BSP sees robust growth for emerging economies

 Economy
Aug 242013
 
BSP sees robust growth for emerging economies

MANILA, Philippines – Investors should rethink pulling out funds from emerging markets as the Bangko Sentral ng Pilipinas (BSP) said growth in these economies continue to be “robust.” “The pace of growth in emerging economies… remains robust,” the BSP’s Monetary Board noted in its meeting last July 25. “Although recent indicators suggesting weaker domestic demand in major emerging economies somewhat dampen the global growth outlook,”it added. Emerging markets, which became safe havens for investors amid a downturn in developed economies, are now experiencing capital flight because of the US Federal Reserve’s impending easing of its bond-buying program due to continued progress in the world’s largest economy. Looking at Asia, regional trends such as Indonesia’s worsening current account deficit and the contraction of Thailand’s economy have also affected other emerging market neighbors. The continued robust growth in emerging economies is amid a backdrop of a “modest” global economic growth as the US recovers, although problems in the euro zone linger. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “The recovery in the US has continued on improved business and consumer sentiment, while economic activity in Japan  gains further traction,” the report read. “Meanwhile, the downturn in the euro area continues.” The Monetary Board expects the Philippine economy to continue its growth in the second quarter, following the stronger-than-expected 7.8 percent expansion in the first three months of the year. “The monthly survey of purchasing managers by the Philippine Institute for Supply Management suggests that the Philippine economy was still in Read More …

Asia to account for half of global luxe revenue by 2020

 Economy
Aug 242013
 
Asia to account for half of global luxe revenue by 2020

MANILA, Philippines – Asia would account for half of the global luxury revenue by 2020, according to the Economic Intelligence Unit (EIU). In a report, EIU forecasts that in the Philippines alone, there will be at least 38,000 millionaires by 2015. EIU is an independent business within the Economist Group which offers forecasting and advisory services, as well as country, industry and management analysis worldwide. “Based purely on consumption growth levels and currency headwinds, the region could account for over one-half of global luxury revenue within a decade, compared with one-third today,” it said. Luxury firms are shifting their attention towards other emerging markets in the Middle East and Africa. But unlocking Asian potential is the priority for luxury brands. EIU’s five-year forecast for retail sales is stronger for Asia than any other region. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “We project Asian household incomes out to 2030, taking in assumptions for shifting tastes, as well as the emergence of niche and home-grown brands. Asia’s wealthy elite is driving luxury growth so far, but it is the burgeoning aspirational middle class who will provide market depth,” it said. The reports show that the number of Asian households with annual income of over $150,000 would rise from 2.5 million to around 27 million by 2030. China alone would have 12.7 million of such households. The expanding middle class would be the main buyer of luxury goods sales. By 2030, there would be over 270 million households with income Read More …

Higher Phl growth, stable rates seen by BofA, Barclays

 Economy
Aug 242013
 
Higher Phl growth, stable rates seen by BofA, Barclays

MANILA, Philippines – The Philippine economy is expected to have grown 6.8 percent in the second quarter, faster than the six percent expansion in the same period last year.  “We expect growth to remain supported by consumption and investment,” UK-based Barclays said in its Global Economics Weekly report published Friday. The bank’s forecast is within the government’s target of a six to seven percent economic growth this year but is slower than the higher-than-expected 7.8 percent expansion in the first quarter. Second quarter gross domestic product (GDP) data is set to be released by the National Statistical Coordination Board next week. Amid strong economic growth and a manageable inflation, Barclays noted the Bangko Sentral ng Pilipinas may keep policy rates steady in the coming 12 months. “With a favorable growth-inflation balance, we expect the central bank to keep rates unchanged in the coming 12 months,” Barclays said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The central bank has kept overnight borrowing and lending rates at 3.5 percent and 5.5 percent, respectively, since the start of the year. Rates were kept steady amid a benign inflation environment and a robust Philippine economy. Likewise, Bank of America Merrill Lynch (BofA), in its Asia Economic Weekly report said it expects the Monetary Board to keep rates unchanged at its next policy meeting on Sept. 12. “We do not think that monetary authorities will consider a policy rate reduction at this stage,” BofA said. The bank also noted it has raised its Read More …

