The Philippine Economy

[RonnieR]

Healthy signs of our growing economy, the growing middle class and expanding businesses.


Banks’ bad loans ratio hits lowest in 15 years
BSP cites prudent lending standards
By: Michelle V. Remo
Philippine Daily Inquirer
2:51 am | Monday, January 16th, 2012


The exposure of universal and commercial banks to bad debts fell in November to its lowest in 15 years—matching levels seen before the 1997 Asian financial crisis—as regulators pointed to the industry’s observance of prudent lending standards even as it pursued significant expansion of credit.

The Bangko Sentral ng Pilipinas said the declining nonperforming loans (NPL) ratio—the proportion of bad debts to total outstanding loans—of universal and commercial banks gave comfort that the banking sector could afford to continue supporting growth of the economy through the extension of more loans to individuals and enterprises.

In a report released Friday, the BSP said the NPL ratio of universal and commercial banks dropped to 2.39 percent in November from 2.54 percent the previous month and from 3.06 percent in November 2010.

One encouraging detail in the data, according to the central bank, was that the decline in the bad-debts exposure of the banks came about even as they gave out more loans to borrowers. This meant that the quality of loans haS significantly improved over the years as borrowers had better capacity to pay loans and as the banks enhanced their credit standards and payment-collection systems, the regulator said.

Remittances reach $1.78B in Nov. ’11
By: Michelle Remo
Philippine Daily Inquirer
3:19 pm | Monday, January 16th, 2012

AFP photo

MANILA, Philippines—Remittances from overseas-based Filipinos coursed through banks reached $1.78 billion in November 2011, up 10.6 percent from $1.61 billion in the same month in 2010, the Bangko Sentral ng Pilipinas has reported.

This brought the total remittances for the first 11 months of 2011 to $18.32 billion, up 7.3 percent from $17.07 billion in the same period last year.

http://business.inquirer.net/39935/r...ov-%E2%80%9911

[RonnieR]

Originally Posted by dancethingy

Where is the infrastructure they said they were going to start on this january?? WHERE ARE THE INFRASTRUCTURES? By the way, there are a lot PREDICTIONS going on here.

Any particular project that was committed to start in January?

In NCR, the construction of a huge underpass in EDSA -Araneta is on-going. There is also a construction of a flyover from BGC to C5. Actual construction of NAIA Terminal 1 rehab will commence in February. The Daang Hari PPP project has started too.

I don't know of the other projects.

[RonnieR]

Government allots P500M/year for industry competitiveness fund
By Ma. Elisa P. Osorio (The Philippine Star) Updated January 16, 2012 12:00 AM Comments (1) View comments

MANILA, Philippines - The government has allotted half a billion yearly for the industry competitiveness fund (ICF) to help big ticket investors operating in ecozones outside the Philippine Economic Zone Authority (PEZA) cope with high electricity costs.

Big locators enjoyed a preferential power rate under the Ecozone Rate Program (ERP). Since the expiry and subsequent extension of the ERP, the government has been looking for alternative solutions.

Trade and Industry Undersecretary Cristino L. Panlilio said they are allocating P500 million every year to help mega locators in Subic, Baguio and Clark ecozones. The commitment of the government is to help big ticket locators for 10 years. Three years have already passed.

The fund was initially set up during the time of former President Arroyo. “My recommendation for this is retroactive,” he said. Panlilio said he is uncertain how much the allocation was but said it was definitely smaller because the firms then had relatively lower demand.

Firms that will enjoy the benefits of lower electricity rate should have an investment of $500 million and above.

http://www.philstar.com/Article.aspx...bCategoryId=66

[RonnieR]

A testament to the growing middle class and expanding economy.

DMCI Homes launches P18-billion new projects
(The Philippine Star) Updated January 16, 2012 12:00 AM Comments (0) View comments

MANILA, Philippines - DMCI Homes, the property development unit of listed Filipino conglomerate DMCI Holdings, said at least seven new residential condominium projects will be unveiled this year, with the company pouring in up to P18 billion in investments to accumulate 6,088 units of fresh inventory in the burgeoning local mid-income property market.

