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ADB: Infrastructure, digitization to push Asia’s economic growth

By Melissa Luz T. Lopez Senior Reporter ASIAN ECONOMIES enjoy robust growth but need fresh approaches in order to provide better lives for all, the Asian Development Bank (ADB) said ahead of its annual meeting this week, with Manila’s infrastructure push and digitization boom capturing the region’s progress. The ADB will gather leaders and experts […] The post ADB: Infrastructure, digitization to push Asia’s economic growth appeared first on BusinessWorld......»»

Category: newsSource: bworldonline bworldonlineMay 1st, 2018

ADB sees Philippines still outdoing comparable major Asian economies

THE PHILIPPINES will continue to outdo most of its Asia-Pacific counterparts this year and next as a strong infrastructure push adds to “robust domestic demand” that has long been a driver of economic growth, according to an Asian Development .....»»

Category: newsSource:  bworldonlineRelated NewsDec 13th, 2016

WB sees Ph sustaining 6.7% growth

The World Bank expects the Philippines to sustain stable economic growth this year and the next, noting the country should invest more in infrastructure and human capital to achieve further growth. In its East Asia and Pacific Economic Update released on Thursday, the Bank said the Philippine gross domestic product….....»»

Category: newsSource:  journalRelated NewsApr 17th, 2018

WB Sees PH Sustaining 6.7% GDP Growth

The World Bank (WB) expects the Philippines to sustain stable economic growth this year and the next, noting the country should invest more in infrastructure and human capital to achieve further growth. In its East Asia and Pacific Economic Update released on Thursday, the Bank said the Philippine gross domestic product (GDP) is projected to […].....»»

Category: newsSource:  metrocebuRelated NewsApr 14th, 2018

WB sees PHL sustaining growth pace

By Elijah Joseph C. Tubayan Reporter THE WORLD Bank sees the Philippines sustaining last year’s economic growth pace well into 2019, but said much depends on “timely” government spending on infrastructure as well as a close watch on rising inflation pressures and the risk of overheating. The World Bank’s East Asia and Pacific Economic Update […] The post WB sees PHL sustaining growth pace appeared first on BusinessWorld......»»

Category: newsSource:  bworldonlineRelated NewsApr 13th, 2018

ADB maintains bullish outlook for Philippines

THE ASIAN Development Bank (ADB) sees the Philippines sustaining its upward economic growth trajectory on the back of the government’s push for large-scale infrastructure projects. In its flagship Asian Development Outlook 2018 report, the regional lender projected the country’s gross domestic product (GDP) growth at 6.8% this year, steady from its December projection, and expects […] The post ADB maintains bullish outlook for Philippines appeared first on BusinessWorld......»»

Category: newsSource:  bworldonlineRelated NewsApr 11th, 2018

Growth mainstays in focus for 2018

By Melissa Luz T. Lopez Senior Reporter STRONGER consumption coupled with the government’s infrastructure push will drive economic growth this year, S&P Global Ratings said, as exports are likely to normalize from last year’s record pace. “After strong export contributions in the middle of 2017, we expect the traditional pillars of growth — consumption and […] The post Growth mainstays in focus for 2018 appeared first on BusinessWorld......»»

