...the PH banking outlook

Moody's upgrades outlook on PH banking system to positive

 

ABS-CBNnews.com

12/18/2012

 

 

Moody's Investors Service has hiked its outlook for the Philippine banking system to positive from stable amid a buoyant economy seen to drive growth in the credit market, the debt watcher said in a statement.

 

"The robust and evolving state of the domestic economy will continue to offset any potential weakness in exports," analyst Simon Chen said in the statement.

"In particular, household consumption and steady government-led infrastructure spending will support a stable GDP growth rate of above 5%, which will in turn buttress the earnings growth of banks without raising concerns about overheating."

Moody's foresees annual credit growth to reach 11% to 13% in the next 12 to 18 months.

Moreover, the credit rater said banks are well-positioned to meet the new Basel III requirements by 2014.

"[E]ven if they maintain their current asset growth and profitability levels over the next 12 months, seven of the eight rated banks would still show Tier 1 capital ratios of 10% or more at end-2014," the statement read.

The banks are expected to maintain excess and stable liquidity in the next 12 to 18 months, as profitability is also seen to be maintained in the same period.

...the World Memory Championship

PH team bags bronze at World Memory Championships

 

By Edward Lao,

ABS-CBN Europe News Bureau

12/18/2012

 

 

LONDON - The Philippine memory team won bronze at the 2012 World Memory Championships (WMC) recently held in London.

 

The team of six males and five females, ranging from the ages of 11 to 39, finished third overall against 24 other nations including the USA, China, Poland, Norway, Indonesia, Singapore and Australia.

Nearly 80 competitors signed up for the tournament's 21st outing, which ran from December 14-16 at the Lilian Baylis Technology School in Vauxhall.

They faced ten tests focussing on different aspects like names and faces, abstract images, historic dates and numbers.

Among the Philippines' stand-out performers were 24-year-old pair Mark Castañeda, Erwin Balines, and 11-year-old Jamyla Domingo Lambunao.

Balines and Castañeda, both from Manduluyong, Manila, notched ninth and tenth respectively in the final individual rankings for adults.

Castañeda claimed gold in the Spoken Numbers discipline, whilst in the speed cards round, both he and Balines successfully memorized the order of 52 playing cards in under 55 seconds.

Additionally, both have now earned the title of international grandmaster of memory after satisfying three key requirements: one thousand random digit numbers in an hour, the order of 10 decks of cards in an hour and the order of one deck of cards in under two minutes.

Lambunao is the youngest member of the Philippine team. The kid from Marikina scooped seven awards in the children's category, which had four entrants this year.

She won two golds, three silvers and two bronze.

In the hour cards events, where Lambunao bagged one of her gold medals, she memorized seven decks of playing cards (364) in one hour.

It was the third time the Philippines sent a team to compete at the WMC.

Although they were unable to better last year's feat of winning second, team captain Almario Marlon Bernardino Jr. was proud of their achievements considering the tough opposition.

"Very proud ako kase last year sa Guangzhou, China, we finished 2nd place pero mga ibang player na hindi kasali kase medjo magastos, pero this year, nandito lahat ng best," Bernardino Jnr said.

"Naglaro ang USA, last year walang USA, then nag-improve yung Sweden, Germany," he added.

Roberto Racasa founded the team in 2008 and coaches its members.

"[It's a] great sense of pride for the Filipino people because once again we showed the world that Filipinos are at par with the world's best in terms of mind and memory," he said.

"Considering that we belong to a third world country, defeating the G4s, it's really challenging and exciting," said Christopher Carandang, who is two steps away from becoming a fully fledged grandmaster after memorizing 1,000 numbers in an hour.

Anne Bernadette Bonita added: "We feel so great and very happy for the Philippines, for getting the bronze."

The team from Germany, who favorites going into the tournament, finished first whilst Sweden claimed second.

Germany's Johannes Mallow was crowned this year's World Memory Champion.

Seven countries are currently bidding to host next year's WMC.

The Philippines has expressed an interest, but first it needs to conduct its own national memory championships as a requirement.

...the PH economy and forecast

Philippines tips 2012 GDP growth to beat forecasts

 

AFP News

18 December 2012

 

 

The Philippines economy will likely grow more than government forecasts this year and pick up over the next two years, Economic Planning Secretary Arsenio Balisacan said Tuesday.

 

He told a year-end economic briefing that gross domestic product would exceed 6.0 percent for 2012, well above the 5.0-6.0 percent expansion tipped by officials in Manila.

