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| 16 JULY 2007 | . | |
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| 16 JULY 2007 | . | |
| PGMA ushers in Aboitiz power listing |
Power generator Aboitiz Power Corporation (APC) went public today with no less than President Gloria Macapagal-Arroyo ushering in the company's initial public offering (IPO) at the Philippine Stock Exchange (PSE) in Makati City. President Arroyo, accompanied by Trade and Industry Secretary Peter Favila, led the bell ringing ceremony that marked the debut of APC's up to two billion primary shares to the public at P5.80 per share. PSE Chairman Jose Vitug, who called APC's venture into IPO a "record-breaking and landmark event," said the company expects to get around P10.1-billion in proceeds from the sale which "represents the biggest amount ever raised by a local power-generating company via the sale to the public of its primary stock." He noted, however, that this record will "not last long" as more and more companies have seen the "attractiveness" of going into IPO and that he expects to see another IPO-record breaker soon. "I understand from our research people that by the third quarter of this year alone, equity from capital-raising activities could reach P80-billion, which would be the way ahead of the record level last year," Vitug said. "I believe more and more corporations find the IPO route very attractive because of our market's sustained advance," he added. He credited the government for the favorable market performance, saying: "These would not have been possible had it not been for market improvements in our macro-economic environment." "So once again, I take this opportunity to thank our government, the PSE Board, management and staff along with other capital market stakeholders, for their role in creating this favorable cycle of surging stock prices and offerings," Vitug said. APC is the holding company that controls the power generation and distribution utilities of Aboitiz Equity Ventures. The company has accumulated interests in both hydroelectric power generation and thermal generation facilities. APC controls over 800 megawatts (MW) of installed generating capacity today, of which 411 MW are attributable to the company. Proceeds of the offering will be used for the expansion of APC’s power generating capacity. |
| PGMA launches P4-B education fund |
| President
Gloria Macapagal-Arroyo launched today a special P4-billion education fund that is
expected to multiply five-fold the number of student-loan beneficiaries and finance the
expansion of state universities and colleges all over the country. In a speech before the officers and members of the League of Corporate Foundations (LCF) which held its 2007 Corporate Social Responsibility (CSR) Expo at the Hotel Sofitel along Roxas Boulevard in Manila, the President lauded the LCF for its support and for recognizing the importance of education as a strategic and sustainable solution to poverty. "Today, I launch a P4-billion fund for student loans, business-funded training, and SUC (state universities and colleges) expansion under CHED (Commission on Higher Education), increasing beneficiaries of student loans from 40,000 last year to 200,000 this year," she said. From its first CSR Week in 2002 up to June this year, the LCF has so far spent P3.8 billion for CSR programs, "with the bulk allocated for education," Marilou Erni, LCF president, said. The President further announced that in the next three years, her administration will also be "investing P3 billion in engineering research and development technology to achieve a critical mass of Research and Development (R&D)-capable manpower over the next three years." This, as the UNESCO Institute for Statistics recommends for developing countries a population ratio of researchers, scientists and engineers of 340 per million population. The country's current ratio is only 48 per million population. Recalling her 2006 State of the Nation Address (SONA) in which she pointed to knowledge as the "greatest creator of wealth" in today's global economy, the President stressed that "indeed, a sound education is the best inheritance we can leave to our children -- something that cannot be taken from them…" "It is also the only legacy the state is obligated by law to give every citizen," and that, being so, the Arroyo administration "has spent more on human capital formation than any other in the past," she said. President Arroyo announced that "the next three years will see an unprecedented, well-thought-out and firm commitment of unstinting effort and generous funding for better schools, higher teacher pay, more scholarships for gifted students, and better English language training." The President added, "we are spending P29 billion more, up from P121 (billion) last year to P150 billion this year, for DepEd (Department of Education), CHED, state universities and colleges, and student loans…" Since 2001, the Arroyo administration has hired more than 40,000 teachers, and trained 200,000 teachers in various subject areas. In 2004, the Arroyo administration started the DepEd regionalized payroll system which cuts processing to 30 days. "'Di na kailangang pumunta pa sa Maynila upang i-follow up ang sweldo, retirement pay at iba pang mga benepisyo," the President enthused. She said that in 2006, the government increased high school scholarships