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SC: Efficiency not penalized
The Supreme Court absolved officials of the Social Security System clearing them of administrative liability in the approval of the purchase of 25 million Philippine Commercial International Bank shares worth P7.5 billion in 1999. The high bench explained there was no undue haste in the purchase since they were able to justify the transactions. Edgar Solilapsi, who was then senior vice president for Investment; Horacio Templo, then chief actuary of the SSS Executive Management Committee; and Lilia Marquez, then head of the Institutional Loans Department were the ones cleared of the charges in the multi-billion purchase of PCIB shares. The court said they should be paid salaries and other emoluments that they did not receive during a six-month suspension of the purchase. The SC First Division in its 29 March 2023 decision, said the officials’ expeditious actions in relation to the transaction are not evidence of wrongdoing. Incentivize, instead “On the contrary, efficiency is a virtue that all branches of government should nurture and incentivize. Paralyzing indecision should be suppressed. Once all legal requirements are complied with, government personnel should be confident to act as required by the exigencies of the service,” it said. The case stemmed from a complaint filed by SSS officers and members who alleged that the purchase of PCIB shares was overpriced by P1.165 billion which was based on the supposed P245 market price of PCIB shares, and the purchase price of P290.075 per share. SSS officials named in the complaint said the alleged overprice was a premium which is normal in negotiated purchases of blocks of shares. The SC said the expeditious purchase of the shares was due to a change in how the SSS’ Securities Trading and Management Department worked. The court noted that in an earlier meeting, Solilapsi was directed to fast track share purchase recommendations because the SSS had missed out on an earlier opportunity to buy Metro Pacific Corporation shares at a lower price. Preparations could not keep up with market changes, it said. The post SC: Efficiency not penalized appeared first on Daily Tribune......»»
Davao City transport modernization
It’s fast becoming a reality — the Davao City Transport Modernization Project. A pet project of then Davao City Mayor Inday Sara Duterte, it was part of the many plans she envisioned for the southern metropolis when she was elected to office in 2010. She started with studies and the gathering of data and the evaluation of the project’s impact on the transport sector, safety, and the local economy. There were apprehensions and protests from the “multi-cab” operators and drivers but these did not elicit public sympathy given the fact that their public utility vehicles were the last things one would consider safe and comfortable modes of transportation. Multi-cabs are mostly smuggled in through the Davao City Customs port. These are mini-utility trucks salvaged from the car “cemeteries” in Japan. They come in chop-chopped, loaded in cargo container vans, and pass through Customs with the apparent connivance of the head office. Upon landing, the cut-up vehicles are welded back together and converted to left-hand drive by outfits that are licensed by the Department of Trade and Industry. Surprisingly, the Land Transportation Office registers these vehicles fashioned into public utility jeeps. Everyone is on the ballgame. Davao City has a few Sarao-made PUJs. Because multi-cabs are a lot cheaper, these veritable rolling coffins dominate Davao City roads. Last week, during the visit of President Ferdinand “Bongbong” Marcos Jr. to Davao City to formally open the first segment of the city’s grand coastal boulevard, he and VP Sara witnessed the signing of a $1-billion loan agreement between the Philippine government and the Asian Development Bank represented by Finance Secretary Benjamin Diokno and ADB Country Director Pavit Ramachandran, respectively. The dollar-denominated loan will finance the DTMP which will be the largest and the Philippines’ first road-based public transport project in the country. The amount will cover, among other things, the cost of 1,100 modern electric buses which under the DTMP concept will be operated by the private sector under performance-based contracts. Diokno was quoted as saying that “the DTMP will be a model for other cities’ public transit projects.” Take a bow, VP Sara. This was the second pioneering project she launched during her term as mayor of Davao. The first was the relocation of aerial power and communications cables underground which is a work in progress. The main streets of the city have been cleared of unsightly tangles of cables and in the process, the roads and pedestrian walkways are being improved to make them safe for senior citizens to walk on. As many as there are modern buses, there will be drivers to be hired permanently and they will come from the ranks of the displaced multi-cab drivers. They will be trained before they are allowed to drive the modern buses. Others will be employed in other jobs related to the DTMP. The transport project was in its gestation period after it was given the green light by the Department of Transportation during the past Duterte administration but the Covid pandemic caught up with it and it was placed in the freezer. Now PBBM has seen to it that the project will be accomplished with a set timeline by 2024. That will be three claps for President Bongbong, but seen beaming beside him was the proud VP Inday Sara, the brains behind the DTMP. A road network of about 700 kilometers linking 29 routes within Davao City and the adjoining Panabo City in Davao del Norte will worm through commercial districts and residential communities. There will be 1,000 bus stops along the route. It is expected that traffic in the downtown areas will be decongested with the fielding of the brand new, comfortable, and safe buses which can take in more passengers than the present rickety multi-cabs. A plus factor of the DTMP project is the radical elimination of carbon emissions and the smuggling of multi-cab carcasses from Japan through the Davao Customs port in container vans given the “code green” by the BoC head office. The post Davao City transport modernization appeared first on Daily Tribune......»»
