...the resilient countries

Indonesia, Philippines, Malaysia showing resilient growth – SCB

Manila Bulletin

Published: June 8, 2013

 

          

 

 

ASEAN countries – particularly Indonesia, the Philippines and Malaysia – have continued to grow close to or above trend growth in recent years, despite poor external conditions, a new research conducted by Standard Chartered Bank disclosed. “The growing affluence of the domestic population, relatively healthy fiscal positions, a largely stable political environment and strong liquidity inflows are lending resilience to economic activity, even as external demand falters, “ the British bank with extensive network in the region stressed.

Examining sources of growth over the past decade, we find that the contribution of household consumption increased for Malaysia, Thailand and Vietnam in the 2008-12 period relative to the 2003-07 period.

For Indonesia and the Philippines, the contribution of household consumption was relatively stable; this is not surprising given their relatively closed economies. For Singapore, household consumption remains a small contributor to growth. In fact, Singapore’s economy has become even more open, supporting the case for the continued use of FX as the main monetary policy tool, the SCB paper noted..

“Investment has discernibly increased its contribution to growth in Malaysia and the Philippines. This reflects government efforts to upgrade their economies and positive domestic investor sentiment. With the exception of Singapore, domestic sources have been the key drivers of growth in the region.”

Since 2000, the ASEAN region has been outgrowing the world, the bank said.

“Admittedly, the region has plenty of catching up to do, as it is still relatively undeveloped. With the exceptions of Malaysia, Brunei and Singapore, ASEAN’s per-capita GDP based on purchasing power parity (PPP) is well below that of the world. The region is catching up – ASEAN per-capita GDP has grown faster than global GDP since 2000.”

“This growing affluence is a source of resilience for the region. Intra-regional trade has benefited externally oriented industries, even amid weaker demand from traditional markets such as Europe and China.”

In 2012, ASEAN exports grew just 1.7% amid a weak global trade environment. Exports to countries within ASEAN contributed around 70% of that growth. Had ASEAN been in a weaker position, externally oriented industries would have been hit even harder.

The import profile of ASEAN countries by end-use classification provides some interesting insights (the bank examined the Philippines, Indonesia, Thailand and Malaysia). Comparing the amount of consumer-goods imports with total imports (the sum of consumer goods, intermediate goods and capital goods), we find that the Philippines has the highest proportion of consumer-goods imports. It is followed by Indonesia, Malaysia and Thailand. This is in line with the fact that Indonesia and the Philippines are more closed economies than Thailand and Malaysia. Because domestic consumption contributes a larger share of growth, consumer goods make up a larger share of import content. This is particularly the case for the Philippines.

Thailand and Malaysia are more export-oriented economies. As a result, intermediate goods (inputs for final goods) account for a larger share of their total imports. Meanwhile, imports of capital goods (such as machinery for production) have been increasing for Malaysia and Thailand in the past 1.5 years. We believe this was driven by flood reconstruction efforts in Thailand, and by the ongoing Economic Transformation Program in Malaysia.

 

...the Voice UK semifinalist

Filipino advances to 'Voice UK' semis

 

ABS-CBNnews.com

06/08/2013

 

 

MANILA, Philippines -- A Filipino contestant in the British edition of the global singing franchise "The Voice" advanced to the competition's semi-finals round Saturday (Manila time), after impressing judges with his "soulful" performance.





Joseph Apostol had the four superstar-coaches of "The Voice UK" on their feet throughout his rendition of the Jackie Wilson hit "(Your Love Keeps Lifting Me) Higher and Higher."

The 21-year-old student, who was born in the Philippines, was given a "Fast Pass" by his coach, Tom Jones, after the well-received performance. The "pass" earns Apostol a sure spot in next week's live performance show, without having to be voted in by the public.

Jones wasn't the only coach impressed with Apostol "going out of his comfort zone."

The Script frontman Danny O'Donoghue noted the "oddity" of Apostol being "a Filipino on a UK show, that sounds like an American soul singer."

"I think you are just coming out of your shell," he told Apostol.

Coach will.i.am mentioned fellow Black Eyed Peas member, apl.de.ap, who is also Filipino, saying the latter singled out Apostol as his favorite from Jones' team. "You are my favorite [too]," will.i.am said, addressing Apostol.

