7th October 2012

OFW PERKS BENEFITING THE ECONOMY Posted by Yel Cobile, Contributing Correspondent, on October 7, 2012, 9:01 am (Business World, 6 Oct 2012) TAX BREAKS granted to the remittance industry are worth the loss in government revenues since they encourage savings and investments among migrant workers, the National Tax Research Center (NTRC) said.   Overseas Filipino workers (OFWs) are exempted from the 7.5% final withholding tax on interest earned by their foreign currency deposits, among others, which the NTRC said in a study can then be channeled to investments like insurance and real estate -- developing the capital markets and stimulating the economy. Migrant workers also enjoy an exemption from the P0.30 documentary stamp tax charged for every P200 in money transfers and remittances. The incentive was passed into law in 2010 to lower OFWs’ transaction costs as the government feared the tax was forcing them to send money via informal channels. Read more... Tell a Friend... :: Comments: 0

29th September 2012

EXECUTIVE FACED GUNPOINT EXTORTION Posted by Yel Cobile, Contributing Correspondent, on September 29, 2012, 10:17 am (By Nick McKenzie and Richard Baker, 29 Sep 2012)   Owners of Tenix's defence business at the time -the Salteri family. Photo: Jim Rice TENIX executive involved in negotiating a $150 million Asian shipbuilding contract claims a senior Philippines coast guard officer threatened him with a pistol and demanded a large sum of money. The executive, who has asked not to be named, said he was sitting across the desk from the officer when a pistol was produced and pointed at him. ''He said, 'this deal will earn you and your company a lot of money. I want one million US dollars,''' the executive said. The matter was reported to management in Sydney and the executive offered extra security, but he soon resigned from Australia's biggest defence contractor. Read more... Tell a Friend... :: Comments: 0

28th September 2012

NIKE DROPS AMID SLOWING DEMAND FROM CHINA Posted by Yel Cobile, Contributing Correspondent, on September 28, 2012, 10:04 am (By Matt Townsend, 28 Sep 2012) Nike Inc. (NKE), the world’s largest sporting-goods company, declined after reporting future orders that trailed analysts’ estimates as demand sank in China. Nike fell (NKE) 1.1 percent to $94.91 at the close in New York. The Beaverton, Oregon-based company’s shares have fallen 1.5 percent this year. Chief Executive Officer Mark Parker has been discounting merchandise in China to clear inventory that wasn’t selling well, hurting demand for new products. Future orders from China, excluding currency fluctuations, declined 6 percent, trailing analysts’ average estimate for a 1.2 percent gain. Total orders for the Nike brand from September to January advanced 8 percent, trailing the 10 percent average estimate. Read more... Tell a Friend... :: Comments: 0

16th September 2012

Regulator seeks hefty hike in Region 8 terminal fees Posted by Yel Cobile, Contributing Correspondent, on September 16, 2012, 7:30 pm (By Sarwell Q. Meniano, 15 Sep 2012) TACLOBAN CITY --- The Civil Aviation Authority of the Philippines (CAAP) has proposed a fivefold increase in terminal fees in all 10 airports in Eastern Visayas, eliciting objections from the business sector. Raul Glorioso, chief of the Aerodrome Development and Management Service of CAAP, said in a public hearing here last week that the proposed adjustment "is part of cost recovery on investments made on the various related infrastructure and navigational projects of airports nationwide." The CAAP’s proposal will bring the terminal fee to P150 from the current P30 at the Daniel Z. Romualdez (DZR) Airport and P100 from the current P20 at the airports in Catarman, Northern Samar; Calbayog City, Samar; and Ormoc City, Leyte. Read more... Tell a Friend... :: Comments: 0

14th September 2012

Investment forum on corn production held in Southern Leyte Posted by Yel Cobile, Contributing Correspondent, on September 14, 2012, 6:47 pm (By Erna S. Gorne, PIA-8 Southern Leyte, Friday, 14 Sep 2012) MAASIN CITY, Southern Leyte, Sept 14 (PIA) -- The Provincial Agricultural General Services Office (Pagso) hosted an investment forum on corn production on Wednesday together with the representatives of the Landbank of the Philippines (LBP), Development Bank of the Philippines (DBP), corn buyers and local farmers in the province. Pagso Provincial Head Marina Gador said the forum encourages the provincial government to strongly campaign for the local farmers to plant corn due to its big demand in the market. The provincial government, through the initiatives of Provincial Governor Damian Mercado, would like to take advantage of the business opportunities in agriculture like supplying corn products in the market hence the investment forum, she said. Read more... Tell a Friend... :: Comments: 0

