Sep 212016
 
DoubleDragon plans P15-B bond offering

Local credit watchdog Philippine Rating Services Corp. has issued a double-A credit rating on DoubleDragon’s proposed bond issuance. File photo MANILA, Philippines – DoubleDragon Properties Corp. plans to raise as much as P15 billion from its maiden bond offering under a shelf registration program. This marks DoubleDragon’s first foray into the local bond market as part of its  goal to build  one million square meters of leasable space in the next five years. The first tranche of the offering is the issuance of P5 billion in retail bonds, with an oversubscription option of  an additional P5 billion, before the end of the year. The succeeding tranches are proposed to be issued under a shelf registration program, which allows its issuance within a period of three years. A joint venture between Mang Inasal founder Egar “Injap” Sia II and Jolibee founder Tony Tan Caktiong, DoubleDragon is a fast-growing property developer.  It has recently entered the hospitality industry via the acquisition of Hotel of Asia. Local credit watchdog Philippine Rating Services Corp. has issued a double-A credit rating on DoubleDragon’s proposed bond issuance. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Obligations rated PRS Aa are of high quality and are subject to very low credit risk. The obligor’s capacity to meet its financial commitment on the obligation is extremely strong. PRS Aa is the second highest rating category on PhilRatings’ existing credit rating scale. PhilRatings said the credit assessment reflected DoubleDragon’s clear and well-planned growth strategies,  its strong alliance with its Read More …

Sep 212016
 
Shining a light on women

The featured women entrepreneurs are Vivian Sarabia, Corazon Ong, Elizabeth Lahoz, Evelyn Yap, Mary Joy Abaquin, Mylene Abiva, Delby Bragais, Stella Sy, Michelle Reyes, Florence Ko, Donna Jiao, Myrna Yao, Gianna Montinola, Catherine Delantar, Jean Uvero, Josie See, Tess Ngan Tian, Willen Ma, Cathy Turvill, Anya Lim, Ines Fernandez, Anne Gonzalez, Rebecca Bucad, Rossana Llenado, Roxanne Farillas, Yoling Sevilla, Rowie Matti, Michelle Fontelera, Sherill Quintana, Jasmin Basuil, and Dulzzi Gutierrez with Presidential Adviser Joey Concepcion, Trade Secretary Ramon Lopez, and Vice President Leni Robredo. March is women’s month, but it is not too late to celebrate the success of women entrepreneurs! Last Tuesday, Go Negosyo launched the special edition of the Go Negosyo: Inspiring Stories of Women Entrepreneurs. The first edition of the book was published in 2009 and has become one of the bestsellers in book stores. For the special edition, we have 25 new stories of champion ‘womenpreneurs’. Their stories are additional inspirations to the aspiring entrepreneurs who need encouragement to pursue their goals and dreams of becoming an entrepreneur. We were joined by more than 300 entrepreneurs, partner organizations, and government officials. Sen. Bam Aquino, Sen. Miguel Zubiri and Sen. Sonny Angara graced the launch. DOST Secretary Boy dela Peña joined us as well. Sec. Mon Lopez, of course, joined us despite his busy schedule. On the same day of the book launch, we had a simultaneous Mentor Me Roll Out in Cavite and Tacloban. Despite the heavy load for the team, we are glad we are Read More …

Sep 212016
 
Waterfront sees sustained growth

MANILA, Philippines – Local hotel chain Waterfront Philippines Inc. (WPI) is banking on the continuous increase in international and domestic tourists in the country to sustain its robust growth. Kenneth Gatchalian, president of WPI, told The STAR there is still a huge opportunity for the Waterfront Group to ride on the gains achieved by the local tourism industry. “It looks like the tourism industry right now is still growing so there’s still a huge room for us,” Gatchalian said on the sidelines of Acesite’s annual stockholders’ meeting. Acesite is a subsidiary of WPI. Renato Magadia, WPI chairman, added the current administration’s drive to strengthen the peace and order situation in the Philippines also increased tourists’ confidence and interest in the Philippines as a safe destination. “I think today, there are more people interested to come in to the country because of the supposed change here, especially in the peace and order situation,” Magadia said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Last year, WPI’s consolidated gross revenues rose six percent to P2.1 billion from last year’s P1.97 billion. Gatchalian noted the growth in the group’s earnings was driven by its improved online presence and systems, as well as an increase in the bookings, particularly for meetings, incentives, conventions and exhibitions (MICE). The company official said WPI is targeting an increase of 10 percent in revenues this year.

