June 2014 – Page 5

Seminars on governance set for board of directors

Economy

Jun 282014

Seminars on governance set for board of directors

MANILA, Philippines – With the clamor of many board directors to equip themselves with the right skills and knowledge to be effective in their roles in strengthening the corporate governance of their organizations, the Center for Global Best Practices (CGBP) has launched a series of effectiveness programs to address their needs: (1) Best Practices for Audit Committees, Wednesday and Thursday, July 9 & 10. This is a requirement for publicly listed firms; (2) “Best Practices In Corporate Housekeeping: The Experts’ Guide On How to Be An Effective Corporate Secretary” on Thursday and Friday, Aug. 7 & 8; (3) Best Practices in Enterprise Risk Management, Aug. 27 (also required for publicly-listed businesses); and (4) Board Director’s Guide on Corporate Governance and Updates, Feb. 19. The venues for these special programs will be at the Edsa Shangri-La hotel, Mandaluyong City, Philippines. Attending these programs will be most useful for board directors, board chairperson, vice chairperson, corporate secretaries and assistant corporate secretaries. These are SEC-mandated programs to strengthen your organization’s governance and specially required for those board directors of publicly listed firms or are planning to seek a board seat or appointment as a director in the board. The program on corporate housekeeping seminar would be also be of special benefit to, among others, corporations, business owners, directors, and management who may want to know how best to use the services of the corporate secretary; new lawyers who may wish to learn the best practices in corporate housekeeping; older lawyers who may want Read More …

Close the loop

Economy

Jun 282014

Famous American comedienne Lily Tomlin says: “Ninety-eight percent of the adults in this country are decent, hard-working, honest Americans. It’s the other lousy two percent that get all the publicity. But then, we elected them.” Why do some politicians have such bad reputations? Maybe because they are good at one thing; making promises that never come true. When the campaign season starts, the same promises will be offered –yet again. In many cases, the campaigns already started and I thought that candidates are not supposed to campaign unless given the official go-signal by the government. But then, this is the Philippines. As long as what you do is not illegal (find the law loopholes, look at the law gaps, we have a battalion of lawyers who are experts in this area) never mind the moral implications. Just follow the letter of the law and forget the spirit of the law. And these people might be our next leaders in government. Promises, more promises, and even more promises. Suddenly we see these politicians as champions of the masses. And the masses are suddenly visible in their political radars. They give the masses empty hopes and assurance until election day. Isn’t it amazing how this game is played over and over? After the election, only promises remain, and the masses are left hanging. The loop is never closed. It’s frustrating. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 But do you know that the same principle happens in business? Did you Read More …

Gov’t to sell 10-yr bonds anew

Economy

Jun 282014

MANILA, Philippines – The government will sell 10-year bonds for the first time in a year as part of its P135 billion domestic borrowing program for the third quarter. The Bureau of Treasury has kept its domestic borrowing ceiling at P135 billion given its strong liquidity position. Under the plan, the government will sell P20 billion worth of 91-, 182- and 364-day Treasury bills per month from July to September. The Treasury bill auctions will be held on July 9, Aug. 6 and Sept.r 3. The government will offer P25 billion worth of seven, 10 and 20-year Treasury bonds on July 24, Aug. 20 and Sept. 18, respectively. For this year, the Aquino administration has programmed to borrow P715 billion, of which P620 billion will come from the domestic market. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The government’s program for the borrowing mix for 2014 is 85 percent for domestic and 15 percent for foreign. The government regularly holds auctions of securities to help fund the country’s budget and provide investors with fresh investment options. The Aquino administration will continue to rely more on domestic sources than on foreign creditors to avoid substantial exposure to foreign exchange risks. The government borrows funds to pay maturing obligations and plug the deficit in its budget. The country relied heavily on domestic borrowings last year to capitalize on the local financial system’s strong liquidity and help ward off pressures on the exchange rate. Foreign borrowing was limited to loans from Read More …

Yao holding firm to infuse P2B into local RC Cola bottler

Economy

Jun 282014

Yao holding firm to infuse P2B into local RC Cola bottler

MANILA, Philippines – Listed Macay Holdings Inc., led by former ambassador Alfredo Yao, is infusing more than P2 billion into subsidiary ARC Refreshment Corp., the sole Philippine bottler and distributor of RC Cola. In a disclosure, the company said its board approved the plan to secure P2.08 billion worth of shares in ARC Refreshments. Proceeds from the transaction will “finance the acquisition of machinery, equipment, and other assets to be used in ARC Refreshments’ bottling operations,” Macay Holdings said. Last week, ARC Refreshments announced its plan to acquire two plants of Zest-O Corp., also owned by Yao. ARC is a Filipino-owned company engaged in the beverage business. It has the exclusive license to manufacture and distribute RC Cola, Fruit Soda Orange, Juicy Lemon and Arcy’s Rootbeer. In December, the board of Macay Holdings approved the acquisition plans of newly-created subsidiary ARC Refreshment. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The board approved the plan to acquire “all the operating assets of Mega Asia Bottling Corp. consisting of Mega Asia and such other assets deemed necessary for bottling operations.” In September, Mazy’s Capital Inc. bought Maybank Kim Eng Holdings Ltd.’s (MKEHL) entire 89.75-percent stake in Maybank ATR Kim Eng Financial Corp. for P3.19 billion. Mazy’s Capital purchased 958.923 million MAKE shares at P3.3298 apiece. Unlisted holding firm Mazy’s Capital is owned by Zest-O Corp. (57 percent) and Mega Asia (43 percent). MAKE was previously a shell company following MKEHL’s move to consolidate all its assets into Maybank ATR Kim Read More …

