TEN DAYS after the lifting of the truck ban in the metropolis, the two Manila ports posted a greater cargo volume movement, which will eventually result in stable prices of goods and job security, Federation of Philippine Industries (FPI) said in a statement on Thursday.
THE SENATE is likely to turn down the request of President Benigno S. C. Aquino III to buy additional megawatts (MW) to plug the looming power shortage in Luzon for 2015.
HAIKOU CITY, China – A Chinese think tank believes the Enhanced Defense Cooperation Agreement between the Philippines and the US furthers American interests and not regional stability. The state-run National Institute for South China Sea Studies said on Wednesday that China is “not happy” about the agreement that Defense Secretary Voltaire Gazmin and US Ambassador Philip Goldberg signed in time for US President Barack Obama’s visit to Manila in April. The agreement, which has been questioned at the Supreme Court, allows the increased rotational presence of US troops in the Philippines as well as limited access to Philippine military facilities, has been touted as a way to upgrade the Armed Forces of the Philippines and to bring stability to the area. But Wu Shicun, president of the NISCSS, told Filipino reporters in Haikou on Wednesday that the agreement opens the door for US “intervention”. He said the agreement was signed because the “US would like to come back to major bases like Clark and Subic Bay to contend with China.” Parties to the agreement have yet to determine which Philippine military installations will be opened up to US forces but activist groups in the Philippines have said the EDCA gives the US a free hand over Philippine territory. The US has raised concerns over freedom of navigation in the South China Sea, which contains major sea and air routes. But Wu said the US is “using freedom of navigation as an excuse to interfere in the South China Sea” and Read More …
A US Navy support vessel with some 500 sailors – 40 of whom are Filipino-American – is making a routine port call to Subic this week, the US Embassy in Manila said late Thursday. In a news release, the embassy said the USS Frank Cable (AS 40) was to arrive in Subic Bay Thursday in a routine call highlights the strong Philippine-US partnership. “This visit will allow the ship to replenish supplies and give the crew an opportunity for rest and relaxation. While in Subic Bay, the sailors of USS Frank Cable are eager to enjoy Olongapo City and strengthen their understanding of a country with deep historical ties to the United States and the U.S. Navy,” it said. According to the embassy, the USS Frank Cable provides repairs and support to submarines. It was named after Frank Taylor Cable (1863-1945), an early pioneer in submarine development for the US Navy. With its home port in Apra Harbor in Guam, the USS Frank Cable is part of the US Pacific Fleet. It is commanded by Capt. Mark Benjamin. USS Frank Cable was built by Lockheed Shipbuilding and Construction Company in Seattle, and was christened on January 14, 1978. It was commissioned on February 5, 1980, and was designed to tend the nuclear-powered Los Angeles-class attack submarines. From 1980 to 1996, it was the repair ship for Submarine Squadrons FOUR and EIGHTEEN in Charleston, South Carolina, tending Sturgeon-class attack submarines and Benjamin Franklin-class ballistic missile submarines. The Frank Cable began decommissioning Read More …
MANILA, Philippines – The tandem of infrastructure giant Metro Pacific Investments Corp. (MPIC) and conglomerate Ayala Corp. expects to ink next month the concession agreement for the P65-billion Light Rail Transit Line 1 Cavite Extension project. John Eric Francia, managing director of Ayala Corp., said the corresponding down payment would be made during the signing of the concession agreement. “Payment is expected to be made by concession agreement signing, which will potentially happen next month or so,” Francia said in a text message. The winning bidder is required to make a down payment of 10 percent of its P9.35 billion premium bid for the PPP project while the remaining 90 percent would be paid during the concession period of 32 years. Last Sept. 12, the DOTC awarded the LRT-1 extension project to the Light Rail Manila Consortium. The lead member of the group is MPIC Light Rail Corp. with 55 percent while other members include Ayala’s AC Infrastructure Holdings Corp. with 35 percent and Macquaire Infrastructure Holdings (Philippines) Pte Ltd. with 10 percent. The DOTC gave the consortium 20 days to comply with the post award requirement. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Transportation Secretary Joseph Emilio Abaya earlier said the Light Rail Manila Consortium could take over the operations of LRT-1 and begin construction works by October next year or within a maximum of one year from the signing of the concession agreement. Abaya said the PPP project should be fully operational within 54 months or Read More …
MANILA, Philippines – Integrated Micro-Electronics Inc. (IMI) of the Ayala conglomerate intends to raise up to P3 billion from the proposed sale of common shares through a follow-on offering. In a disclosure to the Philippine Stock Exchange, IMI said its board of directors has approved the issuance and public offering of up to 215 million common shares, with an over-allotment option for 85 million shares, at an offer price of P10 each. “The offer shares and additional offer shares will have the same rights attached to the common shares being held by our existing common stockholders,” IMI said. The Ayala-led listed firm said proceeds from the offering would be used to finance capital expenditure, business expansion, refinancing and working capital requirements. BPI Capital Corp. is tasked to be the issue manager and lead underwriter for the transaction. IMI was able to secure last April the regulator’s approval to postpone its public share sale for another year as it waits for the right market timing. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The firm listed by way of introduction in 2010, allowing it to postpone a public share sale. The company, however, was penalized for failing to sell shares beyond the leeway. IMI, a provider of electronics manufacturing services (EMS) and power semiconductor assembly and tests services, has existing factories in the Philippines, Mexico, Bulgaria, Germany, China Japan and France. The firm is expecting a double-digit income and revenue growth this year as it serves more energy, mobility, power, Read More …
