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Philippine Peso weakens anew

Roy — Thu, 28 Jul 2011 22:05:33 +0000

The Philippine Peso weakened on Thursday as an effect of investors concerns in the local economy. After hitting its strongest thus far in three years early this week, the peso closed at 42.17 against the US dollar on Thursday. Down by 6 centavos from Wednesday’s 42.11.

Traders said it was an effect on the concerns over the debt situation in the United States. With the August 2 deadline drawing near, the US Congress has yet to agree on the debt ceiling of the US government, without which, it will be prevented from borrowing more to raise funds for its maturing obligations.

When the US faults in its debt payment, it sends jitters in the international financial community. Because most emerging Asian markets, the Philippines included, have significant exposure in the US.

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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.

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Foreign firm to present power supply options to the country

Roy — Sun, 15 May 2011 05:26:39 +0000

A United Kingdom company is offering the Philippines its power solution to help avoid power disruptions in the country.

The British Embassy in Manila said Aggreko, a developer of power solutions, will be coming in the country next week to make a presentation of its product. The embassy said the company’s expertise could help address the possible power shortage in the near future which poses a threat to businesses operating in the country.

Aggreko is bringing to the country its more than 45 years of experience in the power solution industry. The company is said to be the world leader in the supply of temporary power and temperature control services. It will present its alternative solutions to potential power disruptions when it makes its presentation to the country next week.

The target participants in its presentations include the construction industry, food and beverages, agriculture, healthcare, manufacturing, government and institutions, mining and mineral processing, ports and telecommunications, among others.

Aggreko owns the world’s largest power rental fleet which consists of diesel and natural gas generating sets. Company experts will be in Manila to present different power supply options to help businesses avoid opportunity lost and other costs that could be brought about by power disruptions.

The company will be organizing the seminar presentation in partnership with the British Embassy in Manila, through UK Trade & Investment. The aim of the seminar is to inform industries in the country of the different power supply options available in case of unavoidable future power supply shortages.

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De Lima nominated for the ombudsman post

Roy — Thu, 12 May 2011 18:32:35 +0000

Department of Justice (DOJ) secretary Leila de Lima was nominated for Ombudsman before the Judicial and Bar Council (JBC) by Assistant State Prosecutor Romeo Swenson because he said he beilieves that de Lima is most qualified to head the anti-graft agency. “Secretary de Lima has shown he incorruptible stand, integrity beyond reproach and character par excellence in serving the public,” Senson said.

De Lima, however, said last week that she is not interested in the ombudsman post and that she will be more fulfilled if she stays in the DOJ, adding that she will decline any nomination. She said she wanted to stay in the justice department where she feels she could e more effective.

“I’ve been here for just less than a year,” De Lima said, “I’m just starting. There are many, many more problems, challenges to face. The mandate of the DOJ is broader, so I feel I can do a lot more.” Under the JBC rules, a nomination for a vacancy will be accepted only when the nominee accepts the nomination.

The eight-man council recently officially opened the acceptance of applications and nominations for the post of the ombudsman. It gave interested parties a non-extendible period of 10 days or until May 16 to submit applications and nominations. JBC said it already received a nomination for lawyer Ernesto Francisco Jr., and former Pampanga governor Eddie Panlilio.

JBC also expected to receive a nomination for Dean Jose Manuel Diokno, son of the late senator Jose Diokno. He will be endorsed by the Free Legal Assistance Group. The council will make the official list of nominees for ombudsman public, after all nominations and applications have been received.

The Ombudsman Act (RA 677) said that the ombudsman should be “a natural citizen of the Philippines, at least 40 years old, of recognized probity and independence, member of the Philippine Bar, and must not have been a candidate for any elective national or local office.”

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DOH wants medicine, support accessible to poor women with breast cancer

Roy — Thu, 12 May 2011 14:46:32 +0000

The Department of Health (DOH) and the Philippine Cancer Society (PCS) joined hands to launch a program that will allow poor women diagnosed with early stage of breast cancer to have access to medicines and other forms of support. The program hopes to increase the survival rates of breast cancer victims in the Philippines.

Department of Health Secretary Ona said that an awareness campaign should be made to make women realize that breast cancer is a curable disease when detected, treated and managed early. “Cancer is a costly disease, with the cost of medicines and treatment way out of reach for our many countrymen,” he said.

