FINANCE Secretary Carlos Dominguez III told the International Monetary Fund the Association of Southeast Asian Nations is moving closer to the creation of a common market for a region considered as one of the major growth drivers in the world. Dominguez, during the IMF managing directors’ roundtable meeting with Asean finance ministers and central governors in Washington D.C., reported the accomplishments of the Philippines and other member-states of the bloc in step with their financial inclusion agenda. Dominguez also relayed to the IMF the concerns of the Asean finance ministers over the prospect of more developed countries adopting inward-looking policies and the possibility of “sharper-than-expected” financial tightening in the export-oriented region amid the normalization of US policy rates.
DE La Salle wingman Ricci Rivero stood out among his peers and earned this week’s UAAP Press Corps-Chooks To Go Player of the Week award of the UAAP Season 80 men’s basketball tournament. The Green Archers notched two straight wins this week to improve to a 6-2 slate with Rivero averaging 20 points, three assists, and 3.5 steals. Rivero said he just tried to play straight defense and the offense will follow through as long as he got to his right spots. The second-year guard carried the offensive responsibilities for La Salle with 20 points, on 9-of-15 shooting, when Ben Mbala struggled on 5-of-16 shooting. Rivero beat Mbala, Thirdy Ravena of Ateneo, and Mark Olayon of University of the East for the weekly plum given by the league’s beat writers from broadsheets, tabloids, and online publications.
State-run National Transmission Corp. said Monday it is in “serious talks” with the World Bank to finance the P52-billion Visayas-Mindanao interconnection project. The project is estimated to be completed in 46 months with an estimated cost of P51.697 billion. Matibag said NGCP could construct the project as long as TransCo would be the supervising authority. TransCo has a pending manifestation with the Energy Regulatory Commission on the interconnection project, stating its position of financing the project to avoid passing on the additional cost to consumers. Matibag said that in the event that ERC rejected the proposal, TransCo would have the option to bid out the project.
Quezon Killer Whales tankers Alexander Marasigan and Aaron Beredo bannered the list of the Most Outstanding Swimmer (MOS) awardees in the Motivational Division of the Philippine Swimming League (PSL) 123rd National Series held at the Diliman Preparatory School swimming pool in Quezon City. AdvertisementsMarasigan collected 34 points to claim the MOS trophy in the boys’ 12-year category while Beredo earned 33 points for winning the top honors in the boys’ 14-year category of the event supported by The Manila Times and the Philippine Sports Commission. We’ve discovered a lot of potential swimmers. We will be guiding them to achieve their best time records and hopefully they will be able to represent our country in international meets in the future,” said PSL President Susan Papa. The PSL is recognized by PSL as an official swimming association in the country following its impressive grassroots development program that aims to train talented swimmers for future international competitions.
Asia’s first Grandmaster (GM) Eugene Torre completed a clean nine-round sweep to take the top honors in the 8th Asian Seniors Championship held at the Waipuna Conference Center in Auckland, New Zealand. But Green grabbed the second place plum via superior tiebreak points leaving Legaspi in third. Antonio clobbered National Master Merben Roque in the third round and Edsel Montoya in the fourth round. 2 spot are GM Srinath Narayanan of India, GM Nguyen Duc Hoa of Vietnam and GM Nigel Short of Great Britain with 3.5 points each. Antonio will be playing Short in the fifth round in the tournament that offers $3,000 to the champion and $2,500 to the runner-up.
Automotive sales increased by 15.9 percent to 302,869 units in the first nine months of 2017 from 261,370 units during the same period in 2016. However, sales in September, according to a combined report of the Chamber of Automotive Manufacturers of the Philippines Inc. and Truck Manufacturers Association, declined 2.4 percent to 34,445 units from 35, 309 units in August. “September sales result decreased compared to August sales result because of decrease in sales of major distributors,” said CAMPI president Rommel Gutierrez. “We maintain our optimism in achieving the year-end target with competitive promotional support and marketing activities to further push vehicle sales,” Gutierrez said. Passenger car sales in the first nine months of 2017 rose 4.8 percent to 101,655 units from 97,036 units a year ago.
Energy Development Corp., the renewable energy arm of the Lopez Group, teamed up with local and international scientific organizations to establish within EDC’s Burgos wind farm in Ilocos Norte a hi-tech monitoring station to measure in precise terms atmospheric greenhouse gases, mainly carbon gases, behind global warming leading to climate change. Energy Development Corp. teams up with local and international scientific organizations to establish within EDC’s Burgos wind farm in Ilocos Norte a hi-tech monitoring station to measure in precise terms atmospheric greenhouse gases, mainly carbon gases, behind global warming leading to climate change. Notwithstanding the area’s importance, there was no TCCON station to measure GHGs in Southeast Asia, including the Pacific Ocean. Both GOSAT-2 and OCO-2 can sample the globe within a few days to measure global carbon; but these satellites rely on ground stations, such as TCCON, to validate their measurements. EDC, with First Philippine Holdings Corp., collaborated with the National Institute for Environmental Studies and Meteorological Research Institute of Japan, the University of Wollongong of Australia and the UP Institute of Environmental Science and Meteorology to put up the TCCON station within the Burgos wind farm.