People can be seen shopping at Divisoria Market in Manila on October 29, 2012. The Philippines economy will likely grow more than government forecasts this year and pick up over the next two years, Economic Planning Secretary Arsenio Balisacan said Tuesday

The foundation was set with growth of 6.5 percent in the first nine months of the year, Balisacan said, adding: "We forecast growth in 2013 to be between 6.0 to 7.0 percent and in 2014, between 6.5 to 7.5 percent."

He said the stronger outlook should help the government create more jobs, which has long been a drag on the economy.

Despite having nine million Filipinos or more than 10 percent of its citizens working abroad, 6.8 percent of its labour force was unemployed in October, the National Census Office said Tuesday in a statement.

A further 19 percent had just part-time jobs of less than 40 hours a week, it added.

"Given the latest labour and employment figures, generating employment and ensuring that these are of good quality remain our greatest challenge," Balisacan said.

Next year should see an improved electronics industry, which accounts for more than half of the country's exports, thanks to an expected pick-up in the global economy, he added.

Construction, growing demand for power, water and gas, the expansion of business process outsourcing, tourism, and financial services would also help drive growth, he said.

...the PH office spaces

Demand for PH office space breaks record

By Daxim L. Lucas
Philippine Daily Inquirer

The office space market in the Philippines is setting new records, led by demand from business process outsourcing (BPO) companies and multinationals, indicating growing business confidence, according to one of the country’s largest property consulting firms.

 

In a briefing on Monday, Jones Lang LaSalle Leechiu’s (JLLL) director for project leasing, Sheila Lobien, said that from January to November 2012, demand for office space rose to a total 425,000 square meters, and may rise further by yearend.

This level is at least 18 percent higher than the annual average demand of 360,000 sqm recorded in 2011.

Non-BPO firms consisting of multinational and local companies accounted for 100,000 sqm, or 25 percent of current demand, she said.

More importantly, companies are already committing to take up space even before office buildings are completed, indicating strong optimism and higher business activity projected for 2013.

Pre-commitments are backed up by signed lease agreements between parties, and advanced rent and security deposits are paid by the lessee.

Lobien said pre-commitments more than doubled in January to November 2012 as compared to the same period last year.

“In the 11 months of 2011, we recorded pre-commitments of 68,358 square meters,” said Lobien. “In 2012, the figure over the same period shot up to 175,922 square meters.”

JLLL studies also noted that a number of companies pre-committed to office space that would be completed as far forward as 2014.

The consulting firm’s findings confirmed a recent study of 22 cities in the Asia-Pacific region conducted by the Urban Land Institute entitled “2013 Emerging Trends in Real Estate.”

The study noted the increased attractiveness of Manila in terms of both investment and development prospects vis-a-vis investors, developers, property company representatives, lenders, brokers and consultants.

...the PH biggest asset

Filipinos are PH's biggest asset - ILO chief

 

By Niña Corpuz,

ABS-CBN News

12/17/2012

 

 

ILO Director General Guy Ryder (L). Photo courtesy of ILO

MANILA, Philippines – The head of the International Labor Organization believes the Philippines' best asset is none other than the Filipino people.

“I think the biggest potential of the Philippines is its people, not only here in the Philippines but (around the world). Wherever I've lived I've always met Filipinos working, contributing to society's progress, and I think that dynamism is your best asset,” ILO Director General Guy Ryder said in an interview.

Ryder's visit to the Philippines is his first since he was elected as ILO Director General last October 2012. The last visit of ILO's highest official to the country was 17 years ago, in 1995.

Ryder extended his sympathies and help to the victims of typhoon Pablo in the southern Philippines.

The ILO estimates about 2.3 million workers, mostly in the Davao region, have been directly affected by the typhoon.

Most of the victims are women aged 15 to 24, and vulnerable family workers like farmers, fisherfolk or street vendors.

Ryder said the ILO has set aside initial funding of US$50,000 or 2 million pesos to jumpstart a livelihood program in partnership with the government.

“We try to help people get back to work with cash-for-work schemes. We try to help in the reconstruction process for infrastructure and also local economic development, to get communities together, to give them a new livelihood prospect. I think we have a big responsibility and a really helpful role to play,” he said.

Protection of domestic workers

Ryder's visit was also timely as the president was about to sign into law the Domestic Workers or Kasambahay bill that was finally ratified by Congress after 15 years.

