Mindanao conflict a hindrance to sustained growth – ADB

 Economy
Nov 192016
 
Mindanao conflict a hindrance to sustained growth – ADB

MANILA, Philippines – The Asian Development Bank (ADB) considers the long-running conflict in Mindanao a hindrance to sustaining the Philippines’ strong economic growth as it creates a “pocket of fragility” in an otherwise resilient economy. In new report titled “Mapping Fragile and Conflict-Affected Situations (FCAS)  in Asia and the Pacific,” the Manila-based multilateral development institution assessed the performances of 12 developing member countries affected by fragility and conflict. These are Afghanistan, Kiribati, Marshall Islands, Federated States of Micronesia, Myanmar, Nauru, Nepal, Papua New Guinea, Solomon Islands, Timor-Leste, Tuvalu, and Vanuatu. The Philippines was included in the report as a special case because of the conflict in Mindanao. “The Philippines is not considered a fragile country but is affected by a subnational conflict situation in Mindanao,” said the ADB in the report. FCAS countries are generally characterized by political instability, weak governance and institutional capacity, economic and social insecurity and greater vulnerability to the effects of climate change. “In some FCAS countries, investments by governments and development partners in transportation, energy, education, health, private sector development, and other areas may have reaped some benefits, much more must be done to ensure sustainability,” ADB said. The bank said the lack of strong policies in such countries or fragile pockets of such countries weakens their capacity to absorb the resources of development partners. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 In the case of the Autonomous Region of Muslim Mindanao (ARMM), ADB noted it has the lowest human development indicators of Read More …

PetroEnergy marks income turnaround

 Economy
Nov 192016
 
PetroEnergy marks income turnaround

MANILA, Philippines – PetroEnergy Resources Corp. (PERC) reported a net income of $1.13 million in the nine months to September this year on the back of higher energy sales. This was a reversal of the $537,576 loss incurred in the same period a year earlier. Consolidated revenues rose 38.64 percent to $25.01 million mainly on higher electricity sales. Electricity sales, which refer to the electricity power generated by Maibarara Geothermal power plant (MGPP) and PetroSolar Corp., amounted to $21.06 million, up 63.49 percent year on year. The increase was mainly due to the start of commercial operations of PetroSolar last Feb. 10. MGPP, located in Sto. Tomas, Batangas, is 65 percent owned by PERC through its wholly-owned subsidiary PetroGreen Energy Corp. in joint venture firm Maibarara Geothermal Inc. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 PERC — through its subsidiary PetroGreen Energy Corp. — owns 56 percent of PetroSolar, which owns and operates the 50-megawatt (MW) solar power plant in Tarlac. Improvement in energy sales more than offset the 23.36 percent drop in oil revenues to $3.96 million.  PERC said the decrease was mainly due to lower average crude oil price from $51.73 per barrel to $38.02 per barrel.  In terms of expenses, the company saw a 10 percent decline in oil production expenses because of lower royalty (Gabon) and other operating expenses brought about by the decline in average crude oil price.  Costs of electricity sales soared by 125.87 percent mainly due to maintenance of the solar Read More …

Aboitiz urges millennials to foster leadership skills

 Economy
Nov 192016
 
Aboitiz urges millennials to foster leadership skills

MANILA, Philippines – The head of Cebu-based conglomerate Aboitiz Equity Ventures Inc. urged the country’s millennials to nurture their potential as they could be the next business leaders. “Nurture your potential. Explore your natural curiosity about the world and your interest in the diversity of people. For this interest can inspire visionary initiatives even beyond our borders,” AEV president and CEO Erramon Aboitiz said during the opening of the 11th Aboitiz Future Leaders Business Summit (AFLBS) held in Cebu recently. The summit, which carried the theme “Filipino Youth, Global Leaders: Driving Business Excellence to Secure a Better World for the Next Generation,” gathered 91 students from all over the country or 58 from Luzon, 20 from Visayas and 13 from Mindanao. Aboitiz said the AFLBS delegates were already in a prime position to foster their leadership skills. “You millennials already have what it takes to become global leaders. We trust that this leadership summit will further motivate you to aspire to be a positive change agent for the greater good. Envision yourself to be a global leader in the future, making a difference both here at home and abroad,” he said. “When you step out of the halls of your university and enter the real world, may you always be constantly aware of the transforming role of your actions not only in your place of employment, but also in the communities you affect,” he added.           

DOT creating database on tourism destinations

 Economy
Nov 192016
 
DOT creating database on tourism destinations

MANILA, Philippines – The Department of Tourism (DOT) plans to come up with a database, which will list all destinations in the country in response to the ever-changing preferences of tourists and tourism investors. “We are starting with an extensive inventory of our destinations so we will know who offers what and what are the capabilities of each destination to deliver on expectations,” Tourism Undersecretary for regulation, coordination and resource generation Alma Jimenez said.  Jimenez said the initiative would pave the  way for more innovative tourism products and guide tourism development programs. “The more important priorities we are addressing include establishing the database and doing the required analytics to make sure we have all the information about every destination at our fingertips,” she said. “This will allow us to quickly react to inquiries and even tourism investments,” she added. According to Jimenez, the DOT’s direction is currently centered on customized and niche-specific marketing and promotion campaigns. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The agency has organized special project development teams who would create niche products to introduce more tourism segments to the traveling market. Jimenez said the DOT was developing tourism offerings focused on various thematic clusters, such as fitness, fun, family, farm and faith tourism. “The overall direction is to create a country tourism program and enable the regions to cross-sell, promote each other and get real tourism numbers up,” she said.

