THE president of the European Chamber of Commerce of the Philippines (ECCP) said there is a sense of “hesitation” among European businesses considering investing in the country, amid the spate of extrajudicial killings in the course of the Duterte administration’s campaign against illegal drugs and criminality.
THE Department of Justice and Bureau of Corrections Project have rescheduled the bid submission for a planned state-of-the-art prison in Fort Magsaysay, Nueva Ecija from Aug. 25 to Nov. 24 at 1:00 p.m., the Public-Private Partnership Center of the Philippines said in a statement on Thursday.
TOE the line. That’s the call from the mining association in the world’s biggest nickel ore supplier where members are facing a crackdown led by Philippine President Rodrigo R. Duterte, who’s said the Southeast Asian nation can live without the industry’s contribution entirely if need be.
Finance Secretary Carlos Dominguez said the second quarter GDP growth was the highest for quarterly and semestral growth since 2014 and would enable the government to keep its growth targets on track for the rest of the year and in 2017. STAR/File photo MANILA, Philippines – Economic managers of the Duterte administration said yesterday the sustained economic growth evidenced by the seven percent expansion of the gross domestic product (GDP) in the second quarter would give the Philippines enough headway to survive external shocks. Finance Secretary Carlos Dominguez said the second quarter GDP growth was the highest for quarterly and semestral growth since 2014 and would enable the government to keep its growth targets on track for the rest of the year and in 2017. “Our strong macro-economic fundamentals will buffer the economy from external shocks,” Dominguez said. Headwinds are caused by volatile markets with the impending interest rate hike in the US, the decision of the United Kingdom to leave the European Union, and the slowdown in China. With the sustained growth momentum for the past 70 straight quarters, Dominguez pointed out the Duterte administration would build on previous efforts to effectively implement its 10-point socioeconomic agenda. “The numbers are good for the Duterte government to hit its growth targets of at least seven percent this year’s second semester and 6.5 to 7.5 percent in 2017,” he said. Dominguez acknowledged the good policies of both the Aquino and Arroyo administrations. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Read More …
The benchmark Philippine Stock Exchange index (PSEi) gained 6.62 points or 0.08 percent to settle at 7,952.81, while the broader All Shares index edged higher by 10.47 points or 0.22 percent to end at 4,707.58. STAR/File photo MANILA, Philippines – The stock market posted modest gains yesterday on the back of strong second quarter economic growth of seven percent. The benchmark Philippine Stock Exchange index (PSEi) gained 6.62 points or 0.08 percent to settle at 7,952.81, while the broader All Shares index edged higher by 10.47 points or 0.22 percent to end at 4,707.58. “The growth is within market expectations given average consensus forecast of 6.1 to 7.2 percent for the second quarter. This strong growth increases the probability of attaining the revised full-year 2016 DBCC-approved real growth projection of six to seven percent. With the first semester GDP growth of 6.9-percent, the economy will need to grow by at least 5.1 percent in the second half to attain at least the low-end of the growth target,” said Socioeconomic Planning Secretary Ernesto Pernia. He said among the major Asian emerging economies, the Philippines remains the fastest or second fastest-growing economy in the second quarter, followed by China, which grew 6.7 percent; Vietnam, 5.6 percent, Indonesia, 5.2 percent; Malaysia, four percent; and Thailand 3.5 percent. JP Morgan regional analyst Nur Rasid said the growth narrative of the Philippines is likely to remain positive. “Domestic demand will likely remain robust due to investment growth which could further lower external balances,” Rasid said. Read More …
MANILA, Philippines – Trans-Asia Oil and Energy Development Corp. reported a net income of P542 million in the first semester, a 43-percent increase from P377 million in the same period last year. The company said revenue from the sale of electricity for the period increased 11 percent to P7.1 billion “largely brought about by higher energy sales in the power supply business.” Trans-Asia said available energy increased this year after subsidiary South Luzon Thermal Energy Corp. started operating its second 135-megawatt (MW) circulating fluidized bed coal-powered plant in February, supplementing the first 135-MW unit that started commercial operations in April 2015. Adding to the higher energy supply is the commercial operations of power barges 101 and 102 also in February this year. The company also has renewable energy in its portfolio. Its wholly-owned subsidiary Trans-Asia Renewable Energy Corp., which operates the 54-MW wind farm located in San Lorenzo, Guimaras, delivered 61.3 gigawatt-hours of wind-powered electricity during the first half. The company expects to boost energy supply from its portfolio with the addition of new projects. Business ( Article MRec ), pagematch: 1, sectionmatch: 1
