ArthaLand starts P3-B share offer

 Economy
Nov 232016
 
ArthaLand starts P3-B share offer

MANILA, Philippines – ArthaLand Corp., a listed boutique property developer owned by the Po family,  commenced yesterday its preferred share offering. In a filing with the Philippine Stock Exchange (PSE), Arthaland said the offering involves up to 30 million preferred shares at P100 per share to raise about P3 billion, with an initial tranche of up to P2 billion including an overallotment option. ArthaLand has set a dividend yield of 7.0458 percent per annum for the offer, which is redeemable in five years. Preferred shares are cumulative, non-voting, non-participating, non-convertible and peso-denominated. The remaining 10 million Series B preferred shares are under the Securities and Exchange Commission’s shelf-registration. These shares will be issued at the same price. Proceeds from the offer would be used to finance the development of the Cebu Exchange project (P53.6 million),  Biñan Laguna project (P458.8 million), Makati Residential project (P371.6 million) and South of Metro Manila project (P822.4 million). Business ( Article MRec ), pagematch: 1, sectionmatch: 1 According to documents filed with the SEC, Arthaland expects the gross floor area of its residential and office projects to grow to 520,000 square meters by 2022 from the existing 110,000 sqm. Of the 520,000 sqm, about 50 percent would be in the office segment while the balance would be in the upper middle to high end residential segment. The Cebu Exchange project is a commercial development located within the Cebu IT Park in Lahug, Cebu City. For the Biñan Laguna Project, ArthaLand subsidiary Cazneau will develop a Read More …

CCC assures industries on climate deal commitment

 Economy
Nov 232016
 
CCC assures industries on climate deal commitment

MANILA, Philippines – Local industries have nothing to fear on the government’s commitment to reduce by 2030 the emission level of greenhouse gas by 70 percent under the Paris Agreement, the Climate Change Commission (CCC) said. CCC commissioner Frances Victorio said the country’s commitment could still be amended as needed even if it ratifies the Paris Agreement. “First of all, we’re currently reviewing the commitment to see if it’s in line with our own development goals. We have until 2019 to come up with our goals. We want to make it as good a study and really consult everyone so I don’t think there’s any reason for fear,” Victorio said in an interview on the sidelines of the Business Summit on Climate Change yesterday. The 70 percent reduction commitment by 2030 was made under the Aquino administration. “So even if you ratify, you can change it after the ratification because the 70 percent contribution, it’s not even in the agreement itself. It’s something you just commit to give after the Paris Agreement. That 70 percent is something we determined on our own and is not a requirement from the Paris Agreement,” Victorio said. While supporting a government initiative to cut carbon emissions and promote business resiliency and environmental sustainability, business organizations such as the Philippine Chamber of Commerce and Industry (PCCI) and the Federation of Philippine Industries said the proposed 70 percent carbon cut is too high for industries and counterproductive to the economy. Business ( Article MRec ), pagematch: Read More …

Philippines seen to survive external headwinds

 Economy
Nov 232016
 
Philippines seen to survive external headwinds

Monetary and fiscal authorities are confident the Philippines would survive external headwinds caused by tail events including the “Brexit,” the impending interest rate hike in the US, and the economic slowdown in China. MANILA, Philippines – Monetary and fiscal authorities are confident the Philippines would survive external headwinds caused by tail events including the “Brexit,” the impending interest rate hike in the US, and the economic slowdown in China. “We can argue that 2016 was a year wherein a number of tail events materialized,” Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr said. Tetangco was the keynote speaker during the 2016 ING Finex CFO of the year award ceremony and the Security Bank economic forum 2016 that were held in Makati City yesterday. Philex Mining Corp. CFO bagged the 10th ING-Finex CFO Award for 2016. “In both cases mainstream media underestimated the underlying sentiment which caused shockwaves across the globe. The same was the case in financial markets. Traders and analysts also got these all wrong. Fortunately, for financial markets, a turnaround from a wrong call can be quick,” Tetangco said.  However, he explained the medium and long-term effects on the broader economy of tail events are not quickly turned around unlike sentiments in the financial markets. With regard to the forthcoming assumption to office of president-elect Trump, he said authorities need to be vigilant over possible changes in tax laws, immigration policies as well as financial and business regulations. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Offhand, Read More …

Kintanar resigns as DOTr undersecterary for rails

 Economy
Nov 232016
 
Kintanar resigns as DOTr undersecterary for rails

In this Aug. 10, 2016 photo, DOTr representatives attended the hearing led by Secretary Tugade, USec Bobby Lim and Noel Kintanar. Senate PRIB/Albert Calvelo MANILA, Philippines – The Department of Transportation on Wednesday confirmed that Noel Kintanar has resigned as undersecretary for rails. In a statement, the transport agency said DOTr chief Arthur Tugade has accepted Kintanar’s resignation, which takes effect on Nov. 29, 2016. “Mr. Kintanar said he would like to give Secretary Tugade a free hand in addressing any and all misconceptions or doubts as to the impartiality and independence of the DOTr in addressing the many issues and concerns on transportation,” the statement read. Reports said DOTr Assistant Secretary Cesar Chavez likewise confirmed that Kintanar resigned from his post. He said he was already appointed as a permanent representative to Light Rail Transit Authority and Philippine National Railways Boards but said he is not yet assuming he will replace Kintanar.  Kintanar was appointed transport undersecretary on June 20. He was assistant vice president (AVP) and executive director of Ayalaland Corporation for nine years since 2007, and COO of AC Infrastructure Holdings Corp. since 2012. Kintanar graduated from the University of the Philippines with a Bachelor of Science in Community Development before studying and graduating from Harvard with a Master’s degree in Public Administration. —Rosette Adel and Kristian Javier

