...the PInoy in NZ politics

Pinoy enters NZ politics

 

By Helen Flores

The Philippine Star

February 2, 2013

 

 

 

                                                                  Gazo

MANILA, Philippines - A Filipino has entered New Zealand politics, and he is just 23 years old.

Ephraim Gazo, who hails from Bacoor, Cavite, currently serves as a member of the Community Committee in Lower Hutt in the capital Wellington, the 10th largest city in New Zealand.

Gazo is bent on extending his public service to Philippine shores and is helping improve Filipinos’ lives through tourism.

“As far as I am aware, I am the only Filipino involved in the New Zealand government in my capacity as a council member. However, I have heard of various Filipinos who have been involved through running in previous elections but were not able to get elected or appointed to office,” Gazo told The STAR.

Gazo said the Community Committee serves as the bridge between the people and the city council.
“A community committee member’s working day normally involves meeting constituents and attending community groups, particularly those that the members are involved with through their portfolio,” he said.

Gazo is presently handling the Naenae Computer Clubhouse, the Keep Hutt City Beautiful Committee, Youth Affairs and Ethnic Affairs.

A committee member earns about $1000 per meeting. They have about six to seven meetings in a year, Gazo said.

“Another thing that I’m currently pursuing is how I could utilize my position and connections towards promoting the Philippines as an ideal tourist destination to many Kiwis – some of whom have never heard/been to the Philippines,” he said.

Gazo also wants to take advantage of the so-called “gap year,” which refers to the time out to travel between life stages. It is very popular among students in New Zealand, the United Kingdom, Australia, and Canada.

“It is part of the culture of the young people in New Zealand that after high school they do backpacking for a year,” Gazo said.

He said he feels disappointed whenever he meets people and they tell him that they have been to countries near the Philippines.

“Through my involvement in the council, together with some Filipino youth, we formed a network to promote the Philippines as a tourist destination,” Gazo said.

“I was also inspired by the recent visit of President Aquino in New Zealand when he called on leaders from both countries to strengthen their relation, particularly with the working holiday schemes in New Zealand,” he added.

“My first campaign began in 2007, a day after turning 18, I decided to run as a city councilor in the local body elections at Hutt City Council,” Gazo said.

In 2007, Gazo was elected to the Hutt City Youth Council, which is equivalent to the country’s Sangguniang Kabataan.

“One of the biggest challenges that I saw at the time was that I was the youngest candidate as well as the only Filipino,” he said.

There are also senior politicians who criticized him for being young and for being a Filipino.
“There would always be a certain stereotype of Filipino politicians, that they are corrupt. But instead of being discouraged, I keep my head up and make sure that my voice is heard.”

“A particular event which was quite memorable to me was when I attended a ‘meet the candidates’ event hosted by the local Grey Power, as there was an ongoing perception that most of the elderly in our community were not quite supportive of young people and people of different ethnicities,” Gazo said.

Grey Power is an advocacy group for people aged 50 and above.

“I was initially very nervous upon entering this forum, but all my worries and fears subsided when I realized how warm and welcoming this group was and how they were quite supportive of my candidacy and my purpose for running – which was to give young people and migrant communities a voice in the council,” Gazo said.

His interest in politics started when he was in high school at the Naenae College, after he participated in the Sir Peter Blake Youth Environment Forum.

In the forum, Gazo wrote an essay about environmental sustainability.

“In my essay I compared Bacoor, my hometown, and Manila to Wellington which is very clean and green. My article was one of the essays selected in the whole (Wellington) region,” he said.

“After that I opened my mind not only to environmental issues but also to helping the community.”
His performance as a member of the Youth Council was basically the reason for his appointment to the Community Committee.

“Our mayor is very supportive of the young people. Five former members of the Youth Council, including me, were appointed to the Community Committee. Our ages range from 20 to 25,” he said.
“Because the city councilors have no term limit, our mayor believes that it is time to give the young people a chance to serve,” he said.

Gazo migrated to New Zealand in 2004 when he was just 14.

Gazo had an opportunity to migrate to New Zealand through his mother, Feria, who works as a nurse for the local hospital in Hutt Valley District Health Board.

He lives with his mother and aunt Hedilisa Gazo, who works as a baker for Air New Zealand at the Wellington Airport.

“My mother is a single parent and I have no siblings. Although I have three half-brothers on my father’s side with whom I have had no contact with for a very long time,” Gazo said.

“I initially wanted to be a doctor as my mother is working as a registered nurse and so I saw health services as an avenue to help my community,” Gazo said.

He studied in a number of schools in the Philippines including Bacoor Unida Evangelical School, Child Development and Guidance Centre, Bacoor Parish School and Statefields School Inc.

“I left the Philippines after finishing second year high school and was a high achiever then, mostly ranging from 1st honor to 4th,” Gazo said.

...the ASEAN trade hub

Purisima wants Phl to become Asean trade hub

 

By Zinnia B. dela Peña

The Philippine Sta

February 2, 2013

 

 

                                                                     Purisima

MANILA, Philippines - The government is stepping up the development of the country’s infrastructure as it positions the Philippines as a trade hub between the Association of Southeast Asian Nations (ASEAN) members and the markets they serve, a top economic manager said.
  
Speaking before the French business delegation yesterday, Finance Secretary Cesar V. Purisima said improving the infrastructure, sustaining financial and macroeconomic stability and Filipinos’ per capita income are the priorities of the Aquino Administration as the country seeks new heights in its economic transformation.
  
“We need to make a leap in terms of infrastructure. If we don’t invest, we’ll not be able to harness the potential that’s before us. We need to attract private capital and technology to help us improve our infrastructure, tourism and agriculture,” Purisima said.

“We are accelerating our efforts to build our infrastructure such as our ports, airports, power, mass transit because infrastructure is important to make sure we’re as efficient as our neighbors...We want to be a hub of Asean trade,” Purisima said as he noted that more Asean countries are becoming strong contenders

Purisima underscored the need for the country to aggressively position itself as the destination of choice of both investors and tourists as well as to continue to find ways to show the world that the Philippines can deliver more than just fun.


The Philippines, with a growing population, is a good source of manpower in the global market, Purisima noted.

Purisima said the Philippines needs to integrate with the Asean and improve its business climate for it to become a hub in the region.

 

He noted that the Department of Finance (DOF) will continue to provide more funds for government projects aimed at pump-priming the economy while at the same time addressing the delivery of basic services and limiting the country’s budget deficit to only two percent of gross domestic product starting this year until 2016.

The Southeast Asian region, with a population of over 600 million people, is seen to become a major economic growth force in Asia when the planned regional common market of Asean countries is established by 2015.

This will significantly reduce the cost of production for the businesses and economic growth of member-countries and of the entire region will accelerate.

Under the Asean integration plan, tariffs on most goods coming from member-countries will be brought down to zero or near-zero, their financial systems will be integrated, and employment restrictions will be eased.

The integration is seen to open more regional cooperation and will improve the scale efficiencies, dynamism and competitiveness of Asean members. It wll enable easier movement of goods, services, investment, capital and people and will ultimately offer new ways of coordinating supply chains, or access to new markets for established products.

