PinoyBusiness.ORG - Home » development

Stricter No Smoking rules starting Monday

Roy — Sun, 29 May 2011 02:26:46 +0000

A stricter “No Smoking” policy in public places will be implemented in Metro Manila starting Monday and the Metro Manila Development Authority (MMDA) will see to it that it will be imposed.

The MMDA will be arresting smokers on and secondary roads starting Monday, especially those inside public utility jeepneys and buses. This crackdown against smoking in public places is enforced by the MMDA in partnership with health and environmental officers of Metro Manila’s 17 localities.

MMDA Chairman Francis Tolentino invoked Section 5 of Republic Act 9211 of 2003 or An Act Regulating the Packaging, Use, Sale, Distribution and Advertisement of Tobacco Produces and For Other Purposes, and also the anti-smoking drive of the Land Transportation and Franchising and Regulatory Board in the implementation of the No Smoking policy.

Those who will be caught will be fined P500 for the first offense, or will be required to render an eight-hour community service if they cannot afford to pay the fine.

Possibly Related Topics to Read

DTI to bring SME Caravan to Antique

Roy — Sun, 15 May 2011 17:43:22 +0000

The Department of Trade and Industry (DTI) will bring business caravan to Antique. The DTI has chosen the province to be one of the sites for the Small and Medium Enterprises (SME) caravan which is slated on the 26th and 27th day of this month.

The trade department is encouraging businesses falling under the category of small and medium enterprises to take part in the said business caravan as it could be of great help for them because they would gain knowledge and skills in the field of their specialization.

The Micro, Small and Medium Enterprises (MSMEs) sector are considered by the national government as the backbone of the country’s economy. They contribute to employment and generate output for the economy. The government considers this sector as a vital link in dispensing new industries to the countryside and providing gainful employment. With this in mind, the government initiated a comprehensive and integrated strategies in sustaining the growth and development of the MSME sector, one of them is the SME Caravan.

Through the SME Caravan, the MSME’s could gain improved access to government and private sector services, particularly in areas where the provision of business services are limited. The caravan also aims to create awareness of SME’s various business development services that are available to them, both from the government and private sector.

During the business caravan, there would be resource speakers who will cover different business topics like Access to Markets, particularly Product Development and Marketing the Business, Packaging and Labeling, Product Costing and Pricing, and How to Participate in Trade Fairs.

For the finance said of business, the Access to Finance module will cover Business Plan Preparations, while the session on Productivity and Efficiency will cover topics such as Good Manufacturing Practices and Food Safety. The module on Entrepreneurship will cover Entrepreneurial Mindset and Opportunity Seeking lectures.

The seminars are free and DTI published information materials on MSMEs will be provided to each seminar participant.

Supporting the DTI in business caravan are different agencies and organizations like the Land Bank of Philippines, Development Bank of the Philippines, Provincial Government, TESDA, OPA, PPDO, DAR, the Sangguniang Panlalawigan and Non-Government Organizations.

Possibly Related Topics to Read

New reimbursement payment scheme to be adopted by Philhealth

Roy — Mon, 09 May 2011 10:27:19 +0000

A new payment system that will replace the present “fee for service” scheme in reimbursing hospitals will be adopted by the Philippine Health Insurance Corp. (Philhealth) and hopes to implement it next month.

The Philhealth plans to adopt a new system called the “case payment” system which will have fixed rates for medical services and surgical procedures to reimburse hospitals for treatment of Philhealth members.

Senior manager of benefits and development and research department of Philhealth Dr. Israel Francis A. Pargas said the case payment system will cover both medical and surgical procedures. He said the board discussion on the new scheme is almost over.

Pargas presented a draft during the recent annual convention of the Philippine College of Physicians (PCP), of the proposed amounts that can be reimbursed by hospitals on specified surgical and medical cases.

Among the fixed rates for service and procedures are: hemodialysis, P4,000; radiotherapy, P3,000; caesarian section, P15,000; Medical Care Plan (MCP), P8,000; appendectomy, P26,000; hysterectomy, P30,000; cholecystectomy, P31,000; dilation and curettage, P11,000; mastectomy, P22,000; herniorrhaphy, P21,000; and thyroidectomy, P31,000. For other diseases, reimbursement for essential hypertension case will be P9,000 and typhoid fever is P14,000.