Sep 212016
 
Duterte becomes pragmatic on US-Phl relations

It would seem President Duterte has finally realized the importance of our relationship with the United States, judging from his most recent statement reiterating that he does not want American troops to get out of Mindanao. The President admitted, we need the United States as an important ally especially with regard to our problem with China over the disputed maritime territories in the South China Sea especially since “we do not have armaments” and “not enough firepower” – knowing fully well that war with China is definitely not an option either way. Many “practical” and “patriotic” Filipinos heaved a sigh of relief with the development, saying we have to be pragmatic and set aside our so-called emotional, nationalistic feelings about our alliance with the United States. While it may be a good move to explore new ties with other countries like China or Russia and follow an independent foreign policy, we should not do so at the expense of old friends like the US. Our ties have been too deep that even our country’s educational system is patterned after the American model. We have a democratic style of government very similar to the United States, and foremost of which is that we have a very deep people-to-people connection as seen in the more than four million Filipinos living in the United States. Our sources within the military expressed shock at the earlier pronouncements of the President when he said he wanted the Americans to leave Mindanao. In fact, Defense Secretary Read More …

Sep 212016
 
It’s working, so why change

Getting its fair share of news coverage these days is “endo,” a shortened term for “end of contract,” which is a contractual labor employment scheme that popularly arose from the infamous threat of labor employees of a department store chain in the early ‘60s to regularize sales staff. At that time too, as the freshly minted Martial Law regime was flexing its muscles, similar labor issues were sprouting in the new export processing zones, largely egged by a then militant labor movement. Labor groups were then asking for the regularization of workers that had been working for more than six months, and rightly so, since Philippine labor laws clearly spelled out that any newly hired worker who stays on the job for more than six months has to be regularized by its employer. The problem, in the view of the employer, was that regularization meant higher costs that would have killed the business – not immediately perhaps, but in the long term. Regularization was also viewed as a sure way of increasing the number of unionized workers, and strengthening unions and the overall labor movement, which would have also meant more costs and even uncertainties in future operations if the unions decided to be hostile and demand for unreasonable additional wages and benefits. Those who still remember the ‘60s and the ’70s will agree it was a time of chaos, when rising militancy in the labor sector was a state concern that would, if left unchecked, lead to a breakdown Read More …

Sep 212016
 
Capacity constraints hinder Philippine manufacturing growth – WB

In its Philippine economic update for September, the World Bank said with an average capacity utilization rate of 84 percent as of July, Philippine factories are already operating near full capacity. However, the capacity utilization rate barely moved since 2012. Wikimedia Commons MANILA, Philippines – The manufacturing sector remains on a strong growth trajectory but has barely increased capacity limits, the World Bank said in a report. In its Philippine economic update for September, the multilateral lending institution said with an average capacity utilization rate of 84 percent as of July, Philippine factories are already operating near full capacity. However, the capacity utilization rate barely moved since 2012. In July, 11 out of 20 major industries operated at capacity rates of 80 percent and above. These were basic metals, petroleum products, non-metallic mineral products, machinery except electrical, food manufacturing, electrical machinery, chemical products, paper and paper products, rubber and plastic products, wood and wood products and printing. “Unless businesses actively invest in expanding production capacities, capacity constraints may limit growth prospects in the near future,” World Bank said. The manufacturing sector grew 10 percent in July mainly due to the expansion in the production of basic metals, transport equipment, rubber and plastic products, machinery, wood and wood products and tobacco products. Factory output, as measured by the Volume of Production Index (VoPi), rose 10.1 percent in July 2016, significantly faster than the growth rate of 0.1 percent in the same month last year. Production value, as measured by the Value of Read More …

Sep 212016
 
Duterte refuses to be reprimanded by international bodies

President Rodrigo Duterte. JOAN BONDOC/INQUIRER FILE PHOTO MANILA — If he was still a city mayor, Rodrigo Duterte could take criticism from international bodies. But as Philippine president, he would not allow himself to be reprimanded by them, Duterte said on Wednesday. A day after cursing at the European Union for calling for a stop to extrajudicial killings of drug suspects in the country, President Duterte explained why he was “bullshitting” the international body. He noted that even the EU was reprimanding him. “When I was mayor, that’s okay. It’s different now that I’m President because I represent a country,” he said in a speech before soldiers in Camarines Sur. “I am the President of the republic. Why would you insult me, why would you curse at me as if I’m under you? That’s why I’m bullshitting all of them,” he said. The EU earlier expressed concern over the rising number of slain drug suspects. EU lawmakers had also said the President’s statements encouraged the killing of drug traffickers and users. On Tuesday, in a speech before local government officials in Davao City, Mr. Duterte lashed back at the EU. The President said “f*** you” to the EU, and flashed his middle finger, a move applauded by his audience. He also said the group’s statement was only intended to atone for its own sins. According to him, a study of history would show that EU member countries were involved in atrocities in the Middle East.  SFM Latest Phoenix ousts Rain Read More …

