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Government eyes turning NAIA into real estate development hub

The Philippines’ transportation chief on Friday disclosed that the government is considering closing the 70-year-old Ninoy Aquino International Airport and transforming it into a real estate development area, saying the country’s premiere gateway "will not last forever.".....»»

Category: financeSource: philstar philstarApr 13th, 2018

Ivanka Trump is making her White House job official – CNN News

Ivanka Trump is changing course and will become a government employee in the coming days, a White House official told CNN Wednesday. President Donald Trump's eldest daughter will be an unpaid employee working in the West Wing. &'8220;I have heard the concerns some have with my advising the President in my personal capacity while voluntarily complying with all ethics rules, and I will instead serve as an unpaid employee in the White House Office, subject to all of the same rules as other federal employees,&'8221; Ivanka Trump said in a statement. &'8220;Throughout this process I have been working closely and in good faith with the White House counsel and my personal counsel to address the unprecedented nature of my role.&'8221; A source with knowledge of the decision told CNN's Gloria Borger the decision was made after the &'8220;unease&'8221; expressed by people about the nature of her voluntary role, and ethics advocates Norm Eisen and Fred Wertheimer had sent White House counsel Don McGhan a letter last Friday. Now, Ivanka Trump will be an &'8220;adviser&'8221; to the President, and will file her own Form 278, which means she is legally bound by the ethics rules. An unsigned statement from the White House said: &'8220;We are pleased that Ivanka Trump has chosen to take this step in her unprecedented role as first daughter and in support of the President.&'8221; Trump's attorney, Jamie S. Gorelick, said: &'8220;Ivanka's decision reflects both her commitment to compliance with federal ethics standards and her openness to opposing points of view. She will file the financial disclosure forms required of federal employees and be bound by the same ethics rules that she had planned to comply with voluntarily.&'8221; Jared Kushner, Ivanka's husband and a top Trump aide, is also serving the White House as an unpaid government employee. News of Trump's new title was first reported by The New York Times. A White House official confirmed last week that, after a few months settling into Washington, Trump was officially moving into a West Wing office and would obtain top-secret security clearance. She will also receive government-provided communications devices, per the official. Ivanka Trump's elevation has prompted critics to note the potential violation of the nepotism law, passed in 1967, that says no public official &'8212; from the President down to a low-level manager at a federal agency &'8212; may hire or promote a relative. But the law states that any appointee found to have violated the law is &'8220;not entitled to pay&'8221; by the federal government, which appears to offer the opportunity for Trump and Kushner to forgo paychecks while still serving the administration. When Kushner officially joined Trump's team in January, the Justice Department concluded that his post as senior adviser was not in violation of federal anti-nepotism laws. &'8220;In choosing his personal staff, the President enjoys an unusual degree of freedom, which Congress found suitable to the demands of his office,&'8221; wrote Daniel Koffsky, deputy assistant attorney general in the DOJ Office of Legal Counsel, which serves as interpreter of federal law for the White House. Koffsky reasoned in January that the anti-nepotism law covers only appointments in an &'8220;executive&'8221; agency and that the White House Office is not an executive agency within the law. He cited a separate law that gives the President broad powers to hire his staff. That law authorizes the President to appoint &'8220;employees in the White House office without regard to any other provision of law regulating the employment or compensation of persons in the government service.&'8221; Ivanka Trump took a formal leave of absence from her eponymous apparel and accessories brand, as well as the Trump Organization, in January. She has long been a key trusted adviser to her father, through her young adulthood to her time as executive vice president of real estate development and acquisition at the Trump Organization, and, ultimately, to his 2016 presidential campaign. Trump will continue in that capacity, serving as the President's &'8220;eyes and ears,&'8221; per Gorelick. &'8220;She will not be his only source of input and insight, obviously, but she may be able to provide insights into the concerns of people whom he might not meet as President,&'8221; Gorelick told CNN via email last week. In the first several weeks of the administration, she's already been on hand for key happenings, including roundtable discussions with German Chancellor Angela Merkel and Canadian Prime Minister Justin Trudeau, a Florida school visit with her father and Education Secretary Betsy DeVos, an Oval Office bill signing encouraging women in STEM, a visit to the National African American Museum of History and Culture and West Wing meetings on human trafficking and manufacturing, among others. She took an even higher profile this week, making formal remarks at an event encouraging women in STEM at Smithsonian's Air and Space museum on Tuesday. The broadening of Trump's role in her father's administration is unprecedented by any modern member of a first family. President George W. Bush, who worked on his father's campaign, is the most recent parallel to Ivanka Trump, said Kate Andersen Brower, author of &'8220;First Women: The Grace and Power of America's Modern First Ladies&'8221; and a CNN contributor. &'8220;But even he wasn't sitting in on high-level policy meetings when his father was in the White House. It definitely complicates matters when someone who can't be fired &'8212; aka a family member &'8212; is this involved in an administration,&'8221; [&'].....»»

