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THE Nacionalista Party has urged the Arroyo administration to come up with a stimulus package for local industries to help mitigate the impact of the global financial crisis.

In a statement, NP spokesperson and former Cavite Rep. Gilbert Remulla warned that the recession in other countries will result in a growing number of jobless Filipinos.

Remulla said that hundreds of migrant workers will return home if the global financial meltdown is not resolved.

Citing latest figures, Remulla said there are now 4.2 million unemployed Filipinos and 6.6 million underemployed.

This number of unemployed Filipinos is expected to increase in the next few years as the local economy, particularly the exports sector, continues to feel the impact of the global recession, the former solon said.

“The government should stop claiming that the Philippines remains  resilient in the global financial crisis because it is not. We need to face this crisis head on by pushing for job creation programs and providing stimulus package to the local industries,” Remulla said.

The stimulus plan should cover the small and medium scale industries that comprise 95 per cent of the local economy, the NPC spokesman said.

He said the government should prioritize the stimulus package for vulnerable sectors like manufacturing, garments and textiles and even information technology (IT) industries.

Source: Jester P. Manalastas

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Holcim net profit up 58% in Q2

LEADING CEMENT-MAKER HOLCIM Philippines posted a 58-percent growth in second-quarter profit from a year ago on the back of robust demand from large-scale infrastructure projects and low-cost housing across the country.

Holcim reported yesterday a net profit of P1.2 billion for the April-to-June period, higher than the P742 million in the same period last year. This brought the first semester net income to P2 billion, up 66.7 percent from the previous year’s P1.2 billion.

“It was a semester of exceptional performance and, with the government’s strong focus on infrastructure, coupled with continuing demand for housing, we hope to sustain this for the balance year,” Holcim Philippines chief operating officer Ian Thackwray said in a statement.

While North Luzon still accounted for the biggest volume and demand increased across all regions, Holcim reported it was from Mindanao where growth was “exceptional.”

“This was largely due to infrastructure projects funded by the government’s stimulus package. Robust housing construction activity was also sustained, following strong OFW (overseas Filipino worker) remittances and declining interest rates,” the company reported.

For the second quarter alone, revenues were up by 14 percent to P6 billion from a year ago, outpacing the industry-wide cement demand of 2.9 percent for the same period.

The company’s cash flow, as measured by its earnings before depreciation, amortization, interest and taxes (Ebitda), also jumped 33 percent to P2.2 billion in the second quarter from last year’s P1.6 billion.

Holcim generated revenues of P11.4 billion for the six-month period, up 20 percent from the P9.5 billion reported a year ago. The company also boosted its net working capital, generating P4.1 billion cash flow from its operating activities during the period.

Source: Inquirer

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Ernst & Young LLP Helps Universities Modify Accounting Curricula to Address International Accounting Standards

Ernst & Young LLP took another significant step in supporting faculty through the Academic Resource Center (EYARC) with the release of the second phase of International Financial Reporting Standards (IFRS) curriculum and teaching materials, as well as a national training session for professors.

EYARC, which represents a $1.5 million investment for the firm, is a collaboration of faculty and professionals dedicated to helping the next generation of accounting professionals meet the fast-changing needs of the global financial markets. The first phase of IFRS curriculum was released in January of this year. The second phase of curriculum provides additional IFRS resources intended to supplement typical US university financial accounting coursework. EYARC’s curriculum is unique as it includes comprehensive and flexible materials that compare IFRS with US Generally Accepted Accounting Principles (GAAP), including a user guide, lecture notes, presentation slides, homework problems, illustrative disclosures, case studies and international spotlight features.

EYARC held its first national IFRS training session in Cleveland last week for more than 60 faculty attendees from across the country. Key speakers at the training included Ken Marshall, Americas IFRS Markets Leader at Ernst & Young LLP, EYARC faculty members Jana Raedy, University of North Carolina, Chapel Hill; Irene Wiecek, University of Toronto, who recently published an IFRS primer textbook; and Tim Eaton, Miami University, Ohio, as well as retired Ernst & Young LLP partners John Kiss, Nick Kissel, Peter Nurczynski and Bob Riley.

James Wahlen, Professor of Accounting and Chairman of the MBA Program at the Kelley School of Business at Indiana University said, “The EYARC IFRS faculty training was an outstanding experience. Several accounting faculty and retired partners assembled a comprehensive and detailed set of materials that will help me and accounting faculty members all over the country incorporate an understanding of IFRS into our courses. This training is a great example of how practice and academia can partner for the benefit of our students, our teaching and research, and our profession.”

Judy Rayburn, Chair of the Accounting Department at the Carlson School of Management at the University of Minnesota said, “EYARC IFRS training was a great experience that saved me a lot of time and provided many resources that I will easily be able to assimilate into my classes. The training team was focused and fun, seasoned, and internationally knowledgeable.”

Jennifer Blouin, Assistant Professor, University of Pennsylvania Wharton School of Business said, “Making an effort to maximize pedagogical flexibility, EYARC offered faculty extensive training and materials useful for developing IFRS curriculum at both the undergraduate and graduate levels. The class notes, cases, and high level spotlights on convergence issues created by EYARC’s team of academics and practice professionals will be invaluable as I incorporate IFRS into my syllabus.”

Currently, the US is the only industrialized country to not yet adopt IFRS or have a “date certain” for adoption. In the Americas, for example, Canada and South America have adoption dates ranging from 2011 to 2014. In November, the SEC issued a roadmap proposing the adoption of IFRS in the US beginning in 2014. This roadmap is currently open for comment before mandatory adoption is initiated.

“Given the roadmap issued by the SEC and the probability of mandatory adoption of IFRS in the US in the relatively near time frame, we believe it’s a matter of when — not if — schools will need to realign their educational programs to address IFRS learning,” said Ellen Glazerman, Ernst & Young LLP, Americas Director of University Relations. “Even though IFRS is not currently mandated in the US, most of our multinational clients report under IFRS in some capacity, therefore demanding that knowledge from our professionals and the new campus recruits that we hire. We, along with universities, have a shared responsibility in accounting education.”

Catherine Banks, EYARC Program Director added, “Students who have an understanding of IFRS will distinguish themselves in the hiring process and will likely have increased career and mobility opportunities. Learning IFRS requires students to build more critical-thinking skills to better understand the substance of transactions, which should make them better accountants.”

Source: PRNEWSWIRE

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