Oct 062016
 
Shell trims IPO price

With the new price range, Shell is seen to raise P21.12 billion to P23.1 billion, lower than the earlier indicated proceeds target of P29.7 billion from the sale of up to 330 million shares for a maximum price of P90 per share. MANILA, Philippines – Pilipinas Shell Petroleum Corp. (Shell) has trimmed the targeted gross proceeds for its planned initial public offering of shares, after setting a price range of P64 to P70 each share. With the new price range, Shell is seen to raise P21.12 billion to P23.1 billion, lower than the earlier indicated proceeds target of P29.7 billion from the sale of up to 330 million shares for a maximum price of P90 per share.  Shell is set to list on the Philippine Stock Exchange on Nov. 3 under the symbol SHLPH. Its maiden share sale is expected to be one of the biggest IPOs in the PSE’s history. Other big IPOs are Robinsons Retail which raised P26.79 billion in 2013, SM Investments Corp. (P26.25 billion), and Cemex Holdings Philippines (P25 billion). Documents from the Securities and Exchange Commission showed the 330 million shares include an over allotment of up to 30 million shares. Of the 330 million, 270 million will comprise secondary offer shares from selling shareholders, Shell Overseas Investments B.V., The Insular Life Assurance Co. and Spathodea Campanulata Inc. Business ( Article MRec ), pagematch: 1, sectionmatch: 1  Shell has already commenced a series of meetings with investors within and outside the Philippines for the share Read More …

Oct 062016
 
Philippines remains on solid ground, Dominguez assures S&P execs

MANILA, Philippines – Finance Secretary Carlos Dominguez has assured officials of S&P Global Ratings the country is capable of maintaining a strong economic performance under the Duterte administration. “While we greatly value a ratings upgrade to full investment grade…this is only of secondary importance,” Dominguez said. “In the economic plans we lay down, rapidly reducing poverty rates rank first priority,” he added. The statement was sent to reporters yesterday. The finance chief met with representatives from S&P in Washington after the latter warned that policy stability and predictability has “diminished somewhat” under the 100-day-old Duterte administration. In particular, the debt watcher expressed concern about President Duterte’s war on drugs that allegedly contributed to human rights violations and “undermined respect” to institutions such as the judiciary and media. Dominguez, in the statement, appeared to have not addressed these issues and focused on plans to increase spending and reform taxes to cut poverty rate to 17 from 26 percent. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Our people expect this. Our government fully intends to meet that expectation. We do not plan on failing the poorest of the poor,” he said. “This goal cannot be accomplished without sustained economic growth.  Over the next six years, driven by investments and targeted public spending, we expect to sustain GDP growth at seven percent or more,” Dominguez said. “We intend to make our economic growth more inclusive,” he added. S&P, in evaluating the Philippines, had already acknowledged the positive impact from the new Read More …

Oct 062016
 
Agri fellows briefed ON PHL conditions

Cornell University LEADNY 2016 Fellows with the Philippine Embassy’s Commercial Counsellor Raymond Batac (front row, left), Public Diplomacy Officer Darell Artates (front row, 2nd from left), Economic Minister Jose Victor Chan-Gonzaga (front row, 3rd from left), and Labor Attaché Saul de Vries (front row, right) during their briefing on 28 September 2016. WASHINGTON, D.C. – The 2016 batch of Cornell University’s LEADNY received a comprehensive briefing on the Philippines on 28 September 2016 at the Philippine Embassy. During the briefing, the twenty-two (22) LEADNY 2016 Fellows were apprised of current conditions and trends in Philippine agriculture, labor market, and trade and commerce. Snapshots of Philippine culture and politics were also presented to provide the group with a holistic picture of the country. “We thank LEADNY for choosing the Philippines as a focus of interest this year. This presents valuable partnership opportunities in the agriculture and agribusiness sectors, which have been designated as high priority areas by the Duterte Administration,” said Dr. Josyline Javelosa, Philippine Agriculture Attaché for the Americas. The 2016 Fellows will travel to the Philippines in February 2017 to learn more about the country’s food and agricultural sectors. The Embassy briefing was a joint presentation of Dr. Javelosa, Commercial Counselor Raymond Batac, Labor Attaché Saul De Vries, Political Officer Gunther Sales, and Public Diplomacy Officer Darell Artates. “Our economic diplomacy has always taken a long and integrated view. Engaging future leaders and policymakers in strategic sectors is a necessary step to the creation of productive and enduring collaborative relationships,” Read More …

Oct 062016
 
Over 700,000 drug suspects surrender, 22,000 nabbed in ‘Project Double Barrel’, ‘Oplan Tokhang’ — PNP

