...the PH faster growth

Philippines to outpace peers

BusinessWorld Online

25April 2013

DEBT WATCHER Standard & Poor’s has raised its growth forecasts for the Philippines, citing the country’s insulation from tepid external demand.

 

The Philippines is expected to grow by 6.5% this year and 6.3% in 2014, outpacing the rest of Southeast Asia, the credit rater said in a report on Wednesday. For the entire region, the country was bested only by China, which is estimated to grow by 7.9% and 8% this year and next, respectively.

Last month, the baseline forecast of S&P for the Philippines was 5.9% in 2013 and 5.7% next year.

The country grew by a healthy 6.6% last year, beating market expectations and the government target of 5-6%. It aims to take on a higher growth trajectory in the coming years, eyeing 6-7% in 2013 and 6.5-7.5% in 2014.

“The good news for emerging Asia is that its economic fundamentals remain strong,” S&P said.

All sectors of the economy are doing well, it cited, such as households, corporates, financial institutions and governments. The region has learned from the 1997 Asian financial crisis, avoiding the excesses that has plagued the advanced economies.

However, this doesn’t mean that it is smooth-sailing from here.

“The not-so-good news is that emerging Asia is not a world unto itself. While the region has begun to drive a larger part of its own economic momentum in recent years, growth remains reliant, to varying degrees, on demand from the advanced economies,” S&P said.

The continued weakness of the United States and Europe means that demand for exports will be lukewarm while capital will be flighty and volatile, it explained.

This could drag down Asia, particularly the newly industrialized economies of Hong Kong, Korea, Singapore and Taiwan, since their economies are very open, making for a “decent but sub-par” performance in 2013. The credit rater likened it to flying an airplane without all the engines working.

Exceptions to the rule are China and the ASEAN-5 (Association of Southeast Asian Nations), composed of Indonesia, Malaysia, Philippines, Thailand and Vietnam.

“[They] are more domestically driven, and therefore continue to enjoy relatively high and stable growth rates. This is not the case elsewhere,” S&P said. -- Diane Claire J. Jiao

 

...the Goddesses of Bellydance Philippines

Pinay bellydancers top Southeast Asian tilt

 

ABS-CBNnews.com

04/22/2013

 

 

 

Members of the bellydance group Goddesses of Bellydance (from left) Diana Garo, Kristine Aquino, Joyce Zabat, troupe director Jill Ngo, Hazel Uy, and Doris Peligrino pose for a group photo during the recent Raks by the SEA Festival competition held in Bali, Indonesia.

MANILA, Philippines -- Another group of Filipinos made their country proud on the Asian arts stage.

The bellydance group Goddesses of Bellydance (GOB) Philippines placed first in the troupe category in the Raks by the SEA Festival competition held last April 13 in Bali, Indonesia.

The troupe impressed the panel of judges, including master teacher Bozenka who is a member of the world-famous Bellydance Superstars formed by Miles Copeland.

Noted for their choreography, technique and energy, GOB Philippines bested dancers from the region including those from Malaysia, Vietnam and Indonesia.

Troupe director Jill Ngo was joined by five members of GOB -- Kristine Mae Aquino, Hazel Uy, Doris Peligrino, Diana Dane Garo, and Joyce Renee Zabat.

Last year, GOB placed fourth in the World Bellydance Convention competition held in South Korea.

This year, the group will organize the annual Bellyfest, gathering professional bellydancers and enthusiasts from around the country for the seventh straight year.

Special guest performer will be Tribal Superstars director and international solo artist Kami Liddle from the US. She will also conduct workshops.

 

...the Voice Belgium's Pinay bet

Pinay makes it to The Voice Belgium semis

 

By Raquel Bernal-Crisostomo

ABS-CBN Europe News Bureau correspondent

04/23/2013

 

 

LINT - Another Filipina has wowed viewers and judges of "The Voice" in Belgium with her singing prowess.

 

Singing “Complicated” by Avril Lavigne, Maria Theresa Morales survived last week’s elimination round which assured her of competing for the semi-finals of The Voice Van Vlaanderen.

The 19-year-old contestant admitted feeling the pressure especially after the elimination of half-Pinay Sarah Goddart a couple of weeks ago.

Although it will be a tough round this Friday, she vows to give her best shot.

“Gagalingan ko po. Di ko po kayo bibiguin,” she said.

She also assured everyone that she’s not affected by the negative comments thrown at her.

“Yung mga negative comments, mas pinapalakas pa po nila ang performance ko lalo pa po ako nagpupursige para po patunayan na kahit hindi ako sanay mag Flemish, kaya ko po,” Morales said.

