ALI assigns some shares in venture to affiliates

 General
Jan 302014
 
ALI assigns some shares in venture to affiliates

REAL estate player Ayala Land Inc. (ALI) has assigned some of its shares in its joint venture agreement with Aboitizland Inc. to affiliates Cebu Holdings Inc. (CHI) and Cebu Property Ventures Development Corp. (CPVDC). In a press statement sent yesterday, ALI disclosed its assignment to CHI and CPVDC of the right to subscribe to 10 percent and five percent, of the authorized capital stock of the joint venture company (JVC). ALI will retail its remaining 35 percent stake in the JVC. Last week, ALI inked a joint venture agreement with Aboitizland Inc. for the development and operation of a 15-hectare city center in Subangdaku, Mandaue City. The two property giants also teamed up to bid for the P17.5 billion Mactan-Cebu International Airport rehabilitation project. “We are excited about this new development which is distinct from our other properties in Cebu. This will complement our expanding portfolio of projects, as well as allow us to reach more geographies and markets,” CHI president Francis Monera said. Monera said the project will contribute to Cebu’s thriving real estate industry and lead to an influx of more investments in the area. CHI, which is celebrating its 25th year, is the developer of the city’s largest integrated, mixed-use, master-planned development, the Cebu Business Park. CPVDC, a subsidiary of CHI, on the other hand, is the developer of Cebu I.T. Park which is home to the largest concentration of IT and business process outsourcing companies south of Manila. Largest These two business parks form Cebu Park Read More …

Healthy lifestyle keeps fatty liver away

 News
Jan 292014
 
Healthy lifestyle keeps fatty liver away

John Sayers, president of GSK Consumer Healthcare, Asia-Pacific and Latin America MANILA, Philippines – About four years ago, 32-year-old bank executive John Michael Tang was rushed to the hospital due to burning fever, vomiting, and loss of appetite. He was diagnosed to have fatty liver. Also known as “hepatic steatosis,” fatty liver is one of the most common liver diseases, affecting millions worldwide. And while many doctors often disregard it as an innocuous condition, the associated health risks warrant attention. “People with fatty liver have a shorter lifespan, with the most common cause of death being cardiovascular disease, usually from heart attacks and strokes. They need to be screened for diabetes, heart disease, elevated cholesterol and high blood pressure, among other conditions,” said Dr. Eternity Labio, a gastroenterologist and hepatologist at the Center for Liver Disease Management and Transplantation of the Medical City and Asian Hospital.  Labio said fatty liver disease comes in two types: the non-alcoholic fatty liver disease (NAFLD) and alcoholic fatty liver disease (AFLD). For non-drinkers, the condition is common particularly among those who are overweight, have diabetes and with high cholesterol levels. In Tang’s case, the doctor pointed to his weight, diet and lifestyle as the causes for the condition, and he concurred: “My family loves to eat and I used to drink a lot. I eat whatever I want. I never thought of myself as fat, so I never controlled what I ate before.” But at 274 pounds, he was clearly overweight. After his hospitalization, Read More …

Peso fall not inflationary, says Tetangco

 General
Jan 292014
 
Peso fall not inflationary, says Tetangco

MANILA, Philippines – The recent weakness of the peso is not expected to stoke inflation, the Bangko Sentral ng Pilipinas (BSP) chief said yesterday, stressing the central bank remains ready to curb any excessive volatility in the foreign exchange market. “The pass-through of exchange rate movements to the inflation rate has gone down over the years because of gains in efficiency (and) productivity in the domestic economy,” BSP Governor Amando M. Tetangco Jr. told reporters. “There are also countervailing factors or forces like commodity prices – world commodity prices have not really risen that much partly because the expected global recovery is only beginning,” he continued. The peso tumbled to a fresh three-year low on Monday, closing at 45.3:$1. It was the unit’s weakest level after finishing at 45.38:$1 on May 6, 2010. The central bank in September last year noted that the impact of the exchange rate to inflation has been declining, with a pass through rate of 0.06 percent in inflation for every one percent depreciation. Despite the peso’s losing streak in late 2013, inflation has remained benign as it averaged three percent last year, at the low end of the BSP’s three- to five-percent target range. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Tetangco, however, stressed the local unit’s volatility is still in line with that of other Asian currencies. “The (peso’s) volatility remains within the range of volatilities of currencies in the region which is really the objective of the BSP — to leave Read More …

