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Saturday, March 29, 2014

...the basketball Guinness title holder

Philippines Nets Guinness Record After Five-day basketball game
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By Cris Larano
Wall Street Journal
29 March 2014


Jacques Ruby (center), organizer of the 2014 Basketball Marathon, hoists the Guinness certificate presented by Turath Alsaraf, director of records at Guinness, declaring the Philippines’ attempt to hold the longest basketball marathon a success. The record now stands at 120 hours, 1 minute and 7.8 seconds, eclipsing the previous record set in the U.S. in 2012 by more than seven hours.
Cris Larano/The Wall Street Journal


MANILA–Any doubt about how basketball-crazy Filipinos are was laid to rest Saturday, when the Philippines grabbed the Guinness World Record for the longest basketball game ever played.

When referees blew their whistles to end the contest, the two teams had played a marathon game lasting 120 hours, one minute and 7.8 seconds.

That time eclipsed the previous Guinness record of 112 hours and 13 seconds set by the Missouri Athletic Club in St. Louis, Missouri, in March 2012.

At the end of the five-day game, which started Mar. 24, Team Bounce Back had scored 16,783 points against Team Walang Iwanan, which netted 16,732. The previous record was set with a final score of 11,806 to 11,620 as Team Joplin defeated Team St. Louis in the U.S.

“These are 24 ordinary people that today accomplished something extraordinary,” said Jacque Ruby, who organized the 2014 Basketball Marathon in the Philippines in an attempt to win the Guinness title. “This triumph is something you cannot buy,” he said.

More than 1,500 people joined the marathon try outs held at the Rizal Technological University in December and January, but only 24 were finally selected. Three of the players – Jeff Moore, Tony Tatar and Chuck Williams – are Americans were part of the U.S. teams that held the previous record and provided the inspiration the Filipinos needed to reach their goal. Another was Maricar Convencido, a physical education teacher and the team’s only woman.

“We’re already joking with these guys that after this game we will have a rematch,” Mark Solano, one of the coaches that prepared the players to be mentally ready for the grueling five-day marathon, said with less than an hour left before the world record was set.

Mr. Solano said the toughest part of the competition came during the second and third days, when players started suffering fatigue, muscle soreness and lack of sleep.

“Guinness’ guidelines require that the players play in the spirit of the game,” said Mr. Solano, explaining that the players must remain competitive.

Guinness also requires that players do not leave the playing venue for the entire period of the marathon. At one point, two players from Team Walang Iwanan had to play more than five hours with a few minutes break to cover for injured teammates.

Dr. Isagani Leal, a doctor who specializes in musculoskeletal medicine and a consultant for the national basketball team Gilas Pilipinas, said that over the five-day marathon they had to provide intravenous fluid to a dehydrated player, treat a torn muscle and inject anesthesia so players could continue.

Owen Mabaga, a player for Walang Iwanan who suffered a sprain, said he had to keep it from his wife who was cheering from the sidelines.

“I didn’t want to worry her,” Mr. Mabaga said. “We started with 24, we will finish with 24.”
But the game wasn’t just a test of will and courage.

The basketball marathon is part of project Bounce Back Philippines, which aims to raise funds for “Operation Walang Iwanan” (Operation Stay Together), which will build 24 houses and a basketball court in Negros Occidential—an area devastated by Typhoon Haiyan last November.

Evan Lazana, who at 43 is one of the oldest Filipino players and a self-confessed basketball addict, said initially he wasn’t sure about trying out but made a go at it in January after learning the marathon was for a cause.

Mr. Lazana’s wife and kids flew from their hometown in Samar province to Manila on Friday to watch him help achieve the world record. After it was cinched, he said when he returns home the first thing he’ll do is sleep.

“I’ll probably rest for two days and get back to work. I don’t want to be jobless after this,” he said with a smile.

Mr. Moore, together with his American teammates, brought donations from the U.S., to support the effort.

“Distance should not determine who your brother is,” he said.

And while many of the players said they were looking forward to returning home, Walang Iwanan team member Hazel Foja said it wouldn’t be long before he’d take to the court again.

“When I get back, I’ll play more basketball,” he said.

