PH looks to Russia to shore up defense

 News
Sep 212016
 
PH looks to Russia to shore up defense

The Philippines is reaching out to global power Russia to boost its weak defense capability amid security concerns over territorial disputes in the South China Sea, officials said. Defense officials from the Philippines met recently with the Russian Federal Service for Military-Technical Cooperation (FSMTC) to explore ways of cooperating, including training for Filipino military and police officers. Manila’s envoy to Moscow Carlos Sorreta led Filipino defense officials in meeting with Russian Chief of the First Department of Military Sergey Buganov and officials of the FSMTC. The FSMTC is a federal agency directly under the Russian president’s office in charge of overseeing cooperation deals with foreign countries. “We welcomed the briefing, which was quite revealing, particularly as to the extent that Russia is able to interact with a large number of countries in this field and the different mechanisms that are employed, including in terms of the acquisition and transfer of Russian military equipment,” Sorreta said in a statement on Wednesday. Sorreta said the meeting was aimed at exploring “opportunities that could contribute to our government’s efforts to modernize our defense capabilities.” Russian officials briefed  the Filipino side on the latest in equipment and technology as well as on the possible access to its training. They also discussed investments in domestic military production, servicing and different modes of financing. Russia sells military equipment and military-related equipment to a host of nations including the United States, as well as  developing nations like India, Malaysia, Thailand and Vietnam. Latest De Lima hits Aguirre Read More …

Contagion risks flagged

 Economy
Sep 212016
 

DEVELOPED countries’ “mediocre” performance since the 2008-2009 economic and financial crisis is set to persist, but this time the loss of momentum in developing countries will become an added threat, the United Nations Conference on Trade and Development (UNCTAD) said.

Obey or pay: Implications for personal information controllers and processors

 Economy
Sep 212016
 

A couple of months ago, I wrote about the draft Implementing Rules and Regulations (IRR) of the Data Privacy Act (DPA) of 2012 and the rights of the data subject. As promised, here is the second part where I will share my thoughts on how the IRR will impact organizations as either personal information controllers (PICs) or personal information processors (PIPs).

Oops! Pilots sent wrong distress code

 News
Sep 212016
 
Oops! Pilots sent wrong distress code

The special operations unit of the Philippine National Police aviation security group conducts clearing operations around the isolated Saudia airplane at the Ninoy Aquino International Airport on Tuesday (Sept. 20, 2016). JOAN BONDOC/INQUIRER Two pilots of Saudi Airlines on a Boeing 777 flight from Mecca were involved in sending a distress signal that triggered a hijacking scare at Ninoy Aquino International Airport (Naia) on Tuesday afternoon. The Aviation Security Group (Avsegroup) identified the pilots of Saudia Flight SV 872 as instructor pilot Nidal Baath, an American citizen of Syrian descent, and Belgian trainee command pilot Karl Clara Montens. In a report, Avsegroup said the pilots intended to send a distress signal for “no communication,” squawking 7600, when they received no word from the Manila control tower for 18 minutes to their radio call on their approach to the Philippine air space. Baath has more than 20,000 flying hours while Montens has over 11,000 flying hours. Consensus The Avsegroup director, Chief Supt. Mao Aplasca, told the Inquirer that the distress signal was the result of a consensus between the two Saudia pilots. “They were really intending to send the distress signal for no communication but made the mistake of sending the code for a hijacking in progress instead,” Aplasca said, citing the pilots’ explanation. “They did not realize their mistake until they were informed by the Saudia office and until they saw the emergency security setup when they landed at Naia,” he said. False alarm In Saudi Arabia, an airline spokesperson Read More …

Psychogical profiles and support for Trump, Duterte

 News
Sep 212016
 
Psychogical profiles and support for Trump, Duterte

PORTSMOUTH, New Hampshire – On September 11, 2006, a fire truck was found on top of the Massachusetts Institute of Technology’s Great Dome. It was a spectacularly odd sight, but it had a totally simple explanation: It wasn’t a real truck but scraps of various materials carefully assembled on-site to look like the real one. While quite dramatic, it was really just a typical project by the notoriously creative MIT student hackers to commemorate 9/11. The sight of Donald Trump in the hustings as the official Republican nominee evokes the same mind-boggling how-did-that-happen puzzlement to many political observers, including virtually all talking heads who greatly exaggerated reports of Trump’s early political demise. Why did the Republicans end up with such a bizarre and pompously vacuous far-right populist with zero political experience and a track record of business bankruptcies? Similarly, Philippine President Rodrigo Duterte’s widely reported uncouth behavior (often mocked by late night comedians in the U.S.) and his open disdain for human rights make many people, especially those in the West, wonder how such an odd character ended up at the very top the Filipino people’s political Great Dome. In search of an explanation   In Trump’s case, various explanations have been posited, including his wholesale appeal to what Hillary Clinton recently called a “basket of deplorables” (bigots, misogynists, xenophobes, homophobes, etc.). But surveys suggest that his support actually cuts across demographic lines, including age, gender, income, education and religiosity. There is one group of social scientists who are suggesting Read More …