Category: newsSource:  mindanaoexaminerRelated NewsMar 30th, 2017

Trump budget plan shows how he would reshape nation – CNN News

An early glimpse at President Donald Trump's first budget proposal offers the clearest blueprint yet of how he plans to remake the nation. The plan envisages a 10% hike in military spending to be paid for by sharp cuts in other government departments, with the State Department and the Environmental Protection Agency each bracing for a particularly painful hit. If enacted, the plan would involve a radical domestic reshaping of the federal government paired with a shift in the posture of American diplomacy around the world. It is an approach that flows directly from the rhetoric and positions adopted by Trump on the campaign trail playing to his grass-roots supporters' deep distrust of Washington and his &'8220;America First&'8221; political creed. &'8220;This is a landmark event, a message to the world, in these dangerous times, of American strength, security and resolve,&'8221; Trump said Monday. The budget plan comes at a time when the administration is making strenuous efforts to flesh out the ideological and political foundations on which the new GOP White House is built. Top officials, including the President, previewed a strident change of political direction at the Conservative Political Action Conference (CPAC) last week, and Trump will intensify the effort with his first address to a joint session of Congress on Tuesday night &'8212; a crucial moment for the new administration. But the controversial nature of Trump's emerging budget &'8212; always a magnet for partisan opposition &'8212; guarantees a fight that will test the White House's capacity to corral lawmakers and shape public opinion. It also demonstrates a desire to boost military might and de-emphasize diplomatic reductions that will reverberate in foreign capitals of friends and foes alike. Already, a cadre of retired generals and admirals has warned that cutting State Department funding on diplomacy and development would make America less safe. Democrats say they will use every tool at their disposal, which includes the power of the filibuster in the Senate, to block Trump's plans. The President could also face resistance from Republican budget hawks in Congress. Defense hawks, meanwhile, are arguing that the $54 billion dollar hike in defense spending is not enough after years of budget sequestration that capped military funding. It is not yet clear exactly where the cuts will come from. Monday's announcement involved top-line numbers from the 2018 budget sent to government agencies that must now work out how to adjust their spending. Any budget issued by the White House is merely an opening bid, and many soon become worthless documents once Congress, with its competing demands on the public purse, gets to work. Democrats, who could try to frustrate Trump by refusing to lift caps on defense spending by wielding the Senate filibuster, sensed a political opportunity to undercut Trump's appeal to working-class voters as they try to rebuild their party's support ahead of midterm elections next year. &'8220;The budget proposal is a reflection of where the President is at and who he is (and) what today's hard-right Republican party &'8212; which has done this budget through its Cabinet &'8212; believes in,&'8221; said Democratic Senate Minority Leader Chuck Schumer. &'8220;Which is relieve the burdens on the wealthy and special interests, whether they be coal companies or financiers, and put the burden on the middle class.&'8221; But Trump styles himself as a shrewd negotiator steeped in the give-and-take of real estate transactions and is known for making the kinds of bold opening gambits that the budget announcement on Monday represents. The proposals were also formulated directly from the fiery speeches of the President's campaign, which underpinned his belief that he has a mandate for radical change and might make any compromise harder. &'8220;When you see these reductions, you'll be able to tie it back to a speech the President gave, or something the President had said previously,&'8221; Trump's budget director, Mick Mulvaney, told reporters on Monday. &'8220;We are taking his words and turning them into policies and dollars.&'8221; The goals are consistent with the theory of Trumpism laid out by the President's political adviser, Steve Bannon, at CPAC last week, which included a push to &'8220;deconstruct the administrative state.&'8221; Indeed, the budget would remold the federal government by paring back programs introduced by the Obama administration &'8212; for example, EPA regulations on the fossil fuels industry &'8212; and other agency reductions. In practice, according to Mulvaney, that involves a sweeping reset of political priorities. &'8220;It is a true 'America first' budget,&'8221; said Mulvaney. &'8220;It will show the President is keeping his promises and doing exactly what he said he was going to do when he ran for office. It prioritized rebuilding the military, including restoring our nuclear capabilities, protecting the nation and securing the border, enforcing the laws currently on the books, taking care of vets and increasing school choice.&'8221; Still, with Trump vowing not to touch popular non-discretionary spending targets like Medicare and Social Security, his budget team faces a tortuous task in wringing out savings at agencies while preserving room for Trump's promised big tax cuts. Every dollar that is cut from discretionary spending could affect other popular and vital programs, including transportation, conservation, agriculture and commerce &'8212; all of which have powerful lobbies ready to go into battle for their funding. And Trump does not want to tighten the national belt everywhere. For instance, he is proposing spending billions of dollars on his pet project of a southern border wall, though he has promised [&'].....»»