Ona added, “Women must have regular breast examination and never hesitate to go on a medical check-up especially those with lump in the breast before it is too late.”

The health secretary called on women with early stage of breast cancer to enroll in any of the four participating hospitals in Metro Manila. These are: East Avenue Medical Center (EAMC), Jose Reyes Memorial Medical Center (JRMC), Philippine General Hospital (PGH), and Rizal Medical Center (RMC).

Ona explained further that through a patient navigation scheme, targeted indigent Filipino women should be provided free medicine entitlement and other forms of support. The DOH and PCS partnership will provide P50 million for a year covering 800 patients and will target an initial 1,000 breast cancer patients. He also said that the there was an estimated 12,262 new cases of breast cancer in 2010 and 4,371 died of the said ailment.

The Philippines is among the countries with high incidence of breast cancer cases. Survival rate for breast cancer in the Philippines is below 40 percent compared to the high survival rates of 80 to 98 percent in developed countries.

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Wage Board increased COLA instead of salary

Roy — Mon, 09 May 2011 16:22:26 +0000

Private employees from Metro Manila will receive and additional P22 in their cost-of-living allowance (COLA) per day, in lieu of a wage increase. The Regional Tripartite Wages and Productivity Board-National Capital Region (RTWPB-NCR) approved Wage Order No. 16 increasing the COLA of employees. This will take effect 15 days after its publication on the daily newspapers on May 10, 2011.

Raymundo Agravante, chairman of RTWPB-NCR, said their main consideration in the decision was the argument presented by the employers during the deliberation. A wage increase will be an added cost on the part of the employers, while in COLA, overtime and other benefits are not affected.

Because while the additional allowance would bring the daily compensation to P426 per day, the basis for the computation of the overtime, night differentials, 13th-month pay, bonuses, retirement, and other benefits will still be the prevailing wage whose minimum rate still remains at P404 per day.

“In the end, the employers’ position was P20 COLA but we still managed to haggle P22 or a P2 additional allowance in anticipation of projected increase in prices of basic commodities,” Agravante said. He added that they also considered the warning of the Bangko Sentral ng Pilipinas (BSP) on the possible inflationary effect of giving more than P25 increase in daily compensation of workers.

Meanwhile, the Trade Union Congress of the Philippines (TUCP) slammed the decision. The TUCP said it was a measly wage increase in the form of COLA and called on Congress to rectify the decision.

Rafael Mapalo, spokesperson of TUCP, said “The RTWPB just missed this important opportunity to raise workers standard of living in NCR and to help improve equity as mandated by law. It further institutionalizes the primacy of profits over people, a few people over the masses of suffering workers. That was a shameless decision.”

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Bebeng intensified into a storm

Roy — Sat, 07 May 2011 12:32:56 +0000

The Philippine Atmospheric Geophysical and Astronomical Services Administration (PAGASA) said on Saturday that tropical depression “Bebeng” has intensified into a storm. According to PAGASA, Bebeng is threatening to hit the Bicol region.

Bebeng was spotted 220 kilometers east of Legaspi City with maximum winds of 65 kilometers per hour near the center as of 4 p.m. Saturday. PAGASA has raised public storm signal no. 2 on the following provinces: Sorsogon, Albay, Camarines Sur, Catanduanes, and Northern Samar.

The following areas were placed under public storm signal no. 1: Masbate, Ticao Island, Burias Island, Camarines Norte, Quezon, Polillo Island, Aurora, Marinduque, Easter Samar, and Western Samar.

It is expected to be around 69 kilometers northeast of Daet, Camarines Norte on Sunday afternoon, and by Monday, Bebeng is expected to be 110 kilometers north of Baler, Aurora or 70 km south of Tuguegarao City, Cagayan.

Meanwhile, the National Disaster Risk Reduction and Management Council (NDRMC) advised residents living near rivers and lakes in the northern part of the country to “take appropriate actions.” The NDRMC said that the 26 low-lying areas near the Bicol River Basis are likely to be affected by the slow rise in the water. Flooding may also be possible as basin rainfall will likely be moderate to heavy.

Bebeng has also caused the cancellation of at least six domestic flights in 10 provinces in Northern and Central Philippines. According to the Manila International Airport Authority media affairs division, the cancelled flights included Air Philippines’ flight to and from Catarman. Cebu Pacific also had it flights to and from Catarman cancelled.