Category: financeSource:  bworldonlineRelated NewsMar 20th, 2018

‘Grand Deception’ by Jun Ledesma

Letters From Davao: WHEN RAPPLER through its President, Maria Ressa, was caught trifling with an important tenet in the Philippine constitution that mandates that Philippine media should be 100% owned by Filipinos the Securities and Exchange Commission ordered it closed. Rappler was parading like it is wholly owned by Filipinos but turned out it accepted investment from Omidyar Network (ON) which is known for its notoriety in destabilizing heads of state that are not docile to America. It tried deception by claiming that the Philippine Deposit Receipts it issued to ON money was for philanthropic contribution. The attempt dragged them deeper in shit as PDRs are actually commercial instruments. When this trick did not work, Ressa again tried another act this time claiming that Omidyar signed a waiver on its veto power. Again this did not pass scrutiny of the SEC because the said waiver was discovered to be just a scrap of paper as the document was not notarized.  Running out of deceptive tricks Ma. Ressa went berserk when she was served the closure order and went about town crying her freedom is being curtailed by Pres. Rodrigo Duterte no less. Her partner Pia Ranada did the same screaming she will be jailed by Duterte’s military. The grandstanding, it was obvious, was to stonewall the criminal violation they committed and to paint Rappler and its staff headed by Ressa as victims of oppression and dictatorial regime of Duterte. Contrary to its claim that they have lost their freedom of expression, more than ever Rappler had increased the crescendo of its unfettered attack on no less than the President Duterte himself. Ressa spearheaded a Black Friday movement supported by a handful of students from where else by the University of the Philippines campus and the usual garrulous but moribund Liberal Party stalwarts headed by VP Leni Robredo. They were joined in by UN Rapporteur Agnes Callamard and her local counterpart Chito Gascon in denouncing the Duterte government for curtailing the freedom of the press. Other foreign-funded media outfits joined the fray for obvious reason.  Theirs is a cacophony of ridiculous chants. Robredo warned that the closure of Rappler is a symptom of a dark future of the country. The juvenile delinquents in the UP campus joined pipsqueak assemblies with screaming placards denouncing Pres. Duterte and his “malignant forces that continue to peddle lies to justify their tyranny and dictatorship”.  They cut classes to face the TV cameras and klieg lights unmindful of yet another spectacular grade the survey firms Social Weather Station and Pulse Asia showing an “excellent” grade on the sustained trust and popularity of the nation on Duterte which they had been flagellating no end.  No one seems to mind their issue about tyranny and dictatorship as the World Bank grudgingly declared that “DDS killed democracy in the Philippines but they haven’t killed the country’s vibrant economy”.  Forbes, an international business magazine, likewise quoted WB on its Global Economic Prospects, which asserts that “Duterte Philippines is the 10th fastest growing economy in the world”.  The statistics is a slap on the face of VP Robredo who remains to be an incurable pessimist despite the figures that cannot lie. She continues to see the future of the Philippines in dark glasses forgetting that she is a Vice President and therefore should have celebrated with the rest for the gains that the country achieved. For her part, Maria Ressa simply ignored what Forbes and WB declared.  Maybe out of outrage that the Robredo seemed to be out of sync and blinded by sheer politicking and negativism, UP Political Science professor and political analyst, Clarita Carlos,  made a five-worded message to The Vice President thus: “President Duterte moves the Philippines forward”. To those who denigrate Duterte from cutting the country’s umbilical cord to America, Professor Carlos had this to say. “Duterte has moved the Philippines away from the usual foreign policy and in turn ‘defined national interest’ by tracking his own way of foreign policy”. She admired Duterte for his political guts and courage.  It is indeed pathetic that while the Philippines rise several notches higher in political and economic arena the opposition and the foreign-aided media outfits shamelessly continue to belittle these achievements. It is no small feat that Philippines came out stronger in economic growth than China in the 3rd quarter of 2017. On the 4th quarter moreover China rallied (6.9%) and landed on top of Asian countries followed by Vietnam (6.8) and Philippines 6.7%. The Philippines however has been growing more than 6% for nine consecutive quarters and that sustained growth is best among Asean nations. Any which way you look at it, that spells economic stability and investment grade for investors service firms like Moody’s and other international credit rating institutions. Cause and effect is a simple gauge to measure the impact of the tyranny and dictatorial regime that Rappler and its sympathizers have been accusing the Duterte regime. But as I always say, no one can quarrel with success especially when institutions of unquestionable stature put the positive figures across. Expect the economy to grow even faster in 2018 when infrastructure spending commences under the Duterte’s Build, Build, Build program. As we all know, the government had earmarked P8.4-trillion to achieve the mega infrastructure projects comprising of railways, highways and bridges, irrigation’s, airports and seaports to name a few. The job opportunities that these programs will generate are equally mind-boggling. […].....»»

Category: newsSource:  mindanaoexaminerRelated NewsFeb 1st, 2018

Spending challenges flagged amid GDP growth

STANDARD CHARTERED Bank sees “steady” Philippine economic growth in 2018 on the back of an infrastructure development push, even as it expects state spending on this item to fall short of target due to local bottlenecks. And with inflation picking up, the bank now expects the Bangko Sentral ng Pilipinas (BSP) to hike policy rates […] The post Spending challenges flagged amid GDP growth appeared first on BusinessWorld......»»

Category: financeSource:  bworldonlineRelated NewsJan 24th, 2018

Infra push, education focus seen driving Philippines growth

MANILA, Philippines — The Duterte administration’s focus on infrastructure and education would boost economic growth over the long term, BMI Research said......»»

Category: financeSource:  philstarRelated NewsSep 18th, 2017

Philippines to attract more FDI despite global uncertainties -- BSP

THE CENTRAL BANK expects a fresh high for foreign direct investments (FDI) this year, with strong economic growth prospects and the country’s infrastructure push expected to attract investors to the Philippines despite nagging global uncertainties......»»

Category: newsSource:  bworldonlineRelated NewsJun 19th, 2017

Business optimistic about gov't tax plan

THE DUTERTE administration is on the right track to unlocking faster and more inclusive economic growth, with the business community pledging support for tax reform plans and a more aggressive infrastructure spending push despite nagging concerns......»»

