DAVAO CITY — The commercial operation of the first 150-megawatt (MW) coal-fired power plant of Therma South, Inc. (TSI), targeted this month, could be delayed following the Mindanao-wide blackout last Sunday, for which the cause has not yet been determined.
THE GOVERNMENT is moving forward with an auction for unused natural gas stored at the Malampaya gas reservoir next week, an Energy official announced yesterday.
It’s crunch time for taxpayers as the April 15 deadline looms. At such a critical juncture, no one can afford to have his tax return rejected because of failure to properly use the electronic Bureau of Internal Revenue Forms (eBIRForm). It appears that, up to this point, the guidelines for filing income tax returns (ITR) for calendar year 2014 are still not crystal clear to many taxpayers. Although the Bureau of Internal Revenue (BIR) has released issuances and publications about the eBIRForms package, the rules and information provided can be confusing especially as the guidelines are frequently amended.
MANILA, Philippines – Property powerhouse Ayala Land Inc. (ALI) has marked its maiden entry in Malaysia with a $43 million investment in a local property development company. ALI said yesterday it acquired a 9.16 percent stake in Malaysian firm GW Plastics Holdings Bhd through a private placement for a total amount of about P1.9 billion. The acquisition was made through Regent Wise Investments Ltd., ALI’s wholly-owned subsidiary in charge of its international ventures. ALI’s Malaysian investment marks only its fourth international foray and its second in the Asean region following “very small investments” made in China, Canada and Myanmar in previous years, company officials said. “Asean is one of the fastest growing regions in the world. Although the Philippines is growing as quickly, we feel that there are also other areas of opportunities in the region that we could possibly participate in. One of those countries which is experiencing fairly good growth rates not only this year but over the previous years is Malaysia. We feel Malaysia is a market that shows a lot of opportunity for us to participate in,” ALI president and chief executive officer Bernard Vincent Dy said in a press briefing yesterday. GW Plastics, which would soon be renamed MCT Bhd, is a property development company specializing in mixed-use projects that include retail, office, hotel, and mid- to affordable residential. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Dy said MCT Bhd currently has a market capitalization of about $450 million and is considered a Read More …
MANILA, Philippines – The Philippines is looking at opportunities to provide products and services that cater to the halal market in line with the objective of attracting more tourists here. In a statement yesterday, the Department of Trade and Industry (DTI) said it is exploring opportunities in the halal market. During the 8th World Halal Conference (WHC) 2015 and 11th Malaysia International Halal Showcase (MIHAS) held in Kuala Lumpur last week, Prudencio Reyes, Jr. who serves as undersecretary at the DTI and senior official for the Brunei-Indonesia-Malaysia-Philippines East AseanGrowth Area (BIMP-EAGA) attended the event to learn about opportunities available for the country. The WHC is an annual event organized by the Halal Industry Development Corp. It focuses on the overall development of the halal industry in Malaysia, while the MIHAS is an internationally recognized exhibition of halal products and services conducted by the Malaysia External Trade Development Corp. Halal is the prescribed process of product preparation based on Islamic law. To be considered halal, products and services need to be certified by halal certification agencies. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “This is a great opportunity for the Philippines to enter the billion-dollar halal industry. Mindanao could be a potential producer of tuna, sardines, banana, coconut, fruits and most especially poultry and livestock products due to its advantage as bird flu and FMD (foot-and-mouth disease) free island in the country as well as in the BIMP-EAGA,” Reyes said. Tapping the halal market will not only provide livelihood Read More …
MANILA, Philippines – The Department of Agriculture is working on the details of a technical cooperation agreement on food and agriculture with the Kingdom of Cambodia. Agriculture Secretary Proceso Alcala, who met recently with Cambodian Agriculture Minister Ouk Rabun in Phnom Penh, said the agreement would promote technical cooperation and information exchange in food and agriculture. A technical working group is being formed to flesh out the details of the memorandum of understanding (MOU) that would be signed this year. “Creating more robust alliances with our counterparts in Cambodia and other Southeast Asian neighbors is high on the Department of Agriculture’s agenda, as it is both timely and necessary towards achieving national food security and inclusive socio-economic progress in an era of an integrated ASEAN community,” said Alcala. The ASEAN economy, which would be fully integrated this year, offers numerous opportunities for increased agri-fishery trade and investments, he noted. “The job of the department is to provide and facilitate the needed resources, policies and linkages to turn these bright prospects into reality,” he said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Cambodia is among the countries that have rice procurement agreements with the Philippines along with Vietnam and Thailand. This means that these are the only countries qualified to supply the government with rice under a government-to-government procurement scheme. Alcala said his meeting with Rabun allowed both countries to re-affirm their shared commitment to push for closer relations. Alcala likewise reiterated DA’s invitation to the Cambodian official to Read More …
