Welcome to Omgili,
Omgili ( Oh My God I Love It ;) is a search engine for discussions. With Omgili you can find answers and solutions, debates, discussions, personal experiences, opinions and more... To learn more about Omgili click here.
This is a complete preview of the discussion as it was indexed by Omgili crawlers. Use this preview if the original discussion is unavailable.
Click here to view the original discussion.
 |
|
 |
|
Whiffs of good news - News & Politics - General - Light For Lives - Message Board - Yuku
Kind souls save 'dying' surgical unit at PGH
By Edson C.
Tandoc Jr.
Philippine Daily Inquirer
First Posted 03:55:00 04/07/2009
Filed Under: Good news , Hospitals and Clinics , Children , Health treatment , Charity
MANILA, Philippines-The worst of times can bring out the best in Filipinos.
They've cut back on unnecessary spending but not on generosity.
Donors, many of them anonymous, came to the rescue of a special surgery unit in the Philippine General Hospital which was closing down due to lack of funds.
The PGH Pediatric Neurosurgical Craniofacial Unit was supposed to halt operations in January after helping save 168 children from ridicule and misery because of congenital abnormalities.
Donations have reached more than half-a-million pesos so far, enough to keep the unit alive for the next 18 months, its chief proponent, Dr.
Gap Legaspi, told the Philippine Daily Inquirer (parent company of INQUIRER.net).
"I never expected this kind of response, especially during [an economic] crisis," he said.
Treating children
Private donors enabled Legaspi to set up the unit in April 2008 as the only neurosurgical unit in the country that caters to children with congenital abnormalities, performing otherwise costly procedures at affordable rates.
The unit treats children suffering from encephalocoeles (where part of the brain fills a big sac bulging between the eyes), hydrocephalus (where fluid accumulates in the brain), myelocoeles (where the spinal cord protrudes and forms a mass at the back) and craniosynostosis (which causes deformities in the face).
Operations to treat these conditions cost P300,000 in private hospitals.
It costs between P15,000 and P20,000 at the unit, according to Legaspi.
Most children born with these deformities come from poor families who cannot afford multiple surgeries and rehabilitation procedures.
Since the defects are not life-threatening, hard-up parents tend to defer treatment.
However, these inborn abnormalities, if not corrected, can lead to complications affecting the brain, hampering the intellect and other bodily functions.
Answering the call
The Inquirer published an article about the unit on Jan.
6. Legaspi said that in the morning of the same day, he started receiving phone calls.
"I was surprised," he said, as his telephone number was not in the article.
Those who called him had searched for his contact details-proof of their determination to help.
He got calls from relatives of his patients, politicians and even total strangers.
Saved by donors
Since the Inquirer ran the article, the unit has received some P510,000 * in donations.
Saved from closure, the unit has accommodated some 68 poor children since January.
"The response has been unbelievable," Legaspi said.
"I didn't think people would entrust big amounts of money to strangers," he added.
The donations are being channeled to the Brain Foundation, an academic foundation for research in the field, which also helps the unit.
Big and small
A donor, who insisted on remaining anonymous, gave P190,000 and an air-conditioner.
Others gave smaller amounts but would give every month since.
Previous donors also pledged to help again.
The Rotary Club of San Juan del Monte, which helped refurbish the room in 2006, promised to renovate the operating room.
Sen.
Pia Cayetano, through her Gabriel Symphony Foundation, established in memory of her son who died of congenital abnormalities, was once again helping the unit.
Inspired
The donations not only keep the unit alive, but they also keep the staff members inspired.
"The donations help lift the staff's self-esteem," Legaspi said.
The funds will pay the salary of two nurses and one custodian.
Surgeons usually offer their services for free, as well as the use of their own sophisticated equipment ** .
Legaspi said he thought Filipinos had grown cynical because of what the country has been through, but "they are willing to help if they know where their donations are going."
* ~ US$10,000
** Many doctors and surgeons have to buy their own equipment that hospitals cannot afford to buy.
Oftentimes several doctors will pool their funds and schedule the use of these equipment.
We had one ophthalmologist who bought his own operating microscope and was very angry when a colleague used it for an operation but was somewhat appeased later when he learned that it was an emergency and the patient as an indigent and the operation was done free of any emoluments accruing to his rival.
I trained in this hospital for sometime in the early 90s and we had to sing our way to a computer system for our department.
We were told that there is no budget in the foreseeable future, so we practised Christmas carols and come Yule season sang in homes until we garnered enough funds for a new computer and upgrading our two very old computers.
