June 2013 – Page 35

Key rates kept steady

Economy

Jun 132013

MANILA, Philippines – Policy rates were kept steady on Thursday by the Bangko Sentral ng Pilipinas (BSP) which said the economy remains in good footing despite the recent slump in the financial markets that highlighted funds leaving emerging markets. Key rates— which serve as banks’ benchmark on charging their loans— were maintained at 3.5 percent for overnight borrowing and 5.5 percent for overnight lending. Rates have been at that level since October last year. At the same time, the BSP’s policymaking Monetary Board also retained the rate on special deposit accounts (SDA)— fixed-term deposits of banks and trust departments— at two percent, halting a series of cuts this year that started in January, March and April. “The Monetary Board’s decision is based on its assessment that the inflation environment remains benign,” BSP Governor Amando Tetangco, Jr. told reporters in a briefing. “At the same time, domestic economic growth remains firm, driven by strong internal demand. Ample liquidity and strong bank lending should also continue to support economic activity,” he added. Inflation may settle at 3.1 percent this year, slower than the 3.2 percent projected by the central bank last April. For 2014, consumer prices may accelerate 3.6 percent, up from 3.4 percent originally. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The forecasts fell at the low-end of the BSP’s 3- to 5-percent target range for both years. BSP Deputy Governor Diwa Guinigundo, in the same briefing, said lower oil prices in the world market are expected this year Read More …

Market bloodbath as PSEi plunges 6.75%

Economy

Jun 132013

MANILA, Philippines – The Philippine Stock Exchange (PSE) ended in the red on Thursday as massive selling pulled the bellwether PSE index to 6,114.08, 442.57 points or 6.75 percent lower than its previous close. The broader all shares index similarly dipped by 5.63 percent or 228.84 points to 3,834.870 while all six subindices plunged. The property subindex suffered the most with a 7.3-percent or 190.88-point drop to 2,422.740. By midday, the main index plummeted by 4.75 percent or 311.52 points before hitting 6,245.13. Elsewhere in the region, major bourses suffered a similar bloodbath, with Nikkei, Kospi, Straits Times and Shanghai Composite plunging over uncertainty with the United States’ monetary policy.

De Lima confirms recommendation to file charges vs PCG

News

Jun 132013

De Lima confirms recommendation to file charges vs PCG

OVER SHOOTING OF TAIWANESE FISHING BOAT By Tetch Torres-TupasINQUIRER.net 1:01 pm | Thursday, June 13th, 2013 Taiwanese fisherman Hung Shih-cheng’s boat, the Kuang Ta Hsing No. 28, is checked by Taiwanese officers after arriving at Liuqiu port in Pingtung County, southern Taiwan, Saturday, May 11, 2013. Taiwanese boat owner Steven Liao said the damage to the Guang Ta Hsin 28 costs around NT$8 million (P11 million). AP PHOTO MANILA, Philippines—Justice Secretary Leila de Lima has confirmed a recommendation to press charges against some members of the Philippine Coast Guard involved in the shooting incident off Batanes that killed a Taiwanese fisherman. “I confirm that the NBI has recommended the filing of charges against the PCG personnel involved in the incident,” Justice Secretary Leila De Lima said in a text message to INQUIRER.net. The Justice chief is currently in Madrid, Spain to attend the 5th World Congress Against Death Penalty. De Lima said criminal and administrative case will be filed against PCG personnel. No Taiwan pressure She, however, clarified that the findings of the Philippine government was not influenced nor a product of pressure from Taiwan. “There was no influence from Taiwan side. [But] hopefully, the conclusions from both side would jibe or are not that different,” De Lima further said. De Lima, however, declined to give details on what charges will be filed pending clearance from President Benigno Aquino III who already was furnished a copy of the NBI’s findings. Objective evaluation of evidence “It is for his consideration and Read More …

US immigration office halts Filipina’s deportation after public outcry

News

Jun 122013

US immigration office halts Filipina’s deportation after public outcry

INQUIRER.net US Bureau 9:13 am | Thursday, June 13th, 2013 Karla Gaerlan, baby Christopher, U.S. Army Specialist Thad Schmierer. Photo by rciriacruz U.S. Immigration and Customs Enforcement (ICE) cancelled the deportation order for Karla Gaerlan, an undocumented immigrant from the Philippines, following hundreds of emails and phone calls from community members and a protest/press conference this morning. ICE had scheduled Karla’s deportation this Sunday – Father’s Day. Thad Schmierer, Karla’s husband, is a member of the U.S. Army. Karla and Thad have a nine-month-old baby boy. Also, earlier today, eight members of the House of Representatives joined immigrant rights organizations calling for a halt to deportations while immigration reform moves through Congress. Follow Us Recent Stories: Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines. Tags: ICE , Immigration , immigration reform , Secure Communities , voluntary departure process Factual errors? Contact the Philippine Daily Inquirer’s day desk. Believe this article violates journalistic ethics? Contact the Inquirer’s Reader’s Advocate. Or write The Readers’ Advocate:

