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Union Bank board approves P10-B stock rights offering
The board of directors of Union Bank approved a plan to conduct a stock rights offering to raise up to P10 billion to “fund the capital infusion to UnionDigital” and for “projected retail loan availments”......»»
Cebu Landmasters board approves P5-B preferred shares offering
Cebu Landmasters announced that its board of directors approved a measure to sell up to P5 billion worth of its Series A preferred shares in an upcoming follow-on offering......»»
PEZA approves P14.933 Billion investments in May
The Philippine Economic Zone Authority (PEZA) Board has greenlighted 20 new and expansion projects in May expected to bring in P14.933 Billion investments......»»
Government approves P336 billion worth of strategic projects
The government has approved 16 strategic investment projects worth P336.3 billion for green lane processing as of end-October, according to the Board of Investments......»»
NEDA board approves P269.7 billion high-impact projects
The National Economic and Development Authority board, chaired by President Marcos, approved on Friday a number of high-impact projects amounting to about P269.7 billion......»»
Fernando Zobel back at Ayala Corp board
Ayala Corp., the country’s oldest conglomerate, has welcomed back tycoon Fernando Zobel de Ayala who resigned last year for health reasons......»»
IMF board approves $300-M loan for Burkina Faso
The International Monetary Fund's (IMF) executive board approved a $300 million loan agreement for the West African nation of Burkina Faso to help bolster its economy and reduce poverty. The landlocked country has had two military coups since January last year, while contending with a deteriorating security situation and multiple economic shocks, including the war in Ukraine and the recovery from the COVID-19 pandemic. The four-year loan agreement worth around $302 million, should "create fiscal space for priority spending, strengthen resilience to shocks while reducing poverty, and bolster fiscal discipline, transparency and governance," the IMF announced in a statement. Burkina Faso saw its fiscal buffers eroded "substantially" last year, along with a sharp decline in economic growth, according to the IMF. "Burkina Faso faces a challenging macroeconomic outlook amid large development and security needs, compounded by acute food insecurity and long-standing fragility," IMF Deputy Managing Director Kenji Okamura said. "For the country’s long-term development process, it remains essential to sustain structural reforms to foster economic growth and diversification as well as to reduce poverty," he added. Burkina Faso has been battling a deadly jihadist insurgency since 2015, a spillover from the conflict in neighboring Mali which has also affected its eastern neighbor Niger. All three countries have had military coups since 2020. More than 40 percent of Burkina Faso's population lives in poverty, according to the IMF, while the UN refugee agency estimates that more than two million people are internally displaced as a result of "persistent insecurity." The post IMF board approves $300-M loan for Burkina Faso appeared first on Daily Tribune......»»
Central Visayas Wage Board Approves Wage Hike
The Department of Labor and Employment 7 (DOLE 7) Regional Tripartite Wages and Productivity Board has approved the minimum wage increase of P33 on September 5, 2023. The wage board in Central Visayas has issued Wage Order No. ROVII-24 increasing the minimum wage in the region. Class C areas will now receive P420 for Non-Agriculture […].....»»