As she competes for this week’s elimination round, Morales appeals for support and prayers from her fellow Filipinos.

The Voice Van Vlaanderen is shown live every Friday evening. Pinoys in Belgium can support Morales by texting MARIA and sending it to 6677 as soon as the host signals the start of text votes.

 

...the PH stock market all-time high (again?!)

New high: PSEi surges past 7,100 level

 

ABS-CBNnews.com

04/22/2013

 

 

Traders flashed the “Upgraded to 7,000” on the trading floor.
Photo courtesy of Philippine Stock Exchange

MANILA, Philippines - Barely four months after it first breached the 6,000 level, the Philippine Stock Exchange index (PSEi) surged past 7,100 on Monday.

Driven by optimism on corporate earnings and anticipation of another special deposit account rate cut, the benchmark index closed at a new record 7,120.48, up 2.35% or 163 points. This is the benchmark index's 27th record high this year.

The PSEi made history early Monday, as it passed the 7,000 mark for the first time. At 9:52 a.m., the PSEi hit 7,009.13, up 0.75% or 52 points, as traders on the floor cheered.

In an interview on ANC, PJ Garcia, senior vice president at BPI Asset Management, admitted he was surprised the market breached the 7,000 level this fast.

"I'm really surprised by the resilience and strength of the market. On the other hand, we're also expecting this. It just happened sooner than we were expecting it to hit 7,000. The market is getting a bit ahead of itself, in terms of price, it has gone up ahead of earnings... I think they're anticipating more earnings surprises at least for the banking sector," he said.

Among the day's gainers were Sy-led companies, BDO Unibank (up 2.6% to P92.65) and SM Investments (up 2.22% to P1,150). Last week, BDO surprised the market with its very strong first quarter profits - P10 billion. The Sy-led bank said it expects to hit a record P20.4 billion this year.
Also ending the day higher were Ayala-led companies Ayala Corp. (up 5.44% to P640) and Ayala Land (up 2.53% to P32.45).

Stocks may also be up as investors anticipate another cut in the interest rate of SDAs. Lower interest rates may prompt some people who have parked their money in the Bangko Sentral's SDAs to shift that cash to stocks.

"Definitely, we've seen very good shifts from SDA, cash or bonds to equities over the last couple of months given the BSP has reduced SDA rates," Garcia said.

"The market is already discounting that right now, we're seeing that with the recent moves in the last couple of days. We won't be surprised if the market overshoots."

Garcia said he would recommend investors "cautiously buy" stocks, but only those that are still lagging the index.

"I won't buy those that have already outperformed. Shift to those that still have some upside in valuation," he said.

Meanwhile, the Palace welcomed the news that the PSE index has breached the 7,000 level early Monday.

"This stands as a manifestation of continued confidence in the prospects of our economy, not only from the international community, but also from Filipinos who are raising their stake in our country’s success," presidential spokesperson Edwin Lacierda said in a statement.

"This is but one among many indicators of a resurgent Philippines. We must now ensure that our progress is sustained, and even accelerated. Your government continues to focus its efforts on ensuring that the economic revitalization embodied by the PSEi numbers impacts the widest possible segment of society," he added. - With report from Warren de Guzman, ANC

 

...the place of action

Expats: PH is where the action is

By Alena Mae S. Flores
Apr. 21, 2013


”There’s nowhere else in this industry like anywhere else in the world, not China, India, US. This is where the action is. This is the forefront of all innovation, and change and growth and excitement if this is your chosen industry,” - Jason Lock, Transcom Senior Vice President for North America and Asia

Jason Lock

 

 

Two foreign executives of Transcom, a leading global outsourcing service provider, are bullish about the growth of the business process outsourcing industry in the Philippines, which has created a new middle class.

New Zealand native and Transcom executive Jason Lock has been in the Philippines for five years and says he has grown to love the country like his own. Lock, who holds the position of senior vice president for Transcom’s client delivery for North America and Asia, says his intention was to work for only two years in the country, but ended up staying much longer, which he enjoys to this day.

His decision, according to Lock, was influenced by both professional and personal reasons.”There’s nowhere else in this industry like anywhere else in the world, not China, India, US. This is where the action is. This is the forefront of all innovation, and change and growth and excitement if this is your chosen industry,” he says.

Lock has been with Transcom since July 2009. Prior to that, he worked with a different business process outsourcing firms in the Philippines. Lock says he decided to transfer to Transcom because of the company’s potential for growth at the time.

