Category: Blog

Best Places to Invest on in the Philippines

June 16, 2018

According to Bangko Sentral ng Pilipinas, despite landed houses’ declined in supply last year, condominiums made up for it by their high growth rate.  The real estate needs of Filipinos are changing as they have become more meticulous. This is the reason why developers are making sure that their project ideas meet client demands, by offering them world-class real estate developments.

Buyers, whether they purchase for their own or to be leased for business, will always choose not only known developers but those projects that are located in fully developed areas in the metro. If not in Manila, big cities outside Manila that are now employment hubs and where business ventures keep growing.

So if you’re in the lookout for places to buy a property, consider these cities:

1. Bonifacio Global City

BGC is managed and developed by Ayala Land and Evergreen Holdings. It is like a smaller Makati, the famed business center of Manila. Though much cleaner, better traffic management and with newer buildings, BGC has been home to countless opportunities such as startups, old companies with new offices and prime residential units.

The establishments and malls are posher compared to other places in Manila, very family friendly and they actually have places with lots of greens.

Here’s an idea of property price in BGC.

Property type           Average property price per sq. m

Condominium             ₱117,439 per sq. m
Townhouse                  ₱77,102 per sq. m.

BGC

Bonifacio High Street

2. Makati City

Dubbed as the “Wall Street” of Manila, buyers often opt for this location because it is the Financial Capital of the Philippines. Makati will always have more stable companies and establishments. Transportation is never a problem. Unlike BGC where there are more condominiums, you can buy houses and townhouses in Makati.

Here’s an idea of property price in Makati.

Property type          Average property price per sq. m

Condominium            ₱134,725 per sq. m.
Landed house             ₱132,164 per sq. m.

Makati City

Makati City

 

3. Baguio City

Aside from the rich food and art scene, a rapid development of local and foreign business, more BPO employment opportunities, and great universities, the Summer Capital of the Philippines retained its old world charm. The weather is perfect all the time. Windy during the day so you can walk around the city, cold at night enough to make you fall asleep under wooly blankets. Most establishments in Baguio do not have electric fans.

Subdivisions are far from each other but the view is always beautiful in each gated community. There are a few condominium buildings and they are selling fast!

Here’s an idea of property price in Baguio.

Property type      Average property price per sq. m.

Condominium    ₱89,022 per sq. m.
Townhouse         ₱39,919 per sq. m.

Camp John Hay

Camp John Hay

 

4. Cebu City

The Queen City of the South boasts of a robust economy that never lost its provincial feel. An amazing balance making it one of the best places to invest in property. You are not far from beaches and natural resources. It has the second highest concentration of condominiums in the Philippines and most of these developments are considered high-end. The supply of condominiums rose over the years because of the booming IT and BPO sectors. Most BPO employees in Manila have chosen to be relocated to Cebu. The lucky ones. 

Here’s an idea of property price in Cebu.

Property type          Average property price per sq. m

Condominium        ₱110,296 per sq. m.
Townhouse             ₱41,022 per sq. m.

Fuente Osmena

Fuente Osmena

5. Davao City

The hometown of our very own President has never stopped growing in terms of economy. They have tourists year round, there’s a spike in Luxury condos, more BPO companies are choosing the place for their startups and the culture is becoming richer. It is also the education hub in Mindanao. Just like Cebu, it boasts of beautiful beaches. The home of the infamous Durian fruit is indeed a great place to buy property.

Here’s an idea of property price in Davao.

Property type             Average property price per sq. m

Condominium           ₱86,777 per sq. m.
Townhouse                ₱50,976 per sq. m

Davao City

Davao City

 

Just remember that whatever place you choose to invest, you should always consider your budget and convenience. There are more beautiful places in this country with growing economies and growth in real estate sales. Always do your research for both places and project developer.

Everything You Need and Want

June 11, 2018

Living in the lap of luxury is the ultimate dream for many Filipinos and many strive to reach it. There is nothing wrong with aiming high, especially with endless advantages that a luxurious life provides. It may not be practical for those who are trying to save money. But for those who have the capacity to live luxuriously, picking convenience always becomes the top priority. What is the point of earning a lot of money if it will not be spent? Choosing convenience means that hard-earned money will be turned into money well-spent and it will be a lifetime investment worth making.

Residing in a bustling city such as Cebu City, the Queen City of the South, can be stressful. From traffic jams to noise and air pollution, living in an urban city can make anyone rethink their thoughts about raising a family. Who would want their children get exposed to smoke from public utility vehicles that cover the city’s streets? But despite all of the downsides of living in a commercial and industrial city, there will always be options to get away from them.

Building a Home

Financially stable individuals have the opportunity to build the home that they have always wanted to have through hard work and excellent options. Living in a bustling city such as the Queen City of the South Cebu City, can be stressful, especially for those who are starting a family. Trying to raise children in the midst of all the hustle and bustle of a big and urbanized city can be a challenge and maybe even impractical. However, Le Menda Residences is the ideal place to raise kids.

Taking Root

Once settled, residents are well-taken care of with the excellent amenities that they
provide. From heavy-duty kitchen cabinets to stainless steel appliances, even the
kitchen is fully furnished. Units are fully-furnished with only the best quality appliances and furniture. Residents will not have to worry about adjusting to their new living space. It won’t be long until new residents will take root and get comfortable with the quality living in Le Menda Residences.

Living the High Life

As a luxury condominium, residents are provided and cared for in the best way possible. Excellent amenities, safety and security features, and quality services are just some of the many givens when living the high life. But what really makes living luxurious is the breathtaking view of the city and the sea. It is the perfect place to start a family while living the high life. Ultimately, rest and relaxation come hand-in-hand with Le Menda Residences.

Le Menda Residences, located at Plazaville Subdivision, is at the top of the game when it comes to providing a luxurious lifestyle to its residents. Conveniently located near malls and other commercial establishments, residents are given the opportunity to live the city life while escaping the downsides of it. Le Menda Residences is everything you need and want and it is high time to achieve your dreams of building a home and live a luxurious lifestyle.

Is a Shipping Container Home Worth It?

June 3, 2018

Nowadays, shipping containers are used more in architecture than shipping itself. It is such a hit because people feel that they have given the environment a break by reusing the containers. Not only does the hype of “green” architecture propel home buyers to give it a go, the trendy designs are eye-candy.

Like this container van room in Vessel Hotel, La Union.

Like this container van room in Vessel Hotel, La Union.

It’s amazing how you can cover up the metal structure to make it look like a habitable space.

When Typhoon Haiyan destroyed his home, an elderly man had his new house built from a container van.

When Typhoon Haiyan destroyed his home, an elderly man had his new house built from a container van.

Those two images won’t hide the fact that there have been numerous heated debates as to whether container vans are really worth being your prefab material of choice.

Some architects have admitted to buying new container vans to make the houses, which really defeats the purpose of upcycling. Why? Remember, a container van is supposedly built to withstand ocean sprays and so a lead-based paint is used on them. Imagine living in a box laced with high amounts of chemical residue.

The container’s structural integrity can also be compromised when they are dented. These things take a lot of beating as they are transferred from one port to another, stacked over each other, etc.

Stacked and stressed containers.

Stacked and stressed containers.

To make a bigger home space, you may have to use more than one container too. These spaces are only good for one person or at the most a couple with no kids. Though fixing up the whole thing may not be as expensive as having a traditional house built, you will also consider cutting up areas of the container to make room for windows and doors.

Some designers are saying, the container van is better used for pop-up stores, small offices, and trade show booths. Don’t worry, if you are really set to have this kind of home, the trend has yet to reach its peak. For those who are still undecided, you may want to go over more designs and pricing schemes. Anyway,  it’s your home and you get to pick what you want.

A Guide to Housing Loans in the Philippines

May 18, 2018

Let’s face it, not all of us have the extra moolah to buy a house or a condominium unit that we like.  A majority of us, when we reach the point of actually wanting a place of our own, will come to a realization that you should’ve saved all those Starbucks budget for your very own personal living space.

Fear not, there are housing loans that can help you with purchasing your dream home.

1. Bank Loan

Banks will require a collateral and at this point, your house will be it. Requirements to avail of a bank loan may vary depending on the bank, your employment status (if you work here or abroad, self-employed or employed in a company), the purpose of your loan and what type of property you are buying.

To be able to start on a bank loan, consider the following:

  • You are at least 21 years old but younger than 65 years old.
  • You must be a regular employee of your company for at least 2 years with a monthly gross income of at least P30,000.
  • If you own a business, it must at least be in operation for 2 years.

The loan amount depends on your paying capacity, the interest will cripple you, but you can pay for as long as 20 years.

2. In-House Financing

Developers also have a way of making sure you have an easy time paying for a unit you purchased from them. This also means that the buyers pay their monthly amortization directly to the developers. in-House Financing will require less paperwork, background check and is processed faster as opposed to bank loans. This time though, the interest rates will kill you. But then again, easier process and one step away to a new home!

Developers require the buyer to pay 10% if the project is pre-selling or 20%, the higher your down payment, the lower your balance and monthly amortization. If you pay for your down payment spot cash or as soon as the unit turnover you can receive a discount.

3. SSS (Social Security System)

The SSS housing loan can be used to construct a new house, purchase a new or existing house and/or lot, condominium unit or a townhouse.

Consider the following for getting an SSS Loan:

  • Applicant must be an SSS member or an OFW not older than 60 years old upon application, those who are 60 years at the time of application will have a maximum loan term of 5 years.
  • The member should have contributed for at least 36 months and 24 continuous contributions in the period prior to application.
  • The borrower must also be up-to-date in the payment of their other SSS loans if any and was not previously granted final SSS benefits.

So while this loan is not good for senior citizens, the younger market can opt to pay the loan for as long as 30 years. (Make sure the house is as sturdy as your paying capacity!)

4. Pag-Ibig Loan

The Pag-IBIG housing loan can be used for home construction or repairs, buying a pre-owned house or a new house, condominium or townhouse and for home renovations.

Consider the following for getting a Pag-Ibig Loan:

  • Applicant must be a Pag-IBIG member for at least 24 months and have no existing housing loan or any Pag-IBIG foreclosed property loan.
  • The borrower’s monthly amortization must not exceed 35% of their total gross salary and must not be older than 60 years old upon application and 70 years old upon loan maturity.

Their interests are really low and most Filipinos opt for this loan.

Well, if this doesn’t excite you to start the process of buying your own place, I don’t know what will. Now that you know financial help is readily available for you, you are now closer to your dream house.

 

5 Things to Consider Before Buying Your Own Place

May 9, 2018

Owning a home is every Filipino’s dream.   For an individual who now has an ample amount of savings to buy their own place, it means independence. For a couple starting out, it means new beginnings and for a small family, a new house means togetherness. But a house will always symbolize security and stability.

