Maniolas

For House Speaker Feliciano Belmonte Jr., President Aquino’s Executive Order (EO) 198 that merged the two state banks “came as a surprise.” STAR/File photo MANILA, Philippines – Congress leaders have opposing views on the presidential order that jumpstarted the merger of the Land Bank of the Philippines and Development Bank of the Philippines (DBP). For House Speaker Feliciano Belmonte Jr., President Aquino’s Executive Order (EO) 198 that merged the two state banks “came as a surprise.” “I think the merger should not have been done just like that,” Belmonte said. “We’ve been talking about this merger for quite sometime so this EO came as a surprise to us,” he added. The chamber, he said, would look at the legal basis of the merger, which will result into Landbank becoming the country’s second biggest lender in asset terms. The Speaker also said Finance Secretary Cesar Purisima should explain why he pushed for the merger through an executive action instead of passing a law through Congress. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 But Senate President Franklin Drilon disagreed. “These are two entities which are created by law, but which the President was able to merge. Why? Because of the law that I authored, the GOCC Reform Act,” Drilon said separately. Purisima is ex-officio member of the Governance Commission on Government-owned and -Controlled Corporations (GOCCs) created under Republic Act 10149. The law, Drilon said, delegated to the President the power to merge, close or re-organize GOCCs such as Landbank and Read More …

MANILA, Philippines – Philippine firms sold a record $44 million in specialty food products at a trade show in the US last month, the Department of Trade and Industry said. The country’s delegation to the Winter Fancy Food Show (WFFS) also attracted 540 inquiries regarding their products and businesses from US investors in the West Coast. “Given the warm reception of social enterprises and their specialty food products in the WFFS, Food Philippines looks forward to the continued promotion of specialty food products,” said Rosvi Gaetos, executive director of the Center for International Trade, Expositions and Missions (CITEM). CITEM is the export promotions arm of DTI. Trade Commissioner Nicanor Bautista said the Philippine delegation was composed of 17 home-grown manufacturers that offer products ranging from processed fruits, frozen and canned tuna, ethnic food, condiments, sauces and mixes and snacks. Their buyers, the DTI said, were looking mostly for natural, organic, fair trade, and healthy products which all packaged to international standards. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 As such, the agency said best-selling items included virgin coconut oil, coconut sugar, frozen tuna, banana chips, frozen saba, organic muscovado sugar, upland rice and jasponica rice, and sea salts. Gaetos, for his part, assured local firms that CITEM will continue to explore opportunities for their products and services to be showcased before foreign investors abroad. “We are also considering a participation in the Summer Fancy Food Show to sustain the impression we have made in WFFS,” he said. According Read More …

THE National Grid Corporation of the Philippines (NGCP) on Friday filed a civil case against a family that has refused to give the company access to an area where a toppled transmission tower needs to be repaired, placing Mindanao’s electricity supply at risk.

PROSPECTIVE BIDDERS of government contracts will have to satisfy more stringent qualification requirements, following the release of new regulations on the issuance of tax clearance for such purposes.

THE GOVERNMENT will have completed at least five infrastructure ventures with the private sector before next President takes over in less than four months, the Public-Private Partnership (PPP) Center’s chief said.