One Step Closer

January 31, 2008

BTr sells P7.5B worth of bonds

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The Bureau of the Treasury (BTr) sold P7.5 billion worth of 10-year Treasury bonds (T-bonds) in an auction Tuesday.

The average rate for the paper declined to 5.843 percent from a comparative debt paper of 7.113 percent.

The highest bid stood at 5.975 percent while the lowest offer stood at 5.625 percent.

During Tuesday’s auction, the government received total tenders amounting to P17.44 billion.

Finance Undersecretary and Acting National Treasurer Roberto Tan said the decline in the rates was within expectations as investors sought for facilities to park their funds.

Tan said the National Government’s bond issuance also helped attract investors to Philippine debt papers.

The government offered $500 million in sovereign bonds by reopening its existing 2032 bonds, with Credit Suisse and Deutsche Bank handling the bond sale.

The government took advantage of Moody’s move last week. Moody’s raised its outlook on the country’s key ratings to positive from stable, citing progress in government efforts to stabilize public sector finances.

The affected ratings include the B1 long-term government foreign- and local-currency ratings, the B1 foreign-currency bank deposit ceiling and Ba3 foreign currency country ceiling.

Moody’s B1 rating is four notches below investment grade. It is one notch below Standard & Poor’s B-rating and two notches below Fitch Ratings BB grade.

Officials of the rating firm said that an actual upgrade in ratings will require more fiscal consolidation.

Reference: www.abs-cbnnews.com

Singapore fund acquires 9.5% stake in RP Pepsi unit

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The Government of Singapore Investment Corp. Private Ltd. (GIC) has reportedly acquired a 9.5-percent stake in Pepsi Cola Bottlers Phils. Inc., stock market sources said.

GIC is a global investment management company established in 1981 to manage Singapore’s foreign reserves. With a network of eight offices in key financial capitals around the world, GIC invests internationally in equities, fixed income, foreign exchange, commodities, money markets, alternative investments, real estate and private equity.

With over 900 employees, GIC manages well over $300 billion worth of investments, making it one of the largest private fund management companies in the world.

GIC invested in the initial public offering (IPO) of Pepsi, the country’s second largest bottler by sales and the exclusive licensed bottler of PepsiCo. in the Philippines.

When asked for comment, BDO Capital & Investment Corp., the lead underwriter of Pepsi’s stock offering, said they "could not comment on it because it is confidential information."

GIC has a stake in listed home builder Filinvest Land Inc. of tycoon Andrew Gotianun.

Pepsi completed its public offer last Monday which raised nearly P4 billion. The offering was reportedly 1.3 times over subscribed by international accounts.

Analysts said investors may have considered Pepsi cheap compared with its closest competitors on a price-to-earnings basis.

Pepsi offered a total of 1.142 billion shares or 30.9 percent of its enlarged capital, at P3.50 each share which is almost half of its initial indicative price. Of the total offer shares, 380.8 million were issued by way of IPO while 761.6 million were sold by major shareholders Guoco Assets Philippines Inc. and The Nassim Fund.

Post-IPO, the Guoco Group’s stake in Pepsi will go down to 30 percent from 40.3 percent while the Nassim Fund, which acquired Pepsi in 1997 from the Lorenzo family, will hold only 0.2 percent if the greenshoe option is also exercised. US-based parent PepsiCo, on the other hand, will own 29.5 percent.

Proceeds from the offering will be used to install additional bottling lines to increase capacity and allow the company to manufacture more non-carbonated drinks.

The company also plans to expand its distribution network and acquire additional non-carbonated beverage production facilities to be able to introduce new products.

Pepsi will be the first company to list at the stock exchange this year.

Reference: www.abs-cbnnews.com

IT Project Manager

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Job description
The Information Management Department at headquarters in Rotterdam is responsible for supplying information in order to optimise internal operational processes. As an IT Project Manager, motivating your team will come naturally to you. You will encourage your colleagues to work together efficiently so as to achieve the best possible result. You will draw up a schedule and a budget to ensure proper project preparation and execution. Your management skills and your knowledge of methods and techniques related to system development and data and systems management will enable you to come up with creative technical solutions within the context of the company’s IT policy. You will be responsible for your team and will communicate with the client.

