The Philippine Economy - Compiled Threads [Archive] - Page 8

JAMAICUS

August 14th, 2006, 12:38 PM

Government contains foreign borrowing with about $4B in unused credit
By Rocel C. Felix
The Philippine Star 08/14/2006

The government was able to contain foreign borrowing within its prescribed debt ceiling with about $4 billion in unutilized credit.

Last month, the National Government (NG) said it completed its foreign commercial borrowings for this year at $2.85 billion which is lower than program by $150 million. Moreover, there is no pending application for more borrowing with the Bangko Sentral ng Pilipinas (BSP) or to tap the balance of $4 billion.

The NG has set an internal annual debt ceiling to monitor foreign borrowings, either from commercial sources or from official development assistance (ODA) funds. Data show that of the $4 billion unused foreign borrowings, $3 billion are public sector borrowings.

Analysts said the unused borrowing indicates the country has built up strong dollar reserves while maintaining a healthy balance of payments surplus.

Since July, the country’s gross international reserves (GIR) was nearing the $22 billion level while the BOP surplus was more than $2 billion year-on-year.

The NG borrows in foreign currencies to pay for interest payments, trim the budget gap along with BOP deficits.

For close to 20 years up to the early 1990s the International Monetary Fund (IMF) imposed a debt ceiling for the NG to rein in the growing external debt. After the IMF program expired, the government decided to keep this debt ceiling for better management of its foreign debt.

Under Republic Act 4860, the government is mandated to allocate a debt ceiling of $10 billion a year for its foreign borrowing.

As of March this year, the country’s external debt hit $55.3 billion, up 2.1 percent from $54.2 billion during the same period in 2005. The BSP earlier said the country’s external debt ratio to gross domestic product went down to 53.9 percent from 62 percent in 2005.

On the other hand, the ratio or total outstanding external debt as a percentage to gross national product was about 49.7 percent last March, an improvement from the 50.8 percent from the last quarter and 57.5 percent a year ago.

The BSP attributed the increase in the debt level during the quarter to net foreign borrowings of $1.4 billion, and upward foreign exchange revaluation and other adjustments at the end of the quarter of $266 million. These were partially offset by increased residents investments in Philippine debt papers issued abroad of $513 million, which trimmed the stock of debt owed to non-residents.

The NG frontloaded its borrowings for the said quarter, increasing the share of public sector accounts to total outstanding external debt which rose by 0.88 percentage point during the quarter to reach 68.2 percent.

Official lenders such as multilateral and bilateral institutions comprised 38.9 percent of total debt, foreign holders of bonds and notes at 33.9 percent, and foreign banks and other financial institutions, 21.8 percent, and 5.4 percent were suppliers.

http://www.philstar.com/philstar/news200608140701.htm

bitoy

August 14th, 2006, 03:26 PM

This thread should be moved to Samahan. does not have anything to do with skyscrapers, urbanism nore development. Mods.

This thread could stay where it is. The Zobels and other families discussed in here have done more in the infrastructure and development of our nation.

Some postings were just "side-jabs" and doesn't mean to hi-jack the thread.

Animo

August 14th, 2006, 08:15 PM

By EDU H. LOPEZ

The country’s cumulative official development assistance (ODA) has dropped by five percent to US$ 10.2 billion in 2005 as the government’s fiscal standing continues to improve.

"From a peak of US$ 13.3 billion in 2000, ODA loans have steadily decreased in the last five years largely as a result of Government’s greater adherence to project quality and fiscal discipline," said Socioeconomic Planning Secretary Romulo L. Neri said.

The 14th annual ODA portfolio review by the National Economic and Development Authority (NEDA) showed that as of December 31, 2005, a total of 160 project loans supporting 147 projects, and two program loans are being implemented.

Most of the loans or 65 percent of total ODA went to infrastructure projects, totalling US$ 6.6 billion for 87 loans.

On the other hand, agriculture, natural resources and agrarian reform initiatives received 39 loans amounting to US$ 1.8 billion while social services and community development got 27 loans worth US$ 1 billion.

Industry, trade and tourism received US$ 770 million and governance or institutional development took in US$ 22 million.

Twenty-nine loans were reported as closed or fully availed in 2005 amounting to US$ 1.6 billion.

These consist of eight loans from Japan (US$ 829 million), six loans from the Asian Development Bank (US$ 351 million), three loans from the World Bank (US million), four loans from Spain (US$ 85 million), two loans from Austria (US$ 48 million), and one each from Australia, France, IFAD, NDF, South Korea and the UK (totalling US$ 238 million).

Of the 29 closed loans, 15 are infrastructure projects. These are the Tulay ng Pangulo sa Barangay, Metro Manila Interchange Project IV, Agno and Allied Rivers Urgent Rehabilitation Project I, Provincial Cities Water Supply Project V, Manila Second Sewerage Project, Emergency Network Project and the Clark Area Municipal Development Project.

The rehabilitation of Tiwi and Makban Geothermal Power Plants, as well as the Luzon Transmission Line and Substation Project were also completed.

Two projects in the agriculture, agrarian reform and natural resources sector were likewise completed.

These are the acquisition of 14 units Fisheries Management Patrol Vessels for Monitoring, Control and Surveillance Project and the Solar-Power Technology Support Project, both funded by the Spanish government.

Japan through the Japan Bank for International Cooperation continues to be the biggest source of loans with US$ 6.1 billion, comprising 60 percent of total ODA.

Meanwhile, Jose S. Montero, Officer-in-Charge of NEDA’s Project Monitoring Staff reported that 12 out of 20 budget-dependent agencies experienced budget problems affecting implementation of more than 30 of their ongoing projects.

These problems are delayed approval of the 2005 GAA, inadequate appropriations cover, delayed release of allotments, and confusion among projects using the Municipal Fund Development Office (MDFO) as funds conduit.

Montero added that the 2005 GAA did not include appropriations under the MDFO for the implementation of projects using MDFO as a conduit because of the pending operationalization of the Municipal Finance Corporation (MFC).

"Also the lack of LGU equity is a major problem affecting project implementation, particularly in the Mindanao Basic Urban Services Sector Project and Rural Water Supply and Sanitation Project V."

The limited technical capacity of LGUs, particularly those in the lower income class under the Department of Finance’s Local Government Finance and Development Project continues to delay project implementation, Montero noted.

http://www.mb.com.ph/issues/2006/08/11/BSNS2006081171492.html

DoggMann

August 14th, 2006, 11:12 PM

http://www.manilastandardtoday.com/?page=business01_aug15_2006

Peso to hit 49:$1—DBS

By Eileen A. Mencias

DBS, Singapore’s largest bank, sees the peso testing the 50:$1 level by the end of the year, possibly breaking into the 49:1 mark level by the first quarter of next year.

“The momentum remains for the Philippine peso to test the psycholodgical support at 50,” DBS said in its Asian Currency Research report dated Aug. 10. “The outlook for the Philippine peso is brightening with upgrades in the outlook for budget, exports and overseas worker remittances.”

The peso hit four-month highs last week, supported mainly by remittances from Filipino migrant workers and improving exports and investments.

The peso yesterday closed at 51.35 against the US dollar after hitting an intraday high of 51.25. It averaged at 51.305 on volume of $247.9 million at the Philippine Dealing System.

DBS expects Manila to undershoot its budget deficit target of P125 billion for the year after a lower-than-expected deficit of P31.5 billion in the first half of the year.

“The better fiscal position coupled with lower inflation will allow the central bank to direct monetary policy towards supporting growth,” DBS said.

The fiscal performance has been crucial in boosting investor confidence, which is key in attracting much-needed foreign investments.

DBS said value-added tax collection in the first half of the year totaled P38 billion, 23 percent higher than target, and “should help assuage the concern of ratings agencies that efforts to boost revenue is starting to bear fruit.”

DBS said “the steady uptrend in foreign reserves, which hit a new record high of $21.1 billion in June, points to a healthy balance of payments position.”

The Bangko Sentral ng Pilipinas aims to end the year with reserves of around $21-billion level and raise the level to $25 billion to $30 billion in the next five years.

DBS said government’s move to raise its export growth target to 10 percent this year from 8 percent would support the strengthening of the peso. The government raised the export growth target because of the better-than-expected performance of the electronics sector.

“As we head closer to the fourth quarter, focus should return to seasonal inflows from overseas worker remittances,” DBS said.

The central bank originally predicted growth in remittances of Filipino migrant workers at 10 percent this year to $11.7 billion. It later raised the growth to 11 percent to $11.8 billion after better-than-expected results.

sandrin

August 15th, 2006, 03:55 AM

RP gets high marks in management
of oil supply and price issue from ADB
Businessmirror Philippines
By Manuel T. Cayon
Reporter

DAVAO CITY—The Asian Development Bank gave high marks to the country’s management of the highly politically charged oil supply and price issue, saying the Arroyo administration “has successfully withstood pressure to provide subsidy.”

The commendation was made as Thomas Crouch, the ADB’s country director for the Philippines, also suggested that the government also continue “fiscal consolidation.”
“They [government officials] do that, unlike some of its Asian neighbors Thailand, Malaysia and Indonesia, which have still some subsidy [on their energy sector],” Crouch said.

He said the government has deftly managed the pricing issue of oil, steering it away from the political intramurals that have several sectors, including some lawmakers, reviving previous demands to restore or put semblance to the previous working of the Oil Price Stabilization Fund.

“Another aspect of the good management job that the government did was the effort to reduce heavy dependence on oil for the Philippines’ energy requirement,” Crouch said.

“It has been doing several things designed to reduce on that dependence, developing alternative sources of energy such as the Malampaya gas fields,” he added. He said the country has also become a major geothermal producer in the world.

The manifestation of efforts at weaning away from heavy dependence on petroleum products could be gleaned from the gradual reduction of the amount of oil products that the National Power Corp. used to generate power. He did not give statistics but said that “it is becoming small and small.”

He said, however, that the country remained vulnerable to the increasing oil prices and anxiety over its supply. “This is a global issue, not only for the Philippines, for as long as any country remained heavily dependent on oil for its energy requirement.

Click for more:
http://www.businessmirror.com.ph/eco03.php

marites4

August 15th, 2006, 04:04 AM

:banana: :cucumber: :carrot: :cheer: for the peso.

Louman

August 15th, 2006, 04:09 AM

Hey, maybe if you exchange your money to peso now and then back to dollars later on, you'll get a few bucks (or maybe cents, haha) out of it. Heheheh. Go Peso.

Espma

August 15th, 2006, 06:21 AM

^^ people actually do that though, buying currencies...
its like buying and selling stocks..

marites4

August 15th, 2006, 07:41 AM

at kada taas ng peso taas din ang gnp ,gdp naten at baba ang foreign loans.
:banana::carrot::cucumber::cheer:

3cr

August 15th, 2006, 09:20 AM

GMA’s OK for OWWA funds for poll campaign bared

By Angie M. Rosales
Tribune
08/15/2006

Truth will come out.

Senators yesterday learned that indeed President Arroyo knew beforehand that the distribution of Philippine Health Insurance Corp.’s (PhilHealth) cards, funded by the Overseas Workers Welfare Administration (OWWA) funds in the tune of half a billion pesos would be used to boost her campaign for the May 2004 presidential elections and that she even agreed to such an arrangement.

But Health Secretary Francisco Duque III, at the time President and chief executive officer (CEO) of PhilHealth when it distributed millions of beneficiary cards in 2004, which showed a significant increase in the enrollees after the national polls, which was discovered by the senators last week, was quick to explain that the actual transfer of funds to finance this, amounting to half a billion, happened only seven months after the elections.

Senators, in seeking clarification from the source of the estimated P500 million funds in the PhilHealth program undertaken in 2004 from OWWA funds through a public investigation by the upper chamber’s labor committee, were informed by its chief Marianito Roque that the decision for him and other concerned officials on whether to attend the proceeding was made by Malacañang on their behalf.

These developments took place during the continuation yesterday afternoon of the Cabinet officials’ briefing on the proposed twin supplemental budgets, the P46.4 billion for national appropriations and P500 million repatriation funds to members of the Senate finance committee.

Panel chairman Sen. Franklin Drilon and several other senators, particularly those coming from so-called administration bloc in the upper chamber, however, noted several new items under the called P46.4 billion supplemental budget in the tens of billions of pesos, which were not included in the unapproved 2006 proposed General Appropriation Act (GAA).

Sen. Joker Arroyo threatened to bring this issue personally before the Chief Executive should the Palace insist on having this implemented while refusing to provide justification.

Senator Arroyo, in expressing disgust over what he noted as an apparent attempt of the Palace to circumvent the laws in Congress’ role approving the budget by continuously enforcing a reenacted budget, pointed out that under such situation they are being rendered inutile as far as being an “independent” institution

Sen. Miriam Defensor-Santiago joined Senator Arroyo in lambasting the Executive department in its attempt to be given budget that would effectively give the administration higher spending power than the figures presented in the unapproved 2006 appropriations, citing the lack of legal basis for most of the requests made by Mrs. Arroyo in the P46.4 billion supplemental budget.

Besides Department of Budget and Management (DBM) Secretary Rolando Andaya who underwent intense grilling from the administration lawmakers, Duque and Roque were treated similarly by the opposition members when the matter of alleged misuse of OWWA funds was taken up.

Sen. Jinggoy Estrada, chair of the committee on labor, employment and human resource development that is currently investigating the OWWA fund mess, managed to squeeze information from the two officials when he questioned the P530 million workers’ trust fund transferred to Philhealth and another P500 million Mrs. Arroyo supposedly ordered released, charged to OWWA funds during the time of the late Foreign Affairs Secretary Blas Ople.

He confronted Duque on some documents he got hold of containing information related to these matters.

“I am in possession of your letter to Mrs. Arroyo dated Nov. 20, 2002 when you were still president and CEO of Philhealth and in the last paragraph, you said, ‘PHIC will need a reasonable lead time to ensure a smooth turnover of OWWA Medicare to PHIC and manage some assistance from certain quarters which will be affected by the change. It is respectfully requested that the proposed EO be approved by Her Excellency before the year ends.’

“And this is the most controversial line here...’the proposed transfer will have significant bearing on the 2004 elections and on the President’s desire to provide health insurance to eight million indigents by the end of 2003.’ My question is, what do you mean by ‘the proposed transfer will have significant bearing on the 2004 elections?” Estrada asked.

Duque quick in assuming responsibility over the fuss created by the fund transfer said it was his fault that such a “sloppy-written” memo came out.

“The whole point of having that written note to the President was really to tell her that if the transfer of the OWWA Medicare to Philhealth was not going to be implemented or effected in an orderly way, it could mean for her to lose some political capital, especially with respect to the OFWs (overseas Filipino workers),” he explained.

“So you mean to say you distributed these Philhealth cards for election purposes… during elections?” asked Estrada.

“No your honor that was far from the intention”, was Duque’s immediate reply adding that they started the program as early as 2001.

But Estrada managed to have him confess that they did distribute during the polls but claimed these were given to the beneficiaries who are OFWs, emphasizing that these were bona fide members of OWWA.

“Eight million?” Estrada pointed out, recalling the testimony earlier last Thursday where the agency’s beneficiary cards jumped from a mere 9.9 million cardholders to 15.3 million after the polls.

Duque, in further explaining, unwittingly gave more questionable information saying that of the half a million OWWA medicare members were to be covered when the program was handed over to PhilHealth. It managed to spend P469 million in issuing cards to a total of 436,000 cardholders.

“How many PhilHealth cards were distributed during elections? The senator inquired.

“Under the regular program, I think we had a total membership of about two million,” Duque said.

“And all of these beneficiaries are all registered voters?” Estrada asked to which he was given a reply by Duque that the matter could be best explained by the Commission on Elections (Comelec).

“What has Comelec got to do with this PhilHealth cards?...Is your position a reward for what happened?” Estrada asked then went on to say:“So you have admitted to the Senate committee on finance that you have distributed PhilHealth cards before and during the elections of 2004?” the senator asked.

“Before, during and after the elections,” the health secretary even clarified.

“To the advancement of Mrs. Arroyo,” Estrada emphasized.

Duque, disagreed saying that the distribution of cards were well-within the PhilHealth’s cause arguing in between with the lawmaker, saying the issue on the effect of a smooth transfer “will make her win some political points with the OFWs” was due to his being candid with the Chief Executive.

The intention to effect the transfer was done with legal basis, Duque added, in the law mandating the unification of all the medicare systems of SSS, GSIS as well as OWWA.

“It was our sad experience in the transfer of the SSS medicare in 1997, we had been confronted with a lot of opposition and a lot of resistance from the originating system. So that generated some controversies as well..we didn’t want to have the same experience to happen in the proposed transfer of the OWWA medicare to Philhealth,” he said.

He further claimed that while the President approved the transfer through the issuance of an executive order in Feb. 14, 2003, the amending EO to implement the program and actual turnover of the funds totaling P530 million only took effect in March 2005, in tranches with the initial release of P300 million and the second and remaining amount of P230 million in April 19, 2005,

Estrada said even assuming the transfer had been effected after the elections , it still holds that the distribution of the Philhealth cards was done during elections.

As to Roque, Estrada was able to have the OWWA chief admit that the Palace indeed intervened on the matter of their appearance before his committee during the two previous public hearings inquiring into the fund controversy, which proceedings are currently put on hold by the Senate leadership.

Estrada initially asked Drilon whether the committee chair provided advance questions to Malacanang to allow their presence in their briefing on the supplemental budget to which he was a negative reply.

“None for the record. For the record, there were no advance questions (sent to them),” said Drilon.

Estrada then turned to Roque whom he interrogated for the no-show in his called public hearings yet was reported present in the press conference held at the Palace simultaneous in the ongoing proceedings and later appeared as a guest in a television public affairs programs, an apparent contradiction that the senator noted to the claims made by Executive Sec. Edgardo Ermita that the OWWA chief and other labor officials were then engaged in the evacuation process of the government.

Roque claimed that his public appearance was made “so that the public may know the efforts” being made by the government.

As to his attendance to the said briefing, Roque said they are no longer as busy as before, having managed to repatriate a number of OFWs stranded in Lebanon the past few days, allowing them to respond to other engagements such as that called by the upper chamber yesterday.

On the issue of the memo signed by Ople, the matter, Roque said, remains subject for approval of the OWWA board of trustees, despite what the senator claimed as marginal note made by Mrs. Arroyo to effect the release of P500 million worth of workers’ funds.

JAMAICUS

August 15th, 2006, 12:32 PM

Economy shows resilience, says BSP official
By Rocel C. Felix
The Philippine Star 08/15/2006

The economy is showing its resiliency, performing well in the first semester despite record high oil prices and rising US interest rates, the Investors‚ Relations Office (IRO) of the Bangko Sentral ng Pilipinas said yesterday.

"The past six months have been a period of steady economic improvement for the Philippines. The strong economic showing for the first half of the year clearly demonstrates the positive impact of the government’s economic reform program and rising investor confidence in the Philippines," said Rene Pizarro, IRO executive director.

The IRO said the half year economic data points to the strengthening of key indicators.

It noted a 16.8-percent year-on-year increase in total exports, fueled by an increase in demand for electronics, garments, refined copper and petroleum products.

The agriculture sector which makes up a fifth of the country’s economic output grew 5.1 percent buttressed by record rice and corn yields as well as improved fisheries output.

On the finance side, the country’s foreign reserves totaled $21.1 billion which reflected improving external accounts and consistency with international reserve adequacy benchmarks.

At the same time there was a $2-billion balance of payments surplus, a result of robust remittances from overseas Filipino workers, foreign investments and rising exports.

The IRO also noted a 52.6-percent rise in net foreign direct investment inflows.

The better-than-expected performance in the first semester prompted government agencies to adjust expectations on several indicators, among which are merchandise exports will grow 10 percent from an earlier target of eight percent while OFW remittances will rise by 11 percent.

Moreover, government is seen to also revise its full year deficit target of P125 billion.

The IRO noted that investment banks such as Merrill Lynch, ING, JP Morgan and Nomura have kept their overnight recommendation on sovereign debt on the back of improving economic fundamentals.

http://www.philstar.com/philstar/NEWS200608150704.htm

JAMAICUS

August 15th, 2006, 01:05 PM

Budget deficit plan ‘ahead of schedule’

By Haslinda Amin and Ian C. Sayson
Bloomberg

PRESIDENT Arroyo said the government is “ahead of schedule” to end budget deficits, allowing more spending on schools, roads and ports.

“We are able at last to start seeing some of the benefits from our very difficult fiscal reforms,’” Mrs. Arroyo, 59, said in an interview in the resort city of Cebu. She plans to boost public investment, including state-owned companies, to 5 percent of gross domestic product by 2010 from 2 percent last year.

Mrs. Arroyo has sought to bring a decade of deficits to an end by 2008, increasing value-added tax and chasing tax cheats. She said infrastructure spending will help attract foreign investors, spurring a $98-billion economy whose growth slowed to 5 percent last year.

“We are feeling quite good with the environment,” said Jaime Augusto Zobel de Ayala, chairman of Ayala Corp., the company that owns the banking, property and other businesses of the third-richest Philippine family. “The government’s fiscal position has improved significantly.”

Philippine bonds rose, pushing yields to their lowest in almost three months. Benchmark two-year bond yields fell 4 basis points or 0.04 percentage point to 8.111 percent. That’s the lowest since May 19. Bond yields move inversely to prices.

The peso declined after rising to a four-month high on August 11, falling 0.1 percent to 51.305 against the US dollar at the noon trading break in Manila. The currency gained 8.6 percent in the past year, the world’s fifth-best performance.

“Investors have said: we’re lacking in infrastructure,” said Mrs. Arroyo. “It is only now that we can afford it. There is so much room for spending. What’s important is to direct the spending on the right things. Our No. 1 target is to create jobs.”

Mrs. Arroyo has emphasized her achievements in improving government finances to deflect criticism of corruption involving family members. Since last year, there have been calls for her resignation and moves to impeach her on allegations she cheated in elections two years ago. Mrs. Arroyo became president in 2001 when her predecessor was ousted in a civilian-backed military revolt and then won her own six-year term in 2004.

While the Philippines has the sixth-largest population of 15 Asia-Pacific economies tracked by Bloomberg, its economy is the second smallest. Half the population of 86 million lives on less the $2 a day, according to the World Bank. As many as eight million work abroad to support families at home.

Mrs. Arroyo’s government is counting on higher investment to expand the economy by 5.5 percent to 6.2 percent in 2006.

“I am confident we will make the range,” Mrs. Arroyo said. “And we will try our best to reach the high end.”

The International Monetary Fund on August 2 reiterated its 5-percent growth forecast for the Philippines this year and cut its 2007 estimate to 5.5 percent from 5.6 percent, citing the impact of higher oil prices.

Mrs. Arroyo said she plans to reduce power costs in the Philippines and boost spending on schools and technology, as well as to “make our labor competitive by making food plentiful at reasonable prices.”

“These are all very good ideas that have been there for a long time already,” said Joel Kim, who helps manage $8.5 billion of emerging market funds including Philippine stocks and bonds at ING Bank in Hong Kong. “It is all about execution. I think she has done as much as the political environment allowed her to do.”

Mrs. Arroyo’s plan for reducing power costs is hinged on the government leaving electricity generation and transmission to companies that will compete for business. The plan has languished since 2001. Mrs. Arroyo said she’d speed up the program.

http://www.businessmirror.com.ph/front02.php

bustero

August 15th, 2006, 01:38 PM

there's rumours going around that she's sick... as in very sick...the big c

these are just rumours of course

August 15th, 2006, 03:14 PM

During the election 2004 not one of my family member or even relatives got this election ID card which they promise to deliver after our pictures were taken.. the question is where did the funds for it go?? Answer in the pocket :D

marites4

August 15th, 2006, 05:19 PM

there's rumours going around that she's sick... as in very sick...the big c

these are just rumours of course
i heard that in the news too. they were implying she had liver cancer and she's an alcoholic?

DoggMann

August 15th, 2006, 05:34 PM

^^ Those news are garbage... no one believes it ... and to those opposition who rides on these below the belt intrigue... its just plain crap... just remember not to include their names come 2007 election... :)

... and also the names of the congressmen who will vote for the sufficiency in substance of the impeachment case ... if its reasonable and just ...

TheAvenger

August 15th, 2006, 07:45 PM

sabi-sabi din daw na si Bongbong Marcos eh pamangkin nila at ang totoong Bongbong, pinatay daw ng isang Lord sa Europe.

oh yes, the chizmiz on the early 70s, is pinatay daw si B....... dahil may napatay siyang anak ng isang Lord sa London, noong nahuli nyang ni nire rape daw yaong elder sister nya ( na ang mukha at baba ay kamukha ng dating Mayor ng Manila noong panahon na yaon na ang mother nila ay naging Miss Manila).

so pinatay din siya ang real B......... then may lumitaw na clone B.......

(sabi daw ... ang mother nila ay xxx friend nitong Manila Mayor na ito .....noong ang mother na ito raw ay naging Miss Manila)

TheAvenger

August 16th, 2006, 01:46 AM

deleted

chixbebe

August 16th, 2006, 11:05 AM

CIVIL society groups and business organizations have lent their support to the “Green Philippine Highways” project of the Department of Environment and Natural Resources, Environment Secretary Angelo Reyes has said.

Among the businessmen who expressed support for the greening project were Fernando Lu of the Philippine Wood Producers Association, Jose Leviste of Mirant Philippines, Jesus Arranza of the Federation of Philippine Industries, Edgar Chua of Shell Philippines, and Francis Chua of the Federation of the Filipino-Chinese Chamber of Commerce and Industry Inc., said Reyes.

A brainchild of Reyes, the greening project runs through 2,500-kilometer highways -- from the top of Luzon to the tip of Mindanao.

The groups have planted 500,000 seedlings and saplings on the highways, including the heavily polluted EDSA in Metro Manila.

A nationwide tree-planting program is set on August 25.

“We believe that environmental stewardship is not the exclusive domain of the DENR, rather it is a responsibility shared by all members of the society,” Reyes said.

Aside from making the country’s highways aesthetically pleasing for motorists and commuters, the project aims to reduce air pollution.

According to the DENR, 70 percent of air pollution is caused by motor vehicle emission.

“At the very least, 50 million trees have to be planted all over the country to improve the quality of air, basing the figure on the total number of motor vehicles registered in the country,” Reyes said.

He added that more trees would be planted around the same time next year.

“We will be planting trees endemic to each area,” according to Reyes, saying he does not wish to disturb the biodiversity in each location.

The areas to be covered are the 2,176-km Pan Philippine Highway that stretches from Laoag City to Cagayan de Oro City and Davao City; the 439-km Manila North Road passing through La Union to Bulacan; and the 824-km West Nautical Highway stretching from Batangas City through Mindoro, Aklan and Negros Oriental to Zamboanga Sibugay, according to the DENR.

http://globalnation.inq7.net/news/breakingnews/view_article.php?article_id=15546

JAMAICUS

August 16th, 2006, 01:08 PM

Economic gains called a ‘refreshing change’

Business confidence is starting to return to a Philippine economy that has started to "under-promise and over-deliver," reversing the trend of the past few decades, global investment bank Goldman Sachs yesterday said.

In a report, the bank cited a broad-based recovery of exports this year and a downtrend in inflation in the face of higher oil prices, which it said had been partly absorbed via a stronger peso.

It also said government revenue figures were surprisingly on the upside, adding that fears about inefficient expanded value-added tax (VAT) implementation had proven to be unfounded.

"We see a number of catalysts that will continue to support this refreshing change," Goldman Sachs analyst Adam Le Mesurier said in the report, released yesterday.

It said the government’s fiscal stabilization story is well understood by debt investors, but the improving private sector growth story is not.

"I think our time has come in terms of recognizing the problem and doing something about it, and that led to the implementation of the reformed VAT," central bank Deputy Governor Diwa C. Guinigundo said in reaction to the report.

"Expanding the tax base and collecting the right amount of taxes would also allow us to spend more for infrastructure and social services," he pointed out.

In its study, Goldman Sachs said consumer lending is starting to pick up even as aggregate bank credit growth still looks anemic.

While the level of loans had ramped up in recent years, this industry segment is still a very small part of bank lending and accounts for 16% of total private sector loans in the financial system and only 5% of the gross domestic product (GDP).

"So far, the process of leveraging overseas Filipino workers’ (OFW) remittances is still at very early stages," Goldman Sachs said, adding that their main impact had been through a higher balance of payments.

Rising dollar remittances have also resulted in a sharp rise in gross national savings, which has allowed the lowering of real interest rates.

On the other hand, the bank said it was concerned with monetary management, particularly the Bangko Sentral ng Pilipinas’s (BSP) partial "sterilization" operations to mop up additional liquidity in the financial system.

The report said the central bank’s limited ability to prevent market intervention from changing the monetary base has left the peso and bond markets vulnerable to global sentiment changes in risk appetite, as witnessed in the global equity sell-off in April to May.

Still, the study said the introduction of a new sterilization tool in late August, the reserve deposit account, should solve this problem.

"We expect more effective sterilization to flatten the yield curve and be bullish for the Philippine peso, as the money market rate discount to the policy rate is eliminated," the investment bank said.

The reserve deposit account is a facility for banks to meet liquidity reserve requirements, which monetary authorities use to control money supply and influence both interest and exchange rates.

Reserve requirements are the shares of deposits banks must maintain, which at present may be held in the form of cash or short-term market-yielding government securities bought directly from the BSP’s Treasury department.

Unlike Treasury bills, however, the reserve deposit account, which will have maturities of three months, six months and a year, will not be subject to mark to market. This makes it more attractive for banks to place excess funds with the BSP. The instrument, Goldman Sachs said, should lead to a narrowing of the money market policy rate differential.

"It should also help flatten the yield curve, to allow full fiscal stabilization dividend to come through (via forcing the banks to lend to the private sector especially the consumer lending cycle."

Mr. Guinigundo, while agreeing to a possible narrowing of the interest rate differential as a result of the new instrument, said the BSP could only partially sterilize the system so as not to completely stifle liquidity growth.

"You have to allow the economy to grow by allowing liquidity to grow," he pointed out.

Meanwhile, Goldman Sachs said President Gloria Macapagal-Arroyo’s State of the Nation Address last month, where she laid out a blueprint infrastructure plan, had introduced another element to the reform program.

"The idea behind the creation of super regions and clustering around comparative advantages all makes a lot of sense," it pointed out.

It added that while the address was partly a political campaign speech, "behind the headlines, there clearly is a well thought-out plan that is at the core of the medium term Philippine development plan."

http://www.bworldonline.com/BW081606/content.php?id=001

JAMAICUS

August 16th, 2006, 01:20 PM

July balance of payments surplus $129M

Xinhua Financial News Service
Last updated 12:05pm (Mla time) 08/16/2006

THE COUNTRY had a surplus of 129 million dollars in its balance of payments last month, bringing the cumulative surplus for the first seven months of the year to 2.169 billion dollars, the central bank said.

Central bank deputy governor Diwa Guinigundo said in a report that the January-July surplus reflected the central bank's final gross international reserves -- or foreign exchange reserves -- of 21.274 billion dollars at the end of last month.

He said the surplus was a result of strong exports, a sustained inflow of foreign direct investment and higher investment income for the central bank.

http://business.inq7.net/money/breakingnews/view_article.php?article_id=15598

JAMAICUS

August 17th, 2006, 12:41 PM

Asahi Glass eyes RP unit as Asian export hub
By Marianne V. Go
The Philippine Star 08/17/2006

Asahi Glass Philippines, Inc. is being considered by Asahi Glass Co. Inc. of Japan as its export hub in Asia, recently designated AGPI chairman Renato R. Ermita said yesterday.

AGPI inaugurated yesterday a new float glass line with Executive Secretary Eduardo Ermita and Trade and Industry Secretary Peter B. Favila heading the guest list.

AGPI’s upgraded float glass line is capable of producing 520 metric tons of float glass products per day and other high-value added glass products.

This year, Ermita told reporters, AGPI is projecting its exports to amount to $20 million of which solar cover glass is expected to contribute $15 million or about 75 percent of total export revenues.

With its new line, Ermita said AGPI is hoping to double its exports of its high value solar cover glass to $40 million by next year.

Other exports of AGPI are industrial glass which is used for plasma display; automotive raw glass and glass for refrigerator doors and water heaters.

Initial export market for solar cover glass, Ermita said, are China, Japan and India.

Ermita said AGPI is interested in collaborating with SunPower Corp. to make the Philippines a major manufacturing hub for solar modules and develop a downstream market for solar-based technologies.

SunPower, a leading manufacturer of ultra high-frequency silicon solar cells, is putting up a $320-million solar cell factory in the country.

Emmanuel Y. Go, who is replacing Ermita as the new president of AGPI, explained that depending on the export growth of AGPI’s solar cover glass and other high-value glass products, AGCI may infuse additional investments into AGPI.

AGCI is providing additional support to AGPI with an additional double edging machine worth about $500,000 which would increase AGPI’s glass processing capacity for export.

AGCI invested about $35 million to upgrade the existing float glass line of its Philippine subsidiary AGPI.

AGCI spent $30 million to repair and rehabilitate AGPI’s float furnace and another $5 million for its solar cover glass production facilities. AGPI’s float furnace produces majority of the company’s output.

As of December 2003, AGPI’s mother unit, AGCI had infused a total of P3.2 billion into its Philippine operation.

AGPI signed yesterday a registration agreement with the Philippine Economic Zone Authority (PEZA) converting its 28.13 -hectare plant in Pasig into a special economic zone that would entitle locators to fiscal incentives such as income tax holiday, duty-free importation of capital equipment, employment of foreign nationals and exemption from wharfage due and fees.

Ermita said, AGPI uses only about 60 percent of its 28.13-hectare property and could thus accommodate potential locators once the property is allowed to convert into an ecozone.

Ermita there that "there are some potential locators already who are not related to the glass industry, but are export-oriented.

Most of the potential locators, he said, are Japanese.

By converting part of the AGPI plant into an ecozone, Ermita said, it would be able to generate more employment that would also result in more taxes both for the local Pasig government as well as for the National Government.

The AGPI plant, Ermita pointed out, is ideal as an ecozone because it already has the necessary power and water supply.

http://www.philstar.com/philstar/NEWS200608170707.htm

JAMAICUS

August 17th, 2006, 12:46 PM

BoP surplus up 8.72% in first seven months

Higher export growth and strong dollar inflows from Filipinos abroad allowed the government to post a higher surplus in its international financial transactions for the first seven months of the year.

Data from the central bank showed the balance of payments (BoP) surplus for January to July rise 8.72% to $2.169 billion from $1.995 billion recorded during the same period last year.

The $129-million surplus for July was eight times better than the $16 million posted a year ago, although the figure is less than the $232 million recorded in June.

In a statement, the central bank traced the surplus to narrowing trade deficit, robust remittances, and higher investment income of the central bank.

The BoP summarizes foreign trade and financial transactions. Its current account component measures all trade in goods and services, while the capital and financial account shows portfolio investment -- or "hot money" -- flows in and out of the country.

A large BoP surplus is a positive economic indicator indicating net dollar inflows that usually accompany improved sentiment toward the local investment scene.

Export earnings for the first six months of the year have risen by nearly 17% to $22.74 billion. This figure has already surpassed industry players’ 10% forecast for 2006, and is more than double the government’s target of 8%.

Remittances, meanwhile, grew 15.4% to $6 billion from January to June.

Income from investments made by the central bank also grew by 63.8% from $565 million for the first seven months. Portfolio investments fell by 53.8% to $891 million in the same period.

Foreign direct investments, meanwhile, increased 52.6% to $743 million from January to May.

The central bank expects the BoP to yield a $1.6-billion surplus at the end of this year, slightly less than the $2.4-billion surplus recorded in 2005. -- K. L. M. Yap

http://www.bworldonline.com/BW081706/content.php?id=051

Ydlar

August 17th, 2006, 12:56 PM

^ Thanks for that article! That's what I'm looking for.

JAMAICUS

August 17th, 2006, 12:59 PM

^^ MEron pa :)

Construction, exports and tourism
spur Central Visayas’ economy

By Rommer M. Balaba
Reporter

BRISK construction activities, a booming tourism sector and a double-digit growth in exports boosted the Central Visayan economy during the first quarter of this year, the National Economic and Development Authority said Wednesday.

Neda’s Quarterly Regional Economic Situationer, which describes the economic situation of any given region for purposes of possible policy interventions, further projected a strong economy for Central Visayas further this year because of a continued strength in the said sectors.

Construction did well during the first quarter with a high demand for residential houses becoming the industry’s main growth driver, the Neda report said, even as large-scale construction projects also went up to include that of the Cebu International Convention Center and the five-story annex of the SM Mall owned by the Sy family.

Central Visayas is made up of the Cebu, Bohol, Negros Oriental and Siquijor provinces.

The central planning agency further noted that the aggregate value of construction activities in the region even at a partial coverage, based on a survey by the National Statistics Office which excluded some cities and municipalities, in Cebu has already exceeded the P1-billion mark.

Cebu is the most important metropolitan center outside Metro Manila being the main shipping hub and the main center of commerce, trade and industry for the Visayas and Mindanao regions.

In Siquijor, the value of construction projects reached P11.5 million or a 20-percent increase from the previous year, the Neda statement said.

Neda, meanwhile, said tourist arrivals grew 10.1 percent to 385,402 visitors during the first three months to take part in the Sinulog Festival in Cebu, or visit destinations in Bohol.

Among the top attractions in Bohol are Panglao Island, known for its powder-white beaches, the 1,268 perfectly cone-shaped Chocolate Hills, the town of Corella, which is home to endemic tarsiers and the diving spots at Balicasag and Cabilao.

Tourism will continue to bolster the Central Visayas economy, with major tourist events like the Association of Southeast Asian Nations Summit in December likely to bring in more tourists in the region and generate increased activities in several industries, including transport, construction and retail trade, Neda said.

http://www.businessmirror.com.ph/eco01.php

sandrin

August 19th, 2006, 01:34 AM

RP, 39 others receive higher Fitch score
http://www.manilastandardtoday.com/?page=business02_aug19_2006
By Eileen A. Mencias

FitchRatings yesterday revised its country ceiling on the Philippines to BB+ from BB, along with that of 39 other countries following a review of its criteria and methodologies.

FitchRatings said in a statement it adjusted upward the ceilings on 40 out of 99 countries with the average upgrade at around 50 basis points or half a notch on its ratings scale.

FitchRatings first publicly assigned country ceilings to rated sovereign issuers in 2004. The country ceilings measure the risk of exchange controls that prevent or impede the ability of the private sector to convert the local currency to foreign currency and transfer the funds to other countries.

Debt crises in some countries in the past had forced some countries to impose a deposit freeze or other restrictions on banking operations, including foreign exchange controls.

The revision in the country ceilings does not affect the foreign and local currency ratings of the sovereigns. Sovereign creditworthiness is not constrained by the risk of foreign exchange controls.

The country ceiling yardstick gives higher scores to countries that are more open in terms of international trade and capital. Those without restrictions on trade and capital flows and a history of hyper or chronic inflation and with flexible exchange rate regimes also get better scores.

The review and the resulting upward revision reflect greater liberalization of capital and exchange controls in many emerging market economies, stronger monetary and exchange regimes and the deepening of the integration of emerging markets in the global economy.

Among the factors that FitchRatings considered in its review were the rule of law and governance, institutional constraints on restricting international trade and financial flows, the degree of real economic integration in the global economy and financial integration, including the extent of restrictions and controls on capital flows in and out of the country, a record of low and stable inflation and the credibility and stability of the exchange rate regime.

“Governance and institutional factors are also included to capture the risk of arbitrary economic policy decisions,” FitchRatings said.

Among the Philippines’ neighbors, Singapore has the highest foreign currency issuer rating and country ceiling at “AAA.” Malaysia has a sovereign foreign currency ceiling of “A-” and a country ceiling of “A” while Thailand’s foreign currency ceiling and country ceiling are both at BBB+.

Indonesia’s foreign currency rating is pegged at “BB-” and its country ceiling at “BB.”

-------------------------------------------------------------------------

Strong peso cut interest payments by P17b–Cruz
http://www.manilastandardtoday.com/?page=business03_aug19_2006
By Lawrence Agcaoili

The government saved P17 billion in interest payments in the first seven months of the year because of a strong peso and lower interest rates amid a strong fiscal position.

National Treasurer Omar Cruz said interest payments from January to July this year amounted to P190.7 billion or P17 billion lower than the programmed P207.7-billion payments for the period.

“That were accounted for [by] interest rates lower than assumed and drop in the volume of borrowings,” Cruz said.

A Department of Finance study showed that the Philippines saves as much as P5.14 billion for every one-percentage point decline in interest rates and P4.4 billion for every peso appreciation against the greenback.

The benchmark 91-day Treasury bills—used by banks in pricing their loans—is now pegged at 5.38 percent from government’s earlier assumption of 7 percent to 8 percent.

The country’s interest payments have steadily been rising from P72.65 billion in 1995 to P299.807 billion last year. The government earlier expected interest payments to rise 13.4 percent to P340 billion this year from P299.81 billion last year.

Interest payments next year are expected to decline for the first time in 12 years to P316.83 billion, down 6.8 percent from this year’s P340 billion. The last time interest payments went down was in 1995 when it decreased by 8.18 percent to P72.65 billion from P79.12 billion in 1994.

Cruz said the government was set to borrow less this year due to its strong cash position. The government trimmed the budget deficit by 41.3 percent to P48.5 billion from January to July this year compared to P82.6 billion in the same period last year.

Interest payments increased 9.5 percent to P190.7 billion from January to July this year from P174.3 billion in the same period last year. Interest paid on domestic obligations rose 8.78 percent to P119.86 billion from P110.19 billion while interest paid on foreign loans increased 10.64 percent to P70.88 billion from P64.06 billion.

Interest payments accounted for one-third of the total government expenditures in the first seven months of the year. Government spending grew 10.3 percent to P593.2 billion from January to July compared to P537.8 billion in the same period last year.

Interest payments in July inched up 9.7 percent to P34.2 billion from P31.2 billion in the same month last year. Interest paid on domestic loans fell 7 percent to P17.89 billion from P19.22 billion while interest paid on foreign obligations jumped 36 percent to P16.28 billion from P11.95 billion.

Interest payments accounted for about 37.7 percent of the total expenditures in July. Spending in July rose 11.6 percent to P90.7 billion from P81.2 billion on year.

The government attributed the increase to the debt consolidation program in which the government exchanged P111 billion worth of eligible bonds into new P122 billion three-, five, and seven-year benchmark bonds as part of a debt consolidation program that lengthened the maturity of the country’s debt by one year to 5.7 years from 4.7 years

JAMAICUS

August 19th, 2006, 07:00 AM

Record palay harvest seen next year
By Rocel C. Felix
The Philippine Star 08/19/2006

Agriculture Secretary Domingo F. Panganiban said rice and corn harvests will increase in 2007 with palay yields reaching a record high 16 million metric tons (MT) or about four percent higher than this year’s production target of 15.4 million MT.

"The increase in rice production is based primarily on restyling of program implementation at the field level. Under normal weather conditions or the same amount of rainfall that we had for this year, we will be able to achieve rice harvests of up to 16 million tons," said Panganiban.

The agriculture chief explained that reprogramming or restyling of rice planting entails abandoning flood-prone areas in major rice-producing regions during the typhoon season, and transferring production to less vulnerable areas.

"We will still maintain the hectarages, we will just be adjusting these areas, where to plant or where not to plant. That way we will be avoiding losses from flooding," said Panganiban.

For the second semester this year, rice production is expected to be 3.8 percent higher than during the same period in 2005, with anticipated increases in harvest area (1.2 percent) and yield (2.5 percent).

National Food Authority Administrator Gregorio Tan Jr. said that with higher rice production in 2007, government will also likely trim its rice importations, possibly even lower than the projected 1.3 million MT imports.

Corn production in 2007 is also expected to increase by at least four percent to 6.24 million MT from this year’s targeted full-year harvest of six million MT. This year’s production volume is 14.4 percent higher than last year’s level.

Panganiban said corn production forecast for the second semester this year is 3.9 percent higher than the 2005 level of 3.3 million MT. The increase will come mainly from an expected improvement in yield by 3.4 percent because more corn farmers are shifting to the higher-yielding Bt corn and other quality inbred seeds and increased fertilizer application.

http://www.philstar.com/philstar/NEWS200608190702.htm

JAMAICUS

August 19th, 2006, 10:41 AM

Good weather, planting strategy to spur higher rice output in 2007

Rice production is projected to increase to 16 million metric tons (MT) in 2007 from this year's target of 15.4 million MT on the back of good weather and a more strategic planting program.

"The increase in rice production is based primarily on restyling of program implementation at the field level. Under normal weather conditions or the same amount of rainfall that we had for this year, we will be able to achieve rice harvests of up to 16 million tons," said Agriculture Secretary Domingo F. Panganiban said in a briefing yesterday.

He said the reprogramming will include taking advantage of rains and at the same time buffering for calamities such as floods.

"We will still maintain the hectarage but we will be adjusting these areas, where to plant or where not to plant. That way we will be avoiding losses from flooding," said Mr. Panganiban.

Such strategy was implemented at the onset of La Niña, or extraordinary rainfall volume, in the first quarter when the Agriculture department shifted production to areas unaffected by the downpour.

Agriculture department data showed palay (unmilled rice) output in the first half at 6.5 million MT, up by 8.4% from last year's production of six million MT.

The department said harvest areas, which increased 5.5% this year, also contributed to the good performance of the rice sector.