Our research and case presentation were much better after this.
I think this was when I discovered I had a 'great' voice (I was the assigned 'tenor' in our choir, LOL, our audiences were very kind hearted indeed) although our church choir had politely turned me down even with this in my 'employment' record.
Last Edited By: justcapricorn01 04/10/09 4:44 PM.
Edited 2 times.
|
|
 |
|
 |
|
|
|
|
Ariel, I know how you feel.
When I was in high school I tried out for the school choir.
I was told I'd never be any kind of singer....
When I was in Guam while in the Air Force, I joined the church choir and did will.
I also joined a choir from Guam that included folks from some of the other islands nearby.
We had rehersals twice a week and the islanders would catch a ride on the local supply boat.
We had to make the ladies wear t-shirts for rehersals.
The local priest didn't agree with bare chested ladies in the choir.
The ladies were insulted to say the least.
So it was okay to be bare for the rehersals but they would have to wear t-shirts for the performance.
The show was a hit.
We sang the Peaceable Kingdom by Randall Thompson and everyone loved it.
When I got back to the US and got out of the AF I lived in Atlantic City and joined the local Barbershop Society.
They needed tenors and I was added to the choir gladly by the director.
A few months later I tried out for a Jewish choir in Atl.
City. I was the lone mensh and we sang at all kinds of affairs.
Bar Mitzvah's, bas mitzvah', other choir gathererings.
We premeired a symphony written by the choir director up in New York and we were thrilled to have a couple of bows.
So, this never-will-be-a-singer guy proved that idiot high school director a fool.
Success is the best revenge
|
|
|
|
|
|
|
|
|
Most of the doctors in our department (Family Medicine) were women.
Of the thirty or so doctors there were only five of us males.
I in fact, didn't want to join, I didn't want to be embarassed but our department head was adamant.
I was sort of 'conscripted', I had no choice, but I did deliver, after a manner.
LOL.
|
|
|
|
|
|
|
|
|
Consuelo Alger: Unknown Zobel a 'saint'
By Rick B.
Ramos
Philippine Daily Inquirer
First Posted 03:42:00 04/09/2009
Filed Under: People , Charity , Family
MANILA, Philippines - Her generosity has built a shelter for homeless children in Baguio, dormitories for students in Muntinlupa , and classrooms for the Badjaos in Sulu.
These are among the projects that seek to help street children , women, the handicapped and cultural minorities have a better future.
To help the poor and the needy, Consuelo Zobel Alger bequeathed her entire estate (worth more than a hundred million dollars) to charity two decades ago.
She established the Consuelo Zobel Alger Foundation in 1988, two years before she died at the age of 76.
She had said that she "would like to renew hope for those who have lost it or give hope to those who never had it."
Half-sister of Zobel matriarch
In her will, Consuelo stipulated that 75 percent of the earnings of her endowment be spent in the Philippines.
She did this because her family's money was earned in the Philippines and she wanted to give it back to the country.
Who is Consuelo?
She was the half-sister of Mercedes Zobel McMicking, the matriarch of the Zobel de Ayalas.
Consuelo and Mercedes were the rich aunts of first cousins Jaime Zobel de Ayala and the late Enrique Zobel y Olgado .
Like Mercedes and Joseph McMicking, Consuelo and James Alger were childless.
The Algers settled in Hawaii in the 1970s when Consuelo's husband, a three-star American general, retired from military service.
How the Consuelo Zobel Alger Foundation got started and what it has done quietly over the past two decades is a story that has to be told.
Homeless children
In 1987, Patti Lyons, an American social worker , went to Manila to work on an adoption program of the Child and Family Service Hawaii.
While she was in the Philippines, the new Cory Aquino administration asked her to help with the street children problem.
The thousands of homeless children touched her heart.
Lyons sought to put up a shelter for the children and was confident of raising the funds as she had done before.
She gave talks in Hawaii as she looked for funding, but the money did not come.
She considered herself a failure, being unable to find the money for the shelter project for the homeless children in Baguio.
Slide presentation
When Lyons returned to Hawaii, she received a message from her secretary that a Consuelo Zobel Alger had called to talk about the project.
They later met at Consuelo's residence.
Lyons made a slide presentation on child abuse and the project for the homeless children.
The next day, Consuelo surprised Lyons with an initial check of $15,000 and asked the social worker how much it would cost yearly to operate the shelter.
Lyons, quite uncomfortable, gave the figure of $50,000.
