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The Renewable Energy Summit

Roy — Mon, 15 Mar 2010 20:47:41 +0000

On March 25 and 26, 2010, the first Renewable Energy Summit will be held at the Sofitel Philippine Plaza. The summit was organized and will be hosted by the First Metro Investment Corporation, in partnership with the World Bank and Asian Development Bank.

The summit will be an annual event and the organizers aim to attract local and international players in the renewable energy and too find avenues for collaboration and investment in the local market.

The event also aims to position the country as one of the major players in renewable energy development and technology in the region.

Resource speakers for the said summit included: Senator Juan Miguel F. Zubiri; Francisco C. Sebastian, First Metro Investment Corporation president; Jesus Alcordo, Global Business Power president; Rauf A. Tan, Energy Regulatory Commission commissioner; Erramon Aboitiz, Aboitiz Power Corp. president; Anil Terway, Asian Development Bank senior adviser and practice leader (energy) regional and sustainable development; Maya Villaluz, World Bank senior operations officer (environment); Niels Jacobsen, NorthWind Power Corporation president; Rolf Anderson, chief of the Office of Energy and Environment of USAID and; Froilan Tampinco, National Power Corporation president.

To be discussed in the summit are: climate change, economic recovery and energy security which are predicted to spur investment in the renewable energy projects in the next few years.

The Renewable Energy Act of 2008 (RE Act) of December 2009, the first and most comprehensive legislative on renewable energy development in Asia, paved the way for increased investments and development of the country’s rich renewable energy sources.

Interested party who wants to be part or get more details of the renewable energy summit may reach Ed Gallinero at e-mail: ed.gallinero@tpgi.org and telephone +65 6846 2711; Jenz Mansilla at e-mail: jen.mansilla@tpgi.org and telephone +65 6846 2709; Bernadette Rigonan at e-mail: bernadette.rigonan@tpgi.org and telephone +632 502 8211; or The Pinnacle Group International Singapore Office: BizTech Centre, #09-08, 627A Aljunied Road, Singapore 389842, fax +65 6747 6131.

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Boncodin passed away at 55

Roy — Mon, 15 Mar 2010 12:23:55 +0000

Emilia Boncodin, the former budget Secretary, was reported to dead on Monday due to cardiac arrest at the National Kidney and Transplant Institute. NKTI executive director Enrique Ona signed on the medical bulleting that Boncodin, 55, passed away at 2:05 p.m. “She was admitted on March 10 for difficulty of breathing and anemia and was diagnosed to be on end-stage renal disease,” the bulletin read.

Leah Navarro, convenor of the Black and White Movement, said in a radio interview that Boncodin had been undergoing dialysis for months. In February 2005, Boncodin underwent kidney transplant. Unfortunately her body rejected the kidney from her sister that is why it failed to function.

Teresita Deles, former presidential adviser on the peace process, said that Boncodin had been confined in the NKI since last week. Deles described Boncodin as an “outstanding” public servant and a brilliant professor. “She was an outstanding public servant, someone who grew up in public service. She showed us that it is about serving the country and not for personal gain or prestige,” she said. Deles added that Boncodin entered the Department of Budget and Management at the young age of 18.

The late budget secretary served the DBM’s office as Direct, Assistant Director, Chief Fiscal Planning Specialist, Senior Fiscal Planning Specialist, and Fiscal Planning Specialist prior to becoming the budget secretary. She was also a professor at the National College of Public Administration and Governance of the University of the Philippines.

Boncodin was one of the public officials who resigned from their post at the height of the Hello Garci scandal over charges over charges of electoral fraud against President Gloria Macapagal-Arroyo. Together with six other cabinet official and three government executives, the group were collectively known as the “Hyatt 10.”

There is still no announcement on the burial plans. The hospital’s public information office said the family asked for private time and that the P10 has no information as to the family’s plans for Boncodin’s remains.

Meanwhile, Malacañang sent its condolences to the family, friends and loved ones of Boncodin.

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More passport applicants avail of the new appointment system

Roy — Sat, 13 Mar 2010 23:51:29 +0000

The new appointment system at the new consular building of the Department of Foreign Affairs (DFA) is in full swing after it was launched last March 9. The agency said around 55% of people who apply for passport daily have used the system which allow them to complete the process of applying for their passport within 30 minutes as long as they have complete supporting documents.