Pargas said, “The new case rates shall be the new reimbursement for all the specified cases. It will apply to all claims by eligible Philhealth members and dependents admitted in accredited facilities.” He noted that the new scheme will moderate the financial risk to Philhealth and will provide high financial protection to beneficiaries and members and would mean less administrative cost for hospitals and Philhealth because it will not need any itemization.

According to Pargas, under the current reimbursement scheme which is the fee-for-service method, there is a high risk to payors, Philhealth and members and is also incentive for fraud. The present system also results in high administrative cost for hospitals.

Possibly Related Topics to Read

New CDC head assumes post

Roy — Wed, 04 May 2011 18:39:14 +0000

Antonio B. Remollo, former mayor of Dumaguete City, is the new head of the Clark Development Corp. (CDC) replacing Benigno Ricafort, Ateneo law school dean Cesar Villanueva assumed post as CDC chairman, replacing Rizalino Navarro.

Ricafort left to Remollo’s charge a Freeport hosting some P77 billion worth of investments of foreign and domestic firms. He also reported that Clark now employs 60,000 personnel, which is a far cry from the average 24,000 Filipinos employed by the Americans before they left the former US Air Force base.

Ricafort started as CDC board member in 1993 until former president Gloria Macapagal-Arroyo appointed him CDC head in 2008.

Meanwhile, Remollo had been mayor of Dumaguete City in Negros Oriental from 1998 to 2001. In an interview, Remollo said he would keep the current vice presidents of the CDC although they would be under probation for six months to one year. He said he would retain those proven efficient and dedicated to their work.

Remollo disclosed that he is eyeing enough area in Clark for the construction of a “new Malacañang” as well as buildings to accommodate national government offices. He did not confirmed though if it was motivated by President Aquino, although there were other sectors, both private and public, who wanted to move the country’s government seat to Clark.

One of the top priorities of Remollo, he said, would be the development of Clark as a major tourism destination. “Tourism here could be developed to the maximum also by hosting sports activities as well as promoting medical tourism. We should have a really attractive theme park here,” he said.

Remollo is eyeing particularly the 300 hectares of land by the Philippine Air Force (PAF). The area include a resort with an Olympic-sized swimming pool, an “officers’ club” building with conference rooms, a hotel, and a football field. Said facilities have been noted to be underutilized and deteriorating under the management of the air force.

Possibly Related Topics to Read

Clark airport to get a boost from US lawmakers

Roy — Mon, 02 May 2011 04:20:52 +0000

During their visit to the Clark airport, president and CEO of Clark International Airport Corp. (CIAC) Victor Jose I. Luciano asked the two US senators for help in the transformation of Clark airport into an “aerotropolis” that will bring in investors from the United States.

US Senators Daniel Inouye of Hawaii, President Pro Tempore of the US Senate, and Thad Cochran of Mississippi, both members of the committee on appropriations, were at the CIAC corporate offices recently and made a quick tour at the expanded Terminal 1 of the Clark International Airport.

Luciano made a presentation to the two senators at the CIAC Boardroom where he pointed to them the development of a logistics and services hum in the Clark airport area which was patterned after the logistics hub in Dallas Forthworth, Texas where the development of two cities created an “aerotropolis.”

Luciano said, “The airport-driven economic powerhouse brought in hundreds of companies around the airport in Dallas. This is where we would like to seek the US government to help us plan to make the Clark Civil Aviation Complex an aerotropolis.” He asked the two senators to help promote Clark to American investors.

Senator Inouye said Luciano should join the APEC meeting in Hawaii this year to make a pitch for the development of Clark airport and make same kind of presentation he showed to them. This year’s annual APEC Leader’s Meeting will be held in Honolulu, Hawaii in November.

The two US Senators visited the Philippines to look into the transformation of the two former US military bases, the Clark Air Base in Pampanga and the Subic Naval Base in Olongapo, and see how they were turned into productive civilian use.

Possibly Related Topics to Read

Nestle Prize in Creating Shared Value now open for nominations

Roy — Sun, 24 Apr 2011 03:04:12 +0000

The Nestlé Prize in Creating Shared Value is open for nominations. The award, which is open globally, aims to recognize an individual, non-government organization, or small enterprise working in the field of nutrition, water, or rural development. The nomination will be open until June 30, 2011.

The Nestlé Prize in Creating Shared Value was launched in 2009 and offers advice and financial support of up to CHF 500,000 (more than US$480,000 or approximately P23 million), to an innovation or project that has shown outstanding promise in improving access to, or management of, water, enhancing the lives of farmers and rural communities; or providing better nourishment to communities suffering from nutritional deficiencies.