High BoI figures show capital swing
As a testament to the strides taken to raise the country’s laggard investments, the country’s main investment promotion agency, the Board of Investments reported registering P720 billion worth of investments for the year until August. In a forum on Thursday, BoI Governor Marjorie Ramos-Samaniego said they now see positive investment growth for the rest of the year. “As of August of 2023, the BoI approvals amounted to 72 percent of the P1-trillion investment target for the year,” she added. Last Tuesday, BoI chairperson and Trade Secretary Alfredo Pascual said he is confident of hitting and even surpassing the 2023 investment approvals target of P1.5 trillion. He said the investment promotion agency has projects in the pipeline, some of which came from past foreign trips of President Ferdinand “Bongbong” Marcos Jr. and the investment missions of the Department of Trade and Industry. Last year, the BoI approved an estimated P729 billion worth of new projects, which is 11 percent higher than the P655.4 billion approved in 2021. On Thursday, the BoI announced that it granted green lane endorsement to five floating solar power projects in Laguna Lake under Executive Order 18 or “Constituting Green Lanes for Strategic Investments,” meant to expedite, streamline and automate government approval and registration process of priority and strategic investments. “In keeping with the government’s goal of accelerating the realization of green investments in the Philippines, the BOI has given the go-ahead to ACEN Corporation’s requests for Green Lane processing of several renewable energy ventures located in Laguna Lake,” Pascual explained. The approved projects include SolarAce4, AC Laguna, AC Subic, GigaWind1 and Ingrid Floating Solar Power Plants, which are consistent with the government’s mission to accelerate the growth of eco-friendly investments. In accordance with EO 18, the five renewable energy. or RE, projects are now identified and designated as strategic investments, which are expected to be completed between 2026 and 2027. Obtaining green lane status expedites permit and license issuance, including resolving strategic investment issues. Trade Undersecretary and BoI managing head Ceferino Rodolfo awarded the Green Lane Certificates of Endorsement to ACEN president and CEO Eric Francia in an awarding ceremony at the BoI Main Office in Makati City last 6 September 2023. BoI Governor Ramos-Samaniego and Executive Director Bobby Fondevilla of the Investment Assistance Center are present in the ceremony, and ACEN representatives namely Anabelle Natividad, authorized representative; Atty. Lucky Aranas, project lawyer; and Miguel Ignacio, project manager. SolarAce4 covers 100 hectares of the lake surface area in Santa Cruz, Laguna, and will produce a 140-megawatt peak of clean energy. AC Laguna Floating Solar Power Plant — AC Laguna is located on 200 hectares of lake surface area in Victoria and Pila, Laguna, and will generate 280MWp of clean energy. The AC SUBIC Floating Solar Power Plant, occupying 200 hectares of lake surface area in Victoria and Santa Cruz, Laguna, is expected to produce 280MWp of clean energy. GigaWind1 Floating Solar Power Plant covers 200 hectares of lake surface area in Kalayaan and Paete, Laguna and will generate 280MWp of sustainable energy. Finally, Ingrid Floating Solar Power Plant is located on 100 hectares of lake surface area in Lumban, Laguna and will produce 140MWp of clean energy. At the forefront of Asia Pacific’s renewables revolution, ACEN is the first energy company in Southeast Asia to announce a Net Zero roadmap. ACEN, established in 2011, is the renewable energy platform of the Ayala Group. Its portfolio continues to grow with new solar and wind farms under construction in the Philippines, Australia, Vietnam, Lao PDR and India. ACEN aims to be the largest listed renewables platform in Southeast Asia and is targeting to reach 20 GW of renewable capacity by 2030. Its key markets are the Philippines, Australia, Vietnam, Indonesia and India. The post High BoI figures show capital swing appeared first on Daily Tribune......»»
PBBM approves appointments within DOTr, DMW
President Ferdinand Marcos Jr. has approved a number of recent appointments within the Department of Transportation and the Department of Migrant Workers, Malacañang said on Friday. In a Facebook post, the Presidential Communications Office said that Marcos assigned Arrey A. Perez as the President and Chief Executive Officer of the Clark International Airport Corporation. CIAC is responsible for overseeing the development of Clark International Airport under the jurisdiction of the DOTr. Perez will also serve on the CIAC's Board of Directors. Perez previously served as the Bases Conversion and Development Authority's Senior Vice President for the Corporate Services Group. Marcos also appointed Victor Manuel Jr. as one of CIAC's Board of Directors. Samsudin Lingtongan was named Director III and Victor Del Rosario was named Executive Director III under the Department of Migrant Workers. The post PBBM approves appointments within DOTr, DMW appeared first on Daily Tribune......»»