Category: newsSource:  bworldonlineRelated NewsMay 21st, 2017

Central bank poised to hike FDI forecast

THE BANGKO SENTRAL ng Pilipinas (BSP) will likely hike its forecast for foreign direct investments (FDI) this year after hitting a record high in 2016, with robust economic growth and the government’s aggressive infrastructure push seen to attract more capital inflows, central bank officials said last week......»»

Category: newsSource:  bworldonlineRelated NewsMar 20th, 2017

Front Page: Central bank poised to hike FDI forecast

THE BANGKO SENTRAL ng Pilipinas (BSP) will likely hike its forecast for foreign direct investments (FDI) this year after hitting a record high in 2016, with robust economic growth and the government's aggressive infrastructure push seen to attract more capital inflows, central bank officials said last week......»»

Category: financeSource:  bworldonlineRelated NewsMar 20th, 2017

Front Page: Upbeat growth projections mount

HSBC has raised its growth forecast for the Philippines to cement its position as among Asia's fastest-growing economies -- a day after the World Bank and S&P Global Ratings gave a similar picture -- growing more bullish on the back of the government's infrastructure push and ample buffers that will help shield the country from global hiccups......»»

Category: financeSource:  bworldonlineRelated NewsJan 12th, 2017

Wilcon Depot Ramps Up Expansion with P4.6-B Investment

Home improvement and construction supply retailer Wilcon Depot Inc. is investing PHP4.6 billion over the next three years to ramp up the expansion of its network across the country in support of its continued growth amid a robust economy and government’s infrastructure push. Wilcon Depot Chairman Emeritus William Belo said the company is adding six […].....»»

Category: newsSource:  metrocebuRelated NewsJun 19th, 2018

As Saudis wilt on field, kingdom pursues soccer power grab

By Rob Harris, Associated Press MOSCOW (AP) — The Saudis have ambitions to seize control over parts of international soccer. Losing 5-0 by Russia in the World Cup opener shows they might have bigger problems at home. Crown Prince Mohammed bin Salman had to endure the humiliation in the stadium on Thursday, with Saudi Arabia's mauling in Moscow coming at the hands of a side just below the Saudis in the FIFA rankings. Coach Juan Antonio Pizzi studiously sidestepped a question about whether his federation had been distracted lately. But it has. Just when the Saudis had a first World Cup appearance in 12 years to prepare for, the federation has been mounting a power grab of soccer far beyond the kingdom. What appears the creation of just another bureaucratic institution within the sport could actually have wider ramifications. On its face, the establishment of the South West Asian Football Federation by the Saudis, including the United Arab Emirates and Pakistan, to help to develop the game appears a benevolent undertaking, especially when the existing regional governing body is so vast. "Football is about growth and if you don't grow economically, socially, technically, you will not be moving," Saudi federation president Adel Ezzat told The Associated Press. "It's not enough for us to be in the World Cup. "We have a vision that an Asian country will win the World Cup one day, but there must be a start for that. Football is underdeveloped in many areas in Asia." Is the Asian Football Confederation to blame? "Ambitions have to be higher than winning the Asian Cup," Ezzat said. Confederation president Sheikh Salman, a Bahraini, said he "had no objection to the creation of SWAFF as long as it remains as a football body outside of the AFC's zonal structure." Scratch deeper below the surface and the true objectives of the new body seem a little cloudy. It is unclear why SWAFF is required when there are already regional offshoots of the AFC, including the West Asian Football Federation, which is led by Jordan's Prince Ali bin Al-Hussein who resisted an attempt by the Saudis to seize power of his organization before the new regional force emerged. "It will help Asia and it will help FIFA," Ezzat told The Associated Press. "We don't see anything wrong creating that connection between the south and the west. Football needs to grow." Ezzat maintained that SWAFF had followed the right legal steps to avoid breaching the rules of world football's governing body. Ezzat said FIFA governance committee head Mukul Mudgal had been dispatched by FIFA President Gianni Infantino to the SWAFF meeting on May 31 in Jeddah. The Indian judge denied he was in attendance. SWAFF said the founding members also include Pakistan, Sri Lanka, India, Nepal, Bangladesh, Bahrain, Maldives, Yemen, Oman and Kuwait. Oman Football Association General Secretary Said Othman Al Bulushi told the AP his nation was waiting to assess the statutes and legality of the body within FIFA before confirming its membership. The entire Gulf is not in SWAFF. Take a look at the map and three countries in particular are missing: Iran, Qatar and Yemen. "It's not about the geographic map," Saudi federation president Adel Ezzat said. "It's about zones." Could it also be about politics? For three years, a Saudi-led coalition has been trying to drive out Iranian-aligned Shiite rebels known as Houthis from Yemen to break the civil war in the Arab world's poorest nation and restore the exiled government. Across the Gulf, the Saudis are part of a quartet, including the UAE, Egypt and Bahrain, which has spent the last year putting the squeeze on Qatar. Diplomatic ties with the energy-rich country have been severed amid allegations that Qatar supports extremist groups in the region, which Doha denies. The Qataris, though, have plowed ahead with preparations to host an event that will put them at the center of the world's attention: the next World Cup in 2022. Ezzat won't discuss Qatar, or the 2022 World Cup. Turki Al-Sheikh, head of Saudi Arabia's General Sports Authority, has been less circumspect, demanding earlier this year that Qatar be stripped of the hosting rights if corruption around its bid was proven. For now, in Saudi sights is Qatar's flagship sports network, which owns exclusive Middle East and North African rights to the World Cup. The BeIN Sports coverage of the Russia World Cup opener was watched across Saudi Arabia — but on a pirate channel. The beoutQ signal is transmitted by a Riyadh-based satellite provider, whose largest shareholder is the Kingdom of Saudi Arabia. Still, the BeIN coverage was seized on by Al-Sheikh to threaten legal action against the network for "wrongdoings against KSA, its sports and officials, and for exploiting sports to achieve political goals." In a tweet, Al-Sheikh added Friday that this "proves Saudi authorities' true stance when banning this network from airing on its soil." Soccer's world body, though, is finally intervening. FIFA said it is "exploring all options to stop the infringement of its rights, including in relation to action against legitimate organizations that are seen to support such illegal activities." What FIFA would not say is whether Infantino raised Qatar's concerns when he watched the opener in the Luzhniki Stadium alongside the Saudi crown prince. Infantino has been a keen visitor to Saudi Arabia over the last year, including meeting King Salman, as intrigue has swirled about the country's role in a consortium's plans to underwrite $25 billion to launch a vastly expanded Club World Cup and an international Nations League. "He knows for a fact the importance of Saudi Arabia in the region," Ezzat said. "That's why I believe he is paying a lot of attention to Saudi Arabia. ... That's a very important sign. (FIFA) know this country can play a very important role in the development of football." Infantino, though, said he believed the backing for the new competitions was "not part of a wider Saudi sports grab." The proposals have stalled because of opposition within the council to Infantino's secrecy over the financial backers. Growing football is part of a sweeping "Vision 2030" plan to wean Saudi Arabia off its near-total dependence on oil money. Prince Mohammed is trying to push Saudi Arabia to become a more cosmopolitan nation that appeals to international investors. Ezzat wants to create new soccer competitions under the auspices of SWAFF and invite countries to participate from beyond the region — particularly Europe. "The country is going through an important change," Ezzat said. "Football can be a catalyst for change. The FIFA president I'm sure knows this very well. ... My country can play an important role in football." Just not the Saudi national team at the moment......»»

