The World Bank financing will account for 85 percent of project cost, while the remainder will come from counterpart government funds, Guerrero noted. ; Loan negotiations between the World Bank and the Department of Finance started last May 12. ; “[Guerrero] has already signed the letter to the Department of Budget and Management for the issuance of a forward obligation authority for the project, a requirement for loan negotiation. The BOC will also issue a customs special order creating the project management unit tasked to oversee implementation and ensure that project objectives, along with specifications and standards set, are met during construction, deployment and implementation. A special bids and awards committee shall also be constituted for procurement of different components of the project,” the country’s second biggest revenue agency said.
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The Philippines and Japan are planning to sign early next year the second loan agreement for the country’s first subway system, the Department of Finance (DOF) said. During last week’s Philippines-Japan Joint Committee on Infrastructure Development and Economic Cooperation online meeting, the two sides committed to approve the next financing tranche for the first phase of the Metro Manila Subway by the first quarter of 2021, the DOF said in a statement on Saturday. The P356.9-billion, 25.3-kilometer subway belonging to the Duterte administr ...
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The embattled MFT Group led by CEO Maria Francesca “Mica” Tan is not about to throw in the towel even with the cease-and-desist order slapped against it. This as lawyer Rey Villegas, a private creditor of the MFT Group’s The Foundry, has urged the Securities and Exchange Commission (SEC) to lift the order against the companies, saying that “honoring their loan obligations has been the foundation of the long-standing private transactions by the shareholders with their creditors.” ...
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MANILA -ABS-CBN Corp., which has been working on regaining its footing after the renewal of its free TV franchise was rejected about three years ago, is ready to collaborate with more media platforms to air its content as it seeks to reach more viewers. During the company’s annual stockholders’ meeting Thursday, Carlo Katigbak, president and CEO of the Lopez-led company, said they were hoping to boost “viewership to far larger base.” · “We’re willing to work with any partner who is willing to bring our programs to their audiences, ...
MANILA -Union Bank of the Philippines registered a weaker bottom line in the January-September period despite stronger revenues as expenses ballooned following the acquisition of Citi’s consumer business and rollout of its digital-only banking arm. On Tuesday, the Aboitiz-led bank announced its net income amounted to P8.1 billion in the first three quarters, lower by 19 percent than the P10.09 billion it booked in the same period last year. Net revenues climbed by 48 percent to P52.8 billion during the period as net interest income grew by 34 ...
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