December 2013 – Page 29

Review of PJEPA set next year

Economy

Dec 032013

MANILA, Philippines – The Department of Trade and Industry (DTI) is set to start the review of the Philippines-Japan Economic Partnership Agreement (PJEPA) next year with the view of pushing for more benefits for agriculture products and movement of natural persons. “Next year, we will undertake a review of the PJEPA,” DTI assistant secretary Ceferino Rodolfo said during the National Export Congress 2013 yesterday. The review is intended to see how the deal could make trade policies more responsive to the country’s needs. Rodolfo said that part of the review would cover how to improve terms for entry of agricultural products as well as for the movement of natural persons. The PJEPA which came into effect in 2008 seeks to strengthen the economic relations of the Philippines and Japan. The bilateral agreement covers free flow of trade in goods, services, persons and capital. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Rodolfo noted that since the PJEPA came into effect, trade between the Philippines and Japan have grown by more than five times. Japan is the Philippines’ top export market, with outbound merchandise shipments to that country valued at $9.88 billion in 2012. In terms of imports, Japan is the Philippines’ third biggest source, with imports valued at $6.45 billion in 2012. Since the PJEPA came into force, Rodolfo said investments made in the Philippines from Japan have surged to P69 billion last year from just P16 billion in 2008. Japan is among the top sources of foreign investments Read More …

Gov’t may end up operating Malampaya project – Petilla

Economy

Dec 032013

Gov’t may end up operating Malampaya project – Petilla

MANILA, Philippines – The government may end up operating the Malampaya deep water gas-to-power project if it decides not to extend the service contract of the consortium led by Shell Philippines Exploration B.V. (SPEx), Energy Secretary Carlos Jericho Petilla said. Petilla said if the consortium’s offer is not that good, the government may opt to just run the project after SPEx’s contract expires in 2024. At the same time, he also said that the government may agree to extend the contract by 15 to 25 years if SPEx submits a proposal that is advantageous to the government. “I am after what we will get in return. I am asking Shell, what is your offer? If it is the same, the government can just run it,” Petilla told reporters. The consortium is asking for an extension given the possibility of more oil and gas in the 83,000-hectare project in Northwest Palawan. Petilla said the consortium has not made any offer yet, which is why the Department of Energy has not made any decision on the group’s plan to extend its Malampaya contract for 15 years. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The government earlier targeted to decide on the matter this year. “They have not given anything at this point,” Petilla said. While he declined to provide details on what a “good offer” would be, Petilla said it should be “significantly better” than the terms of the existing contract. The Shell-led consortium wants a 15-year extension of Service Read More …

Phl hosting of APEC still a go, says P-Noy

Economy

Dec 032013

Phl hosting of APEC still a go, says P-Noy

MANILA, Philippines – The Philippines’ scheduled hosting of the Asia-Pacific Economic Cooperation summit in 2015 will push through despite a proposal from a Cabinet member to cancel it, President Aquino assured yesterday. “There’s a proposal. But I was saying that is there a need to do so? I don’t… At this point, I don’t agree,” he told officers and members of the weekly Bulong Pulungan forum of mostly female veteran journalists at the Sofitel Plaza in Pasay City. Aquino’s statement was in reply to a query from a businesswoman Sandee Masigan who wanted to hear it from the Chief Executive whether the report was true, since backing out of the APEC 2015 hosting would definitely not do the country any good. “If it will make the Cabinet or everybody in government feel better, we from the business sector are like really behind you, and we wish and hope and pray that we push through with APEC,” she told the President. Masigan has since been looking forward to the hosting in Manila. “It’s really going to do the country a world of good. So we’re all behind you, if you need anything, we’re all here from the business sector.” Aquino nonetheless defended the Cabinet member who made the proposal. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “In fairness to that particular Cabinet member, iyung given the enormity of the reconstruction, rehabilitation efforts for Yolanda, he was thinking na shouldn’t this be the sole priority, in a sense, at this Read More …

