Maniolas

This 2009 photo shows the North Luzon Expressway being rehabilitated. To fully maximize gains from growth, however, investments should pump development in the countryside where unemployment persists, says economics professor Emmanuel Lopez. ADB/Released, file A rather bullish economic mood has been seen in recent years due to an enhanced local market. Is the Philippines headed toward stability, much like some emerging economies now enjoy? Pre- development experiences are in place, initiated by accolades from reputable international credit rating agencies. Interested foreign and local investors are flocking to glimpse at opportunities within these shores. The latter years witnessed an unprecedented growth rate; from a low of 5 percent to a high of 6.5 percent of our gross domestic product aided largely by consumers’ spending pattern. Inflation rate, moreover, remains low and ideal the past few years, the highest being at 2 percent. Such inflation rate by any standard seems negligible and should not be a cause for worry, especially at a time when the country’s macroeconomic fundamentals remain strong and steady. Unemployment, despite being a lingering concern has been gradually abridged, thanks to largely to the business process outsourcing industry. There is much more that is needed to concretize our investment target, but it is just a matter of time before we the fruits of development is felt. After all, confidence building measures we have long been placed for years. To fully maximize gains from growth, however, investments should pump development in the countryside where unemployment persists. The countryside development program Read More …

Recent portfolio investments in the Philippines have not been meeting expectations. Philstar.com/File photo An analysis of patterns of foreign direct investments in the Philippines The Philippine economy today continues to benefit from admirable macroeconomic fundamentals. If maintained, they can be key in attracting foreign investors who are important in filling the gap that local investments are not yet able to fulfill. Not only do they fund projects in the Philippines, they also expand Filipinos’ technological choices and access to foreign buyers. Despite the change in administration, the country’s economic managers are quick to reassure Filipinos that they intend to provide continuity in the country’s good policies. On Wednesday, at a forum arranged by the Stratbase ADR Institute, Secretary Benjamin Diokno of the Department of Budget and Management and Bangko Sentral Deputy Governor Diwa Guinigundo both spoke positively of the Philippines’ economic prospects. Investors have short-term jitters More specifically, Guinigundo said that the Philippines had succeeded in building a reputation for its ability to improve institutions, promote good governance, and demonstrate resilience in the midst of external stress. Whether the cause was external stress or investors’ political jitters, however, recent portfolio investments in the country have not been meeting expectations. The benchmark Philippine Stock Exchange (PSE) has been declining since August until the third week of September. Guinigundo even said that the Philippine peso was now “the worst performing currency in the region.” The benchmark Philippine Stock Exchange has been declining since August until the third week of September As pointed out Read More …

THE Department of Energy (DoE) has asked oil companies operating in Mindanao to explain reports of “unusual price reductions” in gasoline products, saying the movements are in possible breach of provisions under the law.

A Singapore-based arbitration court ruled that GGAM’s management services contract with Solaire Resorts had been unjustly terminated in 2013.  MANILA, Philippines – Enrique Razon’s Bloomberry Resorts Corp., the hotel and casino operator of Solaire Resorts and Casino, has lost a case it filed against its former manager, Las Vegas-based Global Gaming Philippines LLG (GGAM). A Singapore-based arbitration court ruled that GGAM’s management services contract with Solaire Resorts had been unjustly terminated in 2013.  In a Sept. 20 decision, the tribunal also upheld GGAM’s claim to an 8.7-percent take in Bloomberry Resorts. Bloomberry disclosed to the Philippine Stock Exchange (PSE) yesterday that the Singaporean Arbitration Tribunal hearing the dispute between Bloomberry  and Sureste Properties Inc. (SPI) and GGAM had issued a “partial award on liability.” In its decision, the Singaporean tribunal ruled that GGAM did not mislead Bloomberry and SPI into signing the management services agreement (MSA) and that Bloomberry was not justified in terminating the MSA because the services rendered by the Bloomberry management should be considered as services rendered by GGAM under the MSA. The tribunal also upheld GGAM’s claim to some 921 million Bloomberry shares. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 There is no basis for Bloomberry and SPI to challenge GGAM’s title to the 921 million shares because the grounds for termination were not substantial and fundamental, thus GGAM can exercise its rights in relation to those shares, including the right to sell them. In 2013, Bloomberry terminated the management contract with GGAM, claiming a Read More …

PH strengthens commercial ties with Mexico: Trade and Industry Secretary Ramon Lopez recently met with Ambassador Julio Camarena Villaseñor to discuss economic ties with Mexico and put forward the interest of establishing a Joint Economic Committee in the future. Mexico is the Philippines’ second biggest trading partner in Latin America. Both countries have long-shared historical and economic ties.   MANILA, Philippines – The Philippines is eyeing $2 billion worth of investments from Mexico following recent meetings among ranking officials that strengthened commercial ties between both countries. The Department of Trade and Industry (DTI) said yesterday some $2 billion worth of investments is being allocated by Mexico to the Philippines, bulk of which is targeted for the telecommunications sector. Mexican Ambassador Julio Camarena Villaseñor, who met with Trade Secretary Ramon Lopez during a recent courtesy visit, emphasized the Philippines is a priority area for investments in Asia. The diplomat likewise expressed Mexico’s interest to make the Philippines an economic gateway to the ASEAN region, the DTI reported. Total investments between both countries in 2015 reached $6 billion. During the meeting, both sides also discussed the establishment of a joint economic committee that will further strengthen bilateral trade and investment between the Philippines and Mexico. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “The Philippines is eager to know that one of our strong commercial allies, Mexico, has expressed its keen interest in the country. Our long-shared history with Mexico makes it easier to understand each other’s interest,” Lopez said. Lopez Read More …