With the new system, passport applicants with appointments for the day will be ushered directly to the processing area to have their documents verified. After which, they will proceed to the second floor to pay the passport fees.

Data capturing section follows where applicants would have their photo, thumb mark and signature taken, which the agency said only takes around six minutes for the biometrics to be taken.

The DFA added service windows to streamline the application process. In the data capturing section one, there are now 60 windows from a former 12. They said the new system has been getting positive feedbacks thus far.

The DFA encourages passport applicant to use the appointment system for quick and comfortable service. They can check the requirements by logging in at the DFA website or by calling their hotline (02) 737-1000 which is open 24 hours. During office hours, the DFA help lines to call are (02) 831-8971, (02) 551-4437, (02) 551-4402, (02) 834-4855 and (02) 834-4424.

A new consular building was recently opened by the agency in Bradco and Macapagal Avenues in Aseana Business Park, near the Mall of Asia. This new facility is the home of the ePassport, electronic authentication system, electronic visa system, and digitalized consular records system.

The DFA also said that there are a total of 18 DFA Regional Consular Offices spread around the country providing consular services to Filipinos outside Metro Manila. The 18 regional offices are located in Bacolod, Baguio, Batangas City, Butuan, Cagayan De Oro, Cebu City, Cotabato, Davao, General Santos City, Iloilo City, Legaspi, Lucena, Puerto Princesa, San Fernando in La Union, San Fernando in Pampanga, Tacloban, Tuguegarao, and Zamboanga

“Filipinos who reside in the provinces need not come to Manila to get a passport. They only have to go to the DFA regional office nearest to them and avail of the same fast and efficient services,” Foreign Affairs Secretary Alberto Romulo said.
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Visa-free entry prvilege for foreign investors of Subic and Clark

Roy — Mon, 08 Mar 2010 15:05:23 +0000

The Bureau of Immigration (BI) announced that as an added incentive, foreign investors visiting the Freeport zones in the country – Clark, Pampanga and Subic, Zambalez, can avail of the government’s “visa-free” program.

An agreement was signed recently by BI Commissioner Marcelino Libanan with Subic Bay Metropolitan Authority (SBMA) administrator Armand Arreza and Clark Development Corp. (CDC) president Benigno Ricafort on the issuance of the visa-free entry privileges to foreign investors who are visiting the two freeports.

The agreement signed provides for the officers and personnel of a foreign locator in the two freeports to be allowed to enter and stay in the Philippines without a visa for a period of 14 days. The said privilege however, will be extended only to those who are arriving through the Diosdado Macapagal International Airport (DMIA) or the Subic Bay International Airport (SBIA).

“The agreement provides that the foreign locator shall vouch for their officers and personnel coming here and shall notify the SBMA chair of CDC president who shall approve the grant of the visa-free entry privilege,” the Bureau of Immigration said.

Together with the “visa-free” entry privilege, officers and personnel of foreign location can also apply with the BI for a landed visa. This visa would allow them to travel to other areas in the Philippines for the purpose of exploring investment opportunities outside the Freeport zones.

This privilege being given by the BI for foreign locators of Subic and Clark is part of the agency’s thrust in attracting more tourists and investors in the country.

For his part, Arreza agree that this will help attract more foreign investors to do business in Subic and Clark, and other parts of the country. It would also send signal to other foreign investors that the government is serious in courting more foreign investment that will create more jobs and improve the economy of the Philippines.

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Clark airport expands Terminal 1

Roy — Fri, 05 Mar 2010 15:07:13 +0000

At the Diosdado Macapagal International Airport (DMIA), the construction of the P308-million expansion of the existing terminal is in full blast and it is expected to be operation next month. According to Victor Jose Luciano, president and chief executive officer of Clark International Airport Corp. (CIAC), the newly expanded Terminal 1 will feature two passenger boarding bridges for the added convenience of passengers.

“We expect this to be operational in April and we will invite President Gloria Macapagal-Arroyo to lead the inauguration of the new expanded terminal on her birthday, April 5,” he said. The two passenger boarding bridges are expected to arrive at the Clark Civil Aviation Complex in Clark Freeport Zone by the end of this month.

The expanded terminal will have a bigger space for commercial concessionaires and a larger lounge for passengers. It will accommodate an additional 500,000 passengers annually, on top of the current capacity of 2 million passengers.