Ryder hopes the bill will finally recognize this workforce he described as "invisible".

“People somehow think that because (domestic workers) work in private homes, they're not part of public policy. The first step is to make people aware that (domestic workers) are workers like every other worker in the world. They make great contributions, (and) if they stop working the world comes to a stop,” he said.

Danger of jobless growth

On the country's economic growth, Ryder said the 7.5 percent increase in this year's third quarter was respectable. But he also agreed with the notion that it's a jobless growth not felt by ordinary workers.

“I think what really matters is not simply the numbers of jobs created but the quality of jobs created. We see a lot of what we call vulnerable jobs in the Philippines, jobs which don't really provide a sure and stable livelihood for people in the long term. You see a lot of poor people, they're working but they remain poor. The whole purpose of (the ILO’s) decent work agenda is to get people into decent quality employment that renders a good standard of living and good social protection,” he said.

This reality is even more apparent as Christmas approaches. Children flock the streets begging and working to help earn a living. A 2011 survey by the National Statistics Office shows that there are 5.5 million working children aged 5 to 7 years old.

“Providing decent work alternatives for people whose kids go to work is extraordinarily important.

We have to do provide social protection for families, so that work doesn't appear as a social obligation and that there are alternatives for young people,” he said.

Decline in trade unions

Another area of concern for the ILO is the decline in trade union membership in the country. He said trade unions are necessary to fight for the rights of workers.

Ryder said the decline in trade union membership is not unique to the Philippines.

“We are seeing in many countries around the world a decline in trade union membership, and it’s got many factors to it. I think the ILO’s job is to provide an enabling environment, an encouraging environment (for workers to organize) and also to make the case to governments and businesses that an organized workforce is actually an advantage,” he said.

...the global shipping prez

Filipino elected president of global shipping group

By Marlon C. Magtira
Manila Standard
Dec. 16, 2012

Gerardo Borromeo

Philippine Transmarine Carriers Inc. vice chairman and chief executive Gerardo Borromeo was elected as the new president of InterManager, an international ship management trade association of 91 shipping companies running about 5,000 vessels and some 250,000 crew members.

Borromeo is the first Filipino to be elected unopposed for the top post and will serve a two-year term. He succeeded Alastair Evitt, the managing director of UK-based Meridian Marine Management.

With this development, InterManager has joined the ranks of shipping industry organizations that recognize Asia’s growing maritime influence and have looked east for leaders.

The decision follows other high-profile appointments of Asian executives with Japanese Koji Sekimizu leading the International Maritime Organization since January and Masamichi Morooka taking over as chairman of the International Chamber of Shipping since May.

Borromeo says in an interview with Manila Standard he brings the value of his Asian roots to InterManager. “I am honored to be the first Filipino to be appointed InterManager president, given that Asia now supplies more than half of the world’s seafarers and nearly half of the world fleet is under Asian control. I will be able to interact with Asia more closely but at the same time I will be expected to retain a global focus,” Borromeo says.

He says PTC, one of the largest crew management companies in the country, deploys more than 33,000 seafarers annually.

Borromeo believes his crewing experience was another key factor in his appointment. “The human element is a key driver. We are at an interesting crossroads between ship management and crew management. Ship management is not just about safe shipping, but also about pushing the management capability on board ships,” Borromeo says.

Borromeo says one of his main priorities will be the development of young maritime professionals.

“InterManager must lay the groundwork for the future. And a key part of that is being able to attract people to a career not just at sea but in shipping. You can build a ship in a year, but it takes 10 years to build a cadet into a master. We need to balance out the cyclicality between building ships and having capable people to manage them,” Borromeo says.

He says given the economic climate with about 90 percent of global trade being undertaken in the shipping industry, it will be challenging to push the development of global maritime professionals, as he prefers to call seafarers.

Borromeo says more than 6,000 new vessels in the shipping industry will be moving world trade in the next three years. This will bring new opportunities for Filipino global maritime professionals who are widely known for their service-oriented traits, loyalty, flexibility, fluency in English language and commitment to serve.

“Times are difficult. It’s all a question of how we maximize the return on investment in assets and people. We all need to think long term and ship managers must work with owners to allocate resources properly. InterManager will continue to engage with all the necessary stakeholders to ensure the safe operation of ships,” Borromeo says.

