tag:blogger.com,1999:blog-40572182068357989792024-03-12T16:02:05.278-07:00Believe and Achievemy life and my own!marites salcehttp://www.blogger.com/profile/07790911902211934414noreply@blogger.comBlogger388125tag:blogger.com,1999:blog-4057218206835798979.post-34204697357728108632012-10-30T09:01:00.002-07:002012-10-30T09:01:52.884-07:00House and Lot for Sale/MortgageLooking for a house and lot here in Davao City Philippines? Its very easy to avail because DECA HOMES RESIDENTIAL RESORT offers at a very low reservation fee and the equity is payable in three months. They have two types of houses: the first is the bungalow type and the loft type. for bungalow type the floor area is 35.1 sqm. (1) bathroom and (2) bedrooms. while the loft type, the floor area is 60 sqm., and has (2) bedrooms and (2) bathrooms.<br />
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For inquiries please call : 09212496253<br />
or email me : carrine_gurl@yahoo.com.ph<br />
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DECA HOMES has club house, swimming pool, soccer field, lagoon, basketball court, and a jogging place, and a wake boarding. This place is all one, a low cost housing but amazing.!!!!!<br />
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<br />marites salcehttp://www.blogger.com/profile/07790911902211934414noreply@blogger.com0tag:blogger.com,1999:blog-4057218206835798979.post-85641618996470006102012-05-17T23:01:00.001-07:002012-05-17T23:01:18.044-07:00SEC approves Filinvest Land's P11B bond issue<br />
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MANILA, Philippines - The Securities and Exchange Commission (SEC) has given the green light for Gotianun-led property developer Filinvest Land Inc.'s issuance of P11 billion fixed rate bonds.</div>
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Based on the documents submitted to the SEC, the bonds will be issued in two tranches. The first tranche of P7 billion will be issued in June, while the rest will be issued in the third quarter of 2012. The bonds will have a term of 7 years.</div>
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BDO Capital and Investment Corp., BPI Capital Corp. and First Metro Investment Corp. have been named the joint issue managers</div>
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Filinvest has said it will use the proceeds from the offering to partially finance its P15 billion capital expenditures this year.</div>
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The property firm has already set aside P5.4 billion to develop medium-rise buildings in Metro Manila, Davao and Rizal. Another P3.8 billion is allocated for the development of properties in Metro Manila, Cavite and Cebu. The rest will be spent for developing subdivisions, acquiring land and building high-rise projects.</div>marites salcehttp://www.blogger.com/profile/07790911902211934414noreply@blogger.com1tag:blogger.com,1999:blog-4057218206835798979.post-25899641608339457952012-05-09T04:49:00.000-07:002012-05-09T04:49:54.320-07:00PDIC reviews BDO proposal to rehabilitate Export Bank<div class="body">
MANILA, Philippines - BDO Unibank on Wednesday said it
submitted a proposal to rehabilitate the recently shuttered Export &
Industry Bank, which is currently under receivership.<br />
"BDO Unibank, Inc. confirms submission of a proposal for
consideration of the Philippine Deposit Insurance Corp. (PDIC)," the Sy
family-led bank told the stock exchange. <br />
The Philippine Daily Inquirer reported that BDO has submitted a
proposal that "it is prepared to move in immediately" and take over some
P14 billion in the bank's deposit liabilities. <br />
The PDIC said it is reviewing BDO's proposal to rehabilitate Export
Bank. However, it noted that some of BDO's conditions are not within the
scope of the PDIC's authority. <br />
"BDO has submitted a proposal to rehabilitate EIB with certain
conditions. PDIC is reviewing the legal and economic viabilities of said
proposal. Some of the conditions as proposed are not within the
authority of PDIC," it said.<br />
As receiver of Export Bank, the PDIC has 90 days to determine a
rehabilitation proposal that will be advantageous to depositors,
creditors and taxpayers. It is sill coming up with the terms of
reference, as well as engage the services of a financial auditor to
determine the valuation of Export Bank.<br />
Any rehabilitation proposals will then be submitted to the PDIC Board, and later the Monetary Board, that will approve it.<br />
Negotiations between BDO and Export Bank began as early as 2009, but that petered out despite obtaining <a href="http://www.abs-cbnnews.com/business/04/13/11/pdic-approves-bdo-export-bank-deal">regulators' approval last year</a>.<br />
"Our acquisition of Export Bank was conditional on the settlement of
certain legal issues that to this date remain outstanding. Should we be
invited, we are <a href="http://www.abs-cbnnews.com/business/04/28/12/bdo-revives-bid-export-bank">willing to help in the rehabilitation of the bank,</a>" BDO President Nestor Tan earlier said. <br />
Export Bank has been having financial woes for years after buying failed Urban Bank in 2001.<br />
Export Bank declared a bank holiday last month, after it informed the
Bangko Sentral ng Pilipinas (BSP) that it was unable to meet its
maturing obligations.<br />
</div>marites salcehttp://www.blogger.com/profile/07790911902211934414noreply@blogger.com0tag:blogger.com,1999:blog-4057218206835798979.post-33459771235269650922012-04-29T04:53:00.001-07:002012-04-29T04:53:31.664-07:00'Earnings excitement' to boost stocks this week<br />
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MANILA, Philippines – Investor excitement over corporate earnings is expected to give the local stock market a boost in the coming week.</div>
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“Earnings excitement may fuel next week’s market performance. But overall, we still expect the PSEi (Philippine Stock Exchange Index) to consolidate and find support at 5,140,” AB Capital Securities Inc. said in its weekly report.</div>
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The local earnings season started last week with property firms among the first ones to report.</div>
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According to AB Capital equities analyst Maria Arlysa Narcisco, first-quarter results were “very rosy,” which helped the PSEi post a new intraday high of 5,247.14.</div>
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The index closed at 5,169.05 on Friday or up 0.24% week-on-week, with the Mining and Oil sub-index recording the most gains of 5.52%.</div>
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Among the few surprises for the week, Narciso said, are the surge in share prices of Atok-Big Wedge Co. (up 34%), Philex Mining Corp. (up 19.6%) and its subsidiary Philex Petroleum Corp. (up 129.8%).</div>
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“All three rose on news that results of a seismic study proved that Service Contract 72, or commonly known as Recto Bank, holds vast natural gas reserves that surpasses that of Malampaya's,” Narciso said. “This would pave the way for the country to be less dependent on imported fuel.”</div>
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Meanwhile, (SMPH) and SM Development Corp. (SMDC) reported “robust” operating results, with SMPH earnings up 15% for the period due to opening of new malls, growth in same store sales, and increasing contribution from its China operations. SMDC, for its part, disclosed that it doubled its sales target for the period by recording a 59% increase in value of pre-sold units while volume of pre-sold units went up 51%.</div>
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“Interest in property firms is likely to be sustained due to the low interest rate environment, which is favorable to the industry,” Narciso said.</div>
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Narciso said the PSEi’s behavior last week was “a fresh relief from its consolidation phase after rallying and reaching high levels in the past quarter.”</div>
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In terms of individual stocks, she said Philex Mining is more of a “long term hold.”</div>
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“If the stock continues its descent (this) week, one may consider accumulating PX shares in view of its future potential,” she said.</div>
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AB Capital also has a “buy” recommendation on GT Capital Holdings Inc., the listed flagship firm of businessman George S.K. Ty, which debuted on the PSE two weeks ago.</div>
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On Friday’s close, the stock gained 10% to P502.50 from its IPO price of P455 per share.</div>
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“We have determined that its robust growth story and compelling valuations are attractive,” she said, adding that it has a target price on GT Capital of P631 per share.</div>