These new projects — located in key, strategic areas within Metro Manila — are consistent with the developer’s unique proposition of providing top-quality condominium homes for young families. Said developments are in line with the company’s reputation for pioneering resort-inspired residential condominium communities.

URC allots P5.1B in capex for 2012
abs-cbnNEWS.com
Posted at 01/16/2012 4:31 PM | Updated as of 01/16/2012 4:31 PM

MANILA, Philippines - Universal Robina Corp. (URC), maker of Chippy and Chiz Curls snacks and C2 drinks, is allotting P5.1 billion in capital expenditures for 2012, as it seeks to expand its branded consumer food products.

This is slightly higher than the P4.5 billion URC set aside for capital spending in 2011.

Of the total P5.1 billion programmed capital spending this year, P4.3 billion is allotted for the continued expansion of branded consumer food segment operations. This would involve primarily snack foods production facilities in the Philippines and biscuits production facilities in Thailand and Vietnam.

http://www.abs-cbnnews.com/business/...51b-capex-2012

Additionally, compared to entry-level studio units mostly comprising the mid-income segment, DMCI Homes offers more spacious options such as two-bedroom units, which are considered its standard or most popular offering among buyers.

http://www.philstar.com/Article.aspx...bCategoryId=66

[RonnieR]

The 13.5 km. Connector Road is still on....

MPTC eyes P7-billion revenues this year
By Zinnia B. Dela Peña (The Philippine Star) Updated January 16, 2012

MANILA, Philippines - Highway operator Metro Pacific Tollways Corp. (MPTC) is looking at over P7 billion in revenues this year, higher than the estimated P6 billion recorded in 2011.

MPTC president Ramoncito Fernandez said last year’s performance was held down by high prices of oil and the expiry of unit Manila North Tollways Corp.’s income tax holiday.

MNTC president Rodrigo Franco said traffic declined by one percent last year at 158,000 vehicle entries but is hopeful that 2012 would be a much better year with traffic seen to rise by three percent.

MNTC holds the concession to operate and maintain North Luzon Expressway (NLEx) and is owned 67.1 percent by MPTC.

Tollways Management Corp. operates the NLEx for MNTC.

MPTC is expected to start construction of the Harbour Link, divided into two parts, Segment 9 and Segment 10 with the completion of the entire project targeted for 2014.

Meanwhile, detailed engineering drawing and design are underway for the connector road ahead of the Swiss challenge for the project. The connector road is a 13.5-kilometer, four-lane elevated expressway to connect the Harbour link to South Luzon Expressway at Buendia Ave., Makati.

MPTC will need to shell out around P32 billion for the Harbour Link and Connector road projects. Funding will come from a combination of internal funds and debt.

http://www.philstar.com/Article.aspx...bCategoryId=66

[RonnieR]

First Arab IT firm to be established
Abu Dhabi: Sun, 15 Jan 2012

Leading Gulf investors have joined hands to set up Trust 300, the first global Arab IT company which will have a major presence in the UAE, Morocco, Egypt, Jordan, India, UK, US, and Philippines.

The company established by “By Law Consultancy” and a group of its partners, will be officially launched next week.

http://www.tradearabia.com/news/IT_211007.html

[pau_p1]

April budget surplus biggest in 25 years
4-month revenues up 18%, expenses down 11.6%
http://business.inquirer.net/2352/ap...st-in-25-years
By: Ronnel W. Domingo
Philippine Daily Inquirer 9:32 pm | Monday, May 23rd, 2011


MANILA, Philippines—The Aquino administration posted a budget surplus of P26.26 billion in April, the biggest in 25 years and more than 10 times the P2.6-billion surplus a year ago, Finance Secretary Cesar V. Purisima announced Monday.

The fiscal performance for the month of April brought the record for the first four months to a surplus of P61 million, documents from the Bureau of the Treasury showed.