Borromeo’s appointment was formalized during the association’s annual general meeting where four new vice presidents were also elected to focus on specific areas of InterManager business. They are Albertini of Marfin Management (Monaco), treasurer; Peter Curtis of Seaspan Ship Management (Canada), secretariat; Wim Van Noortvijk of ISSA, membership; and Ian MacLean of Hill Dickinson, general counsel.

Borromeo has been responsible for the development and implementation of the PTC Group’s strategic initiatives and business development activities engaged in crew management, education and training; medical diagnostics; chartering and logistics; agency and freight forwarding; real estate development; and international professional placement.

Borromeo also serves as vice chairman of the International Chamber of Shipping, member of the board of trustees for the Filipino Shipowners Association and a private sector representative on the board of the Maritime Industry Authority.

Borromeo earned his bachelor and Master’s degrees from the Massachusetts Institute of Technology in Cambridge, Massachusetts, USA.

...the Asia-Pacific best actor

Eddie Garcia wins best actor at Asia Pacific fest

By Bayani San Diego Jr.
Philippine Daily Inquirer

December 17, 2012

Eddie Garcia

Filipino actor Eddie Garcia won best actor for Jun Robles Lana’s “Bwakaw” at the 55th Asia Pacific Film Festival held at the Venetian Resort Hotel in Macau on Saturday.

The screen legend received a standing ovation from the foreign audience on winning his first international acting award at age 83, according to his wife Lilibeth who attended the festival with him.

The report reached the Philippine Daily Inquirer through line producer Tonee Acejo and producer Ferdinand Lapuz, who were told about the victory by Garcia’s wife.

Garcia was one of 10 actors honored by the Inquirer at the 3rd Indie Bravo! Tribute held at the newspaper’s office in Makati last Monday.

“Eddie Garcia’s staying power in the industry is primarily due to real talent, hard work and professionalism. Today’s young stars have a lot to learn from him,” director Lana, one of 10 filmmakers in the 3rd Indie Bravo! honor roll, told the Inquirer.

Garcia, who arrived in Manila Sunday, said he was happy for the international recognition, no matter how long it took.

“I don’t really mind the long wait. I’ve always believed—if it comes, thank you; if not, I’ll be fine too. As I always say, it’s a nice bonus for a job well done.”

He said the recognition was sweeter because it came “from peers from all over Asia.”

Garcia is the only Filipino actor elevated to the Famas Hall of Fame for his achievements as a supporting actor, actor and director.

Another Filipino, Nora Aunor, was nominated for best actress in this year’s Asia Pacific fest for Brillante Ma. Mendoza’s “Thy Womb.” The prize went to Taiwan’s Gwai Lun-mei for “Gf*Bf.”

The other awards were: best film, Johnnie To’s “Life Without Principle” of Hong Kong; best director, Hirokazu Koreeda’s “I Wish” of Japan; best supporting actor, Hoi-pang Lo for “Life Without Principle,” and best supporting actress, Makiko Watanabe for “Capturing Dad” of Japan.

Garcia said one of the earlier films he directed, 1963’s “Historia de un Amor,” was entered in the Asia Film Festival by its producer, Sampaguita Pictures. “Mga Anak sa Pagkakasala,” a 1962 Sampaguita drama that he directed, was also entered in the Cairo film fest, he said.

“Unfortunately, we were not able to provide subtitles for Mga Anak sa Pagkakasala. The foreigners didn’t understand the movie,” he recalled.

According to online reports, the Asia Pacific Film Festival (then called Asia Film Festival) was the same event where National Artist Lamberto Avellana’s “Anak Dalita” won for best picture in 1956. In the same year, two other Filipinos won—Gregorio Fernandez was best director and Rogelio de la Rosa was best actor, both for “Higit sa Lahat.”

Other Filipinos who topped the Asia Film Fest in the past were Avellana as best director, with his team bringing home individual citations for “Badjao” in 1957; Rebecca del Rio as best supporting actress for “Malvarosa” in 1958; Leroy Salvador as best supporting actor for “Biyaya ng Lupa” in 1960; Charito Solis as best actress for “Dahil sa Isang Bulaklak” in 1967, and Charo Santos as best actress and Mike de Leon as best director for “Itim” in 1978.

“Bwakaw” was chosen by the Film Academy of the Philippines as the country’s entry to the best foreign language film category of the Academy Awards to be held in Hollywood next year.

“It would be great to be chosen among the top five, but my only hope is that the Oscars people will have the chance to see our film,” Garcia said.