Pop singer Jessie J, meanwhile, expressed confidence that the lone Pinoy in "The Voice UK" will further improve.

"I love the way you are becoming your voice but I want to see it in your body too. Performance-wise, just take it there. I believe next week you will be able to show us that," she said.

Apostol is the latest Filipino to make waves in international talent competitions, following the likes of Jessica Sanchez, Cheesa Laureta, Ramiele Malubay, and Jasmine Trias.

 

...the time is now for the Philippines

PNoy at WEF: Now is perfect time to invest in PH

By Aurea Calica,

The Philippine Star

06/08/2013

 

 

NAYPYIDAW – Being called the “brightest spark” in Southeast Asia and “Asia’s Rising Tiger,” President Aquino told businessmen attending the 22nd World Economic Forum (WEF) on East Asia here that the Philippines was ripe for investments. The President touted the reforms and the new mandate his administration received from the Filipino people in the last midterm elections.

Aquino and members of his delegation arrived here yesterday morning for the forum and had separate meetings with Myanmar President Thein Sein, opposition leader Aung San Suu Kyi, and Klaus Schwab, founder and executive chairman of the WEF.

“Today, all the factors are in place: political stability, low inflation and low borrowing rates, opportunities for growth in almost all sectors, a government committed to integrity and empowerment, and a people known the world over for their industry, loyalty, and creativity,” Aquino said during a luncheon hosted by Ayala Corp.

The Zobel de Ayalas are longtime members of the WEF.

“In our country, you have the recipe for sustained, inclusive growth that benefits investors and the public alike. All that is left is for us to engage each other, and work together – and this is precisely why we are here today,” he said.

The President called on the businessmen to see challenges in the Philippines as opportunities as they could come and build the much-needed infrastructure as well as participate in the agriculture and tourism sectors.

With a 7.8 percent gross domestic product growth in the first quarter, investment grade from Fitch Ratings and Standard and Poor’s, victory in the last elections, reforms in various aspects to make the country conducive to business, the President said businessmen should no longer have doubts about coming to the Philippines.

“This is the perfect time to invest in the Philippines. More and more opportunities have been created... both as a result of and as an affirmation of our commitment to reform, and we are here today to share these opportunities and invite you to work with us,” Aquino said.

He said the development of infrastructure is necessary for the growth of all other sectors.

“Right now, the Philippines is behind its ASEAN (Association of Southeast Asian Nations) counterparts in this regard, including the state of our roads. Instead of seeing this as a setback, we choose to see it as an opportunity to make quality investments into infrastructure. So, we have increased our budget for infrastructure, from $4.86 billion in 2012 to $5.94 billion in 2013. This more than $1-billion increase will go toward paving all unpaved sections of our national road network, and developing airports and other transport hubs in the country,” the President said.

“At the same time, we also know that harnessing the expertise of the private sector will help us accelerate infrastructure development, which is why we are fostering greater engagement and partnership between the public and private spheres. We have already rolled out a number of projects; some are under construction, while others are still open for participation – from the construction of classrooms, and the rehabilitation, operation, and management of hydroelectric power plants, to the construction of highways,” he said.

Agriculture, tourism

Agriculture and tourism are two other priority sectors, Aquino said, not only because they “make the most of our country’s strengths, but also because they create jobs, complement existing livelihoods, and ignite rural development.”

He said the lack of infrastructure and support to farmers, among others, hampered the growth of the agriculture sector in the past and to remedy this, the government went back to basics, improving irrigation systems and constructing and rehabilitating farm-to-market roads.

“We are also moving up the value chain and discovering new uses for certain products. For example, the coconut water that was once discarded as a waste product today has become a booming industry in its own right. From 2010 to 2011 alone, coco water exports increased by more than 700 percent in value and more than 800 percent in volume, with large demand coming from countries like the United States, Australia, and the Netherlands – and the sector is still growing,” Aquino said.

He said tourism is another sector whose attraction is obvious, not only to those who are looking to invest or set up business but also to those just looking to enjoy themselves.

“The Philippines is in high demand, with 4.3 million tourists in 2012 discovering that, indeed, it’s more fun in the Philippines. With publications like Conde Nast Traveller, the New York Times, and Travel and Leisure Magazine trumpeting our beaches, nightlife, and diving – not to mention the Filipino hospitality that has made our people so famous – we are confident that we will meet, and hopefully even surpass, our 2016 target of 10 million tourist arrivals,” he said.

