Gov’t to roll out P53-B foreign-assisted projects

 Economy
Aug 252013
 
Gov’t to roll out P53-B foreign-assisted projects

MANILA, Philippines – The government plans to roll out P53.297 billion worth of foreign assisted projects (FAPs) next year, 36.47 percent higher than this year’s P39.04 billion. According to Department of Finance data, the Philippines is seen to receive P29.11 billion worth of donor financing in 2014, an increase of 11.75 percent from the expected P26.05 billion this year. Japan remains the largest source of financial aid with P14.31 billion, 36.5 percent more than this year’s P10.48 billion. Of the programmed FAPs, P23.87 billion would come from counterpart funds while P169.16 million will be in the form of grants. The Japanese government extends financial support through the Japan International Cooperation Agency, Japan Export-Import Bank, and Japan Bank for International Cooperation. The Asian Development Bank is the second largest donor for FAPs with P5.5 billion. It is one of the country’s biggest sources of dollar-denominated program loans. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Korea is extending P3.38 billion while the International Bank for Reconstruction and Development is providing P2.84 billion. France is contributing P2 billion while Italy is lending P424.5 million. Most of the FAPs are infrastructure-related which include the construction and rehabilitation of roads, bridges, expressways, airports and railways. The government has been scaling up infra spending to further pump-prime the local economy. Other projects cover flood control, water irrigation and food production.  Other funds would go to the development of sub-specialty center for heart, lung and kidney diseases in Luzon and Visayas. The rest of the loans are distributed Read More …

US says Japan has long way to go to open markets

 Economy
Aug 112013
 
US says Japan has long way to go to open markets

WASHINGTON — Japan still has a long way to go before it can say its markets are open, the top US trade official said on Friday. Trade Representative Michael Froman said he hopes Japan’s recent entry into the Trans-Pacific Partnership (TPP) free trade negotiations will provide opportunities to tear down those barriers. “I think we all bear the scars of trying to open Japan’s market in the past,” Froman told reporters at a briefing, acknowledging the “historical difficulties” in the trade relationship. In their long history of trade disputes, the US has alleged Japanese markets are closed to imports because of restrictive practices that are tolerated or even encouraged by the government. At the same time, Japan has relied heavily on exports as an engine of growth for its sluggish economy. Froman mentioned autos specifically — one of the thorniest issues in trade relations. “Right now, all foreign penetration of the Japanese auto market is six percent, and so I think everyone believes there is a long way to go before we can really say the Japanese market is open,” he said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Japan formally joined the US and 10 other Asia-Pacific nations in negotiations to create a major new trade bloc during the 18th round of talks in Malaysia last month. With the addition of Japan, the 12 countries would account for some 40 percent of world trade volume. The other 10 countries are Australia, Brunei, Canada, Chile, Malaysia, Mexico, New Read More …

DTI pushes higher Northern Mindanao exports to Asean

 Economy
Aug 102013
 
DTI pushes higher Northern Mindanao exports to Asean

MANILA, Philippines – The Department of Trade and Industry (DTI) aims to promote growth in Northern Mindanao through increased merchandise exports from that region to the Association of Southeast Asian Nations (ASEAN). In a statement, the DTI said it wants to encourage exporters in the region to increase their merchandise shipments to Southeast Asia by informing them of trade opportunities available there. To encourage greater trade between Northern Mindanao and Southeast Asian countries, the DTI will conduct information sessions focused on the upcoming ASEAN Economic Community (AEC) under the Doing Business in Free Trade Area (DBFTA) program next week in Cagayan de Oro City, Iligan City, and Ozamiz City. The DBFTA is a series of business information sessions to be conducted nationwide to increase exporter awareness of the country’s trade agreements. The information sessions to be held in Northern Mindanao will discuss how businesses there could increase trade with Southeast Asian countries. Through the information sessions, the DTI wants businesses, the academe and other stakeholders in Northern Mindanao “to increase their awareness as well as foster appreciation for the benefits of free trade agreements, and (learn about) how they could avail of these benefits.” Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Among the benefits offered by free trade agreements are preferential tariff rates and harmonized standards. The DTI noted that as of the end of 2012, Northern Mindanao’s merchandise exports amounted to $1.17 billion. The region’s exports include fresh and processed fruits, marine products, beverages, food products, coconut Read More …

