...the 2012 PH growth forecast (Moody's)

Moody's unit forecasts Phl growth at 5.2% this year

 

 

Philstar – Sat, Oct 13, 2012

 

 

 

MANILA, Philippines - Economic growth could hit 5.2 percent this year as strong domestic demand keeps the Philippines afloat amid the persistent weakness of the global economy, a unit of debt watcher Moody’s Investors Service said yesterday.

 

“We recently revised our outlook for the Philippines to 5.2 percent from 4.7 percent. The first half economic growth was pretty strong,” said Katrina Ell, analyst at the New York-based Moody’s Analytics.

The five-percent forecast for next year has been retained, she added.

The local economy expanded by 6.1 percent during the first half of the year, a far cry from the 4.2 percent recorded same period last year. This also slightly surpassed the government’s five- to six-percent target for the year.

The revision was the second for the Philippines under Moody’s watch. The credit rater initially expected economic growth to hit only four percent this year. This was revised upwards to 4.7 percent in June after a surprising 6.4-percent first quarter growth.

Ell said strong consumption and accelerated government spending have boosted domestic demand, which “sort of overcame” the weakness of the external environment.

“Basically, we have factored in the weakness of the exports but that was sort of overcame by domestic strength,” Ell said in a phone interview. Merchandise exports plunged nine percent in August, its weakest performance in eight months.

In a report released yesterday, Moody’s said the resiliency of the services sector is also a factor for the Philippines’ stellar economic performance, which has been mirrored in most countries comprising the Association of South East Asian Nations (ASEAN).

There was also a “steady rise” in investment as indicated by dipping savings and increasing bank lending.

“ASEAN’s investment drive has coincided with a decline in savings in Malaysia, Thailand, and the Philippines. This is consistent with rising domestic consumption and the deteriorating current account positions across the region,” the report said.

“If the shift towards domestic consumption continues, export competitiveness could falter as resources shift to domestic facing industries,” it added.

Nevertheless, economic health is seen to “stabilize” by the middle of next year, Moody’s said, and as such monetary authorities will likely hold off from cutting key rates further.

The Philippines experienced three rate cuts this year, putting the benchmarks 75 basis points lower to record-lows of 3.75 percent and 5.75 percent for overnight borrowing and lending, respectively.

Ell said further rate cuts for the year have been ruled out. The report, however, said “policymakers in ASEAN stand ready to loosen policy further should the global economy take a turn for the worse.”

“Risks to growth for the Philippines will be if the external weakness takes a turn for the worse, in effect, remittance could go lower,” she said. - By Prinz P. Magtulis (Philstar News Service, www.philstar.com)

...the Bangsamoro

UN Chief Hails Aquino Over ‘Bangsamoro’ Deal

Manila Bulletin

October 9, 2012

 

 

UNITED NATIONS (AFP) — UN Secretary General Ban Ki-moon Monday Ban commended President Benigno S. Aquino III for his vision and courage, as well as the commitment of the Moro Islamic Liberation Front (MILF) leadership in reaching a framework peace accord ending a decades-long Muslim separatist insurgency that killed 150,000 people.

This developed as Malacañang said nobody, not even the Moro National Liberation Front (MNLF), will be left out in the government’s consultations on the proposed creation of the new autonomous Bangsamoro region.

The agreement would see the establishment of a new semi-autonomous Muslim area in the resource-rich Mindanao, which the 12,000-strong MILF regards as its ancestral homeland.

Ban expressed “his heartfelt wishes for peace and prosperity to the government and the people of the Philippines,” and in particular the people in the new semi-autonomous region, called Bangsamoro.

Mindanao served as a base for the MILF, the biggest and most important remaining rebel group, after the Moro National Liberation Front signed a peace pact with the government in 1996.

It is one of the most fertile and resource-rich parts in the archipelago -- but decades of violence and unrest have left it into one of the poorest regions of the Philippines.

The rebellion, which began in 1978, has left 150,000 people dead and displaced hundreds of thousands more.

Senate President Juan Ponce Enrile said the framework agreement is doable without a constitutional amendment. This agreement must be “given a chance to work” and must be studied “carefully before shooting it down,” he stressed.

In a brief talk with Senate reporters, Enrile said the creation of Bangsamoro, a political entity that will replace the current Autonomous Region in Muslim Mindanao (ARMM), does not require amendments to the 1987 Constitution.

