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ERC approves new system of Meralco

By Alena Mae S. Flores | Jul. 19, 2014 at 12:01am

The Energy Regulatory Commission has approved the application of Manila Electric Co. to implement
an advanced distribution management system costing P382.86 million.
“The commission deems it appropriate to approve the instant application to allow Meralco to
immediately start the development stage of the ADMS project and complete the same on schedule and
enable it to implement an integrated and advanced distribution management system as soon as
possible to better serve its consumers,” ERC said.
It said Meralco needed to start the project immediately to reduce the risk posed by the current
operating trouble management system and avoid additional cost of maintaining an obsolete system.
ERC said the project “will redound to the benefit of consumers” in terms of continuous, reliable and
efficient service.”
Meralco said in a filing the OTMS when commissioned in 1998 had less than 3 million customers. The
utility firm said its current 5.3 million customer base, supported by a complex distribution system, had
outgrown the capacity of the OTMS.

Foreign capital to strengthen banking
By Julito G. Rada | Jul. 22, 2014 at 12:01am

The signing into law of Republic Act 10641, which allows the “full entry” of foreign banks into the
country, will further strengthen the banking system and attract more capital, Bangko Sentral Governor
Amando Tetangco Jr. said Monday.
President Benigno Aquino III signed into law RA 10641 in preparation for next year‟s Association of
Southeast Asian Nations economic integration in 2015.
The new law, which amended Republic Act No. 7721, allows foreigners to own up to 100 percent of
domestic banks and facilitate the entry of “established, reputable and financially sound foreign banks”
in the Philippines. It also granted locally-incorporated subsidiaries of foreign banks “the same banking
privileges as domestic banks of the same category.”
“We welcome the signing by the President of RA 10641. The economic benefits that can be derived
from a further opening of the Philippine banking system to foreign banks are clear augmentation of
financial resources [through increased foreign direct investments] that will be available to the domestic
banking market, transfer of technology, enhancement of human resource skills,” Tetangco said in a
text message to reporters.
“These will help further strengthen the banking system and make our banks better positioned in the
face of ABIF [Asean Banking Integration Framework],” he said.
Bankers Association of the Philippines president Lorenzo Tan said the new measure would intensify
the competition in the local banking industry in terms of better products, technology, innovation, pricing
and margins.

Singkit.. including Max‟s Restaurant. increased competition would bring out the best out of Philippine banks and likely to benefit customers. including in the manufacturing sector that would create more jobs and raise output. Max‟s Group consolidated its businesses worth P4. 2014 at 12:01am Pancake House Inc. subject to the approval of the aforementioned change of name by the stockholders and the Securities and Exchange Commission. said it will soon be renamed Max‟s Group Inc. The Max‟s Group owns four brands.” Tan said. the Chicken Rice Shop and Maple. Le Coeur De France. Dencio‟s.5 billion in February this year. 24. the trading symbol of the company on the Philippine Stock Exchange shall be changed to „MAXS‟. “As a result.” Tan said in a text message to Manila Standard. The Max‟s Group acquired listed Pancake House from the Lorenzo group for P3. Pancake renamed Max’s after merger By Jenniffer B. Sizzling Pepper Steak. Tetangco said the liberalized system was also expected to generate increased foreign direct investments. including flagship store Pancake House. “The board also resolved that. with the larger view of our pursuit of financial stability. 2014 at 12:01am 4 . Philippine banks are still relatively small in terms of size compared to other major Asean banks. more mergers and acquisitions may still take place for local banks to catch up with their peers in other Asean countries. Campos | Jul.05 billion under recently acquired Pancake House. Krispy Kreme and Jamba Juice while Pancake House has 10 brands. “The liberalization of the banking system is part of the reform agenda on capital and financial market development that is designed to create an efficient working environment where the needs of savers and users of funds could be addressed. Kabisera. 28. Max‟s Group agreed to consolidate the restaurant businesses under Pancake House to create the country‟s largest casual dining restaurant chain. Max‟s Corner Bakery. PH banks not ready for competition By Othel V.” Pancake House said.” he said. Pancake House said in a disclosure to the stock exchange its board approved the new name of the company and amendment of articles of incorporation to reflect the change. Advanced technology could also be brought into the country. after the two restaurant chains completed the merger. Austria | Jul. Yellow Cab. Teriyaki Boy.“On a more positive note.

