in Asian stocks. Japan’s Nikkei 225 rose 0.11 percent or 15.92 points to 14,615.04, while Hong Kong’s Hang Seng index inched up 0.28 percent or 59.49 points to 21,371.87.
MANILA, Philippines – Metropolitan Bank & Trust Co. (Metrobank), the main banking arm of the Ty family, will exercise its call option on its P5.5-billion Lower Tier 2 notes. In a disclosure to the Philippine Stock Exchange, Metrobank head of investor relations Juan Placido Mapa III said the bank’s board approved Tuesday the conduct of the call. He said Metrobank would undertake the call option on the notes with a rate of 7.75 percent on Oct. 4. The call option feature is in accordance with the terms and conditions of the notes. Mapa, however, said they would seek the approval of the Bangko Sentral ng Pilipinas (BSP) before carrying out the call option. “The bank is currently in the process of securing BSP approval,” he said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The Metrobank official said the board has also approved the issuance of up to $500 million Basel 3-compliant Tier 2 capital securities to proactively manage its capital base for growth and for refinancing of maturing capital notes. The Basel 3 guidelines issued by the BSP in Jan. 15, 2003 requires that Tier-2 notes have a provision for the instrument to either be written off or converted to common equity upon occurrence of certain trigger events. The BSP circular further stipulates that banks must make the necessary amendments to their articles of incorporation to accommodate such a conversion. Metrobank said it has received BSP approval to amend its articles of incorporation on the increase in authorized Read More …
MANILA, Philippines – Shares of diversified conglomerate San Miguel Corp. (SMC) plummeted early yesterday before bouncing back to gain at the end of trading after a report that connected it to a “highly leveraged conglomerate” at risk of default was downplayed. Stocks of the Ang-led corporate powerhouse lost as much as 9.6 percent to P76.40 in early trades before recovering in the afternoon to settle 1.49 percent higher at P85 apiece. The late rally on SMC shares, nonetheless, failed to lift the Philippine Stock Exchange index (PSEi) which eased 0.13 percent or 8.83 points at 6,574.72. This was despite officials clarifying a newspaper report last July 14 that quoted the International Monetary Fund’s findings last April, warning the country against large conglomerates with high exposure to bank loans. The report, written by Manila Times columnist Rigoberto Tiglao, quoted the IMF as saying that a “highly leveraged conglomerate” – which it did not name – is at risk of default, although that risk is currently “low.” SMC, which has expanded from food and beverage to oil and transportation, initially took the brunt from investors before company president and chief executive officer Ramon Ang stepped in to calm the market. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Yes SMC can buy back shares and yes SMC has enough funds to do that anytime,” Ang said in a text message. The statement, First Grade Finance’s analyst Astro del Castillo said, “diffused” investor concerns “on the company’s financial standing.” He explained Ang Read More …
MANILA, Philippines – The Center for Global Best Practices, in collaboration with Sycip Salazar Hernandez and Gatmaitan Law Offices, is holding a pioneering seminar titled ‘Best Practices in Handling Customs Tax Audits & Remedies’, Aug. 7, at the Peninsula Manila, Makati City, Philippines. This special program is designed to help importers learn how to deal fairly and squarely with the Bureau of Customs (BOC). Empower yourself and your organization by knowing about the importers rights that matter, understand the BOC’s basis of assessment/ audit to save you on unnecessary taxes, know what to do incase of warrants and seizures, and learn how to craft letters to challenge the valuations/ under-declaration charges imposed by the BOC. This solutions-oriented program will tackle comprehensively the administrative, judicial, procedural and substantive remedies to problems encountered by importers on issues of customs tax and duties with the BOC. The expert practitioners in this field will share their best practices, important lessons, real stories, updates and cases decided by the Court of Tax Appeals and Supreme Court. For more details and a complete list of seminars, check www.cgbp.org. You may also call (02) 556-8968/ 69 in Manila; (032) 512-3106/ 07 in Cebu; or (074) 423-5148 in Baguio. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 This one-day event will feature Domingo G. Castillo, expert practitioner in this topic and partner in the largest law firm in the country, SyCip Salazar Hernandez & Gatmaitan Law Offices.
