Monthly Archives: December 2009

TESDA electronic portal project highly irregular, says COA

Published by reposted only Date posted on December 30, 2009

MANILA, Philippines – State auditors have tagged as highly irregular the electronic portal project of the Technical Education and Skills Development Authority (TESDA) involving funds worth more than P30 million, even recommending the investigation of agency officials who “disregarded” rules on bidding in approving the questionable contracts.

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Government expects budget deficit of P293 billion in 2010

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MANILA, Philippines – The government is looking at a budget deficit of P293 billion next year, higher than the initial estimate of P233.4 billion, Finance Secretary Margarito Teves said yesterday.

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RP will continue to rely mainly on coal

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MANILA, Philippines – The Philippines will continue to rely on coal as its main fuel to generate electricity in the medium-term, a power industry official said.

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Teves sees 4% GDP growth next year

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MANILA, Philippines – The Philippine economy, as measured by gross domestic product (GDP), may grow by as much as four percent in 2010 along with the global economic recovery, Finance Secretary Margarito Teves said yesterday.

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Foreign debt up 2.5% to $53.1 billion in third quarter

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MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) reported yesterday that the country’s external debt went up by 2.5 percent to $53.1 billion as of end-September this year from $51.8 billion as of end-June this year.

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East Asia to launch $120B crisis fund

Published by reposted only Date posted on December 29, 2009

Asean +3 to set up crisis safety net SEOUL —Fourteen East and Southeast Asian economies said on Monday that they have signed a plan to set up a $120-billion emergency fund known as the Chiang Mai Initiative, Asia’s first move to devise a safety net to shield itself from a financial crisis.

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’09 mining investments fall short of target

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MINING INVESTMENTS in the Philippines reached $375 million—just a little more than half of the $650-million target for 2009, according to the Mines and Geosciences Bureau (MGB).

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Saudi resident visas to expats’ wives, kids

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REGARDLESS OF JOB JEDDAH, Kingdom of Saudi Arabia—The Foreign Ministry will issue permanent resident visas for wives and children of expatriate workers in the kingdom without considering their profession, Al-Yaum Arabic daily has reported.

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Jollibee one of Asia’s best—Wall Street Journal

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MANILA, Philippines—The Philippines’ largest fast-food chain Jollibee received a plaque of recognition from The Wall Street Journal Asia for being one of the top regional companies in the publication’s Asia 200 survey.

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Arroyo performance rating stays ‘bad’

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MANILA, Philippines – The Filipino public continues to be greatly dissatisfied with the performance of President Gloria Macapagal-Arroyo.

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Call centers here on a roll

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NEW DELHI—For about a decade, it was India’s call center boom that defined it as “the world’s back office,” much like neighboring China has been immortalized as “the world’s factory.”

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Govt agencies, corporations biggest tax dodgers, BIR says

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GOVERNMENT agencies, state-owned corporations and city governments are among the biggest tax dodgers, according to Internal Revenue.

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Double-digit mobile subscriber growth unattainable next year, says commission

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THE National Telecommunications Commission (NTC) said that the industry would be hard-pressed to hit a double-digit growth for mobile phone subscribers next year because the market has already matured.

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MWSS, two utilities face host of raps

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Criminal and administrative charges were filed against the water utility regulator in greater Metro Manila and two water concessionaires serving the capital region for failing to build sewerage plants as mandated by law.

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RP, Japan satisfied with Jpepa’s gains

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ONE YEAR AFTER PACT’S IMPLEMENTATION A year after its implemen-tation, the governments of the Philippines and Japan have expressed “general satisfaction” over the achievements of the controversial free trade agreement (FTA) they had forged.

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‘Climate change biggest factor in forced displacement of people’

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MANILA, Philippines – Climate change is the biggest factor in the forced displacement of people as global warming is blurring the traditional distinction between refugees and migrants, according to the United Nations High Commission for Refugees (UNHCR).

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SWS: Most Pinoys more hopeful than fearful in 2010

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MANILA, Philippines – Nine out of 10 Filipinos welcome the New Year with hope rather than fear, according to a recent survey of the Social Weather Stations (SWS).

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Yearender: Comelec prepares for full poll automation

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MANILA, Philippines – For almost the entire year, the Commission on Elections (Comelec) has been preoccupied with the full automation of the local and national polls on May 10, 2010.

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Most ecozone firms resume operations

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MANILA, Philippines – Almost all firms located in the economic zones operated by the Philippine Economic Zone Authority (PEZA) that closed shop because of the global financial crisis have already resumed operations and has even started hiring new employees, the government reported.

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Getting along with people

Published by reposted only Date posted on December 28, 2009

How do you get along with people? Well, listen to this story: Two people had adjoining farms, one raised wheat and had children and large dogs. The other raised sheep.

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Good corporate practices matter to investors — poll

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Good corporate governance among listed firms matter to stock market investors, a recent study by the Philippine Stock Exchange (PSE) revealed.

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Estrada son tops Senate race in poll

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SENATOR Jinggoy Estrada has emerged as the top candidate for the Senate in the second Standard Today Poll, with Senator Miriam Defensor-Santiago a close second.

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Aquino maintains lead in Standard’s December survey

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SENATOR Benigno Aquino III has maintained a double-digit lead over Senator Manuel Villar Jr. in the race for the presidency, the latest poll commissioned by Standard Today shows.

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2009 lessons that people managers cannot ignore

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PETER Drucker (1909 to 2005), the famous American management guru was vocal about the distinction between efficiency and effectiveness when he told us that “efficiency is doing the job right, effectiveness is doing the right job.”

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Local banks’ recovery from fall of Lehman slow

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DESPITE low interest rates, Philippine banks have remained liquid yet cautious in extending loans to consumers and businesses since the collapse of Lehman Brothers in September 2008, resulting in a gradual slowdown of credit growth the following year.

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Fatal shipping accidents in Philippines

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The sinking of the ferry MV Baleno-9 near the Philippine city of Batangas, which has left at least three dead and 22 missing, is the latest in a long list of shipping accidents across the Philippines. Millions of Filipinos, many of them too poor to afford air travel, use the seas and waterways to travel…

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Who are the elite?

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They get the most of what there is to get Our elite of power and wealth are extremely diverse. Their members range from the genteel remnants of the colonial hacendero families to the grossest political-warlord clans such as the Ampatuans of Maguindanao, who are accused of slaughtering 57 people in just one morning.

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Private firms prepay $976-million debt in January-October

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MANILA, Philippines – Companies prepaid $975.8 million worth of foreign-denominated obligations in the first 10 months of the year to take advantage of the stronger peso and lower interest rates.

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Yearender: Teves feels like going through hell in 2009 due to RP’s budget woes

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MANILA, Philippines – How do you keep sane when money flies out of the window and the bills just keep on coming? You look at your wallet and see nothing in it and then you count silently when the next paycheck would come and you realize instantly that you have a shortfall. It’s difficult and…

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BSP wants further cut in remittance fees

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MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) is set to push for the further reduction of remittance fees this year to help advance the welfare of the families of Filipinos working overseas.

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