Consuelo's simple reply was "I think I can manage that."
The shelter came about because Lyons was first approached for the project.
In one of her visits to the Philippines, she went to Baguio and met Danny Urquico, who became a cofounder of the foundation and found an old seminary, which became the site of the shelter.
Trust fund investments
A year later, Consuelo organized her foundation in Hawaii and gave all her wealth (amounting to billions of pesos) to help the marginalized people in the Philippines.
The trust fund is invested in equities, bonds and other instruments.
With the global financial crisis , the value of the endowment has declined by about 30 percent.
I had the chance to talk to Lyons in Manila after the foundation's 20th anniversary celebration last October.
http://newsinfo.inquirer.net/inquirerheadlines/nation/view/20090409-198648/Consuelo-Alger-Unknown-Zobel-a-saint
|
|
|
|
|
|
|
|
|
Firms shun layoffs despite rising costs
Cuts on 'non-people-related expenses'
By Daxim Lucas
Philippine Daily Inquirer
First Posted 21:29:00 04/28/2009
Filed Under: Labor , Employment , Economy and Business and Finance , Economic Indicators
Most Read Other Most Read Stories x Business It's a boy!
Economist sees 4% economic growth Firms shun layoffs despite rising costs SM Prime to spend P12B on new malls 10-year T-bond yield rises to 7.927% Oil prices sink again as swine flu spreads Gov't to rake in P2.8 B from Boni sale L, U or V?
Old bodega turned into classy restaurant RP tourism explores new frontiers Remittances unlikely to fall -- BSP UP graduate finds gold in zippers Business Most Read RSS Close this MANILA, Philippines -- Local companies are shunning staff cuts as a means of reducing costs and are instead focusing on improving operating efficiencies, according to a survey being conducted by the Management Association of the Philippines (MAP).
Because of this, the business lobby group said it would conduct programs aimed at helping firms-especially small and medium enterprises (SMEs)-reduce business costs while reinforcing their bias against implementing socially and economically disruptive layoffs.
According to the preliminary results of the survey, which is still ongoing, 61 percent of respondent firms were resorting to "improving productivity, such as the use of automation and information and communications technology" to reduce business costs.
This includes computerizing activities that were previously done manually, as well as cutting down on business travel and resorting to teleconferencing, among others.
The survey also showed that 33 percent of firms polled have resorted to "business process reengineering such as redesigning organizational processes."
Another 21 percent of respondents have resorted to outsourcing or "out-tasking" to reduce operating expenses.
"Surprisingly, retrenchment and offshore expansion, which means moving out of the Philippines, were the last viable options being considered by companies," MAP said in a statement.
Briefing reporters on the survey yesterday, MAP trade, industry and ICT committee chair Elizabeth Lee noted that companies in emerging economies appeared to be better prepared to cope with the global financial crisis.
Despite this, the present environment "would be a great opportunity for companies to find ways on how to lower their costs of doing business in order to survive the crisis and be more competitive," she said, explaining the rationale of the survey.
Companies were also polled to find out the costs that local firms are most concerned about.
According to the survey, 39 percent of respondents considered electricity as the most common cost that they wanted reduced.
The high cost of corporate taxes was the top concern, but this was not reflected across all companies in the survey.
Other "immediate" concerns included the cost of travel (with 43 percent of firms wanting this reduced), logistics like inventory handling (36 percent), fuel costs (33 percent), storage and rental facilities (33 percent) and marketing and advertising (33 percent).
To mitigate the effects of the crisis, MAP officials said they were encouraging their members "not to contribute to the unemployment rate," but instead focus on reducing "non-people-related" costs of doing business.
Companies are also being encouraged to tap the support of government agencies and business organizations.
The survey covered a cross section of Philippine businesses in manufacturing and services, ranging from car manufacturing, ICT, financial institutions and service providers like logistics and BPO firms.
|
|
|
|
|
|
|
|
|
Economist sees 4% economic growth
By Amy R.
Remo
Philippine Daily Inquirer
First Posted 21:21:00 04/28/2009
Filed Under: Forecasts , Government , Macro Economics , Economic Indicators , Economy and Business and Finance
Most Read Other Most Read Stories x Business It's a boy!
Economist sees 4% economic growth Firms shun layoffs despite rising costs SM Prime to spend P12B on new malls 10-year T-bond yield rises to 7.927% Oil prices sink again as swine flu spreads Gov't to rake in P2.8 B from Boni sale L, U or V?
