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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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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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8 companies eyeing the right operate MRT and LRT 1 lines

Roy — Thu, 05 May 2011 05:51:12 +0000

Eight companies are vying for the operations of major Metro Manila train lines. Conglomerate Ayala Corp., San Miguel Corp., and Pangilinan-led infrastructure giant Metro Pacific Investments Corps. are the local groups planning to bid for the P15-billion contract, while five foreign companies have also acquired bid documents worth P500,000 each for the project, according to the Department of Transportation and Communications (DoTC).

The DoTC said that the bidding schedule has been set on July 11. Interested bidders may purchase bid documents until July 11.

The contract being eyed by the bidders involved a five-year operations and maintenance contract for the Metro Rail Transit (MRT) and Light Rail Transit (LRT) line 1. This is the first project under the administration’s public-private partnership (PPP) infrastructure program.

US-based Abratique & Associates, London Stock Exchange-list Serco Group, multinational Jorgman Construction and Development, and Japanese companies Sumitomo and Marubeni completes the list of eight groups bidding for the said license. A total 44 companies, most of which are from abroad, have expressed interest in the project.

But the DoTC kept on trimming down the list by telling companies it deemed not likely to stand a chance to win the contract not to bother joining the bidding. Companies were screened in terms of their financial capability and technical expertise. Companies that were affiliated with other potential bidders were also disqualified from the bidding.

The winner in the bidding process will get the contract to operate and manage both train line for four years with an option extend it for another year.

The DoTC hopes that by bidding out a single contract for the LRT1 and MRT train lines would lead to the integration of the train line. The lack of connectivity between the two lines has been causing inconvenience for the one million passengers that use both train lines every day.

The LRT line 1 runs along Taft Avenue from Baclaran in Pasay City to Roosevelt, Quezon City, while MRT runs from Taft Ave. to North Avenue along EDSA.

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Osama Bin Laden killed by US forces

Roy — Mon, 02 May 2011 05:41:27 +0000

The al-Qaeda founder and leader Osama Bin Laden was reported to have been killed US forces in Pakistan. US President Barack Obama reported that Bin Laden was killed in a mansion outside Islamabad following a joint operation of the US military and Pakistani forces. Obama said after the “firefight,” the US forces took possession of his body.

The death of Bin Laden came almost 10 years after the US government spearheaded the manhunt operation against him following the 9/11 attack, leaving nearly 3,000 Americans dead. The notorious al-Qaeda leader was accused of being behind the number of atrocities, including the attacks on New York and Washington on September 11, 2001.

Obama said that he earlier authorized a special operation to get Osama, “Today, I ordered an operation to get Osama and bring him to justice. After a firefight, a small team of special action force killed Osama and took custody of his body.”

The US president thanked the Pakistani government for its cooperation in the operations.

Obama said he was briefed in August last year of the possible location of Bin Laden, which was a compound outside the capital of Pakistan.

Crowds gathered outside the White House in Washington DC were cheering and waving flags. Some were singing the “Star Spangled Banner” and some were chanting “USA, USA” when Obama made the announcement.

Meanwhile, the US has put its embassies around the world on alert for a possible al-Qaeda reprisal attacks following the death of their leader.

Former president George W. Bush described the news as a “momentous achievement.” He said, “The fight against terror goes on, but tonight America has sent an unmistakable message: No matter how long it takes, justice will be done.”

While another former president, Bill Clinton said, “This is a profoundly important moment not just for the families of those who lost their lives on 9/11 and in al-Qaeda’s other attacks but for people all over the world who want to build a common future of peace, freedom and cooperation for our children.”

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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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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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Arroyo couple asked to appear before DOJ

Roy — Sun, 01 May 2011 07:07:44 +0000

The Department of Justice (DOJ) subpoenaed Ang Galing Pinoy Party List Rep. Juan Miguel “Mikey” Arroyo and his wife Angela ordering them to appear before the justice department to answer the charges for the P73.85-million tax evasion cased filed by the Bureau of Internal Revenue (BIR) April 7.

The former presidential son and his wife were ordered to appear before the DOJ at 2 p.m. on May 12 and 26. They were also told to submit their counter-affidavit and supporting documents. Arroyo is said to be in the US with his mother, former president and Pampanga Congresswoman Gloria Macapagal-Arroyo.