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Maggi noodles tested positive for salmonella

Roy — Sat, 07 May 2011 04:21:47 +0000

Nestlé Philippines has voluntarily recalled a number its Maggi instant noodles after some of the tested were tested for possible salmonella contamination. The company said it found traces of salmonella in two batches of the noodle product’s beef variant. “The product recall is a precautionary measure… to ensure the safety and quality of our products,” Nestlé said.

The multinational food manufacturer advised consumers who may have bought Maggi Rich Mami Noodles to contact their hotline at 898-0061 for Metro Manila and 1-800-100-637853 (toll-free) for provincial areas.

Nestlé however said that its products are safe to eat if the cooking instructions properly followed. The batches that were tested positive for salmonella have lot codes 11020598A2 and 11030598A1. The lot code numbers are found at the back of the product pack, between the “Best Before” date and the ingredients list.

Salmonella infections typically affect the intestines, causing vomiting, high fever and abdominal pains. The bacteria can be transmitted from water, soil, animal feces, raw eggs, and raw meat.

Food and Drug Administration (FDA) director Suzette Lazo said their office has already been informed regarding the recall. The FDA also posted an advisory on its websites to consumers who may have bought the product with the specified lot codes to return them to the Nestlé office at Nestlé Center, 31 Plaza Drive, Rockwell Center in Makati, or to its licensed distributors.

Lazo said, “According to law, they have to do this (product recall), when they discover that there is something that would be harmful to consumers. They complied with that law and this is a very responsible thing they did.”

She also said their department has made an extensive investigation to determine the cause of the contamination. “Even if it is a voluntary recall, we have to do our own test and get a report from them every day,” Lazo added.

Based on initial findings, the flavor enhancer that comes with the instant noodles in sachet may have caused the salmonella contamination. Said flavor enhancer has also been recalled in the US.

Pending completion of the investigation, Nestlé has temporarily stopped production of all Maggi noodle products.

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Taiwanese businessmen plan to relocate to the Philippines

Roy — Fri, 06 May 2011 08:51:26 +0000

Taiwanese businessmen are seriously considering relocating their manufacturing facilities to the Philippines from mainland China. The Manila Economic Cultural Office (MECO) said the decision was made by the Taiwan diplomatic row with the Philippines following their frustrations from the stringent labor requirements in China.

The Taiwanese businesses are engaged in industrial plastics manufacturing with estimated investments of at least $120 million, according to MECO chairman Amadeo R. Perez Jr. He said they are considering relocating their factories from China to Subic and Clark Freeport zones for their export-oriented investments.

Perez said that four plastic products manufacturers have already visited Subic and Clark and another will be coming over to visit Batangas and Clark. One company engaged in bed frames and mattresses production is eyeing a warehouse in Clark which it can is suitable and can be converted for its business. “One project alone can command at least $20 million in investments,” Perez said. For the six projects that would translate to an estimated $120 million worth of prospective investments.

The bed frame and mattresses manufacturer is exporting its products to the EU, Asia and the US while the plastic products manufacturers are producing industrial products which are used for packaging applications and are exporting them all over the world.

Perez added that some of the Taiwanese have already gone to Vietnam and Indonesia because those countries are not very choosy due to their high unemployment rate. He said Taiwanese investors in mainland China have been turned off by policy changes in the labor sector.

MECO is implementing a major campaign to attract more Taiwanese investors into the Philippines, following the successful resolution of the bilateral issue early this year. However, Perez said the country’s only problem is the high cost of electricity, and Vietnam and Indonesia could beat the Philippines on that factor.

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Chinatrust applies for unibank license

Roy — Mon, 02 May 2011 07:30:07 +0000

The Chinatrust Commercial Bank Corp. is seeking to upgrade its current status and authority from a commercial bank to a universal bank. Chinatrust made a request to the Bangko Sentral ng Pilipinas (BSP), asking it to convert its banking license to “unibank” at the end of last year to allow it to implement globalization plans.

With a unibank license, it will be possible for the bank to have a bigger role in onshore capital market through corporate issuances underwriting and the distribution of securities to institutional investors. Aside from having an authority to operate as an investment house, unibanks are also allowed to invest in non-allied enterprises, such as infrastructure projects.