“This company Transcom had all the hallmarks of an organization that had lots of key things in place and look like they will expand and grow. I was excited to come here and build something,” he says.

Lock believes the Philippine BPO industry will continue to grow. “The Philippines is unique in the world. Nowhere else in the world have you got such a large, English speaking, well educated, service-oriented, labor force, community, culture that can, because of the exchange rate, provide service to the rest of the world,” he says.

Lock considers the Philippines as his second home, especially as his daughter, his “little Filipina”, was born at the Makati Medical Center in 2010. “I love living in the Philippines, as a country that has so much to offer to the world,” he says.

Lock says his wife who works at the New Zealand embassy and his two boys also love their stay in the country.

He says he feels the responsibility, being in a privileged position, “to give back to the country that has welcomed us.” He and his wife are involved in numerous charitable organizations and promotes rugby as a sport in the country. Lock in fact coaches a team of 75 Filipino young kids from ages 4 to 16 called the Makati Young Mavericks.

“Rugby is one of my personal passions. It’s almost like a religion in New Zealand. We’ve gotten involved in the youth development of rugby in the Philippines and I coach a team comprised of 95 percent of Filipinos,” he says.

Lock handles the operations at Transcom Center Building in Frontera Verde, Pasig City, which houses around 4,000 employees.” He believes in Transcom’s mission of putting the needs of people first to propel the growth of the company. “The organization has always had a philosophy of putting its people first and the view that if the people are happy, our company will be successful. We invest heavily in facilities, in different programs, charities, community outreach programs,” he says.

“We focus on family. I love it when we have members of the same family or friendship groups working in the organization. Transcom feels that it’s the way to go. If you’re working with people that you care about then it becomes an extension of home. If you can create big friendship groups, you’ve gone a long way to create an environment that feels like home,” he says.

Transcom organizes family day events, when it opens the company and its facilities to the family members of its employees. Transcom also sponsors events for the kids, hires rock bands and holds other fun-filled activities that make the day memorable.

Lock also recently led the donation of 50 “trisikads” or pedicabs to the city government of Bacolod where Transcom has a facility.

Meanwhile, Neil Rae, who joined Transcom in 2004, as a key account manager and has since accumulated significant experience in the organization, sees “something special” in the Philippines.

“Part of the reason is not just tech, not just process, it’s truly our people, and our commitment is to be here in the Philippines,” he says.

He says Transcom’s investment in the Philippines “represents a passion and commitment and dedication” to this industry that ultimately is the reason it has grown. The executive says the Philippines is among the top five countries with the highest level of customer experience among English-speaking countries. “It’s the excellence in customer experience that you can get [in the Philippines],” he says.

Rae is now the regional general manager and executive vice president for North America and Asia.

He says Transcom goes beyond compensation to look at its employees’ personal and professional development.”You optimize it by respecting and understanding the people by empowering the people locally to become our future leaders. It’s not bringing expats into the organization. This is about building something, future leaders. Filipinos leading Filipinos to show the true success,” Rae says.

Rae says Transcom’s strength lies in its employees where the company has put premium in caring for its employees.”To me, there is a direct correlation between our staff and our people and the level of customer experience we deliver. I firmly believe, and the organization believes that we need to focus in first on our people,” he says.

“How we care for them, that’s the most important thing. And this is something that I view as our number one priority in differentiating our organization in the Philippines from other organizations,” he says.

Rae says the BPO industry has created the new middle class in the Philippines. “It’s more than just a job. If you compare the Philippines to North America, it’s a career here. It’s created the middle class.

It has created something so powerful, I have not seen it globally. There’s a lot of factors, social, economic but if you strip that, it’s truly the people,” he says.

 

...the pilot countries for WB green accounting project

PH picked for WB ‘green accounting’ project

By DJ Yap
Philippine Daily Inquirer

Saturday, April 20th, 2013

 

  "...the Philippines was selected (by the World bank) as a pilot country for the WAVES program because it was one of the very few nations that had been conducting an accounting of natural resources since the 1990s." - Environment Secretary Ramon Paje  

Environment Secretary Ramon Paje

 

MANILA, Philippines—The Philippines has been chosen along with four other countries for the pilot implementation of a World Bank-led project to develop “green accounting,” or the inclusion of the value of natural resources in measuring a nation’s economic progress.

Environment Secretary Ramon Paje made the announcement on Saturday from Washington D.C., where he represented the country at a high-level ministerial meeting on “natural capital accounting (NCA)” or “green accounting” organized by the WB on April 18.

Paje said the Philippines, along with Botswana, Colombia, Costa Rica and Madagascar, were selected as the implementing partners of the Wealth Accounting and Valuation of Ecosystem Services (WAVES) project of the World Bank.