China ‘won’t seek hegemony’ says President Xi

General

Jun 282014

China 'won't seek hegemony' says President Xi

President Xi Jinping said on Saturday that China is incapable of “hegemony or militarism”, after calling for stronger border defences to avoid a repeat of past humiliations by foreign powers. “Hegemony or militarism is not in the genes of the Chinese,” Xi said in a speech commemorating the six-decade old establishment of a commitment to peaceful coexistence with India and Myanmar. “China neither interferes in other countries’ internal affairs nor imposes its will on others,” Xi added. “It will never seek hegemony no matter how strong it may become.” Xi spoke to an audience of Chinese officials, military officers and foreign diplomats in a cavernous room in Beijing’s Great Hall of the People. Myanmar President Thein Sein and Indian Vice President Mohammad Hamid Ansari, who also gave speeches, sat on stage as Xi spoke, as did Chinese Premier Li Keqiang and two other top ruling circle officials. The speeches were part of commemorations for the 60th anniversary of a mutual peace vow by China, Myanmar and India. The 1954 Five Principles of Peaceful Coexistence include mutually respecting sovereignty and territorial integrity as well as mutual non-aggression and non-interference in each other’s domestic affairs. Xi’s speech to an international audience contrasted with nationalistic remarks quoted by state media earlier in the day when he said China should bear in mind its history as a victim of foreign aggression and strengthen its frontier defences on land and sea. Those comments came at a “national meeting” held Friday and also attended by Premier Read More …

West Philippine Sea China’s best shield vs US, paper says

News

Jun 282014

West Philippine Sea China’s best shield vs US, paper says

Map showing the disputed areas in the West Philippine Sea (south China Sea), including the Spratlys Islands and Scarborough Shoal. AFP MANILA, Philippines – The West Philippine Sea is China’s “natural shield” in the south, which will not only give it a strong defense against the United States, but will also provide food and energy security given the wealth of natural resources in the Reed Bank, according to a strategic assessment paper from the Development Academy of the Philippines. The importance of the West Philippine Sea to China also explains its assertive claims to territories within the Philippines’ Kalayaan Island Group (KIG). The West Philippine Sea is the name given by Manila to that part of the South China Sea that falls within the country’s exclusive economic zone under the United Nations Convention on the law of the Sea. “The West Philippine Sea (WPS) is important as it is regarded as a natural shield of China’s security in the South. Having a strong foothold on the WPS would give China a strategic area of defense consisting of over 1,000 kilometers, the security implication of which is ‘incalculable’,” said the DAP paper titled, “Maintaining the Balance of Power and Increasing the Sphere of Influence over the West Philippine Sea: The China Track.” The paper also noted that controlling the West Philippine Sea would “ensure the economic and political survival of the Communist Party.” The West Philippine Sea is the part of South China Sea that is within the Philippines’ 320-kilometer exclusive Read More …

Lone bettor hits P215.867-million grand lotto jackpot

News

Jun 282014

Lone bettor hits P215.867-million grand lotto jackpot

A lotto bettor is now more than P200 million richer after hitting the jackpot of the Philippine Charity Sweepstakes Office’s Grand Lotto draw Saturday night. The PCSO said the winner got the combination of 04-52-55-38-46-08 to snag the night’s jackpot worth a whopping P215,867,812. Meanwhile, a second bettor won the Lotto 6/42 jackpot after getting the combination 27-01-29-04-06-18 to win P17,962,256. But as in the past, the PCSO is not likely to name the two winners for security reasons. On June 12, a lone bettor won the Lotto 6/42 draw by getting the combination of 04-33-17-27-41-23 to win P7,149,192. On May 22, a lone Super Lotto 6/49 bettor won P98,612,308 with the combination of 31-35-04-06-30-03. On April 14, a lone bettor bagged the Megalotto 6/45 jackpot, getting the combination of 30-16-06-10-18-12 to win P80,773,540. On April 7, a lone bettor hit the jackpot of the PCSO’s Grand Lotto, getting the combination of 39-21-42-28-05-27 to win P249,841,572. But the biggest lotto prize in recent history was in November 2010, when a lone bettor won some P741.176 million for getting the winning combination 11-16-42-47-31-37. — Joel Locsin/JDS, GMA News

