...the gold medalist at NY Festival

ABS-CBN bags gold at New York Festivals

 

ABS-CBNnews.com

04/11/2013

 

 

LAS VEGAS – ABS-CBN bagged the sole gold medal for the Philippines at 2013 New York Festival's World's Best Television & Films competition held on Tuesday at the National Association of Broadcasters (NAB) Show in Las Vegas, Nevada.

 

A total of 50 countries participated in the competition, which is now on its 55th year.

“A Call to Arms” won a gold world medal for ABS-CBN Sports in the category of sports program promotion, while ABS-CBN News & Current Affairs earned a silver gold medal for “Johnny: The Juan Ponce Enrile’s Story,” the TV special on the life of the senator, in the television documentary information program category.

ABS-CBN also had six finalist certificates in the prestigious international competition -- the most from the Philippines.

"Be Careful With My Heart," starring Jodi Sta. Maria and Richard Yap, was a finalist in the "telenovelas" category, while another Kapamilya series, "Budoy," starring Gerald Anderson, was a finalist in the drama category.

Kapamilya teen actress Jane Oineza was among the nominees for best performance by an actress for her performance in a controversial episode of the drama anthology "Maalaala Mo Kaya," where she played a young girl who was raped by her stepfather in front of her own mother.

Two current affairs programs of ABS-CBN were also among the finalists at the festival: "Failon Ngayon" for its episode "Mine Tailings" and "Krusada" for its episode "Bata ng Tahanan."

The 3D animated special "Ang Simula: The Natural History of the Philippines," meanwhile, is a finalist in the history and society category.

Another Kapamilya entry in the list of finalists is "A Call to Arms," which is included in the Sports Program Promotion category.

The Philippines won two other medals at the New York Festivals: GMA Network won a silver medal for "Reel Time: Bone Dry (Salat)" in the TV documentary/information program category; while Unitel Productions won a bronze medal for its short film "A Life in a Day" for Sun Life Financial.

Four other entries from the Philippines received finalist certificates. -- Report from Bev Llorente, ABS-CBN North America News Bureau

 

...the world's most optimistic businessmen

Filipino businessmen 2nd most optimistic in global survey

            

By Jovan Cerda

philstar.com

April 10, 2013

 

 

 

MANILA, Philippines - The Philippines ranked second in the list of the most optimistic business leaders, the latest results from the Grant Thornton International Business Report showed.

The report, released on Wednesday by accounting firm Punongbayan & Araullo, said 90 percent of Filipino businessmen have very bright expectations for the country's economy in the next 12 months.

The survey, which covered the first quarter of the year, is an improvement of 18 percentage points from the last quarter of 2012.

This makes the Philippines second to Peru, which posted 98 percent optimism among its business leaders.

The Philippine score is way above the global average of 27 percent and the Association of Southeast Asian Nations average of 29 percent.

“Leading up to 2013, there were several positive forecasts for the Philippines, with independent economists projecting stronger growth for the next couple of years. So there is good foundation for this surge in optimism among business leaders,” said Marivic Españo, chair and chief executive officer of P&A.

“And I think businesses here are picking up on the improving mood in the more mature markets, such as the US and Japan,” she added.

The study also showed a massive jump in the global optimism score, which was only 4 percent the previous quarter.

Skilled workforce

Despite the Philippines' positive results, the survey noted that businesses in the country lack an available skilled workforce. Forty-six percent of the respondents considered it a roadblock to growth, an increase from the 20 percent recorded a year ago. Forty-six percent of respondents also said they are planning to hire new employees in the next 12 months.

“Considering this picture, business leaders may run into problems filling positions in their organization,” Españo said.

“It’s an unfortunate situation, because we have a 7.1 percent unemployment rate and yet executives are complaining that they can’t find talent. Perhaps the private sector and the academic community can work together to address this gap before it gets bigger,” she added.

Forty-two percent of Filipino businessmen also cited transport infrastructure as a business constraint, up from 20 percent in the previous quarter.

Expectations for profitability and revenue, however, are both up by 10 percentage points to 74 percent and 76 percent, respectively.

 

...the 2013 PH growth forecast (ADB)

ADB raises 2013 PH growth forecast to 6%

By Michelle V. Remo
Philippine Daily Inquirer

 Wednesday, April 10th, 2013

 

 

The Asian Development Bank has raised its growth forecast for the Philippines for this year to 6 percent from 5 percent in the belief that its first-ever investment grade could prompt more investors to consider the country as a top business destination.