Index eases ahead of long weekend

 Economy
Aug 082013
 
Index eases ahead of long weekend

MANILA, Philippines – Local stocks barely moved yesterday as investors stayed on the sidelines ahead of a long weekend. The Philippine Stock Exchange index fell 0.26 percent or 16.56 points to settle at 6,404.23, while the broader all shares index slipped 0.13 percent or 4.93 points to 3,918.63. “The market was quiet again. It seems like most investors are already on a holiday mood given the long weekend as seen in the value turnover,” Astro del Castillo, managing director of First Grade Finance Inc. Financial markets are closed today due to Eid al-Fitr celebration. Asian bourses closed mixed, with Japan’s Nikkei 225 continuing to suffer from volatility as it declined 1.59 percent or 219.38 points to 13,605.56, while Hong Kong’s Hang Seng index inched up 0.31 percent or 67.04 points to 21,655.88. Wall Street also failed to bring good news to the local market. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The Dow Jones industrial average lost 0.3 percent or 48.07 points to 15,470.67, while the Standard & Poor’s 500 index shed 0.4 percent or 6.46 points to 1,690.91 on disappointing earnings. In the local bourse, most subindices were in the red, led by holding firms that eased 0.37 percent or 21.21 points to 5,784.31. Mining and oil bucked the trend, barely rising 0.09 percent or 13.32 points to 14,500.33. Turnover value dropped anew to P4.18 billion from P4.94 billion on Wednesday. Advancers barely outplayed decliners, 63 to 61, while 57 stocks did not change.

Index barely moves in lackluster trade

 Economy
Aug 072013
 
Index barely moves in lackluster trade

MANILA, Philippines – Lackluster trading marked the start of the traditional Chinese ghost season, with the main share index barely changing from Tuesday’s close. The Philippine Stock Exchange index (PSEi) was nearly unchanged at 6,420.79, up by just 0.01 point. The broader all shares index inched up 0.03 percent or 1.28 points to 3,923.56. “There is really nothing to drive the market. There is a dearth of news and the interest is not there,” said Astro del Castillo, managing director of First Grade Finance Inc. “August is called ghost month after all given the lackluster trades of the market,” Del Castillo said. Considered unlucky by Chinese, investors hold off from major investment decisions while Western fund managers take advantage of low turnover to enjoy vacation. The bellwether index erased early gains that allowed it to hit an intraday high of 6,450.41. Local shares were immovable, bucking large decline in Asian markets, led by Japanese stocks that suffered from a stronger yen that hurts the export sector. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Japan’s Nikkei 225 sank four percent or 576.12 points to 13,824.94 while Hong Kong’s Hang Seng index declined 334.86 points to 21,588.84. Locally, all counters were in the green, led by mining and oil that recovered 58.37 points to 14,487.01. Holding firms bucked the trend, slipping 0.78 percent or 45.93 points to 5,805.52. Del Castillo said that even benign inflation data and good corporate earnings failed to cheer the market.

No one can contain China, scholar says amid territory rows

 News
Aug 062013
 
No one can contain China, scholar says amid territory rows

Agence France-Presse 7:49 pm | Tuesday, August 6th, 2013 BEIJING — No one can contain China’s rise, a leading Beijing foreign policy thinker said Tuesday, warning Manila and Tokyo that they had been mistakenly emboldened by Washington in territorial disputes with his country. China is embroiled in a bitter row with Japan over disputed islands in the East China Sea, and also claims almost the whole of the South China Sea, where it has engaged in standoffs with Philippine forces. At the same time the Obama administration is engaged in a “pivot” to Asia. But Ruan Zongze, vice president and senior fellow at the China Institute of International Studies, said: “No one in this world will try to contain China and no one in this world is capable of containing China. “Since the United States has adopted this new strategy of returning to the Asia-Pacific region, some countries have made the wrong judgement that the US will encourage them to challenge the sovereignty and territorial integrity of China,” he added. “This is a misjudgement on their part.” Ruan, who has served as a diplomat in the United States and Britain, was speaking at an event organized by the All-China Journalists’ Association, a state organization. The US has defense treaties with both Japan and the Philippines, and Ruan blamed Washington for emboldening them. It had sold weaponry to the Philippines following tensions between Beijing and Manila over a disputed shoal in the South China Sea, he said. “This has intentionally or Read More …

