Phl banks among group with high risk factors

 Economy
Jun 152013
 
Phl banks among group with high risk factors

MANILA, Philippines – The Philippines has been grouped among countries whose banking systems have higher risk factors. The country is among Group 7 nations, with Group 1 as those with lowest risk levels while Group 10 has the highest risk levels. Standard & Poor’s (S&P) Ratings Services’ recently released its Banking Industry Country Risk Assessment (BICRA), which assessed 86 banking systems worldwide. “We also present economic and industry risk trends that we are introducing this year for those banking systems,” S&P said. The Philippine banking system’s credit risk to its economy was ranked “very high” by the rating agency. Among the countries with “low risks” are Switzerland and Germany, while nations with “extremely high risk” include Belarus, Jamaica, Greece, Egypt, Cambodia and Vietnam. The Philippines is lumped with Latvia, Uruguay, Bulgaria, Iceland, Jordan, Morocco, Portugal, Indonesia, Ireland, Russia and El Salvador in Group 7. These countries banking systems have strong or high-risk impact on their respective economies. BICRA is scored on a scale of 1 to 10, ranging from what S&P’s view as the lowest-risk banking systems (Group 1) to the highest-risk (Group 10). The BICRA methodology has two main analytical components: economic risk and industry risk. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The rating agency’s industry risk ranking of the Philippine banking system is a 6 with the highest industry risk level at 10 (Belarus). Some of the 1 ranking, or the lowest risk level, are Hong Kong, Canada, Germany, France and Singapore. The country’s banking Read More …

European economic growth still on US agenda

 Economy
Jun 142013
 
European economic growth still on US agenda

WASHINGTON (AP) — A year after President Barack Obama made an emphatic pitch to Europe’s economic powers to focus more on economic growth than austerity, much of the eurozone remains mired in or near recession. Obama’s appeals have had mixed results in softening the demands on some of the most debt-ridden European nations to cut their spending. Still, the region’s crisis is no longer perceived as an urgent threat to the global economy, and while the US still wants Europe to temper the debt trimming and increase global demand, Obama is not expected to be as insistent with other leaders of the Group of Eight industrial nations when they meet in Northern Ireland next week. Last year, the G-8 leaders assembled at the Camp David, Md., presidential retreat in the aftermath of European elections that represented a revolt against the austerity measures pushed by German Chancellor Angela Merkel. When Obama greeted Merkel and asked how she had been, the German leader merely shrugged. “Well, you have a few things on your mind,” Obama replied then. These days, the furor has died down, high-debt nations have been given more time to work on their fiscal cuts, and even the language has changed from “austerity” to “growth-oriented structural reforms.” “Relative to last year, things are somewhat better in that the European situation is more contained,” said Matthew Goodman, a former Obama international economics adviser now at the Center for Strategic and International Studies. “The risks that people were worried about have been Read More …

Binay bats for more German investments in Phl

 Economy
Jun 062013
 
Binay bats for more German investments in Phl

MANILA, Philippines – Vice President Jejomar Binay has invited German businessmen to invest in the country. Binay, presidential adviser on Overseas Filipino Workers (OFWs) concerns, urged the German business community to look past the Fraport-Piatco affair and take a second look at different investment opportunities in the Philippines. “It may not seem easy to think of doing business as usual without looking back at Fraport-Piatco affair. But that is now before the international courts, and we must let it take its own course as the stronger parts of our cooperation and partnership move on. We must not forget that we have gone through tougher things than this,” Binay said. On separate meetings, Binay reminded the Ostasiatscheveerein (Asia Pacific Business Association and the Thewirtschasftsrat Deutshcland (Economic Council Germany) that the Philippines continues to receive investment upgrades from the international credit rating agenices as well as attract many short-term and long-term investments from abroad. “So I believe we can move on, and I have come here to move on. The exchange of visits between Foreign Secretary Albert Del Rosario to Berlin in November 2011 and Foreign Minister Guido Westerwelle to Manila last February and Labor Minister Ursula von Der Leyen and a high-level group from the Bundestag also to Manila in March has, I believe, created a vigorous momentum for a fresh start,” Binay said. Binay also told German businessmen that a number of major infrastructure projects are up for international public bidding in the Philippines.  Business ( Article MRec ), pagematch: Read More …

VP Binay off to Germany for Asia-Pacific weeks

 News
Jun 012013
 
VP Binay off to Germany for Asia-Pacific weeks

Vice President Jejomar Binay leaves for Germany on Sunday to represent the Philippines in the Asia-Pacific Weeks 2013 in Berlin. Binay, whose visit to Germany will last until June 9, is expected to keynote the opening of the event, dzBB reported. Asia-Pacific Weeks is an event that seeks to help developing nations in social urban development. Binay, the presidential adviser on overseas Filipino worker concerns, is expected to meet with German Foreign Minister Guido Westerwelle and Federal Labor Minister Ursula von der Leyen. He will also meet with key German business leaders, and preside over a presentation on “Makati City as Smart City Portal to Business in the Philippines.” Also, he will meet with Filipino communities in Germany before returning to the Philippines. “I look forward to sustain the momentum created by the earlier exchange of visits between Secretary Albert del Rosario to Germany in 2011 and German Minister Guido Westerwelle to Manila last February,” a report on Bombo Radyo quoted Binay as saying. — LBG, GMA News

