The Philippine Economy

[3cr]

3 antiflood projects to rise in Laguna, Marikina, Camanava
Inquirer
http://newsinfo.inquirer.net/246989/...ikina-camanava

A ring-road dike along Laguna de Bay. Embankments and catch basins in the Marikina River watershed. An 8-kilometer dike and pumping station in the Camanava (Caloocan, Malabon, Navotas and Valenzuela) area.

These three infrastructure projects was announced by President Benigno Aquino Thursday to be finished in two to three years to address the perennial flooding in the metropolis and nearby areas.

The President is vowing to complete the three antiflood projects before the end of his term in 2016.

“I won’t flatter you … but I can finish this,” he said, adding: “We already have a funding source for this.”

He made the announcement during his four-hour swing-through evacuation centers in Nangka, Marikina, Bagong Silangan, Quezon City, Gen. T. de Leon, Valenzuela and Poblacion, Navotas.

It was in Barangay (village) Nangka, his first stop, where Mr. Aquino started talking about his flood control projects.

The President said the public works department would soon construct embankments and catch basins at the upstream portions and tributaries of the Marikina River to slow down floodwaters cascading into Metro Manila during heavy rains.

Public Works Secretary Rogelio Singson, who was with the President, said slowing down floodwaters from the mountains in Antipolo, San Mateo and Rodriguez, all in Rizal province, would allow the drainage systems to efficiently carry rain water into the sea.

“So what we could do it is impound water upstream, so that water levels won’t increase downstream simultaneously,” Singson said.

The President vowed to release by next week specifics of this project.

In his second stop in Barangay Silangan in Quezon City, he asked residents to be patient because the project could not be finished overnight.

P2.2-B project

In Valenzuela City, the President revealed a plan to build an 8-km dike and pumping station to be built in two to three years at a cost of P2.2 billion.

The dike will also benefit Obando and Meycauayan towns in Bulacan because it will be constructed along the Meycauayan River.

He expounded on this project when he was with Valenzuela City Mayor Sherwin Gatchalian at a school, which was turned into a relocation site, telling evacuees that “we will explain this clearly by meeting all local government officials covered by this project.”

Laguna dike shield 18 towns

In the afternoon, the President was interviewed by the media at Oreta Sports Center in Malabon, where he disclosed yet another project, this time a dike to address floods in 18 lakeside towns in Laguna.

“There’s a body of water south of Metro Manila called Laguna Lake. And the plan was just to dredge it. It fills up with something like 4,000,000 cubic meters of silt every year. So what they wanted to do was move the mud from one section of the lake to another section of the lake, and that was supposed to enhance its water holding capacity, he said.

“Obviously, matter occupies volume and if it occupies the same space, the volume doesn’t decrease. That is going to cost us P18.7-billion. So, with all due respect, that’s what they wanted to do for flood mitigation and obviously, it’s a joke,” the President said.

Funds available

“So we’ve had to come up with new plans. For instance, for Laguna Lake it might be a ring-road dike, and the beauty of it (is) it will also be self-financing via the PPP (private-public partnership) project.”

He wanted all these projects to be completed in two to three years.

Mr. Aquino called on the people to support government efforts in addressing flooding.

“Let us help each other … so that we can overcome this,” he said.

He explained that he visited the evacuees to personally assess their situation and to let them “know that this government is ready for this (problem). We have a lot of resources to help you. Expect that we will not let you down.”

In a text message, Budget Secretary Florencio Abad said the government had the funds for relief, evacuation and resettlement of flood victims.

“For these we are adequately funded. We have not started receiving reports yet on damage,” he said.

Postdisaster assessment

But as soon as floods subside, Abad expects a postdisaster assessment of damaged infrastructure, proposed permanent resettlement projects and new dredging, flood control and solid waste management.

Interior Secretary Jesse Robredo reminded local government units (LGUs), which placed their respective areas under a state of calamity, to judiciously spend their calamity funds in aiding flood victims.

“The proper use of the calamity funds is actually a criteria in the ‘seal of good housekeeping’ awards given out by the DILG (Department of the Interior and Local Government),” Robredo told the Philippine Daily Inquirer.