Category: newsSource:  mindanaoexaminerRelated NewsFeb 28th, 2017

Bredco port terminal eyes full operation next month

BACOLOD City – The multi-million peso port terminal of the Bacolod Real Estate Development Corporation (BREDCO) is eyeing full operations in July 2018. BREDCO president John Alonte told the Daily Guardian here that the terminal designed to accommodate about 5,000 passengers is structurally finished and “what’s only missing are the equipment like the x-ray machines, […] The post Bredco port terminal eyes full operation next month appeared first on The Daily Guardian......»»

Category: newsSource:  thedailyguardianRelated NewsJun 24th, 2018

8990 eyes P4 billion in sales from Tondo project

Mass housing developer 8990 Holdings, Inc. looks to generate P4 billion in sales from its Tondo project this year, noting the uptick in demand as the development nears completion. In a statement issued Tuesday, June 12, the listed real estate company said Urban Deca Homes Manila will see four towers completed by the end of… link: 8990 eyes P4 billion in sales from Tondo project.....»»

Category: newsSource:  manilainformerRelated NewsJun 12th, 2018

8990 eyes P4 billion in sales from Tondo project

Mass housing developer 8990 Holdings, Inc. looks to generate P4 billion in sales from its Tondo project this year, noting the uptick in demand as the development nears completion. In a statement issued Tuesday, June 12, the listed real estate company said Urban Deca Homes Manila will see four towers completed by the end of […] The post 8990 eyes P4 billion in sales from Tondo project appeared first on BusinessWorld......»»

Category: financeSource:  bworldonlineRelated NewsJun 12th, 2018

D.M. Wenceslao eyes gov’t infra projects

Public listing aspirant D.M. Wenceslao & Associates Incorporated (DMWAI), an integrated construction and real estate developer, plans to diversify its business outside the 107-hectare flagship project Aseana City by bidding for government infrastructure projects under the "Build, Build, Build program. "We are an 'AAAA' general contractor, one of less than 20 in the country, and are in a position to take advantage of the government's massive infrastructure program, especially in our core areas of horizontal infrastructure and construction, foundation works and marine construction," DMWAI chief executive officer Delfin Angelo Wenceslao said in a statement. The company has complet...Keep on reading: D.M. Wenceslao eyes gov’t infra projects.....»»