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AB Capital said it is also keeping its previous recommendations on Marcventures Holdings Inc. and First Philippine Holdings Corp.</div>marites salcehttp://www.blogger.com/profile/07790911902211934414noreply@blogger.com0tag:blogger.com,1999:blog-4057218206835798979.post-40204606419833810712012-04-24T16:21:00.000-07:002012-04-24T16:21:04.197-07:00Aquino gives preview on mining policy<br />
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MANILA, Philippines - President Benigno Aquino on Tuesday gave a preview of the executive order that he will issue to spell out his administration's policy on mining.</div>
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In a forum with members of the People Power Volunteers for Reform, Aquino reiterated that he prefers an increase in the share that the government gets from mining proceeds.</div>
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"A very simplistic way of looking at it: One hundred percent of the problem, if there becomes a problem, is our problem. But of the proceeds, only 2% is ours to take care of the 100% of the problem. Hindi yata fair. So there has to be an increase in what government gets," he said.</div>
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He also said that at least 78 eco-tourism sites "will not be exploitable to mining interests."</div>
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Aquino said various stakeholders are now going through the draft of executive order for their final inputs before he signs it.</div>
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"Last time na ilagay na ninyo ang inputs nyo. Agree ba kayo dito sa nakalagay na ito tapos magkakapirmahan tayo dito. I’m still awaiting yung pagbalik sa akin ng last go-around of this EO," he said.</div>marites salcehttp://www.blogger.com/profile/07790911902211934414noreply@blogger.com0tag:blogger.com,1999:blog-4057218206835798979.post-39620314259123405312012-04-20T14:59:00.000-07:002012-04-20T14:59:13.226-07:00AirAsia PH starts Puerto Princesa flights<br />
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CLARK, Pampanga - Budget airline AirAsia on Friday launched its maiden flight from Clark International Airport to Puerto Princesa City, Palawan.</div>
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The flight coincides with the formal awarding of Puerto Princesa Underground River as one of the 7 New Wonders of Nature this weekend.</div>
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The first AirAsia flight to Puerto Princesa PQ7015 left Clark at 5:50 p.m. The flight included 40 delegates from the Philippine Swimming League, who will compete in Palawan.</div>
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"Puerto Princesa is the gateway to Palawan’s wealth of wonders and diverse eco-tourism offerings. Its new found fame as one of the new seven wonders of nature has generated a lot of interest from both local and international tourists. But beyond these must-see tourist spots and natural wonders, AirAsia brings awesome connectivity between these provinces and even beyond," AirAsia Inc. CEO Maan Hontiveros said.</div>
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Palawan has several tourist attractions such as Tubbataha Reef, Honday Bay, Palawan Wildlife Rescue and Conservation Center, and the famous Puerto Princesa Underground River (PPUR). The PPUR was voted as one of the seven wonders of nature.</div>
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AirAsia began its flights in the Philippines last March 28, with its flights to Kalibo, gateway to the world-famous Boracay, and Davao City.</div>
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Hontiveros said tourists from Central and Northern Luzon, as well as those in the northern part of Metro Manila, will now have access to flights to Palawan.</div>
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"In the same way that Palawan has a new and better access to Luzon other AirAsia destinations across Asia and Australia," she added.</div>
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AirAsia is currently offering a one-way fare to Puerto Princesa for just P799, including base fare, fuel surcharge, processing fees and other government taxes. The promotional sale for Puerto Princesa flights will run through April 22. Travel will be from April 23 to July 31 2013.</div>marites salcehttp://www.blogger.com/profile/07790911902211934414noreply@blogger.com0tag:blogger.com,1999:blog-4057218206835798979.post-38738991361944228512012-04-19T18:48:00.000-07:002012-04-20T15:00:04.674-07:00Hotel group to invest $200 million in PH<div style="background-color: white; color: #333333; font-family: Arial, Helvetica, sans-serif; font-size: 12px; line-height: 18px;">
MANILA, Philippines - Concept hotel developer H20 Ventures, Inc. plans to invest up to $200 million over the next few years to develop five new hotels in the country.</div>
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First rise along Kalayaan Avenue and Makati City in the second half of 2014 is a P2 billion modern five-star hotel developed by H20 Ventures Inc. and global hotel concept developer WorldHotels, the first of a series of concept hotels to be developed by the two firms in the next five years.</div>
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H20 Ventures is the developer of the Ocean Park Manila and the marine-themed H2O Hotel within the park, while Germany-based World Hotels is the developer of 500 concept hotels in 265 destinations and 65 countries.</div>
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WorldHotel and Residences Makati is a 40-story development with 401 rooms. It is a 30-minute drive from the Makati business district and from the airport.It will have an alfresco dining and ground floor café and a roof deck bar. It will likewise has a function hall that can accommodate 400 guests.</div>
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The hotel is being designed by Suying Design, a Singapore-based interior and architecture firm, that has designed condominiums and commercial complexes in Hong Kong, India, China, Indonesia, Vietnam, Malaysia, and Singapore.</div>
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During the launch of the hotel yesterday, H2o Ventures president Lim Chee Yong also announced that the joint venture would be developing five concept hotels in the next decade and that they are already scouting for locations in Busuanga, Coron, Boracay and Cebu.</div>
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Aside from the new hotel in Makati, another WorldHotel property would be developed in Metro Manila.</div>
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Lim said the construction and management of the new Makati hotel would be borne by H20 Venture Inc., while the branding side would be taken cared of by WorldHotels.</div>
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The new hotel, like Hotel H20, would employ around 500 staffers.</div>
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“The partnership between Hotel H20 and WorldHotels has proven to be a mutually beneficial collaboration. WorldHotels branded hotel solutions offers one of the most flexible hotel models in the world for upscale independent properties and hotel groups,” he said.</div>
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“Adopting the WorldHotel brand enables quality independent hotel groups to position themselves internationally in the face of competition from global hospitality brands,” he added.</div>
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WorldHotels vice president for Asia-Pacific Roland Jegge said that with the government’s commitment to increase public spending for infrastructure and development of the tourism sector, the hotel business has great potential.</div>
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“Manila needs more hip hotels. The hotels that we have here were built a generation ago,” said Jegge.</div>
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He said WorldHotels also welcomes other property developers in the country who want to develop concept hotels that target the young market.</div>
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“We are fast to embrace other partners who want to develop their own hoteals. We allow owners to develop their own concept. No cookie cutter hotels,” he said.</div>
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WorldHotels provide partnerships with airlines, credit card firms, car rentals and travel firms.</div>