 
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Labels: advocacies, basketball, global community, records, sports, the Philippines, USA

Friday, March 28, 2014

...the Pinoy fashion in Canada

Pinoy fashion to grace the runways of Canada


March 28, 2014
GMA News
 
Filipino pride is poised to once again sweep across the nation and the world, with Canada Philippine Fashion Week (CPFW) set to showcase Filipino culture, creativity, and artistry through chic, fresh, and fabulous fashion designs in the runways of Toronto, Canada from June 9 to 14, 2014.

Filipino icons, visionaries, and rising stars in the field of fashion are joining forces to not only promote and nurture Filipinos’ fashion talent in the Philippines and Canada but also aid children with disabilities in both countries through the Kol Hope Foundation for Children.

CPFW is founded by Filipino-Canadian Executive Director Jeff Rustia. While relatively young, CPFW has already earned nods from prestigious organizations in and out of the Philippines, leading it to garner distinctions such as the FEO 2014 Award for Best New Festival of the Year. CPFW has made a name for itself both as a fashion and travel event that is a must-see in Toronto, Canada.

As a teaser for things to come, CPFW held a press conference in the Shangri-La Hotel in the Philippines. Fil-Am models wowed the crowd with clothes boasting of intricate designs that can only come from Filipinos’ ingenuity and border-less imaginations. These one-of-a-kind creations were a hit among the country’s fashion-savvy residents and attracted high-profile personalities including the Philippine Consul General.

The Canada Philippine Fashion Week is endorsed by the Philippine Department of Foreign Affairs and Department of Tourism. It is also receiving support from the Ontario government through the Ministry of Tourism, Sport, and Culture. — GMA International
 
 
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Labels: advocacies, artists, Canada, creativity, culture, fashion, lifestyle

...the Filipino women according to Gabriela

Ms. Universe 2013 Gabriela Isler: 'Filipino women are really beautiful'

            
By Chuck Smith
philstar.com
March 28, 2014
 
Miss Universe 2013 Gabriela Isler of Venezuela (Photo by Cris Cayanan)
 
MANILA, Philippines – Reigning Miss Universe Gabriela Isler of Venezuela is currently in the country to help crown the winners of this year's Binibining Pilipinas pageant on Sunday.
 
Gabriela, who arrived in the Philippines on Thursday, will also be one of the judges in the grand coronation night of Binibining Pilipinas, which chooses the country's representatives to international pageants such as the Miss Universe and the Miss International. She is accompanied by Paula Shugart, president of the Miss Universe Organization.
 
 
“Like the Philippines, Venezuela is a huge fan of the beauty pageant. We work really hard to make our country happy,” the 26-year-old beauty queen told members of the press.
 
 
In the media gathering held immediately after his arrival in the country on Thursday, Gabriela acknowledged the Philippines has become a “strong” contender in the international beauty pageant circuit.
 
 
“I think the Philippines have become a really strong contestant not only in Miss Universe, but you have Miss International, you have Miss World. Philippines is always in the top five, top four, top three. So you're definitely doing something good,” Gabriela said.

 
 
 
She added, “The women here (the Philippines) are really, really beautiful.”
 
 
Gabriela bested 85 delegates—including the Philippines' Ariella Arida—to win the Miss Universe crown last year.
 
 
Asked to assess the Filipina beauty queen, Gabriela said: “I met Ariella (Arida), and also Janine (Tugonon, Miss Universe 2012 first runner-up). And both of them are really beautiful, they have this sort of exotic beauty. But as for the most important, they have this charm. They're really, really beautiful, they have a beautiful heart.”
 
 
Hardly halfway through her reign, Gabriela said she wants to be remembered later in life not as a Miss Universe but “as Gabriela,” a “normal girl.”

 
“I'm a real, simple girl. I just want to show that. I just want to show the girls that you don't have to be perfect, you just have to be real. You have to show your feelings, your emotions. And I just want to be remembered as a simple girl,” she said.
 
 
Her advice to other beauty queen hopefuls? “My advice is confidence. If you have confidence, it will show in your eyes, in your body, in your movement, in your words. You can have a beautiful face, beautiful body. But if you don't have confidence, if you don't believe in yourself, no one will believe in you.”