Given the first semester rice performance, the Agriculture department is optimistic of reaching the 15.4-million MT full-year production target, which would be 5.7% higher than the 2005 level of 14.6 million MT.

The crops sub-sector generally posted a good output in the first half as the La Nina provided enough water for irrigation.

Corn output, meanwhile, grew 32% to 2.6 million MT in the first half due also to an expanded harvest area and favorable weather conditions. Corn production areas, said DA data, increased 13.4%.

With the first semester growth rate, the Agriculture department has projected local corn production to reach six million MT, or about 14% higher than the 2005 level of 5.3 million MT.

http://www.bworldonline.com/BW081906/content.php?id=051

Sinjin P.

August 20th, 2006, 09:17 AM

Arroyos want apology for foreign accounts accusation

Article posted August 19, 2006, 6:05 pm

The First Family demands an apology from House Deputy Minority Leader Alan Peter Cayetano and a retraction of his accusation on Friday that the Arroyos have several multimillion bank accounts abroad.

In a statement on Saturday, Press Secretary Ignacio Bunye, who's also presidential spokesman, said that President Gloria Macapagal-Arroyo and her family will not take such "vicious attack" sitting down.

“We demand a full and unconditional retraction from the person who made that statement and a public apology to the First Family," the statement said.

Bunye added that if Cayetano fails to make such apology, the Arroyo will take legal action: “ Proper charges shall be filed and full justice and retribution shall be sought for the damage done."

Cayetano, spokesman of pro-impeachment representatives, had accused the Arroyos of maintaining several multimillion-dollar bank accounts abroad, including HypoVeriens Bank in Germany.

The opposition representative said document proving his allegation are included in seven boxes of evidence for the impeachment complaint that was killed by pro-administration congressmen in the House Justice Committee.

He refused to give more details on the said bank accounts until he had the permission of private impeachment lawyers.

“As much as possible, we don’t want to disclose details before the media lest we be accused of resorting to trial by publicity against the President," Cayetano said. "That’s why we want it disclosed through the impeachment proceedings…(which is) the proper forum."

On Friday, First Gentleman Jose Miguel Arroyo was quick to hit back at Cayetano, challenging the lawmaker to pay him “hundreds of millions of dollars," which he would give to the people, if the allegations are proven false.

In a strongly-worded statement, Arroyo described the allegations as “a blatant lie… a malicious and fabricated accusation."

“I accept Cayetano's challenge to make public this so-called bank account. If he can prove the bank account is mine, the money is his," he said.

“But if he cannot prove this, he has to pay me the alleged 'hundreds of millions of dollars' he claims is mine. I will donate this to the Filipino people," Arroyo said. “I do not have any bank account in Germany."

Arroyo said he set foot in Germany only for an overnight stay in 2000 and has not visited the country since.

He said he is willing to accompany Cayetano and his “witnesses to Germany to open that bank account."

On the other hand, Cayetano challenged members of the first family to sign a waiver to allow them to make public said foreign bank accounts.

“The accounts we chose have adequate papers to support (its existence) like where the funds came from… how the funds were accumulated and under whose names were these opened," Cayetano said.

“This is not a witch-hunt… that’s why we want the evidence revealed before the justice committee," he added.

OtAkAw

August 20th, 2006, 09:41 AM

^^That Cayetano is such a self-righteous, overly idiotic person, why is it so easy for opposition politicians to make such malicious comments to ANYONE???

And anyway, can anyone explain this picture? I'm too shallow to get the funny thing about this:
http://www.inq7.net/archive/2006/aug/12/zoom1.jpg

THANKS!!!

Sinjin P.

August 20th, 2006, 09:43 AM

Hmm, the humps of PGMA? :rofl:

JAMAICUS

August 20th, 2006, 10:10 AM

Construction, exports spur Visayas growth

(Manila Bulletin)

Brisk construction activities, increased tourism, and double-digit exports spurred the growth of Central Visayas during the first quarter of the year.

The National Economic and Development Authority (NEDA) said that region has performed better in the first three months of the year compared to year-ago levels.

NEDA noted that construction did well during the first quarter of 2006, with a high demand for residential houses becoming the industry’s main growth driver.

Large-scale construction projects also increased, that include the Cebu International Convention Center (CICC) and the five-story annex of the SM Mall.

Preliminary data from the National Statistics Office (NSO) also showed that even with partial coverage (excluding some cities and municipalities in the survey), the value of construction projects in Cebu has already exceeded the P1-billion mark.

In Siquijor, the value of construction projects reached P11.5 million, a 20 percent increase from the previous year.

Tourism in the Central Visayas grew by 10.1 percent at 385,402 visitor arrivals, mainly due to the Sinulog Festival in Cebu.

Cebu and Bohol both experienced double-digit growth in visitor arrivals during the first quarter (10.93 and 10.08 percent, respectively).

marites4

August 20th, 2006, 10:25 AM

you have to be green minded to get that joke. :colgate:

papable

August 20th, 2006, 07:59 PM

oh yes, the chizmiz on the early 70s, is pinatay daw si B....... dahil may napatay siyang anak ng isang Lord sa London, noong nahuli nyang ni nire rape daw yaong elder sister nya ( na ang mukha at baba ay kamukha ng dating Mayor ng Manila noong panahon na yaon na ang mother nila ay naging Miss Manila).

so pinatay din siya ang real B......... then may lumitaw na clone B.......

(sabi daw ... ang mother nila ay xxx friend nitong Manila Mayor na ito .....noong ang mother na ito raw ay naging Miss Manila)

Frankly, di kita masundan

Culiat

August 20th, 2006, 09:50 PM

just wanna share this retrato de mi antepasado

Don Alejandro Roces by Fernando Amorsolo
http://img93.imageshack.us/img93/5350/donalejandrorocessrniamorsolown5.jpg
Father of Don Ramon, and Don Chino Roces.

Jimbu

August 20th, 2006, 10:25 PM

Bunye added that if Cayetano fails to make such apology, the Arroyo will take legal action: “ Proper charges shall be filed and full justice and retribution shall be sought for the damage done."

I don't really like this guy. Opposite sa dad niya. Nangapital sa media dahil tatakbo pagka senador. Two Cayetanos in the senate kapag di maabolish. Sana makulong. :crazy:

amigo32

August 20th, 2006, 11:47 PM

I don't really like this guy. Opposite sa dad niya. Nangapital sa media dahil tatakbo pagka senador. Two Cayetanos in the senate kapag di maabolish. Sana makulong. :crazy:

nagsisi nga ako bakit ko binoto yang gonggong :bash: na 'yan.

marites4

August 21st, 2006, 01:48 AM

he irritates the hell out of me too. shut up already cayetano.

JAMAICUS

August 21st, 2006, 05:37 AM

BSP: Strong peso to keep inflation rate, fuel prices manageable
By Rocel Felix
The Philippine Star 08/21/2006

The Bangko Sentral ng Pilipinas (BSP) said the sturdy peso will keep the inflation rate and pump prices within manageable levels for the rest of the year.

BSP deputy governor Diwa Guinigundo noted that while Dubai crude prices rose 39.89 percent year-on-year up to Aug. 6, the hefty increase did not reflect on domestic pump prices, and instead, the adjustment averaged just 27.78 percent for kerosene, 21 percent for diesel and 22 percent for gasoline.

Moreover, the price of LPG, considered a socially-sensitive product, even dipped by three percent during the period.

As of the first week of August Dubai crude was at $72.24 per barrel, from $68.22 last July 5 and $59.76 last Jan. 25.

A BSP report said international spot prices rose as crude, gasoline and distillate fuel inventories fell following the shutdown of a major pipeline in Alaska.

During the same period, domestic pump prices of gasoline and LPG increased to P44.18 per liter (from P42.80 last July 5) and P24.53 per liter (P23.27 last July 5), respectively. Kerosene and diesel prices also increased to P41.77 (from 40.27 last July 5) and P37.74 per liter (P36.24 last July 5), respectively.

Guinigundo said the increase in pump prices was tempered because of the strong local currency.

"If the peso will continue to improve for the rest of the year and the Middle East conflict is temporarily resolved through a ceasefire, the expected easing of inflation will take place," he said.

He added that if the peso continues to be steady at such levels, the outlook for inflation for the rest of the year and in 2007 would remain within target.

The BSP inflation forecast is 6.9-7 percent for the year, lower than original projection of 7.3-7.6 percent.

Last Friday, the peso closed at a four-month high of 51.11 to $1. The peso strengthened with worries over US interest rates tapering after the better-than-expected US inflation data released recently.

Market analysts said the peso’s momentum is strong and will probably test the psychological support of 50 to $1 by September to December, when the seasonal inflows from overseas workers exceed targets.

http://www.philstar.com/philstar/NEWS200608210409.htm

SamwiseGamgee

August 21st, 2006, 07:38 AM

that article.. just shows.. well, why i love cebuano people

Hey, you should thank the Ilonggos, too. Panay gave GMA an overwhelming majority in in the island.

SamwiseGamgee

August 21st, 2006, 07:49 AM

i heard that in the news too. they were implying she had liver cancer and she's an alcoholic?

Do you still believe the "lady" who spread this ugly rumor? What's her name? ... The one with the immature blue streak in her hair? ... Yeah, right - Dinky Doo...

SamwiseGamgee

August 21st, 2006, 08:31 AM

Come to think of it. GMA must be one of the strongest Presidents we have had. She commands the respect of the Armed Forces, despite the presence of some incurable "chronic coup plotters". She commands the respect of her cabinet, inspite of the "Hyatt 10" (... or Hyatt 8, 6, whatever).

She has strong economics sense, strong people skills (despite the "taray" image) and strong decision-making skills.

She is not afraid to make unpopular, but wise decisions. She commands the respect of all local government officials and organizations. And she has survived countless challenges to her leadership, either natural or "manufactured".

For all these, I give her a "9".

TheAvenger

August 21st, 2006, 08:54 AM

Frankly, di kita masundan

ganito ang chizmiz:

sa isang banana country sa southeast asia, may dictador na ang 3 anak niya ay pinag aral sa London. ang lalaki ay si Bambang, ang eldest sister ay si Eemi and another younger sister ay si Eneri.

Nag aral sila sa isang very exclusive school sa London na mostly ang students ay from the Elite class of the world. mga childrens ng mga Presidents, Prime Ministers, Kings, Dukes, Millionaires, etc.

one day daw nahuli ni Bambang na ang elder sister nya na si Eemi ay ni-re reyp ng anak ng Lord of Parliament or ( a Duke ?). so napatay ni Bambang ang anak ng Duke. then gumanti ang family ng Duke at pinatay rin si Bambang.

ang mother nila na 2nd wife ng dictator na ito ay dating Miss Manila noong panahon ng isang Mayor na ka apelyido ng isang dating PNP Chief na naging
Senador. sabi din sa chizmiz ay itong si Eemi ay anak ng Mayor na yaon, dahil
dating BF ito ni Madam bago nya naging asawa si diktador...

ang Mayor naman na ito ay namatay during his term as Mayor, namatay daw sa heart attack, sa isang Motel na ang kasama ay isang magandang artista named Charito S. delikado pala ang sex pag may heart problem ka...

Ito raw Mayor na ito ang tunay na ama ni Eemi at hindi ang diktador na lahi
ni Limahong. (the diktador got the mongol-look from that chinese pirate Lim-ahong who usually terrorize the coast of Northern Luzon during the early days of the Spanish Era).

so the diktador was very sad and had arrange an another person perhaps his nearest relatives to take the place of the son who was killed in London in the early 70s. yaon ang chizmiz, na ang bumalik na son named Bambang ay hindi tunay na Bambang.

Chizmiz lang ito.... na nadinig ko sa iba.....noong panahon na yaon..

mhe-ann

August 21st, 2006, 09:58 AM

^^ nahilo ako dun ah. anyway, I'm more interested on who was the first wife of Mackoy. un religion nya, in particular. pero off-topic na ito.

bustero

August 21st, 2006, 10:43 AM

This thread could stay where it is. The Zobels and other families discussed in here have done more in the infrastructure and development of our nation.

Some postings were just "side-jabs" and doesn't mean to hi-jack the thread.

Could be true but in general this section of the forum is best left to urban discussions in general. Am not saying anyway not to discuss but to move in the more appropriate area that's all. It'll be easier to find in the long run, when people get tired of the topic and it get's buried under the multiple cities.

sandrin

August 21st, 2006, 12:21 PM

Govt cuts borrowings by 10% to P341.47b in 1st 7 months
By Lawrence Agcaoili

The total borrowings of the Philippines fell over 10 percent in the first seven months of the year after the government saw no need to borrow more on improved fiscal performance and strong cash position.

Statistics released by the Bureau of Treasury showed that the gross borrowings of the Philippines from foreign and domestic sources amounted to P341.47 billion from January to July this year, down P39.69 billion from P381.16 billion year-on-year.

National Treasurer Omar Cruz told reporters the government adjusted its borrowing requirement as a result of its strong fiscal position.

“Given the overperformance in the fiscal side where our deficits are much less… the treasury will now adjust its borrowing requirements because it does not want to overborrow and carry on a negative basis money that it does not need for its operations,” Cruz said.

The government said it trimmed the budget deficit by 41.3 percent to P48.5 billion from January to July this year compared to P82.6 billion in the same period last year.

The government hopes to narrow the shortfall to P125 billion, or 2.1 percent of gross domestic product this year, from P146.5 billion or 2.7 percent of GDP last year with the full implementation of the Expanded Value Added Tax Act of 2005.

“Given the overperformance on the fiscal side, we have to reduce our borrowing requirements. It (reduction) will have to be allocated both for the foreign and the domestic and we will reduce on a proportionate basis,” Cruz said.

He said the government would stick to the borrowing mix of 42 percent from foreign sources and 58 percent from domestic creditors.

The strong fiscal position resulted in lower borrowings for the national government both from external and domestic sources. Domestic borrowings went down by 10.3 percent to P212.94 billion in the first seven months of the year from P237.4 billion in the same period last year while external borrowings fell 10.6 percent to P128.53 billion from P143.75 billion.

The government undertook a successful debt consolidation program in which the government exchanged P111 billion worth of bonds with new three-, five-, and seven-year benchmark bonds worth P122 billion in February and March and completed its foreign commercial borrowing with $2.85 billion, or lower than the programmed $3.1 billion.

********************************************************
No ‘flight to quality’ of capital–BSP
By Jun Vallecera
Reporter

THE Bangko Sentral said there has been no flight of capital recently with the appreciation of the peso and narrowing of the interest rate differential between the peso and the US dollar. A narrowing normally encourages capital to fly out of the country in search of higher returns and puts pressure on the exchange rate, causing it to weaken.

“There is no ‘flight to quality’ as had happened in the past and the exchange rate has even favored the peso,” said deputy BSP governor Diwa Guinigundo. “This means it still pays for foreign funds to come in and not leave because the immediate and medium-term outlook is favorable.”

This is buttressed by sustained accumulation of the gross international reserves of more than $21 billion, foreign direct investments of another $743 million in the first five months, overseas Filipino worker remittances of $6 billion over six months, and portfolio net inflows worth $890 million in seven months.

More here:
http://www.businessmirror.com.ph/front05.php

le Reine

August 21st, 2006, 12:47 PM

I voted for 7 and I only represent the measly ten percent vote.

Anyway, I think she could focus more now since the impeachment was junked already. Unless the opposition would do something again to get the attention of media. Cayetano started already. hmm...Someone might eat fire or cross on a wire without nets, that's Philippine politics, circus!

overtureph

August 21st, 2006, 06:54 PM

COCKTALES
Ortigas feud rekindled

By Victor Agustin
Inquirer
Last updated 09:11pm (Mla time) 08/20/2006

Published on page B3 of the August 21, 2006 issue of the Philippine Daily Inquirer

THE FEUD AMONG the landed Ortigas clan has been rekindled, with the Lanuza, Campos and Olbes cousins filing a new claim on the 20.6-hectare Ortigas district property also being contested by the PCGG.

The intervention in the Sandiganbayan case has revived memories of the bitter 1985 break among the cousins, when the Lanuza, Campos and Olbes branch broke off from Ortigas and Co. Ltd. Partnership to form Greenhills Properties Inc. In the process, the 108-hectare Ortigas district was carved up between Greenhills Properties--which has investments in Philrealty and, until recently, iBank--and Ortigas and Co.

The breakup also resulted in the 16-hectare Greenhills shopping center remaining solely in the hands of the Ortigas partnership. According to the grapevine, the intervention was filed amid the ongoing out-of-court talks between the Ortigases and the Presidential Commission on Good Government, where, in exchange for the dropping of claims and counterclaims in the two-decade-old litigation, the Ortigas partnership would get one-fourth of the contested property, and the government obtaining three-fourths, or about 15.45 hectares.

The government obtained possession of the bulk of the contested property, 18.5 hectares, after tycoon Jose Yao Campos surrendered the shares of a Marcos front company in the aftermath of the 1986 Edsa Revolt.

According to the grapevine, Ortigas and Co. president Rafael Ortigas Jr. was particularly hurt with the new suit especially since his cousins filed the motion for intervention only last month, as the partnership was celebrating its 75th anniversary.

At a conservative P20,000 a square meter, the 20.6 hectares would be valued at P4.1 billion.

Tall tale from Mike cousin
THE CONTROVERSIAL Benito "Bomboy" Araneta has told his equally controversial cousin Mike Arroyo, who apparently believed him, that he had already resigned as chair of the PCGG's "milking cow" (Juan Ponce Enrile's description), the listed Philcomsat Holdings Corp.

Even President Gloria Macapagal-Arroyo, who had intervened to settle the dispute among allies and friends, apparently believed the Araneta claim. Unfortunately, the real story is quite different from what GMA and even her balae, Herman Montenegro, had been led to believe.

"At a special meeting of the board of directors held on Feb. 21, 2006, the board deferred action on the offer of Mr. Benito V. Araneta, chair of the board and independent director, to resign from the corporation pending clarification on the reasons for the offer to resign and the determination of the effect of such resignation," Philcomsat Holdings reported to the Philippine Stock Exchange last week.

Not only that, to keep Araneta and his minority board in power, Philcomsat Holdings now even asked the Court of Appeals to issue an injunction to prevent the Securities and Exchange Commission from forcing the listed company to hold a long-delayed stockholders' meeting.

In the meantime, Philcomsat, which had about P1.2 billion in cash when Araneta was first appointed by then President Estrada, admitted that its cash assets had dwindled to only P655 million by end-June.

In the first six months of 2006 alone, the cash assets--despite Philcomsat only having 18 employees--had dropped by another P23.76 million, because of "payment of expenses and advances."

Fortified retirement
NOTWITHSTANDING his retirement, John Gokongwei Jr. attended the JG Summit executive committee meeting on Friday, where the 80-year-old taipan approved, among others, the purchase of a 2,000-square-meter property in The Fort.

According to the grapevine, Gokongwei plans to build his third residential condominium, which overlooks the Manila Golf Club, after selling out the first two similar projects in the area.

Heard through the grapevine
THE COPPER electrical wiring to illuminate the entire Manila Golf Club for nighttime golf was ripped out and carted away Friday night, an obvious inside job. The kilometric wiring and even the scores of lampposts were just recently donated by taipan Lucio Tan.

(Email: cocktales_pdi@pldtdsl.net or cocktales_pdi@yahoo.com)

http://business.inq7.net/money/colu...rticle_id=16303

TheAvenger

August 21st, 2006, 08:37 PM

^^ nahilo ako dun ah. anyway, I'm more interested on who was the first wife of Mackoy. un religion nya, in particular. pero off-topic na ito.

the first wife of the real mckoy, her surname start with letter " O "
and she hail from the province of the legendary princess urduja.
she setled in the country of the bolds and the braves many decades ago.

chizmiz lang ito.

Jimbu

August 21st, 2006, 10:39 PM

Tuesday, August 22, 2006

Join me to Germany, Arroyo tells Cayetano

THE President’s husband, Jose Miguel Arroyo, will shoulder the cost of plane tickets for Rep. Alan Peter Cayetano of Taguig-Pateros if he agrees to go with him to Germany to verify the allegation that members of the First Family are maintaining a multimillion-dollar account there.

Mr. Arroyo, through his spokesman, the lawyer Jesus Santos, said going to Germany is the best way to find out the truth and to verify the truthfulness of the reported original source of Cayetano’s claims.

Santos added that Mr. Arroyo will even take the media people to Germany at his expense, so that the truth will come out immediately.

Cayetano last week accused the First Family of reportedly hiding a large amount in the Hypo-Vereins Bank AG, in Munich, Germany, under the account number 87570-23030-32100-6271-571.

The opposition congressman also said that he has evidence to prove his allegation.

The First Family’s camp, on the other hand, threatened to file libel charges against Cayetano if he does not recant.

“See you in court,” Arroyo said Monday in a statement, as he maintained that because he and his family have no bank accounts in Germany they have nothing to explain to the Filipino people.

Santos also challenged Cayetano to open an account similar to the amount he claimed being maintained by the Arroyos under the name of the Filipino people, which would be forfeited once the accusation is proved false.

“Why is Representative Cayetano scared of putting $1 million in escrow in a bank and go with the First Gentleman, together with his witnesses, to Germany to verify his canard against Arroyos?” Santos asked.
--Jefferson Antiporda

ikra

August 21st, 2006, 11:22 PM

ikra

August 21st, 2006, 11:23 PM

Hey, you should thank the Ilonggos, too. Panay gave GMA an overwhelming majority in in the island.
Yeah!!! and the ilonggos too!!!!

Its ironic because both my parents are from these regions... my father being cebuano, my mother being ilonggo. Lol, the two regions that made Gloria win =D

I mean just look at this
http://img.photobucket.com/albums/v454/ikra/400px-Ph_elections_president_2004.png

that says a lot about the elections... I mean, Rocco, and Gloria were the ones I would vote for (me being under 18 during that time) and my parents voted for ate Glo. I mean, FPJ did a lot of acting and charity around the manila area, but that doesnt mean that he's a good leader... does it??? He didnt even get a good education. But people still voted for him, and a lot too.

TheAvenger

August 21st, 2006, 11:43 PM

dont you guys think that the people behind the killings are the opposition themselves??? This would give them ground to impeach gloria and shake the government. Any evil person would kill even his closest family members just to get what he wants. (think of hitler, he killed his own sister because his sister was mentally ill and that would sahke up his image)

hehehe... konting conspiracy lang naman... XD naisip ko lang

very absurd !!! opposition party doesn't have that capabilities of
nationwide killing..

maybe your idol's die hard follower is doing that killing so that
she can eliminate all the peoples who oppose her political
lofty dreams of becoming the President for life... this is a bigger
conspiracy

ikra

August 21st, 2006, 11:57 PM

very absurd !!! opposition party doesn't have that capabilities of
nationwide killing..

what makes my claim absurd.. anybody can kill anyone. Nothings impossible in this world...why do you say that anyway??? And dont tell me that i call the person an idol because I dont.. so stop whammying around and discuss your viewpoint rationally without shouting at my face

Rajah_Soliman

August 22nd, 2006, 12:26 AM

http://img.photobucket.com/albums/v454/ikra/400px-Ph_elections_president_2004.png

the map is reflective of the political "literacy" of the Pinoys in different provinces.........:runaway:

TheAvenger

August 22nd, 2006, 12:55 AM

what makes my claim absurd.. anybody can kill anyone. Nothings impossible in this world...why do you say that anyway??? And dont tell me that i call the person an idol because I dont.. so stop whammying around and discuss your viewpoint rationally without shouting at my face

my dear friend relax lang... don't be a fanatics for you may sink to the same low level of morality of your enemy.

I notice the SSSC ate glo fans club were all mad at cayetano for making an unverified charges against Mike... but now you are also making an unverified charges against the opposition.

hindi ba sabi ni Jesus pag binato ka ng bato, batuhin mo naman ng tinapay??

by the way, I said absurd because only an organized killing machine can do a
nationwide almost simultaneous killings of the members of vocal moderate left and nationalist organizations.

the oppositions were such in disarray and their only uniting factor is their hates against your ate glo or your idol...and it is absurd that they can unite and do the nationwide mysterious killings...

it is more absurds if you will say that the NPA is the one doing the killing, it is like killing your own boyfriends or your girlfriends...

don't get mad at me... I am just teasing you as I have a hunch that you belongs to the fans club. he he he

ikra

August 22nd, 2006, 01:29 AM

wellp, the thing is... i thot u were a member of a fans club(opposition) myself lol. my bad.

me, i dont believe in fans club, everybody have their downside. The reason my parents voted for GMA is because the time Rocco was running for president, he got diagnosed with prostate... otherwise my whole family would have gone for rocco.

sori sori sori... nag over react ako... paumanhin :)

I said absurd because only an organized killing machine can do a
nationwide almost simultaneous killings of the members of vocal moderate left and nationalist organizations
yeah, the only question is whose really behind this. I was supposed to put "maybe" did this, because what i wrote down looked like accusation. Me myself I dont like accusations unless theres even the faintest of evidence. Sorry bout that, didnt notice. But we can all make "theories" cant we?

peace!

bitoy

August 22nd, 2006, 01:58 AM

And anyway, can anyone explain this picture? I'm too shallow to get the funny thing about this:

THANKS!!!

I don't know, I just find it funny... :D

http://img174.imageshack.us/img174/3521/gma1ol8.jpg

BEFORE

http://img90.imageshack.us/img90/842/gma2pd2.jpg

AFTER

... nawala yung mga kasama, baka hinulog ni ma'm?

amigo32

August 22nd, 2006, 02:13 AM

LOLS. Binala sa kanyon...

bitoy

August 22nd, 2006, 04:08 AM

the first wife of the real mckoy, her surname start with letter " O "
and she hail from the province of the legendary princess urduja.
she setled in the country of the bolds and the braves many decades ago.

chizmiz lang ito.

Now I'm trying to remember all the guessing names you've posted. :)

Here's a link about Marcos and his association with Enrique Zobel de Ayala :

BELIEVE IT OR NOT: THE FACTS, THE BACKGROUND AND PROCESS OF THE GREATEST LOOT IN HISTORY (http://www.bibliotecapleyades.net/sociopolitica/secretgoldtreaty/chron_appendix7.htm)

overtureph

August 22nd, 2006, 06:59 AM

SamwiseGamgee

August 22nd, 2006, 07:07 AM

very absurd !!! opposition party doesn't have that capabilities of
nationwide killing..

maybe your idol's die hard follower is doing that killing so that
she can eliminate all the peoples who oppose her political
lofty dreams of becoming the President for life... this is a bigger
conspiracy

Sometimes the truth is not so obvious, so here. If these killings go on and on, who would you blame? GMA, right? Who would benefit when GMA gets blamed? Your selfish idols right? So, who has the motivation to do these killings? Think.

... President for life? How can she do that? My foot!

Your idols don't have the capabilities of killing? Think again.

Who wants very badly to be President?Can't you wait till the next elections and let the government work for our future in the meantime?

TheAvenger

August 22nd, 2006, 07:27 AM

Now I'm trying to remember all the guessing names you've posted. :)

Here's a link about Marcos and his association with Enrique Zobel de Ayala :

BELIEVE IT OR NOT: THE FACTS, THE BACKGROUND AND PROCESS OF THE GREATEST LOOT IN HISTORY (http://www.bibliotecapleyades.net/sociopolitica/secretgoldtreaty/chron_appendix7.htm)

about the 1st wife of the real McKoy, I think I make a mistake, she come from a quite rich family from the next province to the north from the province
of Princess Urduja. She is a Doctor and she settled many decades ago in the land of the big apple.

TheAvenger

August 22nd, 2006, 07:49 AM

[QUOTE=overtureph]Thanks for the link tsinoy. Very interesting and intriguing.[/QUOTE

That is incomplete, there is the story of the origins of the Yamashita gold, it was in the Internet before.

the story like this:

The Yamashita - Marcos Gold originally belongs to German Jews

Before the Nazi started the war in 1939, the Jews in Germany were already shipping their gold to Bank of England in UK.
Then before the Japanese attacked Pearl Harbor, the UK govt decided to shipped their Bank of England golds to Australia for safekeeping in case England fall to the German. On the way to Australia from England the ships decided to stop-over in Singapore to take bunker fuel and provisions, however a few days before the ship arrives in Singapore the Japanese attacked Pearl Harbor in Hawaii.

So the British believing that their Base in Singapore is impregnable from the attack from the east and south of Singapore, decided to upload the Gold and decided to keep it their in the Bank of England Branch in Singapore. The British naval strategies believes that an attack on their much vaunted Base will come from the east, west, and south of Singapore islands

However, the Japs attacked from the north coming from Thailand down south to Malaya Peninsula, so the much vaunted British Naval Base in Singapore fall down. In their war of occupation the Japs looted all the Banks with golds, and treasures of Vietnam, Burma, Malaya and Singapore, and all they keep in Japanese camps in Malaya peninsula. That time Yamashita is the commander of all the Japs forces in Malaya and Singapore.

So in the war the Japs controlled the whole southeast asia till Burma. In 1944 the US started to make the offensives to retake the Pacific islands including the Philippines.

On that year the Japs military high command decided that in the war that they may lose, they must make sure that the island chains from Japan to the Philippines will not fall down to the American forces. They want to hold the Philippines at all cost. So they transferred Yamashita from Malaya/Singapore Jap military command to be the commander of the Japs forces in the Philippines.

Before his transfer to the Philippines, Yamashita transferred by ships all the golds and treasures the Jap Army looted in Vietnam, Burma, Malaya and Singapore and of course the Jewish Gold from the Bank of England, to the island of Luzon. Perhaps thousands of tons of Jewish gold bars because it was transported by ships convoys.

The Yamashita treasures were burried in the Sierra Madre mountain range from Antipolo up to the north Luzon provinces and to Baguio. Later those Pinoys laborer who burried the golds and other treasures were killed and burried in those underground bunker structure.

After the war, Marcos became a Congressman and manage to found the story of the Yamashita treasure. When he became the President in in 1964 he started the operation for getting the gold....

As you know if you found a burried treasures in your own land, you still have to get a permit from a govt agency to get that treasures. So Marcos agent just waited for those getting permits and manage to get their maps where the treasures is burried.

But there is also a law that says any buried treasures even from your own land you are entitled only to the 30 percents of that treasures and the other 70 percents belongs to the govt which is the people of the country.

So Marcos managed to get the 100 percent of the buried treasures, but according to the law, the 70 percent must be given to the government.

Almost all of these Gold bars he deposited in Swiss Bank in Europe. The Jewish gold returns to Europe and most European govt knowing that the Gold were the former Jewish gold deposited in Bank of England have done everything not to return to our govt the said golds.

However the Bank of England or UK govt can not ask the World Court to release the gold to them owing there is an International Law that says that after 40 years the looted treasures cannot be return to it's original owner.
Also the original Jewish gold from England were already re-smelted removing any signs that it came from Bank of England.

That 40 years Limitation on War loot expired on 1985 just a year before the downfall of Marcos dictatorship.

Though the Swiss Banks have returned some of Marcos deposits of millions of
Dollars which he plundered from our govt treasury or his commissions from World Bank or IMF loans to our coutnry, the Jewish gold that fall on the hands of Yamashita and of Marcos was never returned to our govt.

Since Marcos and his cronies was so smart in hiding the Gold treasures legal papaer or certificates of ownership to many layers of layers of Banks in the Bahamas, Cayman islands, and other banks in Europe, it will be nearly impossible for our govt to claim ownership of those gold deposits.

The Yamashita / Marcos Gold deposits which the majority of those gold bars belongs to the Jews of Germany have returned to Europe courtesy of Marcos. Perhaps those Jews who owned the Yamashita-Marcos Gold bars were already exterminated in the ovens of Hitler's extermination camps of Bergen-Belsen, Auschwitz, Treblinka, etc.

No wonder that students activist during the Marcos dictatorship is shouting
Marcos - Hitler - Dictador....

On the year 1973 the leftist underground's pamplets is already giving news of unusual activity in the Pureza compound of the Presidential Security Command. Nobody believed the leftist underground saying that gold bars were being smelted (tinutunaw doon).

Who will believed that time ? Even the leftist KM and SDK is wondering where those golds come from. Then after the Treaty of Limitations on War loots expired on 1985 then the news of the Yamashita gold come out....

Anyhow sayang ang mga Gold Bars na yaon sana napakinabangan ng buong
bansang Pilipinas... sayang Ginto na, naging Bato pa...

heathcliff

August 22nd, 2006, 08:49 AM

^^That Cayetano is such a self-righteous, overly idiotic person, why is it so easy for opposition politicians to make such malicious comments to ANYONE???

Hopeless na kasi ang impeachment, so they're now trying to use all other foul means to oust GMA.

chixbebe

August 22nd, 2006, 10:27 AM

Fitch Ratings’ revision of the country ceiling for the Philippines should boost investor confidence, taking the country a step closer towards securing another upgrade of its credit rating outlook, National Treasurer Omar T. Cruz yesterday said.

Global credit rating agency Fitch Ratings last week raised its country ceiling for the Philippines to BB+ from BB. The country ceiling is a measure of the risk of exchange controls being imposed that would prevent the private sector’s ability to convert local into foreign currency, as well as transfer funds in and out of the country.

The upgrade, Fitch said, did not come about as a result of more liberalized foreign exchange controls but was due to revisions of the rating firm’s criteria. The adjustment resulted in improved country ceilings for 40 countries, the Philippines included.

ARTICLE (http://www.bworldonline.com/BW082206/content.php?id=001)

shadow_can2003

August 22nd, 2006, 10:51 AM

The bulks of FDI of 2005 in Asean region goes to the following countries:

1. Singapore with 20 billion dollars
2. Malaysia
3. Thailand
4. Indonesia

Where is the Philippines? Any idea?

TheAvenger

August 22nd, 2006, 12:19 PM

deleted

TheAvenger

August 22nd, 2006, 12:22 PM

kasi masyadong Greedy si Marcos, pati ang 70 percents ng Yamashita Gold na dapat ay sa Phil government ay ninakaw pa niya. dapat 30 percents lang ang para sa kanya at sa mga japanese at Pinoy na may hawak ng treasure maps.

so nawala sa atin ang mga gold bars na yaon at nabalik sa Europe where it originally came from.

OtAkAw

August 22nd, 2006, 02:13 PM

^^Shocking! totoo ba yan? gago talaga si marcos as if sumama yung treasure sa kanya sa pagpunta niya sa impyerno.

TheAvenger

August 22nd, 2006, 05:51 PM

^^Shocking! totoo ba yan? gago talaga si marcos as if sumama yung treasure sa kanya sa pagpunta niya sa impyerno.

puwede kong sabihin ko na totoo based on facts and on what I read ten years ago in the Internet, while others may dismissed the Yamashita gold as a myth.

But the facts :
1. Japanese military looted Vietnam, Burma, Malaya, Singapore, Indonesia and the Philippines.
2. Gen Yamashita was the commander of Japanese Imperial Army in Malaya/Singapore, and was transferred to Philippines in 1944 to take command of Japanese military forces.
3. PCGG under Sen Salonga have informations from their European operatives in Europe that great amount of Gold Bars from the Philippines were deposited in Swiss Bank during the Marcos rule.

of course Marcos and his cronies deposited millions of dollars in Swiss Bank but we can say that it was plundered from our govt Treasury and from World Bank and IMF loans.

I cannot find anymore the Internet link to the story of Bank of England had transported their Gold bars deposit to Singapore and was originally intended for safekeeping in Australia on or about Nov 1940 to Jan 1941.

below were some Internet Links about the Yamashita gold.

http://sg.geocities.com/raiha_evelyn/exposedhist.html

http://www.channel4.com/history/microsites/H/history/i-m/lastdays4.html

http://findarticles.com/p/articles/mi_m0NTN/is_54/ai_115408936

http://caselaw.lp.findlaw.com/scripts/getcase.pl?court=hi&vol=20606&invol=1

http://www.arcticbeacon.com/2-July-2006.html

jadebench

August 22nd, 2006, 05:54 PM

kaya nga okay lang sa kanila na kunin ng gobyerno ang ilang ari-arian nila kasi may yamashita naman sila!

le Reine

August 22nd, 2006, 06:05 PM

TheAvenger

August 22nd, 2006, 06:27 PM

Sa sobrang daming babasahin sumakit ang ulo ko. Hindi ko namalayan na 12 na pala. Nagstart akong magbasa ng 10. That's how intersted I am in this matter. But now I think I have to change my mind. I can't believe the yamashita story again. But I believe that the Japanese had looted all the countries that they occupied, no doubt about that.

then saan naman nakuha ni Marcos & cronies ang mga gold bars na naka deposit sa Swiss Banks... Kahit lahat pa ng gold mines sa Pinas at kahit lahat pa ng Gold reserves ng govt sa Central Bank hindi aabot ng 1,000 tons or or
even 500 tons na believed to be deposited in Swiss Bank under pseudo name of Marcos and cronies....

even the American government and it's CIA believed that some of Japanese war loots were burried in the Sierra Madre mountains of Luzon. There is a Yamashita treasure....

I doubt that Marcos and Imelda ay naki ride lang sa Yamashita gold para sabihin na hindi sila nag plunder ng pera ng Pinoy sa government.

naki ride man sila or hindi ay the facts is :

any burried treasures recovered whether from public or private lands,
ay ang finder ay 30 percents lang ang shares and the 70 percents belongs
to the government.

if Imelda will say that their wealths came from Yamashita gold, then they should return the 70 percent of that wealths to our government as per our
Law of the land.

TheAvenger

August 22nd, 2006, 06:45 PM

by the way, leaving the Yamashita gold and Marcos story.

maniwala ba kayo na ang wealths ng Cojuangco clan ay originally galing sa lost treasures ng First Philippine Republic under Gen Emilio Aguinaldo.

You can check it in our National Archives or National Library on one of the following files.

1. Memoirs of the Revolution - on topics about Gen. Antonio Luna

2. Finances or Treasuries of the First Philippine Republic
(or under the file - Treasures of the Revolution)
on topics about Gen. Antonio Luna

3. The life of Gen Antonio Luna - especially about his love affair with
Ysidra Cojuangco, before he was shot to death on the orders of
Gen. Emilio Aguinaldo.

TheAvenger

August 22nd, 2006, 07:37 PM

deleted

overtureph

August 22nd, 2006, 09:47 PM

TheAvenger

August 23rd, 2006, 12:50 AM

deleted

TheAvenger

August 23rd, 2006, 12:52 AM

they said that on file in the National Archives or National Library was the story like this :

Gen Antonio Luna was the Secretary of Finance of the 1st Philippine Republic. The Finances and treasures of the Govt was in his convoy, is troops on horses guarding the golds, pesetas, treasures taken from churches along the way from Ilocos and they are going to meet Gen Aguinaldo and to pay the troops salary.

Gen Aguinaldo is retreating from Mnaila towards the mountain of Isabela and Cagayan. While Gen Luna is coming from Ilocos towards Tarlac then they were suppose to go to Nueva Ecija then to Isabela and Cagayan to follow
Gen. Aguinaldo.

Gen Luna's caravans with the finances of the 1st Phil Republic stopped in Tarlac in the house of Ysidra Cojuanco as they were lovers. (Ysidra Cojuangco was believed to be a very beautiful Chinese Mestiza, the sister of Cory's grandmother).

However while Gen Luna was having his momentous moments of his life in Tarlac, he was summoned by troops from Gen Aguinaldo to proceed immediately to Nueva Ecija.

Gen Luna left immediately with Gen Aguinaldo's troop and left the caravan of
the Republic's Finances in Tarlac's home of Ysidra Cojuangco.

Gen Luna upon arrival in Nueva Ecija was executed by Gen Aguinaldo's forces.

Then Gen Aguinaldo's forces proceeded to Cagayan and later captured by the Americans.

The Finances and Treasures of the 1st Phil Republic was left behind in Tarlac
under the care of Ysidra Cojuangco.

Aguinaldo was later captured by the American Cavalry and afterwards the whole Philippines was under American government control in 1901.

The golds, pesetas, and other relics carried and left in Tarlac by Gen Antonio Luna was never recovered by the 3rd Phil Republic under Manuel Roxas in 1946. (the 2nd Phil Republic was under Laurel during Japanese occupation)

The Cojaungco family later became very rich.

Where is the Lost Treasures of the 1st Phil Republic ????

SamwiseGamgee

August 23rd, 2006, 06:55 AM

Pls note that I mentioned about President for Life because in the SSC Philippine Forum - there was a Thread : " Do you want GMA to be the President for Life " since that Thread is heavily in favor of your Idol, I can rightly assumed that all of you want her to be the President for life.

About waiting for the next year elections, FYI I am not interested to even vote in the next election. Because I think both the Administration party and the Opposition party were both corrupt, both plunderers, both evil etc.

I rather prefer a Revolutionary government from the coalition of Military rightist, the moderate leftist, the Nationalist groups and NGO.

Don't worry we have no plans to include Erap, Jinggoy, Binay, Jamby, Cayetano, Dinky Doo, Drilon, those leftist party list who flirted with the oppositions, and other opportunist from the Elite clas, and opportunist from both Administration and opposition Camps, and the NPA which your Idol want to turn into vapor etc.

The elections in the Philippine whether there is a cheating or not is just a farce, it is just one way of legitimizing the holding of govt office by corrupts
politicians from either the Administration or Opposition camps.

To me the Administration party and your Idol where just corrupt as the oppostion party. You were all birds of the same feather....

Wait after we set up a Revolutionary government (composed of Military Rightist, Moderate Leftist, Nationalist organizations, NGO and the Bangsa Moro, we will all deport the bunch of politicians of both Admin and opposition party to Gulag Archipelago or to Timbuktoo.

And the most corrupt of those politicians of both parties together with Joke Joke Bolante, we will sent to Auswitch and Treblinka for the Final solution.... he he he

:D :D :D This one's so hilarious, I didn't know I laughed out loud :D :D :D

overtureph

August 23rd, 2006, 08:19 AM

LOOKING BACK
About the Elizaldes

By Ambeth Ocampo
Inquirer
Last updated 00:37am (Mla time) 08/23/2006

Published on Page A11 of the August 23, 2006 issue of the Philippine Daily Inquirer

MY column on Tanduay last Aug. 9 was an exercise in putting strands of useless information together and weaving them into a story. The end product sounded like a PR pitch for Lucio Tan and Tanduay, but the e-mail response was encouraging and it made me realize that I had only scratched the tip of the iceberg that is the Elizaldes and their place in the larger canvass that is the economic history of the Philippines. There is an
interest in other areas of our history aside from heroes and the 1896 Revolution.

Ben Arcinas sent an e-mail full of information and it is hoped that another historian will undertake an oral history. He gave his background and narrated:

"I worked in Elizalde & Co. Inc. since 1951, retiring in late 1985, the year before Don Manolo died. When I left, I was corporate secretary of several subsidiaries and assistant corporate secretary of Elizalde proper. Shortly before I left, I was one of the directors of the parent company, which began to be controlled by Manda Elizalde. Not being trained in [history], I would not know how to start and proceed with additional research into material and persons still available but slowly being lost.

"About your reference to the Tanduay Hagonoy distillery: A latter-day incident involving that property reminded me of our early discovery that the Elizalde talent in commerce and industry was not as keen as their regard for real property. In the early 1950s while I was in the legal department, a PTA delegation came to us to inquire about and request the
donation to the organization of a company property in Hagonoy. The delegation had come from the subsidiary, Tanduay Distillery Inc., but its management was clueless and so they were referred to legal. Our department had never heard of any Elizalde property in the province of Bulacan although there were several in just as many other provinces. So we referred them to the official who kept the archives. At that same time, Valentin Teus (the son of the Valentin in your article) was one of Don Manolo's advisers as well as a relative.

"I never found out how that incident ended and if the PTA people, who knew that title was still to be transferred, were able to get the donation for their organization. But it fortified the idea that Don Manolo's generation was not too concerned about their land holdings; we were hearing then of some company lands in the Bicol area (then source of abaca for Elizalde Rope Factory Inc. before the latter turned to Leyte, Davao and Jolo) were taken over and titled for themselves by some 'administradores' [administrators]."

More interesting to me was Los Tamaraos Subdivision in Parañaque City where some friends now live:

"The story went that polo-playing Don Manolo and brothers were members of Manila Polo Club, which was at that time 'for whites only.' Don Joaquin, then primus inter pares, took along a Filipino friend (I am not sure if it was Jorge Vargas, Quezon's executive secretary) but was not allowed in deference to the rule. In anger, the Elizaldes showed their disapproval and organized their own Los Tamaraos. Some years later when that
generation no longer played polo and the next was interested in tennis and swimming, the Elizaldes nonchalantly alienated the whole area.

"Another example is the Elizalde 'lumbang' plantation in Gingoog which supplied the Elizalde Paint & Oil Factory with oil for paints, floor wax, etc. ('lumbang' was considered superior to linseed for the tropics). It was abandoned just like that, the company preferring to get its nuts from Cavite's and Nasipit's forest concessions.

"I wish the story of the Elizalde commercial empire started by Ynchausti (thus YCO) from the early 1800s to about a decade ago could indeed be told as part of our economic history. For it cannot be denied that the casa solariega built by the humble beginners from the tiny village of Irurita in the province (formerly kingdom) of Navarra in the foothills of the Pyrenees was for a time the mainstay of our country's economy and the strongest support of President Quezon's social justice program. For example, in the 1930s Quezon reportedly wanted to make points in the labor and social field (there were the Sakdalistas and other similar movements) and so he urged the Elizaldes to grant Christmas bonus to employees as a regular gift. Ironically, from its original concept as a matter of liberality on the part of the employer, a later decision of the Court of Industrial Relations ordered an Elizalde subsidiary, Samar Mining Co. to extend the benefit as an obligation. But this is another story.

