...matuwid na daan

IMF: PHL economy to grow 5% in 2011

12/10/2010

 

Multilateral lender International Monetary Fund (IMF) on Friday upgraded to 5 percent its 2011 growth forecast for the country's gross domestic product (GDP) from an earlier forecast of 4.5 percent.

IMF mission chief Vivek Arora said in a press conference that the Philippines emerged well from the global financial crisis as strong financial liquidity and a sound financial sector helped cushion the economy against the worldwide economic crunch.

The IMF, however, decided to retain this year’s economic growth forecast to 7 percent.

The Cabinet-level Development Budget Coordination Committee (DBCC) sees the country’s GDP growing by 5-6 percent this year and by 7-8 percent next year.

Arora said that the Aquino administration needs to sustain the recovery and strengthen the pace and quality of sustainable growth.

The government’s focus on governance and investment has resulted in high investor confidence and improved growth prospects, he added.

“Doing so will require preserving macroeconomic stability by carefully managing the exit from crisis-related stimulus policies in an environment that is complicated by large capital inflows and fragile global economic recovery, and moving ahead with reforms," Arora said.

IMF said it already took into account the much-needed infrastructure projects under the public-private partnership initiative of the government in measuring the country’s economic growth forecast for next year.

Inflation

Meanwhile, Arora believes that the country’s inflation would remain within the target range of 3.5-5.5 percent for this year and 3-5 percent for next year as set by the Bangko Sentral ng Pilipinas (BSP).

“Inflation should remain at around 4 percent this year and the next," he said.

The IMF acknowledged the BSP’s role in keeping inflation low while fostering economic recovery.

The multilateral lender reiterated that the central bank kept its key policy rates steady at record lows but lifted its crisis-related measures to support economic growth.

Since July last year, the policy-setting Monetary Board has placed the overnight borrowing and lending rates at 4 and 6 percent, respectively.

However, there is a need for monetary authorities to tweak its key policy rates as output gap is starting to close and prices are starting to rise in Asia, according to the IMF.

“With the narrowing output gap, it may be necessary to start normalizing the policy stance in the near term in order to forestall excess liquidity and inflation pressures. If the global environment were to worsen, or other downside risks materialize, the pace of policy normalization could be adjusted," Arora pointed out.

The IMF underscored that rising capital inflows need to be carefully managed by the BSP in order to avoid asset price inflation and macroeconomic volatility.

Efforts toward fiscal consolidation

Arora is confident that the Philippines would be able to achieve its budget deficit ceiling of P325 billion or 3.9 percent of GDP this year despite the collection shortfall from the Bureau of Internal Revenue and the Bureau of Customs.

“The government’s efforts toward fiscal consolidation should help provide the budget with more space to respond effectively to future shocks. The authorities’ emphasis on strengthening tax administration is welcome and the [IMF] is committed to supporting these efforts with technical assistance," Arora said.

He also stressed the need of the government to rationalize fiscal incentives, address tax distortions, and reform excise taxes, particularly in sin products such as alcohol and tobacco products. — JE, GMANews.TV

...innovation

Filipino electronics firm thrives in niche

By MELODY M. AGUIBA

December 11, 2010

 MANILA, Philippines – Innovatronix, a 100 percent Filipino-owned electronics-based firm, has thrived in a niche export market and is foreseeing a 40 percent revenue growth to $1.2 million in 2010.

Its export revenue stream comes mainly from photo imaging products sold to 80 countries primarily US and Europe.


A company that already has a chain of 150 stores nationwide, Innovatronix has registered an average monthly export revenue of $100,000 this year from just an average of $60,000 in 2009, according to Innovatronix founder and president, Ramon I. Castillo.


"We have 36 dealers distributing our products worldwide, many in Europe and in the US," said Castillo in an interview at a Department of Science and Technology (DoST)-led innovation forum.


Domestically, Innovatronix is leading a market previously dominated by foreign brands such as Kodak and Fuji. It targets to expand its branch operation to 200 all company-owned stores by 2012.


“We're the biggest now in photo imaging in the Philippines in number of units sold. We're outselling other brands. Our price is 25 percent less, so it's very easy to convince people to buy our products,” he said.

But aside from photo imaging, Innovatronix manufactures many other varied innovative products, having been founded in 1987 to produce "innovative electronics" products.


In its initial years, it produced electronic displays, aircon timers, basketball scoreboards, particularly for the Southeast Asian games in November 1991, and other electronics-based products for big companies as its founder, Castillo, worked early on as senior engineer at Intel.