According to the BSP, Chinatrust is planning to have a more active role in debt and equity underwriting. The bank currently operates 24 branches in the Philippines and they plan to use their branch network for the distribution of securities.

A subsidiary of Taipei-based Chinatrust Commercial Bank Ltd., Chinatrust (Philippines) is targeting top-tier clients, such as conglomerates and companies into utilities and power-generation, and some middle-income industries such as the business process outsourcing (BPO) sector.

The request for the banks license upgrade has been forwarded to the Monetary Board for approval as Chinatrust is qualified and meets requirement. The foreign-affiliated bank has a capital base of P5.26 billion, exceeding the minimum capital requirement. The BSP requires all unibank to have a minimum capital of P5 billion and for commercial banks, the minimum capital requirement is at least P2.5 billion.

Established in 1995, Chinatrust is listed in the Philippine Stock Exchange. The BSP, before granting it a unibank license, wants the bank to offer at least 10 percent of the required minimum capital for public offer before December 31 of this year.

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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.

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Binay’s recommendation on Marcos’ burial at Libingan ng mga Bayani out next month

Roy — Sun, 01 May 2011 19:51:17 +0000

Vice President Jejomar Binay was tasked to make a decision whether or not the late dictator Ferdinand Marcos will be allowed to be buried at the Libingan ng mga Bayani. The vice president said he hopes to submit by next month recommendation on the proposal to bury the former president at the Philippines’ national heroes’ cemetery.

Binay said he is still collating the opinions of different groups before he submits his opinion on the issue. He said the Office of the Vice-President is still waiting for the official position of the registered political parties, civic groups and people’s organizations.

“We want to take into account the views of all sectors and groups. We want to encourage people participation in decision-making,” Binay said, adding that commentaries published in newspapers have also been taken into considerations.

The vice president said that more than 3,000 Filipinos worldwide have responded to the survey conducted asking respondents their opinions about the proposal to give Marcos a hero’s burial. As of April 15, Binay said his office received 3,115 replies of which 2,139 were sent through text message and 976 were sent through email.

“We are interested in getting the people’s opinion on the issue, not to count how many agreed or disagreed. We do not tally how many voted yes or no. The survey is intended to get the people’s sentiments so we could formulate and give the best recommendation to President Aquino,” he said.

The Vice-President said he hopes to conclude the survey and submit his recommendation to President Aquino next month Some 218 congressmen have already affixed their signatures in support of the resolution, but Binay apparently now has the final say.

Those allowed to be buried at the heroes’ cemetery are the military personnel who died in the line of duty or were honorably discharged from the service, Filipino war veterans, former presidents, dignitaries, statesmen and National Artists. The remains of widows of former Philippine presidents, secretaries of national defense and Armed Forces chiefs of staff are also authorized to be interred in the same plot where their husbands are buried.

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Philippine-China trade and conference fair set on June

Roy — Sun, 01 May 2011 08:56:27 +0000

The China Council for the Promotion of International Trade (CCPIT)-Guangzhou and Philippine Chamber of Commerce and Industry (PCCI) recently signed a cooperation agreement to co-organize the Manila-Guangzhou Trade and Investment Conference slated to be held on June.

The event, which is aimed to further boost the Philippine-China trade and investment relations, is expected to gather around 500 business leaders, industry captains and government officials from both countries.

Part of the activities of the conference will be a product promotion through a virtual trade fair which would feature top export products of China, and business matching activities. There will also be office and factory visits to be arranged for the estimated 200 businesses and industry leaders comprising the Chinese delegation.

PCCI President Dr. Francis Chua said, “The Philippines and Chinese’ economies are open to mutual cooperation in trade and investments. While initially, the idea behind the conference is to promote Chinese-manufactured products for export to the country, we are making it a point to ensure that local enterprises and industries get maximum exposure and gain from the visit of top-level Chinese businessmen. That is why we are arranging business meetings and site visitations on the sidelines of the conference.”

China is the country’s top trading partner with export receipts reaching US$51.39 billion in 2010. Data from the National Statistic Office (NSO) show that the combined markets of China and Hong Kong in 2010 accounted for about 19.52 percent of the Philippines’ total exports.

