Facebook Instagram Linkedin X Youtube
Home Blog Page 11577

Local players back DTI move to establish cement import safeguards

Manila, Philippines–Local cement manufacturers are backing the Department of Trade and Industry in establishing safeguards against the rising volume of imported cement.
The Cement Manufacturers’ Association of the Philippines’ (CeMAP) says that rampant importation of cheap, low-quality cement from neighboring countries can stunt the local industry before it is given a chance to modernize and become competitive. This is in view of competition against state-owned and heavily-subsidized producers from countries like Vietnam.
In the past five years, the volume of cement imports entering the Philippines increased from 3,558 metric tons in 2013, to as much as 3.4 million metric tons for the first three quarters of 2018.
“The safeguards simply give CeMAP the opportunity to level the playing field. CeMAP thinks that locally-made cement can effectively serve as a pillar of the country’s infrastructure agenda. Both Build, Build, Build and private sector projects have spurred demand and many of our local manufacturers have taken steps to increase production capacity to make sure that this demand is met,” says Cirilo Pestano, Executive Director of CeMAP.
Domestic cement effective capacity at present is estimated at 34.5 million tons, as against projected demand of 32.5 million tons.
He adds, “Based on our studies, local production is able to keep up with demand, but we are also taking steps to future-proof. Building cement plants, however, usually take about three years. During such time, we rely on safeguards established by DTI to ensure that cheap and low-quality imports are not dumped on the country.”
Left unchecked, importation can cause volatility in supply and prices.
CeMAP says that there are pipeline capacity expansion projects by several cement companies, some of which are scheduled for commission by 2019.
Local cement producers generate an estimated P21-billion in tax revenues and directly employ 42,000 people, a further 125,000 jobs throughout its value chain. In 2016 it contributed an estimated P 155 Billion to the national economy or close to 1% of the total gross domestic product. CeMAP projects that it can double its GDP contribution by 2030.
“Up to 6,500 jobs can be created for an additional one million tons of cement to be manufactured in a year. To add, up to P10-billion in direct investments can flow through the country for every one million tons of additional capacity–this is money that will stay in the Philippines,” says Pestano.
CeMAP is further dispelling fears of the safeguard measures’ effect on cement prices.
According to the Philippine Statistics Authority (PSA), cement prices index in NCR declined from December 2016 to December 2017 by 2.7%, while prices have been flat despite an increase in production cost from October 2017 to October 2018. In the said periods, however, construction commodity prices have overall increased by 7.6%.
“Local manufacturers are themselves subject to the DTI safeguards and this creates a level playing field. Creating an ideal environment for local businesses to thrive is a dream for most Philippine enterprises. On a level playing field the Philippine Cement industry can compete with anybody. We support and thank DTI for the measures is sets in place for us to grow into competitiveness,” concludes Pestano.

Part of their world: Four actors on bringing fairy tales to life

Storytelling performances bring magic to any occasion. With beloved characters coming to life  singing and dancing to classic tunes, kids and even adults are whisked away to the fairy tales of their youth.
But before each production comes rigorous preparation. Before they can don the costumes of creatures and princesses, actors undergo their own transformations — days of memorizing, rehearsing, and honing their craft.
So what is it like to be real-life fairy tale characters? We found four actors to tell us some stories — this time, their own.

Name: Alex Reyes (IG: alexreyesplease)
Number of years as a character performer: Two years
Background:

Alex’s first exposure to acting was by chance; a friend invited her to join a musical theater workshop. But after landing a gig performing at a Christmas mall show, getting paid, and realizing she could make a living out of work she enjoyed, Alex decided to pursue it. She’s taken on a wide range of roles since then, from Mimi Marquez (RENT!) to one of the leads of the local adaptation of “Hi-5”.
It was during her stint in the latter when a co-actor suggested Alex audition for Madison Events. She was booked the next month to play Disney princesses, portraying Moana, Jasmine, and Belle, among others.

What is your most memorable experience as a character actor?

Performing for sick children in hospitals tops Alex’s list. “There were no lights and no microphones to amplify the singing,” she said. “I had to perform the script five times each for five rooms in the cancer unit, but I didn’t feel tired at all. The encounter felt a lot more genuine than any other P10 million-budget party.”

What challenges have you faced at work?