Chief Philippine negotiator Marvic Leonen, in an interview with Manila Bulletin, allayed fears about the framework peace deal, clarifying fears that the Moro National Liberation Front (MNLF) will be disregarded in the crafting of the peace agreement.

Leonen is certain that all Bangsamoro organizations such as the MNLF will play a crucial role in the crafting of the peace agreement.

He noted that the government peace panel (GPH) is certain to provide a seat for the MNLF in the creation of a Transition Commission that will work in the drafting of a Bangsamoro Basic Law to jumpstart the agreement. “We are definite that the MNLF will have a seat in the GPH,” Leonen said, citing that Cotabato City Vice Mayor Muslimin Sema, one of the founding members of the MNLF, has expressed his support to the framework agreement. Leonen also maintained that the agreement will push through this time following the stalling of a previous agreement five years ago on the memorandum of agreement on ancestral domain.

Leonen expressed confidence that there will no longer be any more delays in the creation of a Bangsamoro government. “How can you be wrong in this kind of approach? Look at the big picture.

The big picture is independence. They turned down to Cha-cha. They did not ask for an Islamic state.

We have been fair with respect to their territory, which is smaller than the MOA-AD, and culture such as applying the Shar’iah Court to the Muslims,” he said.

Deputy presidential spokeswoman Abigail Valte said the government has already posted the preliminary peace agreement with the MILF on its official website precisely to encourage public discourse prior to its formal signing next week.

Valte made the remarks after the MNLF reportedly expressed concern over the framework deal that seeks to create a new autonomous political entity by 2016.

Even former MNLF chief Nur Misuari has questioned the draft GRP-MILF peace agreement, insisting the government has not yet fully complied with the pact signed with the MNLF in 1996.

“The draft framework agreement was precisely announced even before the signing because we want to engage the public. We want to have discussions and consultations with the stakeholders,” Valte said in a Palace press briefing.

Meanwhile, various nations throughout the world has congratulated the Philippines and the MILF on the successful conclusion of the negotiations on the framework deal.

According to Catherine Ashton, the High Representative of European Union for Foreign Affairs and Security Policy and Vice-President of the Commission, "the early signature of this truly historical document is a major step towards a long-lasting peace in Mindanao, which will lead the island to stability and prosperity."

Ashton added that the EU recognizes the contribution of the Malaysian facilitator of the peace talks, Tengku Dato' Ab Ghafar Tengku Mohamed as well as the members of the International Contact Group, to the successful conclusion of the peace negotiations.

Earlier, United States Ambassador to Manila Harry K. Thomas, Jr. welcomed the announcement by the Philippines and the MILF that the two sides finalized a framework peace agreement.

UK Foreign Secretary William Hague said the UK believes the framework agreementhas the potential to bring peace, stability, and development for Muslims in Mindanao.

British Ambassador to Manila Stephen Lillie said the peace process between the GPH and the MILF has taken a huge step forward with this framework agreement. —wth reports from Sarah H. Velasco, Genalyn D. Kabiling, Mario B. Casayuran, and Roy C. Mabasa

...the New Tiger

Sturdy banks and enough foreign exchange reserves also put the countries at an advantage, it added.

National debt also remains low in the Philippines and Indonesia compared to countries in the West, "leaving both enough room to boost their economies in case of need," the report said.

Market Watch also noted that the two countries' stock markets "are among the world's best performing since the end of 2008."

Marking the two countries' takeoff, Market Watch said, is their leap from borrower to lender status in the International Monetary Fund, with each pledging $1 billion to replenish the multilateral bank's funds.

This, as Market Watch noted that the IMF bailed out the two countries during the Asian Financial Crisis of the late 1990s.

These developments have not escaped the view of global investors which are now turning their heads toward the Philippines and Indonesia, Market Watch said.

"Both markets have been a popular choice for investors since 2009 and have extended a solid upward run with sharp gains so far this year," it noted.

Market Watch highlighted the Philippines' status as second to Thailand's best-performing stock exchange in Asia so far this year, rising 18 percent. Indonesia's Stock Exchange meanwhile gained 4 percent.

"Signaling the strength of foreign investor interest in both the Philippines and Indonesia, new products have been developed to provide overseas investors with more options to access those markets," it noted.

The two countries are not free from risks, however, with Market Watch noting that challenges include "sustaining political stability, tackling widespread corruption and improving their poor infrastructure."

