...the Heart of Asia

What Makes Philippines the Heart of Asia

Philippine Daily Inquirer

Saturday, January 26th, 2013

The country’s medical tourism industry is hoping to get another boost from the soon-to-be-released “Philippines: The Heart of Asia” travel guide.

The Philippines established its Medical Tourism Program back in 2006—and now, a little over six years later, we can say that while results have not been as quick as first envisioned, the country’s efforts to become a regional healthcare hub are slowly but surely bearing fruit.

A few years ago, the country was re-launched as a medical tourism destination under the brand “Philippines: The Heart of Asia” and the tag remains as true today as it was before. The Philippines really is The Heart of Asia in more ways than one.

As the Department of Tourism meets with success in presenting the country as one of the most desirable destinations in the region, especially through its “It’s More Fun in the Philippines” campaign—it will be recalled that the Philippines was included in several international “best destinations” lists in 2012—it can be reasonably expected that this will also help highlight the Philippines’ strong points as a medical tourism, healthcare, and wellness destination.

Hearts in the right place

Various research studies show that patients’ recover faster and feel happier when they receive compassionate care. Compassionate care, unfortunately, is often overlooked as more and more hospitals overseas struggle to save on costs and increase efficiency—this is the reason why Filipino nurses are in such demand the world over: Filipino nurses are not simply competent but also friendly, cheerful, caring, and compassionate.

Friendliness, compassion, caring, and cheerfulness are aspects of Filipino culture that every Filipino grows up with and imbibes. He or she learns it from parents, siblings, relatives and friends. This is because most Filipinos value relationships more than material possessions. Whether rich or poor, strong family bonds and smooth, mutually beneficial relationships among relatives and friends define the Filipino way of life.

Foreigners who visit the country as tourists, work here as expats, or choose it as their second home after retirement, all discover the warmth and hospitality that are unique to the Filipinos. These are attributes that medical tourism travelers discover when they receive treatment in the country’s hospitals and clinics.

English fluency

English is widely spoken in the Philippines as one of its official languages. English is the language used in education and business, and Filipinos in government agencies and the service industry are fluent in it. There are many English-language publications in the Philippines, including the major newspapers and magazines. There are also many English-language programs on television and Hollywood movies are regularly shown in theaters. Foreigners who speak English will have no difficulty relating to and transacting with Filipinos.

Top-notch healthcare facilities

Filipino doctors are expertly trained in the Western medical tradition and are up-to-date with the latest advances in medical science. Many of them have trained overseas, including the United States and Europe, and are affiliated with medical organizations in those countries.

The country’s top public and private hospitals are equipped with the latest in medical tools, machines, and technologies—the same equipment, if not better, as those found in the U.S. and Europe. The high standards of their facilities assure medical tourists that they are getting the same quality care, or better, as they would receive from their home countries.

This same high quality of care is found in the Philippines’ top specialty clinics that offer dental and aesthetic procedures.

Tropical paradise

With more than 7,000 islands in its archipelago, the Philippines is home to beaches and seaside resorts that provide relaxing, refreshing tropical paradise settings. There are natural landscapes of breathtaking beauty in the highland regions. Medical travelers will discover many picturesque places where they can enjoy their recovery.

Together with these various natural settings, the Philippines also offers all the modern conveniences needed for 21^st century living. From high-tech telecoms networks to cable TV, to Internet service, and highly urbanized, cosmopolitan areas with malls retail complexes offering local products and international brands.

World cuisine

Filipino food is a blend of Western and Eastern influences that include Spanish, American, Chinese, and Indian cuisines. With such a sophisticated palate, Filipinos easily welcomed the entry of Japanese, Korean, Thai, Italian and Continental food in the culinary scene. As a result, there are now so many different dining establishments that offer a gamut of authentic, gourmet fare.

More work ahead

As more of the country’s top hospitals make considerable investments in their personnel and facilities, the benefits to Filipino and foreign patients will also increase. There really is no other way to help the Philippines become a regional medical tourism hub except to make sure that its healthcare facilities are world-class.

One very important area that more Philippine hospitals need to get into is international accreditation. This accreditation is the most credible certification of a hospital’s, clinic’s, or wellness facility’s world-class quality standards.

