The Philippine Economy

[Lili]

That is very good to hear. Kudos to the Filipina managers in the Philippines and the Filipinos, in general, who treat each other on equal footing. The women really hold half the world there.

Now, what I'd like to see is the pay equity of both the male and female counterparts in the same managerial position. Do the women command as high pay as the men?

One other good thing in the Philippines that allow women to balance both career and the family with equal aplomb is the presence of househelp and extended family relations. That is the one lacking here in the US for professional women who either sacrifice career growth during pregnancy and rearing of young children or let marriage and childbearing take a back seat. And admittedly, the glass ceiling is very much in existence in the professional and corporate world here in the U.S.

[diehardbisdak]

In Cebu, we have...

1. Garcias (Pablo and Gwen)
2. Osmeñas (Sergio, Lito, and Tomas)
3. Gullases (Antonio & Eduardo as far as I know)
4. Duranos in Danao, Cebu
5. Martinez in Bogo, Cebu
6. Ouanos in Mandaue City

[demented_pigeon]

dapat din siguro may batas nang i-require na 30% ng kongreso ay okupado ng kababaihan. Dapat ganun din sa negosyo.

[garzland]

Chinese Group commits to invest $ 2 B in Fort dev’t

Bases Conversion and Development Authority President and CEO Narciso L. Abaya announced yesterday the signing of a memorandunm of understanding (MoU) with Hui Wing Mau, chairman of Shimao Group, the biggest conglomerate for land development in China, for the joint development of a sizeable portion of land in the Bonifacio Global City (BGC).

"This is one of the biggest partnerships of government for property development in 2007, Abaya said after the signing of the MoU.

"This will further boost the asset disposition program of BCDA and enhance its revenue generating capability translating to more funds for AFP modernization and other beneficiaries," Abaya added.

BCDA Chairman Aloysius Santos attributed the investment decision of the Shimao Group to the favorable investment climate provided by the Arroyo administration. Chairman Hui expressed great confidence with the way President Arroyo is managing the country’s economy.

Shimao Group Chairman Hui, named by Forbes Magazine as the 2nd richest person in China in 2002, has expressed his interest to invest between US$ 2 to US$ 4 billion in high-end hotel and mixeduse buildings in the said area.

Chairman Santos said the MoU will enable Shimao Group to gain a major foothold in Bonifacio Global City – and the entire Philippines.

The MoU provides for the conduct of detailed studies on future joint development projects with BCDA in the Global City. "The Shimao Group needs to get all the data and information on investing in the Philippines, specifically on the requirements for massive development in BGC, since this is their first venture here," Santos added.

The Shimao Group is the owner of the Le Meridian Hotel, the Royal Meridien Hotel – the tallest structure in Shanghai, China, and the Grand Hyatt Hotel also in Shanghai. Altogether, they have more than 10 luxury hotels in China.

The Royal Meridien Hotel is a 66-storey, five-star hotel that houses 761 luxurious guest rooms and suites and offers a breathtaking view of the Bund and the Huang Pu River, People’s Square Park, and Shanghai’s skyline.

The Shimao Group always maintains an inventory of more than 20 million square meters of luxury offices and residential condominiums and continues to build an average of four million square meters annually.

The principal businesses of the Shimao Group are property development, property investment and hotel operations. It is a listed company in the Hong Kong stock exchange.

Abaya noted that "this development makes the Bonifacio Global City a key international business district, and is aligned with the thrust of President Arroyo in enhancing investments and generating job opportunities that will lead to a better life for Filipinos by 2008."

The Global City boasts of world-class infrastructure that includes underground water supply and distribution, drainages and power utilities. It also has a fiber optic cabling network to support a wide range of telephone, video and data applications.

[Insanedriver]

dapat walng percent percent... Kung cno ung magaling umupo...
Women, Men, Homo, hetero, straight wutever basta ikabubuti ng kumpanya...

[Askal82]

Philippines had 2 women presidents already no wonder.

