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Agoda founder releases short-term rentals handbook

THE POPULARITY of home sharing around the world has prompted travel industry experts Robert Rosenstein and Peter Allen to write “At Home Around the World,” described as a short-term rentals handbook for guests, hosts, neighbors, and governments.
“Through our conversations with regulators and neighborhood advocates around the world, we realized that governments are struggling with how to understand and anticipate the role that home sharing plays in their cities. As this relatively new industry has emerged, a patchwork of regulations has been created,” Mr. Rosenstein, founder and chairman of online travel giant Agoda Company Pte. Ltd., said in a statement.
Agoda rentals handbook
Agoda is one of the world’s fastest growing online travel booking platforms.
Messrs. Rosenstein and Allen noted that home sharing is contributing significant tax revenues to cities, generating secondary industries and jobs such as cleaning and security services, and boosting earnings of neighborhood businesses.
For instance, the authors estimate the home sharing industry will generate $2 billion in local global tax revenue over the next decade
The book also includes the different government regulations and policies on home-sharing around the world, as well as those being proposed.

Victorias Milling profit jumps 17%

VICTORIAS MILLING Company (VMC) saw its net income rise by 17% to P764 million for the fiscal year ending Aug. 31, as lower production and operating costs offset the decline in prices of sugar and alcohol.
In a regulatory filing, VMC reported gross revenues dropped 24% to P6.6 billion during crop year 2017-2018. The company reported an 11% decline in provincial output, but increased its Negros market share to 23.5% versus 22% in the previous year.
VMC milled 3 million tons of cane, 8% lower than the 3.2 million tons milled last year.
“The significant decrease in the topline was mainly attributed to the decline in volume sold as a result of lower production in 2018 as well as the decline in average prices of sugar and alcohol as compared to the previous year,” the listed company said.
Raw sugar recovery fell to 1.85 50-kilogram bag (LKG) per ton cane milled in 2018, from 1.87 LKG per ton cane milled in 2017, because of the low quality of canes.
Raw sugar output slipped by 9% to 5.5 million LKG, while refined sugar net production rose 13% to 4.6 million LKG. At the same time, alcohol production dropped to 5.8 million liters as compared to 8.6 million liters in 2017 “due to prolonged shutdown from repair and improvements.”
“However, despite the decline in revenue, gross profit increased from 15% to 18% in 2018, which was mainly due to the decrease in costs of cane hauling and lower production costs,” VMC said.
VMC said operating expenses fell by 22% to P615 million, due to decline in repairs and maintenance, labor costs, consultancy fees and taxes caused by the management’s push for cost optimization. — R.J.N.Ignacio

Security Bank to raise P50 billion via bonds

SECURITY BANK Corp. is set to raise P50 billion via peso-denominated bonds to raise fresh funds.
In a regulatory filing Monday, Security Bank said its board of directors approved at its regular meeting on Dec. 14 the establishment of a local currency bond program of up to P50 billion.
Security Bank said the funds will be used “to diversify the funding sources of the bank and to support future lending activities.”
Banks can now raise fresh funds through corporate bonds with greater ease as new rules do away with having to secure approval from the Bangko Sentral ng Pilipinas as part of its reforms to deepen capital markets.
UnionBank of the Philippines, Bank of the Philippine Islands as well as Metropolitan Bank & Trust Co. recently raised P11 billion, P25 billion and P10 billion through peso fixed-rate securities. Meanwhile, BDO Unibank, Inc. also announced its intention to raise more capital by establishing a P100-billion local currency bond program.
A number of banks have been conducting various fund-raising activities ahead of tighter risk management requirement by the central bank which will take effect next year under the international Basel 3 standards.
In September, Security Bank went to the offshore market to raise $300 million through a senior unsecured note drawdown to expand funding base and extend term liabilities. The issuance marks the maiden tranche of its $1-billion medium term note program.
In April, the lender also raised P5.8 billion through long-term negotiable certificates of time deposit.
Security Bank booked a P2.25-billion net income in the July-September period, up 5% from the same quarter last year, on the back of a surge in consumer loans and deposits. Shares in the bank closed at P160 apiece on Monday, down 20 centavos or 0.12%. — K.A.N. Vidal