“So I want to take this opportunity to invite you to come and visit the Philippines, whether for a vacation, for business – perhaps to explore the hotel industry, or for the World Economic Forum on East Asia 2014, which will be held in our country. Whatever it is that you may be looking for – business opportunities in the sectors I have mentioned, or in manufacturing, shipbuilding, and information technology and business process management; a secluded and beautiful beach in Palawan, or the most lively street dancing in any of our festivals – I am certain that you will find it in our country, and find it more fun at that,” Aquino said.

Key legislation

Aquino also cited key legislation on responsible parenthood and sin taxes that were enacted, as well as the framework agreement on the Bangsamoro that was signed between the national government and the Moro Islamic Liberation Front, paving the way for a final, enduring peace in the southern part of the country.

“As you may know, the Philippines has recently concluded midterm elections to elect candidates to the Senate and Congress – a process I viewed as a referendum on my first three years as President. The idea was that if the public was in agreement with the direction in which my administration was taking the country, they would elect our candidates into the legislature. Of the 12 Senate seats up for election, the voters gave us nine. In Congress, the Liberal Party and its coalition partners also have a majority,” he said.

“To me, this is an affirmation of the mandate that I won in 2010 and a vote for continuity. If the public continues to share my vision for the country, as they have done in the past years, then anyone who aspires to succeed me would do well to continue down the path we have taken – and continue the tradition of good governance and public service, as well as the reform agenda that has brought the country so much success,” the President said.

Three years ago, Aquino said he came into office faced with the task of uprooting a long-entrenched culture of corruption and impunity in government – the key to revive the economy and foster broad-based growth for the people.

‘Climate of confidence’

Aquino said the procurement and budgeting processes had to be reformed, taking away funding from programs that did not work and pouring resources into those that would benefit the people the most – social services, health, education, infrastructure development.

“All this was done while adhering to strict standards of accountability and transparency. These same standards allowed us to make improvements to our revenue collection mechanisms, with our Bureau of Internal Revenue collections growing by 28 percent. This was achieved without raising taxes,” the President said.

Aquino said it was clear that good governance had “created a climate of confidence” in the Philippines, citing the soaring of the stock market over the past years while analysts the world over had given different names to the country’s success.

“I have heard our country called a hotspot, Asia’s Rising Tiger, or the brightest spark in Southeast Asia, just to name a few. These accolades are not unwarranted. For the first time in history, the Philippines is rated investment grade by two major credit rating agencies. These agencies have cited our robust growth as well as the low and stable inflation rate in the country – all while many other economies are experiencing slowdowns. In fact, the Philippine economy has consistently surpassed all expectations so far: full-year growth for 2012 was at 6.8 percent – higher than our growth assumption of 6 percent – while in the first quarter of 2013, our economy expanded by 7.8 percent,” Aquino said.

On the production side, the President said the first quarter growth was the result of the expansion of all major sectors: agriculture expanded 3.3 percent; services, by seven percent, and industry by 10.9 percent. – With Alexis Romero

 

...the Filipino supermodel

Model man

How a career in fashion found Paolo Roldan, Filipino-Canadian male supermodel

By Maris A. Mortel

 

 

Manila Bulletin

Published: June 7, 2013

 

Paolo Roldan at the press interview session at the Philippine Fashion Week Holiday 2013.

 

With his 6’2” height and sculpted, muscled physique, it’s not surprising to know that international runway and print model Paolo Roldan didn’t initially dream of becoming a professional model.

Instead, he wanted to become a professional basketball player. Born in the Philippines, Paolo moved to Canada with his family as a young boy. But he would later return to his birth country to try to pursue a career in the sport. “Actually, my first passion was basketball,” shares Paolo in a one-on-one interview during his recent trip to Manila for the Bench Body Holiday 2013 show. “I actually came back to the Philippines to play basketball. Unfortunately it didn’t work out for me.” It was after this frustrated attempt that he decided to take up civil engineering as his undergraduate course. Yet after completing his studies, Paolo chose to heed the call of another path. “I went back to Toronto and a friend advised me to try something new. And that’s how I got into fashion. I started as a retail guy, and from there I became a buyer, then a creative director, and so on and so forth.”

