Olongapo students help shape positive picture of PHL in US

 Entertainment
Mar 272014
 
Olongapo students help shape positive picture of PHL in US

Strengthening people-to-people ties. Ambassador Jose L. Cuisa, Jr. congratulates the students from Olongapo who are participating in the first ever exchange program between Olongapo City and Virginia Beach (Philippine Embassy Photo by Majalya Fernando) WASHINGTON, D.C. – Nine public school students from Olongapo City are helping shape a positive picture of the Philippines and strengthen people-to-people ties with the United States through an educational exchange program with the city of Virginia Beach in Virginia. The nine students make up the first delegation from Olongapo to participate in an exchange program under a sister city agreement with Virginia Beach that was made possible with the help of Ambassador Jose L. Cuisia, Jr. and the Philippine Embassy. The nine students from the Regional Science High School (RSHS) and Olongapo City National High School (OCNHS) arrived in Virgnia Beach last week to participate in the exchange program with Tallwood High School. They are accompanied by Councilor Jong Cortez and teachers Miguel Esporas and Lovella Jarobel. The students, who are staying with foster families in Virginia Beach, are: Thea Ysobel Cortez, Frezniel Bien Salinas, Jonas Exequiel Soriano, John Daniel Mendoza, Ethan Arcelao, Keana McCoy, Via Ronquillo, Juliana Mendoza and Dainty Jewel Manuel. The students paid a courtesy call on Ambassador Cuisia, who initiated the exchange between during a visit to Tallwood High School in Virginia Beach last year. During their call, the students told the Ambassador that aside from discussing Philippine history and culture, they also try to get their American classmates to learn Read More …

PSE seen testing 6,500-pt level this wk

 Economy
Mar 232014
 
PSE seen testing 6,500-pt level this wk

MANILA, Philippines – The upswing in the local bourse is still in play for this week, with month-end window dressing and positive news likely to push the benchmark index close to the 6,500 level. Investors will monitor several market-moving news here and abroad, particularly those related to interest rates, analysts said. “The uptrend remains intact and a retest of 6,500 level is still probable,” said Jonathan Ravelas, chief market strategist of BDO Unibank Inc. On the other hand, there is also a risk of the main index dropping below the 6,300 level. “On a technical basis, the market broke its short-term support level at 6,400 and 6,350, but remains mid-way through its three-month upward trend channel,” said Joyce Anne Ramos, an analyst at AB Capital Securities Inc. “Should the anticipated market developments turn out positively in addition to the possibility of window dressing for the end of first quarter, we expect that the local bourse will slowly inch upwards to test the resistance levels at 6,550 and 6,570,” Ramos said. Week-on-week, the Philippine Stock Exchange index lost 0.81 percent or 51.98 points to close at 6,339.26, with the decline led by holdings firms that sank 2.21 percent or 130.23 points. It marked the second straight week the main index ended in the red. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The geopolitical tension in Ukraine, the nearing conclusion of the US Federal Reserve’s stimulus program and the impending increase in US interest rates kept a lid on share Read More …

Sustained rise in GIR level seen

 Economy
Mar 162014
 
Sustained rise in GIR level seen

MANILA, Philippines – The country should see sustained growth in its gross international reserves (GIR) as global financial markets experience less volatility, the research arm of Metropolitan Bank & Trust Co. said. “As the dust settles in the global financial markets, the rise in the country’s GIR levels in the coming months is seen to be sustained,” Pauline Revillas, research analyst at Metrobank, said in a recent report. “The BSP is in fact forecasting its GIR to grow by almost six percent this year from the end-2013 level of $83.2 billion,” she noted. GIR went up to $80.343 billion in February after falling to a 19-month low in January. The Bangko Sentral ng Pilipinas (BSP) attributed the rise in reserves to revaluation adjustments of gold and income from the central bank’s foreign exchange operations and investments abroad. “The volatility in the global financial markets was a factor in the rise of the February level,” Revillas said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “For one, the market’s risk aversion, on the back of sluggish US and Chinese economic growths, fueled a rise in the demand for commodities like gold. Thus, the value of gold in the international market rose in recent months,” she added. Revillas further said: “Furthermore, in February, the peso managed to regain its ground and remained stable within the 44-level amid the pressure on the US dollar.” The GIR indicates a country’s ability to pay for its foreign debt and imports of goods and services. Read More …

