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Government sets P585 billion borrowings in Q2
The government is set to borrow P585 billion from the domestic market in the second quarter amid hopes of more favorable interest rates here and abroad......»»
DMCI Homes earmarks P16 billion for capex in 2024
DMCI Homes, the property development arm of the Consunji Group, is allocating around P16 billion in capital expenditures this year to expand its portfolio......»»
CLI allots higher capex, partners with Japan firm
Cebu Landmasters Inc. is hiking its capital spending to P14.5 billion this year as it gears up for growth and expansion following a strong financial performance in 2023......»»
AEV hikes capex to P153 billion
Aboitiz Equity Ventures Inc. is hiking its capital expenditures by 135 percent to P153 billion this year as it gears up for another phase of growth and innovation......»»
Converge doubling capex in 2024
Broadband provider Converge ICT Solutions Inc. is doubling its capital expenditures to as much as P19 billion this year to pay for new projects that aim to improve customer experience......»»
Jollibee spending P23 billion for capex
Jollibee Foods Corp. is spending as much as P23 billion this year to sustain its growth momentum after posting strong profitability in 2023......»»
PSE has until 2025 to spend money it raised in 2018
The PSE disclosed that its board of directors voted to approve an extension of the timeline for its disbursement of the P2.8 billion in net proceeds that it raised through a 2018 stock rights offering......»»
Maynilad spending P30 billion for service improvements
West Zone concessionaire Maynilad Water Services Inc. is setting aside as much as P30 billion for capital expenditures (capex) this year to continue service improvements amid the ongoing threat of the El Niño weather phenomenon......»»
Globe sets 2024 capex at P55 billion, a 5-year low
Mobile giant Globe Telecom Inc. is bringing down its capital expenditures to a five-year low of P55 billion in 2024, as the telco works on attaining a certain cost efficiency for financial health......»»
NEWSBRIEFS | 1 February 2024
Panguil Bay Bridge completed by June 2024 CAGAYAN DE ORO CITY (MindaNews / 1 February)—The final span of the Panguil Bay Bridge would be connected by June this year, completing the project that started in November 2018, according to the Northern Mindanao director of the National Economic Development Authority, Mylah Faye Aurora Cariño. The P7.135-billion […].....»»
CREC earmarks P35 billion capex for RE projects
Citicore Renewable Energy Corp. is allocating P35 billion for capital expenditures this year as it continues to bolster its renewable energy portfolio......»»
DITO confirmed that it is scaling back capex in 2024
DITO CME confirmed a report in the Manila Times that its 2024 “capex guidance will be tempered a bit” from its 2023 capex spending of P27 billion......»»
MMFF 2023 is now highest-grossing edition of all time
The 49th Metro Manila Film Festival is officially the highest-grossing edition of all time, having surpassed the box-office earnings of the 2018 edition at P1.069 billion as of Jan. 7......»»
10 entry sa MMFF 2023 kumita na ng P1.069-B, winasak ang record noong 2018
WINASAK ng Metro Manila Film Festival 2023 ang record ng pinakamalaking kinita ng taunang filmfest na naitala noong 2018. Umabot na sa P1.069 billion ang gross sales ng 10 official entry sa ika-49 edition ng MMFF na tumakbo mula December 25, 2023 hanggang January 7, 2024. Nalagpasan na nito ang kinita ng walong pelikulang kalahok.....»»
NLEX borrows P10 billion for capex, debt payments
North Luzon Expressway Corp. has signed a P10-billion loan facility from the Bank of the Philippine Islands to finance expansion projects and debt payments......»»
NLEX allots P15 billion for 2024 capex
The North Luzon Expressway Corp. is raising its 2024 capital expenditures to P15 billion to embark on new projects and complete ongoing efforts......»»
Cliffhanger
One of the challenges of operating a convenience store is theft by shoplifters. In the United States alone, the losses of small city retail stores were estimated at over $94 billion in 2021, Bloomberg reported. Washington State recorded the highest retail store losses from theft in the country, according to the National Retail Federation. Local stores have installed security cameras, motion sensors, and inventory control systems to help prevent shoplifting, an NRF survey showed. It remains to be seen if such high-tech security measures work, but location and size are definitely effective in discouraging shoplifters for one remote convenience store in China. The tiny wooden store at the Shiniuzhai Scenic Area in the Chinese province of Hunan is only two square meters. Opened in 2018, the store recently trended online after a popular military blogger with 889,400 followers posted on the popular Chinese social network Weibo a photo with the caption: “The most inconvenient convenience store,” CNN reported. Few customers are served by the store but not because of its limited offerings. It just so happens to be located along a route less traveled called via ferrata. The pathway for climbers consists of steel bars driven into the mountainside to serve as steps and metal anchors for fastening climbing ropes. In any case, the store is convenient for adventurers summiting the mountain, as they can get a water refill or buy a beverage for hydration while perched on the side of a vertical cliff. At the same time, the store looks inconvenient for its sole attendant as it hangs halfway to the top of the cliff, 120 meters from the ground, with its floor supported only by steel brackets bolted to the cliffside. Moreover, restocking requires the storekeeper to pull up supplies from the ground with a rope, according to Oddity Central. To others, inconvenient is an understatement for the store hanging from a cliff. Scary should be a more accurate description......»»
