...the PH consumer sentiment

Consumer sentiment improves in Q4

BSP survey notes improvement in low-income segment

By Michelle V. Remo
Philippine Daily Inquirer

Saturday, December 15th, 2012

 

 

CONSUMER sentiment in the country significant improved, albeit remained negative, in the fourth quarter as the economy’s favorable performance boosted the outlook of some households on their own incomes.

Results of the latest Consumer Expectation Survey (CES) conducted by the Bangko Sentral ng Pilipinas showed that for the fourth quarter of 2012, the consumer confidence index (CCI) stood at -10.4 percent. This was an improvement from the -13.3 percent for the third quarter and the -20.6 percent for the fourth quarter of last year.

This was also the second-highest index recorded since the central bank started conducting the CES in 2007. The highest was registered in the fourth quarter of 2010 at -8.5 percent.

According to Rosabel Guerrero, director of the central bank’s economic statistics department, the improvement in the index came with the belief that the improving performance of the overall economy led to higher investments that, in turn, increased employment opportunities.

The improvement in the index was also credited to a perception of good governance by the Aquino administration, increased investments of the government in infrastructure that could help generate more private-sector investments, and efforts to improve the peace-and-order situation in Mindanao.

The index is computed as the percentage of respondents who said they felt better off during the period than in the past less the percentage of pessimistic respondents.

BSP Deputy Governor Diwa Guinigundo said that one of the highlights of the results of the latest quarterly survey on consumers was that the increase in the index was due largely to the improved sentiment of low-income households, or those with monthly incomes of P10,000 or below.

The nationwide survey covered 5,789 households, of which a little over half or 51.7 percent were respondents from the low-income segment.

“The improvement in the sentiment of low-income households is very encouraging. In the past, it has always been the low-income groups that were dragging the index,” Guinigundo said.

Meantime, results of the survey showed the expectations that economic conditions both of households and the entire country would improve in the coming quarter and the year ahead. The “next-quarter” index stood at +6.3 percent, while the “next-year” index hit an even better figure of +6.8 percent.

The “next quarter” index reflects expectation of households on how their and the country’s economic conditions will improve in the coming quarter, while the “next-year” index indicates expectations for the coming year.

...the new US Federal Judge

US Senate confirms first Fil-Am federal judge

By Nimfa U. Rueda
LA Correspondent

Friday, December 14th, 2012

Lorna Schofield

LOS ANGELES—The Filipino-American community is celebrating another milestone: The United States Senate confirmation of the first Fil-Am to serve as Article III federal judge.

By a 91-0 vote Thursday (Friday in Manila), the United States Senate confirmed trial lawyer Lorna Schofield, who was nominated by US President Barack Obama and Sen. Chuck Schumer of New York in April, as a federal district court judge for the Southern District of New York.

Article III judges are nominated by the President, confirmed by the Senate and appointed to lifetime tenure.

Schofield, 56, is the daughter of a Filipino woman who immigrated to the United States during the post-World War II reconstruction of the Philippines.

She grew up in a blue-collar community in the US Midwest, where she earned a full scholarship for her undergraduate education at Indiana University. She double-majored in German and English, graduating magna cum laude in 1977.

Schofield went to New York University (NYU) Law School, where she was a Pomeroy scholar and became editor of the NYU Law Review.

She worked at Debevoise & Plimpton LLP as a litigation partner for nearly 20 years. In 1991, she became the firm’s first minority partner.

Schofield shares a place in history with Judge Alfred Laureta, a Filipino-American who served as judge for the District of the Northern Mariana Islands from 1978 to 1988.

Although technically federal judges, those appointed to the District of Northern Mariana Islands are not lifetime tenure Article III judges but 10-year-term judges under Article I of the US Constitution, according to the Congressional Asian Pacific American Caucus (Capac).

Capac joined various Fil-Am groups in lauding the confirmation of Schofield.

“Ms. Schofield’s confirmation by the Senate is a historic moment not only for our community but [also] for the entire nation,” National Federation of Filipino American Associations (NaFFAA) national chair Ed Navarra said in a statement.

“Given that Asian Americans are significantly underrepresented in the federal judiciary, Ms. Schofield’s addition [to the bench] will greatly enhance the judiciary’s diversity,” he said.

“We need more role models like Judge Schofield to inspire our young people to aspire for public service,” said Gloria T. Caoile, a former White House commissioner.

“[The United States Senate’s] laudable action is a demonstration of their continued commitment to nominate well-qualified and diverse candidates to the federal bench,” said Rozita Lee, former NaFFAA national vice chair and a member of the White House Commission on Asian Pacific American Islanders.

“We are elated with her confirmation and our community is very proud to see a Filipino-American achieve this honor and distinction,” Lee said.

