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Madelaine B. Miraflor

Victorias Milling CEO named new SRA chief

Chief executive officer (CEO) of listed sugar manufacturer Victorias Milling Company, Inc. (VMC), Anna Rosario Paner was appointed administrator of the Sugar Regulatory Administration (SRA). Paner, who has been with VMC since 2007, will replace Maria Regina Martin, who served as administrator of SRA Administrator for six years. "I am pleased to transmit the appointment letter, signed by President Rodrigo Roa Duterte, of Ms. Anna Rosario Paner, as member, sugar board, Sugar Regulatory Administration, to serve as the unexpired Term of Office that began on July 1, 2016 and will end on June 30, 2017 vice Maria Regina Martin," Salvador Medialdea, Executive Secretary of the Philippines, said in a letter signed on Monday. Governance Commission for GOCCs (GCG) yearly evaluates the performance of top officials in the Government Owned or Controlled Corporations (GOCCs), …

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PH cannot afford to lose mining investments – MGB

Mines and Geosciences Bureau (MGB) Director Mario Luis Jacinto yesterday admitted  the country cannot yet afford to lose mining investments, which currently stand at P282 billion as of last year of which P78 billion have either been suspended or at risk of losing their permits to operate. This developed as Jacinto expressed confidence that the government has the political will and is capable of regulating the mining industry — all its existing stakeholders and the possibly new ones. He said the government is even willing to see this highly-scrutinized sector contributing more to the country's overall gross domestic product (GDP) in the next six years. "There is no shortage of political will when you talk about President Rodrigo Duterte. He will always look into what could be the best interest of the …

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SEC approval for 2 IPOs sought

Shakey’s Pizza Asia Ventures, Inc. (SPAVI) and Xeleb Technologies, Inc. have sought approval from the Securities and Exchange Commission (SEC) for their planned initial public offerings this year. SPAVI is a leading full-service restaurant chain in the country while Xeleb is a technology company. Both separately submitted their registration statements to the SEC specifying their intention to list at the Philippine Stock Exchange (PSE). In its prospectus, SPAVI said it is to sell to the public as much 352 million primary and secondary shares, including 46 million shares for the over allotment option, at a maximum price of P15.58 each. This would give the company proceeds of as much as P5.5 billion. SPAVI, which owns the rights to the Shakey’s trademark here in the Philippines, is expected to finalize the offer price for the …

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MGB audit team leader axed; miners seek direction

Miners are now asking the government for clear direction after President Duterte displaced former Mines and Geosciences Bureau (MGB) Director Leo Jasareno, who was in charge of the government’s nationwide audit on all mining operations. New MGB Director Mario Luis Jacinto confirmed on Monday that Jasareno, who was tasked to lead the mining audit, is now out of the office. “Officially, he (Jasareno) doesn’t have a position anymore so he can’t function for government,” Jacinto told reporters. Chamber of Mines of the Philippines (COMP) Vice President for Policy Ronald Recidoro said in a phone interview that this development raises a lot of questions as to what will happen to the mining audit. To recall, only 11 companies out of 41 metallic mines have passed the government’s nationwide audit, while 20 have been recommended for …

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SEC online registration to start in December

By the end of this year, the Securities and Exchange Commission (SEC) will finally allow the online registration of corporations through the establishment of Corporate Registration System (CRS). In a statement, SEC said it is on track to launch CRS by the end of this year. This will not only allow the online registration of corporations but also pave the way for better monitoring of companies through a red flag system. SEC Chairperson Teresita Herbosa said the agency is now maximizing its automation efforts. Herbosa noted that automation simply means reinventing the Commission so that the SEC may not only deliver faster services to the public through the use of technology, but also limit face-to-face interactions between its officers and the public to prevent opportunities for graft. "The Commission, in its commitment to improve …

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NIA gets P38.66-B budget in 2017

The National Irrigation Administration (NIA) will get a budget of P38.66 billion next year after the Senate Committee on Finance approved on Monday the agency's National Expenditure Program for 2017. In the hearing, Senators Cynthia Villar, Miguel Zubiri, Francis Pangilinan, and Loren Legarda unanimously approved the NIA 2017 proposed budget. NIA Administrator Florencio Padernal said the 2017 budget of NIA will be P36.36 billion. Another P2.3 billion will be given to the agency to implement the “free irrigation” that Agriculture Secretary Emmanuel  Piñol has been pushing for. But this is just less than half of the additional funding of P4 billion Piñol would have wanted NIA to have in order for the agency to cover its annual Irrigation Service Fee (ISF). NIA Spokesperson Pilipina Bermudez said P2.3 billion is enough to cover ISF for …

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P5.4-B irrigation project to operate by 2018

The National Irrigation Administration (NIA) is hopeful that it could finish its P5.4-billion project in Mindanao by 2018, which aims to ease irrigation problems in the region. Filipina Bermudez, NIA Spokesperson, said NIA is now working on phase two of Malitubog-Maridagao Irrigation Project (MMIP-II), which is targeted for completion in 2018. “I hope we can finish it by that time. Kakayanin namin [We will try our best o finish it],” Bermudez said in a phone interview. National Economic and Development Authority (NEDA) last week approved the proposed change in scope, cost, and financing of the ongoing MMIP-II. The changes include an increase in the design area at the same time a decrease in total cost from the NEDA Board-approved P7.0 billion in 2010 to P5.4 billion. Bermudez explained that the reason why the project’s cost …

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Filipinos ignoring brands posted in social media

Kantar TNS, one of the largest research agencies in the world, emphasized the need for businesses to rethink how they connect with consumers online as Filipinos become adverse to intrusive brand advertising. “Today, it’s all about engaging consumers in new ways. Brands must understand their market and develop content that is of value to them,” Zoe Lawrence, Kantar TNS APAC Director for Digital, said. Citing a new Kantar study, Lawrence talked about the rapid rise of social media platforms Instagram and Snapchat in the Philippines. Data showed that Filipino consumers are looking beyond Facebook and are testing newer, more visual channels. The rise of these platforms provides brands with new opportunities to target and engage consumers but consumers also need to be mindful of evolving consumer attitudes as they look to take advantage of …

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Energy sector poised to receive P9-billion financing from EU

The Philippine energy sector is poised to receive assistance amounting to P9 billion from the European Union (EU), a move intended to sustain and develop the cooperation between the country and the delegation. As a focal sector for EU development cooperation with the Philippines, EU has earmarked P9 billion out of an overall cooperation budget of more than P17 billion to the energy sector for the period 2014 to 2020. EU Ambassador to the Philippines Franz Jessen said that out of this P9 billion, P3 billion will be granted to the Access to Sustainable Energy Program (ASEP), a join undertaking of the EU and the Department of Energy meant to promote renewable energy (RE) and energy efficiency in the country. ASEP, which was launched on Friday, aims to provide clean energy solutions to …

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NFA earmarks P2.3 billion for palay-buying this harvest season

The National Food Authority (NFA) is ready to spend anytime as much as P2.3 billion to buy palay from the local farmers now that the harvest season already began. A statement showed that the state-run grains agency already allotted an initial P2.3 billion as Cereal Procurement Fund (CPF) to finance an extensive palay-buying operations nationwide. “We are ready to set up more funds should there be a need to buy more palay,” NFA Officer in Charge Tomas Escarez said. Escarez said the NFA intends to buy 2.6 million bags of palay from local farmers nationwide from September to December 2016. The NFA buys palay at R17 per kilogram with additional incentives of at least P0.70 per kilogram broken down as follows: Cooperative Development Incentive Fee (CDIF) R0.30; Drying Fee, P0.20; and a Delivery Fee …

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