 
 
 
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Labels: beauty contest, celebrities, lifestyle, Miss Universe, Venezuela

...the World figure Skating Finalist

Filipino American makes World Figure Skating finals

 
 
byLevi Verora
Rappler.com
03/26/2014
 
 
FINALS. Christopher Caluza makes it to final round of the 2014 World Figure Skating Championships in Saitama, Japan. Photo from Christopher Caluza's Facebook pageFINALS. Christopher Caluza makes it to final round of the 2014 World Figure Skating Championships in Saitama, Japan. Photo from Christopher Caluza's Facebook page
 
MANILA, Philippines - More than a month after Michael Christian Martinez's inspiring journey in the 2014 Sochi Winter Olympics, another Filipino is looking to make figure skating history.
 
Christopher Caluza made the final round of the 2014 World Figure Skating Championships in Saitama, Japan, after placing 18th among 32 participants in the short program competition on Wednesday, March 26 (Manila time).

The 23-year-old Fil-Am from Chula Vista, California, scored 64.69 in his short program routine, good enough to advance to the final round which takes place on Friday, March 28.
 
Caluza's competition includes skaters from the recently-concluded Sochi Olympics: Yuzuru Hanyu of Japan, Jorik Hendrickx of Belarus, Kevin Reynolds of Canada, and Jeremy Abbott of the USA, among others.
 
Caluza is an alumnus of Palomar College in San Marcos, California.
 
He has an impressive track record in the international scene. Caluza won bronze in the 2012 Bavarian Open in Germany and took home the silver medal in the 2013 Lombardia trophy in Italy.
 
He is trying to improve on a disappointing stint last year in Ontario, Canada, placing dead last at 34th. This is his third appearance in the World Figure Skating Championships. – Rappler.com
 
 
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Labels: Belarus, Canada, figure skating, final, Germany, Italy, Japan, sports, USA, youth

...the model for climate change adaptation

PHL is best example of need for climate change adaptation – UNDP


By AMITA LEGASPI,
GMA News
March 27, 2014
 
 
UNDP head vows more aid for Yolanda survivors
UNDP head vows more aid for Yolanda survivors. Helen Clark (left), United Nations Development Program administrator, announces the scaling up of its livelihood restoration work in Yolanda-devastated areas of Tacloban City during a press conference in Makati City on Thursday, March 27. Clark said the UNDP is continuing its cash-for-work program that has benefited 40,000 people. Danny Pata
Through the devastation it experienced after super typhoon Yolanda, the Philippines can push the world to act on climate change.

United Nations Development Programme (UNDP) administrator Helen Clark said Thursday that the Philippines is the best example of what climate change can do to people and countries and how actions to prevent it should be made now.

She will be asking President Benigno Aquino III to make a pitch during a leader-level climate change summit in New York in September. The summit will be convened by UN Secretary General Ban Ki-moon.

"This is a very important platform for President Aquino and the Philippines because you bring such direct experience of what a wild climate does to people and lives," Clark said Thursday.

She cited the moving statements and gestures made by Philippine Climate Change Commission during a conference in Warsaw last year, just after Yolanda struck the central Philippines.

"The voices from the Philippines bring it home that climate change is not some distant thing that might hit people some day. It is crazy climate that is hitting people now and we have to act," said Clark.

She said that the Philippines is no stranger to disasters "but this one (Yolanda) happened to be bigger than anything the world has ever seen."

New international support group

She said there is a need for a new international group that will help countries like the Philippines with adaptation.

She said this group will also support all countries on sustainable pathways to lowering pollution and to climate-friendly and sustainable development.

UNDP supports PHL plans

Clark said she was impressed with the planning the government is doing for Yolanda-affected areas. "So what the UN system will do is to align itself behind the plans the government is developing and to work with the government to support the capacity to do it," she said.

"Whatever help that we can give to make things happen. We will give," she said.

She said what is important for them now is to be working with government in increasing resilience to extreme weather events. "We look at how can we help invest in things that would make a long-term difference," Clark said.

She also encouraged the countries that pledged assistance to fulfill their promises to the Philippines.