It produces portable power products, particularly the Tronix PowerCore which provides up to 24 hours of power for computers, servers, medical refrigeration in hospitals, and other mission-critical equipment. This portable electrical device is an online UPS (uninterrupted power supply) with zero transfer time upon loss of power, protecting equipment from data loss or corruption.

...the nice guys

NICE GUYS FINISH FIRST
For the first time, PH team wins ‘Amazing Race Asia’

By Bayani San Diego Jr.
Philippine Daily Inquirer
12/10/2010

FUNNY. Richard Hardin and Richard Herrera, winning Philippine contestants on AXN’s “The Amazing Race Asia” (TARA), got lost on their way to the Inquirer interview.

However, as they told it, their struggles in the reality game show were no laughing matter.
“We almost got eliminated during the Indonesian leg,” recalled Herrera, a model-actor.

But instead of getting disheartened, they got all the more revved up and motivated. “We told ourselves, if we could make it through that round, we had a decent chance of winning,” Herrera said.

Roller-coaster ride

Win they did, and big. The two Richards, a.k.a. The Riches, are the first Pinoys to top the show’s regional edition, now on its fourth season. The finale was aired last night.

It was a roller-coaster ride for the duo. “Sometimes we did well; sometimes, terribly,” Herrera recounted.
Hardin, an athlete, often had to overcome his fear of heights. “I was cool with the bungee jump in New Zealand. After that, I could barely walk. I thought I was going to throw up,” he said.

They went through what Herrera described as “sick, sadistic challenges.” Through it all, they remained solid as a rock.

Communication

“Rather than fight, we figured things out calmly,” said Herrera. “Communication was key. The other teams were always arguing. We quarrelled once. After that, we talked openly about strategies.”

Being opposites proved to be an asset. “He’s quiet; I’m loud,” Hardin admitted. “We balanced each other.”
“He’s the slow, analytical player; I’m always charging ahead,” Herrera said. “Where I was weak, he was strong. And vice versa.”

It was Ultimate Frisbee teammate and friend Will Steedman who pushed them to join “The Amazing Race Asia,” Hardin related. Steedman thought the Riches could be naturals on TV.

The Riches are now looking at a possible regional TV career on AXN. “Anything can happen,” said Herrera.

As for the P2 million cash prize?

Herrera said he’d like to save most of it. “I’d bury it under the kitchen floorboards, like the guy in the movie ‘Training Day,’” he jested.

Then he turned serious: “I plan to visit my mom and dad in Ohio. They’ve been watching the show online.”
Hardin, for his part, said he would “save, invest and pamper [my] woman.” He planned to propose to girlfriend Andrea Barandiaran during the show’s big reveal and cast party held yesterday in Singapore.

After he gets hitched, Hardin is setting his sights on being part of the first Pinoy team in the US edition of “Amazing Race.”

“I want to retire,” Herrera quipped. “But my partner loves this game.”

Proudly Pinoy

“If Rich quits, I’d join ‘Amazing Race US’ with Rovilson Fernandez (another TARA alumnus),” Hardin jested.

Although they are Filipino-Americans, the Riches are proudly Pinoy and often wore tricolor jerseys and native beads (given by the hip-hop dance group Philippine All-Stars) onscreen.

Nice guys finish first.

...sportsmanship

Palace: Aquino pleased with Filipino sports victories in int'l arena

12/06/2010

JAM SISANTE, GMANews.TV

 

President Benigno Simeon "Noynoy" Aquino III is pleased with the recent sports victories of Filipinos in the international arena, including the Philippine football team's victory in Vietnam on Sunday and the boxing victories of Saranggani Rep. Manny Pacquiao and Nonito Donaire.

"President Aquino conveys his congratulations to the Philippine team’s victory yesterday at the AFF Suzuki Cup in Vietnam," presidential spokesman Edwin Lacierda said in a statement issed on Monday.

Lacierda said the president is pleased with the victory, as it came on the heels of recent Filipino sports victories in the international arena:

Nonito Donaire’s winning of the WBC Continental Bantamweight Championship;

the World Boxing Council (WBC) super-welterweight win of Pacquiao, and

success of the Philippine participants in the recently concluded Asian Games.

"These victories affirm yet again the Filipino’s drive to excel, noting further that the Philippine team’s triumph in the Suzuki Cup signifies an enthusiasm to join the community of nations in the international arena of football," Lacierda said.

"The President has expressed his support for sports endeavors where Filipinos excel and bring pride to our country," he added.

Sports victories

The victory of the 151st-ranked Philippines against Vietnam, 13 notches higher in the FIFA world rankings, was the biggest upset in the tournament, and perhaps even in the history of Southeast Asian football.