"In the sugar industry, the first ever collective bargaining agreement with 'sacadas' [migrant workers] was signed by Don Manolo with the Nacusip under Zoilo de la Cruz and witnessed by Bishop Antonio Fortich. If you recall, Don Joaquin Miguel 'Mike,' older brother of Don Manolo, was Quezon's first resident commissioner and then ambassador to Washington. This turned out to be a supreme sacrifice for Don Joaquin as he had to use up his shares in the companies to help the newly independent nation
support the position and the country's representation in the US."

So many stories, so much history waiting to be written down. If I had nine lives, I would spend them all as a historian of the Philippines.

Comments are welcome at aocampo@ateneo.edu

http://opinion.inq7.net/inquireropinion/columns/view_article.php?article_id=16719

chixbebe

August 23rd, 2006, 10:52 AM

Real estate developers have responded to the Department of Tourism’s call to invest in new hotel and resort facilities, which are needed to accommodate the influx of foreign visitors.

Megaworld Corp., SM Group, Ayala Land Inc., Fort Bonifacio Development Corp. and a Korean company are among those which have recently committed to pour in billions of pesos for hotel and resort development in the country.

ARTICLE (http://www.manilastandardtoday.com/?page=business05_aug23_2006)

OtAkAw

August 23rd, 2006, 04:03 PM

Pls note that I mentioned about President for Life because in the SSC Philippine Forum - there was a Thread : " Do you want GMA to be the President for Life " since that Thread is heavily in favor of your Idol, I can rightly assumed that all of you want her to be the President for life.

About waiting for the next year elections, FYI I am not interested to even vote in the next election. Because I think both the Administration party and the Opposition party were both corrupt, both plunderers, both evil etc.

I rather prefer a Revolutionary government from the coalition of Military rightist, the moderate leftist, the Nationalist groups and NGO.

Don't worry we have no plans to include Erap, Jinggoy, Binay, Jamby, Cayetano, Dinky Doo, Drilon, those leftist party list who flirted with the oppositions, and other opportunist from the Elite clas, and opportunist from both Administration and opposition Camps, and the NPA which your Idol want to turn into vapor etc.

The elections in the Philippine whether there is a cheating or not is just a farce, it is just one way of legitimizing the holding of govt office by corrupts
politicians from either the Administration or Opposition camps.

To me the Administration party and your Idol where just corrupt as the oppostion party. You were all birds of the same feather....

Wait after we set up a Revolutionary government (composed of Military Rightist, Moderate Leftist, Nationalist organizations, NGO and the Bangsa Moro, we will all deport the bunch of politicians of both Admin and opposition party to Gulag Archipelago or to Timbuktoo.

And the most corrupt of those politicians of both parties together with Joke Joke Bolante, we will sent to Auswitch and Treblinka for the Final solution.... he he he

Ay jusko! O sige good lak nalang sa revolutionary government mo.

TheAvenger

August 23rd, 2006, 05:04 PM

deleted

Sinjin P.

August 24th, 2006, 04:54 AM

Ayala Land a 'buy' on rosy long-term prospects - Wealth

Article posted August 24, 2006, 9:19 am

Brokerage firm Wealth Securities rated Ayala Land Inc. shares a "buy" despite the current market sentiment that the property developer's domestic prospects are bleak.

In a report dated August 23, Wealth Securities said that Ayala Land, which is participating in a private equity fund established for projects in China, India and Thailand, remains an attractive investment in the long run.

"We do not think that one investment should totally negate everything else about Ayala Land--its market leadership, strong balance sheet and the steady revenue stream in the long-term. Thus, we see a buying opportunity in the current weakness of Ayala Land's share price," Wealth Securities said.

The equity fund will be administered by a management company set up by Ayala International Pte Ltd, ALI and Great Arch. Wealth Securities said ALI will initially invest $25 million over two years. The group is eyeing a large-scale residential community project in Macau for its first project.

The brokerage firms said investors were not keen on Ayala Land's ventures abroad, given the boom of the local property sector. Wealth Securities said this has raised questions of Ayala Land's profitability—whether prospects of domestic growth were "tapering off such that ALI is looking for opportunities elsewhere."

Wealth Securities however advised investors against overanalyzing Ayala Land's international expansion.

"While we find such market concerns valid, we think that the negative sentiments are overblown and are effectively overlooking Ayala Land's basic fundamentals," the brokerage firm said. -

SamwiseGamgee

August 24th, 2006, 09:22 AM

yes it is quite hilarious.

but watch out - this scenario that was previously floated by admin smart boys that it already happened but actually not happen yet... was accepted by honest to goodness and uncorrpted Pinoys, that it can be the best solution if not the final solution in our country's dilemma.

some honest to goodness pinoy is thinking that the coalition of the rightist and the leftist, to form a revolutionary government may be the only alternative to the existing almost hopeless economic and political situations in our beloved country.

for sure when this happened many nationalistic, uncorrupted, and honest to goodness citizens from mostly the middle class will be out in the street to show their overwhelming support.

this civilian support will be different from the Edsa 1 and Edsa 2 where some elite, opportunist, politicians of all shades and feathers have joined it.

nor it will be the same like the Edsa 3 where the elite, the corrupt and opportunist politicians have used and " hakot " the poorest of the poor from the depressed area of metro manila to attack the palace.

what is the difference between the leftist and the rightist ?
they were both honest, uncorrupted, and honest Pinoy. the only difference is the ideology.

but ideology can be revised and mold to fit the requirements of our country and people. a year ago I have read in the opinion column of Inquirer the same opinion I am espousing now.

many Pinoys who cares and love our country have realized also that this is the only alternatives we have before our country is finally consumed and destroyed by a social volcano that will set back the Philippines to year zero.

it is easy to mix the economic principles of socialism and capitalism to fit
the situation in our country to make it industrialized and globally competitive.
if our goal is finally realized then Pinoys will no longer be OFW, entertainer,
prostitutes, ass wipers and supermaids of the world.

some countries in western europe were able to do that mixed the principles of socialism and capitalism that will benefit their countries, like switzerland, some scandinavian countries among others. here in pinas we can also have a coalition of the rightist and the leftist... the only alternative solutions.

Majority of the "honest to goodness" Pinoys are currently out of the country, earning a decent living for their families back home.

Now, if you don't stop sabotaging our country's economy for your own selfish agenda, then go on dreaming...

heathcliff

August 24th, 2006, 10:32 AM

hehehe :D

TheAvenger

August 24th, 2006, 11:31 AM

Majority of the "honest to goodness" Pinoys are currently out of the country, earning a decent living for their families back home.

Now, if you don't stop sabotaging our country's economy for your own selfish agenda, then go on dreaming...

If the criteria to be a "honest to goodness" Pinoys is working abroad.....

please note that I am an OFW for 37 years, earning a decent living for my families here.

I would like to add that I am not fortunate like most of you who were born with golden spoons. I studied my elementary and high school in the public school. I managed to have a college education through government scholarship (educational benefits). I worked as casual Postman in the Manila Post Office in the day and took my College education at night.

As an OFW I have paid my taxes religiously when OFW was not exempted yet from Income taxes. Abroad I have depended our country from criticism whether our country is right or wrong. I never voted in any elections (before 2003) owing that time, I am always out of the country.

I am out of the country in Edsa 1 and Edsa 2 People Power, but I was in Mendiola in Edsa 3, and later trapped in San Beda with other nationalist who heed the call to be the civilian component to stop the mobs organized by the other political group to attack the Palace during the Edsa 3 Mob power.

In my youth I have experienced the hardship of being poor but I struggled and rise up from that life.

During the Martial law years (when I have a vacation from my work abroad) I always joined other students amd citizens in the rallies against Marcos despotic regime. I have done my share in nation-building and it is just right and my duty as a Filipino citizens to criticize the govt when they are wrong and committing corruptions which is bringing our whole country down to the brink of disaster.

I am against Marcos and Estrada during their regime and I am even pro GMA till a year ago. But now realizing that our country is going nowhere with scandals right and left especially with Joke Joke Bolante Fertilizer scam, I think I have to rethink my personal political views.

Please note that if I am disgusted with the Admin Party, I am more disgusted with the Opposition whose uniting factor is only their hatreds against GMA, and not because they want to rid the govt of corruptions... but because of their own vested personal interest... anyhow to me all politicians whether they are pro or against were all birds of he same feather...

I think most you here in this forum.. where mostly born with golden spoon.

what have you done in nation-building ??

did you not even give a share for scholarschip for poor but deserving students from the public high schools ?? (though most of you came from the exclusive schools of the rich and the elite

May God bless our country.

from a nationalistic Pinoy who was a former OFW.
(at present the Devil's Advocate of SSC Phil Forum)

how about reading my thread in Phil Forum of SSC "Buhayin ang Manila High School" In our Manila High School Alumni Association one of our aims is helping and giving scholarship to the poor and less fortunate students but deserving students of our Alma Mater ... one step in Nation-building.

One of our motto is " Don't ask what the country can do for your but ask what you can do for your country "

About you what you have done towards our country...?

OtAkAw

August 24th, 2006, 02:27 PM

^^MY father has been an OFW for like almost two decades and I don't see him establishing any "revolutionary" government. You have really bizarre ideas mister.

TheAvenger

August 24th, 2006, 03:29 PM

^^MY father has been an OFW for like almost two decades and I don't see him establishing any "revolutionary" government. You have really bizarre ideas mister.

i don't established any revolutionary government, I am not even capable of organizing it since I am just an ordinary nationalistic citizen of our country.

but it was all in the news before, even Cory is espousing that idea. Dinky do & the Hyatt 10, Gringo, Brother Eddy of JIL and countless others were espousing that idea of revolutionary government, and it was all in the major newspapers before or a year ago.

and I am thinking that it may be a good idea (but with minus Cory and other politicians) since our people have no good choice between the administration and opposition politicians. For me it is a choice between the Devil and the deep blue sea.

there is nothing bizarre in the world of philippine politics. in the 70s the govt forces and MNLF were fighting like hell but now some MNLF were regular soldiers of the AFP and lately the AFP and MNLF have joined operations against Abusayaff. What is unthinkable before is possible today.

few months ago the govt is saying that the Military rightist Magdalo is linking with the NPA.

In my scenario instead of NPA, I just include the moderate Left since they were more acceptable to the public, since the members of the moderate left came mostly from the middle class. If it is possible for the rightist to cooperate with the NPA then more likely that they can cooperate with the moderate left, since the mod left is just after the reform of govt and not the overthrow of the existing system of govt.

-------------------------------------------------------------------
BOMB PLOT BY REDS THWARTED / MARCH TO MALACAÑANG BLOCKED

MANILA, MAY 2, 2006 (STAR) By Cecille Suerte Felipe - Police said yesterday they had thwarted a plot by communist rebels to bomb Labor Day rallies with the arrest of four suspected New People’s Army (NPA) guerrillas in Cavite.
Authorities also arrested a suspected NPA bomb expert in Zamboanga Sibugay, aborting an alleged attempt to sabotage the Labor Day rallies in Zamboanga City.
PNP chief Director General Arturo Lomibao identified the arrested suspects in Cavite as Aries Sarmiento, alias Ka Narsing, said to be a ranking official of the "Cavite Komiteng Probinsya" of the NPA, and alleged members Marvin Galang, Axel Alejandro Pinpin and Riel Custodio.
Lomibao quoted a report of Senior Superintendent Aaron Fidel, PNP Southern Tagalog-Regional Intelligence and Investigation Division chief, that the arrested rebels confirmed the tactical alliance between the Communist Party of the Philippines (CPP)-NPA and the rightist Magdalo group of disgruntled soldiers to launch offensives to topple the government.
"What is significant here is that the... recovered documents and disks... appear to (reveal) a link between the so-called Magdalo forces together with the CPP-NPA and some sectoral organizations," Lomibao told a news conference yesterday.

WHO IS GIVING THE BIZARRE IDEA TO THE PUBLIC ??
The opposition and Administration itsel.

TheAvenger

August 28th, 2006, 10:49 AM

Kindly give your comment whether the below statements were also bizarre ideas. For most of you if a political idea came from the poor class it is bizarre, but if coming from the middle class, from columnist, from UP symposiums speakers, it is not bizarre afterall.

By Antonio C. Abaya

Realistically speaking, the possibility of any of these meaningful electoral reforms being adopted in 2007 or anytime soon, is zero, given the present alignment of political forces. Only a revolutionary government ruling by decree—as Cory Aquino’s revolutionary government did, from March 1986 to September 1987—would be capable of making these meaningful changes. But without these changes, the same trapos who now control our present politics will dominate all future politics.
---------------------------------------------------------------

FRIDAY, JULY 08, 2005
"O NGAYON, PA'NO NA?":A University of the Philippines Public Forum on the Current Political Crisis
(A blow-by-blow account of the forum held this afternoon in UP Diliman)

Typical of many UP gatherings of this kind, the opening remarks of the forum were greeted by boisterous calls ringing from outside the Faculty Center. I could only make out “Patalsikin si Gloria” and “Walk out! Walk out!” from the campus’ more militant youth organizations.

The speakers present were Congressman Joey Salceda speaking for the Arroyo administration, Joel Rocamora of the Institute for Popular Democracy speaking from the more progressive sector of Civil Society, Sanlakas national president Wilson Fortaleza from the more radical sector of Civil Society and College of Law professor Marvic Leonen.

Reactors present were UP Professors Teresa E. Tadem and Serena Diokno.

Institute for Popular Democracy Director Joel Rocamora:

To Congressman Salceda: “The President really is in trouble. You seek to defend her without really defending her.”

Mr. Rocamora of the IPD speaks with the demeanor of one who has long been engaged in the struggle for social change. He speaks with calm, measured tones of one whose optimistic will battles with his pessimistic intellect. He makes his case as follows.

While GMA’s public apology may appease certain sectors of society, we must apply higher, more stringent standards of proper conduct from the President of the land. She is after all, the single most powerful individual whose decisions affect us all. A simple “sorry” is unacceptable.

On Mrs. Aquino, Rocamora says she has been tasked to “neutralize that other widow – Susan Roces.” On the military, while the Police Generals from Crame has shown their loyalty to the President (as can be publicly seen on the Inquirer’s front page today), Camp Aguinaldo and the Armed Forces are an uncertain element. General Abat himself has proposed a military junta.

Lastly, Mr. Rocamora calls for a unification of Civil Society groups organized in UP and Ateneo (Kompil). If these two groups come together, they can inspire ordinary people to work for change of the system.

Sanlakas President Wilson Fortaleza:

“We want a transitional revolutionary government.”

The impassioned militant leader of Sanlakas rejects the following scenarios that may ensue should GMA resign:

1. Vice-President Noli de Castro takes over
2. Snap elections which will ultimately result in the same “trapo” leaders
3. Military junta led by General Abat

The transitional revolutionary government will hopefully lead to a change from elite rule to a true democracy, he says. The greater problem goes beyond the issue of GMA’s supposed cheating.

History Professor Serena Diokno’s reaction:

Professor Diokno animatedly says; it is more urgent to think of a post-GMA scenario. “The elite want to abide by the Constitution, but the constitutionally legal replacement is Noli de Castro, and they don’t like him either.”

More importantly, the good professor points out that people should not be afraid of the term “revolutionary.” When one hears the term one probably has mental images of angry red flags and burning effigies. Revolutionary was Cory Aquino’s provisionary government until the 1986 Constitution was finished. There is no reason to be afraid, she says.

UP College of Law Professor Marvic Leonen:

“Even if we reach EDSA 20, there is nothing wrong with making Presidents accountable.”

In an erudite and lucid manner that somewhat restores my respect for lawyers, the Law Professor states “Constitutional” does not just mean Impeachment. That is only one interpretation.

While Marcos’ declaration of Martial Law was challenged, it was ultimately adjudged “constitutional.” The 1986 revolution and radical change of government were deemed “constitutional.” Erap’s ouster in 2001 (even when he did not resign) and his replacement with GMA were also deemed constitutional by the highest court of the land.

In short, the present constitution is “flexible” in that it can accommodate an array of possible legal and constitutional measures.

Professor Diokno: In speaking with the former Comelec Commissioner, Christian Monsod said Cory Aquino never ever called the Comelec and Erap called once to inquire about “procedures.”

Joel Rocamora: There are two questions we must answer.
1. What system should we change?
2. Who will lead this change?

Two core elements of Rocamora’s proposed Transitional Revolutionary Government (TRG) are:
1. Change of the political system to even the playing field, allowing for many other sectors to participate in government.
2. Anti-elite, a change in the balance of power in and among the many different classes.

In answer to his second question posed above, Rocamora says the “WHO” will be determined by the political and social struggle in the coming weeks.

TheAvenger

August 28th, 2006, 10:57 AM

Beware of elites’ manipulation

Inquirer
Last updated 01:16am (Mla time) 08/26/2006
Published on Page A12 of the August 26, 2006 issue of the Philippine Daily Inquirer

THIS is in reference to Amando Doronila’s article titled “Elites bid to seal nation’s fate in secret dialogues.” (Inquirer 08/07/06)

The intervention of the elites in the affairs of government is not at all surprising. They have been intervening not only during bitter times of political crises but also in formulating policies that impact on the flow and structure of our economy. The political arena is dominated by them and many of them have even risen to the highest offices of government.

My concern is for the rest of the Filipino people -- the poor and the peasants, especially -- to be suspicious and vigilant rather than to be optimistic of the elites’ intervention.

Generally, the elites’ participation in the affairs of government has had an adverse impact on the life of the peasants. Elitists would rather protect their own interests than improve the life of the larger masses of our people.

History would show us how the elites betrayed the Filipino nation. They collaborated with the Spanish colonizers, oppressors and exploiters. Some of them betrayed the revolution at the turn of the last century. They also collaborated with the American colonizers and oppressors. And they were the same elites who collaborated with the Japanese invaders.

In this yet another uncertain decade, shall we let the elites determine our fate?
DENNIS D. BENDANILLO, Sociedad de Pilosopia, Notre Dame of Marbel University (via e-mail)

sandrin

August 28th, 2006, 11:53 AM

RP trade deficit falls on improved economy

Improved economic conditions have contributed to a significant fall in the country's trade deficit in June to $484 million from $852 million a year ago, the government said Friday.

The trade deficit for the first six months of the year narrowed to $1.834 billion from $3.194 billion a year earlier, the National Statistics Office (NSO) said.

Merchandise imports in June rose 7.7 percent from a year earlier to $4.53 billion while exports grew 20.6 percent to $4.05 billion.

Total trade for the month grew 13.4 percent to $8.585 billion from last year, the NSO said.

David Cohen, director of Asian economic forecasting at Action Economics LLC in Singapore, said the trade figures for the first half "reflect a generally healthy trade sector and this will certainly contribute to overall economic growth in the Philippines."

He said demand for electronics remained solid, despite uncertainties arising from the volatility of crude oil prices.

Despite record-high oil prices the Philippine government is confident economic growth this year will be quite strong.

The government is set to release gross domestic growth (GDP) figures for the three months to June next week.

In the three months to March the economy grew 5.5 percent, which is the same target for the entire year.

"The past six months have been a period of steady economic improvement for the Philippines," Rene Pizarro, head of the governments Investor Relations Office said recently.

"The strong economic showing for the first half of the year clearly demonstrates the positive impact of the governments economic reform program and rising investor confidence in the Philippines," he added.

Total trade for the first six months of the year reached $47.308 billion, up from $42.137 billion last year while imports grew 8.4 percent to $24.571 dollars, the NSO said.

The bulk of imports are raw materials for export products, which are mostly electronics. Electronics, which accounted for 44.8 percent of imports in June, rose 4.6 percent year-on-year to $2.032 billion.

Imports of mineral fuels, lubricants and related materials accounted for 17.5 percent, with purchases up 21.9 percent at $791.99 million.

Transport equipment accounted for 4.4 percent, with payments of $199.42 million, while payments for industrial machinery rose 19.6 percent to $173.37 million.

The United States remained the biggest source of imported goods in June, accounting for 15.6 percent of the import bill worth 707.73 million dollars.

Imports from Japan were worth $541.97 million, or 12 percent of the total. AFP

averatec3200

August 28th, 2006, 05:16 PM

I gave her an eight.

1.) The GNP is rising....

2.) International ratings are upgrading...

3.) The budget deficit is shrinking...

4.) The peso is improving.....

5.) Exports are rising...

6.) Investor's confidence is increasing...

7.) Tourism is improving

8.) Best of all - my salary is increasing...

amigo32

August 29th, 2006, 06:42 AM

chixbebe

August 29th, 2006, 10:58 AM

BSP to keep interest rates steady

http://www.philstar.com/philstar/NEWS200608290709.htm

The Bangko Sentral ng Pilipinas (BSP) said yesterday it will leave interest rates steady until the trajectory towards its four to five percent target inflation rate is "well-established".

The BSP has repeatedly said that lowering interest rates would become relevant only when the average national inflation rate has gone down to four to five percent, but easing of monetary policies could come earlier.

BSP Governor Amando M. Tetangco Jr. told reporters that easing monetary policy, in particular lowering policy rates, would be considered if the inflation rate actually starts going down.

"If the trend towards the target is well established and satisfactory, then we can start considering this," Tetangco said.

His comment suggested that easing of monetary rates could actually come earlier and before the inflation rate hits four to five percent.

The BSP has been parrying speculations that it would raise its policy rates if the US Federal Reserve raises its rates again but now, banks are also calling for lower rates to encourage bank lending.

However, monetary officials said that lowering the BSP’s policy rates would not solve the anemic lending activity in the banking sector.

Although lowering policy rates would have the effect of lowering borrowing costs, an MB official who refused to be named said this would not address the underlying reasons for low credit demand.

The banking sector has been risk-averse since 1997 when the industry suffered seriously from collapsing property companies with huge bank loans. The crisis led to spiraling bad loans that the industry was still saddled with even now.

Tetangco, on the other hand, said the growth drivers in the economy were not lending-intensive, specifically export industries and agriculture.

"That’s why we are not seeing a corresponding growth in bank lending despite the economic growth," Tetangco said.

Moreover, Tetangco said the industries that do need funds use internally-generated funds that they use for operations.

"We still have excess capacity so there is no significant expansion happening," he said. "Most companies need funds for their operating capital and not so much for capacity expansion."

Meanwhile, Tetangco said banks are still saddled with bad loans in their portfolios and this has persistently kept the institutions cautious in lending to corporate borrowers.

"Until they clear that up to a more manageable level, bank lending will be risk-averse," he said.

adverg

August 29th, 2006, 01:54 PM

@ Averatec3200
Ang galing mo bata, kinabagan ako sa katatawa, can I joined the glugh-glugh....
Let's hope it will continue, I am confident about it.

OtAkAw

August 29th, 2006, 02:58 PM

i don't established any revolutionary government, I am not even capable of organizing it since I am just an ordinary nationalistic citizen of our country.

Well, you just said this:

Wait after we set up a Revolutionary government (composed of Military Rightist, Moderate Leftist, Nationalist organizations, NGO and the Bangsa Moro, we will all deport the bunch of politicians of both Admin and opposition party to Gulag Archipelago or to Timbuktoo.

So you will, will you? And look at the list of the people you are trying to include in the revolutionary government, MILITARY RIGHTISTS, MODERATE LEFTISTS: the Philippines shall not become another North Korea.

le Reine

August 29th, 2006, 03:21 PM

I will post an article from NSCB which shows that our poverty incidence went down. BUt this was way back 2003. I just want to show that our intuitions are not always correct.
And this would defend the statistics that the government produces.

For the Record

On the redefinition of social indicators

This article seeks to clarify some of the points and misconceptions concerning two important social indicators – unemployment and poverty – mentioned in the article “Paranoid gov’t. seeing communists in media,” which came out in the Postscript column of Mr. Federico D. Pascual, Jr. in the 24 August 2006 issue of the Philippine Star

Mr. Pascual’s statement

“The NEDA under Neri has revised statistical methods and definitions to come up with better social indicators and make them affirm the claimed economic growth.

“By simply changing the definition of joblessness, and not by job creation, Neri was able to reduce the unemployment rate to 8.2 percent in April…

“Using its revised definition, government pegs the national average poverty threshold per day at only P33.72, which means that a Filipino who earns this much daily is already considered non-poor. This has allowed the Arroyo government to claim that it has lowered poverty incidence from 33 percent of the population in 2000 to 30 percent now.”

NSCB clarification

A. On the revision of official statistics

* We would like to stress that the revision of official statistics, whether in terms of concepts, definitions, or methodologies, is a standard practice recognized and appreciated by the international statistical community. Dr. Romulo A, Virola, the NSCB Secretary General, has in fact provided at least five reasons why this is necessary in his 12 September 2005 “Statistically Speaking” article in the NSCB web site. These include the following:

(a) Official statistics are oftentimes released based on incomplete data from surveys and administrative reports and hence, have to be revised as soon as supplementary data become available.

(b) Official statistics is an evolving science that must adapt to emerging concepts, definitions, and classifications, and changes in existing ones.

(c) Improvements in statistical methodologies and the need of researchers and econometric modelers for comparable, consistent and long data series require the statistical offices to revise past estimates computed using old methodologies.

(d) Revisions are inherent in some statistical tools.

(e) Revisions are sometimes necessary to correct for human errors in official statistics.

B. On the revised definition of unemployment

* The issue on the revised definition of unemployment has been discussed in detail in another “For the Record” article, which was released in response to a news feature that came out in the Daily Tribune.

C. On the revised methodology for poverty estimation

* Based on Executive Order No. 232 on the System of Designated Statistics, the NSCB is mandated to generate the official poverty statistics for the country. For this purpose, the NSCB initially used a menu-based methodology following the basic needs approach to come up with national and regional poverty estimates with urban and rural disaggegation.

* Since the release of the first set of official poverty statistics for 1985, the official poverty estimation methodology has so far undergone two major revisions. The first was in 1992 when the NSCB adopted a revised methodology as a result of the efforts of the Philippine Statistical System (PSS) to improve the measurement of poverty in the country. The main difference between the 1985 and the 1992 methodologies was on the non-food component of the poverty threshold. Under the 1992 methodology, non-food items previously included in the estimation of the threshold, but were later found to be non-basic, were excluded from the computation. These include alcoholic beverages, tobacco, recreation, durable furniture and equipment, and miscellaneous expenditures. The 1992 methodology was used to produce back estimates for 1985 and 1988, and to generate poverty statistics for 1991, 1994, and 1997.

* The second major revision was in 2003 when the use of provincial prices was introduced to allow for the estimation of provincial poverty statistics. This new methodology, which adopted the old region-based menus but costed out using provincial prices, was approved by the NSCB Executive Board through NSCB Resolution No. 1, Series of 2003 issued on 15 January 2003. The NSCB used this methodology to come up with the first set of official provincial poverty estimates covering the years 1997 and 2000, and subsequently, for the 2003 preliminary and final poverty estimates, which were released on 24 January 2005 and on 6 June 2006, respectively.

* While the 2003 basic methodology has been maintained, refinements in estimation procedures are introduced whenever necessary in order to improve the accuracy and reliability of the official poverty statistics being released by the NSCB and in response to improvement activities being done by the PSS. Following the usual practice for the revision of statistics, proposed refinements are rigorously discussed in a series of meetings of the NSCB Technical Staff and the Technical Committee on Poverty Statistics (TC-PovStat)1 and in users and producers’ forums, and are presented to the NSCB Executive Board for approval.

* The refinements adopted for the 2003 final poverty estimates and back estimates for 2000 were approved through NSCB Resolutions No. 05-2005 and 11-2006. The results of the computational exercises conducted by the NSCB Technical Staff concerning these refinements, as presented to the TC-PovStat on 5 May 2006 and to the Board on 22 May, indicated that they had minimal effects on the poverty incidence estimates.

* Thus, the 3.0 percentage point reduction in poverty from the year 2000 to 2003 could not be attributed to the refinements on the poverty estimation procedures. Rather, this was actually due to the faster increase in the average per capita income of families in the lower income deciles relative to the poverty threshold. A table illustrating in more detail the changes in the per capita income distribution by income decile in 2000 and 2003, as derived from the 2000 and 2003 Family Income and Expenditure Survey (FIES) has been provided by the NSCB in an earlier “For the Record” article in response to a related issue raised by the Daily Tribune

D. On the revision of definitions in other sectors/sciences

* In the compilation of the national accounts, the international guidelines on concepts, definitions, classifications, and accounting rules as contained in the 1968 United Nations System of National Accounts (UN SNA) have been superseded by the 1993 UN SNA. Necessarily, countries shifting from the 1968 UN SNA to the 1993 UN SNA have to undertake a comprehensive revision of their national accounts estimates. For the Philippines, initial revisions based on the 1993 UN SNA have recently been introduced in the input-output tables, which serve as the benchmark for the national accounts. Some of these revisions involve changes on concepts and definitions that include the following: (1) military expenditures, which used to be part of government consumption before, are now treated as investments; (2) the monetization/demonitization of gold, which was once measured under exports and imports, is now considered under other volume changes; and (3) imports, which were valued at cost, insurance, and freight (CIF) before, are now valued free-on-board (FOB).

* Changes in concepts and definitions are not confined to statistics. In a totally different field, a new definition of the word “planet” has been approved by the International Astronomical Union, composed of respected experts in this field, to take into account new information and recent scientific discoveries enabled by technological advances. Under the new definition, Pluto, the smallest of the nine currently known planets and the farthest from the sun, will no longer be considered as a full-fledged planet. This means that the solar system will now be composed of only eight planets. Pluto has been classified as a “dwarf planet” along with Charon, its largest moon, the asteroid Ceres, and the so-called 2003 UB313, which was discovered only in 2003 and is now affectionately called Xena.

The NSCB would like to thank the Mr. Pascual and the Philippine Star for their interest in statistics. For inquiries, please contact Ms. Redencion M. Ignacio of the NSCB Social Sectors B Division at telephone numbered (632) 890-5390 or at e-mail address rm.ignacio@nscb.gov.ph.

1The Committee has a multi-sectoral representation consisting of noted experts in the area of poverty measurement and is mandated to study and recommend improvements on the methodologies and estimation procedures used in generating official poverty statistics and related indicators

le Reine

August 29th, 2006, 03:25 PM

O eto pa:
to clearly see this go to:http://www.nscb.gov.ph/announce/ForTheRecord/22June2006_2003poverty.asp
On the 2003 final poverty statistics

This article seeks to clarify some of the points and misconceptions mentioned in the editorial of the 9 June 2006 issue of the Daily Tribune , entitled “Dreamlike state” (http://www.tribune.net.ph) concerning the 2003 final poverty estimates recently released by NSCB.
Daily Tribune statement

“The government's National Statistical Coordination Board (NSCB) released data the other day showing the poverty incidence in the country at only 30 percent. In a flash, the incidence of poverty was lowered.”
NSCB clarification

*

The poverty incidence of 30.0 percent cited in the article actually pertains to the rate of poverty among the general population for the year 2003. The NSCB has also released the data on poverty incidence among families, which was placed at 24.4 percent for the same year.
*

It must be noted that poverty incidence among the population decreased from 33.0 percent in 2000 to 30.0 percent in 2003, a three-percentage point decline over a three-year period that could hardly qualify as “lower[ing] poverty incidence in a flash.”
*

To demonstrate how this decline in poverty incidence could have come about, the per capita income distribution in 2000 and 2003, as derived from the 2000 and 2003 Family Income and Expenditure Survey (FIES)1, respectively, are shown in the table below:

Per Capita Income Decile 2000 2003 % Change
Mean average per capita income
All income groups 28,356 30,703 8.3
By decile
First decile 5,037 5,530 9.8
Second decile 7,497 8,512 13.5
Third decile 9,677 11,063 14.3
Fourth decile 12,190 13,869 13.8
Fifth decile 15,232 17,250 13.2
Sixth decile 19,072 21,579 13.1
Seventh decile 24,425 27,481 12.5
Eighth decile 32,316 35,784 10.7
Ninth decile 46,013 50,316 9.4
Tenth decile 112,085 115,624 3.2

Poverty incidence 33.0 30.0 (3.0)
Per capita poverty threshold 11,458 12,309 7.4

The above data shows that poverty incidence decreased in 2003 mainly because the average per capita income of families in the lower income deciles grew faster than the poverty threshold, which recorded a growth rate of only 7.4 percent. This indicates that on the average, the increase in per capita income was more than sufficient to match the increase in the cost of basic food and non-food requirements. Moreover, the average per capita income of the three lowest income groups, where the country's poor belongs, rose at a higher rate than the poverty threshold. This means that poor families were able to cope better despite the increase in the cost of basic necessities, thereby improving their living conditions. Thus, the 3.0 percentage point reduction in national poverty incidence among population from 2000 to 2003 is plausible.

Daily Tribune statement

“To do this, the NSCB has placed the poverty threshold at an unrealistic P35.93 a day, meaning, to government and the NSCB, a family lives for a day on that amount.”
NSCB clarification

*

The P35.93 a day threshold referred to in the Daily Tribune article was for the year 2004 and was actually on a per capita or per person basis and not on a per family basis as erroneously claimed in the article. The figure was derived from the 2004 annual per capita poverty threshold of P13,113 previously released by the NSCB on 15 March 2006. Thus, for a family of five, the poverty threshold for 2004 translates to P179.63 per day.
*

For 2003, the annual per capita poverty threshold was estimated at P12,309, which was equivalent to P33.72 per person per day. Thus, a family of five in 2003 needed to earn a total income of at least P168.62 per day to satisfy the basic requirements of its members.

Daily Tribune statement

“This amount is utterly absurd and deliberately manipulated for the Arroyo government to look good by coming up with a lower population of the poor and the impoverished.”
NSCB clarification

*

To say that the poverty threshold or the poverty incidence are deliberately manipulated for the Arroyo government to look good is grossly unfair to the professional men and women of the NSCB and of the Philippine Statistical System. The NSCB has constantly observed transparency in the generation of its statistics and has remained committed to the Fundamental Principles of Official Statistics adopted by the United Nations.
*

Prior to release, the methodology and the corresponding poverty estimates are presented to the Technical Committee on Poverty Statistics2 (TC-PovStat) for validation and recommendation for approval. The TC-PovStat is the one tasked with the formulation and improvement of the poverty estimation methodology, while computation of the estimates is the responsibility of the NSCB Technical Staff. This is pursuant to Executive Order No. 352 entitled “Designation of Statistical Activities that will Generate Critical Data for Decision-making of the Government and the Private Sector,” dated 1 July 1996. The Committee consists of noted experts in the area of poverty statistics coming from the academe, producers and users of poverty statistics from both government and non-government organizations.
*

The TC-PovStat then, thru its Chair3, presents the estimates to the NSCB Executive Board for final approval of the methodology (in case changes or improvements are made) and release of the statistics. The NSCB Executive Board formulates policies on all matters relating to government statistical operations and is composed of the Director General of NEDA as Chair, the DBM Undersecretary for Planning as Vice Chair, and as members, the Undersecretaries of the different departments, the Deputy Governor of the Bangko Sentral ng Pilipinas (BSP), the Secretary General of the NSCB, the Administrator of the National Statistics Office (NSO), Executive Director of the Statistical Research and Training Center (SRTC), the Mayor of Marikina City who is also the Deputy Secretary General of the League of Cities , and the President of the Trade Union Congress of the Philippines (TUCP) as private sector representative .
*

Also in the interest of transparency, the official poverty estimation methodology has been presented in several consultative workshops and dissemination forums with various stakeholders, including media people. The technical notes on the computation are likewise easily accessible thru the NSCB website. Anybody can also purchase the public use file (PUF) of the FIES from the NSO and compute the poverty incidence himself/herself.

A brief on the official poverty estimation methodology

The official poverty estimation methodology uses a quantitative, not subjective, approach to poverty assessment. As mentioned earlier, the basic source of income and expenditure data is the FIES, a triennial survey conducted by the National Statistics Office (NSO).

The methodology starts with the computation of the food threshold, which refers to the minimum cost of the food items that satisfy nutritional requirements for economically necessary and socially desirable physical activities. The nutritional requirements are determined by the Food and Nutrition Research Institute (FNRI). Currently, these are based on 100% adequacy for the recommended dietary allowance (RDA) for protein and energy equivalent to an average of 2,000 kilocalories per capita, and 80% adequacy for the other nutrients. These nutritional requirements found in the 1989 RDA4 for Filipinos for Energy and Specific Nutrients were computed by the FNRI based on the age and sex population structure of each region using the results of the 1995 Census of Population. The food threshold is also sometimes referred to as the subsistence threshold or the food poverty line .

The provincial food thresholds are determined by using regional menus and provincial prices in accordance with NSCB Resolution No. 1, Series of 2003. The menu is used as an artifice to derive the cost of the nutritional requirements. It makes it easier to appreciate the fact that the “food bundle” that satisfies the nutritional requirements is in fact, palatable to and/or fit for consumption by human beings. Food items in the menu were chosen to satisfy criteria such as cheap, locally available, and if possible, typical of the local eating practices.

To derive the poverty threshold, the expenditure pattern of households within the 10-percentile band around the food threshold is used. The guiding principles are that the nonfood components are considered as basic requirements and that expenditures on these basic nonfood requirements reflect the consumption patterns of those close to the food threshold.

For further enlightenment, the editorial staff of the Daily Tribune is likewise referred to a previous article written by Dr. Romulo A. Virola, the NSCB Secretary General, in the Statistically Speaking section of the NSCB website entitled "Poverty Statistics 2000-2003: Has Economic Growth Been Pro-Poor?" posted on 14 February 2005 after the release of the 2003 preliminary poverty estimates in January 2005 and the poverty page of the NSCB website containing details on the poverty estimation methodology.

The NSCB would like to thank the Daily Tribune for its interest in our statistics and for its contribution in the dissemination of official statistics.

Tables and notes on the computation of poverty statistics are posted in the NSCB website. For further inquiries, please contact Ms. Didi M. Ignacio, Ms. Glennie Amoranto, or Ms. Bernadette Balamban at telephone numbered (632) 896-5390 or through e-mail addresses rm.ignacio@nscb.gov.ph, gv.amoranto@nscb.gov.ph, and bb.balamban@nscb.gov.ph.

_______________________________

1The FIES is the basic source of income and expenditure data used for poverty estimation. It is conducted by the National Statistics Office every three years.

2Executive Order No. 352 designated the formulation of the poverty estimation methodology to the Technical Working Group on Income Statistics, which became the Technical Working Group on Income and Poverty Statistics (TWG-IPS) under the Interagency Committee on Labor, Income, and Productivity Statistics. Later, thru NSCB Memorandum Order No. 008, Series of 2003, the TWG-IPS was elevated to a Technical Committee in view of the importance of poverty statistics. Thus, the current Technical Committee on Poverty Statistics (TC-PovStat) was created.

3The TC-PovStat is currently chaired by Dr. Celia Reyes of the Philippine Institute for Development Studies (PIDS).

4The present methodology uses the 1989 RDA on the regional menus since the revised recommendation on nutritional requirements, namely, the 2002 recommended energy and nutrient intake (RENI), has only recently been released. The NSCB, however, is implementing a project on the Improvement of the Provincial Poverty Estimation Methodology which aims to come up with provincial menus that are already based on the 2002 RENI.

Posted 22 June 2006

3cr

August 29th, 2006, 06:58 PM

Creditors and the Philippines: An unlikely love story
By Wayne Arnold The New York Times
TUESDAY, AUGUST 29, 2006

The Philippines has about $76 billion of debts, and its government has lost so much money in the past decade that its bonds are consistently rated below investment grade. But earlier this summer, as markets around Asia were still struggling to recover from a sell-off by global investors, the Philippines pulled off something seemingly unthinkable for a country known as the region's sick man: it persuaded international investors to lend it $750 million.

And again, later this year, Manila will hit investors up for roughly $4 billion in new loans, almost half of it in foreign currencies, making the Philippines the biggest offshore borrower in Asia - bigger than Japan.

Moreover, July's bond sale is all the more surprising because Manila's bonds paid investors less than three percentage points more than the rate paid by the U.S. government, the world's most credit-worthy borrower.

Earlier in the year, it was fashionable among economists to blame this so- called yield compression on a deluge of funds scouring the world's markets, desperate for returns. But now, as global interest rates creep upward and this wave of capital subsides, economists see an entirely new emerging market, well, emerging.

Once considered largely hopeless, the Philippines and other emerging economies have become more skillful at managing huge debts, analysts say. Easy funding and high commodity prices have helped bolster their balance sheets, smoothing out repayments and repaying debts from past crises. Though still heavily over-indebted, they have become so much more reliable that some economists now question the need for organizations like the International Monetary Fund, which has always been there to bail out the emerging markets.

Lately, they have been bailing themselves out just fine. Russia, flush with oil revenue, this week paid back the $23.7 billion it owed the Paris Club of creditor nations. Peru and Poland are thinking of doing the same. Brazil and Panama this year retired the last of the so-called Brady bonds - the U.S.- backed securities issued to help rescue them in the 1980s. The Philippines paid off half of its Brady bonds in June.

"As countries like the Philippines gain credibility, their need of the IMF diminishes," said Rebecca Patterson, a global currency strategist for J.P. Morgan in New York.

A lot of this newfound credibility also stems from an increased talent for smooth-talking investors, analysts say. Some borrower nations, including the Philippines, have even established dedicated investor relations offices.

"They're very open and transparent and good at highlighting the positive," said Agost Benard, an associate director at Standard & Poor's in Singapore.

With a nagging communist rebellion and a Muslim insurgency linked to Al Qaeda, the Philippines has a lot of highlighting to do. After taking power in 2001 amid street protests against the corruption of her predecessor, President Gloria Macapagal Arroyo last summer faced down an impeachment campaign amid allegations that she had attempted to rig elections in 2004. Her entire economic team resigned. Then in February, Arroyo declared emergency rule because of an alleged coup plot.

But the biggest worry for investors is a government debt so massive that the Philippines cannot invest in its dilapidated infrastructure. The government budget deficit was equal to 2.7 percent of Philippine gross domestic product last year; overall government debts equaled 72 percent of GDP.

Massive debt is not only a problem of emerging countries: Italy's debt is more than 100 percent of GDP. But it has a much more developed, industrial economy. (Page 14)

Servicing the debt in the Philippines consumes almost 40 percent of government income.

Manila's income is paltry. The government takes in only about 14 percent of the national GDP in revenue because of one of Asia's lowest tax-collection rates. Analysts estimate that only about 35 percent of taxes owed are paid.

"It's not that tax rates are too low," said James McCormack at Fitch Ratings in Hong Kong. "It's tax collection. There are problems with corruption on both sides."

Despite this, the Philippines is able to borrow again and again. Analysts say investors have grown used to Manila's political theatrics, confident that, whatever happens, the Philippines will manage to pay on time.

They did not come to this conclusion without some convincing. Shortly after sweeping to power in 2001, Arroyo appointed Jose Camacho, a Harvard- trained investment banker with 20 years' experience, as her finance secretary. Camacho knew what investors needed to see - and hear. "You'd like to have the feeling that the economic team is cohesive, that they're pulling the rope in the same direction," said Camacho, who has since rejoined the banking industry and is vice chairman of investment banking at Credit Suisse in Singapore.

Camacho said one idea he had was to establish an investor relations office, something that the IMF and the Institute of International Finance had been pushing for developing countries to do since the Mexican peso crisis of 1995. Mexico, Brazil, Chile, South Korea and Turkey have since set up their own investor relations offices.

The Philippines quickly gained a reputation as an aggressive lobbyist. Along with regular briefings, the office maintains a Web site with financial data and courts investors with a steady stream of information via e-mail. "All of this information on the economy - they get it constantly," said Renato Pizarro, executive director of the office. In a survey of 30 developing countries, the institute ranked the Philippine investor relations office second only to Brazil's in terms of performance and transparency.

Camacho and his team also started the previously unheard-of practice of flying to the world's financial capitals to meet with investors even when they were not trying to sell them bonds.

Camacho resigned in 2003 but has been succeeded by a string of former financial professionals who have continued to improve on what he introduced. With funding secure, the government started selling more bonds when the market was turning in the country's favor, usually after good news. "They always time their issues well," Benard of Standard & Poor's said.

An example of just how well came last September. A week after the Philippine Supreme Court upheld an expanded value-added tax expected to add about 75 billion pesos, or $1.5 billion, a year to government coffers, Manila sold $1 billion in bonds. Investors bought them despite the fact that they paid interest rates half a percentage point lower than the government's previous issue in May.

That expanded value-added tax was good news, however, part of a raft of measures designed to lift government revenue, including higher taxes on alcohol and cigarettes and a higher corporate tax.

Along with its ability to manage debt, the Philippines appears closer to controlling its deficit. After introducing more stringent checks for tax evasion and incentives for tax collectors, the government's tax revenue rose last year for the first time since 1997.

The government is promising to raise revenue to 16 percent of gross domestic product this year and is on track to cut its deficit to 2.1 percent of GDP. It aims to cut its overall debt to 68 percent of the GDP this year and balance the budget by 2008.

Not everyone is sold, however. In February, even after Fitch and Standard & Poor's raised their outlook on the Philippines' debt rating to stable, Moody's Investors Service maintained its negative outlook. "We felt that the Philippines has made some progress," said Thomas Byrne, an analyst at Moody's in New York. "But the debt is still so big and the debt servicing is so big that the risk of shocks will remain."