Those who are eligible for nominations are individuals, non-government organizations (NGOs), or small enterprises. Their projects should already have achieved small scale success, it must be implemented in a developing country, and it should be based on a sound and sustainable business model.

The fields of achievements include, but are not limited to, agriculture, including extension services and use of new technology; food science and technology; nutrition education programs; water management; protection of water resources; and the like. Applicants may either self-nominate or be nominated by others who are familiar with their work. To ensure long-term success, the Prize Laureate is supported by a financial commitment over a period of time to assist in the development of their project or innovation.

Possibly Related Topics to Read

PNOC-EC eyes expansion of coal production

Roy — Fri, 22 Apr 2011 12:35:27 +0000

The Philippine National Oil Company-Exploration Corporation (PNOC-EC) earmarked P900 million for the expansion of its coal mining ventures in Zamboanga Sibugay in Western Mindanao. The state-run oil exploration company said that its board of directors has already approved the special budget “to fund the development of existing coal mine” that will enable it to double its annual production of steaming coal to 500,000 metric tons.

The expansion is in line with company’s mandate to develop more sources of indigenous energy for the country’s needs. PNOC-EC’s coal mine in Zamboanga Sibugay is said to produce the highest grade of coal quality in the country. Developments in the mine are underpinned by the company’s coal operating contracts 41 and 152 as awarded by the Department of Energy.

Aside from its Zamboanga Sibugay mine, the company is likewise engaged in coal exploration and development activities in Isabela and Surigao del Sur via coal operating contracts 122, 141 and 140. PNOC-EC also operates coal terminals in Zamboanga Sibugay, Cebu, Batangas, and North Harbor for its integrated coal trading activities. These locations have been serving as handling facilities for local as well as imported coal which the company supplies to power plants and cement factories.

PNOC-EC is also into oil and gas exploration. It currently holds interest along prospect areas in Cagayan, Ragay Gulf, Offshore Mindoro, Calamian, West Calamian, West Balabac and East Sabina. Its biggest venture in oil and gas development to date is still the Malampaya deep water gas-to-power project. Its Service Contract (SC) 38 for the Malampaya field is only the acreage in the production phase; while the rest are still exploration blocks.

The company is also aligning a budget of $100 million for its next round of investment in the Malampaya project. Given its current financial standing, PNOC-EC noted that it is all set for capital infusion once the project consortium-members comes off for a “cash call.”

Possibly Related Topics to Read

Authorities ready for today’s transport strike

Roy — Thu, 31 Mar 2011 03:29:09 +0000

Because of the transport strike scheduled today by major transport groups, the authorities deployed before dawn the first batch of buses to give free rides to commuters who were affected. Metropolitan Manila Development Authority (MMDA) Chairman Francis Tolentino said their personnel also started monitoring as early as 4 a.m. The Armed Forces of the Philippines (AFP) Metro Manila, headed by Brig. Gen. Tristan Kison said they contributed 35 trucks and buses for the “Libreng Sakay” effort.

The Pinagkaisang Samahan ng Tsuper at Opereytor Nationwide (PISTON) led today’s transport caravan to protest recent fuel price hikes. They were to gather at the Quezon Memorial Circle and proceed to the University of Santo Tomas (UST) area in Manila. From there, they would march to Mendiola Bridge near Malacañang.

Tolentino issued advisories to motorists and commuters to avoid the Quezon Avenue area and other roads which are part of the route the caravan will take, particularly the Welcome Rotonda at the boundary of Manila and Quezon City at 1 p.m.

The MMDA Chairman also warned transport groups who would block the path of public utility drivers and motorists who do not wish to join the protest action. He said Metro Manila police under Director Nicanor Bartolome will be on the lookout against such action.

Earlier, the Land Transportation and Franchise Regulatory Board (LTFRB) issued a warning to those who will join the transport strike. LTFRB said they will face the risk of having their franchise either suspended or cancelled because they have an obligation to the riding public.

LTFRB Board Member Manuel Iway said, “If there will be fewer jeepneys or none on the roads, we will conduct an investigation on these jeepney operators.” He warned that is such a scenario happens, they will send show cause orders to the jeepney operators for them to explain why they should not be sanctioned.

Possibly Related Topics to Read

Lepanto sets 2011 capex at P700 million

Roy — Mon, 28 Mar 2011 20:34:18 +0000

Lepanto Consolidated Mining Co. Inc. has set aside P700 million for its capital expenditures for 2011. In its disclosure with the Securities and Exchange Commission (SEC), Lepanto said it would embark on an aggressive development program of the upper levels of the Victoria mine in Mankayan, Benguet where production for the year will be concentrated.