Before you go breaking that bank account and go on a home buying spree, consider these five details:

What are your needs?

You will be leaving in that personal space so it all boils down to, is this what you need to live comfortably? Buying a one bedroom unit for a family of four is preposterous and would be a total waste of money. If paying a bit more to buy a bigger space is better, then aim for a larger unit. In the end, everyone is happier. Same goes for a solitary individual who buys a home with 3 bedrooms. Unless you know you can see to the upkeep and maintenance of your HUGE space, then, by all means, do so. But unused bedrooms are also waste of money. So think more than twice before you bring out that check booklet.

Where do you plan to buy your first home?

Location is critical. Aside from the obvious question of market price, convenience is also a big consideration. You can choose to buy in a location near your workplace, or somewhere accessible to transportation. If you buy somewhere really far just because it’s cheaper, you might have to pay more for gas or commute. It defeats the purpose of comfort.

What is your budget?

Probably the first thing people consider before buying their first home is how much money can they actually spend? This will require you to look into your finances and analyze exactly how much you can afford. When you have created your budget, stick to it. As long as you prepare more than the purchase price of course, for other fees and buying costs.

Who can help you out?

I am sure it’s a nerve-wracking process to take care of finances and purchase what could probably be the most expensive thing you can buy. So it’s always advisable to ask real estate professionals for help. They will help you from looking for the perfect home to making sure you go through the whole process with less anxiety. These people are trained to look beyond what clients need so that you buy the property that would best fit you and your lifestyle.

Who is the Developer?

Some buyers think that this is something they don’t have to worry about. There are two types of real estate developers. The first one is already established and part of a list of top developers. Buying a house or a condominium from them is almost risk-free because of their impressive track record. These developers care about reputation. More often than not, their properties are the most expensive. The second kind of developer would be the new player in the market and they are still testing out the waters. While they may not have that previous record of success, some still try their best to build really amazing projects.

Buying a place of your own is exciting and very much fulfilling. Make sure you enjoy the experience because it’s definitely a milestone. Good luck and happy home hunting!

 

 

Boracay rehab masterplan to include other islands — DENR

April 27, 2018

By Anna Gabriela A. Mogato
BusinessWorld / 06:26 PM April 24, 2018

Boracay rehab masterplan to include other islands — DENR

The Department of Environment and Natural Resources (DENR) will be updating the master plan for Boracay to include the neighboring islands in the Northern Aklan region.

In a statement on Tuesday, April 24, Environment Secretary Roy A. Cimatu said that the revision of the masterplan, which will be undertaken during the six month-long closure, will be done to boost tourism revenues.

“Within that period, we intend to put in place what we might call the ‘First aid’ solution to Boracay’s problems: […] putting the sewage and solid waste systems in place; demolish illegal structures, whether big or small – in the foreshore, on wetlands, in forest lands or even within road easements,” he added.

The masterplan, which initially only covered Boracay island, will now cover Carabao, Caticlan, Malay and possibly Romblon.

The Boracay island will be closed to tourists starting April 26, Thursday, to allow uninhibited rehabilitation and demolition of illegally-built establishments.

Aside from this, Mr. Cimatu said that the inter-agency task force set up will also cover the tourism program of the island and the welfare of the Atis.
SM Prime sets P80-billion 2018 capital expenditure for provincial businesses

ABS-CBN News / 07:34 PM April 24, 2018
http://news.abs-cbn.com/business/04/24/18/sm-prime-sets-p80-billion-2018-capital-expenditure-for-provincial-businesses

MANILA – SM Prime Holdings Inc on Tuesday said it has set an P80-billion capital expenditure for 2018 to support the growth and expansion of its businesses in the provinces.

The capex will be allocated to key provincial cities, SM Prime, integrated property and SM malls operator, told the stock exchange.

“We want to take advantage of the fast growing provincial areas in the Philippines with increasing urbanization and commercialization stemming not only from robust domestic demand but also from increasing investments in the country,” SM Prime president Jeffrey Lim said.

SM Prime recently opened SM Center Imus and is set to open SM City Urdaneta Central in Pangasinan and SM City Telabastagan in Pampanga this year.

SM Prime also said it is targeting to launch at least 15,000 residential units this year through SM Development Corp (SMDC) and open its third office building at the Mall of Asia Complex as well as the expansion of Park Inn Hotel in Clark, Pampanga.

Bloomberg earlier quoted SM Prime’s vice president Alex Pomento as saying that the company would also build the first Philippine outlet of Swedish furniture brand Ikea within the Mall of Asia complex.
Chinese businessmen see ‘no limits’ to infra investments in PH

By Jessica Fenol
ABS-CBN News / 06:34 PM April 24, 2018
http://news.abs-cbn.com/business/04/24/18/chinese-businessmen-see-no-limits-to-infra-investments-in-ph

MANILA – There is “no limit” to investments that businessmen based in Hong Kong and Shanghai are willing to bring to the Philippines as China moves forward with its Belt and Road Initiative, a Hong Kong business leader said Tuesday.

A delegation composed of 40 business leaders from Hong Kong and Shanghai visited the country from April 22 to 24 in a joint investment mission led by the Hong Kong Trade Department Council (HKTDC) together with the Shanghai Federation of Industry and Commerce.

Top Philippine officials, including Trade Secretary Ramon Lopez, presented to the delegates infrastructure projects up for investment.

“In terms of amount, there’s no limit, especially if the opportunity is there and if the projects are good,” said Jonathan KS Choi, chairman of the Hong Kong Chinese General Chamber of Commerce.

“China has invested quite a bit but it’s simply not enough. We come in with the vision of bringing substantial investors with us,” HKTDC chairman Vincent HS Lo told reporters.

Choi said Chinese businessmen are particularly interested in aviation, railways and expressways where they have the “capital, expertise and technologies.”

He said investments could come in different forms such as capital, financing, consultancy and engineering.

Choi cited Hong Kong’s MTR public transport maintenance and operations, which he said could be applied in the country. In Hong Kong, income-generating stores were built around the railways to subsidize government spending, he said.

“This is the most successful model, because we use the income from the property to subsidize. We build something on top of the infrastructure to compensate,” Choi said.

With the South China Sea dispute taking a backseat and given good relations between President Rodrigo Duterte and Chinese President Xi Jinping, investors from China are more open to doing business in the country, according to the delegates.

“Business people are still cautious but we can see the relations warming and moving to the right direction. That’s why we are here,” Lo said.

Still, Lo said that in terms of ease in doing business, the Philippines still needs to work on clarifying some of its rules and regulations.
Airport proposals still under review, transport dept clarifies

By Vivienne Gulla
ABS-CBN News / 04:47 PM April 24, 2018
http://news.abs-cbn.com/business/04/24/18/airport-proposals-still-under-review-transport-dept-clarifies

MANILA – The Department of Transportation said Tuesday it had not rejected unsolicited proposals to upgrade the Ninoy Aquino International Airport or build an alternate terminal at Sangley point.

At least 4 proposals are being evaluated, Transportation Usec. Ruben Reinoso said, clarifying reports that the proposals have been rejected.

The evaluation of a proposal from the Filipino-Indian consortium GMR-Megawide was put on hold to give way to a study on the bid by a “super consortium” of 7 conglomerates, Reinoso said.

The law requires that the first submitted proposal should be evaluated first before the government can study other plans, he said.

The “super consortium” may shorten its proposed concession period to 15 years after the government found the 35 years that it suggested as too long, the DOTr said.

Shorting the concession period could result in dropping plans to build an additional runway, said super consortium spokesman Jose Emmanuel Reverente, who is also vice president of one of the partners, Aboitiz Infracapital.
Peso seen at 50-53 vs $1 in next 4 years

ABS-CBN News / 04:01 PM April 24, 2018
http://news.abs-cbn.com/business/04/24/18/peso-seen-at-50-53-vs-1-in-next-4-years

MANILA – The Philippines said on Tuesday it expects the peso-dollar rate to average 50 at 53 in the next 4 years, weaker than previously forecast.

The revised projection, which was released after a review of the government’s medium-term and fiscal targets by the cabinet-level Development Budget Coordination Committee (DBCC), compares with an estimate of 49 to 52 pesos to the dollar in December.

The country’s economic managers kept other medium-term and fiscal targets unchanged, including GDP growth and inflation rates.

The peso has fallen more than 4 percent against the dollar so far this year, making it Asia’s worst-performing currency. -Reuters
Pernia: 6-month Boracay closure to cost economy P1.96 billion

By Ben O. de Vera
Philippine Daily Inquirer / 04:38 PM April 24, 2018

Pernia: 6-month Boracay closure to cost economy P1.96 billion

The six-month closure from tourists of Boracay Island starting Thursday, April 26, would cost the economy about P1.96 billion, which the country’s chief economist said Tuesday would be compensated for by an increase in arrivals in other domestic tourist spots.

Citing an earlier estimate of the state planning agency National Economic and Development Authority, Socioeconomic Planning Secretary and Neda chief Ernesto M. Pernia told reporters during a press conference that the temporary closure of the popular tourist destination, which will be rehabilitated from environmental degradation, would shed only 0.1 percent from the gross domestic product this year.

Noting that the economy is about P14-trillion worth and was expected to grow by at least 7 percent this year, about P980 million per quarter would be lost, especially in the affected local government units.

“Boracay [island], Malay [town], Aklan [province] and Region 6 will suffer-—their growth rates will be trimmed,” Pernia said.

For Western Visayas, its gross regional domestic product growth would be cut by 5.7 percentage points, Pernia added.

The Neda chief nonetheless said “there will be other areas in the Visayas earning some increase in growth rates; also, Luzon and Mindanao will have some increase” as tourists are instead expected to flock to other destinations in the country.

“We are only assuming that 50 percent of the volume of tourists going to Boracay will be going to the other [local] destinations … I would assume that closer to 70-75 percent of those who used to go to Boracay will go to the other tourist destinations, especially domestic tourists,” Pernia said.

“It’s going to be a temporary shortfall in terms of tourism income and tourist arrivals,” Pernia added.

“Regarding the possible shortfall in tourist arrivals due to the Boracay closure, the Department of Tourism will have to step up its efforts at advertising and marketing our several other tourist destinations, so the same volume of tourists, if not more, will be diverted to these other beautiful locations,” the Neda chief said in a separate statement.
BSP says ‘only a question of time’ before it hikes rates to fight inflation

By Daxim L. Lucas
Philippine Daily Inquirer / 05:09 PM April 24, 2018

BSP says ‘only a question of time’ before it hikes rates to fight inflation

Amid criticism that it failed to act preemptively to keep price hikes in check, the Bangko Sentral ng Pilipinas on Tuesday gave the strongest indication yet that it is ready to increase its key interest rate in a bid to rein in inflation which currently stands at its highest level in three years.