[demented_pigeon]

Originally Posted by Insanedriver

dapat walng percent percent... Kung cno ung magaling umupo...
Women, Men, Homo, hetero, straight wutever basta ikabubuti ng kumpanya...

mahirap pa rin kung ang kultura mo mismo ay patriarchal... kahit sabihin nating meritocratic... hindi mangyayari din.

[sugarboy]

When I was working in my former company, HR shot out a questionnaire with open ended statements for us to complete. One of the statements was...

If this company were a person, this company would be....

My answer : definitely a woman. A feisty woman at that.

[bitoy]

My boss is a Filipina...she really knows how to manage me.

...not ménage à trois, but that's okay too!

[venntro]

SINGAPORE - South Korea's Hanjin Heavy Industries Co. has won the first orders to build oil tankers at its new shipyard in the Philippines, company sources said on Monday, a deal worth an estimated $130 million.

The two tankers, the biggest ever built in the Philippines, are to be delivered from Hanjin's $720 million yard on Subic Bay, on the west coast of the island of Luzon, next year, they said.

"We have secured two orders, for delivery around 2008," a Philippines-based Hanjin source told Reuters, declining to provide more details on the buyer or contract value. Company officials in Seoul also confirmed the order.

The two tankers, expected to be each around 75,000-100,000 deadweight tonnes, are slated to carry crude within the Middle East and Europe, the Phillipines-based source said.

Shipbrokers Clarksons earlier this month estimated the price of a newly built tanker of that size at about $65.5 million.

Hanjin, anxious to escape capacity constraints in South Korea, announced plans to build the yard a year ago, saying it would also build liquefied natural gas (LNG) and very large crude carriers (VLCCs) as well as container ships there.

The mid-size tankers will be the biggest ever built in the Philippines, according to the country's Maritime Industry Authority, but analysts said Southeast Asia's nascient industry posed little challenge to the dominance of South Korea and Japan.

The region has appeal for companies seeking to avoid the long queues for building slots at North Asian yards, which have come as shipbuilders look to meet growing demand for oil, but issues of quality and reliability may stymie growth.

"From every point of view, Southeast Asia is inferior to the big three nations," said Hyejin Koo, a Seoul-based equity research analyst with Lehman Brothers.

"The only exceptions are HHIC's (Hanjin's) Philippines yard and Vietnam, because HHIC's Philippines yard is leveraging its long history of shipbuilding. Vietnam could excel as the government is supporting the industry."

In February, Vietnam's largest shipbuilder, state-run Vinashin, took an order to build two VLCCs for state oil group Petrovietnam -- the first for the country.

The Philippines is a familiar overseas market for Hanjin, which has been involved there in building harbours, airports, highways and railways in the past three decades.

Hanjin's domestic rivals, including the world's top shipbuilder Hyundai Heavy Industries Co. and number two player, Daewoo Shipbuilding and Marine Engineering, have built shipyards in China and Vietnam. - Reuters

[Rene Ybardolaza]

Originally Posted by demented_pigeon

mahirap pa rin kung ang kultura mo mismo ay patriarchal...

Is this really true.... the Philippines is patriarchal? China is patriarchal.
Philippines... I firmly believe is matriarchal.

One has to admire the strength of the Filipina woman, how she carries herself and the responsibilities of raising a family.

An old American friend who worked in the Philippines in the 80's as an international banker shared with me his observation re the relationship between man and woman in the Philippines. He observes that the men are allowed to play and in return, the women get to control the household, its activities, its purse, etc.

Another friend jockingly told me that he would like to marry a Filipina someday so he can be a BMW? Huh? He further explains this interesting phenomenon in the U.S. where a lot of Filipinas are driven to work by husbands who are unemployed. BMW = Bring Mama to Work.

The sacrifice, dedication and endurance of Filipina nurses here in the US are legendary in the medical community, sometimes working two to three jobs to provide for their families. They take on work that the men are unwilling to accept because of pride. You see them in bus stations in Rome on Sundays where they gather for a little community sharing. Educated women working as servants to provide for families left behind.