Janet Jackson gets Rock Hall of Fame place on Brit-heavy list

LOS ANGELES — Janet Jackson finally won her place in the Rock and Roll Hall of Fame on Thursday when the pop singer was named as one of seven music acts to be getting a place in music history. Ms. Jackson, 52, the younger sister of the late Michael Jackson, will join Fleetwood Mac singer Stevie Nicks and five British bands — Def Leppard, Roxy Music, Radiohead, The Cure, and The Zombies — as the latest inductees, the Rock Hall announced. Billboard magazine said it was the biggest British line-up in the 33-year history of the Cleveland-based Rock and Roll Hall of Fame. Janet Jackson, a five time Grammy Award winner, had been nominated twice previously, but never made the cut with the 1,000 artists, historians and members of the music industry who select the inductees. “We did it u guys. Thank U for all your love and support,” Ms. Jackson tweeted on Thursday. Ms. Nicks, 70, a two-time Grammy winner known for her haunting vocal style, was inducted into the Hall 20 years ago as a member of the popular 1970s group Fleetwood Mac. She will be inducted this time for her solo career. All seven acts will be formally inducted at a ceremony in Brooklyn, New York on March 29. Artists must have released their first recording at least 25 years ago to be eligible for induction. “What a way to wrap up an incredible year,” tweeted Glam metal band Def Leppard, which formed in 1977 in northern England and toured North America and the UK in 2018. The Zombies, formed near London in 1961 and best known for their hit singles “She’s Not There” and “Time of the Season,” were part of the British invasion of pop music that made it big in the United States in the 1960s along with The Beatles, The Rolling Stones and The Kinks. “I know it’s fashionable in some circles to say, ‘I don’t mind whether I get into the Rock and Roll Hall of Fame or not,’ but that is not how I’ve ever felt,” Zombies co-founder Rod Argent posted on the band’s Instagram account. — Reuters

How PSEi member stocks performed — December 17, 2018

Here’s a quick glance at how PSEi stocks fared on Monday, December 17, 2018.

 
Philippine Stock Exchange’s most active stocks by value turnover — December 17, 2018

PHL eggs, poultry in line for possible export to Singapore

AGRICULTURE Secretary Emmanuel F. Piñol said the Philippines is being considered as a source of eggs, chicken, vegetables and high-value rice by Singapore.
According to Mr. Piñol, Singapore officials will visit in March to inspect Philippine processing facilities. Philippine produce is expected to fill the void left by Malaysia when it stops exporting poultry to Singapore.
“The Singapore Ambassador Kok Li Peng was very happy in fact she really appreciated the fact that I came to her and see… to ask if we could supply the eggs and the poultry needs of Singapore,” Mr. Piñol told reporters in Pasay.
“During the meeting, we agreed that the AVA of Singapore (Agri-Food and Veterinary Authority) will be visiting the Philippines in March to conduct inspection of the facilities,” Mr. Piñol added.
Mr. Piñol said that Dante Palabrica, director of farm operations at Universal Robina Corp., was present at the meeting, and expressed a willingness to participate in the export trade for poultry and eggs, as well as pork.
“The other thing that Singapore is interested in is vegetables we will be producing from Bukidnon. Because right now we are developing our vegetables in Bukidnon,” Mr. Piñol said.
“The items they are looking at right now are pork, eggs, chicken, high-value rice (including brown rice and organic rice), shrimps and vegetables from Mindanao,” he added.
Mr. Piñol said that he is not worried about the supply situation for these items.
“I told the Singapore ambassador that concerns on food safety will be addressed by mid-next year because we will have that irradiation facility in Davao. That could be our clearing house for our food exports. Everything will pass through that,” Mr. Piñol noted.
According to news reports, Malaysia may stop exporting eggs to ensure sufficient domestic supply. Malaysia is the top supplier of eggs to Singapore. — Reicelene Joy N. Ignacio

Senate targets June creation of Baguio dev’t authority

THE Senate committee on government corporations and public enterprises is backing the passage of a bill that will create a development authority for Baguio City and its surrounding municipalities before the 17th Congress ends.
“It’s an idea that needs to be done, Metro Baguio. Let us also include in the development its neighboring towns,” committee chair Senator Richard J. Gordon told reporters after the hearing.
“Even if Congress is on break, I am pursuing this before the 17th Congress ends,” he added.
The committee held a public hearing on Monday to tackle House Bill No. 6974 and Senate Bill No. 1692, which creates the Baguio City, La Trinidad, Itogon, Sablan, Tuba and Tublay Development Authority (BLISTTDA).
The proposed body is tasked to formulate and regulate the implementation of the medium- and long-term plans and programs for the delivery of services and regulation of land use within the covered area.
It will also set policies on traffic management and impose fines and penalties for all kinds of violations of traffic rules and regulations.
During the hearing, former La Trinidad mayor Edna Tabanan flagged potential conflicts that might occur with local government units if the BLISTTDA is established.
“The authority will have taxing powers. How would it affect (the local government unit’s) taxing powers also? So there could be some conflicts, there could be duplication,” she said.
“We have our own development plans, we have our own vision… because we have different situations in different localities,” he added.
Baguio City Rep. Mark O. Go said the House bill does not give the BLISTTDA powers to impose taxes and to exercise eminent domain. But he said these functions could be included as amendments by the Senate.
Former NEDA Regional Director Joseph M. Alabanza said BLISTTDA will allow cooperation and interaction among local government units.
“We’d like to use BLISTTDA (as an opportunity) to plan together. (LGUs need to) interconnect with each other, they cannot isolate themselves from each other. So that is why we are suggesting we create BLISSTDA so that interaction comes in,” he said.
Mr. Gordon said the Baguio authority would have a different “legal infrastructure” to the Metro Manila Development Authority (MMDA).
“We will change the legal infrastructure because I don’t believe it should be similar to Metro Manila… We will improve the technical aspect, the engineers, architects, for the zoning plans and traffic design. And we can bring back Baguio to its former glory,” he said.
“We can create a game-changing law that will restore not only Baguio but create development in its surrounding areas,” he added. — Camille A. Aguinaldo

