Net hot money inflow up 8% to $4.225 B in 2013

 Economy
Jan 162014
 
Net hot money inflow up 8% to $4.225 B in 2013

MANILA, Philippines – The net inflow of foreign portfolio investments, also known as hot money, surged eight percent in 2013, exceeding the central bank’s projection on the back of the country’s sound macroeconomic fundamentals. Bangko Sentral ng Pilipinas data showed net hot money inflow went up to $4.225 billion last year from $3.911 billion in 2012. It was also way above the revised $3.2 billion assumption of the central bank for 2013. Foreign portfolio investments are also called hot money given the ease with which the funds enter and exit economies. The BSP attributed the increase in hot money inflow to the country’s sound macroeconomic fundamentals; sustained high growth in the first three quarters; (and) the investment grade ratings given to the Philippines. The central bank also said crisis in developing countries such as the United States and those in the euro zone also caused funds to be diverted to emerging economies such as the Philippines. Gross inflows jumped 54 percent to $28.404 billion in 2013 from $18.483 billion in 2012, while gross outflows climbed 66 percent to $24.180 billion from $14.571 billion. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Last year’s gross inflows were the highest recorded since 1999, surpassing the previous record high of $18.5 billion in 2012. “There was a steady stream of investment inflows of more than $2 billion a month except in the ghost month of August, believed to be unlucky for business, and in December due to the announcement of the forthcoming Read More …

PHL celebrates as caregiver wins Israel’s X Factor

 Entertainment
Jan 152014
 

MANILA, January 15, 2014 (AFP) – Celebrations broke out in the Philippines Wednesday after a Filipina who has spent nearly half her life as a caregiver overseas won Israel’s first “X Factor” competition. Rose Fostanes, one of millions of Filipinos working abroad, won the television talent show late Tuesday with a rendition of Frank Sinatra’s “My Way” that delighted fans in both countries. Local television, news websites, social media and even the president lavished praise on the unmarried, openly gay 47-year-old, who has worked abroad for more than two decades – including six years in Israel – to support her family. “We know the situation she was in and we are very proud that she has again given the Philippines pride in the showcase of her talent,” President Benigno Aquino’s spokesman Edwin Lacierda told reporters Wednesday. “The Filipino has an innate advantage when it comes to the arts…It clearly shows that the excellence of the Filipino can be expressed anywhere, everywhere, when they are given the opportunity to show their talent.” Fostanes has been likened by fans to Susan Boyle, the middle-aged Scottish singer whose humble looks and shy demeanor belied a scintillating voice that captivated millions on the television talent show “Britain’s Got Talent” in 2009. Fostanes’ day job had been to care for an elderly employer in Tel Aviv. She is one of some 10 million Filipinos, about a tenth of the population, who have gone to work abroad to escape poverty and joblessness back home. Israel’s media Read More …

Catholic bishops welcome Quevedo cardinalship

 Entertainment
Jan 152014
 
Catholic bishops welcome Quevedo cardinalship

President Benigno S. Aquino III, accompanied by the Papal Nuncio to the Philippines and Dean of the Diplomatic Corps His Excellency Archbishop Guiseppe Pinto and Foreign Affairs Secretary Albert del Rosario, leads the traditional toast for the New Year’s Vin d’ Honneur at the Rizal Hall of the Malacañan Palace on Friday (January 11, 2014). The annual reception which marks the 27th Vin d’ Honneur since the 1986 EDSA Revolution was attended by government officials, members of the Diplomatic Corps, officials of international organizations and businessmen. (MNS photo) MANILA (Mabuhay) – Catholic prelates were elated with the naming of Cotabato Archbishop Orlando Quevedo, OMI as Cardinal by no less than Pope Francis at the Vatican. Manila Archbishop Luis Antonio Cardinal Tagle thanked Pope Francis for associating the Cardinal-elect prelate and the church in Mindanao to his Petrine ministry. Over the weekend, the Holy Father announced the names of 19 new Cardinals including Quevedo at the Vatican. “I thank Pope Francis for associating Archbishop Quevedo and the church in Mindanao to his Petrine ministry and solicitude for all the churches,” he said in a statement. He added, “The Church in the Philippines and Asia has been greatly blessed these past decades by the service and leadership of Archbishop Quevedo. Now this blessing extends to the whole Church.” The Catholic Bishops’ Conference of the Philippines (CBCP) immediately welcomed the news on the Archbishop of Cotabato’s being named as a Cardinal. “He is known in the CBCP for his mental clarity and intellectual Read More …