When we talk about world-class healthcare certification or accreditation for hospitals and other healthcare facilities, we usually refer to accrediting bodies like JCI, NABH International, Accreditation Canada and others that are affiliated with the International Society for Quality in Healthcare (ISQua). The ISQua is the world body that accredits these accrediting bodies.

One ISQua-accredited body that has been giving generous support to Philippine hospitals is NABH International. Through its local affiliate, HealthCORE, the NABH International has been giving workshops to Filipino hospital administrators to help them learn how to meet ISQua standards, and assist them in the actual process of accreditation.

The success of the Department of Tourism’s campaign plus the increasing number of foreign patients being treated in the Philippines top hospitals prove that the country still has a bright future and great potential to be a medical, health, and wellness hub in the region.

To fulfill that potential, all stakeholders in the healthcare and travel sectors must get their acts together. Only then will the world truly realize that the Philippines is the Heart of Asia—a heart that gives care, compassion, life, love, and healing to those in need. – Ramil Digal Gulle, contributor

...the Pinoy host in Eat Bulaga Indonesia

Pinoy makes it big as TV host in Jakarta

Leo Consul co-hosts ‘Eat Bulaga! Indonesia’

 

By Correspondent

Emirates 24/7

Friday, January 25, 2013

 

 

MANILA: He almost had nothing in the Philippines. Or, let’s just say, he had poor prospects in life—until he went to Indonesia. And he’s not ashamed to admit it, even telling people the hardships he’d been through before attaining success.

The Jakarta-based Leo Consul, the only Filipino host of the Indonesian franchise of ‘Eat Bulaga!’, has recalled how he and his father were once evicted from their rented home in his hometown despite him burning with fever.

He had also witnessed how his father suffered from some illnesses, as they couldn’t even afford to see a doctor or buy medicines.

But today, Consul is able to support his father and indulge in some expensive things, such as a car and a condo, with his earnings in Indonesia.

‘Eat Bulaga!’, the most-watched and the longest-running noontime variety show in the Philippines, has been airing and rating well in Indonesia since July 2012 through SCTV Network. And at the moment it is the top-rated noontime variety show in the world’s fourth most populous and the biggest Muslim country.

It seems everything’s coming up roses for ‘Eat Bulaga!’, which has been entertaining Filipinos for over three decades. Produced by Television and Production Exponents, Inc. (TAPE), there have also been talks since last year that the show would also be brought to Malaysia and Singapore.

Consul believes in destiny—that he would one day get his place in this world—but also considers himself lucky to have travelled to Indonesia in search of greener pasture.

He remembers how he’d lost hope of finding a job in that Southeast Asian country when, two days before he was scheduled to fly back to the Philippines, he saw an advertisement flash on TV that SCTV was looking for hosts for ‘Eat Bulaga! Indonesia’.

“So, I said to myself, ‘Why don’t I try it?’” he loves recalling this moment during radio and TV interviews, and just about to anyone who cares to listen.

 

...the PH Market in Focus

Top Ranked Philippines ETF in Focus: EPHE - ETF News And Commentary

 

 

 

By Zacks.com

NASDAQ

January 23, 2013

The Philippines is one nation which has been able to outperform other emerging markets in the recent past. This strength has been attributed to a solid consumer market and booming exports thanks to a weak currency.

 

This combination comes at a great time, as most of the developed economies are in the doldrums, leaving many emerging markets to fend for themselves ( Buy These Emerging Asia ETFs to Beat China, India ).

 

This has been no problem for the Philippines as the country has shown incredible resilience to the global turmoil, posting a solid GDP growth rate. In the third quarter, the region delivered a robust growth rate of 7.1%. This is much better than the GDP growth of 6% posted in the second quarter.

 

Meanwhile, in an effort to cut interest expenses and shore up its financial position, the Philippines government recently announced the repurchase of $1.46 billion in dollar and euro denominated bonds.

 

The initiative by the government can be viewed as an effort to improve the investment grade credit rating and further show that the country is an economic power in the region ( Philippines ETF: A Rising Star in Emerging Market Investing ).

