DOE to use part of P4-B budget for projects

 Economy
Aug 252013
 
DOE to use part of P4-B budget for projects

MANILA, Philippines – The Department of Energy (DOE) will use part of its P4.05 billion budget to finance the department’s continuing activities including the household and sitio electrification program, Energy Secretary Carlos Jericho Petilla said.  Petilla earlier said the Aquino administration is aiming to cover 33,000 sitios under the rural electrification program by 2015. Aside from household and sitio electrification, the DOE will allocate portion of the budget for “biofuels blending, renewable energy installation and development of indigenous resources and clean energy technologies,” Petilla said. The Energy chief also said that the department has three ongoing special projects – the high impact solar project, which entails promoting the use of solar energy in the Philippines, the high impact hydro project, which is a joint venture with the Philippine National Oil Company-Renewables Corp., electric cooperatives and the private sector and the electric vehicles (e-trike) project, which is under a loan agreement between the government and the Asian Development Bank. For the e-trike project, the ADB is working with the government to promote the adoption of e-trikes in Metro Manila and soon, throughout the country. Ultimately, ADB and the government hope to see 100,000 electric tricycles on the road by 2016. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The e-trike produces no noise and zero tailpipe emissions and can be charged at night during off-peak electricity hours, according to the ADB.

Int’l show to feature innovative techs

 Economy
Aug 252013
 
Int’l show to feature innovative techs

MANILA, Philippines – A numerous highly innovative machine, equipment and solutions are expected to showcase at country’s largest and focused metal working show. 5 Axis machine, 3D laser printing, laser cutting machines, robotics and other related products will invade the manufacturing industry in the Philippines Aug.28-31at World Trade Center Metro Manila. As the only largest professionally organized industrial machinery, equipment, accessory and subcontracting exhibition in the country and recognized worldwide for its being the only focused industry, PDMEX 2013 is the perfect stage for companies to showcase their newest innovations, as well as for everyone to share knowledge and discuss industry trends.  PDMEX 2013 is an ideal venue for professionals, decision makers  to introduce, meet, network, learn, form business partnerships and closing deals. PDMEX is back with much better and bigger scope that would cater to the metal working and its allied industries. A free entrance event and a free seminars to participate, what else can we ask for. For more information, contact MAI (Market Access & Innovations) Management Philippines at (63-2) 899-2642 or e-mail mai_mgt@compass.com.ph.

Gov’t to roll out P53-B foreign-assisted projects

 Economy
Aug 252013
 
Gov’t to roll out P53-B foreign-assisted projects

MANILA, Philippines – The government plans to roll out P53.297 billion worth of foreign assisted projects (FAPs) next year, 36.47 percent higher than this year’s P39.04 billion. According to Department of Finance data, the Philippines is seen to receive P29.11 billion worth of donor financing in 2014, an increase of 11.75 percent from the expected P26.05 billion this year. Japan remains the largest source of financial aid with P14.31 billion, 36.5 percent more than this year’s P10.48 billion. Of the programmed FAPs, P23.87 billion would come from counterpart funds while P169.16 million will be in the form of grants. The Japanese government extends financial support through the Japan International Cooperation Agency, Japan Export-Import Bank, and Japan Bank for International Cooperation. The Asian Development Bank is the second largest donor for FAPs with P5.5 billion. It is one of the country’s biggest sources of dollar-denominated program loans. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Korea is extending P3.38 billion while the International Bank for Reconstruction and Development is providing P2.84 billion. France is contributing P2 billion while Italy is lending P424.5 million. Most of the FAPs are infrastructure-related which include the construction and rehabilitation of roads, bridges, expressways, airports and railways. The government has been scaling up infra spending to further pump-prime the local economy. Other projects cover flood control, water irrigation and food production.  Other funds would go to the development of sub-specialty center for heart, lung and kidney diseases in Luzon and Visayas. The rest of the loans are distributed Read More …

