March 2015 – Page 50

More reforms needed to achieve 8% growth – JFC

Economy

Mar 032015

More reforms needed to achieve 8% growth – JFC

MANILA, Philippines – The Philippine government has made progress in acting on recommendations of the Joint Foreign Chambers (JFC) to increase investments in the country, but it will have to undertake more reforms and sustain gains to allow the economy to accelerate by eight percent and make the growth inclusive. “We in the JFC believe the economy can grow by eight percent,” Australian-New Zealand Chamber of Commerce Philippines president Ian Porter said during the Arangkada Philippines Forum press conference yesterday. For the Philippine economy, which has been growing at an average of six percent since President Aquino came to office to expand at a faster rate of eight percent, he said the government has to sustain reforms to make the country a more attractive location for investments. American Chamber of Commerce of the Philippines (AmCham) senior advisor John Forbes said that based on the fourth assessment of government actions on 462 recommendations made by the JFC, 74.22 percent or 331 are active or moving in 2014, up slightly from 73.26 percent or 326 in 2013. Meanwhile, 25.78 percent or 115 of the recommendations were considered dormant in 2014, down from the previous year’s 26.74 percent or 119. The recommendations were put forward by the JFC, which is composed of the American, Australian New Zealand, Canadian, European, Japanese and Korean Chambers in the Philippines and the Philippine Association of Multinational Companies Headquarters, Inc., in the Arangkada report launched in 2010. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The proposals Read More …

‘Raising growth: two different approaches’

General

Mar 032015

‘Raising growth: two different approaches’

When it comes to economic performance, the Benigno Aquino III administration can claim to some element of swagger and boast. Overshadowing poor past performance. In the eyes of national economy watchers, the growth rate has risen above historical performance. We now deserve good notice in many international surveys of economic and social indicators among developing countries, including in the Asean. The sovereign credit rating has reached investment grade, increasing our visibility within the international development community. Moreover, as the saying goes, a rising tide raises all boats. Higher economic growth improves public resources. It is then possible to address urgent social problems that need redressing. We see this happening in the allocation of more funding for education and public health. It is helping poverty alleviation, although this will take a long time to succeed. Good luck supports economic performance. The successful outcome that is apparent from this economic record needs emphasis. The management of the fiscal side of government operations has been kept under a tight budgetary framework, making it possible to work within the boundaries of sound macroeconomic balance. But the maintenance of sound macroeconomic fundamentals is partly and importantly helped along by “good luck” rather than by internal efforts at economic reforms. Two main factors that contribute to the sound macroeconomic conditions are the result of “good luck”: (1) High dollar earnings due to homeward remittances of migrant workers from foreign shores and, to a large extent, the rising BPO service export earnings, and (2) Structural adjustments taking Read More …

DBM releases 2016 budget call

Economy

Mar 032015

MANILA, Philippines – The Department of Budget and Management has released the budget call for 2016 which prescribes specific guidelines and procedures for government agencies and departments as well as government-owned and -controlled corporations (GOCCs) as they craft their budget proposal documents. The government wants agencies and departments to focus on the following principles — aiming for the five key areas of the social contract; the disaggregation of lump sum funds in the agency budget; total resource budget; use of performance-based approaches; provision of strategic support for Private-Public Partnership (PPP) projects and activities; and program or horizontal/convergence budgeting. “We are constantly building on the strengths of previous budgetary reforms so as to create a national budget that is truly responsive to the needs of our countrymen. And more than deepening the budget reforms, we are aiming to make these reforms an integral part of the national budget process,” Budget Secretary Florencio Abad. To aid the government in piecing together the 2016 national budget, the DBM is implementing a two-tier budgeting approach (2TBA) introducing separate reviews for on-going/approved programs vis-à-vis new or expanded ones to give better focus on each type of program. The 2016 budget preparation also aims for a lesser number and magnitude of special purpose funds (SPFs) by incorporating these lump sums into the agency budgets (e.g. provisions for new positions, pensions and gratuities). “As we have pushed for disaggregating lump sum funds in the past, we are taking it further in the 2016 national budget. In addition Read More …