Its no wonder we have such a high ratio of women managers in the Philippines. In a culture where the women are strong, leadership is second nature to them.

[heathcliff]

Women are also known to be more honest and much more difficult to corrupt because they generally have higher moral standards and don't have the "good old boys club" work ethic prevalent among male executives.

It's certainly something to be proud of about our country that despite the obstacles of living in a traditionally patriarchal society, and the still palpable discriminations against Filipino women, they have still managed to make big strides and are every day making their mark in areas formerly open only to men. It just shows the inner strength of our women, which bodes good for our children and children's children. As the old saying goes, the hand that rocks the cradle is the hand that rules the world.

[demented_pigeon]

Originally Posted by Rene Ybardolaza

Is this really true.... the Philippines is patriarchal? China is patriarchal.
Philippines... I firmly believe is matriarchal.

One has to admire the strength of the Filipina woman, how she carries herself and the responsibilities of raising a family.

An old American friend who worked in the Philippines in the 80's as an international banker shared with me his observation re the relationship between man and woman in the Philippines. He observes that the men are allowed to play and in return, the women get to control the household, its activities, its purse, etc.

Another friend jockingly told me that he would like to marry a Filipina someday so he can be a BMW? Huh? He further explains this interesting phenomenon in the U.S. where a lot of Filipinas are driven to work by husbands who are unemployed. BMW = Bring Mama to Work.

The sacrifice, dedication and endurance of Filipina nurses here in the US are legendary in the medical community, sometimes working two to three jobs to provide for their families. They take on work that the men are unwilling to accept because of pride. You see them in bus stations in Rome on Sundays where they gather for a little community sharing. Educated women working as servants to provide for families left behind.

Its no wonder we have such a high ratio of women managers in the Philippines. In a culture where the women are strong, leadership is second nature to them.

its patriarchal in he sense that gender roles of the female is comparably passive and submisive towards the male. although the gender role is changing, there is still a tendency to look down upon women's role in society. For example, we still connote femininity here with being attractive to men. masculinity on the other hand does not seem to exist as a concept for the consumption of females. so in the end, gender roles are still tailor fit to satisfying a patriarchal society.

[seomaga]

GMA says smaller RP debt part of ‘cleaning up mess of the past’


President Arroyo welcomed the reduction of the Philippines’ outstanding foreign debt and said it was part of "cleaning up the mess of the past."

In a press statement, the President said the declining debt burden "means a stronger fight against poverty; accelerated debt payments mean broader confidence in the Philippines and more investments and jobs for the people."

The Bangko Sentral ng Pilipinas (BSP) reported the other day that the country’s outstanding external debt has gone down by 1.5 percent to $53.4 billion in 2006 from $54.2 billion in 2005.

According to the BSP, the reduction of the 2006 debt figures was due to the net principal repayments of $766 million in the fourth quarter and nearly $1.3 billion for the entire year.

"The yoke of foreign debt is slowly being lifted from the shoulders of the people as the government continues to respond to one of the most telling issues in our contemporary history," the President said.

Mrs. Arroyo also said efforts to cut down the huge debt burden will be enhanced if politics is kept to the sidelines, the country’s fiscal house is fixed, investments and growth are shored up and the Filipino’s productivity and excellence is brought to the forefront.

"Less debt also means investing more in people as we pave the way for greater economic and political security to increase our competitive edge in the world and liberate millions from the specter of cyclic destitution," she added.

"I am determined to strike up the tempo of reform and keep our sights focused on the economy and the people’s business," the President said

[3cr]

No rapid growth without industrialization — ADB
The low level of investments in the country due to a weak business environment is a major impediment to high-level growth, according to the Asian Development Bank (ADB) in its annual Asia outlook report.

The economy must grow faster than five percent to six percent if it wants to reduce poverty and cut its unemployment rate, the ADB yesterday said.

Jesus Felipe, principal ADB economist, said the country needed to boost its manufacturing sector, not solely rely on services to drive economic growth.

“There is nothing wrong with nurturing the services sector but you have to diversify,” Felipe told reporters.