 

Rating agencies have taken note as well, as in early 2012 S&P bumped the country's long-term foreign currency-denominated debt to BB+ from BB, the highest rating since 2003. This does not end here with Moody's lifting its outlook on the economy to positive.

 

Clearly, the trends are continuing to be positive for the country, suggesting that some might want to consider the area for investment. One way to do this in basket form is via the MSCI Philippines Investable Market Index Fund (EPHE) which currently has a Zacks ETF Rank of 1 or 'Strong Buy'.

 

We expect it to outperform its peers over the next year and continue to be a solid pick for emerging market ETF investors. Given this, the product could be worth a closer look by investors seeking exposure to this economy.

 

About the Zacks ETF Rank

 

The Zacks ETF Rank provides a recommendation for the ETF in the context of our outlook for the underlying industry, sector, style box, or asset class. Our proprietary methodology also takes into account the risk preferences of investors. ETFs are ranked on a scale of 1 (Strong Buy) to 5 (Strong Sell) while they also receive one of three risk ratings, namely Low, Medium, or High.

 

The aim of our models is to select the best ETFs within each risk category. We assign each ETF one of five ranks within each risk bucket. Thus, the Zacks Rank reflects the expected return of an ETF relative to other products with a similar level of risk.

 

For investors seeking to apply this methodology to their portfolio in the Philippines market, we have taken a closer look at the top ranked EPHE below:

 

MSCI Philippines Investable Market Index Fund ( EPHE )

 

The fund tracks the MSCI Philippines Investable Market Index, which looks to offer investors a broad exposure to equities listed in the Philippines ( Do Corrupt Countries Make for Great ETFs? ). The fund trades with an asset base of $221.4 million and volume of more than 0.4 million shares a day.

 

The performance of the ETF has been quite remarkable. This ETF has added about 30.8% so far and it has gained roughly 39% over the last 52 weeks. Meanwhile, the yield of the fund stands at 0.96% while costs come in at 59 basis points a year ( Emerging Markets Dividend ETFs for Income, Growth & Diversification ).

 

Currently, the product has just over 42 securities in its basket. Maximum sector exposure is to Financials (41.6%), Industrials (25.0%), and Utilities (10.3%).

 

investors should note that the fund is concentrated in the top 10 holdings with more than 55% of investment. Among individual holdings, SM Investments Corp, Ayala Land and SM Prime Holdings take the top three positions with 10.4%, 8% and 6.3%, respectively, of EPHE's assets.

 

Clearly, despite the heavy financial exposure, the product has not been hampered by the European crisis, suggesting it could be an interesting choice for those looking for an ETF that is not heavily correlated to the euro zone, which still has the chance to be a strong performer.

...the SEA renewable energy potential leader

Philippines can be RE leader in Southeast Asia: Greenpeace report

By DJ Yap
Philippine Daily Inquirer

Thursday, January 24th, 2013

 

 

 

 

MANILA, Philippines—The Philippines is sitting on vast renewable energy potential of more than 250,000 megawatts of power that can save money, generate jobs and make electricity available and affordable to more Filipinos, Greenpeace said in a report on Wednesday.

The economy stands to benefit from massive renewable energy investments and does not need to rely on outdated and destructive fossil fuels, according to the report titled “Green Is Gold: How renewable energy can save us money and generate jobs.”

At a press conference in Quezon City, Greenpeace launched the report, in which the group sought to debunk notions that renewable energy technology was expensive and not economically viable.

“It will make the cost of electricity more economical, generate growth for the country while posing fewer risks to the environment and people, and contribute to energy independence,” said Von Hernandez, executive director of Greenpeace Southeast Asia.

Greenpeace said the country’s RE potential was estimated at 261,000 megawatts, which “remains untapped, with investors now moving to other markets in the region, having been locked out by coal projects in the pipeline.”

Anna Abad, the group’s climate and energy campaigner, pushed for what she called an energy revolution by turning its back on coal and capitalizing on RE technologies, such as geothermal and solar panel production.

“This report shows clearly how renewable energy is the win-win solution for sustained economic growth in the Philippines,” she said.

Abad said the Department of Energy should not miss out on the opportunity to realize the full potential of the five-year-old Renewable Energy Act of 2008.

