INVESTMENTS approved by the Philippine Economic Zone Authority (PEZA) grew by more than a third in the first five months of the year amid new projects and expansion of existing firms, the agency yesterday said.
Jun 042014
Jun 042014
THE ELECTRONICS industry is keeping its export projections for this year despite the slower than expected growth of the country’s gross domestic product in the first quarter.
Jun 042014
FOLLOWING the turmoil of the global financial crisis and the ensuing years of challenging times for the financial services industry, the need for reliable and accurate measures of risk has been more evident than ever. Regulators and banks around the world are consequentially seeking to implement quantitative methods grounded in sound theory and practical application that are expected to measure risk and reward more effectively.
Jun 042014
The amuse-bouches tree: Part of Magellan’s dim sum — a play of cheeses in surprising forms In all my years of traveling, eating, tasting, cooking and discussing with chefs, I have learned that there is one important ingredient that cannot be bought but can definitely be felt in a dish: soul. The best food moments I’ve ever had, whether it be sitting at a table with starched linens and blindingly polished silverware in Paris or squatting on grimy stools roadside in a back alley of Hanoi or leaning against the pier with a cool Pacific breeze on my face at the Ferry Building in San Francisco — they all have one thing in common: the food was made with love and intent. It had a story to tell, it had purpose and meaning, not only for the diner but also for the one who made it. It came from the heart and those flavors are the ones that you cannot fake but that you can really sink your teeth into. I have always been an honest food writer. If I don’t enjoy a meal I simply won’t write about it and, where welcome, will give my sincere, balanced criticism directly to the chef or restaurant because ultimately I want them to be better. I want to have more places to eat in and not force them to shut down because they had an off day. I have also become more and more confident in knowing what I like and at Read More …
Jun 042014
MANILA, Philippines – First Philippine Holdings Corp. (FPH), the energy holding company of the Lopez Group, yesterday issued P1.8 billion worth of preferred shares proceeds of which would be used to fund the company’s investments or acquisitions either directly or through its subsidiaries, and to fund other general corporate purposes. “The corporation issued today as a first tranche a P1.8-billion cumulative non-voting, non-participating, non-convertible and peso-denominated preferred shares as at issue value of P500 per share via private placement,” FPH said in a disclosure to the stock exchange. Furthermore, FPH said it would issue cash dividends, upon approval of its board of directors. “As and when declared by the board of directors, cash dividends on the preferred shares were fixed at 5.5 percent per annum. FPH has the option to redeem the preferred shares in whole starting on the seventh anniversary from issue date,” FPH added. In 2013, the company redeemed and cancelled a total of P9.3 billion of Series A and B preferred shares out of the P20- billion authorized preferred shares capital stock. The cancellation of preferred shares required an amendment of its articles of incorporation, was ratified by stockholders in the annual shareholders’ meeting last month. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 With the cancellation and the reduction of the preferred shares, FPH said its authorized preferred capital stock would go down from P20 billion to P10.7 billion. FPH is a management and investment company whose major business is power generation and distribution, with Read More …
Jun 042014
SM Woman the label takes a beautiful bow during Fashion Week. Photos by JOEY MENDOZA MANILA, Philippines – The show was all about branding — putting together several fashion labels of SM Store into just one label — SM Woman. And it was beautifully and powerfully done. Put together by Fashion Week director Joey Espino and SM designer Tonichi Nocom, the show was refreshingly awesome, as it was done on a two-level stage using a mix of hydraulics and playful videos. Never a lull in the fast-paced and well-curated show that showed all-wearable clothes from casual to resort to career to evening wear. There were stylish basics with interesting twists, playful beachwear that can be mix-matched for city wear, clothes for the boardroom and after-office events, and modern cocktail ensembles and evening gowns. What made a lot of sense was that the clothes were for sale on racks, in the lobby right outside the SMX exhibition hall. People were buying like mad. The SM Store (another case of rebranding) is now amazing us with non-stop innovations, bringing a sense of freshness and newness to this department store that has for decades been so on the move and constantly evolving, we have forgotten that it started as a shoe store. SM is moving fast with more surprises. And to think we are still busy exploring SM Aura. And we are still excited about the new and wonderful SM Mega Fashion Hall. —M.M.M.
