...the first Asian to Royal Academy

Angara 1st Asian named to royal Spanish academy

By TJ Burgonio
Philippine Daily Inquirer

Sunday, March 18th, 2012

MANILA, Philippines—The prestigious Real Academia Hispano Americana de Ciencias, Artes y Letras de Cadiz (Hispanic American Royal Academy of Arts, Sciences and Letters) has a new member from Asia.

Sen. Edgardo Angara is the first Asian to be appointed Corresponding Academic Member of the academy, founded in 1909 with King Alfonso XIII as it first honorary president, to promote cultural ties between Spain and the Hispanic nations of Latin America.

The academy is a corporation under Spain’s Ministry of Foreign Affairs and is based in the historic Spanish city of Cadiz. Its current honorary president is King Juan Carlos I.

“This is a great honor not only for myself but also for our country and I thank the Royal Academy for the incomparable opportunity to be a member of their academic community,” Angara said.

He described the Royal Academy as one of Spain’s leading institutions on the humanities “endowed with the unique role of promoting linkages with Hispanic nations in America.”

According to Angara, the academy was now reaching out to Asia, primarily through the Philippines.

“We share a common heritage and a common goal—to once again become partners in economic, social and academic development,” he said.

Rekindling Spanish ties

Angara was nominated and appointed for his contributions in revitalizing and strengthening the Philippines’ relations with Spain, Mexico and other Latin American nations with which it shares a common history and heritage of being at one time related to the countries in the Iberian peninsula, particularly Spain.

The senator’s efforts to rekindle the Philippines’ historic ties with Spain and Mexico led to the institutionalization of the Philippine-Spanish Friendship Day Act and the Dia del Galeon (Day of the Galleon) celebration, according to his profile.

Philippine-Spanish Friendship Day is celebrated every June 30. The first International Dia del Galeon Festival was held in September and October 2010, commemorating the importance of the galleon trade which flourished between 1565 and 1815 between Manila and Acapulco in Mexico. The Philippines played a key role in the trade route using galleons which linked Asia to Europe via Mexico.

Outstanding academic

Angara was awarded Spain’s Premio Casa Asia in 2010, the first Southeast Asian to win the foreign policy prize. He is also the Philippines’ official representative to the Unión Latina, an organization consisting of 37 member-nations speaking the neo-Latin languages.

The senator was also cited as an outstanding academic and intellectual, having served as president of the University of the Philippines, and for his advocacy of the development of education, culture and the arts.

Alicia Castellanos Escudier, treasurer and member of the Royal Academy’s board of governors, said the board approved the appointment of Angara as Corresponding Academic Member from Manila in February.
The Royal Academy has Corresponding Academic Members from Spain, Mexico, Peru, Chile, Argentina, Puerto Rico, Colombia, the Czech Republic and the United States.

Angara said he will be delivering his inaugural address as Corresponding Academic Member before the Royal Academy at a date still to be set.

His responsibilities include sitting as a member of the committees overseeing the publication of the Royal Academy’s books and other publications.


Longest-serving senator

Angara is one of the country’s longest-serving senators, having been elected to four consecutive six-year terms since 1987, except during a mandatory term break from 1998 to 2001. He served as president of the Senate from 1993 to 1995 during the term of President Fidel Ramos.

Angara, who served as president of the University of the Philippines from 1981 to 1987, started his political career when he was elected one of the delegates from Quezon province to the 1971 Constitutional Convention.

He served as agriculture secretary of deposed President Joseph Estrada from 1999 to January 2001, and then briefly served as Estrada’s executive secretary from Jan. 6 to 20, 2001.

A founding member of the prominent Angara, Concepcion, Cruz, Regala and Abello (Accra) law office, he was president of the Philippine Bar Association and the Integrated Bar of the Philippines in the 1970s.
In 1980, he became founding president of the Association of Southeast Asian Nations Law Association.

The Philippine-Spanish Friendship Day Act and the Dia del Galeon were institutionalized through Angara’s efforts to revive the country’s ties with Spain and Mexico, Spain’s colony in the Americas through which it administered the then Philippine colony.

In 2010, Angara became the first Southeast Asian to be awarded Spain’s foreign policy award, Premio Casa Asia. He was also selected to receive the Commandeur de l’Ordre des Palmes Académiques—the Commander grade of the French Republic’s Order of Academic Palms—for his contributions to promoting excellence in higher education.

The Ordre des Palmes Académiques (Order of Academic Palms) is an Order of Chivalry of France for academics and cultural and academic figures.

Born on Sept. 24, 1934, in Baler, Aurora, Angara received a law degree from UP in 1958 and his master of laws from the University of Michigan in 1964.

He has four children with his wife, the former Gloria Manalang.

...the Japanese investment

Japan to pour more investments in PH

External trade survey rates the country ‘least problematic’

By Gil C. Cabacungan
Philippine Daily Inquirer

Sunday, March 18th, 2012

The Japanese are back and a euphoric President Benigno Aquino III says he expects the wave of Japanese investments currently pouring into the country to continue for some time.


After Japan’s power, infrastructure and supply chain were laid waste by the devastating earthquake, tsunami and nuclear accident exactly a year ago this month, Japan’s businessmen are looking to expand outside their country and are taking a very strong interest in the Philippines, Mr. Aquino said.

The President’s bullish expectations are supported by the country’s businessmen who believe that Japan’s renewed interest in the Philippines will pave the way for other foreign investors to follow.

“Japan has 50 nuclear reactors and of the 50, only three are still operating. It’s no joke to lose almost 50 nuclear plants and that is a major factor in [businesses] moving some of their operations out of Japan and bringing them here. I believe Japan will continue to be one of our biggest investors,” Mr. Aquino said in an interview.

The President is anchoring this rosy outlook on Japanese investments on last year’s data on foreign direct investments (FDI) which surged to P256.1 billion, 30.6 percent higher than the P196.1 billion registered in 2010. It was also the highest since the P241.1 billion notched three administrations ago in 1996.

The National Statistics Coordination Board reported that Japan was the top source of foreign capital pledges with a 30.2-percent share, ahead of the United States (27.5 percent) and the Netherlands (11.1 percent).

Mr. Aquino noted that Japanese companies operating in the Philippines were among the most enthusiastic endorsers of the country.

“For example, a manufacturer of (automotive) wire harnesses has induced cable manufacturers (from Japan) to move their plants here because of the volume. I think this is what’s happening now not only for small industries but big ones like steel manufacturing,” said the President who hinted that a major steel maker from Japan was keen to set up shop here.

He said the Philippines was already the fourth-largest shipbuilder in the world after China, South Korea and Japan, and the establishment of a steel plant in the country could push the Philippines higher in the rankings in this basic sector.

The President said his administration’s efforts to sell the Philippines as an ideal foreign investment site had paid off with most Japanese businessmen rating the country as having the most “hospitable” environment for business expansion.

He cited a recent survey by Japan External Trade Organization (Jetro) among Japanese-affiliated businesses in the Asia and Oceania regions.

“Their questions were on the negative side, like what were the problems they (businessmen) encountered in recruiting labor, recruiting supervisory personnel, land acquisition or rental. And in all of the business concerns, the Philippines was practically rated as having the least problems for businessmen. The way to look at that is that is a positive for us,” said Mr. Aquino.