from 50,000 to 240,000 through Government Assistance to Teachers and Students in Private Education (GATSPE). Also last year, "we built 15,000 classrooms, two and a half times the usual. With two shifts, we have one classroom for every 50 grade school students," the President revealed, calling on the audience to "let me know" any elementary school "outside conflict areas with two shits and more than 50 students per classroom… And I will let (Education Secretary) Jesli (Lapus) know it." Still in 2006, the Technical Education and Skills Development Authority (TESDA) spent P2.4 billion for its training programs, including P600 million for scholarships, the President said. This year, the President said her administration will graduate 1.5 million students in technical and vocational education, almost double the 2004 figure, with TESDA set to spend P1.1 billion for ladderized education. Also this year, "we have 600,000 (GATSPE) beneficiaries costing some P3 billion - nearly half the private high school population," she said. "We procured 12 million textbooks and teachers manuals," and because of these book procurements, "since last year, we have had a ratio of one textbook per grade school student for English, Filipino, Science, Math and Social Studies - instead of one for every five (students) as in the past," the President further enthused. The President also reminded the group that starting this month, "not just teachers but all national public servants got a (salary) raise…" President Arroyo thanked the private sector for its "contribution to computer linkage to 1,500 out of 5,000 public high schools in the country," and hoped that all public high schools could be linked by the end of her term in 2010. |
| RP assures security for AMM delegates |
| The
Philippine National Police (PNP) has given its assurance that delegates from the 27
countries participating in the upcoming 40th ASEAN Ministerial Meeting and related
meetings in Manila will be provided with full security. "We must ensure the safety of this event because anything that would endanger the lives of the delegates would be detrimental to the national and bilateral interests of the country and the participating ASEAN and dialogue countries," said PNP Director General Oscar Calderon in a statement. The 40th AMM, the Post Ministerial Conferences, and the 14th ASEAN Regional Forum will all be held from July 29 to August 2 at the Philippine International Convention Center (PICC) in Pasay City. Calderon said that the PNP is ready to prevent any local or foreign elements who would want to disrupt the meetings. He said he has already created "Task Force AMM" to be headed by PNP Deputy Director General Avelino Razon to "orchestrate, direct and supervise the overall conduct of security operations in all areas of engagements, including hotels where the delegates will be billeted." Calderon said that the security preparations for the 40th AMM and related meetings would be as thorough and elaborate, if not more, compared to that of the 12th ASEAN Summit held in Cebu last January. Despite reports of some security threats, the Cebu Summit and related meetings proceeded without hitches. Calderon said that the PNP, in coordination with the Department of Foreign Affairs, the Department of Health, and other security agencies, would not only provide security for the delegates but also contingencies for emergencies to make sure that the events would proceed smoothly. Police said that the entire Cultural Center of the Philippines (CCP) Complex where the PICC and the Hotel Sofitel are located would be well-secured and the vehicular and pedestrian traffic restricted during the meetings. The PNP has been holding dry-runs for the security preparations at the CCP Complex in the run-up to the meeting. Earlier, Chief Superintendent Romeo Hilomen, chief of the PNP
Police Security and Protection Office, said that his men would provide close-in security
to the foreign ministers and their spouses at all times during their stay in the country.
This would be on top of the security forces that would be deployed at the venue and hotels
were the foreign delegates are billeted. |
| PGMA makes surprise visit to naval station to pay last respects to fallen marine soldiers |
In a surprise visit to the Bonifacio Naval Station Gymnasium of the Philippine Marines in Taguig City this morning, President Gloria Macapagal-Arroyo poured out her grief over the death of the 14 Marine soldiers in an ambush staged by suspected members of the Moro Islamic Liberation Front (MILF) in Tipo-Tipo, Basilan on July 10. Only five of the 14 caskets containing the remains of the fallen soldiers were left when the President arrived at the Marines’ gymnasium as the rest had been brought to their hometowns by relatives. Relatives of T/Sgt. Noel Bautista, S/Sgt. Bernard Abes, Sgt. Cayetano Simbajon, Cpl. Russel Panaga and Pfc. Wilfredo Lamban said they were awaiting word when the caskets would be taken to their respective provinces. Approaching the caskets one after the other, the President executed a snappy salute and paused briefly to say a silent prayer. She then approached members of the victims’ families and friends to offer her condolences, telling them she shared their grief. The President was accompanied by Armed Forces of the Philippines (AFP) Chief of Staff Gen. Hermogenes Esperon. Later, the President excused herself as she had another engagement in Pasay City. Philippine Marines spokesman Ariel Caculitan said the relatives of the slain soldiers will receive P100,000 financial assistance from the President; P15,000 burial assistance from the Philippine Navy and P50,000 from the Philippine Marines Mutual Special Financial Assistance. In addition, the relatives will receive the equivalent of the slain soldiers’ six months basic pay, scholarships from the Marines Educational Benefits System Office, lifetime pensions for the wife or parents (for the single soldier), and P5,000 financial assistance from the Philippine Veterans Affairs Office. |
