Saturday, February 19, 2011

...the growth target

Aquino admin sets 7-8% growth target for 2011

02/19/2011


MANILA, Philippines - The Aquino administration has set a growth target of 7% to 8% target this year, saying this would boost employment and help reduce poverty.

Socioeconomic Planning Secretary Cayetano Paderanga Jr. yesterday said that “in order to do this, we will arrange the right policies in a way that our target will be more achievable.”

Last year, the economy grew by 7.3%, way above the official target of 5% to 6% and the highest recorded in the post-Marcos era on account of significant expansions in the industry and services sectors.

Paderanga said that in order to sustain the strong economic performance, the government would need to have an integrated infrastructure program, improved governance and an effective delivery of social services.

“We will ensure as much as possible that our economic policies will be more targeted to the lower income bracket and spread effects are faster but without significantly affecting sustainability of growth,” he said.

The Socioeconomic Planning chief said that while a 6% growth will have significant effects on poverty reduction and other government targets, a seven to 8% goal is deemed much better by economists.
However, he conceded that an 8% target would be difficult to reach.

The government is committed to halving poverty, based on the 1991 level, by 2015 as part of the Millennium Development Goals (MDGs) of the United Nations.

Recently, the National Statistical Coordination Board released the 2009 Poverty Statistics using a refined method that registered an increase in magnitude of poor population by almost 970,000 Filipinos, from 22.2 million in 2006 to 23.1 million in 2009.

This refined method, which was recently publicly introduced, computes the annual per capita food threshold through food bundles per province rather than on a per region basis.

Paderanga said the NSCB will run parallel estimates for both former and refined methods from 1991 up until 2012 for comparability and labor discussion purposes.

“This translates to a more location-specific targeting of plans and programs for poverty reduction, especially for monitoring of the MDGs. Implementation would also be more effective as re-channelled resources would cover intended beneficiaries,” Paderanga said.

...the long-awaited development

Philippines primed to fulfill growth promise

02/19/2011



MANILA, Philippines - The conditions are ripe for the Philippines to break free from years of subpar growth but an environment that draws and keeps investors is needed, the chief of the oldest foreign bank in the country said.

"In the ’70s and ’80s, the Philippines was the country with the biggest promise. Now, the time has come with all the conditions right and the high amount of interest in the new government," said Mahendra Gursahani, CEO of Standard Chartered Bank in the Philippines, in an interview earlier this week with BusinessWorld.

"The government has what it takes to leave some of the baggage behind and take the country to a different level of economic activity and growth," he added.

Mr. Gursahani, who was appointed last June, said it was important for the country to sustain the 7.3% economic growth achieved in 2010 and The conditions are ripe for the Philippines to break free from years of subpar growth but an environment that draws and keeps investors is needed, the chief of the oldest foreign bank in the country said.

"All indicators are very stable. It’s one of the few countries where inflation has well been well-controlled. Foreign reserves are growing, remittances are consistent. You have all the factors ... everything is quite robust. The question is how do you encourage investments because investments are what will create growth, jobs and opportunities," he said.

"For that you have to start to create a track record. Foreign investors need to know they will operate in a predictable environment," he added.

The Aquino government is targeting 7-8% economic growth up to the end of its term. Standard Chartered, established in the Philippines in 1872, will do its part to attract investments to the Philippines, Mr. Gursahani said.

Through its wholesale banking business, Standard Chartered is helping clients find investment opportunities here especially that the government is pushing public-private partnerships (PPPs) to address the lack of infrastructure, he said, adding that the bank can help its clients -- and also the government -- get financing.

"We would play our part in promoting the Philippines as a place for investments but we want to see the government come up with real measures to instill confidence [among investors]," he said.

The government has said it would be putting five PPP projects up for bidding next month.

Last year’s economic growth, said Mr. Gursahani, drove Standard Chartered to another record year in terms of profits. He declined to cite figures, only saying: "All I can say is in 2010, we grew very, very strongly compared to 2009, as all banks in the Philippines have."

Standard Chartered Plc is expected to report 2010 earnings later this month.

For 2011, Mr. Gursahani said the bank would continue to focus on its wholesale banking and wealth management business, the latter catering to individuals with at least P2.5 million in investable funds. The bank is doubling the number of its wealth relationship managers to 50 in the near term and will recruit more if necessary.

The bank also wants to "upsegment" its personal banking customers -- those who maintain the usual deposit accounts -- to priority banking, where they can get advice regarding investments.

"People in the Philippines save less than most Asians do... There is a fair amount of financial illiteracy," Mr. Gursahani said.

Standard Chartered last year launched a financial literacy program targeting college students about to enter the workforce.

"We want to give them a sense of making decisions like responsible credit card usage and responsible loan use so that when they go to the workplace, they know how to manage their financials," Mr. Gursahani said.

"This is not so we can get more business... but so we can play a part in touching at least a small part of the population."

...the megacity

MMDA, mayors to give Metro Manila a 'facelift'


By ANNA LIZA T. VILLAS
Manila Bulletin
February 18, 2011


MANILA, Philippines – The Metropolitan Manila Development Authority (MMDA) and the 17 mayors of Metro Manila have agreed to give the metropolis a “facelift” through an urban renewal program that aims to hasten the region’s progress, increase its economic opportunities and income.



“We want to create a world-class, vibrant, safe and healthy metropolis by 2016 by implementing short- and medium-term programs. This we will do with the mayors as our active partners,” MMDA Chairman Francis Tolentino, who led the Metro Manila Council (MMC) meeting.

Tolentino said that Metro Manila, a region of 12 million people, needs redevelopment not only to improve its physical surroundings but also to create a world-class economic hub at par with other metropolitan areas in Asia such as Hong Kong, Singapore, Tokyo, Seoul-Incheon-Gyeonggi in South Korea, and Shanghai.

“We have to revitalize our central business districts, create better, safer roads, a land-and-rail mass transportation system, and other major face-lifting endeavors to address Metro Manila’s rapid urban decay,” Tolentino said.

During the meeting, the 17 mayors and other voting members of the council initially agreed to form a committee, with the MMDA as the lead agency, to formulate a six-year Urban Renewal Master Plan for Metro Manila.

The MMDA presented its proposed short- and medium-term urban renewal projects, which Valenzuela City Mayor Sherwin Gatchalian proposed to be funded by the Office of the President and joint financing by the 17 local governments in Metro Manila.

