...the Chief

Tan Is Asia's Anti-Piracy Chief

 

By JOHN CARLO CAHINHINAN

March 3, 2012,

Manila Bulletin

 

 

MANILA, Philippines — Philippine Coast Guard (PCG) commandant Vice-Admiral Edmund Tan assumed yesterday as the head of Southeast Asia's anti-piracy council.

Lieutenant Commander Algier Ricafrente, Coast Guard Public Affairs chief, said that Tan, being the chairman of the Regional Cooperating Agreement on Combating Piracy and Armed Robbery in Asia-Information Sharing Center (RECAAP-ISC) based in Singapore, will spearhead the anti-piracy policy formulation, oversee the financial integrity and accountability of the organization, and review and endorse the annual work plan and budget of the council. Tan filled-up the post previously held by retired Coast Guard chief Admiral Ramon Liwag who was then unanimously elected as the chairperson of the governing council for the RECAAP-ISC last year.

Ricafrente said that Philippines’ installation as chief of the Southeast Asia’s anti-piracy council is viewed as recognition of the growing confidence of the various Asian countries to the PCG and the country, in general, as a regional key player in enhancing cooperation to combat piracy. The country also has a permanent representative in the council, former Coast Guard Intelligence chief Commander Teotimo Borja who will serve there with a fixed term of two years.

The RECAAP, founded in November, 2004 by 16 countries mostly from Southeast Asia, administers its vital Information Sharing Centre (ISC) for facilitating the sharing of piracy-related information in the region.

This regional cooperation among states has an important role to play in solving the problem of piracy and armed robbery against ships, as evidenced by the success of the regional anti-piracy operation in the Straits of Malacca and Singapore.

In 2010, the RECAAP network and the PCG recovered three pirated shipping vessels, which include M/T Asta, a tugboat which was pirated in Indonesian waters and recovered in Dinagat Island, Surigao.

The suspected pirates were arrested and are now facing trial for criminal charges. The other pirated tugboats, M/T Atlantic 3 and Barge Atlantic 5, were recovered by the Coast Guard in General Santos City the same year

...the all-time high index

Aquino hails performance of local bourse (philstar.com) March 03, 2012

MANILA, Philippines (Xinhua) - President Benigno Aquino III hailed yesterday the performance of the country's stock market, which hit an all-time intraday high on Thursday, saying it was an indication of the business confidence in the country.

Aquino said the Philippine Stock Exchange index (PSEi) has continued to climb since 2010.

"I don't play in the stock market but the stock market is the clearest indicator, and the fastest reacting indicator that will show you business confidence," he told reporters in Oriental Mindoro province in western Philippines.

Since last year, analysts have been expecting the PSEi to hit the 5,000 level. But political strife in the Middle East and the economic woes in the eurozone prevented the 5,000 index from being materialized, he said.

"But we're happy now that (the PSEi) started breaking (that level)," he said.

The bellwether Philippine Stock Exchange index touched an all- time high of 5,011.09 points on Thursday, before it closed at 4, 938.61, 40.96 points higher from Wednesday's close. It kept the rising momentum of Friday, with the index climbing to 5016.3, up 1. 57 percent over the figure of the previous day.

...the underdog

Pinoy underdog snatches WBC flyweight title

ABS-CBNnews.com

03/02/2012

 

MANILA, Philippines – Filipino fighter Sonny Boy Jaro captured the World Boxing Council (WBC) flyweight title via a 6th round stoppage of Thai legend Pongsaklek Wonjongkam in Thailand.

The upset also gave Jaro the Ring Magazine flyweight title, according to RingTV.

Jaro battered the defending champion in front of Thai fans in Chonburi, scoring knockdowns in Rounds 1, 3 and 6.

In Round 6, Wonjongkam failed to beat the count. This prompted the referee to award the victory to the 29-year-old Jaro.

Jaro improved his record to 34 wins, 10 losses and 5 draws with 24 knockouts.

Wonjongkam, a big hero in Thailand, suffered his 4th career loss against 83 victories and 2 draws.

PH is now 6th largest market for Singapore tourism

By Judy Quiros
Inquirer Mindanao

March 1st, 2012

 

 

DAVAO CITY, Philippines — More and more Filipinos are visiting Singapore these days, making the Philippines the sixth largest market for the city-state’s tourism industry, a Singaporean tourism official said here Wednesday.

Tourists gather in front of the iconic statue of the Merlion in Singapore. AFP PHOTO

Sherina Chan, Singapore Tourism Board director for the Philippines and Brunei, said the Philippines was emerging as a fast-growing market for the city-state, and was now ranked alongside China and Taiwan.
“From 10th place in 2010 for Singapore tourist arrivals, the Philippines climbed to the 6th level, indicating a marked growth,” she told reporters.

Chan said STB data showed that the number of Filipino visitors to Singapore rose to 678,000 last year from 544,000 in 2010, an increase of 24percent.

Chan said several things could explain the increase in number of Filipino tourists to Singapore, principally a growing economy that was giving Filipinos more disposable income.

She also cited the growing number of flights to Singapore, particularly by low-cost carriers, and the physical landscape or attractions of Singapore.

Currently, Chan said, there are 151 flights from various Philippine cities, including Davao, to Singapore.
The STB data also showed that an increasing number of Filipinos were working and living in Singapore, she said. Currently, about 160,000 Filipinos work and live in the city state, Chan said.

“With this number, Filipinos are becoming Singapore’s good ambassadors. The number of family members, relatives, and friends frequenting Singapore as tourists contributed to the figure in tourist arrivals,” she said.
Chan said Singaporeans, learning from Filipinos there, also made the Philippines one of their top Asian destinations.

