...the PH new Moody's rating

Philippines keeps investment grade score from Moody's


ABS-CBN NEWS
11 October 2019

MANILA - Moody's Investor Service on Friday said it kept its Baa2 rating and with"stable" outlook for the Philippines due to its strong fiscal position and "limited vulnerability" to external risks.

The country's "high" economic strength, "moderate" institutional strength and fiscal strength, and "low" susceptibility to event risks determined the country's credit profile, Moody's said in a statement. 

The Baa rating, one notch above minimum investment grade, is subject to moderate credit risks, according to Moody's rating scale. 

The government's economic and fiscal reforms as well as its "effective monetary policy" contributed to the overall macroeconomic stability and sound financial system, Moody's said. 

"The stable outlook on the Philippines' rating incorporates our view that strong GDP growth relative to rating peers could accelerate even further," Moody's said. 

Economic growth momentum is expected to further recover due to a sound banking system and if higher infrastructure investment is achieved, the statement said.

Moody's estimates that the country's gross domestic product could grow 5.8 percent in 2019, slower than the government target of 6 to 7 percent due to the budget delay early this year.

A modest rebound is expected next year, with an estimated GDP growth of 6.2 percent as the government's catch-up spending "spills" over to 2020. 

Climate change risks, however, can have an impact on the country's sovereign profile due to climate-related disasters, the statement said.

• The World Bank on Thursday said the country's GDP could also grow 5.8 percent this year, missing the lower end of its target due to the budget delay and the public spending ban imposed before the mid-term elections in May.

...the Asian farm tourism leader

PHL set to lead Asia in farm tourism

Gelyka Ruth R. Dumaraos
Busines Mirror
06 October 2019

The Philippines has all it takes to be the leading country as far as farm tourism is concerned, former Department of Tourism (DOT) Secretary and International School of Sustainable Tourism (ISST) Chairman Dr. Mina T. Gabor said.

ISST encourages farm tourism enthusiasts to learn more about best practices and techniques on farming.

To prove just that, the country is set to welcome local and international delegates to ISST’s sixth Philippine Farm Tourism Conference 2019 from November 6 to 8 in Cebu.

ISST looks into welcoming over a thousand delegates in the conference compared to 2017’s 500 participants, which consists of farmers and cooperatives, farm tourism operators, landowners, government officers, entrepreneurs and sustainable agriculture enthusiasts.

With this global summit, Gabor eyes to anchor farm tourism in the Philippines as globally competitive and future-ready with discussions on adaptation of agriculture sector in climate change, aquaculture, urban farming and product-focused discussions.

With the theme “Building Community Relationship for Sustainable Development through Farm Tourism,” the conference aims to learn and share the best practices done by experts in farm tourism industry, as well as fighting for food security.

Starting young

With the abundance of emerging farm tourism sites across the country,  Gabor said that more enthusiasts are encouraged to put up their own, most especially the younger generation.

“It’s really the craze,” Gabor said, saying it is a symbol of a brighter farming in the Philippines. “Since we operated in 2012, from that time on up to now, it’s a quantum leap.”

She added that the future of farming is bright with their creativity and new ideas that are disrupting current trends. “They’re bringing in new innovations, and that’s what’s making it exciting. That’s why I believe we can be the next farm capital in Asia.”

Urban farming

One of the current trends ISST is looking into is urban farming in partnership with various local government agencies in Metro Manila, starting with Parañaque City. As a way of community-building, urban farming paves the way for people to make use of vacant lots as small farms.

Recently, ISST tied up with Bokashi Pinoy, a start-up company introducing bokashi-making among livelihoods.

Bokashi is a way of turning food wastes, such as meat and dairy, into a soil amendment through fermentation. It serves as a soil-builder and a source of nutrients for plants.

ISST believes that through this, kitchen wastes in urban areas can be addressed. It can also be another source of livelihood for those who want to sell their own bokashi.

Challenges

While DOT focuses on farm tourism,  Gabor acknowledges the challenges that come with it, most especially climate change. “When there is climate change, the first that will be affected will be the farm,” she said. “But it is also the farm which can mitigate it.”

For one, she considers as a big challenge is water, what with the coming El Niño season. She said, “We are working closely now with a team of climate specialist. We might bring in this subject so that we can prepare and educate our farmers on interventions for water shortage.”

In addition,  Gabor considers the soil another challenge in urban farming. She said it is imperative that farmers are well educated on the importance of proper nourishment for their soil to yield best results for their produce.

Last,  Gabor sees that infrastructure should be considered to boost farm tourism in the country.  She hopes that with the support of the government, roads leading to farms even in remote areas can be accessed easily, bringing in more potentials tourists for the area.

With the pressure that comes with start-up farms, some farm tourism sites come with premature opening to the public. Noting that some farms which are focused more on their landscapes, looking into tourists’ welfare, such as having PWD-friendly pathways, and comfortable comfort rooms are not yet a priority.  Gabor said that this includes continues training for local guides. For their part, ISST is continuously offers lectures, such as farm guiding, marketing and financing, eco guiding and tourism master planning for farm tourism enthusiasts.

...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. 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