Phoenix Petroleum cleared to sell P3.5 billion CPs
Phoenix Petroleum Philippines Inc. has received approval from the Securities and Exchange Commission to sell P3.5 billion worth of commercial papers......»»
Fully independent PHI-NADO pushed
With the WADA compliance issue settled and cleared, the Philippine Sports Commission and the Philippine National Anti-Doping Organization are moving forward and making sure that all bases are covered from hereon......»»
PBCom eyes P2 billion from new bond issue
The Philippine Bank of Communications is looking to raise at least P2 billion, with an option to oversubscribe, from the first tranche of its new peso bond program......»»
SEC clears CLI’s preferred shares offer
The Securities and Exchange Commission (SEC) has cleared the planned public offering of up to P5 billion worth of preferred shares by Cebu Landmasters Inc. (CLI)......»»
RCBC income hits all-time high in 2023
Rizal Commercial Banking Corp. grew its net income by 15 percent to hit a record P12.22 billion in 2023, fueled by faster-than-industry loan and deposit growth......»»
PLDT: Disputes in final terms led to aborted Sky Cable buyout
Telco giant PLDT Inc. said it failed to agree with Sky Cable Corp. on the commercial terms of their P6.75-billion merger, leaving them no choice but to call off the deal abruptly......»»
India orders BrahMos cruise missiles worth $2.3bn
The government has approved the purchase of 200 of the supersonic weapons, which were co-developed with RussiaNew Delhi's Cabinet Committee on Security cleared the acquisition of 200 BrahMos extended-range supersonic cruise missiles on Wednesday. The new weapons, developed jointly by India and Russia, are to be purchased for around 190 billion rupees ($2.3 billion). They will be mounted on warsh.....»»
India orders BrahMos cruise missiles worth $2.3bn
The government has approved the purchase of 200 of the supersonic weapons, which were co-developed with RussiaNew Delhi's Cabinet Committee on Security cleared the acquisition of 200 BrahMos extended-range supersonic cruise missiles on Wednesday. The new weapons, developed jointly by India and Russia, are to be purchased for around 190 billion rupees ($2.3 billion). They will be mounted on warsh.....»»
Cash flow problems
The good news last week was the inauguration and commercial energization of the P52-billion Mindanao-Visayas Interconnection Project......»»
Filinvest cleared to sell P10 billion fixed bonds
Gotianun-led Filinvest Development Corp. received yesterday its permit to sell up to P10 billion in fixed bonds consisting of a base offer of P7 billion and an oversubscription option of P3 billion......»»
RCBC auto, housing loans hit P121 billion
Yuchengco-led Rizal Commercial Banking Corp. (RCBC) sustained its auto and housing loan portfolio last year, rising by 24 percent to P121 billion amid high demand......»»
RCBC to issue more sustainability notes
Rizal Commercial Banking Corp. is tapping the offshore debt market early this year via the issuance of sustainability notes under its $3 billion medium-term note program......»»
AREIT acquires P23 billion assets from Ayala Land
AREIT Inc., the real estate investment trust of the Ayala Group, will acquire P23 billion worth of prime commercial properties from its sponsor Ayala Land Inc......»»
ACR gets SEC permit to issue P1.15 billion worth of commercial papers
Alsons Consolidated Resources of the Alcantara Group is poised to issue up to P1.15 billion worth of commercial papers following the approval from the Securities and Exchange Commission......»»
SEC approves CDC’s P1.1 billion short-term commercial papers
Listed property developer Cityland Development Corp. has received the approval of the Securities and Exchange Commission to offer its P1.1 billion worth of short-term commercial papers......»»
US drugmaker Bristol Myers Squibb buys Mirati for $4.8-B
US pharmaceutical company Bristol Myers Squibb announced a $4.8 billion deal on Sunday to acquire cancer drugmaker Mirati Therapeutics. Bristol Myers Squibb will pay $58 per share in cash "for a total equity value of $4.8 billion," the companies said in a joint statement. In addition, a guaranteed value certificate (GVC) could provide Mirati shareholders with a potential additional $12.00 per share, or up to an additional $1 billion in total. The statement said that both companies' boards of directors had approved the agreement. "Through this acquisition, Bristol Myers Squibb will add KRAZATI, an important lung cancer medicine, to its commercial portfolio," the statement said. It said KRAZATI targets a specific type of mutation that makes up 14 percent of non-small cell lung cancer diagnoses. "With multiple targeted oncology assets including KRAZATI, Mirati is another important step forward in our efforts to grow our diversified oncology portfolio and further strengthen Bristol Myers Squibb's pipeline for the latter half of the decade and beyond," said Chris Boerner, the company's executive vice president and incoming CEO. The post US drugmaker Bristol Myers Squibb buys Mirati for $4.8-B appeared first on Daily Tribune......»»