Sep 212016
 
Duterte policies ‘clear and consistent’ from start – Dominguez

Finance Secretary Carlos G. Dominguez (lNQUIRER FILE PHOTO) MANILA — Contrary to debt watcher S&P Global Ratings’ assessment that “the stability and predictability of policy-making has diminished somewhat” under President Rodrigo R. Duterte, Finance Secretary Carlos G. Dominguez III said that the administration’s policies have been “clear and consistent” from the start. In a statement issued by the government’s Investor Relations Office (IRO) Wednesday, Dominguez welcomed the debt watcher’s latest move to keep the Philippines’ investment grade credit rating, saying that “it affirms that the Duterte administration is on the right track in pursuing its 10-point socioeconomic agenda that aims to keep the Philippine economy on its high growth path.” “The continued investment-grade rating gives the new government greater resolve to transform the economy into a truly inclusive one by pursuing, among others, a tax reform plan that seeks to generate enough revenues to grow the middle class, energize the corporate sector, and raise investments in human capital and social protection to drastically reduce poverty incidence,” Dominguez said, However, the Department of Finance chief did not agree with S&P’s opinion that policy predictability and stability were somewhat diminished when the Duterte administration took over. “The administration’s economic pronouncements have been clear and consistent from the very beginning,” Dominguez was quoted by the IRO as saying, further pointing out that “the Duterte administration’s 10-point socioeconomic agenda was announced early—even prior to the President’s formal inauguration—and that the action plans to realize the agenda have already been operationalized. “The Duterte administration is Read More …

Sep 212016
 
EU mum on Duterte’s tirades, notes ‘good relations’ with PH

President Rodrigo Duterte. INQUIRER PHOTO / GRIG C. MONTEGRANDE The European Union (EU) on Wednesday kept mum on the fresh tirades of President Rodrigo Duterte, who lashed out the international body after it called for a stop to alleged extrajudicial killings of drug suspects in the country. In a brief statement, the EU said: “We don’t comment on comments.” Duterte on Tuesday used the “F” word against the EU and called members of the union hypocrites, saying they had become strict on human rights owing to the “guilt feelings” over atrocities they had previously committed. READ: Fuck you, EU – Duterte But despite Duterte’s remarks, the EU said it enjoys “good relations” with the Philippines. “The European Union and the Philippines enjoy good relations, and we will continue to discuss this issue, among many others, in our bilateral contacts with the authorities,” the statement read. In a five-page resolution passed last week, EU lawmakers expressed concern over the increasing body count of drug suspects killed by police and vigilantes since Duterte started his crackdown on illegal drugs. The parliament directed its delegation in the Philippines and embassies here to monitor rights abuses following Duterte’s declaration of state of national emergency on account of lawless violence. TVJ Latest DOJ files drug raps vs ex-PDEA exec Marcelino, Chinese cohort S&P flags ‘rising uncertainties’ in PH amid ‘diminished’ policy stability New Polaroid digital camera with built-in printer ships October EU mum on Duterte’s tirades, notes ‘good relations’ with PH Recommended Disclaimer: Comments do Read More …

Sep 212016
 
Duterte only ordered ’window shopping’ for weapons in China–Visaya

There was no order from President Rodrigo Duterte to buy weaponry from China but only to go “window shopping” there, Armed Forces of the Philippines (AFP) chief of staff Gen. Ricardo Visaya said on Wednesday. Visaya said Duterte was just probably misquoted when the media reported that the Philippines was considering buying new weaponry from China and Russia. READ: Duterte mulls purchase of arms from China, Russia “I think the President was misquoted on that. There’s no instruction from our Commander in Chief for us to buy Russian military equipment or from China,” the AFP chief said when he faced his confirmation hearing at the Commission on Appointment’s committee on national defense. “He (Duterte) just told us that just like any other country, China is offering their military equipment. Then the President said, if you want go there just go there and see. Meaning, it’s just like window shopping. But there’s no instruction for us to buy,” he said. Duterte was earlier quoted as saying that the Philippine government was considering buying weaponry from the two countries. “I would like to ask Defense Secretary Lorenzana to, samahan kayo (go with you) – the technical people. Pumunta kayo ng Russia at pumunta kayo ng China at tingnan ninyo kung ano ang pinakamabuti (Go to Russia and China and see what’s best),” one media report quoted him as saying. CDG Latest Pacquiao channels Duterte: Other nations shouldn’t meddle with PH Convicts not tortured to testify vs De Lima, says lawyer Abra woman Read More …