The Philippines' heavy dependence on remittances from overseas workers may also prove to its disadvantage amid a weak global environment, the report added.

This, even as it echoed forecasts that the services sector and high remittances will drive economic growht in the Philippines this year.

"To sustain its trajectory, the Philippines needs to not only get more value out of existing industries, but also forge new ones," Market Watch said.

PH is among Southeast Asia's 'New Tigers'

By Kim Arveen Patria

Yahoo! Southeast Asia Newsroom

Mon, Oct 8, 2012

 

A view of EDSA during the rush hour. (Photo courtesy of Yen Baet)

The Philippines' recovery from the Asian financial crisis and its high potential for growth has prodded a business website to name it one of the "New Tigers" in Southeast Asia.

The Philippines, as well as Indonesia, have "come of age" and are "poised to drive future growth and grab more economic power," Market Watch said.

"In an economically vibrant Southeast Asia, Indonesia and the Philippines stand out as the region's 'New Tigers' with the potential to leave a bigger imprint on global growth for years to come while the developed world struggles with excess debt and traditional regional heavyweights China and India lose momentum," it added.

This review of the Philippines is the latest in a string of recent positive assessments and forecasts, most of them noting deep-seated governance reforms and its impact on ease of doing business.

The Philippines and Indonesia's edge over other countries in the region, Market Watch said, include "large and young labor force, an expanding middle class and... elected governments with policies inspiring investor confidence."

An expansion in the tourism sector may be the perfect fit, with the report noting that it may "help absorb labor in its swelling population."

For tourism to takeoff, however, Market Watch said the government must address the issue of poor infrastructure.

Aging roads and inadequate airports choke economic development while also discouraging tourism, the report said.

"The problems are curtailing the growth of what many see as the critical next-wave industry," it added.

Aside from tourism, mining could also drive growth for the Philippines, Market Watch said.

"The country is rich in minerals including copper, gold and nickel, but development of the mining industry has been stalled by political resistance and layers of red tape," the report noted.

"Regardless of which industries the Philippines seeks to develop, international backing will be crucial," Market Watch said.

The world-recognized four Asian Tigers are Hong Kong, Singapore, South Korea, and Taiwan.

...the Knot actress

British Filipina actress co-stars in The Knot

by Patrick Camara Ropeta,

ABS-CBN Europe News Bureau

10/05/2012

 

 

 

 

 

LONDON - From Pink Ranger to crazy bridesmaid, actress Rhoda Montemayor debuts on the big screen with a risque role in “The Knot”, a raucous romantic comedy dubbed as the British version of “Bridesmaids” and “The Hangover”.

Set on a summer day in London, it follows the mishaps of a young couple as they go through their wedding day with a set of rowdy friends.

Montemayor plays bridesmaid Anisha, a free-spirited minx who gets up to all kinds of shenanigans, which proved to be a hit with audiences from previews of the film.

“Anisha is crazy. She is fun. I really enjoyed playing her. However, it was quite a challenge because she gets up to a lot of mischief within the film. I’m actually quite nervous about my parent’s seeing this,” she told ABS-CBN News at a special screening and Q&A at London Film School (LSF).

“To be honest, it was quite difficult to relate to Anisha when I was reading the script. I didn’t know how to relate to her because she was so wild and out there, so carefree. But I always try to relate to every character I play, so I found my angle to make her really fun and I grew to like her.”

Best known as Pink Ranger from popular children’s series “Power Rangers: Operation Overdrive”, her latest role is a departure from the tame characters she typically portrays, including stints in British television shows like “Trinity” and “Holby City”.

“One of the main differences is the fact that this character is the most adult role I have played to date.
I do get up to some mischief. So in comparison to all the other stuff which has been quite family friendly, this is the other extreme,” she explained, laughing at the thought of her Filipino parents watching the naughty film.

“I’m really happy with her performance,” observed Enrico Tessarin, a UK-based Italian producer of The Knot, who also attended the event at LFS.

“Audiences love her character. We had a lot of good feedback. I have no doubt she is going to do a lot more films. And I look forward to working with her in many projects.”

Filmed in less than a month in 2009, the independent British film boasts an impressive cast including Hollywood actress Mena Suvari, best known for her roles in “American Beauty” and “American Pie”.

She plays alongside a host of rising stars from British cinema, including BAFTA award winner Noel Clarke (Kidulthood), Matthew McNulty (Little Ashes), and Talulah Riley (St Trinian’s).

