THE Environment secretary said the nomination for environmental awards of miners her department recommended for suspension reflects the lax criteria in use for the awards.
Nov 162016
Nov 162016
MANILA, Philippines – Mobile technology firm Xurpas Inc. started buying back P170 million worth of shares to improve the value of its stocks. “The program is aimed to improve shareholder value and is deemed appropriate given the substantial undervaluation of the company’s shares,” Xurpas said in a disclosure to the Philippine Stock Exchange (PSE). The buyback program commenced Monday and will end upon the full usage of the approved allotment. Xurpas said the company would use its retained earnings to purchase the shares. Shares of Xurpas closed at P9.78 per share on Nov. 11. The firm has a total of 1.8 billion outstanding shares to date. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 According to Xurpas, the buyback program will be executed through the open market via the PSE’s trading facilities and will not involve active and widespread solicitation from stockholders. Meanwhile, Concepcion-led food and beverage producer RFM Corp. last week purchased a total of 112,000 shares at an average price of P4.35 per share as part of its buyback program. With the purchase, the total number of shares bought back by RFM has reached 53.91 million million, valued at P217.25 million. The buy back is part of the company’s program to repurchase up to P300 million worth of shares. RFM reported a total net income of P683 million in the first nine months of the year, mainly due to the improved sales of its ice cream, milk and pasta businesses.
Nov 162016
BSP Governor Amando Tetangco Jr. said the central bank decided to increase the size of the TDF amid the strong inflow of liquidity into the overnight deposit facility (ODF). File photo MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) is raising anew the volume of term deposit facility (TDF) starting next month to siphon off excess liquidity in the financial system. Starting Dec. 1, the size of the TDF will be at P180 billion from the current level of P130 billion. This is the sixth time the central bank is raising the size of the weekly auction of seven- and 28- day term deposits since the facility was launched last June 8 with an original of P30 billion. The size was raised to P50 billion on July 7, P70 billion on Aug. 3, P90 billion on Aug. 31, P110 billion on Oct. 5, P130 billion on Nov. 2, and P180 billion starting next month. The P50 billion increase next month is the biggest since the monthly adjustment of P20 billion per month. The TDF was launched as part of the shift to the interest rate corridor (IRC) system last June 3. BSP Governor Amando Tetangco Jr. said the central bank decided to increase the size of the TDF amid the strong inflow of liquidity into the overnight deposit facility (ODF). “We raised the auction size for both facilities for the December auctions as there is still a significant amount of liquidity flowing into our ODF. Capturing more liquidity in Read More …
Nov 162016
MANILA, Philippines – The government continues to push for economic development in the country’s rural areas as four departments converge to address poverty and employment in the countryside. The departments of Agriculture, Agrarian Reform, Environment and Natural Resources, and Interior and Local Government recently signed resolutions for the National Convergence Initiative for Sustainable Rural Development (NCI-SRD). The NCI-SRD is a strategy among the four rural development agencies with the goal of reducing poverty and ensuring sustainable countryside development. The convergence also aims to provide integrated delivery of services and programs to rural farming, fishing, and upland communities of the country. “The convergence aims to lower poverty incidence, produce livelihood from rural areas, and generate economic activities. We will streamline the processes and make the turnaround time of every projects faster,” lead convenor and Agriculture Secretary Emmanuel Piñol said. Through the enhanced framework, the NCI-SRD will undertake joint planning, programming and budgeting as well as monitoring and evaluation in the achievement of the sectoral goals and targets of the plan. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The convergence has requested the National Economic and Development Authority to task regional development councils to consider convergence initiative projects as regional priorities. It also recommended to the DENR the construction of on-farm roads and flood control dams in the National Greening Program Development Plan by tapping the Department of Public Works and Highways. The four agencies have likewise requested to the Philippine Economic Zone Authority to classify convergence initiative sites as economic zones. Read More …
Nov 162016
“All field audit and other field operations, including all enforcement activities, shall continue during this holiday season,” Revenue Memorandum Circular 109-2016 dated Nov. 7 stated. File photo MANILA, Philippines – There will be no let-up on the Bureau of Internal Revenue’s audits this holiday season as it aims to reverse a revenue slowdown toward maximum revenue collection by the end of the year. “All field audit and other field operations, including all enforcement activities, shall continue during this holiday season,” Revenue Memorandum Circular 109-2016 dated Nov. 7 stated. “It is reminded that all efforts should be directed to ensure maximum revenue collection throughout the year,” it said. In previous years, BIR stops audits from Dec. 15 until Jan. 1 of the following year. Eleanor Roque, a director of industry group Tax Management Association of the Philippines, said halting audits during Christmas season before was meant to avoid “tax examiners asking gifts.” “But I guess now, given the promises and the declarations of the new administration, taxpayers are assured that will not happen or if it does, they have ways to report it,” she said in a phone interview. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 BIR, which accounts for around 80 percent of state revenues, had fluctuating performance since the Duterte administration took over in June 30. It increased revenues by one percent in July, a seven-month low, before recovering to a 10-percent uptick the following month. In September, it slowed again to one percent. It brought the Read More …
Nov 162016