The Jetro survey, which was conducted from August to September 2011, covered 731 Japanese manufacturing and service firms with operations in the Philippines, Indonesia, Vietnam, Burma (also known as Myanmar), India, Thailand, Malaysia and China.

PH least problematic

In the survey, the Philippines had the least problems when it comes to increasing financial costs (China and Malaysia were the worst), rising prices or shortage of land or office (India and Vietnam were the worst), and skyrocketing payroll costs (Thailand and Vietnam were the worst).

The Philippines was rated as having the least problems in terms of recruiting general staff (Vietnam and Malaysia were the worst), recruiting executives (Burma and Vietnam were the worst), low rate of employment retention (Vietnam and Malaysia were the worst), problems in workers competency (Burma and Vietnam were the worst), and difficulty in quality control (India and China were the worst).

In terms of labor costs, the Philippines had the least problems in salary base rate (Vietnam and India were the worst) although it ranked slightly higher in terms of salaries for managers and engineers.

Trade Secretary Gregory Domingo said that the lingering effects of Japan’s triple disasters in 2011 were not the only reason driving Japanese investors to the Philippines.

“It’s our improved competitiveness as well in terms of labor cost and quality of work force. A lot of Japanese investors are coming in, including the big ones such as Brother and Canon, and there are a lot who are seriously looking right now,” said Domingo in a text message.

Domingo was one of the Cabinet members who was in Tokyo just a month before the disaster struck in Japan on March 11, 2011. The Philippine officials were in Japan for an investor roadshow aimed at highlighting the reforms being done under the Aquino administration such as a commitment to cut bureaucratic red tape and clamp down on corruption.

‘VIP’

Domingo said the recent visit of the Keidanren (the Japan Business Federation), considered the most influential of Japan’s major economic organizations, was proof of the strong level of interest in the Philippines.

“Its delegation consisted of the chairs and CEOs of the largest Japanese conglomerates, there were about 20 of them. That level of participation has not happened in a long time,” he said.

Ramon del Rosario Jr., chair of the Makati Business Club, confirmed the President’s claim that the Philippines was “back on the radar screen of Japanese investors.”

“Just last Thursday, at a farewell lunch for the Mitsubishi country head, Nobuya Ichiki, who is also a leader of the Japanese Chamber of Commerce in the Philippines, [he] told us that the present focus of Japanese investors is VIP—for Vietnam, Indonesia, and the Philippines,” Del Rosario said in a text message.

“This is our best shot at Japanese investments in our manufacturing sector since we missed out in 1989 because of the tremendously destructive coup attempt that year. But we need to get our act together and present the best investment options, with Vietnam and Burma aggressively pursuing Japanese investments as well,” Del Rosario said.

Francis Chua, chair of the Philippine Chamber of Commerce and Industry, said that the resurgence in Japanese investments was part of the growing trend of companies exiting from China, which had sucked out most of the manufacturing jobs in the Philippines more than a decade ago with the globalization of trade and investments.

With labor costs shooting up in China, foreign investors are looking to returning to the other countries that they abandoned like the Philippines, said Chua.

“We’re elated by the surge in Japanese investments but we should not lose sight of getting other foreign investors like the Chinese who also want to escape China’s escalating labor costs,” he said in a phone interview.

Not keen on tax perks


Unlike previous administrations, Mr. Aquino said he was not too keen about making tax perks the main tool in attracting Japanese and other foreign investors into the country as he had promised to end the government’s deficit spending.

“We’re doing it differently now and we are attracting them to come here for fundamental business reasons like quality labor and less graft and not because we give the highest incentives,” he said.

...the US outstanding women

Two Fil-Am women cited in US for outstanding achievements

March 18, 2012

GMANews

Two Filipino-American women were honored last week by the United States-based National Council for Research on Women for their leadership that changes “the way the world looks” at females.



Stephanie Mehta, Fortune Magazine executive editor



Analisa Balares, Womensphere CEO

According to the Asian Journal, Womensphere CEO Analisa Balares and Fortune Magazine executive editor Stephanie Mehta were recognized as part of the “30 outstanding leaders for their contributions to changing the way the world looks at women” during the annual “Making a Difference for Women Awards Dinner” of the organization.

Balares heads Womensphere, “a global community of leaders, organizations, and companies aligned by shared purpose of unleashing women’s potential,” which she launched in 2008.

It “has conducted 20 conferences and forums convening over 3,500 leaders in both the US and Europe,” the Asian Journal said.

The report added that prior to this award, Balares was cited by the World Economic Forum as a Young Global Leader and was named one of the 100 Most Influential Filipino Women in America.

Meanwhile, Mehta, whose mother is Filipino, “oversees technology, international, and Washington coverage at Fortune,” it also said, adding that she “helps set the overall editorial direction for the magazine and serves as co-chair of two of Fortune’s live events.”

In an interview with the Asian Journal, Balares said: “I’m quite excited to be included, and to be representing the Philippines, in a roster of 29 other global leaders across all industries and fields.”

The event, which marked the 30th anniversary of the Council, honored several “big-wing” women in the US including:

Beth Brooke of Ernst & Young;
Abigail Disney, Pamela Hogan, and Gini Retiker of the Women, War & Peace series on TV station PBS;
Anita Hill of Brandeis University; and
Soledad O’Brien of CNN.

- Rose-An Jessica Dioquino, VVP, GMA News

...the Voice

Fil-Am one of 24 finalists in 'The Voice'

ELTON LUGAY,

The FilAm

March 18, 2012

Count Cheesa Laureta among the many Filipinos whose career paths are generally paved in two directions: music and health care. Confident of her singing talent, she chose music over the more stable prospects of becoming a nurse.

The Hawaii-born couldn’t be happier when she became a finalist in “The Voice,” a new reality show where aspirants compete on vocal prowess alone, as opposed to “American Idol” where looks, charisma and attitude add to the points system. She is among the 24 finalists.


“It was nerve-wracking,” Cheesa, 21, told The FilAm in a phone interview. “I know Adam (Levine, a judge) chose me but when I heard Blake (Shelton) and Christina (Aguilera) chose Angie, I didn’t know what to expect. I was praying that somehow, something would turn Cee Lo around.”


Like gladiators, Cheesa and Angie Jackson, her closest competitor, dueled in an arena-type stage singing “Total Eclipse of the Heart” – their weapons nothing but their powerful pipes.


Watch it here.


Judge Cee Lo Green ultimately chose Cheesa.


“To be able to do the show and make it this far is like proving that if you work hard at what you want to do in life, you will eventually make it,” she said.


Cheesa was born and raised in Hawaii, but her family moved to Los Angeles in 2007. Her parents are both Filipino. Her mom is from Cebu, her dad, a marine, from Manila. She has an older brother, who is a musical director for Charice in the Philippines.


“My family struggled financially,” she said. “My dad wanted me to be in a more stable field like nursing.”


This is not her first time on “The Voice,” a reality talent show on NBC. She auditioned during the first season but didn’t make it. Her brother urged her to try again.


