The PH world rank in financial promo

Philippines ranks 2nd in Asia, 8th worldwide for financial inclusion promotion

By TED CORDERO
GMA News
December 18, 2020

The Philippines remains among the top leaders in financial inclusion, according to the 2020 Global Microscope on Financial Inclusion of the Economist Intelligence Unit (EIU), the research arm of The Economist Group.

The country ranks second in Asia, next to India; and eight worldwide, tied with Brazil, in the EIU study, which assessed the financial inclusion environment in 55 countries.

The EIU study rated countries across five dimensions, namely Government and Policy; Stability and Integrity; Products and Outlets; Consumer Protection; and Infrastructure.

Together with Thailand and Russia, the Philippines posted the highest improvement in Asia and Eastern Europe, in view of the government’s push to promote digital channels as part of its responses to the COVID-19 pandemic, according to the study.

The Philippines got a perfect score of 100 points in Products and Outlets dimension, which covers Bangko Sentral ng Pilipinas (BSP) regulations on e-money, simplified accounts like the Basic Deposit Account (BDA), and financial outlets such as cash agents.

Focusing on the role of financial inclusion in the COVID-19 response, the EIU study recognized the initiatives of the Philippines to mitigate the adverse economic impact of the pandemic.

The report cited the regulatory relief measures of the BSP to ease liquidity constraints in the financial system, restore business confidence, and sustain the flow of credit amid the unprecedented health crisis.

These include the temporary relaxation of compliance to reporting requirements, easier access to rediscounting facility, and waiver of licensing fees and charges for financial institutions setting up their electronic payment and financial services.

It also cited the initiative of financial service providers to suspend fees for electronic fund transfers during the community quarantine period.

In addition, the EIU report highlighted measures to promote MSME financing such as allowing banks to include loans granted to MSMEs as alternative compliance with reserve requirements, reducing the credit risk weight of MSME loans that are current in status to 50% from 75%, and reducing the minimum liquidity ratio (MLR) for stand-alone thrift banks, rural banks and cooperative banks to 16% from 20% until end-December 2020.

While the Philippines scored lowest in the Infrastructure dimension with 69 points, there is noted improvement from last year’s level owing to ongoing initiatives on digital connectivity, digital identification, and digital payments infrastructure.

The report emphasized the importance of digital infrastructure that includes access to identification, mobile phones, and financial accounts to facilitate efficient delivery of cash assistance to vulnerable segments.

It also noted that better data integration is needed for proper targeting of cash aid program beneficiaries.

The Global Microscope is an annual cross-country assessment of the enabling environment for financial inclusion. Since 2009, the Philippines consistently belongs to the top-ranked countries in terms of having a supportive framework for inclusive finance.

Latin American countries namely Colombia, Peru, Uruguay, Argentina, and Mexico dominated the top five spots of 2020 Global Microscope. —KBK, GMA News

...the Next Best Destination for Food Tourists

The Philippines is the next Best Destination for Food Tourists

Emily Brown
UNILAD
25 October 2019

There are plenty of cuisines out there that dominate the restaurant and takeaway scene, but one that doesn’t get nearly enough attention is Filipino food.

Believe me when I say, the delightful dishes on offer have enough flavour to match the 7,641 islands it comes from.

Though it’s possible to get a taste of foreign cuisines from restaurants and takeaways at home, there’s nothing like trying them in their country of origin. 



You might think it’s a good idea to experiment with more than 15 ingredients to create halo-halo yourself – but combining sweet red beans, sweet white beans, coconut gel, macapuno, jackfruit and ube ice cream to create the signature Filipino summer dessert might be a bit of a stretch without some expert help.

If that doesn’t tickle your fancy, how about Filipino adobo, a chicken dish that varies greatly from the much more widely well-known Spanish and Latin American version. Removing chili, paprika, oregano and tomatoes, you may think you’re taking away all the flavour but replace those things with Southeast Asian ingredients like soy sauce, black peppercorns and bay leaves, this dish is still certainly packed full of flavour.

Award-winning chefs JP Anglo and Jordan Andino discuss the country’s rich, diverse cuisine and dining culture in Eats. More Fun In the Philippines campaign video, where they were joined by top YouTuber and comedian Mikey Bustos.

Filipino-American chef Jordan described the Filipino dining experience as offering more soul than most countries. He explained when you eat the food you taste ‘love, family and tradition’, adding ‘not a lot of cultures are able to do that’.