US defense chief here next week

 News
Aug 242013
 
US defense chief here next week

By Nikko DizonPhilippine Daily Inquirer 7:59 pm | Saturday, August 24th, 2013 U.S. Defense Secretary Chuck Hagel speaks at a Pentagon news conference in Washington. (AP Photo/Evan Vucci) MANILA, Philippines – US Defense Secretary Chuck Hagel will meet with President Benigno Aquino III next week to discuss the ongoing negotiations for increased presence of American soldiers in the Philippines, the US Department of Defense said in a statement released Friday (Saturday in Manila). Hagel will also be meeting with his counterpart, Defense Secretary Voltaire Gazmin, and Foreign Secretary Albert del Rosario during his two day visit on August 29-30. The agreement that would pave the way for more US troops to be stationed in the Philippines and give them access to the military facilities is being presented to Filipinos by the Philippine government as a deterrent to China’s increasing presence in the West Philippine Sea, the part of the South China sea that the Philippines claims to be within its exclusive economic zone. The Philippines and China continue to be locked in a territorial dispute, particularly over Panatag Shoal off Zambales province and the Ayungin Shoal in the Kalayaan Island Group or Spratlys. According to the US statement, Hagel will talk to President Aquino, Gazmin, and Del Rosario “about ongoing negotiations for a framework agreement that would allow US forces to operate on Philippine military bases and in Philippine territory and waters to help build Philippine armed forces capacity in maritime security and maritime domain awareness.” The US had maintained Read More …

One Filipina’s social media activism (and how it shaped the Aug. 26 protest)

 News
Aug 242013
 
One Filipina’s social media activism (and how it shaped the Aug. 26 protest)

Kuwento By Boying PimentelPhilippine Daily Inquirer 3:34 pm | Saturday, August 24th, 2013 Roman Catholic priest Fr. Robert Reyes, second from left, prepares to run blindfolded along with supporters to protest the pork barrel scandal Friday in Manila. AP Peachy Rallonza Bretana’s social activism has followed a pattern: she saw something on Facebook and got really mad. That’s what happened when she came across the clip of the crying, dancing boy on Willie Revillame’s TV show two years ago. It happened again this month when she began reading the posts about some little known, somewhat obscure government program called the Priority Development Assistant Fund. “There’s not much difference in the way it started,” she told me in an email. “You see/read something on YouTube and online then you become so angry that you vent out your anger and disgust online by sharing to your friends. Both the Revillame case and this PDAF scam stemmed from the way they affected me on a personal level. “As in: Gigil na gigil ka sa galit.” Actually, there is one difference. The Revillame case, which sparked outrage so vehement it caused the show to be suspended and created a heightened awareness around the way children are treated on TV, was triggered by a clip that Peachy says was “instantly revolting.” The anger related to the pork barrel controversy, however, took a little longer to boil over. It started with a stream of news stories and blogs and the comments. Then the Commission on Audit Read More …

Threats to coral reefs continue, says Paje

 News
Aug 242013
 
Threats to coral reefs continue, says Paje

By DJ YapPhilippine Daily Inquirer 2:24 pm | Saturday, August 24th, 2013 Graphic on Asia’s Coral Triangle, which contains nearly 30 percent of the world’s reefs and more than 3,000 species of fish. AFP MANILA, Philippines—Environment Secretary Ramon Paje on Saturday said more action was needed to save the reefs of the Coral Triangle, an important marine area encompassing Asia Pacific countries, including the Philippines, in the face of growing threats to their ecosystems from overfishing,  pollution and climate change. While the Philippines has taken steps to protect its reefs and the marine life they host, more effort is necessary to develop sustainable solutions for the threatened reefs in the Coral Triangle, a global hot spot of marine biodiversity, Paje said. “We face a crisis on the continued degradation of our fragile ecosystems and resources that could endanger the survival and quality of life of future generations,” Paje said in a press release. “Investing in coastal and marine protection can certainly help ensure a better future for our children and a better environment for all.” Last week, the Coral Triangle Initiative (CTI)-Philippines National Coordinating Committee, which is co-chaired by the Department of Environment and Natural Resources, and the Department of Agriculture, hosted a CTI Forum in Makati City. The event also saw the launch of the Sustainable Coral Reef Ecosystem Management Program or SCREMP, designed by the Philippine government to more effectively protect and rehabilitate the coral reefs in the region. SCREMP will focus on habitat conservation and protection, as Read More …

