Index climbs as market turns optimistic

 Economy
Sep 092013
 
Index climbs as market turns optimistic

MANILA, Philippines – The Philippine Stock Exchange index (PSEi) rose 0.38 percent or 22.42 points to 5,997.04 as investors turned optimistic given positive developments overseas. “A discernible shift towards optimism continues to visit upon the market as the week opened,” said Justino Calaycay, an analyst at Accord Capital Equities Corp. “Still, the pace remains rather slow, evidencing a hangover of hesitation ahead of the crucial Federal Reserve meeting two weeks henceforth,” Calaycay said. The markets expects the US Fed to start tapering off its bond buying stimulus program, which has boosted liquidity in the financial markets. Asian bourses were also in the positive territory on the back of news on export growth and steady inflation in China. Japan’s Nikkei 225 rallied 2.48 percent or 344.42 points to 14,205.23 while Hong Kong’s Hang Seng index gained 0.37 percent or 83.75 points to 22,704.97. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Locally, all counters were in the green, led by industrial sector that added 0.69 percent or 63.40 points to 9,303.92. Turnover remained thin at P5.4 billion from P5.37 billion on Friday. Advancers outpaced decliners, 89 to 53, while 32 stocks did not change. “The PSEi made an early foray into and test of the 6,000-mark but continues to fail to hold as value turnover remains light,” Calaycay said.

Mindanao exporters push for disease-free banana exports

 General
Sep 092013
 
Mindanao exporters push for disease-free banana exports

EXPORTERS are pushing for intensified actions against diseases affecting banana production in Mindanao to meet the growing demand for higher quality products of the overseas markets. In a resolution adopted during the recent Mindanao Export Congress, they noted that infestation of various diseases such as fusarium wilt and black sigatoka affect the overall quality of their banana output, thus lowering their profits as well. To address this issue on such diseases, the Mindanao exporters said that the Department of Agriculture (DA) should strengthen the provision of support programs. “The international market of banana requires standards and requirements that exporters need to meet,” they noted. Likewise, exporters underscored the need to undertake more stringent accreditation processes by the private and government sectors on bananas. This, as while the sectors have aligned accreditation programs to monitor the quality of banana produced for exports, the number of exporters who ship low-quality bananas are increasing. “Consequently, this affects the trade of bananas in the international market,” they said. Exporters added the accreditation policies and procedures of the Bureau of Plant Industry-Plant Quarantine Services (BPI-PQS) should be reviewed and enforced to ensure that international standards for farms and packing houses are complied. Edgar Bullecer, chief executive officer of agricultural producer Paglas Group of Companies, identified weather and diseases as among the problems and constraints facing banana producers. Financing and market stability also remain perennial problems of the sector. “Bad quality bananas that manage to reach the export market compromise the image of overall Philippine banana,” Read More …

De Lima, whistleblowers invited to Senate 'pork' probe

 General
Sep 092013
 
De Lima, whistleblowers invited to Senate 'pork' probe

The Senate blue ribbon committee on Monday sent out invitations to Justice Secretary Leila de Lima and the whistleblowers in the alleged P10-billion pork barrel scam to attend its next hearing on the issue. The office of Senator Teofisto Guingona III, Senate blue ribbon panel chairman, sent out copies of the letters of invitation to the media, which asked De Lima and the whistleblowers to attend the Senate probe this Thursday. The letters for the whistleblowers did not have specific names on the inside address or the salutation. Instead, a generic “whistleblower, PDAF scam” was written on the letter. The Senate blue ribbon committee has so far conducted two hearings on the alleged anomaly, where Senators Jinggoy Estrada, Juan Ponce Enrile and Ramon Bong Revilla Jr. have so far been implicated. The alleged scam reportedly involves the transfer of P10 billion in pork barrel funds to bogus non-government organizations, supposedly linked to controversial businesswoman Janet Lim-Napoles. — Andreo Calonzo/BM, GMA News

The growth of the global middle class

 Economy
Sep 082013
 

WHILE there are signs that the global economy may be moving (albeit slowly) towards stability, one thing is clear: the world has changed significantly from the one that we knew just a few years ago. As the centers for trade and economic power shift away from traditional western bastions, analysts are looking to rapid-growth markets (RGMs) to shore up the still-wobbly global economy.