...the energetic journalist

MB's energy reporter wins ASEAN Journalism Award

 
Manila Bulletin
February 19, 2011
 
MB’s energy reporter Myrna M. Velasco (L) poses at the Green Technology Awards sponsored by German firm Siemens AG for ASEAN professional journalists during ceremonies held in Singapore last Feb. 14, 2011.
MB’s energy reporter Myrna M. Velasco (L) poses at the Green Technology Awards sponsored by German firm Siemens AG for ASEAN professional journalists during ceremonies held in Singapore last Feb. 14, 2011.


SINGAPORE – Manila Bulletin’s energy reporter, Myrna M. Velasco, has won one of the coveted awards in the Green Technology Journalism Awards sponsored by German firm Siemens AG for ASEAN professional journalists which was conferred last February 14 at the Conrad Centennial Hotel here.

Velasco was declared merit winner in the “Energy Efficiency Category” for her article-critique on the Philippines’ renewable energy policy, entitled: “The country’s renewable energy ambition: Fact or Fiction?”

With her winning piece, she joined the roll of other winners from leading publications in the ASEAN region, such as those from The Star of Malaysia; Singapore’s Straits Times; The Jakarta Globe;
Media Indonesia; as well as magazine publications like Newsbreak (Philippines); Vietnam Investment Review; and Thailand’s Engineering Today.

The winning articles have been chosen based on the journalists’ grasp and explanation of the subject matter; display of adequate research and analytical ability; as well as on the style of writing and presentation of ideas.

Apart from pre-qualification at country-levels, the winning entries were comprehensively chosen by a panel of international judges headed by Dr. Constantin Birnstiel, head of Corporate Communications at Siemens AG’s headquarters in Munich.

The approximately 200 entries considered in the pre-qualification process came from a wide spectrum of media outlets – from the mainstream news dailies and magazines from eight ASEAN countries, the contest-organizers have announced in a press statement. Winning entries were also chosen from the rank of undergraduate students under the young journalists’ category.

“We were very impressed with the quality of journalism displayed by the media in this region. The enthusiasm shown by journalists and editors toward our award program proves that sustainability is no longer just a buzzword in this part of the world – it has grown to become a real and pressing issue in both growing and developed economies,” said Mr. Lothar Herrmann CEO of Siemens Pte. Ltd. Singapore and CEO of Siemens ASEAN.

During the awarding rites, Siemens AG Chief Sustainability Officer and Member of the Managing Board Barbara Kux noted that the launch of the journalism award in ASEAN “is part of our effort to facilitate a deeper awareness of the global green transformation and appreciation for the profound effects of the world’s megatrends.”

She added that for Siemens, “sustainability means acting responsibly on behalf of future generations to achieve economic, environmental and social progress.”

...the green transport

Villar seeks support for nationwide bike lanes

 
By MARIO B. CASAYURAN
Manila Bulletin
February 19, 2011
 
 
MANILA, Philippines — Sen. Manuel Villar Jr. asked Saturday for congressional support for the passage of his bill which seeks to promote bicycles as an alternative mode of transportation in the face of the increasing price of fuel and fares.

Villar authored Senate Bill No. 2688 or the Bicycle Act of 2011 which seeks to provide a framework for a bicycle law on a national level. The bill states that all main roads and highways shall be provided with bicycle lanes or bike ways as identified by the Local Bikeways Office (LBO).

“Bicycle riding not only promotes health and leisure but also provides for an alternative solution to high fuel prices, increasing transport fares, traffic management, air and noise pollution and high cost of motorized vehicles including maintenance and parking fees,” Villar said.

The LBO is the agency which will be in charge of implementing the policies, rules, and regulations pertinent to the Bicycle Act, including the registration of bicycles using the bike ways. This agency will be under the supervision of the city or municipal engineering office.

One of the first measures related to bicycle use in the Philippines was enacted by the Marikina City Council in 1996, Villar said.

The Marikina ordinance defined the use of all streets, avenues, alleys, sidewalks, bridges, parks, and other public places as bicycle lanes.

Recently, a bicycle ordinance was approved on second reading in Davao City.

The Cultural Center of the Philippines Complex has also integrated a bicycle lane in its road network, Villar said.

“The worsening pollution problem also calls for the promotion of the use of non-motorized vehicles that is free from harmful emissions,” he added.

The Villar bill also provides for the creation of Bicycle Parks in each city and municipality where provisions for bicycles are present such as bikeways, bicycle parking areas and similar infrastructure.

Funding for the construction of bicycle parks will be sourced from revenues raised from the locality’s miscellaneous activities like parking and license fees.

The bill also includes a section indicating the rights, duties, and obligations of cyclists, promoting safety of bicycle riders and all road users.

Other features of the bill are: The use of helmets and appropriate signals and the use of reflective materials especially at night; restrictions on cyclists and the right to use a bicycle such as the prohibition for a bicycle to carry more persons than it was designed to carry, except when another regular seat or trailer towed by the bicycle is present; and prohibits the parking of bicycles in areas not specifically marked as parking areas for bicycles.

According to the bill, once bike lanes are established on a road, any person is prohibited from operating a motor vehicle to drive in the bikeway.


...the trees

MMDA to plant trees, build EDSA tramway

 
By RIZAL S. OBANIL and ELLSON A. QUISMORIO
Manila Bulletin
February 19, 2011
 
 
MANILA, Philippines — The Metropolitan Manila Development Authority (MMDA) will plant trees in vacant lots and build a tramway along EDSA within five years.

MMDA Chairman Francis Tolentino said plans to build a tramway and plant trees around the metropolis is part of the agency’s urban renewal program.

The programs came up from a recent meeting with the 17 mayors in Metro Manila.

Under the program, trees will be planted to counter the effects of air pollution.

Tolentino also encouraged establishments along the major streets in the metropolis to do their own planting, for which they will receive incentives from the agency.

The idea of building a tramway along EDSA, which will transport passengers to key points in the city, was born out of the same mode of transportation seen in major cities around the world like London, Finland, Egypt, Alexandria, Helsinki, Timisoara, Romania, Latvia, Riga and some cities in the US.

The MMDA also plans to modernize traffic control by installing more traffic lights and closed circuit television (CCTV) cameras within two years.

Road widening, sidewalk rehabilitation, improvements in major thoroughfares of Metro Manila, EDSA, Commonwealth Avenue, Marcos Highway, Quezon Avenue, C-5 Road, McArthur Highway and Road 10 are also part of the program.

In a related development, the Metro Manila Council (MMC), the governing and policy-making body of the MMDA has approved the implementation of a re-greening program for the entire metropolis.