State of calamity

As of Thursday, the interior secretary said the governors of Laguna, Bataan, Pampanga, Bulacan and Zambales had declared a state of calamity in the towns and cities in their respective provinces.

Other LGUs which made the same declaration were Olongapo City and the towns of Culion, El Nido and Linapacan in Palawan province.

The cities of Navotas, Malabon, Valenzuela, Marikina, Manila, Muntinlupa and Pasay in Metro Manila were also put in a state of calamity.

Under the law, municipalities, cities and provinces which made such declaration after a natural or man-made disaster may use their calamity funds to help the affected residents.

The fund comes from 5 percent of the total annual internal revenue allotment of each LGU.

The borrower will start monthly payments after three months instead of just one month.

[Sleepwalker]

Each time there is problem in Metro Manila, the president/national agencies is always hands-on..Where is MMDA or the LGU officials? Spoon feeding as always? Or is it just that the president's house was directly affected by the flood?

If things in the capital will always be done like this, LGU officials will have plenty of time politicking rather than brainstorming...

Maybe i am wrong...

[Perseus II]

Originally Posted by amigo32

Thanks GOD!

Praise him!

Originally Posted by RonnieR

amigo32 really made me smile...with your one line statement. Atheist or Agnostic yata sya.... hehehe

Uy OT pero... di ba yung line na yan ay yung sa commercial ng Del Monte. Yung mga madre

[Cisten18]

May FDI slides 96% year-on-year

By: InterAksyon.com
August 10, 2012 2:48 PM

MANILA – Foreign money spent in the country to expand businesses or build new ones fell sharply last May, according to the Bangko Sentral ng Pilipinas.

In a statement, the BSP on Friday said foreign direct investment yielded net inflows of $7 million that month, down from $195 million in May of last year.

“Investor sentiment remain subdued on the back of the continued concerns over developments in some advanced economies, particularly the interlocking sovereign debt and banking crises in the euro area,” the BSP said.

Overseas jitters overshadowed the Philippines’ stellar economic growth of 6.4 percent in the first quarter and Moody’s positive credit rating on the country last May, the BSP said.

Fresh equity capital worth $48 million as well as reinvested earnings amounting to $9 million helped drive net inflows in May, even as the other capital account registered net outflows of $50 million as Philippine subsidiaries and affiliates of foreign companies repaid debt owed to their parent companies.

Despite the steep fall in FDI last May, the five-month tally of $844 million was 10.2 percent higher than the net inflows registered in the January to May period of 2011.

Major sources of FDI in the first five months were the US, Australia, the Netherlands, Japan and the United Kingdom.

Investments were channeled to the manufacturing, real estate, wholesale and retail trade, and financial intermediation sectors.

http://www.interaksyon.com/business/...6-year-on-year

[Cisten18]

Originally Posted by RonnieR

PH export growth slows sharply in June
Reuters
Posted at 08/10/2012 11:12 AM | Updated as of 08/10/2012 11:12 AM

MANILA - Philippine export growth slowed sharply in June from a year earlier as global demand sputtered, with electronics shipments posting a steep decline, casting doubt on the country's ability to meet its trade and growth targets for the year.

Exports, which account for about two-fifths of the country's GDP based on expenditure terms, climbed 4.2 percent in June, far lower than May's 19.7 percent annual rise, with the value of shipments at $4.31 billion, the lowest since January.

http://www.abs-cbnnews.com/business/...s-sharply-june

will this single huge drop in export growth affects your own forecasts on our gdp growth? can we still attain 6 to 7% gdp growth?

[chillendawg]

Exports up for third consecutive month

Posted on August 10, 2012 11:16:59 AM | BREAKING NEWS

MERCHANDISE exports grew by 4.2% in June, the third consecutive month of growth since April despite a continued slump in demand for electronics, the National Statistics Office (NSO) reported on Friday.

Outbound merchandise shipments totaled $4.31 billion for the month, up from the revised $4.13 billion a year earlier, data from the NSO showed. Month-on-month, export receipts contracted by 12.6% from May’s revised $4.93 billion.

