'Hot money' inflow in Q1 declines 8.5 pct

 Economy
Jun 102013
 
'Hot money' inflow in Q1 declines 8.5 pct

MANILA, Philippines (Xinhua) – Foreign portfolio investments known as “hot money” to the Philippines declined 8.5 percent on year to $1.3 billion in the first quarter of 2013, the central bank reported today. The central bank said lower net equity capital investments reduced inflow of portfolio investments in the country. Gross equity capital placements rose 49.4 percent on year to $1.5 billion in the first quarter, mostly due to investments that came in from Mexico, Japan, Malaysia and the U.S. But these placements were offset by withdrawal of $799 million during the same period. Reinvestment of earnings likewise declined, decreasing 26.3 percent on year to $196 million in the first quarter. Net placements by overseas companies in debt instruments issued by local affiliates totaled $378 million, up 71 percent on year as parent companies abroad continued to lend funds to their local subsidiaries and affiliates to sustain existing operations or expand their businesses in the country. In March alone, FDI posted net outflow of $78 million.     

Philippines recovers war prize Tokyo property – DFA

 Entertainment
Jun 082013
 

MANILA  (Mabuhay) -– The Philippine flag is once again hoisted and flying high in its recovered war prize from Japan, the Nampedai property in Tokyo, the Department of Foreign Affairs said Tuesday. The property in Shibuya, the shopping and entertainment district in Tokyo, was one of four properties in Japan acquired by the Philippine government […]

Japan patrimonial property recovered

 Economy
Jun 052013
 
Japan patrimonial property recovered

We congratulate Ambassador Manolo Lopez for successfully recovering the Philippines’ Nampeidai property in Japan – one of the properties acquired by the Philippine government as part of the May 1956 Reparations Agreement with Japan. We also congratulate Foreign Secretary Albert del Rosario for his solid support and encouragement in the efforts to win back this prime property located in Tokyo’s shopping district. We have been very vocal in opposing moves to dispose of our patrimonial properties in Japan – bought with the blood of Filipinos who gave up their lives fighting for this country during World War II.  It was during the term of Gloria Arroyo that the sale of these prime properties in Roppongi, Kobe and Shibuya were initiated, with the Nampeidai property eventually sold to a Japanese consortium under a 50-year build-operate-transfer scheme. It took several years of litigation before the successful recovery of the property. The government had also wanted to sell the property located in upscale Fujimi district where the Philippine Ambassador to Japan resides to pave the way for the construction of a condominium – with plans to just make the Ambassador reside in the penthouse. While the Fujimi property was not part of the reparations agreement with Japan, it is a prime piece of property, considered a heritage site having once been the home of Baron Zenjiro Yasuda whose family founded the Fuji Group. It was then President Jose P. Laurel who bought the Fujimi property in 1944, which has since become the official Read More …

Japan ‘comfort women’ mayor survives censure

 News
May 302013
 
Japan ‘comfort women’ mayor survives censure

Philippine Daily Inquirer 6:29 am | Friday, May 31st, 2013 Osaka Mayor Toru Hashimoto attends the city’s assembly in Osaka Thursday, May 30, 2013. The mayor of Japan’s second-largest city survived a censure motion at the assembly Thursday despite his inflammatory comments over Japan’s wartime sex slavery, remarks that sparked an international uproar. AP PHOTO/KYODO NEWS TOKYO—A Japanese mayor who caused a storm with his comments on wartime “comfort women” survived a censure motion filed by local politicians on Thursday. Council members in the western city of Osaka rejected the motion against mayor Toru Hashimoto, who is also joint leader of the national Japan Restoration Party, city officials said. Hashimoto prompted outrage at home and abroad by suggesting that battle-stressed soldiers during World War II needed the services of up to 200,000 sex slaves from Korea, China, the Philippines and elsewhere who were forcibly drafted into Japanese brothels. The non-binding motion had earlier been expected to be approved. But the New Komeito Party, which holds the balance of power on the council, reversed its earlier stance and voted against it. Ichiro Matsui, Osaka prefectural governor and a close aide to Hashimoto, earlier hinted that if the motion was passed, Hashimoto would resign to force a mayoral election in which he would seek reelection. On Tuesday Hashimoto canceled a trip to the United States after the US denounced his remarks as “outrageous and offensive.” Seeking to contain the fallout from his comments, the former TV pundit said Monday that Tokyo should Read More …