LTO innovates responses to backlogs
The Land Transportation Office, or LTO, now under the leadership of Atty. Vigor Mendoza II, has committed to implementing innovative solutions to immediately address the piles of problems “inherited” from the previous leaderships. Mendoza, whom Transportation Secretary Jaime J. Bautista tasked to help the agency improve its current state, expressed confidence that he could turn the LTO around and make it more efficient and effective. He said this aligns with the Marcos administration’s marching orders to digitalize and bring government services closer to the people seamlessly. Mendoza has already begun to execute some changes, such as streamlining the driver’s license application process, implementing a new online vehicle registration system, and reducing the number of fixers at LTO offices, among others. Speaking in a recent interview on DAILY TRIBUNE’s Straight Talk, Mendoza disclosed that his agency is studying cost-effective ways to produce license plates. Presently, the LTO has a manufacturing plant with eight machines working to produce license plates, but as recently directed by Bautista, the agency is looking at outsourcing them instead of producing them. “We make the plates ourselves, although we are studying if maybe it is high time to review whether the LTO should produce or outsource the plates. I told Secretary Bautista that in terms of efficiency, it might be less costly and faster if we outsource it,” Mendoza said. “We are thoroughly studying those options to weigh which will be less costly to the government. Thus, finally, we could resolve all the backlogs,” he added. Million plates a month Mendoza added that the agency’s plate-making plant could produce a million monthly plates to replace all the backlogs — from the old green plates to the new white ones. He said before the end of November, the license plate backlog will hopefully be fully addressed. With production in full swing, a motorist with a newly acquired four-wheel vehicle can claim his license plates within 10 days. In the meantime, new motorcycle owners can now get their plates immediately. This significantly improved from the previous year when motorists took years to get their plates. To recall, in March, ex-LTO chief Jay Art Tugade issued a memo suspending the production of license plates due to a shortage of materials. Online portal needs full utilization Mendoza said the LTO is also working on finally utilizing the Land Transportation Management System, or LTMS, a P3.14-billion portal created to address Filipinos’ motoring concerns. He lamented that the underutilization of the online portal, which he described as just one of the many inherited problems of the agency, was a misuse of government funds. “The system design is incomplete, and you know that as much as possible, we want to be fully digital as instructed by the President. We want motorists to be able to apply for a license and register their vehicles through that platform,” Mendoza said. “We supposedly have all the facilities. There will be no need to go to LTO offices as it will also address the issues of fixers. However, we cannot do all these until we fully resolve the website’s functionalities,” he said, adding that the LTO would need the developers to provide them with some missing source and application codes. The LTMS was jointly developed by German technology firm Dermalog and its local partners, Holy Family Printing Corp., Microgenesis, and Verzontal Builders Inc. The project went through competitive bidding in May 2018. The LTO’s online portal is a one-stop shop that will integrate all LTO services in a single contactless database system and digital platform. “We are waiting for their reply. I have been open since my first day in office, and I’ve been very open to them. There is a problem, let us talk about it. However, they have not replied to my letters on the source code and application code issue. We have to protect the government’s interest, and the government’s interest is to get the source and application codes so we can do the enhancements ourselves,” Mendoza said. According to the new LTO chief, hiring another third-party team to resolve the LTMS issues might cost the government at least another billion pesos. Mendoza asked why the government does not just find another software developer, saying: “We already paid for the contract.” “If we do it, maybe they will spend another billion just to complete everything, so the government will save a lot if we do it ourselves. We have DICT with us, and LTO is also hiring technical people for us to be able to do it ourselves. So, we can do it, we don’t need foreigners to teach us.” The post LTO innovates responses to backlogs appeared first on Daily Tribune......»»