More than technical difficulties like faulty mics or sudden adjustments in choreography, Alex has had her fair share of encounters with unsavory characters. One time, she and her co-actor had a photo-op with barangay officials during a barangay fiesta. “There was a drunk official who came running up the stage and immediately put his arm on [my co-actor’s] shoulder and firmly pressed it. I had to come up with two tactics to remove his hand off of her,” she said.

How sustainable is character acting as a career?

Since there are more slow months than peak seasons for events, Alex finds that it may be better as a part-time job. Being a freelance actor herself, she makes it a point to always stay busy by getting performance gigs like recording for radio ads and teaching theater to kids during summer.

Do you have any advice for those who want to get into this line of work?

Basic performance skills like singing, acting, diction, and dancing should be honed. Alex recommends continuously joining workshops so that the learning never stops. It’s also important to appear physically appealing, so learning how to apply makeup and maintaining a fit physique are musts.

Name: Jessette Namin (IG: jessetten)
Number of years as a character performer: Three months
Background:

Jessette has been singing since she was four years old, largely influenced by Barbra Streisand and Lea Salonga. Her passion for performing pushed her to attend theater workshops growing up, even choosing Theater as her college degree in UP.

What is your most memorable experience as a character actor?

As a fresh graduate, Jessette has so far played Charity Barnum from “The Greatest Showman” under Jive Manila. She especially loves how she can put smiles on her audience’s faces through her performance. “It replenishes my passion to do more freelance work,” she said.

What challenges do you face at work?

With so many gigs going on at once, managing a schedule can become a headache. During a particular week, Jessette had to juggle two theater plays for Dulaang UP and three events at the same time. While this amount of work would’ve driven anybody crazy, she just takes it all in stride, choosing instead to focus on the lessons she picks up along the way.

How sustainable is character acting as a career?

Freelancing gives Jessette the benefit of making a decent living while being able to pursue her passion. To supplement her earnings from acting, she also works as a stage manager for shows.

Do you have any advice for those who want to get into this line of work?

According to Jessette, it’s a matter of plucking up the courage to pursue your goals against all odds. “You have to trust your gut,” she said.

Name: Nini Torres
Number of years as a character performer: Eight years
Background:

While Nini has been a fan of theater since she saw “Annie” in fifth grade, she never really saw herself performing onstage. She started out with backstage work like management and props-making for Make Believe Productions, but it was the company’s creative director that encouraged her to take up acting. From background roles, she was eventually entrusted with more important characters such as Max from “Where the Wild Things Are” and Rapunzel and Flynn Ryder from “Tangled”.    

What is your most memorable experience as a character actor?

Nini got to fly for real thanks to her role as Peter Pan for a private party. While she described the whole experience as “invigorating”, it was also challenging since she had to sing while being pulled around the venue on a harness.
Villain roles have likewise given Nini great memories. One time, kids started throwing small pieces of paper at her when she played the Mouse King in “The Nutcracker. “I love when they hate me as the villain because that’s when I know I really play the character to the hilt,” she said

What challenges do you face at work?

Anything goes once an interactive live show starts, so a performer always has to be on their toes to make sure that the ball goes rolling smoothly. Whether it’s a volunteer who gets cold feet or throws the story off-script, he or she needs to get creative in order to bring the story back on track.
With so much effort put into this kind of performance, Nini has also experienced feeling drained physically, mentally, and emotionally. Rigorous preparation takes place way before the show starts. “From the first script-reading all the way to the dress rehearsals, every minute demands one hundred percent of your presence,” she said.

How sustainable is character acting as a career?

Performing is more of an additional opportunity for Nini, since she works mainly as Make Believe’s workshop program lead. But for those who want to pursue character acting as a full-time job, she recommends affiliating with a production company to help make gig-hunting much easier.

Do you have any advice for those who want to get into this line of work?

Since work can already get so tough on one’s morale, Nini recommends not taking oneself too seriously. “I believe I owe my success… to the fact that I love laughing at myself. So whatever role I play… I make sure that I have fun doing it because the joy I feel translates to how I perform and the audience really see that.”

Name: Ivy Wong
Number of years as a character performer: 5 years
Background:

Just like Nini, Ivy was exposed to acting only when she entered Make Believe Productions. She credits the team for being her rock during her learning process. “[They have] always been supportive of my physical, emotional, and mental transformation when it comes to studying and portraying characters… which makes my experiences always incredibly healthy and holistic.”