Hernandez noted how the RE law had been hailed as a landmark law that was seen to usher in the new era of renewable energy in the country by generating billions of dollars in investment and creating new opportunities.

“However, after five years, implementation has yet to bear the fruits that were envisioned when the law was crafted. We have yet to see major implementation, which has been hobbled by foot-dragging, the inability of government agencies to enact corresponding rules and regulations, and willful sabotage,” he said.

Hernandez blamed what he described as the “conflicting policy direction being pursued by the DOE and by the Aquino administration.”

Compared to previous administrations, he said, it was only now that the government was supporting more than 20 proposals for coal-fired power plants, “which goes against the spirit and intention of the RE law.”

“It is unthinkable that we’re investing in our own suffering,” he said, pointing out the environmental costs of coal and other conventional fuels.

The Greenpeace report said RE technology was typically labor-intensive, “which means they spend more on hiring people, have a higher domestic content than conventional fossil fuel sectors, and often produce higher-end, better-paying, cleaner, healthier jobs.”

For example, it said, a 10-megawatt solar plant employs 1,000 people during the construction phase and another 100 people in permanent full-time jobs.

In terms of revenues, Greenpeace said geothermal energy, a “mature industry in the Philippines,” had saved the government more than $7 billion since 1977.

“Other RE technologies suggest more savings to the economy—or biomass: $96.9 million per year; for hydro: $65.9 million per year; for solar: $8.5 million per year; and for wind: $29.5 million per year. The report said the Philippines possessed the natural resources that could propel itself as an RE leader in Southeast Asia.

...the SEA growth leader

PHL to outpace SEA growth - IMF


Philippine Star
24 January 2013


MANILA, Philippines - The Philippines is expected to grow faster than its Southeast Asian neighbors this year, following above-target growth in 2012, as strong consumption and investment persist amid an expected pick-up in global growth.

Growth could hit six percent this year, the International Monetary Fund (IMF) said. This is slower than the 6.5 percent projected for last year, but faster than the October forecast of 4.8 percent. For 2014, growth could ease to 5.5 percent.

The new growth figures are stronger than the aggregate growth estimate for ASEAN-5, which is only seen to expand 5.5 percent in 2013 and 5.7 percent in 2014. ASEAN-5 is composed of the Philippines, Malaysia, Indonesia, Thailand and Vietnam.

Compared to government targets, the 2013 outlook meets the low-end of the six- to seven-percent goal.

“This growth resilience and more favorable outlook is both a testament to the Philippines’ improved macroeconomic fundamentals, policy reforms and a reflection of the exceptional goal setting,” said IMF mission chief Rachel van Elkan in a briefing yesterday.

“The focus on good governance has buoyed confidence and is supportive of more-inclusive growth,” she added. The IMF just concluded its Article IV consultation with Philippine authorities that included an examination of government policies.

As of the third quarter of last year, economic growth hit 6.5 percent, way above the Aquino administration’s five- to six-percent goal that year. Official full-year growth data will be released Jan. 31.

For this year, Van Elkan said domestic demand will be supported by continued government spending, which will benefit from more revenues from the excise tax reform. Low inflation, she said, will also be supportive of consumer purchasing power.

Inflation is expected to stay at “the low-end of the target band” of three- to five-percent this year and the next, she explained.

Risks remain however, Van Elkan said, with exports still suffering from weak demand from developed markets in the Europe and the United States, which are reeling from debt crises.

A similar scenario is expected for the rest of emerging market economies, the latest IMF World Economic Update said. These markets are seen to grow 5.5 percent this year, slightly down from 5.6 percent forecast last October. Growth could accelerate to 5.9 percent in 2014.

Of these countries, developing Asia, which groups China, India and the ASEAN-5, will likely expand by 7.1 percent, picking up pace to 7.5 percent next year, IMF said. The 2013 projection was 0.1 percentage-points slower than the October figure.

Emerging economies put in place “supportive policies”— such as central banks easing policy rates— last year to cushion the impact of the financial crises abroad. This however, the IMF said, has already “diminished” in some territories.

“Weakness in advanced economies will weigh on external demand, as well as on the terms of trade of commodity exporters, given the assumption of lower commodity prices in 2013,” it added.