It was when he was on a trip as a fashion buyer in New York that Paolo’s life began an amazing twist, where he was discovered by no less than Boss Models New York founder and owner David Bossman. Despite having the model build, Paolo never saw himself modeling while he was growing up. “I mean, I’ve always been asked [to] since I was younger. But my parents were all about just getting your education, getting a normal job,” he says. “[When I got asked again] I just thought maybe I should try it because it keeps happening over and over.” And the rest is history in the making.

Paolo began his modeling career on a high note, walking the Fashion Weeks in New York and Paris, appearing in the buff in a daring editorial for Vogue Paris—which certainly increased his profile—and landing a major Givenchy ad campaign. While his early body of work may precede him, three years into the industry and he is still going strong. This year, Paolo has walked the men’s show for designer brands Michael Bastian, Giorgio Armani, Diesel, Phillip Plein, among others; his most recent catwalk being for Bench Body during the Philippine Fashion Week Holiday 2013 show.

Paolo sees his entry into the fashion industry as a “natural progression,” an interest he credits to his mother, “who’s been dressing me up since I was a little baby!” and something that is in his blood, “an uncle of my dad is actually a designer here in the Philippines, Aureo Alonzo.” Today, Paolo’s personal style changes according to his moods. “Right now I love heritage brands, mainly Double RL, it has a very manly look. But I do like to get suited up and look dapper once in a while.”

One could say that modeling for a popular underwear brand is also a natural progression, reason why today Paolo is Bench Body’s latest endorser. The campaign, shot in New York, was styled by Noel Manapat and photographed by Brent Chua, also an international male model. This could be the reason why Paolo was immediately comfortable with Brent and relaxed at the shoot, even though it was their first time to meet. “Bench contacted my agency in New York. I was actually foreseeing or hoping, at least, for something like that happening. So I was really happy and my agent contacted me about it,” shares Paolo. The images show off his perfectly sculpted body in Bench Body’s athletic-inspired underwear, designed with colorful piping and in contrasting colors.

Despite the tough, bad-boy look his images project, with his serious stares and stoic face, “I’m not technically a bad boy (laughs),” says Paolo. “I may look (does serious face), I mean that’s what looks best. But I’m very (smiling, makes a heart sign with his hands).” A trait that is certain to make him even more irresistible.

 

...the Bonsai AsPac winner

Ilocos Norte wins big in Asia-Pacific Bonsai competition

 

ABS-CBNnews.com

06/06/2013

MANILA, Philippines - Members of the Ilocos Norte Bonsai Society reaped awards at Asia-Pacific Bonsai Friendship Federation Convention and Exhibit held from May 30 to June 5.

Twelve out of 22 Bantigue and Blue Bell bonsais they brought were awarded.

Foreign Bonsai Masters determined the best of more than 200 bonsai from the Philippines and its neighboring countries.

Ilocos Norte won gold in the forest and full cascade bonsai style under the non-bantigue category.
Six other bonsais were given a silver award, while four others were given bronze awards.

Ilocos Norte Bonsai Society is one of the local affiliates of the Philippine Bonsai Society, a non-stock, non-profit association which aims to spread knowledge and appreciation in the art of growing miniature trees.

 

...the WEF scene stealer

Spotlight on PH in Burma forum

By Cynthia D. Balana, Doris C. Dumlao
Philippine Daily Inquirer

Friday, June 7th, 2013

President Benigno Aquino III AP FILE PHOTO

NAYPYITAW, Burma—Two Southeast Asian countries are thrust into the limelight at this year’s World Economic Forum (WEF) East Asia—the host country Burma (Myanmar) for coming out of decades of economic and political isolation and the Philippines, once a laggard but now an investment-grade country and Asia’s fastest-growing economy.

President Aquino will speak Friday in a plenary session at Myanmar International Convention Centre, sharing the spotlight with Burmese President U Thein Sein during the closing ceremonies of the three-day WEF East Asia Summit, which gathered 900 delegates from 55 countries.

The two heads of state will be interviewed by WEF founder and executive chairman Klaus Schwab about their perspectives on regional transformation. This year’s summit has put a lot of focus on the Association of Southeast Asian Nations (Asean) ahead of its targeted integration into a single market by 2015.