P-Noy and the economy

Economy

Mar 032015

The claim is being made that it is wrong to call for P-Noy’s resignation and destabilize the country specially now that the economy is doing great. Is this correct? Yes, the economy is doing great. A Bloomberg survey of economists shows they think the Philippines will be the second fastest-growing economy in the world this year, second only to China. Yes, it is silly to destabilize our fast growing economy by adding a serious political risk into the equation. Why should we allow ambitions of old men among the Transformers and the Mitsubishops throw away a fast growing economy, something we had wanted all these years? True, the high GDP growth rate is still far from inclusive but, that – together with the favorable international credit rating and our record setting stock market – all show a good amount of confidence in our economy we haven’t had in a long while. If we manage things right, all these could be the basis of an economy that finally lifts most of our people out of poverty. No, it is wrong to say P-Noy was largely responsible for this favorable environment as some propagandists for the administration will have you believe. The contribution of P-Noy in this phenomenon of high trust among foreign investors is his perceived honesty. Investors and economic analysts are right to see P-Noy as basically honest, a sharp contrast to some of his immediate predecessors. It is more pleasant to do business in a country where the leadership is Read More …

Inflation seen to stay within gov’t target

Economy

Mar 032015

Inflation seen to stay within gov’t target

MANILA, Philippines – Inflation is expected to remain within the government’s two to four percent target this year, local businesses said in a survey. “Businesses expected that the rate of increase in commodity prices is likely to remain low and within the two to four percent target range in 2015,” the Bangko Sentral ng Pilipinas said. The latest Business Expectations Survey showed that respondents expect inflation to fall this quarter although firms see it picking up in the second quarter. A 3.9-percent average for both quarters has been forecast by the survey respondents. “This is consistent with inflation expectations based on the results of the January 2015 BSP’s survey of private sector economists which yielded lower mean inflation forecasts for 2015, supporting the assessment of within-target inflation outlook,” the central bank said. “Similarly, results of the January 2015 Consensus Economics inflation forecast survey for the country showed lower inflation forecasts for 2015,” the BSP said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The BSP in January said economists it surveyed have forecast the rate to average 3.6 percent this year, down from their previous estimate of four percent. Consensus Economics, meanwhile, also expects the rate to average 3.6 percent this year, also lower than its previous forecast of 3.9 percent. Inflation slowed to an 18-month low of 2.4 percent in January due to lower utility and oil prices. The central bank last month kept key policy rates steady as inflation expectations fell within the two to four percent Read More …

Job contracting seminar set

Economy

Mar 032015

MANILA, Philippines – As the principals in contracting relationships, employers are not liable for the claims of individuals deployed by contractors since these persons are not their employees. However, there are pitfalls which if companies fail to avoid, can make them liable for various employment claims as if the workers of contractors are their employees. Mistakes committed in dealing with contractors will hound companies relating to liabilities such as illegal dismissal, back wages, reinstatement, separation pay, money claims, SSS, Philhealth, Pag-IBIG and social legislation benefits, among others. This can cost you millions of losses years ahead when unchecked and unresolved. With that, you have to make sure that you know all the technicalities, strategies and best practices to ensure that you prevent liabilities from unnecessary labor claims and illegal dismissal judgements. To avoid such costly mistakes, the Center for Global Best Practices invites business owners, management decision-makers, HR practitioners, lawyers and all those in outsourcing businesses to attend this one-day pioneering seminar titled “Best Practices Guide to Valid Job Contracting and Subcontracting” on April 16 at the Edsa Shangri-La Hotel, Mandaluyong City. Learn all these from labor law practitioner, HR expert and author of 14 labor books including “Valid Contracting and Subcontracting”, Elvin Villanueva. Interested participants are encouraged to avail of the early bird and group discounts. This is a limited-seats-only event and pre-registration is required. For details and a complete list of seminars including Best Practices in Crafting HR Policies and Contracts, Best Practices In Crafting Your HR Code Read More …

Mandatory employment of lifeguards in public pools sought

General

Mar 032015

Mandatory employment of lifeguards in public pools sought

— A little boy is carried on a spine board by the standby medical personnel to be brought temporarily to a medical station during the 2015 Panagbenga Festival Grand Float Parade on Sunday (March 1, 2015) along Session Road in Baguio City. (MNS photo) MANILA (Mabuhay) – A lawmaker has filed a measure mandating the employment of qualified lifeguards at all public swimming pools and bathing facilities to protect the public especially the children. Rep. Sherwin T. Gatchalian (1st District, Valenzuela City) said House Bill 5378 seeks to establish a formula based on World Health Organization standards for the number of lifeguards required to be on-duty at all times at public swimming pools. Gatchalian filed the bill citing a 2009 report, which identified drowning as the second leading cause of death among Filipino children. “Drowning rates among children have remained at the same level for decades, indicating that it is an issue that has been inadequately addressed by public policy,” Gatchalian said. The measure, to be known as “Lifeguard Law of 2015,” mandates strict enforcement of the lifeguard requirement by the Department of Health, Gatchalian said. Under the measure, each public swimming pool shall employ at least one certified lifeguard for every 250 square meters of pool during all hours of operation and shall be duly certified by any nationally recognized organization accredited by the DOH. The pool operator shall provide the appropriate local government unit (LGU) with a certification and supporting documents proving that he or she has Read More …