Despite these concerns, Manila's efforts to win over investors still appear to be paying off. In addition to falling spreads and interest rates, Philippine bonds remained fairly steady, compared with their emerging-market peers, in the market rout in May.

"I feel there is a greater degree of optimism," said Pizarro at the investor relations office. "At the end of the day it will all translate into lower finance costs."

marites4

August 29th, 2006, 08:59 PM

time to buy PHilippine bonds. whohooo :banana:

overtureph

August 29th, 2006, 11:14 PM

COCKTALES
Elizalde interference

By Victor Agustin
Inquirer
Last updated 00:25am (Mla time) 08/25/2006

Published on Page B3 of the August 25, 2006 issue of the Philippine Daily Inquirer

THE country's oldest radio station, dzRH, is encountering inheritance and succession static.

According to the grapevine, station owner Fred Elizalde is undergoing a PET scan at St. Luke's Medical Center to determine what could be ailing him.

Elizalde is only 66, but friends who saw him at the recent wake for his son were shocked at his frailty, brought about, no doubt, by his love of alcohol and rich foods and, in his younger days, a fast lifestyle.

What is not generally known is that a day before his celebrated June 7, 1997, wedding to Lisa Macuja, Elizalde signed an "antenuptial property agreement" with the ballerina, in which the couple agreed to commingle their respective property into conjugal ownership.

What had not been foreseen by such otherwise blissful domestic arrangement is that one of Elizalde's four sons from a previous marriage, Zev, passed away unexpectedly last month, leaving the question as to who shall inherit his shares in the radio station and other Elizalde property.

According to the 2005 financial report, 17.36 percent of Manila Broadcasting Corp. (MBC) is owned by a trust fund for the Elizalde children, held by the Romulo Mabanta Buenaventura Sayoc and De los Angeles law firm as trustee.

In addition, MBC's biggest shareholder at 34.53 percent, Elizalde Holdings Corp., is owned by various trust funds that have executed voting trusts in favor of the Elizalde father.

The holding company, in turn, owns Elizalde Land, which controls 29.8 percent of MBC, and Cebu Broadcasting Corp., whose voting trusts are, in turn, held by MBC directors Eduardo Cordova and Hadrian Arroyo, respectively.

Elizalde has one son, Juan Manuel, listed as working for MBC, as vice president of operations. Macuja, on the other hand, has a brother also working for MBC, Julio II, as executive vice president/treasurer, clearly outranking the young Elizalde.

With the elder Elizalde ailing, the largely passive trustees of the various funds now become pivotal, not only in the disposition of the children's inheritance, but well into the future of one of the country's largest broadcast empires.

Remedial Law, take 2

IT LOOKS like Integrated Bar of the Philippines (IBP) chairman Jose Anselmo Cadiz needs another refresher course badly.

Cadiz again misquoted the Rules of Court in seeking to clarify the rebuff the IBP had received from the Supreme Court, in which the high tribunal suspended a lawyer, a Sigma Rho fraternity brother of Cadiz whom the IBP board had earlier exonerated.

Cadiz claimed, in a letter to the Inquirer editor on Tuesday, that a disbarment complainant has 60 days from receipt of the IBP decision to appeal to the Supreme Court.

Actually, Rule 139-B, Section 12, says 15 days. Supreme Court Justice Conchita Carpio-Morales cited the rule twice in her decision against Cadiz and the IBP, which makes the Cadiz blooper all the more mystifying.

What made the appeal route worse was that it took a year for the IBP to finally furnish the complainant a copy of the decision.

In his letter, Cadiz tried to spread the blame on work overload and by claiming the IBP board had to wait for Accra senior partner Rogelio Vinluan, who wrote the erroneous decision, for his separate recommendation.

To compound the delay, Vinluan had struck out a key legal phrase -- "a typhographical error," according to Cadiz -- a crucial omission that the erring lawyer tried to capitalize on to help him off the IBP hook.

'Dagdag-bawas,' MAP version

FORMER Central Bank Governor Jose Cuisia wrote to say that he never reapplied for membership to the Management Association of the Philippines (MAP) but was invited back by the group by "unanimous" decision.

As hinted at in the Aug. 16 column, there is some strident opposition to Cuisia's return -- led by a former Manila Polo Club president, an honorary consul, and a former official of the National Food Authority – despite MAP president Evelyn Singson's shepherding the vote.

After a prolonged, spirited exchange, the membership committee decided to vote by secret balloting, not by the usual "viva voce" route, to determine Cuisia's fate.

The long and the short of it is that, to prevent anyone from losing face, MAP decided to make it appear, after the banker Singson had already tallied the majority vote, that Cuisia's acceptance was unanimous.

And that is how it came to pass.

Without realizing it, the anti-Gloria-Arroyo association had engaged in its own style of "dagdag-bawas" [vote-padding and vote-shaving].

Heard through the grapevine

IT'S a good thing that a Senate investigation scheduled for last Wednesday was postponed; otherwise, Commissioner Ricardo Abcede of the Presidential Commission on Good Government and First Gentleman Mike Arroyo's cousin Benito Araneta would have walked into a trap, laid by a New York-based Filipina-American socialite and the Roco Kapunan law firm.

More on this on Monday.

(Email: cocktales_pdi@pldtdsl.net or cocktales_pdi@yahoo.com)

http://business.inq7.net/money/columns/view_article.php?article_id=17109

HER

August 30th, 2006, 02:08 AM

PGMA ngayun, bukas at magpakailan man...

IMPRESARIO

August 30th, 2006, 02:20 AM

she stayed overnight in Guimaras, spearheading the Oil Spill disaster clean up, away from manila politics,impeachement ,chacha etc...so i'm glad. That's why i guess majority of Ilonggo's fully support her.

mygz14

August 30th, 2006, 04:37 AM

marites4

August 30th, 2006, 06:35 AM

go go GMA :cheer: :cheer:
but please have an aggresive population control at least temper it a bit.

kyle@1008

August 30th, 2006, 07:28 AM

what about the legendary Lopez family of Yloylo??
other filipino families may be richer ,.. but during the 1960's and 70's they were the most powerful,.. and still wields considerable influence today...

JAMAICUS

August 30th, 2006, 08:35 AM

Inflation seen at 5.8% to 6.5% this month
By Des Ferriols
The Philippine Star 08/30/2006

The average inflation rate is expected to ease further to 5.8 percent in August as the peso continued to strengthen against the dollar and sufficient food supply eased the pressure on food prices.

The Bangko Sentral ng Pilipinas (BSP) is expecting the inflation rate to range between 5.8 percent and 6.5 percent in August, considerably lower than the 6.4-percent inflation rate recorded in July.

BSP Governor Amando M. Tetangco Jr. said the BSP’s August projection bolstered the full-year expectation of a declining inflation rate in the second semester of the year after prices surged early in the first quarter.

"Inflation is expected to be lower than the July figure due to the continued firmness of the peso and lower food prices," Tetangco said.

The inflation rate recorded in July was the lowest level in the last two years although officials have been on the look-out for the impact of surging oil prices which is expected to nudge prices of basic commodities.

Overall, the inflation rate for the first half of the year averaged at 7.1 percent, way above the BSP target of four to five percent for the whole of 2006 although well within the projected rate for the year of 6.5 to 7.3 percent.

Tetangco said prices in August appeared to support the second semester slowdown that was critical for meeting the inflation target in 2007, pegged also at four to five percent with domestic liquidity growth capped at 14 percent for the whole year.

Talks of monetary tightening have subsided but have been replaced by floating ideas that the BSP should now start considering the possibility of easing its current monetary stance, supposedly to encourage bank lending.

According to Tetangco, however, discussing that possibility was premature since the trajectory towards the four to five percent inflation target for 2007 has not been clearly established.

"It hasn’t had enough time to show a clear trajectory, we will have to see in the coming months and if we see the kind of clarity that would satisfy the monetary board then we can maybe begin discussing that," Tetangco told reporters.

The BSP’s policy rates have been held steady at 7.50 percent for overnight borrowing and 9.75 percent for overnight lending since October last year.

The BSP has repeatedly said that lowering interest rates would become relevant only when the average national inflation rate has gone down to four to five percent but easing of monetary policies could come earlier.

Tetangco’s subsequent statements suggested, however ,that monetary easing could come before inflation rate actually hits the four to five percent average next year.

"If the trend towards the target is well established and satisfactory, then we can start considering this," Tetangco said.

The BSP has been parrying speculations that it would raise its policy rates if the US Fed raises its rates again but now, banks are also calling for lower rates to encourage bank lending.

But Tetangco said that lowering the BSP’s policy rates would not solve the anemic lending activity in the banking sector.

http://www.philstar.com/philstar/NEWS200608300703.htm

mhe-ann

August 30th, 2006, 10:07 AM

akala ko kasama un Remidial Law take 2 dun sa elizalde issue. :D peace po tau @overtureph :peace:

anyway, ang yaman din pala ng mga elizalde. :eek2:

TheAvenger

August 30th, 2006, 10:46 AM

go go GMA :cheer: :cheer:
but please have an aggresive population control at least temper it a bit.

my dear, it seems the cult of undying loyalty to our leader is coming back
like the cult of marcos loyalist and estrada loyalist but with different name and leader this time.

why not be loyal to our country instead of being loyal to a political leader.

le Reine

August 30th, 2006, 11:02 AM

^goodness. I can say that I'm loyal to my country. But would it really matter? Loyalty to someone or something doesn't need to be bragged to the whole world. Action is louder than words as the saying goes... You're talking like a trapo: "Loyalty to my party ends while my loyalty to my country begins." haaay.. Rhetorics

OtAkAw

August 30th, 2006, 02:27 PM

Medyo may pagka OA ang mga political loyalists, lalo na yung mga nakikita ko dito sa Porac, Pampanga, ay grabe parang artista ang mga politiko, di alam ng mga tao taxes nila ang nagpapalamon sa mga "idols" nila.

marites4

August 30th, 2006, 04:26 PM

my dear, it seems the cult of undying loyalty to our leader is coming back
like the cult of marcos loyalist and estrada loyalist but with different name and leader this time.

why not be loyal to our country instead of being loyal to a political leader.
I'm loyal to my country because I'm loyal to the captain of the ship. If it looks like it's being steered in the right direction then so be it.
go go GMA :cheer: :cheer:

TheAvenger

August 30th, 2006, 05:39 PM

I'm loyal to my country because I'm loyal to the captain of the ship. If it looks like it's being steered in the right direction then so be it.
go go GMA :cheer: :cheer:

I wished you are right and I wished she can steer better than the evil-genius Marcos or the ignoramus Estrada. I wish she don't end up in the belly of the sharks or run aground in the rocks if she encounter the "Perils of the Sea".

Sinjin P.

August 31st, 2006, 04:55 AM

Philippine Q2 GDP up 5.5% yr/yr; within expectations

Article posted August 31, 2006, 10:05 am

The Philippine economy continued to accelerate in the second quarter, rising 5.5 percent from a year earlier, helped by a robust services sector and strong farm output, the government said on Thursday.

On a seasonally-adjusted basis, the economy grew 1.7 percent from the previous quarter.

The second-quarter gross domestic product (GDP) growth figure met expectations.

Economists had expected the economy to grow between 4.4 and 6.5 percent in the second quarter, according to an earlier GMANews.TV poll of five economists.

The government had forecast growth to come in between 5.3 and 5.8 percent in the second quarter. –

JAMAICUS

August 31st, 2006, 08:43 AM

Businessmen propose competitiveness plan
As the government prepares to stage a competitiveness summit next month, businessmen have proposed measures aimed at making the country a global player.

The proposals, drafted by the Philippine Chamber of Commerce and Industry (PCCI), outline measures addressing governance, finance, infrastructure, energy and people concerns.

The list is a product of consultations with PCCI member-companies. It will be submitted to the National Competitiveness Summit Committee on Monday and will be one of many sets of recommendations that will be synthesized into a single document to be discussed during the National Competitiveness Summit on September 29.

"If the final set of proposals is ratified during the summit, we will then present it to President Gloria Macapagal-Arroyo for approval," PCCI President Donald Dee told BusinessWorld.

The PCCI outlined governance measures that seek to increase business efficiency and reduce the cost of doing business. Among others, it urged the immediate passage of House Bill 3776 or the Anti-Red Tape Bill, which hopes to promote integrity, accountability, transparency and credibility.

The PCCI is also proposing to increase the accountability of government agencies through the adoption of common standards for the processing, approval, and feedback on all transactions related to business. These standards, the PCCI said, should be benchmarked with Singapore, Malaysia, and Thailand.

It said smuggling should be addressed by updating the Customs bureau’s database and through the passage of an anti-smuggling bill pending at the Senate. The Bureau of Customs’ computerization program should also be completed before yearend.

It called for improvements in the processing of value added taxes and tax credit certificates, the elimination of "unreasonable" tax assessments, scrapping of some taxes, and the reduction of the audit burden. It also asked that processing of papers be simplified by the Board of Investments and that priority investment areas be rationalized in consultation with the private sector.

Also recommended was the prevention of "premature release of information" by the Office of the Ombudsman "so as not to induce trial by publicity", and a rethink of the assignment of investment ombudsmen in agencies as they are perceived to delay processes.

In the area of finance, the PCCI batted for the passage of the Personal Equity Retirement Account bill, aimed at institutionalizing a retirement fund for public and private sector employees, and the pre-need bill to strengthen the regulatory framework and to protect future investors and planholders.

It also recommended that the Bangko Sentral ng Pilipinas’ supervisory power be strengthened through changes in its charter, amendments to the Insurance Code, and enactment of the Corporate Recovery Act.

Other proposals include the development of domestic capital markets; facilitating credit access to small and medium enterprises (SMEs), strictly implementing bank SME loan portfolios, and permitting information sharing.

The government should also "raise standards based on international best practices" and "continue to diminish the national debt to further improve the national credit standing."

In terms of energy, the PCCI said there is a need to "refine" the Electric Power Industry Reform Act, particularly provisions on the privatization of National Power Corp. (Napocor) assets, and the strengthening of the Energy Regulatory Commission.

It also said bills promoting the use of biofuels be certified as urgent, and that the effectiveness of the wholesale electricity spot market be monitored.

An energy roadmap benchmarking local energy rates with those of Malaysia, Thailand, Indonesia and India and which targets the reduction of power distribution costs by 50% should be developed. The country should also be able to ensure right of way for investors in the energy sector and the sanctity of contracts.

Other recommendations include the implementation of an enhanced one day power sales scheme, which allows bulk users of energy, particularly self-generating companies, to purchase power from Napocor at lower prices; a concrete framework for the use of geothermal, hydroelectric, and renewable energy; and increasing demand for energy.

In terms of infrastructure, the PCCI said the government should allocate funds and establish a definite timetable for all infrastructure projects identified during the President’s State of the Nation Address.

In her address last July 24, President Gloria Macapagal Arroyo enumerated projects for five "super-regions". The projects, estimated to cost P372 billion, include the development of roads, airports, seaports, irrigation facilities, railways, and other facilities.

The PCCI also wants the inclusion of six more infrastructure projects, privatization of the North Harbor, and the installation of weighing scales in roads "to prevent the further deterioration of our roads due to the transport of overweight cargoes by truckers."

Lastly, it recommended that the labor force be strengthened through institutionalized and curriculum based development programs. It said entrepreneurship should be encouraged and professionals who are abroad should be encouraged to return.

The proposals are in line with the Philippines’ goal to be in the top third of the world’s most competitive countries by 2010. Business leaders have noted that the country has consistently ranked at the bottom third of global competitiveness surveys, which point to the presence of hurdles like high transaction costs, bureaucracy, corruption, and red tape.

In a 2005 report, the International Institute of Management Development ranked the Philippines 49th out of 61 countries. The World Bank, in its own survey, placed the Philippines 113th out of 155 countries, while the World Economic Forum’s 2006 report said the Philippines ranked 77th out of 120 countries surveyed.

http://www.bworldonline.com/BW083106/content.php?id=001

mygz14

August 31st, 2006, 09:49 AM

Article posted August 31, 2006, 2:32 pm
By Patricia de Leon

The Philippines will likely hit its growth target for 2006 after the economy continued to accelerate in the second quarter driven by a healthy services sector and strong farm ouput, economists said on Thursday.

The government had announced that gross domestic product (GDP) grew 5.5 percent in the second quarter, in line with market expectations.

On a seasonally-adjusted basis, the government said the economy grew 1.7 percent from the previous quarter.

Growth was expected to come in between 4.4 and 6.5 percent in the second quarter, according to an earlier GMANews.TV poll of five economists.

"The figures suggest that industry and in particular agriculture had performed better than we thought," Singapore-based lender DBS Bank Ltd. said in a report.

DBS said the second-quarter growth means that the government's 5.5-6.2 percent growth forecast for 2006 looks achievable.

However, the government must work on boosting the industrial and manufacturing sectors, with trade likely to suffer from a possible global slowdown, DBS said.

"Growth so far this year has been overwhelmingly driven by net exports. However, this run may be over just as it has begun, with the Philippines having entered the electronics upswing at the tail-end of the cycle," DBS said.

"Private consumer spending and investment are likely to remain sluggish, as the effects of a likely easing in interest rates from the first quarter of 2007 onwards will kick-in only with a lag."

Strong farm output

Gross national product (GNP) -- which includes income from abroad and remittances from Filipinos working overseas -- expanded 6.6 percent in the second quarter from a year earlier.

GDP rose 5.6 percent in the first half of the year.

Socio-Economic Planning secretary Romulo Neri said in a briefing economic gains were capped by sluggish government spending, partly due to limited funds for infrastructure outlays under a re-enacted budget.

"Government consumption was weak, posting 0.4 percent growth due to constraints imposed by a reenacted budget. Even under a re-enacted budget, we have been underspending," Neri said.

Neri said "implementation issues," which he declined to specifically identify, were to blame for lower government infrastructure spending.

"We'd like to find out what the problems are, really, because we need to pump-prime the economy, especially in infrastructure spending. The government needs to spend more on infrastructure to encourage investors," Neri said.

He said growth in the second quarter was mainly spurred by the agriculture and fisheries sector on the supply side.

"The rebound in the agriculture sector led by corn, palay, banana, and the fishery sub-sectors is expected, given the increase in area harvested, better irrigation, favorable weather, and continued policy interventions," Neri said.

Farm output grew 6.7 percent in the second quarter of 2006. This was the sector's highest growth since 2004.

For the three months ending June, the services sector rose 5.7 percent from a year ago.

Industrial production grew 4.5 percent, while manufacturing output expanded by 6.5 percent.

Neri said the recent GDP growth figures have put the Philippines in a better position compared to its neighbors in the region.

Indonesia posted a second quarter GDP growth of 5.2 percent, while Malaysia's second quarter GDP is expected to come in at 5.5 percent, and Thailand's at 4.8 percent.

Taiwan posted a 4.6 percent GDP growth; Hong Kong, 5.2 percent; and South Korea, 5.3 percent.

China had a GDP growth of 10.9 percent in the second quarter. - GMANews.TV

heathcliff

August 31st, 2006, 10:08 AM

The minority being the likes of Rolex Suplico and Franklin Drilon? :)

Drilon wasn't very popular among the Ilonggos ever since his abandonment of GMA. GMA continues to have strong support in the Visayas. Sa Luzon lang naman mga maka-oposisyon ang tao.

chixbebe

August 31st, 2006, 11:22 AM

The Philippines is seen sitting on a potential gold mine with its large pool of overseas Filipino workers (OFWs) who intend to settle back in the country and could thus become a significant economic force in the future, a research study shows.

The study titled "OFW Remittances: Patterns, Impact, Sustainability," recently presented to the Ayala group, said favorable global demographics would also likely sustain the strong inflows of OFW remittances to the country in the years ahead.

Its author, former undersecretary of finance Romeo Bernardo, now a board member of Bank of the Philippine Islands, noted that the majority of Filipinos overseas intend to settle back in country when they retire and this could be a significant catalyst for growth in the future.

"What they choose to do when they come back can be an important driver of future economic growth," Bernardo said.

He cited a study of the Asian Development Bank indicating that the majority of Filipinos leaving for overseas job assignments were "very likely" to settle back in the country once they retire.

"This is the good news. When they come back, they bring us not only money but also skills and network to fuel the economy, as well as contribution to better governance and public life since they have seen best practices abroad," he said, citing some successful expatriates who have returned to the Philippines, including Manuel Pangilinan, chairman of Philippine Long Distance Telephone Co.

LINK (http://business.inq7.net/money/topstories/view_article.php?article_id=18178)

3cr

September 1st, 2006, 01:48 AM

JP Morgan's Full disclaimer ->
https://mm.jpmorgan .com/legal/ research_ disclaimer. html

Philippines: 2Q06 GDP strong headline

2Q06 real GDP growth came in much stronger than expected, rising 5.5%oya
(JPMorgan 4.0%oya, Consensus 5.1%oya) and was up 6.8%q/q, saar. However,
despite the strong headline outcome, the details were weak.

The outcome reflects very strong external contribution - in part driven by
weak imports - and weak domestic demand especially investment demand, which
has been persistently weak amidst relatively low interest rates and solid
global growth over the course of the past 3 years (see table and chart).

While the slowing in overall demand likely reflects the ongoing impact of
the recent tax hikes and oil prices, the pace of the investment
retrenchment is a concern. Looking ahead, the continued impact of the taxes
and oil on sentiment amidst slowing global demand will likely to keep
investment and overall domestic demand growing below trend rates though
offset by solid net export contribution - this profile will likely keep
growth elevated even as underlying domestic demand remains soft.

Implications -

The weakness in domestic demand will likely keep the BSP on hold through
2007, tempered by an appreciating peso. The continued external surpluses
(driven by remittances and weak imports) will likely engender continued
easy external and domestic liquidity conditions which, combined with
limited domestic issuance by the treasury, will keep government bond yields
low.

Looking ahead -

JPMorgan is upgrading the 2006 forecast to 5.5% from 5.3% previously
(Consensus: 5.1%oya), with the slowing in domestic demand offset by a
larger than expected contribution from net exports, reflecting continued
import compression in 2H06. Note that the divergence between the production
and expenditure components of GDP has widened and is not random with the
production data persistently above the expenditure data. The likely
reflects the consistent understatment of the deflator for production. and

__________________________________________

This communication is for informational purposes only. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. All market prices, data and other information are not warranted as to completeness or accuracy and are subject to change without notice. Any comments or statements made herein do not necessarily reflect those of JPMorgan Chase & Co., its subsidiaries and affiliates.

3cr

September 1st, 2006, 02:21 AM

Gloria: Growth target within reach
http://www.malaya.com.ph/sep01/news8.htm
Malaya

PRESIDENT Arroyo yesterday said the higher economic growth for the second quarter showed that government’s target of 5.5 to 6.1 percent expansion in the gross domestic product for the year is within reach.

The National Statistical Coordination Board (NSCB) said the GDP grew by 5.5 percent while gross national product rose by 6.6 percent in the second quarter. The first semester growth is placed at 5.6 percent for GDP and 6.5 percent for the GNP.

Arroyo, during a roundtable conference, said economic growth was achieved despite challenges such as soaring oil prices, higher interests, greater regional competition and the global terrorist threat.

She said the peso was strengthened not only by the remittance of overseas workers but by the dollars brought in by tourists.

She said government will increase food production while ensuring that prices are affordable. She added that infrastructure will be modernized, technology will be transferred faster, and red tape will be cut.

She urged the people to help sustain the momentum of enterprise and productivity and to focus on poverty alleviation, peace-building and law and order.

"We must continue to seek the great potentials of our nation, brush aside the doomsayers and stand resilient amid adversity and controversy.

The NSCB said economic growth was fueled by good export and household spending, and growth in the output of agriculture, fishery and forestry.

The growth was 1.7 percentage point higher than the 5.4 percent experienced a year ago.

Planning Secretary Romulo Neri declared the Philippines is no longer "the sick man of Asia."

"We are no longer among the laggards in Asia… We may not be growing as fast as India and China, but I don’t think we’re still the sick man of Asia," he said.

The Philippines has grown significantly in comparison to India (5.2 percent), Hong Kong (5.2 percent) South Korea (5.3 percent) and Taiwan (4.6 percent).

Economic giant China grew 10.9 percent while Malaysia and Thailand are projected to grow by 5.5 percent and 4.8 percent, respectively.

Grown on the production side was perked up by the performance of the agriculture sector which grew by 6.7 percent from 2.1 percent last year, offsetting the limited growth contributed by the industry and services sectors that grew by 4.5 percent and 5.7 percent, respectively, from a better much better performance the previous year.

The expenditure side was invigorated by consumer spending which increased by 5.3 percent due to the continued upsurge in remittances of overseas workers.

Fishery, corn, palay production, livestock and banana production led the growth in agriculture, credited on expanded harvest area and better distribution of hybrid seeds, contributing 1.14 percentage points to the GDP growth.

Fishery grew 11 percent from 4.8 percent with aquaculture contributing most of the added output.

Palay yield grew 10.3 percent, banana by 9.7 percent demand and livestock by 3.6 percent.

Finance, private services and services were the leading factors in the service sector’s 2.78 percentage point contribution to GDP growth.

Financial services grew by 10 percent with non-banks’ financial services expanding by 104 percent because of higher utilization of financial services. Increased sales in residential projects, strong demand for business office space and higher income from rental and leasing operations from newly opened super malls contributed to the real estate growth of 16.3 percent.

3cr

September 1st, 2006, 02:44 AM

GMA clears military, blames political foes
By Sherwin C. Olaes
09/01/2006

President Arroyo jumped the gun on the Melo Commission, a body tasked by her to investigate the series of killings and abductions of journalists, activists and leftist militants, by immediately absolving the military from any involvement in the series of these summary executions and other human and civil rights abuses, while putting all blame on the political opposition whom she pointed to as the culprit in blaming the Armed Forces of the Philippines (AFP) for these inhuman acts for the sole purpose of destabilizing her and her government.

This presidential absolution of the military and police was given to coincide with the first day of work by the Melo Commission, which has already been suffering from a credibility problem from the day it was created, owing to the commission members and chairman’s close links with the President.

Even the tasks of the presidential-created body have suddenly undergone changes. As first announced by the President, the Melo Commission would not only investigate the cases, but will also have the power to charge the culprits and perpetrators of the crimes.

Its chairman, former Supreme Court Associate Justice Jose Melo, for whom the commission was named, was quoted yesterday as saying that not only were the Philippine National Police Task Force Usig investigations “credible enough,” but also said that it is the PNP that is tasked to investigate who the particular culprits are responsible for the killings.”

Melo stressed that the commission is not concerned with this aspect of the probe and that all the body is concerned with is to find the cause behind these abuses.

“We are not so much concerned about that (identifying) the culprits in the killings. We are more concerned why this is happening, what is the cause of all these things,” the former SC associate justice said, as he met with the Task Force Usig official.

It is commonly known that the military is behind this spate of killings.

In Mrs. Arroyo’s message, which was read by Presidential chief of staff Michael Defensor held in Malacañang yesterday, Mrs. Arroyo said it is only the political opposition that is blaming the military for the killings with the objective of destabilizing her government.

She also openly charged the political opposition of having forged an “unholy alliance” with the communists. “The political opposition, in its despondency, seeks to enter into unholy alliances even with the leftist elements, if only to achieve its political objective of destabilizing and replacing the present leadership. Some of them are so desperate that they try to abruptly link the military which is under my command, to the extra-judicial killings that have been happening recently,” she said.

The President stated that even as she is certain that there is no military involvement in the spate of political killings, she claimed to be determined to end these killings and resolve them, describing the violent incidents as a “national tragedy” that needs government’s support and attention.

“Yes, I am determined to put a stop on these killings. This is a national tragedy that strikes at the very core of our democracy. Everyone must be free to present his views legally and responsibly, even if they are views of dissent, without fear of violence from those who have no respect for our Constitution,” she claimed.

“I am committed to protecting all the freedoms under the Bill of Rights. I have put the investigation of extrajudicial killings on a higher plane by forming the Melo Commission, whose chair and members come with a long haul of professional credentials and personal integrity,” she added, assuring, after absolving the military, that she will not interfere in the functions and recommendation of the said independent fact-finding body.

Yesterday, the Melo Commission started its investigation on political killings by coordinating with the PNP’s Task Force Usig which was first tasked to probe it.

Deputy Director General Avelino Razon Jr., chief of the PNP Task Force Usig, yesterday said his group is set to submit 15 folders containing results of investigation on at least 110 cases of extra judicial killings involving militants and mediamen to the commission by Monday.

Insp. Nelvin Ricohermoso, Task Force Usig spokesman, said that of the total figure, 32 cases were already filed in court and the remaining 78 are still under extensive investigation and case build up.

According to Razon, the 15 case folders to be submitted to the Melo Commission on Monday are among the high profile cases that have been completely documented and processed by forensic, criminal and legal investigators.

In a related development, representatives from the embassies of the United Kingdom, Switzerland, Sweden, Venezuela and Argentina were present yesterday in a human rights gathering condemning the extra-judicial killings in the Philippines.

Max de Mesa, spokesman of the Citizens Council for Human Rights (CCHR), said the diplomats were invited to the meeting of more than a hundred organizations advocating human rights and peace at the University of the Philippines’ College of Law in Diliman, Quezon City.

Although the embassy representatives did not issue public statements of condemnation, their presence in the event sends a message that they are one with the international community in expressing concern over the alarming human rights situation in he Philippines.

“They (diplomats) knew what we will be discussing in the meeting and they attended. We invited them to see what we can do together (to resolve the problem),” De Mesa said.

The gathering is to express broad collective outrage against extrajudicial killings and other grave human rights violations under the Arroyo administration.

During the forum, De Mesa said the diplomats listened to the testimonies of human rights victims, their families and witnesses.

De Mesa said the CCHR will write a letter of concern to foreign governments, including the European Union, to ask them to urge the Arroyo administration to put an end to the killings and other human rights violations.

Earlier, the French government asked Mrs. Arroyo to stop extra-judicial killings and disappearances in the Philippines.

France’s senior diplomat to Manila Bernard Regnauld Fabre, Embassy Charge d’Affaires, said the government must seriously look into such incidents.

Meanwhile, the controversial Maj. Gen. Jovito Palparan was warned yesterday by an ally of Mrs. Arroyo in the House of Representatives not to snub again the hearing of the house committee on human rights regarding the series of killings among leftist members.

The committee which is chaired by adminisrtation Rep. Bienvenido Abante (Manila) is set to conduct the hearing on Sept. 11, the same day Palparan formally retires from the military service.

Abante said Palparan should not ignore again the invitation made by the committee, otherwise it will be compelled to issue subpoena that could be served at a time when he is no longer an official of the Armed Forces of the Philippines (AFP).

“We are looking forward to his retirement, he has no more reason by that time to snub our inquiry. We are giving him the opportunity to explain his side,” the congressman said.

Others who snubbed the hearing were Defense Secretary Avelino Cruz, AFP Chief of Staff Gen. Hermogenes Esperon, and National Bureau of Investigation Director Nestor Mantaring.

The four officials invoked Memorandum Circular No. 168 that set guidelines for appearances in congressional hearings under Executive Order (EO) 464 where portions related to this gag order were declared unconstitutional.

Partylist Rep. Joel Virador of Bayan Muna, for his part, challenged the retiring Army general not to be cowed by the inquiry, and added that this will be his chance to defend himself on allegations that he was behind the continued attack on members of the left-leaning groups..

He also asked Palparan not to hide behind Malacanang’s illegal orders to evade accountability.

“Let him be man enough to face the inquiry. He has to explain his side because he can’t hide forever,” said Virador in a separate interview.

Also, the Manila congressman asked relatives of the victims of atrocities and violence allegedly committed by the members of the New People’s Army to come out in the open and testify before his committee. With Gina Peralta-Elorde, Michaela P. del Callar, Dona Policar and Gerry Baldo

3cr

September 1st, 2006, 03:02 AM

VAT leaks cost up to P75B — BIR
Daily Tribune
09/01/2006
http://www.tribune.net.ph/business/20060901bus1.html

Leakages in the collection of the expanded value-added tax (e-Vat) cost the government from P60 billion to P75 billion in missed revenues a year, the Bureau of Internal Revenue (BIR) said yesterday.

Internal Revenue Commissioner Jose Mario Buñag said the BIR is implementing measures to plug the leakages in VAT collections by improving data gathering of business operations of big taxpayers.

Last year the e-VAT law raised the VAT rate to 12 percent from 10 percent and included products formerly exempt from the VAT such as oil products and electricity consumption.

BIR Deputy Commissioner Lilia Guillermo said the leakages stem mainly from the use by some enterprises of fake receipts.

Guillermo said the BIR has intensified its efforts to detect fake or undervalued receipts. Fake receipts are mainly the basis for the filing tax evasion cases against businesses, that if caught, would have to pay tax deficiencies with penalties.

Bunag said the BIR’s program for the profiling of businesses and industries would result in the exposure of business firms and industries that do not report the true value of their sales or fail to issue sales receipts on which the VAT is based.

“We will not hesitate to file tax evasion cases against the president and officers of corporations that evade the payment of VAT,” Buñag said.

“We expect to reduce this leakage to P11 billion or P7 billion this year,” Bunag said.

Guillermo said the BIR is now registering more taxpayers. At the beginning of this year, the BIR had enrolled six million taxpayers in its data base. “Right now this has grown to eight million,” Guillermo said.

The BIR surpassed its collection goal for the six-month period from January to June this year by P1.15 billion.

The BIR said it collected P302.028 billion during the first semester, surpassing its goal of P302.028 billion for the period by P1.15 billion or 0.38 percent. Based on total collections of P243.8 billion for the same period, in 2005, the BIR increased its tax take by P58 billion this year.

With the BIR cutting down the leak in VAT collections, Bunag said the BIR is expected to further improve its collections by the end of the year.

3cr

September 1st, 2006, 03:03 AM

http://www.abante.com.ph/issue/aug3106/main.htm

VAT HINDI NIRE-REMIT
(Boyet Jadulco/Rose Miranda/Juliet de Loza/Noel Abuel/Armida Rico)
Abante

Bugbog-sarado sa pagbabayad ng value added tax (VAT) ang electric consumers sa bansa subalit ang buwis na ibinabayad ay hindi umano nare-remit o hindi pumapasok sa kaban ng bayan.

Ito ang natuklasan ni Sen. Ralph Recto matapos makita ang discrepancy sa presentasyon ng nalikom na kita ng Bureau of Internal Revenue (BIR) para sa unang anim na buwan.

Sa pagdinig ng congressional oversight committee on comprehensive tax reform program sa pinamumunuan ni Recto, inusisa ng senador si BIR Commissioner Jose Mario Bunag kung bakit malaki ang diperensiya ng buwis na ipinapataw ng mga distribution utilities sa bansa kumpara sa buwis na nakokolekta ng gobyerno.

"Where is the balance? Where does it go?, " pagtatanong ng senador ay Bunag.

Anang senador, 1.6 percent lamang ang nakokolektang VAT ng pamahalaan sa power sector gayung ang VAT na ipinapataw sa consumers ay 12 percent.

"Bakit ganun, mataas ang VAT na ipinapataw natin sa electric consumers pero maliit lamang ang nakokolekta ng gobyerno?," anang senador.

Dahil dito, nangangamba si Recto na baka may mga kumpanya o opisyales ng BIR na nakikinabang sa nawawalang VAT collections na sa tantiya ng senador ay aabot ng ilang bilyong piso.

Hindi naman maipaliwanag ni Bunag ang discrepancy sa kanilang presentasyon subalit nangako itong ipasisilip niya ang bagay na ito.

Samantala, nagturuan kahapon ang economic team ni Pangulong Gloria Arroyo sa inilutang na anomalya sa VAT collection mula sa electric consumers.

Sa panayam ng Abante, sinabi ni National Economic and Development Authority (NEDA) Secretary General Romulo L. Neri na wala silang nalalaman sa nasabing discrepancy sa VAT collection.

"I don't know anything about this, this is the first time I've heard of it," wika ni Nero sabay turo kay Finance Sec. Margarito `Gary' Teves na aniya'y makakasagot sa isyu. Tinangka ng Abante na kunin ang panig ni Teves ngunit hindi nito sinasagot ang kanyang cellphone.

Maging ang kampo ni Budget Sec. Rolando Andaya ay walang maibigay na komento pero nangakong aalamin ito sa lalong madaling panahon.

Samantala, naniniwala si Pambansang Lakas ng Kilusang Mamamalakaya ng Pilipinas (Pamalakaya) spokesman Gerry Corpuz na iniipon ng pamahalaang Arroyo ang nakokolektang VAT sa electric consumers para gamiting pondo sa 2007 elections.

Inihayag pa ni Corpuz na maaaring ang nakokolektang bilyong VAT sa kuryente na hindi napupunta sa national treasury ang siya umanong ginagamit na panggastos ng administrasyon sa mga maluluhong lakad sa abroad.

Kasabay nito, sinabi ni Corpuz na dapat I-audit ng Commission on Audit ang VAT collection at buksan ang book of accounts ng kaban ng bayan para malaman kung magkano ang hindi nare-remit na buwis.

Samantala, nanggalaiti naman ang mga ordinaryong mamamayan sa hindi pagkaka-remit ng ibinayad nilang buwis.

"Dapat lang na busisiin pa ng Senado, dahil tiyak na hindi naman kikilos ang Malacañang kasi sariling tao nila sa BIR ang posibleng kasabwat sa pagbubulsa ng bilyun-bilyong salaping kinukurakot sa electric consumers. Wala ring tiyak na pakialam diyan ang Kamara dahil karamihan sa mga kongresista at tuta ni PGMA," ani Gil Tria, 45, electrician.

"Mabuhay ka Recto...sana katulad ka ng ibang senador na may balls na suriin at hanapin ang nawawalang perang ibinayad ng electric consumers bilang buwis," wika naman ni Jerry Ocampo, 37, vendor.

mygz14

September 1st, 2006, 04:51 AM

Here's an article in inq7.net: http://business.inq7.net/money/tops...rticle_id=18381

The article states that the Philippines' second quater GDP outperformed those of neighboring countries.

Philippines = 5.5%
Indonesia = 5.1%
Taiwan = 4.6%
South Korea = 5.3%
Malaysia = 5.5% (Projected)
Thailand = 4.8% (Projected)

JAMAICUS

September 1st, 2006, 09:16 AM

Positive economic performance boosts stocks

The Philippine Star 09/01/2006

Share prices closed 0.67 percent higher yesterday due to rising expectations Manila will hit its economic growth targets for this year, and a stronger local currency, dealers said.

They said sentiment improved after the release of growth figures for the second quarter showing the economy grew 5.5-percent year-on-year on a pick-up in agriculture and a strong service sector.

The figures were announced amid a strengthening in the Philippine peso, which has been hitting four-year highs, and also boosted trade.

The Philippine Stock Exchange composite index closed up 15.45 points at the day’s high of 2,312.23, after striking a low of 2,296.49. There were 3.6 billion shares traded worth P2.29 billion.

Gainers beat losers 68 to 21, while 65 stocks closed flat.

The broader all-shares index rose 11.78 points to 1,445.81.

Gross domestic product (GDP) grew at an annual rate of 5.5 percent in the second quarter of the year, supported by a robust services sector and improved agricultural output, the National Statistical Coordination Board The figure was slightly above the market’s average estimate of 5.4 percent and was within the government forecasts of 5.3 to 5.8 percent.

"The GDP growth was within expectations but investors somehow welcomed the idea that the government is on track to meet its full-year growth target. Even the currency market reflects investors’ upbeat sentiment towards the economy," said Astro del Castillo of First Grade Holdings Inc.

"There may be follow-through buying tomorrow, but overall sentiment may still be largely influenced by developments in overseas markets," he added.

Philippine Long Distance Telephone Co. (PLDT), the most actively traded stock, rose P5 to close at P1,910.

SM Investments Corp. extended Wednesday’s gains, up another P4 at P222 after announcing Tuesday its offer to buy all remaining shares of Equitable PCI Bank that it does not own, and possibly merge it with unit Banco de Oro Universal Bank.

Equitable PCI was steady at P79 but Banco de Oro advanced 50 centavos to P37.

Food and beverage giant San Miguel Corp.’s A-shares rose 50 centavos to P65.50 but its B-shares were unchanged at P71. – AFP

http://www.philstar.com/philstar/NEWS200609010703.htm

chixbebe

September 1st, 2006, 10:17 AM

http://www.philstar.com/philstar/NEWS200609010414.htm

President Arroyo is optimistic that the country will achieve its growth targets for the year, despite continued external pressures such as rising oil prices.

The President issued the statement after the country’s Gross Domestic Product (GDP) and Gross National Product (GNP) grew 5.5 percent and 6.1 percent, respectively, in the second quarter.

"This assures us that our target for the entire year of 5.5 to 6.1 percent GDP growth is within our reach," Mrs. Arroyo said in Filipino during a televised roundtable discussion at Malacañang with Tourism Secretary Joseph "Ace" Durano.

"What our economy attained is more significant in light of the many challenges that we face — the strong surge in oil prices and interest rates, increasing regional competition and the worldwide threat of terrorism," she said.

The President also stressed that there is no end in sight yet to the external pressures the country is experiencing.

"We call on our countrymen to sustain the momentum of enterprise and productivity backed by permanent political stability brought about our unwavering focus on alleviating poverty, establishing peace and rule of law," she said.

Presidential Management Staff (PMS) chief Secretary Arthur Yap earlier said that under the Arroyo administration, the country has experienced an unprecedented economic growth for 22 consecutive quarters.

Mrs. Arroyo also said that the government has already bared its economic plan to bring progress to the country by increasing food production, improving competitiveness, and modernizing infrastructure to speed up trade and mobility of people.

The government has started taking steps to cut red tape and reduce business costs in an effort to jumpstart local economies in the "super regions."

Press Secretary Ignacio Bunye added that the continued strengthening of the peso vis-à-vis the US dollar "elevates the tone and pace for our economic takeoff."

"We must continue to seek the great potentials of our nation, brush aside the doomsayers and stand resilient amid adversity and controversy," Bunye said. "Faith in the Filipino will bring our most fervent goals within reach if we would just work together as one nation," he said.

JustHorace

September 2nd, 2006, 04:47 AM

The minority being the likes of Rolex Suplico and Franklin Drilon? :)
About Drilon...hindi ba nahahalata ng mga tao ang pagkabalimbing niya? I mean, sinasabi niya na days before the almost People Power-like July incident last year na ilipat na lang ni GMA ang Malacanang sa Iloilo kasi doon, fully supported siya niya at ng mga tao. Tapos, noong inakala ng lahat na magkaka-People Power sa Ayala, bigla niyang winidraw yung support niya. Natakot malamang. Eh pahiya siya kasi wala namang naging People Power. Kung humina yung oposisyon...malamang magiging Pro-GMA ulit yan!

3cr

September 3rd, 2006, 09:11 AM

POWER LUNCH
Thaw in frosty GMA ties with big business seen

By Gil C. Cabacungan Jr.
Inquirer
09/03/2006

Published on page A1 of the September 3, 2006 issue of the Philippine Daily Inquirer

IT was a power lunch attended by some of the country’s tycoons and the word from Malacañang was that they were supportive of President Macapagal-Arroyo’s P1-trillion national infrastructure program.

“They were excited about the President’s plans. They said that even if the government would just finish half of the infrastructure projects it had planned for the next four years, it would have an immediate effect on the economy,” Presidential Management Staff chief Arthur Yap said in an interview with the Inquirer.

Yap was referring to last week’s meeting in Malacañang between Ms Arroyo and some of the big guns of Philippine business led by Ayala Corp. chair Jaime Augusto Zobel de Ayala and SM Investments Corp. vice chair Teresita Sy-Coson.

Ms Arroyo met with the group to gather support for her massive infrastructure program involving transportation, communication, power and water projects.

Ms Arroyo also used the low-key gathering to renew her ties with the business community, which were frayed more than a year ago when the Makati Business Club (MBC) joined the “Hyatt 10” group of ex-Cabinet executives in calling for her resignation.

“They’re folding in,” Yap said. “They asked the President how can they help. And the President told them they can help by supporting her projects.”

Aside from Zobel and Sy-Coson, the businessmen who attended were SGV founder Washington Sycip, Phinma group chair Oscar Hilado, and former Prime Minister and Rizal Commercial Banking Corp. chair Cesar E.A. Virata.

Unresolved to this day

The President’s guests were members of the MBC whose executive board issued a statement on July 8 last year asking her to step down “for the sake of the commonweal, for the sake of national unity, and for the sake of moving forward.”

The resignation call came in the midst of the “Hello Garci” scandal centered on accusations that Ms Arroyo had rigged the results of the 2004 presidential election in a conspiracy with former Election Commissioner Virgilio Garcillano.

The controversy remains unresolved to this day.

That big leap

Yap said Ms Arroyo told her guests that while all key economic indicators had been showing positive signs, the Philippines had yet to make that big leap toward high and sustained economic growth.

Yap said two key factors were cited—the political noise which has kept many foreign investors away and the poor state of infrastructure, which Ms Arroyo hoped to address in her infrastructure investment program.

During the meeting, Zobel related how his off-road adventures on his dirt bike across the Philippines showed him what this country was still capable of but was only hampered by the lack of access.

What Jaza saw

“Jaza said he goes around Aurora on his bike and he just loved the province. But he said the road to Aurora from Nueva Ecija is all mud and this has made the province’s tourism and agriculture potential underutilized,” Yap said.

