Since Philippine President Rodrigo Duterte took office, he seems to have made it his personal mission to steer the country away from the United States and towards China. And while generations of Filipinos have seen their country as one of America’s staunchest allies in the region, many have followed the president and now look to China as the Philippines’ new “best friend” …
Global leader Fitch Ratings has affirmed a rating with a positive outlook for the Philippines’ long term foreign and local currency Issuer Default Ratings (IDRs). Philippine Stock Exchange [via Business World Online] The Fitch Ratings grade of ‘BBB-’ with a Positive Outlook was also given to the country’s unsecured foreign and local currency bonds, along with an ‘F3’ rating. ‘F3’rating was also affirmed for the Philippines’ short term foreign and local currency IDRs. Altogether the Country Ceiling was affirmed at’BBB’. The credit rating and research group cited the key rating drivers for the Philippines as reflective of its “continued strong and consistent growth performance, a robust net external creditor position and government debt levels that are lower than the median of peers in the 'BBB' rating category.” Fitch cited the following rating factors: The Philippines' strong economic growth is a rating strength. The Philippines in May 2016 elected Rodrigo Duterte as its new president. The Philippines is a strong net external creditor. The Philippine central bank's monetary and exchange rate policies are effective. The government's debt remains below the 'BBB' median. A rating within the 'BBB' category means that expectations of default risk are currently low and the capacity for payment of financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this capacity. A positive rating outlook, meanwhile, indicates an upward trend for a credit rating over a one-to two-year period. Fitch expects the economy to sustain its strong growth momentum, with GDP forecast Read More …
Filipino businessmen are looking at the Philippine economy in a positive light and continuing big investments in the country this year, according to a survey of the Makati Business Club (MBC). The First Semester Executive Outlook Survey for 2017 released by MBC to the media revealed the optimistic outlook of Filipino executives in the following areas: A majority 83% of senior business executives projected a higher gross domestic product growth in 2017 compared to last year’s 6.8 percent rate About 57 % expect a higher rate for the 91-day Treasury Bill than the previous year’s 1.5 percent 53 % see exports to either increase by 29 percent or stay unchanged at 24 percent 64 % expect imports to be lower than last year’s $73.72 billion “On investments for 2017, the projection remains bright. A positive outlook remains in terms of corporate performance for 2017, with a large majority of the respondents projecting an increase in both gross revenues and net income in the coming year,” the MBC said in the Philippine Star report. About 74 percent of the businesses confirmed they even add to their investments in 2017, pegging an average amount of P785 million. The MBC survey was conducted among the senior executives of the country’s largest corporations. The post Makati Business Club remains bullish on PH economy appeared first on Good News Pilipinas. Related posts: Philippines is Asia’s fastest growing economy in Q1 2013 World Bank projects PH economy to expand 6.4% PHL posts strongest economic growth Read More …
We have long known that foreign investment in the Philippines helps our country get by, through employment generation, stimulation of economic growth and promotion of technology transfer, among others. While some may prefer to fully liberalize the Philippine economy, our Constitution recognizes the fact that some industries are better left for Filipinos to control, especially those that affect national interest. The policy objective is to preserve the National patrimony and heritage for the use and enjoyment of the Filipino people. This somehow helps us value our freedom and independence from foreign occupation, something our heroes have fought long and hard to achieve.
THE Philippine-Hungary Business Forum was convened yesterday along with the re-opening of the Embassy of Hungary in Manila, signaling more economic cooperation between the two countries.
Filipinos with Philippine passports traveling this vacation season can choose any of 61 countries which do not require visa, according to the Henley & Partners Visa Restrictions Index (VRI). The Philippines placed one notch higher at 75th on the global travel freedom ranking in 2017 but kept its 61 countries list from the 2016 VRI. The following listing from Philsite lists the countries Filipino nationals can enter even without a visa. Asian Countries, member of ASEAN (Association of Southeast Asian Nations) In a reciprocity visa free agreement among member nations within the ASEAN: Brunei Darussalam – 14 days Cambodia – 21 days Indonesia – 30 days Laos – 30 days Malaysia – 30 days Singapore – 30 days Thailand – 30 days Vietnam – 21 days Asian Countries, Non-ASEAN member Armenia – 120 days, visa issued on arrival China, Shenzhen – 7 days, if crossing from Hong Kong, and is valid in Shenzhen area only. Hong Kong – 14 days validity India – 30 days, eTourist visa online. Iran – 15 days, must obtain an e-visa pre-approval code from the Ministry of Foreign Affairs Israel – 90 days Kyrgyzstan – 30 days, visa on arrival Laos – 21 days, visa on arrival Macau – 30 days Maldives – 30 days visa issued upon arrival Myanmar – 21 days Mongolia – 21 days Nepal – 21 days visa issued on arrival South Korea – 30 days, if arriving at Jeju Island or after visiting Korea 4 times with visa. Sri Lanka – 30 days, but must get an Electronic Visa Read More …
