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JG Summit FY23 profit: P19.6-B (up 216%)
JG Summit, the Gokongwei Family’s diversified conglomerate, teased its FY23 financial results headlined by a 216% increase in the company’s net income to P19.6 billion......»»
Yogi Ruiz: Salaries, incentives for City Hall employees must be paid on time
CEBU CITY, Philippines — Job order (JO) employees at the Cebu City Hall have not been paid their salaries from January to March 2024. They have not also received their share of the Charter Day incentive amounting to P5, 000 each. Councilors Noel Wenceslao and Nestro Archival have raised a concern on the delay in.....»»
DOF: GFIs can seek extended relief after Maharlika infusion
Government financial institutions Land Bank of the Philippines and Development Bank of the Philippines will likely seek an extension of its regulatory relief following contributions to the country’s sovereign wealth fund......»»
The Mystery of Post-Inflation Stability: Exploring Economic Uncertainty
Inflation, a sneaky force eating away at our financial stability, makes us wonder: what happens after its rampage? Do things settle back to normal, or are we stuck dealing with the aftermath? Inflation is simply prices creeping up over time, quietly changing our financial landscape. Think of your favorite café inching up its prices or […].....»»
Upson International FY23 profit: P464-M (down 13.7%)
Upson International, the IT retailer primarily operating through the Octagon retail brand, teased its FY23 financial results headlined by a 13.7% dip in net income to P464 million......»»
Is your salary enough?
The most awaited day for employees is the 15th of the month. On this day, the ATMs become the popularly sought-after machine for salaried employees and workers who must eventually remit their hard-earned cash to their homes......»»
Golden Haven launches international campaign for OFWs
Golden Haven, the country’s leading memorial park developer, has launched its GO! International campaign, a groundbreaking initiative that aims to help overseas Filipino workers secure their financial future......»»
Speaking up for survivors of human trafficking: Victoria Nyanjura s story
The UN Trust Fund for Victims of Human Trafficking (UNVTF) provides humanitarian, legal and financial aid to victims of trafficking in persons through the awarding of grants to civil society organizations. Victoria Nyanjura was recently elected as Chair of the UNVTF and is the first-ever survivor of human traffi.....»»
Remove the chaff from the grains
Other than the questioned selling of the buffer stock of rice to traders, what’s happening at the National Food Authority (NFA)? With 132 of around 2,000 NFA officials and employees all around the country suspended for six months without pay, this agency attached to the Department of Agriculture (DA) is struggling to stay relevant in the over-all schemes of the government on food security......»»
Women shaping Philippine monetary policy
Women have made significant strides as leaders in the Philippine financial services industry even as challenges continue to persist. At the helm are two distinguished female members of the Monetary Board (MB) – the policy-setting body of the Bangko Sentral ng Pilipinas (BSP) –both of whom are breaking the bias for women in finance......»»
China blocks use of Intel and AMD chips in government computers – report
The procurement guidance also seeks to sideline Microsoft Windows and foreign-made database software in favor of domestic options, a Financial Times report says.....»»
What is the future of Philippine Financial Literacy?
What is the future of Philippine Financial Literacy?.....»»
GT Capital posts record high core earnings in 2023
GT Capital Holdings Inc., the listed conglomerate of the Ty Group finished 2023 with all-time high core earnings, buoyed by record-setting financial results from core businesses......»»
Donald Trumps $3.5bn windfall at stake in Spac deal showdow
The Financial Times, known for its in-depth coverage of global business, economics, and politics, is now offering a special subscription deal for its print edition......»»
BPI sells shares in GoTyme Bank
The Bank of the Philippine Islands sold its 752 million common shares of GoTyme Bank Corp. to GoTyme Financial Pte. Ltd. and Giga Investment Holdings Pte. Ltd, the bank said yesterday......»»
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......»»
EDITORIAL - Under lock and key
The Civil Service Commission has reminded all government officials and employees of the April 30 deadline to submit their sworn Statements of Assets, Liabilities and Net Worth for 2023......»»