Profile
- You have a university degree or equivalent;
- You have a minimum of 10 years of project-related or other experience in information management and the associated change processes;
- You keep up with changes in your field and turn innovations into opportunities for improvement;
- You work independently, you are analytical and focused on results, and you think in terms of solutions;
- You are enthusiastic and persistent and have good communication skills;
- You have a good command of Dutch and English.

Reference: www.vanoord.com

Bangko Sentral lauds Fed; no comment on RP rates

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The Philippine central bank welcomed the US Federal Reserve’s half a percentage point cut in interest rates overnight, but gave no indication what could emerge at its own policy meeting later on Thursday.

"This is positive for our own economy," Governor Amando Tetangco said in a mobile phone text message, referring to the Fed cut.

"We have a within-target inflation outlook that provides us some policy space, but will continue to monitor related risks, including volatilities in oil and other commodity prices, and shifts in risk preferences of economic agents."

According to a Reuters poll, the central bank is likely to cut interest rates by half a percentage point at its meeting.

Reference: www.abs-cbnnews.com

January 30, 2008

DFA warns of Filipinas acting as ‘drug couriers’ to China

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The Department of Foreign Affairs has warned overseas Filipino workers (OFWs) bound for China to be wary of carrying packages as favors since Filipinas are increasingly being used as drug couriers to China.

Philippine Ambassador to China Sonia Brady said the drugs are usually contained in the guise of the ubiquitous “padala” OFWs are asked to carry into China.  These Filipinas, she said, are being used as “drug couriers” by unscrupulous “friends” working for syndicates involved in drug trafficking into China.

Brady said nine Filipinas were arrested from Dec. 24, 2007 to Jan. 15, 2008 in Guangdong province and Beijing for suspected drug smuggling.

“The arrest of nine Filipinos in Guangdong province and Beijing in a span of three weeks is nothing less than alarming,” Brady said.

“The Embassy earnestly hopes our kababayans would heed the Philippine government’s warnings and not allow themselves to be used as drug couriers.”

The recent arrests brought to 22 the number of Filipinas who have been detained or investigated in China for alleged drug smuggling for the period February 2007 to January 2008.

All claimed that they were requested to carry the “parcels” by friends they met in transit points or another country (Bangkok, Kuala Lumpur, Vientiane, Macau, and Katmandu) who gave them tickets to travel to China in return for payment upon delivery of the parcel to a contact in China. Eventually, they were arrested in different areas in China, identified as “gateways” to drug trafficking activities.

Chinese laws penalize drug trafficking of 50 grams or more of highly dangerous drugs, including heroin, with a prison sentence ranging from 15 years to life imprisonment or death.

“China strictly imposes tough penalties against persons caught in possession of prohibited or dangerous drugs. They face maximum sentences ranging from life imprisonment to death," Brady said.

Among those recently arrested was a Filipina from Northern Luzon who was apprehended upon arrival in China from Kuala Lumpur on Dec. 24,2007 with 800 grams of heroin inside 78 capsules found in her person.

She informed the Embassy that she was offered $5,000 by an African friend of her Nigerian boyfriend to transport 1,000 grams of heroin to Guangzhou through Beijing. Initially, she was given $700 travel allowance, and with the balance to be paid upon turnover of the drugs to an unidentified person in Guangzhou. Before boarding the plane in Kuala Lumpur, she swallowed the 800 grams of heroin in 78 capsules.

She was about to purchase her onward plane ticket to Guangzhou when Beijing airport authorities apprehended her. She vehemently denied the accusations. However, after a body search that yielded some capsules, she admitted to carrying more drugs in her person.

“I urge Filipinos to resist any offer of money from these syndicates for carrying parcels with prohibited drugs to China,” Brady emphasized.

“We will work closely with our regional partners pursuant to bilateral and multilateral mechanisms which address this growing problem as these drug syndicates apparently have a wide network operating in various parts of Asia.”