The company said the development of the Victoria reserve is expected to result in the expansion of the company’s gold production to 40,000 ounces this year. “Internal ramps and stop developments of over 16 kilometers will be prepared to dully delineate the production panels way ahead of extraction thereby making mining operations more efficient,” Lepanto said.

Funding for its 2011 capex will come from proceeds of a recent stock rights offering, which raised around P3 billion for the company. Lepanto offered a total of 10.05 billion common shares to its stockholders at a ratio of one new common share for every 3.3 common shares at 30 centavos apiece.

Lepanto has also set aside parts of the proceeds from the rights issue to for the settlement of a substantial portion of its debts, which is expected to result in a reduction in interest expenses. The company resumed copper operations in 2008, which it suspended in the fourth quarter of the same year due to sharp decline in prices of copper.

Lepanto also has 60 percent interest on Far Southeast Gold Resources Inc., another mining company with resources in Mankayan, Benguet. Last month, Lepanto gave South Africa-based Gold Fields Switzerland Holdings AG (GFS) an 18-month option to acquire one-third of its stake in Far Southeast. GFS is a wholly-owned subsidiary of Gold Fields Lt.

GFS plans to acquire a total of 60 percent interest in Far Southeast from major shareholders Lepanto and Liberty Express for $340 million. The option given to GFS requires the company to solely fund the pre-development expenses, including the exploration and a feasibility study, of the project and contribute $110 million into Far Southeast Gold.

Possibly Related Topics to Read

Trans-Asia signed supplier deal with SEM-Calaca Power plant

Roy — Thu, 24 Mar 2011 06:27:48 +0000

Trans-Asia Oil and Energy Development Corp., a publicly listed firm, recently signed a contract with SEM-Calaca Power Corp. for the purchase of Trans-Asia of power generated from the Consunji-led Calaca Power Corp. Trans-Asia, in its disclosure submitted to the Philippine Stock Exchange (PSE) said it signed on Wednesday the contract “to purchase generated energy,” which will be valid for three years.

Trans-Asia President Francisco L. Viray said the company was buying the generated output as a retail electricity supplier (RES). He did not indicate though, how much of the plant’s output The company would buy from SEM-Calaca. Earlier, Trans-Asia was awarded a RES license by the Energy Regulatory Commission (ERC)

ERC chairperson Zenaida Ducut said that a RES license holder like Trans-Asia will be able to actively participate in the electricity market once open access and retail competition are put in place. Under an open access environment, large power users will have the option to choose their own power suppliers. Under the status quo, power users, whether big or small, are limited to the suppliers with jurisdiction over their areas.

SEM-Calaca Corpopration, is company formed by DMCI Holdings and Semirara Mining Corporation to Handle the Calaca coal facility, which was previously owned by the government through National Power Corp. The investment of SEM-Calaca in the Batangas coal facility was earlier estimated at $483.6 million which includes the acquisition cost of $361.7 million. The remaining $121.89 million will go to the rehabilitation and working capital requirement of the said power plant.

Possibly Related Topics to Read

Vista Land earmarked P45B for its 3-year capex

Roy — Mon, 14 Mar 2011 23:47:05 +0000

Vista Land and Lifestyles Inc. reported that it has earmarked P45-billion for capital expenditure plans for the next three years. Vista Land chief executive officer Benjamarie Serrano said, “We are in the midst of an aggressive expansion program that will entail significant capital expenditures over the next three years and beyond.”

The company’s capital outlays for 2010 were places at more than P10 billion. It pegged an average annual budget for P15 billion for its 2011 to 2013 capital expenditure plan, in order to fast-track the development of four large-scale property projects and to unlock more values from strategically located properties in Mega Manila.

These four major projects of the company, are the: Evia in the Alabang-Las Piñas area; Lakefront in Sucat, Parañaque; Sta. Elena in Sta. Rosa, Laguna; and Crosswinds in Tagaytay.

Evia is an Italian-inspired master-planned communities spanning more than 600 hectares. So far, three residential estates have already been completed in the said project: Portofino which is under the company’s upscale brand, Brittany; Ponticelli by its mid-range brand Crown Asia; and Cerritos which caters to the affordable market segment.