Foster care

 General
Sep 082013
 
Foster care

Which is worse for a child — to be abandoned since birth or to be abandoned at an age when he’s already aware of it? At five o’clock in the morning last Thursday, Maryann went about her usual order of the day  prepare for their carinderia  when she noticed an infant at the display shelf. It was a baby boy. And with the little baby was a plastic bag with extra clothes, a diaper and a feeding bottle with milk. Whatever the mother’s reason was for abandoning her child, she made sure that the baby boy would be fed. “Maybe the mother left the baby with us because she saw that we had a business and could take care of the child,” said Maryann. The last time I saw an abandoned baby, she was placed in a grocery bag made of cloth and placed on a tree. They turned over the baby boy to the local barangay and then to DZMM, which in turn, called the attention of the Department of Social Welfare and Development (DSWD). It was not the first time that I went to the nursery for abandoned children of the DSWD. The room was quiet with a male nurse attending to their new client, Baby Boy. He was the smallest of all the children there, being the newest one, at four days old. Most of the children were quietly sleeping, oblivious to our presence. A boy caught my attention. He was the oldest of the lot. My Read More …

Cardinal Tagle calls on Pinoys to act against corruption, change the system

 News
Sep 082013
 
Cardinal Tagle calls on Pinoys to act against corruption, change the system

With the interfaith vigil against the pork-barrel system, called “EDSA Tayo”, just a few days away, Manila Archbishop Luis Antonio Cardinal Tagle over the weekend sought more converts to the burgeoning anti-graft movement as he urged Filipinos to act against corruption. “We, individuals, should strive to change this system,” said Tagle during the monthly Manila Archdiocesan General Pastoral Assembly (MAGPAS) at Paco Catholic School. “Let us refuse. We should not comply or agree with practices that are not keeping God’s will and the laws of the land.” Tagle added Filipinos have a choice: to go along with those who perpetrate corruption, or to express opposition against it. “Even if we say that corrupt practices are widely accepted in various government offices, we all have the freedom to choose. The political community and our personal families might have greatly influenced us, but we should always remember that we are free to make a choice.” Tagle recently, and very openly, expressed his views on corruption. Specifically, he has been critical of the pork barrel system, in which lawmakers allegedly scammed billions of pesos from the Priority Development Assistance Fund (PDAF). A few weeks ago, the cardinal shed tears as he spoke about the “heartbreaking” scam in a press conference at the University of Santo Tomas. Last month, the cardinal surprised protesters in the so-called Million People March by showing up at the Quirino Grandstand, where he characterized Filipinos as a “people of honor.” Also during Tagle’s talk during the pastoral assembly, the Read More …

COA raises adjudication prices for government officials, private sector

 News
Sep 082013
 
COA raises adjudication prices for government officials, private sector

The Commission on Audit (COA) has doubled the ceiling prices of its adjudication fees on cases regarding the disbursement of government funds, while the amount was raised five times for persons in the private sector with money claims. The amount for the former was raised to P20,000, doubling the maximum amount set in the 2008 COA resolution and 2009 Revised Rules of Procedure. This will affect filing of notices of disallowance or denial of claims for compensation, requests from relief from accountability, condonation and write-offs at one-tenth of one percent of the amount involved in the query, as long as it will not exceed the new ceiling price. These fees are paid by government officials and employees from their personal funds. Private firms or individuals filing money claims against government agencies or requests for approval of sale of a government asset will be charged the same percentage, if it does not exceed P50,000. These fees will be paid by the claimants themselves. Exceptions will be granted under special circumstances yet to be determined by the Commission Proper, made up of COA chairperson Ma Gracia M. Pulido Tan and Commissioners Heidi L. Mendoza and Rowena V. Guanzon. They also signed the resolution. The resolution will take effect immediately, and will be circulated in two newspapers. — RT/BM, GMA News

NCR cops to concentrate on traffic at Sept. 11 anti-pork vigil

 News
Sep 082013
 
NCR cops to concentrate on traffic at Sept. 11 anti-pork vigil

Saying they expect the Sept. 11 anti-pork barrel prayer vigil at the EDSA Shrine to be well-attended though peaceful, Metro Manila police said Sunday they will focus their efforts on ensuring smooth traffic during the event. Metro Manila police spokesman Chief Inspector Robert Domingo also said they will further iron out their security plans Monday when they meet with the Metropolitan Manila Development Authority. “Ayon sa coordination namin medyo marami yata nag-signify. Magfo-focus kami sa traffic management and control, pero hindi pababayaan ang overt and covert security,” he said in an interview on dzBB radio Sunday afternoon. He also noted traffic may be congested at EDSA on Wednesday since many faithful are expected to travel to Baclaran Church for Mass. Many Filipinos are expected to attend the vigil organized by the “EDSA Tayo” movement. Earlier, EDSA Tayo convenor Junep Ocampo said a Mass and a lecture on the evils of pork by economics professor Solita Monsod will highlight Wednesday’s vigil. Domingo said the Metro Manila police and MMDA will meet on Monday to finalize their security plan. For now, he said they will conduct mobile checkpoints and heighten police visibility as part of their Police Integrated Patrol System. 9/11 anniversary, Marcos’ birthday Meanwhile, Domingo said they may also adjust their deployment since Sept. 11 is also the anniversary of the 2001 terrorist attack on the United States, and the birth anniversary of former President Ferdinand Marcos. “Kaya ang security plan binubusisi, medyo mag-a-adjust at magdadagdag at magbabawas,” he said. But Read More …

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