US hits 'provocative' China move on Philippine ships

 News
Mar 122014
 
US hits 'provocative' China move on Philippine ships

WASHINGTON – The United States on Wednesday accused China of raising tensions by blocking two Philippines vessels as it urged freedom of navigation in the tense South China Sea. The United States, a treaty-bound ally of Manila, said it was “troubled” by Sunday’s incident in which China prevented movement of two ships contracted by the Philippine navy to deliver supplies and troops to the disputed Second Thomas Shoal. “This is a provocative move that raises tensions. Pending resolution of competing claims in the South China Sea, there should be no interference with the efforts of claimants to maintain the status quo,” State Department spokeswoman Jen Psaki said. The Philippines on Tuesday summoned China’s charge d’affaires, accusing Beijing of a “clear and urgent threat” to Manila’s interests. Beijing countered that the ships “infringed China’s territorial sovereignty” and violated a 2002 declaration of conduct in the South China Sea. The United States rejected China’s stance, saying that countries had the right to “regular resupply and rotation of personnel” to locations before the 2002 declaration. The Second Thomas Shoal, which sits around 200 kilometers (125 miles) from the western Philippine island of Palawan, is claimed by the Philippines, China and Taiwan. Beijing calls it Ren’ai Reef. Malaysia, Brunei and Vietnam claim other parts of the Spratly islands, which lie near vital sea lanes and rich fishing grounds and are also believe to sit on vast mineral resources. The United States, while saying it takes no position on the sovereignty of disputed territories, has Read More …

US justice official cites use of rewards, threats in fight vs corruption

 News
Mar 012014
 
US justice official cites use of rewards, threats in fight vs corruption

MANILA, Philippines—A former senior counsel of the US Department of Justice has cited the importance of giving incentives to reward companies that cooperate with law enforcement in fighting corruption and, on the other hand, of issuing threats to investigate those that fail to come forward with information regarding corruption. Office of the Ombudsman or Asian Development Bank building Adam Lurie, guest lecturer at the 4th Integrity Lecture Series organized by the Office of the Ombudsman at the Asian Development Bank (ADB) last week, spoke on the importance of tapping private sector participation in the government’s fight against graft and corruption. Lurie also cited the importance of the use of wiretap devices, of access to financial documents or bank records, and the adoption of whistle-blower laws as critical tools for US law enforcement. Zero-tolerance policy In his lecture entitled “The Vital Role of Government in Encouraging Private Sector Participation and Cooperation in Anti-Corruption and Complex Enforcement,” Lurie discussed how American companies adopted a zero-tolerance policy towards bribery and corruption. He said the United States government developed a compliance and ethics program that initiates due diligence within a company and promotes an organizational culture of commitment to compliance with the law.  The program also defined what are acceptable gifts to public officials, he said. Securities and Exchange Commission Chair Teresita Herbosa, Prosecutor General Claro Arellano, deputy mission director of the United States Agency for International Development (USAID) Reed Aeschliman, and Makati Business Club chair Ramon del Rosario Jr. served as panel reactors Read More …

US Embassy trumpets programs, ‘easy visa’ processing, Americana in mall tour

 News
Mar 012014
 
US Embassy trumpets programs, ‘easy visa’ processing, Americana in mall tour

MANILA, Philippines—The United States Embassy in Manila on Saturday launched a multimedia event to celebrate Philippine-US ties and showcase the embassy’s programs and services, including “friendly” tourist visa processing. US Embassy in Manila, Philippines. AP FILE PHOTO Dubbed “America in 3D: A Road Show in Diplomacy, Development and Defense,” the weekend-long multimedia, entertainment and education activity was launched at SM Mall of Asia, highlighting the favorite activities of Filipinos and Americans such as shopping, food and music. Ambassador Philip Goldberg described Philippine-US ties as “very strong and very rich,” pointing to the four million Americans of Filipino descent living in the US and the 350,000 US nationals living in the Philippines. “This [event] shows our deep commitment to each other, which is people-to-people. We have our people here to help explain what the embassy does and help demystify some our services,” the ambassador told reporters in an interview. Another presentation also showed the step-by-step process of applying for a tourist visa. Goldberg dispelled perceptions that Filipinos have difficulty obtaining tourist visas to visit the United States. He admitted that the US Embassy compound in Manila may look intimidating with its high walls and strict security but, in reality, the procedure for visa application is “friendly.” “The vast majority of people who apply are approved for visas. [We have] a standard and easy process: You make an appointment, you go in, you have an interview. As long as you are a stable resident of the Philippines, you’re going to get your Read More …