Jun 042014
MANILA, Philippines – US-based energy giant AES Corp. is pouring in $2 billion for the expansion of its coal-fired power plant in Zambales and for the development of an energy storage project in the Philippines, its top official said yesterday. In a roundtable discussion with US Secretary of Commerce Penny Pritzker, who is in Manila for a visit, AES president and chief executive officer Andres Gluski said as a reflection of US business interest in the Philippines, AES is expanding its 600-megawatt Masinloc plant and investing in an energy storage project. “We’re very impressed with renewed economic growth. We’d like to support the development of the Philippines. We have about $2 billion in projects. Some of them our expansion and some of them are new technologies such as for storage of energy,” Gluski told reporters during the roundtable meeting hosted by the US Embassy in Manila. Of the $2 billion, AES will invest $1.2 billion for the expansion of the Masinloc plant by another 600 MW. “We have projects of up to $2 billion more in the pipeline. One is a plant expansion of Masinloc. Then we have the energy storage project,” Gluski said. The energy storage, he explained, could help support renewable energy projects in the Philippines as this would serve as “batteries” that can work on islands around the country. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “These can help provide ancillary services. Those are interesting. They’re very well adapted to the Philippines. They work very Read More …
Jun 042014
HERO WITHIN: Everyone has their childhood super hero that inspires them to uphold good values. In photo (Joey Concepcion with wife Marissa and youngest daughter Bella). A couple of weeks ago, I shared in this column (entitled Filipino Service at its Best) what we have seen during our annual summer trip (which started as a cruise from Turkey to Venice), how Filipinos working abroad excel in service. It feels good to end our summer family trip together as a clan of 55 travelling together with no fights and arguments, and to have the chance to be with our father, who, at the age of 82, just recently went through an operation. It was a hectic trip, having gone also to see the canonization of two popes in Rome. Finally my own trip with my wife and kids for a detour in London. Business obligations, attending the Standard Chartered conference in London to promote our company RFM and the Philippines, and most importantly – to bring my daughter whose birthday wish as she turned 7 a couple of months back is to watch Katy Perry’s concert and the boy band One Direction. Something I don’t really look forward to, but something I guess will make her and her other sisters happy. We did go to Katy Perry’s concert and many parents were dragged by their children, but it was a great concert and great bonding moment with our children. We are yet to see One Direction. For this one I was Read More …
Jun 042014
MANILA, Philippines – The government enjoyed a record high budget surplus in April due to an 18-percent increase in revenue collections and a six-percent drop in expenditures, the Department of Finance (DOF) reported yesterday. The government recorded a budget surplus of P80.9 billion in April, more than double the P36.8 billion in the same month last year. “The month of April sustained the strong fiscal performance we experienced in the first quarter of the year,” Finance Secretary Cesar V. Purisima said. According to the DOF, government revenues reached P224.4 billion in April, an 18-percent increase from P190 billion a year ago. Expenditures for the month however were six percent lower at P143.6 billion from a year ago, thus the budget surplus for the period. Despite the April surplus, the government was still in deficit in the first four months at P3.3 billion, albeit much lower than the P29.7 billion a year ago. Total collections of the Bureau of Internal Revenue amounted to P156.1 billion, up five percent from year-ago levels, while the Bureau of Customs improved its collections by 13 percent to P30.8 billion. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The Bureau of Treasury contributed P30.8 billion in revenues, while other government offices reported revenues of P6.7 billion. Interest payments plunged 43 percent to P13.4 billion, while other expenditures climbed one percent to P130.2 billion. Revenues during the four-month period climbed 12 percent to P622.9 billion, while expenditures also rose seven percent to P626.1 billion. The revenue Read More …
Jun 042014
MANILA, Philippines – The US and other countries are eyeing various areas, including Mindanao for their next investment ventures, Malacañang said yesterday. In a press briefing, Presidential Spokesman Edwin Lacierda said US Commerce Secretary Penny Pritzker paid a courtesy call on President Aquino and brought with her a delegation of businessmen who wanted to see where they could invest. “They are looking at potential areas of investment, like car manufacturing, energy, infrastructure in Mindanao, infrastructure on mass transit and also tourism,” Lacierda said. When US President Barack Obama made a state visit last April, he announced that Pritzker and a delegation of American businessmen would come to Manila to look into the possibility of investing in the country. Lacierda said the business climate in the country had also become more favorable following the signing of the Comprehensive Agreement on the Bangsamoro (CAB) by representatives of the Moro Islamic Liberation Front (MILF) and the government. “Now that we have come to a peaceful agreement with the MILF, many countries have been looking at Mindanao as a potential area for investment. We’ve seen other countries – Asean (Association of Southeast Nations) looking into Mindanao. And so, the United States is also one of the countries interested in looking into investments in Mindanao,” Lacierda said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The CAB, signed last March 27, ended the decades-long conflict in Mindanao. Pritzker, American chief executive officers, and the US-Asen Business Council came to talk with Philippine government officials Read More …