Energy conservation bill expected to be passed before end of session in June

THE Energy Conservation and Efficiency Bill is expected to be signed into law before the adjournment of the 17th Congress in June, 1-CARE Rep. Carlos Roman L. Uybarreta said.
House Bill No. 8629, passed on third reading on Dec. 3, will lay down the framework for “implementing the 2017-2040 National Energy Efficiency and Conservation Roadmap,” Mr. Uybarreta, Vice Chair of the House Committee on Energy and one of the bill’s sponsors, said in a statement on Monday.
Mr. Uybarreta also said the measure is “essentially similar” to its counterpart, Senate Bill No. 1531, which was approved on third reading in February 2018.
When asked when both Houses will convene to reconcile the measures, Mr. Uybarreta said in a phone message, “We will push for it to be scheduled January.” The 17th Congress officially completes its the third regular session on June 7.
Both measures designate the Department of Energy (DoE) as the implementing agency, tasked to update and develop the National Energy Efficiency and Conservation Plan and Database.
The Department is tasked with strengthening the current Energy Service Company Accreditation System by requiring companies to prove its technical and managerial competence.
“The development of this service sector shall help stimulate economic development through the enhancement of cost competitiveness and promote Philippine energy security,” as stated in Section 11 of the House Bill.
Further, the DoE shall issue the Minimum Energy Performance (MEP) standards, which shall serve as guidelines, subjecting products to an energy performance testing.
The House Bill will also include energy efficient projects in the government’s Strategic Investments Priorities Plan, entitling them to incentives within the first 15 years of enactment of the bill.
This include income tax holidays, a zero percent value-added tax rate on purchases, and tax and duty exemption on imported capital equipment directly used for energy efficiency.
The Senate version, likewise, granted energy efficient projects incentives, as provided under “Executive Order No. 266, or the ‘Omnibus Investment Code of the Philippines’.” — Charmaine A. Tadalan

WESM power prices decline in November

POWER PRICES at the wholesale electricity spot market (WESM) slipped to an average of P3.17 per kilowatt (kWh) in November, slightly lower than price levels a month and a year earlier, according to the Independent Electricity Market Operator of the Philippines, Inc. (IEMOP).
The market operator said the spot prices in recent months were “relatively low for the past three years.”
In its report on Wednesday, prices so far this year were highest in March at P5.05 per kWh, and fell steadily in succeeding months to reach their low in August at P2.66 per kWh. Prices picked up in September to P2.91 per kWh and P3.58 per kWh in October.
“The recent low spot prices provide an indication that they will continue to be low for the rest of December 2018 since lower demand levels are still expected during this time of the year,” IEMOP said.
“Congestion is still frequently observed at the Cebu-Negros submarine cable given that the high output from renewable energy and conventional plants in the islands of Negros and Panay continue to be exported towards Cebu,” it added.
In its report, the market operator said the aggregate peak demand in the third quarter for Luzon and the Visayas reached 12,326 megawatts (MW), up 8% from a year earlier.
“This increase was largely driven by the increase in demand in the Luzon grid,” it said.
It also said power supply levels were “generally sufficient to support the demand requirements” for the third quarter.
But it said it had recorded periods “that reflected tight supply conditions.” The periods were between Oct. 9-12, Oct. 17, Oct. 25, and Nov. 5-7, 2018 “where forced outages and/or de-ratings further depleted the supply levels during these periods.”
“Coincidentally, price spikes were experienced at the same time most of these tight supply conditions manifested. Such conditions, however, were momentary, as they did not trigger the activation of the secondary price cap,” it said.
IEMOP is a non-stock, non-profit corporation governed by a board of directors composed of individuals not affiliated with any of the electric companies that trade in the WESM.
The company facilitates the registration and participation of generating companies, distribution utilities, directly connected customers or bulk users, suppliers and contestable customers in the WESM.
It also manages the metering, billing, settlement and collection of spot trading amounts for the benefit of the market participants. — Victor V. Saulon

