Category Archives: Economy

Agriculture dep’t scales back 2016 output growth target due to late-year typhoons Nina, Lawin, Karen

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“I have to admit we would have to make some adjustments to our projection,” Agriculture Secretary Emmanuel F. Piñol told reporters on Tuesday, noting that the last quarter of 2016 may show a decline of 2% in output.

The final-quarter setback will put a dampener on a full-year target considered by economists to be ambitious. Continue reading

Free tuition pressuring Congress to pass law

FOLLOWING the allocation of P8.3 billion to fund free tuition in state universities and colleges (SUCs), the passage of a free higher education bill will be a government priority in January if the program is to be implemented by the second half of 2017.

 “The agreement in Congress and in the Senate is, first week of next year, we will start hearings on the bill. It needs to be a law soon,” Senator Sherwin T. Gatchalian told BusinessWorld during a Friday phone interview.

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Infra spending, tourism to drive rapid PHL growth, Diokno says

1“We intend for P8.2 to P9 trillion (to be spent in) the next six years. That’s approximately $200 billion,” said Mr. Diokno in a news conference yesterday, referring to public infrastructure spending.

Some P861 billion will be allocated for infrastructure spending next year, according to the budget for 2017 that has been submitted to Congress, and will be presented in a bicameral meeting today, according to Mr. Diokno. Continue reading

Oriental Peninsula mine unit suspended by MGB

2016072864db8In a disclosure to the stock exchange, Oriental Peninsula attached a Mines and Geosciences Bureau (MGB) order announcing “the suspension of the mining operations under Mineral Production Sharing Agreement [MPSA] No. 229-2007-IVB granted to Citinickel Mines and Development Corp. (CMDC), subject to the result of the mine audit to be undertaken pursuant to Development of Environment and Natural Resources memorandum Order No. 2016-01 dated July 8, 2016.” Continue reading

Fortune Life pushes growth prospects in Palawan

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FORTUNE Life Insurance Co. is aggressively pushing its growth and expansion plans in Palawan through the inauguration and blessing of its new branch building  at Lot 9, Fernandez Street, Barangay Tanglaw, Puerto Princesa City, on October 9.

The inaugural program includes a Thanksgiving Mass, ribbon cutting and blessing of Fortune Life branch building. It will be followed by a motorcade around Puerto Princesa City and reception will be at the Citystate Asturias Hotel. Continue reading

A trip down one of the world’s newly-recognised natural wonders

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I am just about to bite into a worm, an extremely long worm. As a child I had occasionally thought of eating a dirt-encrusted juicy one from the garden but had thought better of it.

But this time there is no escape. I have actually ordered it from the worm vendor who has set up his stall outside the restaurant where I am having a fine buffet lunch after returning from a trip down one of the the New 7 Wonders of Nature and a refreshing driftwood worm seems to be in order. Continue reading

Multisectoral Group boosts Palawan Climate Resilience

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Pilipinas Shell Foundation, Inc. (PSFI), the social development arm of Shell companies in the Philippines, recently signed a memorandum of agreement with Weather Philippines Foundation (WPF) for the expansion of the latter’s automated weather station (AWS) network in Palawan. The move aims to intensify the province’s resilience to climate-related risks such as extreme weather events. Continue reading

HOTELS OF THE WEEK: Destinations for the remaining long weekends of 2015

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Agoda.com, one of Asia’s leadingHOTEL BOOKING SITES and part of Nasdaq-listed Priceline Group (Nasdaq:PCLN), has come up with a list of destinations that are perfect for filling up the year’s remaining long weekends.

It makes sense that travelers would want to take advantage of the remaining long weekends before finally saying goodbye to 2015. If you plan it well and score affordable plane tickets, you can relax over three full days. Because of this, many Filipinos are more willing to be adventurous and check out new places since there’s actually more travel time. With that in mind, Agoda.com has put together a list of favorite and up-and-coming Philippine destinations with a couple ofHOTEL recommendations that will definitely make your vacations. Continue reading

PECR 5 awarding still possible this month, Energy dep’t says

introTHE AWARDING of new petroleum service contracts under the fifth Philippine Energy Contracting Round (PECR) could still take place within this month even if the recommendation for award has yet to be secured, Energy department officials said yesterday.