Guangzhou Vice President of CCPIT Madame Li San Jian said, “China is a very big market. With increasing domestic demand and infrastructure development, Philippine export products such as mineral-and-metal-based resources as well as processed and fresh food products can easily gain entry into the Chinese market.”

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Philippine seeks investment-grade rating

Roy — Fri, 29 Apr 2011 04:51:12 +0000

The Philippine government believes that the country deserves a better credit rating, that is why it is wooing the three major credit rating agencies for an upgrade in its credit scores, amid the improving fiscal situation and external liquidity.

The three credit rating agencies – Moody’s Investors Service, Fitch Ratings, and Standard & Poor’s (S&P), were met separately by finance secretary Cesar Purisima when he went to New York and Washington D.C. recently.

Purisima presented fiscal and monetary data on the Philippines that he believes would encourage them to review and increase the country’s credit scores. Philippines is rated three notches below investment grade by Moody’s and two notches below by Fitch and S&P.

He also said the country has a credit score lower than Indonesia yet the fiscal situations of the two countries are just the same. Purisima also cited the country’s declining debt-to GDP [gross domestic product] ratio and deficit-to-GDP ratio. “Our debt rations and deficit are declining and our financial sector is well managed, and so we deserve better ratings,” he said.

During the meeting with the credit rating firms, Purisima said the three did not give a hint if they would change the country’s credit ratings soon, but he express optimism that the Philippines would finally get an investment-grade credit rating before the end of Aquino’s term.

The finance chief said the country has been able to borrow from the international markets at interest rates comparable to those applied to financing initiatives by investment-grade rated countries. Still, he stressed that getting a credit rating upgrade would be important in getting more foreign investments for the Philippines. “Much more funds will come in to the Philippines if we get investment grade,” Purisima said. He noted that some big-ticket business ventures have been using credit ratings in their decision-making.

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China auto company to open manufacturing facility in the Philippines

Roy — Mon, 25 Apr 2011 10:22:44 +0000

Chery Automobile Ltd. announced it will build a manufacturing facility in the Philippines which will be the company’s left hand drive manufacturing hub in the Southeast Asia. Chery Philippines sales marketing manager Raymond Tribdino said the manufacturing facility will be constructed in the next three years. He said, aside from serving the local market, the company also plans to sell Philippine made vehicles to the ASEAN market. They plan to build Philippine specific models for both passenger cars and small vehicles.

“We will have a local partner. We will subcontract. We are in the trial phase and we are working out the shares in the company. We are not sure how much the total investment will be, but normally, one line costs more than $10 million,” Tribdino explained.

He also added that they would like to bring in cheaper electric vehicles to the Philippines and ASEAN market, “For electric cars, we would like to introduce the first commercially available electric vehicle.” Tribdino said the lithium ion battery is 60 percent of the price. The Chery full electric vehicle is estimated to be at P1.8 million but it could be more. For a single charge, it can run up to 250 kilometers.

Chery Philippines is asking the government to grant them incentives like a parking lot with charging station, lower registration rate and zero percent import duty from China. The current import duty is 30 percent. If the said tariff is removed or is the same as AFTA at one percent, Tribdino said the small e-vehicle will be cheaper at P1.057 million. Although the vehicle is over P1 million, he said the running cost is low with the high cost of fuels.

Tribdino also said they are looking to beef up their local sales as Chery China took over from old distributors Easy Way Motors. The company bought Easy Way’s assets worth P150 million. He said they are looking at matching their 2010 sales target last year which was 1068 units. Their 2010 sales stood at 1,134 units.

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Xoom special offer on the Pacquiao-Mosley fight

Roy — Sat, 23 Apr 2011 22:54:56 +0000

Xoom.com, a money online transfer company, tied up with DIRECTV to for a special offer to Xoom customers to watch the Manny Pacquiao “Pacman” Pacquiao versus Sugar Shane Mosley fight for free on DIRECTV Pay-Per-View (PPV).