What is your most memorable experience as a character actor?

Ivy found a kindred spirit in Rose from “The Little Prince”, one of the characters that she’s portrayed. Through this role, she was able to face her personal issues and accept herself. “[Rose] ultimately allows me the space to be vulnerable and embrace emotions that I personally wouldn’t allow to the surface on a normal day,” she said.

What challenges do you face at work?

The roles that she plays doesn’t stop with her performances; aside from being an actor, she’s also a production manager for Make Believe. With such different temperaments needed for both jobs, she exerts extra effort to reconditioning herself when switching from one role to another.

Do you have any advice for those who want to get into this line of work?

Ivy’s rule of thumb is simple: Always have fun!

Better PHL-China ties expected to boost construction

IMPROVED BILATERAL relations between the Philippines and China will boost the construction industry, according to the Fitch Group’s research arm, as it raised its forecast for that sector.
Fitch Solutions said in a Dec. 14 note that the Philippines’ construction industry could grow by an average of nine percent in 2019-2027, faster than its initial estimate of 8.8%.
“Growth of the construction industry in the Philippines will be boosted by improving bilateral ties with China. In light of the positive developments between the two nations, we have made an upward revision on our forecast to the long-term growth rate for the Philippine construction industry from an average growth of 8.8% to 9.0% between 2019 and 2027,” Fitch Solutions said in its note.
Philippine Statistics Authority data show public and private construction growing by 13.3% as of September from 5.3% in 2017’s counterpart nine months.
“We expect increased Chinese involvement in the road and railway sectors in particular, given China’s expertise in the construction of such projects, which will help to drive growth,” Fitch Solutions added.
“However, we don’t rule out downside risks to this outlook given the history of geopolitical tensions between the two countries, which could resurface and hinder infrastructure cooperation,” it added, referring to both country’s contesting claims to an area in the South China Sea.
Chinese President Xi Jinping made a state visit to the Philippines on Nov. 20-21 that yielded 29 general agreements covering infrastructure, agriculture, trade, finance and humanitarian assistance. “We believe that the Philippine construction industry in particular is in pole position to benefit from agreements signed between the two leaders,” the note read.
China has so far agreed to provide some $9 billion worth of official development assistance (ODA) to the Philippines as part of some $24 billion in investment pledges made during President Rodrigo R. Duterte’s state visit to Beijing in October 2016 where he dramatically announced his “separation” from the United States.
“China’s willingness to invest and swift execution of agreements are welcoming signs for the infrastructure industry, where projects often progress slowly due to the existence of complex issues such as financing, land acquisition, lack of technical expertise and weak political will. Chinese involvement in Filipino projects is expected to expedite the progress of infrastructure projects, boosting the growth of the construction industry in the next decade,” Fitch Solutions said.
“We expect the construction of Chinese-backed Filipino projects to gather pace in the following years…”
About a third of the Duterte administration’s 75 flagship infrastructure projects are proposed to be funded by China.
The Duterte administration has so far inked two loan agreements with China, which include one worth $62.09 million for the Chico River Pump Irrigation Project and another worth $232.5 million for the New Centennial Water Source Kaliwa Dam Project. These are on top of grants for bridge projects, drug rehabilitation facilities and agricultural facilities, among others.
The Philippine National Railways’ South Long Haul Project and the Safe Philippines Project Phase I to be undertaken with Beijing’s help are inching towards a loan agreement.
Other projects lined up for China funding include: the Ambal-Simuay River and Rio Grande de Mindanao River Flood Control Projects, the Davao-Samal Bridge Construction Project, Pasig-Marikina River and Manggahan Floodway Bridges Construction Project, Subic-Clark Railway Project and the Rehabilitation of the Agus-Pulangi Hydroelectric Power Plants Project.
Fitch Solutions also said that while China has not been keen on rail projects in the Philippines so far, “riding on the positive momentum of improving ties between the Philippines and China, we anticipate Chinese companies to play a greater role in rail and road projects.”
“We note that the largest foreign investors in the road and rail sector currently are the United States and Japan, and China has little involvement in these sectors,” the note read.
“This competitive landscape is expected to change, however, with the two countries identifying transport as one of the key areas of cooperation under the ‘Infrastructure Cooperation Program between the Government of the Republic of the Philippines and the Government of the People’s Republic of China (ICP)’ agreement. Under this agreement, the Philippine government is able to tap into China’s extensive experience in road and railway construction to plug the country’s infrastructure gap.”
At the same time, both countries’ dispute over an area in the South China Sea will always be a Damocles sword over improving relations.
“As identified by our Country Risk Team, segments of the Philippine population have expressed discontent at the government’s welcoming stance towards China. The South China Sea dispute will continue to pose a downside risk as projects can potentially be suspended or cancelled if tension between the two nations escalate. Such a risk will be amplified once the leadership transition takes place during the 2022 Philippine Presidential Election, where the current President Rodrigo Duterte is expected to step down,” the note read.
The Duterte administration has chosen to stay mum in its dealings with China when it comes to enforcement of a 2016 international arbitral ruling that struck down Beijing’s vague basis for claiming much of the South China Sea. Instead, the government has been working on a joint exploration agreement with China for the resources in the disputed waters. — Elijah Joseph C. Tubayan
Which countries are home to companies involved in Philippine road and railway development?

