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MANILA Fake Watches, Philippines – The Department of Transportation and Communications (DOTC) on Monday announced that it will put on the auction block by the middle of this year a contract to operate and maintain a common ticketing system for Metro Manila’s three light railway systems.

Transportation and Communications Secretary Mar Roxas made this announcement ahead of the issuance of the bid invites that will signal the formal acceptance of proposals from interested parties.

The project, upon implementation, will allow commuters taking the Metro Rail Transit (MRT) 3 at Edsa and the Light Rail Transit (LRT) 1 and 2 along Taft-Rizal Avenue and Magsaysay-Aurora Boulevard, respectively, to use a single ticket when boarding the three light rail systems.

This also means that commuters need not purchase different tickets when changing train lines.

“Para minsanan na lang at hindi doble-gastos sa gobyerno, at saka sa mga sumasakay, we will bid out a Common Ticketing System Project, a design-build-operate-and-maintain project [BOT], under the BOT Law.  This will roughly [cater to]… 1 million passengers a day, for the Yellow, Green and Blue train lines,” Roxas said in a press conference.

The MRT Line 3 will be renamed the yellow line. The colors green and blue be used as color codes for LRT Line 1 and 2, respectively.  “This will enable our passengers to easily identify which train line they should take because in the future we envision all lines to be interconnected,” said Roxas.

 The tickets could also be used as payment to purchase goods, including cellphone load credits, at convenience stores. Moreover, these can be used in ATMs to withdraw cash.

“It’s more of a stored value ticket that can be used anywhere. It is not only the ticket manufacturers that can participate in the bidding, even the business community can partner with banks and join the auction,” said Roxas.

The common ticketing system concept is similar to Hong Kong’s Octopus stored value ticket with a microchip that allows the holder of the ticket to tap up the value of the ticket once it runs out of value. The ticket is similar to an ATM card which can be used to purchase items in convenience stores.

Since the ticket will have an e-banking component, Roxas said the bidder must partner with local financial institutions, telecom and technology organizations, and retail and department stores where the card can be used to purchase items and services aside from train rides.

In the same briefing, Roxas announced that the government will put out to bid the design to build-and-operate and the Operations and Maintenance of the LRT 1 project in April.

“The contract is worth P35 billion because it consists only of the civil works, which excludes the rolling stock,” he said.

The LRT Line 1 extension project will run from Baclaran all the way to Cavite. It will be a 12-kilometer railway system that aims to serve about 40,000 passengers a day.

By Richard Rubin

(Updates with revenue estimate in second paragraph.)

Feb. 14 (Bloomberg) — Representative Sander Levin outlined a new proposal in his five-year effort to increase the tax rate that private equity managers and other investment executives pay on their so-called carried interest earnings.

The bill by the Michigan Democrat is similar to a proposal in President Barack Obama’s fiscal 2013 budget released yesterday. The administration estimates the change would generate $13.5 billion in additional taxes over the next decade.

“This loophole for years has unfairly enabled some of the highest-paid individuals in the country to sharply reduce their tax bills and it is time to close it once and for all,” said Levin, the top Democrat on the House Ways and Means Committee, in a statement.

Republicans object to the tax change, saying it would hurt economic growth. The House passed Levin’s proposal when Democrats controlled the chamber. It hasn’t advanced since Republicans took control of the House after the 2010 election.

Private equity managers are paid management fees and carried interest, which typically is a 20 percent share of the profits earned by their funds. The management fees are taxed as ordinary income, which has a top rate of 35 percent Fake Watches, and carried interest is considered a capital gain taxed at a top rate of 15 percent.

Romney’s Taxes

The preferential tax treatment of carried interest has benefited Republican presidential candidate Mitt Romney, who helped found and run Bain Capital LLC. Of the $21.6 million in income Romney reported receiving in 2010, $7.4 million came from carried interest, Ben Ginsberg, national counsel for Romney’s campaign, said Jan. 23 as Romney released his tax returns. Romney paid an overall 13.9 percent federal tax rate.

Levin said his new proposal would ensure that investment managers could continue to pay the capital gains rate for selling their stakes in their own companies.

The private-equity industry has resisted a tax change.

A tax increase “would discourage the risk-taking required to start, grow and save companies Fake Watches,” Steve Judge, president of the Private Equity Growth Capital Council, an industry trade group in Washington, said in a statement. Such proposals “have been defeated on a bipartisan basis a number of times over the last five years, and even with the highly charged election year rhetoric it is uncertain that such a proposal will gain traction.”