The AFF Suzuki Cup is a biennial football competition organized by the ASEAN Football Federation and contested by the national teams of Southeast Asia.

Donaire, 27, a native of Bohol, was hailed as the new WBC Continental Bantamweight Champion over the weekend after beating Ukrainian Wladimir Sidorenko via technical knockout. The referee stopped the fight with 1:48 still remaining in the fourth round of a scheduled 12-round bantamweight title match at the Honda Center in Anaheim, California.

Donaire's victory came less than a month after Pacquiao, who is the incumbent congressman of Sarangani province, battered Margarito in their much-awaited boxing bout in Texas.

The Philippines won three gold, four silver, and nine bronze medals in the recently-concluded 16th Asian Games in Guangzhou, China.

Meanwhile, aside from the recent victory over Margarito, Pacquiao had won the World Boxing Council (WBC) Flyweight Champion in 1998-1999; International Boxing Federation (IBF) Super Bantamweight Champion in 2001-2004; RING Featherweight Champion in 2003-2005; WBC and RING Super Featherweight Champion in 2008; and WBC Lightweight Champion, 2008-2009.

He is also the current champion of the International Boxing Organization (IBO) and RING Junior Welterweight Champion as well as in the World Boxing Organization, and reigning World Boxing Organization (WBO) Welterweight Champion.

Pacquiao’s record in the ring now stands at 57 fights, of which 52 are wins (38 by way of knockout), three losses, and two draws. – VVP, GMANews.TV

...percent story

NEDA: RP August exports among Southeast Asia’s highest

10/12/2010 | 03:11 PM

 

The Philippines ranked among the highest in exports growth in East and Southeast Asia in August and may exceed its export target for the year, the National Economic and Development Authority (NEDA) said Tuesday.

“With a 36.6 percent year-on-year increase, the Philippines joined Vietnam as top performers among neighboring Asian economies in terms of export growth in August," according to NEDA officer-in-charge Rolando Tungpalan.

“At this rate, we are optimistic that the country could exceed the 2010 exports growth target of 15 percent, Tungpalan said.

Vietnam exports grew 48.4 percent in the same period, while others Asian peers that recorded strong exports include Hong Kong SAR (36 percent), China (34.4 percent), Indonesia (30 percent), and South Korea (27.7 percent).

Philippine exports for the month totaled $4.7 billion, led by shipments of manufactured goods, which grew by 36.3 percent, and agro-based products, which grew by 75.4 percent. “This marked ten consecutive months of positive year-on-year growth since November 2009," NEDA said.

Eight-month receipts

From January to August this year, cumulative export receipts amounted to $33 billion, up by 37.3 percent from the same period in 2009.

Exports of manufactured goods, which grew 36.3 percent in August this year compared to last year, were supported by the 45.3 percent growth in electronic products.

“The brisk outward shipments of semiconductor components and devices reflected the strong growth in global sales in August, which increased by 32.6 percent based on figures from the Semiconductor Industry Association (SIA)," NEDA said.

The markets for personal computers and wireless products, “along with infrastructure expansion in emerging markets, particularly China and India, continue to drive sales," Tungpalan said I n the report, quoting the SIA.

Semiconductor exports are expected to post positive growth in the coming months, with the North American Semiconductor Equipment Industry recording a book-to-bill ratio of 1.17 in August, Tungpalan noted.

Agro-based products

Meanwhile, coconut and sugar products led the growth in agro-based exports.

“Local exporters of coconut products took advantage of favorable prices in the world market, which saw copra and coconut oil prices increasing by more than 50 percent from a year ago, to record a 148.1 percent uptick," Tungpalan said.

“Sugar exporters, likewise, were enticed by the 34.3 percent hike in US sugar prices from August last year, prompting an increase in the value of shipments from a low $620,000 to $14.4 million in August 2010," the NEDA OIC said.

Singapore, with a 20.3 percent share, was the single biggest buyer of Philippine exports for the third month in a row.

Following Singapore were the US (13.5 percent), Japan (12.7 percent), China (12.4 percent),
and Hong Kong (8.5 percent).

Exports to the ASEAN accounted for 27.6 percent of total exports, NEDA said. — VS, GMANews.TV

...graphic designing

Pinoy's design chosen for 2012 Olympic coin

By Danny Buenafe, ABS-CBN Europe News Bureau

Posted at 12/07/2010

LONDON - A Filipino graphic designer based in London has brought a rare and distinct honor for the Philippines.

Roderick Enriquez could not believe to this day that his coin design would become one of the treasured mementos for the 2012 London Olympics.