The January-April figure was a reversal of the P131.8-billion budget deficit recorded in the same period last year.

“Netting out interest payments, continued fiscal discipline and increasing revenue collections also resulted in a primary surplus of P102.21 billion as of April, a reversal of last year’s primary deficit of P7.03 billion,” Purisima said.

January-April expenses reached P461.4 billion, or 11.6 percent less than the P521.9 billion incurred in the same period of 2010.

read more

[b0rnth1sw4y]

This will indeed be such great news for the people of the Philippines. Magdilang anghel nga sana ang HSBC regarding their RP forecast...

HSBC’s projection for PHL: $1.69-T economy in 2050
Business Mirror
Thursday, 12 January 2012
http://www.businessmirror.com.ph/hom...conomy-in-2050

THE Philippines is seen to become the 16th largest economy in the world by 2050—larger than even neighboring Indonesia, Malaysia, Thailand or even oil-producing Saudi Arabia or the Netherlands.

The British-owned global lender HSBC made the forecast in a study projecting the size of 100 economies 40 years hence, expanding the same from the original 30-country review published last year.

HSBC said the Philippine economy were to expand from the puny $112 billion at present into a leviathan capable of generating output worth $1.69 trillion or 15 times larger.

“Our ranking is based on an economy’s current level of development and the factors that will determine whether it has the potential to catch up with more developed nations. These fundamentals include current income per capita, rule of law, democracy, education levels and demographic change, allowing us to project the gross domestic product [GDP] forward,” the bank said.

This means the Philippines will have to be catapulted 27 places from its current ranking of 47 in the original group of 50 economies.

HSBC lumped the Philippines with a group of 26 countries seen to post the fastest rate of growth during the period in which local output was seen averaging more than 5 percent each year.

These countries, the British lender said, “Share a very low level of development but have made great progress in improving fundamentals. As they open themselves to the technology available elsewhere, they should enjoy many years of ‘copy and paste’ growth ahead.”

Apart from the Philippines, group members include China, India, Egypt, Malaysia, Peru, Bangladesh, Algeria, Ukraine, Vietnam, Uzbekistan, Tanzania and Kazakhstan, among others.

HSBC said the forecast upgrade in the country’s economic standing was less the result of an increase of individual prosperity than as a result of the impact of its expanding population.

Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr. earlier told reporters he considers the country’s rising population as a positive influence on growth rather than as contributor to eventual perdition.



_____________________________

Only 1.69 trillion???This is absolutely wrong.Why?Let me explain.As of now (2011) Indonesia has GDP nominal of $834.335billion while Philippines is around $216billion and according to HSBC pang number 17(+4) Indonesia then 16(+27) ang Philippines by 2050 which means para sa akin parang napakaliit naman nun!Siguro dapat mga $3trillion ang size ng economy natin.Isa pa Indonesia malapit na yan sa $1 trillion noh baka nga 2014 o 2015 ma achieved na nila yun,and my point is 35 years from now mga $500billions lang ang madadagdag sa economy nila ng Indonesia???Tapos ang GDP growth nila this year is around 6% if im not mistaken, diba?Parang and daming butas nito...

[pau_p1]

Originally Posted by b0rnth1sw4y

Only 1.69 trillion???This is absolutely wrong.Why?Let me explain.As of now (2011) Indonesia has GDP nominal of $834.335billion while Philippines is around $216billion and according to HSBC pang number 17(+4) Indonesia then 16(+27) ang Philippines by 2050 which means para sa akin parang napakaliit naman nun!Siguro dapat mga $3trillion ang size ng economy natin.Isa pa Indonesia malapit na yan sa $1 trillion noh baka nga 2014 o 2015 ma achieved na nila yun,and my point is 35 years from now mga $500billions lang ang madadagdag sa economy nila ng Indonesia???Tapos ang GDP growth nila this year is around 6% if im not mistaken, diba?Parang and daming butas nito...

uhmmm.. are you a market analyst? or a financial analyst?... i think people from HSBC has the data, background, and statistical insight to give them those projections...

