July 2013 – Page 3

Nickel Asia income down

Economy

Jul 302013

MANILA, Philippines – Listed miner Nickel Asia Corp.’s net income declined 49 percent to P645 million in the first semester from P1.28 billion a year ago due to lower nickel prices. For the six-month period, the company sold 5.54 million wet metric tons (WMT) from its four operating mines, slightly up from 5.02 million WMT a year ago. The price of nickel at the London Metal Exchange applicable to 1.97 million WMT of ore shipped by the mining firm in the first half averaged at $7.54 per pound as against $8.60 per pound in the same period last year. The balance of the shipments in the first half of the year was sold on a negotiated price per WMT of ore which averaged $20.14 per WMT compared to $26.41 per WMT in the same period last year. The company’s operating costs fell by 10 percent to P2.65 billion in the first half of the year against P2.96 billion last year. Production cost per WMT fell to $11.39 in the first half of 2013 compared to $13.66 in 2012. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Notwithstanding global economic factors affecting prices of all commodities in general, we remain optimistic that our shipment volumes will continue to increase the second half of this year,” said Nickel Asia Corp. president and CEO Gerard Brimo.

Forum Energy losses widen

Economy

Jul 302013

MANILA, Philippines – Forum Energy Plc., a British oil and gas exploration company with focus on the Philippines, said its net loss widened to $2.75 million in the first half of the year, from $1.67 million recorded in the same period in 2012. Forum Energy, which is 60.49-percent owned by corporate taipan Manuel V. Pangilinan’s Philex Petroleum Corp., reported higher revenues during the period at $2.24 million, up from $1.35 million a year ago. “This increased revenue reflected the fact that the Galoc field operated normally throughout the period whereas it did not operate for the first four months of 2012 whilst the facilities were being refurbished,” Forum Energy said. The temporary closure of the Galoc oil field in Palawan in the early part of 2012 resulted in a decrease in production to 5,410 barrels of oil per day from 6,637 bopd in 2011, data from the company showed. Forum Energy said it is still unable to commence drilling in its main project, Service Contract 72 in the Sampaguita oil field in the disputed Recto Bank in the West Philippine Sea. Forum Energy noted that it has been granted an extension to August 2015 to complete the second sub-phase obligations of drilling wells on SC 72. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The Department of Energy has extended the company’s work program by two years to August 2015 from the original deadline of August 2013 to allow it to complete its obligations under the service contract. Forum Read More …

Widening gap between rural, urban wages explained

Economy

Jul 302013

Widening gap between rural, urban wages explained

MANILA, Philippines – Experts on political economy have warned that the wide disparity in rural and urban wages remained a roadblock to achieving inclusive, broad-based development, despite the country’s 7.8 percent growth in first quarter. This is the essence of the first in a series of roundtable discussions organized by the Angara Centre for Law and Economics, dubbed Taking the Philippine Economy to the Next Level: Promoting Inclusive Regional Development, which was held yesterday at Malcolm Hall, College of Law, University of the Philippines, Diliman, Quezon City. The event was topbilled by internationally-recognized political economist, Dr John C Nye, Frederic Bastiat chairman in Political Economy at the Mercatus Center, George Mason University, and research director at the Higher School of Economics in Moscow. Dr Nye observed that the Philippines’ overall ratio of rural-urban wage gap at 67 percent remained constant over the last decade. There are higher ratios when skilled and unskilled workers are considered separately. Areas with a high share of agriculture have the lowest relative wages, the study revealed. There is a pressing need to even out the rural-urban wage gap, which calls on the Aquino administration to take a hard look at differences in labor policies between commercial industries and rural labor. The paper pointed out that urban workers actually earn slightly less in real terms than rural workers when relative prices are considered. Despite the higher cost of living in urban centers, there are compensating factors that can explain why people flock to already-congested cities. These are Read More …

Cement sales up

Economy

Jul 302013

MANILA, Philippines – Cement sales went up six percent in the first semester from a year ago due to increased construction activities, the Cement Manufacturers Association of the Philippines (CeMAP) said. CeMAP data showed total cement sales reached 10.136 million metric tons (MT) in the January to June period, higher than the 9.546 million MT sold in the same period last year. For the second quarter alone, cement sales rose bnine percent to 5.349 million MT compared to the previous year’s 4.916 million MT. In a text message, CeMAP president Ernesto Ordonez said among the reasons for the higher sales are “government’s increased budget for infrastructure (and) continued business confidence of private sector in government resulting in increased commercial, residential and other private sector construction.” Earlier, he said higher cement sales are expected this year compared to a year ago as construction works continue to pick up. Lafarge Cement Services (Philippines), Inc. president Don Lee also said earlier that even as construction activity is seen to rise given the country’s strong economic growth, cement manufacturers are ready to provide supply. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Cement manufacturers, he said, are currently expanding their output.