His sporting design was chosen to be printed on millions of 50-pence, the biggest coin circulating in Great Britain.

Enriquez submitted four entries, but his design for the wrestling sport got the nod of the International Olympic Committee.

More than 30,000 people submitted designs to the biggest ever competition held by the Currency Manufacturer Royal Mint.

The designs were anchored on the 31 sports events that will govern the 2012 Olympics.
Of the winners, only Enriquez hails from Asia while most were Brits.

As one of the winners, Enriquez received one gold and one silver coin bearing his Olympic design.
The commemorative coins will become part of the British Museum.

These are now available online but the commercial distribution will start early next year.
Enriquez is willing to share his talents for free even to the current Philippine government.

He is particularly interested to design a new logo for the Department of Tourism, after its previous logo, “Pilipinas kay Ganda,” was shelved due to negative reviews.
Enriquez is also concentrating in designing a commemorative coin that will characterize the much-awaited royal wedding between Prince William and university sweetheart Kate Middleton in April next year.

...filmmaking

Documentary on estero life tops international science filmfest By Faizza Farinna Tanggol (The Philippine Star)December 05, 2010

Filmmaker Nash Anggahan says his $5,000 prize will support the production of a full-length documentary he will be making about the woman living by the banks of Estero de San Miguel.| Zoom

MANILA, Philippines - Filipinos have something to be proud of once again as a documentary from the Philippines won in the Southeast Asian Student Documentary Award (SEADocs) last Dec. 1 in Bangkok, Thailand.

Nash Anggahan, a 25-year-old graduate from the Polytechnic University of the Philippines, entered his entry entitled “Iskwater” – a play on words using the colloquial term for informal settlers “squatter” and the aspect of “water” since the documentary was filmed by a waterway, the Estero de San Miguel.

“My film is about the people who are living near the river waters, that’s why it’s called ‘Iskwater,’” said Anggahan.

“It revolves around a woman who lived near the estero for more than 20 years. She had 17 kids but then most of them died; only four of them lived. She is scavenging plastics in the river just to survive,” he added.

Anggahan admitted he was overwhelmed when his documentary was chosen as one of the three entries short-listed in the Philippines, considering he submitted what he said was an incomplete film.

“We were able to submit just half of the film. Just from that, I was already disheartened, thinking I wasn’t going to make it,’” Anggahan explained. “I was surprised when I still made it to the regional top three. We flew to Thailand and got the workshop done with other nations like Cambodia, Thailand, and Indonesia and after that the awarding happened. I was more overwhelmed when I heard that my entry was champion.”

As part of the regional winner from the Philippines, Anggahan won 500 US dollars. He got an additional 5,000 US dollars grant as the overall champion of SEADocs. These funds will go to the production of Anggahan’s full-length documentary.

“The SEADOcs organizers say that what sells on my film is the introduction. It captured the heart of the judges themselves. What they suggested I do is to make that the full version of the film,” Anggahan said. “So I was thinking of extending my short film to do an observational documentary film about that woman who lives in Estero de San Miguel — the next estero that Kapit Bisig para sa Ilog Pasig will take on. I hope her home’s not yet destroyed so that I can follow her progress from living in the estero up until she transfers to a different place. That would be a good subject for the full-length documentary in cinematic documentary style.”

Kapit Bisig para sa Ilog Pasig (KBPIP) is ABS-CBN Foundation’s river rehabilitation project that aims to clean the Pasig River and the esteros that lead to it. KBPIP has rehabilitated Estero de Paco since its launch last 2009 by relocating, dredging and riprapping its easements and will be taking on the rehab of Estero de San Miguel next year.

ABS-CBN Foundation managing director Gina Lopez was proud of Anggahan’s achievement. “We decided to go to River Warriors Media. They are the people who were willing to volunteer their services for the river, to use their media skills to protect the river. And they were mentored by Brillante Mendoza. Nash is actually one of our River Warriors Media volunteers. And then he won! Wow!” enthused Lopez.

SEADocs is a competition to encourage the art of documentary filmmaking in the Southeast Asian region, using the medium of film and television as a platform to engage pressing environmental issues. The film festival, dubbed as “SineSiyensiya 2010,” screened 25 films in 11 venues, bringing together students, educators, and lovers of film and the sciences. Cambodia, Indonesia, Thailand and the Philippines participated in the film festival, inviting students to submit a short documentary film on the subject of biodiversity.

