Thursday, June 27, 2019

PH powerhouse economy

‘PHL growth faster than regional powerhouses’

Rea Cu| Business Mirror
27 June 2019

GROWTH of the Philippine economy will be faster than other regional economic powerhouses under the Duterte administration, the Department of Finance (DOF) said on Wednesday, citing the World Bank (WB) for such projection.

The country’s strong macroeconomic fundamentals provide the basis for the Bank’s expectations that the Philippine economy will grow faster than China and Malaysia, the DOF said in a statement on Wednesday.

Finance Undersecretary Gil S. Beltran said the World Bank based its projections on the Philippines’s solid external stance and “highly domestically driven” economy, which provides it “ample cushion” against external headwinds that are generally foreseen to slow down global growth this year.

“The Philippines is also expected to remain as an attractive destination for foreign direct investments [FDI]. We are pushing for further liberalization of investment ownership in the country,” said Beltran, also the chief economist of the DOF.

According to World Bank forecasts, the Philippines’s gross domestic product (GDP) is expected to grow by 6.4 percent this year, second only to Vietnam’s 6.6 percent, and higher than China’s 6.2 percent, Indonesia’s 5.2 percent and Malaysia’s 4.6 percent.

In 2020 and 2021, the Philippines’s GDP growth of 6.5 percent for both these periods will equal Vietnam’s 6.5 percent, also for both periods, and surpass China’s 6.1 and 6.0 percent, respectively.

The Indonesian economy is projected to expand 5.3 percent for 2020 and 2021, while Malaysia will maintain its growth at 4.6 percent in both these years.

Based on an economic research published by Standard & Poor’s (S&P) Global Ratings for June entitled Apac Monthly Snapshots: Trade Wars and Currency Corners, the country’s GDP is seen to settle between 6 percent and 6.5 percent this year.

“We continue to expect GDP growth to come in at the low end of the 6 percent to 6.5 percent range in 2019, with a likely resumption of the infrastructure build in the second half of the year to bring the fiscal impulse for the year to around neutral after being negative in the first half of the year. We also expect BSP [Bangko Sentral ng Pilipinas] to maintain its easing bias this year, supporting growth, as inflation will likely stay benign especially compared to last year’s spike,” the economic research said.

Beltran noted that the country’s debt-to-GDP ratio also continued its downward trajectory on the Duterte watch despite its ambitious infrastructure buildup under its “Build, Build, Build” (BBB) program, with national government debt in relation to GDP at 42.1 percent in 2017, and falling further to 41.9 percent in 2018.

“Moreover, the Philippines has implemented monetary and nonmonetary policies to keep inflation manageable and bring it back to the government’s target range of 2 to 4 percent this year. Perceived overheating risks have abated, driven by government measures and policies,” Beltran said.

Fitch Ratings has also maintained its “BBB” with a stable outlook for the Philippines as of May this year, while Moody’s also affirmed its Baa2 with a stable outlook as of November 2018.

Sunday, June 23, 2019

PH as global diving destination

Positioning the Philippines as global diving destination




Saturday, June 22, 2019

The Filipino Schindler (movie)

The Filipino Schindler: How the country's former president saved hundreds from the Holocaust

Chris Neebould
The National (UAE)
22 June 2019


In the opening scenes of Quezon’s Game, a newsreel plays harrowing images of concentration camps and the atrocities carried by the Nazi Party. As the reels plays, an ailing president of the Philippines, Manuel Quezon – head of a government in exile at the end of the Second World War – turns to his wife and asks: “Could I have done more?”

The real Manuel Quezon, who was president of the Commonwealth of the Philippines from 1935 to 1944. Alamy
The real Manuel Quezon, who was president of the Commonwealth of the Philippines from 1935 to 1944. Alamy
It’s a fair assumption that most of the audience at screenings won’t know what he’s referring to. Is it his becoming the first elected president of a fully unified Philippines? 
His successful land reforms? His attempts to free the nation’s economy from the shackles of foreign ownership? His war on corruption? Or his leading of a ­government- in-exile in the US following the Japanese occupation of his homeland?

In fact, he’s not talking about any of these things, but about a little-known period in his presidency, one that doesn’t feature in many history books and remains a mystery to a vast majority of Filipinos.

Kate Alejandrino, right, stars as Maria Aurora “Baby” Quezon. Courtesy Film Freeway
Kate Alejandrino, right, stars as Maria Aurora “Baby” Quezon. Courtesy Film Freeway
Thanks to his actions, Quezon can reasonably be described as Asia’s equivalent of Oskar Schindler, the German industrialist credited with shielding more than 1,000 Jews from the Holocaust by employing them in his factories.

Between 1938 and 1941, Quezon concocted a plan with his American poker-playing buddies – Paul McNutt, the US high commissioner, Philippine residents and cigar magnates the Frieder brothers, and Dwight ­Eisenhower, then chief of the US military in the islands.

