SMC to start NAIA Expressway construction in Jan

 Economy
Jul 082013
 
SMC to start NAIA Expressway construction in Jan

MANILA, Philippines – Diversified conglomerate San Miguel Corp. (SMC) is expected to kick off the construction of the P15.86 billion Ninoy Aquino International Airport (NAIA) Expressway in January next year after inking a concession agreement with the Department of Public Works and Highways (DPWH). DPWH Secretary Rogelio Singson signed yesterday a concession agreement with SMC chief financial officer Ferdinand Constantino under the Aquino administration’s Public-Private Partnership (PPP) scheme. The signing was witnessed by DPWH Undersecretary Rafael Yabut, DPWH assistant secretary Maria Catalina Cabral, Public-Private Partnership (PPP) Center deputy executive director Ferdinand Tolentino, and SMC treasury infra head Raoul Eduardo Romulo. “The NAIA Expressway project exemplifies the extreme support and confidence of private sector in helping pursue development infrastructure plans and programs of the government through PPP,” Singson said in a statement. The 7.15 kilometer four-lane NAIA Expressway project is a strategic part of the envisioned Metro Manila Urban Expressway System to be built around a network of expressways serving Metro Manila. The project valued at P15.86 billion would provide access to NAIA Terminals 1, 2, and 3 linking the Skyway in the South Luzon expressway (SLEX) and the Manila-Cavite Toll Expressway (Cavitex). Business ( Article MRec ), pagematch: 1, sectionmatch: 1 It would also support the development of the Philippine Amusement Gaming Corp. (Pagcor) Entertainment City located along the Manila Bay reclamation area. It will connect all three terminals of the NAIA Complex and ease the flow of traffic to and from the airport. The project involves the improvement of Read More …

Sale of 20% stake in Metrobank power unit ‘credit positive’ – Moody’s

 Economy
Jul 082013
 
Sale of 20% stake in Metrobank power unit ‘credit positive’ – Moody’s

MANILA, Philippines – International rating firm Moody’s Investors Service said Metropolitan Bank & Trust Co.’s decision to sell 20-percent stake of its power subsidiary Global Business Power Corp. to Japan’s Orix Corp. is “credit positive” for the bank. In a statement, Moody’s said the sale would further improve the bank’s capital ratio. “This sale is credit positive for Metrobank because we estimate its consolidated Tier 1 capital ratio will increase to 15.3 percent from 14.8 percent at the end of March, after factoring in the gains from the share sale. Such a ratio compares with the 14.7-percent average Tier 1 ratio at the end of March for the Philippines-based banks we rate,” it said. “Another credit positive is that the disposal allows Metrobank to avoid a punitive deduction in its Tier 1 capital that results from equity investments in non-financial entities under the new Basel III capital framework to be implemented next year,” it added. Moody’s estimated that if Metrobank had retained its current stake in GBPC, its Tier 1 ratio would decline to 13.6 percent under the new capital regime, based on March 2013 financials. From a strategic perspective, the credit watcher said the transaction reflects Metrobank’s proactive efforts to dispose of non-core assets and free up capital in preparation for business growth and higher capital requirements under the new Basel III regime. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “We understand that management plans to dispose of its remaining 29-percent stake in GBPC by the end of 2013. The Read More …

PEZA asks Pacquiao to submit plans for ind’l estate

 Economy
Jul 082013
 
PEZA asks Pacquiao to submit plans for ind’l estate

MANILA, Philippines – Boxing idol Manny Pacquiao has to submit his firm’s immediate plans for an industrial estate to be developed in South Cotabato to the Philippine Economic Zone Authority (PEZA) or the company could lose its permit to undertake work on the property. PEZA director general Lilia De Lima told reporters in a chance interview yesterday the agency would ask the boxing icon’s company, Manny Pacquiao Heights Development Corp. (MPHDC), to provide its plan and submit the necessary documents to be able to undertake work on the economic zone in General Santos. She said the move is being taken as the permit given to MPHDC to develop the economic zone in 2009 is only valid for five years. “They can develop in tranches. The problem is, if there is no development in five years, we can cancel the permit,” she said. Despite the approval of the permit to develop the economic zone in 2009, she said, the company has yet to submit the necessary documents to the PEZA to be able to begin work on the site. MPHDC has expressed interest to install a 200-hectare special economic zone as part of a 400-hectare company-owned estate in General Santos. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The project, which would involve the investment of P1.2 billion, is intended to be developed for medical tourism. In order to start work on the project, Pacquiao’s firm would have to provide the PEZA an endorsement from the Department of Health and Read More …

ALI reconsiders P6-B Bacolod project

 Economy
Jul 082013
 
ALI reconsiders P6-B Bacolod project

Bacolod City, Philippines – After saying last year that it wants to “disengage” from the project, property giant Ayala Land Inc. said it is still interested to proceed with its P6-billion Capitol Civic Center on the 7.7-hectare prime property of the Negros Occidental provincial government located in Bacolod. ALI said that it is willing to proceed with the Capitol project if the court case on the said property filed by rival bidder SM Prime Holdings Inc. is “resolved with finality in favor of the province.” In a letter to Negros Occidental Gov. Alfredo Maranon Jr. dated July 3, ALI senior vice president Emilio Tumbocon said: “Please trust that your steadfast support and advancement for our transaction, notwithstanding the challenges, weigh in greatly in our consideration of our position and assessment of our plans.” “While we are open to proceed with the Capitol project, we remain seriously concerned with the pending legal case as this compromises our ability to acquire clean and undisputed legal title to the property and undertaking the full development of the same, particularly that area subject of our deed of conditional sale, especially since our plans require us to develop the area into components which are intended to be marketed and sold,” Tumbocon wrote further. “If you are amenable to our suggestion, we are willing to sit down with you to discuss the manner by which we could proceed with the transaction,” Tumbocon, also ALI’s group head for Visayas-Mindanao and Superblock projects, said. In a press conference Friday, Maranon, however, Read More …