Reference: www.abs-cbnnews.com

Popular blogger arrested in Myanmar: opposition

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YANGON - A popular Myanmar blogger who belongs to Aung San Suu Kyi’s pro-democracy party has been arrested in Yangon, apparently for violating the nation’s tough Internet controls, a party spokesman said Wednesday. Blogger Nay Phone Latt and another man were arrested Tuesday, according to Nyan Win, spokesman for the National League for Democracy (NLD) party. "We still don’t know exactly why they were arrested, but he had a lot of knowledge and experience with computers," the spokesman told AFP. The other man arrested was believed to be a member of NLD’s youth wing, but the party was still trying to identify him, Nyan Win said. Nay Phone Latt’s blog was written in Burmese and in the style of a novel. He used it as a forum to discuss the difficulties of daily life, such as the power outages that last most of the day and the rising cost of living. Myanmar’s military rulers exert tight controls over the Internet, banning access to news sites and even to web-based email services such as Yahoo or Hotmail. Enterprising young techies have found ways to bypass the controls and have developed a lively online community. The military was outraged by the bloggers during pro-democracy protests in September, when they provided detailed running accounts of the violence and helped spread the news from a country where media access is severely curtailed. The junta cut off the nation’s Internet links at the height of the violence, choking off the flow of information about the crackdown. The United Nations says at least 31 people were killed during the suppression, and 74 remain missing. The NLD says about 100 of its members are still in detention since the crackdown. The party’s leader, Nobel peace prize winner Aung San Suu Kyi, has been under house arrest for 12 of the last 18 years. Ten leaders of the protests have been charged with violating the nation’s strict publishing law, a crime punishable by up to seven years in prison, according to the NLD.

Reference: www.abs-cbnnews.com

New primetime shows fail to dislodge GMA-7 shows

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ABS-CBN launched three new primetime programs last night, January 28, to kick off their 55th anniversary celebration. These new programs are Kung Fu Kids, Lobo, and Palos. Although the numbers that these three ABS-CBN programs got based on the overnight ratings of AGB are quite high, they still failed to beat the strong lineup of existing GMA-7 primetime shows.

Among the three shows, Lobo topbilled by the tandem of Piolo Pascual and Angel Locsin had the best pilot showing with 27.7 percent, which is also the highest overall among ABS-CBN programs last night.

Lobo finished at No. 6 while its direct competitor from GMA-7, Kamandag (starring Angel’s former screen partner Richard Gutierrez), rated 33.1 percent to grab the second place overall.

The action-packed Kung Fu Kids, headlined by child stars, came up with 26.6 percent on its pilot episode to place seventh overall. Kung Fu Kids went up against Kapuso network’s metal hero series Zaido, which crunched 28.9 percent rating to nab the fifth spot.

Finally, the tandem of Cesar Montano and Jake Cuenca in Palos attracted 23.6 percent to take the No. 8 position. Palos had the unfortunate position of going up against the current No. 1 show, Marimar, which stood its ground by posting a 36.8 percent rating to retain its position.

Completing the Top 10 primetime programs were Coffee Prince (31.2 percent) at No. 3; 24 Oras (30.5 percent) at No. 4; TV Patrol World (23 percent) at No. 9; and Kung Ako Ikaw (14.8 percent) at No. 10. Maging Sino Ka Man just missed the winning circle with its 13.3 percent rating.

In the daytime race, Eat Bulaga! and Daisy Siete tied at No. 1 with identical 22.8 percent rating. The new Japanese drama series Hana Yori Dango 2 premiered at second place with 18.7 percent.

Meanwhile, the last episodes of ABS-CBN’s Lastikman and Patayin Sa Sindak Si Barbara last Friday, January 25, also got impressive numbers. Lastikman placed fourth overall with 30.7 percent while Patayin Sa Sindak followed at No. 5 with 28.3 percent.

Marimar
was still on top with 37 percent with Coffee Prince a far second with 32.3 percent; closely followed by Kamandag with 32.2 percent.

GMA-7’s game show, Whammy! Push Your Luck, also had its final episode last Friday. It posted a rating of 15.5 percent to grab the fifth spot in the daytime race, behind Daisy Siete (23.8 percent), Eat Bulaga! (20.5 percent), Maging Akin Ka Lamang (17.4 percent), and My Only Love (15.7 percent).

The TV version of Ai-Ai delas Alas’s hit movie, Volta, premiered last Saturday, January 26, with 20.1 percent to grab the second spot in the daytime race behind Eat Bulaga’s 26.7 percent.

In the primetime race, Bitoy’s Funniest Videos once again ruled the lot with 34.8 percent; followed by Kapuso Mo, Jessica Soho (33.1 percent), Kakasa Ka Ba Sa Grade 5? (26.8 percent); Imbestigador (25.9 percent); and 1 vs. 100 (19.7 percent) to complete the Top 5.