The country’s beautiful beaches, she said, were among the most popular among Singaporean tourists.
The Department of Tourism said about 200,000 Singaporeans came to the Philippines last year, making Singapore the country’s second largest tourism market.

...the swag, the attitude and the moves.

Fil-Am Jessica Sanchez in Top 13 of American Idol

 

ROSE-AN JESSICA DIOQUINO

GMA News

March 2, 2012

 

 

Filipino-Mexican talent Jessica Sanchez has advanced to the Top 13 of the hit US singing competition “American Idol” after wowing the judges with her swag, attitude, and moves.

The announcement, made on Thursday (US time), brings the 16-year-old from San Diego, California to the finals of the competition, where public votes determine who will eventually get the top spot.

During the girls’ performance night on Wednesday, Sanchez—who performed second to the last—belted out “Love You, I Do,” a song by one of Idol’s most successful products, Academy Award- and Grammy-winning performer Jennifer Hudson.

Bringing in her own flavor, rifts, and growls to the song, the Fil-Mexican earned a standing ovation from the audience, as well as from judges Randy Jackson, Jennifer Lopez, and Steven Tyler, who had nothing but praises for her.



“The punctuation that you put with your body on the ends of your phrases and your notes and everything… the way you pull back, the way you let us have it—the whole thing is just really, really so beyond your years, it’s crazy!” said Lopez.

Jackson took note of Sanchez’s performance giving off a vibe similar to that of diva Beyonce, while Tyler said her timing “comes out on your fingers when you’re singing and making the turn-arounds.”

Even Hudson—who recorded the song as part of the movie “Dreamgirls”—“tweeted” about the 16-year-old’s performance:

Jennifer Hudson

• ✔

@IAMJHUD

Oh I saw it , I saw it! Gone Jessica gone! N that attitude with it was everything too! Yes!!!!

1 Mar 12

• Reply
• Retweet
• Favorite

...the Asian poverty incidence in NY

New York report: Among Asians, Fil-Am children least poor in US

CRISTINA DC PASTOR

The FilAm

March 2, 2012

Among Asian Pacific American (APA) children in New York, Filipinos rank lowest in the poverty level, according to a report released on February 22.

Poverty, according to the report “We’re Not Even Allowed to Ask for Help: Debunking the Myth of the Model Minority,” released by the Coalition for Asian American Children and Families (CACF), is one of the factors that are putting Asian Americans at a disadvantage — along with overcrowding in schools and unequal distribution of resources — and contributes to the unmaking of the Asian youth as a “model minority.”
Poverty estimates put Filipino children at 3.3 percent, the lowest, while Bangladeshi children rank highest at 42.4 percent. In fact, Filipinos are a step below Japanese children at 4.5 percent.

The rest of the ranking puts Pakistani children with a poverty estimate of 28.1 percent; all NYC children at 27.8 percent; Chinese children at 23.1 percent; Indian children at 20.9 percent; Korean children at 12.0 percent followed by the Japanese and Filipinos.

APA students make up 14 percent of the city’s public school population, and not all of them are successful or go to Ivy League schools, said Wayne Ho, executive director of CACF. “A large percentage of them are struggling,” he said.

The “model minority” narrative came to prominence in the 1960s during the flowering of the civil rights movement, said Vivian Tseng, a former faculty member in psychology and Asian American studies at California State University, Northridge. While African Americans took to the streets demanding social change, Asian Americans excelled in life as if to say “we don’t need structural changes.”

A half century later, the idea of Asians as a “model minority” is now undergoing a reevaluation. The latest study examines how factors like poverty, overcrowding in schools, and unequal distribution of resources put Asian Pacific American students at a disadvantage.

The report’s authors say the myth overshadows the many difficulties facing APA youth and prevents students from receiving the full range of educational opportunities, support and resources to which they have a right. The report collected interviews from Asian students across the city, such the following:

“The other Asians in my school are not the best students. Pretty much they are the worst. All they do is cut or smoke or go to the pool hall and stand outside. And, I don’t want to join them.”

The report revealed that the “model minority” myth is embedded within the community itself and students feel intense pressure at home.

“They’ve expected me to go to an Ivy League ever since I was little…I feel a lot of pressure. If I get a B, I get mad. They also expect me to help my brother. They keep saying we are depending on you so that when we’re older, we don’t have to work anymore, and we can just deThe report further notes that:

• In 2009, of New York City “Asian/Pacific Island” general education graduates (the 2005–06 cohort), more than one in three were deemed “not college ready.”

• -94 percent of NYC public schools enroll APA students, often in small numbers and percentages;

• Half of APA children come from families with incomes below the 200 percent of the poverty threshold;

• Almost one-third, or 32 percent, of poor school-age Asian children were Limited English Proficient (LEP);

• Nearly 1 in 5 English language learners in the city are APA.

Being labeled model minority is a “false narrative,” said the panelists reacting to the report. It “ignores the diversity” of cultures, languages and socioeconomic conditions of APA students, said CACF deputy director Vanessa Leung.

The panelists, including Council Member and former public school teacher Daniel Dromm, noted that APA students are often targeted for bullying. He praised the report for “shining a light” on the issues facing students and hindering their ability to excel.

The report calls on Mayor Bloomberg to assemble an independent task force to further analyze data such as the “relationship of resources and outcomes” in terms of APA enrollment by race, ethnicity, LEP (Limited English Proficiency) status and special needs. In schools where immigrant minorities are facing a certain degree of isolation, the need for “culturally competent” organizations and staff was likewise recommended.