“We have already completed the evaluations of the applications. We will present the results on Thursday,” Rino E. Abad, director of the Energy department’s Energy Resource Development Bureau, said via phone.

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Palawan electric coop inks first renewable power deal

Paleco-and-Langogan-Power-Corp_CNNPHPaleco and Langogan Power Corp. sign a deal to improve the power supply situation in Palawan.

Puerto Princesa (CNN Philippines) — In a bid to harness Palawan’s untapped renewable energy resources, the Palawan Electric Cooperative (Paleco) signed on Friday (September 4) a 25-year power supply contract with the Langogan Power Corp. (LPC). Continue reading

Palawan rejects offer to settle row on gas share

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PUERTO PRINCESA CITY—The national government has expressed willingness to settle a case pending at Supreme Court over Palawan’s demand for a share of royalty from the Malampaya natural gas project, offering to give to the province 10 percent of the total Malampaya royalty.

The position was expressed in a brief submitted recently by Philippine National Oil Co.-Exploration Corp. (PNOC-EC) to the high court, which is set to rule on Palawan’s petition for recognition of jurisdiction over the Camago Malampaya gas deposits off the province’s northern region in the West Philippine Sea. Continue reading

Palawan benefits from DOST’s flood hazard mapping project

DOST_Palawan_CNNPHThe topographic maps will be used in flood modeling of disaster-risk prone areas in Palawan, said Dr. Enrico C. Paringit, program leader of the University of the Philippines’ (UP) DREAM program.

Puerto Princesa (CNN Philippines) — Palawan is one of the many provinces that benefited from the Department of Science and Technology’s (DOST) flood hazard mapping project. Continue reading

Australia’s Otto Energy abandons PH Hawkeye-1 well

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MANILA – Australia-listed Otto Energy Ltd. said on Monday it would plug and abandon a deep-water exploratory well in the West Philippine Sea (South China Sea), which did not reveal commercial oil and gas volumes.

While the drilling of Hawkeye-1 well in the Philippines’ Palawan Basin has proven the existence of hydrocarbons in the area, the size was “at the very low end of expectations and is not economic to develop,” Otto said in a statement. Continue reading

Otto spuds in troubled waters

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Field operator, Otto Energy, drilled the Hawkeye-1 deepwater well in the Palawan basin located in the west of Philippines, near the disputed South China Sea.

After the installation of the conductor at 1906m, the Hawkeye-1 exploration well was drilled and cased to 2449m, informed joint venture partner, Red Emperor Resources.

Red Emperor said, installation and testing of the blowout preventer (BOP) has also been completed, along with the 17 1⁄2in hole to 2664m. Current operations involve the setting of 13 5⁄8in casing in anticipation for drilling the 12 1⁄8in hole to the primary target reservoir. Continue reading

No. 3 nickel miner plumps up for year-round output

shutterstock-mining-cartGLOBAL Ferronickel Holdings, Inc. — the Philippines’ third largest nickel producer — has acquired a mine in Palawan under a $50-million deal, allowing it to produce output all year round, a company official said on Friday.

Dante R. Bravo, newly elected president of Global Ferronickel, announced the miner’s acquisition of Southern Palawan Nickel Ventures, Inc. (SPNVI), which in turn owns at least 90% of Ipilan Nickel Corp. — operator of a mine site in municipality of Brooke’s Point. Continue reading

Magabo heads marketing of The Discovery Leisure Company’s two exclusive resorts

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The Discovery Leisure Company has appointed Charley Magabo as its new director of sales and marketing for its two resorts, the award-winning Discovery Shores Boracay and the exclusive Club Paradise in Dimakya Island, Coron, Palawan.

Magabo (top) previously spent a decade with a leading international chain, and his expertise “stems from his extensive experience in marketing luxury resorts, and cultivating MICE business from major feeder markets”, the Filipino hospitality group says. Continue reading

Bahrain building 200+ houses, Internet cafe for Yolanda survivors in Palawan

8-9-09aSurvivors of super Typhoon Yolanda (Haiyan) in Palawan nearly two years ago will benefit from more than 200 houses being built by Bahrain.

The Bahrain Red Crescent Society (BRCS) is heading the $2-million project in the province, Gulf Daily News reported.

Aside from the 213 houses, the project includes a vocational training center for residents to learn new skills, the report said. Continue reading