Austrian UN troops begin pullout from Golan

News

Jun 122013

Austrian UN troops begin pullout from Golan

Agence France-Presse 7:43 am | Thursday, June 13th, 2013 Loading the player… Austrian troops in the UN monitoring force on the Golan Heights begin withdrawing on Wednesday, days after Vienna decided to quit the mission over security concerns. AFP QUNEITRA CROSSING—A first group of 67 Austrian troops in the UN force monitoring the Golan ceasefire line between Syria and Israel withdrew Wednesday, days after Vienna decided to quit the mission over security concerns. Uniformed soldiers in jeeps and accompanied by armored vehicles entered the Israeli-occupied zone through the Quneitra crossing, the only passage between the two countries. “It had been scheduled in advance that we would perform a rotation, and it had been scheduled for today,” Austrian officer Erwin Klem told an AFP correspondent as he and his men crossed. The troops, the first wave of the 378-strong Austrian contingent which is due to be pulled out in stages, then transferred to a fleet of white UN buses for the drive to Ben Gurion airport, near Tel Aviv. They arrived in the evening at Schwechat airport, near Vienna, where they were greeted by Austrian Chancellor Werner Faymann and Defense Minister Gerald Klug. Austria announced on June 6, after fighting at Quneitra between Syrian government forces and rebels, that it would withdraw its peacekeepers because of deteriorating security. Klug said the pullout would take two to four weeks. Austria has been a cornerstone of UNDOF, the UN force monitoring a ceasefire between Syria and Israel, since the force was set up Read More …

PAGASA: Potential cyclone threatens west Luzon, Visayas with floods, landslides

News

Jun 122013

PAGASA: Potential cyclone threatens west Luzon, Visayas with floods, landslides

Flash floods and landslides threaten the western parts of Luzon and Visayas Thursday as a low-pressure area, just outside the Philippine area of responsibility enhances the southwest monsoon, state weather forecasters said. PAGASA forecaster Gener Quitlong said their models show the LPA intensifying into a cyclone. However, it is not likely to enter the Philippine area of responsibility and may instead move toward Vietnam. “Nagpapalakas ito ng habagat,” Quitlong said in an interview on dzBB radio. But if the LPA intensifies into a cyclone and enters the Philippine Area of Responsibility, it will be codenamed Emong, he said. Thursday outlook For Thursday, PAGASA said the southwest monsoon is affecting the western sections of Luzon and Visayas. “Calabarzon, Mimaropa, Western Visayas and the provinces of Zambales and Bataan will experience cloudy skies with moderate to occasionally heavy rain showers and thunderstorms which may trigger flash floods and landslides,” it said in its 5 a.m. bulletin. It added Zamboanga Peninsula, Northern Mindanao and the rest of Luzon and of Visayas will be cloudy with light to moderate rain showers and thunderstorms. The rest of Mindanao will have partly cloudy skies with isolated rain showers or thunderstorms, it added. Also, moderate to strong winds from the southwest to south will prevail over the western sections of Luzon and Visayas and the coastal waters along these areas will be moderate to rough. Light to moderate winds coming from the southeast to south will prevail over the rest of Luzon and Visayas and from the Read More …

BAS reports lower Q1 ind’l crop production

Economy

Jun 122013

BAS reports lower Q1 ind’l crop production

MANILA, Philippines – Most industrial crops registered lower production volume in the first quarter of the year due to plant diseases, and devastation caused by typhoon Pablo in the tail end of 2012, according to the Bureau of Agricultural Statistics (BAS). In its January to March 2013 Non-Food and Industrial Crops Quarterly bulletin, BAS noted increased production in coconut, tobacco and sugarcane while decreases were seen for abaca, coffee, rubber during the period. Abaca production in the first quarter of the year fell 8.13 percent to 15, 652 metric tons (MT) against 17,037 MT in the same period last year. BAS noted that several municipalities in Leyte and Southern Leyte are still affected by bunchy top disease causing production in Eastern Visayas to fall 11.42 percent. Also affected by the bunchy top disease were farms in Zamboanga Sibugay, particularly those under the Goodyear Agrarian Reform Beneficiaries Multipurpose Cooperative (GARBEMCO), where production fell 31.50 percent during the period. BAS said, however, that there were efforts to eradicate the disease. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Abaca farmers in Aklan were also discouraged by weak trading, causing production in the province to drop 49.31 percent. Production in Davao Region and Caraga fell 30.57 percent and 10.12 percent respectively due to the onslaught of typhoon Pablo, the most destructive typhoon to the agricultural sector in 2012. Favorable weather conditions, on the other hand, resulted to higher abaca production in Catanduanes by 4.16 percent and in Bicol Region by 41.59 percent. Read More …