It also urged improved outreach to parents with limited English skills and those without computer skills.

“We need to make sure that parents are really engaged,” said Leung. - The FilAm

...the ADB forum host

4,000 delegates expected to attend ADB meeting in PHL

March 1, 2012

GMA News

Some 4,000 delegates from all over Asia are expected to attend the Asian Development Bank’s 45^th annual meeting of the Board of Governors, which will be hosted by the Philippines in the fourth week of May.

At a press briefing in Malacañang, ADB President Haruhiko Kuroda said up to 40 finance ministers may also attend the annual meeting as well as a number of central bank governors from the region.

He said there will be a sizable number of delegates from the private sector, media, non-government organizations, and multilateral partners, as well as ADB member-countries. 

“Overall, I expect the meeting will generate considerable discussion about the state of the global economy and Asia’s growing role. I would like to highlight one important event that will take place and that is a governors’ seminar focusing on the critical issue of how Asia can respond to the global economic crisis,” he said.

Kuroda met with President Benigno Aquino III before the press briefing.

“I am pleased with the significant support being given to us by the government of the Philippines. We very much appreciate the efforts the country had made to provide us with a welcoming and hospitable environment in which we carry out our mission and share the vision of poverty reduction,” he said.

The Philippines is a founding member of the ADB, which is based in the country.

The ADB meeting, with a theme “Inclusive Growth through Better Governance and Partnerships,” will be held at the Philippine International Convention Center.

“This morning, I had the opportunity to tour the venue and I’m very pleased with the progress made so far in preparation for the meeting,” Kuroda said.

He also expressed support to the Philippines’ ongoing effort to improve the lives of the people saying ADB’s country partnership strategy for the country is realigned with the government’s development plan for 2011 to 2016.

“While there are many large challenges facing the country, we also believe that with sound policies, the government is charting a course towards creating hope and economic opportunities for more and more Filipinos,” he said.

 Philippine government officials, on the other hand, vowed to show the delegates that “it’s more fun to have an ADB meeting in the Philippines.”

In the same press conference, Finance Secretary Cesar Purisima thanked the support of the private sector with the hosting responsibilities.

“The Philippines is fortunate to have a very supportive private sector partners including the Management Association of the Philippines led by its president Ed Francisco and, of course, the dean of Philippine business, Mr. Washington Sycip, who will be helping the organizing committee composed of myself, Secretary [Ramon] Jimenez, and Governor [Amado] Tetangco of the Central Bank with the hosting responsibilities for the delegates for this event,” he said.

“It’s been over, what, 10 years since we last hosted the annual meeting and we take pride in being selected for this very special year—the 45th anniversary of the ADB,” he added.  – Amita O. Legaspi/KBK, GMA News

...the Asian top biz woman

Sy-Coson in Forbes list of Asia's top bizwomen

 

ABS-CBNnews.com

03/01/2012

 

MANILA, Philippines - Teresita Sy-Coson, vice-chairman of SM Investment Corp., landed on the cover of Forbes Asia's March issue, as the magazine launched its first-ever list of Asia's Power Business Women.

Sy-Coson, daughter of retail tycoon Henry Sy, was the only Filipina included in the Forbes list of 50 most powerful businesswomen in the region.




"Challenged by her tycoon Dad, Teresita Sy-Coson has widened a Philippine retail fortress," the Forbes Asia cover proclaimed. The magazine also included a full profile article on the 61-year-old businesswoman. 

Sy-Coson, an Assumption College graduate, is also the chairman of BDO Unibank Inc. She also holds positions in several companies within the SM Group and is adviser to the Board of SM Prime Holdings, Inc. and President of SM Retail, Inc.

Forbes said the women on the list were chosen for their "hands-on management of profit-seeking companies," and have overcome significant barriers to achieve success.

"This inaugural list celebrates the dynamic ways in which Asia’s businesswomen are driving some of the region’s most exciting growth. Through their respective realms of power and influence, these honorees span diverse industries, nations and generations, yeteach has changed the face of Asian business, while creating opportunities for future leaders," said Moira Forbes, president and publisher of ForbesWoman.

The list was dominated by women from Greater China (China, Taiwan, Hong Kong and Macau) with 21, including Esquel Group's Marjorie Yang, HTC co-founder and chairman Cher Wang; and Huawei Technologies chairman Sun Yafang.

There were 8 women from India, 5 from Singapore, 4 each from South Korea and Indonesia, 3 from Japan and 2 from Australia. There was 1 woman each from Philippines, Thailand and Vietnam.

Gokongwei daughter in '15 to Watch' list

Another Filipino-Chinese businesswoman Lisa Gokongwei-Cheng was included in Forbes' "15 to Watch", which the magazine says are "strong candidates for the future."

Gokongwei-Cheng, 43, is the president of Summit Media Philippines and daughter of tycoon John Gokongwei.

The complete list is available on www.forbes.com/asia-power-women and can be found in the March 2012 issue of Forbes Asia.

...the PH untapped wealth

Philippines sits on $840B of mine—US

By: Jerry E. Esplanada
Philippine Daily Inquirer

Thursday, March 1st, 2012

With untapped mineral wealth worth more than $840 billion, the Philippines is “one of the world’s most highly mineralized countries,” according to a US Department of State report on the Philippine economy.


With untapped mineral wealth worth more than $840 billion, the Philippines is “one of the world’s most highly mineralized countries,” according to a US Department of State report on the Philippine economy.

Despite its rich gold, copper and chromate deposits, however, “the Philippine mining industry is just a fraction of what it was in the 1970s and 1980s when the country ranked among the 10 leading gold and copper producers worldwide,” the Washington-based agency said.