“I love the concept of the show where you’re going to this blind audition and the judges don’t know how you look. They’re not even basing you on your parents or your race, how big or small you are, they are just basing you solely on your voice. And I respect that because that’s what a lot of musicians want, respect for people to love their music and their voice,” she explained. Like “Idol,” text voting is allowed.


They will be mentored by the judges in terms of song choices or interpretation. Each of the four judges will have six contestants. Cheesa is with rapper/songwriter Cee Lo.


“Cee Lo is such a true artist and he’s not afraid to show it,” she said. “His music is not just genre which I respect. He’s able to mold himself and turn songs around his own style. And that taught me to be more confident in my performance and myself as an artist and to be myself.”


A graduate of the  Fashion Institute of L.A., Cheesa said she started singing at 4 years old, starting at home and in school. Later she would be invited to sing at parties and community gatherings. She is now bound for the global stage.


“If this is your passion, this is what you want to do, no matter how long it takes, it’s going to pay off cause you’re working hard at it,” she said. “Finally I get the chance to do what I want to do. That’s music.”


Sounding off on bloggers who say she’s distancing herself from her Filipino ethnicity, Cheesa decried the accusations: “I’m very proud and happy that I’m a Filipino, very proud of my cultural heritage. But I didn’t want to make that the only reason why Filipinos would vote for me. The purpose of the show was to show us that we’re special and appreciate the music, artistry.” - The FilAm

...the transformation

'The Best Is Yet To Come'

Aquino Parades Government Gains

By JC BELLO RUIZ

March 17, 2012

Manila Bulletin

“...we are on the threshold of transforming this country, our society, and the lives of our people." - Pres. Benigno Aquino III

MANILA, Philippines — Citing the big gains in the Philippine economy, particularly the record jump in the stock market, President Benigno S. Aquino III proclaimed that “we are on the threshold of transforming this country, our society, and the lives of our people."

Speaking during the 20th anniversary of the Anvil Business Club at a hotel in Makati City last Friday, the President confidently predicted that the best is yet to come for the country.

Earlier in the day the Philippine Stock Exchange index hit 5,145.89 points, a new high.

"Who could have imagined, two years ago, that our stock market would set record highs 21 times in as many months in office by this administration? Just Saturday, it closed at 5,145.89. I would like it to grow bigger, with more record highs than my months in service. And I think that is very possible," Aquino said.

With greater cooperation between government and the private sector, Aquino expressed belief that the best is yet to come for the country.

"We are on the road to becoming one of the world’s more successful economies: HSBC (Hong Kong and Shanghai Banking Corporation) recently predicted that by the year 2050 we will be the 16th largest economy in the world. Of course this is still a long way off, but two years ago, how many people imagined that we would be receiving such distinctions?," he said.

"How many people thought that when agencies like the Japanese JETRO agency surveyed Japanese firms in Asia and Oceania, that their conclusions would say that we have significant advantages, as far as cost of doing business, the supply and quality of labor, and employee salaries, compared to other countries in the region? Making us, in fact, the number one business destination in Asia, whether in the manufacturing or service sectors," the President stressed.

At the same time, the President also asked for greater cooperation between management and labor.

"This is just the start. Management has the vision and the resources; workers have the wherewithal to use those resources and make that vision a reality. Imagine what heights we can soar to, if management and labor can propel each other upward by truly working together," Aquino said.

"We can, and we have already been doing it. The challenge before us is to accelerate this transformation further. Together, it will be done," Aquino said.

The President also said he hopes to attract 10 million tourists to the Philippines annually by 2016 as he revealed a proposal to reserve 78 new ecotourism sites.

“There are about 14 million tourists who visit Thailand, about 22-24 million visit Malaysia. In comparison when we got it to office there was only three million that visit the Philippines, so therefore this is an experience that has yet to be experienced by a lot more of the citizens of the world," he said during the forum following his speech.

Aquino underscored the importance of upgrading the country's airports.

"Once the upgrades in the airports, in particular, have been achieved, and we have approved upgrades to Kalibo, Caticlan, Puerto Princesa, Laguindingan in Cagayan de Oro, and others, and of course, Clark will not be left behind. Then this will make travel easier," he said.

Aquino, who is barely two years in office, said he feels he is already on his fourth year. The President's term will end at noon of June 30, 2016.

His consolation is that at least his administration is "a little quieter" than that of his late mother, former President Corazon Aquino, who had to fend several coup d'etats.

"Well, for one thing I had not to content with nine coup d’etats so it’s a little quieter. The other thing is of course, I think, I did say in my speech that I’m standing on the shoulders of those that came before us. So I was not thrust into it and expected---you know, it’s like being thrust into deep end of the pool. At least I was wading in the shallow end of the pool during my mother’s term that gave me some ideas of what to expect when I got here," Aquino said.

He said there are a lot of "good news" about the Philippines' economic gains though they are hardly reported in the local media.

...the Playboy coverboy

Bruno Mars Joins Elite Club Of Playboy Cover Boys

By KAYE VILLAGOMEZ

March 17, 2012

 
 
 
MANILA, Philippines — Filipino-American hitmaker Bruno Mars has become the 10th man to rule a Playboy cover, out next month in the US.
 
A guitar-playing Mars has joined the league of interesting Playboy cover boys spread throughout 58 years of publication. The funny men-dominated roster – who have shared published jacket snap shots with one or a group of sexy bunnies – included Peter Sellers (April 1967), Burt Reynolds (October 1979), Steve Martin (January 1980), Dan Aykroyd (August 1993), Jerry Seinfeld (October 1993), Leslie Nielsen (February 1996), and Seth Rogen (April 2009). Donald Trump made it on the cover in March 1990.
 
The “It Will Rain” singer becomes only the second musician to hit the magazine’s banner after Gene Simmons.
 
Mars is seen in his best ’50s rock mood alongside Miss April cover girl, Raquel Pomplun. The 26-year-old singer-songwriter was picked for the magazine’s sex and music issue.

The doo-wop music fan said he impersonated Elvis Presley as a child and his music-loving family influenced a great deal in his craft.

“Growing up in the showbiz world, I looked up to those guys: Frank Sinatra and, of course, Elvis Presley. My dad was into the 1950s doo-wop era. If you look at those groups, or at James Brown, Jackie Wilson, and the Temptations in the 1960s, you’ll see you had to be sharp onstage.”

But it was Jimi Hendrix who made Mars “pick up a guitar” for the first time. He said to Playboy, “I think he’s (Hendrix) the greatest guitar player in the world, and I would want to see him do his thing in person. He’s the reason I picked up a guitar in the first place.”

...the vote of confidence

Investors' 'vote of confidence' sends benchmark index to new all-time high

March 16, 2012

GMA News

Local listed equities continued to explore uncharted territory Friday as the Philippine Stock Exchange index (PSEi) closed the trading week at another all-time high of 5,145.89 points by rising 2.3 percent or 114.11 points—its largest growth rate since Feb. 17 at 114.14.

“It appears that as a general trend, the equities market is being rewarded by investors with a huge vote of confidence. Our market continues to uncover new territories and we hope this influences trading activity and redounds to new issuances,” PSE President and Chief Executive Officer Hans B. Sicat said.

The market rode a wave of investor confidence that swept through Asian markets after the United States released new upbeat economic data.