...the JP Morgan's favored markets

PH among JP Morgan’s favored markets

 

Local bourse seen extending its winning streak in 2013

By Doris C. Dumlao

Friday, February 1st, 2013

 

Global investment bank JP Morgan has kept the Philippines among its favored stock markets this 2013 with a view that the main local index—despite the strong run-up in the past four years—could extend its winning streak by another 15 percent.

“We’ve been overweight on the Philippines since 2009 and we have no intention of changing that view,” JP Morgan’s chief for Asian and emerging market equity Adrian Moet said in a briefing Friday.

“From the perspective of the international equity investor, the Philippines is delivering low currency risk, high economic growth and high (corporate) earnings growth and that’s a very attractive proposition particularly against a still quite troubled world,” said Moet, who flew in from Singapore to speak in a forum organized by JP Morgan for large institutional investors keen on Philippine equities.

The forum this year, attended by around 70 institutional investors—mostly long-term investors who are new to the Philippines—is the biggest so far in the last seven years that JP Morgan has conducted such briefings to pitch local equities to the foreign market.

For 2013, the Philippines joins Mexico, Turkey, Thailand and India among the countries where JP Morgan has an “overweight” rating. “Overweight” is a recommendation to accumulate stocks in excess of a benchmark index, usually the closely-tracked MSCI index.

Moet said good macroeconomic stability, improving policies and prospects of demographic dividends—referring to a large pool of human resources reaching working age—were common to most of these markets (except Thailand).

On the other hand, JP Morgan has an “underweight” recommendation on Brazil, Taiwan and South Korea. The investment firm has a “neutral” rating on China.

...the world's top think tanks

PIDS among world's top think tanks - survey

ABS-CBNnews.com

02/02/2013

 

 

MANILA, Philippines - The Philippine Institute for Development Studies has been ranked 40th in a survey of the world's think tanks done by the University of Pennsylvania.

 

 

 

 

PIDS said in a statement it was ranked 40th and 79th on the list of the world's best social policy think tanks, and best development think tanks, respectively.

The 2012 Global Go To Think Tanks Report and Policy Advice of the University of Pennsylvania's Think Tanks and Civil Societies Program ranked 6,603 policy institutes from 182 countries for the latest survey.

"We are pleased with the continued international recognition for our quality of policy research," PIDS President Josef T. Yap said in the statement.

"PIDS continues to be the authority in Philippine economic and social development policy research and is one the most influential, most quoted, and most trusted think tanks in the country and in the region," Yap added.

...the US Top Chef contender

Chef Sheldon Simeon On Top Chef - Bringing Filipino Dishes to the Mainstream

  

 

Momar G. Visaya | AJPress 

Thursday, 31 January 2013

 

 

 

It was a Filipino foodie’s dream come true: watching Top Chef host Padma Lakshmi, judges Tom Colicchio, Gail Simmons and Emeril Lagasse with guest judge, famous New York restaurateur Danny Meyer slurping the tangy, tasty sinigang of Chef Sheldon Simeon and declaring it one of the two winners that week.

“It makes you sit up straight, in a good way,” remarked Meyer. Lakshmi praised Sheldon’s plating (in what many netizens consider as a backhanded compliment) and said, “This is traditionally not a pretty dish.” But they all agreed, the sinigang was one of the best two dishes they had that evening.

This paved the way for the show’s much-awaited Restaurant Wars episode, the one where the remaining chefs are divided into two teams to come up with a restaurant concept and open it within 48 hours.

This season in Seattle, they made a twist. They asked the cheftestants to cook one dish that would encapsulate the concept of the restaurant they want to open. The remaining eight competitors scurried away to plan and put their best dishes forward. Out of the eight, the judges would choose the two competing chefs based on their dishes, and the winning concepts would be transformed into working restaurants in just two days.

Hawaii-based chef Sheldon Simeon, a third-generation Filipino-American knew what he wanted. He wanted to honor his heritage. He had a name ready, URBANo, in honor of his grandfather who moved to Hawaii from Ilocos Sur in the Philippines when he was barely 17 years old.

Sheldon took a risk and cooked sinigang, a dish that is not as famous as the quintessential adobo. “I took the flavors of sinigang and applied techniques I learned in culinary school and through years of being a chef. I made a thin broth, and kept my vegetables crisp and retain their vibrant colors. I had a playful eye on the plate, treating it as a canvas,” he told the Asian Journal in an interview.

His gamble paid off.

The following week, Filipino dishes were front and center of the episode.

Sheldon’s team prepared five dishes in all - Kilawin, Balut, Miki noodles, Pork adobo and Halo halo. In two days, he was able to teach his two team-mates to cook these dishes, a mean feat in itself.

Despite having fewer members than the other team and despite the terrible service the judges received, Sheldon’s team was chosen as the winner. The judges showered him with compliments.

“The concept was good. You don’t get too much new Filipino restaurant concepts like that. Maybe we are waiting for a chef like you to do that,” Colicchio told him.

“So much intensity and flavor,” Food and Wine editor Gail Simmons remarked.

Meyer on the pork adobo exclaimed, “I couldn’t stop eating it, I just want to eat more.” Emeril agreed. Colicchio on the other hand preferred the miki noodles and said, “I love the texture of the tapioca pasta, it is the best tasting dish I’ve had tonight.”

And perhaps the best compliment of the evening: “You made your grandfather proud.”

Up Close with Chef Sheldon

In an exclusive interview with the Asian Journal, Chef Sheldon shared his journey to Top Chef and his thoughts on where Filipino cuisine is in America and where it is (and should be) going.

A big Top Chef fan, Sheldon has always wondered what it felt like to be on the show. Last year, he decided to find out. He went through the process and applied. Eventually, he got a call back and he went in for audition and a series of interviews. Weeks later, he got the call. He was in.

“It freaks me out when I see myself on television, for sure. It was an exciting experience,” he said laughing.

A father of three girls - Chloe, 6; Peyton, 3 and Quinn, 17 months (“I don’t have the recipe to make a boy,” he quipped) - Sheldon said the toughest part of being in the show was being away from his family and his daughters.

He was able to speak with the kids occasionally, lessening the impact of missing them.

“When they fall down, you want to be there to pick them up, or when they come home from school, you want to be there too,” he said. “They’re my life. Every single decision that I do is for them, for them to have a brighter future. I will continue to provide for them and let them have a better life.”

The sacrifice of being away from the kids was made slightly less painful by the wins he amassed during the show, from winning with his sinigang dish and taking it all away during Restaurant Wars (where he also won a brand new car).

Asked about winning Restaurant Wars with his URBANo concept, Sheldon paused, and remarked, “It was awesome. It was time for me to honor my grandfather who was an amazing man, pay homage to my culture and put Filipino food out there on national television.”

“I wanted to keep true to myself. Cooking is basically whatever had influenced me through my life. When they asked us to come up with a concept, I knew I’d come up with something very dear to my heart. Why not show my Filipino roots?” he added.

In essence, his efforts in the past have all led to this.

Sheldon grew up around a family that cooks a lot. His parents’ house was a gathering spot and whenever they were together, his dad or his grandfather would be cooking.

He didn’t think he’d develop a particular fondness for cooking.

