SM Prime allots P7 B for 2 new office buildings

 General
Dec 052014
 
SM Prime allots P7 B for 2 new office buildings

MANILA, Philippines – SM Prime Holdings Inc., the integrated property development arm of tycoon Henry Sy, is earmarking P7 billion for the construction of two new office buildings early next year. The two projects will beef up the SM Group’s office portfolio by 160,000 square meters in gross floor area (GFA) upon completion by 2017, SM Prime senior vice president for commercial properties Dave Rafael said in an interview yesterday. Rafael said the company will invest P3.5 billion each for the two stand-alone towers, with each building composing of 25 to 30 floors and a GFA of 80,000 square meters. Although he did not disclose the exact location of each development, Rafael said one would be constructed in Quezon City along EDSA, while the other would rise in Ortigas. Rafael said the projects are seen to cater to the growing demand for office space, particularly of the business process outsourcing sector, in Metro Manila.  “BPO market is still very strong. However, we need to be careful in choosing locations for our office buildings. There should already be guaranteed tenants for each planned location,” he said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 For the two office projects that will break ground next year, Rafael said SM Prime is currently in talks with several potential tenants already although no deal has been reached to date. SM Prime launched yesterday its latest office building called SM Cyber West Avenue, a 15-story structure located in EDSA corner West Ave. in Quezon Read More …

Market tumbles on concerns over super typhoon

 Economy
Dec 052014
 
Market tumbles on concerns over super typhoon

MANILA, Philippines – The local benchmark index fell for the second consecutive session yesterday as preparations for Super Typhoon Ruby’s landfall took the spotlight away from a slower November inflation data. The Philippine Stock Exchange index (PSEi) plunged 0.95 percent or 69.29 points to end at 7,230.56, while the broader all shares index likewise plummeted 0.88 percent or 37.90 points to finish at 4,250. “Sentiment took its cue from progression of preparedness and contingencies for the super typhoon’s anticipated entry,” said Jason T. Escartin, investment analyst at F. Yap Securities. Several flights and sea trips were already canceled yesterday due to the incoming threat of super typhoon Ruby (international name “Hagupit”). The entry of the super typhoon in the country overshadowed positive news provided by local data showing that the pace of price increases last month were slower compared to the previous month. November inflation eased to 3.7 percent from 4.3 percent in October. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Further weakness might be seen for now, unless fresh leads occur overseas,” Escartin said. Market overseas shared the local market’s sour mood, as most Asian shares were down while major indexes in Wall Street also ended in the negative territory. Locally, it was a bloodbath as all counters closed in the red led by services firms which lost 1.68 percent or 35.98 points.

Gov’t debt up to P5.71T

 Economy
Dec 052014
 
Gov’t debt up to P5.71T

MANILA, Philippines – The government’s outstanding debt slightly rose in October as the state continued to rely on borrowings to support its expenditure program. Data released by the Bureau of Treasury showed that the outstanding debt of the government stood at P5.71 trillion as of the end of October, up  1.2 percent or The latest figure, however, was lower than the P5.72 trillion registered in September due to the net redemption of government securities. A bigger portion or P3.75 trillion was accounted for by borrowings from the domestic market.  This marked a 0.1 percent decline from that in the same period a year ago. The balance of P1.96 trillion came from borrowings from foreign sources.  This was down year on year by 0.3 percent. The government borrows to help address the estimated budget deficit for any given year. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Debt indicators highlight the steady improvement in the composition of government debt.  The high concentration of debt denominated in local currency helps mitigate the impact of foreign exchange fluctuations on 67.5 percent of the whole portfolio,” the BTR said in a statement. The BTR added that the borrowing strategy of issuing mid-to-long-term bonds has maintained the average maturity of government debt at 10.08 years to help minimize refinancing risks. Guaranteed debt fell 7.8 percent or P37.7 billion, driven by declines in the level of domestic (P21.8 billion) and external (P15.9 billion) obligations. The government maintained a policy of tapping more debts from the Read More …

SSI Group profit balloons 49% to P674 M in 9 mos

 Economy
Dec 052014
 
SSI Group profit balloons 49% to P674 M in 9 mos

MANILA, Philippines – Tantoco-led specialty retailer SSI Group Inc., a company which went public last month, improved its profits by almost half in the first nine months of the year on the back of continued expansion of its store network and brand portfolio. In a disclosure to the local bourse yesterday, SSI said its net income in the January to September period ballooned 49 percent year-on-year to P674 million. Revenues likewise jumped 16 percent to P10 billion, the country’s leading specialty store retailer said.  “The group’s performance was driven by the continued expansion of its store network and brand portfolio, and sustained gross profit margin levels,” SSI said. Over the 12-month period ending September, SSI said it has added a total of 87 new stores or an additional of 23,000 square meters to its store network, representing a 24 percent increase in its retail footprint year-on-year. Gross profit margins likewise remained healthy, rising to 56 percent from 50 percent a year ago as the group continued to benefit from strong sell-through rates. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “SSI is entering the fourth quarter on strong footing as we continue to reap the benefits of our store expansion program and of initiatives implemented to enhance profitability,” SSI president Anton Huang said. SSI said it is currently in the process of expanding its store network as it seeks to capitalize on favorable market conditions, evolving consumption patterns and consumer tastes and the availability of prime retail space in Read More …

Is Jose Mari Chan retiring from the concert scene?