...rural electrification

Belgian firm eyes 15 energy projects in PH

Total investments seen hitting $1B

By Amy R. Remo
Philippine Daily Inquirer
12/05/2010

MANILA, Philippines—Belgium-based renewable energy developer Enfinity has sought government approval of 15 applications for renewable energy service contracts for its proposed solar-power projects, according to the Department of Energy.

DOE documents showed that Enfinity, through its local subsidiary Enfinity Philippines Renewable Resources Inc., planned to put up separately two 50-megawatt solar power facilities within the Clark Freeport Zone and Cavite Export Zone.

Enfinity Philippines also has five other proposed projects, which have a combined capacity of 10 MW, to be located at Libjo, Surigao del Norte; Poro, Cebu; Casiguran, Aurora; Burdeos, Quezon; and San Fernando, Romblon.

Based on the applications they submitted to the DOE, Enfinity Philippines is also looking at several prospective solar areas for their power projects, including Tawi-tawi; Palawan; Calamansig, Sultan Kudarat; Sacol Island; Barangay (village) Matti, Digos, Davao del Sur; Victoria, Tarlac; Conception, Tarlac; and the Mactan Economic Zone. The company has yet to announce more specific details for these particular projects.
Enfinity earlier announced during a signing ceremony held at the Board of Investments that it targeted to invest some $1 billion to complete a 500-MW power portfolio in the country. These investments are expected to be poured in within the next three to five years.

The company has signed agreements with electric cooperatives such as Davao del Sur Electric Cooperative Inc. (Dasureco), Zamboanga Electric Cooperative Inc. (Zamcelco) and Tarlac Electric Cooperative Inc. II (Tarelco II), as well as with the various economic zones in the country for its planned investments.
It has also forged an agreement with state-run National Power Corp. for the establishment of solar-power projects in off-grid areas in Romblon, Palawan and Quezon.

Based on earlier discussions, Napocor president Froilan A. Tampinco had said that Enfinity was considering putting up a total of 10 MW of solar-power capacity in Napocor’s Small Power Utilities Group areas. This capacity, however, could go as high as 20 MW to take advantage of economies of scale, he added.

...the call center industry

It's official: Philippines bests India as No. 1 in BPO

Manila (Philippine Daily Inquirer/ANN) - After challenging India for the top position for several years, the Philippines is now the world leader in business support functions like shares services and business process outsourcing, according to the latest reports and trends analyses.

In fact, the country overtook India in these categories last year, according to IBM's latest Global Locations Trend Annual Report, released recently in New York.

India now ranks No. 2, the first time it was not in the leading position for these activities, according to the IBM report, launched in October but made available online last month.
"The Philippines has taken over the lead in the global ranking from India," the report said.
The IBM report said the Philippines offered a similarly attractive business environment for international business support functions as India. Unlike India's BPO hot spots, however, labor costs here have not increased as much.

On Thursday (December 2), the Contract Center Association of the Philippines said the country had become the call centre of the world, with around 350,000 Filipinos working in call centers against India's 330,000-strong workforce.

Revenues from the country's call center industry are also expected to reach $5.7 billion this year, higher than India's $5.5 billion, the CCAP said.
The call centre industry, which provides so-called "voice" services like customer support and sales, is part of the BPO industry.

Call centres make up 70 per cent of the BPO industry in the Philippines.
Currently, there are 600,000 Filipinos employed in the country's BPO industry, according to the Business Processing Association of the Philippines.
India is here

In yet another sign of the Philippines' BPO dominance, Tata Consultancy Services, the information technology services, business solutions and outsourcing arm of India's giant Tata Group, opened its first BPO centre in Southeast Asia at the Bonifacio Global City in Taguig on Thursday.
"We believe that the Philippines has a very high quality of talent that can represent the company before our Asia-Pacific customers and our global customers," said Vish Iyer, head for the Asia-Pacific region for Tata Consultancy Services.

Iyer also said Tata chose the Philippines because it "wants to be here to see the Philippine BPO industry grow from its current $9 billion (in annual revenues) to the projected $25 billion in 2016."
The BPO centre that Tata Consultancy inaugurated will have 400 seats, and a target of three clients, including Citibank.

Abid Ali Z. Neemuchwala, vice president and global head for business process services and process excellence, said the company expects to more than double this to 1,000 seats and a target of five clients two years from now.

The firm generated revenues of about $6 billion last year.

Following India in IBM's ranking of BPO leaders were the United States, Poland, China, Britain, Columbia, Costa Rica, Fiji, Ireland, South Africa, Sri Lanka, Hungary, Australia, Egypt, Chile, France, Canada, France, Singapore and the Netherlands.

The IBM report said Sri Lanka was another Asian country that had succeeded in positioning itself as an alternative to India.