JBC member: 6 candidates vying for Overall Deputy Ombudsman post

 News
Jul 122013
 
JBC member: 6 candidates vying for Overall Deputy Ombudsman post

Six candidates, including former and current “insiders” as well as the former head of the Comelec’s legal department, are applying for the Overall Deputy Ombudsman post, which will be vacated after the compulsory retirement of Orlando Casimiro on August 23. Judicial and Bar Council (JBC) member Jose Mejia said, those vying for the post include former Assistant Ombudsman Melchor Arthur Carandang and incumbent Deputy Ombudsman for Luzon officer-in-charge Rudiger Falcis II. Carandang was appointed Assistant Ombudsman during the tenure of former Ombudsman Simeon Marcelo, while Falcis is the incumbent officer-in-charge of the Office of the Deputy Ombudsman for the Military, he said. Also seeking the post is the former chief of the Commission on Elections legal department, Ferdinand Rafanan. He is currently the poll body’s director for planning. The rest of the applicants are Undersecretary Ronaldo Geron of the Malacañang Discipline Office, private lawyer Vernard Quijano of the Pamaran Ramos and Partners law office, and George Soriano, chairman of the Quezon City People’s Law Enforcement Board, Mejia said. Also, the JBC said the applicants have until July 17 to submit documentary requirements, while their public interviews are set for July 31. The JBC is constitutionally mandated to screen and vet nominees for vacant posts in the judiciary and the Offices of the Ombudsman and Deputy Ombudsman. For a vacant post in those government bodies, the seven-member JBC is tasked to come up with a shortlist from which the President will pick an appointee. Casimiro had been the subject of an Read More …

PSE boosts info drive as new product enters local bourse

 Economy
Jul 112013
 
PSE boosts info drive as new product enters local bourse

MANILA, Philippines – The Philippine Stock Exchange (PSE) has launched an information campaign on exchange traded funds (ETFs), a form of investment funds to be introduced in the local market. “Now that the Philippine regulatory framework for ETFs has been finalized, we can officially start accepting listing applications from prospective ETF companies.  I know a lot of market participants have waited long for this product to be offered to investors and we are now all working hard to ensure that we meet the expectations of the market,” PSE President and Chief Operating Officer Hans B. Sicat said. The Securities and Exchange Commission approved last June 20 Part C of the PSE ETF rules after Parts A and B were approved last March. The local bourse then proceeded to conduct seminars to make the public aware of how ETFs work. An ETF is similar to a mutual fund that tracks a basket of assets but is traded like stocks. Unlike mutual funds, however, the price of an ETF is quoted real time so investors immediately know the buying and selling price of their shares. “For retail investors, especially those who are just starting to invest in the market, ETFs allow for a cheaper access to a diversified portfolio of stocks because investors do not have to buy multiple stocks,” the local bourse said. PSE added that the performance of an ETF is also easier to analyze and monitor because its asset per share value is updated every minute and its tracking Read More …

PAL 100% sure of building $6-B int'l airport

 Economy
Jul 112013
 
PAL 100% sure of building $6-B int'l airport

A Philippine Airlines plane at Bohol’s Tagbilaran Airport. HOAGLAND PHOTO MANILA, Philippines – Philippine Airlines (PAL) chef executive Ramon Ang revealed Thursday night that the flag carrier is certain of pushing through with the $6 billion development of an international airport to house its planes. “One hundred percent tuloy ‘yung airport development, timing lang,” Ang said. There were reports that the airlines have shelved the project after PAL failed to present it to President Benigno Aquino III last February. The project would help decongest the already crowded Ninoy Aquino International Airport in Manila. This time, however, Ang is confident that Aquino himself expressed support for the mammoth development but is only hindered by bureaucrats and critics. “Suportado naman ‘yan ng Presidente. Siyempre, may mga little indians diyan na maraming sinasabi kaya ayaw na natin silang kulitin muna,” the tycoon, who also heads food manufacturing firm San Miguel Corporation, said. Ang has been proposing the 2,000-hectare development to build four runways since August in 2012. He also said in previous reports that PAL will buy 54 new Airbus planes working toward acquiring 100 planes, several of which will be long-range crafts. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 According to a report by Malaysian banking firm CIMB Group, the airline company is eyeing Bulacan as a possible location for the new airport.