PSE eyes more products to sustain stock market’s growth momentum

Economy

Dec 032013

PSE eyes more products to sustain stock market’s growth momentum

MANILA, Philippines – The operator of the country’s sole stock seeks to sustain the growth momentum in market activity through investor-friendly rules and products. The newly-introduced Philippine Stock Exchange (PSE) and the Singapore Exchange (SGX) index futures and soon-to-be-launched shariah list, as well as several new rules will stimulate investor appetite, its top official said. “We need to do more work in terms of turning on more products,” said PSE president and CEO Hans B. Sicat. He said the PSE is optimistic for 2014 given ample liquidity despite uncertainties in the first quarter. “So far, we’re up 50 percent if you’re going to take a look at the daily average trading values,” Sicat said. The local stock market is enjoying local and foreign investor interest given the investment grade rating of the Philippines and robust economic and corporate growth. “The market activity shows that there is also a higher level of confidence,” Sicat said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Moving forward, the PSE is committed to introducing more products and rules. The PSE and SGX recently launched the Philippines-linked derivatives products. “We are very excited about this partnership with the SGX because we think this will allow foreign investors improved flexibility in trading our market,” Sicat said. “While the intention is to ultimately have our own futures products traded at the PSE, this particular partnership provides us an opportunity to learn how to develop a futures market,” he added. On Monday, First Metro Philippine Equity Exchange Read More …

SEC rationalizing penalties for corporate violations

Economy

Dec 032013

SEC rationalizing penalties for corporate violations

MANILA, Philippines – The Securities and Exchange Commission (SEC) is rationalizing its guidelines in penalizing companies that violate licensing, reportorial and regulatory requirements. Stiffer penalties and sanctions are seen to dissuade firms from committing violations while beefing up the agency’s funds to upgrade its manpower and monitoring systems, the SEC said. In a public notice, SEC said it formulated the Consolidated Scale of Fines and Penalties now open for public comment. “The clarity of obligations and understandability of the consequences of violations is attained when the fines and penalties are updated and contained in one issuance,” the SEC said. Hence, the corporate regulator said it is ideal for it to adopt a consolidated scale of fines covering the sanctions for violations of the various laws and rules. Specifically, the proposed rules took into consideration the guidelines that took into effect since 2002 like the rules for non-compliance on reportorial requirements, revised guidelines on foundations and scale of penalties for lending companies. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Under the revised scale, violations will be presented according to three dimensions: licensing that focuses on market activities without prior registration; reportorial that highlights non-submission or late filing of records; and operational, prudential and other requirements that take on failure to perform a prescribed activities or adopt a mandated principle, standard or procedure. The SEC has posted a steady increase in its collection of fines and penalties, hitting P213.73 million last year from P199.02 million in 2011, P148.96 million in Read More …

DOTC eyes system to monitor bids for major infra projects

Economy

Dec 032013

DOTC eyes system to monitor bids for major infra projects

MANILA, Philippines – The Department of Transportation and Communications (DOTC) is set to put in place a system that would monitor all major infrastructure projects from the development of terms of reference up to the issuance of notice to proceed. The agency is looking for a consultant for the development of a Bidding Process Monitoring System (BIDPMS) to monitor and track the bidding of various projects. The system would also make sure that all bidding process being undertaken by the DOTC follows the strict guidelines set up in the implementing rules and regulations of RA 9184 or the Government Procurement Reform Act. The DOTC is in charge of the implementation of transportation projects covering infrastructure and feasibility studies. “Transportation infrastructures are important support services to cater to the various needs of the country covering tourism, agriculture and other economic activities to foster and accelerate the growth of the country,” the agency said. The system, the DOTC added, would be fully accessible to the stakeholders and implementors to see the progress of the bidding of major projects. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The DOTC is currently bidding out major public-private partnership (PPP) projects led by the P65 billion Light Rail Transit line 1 (LRT1) Cavite extension project, the P17.5 billion Mactan Cebu International Airport expansion project, and the P1.7 billion Automated Fare Collection System (AFCS) project.

DBM releases P3.38 B to NHA for housing dev’t

Economy

Dec 032013

DBM releases P3.38 B to NHA for housing dev’t

MANILA, Philippines – The Department of Budget and Management approved the release of P3.38 billion to the National Housing Authority (NHA) for the continued implementation of its housing development and settlement program. The money will be used to cover the construction and completion of off-city housing projects which include 3,086 housing lots as well as address the perennial flooding in several problematic areas in Metro Manila by relocating informal settler families to safer ground. “The Aquino administration still prioritizes the implementation of housing projects and the relocation of informal settler families from pre-determined danger areas , especially because we continue to experience the effects of the rainy season and the risks associated with storms and weather disturbances,”DBM Secretary Florencio “Butch” Abad said. “At the end of the day, the primary goal is to prevent the potential loss of property and lives caused by flooding, primarily through the provision of safe housing alternatives to our informal settlers,” he added. As of August 2013, the NHA has already spent P3.82 million for the development of 12,941 off-city lots, of which 12,291 housing units have been constructed. This benefited about 6,511 families. The money was likewise used to beef up its land holdings. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 According to the DBM, a total of 24,851 new housing units will be built upon completion of the housing program in 2014. The P3.38 billion cash funding, sourced from 2011 savings, was transferred to the NHA from the Bureau of Treasury Read More …