The expansion will convert the DMIA Terminal 1 into a two-story building with the boarding bridges, flight information display, closed-circuit television camera, background music, public address system, x-ray machines, escalators and elevators.

The DMIA increased its passenger volume last year at an average of 14 percent, with passenger figures breaching the 600,000 mark. That, in spite of the slump in the aviation industry last year, not only in the Asian region but globally.

According to Luciano, more airlines are expected to start operations at the DMIA following completion of the terminal expansion of which the new facilities will add to the convenience of travelers.

The airline companies operating at the DMIA at present are Asiana Airlines of South Korea that flies to Incheon; the Philippines’ Cebu Pacific Air that services Bangkok, Singapore, Macau and Hong Kong; Air Asia Berhad of Malaysia which flies to Kota Kinabalu and Kuala Lumpur; Singapore’s Tiger Airways with daily flights to Singapore; the Spirit of Manila that flies to Taipei; and the Southeast Asian Airlines that flies to Caticlan for travelers who are going to the island resort of Boracay.

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DFA to transfer to “intelligent building” starting March 4

Roy — Mon, 01 Mar 2010 13:04:07 +0000

The Department of Foreign Affairs (DFA) will be transferring at the new state-of-the-art consular buildings at Aseana Business Park on Macapagal Avenue in Pasay City starting on March 4. It will first transfer the authentication services on the said date, while all other passport operations will be there too starting March 8.

Applicants for Philippine passports will then have to get them at there as the DFA have already started transferring its consular operation to the new 7,000 square meter, four-story building which is a few blocks from the DFA main building on Roxas Boulevard. The new building, which is called an “intelligent building,” is part of the modernization program being undertaken by Foreign Secretary Alberto G. Romulo.

The facility is equipped with fiber optic lines, CCTV cameras and other high-tech information and communication infrastructure. Romulo said the Office of Consular Affairs building will set the new standard among government front-line offices, providing the public with fast, efficient and comfortable service. “It is part of our dream for the Filipino people to have world-class passport and consular services,” he said.

Romulo said that passport applicants could shorten their waiting time by accessing the DFA’s online appointment system, while those who go there for consular applications would now only have to go to the second floor.

He also advised concerned parties to check passport requirements and at the same time secure an online appointment at the agency’s website at www.dfa.gov.ph to ensure quick and comfortable service. They may also call the consular help-line number at 02-5560000 or the DFA tel. no. which is 02-8344000. Applicants may also go to the DFA’s 19 regional consular and satellite offices to file their applications.

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Pag-IBIG plans to bring back Biglang Bahay Bonds

Roy — Mon, 01 Mar 2010 02:45:06 +0000

During the Marcos-era, the Home Development Mutual Fund (HDMF), also known Pag-IBIG Fund run a house-and-lot raffle program called the Biglang Bonds. Now, the state-administered funds manager is planning to revive the said scheme after launching its planned P12-billion bond offering last week.

HDMF chief executive officer Jaime Fabiaña said that under the plan, the agency would sell non-interest bearing bonds and use part of the proceeds to fund a daily house-and-lot raffle worth P1 million. This would run for a period of one year, and bearers of the bonds are all eligible for the raffle. “We’re studying this most likely, we will do this in the third quarter,” Fabiaña said.

The agency did not disclose any details yet as to the amount, but the plan is already proposed to the board and the details are being studied. HDMF is constantly looking for ways to augment the agency’s funds and provide more people easier access to housing.

Starting on March 9, Pag-IBIG would be selling P12 billion in five-year bonds through public auction. The proceeds of the sale would be used to refinance P7 billion in debts maturing in May and the rest would be used to augment the agency’s funds.

Fabiaña believes that the bonds would be able to attract investors because they are tax-free and enjoy the full and unconditional guarantee of the government through the Home Guaranty Corp. Target investors are banks, property developers and insurance firms.

The bonds would have a maturity date of five years and one day, and also serve as alternative compliance by banks with the Agri-Agra Law and counts as reserve assets of insurance companies and compliance with the Urban Housing Development Act.

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Local banks help raised P14B for Panay power plant

Roy — Sat, 27 Feb 2010 07:56:18 +0000

Local banks have agreed to help raise and lend the Panay Energy Development Corp. (PEDC) P14-billion for its construction of a 164-megawatt coal-fired power plant in La Paz, Iloilo City. The Panay Energy is owned by George Ty’s Metrobank group, and the loans were arranged by First Metro Investment Corp. (FMIC), the investment banking arm of Metrobank.