As for the Philippines, Van Elkan said the challenges will also include capital inflows and the threat they may bring.

“Large, stable foreign earnings over the past decade as well as potentially volatile capital flows are placing upward pressure on the exchange rate. Low interest rates are fuelling prices of financial assets and pushing resources to non-tradable sectors,” Van Elkan said.

“We commend the BSP for utilizing a variety of instruments to help insulate domestic monetary conditions from the abundant liquidity abroad,” she added.

...the Asia's educational hub

Philippines Educational Hub in Asia

 

 

Manila Bulletin

January 23, 2013

More and more foreign students are coming to the Philippines to study. The Bureau of Immigration (BI) reported on January 17, 2013, that it granted a total of 42,478 student visas and special study permits (SSPs) in 2012, 14 percent higher than the 41,443 foreign students in 2011. There were 31,000 SSP holders, mostly based in the provinces, and 16,478 student visa holders. Of the students visa holders, 3,302 were new enrollees while 12,949 were old students.

A student visa is issued to foreigner aged 18 years and above, who takes up a course higher than high school in a university, seminary, or school authorized by the BI to admit foreign students. An SSP is issued to a foreign student below 18 years old who studies in elementary, secondary, tertiary institutions and enrolls in a special course of less than one year.

Only schools accredited by the BI, Department of Education, Commission on Higher Education, Technical Education and Skills Development Authority, and Federation of Accrediting Agencies are authorized to accept foreign students. There are over 2,100 private, state-run, and small institutions nationwide offering a wide array of courses.

The upsurge in the number of foreign enrollees is a testament to the quality of the Philippine educational system. It is also attributed to the proficiency of Filipino teachers in English and its use as a medium of instruction in most schools. In the 1980s, the government began inviting foreign studetns to study in specialized fields such as medicine and agriculture. In the 1990s, many schools were established to offer courses in English language, aviation, and hotel and restaurant management.

In 2000, the government relaxed the issuance of visas for foreign students and established exchange programs between Philippine schools and universities in Australia, the United States, South Korea, Canada, and Europe.

We congratulate the Bureau of Immigration headed by Commissioner Gen. Ricardo A. David Jr. and Commission on Higher Education Chairperson Dr. Patricia B. Licuanan, in their efforts to promote a conducive learning environment for foreign students in the Republic of the Philippines. CONGRATULATIONS AND MABUHAY!

...the Pinoy boxer in Milan

Filipino boxer wins in the World Series of Boxing in Milan

 

 

 

Philippine Information Agency

22 January 2013

 

 

MANILA, Jan. 22 -- A native from Davao City, Charly Suarez, the only Filipino member of the Italia Thunder boxing team, won his second victory in the World Series of Boxing (WSB) against the USA Knockouts on January 12 at the Mediolanum Forum Stadium in Milan.

In a statement, the Department of Foreign Affairs said, Charly became the main character of the evening who has also gained popularity as an idol for the Milanese. His spectacular and aggressive boxing won applauses and cheers from the audience particularly the Filipino crowd who came to watch and support him.

He competed against Anvar Yunusov of Tajikistan, a bronze medal holder from the World Championships in 2011.

Suarez holds two silver medals from the 2012 Asian Olympic Qualifier and 2001 Southeast Asian (SEA) Games.(DFA)

...the PH in Davos table

Aquino aims to 're-showcase' Philippines in Davos, Switzerland

Sunstar

Tuesday, January 22, 2013

MANILA -- President Benigno Aquino III is scheduled to attend the World Economic Forum (WEF) Annual Meeting in Davos, Switzerland, this week with the aim of "re-showcasing" the Philippines as a revitalized and improved place for investments.

"The primary purpose of the Davos visit is to re-showcase the Philippines—what the Philippines has been doing; what President Aquino has been doing insofar as reforms that are being undertaken and why the Philippine economy has gone to where it is right now," Presidential spokesperson Edwin Lacierda said when asked about the trip set from January 23 to 26.

Lacierda expressed confidence that the President would be able to lure potential investors to invest in the country considering the reforms implemented by Aquino in his almost three-year presidency.