In a PowerPoint presentation during the lunch meeting, Yap said Ms Arroyo spoke of her plan to spend P1.711 trillion up to 2010, representing 4.45 percent of gross domestic product, the minimum infrastructure spending needed to ensure the economy follows a high growth path.

The infrastructure allocation will go to transportation projects, specifically railroads and highways (52 percent or P889 billion), power projects (21 percent or P361 billion), water (14.6 percent or P250.49 billion), social projects (9.6 percent or P164.32 billion), and communications (1.25 percent of P21.44 billion).

Better monitoring

In view of the sheer size and number of the infrastructure projects, Yap said Ms Arroyo asked for the private sector’s help in picking the most important of these projects that would be the subject of the government’s tight monitoring.

Yap said the businessmen were keen on joining the infrastructure monitoring task force, which he leads.

“It’s going to be better with business behind us,” said Yap, who described his role as a “troubleshooter” of government projects caught in bureaucratic gridlock. “We can monitor the projects more thoroughly and make sure that all the agencies implement their projects on schedule. We need this kind of pressure and transparency.”

Summit in Makati

The first major project that the government will have with the businessmen is the national infrastructure summit next month. “It’s going to be a sort of roadshow to generate private sector interest in these projects. We want their help in monitoring and financing these projects,” said Yap, who noted that the businessmen had committed to support the summit to be held at Makati City.

Copyright 2006 Inquirer. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Jimbu

September 3rd, 2006, 07:52 PM

GMA inclusion in Forbes list ‘an acknowledgment of RP gains’The Philippine Star 09/04/2006

Malacañang yesterday said the recognition President Arroyo received from Forbes magazine as one of the world’s "100 Most Powerful Women" was an acknowledgment of the country’s economic and political gains, as well as an accolade to Filipinos.

"President Arroyo is thankful of this recognition from Forbes magazine, which she considers more an acknowledgment of the gains being made by the Filipino people on the road to political stability and economic progress," Press Secretary Ignacio Bunye said in a statement.

"The President is but an instrument of the sovereign people and any accolade extended to her is an accolade for the entire Philippines," he said.

Forbes, which ranked Mrs. Arroyo 45th, ahead of Britain’s Queen Elizabeth II and Nobel laureate Aung San Suu Kyi of Myanmar, however, said the "storm is not yet over" for the President but credited her with the "successful lowering of the budget deficit and her work increasing Philippine electronics exports."

The President is the only Filipina on the powerhouse list and is only one of two Southeast Asians, alongside Suu Kyi.

The Forbes magazine accolades are not the only time Mrs. Arroyo has been cited among the best Asian leaders. Time magazine has called her the "Iron Lady of Asia" after she quelled several attempts to oust her from the presidency since she assumed office in 2001 and last month survived a second impeachment attempt by the minority in the House of Representatives. — Paolo Romero

heathcliff

September 4th, 2006, 11:26 AM

About Drilon...hindi ba nahahalata ng mga tao ang pagkabalimbing niya? I mean, sinasabi niya na days before the almost People Power-like July incident last year na ilipat na lang ni GMA ang Malacanang sa Iloilo kasi doon, fully supported siya niya at ng mga tao. Tapos, noong inakala ng lahat na magkaka-People Power sa Ayala, bigla niyang winidraw yung support niya. Natakot malamang. Eh pahiya siya kasi wala namang naging People Power. Kung humina yung oposisyon...malamang magiging Pro-GMA ulit yan!

Well, even Cory seems noncommittal about the rumors that she is going to reconcile with GMA.

Too bad some people are guillible enough to still believe in Drilon.

adverg

September 4th, 2006, 01:22 PM

I agree with Jimbu, she deserve to have that recognition, and she is the best President we ever had, no doubt about. About named as Iron Lady of Asia, kailangan lang ng kamay na bakal para lumambot yung matitigas ang ulo na wala namang magawa kundi salita lang pero kulang sa gawa, I salute you Madam President Arroyo, now it's your turn......

sandrin

September 4th, 2006, 02:33 PM

Govt debt seen down to 62 percent of GDP in 2007

The Philippines expects central government debt to fall to 62 percent of gross domestic product (GDP) in 2007 from nearly 68 percent this year and 72 percent in 2005, documents from the Finance Department showed on Monday.

A moderately expanding economy and the government's improving fiscal position, resulting in less dependence on debt, would support a fall in the country's debt-to-GDP ratio, Finance Undersecretary Gil Beltran told reporters.

The Philippines, Asia's largest sovereign debt issuer after Japan, taps the domestic and overseas debt markets regularly to fund its budget deficit.

The government has passed fiscal reform measures, including a law broadening and raising the national sales tax, in a bid to raise revenue, cut its debt and balance the budget by 2008.

"We are on the road to a debt-free Philippines, on top of a balanced budget by 2008," Presidential Spokesman Ignacio Bunye said in a statement on Monday.

"The less debt payments, the more funds we can plough back to the basic needs of the people," he said.

The national government expects its outstanding debt to inch up slightly to P4.17 trillion ($82 billion) in 2007 from a forecast of P4.1 trillion this year and a level of P3.9 trillion at the end of 2005, the documents showed.

The economy is expected to post at least 5.7 percent annual growth in 2007 after forecast growth of 5.5 to 6.1 percent this year and 5.0 percent in 2005.

The government's budget deficit is expected to narrow to P63 billion in 2007, or 0.9 percent of GDP, from a forecast shortfall this year of below P125 billion, or 2.1 percent of GDP.

The government's debt service would fall to 9.3 percent of GDP next year from 12 percent this year and 12.6 percent in 2005, the documents showed.

Interest payments on government debt would narrow to P318.2 billion next year, or 4.7 percent of GDP, from P340 billion this year, 5.6 percent of GDP.

Principal payments would drop to P303.8 billion next year, or 4.5 percent of GDP, from P381.7 billion or 6.3 percent of GDP this year.

Reuters
-----------------------------------------------------------------------

****************
Slow and Steady wins the race.
( I wonder if the oppositionists understand that. You know the snakes who keep whinning about the economy, yet have done nothing to help improve it. Worst they are the ones creating such noise and ruckus that scare investors away.)

Christerdom

September 5th, 2006, 01:53 AM

my dear, it seems the cult of undying loyalty to our leader is coming back
like the cult of marcos loyalist and estrada loyalist but with different name and leader this time.

why not be loyal to our country instead of being loyal to a political leader.

cult? supportive of the government to you means cult? shame on you! baka ikaw ang me kulto, sobrang yabang mo! if a person doesn't agree with your ideal doesn't mean there are into CULT. self conceited ka masyado. :bash:

mygz14

September 5th, 2006, 06:00 AM

mygz14

September 5th, 2006, 06:04 AM

Inflation eased to its lowest level in two years in August at 6.3 percent due mainly to a slowdown in energy prices, official figures showed Tuesday.

The August figure was the sixth straight month inflation has fallen and was the lowest since June 2004, when it hit 5.4 percent.

Analysts had forecast August inflation at 6.1-6.5 percent while the Bangko Sentral ng Pilipinas' (BSP) figure was 5.8-6.5 percent.

The data also marked a sharp decline from the August 2005 figure of 7.2 percent.

The National Statistics Office attributed the decline to a "slowdown" in rising energy and services costs.

The consumer price index in August rose 0.4 percent from July, with it was up 0.5 percent month-on-month, NSO said.

For the seven months to August, the CPI was up 6.9 percent from a year earlier.

Core inflation, which excludes certain volatile items of food and energy, slowed to 5.3 percent in August from 5.4 percent in July, the statistics office said.

BSP Governor Amando Tetangco said in a statement the August inflation figure was "in line with our expectation that inflation will decelerate in the second half of the year." AFP

mygz14

September 5th, 2006, 08:00 AM

Article posted September 5, 2006, 1:37 pm
The national government will borrow less in 2007 due to its improving revenues and prudent spending, the Department of Finance (DOF) said on Tuesday.

In a presentation to the House of Representatives, the DOF said the country's borrowings would decline by 26.5 percent to P390.7 billion next year from the projected P531.6 billion this year.

The Philippines relies heavily on foreign and domestic borrowings to finance its budget deficit.

Next year, borrowings from foreign creditors would drop 41 percent to P130.6 billion next year from P221.4 billion this year.

Borrowings from domestic sources would go down by 16.15 percent to P260.1 billion from P310.2 billion.

This would result to a borrowing mix of 67 percent from domestic creditors and 33 percent from foreign sources, an improvement of the 58-42 borrowing mix this year.

Of the total amount to be borrowed next year, about P303.8 billion would be used to pay off maturing local and foreign obligations, while P86.9 billion would be used to finance the deficit. - GMANews.TV

chixbebe

September 5th, 2006, 10:43 AM

Philippines sees Q2 GDP growth at 5.3%-5.8% (http://business.inq7.net/money/topstories/view_article.php?article_id=17648)

(UPDATE) THE PHILIPPINES expects the economy to have grown between 5.3 and 5.8 percent in the second quarter from a year ago, below a previous forecast of six percent annual growth in the April to June period.
Dennis Arroyo, director for policy planning at the National Economic Development Authority, Manila’s national planning agency, gave the estimate at a news conference on Monday.

A recovery in the farming sector, better-than-expected exports, and strong remittances that underpin consumer demand are expected to bolster second quarter growth and compensate for low government spending.

Arroyo said annual growth in 2006 might be above the bottom end of the government's forecast range but cautioned that high oil prices remained a risk. Manila expects its economy to grow 5.5 to 6.1 percent this year after 5.0 percent in 2005.

"It can go higher (than 5.5 percent) but we would rather be conservative," Arroyo said.

Exports recorded double-digit growth for the fifth straight month in June, prompting President Gloria Macapagal Arroyo to raise her forecast for overseas sales growth to at least 15 percent this year, higher than a target of 10 percent.

Agricultural output grew 6.41 percent in the second quarter from a year earlier, with a recovery in rice and corn harvests after last year's drought. Farm production in the first half expanded 5.14 percent from the same period of 2005.

The government will release final, official second-quarter gross domestic product (GDP) figures on Aug. 31.

A Reuters poll this month forecast 5.3 percent GDP growth this year and 5.5 percent in 2007.

The economy grew a seasonally adjusted 0.9 percent in the first quarter from the previous three months and 5.5 percent from a year earlier.

heathcliff

September 5th, 2006, 11:35 AM

jbkayaker12

September 5th, 2006, 11:39 AM

Last year she was #4 right? Hehehe...Theere may be some who would use this argument to undermine her again :)
Actually it wouldn't surprised me if the oppositon or its supporters decided to say something about the current listing. :)

jbkayaker12

September 5th, 2006, 11:44 AM

It's interesting how anti-GMA Filipinos call her "Ate Glue" while Time magazine calls her the "Iron Lady of Asia". That only means that despite all the bad publicity about her, GMA has managed to earn the respect (if not admiration) of the international community for sticking to her priorities despite the political flak. While some of her own countrymen only see her "attempts to cling on to power", there are fortunately those who see the importance of a strong leader in achieving national progress.

The international community has long recognized Gloria Arroyo as the legitimate president of the Philippines with their diplomatic approval and the prestige bestowed upon her by these influential publications , yet the destructive opposition seem to not care all about the importance of that recognition.

tootsjap

September 5th, 2006, 02:44 PM

Last year she was #4 right? Hehehe...Theere may be some who would use this argument to undermine her again :)

Hehehe tama ka diyan. You praised her before realizing bumagsak pala siya. Hehehe ulit. Next year she could be out of this list altogether.

averatec3200

September 5th, 2006, 03:21 PM

Hehehe tama ka diyan. You praised her before realizing bumagsak pala siya. Hehehe ulit. Next year she could be out of this list altogether.

Since when will the opposition stop from their greedy plans?
Can't they just accept it that the people is already tired of their nonsense publicity stunt.

mygz14

September 5th, 2006, 04:43 PM

Hehehe tama ka diyan. You praised her before realizing bumagsak pala siya. Hehehe ulit. Next year she could be out of this list altogether.

Yup, just trying to make a balanced statement out of it :)

TheAvenger

September 6th, 2006, 04:27 AM

Since when will the opposition stop from their greedy plans?
Can't they just accept it that the people is already tired of their nonsense publicity stunt.

Actually the people were already fed up and tired of both administration and opposition politicians and bureaucrats, they were all greedy and corrupts.
All of them were capable of being bought or being corrupt it just depends on the price. The price can be money, positions, and etc. They change political affiliations whenever their selfish and vested interest requires it.

MarkiiBoi

September 6th, 2006, 04:58 AM

Philippines' Arroyo a political survivor - AP report

Article posted September 6, 2006, 10:19 am

MANILA, Philippines - They call her tough, clever, opportunistic or just plain lucky, but her opponents know better than to underestimate Gloria Macapagal Arroyo, who is carving out a reputation as a true political survivor.

The Philippine president, one of Washington's strongest backers in the war on terror, has been the target of constant coup rumors since she was swept into office in January 2001 by the country's second "people power" revolt. Now she has just performed another escape act by fending off a second impeachment attempt.

The late-August victory prevented a potentially explosive trial in the Senate — an opposition stronghold — on allegations of vote-rigging, corruption, human rights abuses and violations of the Constitution. As a result, she has gained an aura of political invincibility, immune from the opposition's best shots while she manages a never-ending string of crises, including natural disasters, terror attacks and other emergencies.

Despite plummeting poll ratings, the former economics professor and one-time college pal of future President Bill Clinton at Georgetown University, has shown a knack for cutting deals and bending rules, even the Constitution.

"She works hard, she's a fighter," said Rep. Roilo Golez, Arroyo's former national security adviser who has switched to the opposition. "She really fights to the point of going over the edge."

Her critics claim she has gone too far in trying to squelch dissonant voices, and the Supreme Court generally agreed when it ruled that she illegally imposed a weeklong state of emergency and other measures to quash a coup plot last February that allegedly involved the military, communist rebels and shadowy financial backers.

The ruling didn't much matter. Arroyo, the 59-year-old daughter of a president, already had sent her message by cracking down on an unfriendly newspaper and getting arrest warrants for several alleged coup plotters. Any momentum that they might have gained was long gone by the time the court ruled.

Two impeachment moves were hastily killed off by the overwhelming dominance of her supporters in the House of Representatives, ensuring the allegations wouldn't make it to trial in the Senate.

With a one-year ban on filing another complaint, Arroyo now has breathing room ahead of spring local and congressional elections. Any major opposition gains seem unlikely in that voting, however; Arroyo's party is generally popular, particularly outside Manila — a strength that won her a six-year term in 2004 despite losing the vote in the sprawling capital.

Arroyo's troubles started almost immediately after she was sworn in to replace
Joseph Estrada, the action film star-turned-politician who fled the presidential palace in January 2001 amid mass protests over his alleged corruption in office.

While disgraced, Estrada retained support, particularly among the urban poor. His arrest three months later sparked days of protest that culminated in a bloody but unsuccessful attempt to storm the palace.

Street protests continue and the opposition has vowed to maintain pressure on Arroyo, but the public is growing apathetic and Arroyo skillfully works the political establishment.

"She knows how to distribute favors and how to cut deals," said Alex Magno, a political science professor at the state-run University of Philippines who is regarded as pro-Arroyo.

"She's like Jekyll and Hyde. She's an astute economist and an astute politician. The two things don't go together usually."

Arroyo's legislative record is mixed. She pushed through a value-added tax against strong opposition and the economy has benefited, soothing the middle class. She has put in long hours and courted the urban poor. But an antiterrorism bill and the national budget have been casualties of Congress' constant distractions over the impeachment bids, with spending on infrastructure and education suffering most.

Her political position was strengthened by the death of the opposition's main candidate in the 2004 election just months after the vote, and no unifying voice has emerged to rally her opponents. "The people want a face. There are many leaders who are eligible but no one comes forward. We admit it's our weakness," said opposition spokesman Rep. Alan Peter Cayetano.

Also dead is charismatic Roman Catholic Cardinal Jaime Sin, who played key roles in the first "people power" revolt that ousted dictator Ferdinand Marcos in 1986 and the second mass uprising against Estrada.

Growing up in the palace helped prepare Arroyo for anything, even jousting with the no-holds-barred Philippine media.

A reporter once asked Arroyo at a news conference how much sex she was getting. The married mother of three barely paused before retorting: "Plenty."

She has also shown deftness in complicated crises. She obtained the release of truck driver Angelo de la Cruz, appeasing his kidnappers in Iraq by withdrawing the Philippines' small military contingent a month earlier than planned. The decision was applauded at home, and she got away with only brief criticism from Washington and other allies.

The latest crisis was over allegations that she conspired to fix the 2004 election that she won by a million votes. Arroyo admitted she shouldn't have talked with an elections commissioner during the protracted ballot count, but claimed she didn't influence the results.

She has been hospitalized twice in recent months and there are rumors of a liver problem.

"She's actually overconfident," Magno said. "She's like Tiger Woods in some ways. You know that when Tiger Woods leads in the first two days, it's almost sure that he'll win the tournament."

But in a country with a history of instability since democracy replaced the Marcos dictatorship 20 years ago, anything can happen — a political scandal one day, a natural disaster the next, such as the mudslide that buried a village on the island of Leyte in February, killing more than 1,000 people.

"We have a system that's designed to feed on scandals. We don't know what will blow up next," said Magno. "Even if you have fire extinguishers in every corner, you still have to be ready for the unexpected."

And political survival may not equate to success for the Philippines. With four years left in her term, she has shown more skill at stamping out the political fires than putting the nation on firm path for economic progress.

"We won't have the ability to do long-term planning and long-term execution," Magno said. "Gloria will win but all of us will lose in the long run." -AP

OtAkAw

September 6th, 2006, 08:06 AM

^^Wow, napaka-justified naman, AP really does good journalism.

heathcliff

September 6th, 2006, 08:13 AM

How's this for long term?

No longer Asia’s sick man
Manila Standard

The Philippines must have done its homework well to elicit a favorable and rare comment from the International Monetary Fund. IMF head of mission James Gordon said his team welcomed the prospects of the Philippines ending its current arrangement with the fund, a move that brings Manila closer to finally exiting from its decades-old dependence to the institution’s intensive care.

“We would welcome an ending of the PPM [post program monitoring arrangement] because it would be a sign that the fiscal position has strengthened sufficiently that the authorities feel comfortable enough to do without it,” says Gordon.

The current arrangement with the IMF is a no-loan program, and unlike previous ones in the past, it does not commit the Philippines to implement “structural” changes in the economy that tend to be painful to the common man in exchange for loan disbursements.

The Philippines has been under the watchful eyes of the IMF since the 1970’s when its economy failed to take off and lagged behind its Asian neighbors. Manila had little choice but to ask the IMF for help. The fund, created out of the Bretton Woods Conference in New Hampshire in 1944, provides financial assistance to countries experiencing balance of payment problems and those that require economic structural reforms.

The Philippines has undergone a major restructuring, and has settled for the present arrangement that calls for mere consultations or review of the economic performance on a periodic basis. Foreign creditors and investors look up to the consultation process when they verify their figures and assessment of the Philippine economy. Says Bangko Sentral Gov. Amando Tetangco Jr.: “The advantage of [having an arrangement with] the IMF is the consultation that we have. Market players still look at their data and what they have to say. A positive assessment [from the IMF] will have positive effects.”

Making an exit from the IMF arrangement will further boost the stock of the Philippines, which has long swallowed several bitter pills to improve and liberalize its economy. It will be an affirmation that the government has done its share to correct certain flaws in the economy to merit a seal of good housekeeping from the IMF. It will also hopefully silence critics who have described IMF’s economic prescriptions as more of a bane than boon to progress.

More importantly, the country’s impending exit from the cudgels of the IMF will finally elevate its economic status from long being the sick man of Asia.

heathcliff

September 6th, 2006, 08:46 AM

The above could not have been achieved if GMA had been more concerned about holding on to power (short-term gain) than implementing unpopular but needed fiscal reforms. Her determination to implement those reforms amid plummeting popularity ratings show that it is the successful implementation of her economic agenda, and not political survival, that is her main priority.

chixbebe

September 6th, 2006, 09:28 AM

now I can feel that we are on our way to economic success News like an Increase in our International Reserves to $22B (http://www.manilastandardtoday.com/?page=business05_sept06_2006) that is from $21B this is due to strong exports and remittances, Balance of Payment forecast to hit $2B from original target of $1.6B (http://www.manilastandardtoday.com/?page=business05_sept06_2006),
an increase in OFW remittance (http://business.inq7.net/money/topstories/view_article.php?article_id=15486) will never be gone ofcourse and stocks rose 09% (http://www.abs-cbnnews.com/storypage.aspx?StoryId=49594) to a three month high. Isn't this something to be excited about? we are on our way up there, let keep on Going...

mygz14

September 6th, 2006, 09:56 AM

Article posted September 6, 2006, 2:49 pm
By PATRICIA DE LEON, GMANews.TV

The Asian Development Bank (ADB) raised on Wednesday its 2006 gross domestic product (GDP) growth forecast for the Philippines to 5.4 percent from 5.0 percent previously due to surprisingly strong performance of the agriculture and exports sectors.

The ADB forecast for the Philippines places the country in the median of the rest of Southeast Asia, which also has a growth forecast of 5.4 percent for 2006. The regional lender predicts Vietnam to grow fastest in the region at 7.8 percent.

"The economy is benefiting from the strong harvest and a healthy rebound in exports," ADB chief economist Ifzal Ali said in the 2006 Asian Development Outlook update.

The regional lender said the strong growth in exports has led it to revise upward its expected 2006 current account surplus to 2.9 percent of GDP from an earlier 1.9 percent estimate.

ADB also said the current account surplus in 2007 would jump to 3.1 percent of GDP, from an earlier 1.8 percent forecast.

However, ADB maintained the country's growth in 2007 would decelerate slightly to 5.3 percent.

Investment

The lender said the regional trend of lagging investments is capping the country's growth potentials. ADB noted that save for China and Vietnam, investment levels across the region have been sluggish.

ADB said higher investment levels would ensure job creation and stronger economic growth in the long term. In the Philippines, investment as a share of GDP fell to 15 percent in 2005 from 18.8 percent in 1999, while job creation is below the government target of 1.5 million new jobs.

“Fixed investment is weak and job creation is inadequate to make a meaningful dent in unemployment and underemployment. This must be addressed if the Philippines is to move to a higher growth trajectory," Ali said.

“Investment rates have to rise much further if enough jobs are to be created for the workers who are entering the labor force and for those who are underemployed," he added.

Ali said the government needs to attract more private investments by providing an encouraging environment through better governance and increased infrastructure spending.

“The climate for private investment has got to be improved in terms of governance, the rule of law and available infrastructure," Ali said.

ADB said that the current fiscal gains made by the government should give it more room for higher investment spending without threatening fiscal consolidation.

“Fiscal consolidation has taken hold, much better than we expected it to be. This gives the government the freedom to invest in much needed areas like social and physical infrastructure," Ali said.

Inflation and Forex

The regional lender also revised its inflation forecast for the country, saying the increase in consumer prices were likely to moderate to 6.7 percent in 2006. It earlier predicted a 6.8 percent inflation rate for the year.

“The increased farm production helped by slowing the rise in food prices," ADB said.

On Tuesday, the government announced that inflation slowed for the fifth straight month in August to 6.3 percent due to little increases in prices of fuel, electricity, and water.

ADB however said the country would miss its 2007 inflation target of 4.3 percent to 4.8 percent, forecasting prices to rise by 6.0 percent in 2007.

The regional lender also cautioned against a “disorderly" rise in the strength of the peso, saying an abrupt weakness in the US dollar will have a negative effect on emerging markets.

“Any disorderly depreciation in the US dollar will have a negative effect on the export performance of countries in developing Asia," Ali said.

The peso is the region’s best performing currency so far this quarter, closing at four-year highs in the past days.

Monetary officials have said the peso’s strength and the country’s positive balance of payments may pressure inflation on the upside.

“We need to weigh this positive development with possible risks to inflation outlook," Tetangco said in an economic briefing. -GMANews.TV

mygz14

September 6th, 2006, 10:04 AM

^^Wow, napaka-justified naman, AP really does good journalism.

That's balanced journalism :)

dabert

September 6th, 2006, 06:30 PM

http://img.photobucket.com/albums/v454/ikra/400px-Ph_elections_president_2004.png

i can't help but repost this because i totally agree with the idea that the votes of the majority totally reflect the political 'literacy' or the level of voting wisely of a region or province. if one would negatively react to this statement, then he is just admitting in the first place that he might be politically illiterate.

Rajah_Soliman

September 6th, 2006, 07:03 PM

i can't help but repost this because i totally agree with the idea that the votes of the majority totally reflect the political 'literacy' or the level of voting wisely of a region or province. if one would negatively react to this statement, then he is just admitting in the first place that he might be politically illiterate.

..... obviously there is a NEED to educate more than half of the populace, politically....hmmmmm and looking at the map....well ....one needs to start from the north.... :runaway:

jbkayaker12

September 6th, 2006, 07:35 PM

DoggMann

September 6th, 2006, 07:37 PM

... only Camarines Sur and Albay voted wisely ... :)

flesh_is_weak

September 6th, 2006, 08:36 PM

what about her this time? why dont we just let the little lady do her job, albeit a 'cheater', i think she's doing pretty good...so why dont you just do the same?! instead of filing heaps upon heaps of complaints, why not do something productive for a change?

DoggMann

September 6th, 2006, 09:31 PM

^^ was that for me? :)

mygz14

September 7th, 2006, 06:20 AM

Cavite was the only one where Lacson won although it is ironic that I know of no one who voted for him.

portune

September 7th, 2006, 10:28 AM

Sana nga magtulungan n lng tyo lahat wag n lng mag away ng mag away. Maganda na ung gngawa ni Gloria, malamang na bago cya umalis eh napa unlad nya muli ang Pinas. Peace :)

OtAkAw

September 7th, 2006, 11:36 AM

^^Hay nako oo nga!

Buti nalang yung unggoy na si Alan Peter Cayetano ay lalong nadiin sa kasalanan niya, hay nako mga inggitero talaga hindi titigil!

adverg

September 7th, 2006, 01:18 PM

The slap that PGMA received from an animalistic opposition, leftist, rightist and communist will bear good result at the end and whatever will happen, good things will still prevail at the end, wala namang kontrabidang nagwawagi sa huli, all evil will win at the beginning but would cast-out at the end forever.........

tootsjap

September 7th, 2006, 02:21 PM

This is how Gloria will fall. Her minions will try to their best to push Cha-Cha because only that can save them. Pathetic, they don't want to face the people in elections and are pushing for self-serving term extensions. The latest Pulse Asia survey showed that the opposition will sweep the senatorial battle if elections are held today. In a democracy power is given thru elections and elections will take the power from GMA

Without dismissing the possibility of an early ouster of the illegitimate Arroyo Regime, the 2007 Mid-Term elections should be seen as a medium-term strategical political battle between the administration and the opposition. This is the electoral battle.

A Grand Opposition Coalition may be formed under the leadership of 1) reelectionist senator and defeated presidential candidate Ping Lacson and 2) defeated presidential candidate Bro. Eddie Villanueva. Both have earlier forged an alliance during the “Hello Garci!” controversy.

Sen. Frankling Drillon, who also called for the resignation of GMA, will be fielding 3) reelectionist senator Francis Pangilinan, 4) former Education Secretary and Hyatt10 Leader Butch Abad, and, 5) former Social Welfare and Development Secretary and Hyatt 10 Leader Dinky Soliman.

The Wednesday group in the senate will also join the coalition with reelectionist senator 6) Senate President Manny Villar, 7) reelectionist senators Ralph Recto, and 8 Joker Arroyo.

The House of Representatives have opposition stalwarts 9) minority leader congressman Francis Escudero, congressmen 10) Peter Allan Cayetano and 11) Gilbert Remulla.

There are also 12) reelectionist senator Loi Estrada, 13) moderate left “rejectionist” camp representative Randy David, 14) reelectionist senator Gringo Honasan, and congressmen 15) Butch Aquino or 16) Noynoy Aquino, and 17) Rolex Suplico.

GMA Team will consist of 1) reelectionist senator Edgardo Angara, 2) chief of staff Mike Defensor, 3) Environment Secretary Angelo Reyes, 4) Education Secretary Jess Lapus, 5) Finance Secretary Velez, 6)Press Secretary Bunye, 7) Manila Mayor Lito Atienza, 8 Congressmen Pichay, 9) Nograles, and 10) Zubiri.

If former President Joseph Estrada would be again be hoodwinked into fielding a separate slate, the Estrada Group would be made up of 1) reelectionist senators Loi Estrada, 2) Gringo Honasan, 3) Loren Legarda, 4) Tito Sotto, 5) Tessie Oreta, 6) Francisco Tatad, 7) Ernesto Maceda, and 8 John Osmena. It would also include 9) minority leader congressman Francis Escudero, 10) congressmen Gilbert Remulla, and 11) Digs Dilangalen, and also Bayan Muna partylist representative 12) Satur Ocampo .

The Grand Opposition CoalitionnDream Team, where the strongest 12 contenders shall arise from among the more than14 available national leaders, will definitely beat any line-up of the administration. However, one or three may not make it if the Estrada Group will be fielding a separate slate. Nevertheless the three will still be anti-GMA.

GMA’s line-up will be totally washed-out as the opposition would expectedly center their campaign on GMA’s “kiss of death,” and in converting the entire election into a plebiscite for or against GMA’s legitimacy.

With so many third-termer congressmen graduating in their districts and with the onslaught of anti-GMA sentiments, winning opposition and independent Congressmen may reach more than a hundred.

By June 30, 2007 when all elected opposition legislators would have taken their oaths of office, the campaign for the impeachment of GMA will start. By the opening of Congress on the last Monday of July, with a hundred opposition and independent congressmen at hand, the next impeachment complaint will fly expressly from the House to the Senate, faster than the impeachment articles against former President Joseph Estrada. It may even occur even before GMA delivers her next SONA.

With a 12-0 win by opposition senators and with more opposition and independent senators in the remaining 11 or 12 senators, the impeachment proceedings will go unhampered. Then justice to the Filipino people would see the light of the day.

But that is still next year, 2007… There are still a lot of chances to remove GMA before the year ends.
Now we know why GMA and her cohorts are hell-bent in pushing for a charter change that would defer the 2007 elections. They know that this is coming, so they are mobilizing all their forces for a chacha. “Our name is Legion for we are many,” their Sigaw ng Bayan publicly declared borrowing the devil’s own words when rebuked by Jesus Christ in the New Testament

JustHorace

September 7th, 2006, 02:39 PM

Hay naku, why destroy the economy's momentum with another political scheme? Tsk, tsk, tsk...

Peugeot206

September 7th, 2006, 06:51 PM

flesh_is_weak

September 7th, 2006, 07:23 PM

the obvious fact: the communist party is the backbone of the opposition...side with the opposition, and you side with the communists...

flesh_is_weak

September 7th, 2006, 07:31 PM

philippine politics had always been a game of cheats and crooks, of backstabbers and liars...

...zula, a rival chieftain, aided magellan against lapu-lapu...
...aguinaldo had bonifacio killed so he could go on being the president of his newly created government...
...laurel allowed himself to be used as a the jap's puppet...
...cory, the power grabber in yellow, freed the communist leaders and other subversives whom marcos put in jail, and then enacted her so-called land reforms while hypocritacly holding on to hacienda lusita...
...then came estrada who turned politics into a circus...
...and now we have gloria and her stooges v.s. the green-eyed oppositionists in red...

just a few events from an infamously long list of events that marred our history...its always been the same, and most probably would always be that way forever...only an act of god can save the philippines...

dancethingy

September 7th, 2006, 08:32 PM

Peugeot, i think you've said it best. thank you for conveying so clearly what i've been feeling. I call it being rational.

TheAvenger

September 8th, 2006, 12:39 AM

bustero

September 8th, 2006, 08:35 AM

a journey of a thousand miles begins with a first step or something like that...

Japan, Philippines to sign free-trade deal

Agence France-Presse, Associated Press
Last updated 12:02pm (Mla time) 09/08/2006

TOKYO -- (2ND UPDATE) Japan said Friday it will sign a free-trade pact with the Philippines, ending prolonged negotiations that had stalled largely over how many Filipino nurses could come to work in the world's second largest economy.

Prime Minister Junichiro Koizumi and Philippine President Gloria Macapagal Arroyo will sign the economic partnership agreement in Finland on the sidelines of the upcoming Asia-Europe Meeting, the Japanese government said.

"The signing ... will take place (Saturday) between President Arroyo and Prime Minister Koizumi," Foreign Minister Taro Aso told reporters in Tokyo.

Details of the agreement will not be published until the signing ends, the Japanese foreign ministry said in a statement.

The two countries had initially planned to ink the pact last year. Having missed that, Manila proposed signing the deal in July to mark the 50th anniversary of the re-establishment of relations after World War II.

However, the two sides had remained apart on various issues, with Japan seeking a more open investment climate in the Philippines which in turn sought to send more workers to Japan, mostly nurses.

The nurse program has been one of the most sensitive issues in the bilateral trade agreement. Japanese economists have argued that Tokyo needs to admit foreign laborers on a large scale to compensate for a sinking birthrate and a rapidly aging population, and that finally seems to have gained support.

Kyodo News agency last week said the deal was sealed as Tokyo agreed to limit the number of Philippine nurses allowed to work in Japan at 400-500 a year.

Japan last year tightened visa regulations to crack down on the trafficking of sex workers after pressure from the United States.

But the visa rules led to protests in the Philippines, fearing the restrictions would also affect legitimate workers. Eight million Filipinos -- a tenth of the population -- work overseas, sending home 10.7 billion dollars last year.

Tokyo already has reportedly agreed to slash its tariffs on bananas and reduce its barriers to tuna and poultry exports from the Philippines. Manila also has agreed to gradually eliminate tariffs on vehicle imports from Japan over the next four years.

Japan is the second-biggest agricultural market for the Philippines after the United States, particularly imported bananas, pineapples and other fruits.

The Philippines, meanwhile, could provide a promising market for Japanese automakers once it cuts vehicle tariffs.

Japan has been seeking closer relations with Southeast Asia, including through free-trade deals, amid tense relations with its closer neighbors China and South Korea over its wartime record.

Since the re-establishment of diplomatic ties, Japan has become the top aid donor to the Philippines, contributing 9.4 billion dollars over the past 23 years or 51 percent of all foreign loans and grants to Manila in the period.

Japan's first FTA, with Singapore, took effect in late 2002 and Japan has since agreed deals with Mexico, Malaysia and Mexico.

It reached a broad agreement with Thailand last year, while talks continue with Brunei, Chile, South Korea, Indonesia and the 10-nation Association of Southeast Asian Nations (ASEAN) as a whole.

JAMAICUS

September 8th, 2006, 09:32 AM

Ecozone investments to reach P1 trillion — De Lima
By Marianne V. Go
The Philippine Star 09/08/2006

Philippine Economic Zone Authority (PEZA) Director-General Lilia B. de Lima expressed optimism yesterday that the PEZA would soon breach the P1 trillion cumulative investment figure as investments continue to pour into special economic zones.

De Lima revealed that from January to August this year, approved PEZA investments have reached P41.803 billion, showing a 27.4 percent increase over the comparative eight month period last year which posted approved investments of P32.812 billion.

Cumulative PEZA investments since 1995 have reached P955 billion as of end 2005.

Thus, the PEZA is about P45 billion short of the P1 trillion mark.

The PEZA’s optimism in breaching the P1 trillion mark, De Lima explained, is based on the computation that with total approved PEZA investments from January to August this year already amounting to P41 billion, the PEZA is just P4 billion short of the trillion mark.

De Lima is hopeful that by September, the PEZA will be able to approve an additional P4 billion in investments.

According to De Lima, her confidence in hitting the trillion mark stems from the continued inflow of investments into special economic zones.

In fact, De Lima noted, about 70 percent of the increase in approved PEZA investments are due to expansion of already existing PEZA locators.

The increase, De Lima said, "speaks very well of the confidence of companies already here."

About half of the investments in the special economic zones, De Lima said, are in the electronics sector.

However, most of the investors or 88 percent engage in manufacturing while 12 percent of activity is in information technology.

In fact, De Lima said, investments in the IT sector show the fastest growth, doubling from the six per cent growth posted in 2005.

Japanese investors continue to lead investors in special economic zones, followed by Americans – most of whom are in the IT sector.

http://www.philstar.com/philstar/NEWS200609080702.htm

JAMAICUS

September 8th, 2006, 09:33 AM

Market extends gains on positive economic, fiscal outlook

The Philippine Star 09/08/2006

Share prices closed 0.38 percent higher yesterday, extending gains to a sixth day on the back of an improved economic and fiscal outlook, dealers said.

They said said the benchmark index stayed above the key 2,400 level for most of the session, reflecting positive sentiment among investors and growing confidence that there are more gains to come.

The composite index was up 9.05 points at 2,405.25 after trading between 2,396.20 and 2,411.38. Volume was 2.38 billion. shares worth P1.79 billion.

The broader all-shares index rose 6.92 points to 1,489.51.

Gainers beat losers 49 to 44, with 62 stocks unchanged.

"It’s a breakout. Investors continued to accumulate stocks of companies with strong earnings growth potential," said Astro del Castillo, managing director at First Grade Holdings Inc.

"It’s hard to stop the momentum also given the positive economic fundamentals."

Del Castillo said investors may take a breather and lock in gains tomorrow. "Fund managers may turn cautious ahead of the weekend," he said.

"Philippine stocks are again back on the radar screen of investors because strong domestic demand is a potential buffer against a US slowdown,’’ said Garcia. "The economy grew even when the oil price was rising.’’

Philippine Long Distance Telephone Co. (PLDT), the nation’s largest phone company, rose P10, or 0.5 percent, to 2005, a three- week high. International Container Terminal Services Inc., the nation’s biggest port operator outside of the government, added 25 centavos, or 1.7 percent, to P15.

Manila Electric Co.’s Class B shares, equity with no ownership restrictions in the country’s largest power retailer, jumped P2, or seven percent, to P30.50, its biggest gain in four months.

Shares worth P1.81 billion were traded, 2.8 percent more than the six-month daily average.

Separately, Megaworld Corp., the largest Philippine builder of residential condominiums, advanced seven centavos, or 3.5 percent, to P1.80, its highest in almost four months.

The company will spend P10 billion to build office space that will meet the demand of call centers and outsourcing service providers, Megaworld executive director Kingson Sian. The five-year investment will expand six fold Megaworld’s leasable space for outsourcing service providers, he said. – AFP

http://www.philstar.com/philstar/NEWS200609080704.htm

chixbebe

September 8th, 2006, 09:43 AM

As we strive for the economic progress, many feels that there really is economic gain but still it is understandable that many would not feel it, so the Palace has assured the Public that this gains to the higher level could be felt soon.

Maybe by giving our trust to our present government and doing jobs as the citizen of the republic, we will reach the success. Its obvious, the Present government is doing their jobs.

LINK (http://www.manilastandardtoday.com/?page=politics04_sept08_2006)

DoggMann

September 8th, 2006, 01:51 PM

the obvious fact: the communist party is the backbone of the opposition...side with the opposition, and you side with the communists...

I disagree with this ...
i am not pro or anti to both opposition and administration ... i just want TRANSPARENCY!...

THIS IS THE ONLY WAY TO SHUT UP ALL GLORIAS CRITICS! :)

OtAkAw

September 8th, 2006, 04:45 PM

tootsjap's post only solidified my belief that the opposition peeps oppose only because they want to have a taste of full power, yung silang lahat na mga demonyo ang naghahari sa itaas. Oh I just hope their Papa Satan will rise from hell and suck them all down to their home sweet home.

Imagine a criminally incurable rebel Gingona scheming for a return to the Senate? And that libelous Alan Peter Cayetano, have you all watched TV last night? His loving ATE thanked Mike Arroyo on air and even said that her gratitude for his help would always be present and she has no idea on what his baby brother is racketeering in the Congress now.

Truly, the importance of the political opposition has been badly marred by the introduction of criminal imports from Hell.

Animo

September 8th, 2006, 05:54 PM

She pumps her fist in the air just to emphasize how much she loves the country and spends most of her time promoting Philippine arts. It can't get any more patriotic than that. BEA ZOBEL JR is bliss personified.

As Beatriz Susanna Zobel de Ayala Jr shares stories and thoughts about the life she has lived so far, the warm light of the setting sun can't beat the glow of her smile as she talks about family, motherhood and her love and work for the Philippine arts.

Anyone fortunate enough to be acquainted with Bea would immediately sense the passion and certainty that radiates from her every word and gesture whenever she speaks about her children and her cause.

She stops in mid-sentence to point out the streak of fiery orange over the sea, "Isn't that just gorgeous?" she says, just as the lights of Dive Solana turn on over our heads. The murmur of the sea provides background music to our conversation.

Always the one to appreciate the beauty in her surroundings - and she has been to a lot of countries - Bea has no hesitation in naming the most beautiful country in the world, our Philippines. "I think my traveling made me appreciate our country even more," she says. "I just want to scream out." and with this, she raises her hands to the sky, "we have the best country!"

Her prestigious family name aside, Bea is known nowadays as a zealous crusader for the Philippines' arts and culture. She keeps on apologizing for being a "bore" about it, but this has been her path and passion since she came back home four years ago from Madrid, after living for most of her life in London and in Spain.

Born in Manila, Bea recalls her childhood quite fondly. She was nine years old when her father, Jaime Zobel de Ayala, was appointed Ambassador of the Philippines to the Court of St. James in London. Her memories there were "very happy" as well.

Bea and her three siblings all went to boarding schools for their education. "That wasn't so happy, but I'm not traumatized by it." She and her sisters, Patsy and Christina, went to St. Mary's Ascot and lived together there until she entered Smith University in the States. She studied European History and minored in Political Science.

Upon graduation, she married Juan Urquijo, the big brother of one of her friends from boarding school. "He never looked at me twice until one fine day - I think I was already on my way to college in the States - and then he just started dating me! I was quite taken aback because he'd never looked at me twice before! You know, the typical fat friend of your sister - he was the eldest in their family... But you know that you're always dreaming about this guy who was the 'macho man' always on a tractor, always on the fields and always working but never glanced at you twice, until one day he asks you to marry him!"

As Mrs. Urquijo, her life appeared like it had settled into domestic bliss. Their marriage was blessed with three children - Jaime, Paloma and Moniquita. Her husband's company had just promoted him to its top position in Asia and it looked like Bea was taking her family back home.

But as they were looking for a house in the Philippines in 1995, tragedy struck.

Juan Urquijo died in an airplane accident as he was leaving Paris. A flock of birds got into the engine "and that was the end," Bea says.

Distraught and pregnant with their third child, Bea took her children home to the Philippines. However, after just seven months, they returned to Madrid. "I decided that my parents-in-law needed to spend some time with my children," she says. "I thought that it was really selfish of me to come here and take the grandchildren away from them. Especially my eldest son, who reminded them a great deal of their son."

As a single mother, she knew exactly what she wanted for her children. "I didn't want them to grow up in an artificial world. I wanted them to know what hard work was, what independence was and responsibility and discipline. For me, those are the most important things in a child's life, as well as order and a lot of love." With this in mind, Bea made a firm, but ultimately a difficult decision to send her children to boarding school.

While her own mother supported her decision, it was roundly criticized in the Spanish circles. "But you know," Bea says, "you have an instinct that when you feel that you're doing something right, even if it goes against everybody else's ideas of what should be right, you go ahead with it. Educating kids is very personal, I find. Each mother will see what she feels is necessary in a child's life."

It was gratifying for her to be proven right when her eldest son - whom she has described as "a little monster" when he was small - has grown up to be "responsible, hardworking, big-hearted, sporty, and outdoorsy. Everything a mother would want for a son."

With her children in boarding school, Bea spent her time traveling often to London to visit them and working for a charity for abandoned children in Madrid. But even while she was living a life of charity, she still felt that something wasn't quite right in her life. She didn't understand what she was doing and she felt empty inside. "It was hard to describe," she says in retrospect, "because you didn't know what that emptiness was meant to be substituted by."

She finally decided to come back to the country she has always known as home, the Philippines. And here she finally found her calling. "It could be selfishness on my part because my three children are in boarding schools in London and I was going to be far away from them. But something, something pulled me back home. Ever since then, I have had my life-with my children back in England and with my life here in the Philippines," she says.

"We really didn't know the Philippines," Bea explains, "We would come back with my parents only on holidays. We really didn't get to know the people, and the customs and the culture of the country we're from. It's funny that we all grew up with Filipino passports, and I think it was also in the love that our parents gave us towards our country that we really felt rooted to it."

When she arrived in Manila, she met Ino Manalo, the director of the Metropolitan Museum of Manila. He got her started on her journeys throughout the Philippines where she finally found her calling. "It was seeing my country through the arts and through their creative industries that I said, 'What is it that we're looking for outside our country that we don't have here'?" she says empathically. "I had a calling in that I met so many Filipinos who were not aware of the beauty and what this country had to offer.

Dubbed as "Ms. Philippines" by her sisters because of her drive to promote the arts, Bea wanted to prove that the arts can produce jobs. "For me, the arts are everything that is rooted to the Philippines. From our fiestas, from our food, to our singing, to our costumes, to our music, to everything that is Filipino, those to me are the arts.

