Butuan aircraft runway closed after freak accident; 7 CebuPac flights canceled

 News
Feb 152014
 
Butuan aircraft runway closed after freak accident; 7 CebuPac flights canceled

Butuan’s Bancasi airport halted their operations Saturday after a Cebu Pacific aircraft’s nose wheel went off the runway.   “CEB flight 5J 220 Butuan – Cebu today has been cancelled after the aircraft nose wheel went off the runway as it was turning in preparation for takeoff,” said Cebu Pacific in a public message posted on Facebook at 2:27pm.  “All passengers have deplaned and are currently being re-accommodated in the next available flights. The Butuan runway has been temporarily closed,” the statement added.  Several other flights were cancelled because of the incident: 5J220 Butuan-Cebu 5J785/786 Manila-Butuan-Manila 5J791/792 Manila-Butuan-Manila 5J223/224 Cebu-Butuan-Cebu Passengers affected were offered options including free rebooking of flight within 30 days, rerouting to the nearest alternate airport in Cagayan De Oro or Davao, or a full refund. – GMA News

CCTV footage of Tuason at Senate basement deleted — security chief

 News
Feb 152014
 
CCTV footage of Tuason at Senate basement deleted — security chief

Senate sergeant-at-arms Jose Balajadia Jr. on Saturday said all closed circuit television footage showing potential state witness Ruby Tuason’s visits to the Senate building have already been deleted. In a phone interview with GMA News Online, Balajadia said from 2002 to December 2010, the Senate used VHS tapes to record CCTV footage, and were only stored for 30 days. “They (VHS tapes) tend to stick, nagdidikit-dikit kaya hindi kami nagsto-store,” he said. However, it was only in January 2011 when the Senate security shifted to digital video recorders (DVRs), Balajadia said. “From January 2011 to to now, kumpleto kami,” he added. Earlier at a Senate blue ribbon committee hearing, Tuason said she visited the office of Senator Jinggoy Estrada at the Senate at least twice in 2008, usually in the afternoon. She added that she used the side entrance of the Senate building, which is reserved only for senators, to evade inspection. She also belied Estrada’s earlier statement that she delivered snacks to his office, and not money. Senator Miriam Defensor Santiago on Thursday called for an investigation on the agency handling Senate security that allowed  Tuason to proceed to the office of Estrada without inspection. Saying he has nothing to hide, Senator Jinggoy Estrada on Monday asked for the release of all CCTV footage of Ruby Tuason’s supposed visits at the Senate. Estrada made a manifestation during Monday’s Senate plenary session, where he asked the Senate sergeant-at-arms to trace all videos showing Tuason in the Senate building in Pasay City. Read More …

Filipino figure skater hailed after reaching Sochi final

 Entertainment
Feb 142014
 
Filipino figure skater hailed after reaching Sochi final

MANILA, February 14, 2014 (AFP) – Philippine Olympic figure skater Michael Christian Martinez was hailed as a hero on Friday even as a senior sports official denied accusations that the government had failed to support him. The 17-year-old, the lone representative of the tropical country at the Sochi Games, made history after he qualified Thursday from the men’s short program for the free skate on Friday, despite numerous disadvantages, including being forced to learn his craft on a skating rink in a shopping mall. Local news reports suggested his family had struggled to pay for his training and that the government did not provide any support. But Ricardo Garcia, chairman of the Philippine Sports Commission, said Martinez had received adequate financial support from the government and private donors. “We are very happy with his performance. For a guy who learned how to skate in the Philippines, to make it to the finals… it is really amazing,” Garcia told AFP. “This is a very big issue for us. We have an athlete who is an Olympian who made it to the final rounds,” he added. Some of the country’s wealthiest tycoons were sponsoring Martinez and the national skating association never asked for additional funds for him, Garcia said. The Philippine Olympic Committee asked the government for $7,200 to cover some of Martinez’s additional expenses but this money was released in December, he added. Speaking after his performance at the Iceberg Skating Palace on Friday, Martinez was elated with his performance: “The Read More …