“I was blessed enough to work with Noel Clarke who is a big star in the UK and abroad, and he brought with him a lot of good actors including Rhoda Montemayor. And so we get a fantastic ensemble cast and a really good film getting fantastic feedback,” said Tessarin.

Montemayor added: “It was very overwhelming to begin with, I have to honest. I’ve known Noel for quite a long time, but this is the first time I’ve worked with him on screen properly. And obviously Mena Suvari is a massive name. I remember watching her films years ago. She was someone I was nervous about meeting. I’m hugely honoured to be working side by side with them.”

The film is touted by Company Magazine as the “British Bridesmaids meets The Hangover”, both of which amassed millions at box offices worldwide, a comparison welcomed by the film’s producer.

“I’m very proud of that. If The Knot does 10% of their combined box office, I’ll be forever happy and grateful. It’s a wedding film for today. It is about two people like us who get married. A lot of people don’t believe in marriage anymore, and there’s a lot of pressure sometimes to get married or not to get married,” said Tessarin.

“It’s a warm film. It’s going to make you laugh. Fingers crossed it’s going to make you think about love. Everybody comes out of the cinema with a big smile, which is priceless.”

“The Knot” is out on 05 October in cinemas across UK and Ireland.

...the Pinoy amateur actors in Dutch films

Two Pinoys star in Dutch film on domestic help

 

 

By Loui Galicia,

ABS-CBN Europe News Bureau

10/05/2012

 

 

HOLLAND - Three Dutch women are behind the making of a film about the life of a homosexual Filipino houseboy in Holland.

 

Produced by Family Affair Films, “Boy” was included among the Dutch films that were screened at the Netherlands Film Festival in Utrecht.

Arvin Quirante plays the gay dancer boyfriend of Gerald Gonzales in the Dutch film "Boy"

The movie’s writer took inspiration from her Pinoy friend who worked as a houseboy, hence the film was aptly titled as “Boy.”

“I was intrigued by someone I know who cleans posh houses in Amsterdam and I know him as a very mysterious, secretive man who seems very intelligent and too good for this kind of work,” Cecily Levy told ABS-CBN Europe News Bureau.

“I’ve been intrigued by his secret world moving around in these posh houses, seeing everyone’s secrets, everyone’s dirty underwear, everyone’s mess but not really being a part of their lives” Levy added.

According to Levy, it was a very intensive writing period, and the whole story is an image of the tension between being very service-minded and also very dependent on their environment.

“I think Filipinos, they are all over the world. They are very highly educated, they know their languages. They are very friendly and they mingle easily in the different kinds of environment,” Levy said.

“Boy” showed the hard work, patience and concern of the Filipino domestic helper to his employer as well as his love for his family in the Philippines.

Gerald Gonzales plays the role of "Boy", a homosexual and undocumented worker in The Netherlands

Both Dutch and Tagalog were spoken in the movie.

Two unknown Filipinos starred in “Boy” and are now instant celebrities in The Netherlands.

“They’re amateurs but you don’t have professional Filipino actors in Holland in this age that we wanted, that speak Dutch and Tagalog and that require the kind of expressions that you need,” the film director Tami Ravid said.

“I love them. I am very happy I found them. I found Arvin in the beginning, in the first casting and I already knew I wanted him for the boyfriend and then I have to find a lead but it took a long time but I found him...They have very good chemistry with each other,” Ravid added.

Arvin Quirante

Gerald Gonzales played the role of “Boy”, a homosexual and undocumented worker in The Netherlands, who works as house cleaner in order to support his family in the Philippines.

With him is Arvin Quirante who played the gay dancer-boyfriend of Gonzales.
The two Pinoys cannot believe their luck in landing on the big screen in The Netherlands.

“Mixed emotions kasi, of course, marami namang magagaling na Pilipino na pwedeng gumawa ng role pero happy, at the same time, shocked. I did not expect that I will be cast in this role,” Quirante said.

“Actually I don’t have any acting experience. I got this part by accident. My friend sent me the link to the website,” Gonzales said.

Without any acting experience, the two Pinoys landed major roles which will change their lives forever.

“Medyo mabigat yung theme. It’s not just about being gay but also about being illegal in Europe also pagiging malungkot yung buhay na mahirap sa Philippines tapos dito din yung buhay ng mahirap,” Gonzales said.