Energy department plans to scrap charge for off-grid area subsidy

THE DEPARTMENT of Energy (DoE) plans to issue by next week a missionary electrification policy for off-grid areas that will lead to detailed circulars, including one that will end the collection from consumers of funds for rural power development.
“This month we will come out with the missionary electrification policy that will do away with the UCME (universal charge for missionary electrification),” DoE Undersecretary Felix William B. Fuentebella told reporters last week.
He said the DoE has decided that the cost of future electrification programs will not be charged to consumers, but will be shouldered by the government, he said.
“So we are basically answering that question of why are we charging inefficiencies to the consumers. It should be government. So we are addressing that,” he said.
He did not disclose the funding required by the government to cover rural energization without the UCME, but said it would be part of the state’s total electrification program and aligned with the plans of the National Power Corp. (Napocor) and the National Electrification Administration (NEA).
“Part two is the detailing of the phase out of the UCME,” Mr. Fuentebella said when asked whether the omnibus policy will already spell out the abolition of the universal charge.
Napocor is mandated by law to provide power in areas that are not connected to the transmission grid. The UCME is collected from all on-grid electricity end users as determined by the Energy Regulatory Commission (ERC) and called for under Republic Act No. 9136 or the Electric Power Industry Reform Act of 2011, or EPIRA.
In a regulatory filing with the ERC in July, Napocor sought provisional approval to collect P17.8 billion from electricity users next year, through a P0.1948 per kilowatt-hour (/kWh) charge in their power bills, to cover electrification of “far-flung areas” of the country. Napocor said the UCME in consumers’ monthly electricity bill will reflect an increase of P0.0768/kWh from the current amount.
The government-owned and -controlled corporation said the proposed basic UCME “is necessary in order to cover the required subsidy requirements and at the same time, maintain a reliable and stable funding source for its operating costs requirements.” It said the amount includes subsidy for payment to new power providers, renewable energy developers and qualified third-parties that have taken over in full or in part the power generation function of Napocor in certain areas.
Mr. Fuentebella said the department would be bidding out areas for electrification, but would be made clear to prospective bidders that bringing electricity to these areas would no longer be subsidized by the UCME.
He said new technology should enable bidders to bring down the cost of electricity. He said the resulting price per kilowatt-hour would be the “true cost” and not the subsidized cost of power in these areas.
“We have to make them aware that this is the true cost. It should be your behavior in accordance with the true cost and then we will introduce the new technologies,” he said.
Distribution utilities in off-grid areas will be given a transition period of two to five years without the UCME, he said.
Mr. Fuentebella said “rich major islands” like Palawan or Mindoro would lose the UCME in two years, involving a reduction by 50% per each year.
“For the poorer ones, five years, 20% [each year],” he said. — V. V. Saulon

