Maniolas

MANILA, Philippines – The National Economic and Development Authority (NEDA) has rejected the proposal of the Department of Agrarian Reform (DAR) to impose a two-year moratorium on the conversion of agricultural lands as this would worsen the prevailing housing backlog.  DAR wants to impose the moratorium – for which a draft executive order has already been prepared – to prevent the conversion of agricultural lands into subdivisions. If implemented, this would be applied to land awarded under RA 6657, PD 27 and other agrarian reform laws.  Socioeconomic Planning Secretary Ernesto Pernia said NEDA has already circulated among economic managers a position paper opposing the moratorium.  In the paper, NEDA argued that despite its intention to contribute to poverty alleviation, the ban on land conversion is actually “anti-poor” as it would prevent the government and the private sector from addressing the 5.5 million backlog in housing units especially those providing for shelter needs of the poor.  “The problem here is the ban on land conversion will have an adverse impact on housing because many areas are not really suited for agriculture but they are better suited for housing. We have a 5.5-million deficit in housing (units), we need more lands for construction. Most of this backlog is for the poor. It’s actually going to be anti-poor, this two- year ban,” Pernia  told reporters Friday.  The proposed ban would also delay, and to some extent, prevent the construction of vital infrastructure for which right-of-way have to be secured.  Business ( Article MRec Read More …

MANILA, Philippines – Mass housing developer 8990 Holdings hopes to double its revenues to P24 billion next year from a target of P12 billion this year. In a press briefing, Januario Jesus Atencio, president and CEO of 8990, said that with the company’s pipeline of projects, the company is hopeful it would meet its revenue guidance of P12 billion this year. “We still have a shot at making our guidance this year,” Atencio said. At the same time, he said the company is facing many challenges such as delays in the permits issued by the local government units. “There are many things that can directly affect us. We’re experiencing many delays in the local government level,” he said. Nevertheless, Atencio said sales continue to be robust and that the company is starting 14 new projects this year. For 2017, the company hopes to double its revenues. “P24 billion could be our guidance for next year,” Atencio said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The company will also be launching five new projects next year. Atencio said 8990 Holdings would soon be a force to reckon with in the National Capital Region condominium industry. “Because we will now offer condominiums in NCR at low cost,” he said. These projects include those in Ortigas, Cubao and Commonwealth. In the first half, the company reported a net income of P2.18 billion, three percent up from a year ago. During the period, 8990 delivered 4,289 units worth P4.73 billion exceeding the target Read More …

MANILA, Philippines – Passenger traffic at the Mactan Cebu International Airport (MCIA) is seen to post a compounded annual growth rate of 10 percent in the next five years as its private operator continues to woo airlines to offer flights to new destinations from Cebu. GMR-Megawide Cebu Airport Corp. (GMCAC) president Louie Ferrer said the projection was anchored on the 33 percent growth in passenger volume to eight million last year. “Cebu already has the necessary infrastructure and strong international connectivity. We want to take it a step further by continuously seeking new destinations that can be opened via Cebu, and in doing so open new channels for tourism and trade in neighboring provinces, most especially those in Mindanao,” he said. He said the growth of MCIA would also lead to the development of smaller airports in the southern part of the Philippines. “Airline partners such as Philippine Airlines (PAL) have also re-established regional hubs in Visayas and Mindanao. In fact, with the increased number of visitors, smaller airports connected to Cebu have already seen significant traffic growth,” he said. He added the increase in traffic is being seen more in the connection from Mindanao to Cebu than Mindanao to Manila. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Since GMCAC took over the operations of the MCIA in November 2014, 11 new routes were opened by airlines at the airport. The most recent route launched was China Eastern Airlines’ direct flight to Chengdu in China from Cebu last Read More …

A model of container ship with Hanjin Shipping Co’s logo, is displayed at its head office in Seoul, South Korea, Monday, Sept. 5, 2016. Financially troubled Hanjin Shipping Co. will seek stay orders in dozens of countries this week to help minimize disruptions caused by its slide into bankruptcy proceedings, the Financial Services Commission said Monday. AP Photo/Lee Jin-man MANILA, Philippines – Multilateral organizations said the collapse of South Korean giant Hanjin Shipping Co. Ltd. is a threat to the economic growth of the Philippines. In its Asian Development Outlook, multilateral lender Asian Development Bank (ADB) said weaker-than-expected export demand from the country’s major markets is among the threats to sustained economic growth for the Philippines this year. Economic managers penned a gross domestic product (GDP) growth of between six and seven percent this year from 5.9 percent last year. The economy grew seven percent in the second quarter from 6.8 percent in the first quarter amid strong boost from election related spending. This brought the GDP expansion to 6.9 percent in the first half from 5.5 percent in the same period last year. This prompted the ADB to revise upwards its GDP growth forecast for the Philippines to 6.4 percent from the original target of six percent for 2016 and to 6.2 percent from 6.1 percent for 2017. On the other hand, the World Trade Organization (WTO) slashed its global trade forecast, warning that anti-globalization rhetoric as well as the decision of the United Kingdom to leave the European Read More …

Investment pledges approved by the Philippine Economic Zone Authority (PEZA) continued to increase in the first nine months despite a slowdown prior to the elections and growing foreign investor concerns in the country’s political landscape. File photo MANILA, Philippines – Investment pledges approved by the Philippine Economic Zone Authority (PEZA) continued to increase in the first nine months despite a slowdown prior to the elections and growing foreign investor concerns in the country’s political landscape. Citing preliminary data, PEZA deputy director general Justo Porfirio Yusingco said investment commitments approved by the agency grew between three and five percent to about P78 billion from January to September. PEZA promotion and public relations group manager Elmer San Pascual, however, said these figures are still lower than the actual numbers. He said final figures would be released this week. “What supported the investments growth is the expansion and new projects that are being approved. There is also a slight increase in the number of locators because of new companies coming in but the substantial amount of investments still come from expansion projects of the existing companies,” Yusingco said. “As of July we have already created about 75,000 this year for additional jobs,” the PEZA official added. Yusingco said sustained investment commitments received and approved by the agency as of end September puts PEZA on track to hitting a five percent growth by year-end. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 He said there was a slight slowdown in investments prior to Read More …