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8990 aims for P12-B revenues

Mass housing developer 8990 Holdings, Inc. is aiming to grow its revenues by almost 24 percent to P12 billion this year even as it considers securitizing its receivables in Singapore as local regulators sit on its application here. In an interview, 8990 President Januario Jesus Atencio said sales will continue to grow as the firm remains aggressive in launching more affordable housing projects this year. For 2015, Atencio said he expects revenues to have grown about 27 percent to P9.7 billion, faster than its annual goal of improving revenues by 20 percent. "My target is P9 billion to P10 billion. I was able to get P9.5 billion from housing (projects). If you add the non-housing, that's probably P9.7 billion," said Atencio adding that "my 2015 was within estimate." Atencio said 8990 is keeping its …

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‘SUA’ Montero complainants ask Ombudsman to probe DTI

Complainants of sudden unintended acceleration (SUA) on the Montero Sport model have asked the Office of the Ombudsman to initiate a probe against officials of the Department of Trade and Industry (DTI) for the agency’s alleged failure to protect consumers. In its complaint before the Office of the Ombudsman, the complainants have accused former DTI Secretary Gregory L. Domingo, DTI Undersecretary Victorio Mario A. Dimagiba, DTI Director of Consumer Protection and Advocacy Bureau Atty. Anselmo B. Adriano for dereliction of duty. The complainants have asked the office of the Ombudsman to initiate the conduct of an investigation for appropriate action against the respondents. The complainants said they filed the case at the Ombudsman on Friday, Jan. 29, 2016. In particular, the complainants took note of the alleged “inaction” of the DTI to act …

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SEC stops operation of four companies

The country’s corporate regulatory watchdog ordered to stop the operations of four companies that are responsible for staging their respective investment scams victimizing the public since last year. The Securities and Exchange Commission (SEC) issued a cease and desist order (CDO) against Bacoor Doctors Medical Center, Inc, Goldxtreme Trading Co., Grandtime Automobile Inc., and Success200 International, Marketing Corporation. The issuance of CDO is a primary step to ask an individual or a business to stop an illegal activity. The purpose of this order is to threaten further legal action if the behavior does not stop. It was in June when the SEC issued a CDO against Bacoor Doctors but the company asked for a motion to lift the CDO and presented its defense. This month, the SEC officially denied the motion to lift such order …

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Meralco aids businesses on cost-effective energy solutions

Establishing a new business venture or expanding an existing one has its fair share of considerations and challenges. With inherent risks at every stage, finding the best business solutions can play a key role in accelerating the growth and success of any business endeavor. With electricity as a key expense in any business enterprise, Meralco has created the Biz Partners Group, a special segment dedicated to assist start-up companies or existing ones expand their businesses via a whole menu of services that provides smart, tailor-fit solutions in managing electricity requirements. This is part of Meralco’s efforts to help entrepreneurs leverage energy efficiency and maximize profits. Whether you’re engaged in small-scale manufacturing, boutique hotels, restaurants, farming or any other type of industry where the management of electricity cost is vital, Meralco Biz Partners can provide …

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The next phase of Gawad Kalinga’s advocacy

Last week, I was invited to attend the 3rd Global Social Business Summit at Gawad Kalinga’s (GK) Enchanted Farm in Angat, Bulacan. I had not heard of this summit before, neither have I heard of GK’s Enchanted Farm. I was told, however, that PNoy was delivering the opening remarks while government and industry heavyweights like Finance Secretary Cesar Purisima, Bikram Chaudhury of Credit Suisse and Tony Del Rosario of Coca-Cola would be speaking. The event must be a big deal, I thought. I accepted the invitation not knowing what to expect. After PNoy delivered his speech, I lingered for a while to get a feel of what the affair was all about. As first impressions go, I was surprised at the number of delegates in attendance not only from the Philippines …

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Lower oil price boosts local firms output – DOF

Local companies are now taking advantage of the slump in oil prices as well as maximize their rated capacities and expand operations with new equipment purchases, the Department of Finance (DOF) said. Finance Undersecretary Gil S. Beltran, said the sustained robust growth in the country’s imports is a good indication that local producers are boosting their output and taking advantage of strong domestic demand. “The robust import growth of intermediate goods and capital equipment indicate that local firms are taking advantage of robust domestic demand by utilizing to the maximum their rated capacities and are expanding these further with new equipment purchases,” Beltran said. “The slumping oil price may continue for quite some time and enable local producers to produce more goods at lower cost,” he added. The Philippine Statistics Authority (PSA) reported that …

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Vis-Min transmission linkage tied to WESM, ASEAN interconnection

If a power transmission interconnection will finally happen between Visayas and Mindanao, consumers in the area have been seeking that such shall be tied up to the establishment of a functioning Wholesale Electricity Spot Market (WESM) in the grid as well as eventual linkage to the envisioned Asean Power Grid. “The interconnection between Visayas and Mindanao grids follows a long-term trajectory – not just Philippines but on ASEAN vision also,” Romeo Montenegro, director for Investment Promotions and Public Affairs of the Mindanao Development Authority (MinDA) has noted. Transmission operator National Grid Corporation of the Philippines (NGCP) is currently advancing a second feasibility study on a link-up traversing Negros-Zamboanga route, as the original target via Leyte-Mindanao had not been economically feasible. Montenegro stressed the first step they would want to happen is the establishment …

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Investments move to areas where talents are

Countries’ capability to produce highly-skilled workers leads to economic growth because investors are expanding to areas where there is a certain pool of talent that can match their requirements. That is what has been happening in the Philippines, according to Global Talent Competitiveness Index (GTCI). The Philippines is now the world’s leading outsourcing destination because of its highly-skilled English-speaking young population. Certain functions by multinational corporations are being serviced by Filipinos in the Philippines. Their clients’ questions and needs are resolved online from the Philippines. Investors are leveraging on these top caliber talents at cheaper rates than when these services are sourced onshore. GTCI, which is an annual study released by INSEAD, the business school for the world, in partnership with the Adecco Group and the Human Capital Leadership Institute of Singapore …

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Thai technology eyed to raise PH sugar yield

In a bid to improve the productivity in the country’s sugarcane industry, the Philippine government is now studying how Thai farm machineries and equipment could bring positive changes into the lives of Filipino farmers. State-run Sugar Regulatory Authority (SRA) said in a statement that it is now looking at Thai taechnology to boost sugarcane farm productivity. A technical team from the agency was in Thailand last week to have exchanges about “Technology and Policy Scoping, and Benchmarking Analysis.” According to SRA, the team aims to have relevant exchanges in agricultural technologies and best practices on energy production and environmental management, sugarcane cultivation and harvesting, and development of farm machineries suited for sugarcane farms in the Philippines. “We received positive word of mouth from some farmers that have bought Thai farm machinery and equipment including …

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United Airlines to start the only US-Singapore non-stop flight

United Airlines will start flying non-stop daily between San Francisco and Singapore this year in the longest direct service by a US carrier as falling fuel costs allow more airlines to offer longer flights. United will fly Boeing Co.’s 787-9 aircraft for the route which starts June 1, the airline said in a statement Thursday. The flight will take about 16 hours 20 minutes to Singapore, saving about four hours of travel time compared with the airline’s current services via Japan’s Narita airport. The US carrier joins Emirates and Qantas Airways Ltd. among airlines offering non-stop flights as new aircraft technology introduced by Airbus Group SE and Boeing, as well as lower fuel costs, make it possible to offer longer direct services. Singapore Airlines Ltd. plans to revive the world’s longest flight …

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