By Christopher Lloyd T. Caliwan Philippine National Police Chief General Ronald “Bato” Dela Rosa (center) and other police officials salute as they wear local Igorot tribe headdress while singing the national anthem during a visit at the PNP Camp Dangwa in Benguet in this picture taken last Saturday. .(MNS photo) MANILA  (PNA) – More than 700,000 suspected drug users and pushers in the country surrendered to police authorities while 22,503 people were arrested in line with ‘Oplan Tokhang’ and ‘Project Double Barrel’, the initiatives of the Philippine National Police (PNP) to wipe out illegal drugs and criminality in the country. As of 6:00 a.m. Tuesday, the PNP have knocked 1,634,111 houses of suspected drug personalities that resulted to the surrender of 732,698 drug suspects, 679,830 from these were self-confessed drug users while 52,868 were identified as drug pushers. Meanwhile, a total of 22,503 drug suspects were arrested while 1,377 drug personalities were killed during police operations. Under ‘Oplan Tokhang’, station commanders will ask barangay (villages) captains to submit a list of residents who are into illegal drugs, whether these are pushers, dealers, users and couriers. The police intelligence unit will then verify the report and check if these persons are indeed involved in drugs as there are instances where barangay captains themselves are behind the illegal drug trade while some list down names of their rivals. PNP Chief Director General Ronald Dela Rosa was satisfied on the results of the campaign against drugs and ordered the cops to intensify the Read More …

Oct 062016
 
Job creation is still one of our priorities: DOLE

By Leilani S. Junio Job applicants wait in line outside a shopping mall in Manila, Tuesday. The Department of Labor and Employment (DOLE) warned companies of possible closure or cancellation of their license to operate if they fail to address labor contractualization or end-of-contract policies in their work force..(MNS photo) MANILA, Oct. 5 (PNA) – The Department of Labor and Employment (DOLE) said on Wednesday that job creation is still one of the priorities of the department under the Duterte administration. “What I can tell you is that in the Department of Labor, we have generated new employment opportunities…Nag- increase ng mga 12 percent. It is an increase. Malaki na iyon,” said DOLE Secretary Silvestre Bello III in a weekly media forum in Manila. Secretary Bello said that aside from creation of additional jobs, the DOLE is also concerned with addressing the problem of illegal contractualization work schemes and increasing the minimum wage of workers in response to the claim of the Employers’ Confederation of the Philippines (ECOP) that the government has not been putting focus on job creation. Bello said that the 12 percent increase in employment since the Duterte administration took over almost 100 days ago was proof of the government’s accomplishments in the labor front. On Tuesday, ECOP Chair Emeritus Donald Dee assailed the DOLE for being more concerned in advancing their personal “philosophical” advocacies than creating jobs for Filipinos. In particular, Dee pointed at the DOLE’s push for the proposed PHP125 daily wage hike across-the-board, which Read More …

Oct 062016
 
Duterte threat to cut US-PHL ties worries Army officers: Trillanes

PHILIPPINE SEA (Oct. 1, 2016) An F/A-18E Super Hornet assigned to the “Eagles” of Strike Fighter Squadronlaunches from the flight deck of the Navy’s only forward-deployed aircraft carrier, USS Ronald Reagan (CVN 76). The F/A-18 Super Hornet is an all-weather fighter/attack aircraft that provides a carrier-strike group with multiple uses, including fighter escort, fleet air defense, close and deep-air support, electronic attack and precision-guided weapons strike capabilities. Ronald Reagan, the Carrier Strike Group Five (CSG 5) flagship, is on patrol supporting security and stability in the Indo-Asia-Pacific region. (U.S. Navy photo by Petty Officer 3rd Class Nathan Burke/Released) MANILA, Oct 5 (Mabuhay) – Some military officers have expressed concern over President Rodrigo Duterte’s threats to cut ties with the United States but it was “nowhere near enough to launch a coup,” Senator Antonio Trillanes IV said on Wednesday. While no one has approached him “physically,” Trillanes said he has been getting word about the “sentiments” of some military officers and men. “But let just say that by and large, the AFP (Armed Forces of the Philippines) is very supportive of the President and they are loyal to the chain of command so there are no factions within the armed forces,” he said. Asked what those sentiments were, the senator said: “It can’t be generalized. I believe some are concerned about the direction the President is going particularly ending ties with the US armed forces because these ties go way back and it’s not easy to do that.” Asked again if Read More …

Oct 062016
 
Lacson: Duterte’s ‘go to hell’ comment vs. Obama ‘unnecessary’

Senate Committee on Justice and Human Rights chairperson Sen. Richard Gordon (center), Sen. Vicente Sotto III, and Sen. Panfilo Lacson ask questions during the Senate investigation on extra-judicial killings on Monday. MANILA, Oct 5 (Mabuhay) – It was “unnecessary” for President Rodrigo Duterte to have told United States President Barack Obama to “go to hell,” Senator Panfilo Lacson said Wednesday. “These are unnecessary comments, yung go to hell. For what? Pero ang impact sa kabilang party, masyadong matindi,” Lacson said. On Tuesday, Duterte hit out anew at the US and the European Union in yet another tirade against critics of his administration’s anti-crime war. “Instead of helping us, ang unang tumira, itong [US] State Department. So, you can go to hell. Mr. Obama, you can go to hell,” Duterte said. “EU, better choose purgatory. Puno na ang impiyerno. Bakit ako matakot sa inyo?” the President added. Still, Lacson said it is Duterte’s call if he will not heed advice from his allies to refrain from making controversial statements in public engagements. “That’s his call. And kung ayaw nya mag-shut ng mouth, it’s up to him. And it seems hindi talaga siya tinatablan ng advice. So what he deems fit yan na lang gawin niya,” he said. Senator Richard Gordon earlier said Duterte was “falling on his own sword” for being “too noisy” on publicly expressing his desire to have suspected drug users and pushers killed. “Maingay ang Pangulo, sobrang ingay ng Pangulo. Tama lang na ipakita niya na galit siya Read More …