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It also provides marketing and branding services to its development projects.</div>marites salcehttp://www.blogger.com/profile/07790911902211934414noreply@blogger.com0tag:blogger.com,1999:blog-4057218206835798979.post-73604397266530989532012-04-17T15:36:00.000-07:002012-04-17T15:42:06.966-07:00PSEi hits new closing record<p style="color: rgb(51, 51, 51); font-family: Arial, Helvetica, sans-serif; font-size: 12px; line-height: 18px; background-color: rgb(255, 255, 255); ">MANILA, Philippines - The Philippine Stock Exchange index (PSEi) closed at a new all-time high on Tuesday.</p><p style="color: rgb(51, 51, 51); font-family: Arial, Helvetica, sans-serif; font-size: 12px; line-height: 18px; background-color: rgb(255, 255, 255); ">On Tuesday, the PSEi closed at 5,157.28, up 39.82 points or 0.80 percent. The previous closing record high was 5,145.89, which was set last March 16.</p><p style="color: rgb(51, 51, 51); font-family: Arial, Helvetica, sans-serif; font-size: 12px; line-height: 18px; background-color: rgb(255, 255, 255); ">The PSEi also reached a fresh intraday high at 5,186.52, beating the previous record intraday level at 5,146.17 last March 19.</p><p style="color: rgb(51, 51, 51); font-family: Arial, Helvetica, sans-serif; font-size: 12px; line-height: 18px; background-color: rgb(255, 255, 255); ">"While developments abroad continue to be a significant factor in dictating market movements, investor confidence in our local market remains strong which has enabled it to buck the downward trend in the region these past few days. This four-day rally shows that the market continues to withstand external shocks as it is supported by the Philippines' growth story," PSE president and CEO Hans B. Sicat said, in a statement.</p><p style="color: rgb(51, 51, 51); font-family: Arial, Helvetica, sans-serif; font-size: 12px; line-height: 18px; background-color: rgb(255, 255, 255); ">As of April 17, the PSEi has grown by 18% or 785.32 points, year-to-date.<br /> </p>marites salcehttp://www.blogger.com/profile/07790911902211934414noreply@blogger.com0tag:blogger.com,1999:blog-4057218206835798979.post-31477384380695015372012-04-16T16:49:00.000-07:002012-04-16T16:51:45.991-07:00Ayala Land starts public offer of P15B bonds<p style="color: rgb(51, 51, 51); font-family: Arial, Helvetica, sans-serif; font-size: 12px; line-height: 18px; background-color: rgb(255, 255, 255); ">MANILA, Philippines - Ayala Land Inc. (ALI) started its public offer of P15 billion bonds on Monday, which represent the property developer's largest debt issue to date.</p><p style="color: rgb(51, 51, 51); font-family: Arial, Helvetica, sans-serif; font-size: 12px; line-height: 18px; background-color: rgb(255, 255, 255); ">The bonds consist of an aggregate principal amount of P10 billion with an oversubscription option of up to P5 billion. It will be issued in two tranches of 7 and 10 years.</p><p style="color: rgb(51, 51, 51); font-family: Arial, Helvetica, sans-serif; font-size: 12px; line-height: 18px; background-color: rgb(255, 255, 255); ">ALI's public offer runs through 3:00 p.m. on April 23. The issue date for the bonds is on April 27.</p><p style="color: rgb(51, 51, 51); font-family: Arial, Helvetica, sans-serif; font-size: 12px; line-height: 18px; background-color: rgb(255, 255, 255); ">"This offering represents the largest fundraising initiative by Ayala Land in the capital markets, exceeding its P10 billion note issue last year with a 15-year tranche, the longest tenor for a Philippine corporate institution," ALITreasurer Augusto D. Bengzon said.</p><p style="color: rgb(51, 51, 51); font-family: Arial, Helvetica, sans-serif; font-size: 12px; line-height: 18px; background-color: rgb(255, 255, 255); ">"This is in step with Ayala Land's largest capital expenditure program to date of P37 billion, topping as well last year's record of P30 billion. This positions Ayala Land to achieve stronger results in 2012, having closed yet another banner year in 2011," he added.</p><p style="color: rgb(51, 51, 51); font-family: Arial, Helvetica, sans-serif; font-size: 12px; line-height: 18px; background-color: rgb(255, 255, 255); ">ALI posted an all-time high net income attributable to equity holders of P7.4 billion in 2011, 31% more than the P5.46 billion recorded in 2010.</p><p style="color: rgb(51, 51, 51); font-family: Arial, Helvetica, sans-serif; font-size: 12px; line-height: 18px; background-color: rgb(255, 255, 255); ">BPI Capital Corporation and The Hong Kong and Shanghai Banking Corporation Limited are joint lead managers and underwriters.</p><p style="color: rgb(51, 51, 51); font-family: Arial, Helvetica, sans-serif; font-size: 12px; line-height: 18px; background-color: rgb(255, 255, 255); ">BDO Capital and Investment Corporation and First Metro Investment Corporation are co-lead managers and underwriters for the offering.</p>marites salcehttp://www.blogger.com/profile/07790911902211934414noreply@blogger.com0tag:blogger.com,1999:blog-4057218206835798979.post-50303929311419577492012-04-15T02:19:00.000-07:002012-04-15T02:20:30.185-07:00SBMA eyes Subic BPO city<p style="color: rgb(51, 51, 51); font-family: Arial, Helvetica, sans-serif; font-size: 12px; line-height: 18px; background-color: rgb(255, 255, 255); "> MANILA, Philippines -- The Subic Bay Metropolitan Development Authority (SBMA) plans to develop a business process outsourcing (BPO) center inside the freeport zone, similar to the Ayala Techno Hub.</p><p style="color: rgb(51, 51, 51); font-family: Arial, Helvetica, sans-serif; font-size: 12px; line-height: 18px; background-color: rgb(255, 255, 255); ">In a statement, SBMA chairman Roberto Garcia said the project could create as many as 20,000 jobs in five years.</p><p style="color: rgb(51, 51, 51); font-family: Arial, Helvetica, sans-serif; font-size: 12px; line-height: 18px; background-color: rgb(255, 255, 255); ">“The SBMA is already developing what we call the Subic BPO City, which will be similar to the Ayala Techno Hub. We believe we can already provide BPO services here because we now have a workforce that’s well-trained in ICT,” he said.</p><p style="color: rgb(51, 51, 51); font-family: Arial, Helvetica, sans-serif; font-size: 12px; line-height: 18px; background-color: rgb(255, 255, 255); ">The Ayala Land Techno Hub is a 20-hectare information technology center located in Quezon City. It is listed as an IT park by the Philippine Economic Zone Authority, which gives incentives to investors in information and communication technology (ICT).</p><p style="color: rgb(51, 51, 51); font-family: Arial, Helvetica, sans-serif; font-size: 12px; line-height: 18px; background-color: rgb(255, 255, 255); ">Garcia said all technical infrastructure for the Subic BPO City are already prepared. He said the SBMA would also provide housing for professionals who would work in the center.</p><p style="color: rgb(51, 51, 51); font-family: Arial, Helvetica, sans-serif; font-size: 12px; line-height: 18px; background-color: rgb(255, 255, 255); ">He noted that the BPO sector is growing by about 25 percent a year, remitting $13 million to the Philippine economy and is fast catching up with the $20 million annual remittance of overseas Filipino workers. The country now has more than 700,000 seats for call center agent services and business process outsourcing.</p><p style="color: rgb(51, 51, 51); font-family: Arial, Helvetica, sans-serif; font-size: 12px; line-height: 18px; background-color: rgb(255, 255, 255); ">“We have already surpassed India in the field of BPO, and because of this, the future looks very bright for the Philippines,” he said.</p><p style="color: rgb(51, 51, 51); font-family: Arial, Helvetica, sans-serif; font-size: 12px; line-height: 18px; background-color: rgb(255, 255, 255); ">Garcia said Subic has a skilled workforce that is English-proficient and computer literate.</p><p style="color: rgb(51, 51, 51); font-family: Arial, Helvetica, sans-serif; font-size: 12px; line-height: 18px; background-color: rgb(255, 255, 255); ">“This is readily available in the Subic Bay area – a well-trained workforce well-versed in ICT. This will be a big boost to our dream to build a BPO City here,” he said.</p>marites salcehttp://www.blogger.com/profile/07790911902211934414noreply@blogger.com2tag:blogger.com,1999:blog-4057218206835798979.post-57646988901771984592012-02-04T04:12:00.000-08:002012-02-04T04:14:01.675-08:00Palace admonishes Llamas over pirated DVDs<p style="color: rgb(51, 51, 51); font-family: Arial, Helvetica, sans-serif; font-size: 12px; line-height: 18px; background-color: rgb(255, 255, 255); ">MANILA, Philippines – Malacañang has admonished Presidential Political Adviser Ronald Llamas for purchasing pirated DVDs in a Quezon City mall last month.</p><p style="color: rgb(51, 51, 51); font-family: Arial, Helvetica, sans-serif; font-size: 12px; line-height: 18px; background-color: rgb(255, 255, 255); ">In a letter penned by Executive Secretary Paquito Ochoa Jr., Llamas was also reminded to exercise good judgment in his personal endeavors.</p><p style="color: rgb(51, 51, 51); font-family: Arial, Helvetica, sans-serif; font-size: 12px; line-height: 18px; background-color: rgb(255, 255, 255); ">“Taking into account your expression of ‘deep regret’ and your tender of an apology, you are hereby formally admonished and given a firm reminder that you should, in the future, observe a higher degree of circumspection and discretion even with regard to your private, non-official conduct,” Ochoa said.</p><p style="color: rgb(51, 51, 51); font-family: Arial, Helvetica, sans-serif; font-size: 12px; line-height: 18px; background-color: rgb(255, 255, 255); ">Llamas was also advised to “act at all times with a high degree of prudence and propriety.”