9 places on DFA’s shortlist of possible Apec venue

 News
Aug 132013
 
9 places on DFA’s shortlist of possible Apec venue

By Matikas SantosINQUIRER.net 5:31 pm | Tuesday, August 13th, 2013 DFA Undersecretary for International Economic Relations Laura Q. Del Rosario. Photo from http://www.philippineembassy-usa.org MANILA, Philippines – With at least two years before the country hosts the annual Asia-Pacific Economic Cooperation (Apec) Summit in November 2015, the Department of Foreign Affairs (DFA) has already shortlisted nine places throughout the Philippines where the meetings of delegates from 21 countries in the Pacific rim will be held. The places are Clark, Metro Manila, Tagaytay, Legazpi City, Iloilo City, Boracay, Bacolod City, Davao City, and Cebu City, DFA Undersecretary for International Economic Relations Laura Q. Del Rosario told reporters in an interview. “These are the locations that are under serious consideration. [They] were reviewed as having passed the initial requirements [and will be subject to] further evaluation,” she said. Among the initial requirements for the cities to be able to host the many meetings of delegates are access and accommodations. “The locations must have airports and should be within one hour commute from the hotel and convention center,” Del Rosario said. Some of the meetings would be attended by hundreds of participants and this will require that the convention center must have enough space to sit them all together and the hotels there must also have sufficient rooms. There are around eight ministerial meetings, four senior officials meetings, and then the highlight APEC summit. Del Rosario said that instead of just assigning which Local Government Units (LGUs) will host the meetings, they asked them Read More …

Hong Kong warns travel to Philippines

 News
Aug 122013
 
Hong Kong warns travel to Philippines

By Matikas SantosINQUIRER.net 2:43 pm | Monday, August 12th, 2013 MANILA, Philippines – Hong Kong has updated its travel advisory against the Philippines, citing the car bomb explosion in Cotabato last week and the United States’ warning of possible kidnapping threats in Mindanao. “Serious hostage-taking incident happened in Manila on 23 August 2010. Residents should avoid all travel to the country. Those who are already there should attend to personal safety and exercise caution,” the advisory said. The Outbound Travel Alert, issued by the Security Bureau of the Hong Kong Special Administrative Region (SAR), was revised on their website August 9, 2013. Last August 23, 2010, some 20 Hong Kong tourists on a bus were held hostage at gun point by Rolando Mendoza, a relieved police officer who wanted to get his job back. Mendoza and the eight hostages were killed when negotiations broke down and a gun fight ensued between him and authorities. “On early August 2013, a car bomb explosion occurred in southern city of Cotabato, resulting in serious casualties,” it said. Around nine people were killed in the incident, two of whom were siblings aged five and seven. “On 29 May 2013, the US Embassy in Manila issued a message to US citizens in the Philippines warning against a credible kidnap threat against foreigners in the Zamboanga area on the island of Mindanao,” it added. It further cited travel advisories issued by China, Australia, Canada, and the United Kingdom that all specified Mindanao as an area that Read More …

Filipino victories in basketball and math

 News
Aug 122013
 
Filipino victories in basketball and math

By Benjamin Pimentel 2:20 pm | Monday, August 12th, 2013 SAN FRANCISCO – Gilas Pilipinas just wrapped up an incredible run at the Asian championship. They deserve all the praise they’ve received, despite not winning the gold. The last time the Philippines won the Asian championship was in 1986. Before that, the Philippines last won in 1973 when the country was still indisputably a dominant force in Asian basketball. I remember the ’70s when the only teams we had to worry about were Japan and South Korea. But then other countries caught up and got stronger, led by China. That put an end to those years of Filipino basketball dominance. But this year’s victories show that the country can steadily rebuild and adapt to a more competitive world of basketball. And that’s probably true in another arena: math. Filipinos know about the exploits of Jason Castro and Jimm Alapag, but have probably not heard of Jan Kendrick Ong and Naomi Anne King. They’re among the Filipino kids who won gold medals at the recent Singapore International Mathematics Contest. Gilas Pilipinas grabbed the silver at FIBA Asia. These Filipino children reaped 23 golds, 45 silvers and 93 bronze medals. And they beat the country that has long dominated this competition, China. It’s an inspiring victory, one that the country can build on to improve math education in the country and most important of all, to get young people excited about math, and even science and technology, in general. Getting people excited Read More …

Reflecting credit risk in fair value of derivatives

 Economy
Aug 112013
 

(First of two parts) The 2008 financial crisis has led to some significant changes in the areas of fair value and risk management, including an increased emphasis on counterparty credit risk in derivatives. These changes are starting to take root in the Philippines through the implementation of Philippine Financial Reporting Standard (PFRS) 13, Fair Value Measurement, and the adoption of the Basel III capital reforms on counterparty credit risk. PFRS 13, which took effect on Jan. 1, 2013, requires all entities to consider credit risk in determining the fair value of derivatives. The Bangko Sentral ng Pilipinas (BSP) plans to adopt the Basel III capital rules on counterparty credit risk, currently contained in an exposure draft that is expected to take effect starting Jan. 1, 2014 when finalized.