Isuzu targets record sales of 15,000 units

 Economy
Jan 292014
 
Isuzu targets record sales of 15,000 units

MANILA, Philippines – Isuzu Philippines Corp. (IPC) intends to achieve record-high sales of 15,000 units this year as it expects strong demand for the D-Max pickup and its trucks. “This year, we are targeting sales to reach 15,000 units,” IPC president Nobuo Izumina told reporters. A total of 11,793 Isuzu vehicles were sold in the country last year, up slightly from the 11,759 sold in 2012. The firm is banking on the D-Max pickup introduced in the market in September to hit a new sales milestone. “There is reason why we are optimistic because we launched the D-Max last year and we are aiming for higher share in the pickup segment,” IPC executive vice president Takashi Tomita told reporters. As of last year, the company accounted for a 12- to 13-percent share in the local pickup market. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Tomita said the firm iaims to produce 4,300 units of the D-Max pickup at its plant in Biñan, Laguna for the local market to increase its share in the pickup market to 20 percent this year. Aside from the D-Max pickup, the company likewise expects higher sales this year to be supported by demand for trucks. “The government announced investments for infrastructure like roads, railroad and airport, so we see more demand for trucks,” Izumina said. While the firm is upbeat on the growth of its sales and the local automotive market this year, it is pushing for more government support to encourage companies Read More …

PSALM to rebid Leyte power plant contract

 Economy
Jan 292014
 
PSALM to rebid Leyte power plant contract

MANILA, Philippines – The Power Sector Assets and Liabilities Management Corp. (PSALM), the government agency tasked to privatize state-owned power assets, will rebid the selection and appointment of the Unified Leyte independent power producer administrators (IPPAs) for bulk energy, its top official said. PSALM president Emmanuel Ledesma Jr. said that the rebidding would be in September 2015. But while PSALM said it would rebid the selection of IPPAs for Unified Leyte’s bulk energy, it already approved the award of IPPAs for the strips of energy but the issuance of certificate of effectivity will be moved by one year because of Super Typhoon Yolanda which affected the Unified Leyte plant. This after the winning bidder, Unified Leyte Geothermal Energy Inc. (ULGEI) withdrew from the project. “The board (of PSALM) approved the withdrawal of ULGEI as winning bidder for bulk energy,” Ledesma said. ULGEI tendered a bid of P215 million for the Unified Leyte IPPA for bulk energy and met the reserve price set by the PSALM board but consequently withdrew from the project. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 According to PSALM, an IPPA for the bulk energy will have the right to the capacity in excess of the 240-megawatt sum of strips. The obligation to trade ULGPP’s total output (bulk and sum of strips, as well as the necessary registration applications required by the Wholesale Electricity Spot Market shall lie solely with the IPPA for the bulk energy, PSALM said. Unified Leyte is composed of the 125-MW Read More …

Phl hosts AsPac Drive Tourism Conference

 Economy
Jan 292014
 
Phl hosts AsPac Drive Tourism Conference

MANILA, Philippines – Explore the Philippines’ countryside charm and cultural gems through driving at the first Asia Pacific Drive Tourism Conference, Auto and Travel show scheduled at the Subic Bay Exhibition and Convention Center on Jan. 29 to Feb. 2, 2014. A first of its kind in the country, the five-day confab and expo is presented by the Department of Tourism (DOT) and Automobile Association of the Philippines (AAP), the National Auto Club and the Subic Bay Metropolitan Authority (SBMA). Keynoting the event are Tourism Secretary Ramon Jimenez Jr. and Jean Todt, president of the Paris-based Federation Internationale d’Automobile (FIA), the world’s largest group of car clubs and motorsports associations with over 200 member organizations in 132 countries. Other invited speakers are the transport ministers of Sri Lanka, Malaysia and New Zealand, and the tourism ministers of Nepal, Maldives, Palau, Bhutan and Thailand, Automobile Association of Upper India president TK Malhotra and FIA Region 2 president Ross Heron, as well as representatives from the Asian Development Bank and the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP). The conference will serve as the market launch of the DOT’s Drive Tourism program in coordination with AAP which aims to consolidate the components of all tourism-oriented road and driving activities. “Drive Tourism is where participants move through a tourism highway or road network that allows them to see diverse attractions on the road and experience the local way of life,” says Jimenez. Business ( Article MRec ), pagematch: Read More …

Cement sales up 6% in 2013

 Economy
Jan 292014
 
Cement sales up 6% in 2013

MANILA, Philippines – Cement sales grew six percent in 2013 from a year ago amid strong construction activity, the Cement Manufacturers Association of the Philippines (CeMAP) said. Data from the CeMAP showed total cement sales reached 19.445 million metric tons (MT) last year, up from the 18.356 million MT sold in 2012. For the fourth quarter alone, cement sales went up 2.1 percent to 4.503 million MT compared to the 4.409 million MT in the same period in 2012. CeMAP president Ernesto Ordoñez said in a telephone interview the growth in sales in 2013 was supported by the construction activities undertaken by both the government and private sector last year. For 2014, he said the group expects cement sales to continue to grow. “We see strong growth in 2014 because of continued confidence in government, which should lead to more investments in projects,” he said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 He said the huge budget of the Department of Public Works and Highways (DPWH) for infrastructure spending would likewise support higher cement sales this year. More investments in mass housing, he added, will also drive higher cement sales. Philippine Constructors Association Inc. president Augusto Manalo said earlier the construction sector is seen to post double-digit growth this year from about P380 billion in 2013.