WAVES is a global partnership that aims to promote sustainable development by ensuring that the national accounts used to measure and plan for economic growth include the value of natural resources.

In a statement, Paje said the Philippines was selected as a pilot country for the WAVES program because it was one of the very few nations that had been conducting an accounting of natural resources since the 1990s.


Accurate information

“The country was noted for accounting for our natural resources such as minerals and forests to provide policy makers with accurate information that could help them make better decisions regarding development priorities and investments that are feasible and sustainable,” he said.

Paje said his participation at the meeting underscored the Aquino administration’s focus on preserving the environment while pursuing sustainable, inclusive and resilient growth.

“It is very important for us to account for our natural wealth, to uphold the principle of intergenerational equity wherein we protect the interest of future generations by protecting our natural resources, especially those that are finite such as minerals,” he said.


Classic example

Paje cited Executive Order No. 79, which institutionalizes and reforms the mining industry, as a “classic example of accounting for natural wealth for future development.”

“While increasing excise taxes from mining companies makes sure that the state gets its rightful share from mineral resources … there is a need to account for the resulting increase in government revenues by investing them in certain long-term infrastructure and programs, such as education and research,” he said.

“This way, even though the nonrenewable resources are extracted, future generations can still, though indirectly, enjoy them through improved goods and services and additional infrastructure,” he said.

The four-year project costs $1.45 million and will begin implementation in the second half of this year, with the National Economic and Development Authority, National Statistical Coordination Board and the Laguna Lake Development Authority as collaborating agencies.


Program of action

WAVES was launched in October 2010 during the Conference of Parties to the Convention on Biological Diversity in Nagoya, Japan. The partnership was able to formulate and propose a program of international action on ecosystems accounting at the Earth Summit held in June 2012.

Advocates argue that “green accounting” is more accurate in determining economic growth and its sustainability, rather than relying on traditional economic indicators such as gross domestic product.

With the GDP, for example, while income from mining or timber harvesting is recorded in national accounts, the simultaneous depletion of natural forest assets and mineral reserves is not accounted for.

The GDP also fails to explicitly identify critical ecosystem services such as tourism, regulating water cycles, preventing erosion and flooding, and carbon sequestration, resulting in misleading economic signals about economic growth and development.



 

...the PH stock market new high

PSEi surges to new high

Philippine Daily Inquirer

Saturday, April 20th, 2013

 

 

The local stock index surged to a new record high Friday as investors bought local equities in anticipation of strong first-quarter corporate results and an investment-grade rating from a second global credit-watcher.

The main-share Philippine Stock Exchange index rallied by 1.45 percent or 99.62 points to close at its best finish of 6,957.10, likewise a record intra-day peak. The upswing in the last three days allowed the main index to post a weekly gain of 65.67 points or 0.95 percent.

Property stocks led the day’s rally as this counter surged by 2.21 percent. All other indices were likewise up. Value turnover amounted to P12.13 billion. There were 108 advancers that overwhelmed 44 decliners while 55 stocks were unchanged.

SM Investments Corp. (+1.35 percent) and BDO (+3.61 percent) rose in heavy volume after BDO announced a record high P10 billion in net profit for the first quarter and a P20.4-billion profit guidance for the full year.

Manny Cruz, chief strategist at Asiasec Equities, said investors were positioning for strong first-quarter results and that BDO’s strong first-quarter performance offered a good preview.

At the same time, Cruz said there were speculations that the Philippines might soon get a second investment-grade rating, maybe even ahead of the mid-term elections in May.

Before the Lenten break, Fitch Ratings gave the Philippine government its first investment-grade rating. Standard & Poor’s and Moody’s currently rate the country at a notch below investment grade but S&P has a positive outlook on its rating.

Other big index gainers were Globe Telecom (+4.92 percent), Alliance Global Inc. (+3.96 percent), Belle (+3.9 percent), Ayala Land (+3.6 percent), PLDT (+3.52 percent), Robinsons Land (+2.2 percent), JG Summit (+1.66 percent) and Meralco (+1.4 percent). Doris C. Dumlao

 

...the National Artist in NY art exhibit

PHL National Artist BenCab featured in New York exhibit

April 20, 2013

GMA News

Philippine National Artist Benedicto Reyes Cabrera, better known for his moniker "BenCab," is among featured artists in an exhibit currently running in New York City in the US.

 

 

According to a Department of Foreign Affairs (DFA) statement on Monday, BenCab is part of a special exhibit called "Visions of Iberoamerican Art: bi/Coa: 200 Years of Identity."

