Domestic liquidity growth slows down

 Economy
Nov 292014
 
Domestic liquidity growth slows down

MANILA, Philippines – Domestic liquidity, technically known as M3, continued to ease in October following the Bangko Sentral ng PIlipinas’ adjustments in banks’ reserve requirements and special deposit account (SDA) rate. M3—the broadest measure of liquidity—expanded 15.4 percent to P7.208 trillion last month, slower than the 16.2 percent growth recorded in September and 18.3 percent in August. But the BSP said money supply continued to rise in October amid sustained demand for borrowings. Domestic claims increased 18.2 percent to P6.667 trillion in October on continued expansion of credits to the private sector. “In particular, the bulk of bank loans during the month was channeled to key production sectors such as manufacturing, real estate, renting, and business services, wholesale and retail trade, utilities, and financial intermediation,” the central bank said. Public sector loans also went up 19.1 percent to P1.069 trillion last month as deposits of the National Government with the BSP fell amid the former’s withdrawal of funds for maturing government securities. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Net foreign assets (NFA) at the same time grew 3.4 percent to P3.683 trillion in October. “The NFA of banks increased as banks’ foreign assets expanded at a faster pace relative to that of their foreign liabilities,” the BSP said. The BSP said it expects domestic liquidity growth to further moderate in the coming months following previous monetary policy adjustments. The BSP earlier raised banks’ reserve requirement ratios by 200 basis points and the SDA rate by 25 basis Read More …

Asian bankers urged to open up economies through innovative financial services

 Economy
Nov 292014
 
Asian bankers urged to open up economies through innovative financial services

MANILA, Philippines – Asian Bankers Association (ABA) chairman Lorenzo V. Tan has urged bankers to open up the region’s economies through innovative yet segmented financial services. Speaking at the 31st ABA General Meeting and Conference in Muscat, Oman, Tan underscored the important role of ABA in addressing issues that impact the whole banking industry with special focus on the requirements of Asian banks. “Our Oman gathering is designed to provide another platform for ABA members, and our invited experts, to discuss matters of significant interest to Asian banks on our journey in the modern-day silk route towards economic growth and increased prosperity for our people,” Tan, who is also the president of Bankers Association of the Philippines (BAP), said. ABA’s membership includes over 100 of the leading banks from 25 countries in the Asia-Pacific region. “The challenge is to help unlock further the potential of the region’s economies through excellence in segmented financial services to customers, from the largest conglomerates to the smallest enterprises and even to microfinance,” Tan said. He said it could be through innovative products that help the movement of debt and equity from markets with excess funds to markets with demand for development such as in infrastructure, manufacturing equipment or other long term needs. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 This could be through the efficient and low-cost cash management and distribution systems, enabled by the use of innovations in technology. Asian banks are also urged to keep abreast with risk management expertise, Read More …

Phl sets activities for APEC 2015 hosting

 Economy
Nov 292014
 
Phl sets activities for APEC 2015 hosting

MANILA, Philippines – The Philippines is set to launch activities for its hosting of the Asia-Pacific Economic Cooperation (APEC) 2015 to encourage local businesses to explore opportunities available for them during the event. “While the Department of Trade and Industry (DTI) has lined up several activities as the country chairs APEC in 2015 and hosts the 23rd APEC Economic Leaders’ Meeting, we aim to spur greater private sector participation and generate new prospects for local and foreign businesses to flourish,” Trade Secretary Gregory Domingo said in a statement. The launch tomorrow, to be held at Green Sun in Makati City, is expected to be attended by the local business community. Domingo said the Philippines’ hosting of the APEC next year will be a perfect opportunity for local businesses to further contribute to the economy. “In the country’s hosting next year, we seek to underscore the significance of the small and medium enterprises (SMEs) in the country’s economy, and their role and integration in global supply chains,” he said. He noted that SMEs play an essential role in driving economic growth and generating employment in the local communities. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The country’s micro, small and medium enterprises (MSMEs) account for 99 percent of the total registered businesses, and contribute 65 percent of the jobs generated by all types of establishments. As such, the government is promoting the growth of the MSME sector to help them become competitive globally. “The DTI has continuously implemented several Read More …