The deal is the second-biggest peso-denominated project loan facility to be purely funded by local institutions. The biggest was the P16-billion deal raised by Cebu Energy Development Corp., another Metrobank affiliate, for its power plant in Toledo City, Cebu.

FMIC was able to get the commitment of local banks for a 12-year loan to PEDC. These banks include Allied Banking Corp., Bank of the Philippine Islands, China Banking Corp., Land Bank of the Philippines, Metropolitan Bank and Trust Co., Philippine National Bank, Philippine American Life and General Insurance Co., Rizal Commercial Banking Corp. and the Union Bank of the Philippines. The loans represent about 70 percent of the funding of the project.

PEDC expects the power plant to be finished and already in operation in six to nine months time, and it will use “clean coal” technology. FMIC president Francisco Sebastian said that once completed, the power plant would make brownouts in the Visayas history as the new facility would account for 80 percent of the existing power generation capacity of the island.

Formosa Heavy Industries will be the one to build the new power plant by PEDC. It will also undertake the engineering design and procurement. The Metrobank group hopes to recover the costs from the project over a 25-year period.

PEDC is a subsidiary of Metrobank group’s Global Business Power Corp. Its president Jesus Alcordo said that despite the fuss over renewable energy, clean coal technology was still much more competitive.

The Metrobank group, at present, is still looking for opportunities in power generation, said chairman Antonio Abaca, adding that they prefer investing in new power plants rather than acquire old ones.

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BIR targets P30 billion from large taxpayers this year

Roy — Fri, 26 Feb 2010 17:10:54 +0000

The Bureau of Internal Revenue (BIR) is targeting to reach P360 billion for its collection this year from the country’s large taxpayers. The figure which is higher that the P339 billion collected last year, represents roughly 60 percent of the agency’s full-year target of P830 billion, said BIR Assistant Commissioner Nesto
Valeroso is optimistic that they would meet this year’s target especially with their enhanced measures against large taxpayers, particularly their better profiling and monitoring of big-ticket companies and projects. The announcement was made during the agency’s launch of its large taxpayers Service (LTS) 2010 Tax Campaign. BIR hopes that this campaign translates to higher collections for them.

LTS, which caters to large corporate clients including the Top 1,000 corporations in the country, has roughly 2,000 clients at present.

These companies are those whose net worth is at least P300 million and who pay an annual income tax and withholding tax of at least P1 million. Their value-added tax (VAT) is at least P100,000 for any given quarter and P1 million in excise tax per taxable year.

With better collections from the LTS group, Valeroso said , there will more funds to finance the government’s programs. “Building the gap between the large taxpayers and the Filipino people who benefits from taxes is our goal,” he said.

In the speech of BIR Commissioner Joel Tan-Torres during the launch which was held at the NBC Tent, Fort Bonifacio, Global City, he expressed confidence that they would meet its full-year collection goal of P830 billion as he noted that the agency has met its monthly targets for the last two consecutive months.

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PNOC back in the geothermal power generation

Roy — Thu, 25 Feb 2010 00:59:04 +0000

The Philippine National Oil Co. (PNOC) was able to bag an exploration contract to develop the Mt. Isarog volcanic chain in Camarines Sur. The PNOC’s $60-million Mt. Isarog geothermal project is estimated to generate 18 gigawatt-hours of electricity per year from its potential capacity of at least 20 megawatts. It will be started in the third quarter of 2010.

It will be connected to the Luzon grid and the power generated will be sold to the local electric cooperatives and industries so household and industrial consumers in the Camarines province, as well as other areas in Luzon, would be able to benefit from it.

PNOC is not new in the geothermal power industry, it was the largest producer of geothermal power in the Philippines before it sold its geothermal subsidiary in 2007 to a Lopez-led consortium. During the negotiations then, PNOC president and chief executive officer Antonio Cailao asked that the “non-compete” clause be stricken off the contract so the government can still engage in geothermal explorations later on, just like what it is doing now.

Cailao said, “I want PNOC to actively participate again in the geothermal business, especially because the Philippines lies in the ‘ring of fire,’ a sweet spot in geothermal energy. It is no wonder that we are number two in the world today. Geothermal energy presently accounts for about 23 percent of the total energy mix in the country. We should continue our proven expertise in this sector of renewable energy.”