Govt. to boost agri, fishery sectors
President Ferdinand Marcos Jr. on Wednesday underscored the need to address the systemic issues plaguing Philippine agriculture for years due to the longstanding neglect of this sector. During his speech at the 70th anniversary of the Federation of Free Farmers (FFF) in Quezon City, Marcos Jr said the welfare of farmers and fisherfolk has been forgotten for decades, dating back to the inception of agricultural reform during his father and namesake's tenure. "We have a significant amount of work ahead of us because we need to fix the entire agricultural system that has been neglected for a long time, perhaps since the start of agricultural reform, during (the late President Ferdinand Marcos Sr.'s) time," Marcos Jr. said. "Now, many changes have occurred, the world has changed, and it has revolved several times. Therefore, we need to examine the needs of our farmers and fishermen to improve their lives because we often hear that we need to increase our yield, improve our harvest, and our productivity," he added. The latest data from the Philippine Statistics Authority showed that agricultural production in the country decreased by 1.3 percent during the year's second quarter. The figures unveiled by the PSA showed that the production value in agriculture and fisheries, calculated at constant 2018 prices, totaled P427.69 billion, a decline from the P433.10 billion recorded during the same period the previous year. Minimum wages for agricultural laborers in the Philippines vary by region, ranging from P306 in the Bangsamoro Autonomous Region in Muslim Mindanao to P573 in the National Capital Region. These wage rates, determined by tripartite boards, differ based on the specific region. “But let's not forget that the livelihood of our farmers and fishermen should also be taken care of and improved because that is our goal for all our farmers and fishermen,” Marcos said. Marcos emphasized the pressing need for his administration to boost the agricultural sector, with more than P92 billion set aside for upcoming agri-fisheries projects next year. Additionally, the Department of Agriculture has allotted P4.73 billion to improve large-scale agriculture and fishery mechanization and modernization, aiming to decrease post-harvest losses and cost-effectively enhance farmers' yields. However, the President underlined the enormity of the task ahead and called upon the public for their support and collaboration. "So, this is a massive task. That's why we need your help because the government alone cannot do all of this. We need your diligence, we need your advice because you are the ones facing the problems in agriculture that we are going through now,” Marcos said. “Rest assured, your government is here to do everything in its power to assist our farmers in producing a bountiful harvest, catching enough fish for our fellow citizens, and selling these products at prices affordable to our people,” Marcos added. The post Govt. to boost agri, fishery sectors appeared first on Daily Tribune......»»
Saavedra to appeal dismissal of cases vs Tomas, ex-city officials over Kawit Island deal
CEBU CITY, Philippines – Businessman and whistleblower Crisologo Saavedra is not yet giving up on the criminal and administrative complaints that he filed against former Cebu City Mayor Tomas Osmena and his City Council on the controversial P18 billion Kawit Island deal. Saavedra said he will be filing a petition to ask the Office of the Ombudsman-Visayas to reconsider its earlier decision to dismiss the criminal and administrative complaint that he filed. “I’ll file an MR (motion for reconsideration),” said Saavedra in an interview with CDN Digital. In 2018, Saavedra filed criminal and administrative complaints over the controversial P18 billion Kawit Island deal. The project paved the way for Gokongwei-owned Universal Hotel and Resorts Inc. (UHRI) to establish an integrated casino and resort in the South Road Properties (SRP). But acting Assistant Ombudsman for the Visayas Jane Aguilar, in a 21-page decision promulgated January 27, junked the criminal and administrative cases for ‘lack of substantial evidence’. A copy of the decision was furnished to the media on Oct. 20. Osmeña’s co-respondents in the case were then Councilors Margarita Osmeña, Dave Tumulak, Sisinio Andales, Alvin Arcilla, Eugenio Gabuya Jr., Gerry Guardo, Joy Augustus Young, Mary Ann delos Santos and Franklyn Ong who approved the ordinance that allowed the Gokongwei-owned company to establish an integrated casino and resort in Kawit Island, SRP and UHRI executives Frederick Go, Lance Gokongwei, James Go, Robina Gokongwei-Pe and Patrick Henry Go. Saavedra insisted that Ombudsman-Visayas should look into the technicalities of how the city government awarded the P18-billion project in 2018. He mentioned City Ordinance No. 2154 as his basis, saying that members of the private sector, when entering into joint venture agreements with the government, must meet the “technical and financial qualifications” prescribed by law. “The private participants should have technical and financial capability. I never questioned the financial capability… It is the track record of the corporation, not of the individual offices,” Saavedra added. The Camp of Osmeña has since welcomed the decision of the Ombudsman. ALSO READ: Ombudsman upgrades Saavedra complaint against Tomas Osmeña, 9 others over Kawit Island deal.....»»