The MMC in effect agreed to create a Metro Manila Greening Committee which shall be composed of a chairman, vice chairman, and three members to be appointed by the council.

As agreed upon by the mayors during their regular council meeting held in MalacaƱang last Thursday, the Greening Committee will come up with an integrated clean-and-green program to be undertaken by the 17 local governments.


Friday, February 18, 2011

...the future star

Lady Gaga praises young Pinay singer

02/18/2011 8:15 PM


 

Courtesy of Youtube

CANADA – No less than Lady Gaga has described 10-year-old Filipina singer Maria Aragon from Winnipeg, Canada as “the future."

In her Twitter account, which has more than 8 million followers, the pop superstar said: “Can’t stop crying watching this [video]. This is why I make music. She is the future."

Lady Gaga was referring to a video uploaded by Aragon where she performs the pop singer’s “Born This Way."
Lady Gaga tweeted Aragon’s video link on her account.


Can't stop crying watching this. This is why I make music. She is the future. http://www.youtube.com/watch?v=xG0wi1m-89o17 Feb via web

Aragon could not believe the video would be a hit just a day after her siblings uploaded it on video sharing site YouTube.

The video gained 3,000 hits even before Lady Gaga’s tweet. Now, the video has more than 900,000 hits.
Meanwhile, Aragon was also interviewed by a local radio show and became the subject of local news.

The young singer said she started uploading her videos on YouTube 3 years ago.

The Lady Gaga fan also said she dreams of becoming a guest in Ellen DeGeneres’ show in America. -- report from Marieton Pacheco, ABS-CBN North America News Bureau


..

Thursday, February 17, 2011

...the cue master


Pagulayan tops US 9-Ball tiff

The Philippine Star
February 17, 2011


Photo is loading...
Alex Pagulayan| Zoom
MANILA, Philippines - Former world pool champion Alex Pagulayan held off American Mitch Ellerman, 11-6, in the final game to complete a sweep of the 15th Annual Jay Swanson Memorial Tournament at the Hardtimes Billards in Bellflower, California over the weekend.

It was Pagulayan’s second straight victory in as many weeks as he also ruled the 9-Ball Banks event of the Derby City Classic in Louisville, Kentucky.

The Fil-Canadian cue master went undefeated, highlighting his title romp with an escape win over Tommy Tokoph of Arizona, 7-6, who crumbled under pressure on a hill-hill match and missed what had appeared to be an easy shot on the 9-ball.

Pagulayan took the top $3,000 purse.

Against Ellerman, Pagulayan raced to a 9-3 lead but missed clinching it outright when he muffed a 9-ball shot on the corner pocket. Ellerman took the cue and won three straight racks but lost in a duel of safeties on the 17th rack to concede the title.

...the high tech fisherman


IT project for fisherfolk pilots in San Pablo City

The Philippine Star
 February 17, 2011


Photo is loading...
Ateneo students set up the floating server which collects information on water quality in Lake Palacpacin in San Pablo City, Laguna.
MANILA, Philippines - The Commission of Information and Communications Technology (CICT) and its partner research institution Ateneo de Manila University recently launched a project that promotes growth and development for fisherfolk communities.

CICT Commissioner Francisco Perez II, students and faculty from the Electronics, Computer and Communications Engineering department of the Ateneo de Manila University and representatives of Japanese and Thai partners unveiled the first Telecenter or community e-center in Lake Palacpacin in San Pablo City, Laguna.

The Asia Pacific Telecommunity SHARE Project dubbed “A Broadband Farm to Market Ecosystem for Fisherfolk Communities” is aimed at preventing fish kill incidents using Internet communication technology that can warn fisherfolk when fish kill will occur, thus helping them harvest fish on time.

The project, with its pilot location in Lake Palacpacin aims to warn fisherfolk about the gradation of water quality to prevent fish kill.

Perez said the process starts by measuring the lake’s oxygen levels through the instruments set up around the lake.

The servers were donated by the project’s Japanese and Thai partners.

Fisherfolk also play a crucial role in data gathering by inputting information through an interactive blog such as their catch of the day, be it tilapia, prawns, shrimp or some other seafood, as well as the condition of the lake as they see it.

The data collected by the servers and the information provided by the fisherfolk are then transmitted for analysis and interpretation by experts at the Ateneo de Manila and its partners through broadband Internet connection.

After this, information is disseminated to fisherfolk in easy-to-understand language. An early warning will hopefully help them cope with the occurrence of a fish kill.

If successfully implemented in Lake Palacpacin, the project may be replicated in other parts of the country.
The challenges, according to Perez, is in helping the community understand the process and importance of the project, gathering ample resources for implementation, overcoming time constraints, and ensuring the project’s sustainability.

Ateneo School of Science and Engineering students Michael del Rosario, Gerald Mateo, Mae Villanueva and Chris Favila demonstrated to Japanese and Thai partners, fisherfolk, government representatives and other stakeholders the future website to be used by fisherfolk in providing data about the lake.

The website, a work in progress, contains photos of the project development, data from the servers about the lake, videos of interviews with the locals, and other information on the project.

The students also gave a demonstration on one of the site’s main features — an interactive blog that fisherfolk will use in providing information on the lake. Through the blog, they will be able to post their catch of the day as well as the condition of the lake.

Soon, fisherfolk will be trained on how to use computers, the Internet and the website and eventually make the website fully operational.

For Fernando Espallardo, a consultant of the Fisheries and Aquatic Resource Management Council, the project is making the fisherfolk’s dream of preventing fish kill a reality.

Meanwhile, Dr. Yuji Inoue, executive adviser of the Telecommunications Technology Committee in Japan, expressed commitment to improving people’s lives by introducing IT to rural communities.

“This is just the beginning. We’re very happy to work with all of you,” he said.

The Asia Pacific Telecommunity SHARE Project is a partnership among Ateneo de Manila University, Manila Observatory, Japan Radio Co., Tokyo University, CICT, PDLT, Smart, Department of Science and Technology, Agricultural Land Reform Office, National Electronics and Computer Technology Center, Telecommunications Technology Committee, and Nippon Telegraph and Telephone Corp.


...the super farmers

Nueva Ecija farmers earn millions from hybrid onions

 

By MARVYN N. BENANING
February 17, 2011
Manila Bulletin
 
 
MANILA, Philippines – Millionaires in just one cropping.