“Throughout high school, I thought I was going to be an architect. I was into mechanical drawings, higher math classes. But in my senior year, I went to culinary school,” he said. “I enjoyed culinary school a lot, turned it into a passion and I’ve been cooking ever.” since.

Sheldon grew up in a traditionally big Filipino family in Hawaii. His mom has 11 brothers and sisters and his dad has nine siblings. “That’s a lot of cousins, a lot of aunts and uncles, a lot of family parties,” he added.

Currently, if there’s one thing he wants to do, it would have to be ‘go to the Philippines’. For the first time.

“I’ve never gone to the Philippines! I want to do that. That’s a goal of mine. I have tons of relatives there,” he exclaimed.

Sheldon also slightly regrets the fact that he doesn’t speak Filipino.

“Unfortunately, I don’t speak the language. My way of connecting to my roots is through food, that’s why I try to do it with all my heart,” he explained.

And he more than makes up for it.

Sheldon’s knowledge of Filipino cuisine was passed on to him by his grandfather, then his father, and their numerous relatives.

“Filipino cuisine via my parents, aunts and uncles, grandfather. That’s why I want to see where they come from,” he added. “My Dad’s side is from Ilocos Sur and mom’s side is from Ilocos Norte. My dad was born in Hawaii. My grandparents came to Hawaii when they were 17, 18 years old and they were among the first immigrants to work as plantation workers in the state.”

If you weren’t a chef, what would you be doing now?

Sheldon repeated the question, processing it thoroughly and came up with an exasperated answer.

“Shoot, I can’t even answer that,” he said, grappling for words. “This is what I do, I’ve always wanted to be a chef. I don’t know.”

Life After Top Chef

Many Top Chef alumni have found success after their stint in the show. Some of them have even opened their own restaurants, like Dale Talde, whose two restaurants in Brooklyn (Talde and Pork Slope) are both doing good. Last year’s winner, Fil-Am Paul Qui is also planning to open his own place in Austin.

For Sheldon, the opportunity to be a part of the show’s tenth season has given him new opportunities.
“The show has brought a lot of exposure so far and it is bringing some opportunities right now. I want to make the best decision for my family, I have three girls. Maybe I can open my own place in the future with my name on it,” he said. “I want to continue with Star Noodle for a while because I see a lot of potential there and I want for them to have a great opportunity as well.”

Asked about what it would take for URBANo to become a reality, Sheldon paused a bit and laughed, “An investor? If a great opportunity comes along and we get the right spot and the timing is correct for myself and my career, I can definitely see URBANo becoming a reality.”

For now, Chef Sheldon is enjoying juggling his time with his wife and three daughters in Hawaii and his work as executive chef at Star Noodle, undoubtedly the top two things in this world he is deeply passionate about: food and family.

...the 2012 PH economic growth (official)

PH economy grows 6.6% in 2012, exceeds forecast

 

ABS-CBNnews.com

01/31/2013

 

 

2012 Forecast:

 

            PH government: 5.0%-6.0%            Bloomberg:6.3%

         IMF/World Bank: 6.0%                    Reuters: 6.4%

         ADB: 5.5%                                       HSBC: 6.2%

         Moody's: 5.4%                                 Standard & Poor's: 5.1%

            UBS AG: 6.3%

 

 

MANILA, Philippines - The Philippine economy expanded by a stellar 6.6% in 2012 from the lackluster 3.9% growth in the previous year, the National Statistical Coordination Board (NSCB) reported on Thursday.

 

"With the robust growth of the services sector led by trade, and real estate, renting and business activities, accentuated by the sturdy performances of manufacturing and construction, the country's gross domestic product grew by 6.8% in the fourth quarter of 2012, paving the way for the annual GDP to post a broad-based growth of 6.6%," NSCB Secretary General Jose Ramon G. Albert said.

The 2012 economic growth exceeded market expectations and even breached the 5% to 6% target earlier set by the government.

Socioeconomic Planning Secretary Arsenio Balisacan earlier has said last year's growth may hover around 6.5%, while President Benigno Aquino III earlier this week noted "all of us will be impressed" with the 2012 growth figures.

The International Monetary Fund and the World Bank both forecast the Philippine economy to have grown by 6% last year.

A Bloomberg survey of analysts pegged the Philippines' 2012 growth at 6.3%, while a Reuters poll put it at 6.4%.

Stellar economic growth at 6.6%

Palace: Good governance means good economics

By Riza T. Olchondra, TJ Burgonio
Philippine Daily Inquirer

ECONOMIC TEAM President Aquino (right) predicts an impressive Philippine economic growth of more than 6 percent in a speech during the 40th anniversary of Neda on  Tuesday. He is shown with (from left) former Neda Director General Cayetano Paderanga, Neda Deputy Director General Rolando Tungpalan and current Neda chief Arsenio Balisacan. Lyn Rillon

Living up to President Aquino’s advance information that the numbers would impress, the Philippine economy expanded 6.8 percent in the fourth quarter of 2012, lifting full-year growth to 6.6 percent.

The figures that government economists and statisticians announced Thursday beat their targets and analysts’ expectations.

Socioeconomic Planning Secretary Arsenio M. Balisacan said that on hindsight, the government’s 5- to 6-percent growth target for the past year seemed conservative.

Median forecasts from the World Bank and other institutions were 5.9 percent for the fourth quarter and 6.4 percent for the full year.

Compared with the latest available data from other Asean countries, the Philippines’ fourth quarter growth in gross domestic product (GDP), the value of goods produced and services rendered in a given period, was higher than Vietnam’s 5.4 percent and Singapore’s 1.1 percent.

China’s economy expanded by 7.8 percent in the last quarter. Other countries still do not have available data for the full year.

Unsurprisingly, the GDP announcement by the National Economic and Development Authority (Neda) and the National Statistical Coordination Board (NSCB) was trending on Twitter, earning kudos from industry groups, such as the Makati Business Club.

Private economists, however, were not as impressed, noting that the lingering question was whether such figures could be sustained and translated into better incomes for many Filipinos.

Expectedly, Malacañang cheered the “exceptional” growth rate, trumpeting it as proof of the country’s ability to move toward “equitable progress” on a policy of good governance.

“It is a resounding affirmation of the Aquino administration’s fiscal strategy, backed as it is by our robust macroeconomic fundamentals and more importantly, the principles of good governance,” Budget Secretary Florencio Abad said in a statement.

Presidential spokesperson Edwin Lacierda attributed the economic growth to private sector activity goaded by the administration’s policy reforms.

While it was initially driven by government stimulus, the economic growth was now increasingly being driven by private sector activity, including investments, which grew by 8.7 percent in 2012, Lacierda said in a briefing.

“This means growth is becoming more sustainable from a fiscal and macroeconomic perspective. Private sector activity has been enabled by the Aquino administration’s dedication to positive reform. Without doubt, good governance means good economics,” he said.

Not quite impressed

Benjamin E. Diokno of the University of the Philippines School of Economics, however, was not impressed.

Diokno said that under President Corazon Aquino, the economy grew by 6.8 percent in 1988 after a weak growth in 1987, while under President Gloria Macapagal-Arroyo, the economy grew 6.7 percent in 2004 after a weak growth in 2003, and again by 7.6 percent in 2010, after a near recession in 2009.