The Mt. Isarog exploration project is projected to have a geothermal potential equal to that of the Tiwi geothermal field, because the volcanic chain spans the entire Bicol Peninsula, to Samar and Leyte up to Diwata Range in Mindanao.

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P12-billion bond offering from Pag-IBIG funds

Roy — Wed, 24 Feb 2010 14:43:20 +0000

The Home Development Mutual Fund (HDMF), more popularly recognized as he Pag-IBIG Fund launched a bond offering which will be auctioned to the public on March 9. The state-administered fund manager will be offering P12 billion bonds starting next month.

Jaime Fabiaña, chief executive officer of HDMF said that the proceeds of the funds would be used by the agency in refinancing a P7 billion debt maturing in May. The rest of the proceeds would be used to augment the agency’s funds.

The bond offerings were launched in an investors’ briefing held recently, where Fabiaña said the bonds would be definitely be attractive to investors. “They are tax free and enjoy the full and unconditional guarantee of the government through the Home Guaranty Corp.,” he said.

The term of the bonds would be five years and one day. They can also serve as alternative compliance by banks with the Agri-Agra Law and qualify as reserve assets of insurance companies and can count as compliance with the Urban Housing Development Act.

The target investors for the bonds are property developers, insurance firms and banks. The Development Bank of the Philippines (DBP) and First Metro Investment Corp. (FMIC), which is the investment arm of Metrobank Group, were tapped by HDMF as arrangers for the deal. The Land Bank of the Philippines would join the group as joint lead underwriters, while the Bureau of the Treasury serves as facility agent and registrar.

Pag-IBIG is a popular government agency whose main thrust is to provide affordable home financing to its members. Aside from housing loans, it also provides personal and other emergency loans. For 2009, the fund manager released a total of P46 billion loans to over 74,000 members nationwide, making it the biggest home financier in the Philippines.

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Subic marketed as MICE hub

Roy — Sun, 07 Feb 2010 23:59:29 +0000

The Subic Bay Freeport is fast becoming the country’s center of meetings, incentives, conventions and exhibitions (MICE). This was noted by Department of Tourism Secretary Ace Durano during the opening of the MICECON 2010 held recently.

“Subic opens up a new world for MICE since it offers a very wide array of both man-made and natural facilities for corporate guests who mostly comprise this $300 billion global market, just one percent of which can add $3 billion to our consistently growing tourism dollar receipts,” he said.

Durano said that delegates who attended the said convention are expected to contribute to that goal as they spread the good news about Subic and the Northern Philippines when they return home to their respective countries and clientele.

Participants coming from the Philippines are then poised to step up and adapt their marketing and product development efforts to meet specific global requirements, especially now that MICE is becoming a very popular business tool worldwide.

It was the first time that a MICE event was held north of Manila. Previous conventions were staged in Cebu, Boracay, Davao, Bacolod and Batangas. Durano said the staging of MICECON 2010 in Subic was intended to develop and market the North as another MICE destination outside Manila.

The event was held at the Subic Bay Exhibition and Convention Center. It also brought in guest from around the Freeport and along the Subic-Clark corridor. This include Balanga town in Bataan, which is now a popular destination for bird watching.

Subic Bay Metropolitan Authority (SBMA) administrator Armand Arreza who welcomed the guests during Saturday’s opening ceremonies said, “This tour of North Philippines will all the more highlight Subic’ complete amenities for MICE activities as these complement those of its neighboring localities.”

“Moreover, the SBMA maintains a large pool of qualified and English-speaking workforce, mainly from the city of Olongapo and the nearby provinces of Zambales and Bataan,” he added.

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PCCI opposed overtime payments for BI personnel

Roy — Sat, 06 Feb 2010 01:33:01 +0000

The Senate Bill 3404 or the Philippine Immigration Act of 2010 has provision that raised concern to some business sectors. Section 30 of the said act grants Immigration Officers the power to assign personnel to do overtime work at rates fixed by him when the services rendered is to be paid for by the shipping companies, airlines or other persons served.

The Philippine Chamber of Commerce and Industry (PCCI) sent a position paper opposing the said provision. The PCCI said that passing on to airline and shipping firms the proposed granting of overtime fees to immigration employees is an additional cost of doing business and would affect the country’s already beaten competitiveness.