This is the sanguine prospect for onion growers in Bongabon, Nueva Ecija who shifted to hybrids from traditional varieties, said Bureau of Plant Industry (BPI) assistant director Dante Delima, who doubles as the coordinator of the national High-Value Crops Development Program (HVCDP).

Hybrids produce up to thrice the output of traditional strains, he added.

Delima said the bumper crop is expected since BPI had restricted the importation of onions in response to the persistent complaint of Bongabon onion growers who could not compete with onions dumped in the country.
Known as the country's onion capital, Bongabon has a total of 3,000 hectares devoted to onion cultivation, more than half of the total areas devoted to the crop in the province.

Nueva Ecija accounted for 72.7 million kilos of onion output in 2009, 57 percent of the national yield of 127 million kilos for the same year.

Since it is still off-season, hybrids and the traditional red creole and yellow granex fetch higher prices, at P100 per kilo for the hybrids and P60 per kilo for the traditional varieties.

Farmer Quirino Francisco of Barangay Vega, Bongabon, who expects to harvest up to 28,000 kilos of hybrid red onions and 42,000 kilos of yellow hybrid onions from his two-hectare farm, would earn millions, according to BPI.

Another reason for the good yield this year was the direct assistance of Agriculture Secretary Proceso J. Alcala, who provided P15-million worth of hybrid onion seeds, P4.5-million worth of Red Creole and Yellow Granex seeds and P500,000-worth of onion seeds to farmers in nearby towns, said Fernando Lorenzo, Region 3 HVCDP coordinator.

As hybrid onions mature earlier than traditional varieties, those who planted in November last year will begin harvesting by the end of the current month and on to April, Lorenzo revealed.

Since supply is still low, prices are relatively high, favoring farmers like Francisco and other Bongabon farmers who planted hybrid onion, he added.

“This is good news for them, especially those who planted early, as they are so used to selling their produce at a measly price from P30 to P50 per kilo in previous years,” Lorenzo explained.

Delima said HVCDP will concentrate this year in participatory production technology development and providing onion farmers with appropriate postharvest and storage techniques and facilities.

“These efforts aim to maximize the production area in the different regions suitable for onion production to attain sufficiency and maximize export potential in the near future,” he stressed.

The Department of Agriculture (DA) has been helping close to 2,500 onion growers in Bongabon and other towns in of Nueva Ecija, who suffered huge losses in previous years due low prices and the entry of cheap imported onions from China, Lorenzo said.

...the President's comment

Pacquiao meeting with Obama highlights Filipinos’ world class talents



02/16/2011 


MANILA, Philippines—President Benigno Aquino III said on Wednesday that the meeting between United States President Barack Obama and Filipino boxing champ and Saranggani Representative Manny Pacquiao showed the country could be proud of its "talented and worthwhile individuals.''

The President gushed on "the fact that we have an outstanding Filipino athlete worthy of being talked to by one of the most powerful men of the world.''

"So there is a recognition that even in the Philippines, we also have talented and worthwhile individuals. So I'd like to say thank you,'' the President told reporters.

...the beach and the covergirl

Sports Illustrated's bikini models grace Boracay beaches

One of the world's leading sports magazines asked some of the planet's sexiest models to lie around on the Philippines' most acclaimed beach.

Russian model Irina Shayk on the cover of Sports Illustrated's 2011 Swimsuit Edition. Some of the photos were taken on Boracay Island. (Bjorn Iooss/Sports Illustrated)

Boracay is among the exotic locations featured in Sports Illustrated's 2011 Swimsuit Edition.

The highly-awaited Sports Illustrated's Swimsuit Edition, which brought fame to several generations of super models from Christie Brinkley to Brooklyn Decker, hit newsstands Tuesday.

The cover features Russian model Irina Shayk on location in Hawaii, but the annual swimsuit issue also shows her and other bikini-clad single ladies in sultry poses on Bora's white-sand playground.

Boracay has long been a favorite frolicking ground for the glamorous. Over the Christmas holidays, actor Mark Salling, who plays "Puck" in the hit TV series Glee, partied in Boracay with Kapuso stars Richard Gutierrez and Solenn Heusaff.

This time, Boracay's beaches hosted models Shayk, Esti Ginzburg, Chrissy Teigen, Kate Upton, and Jessica White.

One photo of Esti Ginzburg also shows a local man wearing a colorful Ati-Atihan costume in the background.

The magazine's website also showed videos of the women. Ginzburg was photographed on one of the island's iconic paraws while Jessica White's shots were taken at the poolside of Shangri-La's Boracay Resort and Spa.

Thai-Norwegian Christine Teigen, who described Filipinos as "ridiculously sweet," was covered only by powdery white sand and shells of the island in some of her photos.

Some of Kate Upton's photos were taken with a bahay kubo backdrop, while others were taken of her on a local fishing boat. In the video, Upton said of Boracay: "It's beautiful! I grew up in Florida so I know what beaches are like but this beach is not like anything I've ever seen."

The women were not aware which of them would grace the cover of the magazine, as it is part of Sports Illustrated's tradition to keep this information under wraps until it is on sale. Shayk only learned about her selection as the cover girl at the taping of Late Night with David Letterman.

It is Shayk's fifth appearance in the magazine, but this is her first time to be on the cover. The 24-year-old model, who was discovered while riding a train to Moscow in 2004, is no stranger to the limelight, being the current girlfriend of football superstar Cristiano Ronaldo.

According to Reuters, Shayk is the first Russian model to grace the cover of the swimsuit issue. For the first time, the issue will also be available not just in print but on iPads, mobile phones and even television with new apps for the digital reader.

This year, Sports Illustrated took Shayk and numerous other swimsuit models including Brooklyn Decker, Cintia Dicker, Julie Henderson, Genevieve Morton and Jessica White to famous beaches around the world for their photo shoots. Shayk is seen sitting on the sandy beaches of Maui in Hawaii for her cover picture.

The edition hits newsstands annually in the dead of North America's winter, offering the tantalizing hope to readers that warmer weather -- and the sunny days at the beach that go with it -- is only weeks away. It is one of the most widely-read magazine editions of the year. - OMG/RAF/KY/JVP/HS, GMA News with a report from Reuters

Wednesday, February 16, 2011

...the economic model

If India can, why can't we?


Business Option
By BENEL P. LAGUA
February 16, 2011
Manila Bulletin


MANILA, Philippines – India is growing fast and has been able to position itself as the world’s second fastest growing economy with a GDP growth rate trend of 4.4% from 1990-2000 to more than 9% from 2006 to 2008. With the financial crisis, India’s growth rate slowed down to 6.7% in 2009 but, rebounded fast at 7.4% in 2010. Growth is expected to further climb between 8% and 9% in the next two years.


