JUST last week, the Philippines hosted the 23rd World Economic Forum (WEF) on East Asia. It was attended by the host country’s leader, President Benigno Aquino III, as well as leaders of other Association of Southeast Asian Nations (ASEAN) countries and over 600 delegates from business, finance and civil society.
MANILA, Philippines – The amount of remittances sent by overseas Filipinos is estimated to grow six percent to $26 billion this year, making up over six percent of the $414-billion forecast global remittance level this year, the World Bank said in a report. The World Bank said the forecast top recipients of remittances for 2013 are India ($71 billion), China ($60 billion), the Philippines ($26 billion), Mexico ($22 billion), Nigeria ($21 billion), and Egypt ($20 billion). Other large recipients include Pakistan, Bangladesh, Vietnam, and Ukraine. In its latest issue of the Migration and Development Brief, the global financial institution said the figure could have been bigger. “Several large remittance recipient countries such as Russia, Latvia, Lithuania and Uruguay are no longer considered (by the World Bank) as developing countries,” the report said. In addition, the data on remittances also reflect the International Monetary Fund’s (IMF) changes to the definition of remittances that now exclude some capital transfers, affecting a few large developing countries like Brazil. Growth of remittances has been robust in all regions of the world, except for Latin America and the Caribbean, where growth decelerated due to economic weakness in the United States. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Remittances in the East Asia and the Pacific region (including the Philippines) are expected to expand 7.4 percent in 2013 to $115.3 billion. The inflows would account for about 28 percent of total remittances to developing countries. Figures earlier released by the Bangko Sentral ng Pilipinas Read More …
MANILA, Philippines – Investments by the International Finance Corp. (IFC), a member of the World Bank Group, hit an all-time high in East Asia and the Pacific during fiscal year 2013, with a focus on facilitating business among emerging-market economies. IFC’s loans and equity investments reached $3.4 billion for 83 projects across East Asia Pacific during the fiscal year that ended June 30, up about 15 percent from the previous year. The commitments included seven South-South projects worth a total of $218 million. IFC Advisory Services also achieved strong results with a portfolio volume of close to $154 million across 85 projects. “Despite the current slowdown in economic growth in East Asia Pacific, this region continues to be the source of much of global business activity and will continue to play a critical role in overcoming the recent global financial crises,” said IFC director for East Asia and the Pacific Sérgio Pimenta. “IFC supports cooperation between emerging markets as capital flow from one developing country to another is critical to tapping new sources of funds, generating economic growth, and reducing poverty.” Assisting companies and banks in investing sustainably abroad has been a particular focus in China where IFC invested more than $1 billion in fiscal year 2013. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The World Bank Group and Myanmar reached a major milestone during the past fiscal year when the Bank Group re-engaged with the country after a 25-year hiatus. IFC is focusing on expanding the power Read More …
MANILA (Mabuhay) — President Benigno Aquino III on Friday met with new World Bank Vice President for East Asia and Pacific (EAP) Axel van Trotsenburg during a courtesy call at Malacanang’s Music Room. This is the first visit of Trotsenburg to the Philippines since he assumed his post on February 1, 2013. Joining Trotsenburg were […]
Axel von Trotsenburg, World Bank Vice President for East Asia and Pacific (Jovan Cerda) MANILA, Philippines – The Philippine government has to create more jobs to reduce poverty and sustain high economic growth, the World Bank said on Friday. “Turning high growth into inclusive growth is increasingly important for the Philippines, by deepening and accelerating reforms that will create more and better jobs to reduce poverty,” Axel van Trotsenburg, World Bank Vice President for East Asia and Pacific said. Van Trotsenburg said job generation supported by quality education remains a big challenge in the Philippines and other countries in the world, and the country needs to create high-paying jobs directed to the youth sector. The unemployment rate in the country jumped to 7.5 percent in April from the 6.9 percent in 2012 despite gross domestic product soaring by 6.8 percent in 2012 and a 7.8 percent in the first quarter of 2013. For this year, World Bank expects the Philippines to grow by 6.2 percent. Van Trotsenburg earlier met President Benigno Aquino III and the government’s economic team to discuss areas where the multilateral financial institution can help the country in funding projects aimed at reducing poverty and improving governance in the Philippines. He also noted the transfer of the $300-million development policy loan aimed at spurring job-creating and poverty-reducing growth in the country. “There is clear convergence with the government’s goal of inclusive growth and the World Bank Group’s twin goals to end extreme global poverty by 2030 and Read More …
MANILA, June 13 (Mabuhay) — Washington-based World Bank maintained its Philippine economic forecast, while it lowered the projection for East Asia and the Pacific and the rest of the world. The Philippine economy can still to grow at an annual rate of 6.2 percent and 6.4 percent this year and the next, respectively, the World […]
Philippine Daily Inquirer 5:17 am | Thursday, June 6th, 2013 Participants gather at a reception of the Myanmar International Convention Center where the three-day World Economic Forum on East Asia is being held in Naypyidaw, Burma, Wednesday, June 5, 2013. President Aquino will join some 1,000 leaders and delegates to the WEF. AP PHOTO/KHIN MAUNG WIN RANGOON, Burma—President Aquino will join some 1,000 leaders and delegates to the 2013 World Economic Forum (WEF) on East Asia, which opened Wednesday in Naypyidaw, the new capital of Burma (Myanmar), to discuss how emerging and fast-growing economies in the region such as the Philippines can become better connected through improved infrastructure. The Swiss-based WEF, which brings together powerful world figures to discuss pressing issues, is holding one of its regional summits this year in Burma, until recently a pariah, military-ruled state but which is now opening up to the world, with its challenges and opportunities for the region, particularly Burma’s partners in the Association of Southeast Asian Nations (Asean). The three-day 22nd WEF with its themes—inclusive transformation, regional integration, regional solutions for global resilience—highlights the issues facing Burma and its neighbors and sets the stage for re-engagement with the rest of the world. Reform process Sushant Palakurthi Rao, denior director, head of the WEF Asia forum, said the transformation issue is very important as it speaks of what is happening in Burma, with its ongoing reform process, The inclusion part, he said, is the fact that while investments are expected to accelerate in Read More …