Category: newsSource:  inquirerRelated NewsApr 3rd, 2018

Rules clarifying REITs’ VAT status out; public ownership unresolved

THE GOVERNMENT has released three new implementing regulations in connection with the Tax Reform for Acceleration (TRAIN) law, including the tax treatment of properties transferred to Real Estate Investment Trusts (REITs), an issue which has delayed the development of the sector for nearly a decade. The BIR issued Revenue Regulation (RR) 13-2018 dated March 15 […] The post Rules clarifying REITs’ VAT status out; public ownership unresolved appeared first on BusinessWorld......»»

Category: newsSource:  bworldonlineRelated NewsApr 1st, 2018

‘Super consortium’ eyes Naia upgrade

Seven of the country’s biggest companies are banding together to bid for the rehabilitation of the Ninoy Aquino International Airport (NAIA). An unsolicited proposal will be submitted to the government by Ayala-led AC Infrastructure Holdings, Inc., Aboitiz Infra Capital, Inc., Andrew Tan’s Alliance Global Group, Inc., the Gotianun’s Filinvest Development Corp., Gokongwei-owned JG Summit Holdings, [...] The post ‘Super consortium’ eyes Naia upgrade appeared first on The Manila Times Online......»»

Category: newsSource:  manilatimesRelated NewsDec 21st, 2017

As Olympics near, South Korea agonizes over post-Games costs

By Kim Tong-Hyung, Associated Press GANGNEUNG, South Korea (AP) — South Korean officials have ruled out turning a state-of-the-art Olympic skating arena into a giant seafood freezer. Other than that, not much is certain about the country's post-Winter Games plans for a host of expensive venues. As officials prepare for the games in and around the small mountain town of Pyeongchang, there are lingering worries over the huge financial burden facing one of the nation's poorest regions. Local officials hope that the Games will provide a badly needed economic boost by marking the area as a world-class tourist destination. But past experience shows that hosts who justified their Olympics with expectations of financial windfalls were often left deeply disappointed when the fanfare ended. This isn't lost on Gangwon province, which governs Pyeongchang and nearby Gangneung, a seaside city that will host Olympic skating and hockey events. Officials there are trying hard to persuade the national government to pay to maintain new stadiums that will have little use once the athletes leave. Seoul, however, is so far balking at the idea. The Olympics, which begin Feb. 9, will cost South Korea about 14 trillion won ($12.9 billion), much more than the 8 to 9 trillion won ($7 to 8 billion) the country projected as the overall cost when Pyeongchang won the bid in 2011. Worries over costs have cast a shadow over the games among residents long frustrated with what they say were decades of neglect in a region that doesn't have much going on other than domestic tourism and fisheries. "What good will a nicely managed global event really do for residents when we are struggling so much to make ends meet?" said Lee Do-sung, a Gangneung restaurant owner. "What will the games even leave? Maybe only debt." ___ TEARING THINGS DOWN The atmosphere was starkly different three decades ago when grand preparations for the 1988 Seoul Summer Games essentially shaped the capital into the modern metropolis it is today. A massive sports complex and huge public parks emerged alongside the city's Han River. Next came new highways, bridges and subway lines. Forests of high-rise buildings rose above the bulldozed ruins of old commercial districts and slums. The legacy of the country's second Olympics will be less clear. In a country that cares much less now about the recognition that large sporting events bring, it will potentially be remembered more for things dismantled than built. Pyeongchang's picturesque Olympic Stadium — a pentagonal 35,000-seat arena that sits in a county of 40,000 people — will only be used for the opening and closing ceremonies of the Olympics and Paralympics before workers tear it down. A scenic downhill course in nearby Jeongseon will also be demolished after the games to restore the area to its natural state. Fierce criticism by environmentalists over the venue being built on a pristine forest sacred to locals caused construction delays that nearly forced pre-Olympic test events to be postponed. Gangwon officials want the national government to share costs for rebuilding the forest, which could be as much as 102 billion won ($95 million). ___ NO FISH Despite more than a decade of planning, Gangwon remains unsure what to do with the Olympic facilities it will keep. Winter sports facilities are often