Electronic products, which accounted for 43.8% of total export earnings, plunged by 14.6% to $1.87 billion from the revised $2.21 billion a year ago. On a monthly basis, it went up by a tad 0.7%.

But semiconductors, which made up the bulk of electronic products, posted an increase of 2.2% to $1.50 billion in June from $1.47 billion in the same period in 2011.

Woodcraft and furniture, the country’s second-highest earner, rose by 5.9% year-on-year to $158.25 million. Metal components -- ranked third in receipts with a 3.5% share of total exports -- jumped by 152.9% to $149.43 million from $59.10 million a year ago.

Japan was the top export destination in June with revenues reaching $704.96 million, followed by the United States with $674.21 million. China came in third with $534.63 million. -- Judy Dannibelle T. Chua Co

[RonnieR]

Originally Posted by Cisten18

will this single huge drop in export growth affects your own forecasts on our gdp growth? can we still attain 6 to 7% gdp growth?

It still a positive 4.2% but slower. However, other figures point to higher growth i.e. industrial growth, investments (YTD), BPO, tourism, etc.

[wheel of steel]

Originally Posted by 3cr

3 antiflood projects to rise in Laguna, Marikina, Camanava
Inquirer
http://newsinfo.inquirer.net/246989/...ikina-camanava

A ring-road dike along Laguna de Bay. Embankments and catch basins in the Marikina River watershed. An 8-kilometer dike and pumping station in the Camanava (Caloocan, Malabon, Navotas and Valenzuela) area.

These three infrastructure projects was announced by President Benigno Aquino Thursday to be finished in two to three years to address the perennial flooding in the metropolis and nearby areas.

The President is vowing to complete the three antiflood projects before the end of his term in 2016.

“I won’t flatter you … but I can finish this,” he said, adding: “We already have a funding source for this.”

He made the announcement during his four-hour swing-through evacuation centers in Nangka, Marikina, Bagong Silangan, Quezon City, Gen. T. de Leon, Valenzuela and Poblacion, Navotas.

It was in Barangay (village) Nangka, his first stop, where Mr. Aquino started talking about his flood control projects.

The President said the public works department would soon construct embankments and catch basins at the upstream portions and tributaries of the Marikina River to slow down floodwaters cascading into Metro Manila during heavy rains.

Public Works Secretary Rogelio Singson, who was with the President, said slowing down floodwaters from the mountains in Antipolo, San Mateo and Rodriguez, all in Rizal province, would allow the drainage systems to efficiently carry rain water into the sea.

“So what we could do it is impound water upstream, so that water levels won’t increase downstream simultaneously,” Singson said.

The President vowed to release by next week specifics of this project.

In his second stop in Barangay Silangan in Quezon City, he asked residents to be patient because the project could not be finished overnight.

P2.2-B project

In Valenzuela City, the President revealed a plan to build an 8-km dike and pumping station to be built in two to three years at a cost of P2.2 billion.

The dike will also benefit Obando and Meycauayan towns in Bulacan because it will be constructed along the Meycauayan River.

He expounded on this project when he was with Valenzuela City Mayor Sherwin Gatchalian at a school, which was turned into a relocation site, telling evacuees that “we will explain this clearly by meeting all local government officials covered by this project.”

Laguna dike shield 18 towns

In the afternoon, the President was interviewed by the media at Oreta Sports Center in Malabon, where he disclosed yet another project, this time a dike to address floods in 18 lakeside towns in Laguna.

“There’s a body of water south of Metro Manila called Laguna Lake. And the plan was just to dredge it. It fills up with something like 4,000,000 cubic meters of silt every year. So what they wanted to do was move the mud from one section of the lake to another section of the lake, and that was supposed to enhance its water holding capacity, he said.

“Obviously, matter occupies volume and if it occupies the same space, the volume doesn’t decrease. That is going to cost us P18.7-billion. So, with all due respect, that’s what they wanted to do for flood mitigation and obviously, it’s a joke,” the President said.

Funds available

“So we’ve had to come up with new plans. For instance, for Laguna Lake it might be a ring-road dike, and the beauty of it (is) it will also be self-financing via the PPP (private-public partnership) project.”

He wanted all these projects to be completed in two to three years.