MANILA, Philippines – President Aquino has appointed former chairman of the Land Transportation Franchising and Regulatory Board Nelson Laluces as Deputy Director General of the Intellectual Property Office (IPO). Laluces replaced Andrew Michael Ong and will serve until Dec. 2017. Laluces, 54, was appointed LTFRB chairman in Sept. 2010. He is also a lawyer by profession, and counts many members of Aquino’s Cabinet as classmates. Presidential Spokesman Edwin Lacierda also announced the appointment of Rey Roderos as assistant director general of the National Security Council headed by director general Cesar Garcia Jr. Roderos replaced Fernando Mesa and will serve until June 2016, when Aquino steps down. Deputy presidential spokesperson Abigail Valte also announced several appointments, among them seven new commissioners of the National Commission on Indigenous Peoples (NCIP) for a term expiring on Feb. 20, 2016. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The officials are Zenaida Brigida Pawid for Region I and the Cordilleras, Percy Brawner for Region II, Bayani Sumaoang for Region III and the rest of Luzon, Dionesia Banua for Island Groups including Mindoro, Palawan, Romblon, Panay and the rest of the Visayas. Datu Cosme Lambayon for Northern and Western Mindanao, Leonor Oralde-Quintayo for Southern and Eastern Mindanao and Era Colmo España for Central Mindanao. Aquino has also appointed Teresita Inciong as the executive director of the Early Childhood Care and Development Council. He likewise named Ma. Gloria Abragan-Tango as acting Assistant Secretary of the Department of Labor and Employment. The appointment paper of Tango was Read More …
On his 4th State of the Nation address, President Benigno Aquino III will hark on some outstanding accomplishments that most past presidents have not been able to deliver. First off will be the upgrade in investment status by two major credit rating institutions, Fitch Ratings and Standard and Poor’s, and the recent hint by another agency, Moody’s Investors Service, that it may lift the country’s rating later this year. All these are cognizant of the upbeat tempo in the economy the past year as gleaned from the strong GDP reports, improved tax collections and the better fiscal condition of government, and returning optimism among foreign investors to park their money in the country. The legislative has nonetheless also contributed a significant share, largely by passing measures such as the sin tax law that have raised collections by and impressive 28.2 percent year-on-year compared to the 12.4 percent figure in 2012. There will be more upbeat statements that we can expect from P-Noy as he addresses his “new” and old colleagues in Congress, those who have been given the mandate to rule our legislature for at least the next three years. It’s a relief that the last May elections had delivered to the current presidency a political government on the local, Lower House and Senate levels that is supportive and looks favorably on P-Noy’s leadership. This augurs well for the final stretch of the President’s six-year term. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 In truth, time will fly, Read More …
Photo shows (from left) Lou de Guzman, board director and auditor of PRSP; Hans Roxas Chua, co-director of the CDM program by the IIDM; Yoly Crisanto, APR, president of PRSP; Gerald Corteza, strategic business development manager, ELearning EDGE and Claire Papa, board director and chair of PRSP’s professional development committee. MANILA, Philippines – The Public Relations Society of the Philippines (PRSP), the largest and most recognized organization of PR practitioners and business communicators in the Philippines, is offering a certificate program in Digital Public Relations (Digital PR) through a partnership with the Certified Digital Marketer (CDM) program by the International Institute of Digital Marketing (IIDM). The program is targeted at PR and marketing communications practitioners who would like to hone their communication skills and at the same time learn how they can use digital and social media platforms in carrying out their campaigns. The course runs for a period of three months, after which the graduate will be given the title: Certified in Digital Public Relations (CDPR) Under a memorandum of agreement with IIDM, PRSP will lend its expertise in the field of public relations and communications in designing the modules which will be used throughout the course while the IIDM will provide digital marketing training modules and facilitate its administration. Also, PRSP’s high standards of gauging communication excellence will also serve as the program’s benchmark in certifying the graduates. “We are happy to renew our partnership with the IIDM as this will help us achieve the vision of the Read More …
MANILA (Mabuhay) -– Kapamilya stars Maja Salvador and Jake Cuenca are happy to be reunited in a project – this time as a love team. Salvador and Cuenca will headline the upcoming movie “Status: It’s Complicated,” which will be produced by Regal Films under the direction of Chris Martinez. In an interview with ABS-CBN News, […]