Old bodega turned into classy restaurant RP tourism explores new frontiers Remittances unlikely to fall -- BSP UP graduate finds gold in zippers Business Most Read RSS Close this MANILA, Philippines -- Despite the global economic slowdown, the country can expect relatively brighter prospects this year in terms of economic growth and opportunities, according to a senior economist at the University of Asia and the Pacific.
At the general membership meeting of the Management Association of the Philippines, Bernardo M.
Villegas noted that in the region, there may only be three countries that will have positive growth rates-Indonesia, Vietnam and the Philippines.
According to Villegas, the Philippine economy may even register a gross domestic product growth of 4.0 percent-contrary to forecasts and estimates made by multilateral agencies.
GDP is the value of goods produced and services rendered in an economy in a given period.
It excludes remittances from overseas workers.
The government's forecast is for a 3.1-percent growth this year in the face of a global economic downturn.
The World Bank and the Asian Development Bank expect the Philippines to grow 1.9 percent and 2.5 percent, respectively.
"It is not true that the GDP of the Philippines will grow by only 1.0 percent.
I strongly disagree," Villegas said.
One factor, according to Villegas, is the fact the Philippines has a population of some 90 million-a huge domestic market to sell to-even if exports drop by 30-40 percent.
"If you take a look, the ones who will dominate are countries that have at least 50 million people," he added.
He also noted that multilateral agencies like the World Bank are using models-especially with regards to overseas workers-that are too generic.
"They look at the whole universe of overseas workers lumped together-Indians, Mexicans, Chinese and they are not taking into account that overseas Filipino workers (OFWs) are totally superior to overseas workers from other countries," he said.
He explained that while foreign countries like Spain and the United Arab Emirates are sending home overseas workers, "they almost pleaded to Filipino workers to stay."
"Why?
Because they found out that Filipino workers are multi-skilled-they can go from one job to another, and the [multilateral agencies] are oblivious to this situation," he explained.
I don't want to sound proud but I am.
In my department, the Health, Safety and Environment dept, I was the first Filipino, after they saw my work, they took on 3 more Filipinos.
But the number of employees are still the same, those whose contracts expired weren't renewed.
Considering that the company will have to shell out several thousand dollars to get new visas and work permits to get new people (compared to renewing existing permits which costs only about $120), it is a vote of confidence on Filipinos' competence and reliability.
The Survey and QA/QC (quality assurance and control) Departments have fired about 20 engineers, all Indians, because the operations were slowed down due to the fall in oil prices, but they took in 6 Filipino engineers during this period.
It is the same for the other companies working on this project, 700 men sent home to Pakistan and India, no Filipinos among them, 50 engineers sent home last year all Indians but they took in 4 more Filipino engineers during the period.
The only Filipino removed from the rolls is a friend of mine, a driver who was caught several times exceeding 180 kph in the project roads.
But three more Filipino drivers are arriving next month, while ten Indian drivers were fired this month.
Aside from all these firings, the Indian workers are in a lower salary scale than Filipinos.
Pinoy drivers are paid $200 more than the Indians, the same with the Pinoy engineers and other professionals.
My salary is $1800 higher than the Indian doctor's salary.
And yet the companies here are hiring Filipinos preferentially.
The Belgian supervisor at the workshop told me once, "one Filipino welder is like 5 Indian welders".
- Ariel
|
|
|
|
|
|
|
|
|
Filipino dancer wins DC Mayor's Arts Awards
Offers award to Philippines
INQUIRER.net
First Posted 11:35:00 03/30/2009
Filed Under: Dance , Arts (general) , Awards and Prizes
WASHINGTON D.C., United States-Filipino ballet dancer and choreographer Jason Ignacio was conferred the Outstanding Emerging Artist Award during the 24th Annual Mayor's Arts Awards given by the District of Columbia to individual artists, organizations, and patrons of the arts.
Ignacio, a professional dancer with the critically-acclaimed CityDance Ensemble who bested four other nominees in the category, said that while the award was a personal honor, he wanted to offer it to his country the Philippines.
"It is a very humbling experience to be recognized in the performing arts community.
All I can think of is how proud I am to be Filipino," he said.
Asked what raced through his mind before the announcement was made at the John F.
Kennedy Center for the Performing Arts recently, Ignacio said: "When I saw who I was up against, I thought I would not stand a chance but my director and CityDance Ensemble team were pretty confident that I would win the award."
"I had to do a somersault to balance the adrenaline rushing in my system when I heard my name called.
I said, 'People yell but I jump out of joy!'" he said.
