December 2015 – Page 10

Meralco hopes to end 2015 with 5% sales growth

Economy

Dec 202015

Meralco hopes to end 2015 with 5% sales growth

MANILA, Philippines – Manila Electric Co. (Meralco) expects to end 2015 with over five percent growth in sales volume compared to a year ago, the highest growth seen by the company, its top official said. However, the country’s largest power distributor sees softer sales in 2016 due to higher base. “On a year to date basis, we’ll see 5.3 to 5.4 growth (in sales volume in 2015),” Meralco president Oscar S. Reyes said. He noted this projection is ahead of the historic growth rate of three to four percent of power sold by the company. In November in particular, sales volume reached eight percent growth from the same month in 2014. Reyes said there are a number of factors which have helped drived the electricity sales and demand higher. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Number one, inflation has been at an all time low, resulting in consumers having a disposable income affecting the purchasing power of customers,” he said. Even businesses, because of the low inflation, the cost of doing business is lower.” November inflation was at 1.1 percent, up from a record low of 0.4 percent in October. But while the November rate increased from a record low, year-to-date inflation averaged 1.4 percent, still lower than the 4.3 percent rate from the same period last year. Reyes also highlighted the higher temperature starting June, which drove stronger demand for electricity. “It’s very peculiar but from June to November, temperature has been warmer. This is the Read More …

Motherland

Economy

Dec 202015

LOS ANGELES – It’s that time of the year when I take a vacation from Metro Manila’s traffic jams to join family on the other side of the Pacific Ocean. Due to their work requirements, my kids can only take a week off for Christmas and going home seems too much an effort to take for too little vacation time. It is easier and cheaper for me and my wife to go here instead. One of my daughters is a public school teacher and she opts to go home between June and September when school here is on vacation. The usual Christmas reunion of my extended family of cousins has also moved to Rancho Cucamonga, a bit of a drive from downtown Los Angeles. There seems to be more of my immediate Chanco cousins on this side of the pond than back home. This year’s visit here is also special because my 92-year old mother-in-law agreed to travel. With the exception of my wife, all her children and all of her grandchildren and great grandchildren are in the Greater Los Angeles area. I figured she may be getting a bit lonely to be away from everybody except us and while she can still travel, she might as well do that. We got here middle of last week. From some conversations with Fil-Ams, there appears to be a lot of interest on what is going on back home. Many are amused, many more are concerned about recent political developments. Thanks to Read More …

Meralco partners with Repower Energy

Economy

Dec 202015

MANILA, Philippines – Manila Electric Co. (Meralco) is venturing deeper into the renewable energy sector by partnering with local firm Repower Energy Development Corp. (REDC) to construct hydropower projects. In a statement, REDC said it signed a joint venture agreement with the power distributor to build and develop mini-hydropower plants using run-of-river resources for renewable and efficient energy production while minimizing environmental impact. The partnership marks Meralco’s foray into mini-hydropower development. Earlier, Meralco president Oscar S. Reyes said it is pursuing renewable energy projects, which include solar, wind, run-of-river, other hydro projects and gas. It plans of spinning off a new unit for RE investments, a separate entity from the group’s power generating unit Meralco Powergen Corp. (MGen). As for the partnership, the REDC-Meralco tie up will lead to a series of ground breaking of mini hydropower plants starting from the first half of 2016 in select regions. REDC has over 100-megawatt (MW) of mini-hydropower projects clustered in Quezon, Camarines Sur, Bukidnon, and other provinces under development with investments worth $400 million. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Earlier this month, REDC broke ground in the Rangas mini hydropower project located in Camarines Sur. It will be followed soon by the Upper Labayat project in Quezon, scheduled for the first quarter of 2016. The joint venture, which is set to have its first set of hydropower plants operational by 2019, will avail of the Feed-in-Tariff (FIT) scheme mandated by the Renewable Energy Act of 2008.