World Press Photo award winners list

 General
Feb 142014
 
World Press Photo award winners list

AMSTERDAM (AP) — A list of winners of the 2012 World Press Photo contest: PHOTO OF THE YEAR, 2013: John Stanmeyer, USA, VII Photo Agency for National Geographic, Signal, Djibouti City, Feb. 26. SPOT NEWS SINGLES: 1. Phillipe Lopez, France, Agence France-Presse, Typhoon survivors, Tolosa, the Philippines, Nov. 18. 2. John Tlumacki, USA, The Boston Globe, Boston Marathon bombing, April 15. 3. Taslima Akhter, Bangladesh, Victims of garment factory collapse, Dhaka, Bangladesh, April 25. SPOT NEWS STORIES: 1. Goran Tomasevic, Serbia, Reuters, Rebels attack government checkpoint, Damascus, Syria, Jan. 30. 2. Tyler Hicks, USA, The New York Times, Massacre at Westgate mall, Nairobi, Kenya, Sept. 21. 3. Rahul Talukder, Bangladesh, Bangladesh Sangbad 71, Collapse of Rana Plaza, Savar, Bangladesh, April. GENERAL NEWS SINGLES: 1.Alessandro Penso, Italy, OnOff Picture Temporary accommodation for Syrian refugees, Sofia, Bulgaria, November. 2.Moises Saman, Spain, Magnum Photos Bomb maker, Aleppo, Syria, March 20. 3.Amir Pourmand, Iran, ISNA/The Associated Press, Moments before the hanging, Iran, Jan. 20. GENERAL NEWS STORIES: 1.Chris McGrath, Australia, Getty Images, Typhoon Haiyan, the Philippines, November. 2.William Daniels, France, Panos Pictures for Time, Chaos in Central African Republic, December. 3.Gianluca Panella, Italy, Gaza blackout, December. SPORTS ACTION SINGLES: 1.Emiliano Lasalvia, Argentina, La Nación, Polo fall, Buenos Aires, Argentina, Dec. 1 2.Andrzej Grygiel, Poland, for PAP-Polska Agencja Prasowa, Slalom action, Szczyrk, Poland, March 24. 3.Al Bello, USA, Getty Images, Djokovic forehand forward, New York, USA, Sept. 3. SPORTS ACTION STORIES: 1.Jia Guorong, China, China News Service, Competition on bars, Shenyang, China. 2.Ezra Shaw, USA, Read More …

Firm offers rent-to-own program to speed up sales in Bayswater

 Economy
Feb 142014
 
Firm offers rent-to-own program to speed up sales in Bayswater

BEFORE they start work on their development in Talisay City, the developers of Bayswater Subdivision would rather complete their project in Lapu-Lapu City. To hasten the sale of remaining units, they hope their rent-to-own scheme will do the trick. Lyn Cutanda-Veits, marketing manager of Bayswater, which is being developed by MSY Holdings, said there are about 110 of the 800 units in the 10.5-hectare subdivision that are available for the rent-to-own scheme. Although the monthly payments for the scheme are about the same with the monthly amortization for units acquired through bank loans, Veits said ready-to-own units will be made available faster. She explained that if done through bank financing, units are constructed once the equity payments are completed. Under the rent-to-own scheme, they ask for 30 days to prepare the unit and the homeowner can move in. Waiving requirements Veits said they want to complete the sale of Bayswater Mactan within the year so that their next project in Talisay can begin, which is why they are pushing for the rent-to-own scheme as an alternative to attract buyers who want to move in earlier. She added that they are waiving the bank pre-approval requirements to hasten the process as long as reservation fees have been paid, the buyers pass the capacity-to-pay requirements and have given two months’ deposit and postdated checks for the monthly rental. Bayswater Mactan was started in 2007. They have turned over 50 percent of the units while 45 percent have been occupied. Veits said the Read More …