For 2014, the ADB said the country was expected to remain strong and grow 5.9 percent.

However, the ADB stressed the need for the Philippines to work doubly hard in resolving constraints to the entry of more foreign direct investments (FDIs). It warned that without sufficient absorptive capacity, the country could face threats of asset price bubbles resulting from the influx of foreign funds.

Norio Usui, chief economist of the ADB for the Philippines, explained that foreign-exchange inflows to the Philippines would be used mostly for purchasing portfolio instruments and real properties if existing bottlenecks to the establishment of enterprises would remain.

“The Philippines is presented with golden opportunities of higher investments, especially with the investment grade. The outlook for the economy over the medium term is quite optimistic,” Usui said Tuesday in a press conference on the release of the “2013 Asian Development Outlook” report.

“But if there is lack of investment opportunities in the country, money could go to the financial markets and real estate, posing threats of a bubble in [these] markets,” Usiui added.

Some of the key constraints cited by the ADB for hindering the establishment of job-generating businesses were the tedious process of getting licenses and setting up enterprises in the country, lack of technical skilled workers and inadequate infrastructure.

Neeraj Jain, country director of the ADB for the Philippines, said the country needed to fully develop its manufacturing sector so that foreign-exchange inflows to the country could be used to establish businesses that have big labor requirements.

The ADB suggested that the government increase its investments in technical-skills education and focus on specific products where the Philippines have a comparative advantage.

“A stronger industrial base is vital for increasing jobs and will help make growth more inclusive and sustainable,” Jain said, adding that the government needed to invest more in infrastructure, inadequacy of which has often been cited as a major hindrance to FDIs.

Jain said government spending for infrastructure should increase to an amount equivalent to 6 to 7 percent of the country’s gross domestic product. Current public infrastructure spending is below 3 percent of GDP.

 

...the Chinese invasion

Chinese investors eyeing Philippines

Low development costs and novel designs lure property seekers amid tight domestic market

 

Wednesday, 10 April, 2013

Jun Concepcion

property.post@scmp.com

 

• 

Some innovative developments in the Philippines have panoramic views of the Pacific Ocean. Photo: Miguel Nacianceno

 

Disheartened by tight government controls in their domestic housing markets, investors from China, including Hong Kong, are looking overseas for alternatives.

Among their targets is the Philippines, which posted one of Asia's highest economic growth rates last year.

With development costs in the country much lower than on the mainland and in Hong Kong, the offshore investors are even being treated to rare and innovative choices.

For instance, a Hong Kong investor is now building a luxury 10,000 square foot, two-storey mansion on an elevated site in a 538,000 sq ft estate that will provide him with a panoramic view of the Pacific Ocean.

"Costs are high in Hong Kong and China so I've given up hope of setting up my dream retirement home in either location. I never imagined finding it recently in the Philippines on Guimaras Island," said Albert Wong Kam-hong.

Wong, who is chairman of Traffic Light Management Consultancy, which provides strategic advisory services to Hong Kong-listed firms, said his Philippine home would allow him to treat investors, clients and friends in Hong Kong and mainland China to a wonderful overseas holiday experience.

"Life has been good to me and being a Christian, I'd like to share some of my blessings with my fellow men, such as Hong Kong's Boy Scouts and other non-governmental organisations here," said Wong, who once served as deputy chairman of one of Hong Kong's largest real estate agencies.

Mainland and Hong Kong investors favour some of the most luxurious condominium projects in Manila's primary business district, Makati, specifically the Raffles Residences Makati and The Suites, said Julius Guevarra, associate director at Colliers International Philippines.

Another favourite is Raffles Residences, developed by Ayala Land, the property arm of one of the Philippines' largest conglomerates. The apartments occupy the 11th to the 30th floors of a complex that also houses the 278-room, five-star Fairmont Hotel and an exclusive 30-suite Raffles Hotel on the 9th and 10th floors.

"It is said that scores of Chinese investors have bought luxury units at Raffles Residences for as much as 40 million pesos (HK$7.5 million) each, which is at the very top end here compared to average prices of only about 7 million pesos," said Guevarra.

"Why are they buying here? Tight housing controls in China and Hong Kong are apparently driving scores of investors in both places to come to the Philippines, which provides stable investment yield growth amid a booming economy," he said.

The average rental yield of luxury condominiums in Manila is 6 to 8 per cent per year, while prices are on a steady uptrend of under 10 per cent a year due mainly to inflation, not speculation, he said.