"It is very important that when a country makes a commitment, they carry through with them. Otherwise, you get cynicism if the pledges are not materialized," she said.

Support so far

Earlier Thursday, UNDP and the government of Japan signed an agreement for additional support to Yolanda recovery and resilience programs in the Visayas.

As the humanitarian response transitions from relief to recovery, the Japanese government committed an additional $3.5 million or P157 million to support livelihood restoration and to strengthen local government systems and services.

With a contribution now totaling $7 million, Japan is UNDP’s largest partner in its Yolanda Recovery Program.

“The Government of Japan is committed to help rebuild the affected communities as they remain determined to recover in the face of immense obstacles and personal tragedy,” said Ambassador of Japan to the Philippines Toshinao Urabe during the signing.

To date, UNDP has helped about 40,000 people secure temporary jobs clearing debris. They were each employed for up to 15 days earning much-needed quick cash, while also participating in the clean-up of their communities.

By the beginning of March 2014, UNDP’s Yolanda recovery and resilience program had received $15.5 million from the governments of Japan, Ecuador, and the Russian Federation, as well as from the Central Emergency Response Fund and UNDP.

UNDP still requires $49.5 million to meet the urgent needs of devastated communities who are now trying to rebuild their lives. — JDS, GMA News
 
 
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Labels: climate change, Ecuador, environment protection, Japan, Russia, the Philippines, UNDP

...the top emerging economy

Philippines is top emerging economy—French firm


By Nestor Corrales
INQUIRER.net
Friday, March 28th, 2014
 


MANILA, Philippines—The Philippines is among the top countries with “emerging economies,” a French credit body said in its latest economic publication.

Compagnie Française d’Assurance pour le Commerce Extérieur (COFACE) cited the Philippines as a country with high growth potential and the most favorable prospect of increasing production capacity in the years to come.

COFACE said the Philippines is also considered to have the most favorable business climate.
Other countries recognized as top emerging economies include Peru, Indonesia, Colombia and Sri Lanka replacing Brazil, Russia, India, China and South Africa.

The criteria used by COFACE to determine the new emerging economies include intermediate level of per capita income (above that of less advanced economies but below that of advanced economies); higher GDP growth rate than most advanced economies; and major institutional transformations.

“This piece of economic good news comes at the heels of the report that the International Monetary Fund (IMF) had raised its 2014 economic growth forecast for the Philippines to 6.5%, up from its January projection of 6.3%. Standard and Poor’s (S&P) also raised its growth projection for the Philippines to 6.6% for 2014,” DFA said in a statement Friday.

The IMF and S&P are leading providers of global credit benchmarks, policy advice and research to foster economic development and growth around the world, while the COFACE is the French credit rating agency which publishes quarterly risk assessments for 160 countries.
 
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Labels: Brazil, China, Colombia, economy, emerging market, India, Indonesia, Peru, Russia, South Africa, Sri Lanka, the Philippines

...the teen Pinay sensation in Spain

Pinay teen's first single a hit in Spain

 

By Sandra Sotelo,
ABS-CBN Europe News Bureau correspondent
03/28/2014


SPAIN – A Barcelona-based Filipina teenager is making a name for herself in Spain after her first single "Sha la la" was a hit in radio and television programs.

Maria Sagana continues to receive good reviews in Spain after her single landed on the Top 40 Music Charts and is steadily competing with well-known local and international artists.

"Ang sarap ng feeling na marami akong nare-receive na support from both Filipinos at Spanish. It really makes me strong. Imagine, yung biggest radio station, 40 Principales, they are promoting my music! And I am in many different write-ups sa Spanish press. Nakakatuwa!” she said.

Her video teaser received more than 50,000 views on its premiere.





She has been invited to attend a TV series premiere night and an artist's photo shoot. She has even flown all the way to Madrid for press interviews and meetings with production people, who want to get to know the girl and the talent behind the success of "Sha La La".

"I'm so happy to release my first single kasi di ba mahirap sa music industry ngayon. Sometimes you're up, sometimes down. Kaya I'm so happy na nabigyan ako ng break," she added.

Sagana has just turned 16 years old. She attends high school and combines academic studies with her voice lessons.