Prior to the plenary session, Aquino will speak in an informal interactive luncheon hosted by Ayala Corp. before a more intimate gathering of 200-300 people.

“The East Asia Summit serves as an excellent regional follow-up to Davos,” Ayala chairman and CEO Jaime Augusto Zobel de Ayala said, referring to Aquino’s WEF debut in Switzerland last January.

Despite the gains in Davos, Zobel de Ayala said more work was needed to encourage foreign investment in the country.

“President Aquino’s participation in Myanmar keeps the momentum going with the global investor community. His participation along with his economic team drives home the message that the Philippines is open for business,” Zobel de Ayala told the Inquirer.

“More importantly, given we are the succeeding host nation in 2014, our attendance and active participation in Myanmar gives us the double opportunity to project our message of progress in the Philippines and at the same time invite participants to next year’s summit. It will be valuable to the global community to see and hear President Aquino communicate the Philippine economic growth story, in preparation for next year’s event,” he said.

Zobel de Ayala said the Philippines had a lot of positive messages to bring to the forum.

“With global attention shifting to Southeast Asia, the Philippines needs to make its move to capture that ‘share of mind’ by differentiating itself and providing a unique business proposition for investors. It needs to stand out and project a unique message to global companies and international investors,” he said.

Great strides

Zobel de Ayala said the country made great strides under President Aquino in the area of good governance and anticorruption.

“That is part of the core platform of government designed to rebuild trust in the Philippine economy and society and to generate inclusive growth and reduce poverty,” he said.

He said the emphasis on good governance, solid macroeconomic management and renewed focus on infrastructure, construction and other reforms had resulted in continuous credit upgrades and significant rise in global competitiveness rankings.

The country posted an economic growth rate of 6.8 percent in 2012 and a stunning 7.8 percent in the first quarter this year, the fastest in Asia.

“However, challenges remain, especially in attracting foreign direct investments, bringing down unemployment and reducing poverty. For these reasons, it remains important to reach out to the international investor community through the World Economic Forum and other foreign networks to attract attention and investments to the Philippines,” Zobel de Ayala said.

Curtain-raiser

Before the arrival of the Philippine delegation, the country created some buzz in an Asean-focused session on integration.

When asked about his assessment on governance reforms within the Asean by a participant, Lee Kuan Yew School of Public Policy dean Kishore Mahbubani said: “Most of the governments here are aware that they have to do more and deliver. If you take for example a country like the Philippines, 10 years ago, and somebody said ‘Hey, you know, it would get investment grade,’ nobody would have believed it.”

But here now was the Philippines which was “supposed to be the laggard suddenly performing very well,” Mahbubani said. The Singapore-based professor said that in general, peer pressure would prompt Asean governments to perform better.

After the session, the Inquirer asked Mahbubani whether the presidential election in the Philippines in 2016 could be a cause for concern, he said: “Of course, you do sometimes have a problem when a good leader leaves, but when a country develops momentum, the expectations of the people rise and it’s very difficult for them to go back to the bad old ways,” he said.

Mahbubani likewise cited Burma’s transformation from a military to a civilian government. “If five years ago, someone in this room had said, ‘Trust me, Myanmar is going to make a very peaceful transition,’ who will believe? Nobody,” he said.

Zobel de Ayala said some Cabinet secretaries were also participating in the event and taking part in different panels and engagements to share their perspectives, maximizing the Philippines’ exposure and promoting next year’s event.

Networked future

Finance Secretary Cesar Purisima, for instance, was among the panelists in a session “Vision for East Asia’s Networked Future.” This session on Thursday also included Purisima’s Thai counterpart, Kittiratt Na-Ranong, as well as Mitsubishi Corp. chairman Yorihiko Kojima, Unilever Singapore COO Harish Manwani and Agility of Kuwait chairman Tarek Sultan Al Essa.

“I believe that the future of Asean is significant,” Purisima said.

However, he said the 10 member-countries of this regional bloc must work harder on three areas: harmonization of regulation, building infrastructure toward complementary connectiveness that will make sure that all countries are “winners” and investing more in people. He noted that the Philippines, under President Aquino, was taking such route.

“With better governance, we can unleash the potential of the economy,” he said.