At the same time, BSP Governor Nestor Espenilla Jr. pointed out that it has, in fact, already been implementing a de facto tightening of monetary policy by allowing yields at of its main anti-inflation tools to rise every week.

In an interview, the central bank chief said that yields for the BSP’s term deposit facility — a scheme used for taking idle funds out of circulation by enticing financial institutions to deposit them with the regulator — have been rising steadily since mid-February.

“The longer-dated [interest rates] rates have already moved up,” he said in an interview in Makati City on Tuesday. “The overnight rate hasn’t adjusted yet. But it’s just a question of time.”

The BSP’s policy making Monetary Board will convene on May 10 to decide whether or not to raise interest rates after disappointing market watchers during their last two meetings in February and March by opting to keep them unchanged.

Espenilla said that while the term deposit facility, in which banks can deposit their unused cash for 7, 14 or 28 days, is not a proxy for the closely followed overnight rates, it is one of the instruments available to the BSP in its arsenal.

“And we have allowed interest rates to move up in line with market condition,” he said, noting that average yields on the three instruments have risen by about 50 basis points in recent weeks.

Similarly, he pointed out that the yield on the government’s benchmark 91-day Treasury bill has risen by over 100 basis points since the start of the year.

“At the end of the day, we want to influence economic activity, expectations and the exchange rate,” Espenilla said, parrying criticism about the central bank’s supposed inaction on inflation. “And all of these are susceptible to the movement of interest rates by different magnitudes.”

In a separate speech delivered to the American Chamber of Commerce of the Philippines on Tuesday, the BSP chief acknowledged that rising prices represent “clouds on the horizon” that require economic managers to be “especially vigilant.”

In particular, Espenilla said the challenges revolve around dealing with inflation and potential overheating of the economy.

“Our latest readings do show that the risks to inflation remain weighted toward the upside,” he said, while noting that inflation expectations among the general public have started to rise.

“These could contribute to potential second-round price effects,” he admitted. “Nevertheless, non-monetary measures such as targeted subsidies are expected to mitigate these second round inflationary pressures. We shall see. And we shall act accordingly.”
ABS-CBN, Cebu Pacific, SM among ‘platinum trusted brands’: Reader’s Digest

ABS-CBN News / 06:19 PM April 24, 2018
http://news.abs-cbn.com/business/04/24/18/abs-cbn-cebu-pacific-sm-among-platinum-trusted-brands-readers-digest

MANILA – ABS-CBN Corp, the country’ largest media and entertainment company, again emerged as one of the Philippines’ most trusted brands based on a survey by Reader’s Digest.

The survey gave ABS-CBN a “Platinum Trusted Brand Award” in the TV Network category for the second year in a row.

The platinum award is given to brands that performed exceptionally, winning their category with a score that outpaced its nearest competitor, Reader’s Digest said.

Other platinum awardees were Cebu Pacific for the budget airline category, PLDT for broadband services, SM for malls, 7-Eleven for convenience store and Ayala Land for property developer.

Despite its looming closure for a cleanup, Boracay was also given the platinum rating in the tourist destination category by survey respondents.

Both BDO and BPI received the gold award, which was a rung lower than platinum, in the Finance category.

Rivals PLDT and Globe also received gold in the mobile phone services category, while Apple and Samsung were also awarded gold in the smartphone category.

Reader’s Digest said each survey respondent was required to complete an online questionnaire and rate brands based on 6 attributes: 1) trustworthiness and credibility; 2) quality; 3) value; 4) understanding of customer needs; 5) innovation; and 6) Social Responsibility

“While brands come in and out of vogue, those that capture our attention, maintain our confidence and win over our trust do so by holding fast to their core principles,” Reader’s Digest said.
Grab to hide passengers’ destinations, implement auto-accept feature

By Rosette Adel
Philstar.com / 06:03 PM April 24, 2018
https://www.philstar.com/business/2018/04/24/1809013/grab-hide-passengers-destinations-implement-auto-accept-feature

MANILA, Philippines — After receiving user complaints on ride cancellations and booking difficulties, ride-hailing service Grab Philippines on Tuesday said it would no longer show drivers the passenger’s destination starting Friday.

Grab Philippines country head Brian Cu said it would also employ an auto-accept feature that allocates jobs automatically to drivers.

“We hear what our riders want and we will continue to improve our services while making bookings more efficient for our drivers. We will implement non-showing of passenger information before ride acceptance as it is a major source of complaints,” Cu said in a statement.

Both destination-masking and auto-accept featured will be rolled out on Friday. The destination-masking will initially be implemented to 25 percent of Grab drivers with historically low acceptance rate.

To ensure protection of drivers, they will be given an option to see the passenger destination during wee hours of the night.

The Transport Network Company Grab made the decision after seeking advice from Transport Under Secretary Tim Orbos and Assistant Secretary Mark De Leon.

“Grab reached out to DOT for proper guidance and to express our commitment to continue working with the government to improve and strenghten the TNVS sector We are thankful that they are supportive of the measure,” Cu said.

On Monday, Cu also announced that close to 500 drivers were suspended for cancelling passengers’ bookings. Those drivers sanctioned had a rate of ten percent and above cancelation of booking in the past week.

Cu said these drivers may either be suspended or banned. He said drivers are only allowed to cancel five percent of their total bookings per week.

Those who complied with the latter would receive incentives.

Due to the measure, passengers would also be required to provide correct and complete account information. They would also be allowed to link their account to social media platform to ensure the driver’s safety.

He is hopeful that the passengers would do their part and verify their accounts for the safety and proper identification.

“We will never compromise safety and we will always put the welfare of our drivers and passengers first. We thank our drivers for understanding the masking of destination feature,” Cu said.

“The drivers must keep earning to keep driving and serving the riders. Each of the three cogs is important for the whole wheel to keep running efficiently,” he added..

Despite the measure adjustment, Grab said the main reason for difficulty in booking is the lack of drivers.
Quezon City traffic enforcers undergo training on updated road rules

By Minde Nyl R. Dela Cruz
BusinessWorld / 03:20 PM April 24, 2018

Quezon City traffic enforcers undergo training on updated road rules

The Quezon City Department of Public Order and Safety (DPOS) held a two-day training of its 30 traffic enforcers last April 23 and 24 to update their information on traffic management and improve attitude while on duty.

“Ang situation natin on the ground paiba-iba, hindi siya static. So, kailangan i-update namin yung mga bagong memo, mga bagong rules, bagong regulations. Kailangan up-to-date yung aming mga traffic officers (The situation on the ground is not yet static, we need to update the new memo, new rules, new regulations. Our traffic enforcers need to be re-trained),” DPOS head General Elmo D.G. San Diego said.

Moreover, the department reminded the traffic enforcers that just because they are equipped with booklets does not mean they have to issue tickets every time.

“Kailangan mag-render sila ng traffic control para ma-maintain ang batas trapiko sa area kung saan sila naka-assign (They need to do maintain traffic control and follow traffic rules in areas where they were assigned),” DPOS education and training section head Corazon B. Medes said.
City of Dreams Manila expansion planned

By Doris Dumlao-Abadilla
Philippine Daily Inquirer / 08:39 AM April 24, 2018

City of Dreams Manila expansion planned

Leisure estate and gaming group Belle Corp. has submitted a proposal to the Melco group to expand the existing City of Dreams Manila (CoD Manila) integrated gaming resort using a one-hectare land adjacent to the property.

In a press chat after the company’s stockholders meeting on Monday, Belle president Manuel Gana said the 6.2-hectare CoD Manila, which has over 900 hotel rooms, would need to build more rooms and amenities as it was now running at close to full capacity at over 90 percent occupancy rate.

Based on Belle’s proposal, the additional one-hectare lot long-held by the group beside the CoD Manila site would be used mainly to create new non-gaming facilities. Aside from hotel rooms, Gana noted that the existing resort only had one ballroom and one swimming pool at present.

Asked on the prospective timing for CoD Manila’s expansion, Gana said: “The ball is in Melco’s court. They have a lot of things on their plate.”

Recently, Melco has been doing the groundwork in Japan, a territory where the mass market in gaming is seen to have the potential to eclipse Macau’s.

In case Melco declines to invest on CoD Manila expansion, Gana said Belle would be “free to do something else.” “We can build our own hotel and capitalize on City of Dreams clientele but we prefer Melco to get involved so it can be consolidated into City of Dreams,” he added.

Over the long term, Gana said Belle would consider other expansion opportunities. If the state-run Philippine Amusement & Gaming Corp. (Pagcor) were to privatize some of its operating assets, Gana said Belle would be interested. He noted that Pagcor’s casinos in places like Davao and Laoag were attractive.

Pagcor has also imposed a moratorium on the building of new casinos. But when the time comes for Pagcor to consider issuing new licenses, he said Belle would be interested to build on a second site.

Meanwhile, Belle still has 800 hectares of landbank in Southern Luzon, including the areas within Tagaytay Highlands, which would allow the company to develop new projects within the next five to 10 years.

In the first quarter, Belle reported that consolidated net profit grew by 10 percent year-on-year to P857 million on higher gaming and real estate revenues. Excluding one-off items, recurring net income for the quarter rose by 17 percent year-on-year to P888 million.

Through its 78.7-percent owned subsidiary, Premium Leisure Corporation (PLC), the company’s cash flow as measured by earnings before interest, taxes, depreciation and amortization (EBITDA) from its share of gaming operations of CoD Manila increased by 8 percent to P474 million for the first quarter.

Belle also booked higher operating income from its real estate businesses of P571 million for the quarter, a 27-percent increase year-on-year mostly as landlord of CoDManila as well as the sale of real estate products and property management activities at its Tagaytay Highlands and Midlands residential and leisure complexes south of Metro Manila.

Ayala-led Prime Orion planning to develop 2 industrial parks

April 17, 2018

AYALA-LED Prime Orion Philippines, Inc. (POPI) is riding on the country’s manufacturing resurgence, as it targets to become the largest player in the real estate logistics and industrial sector.

POPI President and Chief Executive Officer Maria Rowena Victoria M. Tomeldan said in a briefing on Thursday the goal is to build a hub in key cities across the country starting with the launch of two industrial parks by the first half of next year.“Because of the economic fundamentals of the country, the manufacturing sector is enjoying growth. We want to seize the opportunity to bring them (locators) all in,” Ms. Tomeldan said.

Kicking off the expansion will be a 60-100 hectare industrial park in Cagayan de Oro near the Laguindingan airport that will make available 42 parcels of land consisting of smaller lot cuts of 7,000 square meters compared to the usual size of one hectare in Luzon.

