Factory output eases in Nov

 Economy
Jan 102015
 
Factory output eases in Nov

MANILA, Philippines – Philippine manufacturing growth slowed in November from the same month in 2013, according to the Philippine Statistics Authority (PSA). The PSA’s Monthly Integrated Survey of Selected Industries released yesterday showed manufacturing output in terms of the Volume of Production Index (VoPI) climbed at a slower pace of 8.1 percent in November 2014 compared with the 18.8 percent growth registered in the same month in 2013. Of the 20 major sectors, seven posted year-on-year declines in November such as electrical machinery; footwear and wearing apparel; tobacco products; machinery except electrical; rubber and plastic products; furniture and fixtures; and miscellaneous manufactures. The PSA said the Value of Production Index (VaPI) also recorded slower growth of 7.5 percent in November 2014 from 13.1 percent a year earlier. Sectors which registered decreases in production value were petroleum products; footwear and wearing apparel; machinery except electrical; electrical machinery; tobacco products; rubber and plastic products; miscellaneous manufactures; and furniture and fixtures. The Value of Net Sales Index (VaNSI) meanwhile contracted 0.3 percent in November 2014 compared with the 32 percent growth registered in November 2013. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 This was attributed to the shortfall in sales value observed in eight major sectors, with two-digit decreases observed in the following: footwear and wearing apparel (-23.1 percent), miscellaneous manufactures (-14.9 percent), and the heavy weighted petroleum products (-10.4 percent). The Volume of Net Sales Index (VoNSI) also accelerated at a slower rate of 0.3 percent in November 2014 compared Read More …

An urgent matter

 Economy
Jan 102015
 
An urgent matter

Almost two weeks after that “unforgettable” 13-hour road trip from Manila to Baguio City, I’m back in the City of Pines minus the estimated one million tourists who joined me in making the city a huge parking lot during the last holiday. I look back at that agonizing experience with a promise to myself that I will never, never go back to Baguio during a long weekend, or when there’s a public holiday. But I will be back, but always against the tide. But not everyone who got out of that traffic alive is as forgiving. Senate president Franklin Drilon said he would file a resolution calling for a Senate investigation into the monster traffic that plagued motorists who drove through three interconnected toll ways—North Luzon Expressway (NLEX), Subic-Clark-Tarlac Expressway (SCTEX) and Tarlac-Pangasinan-La Union Expressway (TPLEX)—last Dec. 26 en route to Baguio. The sheer number of motorists who took advantage of the low fuel price regime, the long holiday, all contributed to the monster traffic. To address the unexpected volume surge, NLEX and SCTEX carried out quick fixes like opening spare lanes and counter flow lanes and deploying ambulant tellers. TPLEX did the same. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 But imagine if motorists did not have to stop to get their tickets and pay the toll separately for these three tollroads. According to Drilon, he can’t understand why the collection of toll fees can’t be integrated, so that only one entity handles the collection. Interestingly, Arnel Read More …

5 new measles cases reported with ties to Disneyland

 General
Jan 092015
 
5 new measles cases reported with ties to Disneyland

SANTA ANA, Calif. — Local health officials say five more people who visited Disney theme parks in Southern California last month have fallen ill with measles, bringing the number of cases in the state to a dozen. Orange County Health Care Agency spokeswoman Nicole Stanfield says the county’s six patients — including one reported previously by the state — visited the theme parks between Dec. 15 and Dec. 20. Stanfield says only one was fully vaccinated against the disease. California’s state health agency reported earlier this week that seven Californians and two people in Utah likely contracted measles at Disneyland or Disney California Adventure. In Colorado, the El Paso County Public Health department said Thursday that a patient diagnosed with measles this month in Colorado Springs had visited Disneyland in mid-December.