Both the Philippines and Burma have a lot to gain from this summit, Communications Secretary Ricky Carandang said. “We have similar stories to tell, both coming from an extended period of stagnation and now undertaking reforms. Both countries are being encouraged,” he said.

“Our point of coming here is ultimately, we want investors to come to the Philippines and we want to assure them that there’s money to be made in the Philippines as investors, and that we look forward to them coming in and building our infrastructure, investing in our tourism, investing in our agriculture, creating jobs,” Carandang said.

“We’re not generating those positive reviews so we can feel good. We’re generating those positive reviews so we can create jobs, investments and all of that,” he stressed.


 

...the PH hot properties

Foreigners flock to PHL for property investments — consultancy firm

Siegfrid O. Alegado,

GMA News

June 6, 2013

Foreigners are flocking to the Philippines for luxury residential investments amid tightening realty laws in other Asian countries, property consultancy firm CBRE Philippines said Wednesday.

Overseas Filipinos and the rising middle-class, on the other hand, continue to fuel demand for housing in the fringe areas of Metro Manila.

“The luxury residential sector will continue to pick up,” said Rick Santos, chairman at CBRE Philippines. “Foreigners are now moving from renters to buyers.”

“New restrictive property tax laws in Hong Kong and Singapore will drive more Asian residential investors to the Philippines,” he added.

While the Philippine Constitution prohibits foreign ownership of land, there is no restriction for foreigners to buy condominium units. Thus, foreign fund managers and retail investors buy luxury units by top developers here for investment purposes.

"Foreigners have opted to invest in branded condominium projects," said Santos. "And so far, they're very happy."

Early this year, Hong Kong and Singapore raised taxes for luxury homeowners and investment properties as part of their campaign against bubble risks stemming from speculative investments in the realty sector.

Investor-friendly tax laws

With tightening restrictions there, foreigners are turning to the Philippines – where tax laws are more investor-friendly and financing is relatively cheap – for secondary properties.

“Number one, it's much cheaper here from a tax perspective and cost. From a financing point of view, it's much more expensive to get financing there,” Santos said.

He noted that the Philippines' real-estate developers continue to benefit from foreign interest in branded developments.

Santos, however, was quick to add that he still doesn't see a bubble arising from such investment flows. “This isn't a bubble. This is sustainable,” he said.

“It is exciting. You will see a lot more money from mainland China, Russia, Europe, Korea and US flowing here,” Santos said.

OFWs and housing backlog

Overseas Filipino workers (OFWs) and middle-income earners support demand for residential products, particularly single-detached homes, in the fringe areas of Metro Manila

“OFWs and middle-income earners to sustain the demand for horizontal residential projects,” said Jan Custodio, CBRE Philippines' senior director for global research and consultancy.

“Economic housing will continue to observe strong take-up with its affordable prices and ample supply in the fringes of the country’s major cities,” he added.

Total housing needs for 2013 can reach 646,128 units, of which 57 percent will come from new households who can afford to own or rent, CBRE data showed. — KBK, GMA News

 

 

...the Miss Saigon legend

NY Times raves about Lea Salonga at the Carlyle

By Bayani San Diego Jr.
Philippine Daily Inquirer

June 6, 2013

FRAMED New York Times review at the Carlyle. PHOTO FROM Fletcher HC

Fellow singer Ogie Alcasid once joked in one of Lea Salonga’s local concerts that the Tony award winner had come a long way—“From Broadway Centrum to Broadway!”

In the 1980s, Salonga was among many starry-eyed teenagers who vied for attention in German Moreno’s afternoon youth show, “That’s Entertainment,” aired from the Broadway Centrum studio in Quezon City.

That she managed to rise above “That’s Entertainment” (not to mention another 1980s cult schlock fest, “Ninja Kids”) was a testament to her almost incredible gift, matched with an iron will, as illustrated in the mega-production “Miss Saigon” on the West End and Broadway.

‘Formidable’
These are the same personal qualities highlighted in a recent New York Times review.

In the prestigious paper’s May 25 issue, Stephen Holden wrote a rave review about Salonga’s performance in a three-week concert series at the Café Carlyle that ends tomorrow.

Holden described Salonga as “a performer whose formidable talent is matched by her unstoppable drive and keen intelligence.”