The second industrial park will rise in central Luzon, but Ms. Tomeldan declined to disclose the specific location.

Moving forward, the intention is to keep a balanced portfolio mix of lots for sale and warehouse facilities within the estate that will generate recurring earnings for the company, she said.

Ayala Land, Inc. is set to own 64% of POPI after engaging in a P3-billion share-swap deal that transferred the former’s 75% stake in Laguna Technopark, Inc. (LTI) into the listed firm. The property giant is keen on further raising its stake in POPI “if there is an opportunity,” Ms. Tomeldan said.

The infusion of LTI into POPI, owner of the Tutuban Center in Manila, set the stage for the latter’s venture into the real estate logistics and industrial estate business. LTI, which posted revenues of P1 billion and a net income of P300 million in 2016, manages the 460-hectare Laguna Technopark in Santa Rosa and Biñan, and 135-hectare Cavite Technopark in the municipality of Naic.

As part of its transformation, POPI maximized the value of its 14-hectare Lepanto property in Calamba, Laguna by shifting subsidiary Lepanto Ceramics’ focus from tile manufacturing to real estate warehouse operations.

The company upgraded the common areas of the Lepanto Industrial Complex, initiated rehabilitation program, and converted formerly non-leasable areas into leasable spaces.

The retail business also continued to undergo a massive metamorphosis. POPI turned the Tutuban railway station building into a model for adaptive reuse of a built heritage site. Major facility upgrades, the re-zoning of the mall, and the introduction of unique retail and wholesale concepts allowed the company to improve profit margins for the year.

So far, POPI has spent P500 million to renovate the Tutuban commercial complex, with a gross leasable area of 53,000 square meters.

POPI generated earnings of P18.6 million last year, a turnaround from the net loss of P414.9 million which included provision for probable losses of P235 million.

Consolidated revenues fell 27% to P630.2 million from P860.1 million, as it winds down its non-core issuance business. The decline was tempered by higher rental revenues from Tutuban Center and Lepanto warehouse.

Shares in POPI fell eight centavos or 2.45% to end at P3.19 each on Thursday.

Filinvest unit, DENR to pursue Misamis carbon sink program

MANILA, Philippines — Gotianun-led FDC Utilities Inc. (FDCUI) has partnered with the Department of Environment and Natural Resources (DENR) to pursue its carbon sink program in Misamis Oriental.

In a statement, FDCUI said its wholly-owned subsidiary FDC Misamis Power Corp. signed a memorandum of agreement (MOA) with DENR-Environmental Management Bureau (EMB) in Region 10 and Barangay Sambulawan to establish a man-made forest in Misamis Oriental.FDC Misamis also envisions to make the area not just a carbon sink forest per se but as a potential watershed or natural park that can be a source of clean potable water.

“The primary purpose of the project is to help sequester carbon emission to maintain the air quality in the province.

“This is more than just for compliance purposes,” FDCUI president and CEO Juan Eugenio Roxas said.

He was referring to one of the conditions stipulated in the Environmental Compliance Certificate (ECC) granted by DENR-EMB to FDC Misamis for operating a 3×135-MW circulating fluidized bed thermal coal power plant in Villanueva town.

The first phase of the program involves a 20-hectare land area in Bgy. Sambulawan, El Salvador City.

DENR-EMB Region 10 director Sabdullah Abubacar said the program is crucial as it is seen to industrialize the country and address global warming.

“FDC Misamis’ carbon sink program, therefore, is a manifestation of the firm’s real commitment to provide the much needed power in Mindanao, but with intent to reduce carbon footprints in the country by 70 percent,” he said.

In late 2016, FDC Misamis secured regulatory clearance to start commercially operating its 3×135-MW power plant, which was inaugurated by President Duterte in September 22, 2016 as the first power plant commissioned under his administration.

Located in the PHIVIDEC Industrial Estate in Villanueva, Misamis Oriental, the power plant is a multi-billion peso investment that uses the latest in clean coal technology: the circulating fluidized bed boiler technology.

FDC Misamis is a subsidiary of FDC Utilities. Inc. and a member of the Filinvest Development Corp., the holding company of the Gotianun-led Filinvest Group, which has interests in property development, banking and financial services, hotel and resort management, power generation and the sugar industry.

Philippines gets China grant to boost rice production

MANILA, Philippines — The Philippine government on Tuesday secured a RMB27.52 million (approximately P226.93 million or $4.36 million) Chinese grant that aims to modernize the Philippines’ hybrid rice center.

In a statement released on Friday, the Department of Finance said the agreement will boost the country’s palay production.The deal will be implemented by the Department of Agriculture and will cover Phase III of the Technical Cooperation Project for the Philippines’ Agricultural Technology Center.

This aims “to contribute in boosting the rice production capacity of the Philippines towards rice sufficiency by upgrading the Philippine Sino Center for Agricultural Technology’s hybrid rice technology research and demonstration center into a Modern Hybrid Rice Breeding Station and Technology Demonstration Center,” the DOF said.

The agreement is one of the three accords with China that were signed during the recent visit of President Rodrigo Duterte to attend the annual Boao Forum for Asia in Hainan, China.

The Philippines also on Tuesday signed a loan agreement with China to help fund the construction of the Chico River Pump Irrigation Project in Northern Luzon, and a separate accord on economic and technical cooperation.

Despite Duterte’s warm relations with China, the Philippines has a long history of mistrust of it as the two countries continue to spar over the South China Sea.

DBP vows more loans for infra, environmental projects

By Daxim L. Lucas
Philippine Daily Inquirer / 03:55 PM April 13, 2018
http://business.inquirer.net/249124/dbp-vows-loans-infra-environmental-projects

The Development Bank of the Philippines (DBP) has vowed to allocate more funds for loans to infrastructure and environmental projects to provide more potable water and improve waste management in far-flung areas of the country, its chief said.

The bank is prepared to provide assistance to towns and municipalities that seek to improve long-term water availability and accessibility, and to undertake projects that would reduce air and water pollution, improve solid waste management, and advance climate change adaptation and disaster risk reduction, DBP president and CEO Cecilia Borromeo said in a press statement.“DBP remains committed to providing ready and accessible financing for local government units for their development projects on water availability as well as solid waste management and sanitation,” she said.

The state-owned financial institution is the eighth-largest bank in the country with more than P600 billion in assets as of end-March 2018.

The bank provides financial support to four major areas namely, infrastructure, small and medium enterprises, social services and environment.

Last year, the bank released P76.23 billion in loans for infrastructure and logistics projects as well as P57.06 billion in funding assistance for environmental projects.

The bank’s water projects are funded under its Water for Every Resident Program, while its support for environment initiatives are carried out through its Green Financing Program.

Borromeo said DBP is also ready to provide financial assistance to local governments to improve their water sanitation and sewerage systems and facilities, especially in known tourist destination areas in the country.

“We are one with government’s efforts to directly address these environmental concerns and preserve the natural ecosystem of these tourist spots,” the DBP chief said.

Duterte admin to make Clark ‘the next big metropolis’

By Ben O. de Vera
Philippine Daily Inquirer / 05:37 PM April 13, 2018
http://business.inquirer.net/249130/duterte-admin-make-clark-next-big-metropolis

CLARK FREEPORT ZONE-The Duterte administration is set to make the Clark Freeport Zone “the next big metropolis” with several flagship infrastructure projects seen bolstering economic activity in the former US military base.

“Clark will soon be the showcase of the Duterte administration’s economic strategy. We expect this area to be the growth driver for central and northern Luzon,” Finance Secretary Carlos G. Dominguez III told reporters in a press conference during the roadshow here for the Philippines’ hosting of the 51st Asian Development Bank annual meeting on May 3-6.Clark was “ideally suited to be a center for agro-industrial activities as well as home to cutting-edge technology companies and world-class sports facilities,” Dominguez said.

Also, “with the recent groundbreaking of the 40-hectare piece of land where the National Government Administrative Center will be developed, the New Clark City will house various backup government centers that will ensure continuous business operations and services in the country at the onset of a natural disaster,” Dominguez added.

As such, “Clark, in the near future, will be the next big metropolis,” Dominguez said.

The Finance chief noted that at least two soon-to-rise big-ticket infrastructure projects would benefit Clark.

The P211.43-billion Philippine National Railways North 2 project will connect Malolos, Bulacan to Clark Airport and Clark Green City.

Based on earlier documents, the Japanese government will finance the 69.5-kilometer PNR North 2, with the loan agreement expected to be signed by the fourth quarter of this year, following National Economic and Development Authority Board approval in June last year.

Another major infrastructure project in the freeport is the P12.55-billion new terminal building of the Clark International Airport, which Dominguez said, “will increase the airport’s capacity by eight million per year and will help pave the way for accelerated growth in Central Luzon and nearby areas.”

As a whole, the government plans to invest “heavily” on infrastructure in central and northern Luzon “to have major alternative growth areas,” according to Dominguez.

“In fact, three of the Duterte administration’s flagship infrastructure projects already approved by the Neda Board are in central and northern Luzon, [including] the P4.37-billion Chico River Pump Irrigation Project, under which 8,700 hectares of agricultural land will be irrigated, benefitting 4,350 farmers and serving 21 barangays in the Cagayan Valley and Kalinga,” Dominguez said.

Last Tuesday, the Philippine and Chinese governments signed the P3.135-billion loan agreement for the Chico River Pump Irrigation Project, the first flagship infrastructure project to be financed by the mainland under the Duterte administration’s “Build, Build, Build.”

The Chinese loan for the project to be implemented by the National Irrigation Administration was slapped an interest of 2 percent per annum, maturing in 20 years inclusive of a seven-year grace period.

Government eyes turning NAIA into real estate development hub

MANILA, Philippines — 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 premier gateway “will not last forever.”

Transportation Secretary Arthur Tugade said the economic team is eyeing to turn the overstretched airport into a property development area that will be bigger than the Bonifacio Global City, the capital’s newest financial district in Taguig City, Manila.“It will be eight to nine years at most 10 years… that is the life span of NAIA. Why? Because of the congested area and because of the technology at the airport,” Tugade said during the second leg of the Philippine Economic Briefing 2018 in Clark, Pampanga.

Two consortiums have submitted their separate unsolicited proposals to upgrade Manila’s aging airport.

In February, a team of tycoons, which has a combined capitalization of more than P2.2 trillion, said they submitted a $6.7-billion offer to rehabilitate NAIA.

Listed builder Megawide Construction Corp. and its Indian partner, GMR, later announced they want to give NAIA a $3-billion makeover.

Seeing the deterioration of the Manila airport, Tugade said the government is “entertaining” proposals to build airports outside the capital, including offers to establish new and modern airports in Bulacan and Sangley Point in Cavite.