US, Philippines vow freedom of navigation amid Asia sea rows

 News
Aug 242013
 
US, Philippines vow freedom of navigation amid Asia sea rows

Agence France-Presse 2:01 pm | Saturday, August 24th, 2013 US and Philippine Marines simulate an amphibious landing as part of RP-US Amphibious Landing Exercise on a beach in San Antonio, Zambales in October 2011. AFP MANILA, Philippines—The United States and the Philippines have vowed to maintain freedom of navigation in a Southeast Asia increasingly beset by maritime territorial rows, the two military allies said. The military chiefs of the two countries made the pledge in the United States on Thursday as their governments held talks on expanding the American military presence in the Philippines, a joint statement said. “We share a common interest in maintaining freedom of navigation, unimpeded lawful commerce, and transit of people and goods across the seas,” said Armed Forces of the Philippines chief General Emmanuel Bautista and General Martin Dempsey, chairman of the US Joint Chiefs of Staff. “We resolve to… strengthen the Southeast Asia security environment in a manner that protects the interests of all who value unimpeded commerce transiting through the maritime domain, while deterring those who would restrict it or act in a manner that might place it at risk.” The Philippines has been looking to the United States for military and political support as part of efforts to protect its claims to West Philippine Sea (South China Sea) waters from an increasingly assertive China. Both generals called for a “rules-based approach in resolving competing claims in maritime areas by peaceful means — within the framework of international law”. Though the statement did Read More …

OFWs in Egypt urged anew to cooperate in ongoing evacuation

 News
Aug 242013
 
OFWs in Egypt urged anew to cooperate in ongoing evacuation

By Tarra QuismundoPhilippine Daily Inquirer 1:48 pm | Saturday, August 24th, 2013 Department of Foreign Affairs (DFA) secretary Albert del Rosario AP FILE PHOTO MANILA, Philippines — Foreign Secretary Albert del Rosario has renewed government’s call for Filipinos in Egypt to cooperate in the ongoing mandatory evacuation, citing the worsening instability in the Arab country. The Philippine Embassy in Cairo also advised Philippine citizens across Egypt to immediately contact the post to sign up for repatriation and stay indoors while awaiting evacuation as the strife-torn country remains under a state of emergency. “Our two visits in Cairo within the last 12 days to assess the security situation have convinced us that the marked deterioration in peace and order, exacerbated by complex political challenges has called for the raising of our alert level to mandatory repatriation,” said Del Rosario, who arrived this week from his second visit to Cairo. He ordered the declaration of Crisis Alert Level 4 for some 6,000 Filipinos in Egypt on Monday after seeing for himself that the situation was no longer safe. Government also has a standing order barring the deployment of new workers to Egypt and the return of Egypt-based Filipinos currently on vacation out of the country. “This is the highest level possible, and we therefore strongly urge our countrymen in Egypt to register with the Philippine Embassy in Cairo for early repatriation,” said Del Rosario. The Department of Foreign Affairs (DFA) said only trickles have signed up for repatriation as Filipinos in Egypt Read More …

No sex-for-flight case, just simple negligence raps

 News
Aug 232013
 
No sex-for-flight case, just simple negligence raps

By Tina G. SantosPhilippine Daily Inquirer 4:05 am | Saturday, August 24th, 2013 Labor Secretary Rosalinda Baldoz. INQUIRER FILE PHOTO MANILA, Philippines—Not finding any evidence of a sex-for-repatriation racket, the labor official in Riyadh who was the subject of recent complaints from distressed overseas women workers will face charges of “simple negligence” for other work-related matters, Labor Secretary Rosalinda Baldoz said. Baldoz said two other labor officials implicated in the sex-for-repatriation controversy will also face unrelated charges “for apparently not performing their duties well.” Baldoz has approved the filing of administrative charges against Riyadh Labor Attache Adam Musa for gross negligence; Jordan officer in charge Labor Attaché Mario Antonio for grave misconduct; and Riyadh Assistant Labor Attaché Antonio Villafuerte for simple negligence. In a statement, Baldoz said the fact-finding team tasked to look into the controversy has found prima facie evidence against the officials, not for the sex-for-repatriation allegations but for other infractions, including their “failure to do their duties well.” She clarified that the team did not find the involvement of any of the Department of Labor and Employment (DOLE) organic personnel in any “sex-for-fly” or “sex-for-hire” activities. The investigation report said some distressed workers had apparently been recruited into a prostitution ring, but it did not involve their personnel. In addition to the charge of simple negligence against Villafuerte, Baldoz also approved the fact-finding team’s recommendation to refer the complaints for sexual harassment against the Riyadh official to the DOLE Committee on Decorum and Investigation. Nicon Fameronag, DOLE Read More …

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