Oct 052016
 
Taiwan offers visa-free entry to qualified PH passport holders

The Taiwanese government has eased its visa requirements for qualified Philippine passport holders, according to the Taiwan Economic and Cultural Office (TECO) in the Philippines. Based on the new rules, Philippine passport holders who have been granted entry to selected countries may go to Taiwan for up to 30 days without a visa starting last Sept. 1. TECO said applicants who have either a valid entry visa or permanent resident card issued by Australia, Canada, Japan, Korea, New Zealand, any of Schengen countries, the United Kingdom and the United States are qualified for visa-free travel to Taiwan. All Philippine passport holders were previously required to apply for visa before they could visit Taiwan. Expired visa or resident card in the abovementioned countries is also valid provided that it had expired less than ten years before the date of arrival in Taiwan, TECO said. To be eligible for the exemption, applicants should also have an onward/return air or ferry ticket and passport with a remaining validity of at least six months before the date of arrival, and should have never been employed as blue-collar workers in Taiwan. Applicants may apply for exemption authorization certificate online. CDG READ: Filipinos among Asia’s top travelers, says Visa TAGS: Passport, Taiwan, Taiwan Economic and Cultural Office (TECO), Travel, visa For feedback, complaints, or inquiries, contact us.

Oct 052016
 
Be ‘patient’ with Duterte, businessmen urged

President Rodrigo R. Duterte meets with Japanese Ambassador to the Philippines Kazuhide Ishikawa in Malacañang on Monday (Oct. 3, 2016). (MNS photo) MANILA, Oct 4 (Mabuhay) – Businessmen should give President Rodrigo Duterte more time to improve the country’s business climate, the Philippine Chamber of Commerce and Industry said Tuesday, as the new government prepared to mark its first 100 days in office. While reforms have not taken hold in the entire country, the have been “some improvements” in the bureaucracy and President has made headway in his war on drugs, PCCI president George Barcelon told reporters in Malacanang. Duterte promised took office on June 30, promising to cut red tape and end corruption in the bureaucracy. “I would tell my friends in the business community that we have to be patient…I think we owe it to this government,” Barcelon said. “Politically speaking we put emphasis on the first 100 days [but] 100 days is really a very short time,” he said. Barcelon sees Duterte’s positive tone towards China as a positive development. “The way I read [that] is the President is opening more options to us [since] for most businessmen we look at opportunities in a very practical manner,” he said. “We are neither pro-US pro-China but we are pro-Filipinos,” he added. The PCCI has a “very positive” outlook on the economy, he said. “People are concerned with the statements that they hear [from the President] but what’s more important [is] we firmly believe that he will do the Read More …

Oct 052016
 
‘Magnificent 7’ solons say same-sex marriage bill not a priority

SENATE PAYS TRIBUTE TO SEN. MIRIAM DEFENSOR-SANTIAGO: Senate President Aquilino “Koko” Pimentel III (2nd from left) hands over a copy of a senate resolution, expressing the Senate’s profound sympathy and sincere condolence on the passing of former Senator Miriam Defensor-Santiago, to her husband Narciso “Jun” Santiago (3rd from left) during her wake at the Cathedral Grottos of the Immaculate Concepcion Cathedral in Quezon City on Saturday, October 1, 2016. Pimentel earlier said that Santiago was the “best president our nation never had,” and that the country has lost a moral giant in the fight against corruption and an intellectual force and brilliant legal mind in Philippine politics. Also in photo are (from right to left) Senators Joseph Victor “JV” Ejercito Estrada and Risa Hontiveros, along with Senate President Pro Tempore Franklin Drilon. (MNS photo) MANILA, Oct 4 (Mabuhay) – Minority congressmen who call themselves the “Magnificent 7” seemed lukewarm to the idea of working for the legalization of same-sex marriage for now. In a regular news conference, Albay Rep. Edcel Lagman and Akbayan party-list Rep. Tomasito “Tom” Villarin both said although they are willing to discuss proposals on the civil union between members of the lesbian, gay, bisexual, and transgender (LGBT) community, they believe it is not yet the right time for that, since there are still other similar pending measures that have to be prioritized. They were reacting to House Speaker Pantaleon Alvarez’s statement saying he is already drafting a bill in support of same-sex civil union, adding that Read More …