[Bosnyboy]

Originally Posted by mwg12a

When? What? Where? I was whole heartedly defending Pnoy? Problem with you is that you have selected reading issue. Did you not hear me say how weak Aquino and the reason why I am giving shed light to some if his critic is that I am just avoiding more filipinos to rally behind another people's revolution that didn't really resulted to more jobs and lower poverty level? I do not have to buy any property there, I pretty much own some through the estate I am inheriting through my parents. That pays taxes to your government. And for you to criticize me aboutnot setting up manufacturing business there in your country. YOU YOURSELF HAVEN't start any business that would EMPLOY YOUR FELLOW FILIPINOs. MAS PAMBIHIRA KA! Andiyan ka na magiintay ka pa ng biyaya ng galing sa ibang bansa. Parehas na yan sa ibang filipino na nagiitany ng remittances galing sa ibang bansa. ATLEAST AKO, sumusuporta sa pagpapaaral ng mga orphan diyan para makatapos ng Colegio man lang, kaunting halaga buwan buwan, may isang kabataan na ngayon na nakatapos ng colegio dahil sa donasyon ko IKAW? MAY PINAARAL KA NA BA NA HINDI MO KAANO ANO?? SIno kaya ang makikinabang sa mga recipient ng donation namin? Pinoy na magiging professional at mag cocontribute sa economy ng PINAS. IKAW?? MAYROON KA BANG CONTRIBUTION O diyan ka lang magaling, mag intay ng maiipipintas sa mga nasa ibang bansa dahil nagseselos ka?

Hay naku say what you want but your past messages will speak for you.

Btw i have a chain of shops in the visayas. Just imagine the number of employees I employ. I have people in the field all the time thats why i personally know the pulse of the people. I also do the rounds sometimes and have talked to different kinds of people so please dont judge me coz you dont know me. Thats why i feel so irritated by your statements saying how good pnoy is, anyway thats your always bottomline but you dont even know half truth. You speak like you know everything and you expect everyone to agree with you, you're just like a typical american politician.

Nuff said already.

[Bosnyboy]

..

[kalbongdad]

well said.....

[Manila-X]

Link to past thread

http://www.skyscrapercity.com/showthread.php?t=1467347

[3cr]

Arroyo ‘economic paper’ missed the point
By Ping Galang
GMA News
http://www.gmanetwork.com/news/story...ssed-the-point

Former president Gloria Arroyo’s press release this week complaining that the Aquino government has squandered economic gains achieved during her administration was launched by her spokespersons on the same day a couple of international organizations separately issued reports portraying better prospects for the Philippines on account of recently improved management and resiliency of the economy.

Not only did it suffer from bad timing, the Arroyo press release on Thursday failed to measure up to its label by her publicity handlers as an “economic paper” that was read before what was described as a “colloquium” where only media representatives were present and no panel of experts probed deeper into the former president’s thesis.

If indeed the released material will form part of a memoir she is reportedly writing, then Mrs. Arroyo will need to do a more careful review of her facts so that her forthcoming work will not be ignored by the market and give the city trash collectors a problem in deciding whether it is recyclable or not.

While the Arroyo press release, titled “It’s the Economy, Student!”, painted a grim picture of the economy under the administration of President Benigno Aquino III, newly released reports from Bank of America Merrill Lynch, HSBC Global Research, and the Heritage Foundation all noted improved Philippine economic fundamentals in the recent months, projecting rosier prospects in the coming years.

BoA Merrill Lynch cited the Philippines’ “improving” resilience indicators that could help the country weather the current global economic turbulence caused by growth slowdown in leading industrialized economies in the West.

HSBC added its own positive view by projecting that the Philippines will join the global growth leaders and emerge 16th largest economy in the world by the year 2050.

The report said China will overtake the United States as the world’s biggest economy by 2050, while other developing countries are seen driving global expansion with “strong growth rates.”

In Asia, the report said the Philippines will be “the star performer,” with average annual growth rate of 7 percent that will be driven by a combination of “strong growth fundamentals and powerful demographics.”