“Industrialization is a step that cannot be bypassed, and without industrialization, there would be no rapid growth,” he said.

The manufacturing sector just recently broke a 12-month string of contraction, based on government data.

The economy grew 5.4 percent in 2006 and the ADB expects it to expand at a similar rate this year.

Industries accounted for around a third of gross domestic product (GDP) in 2006 and contributed 1.6 percentage points to growth.

Services generated a stronger three percentage points of growth and made up about 48 percent of GDP.

“Countries that do not change cannot sustain rapid growth,” Felipe said.

The Philippines should “move its resources to higher value added sectors, produce and export a more sophisticated range of products and increase its labor productivity,” he said.

ADB country director Thomas Crouch added the Philippines could expand more than the projected 5.4 percent this year if improvements in public finances are sustained and if investment is boosted through wider and deeper reforms. Balancing the budget, while increasing infrastructure and social spending, would help improve the country’s investment rates, Crouch said.

The key challenge for the country, according to the ADB, is to move to a higher growth trajectory and create more and higher-quality jobs for the unemployed, underemployed and *** entrants into the labor force.

It noted economic growth and employment have lagged behind the government’s medium-term targets of 6.8 percent to 7.8 percent in 2008 and seven percent to eight percent by 2010.

For the country to meet its own targets, which would translate to an increase in employment by an average of 1.4 million to 1.6 million annually, will require sustained efforts to improve the investment climate, the ADB said.

“Inadequate investment is the main factor that has curtailed growth and employment. The medium-term targets, for example, were based on investment picking up at double-digit annual rates in 2006 to 2010 to reach 28 percent of GDP by 2010, almost twice the current level,” it said.

ADB said in agriculture, which accounts for 36 percent of employment, investment has been weak because of farmers’ poor access to credit and support services, expensive inputs, high costs of transport, and the incomplete land reform program.

In manufacturing, it cited macroeconomic instability and uncertainty in economic policies; inadequate infrastructure services, especially of power and transport; and corruption and the costs of complying with regulations, especially related to customs, trade, and labor markets, for weak growth.

While improvements in the fiscal position have since fostered greater macroeconomic stability, the still-high debt and the large share of interest payments in the budget expose the economy to swings in sentiment in financial markets and underscore the importance of containing the risk premium with steady progress on reforms.

“Further increases in revenues as a share of GDP, reduction of debt and interest payments, and restraint in other current expenditures are required to deploy necessary resources toward development spending on infrastructure and social programs,” according to the ADB.

[3cr]

‘Nothing wrong with dynasties’ - Arroyo
By DELON PORCALLA
The Philippine Star

The presence of political dynasties is a fact of life tolerated by every system of government around the world, an administration senatorial bet said Saturday.

"I don’t particularly condemn it, because it is practiced all over the world. It’s unfortunate, but it’s done all over the country," re-electionist Sen. Joker Arroyo said Saturday.

Arroyo made the statement after endorsing the candidacy of Diosdado "Dato" Arroyo as Camarines Sur congressman.

Though not related to Dato, Arroyo defended the candidacy of the President’s youngest son.

The Bicolano senator said he does not find any reason to make a law prohibiting political dynasties since it is present in every society worldwide.

Arroyo cited the case of the late US President John F. Kennedy whose close relatives held public office even while he was in the White House.

"Remember President Kennedy, while he was in office, Robert Kennedy was attorney general and then Edward Kennedy ran and all the Kennedys ran. Even a third set of Kennedys also ran," Arroyo recalled.

He said even the wife of Hollywood action star Arnold Schwarzenegger, who is now the governor of California, also belongs to the Kennedy clan.

Arroyo said he is not particular about a family running for public office.

"I’m not about particularly in about this (political) dynasty thing, although I don’t have any relatives (in public office)," Arroyo said.

"Because, if you were to look at it also this way, you know, families take care of a certain area," he said.

Arroyo, a former Makati congressman, said political families "invest their time in handling" the local affairs of their home province, aimed in "protecting" their turf.