MANILA, Philippines – South Luzon Tollway Corp., a unit of conglomerate San Miguel Corp., obtained the highest credit grade from the Philippine Rating Services Corp. for its planned issuance of P7.3 billion worth of fixed-rate bonds. The issue was given a PRS Aaa rating, which are deemed of the highest quality with minimal credit risk. The obligor’s capacity to meet its financial commitment is extremely strong. The rating was issued based on SLTC’s competitive market position; its ample cash flows to service debt obligations; its well experienced management team and its improving profitability. SLTC, which is 80 percent owned by San Miguel-led MTD Manila Expressways Inc. and 20 percent by the state-run Philippine National Construction Corp., has a 30-year concession to operate and maintain the South Luzon Expressway (SLEX) or until February 2036. San Miguel is one of the largest and most diversified conglomerates in the country, with businesses and investments in beverages, food, packaging, fuel and oil, power and infrastructure. BDO Capital and Investment Corp., PNB Capital and Investment Corp. and Standard Chartered Bank were appointed as joint lead underwriters and bookrunners for the proposed bond offering. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The company is currently completing the construction of tollroad 4 (RT4), a new 57.6 kilometer four-leaf tollroad from Sto. Tomas, Batangas to Lucena, Quezon. Targeted for completion in 2019, RT4 is estimated to cost around P12 billion. The SLEX serves as a gateway for travelers going to Southern Luzon from Metro Manila and Read More …
Now that summer is here, expect thousands to travel to the beaches for personal vacations, office rest and recreation breaks, and family outings. Chances are, for a number of these trips, the roll-on, roll-offs (roros) will be part of the journey. Not to be a spoilsport, we all know that most of our roros are old, and worse, have not been maintained as well as they should be. In fact, even in the absence of foul weather, many countries with a sizeable number of expats working in the Philippines have advised their nationals not to use our roros. If the current state of our roros is not good enough for our foreign visitors, then Filipinos should also heed this warning. It’s pathetic that our government, knowing that many Filipinos cannot afford alternative (and more expensive) modes of transport, is taking its sweet time in bringing about the right reforms for the industry. Several recommendations were made by concerned members of the shipping industry, which were aired in previous columns. The beauty of these proposed reforms is that any implementation does not need legislative action, just as what happened in the oil bunkering sector. It’s all up to the Maritime Industry Authority (Marina) to act and issue the required circulars. Yet, Marina does not seem to be acting on this issue at all. Is Marina waiting for another disaster? Simple steps Business ( Article MRec ), pagematch: 1, sectionmatch: 1 It doesn’t really need a lot of research to implement the Read More …
MANILA, Philippines – Food-to-infrastructure conglomerate San Miguel Corp. (SMC) has successfully repurchased more than half of the debt notes it issued in 2013. In a disclosure to the Singapore Stock Exchange, SMC said it has agreed to buy back $283.62 million of its 4.875 percent notes due in 2023 that it intends to retire. “A total of $283.62 million in principal amount of the notes have been validly tendered and accepted by the company for purchase on the settlement date pursuant to the tender offer,” the conglomerate said. “The price at which the company is purchasing the notes validly tendered and accepted for purchase is 95 percent,” SMC added. SMC was earlier planning to buy back from lenders up to $400 million debt notes issued in 2013 and due 2023. The conglomerate in April 2013 issued $800 million aggregate principal amount notes with a rate of 4.875 percent. The notes are listed on the Singapore Exchange Securities Trading Ltd. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “The notes purchased pursuant to the tender offer will be cancelled after the completion of the tender offer, following which $516.376 million in aggregate principal amount of the notes will remain outstanding,” SMC said. SMC operates food, beverage, beer and liquor businesses through units San Miguel Pure Foods Co. Inc., San Miguel Brewery Inc., and Ginebra San Miguel Inc. The conglomerate is also behind leading oil player Petron, SMC Global Power, San Miguel Yamamura Packaging Corp., and infrastructure projects, namely the Tarlac-Pangasinan-La Read More …
INTEREST rates may be raised slightly toward the end of the year as the central bank tries to fend off volatility in financial markets by keeping up with the US Federal Reserve. Dutch financial giant ING said in a note to clients that the Bangko Sentral ng Pilipinas (BSP) would take its time before adjusting rates again, citing the space given by low inflation. Barring supply shocks, ING’s economist in Manila Joey Cuyegkeng said the BSP would increase rates by a total of 50 basis points in the second half of 2015. The BSP’s benchmark overnight borrowing and lending rates stand at 4 and 6 percent, respectively. Both rates are half a percentage point higher than their record lows. This comes amid expectations that consumer price inflation has bottomed out at the start of the year. For March, inflation was expected to hit 2.6 percent, slightly faster than February’s 2.5 percent, Cuyegkeng said. In January, inflation averaged 2.4 percent, a five-year low. Data for March inflation will be released Tuesday. ‘‘The fall in inflation from its recent peak of 4.9 percent in August has come in from the food, housing and utilities and transport components,’’ Cuyegkeng said. ‘‘Lower global oil prices mean lower electricity tariffs and lower gasoline prices, which make it cheaper to transport food from farm to market,’’ he said. The bank economist said inflation was still expected to average between 2 and 4 percent, the BSPÆs official target range for the year. The BSPÆs main goal is Read More …