MANILA, Philippines – State contractors may get their payment earlier than usual beginning next month as the government aims to unload more funds before new budget obligations clog agencies. In a circular, the Department of Budget and Management (DBM) lifted the 24-hour waiting period required before checks could be encashed or funds credited to contractors’ accounts. “(This is) in order to facilitate settlement of valid government payables within the current year and avoid spillover pressure of outstanding payables to the incoming year…,” the circular said. If possible, agencies were even asked to pay their obligations by Dec. 22, although they would still be allowed to issue checks until Dec. 29. “Agencies are encouraged to settle their due and demandable obligations as soon as possible,” the circular said. Once obligated, funds for projects are deemed already under contract, and therefore, will be paid even once a new budget takes effect by Jan. 1 of next year. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Under the budget process, obligated funds could be disbursed through issuance of notices of cash allocation which allows agencies to secure checks from the Bureau of the Treasury. The checks are governed by the modified disbursement system, which originally instructs agencies to deposit them to their payee’s accounts “not earlier than 24 hours after due date.” The latest order, which had also been issued in prior years, removes that requirement. In a budget hearing at the Senate last Tuesday, DBM said a total of P150 million Read More …
Nov 162016
MANILA, Philippines – Dragonair is increasing its Clark to Hong Kong flights to six times per week beginning next month. Clark International Airport Corp. (CIAC) said the plan to hike the weekly Clark to Hong Kong flights was discussed during the meeting of CIAC president Alexander Cauguiran and Dragonair country manager Rob Bradshaw. “We are increasing our frequencies this December from four to six times weekly as we are expecting an increase in traffic at Clark Airport, and we are very much excited on the developments (in relation to the Clark International Airport),” Bradshaw said. The government is positioning Clark as an alternative to the congested Ninoy Aquino International Airport. To promote Clark International Airport, President Duterte has earlier announced programs such as expansion and putting in place support infrastructure, construction of a railway system to link Clark to Manila, as well as the development of a second passenger terminal which should start by the middle of next year. Cauguiran said CIAC would continue to support the carrier’s operations. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Following the increase in weekly flights, Bradshaw said Dragonair intends to add more flights serving Clark International Airport. The plan to add more flights is being considered as part of Dragonair’s rebranding to Cathay Dragon in the coming weeks. “We hope this new brand will bolster demand especially for Clark Airport,” Bradshaw said. Dragonair started operations in the Clark Airport in November 2008. A subsidiary of Hong Kong’s Cathay Pacific, Dragonair operates Read More …
Nov 162016
In their desire to improve their lives, many Filipinos sacrifice their time with their families to work abroad and earn a decent income. Hopefully, in the next few years, our modern day heroes will not need to work overseas in order to help their families. Last Tuesday was the 6th OFW and Family Summit. The summit was organized by Villar Sipag Foundation and Go Negosyo to promote entrepreneurship among OFWs and their families. For the past few years, the summit has featured different business opportunities OFWs or their families can consider and invest on. I met one former OFW turned entrepreneur, Imelda Dagus. She has been an OFW for more than 20 years and worked as an executive secretary in an oil company in Oman. She has always been enterprising. She has read business books and attended business seminars. In fact, she attended one of the first seminars abroad of Go Negosyo in 2013 held in Bahrain where she met some of our angelpreneurs and learned about the Go Negosyo advocacy. Her family has a coffee shop established by her grandmother in 1962. The family has managed the business, but because of lack of focus, the business did not grow. Imelda decided to improve the business and upgrade the products and services they offered. In 2015, she opened Dennis Coffee Garden which originated in Jolo, Sulu, but is now in Zamboanga. It is one of the most visited coffee shops in the province. Their coffee shop offers organic coffee called Read More …
Nov 162016
MANILA, Philippines – Energy Secretary Alfonso Cusi has ordered to redirect the output of the government-owned Agus-Pulangi hydroelectric power plants (HEPP) to poor areas and Philippine Economic Zone Authority (PEZA) locations in Mindanao to provide affordable electricity to consumers as well as encourage investments in the region. During the Coal Business and Policy Forum yesterday, the Energy chief directed the Power Sector Assets and Liabilities Management Corp. (PSALM) to study the re-allocation of the output of the Agus-Pulangi hydropower plants. Part of the output—amounting to around 700 to 800 megawatts (MW)—would be distributed to poor regions in Mindanao while the rest would be directed to industries, he said. “I have written a letter to PSALM to study allocating the output of Agus-Pulangi to the poorest of the poor, that means to say the ARMM region and the Lanao area and Maguindanao, so that we can help in the development of the area,” Cusi said. “And the rest will be directed to PEZA so that we can encourage investments in Mindanao, so that we can compete against our neighbors for having cheaper electricity to offer to the manufacturing companies,” he said. The 982-MW Agus-Pulangi hydroelectric power plants is owned by PSALM, the agency tasked to manage state-owned power assets, and is operated by state-run National Power Corp. (Napocor). Business ( Article MRec ), pagematch: 1, sectionmatch: 1 It is considered as the cheapest power source in Mindanao, with capacity being sold at around P2.70 per kilowatt-hour. Currently, 34 electric cooperatives are Read More …
Nov 162016
“What is needed is a master plan for aviation in the Philippines, especially for airports in Manila to cater to the needs of Metro Manila region and then act on it. Start digging,” Vinoop Goel, regional director for airport, passenger, cargo and security for Asia Pacific at IATA said in a briefing yesterday. File photo MANILA, Philippines – The International Air Transport Association (IATA) is urging the government to finalize the master plan for the development of an international airport, which will cater to the Metro Manila region as passenger traffic in the country is expected to continue to grow. “What is needed is a master plan for aviation in the Philippines, especially for airports in Manila to cater to the needs of Metro Manila region and then act on it. Start digging,” Vinoop Goel, regional director for airport, passenger, cargo and security for Asia Pacific at IATA said in a briefing yesterday. He said there is a need to finalize the master plan given the various proposals being floated for the development of a new airport in the Metro Manila region amid congestion at the country’s main international gateway, the Ninoy Aquino International Airport (NAIA). San Miguel Corp. (SMC) president and COO Ramon Ang has revived a proposal to build a new international airport for Metro Manila in Bulacan. During the previous administration, SMC has offered to build an airport on a reclaimed land in Manila Bay. Under the Aquino administration, the Japan International Cooperation Agency has also been Read More …