March 2015 – Page 14

ADB says Phl growth to stay above 6%

Economy

Mar 242015

MANILA, Philippines – The Asian Development Bank (ADB) has maintained a cautious growth outlook for the Philippines at 6.4 percent this year and 6.3 percent in 2016. ADB country director for the Philippines Richard Bolt said the 2016 outlook is slightly lower than this year due to external uncertainties such as the economies of Japan and the US. “The 2016 outlook reflects investors’ cautiousness amid uncertainties due to the elections,” Bolt said in a press briefing yesterday. Business and investments generally take a wait-and-see attitude towards national elections. Philippine gross domestic product (GDP) expanded 6.1 percent in 2014, marking several consecutive years of over six percent growth. The ADB official said that inflation is forecast at a lower 2.8 percent this year, before rising to 3.3 percent in 2016. Bolt said most of the positive drivers of growth last year would remain major factors this year. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Factors that powered private consumption in 2014, such as growth in employment, modest inflation, and higher inflow of remittance, are expected to support solid growth this year,” he added. Growth is projected to accelerate this year on buoyant private consumption, a solid outlook for investment and exports, and recovery in government pending. However, the ADB said the Philippines need to stimulate investment an generate more and better jobs. “Even when the employment rate fell to 6.6 percent in January 2015, the lowest in 10 years, 2.6 million people remained jobless, half of them aged 15 Read More …

SMC preparing bid for Malampaya

General

Mar 242015

MANILA, Philippines – Foods to infrastructure conglomerate San Miguel Corp. (SMC) has taken strong interest in owning and operating the Malampaya deep water gas-to-power project, the country’s largest producing gas field, years before the facility is placed on the auction block. SMC president and chief operating officer Ramon S. Ang said the conglomerate is now eagerly awaiting for the Malampaya facility to be auctioned off by the government. He said the facility would be the “deal of the century” should SMC successfully bags it. “That is the bidding that I want to join. We are ready to bid if they (Department of Energy) are ready,” he said. “Once the contract expires, all of that will be returned to the government. So that really is the biggest opportunity coming for us,” Ang said. SMC, however, will have to wait seven more years before taking hold of what it believes to be a prized facility. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 A ranking DOE official told The STAR that there are no specific discussions at present on the next steps to be undertaken after the contract of the Malampaya consortium expires by 2022. The official, however, said Malampaya operator Shell Philippines Exploration B.V. has a pending license extension proposal to the DOE. The gas field is currently operated by a joint venture of Shell Philippines Exploration B.V., Chevron Texaco Malampaya LLC, and the Philippine National Oil Co.-Exploration Corp. under a 25-year contract with the government. The Malampaya gas field Read More …

Infrastructure key to peace in Mindanao – Ang

Economy

Mar 242015

Infrastructure key to peace in Mindanao – Ang

Ang says roads and infrastructures have transformed ‘no man’s land’ areas like Cavite, Batangas, Laguna and Quezon into the progressive provinces that they are today. MANILA, Philippines – Seeking a long-term solution to peace and order issues in Mindanao? Ramon S. Ang, head of one of the country’s biggest conglomerates, said building more infrastructure in the island is the key. “The solution is to build more roads and more infrastructure. Naturally, the peace and order problem will be solved,” said Ang, president of food-to-infrastructure conglomerate San Miguel Corp., in an interview on the sidelines of the Euromoney Philippines Investment Forum yesterday. Citing provinces such as Cavite, Batangas, Laguna and Quezon as examples, Ang said these areas were considered as a “no man’s land” for a time. “So what happened? They built roads and infrastructure. The same with Mindanao. If we develop that then the economic status and the life of the people there will improve. If you look at them now, they are having a hard time because infrastructure is lacking,” Ang said. “The government should bid out port, airport and other infrastructure in Mindanao and the private sector should be the one to construct them,” he added. Ang said SMC intends to participate in every infra-related government bidding in hopes of making the country’s facilities at par with its Asian neighbors. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 For its part, Ang said SMC has earmarked close to P170 billion for the construction of modern toll roads Read More …