"Demand by Chinese investors for luxury apartments is also being fuelled by senior executives of Chinese firms in the Philippines who need suitable accommodation," said Guevarra.

Last year, the Philippines posted gross domestic product (GDP) growth of 6.6 per cent, surpassing the government's target of 5 to 6 per cent growth and prompting a state planning agency to set this year's GDP growth target at 6-7 per cent.

With the economy on an uptrend, the country's stock market valuation has been posting record highs and is forecast to rise further. This has convinced some listed firms to consider raising fresh funds.

Melco Crown (Philippines) Resorts Corp, the Philippine unit of Macau gaming firm Melco Crown Entertainment, last week announced plans to raise up to US$400 million for a joint venture US$1 billion entertainment- casino complex in Manila.

Meanwhile, scores of investors from Hong Kong are eyeing apartments in Aqua Boracay by yoo, an upmarket resort project on the luxury central Philippine resort island of Boracay, widely seen as one of the world's best holiday destinations with its pristine-white beaches.

"More than half of the units in the first phase have been sold to Hong Kong investors. We are selling them for about US$3,500 per square metre for branded apartments that are completely furnished," said Marco Biggiogero, chairman of Aqua Boracay, which is guaranteeing a minimum 6 per cent annual return for the first two years.

Various fundamentals were driving the growing interest in the Philippine property market by investors from Hong Kong and China, said Biggiogero.

"Hong Kong has become a key transit point for international entry into the Philippines and investors are aware that the Philippines has Asia's highest economic growth rate after China.

"Prices in the Hong Kong market have risen dramatically in the past few years and investors are looking for opportunities in other markets where prices are yet to boom.

"The Philippines is currently priced significantly below Thailand and Indonesia so there is considerable scope for capital growth. This represents great value," he said.

While the Chinese are just at the initial stage of their penetration of the Philippine real estate market, they may also be looking at related investment opportunities.

"The Chinese are just beginning to seriously look at the Philippines and they perceive it as undervalued," said Biggiogero.

"They are not only looking to invest in property but also in the tourism sector to capitalise on the growing number of Chinese who travel abroad."

 

...the Broadway of Asia

PH eyed as 'Broadway of Asia'

 

By Neil Jerome C. Morales,

The Philippine Star

04/10/2013

 

 

MANILA, Philippines - Genting Hong Kong Ltd., the partner of real estate tycoon Andrew L. Tan in Resorts World Manila, remains bullish on gaming prospects in the Philippines.

 

The Philippines has the potential to be the “Broadway of Asia” through a $1.1-billion integrated casino complex along Manila Bay, the company said.

“Travellers Group remains uniquely and strategically positioned to capitalize on the growth opportunities in the Philippines through its existing operations Phase 3 expansion at Newport City,” Genting said.

Genting said it is also banking on the $1.1-billion Resorts World Bayshore at the Philippine Amusement and Gaming Corp. (Pagcor)-owned Entertainment City.

Travellers International Hotel Group Inc. – which owns the eight-hectare Resorts World Manila complex in Pasay – is a joint venture of local conglomerate Alliance Global Group Inc. and Genting Hong Kong, the third-largest cruise line operator in the world.

Specifically, Genting said the expansion at Newport City includes the Marriott Grand Ballroom, which will be a 5,000-seater venue for meetings and conventions, and new world-class hotels under the Hilton and Sheraton brands.

“The development of Resorts World Bayshore will include a five-star, 600-room Westin Hotel and an iconic structure, the Grand Opera House with an intention to make the Philippines the Broadway of Asia,” Genting said.

Travellers Group will start building Resorts World Bayshore this year and plans to commence commercial operations in 2016.

The casino hotel is situated in Entertainment City, a 120-hectare property reclaimed from Manila Bay. Pagcor Entertainment City is the Philippines’ answer to Las Vegas, Singapore and Macau gaming hubs.

Last year, Travellers Group’s profits surged more than 42 percent to $159.8 million from $111.9 million a year ago as revenues jumped 14 percent to $752.4 million from $659.3 million.

Travellers Group said its total operating expenses rose 22 percent to $252.4 million from $206.6 million “mainly due to the increase of new hires to support the expansion in operations, as well as marketing and advertising efforts to promote the integrated resort.”

Launched in 2009, Resorts World Manila attracted 4.5 million foot traffic in 2011, which was earlier projected to surge to seven million in 2012 amid a buoyant local economy.