Man up

Sports

Dec 032013

Host with the most: Edu Manzano, Mr. Pure Energy: Gary Valenciano Thank you, Manny Pacquiao, for systematically rearranging the face of Brandon Rios and boosting this nation’s waning testosterone levels. That decisive win last Sunday caused hair to spontaneously sprout on my chest, helped me grow an additional set of abs and increased my cojones a third in diameter. And, speaking of growing cojones, did you know there are many men whose cojones I would like to have? Wait. Allow me to rephrase that lest I be arrested. There are many men whose cojones I would like to emulate. Wait, that wasn’t quite right either. Basta, there are many men with great cojones, and I wish I had cojones just like them. You see, writing this column of national inconsequence, there are other balls that I juggle as well. These balls include real estate development, food market entrepreneurship, events and TV hosting, and my biggest ball of all, manservant to my wife and two kids. I know, I know, I have more balls than I can handle. But hey, that doesn’t mean that I don’t want to eventually handle bigger balls. And, for me, these are the men that I look up to when I play with my balls. Tony Tan Caktiong — Uncle Tony’s (uuuy, nakiki-uncle daw, o) rise to success is the stuff of business legend. After graduating with a chemical engineering degree from UST in 1975, he used his life savings to invest in an ice cream Read More …

NCCC Mall embarks on multi-million renovation

General

Dec 022013

NCCC Mall embarks on multi-million renovation

HOMEGROWN retail company, New City Commercial Corp. (NCCC), is embarking on a multi-million renovation of its supermarket at NCCC Mall of Davao on Ma-a Road in Davao City. But the refurbishment is not only limited to the grocery section. but to the mall itself and the department store, as well. Although he refused to provide figures, NCCC Supermarket president Javelin Lim said they are investing millions of pesos for the renovation being undertaken at the mall. “These changes, especially at the mall’s supermarket, were unveiled on December 1 when NCCC celebrated its 35th year in retail business,” he said. Lim explained that what they are doing right now to improve their retail concepts or services should not be taken as measure to go “head-to-head” with the competition. “We are not going head-to-head. They have their own market and ours have been with for the past 30 years,” he said. Tjader Regis, NCCC Supermarket assistant vice president for marketing, for his part, said the company hired a Hong Kong based consultancy firm to design the new concept of the supermarket. “The conceptualization started last year….Gusto naman naming ipakita na we are at par if not within the standard of excellence that national chains can offer,” he said, apparently referring to national retail giants that have expanded in the city, such as SM Supermalls, Robinsons, Puregold and S & R. With the new design of the supermarket, Regis said that its “looks and feel will be different.” “And the way that we Read More …

US envoy Goldberg vows ‘Yolanda’ aid to continue

News

Dec 022013

US envoy Goldberg vows ‘Yolanda’ aid to continue

New US Ambassador to the Philippines Philip Goldberg: Continuing aid. AFP FILE PHOTO New US Ambassador to the Philippines Philip Goldberg on Monday met with President Aquino, expressing condolences for the victims of Supertyphoon “Yolanda” and vowing that his country would continue to help the Philippines in its rehabilitation efforts. “I first want to say that we’re all still saddened and want to send our condolences to the people of the Eastern Visayas, with all the people of the Philippines after Typhoon Yolanda,” Goldberg told reporters in Malacañang after presenting his credentials to the President. “I had a chance to make the same kind of expression to President Aquino that the United States will remain with the Philippines as you move from the relief period into reconstruction. And the United States will take the lead of the Philippine government in areas that are most urgent for rehabilitation and reconstruction,” he said. But Goldberg also took the opportunity to make a pitch for an agreement that would allow “increased rotational presence” of US troops and access to their former military bases in the Philippines. “In the security area, but also in the cooperation that we have undertaken to work on humanitarian assistance and disaster relief, we want to further that effort and be able to help even more as we move toward a framework agreement where the United States and the Philippines can move to the next level of [their] relationship,” he said. Goldberg, however, could not say when Manila and Read More …

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