She started taking up singing lessons when she was 9. Her sister, Jackie Sagana, a music artist and composer herself, is her prime inspiration and model.

Jackie used to have her own music group and so her sister grew up tagging behind her in concerts, rehearsals, jam sessions with friends and families.

"I practically grew up with karaoke filling my home," the girl said.

Sagana is also active in school programs and activities in the Filipino community.





At the age of 14, she already caught the eye of some music and TV producers as her first song “Ready to Love” released via iTunes, was played several times as background song in a famous Spanish TV series.

 
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Labels: celebrities, personality, singing, Spain, youth

Wednesday, March 26, 2014

...the PH growth indicator

Philippine imports surge 22% in sign of rising growth

 

Agence France-Presse
Wednesday, March 26th, 2014
 
MANILA, Philippines—Philippine imports surged 21.8 percent in January, their highest level in nearly three years, with imports of raw materials indicating further upward momentum for one of Asia’s fastest growing economies, the government said Tuesday.

It was the biggest rise since March 2011, when imports grew by 21.9 percent, National Statistics Office figures showed.

The Philippines, formerly an economic laggard, grew by a remarkable 7.2 percent in 2013 despite a series of disasters including the devastating Super Typhoon “Yolanda” (Haiyan) in November. Its growth last year was second in Asia only to China, officials said.

Imports surged due to a recovery in Philippine exports such as electronics and garments and increased spending on infrastructure, especially in areas affected by Yolanda, said Rosemarie Edillon, assistant director general of the government’s socio-economic planning agency.

“The economy is definitely going to grow. A huge chunk of these imports are for production: capital goods and investments for the manufacture of other goods,” she told Agence France-Presse.

Imported raw materials are a major input in many of the country’s key exports such as electronics and garments so the surging imports mean even higher exports later, she said.

“These imports are a leading indicator for exports two or three months down the road. If imports in January increase, we will probably see an increase in exports in March and April,” she said.

The increase in shipments of steel, metal and chemical products were also an indication of the major construction efforts being undertaken, both to upgrade infrastructure and to rebuild the damage caused by the disasters, she added.

Imports in January hit $5.757 billion, up 21.8 percent from the same period last year, the statistics office said.

This resulted in a trade deficit of $1.376 billion in January, up 92 percent from the same period in 2013.

Socio-economic Planning Secretary Arsenio Balisacan also said in a statement that “this positive (import) performance may be reflective of the optimistic outlook of businesses on their own operations”, in the second quarter of the year.

China was the biggest source of imports to the Philippines, accounting for 14.7 percent of the total, with the United States in second with 10.6 percent, the statistics office added.

 
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Labels: Asia, business, China, economy, growth, imports, USA

...thr PH growth forecast 2014 (S & P, IMF)

S&P, IMF raise PH growth forecast

 

ABS-CBNnews.com
03/26/2014
 
 
MANILA, Philippines – Ratings company Standard and Poor's (S&P) upgraded its full-year growth forecast for the Philippines on the back of rebuilding efforts in areas affected by typhoon "Yolanda" last year.

S&P now expects the country's economy to expand 6.6 percent this year, slightly up from its forecast last December of 6.4 percent.

The ratings agency’s forecast is within the government's target, but still slower than last year's growth of 7.2 percent.

"In the Philippines, growth could normalize from its rapid pace in 2013, although post-disaster rebuilding efforts could provide an offset in the short-term," S&P said in its report.

Typhoon Yolanda devastated the Visayas region in November and caused more than 6,000 deaths. More than P36 billion worth of infrastructure and agriculture was damaged.

S&P cited several risks facing the country this year, including slowing growth in China, which is the second biggest buyer of our local exports.

S&P was the second of the big three ratings companies that upgraded the Philippines from junk to investment grade status last year.

S&P rates the country with a 'BBB-' with a stable outlook.

The International Monetary Fund (IMF), meanwhile, said the Philippine economy is expected to grow 6.5 percent this year, faster than its earlier estimate of 6.3 percent.

The upgrade was also driven by spending related to Yolanda reconstruction efforts.