Ignacio also thanked the Philippine embassy here for its sustained support for Filipino artists in the Washington D.C.
Area. "Having the generous support from the Philippine embassy made me feel accepted and gave me a doorway to give back to my country," he said.
In a statement, Philippine Ambassador to the US Willy Gaa congratulated Ignacio, saying, "The recognition given by the District of Columbia to Jason Ignacio is a testament to his talent and to the artistry of our people."
"Born and raised in the Philippines, Jason has proven to be an innovative talent here in the United States.
He is in a position to achieve even more with his passion for dance and his advocacy for the environment," the ambassador added.
Since his move to the United States in November 2007, Ignacio has earned critical acclaim.
In February 2009, Ignacio was also awarded the John F.
Kennedy Center Millennium Stage Local Dance Commissioning Project for his work entitled "Mountain," which centers on the eruption of Mt.
Pinatubo in the Philippines.
The Millennium Stage Local Dance Commissioning Project, a program that supports the local dance community by nurturing the creation and presentation of new dance work to a wide audience, gives the Commission Award each year to two local choreographers or companies.
Ignacio's "Mountain," set to a musical score created by sound data of volcanic seismic readings interpolated into recognizable musical elements, will be presented on the Millennium Stage of the Kennedy Center for the Performing Arts in September 2009.
In a statement, CityDance Artistic Director Paul Emerson said, "CityDance's commitment to green practices, and to using art as a tool to foster awareness and spark dialogue, is a critical part of who we are and what we do."
"The fact that Jason, an artist from Manila, can find inspiration through this, and can create an idea of such resonance that it warrants a Kennedy Center Commission, is inspiring for all of us," added Emerson.
Ignacio is a City Dance company member since November 2007.
Originally from the Philippines, he began his dance training at the age of 12.
He trained at Ballet Philippines, Philippine Ballet Theater, Steps Dance Studio, and was a member of the Earth Savers Dreams Ensemble for five years.
In 2001, Ignacio continued his dance training in New York City with a scholarship at Ballet Hispanico where he also served on the faculty as a teacher.
He was a fellowship student at The Ailey School and toured nationally with the Martha Graham Ensemble.
He has performed with the Daniel Gwirtzman Dance Company, Diversity of Dance, Cortez and Co., Connecticut Ballet, Zig Zag Ballet, American Repertory Ballet, Verb Ballets, and was an apprentice for Bill T.
Jones/Arnie Zane Dance Company.
He has also performed in Andrew Lloyd Webber's Cats as Mistoffolees at Carousel Dinner Theater, Maine State Music Theater, and West Virginia Public Theater.
City Dance Ensemble Inc.
Is the parent organization to City Dance Ensemble, an award-winning contemporary repertory dance company.
It was also named finalist in the DC Mayor's Arts Awards for Excellence in Artistic Discipline and Outstanding Contribution to Arts Education.
City Dance also won in the DC Mayor's Arts Award for Excellence in an Artistic Discipline.
|
|
|
|
|
|
|
|
|
John Su honored by Aegis and NY Festivals
goodnewspilipinas.com
First Posted 16:16:00 03/18/2009
Filed Under: Entertainment (general) , Awards and Prizes
Filipino filmmaker and multimedia artist John Paul Su has been awarded the prestigious Aegis and New York Festival awards for excellence in television related categories.
In accepting the award, the New York based filmmaker said "in challenging times when projects are scarce, one can't help but cherish these industry recognitions even more.
These awards serve as a symbol of hope and inspiration to strive harder, break new grounds, and face today's challenges with faith and courage."
The De La Salle University graduate debuted as a cable TV show director and writer for "Pulse: The Desi Beat" in 2008, received the 2008 Aegis Video & Film Production Award and the 2009 New York Festivals International TV Programming and Promotion Award for his works in the show.
Su won the Aegis Award for "Spotlight: Subhankar Banerjee," a feature segment of Pulse, an entertainment and lifestyle show, about the South Asian photographer whose passion for landscape art and nature led him to become an environmental advocate for the Alaskan Arctic Wildlife Region.
Another Pulse segment, "Spotlight: Saira Mohan," earned filmmaker Su a New York Festivals Finalist Award for Best Writing.
The segment documented the different facets of model and artist Saira Mohan who was named the Perfect Face by Newsweek Magazine in 2003.
Since Su's entry into the entertainment and visual arts industry, his eclectic body of work has consistently been recognized by various national and international award-giving institutions, festivals and media outlets.