ABS-CBN’s primer on their three new primetime programs—Kung Fu Kids, Lobo, and Palos—placed sixth with 17.9 percent.

Reference: www.gmanews.tv

ABS-CBN to appeal SC ruling on ‘Wowowee’ case

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ABS-CBN Broadcasting Corporation’s chief legal officer said the media giant will file a motion for reconsideration, after the Supreme Court dismissed the network’s petition requesting  a dismissal of an investigation conducted by the Department of Justice on the "Wowowee" stampede that killed 71 people.

The deadly stampede on February 4, 2006 happened as a crowd of ‘Wowowee’ fans (estimates run as high as 30,000 people) tried to get into the show’s first year anniversary bash inside the Philsports Arena in Pasig City.

ABS-CBN earlier questioned the DOJ probe before the Supreme Court, claiming that the speedy investigation as well as certain statements by Justice Secretary Raul Gonzalez proved that the agency is biased against the network.

The 22-page decision penned by Justice Conchita Carpio-Morales said that the high court found nothing defective in the DOJ’s complaint and resolution despite having no signed affidavit from the victims. The Supreme Court said that the facts of the case as stated on record are sufficient.

The high court also said that remarks made by Gonzalez to the media do not indicate that he has already pre-judged the case. It added that any fear on the part of the network regarding possible bias is just "speculation."

The Supreme Court also disagreed with ABS-CBN’s contention that the DOJ violated lawful procedure by conducting both the criminal as well as preliminary investigation on the Wowowee stampede.

The high court said that records show that it was the National Bureau of Investigation, not the DOJ, that conducted the criminal investigation.

Supreme Court spokesman Midas Marquez said that the high court’s decision paves the way for the continuation of legal proceedings, although the network still has 15 days to file a motion for reconsideration.

ABS-CBN’s official statement on the Supreme Court ruling is as follows:

"ABS-CBN Broadcasting Corporation will file a motion for reconsideration with the Supreme Court.

"We want to emphasize that this is not a ruling on the merits of the case. There is no finding of any liability on the part of any officers or staff of ABS-CBN.

"We maintain our position that ABS-CBN was not remiss in taking the necessary precautions in undertaking the event. While we believe that there was no negligence on the part of the network’s officials, ABS-CBN has taken the lead in helping the victims’ families through the 71 Dreams Foundation."

Reference:  www.abs-cbnnews.com

January 29, 2008

Shell to implement P1/liter cut on diesel prices

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Pilipinas Shell on Tuesday announced that it will implement a P1 cut per liter in the prices of diesel.

Shell spokesman Roberto Kanapi said the price cut will take effect at 12:01 a.m. on Friday.

Kanapi said the lowered oil tariff being imposed by the government is the reason for the price cut.

President Arroyo ordered a 1 percentage tariff reduction on oil products to mitigate the increasing prices of pump products in the world market.

"To address the rising price of oil in the world market we will implement immediate assistance to the masses," Mrs. Arroyo said in a news conference.

Mrs. Arroyo’s critics, however, said the tariff cut would only bring more benefit to the dominant international firms in the oil industry.

Activists have been calling on the Arroyo administration for a total scrapping of the value-added tax and the Oil Deregulation Law.

Reference: www.abs-cbnnesw.com

January 28, 2008

The Hundred Island in Pangasinan

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This National Park covers a land area of 1,884 hectares with 123 islands. However, only 3 islands have been developed for tourists namely : Governor, Quezon and Children’s Islands. From Lucap, one takes a boatride to any of these islands : Governor’s Island,(20 mins.), Children’s Island (25 mins.) or Quezon Island (30 mins.). Boats are privately-operated. Of the 3 islands, the Governor’s Island keeps a Guesthouse which is ideal for family use. It has 2 bedrooms, living room, dining room, comfort room/bath and kitchen. Linens, water (1 drum), light, electric fans, dining and cooking utensils/equipment are provided for. Gen-set provides electric power. The bahay kubos and mini pavilion at Children’s Island are for budget travelers as it consists only of screened bedrooms with fresh water and linens. Kerosene lighting is provided for. Common areas are provided for dining and cooking as well as for toilet and bath. At Lucap Point (Mainland), the main building houses a conference room, restaurant and accommodation facilities. A tower-type building near the Lucap Park houses an office at the ground floor which monitors the flow of tourists to the said islands. Reference:

www.google.com






















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