Seda celebrates 5th year
Five years ago, the landscape of Cebu Business Park forever changed when Seda Ayala Center Cebu opened its doors to appreciative local and international travelers. [caption id="attachment_181228" align="aligncenter" width="1900"] Evening gown by Paco Serafica.[/caption] Helmed by general manager Gwen dela Cruz, with 35 years of experience in the hospitality industry, she assembled a sterling team that was ready — and had triumphed — through each and every challenge imaginable — to include the global terrors, such as the Covid-19 pandemic and devastating typhoons like “Odette.” [caption id="attachment_181246" align="aligncenter" width="1900"] Gwen dela Druz, Margie Lhuillier, Javier Hernandez and Genny Puno.[/caption] Fast forward to half a decade, the property brought together Cebu’s top corporate partners and most esteemed individuals to celebrate the past and embrace the future through the Pagpadayun. [caption id="attachment_181247" align="aligncenter" width="1384"] DesigneD by Stef Tirado.[/caption] A Bisaya word which means “to move forward,” Pagpadayun is a testament to the previous trials that the hotel faced and surmounted — as it was spearheaded by the officers and supported by the staff — and the hotel’s bright tomorrow. [caption id="attachment_181248" align="aligncenter" width="1900"] Designed by Eyla Orsais.[/caption] The Filipiniana-inspired affair was anchored on their core values, dubbed as LIVEM — Leadership, Integrity, Vision, Excellence and Malasakit. [caption id="attachment_181250" align="aligncenter" width="1900"] Gown by Pearl Arandia.[/caption] The evening showcased the well-orchestrated five-course dinner, unveiled by executive sous chef Gina Limot. It was definitely a top-tier gastronomic experience. [caption id="attachment_181253" align="aligncenter" width="1746"] DesigneD by Jan Tiong.[/caption] It likewise highlighted fashion, as they collaborated with the Fashion Association of Cebu’s Elite Talents to include designers, such as Stef Tirado, Jan Tiong, Eyla Orsais, Paco Serafica and Pearl Arandia. [caption id="attachment_181254" align="aligncenter" width="1900"] Filet Mignon and pan seared parrot fish drizzled with red wine reduction, safron sauce, mashed potato and asparagus spears.[/caption] [caption id="attachment_181255" align="aligncenter" width="1087"] Chicken liver pate served with toasted baguette and a drizzle of cumberland sauce.[/caption] In attendance were Ayala Land Hotels and Resorts Corporation board of directors representative Michael Alexis Legaspi, president and chief executive officer Javier Hernandez, chief financial officer Phearl Raz, Seda Hotels Group communications director Genny Puno and Seda Hotels Group engineering group director Efren Rodrigo. [caption id="attachment_181257" align="aligncenter" width="1824"] Laurie Boquiren, Neil Felipp, Jun Alegrado and Eva Gullas.[/caption] The aptly named observance was more than just a mere get-together for it celebrated Seda Ayala Center Cebu’s drive to persevere despite the challenging onslaught of natural crises. The post Seda celebrates 5th year appeared first on Daily Tribune......»»
Chemical Industries board approves 8-company merger
Chemical Industries of the Philippines disclosed that its board of directors approved a merger with seven other affiliates, with CIP as the surviving entity......»»
Spartan Stadium Alcohol Sales Approved for Fall by Board of Trustees
Title: Michigan State University Approves Alcohol Sales at Spartan Stadium to Enhance Fan Experience The Michigan State University (MSU) trustees have unanimously given the green.....»»
Myrna Segismundo: Chef to ABS-CBN stars, bigwigs
All showbiz stars and talents, as well as journos and v/bloggers, who have attended a media conference at the ABS-CBS compound in South Triangle, QC, most likely may have done so at the cozy and classy restaurant on the 14th floor of the building there. But were they ever aware that the building is called the Eugenio Lopez Jr. Communication Center and the restaurant goes by the mysterious name 9501? If they knew those two names, would they also know the name Myrna Segismundo? Most likely, no unless the journos and v/bloggers who cover showbiz also go to lifestyle media events. Segismundo is one of the country’s foremost chefs of international renown. She was managing director of 9501 for almost 20 years,with the rank of vice president. Security Bank, the Zonta Club of Makati and a group known as Environs recently cited her among their Bravo Empowered Women Awards recipients. [caption id="attachment_166629" align="aligncenter" width="666"] CHEF Myrna Segismundo | Photograph Courtesy Of Relaxlangmom.com[/caption] First project The private 9501 restaurant was conceived in 1995 as the first project of the year, which is why it was given that name by then ABS-CBN head Gabby Lopez, a son of “Kapitan Geny,” who sat on top of the broadcast empire almost up to the time it lost its franchise (Gabby is legally Eugenio Lopez III and is now the chairman emeritus of ABS CBN). The 9501 corporate dining facility produced everything from weekday lunch buffets, formal