U.S. jobless benefits claims fell to a four-year low last week, while the New York Federal Reserve's Empire State general business conditions index hit its highest since June 2010 last month. The Philadelphia Federal Reserve Bank's business activity index also showed manufacturing kept growing in the region this month.

Asian shares edged higher on Friday while the dollar took a breather as its recent broad rally spurred some profit taking, with a fresh batch of encouraging U.S. economic data further underpinning investor sentiment.

The MSCI Asia Pacific ex-Japan index was up 0.1 percent, for a weekly gain of nearly 1 percent. The index has risen 13.7 percent so far this year, recovering three-quarters of an 18 percent loss posted last year.

Japan's Nikkei steadied and held near an 8-month high reached on Thursday. The benchmark is up nearly 20 percent this year, reclaiming all of last year's 17 percent drop.

Analysts say the rebound is being driven mostly by investors buying back assets which they sold heavily last year when concerns were intensifying over the euro zone's debt crisis spinning out of control and hurting global growth.

"The market is still going through a relief rally more than chasing a new trend on global growth," Barclays Capital analysts said.

"We are getting into profit-taking territory," they added.

Sentiment has improved since then on signs of stronger U.S. growth, after Greece secured a second international bailout fund and as capital conditions improved at big U.S. banks. Fears of another global financial crisis also have eased substantially as central banks took aggressive measures to flood the system with ample cash.

World stocks held near the previous day's 7-1/2 month high on Friday and crude oil rebounded, sticking with a rally in riskier markets this week due to robust economic data from both sides of the Atlantic.

U.S. shares gained on Thursday, with the S&P 500 closing above 1,400 for the first time since 2008, partly driven by strong regional manufacturing data.

"Investors risk aversion has fallen dramatically since November mainly due to the positive impact of the two successive long-term refinancing operations of the European Central Bank," Olivier Huet, fund manager at Edmond de Rothschild, which manages a total of 12.4 billion euros, said.

"Fears that a credit crunch would have disastrous effects on the economy have evaporated," Huet added. — with Reuters/ELR, GMA News

...the monetary policy

BSP monetary policy expected to push up PH economy

By: Ronnel W. Domingo
Philippine Daily Inquirer

Thursday, March 15th, 2012

Philippine central bank chief Amando Tetangco (left) speaks during a meeting with the Foreign Correspondents' Association of the Philippines in 2008 in Makati City. According to US-based International Institute of Finance, the central bank’s easing of its monetary policy should boost Philippine growth to 5.8 percent in 2012. AFP PHOTO/JES AZNAR

The economic momentum that has built up from the easing of monetary policy may boost the country’s growth to 5.8 percent in 2012 and up to 7 percent in 2013, the International Institute of Finance said in its research note on the Philippines.

The government’s success in containing the budget deficit has given monetary authorities considerable latitude, according to IIF, which is based in Washington, DC.

In 2011, the government incurred a budget deficit of P197.8 billion, which was less than two-thirds of the previous year level. Taking into account the size of the economy, overspending in 2011 comprised only 2 percent, less than the 3.5 percent recorded in 2010.

Also, the debt stock as of end-2011 settled at P4.951 trillion, or just 50.9 percent of gross domestic product—the lowest ratio in the past 13 years.

Last March 1, the Bangko Sentral ng Pilipinas again eased its overnight borrowing and lending rates by 25 basis points to 4 percent and 6 percent, respectively.

“The government still needs to provide more extensive public services than it does at present. So, the key to fiscal sustainability will continue to rest on an overhaul of the inefficient tax region rather than on spending restraint,” said IIF, a global association of financial institutions. “The benefits from maintaining macroeconomic stability should soon pay off in terms of stronger growth for the economy.”

...the Cebu aspiration

Cebu to vie for top spot in 7 Wonders Cities of the World

 

Sun Star 

15 March 2012

CEBU – Cebu City may become even more popular among local and foreign tourists and may just land in the list of the New 7 Wonders Cities next year.

That is, if it can get enough votes to compete with big cities like New York, Paris and Tokyo.

As of Wednesday, Cebu City ranks second among 44 cities in Southeast Asia and Oceania in the search involving some 1,200 cities from 220 countries.

The search and online voting is being facilitated by the New7Wonders, the same group behind the man-made New 7 Wonders of the World and the New 7 Wonders of Nature.

Although it was the first time they heard about the search, officials of the Department of Tourism (DOT) Central Visayas, Cebu City Government and the Cebu Investment and Promotions Center (CIPC) welcomed the nomination.

“Just to be nominated, it would already help promote Cebu City as a tourist destination. Cebu City is different from other cities because for one, it is the seat of Christianity of the Philippines and despite being a highly urbanized city, Cebu City is able to preserve its past, its culture and heritage,” DOT Regional Director Rowena Montecillo said.

The CIPC and Cebu City Tourism Commission (CCTC) chairperson and Councilor Margarita Osmena also count the South Road Properties and the construction boom as contributors to Cebu City’s “wonders”.

The list of Wonders Cities in Southeast Asia is dominated by Philippine cities, with Vigan in Ilocos Sur topping the list, followed by the cities of Cebu, Davao, Iloilo, Cagayan de Oro, Bacolod and Paranaque.
On the eighth spot is Sydney, followed by Singapore and Bangkok.

Montecillo said the DOT-Central Visayas will support the campaign to help make Cebu City one of the finalists.

The global online voting started last January with some 1,200 nominees from 220 countries. More than 300 cities will be chosen for the qualification phase (one from each country and the top 77 cities with the most number of votes).

From the top 77 voted during the qualification phase, the New7Wonders Cities panel of experts advises on the selection of the 28 official finalists. Voting for the finalists continues across three phases until 2013. The Official New7Wonders Cities will be announced on December 7, 2013.

No specific criteria were used for the search.

In their official website, Bernard Weber, founder and president of New7Wonders, said the world is experiencing a mass urbanization and for the first time in history, a majority of the global population now lives in cities.

“Given these dramatic developments, New7Wonders Cities will become a catalyst for discussing everything from urban planning to metropolitan governance, from tourism to architecture,” he said in a statement posted in cities.n7w.com, the website that hosts the voting.

For Mayor Michael Rama and Councilor Osmeña, Cebu City’s rich history and cultural heritage and its proximity to world-class beach resorts are just some of Cebu City’s wonders, but its main asset are its people.

“There’s no other place where you will find people who are as warm and hospitable as the Cebuanos, always ready to greet you with a smile. Cebuanos always make you feel welcome,” the mayor said.

“Cebuanos are hospitable and creative and they’re very proud to be Cebuanos… We respect and preserve what we consider old, our heritage, but we also easily adapt to anything new. We adjust to the rest of the world,” Osmeña said.

CCTC officials are excited about the benefits the city can reap from the nomination, just like the boost in tourism that Puerto Princesa City in Palawan reported when it was named one of the New 7 Wonders of Nature earlier this year.

“I just hope we’re ready for it… In terms of infrastructure, we could go faster, we need to catch up,” Osmeña said.

Like the councilor, CIPC managing director Joel Mari Yu said he is banking on the Cebuanos’ penchant for joining text or online voting in winning the search.