Long lines due to 'hakot system' as village poll registration deadline nears

News

Jul 302013

Long lines due to 'hakot system' as village poll registration deadline nears

Long lines in the registration for barangay and Sangguniang Kabataan (SK) elections? It’s all “hakot,” according to poll commissioner Grace Padaca. “Na-o-obserbahan namin na maraming hakot lang na pinapatransfer lang ng mga kandidato ng barangay. Sila ang nakakapagdagdag sa pila,” Padaca said in a phone interview with GMA News Online. By “hakot,” the poll commissioner was referring to the usual practice by politicians of renting a vehicle and then bringing residents to register for the elections. The practice is also done during election day. The 10-day registration for the village polls started July 22 and will end July 31. Commission on Elections (Comelec) chairman Sixto Brillantes Jr. earlier said there will be no extension of the deadline. At the Comelec office in Manila, the registration seemed like a stampede as registrants shoved against each other and lines were abandoned, according to a report on “24 Oras.” An election officer in the Quezon City Comelec office even shouted at the irate registrants: “Huwag kayo magtulakan!” The situation was worse in the Comelec office in Iloilo City: some registrants fainted while waiting in line and had to be brought to the hospital. The over-all scenario was similar to the last day of registration for the May 2013 elections—the usual long lines of registrants screaming for the doors of Comelec offices to open. A certain Leonard Francisco, interviewed on GMA News’ “Quick Response Team,” lamented the disorganized registration process for the village polls. “Sobrang gulo po ng proseso sa loob ng Comelec.Hindi maganda, Read More …

Poll watchdog says P30M 'intel funds' is Comelec's version of pork barrel

News

Jul 302013

Poll watchdog says P30M 'intel funds' is Comelec's version of pork barrel

An election watchdog on Tuesday branded the P30-million intelligence fund given by Malacañang to the Commission on Elections (Comelec) the poll body’s version of the controversial pork barrel. During a hearing at the Court of Appeals, the Automated Elections System (AES) Watch presented three checks issued to former Comelec Commissioner Gus Lagman to prove that government funds were used as “intelligence and confidential funds.” Lagman said the first check, for P200,000, was issued to him in August 2011. The following month, he received another check, this time for P800,000. Finally, a P250,000 check was issued to him in December 2011. Lagman, who is also a member of AES Watch, said the checks were described in the disbursement as “intelligence and confidential funds.” The former Comelec official said he deposited the checks in his accounts, thinking the funds were to be used for the poll body’s investigation into elections cases that the body was trying at the time. But when he was asked by the poll body’s chief accountant to liquidate the amount on March 19, he found out that the money was made to appear to have been used for a different purpose. “Para i-liquidate iyon, kailangan ko lang raw pirmahan iyong isang dokumento, isang one-page document na sinasabi na ginastos ko kung saan saan,” he said. “Nakalagay sa dokumento, expenses for several items. Sabi ko di naman totoo ito, so isinauli ko na lang,” Lagman said. He said he could not remember what those “items” were but said the Read More …