KAYA national cochair Jason T. Lagria said Schofield’s confirmation was “an inspirational story that shows there is no limit to what our community can achieve through perseverance and hard work.”

Lagria said the New York metropolitan area had the fourth largest Filipino-American population in the United States, “so it is encouraging to see our judiciary reflect the population it serves.”

“This is definitely a reflection of continued commitment from our country’s leadership,” said Ray Buenaventura, mayor of Daly City and honorary KAYA board adviser.

“[Schofield] will be an inspiration for the legal profession, especially those from minority groups,” said lawyer and community leader Arnedo Valera, executive director of the Washington-based Migrant Heritage Commission.

“Our judiciary and the legal system as a whole is best served when the judges belonging to different ethnicities are recognized and appointed to the bench,” Valera said.

Schofield also served as an assistant US attorney in the criminal division of the Southern District of New York. She became the first Asian-American Pacific Islander (AAPI) to chair the Litigation Section of the American Bar Association. The National Law Journal named her one of the nation’s 50 most influential minority lawyers.

Schofield and Judge Kiyo Matsumoto of the Eastern District of New York are the only judges of Asian descent to serve on the federal district courts of New York.

“It heartens me to know that the judiciary, the branch of government dedicated to the interpretation of our most important cornerstone–the Constitution–is becoming more reflective of the dynamism and diversity of our nation,” said Congresswoman Judy Chu, Capac chair.

Congressman Mike Honda, Capac chair emeritus, said Schofield’s confirmation is not only a victory for the people of New York and the nation as a whole but also a “giant step toward a more equitable representation of Asian-Americans and Pacific Islanders on the federal bench.”

“Ms. Schofield has broken many barriers throughout her career, and today’s confirmation symbolizes a judiciary that better mirrors the nation it serves,” Honda said.

...the US best lawyers

Pinoy named one of best US lawyers under 40

GMA News

December 13, 2012

 

 

 

Rio M. Guerrero, Esq. was a 2012 recipient of the Best Lawyers Under 40 Award presented by the National Asian Pacific American Bar Association (NAPABA) to “talented and accomplished” lawyers.

 

 

Rio received his award at NAPABA’s 24th Anniversary Gala Banquet in Washington D.C. on November 17, an event attended by leading Asian American lawyers, judges, business leaders, and politicians, such as Supreme Court Justice Sonia Sotomayor, and Second Circuit Court of Appeals Judge Denny Chin. He accepted his award in the presence of his wife Joan and his mother Dr. Rosario Guerrero.

“I am deeply honored and humbled to receive this distinguished national award,” said Rio, who has been practicing immigration law for 15 years. His law firm Guerrero Yee LLP has an office in Manhattan. “It is an overwhelming feeling to be included among the most accomplished attorneys and judges in this country.”

NAPABA President Wendy Shiba congratulated Rio on his award. She said, “You truly deserve it. You are a champion of the (Asian Pacific American) community.”

Rio’s law firm has represented companies, organizations and individuals with U.S. visa, work permit, green card and other immigration-related matters, proud that he and his law partners are “descendants of immigrants.”

In 2012, the Filipino-American National Historical Society (FANHS) honored him with the Contributions to Excellence Award, recognizing his success as an attorney and his pro bono service to the Filipino American community.

Rio is also a member of the American Immigration Lawyers Association New York Chapter. He founded and co-chairs the Asian American Bar Association of New York (AABANY) Immigration and Nationality Law Committee.

Since 2007, he has taught as an Adjunct Professor of Immigration Law at the City University of New York School of Professional Studies. An Edward V. Sparer Fellow at the Brooklyn Law School, Rio holds a baccalaureate degree in Economics and a second one in International Studies as a Dean’s Scholar of The American University of Washington D.C.

AABANY President Jean Lee said she was “thrilled to see talented and deserving AABANY members being recognized by NAPABA.” Executive Director Yang Chen echoed Lee, saying, “We have always been fortunate to count some highly accomplished and distinguished attorneys and individuals among AABANY’s membership.” - The FilAm

...the Asia's best new magazine

Vault named Asia's best new magazine

 

ABS-CBNnews.com

12/13/2012

 

 

Vault magazine's editorial team. Photo: Handout

MANILA, Philippines – Vault, the high-end men's lifestyle magazine of ABS-CBN Publishing, was named this year’s Best New Magazine by the Asian Publishing Awards.

The magazine also received an excellence award in the category Best in Design, Layout and Presentation.

During the ceremony which was recently held in Kuala Lumpur, Malaysia, Vault was cited for “addressing a clearly defined target of upscale, high net worth Filipino males. The publishers have identified a gap and created a fresh looking format.”