While Cebu City has been named by Tholons as one of the 10 best destinations for outsourcing business, and while it enjoys a distinction of “being a city embedded in a resort environment,” it needs to improve some of its systems, like drainage, traffic, garbage collection and public transport.

“Cebu City is a beautiful place but we shouldn’t compare it with other cities like Singapore because everything in Singapore is efficient… But since many of us are fond of online or text voting, I think we have an excellent chance of making it in the final list,” Yu said. (LCR of Sun.Star Cebu)

...the Fil-Am site

Fil-Am site a finalist in US new media competition

 

ABS-CBNnews.com

 03/14/2012

 

 

 

MANILA, Philippines - The FilAm, an online magazine for Filipino-Americans in New York, was a finalist in this year's McCormick New Media Women Entrepreneurs initiative.

The FilAm, which caters to the 55,000 Filipinos in New York City and the nearly 300,000 who live in New York, New Jersey and Connecticut, was one of the finalists in the competition.

Filipino journalist Cristina DC Pastor is the publisher and editor of The FilAm. She published a book, "Scratch the News: Filipino Americans in Our Midst" in 2005.

On its website, the McCormick New Media Women Entrepreneurs is described as a "a unique initiative addressing opportunity and innovation, recruitment and retention for women in journalism by spotlighting their ingenuity and entrepreneurial abilities."

Four public service news sites, including a tablet app for news comics and a site that compares local health costs, received $14,000 each to develop their projects.

---

...the economic recovery

Economic recovery owing to FDIs, foreign exchange reserves increases

(philstar.com)
March 14, 2012


MANILA, Philippines (Xinhua) - Indications have showed that the Philippines is well on its way to full economic recovery, a huge inflow of foreign direct investments (FDIs) into the country last year and a surge of foreign exchange reserves to a record high in February this year.

In a statement, the National Statistical Coordination Board ( NSCB) said that total approved FDIs in the country in 2011 reached P256.1 billion ($6.03 billion), or a growth of 30. 6 percent from the previous year's level.

The NSCB, an agency of the National Economic and Development Authority (NEDA), said this was the highest level of approved FDIs in a single year since 1996. NEDA is the highest economic planning body of the government.

According to NSCB Secretary General Romulo Virola, FDI applications last year also exceeded the P241.1 billion ($5.67 billion) recorded in 1997, before the Asian financial crisis hit.

Virola said that of the total FDIs in 2011, the Philippine Economic Zone Authority (PEZA) accounted for P193.6 billion ($4.56 billion) while the Board of Investments (BoI) recorded investment commitments worth P23.2 billion ($513.27 million).

Investments registered with PEZA grew by 36.2 percent and with BoI, by 4.1 percent.

In the first two months of this year, investment pledges registered with PEZA surged by 47 percent to P16.22 billion ($358.85 million), from P11.04 billion ($259.76 million) in the same period last year, owing to the country's improved business investment climate.

PEZA Director General Lilia de Lima said that the growth in investment commitments is expected to be sustained until the end of 2012, due to the large number of prospects in the pipeline, particularly projects of Japanese firms that are coming to the Philippines to either relocate or expand their operations.

"This is our banner year.. Our best bet is still Japan (for investments). I'm very happy with our Japanese investors, they treat our people well, so we want to invite more Japanese investors into the country,"De Lima said last week on the sidelines of the 500,000 unit production milestone of Toyota Motor Philippines Corp.

In terms of country of origin, Japan accounted for P77.4 billion ($1.82 billion) of the FDIs approved, accounting for 30.2 percent of last year's total.

Investment commitments from investors based in the United States reached P70.4 billion ($1.66 billion), or 27.5 percent of total, while P28.3 billion ($665.88 million), or 11.1 percent, came from the Netherlands.
Earlier, the Bangko Sentral ng Pilipinas (BSP), the country's central bank, also reported that the country's foreign exchange reserves in February surged further to a record high of P77.77 billion.

The BSP said that the surge in the country's gross international reserves (GIR) in February was due to foreign currency inflow like remittances and foreign portfolio investments or hot money, dollar-denominated loans secured by the national government and earnings by the BSP from its investments in foreign securities.

The latest GIR, an indicator of the country's ability to service its debts to foreign creditors, pay imports and engage in other forms of commercial transactions with the rest of the world, rose nearly 22 percent from $63.89 billion in the same period last year.

BSP Governor Amando Tetangco Jr. said that the rising foreign exchange reserves showed the country's improving ability to service its maturing obligations with foreign creditors and "thus make the country worthy of better credit ratings."

The Philippines, after getting favorable credit-rating actions last year, is hoping for another round of upgrades from various international rating agencies to finally hit investment grade.

The country's credit ratings with Moody's Investors Service and Standard & Poor's both stand at two notches below investment grade, while that with Fitch Ratings stands at a notch below.

In its latest assessment of the Philippine economy, the International Monetary Fund (IMF) said the Philippines' growing foreign exchange reserves will keep the country safe from shocks brought on by problems now gripping the global economy.

The Washington-based multilateral institution said that the Philippines' GIR of $77.77 billion by the end of February would be sufficient to allow monetary officials of the country to respond to sharp capital outflows, a risk emerging economies now face due to global economic uncertainties.

"Should volatile (capital) outflows occur, there is scope to use reserves to smoothen the effects of such outflows,"the IMF said.

According to the IMF, in times of uncertainties, foreign investors tend to withdraw their funds from emerging markets, like the Philippines, preferring to hold on to their cash or put their money in what they consider to be less risky assets.

As a result, emerging market currencies, such as the Philippine peso, is prone to sharp depreciation.

But in the case of the Philippines, the IMF said that the BSP has enough resources to intervene in the foreign exchange market, particularly by using its dollar reserves to control the peso, preventing any sharp and sudden depreciation of the local currency.

...the passion for fashion

Filipino designers shine in London charity show

by Patrick Camara Ropeta,

ABS-CBN Europe News Bureau

03/13/2012

 

 

5 / 10 LK Dance Company performing native Filipino dances for the charity event by Prospero World By PATRICK CAMARA ROPETA, ABS-CBN Europe News Bureau

LONDON - A handful of talented Filipino fashion designers from around the world wowed the crowd at a society fundraising event by a UK-based philanthropic group.

Prospero World presented the first ever London Philippine Fashion Show in aid of the Ayala Foundation, a non-profit organization aiming to provide solutions to poverty issues in the Philippines.

Held at the trendy Victoria House Basement in Holborn, the event featured eye-catching designs of haute couture, cocktail dresses, evening gowns, and unique accessories.

Designers and brands on show included Jasper Garvida, Bergamo, Cary Santiago, Celestina, Federico de Vera, Josie Natori Couture, Joyce Makitalo, Jun Escario, Lesley Mobo, Lulu Tan Gan, Mich Dulce, Michael Cinco, Pepito Albert, Rajo Laurel, Randy Ortiz, Silk Cocoon, and Wynn Wynn Ong.

“It was fabulous and well-attended by the elite crowd,” said Michael Cinco, a Dubai-based couture designer best known for his elegant luxurious designs popular with Arab royals and Filipino celebrities, and championed by supermodel Tyra Banks on television series ‘America’s Next Top Model’.

