October 2013 – Page 5

San Miguel takes over Aleco

Economy

Oct 272013

MANILA, Philippines – Diversified conglomerate San Miguel Corp. formally takes over ailing Albay Electric Cooperative (Aleco), Energy Secretary Carlos Jericho Petilla said over the weekend. The two parties will sign the agreement tomorrow, Oct. 29, in a formal ceremony at San Miguel’s headquarters in Ortigas. “The takeover is merely a formality because they’re already assessing right now. I don’t know how many people they have in Aleco but they are now doing the inspection works. The signing is for me, just ceremonial or formality,” Petilla said. Under the agreement, San Miguel Corp., through SMC Global Power Holdings Corp. would be spending at least P250 million to pay off Aleco’s debts. This is just the minimum, Petilla said. Albay Governor Joey Salceda has said that San Miguel also needs to spend for the plant’s rehabilitation, which could cost up to P1 billion. Aleco’s system loss is 24 percent compared to the cap of 13 percent. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Salceda attributed Aleco’s situation to its failure to collect from its customers and also to systems losses stemming from its obsolete equipment. Once rehabilitated, however, Salceda said San Miguel would be able to generate revenues of about P600 million annually. San Miguel will manage the operations of Aleco for 35 years, with the option to extend this for another 25 years. Last July, Aleco had been disconnected from the main grid because of mounting debts, plunging Albay into darkness. It was reconnected the following day upon Read More …

PAL further expands int’l reach

Economy

Oct 272013

MANILA, Philippines – National flag carrier Philippine Airlines (PAL), jointly owned by taipan Lucio Tan and diversified conglomerate San Miguel Corp. (SMC), is further expanding its international reach through flights to Russia and London. PAL president and chief operating officer Ramon S. Ang said the new international destinations of the full service airline would boost the government’s campaign of luring 10 million tourists to visit the Philippines by 2016. “We recognize the growing demand from Russian tourists for a direct air link to the Philippines. Through this service, we hope to be able to serve this market and more importantly, help our government’s efforts to boost tourism,” Ang stressed. PAL yesterday mounted chartered flights between Manila and the Russian city of Vladivostok in partnership with Primorsky Agency of Aviation Companies TM Biletur. Chartered flights to and from the two cities would be scheduled throughout the year. Data from the Department of Tourism showed a 33-percent increase in the number of Russian tourists to 21,736 in the first eight months of the year. From Manila, Russian visitors would be able to fly out to PAL’s domestic destinations including Caticlan (Boracay), Cebu, Tagbilaran (Bohol), Puerto Princesa, and Legaspi. The visitors could also connect to the carrier’s regional and international hubs. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 PAL is also set to mount direct flights to London on Nov. 4 after the European Union lifted the ban on the airline from entering the European airspace last July 12. Ang said Read More …

Robinsons Supermarket & Citi Credit Cards, The payWave of the future in grocery shopping

Economy

Oct 272013

Robinsons Supermarket & Citi Credit Cards, The payWave of the future in grocery shopping

MANILA, Philippines – I hate long queues. I once saw a woman faint in front of me after standing in line for hours in a supermarket (no, she wasn’t pregnant; she simply passed out from exhaustion). Good thing there was a nurse (she was off-duty though) who was also standing in line right behind her. I hate lining up for hours just to pay for a small purchase, like a bottle of suka or patis or a garland of garlic. I often end up abandoning my grocery cart and fuming as I dash out of the store. If you’re like me and you’re a Citi cardholder, you’ll welcome this piece of news with a big sigh of relief: Now making waves is the Citibank Visa payWave, the first contactless credit card payment technology introduced just this September in the country. SHOP, TAP, and GO “We tied up with Citibank payWave because we want to provide our customers the best shopping experience, such as by exploring ways to make shopping fast and convenient,” says Robina Gokongwei-Pe, president/COO, Robinsons Retail Group. “Having the Citibank payWave in our stores will reduce long lines at check-out counters since it would speed up the transaction process. It will be very convenient for our customers who won’t have to struggle to look for small bills and coins to pay for small-ticket items as the card doesn’t have a minimum purchase. Customers also don’t need to sign the receipt for purchases less than P2,000 (but they have Read More …