“I agree it’s a strong growth. Considering its long-term growth potential and growth higher than 6 percent might be considered strong. Is it sustainable? That remains to be seen. We’ve seen this kind of growth before and they were not sustained. Is it inclusive? I’m afraid not,” he said.

Diokno said the contribution of agriculture to GDP continued to shrink, posting the lowest growth among the three major sectors.

“Based on the October labor statistics, the recent growth may be characterized as labor-shredding growth. Close to 1 million jobs were lost,” Diokno said. Most Filipinos still depend on agriculture and related sectors for a living.

NSCB Secretary General Jose Ramon G. Albert said industry and services led economic growth on the supply side (sources of goods and services).

On the demand side (where goods and services are used), growth was still largely driven by household consumption and external trade.

Industry grew 6.5 percent, more than twice the 2.3-percent growth in 2011.

The Neda said the expansion in public and private construction, and the electricity, gas and water sector led the growth.

In the first two quarters of last year, it was public construction that took up the slack in construction, but the private sector took over beginning the third quarter.

“This is what we mean by the private sector upping its stakes in the economy,” said Balisacan, who is also the Neda director general.

“Equally remarkable was the growth in the electricity, gas and water sector, growing by 5.1 percent, a far cry from its growth of 0.6 percent in 2011. No doubt this was in support of the increased economic activity in 2012,” he said.

The service sector also beat expectations with a 7.4-percent growth from trade, transport and communications, real estate, renting and business activities and other services.

Trade grew by 7.5 percent in 2012, more than twice the figure in 2011. Growth in transport and communications accelerated at 9.1 percent compared with 4.3 the previous year.

“We had expected a slower growth for the real estate, renting and business activities, which includes the IT-BPO, owing to the continued slowdown in the global economy. And yet the sector still managed to grow faster than expected at close to 8 percent,” Balisacan said.

There were also notable gains in other services, particularly, tourism-related subsectors, such as hotels and restaurants, and recreational, cultural and sporting activities. These subsectors grew 13.3 percent, compared with only 7.1 percent in 2011.

Balisacan said he was also pleasantly surprised with the growth in agriculture (2.7 percent).

“We only expected a 2.2-percent growth from the sector owing to weather disturbances forecast for the year,” he said.

In the first two quarters of 2012, it looked like the sector would underperform with a contraction in the fisheries sector. However, the turnaround happened beginning the third quarter and especially in the fourth quarter when the sector grew by 4.7 percent.

“We are also pleased to note that the output in the fishery sector had gone up by 3.3 percent, from eight consecutive quarters of contraction if not stagnant growth,” Balisacan said.

Household consumption

On the demand side, household consumption remained the largest contributor to growth in 2012, growing by 6.1 percent. Although the growth was slower than the 6.3 percent in 2011.

Balisacan noted that the growth had been on the increase coming from 5.1 percent in the first quarter up to 6.9 percent in the fourth.

Growth was supported by the higher level of economic activity, low and stable inflation, inflows of overseas Filipinos’ remittances and government subsidy mainly through the conditional cash transfers.

“Note, however, that remittances of overseas Filipinos increased by 8 percent in dollar terms, but only by 2.8 percent in peso terms in October and November 2012,” Balisacan said.

Exports of goods recovered with a growth of 8.7 percent for the year from a contraction of 4.2 percent in 2011. Exports of services grew by 9.8 percent, more than twice the growth the previous year.

“However, this growth was actually slower than expected. Perhaps the sector is already feeling the pinch from the combined impact of the global economic slowdown and the appreciating peso,” Balisacan said.

Fixed capital formation also improved to 8.7 percent in 2012 as growth in investments for public and private construction and durable equipment registered significant increases.

In spite of the country’s achievements in 2012, Balisacan said the government would not be “lulled” into complacency.

“It is our immediate task to put in place policies and implement programs that will sustain our economy’s growth over the medium term. We shall continue planting the seeds of a structural transformation in our economy to make it more investment and industry-led. This, in turn, will mean more jobs and employment opportunities of high quality for Filipinos, thus ensuring that growth is inclusive and benefits all sectors of society,” he said.

Raise productivity

Cid L. Terosa of the University of Asia and the Pacific said the growth level of at least 6 percent could be maintained as long as the Philippines kept building up productivity.

So far, Terosa said, the fourth quarter and full year 2012 growth rates were impressive but the question remained whether those numbers could translate into better income for many.

“Employment and continuous structural changes are keys to economic growth over the medium-term,” he said.             

...the Doctor Doom's PH perspective

US economist Roubini sees PH investment grade this year

 

by Kathleen A. Martin,

ABS-CBNnews.com

01/30/2013

 

 

Nouriel Roubini, chairman of Roubini Global Economics and an economics professor at New York University's Stern School of Business speaks at a Thomson Reuters Newsmaker event in New York January 14, 2013. Photo by Keith Bedford, Reuters

MANILA, Philippines - The country may very well get its coveted investment grade rating from credit rating agencies in the next few months, renowned economist Nouriel Roubini said on Wednesday.

"I have come to the conclusion that the rating to investment grade is certainly warranted and decision should be formally taken this year," Roubini said during the Philippine Investment Summit 2013 in Makati City.

"I hope that rating agencies will understand that sooner rather than later... and an upgrade will occur in the next few months," he continued.

Getting an investment grade from credit rating agencies encourage more investments to the country, and in turn, supports economic growth.

Roubini praised the country for having achieved "remarkable success" in the last few years, owing this to an increase in private investments and stronger political institutions.

The Philippines is rated one notch below investment grade by Standard & Poor's and Fitch Ratings.

S&P rates the country a BB+ with a positive outlook, while Fitch grades it BB+ with a stable outlook.
Moody's Investors Service, meanwhile, currently rates the country Ba2, two notches below investment grade, with a positive outlook.

The Philippines may have been constrained by high public debt, not-enough government revenues and a "seriously low" per capita GDP in achieving investment grade, Roubini said.

But the declining public debt and improving revenues due to additional policies despite still low per capita GDP may allow the country's credit rating to be upgraded, he noted.

The economist, dubbed as Doctor Doom as he predicted the 2008 US recession, stressed the country may very well have breached its 5% to 6% gross domestic product (GDP) target last year, and may potentially reach 7% this year.

"Potential growth of the country could be 7% certainly if that demographic dividend is exploited rightly," Roubini said.

Seven percent is the higher end of the government's 2013 GDP target.

Roubini stressed the Philippines' young population is a significant driver of the economy so investments should be made in the education sector.

This is because despite having a large labor force that can provide a boost to the economy, they have to be equipped with the right skills and education.

The economist has also noted the increase in investments to the country, despite being a laggard among the region with regard to fixed and portfolio inflows.

"Certainly, the country now has achieved an economic model of slightly less based on consumption and slightly more based on investments," Roubini pointed out.

But consumption will still remain as the country's largest economic driver, as remittances Filipinos living and working abroad continue to be robust, he said.

New reforms in the government and the new leadership have also drove the country to its recent economic success, the economist said.