"We operate in a very crowded media landscape where it is getting more and more challenging to engage multitasking readers. This is why we are very proud of Vault magazine's achievements since it launched last year,” said Christina Lopez, content director and head of marketing for ABS-CBN Publishing, in her acceptance remarks.

Lopez added Vault’s recognition “reaffirms our belief that great content, innovation and the unyielding commitment to fulfill the needs of our readers will make the difference in today's busy marketplace.”

“Vault, the new player, the rookie brand, made a difference. For an organization that takes pride in building successful homegrown brands amidst so many local and foreign players, this is a remarkable feat," she said.

Vault’s editor-in-chief David Celdran, for his part, said the award was a “nice surprise.”

“Indeed, Asia is experiencing the most dynamic growth in publishing in the world. To be chosen as the best new magazine in this highly competitive region can only be seen as an honor not just for ABS-CBN, but for the Philippine publishing industry as well,” he said.

Following the new recognition, Celdran vowed to continue to stick to Vault's core identity as “a visually driven and highly informative magazine for readers with refined tastes.”

“In the coming issues, expect even more international content as we continue to cover the most exclusive experiences and premium products around the globe,” he added.

...the UK perspective

What a difference a quarter century makes!

 

LONDON EYE

By Hugo Swire

The Philippine Star)

December 13, 2012

 

This week I visited Manila for the first time after a 25-year gap. My previous visit was as a tourist. This time I was here as the British Government’s Minister responsible for relations with South-East Asia.

 

 

 

Twenty-five years ago, the Philippines was just emerging from years of dictatorship. The evidence of mis-management and hasty departure was all too evident when I was shown round Malacañang Palace. There was optimism about the prospects for democracy, but also trepidation about the future.

 

What a difference a quarter century makes! When I called on President Benigno Aquino III at the Palace, the mood of optimism was unmistakable. And the same was true all over Metro Manila, above all in meetings with both Filipino and British business leaders.

 

The bullishness is not without reason. Growth forecasts of 6%, international credit ratings edging towards investment grade, the Stock Exchange heading towards the 6,000 mark, and a budget deficit of 3% of GDP: these are all reasons for the Philippines to feel confident. And just before I arrived, the latest Transparency International survey showed that the anti-corruption agenda is making progress.

 

Of course, Typhoon Pablo was very tragic news. There is an urgent need to get behind rescue efforts in Mindanao. That’s why, in response, I have pledged P22.2 million (or $500,000) on behalf of the British Government to the UN’s emergency humanitarian assistance fund.

 

The good news about the Philippines is increasingly well understood in the UK. Our biggest British companies have long been doing business here: banks like Standard Chartered and HSBC have been here since the 19th century. Shell provides the natural gas that keeps the lights on in Manila. GSK provide vaccines and medicines to keep a growing population healthy. De La Rue print banknotes that flow through the veins of the economy. But it’s not just the blue-chips that are interested. The week before my visit, a delegation of innovative British SMEs from the ICT and built environment sectors were here to investigate opportunities in urban development and planning; next month a renewable energy mission will be here to investigate how they can contribute to the green economy.

 

As for those stock-market highs: more portfolio investment comes into the Philippines from the City of London than from any other financial centre.

 

Like my Prime Minister David Cameron, I firmly believe that business not government drives a healthy economy. So I’ll personally be encouraging more British businesses, big and small, to look at the Philippines.

 

But of course government creates the context in which business thrives. That’s why I was delighted to meet government leaders who are taking forward economic reform and development including Secretaries Purisima and Abaya, and Secretary del Rosario who is making economic diplomacy a key pillar of Philippine foreign policy. I was able to discuss our co-operation in the Mindanao peace process. Peace in southern Philippines will in my view transform international perceptions of the Philippines, not least among businesses. As a former Minister of State for Northern Ireland, I was really pleased that I was able to coincide my visit with that of a delegation from there, who were in Manila to share experiences of police reform which might just prove useful in Mindanao.

 

This year, the British Government has signaled its commitment to a closer relationship with ASEAN, and a closer relationship with the Philippines is central to that agenda. Before Manila I was in Brunei, and as you open your papers this morning in Manila, I expect to be in Burma.

 

Twenty-five years ago, the Filipino people were engaged in rebuilding democracy. Today, the Burmese people are doing the same. As they do so, they should take heart in what the Philippines has achieved over the past quarter century. President Cory Aquino led the resurgence of democracy; now President Benigno Aquino is working with the private sector to ensure a resurgent economy. This really is a great time to be in South-East Asia, and a great time to be in the Philippines. 

 

(Hugo Swire is UK Minister of State and Member of Parliament. Stephen Lillie will return next week.)

...the state of PH tennis

Huey: PH tennis on the upswing

By Marc Anthony Reyes
Philippine Daily Inquirer
Thursday, December 13th, 2012


TREAT Huey’s next focus is to put Philippine tennis back into the mainstream.