Financing for energy projects

General

Oct 272013

RECOGNIZING that energy investments are capital-intensive, the Department of Energy announced that financing schemes are available for investors seeking to make investments in energy projects. At the Visayas Energy Investment Forum hosted by the department, Development Bank of the Philippines’ executive vice president Benel Lagua encouraged investors by providing financing schemes that they are comfortable with to pursue energy projects, especially in renewable energy. DBP-funded renewable energy projects, he said, generate a total capacity of 165.09 megawatts, which contributed over one percent to the country’s total installed capacity of 16,163 megawatts as of 2012. Based on their records, they have funded 148.12 megawatts in Luzon, 10.50 megawatts in the Visayas and 5.97 megawatts in Mindanao. These include a 2.5-megawatt mini hydroplant in Sevilla, Bohol, a substation for power distribution in Panglao, Bohol, a 55-megawatt diesel-fired power plant in Sarangani and a 900-kilowatt mini hydro plant in Sibuyan Island, Romblon. He pointed out that energy projects are high on the bank’s priority as these contribute to the country’s economic development. Assistance Lagua said the DBP provides project financing with technical assistance on environmental projects such as renewable energy where the repayment source is project cash flow and the loan security is the project’s assets, which he said he applicable for large and complex infrastructure like power plants and power transmission and distribution systems. They also offer project preparation for renewable energy projects to encourage more development in this area. These include preparations for feasibility studies and detailed engineering. Eligible Projects eligible Read More …

Two oil companies to roll back fuel prices Sunday 

News

Oct 262013

Two oil companies to roll back fuel prices Sunday

At least two more oil companies announced late Saturday their plan to roll back prices of fuel products effective 12:01 a.m., Sunday. Petron and Seaoil announced their price rollbacks will include kerosene, diesel and gasoline. In a post on its Twitter account, Petron said it will implement the following rollbacks: – 40 centavos per liter for gasoline – 45 centavos per liter for kerosene – 50 centavos per liter for diesel “We will likewise decrease prices in Cebu and Bohol accordingly,” it added. Meanwhile, Seaoil will similarly roll back its prices, also at 12:01 a.m. Sunday, according to Petrol Price Watch: Earlier Saturday, Shell announced a rollback in fuel prices as well. – KDM, GMA News

Govt provided P189.5M to Zambo City crisis victims — Valte

News

Oct 262013

Govt provided P189.5M to Zambo City crisis victims — Valte

The government has so far provided some P189.52 million in assistance to residents of Zamboanga City affected by the fighting between government and Moro National Liberation Front forces last September, Malacañang said Saturday. Deputy presidential spokesperson Abigail Valte said the government will continue addressing the needs of the affected families. A Palace statement quoted her as saying the P189,520,762 includes food assistance, non-food items, financial assistance for transportation, medical costs or expenses, burial, and cash-for-work programs. On the other hand, she said the Department of Social Welfare and Development still provides psychosocial and critical incident stress debriefing to those affected. She added DSWD also set up special Day Care Centers and Child and Women-Friendly Spaces in the evacuation centers, including Supervised Neighborhood Play to ease the children’s anxiety. For its part, the Department of Public Works and Highways is conducting clearing operations in areas affected by the fighting. The Palace said the government is readying P3.9 billion in funds to speed up rehabilitation and reconstruction, and has drafted a rehabilitation plan which takes into account the relocation, housing, shelter, livelihood, and other assistance for those affected. — LBG, GMA News

Palace has yet to see Enrile bill on rehab body for quake-hit areas

News

Oct 262013

Palace has yet to see Enrile bill on rehab body for quake-hit areas

Malacañang on Saturday said it has not yet seen a bill by Sen. Juan Ponce Enrile to create a commission to undertake the immediate rehabilitation of areas in Central Visayas devastated by the Oct. 15 magnitude-7.2 earthquake. But deputy presidential spokesperson Abigail Valte said President Benigno Aquino would normally identify areas that need help. “Hindi pa umabot sa atin ang proposal nila (His proposal has not reached us yet),” she said on government-run dzRB radio. But she said Aquino would usually form a task force to deal with the effects of disasters and calamities, if the need arises. “Normally ang ginagawa ng pangulo, ina-identify niya ang needs na matugunan sa lugar at pinapakilos niya ang department na merong pangsolusyon sa problema,” she said. Enrile had filed Senate Bill 1872, which seeks to create a “Central Visayas Assistance, Resettlement and Development Fund” that will allocate P10 billion to help victims of the quake. The bill calls for a Central Visayas Assistance, Resettlement and Development Commission, which is patterned after the Mount Pinatubo Commission. Under Enrile’s bill, the proposed body will formulate policies and plans, and coordinate the project implementation among concerned agencies and monitor the progress of the projects. The proposed commission will have a six-year term and will include the secretaries of: Department of Public Works and Highways (DPWH)Department of Education (DepEd)Department of HealthDepartment of Social Welfare and DevelopmentAdministrator of the National Disaster Risk Reduction and Management CouncilDirector of the Philippine Institute for Volcanology and SeismologyCommissioner of the National Commission Read More …