In a Tokyo conference jointly organized by the Asian Development Bank Institute, the Financial Services Agency and Keio University, India’s state of financial sector and regulatory framework was one of those reviewed. A paper prepared by Prof. Abjihit Sen Gupta provided a comprehensive treatment of how the transformation of the regulatory framework in India allowed its growth record to be achieved.


Prudence and to some extent, conservativeness, spared India of any major pain during and immediately after the crisis. Regulation was in the direction of liberalization, moving from rigid controls to a more market-governed system, though in a gradualist and calibrated approach. Prof. Gupta’s exposition showed that regulatory response was flexible and timely to produce the desired outcomes. The India case also demonstrated that policy response need not follow conventional thinking.


India was only mildly affected by the global crisis which swept many economies including the already developed ones. It is also worth noting that India’s financial sector is largely domestically owned, with nearly 70 percent of the assets owned by the public sector banks.


The Reserve Bank of India, the country’s central bank, set a regulatory environment that helped contain the negative impact of the crisis through proper, prudential steps. Among the measures it has taken are the imposition of high Cash Reserve Ratio and Statutory Liquidity Ratio requirements; a minimum Capital Adequacy Ratio (CAR) that is higher than the Basel II norm and higher CAR for non-bank financial companies; adoption of prudential measures in respect to exposure to certain sectors; and other measures related to credit conversion, risk weights, and loan loss provisioning. All these things served India well as the crisis struck the world in 2008 and despite the inevitable effects global inter-relatedness.


The 70% share of the public sector in total assets of the domestically-dominated Indian banking system is quite impressive. Theorists discrediting the public choice postulate argue that state ownership are only used as a means of protecting certain interests that relate to power and public office, instead of exercising their powers to finance projects with high social yields. Further, because of their developmental lending objectives, public banks are thought to sacrifice their efficiency and productivity.


While public banks in many economies failed to produce their intended benefits, the India case seem to prove otherwise. Its banking structure even provided a shield against the impact of the crisis and served as a blessing in disguise for the economy, having lesser dependence on foreign sources. How India was able to make this kind of financial institution structure work provides lessons that should be useful to our economy.

The Philippines is arguably in an advanced state since our public institutions are relatively small, yet the lesson is that we should not fall into the trap of pursuing privatization for its own sake. Public financial institutions can be made to work, and operate efficiently and productivity within their mandates.


Another intervention raised in the Gupta paper which caught my attention as an SME finance practitioner is the 2% interest subvention for the Indian small enterprise sector. The positive results of such intervention should encourage the enhancement, for instance, of credit guarantee programs for SMEs. It is important to learn form India’s case in terms of the major government support given to such finance and refinance facilities.


Related to this is the priority sector lending program by banks where targets as are set as a percentage of net bank credits for the small scale industries and small businesses. This is comparable with our own mandatory lending under the Magna Carta for MSME (RA 9501) which until now has not produced significant positive results given the constraints posed by our regulatory environment. The Philippines is already on the right track, having a law that could address the obstacles faced by sector with potentially significant economic contributions. What is lacking is a strong will of stakeholders and regulators to make this work effectively.

The regulatory structure and its rules will need radical review, restructuring and enhancements.


* * *

(Mr. Benel P. Lagua is the President/COO of the Small Business Corporation. He is likewise an active member of FINEX. Feedback and comments are welcome at benellagua@alumni.ksg.harvard.edu

...the boxer meets the President

Pacman meets Obama

 
By Patricia Bermudez-Hizon
For Yahoo! Southeast Asia
February 16th, 2011
 
AP Photo/Alex Brandon
Manny Pacquiao with U.S. Senate Majority Leader Harry Reid of Nevada, whom Pacquiao had helped in his senatorial campaign. (AP Photo/Alex Brandon)


After his multicity tour to promote his fight on May 7 (May 8, Philippine time) against five-time title holder Sugar Shane Mosley, Manny Pacquiao, along with his wife Jinkee, went to the White House as special guests of US President Barack Obama.

Sen. Harry Reid, whom Pacquiao helped during the last Senatorial campaign, made the meeting between the two superpowers happen.  It was a dream come true for the world’s best pound-for-pound fighter to meet with one of the world’s most powerful people.

The two traded barbs mainly about basketball and boxing, and perhaps a little bit about politics, Pacquiao being the Congressman of Saranggani.  It would’ve been enlightening if Pacquiao had shared his take on how, during his fights, the crime rate in the Philippines goes down drastically and how he unifies a divided nation every time he’s in the ring.

Bags and bags of blue M&M’s chocolates with the presidential seal was given to Pacquiao, which is perfect because chocolates are some of the favorite “pasalubong” items of Filipinos.  Paqcuiao also received a watch from President Obama adorned with the presidential seal.  Pacman invited the president to the fight which is to take place in Las Vegas’ MGM Grand.

Pacquiao is poised to make over P600million pesos, which will  definitely increase based on his share in the earnings from Showtime’s pay-per-view.

...the OFW power

Overseas Filipinos sent record $18.8B in ’10

By Michelle Remo
Philippine Daily Inquirer
02/15/2011


MANILA, Philippines—Remittances grew faster than expected in 2010 to post an all-time high as the recovery of the global economy from the recent turmoil led to growth in job opportunities abroad for Filipinos.

The Bangko Sentral ng Pilipinas on Monday reported that remittances from Filipinos based overseas reached $18.76 billion last year, the highest ever recorded by the country.

It was an 8.2-percent growth from the $17.07 billion registered in 2009 and exceeded the government’s forecast of 8 percent.

In December alone, remittances amounted to $1.69 billion, rising 8.1 percent from $1.57 billion in the same month of the previous year.

The BSP said the robust growth in remittances, which fuel local consumption, partly aided the economy’s sharp rebound last year from the slowdown in 2009.

“The stable flow of remittances continued to provide strong support to domestic demand, with the remittance level for the year accounting for close to 10 percent of the country’s gross domestic product [GDP],” BSP Governor Amando Tetangco Jr. said in a statement.

GDP grew 7.3 percent in 2010, the fastest pace in about three decades.

Remittances largely came from Filipinos based in the United States, Saudi Arabia, United Kingdom, Japan, United Arab Emirates, Singapore, Italy, Germany and Norway.