Another report, the 2012 Index of Economic Freedom by the Washington-based The Heritage Foundation and The Wall Street Journal, gave the Philippines a higher overall score following improved performance on business freedom, labor freedom, monetary freedom, and fiscal freedom over the past year.

These new findings contradict Mrs. Arroyo’s argument that the Aquino government of focusing mainly on “politics of division” while exhibiting a “vacuum of leadership, vision, energy and execution in managing our economic affairs.”

Even on economic performance, the former president’s article obviously is guilty of exaggeration in some parts and omission of others, particularly in the wealth inequality that resulted from the economic growth during her term.

The paper is “self-serving,” says Dr. Dante B. Canlas, the chairman of the dissertation committee that evaluated Mrs. Arroyo’s thesis for her economics doctoral degree at the University of the Philippines School of Economics in 1985. He is formerly an Arroyo administration Socioeconomic Planning Secretary and NEDA Director-General, replaced later by Romulo Neri.

Dr. Canlas feels that the title of Mrs. Arroyo’s paper should be “It’s Also About Good Governance, Teacher!” in reference to the widespread perceptions of corruption during the previous administration.

“Development,” he pointed out in an interview, “won’t take place unless top political leaders — past, present, and future — don’t quit using state resources to advance their own interest.”

Also, former prime minister and finance minister Cesar Virata sees “signs of economic improvement” this year, after a slower expansion in 2011 compared to the high growth of 2010 that he said was characterized by “high election spending.”

Mr. Virata, who in 1980s oversaw the difficult recovery from the harsh economic conditions brought about by the Marcos regime’s declaration of a debt moratorium in 1983, noted that while under-spending in public construction in 2011 came about due to delays in the implementation of projects under the Aquino administration’s public-private partnerships (PPPs) program, it also resulted in an improved budget deficit position.

The lower budget deficit along with an increase in financial reserves, said Mr. Virata in a January 13 essay for the East Asia Forum newsletter, bolstered international rating agencies’ outlook on the Philippines.

For this year, Mr. Virata projected a “likely positive growth rate of about 4.5-5 percent as the government moves to implement “reform-minded” projects and programs, and facilitate investment.

Mr. Virata cited the Aquino administration’s “vigorous” anti-corruption campaign, plans for greater government transparency and accountability, social programs addressing povery alleviation, improved education and health programs, along with a number of PPPs for major infrastructure projects.

Contrary to the gloomy outlook owing to the deteriorating economic situation in Europe, Japan and the US as portrayed by Mrs. Arroyo in her press release, Mr. Virata offered a more positive scenario: he said that while the Philippines is not immune to these global problems, the country’s exposure to European credit is quite low and a credit squeeze there will likely have little effect.

On the other hand, Mr. Virata said, “European exposure in the Philippines — in both the private and public sectors — could be sold in the market and be picked up by other international or Philippine institutions.”

Meanwhile, the impeachment trial of Supreme Court Chief Justice Renato Corona, while having the potential for “distractions” in both the public and private sectors, “I remain hopeful that the first half of 2012 will see the much-awaited start of a public infrastructure program to boost economic growth over the medium term,” Mr. Virata said in his East Asia Forum essay.

East Asia Forum offers “high-quality economic research” aimed at assisting policymakers in responding to, and anticipating, issues confronting the economies in the region. Its members include 25 research institutions from 11 countries in East Asia, including the Philippine Institute for Development Studies.

Other independent assessments made in the recent past by international institutions provide an enlightened assessment of Mrs. Arroyo’s claims on economic growth.

For instance, while Mrs. Arroyo laments that President Aquino has failed to continue her accomplishments during “38 quarters of uninterrupted economic growth,” such growth has failed to propel the country into a competitive position, said an Asian Development Bank-commissioned report released in May 2010.

The ADB report noted that while most of its neighbors in Asia successfully conquered “complex challenges” in surging ahead towards prosperity, the Philippines remained caught in a “middle income trap.”