Nenaco sees higher income this year

Economy

Jun 122013

MANILA, Philippines – The parent firm of 2GO Group Inc. is aiming to increase its net income by more than four times this year from a year ago as it reduces its costs and as it benefits from the country’s economic growth and tourism push. 2GO president and chief executive officer, Sulficio Tagud, Jr. told reporters Negros Navigation Co. (Nenaco) is targeting a net income of P858 million this year from just P181 million last year. He said the firm expects to achieve the higher net income this year as it reduces its costs. With the integration of its shipping operations, he said, Nenaco was able to reduce the number of vessels used by removing redundant routes. “That itself constitutes savings in operations,” he said. The consolidation of shipping operations has also allowed the company to reduce manpower and facilities, generating savings. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Apart from the reduction in costs, the country’s positive economic performance is likewise seen to help support higher net income for this year. Tagud said the strong domestic consumption which is helping drive growth in manufacturing activity in the country, is seen to support 2GO Group’s cargo business as more goods have to be transported. He noted that during the last five years, 2GO’s cargo volume has been growing at an average of four percent. For the first four months of this year though, its cargo volume rose 12 percent. “We expect that to be sustained for the rest Read More …

BSP rediscounting loans down 12% to P16.6B in Jan-May

Economy

Jun 122013

BSP rediscounting loans down 12% to P16.6B in Jan-May

MANILA, Philippines – Banks borrowed fewer funds from the Bangko Sentral ng Pilipinas (BSP) in the first five months, highlighting the healthy state of the local banking industry. Peso loans granted to banks under the central bank’s rediscount facility totaled P16.605 billion from January to May, 11.9 percent lower from the same period last year, data showed. Dollar credit, granted under the exporters dollar and yen rediscount facility, likewise dipped 6.8 percent to $61.5 million from $66 million a year ago. A total of 26 exporters benefited from the credit. No yen credit was extended during the period. The central bank’s rediscount window allows banks to borrow extra funds from the BSP charged with interest pegged against the BSP’s overnight borrowing rate. The current rate is at a record-low of 3.5 percent. The BSP has long highlighted the strength and health of the local banking industry, with sufficient capital and liquidity as well as enough provisioning against potential losses, to lend more. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 According to latest BSP data, bank resources hit P8.229 trillion as of February, an increase of 9.09 percent from the previous year’s P7.544 trillion. The latest figure was also up from end-January’s P8.225 trillion. The rediscount facility, it has said, was meant to provide additional funding for banks to lend out to specific industries such as the export and agriculture sectors. Of the total peso credit lent until May, 86.6 percent went to commercial activities, while 2.1 percent went Read More …

Phl market still vulnerable to selling pressure

Economy

Jun 122013

Phl market still vulnerable to selling pressure

MANILA, Philippines – Selling pressures are not yet over in the already volatile local market given continuous decline in regional and global bourses. Fund managers are still realigning funds, worried that central banks are planning to unwind stimulus programs, analysts said. “It seems like the bears are still present. Hopefully, there will be a reversal in Dow Jones otherwise we will see some more downside given the negative sentiments overseas like in Asia Pacific,” Astro C. del Castillo, managing director of First Grade Finance Inc., said in a phone interview. “Given what happened (on Tuesday), it seems selling is not yet over,” Del Castillo said. The next few days will be characterized by wide range of trades, Justino Calaycay Jr., analyst at Accord Capital Securities, said. “Investors are still very cautious of the risks presented by external factors,” Calaycay added. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 On Tuesday, the Philippine Stock Exchange index (PSEi) plunged 4.64 percent or 318.95 points to 6,556.65, the largest single day loss since slumping 5.13 percent on Sept. 23, 2011. It is also the largest one-day decline in terms of points, eclipsing the 275.22-point drop on May 30. Foreign funds are flowing out of the Philippines amid stronger peso and potential pullout of the US Federal Reserve’s $85-billion monthly bond buying program that has been jacking up liquidity. Locally, Philippines’ robust economic growth failed to perk up employment, with joblessness rising to 7.5 percent in April from last year’s 6.9 percent. Calaycay Read More …

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