This is the fourth Aegis Award and the second NYF Award for the filmmaker.
Su was previously recognized by the Aegis Awards for his short film Happy Anniversary, Take Out: Rex Navarrete, and the short-documentary The Making of Journey from the Fall.
New York Festivals also honored Su for his work on the promotional video of "Surreality"- a book by writer and columnist Carissa Villacorta.
Before venturing into filmmaking, Su was an accomplished communication specialist in the Philippines.
He is a two-time-recipient of the coveted national IABC (International Association of Business Communicators) Gold Quill Awards for his two major communication initiatives.
John Paul Su was born and raised in the Manila, Philippines.
He was educated at De La Salle University Manila where he graduated with dual Bachelors degrees in the Arts and Sciences, specializing in Communication Arts and Advertising Management, respectively.
In 2003, he moved to New York to pursue a career in film/television production and shortly after obtained a graduate diploma in film production from the New York Film Academy.
For more information about John Paul Su and his works, please visit www.johnpaulsu.com.
The New York Festivals (NYF) now in its 51st year, is an International Awards Group (IAG) Company.
Recognizing The World's Best Work⢠in advertising and programming, IAG and its other advertising brands, AME, Globals and Midas, honor advertising and marketing in global communications through eight annual competitions.
The Aegis Awards is one of the oldest and most respected video/film production contests in the United States.
In fact, the Aegis Awards is the only competition that features true peer judging by fellow producers, directors, cameramen, editors, and other professionals who work in the video/film industry every day.
|
|
|
|
|
|
|
|
|
RP expects steep climb to recovery
By Michelle Remo
Philippine Daily Inquirer
First Posted 00:03:00 06/19/2009
Filed Under: Economy and Business and Finance , Economic Indicators , Banking , Government
MANILA, Philippines-Although the Philippines may not slide into a recession, unlike most of its neighbors, the domestic economy is still in for a slow, steep climb to recovery, with inflation seen to be benign over the next few years, according to the Bangko Sentral ng Pilipinas.
While growth will be minimal-which means that the rise in demand for goods and services will also be small-consumer prices may remain stable over the medium term, the BSP said.
Asked to comment on concerns that the economic slowdown might lead to a recession and result in contraction of consumer prices, BSP Deputy Governor Diwa Guinigundo said such fears could be laid to rest, citing the central bank's projections.
"I don't think disinflation will emerge in the Philippines...
Most important, I expect growth with very mild inflation in the next few years," Guinigundo said.
Also, recent spike in oil prices need not lead to worrisome inflation levels, he said.
Recent expectations that the crisis has bottomed out and the global economy is on its way to recovery has pushed up oil prices.
Some analysts believe that a recovery-led increase in demand for oil will fuel speculative activities, which may, in turn, lead to a sharp rise in oil prices.
*But while the BSP said it was monitoring movement of oil prices in the world market, Guinigundo said the spike would not likely create inflationary problems in the short to medium term.
"It is of course possible for inflation to reflect higher oil prices in the global markets.
But for this increase to be sustained, one has to assume that the economic recovery is just around the corner, and is coming fast and strong.
That is not the case.
It is possible there will be recovery, but the recovery may be slow," Guinigundo said.
For this year, the government expects the economy to grow between 0.8 and 1.8 percent.
This was a cut from the original projection of between 3.1 and 4.1 percent, marking a sharp slowdown from last year's actual growth of 4.6 percent.
The reduction came after it was reported that the economy, measured in terms of gross domestic product, grew by only 0.4 percent in the first quarter, the slowest in 10 years.
The lackluster growth in the first three months prompted some analysts to project that the economy would continue to deteriorate, resulting in a contraction this year.
Economic managers, however, did not agree.
They said the worst that the economy would suffer is a slowdown of growth to as low as 0.8 percent this year.
|
|
|
|
|
|
|
|
|
BSP reports 154% surge in investments
RP wins investors' trust even with crisis in full
By Michelle Remo
Philippine Daily Inquirer
First Posted 02:25:00 07/11/2009
Filed Under: Investments , Economy and Business and Finance
Most Read Other Most Read Stories x Business BSP reports 154% surge in investments Rice and shine Hidden scam accomplices Peso seen to remain stable until 2010 Oil prices fall below $60 in New York Gasoline tax hike untimely-Teves Recession drives BPOs to efficiency Couple transforms small capital into P1.5-M venture Meralco shares hit record high Stocks that beat the market Wall Street waffles on murky economic outlook Off the shelves, off the air Business Most Read RSS Close this MANILA, Philippines - The Bangko Sentral ng Pilipinas on Friday reported a surge in foreign direct investments in April, saying that, even with an economic crisis in full swing, the country somehow managed to regain the confidence of foreign investors .