Angara honored by Japan

 News
May 092013
 
Angara honored by Japan

By Cathy C. Yamsuan Philippine Daily Inquirer 1:54 am | Friday, May 10th, 2013 Sen. Edgardo Angara INQUIRER FILE PHOTO Outgoing Sen. Edgardo J. Angara was conferred the Grand Cordon of the Order of the Rising Sun by Emperor Akihito in Tokyo on Thursday, making him the third Filipino to be given what is said to be the highest distinction given by the Japanese government to an individual. Previous Filipino recipients of the award were the late Carlos P. Romulo, former foreign secretary and president of the United Nations General Assembly; and Alfonso T. Yuchengco, the country’s former ambassador to Japan. Other known personalities who received the distinction were former Singaporean Prime Minister Lee Kuan Yew, former United Nations Children’s Fund executive director Carol Bellamy, former British Prime Minister Sir John Major, the late US Sen. Daniel Inouye and former Brookings Institution president Michael H. Armacost. The Philippine Embassy in Tokyo said Angara was given the recognition for his valuable contributions to “promoting friendly relations and developing economic cooperation between Japan and the Philippines.” Simple rites The award was given in simple rites witnessed by Japanese Prime Minister Shinzo Abe and the senator’s wife, Gloria, at the Imperial Palace in Tokyo. The embassy noted that the Order of the Rising Sun was created in April 1875 to recognize individuals with “distinguished achievements in international relations, the promotion of Japanese culture, the preservation of the environment and advances in development and various fields.” It is awarded in seven classes, with the Read More …

Japan QE has neutral impact on Phl

 Economy
Apr 252013
 
Japan QE has neutral impact on Phl

MANILA, Philippines – The Philippines has a “neutral” exposure to Japan and the continued monetary easing on the world’s third largest economy would not likely result into excessive capital flows, the Bank of America-Merrill Lynch (BofA-ML) said in a report released yesterday. Quantitative easing (QE) from Japan may impact on Asia through exchange rates, reflation and portfolio inflows or hot money, BofA-ML. “Japan’s QE impact is more neutral for China, India, Indonesia and the Philippines,” the investment bank said. Japan is trying to boost its economy by embarking on a multi-billion yen asset purchase program known as QE to swamp the economy with money and in the process boost consumer spending to achieve inflation and growth. On the flipside though, lower rates tend to shun investors who then flock to other markets for better yields. This results into more capital inflows and, among others, more exchange rate pressures. In the Philippines, the effect is seen “neutral,” with BofA-ML noting that only 2.8 percent of total investments to bonds and equities in the country came from Japan for the past seven years. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Japanese foreign direct investments (FDI) in the Philippines accounted for only 0.3 percent of the total, the bank pointed out. The figures were lower compared with other Asian countries in BofA-ML radar. Singapore, with 30.8 percent of hot money coming from Japan, would likely experience a flood of bond and equity inflows. Vietnam, on the other hand, would likely benefit Read More …