The Filipina’s third outing at the Carlyle, dubbed “Back to Before,” is a tribute to her idols Barbra Streisand and Ella Fitzgerald. Holden reported, “As Broadway divas go, [Salonga] is a cut above most.”

Holden said Salonga’s rendition of standards (for instance, “The Song Is You,” “Manhattan,” “How Long Has This Been Going On”) “[was] delivered with an almost machinelike perfection.”

Unapologetic

The critic said Salonga’s “unusually strong and focused interpretation” of “Greatest Love of All” (Whitney Houston’s early hit) was apt because its “message of unapologetic self-reliance resonated with (Salonga’s) show business biography.”

Holden, however, noted that, in treading gentler terrain like the lullaby “I Won’t Mind” or Stephen Sondheim’s oeuvre, Salonga “demonstrated her comfort in a more intimate, psychologically subtle mode.”

The piece was titled, “Serenely indomitable, whatever the challenge.”

 

...the economic powerhouse

PH an economic force--Germany



Manila Bulletin
06 June 2013





 



 



 

Berlin - Impressed by the country's economic growth, the Federal Republic of Germany has branded the Philippines as an "economic powerhouse" as it continuously seek an immediate "closure" of the Fraport.

 

Vice President Jejomar Binay, who met with German Foreign Minister Dr. Guido Westerwelle on Tuesday afternoon at the Federal Foreign Office during his first leg of five-day working visit, said Germany is not surprised by the Philippines' posting of first quarter economic growth.

"The Foreign Minister is not surprised anymore when I told him about our economic growth. He told me, we are a miracle, that our country is an economic powerhouse. All over the world, our economic growth is recognized," he told the Manila Bulletin in an exclusive interview at the Waldorf Astoria Hotel in this European capital city.

The Philippines' gross domestic product (GDP) grew by 7.8 percent in the first quarter of the year, beating its Southeast Asian neighbors and even China.

The National Statistical Coordination Board (NSCB) attributed the economic growth to the development in major sectors and the government's increased infrastructure spending.

But Binay was quick to add that on top of the Westerwelle's opening statement was the Fraport issue.

The Vice President assured Westerwelle that the Philippines is flexing its muscles to address the issue.

"We are looking forward na magkaroon ng just closure 'yung problema sa Fraport. Of course, it is a minor irritant, natutuwa tayo na gusto na nilang matapos 'yan," he said.

Quoting Westerwelle, Philippine Ambassador to Germany Maria Cleofe Natividad said that Germany wants immediate resolution of the Fraport issue which strains the continuous influx of German investments to the Philippines.

"By the way, you know the relations is very robust, we have strong relations but we have one issue to be sorted out to further strengthen the bilateral relations and so that more German investments will come in," she said, citing Westerwelle's opening statement.

Fraport is the German firm-partner of the Philippine International Airport Terminals Co. (Piatco), the consortium that got the contract to build and operate the Ninoy Aquino International Airport Terminal 3 (NAIA 3). The contract, however, was aborted in 2002 by the Arroyo government.

With the Philippine government's move, Fraport sought a relief from World Bank's International Center for Settlement of Investment Disputes and filed a compensation case, citing that such action was in violation of a bilateral investment treaty between the Philippines and Germany.

Binay described his meeting with Westerwelle as "very warm, very cordial."

"Damang-dama mo na talagang ang Pilipinas ay katanggap tanggap ngayong mga panahon na ito," he said.

He said the relations between the Philippines and Germany continued to be strengthened with the commitment of both sides to have high level exchange of visits.

Binay has been assured by Westerwelle that Chancellor Angela Merkel would be visiting Philippines next year.

During the meeting, Westerwelle told Binay that Merkel would not be able to visit Philippines this year because of the elections on September.

In a letter handed over to Westerwelle when he visited Manila last February, President Benigno S. Aquino III invited Merkel to visit the Philippines this year.

Merkel also invited Aquino to visit Germany, but because of midterm elections and political situation in the Philippines, Aquino shelved his visit to Germany and planned to come over next year, Natividad said.

Binay, who arrived Monday afternoon in Berlin started his five-day working visit to Germany to advance the interest of some 60,000 Filipino workers.