| Palace backs Esperon's ceasefire offer to rebs |
Malacanang expressed support today for the three-year bilateral ceasefire proposed by Armed Forces of the Philippines (AFP) Chief Hermogenes Esperon Jr. to the communist rebels as a good confidence building measure that should move the peace negotiations with the Left forward. Press Secretary and Presidential Spokesperson Ignacio R. Bunye said in a press briefing this afternoon that the Communist Party of the Philippines/National Democratic Front (CPP-NDF) and its armed wing, the New People’s Army (NPA), can show their sincerity in moving the peace talks forward by accepting Esperon’s proposal. Bunye was reacting to the three-year bilateral ceasefire proposed by the AFP chief as a pre-condition for the government and the CPP-NDF to resume the stalled peace talks. "The suggestion of General Esperon is well-taken. I believe that for any peace negotiation to move forward, there must be a show of sincerity on both sides," he said. President Gloria Macapagal-Arroyo, according to Bunye, has made it clear that the government wants to pursue the peace process but the "President is also looking for some signs of sincerity on the other side. This administration is willing to wait for as long as needed." Bunye also reiterated that the government is not tolerating extra-judicial killings which is being blamed by the leftist militants on the Arroyo administration. "President Arroyo has made it clear that this administration does not condone extra-judicial killings. We strongly condemn them and we’re taking measures to implement the recommendations of the Melo Commission. We hope that everybody will cooperate so that we could move forward by being able to stop this problem once and for all," he explained. On reports that the Moro Islamic Liberation Front (MILF) is coddling some members of the terrorist group Abu Sayyaf, Bunye said the government is leaving it up to the mechanisms in place to determine whether the secessionist group has violated the ceasefire agreement. "We’re after justice and there are mechanisms that are in place like the International Monitoring Team and the Ceasefire Committee. These mechanisms should be given a chance to work," he pointed out. On fears that the anti-terror law might be abused by the military, Bunye said the government is prepared to do what is needed to prevent violations of the law and maintain peace and order. "I think we should give everybody a chance to do what they are supposed to do without injecting fear to the population," he said. "Most of the people want a quiet community and we urge the people to abide by the law." |
| Israeli envoy ends fruitful tour of duty in the Philippines |
Israeli Ambassador to the Philippines Yehoshua Sagi made a farewell call on President Gloria Macapagal-Arroyo this afternoon at the Music Room of Malacanang to mark the end of his fruitful tour of duty in Manila. Sagi was instrumental in the repatriation of some 200 overseas Filipino workers (OFWs) in Lebanon in July 2006 by conveying to Tel Aviv (his home office) the Philippine request for the safe passage of Filipinos from the war-torn Lebanon. "Thank you for promoting the relationship between our two countries," the President said. Accompanying Ambassador Sagi was his wife Hana and Nissim Palomo, second secretary of the Israeli Embassy. Also during his tour of duty in the Philippines, Sagi promoted Israel’s provision of scholarships and short-term courses on agricultural technology; economic, social, and community development; rural and urban development, as well as medicine and public health. Afterwards, the President also received the ambassadors, consuls general and tourism attaches in North America during their call also at the Music Room. Among those present were Department of Foreign Affairs (DFA) Secretary Alberto Romulo, Trade and Industry Secretary Peter Favila, DFA Assistant Secretary Rey Carandang, Ambassador to Washington Willy Gaa, and Amabassador to Canada Jose Brillantes. The consuls general were Bayani Mercado (Agana, Guam), Blesila Cabrera (Chicago), Ariel Abadilla (Honolulu), Mary Jo Aragon (Los Angeles), Cecilia Rebong (New York), Maria Rowena Sanchez (San Francisco), and Domingo Nolasco (Washington). The honorary consuls general were Felixberto Guerrero (Calgary, Alberta,Canada), Esmeralda Agbulos (Edmonton, Alberta, Canada), Cielo Martinez (Louisiana), Raoul Donato (Atlanta), and Angelo Macatangay (Miami). The tourism directors were Rene delos Santos (San Francisco), Emma Ruth Yulo (New York), Vernie Morales (Chicago), and Mary Anne Cuevas (Los Angeles). Afterwards, the career officials and about 650 members of the Filipino community in their respective areas of duties had their photographs taken with the President at the Rizal Hall. |