Bwaya wins Gold at Asian Cinema Festival in France

News

Mar 032015

Bwaya wins Gold at Asian Cinema Festival in France

Francis Xavier Pasion with his trophy [via Facebook] Bwaya (Crocodile), an indie film based on actual events involving deadly Philippine crocodiles won for the Philippines its first gold at the Vesoul International Film Fest of Asian Cinema in France. Bwaya director Francis Xavier Pasion received the Golden Rickshaw award or Cyclo D’ Or at 21st Festival International Des Cinémas D’ Asie (FICA) in February. The festival’s Golden Cyclo top jury prize was awarded by four international jurors led by its chairman director Wang Chao of China, Mohammad Rasoulof from Iran, Prasana Vithanage of Sri Lanka, and Laurice Guillen of the Philippines. The film tells the story of Divina, a mother who searches for her child after receiving news that her child Rowena has been attacked by crocodiles in the Agusan del Sur marshlands of Mindanao in Southern Philippines. The film stars Angeli Bayani who plays Divina to Jolina Salvado’s Rowena, together with Karl Medina and RS Francisco. Ninety films competed at the FICA Vesoul festival which was created in 1995 and is one of the most popular events in Europe attended by thousands, recording an audience of 30,000 in 2014. Pasion, an Ateneo de Manila University graduate is currently an ABS-CBN network television director. Bwaya received its first international recognition winning as Best Film at the Tokyo Filmex in 2014. The film which was first recognized at the Cinemelaya 2014 Philippine Independent Cinema Festival, is helping raise local and international cultural and social awareness. The post Bwaya wins Gold at Asian Read More …

Bong Revilla leaves Crame to visit son Jolo at hospital

News

Mar 022015

Bong Revilla leaves Crame to visit son Jolo at hospital

Detained Sen. Ramon Bong Revilla Jr. on Tuesday afternoon left the Philippine National Police headquarters in Camp Crame to visit his son, Jolo, at the Asian Hospital and Medical Center in Muntinlupa City. According to a News TV Live report, Revilla left the detention facility at around 1:38 p.m. after the Sandiganbayan, which is hearing his graft and plunder case, allowed him to visit his son. The anti-graft court has set conditions for Revilla’s visit, including limiting his access to communication devices and forbidding him from granting media interviews. Revilla is currently detained at the PNP Custodial Center over his graft and plunder charges in connection with the alleged pork barrel scam. The younger Revilla, meanwhile, is confined at the Asian Hospital and Medical Center where he is recuperating from a gunshot wound on his upper right chest. Jolo Revilla, vice governor of Cavite province, accidentally shot himself Saturday morning while cleaning a pistol at their family home in Ayala Alabang. —Amanda Fernandez/KBK, GMA News

Senate summons text messages between PNoy, Purisima

News

Mar 022015

Senate summons text messages between PNoy, Purisima

(Updated 1:36 p.m.) The Senate has summoned a telecommunication company to provide a copy of the Jan. 25 text messages between President Benigno Aquino III and resigned Philippine National Police chief Director General Alan Purisima. The office of Senate President Franklin Drilon said Tuesday that a subpoena addressed to Smart Communications president and chief executive officer Napoleon Nazareno was signed Friday. It was Senator Loren Legarda who requested that a full transcript of the text messages be sent to the Senate. “Not that I do not trust the sources of the text messages but I requested that the text messages from the telcos be subpoenaed,” she said during the hearing of the Senate committee on public order and dangerous drugs on February 23. Purisima earlier submitted to the Senate a copy of the text messages between him and the President on January 25, 2015, the day the Oplan Exodus operation to neutralize Malaysian terrorist Zulkifli bin Hir alias Marwan and Filipino bomb-maker Basit Usman in Mamasapano, Maguindanao, was conducted. The said operation was carried out by the PNP-Special Action Force (SAF). Forty-four SAF commandos died after an hours-long gunfight with the Moro Islamic Liberation Front and the Bangsamoro Islamic Freedom Fighters. Confusion In a transcript of text messages read during the hearing, Purisima showed that he sent Aquino his first text message on the Mamasapano operation at 5:45 a.m. The exchange of text messages showed an apparent confusion between Purisima and Aquino, as the resigned PNP chief disclosed before Read More …

Older Entries Newer Entries