“Low metal prices, high production costs and lack of investment in infrastructure contributed to the industry’s overall decline,” the State Department said in the report, which the US Embassy in Manila has posted on its website.

It noted that “a December 2004 Supreme Court decision upheld the constitutionality of the 1986 Mining Act, thereby allowing up to 100 percent foreign-owned companies to invest in large-scale exploration, development and utilization of minerals, oil and gas” in the country.

Local mining bans

“Some local government units have enacted mining bans in their territories, citing concerns over environmental degradation, unequal distribution of tax revenues, unemployment caused by displacement of small-scale miners, and marginalization of indigenous people,” the agency said.

According to the State Department report, “Philippine copper, gold and chromate deposits are among the largest in the world.”

“Other important minerals include nickel, silver, coal, gypsum and sulfur. The Philippines also has significant deposits of clay, limestone, marble, silica, and phosphate. Natural gas reserves discovered off Palawan have been brought on line to generate electricity,” it said.

In the same report, the agency said the Philippine economy “proved comparatively well-equipped to weather the recent global financial crisis, partly as a result of the efforts to control the fiscal deficit, bring down debt ratios and adopt internationally accepted banking sector capital adequacy standards.”

Slow growth

“After slowing to 3.8 percent growth in 2008 and sputtering to 1.1 percent in 2009, real year-on-year GDP growth rebounded to 7.6 percent in 2010, a 34-year high fueled in part by election-related spending, optimism over the peaceful transition to a new government, and an accommodating monetary policy,” the report said.

However, “growth slowed in 2011 and is likely to be in the 3.5 percent to 4 percent range,” it said.

According to the State Department, “the portion of the population living below the national poverty line increased from 24.9 percent to 26.5 percent between 2003 and 2009, equivalent to an additional 3.3 million Filipinos.”

The agency also reported that the Philippines’ business process outsourcing (BPO) industry “currently accounts for about 15 percent of the global outsourcing market and has been the fastest-growing segment of the Philippine economy.”

...the Top Chef

Fil-Am wins 'Top Chef' season 9

 

ABS-CBNnews.com

 03/01/2012

 

 

MANILA, Philippines – Finally, a Filipino-American has won the U.S. reality cooking show “Top Chef.”

Manila-born Paul Qui beat Sarah Gruneberg to win the latest season of “Top Chef,” which aired on Wednesday night in the U.S. (Thursday morning in Manila).

The final two chefs had to prepare a four-course meal for judges and 100 diners.




Head judge Tom Colicchio said the finale was “about as close as it can get.”

Despite that, host Padma Lakshmi announced, "Paul, you are Top Chef."

Qui, 31, won $125,000 as well as bragging rights as the Season 9 winner of “Top Chef.”

Qui, the executive chef at Uchiko restaurant in Austin, Texas, said he was happy to have brought the title to Austin.

“I think that there are a lot of chef's that deserve recognition and I'm happy to be able to shine a national spotlight to what we do in Texas. It isn't all about BBQ and Tex Mex,” he told Bravo TV.com.

He said he will use the money to pay off his student loans.


Work up the ranks

Born in Manila, Qui moved with his family to Virginia when he was 10 and then to Houston when he was 17.

He moved to Austin in 2003 to attend the Texas Culinary Academy, which is now Le Cordon Bleu College of Culinary Arts.

Qui trained in classic French and Japanese cuisine and takes a modernist approach towards food, where there are no boundaries.

He started at Uchiko as a stage and worked his way up the ranks to chef de cuisine and eventually executive chef.

While training under Uchiko chef and owner Tyson Cole, he said he learned to adapt traditional Japanese dishes with an eye towards local flavor, all while incorporating influences from Southeast Asian and European cuisine.

Asked about the inspiration behind his winning meal, Qui said: “I wanted to orchestrate at meal that represented my style of cooking, using the freshest ingredients Vancouver has to offer. So I stuck with a lot of seafood, eggs and fruit.”

“The menu I created reflected the ingredients Vancouver had to offer. I let what I discovered at the market determine, most of my final decisions,” he said.

Qui said he will be in Manila early this month to attend his cousin's wedding.

---

...the 2012 economic projection

Economy to grow over 5% this year, says Paderanga

Philstar 

29 February 2012

MANILA, Philippines - The Philippine economy may grow by more than five percent this year and finally beat the lower end of the government’s five percent to six percent forecast range for 2012, an economic manager said yesterday.

Socioeconomic Planning Secretary Cayetano Paderanga Jr. said growth this year would be significantly better than last year on the back of government plans to boost spending.

 “We’re hoping it could be higher than five percent,” he told reporters on the sidelines of an investment forum yesterday.

He said that because of government efforts to boost spending, the chances of achieving higher economic growth rate are better this year compared to 2011.

“We know that we will be spending more in infrastructure. Budget spending this year will be much more efficient than last year,” he said.

To boost spending this year, the Aquino administration has allocated P19.6 billion in counterpart funds for the government’s Public-Private Partnership (PPP) program.

This is higher than last year’s P12.5-billion counterpart budget. Of the P19.6-billion allocation, P8.6 billion will be given to the Department of Transportation and Communications (DOTC) to shore up PPP initiatives under its wing.

A total of P6.6 billion of the DOTC’s total budget will be used to implement six PPP projects such as development programs for the Panglao Airport in Bohol, the Puerto Princesa Airport in Palawan, and the New Legazpi Airport in Albay.

When asked if he supports the Department of Trade’s six to seven percent economic growth projection for the year, Paderanga said, “I would like to agree with that.”

