corporate

CebuPac cancels all flights from May 1-15 due to ECQ extension

April 26, 2020

CEBU Pacific announced on Friday, April 24, that all domestic and international flights from May 1 to 15, 2020 are canceled, following the extension of enhanced community quarantine in the most part of Luzon and the implementation of “general community quarantine” over other provinces.     “We will provide updates on when we will restart passenger operations as soon as possible,” Cebu Pacific said in a statement. The local airline assured the public that they will continue to mount all-cargo flights of vital goods, including medicine and personal protective equipment (PPE) across the country. Passengers on canceled flights are encouraged to manage their bookings online through the airline’s website before the scheduled travel dates.     For those passengers with booked flights from May 16 to September 30 can also manage their bookings online and can rebook to any other travel date within one year or place the full cost of the ticket in a travel fund valid for one year.     

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Manufacturers asked to slash canned goods prices

April 23, 2020

LABAN Konsyumer, Inc. (LKI) has urged canned goods manufacturers to lower the prices of their products as world oil prices continue to stumble.      During the virtual presser of Tapatan sa Aristocrat on Wednesday, LKI President Victorio Mario Dimagiba said they should implement at least a 5-percent price cut on their canned goods products.     “Five percent at the minimum, but let the manufacturers decide if they can do it higher,” said Dimagiba, who is also the former undersecretary of the Department of Trade and Industry-Consumer Protection Group.     Federation of Filipino-Chinese Chamber of Commerce Henry Lim Bon Liong also agreed that manufacturers should look into lowering prices of canned goods amid the falling crude prices in the world market.     As of this writing, World Texas Intermediate crude is trading at $12.67 per barrel while Brent crude at $18.63 per barrel.     Data from the DTI show that suggested retail prices (SRPs) of 155-gram canned sardines range from P13.25 to P17.25.     SRP of 150-gram corned beef is between P18.50 and P32, while for 170-gram ranges between P29 to P37.     Other canned goods considered as basic necessities and prime commodities include condensed and evaporated milk, luncheon meat, meatloaf, and beef loaf. (PNA)  

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SEC tracks down 4 additional unauthorized investment schemes

April 23, 2020

THE Securities and Exchange Commission (SEC) has identified four more unauthorized investment schemes, including rackets possibly operated by previously flagged groups under new names.      In separate advisories issued on April 21, the commission warned the public against dealing with Viceem Help Worldwide/Viceem Help by Millionaire Maker Team, Nexus P Capital by GK Marketing Limited, and My Profit Robot (MPR).     In an earlier advisory dated April 15, the SEC likewise flagged the unauthorized investment-taking activities of Norway International OPC.     Viceem Help Worldwide/ Viceem Help, Nexus P Capital and its operator GK Marketing, MPR, and Norway International have not secured from the Commission the necessary licenses to solicit, accept or take investments from the public, as required under Republic Act 8799, or The Securities Regulation Code.     Based on reports from the public and as posted on its Facebook Messenger Group, Viceem Help Worldwide/ Viceem Help is simply the new name of Azenzo-Online whose unauthorized investment-taking activities have been flagged earlier.     The investment scheme of Viceem Help Worldwide/ Viceem Help resembles that of Azenso-Online, which promises a 30 percent to 100 percent return on investment within five to 20 days under a scheme similar to that of Kapa-Community Ministry International.     Nexus P Capital also operates an investment scheme that the SEC has warned the public about earlier this month. Like Cryptec, the scheme operated by a company purportedly incorporated in the United States offers cryptocurrency and foreign exchange trading accounts promising lucrative returns.     Its online trading platforms are supposedly tailored to minimize the chances of an unsuccessful trade, offering a 1:2 to 1:20 leverage for cryptocurrency trading and 1:100 to 1:400 for forex trading.     The leverage system essentially allows investors to cover a fraction of the value necessary for the trade or transaction, as the rest of the amount is provided or lent by their brokers or agents subject to certain fees and/or commissions.       Nexus P Capital also uses a trading bonus system in its credit token scheme to discourage investors from withdrawing their investments until they have complied with the minimum trade volume requirement. In case of non-fulfillment, credit tokens are forfeited and losses incurred are deducted from the investors’ deposits, which shall then be subject to a 20-percent withdrawal fee.   MPR, meanwhile, claims to be a unique trading robot that trades cryptocurrencies around the clock using BXTCoins and Property Arbitrage. It further claims that it buys and sells cryptocurrencies over several markets in order to make a profit from small to massive price differences across different markets.   As posted online, MPR touts an average daily profit of 1 percent per day or 365 percent per annum. To earn, one will need to purchase a six-month license for $200 and deposit bitcoins in his or her BXT wallet.   An initial investment of P5,000 will supposedly yield a profit of P1,739 in 30 days, or a 1 percent daily profit, to as much as P20,022 in six months. In addition, an investor may earn from referral fees and receive up to 35 percent commission on sales.   On the other hand, the investment scheme of Norway International involves beauty products and food supplements. One may purchase starter packages worth P1,500 to P4,500 to earn retail profits, cash rewards, direct referral bonuses, pairing bonuses, direct match bonuses, and car and travel incentives, among others.   The investor may earn even without selling any of the products under the so-called Norway International Binary System. For instance, a member or future investor availing of the P1,500 starter package is promised P90,000 to P270,000, an equivalent to a 6,000 percent to 18,000 percent return on investment, within a month.    Those who act as salesmen, brokers, dealers or agents of fraudulent investment schemes may be held criminally liable and penalized with a maximum fine of P5 million or imprisonment of 21 years or both under the Securities Regulation Code.   Republic Act 11469, or the Bayanihan to Heal as One Act, further penalizes those participating in cyber incidents that make use or take advantage of the coronavirus disease 2019 (Covid-19) pandemic to prey on the public through scams, phishing, fraudulent emails, or other similar acts with two-month imprisonment or a maximum fine of P1 million or both. (PR)  