–Editors: Laurie Asseo, Justin Blum

To contact the reporter on this story: Richard Rubin in Washington at rrubin12@bloomberg.net

To contact the editor responsible for this story: Jodi Schneider at jschneider50@bloomberg.net

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Celebrity couple Regine Velasquez and Ogie Alcasid had their firstborn son baptised on Sunday. Baby Nathaniel James or Nate’s christening was held at the Saint John Bosco Parish Church in Makati.Nate had 10 sets of godparents including Judy Ann Santos Fake Watches, Dingdong Dantes, Senator Bong Revilla, Kris Aquino and and boxing champ Manny Pacquiao. Dateline Philippines, ANC Fake Watches, January 23, 2012

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By Thomas Biesheuvel

(Updates with closing share price in second paragraph.)

Jan. 10 (Bloomberg) — Centamin Plc, a gold producer in Egypt, was the best-performing stock in London’s benchmark mining index after fourth-quarter output at its Sukari project rose 10 percent.

Centamin climbed 8.5 percent and to 87.75 pence by the close in London Replica watches, the biggest gain among the 24 members of the FTSE 350 Mining Index. Production in the three months ended Dec. 31 was 58,965 ounces and 202,968 ounces for the full year, Centamin said in a statement today. The company targeted 2011 production of 200,000 ounces to 210,000 ounces.

Centamin plunged 53 percent last year as political instability in Egypt deterred investors and supply interruptions and blasting restrictions led the company to cut its initial output target of 250 Fake Watches,000 ounces to 290,000 ounces.

“The final quarter of 2011 saw Centamin deliver record performance on all operating fronts, which was a credit to our operating team who remained focused and committed to successfully delivering on our targets during a challenging year,” Chairman Josef El-Raghy said in the statement

–Editors: Alex Devine, Tony Barrett

To contact the reporter on this story: Thomas Biesheuvel in London at tbiesheuvel@bloomberg.net.

To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net

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By Ben Martin and Hannah Benjamin Replica Watch

Jan. 17 (Bloomberg) — BNZ International Funding Ltd. is delaying a sale of five-year covered bonds in euros, according to two people with knowledge of the sale.

The bonds had been initially marketed at yield of 125 to 130 basis points more than the benchmark mid-swap rate and were planned to total at least 500 million euros Fake Watches, a banker involved in the transaction said yesterday. DZ Bank AG, JPMorgan Chase & Co., National Australia Bank Ltd., Natixis, Royal Bank of Scotland Group Plc and UniCredit SpA were hired to manage the deal.

Bank of New Zealand spokeswomen Erica Lloyd and Emily Davies didn’t immediately respond to an e-mail sent outside of business hours.

To contact the editor responsible for this story: Ben Martin at bmartin38@bloomberg.net

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By Phil Milford and Dawn McCarty

(Updates with details from court papers in fifth paragraph, company comment in seventh paragraph.)

July 26 (Bloomberg) — Massachusetts Mutual Life Insurance Co.’s OppenheimerFunds Inc. agreed to pay $100 million to settle allegations of mismanagement brought by mutual fund investors, according to federal court documents filed in Denver.

A hearing to approve the settlement with holders of Oppenheimer Champion and Core Bond Fund shares was scheduled for Sept. 30 before U.S. District Judge John L. Kane, the court announced in a statement today.

Fund officials settled the cases “to eliminate the burden, expense, uncertainty and risk of further litigation,” and deny any wrongdoing, their lawyers said in court documents.

The funds were sued in 2009 by participants who believed they were holding low-risk Replica Watch, conservative investments, and lost money.

“Defendants portrayed the Fund as a diversified, higher- yielding Fund that may be appropriate as part of a retirement plan portfolio,” plaintiffs’ lawyers in the Champion case said. “However, the Fund was substantially more risky than represented because it took huge gambles on mortgage-backed securities and illiquid derivatives that caused the Fund to crash.”

Settlement Amounts

Champion investors will receive $52.5 million, and Core Bond investors will share $47.5 million, minus legal fees, according to settlement papers. The plaintiffs’ lawyers will ask Kane to give them 25 percent of the settlement amount, court documents show.

“OppenheimerFunds entered into these proposed settlement agreements to avoid a lengthy and expensive legal process,” Samuel Wang, a spokesman for OppenheimerFunds in New York, said in an e-mail. “In doing so, the company has not admitted any wrongdoing in the matters raised in the lawsuits.”

OppenheimerFunds isn’t affiliated with Oppenheimer & Co. or Oppenheimer Capital.

“We believe that the proposed settlements are in the best interests of shareholders of the Funds and we are pleased that we are moving toward a resolution of these matters” Wang said. “The settlements have also been approved by the Boards of Trustees of the two funds,”.

The cases are In Re Oppenheimer Champion Securities Fraud Class Actions Fake Watches, 09CV386 and In Re Core Bond Fund, 09CV1186, U.S. District Court, District of Colorado (Denver).

–Editors: Mary Romano, Fred Strasser

To contact the reporters on this story: Phil Milford in Wilmington, Delaware, at pmilford@bloomberg.net; Dawn McCarty in Wilmington, Delaware, at dmccarty@bloomberg.net.