The services rendered by the BI personnel in seaports and airports is for the protection of the State and is therefore consider public service. The said PCCI that the said provision is exactly against the principle of public service, and goes entirely against the collective efforts of the government and the private sector to help our country move up in the international competitiveness ranking, specifically from the bottom third to the upper third of the global ranking.

“To further boost the long-term competitiveness of the Philippines through enhanced international connectivity, we strongly recommend the deletion of the specific provision authorizing the BI Commissioner to fix the overtime rates and to charge them to the airlines, shipping companies and other persons served. This recommendation was submitted as major resolution to Her Excellency during the 35th Philippine Business Conference last October 2009,” the PCCI said.

The business chamber instead suggested that the additional overtime fees should be underwritten by the agency concerned, duly integrated in the General Appropriations Act. It also warned that the passing of overtime fees of BI personnel would increase the cost of doing business in the country for both local and foreign airlines and shipping companies.

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The expansion of Bibingkinitan

Roy — Tue, 02 Feb 2010 01:21:51 +0000

Bibingkinitan! has embarked on an aggressive campaign to expand its number of outlets this year. The fast-rising Filipino food chain is aiming to open up about 100 new outlets all over the country, to bring its total number of stores to at least 250 by the end of 2010.

Richard V. Sanz, president and chief executive officer of FoodAsia Corp., the mother company of Bibingkinitan!, said that the 50 percent of the new stores that will be put up would be owned by the company, while the other 50 percent would be franchised.

The company’s focus, according to Sanz, is towards establishing more stores in smaller-sized malls and roadside locations in provincial cities and capital towns. “Last year we already saturated the big malls so our direction now is to go on smaller malls and provincial cities and towns,” he said.

Sans also added that the product line of Bibingkinitan! has also expanded. They now also serve other foods like “pancit in bilaos” and “Bar-B-Q” for take-out. The company’s target is to position Bibingkinitan! as the preferred brand for parties, gatherings and “pasalubong” (take-home) food packages.

He was also proud to announce that the name Bibingkinitan! is now a recognized and an established brand. The Bank of the Philippine Islands (BPI) is even offering a collateral-free loan to its prospective franchisees. “The fact that a bank in the stature of BPI is willing to offer collateral-free loan for our franchisees shows that Bibingkinitan! is already a trusted brand and a highly feasible investment opportunity,” Sanz said.

He is also happy to announced that they have developed a very affordable franchise package they called the “Franchise Lite.” Under the said package, franchisees can pay the franchise cost in six months at zero interest and without any down payment.

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New mall to be built in Benguet

Roy — Mon, 01 Feb 2010 10:37:34 +0000

Many fears the disadvantages that it could bring, such as affecting the trade of vegetable dealers in the town and that it will worsen Benguet’s traffic problem. But Mayor Artemio Galwan is adamant on the plan of building a P268-million commercial complex in the public market area.

“The trend is now to erect malls, it’s a good attraction for businessmen,” Galwan said. Local officials hope that the proposed shopping mall complex would boost the town’s bid to become the Cordillera’s second major business center after Baguio City.

The proposed mall would be a three-story building, which would occupy 3,910 square meters of the market are. Galwan believes it would enhance the town’s revenue and attract more capital investors who found nearby Baguio City already a crowded market. “The complex would respond to the need to systematize business in the town whose daily economic activities had grown with too many stakeholders,” he said.

Galwan is very much aware of the opposition and concern of some sectors regarding the proposed commercial complex. He said he was not surprised of their reactions, but he is quick to add that the project’s potential economic benefits far outweighed the disadvantages. “The mall would become an attraction for investors. We wanted to absorb the spillover of investors from Mt. Province, La Union, Pangasinan and Baguio City,” he said.

The proposed mall would be built by Jarco Realty Development Corp. who will build the complex on a build, operate and transfer (BOT) scheme for 30 years. The project is projected to be finished by 2012, after which Jaro will start paying rent ranging from P25 to P31.90 per square meter for 30 years. The town is expected to earn a total rent of P39.0 million before the mall’s ownership is transferred to the town government.