Lakefront is 60-hectare property in Sucat which boasts of a commercial hub call The Wharf. It houses convenience store, spa and beauty salon, restaurants, a bank and some offices. The development in the Lakefront includes San Francisco-inspired subdivisions La Posada and Marina Heights, and the mid-rise buildings Presidio and Marfori. Vista Land recently signed a joint-venture deal with Hospitality International Inc. to offer services apartments to vacationers.

Vista Land says it plans to finance all its property development programs through a combination of internal cash flow and debt. Chief finance officer Paolo Villar said, “Our firm’s balance sheet is solid and we have sufficient room to lever up. We will evaluate various financing options available to the company and decide on the most suitable cost-effective method of funding at the appropriate time.”

Possibly Related Topics to Read

Sta. Ana racetrack to get a make-over

Roy — Sat, 26 Feb 2011 14:50:49 +0000

The Sta. Ana Racetrack in Barangay Carmona, Makati is about to get a facelift, as its operator Philippine Racing Club, Inc. (PRCI) and property giant Ayala Land Inc. (ALI) recently signed a joint-venture agreement that would the 21-hectare racetrack into a mixed-use complex. The deal was stated by both companies in their separate disclosure to the Philippine Stock Exchange.

The joint venture was said to entail “big figures” in investments as it would be a large-scale project that will turn the former horse racetrack into a township development with recreational, entertainment, commercial, retail, office, residential and even hotel facilities.

PRCI will be bringing into the joint venture its entire 21-hectar property, the former site of its horse-racing operations until 2008. The company will then be sharing in the revenue to be generated by venture, which will come from sales of residential units as well as from leasing out of office and commercial spaces.

The PRCI board has already approved the execution and delivery of the master development agreement with ALI and Alveo Land Corp., which will be presented for approval of its shareholders in their on April 26. PRCI president Solomon Cua said that their land is the last big piece of property in Makati and they have chosen the right partner for its redevelopment.

For its party, property firm ALI said in its disclosure to PSE that the deal is still subject to the fulfillment of certain closing conditions. “The project is intended as a mixed-use development and will form part of the company’s ongoing developments in the city of Makati,” the ALI disclosure stated.

ALI is the main developer of the Makati central business district and Fort Bonifacio Global City. The company also teamed up with Manila Jockey Club to gain access to a part of the latter’s former San Lazaro racetrack area in Sta. Cruz, Manila, six years ago.

Possibly Related Topics to Read

More employment opportunities in Clark this year

Roy — Thu, 24 Feb 2011 05:26:05 +0000

The Clark Development Corporation (CDC) said that it expects the employment at the Clark Freeport Zone to surge this year as operations of new investments starts. The CDC said as early as the end of January 2011, the number of workers in Clark had already grown by an annual 4.7% already. The Freeport Zone administrator said that workers inside Clark’s 453 locators reached 60,322 as of January 31 versus the 57,602 they have in the same period last year.

The CDC said that this workforce is composed mostly of employees in the electronics assembly industries, the business process outsourcing (BPO) sector, and from other manufacturing industries. The state agency said at least 7,000 more jobs are expected to be generated in the near future because of several projects coming this year.

Some of these projects include the “multi-billion dollar” investment of Phoenix Semiconductor of the Philippines, the expansion of Yokohama Tire Philippines, Inc., and of course, more investments from the business process outsourcing sector.

The CDC broke down the figure as follows: 3,000 workers would be needed by Phoenix Semiconductor; Yokohama Tire would need 1,500; and BPO locators like Cyber City Teleservices, Inc., Sutherland Philippines, Inc. and Global Streaming, would hiring at least 2,500 more additional employees. “The improvement in employment in Clark is an indication that the Freeport Zone is becoming an investment haven for multi-national firms,” the Freeport zone administrator stated.

With the expected surge in employment, the CDC is projecting to reach a 15% increase in investment pledges to P30.508 billion this year after commitments had already grown by more than four-fold to P26.529 billion in 2010.

Possibly Related Topics to Read

BSP issued circular increasing bank’s SBL

Roy — Sun, 13 Feb 2011 09:54:20 +0000

A new circular containing the guidelines on the additional single borrower’s limit (SBL) for exposures of banks to proponents of major infrastructure or development projects, oil companies and trust corporations. According to BSP Governor Amando M. Tetangco, Jr., the new guidelines amended the regulation on SBL under the provision of the Manual of Regulation for Banks and the Manual of Regulation for Non-Bank Financial Institutions.