"I want to fight for my country," she continues, thumping the table for emphasis. "I know what is here. I believe in my country, and you can't find anything more beautiful than here. So how can we get this across to others and share this idea?"

The chance to prove her point came when her boyfriend, Joel Uichico, leased a resort in Batangas and she volunteered to help him redecorate it. "I immediately saw how wonderful it is to be able to decorate a resort with all the resources that we have to offer." She smiles sheepishly, "The poor guy didn't anticipate the scope of the project because we did put a lot of money into this." Looking around Dive Solana, peaceful at dusk and bathed in the golden light of the lamps overhead, one can honestly say that it was a job well done.

Her current project is the province of Bohol. "We found in Bohol such incredible people wanting to really make a go at the creative industries. Finally, we found someone willing to work with us." That was all she needed to see to put her efforts into helping them develop their tourism through their arts.

Listening to her, I cannot help but remember Joseph Campbell's more famous sayings about bliss. "If you do follow your bliss you put yourself on a kind of track that has been there all the while, waiting for you, and the life that you ought to be living is the one you are living. When you can see that, you begin to meet people who are in your field of bliss, and they open doors to you. I say, follow your bliss and don't be afraid, and doors will open where you didn't know they were going to be." Bea's is a life lived in bliss, evident in her joy in all that she does. Although she may seem to be fighting for a lost cause - because the arts are still underappreciated in our country - one should not give up hope, because Bea is the kind who will go out fighting.-STEF JUAN

http://www.philstar.com/philstar/People200609098001.htm

tootsjap

September 8th, 2006, 06:40 PM

You are quite passionate in your attacks on GMA.

Hypothetically, say GMA falls to EDSA XXV and your faction takes over. Illegitimately, of course, as to my knowledge, there is no legal way to remove the President other than through impeachment or her own resignation.

What happens next? Will it then be all rainbows and puppies?

Assuming she did indeed commit electoral fraud; fine, she’s removed from power and justice has been served.

What does your faction promise?

In my opinion, Philippine politics has not evolved to the point where most politicians understand that one of the better ways to stay in power is through actual good governance, thus ensuring votes in the next election. Filipino politicians seem to work on seizing power by hook or by crook and remaining in power by the same means. Actual performance is of no matter.

Either you stand to personally gain from regime change or you will just bask in the glow of knowing you fought the good fight and preserved democracy in the Philippines whilst those who do gain power snicker at how gullible the idealists can be.

In the meantime, the economy is shattered once again and more people leave the country whilst those remaining behind go hungry.

But that’s okay, you toppled a corrupt government. Well done.

Every elected leader who do not perform or commit unacceptable wrongdoing like getting caught rigging elections should be either impeached or voted out by the electorate. We do this again and again and eventually good and honest leaders will either surface or leaders are shaped to be good and honest by a demanding electorate. If the nth leader gets away with murder because the electorate got tired of kicking out bad leaders, then the country is doomed because leaders can hang on to power not by meeting the expectation of the electorate but by only saying that I am less corrupt than the last leader you ousted so you better stick with me. That is how bad the moral and integrity compass of this nation today. By the way, everytime you kick a bad leader's ass, you don't necessarily get the last bad ass. You only get it if you vote them to power again and it becomes the fault of the electorate. They say the electorate is getting more mature and I hope to see it in 2007.

The politics of performance is alive and well with in Naga, Marikina, Quezon City etc., This has to be brought to the national level. Like many of you, I once hoped GMA will be that good leader. I was wrong. So you will have to excuse me for joining those who want her ass out of Malacanang. What's happens next is anybody's guess. I always hope something or someone will emerge who will meet our highest standard for good leadership and governance. If another corrupt pretender fails us again, he should suffer the same consequence. Corporations in general do the same thing, only performing CEOs stay on the job.

JAMAICUS

September 9th, 2006, 08:32 AM

Net hot money inflow up 12%
By Des Ferriols
The Philippine Star 09/09/2006

Foreign investment in Philippines stocks, bonds and other financial instruments stood at $131.5 million in August, up 12.3 percent from July, the Bangko Sentral ng Pilipinas reported yesterday.

The bank said total net portfolio inflows for the first eight months of the year totalled $1.02 billion.

The BSP said the figures reflect growing confidence among foreign investors in the economy, bolstered by easing inflation, double-digit growth in exports and healthy corporate earnings.

"However, recurrent concerns that the US Federal Reserve may resume increases in its interest rates, volatile crude oil prices and the national government’s budget deficit of P17 billion in July after three consecutive months of surpluses may have limited the increase in the net inflow," the statement said.

The BSP said about 65 percent of the registered foreign portfolio investments in August went to the local stock market.

Investments in government securities and peso bank deposits accounted for the balance of 35 percent, the BSP said.

In August last year, inflow was not much higher, amounting to $329.7 million. This year, however, total outflow amounted to $193.8 million, arising mainly from divestments from listed shares ($113.5 million) and from government securities ($36.6 million).

During the first eight months of the year, total capital repatriations/outflows totaled $3.187 billion, about 34 percent higher than last year’s capital outflow which amounted to only $2.381 billion.

The BSP said the outflow reflected divestments from government securities of $1.457 billion (46 percent of total), up by 92 percent from the year-ago level. Divestments from listed shares of $1.103 billion accounted for 35 percent of total outflows and were seven percent higher than last year’s figure.

On the other hand, withdrawals of peso deposits amounting to $626.2 million (generally proceeds of earlier divestments from PSE-listed shares and government securities) and of money market placements of $0.2 million made up the balance of 20 percent of capital repatriations, up by six percent from the corresponding level last year.

On a gross basis, the BSP reported that the bulk (67 percent) of the investments consisted of PSE-listed shares of $2.809 billion, mainly shares in telecommunication, property and banking firms.

On the other hand, investments in peso-denominated government securities, mostly FXTNs, in the amount of $1.372 billion made up 33 percent, while investments in money market instruments of $27.9 million and peso bank deposits of $1.1 million had a combined share of one percent.

"The registered investments were funded with fresh inward remittances of foreign exchange converted into pesos through banks operating in the Philippines," the BSP said.

About 81 percent ($3.425 billion) of this, according to the BSP, came from Singapore, the United States and the United Kingdom. — with AFP

http://www.philstar.com/philstar/NEWS200609090702.htm

le Reine

September 9th, 2006, 10:08 AM

Every elected leader who do not perform or commit unacceptable wrongdoing like getting caught rigging elections should be either impeached or voted out by the electorate. We do this again and again and eventually good and honest leaders will either surface or leaders are shaped to be good and honest by a demanding electorate.
----> Very idealistic. But that's it pure idealism. We've done this for so many times. How many Presidents have faced impeachment? Quirino, Marcos, Estrada, Arroyo, etc. But only Erap's impeachment reached the Senate. Not to mention the funny(shall I say ridiculous) result. History shows that impeachment is not the way to salvation. We've done what you said since time immemorial and we ended up looking for the "blessed one." Does this mean we Filipinos are crooks, since we cannot find the good and honest person that we are looking for.

And what do you mean by being "voted out?" Do you mean we vote someone to be removed from office? So you want a parliamentary form of government? Since we cannot vote out Presidents in a presidential system.

If the nth leader gets away with murder because the electorate got tired of kicking out bad leaders, then the country is doomed because leaders can hang on to power not by meeting the expectation of the electorate but by only saying that I am less corrupt than the last leader you ousted so you better stick with me. That is how bad the moral and integrity compass of this nation today. By the way, everytime you kick a bad leader's ass, you don't necessarily get the last bad ass. You only get it if you vote them to power again and it becomes the fault of the electorate. They say the electorate is getting more mature and I hope to see it in 2007.
----->Can't understand.

The politics of performance is alive and well with in Naga, Marikina, Quezon City etc., This has to be brought to the national level. Like many of you, I once hoped GMA will be that good leader. I was wrong. So you will have to excuse me for joining those who want her ass out of Malacanang. What's happens next is anybody's guess. I always hope something or someone will emerge who will meet our highest standard for good leadership and governance. If another corrupt pretender fails us again, he should suffer the same consequence. Corporations in general do the same thing, only performing CEOs stay on the job.
----->You know what's the problem with you? You keep on finding the "right person" when there is no such thing. We all have our flaws. There's no perfect person in this world. It's impossible not to commit mistakes. This kind of philosophy is ridiculous. Why wait for the right one? What if our country has already collapsed and you still can't find the right one? The problem is that we would let ourselves be fooled by our politicans. And of course we would get mad. But look, we would still vote for the same stooges. How ironic. The problem is not the system nor the leaders. The problem is us.

dabert

September 9th, 2006, 02:23 PM

^^ i totally agree with this one. there's no such thing as a utopian society where everyone works perfectly systematic. even the US has committed so much flaws but the thing is they [the people] know how to handle them with practicality.

Animo

September 9th, 2006, 07:02 PM

"Clearly, ASEAN has become the hub of confidence-building activities in the Asia-Pacific." — Fidel V. Ramos

By By HECTOR R.R. VILLANUEVA

PRESIDENT Gloria Macapagal Arroyo leaves today for Helsinki, Finland, the land of seemingly endless sunset, Nokia, hospitable people, at peace with itself, pristine landscape, and some of the world’s most beautiful women, to keynote the ASEAN-EU Summit that meets every other year to foster closer ties and greater rapport between the ASEAN bloc nations and the European community.

The Philippines, with President Gloria Macapagal Arroyo, chairs the ASEAN-10 this year till July, 2007.

Alphabetically, it should have been the turn of the newest member of ASEAN, Myanmar, formerly Burma, to chair the association had it not been for the pressure exerted by the United States and other democracies to deny Myanmar the chairmanship of ASEAN-10 in view of continuing absence of democracy in Myanmar, human rights violations, and continued confinement of opposition leader and symbol, Auang Suu Kyi.

The State Peace and Development Council (SPDC), i.e. Military Junta of Generals, reluctantly conceded the chairmanship to the Philippines rather than ease up on their repressive policies, and authoritarian regime.

Be that as it may, President Arroyo carries on her shoulders the heavy responsibility of articulating the aspirations, problems of globalization, migration, and international terrorism to European leaders while at the same time showing forceful and eloquent leadership to make sure that ASEAN-10 remains cohesive and united on common global concerns vis-à-vis Europe, and North America.

President Gloria Macapagal Arroyo can do it and lead not only because she can transmit and translate ASEAN sentiments in flawless English or Spanish but she also carries with her the credentials of leadership, such as, the strong peso, rising exports, managed budget deficit, on target GDP, and lower inflation.

Moreover, President Gloria Macapagal Arroyo is the only Asian leader in recent times to have survived successfully several political crises and coup attempts without bloodshed which should make her the worthy spokesperson for the ASEAN region which, in turn, is clearly in need of an articulate communicator.

Alas, the ASEAN-10 members today, with a total population of approximately 450 million of which nearly 250 million embrace Islam, and some of the world’s richest natural resources stowed under their respective territories, are preoccupied and distracted by political divisions and domestic turmoils to give the Association its time of day.

Gone are the giants of ASEAN from the original five to Lee Kuan Yew, Mahathir Mohamad, Fidel V. Ramos, a succession of Thai leaders, and the ever presence of Sultan Bolkiah of Brunei.

Today, Indonesian President Bambang Y has his tsunami rehab problems, and Aceh; Thailand’s Thaksin Shinawatra’s political crown lies uneasy on his head, and Muslim insurgency at his foot in southern Thailand; Singapore’s lowkey PM Hsien Loong worries over his city-state’s economic survival; Phnom Penh and Ventiane continue to struggle to alleviate poverty; Vietnam is quietly doing its homework the Deng Xaoping way; Myanmar’s cabal of generals will not budge from their comfort zone to embrace democracy that the Burmese people had never experienced since 1947; and Sultan Bolkiah does not know how many hundreds of billions in US dollars he is worth.

For these reasons, President Gloria Macapagal Arroyo has the historic task and mandate to show outstanding leadership for the ASEAN-10, and the Philippines in particular, but has also to show to the world that the ASEAN bloc is a regional grouping to reckon with, and respected.

Today, President Gloria Arroyo is possibly the only ASEAN leader who can raise ASEAN prestige a notch higher, push it forward, and enhance the strategic objective, as FVR would put it, of "One Vision, One Identity, One Community."

Bon Voyage, Madam President.

You be the judge. (For comments and views, please e-mail: chaff_fromthegrain@yahoo.com.ph)
http://www.mb.com.ph/archive_pages.php?url=http://www.mb.com.ph/issues/2006/09/08/OPED2006090873835.html

September 9th, 2006, 07:27 PM

mygz14

September 11th, 2006, 05:19 AM

Article posted September 11, 2006, 11:05 am
By Patricia de Leon

Philippine exports likely extended double-digit growth in July due to a sustained global demand for electronics, economists said.

Exports grew 19.13 percent year-on-year in July, according to a median estimate in a GMANews.TV poll of three economists. The National Statistics Office will announce the June exports data on Tuesday.

The forecast is slightly lower than June's 20.6 percent export growth, which came on the back of strong external demand for electronics.

"Global demand will remain on an upward trajectory, supportive of Philippine exports, even if the rate of growth will likely moderate in the second half of the year," Action Economics analyst David Cohen said.

Cohen said Philippine exports for July posted a 20 percent growth from a year earlier.

Singapore based DBS Group Research said exports grew 18.9 percent in July, with manufactured goods, particularly exports, still making up the biggest share of the country’s exports.

"As usual export growth will be underpinned by manufactured goods where shipments should continue to grow at a double-digit pace for yet another month on strong external demand for electronics," DBS said.

IFR Thomson, which rounded up the poll, gave an 18.5 percent forecast for July exports performance.

The Semiconductor Industry Association (SIA) earlier said worldwide sales of semiconductors, the biggest subgroup of electronics, totalled $20.1 billion in July, up over 11.5 percent from the same period last year. SIA also said July’s sales show a growth of 1.8 percent from the $19.8 billion reported last month.

The economists said global demand would continue to dictate the country’s export performance for the rest of the year, discounting the effect of a strengthening local currency on the industry. The peso has been rallying against the US dollar, closing at four-year highs against the greenback last week.

"The global outlook, particularly the electronics industry, will probably be more decisive that any impact from the stronger peso," Cohen said. - GMANews.TV

JAMAICUS

September 11th, 2006, 09:21 AM

Shares seen higher on further drop in oil prices

By Erik de la Cruz
Xinhua Financial News Service
Last updated 08:48am (Mla time) 09/11/2006

SHARE prices are expected to open firmer Monday, with the further drop in oil prices prompting investors to resume accumulating stocks, in particular those that had undergone a correction Friday, dealers said.

Oil prices fell Friday on the easing of concerns about supply, with the New York Mercantile Exchange's benchmark futures contract, light sweet crude for October delivery, down 1.07 dollars at 66.25 dollars a barrel at the close of trading in the US.

Here Friday, the composite index here ended 27.21 points or 1.13 percent lower, after a six-day rally.

Dealers said that while they expected a further technical correction to begin with, it would be hard for investors to ignore the decline in oil prices.

Lower oil prices drove US stocks higher Friday. The Dow Jones Industrial Average rose 0.54 percent, the S&P 500 index rose 0.38 percent and the Nasdaq composite index rose 0.49 percent.

Philippine Long Distance Telephone Co.'s New York-trade American Depositary Receipts gained 1.23 dollars or 3.15 percent at 40.25.

"Wall Street's positive performance Friday following crude futures' retreat and relatively favorable comments from a US Fed official might help support sentiment at home," on-line broker 2TradeAsia.com said in a market note.

"Some skeptics, meanwhile, might check on other market-moving events, especially with OPEC ministers' gathering to discuss production levels."

Erwin Balita, an analyst at AB Capital Securities, advised investors to avoid speculative small-caps.

"Considering that most of these third-liners have had their run, there are going to be far more losers than winners from this group," he said.

Last week, the stock exchange issued warnings about price manipulation in the market after a number of small-caps breached their trading limits in the past two months for no apparent reasons.

The market's immediate support is seen at 2,350 and resistance at 2,400, dealers said.

http://business.inq7.net/money/breakingnews/view_article.php?article_id=20260

3cr

September 11th, 2006, 10:14 AM

Vietnam overtakes RP in rating, growth
09/11/2006
Tribune

What was once a joke to dramatize the lethargic economy under President Gloria Arroyo may have turned into reality as Vietnam, a war-ravaged country in 1970’s, overtook the country in credit rating and projected economic growth.
Standard and Poor’s (S&P) upgraded Vietnam’s credit rating to BB, reflecting positive changes arising out of the nation’s economic reforms, to make it one grade higher than that of the Philippines.
The World Bank has praised Vietnam for reducing poverty through rapid economic growth but also called on the communist-ruled country to speed up market reforms and vigorously fight corruption.
“Vietnam has been remarkably successful in generating growth and reducing poverty,” said World Bank managing director Juan Jose Daboub, with 30 million people lifted from poverty since the launch of reforms 20 years ago.
Asian Development Bank (ADB) country director Ayumi Konishi called Vietnam “the star of Southeast Asia” and projected a 7.8 percent economic growth this year, Asia’s fastest rate after booming China, compared with a projected 5.4 percent growth for the Philippines.
Standard & Poor’s said Vietnam had “strong economic growth potential” with good labor productivity and a high savings rate, but also warned it still faced “structural weaknesses” including an undercapitalized banking system.
The World Bank, with projects worth nearly $4 billion in Vietnam, would commit another $800 million per year over the next five years to support a reform agenda that “could be a model for other countries,” he said.
But Daboub also said there was now “a sense of urgency in Vietnam. We believe that we have to move faster. The country has to accelerate the process of reforms so that the people can reap the benefits faster.”
Calling for further liberalization, Daboub warned that “neighboring countries are not going to stand still and wait for Vietnam to move. They’re moving forward and Vietnam has a choice — which is to lead or to follow.”
The praise tempered with caution echoed comments made by the ADB, ratings service S&P and the US Treasury Secretary Henry Paulson over the past week.
Paulson said while Vietnam’s expected accession to the World Trade Organisation (WTO) this year would “accelerate growth and increase living standards,” it “needs to be followed by further reforms.”
Some key shortcomings were highlighted in a report last week by the World Bank and International Finance Corporation, which ranked Vietnam 104th out of 175 countries in terms of the ease of doing business.
Red tape, especially in tax and bankruptcy procedures, and a lack of minority shareholder protection were among the hurdles that meant Vietnam “remains a challenging place to do businesses,” said the report.
The World Bank’s Daboub said “there are still many tasks pending,” speaking just after a meeting of Asia-Pacific Economic Cooperation finance ministers in Hanoi.
He said Vietnam needs “institutions that work,” including a stronger legal system, vigilant oversight of the financial sector, and a strong media that can hold state institutions accountable.
“We believe that it is important to maintain commitment for a governance agenda that is the strengthening of institutions that work, as well as the fight against corruption,” Daboub told a media briefing Saturday.
He highlighted a corruption case that rocked the regime this year, the loss of millions of dollars in the transport ministry’s infrastructure unit PMU 18, which saw a minister sacked and several officials jailed.
The PMU 18 portfolio included $130 million from the World Bank, which is due this month to release the results of a probe on whether corrupt cadres squandered and gambled away some of its money.
Daboub said the case showed that there were “some cracks in the system” and urged Vietnam to enforce new laws to prevent similar abuses.
“We need to make sure,” he said, “that those cracks are closed with cement.”
Finance Minister Vu Van Ninh said a higher S&P credit rating would help Vietnam affirm its developing financial capacity. Ninh cited this as an opportunity for Vietnam to attract domestic and foreign resources, particularly from the international capital market, in order to develop its economy.
Vietnam should take advantage of this chance to continue issuing government bonds on the international market, he said, adding, however, that the country should carefully prepare projects before issuing bonds.
“What’s most important is how to use capital, not to draw capital,” he said.

JAMAICUS

September 11th, 2006, 10:26 AM

^^ Thank you for posting that...posting it here, and not being content posting it in the not so good news thread would hopefully help Philippine morale... thank you so much... MABUHAY ANG WALANG PAGASANG PINAS!!! this is only my own self sentiment...

---------------------------------------------------------

Outlook upgrade overdue
Fiscal improvements cited by Citigroup

The Philippines should be in line for another upgrade of its credit rating outlook given improving fiscal conditions, global financial giant Citigroup said.

"We think the government’s improving fiscal ratios make Moody’s [Investors Service] pending outlook revision to stable long overdue," Citigroup said in a September 6 emerging markets strategy credit note.

Improved ratings will help lower the government’s borrowing costs and allow it to save on interest payments. It will then be able to set aside more funds for infrastructure projects outlined in the President’s recent State of the Nation Address.

Rating agencies have expressed worries about the Philippines’ debt but the government has been making progress in reducing its chronic deficit. The government plans to cut its budget shortfall to P125 billion this year with the aim of wiping it out by 2008.

"Though the Philippines has not yet reached the phase of Brazil or Mexico, which has been actively buying back external debt, we believe the government is taking the right steps to gradually reduce foreign currency exposure of its government debt profile, which would be credit positive," Citigroup said.

Citigroup noted that the Philippines’ foreign bond issuance next year will likely range between $1.3 billion to $1.6 billion, well below this year’s $2.85 billion and the $3.25 billion average since 2002.

"Less supply should be market positive and help offset the negative impact of the BSP’s (Bangko Sentral ng Pilipinas’) revised risk-based CAR (capital adequacy ratio) framework of foreign-currency government bonds which would lead to less local bank demand for Philippine foreign currency bonds over the medium-term," Citigroup said.

Under the new Basel 2 rules , banks will have to allot 100% capital for their holdings of foreign-currency Philippine bonds based on the present BB- sovereign credit rating of the Philippines.

It is estimated that Philippine banks hold more than half of the government’s foreign-currency bonds, and the new central bank rule is expected to force banks to unload some of their holdings or else raise more capital.

Last month, financial services firm ING also said it expects Moody’s to raise its Philippine credit outlook to stable from negative by the end of this year.

In February, Moody’s retained its negative outlook on the country’s more than $75 billion debt even as two other rating agencies raised theirs.

During the same month, Fitch Ratings and Standard and Poor’s (S&P) lifted their outlook to stable from negative, citing prospects of a narrowing budget deficit after the government raised the value-added tax rate.

Fitch kept its BB rating on the government’s long-term foreign currency debt, two rungs below investment grade. S&P’s debt rating is one step lower than Fitch, while Moody’s is the lowest at four steps below investment grade. -- K. L. M. Yap

http://www.bworldonline.com/BW091106/content.php?id=001

3cr

September 11th, 2006, 11:05 AM

S&P: Politics threatening RP rating upgrade
Country risks being left behind by Indonesia
By Doris Dumlao
Inquirer
Last updated 10:28pm (Mla time) 09/10/2006

Published on page B1 of the September 11, 2006 issue of the Philippine Daily Inquirer

STANDARD & POOR'S warned that "volatile" politics could sour prospects for a credit-rating upgrade for the Philippines and risk being left behind even by Indonesia, a neighboring country far worse devastated by the 1997 Asian currency turmoil.

In a report comparing the Philippines and Indonesia dated Sept. 4, S&P associate director for sovereign ratings Agost Benard noted that for the first time since the 1997 currency turmoil, the two countries were on equal footing as far as credit risk category and outlook were concerned.

"With a comparatively less favorable political setting, the Philippines' task to entrench and build on its gains may be more difficult and subject to greater setbacks than in Indonesia," Benard said.

"A weakening resolve in implementation and dilution of reforms could occur if a weakened President needs to shore up political and popular support. In addition, privatization of the electricity sector remains stalled, and notwithstanding the considerable improvement in (National Power Corp.'s) financial performance, an adverse change in the electricity market could again result in the need for public support," he said.

Although the Yudhoyono administration in Indonesia was seen treading cautiously, Benard said the overall political backdrop--including stability, support of the legislature, and in particular the President's personal political capital--offered a "more conducive environment for reform, with a lower risk of reversal or dilution" than in the Philippines.

On the other hand, he cited opposition obstructionism, the "divisive persona" of President Macapagal-Arroyo resulting in recurring coup attempts as well as a number of active insurgencies as threats to the sovereign's credit fundamentals.

During the past decade, Benard noted that the Philippines' sovereign rating was relatively stable in the "BB" range, but deteriorated slowly due a weakening fiscal position and policy environment.

"Over the past year this downward trend appears to have been arrested, and the key question is whether the reforms that yielded this improvement will be sufficiently entrenched to create upward momentum for the ratings," he said.

Benard said the turnaround in the Philippines' fortunes had been more recent and swifter than the very gradual process seen in Indonesia.

"Based on current trends, the two countries' sovereign ratings trajectories should both be positive, although the chance of divergence is present, should the Philippines fail to make recent fiscal improvements permanent and seize on the opportunity for further reforms, and if, as expected, Indonesia continues on its gradually improving path," he said.

Copyright 2006 Inquirer

JAMAICUS

September 11th, 2006, 11:20 AM

BPOs, OFWs are it in real estate

By Elizabeth L. Sanchez
Inquirer
Last updated 09:58pm (Mla time) 09/10/2006

Published on page B2-1 of the September 11, 2006 issue of the Philippine Daily Inquirer

PROPERTY advisory firm CB Richard Ellis Philippines said the real estate sector will continue to be buoyed by hefty demand for office spaces particularly from business process and outsourcing firms which in turn, will boost expansion of retail development in the provinces, it said in a study dated Aug. 28.

Further, remittances from overseas Filipino workers (OFWs) will continue to prop demand for the residential and retail sectors.

The key driving force in the Metro Manila "grade A" office market is the rapid expansion of the BPO industry, which provides call centers and back office locations for shared services operations such as accounting, human resource administration, medical and legal transcriptions and financial claim processing, CBRE wrote.

CBRE defines "grade A" office property as buildings located in a central business district area with high-quality amenities: large floor plates greater than 1,000 square meters, effective central air-conditioning, 100 percent back-up power, a building automation system and the availability of parking facilities.

Demand for office space has swelled in the past years as the BPO industry grew from roughly 1,500 seats and 2,400 employees in 2000 to over 70,000 seats and 112,000 employees at the end of 2005, CBRE said, citing data from industry group BPO Association of the Philippines.

The BPO Association also forecasts that BPO requirements will grow to over 200,000 seats by 2010 which translates to a real estate demand of over 1.4 million square meters.

Today, total gross floor area for "grade A" office spaces stood at 1.36 million square meters, 65 percent of which is in the Makati CBD while 22.3 percent is in the Ortigas business district.

Also, tenants now prefer to locate in technology-focused buildings registered under the Philippine Economic Zone Authority to take advantage of incentives under the law.

CBRE also said there is a shift toward a "landlord's market" due to a lack of suitable office space and land that can be developed for office use in the Makati CBD.

A landlord's market means the building owners have the upper hand in negotiating rates with tenants or lessees.

Average vacancy rates in Makati and Ortigas are now showing single-digit figures of 3.3 percent and 5.4 percent respectively, as of June 2006. With the limited amount of space and suitable land upon which to build new office spaces, CBRE estimates that vacancy rates should remain low in the office district for the remainder of 2006.

CBRE said that overall, demand for office space is predicted to exceed new supply, creating a temporary gap in the short to medium term.

CBRE said from mid-2006 until 2009, new supply for Metro Manila grade A offices is seen hitting 96,000 sq.m. The bulk of the new supply is expected to be located in the Ortigas central business district (83 percent) and Fort Bonifacio Global City (17 percent). No new supply is seen from the Makati CBD. Supply of IT buildings is also seen growing by 219,700 square meters from mid-2006 to 2009 which are located in Fort Bonifacio, Mandaluyong, Eastwood City and the Alabang CBD.

Retail
Development of the retail sector in the provinces--such as in Batangas, Bulacan, Cavite, Laguna and Pampanga and other cities like Bacolod, Cagayan de Oro, Cebu, Dumaguete, General Santos and Iloilo, will be influenced by growing BPO activity.

In the past five years, population in these provinces has expanded, fueled by new employment in export-oriented companies. In recent years, mall giants SM Prime Holdings of Henry Sy and Robinsons Land Corp. of John Gokongwei Jr., have pushed expansion plans into the provinces, spurred by lower operating costs and the growing spending capacity of provincial residents.

Higher spending capacity has been supported by higher OFW remittances, BPO expansion into these provinces and improving infrastructure in these provinces via roads, bridges and "roll on-roll off" boats.

In Batangas, Robinsons Land recently completed the expansion of its 36,550 sq.m. Lipa Mall. SM City Lipa, with a gross floor area of 75,000 sq.m., will be launched in the third quarter this year. In Cavite, Robinsons Land plans to build a 15,000 sq.m. mall in Tagaytay in 2008. SM San Pablo (Laguna), on the other hand, is in the planning stages and due for completion in 2008. Robinsons Land is also expected to expand into Davao by 2008 and GenSan by 2009.

Meantime, CBRE estimates that the total amount of additional future supply of shopping malls between 2006 and 2009 in nine key retail districts in Metro Manila (Alabang Center, Bay Area, Makati Central Business District, Rockwell Center, Ortigas Center, Eastwood City, East of Metro Manila, Ermita and Araneta Center) and at the North Triangle area in Quezon City will be limited, growing roughly by 446,672 sq.m. during the four-year period.

Metro Manila is still the capital for retail activities, accounting for 30 percent of the country's total retail sales.

This consists of an additional 56,000 sq.m. in Alabang Center, 44,000 sq.m. in the Bay Area, 30,000 sq.m. in Ayala Center, 20,000 sq.m. in the Bonifacio Global City and 96,672 sq.m. in Ermita. A 200,000 sq.m. new shopping mall is also underway in the emerging North Triangle area.

Future retail demand will be driven by the continued growth in OFWs' remittances, improved unemployment rate and easing inflation rate. The National Statistics Office recently said inflation eased to 6.3 percent in August this year, its slowest since June 2004 when the annual rate was pegged at 5.4 percent. OFW remittances in the first half were recorded at $6.6 billion, higher by 15 percent form the same period last year.

"Based on these trends, spending power is expected to continue to increase, supporting further growth in the retail market," CBRE said.

Competition will come from "flea markets" which have been set up in major centers as bargain shopping appears to be a growing trend, the property consultant added.

Residential
CBRE said the outlook for residential development targeting the middle to high income markets remain upbeat due to growing demand from these consumers. Tight supply however will mark the high-end market since no new developments in this category are seen until 2009. Most developers appear to be focused on the upper middle income residential apartment market.

CBRE defines middle income projects between P50,000 to P70,000 per sq.m. while high income is P70,000 to P100,000 per sq.m. Growth in the residential sector has largely been fueled by OFW remittances and Filipino-Americans as local developers continuously go on an international "roadshow" to market their projects abroad, particularly in the United States.

http://business.inq7.net/money/features/view_article.php?article_id=20167

TheAvenger

September 12th, 2006, 07:00 AM

As long there will be presidencial elections there will be hope but when the presidenciail elections are gone all hope will be lost and the entire government will be hijacked by the congress which composed of corrupt gluttonous individuals that is why SAY NO TO CHA-CHA "because before you try to reform the system you must reform yourselves first!!!"

even if the philippines will hold presidential election every year, still our country will be the same. Willl always be mired in corruptions, the main exporter of college graduates who will work in the four corner of the world as ass wiper, domestic helpers, entertainers, protitutes, etc.

unless we make a radical change to the whole system of government and society our country will be the same, the same sick man of asia..on the brink of an abyss.. just a bit better than Bangladesh or Burma.

JAMAICUS

September 12th, 2006, 07:55 AM

FDI flows reach $ 1 B in first 6 months

By LEE C. CHIPONGIAN

The BSP expect FDIs to hit $ 1.6 billion by the end of the year. Central bank officials thought earlier that FDIs would only hit $ 940 million, but then the equity investments started to pour in and the projection was adjusted higher to $ 1.2 billion and finally to $ 1.6 billion.

As of June 2006 net inflow was $ 210 million, a reversal from a net outflow of $ 23 million during the same period a year ago. This brought the year-todate FDI flows to $ 996 million. "The rising net FDI flows mirrored the positive sentiment of investors on the country’s economic climate following the news on sustained GDP (gross domestic product) growth, increasing GIR (gross international reserves), surplus fiscal position from AprilJune and easing inflation rate," BSP Governor Amando M. Tetangco Jr. said.

The BSP said that during the first half of the year, the reversal of the "other capital" account to a surplus of $ 656 million boost FDIs, from a net outflow of $ 107 million in the same period in 2005.

The other capital account is essentially comprised of intercompany borrowing/lending of funds between foreign direct investors and their local subsidiaries, branches or affiliates in the Philippines. These intercompany account transactions largely involved automotive and electronic firms. The improvement in the "other capital" account more than offset the net outflow of $ 25 million in reinvested earnings in the first six months of the year.

In the meantime, net equity capital remained in surplus at $ 365 million from January to June 2006, albeit lower than the year-ago level, as equity investments rebounded in the second quarter after posting a contraction in the preceding quarter.

Major investors during the six-month period were US, Japan, United Kingdom, Federal Republic of Germany, Switzerland and Taiwan. The bulk of the infused capital placements were directed to the manufacturing (chemicals, health-care, electronics, airconditioning system and steel products); services (medical research, resort facilities, information/technology, engineering, construction and facilities management); financial intermediation and real estate sectors.

FDI inflows are included in the country’s balance of payments, which summarizes the country’s economic transactions with the rest of the world. They are major sources of cash flows to boost the country’s gross international reserves. Foreign exchange from exports and overseas Filipino workers’ remittances complete the dollar reserve components.

http://www.mb.com.ph/BSNS2006091274212.html

overtureph

September 12th, 2006, 08:20 AM

MAPPING THE FUTURE
How globally competitive is the Philippines?

By Baltazar N. Endriga
Inquirer
Last updated 09:54pm (Mla time) 09/10/2006

Published on page B2-2 of the September 11, 2006 issue of the Philippine Daily Inquirer

WITH ITS abundant natural resources, talented, well-educated, freedom-loving and English-speaking population, favorable, strategic location, an enviable geography, natural endowments and a long history of democratic, capitalistic, political-economic system independent of colonial rule for more than 50 years, the Philippines would be expected to stand tall among nations in the area of economic competitiveness.

Thus, one wonders why the Philippines is known to lag behind such neighbors as Hong Kong, Singapore, Taiwan, Korea, etc. who do not posses the kind of natural, historical and societal advantages that the Philippines is blessed with.

A nation's competitiveness, which eventually translates into a nation's ability to achieve prosperity for its people, does not depend solely (not even to a great extent) on the above factors under the existing global economic order. Bolstered by emergent economic thinking, empirical evidence (Hong Kong, Singapore, Finland) has shown that a nation's competitiveness rests on a slew of factors that together, make nations and its enterprises manage the totality of their competencies to achieve prosperity or profit.

Underlying competitiveness are a nation's education, and in a broader sense, its human development strategies and policies. A nation can compete ably only if they can rely on a pool of talents and skills; and ONLY if the country is able to provide the environment that will be attractive to such a pool. This would include not just competencies but of greater importance the value system of employees, society and the political leadership. Without these less measurable factors, a country cannot hope to be competitive because without such environment, whatever talent and skills a nation has will simply go elsewhere. Investments will likewise go elsewhere.

Measured against such factors, the Philippines cannot be considered competitive.

With the recognition of "Competitiveness of Nations" as a new field of Economic Theory, and the establishment of the World Competitiveness Center and the annual publication since 1989 of the IMD World Competitiveness Yearbook (WCY), it has become possible to determine in what areas of competitiveness a country or region excels or has particular weaknesses and to make comparisons between economies. The WYC is the world's most thorough and comprehensive annual report on the competitiveness of nations. It provides objective benchmarking and trends. Based on analysis made by leading scholars and by research and experience of the World Competitiveness Center, the WYC calculates nations' competitiveness using 239 criteria (126 hard data from statistics from international, regional and national sources and 113 based on the opinions of top and middle executives). These criteria cover four major competitiveness factors:

1. Economic performance, consisting of: domestic economy, international trade, international investment, employment, prices

2. Government efficiency, consisting of public finance, fiscal policy, institutional framework, business legislation, societal framework

3. Business efficiency, consisting of productivity, labor market, finance, management practices, attitudes and values

4. Infrastructure, consisting of basic infrastructure, technological infrastructure, scientific infrastructure, health and environment, education

Since many factors are based on issues that are not easily measured, (such as management practices, labor relations, graft and corruption, environmental concerns or quality of life) these are captured through the perception of top and middle management who are dealing with international business situations via an opinion survey.

The thoroughness with which the WYC computes competitiveness ranking of 61 countries that it includes in its evaluation makes these rankings almost unassailable.

Philippine rank

In its May 2006 edition, the Philippines was ranked 49th out of 61 countries/regions maintaining its rank in 2005 which was three notches higher than the 52nd ranking in 2004. The following shows how the Philippines stands up against its neighbors over the past three years. (See Table 1)

On the factor "Economic Performance," the Philippines slid from 37th in 2004, to 41st in 2005 and 52nd in 2006. In the subcategories under this factor the Philippines was helped by relatively low prices. The rankings by subcategories are:

Subfactor Rank
Domestic economy 59
International trade 53
Int'l investment 58
Employment 49
Prices 13

On the factor "Government Efficiency" or the extent to which government policies and practices are conducive to competitiveness, the rankings by subfactor categories are:

Subfactor category Rank
Public finance 58
Fiscal policy 15
Institutional framework 54
Business legislation 49
Social framework 28

Of great significance are the ranking of the Philippines in a number of key criteria under the factor "Government Efficiency." (See Table 2)

On the factor of "Business Efficiency" where the Philippine ranking declined from 38th in 2005 and 44th in 2006 the subcategories which measure the "extent to which enterprises are performing in an innovative, profitable and responsible manner, the Philippine ranking was mixed as follows:

Subcategory Rank
Productivity 46
Labor market 15
Finance 55
Management practices 40
Attitudes and values 39

It is in "Infrastructure" that the Philippines rated rather poorly, ranking 59th in 2004, 55th in 2005 and 56th in 2006. By subcategory that are designed to measure the "extent to which the technological, scientific and human resources meet the needs of business," the Philippines ranked as follows:

Subcategory Rank
Basic infrastructure 61
Technological
infrastructure 37
Scientific infrastructure 58
Health and environment 53
Education 57

The WYC analysis and rankings have been helpful in showing us where the Philippines has to improve on at a much faster rate than the other 60 countries in the survey if it hopes to improve its competitiveness in the nest few years. The following are therefore recommended:

1. Accelerate the implementation of infrastructure projects particularly in the area of energy, roads, airports and ports and transport, and distribution facilities.
2. Improve the quality of basic education and achieve significant improvements in Math, Science and English.
3. Undertake capacity-building for regulatory agencies to promote transparency, nondiscrimination and procedural fairness and efficiency.
4. Establish credibility of public anti-corruption efforts by vigorously and credibly prosecuting and securing conviction of some "big fish."
5. Pursue a coherent population policy.
6. Encourage private sector investment in science and technology.

Note: Much of the data in this article were derived from the presentation in July 2006 of Federico Macaranas, PhD., executive director of the AIM Policy Center.

The 5th MAP International CEO Conference has the theme "Reversing the trend, turning the bend: Recipes for Competitiveness" and will be held on Oct. 11, 2006, Wednesday, from 8 a.m. to 5:30 p.m. at the Makati Shangri-La. For reservations or inquiries, please call the MAP secretariat at 751-1149 to 52.

(The author is managing director of the MAP Research and Development Foundation. Feedback at mapsec@globenet.com.ph)

http://business.inq7.net/money/columns/view_article.php?article_id=20166

JAMAICUS

September 12th, 2006, 08:23 AM

Peso seen hitting 46-48 to $1 in early '07

Inquirer
Last updated 04:06am (Mla time) 09/12/2006

THE PESO is expected to rise past 50 to the dollar by the end of the year and reach 46-48 to the greenback early next year, given positive macroeconomic fundamentals, the treasury head at the country's biggest bank, Metropolitan Bank and Trust Co.

"I'm quite bullish because I can see that the fiscal management side for this year is going to be much better than the target," said Edmundo Go. "The government is using the 2005 budget, so expenses are limited, but the revenue is based on the 2006 program, so the budget deficit is going to be way below the ceiling."

Money remittances from overseas Filipino workers (OFWs) "continue to grow, and the outlook for inflation is good," Go added.

In light of the improved economic numbers, "you've seen overseas remittances and investments coming in," he said. "You'll also see the US dollar retreating due to expectations of interest rates being kept on hold by the US Federal Reserve."

Go said, "It's just a matter of time and I think it [the peso] will break into the 49 level or better against the dollar when the noise about the expected sovereign credit upgrade grows louder and when the seasonal peak in OFW remittances is reached in December."

After P49 to $1, the next targets will be P48 to $1 and then P46 to $1, he said.

The peso has risen by nearly five percent against the dollar since the start of the year, hitting its highest close in four years at 50.25 to the greenback.

The strong peso appreciation is expected to maintain the downtrend in inflation as it reduces the costs of imports, including oil. It also cuts the government's foreign debt servicing and gives the central bank leeway in its monetary policy setting.

The central bank has maintained its 7.50-percent overnight borrowing rate and 9.75-percent overnight lending rate since October last year. Doris C. Dumlao, with INQ7.net

http://business.inq7.net/money/topstories/view_article.php?article_id=20449

Sinjin P.

September 12th, 2006, 11:28 AM

Philippines being left behind by rest of Asia--World Bank

September 12, 2006
Updated 16:33:27 (Mla time)

Agence France-Presse

THE PHILIPPINES runs the risk of being left further behind its Asian neighbors unless it pushes ahead with dramatic economic reforms, the World Bank managing director warned Tuesday.

"The Philippines is not reaching its full potential and may be facing the risk of falling further behind the rest of its Asian neighbors," warned managing director Juan Jose Daboub at a forum on governance in Manila.

Complete Article: http://services.inq7.net/express/06/09/12/html_output/xmlhtml/20060912-20569-xml.html

WB: RP economy lags behind rest of Asia

The Philippines runs the risk of being left further behind its Asian neighbors unless it pushes ahead with dramatic economic reforms, the World Bank managing director warned Tuesday.

"The Philippines is not reaching its full potential and may be facing the risk of falling further behind the rest of its Asian neighbors," warned managing director Juan Jose Daboub at a forum on governance in Manila.

Complete Article: http://www.abs-cbnnews.com/storypage.aspx?StoryID=50208

JAMAICUS

September 12th, 2006, 11:31 AM

Exports may sustain growth despite July slowdown--economist

XFN-Asia
Last updated 05:04pm (Mla time) 09/12/2006

EXPORTS growth in July lacked the same luster it showed in the previous month, but economist Song Seng Wun of CIMB-GK Research in Singapore is not very much concerned. The reason: the slower growth merely reflects a slow base last year, he said.

Merchandise exports in July grew only 12.9 percent from a year earlier to 3.955 billion dollars, against a stronger 20.6 percent growth in June. In July 2005, exports were up 12.7 percent to 3.503 billion dollars.

"I think this has a lot to do with the base effect. In terms of value, monthly exports have been hovering around 4 billion dollars since March and if it stays at that level, we will likely see exports growth in coming months at low to mid-teens," Song said.

He said the base effect was also seen in electronics exports, with receipts gaining a modest 1.4 percent year-on-year to 2.366 billion dollars in July after a 6.6 percent rise to 2.319 billion in June.

In July last year, electronics shipments were up 16.2 percent to 2.333 billion dollars.

But Song is unsure whether Manila's electronics exports, which comprise more than half of total shipments, will continue rising.

"Much will depend on demand in the US and on competition. The Philippines might be marginalized by its competitors in the region, with the threat coming from countries like Vietnam," he said.

Economists say a strong peso could also hurt Philippine exports, with the central bank seen keeping the local currency from appreciating beyond the 50 to the US dollar mark to keep exports competitive.

The peso rallied to as high as 50.25 to the US dollar last Wednesday, its strongest level in more than four years, on the back of improving economic and fiscal outlook for the Philippines.

http://business.inq7.net/money/breakingnews/view_article.php?article_id=20573

Espma

September 12th, 2006, 12:39 PM

3cr

September 12th, 2006, 12:58 PM

Net FDIs increase in June on rosy economic reports
By Likha C. Cuevas, Reporter
Manila Times
Tuesday, September 12, 2006

Favorable economic reports and forecasts propped up the Philippines’ net foreign direct investments (FDIs) in June this year.

Bangko Sentral ng Pilipinas said Monday that net inflows from FDIs in June amounted to $210 million, which was a reversal from a net outflow of $23 million in the same period last year and evidence of the positive sentiment of investors towards the improving economic climate in the Philippines such as sustained gross domestic product growth, higher gross international reserves, budget surplus from April to June and lower inflation rate.

The reason for the “two-fold expansion” of the net FDIs in the first semester of 2006 was the reversal of the “other capital” account, which incurred a surplus of $656 million from a net outflow of $107 million in the same period the previous year.

“The other capital account is essentially comprised of intercompany borrowing/lending of funds between foreign direct investors and their local subsidiaries, branches or affiliates in the Philippines,” BSP Governor Amando M. Tetangco clarified.

Tetangco explained that these intercompany account transactions largely involved automotive and electronic firms, and the improved “other capital” account more than offset the net outflow of $25 million in reinvested earnings from January to June 2006.

Meanwhile, the net equity capital was still in surplus amounting to $365 million in the first semester but this was lower than the level recorded last year as equity investments “rebounded” in the second quarter after a reduction in the first three months of the year.