 General
Dec 052014
 
Is Jose Mari Chan retiring from the concert scene?

Jose Mari Chan (below photo: wife Maryann Ansaldo and their daughter Liza Chan-Parpan): A winner never quits, right? I guess the first person who will be pleasantly shocked by today’s headline is, you guessed it, Jose Mari Chan. “But that’s the persistent rumor circulating in the US,” according to Edmund Silvestre, Funfare’s Big Apple correspondent. “People in the US kasi remember that the Constant Change and Beautiful Girl singer mentioned in a previous interview that he didn’t know how much longer he could keep his voice or until when people would flock to his shows leading to speculations that the 69-year-old crooner is considering retirement.” This is why Joe Mari’s pre-Christmas concert, Going Home To Christmas (which is the title of his new fast-selling album) set for Saturday, Dec. 6 (US time), at the grand ballroom of the Golden Nugget Casino Hotel & Marina in Atlantic City, New Jersey, is touted as the Filipino concert event of the year. Added Edmund, “Some believe he may even make an announcement similar to what another OPM icon, the APO Hiking Society, did years ago when it mounted its farewell US concert tour and then retired as the Philippines’ most successful music trio.” I texted Joe Mari and he replied direct from New York: “No, absolutely not true. For as long as there are people who will still enjoy listening to my songs, I’ll be up there on stage to sing for them…anytime, anywhere; here or abroad. One never retires from a hobby. Read More …

Nations’ response during calamities reveals deep-seated charitable culture

 Entertainment
Dec 052014
 
Nations’ response during calamities reveals deep-seated charitable culture

Still dazed after a year since Super Typhoon Yolanda  delivered a devastating wallop never been experience in the history of the Philippines, now comes another foreboding calamity represented by Typhoon Ruby with at least nine provinces in the Visayas are expected to reel from its effects. An estimated 4.5 million people stand to suffer the “whip”  of typhoon “Hagupit, the international name of Ruby, which already has activated the panic mode button from the affected areas with reports of “panic buying of food breaking out in the areas affected”. The memories of the massive devastation from Supertyphoon Yolanda which occurred just a little over year ago still cause traumatic nightmares to thousands whose lives have been shattered with little possibility of living normal lives again or even a semblance of it. In areas hit by calamities, the poor and the marginalized get to suffer more from inadequate reaction and government neglect. Poor Myanmar Responds to Call for Help Presidential Achievement Awardees: Orange County has its ample share of talented Filipino-American entrepreneurs and professionals whose dedication to their adopted community has served as an inspiration to others even after they have elected to work behind the scene after giving their share. Others still, in spite of some physical limitations continue to serve and share their wisdom as guide posts for a new breed of leadership.The Filipino American Chamber of Commerce of Orange County had the pleasure of honoring its past presidents with “Lifetime Achievement Award” for their leadership at its 20th Read More …

All hands on deck in govt hospitals in areas threatened by Ruby

 News
Dec 052014
 
All hands on deck in govt hospitals in areas threatened by Ruby

Tacloban braces for Typhoon Ruby. Storm clouds gather over the horizon in Tacloban City on Friday, December 5, as Typhoon Ruby (Hagupit) nears Eastern Visayas. At least 34 areas are under storm signals early Friday, as Ruby intensified further and continued to move toward Eastern Visayas. Arlan Rsequito The Department of Health will be under Code Red alert at DOH-retained hospitals in regions expected to be hit by Typhoon Ruby (Hagupit) starting Saturday.   Code Red means that all hospital staff are required to report for duty to provide the medical needs of the residents in affected areas right away.  Medical supplies such as medicines, food for the medical teams, and 5,000 cadaver bags are now ready for distribution even before Ruby makes landfall over Eastern-Northern Samar area, DOH said.  Buddy system  DOH has already set up a ‘buddy system’ where DOH regional offices are paired up with DOH-retained hospitals that won’t be affected by the typhoon to help other hospitals in areas Ruby will hit.  For questions and more information, call DOH hotline (02) 711-1001, (02) 711-1002, (0920) 949-8419. —Trisha Macas/NB, GMA News