Exports down 15.6% to $3.741 B in February

 Economy
Apr 102013
 
Exports down 15.6% to $3.741 B in February

MANILA, Philippines – Merchandise exports continued to decline in February amid weak performance of shipments of electronic products, machinery and transport equipment, special transactions and apparel, the National Statistics Office (NSO) said. Data released by the NSO yesterday showed the value of merchandise exports fell by 15.6 percent to $3.741 billion in February from $4.430 billion in February last year. Compared to the $4.011 billion in January, export earnings in February were down 6.7 percent. For the first two months of the year, the value of merchandise exports reached $7.752 billion, 9.4 percent lower from a year ago. Electronic products, the country’s top export, were valued at $1.483 billion in February, a 36.5-percent decrease from a year ago. Earnings from shipments of machinery and transport equipment which amounted to $131.50 million in February, slumped 63.6 percent from the same month last year. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Special transactions, which include replacements and goods returned to the country, which were exported were valued at $90.37 million, 38.4 percent lower year-on-year. The value or articles of apparel and clothing accessories shipped overseas dipped slightly to $144.70 million from $146.17 million a year ago. Japan was the top destination of Philippine merchandise exports in February, with its 18.9-percent share amounting to $705.93 million, down by 11.4 percent from a year ago. University of the Philippines economist Benjamin Diokno said in an email yesterday that given the latest exports data, economic managers will have to go back to the Read More …

Beijing restaurant manager refuses to apologize over ‘racist’ sign

 News
Feb 282013
 
Beijing restaurant manager refuses to apologize over ‘racist’ sign

Associated Press 3:13 pm | Thursday, February 28th, 2013 A restaurant in Beijing displays its sentiment toward the citizens of the Philippines, Vietnam and Japan with which China has territorial issues in the West Philippine Sea and the Sea of Japan. The sign says Japanese, Filipinos, Vietnamese and dogs are barred from the restaurant, presumably in that order. AFP FILE PHOTO BEIJING – A defiant Beijing restaurant manager refused to apologize Thursday despite removing a “racist” sign barring citizens of states in maritime disputes with China, along with dogs, following an international outcry. The notice in the window of the Beijing Snacks restaurant read: “This shop does not receive the Japanese, the Philippines, the Vietnamese and dog(s)” in both Chinese and English. But despite taking down the sign after accusations of racism, the manager said he had no regrets and would not apologize for any offence caused. Images of the sign went viral in Vietnam and were splashed across newspapers in the Philippines on Wednesday. Both are involved in bitter territorial disputes with China over islands in the South China Sea. The manager, surnamed Wang, said it was taken down “because it was a lot of bother”. “I don’t have any regrets,” he told AFP. “I was just getting too many phone calls about it.” He seemed surprised at the attention it had generated but said he would not apologize for any offense caused, suggesting it may have been misinterpreted. “Maybe people misunderstood our meaning… it only said we would Read More …

We’re attracting Japanese investors

 Economy
Feb 262013
 
We’re attracting Japanese investors

Late last week, a buzz was created in the Japanese business community by Sumitomo Corporation on the growing attractiveness of the Philippines to Japanese investors. Sumitomo issued a press release that declared “among Asian nations where many Japanese manufactures have invested, the Philippines has been gaining power as an exporting nation…” Sumitomo cited our “attractive tax incentives as well as rich human resources equipped with English language skill.”  Sumitomo went on to say that “in line with this trend, since 2011, the foreign direct investment from Japanese manufacturers to the Philippines has been increasing.” Thus, Sumitomo announced it has decided to launch an expansion project of an industrial park south of Manila it co-owns with the Lopez Group’s First Philippine Holdings. Sumitomo says it “believes the Philippines will further increase its position as a strategic location for export-oriented industries compared to other Asian nations…” The Sumitomo press release received wide attention in the Japanese and international press. The Asahi Shimbun reported that Sumitomo “has begun expansion work at the First Philippine Industrial Park in Manila, to add approximately 100 hectares of property for leasing and allow for additional factories to be constructed upon completion.” The Financial Times, on the other hand, observed that Sumitomo’s move means “a fair amount of this newer investment by Japan Inc is happening at the expense of China, as companies balk at spiraling labor costs after the flare up over a tiny chains of islands in the East China Sea.”   The FT also noted “Japan’s Read More …

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