Tag Archives: Philippines

Philippines, Vietnam discuss how they can cooperate amid territorial feud with China

The Philippines’ top diplomat said he and his Vietnamese counterpart discussed Thursday how their governments can work together to deal with territorial disputes with China, including a possible sharing of information to better guard their territories from intrusions. …read more

Source: FULL ARTICLE at Fox World News

Robust Philippine Economy, Few Standout SMEs

By Tim Ferguson, Forbes Staff

In many respects 2013 has been a banner year for the Philippines, with Asia’s best economic growth marks (if slowing lately) and improved public finances. The country’s better fortunes are captured in most of the personal valuations of its 50 richest; the latest can be seen here. …read more

Source: FULL ARTICLE at Forbes Latest

Lucio & Susan Co's Puregold Taps Into Middle Class Shopping Spree

By Naazneen Karmali, Forbes Staff

Lucio and Susan Co, a husband-and-wife team, have struck gold with their Puregold Price Club, a chain of over 150 hypermarkets, supermarkets and discount stores. Starting with one store in 1998, the Cos have expanded at a rapid pace, lately through acquisitions, to build Puregold into the country’s second-largest retailer, after Henry Sy’s SM group. Contrary to what its name suggests, a typical Puregold outlet stocks not fancy goods but a range of cheap merchandise aimed at a rising population of middle-class shoppers and owners of neighborhood convenience stores, known as sari-sari stores. (It claims to have over 230,000 of them as its customers.) Since 2010 the retailer’s revenues have doubled to $1.3 billion with net profits increasing fivefold to $65 million. Lucio’s retailing background is linked to running duty-free airport shops, including at Clark International Airport, a former American air force base northwest of Manila. With Puregold the Cos have earned both respectability and fabulous riches. Since 2011, when they took the company public, its shares have soared threefold. “Puregold is the country’s only pure play retail company, and it’s on an aggressive growth trajectory. Investors like that,” says Lauro Baja, country head of Philippines, which was a lead manager in its IPO. Puregold’s meteoric rise is linked to a domestic consumption boom that has been the mainstay of the Philippines’ growth story. If consumer confidence remains upbeat, the retail market is expected to grow to $75 billion by 2017. Other tycoons are lining up to cash in on the middle-class shopping spree. Recently, Land, Jaime Zobel de Ayala’s (No. 6) property unit, announced it was partnering with Puregold in a new joint venture to operate “midmarket” supermarkets. The Ayala firm last year teamed up with Bienvenido Tantoco Sr. (No. 40) to bring Japanese convenience store chain FamilyMart to the Philippines. John Gokongwei Jr. (No. 5) is preparing to list his Robinsons Retail Holdings, a franchisee of Toys “R” Us, among much else. The IPO is expected to be the country’s largest ever. –N.K. …read more

Source: FULL ARTICLE at Forbes Latest

Soaring Economy, Dealmaking Boost Fortunes Of Philippines Richest

By Naazneen Karmali, Forbes Staff

In April tobacco king Lucio Tan’s LT Group raised $920 million in what was the Philippines’ biggest ever share sale. More than half of the money, which Tan will use to expand his liquor, banking and property businesses, came from outside Asia, as investors in the U.S. and Europe were eager to get a slice of the region’s fastest-growing economy. Expanding 7.8% in the first quarter on the back of strong domestic consumption, the country got an investment-grade rating this year though rising unemployment remains one of the hitches. …read more

Source: FULL ARTICLE at Forbes Latest

Philippines Province Goes Dark: National Utility Cuts Off Electricity Over Unpaid Bill

By The Huffington Post News Editors

MANILA, Philippines — An entire province in the Philippines has been plunged into darkness after the national power grid operator cut off supply because of accumulated debt of $93 million.

The blackout that started Tuesday surprised residents of Albay province in the central Philippines, which is home to 1.2 million people.