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PSALM provides grace period, staggered fees for energy sector

April 23, 2020

THE GOVERNMENT-owned Power Sector Assets and Liabilities Management Corp. (PSALM) is providing power stakeholders with a grace period of paying their fees which due dates fall during the period of the enhanced community quarantine (ECQ), as well as it is allowing them to pay their dues in installments in the next four billing months.     On Tuesday, PSALM released its latest advisory adhering to the recent orders by the Department of Energy and the Energy Regulatory Commission on the payments of dues and obligations within the energy sector, as the ECQ, which was originally set to end on April 14, was extended up to the end of April.     Payments of PSALM’s fees on power billings and ancillary services that fall within the quarantine period from March 15 to April 30 were put on hold.     The order covers payments of distribution utilities, industries, ecozones and government entities of regular power bills, deferred accounting adjustments (DAA) on GRAM (generation rate adjustment mechanism) and ICERA (incremental currency exchange rate adjustment), ACRM (automatic cost recovery mechanism) true-up adjustments, remittances entitled to prompt payment discount (PPD), restructured accounts on power, and ancillary services payments due from the National Grid Corporation of the Philippines (NGCP). Also, a deadline extension is given to independent power producers (IPP) administrators for their capacity and energy payments to PSALM. They are also allowed to pay their deferred dues in installments, provided that IPPs and fuel suppliers adopt the same due date extension and payment scheme. Entities collecting universal charges are expected to provide a grace period and a staggered bills payment scheme to electricity consumers, while PSALM also grants the collecting entities (CE) with the same extension for their remittances of universal charges to the agency. These universal charges include missionary electrification charge, environmental charge for watershed rehabilitation and management and stranded debts. The agency tasked to privatize the government’s power assets has been given a grace period to disburse funds from these payments to its beneficiaries. “PSALM strongly reiterates its requirement to power customers, CEs, NGCP and IPPAs to immediately remit to PSALM any proportionate amounts that they may have already collected from their own customers, if any, without awaiting the extended due dates,” it said in the advisory. “Customers who have the ability to pay are encouraged to continue to timely settle their bills with PSALM within the original due dates,” it added. In a separate statement, PSALM said on Tuesday that it had again moved the deadline for the submission of bids for the third round of public bidding for the Malaya thermal power plant and its underlying land. It set the new deadline at 12:00 noon on June 30 from May 30, citing the extension of the enhanced community quarantine. PSALM said the dates of the other bidding activities were also adjusted. The new deadline for the filing of a request to bid as a consortium is on May 11. The submission of documentary deliverables is rescheduled to May 15, while the release of asset purchase agreement to qualified bidders is set to happen on June 16 or not later than seven days before the bid submission deadline. PSALM said it would disclose the minimum bid price to qualified bidders immediately after it had secured the board’s decision on the matter. Its board is awaiting feedback from the Commission on Audit on the request of PSALM to allow a discounting mechanism that would lower the minimum bid price. The agency said it was monitoring the coronavirus disease 2019 (COVID-19) pandemic and that it would issue appropriate supplemental bid bulletins to modify the dates of the bidding process should these are needed.  

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FDC DONATES PPEs

April 21, 2020

Filinvest's FDC Misamis Power Corporation aids the Provincial Government of Misamis Oriental in its battle against the coronavirus. The power firm donated over 200 sets of personal protective equipment, 40 units of face shields and 1 unit of a ventilator. The photo shows Governor Yevgeny “Bambi” Emano (4th from left) delightedly accepting the items from FDC Misamis personnel - (from left-right) Logistics Manager Senta Mae Flores, ComRel Officer Analiza Miso, and External Affairs Officer Aaron Rodrigo. Also present during the turnover are Prov. Health Officer Dr. Jerie Calingasan, Prov. DOH Officer Dr. Jocelyn Terrecampo, and Supervising Admin. Officer Ms. Rosette Cervantes.

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PCCI asks gov’t to lure companies exiting China

April 21, 2020

PHILIPPINE Chamber of Commerce and Industry (PCCI) President Benedicto Yujuico said the government should look into attracting companies that plan to exit from China by offering generous incentives to keep the economy afloat amid the coronavirus disease 2019 (Covid-19) pandemic.      During the virtual presser of Tapatan sa Aristocrat Monday, Yujuico said there are businesses particularly manufacturers that are leaving China because “they think that the supply chain there is not dependable” thus the Philippine government should maneuver its policies in attracting these firms.     “From China, they go to Thailand and Vietnam where they can get more incentives. But I have yet to hear companies coming to the Philippines because we are scrapping some of our incentives,” he added in Filipino.     Early this month, Japanese Prime Minister Shinzo Abe earmarked JPY220 billion (USD2.2 billion) for Japanese companies to shift their production out of China, saying the pandemic "has clearly exposed grave vulnerabilities in the supply chain of Japanese companies".     The Duterte administration is pushing for its Comprehensive Tax Reform Program (CTRP), in which the second package or the Corporate Income Tax and Incentives Rationalization Act (CITIRA) aims to rationalize tax perks mostly enjoyed by big companies.   “We can defer it and give priority to our industries to be more attractive and competitive. Then let’s talk about it later whether we have over-extended the incentives we give to foreigners that established businesses here,” Yujuico said.   In early March, the PCCI released a statement urging the Senate to immediately pass the CITIRA, saying small-scale businesses do not benefit from the current fiscal incentives of the government.   “While that might be true that they (big companies) are enjoying so much (incentives), now is not the time to take it out,” he said. “We have to refocus our priorities.” (PNA)  

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