Talks on increased US military presence to abide by VFA

 News
Aug 112013
 
Talks on increased US military presence to abide by VFA

Malacañang on Sunday reassured the public the talks between the Philippines and the United States on an agreement that will allow “increased rotational presence” of US military in the country will not violate Philippine laws. Deputy presidential spokesperson Abigail Valte said the negotiations, which are reportedly set to start on Monday, will be under the framework of the RP-US Visiting Forces Agreement. “My understanding is that everything will be under the framework of the VFA. So ang modalities na lang on how to implement the rotational presence ang kanilang pag-uusapan,” she said on government-run dzRB radio. But she also appealed to the public not to make further speculations, and wait for the proper announcements. “(L)et’s wait for more information as they figure out the modalities on how to implement it,” she said. The talks come amid tension over territorial disputes between the Philippines and China over parts of the South China Sea (West Philippine Sea). An earlier report said the Departments of National Defense and Foreign Affairs sent a letter to the leaders of the Senate and the House of Representatives to inform them of the upcoming negotiations on the terms of the increased US military presence. In their letter, they said the Philippines “will shortly enter into consultations and negotiations with the United States on a possible framework agreement that would implement our agreed policy of increased rotational presence.” They also said that “(i)n both diplomacy and national defense, our strategic relationship with the United States remains crucial.” — Read More …

Asean countries urged to comply with EITI global standards

 Economy
Aug 102013
 
Asean countries urged to comply with EITI global standards

YANGON – ASEAN countries including the Philippines can help protect their oil, gas and mining industries by complying with the Extractive Industries Transparency Initiative (EITI), a global standard that calls for disclosure of payments and receipts, a leading anti-corruption advocate yesterday said. Erry Riyana Hardjapamekas, former chief executive officer of Indonesia’s Tambang Timah PT, the world’s largest tin producer, estimates that in ASEAN countries, at least 10 percent of government revenues from extractive industries are likely lost to corruption.  “One measure to prevent corruption is the EITI because one basic thing in combatting corruption is transparency,” he told Southeast Asian journalists here. He said that without proper disclosure, revenues from extractive industries such as oil, gas and mining, may not be maximized and instead are lost to corruption.  “It’s difficult to measure how much corruption there is in each country but we can feel it. It could be reflected on the quality of public services,” Harjapamekas said. Governments could show they are serious in combatting corruption through the EITI. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “It shows how serious governments are in combatting corruption in their extractive industries,” he said. In the region, EITI is becoming a big issue with Indonesia, the Philippines, Myanmar and Vietnam which  are all making efforts to hold companies and governments accountable for the revenues they make from extractive industries. Marie Gay Alessandra Ordenes, the national coordinator of Philippines-EITI said in an article posted on the Philippines-EITI website that efforts to join Read More …

UK eyes more investments in infra, energy and retail sectors

 Economy
Aug 082013
 
UK eyes more investments in infra, energy and retail sectors

MANILA, Philippines – The British government is looking at increasing investments in the infrastructure, energy and retail sectors in the Philippines as part of strengthening the economic ties of both countries. “Infrastructure, energy and retail, these are the areas the United Kingdom is interested to invest in (here),”newly appointed UK Trade and Investment director for Manila Iain Mansfield told reporters yesterday. He said British firms are interested in infrastructure projects under the public private partnership since they have expertise in building rails as well as airports. Some British companies, he noted, are part of the consortia which have expressed interest in the proposed P17.5 billion Mactan Cebu International Airport passenger terminal project. The UK, he also said, sees opportunities in the area of infrastructure in the country since the Philippine government is moving to hike its investments to address the lack of infrastructure here. Apart from infrastructure, he said British firms are interested in wind, hydro as well as energy efficiency projects since they have been involved in similar projects in the past. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The UK is also interested in bringing more retail brands here given the big market. Among the British retail brands active in successful franchising here are Debenhams, Marks & Spencer, Topshop and Burberry. Mansfield said as part of efforts to encourage British firms to invest in the Philippines, the UK government is planning a trade mission in September to present available opportunities here, particularly in the energy sector. Read More …

Myanmar pins hopes on Phl investments

 Economy
Aug 082013
 
Myanmar pins hopes on Phl investments

YANGON, Myanmar – Businessmen in this Southeast Asian country are counting on the entry of Philippine investments here to help move their economy forward. Dr. Maung Maung Lay Lay, vice-president of the Union of Myanmar Federation of Chambers of Commerce & Industry (UMFCCI), which groups 26,000 members and 69 affiliate organizations, said this would be a “win-win situation” for both Myanmar and the Philippines. Reeling from a half century of military rule, Myanmar has dramatically fallen behind its peers in the region. Its economy grew by an average of five percent in the last five years, picking up only last year with a 6.3 percent clip. Lay said Myanmar needs foreign investors, including Philippine companies to move the economy forward and help prepare it for the Asean Economic Community (AEC) in 2015. Lay noted for instance that the Philippines has one of the cheapest mobile phone systems in the region and welcomed potential investments in the telecommunications sector. In mining, Lay said their country also needs investments. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “They are our partners. But we also have to make sure they don’t just extract our resources and leave it at that,” he said. The Philippines, which posted the highest first quarter economic growth in the region at 7.8 percent, has been dubbed by Standard & Poor’s, a credit rating agency, as the new leader in Asean. In June, President Aquino said after the World Economic Forum for East Asia held here that three Read More …

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 …

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