The BSP said major investors in the first semester were the United States, Japan, the United Kingdom, Federal Republic of Germany, Switzerland and Taiwan.

Majority of these capital placements went to manufacturing (chemicals, healthcare, electronics, air-conditioning system and steel products), services (medical research, resort facilities, information technology, engineering, construction and facilities management), financial intermediation and real- estate sectors.

Net FDI flows reach $ 1 B in first 6 months
By LEE C. CHIPONGIAN
Manila Bulletin

The BSP expect FDIs to hit $ 1.6 billion by the end of the year. Central bank officials thought earlier that FDIs would only hit $ 940 million, but then the equity investments started to pour in and the projection was adjusted higher to $ 1.2 billion and finally to $ 1.6 billion.

As of June 2006 net inflow was $ 210 million, a reversal from a net outflow of $ 23 million during the same period a year ago. This brought the year-todate FDI flows to $ 996 million. "The rising net FDI flows mirrored the positive sentiment of investors on the country’s economic climate following the news on sustained GDP (gross domestic product) growth, increasing GIR (gross international reserves), surplus fiscal position from AprilJune and easing inflation rate," BSP Governor Amando M. Tetangco Jr. said.

The BSP said that during the first half of the year, the reversal of the "other capital" account to a surplus of $ 656 million boost FDIs, from a net outflow of $ 107 million in the same period in 2005.

The other capital account is essentially comprised of intercompany borrowing/lending of funds between foreign direct investors and their local subsidiaries, branches or affiliates in the Philippines. These intercompany account transactions largely involved automotive and electronic firms. The improvement in the "other capital" account more than offset the net outflow of $ 25 million in reinvested earnings in the first six months of the year.

In the meantime, net equity capital remained in surplus at $ 365 million from January to June 2006, albeit lower than the year-ago level, as equity investments rebounded in the second quarter after posting a contraction in the preceding quarter.

Major investors during the six-month period were US, Japan, United Kingdom, Federal Republic of Germany, Switzerland and Taiwan. The bulk of the infused capital placements were directed to the manufacturing (chemicals, health-care, electronics, airconditioning system and steel products); services (medical research, resort facilities, information/technology, engineering, construction and facilities management); financial intermediation and real estate sectors.

FDI inflows are included in the country’s balance of payments, which summarizes the country’s economic transactions with the rest of the world. They are major sources of cash flows to boost the country’s gross international reserves. Foreign exchange from exports and overseas Filipino workers’ remittances complete the dollar reserve components.

Sinjin P.

September 13th, 2006, 05:15 AM

RP needs attractive policies to sustain growth of BPOs
By Ehda M. Dagooc
The Freeman 09/13/2006

Philippines should develop attractive policies and initiatives designed to sustain the growth of the call center industry, in order to achieve its goal to be one of the investors' top pick as investment destination.

This is a suggestion made by Philippine Institute for Development Studies (PIDS), based on its observation on the call center industry in the Philippines.

Full Article: http://philstar.com/philstar/FREEMAN200609132003.htm

overtureph

September 13th, 2006, 06:35 AM

Commenting on Philippine reforms, WB cites Vietnam's pace

Agence France-Presse
Last updated 03:49am (Mla time) 09/13/2006

The Philippines runs the risk of being left further behind its Asian neighbors unless it pushes ahead with dramatic economic reforms, the World Bank managing director warned Tuesday.

"The Philippines is not reaching its full potential and may be facing the risk of falling further behind the rest of its Asian neighbors," warned managing director Juan Jose Daboub at a forum on governance in Manila.

He cited the rapid growth of China and India but also noted that Vietnam, which once lagged behind the Philippines, had shown remarkable success, cutting in half the number of its poor in just over a decade.

Daboub said this was happening in a "closed society [with] no political freedom but economic freedom has started to pick up," thanks to market reforms.

In contrast, the Philippines, with an open democracy, free press, well-educated population, and active private and civil sector, was still struggling to bring more of its population out of poverty.

He noted that a previous joint World Bank-Asian Development Bank survey found the two major obstacles to more investment in the Philippines were macro-economic instability and corruption.

Daboub said the Philippines was showing improvement with the passage of key fiscal reforms that were reducing the budget deficit, allowing more money to go to investment, social services and education.

He said the success of China and India showed the Philippines could also enjoy rapid growth, citing the country's open society, active private sector, lively civil society groups, and high levels of literacy and skilled labor force.

"These conditions are fertile ground for good economic policies to grow and flourish," he said.

Among the measures he suggested was to reduce the size of the state, saying this would also reduced the chance of misuse of funds while raising the activity of the private sector and civil society.

He also said it was up to the government and the people of the Philippines to improve governance, increase transparency and the accountability of state institutions.

Copyright 2006 Agence France-Presse. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

http://business.inq7.net/money/topstories/view_article.php?article_id=20664

heathcliff

September 13th, 2006, 11:53 AM

As long there will be presidencial elections there will be hope but when the presidenciail elections are gone all hope will be lost and the entire government will be hijacked by the congress which composed of corrupt gluttonous individuals that is why SAY NO TO CHA-CHA "because before you try to reform the system you must reform yourselves first!!!"

We have been changing people for decades, and still our government is perceived as corrupt and degenerate. More changes in people is obviously not enough. Perhaps with a change in the system, the diseased blood will gradually be replaced by good blood that will regenerate the system instead of being tainted by it.

Sean Hannity

September 13th, 2006, 11:57 AM

The answer is a strong judicial system that is impartial and just.

JAMAICUS

September 13th, 2006, 02:07 PM

World Bank lauds RP fiscal reforms, economic stability

By FIL C. SIONIL

The World Bank gave the Philippines a stamp of approval for the progress it has attained in narrowing its budgetary gap and managing macroeconomic stability but urged the country’s leaders to continue instituting structural reform measures further improve the business climate to attract investors, thus bringing down incidents of poverty.

http://www.mb.com.ph/BSNS2006091374257.html

adverg

September 13th, 2006, 02:38 PM

Can I ask the opposition, if you will win the seat in power, can you assure with your own mandate the security and welfare of every Filipino people to uplift our economy, do you show any examples before and now how does the majority will believe on your objectives. But it seems you are only attacking the weaknesses of the Arroyo house but never mentioning how will you do and what can you do to our country. Simple lang naman money and power lang ang hinhahanap nila kaya nagpapakamatay sila na makuha yung trono, but when they are there, goodbye na mga kababayan ko, marami na kasing pera uli kaya gusto naman nila sila ang magkamkam na pinaghirapan ni Arroyo maibalik uli sa normal ang ating financial status, do you think she will let you in, anoh baleh, no way......... Ako ang naghirap for the sake of the people then kayo lang ang makikinabang for the sake of your own pocket...

ikra

September 13th, 2006, 02:44 PM

as long as the marcos cronies are still alive they still continue to plague the country

TheAvenger

September 13th, 2006, 05:38 PM

The answer is a strong judicial system that is impartial and just.

how can it happen when the judiciary is also corrupt since it is a part of the whole corrupt rotten system of our government. in fairness to GMA supporters and fans, I will emphazise that this corruption started since the time of President Roxas (basing on the books) and Marcos and his cronies makes it more bigger corruptions by starting wholesale plunder of our nations wealth.

Here if you are rich and your opponent in a court case is poor, you can always buy the judge. if you are both rich, then the one with political power
always won in the court.

Well GMA must be corrupt also since she is sorrounded by corrupt officials. Besides cheating in a national election which she is accused of doing, is also a form of corruption - corruption of moral values.

Though in the biography of Pres Quirino (I posted in my own thread) it was mentioned that nationwide election cheating happened during his term, and Pres Quirino was also accused of election cheating, especially in Lanao where the birds, and the dead where able to vote, everybody should know that two wrongs will not make one right.

TheAvenger

September 13th, 2006, 05:55 PM

as long as the marcos cronies are still alive they still continue to plague the country

as long as the corrupt elite kingmaker, and the corrupt traditional politicians from both opposition and administration's parties were alive they will continue to plague our country.

beads_strawberries

September 14th, 2006, 09:54 AM

^After all, we're setting history on different economic indicators which only proves that the economic agenda of the government will prove to be beneficial for the country.

The stronger peso gives us a better edge, the high Foreign International Reserves which made history in the last two years, the GDP and GNP growth, collection goals of the government agencies were reached and were even surpassed, and many other indicators show the stability of our economy.

heathcliff

September 14th, 2006, 09:55 AM

how can it happen when the judiciary is also corrupt since it is a part of the whole corrupt rotten system of our government. in fairness to GMA supporters and fans, I will emphazise that this corruption started since the time of President Roxas (basing on the books) and Marcos and his cronies makes it more bigger corruptions by starting wholesale plunder of our nations wealth.

Here if you are rich and your opponent in a court case is poor, you can always buy the judge. if you are both rich, then the one with political power
always won in the court.

Well GMA must be corrupt also since she is sorrounded by corrupt officials. Besides cheating in a national election which she is accused of doing, is also a form of corruption - corruption of moral values.

Though in the biography of Pres Quirino (I posted in my own thread) it was mentioned that nationwide election cheating happened during his term, and Pres Quirino was also accused of election cheating, especially in Lanao where the birds, and the dead where able to vote, everybody should know that two wrongs will not make one right.

That's the point! Whether GMA is corrupt or not, she is still unfortunately perceived by many to be corrupt because of the men surrounding her who are perceived to be corrupt in a corrupt system.

As you have likewise said, the corruption (or at least the perception of it) existed since the time of our earliest presidents. What has happened since then? We have changed people in government again and again. Did this constant change in people improve the image of the government? Didn't the said image only become worse? Clearly, changing people has created little impact, because the political system has remained as it always was.

3cr

September 14th, 2006, 10:19 AM

DFA to file diplomatic protest vs US on Joc-Joc’s visa cancellation
Gloria rushes to save Bolante
By Angie M. Rosales
Daily Tribune
09/15/2006

With former Agriculture Undersecretary Jocelyn “Joc-Joc” Bolante’s petition for bail denied by a district court in Chicago, and with the US judge taking into consideration and advisement the amicus brief filed by Philippine lawyer Harry Roque which details the P3-billion fertilizer funds scam, complete with official Commission on Audit reports, President Arroyo, even as she is on a European jaunt, quickly moved to protect Bolante, an alleged presidential bagman, by directing her Department of Foreign Affairs (DFA) Secretary to lodge a diplomatic protest against the US government for canceling the visa of Bolante without first notifying him.

In a brief telephone interview with the Tribune yesterday, Roque confirmed that during yesterday’s hearing, the court dismissed Bolante’s petition to have the court reject the amicus brief, which also calls for the deportation of Bolante, who has been issued an arrest warrant by the Senate on charges of contempt.

Roque told the Tribune that Bolante was physically present in court, as it was a habeas corpus hearing.

Another hearing was set for the Bolante case on Sept. 27.

With the possibiliy of the amicus brief accepted by the US judge, the doors will then be open for the core issue, which would be the corruption link in the P3-billion fertilizer funds, part of which, it was claimed, were co-mingled with the US agricultural aid money. This would also bring to fore the testing of the policy on kleptocrats which US President Bush

directed, which denies corrupt government officials a safe haven.

But as this may prove detrimental to Mrs. Arroyo, Malacañang moved to rescue her former undersecretary in a bid to extricate him from the current mess he is in by filing a diplomatic protest.

The Palace’s planned move was said to have been made upon the recommendation of its strong ally in the upper chamber, Sen. Miriam Defensor-Santiago who is with the presidential party in London.

This development, however, only backfired on Santiago as her colleagues rallied behind Sen. Ramon Magsaysay Jr. who is relentlessly pursuing Bolante to compel him to face charges in relation to his purported involvement in the supposed misuse of billions of fertilizer funds in 2004.

Administration and opposition senators chided Santiago as well as the Palace and Mrs. Arroyo who initially denied protecting Bolante and extending special treatment to the former DA official only to confirm such protection, following the pronouncement on the impending filing of the diplomatic protest.

Senate President Manuel Villar Jr. berated Malacanang on its pronounced plan on behalf of Bolante saying that everything would not have come to the present situation had the Executive been conscientious in observing the laws of the land.

Sen. Panfilo Lacson disclosed the Palace move, citing reports from Brussels where DFA Secretary Alberto Romulo was quoted as saying that the protest action was broached by Santiago, chairman of the Senate foreign relations committee on grounds that protocol was breached in the visa cancellation.

Lacson pointed out that the planned filing of a diplomatic protest against the US over the arrest of Bolante only belies Malacanang’s repeated claims of a hand-off policy on the former DA official’s case and the assistance being extended to him was nothing but the “mandatory” consular assistance.

“Their slips are now showing. It only proves that no matter how they camouflage it, their true colors will show. No matter how much Malacañang proclaims it does not have anything to do with Bolante, their true sentiment will prevail in the end or at least when the heat starts to radiate toward their direction,” Lacson said.

The senator also questioned the matter of possible financial assistance provided by Malacanang to Bolante as the latter reportedly employed the services of Azulay, Horn and Seiden LLC, said to be among the biggest law firms in the United States, if not the second or fourth biggest law firm there.

Roque had said one would need to have “access to billions of pesos” to avail of the services of this firm, which he said “charges by the hour.”

Lacson and Villar defended Magsaysay’s decision to seek the assistance of the US authorities in tracking down Bolante, the result of which was Bolante’s apprehension last July by American immigration officials.

Apparently, the DFA now takes the view that protocol was not followed, since it was argued that the US Embassy should not have canceled Bolante’s visa on the strength of a Senate move to seek American help in checking on the whereabouts of Bolante and that the US should have dealt with the DFA on this issue.

But Roque told the Tribune that in the matter of visas—whether issuances or cancellations of these, this is the prerogative of the issuing country, besides which it is not a right of the visa holder to enter a foreign country, but a privilege which can be revoked by that country. The Philippine government has no business telling a foreign government what it can, or cannot do, by way of visas, he said.

“Protocol calls for actions such as that on Bolante to be coursed through the Executive and our Executive branch relaying this to the State Department, its US counterpart, which means that the (Philippine) Senate cannot go straight to the State Department. But the question is, will the Executive act on our request?” Lacson, for his part, argued, adding: “We did what we had to do under the circumstances that was before us and it’s a good thing the State Department acted on our request.”

He added: “Maybe they (US) saw something worthy from our call for assistance. Maybe they sense the apparent Palace involvement considering the Senate report cited Malacanang’s supposed involvement in the misuse or use of fertilizer funds during the 2004 presidential elections. So it is understandable that they knew, they were confronted by the fact that they could be breaking some protocol but they are also wary of breaking their own ‘no safe haven policy.’ So they were in a helpless situation,” Lacson told the Tribune in a telephone interview.

This was also the explanation also given by Villar saying that Magsaysay was merely exercising his prerogative to send vital information on Bolante to the US attorney general and the State Department.

Bolante, who was embroiled in a P728-million fertilizer fund scam, was arrested in Los Angeles July 7, on the basis of a canceled B1/B2 visa. The action stemmed from a Senate arrest order for Bolante, for repeatedly snubbing Senate hearings on the scams.

For his part, Executive Secretary Eduardo Ermita, commenting on the report of an impending diplomatic protest to be lodged against the US government, said: “Any assistance given to Mr. Bolante is just a consular duty of the DFA and it is extended to every Filipino national who is facing the same situation. Other than that, the Palace cannot give any other assistance to Mr. Bolante.”

Reports said Romulo was to file that diplomatic protest on grounds that Bolante was not advised by the US authorities before the cancellation of his visa.

Bolante is also reportedly seeking political asylum in the US, although the hearings did not touch on this.

The media were bared from covering the hearing on the request of Bolante and his family.

Bolante has been detained in the US since his arrest last June after immigration authorities discovered that his business visa had been canceled.

He is wanted in the Philippines for his refusal to attend the Senate hearings on the fertilizer fund scam which was said to have been diverted to the campaign war chest of Mrs. Arroyo.

What really matters in the end is that we should never let corruption go by without a fight. Even the smallest cases. If palalampasin natin lahat ng mga issues na yan ng hindi na reresolve ng tama, there will be no real progress waiting for this country. Hindi natin pwedeng takbuhan at iignore ang mga problemang yan.

People usually say, "ay pampagulo lang mga taong nag rereklamo na yan... kakaunti lang naman sila... kaya tuloy hindi na umasenso Pilipinas". Pero ano ang mali at masama sa magreklamo kung alamo naman na tama at para sa ikabubuti rin ng bansa ang iyong ginagawa?

Hindi dapat natin iwasan at dedmahin ang mga obvious naman na kababuyan na ginagawa ng mga pulitiko na yan sa bansa natin. It doesn't take a genius to figure out that this country's progress is being held down by corruption... kaya nga labis na maraming tao ang naghihirap ngayon eh diba? Ang tanong ay sino ba ang mga corrupt na ito at bakit hindi pa sila mapaalis sa puwesto? Bakit wala ng boses ang mamamayan?

Tanga lang naman ang magtitiwala sa mga "leader" na obvious naman ay nagpapanggap lang na gumagawa ng "kabutihan" para sa mga mamamayang matagal nang naghihirap. Kung talagang mabuti ang pakay ng current administration para sa bansa, bakit after ilang years lalo lang lumala ang sitwasyon natin? Dahil din ba sa mga "destabilizers"? Eh bakit ba nagkaroon ng "destabilizers" in the first place? Definitely its because something's awfully wrong with the system and a significant lot isn't happy or at least satisfied (and perhaps plenty of 'em) with it. Kung majority sa mga mamamayan ay satisfied, hindi naman siguro magkakaroon ng mga problema at gulong ganito in the first place. Perhaps only in a small scale lang kung sakali, pero hindi ganito kalala. Again, it doesn't take a genius. Well said Migs. Yan din ang di ko maiintindihan. Kung walang ginagawang masama eh why does it seem like they are doing everything in their power to hide than face the accusations being hurled at them. Obstruction of justice ang tawag diyan di ba?

nayki

September 14th, 2006, 10:54 AM

By Michelle Remo
Inquirer
Last updated 04:10am (Mla time) 09/14/2006

The Bureau of Internal Revenue (BIR) exceeded its tax collection goal in August, as it stepped up efforts to wipe out a shortfall in the first seven months of the year, preliminary government estimates show.

As of the last week of August, the BIR had collected about P1 billion more than its target of P67.77 billion for that month, according to the estimates.

http://business.inq7.net/money/topstories/view_article.php?article_id=20888

nayki

September 14th, 2006, 10:58 AM

By Doris Dumlao
Inquirer
Last updated 04:09am (Mla time) 09/14/2006

The central bank, Bangko Sentral Ng Pilipinas (BSP), has expressed concern about the puzzling repeal of a Joseph Estrada-era executive order that tightened all state-controlled credit programs in an effort to reduce the government's huge budget deficit at that time.

In a letter to President Gloria Macapagal-Arroyo dated Sept.8, BSP Governor Amando Tetangco Jr. noted that Malacañang's "unqualified" repeal of Executive Order No. 138 has rekindled fears that the government may once again "end up as primary source of financing for the poor."

http://business.inq7.net/money/topstories/view_article.php?article_id=20889

nayki

September 14th, 2006, 11:03 AM

By Michelle Remo
Inquirer
Last updated 04:09am (Mla time) 09/14/2006

Financial services providers Nomura group of Japan and DBS group of Singapore have raised their 2006 economic growth forecasts for the Philippines.

Nomura and DBS cited the unanticipated jump in the country's export earnings, the increase in money remittances from abroad, and the stronger-than-expected economic performance in the first half of the year.

http://business.inq7.net/money/topstories/view_article.php?article_id=20890

chixbebe

September 14th, 2006, 11:31 AM

Another investment has been made here in our country when an Israeli Company signed a joint venture agreement worth P2.4B with Filinvest land Inc. for the huge Project place at San Mateo Rizal.

Filinvest Land said in a disclosure to the stock exchange that African-Israel Investments Philippines Inc. would initially invest P380 million in the project with an option to increase it by another P2.1 billion over a five-year period. AIIP will own a 40 percent interest in the project.

Continous pouring of investments like this would make our economy more progressive and the country be known to all. This will make us more confident in pursuing different plans/projects in any level because of this investors, we know we are capable of giving them what they are looking for, for an investment.

3cr

September 15th, 2006, 01:05 AM

It makes me wonder ano ba talaga ang mas accurate na economic outlook for the Philippines since local and Int'l forecast figures don't seem to be in agreement.

IMF’s 2007 GDP forecast for RP reduced further
By Likha C. Cuevas, Reporter
Manila Times
Friday, September 15, 2006
Full Article: http://www.manilatimes.net/national/2006/sept/15/yehey/business/20060915bus1.html

THE International Monetary Fund (IMF) has further lowered its Philippine economic growth forecast for 2007. Last April the IMF predicted that the country’s gross domestic product would grow by 5.6 percent, which it reduced to 5.5 percent last month during its postprogram monitoring visit in the Philippines. In its latest World Economic Outlook, the IMF further reduced its forecast to 5.4 percent.

The IMF also put on notice the countries with high public debt and/or budget deficits such as the Philippines, India and Pakistan, saying that their fiscal positions should be put on a “medium-term footing.” This meant that “further consolidation and improvements in the composition” of the Philippines’ debt—which is associated with foreign currency risks—would reduce the vulnerability to changes in global investor sentiment and enhance monetary policy credibility, the agency said.

Last week the Asian Development Bank maintained its 2007 GDP outlook for the Philippines at 5.3 percent, lower than the government’s 5.7-percent assumption. Reasons for the relatively lower forecast include slow investments and low capital outlay.

beads_strawberries

September 15th, 2006, 05:20 AM

The lower outstanding public sector debt (OPSD) attributed to the improving fiscal condition of the country. According to news, this amounted to P5 trillion in the first quarter of the year which contributed to a decline of total public sector domestic debt by 6.8 percent.

JAMAICUS

September 15th, 2006, 09:59 AM

Public sector debt cut to 89% of GDP

Reuters
Last updated 03:07am (Mla time) 09/15/2006

THE total debt of the public sector fell to 89 percent of the gross domestic product (GDP) at the end of March from 93 percent at the end of 2005, as the central government cut its debt, finance department data showed on Thursday.

Total outstanding public debt -- which includes the debt of government-owned or -controlled corporations -- slipped 1.6 percent to 4.95 trillion pesos ($98 billion) at the end of March from a revised 5.03 trillion pesos at end of 2005, the Department of Finance said.

The Philippines, Asia's biggest sovereign debt issuer after Japan, has imposed a broader and higher national sales tax to raise chronically weak government revenues, cut its debt and wipe out its budget deficit in 2008.

Public-sector foreign debt climbed 1.2 percent to 3.33 trillion pesos, while the domestic debt fell 6.8 percent to 1.6 trillion pesos.

The national government’s debt of 3.96 trillion pesos was more than three-fourths of the total, the finance department said.

The national government borrows heavily from foreign and local markets to fund a budget deficit that it hopes to cut to 125 billion pesos, or 2.1 percent of GDP, this year from 146.5 billion pesos, 2.7 percent of GDP, in 2005.

The national government, which spends one-third of its annual budget on debt servicing, has said it might record a smaller budget deficit than targeted this year because Congress failed to pass the proposed 2006 spending plan.

Consolidated non-financial public-sector debt dropped 2.1 percent to 4.6 trillion pesos, equal to 82.3 percent of GDP, at the end of March as compared with the end of 2005.

The decrease was largely due to reduced debts of most of the 14 monitored government corporations, principally National Power Corp. (Napocor).

The International Monetary Fund has urged the Philippines to sustain the turnaround in the financial position of Napocor, previously the biggest drain on the government's finances, and to minimize losses of National Food Authority (NFA).

Debts of NFA, the government's grains-importing arm, rose 4.9 percent to 64 billion pesos as of the end of March from end-December, partly due to more grains imports. With INQ7.net

http://business.inq7.net/money/topstories/view_article.php?article_id=21088

earlat

September 15th, 2006, 01:05 PM

Migan

September 15th, 2006, 01:28 PM

earlat

September 15th, 2006, 02:14 PM

That may be true, but then again, no matter how visionary and brilliant a president is, and not matter how long that list goes, as long as that leader lacks the sincerity, transparency, morality, and will to actually lead this country out of poverty and into the path of progress, para sa akin lang, wala parin use lahat ng mga binanggit mo above.
You have a point that sincerity, transparency, morality, and will to govern are all important in becoming a leader, especially in our country, but mind you it also requires decisiveness in making the country move forward - however popular or unpopular the decisions are. Alleviating us from poverty has been part of every president's platform but to no avail it's still our problem till now. Let me just explain my side, earlier I enumerated the reason why I gave her a 10, clearly it's her work/performance that I'm impressed with. Corroborated by statistics and the latest economic data, I am able to give her a thumbs up and hopefully that it would translate into something tangible to all Filipinos. I admit that poverty is still widespread, corruption is still pevalent, and the quality of life in our country is still nowhere in an avant-garde mode but atleast we have a hopeful picture finally - and for now it's enough to make us more enthused in facing the future. I respect your opinion and I appreciate the inputs that you've given me. Cheers to democracy!

earlat

September 15th, 2006, 02:50 PM

China growth to pull up region
PHILIPPINES, THAILAND AMONG THOSE TO BE AFFECTED, SAYS I.M.F.
http://www.businessmirror.com.ph/front01.php
By Jun Vallecera
Reporter

THE rate of growth in the Philippines this year is seen to mirror last year’s economic expansion of five percent in terms of the gross domestic product (GDP). But this is seen to grow next year to 5.4 percent as inflation, which tends to slow down growth, were to improve considerably to just 5 percent versus this year’s projected average inflation of 6.7 percent, the International Monetary Fund said on Thursday.

Actual year-to-date inflation in the Philippines stood at 6.9 percent, Bangko Sentral ng Pilipinas records show.

The IMF has just released its World Economic Outlook, a comprehensive analysis on the macroeconomic performance of member countries and how current trajectories play out over the short horizon.

Regionally, the growth outlook is bullish, with emerging Asia already posting growth above eight percent thus far.

China’s massive growth of 11.3 percent in the second quarter together with projected sterling expansion by India should boost growth also in countries as the Philippines, the IMF said.

“A higher growth rate in China would elevate growth elsewhere in the region—but especially in Hong Kong, Indonesia, Korea, the Philippines, Singapore and Thailand—given the strengthening intraregional trade,” the IMF said in citing the upside.

“On the downside, risks include the possibility of an investment boom-bust cycle in China and its regional impact, higher oil prices, the heightened threat of protectionist action in advanced economies following the deadlock of the Doha Round, an outbreak of the avian flu pandemic, and slower growth in the advanced economies, especially Japan and the United States,” it added.

Against this backdrop, the IMF forecasts Manila’s current account to remain in surplus equal to 2.4 percent of GDP this year, but that this will likely fall to surplus of only 1.7 percent of GDP next year.

“The region would be vulnerable to a deterioration in international financial market conditions although compared to other market regions and their own pasts, most economies in emerging Asia generally now seem better positioned to weather such a deterioration.

Manila’s current account, a portion of the balance of payments that shows the net flow of trade, has mirrored the surplus position of the BOP and is projected as a surplus of $2.3 billion this year.

The current account was also seen to rise even higher next year to at least $2.4 billion as export activities pick up.

Manila’s foreign debt load was also cited as a concern: “In the Philippines, and to a lesser extent, Indonesia, the structure of public debt is associated with foreign currency risks, and continued fiscal consolidation and improvements in the composition of this debt would contribute to reducing the vulnerability to swings in global investor sentiment and enhance monetary policy credibility.”

Migan

September 15th, 2006, 03:18 PM

Let me just explain my side, earlier I enumerated the reason why I gave her a 10, clearly it's her work/performance that I'm impressed with. Corroborated by statistics and the latest economic data, I am able to give her a thumbs up and hopefully that it would translate into something tangible to all Filipinos. I admit that poverty is still widespread, corruption is still pevalent, and the quality of life in our country is still nowhere in an avant-garde mode but atleast we have a hopeful picture finally - and for now it's enough to make us more enthused in facing the future. i admire your positive mindset and enthusiasm for the current administration. truly the stuff that you mentioned made a lot of sense, and would perhaps one day maybe even materialize the way we want it to. there are a lot of things currently goin on right now, and yes, only time will tell whether or not these current breakthroughs are the real thing or just plain ephemeral shizzle. it is hard to regain the public trust after all, and there are numerous issues that clearly and repeatedly question (and challenge) the president's integrity which in turn is directly affecting the well-being of the entire country. this nation badly needs transparency, less anomalies, and even lesser stories of power tripping and abuse. those officials whose integrity are in question can't even be investigated on anymore. why can't a supposedly competent administration provide us, the people, these simple yet crucial things? of course real progress requires all these things to be properly recognized and addressed.

Cheers to democracy!and yes, cheers to a healthy democracy :) it does not need be perfect, but perhaps someday we will truly be able to achieve this.

TheAvenger

September 15th, 2006, 05:20 PM

Better late than never... I give PGMA a 10. I'm just being objective with my choice - advantages outweighed the disadvantages of having GMA as our President.
* Her qualification as a President is impressive as she's a very dynamic leader.
* Fiscal Management (budget) is an astounding success. Better than any Post-Marcos Presidents (Aquino, Ramos, Estrada) has ever made.
* Economic growth (GDP and GNP) is one of the highest in her administration. Noteworthy are: the curtailment of the inflation rate, rising tourist-arrivals, BPO/ IT presence in the country is growing fast, strong PESO (although partly attributed to OFWs but still), rising export growth, Investments both domestic and Foreign are amazingly vibrant, pulsating growth in agriculture, service, telco, and mining sector... etc...
* She has a clear-cut vision for the country, although ambitious but still a motivation for all of us to attain - to become a 1st World Nation in 20 years. A challenging feat, yes. But i believe she's the only president who has envisioned such a great dream.
* In terms of Infrastructure, i give her a passing rate coz it's really hard to press for infra projects without a budget brought about by the impasse with Senate and Malacanang.
* She has survived the worst crises of her administration from the rabble-rousers, negative ratings from opinion polls and media, charges of corruption, and of course who would forget the 2 impeachments. Ouch! She's really bold enough to make a stand. She's a leader to beat!
* There's more... I'm just to tired too write... and opinion ko lang po ito...

I just give 5 to be on the safe side incase all the economic datas and apparent progress were just manufactured by a propaganda machine.

those datas about GDP and GNP were given by NEDA and other govt agencies and how can we be sure that all of that were genuine datas or just a fabrication.

maniniwala ako doon kung ang mga Pinoy ay ayaw nang mag abroad dahil makakaraos na sila dito sa Pinas. Kung wala nang balita nang mga scandals ng corruption like Bolante fertilizer scam and countless other corruption scandals and stories.

about visions - all presidents has great visions for our country and Marcos has even more greater visions than GMA but see what happen......

about "envisioned such a great dream" wala namang masamang mangarap.
tayong mga Pinoy ay nabubuhay na lang sa pangarap. mas masarap mapangarap ang mga beautiful, lovely, and sexy movie stars, kaysa pangarapin na magbabago pa ang bansang ito. unless there is a radical change that only the extreme right and the extreme left can do. wala tayong maasahan sa mga corrupt politicians and bureaucrats from both administration and opposition party.

she has survived the crises like the charges about election cheating, impeachment and etc, but the problem is still there... like a wound that will never heal... unless she has the political will to finally solve it.

the only thing that I believe about your Idol is that she is small but terrible...
he he he.

mygz14

September 15th, 2006, 05:32 PM

FRIDAY, SEPTEMBER 15, 2006 | COMMENTARY

LONDON (Via PLDT) – It was not in her schedule; neither was it a must for her to do so.

But President Gloria Macapagal-Arroyo, determined to put a closure to the alleged human rights abuses under her administration, particularly the spate of extrajudicial killings in recent months, sought out officials of the London-based Amnesty International (IT) Thursday, and was pleased with the results.

It was the first time a head of state had sought out Amnesty International and the human rights advocacy group responded positively, according to Press Secretary Ignacio R. Bunye in an impromptu pre-departure briefing Thursday afternoon (London time) on board the chartered Philippine Airlines (PAL) that would take President Arroyo and her entourage to Havana, Cuba.

Bunye said the three-man AI panel appreciated the fact that President Arroyo had taken time to explain to them what is actually happening in the country.

The President, he said, briefed AI officials on the creation of the Melo Commission to investigate the spate of extrajudicial killings and informed them of the impending approval of the law granting compensation to the victims of human rights abuses during the Marcos regime.

"They responded positively and appreciated the fact that the President is the first head of state that has dealt with Amnesty International head on," Bunye said.

As President Arroyo listened intently, Bunye said AI officials made some recommendations on how to deal with the issue, foremost of which is that the Melo Commission should operate with transparency and independence which, according to Bunye, is what the President really wants to happen.

The President, however, is not limiting the assistance coming from AI in dealing with the issue.

According to Bunye, she is also looking at the proposal of Spain, Finland and Brussels which have all indicated their desire to send monitors to the Philippines.

SOURCE: http://www.gov.ph/news/?i=16130

nayki

September 22nd, 2006, 05:04 AM

By Michelle Remo
Inquirer
Last updated 10:18pm (Mla time) 09/21/2006

Published on page B2 of the September 22, 2006 issue of the Philippine Daily Inquirer

THE INTERNATIONAL Monetary Fund (IMF) has given Asian nations, including the Philippines, a positive outlook, saying the region is likely to continue to post strong economic growth, even through external disturbances.

IMF Division Chief Timothy Callen said that while the political turbulence in Thailand may affect investor sentiment on the region as a whole, it is not expected to upset macroeconomic indicators of other more stable Asian economies.

With respect to the Philippines, the IMF said that the government's effort to put its public fiscal sector in order has been fruitful in terms of improving investor sentiment toward the country. The IMF said that when the government stepped up measures to address fiscal woes, it was taking a step in the right direction.

"Looking ahead, growth prospects (for Asian countries) are bright, spurred by firming domestic demand," the IMF said in its regional economic outlook. "With the interest cycle in Asia likely nearing its peak and the prospect of stability in oil prices, there is an expectation that domestic demand--in particular, investment in the Asean countries--will pick up steam."

The IMF has recently adjusted its GDP growth forecast for the whole of Asia to 7.3 percent this year, reflecting a 0.5 percentage point improvement from its previous forecast. The growth is relatively stronger than other regions.

The IMF attributed its growth forecast for Asia to the ability of member economies to contain inflation despite oil price hikes. The slowdown in inflation is attributed to monetary action and foreign exchange appreciation.

Inflation for Asia is seen to stand below 3 percent this year and next year. In the case of the Philippines, average inflation for the first eight months of the year hit only 6.9 percent, prompting economic authorities to project that full-year inflation would settle below the official forecast of between 7.3 and 7.9 percent.

The IMF this year likewise sees investment flows in Asia growing, and exports getting stronger, given the huge demand especially for electronics products.

But the institution added that, in the area of attracting investments, the Philippines is being left behind by its neighbors. The IMF noted that the investment-to-GDP ratio of 15 percent in the Philippines was comparatively smaller than India's 31 percent and China's 45 percent

http://business.inq7.net/money/topstories/view_article.php?article_id=22354

3cr

September 22nd, 2006, 05:52 AM

Medyo bad news as to how the recent Thai coup has affected foreign perception of the Philippines' economic and political outlook which in turn can affect foreign direct investment into the country. Hopefully we can learn from this Thai fiasco at huwag naman sanang mangyari itong doom and gloom scenario sa ating bansa... :runaway:

RISKY BUSINESS: Crisis brewing in the Philippines
By Jephraim P Gundzik
Asia Times

Are foreign investors greatly underestimating the risks associated with the Philippines? The probability of terrorist strikes is growing, while the country's volatile political and social environments appear set to destabilize significantly. Terrorism and destabilization could further undermine the country's already weakening economy, leading to much slower-than-expected economic growth in 2006 and possibly even a recession in 2007.

Foreign and domestic investors alike have built significant positions in equities, domestic fixed-income securities and international bonds based on overly optimistic economic assumptions. These positions may be dumped in dramatic fashion as perceptions of investment risk become more realistic in the months ahead, leading to substantial and destabilizing capital outflows.

Philippine security and government officials regularly play down the threat of future terrorist strikes, but the picture could be far less rosy than these officials are willing to admit publicly. In mid-2006, the US State Department's coordinator for counter-terrorism, Henry Crumpton, noted this about the terrorism potential in the Philippines: "The threat is very serious if you look at recent events, the intention of enemy forces, their collaborating with affiliates all around the region, and their technical skills, especially in bomb-making, their tradecraft skills."

Crumpton was referring to the well-established nexus between international and domestic terrorist organizations in the Philippines. The home-grown Abu Sayyaf and the Rajah Solaiman Movement (RSM) are believed to be combining resources and expertise with the Indonesia-based terror group Jemaah Islamiya (JI), which is believed to have ties with al-Qaeda. The Abu Sayyaf and RSM probably have more 2,000 hardcore members combined. Meanwhile, security experts believe that at least 40 JI operatives are currently in the Philippines training jihadis in the finer points of bomb-making.

The presence of JI operatives in the Philippines was made apparent last month when the military launched a joint offensive with the US aimed at a terrorist training camp on Jolo Island. In addition to targeting the Abu Sayyaf's leadership, the joint Philippine-US military action was meant to capture two leading JI members, Dulmatin and Umar Patek. These JI leaders, who are believed to have played key roles in the 2002 Bali bombings in Indonesia, were apparently encamped with the Abu Sayyaf. No high-ranking Abu Sayyaf or JI leaders were captured or killed, however.

In late July, Philippine defense officials announced that US commando teams would be deployed during the second half of 2006 and the first half of 2007 to hold "anti-terror" drills with Philippine troops. These drills are to take place in the western and central parts of Mindanao, where Abu Sayyaf and JI militants are based, and are likely to mark the beginning of a broad and potentially violent US-backed offensive. It can be assumed that the government of President Gloria Macapagal-Arroyo would not be expanding the military offensives against the Abu Sayyaf and JI if these organizations were in decline.

The budding Abu Sayyaf-JI relationship also appears to have embraced the RSM. The RSM, which was established in 2002, originated among a small group of Balik Islam members in the Philippines. Balik Islam is a legal organization composed of Christian converts to Islam and has more than 200,000 members, many of whom are concentrated in the traditionally Catholic regions of Luzon and Manila. Balik Islam is said to have gained strength in recent years with the return of Filipino workers from the Middle East.

For instance, the RSM is believed to have participated in the bombing of SuperFerry 14 in February 2004 and in the February 2005 multiple bombings in Manila, General Santos City and Davao. Being composed of non-ethnic converts to Islam and located in predominantly Catholic regions of the Philippines, the RSM's members can more easily blend in with the country's urban population than their ethnically different counterparts. For this reason, the RSM could pose a significant and increasing security threat to large metropolitan areas, including Manila.

High political risk
On the surface, the Arroyo government appears strong and capable and has used its legislative majority to implement highly unpopular economic reforms. Arroyo has demonstrated a unique ability to deepen her support within the power structures of the Philippines despite allegations of vote-rigging and corruption.

The Arroyo government's inroads with the power elite, however, belie very weak popular support. Widespread anti-government protests, repeated efforts to impeach the president and numerous attempted coups indicate that anti-Arroyo sentiment runs very high among a large and diverse proportion of the electorate. Opinion polls conducted over the past 18 months have shown popular support for the president ranging between 25% and 35%.

Making the disparity between her legislative and popular support sharper have been other opinion polls that consistently show that since 2005, more than half of the electorate believes the president should be impeached. Arroyo's legislative alliances have been built by patronage, and with mid-term elections scheduled for next May, these alliances could become increasingly shaky as self-interested legislators weigh whether abandoning Arroyo would improve their own re-election prospects.

Faced with potential defeat in May, Arroyo is seeking to postpone or cancel the mid-term elections through an amendment to the 1987 constitution. The proposed charter changes were initially broached late last year by a 55-member Consultative Commission appointed by Arroyo. Among other suggestions, the commission controversially recommended that the 2007 mid-term elections for the House of Representatives and Senate be canceled and that current elected legislators combine to form an interim parliament charged with overseeing reforms.

Protests against that plan staged early this year played a role in triggering the state of emergency Arroyo controversially declared in February. That opposition forced the government at least temporarily to backtrack on the charter-change initiative and recommend that the 2007 mid-term elections go ahead as constitutionally mandated. The government is now exploring other legal avenues to change the constitution.

Even if next year's elections go ahead, growing political and social polarization could spur more violence and instability - a situation that could be exploited either by terrorist organizations or by the country's leftist insurgents. After the February coup plot, the Arroyo government undertook a crackdown on her leftist opponents in Congress.

In mid-June, the government launched a military offensive against the Communist Party of the Philippines and its armed wing, the New People's Army, marking a significant escalation in a decades-old conflict. The NPA is active in 69 of the Philippines' 79 provinces, suggesting that the government's military offensive could spark a sharp escalation in violence throughout the country.

Economic soft spots
If so, political and social instability could negatively impact economic growth throughout 2007. Strong growth in personal consumption expenditure, sustained almost exclusively by rising foreign worker remittances, is the country's main economic engine. Though expanding exports have supported economic growth in the first half of this year, exports are likely to weaken as US and global economic growth slows in the second half of 2006 and into 2007.

Remittance dependency has also increased the Philippines' vulnerability to external economic shocks. Economic weakness in countries hosting Filipino workers reduces external employment and remittances. In 2006, the growth of remittances from overseas Filipino workers is expected to weaken in accordance with slowing economic growth in the US, where most remittances originate. Already in the first half of 2006, the growth of foreign worker remittances slowed to 15% from 24% from the same period in 2005.

Meanwhile, domestic investment in the Philippines is chronically weak, having contracted in real terms by a cumulative 4% between 1999 and 2005. Contracting investment has contained employment growth and pushed real wages lower. Fiscal austerity undertaken by the Arroyo government, under the guidance of the International Monetary Fund, has reduced and will continue to reduce public-sector consumption and investment expenditure.

Despite overwhelming evidence of economic weakness, government officials, multilateral lenders and economic analysts still believe real growth will remain above 5% in 2006 and even accelerate in 2007. But if the US economy continues to slow in 2007, a notion supported by America's weakening housing market and spiking international oil prices, the Philippine economy could easily fall into recession.

Extremely optimistic economic-growth forecasts for the Philippines and distorted risk perceptions have encouraged substantial inflows of foreign portfolio investment to the country over the past 18 months. In 2005, net foreign portfolio investment jumped by US$2.8 billion. In the first quarter of 2006, net foreign portfolio investment increased by a further $2.2 billion. Of this $5 billion of inflows, only about one-half originated from real foreign investors. The other half, it appears, originated from exchange-rate arbitrage in international currency markets conducted by Philippines-based banks.

Banks have been borrowing abroad, mainly in Japanese yen but also in US dollars, and investing the proceeds in short-term domestic fixed-income securities. The surge of external borrowing by banks can be clearly discerned in the external-debt statistics of the Philippines. In 2005, for instance, the external debt of private banks increased to $6.4 billion from $3.7 billion in 2004. Foreign banks in the Philippines accounted for about $2 billion of the $2.7 billion increase in the banking sector's external debt over that period. With real domestic credit and investment contracting sharply in 2005, it is highly unlikely that any of the external funds borrowed by banks were used for anything other than arbitrage bets.

This arbitrage was a significant factor behind the sharp appreciation of the peso, especially against the yen, in 2005. In addition to banks, foreign investors also targeted short-term domestic fixed-income securities in 2005. In the first quarter of 2006, heavy foreign portfolio and domestic bank arbitrage inflows continued. These inflows probably reversed somewhat in May and June, when the peso weakened sharply. However, the renewed strength of the peso in July suggests some of these positions have been rebuilt.

In addition to producing peso appreciation and sharply negative real domestic interest rates, foreign portfolio investment inflows and domestic bank arbitrage plays have also propelled the equity market higher and tightened spreads on the Philippines' international bonds. When foreign and domestic investors meet economic - and potentially a jarring political - reality, a large-scale correction in asset values and the exchange rate will follow.

Jephraim P Gundzik is president of Condor Advisers, which provides investment risk analysis to individuals and institutions worldwide.

(Copyright 2006 Asia Times Online Ltd. All rights reserved. Please contact us about sales, syndication and republishing .)

overtureph

September 22nd, 2006, 08:20 AM

ENRIQUE ZOBEL: ENTREPRENEUR, SPORTSMAN, DREAMER

MANILA, May 25 , 2004 (STAR) By Wilson Lee Flores - One of Asia’s most remarkable billionaire tycoons was the late Colonel Enrique Emilio Jacobo "EZ" Zobel, who died at age 77 on May 17. At the prime of his life, Zobel was the swashbuckling polo-playing leader of the Hispanic Zobel-Ayala clan, the diversified Ayala conglomerate and the Bank of the Philippine Islands (BPI). He played a key role in developing the Makati financial district. Outspoken, a non-conformist and a dreamer, Enrique Zobel’s name was even mentioned in the early ‘80s as a possible President in the post-Marcos era.

Enrique Zobel piloted his four-engine Jestar plane 15 times around the world. In 1984, Zobel deployed 12,000 Filipino workers and National Artist for Architecture Leandro "Lindy" Locsin to build huge projects overseas – including the world’s biggest palace owned by his polo playmate, the Sultan of Brunei. After he became paralyzed from the neck down in ‘91 due to a horse-riding accident in Spain, he told this writer: "Don’t pity me, take pity instead on those in government who are paralyzed from the neck up."