A middle income trap is a situation where a country achieves a certain level of economic development but could not rise further because it could not compete with both the low-cost producers at the lower end of the market and the advanced economies at the high end either.

While many of its neighbors nimbly overcame their own challenges and went on to deliver better lives to their citizens, the Philippines lingered in this middle income limbo — contrary to claims made by the Arroyo paper.

Another report, titled “Philippines Discussion Notes: Challenges and Options for 2010 and Beyond” and drafted by economists at the World Bank Manila Office to “help inform policy discussions… among government, civil society, business groups, and development partners” during that election year, noted that at the time “an estimated 33 percent of the population lived under the poverty line, up from 30 percent in 2003, and nearly half remain highly vulnerable to falling into poverty or deeper into poverty.”

The World Bank report said that in 2003-2006 poverty indicators in the Philippines failed to decline even though GDP growth had picked up significantly. “This suggests that the benefits of growth during that period were not being widely shared. Rather, the increase in economic growth appears to have been accompanied by a significant deterioration in the distribution of income and consumption.”

Poverty incidence rate increased between 2006 and 2010, adds Dr. Canlas, adding that “distribution of income as of 2010 was highly unequal, with a Gini ratio of more than 45 percent, which means a large chunk of national income, at least 80 percent is concentrated in the top 10 percent.”

The Arroyo press release’s claim that during her term the country was able to “weather with flying colors the worst planet-wide economic downturn” of 2008-2009 is belied by findings that the Philippines was among those that suffered severely, with GDP growth estimated at nearly flat (even posting a negative result by some independent estimates) while job losses swept a wide range of industries.

But it is high incidence of corruption that is often raised against the administration of Mrs. Arroyo. The World Bank Discussion Notes recalled a poll of world opinion makers conducted by the World Bank in 2008 which showed that respondents in the Philippines were “the only ones among those polled in East Asia who identified ‘improving governance’ as the most important means to generate faster growth in their own country. “

“Corruption diverts public resources and denies the poor access to schools, health care and other basic services. The impact of public investments is diluted and public confidence in the government eroded when funds are siphoned off by corrupt intermediaries,” the report said.

Calling for measures to curb corruption and uplift governance standards, the World Bank report said that, as experienced by many political leaders and governments around the world, the “reputation and legacy of the government will be largely determined by its record on improving governance. “

That makes Mrs. Arroyo’s harangue against the current campaign by the Aquino administration to root out corruption difficult to understand.

Highly respected economist Jeffrey Sachs wrote recently about the need for moral leadership. “The world’s greatest shortage,” he said in an article for Project Syndicate, “is not of oil, clean water, or food, but of moral leadership.”

“With a commitment to truth – scientific, ethical, and personal – a society can overcome the many crises of poverty, disease, hunger, and instability that confront us,” he said in a tribute to Vaclav Havel.

Moral leadership and truth should be the primordial concerns when a real assessment of the Arroyo administration’s claimed accomplishments on the economic front and elsewhere is made.


_____________________________________



Philippine economy rising
Business Mirror
Sunday, 15 January 2012 20:45
http://www.businessmirror.com.ph/hom...economy-rising

With banking giant Hongkong and Shanghai Bank (HSBC) announcing recently that the Philippines can be one of the world’s top economies by 2050, it is encouraging that this independent and credible financial organization sees the enormous potential our country has for economic growth, and that if this potential is nurtured, the outcomes will be concrete and tangible and will provide benefits for the nation and its people.

In the HSBC report, the Philippine economy is forecast to rise 27 places upward to 16th rank less than 40 years from now.

The Philippines was also marked as one of 26 “fast-growth” countries expected to register “an average expansion of more than 5 percent per year.”

Despite a “very low level of development,” the report says the Philippines is among those countries that has made “great progress in improving fundamentals. As they open themselves to the technology available elsewhere, they should enjoy many years of ‘copy-and-paste’ growth ahead.”