Canada designates PH ‘country of focus’

News

Jun 282014

By Nestor CorralesINQUIRER.net 5:36 pm | Saturday, June 28th, 2014 Department of Foreign Affairs building INQUIRER FILE PHOTO MANILA, Philippines – In an effort to boost bilateral relations, Canada has designated the Philippines as a “country of focus” or a priority beneficiary of its international development assistance program, the Department of Foreign Affairs said in a statement. The DFA welcomed the move, saying it “illuminates the excellent bilateral relations between the Philippines and Canada.” “The special designation as a Country of Focus also holds the promise of greater two-way bilateral trade and investment flows, and the designation also manifests an alignment in foreign policy, extending to various security, economic, socio-cultural and people-to-people interests,” the DFA said. It added that the Filipino people would always remember how Canada came to the aid of those affected by Super Typhoon “Yolanda” (Haiyan) that pummeled the Visayas in November 2013. It said the Philippines looked forward on furthering the country’s goals for inclusive and sustainable growth and development with the help of Canada. RELATED STORIES Official foreign aid for ‘Yolanda’ victims tops P10.6B, says DFA UK, Canada staying by PH in ‘Yolanda’ rehab Follow Us Other Stories: West Philippine Sea China’s best shield vs US, paper says Anthology of Fil-Am writings to be launched in Berkeley Sex-for-flight charges pushed Ramadan rush: Rich Arabs splurge before fasting 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. Read More …

Anthology of Fil-Am writings to be launched in Berkeley

News

Jun 282014

Anthology of Fil-Am writings to be launched in Berkeley

BERKELEY, California — The Filipino American National Historical Society, East Bay Chapter, is launching a new anthology entitled Beyond Lumpia, Pansit and Seven Manangs Wild: Stories from the Heart of Filipino Americans, Saturday July 26, 2014 at 3:30 p.m. at Eastwind Books, 2066 University Ave., Berkeley. Editors and contributing authors will participate in a book talk and story readings: Evangeline Canonizado Buell; Eleanor Hipol Luis; Edwin Lozada; Evelyn Luluquisen; Tony Robles; Myrna Ziálcita. Beyond Lumpia, Pansit, and Seven Manangs Wild features many stories about our second, thir, and fourth generation Filipinos, their experiences on how they identify or not as Filipinos in America. The narratives reflect the nature of living under the influence of multiple cultures, and some reveal the pride felt by the authors in their Filipino heritage through their stories and poetry, as in Tess Crescini’s “Birth of the Ancient in New Times.” Editors Evangeline Canonizado Buell, Eleanor Hipol Luis, Edwin Lozada, Evelyn Luluquisen, Tony Robles, Myrna Ziálcita. CONTRIBUTED PHOTO Many Filipino Americans in the U.S. maintain strong bonds with family and friends in the Philippines. For some, their parents and grandparents serve as the sole bridge to the islands. There are also those who still cling to the Philippine culture, but have a strong allegiance to the U.S., especially the older second generation who may visit the islands but not return to live. Food is an integral part of the culture. In “My Life as a Lumpia,” Jessica Jamero tells how the simple act of rolling lumpia Read More …

Palace: Govt prepared to defend EDCA from latest suit

News

Jun 272014

Palace: Govt prepared to defend EDCA from latest suit

Malacañang said Saturday the government is prepared to defend the Enhanced Defense Cooperation Agreement (EDCA), after a third suit questioning the controversial mutual defense pact was lodged before the Supreme Court Friday. While presidential spokesman Edwin Lacierda said it is the right of any citizen to file a petition questioning the legality or constitutionality of the pact, he said the Palace believe the deal is constitutional. “We believe this is constitutional. We are prepared to defend the EDCA before the Supreme Court,” he said on government-run dzRB radio. He said the Solicitor General will defend the constitutionality of the pact, which was signed on the first day of US President Barack Obama’s visit to the Philippines last April. The latest suit questioning the EDCA was lodged before the Supreme Court Friday by labor groups from the public and private sectors. Friday’s petitioners, including the Kilusang Mayo Uno and the Confederation for Unity, Recognition and Advancement of Government Employees, claimed the government committed grave abuse of discretion and violated the 1987 Philippine Constitution when it signed the EDCA. Named as respondents were Executive Secretary Paquito Ochoa, Defense Secretary Voltaire Gazmin, Foreign Affairs Secretary Albert del Rosario, Budget Secretary Florencio Abad, and Armed Forces of the Philippines chief of staff Gen. Emmanuel Bautista. Other respondents included defense undersecretary Pio Lorenzo Batino, who chairs the country’s negotiating panel for EDCA, and panel members Ambassador Lourdes Yparraguirre, Ambassador Eduardo Malaya, Justice undersecretary Francisco Baraan III, and Defense undersecretary Raymund Jose Quilop. The petitioners said the EDCA Read More …

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