DBP income up 27.85% to P5.28 B

 Economy
Feb 142014
 
DBP income up 27.85% to P5.28 B

MANILA, Philippines – The Development Bank of the Philippines (DBP) registered a net income of P5.28 billion last year, a 27.85-percent growth from P4.13 billion in 2012, buoyed by significant increases in deposits, loans to borrowers, and investments. In a statement, DBP said deposit levels grew 41.92 percent from P176.92 billion in 2012 to P251.08 billion last year. Loans to borrowers increased seven percent from P118.93 billion to P127.37 billion. Meanwhile, investments jumped from P97.74 billion to P145.75 billion in 2013. Total assets increased to P436.1 billion from P361.08 billion in 2012, while capital adequacy ratio stood at 24.33 percent as of end-2013. DBP president and chief executive officer Gil A. Buenaventura said 2013 was a great year for the government-run development bank. “But challenges lie ahead such as the ever-increasing industry competition and stricter capital regulations,” he said. The bank supports the inclusive growth strategy of the National Government as stated in the Philippine Development Plan, he added. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 DBP helps finance projects under the government’s Public-Private Partnership (PPP) program. It now plans to expand its PPP financing program to include projects of local government units. The bank continues to provide financing to projects in the priority areas of infrastructure and logistics, social services, protection of the environment, micro, small and medium enterprises. Meanwhile, Buenaventura said DBP would increase its number of branches to 102 and expand the number of its ATMs in key locations nationwide. The bank plans to offer Read More …

Melco Crown incurs higher $8.3-M Q4 loss

 Economy
Feb 142014
 
Melco Crown incurs higher $8.3-M Q4 loss

MANILA, Philippines – Macau-based casino giant Melco Crown Entertainment Ltd. continued to incur losses for its Philippine operations ahead of the opening of its $1.3-billion integrated resort complex in Manila. In a regulatory filing at the Hong Kong Stock Exchange, Melco Crown said its operating losses in the Philippines hit $8.29 million in the fourth quarter last year, up 13 percent from $7.32 million the previous period. “On a fully consolidated basis, we incurred approximately $8.3 million of operating expenses in the fourth quarter of 2013 at City of Dreams Manila,” Melco Crown said. Higher expenses resulted from “pre-opening costs as well as share-based compensation cost,” the gaming firm said. Melco Crown said it also incurred $10.1 million in capital lease charges relating to building lease payments for City of Dreams Manila. Its local unit, Melco Crown (Philippines) Resorts Corp., committed to pay $35 million as rent to Belle Corp., the leisure arm of the SM Group and the builder of the casino complex. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Melco Crown said it posted $37.23 million in operating losses from City of Dreams Manila for the entire 2013, more than five times the $7.32-million loss in 2012. When it opens in the third quarter this year, City of Dreams Manila will offer 365 gaming tables, 1,680 slot machines and 1,680 electronic table games. Previously, the casino planned to offer only 242 gaming tables and 1,450 electronic gaming machines. It will be the second casino complex to Read More …