"The exhibit is an international presentation focusing on understanding Hispanic cultures and allowing art to connect Hispanics with other communities and former Spanish/Hispanic colonies such as the Philippines," the DFA said.

Joining BenCab are other artists such as Rodolfo Abularach of Guatemala and Fanny Sanín of Colombia in the exhibit.

The exhibit started on April 4 and is scheduled to end on April 26. The DFA noted that the exhibit in the coming months will be featured in other Instituto Cervantes branches in the US, such as in Chicago and Los Angeles.

According to the profile on his website, the multi-awarded BenCab is "hailed as a master of contemporary Philippine art."

Born in Manila on April 10, 1942, BenCab studied Fine Arts at the University of the Philippines and graduated in 1963.

A painter and printmaker, his works have been exhibited in the Philippines and in Asia, Europe, and the United States.

In the past 40 years, BenCab has received several honors such as:

• the Gawad CCP Para sa Sining (Cultural Center of the Philippines Award for the Arts) in 1992, the ASEAN Achievement Award for Visual & Performing Arts in the 5th ASEAN Achievement Awards in 1997, and
• the Order of National Artist for Visual Arts by President Gloria Macapagal-Arroyo in Malacanan Palace in 2006.

BenCab lives and works in Baguio City, where the BenCab Museum is located. The museum houses BenCab’s own works as well as those of other known and upcoming contemporary Filipino artists.

The BenCab museum is on Km. 6 Asin Road, around 15 minutes from the center of Baguio City. - Gian C. Geronimo, VVP, GMA News

 

 

...the Philippines' top diving destination goal

Philippines wants to become the top diving destination in the world

by Marian Z. Codilla,

Philippine Daily Inquirer

(published in skift.com)

Apr 20, 2013

A snorkeler floats next to a Giant gorgonian in Cebu, Philippines. Alfonso González / Flickr

 

 

The Department of Tourism (DOT) is planning to make diving as one of the major drivers in promoting the Philippines.

“If you come to the Philippines and you don’t like what you see on land, just stick your head under water and you will be okay,” said Tourism Secretary Ramon Jimenez Jr. during yesterday’s World Deep (Diving Expo and Exhibition Philippines) in Shangri-La Mactan Resort and Spa in Mactan Island.

Jimenez said the tourism department would now be banking on the Philippines being the centre of biodiversity in their marketing strategy.

“We will make diving in the Philippines, a major force for tourists to come,” he said.

The dive expo organised by Philippine Commission on Sports and Scuba Diving (PCSSD) and Philippine Association on Underwater Activities (PAUA) and the DOT were attended by at least 130 representatives from different dive organisations from all over the world.

The three-day event is a venue for cultural exchanges and bilateral talks between members of World Confederation of Underwater Activities (CMAS) about diving and underwater policies.

The Philippines is considered as the global centre of marine biodiversity based on the study of an American biologist entitled Centre of the Marine Shore Fish Diversity: the Philippine Islands published by the World Bank in 2007.

The revenue in diving makes up a quarter of the total tourism revenue.

Divers, according to Jimenez, accounts to not less than five per cent of the country’s tourists.
Karen Chan, executive director of PCSSD, an attached agency of the DOT said 15 per cent of foreign tourists come here for diving.

“Divers tend to stay longer and have a lot of activities included in their regular tourism,” Jimenez said.

Aside from its monetary contribution the economy, promoting the Philippines as a world-class diving destination puts environmental protection an advantage.

“The biggest benefit in propagating diving in this country is that it forces us to preserve our ocean,” Jimenez said.

DOT Central Visayas Regional Director Rowena Montecillo said protecting the environment from being exploited is very important.

The secretary said he would meet with Department of Interior and Local Government, Department of Environment, Department of Agriculture among other government agencies to discuss the DOT’s direction to make diving a subset of tourism.

According to Montecillo, diving is the top tourist activity in the region.

In Cebu, dive tourists are concentrated in the dive resorts in Malapascua island in the north and Moalboal in the south.

“We are the centre of biodiversity in this part of the world. It is important that we raise awareness in protecting the environment,” Jimenez said.

For Cebu to become a successful tourist destination in the world, the people must love diving.
Benedict Reyes, president of PAUA said it is also important to engage the youth in underwater activities such as aquathlon, underwater hockey, underwater rugby, fin swimming, underwater photography among others.

The three-day expo includes at least 50 exhibitors of different dive attractions in the country including the showcase of the Department of Science and Technology’s coral rehabilitation programmes in the country which started last year.