Indians who married for visas nabbed

 News
Jan 112014
 
Indians who married for visas nabbed

Philippine Daily Inquirer 5:09 am | Sunday, January 12th, 2014 Bureau of Immigration building. Photo from Bureau of Immmigration website MANILA, Philippines—The Bureau of Immigration (BI) has warned Indian nationals against entering into fraudulent marriages to acquire permanent residence in the Philippines. Immigration Commissioner Siegfried Mison said the bureau summoned several Indians after discovering that their marriages to Filipinos had been arranged to evade immigration restrictions. Mison said the bureau discovered that the marital status of Indian nationals supposedly married to Filipinos were not reflected on their passports. As of December, 70,216 Indian nationals were recorded in the country, most of them engaged in money lending. This number is higher than the 60,415 in 2012. Based on BI records, four Indians have been arrested for falsifying their applications for a five-year temporary resident visa (TRV) by submitting fraudulent documents. “We discovered the suspects resorted to fake marriages and used it as a ploy to acquire residence visas,” he said. Annotations in the passports of Indian applicants should reflect the name of their Filipino spouses to avoid fraudulent TRV applications. “This measure is aimed at protecting our people from exploitation by schemers,” said Mison, adding that failure to comply with the requirements would mean cancellation of the TRV. Tina G. Santos RELATED STORIES: By October 2015, immigration officials to accept only e-Passports Immigration relief for Fil-Ams sought   Follow Us Recent Stories: Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step Read More …

PH seeks break for exports from ‘Yolanda’-hit areas

 News
Jan 102014
 
PH seeks break for exports from ‘Yolanda’-hit areas

Philippine Ambassador to the United States Jose Cuisia Jr. CONTRIBUTED PHOTO MANILA, Philippines—The Philippines is seeking duty-free access into the United States of export products from “Yolanda”-hit areas to help drive the local economy as devastated provinces began recovery and rehabilitation efforts. Philippine Ambassador to the United States Jose Cuisia Jr. made the remarks at a recent conference at the Center for Strategic and International Studies in Washington DC, citing the arrangement that the United States had forged with Haiti to bolster the latter’s economy following the devastating 2010 earthquake. “Similar to what the United States did following the Haiti earthquake, the Philippines is looking at possible trade preference for products from Haiyan-affected areas,” Cuisia told a forum on the role of the US military, government and private sector in helping typhoon recovery in the Philippines. In his audience were the US state department, military and aid officials, representatives from nongovernment organizations and corporate donors. Cuisia said the Philippines is “looking at arrangements” to allow duty-free entry of selected goods from Yolanda-hit areas, particularly Central Visayas, “for a limited period of time.” The ambassador also renewed his call for sustained support from the United States and the international community, noting how the Philippine government’s comprehensive recovery and rehabilitation plan, the Reconstruction Assistance on Yolanda plan, still needs some $8.2 billion (about P360.8 billion). Ally, partner “There is much work to be done, and in the spirit of the alliance and partnership we have shared, we continue to count on your Read More …