He noted several efforts to ban families running for public office in the past but the ******** has been turned down.

"No (political dynasty) law has been passed because I don’t think any congressman or any senator would endorse that," Arroyo said.

He also compared political dynasties to pork barrel allocations of lawmakers, which like in the Philippines, is also a fact of all political systems abroad.

"The Russian parliament, the Duma, I think during the communist time they also had patronage. They also had pork barrel. That’s also the way the Politburo was able to control them," Arroyo said.

Fellow senatorial candidate Vicente "Tito" Sotto III also noted apprehensions over efforts to revive the anti-dynasty bill.

Sotto said any move to revive the bill would not come from him.

Sotto was not particularly concerned about prohibiting immediate members of a politician’s family from seeking public office, but on allowing a politician’s mistress, or the relatives of his mistress, from joining politics.

"At first, I don’t know where I should stand on that issue because I had a problem with that. As the late Sen. Raul Roco pointed out to me, the original political dynasties in Philippine politics are the Rocos and the Sottos," he said.

Sotto revealed two of his grandfathers, Vicente Sotto and Felimon Sotto, were veteran senators during their time.

They have been dubbed as "press freedom law champion" and "women’s rights advocate," respectively.

The same is true with Roco, whose father and grandfather were also senators, who both served in one Congress.

"I really have a problem with political dynasty. But I am against political dynasty. Now the problem is, it’s very difficult to define," Sotto said.

He recalled interpellating former Senator Orly Mercado over the issue but ended up being confused over the degree of relationship between the incumbent and those allowed to seek public office.

"I asked him (Mercado and proponents) up to what degree will this be allowed? Their answer was second degree, but others said third. Then, I asked, do we have a provision about mistresses? Everybody laughed," Sotto recalled.

"But I asked them again, How can this be? It’s a real problem. When I brought it out, they just laughed then they realized that it is an open secret that most politicians also have mistresses," he said.

Sotto said the anti-dynasty bill never took off because of moral questions.

"With the anti-dynasty bill, you will be preventing the legal members of a family from seeking public office, but you cannot prevent a mistress or the brother of the mistress from running. Is it not?" Sotto asked.

"We have to define it thoroughly. Otherwise, it will be a bigger problem: you barred the legal wife, but you allowed the mistress to run."

Generations of elite

For generations, an elite few from the most famous and wealthy families have dominated Philippine politics.

They have been an enduring feature in every local election in the country. In many cases, these families and their network of relations take their roots from ancestors who have held public office and maintained power for generations.

President Arroyo herself is the daughter of the late President Diosdado Macapagal.

Her two sons, Dato and Pampanga Rep. Juan Miguel "Mikey" Arroyo, are both seeking public office.

Up north, the Marcoses have dominated Ilocos Norte, the Singsons in Ilocos Sur, and the Ortegas in La Union, the Albanos and the Dys in Isabela, the Valeras and Bersamins in Abra, the Josons in Nueva Ecija, the Angaras in Aurora, the Asistios in Caloocan ****, and the Lagmans in Albay.

There is also the Durano clan in Cebu and the Codilla clan in Leyte, Javier family in Antique, Zubiris and the Acostas in Bukidnon, and the Dimaporos down in Central Mindanao.

The Josons are eyeing all the positions available in Nueva Ecija.

Incumbent Vice Gov. Mariano Cristino Joson leads the family to run as governor of the province under the pro-administration Kabalikat ng Malayang Pilipino (Kampi) and the Bagong Lakas ng Nueva Ecija (Balane). He had served as mayor of Quezon town where his son, Dale, is running for re-election.

He will have his nephew, senior board member Edward Thomas Joson, as vice governor.

Edward’s father is outgoing Gov. Tomas Joson III, who will run as mayor of Cabanatuan ****.

Two other Josons eyeing elective posts include former National Food Authority (NFA) ************* Eduardo Nonato Joson and former vice governor Eduardo Joson IV.