MANILA, Philippines – The Philippine Chamber of Commerce and Industry (PCCI) is pushing for the implementation of the Interruptible Load Program (ILP) to address the country’s expected power supply shortage next year. The ILP, the PCCI said, entails the least cost and may be done without need for special law. “PCCI is of the view that the least-cost and most workable palliative measure is the full and active promotion of the ILP,” the business group said in a statement yesterday. The ILP is a voluntary program subject to compensation of participants. Under the ILP, qualified businesses would be compensated if they use their own generating facilities or sets during peak hours. By using their own generating facilities, distribution utilities (DU) such as the Manila Electric Co. (Meralco) could reduce electricity supplied to participating businesses and serve other customers. The PCCI said there are over 2,000 megawatts (MW) of stand-by generators registered with the Energy Regulatory Commission (ERC). Business ( Article MRec ), pagematch: 1, sectionmatch: 1 To be safe and assured, the group said only about 600 MW is needed to adequately respond to a 300-MW to-400 MW or more supply shortfall. By using 400 MW for five hours a day using fuel costing P45 per liter, the PCCI estimates the resulting power cost increase is only in the vicinity of P0.9 per kilowatt hour for the month if such is implemented. “There may be no need for subsidy for this and is a win-win situation for the ILP participants Read More …
MANILA, Philippines – Malaysian banks are keen on investing in the Philippines given the country’s positive economic backdrop, the Malaysian Embassy Trade Office (MATRADE) said. MATRADE Manila trade commissioner Nyaee Ayup announced yesterday a group of Malaysian investment bankers were in the country earlier this month to look at opportunities here. MIDF Amanah Investment Bank Economic Research Department chief economist Maslynnawati Ahmad, who led the delegation, said Permodalan Nasional Berhad (PNB) and Amanah Raya, which have stakes in Malaysian companies and banks, are interested in opportunities in the Philippines. “Nonetheless, we are not privy to such information, and I think the fund managers are not allowed to disclose any that is still in the study stage,” she said. Ahmad said most Malaysian companies that are looking into the Philippines are likely to focus on products or services catered for domestic consumers such as retail, food industries, health, roads, transport, water sanitation and sewerage infrastructure as well as housing. “They will also tap the massive untapped potential of Mindanao, mainly agriculture supply chain,” she added. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Ayup said there are also investors who want to develop oil and gas resources in the country. There is interest among Malaysian firms to invest here as the Philippines has made significant economic gains and is expected to sustain growth in the coming years. “The Philippine economic condition is likely to moderate, but to stay strong near its potential growth of about six percent. It may remain Read More …
PNoy takes a walk in New York’s concrete jungle. President Benigno Aquino III walks across Park Avenue in New York on Wednesday, September 24, after his meetings with businessmen and members of the Filipino community. Aquino addressed climate change issues in a speech at the UN earlier. With Aquino is Secretary to the Cabinet Jose Rene Almendras (3rd left). Robert Viñas President Benigno Aquino III is back in Manila after a 12-day voyage that took him to key cities of Europe and the United States and to a climate change summit at the United Nations headquarters in New York City. Aquino summed up his foreign mission with highlights on investment pledges, which he said totaled $2.34 billion and would lead to the creation of 33,850 new jobs. “Dalawampu’t dalawa korporasyon ang nakausap natin sa iba’t ibang mga bansang nilapagan natin. Ang sabi nga po natin sa kanila: Kung naghahanap kayo ng paglalagyan ng inyong puhunan, bakit hindi kayo sa amin pumunta, upang makasama nating pakinabangan ang bunga ng pag-unlad?” Aquino said in his arrival statement at the Ninoy Aquino International Airport late Thursday evening. The president said his administration is wooing Volkswagen to build its “global manufacturing hub” in the Philippines. “Ang Volkswagen din po, halimbawa, inengganyo nating dito magtayo ng kanilang global manufacturing hub; malaking bentahe ang lumalaki nating middle class, pati na rin ang maganda nating lokasyon at ang husay ng ating manggagawa, at ipagpapatuloy po natin ang pang-eengganyo sa kanila,” Aquino said. The president also said he Read More …
The death toll from Tropical Storm Mario (Fung-Wong) climbed further to 17 as of Thursday, the National Disaster Risk Reduction and Management Council said. In its update posted on its website Thursday evening, the NDRRMC identified the most recent fatality as Tessy Aragon, 59, of Malanday in Marikina City. Aragon died from drowning, the NDRRMC said. The NDRRMC also said 16 were injured while four are still missing. The agency said Mario has affected 419,592 families or 1,904,537 people in 1,698 barangays in 27 provinces in Ilocos, Cagayan Valley, Central and Southern Luzon, Bicol, Central Visayas, cordillera and Metro Manila. Of these, 13,996 families or 59,307 people are staying in 265 evacuation centers. Damage Damage was estimated at P1,514,531,230.46, including P585,207,721.02 in infrastructure and P929,323,509.44 in agriculture. Some 1,839 houses were destroyed while 3,858 were damaged in Ilocos, Central and Southern Luzon, and Cordillera. Meanwhile, 56 roads and two bridges are still not passable in Ilocos, Cagayan valley, Central Luzon, Calabarzon, Bicol, Central Visayas, Cordillera and Metro Manila. At least 45 areas in Pangasinan and La Union in Region 1 and Pampanga and Bulacan in Region 3 are still flooded. —Joel Locsin/NB, GMA News