The Philippines was noted as being one of the “truly remarkable hot spots in Asia…. The star performer, however, is the Philippines, where the combination of strong fundamentals and powerful demographics gives rise to an average growth rate of 7 percent for the coming 40 years.”

Noted as contributing to the country’s progress are the “improvements in its economic infrastructure,” with the “fast-growing population…expected to increase the country’s labor force, which likewise benefits from the quantity and quality of education.”

HSBC projected the Philippines’s average gross domestic product growth at 8.4 percent from 2010 to 2020, 7.3 percent from 2020 to 2030, and 5.8 percent from 2040 to 2050.

The report stated further that China is expected to become the No.1 economy, followed by the United States, India, Japan and Germany in the top five, in that order. Many smaller economies will move up, such as Peru (to improve by 20 places), Egypt (+15), Nigeria (+9), Malaysia (+17) and the Ukraine (+19). Many European countries may decline, especially those in Northern Europe, because of a smaller work force and the rise of developing nations—Denmark (-29), Norway (-22), Sweden (-20), and Finland (-19).

Among the factors that contribute to long-term economic growth are demographics—the size of the working population—and the opportunities for each individual to be more productive.

In order to create a milieu conducive to promoting productivity, there must be the following significant factors: opportunities for education, democratic governments, and strong rule of law.

Factors that could derail progress are war, energy-consumption constraints, climate change, and barriers to population movement across borders.

The report comes with a caveat: “We openly admit that behind these projections we assume governments build on their recent progress and remain solely focused on increasing the living standards for their populations….Of course, this maybe an overly glossy way of viewing the world.”

The Philippines under President Aquino is already putting those measures for growth in place. Economic growth showed a strong uptick in 2011, when the Philippine Stock Exchange closed with a 4.1-percent gain. This made it Asia’s best-performing economy for the year.

In another report, to create a climate conducive to more growth, the Association of Southeast Asian Nations is working toward “a unified trading bloc with free-flow capital by 2015.” Electronic-trading links will be set up in Asian countries to “allow more investments and raise liquidity,” starting in 2012 in Malaysia, Thailand and Singapore, followed later by the Philippines.

In addition, the Aquino administration has taken larger steps toward fighting graft and corruption via the Good Governance and Anti-corruption Cluster (GGAC) Plan for 2012-2016, which was approved on January 3. It will simplify and integrate the government’s anti-graft and -corruption systems.

Necessary legislations and policies will be reviewed and strengthened, while digitization and innovations in government operations will be promoted, backed by an aggressive advocacy and communication campaign. Once these measures are in place, the government expects the business and economic environment to improve further.

President Aquino said as much in his toast at the vin d’honneur at Malacañang on January 13 (the ceremony is the Palace’s traditional New Year’s celebration for the diplomatic corps):

“We have already made great strides in our fight against corruption and poverty, as well as in our thrust to create a progressive economic climate guided by fair and honest practices. Local and foreign groups have acknowledged our triumphs by investing in our country, by lauding our efforts in open governance, and by supporting our programs.

“At the heart of our work for the next year lies a desire to secure for our people a better standard of life, and a brighter future. And all of you present here today are crucial to achieving that goal.

“This year, we will strengthen the programs that work for our countrymen, such as those in education, health, housing, and others like our Conditional Cash Transfer Program.

“We will not relent in our quest to hold accountable those who seek to perpetuate the culture of impunity in our country.

“We will continue to ensure the safety of our nation: by upgrading our defense capabilities, and by working to achieve peace, while pursuing lawless and criminal elements.

“We will continue to sustain the growth of our economy and create opportunities for employment.

“These are not without their challenges, but I am confident that so long as we stand together and remain consistent in our service to the public, our countrymen will be behind us every step of the way, as we work toward success.”

[RonnieR]

Trial of top Philippine judge may impact economic reforms

16 Jan 2012 09:28

Source: reuters // Reuters

By Manuel Mogato

MANILA, Jan 16 (Reuters) - The Philippine Senate began the impeachment of the country's top judge on Monday in a case that could last months and distract President Benigno Aquino from a promised focus on lifting the economy and rooting out corruption.