Shift in strategy to speed up infrastructure projects — Department of Transportation

CLARK FREEPORT ZONE, Philippines  — The government agencies leading massive airport, railway and road projects have vowed to hasten the completion of the crucial infrastructure buildup.

Transport Secretary Arthur Tugade said the agency is currently evaluating proposals for the establishment of international airports outside Manila as the congested Ninoy Aquino International Airport (NAIA) is nearing the end of its lifespan.He told participants of the second leg of the Philippine Economic Briefing organized by the Investor Relations Office (IRO) the proposed airports in Bulacan and Sangley in Cavite are welcome developments as NAIA “will not last forever.”

“NAIA will not last forever because it is presently situated in a place which is overly congested, and technology and airline travel have improved. My fear is that the lifespan of NAIA would just be eight or 10 years,” he said.

Tugade said the Department of Transportation would entertain unsolicited proposals for the government’s massive infrastructure build up on a “first come, first serve” basis.

“I will entertain them. First come, first serve, because if you develop runways in Bulacan and Sangley, you will have added capacity of runways,” Tugade said.

Diversified conglomerate San Miguel Corp. (SMC) has already received the green light from the National Economic and Development Authority’s Investment Coordination Council (NEDA-ICC) for its proposed P700-billion airport project in Bulacan.

SMC’s proposed 1,168-hectare airport and a 2,500 city complex, however, is still subject to the approval of the Cabinet-level NEDA Board headed by President Duterte and a Swiss challenge from other interested parties.

On the other hand, the Tieng-led ARRC has submitted a new unsolicited proposal to reclaim some 2,500 hectares of land in new Sangley point in Cavite which will be developed into a regional airport hub named Philippine Sangley International Airport.

In 2016, ARRC and Belle Corp. of retail and banking magnate Henry Sy submitted a $50 billion proposal to build an international airport and seaport project in the former US naval base in Cavite.

Tugade said the government envisions the establishment of an economic development zone in NAIA anchored on real estate development projects.

A superconsortium composed of the country’s biggest conglomerates – MVP Group, LT Group Inc., Aboitiz Equity Ventures, Filinvest Group, JG Summit Holdings, Ayala Corp., Alliance Global of taipan Andrew Tan has committed P350 billion ($6.7 billion) to rehabilitate the 70-year old NAIA.

On the other hand, Megawide Construction Corp. and its Indian partner GMR made a counter offer to spend P160 billion ($3 billion) to decongest and expand NAIA.

Tugade said NAIA is now the 10th most improved airport in the world from being the worst airport, while eight airports in the country – NAIA, Iloilo, Bacolod, Davao, Laguindingan, Kalibo, Tacloban, and Puerto Princesa received one-star rating for on-time performance.

He said the government has also installed 10 radars covering 100 percent of the Philippine airspace from only three, while the communications navigation surveillance/ air traffic management system was inaugurated last Jan. 16.

Tugade said the administration also plans to roll out 1,900 kilometers of railways by 2022.  These include PNR Bicol, PNR Clark, and the Metro Manila Subway.

Public Works and Highways Secretary Mark Villar said the Duterte administration is undertaking the boldest and most ambitious infrastructure program in history with 5.4 percent of gross domestic product (GDP) allocated for infrastructure projects under his first year versus the 2.5 percent of GDP average under the past six administrations in 50 years.

Villar said the “Golden Age of Infrastructure” involves P8 trillion worth of  projects between 2017 and 2022.

For this year alone, Villar said the DPWH is spending P148 billion for traffic decongestion, P101.5 billion for integrated and seamless transport system, P49.8 billion for convergence and rural road development, and P165 billion for livable, sustainable and resilient communities.

Philippine banks to remain strong — BMI

By Melissa Luz T. Lopez
BusinessWorld / 12:02 AM April 13, 2018
http://bworldonline.com/philippine-banks-to-remain-strong-bmi/

PHILIPPINE BANKS are broadly expected to remain strong this year, BMI Research said, but could see a bigger share of problem loans as interest rates keep rising.

Analysts at the Fitch Group unit said the Philippine banking system will remain “stable” through 2018 backed by ample capital buffers against a robust economic backdrop, but noted that an expected pickup in interest rates may affect lending activities.“[W]e believe that the Bangko Sentral ng Pilipinas (BSP) will likely gradually unwind its loose monetary policy stance over the coming quarters as global interest rates and domestic inflation continue to rise. This will likely weigh on loan growth to some extent, while credit stress could start to rise, and eat into the profitability of banks over the coming quarters,” BMI analysts said in a report published this week.

BMI is expecting two rate hikes from the central bank in order to contain the impact of inflation and maintain price stability, amid expectations that the pace of price increases will quicken further in the coming months.

Inflation has averaged 3.8% during the first quarter under the 2012 base year, according to the Philippine Statistics Authority. This settles close to the high end of the BSP’s 2-4% target range, with central bank officials saying that they remain watchful of price dynamics in order to arrive at a “measured” policy response.

Higher policy rates would mean that market rates will also rise, driving up loan costs for borrowers.

“This should see banks adjust their lending rates higher, leading to a slowdown in loan demand. A higher interest rate environment could in turn see credit risk increase in the medium term as it impacts borrowers’ cash flow and ability to service debt, while also weighing on the value of collateral supporting the loan,” the research firm said, noting that credit growth will also decelerate from current levels.

Higher interest rates could likewise turn more loans sour, but unlikely to reach an alarming level relative to total bank credit.

“We expect the NPL (non-performing loan) ratio to remain fairly low at under 2% in 2018 given that it is a lagging indicator. Meanwhile, the economy remains on a solid footing, which should be broadly supportive of borrowers’ credit profile, albeit rising interest rates could see a gradual deterioration in asset quality beyond the near-term,” BMI said.

The Fitch unit expects the Philippine economy to expand by 6.3% this year — still “impressive” compared to regional peers albeit slower than the 6.7% growth in 2017 and below the government’s 7-8% goal. The growth will be driven by a young workforce, a strong public infrastructure drive, and “deepening” economic ties with China, BMI said.

Data management company sees opportunities in Philippine market

By Patrizia Paola C. Marcelo
BusinessWorld / 12:03 AM April 13, 2018
http://bworldonline.com/data-management-company-sees-opportunities-in-philippine-market/

DATA management company Veritas Technologies LLC is looking to take advantage of opportunities in the Philippine market, amid the rising interest of corporations, government agencies, and organizations in information management.

Veritas Managing Director for Asia South Region Ravi Rajendran said the company is targeting small and medium businesses and government agencies, aside from their current client base that includes banks and telecommunications companies.“The reason why we see a lot of opportunity of the Philippines, I foresee an interest in information management,” Veritas Managing Director for Asia South Region Ravi Rajendran said in a media roundtable on Thursday.

Mr. Rajendran noted this is a trend not just in the Philippines but also in other Southeast Asian countries.

The company believes its multi-cloud solutions, which aims to serve heterogeneous storage and data environments of companies, is its advantage. The multi-cloud solution aims to help companies get to the cloud, from the cloud, or between various clouds.

Veritas has partnerships with cloud providers, including Google Cloud, Microsoft Azure, IBM Cloud, and Amazon Web Services.

“We can provide solutions that can run on all types of software,” Reina E. Putong, senior business development manager at Wordtext Systems, Inc., the local distributor of Veritas, said.

Ms. Putong said they see big potential in serving the government with their data needs.

Veritas’ Mr. Rajendran noted there is an increase in governments’ interest in information management in the region.

“We’re starting to tap those institutions to address their concerns because they have multi-platform environment,” Ms. Putong said.

FDI inflows seen to hit record $12 billion this year

By Lawrence Agcaoili
The Philippine Star / 12:00 AM April 14, 2018
https://www.philstar.com/business/2018/04/14/1805688/fdi-inflows-seen-hit-record-12-billion-year

CLARK FREEPORT ZONE – The inflow of foreign direct investment (FDI) may reach $12 billion this year on the back of the country’s strong macroeconomic fundamentals, according to the National Economic and Development Authority (NEDA).

Socioeconomic Planning Secretary Ernesto Pernia told participants of the Philippine Economic Briefing organized by the Investor Relations Office that the projected FDI inflows are stronger than the record high $10.05 billion registered in 2017.“We could easily reach $12 billion this year,” Pernia said as FDI inflows amounted close to $1 billion in January.

According to central bank data, FDI inflows jumped 57 percent to $919 million in January from $587 million in the same month in 2017.

Equity placements zoomed by a dramatic 647 percent to $531 million in January from a year-ago level of $71 million, while equity outflows surged by 340 percent to $58 million from $13 million.

Capital placements were sourced largely from Singapore, China, Taiwan, Japan, and the US and were invested mainly in manufacturing; financial and insurance; real estate; electricity, gas, steam and air-conditioning supply and wholesale and retail trade activities.

According to central bank data, non-residents’ investments in debt instruments or lending by parent firms abroad to their local affiliates declined by 16.7 percent to $381 million from $458 million, while reinvestment of earnings went down by 8.4 percent to $65 million from $71 million.

The Philippines has recorded record levels of FDI inflows for two consecutive years at $10.05 billion last year and $8.28 billion in 2016.

The Philippines may post a gross domestic product (GDP) growth of between seven and eight percent this year from the average growth of 6.8 percent over the past two years.

Pernia said the Philippine economy may grow by 6.8 percent this year, overtaking China’s 6.4 percent and placing next to India’s 7.8 percent.

“In 2018, Philippine GDP growth could be the second fastest, next only to India,” he said.

China was the fastest growing economy in Asia last year with growth of 6.9 percent followed by Vietnam with 6.8 percent and the Philippines with 6.7 percent.

Pernia said the massive infrastructure program of the Duterte administration would continue to provide more opportunities such as investments, job creation, connectivity and dependable delivery of public services.

The government has committed P8.4 trillion to ramp up infrastructure spending until the end of President Duterte’s term in 2022.

To help achieve stronger economic growth and lure more investors, Pernia said the government needs to further liberalize its rules on foreign investments and accelerate infrastructure development.

He said there is also a need to expand the country’s export markets instead of the traditional markets and lift the quantitative restrictions on rice imports.

On the local front, Pernia said there is a need to ease and eliminate red tape to hasten the processing of business permits and licenses, implement the national ID system, as well as the timely execution of the national budget.

Furthermore, Pernia also cited the need to complete the passage of the comprehensive tax reform program (CTRP) that started with Republic Act 10963 or the Tax Reform for Acceleration and Inclusion (TRAIN) Law.

“If we could do all these, we would sustain and accelerate our economic performance in the coming years,” Pernia said.