"While this envisaged growth path is faster than what was achieved during the previous decades, realizing the Philippines' full potential for rapid, sustained and inclusive growth calls for further reducing bottlenecks to investment and formal sector employment that may be discouraging broader-based business activities," said Rachel van Elkan, IMF's mission chief to the Philippines.

"The challenge therefore is to continue implementing policies that deliver high quality, sustainable growth," she added.

Van Elkan also said monetary policymakers need to watch out for potential risks as advanced economies start tightening monetary policy.

"Further reforms are needed to create a more enabling business environment and to generate additional employment," she said.

"Successfully executing PPPs (public-private partnership projects) and public capital spending projects would relieve infrastructure bottlenecks and help catalyze private investment," she added.

The IMF, concluding a regular consultation with the country's economic managers, also slightly lowered its 2015 GDP forecast to 6.5 percent from a 6.6 percent estimate in January.

It said in a statement the need for accommodative policies in the country had waned with the stronger global outlook.

The IMF also said it expects average inflation this year to be slower at 4 percent against its projection of 4.4 percent in January.

The latest forecast is higher than actual 3.0 percent inflation in 2013, though it is at the midpoint of the 3 to 5 percent government target this year. -- With Reuters

 
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Labels: economy, growth, IMF, ratings

...the PH growth punch

Philippines jabs for growth after Yolanda knockout

 

By Carmina Reyes,
ABS-CBN News
03/26/2014
 
 
MANILA – Like its boxing icon Manny Pacquiao, who was shockingly knocked out by an opponent but found redemption in his next fight, the Philippines should bounce back in 2014 after a deadly blow by typhoon “Yolanda” last year.

Three foreign institutions in separate reports said they expect the Philippines to maintain a strong growth rate this year, boosted by the government’s infrastructure projects and reconstruction program in the aftermath of the typhoon.

But for the Philippines to finally advance to another boxing division like Pacquiao, the Philippines must quicken its pace of project implementation.

“Our Philippines research highlights that the greatest single threat is disappointment with the administration due to slow pace of implementation,” said Australia’s Macquarie, which two years ago had set up with Philippines’ Government Service Insurance System (GSIS) a AUS$625-million fund to invest in infrastructure projects in the country.

Macquarie sees the Philippines maintaining a 6%-6.5% growth rate this year, while World Bank forecasts growth domestic product (GDP) growth rate at 6.6 percent.

DBS, Southeast Asia’s largest bank by assets, even raised its GDP growth forecast to 6.6% for 2014 from the previous estimate of 6.5%.

“The economy is largely unhurt from the devastating typhoon at the end of last year. If anything, the reconstruction efforts taking place in the first-half of 2014 will likely provide another boost to GDP growth momentum,” DBS economist Gundy Cahyadi said.

The country’s full-year GDP in 2013 grew 7.2%, higher than the government’s expectations of 6-7%, despite being struck by the one of the strongest typhoons to ever make landfall.

Construction of the 15-kilometer Metro Manila Skyway 3 project has started, but there are other transportation infrastructure that need to be implemented: the NLEX-SLEX connector road of the Metro Pacific group, and the Integrated Transport System (ITS) terminals.



World Bank country director Motoo Konishi said the $8 billion reconstruction program launched recently by the government will reduce the negative impact of typhoon Yolanda.

“The disruption to economic activity in the affected areas will pull down growth through lower consumption, but a speedy implementation of the Reconstruction Assistance on Yolanda (RAY) program would partially offset the decline in consumption and keep GDP growth strong at 6.6% in 2014 and 6.9% in 2015,” World Bank said.

Punches and headbutts

World Bank, however, warned that a slower global recovery and the end of quantitative easing in the US could release a torrent of punches to the economy.

Slower growth in high-income countries and in China would translate into lower demand for Philippine export products. China accounted for 12% of Philippine exports in 2012.

As to how America’s quantitative easing could impact the Philippines, here’s a quick recap: The US Federal Reserve began its asset buying program in November 2008, purchasing US Treasury notes and mortgage-backed securities, and issues credit to the banks' reserves to buy the bonds.

The purpose of this expansionary monetary policy is to lower interest rates and spur economic growth.

The program is now on its sixth year and since January, instead of buying $85 billion a month in bonds, as it has been doing since September 2012, the Fed has lowered its purchases to $75 billion in bonds each month.