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GSIS selling its Philex share to First Pacific

Roy — Tue, 26 Jan 2010 01:29:03 +0000

The Government Service Insurance System (GSIS) has entered into a conditional sale agreement with the Hong Kong-based First Pacific Company (FPC), which is represented by its local affiliate Two Rivers Pacific Holdings Corporation. The deal will see First Pacific buying approximately 5.9 percent interests of GSIS in Philex Mining Corporation for P6.02 billion.

The FPC said in its disclosure to the Hong Kong Stock Exchange, it is buying the 286.78 million shares of GSIS in Philex at P21 per share. An acquisition that would bring the company’s stake in Philex to 46.6 percent.

Two Rivers, following the completion of the Conditional Sale Agreement, will increase its ownership in Philex to approximately 15.1 percent, in addition to the 31.5 percent economic interest in Philex held by the First Pacific Group.

The Philippine legal counsel, however, has advised FPC that the acquisition of the Philex shares by Two rivers will not give a rise to a mandatory tender offer obligation because the Target Shares constitute less than 35 percent of the outstanding shares of Philex.

Likewise, the shares will be acquired after the lapse of the twelve-month period from First Pacific’s initial purchase, through its wholly owned subsidiary, Asia Link B.V. on November 28, 2008 of approximately 20.06 percent of the common shares of Philex.

Prior to the conditional sale, Two Rivers already had 9.24 percent interest in Philex, which it acquired for P9.49 billion from shareholders Roberto Ongpin, Walter Brown and Development Bank of the Philippines (DBP).

With the acquisition of FPC of the GSIS share, it will be fulfilling its objective of acquiring shares in Philex so as to increase its aggregate interest up to 40 percent. The company said it plan to expand and develop the group’s mining strategies in the Philippines.

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Biggest BPO event to take place next month

Roy — Mon, 25 Jan 2010 13:54:39 +0000

On February 8 and 9, the biggest BPO event will be held at the SMX Convention Center in Pasay City. The 10th e-Services Global Sourcing Conference and Exhibition, which the largest ICT/BPO event in the country, is expected to bring in 120 exhibitors and 1,440 trade buyers.

This year’s event will be aiming to surpass the record last year, which brought 1,400 trade visitors and generated close to $100 million export sales. Around 800 business meetings were held at the booths and 115 business matching activities were done during the exhibit.

This year, the business process outsourcing sector, will be celebrating a decade of promoting e-services in the country with the event. Trade Secretary Peter B. Favila said, “This year, the BPO industry project attain $11-13 billion revenues, generate 650,000 to 900,000 new jobs and gain 10 percent of global market share.”

The BPO industry, which has grown into a US$6 billion business, is the single biggest employment growth sector in the country to date.

For the exhibit next month, event organizers invited key speakers from the U.S. and Europe to talk about topics on emerging BPO business models, green IT and technology economies. “We also pay tribute to the innovators in Philippine ICT and BPO for ten years in the e-Services Awards Hall of Fame and we are featuring an investors’ program to bring in more business and jobs here,” Favila added.

“We are also bringing our IT/BPO companies to the Game Developers Conference in the U.S. this year as well as our other players from creative e-services to the Hong Kong International Film and TV market so we can strengthen our image not just as a center of excellence in ICT and BPO, but also in the emerging field of creative process outsourcing.”

The e-Services event has the Center for International Trade Expositions and Missions (CITEM) as its lead agency. Other agencies involved are the Board of Investments, the Communication Technology (CICT), the Regional Operations and Development Group and the Commission on Information and the Foreign Trade Services Corps.

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Senate bill urged insurance firms to pay for losses due to “Acts of God”

Roy — Fri, 22 Jan 2010 12:26:36 +0000

Minority Leader Aquilino Q. Pimentel, Jr. filed Senate Bill 3966 which is aimed in amending the Insurance Code in the Philippines. Pimentel believe that insurance firms should be compulsorily required to indemnify owner of motor vehicles that have been damaged or destroyed by floods, landslides, earthquakes, and other natural disasters.

With SB 3966, Pimentel would like to ensure that car owners who are holders of comprehensive motor vehicle insurance policy are automatically compensated if their vehicles are wrecked by natural disasters.

“This bill will do away with the malpractice of insurance firms of refusing to compensate holders of comprehensive motor vehicle insurance policy on the ground that the natural disasters are acts of God that are beyond the ambit of the policy,” he said.