Asean members start talks on banking integration

Economy

Mar 242015

Asean members start talks on banking integration

MANILA, Philippines – Members of the Association of Southeast Asian Nations (Asean) have already begun discussions on banks wanting to operate outside of their home country following the finalization of a banking integration framework, the Bangko Sentral ng Pilipinas said. “(Other members) have already started to discuss bilaterally with other Asean members. We also have initial (discussions with other members) but I still cannot reveal them because they are very preliminary,” central bank Governor Amando M. Tetangco Jr. said. This came following the conclusion of an Asean Banking Integration Framework (ABIF) during a meeting of the member countries’ central bankers that ended on Saturday. Tetangco said that a framework for a Qualified Asean Bank (QAB) has also been established during the meeting, which basically updated the ABIF agreed upon by member countries back in December. “The framework would now allow a bank from any of the Asean members to operate within Asean but there will be conditions… Now the next step would be for governments to agree on a bilateral (accord),” Tetangco said. This means that before any Asean bank could operate in another member’s jurisdiction, regulators from both countries would have to agree on a set of rules for the QAB. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 At the same time, Tetangco stressed that banks aiming to be a QAB should comply with international standards on capital and other financial reforms. Among the ABIF’s objectives are creating strong and well-managed banks in the region, exposing the Read More …

Smart eyes data bundles for mobile access to videos

Economy

Mar 242015

Smart eyes data bundles for mobile access to videos

MANILA, Philippines – Smart Communications Inc., the flagship wireless arm of dominant carrier Philippine Long Distance Telephone Co. (PLDT), is set to launch a set of data bundles allowing both postpaid and prepaid subscribers to enjoy videos on their mobile devices. Charles Lim, executive vice president and Wireless Consumer Division head at Smart, said in a statement that the new data bundles would allow subscribers to watch YouTube videos as well as content from Dailymotion, Vimeo and Viewstream on their mobile phones for as low as P5. “Smart’s groundbreaking online video offer for YouTube, Vimeo, Dailymotion and Viewstream reinforces our campaign to provide more affordable access to the content our subscribers love,” Lim said. He pointed out that the company is committed to “provide users with the best content and entertainment services available at great value so that they can enjoy videos on their mobile devices anytime, anywhere.” Google Southeast Asia and India vice president and managing director Rajan Anandan said the partnership with Smart would create a more affordable way for people to watch videos on mobile “We want to make sure we are making YouTube as enjoyable as possible for our growing base of mobile users in the Philippines. We hope Filipinos will be able to enjoy a better YouTube experience across devices, either at home or on the go,” Anandan said Business ( Article MRec ), pagematch: 1, sectionmatch: 1 This is just the latest in Smart’s bid to provide the Internet for all of its subscribers’ Read More …

Sufficient room to tweak rates – BSP

Economy

Mar 242015

MANILA, Philippines – Bangko Sentral ng Pilipinas Governor Amando M. Tetangco Jr. said yesterday the manageable inflation rate and strong economic growth provide “sufficient room” for monetary officials to adjust policy settings if need arises. “Given the positive alignment between inflation growth and augmented government resources as a result of fiscal consolidation, both monetary and fiscal sectors have sufficient room to make policy adjustments as warranted,” Tetangco said during the Euromoney Philippines Investment Forum 2015 in Makati city. Inflation stood at an average rate of 2.4 percent in the first two months of the year, within the government’s two- to four-percent target for this year. Tetangco said inflation expectations remain “well-anchored.” At the same time, Tetangco said the economy is seen to continue to grow in a stable inflation environment. “The government’s target of seven- to eight-percent (growth) is attainable as domestic demand remains firm and supported by brewing production efficiency and robust labor market dynamics,” Tetangco said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Philippine economic growth decelerated to 6.1 percent last year from a strong 7.2 percent in 2013. The figure was also short of the government’s 6.5 to 7.5 percent target but was among the fastest in Asia during the period. For this year and in 2016, the government hopes to grow the economy by seven to eight percent. The central bank last month kept key policy rates steady as inflation was forecast to remain within the target bands for this year and the next. Read More …

Pari ’Koy earns thumbs up from priests

General

Mar 242015

MANILA, Philippines – GMA Network’s first-ever faith-serye, Pari ‘Koy, garnered positive comments from some members of the Catholic Bishops’ Conference of the Philippines (CBCP). After an invitation from Pari ‘Koy director, Maryo J. delos Reyes, a Catholic layman and some priests from various religious orders previewed the pilot week of the inspirational drama series last March 12. Pari ‘Koy’s pilot episode received overwhelming support from the netizens, who acknowledged this breakthrough of a genre for a TV series, which tackles the life of a priest and how he takes care of his parish and parishioners. Just like them, the invited priests embraced the concept and could relate to Father Kokoy’s character, played by Dingdong Dantes (photo). Pari ‘Koy airs Mondays to Fridays after 24 Oras on GMA Telebabad.