Indonesia, EFTA sign long delayed free trade deal

JAKARTA — Indonesia on Sunday signed an economic agreement with the European Free Trade Association (EFTA) aimed at increasing trade and investment, concluding almost eight years of negotiations.
Under the deal, tariffs and non-tariff barriers would be eliminated for thousands of products traded between Indonesia and the EFTA countries — Switzerland, Liechtenstein, Norway and Iceland, according to government statements.
Among those products, Indonesian palm oil would get full market access in Iceland and Norway, with an exception of palm products for animal feed other than for fish, according to Jakarta’s statement.
Switzerland would also grant easier access for palm oil, but under certain quotas, its embassy in Jakarta said in a statement.
Enggartiasto Lukita, Indonesian Trade Minister, said discussion on market access for palm oil was the sticking point that dragged negotiations on for years. The first round of talks were held in early 2011.
“They held back our palm,” Mr. Lukita told reporters after the signing of the agreement.
“I said, we’ve gone a long way. You will benefit from this and I too. So if you don’t open up for our palm, let’s just forget about this,” adding that he had threatened to leave Norwegian salmon out of the deal.
Swiss Federal Councillor Johann N. Schneider-Ammann said the agreement was based on sustainable palm oil production.
“As far as palm oil is concerned, believe me, we had intensive discussions in Switzerland as well and we found a solution with our partners here in Indonesia, a solution to balance the interests and to stay at the same time very respectful as far as the palm oil concern,” he said at a news conference.
The world’s top palm oil producer and exporter Indonesia has often tried to reassure buyers that its palm oil is produced sustainably.
Lukita on Sunday repeated the government’s argument that palm oil production requires less land than other vegetable oils, making it unfair to blame deforestation on palm plantations. — Reuters

LTFRB makes 20,000 slots available for ride-share services

THE Land Transportation Franchising and Regulatory Board (LTFRB) said it is opening 20,000 slots for transport operators who wish to register as a transportation network vehicle service (TNVS).
The regulator said in a statement on Monday it started accepting applications yesterday through online registration and will accept applications until Jan. 3.
The board said many of the drivers put forward by transport network companies (TNCs) such as Grab Philippines have yet to move forward with the process of being accredited by applying for a Certificate of Public Convenience (CPC).
It said the slots were opened because there were very few TNVS that went on to acquire a Certificate of Public Convenience (CPC) from the master list submitted by transport network companies (TNCs) to the LTFRB. The CPC is the franchise needed to operate as a TNVS.
“We gave Dec. 15 as the deadline for those on the Masterlist of the TNCs to apply for a Certificate of Public Convenience (CPC). But very few applied for a CPC so the board agreed to once again open online registration,” it said.
The LTFRB opened in August 10,000 slots for TNVS franchises in hopes of filling the 65,000 cap for the common supply base in Metro Manila.
It said on Monday there are only more or less 35,000 TNVS that have a CPC or provisional authority (PA) in its latest count. A PA is given as a temporary franchise for TNVS operators.
Grab Philippines (MyTaxi.PH, Inc.), one of the biggest TNCs in Metro Manila, said last week it has around 33,000 active drivers. Other TNCs that take a share from the common supply base of TNVS are Hype Transport Systems, Inc.; GoLag, Inc.; Owto (iPara Technologies and Solutions, Inc.); E-Pick Me Up, Inc.; SnappyCab (Aztech Solution International Corp.) and RYD Global, Inc.
Two other TNCs are accredited by the LTFRB, Hirna Mobility Solutions, Inc. and Micab Systems Corp., but they offer only taxi-hailing services and do not take up a quota from the TNVS supply base. — Denise A. Valdez

Zamboanga port exceeds customs collection target

THE Bureau of Customs (BoC) said the Port of Zamboanga hit its collection target for 2018, making it the third regional port to do so.
The Port of Zamboanga collected P351.79 million in the year to date, exceeding its P288 million by 22.15%.
In December to date, it collected P38.66 million, exceeding the month’s target by 53.65%.
“According to Segundo Sigmundfreud Z. Barte, Jr., Acting District-Collector, the intensified anti-smuggling drive resulted in the rise in the revenue collection from the importation of rice and cement. Liquefied Petroleum Gas (LPG), round logs and refined bleach and deodorized palm oil also contributed to the higher collection records of the port,” the BoC said in a statement.
The ports of Cebu and Tacloban hit their 2018 collection target as of mid-December.
The BoC said depreciation of the peso and the increase in global fuel prices have also helped the bureau increase its collections. — Elijah Joseph C. Tubayan

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