"The international community is seeing the business (in the Philippines) as a level field and they're interested to invest in the Philippines," he said.

He likewise said that the Aquino administration has greatly improved the image of the Philippines from being the "Sick Man of Asia" to becoming a "haven for business opportunities."

"There's so much that the Philippines can offer to the international community. The strength of our economy is one proof that good governance is working. The root of our progress right now is that the international community has seen a 180-degree change in governance," he added.

"Look, the Philippines is under new management so if the CEOs are convinced—and I'm sure they will be convinced that the Philippines is under new management—they will order their business units to invest in the Philippines or to look in, to explore economic opportunities in the Philippines," he said.

Aside from meeting top CEOs, President Aquino is also scheduled to meet with Filipino community at the Renaissance Hotel in Switzerland before he leaves for Manila on Saturday (January 26).
This will be his first visit to Switzerland since he assumed office in June 2010.

"The Filipino community, I think, we're all very proud that the President is coming to Switzerland," Philippine Ambassador to Switzerland Leslie Baja said.

He said Filipinos in Switzerland is looking forward to being able to hear and see the President in person.

Baja said Aquino's meeting with the Filipino community would be a good opportunity for him to oversee their condition and to brief them on the positive developments in the Philippines under his watch.

As of June 2012, there were some 10,940 Filipinos in Switzerland broken down as follows -- 6,061 permanent migrants, 1,201 children/dependents, and 3,678 workers.

Majority of the Filipinos working in Switzerland are nurses, some are working in Swiss multinationals, some are in Geneva serving as international civil servants and working for various international organizations among others.

Joining the President during his meeting with the Filipino community are Foreign Affairs Secretary Albert del Rosario, Finance Secretary Cesar Purisima, Ambassador Baja, Budget and Management Secretary Florencio Abad, Secretary to the Cabinet Jose Rene Almendras, Socio-economic Planning Secretary Arsenio Balisacan, Trade and Industry Secretary Gregory Domingo, and Communications Secretary Ramon Carandang. (Jill Beltran/Sunnex)

...the Asia's top restos

Top 20 restaurants in Asia: The Miele Guide

 

AFP Relax

23 January 2013

 

L’Atelier de Joel Robuchon Hong Kong, China

 

Thousands of foodies cast their votes and gave top nods to French chef Joel Robuchon’s Robuchon au Dome in Macau, naming it the top dining destination in Asia.

 

In The Miele Guide’s 5th annual Asia’s Top 20 Restaurants, Robuchon au Dôme took the top spot, knocking perennial favorite Iggy’s in Singapore off its perch.

The win follows an extensive facelift and name change last year. As Robuchon a Galera, the restaurant was “old and anachronous,” says Miele. Today, Dôme is “chic, classy, modern and surprisingly casual.”

Hong Kong and Singapore lead the listings, meanwhile, each boasting five restaurants in the top 20 ranking. Dining destinations in Shanghai, Bali, Seoul, Tokyo, New Delhi and Chennai, India also get nods.

Here are the top 20 restaurants in Asia, according to voters in "The Miele Guide 2013":

1. Robuchon au Dôme, Macau
2. Waku Ghin, Singapore
3. L’Atelier de Joel Robuchon, Hong Kong
4. Iggy’s, Singapore
5. Mozaic, Bali
6. Pierre Gagnaire à Seoul, Seoul
7. Caprice, Hong Kong
8. Amber, Hong Kong
9. 81 /2 Otto e Mezzo Bombana, Singapore
10. Les Amis, Singapore
11. Restaurant Andre, Singapore
12. Tippling Club, Bali
13. Sarong, Shanghai
14. Mr & Mrs Bund, Shanghai
15. One Harbour Road, Hong Kong
16. Dakshin, Chennai, India
17. Antonio’s, Cavite, Philippines
18. Nihon Ryori RyuGin, Tokyo
19. Metis Restaurant and Gallery, Bali
20. Bukhara, New Delhi

...the PH growth forecast 2013 (IMF)

IMF hikes PHL growth forecast for 2013

 

 

SIEGFRID O. ALEGADO

GMA News

January 23, 2013

The International Monetary Fund (IMF) has raised its outlook for the country’s economic growth for this year and the last on the back of robust domestic consumption and investments, officials of the multilateral lender said Wednesday.