The subpoena, dated April 28, was issued by a three-member panel of prosecutors tasked to handle the preliminary investigation of the case. The panel is composed of Senior Assistant State Prosecutor Lagrimas Agaran, Assistant State Prosecutor Ma. Christina Barot, and Assistant State Prosecutor Mederlyn Presa-Mangalindan.

The BIR filed the complaint last April 7 against the Arroyo couple after gathering ample evidence. The tax agency accused the couple of wrongful declaration of taxable income and non-filing of income tax returns.

The BIR said Arroyo only paid P2.4 million, P1.7 billion and P376,000 in taxes for the year 2004, 2006 and 2007, respectively, when he and his wife bought several properties worth millions from 2004 to 2009 – including residential houses in the United States, in Lubao, Pampanga and at La Vista Subdivision in Quezon City.

BIR Commissioner Kim Henares said the agency patterned its investigation on the method used by the US authorities against gangster Al Capone and found “substantial underdeclaration of income by over 30 percent.”

Henares said, “Under the Tax Code (NIRC), underdeclaration of taxable income of more than 30 percent is considered a prima facie evidence of fraudulent return.” Arroyo also supposedly did not file income tax returns (ITRs) for the taxable year 2005, 2008 and 2009, while his wife did not file ITRs from 2003 to 2009.

If found guilty, the couple could face imprisonment of up to four years and fine of at least P30,000 for each count of underdeclaration of taxes, and imprisonment of up to 10 years and P10,000 fine for each count of non-filing of income tax return.

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Philippine tuna company acquires US salmon company

Roy — Thu, 28 Apr 2011 13:51:25 +0000

Philippine company Alliance Select Food International Inc. sealed a deal to acquire 100 percent of US company Spence & Co. Ltd., a Massachusetts-based salmon smoking and curing company who specializes in the production of smoked salmon and seafood, prepared in the Scottish tradition of its founder Alan Spence. The company caters to the high-end market in the USA and Europe.

The Alliance, in its disclosure to the Philippine Stock Exchange (PSE), said it had signed an agreement to acquired the US fish company lock, stock and barrel through subsidiary ASFI Choice Foods Inc. for $8.5 million.

Alliance spokesperson Rajat Balain said, “An investment in Spence is another step towards Alliance’s goal of diversifying its product line to enhance shareholder value and ensure future profitability. This will be Alliance’s third smoked salmon venture, making it the largest salmon processor in the region, and will help it establish a beachhead in the lucrative seafood market in the US.”

To partly finance the acquisition of Spence, Alliance will be conducting a stock rights offering. The company already gave the approval for the said offering. The PSE suspended trading of Alliance starting 9 a.m. Tuesday pending the submission of additional disclosure pertinent details on the transaction.

Alliance started commercial operations in General Santos City in Mindanao in 2004, it was formerly known as Alliance Tuna International and engages in tuna processing, canning and export of canned tuna products. It exports to Europe, North America, Asia, Africa and South America as a “private label manufacture,” which means it processes and cans tuna using its customer’s brands.

Part of its overseas expansion in recent years is the company’s aspirations to become a regional food company with a “decidedly Filipino DNA.” Alliance is always on the lookout for opportunities in regional seafood companies with high margins and high-value products.

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San Miguel eyeing NAIA 3

Roy — Mon, 25 Apr 2011 14:41:08 +0000

San Miguel Corp. said it is interested in taking over the operations of the Ninoy Aquino International Airport Terminal (NAIA) 3. San Miguel said it will join in the bidding for NAIA 3 should the government open it for privatization.

In its disclosure to the Philippine Stock Exchange, the company stated, “The company may participate in the privatization of the NAIA 3 in the event the government conducts a public bidding for the said infrastructure-related project.” It added, “As we have previously disclosed to the exchange, the company intends to actively pursue the Public-Private Partnership (PPP) programs initiated by the government.”

The conglomerate has already sent earlier an offer to privatize the NAIA 3, through unit Philco Aero Inc., its joint venture with Korean partners. San Miguel directed its privatization plan to President Aquino and the Manila International Airport Authority (MIAA).