haute cuisine dinners and board meeting meals to celebrity-studded press conferences. It was never opened to the public, only to ABS-CBN employees and their guests. In August this year, the restaurant ceased operations but went on to be a venue for media conferences with goods catered by other suppliers. That was where Hori7ons (the number stands for “s”) was launched as a K-pop-inspired boy group managed by ABS-CBN with a Korean company. The contract signing of transwoman talent KaladKaren was also held at 9501 weeks ago. Frequent diner Monchet Olives, Gabby Lopez’ s former chief executive, said in an interview that he has never forgotten the very first meal served at 9501 in 2001, with just Gabby Lopez and himself seated at table 001 in the corner: rack of lamb, potato purée reminiscent of Alain Ducasse, gazpacho and the famous quezo de bola cheesecake — prepared by Chef Miguel Yadao who was one of the chefs Segismundo took along with her to 9501 from another private restaurant, PCI Bank’s the Sign of the Anvil. “Sitting there in the corner, window glass on both sides, overlooking Quezon City… It was a sunny day, you could see Manila Bay. I said, wow, this is ABS-CBN,” Olives said. Gabby Lopez was a frequent diner at 9501, usually entertaining guests or meeting with company executives in the wine room. Segismundo, in another interview, remembered Lopez as a “flexible” diner who loved good wine and enjoyed Japanese, Italian, French and especially Mediterranean fare, and occasionally Filipino. The 9501 chefs could prepare any kind of cuisine, but Segismundo was most proud of the prominence of Filipino food there. Many of its most famous dishes came from the Sign of the Anvil, including the bestselling Turon, Quezo de Bola Cheesecake, Potato Bread and Adobo Paté. In fact, 9501’s bestsellers were almost all Filipino, including its Chicken and Pork adobo and Beef Tapa — “in the service of Filipino food,” she recalled in one interview. Segismundo started “dissecting and deconstructing” traditional Filipino dishes with her chefs during her Anvil days, creating her iconic Lechon Roulade (using suckling pig, not liempo) in 1995, years before the lechon roll trend came about. Lecturer on Filipino cuisine The Christmas parties of ABS-CBN executives and employees were held at the restaurant, all the parties of the bigwigs like the birthdays of Gabby Lopez and ABS-CBN top executive Freddie Garcia, and “birthdays ng lahat ng mga sikat,” as Olives once put it. A graduate of Hotel and Restaurant Management of the University of the Philippines, Segismundo began her professional career at the Waldorf Astoria Hotel in New York City, USA. After several years, she went back to Manila and headed Sign of the Anvil. Under the sponsorship of the Department of Foreign Affairs, she has held demonstrations and lectures abroad to promote Filipino cuisine in countries like Spain, Portugal, France, Netherlands, Japan and more. She became the first ever Filipino lecturer on Filipino cuisine at the Cordon Bleu in Paris and Filipino presenter in the prestigious Madrid Fusion in Spain. She has written several books such as the The Party Cookbook and Philippine Cuisine – Home-cooked Recipes Wherever You May Be and co-authored Kulinarya (A Guidebook to Philippine Cuisine). She is known for promoting heritage recipes while also transforming them into contemporary interpretations without losing their authentic taste. She was editor of Food Magazine of ABS-CBN and the founder of the Doreen Fernandez Food Writing Awards, an annual food writing competition which aims to encourage food writing and research in the country. Most importantly, she developed the Kulinarya Program of the Department of Tourism to teach the rural folk basic cooking, service and accounting concepts to help uplift their lives and their families. Tastes and flavors Instead of saying certain Filipino dishes are “like” a particular dish from a different country, Segismundo encourages Filipinos to describe them through tastes and flavors. “Talk about our vinegars, our citruses — ingredients that are indigenous to us. Dishes that are truly Filipino that will have a universal appeal.” Meanwhile, the other awardees of Security Bank and Zonta are Celia Baltazar-Elumba for Arts, Culture and Heritage; Lourdes Delos Reyes for Business and Entrepreneurship; Jennie Jocson for Education; Cheryll Ruth Soriano for Media and Public Affairs; Rebecca Angeles for Social Services; Maria Caterina Cristina Lopa for Sports; and Rose Maria Mendoza for STEM. Segismundo received her award for Tourism and Hospitality. A special recognition was also given to the Philippine women’s football team during the awards ceremonies held 27 July at the Security Bank Center in Ayala Avenue, Makati. The post Myrna Segismundo: Chef to ABS-CBN stars, bigwigs appeared first on Daily Tribune......»»
ACEN board approves P25 billion preferred share sale
The ACEN board of directors approved the sale of up to 25 million preferred shares to raise up to P25 billion as part of the first tranche of its three-year, shelf-registered 50-million preferred shares sale......»»