Could Chicago become the new City of Light?

 Entertainment
Jan 292014
 
Could Chicago become the new City of Light?

Chicago skyline, lake MichiganThe Chicago skyline could soon be lit up at night, if a new design competition comes to fruition.©AFP PHOTO/JEFF HAYNES (Relaxnews) – Chicago could soon overtake Paris to become the new City of Light, if Mayor Rahm Emanuel has his way. At a recent public talk, Emanuel announced plans for a new international design competition to find ways to illuminate the Windy City’s architectural landmarks in a bid to boost tourism. The competition, set to launch at the end of January, will be open to artists, architects, planners and designers from around the world. The initiative will begin with the Chicago River and extend throughout the city, seeking ways to use light installations as a way to invigorate the city at night. “Since taking office, I have been focused on tourism as a key driver of our economy and an area in which we needed a comprehensive strategy and focus,” said Mayor Emanuel. “Now is the time for us to continue that growth, including focusing on iconic events and opportunities that will place Chicago at the center of the global conversation.” The project could see Chicago’s architectural gems including its skyscrapers, Frank Lloyd Wright houses and bridges lit up for the world to see. Since Emanuel came to office two years ago, the Midwestern metropolis has seen tourism rise from 40 million to 46 million visitors per year. His goal is to boost that number to 55 million per year by 2020. sm/cm

Lacson: No overpricing of bunkhouses but…

 Entertainment
Jan 292014
 
Lacson: No overpricing of bunkhouses but…

President Benigno S. Aquino III presides over the meeting on the update on effects of Typhoon Pablo at the President’s Hall of the Malacañan Palace on Wednesday (December 12). In photo are Transportation and Communications Secretary Joseph Emilio Aguinaldo Abaya, Health Secretary Enrique Ona, Public Works and Highways Secretary Rogelio Singson, Executive Secretary Paquito Ochoa, Jr., Interior and Local Government Secretary Manuel Roxas II, Defense Secretary Voltaire Gazmin, Social Welfare and Development Secretary Corazon Juliano-Soliman, Secretary to the Cabinet Jose Rene Almendras, Presidential Management Staff (PMS) head Julia Andrea Abad, Presidential Communications Development and Strategic Planning Office (PCDSPO) Secretary Ramon Carandang and Presidential Communications Operations Office (PCOO) Secretary Herminio Coloma, Jr. (MNS photo) MANILA  (Mabuhay) – Presidential Assistant for Rehabilitation and Recovery (PARR) Panfilo “Ping” Lacson would not name the local politicians who he said were getting in the way of reconstruction efforts in communities affected by typhoon “Yolanda.” “On a positive note, yesterday, we found out na medyo nag-lie low na ‘yung mga nakikialam doon sa bunkhouses,” Lacson told reporters. “Hindi naman masyadong importante iyong mga pangalan dito, ang importante iyong mensahe na hindi kayo lulusot kasi maraming nagbabantay.” Lacson agreed that there is no overpricing of the bunkhouses being built as temporary shelters for typhoon victims but said substandard materials were used for the bunkhouses. He cited an instance in Eastern Samar where the roof of a bunkhouse was blown away by a relatively weaker typhoon “Agaton.” Previously, a probe was launched to look into reports that politicians Read More …

Kapunan backtracks on alleged corrupt SC justice

 Entertainment
Jan 292014
 
Kapunan backtracks on alleged corrupt SC justice

(Supreme Court of the Philippines} MANILA  (Mabuhay) – Atty. Lorna Kapunan, former counsel of pork barrel scam principal accused Janet Lim Napoles, has backtracked in divulging the alleged corrupt Associate Justice of the Supreme Court (SC). In a 10-page compliance filed by Kapunan on Monday before the SC en banc, she defended herself to evade the danger of being cited for contempt by the SC after her interview in the program “Umagang Kay Ganda” with Anthony Taberna. Kapunan refused to disclose the name of the alleged corrupt SC Justice and instead argued that she uttered the statements as pure “hearsay.” She said that no personal accusations were made against the SC but a general knowledge she received without any legal basis at all. “This Honorable Court will please note from the replies above-quoted that no personal accusations were made and where information on corruption and bribe money was based on hearsay and/or general knowledge within the legal circles,” Kapunan told the SC en banc. Kapunan said that “in the interest of candor and transparency, gave the appropriate caveats – “known to receive”, “I am told”, “Hindi ko po alam (I don’t know).” She added that she has no intention to malign the Judiciary with her hearsay statements. “In summary, undersigned counsel respectfully submits that the remarks made in the subject interview were not intended to insult, malign, embarrass the Court or bring it into disrepute,” Kapunan said. Kapunan was in hot water after earning the ire of the SC Justices Read More …

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