The company now effectively adds NAIA to the list of airport investment it wants. San Miguel has a stake in the developer of Caticlan airport off the famous Boracay Island and has a pending offer to operate the Terminal 2 of the Diosdado Macapagal International Airport in Clark, Pampanga.

San Miguel has been effectively diversifying away from its core food and beverage business, and into heavy and high-growth sectors including telecommunications, oil refinery, power and infrastructure. The company last week sold $900 million worth of equity and convertible bonds to help fund infrastructure investments.

Meanwhile, NAIA 3 was expected to open in 2002 but was mothballed for 6 years due to a legal dispute with the Philippine International Airport Terminal Co. (Piatco), the consortium that built the terminal. The Supreme Court, however, cancelled Piatco’s contract in 2003, resulting in arbitration proceedings filed by Piatco and German shareholder Fraport AG, in Singapore and the US.

The International Center for Settlement of Investment Disputes ruling dismissed Fraport’s arbitration bid in 2007. But the said decision was reversed last year which prompted Fraport to revive its $425-million compensation claim against the Philippine government.

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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.

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Ayala’s HRMall acquires US BPO firm

Roy — Tue, 19 Apr 2011 14:21:34 +0000

HRMall Inc., a business process outsourcing (BPO) firm backed by the Ayala group, has acquired IQ BackOffice LLC. Based in Los Angeles, California, IQ BackOffice provides backroom finance and accounting services to mid-sized companies in the United State. It delivers high quality, software-enabled and real-time finance and accounting BPO services to US companies.

HRMall is one of the investing companies of the Ayala group’s BPO holding firm LiveIt Investments Ltd. it provides IT-enabled human resource services out of Manila. The firm entered into a definitive agreement to acquire IQ BackOffice. The combined value of the two companies is estimated at $15 million.

IQ BackOffice employs over 200 people in the United States and India. Its clients are US firms with annual revenues of $50 million to $1 billion. Some of its clients generate revenues up to $10 billion. The company has more than 30 public and private company clients, including restaurants, manufactures and distributors, hotels, entertainment establishments, property and financial firms.

As part of the deal between IQ BackOffice and HRMall, founder and chief executive officer David Schnitt of IQ BackOffice will get a 17.5-percent ownership interest in HRMall. Schnitt will be appointed CEO of HRMall.

The 82.5-percent interest of HRMall will be owned by LiveIt which has vowed to support a strategy to fast-track growth in existing markets in the United States and Asia. With the said, HRMall will be in a better position to help enterprises slash costs by 30 to 50 percent a year.

All stockholders of both firms, HRMall and IQ BackOffice, have already approved and signed the sale and purchase documents. The transaction though is subject to customary closing conditions and is expected to be sealed by April 30.

As part of the deal, the company will operate as HRMall in Asia and IQ BackOffice in the United States. It will employ a total of over 300 workers out of centers in Manila, Chennai, Mumbai and Los Angeles.

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Johnson & Johnson fined $70 million by US authorities

Roy — Sun, 10 Apr 2011 05:23:45 +0000

Multinational firm Johnson & Johnson was fined by the United States authorities $70 million on for bribing doctors in Europe and paying kickbacks for contracts under a United Nations (UN) relief program in Iraq.

According to the US Department of Justice and Securities and Exchange Commission, the cosmetics and drug giant has paid doctors and hospitals in Greece, Poland and Romania for contracts and to promote its drugs and medical devices.

The company was also said to have paid kickbacks between the years 2000-2003 for 19 contracts under the UN Oil for Food Program, which provided humanitarian supplies to Iraqis while the country was still ruled by Saddam Hussein.

Johnson & Johnson agreed to pay US authorities $70 million to settle the charges, including $48.6 million to the SEC and $21.4 million to the Justice Department. US prosecutor Mythili Raman said that the company had “cooperated extensively” during the investigation.

SEC enforcement director Robert Khuzami said, “The message is plain; any competitive advantage gained through corruption is mirage. J&J chose profit margins over compliance with the law by acquiring a private company for the purpose of paying bribes, and using sham contracts, offshore companies, and slush funds to cover its tracks.”

Based on the investigation conducted by the authorities, Johnson & Johnson’s subsidiaries Cilag AG International and Janssen Pharaceutica made $858,000 dollars in payoffs to Saddam Hussein’s governments to win $9.0 million in contracts under the deeply corrupted Oil for Food Program.