Mr. Aquino called on the people to support government efforts in addressing flooding.

“Let us help each other … so that we can overcome this,” he said.

He explained that he visited the evacuees to personally assess their situation and to let them “know that this government is ready for this (problem). We have a lot of resources to help you. Expect that we will not let you down.”

In a text message, Budget Secretary Florencio Abad said the government had the funds for relief, evacuation and resettlement of flood victims.

“For these we are adequately funded. We have not started receiving reports yet on damage,” he said.

Postdisaster assessment

But as soon as floods subside, Abad expects a postdisaster assessment of damaged infrastructure, proposed permanent resettlement projects and new dredging, flood control and solid waste management.

Interior Secretary Jesse Robredo reminded local government units (LGUs), which placed their respective areas under a state of calamity, to judiciously spend their calamity funds in aiding flood victims.

“The proper use of the calamity funds is actually a criteria in the ‘seal of good housekeeping’ awards given out by the DILG (Department of the Interior and Local Government),” Robredo told the Philippine Daily Inquirer.

State of calamity




As of Thursday, the interior secretary said the governors of Laguna, Bataan, Pampanga, Bulacan and Zambales had declared a state of calamity in the towns and cities in their respective provinces.

Other LGUs which made the same declaration were Olongapo City and the towns of Culion, El Nido and Linapacan in Palawan province.

The cities of Navotas, Malabon, Valenzuela, Marikina, Manila, Muntinlupa and Pasay in Metro Manila were also put in a state of calamity.

Under the law, municipalities, cities and provinces which made such declaration after a natural or man-made disaster may use their calamity funds to help the affected residents.

The fund comes from 5 percent of the total annual internal revenue allotment of each LGU.

The borrower will start monthly payments after three months instead of just one month.

Umpisahan na yan. Sana hindi na kailangan pag isipan pa. While the President still has huge controls of Senate and House, tamang tama at napapanahon na. Siguro wala namang kokontra na dito...

[amigo32]

3 years daw bago matapos. ilang baha kaya ang mararanasan bago matapos yan
at yung dike mo ba hindi joke? kung hindi ka magbabawas ng sediments, maglagay ka ng dike lampas sa pinakamataas na building sa Makati

[wheel of steel]

Originally Posted by Cisten18

May FDI slides 96% year-on-year

By: InterAksyon.com
August 10, 2012 2:48 PM

MANILA – Foreign money spent in the country to expand businesses or build new ones fell sharply last May, according to the Bangko Sentral ng Pilipinas.

In a statement, the BSP on Friday said foreign direct investment yielded net inflows of $7 million that month, down from $195 million in May of last year.

“Investor sentiment remain subdued on the back of the continued concerns over developments in some advanced economies, particularly the interlocking sovereign debt and banking crises in the euro area,” the BSP said.

Overseas jitters overshadowed the Philippines’ stellar economic growth of 6.4 percent in the first quarter and Moody’s positive credit rating on the country last May, the BSP said.

Fresh equity capital worth $48 million as well as reinvested earnings amounting to $9 million helped drive net inflows in May, even as the other capital account registered net outflows of $50 million as Philippine subsidiaries and affiliates of foreign companies repaid debt owed to their parent companies.

Despite the steep fall in FDI last May, the five-month tally of $844 million was 10.2 percent higher than the net inflows registered in the January to May period of 2011.

Major sources of FDI in the first five months were the US, Australia, the Netherlands, Japan and the United Kingdom.

Investments were channeled to the manufacturing, real estate, wholesale and retail trade, and financial intermediation sectors.

http://www.interaksyon.com/business/...6-year-on-year

Baka nag lalailow mga foreign companies natin. Kunsabagay, taas at baba din yan. Baka bumalik taas ulit sa June.

[wheel of steel]

Originally Posted by amigo32

3 years daw bago matapos. ilang baha kaya ang mararanasan bago matapos yan

Dyos ko po wag naman sana.. Ang iba nga may mga pagkakataon kung kailan ginagawa na ay sya pang dating ng sobrang kalamidad. Kitang kita ko sa TV kung gaano kalunos lunos yung hitsura ng Metro Manila... Buti nga, pinagbawal na yung sobrang paggamit ng plastic bag sa mga malls at ministores.

