PH keeps troops in Golan Heights

 News
Jul 052013
 
PH keeps troops in Golan Heights

Philippine Daily Inquirer 4:32 am | Saturday, July 6th, 2013 Foreign Affairs secretary Alberto del Rosario. INQUIRER FILE PHOTO The Philippines said on Friday it would keep its 340 peacekeepers in the Golan Heights at least until Aug. 11 while it reviews the provision of heavier weapons and enhanced protection for the troops. Despite the recent abduction of Filipino peacekeepers,  President Benigno Aquino III said he would reject a proposal to pull the Filipinos out if the United Nations (UN) met his requests to boost security, Foreign Secretary Albert del Rosario said in a statement. The UN Security Council recently approved the provision of machine guns and other enhanced security provisions for the Golan Heights peacekeepers, members of the UN Disengagement Observer Force (UNDOF) tasked to enforce a 1974 truce between Syria and Israel.  Recently, the spillover of fighting between Syria and its internal rebel groups has posed new threats to the UNDOF. Recommendation The brief abduction of 25 Filipino members of the UNDOF by Syrian rebels this year as well as the wounding of a soldier at a UN outpost prompted Del Rosario to recommend to Aquino that all the country’s troops be withdrawn. “The President has agreed to continue with the deployment of our 340-man contingent until Aug. 11, 2013, at which time the rotational process will be determined. Subject to meeting considerations which the Philippines has made to enhance the security and safety of our peacekeepers, the President has expressed the Philippines is prepared to continue its Read More …

GSIS to increase exposure in stock market – Vergara

 Economy
Jul 052013
 
GSIS to increase exposure in stock market – Vergara

MANILA, Philippines – The Government Service Insurance System (GSIS) continues to take an active approach to equity investing by leveraging opportunities in a volatile market, according to its top official. GSIS president and general manager Robert Vergara said the country’s largest pension fund remains a long-term investor in the stock market and sees market volatility as an opportunity to load up on stocks with strong fundamentals. “We will increase our exposure whenever there are opportunities to add to our investments at attractive valuation levels as we have done in recent weeks,” Vergara said. Vergara said the fund also continues to be on the lookout for alternative investments that will boost returns amid a low interest rate environment. Just recently, GSIS participated in the preferred share offering of listed gaming firm Leisure & Resorts World Corp. (LRWC), taking up P800 million out of the P1.65 billion deal. The non-voting and non-participating preferred shares have a coupon rate of 8.5 percent per annum and are paid semi-annually. For each 20 preferred shares, the holders are entitled to one warrant convertible to common shares starting on the fifth year. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Each warrant, if exercised at a price of P15 or the average weighted trading price for the three months prior (whichever is lower) will be converted to one common share. Vergara said the fund’s investment in LRWC reflects the agency’s confidence in the Philippine gaming industry, which is forecast to generate total revenues of $2.5 Read More …

BSP eases forex rules anew

 Economy
Jul 052013
 
BSP eases forex rules anew

MANILA, Philippines – The country’s foreign exchange rules were liberalized anew on what the Bangko Sentral ng Pilipinas (BSP) said was part of efforts to prepare the Philippines for the financial integration of Southeast Asian economies by 2015.  “The objective is to further broaden the scope for regional and international transactions as we become more integrated with financial markets globally,” BSP Governor Amando Tetangco Jr. said in a text message to reporters. BSP Deputy Governor Diwa Guinigundo, in a separate text message, said the new rules were meant to “prepare the Philippines for a more integrated financial markets” of the Association of Southeast Asian Nations (ASEAN) by 2020. Tetangco said the central bank is allowing non-residents to invest in foreign companies listed in the Philippine Stock Exchange. Peso earnings from these investments may now also be converted into dollars. Prior to this, Guinigundo said only Philippine residents could register with custodian banks in order to buy shares of PSE-listed non-resident companies. Registration of portfolio investments – inflows to equities, bonds and peso deposits – through custodian banks are necessary to allow remittance of earnings and convert them into other currencies. Business ( Article MRec ), pagematch: 1, sectionmatch: 1  “We are setting the stage for the eventuality that trading links (among the ASEAN nations) are established,” he told reporters.  “This is in connection also to the planned cross-listing” on regional bourses planned under the ASEAN financial integration, Guinigundo explained. In addition, the BSP is also allowing the pre-payment of central Read More …