According to the BSP, net inflows of FDIs amounted to $601 million in April, up 154 percent from only $236 million in the same month last year.
Gross FDI inflows during the month, it said, amounted to $639 million while gross outflows reached only $38 million.
One of the biggest sources of FDI inflows in April was the equity infusion of Japanese firm Kirin Holdings Corp.
Into beverage giant San Miguel Brewery.
Kirin's interests in San Miguel went up to 48.3 percent after it acquired an additional 5.05-percent stake in the company for P6.89 billion ($143 million).
In February, Kirin initially bought 43.3 percent of San Miguel for P58.9 billion ($1.2 billion).
The country's performance in attracting FDIs in April brought total net inflows in the first four months of the year to $648 million, up 29 percent from $502 million in the same period a year ago.
"The rebound in FDI flows, given the difficult global economic conditions , reflected foreign investors' confidence in the country's macroeconomic fundamentals," the central bank said in a statement.
The BSP said that, apart from manufacturing, other sectors that benefited from FDIs as of April were real estate , construction, financial intermediation, and trade and commerce.
Following the collapse of Lehman Brothers and other financial institutions in the United States and Europe, emerging economies like the Philippines saw a decline in investments as investors opted to stay on the sidelines.
But monetary officials said foreign investors were slowly regaining their appetite, believing that the worst of the economic turmoil was over and economies were on their way to gradual recovery.
The Philippines and other emerging economies were not insulated from the global crisis.
Many of them look to industrialized nations as markets for their exports.
In the case of the Philippines, the United States and Europe are two of its biggest export markets, accounting for 17 and 14 percent of total export earnings.
Developments in the global economy also affected remittances of Filipinos working abroad.
Remittances sent in by workers serve as a major driver of household consumption which, in turn, boost the domestic economy.
Layoffs and wage cuts offshore was partly to blame for the slowdown in the growth of remittances.
As a result, consumption eased in the first quarter to an annual growth rate of only 0.8 percent from 5.1 percent in the same quarter a year ago.
Weak consumption and lackluster investments were cited as major reasons for the deceleration of the economy, which grew by only 0.4 percent in the first quarter-the slowest in 10 years.
This year, the government expects the economy to grow between 0.8 and 1.8 percent this year, slower than the 3.9 percent seen last year.
Back in 1997 the Asian Economic flu devastated the region.
It isn't that the economies of these countries were weak but that it was like a 'bubble'.
American investors were pouring funds into the stock markets of Asian economies because of the increasing yield.
These in effect improved the picture of the economies which attracted more funds, specially pension funds.
It was almost funny and scary, imagine American fund managers buying stocks of a new company named Bhutan shipyards when Bhutan is a land-locked country.
At the first signs that the stock markets were becoming over-valued, fund managers sold their holding of stocks and other debt notes en masse and brought the funds back to the US.
This crippled the region, with our peso losing half its value in less than three months.
The Thai Baht was worse, the first domino to fall was Thailand.
It was like a self-fulfilling prophecy.
Somebody says the Asian economy was over-valued and everybody retrieves their funds invested which in turn collapses the economies of these countries.
Dang!!!
After this, our central bank and other agencies became very choosy on which funds to accept.
They discouraged the funds who are in only for profits and will quickly run at the first sign of trouble.
The other countries around us didn't seem to learn from the Asian economic flu and still welcomed foreign funds without discriminating between the profit-takers and those who are investing for long-term.
And so we lagged in foreign investments compared to our neighbors.
But the investments coming in are long-term investments, mostly manufacturing, power stations, telecommunications and the like with a lot of capital expenditures.
Stock market investments can be pulled-out anytime, bloat the economic picture and the profits when they are pulled-out go abroad instead of staying in the country.
This discrimination of in-coming funds is paying off.
Not only did we not experience negative growth (our growth rate fell though) but our currency is holding its own against the US$, and to think that the US$ is regaining lost ground against the Euro and Yen.
With this relative stability, foreign investors with long-term interests are slowly coming back.
This is welcome news!!!
- Ariel
|
|
|
|
|
|
|
|
|
DTI expects better investment picture in H2 By Abigail L.