PAL to beef up regional hubs in Davao, Clark, Cebu

By Maya M. Padillo
BusinessWorld / 12:04 AM April 13, 2018
http://bworldonline.com/pal-to-beef-up-regional-hubs-in-davao-clark-cebu/

DAVAO CITY — Philippine Airlines, Inc. (PAL) is now putting focus on the expansion of domestic and international flights to and from major airports outside the capital, particularly Davao in Mindanao, Clark in Pampanga, and Cebu in the Visayas.

“New hubs mean new hopes for a growing economy. Philippine Airlines is no longer just a Manila-centric airline. The future of Philippine aviation lies in the new economic centers of the country, here in Mindanao, in the Visayas, and other parts in Luzon,” said Jaime J. Bautista, PAL president and chief operating officer, during a press briefing here Thursday.Mr. Bautista said the country’s flag-carrier, now a four-star rated airline, will be able to fly more routes with the delivery of new airplanes.

He said they are now increasing the Davao-Bohol flights to a daily service, and plan to increase Davao-Clark flights in the coming months.

“Last month in time for Holy Week we opened a link from Davao to Siargao, a fast-rising destination for surfers and adventure seekers. Siargao joins Tagbilaran, Zamboanga, Manila, Clark and Cebu as destinations that we now serve from Davao,” he said.

The PAL executive said they are currently working on market evaluations for international routes from Davao, including flights to and from Palau where a group of businessmen are in talks with the airline.

“(Tourism) Secretary (Wanda Corazon Tulfo) Teo also challenged us to consider international routes from Davao and we will unveil such plans in the coming months,” he said.

Also in the pipeline is the Cebu-Los Angeles service, which would come before flights between Davao and the US mainland.

To compensate for the impending six-month closure of Boracay and the temporary cancellation of flights, Mr. Bautista said they are looking at increasing flights to other tourist destinations around the country.

“We expect Visayas, Mindanao, and Palawan to benefit as we re-direct flights from China, Korea, and Taiwan to Cebu and Puerto Princesa with some traffic flowing on to Siargao, Camiguin, Coron and Butuan,” he said.

PAL is targeting to ferry up to 17 million passengers this year with its existing fleet of 85 aircraft.

Mr. Bautista said the flag carrier is aiming to have 100 aircraft and a five-star rating by 2020.

“But we are not merely adding more planes, we are constantly upgrading the cabins, seats, amenities, inflight entertainment and technology,” he said. PAL has been certified as a four-star airline by Skytrax, the London-based international air transport rating organization. This made PAL the first and only airline in the country to have a four-star rating.

LTFRB orders Arcade City to ‘cease and desist’

MANILA, Philippines — The Philippines’ transport regulator has ordered ride-sharing startup Arcade City to “cease and desist” for operating as a transportation network company without coordinating with the agency.

In an advisory dated April 2, the Land Transportation Franchising and Regulatory Board, or LTFRB, said it would be constrained to take legal actions against Arcade City should the company defy the order.“LTFRB is strongly warning Arcade City to cease and desist from launching its mobile application on 16 April 2018, and to stop all bookings made with this application/platform as those who are operating are considered colorum,” the regulator said.

Arcade City was first launched in Austin, Texas in 2016 after the withdrawal of Uber and Lyft. The platform allows drivers to set their own rates while riders are free to choose their own driver.

In a report by GMA News on Friday, Arcade City CEO and founder Christopher David said his company would push through with the launching of its mobile app next week despite the LTFRB’s directive.

‘Different model’

David also denied LTFRB’s claim that Arcade City is a transport network company.

“It is a different model than Uber’s, and governments are not accustomed to working with models like ours. We hope they are willing to work with this new model,” David was quoted as saying.

“Hopefully the LTFRB spends more time processing applications of transport network vehicle services and drivers, less time on making threats to companies trying to help,” he added.

Claiming to be an alternative for Uber, Arcade City last year announced that it was recruiting and activating drivers across the Philippines.

According to GMA News, more than 20,000 drivers and riders in the Philippines have signed up in the Arcade City mobile app since 2017.

The LTFRB’s cease and desist order against Arcade City came as Uber prepares to exit the country after the California-based ride-hailing company sold its Southeast Asia businesses to regional rival Grab.

But the Philippine Competition Commission had ordered Uber and Grab to delay the integration of their businesses and continue their separate operations while the antitrust agency examines the domestic implications of the merger. The pair was slapped with a similar command in Singapore.

Parañaque Integrated Terminal on track to open in second quarter — Department of Transportation

MANILA, Philippines — The Parañaque Integrated Terminal Exchange is on track to open within the quarter, the Department of Transportation (DOTr) said.

According to the DoTr, the project is already 75.01 percent complete as of March 24.“Once fully operational come second quarter of 2018, this intermodal transport hub will interconnect LRT (Light Rail Transit) Line 1, city and provincial buses, as well as UV express and PUJ (public utility jeepneys) routes – all for the benefit of approximately 200,000 passengers daily and the decongestion of traffic volume in EDSA,” the DOTr said.

Earlier, the DOTr said the project could be completed in April.

The project is being built by the consortium of Megawide Construction Corp. and WM Property Management Inc. which bagged the contract under the public-private partnership (PPP) program during the previous administration.

It involves the design, construction, as well as financing of an integrated transport hub within a site area of 4.59-hectares.

The project will also include passenger terminal buildings, arrival and departure bays, public information systems, ticketing and baggage handling facilities, and park-ride facilities.

Apart from building and handling the operations and management of the facility, the consortium can also undertake commercial development and collect revenues generated from the same.

The project will allow passengers from the Cavite side to safely and conveniently transfer facilities.

It is also expected to contribute in the reduction of vehicle volume, as well as improve major thoroughfares, particularly EDSA.

In addition to the transport hub in Parañaque, Megawide  is involved in another PPP project, the Mactan-Cebu International Airport (MCIA) passenger terminal building.

Megawide with GMR Infrastructure Ltd. of India took over operations of the MCIA in November 2014.

The group of Megawide and GMR also won the construction contract for the Clark International Airport’s new terminal building.

PEZA investment pledges drop by 22%; 2nd tax package blamed

April 16, 2018

 

PEZA investment pledges drop by 22%; 2nd tax package blamed

By Roy Stephen C. Canivel
Philippine Daily Inquirer / 03:57 PM April 6, 2018
http://business.inquirer.net/248725/peza-investment-pledges-drop-22-2nd-tax-package-blamed

The Philippine Economic Zone Authority (Peza) blamed the drop in investment pledges for the first two months of the year to the second comprehensive tax package, which is being pushed despite some investor concerns.

The 22-percent decline should not be a surprise to the national government, noting that the government “knows” what Peza-registered companies have been complaining about, Peza Director General Charito Plaza pointed out.

This came amid a report of the latest Peza performance, showing that investment commitments for January and February fell 21.7 percent to P20.99 billion compared to P26.81 billion in the first two months of 2017.

While Peza did not provide the latest figures for the month of February alone, the numbers suggest that the month dragged down the growth seen at the start of the year.

Petitions

“Government knows why [pledges dropped] because business chambers, foreign embassies, and industry locators sent their petitions to DOF [Department of Finance] and Congress about their opposition of TRAIN 2,” she said, referring to the second tax package.

The second tax package has just been filed in Congress under House Bill No.7458. The bill is similar to the proposal raised by the Department of Finance earlier this year.

The bill would gradually lower the corporate income tax, which ranks among the highest in the region, while rationalizing tax incentives.

This uncertainty causes woes on the part of Peza, especially since it is this investment promotion agency that has been mainly using these incentives to attract more investors.

“It’s not about Peza performance. All industries are fighting for retention of Peza incentives, which we are also fighting for,” she said in a mix of English and Filipino.

Earlier this year, Plaza said her agency would be offering a counter-proposal in response to the second package. Instead of reducing the current menu of incentives, she intends to improve it by increasing the list.

However, she has not yet disclosed the finer details of this counter-proposal.

Sta. Lucia raises funds via notes facility

By Amy R. Remo
Philippine Daily Inquirer / 02:35 AM April 7, 2018
http://business.inquirer.net/248763/sta-lucia-raises-funds-via-notes-facility

Publicly listed Sta. Lucia Land Inc. (SLI) said it signed a P5-billion notes facility with several banks to help fund its projects.

Part of the proceeds will also be used to pay existing debts, said SLI in a disclosure to the Philippine Stock Exchange last month.

According to SLI, China Bank Capital Corp. was the sole arranger and bookrunner while Development Bank of the Philippines (DBP) acted as co-manager. China Bank Savings Inc., China Banking Corp., DBP, and Maybank Philippines Inc. meanwhile are note holders.

This latest fundraising was said to form part of the company’s plans to partially finance an up to P15-billion, three-year capital expenditure program.

In January, SLI disclosed that it was authorized to avail of a seven-year corporate note facility with financial institutions, for an aggregate amount of P3 billion and with an overallotment option of P2 billion. It also announced that it would enter into joint ventures to develop projects spanning some 1.4 million sqm spread in different sites.

IMI ranks 18th largest EMS company in the world

By Doris Dumlao-Abadilla
Philippine Daily Inquirer / 05:08 AM April 9, 2018
http://business.inquirer.net/248870/imi-ranks-18th-largest-ems-company-world

Ayala-led Integrated Micro-Electronics Inc. (IMI) is now the world’s 18th largest electronics manufacturing services (EMS) based on global revenue which exceeded $1 billion last year, improving its global ranking by two notches from the previous year.

Laguna-based IMI is also the only Philippine-based firm on the top 50 list of EMS companies in the world for 2017 culled by Manufacturing Market Insider, the first and only publication dedicated to contract manufacturing of electronics.

The company recorded $1.1 billion in global revenue in 2017, marking a 29-percent year-on-year growth.

It has moved up from its previous rank of 20th on the list for 2016, when its global EMS revenue hit $843 million.

EMS refers to companies that design, assemble, produce and test electronic components for original equipment manufacturers (OEMs). It is a contract manufacturer in the electronics industry but apart from making products for OEMs, an EMS firm typically provides other value-added services.

IMI specializes in electronics for long product life cycle segments such as automotive and industrial electronics.

DoubleDragon’s Citymall inks deal with SM unit

By Doris Dumlao-Abadilla
Philippine Daily Inquirer / 05:20 AM April 7, 2018
http://business.inquirer.net/248745/doubledragons-citymall-inks-deal-sm-unit

The shopping mall arm of property developer DoubleDragon Properties Corp. has signed 10-year contracts amounting to P4.97 billion for 22 SM Savemore supermarkets that will be set up in each of its additional community malls that will open this year.

The new lease contracts signed by DoubleDragon subsidiary CityMall Commercial Centers Inc. cover only the supermarket lease for the 22 additional CityMall sites that are expected to open within the year, DD said in a statement.