DHSUD extends cash assistance to ‘Egay’ victims
Department of Human Settlements and Urban Development Secretary Jose Rizalino Acuzar on Tuesday ordered the release of cash assistance for families who lost their homes following the havoc of Typhoon "Egay." In an emergency meeting, Acuzar directed Undersecretary Avelino Tolentino III and Undersecretary Randy Escolango to start downloading the fund to regional offices affected by the typhoon. The DHSUD Central Office is making available P23 million for emergency assistance to residents whose houses were totally damaged. "We must focus our efforts now in assisting families who lost their homes. Let's expedite the delivery dahil kailangan na ito agad," Acuzar said. "Kailangan proactive lagi tayo sa pagtulong sa ating mga kababayan na naapektuhan ng bagyo... Dapat maramdaman agad ang tulong at malasakit ng gobyerno," the DHSUD chief added. As of 6 p.m. Tuesday, a total of 1,954 residential structures had been totally damaged by the typhoon, mostly from Regions 1, 2 and the Cordillera Administrative Region. Acuzar also instructed DHSUD attached agencies, particularly the National Housing Authority and the Home Development Mutual Fund or Pag-IBIG Fund, to start providing assistance. The NHA is initially allotting P50 million from its emergency housing assistance program. Pag-IBIG Fund, on the other hand, has started offering calamity loans with lower interest rate per annum to "Egay" victims. President Ferdinand R. Marcos Jr. on Sunday announced that the government will be providing the necessary assistance to typhoon victims. "We will be working closely with local government units in the affected areas to ensure the timely and transparent delivery of our assistance," said Acuzar. So far, DHSUD, in collaboration with the International Organization for Migration and the USAID, has already distributed 1,086 shelter-grade tarpaulins, and 600 solar lamps. The post DHSUD extends cash assistance to ‘Egay’ victims appeared first on Daily Tribune......»»
Jeepney phaseout haphazard planning
In January 2018, during the Duterte period, the Department of Transportation tried to fast-track the jeepney phaseout plan, the so-called Transport Modernization Program or TMP, imposing deadlines to complete the phaseout by 2020. By November 2019, DOTr realized it was dreaming, and it finally dropped the plan. You cannot implement such a massive plan in so short a time. Not only was the time frame short, the plan was haphazardly done, with a lot of gaps. Either there was pressure from Malacañang or the DoTr was simply too gung-ho about it. At the time, there were about 300,000 jeepneys nationwide, on which a staggering 1.5 million, at an average of five persons per family, were dependent for their sustenance. Dislocating and rehabilitating such a huge number of drivers for new jobs would have been next to impossible, considering our high unemployment rate. This would have led to a social crisis inviting anarchy and unrest. We are not even talking about thousands of jeepney operators and dozens of affected downstream industries, such as jeepney manufacturers. The first to scream against the obsolescence of the jeepney and the pasaway (undisciplined) jeepney drivers were those who would benefit from the phaseout, namely, the oligarchs and powerful politicians who, in partnership, would take over the mass transport industry. Right now, they are drooling over the perceived windfall. They are planning secretly and organizing lobbies to influence PBBM and the government to implement mass transport modernization with their vested interests in mind. The pressure on PBBM will be so great and they will offer him a piece of the pie. The more he resists, the bigger the slice. The government will be forced to bear the brunt of mass transport modernization, allotting billions, so that the oligarchs and bureaucrats will spend less. Duterte’s TMP planned to replace current polluting jeepney engines with environment-friendly Euro-4 engines used in Europe. Back in 2019, one Euro-4 engine cost a staggering P1.6 million, beyond the reach of most operators. They would have drowned in debt or abandoned their businesses. Only the oligarchs-bureaucrats could afford this and so they would take over. Converting 300,000 jeepneys to Euro-4 would cost a dizzying P447 billion at 2019 prices. (Source: UPLB scientists interviewed). The Euro-4 is good for rich countries, not for poor countries with little capital. Its evolution was so rapid that Euro-1 to Euro-3 became ridiculously obsolete in so short a time. The Euro-4 is probably already obsolete today. The massive undertaking to convert 300,000 jeepneys may take 10 years, but only if the government borrows millions for the thousands of conversions nationwide. Also, imports may be available only in trickles, not considering that the Euro-4 is discontinued or rendered obsolete by newer versions. Let us assume the Euro series is replaced by better, cheaper technologies from China or even locally appropriate technologies. Present operators may need to get big loans. Only the oligarchs-bureaucrats will be ready to take over the mass transport system quickly. The fares of the modernized jeepneys and new hybrid mini-buses may easily reach four to six times the present rates. Commuters ultimately will bear the brunt of modernization. This does not even consider higher gas prices. Marginal commuters will be the ultimate victims. PBBM is in a dilemma. We are not ready for the massive changes and massive dislocations facing our mass transport system. We should have planned these expansions 10 to 20 years ago. PBBM will have to respond to the violent transport strikes brewing not with truncheons but with workable solutions that will address actual needs. He has very little time. PR and propaganda alone cannot contain the storm. The situation is not that hopeless, however. First, we must avoid quick-fix solutions in panic and come up with long-term solutions. Second, solutions should include funds to support our local inventors and manufacturers to avoid dependence on foreign technologies. Third, we must undertake intense research on alternatives to import-oriented modernizations. Removing the omnipresent jeepney completely is impossible for now. We can perhaps partly remove and partly improve the jeepney gradually. We can start by giving loans to operators to gradually replace their aging jeepneys. The key is to go slow. The age of cheap electric jeepneys may just be around the corner. We can perhaps ask Elon Musk or China to fund cheap e-jeepney engine factories here. Import the factories rather than the finished goods. We can retain local jeepney hybrid designs. That would be the perfect solution. eastwindreplyctr@gmail.com The post Jeepney phaseout haphazard planning appeared first on Daily Tribune......»»