2nd September 2012

Ayala Eyeing Leyte, Casecnan Power Posted by Yel Cobile, Contributing Correspondent, on September 2, 2012, 3:58 pm (By Myrna M. Velasco, 3:58 pm, 2 Sep 2012) MANILA, Philippines --- As part of its aggressive foray into power generation, the energy unit of Ayala Corporation has indicated plans to join the bidding for the planned privatization of the supply contracts covering the 640-megawatt Unified Leyte geothermal facility and the 150-MW Casecnan hydropower plant in Nueva Ecija.   “For the power (sector), we’re looking for the next round of bidding. I understand that the next ones on the block (are) Casecnan and Unified Leyte. These are two things that we are studying whether we will participate in,” Ayala Corporation managing director Eric T. Francia has told reporters.   The Power Sector Assets and Liabilities Management Corporation (PSALM) is still targeting to start issuing bid notices for the appointment of independent power producer administrators (IPPA) for these two assets before the close of this year. Read more... Tell a Friend... :: Comments: 0

30th August 2012

ECONOMY GROWS BY 5.9% Posted by Yel Cobile, Contributing Correspondent, on August 30, 2012, 7:30 pm Strong Business Confidence, Bigger Gov't Spending Fuel 2nd Quarter GDP (By Edu Lopez, 7:30 pm, 30 Aug 2012) MANILA, Philippines --- The economy sustained its remarkable run this year, growing by 5.9 percent in the second quarter.   The growth, measured by the Gross Domestic Product (GDP), is significantly higher than the 3.6 percent in the same period in 2011.   Socio-Economic Planning Secretary Arsenio Balisacan attributed the strong economic showing to increased business confidence, strong employment creation, and accelerated government spending. Read more... Tell a Friend... :: Comments: 0 NegoKart to roam around Southern Leyte town Posted by Yel Cobile, Contributing Correspondent, on August 30, 2012, 6:25 pm (By Leyte Samar Daily Express, Thursday, 30 Aug 2012) FOURTEEN units of NegoKarts (Negosyo sa Kariton) are ready to roam around the streets of Libagon, Southern Leyte offering variety of delicacies to local folks.   The Department of Labor and Employment (Dole) Eastern Visayas and the Local Government Unit (LGUs) of Libagon formally turned over to 14 women beneficiaries during the closing program of the Social Preparation Seminar and Entrepreneurship Appreciation Course for the beneficiaries on August 22, 2012 at the Libagon Municipal Hall.   Dole Regional Exequiel Sarcauga said Dole had released P179,600 for the project consisting of purpose-built carts, raw materials and other ingredients for the identified food vendors of Libagon.   “It is our hope that this assistance will mean not only an increase in your mobility as vendors, but also an increase in your income, and an improved quality of life. This is what it means by inclusive growth that President Aquino wants to achieve, that whatever gains this government will have, we want to ensure that the people of Libagon, Southern Leyte are part of it,” Sarcauga explained.   Libagon Mayor Oliver Ranque expressed his gratitude with the Dole for partnering with the LGU in providing livelihood to his constituents. He committed to oversee the implementation of the project to make sure that it will be sustained.   “Given the levels of experience of the women beneficiaries in food vending and food processing and cooking, I am confident that they will succeed in this endeavor,” Ranque said.   The beneficiaries are expected to take their carts and offer their products to students and people of barangays Hubas, Talisay, Magkasa, Mayuga, Kawayan, Tigbato, Otikon, and Nahulin in Libagon. (Leyte Samar Daily Express) Tell a Friend... :: Comments: 0

29th August 2012

Eastern Visayas' market share to increase in 2013 Posted by Yel Cobile, Contributing Correspondent, on August 29, 2012, 9:03 pm (By Leyte Samar Daily Express, Wednesday, 29 Aug 2012) THE Internal Revenue Allotment (IRA) share for local government units (LGUs) of the region will increase from P12.65 billion this year to P14.68 billion in 2013, the Department of Budget and Management (DBM) reported. DBM Regional Director Imelda Laceras said the rate increase for LGUs in the region ranges from 1 to 14 percent depending on the population size recorded in 2010 population survey, but the average increase is pegged at 10.6 percent. Of the P14.68 billion IRA, P7.04 billion is allocated for 136 municipalities, P4.47 billion for six provinces, and P3.16 billion for seven cities. Read more... Tell a Friend... :: Comments: 0

29th July 2012

NGCP STRENGTHENS LEYTE TRANSMISSION NETWORK Posted by Yel Cobile, Contributing Correspondent, on July 29, 2012, 8:11 pm (Zambo TImes, 28 July 2012) MANILA --- The National Grid Corporation of the Philippines (NGCP) continues to strengthen its power transmission network with projects in Leyte to meet the increasing power demand and improve system reliability. Among its ongoing projects this year is the Visayas Substation Expansion I Project, which includes the installation of a new 100-megavolt ampere (MVA) transformer at Ormoc substation in Leyte. This transformer is set to be energized in December. Read more... Tell a Friend... :: Comments: 0