“Ninerbyos kami parehas ni Gerald pero ang mga team, they handled it very professionally so kumalma kami,” Quirante said.

Quirante even took the initiative to take a few hours of pole-dancing lessons in order to portray the role well and was very happy when he finally watched the movie.

The two Pinoys are not only thankful for the very rare opportunity to show their acting skills and be international stars but all the more for the very big chance to give life to the struggles of gay Filipinos outside the Philippines on the Dutch silver screen.

...the Malaysian covergirl

Pinay teen wins 2012 covergirl search for Seventeen Magazine-Malaysia

 

October 5, 2012

GMA News

 

 

Sixteen-year old Filipina Erika Magora recently won the 2012 Covergirl Search of the Malaysian edition of Seventeen Magazine.

 

 In a news release on Friday, the Philippine Department of Foreign Affairs (DFA) said Magora was born of Filipino parents and grew up in Valenzuela City.

She arrived in Malaysia in 2008 with her mother and grandmother, and speaks fluent Malay, English, and Filipino.

Magora studies in a private school in Subang Jaya, Selangor, and is always a top student in her class. The DFA said she intends to pursue law studies in college.

Magora's hobbies include playing the guitar, singing, surfing the net, and reading books.

Last January, Magora attended an event entitled “Clinique Sweet Seventeen Makeover Party” organized by Seventeen Malaysia.

During the event, one of the magazine editors spotted her and invited for a photo shoot for their June 2012 issue.

In April, she also joined the Seventeen Covergirl Search 2012.

"Because of her charm and beauty, she stood out from all other contestants and won the contest. She then appeared in the magazine’s October 2012 issue, together with Malaysian pop star Mizz Nina," the DFA said.

 

Magora paid a courtesy call on Philippine Ambassador to Malaysia Eduardo Malaya on October 1 with her mother, Anne Patricia Magora.

Malaya congratulated Magora for her victory and urged her to remain a well-rounded individual.

“Do continue to be a pride of your Filipino heritage, and show to them the beauty, spirit and other positive Filipino traits. Also, be a good example to your fellow teenagers on what they can strive to be,” he said. - VVP, GMA News

...the 22nd climb

PSEi reaches new all-time high

 

ABS-CBNnews.com

 10/03/2012

 

 

MANILA, Philippines (UPDATE) - The Philippine Stock Exchange index hit a fresh all-time high on Wednesday, the 22nd time this year.

 

The PSEi closed at 5,375.52 on Wednesday, 0.50% higher than the previous day's close. The previous record close was 5,369.98 on July 2.

"The upbeat outlook of the economy, including the Asian Development Bank's assessment in its recent report, affirms confidence in the Philippine market, pushing the main index to yet another unprecedented level," PSE Chairman Jose T. Pardo said, in a statement.

SM Investments was the top traded stock, up 2.7% to P760. Ayala Land rose 0.85% to P23.60, while Alliance Global Group fell 0.13% to P14.94.

At the foreign exchange market, the peso was almost unchanged at P41.595 against the US dollar.

Asian markets mixed

Meanwhile, Asian markets were mixed with uncertainty over a bailout for struggling Spain keeping traders on edge.

Hong Kong, which was returning after a two-day holiday, rose 0.23 percent, or 47.90 points, to 20,888.28.

Sydney climbed 0.13 percent, or 5.6 points, to 4,438.6 but Tokyo fell 0.45 percent, or 39.18 points, to 8,746.87.

Shanghai and Seoul were closed for public holidays.

With Wall Street unable to provide a spark, regional trade was tepid as investors await policy meetings by the central banks of Europe and Japan as well as closely-watched US jobs figures later in the week.

The eurozone crisis continued to weigh after Spain's Prime Minister Mariano Rajoy said he was not planning to ask for a rescue package any time soon, despite the parlous state of the country's finances and its dangerously high borrowing costs.

Spain, the eurozone's fourth biggest economy, is required to make a formal demand for help in order to trigger the release of eurozone rescue funds and supportive action from the European Central Bank.

Analysts had expected it to formally ask for help within days after last week unveiling an austerity budget widely seen as a precursor to a request.

"There was little to encourage a bounce across the risk spectrum overnight with moderate weakness from US equities alongside easing expectations Spain will imminently seek financial aid," said Melbourne-based Chris Gore, currency analyst at GO Markets in a note, according to Dow Jones Newswires. - With Agence France-Presse