The kickbacks were said to have been concealed from the United Nations by inflating Janssen and Cilag’s contract prices by 10 percent. The SEC also said that the company was under a related investigation by Britain’s Serious Fraud Office and that a resolution was also expected.

Johnson & Johnson is the 15th largest company in the US in terms of market capitalization.

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Another earthquake shook Japan

Roy — Thu, 07 Apr 2011 17:25:46 +0000

Another powerful earthquake hits Japan anew on Thursday. The Japan Meteorological Agency recorded the quake at a magnitude of 7.4 while the US Geological Survey said it was 7.1. The recent quake triggered a tsunami warning for one prefecture and advisories in other prefectures. The National Police Agency said there were no reports of casualties from anywhere in the earthquake zone.

The Tokyo Electric Power Company said that workers were evacuated from the Fukushima Daiichi nuclear plant following the quake. The Tokyo Electric sad it has communication with the plant and the power is still on in there. There were also no immediate reports of damages.

The Japan Meteorological Agency said the quake’s epicenter was off the coast of Miyagi in northeastern Japan. The US Geological Survey reported that the quake was centered 41 miles (66 kilometers) from Sendai, which was one of the areas worst hit by last month’s 9.0-magnitude quake; and 73 miles (118 kilometers) from Fukushima, where a crisis has been under way at the nuclear plant since last month’s tsunami.

Public broadcaster NHK said a tsunami warning was issued for Miyagi prefecture saying that people in the area should evacuate away from the shore to a safe place. Likewise, NHK also issued tsunami advisories for the Pacific coast of Aomori Prefecture, and for the Iwate, Fukushima, and Ibaraki Prefectures.

According to the Pacific Tsunami Warning Center, based on all available data, “a destructive Pacific-wide tsunami is not expected and there is not a tsunami threat to Hawaii.” The quake was centered 207 miles (333 kilometers) from Tokyo, said the US Geological Survey. It was 15.9 miles deep and took place shortly after 11:30 p.m. local (10:30 a.m. ET), the agency reported.

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BIR files tax evasion charges against Mikey Arroyo

Roy — Thu, 07 Apr 2011 09:42:54 +0000

The Bureau of Internal Revenue (BIR) filed a P73.85 million tax evasion case against Ang Galing Party-list Representative Juan Miguel Arroyo and his wife, Angela. Perhaps, the biggest fish yet, in its campaign against tax evaders, BIR Commissioner Kim Henares said the couple were charged for attempting to defeat taxes and failing to file income tax returns (ITRs) under Sec. 254 and Sec. 255 of the Tax Code.

Henares said that Arroyo, son of former president and incumbent Pampanga Representative Gloria Arroyo, did not file ITRs for the years 2005, 2008 and 2009, while his wife had no tax returns from 2003 to 2009. She said the couple failed to pay taxes even as Arroyo declared in his Statement of Assets, Liabilities and Net Worth (SALN) millions of pesos worth of real and other properties acquired from 2004 to 2009.

Based on the investigation made by BIR, the Arroyos owned residential houses in Lubao, Pampanga, in La Vista Subdivision in Quezon City, as well as in the United States. They also declared motor vehicles, shares of stock, jewelry, clothes and other personal effects as assets.

Henares said in a press conference at the Department of Justice, “If you report you have an asset, you should be able to say where it comes from, and where it comes from always normally, there’s a tax consequence. So if somebody donated it to you, there should be a donor’s tax. If you inherited it, you should have an estate tax. If you bought it, you should have income from which you got the funds to buy this property. They claim they have all these assets but they have no income tax returns.”

The BIR also said the couple also underdeclared their incomes by more than 30% for taxable years 2004, 2006 and 2007. “A comparison made by the BIR of the Arroyo couple’s increase in net worth with their reported taxable income using the net worth method of investigation first used in the US against gangster Al Capone revealed substantial underdeclaration of income of more than 30%,” the agency said.

The BIR said the Arroyos owe the government at least P73.85 million, inclusive of surcharges and interest. If found guilty, they will face a fine of up to P100,000 and imprisonment of 4 years for violating Sec. 254 of the Tax Code, and a fine of up to P10,000 and imprisonment of 6 years for violating Sec. 255.

