...the first Asian to race in NASCAR

Pinoy makes history anew in Euro NASCAR

 

ABS-CBNnews.com

07/05/2013

 

 

Filipino racing star Enzo Pastor - File Photo

Pastor is first Asian to race in oval racetrack

MANILA -- Filipino racing star Enzo Pastor, the first Filipino ever invited to compete in the Euro Racecar NASCAR circuit, is making serious progress in Europe as he now stands just eight points short of the fourth overall position in the standings.

Pastor is tied with Vincent Gonneau after two 5th-place finishes in rounds five and six at Brandshatch in England.

Pastor is now preparing to ride on an official oval track in Tours, France for the fourth leg of the series. This means faster speeds but also entails greater risk due to the elevated and angled road.

“It is yet another historical first for Enzo,” said his father, Philippine Formula Autosports Foundation, Inc. (PFAFI) president Tom Pastor. “This race in Tours makes him the first Asian to race in an oval racetrack, no small feat in the racing world to be sure.”

Pastor’s partnership with legendary Formula One visionary Ted Toleman, has consistently brought him success in the world of motor racing.

Aside from climbing the current standings, Pastor has also been invited to participate in the K&N Pro Series East by Creation Cope Racing, an honor usually reserved for only the Series Champion overall winner in Euro Racecar NASCAR.

His campaign has been fully supported by the Department of Tourism/TIEZA as part of the department’s “It’s more fun in the Philippines” campaign.

Asian V8 to take place in Clark

By February 2014, the Clark International Speedway will serve as host of the Asian V8 SpeedChallenge, an initiative of the Euro Racecar NASCAR Touringcar Development Program and will be launched by July 30, 2013 at Resorts World Manila Plaza.

The aforementioned Speedfest will be co-presented by Petron Corporation while Resorts World Manila will be a major sponsor.

“In preparation for the SpeedChallenge, Euro Racecar NASCAR Touring Car CEO Jerome Galpin expects that we upgrade our racetrack facilities and safety features which should be completed as scheduled,” notes the elder Pastor.

“The owners of the Clark International Speedway are doing their best to getting ready for the Fédération Internationale de l'Automobile (FIA) inspection.”

 

...the PH 2016 goal

Philippines aims to nearly halve poverty by 2016


SunStar
Friday, July 5, 2013

MANILA — The Philippines' top economic official said Friday the government aims to sustain growth at a rate high enough to nearly halve poverty by 2016.

Nearly 28 percent of the country's 97 million people live below the poverty line and the government's aim is to reduce that to 16.6 percent within the next three years.

Socioeconomic Planning Secretary Arsenio Balisacan said the government is sticking to its forecast for economic growth of 6-7 percent this year despite the surprising 7.8 percent leap in GDP in the first quarter. He said forecasts need to be conservative because of uncertain economic outlooks for Europe, China and the US.

The Philippine economy has grown faster than 7 percent for three straight quarters. It is projected to grow between 6.5 percent and 7.5 percent next year and 7-8 percent in 2015.

Forecasts for 2016 are being reviewed, but Balisacan said 7-8 percent growth is a "reasonable assumption."

Balisacan said the government would double down on its efforts to lift more Filipinos out of poverty in the remaining three years of President Benigno Aquino III's term.

Balisacan added officials will focus on creating quality jobs, addressing the backlog in housing, and will continue to run a program that gives cash directly to poor families as long as children stay in school and see a doctor.

Infrastructure bottlenecks and the high cost of doing business that have stymied investment will be addressed, with infrastructure spending to be ramped up to 5 percent of gross domestic product by 2016 from 2.5 percent last year, he said.

He cited a study by the Japan International Cooperation Agency that shows Manila's traffic gridlock causes economic losses of 2.4 billion pesos ($56 million) a day.

He also said the economy is being diversified from high dependence on consumption and services to one with stronger manufacturing, exports, investments, tourism and more jobs.

Laws that hamper investment, including those governing inter-island shipping, land use and fiscal incentives to business may need to be reviewed to ensure they still make economic sense, he said.

Compared with Indonesia, which attracted nearly $20 billion in foreign investment last year, the Philippines managed only $2.8 billion, not far from $2.2 billion for Myanmar, a pariah state until recently. Thailand wooed more than 22 million visitors last year, the Philippines received 4.3 million.

Balisacan also blamed low foreign investment on the country's past three decades of boom and bust development. (AP)

 

...the PH economy

Economic boom spreads wealth wider in Philippines

            

By Teresa Cerojano

Associated Press

July 4, 2013

 

 

In this May 17, 2013 photo, trading continues at the Philippine Stock Exchange at the financial district of Makati city, east of Manila, Philippines. As the Philippine economy skyrocketed 7.8 percent in the first quarter, outpacing China, the middle class in the Southeast Asian nation that has been held back by widespread poverty, political strife and corruption is for the first time in decades reaping the profits of an economic boom. AP PHOTO/BULLIT MARQUEZ

 

 

MANILA, Philippines — Just three years ago, a new car and an overseas holiday were unthinkable luxuries for J. Ante and her family of six. The insurance company manager's commissions have soared since then as the Philippines, blighted for a generation by venal and incompetent leaders, has unexpectedly boomed, putting middle-class comforts within tantalizing reach of many.

The $250 billion economy surged 7.8 percent in the first quarter of this year, outpacing China, and a middle class stunted by widespread poverty, political strife and corruption is beginning to share in a prosperity captured for decades by a clannish business and political elite.