</p><p style="color: rgb(51, 51, 51); font-family: Arial, Helvetica, sans-serif; font-size: 12px; line-height: 18px; background-color: rgb(255, 255, 255); ">While the purchase of bootlegged videos did not violate any law, the Palace warned Llamas of severe sanctions if he commits another act of impropriety in the future.</p><p style="color: rgb(51, 51, 51); font-family: Arial, Helvetica, sans-serif; font-size: 12px; line-height: 18px; background-color: rgb(255, 255, 255); ">Llamas apologized to the President and verbally offered to resign during a meeting last Friday, but Aquino rejected it.</p>marites salcehttp://www.blogger.com/profile/07790911902211934414noreply@blogger.com0tag:blogger.com,1999:blog-4057218206835798979.post-82968013673360338512012-02-04T04:09:00.000-08:002012-02-04T04:12:03.350-08:00De Lima, Lacierda face disbarment for criticizing Corona<p style="color: rgb(51, 51, 51); font-family: Arial, Helvetica, sans-serif; font-size: 12px; line-height: 18px; background-color: rgb(255, 255, 255); ">MANILA, Philippines - Justice Secretary Leila De Lima and Presidential Spokesperson Edwin Lacierda have been slapped with a disbarment case before the Supreme Court(SC) for "contemptuous" utterances and remarks against Chief Justice Renato Corona.</p><p style="color: rgb(51, 51, 51); font-family: Arial, Helvetica, sans-serif; font-size: 12px; line-height: 18px; background-color: rgb(255, 255, 255); ">In a 5-page petition filed last January 16, lawyer Agustin Sundiam asked the high tribunal to allow the commencement of proceedings for the disbarment and/or suspension of respondents from the practice of law, and to impose disciplinary actions.</p><p style="color: rgb(51, 51, 51); font-family: Arial, Helvetica, sans-serif; font-size: 12px; line-height: 18px; background-color: rgb(255, 255, 255); ">Sundiam said that by "echoing" what he called "contemptuous remarks" made by President Aquino against Chief Justice Renato Corona during the 1st National Criminal Justice Summit at the Manila Hotel last December 5, De Lima and Lacierda violated the Lawyer's Oath, the Code of Professional Responsibility, and the Rules of Court in the Philippines.</p><p style="color: rgb(51, 51, 51); font-family: Arial, Helvetica, sans-serif; font-size: 12px; line-height: 18px; background-color: rgb(255, 255, 255); ">During the said event, which happened days before the initiation of an impeachment complaint against Corona by administration allies at the House of Representatives, President Aquino bashed Corona for being a "midnight appointee" of former President Gloria Macapagal Arroyo, and for supposedly being a roadblock in his reform agenda.</p><p style="color: rgb(51, 51, 51); font-family: Arial, Helvetica, sans-serif; font-size: 12px; line-height: 18px; background-color: rgb(255, 255, 255); ">"[K]ung may isang lingkod-bayan na tumatanaw ng utang ng loob, hindi sa taumbayan na siyang dapat na bukas ng aming kapangyariha, kundi sa isang padron na isiniksik siya sa puwesto, maaasahan po kaya natin siyang intindihin ang interes ng Pilipino?" Aquino said in his speech, with the Chief Justice merely a seat away from him.</p><p style="color: rgb(51, 51, 51); font-family: Arial, Helvetica, sans-serif; font-size: 12px; line-height: 18px; background-color: rgb(255, 255, 255); ">"Shortly thereafter, the respondents also made utterances and remarks on national television which were bannered in all newspapers in the country and which this Honorable Court may take judicial notice, echoing the said contemptuous remarks of the President of the Philippines apparently in their respective aforesaid capacities as cabinet members," Sundiam, in his petition, said.</p><p style="color: rgb(51, 51, 51); font-family: Arial, Helvetica, sans-serif; font-size: 12px; line-height: 18px; background-color: rgb(255, 255, 255); ">"These contemptuous remarks of the respondents are violative fo the Lawyer's Oath, the Code of Professional Responsibility and Section 20(b), Rule 138 of the Rules of Court which direct the respondents-lawyers to observe and maintain the respect and dignity due to the courts of justice and judicial officers," he added.</p><p style="color: rgb(51, 51, 51); font-family: Arial, Helvetica, sans-serif; font-size: 12px; line-height: 18px; background-color: rgb(255, 255, 255); ">Sundiam alleged that the remarks issued by De Lima and Lacierda against the Chief Justice -- the head of a co-equal branch of government -- constitute indirect contempt as defined and punished under the 1997 Revised Rules on Civil Procedure.</p><p style="color: rgb(51, 51, 51); font-family: Arial, Helvetica, sans-serif; font-size: 12px; line-height: 18px; background-color: rgb(255, 255, 255); ">Sundiam's petition further alleged that "the subject remarks were calculated precisely to degrade or tend to degrade the administration of justice, and erode and undermine the people's confidence" in the Supreme Court and the judicial officers.</p><p style="color: rgb(51, 51, 51); font-family: Arial, Helvetica, sans-serif; font-size: 12px; line-height: 18px; background-color: rgb(255, 255, 255); ">Complainant/petitioner stressed that respondents' stature notwithstanding, the Supreme Court should apply the Rules and doctrines it has laid down "with equal force to every and all citizens."</p><p style="color: rgb(51, 51, 51); font-family: Arial, Helvetica, sans-serif; font-size: 12px; line-height: 18px; background-color: rgb(255, 255, 255); ">"[E]specially and including the respondents, since no one is above the law in our democratic and republican State," Sundiam said.</p>marites salcehttp://www.blogger.com/profile/07790911902211934414noreply@blogger.com0tag:blogger.com,1999:blog-4057218206835798979.post-32030849232493564752011-10-23T21:07:00.000-07:002011-10-23T21:27:18.989-07:00Home Sea Home .....<div><br /></div><div>Be one of the homeowners of this exclusive beach community now. </div><div><br /></div><div>Below are the pictures of their Condo Units in Kembali Coast.</div><div><br /></div><div><br /></div><div><br /></div><div><br /></div><div><br /></div><div><br /></div><div><br /></div><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgbE1kEr3suow-iMLdWbVOof11Gd-DEZlUXSAEcPejSmLM6roqJWwERPUBopLJ2hOUc4-RIczqX9-XajnlgL6MCj4hu3LOyoCpw0nlPHAuvSB-88J-4-FawalzRf6d2E0C76Cmeg3MTpbg/s1600/scan0006.jpg" onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}"><img style="display:block; margin:0px auto 10px; text-align:center;cursor:pointer; cursor:hand;width: 316px; height: 400px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgbE1kEr3suow-iMLdWbVOof11Gd-DEZlUXSAEcPejSmLM6roqJWwERPUBopLJ2hOUc4-RIczqX9-XajnlgL6MCj4hu3LOyoCpw0nlPHAuvSB-88J-4-FawalzRf6d2E0C76Cmeg3MTpbg/s400/scan0006.jpg" border="0" alt="" id="BLOGGER_PHOTO_ID_5666909817438067714" /></a><br /><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhW4EjUGfZG7IhgrV86CJjQIcuTlPwtbyoU9T7y8V5g16Bw6YflmRxa_AylRvQ2tlKW1Bcl7qR9U5TDLysUhidjRgbuE37f547avggG_TITiHxe92bRSRAmC50InB0F1kKbD_6JzQ9Xr8Y/s1600/scan0003.jpg" onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}"><img style="display:block; margin:0px auto 10px; text-align:center;cursor:pointer; cursor:hand;width: 335px; height: 400px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhW4EjUGfZG7IhgrV86CJjQIcuTlPwtbyoU9T7y8V5g16Bw6YflmRxa_AylRvQ2tlKW1Bcl7qR9U5TDLysUhidjRgbuE37f547avggG_TITiHxe92bRSRAmC50InB0F1kKbD_6JzQ9Xr8Y/s400/scan0003.jpg" border="0" alt="" id="BLOGGER_PHOTO_ID_5666909690674141570" /></a><br /><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgocCQzmh3VTkCgvROtiWWK4EYty9ibxv5C-yfFu5nUJ-EuLhZLZHmHC-4Zrl2CTuUhx6BcvbNwEnW1Oi2X_u_EByAs6dCszSP6OSUCCv5I9OxJOGRGwEaYoUNZGvTCxIE9lXySoc5dZPc/s1600/scan0002.jpg" onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}"><img style="display:block; margin:0px auto 10px; text-align:center;cursor:pointer; cursor:hand;width: 327px; height: 400px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgocCQzmh3VTkCgvROtiWWK4EYty9ibxv5C-yfFu5nUJ-EuLhZLZHmHC-4Zrl2CTuUhx6BcvbNwEnW1Oi2X_u_EByAs6dCszSP6OSUCCv5I9OxJOGRGwEaYoUNZGvTCxIE9lXySoc5dZPc/s400/scan0002.jpg" border="0" alt="" id="BLOGGER_PHOTO_ID_5666909482620819922" /></a><br /><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhvrw-fg7KeG226zZH2eNjhShH0-zaWmuWC3dK2eZjkhIQGG_fADPiw9Ir6nQTyhxIOhotTtuTLiH0liMJg5EUxKS41UkHi8ntHaBEf76sAC4Yo9dm1pydXE71zfZwi-NWn3nrLKf2z2c8/s1600/kembali+Type+A+revised+color+scheme+copy.jpg" onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}"><img style="display:block; margin:0px auto 10px; text-align:center;cursor:pointer; cursor:hand;width: 400px; height: 233px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhvrw-fg7KeG226zZH2eNjhShH0-zaWmuWC3dK2eZjkhIQGG_fADPiw9Ir6nQTyhxIOhotTtuTLiH0liMJg5EUxKS41UkHi8ntHaBEf76sAC4Yo9dm1pydXE71zfZwi-NWn3nrLKf2z2c8/s400/kembali+Type+A+revised+color+scheme+copy.jpg" border="0" alt="" id="BLOGGER_PHOTO_ID_5666909308884045746" /></a><br /><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiVwGvKd24QuvWNB65sf0QbWvTgcKKYgzO2lRLGkaFRZ4_i7jCbyaZchPXGqWIHerFWt2LUI86Svln5_rNL5C0Oq5VNI-MupopxzYIugE5N1z3IJBxxXRtQ9LpHvAbDFyHuft9imfVL468/s1600/Arista+Aerial.jpg" onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}"><img style="display:block; margin:0px auto 10px; text-align:center;cursor:pointer; cursor:hand;width: 400px; height: 168px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiVwGvKd24QuvWNB65sf0QbWvTgcKKYgzO2lRLGkaFRZ4_i7jCbyaZchPXGqWIHerFWt2LUI86Svln5_rNL5C0Oq5VNI-MupopxzYIugE5N1z3IJBxxXRtQ9LpHvAbDFyHuft9imfVL468/s400/Arista+Aerial.jpg" border="0" alt="" id="BLOGGER_PHOTO_ID_5666908960307940770" /></a><br /><div><br /></div><div><br /></div><div>Room for Enjoyment</div><div><br /></div><div>The main clubhouse features sand-shored swimming pools, beach bars, function rooms, and sports activity areas where you can engage in a claiming Tai Chi session or an invigorating round of beach volleyball.