On the other hand, Eduardo Nonato "Edno" Joson, is running as congressman of the first district of the province, replacing Rep. Josie Manuel-Joson, the vice governor’s wife.

Edno created a stir when he authored the anti-political dynasty bill in Congress at a time when there were six Josons, including his father, in office.

Edno resigned from NFA shortly after former President Joseph Estrada was ousted from office in January 2001.

Eduardo Joson IV or "Ding Liit," is running for congressman in the third district of the province. Incumbent Rep. Aurelio Umali will be running against Mariano Cristino in the gubernatorial race.

The Josons have dominated the province since 1959. The Umalis, on the other hand, are challenging the Josons by fielding clan members for other available positions.

The congressman’s wife Czarina will be running in his district.

In the same congressional district, the Fajardos are attempting to reclaim lost turf with former congressman Pacifico Fajardo and his wife, Palayan **** Mayor Leonora Fajardo, vying for their old posts.

In Aliaga town, the husband and wife tandem of Mayor Marcial Vargas and Vice Mayor Beth Vargas are running for re-election.

The Villareals will attempt to regain a foothold in the political scene in the fourth district of Nueva Ecija by fielding Julita Villareal as congresswoman and sons Chris and Joso as mayor and board member, respectively.

In Jaen, Mayor Tony Esquivel is seeking re-election with his son, Tonyboy, as running mate.

In San Leonardo, former provincial board member Froilan Nagano is running for mayor with his elder brother Eulinio as vice mayor.

Outgoing Rep. Eleuterio Violago is fielding his son Joseph for Congress. San Jose **** Mayor Jose Filemon is running for Congress while one of his daughters is aspiring to replace him.

The Codilla clan in Leyte also farmed out for different positions in this year’s elections.

Incumbent Ormoc **** Mayor Eric Codilla led the clan in filing his re-lection bid while his younger brother Elmer also filed his certificate of candidacy in the nearby town of Kananga.

Incumbent Leyte Rep. Eufrocino Codilla Sr is seeking re-election for a third term as representative of the province’s fourth district.

Rep. Codilla will be pitted against former congressman and Ormoc **** Mayor Carmelo Jimenea Locsin.

Back in Manila, three descendants of former mayor Ramon Bagatsing will seeking elective positions in the ****.

The father and son tandem of former congressman Ramon "Dondon" Bagatsing Jr. and Don Ramon are running under the Buhayin ang Maynila ticket of outgoing Manila Mayor Lito Atienza.

Dondon’s brother, former congressman Amado Bagatsing will run however in the side of Vice Mayor Danilo Lacuna.

Don Ramon Bagatsing, on the other hand, will run as running mate of mayoral candidate Ali Atienza.

Dondon will run as the **** fourth congressional district while Amado is Lacuna’s bet for the fifth congressional district.

The Bagatsing have served the **** of Manila since the 1950s.

[sandrn]

March inflation seen lowest in 17 years
http://www.businessmirror.com.ph/033...adlines04.html
By VG Cabuag
Reporter

THE not-too-hungry Filipinos among the over 20 million in that state as found by a recent Social Weather Stations Inc. survey may have been able to eat more as consumer prices are expected to have fallen at their lowest in 17 years this month.

Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr. said inflation is expected to be between 2 percent and 2.6 percent this month, the lowest since 1990.

Last month’s inflation rate, computed from a basket of basic commodities and services, was already at 2.6 percent from 3.9 percent in January.

Tetangco said the expected decrease was due to the “dissipating base-year effects” or the positive result of the additional collections from the expanded value added tax.

He was noncommittal on the possibility of the bank adjusting downward its key policy rates but said the current situation could give the Monetary Board more flexibility in making decisions.

Another central bank official earlier said that owing to the easing of prices, interest rates have turned negative and there is a big incentive for people to spend and not save. “Soon, people will shy away from deposits and this is something that will have to be addressed. Right now there is no immediate threat to price stability but if this persists, pressure is going to build up on inflation,” said deputy governor Diwa Guinigundo earlier this month.