harder to maintain than summer ones because of the higher costs for maintaining ice and snow and the usually smaller number of people they attract. That's especially true in South Korea, which doesn't have a strong winter sports culture. Not all ideas are welcome. Gangwon officials say they never seriously considered a proposal to convert the 8,000-seat Gangneung Oval, the Olympic speed skating venue, into a refrigerated warehouse for seafood. Officials were unwilling to have frozen fish as part of their Olympic legacy. Gangwon officials also dismissed a theme park developer's suggestion to make the stadium a gambling venue where people place bets on skating races, citing the country's strict laws and largely negative view of gambling. A plan to have the 10,000-capacity Gangneung Hockey Center host a corporate league hockey team fell apart. Even worse off are Pyeongchang's bobsleigh track, ski jump hill and the biathlon and cross-country skiing venues, which were built for sports South Koreans are largely uninterested in. After its final inspection visit in August, the International Olympic Committee warned Pyeongchang's organizers that they risked creating white elephants from Olympic venues, though it didn't offer specific suggestions for what to do differently. Cautionary tales come from Athens, which was left with a slew of abandoned stadiums after the 2004 Summer Games that some say contributed to Greece's financial meltdown and Nagano, the Japanese town that never got the tourism bump it expected after spending an estimated $10.5 billion for the 1998 Winter Games. Some Olympic venues have proved to be too costly to maintain. The $100 million luge and bobsled track built in Turin for the 2006 games was later dismantled because of high operating costs. Pyeongchang will be only the second Olympic host to dismantle its ceremonial Olympic Stadium immediately after the games — the 1992 Winter Olympics host Albertville did so as well. ___ 'MONEY-DRINKING HIPPOS' Gangwon has demanded that the national government in Seoul pay for maintaining at least four Olympic facilities after the Games — the speed skating arena, hockey center, bobsleigh track and ski jump hill. This would save the province about 6 billion won ($5.5 million) a year, according to Park Cheol-sin, a Gangwon official. But the national government says doing so would be unfair to other South Korean cities that struggled financially after hosting large sports events. Incheon, the indebted 2014 Asian Games host, has a slew of unused stadiums now mocked as "money-drinking hippos." It would also be a hard sell to taxpayers outside of Gangwon, said Lee Jae-soon, an official from the Ministry of Culture, Sports and Tourism. Unlike the 1988 Olympics and the 2002 World Cup, which were brought to South Korea after bids driven by the national government, the provincial government led the bid for the Pyeongchang games and it did so without any commitment from Seoul over footing the bill. Under current plans, Gangwon will be managing at least six Olympic facilities after the games. These facilities will create a 9.2 billion won ($8.5 million) deficit for the province every year, a sizable burden for a quickly-aging region that had the lowest income level among South Korean provinces in 2013, according to the Korea Industrial Strategy Institute, which was commissioned by Gangwon to analyze costs. Hong Jin-won, a Gangneung resident and activist who has been monitoring Olympic preparations for years, said the real deficit could be even bigger. The institute's calculation is based on assumptions that each facility would generate at least moderate levels of income, which Hong says is no sure thing. He said that could mean welfare spending gets slashed to help make up the lack of money. South Korea, a rapidly-aging country with a worsening job market and widening rich-poor gap, has by far the highest elderly poverty rate among rich nations, according to Organization for Economic Cooperation and Development figures. If Seoul doesn't pay for the Olympic facilities, and Gangwon can't turn them into cultural or leisure facilities, it might make more sense for Gangwon to just tear them down. Park said the national government must step up because the "Olympics are a national event, not a Gangwon event.".....»»

Category: sportsSource:  abscbnRelated NewsDec 15th, 2017

Sy also eyes new airport

Belle Corp., a property developer led by retail tycoon Henry Sy, joined a consortium that plans to build a new international airport, seaport, economic zone and mixed-used real estate development off the coast of Sangley Point in Cavite worth up to $50 bi.....»»