“During 2012, the Philippine economy shrugged off weakness abroad by growing at around 6.5 percent while also maintaining price stability,” Rachel Van Elkan, head of the IMF’s mission to the Philippines, told reporters at a briefing in Pasay City.

Van Elkan noted that the faster forecast was due to “accelerating consumption and investment, fuelled by remittances, higher public spending and low interest rates.”

“Going forward, growth is expected to moderate to a more sustainable level, but to remain strong compared to the past, with annual growth projected by the IMF staff at 6 percent and 5.5 percent,” she added.

The IMF earlier forecast the Philippine economy to grow by 4.8 percent for both 2012 and 2013. It did not have a previous projection for 2014.

Van Elkan said the slower but still strong growth forecast this year and the next were due to waning base effects.

Apart from robust consumption, stronger growth forecast last year was also partly attributed to base effects, as the country grew by a disappointing 3.7 percent in 2011.

On Tuesday, Socioeconomic Planning Secretary Arsenio Balisacan said he expects that the Philippine economy grew by 6.5 percent last year, adding that the economy has gained momentum for this year.

The interagency Development Budget Coordination Committee targets a 6 percent to 7 percent growth this year and 6.5 percent to 7.5 percent in 2014.

IMF, however, warned of downside risks to growth. “Macro-financial challenges are emerging, even as structural issues remain,” Van Elkan said.

Van Elkan noted that potentially volatile capital flows place upward pressure in the peso, while low interest rates may fuel financial assets.

But “policymakers have responded in a timely and flexible manner to the difficult global conditions,” she said. — BM, GMA News

...the Adobo republic

Swiss Get ‘Adobo’ Craving

By Genalyn D. Kabiling

Manila Bulletin

January 22, 2013

 

 

ZURICH, Switzerland — In the land known for its cheese and chocolates, a quintessential Filipino dish has become quite a favorite among the Swiss.

The Swiss patrons of two Filipino-owned restaurants here crave “adobo” after being introduced to the popular dish during their vacation to the Philippines.

“Wilma’s Kitchen” and “Anthony’s” are restaurants owned by Filipinos who ventured to promote the Filipino cuisine in the one of the richest countries in the world.

Wilma Mueller, who opened her own restaurant in 2009, said the Swiss, especially those who have visited the Philippines, enjoy adobo, a meat dish cooked in soy sauce, vinegar and garlic, due to its unique and delicious taste. Wilma’s Kitchen offers Euro-Asian cuisine.

“There are many Swiss tourists who are interested to try again what they tasted back home like adobo, kaldereta and sinigang. Adobo has become a popular dish here,” Mueller said in Filipino.

The idea of opening up a Filipino restaurant came to Mueller when she found no restaurant offering such cuisine in her neighborhood in Switzerland. Most restaurants offered Indian and Chinese food.
“I really love to cook since I was in the Philippines. It’s my hobby,” Mueller said.

“Filipinos are considered great cooks and yet there is no Filipino restaurant here. And so I decided to try and start a small take-away restaurant until it expanded,” she added.

Through her restaurant, Mueller said she wanted to showcase not only the Filipino food but kind of warmth and friendship Filipinos give.

Anthony Carlos, another Filipino restaurateur, also is benefitting from the fondness of the Swiss for adobo. Carlos quit his job in a restaurant and opened up his pub in 2005.

“It operated well and many people started to pay attention to my different style of cooking. We eventually became a hot topici in the circle of gastronomists in Switzerland,” he said.

“Among their favorite dishes are our chicken adobo, fish like maya-maya, and blue fin tuna,” he said.
Carlos said he would never have succeeded in the restaurant business without hard work and constant learning.

...the PH financial status

Fitch lauds Phl’s improved finances

 

By Zinnia B. Dela Peña

The Philippine Star

January 23, 2013

 

 

 

 

MANILA, Philippines - Debt watcher Fitch Ratings has lauded the Philippines’ improving public finances, citing the significant progress that the Aquino Administration has taken to improve its fiscal management and the country’s economic fundamentals.