Chef JP spoke more specifically about the sumptuous flavours of the cuisine, recommending the pork dish lechon as well as grilled chicken known as inasal, saying:

Our lechon is very strong. We’re one of the countries that do the roasting technique really well. Our grilled chicken, the inasal, is also very strong and it can go against the other grilled chickens in the world.

I look up to the street vendors like the guy who’s been making batchoy (noodle soup) for two decades in a market in Iloilo. I think we should celebrate them more and give them a venue.

These guys are the real deal and as chefs we get our inspiration from them.

But Filipino cuisine is so much more than just diverse flavours; it’s fun to eat. Dining in the Philippines is an event where you can experiment and try new things, like eating with your bare hands – a way for people to truly savour the food they’re eating.

For Filipinos, eating is an experience to be enjoyed and shared with everyone, with comforting meals shared while bonding with friends, at a big gathering or at simple get-togethers.

Having experienced Filipino food for himself, YouTuber Mikey acknowledged appreciating the dishes involves understanding ‘Filipino food is designed for Filipino life’.

The comedian added:

If you really want to learn about a country, you have to eat and experience that whole thing.

Tourism Secretary Bernadette Romulo-Puyat pointed out more and more people are travelling not just to see the sights, but to discover new cuisines.

She commented:

We believe that one of the best ways to explore the Philippines and experience the country’s culture is through our plentiful and diverse food offerings.

Food, especially to us Filipinos, is a universal language. We always say kain na (let’s eat) as our way to say “hello” and “welcome”. I think that it is the best testament to our uniquely Filipino hospitality. Our food and our love for it, make us some of the most endearing hosts in the world.

Though Filipino food promises to offer an explosion of flavour, arguably one of the best parts about eating in The Philippines is the fact you can enjoy five meals a day thanks to the inclusion of merienda; dishes smaller than a traditional meal but still just as delicious.

Next time you’re sifting through where and what to eat, why not give the unique flavours of the Philippines a try? You won’t regret it.

...the expanding PH ties

Duterte seeks deeper ties with latin America, Africa, Central Asia


GMA NEWS
04 October 2019

President Rodrigo Duterte on Thursday said he would seek deeper ties with countries in Latin America, Africa, and Central Asia in the last three years of his term.

Russia's President Vladimir Putin shakes hands with Philippine counterpart Rodrigo Duterte during their meeting in Sochi, Russia on October 3, 2019. Sputnik/Mikhail Klimentyev/Kremlin via Reuters

Duterte made the pledge in a speech at the forum of the Valdai Discussion Club in Sochi, Russia.

“In the remaining three years of my term, we will likewise expand the horizon of Philippine diplomacy by deepening our engagement in Latin America, Africa and Central Asia,” Duterte said.

“We will strengthen our economic ties with these regions, opening new markets and with it the free exchange of ideas, technology, and innovation.”

Duterte added: “For I want the Filipino people to broaden their worldwide view, to be enriched by the cultures and intellectual traditions of the old civilizations of the Americas, Africa, Central Asia, and the Middle East.”

Duterte has yet to embark on an official or state visit to a country in Latin America, Africa, and Central Asia. The President, however, went to Peru, a Latin American nation, to attend the Asia Pacific Economic Cooperation (APEC) Summit in 2016.

This year’s APEC Summit will be held in Chile, a neighboring country of Peru, in November.

The President also said that it was “high time that the Philippines look at the Middle East with fresh eyes going beyond oil and overseas Filipino workers.”

“As one of the fastest growing economies in the world, the Philippines will assume our twin responsibility of sustaining the growth of our people, while helping other developing countries in their own [journey] to progress,” he said.

He mentioned that for years, the foreign policy of the Philippines was tailored to that of the United States.

Duterte added that while he was not against the US or the Western world, he opted to embark on an independent foreign policy by reaching out to all nations that extend their hand of friendship to the Philippines with mutual respect and without preconditions.

“The principles of respect for state sovereignty, non-intervention, and peaceful resolution of disputes must be upheld at all times, otherwise the order unravels,” he said.

Duterte is set to leave Malacañang in June 2022. His foreign policy has so far been marked with increased engagements with Russia and China, two nations with economic and military rivalries with the Philippines’ treaty ally, the US.

He had also made historic visits to Israel and Jordan.

US President Donald Trump has a standing invitation for Duterte to visit Washington but the Filipino leader said in July last year that his packed schedule and dislike for long flights were the ones preventing him from accepting the invite. — MDM, GMA News