The Fed is expected to gradually cut back on the bond purchases throughout this year so it can completely wind down its stimulus program. The rise in rates will likely pick up pace when the Fed finally raises its key overnight lending rate, which has been near zero since late 2008.

Last week, Fed Chair Janet Yellen, in a press conference following the first policy meeting that she chaired, said the Fed will probably end its bond-buying program next fall.

Kendrick Chua, World Bank senior economist for the Philippines, said the scaling back of quantitative easing in the US could result in higher borrowing costs in the Philippines.

This can impact on those who borrowed money to purchase houses or real estate assets. In case the interest rates rise sharply, some people may not be able to pay the amortizations and their properties may end up getting foreclosed.

The Bangko Sentral ng Pilipinas (BSP) is scheduled to hold a policy meeting March 27. Last week, BSP Governor Amando Tetangco told reporters an "early" and "gradual" adjustment in monetary policy stance rather than "discreet movements" would be less disruptive to businesses.

The BSP’s overnight rate has been at a record low of 3.5% since October 2012 when it was cut by 25 basis points.

Chua said that while businesses and households may be affected, the overall impact on the Philippines is expected to be manageable.

"The country continues to benefit from strong macroeconomic fundamentals, characterized by low and stable inflation, healthy external balances, and improving government finances. These strong fundamentals will continue to shield the economy," Chua said.

Going the distance: Tourism, Sciences

Will be the Philippines mirror Pacquiao, who started as a brawler, but later emerged as a skilled ring warrior?

To remain competitive, Macquarie said the Philippines must avoid or at least minimize the tendency of losing competitiveness in one segment before building competitiveness in other areas.

“The Philippines should improve competitiveness in a number of key agribusiness and metals/mining sub-sectors while maintaining and improving competitiveness in electronics,” Macquarie said.

“In addition to merchandising trade, the Philippines has in our view a significant untapped potential in services exports beyond BPO.”

In the context of IT-BPO (business process outsourcing), the industry continues to expand rapidly. IT-BPO revenues increased by 17% in 2013 and have reached $15.5 billion.

Although the growth rates are likely to taper-off, there is no doubt that the industry has multiple avenues of expansion.

The challenge is to continue diversifying away from voice and into faster areas of growth such as: back-office IT services; engineering & healthcare services; and higher value-added applications, such as animation, Macquarie said.

While the Philippines control almost 30% of the global voice BPO market, the country’s overall share of IT exports remains at around 1%, with clearly significant room for growth.

Fortunately, the current administration, which will be in power until June 2016, remains popular, according to Macquarie.

“Although net ratings are down somewhat, they remain considerably ahead of two other long-lasting administrations and there is an overall feeling of popular consensus for reform," Macquarie said.

 
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Labels: BPO, business, crisis, economy, growth, infrastructure, local tourism

Tuesday, March 25, 2014

...the Spain's portal in Asia

Spain eyes PH as next investment hub in Asia



by Catherine N. Pillas,
BusinessMirror
03/25/2014
 
 
MANILA - Spain is now looking to the Philippines as the best hub to establish its presence in Asia in preparation for the Asean Economic Community in 2015, and cited infrastructure as a viable area of investment.

“I think the Philippines is the best hub we can think of to introduce our companies and our economy in Asia, and I hope that we can find good partners to start business in this part of the world,” said Spanish Minister for Foreign Affairs and Cooperation Jose Manuel Garcia-Margallo at the Makati Business Club (MBC) General Membership Meeting at the Mandarin Oriental Hotel.

This message comes at the heels of the economic recovery of Spain, which, according to Margallo, was among the European countries hardest hit by the global financial crisis.

Among the blows that the Spanish economy has experienced are a dramatic fall of its gross domestic product, high public deficit and a growing public debt.

However, with the significant fiscal reforms undertaken by the country in the past years, Spain is now changing its model based on enhanced competitiveness, productivity and export-driven, Margallo said.

Gross domestic product growth and employment rates are improving, as well as public deficit, Margallo reported and is looking to Asia, the Philippines, in particular, to be the next investment hub.
“That is why this important Spanish business delegation is here, to explore and take advantage of all the things that the Philippines may offer to Spain,” he said.