"Institutions and governance matter. That has been ... a source of improvement in country. The president has been fighting corruption, improving institutions of the country," Roubini said.

Despite the country's success story, challenges that could drag economic growth remain.

These constraints to growth are the the appreciating currency that could hamper competitiveness, natural disasters, low interest rates that could lead to asset bubbles and need for more investments, Roubini noted.

Businessmen react

Erramon Aboitiz, president and CEO of Aboitiz Equity Ventures, said the country needs to increase competition in various sectors to spur more consumption to support the economy.

"Higher competition will lead to lower cost for consumers," Aboitiz, acting as a reactor to Roubini's speech, said.

Manuel V. Pangilinan, managing director and CEO of First Pacific Company Ltd., meanwhile noted the need for more power investments in the country.

Pangilinan said the Philippines, especially Mindanao, needs to have more investments in the power sector to make sure businesses are supplied with needed electricity.

...the PH stock market (2013's 12th record high)

PH stocks hit new record high; settles near 6300

 

ABS-CBNnews.com

01/30/2013

 

 

MANILA, Philippines - After playing in the 6300 territory earlier today, the PSE index finally settled at 6,271.23, up 0.58%.

 

This is the main index's 12th record close for the year.

The PSEi breached the 6,300 level for the first time in afternoon trade. Philippine stocks surged, hitting an intraday record high at 6,320.60.

The strong performance is attributed to bullish expectations for the 2012 GDP report due tomorrow.

Among today's gainers were Megaworld, which climbed 5.75% after receiving an "outperform" rating and Filinvest which rose 4%. Filinvest earlier confirmed its interest in the Cebu Mactan airport.

Peso strengthens

Meanwhile, the peso ended 11 centavos stronger, closing at 40.62 against the US dollar.

The peso strengthened on equity-linked inflows and demand from interbank speculators.

A foreign bank dealer in Manila said the peso's appreciation may accelerate.

"They would likely want to wait for a dollar/peso's bounce back above 40.70 to reinstate shorts. But I don't think people can wait for the bounce anymore," the dealer said.

But investors were wary of possible intervention by the central bank to prevent it from breaking 40.60, dealers said. They were also cautious before the Fed's policy decision. - With ANC and Reuters

...the Philippine president

Aquino Takes On World Heavyweight

 

 

By William Pesek, (Bloomberg)

Repost: Manila Bulletin

January 29, 2013

MANILA, Philippines --- Say what you want about President Benigno S. Aquino III, but the Philippines top official has some brass.

First he arrested former President Gloria Macapagal Arroyo on corruption charges and ousted her Supreme Court chief justice Renato C. Corona. Then he took on the powerful Catholic Church, shepherding free-contraception laws that enraged the Vatican. Next he ran afoul of the local tycoons by backing higher taxes on cigarettes and alcohol. By tackling these issues along with economic reforms, Aquino’s country is on the way toward an investment-grade credit rating.

Now Aquino is taking on an immeasurably bigger target: China. The Philippines will challenge China’s maritime claims before a United Nations-endorsed tribunal. This isn’t going over well in China, and it’s sure to raise tensions as Asia vies for oil, gas, and fisheries resources and a ruling on competing views of history in contested waters.

Much of it really is an argument over China’s controversial “nine-dash” map. First published in the late 1940s, the map extends China’s territorial claims as much as 800 miles from Hainan Island to the equatorial waters off the coast of Borneo. China says the map proves its “indisputable sovereignty” over more than 100 islands, atolls and reefs that form the Paracel and Spratly Islands. The rest of Asia disagrees.

Geopolitical Risk
This dispute represents something more for political scientists, such as Ian Bremmer. As leaders and investors alike try to navigate a world they no longer understand, they are turning to Bremmer, the president of Eurasia Group in New York, and his ilk for perspective. And when Bremmer considers the biggest threats in the year ahead, East Asian brinkmanship is near the top of the list.

“At risk here is the decades-long pattern of East Asia as a zone where positive-sum commerce and economics trumps zero-sum geopolitical tension,” Bremmer says.

US Secretary of State Hillary Clinton and Defense Secretary Leon Panetta are right to worry about military conflict. The intensifying spat over a group of tiny islands that Japan calls Senkaku and China calls Diaoyu is the most dangerous flash point.

Strains rose last year after Japan effectively nationalized the islands. At first, it was just about fishing rights and coast guard vessels squaring off. From April to December, there was a disturbing trend: Tokyo’s Self-Defense Force scrambled fighter jets 160 times against Chinese aircraft approaching Japanese airspace. That’s the highest number of aerial contacts since Japan began releasing such data and is a significant proxy for escalating tensions.

Markets seem convinced that pragmatism will rule the day. China needs rapid growth to ensure the Communist Party’s grip on power, and Shinzo Abe, Japan’s new prime minister, aims to revive his nation’s moribund economy. The primacy of commerce, the conventional wisdom says, will prevail. This sunny view ignores how nationalism clouds Asia’s judgment.

China doesn’t deserve all the blame. Japan, too, has a disproportionate number of territorial quarrels – with Russia, South Korea, and Taiwan. Abe, a nationalist, wants to alter Japan’s pacifist Constitution. But China’s assertiveness and fast-growing military apparatus, which now includes an aircraft carrier, is generating concern throughout the region as well as the US.

Asia has never been closer economically, yet it’s growing further apart diplomatically. It lacks a credible forum where disagreements can be aired, a void that strengthens China’s hand. China has been adept at using its economic leverage over tiny nations such as Cambodia and Laos to block multilateral talks or actions. This forces the US into the uncomfortable position of balancing competing economic and security priorities with a fast-rising rival.

Something Bigger
By resorting to international law, Aquino is taking a positive step. The way to address and resolve the dispute is through diplomacy, not with navy ships or hot tempers that risk turning minor confrontations into something much bigger.

Yet this is only the beginning. Last year marked a turning point as an economically dominant China shifted from charm-offensive mode to political and military assertiveness. This is playing out against the backdrop of the ascension of Xi Jinping as China’s leader, and what that will bring in 2013 and beyond.

Confronted by a daunting list of domestic challenges, Xi will focus on consolidating domestic power. It is farfetched to think he would yield ground on diplomatic issues if it risks an internal backlash.
“If Beijing faces a foreign policy test, Xi will have a strong incentive to demonstrate his foreign-policy mettle and avoid being seen as capitulating to outside interests,” Bremmer says. “That dynamic suggests less chance of compromise from Asia’s emerging strategic powerhouse and heightened risk throughout the region.”

Tests could come from many places – a new Japanese government anxious to flex its muscles; US President Barack Obama’s pivot to Asia; provocations from North Korea that put the onus on China, Pyongyang’s crucial supporter; or nations like the Philippines taking diplomatic frustrations to the UN.

Aquino is the first Asian leader willing to call China’s bluff and risk economic retaliation. How he navigates this showdown will be instructive for others when their turn comes.

...the Fil-foreign models

Filipino-foreign male models promote Pinoy pride on YouTube

 

GMA News

January 30, 2013

 

 

It’s not everyday that you encounter Westerners doing ordinary Pinoy jobs like driving pedicabs, selling balut on the streets or fish at the market. That’s the viral appeal of Island Media Asia, a group of seven half-Pinoy and half-Caucasian male models who love the Philippines so much that they decided to showcase the country's culture through their viral YouTube videos.