2017-2018 Prosperity Index Ranking of select Asia-Pacific Economies

181217Prosperity_Index

‘Hot money’ returns in November

MORE foreign portfolio investments — also known as “hot money” for the ease by which these funds enter and leave financial markets — came into the Philippines in November, according to data the Bangko Sentral ng Pilipinas released on Friday that bared a reversal from two straight months of net outflows.
November saw $832.07-million net inflows that were more than seven times the year-ago $107.71 million and which constituted a turnaround from net outflows of $67.83 million in October and $440.3 million in September.
November’s net inflows were also the biggest in eight months, or since March’s $1.132 billion.
Gross inflows increased by 80.78% to $2.041 billion last month from $1.129 billion a year ago, outpacing an 18% growth in total outflows to $1.208 billion from $1.021 billion in the same months. November’s total inflows were similarly the biggest since March’s $2.469 billion.
Year-to-date transactions yielded $925.95-million net inflows, turning around from the year-ago $634.53-million net outflows. Year-to-date net inflows exceeded the BSP’s $900-million projection for 2018.
Last year saw $205.03-million net outflows.
“This may be attributed to investors’ positive reaction to… decreasing global oil prices, BSP’s decision to raise its policy rate and progress on the rice tariffication bill — all of which are expected to temper inflation — as well as Chinese President Xi Jinping’s visit to the country, which was expected to further deepen ties with China in terms of diplomacy and business development,” the BSP said in a statement on November’s turnaround.
Sought for comment, Rizal Commercial Banking Corp. economist Michael L. Ricafort said: “The lower global oil prices that led to lower inflation helped in improving consumer spending and increase corporate profits, thereby leading to gains and more foreign portfolio investments in the local… financial markets.”
November saw headline inflation ease to six percent from September’s and October’s nine-year-high 6.7%, and the BSP’s Monetary Board firing off a 25-basis-point hike in benchmark policy rates as a “pre-emptive” move against any worsening in inflation expectations in the market. That brought the cumulative rate hike to 175 bp since May to 4.25-5.25%, as the benchmarks were maintained at prevailing levels last Dec. 13.
About 66.8% of November hot money inflows went to securities listed on the Philippine Stock Exchange (PSE) — mainly to food, beverage and tobacco companies, holding firms, property companies, banks and utilities companies — while the 33.2% balance went to peso-denominated government securities (GS). Transactions in peso GS and PSE-listed securities yielded net inflows of $510 million and $322 million, respectively.
The United Kingdom, Singapore, the United States, British Virgin Islands and Cayman Islands were the biggest sources of funds last month. — Karl A. N. Vidal

Ayala Land pouring P18B for Habini Bay project

By Carmelito Q. Francisco
Correspondent
DAVAO CITY — Ayala Land, Inc. (ALI) is spending about P18 billion for its 526-hectare Habini Bay estate located in the towns of Alubijid and Laguindingan in Misamis Oriental province.
Enrique B. Manuel, Jr., ALI assistant vice-president and estate head, said of this amount, about P4 billion will be spent for the first phase of the mixed-use complex, including the construction of an industrial park that will be managed by another Ayala company, Laguna Technopark, Inc. (LTI).
“Expected to be completed in 2022, the fund for the first phase would be spent on land development, the launch of the LTI (-managed park) as well as some concessions for the partner locators,” Mr. Manuel said in an e-mail interview with BusinessWorld.
The industrial park component is intended to attract manufacturers of electronics, automotive, pharmaceuticals and consumer products.
“The total budget for the project will exclude the capital expenditures of locators,” he added.
The company sees the project generating about 2,000 jobs in the initial phase, mostly in construction, and about 4,000 jobs upon full operations.
“We are hopeful that we will bring in inclusive growth by providing jobs and opportunities for the Mindanaoans in the area, and that we will do starting very soon,” said Mr. Manuel in an earlier message.
The project, a joint venture of ALI and its mother company Ayala Corp., is expected to become a trade and commerce center in the Northern Mindanao Region, the company said in a statement last month.
The estate will also have residential and commercial components, and will be home to the new local government center of Laguindingan town.
It will also have a bus terminal, a sea port and a school.
The company said Habini Bay is also designed with “pedestrian and bike-friendly roads to encourage a healthy modern lifestyle in an integrated and sustainable estate.”