The senator filed the bill as an aftermath of the effect of storms Ondoy and Pepeng which hit the country last year. Many motor vehicles were swept and inundated by floods and landslides, leaving most of them damaged and many, beyond repair. The owners of these damaged vehicles immediately filed claims from their insurance companies.

“It is, however, unfortunate that insurance companies deliberately resort to ‘acts of God’ clause in insurance policy to avoid payment of claims, leaving the comprehensive insurance policy holders helpless in the midst of enormous losses,” Pimentel said.

The senator said it is unfair to the car owners who religiously pay their insurance premiums only to find themselves empty-handed when they file their claims because of the deceptive policy of insurance firms or refusing to honor such insurance claims.

Under SB 3966, it is provided that “in case of a comprehensive motor vehicle insurance, no policy shall be issued and delivered in the Philippines unless it contains in substance the provision that comprehensive motor vehicle insurance shall cover all fortuitous events, such as floods, landslides, typhoons, volcanic eruptions, earthquakes and other related natural calamities, or indirectly, proximately or remotely occasioned by, contributed to or traceable to, arising out of, or in connection with the aforementioned natural events.”

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Remonde to recieve presintial honors

Roy — Thu, 21 Jan 2010 15:36:22 +0000

A posthumous presidential citation was given by President Gloria Macapagal-Arroyo to the late Press Secretary Cerge Remonde for the latter’s exemplary public service as government official and noted journalist.

Remonde, who was 51 years old, died of heart attack on Tuesday morning in his house in Makati City. He was found unconscious by aides at home in Bel-Air, Makati City. They immediately brought him to the nearby Makati Medical Center, but efforts to revive the late secretary failed.

President Arroyo said that Remonde, who is one of the longest serving officials in her administration, will be sorely missed. “I have a lot of fond memories of Cerge. He got along very well with my grandson Diggy (Diosdado Miguel, of Dato) because Cerge has not children so he was very fond of my grandson,” she said.

Executive Secretary Eduardo Ermita said he is not yet sure at to what citation will be conferred to Remonde, but he said it could be the Order of Lakandula.

Philippine Information Agency (PIA) director general Conrado Limcaoco was appointed by the president as officer-in-charge of the office of the Press Secretary. She likewise stressed that Remonde’s permanent replacement should be acceptable to members of the Malacañang Press Corps.

Remonde’s widow, Danish Citize Marit Stinus-Remonde, told reporters how hardworking he was. She told how he continued to perform his duties as press secretary despite the intense pressures and daily frustrations. “He told me sometimes no matter how explains the truth, his statements get twisted. He often hoped and prayed that some would remove their biases,” Marit said.

Marit, 44, met Remonde in Manila back in 1992. They got married two years later but remained childless.

She also said that Remonde already wrote his last will and testament a few years ago, but she thought she was not ready to open it yet.

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SM to build the biggest shopping mall in Visayas and Mindanao

Roy — Sat, 16 Jan 2010 23:17:28 +0000

SM Prime Holdings Inc. (SMPHI), member of the SM group companies, the largest mall chain in the country today, will soon be building the biggest shopping mall in the Visayas and Mindanao. In three years’ time, the P2-billion land deal between SMPHI and the city of Cebu is expected to be finished.

The agreement has been signed by Cebu City Mayor Tomas R. Osmeña and SMPHI president Hans Sy last week, citing the conditional sale of a 3-hectare area in the city’s reclamation project, which is the South Road Properties (SRP).

Sy said the project was their way of expressing their gratitude to Cebu for their unwavering support and confidence to the SM group. He also credits Osmeña for his “unwavering sales pitch.”

“This is it. This is the start of a whole new ball game,” Sy said, “To me, this is a start for us to roll up our sleeves and deliver a project that all Cebuanos will be proud of,” he continued.

SMPHI earlier paid the city about P270 million as bid bond for the project, after the signing of the deed of conditional sale, Sy turned over to Osmeña a check amounting to over P406.4 million which represents the balance in the down payment of P677.428 million for the property. Sy said the company would pour in a total of P20 billion for the entire project. They expect the whole project to be finished in eight years.

Sy also said that the project is more than just another shopping complex, because they will integrate development projects in the area, which include, aside from a shopping mall, two hotels, a university, and a hospital which would cost P20 billion upon completion.

The shopping mall project was conceptualized based on what Osmeña had envisioned for the SRP, said Ronal G. Tumao, SMPHI vice president for marketing research and planning department.