Doctors, healthcare professionals still highest paid OFWs

 News
Nov 222016
 
Doctors, healthcare professionals still highest paid OFWs

Doctors were still the highest paid overseas Filipino workers (OFWs) while the engineering sector posted more job opportunities, a report on Wednesday showed. Filipino doctors overseas received a monthly income of P111,620, according to WorkAbroad.ph’s 2016 overseas salary report. Engineering-related positions were the most in demand with 30,972 career opportunities posted on the jobs board website. With monthly salary ranging from P55,000 to P90,000, other high paying specializations include process design and control, public relations or communications, aviation or aircraft maintainance, legal services, education quality control, IT-related, engineering related, and architecture or interior design. Meanwhile, the United Arab Emirates (UAE) was the highest paying country in terms of jobs in the healthcare industry. A doctor in UAE may get as high as P253,826 per month. Following UAE were Qatar and Canada with focus on aviation industry and nurse/medical support sector, respectively. Although healthcare specialists receive the highest pay, the positions available are not as many as in other fields. The job portal also observed a drop in the average monthly pay in the industry. “In 2015 the average monthly salary of healthcare professional is about P120,000. Now it’s about P111,000, probably because of the jobs that were advertised now,” said Rhea Suiza, business unit manager of WorkAbroad.ph. RAM RELATED STORIES OFWs in South Korea to receive higher pay in 2015 OFWs come home for high paying jobs TAGS: doctors, healthcare professionals, ofws, Overseas Filipino workers, workabroad.ph For feedback, complaints, or inquiries, contact us.

Palace: Apec summit not about photo ops, dinner

 News
Nov 222016
 
Palace: Apec summit not about photo ops, dinner

New Zealand’s Prime Minister John Key, left, and Philippines’ President Rodrigo Duterte, attend a meeting with business leaders during the annual Asia Pacific Economic Cooperation, APEC, Summit in Lima, Peru, Saturday, Nov. 19, 2016. (AP Photo/Martin Mejia) The success of President Duterte’s debut at the Asia-Pacific Economic Cooperation (Apec) summit should be measured by how much the country had gained from the trip, not by his attendance at a gala dinner and pictorial with fellow world leaders, Malacañang said on Tuesday. The President’s visit to Peru for the Apec summit had yielded “positive results,” especially with Russia, China and Vietnam promising to share their technology with the Philippines, said Assistant Communications Secretary Ana Marie Banaag. “The nonattendance of the President at the gala dinner and picture-taking should not be a barometer to measure whether the participation of the Philippines is successful or not,” Banaag said. Banaag said Malacañang respects the opinion of former President Fidel Ramos, who expressed disappointment at Mr. Duterte’s absence at the events. Ramos said it was the President’s duty to attend even if he wasn’t feeling well. The President sent Foreign Affairs Secretary Perfecto Yasay to represent him. Mr. Duterte said he skipped the dinner and pictorial at the end of the summit because he was feeling lightheaded from jet lag. The events coincided with his sleeping hours back home, and he could barely keep his eyes open, he said. This was not the first time Mr. Duterte had skipped events at an international gathering. He Read More …

UK envoy at Read-Along: Helping kids be kids again

 News
Nov 222016
 
UK envoy at Read-Along: Helping kids be kids again

British Ambassador to the Philippines Asif Ahmad, left, and with Inquirer president and CEO Sandy Prieto Romualdez and Inquirer employees —PHOTOS BY ROMY HOMILLADA Asked why he chose to be part of the Inquirer Read-Along Festival for the second time last week, British Ambassador to the Philippines Asif Ahmad recalled how he first set foot in the country in 2013, just as the nation woke to the devastation wrought by Supertyphoon “Yolanda” in Tacloban, Eastern Visayas. “One of the ways in which we helped was not just in delivering food and aid,” he recounted. “We discovered the power of storytelling because a lot of kids were traumatized. As we went to some of the projects we funded, teachers and anybody who could would gather kids while their parents run around to rebuild their lives. And just through storytelling and acting out scenarios and small things, the kids were kept amused and distracted, which basically allowed them to be kids again,” Ahmad said. Bonding with kids through storytelling is something that the ambassador is familiar with. “As a father, we used to do this thing with my two sons where, just before going to bed, each one can pick a character—anything, an object or an animal,” Ahmad said. “My challenge was to tell a 15-minute story, completely made up that evening. The beauty of the story was, I would start off with whatever they gave me but what they would wait for was how, somewhere in the story, they would appear Read More …

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