Max’s seals acquisition of Pancake House

 Economy
Feb 252014
 
Max’s seals acquisition of Pancake House

MANILA, Philippines – The Max’s Group, led by the Fuentebella family, has completed the purchase of Pancake House in a P3.5-billion transaction, making it one of the country’s biggest full-service and family-style dining restaurant chains with a combined network of more than 450 stores. In a statement, Max’s said it acquired a total of 89.95 percent stake in Pancake House, equivalent to 233.16 million shares after minority shareholders tendered their shares before the offer deadline. The tender offer involved 39.98 million Pancake House shares.  The shares were acquired for P15 apiece, the same price per share that Max’s has agreed to pay the majority shareholders for the acquisition of 193.18 million Pancake House shares. The acquisition brings together two of the Philippines’ largest and historically successful heritage brands that share a long history of brand recognition and innovation, customer loyalty and proven track records for expansion. Max’s president Robert Trota said Pancake House would remain as a listed company despite the entry of a new shareholder group. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The group led by the Fuentebella family is also the master franchisee of US-based coffee and doughnut brand Krispy Kreme in the Philippines. “The Max’s Group is extremely excited about having completed another historic milestone in the Philippine restaurant industry. We appreciate everyone’s enthusiasm for what we can do to build our casual dining brands together, execute a business strategy that delivers consistently high quality food with exceptional customer service.  Together, we look forward Read More …

Mexico to trump Japan as No. 2 car exporter to US

 Economy
Feb 212014
 
Mexico to trump Japan as No. 2 car exporter to US

Volkswagen Jettas produced in Mexico for export are parked at the port terminal in the Gulf city of Veracruz, Mexico. (AP Photo/Felix Marquez) CELAYA, Mexico — Mexico is on track to become the United States’ No. 1 source of imported cars by the end of next year, overtaking Japan and Canada in a manufacturing boom that’s turning the auto industry into a bigger source of dollars than money sent home by migrants. The boom is raising hopes that Mexico can create enough new jobs to pull millions out of poverty as northbound migration slows sharply, but critics caution that most of the new car jobs are low-skill and pay too little. Mexico’s low and stagnant wages have helped kept the poverty rate between 40 and 50 percent since the passage of the North American Free Trade Agreement two decades ago. An $800 million Honda plant that opened Friday in the central state of Guanajuato will produce more than 200,000 Fit hatchbacks and compact sport-utility vehicles a year, helping push total Mexican car exports to the U.S. to 1.7 million in 2014, roughly 200,000 more than Japan, consulting firm IHS Automotive says. And with another big plant starting next week, Mexico is expected to surpass Canada for the top spot by the end of 2015. “It’s a safe bet,” said Eduardo Solis, president of the Mexican Automotive Industry Association. “Mexico is now one of the major global players in car manufacturing.” When NAFTA was signed two decades ago, Mexico produced 6 Read More …

Naia cops recover P770,000 in cash left in cab by Spanish tourist

 News
Feb 192014
 
Naia cops recover P770,000 in cash left in cab by Spanish tourist

By Jerome AningPhilippine Daily Inquirer 7:58 pm | Wednesday, February 19th, 2014 FILE PHOTO MANILA, Philippines — Ninoy Aquino International Airport policemen on Tuesday recovered cash worth P770,000 accidentally left in a cab by an 80-year-old Spanish tourist. Marco Muñoz Santiago, who arrived in Manila on Monday from Sydney, Australia, said he returned to Naia Terminal 1 on Tuesday morning to return a baggage that he wrongly claimed.  After doing so, he realized that he left his shoulder bag containing cash inside the taxi. Airport police department chief Jesus Descanzo said Santiago, a retired physical therapist, sought help from the APD office, which dispatched investigators to contact Santiago’s hotel in Manila for information regarding the cab. The cab’s name was identified by the hotel as a “Kevin Carlo Taxi” with plate number UVJ-421.  The investigators then contacted the Land Transportation Office, which provided name of the operator, who in turn, contacted the driver. The policemen found the cab parked along Pedro Gil Street in Ermita, Manila at around 4:30 p.m.  The driver, when confronted by the police, returned the shoulder bag. The bag contained US$8,200, US$250-worth of travelers’ checks, and 9,800 Australian dollars and as well as Santiago’s passport and eyeglasses.  The cash and checks combined was equivalent to about P770,000 based on Wednesday’s exchange rates. Santiago thanked the airport policemen for returning his money. RELATED STORY 2 NAIA cops return clutch bag to Chinese tourist Follow Us Recent Stories: Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile Read More …

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