</div><div><br /></div><div>Land and Water Fun</div><div><br /></div><div>Release the gentleman farmer in you. At the elegant leisure farm, you can build a big house around which you can grow crops and enjoy the sweet sap of grown fruits. Or you can hit the water on your jet ski or your ravishing surfboard.</div><div><br /></div><div>Long live Leisure </div><div><br /></div><div>Here at Kembali, you choose how you can make your own splash. With our fantastic fusion of activities, there's only infinite space for leisure and certainly no room for boredom. </div>marites salcehttp://www.blogger.com/profile/07790911902211934414noreply@blogger.com0tag:blogger.com,1999:blog-4057218206835798979.post-21957903044518533352011-10-22T16:49:00.000-07:002011-10-22T17:17:56.921-07:00Kembali Coast Residential Beach Resort<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiZ642QbmEoXtIDzgcCzq8LIDvzjqvIt_t9abTONcIRMckATAJMzRqPR6SxboAlnZgQer6FeDmZbZ_3s0XeOuephBkAX13XmVABxc1NOaovF0zBb1E9HCKrBHsQLq18_MDezj__vAXQAZo/s1600/2.JPG"><img style="display: block; margin: 0px auto 10px; text-align: center; cursor: pointer; width: 400px; height: 300px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiZ642QbmEoXtIDzgcCzq8LIDvzjqvIt_t9abTONcIRMckATAJMzRqPR6SxboAlnZgQer6FeDmZbZ_3s0XeOuephBkAX13XmVABxc1NOaovF0zBb1E9HCKrBHsQLq18_MDezj__vAXQAZo/s400/2.JPG" alt="" id="BLOGGER_PHOTO_ID_5666473982722206258" border="0" /></a><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhsYEBVgydAjgW5FrzRchIt7uwHzjK0zDUoy1e_vcAeWOWrwHZJEoiSJbdXjGST4bkPawPcDEucRLztjgsZ7eB3JvejsRt16z8m0EU34Ofahz3sk0zckCZFdFHO2cdr0GtxfuEo78zR1b4/s1600/5.JPG"><img style="display: block; margin: 0px auto 10px; text-align: center; cursor: pointer; width: 400px; height: 285px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhsYEBVgydAjgW5FrzRchIt7uwHzjK0zDUoy1e_vcAeWOWrwHZJEoiSJbdXjGST4bkPawPcDEucRLztjgsZ7eB3JvejsRt16z8m0EU34Ofahz3sk0zckCZFdFHO2cdr0GtxfuEo78zR1b4/s400/5.JPG" alt="" id="BLOGGER_PHOTO_ID_5666474309839696274" border="0" /></a><br /><br /><br /><br /><a href="http://www.davaoestate.com/kembali/kembali.htm">Kembali Coast Residential Beach Resort</a> is located in Samal Island Samal City. Kembali Coast is the first residential-leisure development of its kind in Mindanao, is the perfect tropical getaway. It is only 15 minutes away from Davao City via speedboat.<br /><br />This Balinese-themed development gives you a taste of high-end resort living 1.8km beach line stretches to welcome you home to your own private paradise.<br /><br />Leisure:<br /><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgZHxVdrnIJr7JMRcda3rbVzP8QT-9PjeIxdmg3uDx5mVPYW2LjTPq6FmZc1wrZg_kOXX0xmHEe5iSlznXSw9VZhM509ImYe_sN0i6hyphenhypheniPsKF3LwCAVH9mKaP5_TjxGaNThXT5uvMoJiOg/s1600/10.JPG"><img style="display: block; margin: 0px auto 10px; text-align: center; cursor: pointer; width: 400px; height: 299px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgZHxVdrnIJr7JMRcda3rbVzP8QT-9PjeIxdmg3uDx5mVPYW2LjTPq6FmZc1wrZg_kOXX0xmHEe5iSlznXSw9VZhM509ImYe_sN0i6hyphenhypheniPsKF3LwCAVH9mKaP5_TjxGaNThXT5uvMoJiOg/s400/10.JPG" alt="" id="BLOGGER_PHOTO_ID_5666473170336458946" border="0" /></a><br />With Kembali Coast's numerous exotic amenities, every member of the family finds a personal, watery haven. From a long stretch of beach front that houses an aqua sports shop providing day rentals and tutorial programs; from branded aqua sports equipment like Canadian banana kayaks to skiling, wakebourding and kneeboarding facilities, Kembali Coast is every water enthusiast's dreamscape. Lie back on the shore or walk along moors at the docking facilities lined with personal crafts as you watch Optimist sailboats speed by.<br /><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiqnFbD1jfyNI1fDHvmIMnquBbcpCRygrBGyyWf_hiZij1_JOjcGXV1iomuaTX99CASCbUqMvo254TF9nILz9Q9XlB2FkVPWqAh2wZohKRRiSu2rFKVxJKWa481SZIjJOMA03XiZ4at9gs/s1600/DSC_5543.JPG"><img style="display: block; margin: 0px auto 10px; text-align: center; cursor: pointer; width: 400px; height: 266px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiqnFbD1jfyNI1fDHvmIMnquBbcpCRygrBGyyWf_hiZij1_JOjcGXV1iomuaTX99CASCbUqMvo254TF9nILz9Q9XlB2FkVPWqAh2wZohKRRiSu2rFKVxJKWa481SZIjJOMA03XiZ4at9gs/s400/DSC_5543.JPG" alt="" id="BLOGGER_PHOTO_ID_5666472199906187090" border="0" /></a><br />more pictures will be uploaded soon.<br /><br />For inquiries, please contact<br /><br />Marites D. Salce<br />0921-249-6253<br />0932-395-8517marites salcehttp://www.blogger.com/profile/07790911902211934414noreply@blogger.com0tag:blogger.com,1999:blog-4057218206835798979.post-7506370858989075202011-08-22T15:18:00.000-07:002011-08-22T15:19:01.471-07:00Hostage victims' kin seek justice, compensation<p>MANILA, Philippines - It was an emotional press conference Monday morning at Fort Santiago where relatives, a survivor, a legislator, and a lawyer faced the media to recall the tragic hostage incident in Rizal Park that led to the deaths of 8 Hong Kong tourists on August 23, 2010. </p> <p>Tse Chi Kin, brother of Tse Masa, the tour guide who was killed in the August 23 hostage crisis, was crying as he began to narrate the harrowing experience he had when he learned of his brother's death. </p> <p>He showed reporters a picture on a computer tablet showing the tourists that were held hostage by Senior Inspector Rolando Mendoza, posing happily before the Rizal Monument in Luneta "I can't believe that my brother is gone," he said.</p> <p>Tse Chi Hang, a younger brother, spoke with grief and disappointment on the Philippine government's inaction in rendering justice to the families of the victims. </p> <p>Their mother identified only as Mrs. Tse could not continue with her statement, while crying for the loss of her son. </p> <p>A lady also seated at the press conference, Lee Ying Chuen, survived the incident. "We discussed to subdue the gunman for ourselves. But we decided not to because we trusted the ability of the Philippine government whose rescue came much too late," was how Lee described her disappointment on how the Philippine government handled their 11-hour ordeal. </p> <p>Lee also said when she was brought to an ambulance, there was no equipment nor even a single bandage to fix her up. And when they arrived at the hospital, the hospital refused to take them in. Instead they were recommended to be brought to another hospital. </p> <p>"Its been a year now and we're still angry," said Lee. </p> <p>She also expressed her disappointment because the government did not even offer an apology or even at the very least try to talk to them. "The only chance we heard that the [Philippine government] talked is when they try to discuss the travel warning. It's all about money," Lee said. </p> <p>James To, a member of Hong Kong's legislative council, told the press of the 4 demands of the families of the victims. </p> <p>First, a formal apology from the Philippine government. Second, provide compensation to the victims and families. Third, ask for accountability for officials or persons involved in mishandling the incident. And fourth, improve measures to safeguard tourists. </p> <p>Mr. To said that 10 days before they came to the Philippines, they went to the Philippine consulate in Hong Kong asking for a meeting with President Aquino. Unfortunately, Mr To said they got no reply. "According to the spokesman, the President refused to meet us." </p> <p>Jonathan Man, a lawyer of 2 hostage crisis survivors, was asked on the rate of compensation that the families are asking. Mr. Man said he is not sure of the Philippine legal system but if it will based on the Hong Kong system, the law provides specific calculations in compensating victims.</p> The group went to the office of Justice Secretary Leila de Lima Monday afternoon. According to Mr. Man, they will also discuss with the secretary the Incident Investigation and Review Committee (IIRC) report on the hostage incident. marites salcehttp://www.blogger.com/profile/07790911902211934414noreply@blogger.com0tag:blogger.com,1999:blog-4057218206835798979.post-18200449908997952442011-08-22T15:16:00.000-07:002011-08-22T15:17:56.240-07:00Oil firms raise pump prices anew<div class="body"> <p>MANILA, Philippines - Three oil companies raised their fuel prices Tuesday.</p> <p>Pilipinas Shell Petroleum Corp. raised the pump price of unleaded gasoline by P1.40 per liter; regular gasoline by 90 centavos per liter; and diesel and kerosene by 40 centavos per liter effective 12:01 a.m. August 23.</p> <p>Chevron (formerly Caltex) and Seaoil also raised their fuel prices by the same amounts, effective 6 a.m. Tuesday.</p> <p>Other oil firms are expected to follow suit.