Barclays sees November inflation easing

 Economy
Nov 292014
 
Barclays sees November inflation easing

MANILA, Philippines – Inflation in the Philippines could ease to  4.1 percent this month as prices of oil in international markets continue to fall, UK-based investment bank Barclays said. In a report, the bank said “lower oil prices will lead to a further moderation in inflation.” Data showed that the price of Dubai crude, a benchmark for oil trading in Asia, fell to an average $79.77 per barrel from Nov. 3 to Nov. 26 as against the $86.65 per barrel average last month. The government will release the official November inflation data on Dec. 5. The Bangko Sentral ng Pilipinas last week forecast the rate to settle within 3.5 percent to 4.3 percent for November, a further deceleration from the 4.3 percent pace in October. The central bank said stable food prices, dropping oil prices, and lower power rates should dampen any upside risks to inflation. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 As a result, BSP Governor Amando M. Tetangco Jr. said there is room for the central bank to keep its policy settings unchanged should inflation continue on a decelerating trend. Inflation has averaged 4.3 percent in the 10 months to October, above the midpoint of the BSP’s three to five percent target range. The central bank last month kept key policy rates steady on expectations the inflation will remain within the goals for this year until 2016. Earlier, the BSP hiked the overnight borrowing and overnight lending rates by a total of 50 basis points Read More …

Gimme 5 goes all-out with original pop-rock hits

 General
Nov 292014
 
Gimme 5 goes all-out with original pop-rock hits

The boy group is made up of Joaquin Reyes, John Bermundo, Grae Fernandez, Brace Arquiza and Nash Aguas MANILA, Philippines – Gimme 5’s self-titled debut album under Star Music is all about pure teen fun, vibe and music. Released last Nov. 9 on ABS-CBN’s ASAP 19, the first album of the boy group showcases the talent and energy of its teen heartthrob members, namely, Joaquin Reyes, John Bermundo, Grae Fernandez, Brace Arquiza and Nash Aguas. The tracklist of the all-original, pop-rock album of Gimme 5 includes Pag Kasama Ka, Aking Prinsesa, Hey Girl, Growing Up, Ikaw Na Na Na Na and its carrier single Hatid Sundo. Minus-one versions of the songs are also part of the album. The Gimme 5 album is now available at all record bars nationwide for P199. Digital tracks can also be downloaded via leading record stores all over the country and on online music stores such as iTunes, Mymusicstore.com.ph and Starmusic.ph. For details, visit Starmusic.ph or follow Star Music’s official social media accounts at Facebook.com/starrecordsphil, Twitter.com/starrecordsph and Instagram.com/Starmusicph.

Sharon Cuneta still feels broken over mom’s death

 Entertainment
Nov 292014
 
Sharon Cuneta still feels broken over mom's death

MEGASTAR Sharon Cuneta said she still feels broken over the death of her mother, Mrs. Elaine Gamboa-Cuneta. The actress wrote a message for her mother and posted it on Facebook. “I miss you, Mama ko… I know that this is my new normal, and I know that by God’s grace, all will one day settle, and I will get used to it… But I have never known life without you… I am broken, Mommy ko… I had no idea how much it would hurt to lose you…,” she wrote. Sharon said she had to quietly go on with each day since her mom’s death last November 5. She also asked for forgiveness and wished she could have more time left with her. “I wish we could have had just a little more time together to become close… to love more… to talk… just to be Mama and baby again… I love you very, very much, Mama ko… I am so sorry for everything I did to hurt you from the time I was little…” “I still had so much to say to you, but God had to bring you home, and I know He is making you the happiest you’ve ever been… I think of you all day long and cry every day… I know you see me and are just with me all the time, and one day I know I’ll be okay… After all, I am your girl… and you didn’t raise me to be weak and useless.” Read More …

Bongbong questions P12.9B budget for projects not under DILG’s mandate

 Entertainment
Nov 282014
 
Bongbong questions P12.9B budget for projects not under DILG’s mandate

DILG Secretary Mar Roxas III (left) chats with Senators Grace Poe-Llamanzares, JV Ejercito, and Ferdinand Marcos Jr. during the Senate deliberation on the 2015 budget of the Department of Interior and Local Government on Monday, November 24. (MNS photo) MANILA (Mabuhay) – Senator Ferdinand “Bongbong” Marcos Jr. on Monday night questioned the P12.9 billion allotment for water supply, low-cost housing and other projects to the Department of Interior and Local Government (DILG) which were contained in the errata submitted by the Department of Budget and Management. Marcos, chairman of the Senate local government committee, said the DILG has no mandate to build housing units, which is given to the National Housing Authority (NHA), or to create water supply, which is the concern of the Local Water Utilities Administration or the Department of Public Works and Highways (DPWH). He said the role of the DILG is simply supervision and not control of provinces, cities and municipalities. “The DILG chief has no technical expertise in low-cost housing, and even if he has, that is not his mandate. That is the responsibility of the National Housing Authority,” Marcos said. He said that instead of managing water supply projects or building houses, the DILG, headed by Sec. Mar Roxas, should focus on improving the peace and order situation and homeland security. He added that Roxas should strive towards ensuring that Filipinos feel safe at home, on the streets, in their workplaces and renew their trusts with men in uniform. Within DILG’s mandate But Senator Read More …

