No 2nd round effects of higher food prices – BSP

 Economy
Jun 272014
 
No 2nd round effects of higher food prices – BSP

MANILA, Philippines – The Bangko Sentral ng Pilipinas said they have not observed any second-round effects to inflation, which could come through wage and fare increases, as consumer prices still remain manageable. “We have not observed widespread second-round effects from the recent price pressures. The observed increases  in the prices of some food items of late have been due largely to supply disruptions,” BSP Governor Amando M. Tetangco Jr., said in a text message to reporters. “The relevant government agencies are addressing these supply bottlenecks and this is expected to help moderate the upward pull on prices,” Tetangco said. Inflation surged to a 30-month high of 4.5 percent in May due to higher prices of food and non-alcoholic beverages, and increases in housing and utility rates. The average inflation rate stood at 4.1 in the first five months of the year, above the midpoint of the central bank’s three to five percent target range. “Meanwhile, the jeepney fare hike is limited to a few regions,” Tetangco said, adding “the most recent surveys (May 2014) suggest that inflation expectations remain within the target range.” Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The Monetary Board, during its June 19 policy meeting, has forecast inflation to average 4.4 percent this year. The Board said risks to inflation outlook have been largely on the upside as weather conditions are seen increasing food prices and power price hikes remain pending. “However, global oil prices have been increasing of late amid the tensions in Read More …

SM, Sio cited by int’l magazine

 Economy
Jun 272014
 
SM, Sio cited by int’l magazine

MANILA, Philippines – International magazine Alpha Southeast Asia has cited leading Philippine conglomerate SM Investments Corp. (SM) for major awards in its 4th Annual Southeast Asia Institutional Investor Corporate Awards. SM executive vice president and chief finance officer Jose T. Sio was cited as the Best CFO in the Philippines while SM has topped the poll as the company with the Most Organized Investor Relations and Best Strategic Corporate Social Responsibility. SM was also cited as among the companies with the Best Senior Management IR Support and Strongest Adherence to Corporate Governance. Sio has won Best CFO in the Philippines for the fourth time in a row. He is a director, EVP, and CFO of SM. Known for setting benchmarks in financial reporting in the Philippines, Sio is also a director of China Banking Corp., Belle Corp. and Atlas Consolidated Mining and Development Corp., among other companies within the SM group.  Sio is a certified public accountant with a master’s degree in Business Administration from New York University. He was formerly a senior partner at Sycip Gorres Velayo & Co. The poll is based on tallied votes among 477 investors, pension funds, hedge funds, equity and fixed income brokers and analysts with investment interests in the Southeast Asia region. Business ( Article MRec ), pagematch: 1, sectionmatch: 1

SSS bares terms for 10% hike in work-related claims

 General
Jun 272014
 
SSS bares terms for 10% hike in work-related claims

MANILA, Philippines – The Social Security System (SSS) has disclosed the terms of its new 10-percent across-the-board pension increase for work-related claims under the Employees’ Compensation (EC) program and the doubled EC funeral grant. Both increases will be implemented retroactively beginning September this year. Agnes San Jose, SSS vice president for Benefits Administration, said the pension hike covers about 17,200 active EC pensioners under SSS as of August 31 for permanent partial disability, total disability and survivorship. SSS claimants of EC funeral grants for deaths dated Sept. 1, 2013 onwards are entitled to the higher P20,000 benefit, San Jose said. President Aquino approved the EC benefit upgrades under Executive Order 167 issued last May 26. The EC program, which provides additional benefits for employees with work-connected sicknesses, injuries and death, is administered by SSS for the private sector and by the Government Service Insurance System (GSIS) for the public sector. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Claimants covered by the date of effectivity whose EC funeral grants of P10,000 were already settled by SSS will each receive an additional P10,000 in burial benefits, given the retroactive implementation of the increase,” San Jose said. “Pensioners will get higher EC pensions, as well as the additional benefits resulting from the retroactive date of effectivity, in September 2014 upon completion of our system changes,” she added. The new increases stemmed from SSS’ proposal to hike EC pensions and EC funeral grants for SSS members and beneficiaries, which was submitted to Read More …

Corpuz retires as DOT undersecretary

 Economy
Jun 272014
 
Corpuz retires as DOT undersecretary

MANILA, Philippines – Tourism Undersecretary Daniel Corpuz, a career executive who has served the department over the past four decades, is retiring by the end of this month. Department of Tourism Secretary Ramon Jimenez Jr. said Corpuz has tendered his resignation because he “wants to slow down and take a well-deserved rest.” Jimenez is set to nominate a replacement for Corpuz soon. Corpuz joined the DOT in 1974 and rose from the ranks to reach his present position as undersecretary for tourism development. His influence on the tourism industry was immeasurable after being involved as a consultant in some of the programs of top international tourism organizations such as the World Tourism Organization, United Nations Development Programme and the European Community in formulating various tourism master plans, marketing as well as physical development plans for the Philippines and other nation-states. He is a product of the University of the Philippines and a former dean and senior lecturer of the Asian Institute of Tourism. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Corpuz is also a  believer of strategy formulation, project management and creative thinking in development programs.