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<br /></p> </div>marites salcehttp://www.blogger.com/profile/07790911902211934414noreply@blogger.com0tag:blogger.com,1999:blog-4057218206835798979.post-78378650246758316722011-08-21T15:58:00.000-07:002011-08-21T15:59:54.477-07:00Japan ready to act over yen's historic rise: media<div class="body"> <p>TOKYO - Japan is ready to take action against a further surge in the yen, including market intervention, after the safe-haven Japanese currency hit a post-war record high, local media reported on Saturday.</p> <p>The government and the Bank of Japan have started discussions over fresh intervention to sell yen and buy dollars on the foreign exchange market, the Nikkei business daily reported.</p> <p>Japan is ready to intervene and sell yen even on overseas markets if it detects speculative moves to drive the currency higher, an unnamed senior finance ministry official said late Friday, according to the Yomiuri Shimbun.</p> <p>The mass-circulation daily also said that the central bank is separately considering further monetary easing in tandem with the government's possible yen-selling action.</p> <p>The dollar slumped to 75.95 yen in intraday trade Friday, beating its previous post-World War II low of 76.25, which it reached days after the March 11 earthquake and tsunami hit Japan.</p> <p>Investors were flocking to the Japanese currency, seen as a safe-haven unit together with the Swiss franc, amid deepening concern over another possible global recession, traders said.</p> <p>Because a strong yen hurts Japanese exporters, the nation's main economic engine, Japan stepped into the foreign exchange market earlier this month to dump yen for dollars, and Tokyo has previously signalled that it may do so again.</p> <p>"The government and the Bank of Japan do not hesitate to carry out market intervention... but as seen in the last case, the impact of intervention is unlikely to last long," the Asahi Shimbun said.</p> <p>Official data on Monday showed that Japan's economy shrank less than expected in the April-June quarter, fuelling hopes that its recovery from the March 11 quake and tsunami disasters is on track.</p> <p>Finance Minister Yoshihiko Noda also predicted that Asia's second-biggest economy looks likely to grow again in the July-September quarter -- but also warned of the risk posed by the strong yen to exports and growth.</p> <p>Noda said Friday that the government would consider what long-term policies were needed to soften the economic impact of the yen if it remained at its current high levels.</p> </div>marites salcehttp://www.blogger.com/profile/07790911902211934414noreply@blogger.com0tag:blogger.com,1999:blog-4057218206835798979.post-59081995077292332122011-08-21T15:57:00.000-07:002011-08-21T15:58:20.383-07:00Panic, policy cuffs could force new recession: analysts<div class="body"> <p>WASHINGTON - Another punishing week in stock markets has left European and US leaders looking less and less able to staunch fears of recession that analysts say could turn into a self-fulfilling prophecy.</p> <p>While economists said the world's mature industrial countries had not yet completely stalled, increasingly they were using the term "negative feedback loop" to define their worry.</p> <p>In layman's terms panic in financial markets is scaring consumers and businesses into locking up spending, forcing a new economic contraction two years after the "Great Recession" ended.</p> <p>Governments, themselves under the gun from bond markets and political pressure to cut spending, have diminishing kits of tools to counter the pessimism, they said.</p> <p>Last week brought new worries into the picture:</p> <p>- new data showing eurozone growth crawling at 0.2 percent in the second quarter, and Germany only at 0.1 percent;</p> <p>- warnings, most notably from Morgan Stanley, that the US and Europe were on the precipice of a new recession;</p> <p>- the failure of the German and French leaders to offer markets a convincing fix to the eurozone debt problems at their summit Tuesday.</p> <p>That combination sent share markets plummeting, putting the broad-based S&P 500 index of US stocks down 4.7 percent for the week and 15.3 percent lower after a month of economic turmoil.</p> <p>Britain's FTSE 100 is now down 12.9 percent over a month; France's CAC 40 18.4 percent; and Germany's DAX has been hit even harder, off 9.8 percent for the week and 23.8 percent in a month.</p> <p>With trillions of dollars lost in paper wealth, sellers have moved their money into the safest havens they can find -- US Treasury bonds, Swiss francs, Japanese yen and others -- meaning it does not help growth.</p> <p>Economists on both sides of the Atlantic slashed their growth projections.</p> <p>"Our revised forecasts show the US and the euro area hovering dangerously close to a recession -- defined as two consecutive quarters of contraction -- over the next 6-12 months," investment bank Morgan Stanley said.</p> <p>"A negative feedback loop between weak growth and soggy asset markets now appears to be in the making in Europe and the US. This should be aggravated by the prospect of fiscal tightening in the US and Europe," it said.</p> <p>"In the absence of appropriate policy intervention from the European Central Bank (ECB), the Federal Reserve and the US government, it is entirely possible the current downward spiral in the economy and financial markets will become self-reinforcing," said John Silvia, chief economist for Wells Fargo bank.</p> <p>Governments and central banks are increasingly boxed in on policy, said economists.</p> <p>In Europe and the United States there is almost no room to lower interest rates to stimulate growth; central banks can fine-tune policy to try to push banks into putting more money into the commercial market, but that it is not clear that it will stimulate economies.</p> <p>In Europe, where bailouts of Greece, Portugal and Ireland have already strained the richer governments, politicians and the public are reticent to pump more money out that they do not have.</p> <p>The ECB does not have the power to print money to fuel recovery; and Tuesday's meeting between French President Nicolas Sarkozy and German Chancellor Angela Merkel ruled out allowing it to issue region-backed eurobonds to raise money for growth and bailouts.</p> <p>That was a big disappointment for markets.</p> <p>"We still need a more meaningful solution in Europe," said Chris Low of FTN Financial. "The ECB is not equipped to solve the debt crisis on its own."</p> <p>Meanwhile there was pressure on Europe's still-liquid governments to pare deficits by mainly cutting spending, especially France, the eurozone's second largest economy.</p> <p>The same was true in the United States, where some are calling for an industry-building program on par with the World War II effort that pulled the country finally out of the Great Depression.</p> <p>But given the August 5 credit downgrade of the government by Standard & Poor's over its growing deficit, and the refusal of conservative Republicans to allow spending, that is a non-starter -- though President Barack Obama is expected to reveal some modest growth initiatives in the next few weeks.</p> <p>The Federal Reserve has hinted it still has tools to boost growth, and all eyes are on a speech next Friday by Fed chairman Ben Bernanke, expected to reveal what it might do.</p> <p>(And even that could prove difficult: Republican presidential hopeful Texas Governor Rick Perry declared last week that it would be "treasonous" if Bernanke is seen "printing more money.")</p> <p>Goldman Sachs warned Friday that already-programmed spending cuts would cut US GDP by more than one percent over the next year.</p> <p>"Just offsetting the expiration of existing (stimulus) measures looks like a challenge, let alone enacting policies that exert a net positive influence on growth in 2012."