To contact the editor responsible for this story: Michael Hytha at mhytha@bloomberg.net.

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MANILA, Philippines – ABS-CBN’s "Pilipinas Got Talent" (PGT) Season 2 has named two more grand finalists.

Tap dancers "Happy Feet" led the nationwide text votes with 50.51%, automatically securing them a slot in the show’s finale.

Judges Ai-Ai delas Alas, Kris Aquino and Freddie Garcia, on the other hand, had to choose between heartthrob contestant Jose Emmanuel "Jem" Cubil and singer Collins Gutierrez, who ranked 2nd (23.20%) and 3rd (15.40%) in text votes, respectively.

The show’s judges chose Cubil to advance to the grand finals.

"I’m basing my decision sa tinanong ko sa ibang followers ko. Susundin ko sila sa mas nakakaraming boto this time. Jem, you have my vote," Aquino said.

"Sa mga girls na tumitili Replica Watches, sasali ako. Kay Jem ako Fake Watches," delas Alas added.

"Pareho kayong magaling pero in terms of timber of the voice and presence medyo lamang si Jem. So I’ll go to Jem," Garcia explained.

Six more finalists will be named in the coming weeks.

Aside from Happy Feet and Cubil, four other finalists have already been named: Freestylers, Madrigal Siblings, B4 and Angel Canlas.

Six more finalists will be chosen in the coming weeks.

"Pilipinas Got Talent 2" airs every Saturday and Sunday at 8:45 p.m. on ABS-CBN.

MANILA Fake Watches, Philippines The US Federal Reserve’s policy stance supported the Philippine central bank’s decision to hold interest rates at a record low and will allow it to tap cheaper funds overseas, the central bank governor said on Wednesday.

"For the BSP (Bangko Sentral ng Pilipinas) Replica handbags, the Fed’s move confirms our assessment of manageable inflation, and therefore gives us flexibility to continue to be supportive of the government’s growth objective," Amando Tetangco said in a mobile text message to reporters.
 

The Fed on Tuesday left its benchmark overnight interest rates steady in a zero to 0.25%  range and renewed its pledge to keep them low for an extended period. It said it would reinvest maturing mortgage debt into Treasuries. 

A favourable inflation environment has allowed the Philippine central bank to keep its key policy rate at a record low of 4 percent since July 2009.
 

It has twice cut its inflation forecasts for 2010 and 2011 as price pressures eased. The central bank’s next policy meeting is on Aug. 26. 
 

Low Fed rates would also help the Philippines, Asia’s largest sovereign issuer of foreign currency debt, access cheaper funds abroad to finance a huge budget deficit this year, Tetangco said.
 

Manila, which expects a budget deficit of P325 billion pesos ($7.2 billion) or 3.9%  of GDP this year, a record in nominal terms, plans to raise at least $500 million from a global peso bond issue in the second half of the year.

"The Fed’s announcements should give the government room to raise funds from the international capital market at relatively lower cost, which could then provide a more stable base for the country as the national government goes goes full swing with its PPP (public-private partnerships) initiative," Tetangco said.
 

President Benigno Aquino III, who took office nearly 6 weeks ago, has vowed to make the Philippines more business friendly and encourage public-private partnerships in major infrastructure projects.

MANILA, Philippines – The Home Development Mutual Fund or Pag-IBIG Fund has blacklisted property developer Globe Asiatique Realty Holdings Corp. (GA) and its officials Fake Watches, HDMF officer-in-charge Emma Linda Faria said Friday.

Faria said HDMF has "cancelled, revoked and nullified" the funding commitment line granted GA, which means the developer can no longer secure loans from the agency.

GA can also no longer deal with Pag-IBIG for the processing and release of housing loan applications for members, and has lost access to the agency’s express lane facility or Window 1.

"The blacklisting also covers the developer’s key officials. They, too, are no longer eligible to avail of or participate in any of the Pag-IBIG lending programs Replica Watches," Faria added.

Faria advised buyers of GA properties to submit their housing loan applications directly to Pag-IBIG. These applications will be processed under the retail/end-user window.

Pag-IBIG blacklisted GA for its failure to buy back 1,753 loan accounts totaling P1.2 billion for its Xevera project in Mabalacat, Pampanga.

Likewise, Pag-IBIG said the property developer failed to remit monthly installment payments it collected from member-buyers for 2 consecutive periods starting from the last week of July 2010.

Prior to this, GA was remitting more or less P10 million in collections for every 10-day period.

Faria also said Pag-IBIG has created a task force which will receive, address and recommend solutions to HDMF senior management on operational issues that may arise as a result of the cancellation of the funding commitment lines and collection servicing agreements with GA.

Vice President and Pag-IBIG chair Jejomar Binay had ordered a probe into the Xevera case, and assured that appropriate charges will be filed.