Lawmaker slams red tape in securing permits for new power plants

 Economy
Jun 272014
 
Lawmaker slams red tape in securing permits for new power plants

MANILA, Philippines – The unstable power situation in the country could worsen in the next two years unless government addresses  the slow process of securing permits for the construction of new power plants, House Committee on Energy chairman Rep. Reynaldo Umali said. In a chance interview, Umali said securing permits for power plants requires 150 to 169 signatures and the process takes about four to five years to complete.  “In other countries like Peru, government takes care of securing licenses and permits on behalf of the private investor while in certain states in the US it takes only 45 days,” he noted. Power generators have expressed concerns on the slow process of building power plants, saying this would aggravate the power supply situation. Umali has filed House Bill 4479 seeking to declare power projects as “projects of national significance” to help address power supply deficiency and investors’ complaints over the long and often delayed processing of permits, licenses and endorsements by various government departments and agencies. “It is envisioned that the Department of Energy shall set up a one-stop shop for processing of such requirements where all agencies of government, national and local, shall be present,” he said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The bill amends certain provisions of the Electric Power Industry Reform Act of 2001 or EPIRA. Umali said his bill also supports moves to lower the cost of power by exempting the sale of electricity by the generators and the distribution utilities from Read More …

Julia, Enrique agree: Experience is best teacher

 Entertainment
Jun 272014
 
Julia, Enrique agree: Experience is best teacher

Julia Barretto and Enrique Gil (MNS Photo) Young stars Julia Barretto and Enrique Gil, who are being romantically linked to each other, believe that experience is the best teacher when it comes to matters of the heart. “I believe you’ll never know if you don’t try,” Barretto said in an interview during a shoot for her first endorsement with Gil. “I’m like that kasi – unless you’ll experience it yourself, unless you learned from it, you’ll never know.” “Now, I can say, I know what’s right for my heart,” she added. Gil agreed with his “Mirabella” leading lady. “How would you know if it’s the right thing if you will not try it? Paano mo masasabi na mahal mo ang isang taong ito kung before, hindi ka pa na-in-love? If I feel I love somebody ‘tapos nag-break kami, hindi pala love ‘yun,” Gil said. “Kasi kung love ‘yun, kami pa rin ‘yun. If you know what love is, madi-distinguish mo ang totoo o hindi. So now, I think I know more and more sa mga nangyari the past few days. Mas alam ko what’s real or not,” Gil added. Barretto and Gil are currently finishing their hit soap, “Mirabella”. (MNS)

More abandoned Amerasians feared as US troops come back to PHL

 Entertainment
Jun 272014
 
More abandoned Amerasians feared as US troops come back to PHL

By Jason Gutierrez U.S. Marines board a KC-130J Hercules aircraft at Marine Corps Air Station Futenma, Okinawa, Japan, to depart for humanitarian assistance and disaster relief operations in the Philippines following Typhoon Haiyan, Nov. 11, 2013. The Marines are assigned to the 3rd Marine Expeditionary Force. U.S. Marine Corps photo by Lance Cpl. David N. Hersey ANGELES  (AFP) – When the last US ship pulled out of the Philippines’ Subic naval base more than two decades ago, a desperate young woman’s hopes of finding her father sailed away with it. Beirut Calaguas, now 44, is among the tens of thousands of “Amerasians” fathered by US soldiers who served in the Philippines, home to the US military’s biggest overseas bases until they closed down in 1992. Like so many others, Calaguas has endured a life of discrimination and poverty, while battling the mental trauma of having been abandoned and not knowing either of her biological parents. “When the Americans left, my heart broke, I resigned my fate to never finding my father,” said the fair-skinned, brown-eyed Calaguas at her ramshackle home in a rundown suburb close to the former US bases. “I used to cry every night. It’s very difficult to feel so alone in the world, and long for a father whose face you’ve never seen.” Despite one study estimating there are as many as 250,000 Amerasians and their offspring in the Philippines, they are a largely forgotten community. Their plight, however, is gaining fresh attention with the United States Read More …