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<br /></p> </div>marites salcehttp://www.blogger.com/profile/07790911902211934414noreply@blogger.com0tag:blogger.com,1999:blog-4057218206835798979.post-68100585566512323152011-08-05T06:10:00.000-07:002011-08-05T06:11:12.918-07:00Wall Street suffers worst selloff in 2 years<div class="body"> <p>NEW YORK - Investors fled Wall Street in the worst stock-market selloff since the middle of the financial crisis in early 2009 in what has turned into a full-fledged correction.</p> <p>The Dow and the S&P tumbled more than 4 percent on Thursday and the Nasdaq lost 5 percent on fear the United States is staring at another recession and that Europe's sovereign debt crisis is swallowing two of its largest economies.</p> <p>Analysts predicted further losses even though stocks have fallen on nine of the last 10 days. Two-year Treasury yields fell to a record low as investors sought safety in short-term government bonds.</p> <p>"People are throwing in the towel because they can't find relief on any front," said Milton Ezrati, market strategist at Lord Abbett Co. in Jersey City, New Jersey, which manages $110 billion in assets.</p> <p>The S&P 500's drop puts it more than 10 percent below its April 29 high, considered a correction. Nearly 14 billion shares changed hands, the busiest trading day in more than a year. Decliners beat advancers on the New York Stock Exchange by about 19 to 1.</p> <p>The market's recent malaise stems from a number of factors. US economic data has worsened, suggesting slowing growth from already sluggish pace in the first half. Europe's sovereign debt crisis has defied remedies and threatens to engulf large euro-zone economies Spain and Italy.</p> <p>"The debt troubles in Europe, especially with the yields on Italian and Spanish government bonds soaring, are making investors gather as much liquidity as possible," said Stephen Massocca, managing director of Wedbush Morgan in San Francisco.</p> <p>The Dow Jones industrial average was down 512.46 points, or 4.31 percent, at 11,383.98. The Standard & Poor's 500 Index fell 60.21 points, or 4.78 percent, at 1,200.13. The Nasdaq Composite Index lost 136.68 points, or 5.08 percent, at 2,556.39.</p> <p>Some 13.92 billion shares changed hands on the New York Stock Exchange, NYSE Amex and Nasdaq, the highest since June 25, 2010, and well above the daily average of around 7.48 billion.</p> <p>Losses occurred in all sectors. Among stocks hitting new 52-week lows were Bank of America, down 7.4 percent at $8.83, Citigroup, down 6.6 percent at $34.81, and Hewlett-Packard, down 5.1 percent at $32.54.</p> <p>Among sectors, losses in energy and materials outpaced others, with S&P energy down 6.8 percent and materials down more than 6.6 percent.</p> <p>US crude futures settled down $5.30 to $86.63 a barrel in New York.</p> <p>The CBOE Volatility index jumped 35.4 percent to 31.66, its highest since July 2010. It was the biggest rise since February 2007.</p> <p>Overseas, the European Central Bank signaled it was buying government bonds in response to a deepening European debt crisis. In Japan, the government intervened in currency markets to stem recent gains in the yen.</p> <p>On Friday the government releases July's payrolls report, a closely watched number to gauge the US economy.</p> </div>marites salcehttp://www.blogger.com/profile/07790911902211934414noreply@blogger.com0tag:blogger.com,1999:blog-4057218206835798979.post-25127485848711057692011-08-05T06:09:00.001-07:002011-08-05T06:09:54.850-07:00Chinese 'pressure tactics' pose risks to investors - report<div class="body"> <p>MANILA, Philippines - China’s “pressure tactics” pose risks to firms having interests in the West Philippine Sea (South China Sea) and could hinder the development of the Philippines’ oil and gas reserves in the region, according to a multinational risk consultancy.</p> <p>In a report released to its clients last July 28, Pacific Strategies & Assessments (PSA) said the tensions in the Spratlys indicate that investors would likely face “serious and costly risks” in their operations.</p> <p>“While the possibility of a high-level military conflict in the region remains remote in the future, Chinese pressure tactics have shown that the risks faced by non-state oil and gas investors in the South China Sea (SCS) will clearly not be limited to armed conflict in the region,” it said.</p> <p>PSA, whose clients include multinational firms and embassies, said a prolonged territorial dispute would be the primary hindrance to the development of oil and gas reserves in the region. </p> <p>“Past and recent developments in the SCS have underscored that a protracted multilateral territorial dispute would be the foremost stumbling block in efforts to commercially develop the oil and gas reserves in the region,” it added. </p> <p> The Philippines, China, Brunei, Malaysia, Vietnam and Taiwan are claiming parts of the Spratly Islands in the West Philippine Sea.</p> <p>“Notwithstanding the opportunities in the oil and gas sector, the commitment of Philippine government policies and support vacillate depending on the priorities of the incumbent administration,” the report read. </p> <p>“This adds to the risks for potential and current oil and gas investors in the Philippines. China, for its part, is expected to maintain its pressure on oil and gas investors in the region,” it added.</p> <p>PSA, nevertheless, said the Aquino administration had indicated a serious stand to support the gas and oil potentials of the country.</p> <p>It noted that the government has prodded British firm Forum Energy into exploring Service Contract 72 that includes the Recto Bank (Reed Bank) off Palawan.</p> <p>PSA, which has offices in Manila, Hong Kong, Shanghai, Beijing, Bangkok, Milwaukee and Sydney, said surveys on SC 72 alone showed 96 billion cubic meters of natural gas potential and 440 million barrels of oil potential.</p> <p>“The figures are greater than the natural gas reserves of the $130-billion Malampaya project, also in Palawan, as well as the oil reserves in Thailand,” it said.</p> <p>PSA said the possibility of earning twice the amount from the combined Malampaya project and SC 72 is expected to be a major motivation for the Philippines to remain committed to its territorial claims.</p> <p>The report noted that the Philippines is heavily dependent on oil imports from the Middle East, with about 90 percent of its oil imports coming from the region.</p> <p>“The potential oil and natural gas reserves in the South China Sea could prove to be significant in reducing the country’s dependence on Middle East oil,” PSA said.</p> <p>The Philippines has expressed readiness to bring the territorial dispute in accordance with international law before the United Nations. China, however, said the issue should be resolved through direct negotiations among claimant countries.</p> </div>marites salcehttp://www.blogger.com/profile/07790911902211934414noreply@blogger.com0tag:blogger.com,1999:blog-4057218206835798979.post-3802924037898683812011-08-05T06:05:00.000-07:002011-08-05T06:08:22.075-07:00DBP files raps vs Ongpin et al for questionable loans<p>MANILA, Philippines (1st UPDATE) - The Development Bank of the Philippines (DBP) has filed criminal and administrative complaints against former DBP President Rey David, businessman Roberto Ongpin, and 26 other persons over P670 million in loans granted to Ongpin.</p> <p>DBP President Francisco del Rosario said DBP Assistant Legal Counsel Benjamin Pinpin, who was found dead this week, apparently by suicide, had been included in the investigation into the loan transactions. </p> <p>DBP lawyer Zenaida Ongkiko-Acorda filed the complaint at the Office of the Ombudsman.</p> <p>The complaint alleges that a day after the second loan was approved, Ongpin bought P637.5 million shares of Philex Mining Co. from DBP at P12.75 per share. Less than a month later, he sold them for P21 a share to Philex Chairman Manuel Pangilinan.</p> <p>DBP accuses David and Ongpin of "connivance" in a transaction that, it says, resulted in a P412.4 million opportunity loss.</p> <p>It accuses David of "exposing DBP to high lending risks" in approving the loans to the Ongpin company which, it said, was undercapitalized.</p> <p>It says the bank skirted many regulations to grant the loan, the second of which was approved in one day.</p> <p>The complaint says these are signs of a "behest loan."</p> <p>Ongpin and David have previously said the loans were proper and also paid.</p> <p>David today said he was "surprised it comes at this point when the suicide of Attorney Pinpin has happened. They (the present board) have taken this tact as a squid tactic to mask the real cause of the suicide which seems to be a result of their harassment of Pinpin."</p> <p>In what police said appeared to be a suicide note, Pinpin indicated he had been pressured to cite former officials of the bank for questionable transactions.