Their idea would mean Quezon issued visas and assisted with transport to smuggle around 1,200 Jews out of Nazi-occupied Europe and resettle them in the Philippines. Had Quezon’s plans gone perfectly, he would have rescued more than 10,000 lives. He had already built a ­village where successful escapees could have lived and worked in the city of Marikina, and had declared the southern island of Mindanao a safe space where he hoped to settle a ­further 10,000 European Jews. Sadly, the Japanese invasion of the Philippines in 1941 cut his scheme short and the president was forced to flee his homeland to establish his ­government in exile.
Manuel Quezon with his son, Manuel Jr, his wife, Dona, and his daughter, Maria. Corbis via Getty Images
Manuel Quezon with his son, Manuel Jr, his wife, Dona, and his daughter, Maria. Corbis via Getty Images
The story was lost on the shelves of history, but now British filmmaker Matthew Rosen, a long-time resident of the Philippines, has brought the tale to the big screen – picking up more than 20 international festival prizes on the way. The film is currently in cinemas in the Philippines, while Filipino channel ABS-CBN, in association with the Philippine Embassy in the UAE, is planning select UAE screenings soon.

Rosen has been making films in the Philippines since the 1980s, after he was brought over as a cinematographer on a six-month contract by a British producer. That contract was extended to a year, and by then he’d fallen in love with both the country and his wife-to-be. He never left.

The tale of how he came across this particular story, which even his ­Filipina wife was unaware of, is almost as incredible as the story itself. “I found out totally by accident,” he admits. “I’m a British Jew, living in the Philippines with my wife, and we went back to the UK for a Jewish wedding. When we started singing [traditional Jewish wedding song] Hava Nagila, my wife knew all the words and dance moves.”
Raymond Bagatsing, Billy Ray Gallion, and David Bianco in 'Quezon's Game'. Courtesy Film Freeway
Raymond Bagatsing, Billy Ray Gallion, and David Bianco in 'Quezon's Game'. Courtesy Film Freeway

Upon quizzing his wife Lori on her sudden command of Hebrew, he discovered that she used to sing the song on the streets of her hometown as a child, and had always assumed it was a Filipino song in a dialect she didn’t understand.
Rosen looked further into the mystery on returning to the Philippines, where a visit to a museum in the back room of a synagogue revealed that the area where his wife had grown up once had a sizeable Jewish population. Slowly, the puzzle began to fit together, and once Rosen had managed to track down the surviving family members of both Quezon and the Frieder brothers, the full scale of the joint US-Filipino evacuation efforts came to light.
There is still a small Jewish ­community in the Philippines, Rosen adds, although most of those who came over during the Holocaust left when the war finished – the Japanese destroyed the village they had moved to, which was on the site of what is now Marikina City Hall. Although the filmmaker notes that the local Jewish community had some knowledge of the events, the Filipino community had none at all. “I just felt this was a story that needed to be out there. Quezon was a hero,” he says.
With the story complete, there was still one major challenge ­remaining for Rosen – getting the film ­funded. The Filipino cinema market is ­traditionally skewed towards ­romance, comedy and the occasional big action flick. Historical drama is not something the local industry is known for. It’s perhaps doubly surprising, then, that not only did Rosen successfully raise the film’s reported $500,000 (Dh1.8 million) budget, but he did so through the Philippines’s biggest mainstream TV and cinema conglomerate, ABS-CBN.
“It was really difficult, and ABS was not the first place we tried,” he admits. “It took us three years of solid pitching. We’d been turned down by almost everyone else, but we hadn’t tried the big houses first, because we didn’t think this was the kind of film they’d make. We’d been trying to pitch to government agencies and indies, but absolutely nobody wanted it.”
Rosen could perhaps have saved himself the trouble – his last resort loved the idea, and took it on board almost immediately: “We should have gone there first as they saw something they liked and it was settled very ­quickly,” he says.
Audiences seem to have bucked the trend of eschewing historical dramas, too, perhaps understandably given this fascinating lost story about one of their national heroes. The film is already in its third week in Filipino cinemas, and the director reports that it is still playing to packed houses and may extend its run.
Rosen’s next plan is to get the film out to wider audiences internationally. Quezon’s Game is filmed 80 per cent in English, with the remainder in subtitled Spanish and Tagalog, and its impressive festival run at the turn of the year should bode well for international audiences, too.
ABS-CBN in Dubai hasn’t yet confirmed the exact details of its planned UAE screenings, but perhaps the film’s runaway success back home could tempt them to give it a wider opening.

Friday, June 21, 2019

Philippines in Goldilocks economy

Philippines enters ‘Goldilocks’ economy phase — Diokno




Lawrence Agcaoili 
The Philippine Star
June 21, 2019 

Right mix of high growth, low inflation

MANILA, Philippines — The Philippines has entered a “Goldilocks” economy with the right mix of high economic growth and low inflation, according to Bangko Sentral ng Pilipinas Governor Benjamin Diokno.



In a speech during the Wallace Business Forum (WBF), Diokno said the Philippine economy has entered a state of having “just the right” mix of high growth and low inflation.