ADB, BSP heads to keynote November 21 ACRAA conference

 Economy
Nov 192016
 
ADB, BSP heads to keynote November 21 ACRAA conference

MANILA, Philippines – The Association of Credit Rating Agencies in Asia (ACRAA) marks its 15th anniversary with an international conference/symposium under the theme: “New Horizons for Credit Ratings” on Nov.21, 2016 at the Makati Shangri-La Hotel from 8:30 a.m. to 1:30 p.m. Philippine Rating Services Corp., a founding member of ACRAA and the pioneer domestic credit rating agency, is co-hosting the event. ACRAA was organized on Sept. 14, 2001 with strong sponsorship of ADB, and now has 29 rating agency members from 14 different Asian jurisdictions.  Through joint training workshops, best practices dialogues and conferences, ACRAA aims to support the exchange of ideas, experience, information, and skills among Asia’s credit rating agencies (CRAs) to ensure the high quality and comparability of credit ratings across the region. Central to this role is to promote the development of Asia’s bond market and cross-border investments. Keynote speakers will be Asian Development Bank (ADB) president Takehiko Nakao, who will talk on “Bridging Asia’s Infrastructure Gap and Asian Financial Market Development”; and Bangko Sentral Ng Pilipinas Governor Amando Tetangco Jr., who will address the topic, “Financial Stability Through Regulatory Initiatives.”

APEC ministers reaffirm commitment to free trade

 Economy
Nov 192016
 
APEC ministers reaffirm commitment to free trade

In a nine-page joint statement on their meeting on Nov. 17 and 18, the APEC ministers said open trade policies “are essential for sustained recovery and boosting growth for coming years.” File photo LIMA – Ministers of Asia Pacific Economic Cooperation (APEC) economies have vowed to promote free trade and small businesses in the face of growing skepticism over economic integration and renewed concerns over protectionist policies.  In a nine-page joint statement on their meeting on Nov. 17 and 18, the APEC ministers said open trade policies “are essential for sustained recovery and boosting growth for coming years.”  “Faced with rising skepticism over trade and stagnated trade growth, we reiterate our commitment to build an open economy in the Asia-Pacific featuring innovative development, interconnected growth and shared interests,” the APEC ministers said.   “We also believe that the benefits of trade and open markets need to be communicated to the wider public more effectively, emphasizing how trade promotes innovation, employment and higher living standards, and creates opportunities for our citizens that can support inclusive growth,” they added.  The ministers also promised to use policy tools namely monetary, fiscal and structural to strengthen global demand and address supply constraints. “We reaffirm our commitment to strengthen the multilateral trading system and recognize the important role of international trade to job creation, and sustained economic recovery, development and prosperity,” they said.  “We underline our confidence in the value and centrality of the rules-based, transparent, non-discriminatory, open, and inclusive multilateral trading system embodied in Read More …

Apec ministers renew push for free trade area in Pacific Rim

 News
Nov 182016
 
Apec ministers renew push for free trade area in Pacific Rim

Managing Director of the International Monetary Fund Christine Lagarde, left, speaks to a journalist during an interview during the Asia-Pacific Economic Cooperation, APEC, summit in Lima, Peru, Friday, Nov. 18, 2016. APEC leaders are meeting in Lima to discuss the future of international trade policies, growth and improvement of life conditions for more than a third of the world’s population. —RICARDO MAZALAN/AP LIMA, Peru — Senior ministers of Asia-Pacific Economic Cooperation (Apec) member economies made a renewed push on Friday for the establishment of a free trade area in the Pacific Rim. In a joint statement after the Apec Ministers Meeting held Nov. 17 and 18 here, the members repeated their willingness to move negotiations forward in the creation of the Free Trade Area in Asia-Pacific (FTAAP), which was being pushed by China. “We reaffirm our commitment to advance the process in a comprehensive and systematic manner towards the eventual realization of the FTAAP as a major instrument to further APEC´s regional economic integration agenda towards and beyond the Bogor Goals,” the ministers said. The Bogor Goals refer to a set of initiatives for realizing free and open trade in the Asia-Pacific agreed on by member economies in 1994 in Bogor, Indonesia. Under the agreement, the members will pursue free and open trade among themselves by further reducing barriers to trade and investment and by promoting the free flow of goods, services and capital among Apec economies. In their statement, the Apec ministers welcomed the regional organization’s progress in implementing Read More …

PH to honor defense cooperation accord with the US

 News
Nov 182016
 
PH to honor defense cooperation accord with the US

LIMA, PERU—The Philippines will continue to honor its Enhanced Defense Cooperation Agreement (Edca) with the United States. In a meeting on the sidelines of the Asia-Pacific Economic Cooperation (Apec) leaders meeting here, Foreign Secretary Perfecto Yasay said he had communicated to US Secretary of State John Kerry the assurance of President Duterte that the Philippines would continue its defense cooperation with the United States. “The President has assured America we will continue to respect our treaty agreement and the supporting agreements with respect to the Mutual Defense Treaty. We will continue with Edca,” Yasay told  Filipino journalists after the Kerry meeting. The country’s top diplomat met with his US counterpart, along with Trade Secretary Ramon Lopez. In October, Mr. Duterte threatened to stop the implementation of Edca, saying it was under government review. The President also reminded the US government that Edca was just an executive agreement. Signed in April 2014, Edca allows US troops access to military bases and camps in “agreed locations” in the Philippines. But Yasay clarified that Mr. Duterte “never said anything about discontinuing Edca.” “In fact, during his inaugural speech, he said he would continue to respect our Mutual Defense Treaty and other supporting documents, including Edca,” the official said. What Mr. Duterte had stressed, however, that the cooperation with the US would no longer be focusing on the area of “joint military exercises that would be demonstrative of preparing ourselves for any eventual attack from aggressors particularly China,” Yasay said. As its relationship with Read More …

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