A few years ago in his sprawling one-hectare Ayala Alabang residence discussing his memoirs project, he was asked how he would like to be remembered. The straight-talking Zobel replied, "When you’re dead, you don’t give a damn. It’s the end of the book. It’s like turning off the lights – it’s dark. The important thing is how many people you can help while you’re alive – kung hindi malilimutan ka na."

..............

http://www.newsflash.org/2004/02/be/be002837.htm

overtureph

September 22nd, 2006, 08:23 AM

MCMICKING, Mercedes Zobel

Sunday, January 8, 2006

Mercedes Zobel McMicking Passed in Sotogrande, Spain on December 3, 2005 at the age of 98. Born in Manila, Philippines on May 5, 1907 to Enrique Zobel and Consuelo Roxas de Zobel, she spent her childhood in the Philippines and then was sent abroad to be educated in Madrid and Paris. Upon her return to Manila she married a childhood friend, Joseph R. McMicking on April 16, 1931. During World War II, he was a member of the small group of staff officers ordered to leave Corregidor with General Douglas MacArthur, and was a member of MacArthur's staff in Brisbane, Australia where he served as an Intelligence Officer. In 1944, he returned with Gen. MacArthur during the Liberation of the Philippines and was reunited with Mrs. McMicking who had spent the war years at the family home near Manila. Mr. McMicking attained the rank of Lieutenant Colonel and was granted US citizenship for his war service. After the war, Mr. McMicking became president of Ayala Corp. and is credited with leading the master planning of Makati City, laying the foundation for the area to become the financial capital of the Philippines. Mr. and Mrs. McMicking co-founded the Filipinas Foundation, Inc. (now known as the Ayala Foundation) one of the first corporate foundations in the Philippines as well as the Joseph R. & Mercedes Z. McMicking Foundation in San Francisco...........

http://www.sfgate.com/cgi-bin/article.cgi?file=/c/a/2006/01/08/MNMCMICKIN35.DTL

overtureph

September 22nd, 2006, 08:25 AM

COCKTALES
Merry Christmas, Zobels

By Victor Agustin
Inquirer
Last updated 11:07pm (Mla time) 09/21/2006

Published on Page B2 of the September 22, 2006 issue of the Philippine Daily Inquirer

THE SEASON of joy and gift-giving is still three months away, but already the Zobels have made sure their holiday socks are well-filled.

The family holding company, Mermac Inc., scooped up over P10.56 billion in unloading about 6.9 percent out of the nearly 58.1 percent stake in the family-controlled Ayala Corp...........

http://business.inq7.net/money/columns/view_article.php?article_id=22359

JAMAICUS

September 22nd, 2006, 11:05 AM

Political stability important for economy - foreign envoy

If a change in the country’s form of government ensures stability in the country’s political climate, the Philippines will definitely achieve economic growth and stability, according to a foreign envoy.

Canadian Ambassador to the Philippines Peter Sutherland said there may not be a direct link between federalism and economic growth — or parliamentarian government and economic growth— but it is certain that political stability begets economic stability.

He said in an interview at the University of San Jose-Recoletos (USJR) yesterday that investors do business in a country with a stable political atmosphere.

Sutherland spoke about Canada’s experiences being a federal state and of the parliamentarian system before members of the academe.

Charter change

Changing the Constitution to change the form of government to parliamentary from republican is one of the hot issues the Philippine government and the entire country, in general, is facing today.

Several groups, including Cebuano businessmen, are also pushing for federalism — a system of government in which sovereignty is constitutionally divided between a central governing authority and constituent political units.

Sutherland did not comment much on parlia-mentarianism, but he said Canada chose a federal system of government to unite a country populated by people with diverse cultures and concerns.

“Like the Philippines, Canada has many centers of growth, such as Cebu, that want their local concerns to be heard. This is precisely the reason Canada chose the federal system,” he said.

According to Sutherland, one practice that has discouraged corruption in government in Canada is putting a limit on the amount a political candidate could spend in an electoral campaign.

“In effect, the government spends for the campaigns of these candidates, making sure that they don’t incur debt from the public and that they have nothing to pay when they are elected,” he said. (JBN)

http://www.sunstar.com.ph/static/ceb/2006/09/21/bus/political.stability.important.for.economy.foreign.envoy.html

3cr

September 23rd, 2006, 02:47 AM

ADB blacklists 6 firms, 24 persons in RP

The Asian Development Bank has blacklisted about half a dozen Filipino companies and 24 individuals found to have misused funds lent by the bank.
An ADB official said that while the bank will not disclose their identities publicly, the bank shares their names with the World Bank and other international institutions.
The source said sanctioning these individuals and firms is part of ADB’s efforts to prevent corruption in bank-supported activities in particular and to contribute to a healthier governance.
Last week, World Bank managing director Juan Jose Daboub said that aside from sharing blacklists of corrupt officials and corporations, WB would propose sanctions that will call for payment and suspension of program loans of erring countries.
WB said it has blacklisted 300 corporations and individuals worldwide.
Daboub said "as we have done in the past when we detect misuse of resources, we will take action to recover the money so it can be put to better use somewhere else. And we will continue to take action to prevent companies that have been found to do anything illegal from doing business with us, and will publicize their names so everyone else will know who they are," he said.
The source said that the number of Filipino companies and individuals in the ADB blacklist are slightly below the average compared with the amount of lending in the Philippines.
Latest data from the ADB showed that its cumulative loans to the Philippines reached $8.8 billion, ranking the country as the eighth-highest recipient of aid as of July this year.
The private sector in the Philippines gets the biggest amount of loan, $848 million.
ADB’s private sector operations in the Philippines since 1986 have had mixed results. For example, infrastructure projects under the build-operate-transfer framework have been successful; the North Luzon tollway project is an excellent example. However, loans for water services and a major air terminal in Manila were canceled before any disbursements were made.
ADB’s exposure to the power sector is the largest, reaching $2.28 billion or about one-fourth of its total exposure in the Philippines.
Of the different industries, the bank helped, the finance sector has the lowest success rate of 30 percent compared with 62 percent for energy and transport.
The source also said that the project success rate in the Philippines has improved from a dismal 38 percent in the 1980s or the Marcos administration to 58 percent from the time of President Ramos.
The ADB reports that the mismatch between what countries need and the products it offers has been corrected.
At present, the ADB and the government are working on a new strategy, emphasizing fiscal consolidation, an improved investment climate, and accelerated attainment of medium term development goals.
Now the Philippines is more choosy in presenting projects for funding. Likewise the ADB is giving more policy-based loans, with investment projects directed to "off-budget" agencies. The bank estimates that total amount of new public sector lending could be as high as $1.5 billion over the next 3 years.
ADB loans to the Philippines will be focused on: deeper structural reforms in the power sector, in finance, and for local government units; and, private investment to offset shortfalls in public investment due to fiscal consolidation, while restoring investor confidence.

3cr

September 23rd, 2006, 02:52 AM

S&P issues new warning on RP’s credit rating

Standard and Poor’s (S&P) came up with another warning yesterday of a “challenge” to the current rating of the country as result of its low tax base.
The Philippines’ low tax base remains a challenge to the country’s BB- rating although tax reforms last year have helped, S&P said yesterday.
The ratings agency earlier released a study warning a shift in the reform policy as a result of political pressure on President Gloria Arroyo may affect the country’s current credit grade.
“The challenges for the Philippines at BB- remain what they always have been, a low tax base, problems in the energy sector, which have been partly addressed,” S&P’s managing director of sovereign ratings John Chambers said in Singapore.
S&P primary credit analyst Agost Benard said while the Philippines has weathered the Asian financial crisis relatively unscathed, notwithstanding its currency depreciation, and a mild output contraction, “the cause of mounting debt is found in its steadily deteriorating capacity to generate revenue, evidenced by a decline in the general government revenue-to-gross domestic product ratio to 14.5 percent in 2004 from 19.2 percent in 1997.”
This decline resulted from a combination of a liberal regime of tax incentives, a high incidence of tax evasion, and deteriorating administrative and enforcement capacity in the country’s three revenue-collecting organs, Benard said.
He noted that successive administrations lacked the commitment and political will to address these problems, daunted by the prospect of implementing unpopular measures, and of confronting vested interests in the bureaucracy, congress, and the business elite.
“In addition to the revenue problem, a significant source of the country’s mounting debt was the state-owned electricity company National Power Corp. (Napocor), whose large losses (owing to highly politicized tariff-setting, which for years locked it into a money losing position) necessitated sovereign borrowing on its behalf, and the government’s absorption of a portion of its debt,” he added.
Growth prospects for the country appear to depend on an improved fiscal setting, such that debt service costs come down to manageable levels, from the current one third of expenditure, which would allow greater spending on infrastructure and education.
“The outlook in the Philippines, however, is somewhat less certain than in Indonesia. A turnaround in fiscal fortunes only begun in earnest at the beginning of 2006, when the Arroyo administration’s reform initiatives began to take effect,” he said.
Maintaining these improvements and building on them will require ongoing political commitment and wherewithal, which from time to time could come under threat by the country’s volatile politics, he added.
A weakening resolve in implementation and dilution of reforms could occur if a weakened President needs to shore up political and popular support.
In addition, privatization of the electricity sector remains stalled, and notwithstanding the considerable improvement in Napocor’s financial performance, an adverse change in the electricity market could again result in the need for public support, he said.

3cr

September 23rd, 2006, 02:54 AM

World Bank: Youth key to economic growth
By CHRISTOPHER TORCHIA, Associated Press WriterSat Sep 16, 2:58 AM ET

Developing nations can generate economic growth and reduce poverty by investing in better education, health care and job training for their record numbers of young people between 12 and 24 years old, the World Bank said Saturday.
Some 1.3 billion young people live in the developing world, and youths constitute nearly half of the world's unemployed, the World Development Report said. They are healthier and better educated than previous generations, but need guidance to fulfill their potential, it said.
"It is far easier to develop skills during youth," said Francois Bourguignon, the World Bank's chief economist. "If we fail to do that, it will be impossible to remedy the missed opportunity. It is fundamental to invest in youth."
Bourguignon said it was important to seize the "demographic window of opportunity."
The report was released as delegates gathered in Singapore for the annual meetings of the World Bank and the International Monetary Fund, which culminate on Tuesday and Wednesday.
The Middle East and North Africa must create 100 million jobs by 2020 in order to stabilize their employment situation, according to the report. Surveys of young people in East Asia and Eastern Europe and Central Asia show that access to jobs is a major concern.
An estimated 130 million people between the ages of 15 and 24 cannot read or write.
"Secondary education and skill acquisition make sense only if primary schooling has been successful," the World Bank report said. "This is still far from being the case and efforts have to be reinforced in this area."
More than 20 percent of firms in countries such as Algeria, Bangladesh, Brazil, China, Estonia and Zambia say poor education and work skills is a big obstacle to their operations, according to the World Bank. It cited the need to invest in youths to solve the problem.
"How they start off in life has a great deal to do with how they end up later on," said Manny Jimenez, the main author of the report and director of human development in the World Bank's East Asia and Pacific department.
The report said young people should have more opportunities to participate in political and social activities. The ethnic conflict between Sinhalese and Tamils in Sri Lanka started because Tamil students grew frustrated that they were denied access to universities and other "avenues for civic involvement," it said.
"Without opportunities for productive civic engagement, young people's frustrations may boil over into economic and social tensions," the report said.
It recommended that countries provide information and incentives. It referred to Indian programs that provided information on reproductive and health services and vocational training to young females aged 12 to 20 in urban slums and rural areas.
It cited the need to rehabilitate youths who are struggling because of drug addiction, criminal behavior or failure at school. The report said 300,000 young people under the age of 18 have recently been involved in armed conflict, and that another 500,000 have been recruited into military or paramilitary forces.
"Young combatants can reconstruct their lives with job training and also medical and psychological support," it said.

3cr

September 23rd, 2006, 02:59 AM

Why Henry Sy Believes the Philippines is not Hopeless
Philippine Star

"I am optimistic that we can achieve a better future. It is not true that
the Philippines is a hopeless case," 82-year-old SM Group and Banco de Oro
founder Henry Sy recently told The Philippine STAR. "I am an immigrant who
came here at 12 years old, spoke no English or Tagalog, but I came to
appreciate the natural beauty and many economic advantages of the
Philippines more than many other people do, and I kept working and
investing with positive thinking."

The exclusive three-hour interview took place at his simple but elegant
bungalow in North Forbes Park, Makati City, and at Tanabe Japanese
Restaurant in his SM Mall of Asia in Pasay City.

In the over two decades I have known the legendary rags-to-riches taipan
and shopping-mall pioneer, Henry Sy has become more mentally sharp and
energetic than ever before. He is strong despite his weak knees, which
occasionally forced him to use the wheelchair when we briefly toured his
newest pride and passion at the SM Mall of Asia.

PHILIPPINE STAR: Congratulations on the success of the SM Mall of Asia.
What did your competitors say about your biggest shopping-mall project
yet?

HENRY SY: I called Robinsons mall boss John Gokongwei Jr to personally
invite him to the blessing of the SM Mall of Asia, but he said he couldn't
make it. Even though we are competitors, I do not think Gokongwei has any
complaints about me.

Your executives tell me that one million people came to the SM Mall of
Asia on your first day, May 21, then 400,000 came the next day, Monday.
Why are people coming here, when this location is not along a highway like
SM Megamall or at a crossroads like SM North Edsa?

A lot of the customers to this mall came from the provinces and they enjoy
touring the place. It is not only constructing the place that creates a
good mall, we at SM create destinations using continuous research, studies
and new ideas to match the needs and wants of the people. Doing a mall is
not only construction of the physical place, what's important is the
merchandising mix. We strive to serve the convenience of the public. We
want shopping at our malls to be a unique and an enjoyable experience.

Why did you build an Olympic-size ice-skating rink in this mall?

Very few people know this: I love skating and bowling. I used to roller
skate a lot in my youth on Taft Avenue, Manila. That's the reason why
there's always a skating area in all my SM malls. I want more people to
share my love for skating.

When you were a kid, what was your original ambition?

I have always wanted to be a businessman. No other ambitions, I just
wanted to be in business, even when I was a child in Fujian province, south
China.

Why did you invest P7 billion in Mall of Asia's 500 outlets, 180
restaurants and other
facilities, at a time when the Philippine economy is not that strong?

It's investment that manifests my strong confidence in the Philippine
future. I hope this biggest mall project will have a positive impact on
the Philippine economy and I hope to encourage other business people to
invest, too. Not everything I do is purely for money. Of course, as a
businessman and as head of publicly listed companies, we have to earn, but
at this point in my life, there are other considerations more important
besides just money. I took a risk and invested in SM Mall of Asia because
I wanted to create something that could contribute to Philippine tourism
growth. If I am only after profits, the easiest way is for me t o
construct high-rise condominiums here along the seashore facing Manila
Bay, or I could just develop high-end subdivisions here and subdivide the
lots to cash in quickly with big profits. But constructing this mall is a
long-term investment; it is proof of my faith in the future of the
Philippine economy. I wanted to build a beautiful destination for
shopping, wholesome family-oriented entertainment and leisure. That church
outside this mall, I donated it to everything from the structure, the
land, to the interior furnishings and decor and it's not for profit.

What else do you wish to achieve after the SM Mall of Asia? What other big
projects can we expect from you?

My biggest wish is for government, the private sector and all of us to
work together to make the Philippines the best tourism destination in
Southeast Asia. This is the reason I am always optimistic that the
Philippines is not a hopeless case, contrary to what a lot of cynics
claim. What Thailand can offer in tourism places and services, we in the
Philippines can match, except for our past reputation in peace-and-order
problems. That's what has held back our tourism growth. Philippine
economic prospects are very good; we just have some problems in the
investment environment which the government is now rectifying. Other export
industries often rely on
imported raw materials and the Philippines often only earns the labor
input, but in the tourism industry, the Philippines can earn as much as 80
percent for every dollar spent here on food, shopping, entertainment,
hotels, transport, etc., while 20 percent probably goes to imported liquor
and other luxury goods. I am into tourism with Tagaytay Highlands, Taal
Vista Hotel. We shall keep investing in new tourist-friendly malls, we are
now master-planning a new 5,700-hectare seaside tourism project called
Hamilo Coastal in Batangas, and many others.

Why do you think the Philippines is ideal for tourism?

First, there's the location: we are just two to three hours from all the
major Asian cities like Singapore, Malaysia, China, Hong Kong, Taiwan and
others. Second, our people are famous for the best service in Southeast
Asia. Third, people here are proficient in English. Fourth, the
Philippines has many naturally beautiful tourist destinations, beaches,
thousands of islands, unique flora and fauna, vast fishery resources, and
others. Fifth, the Philippines is excellent in entertainment, which is
important in tourism. Look at the singers and bands in top hotels, from
Shanghai to Seoul to Tokyo, many of them are Filipino entertainers. Sixth,
you do not need much capital or foreign investments for tourism
development. Seventh, Philippine hospitality is better than others in
ASEAN culture just look at the people's smiling faces. In our Chinese
language, we call this "ho khe chieng", or people who are warm and
hospitable in welcoming clients and guests.

There are many more advantages. I could spend all day and all night
talking to you about the tourism potentials of this country.

What are your suggestions on how to build up Philippine tourism?

I have a very simple formula based on common sense that will help
accelerate Philippine tourism growth: the government should improve the
peace-and-order situation as well as the international image of the
Philippines on this crucial issue. The government should upgrade
infrastructure, there should be a strong information campaign worldwide
to promote the Philippines as an ideal tourism destination. In a recent
event of HSBC, a TV talk show host of CNN asked for my advice to
politicians and I shared only a few words of advice: work more, talk less.
Government every year claims over two million tourist arrivals.

What do you think should be the ideal number of tourists coming to the
Philippines annually?

Our target should first be to attract five million tourists in the first
five years, then go for over 10 million in 10 years. Every time I meet
President Gloria Macapagal Arroyo, I always tell her this dream of mine
and my excitement about Philippine tourism potentials because I know she
really wants a better Philippine economy.

In this era of globalization, SM is also going international like the
western multinationals Walmart, Carrefour, Metro and others.

What are your plans in China?

We have four major projects in China. In August or September this year, we
shall inaugurate our new mall in Chengdu City, the capital of the
100-million- people Sichuan province. China is a dynamic place, it is
amazing in progress.

Why is it that your children did not grow up spoiled, and seem to have
imbibed your work ethic and business acumen? How did you train them?

I think it's their innate natural drive. I also trained them in the
importance of hard work. Even while they were in high school, my children
used to spend their free time working at our SM Department Store in Makati
.

Who among your six children like Tessie, Elizabeth, Henry Jr., Hans,
Herbert and Harley will become your future successor and the leader of the
SM Groups next generation?

I cannot for now ascertain who will be the leader. We are organized as
corporations, publicly listed firms. Whoever becomes the leader of the
next generation shall rise based on merits and abilities. Unlike other top
Chinese business families in Asia, which favor male sons over daughters,
all my six children are treated equally. My eldest child Tessie is
hardworking and very capable; it doesn't matter that she's a woman. She
always wants to learn and she is a fast learner.

A billionaire asked me recently who is richer, you or Lucio Tan?

How can I know for sure who is bigger in net worth when each person has
his own strengths that not everyone fully appreciates? I don't like to say
this guy is the biggest in wealth, because some people have wealth which
is hidden and isn't that a fair point of view?

John Gokongwei Jr. told me that when he first applied for a loan with
PBCom it was not approved, and it was China Bank's Dee K. Chiong and Dr.
Albino SyCip who approved his first loan of P500,000 in 1950.

What about your first loan?

I don't usually like to get loans. In fact, the reason why we did well and
completed our first mall project, SM North Edsa, even after the 1983
economic crisis and after the Ninoy Aquino assassination, was because we
had very little loans then. I got my first credit line in 1949, it was
from China Bank and they lent me P1 million. My credit line was approved
by Mr. Yap Tian Siang in their head office before at Juan Luna Street,
corner Dasmarinas Street.

Did you ever imagine in 1949 that you would someday own more than 70
percent of China Bank, and that you would have Banco de Oro and soon,
possibly, Equitable PCIBank?

No, I never imagined then that I would own banks. You know, despite our
many shareholdings in China Bank, the Dee family of the original founder
has managed the institution so professionally and profitably, we never
attempted to change the incumbent chairman Gilbert Dee or president Peter
Dee. We are not that greedy, it's not good. I don't believe in wanting
both power and financial gain. Even those executives who have been with
China Bank for many years, they are still there. If a venerable
institution like China Bank is doing so well, why make changes?

Is it true you already own 11 percent of San Miguel Corporation?

I have invested a lot in that well-managed company, but I do not want to
mention figures.

What are the business principles or strategies that made you successful?

I would not classify this as a secret to success, but one of my lifelong
practices is to pay my obligations on time, especially my suppliers. Even
in my early years as retailer, I didn't delay my payments to suppliers,
because I tell my kids that we have to be considerate to suppliers and
think of their own "hinyong" or how they have to protect their sense of
trustworthiness with others. If it's time to pay others on Monday, we
would already deposit the money in their bank accounts on Friday, so they
need not even come to our office to collect.

Your SM Cinemas do not allow R-18 or For Adults Only movies, including The
Da Vinci Code. Are you a Catholic or is it just your wife?

I am Catholic, but yes, it's my wife Felicidad Tan Sy who is the most
devout among us in the family. She devotes almost all her time and money
to the Catholic Church.

Your SM Group leases out or has retail businesses in millions of square
meters of prime commercial space. When you came to the Philippines as a
12-year-old boy, how big was the sari-sari store of your father and what
was its name?

It was a small "ha-ya-tiam" , it had no name. It was located on Echague
St., which is now Carlos Palanca Sr. St. in Quiapo, Manila. It was only
about 30 square meters in floor area.

Why did you cry when you first saw your father in his store?

I cried because I saw how hard the life of my father was as a small
shopkeeper. He worked from early morning to late at night every day. He
would go to "chay-chi-khaw" area or Divisoria to buy goods, carrying them
himself on his back in order to resell in the store. I learned the
importance of honest hard work, frugality and discipline from his example.

Where did you and your father sleep at night, on the second floor or at
the back of the store?

Our sari-sari store was so small it had no back or second floor, we just
slept on the counter late at night after the store was closed.

When you were a kid and you saw your father struggling with his sari-sari
store, did that motivate you to aspire to become Southeast Asia's Shopping
Mall King?

As a kid, I had the will to strive for excellence and to overcome the hard
environment, but I never imagined attaining big success. Whatever I have
achieved did not happen overnight; ever since my teen years I have devoted
many, many years of my life to non-stop studying , diligent work and
dreaming of a better future.

3cr

September 23rd, 2006, 03:02 AM

The Philippines' Awesome Outsourcing Opportunity
By Assif ShameenWed Sep 20, 3:08 AM ET

India's dramatic economic rise this decade, powered by its role as the back office of the world, has developing countries from Argentina to Vietnam scrambling for a piece of the action. With good reason: Researcher Gartner estimates offshore infotech and business-process outsourcing amounted to $34 billion globally in 2005 and could double by 2007.

And the race is on in Eastern Europe, Latin America, China, and Southeast Asia to land jobs and economic growth by answering customer phone calls, managing far-flung computer networks, processing invoices, and writing custom software for multinationals from all over the world.

Though India continues to have a lock on most of this global business, that is starting to change. Even Indian outsourcing powerhouse Infosys (NASDAQ:INFY - News) has started increasing staff in China and the Czech Republic this year, is exploring Latin America, and likely will eventually set up a base in Southeast Asia.

Golden Opportunity. "Some of the countries like Philippines and Malaysia have done fairly well to leverage their unique skills and carved niches for themselves," said Infosys Chief Executive Officer Nandan M. Nilekani,in Singapore recently attending an International Monetary Fund and World Bank meeting.

Could all of this be a golden opportunity for the Philippines, long regarded as the economic laggard in Asia? This vast archipelago is starting to gain some traction on the outsourcing front. Chennai (India)-based OfficeTiger now has over a hundred people working in Manila on legal outsourcing for clients such as Dupont and expects to have nearly 1,500 by the end of 2007 (see BusinessWeek.com, 9/18/06, "Let's Offshore The Lawyers").

The Philippines raked in offshore service generating revenues of $2.1 billion last year, placing third behind India and China and slightly ahead of Malaysia. That's up 62% over the $1.3 billion it gained in 2004, and a huge increase from the start of the decade when the outsourcing industry in Manila employed just 2,400 people and the industry had revenues of merely $24 million.

Language Advantage. The outsourcing sector currently employs over 200,000 people. That is still way behind India's 750,000, but Manila is catching up fast. The Business Processing Association of Philippines estimates the industry will chalk up 57% growth this year with total revenues of $3.3 billion and is on track to deliver nearly 48% growth in 2007 to $4.9 billion. "Business process outsourcing [BPO] is one of the fastest growing segments of our economy and a key plank of President Gloria Macapagal Arroyo's strategy to put strong growth drivers in place," says Philippine Cabinet Secretary L. Ricardo Saludo.

Consultancy A.T. Kearney, in its recent ranking of the most desirable global services locations which are competitive for business process outsourcing, ranked the Philippines fourth in the world behind India, China, and Malaysia -- a huge change from being outside the top 10 three years ago. Philippines gets high marks for its large, educated talent pool and English language skills, though it lags some of the other locations in infrastructure.

Economists and analysts are startled by the Philippines' runaway growth in the sector. "The pace of development of the BPO (sector) in the Philippines has been impressive," says a recent report by U.S. investment bank Goldman Sachs. "Three years ago there was a question mark whether Philippines could develop some (outsourcing) momentum. Now it's a $3 billion industry."

White Collar Force. Goldman's report also notes the outsourcing industry has begun to expand beyond the capital Manila into university towns such as Baguio as well as Clark [the former U.S. military base], Cebu, Dumaguete, and Davao. "It is clear that Philippines is now very much on the global map for outsourcing," the Goldman report said.

The recent growth spurt in the outsourcing industry in the Philippines has been fueled not by traditional low-value-added call centers but more higher-end outsourcing such as legal services, Web design, medical transcription, software development, animation, and shared services. Though call centers still form the largest part of the sector, the Philippines has begun leveraging its creative design talent pool, its large pool of lawyers, and its professionals in accounting and finance.

"Philippines as a country offers us a unique talent pool for outsourcing services in legal as well as design services," says Joseph Sigelman, co-president of India-based OfficeTiger, which was acquired by U.S. printing services giant R.R. Donnelley in April. The company chose the Philippines as the springboard for its legal services outsourcing and expects to make Manila the main center for "pre-media" outsourcing work, including desktop publishing, composition, typesetting, and graphic design.

Familiar With U.S. Legal services were a natural extension of the outsourcing work the firm has been doing from its base in Chennai for years. "As an ex-American colony, there is cultural affinity and the legal system is based on U.S. law," says Sigelman, a native of New York. "In Manila, every lawyer seems to know what Roe vs. Wade was about. In Chennai, they may have some of the finest legal brains in the world but not everyone has heard about Roe vs. Wade or other key cases in U.S. Supreme Court." Most Filipino lawyers sit for U.S. bar exams and that gives Manila a leg-up over India, China, or Malaysia.

Design work is another place where Filipinos have and edge, according to Sigelman. He says he has found incredible depth of design talent in Manila; the kind of talent that is hard to come by in Bangalore, Hyderabad, or Chennai.

OfficeTiger's clients include large insurance companies, retailers, and publishers of books and directories. OfficeTiger is looking at Philippines operations to provide 40% to 50% of its total annual revenue growth over the next three to five years.

Talent Poaching. Another factor working in the Philippines' favor is cost. In India, wage costs in outsourcing have risen 15% per annum over the past two years. This rise has outsourcing firms and clients looking for alternatives. With that in mind, the risk for the Philippines is that its relatively low office-rental and labor costs could also start to rise dramatically.

Already, heavy demand for office space, despite a boom in construction of new buildings, is causing upward pressure on rents. Companies that are expanding say costs are starting to escalate fairly rapidly. There are signs of a tight labor market, too. Excessive poaching of talent that was the norm in India a few years ago is becoming common in Manila as well.

New companies are offering "joining bonuses" to the most talented the day they sign up for the job. Many employees are given bonuses for finding new recruits. "It's inevitable that costs will rise but the Philippines is still a very competitive place for the sort of work we are doing," says Sigelman.

Money For Training. Cabinet Secretary Saludo says the government is focused on developing human capital through education and training to keep a steady supply of talent for the outsourcing sector. Manila is also beefing up the telecommunications infrastructure, he says.

Chasing the outsourcing wave is a smart strategy for an economy such as the Philippines'. Compared with capital-intensive manufacturing, service businesses are cheap to set up, and can generate a hundred times more jobs per dollar invested. President Arroyo recently earmarked $10 million for new trainees in the outsourcing industry. Students interested in outsourcing jobs are given vouchers that can be used for tuition at vocational institutes.

Unless cost escalation gets out of hand or other infrastructure bottlenecks appear, the Business Process Association of Philippines projects that outsourcing in the Philippines could be an $11 billion industry employing 900,000 people by the end of 2010. That will put it close to where India is today. "Five years from now, there could be a lot of countries doing as much as India is doing today," says Infosys CEO Nilekani. "We are just scratching the surface in outsourcing and off-shoring."

Copyright © 2006 BusinessWeek Online. All rights reserved.

nayki

September 23rd, 2006, 03:52 AM

Inquirer
01:47am (Mla time) 09/23/2006

THE Philippine Economic Zone Authority (PEZA) said it registered P52 billion in investments from the start of the year up to Sept. 12, up 54 percent from the same period last year.

These include P38.6 billion to be invested by locators in special economic zones and P12.7 billion from developers of economic zones.

The investments will generate 59,360 jobs, it said.

The PEZA also said it recently approved 13 projects totaling P8.2 billion that would have average export sales of $769.1 million a year and create 3,999 jobs.

Four of the new projects, together worth P112.6 million, will engage in information technology, PEZA Director General Lilia de Lima said.

With the new approvals, PEZA-registered investments have totaled more than P1 trillion since the PEZA was created in 1995.

In 2005, the PEZA registered P67 billion worth of investments.

The agency has since expressed confidence that it will exceed its target growth of 10 percent this year.

Last year, exports from special economic zones totaled $32.9 billion, up 6.3 percent from $30.9 billion in 2004.

Export revenues from the four government-run economic zones rose 17.4 percent to $8.1 billion and export earnings from 49 private economic zones grew 2.4 percent to $24.4 billion. Earnings from 23 information technology parks and buildings went up 82.1 percent to $376.1 million.

Total employment in the economic zones rose 9.3 percent to 1.11 million last year as compared with 1.02 million in 2004.

The 2005 figure included 445,000 direct jobs and 667,000 indirect jobs.

http://business.inq7.net/money/topstories/view_article.php?article_id=22597

nayki

September 23rd, 2006, 03:55 AM

By Michelle Remo
Inquirer
01:47am (Mla time) 09/23/2006

THE government paid P221.4 billion in interest on debts in the first eight months of the year, P17.6 billion less than planned because of reduced interest rates and a strengthened the peso, according to a Department of Finance report.

The government had allotted P239 billion for interest payments for the period.

The government’s declining budget deficit has led to reduced borrowing needs and to lower interest rates on debt offerings.

The rate on 91-day Treasury bills averaged 5.3 percent from January to August. Authorities had assumed 6.4-6.5 percent for this year.

The peso cost of the government’s foreign-denominated liabilities has also fallen in relation to the government’s fiscal program, which had assumed the exchange rate to average 54-56 pesos to the dollar this year.

The peso is close to breaching 50 to the dollar, thanks to increased inflows of foreign portfolio investments and dollar remittances from overseas Filipino workers.

With interest payments less than programmed, some government funds can be freed up for other expenditures.

The government has been allocating about one-third of its annual budget for interest payments, leaving relatively little for vital expenditures, such as for infrastructure.

The government aims to limit the budget deficit this year to P125.0 billion, compared with P146.8 billion recorded last year. Considering results in the first eight months of the year, the full-year deficit is likely to fall way below that target limit.

The January-August deficit was P34.2 billion, 27 percent of the full-year target ceiling. Some analysts expect the full-year deficit at P80-P100 billion.

http://business.inq7.net/money/topstories/view_article.php?article_id=22595

nayki

September 23rd, 2006, 04:03 AM

But country can’t fill the need

By Veronica Uy
INQ7.net
07:09pm (Mla time) 09/22/2006

THE world is looking to the Philippines to meet the shipping industry’s growing need for maritime officers, but the country cannot supply this demand, labor undersecretary Danilo Cruz said in a press conference Friday.

In a related development, the only government-owned maritime training center, the National Maritime Polytechnic, cited statistics from the International Shipping Federation showing that there was a lack of about 10,000 maritime officers last year and an oversupply of ratings (non-officers) of around 135,000.

By 2015, the lack of maritime workers is projected to rise to 27,000 and the oversupply of ratings to 167,000.

“Most of our seafarers are ratings. Most European and Japanese maritime officers are retiring and (the shipping industry) is looking to the Philippines to fill these vacancies. We cannot really supply this demand for officers,” Cruz said.

The labor official said this is because most Filipino seafarers have only taken up short courses.

“Despite the large number of maritime schools, most of their graduates don’t finish engineering courses. After two years of studies, they get an associate degree and immediately take on jobs (onboard) ships,” he said.

Cruz said the demand for Filipino seafarers continues to increase.

Citing statistics from the Philippine Overseas Employment Administration, he said the number of sea-based workers deployed this year showed a 12 percent increase compared to last year’s deployment. He said the number of sea-based workers sent to work abroad from the January 1 to September 10 last year was 169,237; for the same period this year, it’s 189,574.

Cruz said sea-based workers posted a 14 percent increase in remittances from 1.464 billion dollars in 2004 to 1.669 billion dollars in 2005. He said that if the Philippines is able to produce more maritime officers, remittances from this sector would shoot up too.

Officers earn 3,000 to 10,000 dollars a month while ratings earn less than 1,000 dollars.

In its study on why the Filipino seafarers fail to move up the ladder, NMP noted that the “desire for achievement” and “challenge for higher responsibility” are two of the strongest motivators that fuel seafarers’ success.

The study says that officers consciously plan out their career progression, constantly performing well and upgrading their knowledge and skills. It says highly motivated seafarers are more self-confident, highly committed to their goals, and challenged by the possibility of higher responsibilities.

In contrast, those who remain ratings “simply view seafaring as a means of livelihood.” They choose to stay in the lower positions after they have sent their kids to school, after they have secured a house and lot, after they have saved some money for business.

Aside from the attitudinal factors among Filipino seafarers, company policies on recruitment, hiring, promotion, training, mentoring, and communication also keep them from moving toward officer positions.

The Philippines is the leading supplier of maritime power, with Filipino seafarers comprising 30 percent of the world’s seafarers. Of this, the Philippines’ share of senior officers in the global fleet is only 14.8 percent. Of Filipino seafarers, 10 percent are senior officers, 24 percent are junior officers, and the rest are ratings.

JAMAICUS

September 23rd, 2006, 05:07 AM

Peso appreciation seen to continue

By FIL C. SIONIL

The appreciation of the peso against the US dollar is expected to continue despite a possible trickle effects from the ouster of Thailand Prime Minister Thaksin Shinawatra with the local currency possibly breaching down the P50 to a dollar level.

Despite this positive development, Emilio Antonio of the University of Asia and the Pacific School of Economics, in a press conference, warned on the possibility of another financial crisis, similar to the 1997 magnitude.

Antonio rationalized his personal economic prophesy, citing the "similarities" in scenarios now to the months leading to July 1997, which placed most of the nations in the regional in an economic tailspin.

He recognized that the peso has so far been the stellar performer among its regional peers, except for Indonesia, with its value appreciating by 10.3 percent from year up to first week of this month.

"It is possible the dollar touches down below the P50... in October that is still feasible" said Antonio, affirming market forecast that the resurgence of dollar remittances from overseas Filipino workers (OFWs) that would run-up and peak during the holiday season will drive the peso to regain further strength.

But, he quickly stressed the further appreciation could stimulate a further widening of the country’s trade imbalance, which current stands at 20 percent. These two indicators, combined, could be a portent of another financial meltdown.

Recent developments onshore and offshore are "quite similar prior to the 1997" financial crisis, Antonio said.

"An appreciating peso and increasing trade deficit will expose weakness in structure," he pointed out.

Against this backdrop, Emilio Antonio of the University of Asia and the Pacific School of Economics, recommended to the monetary authorities to further build up the country’s gross international reserves (GIR) to six months to meet six months worth of import bills.

He, though, acknowledged the fact that the Philippines, comparatively, is in a better position now relative to its GIR and other macroeconomic variables to weather negative impact of another financial crisis.

Still, Antonio believed it is more prudent for the authorities to build even further the GIR to have more than sufficient ammunitions. This inspite siding with Socio-economic Planning Secretary Romulo Neri of a negative carry from holding on to, too, much dollars.

"BSP (Bangko Sentral ng Pilipinas) must take strong position in buying dollars" and not depend on borrowings to beef-up the reserves, he said, stop short of ordering the BSP to make a heavy participation in the Philippine Dealing System, the automated peso-dollar trading platform operated by the Bankers Association of the Philippines.

It was noted, however, that Antonio has yet to substantiate his position of a negative carry when asked as to reason, considering that the dollar reserves are invested in triple AAA investment outlets.

http://www.mb.com.ph/BSNS2006092375284.html

mygz14

September 23rd, 2006, 01:40 PM

SHE might be the least popular among Philippine heads of state, but Filipinos' fortunes have never been better than under the presidency of Gloria Macapagal-Arroyo -- in terms of per capita income at least.

...

SOURCE: http://newsinfo.inq7.net/breakingnews/nation/view_article.php?article_id=22670

ikra

September 23rd, 2006, 03:13 PM

true enough

le Reine

September 23rd, 2006, 05:29 PM

I just give 5 to be on the safe side incase all the economic datas and apparent progress were just manufactured by a propaganda machine.

those datas about GDP and GNP were given by NEDA and other govt agencies and how can we be sure that all of that were genuine datas or just a fabrication.
------> How can you prove that all those stats were fabricated? Why do international financial institutions such as the IMF & WB and other countries' institutions accept the government's statistics? Are you implying that they are all stupid and the administration could fool them just like that? Are you also telling us that our economists are fools because they couldn't see that they're fed with "fabricated" stats?

maniniwala ako doon kung ang mga Pinoy ay ayaw nang mag abroad dahil makakaraos na sila dito sa Pinas. Kung wala nang balita nang mga scandals ng corruption like Bolante fertilizer scam and countless other corruption scandals and stories.
-------> Again, another rhetoric! I would just like to tell you that the government is proud that the economy is taking off but they also humbly admitted that it is not enough. High GDP and per capita income doesn't necessarily mean that poverty would be wiped out overnight. The government acknowledges that it has do something about the wide gap between the rich and the poor, which is BTW, present since time immemorial. And you're now expecting that the government could solve that in a flash? You better read this:http://newsinfo.inq7.net/breakingnews/nation/view_article.php?article_id=22670
And wait, economic prosperity doesn't necessarily mean that scandals and corruption could be put to an end. Just look at Thailand, Taiwan, South Korea and Japan, and even the US, BTW.

about visions - all presidents has great visions for our country and Marcos has even more greater visions than GMA but see what happen......

about "envisioned such a great dream" wala namang masamang mangarap.
tayong mga Pinoy ay nabubuhay na lang sa pangarap. mas masarap mapangarap ang mga beautiful, lovely, and sexy movie stars, kaysa pangarapin na magbabago pa ang bansang ito. unless there is a radical change that only the extreme right and the extreme left can do. wala tayong maasahan sa mga corrupt politicians and bureaucrats from both administration and opposition party.

she has survived the crises like the charges about election cheating, impeachment and etc, but the problem is still there... like a wound that will never heal... unless she has the political will to finally solve it.

the only thing that I believe about your Idol is that she is small but terrible...
he he he.
-----------> My goodness, so what do you want us to do "magala-Thailand?" You want to plague this country with coups? Only the extreme right and extreme left could bring radical change? My goodnes, do you know what you're talking about? And besides, give me one certain instance in any country where the extreme right and extreme left joined hands for a cause. They're incompatible! Ikaw ata yung nangangarap eh. Kung ganito ang pangarap mo, eh mabuti ngang pangarapin mo na lang, in your own words:ang mga beautiful, lovely, and sexy movie stars. For sure, you would help us more if you do that. And BTW, there's nothing funny about the situation. So don't give us reasons as if were in kindergarten.

Askal82

September 23rd, 2006, 06:30 PM

Well, Rome wasn't built in a day. We have been hearing mostly good news- currency appreciation, a bullish stock market, dramatic increase in FDI's or foreign direct investments, balance of payment surplusses, and decreasing budget deficits by increasing tax collections are all indications of a brighter future ahead for the country. Philippines made significant changes in its economic and fiscal outlook yet there are many challenges along the way like most developing economies are going through. The difficulty lies is how are these economic gains be efficiently translated into real, tangible benefits that the people are yearning for in the form of government services (infrastructure, education, and etc), smoother bureaucratic flow (reducing red tapes, minimizing corruption), easing out inflation and promote an environment conducive for investments to create more employment opportunities. Let's hope that the govt. is on the right track this time.

TheAvenger

September 23rd, 2006, 06:51 PM

------> How can you prove that all those stats were fabricated? Why do international financial institutions such as the IMF & WB and other countries' institutions accept the government's statistics? Are you implying that they are all stupid and the administration could fool them just like that? Are you also telling us that our economists are fools because they couldn't see that they're fed with "fabricated" stats?

-------> Again, another rhetoric! I would just like to tell you that the government is proud that the economy is taking off but they also humbly admitted that it is not enough. High GDP and per capita income doesn't necessarily mean that poverty would be wiped out overnight. The government acknowledges that it has do something about the wide gap between the rich and the poor, which is BTW, present since time immemorial. And you're now expecting that the government could solve that in a flash? You better read this:http://newsinfo.inq7.net/breakingnews/nation/view_article.php?article_id=22670
And wait, economic prosperity doesn't necessarily mean that scandals and corruption could be put to an end. Just look at Thailand, Taiwan, South Korea and Japan, and even the US, BTW.

-----------> My goodness, so what do you want us to do "magala-Thailand?" You want to plague this country with coups? Only the extreme right and extreme left could bring radical change? My goodnes, do you know what you're talking about? And besides, give me one certain instance in any country where the extreme right and extreme left joined hands for a cause. They're incompatible! Ikaw ata yung nangangarap eh. Kung ganito ang pangarap mo, eh mabuti ngang pangarapin mo na lang, in your own words:ang mga beautiful, lovely, and sexy movie stars. For sure, you would help us more if you do that. And BTW, there's nothing funny about the situation. So don't give us reasons as if were in kindergarten.

------------------------------------------------------------------------
[QUOTE=XP]------> How can you prove that all those stats were fabricated? Why do international financial institutions such as the IMF & WB and other countries' institutions accept the government's statistics? Are you implying that they are all stupid and the administration could fool them just like that? Are you also telling us that our economists are fools because they couldn't see that they're fed with "fabricated" stats?
---------------------------------------------------------------------
my reply "Of course I cannot prove it but many peoples and I guess even opposition figures like Lacson, Pimentel, etc don't believed in govt statistic. the point is we cannot be sure if the GNP or GDP is really accurate and not fabricated." Everything in this country can be fabricated like election results,
surveys, etc....

International financial institutions accept the govt statistic as they have no choice, they want some countries to borrow funds from them so that the billions of dollars deposited to them by some capitalist can earned profits. they won't care even if the statistic is fabricated or not, they can always
seize our country's properties abroad if our country defaulted on their loans.

how do you know if our economist just want to follow what the govt want them to do, like preparing statistic that is favorable to the govt.

everything is possible in this country... it only depends on the price....---------------------------------------------------------------------
Quote by XP "And wait, economic prosperity doesn't necessarily mean that scandals and corruption could be put to an end. Just look at Thailand, Taiwan, South Korea and Japan, and even the US, BTW.
---------------------------------------------------------------------

whatever scandals and corruptions happens in Thailand, Taiwan, South Korea,
Japan, and USA... it is not their rules but an exemption..

in our country .... scandal and corruptions is becoming a way of life from the top echelon of the govt and society down to the lower level. it is like a
cancer that spreads already and only a radical treatment can cure it or alleviate it.

----------------------------------------------------------------------
Quote by XP : My goodness, so what do you want us to do "magala-Thailand?" You want to plague this country with coups? Only the extreme right and extreme left could bring radical change? My goodnes, do you know what you're talking about? And besides, give me one certain instance in any country where the extreme right and extreme left joined hands for a cause. They're incompatible! Ikaw ata yung nangangarap eh.
-----------------------------------------------------------------

my reply :
In western europe there were socialist and communist parties which we can call the Left, together with other Rightist parties in their Parliament...
In many instances they joined hands for a cause.

other example is that during the 2nd world war, the USSR which we can
brand as the Left and the US as the Right have joined hand for a cause
to defeat Fascist Germany under Hitler.

Now our extreme Left and extreme Right can joined hand for a cause ...to defeat your Fascist Idol.

If you read the history you will know that the joining of Left and Right group
is possible and not incompatible...

If it is incompatible how come the National Security Adviser and other Palace
sycophants is the one who informs the whole country that there is an unholy
alliance between the etreme right and the extreme Left, as reported by the Newspaper. Remember the news about the Magdalo linking with the NPA.

Do you mean to say that they were lying ?? another fabricated theory ??