The increasing number of job markets, as well as the expanding network of remittance centers serving Filipino workers, should be credited for boosting the amount of money sent by Filipinos to their families and other recipients in the Philippines.

“The continuing innovation of financial products and services [such as web-based remittance services and cash cards] being offered in the market to facilitate money transfer have likewise contributed to the resilience of remittances throughout the year,” Tetangco said.

The BSP said that as of end-2010, there were 4,581 remittance centers, banks and other offices all over the world serving the remittance needs of Filipinos. This was up from 3,730 registered as of end-2009.

Citing documents from the Philippine Overseas Employment Administration (POEA), the central bank further reported that 46,238 job orders for Filipino workers by foreign employers were processed and approved last year. There are an estimated 10 million Filipino workers abroad.

While the growth in remittances has a positive impact on the economy in the form of increased consumption by recipients, it reflects the view of many Filipinos that job opportunities in the country are lacking.

The National Statistics Office earlier reported that the unemployment rate in the country stood at 7.1 percent in October 2010, just the same as that in the same period of the previous year.


...the Filipino fashion guru

Monique Lhuillier's latest collection featured in NY Fashion Week

By ROWENA JOY A. SANCHEZ
February 16, 2011
Manila Bulletin
 
 
Monique Lhuillier goes 'moody' and 'sophisticated' in her Fall collection. (Photo from designer's official website)
Monique Lhuillier goes 'moody' and 'sophisticated' in her Fall collection. (Photo from designer's official website)


MANILA, Philippines - Los Angeles-based Filipina designer Monique Lhuillier unveiled her 2011 Fall collection at the Mercedes-Benz Fashion Week in New York City last Feb. 14.

Describing her new collection as “very dark sensual, [and] sultry” in a report from Reuters, it was marked with the absence of vibrant colors save for red, and it's dominated by black, gray, and cream, as well as some leopard prints. The pieces that ranged from cocktail dresses, red carpet-ready gowns, to chic blouses and pants, bore the distinguishing elements of a Lhuillier design, such as laces, feathers and soft, flowing fabrics.
In her interview, the Cebuana designer explained the concept of her latest set:

“For Fall I wanted it to be moody and very sophisticated, so there's a lot of black in the collection, and long sleeves and linear silhouettes, but then there's lots of lace, so you can see skin through, whether it's in the back or the front or, you know, there's, you'll see skin peeking through.”

She related having worked on her collection for several months. “The fact that we're showing on Valentine's Day is perfect because I have absolutely no color and then I have three pops of this deep scarlet red and so it's perfect,” Lhuillier added.

Her design is described as able to “capture the essence of sophisticated luxury by provoking femininity, allure and glamour that have made her renowned in the world of design. Monique’s innate sense of style and understanding of a woman’s desire to look and feel beautiful are prevalent throughout her bridal and ready-to-wear collections.”

Among the Hollywood A-listers that Lhuillier has dressed include Britney Spears, Carrie Underwood, Taylor Swift, Jessica Simpson, Sarah Jessica Parker, Angelina Jolie and Jennifer Connelly. Recent red carpet events also saw Catherine Zeta-Jones, Mandy Moore, Julia Stiles, and Angie Hamon donning a Lhuillier creation.
As for her “kababayan” clients, Lhuillier designed the wedding dress of international singer-actress Lea Salonga, as well as that of Asia’s Songbird Regine Velasquez.

Lhuillier studied at the Fashion Institute of Design and Merchandising (FIDM) and broke into the fashion scene in 1996. Apart from clothing, Lhuillier also has collections for tabletops, bed, bath and home, as well as stationary and fine paper.

...the bull run

PSEi up on optimism of stronger global economic recovery

Philippine share prices rose Wednesday as speculation of stronger global economic recovery buoyed investor sentiments.

The global economy remains on the "recovery track" and risk sentiment is improving, said analyst Maria Arlysa Narciso of AB Capital Securities Inc.

These positive sentiments overshadowed effects of flaring protests in Bahrain, Yemen, and Iran, according to trader Emmanuel Soller of Equitiworld Securities Inc.

The Philippine Stock Exchange index rose 21.26 points or 0.56 percent to close at 3,812.04, according to PSE's online market information as of 12:10 p.m.

The main index ended the trading session on weak volume, with 771 million shares changing hands. Value turnover totaled P5.023 billion.

Advancers edged out decliners 66 to 56, while 51 issues remained unchanged.

Narciso said that trading may remain "lethargic" for the remainder of the week.

Earnings will likely help move the market, but "the effect may not be so big," she said, adding that investors are more intent on the release of earnings reports.

AB Capital said it is keeping a support of 3,600 and a resistance of 3,800 for the main index. — JE, GMA News

Tuesday, February 15, 2011

...the land of Magayon

Legaspi: HOME OF NATURAL WONDERS

 
By HENRYLITO D. TACIO
February 15, 2011
Manila Bulletin
 
 

Mayon Volcano
Mayon Volcano



Bicol beckons. So, when the Philippine Network of Environmental Journalists invited me to join the trip to Albay with several provincial and Manila-based reporters, I immediately accepted the offer.

I had to fly all the way from Davao to Manila and then to Legaspi for the three-day gathering, whose main objective was to explore the Albay experience in championing climate change under the leadership of Governor Joey S. Salceda.

After all, the United Nations International Strategy for Disaster Reduction has named Gov. Salceda as “Senior Champion” of climate change adaptation and disaster risk reduction.

It was under Gov. Salceda’s administration that the Albay Public Safety and Emergency Office came into existence. It was created primarily to serve as the technical and administrative arm of the Provincial Disaster Coordinating Council due to the geographic and geologic location of the province highly vulnerable to various types of natural hazards like typhoons, flood, mud/debris flows, storm surges, tsunami, earthquakes, and volcanic eruptions. As a result, the objective of “zero casualty” was attained.

I learned so many things about what Gov. Salceda is doing for his constituents. He is one of a kind. If only there are eight governors like him in the country, the Philippines will never be the same again. For instance, his mantra on climate change actions and reactions are being directed at reducing poverty.

“Adaptation begins with disaster risk management,” Gov. Salceda pointed out. “Mitigation is integral to environment protection. All four (climate change adaptation, disaster risk reduction, environmental protection and climate change mitigation) must reduce poverty.”

During my three-day stay in Legaspi (we were billeted at Hotel Veniza, just five minutes away from the airport), I also learned so many things about the beauty of the city. For instance, I came to know that Albay’s regional center was named after Miguel LĆ³pez de Legazpi, the Spanish conquistador who conquered the Philippine islands in 1565, and whose family name came from Legazpi, a town in Guipuzcoa, Spain.