A balanced life and a growing economy

 Economy
Jan 082014
 
A balanced life and a growing economy

Manny V. Pangilinan, Chairman of the PLDT Group and Lance Gokongwei president and chief operating officer of JG Summit Holdings Inc. hope for economic progress for our country this 2014.     For the past weeks, I have shared the wishes of many entrepreneurs who have been part of the Go Negosyo’s journey in helping many of our youth and small entrepreneurs pursue their dreams by inspiring and mentoring them. Many of them share a personal wish of a balanced life, as many entrepreneurs who are so passionate in their businesses begin to realize the importance of the other more valuable intangibles in life.  In the case of Jojo Claudio, he talks about spending more quality time with his children, putting a balance between work and family time, and this is the same with many of our women entrepreneurs.  It is very clear that many of them are happy with the current administration’s objective of improving the level of government transparency and its fight against corruption.Many wish P-Noy all the success to see this happen before his term ends. Many hope to see the level of poverty in our country reduced and this is why they have spent time in joining the many activities of Go Negosyo as they feel a booming negosyo is the lasting solution to poverty.  While our country in the last quarter has been hit with calamities, the Filipino spirit is very much alive, not only resilient, and that many view the year 2014 to bring Read More …

Classes reopen in PHL typhoon zone

 Entertainment
Jan 072014
 
Classes reopen in PHL typhoon zone

Children hold plates on top of their heads against rainfall as they queue for free meals during Christmas celebrations at the town of Bislig, Tanauan in Leyte province, central Philippines December 24, 2013, a month after Typhoon Haiyan battered central Philippines. Super typhoon Haiyan reduced almost everything in its path to rubble when it swept ashore in the central Philippines on November 8, killing at least 6,069 people, leaving 1,779 missing and 4 million either homeless or with damaged homes. (MNS photo) TACLOBAN (AFP) – Schools reopened Monday in badly damaged central Philippine towns for the first time since one of the world’s strongest storms ever to hit land killed thousands two months ago. Crowding into makeshift classrooms built from tarpaulins and plywood, the children – many of them still traumatized – sat quietly as teachers tried to engage them in friendly banter. Mothers refused to leave the tents despite appeals from teachers to let the children slowly resume their daily routine, an AFP reporter said. “Only about 50 percent of our school’s nearly 1,000 pupils are back,” lamented principal Maria Evelyn Encina in the seaside village of San Roque near the central city of Tacloban, where giant tsunami-like waves triggered by Super Typhoon Haiyan wiped out entire neighborhoods. She said at least nine students had been among the dead, although the fate of many others and their families remained unknown. “They could be in evacuation centers or taken in by their relatives in the mass evacuation that followed,” Encina Read More …

UNICEF hopes resumption of classes will bring normalcy to ‘Yolanda’-hit areas

 News
Jan 072014
 
UNICEF hopes resumption of classes will bring normalcy to ‘Yolanda’-hit areas

By Bong LozadaINQUIRER.net 9:03 pm | Tuesday, January 7th, 2014 In this aerial photo taken on Nov. 9, 2013, and released by the Philippine Air Force, a ferry boat is seen washed inland from a massive storm surge caused by Typhoon Haiyan, in the city of Tacloban, central Philippines. AP FILE PHOTO MANILA, Philippines – The United Nations Children’s Fund hopes the resumption of classes in areas affected by Supertyphoon “Yolanda” (international codename: Haiyan) will be a spring board to speed up rehabilitation, a statement said. UNICEF together with international organizations Save the Children and INTERSOS supported the Back to Learning campaign of the Department of Education and Department of Social Welfare and Development that saw the re-opening of schools on Monday. “UNICEF’s objective is to ensure that children affected by Typhoon ‘Yolanda’ return to quality learning as quickly as possible,” said Angela Kearney, officer-in-charge of UNICEF Philippines. According to the UN arm, schools have become safe havens for both teachers and children and once school started, the daily routine has helped restore a sense of normalcy. “It’s our hope that children returning to school and day care centers will have a sense of routine and have a safe place during the day to be with friends where they can continue to learn and enjoy safe play,” said Dr. Luisa Yu, DepEd Director for Region VIII. UNICEF hopes that once the children are back in school, parents will have more time to rebuild their livelihood. As of January 6, the Read More …

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