Enjoy fun activities for the whole family at the CCP Complex on April 13, Sunday, starting at 6 A.M. onwards.
Apr 062014
Apr 042014
THE PHILIPPINES and Singapore are looking to enhance trade and investment ties, officials said on Friday.
Apr 032014
A TOAST TO SINGAPORE’S GENEROSITY. President Aquino toasts Singaporean President Tony Tan Keng Yam, thanking him in Malacañang on Thursday for Singapore’s post-“Yolanda” help. Tan, here on a four-day visit, flies to Western Samar on Saturday to deliver medical supplies to Basey District Hospital. EDWIN BACASMAS MANILA, Philippines—Facing an increasingly aggressive China, President Aquino on Thursday proposed a defense dialogue with Singapore to boost the two countries’ military defense ties, during visiting Singaporean President Tony Tan Keng Yam’s courtesy call at Malacañang. “The Philippines proposed the holding of a defense dialogue to further strengthen our cooperation,” said Aquino at the Palace reception hall. “I believe that strengthening defense and security cooperation between the Philippines and Singapore is key to maintaining regional stability.” 45th anniversary This year marks the 45th anniversary of the two countries’ diplomatic relations. In the last few days, the Philippines has had to deal with China’s verbal onslaughts and naval maneuvers in the South China Sea, which the Philippines now calls the West Philippine Sea. After filing a memorandum with a United Nations tribunal challenging China’s “nine-dash line” claim in the international waterway on Sunday, the Philippine government drew a sharp rebuke from Chinese Embassy officials in Manila. Charge d’Affaires Sun Xiangyang said the move “seriously damaged” the bilateral relations between the two countries, and accused the Philippines of unilaterally shutting the door to negotiations and consultations. China, Taiwan and Asean members the Philippines, Brunei, Malaysia and Vietnam have overlapping claims in the South China Sea, which Read More …
Apr 022014
AN AGREEMENT that will spur further talks on a possible trade arrangement between the Philippines and the four-member European Free Trade Association (EFTA) is expected to be signed in June, a Department of Trade and Industry (DTI) official said. “We’re hoping to sign the Joint Declaration of Cooperation in June in Europe. We are just now refining the declaration,” DTI Undersecretary Adriwan S. Cristobal, Jr. told reporters in a chance interview in Makati City.
Mar 312014
By Frances MangosingINQUIRER.net 6:59 pm | Monday, March 31st, 2014 Decay and rust lives inside the belly of the BRP Sierra Madre. INQUIRER PHOTO / GRIG C. MONTEGRANDE MANILA, Philippines—The BRP Sierra Madre, a rusty ship aground in one of the possible flash points in the disputed West Philippine Sea (South China Sea), stands alone but without fear in the high seas to maintain Filipino presence. The ship was previously used by the United States during the World War II in the waters of Vietnam. The US handed it over to Vietnam in 1970 and after a few years it was passed on to the Philippines. In 1999, it was purposely run aground in Ayungin Shoal (Second Thomas Shoal) to keep its Filipino presence there. Ayungin is located 105 nautical miles off Rizal, Palawan. Though it is located within the Philippines’ exclusive economic zone, the resource-rich area is also claimed by the Chinese. The Philippines’ claims are based on the United Nations on the Convention of the Law of the Sea, while China’s claims are based on their old maps made several decades ago. China claims most of the West Philippine Sea as its own. Troops in the ship go on rotation for several months. On March 9, China blocked the Philippines’ attempt to reprovision and rotate its soldiers. Because it was unsuccessful, they made an airdrop instead. Last Saturday, the next attempt after the March 9 incident, the Philippines was able to evade the Chinese blockade. Marines who were Read More …
Mar 302014
A dilapidated Philippine Navy ship LT 57 (Sierra Madre) with Philippine troops deployed on board is anchored off Second Thomas Shoal (local name: Ayungin Shoal) Saturday, March 29, 2014 off West Philippine Sea. An hour from the shoal, the Chinese coast guard ship closed in on the Philippines supply vessel and twice crossed its bow. AP PHOTO/BULLIT MARQUEZ MANILA, Philippines—The Armed Forces of the Philippines on Sunday said it sent a government civilian ship to Ayungin Shoal (Second Thomas Shoal) over the weekend to avoid confrontation with Chinese naval forces patrolling disputed waters in the West Philippine Sea. Lt. Col. Ramon Zagala, AFP public affairs office chief, maintained that the mission of the civilian vessel, which figured in a two-hour standoff with two Chinese Coast Guard ships on Saturday, was to resupply Marines manning the grounded Philippine Navy ship on Ayungin Shoal and replace them with a new team of soldiers. “The objective was just to resupply our troops. The mission is done,” Zagala told the Inquirer in a phone interview. “We sent a civilian vessel to avoid a confrontation [with the Chinese forces]. We simply want to reprovision and rotate our troops there,” he said. “We used a civilian vessel to show them our intent, which was to reprovision and rotate our personnel, and nothing more,” Zagala said, adding that it was a regular mission. Other countries with territorial claims in the South China Sea also resupply their troops, he said. Until March 9, when the Chinese Coast Guard Read More …
Mar 302014
