Maniolas

Finance Secretary Carlos Dominguez said the second quarter GDP growth was the highest for quarterly and semestral growth since 2014 and would enable the government to keep its growth targets on track for the rest of the year and in 2017. STAR/File photo MANILA, Philippines – Economic managers of the Duterte administration said yesterday the sustained economic growth evidenced by the seven percent expansion of the gross domestic product (GDP) in the second quarter would give the Philippines enough headway to survive external shocks. Finance Secretary Carlos Dominguez said the second quarter GDP growth was the highest for quarterly and semestral growth since 2014 and would enable the government to keep its growth targets on track for the rest of the year and in 2017. “Our strong macro-economic fundamentals will buffer the economy from external shocks,” Dominguez said. Headwinds are caused by volatile markets with the impending interest rate hike in the US, the decision of the United Kingdom to leave the European Union, and the slowdown in China. With the sustained growth momentum for the past 70 straight quarters, Dominguez pointed out the Duterte administration would build on previous efforts to effectively implement its 10-point socioeconomic agenda. “The numbers are good for the Duterte government to hit its growth targets of at least seven percent this year’s second semester and 6.5 to 7.5 percent in 2017,” he said. Dominguez acknowledged the good policies of both the Aquino and Arroyo administrations. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Read More …

The National Center for Commuters Safety and Protection Inc. (NCCSPI), an umbrella organization of transport groups, asked the Philippine Ports Authority (PPA) to junk MNHPIs  petition due to lack of consultations with stakeholders. BY-NC/Sodaro K, file photo MANILA, Philippines – Another group has opposed the bid of port operator Manila North Harbour Port Inc. (MNHPI) to increase port tariff by 37.45 percent. The National Center for Commuters Safety and Protection Inc. (NCCSPI), an umbrella organization of transport groups, asked the Philippine Ports Authority (PPA) to junk MNHPIs  petition due to lack of consultations with stakeholders.  Elvira Medina, president of NCCSPI, questioned MNHPI’s move which he said was already monopolizing port operations. Medina warned that the proposed tariff adjustment would have severe impact not only on consumer goods but also on transportation costs as well.  “We oppose this. It will have a heavy impact on the public, not just on cost of freight and consumer goods but also on petroleum products, which eventually will jack up transportation costs,” he said.  “They cannot justify this increase. They are already acting like a monopoly, and now they get to dictate the price? The public will always be at the losing end,” she added.  Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Medina is urging the Duterte administration to give priority to the interest and welfare of the local traders and commuting public, before any tariff rate adjustment is even considered.  “This attitude of not giving consideration to the public, to ordinary Filipinos — that is the identity of Read More …

The Q2 growth is an upbeat start for the Duterte administration, Socioeconomic Planning Secretary Ernesto Pernia said. File photo MANILA, Philippines — The country’s gross domestic product (GDP) expanded by 7 percent during the second quarter of 2016, the Philippine Statistics Authority (PSA) announced Thursday. The Q2 growth is an upbeat start for the Duterte administration and is within market expectations, according to Socioeconomic Planning Secretary Ernesto Pernia. Pernia said the Philippines likely remains the fastest or at least second fastest growing economy in the second quarter of 2016 among the major emerging economies in Asia followed by China (6.7 percent), Vietnam (5.6 percent), Indonesia (5.2 percent) and Malaysia (4.0 percent). GDP is the sum total of all goods and services produced within an economy in a given period. RELATED: Phl GDP hits 6.9% in Q1 2016, fastest among major Asian economies The growth in Q2 was driven by the services sector which expanded by 8.4 percent compared to the 6.7 percent in the same period last year. “Among the three major economic sectors, services gave the highest contribution to the GDP growth in Q2 accounting for 4.8 percentage points,” the PSA said. This was followed by the industry sector which grew by 6.9 percent. The agriculture sector, however, was a poor performer declining by 2.1 percent. It pulled down the GDP growth with -0.2 percentage point. PSA said agriculture has been on the decline for five quarters already due to disasters, said Rosemarie Edillon, assistant director-general of the National Economic and Development Authority. “While it is normal Read More …

It does not need much imagination to predict what happens when our much stronger winds, thanks to climate change, and our very much older ships, a product of regulatory weakness, come together. Being a sea-faring nation where many of its 100 million citizens depend on crossing seas to get to a nearby island destination, motorized bancas, boats and ships have become one of the essential modes of transportation – not just to ferry people, but also cargo. Over the years, roll-on roll-off (RoRo) vessels have served as the backbone of inter-island trade and commerce in the country, offering a convenient mode of transportation to ferry agricultural produce and other products between ports. As much as government agencies earnestly try to ensure the safety of both passengers and cargo by improving their monitoring systems against overloading and departures during imminent strong winds and storms, the most basic problem remains: the existence of old ships. The Philippines has one of the most notorious history of maritime disasters. In 1980, 176 people died when MV Don Juan sank in the infamous Tablas Strait off Mindoro. Seven years later, 4,341 people were presumed to have tragically died in the MV Doña Paz sinking while crossing the sea from Leyte to Manila. MV Doña Paz, which collided with an oil tanker, had earned the Philippines a spot in the world’s listing of worst sea transportation accidents. Today, more than three decades after, our country continues to suffer from maritime mishaps, with still notoriously huge losses Read More …