TRADE between the Philippines and China will not likely be affected by the heightening territorial conflict between the two countries over portions of the South China Sea, government and industry officials yesterday said.
Apr 102014
Apr 102014
Communications Secretary Herminio Coloma Jr.: Can’t force China to comply. INQUIRER FILE PHOTO MANILA, Philippines—Even if a United Nations arbitration tribunal were to rule in its favor on the West Philippine Sea dispute, the Philippines cannot compel China to comply with the ruling, Malacañang said on Thursday. Communications Secretary Herminio Coloma Jr. said the country’s main purpose in filing the case is to prove that its claim to certain territories in the South China Sea is sanctioned by the UN Convention on the Law of the Sea (Unclos), and not to enforce compliance from China. “The primary objective is to prove that what we claim as part of the West Philippine Sea is based on a prevailing law, and that law is the Unclos,” Coloma said in the briefing. “The primary objective is not to make a country comply,” he said. “It’s not within our power to dictate what they (China) should do. What’s within our power is to protect our national interest,” Coloma told a Palace briefing. Solicitor General Francis Jardeleza earlier said that the Philippines has always believed that China, as a member of the international community of nations, was “legally bound” to accept and implement the ruling of the International Tribunal on the Law of the Sea (Itlos). The Philippines’ filing of the case drew a sharp rebuke from Chinese officials, which accused the Philippines of seriously damaging the two countries’ relations and shutting the door to negotiations. Beijing, which claims virtually the entire West Philippine Sea, Read More …
Apr 092014
Juan Edgardo Angara (photo courtesy of www.ivoteph.com) MANILA (Mabuhay) — Senator Juan Edgardo “Sonny” Angara has filed a bill that grants a tax incentive for first-time home buyers in the form of home mortgage interest relief. Angara’s Senate Bill No. 2148 seeks to provide for home mortgage interest relief, an individual income tax incentive, which allows homeowners to deduct the interest they pay on a qualified mortgage loan used for the purchase or construction of their first family home. “Nothing gives a person a sense of stability and security than having a place to call his or her home” Angara said. He said at present, more and more developers are offering affordable housing options through low down payments and easy payment terms for potential home buyers. ”The only remaining deterrent faced by would-be buyers is the financing aspect, more specifically the interest rates imposed by banking institutions and by these developers themselves,” the lawmaker said. “This is where the government should step in by providing an incentive to those who would be purchasing their first family home,” he added. Angara said that by removing interest rates in the equation, potential homeowners will only have to pay the principal amount of the property, and thus avoid the stress of dealing with ballooning interest payments,” he explained. Angara, chair of the Senate committee on ways and means, said that aside from providing tax savings, the proposed measure also aims to promote home ownership by encouraging families to purchase their own property instead Read More …
Apr 092014
The elder brother of one of the minors allegedly molested by Italian Ambassador to Turkmenistan Daniele Bosio claimed he was also abused by the diplomat, a report on “24 Oras” said Wednesday. The 13-year-old boy said Bosio invited him and other children to the place where he was staying with the promise of giving them food, clothes and P1,000 cash. But upon arriving at the place, Bosio allegedly locked them in the shower and bathed them while taking pictures, the report said. The victim’s father said one of the friends of his children was acting as their pimp. “Mayroon pong isang taong bugaw. Bata rin na kalaro din nila. Galit na galit din ‘yung isang magulang bakit daw sila silang magkakabarkada nagkakabugawan pa,” he said. His younger son, who was reportedly victimized by Bosio in a resort in Biñan, Laguna, is currently under the care of the city welfare office, the report said. “Parang binaboy niya yung pagkatao ng anak ko. Dapat talaga sa kanya makulong,” he said. Bosio, who was in the Philippines for a vacation, was arrested last Saturday while in the resort together with three minors. Italy’s Ministry of Foreign Affairs suspended him from his diplomat duties following his arrest. — Andrei Medina/KBK, GMA News
Apr 092014
The National Bureau of Investigation has started working on its own investigation into the alleged involvement of a US state senator in the illegal trade of firearms with rebels in Mindanao. Justice Secretary Leila De Lima confirmed that the NBI has finished an “initial” probe on the matter. “But limited lang muna doon iyong pag-verify ng the presence nung US [state] senator na iyan na nabanggit sa [FBI] report,” said De Lima, adding that the lawmaker in question, California state senator Leland Yee, had visited the Philippines only once. According to a Federal Bureau of Investigation affidavit, Yee was part of a conspiracy to deal firearms without a license and to illegally import firearms from a Muslim separatist group in the Philippines. Yee was arrested in March on charges of corruption and alleged conspiracy to illegally trade in firearms. The FBI affidavit also claims that Yee has associates in the Philippines “trying to overthrow the current government.” “We felt that it is important to us also to try to verify lalo na iyong mga supposed travel of that US [state] senator here in the Philippines,” De Lima said. “We know exactly the month, year and the dates,” she added, but refused to elaborate. The Justice Secretary clarified that even though the NBI has not yet been “formally” tapped by US authorities to look into the matter, the bureau just the same has started “working on it” and “verifying” certain information on the supposed firearms smuggling. “I am not sure if Read More …
Apr 082014