One of its majestic attractions is Mayon Volcano. Also known as Mount Mayon, it is considered the world’s “perfect cone” because of its almost symmetrically conical shape. Local folklore calls it Bulkang Magayon, after the legendary heroine Daragang Magayon (Bicol words for “beautiful lady”).

In 2008, Mount Mayon was included among the New Seven Wonders of Nature. Unfortunately, it did not make the cut to the Top 25 finalists, giving way to Puerto Princesa’s Subterranean River.

Mount Mayon is one of the country’s active volcanoes. It has erupted several times. But the most memorable eruption was in 1814, which devastated the surrounding communities. Some 1,200 people sought sanctuary in the nearby Cagsawa Church, thinking that they would be saved from the fury of Mayon volcano. All of them died.

Only the Cagsawa church belfry remains today. Cagsawa Ruins Park – as it is now known and managed by the Daraga municipal government – is one of the most visited places in the area. Entrance fee is only P10 per person. At the entrance of the park, you will find a wide variety of souvenir shops and stalls which showcase native products and handicrafts. A wide selection of T-shirts with native scenes and designs are also available.

Cagsawa Ruins Park is approximately eight kilometers away from the Legaspi central business district. Folklore states that originally Cagsawa was derived from the word “kag” meaning owner and “sawa” meaning python. Kagsawa could also mean excesses or too much.

If Cagsawa Ruins Park is too far for you to visit, then you may opt to go to the Lignon Hill, located behind Albay Park and Wildlife. The hill is also one of the best places to view Mount Mayon and is the first tourist attraction that is accessible from the airport.

On top of the hill is an observatory operated by the Philippine Institute of Volcanology and Seismology, which we had the opportunity of visiting as part of our tour. “Long and winding roads are carved for the locals to get an astounding view of the city and entire countryside plus a great view of Mount Mayon,” wrote Ives Domopoy, who was born in Albay. “Climbing the hill for half an hour is worth it with all the awesome views that beckon from this vantage point.”

The hill stands 156 meter (511 feet) tall. Its summit offers a breathtaking 360 degree view of the City of Legazpi, the deep blue Albay Gulf, nearby towns and islands, and of course the majestic Mayon Volcano.

On our last night, we had our dinner at The Embarcadero, the city’s newest attraction. Also dubbed as the “The Sunwest Wharf,” it is a world-class waterfront promenade located at the harbor area of the city near the fascinating Kapuntukan Hill (Sleeping Lion).

Embarcadero comprises retail, restaurants, markets, a major civic space and landmark lighthouse, with a future waterfront hotel and spa. Embarcadero will “activate” the waterfront creating an attractive and vibrant focus for the city’s leisure and lifestyle activities.

Other places of interest in Legazpi, which we failed to visit include the Japanese Tunnel (which was used as an arsenal during   World War II; it measures 40 meters long and around 7 feet deep), Magayon Art Gallery (at the lobby of the Albay Provincial Capitol), Legazpi City Museum (the only public museum in the Bicol region), and Bicol Heritage Park (where you can find the statue of General Simeon A. Ola).

Legaspi is also a convenient embarkation point to other tourist destinations in the region such as the upscale resort of Misibis, Donsol (the site of one of the world’s largest annual migration of whale sharks), and the white sand beaches of Sorsogon and Catanduanes.

For pasalubong, don’t forget to buy pili nuts and T-shirts (with the words oragon, which means “one with guts and creativity”). Try also native delicacies like inasal na sira (grilled fish) and Bicol Express, a spicy dish with coconut cream.

Legaspi City can be reached by air. With a runway of 2,280 meters, Legaspi Airport is capable of handling international aircrafts. Philippine Airlines and Cebu Pacific has 3 flights each daily from Manila. Cebu Pacific’s third flight route is Manila-Legaspi-Cebu.

Legaspi can also be reached through land transport (by bus) from Manila in about 10 hours, two hours less if the new Andaya Highway route is taken. More than 10 bus companies operate daily transport to and from Manila to Legaspi.

...the donors

OFWs in Dubai donate blood for cancer patients

 02/15/2011
DUBAI, UAE – To celebrate love this month of February and as an expression of concern for others, around 50 Filipino migrant workers donated blood for cancer patients in the United Arab Emirates (UAE) at the Al Wasl Hospital recently.

Dubbed “Donate Blood; Save Life,” the project was spearheaded by Alpha Phi Omega - UAE Alumni Association (APO-UAE) and supported by Migrante International-UAE, Sigma Rho fraternity and other members of the Filipino Community in Dubai.

According to Nick Atienza, vice-president for internal affairs of APO-UAE, their group has been conducting blood-letting projects for the past four years as a show of gratitude to their host country and to demonstrate that Filipinos are always ready to help those who are in need.

“Lagi naming ginagawa ang ganitong pagserbisyo sa tao – ang pag-donate ng dugo. Kahit sa Pilipinas pa, bago pa kami nakarating dito – ang APO, ganito rin ang ginagawa. We organize ourselves and we go to the hospitals to donate our blood,” Atienza said.

The beneficiaries of the project are the Blood Donation Center under the Dubai Health Authority and patients at the Genetic and Thalassemia Center in Al Wasl Hospital.

Many people in the Middle East are affected by thalassemia, a blood disorder passed down through families characterized by an abnormal production of hemoglobin which leads to anemia. This disease can be treated through blood transfusion.

Employees at the Al Wasl Hospital were grateful to the Filipinos, as on the day of the bloodletting project itself, four donors contributed blood platelets for an emergency need of one cancer patient.

Atienza called on other migrant Filipinos to participate in this worthwhile project. “Sana po ay dumami pa tayo sa susunod na

Monday, February 14, 2011

...the road to sustainability

DBM: Gov't on road to fiscal sustainability


By CHINO S. LEYCO
February 14, 2011
Manila Bulletin

MANILA, Philippines – The Department of Budget and Management (DBM) said the government is on the straight path towards achieving fiscal sustainability amid higher revenue collections and prudence in public expenditure management.


Budget and Management Secretary Florencio B. Abad said latest indications showed that the Aquino administration's target of reducing the deficit to 2 percent of gross domestic product (GDP) could be achieved in the medium-term.


