...the President's comment

Pacquiao meeting with Obama highlights Filipinos’ world class talents

By Christine Avendaño
Philippine Daily Inquirer
02/16/2011 

MANILA, Philippines—President Benigno Aquino III said on Wednesday that the meeting between United States President Barack Obama and Filipino boxing champ and Saranggani Representative Manny Pacquiao showed the country could be proud of its "talented and worthwhile individuals.''

The President gushed on "the fact that we have an outstanding Filipino athlete worthy of being talked to by one of the most powerful men of the world.''

"So there is a recognition that even in the Philippines, we also have talented and worthwhile individuals. So I'd like to say thank you,'' the President told reporters.

...the beach and the covergirl

Sports Illustrated's bikini models grace Boracay beaches

 

 

GMATv.net

02/16/2011

 

 

One of the world's leading sports magazines asked some of the planet's sexiest models to lie around on the Philippines' most acclaimed beach.

Russian model Irina Shayk on the cover of Sports Illustrated's 2011 Swimsuit Edition. Some of the photos were taken on Boracay Island. (Bjorn Iooss/Sports Illustrated)

Boracay is among the exotic locations featured in Sports Illustrated's 2011 Swimsuit Edition.

The highly-awaited Sports Illustrated's Swimsuit Edition, which brought fame to several generations of super models from Christie Brinkley to Brooklyn Decker, hit newsstands Tuesday.

The cover features Russian model Irina Shayk on location in Hawaii, but the annual swimsuit issue also shows her and other bikini-clad single ladies in sultry poses on Bora's white-sand playground.

Boracay has long been a favorite frolicking ground for the glamorous. Over the Christmas holidays, actor Mark Salling, who plays "Puck" in the hit TV series Glee, partied in Boracay with Kapuso stars Richard Gutierrez and Solenn Heusaff.

This time, Boracay's beaches hosted models Shayk, Esti Ginzburg, Chrissy Teigen, Kate Upton, and Jessica White.

One photo of Esti Ginzburg also shows a local man wearing a colorful Ati-Atihan costume in the background.

The magazine's website also showed videos of the women. Ginzburg was photographed on one of the island's iconic paraws while Jessica White's shots were taken at the poolside of Shangri-La's Boracay Resort and Spa.

Thai-Norwegian Christine Teigen, who described Filipinos as "ridiculously sweet," was covered only by powdery white sand and shells of the island in some of her photos.

Some of Kate Upton's photos were taken with a bahay kubo backdrop, while others were taken of her on a local fishing boat. In the video, Upton said of Boracay: "It's beautiful! I grew up in Florida so I know what beaches are like but this beach is not like anything I've ever seen."

The women were not aware which of them would grace the cover of the magazine, as it is part of Sports Illustrated's tradition to keep this information under wraps until it is on sale. Shayk only learned about her selection as the cover girl at the taping of Late Night with David Letterman.

It is Shayk's fifth appearance in the magazine, but this is her first time to be on the cover. The 24-year-old model, who was discovered while riding a train to Moscow in 2004, is no stranger to the limelight, being the current girlfriend of football superstar Cristiano Ronaldo.

According to Reuters, Shayk is the first Russian model to grace the cover of the swimsuit issue. For the first time, the issue will also be available not just in print but on iPads, mobile phones and even television with new apps for the digital reader.

This year, Sports Illustrated took Shayk and numerous other swimsuit models including Brooklyn Decker, Cintia Dicker, Julie Henderson, Genevieve Morton and Jessica White to famous beaches around the world for their photo shoots. Shayk is seen sitting on the sandy beaches of Maui in Hawaii for her cover picture.

The edition hits newsstands annually in the dead of North America's winter, offering the tantalizing hope to readers that warmer weather -- and the sunny days at the beach that go with it -- is only weeks away. It is one of the most widely-read magazine editions of the year. - OMG/RAF/KY/JVP/HS, GMA News with a report from Reuters

...the economic model

If India can, why can't we?

Business Option

By BENEL P. LAGUA

February 16, 2011

Manila Bulletin

MANILA, Philippines – India is growing fast and has been able to position itself as the world’s second fastest growing economy with a GDP growth rate trend of 4.4% from 1990-2000 to more than 9% from 2006 to 2008. With the financial crisis, India’s growth rate slowed down to 6.7% in 2009 but, rebounded fast at 7.4% in 2010. Growth is expected to further climb between 8% and 9% in the next two years.


In a Tokyo conference jointly organized by the Asian Development Bank Institute, the Financial Services Agency and Keio University, India’s state of financial sector and regulatory framework was one of those reviewed. A paper prepared by Prof. Abjihit Sen Gupta provided a comprehensive treatment of how the transformation of the regulatory framework in India allowed its growth record to be achieved.


Prudence and to some extent, conservativeness, spared India of any major pain during and immediately after the crisis. Regulation was in the direction of liberalization, moving from rigid controls to a more market-governed system, though in a gradualist and calibrated approach. Prof. Gupta’s exposition showed that regulatory response was flexible and timely to produce the desired outcomes. The India case also demonstrated that policy response need not follow conventional thinking.