</p> <p>Ongpin associate Josephine Manalo, who is also named in the complaint, said Ongpin would release a statement later today.</p> <p><strong>Controversial deals </strong></p> <p>In a special report last May, abs-cbnNEWS.com published "DBP-Ongpin-Philex controversial deals detailed," which discussed a controversial loan extended by DBP to Deltaventure Resources Inc. (DVRI) amounting to P510 million.</p> <p>DVRI used the loan proceeds to purchase the bank's shares in Philex Mining, a listed company that the group of businessman Manuel V. Pangilinan wanted to control.</p> <p>The loan and the stock transactions occurred in late-2009.</p> <p>DBP was then led by David.</p> <p>David had said all the transactions followed banking rules and passed through necessary credit checks. He also said the bank earned hefty sums from trading the Philex Mining shares, resulting in record profits for the bank that year.</p> <p>In a <a href="http://www.abs-cbnnews.com/feedback/06/10/11/letter-editor-mr-roberto-v-ongpin">letter to ABS-CBN News, Ongpin </a>also stressed that the transactions were above-board. The current DBP board initiated an internal audit of these loan-and-stock deals early this year.</p> <p>Several officers of the bank were identified as having been involved in the processing of the loan and stock transactions.</p>marites salcehttp://www.blogger.com/profile/07790911902211934414noreply@blogger.com0tag:blogger.com,1999:blog-4057218206835798979.post-6995808838485760202011-07-14T04:54:00.000-07:002011-07-14T04:58:44.355-07:00Multipurpose ID system available by end-July<div class="body"> <p>MANILA, Philippines - The Social Security System (SSS) will launch a unified multipurpose identification system by the end of the month.</p> <p>The new ID can also be used for Government Service Insurance System, Philhealth and Pag-ibig purposes.</p> <p>SSS president Emilio de Quiros was quick to clarify that the new ID is not a national ID as only members of the four government agencies are covered. He said other agencies like LTO or NBI may eventually be included in the unified ID.</p> <p>He said those who will be given the new ID are new applicants and those who have earlier applied but were not yet issued SSS IDs. Those with existing IDs need not yet apply for the unified ID as the current one will still work. If a member wants to get the new ID even if he or she has the current one, a payment of P300 will be required.</p> <p>The new card, a sample of which was shown to ABS-CBN, contains a microchip and magnetic strip. These security features will enable SSS in the future to use the card for the disbursement of loans or benefits of members, serving as some sort of an ATM for members.</p> <p>SSS is spending P260 per card for 29 million members of the pension fund. Some 600,000 cards will be initially released for those who had earlier applied and around 120,000 for recent applicants.</p> <p>New members have welcomed the new ID, but one member who has been trying to claim her ID for nearly 2 years now said the process of releasing the new ID must be hastened. According to her, while the new ID is remarkable, it will be worthless if not released on time.</p> </div>marites salcehttp://www.blogger.com/profile/07790911902211934414noreply@blogger.com0tag:blogger.com,1999:blog-4057218206835798979.post-62806416133509975682011-07-14T04:51:00.000-07:002011-07-14T04:53:58.803-07:00Customs files raps vs own senior staff<div class="body"> <p>MANILA, Philippines - The Bureau of Customs (BOC) filed on Thursday criminal charges before the Department of Justice (DOJ) against two of its senior officials for allegedly fraudulently approving the refund of duties and value added taxes (VAT) and the issuance of Tax Credit Certificates in favor of an oil importing company that "defrauded government some P99-million."</p> <p>In a news conference, Customs Commissioner Angelito Alvarez bared that lawyers Reynalo Nicolas, former Deputy Commissioner for Assessment and Operations Coordinating Group, and Elvira Cruz, former officer-in-charge and now collector of the Sub-Port of Mariveles are charged for enabling petroleum products importer Cross Country to secure millions in refund of duties and taxes.</p> <p>"Nicolas and Cruz are accused of usurpation of authority for acting favorably on false claims that enabled petroleum products importer Cross Country to secure a P99.4-million refund of duties and taxes it paid on its oil shipments covered by import entry number C-100-09, C-101-09 and C-102-09," Alvarez said.</p> <p>Said shipments cover the period September 2009 to September 2010.</p> </div>marites salcehttp://www.blogger.com/profile/07790911902211934414noreply@blogger.com0tag:blogger.com,1999:blog-4057218206835798979.post-13834496036828834422011-07-12T16:14:00.000-07:002011-07-12T16:16:01.339-07:00SUV registered under Butuan bishop's name<p>MANILA, Philippines - A 2009 silver Mitsubishi Montero Sport parked at the bishop's palace in Butuan has been spotted by an ABS-CBN News team. </p> <p>Based on the records of the Land Transportation Office, the vehicle was purchased in September 2009 and was registered under the name of Bishop Juan De Dios Pueblos.</p> <p>The purchase was sealed 2 months after the Philippine Charity Sweepstakes Office (PCSO) released P1.7 million that was deposited in BPI Butuan.</p> <p>Lawyer Alim Pangandaman, director of the Department of Transportation and Communications (DOTC) in the Caraga region, said his office verified the information. </p> <p>However, pro-life groups and other lay leaders said there is nothing illegal about the PCSO donating luxury vehicles to bishops, even if these are registered under their names.</p> <p>Lawyer Romulo Macalintal said the donations are made "in the service of the church."</p> <p>A group is now collecting more than P8 million to be donated to the CBCP.</p> <p>The amount is the cost of the 7 vehicles purchased through PCSO funds. They are leaving it up to the CBCP whether to use the money to pay the PCSO or buy replacement vehicles.</p> <p>PCSO chairperson Margie Juico, meanwhile, cleared the bishops of any wrongdoing.</p> <p>At a mass tuesday at the PCSO, Juico said there was no malice in the bishops' request.</p> <p>She also praised the CBCP for apologizing to the public.</p> <p>Juico said they consider the church as a partner in public service.</p> <p>For Retired Lingayen-Dagupan Archbishop Oscar Cruz, meanwhile, there is no excuse for the the actions of his colleagues.</p> <p>"Kulang kasi sa delikadeza, sorry to say, mali ang mga kapatid kong mga obispo," he said. "Ang tubig pag may kaunting dumi, marumi pa rin."</p> <p>Cruz considers the controversy a blessing in disguise, which agents of the church like him can reflect on.</p> <p>The cbcp is leaving it up to the bishops concerned whether to return the vehicles.</p> Their decisions may be known during the continuation of the Senate hearing into the PCSO fund mess on Wednesday.marites salcehttp://www.blogger.com/profile/07790911902211934414noreply@blogger.com0tag:blogger.com,1999:blog-4057218206835798979.post-20746736346294893012011-07-12T16:09:00.000-07:002011-07-12T16:14:35.665-07:00Massacre victims’ kin seek audience with PNoy<div class="body"> <p>MANILA, Philippines - The families of the victims of the Maguindanao massacre is requesting an audience with President Benigno Aquino III amid rumors he is talking to the camp of suspended Autonomous Region in Muslim Mindanao (ARMM) Governor Zaldy Ampatuan regarding the latter’s offer to become state witness.</p> <p>In a letter, the families said, “the greatest fear of the heirs of the victims, as well as state witnesses, whose families were subjected to death and threats are very much afraid of what the government is allegedly doing to grant [him] request as state witness.”</p> <p>The families, through a letter request from lawyer Nena Santos, said the granting of Ampatuan’s supposed request “will destroy the massacre cases as we have already started the trial of 89 accused, including Andal Jr. and Andal Sr.”</p> <p>In an interview with ABS-CBN News, lawyer Redemberto Villanueva clarified his client has no intentions of being discharged as a state witness to the notorious case, but is only seeking security via the government’s Witness Protection Program (WPP).</p> <p>However, Presidential spokesperson Edwin Lacierda said Ampatuan's statement is "insufficient right now," but it is still being studied and assessed in connection with the evidence he can offer. </p> <p>The kin of the victims raised their contentions following news that Ampatuan has turned his back against his family. They questioned Ampatuan’s motives.</p> <p>“Please allow us, including the private prosecutors who worked since day one to explain and express our dissent in accepting Zaldy as state witness,” the families said.</p> </div>marites salcehttp://www.blogger.com/profile/07790911902211934414noreply@blogger.com0