BSP hikes term deposit volume to P110 B

 Economy
Sep 212016
 
BSP hikes term deposit volume to P110 B

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) raised anew the volume of term deposits being auctioned every Wednesday amid strong demand from banks and trust entities. BSP Governor Amando Tetangco Jr. said the volume of the term deposit facility (TDF) consisting of seven- and 28-day term deposits has been adjusted upwards to P110 billion starting Oct. 5 from the current size of P90 billion. The size of the 28-day term deposits being auctioned every Wednesday would increase to P100 billion starting next month from the current P80 billion, while that of the seven-day term deposits was retained at P10 billion. “The increase in the 28-day auction is part of the auction refinement program. The adjustment has been for the longer tenor so far because that is where we find greater market appetite for now,” he added. The BSP chief said the central bank could also upsize the volume of the seven-day term deposits depending on market conditions.  “We can make similar upward adjustments to the shorter tenor should conditions warrant,” Tetangco said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 This was the fourth time the BSP has raised the volume of the TDF since it was launched last June 8 with an original volume of P30 billion as part of the shift to the interest rate corridor (IRC) system. The volume was increased to P50 billion in July, then to P70 billion last Aug. 3, and fourth to P90 billion last Aug. 31, and to P110 Read More …

SMIC launches new P50-B bond package

 Economy
Sep 212016
 
SMIC launches new P50-B bond package

SMIC’s board of directors approved yesterday the P50 billion package under the three-year shelf registration facility of the Securities and Exchange Commission. File photo MANILA, Philippines – SM Investments Corp. (SMIC) has launched a new round of fixed rate bond offer worth P50 billion, with an initial tranche of up to P20 billion targeted to be issued this year. SMIC’s board of directors approved yesterday the P50 billion package under the three-year shelf registration facility of the Securities and Exchange Commission. Initial issuance under this program is expected later this year in the amount of P15 billion with an oversubscription option of up to P5 billion,” SMIC said in a disclosure to the Philippine Stock Exchange (PSE) yesterday. SMIC’s management has yet to negotiate and finalize the terms and conditions including pricing, tenor and any increase in issuance amount. SMIC chief finance officer Jose Sio said proceeds would be used to support the expansion of its subsidiaries. The tenor may be seven to 10 years given the ample liquidity in the market, Sio added. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 In the first half of the year, SMIC reported a consolidated net income of P13.5 billion, an increase of 10 percent over the same period last year, with growth led by the property business. Excluding extraordinary items, recurring income grew 13 percent. Similarly, consolidated revenues grew six percent to P138.9 billion in the first half from the P130.9 billion generated in the same period last year. By Read More …

More miners face suspension

 Economy
Sep 212016
 
More miners face suspension

Environment Undersecretary Leo Jasareno, head of the audit team, said 12 mining firms are on the verge of suspension, on top of the 10 companies that were already stopped. AP Photo/David Goldman MANILA, Philippines – Twenty-two mining companies are in possible trouble after the Department of Environment and Natural Resources (DENR) confirmed that more than half of the country’s 40 metallic mines are recommended for suspension following the end of the month-long audit on the industry. Environment Undersecretary Leo Jasareno, head of the audit team, said 12 mining firms are on the verge of suspension, on top of the 10 companies that were already stopped. “All reports have been submitted and 12 companies are recommended for suspension [by the audit team]. The other 18 are under final reviewed already,” Jasareno told reporters. “The violations include inadequate social development, mining practices and siltation among others. But most common is their environmental violations,” Jasareno said. He emphasized that of the 22 companies, majority are nickel miners and are located in Mindanao. Twenty-eight of the 40 metallic mines in the country are nickel miners which use the open pit method, thus more prone to risks, Jasareno said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The DENR is set to announce the final result of the mining audit on Monday after cancelling it twice due to document finalizations. Upon the release of the result, Environment Secretary Gina Lopez will forward the report to the regions to implement the decision of whether they Read More …

Ongpin taps KPMG RGM for PhilWeb divestment

 Economy
Sep 212016
 
Ongpin taps KPMG RGM for PhilWeb divestment

MANILA, Philippines – Businessman Roberto Ongpin has appointed KPMG R.G. Manabat & Co. (KPMG RGM & Co.) as investment advisor to supervise the sale of his entire holdings in PhilWeb Corp. In a letter to PhilWeb directors and employees, Ongpin said he has chosen KPMG RGM & Co. as the firm can readily provide information to potential buyers of his shares, being the current auditor of PhilWeb. “I would appreciate it if PhilWeb would cooperate with KPMG in providing whatever information is required for this mandate. The fees payable to KPMG for this transaction will of course be for my personal account,” Ongpin added. Ongpin earlier decided to divest his 771.6 million shares (about 53.76 percent) in PhilWeb in another attempt to save the gaming technology company from permanent closure. The company’s license as a service provider of the e-games network or internet cafes regulated by Philippine Amusement and Gaming Corp. (Pagcor), expired on Aug. 10 and has not been renewed despite several attempts. “After having resigned as chairman of PhilWeb, and after having made several offers to Pagcor, all of which have been either rejected or ignored, it has become obvious to me that, while I remain a shareholder of PhilWeb, there is no chance that PhilWeb will be allowed any favorable reception on any proposal to Pagcor,” Ongpin said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1  “In an effort to save the company, its employees and the some 5,000 employees of the e-games operators, I have Read More …

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