Friday, 31 August 2012

Ayala investing $2.5B in power plants

By Alena Mae S. Flores
Manila Standard

Ayala Corp. is investing $2.5 billion in power plants with a combined capacity of 1,000 megawatts over the next five years, an executive of the conglomerate said Thursday.

Ayala managing director Eric Francia told reporters at the sidelines of the Philippine Stock Exchange Renewable Energy Opportunities Forum the Ayala Group would initially infuse $500 million as equity in the projects.

PAL to construct own airport

By Lailany P. Gomez
Manila Standard
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Philippine Airlines will build its own international airport once it obtains the approval of the government, the airline’s president said Thursday.

PAL president Ramon Ang told reporters the airline had proposed to build the airport on a 2,000-hectare property in a still undisclosed location. He said the airport would have four runways that could accommodate simultaneous takeoff and landing of various airlines.

“We have plans to put our own airport terminal and runway. But of course, we will have to seek the government’s approval because it is a big-scale project. I will present it to the President in January or February next year for approval,” Ang told reporters on the sidelines of stockholders’ meeting of PAL Holdings Inc. Ang said the proposed project should support the government’s master plan for the tourism industry.

He said once the government gave its go-signal for the new airport, PAL would tap Korean contractors to finish the project in three years.

Ang, however, declined to disclose the investment cost of the whole project, which he said would also involve a viewing deck, a mall and restaurants.

“We have investors for this project. If the government will approve the proposal, we will start construction immediately. This airport will accommodate not only PAL but other airlines as well,” he said.

Meanwhile, Ang said San Miguel Corp. withdrew its unsolicited proposal to build a budget terminal for low-cost carriers at the Clark International Airport.

Thursday, 30 August 2012

A Youthful Populace Helps Make the Philippines an Economic Bright Spot in Asia

Floyd Whaley
New York Times
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MANILA — In the upscale business district of Manila, a midweek crowd spills out into the street. The New York-themed Borough restaurant is pulsating to the beat of a Bon Jovi song, while young, hip Filipinos take shots of tequila from a passing tray and sing in unison.

Times are pretty good in the Philippines if you are young, skilled and live in the city. Young urban workers are helping to give the country its brightest prospects in decades, economists say.

With $70 billion in reserves and lower interest payments on its debt after recent credit rating upgrades, the Philippines pledged $1 billion to the International Monetary Fund to help shore up the struggling economies of Europe.