It also granted locally-incorporated subsidiaries of foreign banks “the same banking privileges as domestic banks of the same category. said foreign banks would be tough to compete with. The new law set no limit on the number of foreign banks that might want to set up operations in the Philippines. Bangkok Bank. JP Morgan Chase..Finally the country will have a Lemon Law to protect new car owners from factory defects. Bank of China. It aims to upgrade the banking system in preparation for the Association of Southeast Asian Nations economic integration in 2015.” Yao. “Since they have more capital. Mega International Commercial Bank. The local banks will have a hard time competing with them. Citi Philippines. About 11.” PCCI president Alfredo Yao said. our banks should sharpen their pencils and come up with more innovative ideas to convince people to bank with them. 2014 . Lemon Law to protect new Pinoy car owners By Marvin Sy (The Philippine Star) | Updated June 11. reputable and financially sound foreign banks” in the Philippines. He said the regulator was pushing for local banks to become more competitive by coming up with new products. Deutsche Bank. “Banks. We‟re at a loss here. . Bank of America.12:00am 2 175 googleplus0 0 MANILA. Yao said the Bangko Sentral might have a reason for allowing full foreign ownership of local banks. Among the foreign banks operating in the country are ANZ Banking Group Ltd. which amended Republic Act No. Local banks cannot just come up with 500 branches in a snap of fingers. given their resources. Everybody says we have to open up but it‟s pretty obvious that we still cannot compete.8 percent of the Philippine banking system is currently controlled by foreign banks. who is also the chairman emeritus of Philippine Business Bank. Mizuho Bank. ING Bank. The new law. it will be easier for them to put up more branches in less time compared to small to medium-scale domestic banks. referring to the recently signed Republic Act No. Standard Chartered Bank. allows foreigners to own up to 100 percent of domestic banks and facilitate the entry of “established. Korea Exchange Bank. As early as now. The Bank of Tokyo-Mitsubishi UFJ and The Hongkong and Shanghai Banking Corp. CTBC Bank Philippines (formerly Chinatrust).” he said. 7721. whether foreign or domestic will be tapping the same market. Maybank Philippines.” he said. “It is a threat to our own banking and financing system.The Philippine Chamber of Commerce and Industry warned over the weekend the entry of foreign banks under a newly enacted law will threaten the viability of smaller local banks. Philippines . Internationale Nederlanden Groep Bank. 10641.

The Department of Trade and Industry (DTI) would have jurisdiction over all disputes that arise between the car owner and the manufacturer. distributor or authorized retailer is required to undertake repairs on the defective vehicle. Jinggoy Estrada and Aquino. as may be necessary. modifications not authorized by the manufacturer. “If you buy a brand new motor vehicle from an authorized dealer and the defect is not addressed after four attempts. distributor. Senator Paolo Benigno Aquino IV. The new version would now be presented before plenary in both chambers of Congress for ratification.” Aquino said. All defects that occur within a year from delivery of vehicle to the owner or up to 20. to attend to the complaints of the consumer including. anyone who purchases a brand new car and experiences defects within a year after purchase would be able to secure a refund or replacement of the unit if repairs prove useless. chairman of the Senate committee on trade. authorized dealer or retailer. upon receipt of the motor vehicle and the notice of non-conformity required under Section 6 hereof.Under the Lemon Law. said that only minor clarifications were made regarding the two bills during the bicameral conference so a reconciled version was prepared yesterday. In order to avail of the rights of the consumer under the Lemon Law.000 kilometers of mileage would be covered by the law. distributor. The Senate and House of Representatives met yesterday for a bicameral conference committee hearing to reconcile the conflicting provisions of two versions of the bill approved by the two chambers. commerce and entrepreneurship. “It shall be the duty of the manufacturer. making repairs and undertaking such actions to make the vehicle conform to the standards or specifications of the manufacturer or distributor for such vehicle. The repairs may include replacement of parts. What would not be covered are defects that occur as a result of non-compliance by the consumer of his obligations under the warranty. then you can get a new car or a refund. and damage to the vehicle due to an accident or force majeure. distributor or dealer. Under the bill. While the vehicle is under repair. distributor or dealer in writing of the unresolved complaint and his intention to invoke his rights. distributor or dealer to compensate the car owner for non-usage of his car by providing a reasonable transportation allowance that would cover taxi fare or a service vehicle. after which the bill will be transmitted to the President for signing. the manufacturer.” according to the bill filed by Senators Cynthia Villar. authorized dealer or retailer. . the bill requires the manufacturer. components or assemblies. The bill provides for mediation and arbitration as options for the DTI to resolve the disputes. the vehicle owner must notify the manufacturer. abuse or neglect of the vehicle.

provided that the owner would pay the difference in cost.” Aquino said. authorized dealer or retailer to grant either the replacement of the vehicle with a similar or comparable motor vehicle or to accept the return of the motor vehicle and refund the owner of all costs. “It took him three terms. In case non-conformity of the vehicle is found by the DTI. Aquino noted that the Lemon Law was originally introduced by Manuel “Way Kurat” Zamora back in the 1990s. distributor. the Lemon Law requires that full disclosure of the circumstances surrounding the vehicle must be made to potential buyers. If ever the returned vehicle is made available for sale by the manufacturer.Aquino noted that the DTI would have the power to come up with a decision if the two sides fail to reach agreement. . The concerned car owner also has the option to purchase another vehicle with a higher value or . This is 15 years in the making. it shall rule in favor of the consumer and direct the manufacturer. distributor or dealer later on.