India was only mildly affected by the global crisis which swept many economies including the already developed ones. It is also worth noting that India’s financial sector is largely domestically owned, with nearly 70 percent of the assets owned by the public sector banks.


The Reserve Bank of India, the country’s central bank, set a regulatory environment that helped contain the negative impact of the crisis through proper, prudential steps. Among the measures it has taken are the imposition of high Cash Reserve Ratio and Statutory Liquidity Ratio requirements; a minimum Capital Adequacy Ratio (CAR) that is higher than the Basel II norm and higher CAR for non-bank financial companies; adoption of prudential measures in respect to exposure to certain sectors; and other measures related to credit conversion, risk weights, and loan loss provisioning. All these things served India well as the crisis struck the world in 2008 and despite the inevitable effects global inter-relatedness.


The 70% share of the public sector in total assets of the domestically-dominated Indian banking system is quite impressive. Theorists discrediting the public choice postulate argue that state ownership are only used as a means of protecting certain interests that relate to power and public office, instead of exercising their powers to finance projects with high social yields. Further, because of their developmental lending objectives, public banks are thought to sacrifice their efficiency and productivity.


While public banks in many economies failed to produce their intended benefits, the India case seem to prove otherwise. Its banking structure even provided a shield against the impact of the crisis and served as a blessing in disguise for the economy, having lesser dependence on foreign sources. How India was able to make this kind of financial institution structure work provides lessons that should be useful to our economy.

The Philippines is arguably in an advanced state since our public institutions are relatively small, yet the lesson is that we should not fall into the trap of pursuing privatization for its own sake. Public financial institutions can be made to work, and operate efficiently and productivity within their mandates.


Another intervention raised in the Gupta paper which caught my attention as an SME finance practitioner is the 2% interest subvention for the Indian small enterprise sector. The positive results of such intervention should encourage the enhancement, for instance, of credit guarantee programs for SMEs. It is important to learn form India’s case in terms of the major government support given to such finance and refinance facilities.


Related to this is the priority sector lending program by banks where targets as are set as a percentage of net bank credits for the small scale industries and small businesses. This is comparable with our own mandatory lending under the Magna Carta for MSME (RA 9501) which until now has not produced significant positive results given the constraints posed by our regulatory environment. The Philippines is already on the right track, having a law that could address the obstacles faced by sector with potentially significant economic contributions. What is lacking is a strong will of stakeholders and regulators to make this work effectively.

The regulatory structure and its rules will need radical review, restructuring and enhancements.


* * *

(Mr. Benel P. Lagua is the President/COO of the Small Business Corporation. He is likewise an active member of FINEX. Feedback and comments are welcome at benellagua@alumni.ksg.harvard.edu

...the boxer meets the President

Pacman meets Obama

 

By Patricia Bermudez-Hizon
For Yahoo! Southeast Asia

February 16th, 2011

 

Manny Pacquiao with U.S. Senate Majority Leader Harry Reid of Nevada, whom Pacquiao had helped in his senatorial campaign. (AP Photo/Alex Brandon)


After his multicity tour to promote his fight on May 7 (May 8, Philippine time) against five-time title holder Sugar Shane Mosley, Manny Pacquiao, along with his wife Jinkee, went to the White House as special guests of US President Barack Obama.

Sen. Harry Reid, whom Pacquiao helped during the last Senatorial campaign, made the meeting between the two superpowers happen.  It was a dream come true for the world’s best pound-for-pound fighter to meet with one of the world’s most powerful people.

The two traded barbs mainly about basketball and boxing, and perhaps a little bit about politics, Pacquiao being the Congressman of Saranggani.  It would’ve been enlightening if Pacquiao had shared his take on how, during his fights, the crime rate in the Philippines goes down drastically and how he unifies a divided nation every time he’s in the ring.

Bags and bags of blue M&M’s chocolates with the presidential seal was given to Pacquiao, which is perfect because chocolates are some of the favorite “pasalubong” items of Filipinos.  Paqcuiao also received a watch from President Obama adorned with the presidential seal.  Pacman invited the president to the fight which is to take place in Las Vegas’ MGM Grand.

Pacquiao is poised to make over P600million pesos, which will  definitely increase based on his share in the earnings from Showtime’s pay-per-view.

...the OFW power

Overseas Filipinos sent record $18.8B in ’10

By Michelle Remo
Philippine Daily Inquirer
02/15/2011

MANILA, Philippines—Remittances grew faster than expected in 2010 to post an all-time high as the recovery of the global economy from the recent turmoil led to growth in job opportunities abroad for Filipinos.

The Bangko Sentral ng Pilipinas on Monday reported that remittances from Filipinos based overseas reached $18.76 billion last year, the highest ever recorded by the country.

It was an 8.2-percent growth from the $17.07 billion registered in 2009 and exceeded the government’s forecast of 8 percent.

In December alone, remittances amounted to $1.69 billion, rising 8.1 percent from $1.57 billion in the same month of the previous year.

The BSP said the robust growth in remittances, which fuel local consumption, partly aided the economy’s sharp rebound last year from the slowdown in 2009.