Treat Huey

Already the world’s No. 35 in doubles, the country’s Davis Cup star said he wants to see the Filipino netters get the same accolade as the country’s basketball, football and boxing stars.

And based on the success of the recent Philippine Columbian Association (PCA) Open, the 27-year-old lefty known for his cool demeanor, said PH tennis is on the right path.

“It’s been great. PCA is the biggest tournament here in the Philippines. Everybody coming back to play and having Johnny (Arcilla) and all the Davis Cup team here is good for Philippine tennis,” said Huey, who finished runner-up in doubles and reached the quarterfinals in singles last week.

“Trying to make tennis bigger and bigger in the Philippines is I think what we did this week. It was great and there were a lot of fans that came out,” he added.

Huey cited the help being provided by long-time patron Jean Henri Lhuillier, who supports the country’s Davis Cup campaigns and vows to once again bankroll the PH Cuppers stint against Syria in February in a Group 2 tie that is slated to be held here.

“Jean Henri and Cebuana Lhuillier helped me so much. He helped me in travelling and is supporting me. We want to make tennis more mainstream and we are trying to do that,” Huey added.

He noted that with the present crop of young players, the country has what it takes to shoot back into Group 1 and once again rule the Southeast Asian Games next year and even the Asian Games in 2014.

Huey, who is looking to break into the top 20 in doubles by yearend, is preparing with partner Dominic Inglot for the Australian Open in January.

...the 2013 PH bright economic prospect

Philippines faces bright economic prospects for 2013

 

By Doris C. Dumlao in Manila

Philippine Daily Inquirer

Asia News Network – Wed, Dec 12, 2012

Manila (Philippine Daily Inquirer/ANN) - The Philippines continued to generate positive economic forecasts from foreign institutions following a surprise third-quarter growth.

For this year, Citigroup raised its gross domestic product (GDP) growth forecast to 6.3 per cent from 5 per cent and to 6.1 per cent from 5.3 per cent in 2013, citing accelerated government spending and stable domestic demand.

British bank HSBC also revised its 2012 forecast to 6.2 per cent from 5.7 per cent although for 2013, the forecast was pared down to 4.9 per cent from 5.7 per cent given the continuing external headwinds.

Both Citi and HSBC expected the Bangko Sentral ng Pilipinas to keep its key interest rates on hold at 3.5 per cent for the next policy rate-setting.

Minda Olonan, head of Philippine equity research at Citi, said the Philippines would benefit from more pronounced growth drivers such as excise tax reforms, accelerated bidding of key public-private partnership (PPP) projects and a credit-rating upgrade. She said public infrastructure could be the medium-term "game changer".

"Better fiscal health is enabling the government to be more proactive in stimulating the economy. Aside from the PPP infrastructure agenda, the government is embarking on a 325-billion peso (US$7.9 billion) multi-year flood works and drainage programme, a spending that is larger than the 233-billion peso cost of the PPP projects. We believe this may lift the country's investment/GDP ratio that will eventually accelerate economic growth," she said in a December 7 research.

Citi believes that banks, property, consumer, utilities and conglomerates will benefit from the investment spending dividend. The bank's top picks on a 12-month view are Ayala Land, SM Investments, Philippine Long Distance Telephone Co., Ayala Corp. and Puregold Price Club Inc.

HSBC economist Trinh Nguyen said a major force behind this year's growth has been the country's strong institutions, specially the BSP.

"Monetary officials have alleviated price pressures by successfully sterilising capital inflows to contain money supply growth. Closely monitoring rice supply as well as bolstering food sufficiency policy has also helped," she said.

"A slowdown of inflation to 2.8 per cent year on year in November in spite of accelerating growth reflects the institution's sound management of the economy," Nguyen said, adding that benign inflation has given monetary officials the space to cut rates by 100 basis points in 2012.

But Nguyen said the BSP was not the only champion behind the country's strong performance.

 

"President Aquino's efforts to increase efficiency of fiscal spending and revenue collection gave the government the room necessary to counter-balance the global slump with increased expenditure. A look at the breakdown of growth shows that private consumption, government spending and investment have contributed to growth thus far in 2012," she said.

While external headwinds persist and likely drag down the Philippines' electronics exports, HSBC expects growth to remain robust in 2013 on the back of strong fiscal spending, low interest rates and resilient remittances.

She said monetary officials would likely hold rates at the next meeting to assess the impact of the recent acceleration in growth as well as the 100-basis-point cut so far this year. "Inflation will likely be benign in first half of 2013, thanks to contained food and oil prices, allowing the BSP to support growth," she said. "Though external conditions remain weak, strong domestic demand will keep the BSP vigilant and hold rates."