Peter Angelo V. Perfecto, executive director of the MBC, revealed that with the Asean economic integration in 2015, Spain is looking to the Philippines as a possible hub from which Spanish economic presence can take hold in the rest of Asia.

Perfecto added that the 25-member Spanish business delegation presently in the Philippines will undertake meetings with Philippine companies, led by the Ayala Group.

The MBC official added in a chance interview after the forum that the Spanish delegation is eyeing infrastructure development, in particular, as 37 percent of the whole transport infrastructure in the world is managed by Spanish companies.

“We are exploring possibilities in many areas, but since the Philippines is aiming to have good infrastructure in order to attract investments to the country, infrastructure is one area that Spanish companies are especially qualified in,” said another Spanish trade official during the open forum.

Socioeconomic Planning Secretary Arsenio M. Balisacan, who also attended the forum, welcomed Spain’s interest in infrastructure development and additionally called attention to tourism, agribusiness and industrial manufacturing as ripe opportunities for Spanish businessmen.

The Spanish firms making rounds with their Philippine counterparts are engaged in various sectors but are mostly in infrastructure and tourism.

To solidify the commitment between Spain and the Philippines in developing business relations for both sides, a memorandum of agreement was signed on Monday between two business groups in Spain—the High Council of Chambers of Commerce, Industry and Navigation of Spain, and the Confederation of Employers and Industries of Spain—and the Makati Business Club.

According to data from the Department of Trade and Industry, bilateral trade between Spain and the Philippines grew by 19 percent from 2010 to 2012, or from $304 million to $362 million, and is the Philippines’s seventh-largest trading partner in Europe.

Bilateral trade between the two countries as of the first semester of 2013 is valued at $225 million.
In terms of tourism, 17,000 Spaniards have visited the Philippines in 2013, up by 7.7 percent from 2012, according to Department of Tourism statistics, while Filipino visitors to Spain were pegged at 50,000 in 2013.

 
Posted by Morpheus at 6:02 PM No comments:
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Labels: ASEAN, Asia, economy, Spain

Sunday, March 23, 2014

...the world's top performing home sales

Phl home prices among world’s fastest growing

            
By Louella D. Desiderio
The Philippine Star
March 23, 2014
 


MANILA, Philippines - The Philippines was among the top performers in terms of growth in housing prices worldwide, according to a survey by research house Global Property Guide (GPG).

In GPG’s global house price survey for 2013, the Philippines was the fourth top performer with the average price of three-bedroom condominium units in the Makati central business district rising 10.56 percent in 2013 following annual increases of 4.85 percent in 2012 and two percent in 2011.

“Demand remains strong, as indicated by soaring real estate loans,” the research house said.

It noted that based on data from the Bangko Sentral ng Pilipinas, the volume of real estate loans rose 38.5 percent year-on-year to P776.65 billion in September last year.

Citing real estate advisory services firm CBRE Philippines, GPG said the Philippine housing market is expected to accelerate this year, to be supported by the rising number of foreign investors as well as growing business process outsourcing industry.

The growth in the local housing market is seen amid the country’s favorable economic conditions.
 
The economy grew 7.2 percent in 2013, faster than the 6.8 percent expansion posted in 2012.
 
For this year, the government has set a 6.5 to 7.5 percent economic growth target.

Topping GPG’s list of countries with rising housing prices was United Arab Emirates with average prices of housing units in Dubai growing 21.52 percent in 2013.

This was followed by Estonia with average housing prices up 16.55 percent, while Taiwan came in third with average housing prices increasing 14.46 percent last year.

China placed fifth on the list as the average cost of housing units in Shanghai climbed 10.13 percent in 2013.

Out of the 42 countries covered by GPG’s survey, 27 markets showed housing price increases
“House prices are rising in many more countries than not, and the momentum trend is strongly upwards,” GPG said.

GPG which provides information on residential property development covers market trends in 101 countries.

 
Posted by Morpheus at 6:29 PM No comments:
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Labels: China, economy, Estonia, housing, industries, real estate, Taiwan, the Philippines, UAE
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