“The Philippines’ public finances have become less of a drag on the sovereign credit profile. Sustained efforts under the Aquino and Arroyo administrations to improve fiscal management have brought many key fiscal metrics in line with or stronger than ‘BB’ and ‘BBB’ range peer medians,” Fitch said.

The country is rated BB+, with a stable outlook under Fitch’s metrics, putting it one notch below investment grade. The Aquino government is hoping to achieve investment grade status this year.
 
“General government debt/GDP ratio, estimated to be 40.3 percent at end-2012, is on a par with ‘BB and ‘BBB’ medians’ 40 percent. Lengthening the maturity profile of National Government debt to 10.7 years, compared with a ‘BB’ range median of 3.5 years, is also supportive of sovereign creditworthiness,” Fitch noted.

Fitch, however, pointed out that the fiscal revenue base remains to be the government’s weakness, which could potentially constrain fiscal resources for public investment in the infrastructure, health and education sectors.

Nevertheless, Fitch credited the government’s implementation of revenue-enhancing measures such as the recently-passed sin tax bill. It also commended the government’s efforts to weed out corruption.

“The Aquino administration’s efforts to improve the quality and effectiveness of public expenditures are seen as supportive. While implementation of these efforts created an initial drag on GDP growth, improved fiscal transparency and reduced corruption leakages could help deliver longer-term benefits to the economy and address weaknesses elsewhere in the sovereign credit profile,” Fitch said.

“The authorities’ efforts to improve fiscal management on a more technical level, such as lengthening the maturity profile and increasing the reliance on domestic issuance, also support the sustainability of the public finances and have complemented ongoing improvements in the institutional framework,” Fitch added.

The Philippines is looking forward to an investment grade rating, which would reduce borrowing costs for its active borrowers on offshore markets and attract more investment funds.

...the most romantic destination

China paper names Philippines ‘most romantic destination’

By Fat Reyes

Monday, January 21st, 2013

INQUIRER FILE PHOTO

MANILA, Philippines – The Department of Foreign Affairs (DFA) on Monday said the Philippines had been given the distinction of “Most Romantic Destination” by a Chinese paper.

In a statement released Monday, the DFA said the award, based on a consumer survey, was given by the Shanghai Morning Post in a ceremony held at the Shanghai Peninsula Hotel on January 15.

The DFA noted that the award was received by Consul General Charles Jose, accompanied by Niel Ballesteros of the Philippine Tourism Office in Shanghai.

Other country-winners include: Australia as “The Best Tour Destination for Discovery;” Switzerland as “The Best Shopping Paradise;” Korea as “The Best Skiing Destination;” and Germany as “The Best Destination for Art Appreciation.”

The DFA noted that the Philippines had earlier received one of the “Best Tourist Destination” awards given by the Oriental Morning Post during its annual World Travel – Special Trips Awards.

It also said that more Chinese were traveling to the country “especially during this winter season in China and for the upcoming week-long Chinese New Year holiday in February.”

It said that several Philippine carriers have also re-launched their flight services from China to the Philippines to cater to the growing demand of Chinese travelers for short-haul beach holidays.

It gave as examples Airphil Express, which reactivated its chartered flights from Shanghai to Kalibo on November 30, 2012; and Zest Air which also increased its regular flight frequency from Shanghai to Manila in December 2012.

“The regular multiple flight services to Manila continue to run steadily out of Beijing, Shanghai, Xiamen, Jinjiang and Guangzhou,” it added.

Both countries are embroiled in territorial disputes over atolls and reefs in the West Philippine Sea (South China Sea), believed to be the site of vast oil and gas resources.

The disputes among claimant countries have heightened in recent weeks, with a report of China’s plan to board and seize ships that enter what it claims to be its territory in the disputed sea.

China claims nearly the entire sea, while the Philippines, Malaysia, Brunei, Vietnam and Taiwan claim parts of the area, believed to be the site of oil and gas deposits.

China’s purported plan came days after it issued new passports bearing a map showing China’s nine-dash claims in the West Philippine Sea. Both the Philippines and Vietnam have refused to stamp the Chinese e-passports in protest of China’s claims, and have also sought China’s clarification on its new maritime patrol rules.