PH lifts ban on sending workers to Iraq—POEA

News

Jul 302013

PH lifts ban on sending workers to Iraq—POEA

Agence France-Presse 7:27 pm | Tuesday, July 30th, 2013 POEA Administrator Hans Leo Cacdac photo from his official Twitter account. MANILA, Philippines—The Philippines said Tuesday it is lifting a nine-year ban on sending workers to Iraq, declaring the country mostly safe despite its worst bout of violence in years. Filipinos, except for household helpers who are mainly female, can now work in Iraq outside four “no-go” provinces still considered dangerous, said Hans Cacdac, head of the labor ministry’s Overseas Employment Administration. He expects Filipinos to pour into the rebuilding of the country’s oil and gas, construction, medical and hotel industries. “According to the Department of Foreign Affairs, the security situation is good enough to have overseas Filipino workers in Iraq,” Cacdac told AFP. “But the workers will be advised to take the precautionary measures.” He said Filipina maids will still be barred from Iraq because there was “no adequate protection in place” for them. The Philippines banned its workers from going to Iraq after a Filipino truck driver was kidnapped by militants in 2004 in the wake of the US-led invasion there. The driver was released unharmed after then-president Gloria Arroyo pulled out a Filipino contingent serving in the US-led coalition. The “no-go” areas still considered too dangerous are the provinces of Anbar, Nineveh, Kirkuk and Salahuddin, Cacdac said. Despite the nine-year ban, industry analysts had estimated that as many as 10,000 Filipinos were working in Iraq illegally. Cacdac however said he knew of only about 700 workers there now. Read More …

Solon seeks suspension of PDAF implementation for 3rd quarter of the year

News

Jul 302013

Solon seeks suspension of PDAF implementation for 3rd quarter of the year

If Buhay party-list Rep. Lito Atienza could have his way, “pork barrel” implementation for the third quarter of the year should be suspended pending the investigation on the alleged misuse of pork barrel funds, or formally known as Priority Development Assistance Fund (PDAF). Instead, legislators should focus on their job, which is crafting laws, Atienza said in a statement Tuesday. “We recommend that we suspend the implementation of the PDAF,” Atienza said. “(Instead we should) buckle down to our real work of legislation.” “We are all honorable men and have been elected to legislate, get the country moving towards economic growth and not get involved with the delivery of basic services that could be best done by local government units,” the former Manila mayor said. He said P200 billion in PDAF could have easily built 10 million homes for the poor and one million classrooms, and provide facilities like CT scan, dialysis and MRI equipment to public hospitals. “But when we look back at how this money has been utilized, all we see are waiting sheds, basketball courts, covered courts and now the scandalous allegations of giving money to non-existent NGOs,” Atienza said. House members get P70 million in PDAF every year while senators has an allocation of P200 million. House Majority Leader Neptali Gonzales has yet to give a comment on Atienza’s proposal. In a text message to GMA News Online, Budget Secretary Butch Abad said they will implement it if the Congress adopts it. “If Congress adopts the Read More …

Palace won’t stop Pacquiao presidential run

Entertainment

Jul 302013

MANILA, July 29 (Mabuhay) – Malacañang won’t stop Sarangani Rep. Manny Pacquiao from pursuing his ambition to become President of the Philippines. Presidential spokesperson Edwin Lacierda said Pacquiao is free to run, pointing out the minimum requirements of the Constitution to become a presidential candidate. “Kung sa damdamin ni Ginoong Pacquiao e karapat-dapat siyang tumakbo, […]

Bam, Trillanes, Grace Poe won't mind abolishing 'pork barrel'

News

Jul 302013

Bam, Trillanes, Grace Poe won't mind abolishing 'pork barrel'

At least three senators have expressed readiness to let go of their “pork barrel” funds amid the Catholic Bishops’ Conference of the Philippines (CBCP)’s call to junk these controversial allocations. At a press briefing Tuesday, Senator Paolo Benigno “Bam” Aquino IV said there is “weight” in the call by Roman Catholic Church officials to junk the priority development assistance fund (PDAF). “Kung wala namang pork barrel, I don’t think any of us will be lesser legislators … If tomorrow, the President or the Senate President will call for the abolition of the pork barrel, I won’t mind,” Aquino said. The neophyte lawmaker said he plans to use his PDAF to fund programs that will create job opportunities for ordinary Filipinos. “Ako naman, if the pork barrel is there, we will use it for right purposes,” he said. Earlier in the day, Bam, who is President Aquino’s first cousin, said he opposes proposals from some of his fellow lawmakers to stop the release of “pork barrel” funds to non-government organizations (NGOs). At a separate briefing, Senator Antonio Trillanes IV said he also won’t mind having these discretionary funds abolished, since it is the Executive Department which benefits from the PDAF anyway. “Either way, okay lang. Kung mayroon, e di gagamitin natin nang maayos. Kung wala, tuloy lang tayo sa trabaho natin. Itong pork barrel, this is a policy tool of the president to get his legislative agenda done,” Trillanes said. On Monday, incoming CBCP president and Lingayen-Dagupan Archbishop Socrates Villegas Read More …

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