Jollibee posts fastest profit growth in 7 yrs

 Economy
Feb 142014
 
Jollibee posts fastest profit growth in 7 yrs

MANILA, Philippines – Strong sales in existing branches and new stores drove fastfood giant Jollibee Foods Corp. (JFC) to its fastest earnings growth in seven years. In a regulatory filing, JFC said its net income jumped nearly a quarter to P4.64 billion in 2013 from P3.72 billion in 2012. Systemwide sales, which measures sales to consumers both from company-owned and franchised stores, picked up 12.8 percent to P104.9 billion from P92.27 billion. “The company increased its sales by 12.8 percent, the highest organic sales growth in six years, enabling JFC to breach the P100-billion sales mark for the first time,” said JFC chief operating officer and incoming COO Ernesto Tanmantiong. “Our progress in building the business has been taking place across our brands in different countries,” Tanmantiong said, adding the profit growth was the fastest in seven years. In the fourth quarter alone, JFC’s profits climbed 20.3 percent to P1.51 billion from P1.26 billion as systemwide retail sales rose 13.9 percent to P28.86 billion from P25.35 billion. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Specifically, systemwide sales in the Philippines gained 12.2 percent, China by 19.2 percent, US by 17.2 percent, and Southeast Asia and Middle East by 35.3 percent. Tanmantiong said the fastfood chain opened 98 new stores in the fourth quarter, the highest number of new stores opened in one quarter in JFC’s 35-year history. In 2013, JFC spent P4.1 billion as it opened 235 new stores worldwide. “In the years ahead, we look forward to Read More …

ALI eyes debt market to fund P66-B capex

 Economy
Feb 142014
 
ALI eyes debt market to fund P66-B capex

MANILA, Philippines – Property giant Ayala Land Inc. (ALI) is tapping the debt market as a major fund source for its P66-billion capital spending this year. The property developer of the Ayala conglomerate is banking on high liquidity in the financial service sector for its fundraising program, a top company executive said. “(Fundraising will be) still primarily through debts…we have debt capacity that we can utilize,” said ALI chief finance officer Jaime Ysmael. ALI has already refinanced most of its debts, making the company comfortable in the current maturity profile and interest rates due to lenders, he said. The real estate firm is allotting close to P70 billion for its capital expenditures this year to support landbanking and project developments. In 2013, ALI spent P66 billion for its various projects, backed by a P12.2-billion overnight share sale in March, a P15-billion bond sale in August and a P6-billion bond offering in October. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Given our pipeline of projects, we estimate that our capital spending will be similar in magnitude [for 2014],” Ysmael earlier said. “Hopefully the high liquidity in the banking system will help mitigate any increase [in interest rates],” he said. The Bangko Sentral ng Pilipinas has assured companies it has a wide range of toolkit to address any possible rate increases and make economic conditions still workable for everyone, Ysmael said. ALI is primarily into the development of residential projects, lease of commercial and office space and sale of prime Read More …

Pinoys bullish on jobs despite 12.1M unemployed at end-2013 – SWS

 Entertainment
Feb 142014
 
Pinoys bullish on jobs despite 12.1M unemployed at end-2013 – SWS

Department of Labor and Employment Secretary Rosalinda Baldoz leads the lowering of the time capsule during the groundbreaking ceremony Friday (Feb. 7, 2014) for the construction of the “Green Innovation Technology Center” at the Technical Education and Skills Development Authority (TESDA) Complex in Taguig City. Also in photo are (from left) Federation of Filipino Chinese Chambers of Commerce and Industry Inc. (FFCCCII) Executive Vice President Angel Ngu, TESDA Secretary Joel Villanueva, FFCCCII president Dr. Alfonso G. Siy, and FFCCCII Chairman Emeritus Lucio Tan. (MNS photo) MANILA (Mabuhay) – Some 12.1 million Filipinos were jobless at the end of 2013, as unemployment rose to 27.5 percent in the last quarter of the year, according to a Social Weather Stations poll. The SWS’s fourth quarter unemployment figures were six points higher than the 21.7 percent (9.6 million Filipinos jobless) in September. The SWS also pointed out that the unemployment figures were the highest since August 2012, when it reached 29.4 percent. The highest unemployment rate in the last 20 years was reached in February 2009 at 34.4 percent. The Dec. 11-16 survey used face-to-face interviews of 1,550 adults nationwide. Sampling error margins of ±2.5% for national, ±4% for the Visayas and ±6% for Metro Manila, Balance Luzon and Mindanao percentages applied to the survey. But Labor Secretary Rosalinda Baldoz said the SWS’s unemployment rate is always higher than the government’s records because the pollster uses a different methodology from the National Statistical Coordination Board. “So parang hindi fair na mag-compare ka hindi Read More …

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