“In other words ladies and gentlemen, the Philippine economy continues to fire on all cylinders and is expected to see steady economic growth without possible risks of overheating,” Diokno said.

“In terms of financial stability, we want to maintain a Goldilocks economy by not allowing markets to create new risks and vulnerabilities. This means that we do not only concern ourselves with growth and price stability, but also take into account resiliency. Implementing measures that would further enhance the existence of flexible systems and develop financial markets remains a policy imperative,” Diokno also said.

The country’s gross domestic product (GDP) growth slipped to a four-year low of 5.6 percent in the first quarter from 6.3 percent in the fourth quarter of last year primarily due to the delayed passage of the 2019 national budget.

On the other hand, inflation averaged 3.6 percent from January to May – well within the BSP’s two to four percent target – despite the slight uptick in May to 3.2 percent from three percent in April.

Inflation accelerated to 5.2 percent last year from 2.9 percent in 2017 due to elevated oil and food prices as well as weak peso, exceeding the BSP target range of two to four percent.

This paved the way for a tightening cycle that saw interest rates rise by 175 basis points in five straight rate-setting meetings between May and November last year to prevent inflation from spiraling out of control.

The BSP, however, slashed interest rates by 25 basis points due to easing inflation and slower-than-expected GDP growth in the first quarter.

“This decision was aimed at helping inflation move toward the middle of the target range and give due consideration to growth, in line with the BSP’s flexible approach to inflation targeting,” Diokno said.

According to Diokno, GDP growth is expected to pick up in the second half with the catch-up government spending plan.

“This positive alignment between growth and inflation has been a constant narrative and is expected to further lend support to the country’s long-run growth momentum,” Diokno said.

Despite all these positive developments, Diokno said there are still challenges on the horizon as International Monetary Fund chief Christine Lagarde aptly puts it, “the global economy is at a delicate moment”—as we see uncertainty as well as lack of trust and confidence by the business community as to what the global economic landscape is going to be.

The IMF has revised downward its global growth forecast for 2019 to 3.3 percent from the previous target of 3.7 percent.

With global growth slowing, Diokno said advanced economies have shifted from a restrictive to a more accommodative stance of monetary policy and there is tendency in some economies to move away from globalization toward the rise of protectionist policies such as the protracted trade tensions between the US and China.

“While the Philippines is not directly affected with the tariff impositions, the continued trade friction could take its toll on the country’s external sector,” he said.

5G Southeast Asia's first

Southeast Asia's First 5G Internet for Homes Is in Philippines





Globe Telecom Inc. will offer next month a fifth generation or 5G wireless broadband for Philippines homes, the first commercially available internet with such speed in Southeast Asia, the company said.
“We made a crucial step in fulfilling our goal of connecting more Filipino homes,” Ernest Cu, president at Globe, said in a statement. Offering 5G speed, which is faster and more secure, will help the company’s 2020 goal of connecting 2 million households to its various home internet products from 1.7 million in the first quarter, Cu said.

The venture of Ayala Corp. and Singapore Telecommunications Ltd. will initially offer 5G packages in Pasig City in the capital region and in nearby provinces of Cavite and Bulacan. Globe's share price was little changed at 2,218 pesos on Friday morning.

Globe's statement didn't say which company it tapped for the home 5G. Last month, a Huawei Technologies Co. Ltd spokeswoman in the Philippines said Globe and rival PLDT Inc. both committed to continue 5G initiatives with the Chinese tech company.

Thursday, June 20, 2019

PH universities in world ranking

4 Philippine universities among world’s top 1000



Marjaleen Ramos
Manila Bulletin
20 June 2019

Four universities in the Philippines made it to the QS World University Rankings 2020.
The rankings, released on Wednesday, showed that University of the Philippines (UP), the country’s flagship state university, moved up from 384th last year to 356th.
University of the Philippines Diliman | Photo courtesy of Wikimedia Commons
356. University of the Philippines 
Ateneo de Manila University (ADMU) ranked to 601-650th spot from 651-700th last year.
Related image
601-650. Ateneo de Manila University
 De La Salle University (DLSU) and University of Santo Tomas (UST) both retained their 801-1000th spots.
801-1000. De la Salle University



801-1000. University of Sto. Tomas




The QS ranks the top 1,000 universities in the world according to academic reputation, employer reputation, faculty/student ratio, citations per faculty, international faculty ratio, and international student ratio.
The top five in the list were Massachusetts Institute of Technology, Stanford University, Harvard University, California Institute of Technology, University of Oxford and University of Chicago.
In Asia, the top school was Nanyang Technological University (NTU) in Singapore, which beat out the National University of Singapore (NUS) which dropped to second place.
Tsinghua University was third, Peking University fourth and University of Tokyo fifth.

Pinoy farmer finalist in International Cocoa Awards

Filipino farmer makes it to the finals of 2019 International Cocoa Awards Antonio Colina Manila Bulletin 18 August 2019 DAVAO CITY ...