Category: financeSource:  thestandardRelated NewsOct 30th, 2016

Government dismantling REIT hurdles

GOVERNMENT MOVES to dismantle the two roadblocks to the establishment of real estate investment trusts (REIT) may finally kick-start their formation......»»

Category: newsSource:  bworldonlineRelated NewsDec 4th, 2018

Government dismantling REIT hurdles

By Elijah Joseph C. Tubayan Reporter GOVERNMENT MOVES to dismantle the two roadblocks to the establishment of real estate investment trusts (REIT) may finally kick-start their formation. At a hearing of the House of Representatives Economic Affairs committee on Tuesday, an official of the Securities and Exchange Commission (SEC) agreed to cut REITs’ minimum public… link: Government dismantling REIT hurdles.....»»

Category: newsSource:  manilainformerRelated NewsDec 4th, 2018

SMDC Park Residences presents vibrant lifestyle by the mall

It has since evolved from a municipality that was once dependent on its agriculture and livelihood industries. Today, the City of Santa Rosa is a picture of a booming economic growth center, with growing industries that have helped uplift communities that within and surrounding this first class city in Laguna. It thus comes as no surprise that businesses are seeking to be part of its success story and to cash in on this growth from traditional offices, manufacturing companies, and even national property developers. SM Development Corp. (SMDC), a trailblazer in the middle market residential developments, is one of the real estate companies promising to bring luxurious urb...Keep on reading: SMDC Park Residences presents vibrant lifestyle by the mall.....»»

Category: newsSource:  inquirerRelated NewsNov 16th, 2018

Tagum City eyes sustainable, eco-friendly urban dev’t

With its economic improvement, the city government of Tagum wants to push an urban development that is both sustainable in long term while addressing the issues of climate change......»»

Category: newsSource:  davaotodayRelated NewsNov 12th, 2018

Property firms urged to hitch on Manila Subway project

Property firms should explore tie-ups with other companies or with the government to develop land near the Manila Subway project, real estate services firm Colliers International Philippines said......»»

Category: financeSource:  philstarRelated NewsNov 3rd, 2018

US charges Malaysian financier in money laundering scheme

WASHINGTON --- The Justice Department on Thursday charged a fugitive Malaysian financier in a money laundering and bribery scheme that pilfered billions of dollars from a Malaysian investment fund created to promote economic development projects in that country. The three-count indictment charges Low Taek Jho, who is also known as Jho Low, with misappropriating money from the state-owned fund and using it for bribes and kickbacks to foreign officials, to pay for luxury real estate, art and jewelry in the United States and to fund Hollywood movies, including "The Wolf of Wall Street." Also charged was a former Goldman Sachs banker, Tim Leissner, who pleaded guilty to money launderin...Keep on reading: US charges Malaysian financier in money laundering scheme.....»»

Category: newsSource:  inquirerRelated NewsNov 1st, 2018

QC government to suspend real estate valuation hike | News

The local government of Quezon City over the weekend said it has decided to suspend the implementation of an ordinance which would have pushed up the fair market values (FMVs) of real estate in the ci.....»»

Category: newsSource:  manilanewsRelated NewsOct 28th, 2018

Quezon City property tax hike gets Supreme Court nod

The Supreme Court has allowed the Quezon City government to implement an ordinance increasing the market value of land in the city and its corresponding real estate tax......»»

Category: newsSource:  philstarRelated NewsOct 24th, 2018

Megaworld makes foray into China

Tycoon Andrew Tan is making his foray into China with the development of his first ever real estate project in the economic powerhouse, which will rise in Quanzhou City, the land of his birth......»»

Category: financeSource:  philstarRelated NewsOct 21st, 2018

Land Developer Claims Cebu Project ‘Aboveboard’

Officials of a local real estate developer on Wednesday claimed tht its project in Lapu-Lapu City is compliant with all legal requirements. In a statement to the Philippine News Agency (PNA), lawyer Ricardo Ma. P. G. Ongkiko said their client, Pueblo de Oro Development Corporation (PODC), denies that the projects that are being constructed in […].....»»

Category: newsSource:  metrocebuRelated NewsOct 5th, 2018