“This is a very good platform, especially for us designers who are not based in Manila, and showing here in London, such a beautiful and vibrant city for fashion designers like us. I’m very happy to part of this event, and it’s for charity,” Cinco added.

High society

The charity fashion event was attended by distinguished guests from the worlds of finance, business and fashion, who seemed enthralled by the designs on show, providing regular outbursts of gasps and cheers as models walked on the runway.

Princess Marie Chantal and Prince Pavlos of Greece were also in attendance, as well as British author Toby Young, and BBC ‘Antiques Roadshow’ presenter Philip Mould.

Philippine Tatler Editor Anton San Diego and Manila Bulletin Creative Consultant Melo Esguerra flew in from Manila especially for the event.

“There are a lot of business moguls, global taste makers and influencers, it speaks so much how this event is well-received by the global community,” observed Esguerra.

“I find it to be a blessed and privileged position to be in London right now, watching the showcase of the best of the Philippines, the best of designers, that actually sends a message to the world that Philippine style is so distinct and world class.”

The event raised approximately £112,000 on the night from tickets and donations, as well as auctions of antiques, fashion items, and trips to Asia.

Fernando Ayala de Zobel from the Ayala Corporation was at the event to lend his support to his family’s foundation. He told ABS-CBN Europe: “The audience seemed to enjoy seeing all the designs from the Philippines, so I’m very happy with the way it turned out. We’re always very willing when other groups try to help the Philippines. Our designers were always very generous with their time. When the Filipino community get together in these countries, they’re always very generous. All of that attracts people to our country, and to be in a fashion capital like London is a great opportunity to showcase the great talent that we have in the Philippines.”

Good education

Proceeds will go towards an educational project by the Ayala Foundation. Launched in 1998, Centex aims to provide high quality education to bright students from the poorest backgrounds. It currently works with two state schools in Manila and Batangas, and has consistently topped rankings for the National Achievement Tests in the Philippines.

“We really hope that these children will get into the best universities and share their knowledge. It’s important to have great mentors, that’s why I really believe in this project,” enthused Alicia Motte-Munoz, one of the ‘sponsored models’, a group of 12 business professionals who raised funds for the charity by strutting alongside professional models on the catwalk.

“I’m half-Filipina, half-French, and I really believe in education, and so when they asked me to become one of their models and help them fundraise, I found it very difficult to say no, and so I thought I’d beat my stage-fright and give a hand.”

Ayala de Zobel revealed that the event already raised a guaranteed P8 million for Centex after costs have been deducted.

Discovering Philippines

The London Philippine Fashion Show was organized by Prospero World, a London-based philanthropy consultancy firm advising groups and individuals on the most effective way to do charity.

Prospero World Director Zita Schutt came up with the idea after a research trip in the Philippines in 2010, where she was exposed to the difficult circumstances of impoverished Filipinos.

Whilst in the country, Schutt was encouraged by a friend to visit Makati where she discovered a whole new world of Filipino fashion designs.

“We had a look and we were so amazed because we didn’t expect that,” she recalled.

“A year later, when we were talking to NGOs (Non-Government Organizations) in London, they said people don’t know anything about the Philippines. They don’t know about the amazing creations, and about the fun that people have. And we wanted to give them that. Let’s change their minds, and let’s give those children that we saw to make a huge difference to their communities.”

She concluded: “I really want people to have an amazing time, to see the dresses, to help the kids, to go to Philippines on holiday, and to embrace this place.”

---

...the Azkals drive

Azkals make history in victory over Tajikistan

 

By Dennis Gasgonia,

ABS-CBNnews.com

03/13/2012

 

 

Phil Younghusband scores a goal against Tajikistan.

MANILA, Philippines (1st UPDATE) – The Philippine Azkals continued their Cinderella run in the 2012 AFC Challenge Cup by barging into the semifinals with a historic win over Tajikistan on Tuesday.

The Philippine side toppled another former champion in Tajikistan, 2-1, at the Halchowk Stadium in Kathmandu to catch the last ride for the Challenge Cup semis.

Phil Younghusband and Angel Guirado scored the crucial goals in the 53rd and the 80th minute of the game to bring the Azkals to the next round.

With the win, the Azkals achieved their initial target of duplicating the same feat they attained in the 2010 Suzuki Cup.

“We've always wanted to go to the semis. This is the first time that the Philippines have actually entered the final stage,” Azkals team manager Dan Palami said.

This was the second straight win by the Azkals against a former Challenge Cup champion.

Prior to their game against the Tajiks, the Filipinos pushed 2008 titlist India out of contention with a 2-0 beating last Sunday.

Surprise in first half

Although Tajikistan enjoyed more ball possessions in the first half, the Filipinos were consistent in attacking the Tajiks’ goal.

Younghusband, who scored two goals against India, had attempts in the 2nd and 8th minute.

Guirado also struck a header in the 28th minute, but his shot sailed over the crossbar.

The Tajiks, however, pulled off a stunner in first-half injury time when an Alexey-Negmatov-header went through the Azkals' goal line.

The Filipinos appealed before the referees, but game officials ruled in favor of the Persian Lions and gave them a 1-0 advantage over the Azkals.

Fightback

Minutes into the second half, the nationals fired back at their Central Asian counterparts.

Younghusband equalized the game for the Philippines by scoring a goal off a pass from Guirado.

This leveled the score to 1-1 in the 53rd minute.

After failing to convert a goal in the 78th minute, Guirado pushed the Philippine side to a 2-1 lead against the Tajiks with a header in the 80th minute.

The Persian Lions tried hard to equalize the game, but they fell short in the face of the Azkals’ defense.

The Philippine side was the more aggressive team, with 14 shots at the goal against Tajikistan's 7.

This forced the Tajik keeper to work extra hard with 11 saves, compared to Neil Etherdige's 2 saves.

The Azkals also had 7 shots on target compared to the Tajiks' 5.

The Philippines will join defending champion North Korea, Turkmenistan and Palestine in the semifinal round.

The Azkals earned a qualification in the 2012 Challenge Cup final group by carving out a sensational 3-0 win over Mongolia in March 2011.

Semifinals

The Philippine Azkals will now have to go through 2010 runner-up Turkmenistan to earn a ticket in the Challenge Cup finals.

The two teams will square off on Friday.

The Azkals appear to be the stronger team on paper as they enjoy a higher FIFA ranking than Turkmenistan.
In the FIFA rankings, the Philippines is No. 156, while Turkmenistan is ranked 166th.

However, the Azkals will have to play the semifinal match minus 2 key players.

Guirado and James Younghusband each incurred their second yellow card in the Tajikistan game.

The two Azkals were also penalized during the Philippines’ skirmish against India.

Team coach Michael Weiss is expected to make adjustments to fill in the void left by James and Guirado.

Although making it to the semis was the team’s initial goal, Palami said the Azkals are ready to push their campaign toward the the Challenge Cup finals.

“If we make it to the finals, that will be a dream come true," he said. 

...the surprise export growth

PH exports surprise points to stronger growth

 

By Erik dela Cruz and Karen Lema,

Reuters

03/13/2012

 

MANILA, Philippines - Exports unexpectedly rose in January as demand from its major markets jumped, a positive start for the Southeast Asian economy after a disappointing 2011 and further evidence that global demand conditions could be improving.