SMC to unload banking, power generation business Conglomerate seeks more diversified investments

 Economy
Jul 112013
 
SMC to unload banking, power generation business Conglomerate seeks more diversified investments

MANILA, Philippines – Conglomerate San Miguel Corp. (SMC) is far from over in its diversification process, its top executive said. SMC plans to unload shares in its banking and power generation businesses to pursue projects like cement manufacturing, oil and gas investments and airport development, among others. “We are still pursuing the diversification. Whenever there is a good opportunity to invest in something that will give a good return to SMC, we will pursue that,” said SMC president and chief operating officer Ramon S. Ang to reporters. “We are 60 percent of where we want to be,” Ang said, adding that SMC expects to “accomplish something in the next couple of years.” In 2007, the conglomerate started selling parts of key businesses to fund diversification from the mature food and beverage businesses into high-growth and capital-intensive sectors like power generation, mining, infrastructure and telecommunications. To fund new ventures, the food-to-power conglomerate is set to sell shares in existing units. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 For instance, Bank of Commerce has received offers from numerous local and foreign investors for an equity infusion. “We have authorized shares that are not yet issued,” Ang said, adding that SMC is still studying an option to sell up to 40 percent of Bank of Commerce. Late in June, SMC’s plan to sell subsidiary Bank of Commerce fell through as it failed to close the P12.2-billion transaction with buyer CIMB Group Holdings of Malaysia. Its stake in power generation business SMC Read More …

COMP bucks new mining bill

 General
Jul 112013
 
COMP bucks new mining bill

MANILA, Philippines – The Chamber of Mines of the Philippines (COMP) opposes the proposed People’s Mineral Resources Act arguing that the proposed bill would render the country’s national mining law useless. In a statement yesterday, the COMP said the proposed People’s Mineral Resources Act set to be filed in the incoming Congress is “designed to kill the responsible mining industry in the Philippines” even though there is no need to repeal the existing Mining Act of 1995. Citing a paper written by COMP vice president for Legal and Policy Ronald Recidoro, the mining group said the Mining Act or Republic Act 7942 “is a world-class piece of legislation that already balances the interests not only of the mining industry and the State, but also fully considers the rights of host communities, indigenous peoples, and the environment.” Recidoro said the 1995 Mining Act is able to address the concerns of the bill’s proponents. He noted that the Mining Act and its implementing rules and regulations provide an environmental protection plan that more than adequately addresses the perceived environmental concerns. He also said the proposals of the so-called alternative mining bill, run contrary to the principle of state ownership of all natural resources in the Constitution. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 This as the “collective private ownership” by indigenous cultural communities of all mineral resources found within their claimed ancestral lands proposed by the bill would place substantial portions of the Philippines outside the scope of the Philippine Read More …

EDC allots $66.3 M for Chile, Peru projects

 Economy
Jul 112013
 
EDC allots $66.3 M for Chile, Peru projects

MANILA, Philippines – Lopez-led geothermal firm Energy Development Corp. (EDC) is spending roughly $66.3 million for its projects in Chile and Peru. EDC would spend $58.3 million for its projects in Mariposa in Chile and the remaining $8 million for its Peruvian projects, the company said in a disclosure to the Philippine Stock Exchange (PSE) yesterday. EDC’s investments in the project form part its joint venture agreement with Alterra Power Corp., a Canada-based energy company for geothermal projects in Chile and Peru. The company announced in June that under a shareholders’ agreement for the Mariposa project in Chile, EDC would acquire 70 percent interest in Compañía De Energia (Enerco). Enerco is an Alterra subsidiary in Chile that owns the Mariposa project. Alterra will continue to hold a 30 percent interest in Enerco through its wholly owned subsidiary Magma Energy Chile Limitada, subject to the terms of the shareholders’ agreement for the Mariposa project, EDC added.  “The terms of the project agreements call for EDC to fund the next $58.3 million in project expenditures in the Mariposa project and $8.0 million in project expenditures for all the Peruvian projects to top up Alterra’s past development costs,” EDC said in its disclosure. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 For the Mariposa project, the agreement contemplates implementing an agreed work plan that will further develop the Mariposa Project by building infrastructures over the next 18 months, EDC also said. For the Peruvian projects, proponents would conduct various exploration surveys over the next Read More …

Harbor Star pushes back P539-M IPO

 Economy
Jul 112013
 
Harbor Star pushes back P539-M IPO

MANILA, Philippines – A local tugboat operator has pushed back its P539-million initial public offering (IPO), making it the third company to defer its public share sale due to unfavorable market conditions. “In consultation with issue manager and lead underwriter Abacus Capital & Investment Corp., we request for a deferment of the company’s initial public offering to a later date,” Harbor Star Shipping Services Inc. said in a letter to the Philippine Stock Exchange (PSE). “We believe that current market conditions are less than ideal to undertake and launch the offering,” it added. Late last month, Harbor Star secured the PSE board’s approval to list in the local bourse. Under the original timeline, final pricing was scheduled yesterday, followed by the start of a domestic roadshow on July 11. Offer period will start on July 22 and end on July 26 while Aug. 2 will mark the listing date. “Tentatively, we are looking at a new offer period within September 2013,” Harbor Star said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Since hitting its all-time high at 7,392.20 on May 15, the benchmark PSE index has slipped to 6,308.18 as of yesterday as foreign funds exit emerging markets in hopes of higher yields in advanced economies. Due to the market’s volatility, Robinsons Retail Holdings Inc. and Travellers Hotel Group Inc. deferred their P40-billion and P42-billion IPO, respectively. Three firms have so far debuted in the local bourse this year: Philippine Business Bank, Asia United Bank and Del Monte Read More …

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