MANILA, Philippines – Century Pacific Food Inc., the country’s largest canned goods producer, will become the second company to list in the local bourse through an initial public offering (IPO). In a memorandum, the Philippine Stock Exchange (PSE) said its board of directors approved the P3.33-billion IPO of Century Pacific. “We’re very optimistic about Century Pacific. It’s another play on the consumer growth and the growing income of Filipinos,” said Eduardo V. Francisco, president of BDO Capital & Investment Corp. “The consumer market in the Philippines will continue to grow because of the rising gross domestic product,” Francisco said, adding that increased spending capacity allows consumers to shift to more expensive products like corned beef from cheaper sardines. Century Pacific will list 2.22 billion common shares, of which 229.654 million shares will be offered to the public at a maximum price of P14.50 each that will raise as much as P3.329 billion. The bulk of the IPO proceeds will be used to pay existing debts, with the remaining funds allotted for capital expenditures, potential opportunistic acquisitions and general working capital. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Francisco said retiring debts will immediately improve the profitability of Century Pacific. The company is being advised by Evercore Asia Ltd. while the offer will be underwritten jointly by BDO Capital, BPI Capital and First Metro Investment Corp. The final IPO price will be set on Apr. 21. Offer period will run from Apr. 23 to Apr. 29, while the listing Read More …
Apr 082014
By Matikas SantosINQUIRER.net 2:31 pm | Tuesday, April 8th, 2014 US Embassy in Manila, Philippines. AP FILE PHOTO MANILA, Philippines – The United States (US) Embassy in the Philippines will be closed on Wednesday in observance of Araw ng Kagitingan (Day of Valor). “The US Embassy in Manila and its affiliated offices will be closed to the public on Wednesday, April 9, 2014, in observance of Araw ng Kagitingan, or Day of Valor, a Philippine holiday,” the Embassy said in a statement Tuesday. “The US joins the Philippines in honoring the sacrifices and heroism of Filipino and American soldiers who fought in World War II, particularly those who fought in Bataan, in defense of freedom and democracy,” it said. The Embassy and its affiliated offices will resume services on Thursday, April 10. RELATED STORIES: Free MRT, LRT rides for veterans this week US Embassy closed January 20 for Martin Luther King Jr. Day Follow Us Other Stories: Law expert: China’s actions may spur US-PH defense treaty Filipinos, other Asians top success index in US PH gov’t has other options to address sea dispute with China—Palace Obama, Aquino to tackle defense, China during state visit Recent Stories: Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines. Tags: Araw ng Kagitingan , Day of Valor , United States , US Read More …
Apr 072014
A DELEGATION of French businessmen arrived in Manila yesterday, indicating willingness to invest in the Philippines amid its strong economic growth.
Apr 062014
A building in Manila occupied by a call center. Rajesh Pamnani MANILA, Philippines — Most voice and call center businesses in India are transferring to the Philippines due to Filipino workers’ more “neutral” English acccent, among other reasons, an Indian business group said. The Associated Chambers of Commerce and Industry of India (Assocham) said that India is losing 70 percent of all incremental domestic business process outsourcing (BPO) businesses, particularly call centers, estimated to be worth $30 billion in foreign exchange earnings. “Philippines … has become the top destination for Indian investors, thus the need to reduce costs and make operations leaner is increasingly becoming significant across the BPO industry,” Assocham secretary general D.S. Rawat said in a statement Sunday. Citing Assocham’s study, Rawat said that the Philippines has an advantage over India due to its large pool of “well-educated, English-speaking, talented and employable graduates.” Rawat said that only 10 percent of graduates in India are qualified to work in call centers and training could take a considerable amount of time. About 30 percent of graduates in the Philippines, on the other hand, are employable. “Employees in Philippine call centers speak English fluently with a neutral accent which is what customers look for and that is something missing in Indian accents and that is a prime reason why BPO business is thriving in that country,” Rawat explained. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Cultural proximity to the US together with availability of talented manpower are key reasons Read More …
Apr 062014
MANILA, Philippines – The Department of Transportation and Communications (DOTC) said yesterday the recent awarding of two major infrastructure projects worth P19 billion under the Aquino administration’s public private partnership (PPP) scheme is expected to boost the flow of foreign direct investments (FDIs) into the Philippines. Transportation Secretary Joseph Emilio Abaya said the decision to award the P17.5-billion Mactan-Cebu international airport expansion project and the P1.72-billion automated fare collection system (AFCS) would enhance the perception of the international community of the Philippines as an investment destination. The DOTC inked a 10-year concession agreement with the AF Consortium led by conglomerate Ayala Corp. and infrastructure giant Metro Pacific Investments Corp. (AFCS) last March 31 for the single ticketing system for both the Metro Rail Transit and Light Rail Transit (MRT-LRT) after rejecting the appeal of losing bidder SM Group of retail magnate Henry Sy. The agency last Friday awarded the expansion project of the country’s second largest international gateway to the consortium of Filipino-owned Megawide Construction Corp. and Bangalore-based GMR Infrastructure after resolving the issues raised by second highest bidder Filinvest Group of business tycoon Andrew Gotianun. Abaya said the bidding process for the agency’s PPP projects are conducted in a fair and transparent manner. “By sticking to bidding rules and refusing to be influenced by external factors, we are showing the world that the country now has an excellent investment climate. Gone are the days when big-ticket contracts would be awarded despite being tainted with irregularities,” Abaya said. Business ( Read More …