Exports rose 3% in January from a year earlier, and the first rise since last April came as a surprise to a market looking for a fall similar to December's 18.9% drop.

Economists said the Bangko Sentral ng Pilipinas was now likely to hold the main interest rate at a record low after cutting it at the first two reviews of 2012.

"This unexpected recovery was likely largely due to the upside surprise in economic activity globally towards the end of 2011, especially in the U.S. and Japan, as well as relatively stabilisation of China's slowdown," HSBC economist Trinh Nguyen said.

Shipments to the country's three top markets -- Japan, the United States and China-- all grew by double-digits in annual terms in January after falls in December, although Europe remained weak.

Electronics, which make up more than half of total shipments, grew -- a modest 0.4% in annual terms, but the first rise in a year was welcome news particularly after five straight months where they had fallen between 29% and 48%.

HSBC's Nguyen estimated that electronic shipments rose 20.3% from December in seasonally adjusted terms.

Turnaround

"It seems to be supported by a major turnaround for electronics, which have borne the brunt of weak external demand, and regional supply chain disruptions," said ANZ economist Aninda Mitra.

"We also think this provides a firm basis for the BSP to remain on hold."

Ernie Santiago, head of the Semiconductors and Electronics Industries in the Philippines Inc (SEIPI) told Reuters the industry expected electronics exports to grow 10% to 15% in 2012 after contracting more than 20% last year.

Santiago said growth would be driven by businesses restocking and an expected increase in spending on technology.

Analysts agreed that the worst appeared to have passed for the electronics sector, and that should help lift economic growth towards the government's estimate of 5% to 6% for 2012 after a sharper-than-expected slowdown in 2011.

"This does look like a turnaround in the electronics cycle and suggests that GDP growth this year will accelerate from 3.7%," said Eugene Leow, economist at DBS in Singapore.

Exports account for about two-fifths of the country's GDP based on expenditure terms. The government has forecast exports to grow 10% this year, and it expects imports to climb 15%as manufacturers seek to shore up depleted inventories.

Investors seem confident the economy will strengthen -- the stock market is up 14% in 2012, and up by more than a third from Sep. 26, when it posted its lowest close for 2011.

...the best secret beach

Panglao one of world's best secret beaches: magazine

ABS-CBNnews.com

03/13/2012

Panglao Island is included in Travel + Leisure's list of best secret beaches. Photo from Ananyana Beach Resort and Spa

MANILA, Philippines -- Panglao Island in Bohol is one of the best secret beaches in the world, according to an influential American magazine.

The island, a well-established tourist destination in the Philippines, is one of the 17 areas featured in Travel + Leisure's "Best Secret Beaches on Earth" feature, which is part of the magazine's March 2012 issue.

"An hour-long flight from Manila to Bohol island followed by a 25-minute drive across a 19th-century causeway brings you to this secluded Central Visayas isle," author David Keeps wrote in the Travel + Leisure article.

Keeps particularly cited the Ananyana Beach Resort and Spa, which "occupies a prime spot on a mile-long stretch of sand."

"The 12 luxe thatched-roof huts have bamboo-framed king-size beds; the al fresco restaurant turns out Filipino-Mediterranean dishes such as penne with pork adobo; and the lounge is outfitted with regionally made rattan and abaca furniture," he wrote.

"Hop a resort boat for dolphin watching, diving amid the drop-offs of Balicasag island, or, for the ultimate castaway fantasy, a sunset dinner on deserted Puntod Island," he added.

The article also recommended other sites in Bohol such as the Bohol Bee Farm, which serves dishes such as homemade ube (purple yam) ice cream, and the Chocolate Hills, which was described as "a surreal wonder of 1,776 dome-shaped hills formed from limestone covered in grass."

Meanwhile, here are the other beaches that made it to the list of Travel + Leisure's best secret beaches:

• Todos Santos, Baja California Sur, Mexico
• Puako, Big Islang, Hawaii
• Ibo Island, Mozambique
• Phu Quoc Island, Vietnam
• Salema, Portugal
• Bethany Beach, Delaware
• Palm Beach, Barbuda
• Cirali Beach, Turkey
• Koh Lanta, Thailand
• Grand Haven, Michigan
• Lord Howe Island, Australia
• Pyla-sur-Mer, France
• Cayucos, California
• Alagoas, Brazil

---

...the buzz

Philippine stocks up on credit rating upgrade buzz

 

 

VICTOR D. SOLLORANO,

GMA News

March 13, 2012 4

 

 

Philippine stocks rose in active trading Tuesday, boosted by speculations about a credit rating upgrade from Moody’s Investors Service.
 
“We started slow, but news of that Moody’s might the Philippines a credit rating upgrade” allowed the market step up its tempo, said Ghia Yuson, research analyst at First Metro Securities Brokerage Corp.
 
The main Philippine Stock Exchange index gained 30.58 points or 0.61 percent to close at 5,005.75.
 
Over 5.937 billion shares valued at P8.446 billion were traded during the morning and afternoon session.
 
Advancers led decliners 91 to 77, while 39 issues closed unchanged.
 
The fact that other markets in the region were up helped place the sentiment among Philippine investors on the upbeat, said Yuson.
 
“And the volume was pretty good, compared with the turnover since last week,” she added.
 
Moody’s said in a report the gains made by the Philippines on fiscal reforms and debt reduction will likely continue this year.
 
“We expect tax revenues to continue improving owing to administrative measures to further enhance compliance, and a legislative agenda that aims to increase certain excise taxes and reduce extraneous fiscal incentives for investment,” said Moody’s assistant vice president and analyst for Sovereign Risk Group Christian de Guzman.
 
“Asian markets rose on Tuesday with traders expecting the final go-ahead for Greece's second bailout soon, while they also had their eyes on key central bank meetings in Japan and the United States,” according to an Agence France-Presse report.
 
“German Finance Minister Wolfgang Schaeuble lifted spirits when he said on Monday that the remainder of a multi-billion-euro package of loans from eurozone governments under a second Greek bailout would be signed off this week,” the French news agency added. — TJD, GMA News

...the Moody's perspective

Moody's sees Philippine fiscal consolidation continuing in 2012

 

March 12, 2012

GMA News

 

 

The gains made by the Philippines on fiscal reforms and debt reduction last year will likely continue this year, New York-based Moody’s Investors Service said in a report Monday.
 
“We expect tax revenues to continue improving owing to administrative measures to further enhance compliance, and a legislative agenda that aims to increase certain excise taxes and reduce extraneous fiscal incentives for investment,” said Moody’s assistant vice president and analyst for Sovereign Risk Group Christian de Guzman.
 
De Guzman’s comments were part of the credit rating agency’s weekly outlook, “Philippine Fiscal Results Point to Continued Debt Reduction.”
 
New budgeting rules and procurement processes should guard against underspending and ensure that government spending supports economic growth, the Moody’s official noted.
 
“Although we expect the fiscal deficit to widen slightly to 2.4 percent of GDP from two in 2011, the deficit will still be in line with the government’s medium-term fiscal program to 2016,” he said.
 