In FOI bill, SC justices not exempted from releasing SALN

 Entertainment
Nov 282014
 
In FOI bill, SC justices not exempted from releasing SALN

(Supreme Court of the Philippines} MANILA (Mabuhay) – Even Supreme Court (SC) justices will not be spared by the proposed Freedom of Information (FOI) bill once it is passed in Congress. In a press conference on Tuesday, Akbayan Representative Ibarra “Barry” Gutierrez, an author of the bill, said the bill is clear that even justices are required to make public their statements of assets, liabilities and net worth (SALN). “They really have no choice. In the law, we said that the SC has to upload their SALNs. They cannot willfully violate the law,” Gutierrez said. The high court is very strict about releasing the magistrates’ SALN, saying in a 2012 resolution that the public’s right to information is not absolute. “While providing guarantee for that right, the Constitution also provides that the people’s right to know is limited to ’matters of public concern’ and is further subject to such limitations as may be provided by law,” the high court said. Gutierrez said the FOI bill, if passed, will make moot the Supreme Court’s resolution on the SALN guidelines. “A resolution cannot be higher than the law,” he said. The tribunal made the ruling setting the SALN guidelines after Chief Justice Renato Corona was impeached by Congress on his failure to disclose his wealth. Asked if justices may be impeached if they fail to follow the bill’s provisions, Gutierrez agreed, citing culpable violation of the Constitution as a ground for impeachment. “The FOI requires SC justices to make available their SALN Read More …

PHL protests Chinese construction on Kagitingan Reef

 Entertainment
Nov 282014
 
PHL protests Chinese construction on Kagitingan Reef

In this photo taken Feb. 25, 2014 by surveillance planes and released Thursday, May 15, 2014, by the Philippine Department of Foreign Affairs, a Chinese vessel, top center, is used to expand structures and land on the Johnson Reef, called Mabini by the Philippines and Chigua by China, at the Spratly Islands at South China Sea, Philippines. The Philippines has protested China’s reclamation of land in the disputed reef in the South China Sea that can be used to build an airstrip or an offshore military base in the increasingly volatile region, the country’s top diplomat and other officials said Wednesday, May 14, 2014. The white arrow was added by the source. (MNS photo) MANILA (Mabuhay) – The Department of Foreign Affairs (DFA) has already protested China’s reported reclamation project on a disputed reef in the South China Sea. Foreign Affairs Secretary Albert Del Rosario said the DFA sent a note verbale to China on October 10 regarding its reported construction activities, including the building of an airstrip, on Fiery Cross or Kagitingan Reef. “We looked at our records and discovered that a note verbale has already been sent,” he told reporters at the sidelines of the DFA’s budget deliberations in the Senate on Tuesday. “We were protesting the activity,” he said in an ambush interview. The Philippines includes Kagitingan Reef within its territory as part of the Kalayaan Group of Islands. China, meanwhile, claims almost the entire South China Sea as its own, covering territories claimed by the Philippines, Read More …

Busy Makati corner declared safe after bomb scare

 Entertainment
Nov 282014
 

MANILA (Mabuhay) – An abandoned package that triggered a bomb scare in a busy Makati City street Monday morning yielded no explosives but tools, police said. PO2 Alex Witty of the Makati Police Station said that the area – Makati Avenue corner Paseo de Roxas – was declared safe at 12:12 p.m. The abandoned package was reported by a security guard in the area at 11:10 a.m., prompting the city police department to send in personnel from the Explosives and Ordnance division. Witty said personnel from the EOD used a “water charge” to open the abandoned package, and found that the aluminum box contained assorted tools used for repairing computers. Police are reviewing the CCTV footage to determine who left the package in the area, Witty said. The bomb scare slowed down traffic along the two busy Makati streets.  (MNS)

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