The circular stated that the total amount of loans, credit accommodation guarantees may be increased by an additional 10 percent of net worth of such bank as long as the additional liabilities are adequately secured by trust receipts, shipping documents, warehouse receipts or other similar documents transferring or securing title covering readily marketable, non-perishable goods which must be fully covered by insurance.

The BSP governor noted an additional 25 percent SBL for exposures of banks to infrastructure and development projects qualified under the Public-Private Partnership (PPP) program of the Aquino government. The total exposure of the bank to any borrower pertaining to such PPP infrastructure and development projects, Tetangco said, should not exceed 25 percent of the net worth of such bank and the same will only be allowed for a period of three years.

Aside from the PPP projects, the circular also provided an additional 15 percent SBL to be granted to finance oil importation of oil companies that are not subsidiaries or affiliates of the lending bank engaged in the energy and power generation. The credit risk concentration arising from total exposures to all oil companies should be considered by the bank in its internal assessment of capital adequacy relative to its overall risk profile and operating environment. It should also be incorporated in the internal capital adequacy assessment process (ICAAP) document.

Before the new circular was issued, each bank’s exposure to a single borrower was limited only 25 percent of its capital. BSP however decided to ease the requirement to ensure there is adequate supply of oil and petroleum products in the country, as well as to support the major infrastructure and development projects under the Aquino administration’s PPP scheme.

Possibly Related Topics to Read

Sitel offers more job for Filipinos

Roy — Fri, 05 Nov 2010 16:19:47 +0000

Because of securing a contract with new clients, and with their existing clients also expanding the services that they outsourced to them, business process outsourcing firm (BPO) Sitel will hiring 4,000 more new employees for its Manila and Baguio Sites.

Sitel recruitment director Joan Laquindanum said they have opened as many as 4,000 positions in one go, to support the new and existing clients’ requirements.

And because of the demand for BPO employees very high, thanks to the continuing development and growth of the outsourcing business in the Philippines, Sitel provided “attractive compensation and benefits packages” to its employees. Among those perks is their in-house pharmacies where employees can order medicine and supplements on a non-cash basis.

Laquindanum said that their employees are enjoying generous leave entitlements, as well as health, life, bereavement and retirement insurance plans. “Our bereavement benefits are extended to all family members of associates, considered the first in the industry. As we continue to grow, giving only the best to our associates is a welcome challenge for Sitel,” she added.

The hiring officer also said that the 4,000 hiring requirement is just the start, and it would be followed by even more job openings in the future as they also planned to expand its operation the Philippines further.

At present, Sitel has 11 sites in the country which provide services such as acquisition and sales, back office, collections, customer care and technical support. The company’s Philippine site serve customers in North America, the United Kingdom, Australia and New Zealand. They support English, Mandarin, Cantonese and Spanish languages.

The Business Processing Association of the Philippines (BPAP) said the outsourcing business could be a $20-billion industry by 2016 with continued concerted industry effort and strong government support. The organization said that in its “IT-BPO Road Map 2011-2016: Driving Global Leadership,” adding that by 2016, the industry could be employing as much as 900,000 call center workers.

Possibly Related Topics to Read

Globe Asiatique stops planned IPO

Roy — Wed, 08 Sep 2010 15:56:47 +0000

Globe Asiatique intended to hold an initial public offering (IPO), unfortunately the property developing company owned by businessman Delfin Lee decided to withdraw its P3.3 billion IPO application with the Philippine Stock Exchange because its underwriter decided to quit.

The company, in its letter to the PSE, said that BDO Capital and Investment Corp. have resigned as the issue manager and lead underwriter or the company’s public offering. “In the light of this development, Globe Asiatique has to respectfully request the withdrawal of our approval by the Exchange due to the unexpected resignation of our issue manager and lead underwriter,” it said.

For its part, BDO Capital, through its president Ed Francisco said, it quits as underwriter of Globe Asiatique because of the company’s decision to put off its IPO. “We resigned as the IPO has been postponed and they are considering withdrawing IPO approval totally,” Francisco said.

Globe Asiatique recently disclosed to the PSE its plan of deferring its intended IPO “mainly due to the weak global market conditions.” In spite of the allegations that the company has “fictitious housing borrowers,” it said it still believes in the soundness of its business plan and model.

The company said, “Globe Asiatique still believes that it does still offer an extremely attractive investment for the public and hopes to one day be able to realize its goal of launching a successful initial public offering on the exchange.”