Just from supermarket tenants alone, the 100 CityMalls in the pipeline through 2020 are expected to generate at least P20 billion in rental income in the first 10 years of operations.

“The signing of another 22 SM Savemore Supermarkets to locate in our soon-to-open CityMalls, is a testament to the value of what CityMall is providing to modern retail brands and the relevance of the platform we provide in their expansion into the next frontier of retail,” said Hannah Yulo, chief investment officer of DoubleDragon.

As of end-2017, DoubleDragon has completed 332,500 square meters of leasable space, which is expected to expand to 600,000 sqm by this yearend.

As of the first quarter of 2018, the first 28 operational malls in the portfolio are about 95 percent leased out.

“We now have 28 operational malls, plus the 22 more malls slated for completion this year, we are in line with our goal of having 50 completed malls by the end of this year,” said DoubleDragon chair Edgar Sia II.

DoubleDragon sees two key developments making CityMall’s community malls more relevant to provincial areas: the organic shift from traditional retail to modern retail in third-tier cities and the noticeable penetration of e-commerce in the tier 1 urban areas of the country. These are seen to make expansion into CityMalls more and more critical to modern retail tenants seeking to hedge exposure against the disruptive rise of e-commerce.

DoubleDragon expects the inflection point of these transitions to be felt within the next three years, just in time for the completion of the company’s goal of having a strong network of 100 CityMalls in the provinces.

To date, Sia said CityMall had started to gain significant traction in the countryside.

“For the past three years, DoubleDragon has planted the seeds and necessary groundwork that will enable the company to play a major role in this retail transformation as we continue to expand in what will essentially be the most important market one day as e-commerce continues to disrupt the urban market,” Sia said.

“The business model of CityMall is positioned to remain relevant beyond the age of digitalization because we focus on delivering only basic necessities, and generally, the supermarket, cinema, services and food tenants combined occupy more than 70 percent of a typical CityMall. CityMalls are also conveniently located in provincial city centers within close reach of its market,” he added.

PBSP says Mindanao LGUs need to shape up to draw investors

By Carmelito Q. Francisco
BusinessWorld / 09:02 PM April 8, 2018
http://bworldonline.com/pbsp-says-mindanao-lgus-need-to-shape-up-to-draw-investors/

DAVAO CITY — The Philippine Business for Social Progress (PBSP), a corporate-led non-profit foundation, has urged local leaders in Mindanao to improve governance standards and take initiatives that will strengthen their direct participation in development and investment projects.

PBSP Chair Miguel Rene A. Dominguez, a former governor of Sarangani province, said local governments — provincial, city, and municipal levels — need to show potential investors that their respective areas are ready to host business ventures.

“They (LGUs) need to be able to institute reforms and other policy initiatives geared toward the building of confidence among investors,” said Mr. Dominguez at the sidelines of last Friday’s launching of the Mindanao Jobs Report (MJR) here.

He pointed out that although Mindanao has vast growth areas for agriculture, farmers have remained poor because they cannot increase productivity and need capital support for better technology and market links.

LGUs, Mr. Dominguez said, can create an attractive investment landscape and help farmers convince investors that they can grow their capital in their localities.

The PBSP, in partnership with the Mindanao Development Authority, launched in 2014 an inclusive development program to encourage investors to consider possibilities in Mindanao, especially in areas outside the established urban and growth zones.

NEW PROGRAM
Meanwhile, the World Bank and the Philippine government are crafting a new program, similar to the Mindanao Rural Development Program (MRDP), that will serve as another mechanism for bringing growth in the rural areas.

Mara K. Warwick, World Bank country director for the Philippines, Brunei, Malaysia, and Thailand, said the proposed program is “still in the initial stages” with ongoing discussions with the Department of Agriculture (DA).

The DA was the lead agency in the implementation of the MRDP, which has now been upscaled into the Philippine Rural Development Project (PRDP).

Ms. Warwick said while similar to the MRDP, “there will always be differences” for the new one, which would be largely based on the Mindanao Jobs Report.

The study recommends a focus on increasing agricultural productivity and boosting human capital.

The MRDP was aimed at addressing poverty in the rural areas of Mindanao by putting in place key infrastructure interventions like farm-to-market roads and irrigation systems, enterprise components and environmental preservation initiatives.

Under the program, LGUs needed to apply for funding for their projects as well as provide a minimal financial counterpart for implementation.

Provincial gov’t to build up northern Iloilo tourism

By Louine Hope U. Conserva
BusinessWorld / 09:04 PM April 8, 2018
http://bworldonline.com/provincial-govt-to-build-up-northern-iloilo-tourism/

THE ILOILO provincial government is planning to create a Northern Iloilo Tourism Authority (NITA) to take the lead in developing the islands in the province’s 5th district into tourism sites.

“We want to prepare the whole northern Iloilo, especially Concepcion, which has 17 islands while the town of Carles, which has 22 or I think 24, to be real tourist destinations,” said Gov. Arthur D. Defensor Sr.

Among the existing tourist destinations in northern Iloilo are Gigantes Island, Sicogon Island, Cabugao Gamay Island, and Pawikan Cave in Carles town; Marbuena Island Resort in Ajuy; Agho Island, Pan de Azucar, and Sandbar Island Beach Resort in Concepcion. However, Mr. Defensor said these sites still lack accommodation facilities. “We are looking at where to place the hotels and facilities — in the mainland or in the islands. Because what some tourists do is to go there for island hopping then go home in the evening,” he said.

The governor said they are now looking at the legislative process for creating the NITA. Mr. Defensor will meet with the northern Iloilo municipal mayors to discuss the plans after the scheduled League of Municipalities of the Philippines-Iloilo assembly on April 10-13.

In a previous interview, Provincial Tourism Office head Gilbert Marin said the 5th District was the top tourism destination in Iloilo province in 2017, accounting for 40% of the total 310,878 tourist arrivals.

Negros Oriental bans permits for coal power plants

By Victor V. Saulon
BusinessWorld / 09:25 PM April 8, 2018
http://bworldonline.com/negros-oriental-bans-permits-for-coal-power-plants/

THE provincial board of Negros Oriental has issued a resolution banning the use of coal as a source of energy throughout the province, adding to the number of local governments that have decided to eradicate the use of the fossil fuel.

In an order dated March 28, Governor Roel R. Degamo signed a policy that all offices and local government instrumentalities in the province “shall not issue any permit, authorization, endorsement, or any expression of support to the development of coal-fired power plants.”

His declaration that Negros Oriental is an “environment-friendly and clean energy province” follows similar issuances by other local governments such as Guimaras, Sorsogon and Ilocos Norte.

Along with the order, the province has opted to use clean and renewable energy in its 19 municipalities and six cities to support economic growth and do away with activities harmful to the environment.

It said as a step forward, the province will stop using coal as an energy source because of its impact on the environment, including high carbon emissions on health and global climate.

The new provincial executive order supports the government’s goal of meeting its commitments in line with the Instrument of Accession to the Paris Agreement on Climate Change, which was signed by the President.

The agreement identifies the critical impact of global warming and the need to address this issue through programs that aim to cut carbon emission.

Based on data from the Department of Energy, the province hosts two geothermal power plants — the 49.4 megawatt (MW) facility in Nasulo and the 192.5 MW Palinpinon plant in Valencia. They are respectively run by Energy Development Corp. and its unit Green Core Geothermal, Inc.

Three upcoming projects in the province will all be using hydroelectric power. These are three separate facilities in Amian under Natural Power Sources Integration, Inc. with a capacities of 3.2 MW, 0.8 MW and 1.5 MW. The target testing and commissioning date of the first two is in December 2020, with the last one in December 2025.

Four separate projects using solar, hydropower, wind and battery storage technologies are in the “indicative” stage, or the project phase where the proponents are in the process of securing permits or negotiating project financing.

Gov’t targets 2018 OK for all major projects

BusinessWorld / 12:31 AM April 9, 2018
http://bworldonline.com/govt-targets-2018-ok-for-all-major-projects/

THE CURRENT ADMINISTRATION hopes to get the green light for all its flagship infrastructure projects by yearend — as it approaches the midpoint of its six-year term in 2019, a chief economic manager said on Sunday.

“Of the 75 high-impact and big-ticket projects we have identified, 23 projects have completed the approval process and are now shovel-ready. We expect the rest of the projects to pass the approval process this year,” Finance Secretary Carlos G. Dominguez III — who is part of the National Economic and Development Authority Board that gives the final approval for major projects — said in a speech at the April 5 World Bank-Singapore Infrastructure Finance Summit that was attended by Southeast Asian finance ministers and investors.

A statement on Sunday of the Finance department had lifted excerpts from the speech.

The administration plans to hike infrastructure spending to 7.3% of gross domestic product by 2022, when President Rodrigo R. Duterte ends his six-year term, from 5.4% in 2017 in a bid to prod GDP growth to 7-8% annually until 2022 from 2017’s 6.7% and a 6.3% average in 2010-2016. — EJCT

Boracay eyes waste-to-energy facilities amid excess garbage

By Victor V. Saulon
BusinessWorld / 09:22 PM April 8, 2018
http://bworldonline.com/boracay-eyes-waste-to-energy-facilities-amid-excess-garbage/

BORACAY authorities are considering a waste-to-energy facility as a long-term solution to the tourist destination’s garbage problem which has contributed to state agencies recommending its closure starting April 26.

“It is going to be entered into by the local government and the private sector,” said Jonas R. Leones, undersecretary of the Department of Environment and Natural Resources, on the sidelines of briefing to announce the agency’s rehabilitation plans during the island’s closure to tourists.

“We were informed that the local government has already talked to someone. They already have a potential partnership,” he said.

He said the capacity of the proposed power plant will depend on the waste being generated by the island, which he estimated at around 90 to 115 tons per day.

He said the island is able to haul out only about 30 to 40 tons daily, leaving a mounting garbage problem that could potentially render the island’s waters unsafe for residents and tourists.

There is a corresponding number of megawatts that can be generated from the excess waste, he said.

Should the project materialize, Boracay will add to the growing number of local governments that are opting to adopt waste-to-energy as a solution to their garbage problem.

For instance, Davao City is planning to build a waste-to-energy facility that can produce around 12 megawatts (MW) of electricity once completed in the next four years. The project is planned to accommodate 600 tons of waste per day. Cebu City and Clark, Pampanga are reportedly also considering similar technologies.

Davao City is looking at the first quarter of 2022 as the target completion date of the project, making it one of the early advocates of waste-to-energy technology. Its project will be partly funded in part by 5.013-billion yen in official development assistance from the Japanese government, and in part from possible private sector investors.

Boracay’s garbage problem prompted the DENR, Department of Tourism and Department of Interior and Local Government to recommend the island’s closure to visitors, a move affirmed by the President.