The National Center for Commuters Safety and Protection Inc. (NCCSPI), an umbrella organization of transport groups, asked the Philippine Ports Authority (PPA) to junk MNHPIs petition due to lack of consultations with stakeholders. BY-NC/Sodaro K, file photo MANILA, Philippines – Another group has opposed the bid of port operator Manila North Harbour Port Inc. (MNHPI) to increase port tariff by 37.45 percent. The National Center for Commuters Safety and Protection Inc. (NCCSPI), an umbrella organization of transport groups, asked the Philippine Ports Authority (PPA) to junk MNHPIs petition due to lack of consultations with stakeholders. Elvira Medina, president of NCCSPI, questioned MNHPI’s move which he said was already monopolizing port operations. Medina warned that the proposed tariff adjustment would have severe impact not only on consumer goods but also on transportation costs as well. “We oppose this. It will have a heavy impact on the public, not just on cost of freight and consumer goods but also on petroleum products, which eventually will jack up transportation costs,” he said. “They cannot justify this increase. They are already acting like a monopoly, and now they get to dictate the price? The public will always be at the losing end,” she added. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Medina is urging the Duterte administration to give priority to the interest and welfare of the local traders and commuting public, before any tariff rate adjustment is even considered. “This attitude of not giving consideration to the public, to ordinary Filipinos — that is the identity of Read More …
BSP Governor Amando Tetangco Jr. said the introduction of personal management trust (PMT) is among the series of trust reforms being pursued by the central bank. STAR/File photo MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) has diversified the line up of trust products offered in the market as part of efforts to promote a more responsive climate in the financial service industry. BSP Governor Amando Tetangco Jr. said the introduction of personal management trust (PMT) is among the series of trust reforms being pursued by the central bank. “The PMT is a welcome addition to the wide array of trust products offered in the market, and is deemed very timely considering that there is a rising prevalence of one-person household in Asia, including the Philippines,” he said. The PMT is a living trust arrangement that seeks to meet the estate planning and asset management needs of individuals. For a minimum amount of P100,000, an individual could open a PMT for the management and preservation of his funds or properties to answer for the current or future needs of the designated beneficiaries, including but not limited to education, retirement, and/or wealth accumulation. The designated beneficiaries could be the trustor himself, his spouse, children or other third party beneficiaries. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 An individual is required to state his purpose for opening a PMT, as well as the distribution of his funds or assets to ensure that the PMT is consistent with the intent Read More …
Ravine (INQUIRER FILE PHOTO/CONTRIBUTED PHOTO) BACOLOD CITY, Negros Occidental — A South Korean tourist died on Thursday morning after falling into a ravine at the Mambukal Resort in Barangay Minoyan, Murcia town, Negros Occidental. Kim Kyunggung, 64, and a teacher by profession in South Korea, was declared dead on arrival at the Dr. Pablo O. Torre Memorial Hospital in Bacolod City, Senior Supt. William Señoron, provincial police director of Negros Occidental. Police investigations showed that Kim, two other South Koreans identified as Lee Luke and Lee Guang and a tour guide, were trekking up to the third falls of the Mambukal Resort about 9:45 a.m. when he slipped and fell into a ravine. He was immediately rescued by the tour guide and members of the Mambukal resort search and rescue team but died upon reaching the hospital. SFM Latest Pagcor rejects Ongpin’s offer to donate stake Lacierda slams Duterte for ‘vacuum of respect’ for women Qatar Airways plane makes emergency landing in Istanbul Belo takes over as Phoenix draw first blood in PBA D-League Finals Recommended Disclaimer: Comments do not represent the views of INQUIRER.net. We reserve the right to exclude comments which are inconsistent with our editorial standards. FULL DISCLAIMER View Comments For feedback, complaints, or inquiries, contact us.
Multi-role response vehicle Tubbataha. SCREENGRAB FROM COASTGUARD.GOV.PH The Philippines received the first of ten coast guard vessels from Japan Thursday, the coastguard said, as the two countries boost security ties in the face of their separate maritime disputes with China. The 44 metre (144 foot) BRP Tubbataha has arrived in Manila, the Philippines coast guard said in a statement, adding that it will be used for search and rescue, law-enforcement and transport purposes. They did not specify where it would be deployed. This is the first of 10 Philippine coast guard ships being built in Japan, supported by Japanese aid money, as the former World War II foes seek to boost defense ties in the face of growing Chinese aggression in the South China Sea. Japan — the Philippines’ top source of development aid — said this month it would give Manila two additional patrol vessels, and that it was discussing the possible lease of surveillance aircraft. Japan and China are locked in a long-running dispute over uninhabited islets in the East China Sea. Manila and Beijing have overlapping claims in the South China Sea. The Philippines has been seeking closer defence ties with Japan as well as traditional allies like the United States and Australia in a bid to boost its capabilities against regional giant China. The Philippine military and coast guard are among the region’s weakest. Japanese Foreign Minister Fumio Kishida and his Philippine counterpart Perfecto Yasay last week called on China to observe the rule of law in Read More …