 

...the Pinoy artist in France

Filipino artist shines in France

By Jovan Cerda

(philstar.com)

June 5, 2013

 

 

Ocampo and his artworks

 

 

MANILA, Philippines - Filipino artist Manuel Ocampo reaffirmed his presence in the international art scene after showcasing his works in an exhibit in Montpellier, Frace, the Department of Foreign Affairs reported.

The solo exhibition featured Ocampo's 31 works, some of which were recently made in Montpellier.
Ocampo earlier had a successful exhibit titled Manila Vice in Sete, France, in collaboration with Musee International des Artes Modestes (MIAM).

Philippine Ambassador to France Cristina Ortega thanked the museum and the City of Montpellier “for making the exhibition more than a possibility but a success” and congratulated Ocampo for his achievement.

Ocampo's exhibit, organized under the auspices of Mayor Hélène Mandroux, Vice Mayor Philippe Saurel and in partnership with MIAM President Hervé Di Rosa and Curator Numa Hambursin, will run until Sept. 15 at the Carré Sainte Anne in Montpellier.

 

...the upcoming third upgrade

Moody’s hints of upgrade for Phl

 

 

By Zinnia B. Dela Peña

The Philippine Star

June 4, 2013

 

 

 

MANILA, Philippines - The country’s third investment grade rating may be forthcoming as Moody’s Investors Service has lauded the Philippine economy’s robust expansion, the Aquino government’s record budget surplus, and the conduct of generally peaceful elections.

Moody’s is the only global credit rating agency that still rates the Philippines one notch below investment grade or BA1. The country obtained its first, investment grade upgrade from Fitch Ratings Services in March. Standard & Poors’ followed suit in May.

In a statement issued yesterday, Moody’s said the Philippines’ first quarter GDP (gross domestic product) and record budget surplus are “credit positive,” a sign that that an upgrade may be in the offing.

National Treasurer Rosalia De Leon said officials from Moody’s are expected to arrive in the Philippines next month.

Last week, the government announced that it posted a P36.8-billion budget surplus in April, the highest monthly surplus it achieved, largely due to a 28.9- percent year-on-year increase in income tax receipts.

“The improvement in tax receipts demonstrates that the government’s efforts to bolster tax compliance are gaining traction and helping to boost revenue generation, one of the key weaknesses of the Philippines’ credit profile. The relatively moderate year-to-date fiscal deficit also suggests that a degree of spending restraint in the run-up to the midterm elections held last month and that the government’s spending decisions are increasingly driven by long-term economic objectives rather than short-term political ones,” said Moody’s senior analyst Christian de Guzman.

De Guzman noted that President Aquino has largely kept the income tax regime intact since he assumed power in July 2010, mainly by stepping up enforcement and enhancing administrative procedures to boost taxes.

 

The Bureau of Internal Revenue (BIR), the government’s main tax collection agency, has recorded a marked improvement in performance, with April collections rising 28.2 percent compared with the 12.4 percent increase logged last year.

In contract to a lackluster global economy, De Guzman said the Philippines registered the strongest GDP numbers among all rated countries in the Asia-Pacific region, outpacing larger emerging markets such as China (Aa3 stable), which posted a 7.7 percent growth, and Indonesia (Baa3 stable), which rose by 6 percent.

Aside from better tax collection, spending restraint ahead of the May National elections also helped the government in attaining a budget surplus.

De Guzman said the government’s spending decisions “are increasingly driven by long-term economic objectives rather than short-term political ones.”

“The fiscal deficit consequently came in at P29.7 billion through the first four months of the year and the government is likely to meet its full-year fiscal deficit target of P238 billion, or two percent of GDP. In contrast, the fiscal deficit for the same period in 2010 – when the Philippines last held elections – came in at P131.6 billion against a full-year target of P293.2 billion, or 3.5% of GDP.

The Aquino government intends to maximize the benefits of an investment grade credit rating as it lowers the cost of financing, and widens the state’s fiscal space especially for infrastructure spending.

Moody’s Analytics, a sister company of the credit rating watchdog, earlier said the Philippines was likely to grow between 6.5-7 percent this year, outperforming several rising emerging markets.

De Guzman said that with President Aquino’s party dominating local governments, Congress and the Senate, prospects for more fiscal reforms seem underway.

In particular, bills on the mining sector and the rationalization of fiscal incentives are seen to boost government revenues, De Guzman said.