Gigs at K-Pub

General

Mar 242015

MANILA, Philippines – This summer, K-Pub turns up the heat with good music and performances. Diners can enjoy Korean barbeque as some of the country’s most popular performers take the stage for a night. It’s R&B night with South Border at the Trinoma branch on March 28 at 9 p.m. Made up of Jay Durias (keyboards, lead vocals), Janno Queyquep (guitars), Benjie “Bagets” Mendez (drums), Manuel Tabuñar (bass) and Edward Picache (saxophone), the band has been widely considered as one of the most beloved R&B groups in the country. Diners can listen to its hits such as Kahit Kailan, Rainbow and Sa’Yo, while enjoying a special entrance promo of P350 per person. At K-Pub The Fort, it’s a cool acoustic night with Aiza Seguerra on March 28 at 10 p.m. Seguerra began her showbiz career as a contestant in the Eat, Bulaga! contest Little Miss Philippines. In 2001, she returned to the showbiz scene with her debut album Pagdating ng Panahon. She has won several awards, including the Acoustic Artist of the Year award at the 2009 Star Awards for Music. She will be performing her greatest hits including Pag Dating ng Panahon, With a Smile and Power of Two. K-Pub is an exciting Korean barbeque dining concept, located at The Fort Strip in Bonifacio Global City, and Ayala Trinoma mall in Quezon City. The restaurant serves high-quality Korean barbeque dishes such as So Galbi, So Bulgogi, Samgyeopsal and Seafood Pajeon at reasonable prices. The restaurant also features a stage Read More …

LTFRB reminds provincial buses not to increase fares during the Holy Week

News

Mar 242015

LTFRB reminds provincial buses not to increase fares during the Holy Week

A bus operator on Tueday clarified that they did not raise fare prices, rather they were charging regular-priced fares during the Holy Week-peak season and that fare prices during the off-peak seasons were discounted. “Kapag peak season, ang pamasahe talaga nasa taripa. Ibig sabihin ‘yung taripa na sinusundan nila,” explained bus operator Juliet de Jesus said in “24 Oras” report. “Ngayon, tumataas lang ‘yung taripa na ganyan depende doon sa bus mo.” However, the Land Transportation Franchising and Regulatory Board reminded bus operators that they must comply with the fare tariffs. “‘Pag in-allow po namin na mag-adjust po sila on their own, first, unfair competition po iyan. Pangalawa po diyan, mawawala na po ‘yung regulation ng LTFRB. At ang mangyayari po diyan, magkakanya-kanya po tayo,” said LTFRB executive director Atty. Bobbit Cabrera. Meanwhile, the LTFRB said that there were enough buses to service travelers heading for the provinces during the Holy Week. Some 300 units have already been given special permits to operate from March 29 to April 16, with another 500 bus units to be given permits. The North Luzon Expressway was expecting 200,000 motorists to use the highway per day from April 1 (Holy Wednesday) to 2 (Maundy Thursday). The usual volume of daily motorists was about 180,000. To manage the increased volume, the NLEX said all vehicles going to the Subic-Clark-Tarlac Expressway from April 1 to 7 will have to pay the toll at the Mabalacat Toll Gate, instead of the Dau Toll Plaza. The authorities will also Read More …

Bangsamoro Basic Law hearings at Senate to resume April 13 – Sen. Marcos

General

Mar 242015

Bangsamoro Basic Law hearings at Senate to resume April 13 – Sen. Marcos

The Senate hearings on the proposed Bangsamoro Basic Law will resume on April 13 after the Holy Week holiday break of the chamber, Senator Ferdinand Marcos Jr. said in a statement on Tuesday. “Since I have received the MILF report and I already have the report of the Board of Inquiry and also the Senate report, I can now resume the hearing on the proposed Bangsamoro Basic Law,” said Senator Ferdinand “Bongbong” Marcos Jr., chairman of the Senate Committee on Local Government. The announcement came a day after the Moro Islamic Liberation Front (MILF) submitted its probe commission’s report on the Mamasapano massacre which was sent via the Bangsamoro Transition Commission (BTC) and its chairman Mohagher Iqbal. “I respectfully submit herewith a copy of the full report of the Moro Islamic Liberation Front (MILF) investigation on the Mamasapano incident, in response to your request for said transmittal in your letter dated 9 March 2015”, Iqbal was quoted in his letter. Marcos said there is a “need to strengthen the ceasefire mechanism. Because what happened in Mamasapano was, as early as 5:30 a.m. to 6 a.m. on that Sunday, the MILF was already told that it’s the government troops that they were firing at. But the total ceasefire was only achieved around 4 pm., that’s almost 11 hours. If it only took 11 minutes to implement the ceasefire, then, some lives could have been saved.” — ELR, GMA News

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