Globe Asiatique said that with the resignation of its underwriter, the company will experience “obvious insurmountable difficulties” in its ability to launch a successful IPO. The real estate firm said it wasn’t aware of the BDO Capital’s intention to resign until it received a letter of resignation from them.

Meanwhile, as task force has been created by the Ombudsman to probe alleged anomalies in the home loans granted by the Home Development Mutual Fund or Pag-IBIG Fund to Globe Asiatique. Virtue of Office Order 345, the task force was created that will conduct an investigation on the alleged fraudulent use of Pag-IBIG loans for Globe Asiatique’s housing projects in Pampanga.

Possibly Related Topics to Read

Philippines expects 108 delegates for Phitex 2010

Roy — Mon, 30 Aug 2010 10:04:55 +0000

A total 108 delegates from wholesale travel agents from all over the world are coming to the Philippines for the upcoming 10th Philippine Travel Exchange (Phitex 2010) to forge deals with the different sectors of the local tourism industry.

Tourism Secretary Alberto A. Lim said that the delegates who will be coming in are large representations from outbound travel wholesales in China, Korea, Japan, Asia Pacific, North America, India, the Middle East and Europe. He said the Phitex 2010 is geared towards bringing in big volume of tourists from around the world.

“They will do business with 194 local sellers of tour packages, thus generating volumes of foreign visitors over the short and long term,” the tourism secretary said.

Phitex 2010 will be held on September 2 this year, at the Fiesta Pavilion of the Manila Hotel. The event is an industry-based and government-supported marketing initiative that aims to link foreign wholesale buyers and local sellers of tourism products and services in a full day of one-on-one business meetings, with each delegate being accorded a number of pre-scheduled appointments for table-top discussions.

Undersecretary for Tourism Planning and Promotions (TPP) Vicente R. Romano III said this will effectively make the foreign wholesalers themselves to “push the Philippine tourism brand in their respective countries through OTC (over-the-counter) or POS (point-of-sale) promotion and other agency-driven consumer marketing schemes.”

“At the same time, their participation in Phitex 2010 will guide the members of the local tourism industry in conducting product development based on market-specific demands, or the actual requirement of their target foreign clients,” he added. This will help local industry players to learn more about the present and future global market opportunities that they could take advantage of.

“All in all, Phitex 2010 will boost and guide our efforts in focusing on infrastructure and product development since this event covers both ends (supply and demand) of the market spectrum,” the undersecretary said.

The theme of this year’s Phitex is “Awesome Philippines, Awesome Sceneries, Awesome Activities, Awesome Experiences.” The event will be officially opened by Secretary Lim who will speak on the strategic direction of the country’s tourism development for the duration of his term.

To welcome the participants for this year’s Phitex, a welcome dinner will be held in celebration of “A Decade of AWESOME Phitex Experience,” which will be jointly hosted by the Department of Tourism and Hyatt Hotel and Casino Manila.

Possibly Related Topics to Read

Group pushes for government incentives for tech business incubators

Roy — Sun, 29 Aug 2010 15:03:13 +0000

The Philippine Development Foundation-USA (PDF), newly formed US-based Filipino development group is pushing for Philippine government to grant incentives for the creation of technology business incubators and business parks in order to nurture start-up investments in commercially-viable research and development fields in drug-making, food production and software.

Brain Gain Network found and PDF advocate, Dr. Paco Sandejas said that the founders of the group are ready to meet this September to come up with plans to boost industry innovation programs in the country. These founders composed of Filipino entrepreneurs and innovation specialists who are mostly based in Silicon Valley.

Sandejas said during a PDF press briefing, “We have proposed a program on technology business incubation way before when former senator Mar Roxas was DTI secretary. But we should continue to push it now.” The group is seeking government support in innovation initiatives that are seen as key to unlocking poverty reduction and economic growth.

President of Ayala Foundation Inc. (AFI) and PDF convenor, Victoria Garchitorena said it is envisioned that the PDF Forum will create a venue for partnership in technology entrepreneurship and business incubation between Filipinos based in the US and those based here. The fund raising for these partnerships to happen is in a stage that is called in the US as a “501 charity” according to Garchitorena. 501 charity means tax-exempt, non-profit corporation.

“We’re trying to do all the bridging of hope across. We’re establishing a system that will develop science and engineering as a foundation for economic development,” Garchitorena said.

Meanwhile, in a separate interview, AFI Executive Vice President Guillermo M. Luz said that the PDF may encourage formation of more licensing agreements in the country. This should prompt investors to put in money for new patents since they would have the protection to enjoy profits from revenue sharing agreements.

