QBE Foundation renews commitment to PH education
In an effort to help improve the quality of education, QBE Foundation joined this year’s Brigada Eskwela. The Manila offices, in partnership with Children’s Hour, helped rehabilitate classrooms in Taguig National High School while the Cebu office adopted Gun-Ob Elementary School in Lapu-Lapu City.
QBE Foundation’s partnership with Brigada Eskwela is anchored on the organization’s renewed focus on education. “Education is perhaps one of the most important aspects in society, especially for developing countries like the Philippines.
Unfortunately, not all Filipino children have the privilege of studying in a school where the facilities and the environment are conducive to learning. It is up to us as fellow Filipinos to give the children a chance at a better future by helping them in whatever way we can today,” said Karen Batungbacal, Executive General …
Voyager Innovations launches Lendr to rural bank partners
Voyager Innovations, the digital innovations arm of PLDT and Smart, introduced Lendr, the country’s first online marketplace platform for consumer loans, to members of the Rural Bankers Association of the Philippines (RBAP) during the group’s 58th Charter Anniversary Symposium held at the Mariott Hotel, Pasay City.
Lendr is a fully digital, multi-channel, telco and bank agnostic solution that financial institutions and credit providers can use to reach consumers planning to avail of loans. Through Lendr, consumers will be offered a convenient, transparent, fast and secure service through a marketplace that provides an all-in-one account and multiple loan options, delivered straight to the mobile device.
Any consumer can apply any time whenever they need money for emergencies, minor house repairs or school tuition via SMS, mobile app or online with any device or …
DOE sets rules on WESM’s system enhancement
A Circular has been issued by the Department of Energy (DOE) setting forth the forward enhancements that it requires the Wholesale Electricity Spot Market (WESM) in line with improving service to industry participants – and subsequently, for it to have favorable outcome to electricity consumers.
Under DOE Circular No. DC 2015-10-0015 signed by Energy Secretary Zenaida Y. Monsada, the department has listed the various enhancements that will soon be enforced in the WESM’s design and operations.
These include the removal of the minimum stable loadings (PMin) for power generators being deemed as constraint in the Market Dispatch Optimization Model (MDOM); and the introduction of shorter trading and dispatch interval of five minutes.
The other prescription is on the institutionalization of ex-ante pricing only “for every five-minute trading and dispatch interval” in the spot …
Moral dimensions of renewable energy (Part I)
In the recently held Clean Asia Energy Forum sponsored by the Asian Development Bank, speakers strongly recommended greater investments in clean energy and energy efficiency to meet rising Asian demand while limiting the impact of climate change. An optimistic view was taken by Bindu Lohani, ADB vice-president for knowledge and management and sustainable development. He pointed out that renewables are becoming more competitive as technology progresses but lamented the fact that the low hanging fruit of energy efficiency is not being sufficiently pushed in Asia. He told the audience not to be deterred by the current low prices of oil and other fossil fuels. Given the history of great volatility of oil prices in the past, he surmised that “low prices will end even if we do not know when.” …
PHLPost issues APEC 2015 special stamps
The Philippine Postal Corporation (PHLPost) will issue a special stamp featuring the Asia Pacific Economic Cooperation (APEC) Leaders’ Meeting that the country will host this month.
The APEC stamps are already available since Tuesday, November 10 and will be available at PhlPost until November 9, 2016 or until supply lasts.
PHLPost creative artist Rodine Teodoro prepared the stamp, which features the official APEC logo and the words “APEC PHILIPPINES 2015,” Asia Pacific Economic Cooperation, can be seen on the stamp. The theme: “Building Inclusive Economies, Building a Better World” were inscribed on the first day cover envelope.
About 101,000 copies of the APEC stamp were printed by security printer Amstar Company, Inc. to be sold at R30 each. Foreign and local collectors are expected to buy the stamps, measuring 25X50mm.
The APEC was founded …
APEC seeks to define ‘Inclusive Business’
Government, multilateral institutions, and the private sector, have sought to define “Inclusive Business” (IB), the buzzword in this year’s APEC meetings.
Whether it is just a motherhood statement, or a dream, or fad that remains to be seen.
And the APEC, which groups 21 member countries, is a good venue for this concept to fly. An estimated 1,500 CEOs and business leaders from the world’s biggest conglomerates are attending the three-day APEC CEO Summit, which is organized by the ABAC (APEC Business Advisory Council), the private sector business advisory group to the APEC Leaders.
So, what is IB?
Eriko Ishikawa, global head of the Inclusive Business Team of the World Bank/International Finance Corp., said the G20, which is composed of the world’s most developed economies and just completed its meeting prior to APEC, has …
Lufthansa promises return to normal flights
Berlin – Germany’s Lufthansa has promised a return to normal flight schedules on Saturday though a week-long strike by cabin crew is expected to ground another 941 flights on Friday.
The airline withdrew a request for an injunction against the walkouts at the last minute on Thursday after a German court indicated earlier it was unlikely to reverse a lower court ruling that flight attendants could continue their strike.
The cabin crew union (UFO) signalled on Thursday a willingness to compromise, saying it will make a new proposal on Friday to end the dispute with Lufthansa. Union chief Nicoley Baublies declined to provide details of the proposal.
Lufthansa said 111,000 passengers would be hit by the cancellations on Friday which will bring the total number of flight disruptions to 4,700 – with more …
JG Summit profit up 39% to P20.69 billion
JG Summit Holdings, Inc. reported a 39 percent jump in core net income to P20.69 billion in the first nine months of 2015 from the P14.86 billion generated in the same period last year.
In a disclosure to the Philippine Stock Exchange, the firm said “the increase in core earnings is due to the double-digit income growth in our core operating businesses particularly Cebu Air, which benefited significantly from the substantial reduction in fuel prices and our Petrochemical business which resumed commercial operations last November, 2014.”
However, consolidated net income for the period inched up only 2.6 percent to P16.11 billion due to last year’s one-time gain on sale of Jobstreet amounting to P1.45 billion and to the significantly higher losses on foreign exchange and market valuations this year as compared to …
Gov’t borrowings up 17% in 9 months
Government borrowings jumped by nearly a fifth in the first nine-months of the year as state financing from both local and offshore markets increased, data from Bureau of the Treasury (BTr) showed.
In January to September this year, the national government borrowed P279.9 billion from domestic and foreign sources, up 16.6 percent compared with P240.1 billion in the same period a year ago.
The increase borrowing at end-September was due to the 11.4 percent and 20 percent growth in external and domestic financing, respectively.
Government offshore borrowings, which composed of project and program loans, reached P105.04 billion during period, higher compared with P94.3 billion incurred a year ago. The state also had P34.65 billion in global bonds during in the first three-quarters.
Meanwhile, local financing of the national government also grew from January to …
Marshall Islands Registry opens Manila office
International Registries, Inc. and its affiliates (IRI), which provide administrative and technical support to the Republic of the Marshall Islands (RMI) Registry, opened their 27th worldwide office in Manila the other day. The RMI Registry is the third largest in the world, surpassing 126 million gross tons at the end of October, 2015 and more than 3,650 vessels.
“The unprecedented growth of the fleet is largely in part to IRI’s decentralization model, which includes technical and marine safety experts in key worldwide locations who can provide timely services to owners and operators,” said John Ramage, Chief Operating Officer of IRI.“More than 250,000 seafarers are in possession of an RMI Seafarer’s Identification and Record Book (SIRB), 35% of which are from the Philippines,” added Ramage.
“The sheer volume of seafarers that will require …