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SUNDAY, JANUARY 29, 2017
Business
Ray S. Eñano, Editor / Roderick dela Cruz, Issue Editor business@thestandard.com.ph
PALAWAN OIL FIELD HOLDS MORE RESERVES
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By Alena Mae S. Flores
GERMAN HONEY.
Langnese Honey Fürsten – Reform export manager Mark Baumgärtner
GERMAN HONEY MAKERS NOW SWEETEN PH FOOD T
he large and fast growing Philippine population, considered in the past as a drag on the economy, is now seen as the country’s number one asset in attracting multinational companies. Among them are top German companies —from consumer brands Adidas, Puma, Hugo Boss and Nivea and automotive manufacturers Mercedes-Benz, Volkswagen, Porsche, BMW and Audi to technology giants SAP, Bosch and Siemens and industrial conglomerates Bayer, Lufthansa and thyssenkrupp. “The Philippines is indeed a very good location for German companies to be here. You see the growing population of more than 100 million Filipinos. There is a growing middle class that will now be able to purchase products like Langnese honey,” says Dr. Andree Buhl, commercial attaché of the German embassy in Manila during the launch of the honey brand in the country. Langnese, the leading honey brand in Germany and Europe, is now in the Philippines, after local distributor Fly Ace Corp. teamed up with Fürsten – Reform, the German company behind the brand. Buhl says the entry of Langnese honey into the Philippine market will help expand bilateral trade
between Germany and the Philippines. “The bilateral economic relations are very good already. We have a trade volume of about 5 billion euros, with a slight advantage for the Philippines, because the Philippines is exporting more. Maybe now, with Langnese honey, I am not sure if you will be able to close the gap, because it is 1 billion euros. Maybe you can help a little bit in closing this gap between exports and imports,” he says. “I am sure that this product will be successful because from my time in the Philippines, for one and a half years, I know that the Filipinos like sweet products very much,” he says. Fly Ace Corp. president Jun Cochanco says Filipinos deserve world-class products such as Langnese honey, which is known for its purity. “We at Fly Ace Corp. envision bringing the world’s finest food and beverage brands and products into Filipino homes. We extensively research and carefully choose our product sources Turn to C2
Marriott Hotel Manila executive chef Meik Brammer
A CONSORTIUM led by Australian company N ido Petroleum Ltd. hopes to extract more oil from the Galoc oil field located 60 kilometers northwest off Palawan. Nido Petroleum’s subsidiary Galoc Production Co. WLL signed a binding rig contract with Golden Close Maritime Corp. Ltd. for the drillship “Deepsea Metro I” to drill an appraisal well at the Galoc mid area on behalf of the Galoc joint venture. Nido said the Deepsea Metro I is a cutting edge drillship capable of simultaneous, safe and efficient operations. “ The Deepsea Metro I will be contracted by the Galoc joint venture for a period of approximately four to five weeks with a contract commencement window of March 1 to 31, 2017,” it said. The Deepsea Metro I is capable of operating in water depths of up to 10,000 feet and drilling to a total depth of 40,000 feet. Golden Close Maritime Corp. Ltd. is a wholly owned subsidiary of Deepsea Metro Ltd. which is 40 percent owned by the Odfjell Drilling group. Nido managing director Mike Fischer said the consortium was looking forward to drilling operations commencing in the Philippines “as we seek to unlock the potential for extending the field life of our cornerstone asset.” Nido and its joint venture par tners are pursuing the appraisal well at the Galoc mid area of the Galoc field i n n o r t hwe s t Pa l aw a n i n preparation for the eventual depletion of the remaining reserves by 2019. “If the Galoc-7/7ST is successful, the subsequent d e ve l o p m e nt o f t h e G MA will materially increase re s e r ve s a n d p ro d u c t i o n , substantially extending the life of the Galoc field,” Nido said earlier. “Production at the Galoc field is currently declining and based on Nido’s proven reserves, estimates is anticipated to become sub-commercial in 2019,” Nido said. The successful development of the GMA will extend the life of the Galoc field to the first quarter of 2027. Members of the Galoc joint venture are Nido, Kufpec, Oriental Petroleum and Minerals and The Philodrill Corp. The Galoc oil field produces an average daily of production of 5,079 barrels a day. The field has produced over 17.8 million barrels since 2008.
CONVERGYS CHAIR APPOINTED MAP PRESIDENT THE country chair of the largest private employer in the Philippines is the new head of the Management Association of the Philippines. MAP, a multi-industry organization promoting management excellence for nation-building, inducted its 2017 board of governors led by Marife Zamora, chairperson of Convergys Philippines, as MAP president. Zamora is MAP’s 68th president and the first to come from the business process outsourcing sector since the organization was established in 1950. A multi-awarded executive, her
contributions to the BPO industry included establishing the Philippine operations of Convergys Corp., a global leader in customer management. Serving as its first country manager in 2003, Zamora was pivotal in growing Convergys to becoming the Philippines’ largest private employer, where she is currently chairperson. In her role as MAP president, Zamora will be leading the organization towards the fulfillment of its programs and advocacies together with eight members of MAP’s board of governors, comprised of top executives from
financial services, public utility, media, academe and management consultancy firms. The induction of MAP’s 2017 board of governors, held at the Peninsula Manila on Jan. 25, was spearheaded by Supreme Court Chief Justice Maria Lourdes Sereno, who also served as guest speaker at the event. This was followed by Zamora’s inaugural address where she revealed MAP’s theme for this year: “Working Together to Achieve Inclusive Prosperity,” which conveys bringing about positive change and inspiring courage and
optimism to overcome challenges. The theme is operationalized as the organization strengthens its commitment to integrity; to delivering economic freedom to marginalized sectors through skills generation, education and promoting sustainable business; and to helping create a more equitable workforce and an inclusive economy. Zamora also disclosed MAP’s five top priority programs which include traffic management advocacy, ease of doing business, entrepreneurship or
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Convergys Philippines chairperson Marife Zamora delivers her inaugural address as 2017 president of the Management Association of the Philippines.