Gov’t debt up to P5.72T as of Nov

 General
Jan 092015
 
Gov’t debt up to P5.72T as of Nov

MANILA, Philippines – The government’s outstanding debt rose to P5.72 trillion as of November last year due to rising domestic obligations. The latest figure  was up by P41 billion or 0.7 percent compared with the same period in 2013 with debt from domestic sources rising 1.2 percent to P3.79 trillion. Of the total outstanding debt, 66 percent was accounted for by peso-denominated liabilities while the balance of 34 percent comprised debts denominated in foreign currencies. Debt from foreign lenders amounted to P1.926 trillion, down 0.2 percent from P1.93 trillion. The decline was due to the appreciation of the local currency against the dollar. If the estimated 94 million Filipinos would be made to equally share the burden of paying the government’s outstanding debt, each would have to shell out P60,851. On a month-on-month basis, the outstanding debt of the country went up by P3 billion. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Total guaranteed debt, meanwhile, stood at P432 billion, 8.3 percent or P39 billion lower than the previous year. Currency adjustments brought down the value of external guarantees while domestic guaranteed debt was reduced by the redemption of outstanding agri-agra bonds. For the past two years, the government has relied heavily on external borrowings to help ward off speculative flows and curb the peso’s appreciation. The country recently raised $2 billion from  the sale of dollar-denominated bonds, marking its return to the international debt market.

DA bans livestock imports from some countries

 Economy
Jan 092015
 
DA bans livestock imports from some countries

MANILA, Philippines – The Department of Agriculture (DA) has ordered a temporary ban on the importation of livestock and products from China, Korea and Namibia where incidences of foot-and-mouth disease have recently been reported. The ban, that took effect last month through the issuance of memorandum orders 98, 100 and 102, prohibits the entry of livestock and products from Chungcheongbuk-Do, Korea; Jiangsu, China; and Caprivi, Namibia. As such, the processing and approval of Sanitary and Phytosanitary (SPS) Import Clearance for livestock and products coming from the said locations have been suspended. Livestock and products arriving in Philippine ports found to have originated from such locations would be confiscated. The directive was issued following reports from the Office International del Epizooties (OIE) of outbreak of FMD virus of Serotype O affecting backyard piggery farms in China and Korea and among cattle in Namibia. OIE is an inter-governmental organization that informs governments of the occurrence of animal diseases and means of controlling the spread of such diseases. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The organization likewise initiates studies dedicated to surveillance and control of animal diseases, as well as harmonization of regulations to facilitate safe trade of animal and animal products. Agriculture Secretary Proceso Alcala said the Philippines is being especially cautious about the entry of animal products that may have been infected by animal diseases as the country is striving to boost the production capability of farmers amid increased trade competition in Southeast Asia.  “We cannot afford to Read More …

BDO ties up with UAE’s leading bank: New partnership offers 60-second money transfer service

 Economy
Jan 092015
 
BDO ties up with UAE’s leading bank: New partnership offers 60-second money transfer service

MANILA, Philippines – BDO Unibank has partnered with Emirates NBD, the leading bank of the United Arab Emirates (UAE), for the latter’s money transfer service called Direct Remit 60 Seconds. The service was introduced last month to the Philippines and is known as the fastest direct bank transfer service in the UAE. It enables the transfer of Philippine peso to BDO bank accounts in 60 seconds. Direct Remit 60 Seconds benefits the remittance beneficiaries of the overseas Filipino workers (OFWs), numbering over 700,000, stationed in the various parts of the UAE region, including Dubai and Abu Dhabi. “This is another channel that will bring security and ease to our remitters,” BDO senior vice president for remittance distribution Geneva T. Gloria said. Gloria described the alliance with Emirates as a good fit because of the resemblance between the two banks. Both are leading industry players in their respective countries and serving a considerable number of Filipino clients. “Most of their Filipino clients who maintain an account with them are also enrolled in Emirates’ online banking facility. Using this platform, these customers can send money to the Philippines anytime, anywhere and can also pay their bills, insurance premiums or loans payments via their BDO accounts,” she added. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 International money transfers, mainly personal remittances, amounted to $22 billion in the first 10 months of 2014, or 6.7 percent higher than remittances in the same period in 2013. Filipinos deployed to the UAE rank second Read More …

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