What is essential is invisible to the eye yet a watchmaker persists in making it beautiful

“THOSE who really love, love in silence, with deeds and not with words,” wrote Carlos Ruiz Zafon in his novel The Shadow of the Wind. It is perhaps one of the world’s greatest ironies that some of the world’s most beautiful things are hidden from the human eye. I can go on and on with examples of these, but one of the most luxurious things hidden from the naked eye are the movements of the watches from A. Lange & Söhne.
During a watchmaking workshop by the brand last month, Robert Hoffman, Head of the brand’s Zeitwerk watch family, pointed out that each one of the brand’s timepieces are finished to perfection; engraved and polished by hand.
“Not just the parts which are visible are finished to perfection. Even the ones you won’t see [are].”
Of course, this technical masterpiece wasn’t going to be handled by our ordinary hands: booths were set up in the Executive Suite of the Raffles in Makati, where the watch’s parts were laid out for the guests to assemble. We were given practice movements, one of the tests for the A. Lange & Söhne watchmakers, who would have to study the craft for three years or so, moving down in size from clocks, to pocket watches, to wristwatches, and then a movement from the brand.
The brand was founded in 1845, and their technical mastery became known throughout the world. However, the company was badly hit by the Second World War — quite literally, as their buildings were bombed. The split between East and West Germany after the war also proved disastrous to the brand: the company was nationalized and it was effectively dismantled.
Walter Lange, a descendant of the founder, Ferdinand Adolph Lange, vowed to restore the company once Germany was united again. With the help of IWC Shaffhausen CEO Günter Blümlein, the company was opened again in 1990 and produced its first range for decades in 1994.
At the Raffles’ suite, we first had to set the plate, on which a series of wheels, bridges, and screws were to be placed with a pair of very small tweezers, aided by a loupe. This writer spent almost an hour assembling the watch (Mr. Hoffmann said that a watchmaker of his caliber could build and take apart the watch in five minutes flat), mindful that a mistake could make the movement fall apart, even violently so. A steady hand with a clear eye is needed in the profession, but in the end, turning the key and making the watch move — without any complications — gave an almost child-like satisfaction. Perhaps it’s akin to the feeling an A. Lange & Söhne watch owner gets when he peers at the clear caseback and sees the movements whirring away.
“We could just build a movement without finishing, just a very plain movement,” said Mr. Hoffman. “[But] that is just what makes the watch beautiful.
“There is no technical point [to it],” he conceded.
But we suppose that the satisfaction for the owner comes from something deeper: a connection with a machine tracking your movements through time, with another human doing the same. Said Mr. Hoffmann, “I know every single part is touched by a human hand.” — Joseph L. Garcia

PXP, PNOC-EC eyeing oil exploration areas

By Victor V. Saulon
Sub-editor
STATE-LED PHILIPPINE National Oil Co.-Exploration Corp. (PNOC-EC) and listed company PXP Energy Corp. are two of eight entities that have identified areas in the contested areas of the West Philippine Sea for possible oil and gas exploration, an Energy official said.
“Dalawa ‘yong natatandaan ko — PNOC-EC and PXP,” Department of Energy (DoE) Undersecretary Donato D. Marcos told reporters last week when asked about an update on the agency’s Philippine Conventional Energy Contracting Program (PCECP).
Launched on Nov. 22, PCECP is the DoE’s revised petroleum service contract awarding mechanism that allows investors to bid for exploration projects through the competitive selection process or by nomination.
“Dati na silang nagno-nominate (They have been nominating),” said Mr. Marcos about the areas being nominated by PNOC-EC.
Under the program, the DoE identified 14 pre-determined areas composed of onshore and offshore sites located in the Cagayan Basin (one area), Eastern Palawan (three areas), Sulu (three areas), Agusan-Davao (two areas), Cotabato (one area) and in Western Luzon (four areas).
Investors may also develop locations other than those in the list by nominating their areas of interest, subject to the approval by the DoE.
Mr. Marcos declined to give details about the nominated areas but said PXP Energy is keen on exploring an area adjacent to its Service Contract (SC) 72.
“Ibang area. Halos kasing laki ng (It’s a different area. Almost as big as) SC 72. SC 72 is 880 hectares. Katabi halos (Almost beside it),” he said.
PXP Energy directly and indirectly owns 77.5% of Forum Energy Ltd., a London-listed company whose main asset is a controlling interest in offshore SC 72 west of Palawan island in the disputed seas with China.
On March 2, 2015, the DoE placed SC 72 under force majeure because the contract area falls within the disputed area, which was the subject of the arbitration process.
Under the terms of the force majeure, exploration work at SC 72 was suspended starting Dec. 15, 2014 until the DoE notifies Forum Energy that it may continue drilling.
SC 72 is covered by the decision handed down by the Permanent Court of Arbitration in The Hague in the Netherlands on July 12, 2016. The court ruled that Reed Bank, where SC 72 lies, is within the Philippines’ exclusive economic zone as defined under United Nations Convention on the Law of the Sea. China does not recognize the ruling.
Of the 14 areas identified by the DoE with a total size of 7.24 million hectares, all but one — Cotabato basin — have received interest from prospective investors, Mr. Marcos said. The companies have 180 days from Nov. 22 to submit their bids.
Entities that nominate and publish other areas of interest may submit at any time of the year. Their areas would be subjected to a 60-day challenge period where other entities.
All accepted applications will be evaluated by the DoE’s centralized review and evaluation committee.
Before the launch, the department conducted several road shows to drum up awareness on the program, including an international road show held in Singapore in August.
There are currently 23 active petroleum service contracts in the Philippines with developers, including Shell Philippines Exploration B.V., Total E&P Philippines B.V., PNOC-EC, Nido Petroleum Philippines Pty. Ltd., Philodrill Corp., PXP Energy, and Galoc Production Co.
The Philippines is home to the Malampaya deep water gas-to-power project, the largest and most successful natural gas industrial project in the country’s history.
In October, the administration signed its first service contract — SC 76 covering eastern Palawan — with Israeli firm Ratio Petroleum Ltd., signaling the country’s stance to revive the upstream petroleum industry.