According to the latest data from the National Statistical Coordination Board (NSCB), the Philippine economy grew by only 3.7 percent last year, failing to hit even the lower end of the revised target range of 4.5 percent to 5.5 percent for 2011.

The lackluster growth is much slower than the 7.6 percent gross domestic product (GDP) expansion recorded in 2010, NSCB data also showed.

Government officials blamed the crisis in the United States and in the Eurozone, saying this affected export revenues.

However, for this year, Paderanga said that exports are likely to recover along with the recovery of the United States economy.

 “It looks like the US has already turned the corner,” Paderanga said.

He also said public construction would be a major driver of growth for 2012. - By Iris C. Gonzales (Philstar News Service, www.philstar.com)

 

...the future shining investment hub

Philippines to shine in global community soon, says finance guru Suze Orman

By: Doris C. Dumlao
Philippine Daily Inquirer

Tuesday, February 28th, 2012

SUZE ORMAN: Build on cash and you could never collapse. Photo by Arnold Almacen

MANILA, Philippines—Visiting personal finance guru Suze Orman sees the Philippines soon shining in the global community as an investment hub and having more of its households emancipated out of their dependence on overseas remittances.

Orman, who was once described by USA Today as a “one-woman financial advice powerhouse,” said, however, that Filipino consumers should avoid going the way of the US, which had allowed its economy to grow on credit card and lending to people who could not afford homes and have been grappling with more people “on a highway to poverty.”

“Build this country on cash so that it could never collapse, then you can change your lives,” said Orman, who was raised in an unruly Chicago neighborhood and who used to wait on tables and sleep in her car before transcending poverty as a broker at American investment house Merrill Lynch.

The host of the award-winning Suze Orman Show, which airs every Saturday night on CNBC, is in town to fulfill a promise made for the last five years to her friend Doris Magsaysay-Ho, chairwoman of Asia Society Philippines, to help inspire Filipinos in their quest for financial freedom.

Orman, who earns around $190,000 on speaking engagements in the United States, agreed to speak before Filipinos pro bono and expressed interest in coming back and helping draft financial literacy programs for the country. In a speech before the employees of the Ayala-led Bank of the Philippine Islands, Orman said the Philippines would likely shine in the global arena.

“You’re going to be taken note of in other countries, see investment money come to and you’ll see that the time for the Philippines has just about arrived. The question is, will you be able to hold on to the gifts that are about to come your way?” she said.

The American personal finance guru spoke strongly against incurring debt to purchase non-essential things, noting she had watched her own country fall apart because of this.  She said consumers must distinguish between good and bad debt, good debt being amortizing to one day own a home. On the other hand, she said that credit card debt was “very bad debt.”

“If you have credit card debt, what that says about you is that you are buying things that you can’t afford,” she said, urging banks to issue credit cards only to those who could responsibly use credit.  Ideally, credit card users should use their card all they want but pay everything when the bill arrives, according to Orman.

In the US, she said it was a common mistake for banks to even increase the credit limit when somebody had maxed out his ceiling and was only paying the minimum due.  The best way to help these people would be to stop charging interest and as the borrowers pay off, reduce their credit limit.

For overseas Filipinos, Orman said her advice would be to consider whether sending money to adult brothers or relatives would only be encouraging dependence. “Is it possible that it’s hurting them rather than helping them?,” she said, adding that some people may not reach their potential or may not be driven into making contingency plans because they have remittances to fall back on.

But she stressed that for parents, it’s a whole different light, as she herself would want to take care of her mother.

For young people, they should realize that their best commodity is time and that by starting to regularly save a portion of their earnings regularly, they will accumulate more wealth with the help of compounding, which means earnings from an initial investment are reinvested over and over, according to Orman.

With the help of compounding, she said a person who would set aside $100 a month starting the age of 20 would end up with $1 million upon reaching 60.  But if one waits until age 30 to start setting aside, the same person will end up with only $300,000 at age 60. This 10-year delay in starting an investment plan has thus cost the person $700,000, she noted.

Before becoming a prominent personal finance expert and inspirational speaker, Orman used to earn $400 a month as a waitress. She waited on table for seven years until the age of 30, when she dreamt of opening her own restaurant. She asked her mother for $20,000 to open her restaurant but her mother was unable to help her. One of her regular customers took a pity on Orman and pooled $50,000 from other customers to lend to her for 10 years without interest. She brought the money to Merrill Lynch but the broker convinced the then naive Orman to invest everything by speculating in the stock market. She said she was made to sign papers to make it appear that she was a sophisticated investor who was qualified to invest in stock options. Within three months, she lost all the money.

“If I hadn’t lost that money, I won’t be standing here today. Nothing ever goes wrong, everything happens for the best,” she said.

Realizing she still owed $50,000 to her customers, she thought of getting a job as a broker at Merrill, which at that time never hired female brokers. She was hired but with a caveat that she would be fired in six months.

One Merrill Lynch executive took a liking at Orman and advised her to sue Merrill Lynch for the bad handling on her $50,000 even when she was still an employee. This she did and because of the ongoing case, Merrill Lynch could not fire her.

As the case dragged on, she said she became one of Merrill Lynch’s top producers and realizing that the firm was earning more money than Orman’s $50,000-suit, the brokerage gave back her money plus interest.

Orman said this only showed that any wealth that she had made was something she had worked for.  Even as she has gone a long way since then, Orman is not fond of splurging on jewelry, clothes or purses and has chosen to live in a tiny apartment in New York even if she can afford a penthouse.

“Every single person in this world has the ability to be more and have more and it’s the choices that we make about ourselves that become our net worth,” she said.