Forex reserves lowest in 10 mos

 Economy
Jul 052013
 
Forex reserves lowest in 10 mos

MANILA, Philippines – The country’s foreign exchange reserves dropped to a 10-month low in June after the central bank’s gold holdings plummeted in value, the Bangko Sentral ng Pilipinas (BSP) reported yesterday. The BSP said its gross international reserves (GIR) – buffer funds in times of external shocks – fell to $81.640 billion in June. It marked the third straight month of decline since GIR peaked at $85.273 billion in January. The latest tally was also the lowest level for reserves – one of the drivers tagged by credit rating agencies for their upgrades – since August 2012 when figures were recorded at $80.728 billion. Despite the decrease, BSP Governor Amando Tetangco Jr. said in a statement reserves remain sufficient to cover 11.8 months worth of imports of goods and services. They are also equivalent to 8.3 times the country’s short-term foreign debt based on original maturity, and six times based on residual maturity. The BSP expects GIR to hit $87 billion this year. “The slight decline in reserves was due mainly to revaluation adjustments on the BSP’s gold holdings arising from the decrease in the price of gold in the international market…,” Tetangco said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 According to official figures, gold holdings decreased 11.33 to $7.663 billion in June from a month ago, the lowest level in nearly two years. It was the single biggest drag to reserves last month.  “These outflows were partially offset by inflows from foreign exchange operations of Read More …

Federal Land raises P5B via corporate notes

 Economy
Jul 052013
 
Federal Land raises P5B via corporate notes

MANILA, Philippines – Federal Land Inc., the property development arm of tycoon George Ty’s GT Capital Holdings Inc., has raised P5 billion through the issuance of corporate notes. The additional cash from the coompany’s second fundraising in the capital markets will help in the construction of existing projects, it said. In a disclosure, Federal Land said it signed a P5-billion corporate notes facility deal with a syndicate of institutional lenders composed of banks, insurance companies, pension funds and trust institutions. “Proceeds of the facility, which consists of seven- and 10-year fixed-rate notes, will be used for ongoing projects, working capital and general corporate purposes,” Federal Land said. The property firm initially planned to issue P3 billion in corporate notes but robust institutional demand prompted the company to exercise the P2-billion over allotment option. “The timing of this debt raising is excellent, as it enables Federal Land to capitalize on robust real estate demand fueled by the strong economic wave currently enjoyed by our country,” said Federal Land president Alfred Ty. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 It is the second time Federal Land has tapped the capital markets. In April 2011, the property firm raised P6.6 billion through a similar issuance of fixed-rate corporate notes. Both transactions were facilitated by sole arranger and bookrunner First Metro Investment Corp., the investment banking arm of the Metrobank Group. Given the property boom, Federal Land said it is enjoying strong growth. “Against the backdrop of a strong economy, we have Read More …

Positive sentiments boost share prices

 Economy
Jul 052013
 
Positive sentiments boost share prices

MANILA, Philippines – The Philippine Stock Exchange index (PSEi) advanced 0.56 percent or 36.22 points to settle at 6,500.48, ending the week with a two-day climb as investors turned positive following a streak of favorable foreign news. The broader all shares index added 0.44 percent or 17.31 points to 3,972.63. “The trend is that global markets remain cautious but positive and the local market continued to be overwhelmed by bargain hunters,” Astro C. del Castillo, managing director of First Grade Finance Inc., said in a phone interview. Asia Pacific also ended the week with another gain, giving local investors a positive sign as jitters eased in the past few days, Del Castillo said. Asian shares rose on Friday as investors take position ahead of the US Labor Department’s release of employment data. A weaker job market is seen to convince the US Federal Reserve not to ease its bond buying stimulus program. US financial markets were closed for the Independence Day holiday. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 In the local bourse, counters were mixed, led by holding firms that added 1.28 percent or 75.54 points to 5,960.72. Decliners were paced by 0.56 percent or 82.45 points to 14,532.53. The value of shares traded fell to P5.18 billion compared with P5.43 billion on Thursday. Net foreign selling hit P188.49 million. Advancers outplayed decliners, 86 to 64, while 46 stocks did not change.

Defense chief contradicts DFA, says Chinese ships already left Panatag

 News
Jul 052013
 
Defense chief contradicts DFA, says Chinese ships already left Panatag

Contradicting the Department of Foreign Affairs (DFA), Defense Secretary Voltaire Gazmin on Friday said that Chinese ships have already left the disputed Panatag (Scarborough) Shoal. “As far as the last air patrol that we conducted, the (Chinese) ships are no longer at Panatag Shoal,” Gazmin said. “I guess this is really what they do during inclement weather.” This contradicted an earlier statement by Foreign Affairs spokesman Raul Hernandez denying that Chinese warships have left the shoal, which is about 124 nautical miles off Zambales province. Gazmin said the military had its latest patrol early this week. Manila and Beijing have been in an impasse regarding the shoal since April 10 last year when Chinese ships blocked the arrest of fishermen who were caught poaching by Philippine authorities. Since then, China has virtually controlled the shoal, a rich fishing area for Zambales residents. Gazmin, however, refused to answer questions regarding Philippine efforts to ensure that the foreign ships will not return to the shoal. “I cannot discuss that with you,” Gazmin told reporters. Regarding Chinese Major General Luo Yan’s statement calling the  Philippines as trouble-maker, Gazmin said: “You know what really happened. If he thinks we are troublemakers, then that is the right of the Chinese to say so but everybody knows that we didn’t start the whole thing.” — KBK, GMA News

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