Millions evacuate as typhoon bears down on Philippines

 General
Dec 052014
 
Millions evacuate as typhoon bears down on Philippines

Millions of people in the Philippines began seeking shelter in churches, schools and other makeshift evacuation centres on Friday as a monster typhoon bore down on the disaster-weary nation. The storm, which would be the strongest to hit the Southeast Asian archipelago this year, is expected to impact more than half the nation including communities devastated by Super Typhoon Haiyan last year. Authorities said more than 500,000 families, or about 2.5 million people, in the eastern Philippines would be evacuated ahead of Hagupit’s expected landfall on Saturday night or Sunday. “Everyone here is gripped with fear,” Rita Villadolid, 39, told AFP as she sat with her family and hundreds of other people inside a sports stadium in Tacloban, one of the cities still yet to recover from Haiyan. Elsewhere in Tacloban, a coastal city of 220,000 people on the eastern island of Leyte, people began flooding into churches and schools with little more than bags of clothes. Haiyan, the strongest storm ever recorded on land with winds of 315 kilometres (195 miles) an hour, killed or left missing more than 7,350 people as it tore across the central Philippines last year. Hagupit was generating winds of 215 kilometres (133 miles) an hour on Friday as it tracked towards the Philippines from the Pacific Ocean. The US Navy’s Joint Typhoon Warning Center on Friday downgraded Hagupit from the maximum super typhoon category to typhoon status. – Direct hit – But this would still make Hagupit the strongest storm to hit the Read More …

Angeline Quinto bares passion and soul in Los Angeles concert

 Entertainment
Dec 052014
 
Angeline Quinto bares passion and soul in Los Angeles concert

By Ed Rame Angeline Quinto It was a lazy rainy day and it was Sunday. You would think that one would rather stay home and stay warm.  It was the other way around during Miss Angeline Quinto’s first solo concert at the Alex Theater in Glendale.  People came in droves and had a very good crowd.  Surprisingly, it was not from her age group that came to watch but the middle aged crowd who holds the proverbial purse.  The kind of crowd that will buy her CD for souvenir and would love to have a picture with her which she happily obliged much to the joy of the long line of admirers who waited after the concert. The Queen of Teleserye Theme Songs  opened up with Don’t Stop Believin’ by Journey, a power song yet she looked very relaxed belting it out.  She has then set the tone of her concert.  I expected a diva-ish performance knowing a little bit of her vocal stories.  The teleserye theme songs is outstanding.  Basil Valdez would be proud of her own version of his award winning song Ngayon .  She sang it with finesse, clarity, perfect pitch, power and passion. Then she continued  with Kunin mo na Lahat sa Akin which she playfully ad libbed.  She came up with some jokes to probably make herself more comfortable or probably test the waters of the audience’s sentiments about.  her.  She can be humorous but sometimes they were too long and has the tendency to be dragging. each song is a revelation of her own person. The Angeline like you Read More …

Purisima suspended over ‘anomalous’ PNP contract

 Entertainment
Dec 052014
 
Purisima suspended over ‘anomalous’ PNP contract

President Benigno S. Aquino III converses with Philippine National Police (PNP) Director General Alan Purisima during the 34th Association of Southeast Asian Nations Chiefs of Police (ASEANAPOL) Conference at the Luzon Ballroom of the Sofitel Philippine Plaza in Roxas Boulevard, Pasay City on Tuesday (May 13, 2014). (MNS photo) MANILA (Mabuhay) – The Office of the Ombudsman has ordered the preventive suspension of Philippine National Police chief Director General Alan Purisima in connection with a supposed anomalous contract the PNP entered into with a courier service in 2011. At a press briefing Thursday, Assistant Ombudsman Asryman Rafanan announced Purisima’s suspension for six months without pay amid administrative investigation. The order has been issued to the Department of Interior and Local Government. “Upon receipt, [the] DILG secretary must immediately implement [the order],” Rafanan said. At present, Purisima is also facing two plunder complaints before the Office of the Ombudsman over his alleged hidden wealth. He is currently under fire for his sprawling resthouse in San Leonardo, Nueva Ecija, and the allegedly questionable renovation of the PNP chief’s official quarters inside Camp Crame. Aside from Purisima, also suspended for six months without pay pending administrative investigation are: Police Director Gil Meneses, former chief of the Civil Security Group (CSG); and former officials of the PNP Firearms Explosive Office, namely P/C Supt. Raul Petrasanta, P/C Supt. Napoleon Estilles, P/SSupt. Allan Pareno, P/SSupt. Eduardo Acierto, P/SSupt. Melchor Reyes, P/SSupt. Lenbell Fabia, P/Supt. Sonia Calixto, P/CInps. Nelson Bautista, P/SInsp. Ford Tuazon, and P/CInsp. Ricardo Zapata. Read More …

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