In one of Island Media Asia’s videos entitled “Foreigners Selling Buko Juice in the Philippines” (which has over 42,000 views to date), the group members actually did the work of coconut or buko juice vendors - from pushing the cart to slicing the buko, to serving the juice to their customers!

The boys of Island Media Asia

In a recent episode of the GMA News TV program "Tonight with Arnold Clavio," group members Daniel Marsh, Charlie Sutcliffe, Michael McDonnell, Matthew Edwards, Henry Edwards, Keys Cosido, and Brian Wilson spoke with Arnold Clavio about their love for the Philippines and their Filipino roots.

Island Media Asia members have different backgrounds. Michael, who is half-Boholano and half-Canadian, has already been in the country for ten years. Daniel, who is half-Cebuano and half-Irish, has been in the country for six years. Charlie, a half-Cebuano and half-British, has been in the country for three years. Keys, a half-Pinoy and half-British from Leyte, and Henry and Matt, both half-Kapampangan and half-British, have been in the country for over a year now.

The members of Island Media Asia first met each other through modeling. After becoming friends and discovering that they shared a common love for the Philippines, they came up with a project to showcase the country’s culture through the Internet.

The group is getting more and more popular online, offline, and even on air with numerous TV appearances such as their feature on “Reel Time,” a documentary-reality program of GMA News TV and on “Kape at Balita,” a morning news show of the same TV network.

Their mission is to educate the world about Pinoy culture. Michael says: "I find it amazing. The culture is quite diverse from province to province. You can keep coming back to the Philippines and still find something new each time you visit."

Making the videos

Each member of the group helps shoulder the cost of producing the videos. Without doing any prior research, the group spontaneously thinks of challenging jobs and randomly searches the streets for vendors willing to work with them. The group not only has fun shooting the videos, but are happy to give the vendors a much-deserved break.

"We wanted to help the vendors. We bought their products, sold them, and gave the profit to them," says Brian. “[We wanted to] spend some free time, immerse ourselves with locals [to] showcase the Philippines,” adds Daniel.

When people on the streets see them do the ordinary Pinoy jobs, some get really surprised. "Sasabihin nila, ‘Uy, foreigner yung pedicab driver!’" says Charlie, who appreciates the friendliness of the Filipinos.

“The people are great, friendly, helpful, and loving and whenever you need help, they will always be there to help you out,” says Matt.

It’s more fun in the Philippines

Island Media Asia members want their friends from other countries to see that it's really more fun in the Philippines–not only because the country has so many beautiful beaches, but because of the friendly and hardworking nature of many Filipinos.

“[We want to] show them what life in the Philippines is like - show them to our friends [and] family abroad,” says Keys.

“The culture here is so nice and wonderful - like riding trikes and jeepneys too and the food–wow! The food here is amazing,” says Henry. This coming summer, some of the group members' best friends are visiting the Philippines to see the country's beauty for themselves.

The group believes that Pinoy pride is about accepting the Philippines for what it is, both the good and the bad. "You stay in a place because you like it. It's the whole package, you don't just take the good but you take also everything else," says Michael.

Pinoy Pride

The group's love for the country is something the Filipinos also appreciate. During the airing of the group's guesting on “Tonight with Arnold Clavio,” some Pinoy Tweeps shared their opinions about the group’s project.



When asked about their future plans, Matt said they are not leaving the Philippines anytime soon.

 

“For now, oo, stay in the Philippines kasi gagawa ng videos [and modelling]. For now, we’re going to stay.”

To see more of Island Media Asia, check out their Facebook page.

—Ria Landingin/PF, GMA News

...the Philippines rebranded

“Philippines is worth the price of admission”

published by asingh

Asian Pacific Post

Tue, 01/29/2013

 

 

President Benigno Aquino III has pitched to the international investor community the Philippine story of transformation from being a “sick man of Asia” into one dynamic country bucking a global economic downturn.

 

“What we offer you today is a Philippines where change has set in. That, perhaps, is the single most compelling reason to come in and invest in our country,” Aquino said in a roundtable meeting with global business executives at the World Economic Forum recently..

 

The President invited investors to participate in three rapidly growing sectors in the country-agriculture, tourism and infrastructure.

 

“Those who have already bet on the Philippines have not been disappointed; they have seen the sincerity of our commitment to restoring integrity and leveling the playing field.

 

“This is a commitment we intend to keep with all who want to conduct honest, fair business in the Philippines,” he said in the business forum organised by Credit Suisse.

 

Aquino told prospective investors he couldn’t promise a completely risk-free environment, noting that any worthwhile endeavour was not without its risks.

 

Nevertheless, he said the “sick man of Asia is now revitalized, more dynamic than it ever was in its history, marching toward equitable progress.”

 

Contrasting his administration from that of his predecessor’s, when he said decisions were based on political factors-mainly, on the desire to stay in power-he said the government was now earnestly refocusing efforts toward leveling the playing field, minimizing regulatory risks and investing in people.

 

He said the government was empowering the Filipino through health, education and conditional cash transfer programs that would aid their transition from being below subsistence living toward gainful employment.

 

“We already know that, given the right environment, the Filipino is able to thrive; how many of you have ridden cruise ships or stayed in hotels manned by Filipinos? How many have been awed by the creativity, loyalty and professionalism of our workers in the business process outsourcing industry?”

“In a world increasingly dominated by uncertainty and pessimism, is it not refreshing to witness a country full of optimism, experiencing positive, meaningful change and inviting everyone in to ride its momentum?”

 

The President again referred to his administration’s thrust of eliminating corruption as a means to drastically reduce poverty and open opportunities for both the Filipino people and business, thereby allowing the Philippines to achieve inclusive growth.

 

On efforts to level the playing field, the President said that when contracts are no longer awarded arbitrarily, and when the rule of law applies to all, a sense of justice and fairness naturally takes over.

“Among investors, in particular, this instills confidence: That the Philippines is worth the price of admission,” he said.

 

In the first three quarters of 2012, the domestic economy has grown by an average of 6.5 per cent, much faster than the 4.9-per cent trend growth during the nine-year Macapagal-Arroyo administration. The stock market has trebled in the last four years to record highs.

 

“These are truly exciting times for our country. We are realizing the long-untapped potential of our country and we are here to invite you to join us,” he said.

 

On the priority areas for investment, Aquino said tourism and agriculture were crucial because they play into the key strengths of our country-an abundance of natural resources-and because they tend to spur growth all over the archipelago, not merely in urbanized areas.

 

Since he came into office, he said the government had been working towards rice self-sufficiency by going back to the basics and helping our farmers through improved irrigation systems and a genuine certified seeds programme.

 

“As we focus on the basic needs of our farmers, we have not lost sight of the value of innovation, and of moving up the value chain,” Aquino said.

 

“For example, coco coir and coco water used to be considered as waste. Today, they are the reasons behind the revitalization of our coconut industry,” he said.

 

In 2009, Aquino said the Philippines exported a total of 483,862 liters of cocowater.