Prime Media placed under new mgm’t

 Economy
Jul 082013
 
Prime Media placed under new mgm’t

MANILA, Philippines – Prime Media Holdings Inc., formerly First e-Bank Corp., has been placed new management as its major shareholder has defaulted on a P44-million loan. In a disclosure, to the stock exchange Prime Media said its majority stake will be taken over by RYM Business Management Corp. from the former leading investment unit of Hong Kong-based First Pacific Group. “Neo Oracle Holdings Inc., pledgee and owner of shares in Prime Media Holdings Inc., defaulted in the payment of its loan obligation to pledgor RYM, resulting in the foreclosure of the pledged shares,” the company said. Prime Media implemented a trading halt yesterday for the transaction, which involves the transfer of 298.94 million shares or around 77 percent of the listed firm to RYM. RYM is a Makati-based business and management consultancy firm while Prime Media’s principal shareholder Neo Oracle was formerly Metro Pacific Corp., First Pacific’s unit that previously entered into real estate, telecommunications, transportation, consumer, packaging and banking. Late in June, RYM warned Neo Oracle that it will foreclose the Prime Media shares that were given as security for P44.8-million debt. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “The company shall initiate foreclosure proceedings on the said shares” unless Neo Oracle paid the debts and its interest rates, RYM said. Prime Media was originally incorporated in February 1963 as Private Development Corp. of the Philippines and then changed to PDCP Development Bank Inc. in the same year. In 2000, the company changed its name to First Read More …

BSP orders banks to remain open on local holidays

 Economy
Jul 082013
 
BSP orders banks to remain open on local holidays

MANILA, Philippines – Banks are no longer allowed to shut down operations during local holidays without prior notice to the Bangko Sentral ng Pilipinas (BSP), a new order said. Under Circular 802 signed June 21, the central bank has ordered lenders and their extension offices to notify the central bank two days before their closure in the observance of a local holiday within their area. The order, which will take effect 15 days from yesterday’s release, asked banks and their branches to “submit, either individually or through their head offices” a “prior notice of their intended closure” to the BSP Supervisory Data Center. The circular covered all banks, their branches and “other banking offices.” BSP officials could not be reached for comment on the new circular. Prior to this amendment to the Manual Regulations of Banks, lending institutions were only tasked to have their closure during local holidays approved by the banking association where they belong. Meanwhile, during national holidays declared by presidential proclamations, no prior notice is required for bank closures. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “The required notice (for local holiday closures)…shall be supported by a certification jointly signed by the president of the bank or officer of equivalent position and the head of the branches department,” the central bank explained. The notice and reason of a bank’s closure should be posted on the banks’ establishment to inform depositors and other banking clients.

DILG to probe ‘squatting’ syndicate on Agham Road

 Entertainment
Jul 082013
 

MANILA  (Mabuhay) – The government will investigate the “squatting syndicate” that allegedly funded the resistance plans of informal settlers along Agham Road in Quezon City whose houses were set to be demolished Monday. In a statement, Interior and Local Government Undersecretary Francisco Fernandez said Quezon City Mayor Herbert Bautista has informed them of a syndicate […]

Govt peace panel chair: Talks with MILF resume in a 'congenial' tone

 News
Jul 082013
 
Govt peace panel chair: Talks with MILF resume in a 'congenial' tone

The Philippine government’s chief peace negotiator with the Moro Islamic Liberation Front said Monday she is positive talks with the secessionist group will “achieve something” despite pending contentious issues. Peace panel chair Miriam Coronel-Ferrer said both parties resumed peace talks in Kuala Lumpur in Malaysia in a “congenial” tone as they try to agree on the wealth-sharing and power-sharing arrangements for the proposed Bangsamoro political entity.  “We’re focusing on the options here. We had a very congenial discussion on these issues. These issues are still on the table,” Coronel-Ferrer said in an interview aired over ANC. She added that the 38th round of peace talks between the Philippine government and the MILF will last until Thursday. The peace talks resumed months after the MILF had accused the government of delaying the signing of the peace agreement after allegedly reneging on its commitment to meet with MILF negotiators immediately after the May 10 elections and for proposing changes in the wealth-sharing agreement. MILF vice chairman for political affairs Ghadzali Jaafar earlier said that his group is likely to reject the government’s proposed changes in the wealth-sharing annex. Last October, the government and the MILF signed a landmark framework agreement that would pave the way for the creation of a Bangsamoro territory to replace the Autonomous Region in Muslim Mindanao (ARMM). — ELR, GMA News

Belmonte to push for Cha-cha in 16th Congress

 Entertainment
Jul 082013
 

MANILA  (Mabuhay) – Speaker Feliciano “Sonny” Belmonte said he will pursue constitutional amendments through a constituent assembly (con-ass). Belmonte said he will soon file his proposal for Charter change to amend the economic provisions of the 1987 charter to boost investments in the country. Unlike before, he said his version of con-ass this time will […]

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