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Source: FULL ARTICLE at Huffington Post

USS Indianapolis sinking: 'You could see sharks circling'

By hnn

When USS Indianapolis was hit by Japanese torpedoes in the final weeks of WWII, hundreds of crewmen jumped into the water to escape the burning ship. Surrounded by sharks, they waited for a response to their SOS. But no one had been sent to look for them.

In late July 1945, USS Indianapolis had been on a special secret mission, delivering parts of the first atomic bomb to the Pacific Island of Tinian where American B-29 bombers were based. Its job done, the warship, with 1,197 men on board, was sailing west towards Leyte in the Philippines when it was attacked.

The first torpedo struck, without warning, just after midnight on 30 July 1945. A 19-year-old seaman, Loel Dean Cox, was on duty on the bridge. Now 87, he recalls the moment when the torpedo hit.

“Whoom. Up in the air I went. There was water, debris, fire, everything just coming up and we were 81ft (25m) from the water line. It was a tremendous explosion. Then, about the time I got to my knees, another one hit. Whoom.”…

BBC News

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Source: FULL ARTICLE at History News Network – George Mason University

Less Fun In The Philippines After Taiwan Travel Alert

By Ralph Jennings, Contributor

It’s more fun in the Philippines, as the country’s tourism slogan goes, but not if you’re doing business with Taiwan this summer. After the Philippine coast guard killed a Taiwanese fisherman on May 9, angry officials in Taipei issued a red travel alert on its maritime neighbor, no fun for airlines, hotels or travel agents. …read more

Source: FULL ARTICLE at Forbes Latest

Judge in NY clears way for ex-Marine's extradition

A former U.S. Marine charged with killing a couple in the Philippines can face charges there after a federal magistrate in New York ruled Wednesday there was sufficient evidence to extradite him.

Timothy Kaufman, 35, will remain behind bars until U.S. Secretary of State John Kerry makes a decision on surrendering him to Philippine authorities, under the order from Magistrate Randolph Treece.

Kaufman, formerly of Knoxville, Tenn., is one of three men charged by authorities in the Philippines with the 2011 killing of a retired Northern Ireland police officer and his girlfriend. David Balmer, 54, and 26-year-old Elma de Guia were found dead on Sept. 2, 2011, in a bedroom of a home owned by a local club owner who was friends with Balmer.

Kaufman was arrested in April near his grandfather’s upstate New York home. He professed his innocence at a court hearing last month and his lawyer Mark Sacco argued that Philippine authorities failed to establish probable cause.

Treece rejected that argument in the ruling, saying the evidence was “sufficient to sustain the charges” against Kaufman under provisions of the extradition treaty between the United States and the Philippines.

There was no immediate comment from Sacco.

Kaufman left the Philippines a month after the killings. He was arrested in April at a Saratoga Springs-area business, near where he had been staying with his grandfather. Kaufman testified at his hearing that he had had been living in the open before his arrest, working part-time as a bartender and holding a driver’s license.

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Source: FULL ARTICLE at Fox US News

Judge clears way for ex-Marine's extradition

A federal judge says there is enough evidence against a former U.S. Marine charged with killing a couple in the Philippines to have him extradited.

Magistrate Randolph Treece ruled Wednesday that the evidence against Timothy Kaufman was sufficient to sustain the charges against him. Treece ordered Kaufman detained until U.S. Secretary of State John Kerry makes a decision on surrendering him to Philippine authorities.

Kaufman is one of three men charged with the 2011 killing of a retired Northern Ireland police officer and his girlfriend. Kaufman has testified that he was not involved in the killing of 54-year-old David Balmer and 26-year-old Elma de Guia in the home of a local club owner.

The 35-year-old Kaufman has been in jail since he was arrested in April in the Albany area.

…read more

Source: FULL ARTICLE at Fox US News

Children's Ministry to Deliver 2 Million Christian Books to Filipino Students

A mass distribution of one million books to children in the Philippines as part of a larger campaign to reach two million Filipino children with the Gospel this school year has begun, say organizers at Child Evangelism Fellowship. The goal exceeds last year’s success when 1.6 million children heard the Gospel. …read more

Source: The Christian Post