Asia stocks rise, Europe flat as investors count down to Fed

Economy

Dec 202015

Asia stocks rise, Europe flat as investors count down to Fed

A man walks past Nikkei stock index displayed on an electronic board at a securities firm in Tokyo Wednesday, Dec. 16, 2015. Asian stocks posted strong gains Wednesday ahead of a widely expected decision by the Fed to raise interest rates from near zero in a vote of confidence in the U.S. economy. AP/Shuji Kajiyama HONG KONG — Asian stocks surged while European markets were tentative Wednesday as investors waited to see whether the Fed raises interest rates for the first time in nearly a decade. KEEPING SCORE: European stocks were mixed in early trading. France’s CAC 40 dipped 0.2 percent to 4,604.86 and Germany’s DAX gained 0.1 percent to 10,464.89. Britain’s FTSE 100 climbed 0.2 percent to 6,029.76. U.S. stocks were poised to open higher. Dow futures were up 0.2 percent to 17,494.00. Broader S&P 500 futures increased 0.2 percent to 2,040.60. THE FED, FINALLY: Investors around the world will be watching the Fed, which is expected to announce that it will raise interest rates from record low levels. Fed Chair Janet Yellen and other officials at the U.S. central bank have signaled well in advance that they are likely to raise rates for the first time in nearly a decade. They’ve also strongly hinted that they’ll keep the pace of any further increases gradual, as they try to avoid roiling financial markets that have become accustomed to easy credit. The decision highlights the world economy’s two-speed nature. As the U.S. economy comes back to full strength, other big Read More …

BIR drive bears fruit

General

Dec 192015

A recent report from the World Bank has shown that the Bureau of Internal Revenue has succeeded in its program that requires all cigarette packs being sold in the country to have tax stamps. WB data covering the week of Aug. 23 to the week of Nov. 29 this year revealed that over 90 percent of cigarette packs in retail outlets adhered to the Internal Revenue Stamps Integrated System (Irsis). Compliance during the week of Nov. 29 was higher, with about 96.1 percent of cigarette packs bearing tax stamps and all 13 brands being monitored having at least 90 percent of their inventory bearing the stamps. The brands Boss, LA and Plaza had 100-percent compliance, while the 10 others—Camel, Champion, Fortune, Hope, Mark, Marlboro, Mighty, More, Philip Morris and Winston—had over 90 percent of their cigarette packs with stamps, the data revealed. There was a 100 percent Irsis compliance in Bulacan, Pampanga and Pangasinan; 99.8 percent in Metro Manila; 93.5 percent in Quezon province; 90.2 percent in Negros Oriental; 85.7 percent in Laguna; and 66.7 percent in Cebu and Nueva Vizcaya. In Davao del Sur, only 30.3 percent of cigarette packs in retail outlets bore stamps. The BIR had ordered that all packs of cigarettes produced in the country since Dec. 1 last year must be affixed with tax stamps, so that only stamped locally made cigarettes should be sold in the market by Mar. 1 this year. As for imported cigarettes, all packs must bear tax stamps starting April Read More …

SBMA names top 15 locators

Economy

Dec 192015

Subic Bay Metropolitan Authority (SBMA) logo MANILA, Philippines – The Subic Bay Metropolitan Authority (SBMA) has named its biggest locators to date with the top 15 firms pouring in a combined investment of $3 billion and generating over 40,000 jobs for the economy. Korean shipbuilder Hanjin Heavy Industries Inc. remained as Subic’s largest investor, pumping in over $2 billion and creating a total of 33,863 jobs. Philippine Coastal Storage and Pipeline Corp. was the second biggest investor, contributing P3.4 billion in investments in fuel terminal and storage tank farm that is capable of holding 4.6 million barrels of petroleum and petroleum-related products. Sanyo Denki Phils. Inc., manufacturer of electric machineries, appliances and computer and electronic wares, came in third with its P3.2 billion contribution along with some 3,500 workers. Tong Lung Philippines Metal Industry Co. Inc., which has over P2.1 billion in investments and over 2,100 workers for the manufacture of residential and commercial locksets and door closer, ranked fourth followed by the Subic Bay Town Center Inc. and Royal Duty Shops Inc. which invested P1.6 billion each. Subic Bay Town Center operates the Harbor Point Mall while Royal Duty Shops engages in the retail business. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Other major investors cited were the Subic Bay International Terminal Corp.(a P906 million company that manages and operates the New Container Terminal 1), Subic Bay Freeport Grain Terminal Services. for its P683 million investment in bulk grain handling for Central and Northern Luzon grain importers, Read More …

AgriNurture divests in Australia food firm

General

Dec 192015

AgriNurture divests in Australia food firm

MANILA, Philippines – Fruit and vegetable processing company AgriNurture Inc. (ANI) has disposed of its shares in AgriNurture HK Holdings Ltd. worth $2.5 million (roughly P117 million) as it shifted its focus on its operation in China and in the local market. “AgriNurture Inc. wishes to inform the investing public that its wholly-owned foreign subsidiary AgriNurture HK Holdings Ltd. entered into an agreement for the sale of the entire interest of ANI HK in its wholly-owned subsidiary, Freshness First Ltd. Pty, in favor of Organic Path Ltd.,” the company said in its disclosure to the Philippine Stock Exchange. Freshness First is part of the Australian operations of the ANI Group and is primarily engaged in the business of processing fruits and vegetables. The divestment in the Australian entity means current ANI management is focusing on its core business in the Philippines and Greater China operation. “The said divested asset will further reduce liabilities. This will free up more resources for growth of the core business of ANI locally and improve the balance sheet ratios of the company,” it added. The divestment was concluded last Dec. 11 among the parties. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Organic Path will be solely responsible for the payment of any previous earn-out due to the original shareholders of Freshness First. The ANI board also announced the appointment of veteran Dutch investment banker Ernst Jan Kruis as representative of Solveigh fund that bought out Black River’s stake in ANI.