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US surrendered Ligot’s assets to the Philippines

Roy — Thu, 07 Apr 2011 07:40:24 +0000

The ongoing investigation of former military comptroller Lieutenant General Jacinto and wife Erlinda Ligot has produced results as United States Ambassador Harry Thomas Jr. announced on Thursday that the US government has turned over to the Philippines $132,000 worth of assets of Mrs. Ligot.

Thomas, in his meeting with Justice Secretary Leila De Lima, said, “Today, I am pleased to announce the first ever return of funds in the assets of forfeiture case where the US government is returning $132,000 to the Philippine government.”

The Philippines made a request before the US government back in 2009, to look into real estate transactions of assets belonging to Mrs. Ligot, pursuant to the Mutual Legal Assistance Treaty (MLAT).

Thomas noted, “I think this is to show the benefits of the MLAT we have with the Philippines and to show the confidence that the US government places in the Aquino administration that this will be returned to the Philippines treasury and will be used for the benefit of the Filipino people. He added that this will not be the last, there will be more cases “where we will be cooperating with the Philippine government.”

The Ligots are being investigated and facing a P428-million tax evasion case with the Department of Justice (DoJ). Based on the complaint filed by the Bureau of Internal Revenue (BIR), General Ligot failed to file his income tax returns (ITRs) for taxable year 2001, while his wife Erlinda failed to file her ITRs from 2001 to 2004. The couple also failed to declare their income net worth of P41.854 million in 2001; P103.6 million in 2002; P165.367 million in 2003; and P148.955 million in 2004.

Ligot is also among the several retired officers investigated by the Senate for allegedly pocketing government funds and buying US property. During the recent investigation conducted by the Senate Blue Ribbon Committee, it was discovered that some P740 million were deposited and later withdrawn from the accounts of the Ligot couple.

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Azkals to hold tryouts to beef up its line-up

Roy — Tue, 29 Mar 2011 01:33:14 +0000

To beef up their line-up, the Philippine football team will be holding try-outs on April 9 to 10 at the Gellert Park in Daly City, near San Francisco. Team captain Aly Borromeo and defender Anton Del Rosario will conduct the tryouts, they are looking to recruit talents in the 15-24 age bracket. Borromeo and Del Rosario will supervise the tryouts, together with US college football coaches.

Del Rosario said, “The players are coming from all over. There were at least eight from the East Coast looking forward to the tryouts in New York City but we’ve asked them to fly to San Francisco instead so we can assemble the players all together. It’s more practical to hold the tryouts in the US than ask the players to fly all the way to Manila. We’ve got players coming in from Canada, too.”

Borromeo justified their plan to recruit from the US because bringing in players from overseas to suit up for the national team is a reality in the global game, “It happens all the time,” he said. “In our case, we’ve learned to adjust to each other. Players come just a few days before a match and leave right after. That’s how it is with a lot of national teams whose starts play for clubs in other countries. We’ve become familiar with each other. Coach Weiss doesn’t mind. As long as we’re winning, he’s happy,” Borromeo added.

He said he is also on the lookout for players who can see action with the under-23 squad at the Southeast Asian (SEA) Games in Indonesia this November. Goalkeeper Neil Etheridge, 21, reliever Christopher Camcam, 16, defender David Basa, 21, striker Yannick Tuason, 21, Fil-German Patrick Hinrichsen, 20, and Fil-Dutch Jason de Jong, 21, are among the players now in the under-23 pool.

The Azkals made history when they qualified for the first to the Asian Football Confederation (AFC) Challenge Cup proper cup tournament after placing second in the group stage in Myanmar last week. They drew with Myanmar and Palestine and then defeated Bangladesh.

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GMA network declares P0.45 per share cash dividends

Roy — Mon, 14 Mar 2011 06:47:02 +0000

Broadcast media giant GMA Network Inc. has approved the declaration of P2.187 billion cash dividends, or P0.45 per share. In its disclosure to the Philippine Stock Exchange, the network giant said the record date for the cash dividend is on April 8, and the payment date is on May 5. The declaration of cash dividend after GMA announced its net earnings last year to reach P2.82 billion, missing its target of P3.0 billion, amid a challenging environment.