He said the company is collaborating with South East Asian associations where AFI’s Technology Business Incubators (TBI) are a member, in order to find models for best practices in licensing and technology business nourishment. Among these are Asian Association of Business Incubation (AABI), Asia Pacific Incubation Network, and SPICE (Science Sparks Incubating).

TBIs plays a major role in raising capital funding for business start ups focused on new technologies or software development, said Sandejas, who is also the managing partner of venture capital Narra VC.

Possibly Related Topics to Read

Philip Morris opens warehouse facility in Subic

Roy — Sun, 22 Aug 2010 01:45:33 +0000

A P600-million regional tobacco leaf warehouse was inaugurated recently by Philip Morris Philippines Manufacturing Inc. (PMI) at the Subic Techno Park inside the Subic Freeport Zone. The said facility cements the place of the Philippines as tobacco leaf warehouse hub of Philip Morris in the Asia Pacific region.

Armand C. Arreza, Subic Bay Metropolitan Authority (SBMA) Administrator, said the P600-million facility is phase two of a three-phase investment of Philip Morris. The third phase will be a $15-million facility, although it is not yet known as to when this will be started.

The new warehouse will store tobacco leaf for shipment and processing in different PMI cigarette factories in the Asia Pacific region including the Philippines. Chris Nelson, managing director of Philip Morris Philippines Manufacturing Inc. (PMPI), said, “This development establishes the Philippines, particularly the Subic Freeport zone as a major center for regional tobacco leaf trading and distribution.”

The warehouse at the Subic Techno Park has a capacity for storing 14,000 metric tons of tobacco leaf. This can be further expanded to accommodate an additional 10,000 metric tons, according to Nelson. He said, the facility has a state-of-the-art humidity control, fire suppression equipment and air conditioning system in able to handle and carefully preserve the tobacco leaf which will be imported from China, Indonesia, Thailand and other countries.

“As with the other investments of Philip Morris in the Philippines, this leaf warehouse further cements our commitment to the economic development of the country,” said Nelson in his speech during the inauguration.

“We are especially proud that PMI has chosen the Subic Freeport Zone, from among several locations in Southeast Asia. It is a very ideal location that provides advantages in cost and efficiency over other countries where PMI’s tobacco leaves were previously kept,” he added.

The tobacco leaf stored in techno park facility will be used by PMI manufacturing facilities in the region, including the cigarette factory in Tanuan, Batangas.

Possibly Related Topics to Read

San Miguel to put the country’s first underwater hotel

Roy — Sat, 07 Aug 2010 14:11:05 +0000

The real estate subsidiary of conglomerate San Miguel Corp. (SM) is planning to launch soon, the country’s first “underwater hotel.” The said project is part of the four new developments of San Miguel Properties Inc. (SMP) which will start next year, as the company’s foray into the tourism segment begins.

Alan Cruz, head of the SMP real estate development, said the four projects are, a “spiritual” hub in a 125-hectare property in Alfonso, Cavite; a midrise condominium cluster in a 2.8-hectare property along Outlook Drive in Baguio City; a 25-hectare mixed-use beachfront development on Boracay Island; and an ambitious underwater hotel off Busuanga Island near Coron Island in Northern Palawan.

Cruz said that all the project would happen next year as far as their implementation is concern, while the planning stages will all happen this year.”We are going to entertain the experts in the industry, in terms of operating a hotel or maybe a country club. That is applicable for Boracay and, to a certain extent, in the Cavite project,” he added.

In the recently concluded Philippine Real Estate Fair, SMP “rebranded and relaunched” itself in its bid to become a major property developer in the next five years. The company plans to launch its Cavite project first, from which a 33-hectare parcel of land was donated to the healing ministry of Companion of the Cross priest Fernando Suarez. The said property may house venues for weddings, baptisms, retreat houses, as well as a 100-meter tall statue of the Virgin Mary. In order to sustain the spiritual component of the project, SMP is planning to build residential and commercial projects in the area.

The company also stated earlier that it is spending P6 billion to develop a high-rise residential project in Makati City and an American-inspired gated community in General Trias, Cavite. Existing projects of the firm include Maravilla, Bel Aldea in General Trias, The Legacy in Las Piñas City and Buenavista Homes in Cebu.

SMP finance and administration head Gil Somblingo said in an earlier interview that they are expecting to generate P1 billion in sales this year.