The rehabilitation of Boracay is set for six months, although the duration may be shortened depending on the progress of the revival efforts after what the DENR called “many years of unbridled expansion and the influx of mass tourism.”

DSWD, DoLE gear up for assistance to Boracay workers

By Louine Hope U. Conserva
BusinessWorld / 09:05 PM April 8, 2018
http://bworldonline.com/dswd-dole-gear-up-for-assistance-to-boracay-workers/

THE Department of Social Welfare and Development (DSWD), as chair of the National Disaster Risk Reduction and Management Council, has called for an inter-agency social response for workers and families who will be affected by the temporary closure of the popular tourist destination Boracay.

“We know that the closure will have significant negative effects on households and employment. We will work as best as we can to mitigate these effects by engaging in convergence efforts with other government agencies,” DSWD Officer in Charge Emmanuel A. Leyco said in a statement released Friday.

The government has announced that Boracay, which has been plagued by environmental abuse, will be closed for six months starting April 26. Mr. Leyco said he already had preliminary discussions with the respective heads of the Department of Environment and Natural Resources (DENR) as well as the Department of Labor and Employment (DoLE) for synchronized response efforts.

The DSWD is set to activate two operations centers in Aklan on April 26, one in Boracay and one in the mainland in front of the Malay municipal hall, to facilitate the release of assistance and emergency welfare services. Meanwhile, the DoLE-Western Visayas office said affected workers can avail of a one-month emergency employment from the agency while other assistance programs are also being prepared. DoLE said more than 17,000 workers are expected to be displaced by the island closure.

Duterte mulls turning Boracay into ‘land reform area’ for farmers

By Arjay L. Balinbin
BusinessWorld / 06:13 PM April 9, 2018
http://bworldonline.com/duterte-mulls-turning-boracay-into-land-reform-area-for-farmers/

President Rodrigo R. Duterte announced on Monday, April 9, that the controversial Boracay island may be subject to land reform coverage.

The President made his remarks a few days after he approved the six-month closure of the island beginning April 26.

“So maybe after that, I-land reform ko lahat yan (I will put it all under land reform program), then I’ll give it to the farmers. I’ll give them the tractors,” Mr. Duterte said in his speech at the Davao International Airport in Davao City prior to his departure for China and Hong Kong.

As for the business sector, the President said: “How about the business? Well, I’m sorry but that is the law. The law says it is forestal, agricultural. Why would I deviate from that? Do I have a good reason to do so?

Former President Gloria M. Arroyo signed the Proclamation No. 1064 that “classifies Boracay Island situated in the Municipality of Malay, Province of Aklan as Forestland (for Protection purposes) and Agricultural Land (Alienable and Disposable) in accordance with the provisions of Commonwealth Act 141, otherwise known as the Public Land Act and Section 13 of Presidential Decree No. 705 otherwise known as Forestry Reform Code of the Philippines, subject to actual ground survey and delineation.”

Mr. Duterte stressed that the island is going to be a land reform area for Filipinos. “If they want to build something there, they can.”

The President also denied speculations that there is a planned construction of a giant casino on the island.

“I never said about building anything or even a nipa hut there. What I said is that the island itself is owned by the government. I’ve said before that it is agricultural and forestal. Unless there is a law or a proclamation of the President setting aside anything there, an inch of land, maybe, then that would be all right for all those people to go in,” he explained.

Ejercito to propose review of Banaue Rice Terraces

By Camille A. Aguinaldo
BusinessWorld / 09:07 PM April 9, 2018
http://bworldonline.com/ejercito-to-propose-review-of-banaue-rice-terraces/

SENATOR Joseph Victor G. Ejercito plans to file a resolution looking into the “deteriorating” state of another tourist destination, the Banaue Rice Terraces in Ifugao province.

“Like Boracay, we need drastic measures to save it,” he said in a mobile message to reporters on Monday. Mr. Ejercito’s plans was prompted by his visit over the weekend in the Cordillera region, where he observed that the Banaue Rice Terraces, a UNESCO Heritage Site, is under threat from residential structures.

He added that the “younger generation” in the area have lost interest in farming and there may no longer be cultivators in the future. Mr. Ejercito will discuss his proposal with Senator Nancy S. Binay, chair of the committee on tourism.

APFC aims to have 30 FastCats by 2020

By Charmaine A. Tadalan
BusinessWorld / 12:03 AM April 6, 2018
http://bworldonline.com/apfc-aims-to-have-30-fastcats-by-2020/

FASTCAT operator Archipelago Philippine Ferries Corp. (APFC) is aiming have 30 vessels in its fleet by 2020.

“To complete our fleeting of 30 ships by 2020, we need 18 ships,” APFC President and Chief Executive Officer Christopher S. Pastrana told reporters in a briefing on Thursday.

At present, FastCat currently operates 12 ferries.

On Thursday, APFC signed a P1.726-billion, 12-year loan agreement

 

…

Picking the Right Neighborhood For You

April 5, 2018

When you’re considering buying a new home, never forget to scout the neighborhood first.
More often than not, the kind of environment you’ll buy into can make or break your
experience. Your home is an investment and you have to make sure you’ll enjoy it in the long
term. But how?

Here are five questions you need answers for to know if your dream home is in your dream
neighborhood:
What do you want around you?
Look around the neighborhood you’re considering and see if any of the amenities you prefer to
be near are present. If you’re a foodie, you may prefer restaurants and cafés near your place. If
you’re artsy, perhaps bookshops and open spaces where you can get inspiration. If you have
pets and kids, you’d probably want to live near a park or a beach where you can spend quality
time with them. It’s different for everybody, so make sure you do some introspection to find
the right fit for you.
What don’t you have in your current community?
This may seem like an odd question to ask but it’s necessary. Knowing what you want to add in
your life is one of the reasons you considered getting a new home in the first place. Maybe you
don’t have grocery stores nearby and you want to be able to shop closer to home. Maybe you
need a gym available to you. Think of things you’ve been missing from where you currently live
and look out for those things.
How far are you willing to commute or drive?
Ask yourself how you plan to get around. If you drive, how far – and long – are you willing to
drive to and from your home? Is public transportation available for emergencies? Are there
traffic jams in the area? Consider how this transit time will affect your quality of life. This is one
of the most important things to consider. You wouldn’t want to start your days dreading the
traffic, would you?
Is it safe?
Perhaps the most important factor out of everything in this list is safety. Your home should be a
place where you, your family, and your belongings are secure. No one deserves to feel
threatened in their space. Ask around among the area’s homeowners and your potential
neighbors if there are risks you should know about.
Can you picture yourself there in the long term?
As we’ve discussed before, a home is an investment. If you can’t see yourself making use of and
enjoying your investment, it’s probably not the right place for you. There are a lot of options out there in the market and you’ll have to be patient until you come across the right fit. Believe
us, it exists.

Once you’ve got your answers to the questions above, you’ll be ready to hunt for your new
home.
Don’t miss the opportunity to check out the new standard for Aussie living here in Cebu, Le
Menda Residences. Le Menda is located at a peaceful, safe, and high-end neighborhood in
Lahug’s Veteran Drive. Lahug is a magical blend of urban life with country feels. If you do decide
to avail of one of our magnificent units, you’ll enjoy daily private views of the Cebu cityscape
and the dazzling blue sea Cebu is famous for. Not only that, but you’ll have access to all the
amenities you’ll need right in our property! We have a pool, kiddie pool, gym, spa, restaurant,
convenience store, laundromat, theatre and game room, and so much more. You’ll find
everything you need at Le Menda.
So don’t miss this chance to find your perfect home today. Talk to one of our agents now!

Important Things To Know About A Potential Condo

March 23, 2018

Important Things To Know About A Potential Condoreal estate in the city

Investments are tricky, even more so when they’re as personal as a home. It is important
to be able to make an informed choice when you decide where to put your money in. As
a condominium unit is essentially a shared piece of property, it is even more crucial to
do your homework and find out everything there is to learn about it.

 
Know what the condo includes
This may seem too obvious but a lot of the time, buyers only ask surface
questions. It is important to ask if you are entitled to your own parking space
or if there are additional charges for it. What amenities are you privileged
with? What appliances and furniture come with the unit? Are you allowed to
alter and/or replace them? Can you renovate the space according to your
preference? Questions like these will help you picture the kind of life you
intend to live in your potential space, so don’t be shy.

 
Know whether the building is insured
In a tropical country that is prone to natural disasters like the Philippines, it
is important to know if you have backup in case an earthquake hits. Safety
and security is a major factor, as well as knowing whether, if worse comes to
worse, you have financial backing for your home. You’ll be able to sleep more
soundly in the midst of a storm knowing that your home and your financial
investment is stormproof.

 
Know who maintains the property
Finding out who maintains the building of your condo unit is like getting to
know your neighbors when you move into a new town. You’ll have a pretty
good idea the kind of environment you’ll be in, whether they keep the lawn
clean or, in this case, the hallway. Things like troubleshooting and upkeep are
essential to maintain kind of lifestyle you are buying into. It doesn’t pay to
have a pool when the pool is dirty half the time. Or if the garbage shoot is
clogged, security is sloppy, and the clinic isn’t properly manned. The
amenities available in the property you’re buying into is only as good as the
maintenance that keeps them useable.

 
As mentioned previously, these are things you need to look into before making your
decision. If your agent is hesitant to disclose certain information, remember that as an
investor, you are entitled to learn as much as you can about a property you are buying
into. Don’t be intimidated out of asking questions.

 
With Le Menda, you never have to wonder. You get to live independently with your own
furnished condominium! Situated in a high-end residential area, Le Menda is developed
by Vestahomes Commercial Incorporated. Not only will you have gorgeous sweeping views of the Queen City of the City, you will also experience the Aussie standard of living on a daily basis!

Unit Inclusions:
 Home theater system with LED TV
 TV stand
 Split AC unit
 Wardrobe
 Dresser
 Bed
 Bedside table
 Window type AC
 Refrigerator
 Dining set
 Complete Furnishing
o Living
o Dining
o Kitchen
o Entertainment
o Bedroom
 Fixtures
o Smoke detectors
o Intercom system
o Sprinklers
o Range hood
o Shower enclosure
o Vanity
o Water heater
o Kitchen cabinets

Amenities:
 Postal box area
 Restaurant/Café
 Salon
 Pharmacy
 Laundry
 Water filling station
 Supermarket
 Day Care Center
 Community Hall
 Gym /Fitness Center
 Theater Room
 Computer/Game Room
 Table tennis/Billiards Room
 Swimming pool
 Kiddie pool
 Sauna room
 BBQ area

What are you waiting for? Talk to one of our agents today!

1234
patent replika saat