Aquino, Abe vow common stand vs China

 News
Jul 272013
 
Aquino, Abe vow common stand vs China

3:11 am | Sunday, July 28th, 2013 Japanese Prime Minister Shinzo Abe, left, delivers his response during a joint press conference with President Benigno Aquino III Saturday at Malacañan Palace in Manila. AP MANILA, Philippines—President Benigno Aquino III and Japanese Prime Minister Shinzo Abe on Saturday pledged to pursue a common stance against maritime aggression in the Asian region amid their growing territorial disputes with China. “We reviewed the security challenges that confront our nations and pledged to cooperate in advancing our common advocacy for responsible action from international players,” said Mr. Aquino, reading from a prepared statement following his meeting with Abe. The Philippines has an ongoing maritime dispute with China in the West Philippine Sea (South China Sea), while Japan is locked in a sovereignty row over the islands called Senkaku by Japan and Diaoyu by China. In their statements, however, neither President Aquino nor Abe mentioned China by name. In line with this strategic partnership, the two agreed to strengthen “maritime cooperation, which is a pillar of our strategic partnership,” according to Mr. Aquino. He thanked Japan for building 10 “multi-role response vessels” for the Philippine Coast Guard and providing communication systems for coast patrol through a yen credit facility. Strategic interests Abe, reading from his own prepared statement, described the Philippines as a “strategic partner with whom we share fundamental values and many strategic interests.” He said he intended to attach particular importance to Japan’s relationship with the Association of Southeast Asian Nations (Asean), adding that Read More …

Japan to extend tech assistance for Bangsamoro formation

 News
Jul 232013
 
Japan to extend tech assistance for Bangsamoro formation

By Michelle V. RemoPhilippine Daily Inquirer 6:51 pm | Tuesday, July 23rd, 2013 MILF chief negotiator Mohagher Iqbal. FILE PHOTO MANILA, Philippines—The Japanese government, through the Japan International Cooperation Agency, has agreed to take on a major role in helping form the Bangsamoro government that is hoped to bring sustainable peace and development in Mindanao and is targeted to be operational by 2016. In a press conference Tuesday, JICA officials said the Japanese government-funded institution shall extend technical assistance to concerned people in Mindanao to help prepare them for 2016. Cristina Santiago, senior program officer at JICA, said the technical assistance shall run for three years. Signing of the technical assistance agreement will be held on Thursday. JICA shall be represented by Takahiro Sasaki, chief representative to the Philippines. The Bangsamoro people shall be represented by Mohagher Iqbal, chair of the Transition Commission for the establishment of the Bangsamoro government. The technical assistance, valued at $7 million (about P300 million), covers the formulation of medium- and long-term development plans for Mindanao. The assistance shall come in the form of a grant. The assistance likewise includes training of concerned people in Mindanao on areas of public administration, public budgeting and finance, management, and details of a parliamentary form of government. Chikaraishi Juro, senior advisor at JICA, said in the press conference that people in charge of forming the Bangsamoro government prefer having a parliamentary system in the belief such will be effective in instituting needed security, social, and economic programs in Read More …

Chinese ships sail near disputed island—Japan

 News
Jul 172013
 
Chinese ships sail near disputed island—Japan

Agence France-Presse 11:53 am | Thursday, July 18th, 2013 In this Sept. 24, 2012 file photo, Japan Coast Guard vessels sail along with Chinese surveillance ship Haijian No. 66, center, near disputed islands called Senkaku in Japan and Diaoyu in China, seen in background, in the East China Sea. AP FILE PHOTO/Kyodo News TOKYO—Three Chinese government ships sailed into waters around islands at the center of a dispute on Thursday, the day after Japan’s premier visited coastguards who patrol the area. The maritime surveillance vessels entered the 12-nautical-mile zone regarded as the territorial waters of the Senkaku islands in the East China Sea, at around 9:30 a.m. (0030 GMT), the Japanese coastguard said. China calls the islands the Diaoyus and claims them as its own. The move came after Japanese Prime Minister Shizo Abe on Wednesday visited coastguards charged with protecting the area. Abe was in the remote Okinawan island of Ishigaki in the East China Sea, 2,000 kilometers (1,240 miles) southwest of Tokyo, where he told crews his resolve to stand up for Japan was undimmed. The visit came just a few days ahead of elections for half of the seats in the upper house of parliament, which observers expect to be a shoo-in for Abe’s ruling boc. Tensions have steadily risen between the two Asian giants, with China frequently sending official ships into waters around the Tokyo-administered islands. The long-standing dispute reignited last September when Tokyo nationalized three islands in the chain in what it said was a Read More …

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