Supreme Court Chief Justice Renato Corona has vowed to fight to clear his name in a trial which has its roots in the bitter rivalry between Aquino and his predecessor, Gloria Macapagal Arroyo, who is under hospital arrest awaiting trial herself on charges of election fraud and corruption.

Corona, appointed by Arroyo, is charged with betraying public trust and violating the constitution. He is accused of bias in favour of Arroyo as she faced charges late last year and, among other things, of failing to disclose his assets and liabilities.

Ahead of the country's first impeachment trial of a Supreme Court judge, Corona struck a defiant tone.

"If you want me removed, kill me," he told the ABS-CBN television station.

Corona attended the first day of trial at a packed session hall of the upper house of Congress, where senator-judges denied a defence motion to stop the trial.

Lawyers for Corona, who sat at the gallery with his wife, pleaded not guilty to all charges, arguing he has not violated the law or the constitution.

Outside the Senate building, groups for and against Corona held noisy protest rallies. "Jail Gloria, Convict Corona!" read one banner.

Aquino said he believed the evidence against Corona was strong.

"My expectation is that the Senate will examine the charges and decide based on the evidence to be presented, and I believe the evidence is strong," Aquino told reporters at the opening of a handbag factory in his northern home province of Tarlac.

CHANCE FOR GUILTY VERDICT

Sixteen votes from the 24-member Senate are needed to remove Corona from office, a decision that would permanently bar him from public office.

Aquino can already count on 14 votes against Corona.

Analysts say that a guilty verdict would be a boon for the president, whose popularity remains high more than a year since he took office, but who has struggled to draw in foreign investment and carry out major reforms.

"I doubt Aquino's reputation will be impacted much if Corona's impeachment trial does not end in a conviction," said Scott Harrison, managing director of security consultancy Pacific Strategies and Assessments.

"(But) if Corona is convicted, it will send a powerful message that Aquino is intent on weeding out corruption in government and that should resonate well with the public."

http://www.trust.org/trustlaw/news/d...4-a5f1333d4054

[RonnieR]

Philippines ramps up coconut planting programme

Monday January 16 2012

THE Philippines is stepping up its expansion of coconut production, and will plant 13.8 million coconut seedlings in 2012, the Philippine Coconut Authority (PCA) has said.

The Philippine Information Agency reports that PCA deputy director, Carlos B. Carpio, said during the first Philippine International BioEnergy Conference that the planting was part of the National Coconut Productivity Program, which seeks to increase coconut output.

http://www.agra-net.com/portal2/home...04&pubid=ag005

[juniordiscovery]

Not sure if this is already posted...

2 Japanese firms to invest in Phl

MANILA, Philippines - Two Japanese firms known for their printer brands announced they are investing in the Philippines with one of the investments reaching P20 billion.

In an interview, Philippine Economic Zone Authority (PEZA) Director General Lilia de Lima said that Japan-based firm Brother Industries Ltd. will put up a manufacturing facility for its printing business in Batangas. The facility, which will be constructed in the first quarter of 2012, will manufacture and export parts for inkjet printers. The project cost for Brother’s new facility in the country is still unknown but De Lima said it will be lower than the P20 billion being invested by the other Japanese firm.

The Brother group has manufacturing facilities for its printing business in Japan, China, Malaysia and Vietnam.

source: http://www.philstar.com/Article.aspx...ticleId=768196

[rain34]

Originally Posted by 3cr

Arroyo ‘economic paper’ missed the point
By Ping Galang
GMA News
http://www.gmanetwork.com/news/story...ssed-the-point

false growth nga kasi

[amigo32]

ito ngayong bulusok pababang growth ito ba yung tunay? my gawd

[NOVO ECIJANO]

one of 2011 worst performing economies,the least favored investment location.worsening unemployment and poverty.sa tingin ko ang 2012 ay mas masahol pa.kaya nga may impeachment eh.