Rice tariff bill not expected to significantly raise imports — USDA

THE US Department of Agriculture does not expect significant growth in the volume of rice imports in Markey Year (MY) 2018-2019 even with the passage of the rice tariffication bill.
The USDA said sufficient overseas orders have been made, though the law would favor imports from ASEAN countries.
The USDA said that potential imports over the long term will depend mainly on the Philippines’ domestic production. The USDA said the law, which lberalizes the rice importation process, will bring down rice prices by P2 to P7 per kilo, helping contain inflation.
The Philippine Statistics Authority (PSA) reported that palay production for the three months to December may decline 1.3% to 7.22 million metric tons (MT), due to a decline in the area planted to rice. The yield per hectare may also fall 0.51% to 3.91 MT.
The PSA added that the average farmgate price of palay fell 0.20% from a week earlier to P20.01 per kg in the first week of December.
The average wholesale and retail prices of well-milled rice also fell, according to PSA.
The average wholesale price of well-milled rice fell 0.26% from a week earlier to P42.43 per kg in the first week of December. The average retail price of well-milled rice fell 0.26% to P45.93 per kg.
The average retail and wholesale prices of regular-milled rice, also fell, the PSA said.
The average wholesale price of regular-milled rice fell 0.56% from a week earlier to P39.21 per kg. The average retail price of regular-milled rice fell 0.66% to P42.17 per kg.
The average farmgate price for yellow corn in grain form rose 1.35% week-on-week to P14.23 per kg, the PSA said. The average wholesale price rose 0.49% to P20.63 per kg.
The average retail price was unchanged week-on-week at P25.73 per kg.
The average farmgate price for white corn in grain form rose 1.11% from a week earlier to P14.55 per kg.
The average wholesale price for white corn in grain form rose 0.97% week-on-week to P20.90 per kg. The average retail price rose 0.07% to P27.84 per kg. — Reicelene Joy N. Ignacio

Cascade retail environment in new Columbia Sportswear store

WHEN Columbia Sportswear started its business in 1938, it laid down a tack to promote and preserve the outdoors through its products. It’s a mission and a vision that it continues to share with customers 80 years after.
This push of the biggest outdoor wear company in the world reverberates in its recently launched store in SM Mall of Asia.
Boasting of a Cascade Retail Environment store concept, the new Columbian shop, located at the second level of the North Wing of the Entertainment Mall, draws inspiration from its home in the historic Timberline Lodge, a national landmark in Oregon that attracts more than two million visitors a year.
The concept store incorporates evergreen photography, prop libraries, and highly customized fixtures in the store as seen through the elaborate fitting rooms and the dramatic and well-thought out amphitheater.
The people behind the store said that every detail was meticulously planned and implemented for one purpose, which is to deliver a superior brand environment dedicated to enhance the retail experience of customers.