Phl economy still strongest this year — RCBC
The Philippine economy will remain among Asia’s strongest in the fourth quarter despite a possible higher interest rate because of strong consumer demand for certain products and services and more employed Filipinos, the chief economist of Rizal Commercial Banking Corporation said Saturday. “This growth forecast is still among the fastest in the region because our economy is doing well,” RCBC’s Michael Ricafort said. The World Bank recently downgraded this year’s Philippine economic growth to 5.6 percent from 6 percent due to inflation risks, apart from lower government spending and weaker demand for exports. However, it is still higher than China’s 5.1 percent, Indonesia’s 4.9 percent, and Malaysia’s 4.3 percent growth forecast. Ricafort said the Bangko Sentral ng Pilipinas (BSP) might raise its policy rate this year to slow inflation to 4 percent by year-end after it accelerated again to 6.1 percent last month. “The BSP is working to bring down prices of goods and services. As an unintended consequence, the economy could slow down. Borrowing costs for business owners also increase and consumer demand weakens,” he said. Ricafort said global oil prices have started falling which could discourage the central bank from raising its rate drastically. “Global oil prices have declined to $82 to $83 per barrel from a peak of $95 per barrel last month or since the war between oil-rich countries Russia and Ukraine began,” the economist said. He also expected a downtrend in rice prices starting this month as he said local farmers have begun collecting fresh harvests. “Inflation quickened last month mainly from higher prices of rice which accounted for nearly 9 percent of the inflation basket and grew 17 percent year-on-year,” Ricafort said. While a higher interest rate aims to slow consumption, Ricafort said the continued flow of remittances from overseas Filipino workers, or at least 3 percent growth yearly will still support substantial levels of consumer spending, especially during the Christmas season. “That is more than $40 billion a year. That’s the fourth largest in the world after India, China and Mexico,” the economist said. He added more Filipinos or 800,000 could earn from business process outsourcing or BPO this year as the industry’s revenue could rise from $32.5 billion to $59 billion based on data from the Contact Center Association of the Philippines. Another growth area is tourism, which Ricafort said saw 4 million foreign visitors last month, nearing the 4.8 million full-year target of the government. He added higher productivity among Filipinos is also expected as the country’s unemployment rate declined to 4.4 percent in August from 4.8 percent in July, based on data from the Philippine Statistics Authority. Moving forward, Ricafort said the government must improve science and technology education for higher quality jobs and increase spending on infrastructure amid the full reopening of most economies. “We are now fully reopened. Students are also back in schools which encourages putting up food businesses. Labor market in the US also improved which will affect export trade,” he said. Ricafort added the government could continue distributing financial and other assistance to farmers to control inflation. He believed the inflation rate will approach 3 percent next year, close to the ideal 2 percent for healthier economic growth. The post Phl economy still strongest this year — RCBC appeared first on Daily Tribune......»»
Alternergy rechannels IPO money for wind projects
Due to the massive potentials of wind energy as a viable power source, listed renewable energy firm Alternergy Holdings Corp. is reallocating the proceeds of its initial public offering or IPO to provide additional financial support to two of its wind projects. The company informed the Philippine Stock Exchange on Friday that its Board of Directors approved the plan to expedite the development of the projects. Alternergy said the Tanay and Alabat Wind Power Projects, which won in the Green Energy Auction 2 of the Department of Energy, will receive increased funding from its maiden offering. Specific development timeline “Tanay and Alabat Wind Power Projects are following a specific development timeline under GEA 2. Alternergy is fully intent to proceed with the activities leading to immediate construction by the first quarter of 2025 and thus, the reallocation of the IPO proceeds,” Alternergy chairperson Vicente Pérez Jr. said. “The reallocation of proceeds will be a boost for now while the project funding for construction is being finalized,” Gerry Magbanua, Alternergy president, added. The IPO proceeds were supposedly for the Lamut Run-of-River Hydro Power Project and the Offshore Wind Power Projects. Despite the changes, the company assured that pre-development activities for these projects would continue despite the lower budget. “Permitting and securing endorsements and clearances as well as conduct of initial technical studies would proceed,” Pérez said. “We are already on the ground in Lamut, Ifugao engaging the local community while we are in more detailed technical studies for the offshore wind projects. As these activities progress, additional funds will be channeled to support the work programs,” he added. Three leading investment banks tapped Alternergy announced last Monday it has tapped three leading investment banks — BPI Capital, RCBC Capital, and SB Capital — as lead arrangers to raise P12-billion project finance structure for the Tanay and Alabat Wind Power Projects. Alternergy has been investing a significant amount to expand its clean energy portfolio. It aims to develop up to 1,245 MW of additional wind, offshore wind, solar and run-of-river hydro projects. Alternergy was involved in the development of the 33-MW Bangui Bay wind farm in Ilocos Norte — the first commercial wind farm in Southeast Asia at that time. The post Alternergy rechannels IPO money for wind projects appeared first on Daily Tribune......»»