...the tourism center

New tourism center aims to boost sustainable tourism in PH

loQal – 5 hours ago

By KC Santos

MAKATI CITY, METRO MANILA—The Asian Institute of Management (AIM) recently launched the AIM-Dr. Andrew L. Tan Center for Tourism which aims to promote sustainable tourism development in the country.

Tourism arrivals in the Philippines are expected to grow by 18 percent in 2012, and jobs in the tourism sector represent 9.5 percent of total employment in the country, said AIM Dean Dr. Ricardo A. Lim.

The center, with the participation of key stakeholders in the industry, intends to address current issues on the effectiveness of MICE (Meetings,Incentives, Conferences and Events), the use of technology to enhance tourism promotions, develop better airline policies, and longer-term concerns, including the future of community-based tourism and the impact of climate change on tourism development, said Lim.

Department of Tourism (DOT) Secretary Ramon R. Jimenez Jr. noted that competitiveness is a value that seems to have been forgotten in the Philippines’ journey toward greatness.

This is why the DOT has begun to implement the “It’s More Fun in the Philippines” campaign—a  more focused, competitive strategy that aims to catapult the Philippines on a global scale, having the ability to present its offerings anywhere in the world.

“Is our pricing more fun? Is our infrastructure going to be more fun? Are the value extensions that we will eventually offer more fun? Are we more fun?” asked Secretary Jimenez. “We have levels of excellence to maintain, hence the institution that we are very happily ushering in today—an academic institution that will support excellence where it counts the most.”

Dr. Andrew Tan, Chairman of Alliance Global Group, whom the center was named after, expressed hope that tourism will make a positive impact in the national economy and to lives of every Filipinos.
Tan emphasized that much more needs to be done.

“More infrastructure facilities such as seaports, world-class airports, and better roads need to be built, so tourists will enjoy convenient access throughout the country. The private sector must work in tandem with local government units to identify and harness the potential of local tourist spots,” Tan added.

The center will explore concerns on the environmental impact of resorts, the carbon footprint of tourists, and the availability and continued training of human resources through the integration of knowledge and experience of experts and practitioners across various disciplines, said Tan.

1.2M tourists in Puerto Princesa Underground River by 2016–officials

By Leila B. Salaverria
Philippine Daily Inquirer

Tuesday, February 28th, 2012

 

 

Puerto Princesa — With the increasing popularity of the Puerto Princesa Underground River, especially now that it is officially one of the new natural wonders in the world, tourists in the area may reach 1.2 million in 2016, more than double the number of visitors in 2011.

 

 

Puerto Princesa Underground River

In fact, scientific projections of the Puerto Princesa City Tourism Office foresee that some two million tourists would flock to the PPUR by 2025, according to City Tourism Officer Rebecca Labit.

Labit said that in 2011, there were 500,146 visitors to the PPUR, a number that brought in P9 billion in tourist receipts — or the amount spent by tourists — in Puerto Princesa.

In fact, the PPUR has proven to be so popular now that Labit was advising potential visitors to book their visits in advance as hotels. were fast filling up and Puerto Princesa officials have imposed a cap on the number of daily visitors who could enter the underground river.

She said most hotels were hard pressed to accept walk-in guests as many of them were fully booked or more than half full.

“Book as early as now so that you would not be disappointed,” she told reporters.

Labit said hotels in Puerto Princesa, including small pension houses and inns, numbered about 100. There are about 2,000 rooms available at any given time, and could accommodate some 4,000 people.

The number of tourists in the city average some 1,200 to 1,500 a day. In the past, it got about 10 visitors a month.

Environment officials said infrastructure in Palawan, especially Puerto Princesa, were expected to be beefed up following the international recognition of the PPUR as a world wonder. Among the expected projects is the construction of additional hotels and the improvement of the airport.

According to Labit, the number of tourists in Puerto Princesa has been on an upward trend since the 1990s, especially after the underground river was declared a Unesco World Heritage.

But when the campaign to include the PPUR among the new seven natural wonders in the world began sometime in 2007, the number of visitors skyrocketed.

She said that in the past, the increases in the number of tourists was around 18 to 20 percent. But in 2010, there was a 50 percent increase.

The increasing number of tourists in the past few years has also been reflected in the amount of money they have spent in Puerto Princesa.

For 2009, total tourist receipts amounted to P3.2 billion, while in 2010, these added up to P6.2 billion.

Labit said a tourist spent an average of P4,000 to P5,000 per day in Puerto Princesa. She notes that the cost of tourism in the city is more expensive compared to vacationing in Hong Kong, for instance.

She said accommodations tended to be more pricey, and there were tourists who could not help but purchase what the city offers, such as pearls.

The PPUR was officially declared one of the new seven wonders of nature in January, and was also on the provisional list released in November last year.

The subterranean river was hailed for its complex cave systems and unique cave formations, and for supporting one of the major biodiversity areas in the Philippines.

It has proven to be a virtual gold mine for scientists, especially with regard to the study of how the earth evolved.

...the good payer

Japan: Philippines A Good Payer

Manila Bulletin

27February 2012

OSAKA, Japan - The Philippines has yet to settle some ¥ 965 billion (P512.4 billion) worth of development packages it borrowed from Japan in the past years, making it the fourth country across the world with a huge outstanding loans based on the list of the Japan International Cooperation Agency (JICA).

But the good news is that the Philippines has no current pending loans from Japan and is assessed to be a good payer, according to Michino Yamaguchi, of the JICA-Media Division.

"The Philippines repays the outstanding loan steadily," said Yamaguchi.