Columbia Sportswear 2
Men’s Bugaboo 80th Anniversary Interchange Jacket

“Columbia Sportswear started in 1938 as a hat company, and 80 years later it has become the biggest outdoor wear company in the world. It never stopped innovating and improving itself to be better and bigger,” said Tiffany Batungbacal, Columbia Philippines assistant vice-president, at the store launch on Dec. 6, speaking of the kind of journey Columbia has had as a brand.
To complement the cascade retail environment that it exudes, the new Columbia store offers products that feature the brand’s innovative technologies like the Omni-Tech, Omni-Heat, and Omni-Grip technology, among others.
Among those on offer is the Bugaboo Interchange Jacket.
A 3-in-1 jacket concept — wear the fleece liner when it is cold, the waterproof shell when it is wet, or wear them together when it is wet and cold, the revamped Bugaboo Interchange jacket features Columbia’s Omni-Heat thermal reflective liner and Omni-Tech waterproof/breathable, critically seam-sealed weather protection feature, making it even warmer and drier than the one that came out in the 1980s.
The jacket is also embellished with a special 80th Anniversary embroidery, quotes from Columbia chairman Gert Boyle, and a Bugaboo 1986 history patch.
“When Columbia arrived in the Philippines, it not only presented products that customers here can use but it also invested in promoting and preserving the outdoors, seeing how beautiful the Philippines is. It wants people to stay longer outdoors,” Ms. Batungbacal said, adding that more is in store for Columbia in the Philippines moving forward. — Michael Angelo S. Murillo

SEC orders Tiger Resort to include Okada case in tender offer report

By Arra B. Francia
Reporter
THE SECURITIES and Exchange Commission (SEC) ordered Tiger Resort Asia Limited (TRAL) to file an amended tender offer report disclosing its pending case with Japanese gaming tycoon Kazuo Okada, in a bid to protect the minority shareholders of Asiabest Group International, Inc. (ABG).
In a decision penned Dec. 11, the SEC’s Markets and Securities Regulation Department (MSRD) ruled that the civil and criminal cases against the directors and officers of Universal Entertainment Corp. (UEC) and Okada Holdings Limited (OHL) in Hong Kong are factual information that must be included in TRAL’s tender offer report.
“By amending the tender offer report to include the factual information regarding conflict that lead to the eventual filing of criminal and civil cases in Hong Kong, shareholders of ABG and the investing public would be able to arrive at an intelligent investment decision on whether to invest, sell, or remain with the company,” according to the SEC decision.
“Thus, prevent any grave and irreparable damage to the shareholders of ABG and the investing public, if any.”
The MSRD also ordered TRAL to immediately publish the amended tender offer report in two newspapers of general circulation.
The decision was a reply to ABG minority shareholder Carnell S. Valdez’s complaint filed last Dec. 7, asking the MSRD to issue a cease and desist order against TRAL’s tender offer in relation with its planned backdoor listing through ABG.
While the MSRD denied Mr. Valdez’s application of the issuance of a cease and desist order, it order TRAL to extend the tender offer period for 10 business days following the publication of the amended tender offer report. The offering was initially supposed to end on Dec. 12.
Mr. Valdez’s party said that delaying the tender offer could prevent damage and fraud to ABG shareholders as well as the investing public.
“We welcome the SEC’s order directing Tiger Resort to delay the tender offer until after a full disclosure is made of the circumstances surrounding, and status of, the legal proceedings initiated by Kazuo Okada and his daughter to regain control of Okada Holdings and its subsidiaries,” Salvador Paolo Panelo, Jr., Mr. Valdez’s counsel for the complaint, said in a statement.
To recall, Mr. Okada claims that he is the rightful owner of controlling equity in OHL and UEC — the beneficial owners of TRAL, which in turn fully owns Tiger Resorts Leisure and Entertainment, Inc. (TRLEI).
TRLEI operates under the name Okada Manila, the newest integrated resort and casino in Entertainment City in Parañaque.
Mr. Okada is currently seeking the nullification of his removal as shareholder and director at a regional trial court in Parañaque, claiming it was illegally done. He further said that he opposes TRAL’s planned backdoor listing, and plans to nullify the decision should he regain his position in the company.

1...11,57611,57711,578...14,238Page 11,577 of 14,238
ADVERTISEMENT
ADVERTISEMENT
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin X Youtube