Ho
Philippine Daily Inquirer First Posted 00:10:00 07/10/2009 Filed Under: Investments , Trade (general) , Economy and Business and Finance
MANILA, Philippines - While first half investment commitments have fallen short of expectations, the Department of Trade and Industry expects the second semester to be relatively better.
Trade Secretary Peter Favila admitted there was a "gap" between what the DTI expected in terms of investment commitments and the pledges that actually came in from January to June.
"There's a gap, admittedly.
But given the conditions of the global economy, I'm happy with it," he told reporters.
He said the DTI was not changing the investment targets it had set at the start of the year, as he was confident that more pledges would come in within the second half.
Favila had been accompanying President Gloria Macapagal-Arroyo on her overseas trips so he could meet with potential investors and possibly gain investment commitments for the country.
He declined to say how much investment pledges he had secured so far from the recent presidential trips, however, saying he would rather compile all these and just work at ensuring that these would come to fruition.
In January, he said infusions were expected to reach P458 billion this year: P288 billion from the Board of Investments and P170 billion from the Philippine Economic Zone Authority.
The expected P288 billion BOI-registered investments for the year, he said, was roughly just the same as last year's P288.4 billion.
Projected Peza investments, meanwhile, represented a growth of about 10 percent from the P154.8 billion registered last year.
He said the second semester should hold better prospects for the country.
One area of opportunity, he related, was the garments sector.
A recently filed bill with the United States Congress in support of the country's inclusion in Program 809, which gave various benefits to US trading partners that produced garments out of US-made fabric or yarn, could revitalize the local garments and textile industry, he said.
Like I said in the earlier, most investments coming in are long-term, in manufacturing and other capital-intensive industries.
The PEZA manages export zones where investors enjoy tax-holidays and the like provided all the manufactured good produced are for export.
Easy money in our bourse aren't welcome.
I think we should be included in Program 809.
When many garment exporters to the US shifted to Chinese-made textiles to cut costs, our garment manufacturers didn't shift from US textile but decreased production and shifted their strategy to the upscale market.
Less volume but with a higher margin, unfortunately, it also means less workers.
The color of Chinese denims and other fabrics fades after a few washing cycles.
Also the fibers are so loose that most end up filling the lint filter in washing machines.
I remember buying very thick Chinese socks for winter here, after a few washings I can see through the dang socks and my feet were as cold as ever.
For Filipinos who bathe two or three times a day and change their clothes everytime they bathe, Chinese made fabrics aren't good 'investments'.
-Ariel
|
|
|
|
|
|
|
|
|
Moody's upgrades RP rating after 12 years
By Michelle Remo
Philippine Daily Inquirer
First Posted 21:48:00 07/23/2009
Filed Under: Economic Indicators
Most Read Other Most Read Stories x
Business
When branding goes way beyond marketing
Moody's upgrades RP rating after 12 years
Never in history
San Miguel taps partners for Laiban bid
Cebu Pacific to invest $1B
Banks urged to further reduce lending rates
Shifting corporate objectives
SMC preferred shares offer approved
Market run-up easing but not likely over
Imports recovered from record fall in May
SM Supermalls eyes carbon trading
Local tycoon puts eggs in different baskets
Business Most Read RSS
Close this MANILA, Philippines - Moody's Investors Services has upgraded the country's credit score by a notch, citing its resiliency in the wake of a global economic downturn.
This is the first time in 12 years that the country received a credit-rating upgrade from Moody's, which the Philippines found to be the most difficult to please among credit rating agencies.
Tom Byrne, senior vice president of Moody's, yesterday said in a statement that the Philippines' financial sector remained strong despite the crisis, which had overturned the economies of most advanced countries.
He also cited the Philippines' level of liquidity, as measured by its foreign currency reserves, which had reached a historic high of $39.6 billion.
In that area, he said, the Philippines fared well, while the reserves of other economies dwindled.
"The upgrade was prompted by the relatively high degree of resiliency exhibited by both the country's financial system and external payments position in the face of the global financial and economic crises," Byrne said.
With the upgrade, the Philippines' rating with Moody's now stands at Ba3-three notches below investment grade.
Previously, the rating stood at B1-four notches below investment grade.
Moody's assigned a "stable" outlook on the Philippines.
This means that the credit rating does not face risk of being downgraded at least for a year.
Credit ratings are a closely watched indicator, as investors normally consider these in deciding whether or not to invest in a country or to buy bonds being sold by its government.
Moody's, like most foreign credit rating firms, keeps the Philippines below investment grade because the proportion of the government's debt to the country's gross domestic product remains high.
|
|
|
|
|
|
|
|