President Rodrigo Roa Duterte MANILA, March 23 (PNA) – President Rodrigo Duterte’s birthday wishes are simple – more strength to complete his work and a quiet time with his family. “So my wish really, my prayer to God is that bigyan niya ako ng konting lakas na lang to do our — work, time because it is needed,” he said during a press briefing held at the Ninoy Aquino International Airport upon arriving from his official visits to Myanmar and Thailand. The President, who will be turning 72 on March 28, said that 24 hours is not really enough for the presidency, unless one wants to sleep more than just about four hours. “I only ask God that give me a little bit of time, a little strength to surmount the problems of the country and that I’d be able, not really to solve but maybe mitigate some of the rigors of governance,” Duterte said. He also said that the only gift he would like on his birthday is time with his loved ones. “I would be very glad to spend my time with my newest grandson Stone and the rest of my children and grandchildren. That would have been the greatest gift that I can ask in this planet. Iyon sa akin tama na,” he said. Duterte said that he could no longer ask for more since God has already given him everything. “Naibigay na ng Diyos ang lahat ang dapat ko. I have reached the highest — the Read More …
Elite Navy unit during the Miss Universe Pagent activities when the Philippine Navy deployed its elite unit – Naval Special Operations Group – to provide security to Miss Universe candidates on board M/V Happy Life which brougth them to Batangas for a pictorial on Thursday (Jan. 19, 2017). (PNA photo by Joey O. Razon) MANILA, March 21 (PNA) – The Philippine Navy (PN) is ready to deploy its sole survey and hydrographic ship, the BRP Gregorio Velasquez (AGR-702), if ordered to survey Benham Rise. The statement was made by Armed Forces of the Philippines (AFP) public affairs office chief, Col. Edgard Arevalo, when asked what assets could the military field should President Rodrigo Duterte and Defense Secretary Delfin Lorenzana formalize the order calling for the mapping of the 13-million-hectare Benham Rise, which the UN Convention on the Law of the Sea (UNCLOS) confirmed as part of the Philippines’ continental shelf in 2012. “In most probability, the BRP Gregorio Velasquez will be the one to be deployed,” Arevalo said in an interview with the Philippine News Agency (PNA) Tuesday. Arevalo said the ship is the Navy’s sole asset capable of conducting oceanagraphic and hydrographic survey. The BRP Gregorio Velasquez (formerly the R/V Melville) was one of two former American ships pledged by then president Barack Obama during his visit to the Philippines during the APEC Leaders Summit in November 2015. The other ship was the USCGC Boutwell, which has been renamed to BRP Andres Bonifacio (FF-17), the third Hamilton-class cutter in Read More …
President Rodrigo Roa Duterte and Myanmar President U Htin Kiaw witness the signing of Memorandum of Understanding (MOU) between Agriculture Secretary Emmanuel Piñol and Myanmar Minister of Agricultural, Livestock and Irrigation Dr. Aung Thu during a ceremony at the Presidential Palace in Nay Pyi Taw, Myanmar on March 20, 2017. The MOU is intended to strengthen both countries’ food security and agriculture cooperation. (Photo by Toto Lozano)(PPD Malacanang) MANILA, March 22 (PNA) – The Philippines has asked Myanmar to support its agenda for ASEAN, as the country chairs the summit this year,Trade Secretary Ramon Lopez told reporters Wednesday. Lopez has joined President Rodrigo Duterte in his visit to Myanmar early this week. “Of course, as chair of ASEAN, the Philippines consistently sought Myanmar’s support for the region’s deliverables this year, touching on increasing trade and investment, integrating MSMEs (micro, small, and medium enterprises) into the global value chain, and promoting an innovation-driven economy,” he said. During the ASEAN Economic Ministers (AEM) Retreat and Related Meetings held in Manila, the Philippines has pushed for initiatives such as self-certification scheme for MSMEs; action agenda on investment, inclusive business, and women and youth entrepreneurship; endorsement of ASEAN Declaration on Innovation; ASEAN Roll-on Roll-off Network; endorsement of the ASEAN Trade in Services Agreement; and conclusion of the text of the Regional Comprehensive Economic Partnership. Myanmar’s Planning and Finance Deputy Minister Maung Maung Win attended the AEM meeting early this month. In a bilateral level, the two ASEAN member states have agreed to strengthen ties Read More …
Pres. Duterte, PHL delegation hold plenary meeting with top Thai officials: President Rodrigo Roa Duterte and members of his delegation hold a plenary meeting with top government officials of Thailand led by Prime Minister General Prayuth Chan-o-chan at the Thai Koo Fah Building in Bangkok, Thailand on Tuesday (March 21, 2017). (Photo by King Rodriguez/PPD Malacanang) BANGKOK, Thailand, March 22 (PNA) – Foreign Affairs Acting Secretary Enrique Manalo praised the completed ASEAN visits of President Rodrigo Roa Duterte by emphasizing the importance of agreements between countries, including a framework on code of conduct, to promote cooperation, stability, and sustainability during a press briefing held Wednesday at the Mandarin Oriental. “The purpose of the Code is to see how we can manage disputes carefully, not to raise tensions, not to escalate tensions,” Manalo said. The details of the framework will be under continuing negotiations and discussions, to be based on the “key principles of mutual respect and mutual benefit.” Manalo summarized the positive results of President Duterte’s official visits to Myanmar and Thailand, which caps the ASEAN-wide introductory visits he has made since assuming office in July 2016. Joining Manalo in the panel were Trade Secretary Ramon Lopez, Tourism Secretary Wanda Corazon Teo, Executive Director Arnel del Barrio of the Philippine Carabao Center of the Department of Agriculture, Sen. Allan Peter Cayetano and Communications Secretary Martin Andanar who led the briefing. The meetings in Myanmar with President U Htin Kyaw and other officials such as State Counselor Daw Aung San Suu Read More …