NEDA board approves P170.6 billion NAIA rehab
To address issues in the country’s main gateway, the National Economic and Development Authority Board yesterday approved the P170.6-billion Ninoy Aquino International Airport rehabilitation project......»»
NEDA approves partnership to improve NAIA
The National Economic and Development Authority (NEDA) has approved the solicited public-private partnership to improve and privatize Ninoy Aquino International Airport (NAIA), Secretary Arsenio Balisacan said on Wednesday. In a Malacañang press briefing, the NEDA Secretary said the project intending to repair and modernize the country's primary gateway would cost P170.6 billion. “The goal of the project is to address longstanding issues at NAIA such as the inadequate capacity of passenger terminal buildings and restricted aircraft movement,” Balisacan said, adding that the successful bidder may be revealed within the year. “It aims to increase the current annual airport capacity from 35 million to at least 62 million passengers. The NAIA PPP Project also aims to increase air traffic movement from 40 to 48 per hour,” Balisacan pointed out. Balisacan said the project, which he mentioned is under the Department of Transportation and the Manila International Airport Authority, is expected to enhance overall customer satisfaction and service quality to avoid long lines, protracted wait times, and other annoyances for passengers. The NEDA Secretary added that the project covering all NAIA terminals, facilities, and runways would start "as early as next year." Marcos added that the unsolicited proposal of the Manila International Airport Consortium (MIAC), which seeks a longer concession period of 25 years, is already defacto closed as it overlapped with the DOTr’s solicited mode to privatize NAIA’s operations. “Now that the solicited proposal has been approved, we are now saying it’s open for competitive bidding so the unsolicited proposal is de facto already closed,” Balisacan said. “Those who are planning or proposing to come in under unsolicited [mode] are encouraged and we hope that they will participate in the solicited mode of PPP,” Balisacan added. For context, Transportation Undersecretary for Aviation Roberto Lim explained that the NEDA Board usually decides on “the best route to take” regarding the solicited or unsolicited proposal on NAIA’s privatization. When questioned about the possibility of funding the project through the Maharlika Investment Corporation, Balisacan said "there is no need" to invest the funds there if the private sector is already capable of handling it. The post NEDA approves partnership to improve NAIA appeared first on Daily Tribune......»»
Monetary Board approves government’s $2.73-B borrowings
The Monetary Board, the policy-making body of the Bangko Sentral ng Pilipinas, approved the government's borrowing in the second quarter to fund various railway projects across the country. In a statement on Friday, the BSP said it approved the government's borrowing of $2.73 billion in the second quarter, which is 23 percent lower than the borrowing amount during the same period in 2022, which was $3.54 billion. “These are all borrowings by the Republic of the Philippines consisting of three project loans from the Japan International Cooperation Agency. These borrowings will fund various railway projects of the NG (national government),” the BSP explained. For comparison, the BSP in April reported $5.56 billion in public sector foreign borrowings in the first quarter, up 16 percent from last year's $4.8 billion. Public sector borrowings comprise a combination of project loans and program loans. These borrowings also involve the issuance of sovereign bonds to fulfill the national government's general financing needs, which include addressing the impacts of the COVID-19 pandemic and funding infrastructure-related projects. Most of the country's borrowings primarily originate from domestic creditors to protect the national government from the unpredictable fluctuations of exchange rates and other factors. Foreign loans necessitate the approval of the BSP through its Monetary Board before the national government can guarantee them. According to data from the BSP, the country's foreign debt reached a record high of $118.81 billion in the first quarter. To ensure that the level of foreign debt remains within manageable limits, the BSP is responsible for reviewing and approving all public sector or government foreign borrowings following Section 20, Article VII of the 1987 Philippine Constitution. The BSP has emphasized its commitment to promoting the prudent utilization of resources and ensuring that the country's external debt requirements are maintained at manageable levels to support external debt sustainability. The post Monetary Board approves government’s $2.73-B borrowings appeared first on Daily Tribune......»»
MRC Allied board approves 10-for-1 reverse stock split
Adjusting the par value of the company’s capital stock doesn’t do anything to the finances of the company, it just adjusts the number of shares that own the company’s income and assets on a proportional basis......»»
MTRCB approves Barbie for commercial release
The Movie & Television Review & Classification Board has greenlit Warner Bros.' upcoming movie "Barbie" starring Margot Robbie as the titular doll for commercial release in the Philippines......»»