Based on JICA records, most of the loan packages were spent to transportation-based projects like building of roads, bridges, ports, and airports across the Philippines.

From 1971, Japan has already infused some ¥ 757 billion in the transportation-based projects, accounting for 35 percent of the entire development loan assistance to the Philippines.

Commodity loans came next with 19 percent, followed by electric and power-related projects with 13 percent, Agriculture/Forestry/Fisheries with 11 percent and Irrigation and Flood Control with 10 percent.

A total of $20.5 billion has already been lent to the Philippines via Japan's Official Development Assistance (ODA) to the Third World Countries, but only ¥ 965 billion remain unpaid so far.

"As the Philippines is classified to be a Lower-Middle-Income country based on Income Category of the World Bank, the terms and conditions of Lower Middle Income Countries are applied," said Yamaguchi.

As a lower middle income country, the Philippines is accorded concessional terms on its ODA loan availment. These include a 1.4 percent interest with repayment period of 30 years, including a 10-year grace period.

Topping the JICA list is Indonesia, followed by China then India. Completing the Top 10 list are Vietnam, Pakistan, Thailand, Sri Lanka, Egypt, and Turkey.

Tsutomu Kudo, director of JICA-Media Division, said the ranking is as of 2010 as he explained that they are yet to wait until the end of next month to complete the figures for 2011.

"These loans have to be repaid," said Kudo, as he noted a downtrend on the amount being allocated by Japan for development assistance to the needy countries since 2005.

Kudo admitted that the downtrend was brought by the global financial crisis in the past years but he revealed Japan's plan to increase the ODA fund in the coming years.

But this time, he said the funds will be focused on countries that need most of foreign assistance like African countries.

JICA is the executing agency of Japan's ODA and works in more than 150 countries. Aside from granting loans, it also uses other ODA tools such as technical assistance and providing study grant to students and professionals of Third World countries.

...the resurgent industry

'Resurgent' PH electronics industry seen in 2-3 years

 

ABS-CBNnews.com

02/27/2012

 

 

MANILA, Philippines - A "resurgent" electronics industry is seen in the Philippines within the next 2 to 3 years, according to Singapore-based DBS.

 

In a report, DBS said the electronics investments in the Philippines in 2010 and 2011 point to a resurgent electronics industry in the next 2 to 3 years. Electronics investments reached $2.5 billion in 2011, from $2.3 billion investments in the previous year.

"According to Semiconductor and Electronics Industries of the Philippines Inc (SEIPI), each US dollar of investment will generate $2 of additional exports. Assuming that these investments start to operate at capacity in two years, this implies an additional $9.6 billion worth of exports (about 40% of the total value of electronics exports for 2011) By that time, electronics exports should also show a growth trajectory after staying essentially flat over the last decade," it said.

The disruption in electronics manufacturing in Thailand may also lead to a short-term shift in demand to the Philippines.  "The country may also benefit with firms looking to diversify their electronics manufacturing base away from Thailand following the flood disaster," DBS said.

This year, DBS said it sees a "cyclical" rebound in Philippine electronics exports, after the slump in 2011. 

Electronics and semiconductor shipments, which made up nearly half of Philippine export revenues, contracted 32.7% in December from a year ago.

"The US semiconductors book-to-bill ratio has come off the low of 0.71 registered in September and is at 0.95 in January. This divergence in this ratio and electronics exports suggests that a bottoming out in the electronics cycle may be imminent," it said.

"However, a sharp recovery (similar to post-global financial crisis) is not expected given ongoing concerns about the eurozone debt crisis and the state of the US economy."


PH lagging behind Asian neighbors

DBS noted the electronics industry in the Philippines has been lagging behind other countries in the current downturn.

"Electronics exports across Asia dipped sharply during the global financial crisis (GFC) and this was followed by a rebound of roughly the same magnitude across the different countries. Now, the Philippines is the worst impacted by the current electronics cycle downswing, with electronics exports dropping close to GFC-levels.

By contrast, electronics exports of Singapore, Taiwan, Thailand and South Korea are all hovering significantly off their GFC lows," DBS said.

The underperformance of the electronics industry cannot be attributed solely to the "industry-wide overhang weighing on prices" and suggests structural weaknesses.

"In fact, the longer-term picture shows that the value of electronics exports has essentially stagnated since 2000," DBS said.

The weak performance has been attributed to low investment in the electronics sector in the last decade and heavy dependence on the semiconductor segment, which has been hit with oversupply worries.

DBS noted that electronics investments in the country has stagnated. In 1995, electronics investments totaled over $2 billion, and over the 10 years, the average investments was only P700 million.

"The lack of sufficient investment during that time period could have hurt potential output growth and also means that the country could have missed out on the latest technology trends," DBS said.

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...the Austrian muli-lingual tilt winner

Pinay in Austria wins multilingual speech tilt

ABS-CBNnews.com

02/27/2012

 

 

VIENNA, Austria - A 21-year old student became the first Filipina to win in a multilingual speech contest in Austria.

Xynthia Gajo was one of the 15 winners of the "SAG'S MULTI!"(Multilingual rhetoric competition), who were honored at the Vienna City Hall last February 23. She was one of 3 winners in the speech competition Category 3.

In her winning speech, Gajo talked about  her journey from the Philippines to Austria. She shed some tears, as she related how hard it was to survive 4 years without her mother.

After 4 years, Gajo had to decide if she would join her in Austria or stay with her "lola" in the Philippines. She chose to go to Austria, not knowing the difficulties she would face.

The young lass said it was challenging to deal with a new culture and language but with her mother's support, she overcame these adversities.