Higher tax collections in the absence of new taxes reflect a highly visible tax enforcement program that spurred greater compliance for personal and corporate income taxes collected by the Bureau of Internal Revenue (BIR), according to the Moody’s report.
 
It noted a solid increase in non-tax revenues driven largely by higher remittances of profits by government-owned and -controlled corporations.
 
“We expect tax revenues to continue improving owing to administrative measures to further enhance compliance, and a legislative agenda that aims to increase certain excise taxes and reduce extraneous fiscal incentives for investment,” he said.
 
The Philippines shaved its budget deficit by 37.11 percent to P197.754 billion or 2 percent of gross domestic product (GDP) last year from P314.458 billion or 3.5 percent of GDP in 2010, Department of Finance (DOF) data showed.

PHL debt reduction intact
 
The deficit was P102.246 billion narrower than the P300 billion or 3 percent of GDP on program.
 
Revenue collections grew by 12.6 percent to P1.36 trillion last year from P1.21 trillion. They were P51.4-billion lower than the P1.41-trillion goal.
 
Expenditures rose by 2.3 percent to P1.56 trillion from P1.52 trillion, or P153.6-billion lower than the P1.71-trillion ceiling.
 
The country’s debt-to-GDP ratio would likely decline this year and beyond, reflecting a favorable debt trajectory, according to Moody’s.
 
“Consequently, the debt reduction that began in 2005 is intact and is credit positive,” said De Guzman.
 
Government’s debt management, including buybacks and swaps in the past 18 months, was key to the fiscal and debt consolidation through cost savings, the Moody’s assistant vice president noted.
 
“With an improved credit profile and stable inflation, new government debt issuance now also commands lower interest rates,” De Guzman added.
 
As such, he said interest payments of the Philippines fell 5.2 percent last year on its debt.
 
The ratio of interest payments to total revenues fell to 20.5 percent last year from as high as 36.8 percent in 2005, which showed the country’s degree of fiscal flexibility continued to increase, De Guzman added. — VS, GMA News

...the fastfood international expansion

Philippine fast-food giant Jollibee steps up expansion in China

 

By Doris C. Dumlao

Manila/Philippine Daily Inquirer

Asia News Network 

12 March 2012

 

 

Manila (Philippine Daily Inquirer/ANN) - Philippine fast-food giant Jollibee Foods Corp. further expanded its business in mainland China with the completion of its purchase of a 55-per cent interest in a company operating San Pin Wang, a chain of 34 restaurants selling low-priced beef noodles.

JFC, through wholly owned subsidiary Jollibee Worldwide Pte. Ltd. (JWPL), signed in 2010 an agreement with Guangxi Zong Kai Food and Beverage Investment Co. Ltd. (GZK) to acquire a majority stake in San Pin Wang.

This is JFC's third fast-food chain in China.

The Philippine fast-food group will spend RMB30 million ($4.75 million) to acquire the 55-percent stake from Guanxi, which will remain a strategic partner with a 45-percent interest. JWPL and Guanxi have committed to invest additional 20 million yuan ($3.16 million) in San Pin Wang to fuel its expansion.

San Pin Wang is a noodle fast-food chain with most of its restaurants located in Nanning City in Guang Xi Province in South China.

The two other restaurant businesses operated by JFC in China are Shanghai-based Yonghe King and Beijing-based Hong Zhuang Yuan, which were bought in 2004 and 2008, respectively. As of January this year, the two overseas businesses had a combined network of 319 stores in China accounting for 11 per cent of JFC's worldwide sales.

JFC also has a 70 per cent interest in Jollibee Foods Processing Pte. Ltd., a commissary in Shucheng, Anhui Province.

JFC currently operates 2,466 stores worldwide, of which 1,997 are in the Philippines. The brands in its portfolio are Jollibee, Chowking, Greenwich, Red Ribbon, Mang Inasal and Burger King.

In January, Jollibee through JWPL has consummated a deal to buy into a regional food group that operates a chain of restaurants across Asia. The group acquired 50 per cent of the business of SuperFoods Group, consisting of a 49-per cent stake in Viet Nam-based SF Vung Tau Joint Stock Co. and a 60-per cent share in Hong Kong-based Blue Sky Holding Ltd.

The SuperFoods group, which has $30 million in annual sales, operates 56 Highlands Coffee stores in Viet Nam. Its Pho24 chain of Vietnamese restaurants has 48 stores in Viet Nam, 11 in Indonesia, four in Hong Kong, three in Japan, one in Cambodia and two in the Philippines. It likewise has Hard Rock Cafe-franchised stores in Macau, Hong Kong and Viet Nam.

...the Tribe 1946

New Pinoy mag in Holland launched

by Dheza Marie Aguilar,

 ABS-CBN Europe News Bureau

 03/12/2012

Partners Willem Snijder and Maarten Lemmers present the new Pinoy magazine "Tribe 1946" to selected guests in Assendelft, The Netherlands/Dheza Marie Aguilar, ABS-CBN Europe News Bureau

HOLLAND -- A new Filipino-Dutch magazine was recently launched in Assendelft, The Netherlands, to cater to the need for information and entertainment of Filipinos abroad, especially in Europe.

Tribe1946 magazine was an idea that Dutch businessmen Maartem Lemmers and Willem Snijder decided to pursue when the only Filipino magazine in the Netherlands, Munting Nayon, stopped publishing last year.

They aim to provide not only information but a sort of medium for networking for Filipinos living abroad.

“Last year, we started an idea to support and give services to the Filipinos here in Holland and from the services that we came up with, the magazine is the first one that we started with,” said Snijder.

Lemmers and Snijders came up with the name Tribe 1946 for the magazine because they believed that through their goals, they will help build a stronger Filipino community abroad. The partners also believed that the true Philippine independence was achieved when the United States recognized a free country in the Treaty of Manila signed on July 4, 1946.

In addition to the magazine, they also run an online community for Filipinos and are aiming to start to offer affordable phone rates to the Philippines. Both are happily married to Filipinas.

“What we are trying to do is get together and start a real community. I would like the Filipino community to be more informed, about what’s going on around the world with Filipino communities in other countries, see how to get them really to interact to really learn from each other and benefit from what everyone is doing,” Lemmers said.

According to Lemmers, they do not intend to make a profitable business out of the magazine, but make it more as a tool for Filipinos to become an instrument to help and support each other. They also aim to promote the Philippines not only for tourism but also for business and investments.

The magazine was warmly received by Filipinos in the Netherlands. Most of those who attended were excited that a new endeavor for the Filipino community was started, and promised to support the magazine.

“I’m very glad na may bagong magazine about sa mga nangyayari sa Pilipinas katulad ng Sendong at saka entertainment. Syempre importante din sa atin iyon kasi hindi lamang sa Pilipinas maraming entertainment,” said Irene Looze.

Looze, who owns a catering business, hopes that through the food articles that will be featured in Tribe 1946, Europeans will be able to discover unique and delicious Filipino dishes. She is happy to see that the magazine features Filipino talents not just from the Philippines, but also those who are making a name in Europe.

Tribe1946 is initially available in Spain, Germany, Belgium and Norway, and they hope to distribute it to more countries in Europe.

---