[wheel of steel]

Originally Posted by amigo32

3 years daw bago matapos. ilang baha kaya ang mararanasan bago matapos yan
at yung dike mo ba hindi joke? kung hindi ka magbabawas ng sediments, maglagay ka ng dike lampas sa pinakamataas na building sa Makati

Oo nga pala, you need to excavate and dredge it wow... Ganun kataas sa Makati? Possible yan Unless by all means and measures. Kasi nakakagimbal talaga yung nangyari, everyparts of Metro Manila may ganito except mga CBDs...

[amigo32]

eh sabi kasi nya joke daw yung magtanggal ng sediments kaya dapat mataas yung dike mo, ayaw mo magtanggal ng sediments eh, mapupuno yang dike mo, at aalpas na naman ang tubig.

yan joke na malaki, nyoy

[dessertfox]

Originally Posted by amigo32

eh sabi kasi nya joke daw yung magtanggal ng sediments kaya dapat mataas yung dike mo, ayaw mo magtanggal ng sediments eh, mapupuno yang dike mo, at aalpas na naman ang tubig.

yan joke na malaki, nyoy

Ang lakas ngang mag spin, eh dredging din ang suma-tutal noon. Masabi lang kuno may basehan ang desisyon nila sa cancellation.

[amigo32]

Originally Posted by dessertfox

Ang lakas ngang mag spin, eh dredging din ang suma-tutal noon. Masabi lang kuno may basehan ang desisyon nila sa cancellation.

nagmamagaling feelingira expert.
ayaw makinig sa totoong expert tulad kay Palafox

yabang talaga ni kumare

[leofriends]

may maguumpisa? kahit si pnoy presidente.. asa ka pa..

[Bosnyboy]

Originally Posted by wheel of steel

Oo nga pala, you need to excavate and dredge it wow... Ganun kataas sa Makati? Possible yan Unless by all means and measures. Kasi nakakagimbal talaga yung nangyari, everyparts of Metro Manila may ganito except mga CBDs...

If that pnoy cancelled belgian project of the desilting of the laguna de bay pushed through, do you think flooding could have been minimized? Sayang kasi eh sana maraming towns din na save.

[Bosnyboy]

Originally Posted by RonnieR

So sad on those areas. Caloocan, Malabon, Navotas - hopeless case?!?

My friends had a dinner at BGC tonight. It was just an ordinary night. People had fun outside.....

Makati, Eastwood, Ortigas are not affected.

Hard to have fun when we all know many of our fellow filipinos are in dire strait at this very moment. May sched kaming dinner party with business associates scheduled months ago but we forego it last night and instead asked the caterer to just use the money we paid to cook as much food as they can. Our people then picked them up and distributed them in the affected areas. I think its better this way.

[Bosnyboy]

Originally Posted by Manila-X

It happen in Thailand but the country still has it's foreign investments.

The best our government should do is improve our canals, sewers and waterways and make sure it is free of garbage and informal settlers. Plus enforcing strict laws and penalties for those who violate these laws.

The best our people can do is not throw their garbage in these areas.

The difference is those foreign mfg facilities are already there for quite some time before the major flooding happens, dito wala pa. So those foreign investors who are considering us for investment may consider the recent floodings are a negative factor in deciding whether to put their investments here. The govt can counter this by coming up with a concrete action plan with definitive schedule on how to mitigate future floodings.

[wheel of steel]

Originally Posted by Bosnyboy

If that pnoy cancelled belgian project of the desilting of the laguna de bay pushed through, do you think flooding could have been minimized? Sayang kasi eh sana maraming towns din na save.

Oo nga sayang... sana matuloy na, kasi kahit ano pa sabihin nila, pareho lang yan ng DREDGING AT DESILTATION.. Hayaan na lang natin ang pangulo magpili kung sino gusto nya MATULOY LANG PROJECT NA ITO...

Balita ko kasi marami daw gustong maginvest na foreigner at maglagay ng tuorism facility sa paligid ng Laguna de Bay..Can you believe a superhighway at the coast of this bay... morethan 100km in diameter..