The company is excited to bring this opportunity for the first time. It will be available to new Xoom customers who send money to the Philippines. This promo is valued at $55. “Manny Pacquiao is a world-wide boxing phenomenon and is idolized by many Filipinos. We’re very excited to bring his fight to his biggest fans for free,” said John Kunze, President and CEO of Xoom.com

The mechanics to avail of the free viewing of the Pacquiao-Mosley fight is easy – first time Xoom.com customers just need to send a money transfer of $150 or more to the Philippines between April 20, 2011 to 10:00 p.m. PST May 7, 2011. They can then order the Pacquiao-Mosley fight from DIRECTTV Pay-Per-View by calling 1-800-531-5000 or online at directv.com/boxing. Within two weeks after the fight, eligible customers will receive the $55 Prepaid Reward card from Xoom.com towards the Pay-Per-View fee.

Of course, those who would avail of this promo from Xoom.com must have an active subscription from DIRECTV to qualify. Monthly cable TV and equipments are additional. The promotional offer is available only for the standard-definition “SD” feed of the telecast. Customers who purchase the telecast in high-definition “HD” may still participate in the promotion, but will only receive reimbursement for the SD price ($55), and will need to pay for any price difference.

To get to know more about this exciting offer from Xoom.com, visit xoom.com/manny. The promo is also subject to the terms and conditions of DIRECTV. This offer is subject to change without notice and valid until supplies last.

Xoom.com was founded in 2001 in San Francisco and is backed by leading venture firms Sequoia Capital, New Enterprise Associates and Fidelity Ventures.

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DTI’s trade mission to India produces $42 M investment pledges

Roy — Fri, 22 Apr 2011 15:59:24 +0000

The Department of Trade and Industry (DTI) reported that their recent trade and investment mission in India have generated new investment pledges worth $42 million. Trade Secretary Gregory Domingo said they were from three energy projects and a pharmaceutical packaging ventures.

The Philippine delegates, led by Domingo, attended the recent ASEAN-India Business Fair and Conclave held in New Delhi in its bid to penetrate India’s trillion dollar market. Other members of the Philippine mission were the Department of Agriculture, Department of Tourism, Department of Foreign Affairs and the Philippine India Business Council of the Philippine Chamber of Commerce and Industry.

Domingo said he was able to convince Indian businessmen to invest in the Philippines during his first official trip, and the trade department’s first mission to India. “India is emerging as a source of foreign direct investments (FDIs) for the Philippines. Apart from BPO companies which are directed by their principals to open delivery centers in the Philippines, more Indian companies are continuing to realize the potential of the Philippines as a gateway to the lucrative ASEAN market,” he said.

The investment pledges acquired by DTI include two 20-megawatt stand-alone liquefied natural gas (LNG) power plants in Tawi-Tawi and in Cagayan as well as a 1.5-megawatt mini hydro electric power project in Abra.

According to Domingo, the trade department is working on several initiatives for Indian businessmen locating in the country which include the improved business registration procedures; and relaxed visa norms for senior executives of IT and BPO companies. Add to this, he also announced the recently inaugurated direct flights from Manila to New Delhi of the Philippine Airlines (PAL).

During their trip, Domingo also witnessed the signing of a memorandum of understanding (MOUs) between the Associated Chamber of Commerce in India (ASSOCHAM) and the Philippine Chamber of Commerce and Industry, and between the Federation of Indian Mining Industries and the Philippine Chamber of Mining Industries represented by Philip Romualdez, to promote trade, investments, and economic relations between India and the Philippines.

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Ayala invests in hydro-electric power

Roy — Fri, 22 Apr 2011 05:33:57 +0000

Another venture that the Ayala group is breaking into is the hydroelectric power generation partnership. The conglomerate, through its wholly owned subsidiary Michigan Power Inc. (MPI) has entered into a joint venture agreement with Sta. Clara Power Corp., an independent power producer specializing in run-of-the-river power plants. Ayala Corp managing director John Eric Francia confirms this as stated in the company’s disclosure to the Philippine Stock Exchange.

MPI and Sta. Clara will be developing a run-of-the-river (ROR) hydroelectric power projects across the Philippines. MPI will take a 70-percent stake in the venture and has committed an initial equity infusion of about P600 million.

A run-of-the river hydroelectric power plant operation involves “borrowing” some river water to turn its kinetic energy into electricity and returning the same unpolluted water back into the river. Francia said, “It is considered as green because it does not produce harmful emissions. Like other renewable power technologies, it is economical as it depends on the free energy of nature as fuel.”