Integration State Secretary Sebastian Kurz said young people like Gajo, who come from different backgrounds, make Austrian society more colorful.

"In the area of integration, there are some challenges and problems in recent years but we have lost some sight of how much potential lies here in Austria.  We have a lot of young people who speak two or more languages fluently. This is an incredible opportunity for all the people who are multilingual. This is above all a tremendous potential for Austria,” Kurz said.

"Such program of the government and the private sector  is really a big help for the youths who grow up multilingual due to their migration.  For us Filipinos, we are very much aware of this necessity to integrate.

And we are very proud that one Pinoy has shown this to the general public, as she won this rhetoric competition," Volet SB Gerstl told ABS-CBN News.

Xynthia Gajo, a Filipina student, is seen here with Philippine Ambassador Lourdes Yparraguirre and Austrian Integration Minister, Hon. Sebastian Kurz.

"Well deserved, and an honor again for the country. It makes me feel very proud that Filipinos are really excellent in every aspect. Xynthia  Gajo has shown this to our Austrian friends,” Philippine Ambassador to Austria Lourdes Yparraguirre said.

Georg Kraft-Kinz and Ali Rahimi, heads of the Association for Economic Integration in Austria who organized the competition, were impressed by the winning performances.

"Our main objective of putting such a competition is primarily to harness the linguistic potentials of our youths.

We want to develop  their skills and linguistic diversity. Our speech competition shows that multilingualism is a big win for us all," they said.

For her part, Gajo said she is very happy to have won the competition.

“I never expected to win this competition inspite of the great number of participants all over Austria. It is also a great chance to show to our Austrian friends that we have a very beautiful language, which is Tagalog.

Having given this award shows that they recognize, not only the message of my speech but also the loveliness and beauty of the Tagalog language,” Gajo told ABS-CBN News. 

The multilingual competition was first held in 2009. About 300 students, who migrated to Austria, mixed ther first language and German. Report from Hector Pascua, ABS-CBN European News Bureau

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...the path of high growth potential

Philippine economy seen heading toward high-growth path

CLSA study sees start of private investment cycle

By: Doris C. Dumlao
Philippine Daily Inquirer

 Monday, February 27th, 2012

 

 

“The transformation continues for Asia’s once most promising..." - Mitzie de Dios, CLSA Asia-Pacific

 

 

The Philippines is undergoing a renaissance that looks all set to bring the economy to a higher trend growth and power stocks to new heights, according to regional investment house CLSA Asia-Pacific.

 

In a research titled “The Eagle Flies Again” dated February 20, the CLSA report written by analyst Mitzi de Dios said that like the rare endangered Philippine eagle, a private sector investment cycle was a rare sighting in the country. But now, it said the country was on the cusp of another investment cycle for the first time in 15 years driven by political stability, rising business confidence, low interest rates, robust balance sheet and the country’s long-term demographic potentials.

“The Philippines soars like an eagle, again,” the research said, adding, however, that this time around, there was hope that this nascent recovery would not be as endangered as that rare eagle.

After years of false starts and missed opportunity, there was a real sense of optimism building in the business community, the research said, suggesting the time was right for the Philippines to shed the stigma of being the “sick man of Asia.” Beyond the huge remittances from overseas Filipinos, CLSA said the country could now count on other major growth drivers.

“The transformation continues for Asia’s once most promising. The service sector continues to grow with the BPO [business process outsourcing] segment underpinning rising employment and per capita spend. Tourism and gaming are other drivers,” the research said.

Well known globally for the Philippines’ quality service sector, CLSA said the BPO sector would likely see its employment doubling to 1.2 million and generating revenues of $25 billion by 2016. The employment opportunities will keep more locals at home while per capita income should improve and the middle class continue to grow, the research said.

The country’s middle class was growing at 9 percent a year and by 2015 could well represent a fifth of the Philippines’ population, the research said.

“For sure the country’s middle class is still nascent, especially in areas such as investment. Most have their savings in fixed income and have yet to invest in equities in a big way,” it said.

CLSA recounted that the last investment cycle in the Philippines took place in the early 1990s under President Ramos, who deregulated the telecom and banking sector, which coincidentally laid the foundations for the growth and development of the BPO industry over the past decade.

In the past 12 years, the country’s gross domestic product growth averaged 4.54 percent with population growth of 2.6 percent in the past 10 years. CLSA said trend GDP growth should be higher starting 2013.

“The country’s economic growth has lagged its regional peers. But, without much fanfare, the economy has transformed itself into an emerging services center, laying the foundations for today’s growth,” it said.

What all this meant for stock market investors, CLSA said, was that old reliable names and upcoming companies would be the ones investors should own. By sector, it said conglomerates, banks, construction and infrastructure firms would likely outperform.

CLSA has recommended a “conviction buy” on Ayala Corp., Metro Pacific Investments Corp., Cebu Air, Philippine National Bank, Security Bank and Robinsons Land Corp.

For specific infrastructure play, CLSA also has “buy” ratings on construction firms Megawide Corp. and EEI Corp. and a buy rating on Metrobank.

Bonifacio Global City was cited as a “microcosm” of the change afoot in the broader economy. “Fifteen years ago it was a military camp most famous for the incarceration of Sen. [Benigno “Ninoy”] Aquino.

Today, it is home to high offices, luxury residential towers and upmarket shopping centers catering to the emerging middle class,” the research said.

The CLSA report also noted that total tourist arrivals hit an all-time high of 3.9 million in 2011 and was forecast to grow at double-digit rates over the next few years, eventually hitting more than eight million by 2016. The tourism industry employs 3.7 million people and tourism receipts accounts for 2 percent of GDP.