Based on preliminary figures the 2010 ratio has improved to 3.6 percent from 3.9 percent in 2009 of GDP. In absolute terms, the preliminary fiscal deficit for 2010 stands at P310 billion or 4.6 percent lower than the programmed deficit of P325 billion.


“Based on the preliminary figures, the Aquino administration has kept within its deficit target for 2010 because of improved revenue collection in the latter part of the year, coupled with our consistent exercise of prudence in public expenditure management,” Abad said.


The economic manager said that last year’s preliminary performance is better than the target of 3.9 percent of GDP. With this, he said it is possible to achieve the immediate goals of reducing the deficit versus GDP to 3.2 percent in 2011, 2.6 percent in 2012 and 2.0 percent in 2013.


On the revenue front, Abad said emerging revenue collections for 2010 amounted to P1.207 trillion, higher year-on-year by P83.8 billion or 7.5 percent.


He attributed this improved performance to increased tax and customs revenues by 9.6 percent and 17.6 percent, respectively, over the performance in the previous year. He emphasized that in the fourth quarter alone, collections by the Bureau of Internal Revenue grew by 11.3 percent year-on-year, while Bureau of Customs collections grew by 23.9 percent.


On the expenditure front, Abad said preliminary figures show that disbursements amounted to P1.514 trillion, which is within the revised spending program of P1.614 billion as the national government continued to exercise prudence in expenditure management. Nonetheless, last year’s preliminary level was an increase by 6.7 percent from the 2009 level.

...the AI hopeful

Fil-Am continues to make waves via 'AI'

By NEIL RAMOS
February 14, 2011
 

MANILA, Philippines - 15-year-old Fil-American Thia Megia has gotten into the second round of eliminations of "American Idol" during a period in the contest dubbed “Hollywood Week.”

Show judges Randy Jackson, Steve Tyler, and Jennifer Lopez were unanimous in their approval of Megia’s take on “Summertime.”

Over 200 other hopefuls didn’t make the cut, shaving down the 300-strong contingent further to 100.


The hopefuls who survive “Hollywood Week” will go on to the next round, where, for the first time ever in "American Idol," contestants will get to perform in Las Vegas, on the stage of Cirque du Soleil's theatrical production, "Love."

Megia auditioned during the show’s Milwaukee leg, impressing the judges with her rendition of “Chasing Pavements.” At that audition, Lopez even called her the “total package.”


Megia is no newbie. She first made waves via the show, “America’s Got Talent,” where she made it to the quarterfinals in 2009

...the green school paper

DENR urges campus papers to put up 'green page'

The Department of Environment and Natural Resources (DENR) on Friday urged school publications to put up a “green page" dedicated to environment reportage.

In an interview with GMA News after a meeting with campus paper editors and moderators, DENR special concerns director William Ragos said the “green page" need not be an actual page, but may come in the form of a regular column or newspaper space.

Manila Baysavers convenor Dante Pasia, who convinced the DENR to hold Friday’s gathering, told GMA News that campus papers — brought home by most students in all levels nationwide — possess excellent potential as a vehicle for environmental causes.

“The best vehicle for informing the parents, the Filipino people, is the school paper," Pasia said.

Aida Ajero, campus paper moderator of the Pamantasan ng Lungsod ng Marikina, said an environment page will make an impact on her students as well as other residents of her city, who were among the hardest hit by typhoon Ondoy in 2009.

Explaining that it can mobilize students and residents to protect their city’s environment, Ajero said, “It is not only important but it is also very useful." — GMA News

...the love for kapwa-tao

Charity comes naturally to most Filipinos, MasterCard survey reveals



Manila (Philippine Daily Inquirer/ANN) - The Philippines may not be the paragon of prosperity in the Asia-Pacific region, but when it comes to charity, Filipinos are second to none, according to the latest MasterCard Survey on Ethical Spending.

In the survey, the Philippines topped the most charitable category at 68 per cent. It was followed by Hong Kong, 66 per cent; Malaysia, 63 per cent; and Indonesia, 62 per cent.

The survey, conducted from September 13 to November 11, 2010, involved 10,502 consumers from 24 countries in Asia and Africa.

This result may come as a surprise: Respondents from most of the countries covered by the survey may be considered better off than those in the Philippines.

Consumers from these countries have the spending power to acquire all the things they need, and then some. Certainly, they have lots to spare if they choose to share.

And yet, they fail to figure prominently in the charitable works department. While Filipinos, with net income not even close to some of their neighbors, came out on top in this field.

Among respondents from Asia-Pacific, the most charitable consumers are 55 years old and above (57 per cent) and married (51 per cent).

Women (50 per cent) tend to donate more than men (48 per cent).

Also, 61 per cent of consumers from the Asia-Pacific bought items specifically because they were environment friendly. In fact, the respondents were willing to pay more for these kinds of products.

Similarly, 56 per cent of those surveyed said they were willing to pay more for products where a percentage of sale would be donated for a good cause.

Mastercard has been trying to understand consumers' evolving sentiments and behavior. In 2009, it launched "MasterCard Purchase with Purpose" to encourage cardholders to shop ethically and responsibly.

This program enables cardholders to play a part in giving back to the community whenever they make purchases using MasterCard.

The company has since expanded the program to cover 14 countries in the Asia-Pacific, the Middle East and Africa, benefiting a host of women's empowerment and youth education causes.

"It is encouraging to see that shopping with a conscience has taken root. Our latest research shows that Asia-Pacific shoppers are not just focused on good buys, they are just as focused on doing good," says Georgette Tan of MasterCard Worldwide.

Sunday, February 13, 2011

...the ice master

Pinoy wins ice-carving contest in Canada

 
A Filipino bagged two awards at the "Winterlude" international ice-carving contest in Canada last week, the Department of Foreign Affairs (DFA) said over the weekend.

The DFA said in a statement that Montreal-based Ross Baisas topped in the ice-carving contest, participated by 28 professional carvers from 11 countries.

"Baisas, who is the resident artist of the Casino du Monde Royale in Quebec, won first place in the One-Block Challenge, transforming one block of ice into a sculpture inspired by the theme 'Yin and Yang' in two hours," the DFA said.

Baisas also won third place in the "pairs category," where he teamed up with Canadian artist Michael Tuinstra to produce their sculpture called "Destiny."

The contest was held at the Rogers Crystal Garden, Confederation Park, Ottawa, Canada, last Feb. 4.

Winterlude, which started in 1979, is a festival of outdoor activities including public skating and skating displays, ice sculpture competitions, musical concerts, and numerous off-site events. — JE/KBK, GMA News