The company’s revenue amounted to P14.299 billion, P500 million higher than the previous year. Its consolidated airtime revenues from all platforms rose four percent to P13.19 billion, brought about mostly by the political advertisement during last year’s election period, which amounted to P2.05 billion as against the P636 million recorded in previous year.

For its international and subsidiaries operations, revenues stood at P1.11 billion or an increase of three percent. GMA International registered subscription and advertising revenues of P925.37 million. This is eight percent higher than the network’s 2009 figure, coming from strong sales in the US, Canada, Middle East, North Africa, Asia Pacific and Europe.

Meanwhile, GMA Pinoy TV (GPTV) and GMA Life TV (GLTV), the company’s international channels, both recorded a double-digit growth in subscriptions by the end of December 2010. Channel 7, GMA’s flagship channel, still remains to be the network’s biggest earner, contributing P12.21 billion to the total company revenue, or a three percent increase from the year earlier level. Its GMA Radio revenue expanded 43 percent to P535.6 million.

GMA’s EBITDA (earnings before income taxes, depreciation, and amortization) was up four percent to P4.71 billion. For its 2011 prospects, GMA is looking forward to a more profitable 2011 with more than P7 billion worth of sales already booked as of December 2010.

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All set for the 2011 Kalibo Ati-atihan

Roy — Sat, 08 Jan 2011 15:21:02 +0000

Kalibo, Aklan is all set for the celebration of the Ati-atihan Festival. Observed in the third week of January, Ati-atihan is considered as the mother of all Philippine festivals and fiestas, and this year, the town is all set for a weeklong spectacular show next until its culmination on January 16.

Mayor William S. Lachica of Kalibo said that they are all set for the Kalibo Ati-atihan 2011. He said that with the active cooperation of various organizations, the success of the festival is assured. These organizations include the Kasapi Foundation, cultural and civic organizations, the business sector, Sto. Niño religious groups, and the municipal barangay officials. The mayor expressed his gratitude for the whole capital town’s people who are “enthusiastically setting up preparations to welcome guests and tourists.”

For her part, Vice Mayor Madeline Ang Regalado that the officials and members of the Kalibo Sangguniang Bayan (SB) are mobilizing all efforts to see it that the Kalibo Ati-atihan 2001 will be a success.

The town is expecting the arrival of members and officers of the different Aklan associations through the United States (US), Europe, Canada, Middle East, as well as from other countries. They are also expecting diplomat and cultural attaches of embassies, consulates and delegations from the different countries, as well as journalists from various parts of the country and some special guests of Aklanons.

The whole festivity is dedicated to the Sto. Niño (Infant Jesus), who is said to be generously blessing His devotees with good health and prosperities. The 2011 Kalibo Ati-atihan will be featuring the parade of different tribal contingents with amazing colorful costumes. Organized groups participating in the festival receive substantial awards of recognition and cash prizes for winning its contest.

The Municipal Economic Enterprises and Development Office (MEDO), under which the local tourism operates, represented by its head Juliet T. Melgarejo, said they are leaving no stones unturned to make sure that the observance of the Ati-atihan will be successful, which in turn will redound to the economic, social and cultural enhancement of the town, Aklan, and its people as well.

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Successful working visit with $2.8 billion pledges of investment

arbe — Thu, 30 Sep 2010 11:15:37 +0000

Good news for many of us, Mr. President Benigno Simeon C. Aquino III is coming home with $2.8 billion pledges of investment. This also includes the Millennium Challenge Corp. that grant $434 million and will be using for road construction, tax administration projects and specially for fighting the poverty.

This will help our economy to grow stronger and have a good governance in the part of the administration. The President has plan and work so hard for him to achieve his goal in his working visit in the United States. He also had a meeting with the United States President Mr. Barack Obama and the leaders of the Association of Southeast Asian Nation (ASEAN) and some of big-time US businessmen.

President Aquino is doing his best for our economy to rise up. Good thing President Aquino is an economist before so he knows how to do to improve our economy and because of that there will be some chances that our country can rise up from poverty and can defeat the corruption. Good sign for many of the Filipino specially on the Filipino businessmen that wants their business to be successful and can be successful when our economy rises.

We just need to have a patience of what will be the next move of our President and support him for what he can do to improve this country.