Speaking on the joint venture agreement, president and chief operating officer Fernando Zobel de Ayala said, “This venture builds on our current portfolio of renewable energy assets, which focuses on solar, wind and hydro power technologies. This is an important component of our plan to create a portfolio of power assets over the medium term that blends conventional and sustainable energy sources and contribute to the country’s energy requirements.”

The Ayala group has ventured into power generation as a key platform for future growth especially as demand for electricity is expected to rise in the years ahead. And since the company has yet to build its expertise in the industry, part of its strategy is forging partnership with other institutions.

In the next five years, the conglomerate plans to build a portfolio of power generation assets that will include both renewable and conventional with a capacity of 1,000 megawatts. Francia said that it is all “in line with Ayala’s campaign to augment the country’s power supply primarily through renewable and clean energy.”

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Online Visita Iglesia went down after reaching 58,000 visitors

Roy — Thu, 21 Apr 2011 02:24:17 +0000

The Catholic Bishops’ Conference of the Philippines (CBCP) has recently beefed up its Visita Iglesia Online website to accommodate more visitors and to prevent what happened last year when the site crashed because it received more than 43,000 online visitors. This year, the CBCP said they expected the number of visitors to double.

Unfortunately, in spite of the upgrading done on the website, the Visita Iglesia Online site was reported to have crashed again after reaching more than 58,000 hits. As of 7:00 a.m. on Holy Thursday, the site had already at least 58,337 visitors.

As of Holy Monday, the site had only around 21,000 visitors. The number of visits appeared to peak late on Holy Wednesday when the figure jumped from 40,187 as of 6:35 a.m. to more than 50,000 as 10:000 p.m. on the same day.

It is even expected that the website traffic would even climb further during the so-called “Easter Triduum” or Paschal Triduum. The Easter Triduum begins with the Mass of the Lord’s Supper on Holy Thursday and ends on Easter Sunday. It celebrates the passion and death of Jesus Christ on Good Friday and His resurrection on Easter Sunday.

The Visita Iglesia Online site which was started last year by CBCP as an experiment was created for overseas Filipino workers (OFWs) and other Filipinos who are not capable of going out of their homes to physically the churches for the traditional Visita Iglesia during Holy Thursday.

This year, it was launched by CBCP on April 1 and features many improvements – additional churches, a YouTube introduction, catecheses on Lent, the Holy Week and Easter, and features like the Pasyon, Seven Last Words and homilies of different priests.

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Artists to hold free concerts for militaries

Roy — Tue, 19 Apr 2011 10:24:14 +0000

To cheer up the soldiers and help them get their mind off the corruption scandal involving former top military officials, a group of celebrity singers will perform in various military camps.

Led by the current president of the Organisasyon ng Pilipinong Mang-aawit (OPM) Olgie Alcasid, the group composed of Vice-president Noel Cabangon, Cookie Chua and Mitch Valdes, will start their free concerts at the Armed Forces of the Philippines (AFP) headquarters in Camp Aguinaldo on April 27, together with the pop band Syato Banda. The concert is dubbed “Himigsikan 2011: ROCKrakan para sa Kapayapaan.”

Performing with the celebrities on the stage will be three military bands – the Philippine Marine Corps. Combo, the Philippine Navy Seabees, and the Philippine Air Force 710th SPOW Combo. Together with them on list is Navy Lt. Chat Alvaro.

The OPM president said they’d rather entertain soldiers than join noisy anti-government protests. Alcasid said he thought of the idea of entertaining soldiers in February to boost their morale after learning how troop morale had been affected by a corruption scandal involving former AFP chiefs of staff.

“It must be difficult for them. It’s just our way of saying, we performers, we artists, we’re here for you. We are behind you. We support you, we support the new leadership and let’s start anew,” Alcasid said. He added the performers also planned to visit at least two other camps.

AFP Deputy Chief of Staff for Operations (J3) Brig. Gen. Jose Mabanta Jr. welcomes the gesture by the OPM officers. “This is a big booster. You know we’ve been getting it from all sides and we certainly appreciate this. We are really happy that friends are helping us.” He admitted that the corruption scandal had affected the troops.

The Camp Aguinaldo concert will be held on April 27, 2011 at 6 p.m. at the AFP grandstand. The event will be kicked off by a multicultural gathering and a “boodle fight” among 100 delegates from Muslim youths, indigenous people, Christians and young officers.