On the other hand, commercial banks such as Bank of the Philippine Islands still compute their forecast based on year-round inflation average of 4 percent. “We are still in the early part of the year, so many things may happen during the course of the year,” said BPI president Aurelio R. Montinola III.

The Japan Credit Rating Agency also assumes a much higher 12-month inflation average of 3.5 percent. The average last year was 6.2 percent.

“The improving fiscal situation has generated a virtuous cycle where the peso has appreciated, which in turn has led to a slower inflation rate. Interest rates have also been on the downtrend,” the Japanese rating firm said in its latest report.

“Any significant drop in the bank lending rate may lead to increased corporate capital spending and create new jobs,” it added.

[venntro]

Thailand’s PTT mulls $2-B oil refinery in RP
By DONNABELLE L. GATDULA
The Philippine Star

BANGKOK, Thailand – In line with efforts to further expand its operations in Southeast Asia, Thai oil giant PTT Public Co. Ltd. is exploring the possibility of putting up a $2-billion refinery in the Philippines.

PTT executive vice-president for commercial and international marketing Artasith Pothiapinyanvisuth told a press briefing here over the weekend that they are still studying whether they would construct a new oil refinery or just expand its existing facility.

"We are thinking of increasing our exposure in the Philippines. We are looking at the possibility of putting up a refinery or expand the existing one to make it bigger," the official said.

At present, there are only two oil refineries in the Philippines. One is controlled by semi-government Petron Corp. while the other is owned by the Royal Dutch Shell Group’s Pilipinas Shell Petroleum Corp.

The PTT official, however, was quick to point out that these plans are still on the drawing board and need to be studied carefully. "On the downstream oil investment, we need to be very cautious. These are all in the planning stages. We want to do it slowly but surely," he said.

But he said should they decide to construct a new petroleum refinery, they would be requiring a minimum investment of between $1.5 billion to $2 billion.

"If we will construct, the size should be a minimum of 150,000 to 200,000 barrels to make it economically feasible. The investment could reach $1.5 billion to $2 billion," he pointed out.

According to the PTT official, the Philippines is one of the promising areas for the company to expand its operations in Asia Pacific region, particularly in the downstream industry.

Initially, he said they see potential growth in the Philippine economy that could warrant an expansion in petroleum demand.

"Though we consider the proposed plan as "very preliminary", we believe that there is a potential demand growth in the Philippines in the future. We want to take advantage of this scenario," he said.

He admitted that while PTT’s oil business has little profit margin, it opens a lot of other business opportunities in the country.

"We don’t assess our oil business in the Philippines as purely to get profit but to be able to enter into the other potential markets like petrochemical and natural gas," he said.

The increase in output either by putting up a new facility or expanding the existing capacity, he said, would also support their five-year oil business program in the Philippines.

PTT Philippines Inc., the local arm of the PTT Group, has committed to pour in P4 billion to P5 billion over the next five years to consistently expand its network by at least 10 to 20 service stations a year.

PTT is the largest company in Thailand, accounting for 20 percent of the entire country’s economy and 26 percent of aggregate stock market capitalization.

With a $40 billion networth, it posted a net income of $2.5 billion or 95 billion baht in end-2006 or an 11 percent growth over the same period in 2005. Its revenues stood at $31.95 billion.

PTT operates a fully integrated gas business with a key role in distribution and international trading of petroleum and petrochemical products, together with investments in domestic petroleum and refining businesses.

In the next five years, PTT Group expects to invest $14.7 billion for various expansion programs including construction of a petroleum refinery, and a gas pipeline project in the Philippines.

[beads_strawberries]

Originally Posted by sandrn

March inflation seen lowest in 17 years

Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr. said inflation is expected to be between 2 percent and 2.6 percent this month, the lowest since 1990.

If we're in the 90's, I would not even think that we will have inflation rate between two to 2.6 percent. But with the current economic gains that we are experiencing, I'd like to be optimistic about the inflation rate.

If we can be fortunate enough, but of course we need more hard work on this one, we can even make it lower.

[venntro]

Great news. More value for our money.