 

By 2011, this has increased exponentially to more than 16.7 million liters of cocowater.

 

“Coco coir fiber, transformed into geotextile materials, has among others, been found effective in erosion control,” he said.

 

The Department of Publics Works and Highways (DPWH) is already using this technology in their projects, and investments into the coco coir industry reached P293.75 million pesos(C$8.85 million) in 2012.

 

On tourism, the President mentioned the Department of Tourism’s “It’s More Fun in the Philippines” campaign and noted favourable tourism reviews from publications like Conde Nast Traveller, the New York Times, and Travel + Leisure Magazine.

 

In 2012, he said there were 4.3 million tourists that visited the country, a little short of the 4.6 million target which he said was a consequence of some political tension in the region, referring to the territorial dispute between the Philippines and China.

 

“In spite of this, though, China’s Oriental Morning Post named my country the ‘Best Tourist Destination’ in its annual World Travel - Special Trips awards, and the Shanghai Morning Post identified the Philippines as the “Most Romantic Destination” in the world-an award surely inspired by the magnificent sunsets over our numerous white sand beaches, or the pristine, secluded coves dotting our many islands,” he said.

 

The hotels that have been sprouting up around the Philippines in the past two years are proof positive of the tourism boom, Aquino said, noting that an additional 1,599 rooms have been built in Boracay. “So, whether you want to come to the Philippines for business or for leisure, we will gladly accommodate you,” he said.

 

Infrastructure is also seen as a prority in attracting investments. The President acknowledged that this was the key to further growth and development in tourism and agriculture, among other sectors.

“For example, a lack of paved roads or even adequate transportation hubs redounds to longer traveling time: imagine how much the quality of produce will suffer in two to three days of road travel, or even the difficulty that tourists will have in reaching the more far-flung parts of my country,” he said.

 

Aquino cited the World Economic Forum’s Global Competitiveness Report which showed that the Philippines was lagging behind Southeast Asian neighbours in terms of quality infrastructure, including the quality of roads. “This presents an opportunity, because we are committed to closing this gap and increasing our competitiveness,” he said.

 

Last year, Aquino said disbursements for infrastructure reached US$4.9 billion and another US$5.7 billion is allotted for this in 2013.

 

“Part of this allotment will go to the complete paving of our national road network by 2016. Since 2010, our DPWH has already completed 28 per cent, or 2,006 kilometers, of the 7,256 kilometers of national arterial and secondary roads that needed paving,” he said.

 

The President added that the country was seeking to boost connectivity all around our country through the following: train systems in Metro Manila; expressways that cut across the National Capital Region and reduce travel time drastically; the construction improvement of both domestic and international airports, as well as the exploration of a new nautical highway that could cut travel time between Luzon to Mindanao, from three days to 15 hours.

 

“We are exploring opportunities for the private sector to join us in these endeavours, and we hope that you will consider partnering with us in the future, towards our mutual benefit,” Aquino said.

...the GM Korea's CFO

GM Korea's first female CFO is Filipina

 

ABS-CBNnews.com

01/29/2013

Minerva Matibag

MANILA, Philippines - GM Korea, the South Korean unit of General Motors Co., has appointed Filipina Minerva Matibag as vice president and its first female chief financial officer.

Matibag will replace Carlos Zarlenga effective Feb. 1.

The Korea Times last week reported Matibag will also serve as vice president and CFO for GM Vietnam and GM Uzbekistan. She currently holds the position of CFO at GM Brazil.

"As GM Korea's first female CFO, she brings a wealth of experience in finance in Asia Pacific and North and South America to her important new position," GM Korea President and CEO Sergio Rocha has said.

Matibag has been with General Motors since 1997 and has held finance leadership positions for the firm's units in Singapore, Japan and Thailand.

Zarlenga, meanwhile, will start serving as CFO for GM Brazil and GM South America effective Feb. 1.

...the PH property market

Philippines' property boom shows no sign of slowdown

By Christine Ong
Channel News Asia
28 January 2013

MANILA: A property boom in Metro Manila, described as the best in two decades, has pushed construction in the Philippines to its highest growth in at least six quarters.

The Philippines is experiencing a property boom like no other with developments covering office buildings, housing projects, hotels and new shopping districts.

This is all being fuelled by confidence in the Philippine economy which grew at a notable 7.1 per cent in 2012.

With the Philippine economy growing at an impressive pace, experts said there will be no slowdown in the demand for real property market as the country rides on strong macroeconomic fundamentals and investor confidence.

CBRE Philippines' chairman Rick Santos said: "We are seeing a very strong government. The Aquino administration is doing a very admirable job. The strong leadership and a strong cabinet have been reflected on the confidence of the foreign investors. A lot of countries around the world now are getting investment downgrades. In the Philippines, we are seeing investment upgrades so that is very positive. The Philippines is becoming this overnight success that took 20 years."

Property developers are now enjoying brisk sales with vacancy rates falling to its lowest on record.

In some cases, pre-leasing for office spaces are committed for the next two years.

The challenge now experts said is how to cope with the unprecedented success.

Jose Antonio, founder and chairman of Century Properties Group, Inc, said: "The challenge is actually not only for us as a company. The challenge for our country is how to sustain this growth. How do we sustain it? It is really to plough back all the income of both the private sector companies and the government into sustainable projects and relevant projects.

"For example, it is very important for the government to expand our infrastructure. There is a big need and we know it. (The government needs) to hasten the infrastructure program of the government."

The government has allotted a record budget of over US$9 billion this year to upgrade the country's roads, ports, bridges and airports.

Industry experts believe the aggressive infrastructure spending will further real estate growth in the country.

- CNA/fa

...the PH investment climate

Aquino says investors lining up for PH

By Doris C. Dumlao
Philippine Daily Inquirer

Monday, January 28th, 2013

 

 

 

ZURICH—Gone are the days when the Philippines had to beg for investments. Now, investors are lining up to ride on the country’s economic momentum, President Aquino said here on Saturday.

Speaking before a crowd of about 500 members of the Filipino-Swiss community, Mr. Aquino said the market back home was soaring to all-time highs and that the main-share Philippine Stock Exchange index (PSEi) may hit the 7,000 milestone within the year.

“If we further help each other, I won’t be surprised if we make it to the Guinness Book of World Records because of the strong performance of our stock exchange,” said the President, who earlier attended the World Economic Forum in Davos.

He said in jest that when he celebrates his birthday on Feb. 8, the index may have hit 6,500.

As of Friday, the PSEi closed at 6,167.64. The index—seen as an advanced barometer of how the economy and corporate Philippines will fare—has hit new record highs for over 70 times since the Mr. Aquino assumed the presidency in mid-2010.

Momentum

The President was applauded when he reminisced the situation during the term of his mother, the late President Corazon Aquino. “I joined some of her trips. We went to Japan and we were almost begging for them to put up businesses in the Philippines.”

“But these days, there’s a long line of investors for us,” Mr. Aquino said. They are eager to invest in a wide array of sectors from education and infrastructure to information technology, he said.

“These big corporations are one in saying: We’d like to join you,” he said.

But on the other hand, Mr. Aquino said that for the longest time, he was still thinking why there were still Filipinos trapped in extreme poverty no matter how hard they tried. This, he said, was what his administration was trying to address.