Photo shows Shell employees and a tanker of the Petroleum Distribution Association of the Philippines in 1945. After the war, Stephen Crawford took over as general manager of the Shell Company of the Philippine Islands as it helped in rebuilding efforts. MANILA, Philippines – The opportunity for businesses and enterprises to step up to the challenge of nation-building becomes especially apparent in times of difficulty or crisis, such as during a war. In December 1941, when the Philippines faced the Japanese invasion during World War II, one company played a vital role in powering the lives of Filipinos, literally and figuratively. Shell, as a trusted power, energy and gas technology brand that it is today, counts that dark period in Philippine history as an important milestone in its 100 years in the country. In the few years before WWII broke out, there were around 56,000 registered motor vehicles in the Philippines. Shell, then operating under the consortium Asiatic Petroleum Corporation, had grown from its original workforce of six personnel in 1914 to about 72 expatriates and 180 Filipinos. As war broke out, the company’s oil products and tankers were immediately utilized by the defense forces. At that time, the Pandacan oil depot was already in operation, and Shell had an efficient production and distribution system in place. When enemy capture of the Pandacan installation became imminent, the United States Army set the depot ablaze to prevent the opponents from exploiting its fuel supplies. The war unraveled for four years in Read More …
Mar 292014
MANILA, Philippines – The financial strength of BDO Unibank Inc., the main banking unit of the SM Group, remains stable, international credit rating firm Moody’s Investors Service said. In a statement, Moody’s said it affirmed BDO’s Baa3/Prime-3 deposit rating with a positive outlook. “BDO’s bank financial strength rating (BFSR) is also affirmed at D+. The outlook remains stable,” it said. At the same time, Moody’s revised BDO’s baseline credit assessment (BCA) to baa3 from ba1 to reflect improvements in its stand-alone credit profile, justifying investment grade on a stand-alone basis. According to Moody’s, it affirmed the BDO deposit rating with a positive outlook to reflect its expectation of continued strength in the operating environment for the Philippine banking system, owing to robust growth of the Philippine economy and stabilizing external conditions, which is positively supporting the government’s own credit profile. The revision of BDO’s BCA to baa3 from ba1, on the other hand, took into consideration the banks’ consistently improving asset quality, as well as robust liquidity and capital profiles, which have become comparable to those of its closest peers in the Philippines and other baa3 banks in the region. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “In line with our expectation of an improved operating environment, Philippine banks, particularly BDO — given its dominance in the domestic corporate and middle markets segments — will likely benefit from healthy credit growth, core profitability, as well as stable asset quality,” it stressed. Furthermore, Moody’s said it viewed the credit Read More …
Mar 272014
MANILA (Mabuhay) – After the Philippines sealed deals to purchase FA-50 fighter-trainers and eight Bell 412 helicopters to boost its defense capability, a Philippine Air Force official on Saturday said they would have wanted more sophisticated fighters. However, PAF spokesman Col. Miguel Okol said they will make do with the 12 brand-new FA-50 from South Korea and eight helicopters from Canada. But he stressed PAF still needs Multi-Role Fighters or “real fighters” for the country’s defense. Okol said a Multi-Role Fighter has swing-role capabilities, “it can swing air-to-air, air-to-surface, air-to-maritime,” and with its attack capabilities, enemies who will try to infiltrate the country will be “mangled up.” He also noted that while President Benigno Aquino III, who is also the Armed Forces of the Philippines Commander-in-Chief, is aware of what is needed, the acquisition of brand-new FA-50 fighters “is already a good start [in] good direction.” “Kung anong ibbiigay sa atin ngayon, we make do what is given,” he said, noting that FA-50 fighters can “carry missiles, intercept aircrafts, deliver bombs, perform maritime strikes….” Defense vs China? Okol was quick to deny that the planned acquisition of fighter jets and helicopters is solely due to the “creeping expansion” of China in the West Philippine Sea. “[The purchases are] for homeland defense against all external threats. It’s just a start of our capability upgrade,” he said. Asked when will the country’s defense attain “minimum capability,” he said it will be by 2023. “Dahan-dahan nating ia-attain ito,” he added. On Friday, Fernando Read More …
Mar 272014
MANILA, Philippines – The country’s budget deficit ballooned in January as the government ramped up spending for the reconstruction of areas devastated by Super Typhoon Yolanda. In a statement, the Department of Finance said the deficit expanded by 75 percent to P34.2 billion in January from P19.5 billion in the same month last year. A deficit occurs when government expenditure exceeds revenue over a particular period of time. Excluding interest payments on the government’s debt, the deficit turns into a primary surplus of P22.2 billion. “The Philippines’ fiscal performance figures in recent years are a manifestation of restored normalcy in meeting the expectations of the Development Budget Coordination Committee,” Finance Secretary Purisima said. Purisima credited the country’s sound fiscal performance to improving revenue collections, declining reliance on foreign currency debt and President Aquino’s drive to transform the country into one of the fastest-growing economies. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 He said the Philippines has gotten closer to achieving its annual revenue targets over the last four years. In 2013, state revenues were just 1.7 percent short of the official target. Revenue collections for January rose eight percent to P148.8 billion with tax revenues accounting for 91 percent or P134.8 billion of the total or an increase of 12 percent year on year. The Bureau of Internal Revenue and the Bureau of Customs posted double-digit growth rates amid an intensified campaign to curb smuggling and tax evasion. BIR collections grew 10 percent to P104.2 billion in January Read More …