China commercial complex imports $500-M worth of Philippine snack food

Economy

Dec 192015

China commercial complex imports $500-M worth of Philippine snack food

MANILA, Philippines – China is importing $500 million worth of various food snacks from the Philippines for the requirements of one commercial complex alone, according to the Center for International Trade Expositions and Missions (CITEM), the export promotions arm of the Department of Trade and Industry. CITEM executive director Rosvi C. Gaetos said the order was made by China’s largest global importers association for the requirements of the Emporium City, a 71-hectare, high-end entertainment, residential and commercial complex in Pinghu, Zhejiang. “Headed by Chinese mogul Chen Jian, the association imports products from Europe, America, Australia and Asia,” Gaetos said. “The Filipino food products are very competitive and Filipino exporters are very good and friendly,” Chen told Gaetos after viewing the products at HallONE, the Philippines’ year-round sourcing facility for the global export market. Managed and operated by CITEM, HallONE drew the Chinese association’s interest during a recent business-to-business matching session participated in by 14 Filipino food manufacturers and exporters – Aisha-Fil Food, Inc., Mapagmahal Foods, Green Leaves Company, Gustazo-Alimentos Corp., Andy Albao Corp., Kwality Philfood, Inc., Grand Alphatech International Corp., Fenor Foods, RPM Pili Nuts, Philippine Moringa and More Corp., Magic Melt Foods, Inc., Monde Nissin, Nyogi Pure Coconut Water Philippines, and Big “E” Food Corp. With Chen at the meeting was Chinese businessman Jack Zhang, who also praised the Philippines’ food exports. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Each country has its own special products, and we want to bring those products to China. We are Read More …

For vice president no more

Economy

Dec 192015

President Aquino himself said during an interview at the APEC Summit not to expect fireworks from candidates until after the Christmas season. He said the season brings goodwill and the candidates will be feeling kind and magnanimous, but expect an all-out war among them as we usher in 2016. He may just be right about the Christmas mood despite the duel challenges that no one took seriously. The duel challenges started with a challenge against a candidate’s résumé. What I veer to however is not what candidates voluntarily disclose but what they do not, as they are considered not legally obliged to do so even by implementers of the law. What is the true state of health of an individual running for president? The current school of thought is that the Commission on Elections is only mandated to implement election laws and there is nothing in the law that requires aspirants for public office to submit validated information about their state of health. After all, individuals in general have a right to privacy and one’s medical circumstances is about as private as it could get. What election history has shown us is that, at least in the relatively recent past, two losing candidates succumbed to illness soon after the presidential election. Loneliness that a lost presidential bid can bring is a killer. One died of a stroke, but one died from the big C (God bless their souls). They could have won. The current presidential lineup, already unfortunately marred by Read More …

Philippine Red Cross helps energize disaster-hit communities

Economy

Dec 192015

Philippine Red Cross helps energize disaster-hit communities

MANILA, Philippines – Two years after the devastation wrought by Super Typhoon Yolanda, more than 66,000 houses have been built through the help of the Philippine Red Cross, as it continues efforts to aid in the recovery and renewal in nine provinces and countless municipalities affected by the calamity. While the Philippine Red Cross embarked on massive rescue, rehabilitation and renewal operations that have been one of the most successful worldwide as attested by the International Federation of the Red Cross and Red Crescent (IFRC), it said the Yolanda experience is not just about providing shelter, medical assistance and other basic services. With the assistance of French NGO Electricians Without Borders, the Philippine Red Cross provided energy through a 33-kilowatt photovoltaic solar power plant that allows households to access electricity at half the cost of traditional sources and powers several establishments including day care centers, barangay health stations and livelihood centers. “The Yolanda experience has transformed the Philippine Red Cross into a full service Red Cross. No longer is the Philippine Red Cross just a provider of first aid and assistance in the midst of natural calamities and disasters; it has become a partner in providing basic services and continuing assistance in giving back not only what the people have lost but more importantly helping them get back their lives and dignity,” Philippine Red Cross chairman Richard Gordon said.

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