The Philippines will again host On October 24 to 27, 2017 a big event to be participated by different countries worldwide—the 2017 International Convention on Quality Control Circles—with the theme, Quality Teams Evolved: Driving Change and Sustainability Through Quality Circle Evolution, to be held at Okada Manila. As the world and Asia rapidly change, the atmosphere of working and doing business is continuously shifting as well. Quality teams are thus called to be on the cutting edge. Innovating to stay on top of these changes instead of simply trends become the drivers behind them. The ICQCC is set as they yearly venue for exchanging ideas and experiences on QC Circle activities or team-based improvement programs among countries to further the development of activities, programs and practitioners.
The Shenzhen Stock Exchange is in talks for a possible investment in the Philippine Stock Exchange, a move that could also lure Chinese investors to invest in the local stock market, a top executive said Monday. “Part of our drive to drive down brokers’ ownership to 20 percent is we will be offering additional shares in terms of stock rights and follow-on offering. We are talking to a regional exchange, specifically Shenzhen Stock Exchange to invest in the PSE,” Monzon said. He said with the partnership, he was hoping to put in place “Shenzhen-Manila Connect” where Chinese investors would be able to invest in the local stock market. By reducing brokers’ ownership in the local bourse, PSE hopes to secure the Securities and Exchange Commission’s approval on the former’s planned take over of Philippine Dealing System and Holdings Corp.
LONDON: Award-winning British singer-songwriter Ed Sheeran said Monday that some upcoming shows could be cancelled after he suffered a cycling accident, posting an image of his arm in a cast and a sling. Advertisements“I’ve had a bit of a bicycle accident and I’m currently waiting on some medical advice, which may affect some of my upcoming shows,” Sheeran told his 15.7 million followers on Instagram. Britain’s Daily Mail said the accident happened in London on Sunday. Sheeran is due to perform in Taipei on Sunday at the start of a massive Asia tour taking in Japan, South Korea, Hong Kong, Philippines, Singapore, Malaysia, Thailand and India. That song became the first on Spotify to be streamed half a billion times.
October 16, 2017 12:11 UTC
The operator of Mactan-Cebu International Airport said three Chinese airlines will mount flights from two cities in China to Cebu this month, raising Cebu’s international network to 18 destinations. Ferrer said China Eastern and Juneyao Airlines would both commence flights between Cebu and Shanghai Pudong International Airport. China Eastern will have seven flights weekly in its first run from Oct. 18 to Oct. 28 and it will resume operations on Jan. 18, 2018. Juneyao Airlines will commence thrice weekly flights on Oct. 30, while Okay Airways will launch thrice weekly flights to China’s historic city of Xi’an on Oct. 30, 2017. GMCAC took over the operations of Mactan-Cebu International Airport on Nov. 1, 2014.
“Right now, there is no need to move policy rates looking at the inflation outlook,” Espenilla said in Washington where he was attending the annual International Monetary Fund meetings. That would be a divergence from other central banks in Southeast Asia, like Indonesia and Vietnam, that have eased this year. The central bank is next scheduled to decide policy on Nov. 9. “If you look at it purely from that perspective, that is not really a big driver for us to move policy rates,” Espenilla said on Oct. 15. In past economic cycles, central banks in Asia moved in tandem with the Fed.
FINANCE Undersecretary Gil Beltran said the government’s online trade facilitation platform TradeNet.gov.ph set to be rolled out in December will initially cover rice and six other commonly-traded goods that represent half of the country’s total trade volume. Beltran said in a statement Monday TradeNet.gov.ph would also perform the functions of the country’s National Single Window that allows traders to use the system to apply for import and export permits for rice, sugar, used motor vehicles, chemicals (toluene), frozen meat medicines (for humans, animals or fish) and cured tobacco. The NSW, which will eventually be interconnected by December to the Association of Southeast Asian Nations Single Window, is a regional initiative that aims to speed up cargo clearances and promote economic integration by enabling the electronic exchange of border documents among the organization’s 10 member-states.
“Not yet,” Aguirre said in a text message when asked if frat man Ralph Trangia has already responded to his offer to place him and his family under the Witness Protection Program (WPP). The DOJ chief has noted that “(w)hile he may be a suspect as of the moment, depending on what he will tell our investigators, he could be a potential witness. “I encourage Mr. Trangia and his family to fully cooperate, to tell the truth and, as a future lawyer, to work for justice. Castillo’s parents also included in the complaint Vicente Garcia, owner of the building where the victim’s alleged initiation rites took place. The DOJ will resume its preliminary investigation hearing on the complaint on October 24.
Source:Philippine Daily Inquirer
October 16, 2017 12:11 UTC
HONGKONG―A landmark skyscraper owned by Hong Kong’s richest man Li Ka-shing has sold for a record of more than $5 billion, a report said Monday, indicating that the city’s booming property sector shows no sign of slowing down. Li’s CK Asset sold its 75 percent stake in The Centre, which is located in the city’s bustling Central district, to a consortium led by a Chinese energy firm, the Hong Kong Economic Journal said, citing unnamed sources. The city’s fifth tallest skyscraper would become Hong Kong’s most expensive commercial building ever sold if the HK$40.2 billion (US$5.15 billion) deal goes through, the paper reported. A spokeswoman from CK Asset said no immediate information was available. Shares in CK Asset, Li’s flagship property company, rose 2.62 percent to HK$66.50 in Hong Kong trade Monday.
October 16, 2017 12:00 UTC