From Switzerland to Saudi Arabia, Filipinos protest pork barrel, too

 News
Aug 252013
 
From Switzerland to Saudi Arabia, Filipinos protest pork barrel, too

INQUIRER.net 4:25 pm | Sunday, August 25th, 2013 Filipino migrant workers in Dammam, Saudi Arabia express solidarity with their compatriots in the Philippines who are set to hold a simultaneous nationwide march Monday to protest the graft-tainted pork barrel fund. Photo courtesy of Junar Elmedo MANILA, Philippines—From one of the world’s major centers of international diplomacy, Geneva, to the deserts of the Kingdom of Saudi Arabia, migrant Filipinos are making their voices heard. By simply posting protest photos on Facebook or holding their own “picnic” to coincide with the nationwide march Monday in the Philippines, overseas Filipinos express their indignation over the alleged massive misuse of taxpayers’ money in Congress. Junar Elmedo, supervisor and trainer at Crane and Heavy Equipment Operator, posed with fellow Filipinos at a construction site in Dammam, Saudi Arabia to protest the pork barrel fund. “Even through that photograph we’d like to show our opposition and demand to abolish the pork barrel,” Elmedo told INQUIRER.net, explaining that holding protest actions is banned in the Islamic kingdom. Filipino workers in Saudi Arabia express their demand to scrap the pork barrel fund. Photo courtesy of Almer Casio Almer Casio of the Facebook group Filipino Friends In Saudi Arabia posted a photo too of placard-bearing Filipinos in Riyadh. “As a show of support of our compatriots in Saudi for the widespread call to junk the pork barrel,” the caption of the photograph read. Bangkok-based Filipinos turn a welcome party into a gathering to demand the abolition of the pork Read More …

Lives larger than themselves

 News
Aug 252013
 
Lives larger than themselves

The Artist Abroad By Luis H. Francia 2:03 pm | Sunday, August 25th, 2013 NEW YORK—In 1968, the United States bombardment of North Vietnam was at its peak. It was a war against a country that had not attacked the United States—a replay of the 1899 Philippine-American War, and a foreshadowing of other wars, such as the invasion of Iraq in 2003. According to Wikipedia, in an operation called “Rolling Thunder,” a total of 643,000 tons of bombs were dropped, from March 1965 to November 1968. Meant to disrupt the flow of men and materiel into South Vietnam and to prop up the South Vietnamese regime, the horrific destruction and loss of innocent lives came to naught, as we all know—the fall of the South Vietnam regime and the defeat of the United States in 1975 captured in that iconic photograph of a helicopter lifting off from the roof of the U.S. embassy in Saigon, with people clinging to the struts in a desperate effort to flee the city and the country. In 1968, students in New York and Berkeley, in Paris, in Prague, in Tokyo, were in full revolutionary mode, instigating sit-ins, mass protests, marches, even violent tactics, against the powers that be for their complicity in supporting a colonial and outmoded global order, and for their refusal to be part of the solution rather than be the problem. The potheads and the hippies, even as they were tuning in, turning on, and dropping out (to use a favorite Read More …

Tropical depression ‘Nando’ threatens PH

 General
Aug 242013
 
Tropical depression 'Nando' threatens PH

More heavy rains threaten the Philippines even as parts of Luzon have yet to recover from floods brought by enhanced southwest monsoon rains. This, as the low pressure area seen east of Dinagat Islands developed into a tropical depression named “Nando,” state weather bureau Pagasa said in its 11:30 a.m. update Sunday. “At 10:00 a.m. today, the center of tropical depression ‘Nando’ was estimated based on all available data at 290 kilometers east of Borongan City,” Pagasa said. “Nando” had maximum sustained winds of 45 kilometers per hour (kph), it added, noting that it is expected to move north northwest at 13 kph. “Estimated rainfall amount is from 5-15 millimeters per hour (moderate – heavy) within the 300 km diameter of the tropical depression,” Pagasa said further. “Nando” is forecast to be at 270 kilometers east of Virac, Catanduanes Monday morning and at 340 kilometers east of Casiguran, Auroroa by Tuesday morning. By Wednesday morning, the tropical depression is expected to be at 310 kilometers northeast of Aparri, Cagayan, Pagasa said. “Nando” threatens the Philippines only days after Metro Manila and nearby provinces have been swamped by heavy southwest monsoon rains enhanced by storm “Maring.” Persistent floods amid days of torrential downpour have killed at least 18 people and driven thousands of Filipinos out of their homes.

Ship runs aground in Palawan

 News
Aug 242013
 
Ship runs aground in Palawan

Philippine Daily Inquirer 5:35 am | Sunday, August 25th, 2013 MANILA, Philippines—A foreign vessel ran aground in Palawan on Saturday morning, according to a Philippine Coast Guard (PCG) report released late Saturday afternoon. According to PCG spokesperson Cmdr. Armand Balilo, the MT Glenn Australia ran aground some 600 meters from the shore south of Barangay Panlaitan, Busuanga, Palawan. The vessel, skippered by Burma (Myanmar) national Capt. Myint Swe, is said to be owned by Glenn Defense Marine (Asia) Pte. Ltd. and operated by Singapore-based Shokuyo Navigation Co. Apart from the ship captain, also on board the ship were nine crew members—eight Burmese and one Filipino. PCG District Palawan Commander Erick Evangelista immediately directed PCG Station Coron to coordinate on towing operations to free the vessel. Initial investigation showed that the vessel was loaded with 1,010.794 tons of palm oil. Balilo said there was no oil spill at the site of the incident as the ship was a double-hulled vessel. Tina G. Santos Follow Us Recent Stories: Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines. Tags: Armand Balilo , Barangay Panlaitan , Busuanga , Glenn Defense Marine , Palawan , PCG report , Philippine Coast Guard Factual errors? Contact the Philippine Daily Inquirer’s day desk. Believe this article violates journalistic ethics? Contact the Inquirer’s Reader’s Advocate. Or write Read More …