Category: sportsSource:  abscbnRelated NewsJun 16th, 2018

FX system, bond mart overhaul part of financial market reform, says DOF chief

The central bank's plan to overhaul the foreign exchange system and fiscal authorities' push to accelerate the development of the fixed income bourse are linked to an overarching strategy on market reform, according to the head of the Duterte administration's economic team. In particular, Finance Secretary Carlos Dominguez III said the two parallel moves on the monetary and fiscal tracks were meant to improve liquidity, price discovery and stability, and the infrastructure of the country's currency, bond and stock markets. "Our reforms are geared toward enhancing the overall efficiency of the Philippine capital markets by focusing on their core elements," he said in an e-mail to th...Keep on reading: FX system, bond mart overhaul part of financial market reform, says DOF chief.....»»

Category: newsSource:  inquirerRelated NewsJun 12th, 2018

HSBC: China investments will help drive PH growth

China’s bid to forge greater intra-regional ties will benefit the Philippines and help drive economic growth, the head of investment strategy for Asia of HSBC said. Under a “new world order” where China is promoting its Belt and Road Initiative, HSBC’s Fan Cheuk Wan said Beiing would “become even more engaged in the regional economy [...] The post HSBC: China investments will help drive PH growth appeared first on The Manila Times Online......»»

Category: newsSource:  manilatimes_netRelated NewsJun 6th, 2018

Infra spending seen to push Philippine growth up to 8% this year

The rate of public spending on infrastructure and accelerated pace of project completion would enable the Philippines to post a seven to eight percent growth rate this year, said First Metro Investment Corp......»»

Category: financeSource:  philstarRelated NewsMay 30th, 2018

PAL, Cebu Pacific expanding to more foreign destinations

Local carriers Philippine Airlines and Cebu Pacific are set to continue to expand in international markets to take advantage of rising international passenger traffic amid the country’s strong economic growth and emergence as an attractive tourist destination, think tank Center for Asia Pacific Aviation said......»»

Category: financeSource:  philstarRelated NewsMay 29th, 2018