The growing affluence and a burgeoning population have lured many global brands. Students and office workers flock to gleaming outlets opened by Zara, Gap, Forever 21, Starbucks and Japan's Uniqlo. New apartment blocks are springing up on almost every corner of metropolitan Manila and other cities, often clustered around malls and office buildings housing outsourcing businesses such as call centers, which are forecast to earn around $25 billion by 2016.

Luxury car maker Rolls Royce said it was flooded with inquiries since it opened its first dealership in Manila two weeks ago. The first car selling for $605,000 went to a popular TV show host, according to newspaper reports.

"Last year and this year have been a big leap in terms of my total income," Ante said. "Times have become better for our family."

She said three years ago it was difficult to come up with the school fees for her four children. Travel abroad or a new car were impossible, but "they seem more realistic now since my income is growing at a faster rate," she said. The family holidayed in Hong Kong this year and a vacation in the U.S. and Canada is planned. They hope to afford a family-friendly Toyota Innova this year.

Many credit the new vitality to the policies of President Benigno Aquino III, elected in 2010 on promises of eradicating graft and fighting poverty. He introduced new taxes, reformed the judiciary, and set the country on a path that shows sign of enduring — it has now enjoyed three straight quarters of economic growth above 7 percent. Standard and Poor's and Fitch Ratings earlier this year upgraded the Philippines' credit rating to investment grade for the first time.

"Disposable income has increased and we see a rising middle class," said Jose E.B. Antonio, chairman of Century Properties Group that brought in Donald Trump's sons and Paris Hilton to launch luxury condos in Manila.

Sheila Abay, a real estate agent for the past 10 years, said competition in her industry has become stiffer but she still sells more condominiums these days compared to five or 10 years ago.

The bulk of her clients are Filipinos working abroad, who buy property for retirement or investment.

Over the last few years, however, she said she has seen a growing number of younger clients mostly aged 25 to 35. Many of them are midlevel managers at outsourcing companies who receive good pay for doing backroom operations for overseas companies.

"Their buying power is bigger," she said.

It adds up to dramatic shift for a country that has perennially lagged most of its Southeast Asian neighbors despite perceived advantages of a relatively free media, democratic elections and widespread use of English — the language of global business.

The Philippines is only sixth among 10 Southeast Asian countries in terms of GDP per head.

Compared with Indonesia, which attracted nearly $20 billion in foreign investment last year, the Philippines managed only $2.8 billion, not far from $2.2 billion for Myanmar, a pariah state until recently. Thailand wooed more than 22 million visitors last year, the Philippines received 4.3 million.
Doubts still linger whether the country can stay on its new course.

President Aquino, in the mold of his late parents — democracy icon and former President Corazon Aquino and anti-dictatorship champion Benigno Aquino Jr. — won the presidency on a reformist platform following two corruption-tainted predecessors. His term ends in 2016.

But in a country where powerful families dominate politics and "name recall" ensures votes even for corrupt or incompetent leaders, another wrong turn can reverse recent gains.

There is a still a long way to go before the 28 percent of the population who live below the poverty line feel they too are benefiting from the boom that has dotted Manila with cranes and propelled the local stock market to new heights.

Elizabeth Yap, a 51-year-old single woman with close-cropped hair, scrapes a living by pedaling her tricycle around Manila to ferry passengers. She makes 400 to 500 pesos ($9 to $11) on good days, when she does not run afoul of law enforcers on their on-and-off campaign to clear the capital's traffic-choked streets.

"How can we feel the progress in the Philippines when we are poor," Yap said. "We can see the nice buildings, but for us poor, we can see that we are still poor."

Antonio, the property developer, believes it's only a matter of time before prosperity trickles down. He called for more focus on building infrastructure — roads, airports, hotels, restaurants — to support the tourism industry, which he said is a key to providing jobs for drivers, farmers, cooks and other lower income groups.

Despite the strong economic growth, joblessness soared to 7.5 percent in April, up from 6.9 percent a year earlier. Another 19.2 percent were "underemployed," or part-time workers.

Aquino blamed the increase in joblessness to delays in the planting season due to poor weather, leaving farm workers temporarily out of work during the survey period.

The government has intervened through a program that gives cash directly to the poorest families on condition children stay in school and see a doctor. The program will continue in the remaining three years of Aquino's administration, along with building mass housing and creating durable jobs in manufacturing, tourism and agriculture, Aquino said.

"We cannot have a society where a few flourish, and the rest must make do with crumbs," he told a recent development conference. "We must have inclusive growth."

 

...the top performing Jollibee outlet

Jollibee in Singapore is fastfood chain’s top performing outlet worldwide

The Straits Times-Asia News Network

Wednesday, July 3rd, 2013

 

 

SINGAPORE—The Jollibee outlet at shopping center Lucky Plaza in Singapore is the fast food chain’s top performing outlet worldwide.

The Philippine-based Jollibee, famous for its fried chicken dish Chickenjoy, has over 800 outlets across the globe and opened its first Singapore outlet on the sixth floor of Lucky Plaza at Orchard Road on March 12.

Jollibee vice president for international operations Dennis M. Flores told The Straits Times that the Lucky Plaza outlet attracted 35,000 customers in its first week but did not elaborate on customer numbers so far. Jollibee is looking to open another outlet by the end of the year at either Tampines or Causeway Point in Woodlands, he added.

Jollibee formally marked its first milestone store in Singapore on Wednesday with a celebration officiated by its global chief executive and chairman Tony Tan Caktiong. Among the invited guests were former president of Singapore, S R Nathan, and Temasek Holdings’ chief executive and executive director Ho Ching.