Palace: SC’s non-issuance of TRO vs DAP ‘fortunate’

News

Oct 262013

Palace: SC’s non-issuance of TRO vs DAP ‘fortunate’

Malacañang on Saturday hailed as “fortunate” the Supreme Court’s non-issuance Friday of a temporary restraining order against the controversial Disbursement Acceleration Program. Deputy presidential spokesperson Abigail Valte said issuing a TRO against the DAP would have affected programs of the executive department. “That’s fortunate, there’s no TRO that was issued against the policy or program that is DAP. May maapektuhan talagang programa as far as executive is concerned,” she said on government-run dzRB radio. Valte also said the government’s lawyers through the Office of the Solicitor General are preparing for the oral arguments for November. On Friday, the Supreme Court convened to tackle petitions questioning the constitutionality of the DAP, but did not issue a TRO against its implementation. But the high court scheduled a separate oral argument for the issuance of a TRO against the DAP for November 11. The main petitions are set for another oral argument on November 19. “Naghahanda na naman ang OSG (Office of the Solicitor General) para sa na-set na oral arguments,” Valte said. When asked if the Palace is optimistic the oral arguments for the DAP will stand, she said the government’s lawyers are ready. “Handa tayong ipagtanggol ang basehan ng DAP in the same way handa tayo tuwing tinatawag ang Sol-Gen na ibigay ang panig ng pamahalaan,” she said. DAP is a discretionary fund released to several senators last year after the conviction of former Chief Justice Renato Corona. Some senators reportedly received between P50 and P100 million under the DAP. But Read More …

Palace: De Lima move to cancel passports has basis

News

Oct 252013

Palace: De Lima move to cancel passports has basis

The move of the Department of Justice to have the passports of lawmakers and other personalities linked to the multibillion-peso pork barrel scam canceled is “not without basis,” Malacañang said Saturday. Deputy presidential spokesperson Abigail Valte said the DOJ’s move stemmed from the fact that some of those linked to the scam had already fled abroad before charges were filed against them. “The move is also not without basis in the sense that we’ve seen that some of those who have been slapped with charges regarding the Priority Development Assistance Fund scam had left the country,” she said on government-run dzRB radio. She added the public should understand the move of the DOJ since there are fears they would no longer be in the country to stand trial. On the other hand, she said this [cancellation of passports] is not yet final as the Department of Foreign Affairs is still studying it. For now, she said it is up to the DFA to decide on the matter. “The greater public understands the initiative of the DOJ. Whether that will be cleared by the DFA is another thing,” she said. Valte also said a hold-departure order is not the solution because only the court can issue it. She also said the DOJ’s watch-list power is now the subject of a temporary restraining order by the Supreme Court. “At the end of the day what matters is sinusundan natin may basis (At the end of the day, what matters is that we Read More …

Palace: P2.3-B quick response funds still available for emergencies

News

Oct 252013

Palace: P2.3-B quick response funds still available for emergencies

After extending assistance to victims of recent calamities including last week’s magnitude-7.2 quake in Central Visayas, the government still has some P2.3 billion in quick response funds for emergencies, Malacañang said Saturday. Deputy presidential spokesperson Abigail Valte said the standby funds are with the implementing agencies tasked to provide speedy assistance in areas hit by disasters. “Quick response funds are standby allocations that are part of the budget of the departments … for them to provide quick assistance in areas struck by disaster,” she said on government-run dzRB radio. She said a breakdown of the amount includes: – Office of Civil Defense, P554 million– Department of National Defense Office of the Secretary, P326 million– Department of Agriculture, P196 million– Department of Social Welfare and Development, P200 million– Department of Public Works and Highways, P600 million Valte also reassured residents in Bohol, the area hit hardest by the Oct. 15 quake, that the government continues to mobilize funds to help them. “Meron tayong sapat na pondo (We have enough funds),” she said. Also, she thanked the international community for the aid they have sent to the quake victims. “Nagpapasalamat tayo sa ating kaibigan na hindi nag-atubiling tumugon sa panawagan ng United Nations para tumulong sa kababayan natin (We thank our friends who did not hesitate to respond to the call of the United Nations to help our fellow Filipinos),” Valte said. — LBG, GMA News

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