Filipinos in Egypt told again: Leave now

 General
Aug 242013
 
Filipinos in Egypt told again: Leave now

By Tarra QuismundoPhilippine Daily Inquirer 5:21 am | Sunday, August 25th, 2013 Foreign Secretary Albert del Rosario. AP FILE PHOTO MANILA, Philippines—Foreign Secretary Albert del Rosario has renewed his call on Filipinos in Egypt to leave that country, citing the worsening violence there. The Philippine Embassy in Cairo again advised Philippine citizens across Egypt to immediately contact the mission and sign up for repatriation. They were also advised to stay indoors while awaiting evacuation as the country remained under a state of emergency. “Our two visits to Cairo within the last 12 days to assess the security situation has convinced us that the marked deterioration of peace and order, exacerbated by the complex political challenges, has called for the raising of our alert level to mandatory repatriation,” said Del Rosario, who arrived this week from his second visit to that city. Crisis alert The foreign secretary ordered the raising of crisis alert level 4 for the estimated 6,000 Filipinos in Egypt on Monday. This means a mandatory repatriation to the Philippines paid for by the government. The Philippine government meanwhile has issued an order barring the deployment of new workers to Egypt and the return there of Egypt-based Filipinos currently on vacation out of the country. “This is the highest level possible, and we therefore strongly urge our countrymen in Egypt to register with the Philippine Embassy in Cairo for early repatriation,” said Del Rosario. The Department of Foreign Affairs (DFA) earlier reported that the initial offer of repatriation was Read More …

Business groups welcome PDAF abolition

 Economy
Aug 242013
 
Business groups welcome PDAF abolition

MANILA, Philippines – The country’s business groups welcomed President Aquino’s move to abolish the Priority Development Assistance Fund (PDAF) and called on the Congress to start adopting new measures in next year’s budget. Business groups such as Alyansa Agrikultura, Bishops-Businessmen’s Conference for Human Development, Employers Confederation of the Philippines, Financial Executives Institute of the Philippines, Institute of Corporate Directors, Makati Business Club, Management Association of the Philippines, People Management Association of the Philippines, Philippine Institute of Certified Public Accountants, and Semiconductor and Electronics Industries in the Philippines, Inc. said in a joint statement  that reforms in the PDAF need to be put in place as the fund which is supposed to complement national has been tainted with corruption.  “In this light, we commend the Aquino administration for taking a bold stance towards greater accountability and transparency. The business community fully supports the abolition of the PDAF, as well as the subsequent establishment of the new mechanism proposed by P-Noy that will address the needs of various localities and sectors,” the groups said.  The groups said measures to limit discretion and to open the entire process of allocating development assistance to public scrutiny would lead to a more judicious and transparent management of public funds.  The groups likewise called on the Congress to implement the reforms.  “We, therefore, urge the respective members of both chambers to adopt the new measures into the 2014 General Appropriations Act (GAA) and beyond,” the groups said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Read More …

DBP to redeem of P6.5B notes

 Economy
Aug 242013
 
DBP to redeem of P6.5B notes

MANILA, Philippines – State-run Development Bank of the Philippines (DBP) will exercise the call option on its unsecured subordinated notes qualifying as Tier 2 capital amounting to P6.5 billion as it prepares for the implementation of Basel 3. The bank said the early notes redemption would lead to interest savings as it implements stricter capital standards and discipline by removing from its qualifying capital notes issued prior to the implementation of Basel 3, a global regulatory framework for more resilient banks and banking systems. The notes were issued on Sept. 1, 2008 with coupon rate of 7.75 percent. The call option date is on Sept. 2, 2013. As of the first six months of 2013, DBP’s capital adequacy ratio rose to 23.9 percent from 21.6 percent.  DBP said the call option amount will be the face value of the notes plus unpaid and accrued interest based on the initial interest up to but excluding the call option date.  “There shall be no more secondary trading of the notes or modifications in the accounts after the book closure date,” the bank said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 DBP is currently the seventh-largest bank in the country in terms of assets, and is the second-largest government-owned bank, next only to the Land Bank of the Philippines.  It is also one of the largest government-owned and controlled corporations (GOCCs) in the Philippines.

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