“The stable flow of remittances continued to provide strong support to domestic demand, with the remittance level for the year accounting for close to 10 percent of the country’s gross domestic product [GDP],” BSP Governor Amando Tetangco Jr. said in a statement.

GDP grew 7.3 percent in 2010, the fastest pace in about three decades.

Remittances largely came from Filipinos based in the United States, Saudi Arabia, United Kingdom, Japan, United Arab Emirates, Singapore, Italy, Germany and Norway.

The increasing number of job markets, as well as the expanding network of remittance centers serving Filipino workers, should be credited for boosting the amount of money sent by Filipinos to their families and other recipients in the Philippines.

“The continuing innovation of financial products and services [such as web-based remittance services and cash cards] being offered in the market to facilitate money transfer have likewise contributed to the resilience of remittances throughout the year,” Tetangco said.

The BSP said that as of end-2010, there were 4,581 remittance centers, banks and other offices all over the world serving the remittance needs of Filipinos. This was up from 3,730 registered as of end-2009.

Citing documents from the Philippine Overseas Employment Administration (POEA), the central bank further reported that 46,238 job orders for Filipino workers by foreign employers were processed and approved last year. There are an estimated 10 million Filipino workers abroad.

While the growth in remittances has a positive impact on the economy in the form of increased consumption by recipients, it reflects the view of many Filipinos that job opportunities in the country are lacking.

The National Statistics Office earlier reported that the unemployment rate in the country stood at 7.1 percent in October 2010, just the same as that in the same period of the previous year.

...the Filipino fashion guru

Monique Lhuillier's latest collection featured in NY Fashion Week

By ROWENA JOY A. SANCHEZ

February 16, 2011

Manila Bulletin

 

 

Monique Lhuillier goes 'moody' and 'sophisticated' in her Fall collection. (Photo from designer's official website)

MANILA, Philippines - Los Angeles-based Filipina designer Monique Lhuillier unveiled her 2011 Fall collection at the Mercedes-Benz Fashion Week in New York City last Feb. 14.

Describing her new collection as “very dark sensual, [and] sultry” in a report from Reuters, it was marked with the absence of vibrant colors save for red, and it's dominated by black, gray, and cream, as well as some leopard prints. The pieces that ranged from cocktail dresses, red carpet-ready gowns, to chic blouses and pants, bore the distinguishing elements of a Lhuillier design, such as laces, feathers and soft, flowing fabrics.
In her interview, the Cebuana designer explained the concept of her latest set:

“For Fall I wanted it to be moody and very sophisticated, so there's a lot of black in the collection, and long sleeves and linear silhouettes, but then there's lots of lace, so you can see skin through, whether it's in the back or the front or, you know, there's, you'll see skin peeking through.”

She related having worked on her collection for several months. “The fact that we're showing on Valentine's Day is perfect because I have absolutely no color and then I have three pops of this deep scarlet red and so it's perfect,” Lhuillier added.

Her design is described as able to “capture the essence of sophisticated luxury by provoking femininity, allure and glamour that have made her renowned in the world of design. Monique’s innate sense of style and understanding of a woman’s desire to look and feel beautiful are prevalent throughout her bridal and ready-to-wear collections.”

Among the Hollywood A-listers that Lhuillier has dressed include Britney Spears, Carrie Underwood, Taylor Swift, Jessica Simpson, Sarah Jessica Parker, Angelina Jolie and Jennifer Connelly. Recent red carpet events also saw Catherine Zeta-Jones, Mandy Moore, Julia Stiles, and Angie Hamon donning a Lhuillier creation.
As for her “kababayan” clients, Lhuillier designed the wedding dress of international singer-actress Lea Salonga, as well as that of Asia’s Songbird Regine Velasquez.

Lhuillier studied at the Fashion Institute of Design and Merchandising (FIDM) and broke into the fashion scene in 1996. Apart from clothing, Lhuillier also has collections for tabletops, bed, bath and home, as well as stationary and fine paper.

...the bull run

PSEi up on optimism of stronger global economic recovery

GMATv.net

02/16/2011

Philippine share prices rose Wednesday as speculation of stronger global economic recovery buoyed investor sentiments.

The global economy remains on the "recovery track" and risk sentiment is improving, said analyst Maria Arlysa Narciso of AB Capital Securities Inc.

These positive sentiments overshadowed effects of flaring protests in Bahrain, Yemen, and Iran, according to trader Emmanuel Soller of Equitiworld Securities Inc.

The Philippine Stock Exchange index rose 21.26 points or 0.56 percent to close at 3,812.04, according to PSE's online market information as of 12:10 p.m.

The main index ended the trading session on weak volume, with 771 million shares changing hands. Value turnover totaled P5.023 billion.

Advancers edged out decliners 66 to 56, while 51 issues remained unchanged.

Narciso said that trading may remain "lethargic" for the remainder of the week.

Earnings will likely help move the market, but "the effect may not be so big," she said, adding that investors are more intent on the release of earnings reports.

AB Capital said it is keeping a support of 3,600 and a resistance of 3,800 for the main index. — JE, GMA News