Palace: Pork raps strong despite botched bid to amend information

 Entertainment
Jun 272014
 
Palace: Pork raps strong despite botched bid to amend information

Senator Ramon Bong Revilla Jr. undergoes booking procedures in Camp Crame on Friday, June 20, after he surrendered to the Sandiganbayan. The anti-graft court manifested that it has taken Revilla into custody because he surrendered, and that there is no need to serve an arrest warrant issued against him. The booking process included a medical examination, and taking his fingerprints and mugshot. (MNS photo) MANILA (Mabuhay) – Malacañang on Thursday said the failed attempt by prosecutors from the Office of the Ombudsman to amend the information filed against Senator Ramon “Bong” Revilla Jr. was not an indication the plunder and graft cases filed over the pork barrel scam are weak. “The Department of Justice has done its part from the time they submitted their findings. The DOJ conducted a thorough investigation. They submitted the product of their case buildup to the Office of the Ombudsman and the Office of the Ombudsman conducted its own process,” Communications Secretary Herminio Coloma Jr. said in a briefing aired over state-run Radyo ng Bayan. “We believe the concerned agency of the government has already done what it should do. The DOJ has done its homework. They have spent enough time to examine the merit of the case that they have filed,” he added. Despite the junking of the petition, Coloma said: “It is our view that in filing an amended information with the Sandiganbayan, the Office of the Special Prosecutor acted well within the rules of court that allow the prosecution to present its Read More …

Palace: Aquino not trying to sway court on Enrile treatment

 Entertainment
Jun 272014
 
Palace: Aquino not trying to sway court on Enrile treatment

Senator Juan Ponce Enrile gestures during the budget committee hearing of Bureau of Customs (BoC) and the Department of Finance (DOF) at the senate yesterday afternoon. Also in photo was Senator Juan Miguel Zubiri. (edwin muli) MANILA (Mabuhay) — A Malacañang spokesperson on Thursday maintained that President Benigno Aquino III is not trying to influence the Sandiganbayan on how to treat embattled Senator Juan Ponce Enrile, who is facing plunder and graft charges in connection with the alleged P10-billion pork barrel scam. “Malinaw sa pahayag ng Pangulo na ipinapaubaya sa hukuman ang pasya kung saan maaring i-detine si Sen. Enrile,” Presidential Communications Operations Office head Herminio Coloma Jr. said in a statement. Coloma was responding to Volunteers Against Crime and Corruption founding chair Dante Jimenez, who claimed the President could be held liable for “influence-peddling” since the Sandiganbayan is still in the process of determining probable cause in Enrile’s case. Jimenez was referring to Aquino’s earlier statement that the court should consider the age and frail health of Enrile in determining where he will be detained once a warrant of arrest is issued against him. Coloma, however, said the President was just asking the court to take into consideration the senator’s physical condition. “Hindi ito maaring maituturing na ini-impluwensya ng Pangulo ang sinuman,” he said. Enrile is facing one count of plunder and 15 counts of graft. He and his co-accused are alleged to have amassed P172.8 million in kickbacks from 2004 to 2010 through the pork barrel scam. He Read More …

US, PHL start naval drills near China-claimed waters

 Entertainment
Jun 272014
 
US, PHL start naval drills near China-claimed waters

PHILIPPINE SEA (Sept. 18, 2013) Sailors assigned to the Arleigh Burke-class guided-missile destroyer USS Preble (DDG 88) prepare for an underway replenishment as the guided-missile destroyer USS Curtis Wilbur (DDG 54) conducts an underway replenishment with the Military Sealift Command fleet replenishment oiler USNS Yukon (T-AO 2). Preble and Curtis Wilbur are on patrol with the George Washington Carrier Strike Group in the U.S. 7th Fleet area of responsibility supporting security and stability in the Indo-Asia-Pacific region. U.S. Navy photo by Mass Communication Specialist 3rd Class Paul Kelly SUBIC BAY (AFP) – The United States and the Philippines kicked off joint naval exercises Thursday in the South China Sea near waters claimed by Beijing, amid tense territorial rows between China and its neighbors. Filipino military officials said the week-long maneuvers, involving three US warships and more than a thousand servicemen, would address Manila’s “capability gaps” as well as testing its newest military vessels. The Philippines is engaged in a bitter territorial dispute with China over parts of the South China Sea, which Beijing claims almost in its entirety. China has increasingly asserted its claims to the sea, which are believed to harbor vast oil and gas deposits, and parts of which are also claimed by Vietnam, Malaysia, Brunei and Taiwan. Beijing placed an oil rig in disputed waters last month, sparking deadly anti-China riots in Vietnam. Philippine officers said the annual war games, involving more than a thousand US personnel and about 400 Filipino counterparts, would test the Philippines’ two Read More …

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