Central Luzon: Burgeoning industrial hotspot
AyalaLand Logistics Holdings Corp. strengthens its foothold in Central Luzon with Pampanga Technopark. The 270-hectare development is the first master-planned agro-industrial township in this region. The development will be home to manufacturing and logistics locators, a bagsakan or agricultural wholesale market and commercial-retail spaces for the township’s social and recreational activities. With 270 hectares of gross land area, Pampanga Technopark will serve as a mixed-use development. Currently, phases 1 and 2 are registered with the Board of Investments as Domestic Industrial Zones, with phase 3 lined up next. With shopping, dining and recreational spaces soon to rise in Pampanga Technopark, the development is designed to bring lifestyle experiences to the communities working and residing within or around the area. Pampanga Technopark is allotting 2,000 sqm of gross leasable area across over 30 retail spaces featuring homegrown Kapampangan restaurants, plus several retail and service merchants. On top of this, lots are also available for commercial uses such as shops and outlets, medical centers, offices, co-working spaces, business hotels and more. There will also be a variety of quick service restaurants and a gas station for motorists. Moreover, Pampanga Technopark will be a new location of a bagsakan (agricultural wholesale market) which will be complemented by ALLHC’s ALogis and ALogis Artico facilities, all slated for completion within the first half of 2024. The ALogis ready-built facilities will span 8,000 sqm of warehouse space, while ALogis Artico cold storage will feature 5,000 pallet positions with temperature ranging from 10°C to -20°C. The bagsakan will cover 3,000 sqm of space, offering both wholesale and retail of agricultural produce and local products within the marketplace. All components will support the agriculture supply value chain in Luzon. Accessibility and convenience Located in Mabalacat City, one of the biggest transportation hubs in Central Luzon, Pampanga Technopark will be accessible through various major road networks including the North Luzon Expressway, Subic-Clark-Tarlac Expressway and MacArthur Highway. Additionally, the North-South Commuter Railway project will soon connect the existing Tutuban (Manila) Station to Clark, thereby contributing to the city’s economic progress. Pampanga Technopark is poised to serve as a gateway to the international markets. Strategically located near major infrastructures, it is approximately 30 minutes away from Clark International Airport and an hour away from Subic Bay International Terminal. The upcoming New Manila International Airport will be roughly an hour away from the development. A sustainable development For many years, ALLHC has been a trusted industrial real estate company for creating sustainable environments that support businesses. The soon-to-rise Pampanga Technopark bears with it the promise of connecting commerce and communities. As a dynamic center for business and leisure activity, Pampanga Technopark ensures pedestrian mobility and transit connectivity with allocated sidewalks throughout the township and an easily-accessible public transport terminal serving both in-city and regional transit routes. Helping improve the property’s resilience to environmental stress and geohazards are native trees to be used for landscaping, five detention ponds serving as spaces for rainwater absorption and green and open spaces including a dedicated 1.2-hectare park area. Countryside development ALLHC aims to build its national footprint by being in 10 key areas by 2025, creating a network of industrial and logistics developments by following the key road infrastructure and the nautical highway. “We will introduce a modern food terminal and this will be supported by our cold storage and dry warehouse facilities. Farmers from Northern Luzon and all over Central Luzon can bring their produce here, and we can preserve and store them with the proper facilities. We hope this would help all the farmers and our supply chain,” shared ALLHC president and chief executive officer Jose Emmanuel H. Jalandoni. He added, “What is happening here in Pampanga Technopark is a new township. Industrial park, agro hub, commercial, retail — beneficial to all Pampangueños. Through Pampanga Technopark, we are committed to work together to create employment opportunities for all Filipinos.” BOI executive director for Investment Promotion Services Evariste M. Cagatan stated, “ALLHC has been a steadfast partner of the BOI in providing location options for potential investors, and our partnership has been proven effective in matching investment-ready locations to our local and foreign investors. We are very excited with this project as it shows support in the government’s proactive stance to promote economic activities outside of Metro Manila. There has never been a better place and a better time to make it happen in the Philippines, and this time, we will make it happen right here in Pampanga.” The post Central Luzon: Burgeoning industrial hotspot appeared first on Daily Tribune......»»