Tourist arrivals up by 10%

 Economy
May 302013
 
Tourist arrivals up by 10%

MANILA, Philippines – Foreign visitor arrivals soared in the first four months of the year with a 10.12-percent increase from the same period in 2012, the Department of Tourism (DOT) noted on Thursday. The state agency said a total of 1,649,458 foreigners visited the country from January-April, with January yielding the largest volume of 436,079 visitors and February posting the highest growth of 15.52 percent. The figure represents 30 percent of the target arrivals for 2013, DOT added. Bringing the most number of visitors was Korea with 406,595 or a market share of 24.65 percent and growth of 23.08 percent. This was followed by the United States with 246,011 visitors or a 14.91-percent share, Japan (148,950 or 9.03), China (132,307 or 8.02 percent), Australia (72,015 or 4.37 percent) and Taiwan (53,867 or 4.24 percent). Rounding out the top sources of foreign visitors are Singapore with 55,096 (15.90 percent), Canada with 50,352 (4.25 percent), Hong Kong with 45,734 (12.87 percent), United Kingdom with 43,055 (3.10 percent), Malaysia with 35,069 (8.36 percent) and Germany with 28,799 (9.16% percent). Other source markets with double-digit gains include Russia (30.33 percent), India (23.13 percent) and France (20.10 percent), DOT said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “This growth is an affirmation of our various marketing and destination development activities, strengthened by partnerships with the various stakeholders. While the upsurge may primarily be attributed to the summer season, it is also a clear indication that the nation has galvanized its reputation as an Read More …

Q1 foreign tourist arrivals up

 News
May 052013
 
Q1 foreign tourist arrivals up

By Jocelyn R. Uy Philippine Daily Inquirer 4:10 am | Monday, May 6th, 2013 MANILA, Philippines—There were 1.27 million foreign tourists who visited the country during the first quarter of the year, setting the pace for the government to reach the 5.5 million mark for 2013, according to the Department of Tourism (DOT). The first-quarter visitor arrivals marked a 10.76-percent growth from the 1.15 million visitors recorded during the same period last year. “This marks the second time that foreign tourist arrivals breached the one-million mark in the first quarter,” the DOT said on Sunday. Records showed that Korea remained the leading visitor market, capturing 25.83 percent of the total inbound traffic, followed by the United States, with 186,064, or 14.63 percent, of the overall visitor volume. At least 114,269 visitors from Japan have been recorded from January to March, accounting for 8.99 percent of the total market share, while arrivals from China have reached 98,242. Rounding up the top five visitor markets for the first quarter is Taiwan, with 53,867 tourists. The country also enjoyed significant number of visitors from the following countries: Australia, 53,679; Singapore, 41,524; Canada, 38,486; Hong Kong, 36,005; United Kingdom, 32,475; Malaysia, 27,212; and Germany, 22,491. “Month after month, we bear witness to a steady upward performance and new record highs. This only means that the efforts of the department and its partners are bearing fruit,” said Tourism Secretary Ramon Jimenez Jr. “To achieve our 2013 target of 5.5 million and 2016 target of 10 Read More …

President Aquino receives visiting German Foreign Minister in Malacanang

 Entertainment
Feb 072013
 
President Aquino receives visiting German Foreign Minister in Malacanang

President Benigno S. Aquino III exchanges pleasantries with German Federal Foreign Minister Dr. Guido Westerwelle during the courtesy call at the Music Room of the Malacañan Palace on Thursday (February 07, 2013). Dr. Westerwelle’s visit is a very strong signal of the interest of both the Philippines and Germany to further enhance bilateral relations. To date, Germany is the Philippines’ second largest export market in the European Union (EU), and the second largest source of tourists from Europe. Germany is also the 4th largest bilateral donor of official development assistance (ODA) to the Philippines. Statistics from the Department of Trade and Industry (DTI) shows that trade between the two countries from January to September 2012 amounted to around US$2.6-billion. In photo are Foreign Affairs Secretary Albert del Rosario and German Federal Ambassador to the Philippines His Excellency Dr. Joachim Heidorn. (MNS photo) President Benigno S. Aquino III welcomes to the Palace German Federal Foreign Minister Dr. Guido Westerwelle who called on at the Music Room of the Malacañan Palace on Thursday (February 07, 2013). Dr. Westerwelle’s visit is a very strong signal of the interest of both the Philippines and Germany to further enhance bilateral relations. To date, Germany is the Philippines’ second largest export market in the European Union (EU), and the second largest source of tourists from Europe. Germany is also the 4th largest bilateral donor of official development assistance (ODA) to the Philippines. Statistics from the Department of Trade and Industry (DTI) shows that trade between the Read More …

PH draws German backing on sea disputes with China

 News
Feb 072013
 
PH draws German backing on sea disputes with China

By Fat Reyes INQUIRER.net 6:13 pm | Thursday, February 7th, 2013 MANILA, Philippines – A German foreign minister on Thursday expressed his country’s support for the Philippine position to solve its sea disputes with China under international law, saying that peaceful resolution was best for the two countries. In a press briefing Thursday, German Federal Foreign Minister Guido Guido Westerwelle AP said that the Philippines’ territorial disputes with China on the West Philippine Sea (South China Sea) was discussed and that his country remained supportive of peaceful resolution of the disputes. “We appeal to all sides to resolve all the questions in accordance with international law and in a peaceful and cooperative way,” Westerwelle said in a statement. Westerwelle and a 12-man delegation from Germany were in Manila for a two-day visit, the first by Germany’s top diplomat to the Philippines in 12 years. For his part, Foreign Affairs Secretary Albert Del Rosario said that he conveyed to his foreign counterpart the Philippine initiative to bring the territorial disputes before an arbitral tribunal under the United Nations Convention on the Law of the Sea (Unclos) to “clearly establish the county’s sovereign rights and jurisdiction over its maritime entitlements in the West Philippine Sea.” “I asked him to continue supporting the Philippine effort for a peaceful and durable solution to this dispute,” Del Rosario said in a statement. Westerwelle, when asked by reporters to explain Germany’s support, Del Rosario said that a German professor of international public law was appointed as Read More …

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