QC Police relieved from post after blocking the President Convoy heading - La Mesa Dam

A Quezon City policeman was relieved from duty after he allegedly refused to give way to the convoy of President Aquino on Tuesday (July 17, 2012).

SPO2 Ricardo Pascua, on board his Mitsubishi Adventure, allegedly refused to give way to the president's convoy along Commonwealth Avenue even as several Presidential Security Group (PSG) personnel asked him.

The PSG said Pascua told them that he was a policeman, prompting them to bring the matter to Pascua's superiors.

Aquino was reportedly on his way to attend a program at the La Mesa Dam near Batasan.

Quezon City Police District (QCPD) Director Mario Dela Vega said Pascua has been relieved from his post at the QCPD Station 4.

Pascua, who has been working as a policeman for about 30 years, was also disarmed. He will be deployed to Camp Karingal where he will serve as a gate guard.

Pascua said he did not intend to disrespect Aquino and his security men and claimed he did not notice that he was blocking the president's convoy.

He extended his apologies to Aquino and members of the PSG.

Dela Vega said Pascua will also face summary dismissal proceedings.

Continue reading

Philippines Targets $10 Billion in Foreign Investments

Gregory Domingo, Philippine trade secretary. Photographer: Edwin Tuyay/Bloomberg

The Philippines said it aims to boost foreign direct investments in call centers, factories and shipyards to more than $10 billion a year, as President Benigno Aquino strives to create jobs and bolster growth.

The Philippines received 24 business teams in the first half of the year from countries including Russia, Turkey and Japan, Trade Secretary Gregory Domingo said. Investors are keen on shipbuilding, agriculture, energy, steel, garments, and business process outsourcing, he said.

"The biggest thing that has improved our standing in the investment community globally has been President Aquino's governance," Domingo said in an interview in his office in Manila (July 15, 2012).

Aquino is winning confidence from investors and rating companies as he fights corruption and boosts infrastructure spending to transform the nation into a manufacturing hub in the region. Moody's Investors Service boosted its outlook on the Philippines to positive in May, when the country's top judge was impeached for illegally concealing his wealth, while Standard & Poor's this month raised the long-term foreign currency- denominated debt rating to the highest level since 2003.

The $225 billion economy expanded 6.4 percent in the first quarter, the fastest pace since 2010, and the peso is the best performer against the U.S. dollar among Asia's 11 most-traded currencies this year, having gained about 5 percent. The Philippine Stock Exchange Index (PCOMP) surged to a record this month.

The peso rose a third day today to 41.732 per dollar as of 9:27 a.m. in Manila. Benchmark bonds due March 2021 gained, with the yield falling to the lowest level since February, according to Tradition Financial Services.

'Tremendous Interest'

"When he first assumed office, there were still a lot of people who doubted he will really pursue" good governance, Domingo said. "But now, he has convinced everybody that he is sincere. We've seen tremendous interest in investment."

From 1970 to 2010, the Philippines drew $33.98 billion in foreign direct investment compared to $322.13 billion for Singapore and $108.87 billion for Thailand, according to the United Nations Conference on Trade and Development.

The Philippines lured about $6 billion in pledged foreign investments last year, and has drawn commitments from companies including Glencore International Plc and Gazasia Ltd. this year. Business groups from Mexico and Argentina are due to visit the country, Domingo said.

Bloomberg Business Week (Bloomberg News)

Continue reading

PLDT will buy majority Stake and Take over GMA7 TV for $1.3 Billion US Dollars

Philippine Long Distance Telephone Co. (PLDT) groups widely expected takeover of television station GMA Network Inc. may be delayed to next year due to the need to seek congressional approval for the deal, executive Manuel V. Pangilinan said.

Nevertheless, Pangilinan, who chairs PLDT, said preparations are ongoing to raise cash to pay for the majority stake in GMA, if and when both camps agree on a price.

"We're already talking to our banks," Pangilinan said.

But he added that the company would rely mostly on cash to pay for a majority stake in GMA. Loans would only fund a small portion of the transaction, he said.

He explained that the PLDT group and the Duavit, Gozon, and Jimenez families that control GMA 7 would both work to have an agreement before the year ends.

Whether PLDT can take over the company in 2012, however, was still unsure.

"That deadline is beyond our control because we still need to get approval from both houses of Congress and the NTC (National Telecommunications Commission)," Pangilinan told reporters, speaking at the sidelines of the contract signing for PLDT's co-branding deal for Henry Sy's Mall of Asia Arena.

Either camp has been mum on details of the negotiations, but the Inquirer reported this week that both sides have agreed on a price of ₱52.5 Billion Pesos (1.3 $ Billion USD) for about 80 percent shares of GMA 7.

Pangilinan said PLDT's affiliate, MediaQuest Holdings, would most likely acquire GMA's common shares, while PLDT would pick up Philippine Depository Receipts, a form of equity reserved for foreigners.

Under the Constitution, foreigners are not allowed to have voting shares in media companies.

PLDT is controlled by Hong Kong's First Pacific Co. Ltd. and Japan's NTT DoCoMo. But MediaQuest is owned by PLDT's Beneficial Trust Fund, which would allow the group to skirt restrictions on foreigners.

MediaQuest Holdings controls other key media assets, most notably, Associated Broadcasting Corp., operator of GMA's rival television network TV5

Inquirer 

Continue reading