Posted by Metro Express News on Tuesday, May 31, 2011,
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BUSINESS
NATIONAL government spending has started to pick up in April, as the utilization of Notice of Cash Allocations (NCA) has improved to 88.9 percent as of April from 82.0 percent as of March, according to the Department of Budget and Management (DBM).
Government disbursements in April amounted to P112.1 billion, or 8 percent lower than the P121.9 billion spent in April 2010 and 14 percent lower than the program of P130.1 billion. Disbursements in the first four months of the year amounted to P461... Continue reading ...
Posted by Metro Express News on Tuesday, May 31, 2011,
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BUSINESS
THE Philippines’ largest national flag carrier, Cebu Pacific (CEB) will increase domestic flights in the 4th quarter of 2011, making available 33% more seats compared to the same period last year.
CEB will take delivery of 3 more brand-new Airbus A320 aircraft in October, allowing the airline to offer the lowest possible fares in the market and mount more domestic flights. “This is in line with CEB’s continued commitment to promote tourism and economy in the destinations it flies to. Fo... Continue reading ...
Posted by Metro Express News on Tuesday, May 31, 2011,
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BUSINESS
“WE HAVE strived to increase tax collections without imposing new taxes and we have been very aggressive in eliminating wasteful spending,” Presidential Spokesperson Edwin Lacierda said, in response to the Government’s highest monthly fiscal surplus in 25 years.
The national government recorded a surplus of P26.258 billion for the month of April, which brings its fiscal position for the first four months of the year to a surplus of P61 million.
“According to our economic managers, this ... Continue reading ...
Posted by Metro Express News on Tuesday, May 31, 2011,
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BUSINESS
THE National Economic and Development Authority (NEDA) has said the Philippine economy is likely to grow 4.8 percent to 5.8 percent in the first quarter of this year compared to last year.
Socioeconomic Planning Secretary Cayetano Paderanga told reporters that the agriculture and services sectors contributed to the growth in the January-March 2011 quarter.
In the first quarter of 2010, the economy grew by 7.3 percent.
The government expects the economy, as measured by the gross domestic product ... Continue reading ...
Posted by Metro Express News on Sunday, May 22, 2011,
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BUSINESS
THE Philippines’ largest national flag carrier, Cebu Pacific (PSE:CEB) was named the most sociable airline in the world recently by Planely.com, an air travel-focused social networking site that saw 142 airlines joining its contest. Planely’s service allows passengers to register their flights, and the website shows them who they will be flying with so they can meet and help pass the time, network or taxi-share. Nick Martin, founder and CEO of Planely said, “We’re delighted to see how... Continue reading ...
Posted by Metro Express News on Sunday, May 22, 2011,
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BUSINESS
SMART Communications, a wholly-owned subsidiary of Philippine Long Distance Telephone Company (PLDT), posted continuous gains in mobile internet with five percent increase in its earnings in the first quarter of 2011.
“Despite the lower revenues, our margins actually improved as we continue to manage our cash expenses closely and prudently. Mobile subscriber take-up remains surprisingly resilient but revenues are under pressure as a result of lower volumes in both voice and text – the numb... Continue reading ...
Posted by Metro Express News on Sunday, May 22, 2011,
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BUSINESS
EXPORTS of Philippine-made goods in March grew by 4 percent to $4.35 billion from last year's $4.18 billion, the National Statistics Office (NSO) reported Tuesday.
For the first three months of the year, exports rose by 7.8 percent to $ 12.215 billion from $11.33 billion in the same period last year.
Electronics exports fetched $ 2.38 billion in March, up from $ 2.015 billion in February.
Sales of coconut oil, including crude and refined, amounted to $ 183.19 million, up by 78.5 percent compared... Continue reading ...
Posted by Metro Express News on Friday, May 13, 2011,
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BUSINESS
FILIPINOS' continuing fascination with useful applications in smartphones will result in bigger demand for mobile units, capable of carrying platforms such as android and the more famous Apple, an official of a local telecom giant said. "This presents an opportunity for us to produce more enriching and relevant experiences for our subscribers when they use their mobile phones," Globe Telecom President and CEO Ernest Cu said during the Mobile Marketing Conference organized by the Internet and ... Continue reading ...
Posted by Metro Express News on Friday, May 13, 2011,
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BUSINESS
SEM-CALACA Power Corp., a unit of DMCI Holdings Inc. of the Consunji Group, will start the expansion of the 600-megawatt Calaca-coal fired power plant this year, a company official said. Sem-Calaca director Nestor Davidas said the target is to expand the plant's capacity by another 600 MW but the first phase would be to construct two units of 150 MW circulating fluidized bed power plant. "The 2 X 150 MW CFB coal power plant is the first phase of the total 4 x 150 MW. We hope to break ground w... Continue reading ...
Posted by Metro Express News on Friday, May 13, 2011,
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BUSINESS
TWO new Shoe Mart (SM) malls, one of which is in Tianjin, China, are set to rise in two years boosting the retail giant's presence not just in the country but in the region. "A bigger and bolder SM Prime has since emerged, ready to take on the vast opportunities that will come from a robust and still growing Asian economy. Examples of this new momentum we are experiencing are the projects we are undertaking in Cebu City and in Tianjin, China,” Hans T. Sy, SM Prime Holdings, Inc. (SM Prime) p... Continue reading ...
Posted by Metro Express News on Tuesday, April 26, 2011,
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BUSINESS
CUSTOMS Commissioner Angelito Alvarez has ordered the adoption of worldwide freight rate reference for containerized cargoes to deny tax cheats one of their age-old tricks for duties and taxes avoidance.
Alvarez said the Bureau of Customs was losing more than P1.3 billion a year from freight undervaluation due to absence of a reliable reference rate which the agency’s assessment personnel could use to check under-declarations in freight charges.
Until recently, mere photocopies of the bill of... Continue reading ...
Posted by Metro Express News on Tuesday, April 26, 2011,
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BUSINESS
IN AREAS where there are no roads nor would be too costly to construct one, farmers are now literally “clinging on” agricultural tramlines.
Made of steel cable, pulleys and steel cage as “cable car” or carriage, a tramline has become a cheaper, more efficient and faster mode of transporting farm products from isolated areas to the nearest road onto trading posts or public markets.
Thanks to the ingenuity of Department of Agriculture (DA) engineers, particularly at the Philippine Center ... Continue reading ...
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