“We’re trying to fix the conditions so that people who work hard will earn a good living. We’re dismantling the system where only those with connections, those who engage in bribery or fraud, benefit,” he said.

No magic

“We’re trying to build a society where if you get into the line, you will move forward; when you work hard, you can live with dignity and without getting hungry,” he said.

The President said the Philippine transformation did not need any magic potion. He said he had just done what was right: Use public funds to worthwhile programs; follow the rule of law and make violators accountable.

Mr. Aquino again took a potshot at his predecessor, Gloria Macapagal-Arroyo, who is now facing plunder charges.

Citing that the previous administration had entered into a contract to dredge Laguna Lake, he said: “It would have been good—getting rid of sediments to increase the holding capacity of this lake. It sounds good, right, because that’s where we get bulk water for the National Capital Region.”

But, he said, it was discovered that one part of the lake would be dredged but the sediments would be dumped to another side. “You may think it’s a joke but it isn’t. It’s what’s there in the contract,” he said.

Level playing field

The President said Juan de la Cruz would, of course, wonder how the Laguna Lake’s holding capacity would improve that way.

The contract, he said, would cost the government P18.7 billion just to play with mud, adding that those responsible would be held accountable. He said he aborted it because any contract must go through a proper bidding.

“Why did anybody agree to this foolishness? Who will benefit? And I think, very soon, someone will face prosecution for this,” he said.

These days, there’s a level playing field not just in government projects but in the financial markets, the President said.

“This is what the global community is seeing now. This is why despite the global economic crisis, our gross domestic product (GDP) has been growing rapidly,” he said. He noted the 7.1-percent GDP growth in the third quarter of 2012 and the robust performance of the stock market.

7,000 points

“Before I assumed office, whenever the PSEi hits 4,000, it’s always only a blip and then it would go down. At that time, there was not enough confidence to pass the 4,000-mark. But now, we’re past 6,000. So, I asked market players, ‘What’s next, maybe 7,000?’ I was told, maybe 6,500, and maybe that will happen by my birthday next month,” he said.

He said he was later told that the index would hit 7,000 before the end of the year. “This broker never missed his forecast, so there’s a big chance this will happen.”

The President’s stock market view was within the range expected by the market. Based on recent forecasts from eight financial institutions recently culled by the Inquirer business section, the PSEi could climb further to at least 6,200 to as high as 7,100 this year.

Averaging their forecasts, the consensus level is about 6,580 on an assumed growth in earnings per share of 14 percent.

Mr. Aquino arrived in Manila on Sunday.

Summary of forecasts: 2013 PSEi outlook

* Macquarie Group – 7,100

* BPI Odyssey – 6,500-7,100

* First Metro Investment Corp. – 6,800

* COL Financial – 6,500

* Banco de Oro – 6,500

* TradeAsia.com – 6,500

* UBS – 6,250

* Maybank ATR-Kim Eng Securities – 6,200

Average – 6,581

...the world's most romantic islands

Boracay voted among best islands for romance

 

ABS-CBNnews.com

Posted at 01/28/2013

MANILA, Philippines – International recognition continues to pour in for the resort island of Boracay, which has just been named among the world’s most romantic islands by readers of an upscale travel magazine.

In the February issue of Travel + Leisure, Boracay island in Aklan provinces was listed as the No. 5 island for romance based on votes from readers of the magazine.

Boracay was ranked higher than Southeast Asian rival Bali in Indonesia.

Boracay

The Tahitian island of Bora-Bora was voted the most romantic island, a new category in the magazine’s World’s Best Awards survey.

“Once a backpacking haven with only the most basic accommodations, this 5-mile-long island now rivals better-known Asian destinations such as Phuket and Koh Samui, Thailand,” wrote Travel + Leisure’s Christine Ciarmello.

Describing the sand of Boracay’s White Beach, Ciarmello wrote it “may just be the softest in the world.”

Ciarmello recommended the island’s Mandala Spa & Villa, which “feels like a true retreat, with daily yoga classes and massages included in room rates, along with all the mangoes you can eat.”

She also recommended Mandala’s traditional “hilot” massage as well as the Mediterranean mezes at the restaurant Kasbah near Station One on White Beach.

Here are the 10 most romantic islands in the world, according to the magazine:

1. Bora-Bora, French Polynesia
2. Capri, Italy
3. Santorini, Greece
4. Kauai, Hawaii
5. Boracay, Philippines
6. Maldives
7. Maui, Hawaii
8. Moorea,Tahiti
9. Vieques, Puerto Rico
10. Bali, Indonesia

Boracay is no stranger to awards, having also been named the world’s best island getaway by Travel + Leisure magazine last year. It has also been voted by users of the travel website TripAdvisor as one of the world’s top beach destinations for 2012.

In 2008, a poll by the travel magazine Smart Travel Asia showed that Boracay is among the best holiday destinations in the region.

Earlier this month, Boracay was named the best place in the world for relaxation, according to a poll conducted by hotel booking site Agoda.com

...the Sundance Film Festival awardee

'Metro Manila' wins World Cinema Dramatic audience award at Sundance

 

GMA News

January 27, 2013

 

 

British-Filipino film "Metro Manila" brought home the World Cinema Dramatic Audience Award at the 2013 Sundance Film Festival awards ceremony in Park City, Utah on January 26, according to a press release on the festival's website.

The film, by Academy Award- and BAFTA-nominated British director Sean Ellis, was chosen from 12 films in the World Cinema Dramatic Competition, in which "emerging filmmaking talents offer fresh perspectives and inventive styles."

"Metro Manila" tells the story of Oscar Ramirez, who moves to Manila in search of a brighter future. As Ramirez learns, his new life in the megacity has its own perils. The film was shot in Metro Manila and stars Jake Macapagal, John Arcilla and Althea Vega.

"Director Sean Ellis’s return (The Broken premiered at the 2008 Sundance Film Festival) vividly captures the desperation of life amongst the squalid Manila slums, then ratchets up the tension, creating an intense thriller with a poignant humanity and palpable dramatic stakes. In the role of Oscar, Jake Macapagal brings emotional depth to the wrenching choices he must make to sustain his family," reads the film's description on the Sundance website.

Meanwhile, the World Cinema Grand Jury Prize was given to Muel O's "Jiseul," which tells the story of some 120 villagers who hid in a cave for 60 days from soldiers who were under shoot-to-kill orders during the 1948 Jeju Massacre in Korea.

Founded by Robert Redford in 1981, the Sundance Institute aims to provide a space for independent artists to explore their stories free from commercial and political pressures.

Held this year from January 17 to 27, the annual Sundance Film Festival features dramatic and documentary films, shorts, New Frontier films, installations, performances, panel discussions, and dynamic music events.

"Since 1985, hundreds of films launched at the Festival have gained critical recognition, received commercial distribution, and reached worldwide audiences eager for fresh perspectives and new voices. Year after year, the Festival pursues new ways to introduce more people to the most original and authentic storytelling," the festival's website said.

The complete list of this year's Sundance Film Festival winners may be viewed on the website. — Carmela G. Lapeña/BM, GMA News