Zero_wing
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SSV#1
Can't wait
Philippines Defence Forum
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Can't wait
My friends say now is the 'hot' season to be investing in the Philippines.
Tayo na ! Segurado ako na ! (did i say it right?) lol
Cossack25A1
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My friends say now is the 'hot' season to be investing in the Philippines.
Tayo na ! Segurado ako na ! (did i say it right?) lol
Well technically yes, though I just hope that the upcoming elections will not get in the way.
Cossack25A1
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This may be old news, but it seems we were developing our own ammunition cartridge back in 2012.
The New Musang AR round
Posted Aug 07th 2012 |
By: Christopher Eger
Recently Government Arsenal /DND, the national armory and arms factory of the Philippines government introduced a new round that they have in development for their military special operations forces. This round, the 7.62x37mm Musang, looks to be a hard hitter.
The specifics of the round
The 7.62x37mm Musang has apparently been in development for some time but has only been made public in a series of AFAD (Association of Firearms and Ammunition Dealers of the Philippines) sponsored arms shows in the Philippines in the past month. It would seem to be a wildcat round somewhere between the .300 AAC Blackout and the 7.62x40WT Wilson Combat. Its immense 250-grain bullet is loaded to go subsonic while its necked down case will still fit in a standard 5.56x45mm magazine and therefore, magazine well. With a modified upper atop the standard PI M16/M4 platform, any standard issue rifle is just two pins away from being able to fire the Musang round.
timawa.net photo
Development
The 7.62x37mm as a caliber is not new. Heckler and Koch's development team of nutty Bavarians came up with their own 7.62x37mm cartridge almost twenty years ago when they took the SSK .300 Whisper, itself based on a .221-Remington case, and necked it down to accommodate a large (up to 220-grain) bullet. This round is used on their proprietary and slow selling HK SL9SD subsonic sniper rifle. The Pilipino development team has chosen to use a 5.56x45mm NATO case instead. This gives the Musang an ever so-slightly more rounded shoulder that either the Whisper or the H&K round even though the tolerances are within millimeters of each other. The subsonic Musang, loaded with handgun-grade propellants, is optimized for use with suppressors and delivers a solid 250-grain thump in close quarters combat scenarios. It should be remembered that the Philippine military is heavily involved in counter-insurgency/counter terror operations against Islamic radicals and it’s no doubt that this round is needed. In fact, if an insurgent chambers a readily available 5.56mm round into a captured Musang rifle, he could be in for quite a bad bad.
According to posts on the PI military blog timawa.net attributed to GA director Jonathan Martir, the round is also planned as a big part of the upcoming suppressed Night Fighting Weapon System now in development.
The Philippines' Army and Marines are hard-pressed and have been in a forever war with local insurgents for decades. Note the M4 rifles and locally produced holstered M1911s. Some of the best 1911s made in the world come from Philippine factories.
The unique new cartridge isn’t meant to replace the 5.56 or the 7.62x51mm NATO rounds, which will still be used for the standard infantry and marine rifles and machineguns. As stated before it will hold a niche capability in the growing legions of local CT teams and spec-ops groups. With the GA arsenal being the sole manufacturer of the cartridge, this helps make M4s chambered for the weapon unusable if captured by insurgents. It should be remembered that the country is made up of 7107 islands, some of which have never considered themselves a part of the Manila-based government.
From left to right, the 5.56x45mm NATO, the 7.62x37mm Musang (note the lack of neck and resemblance to the .300 Whisper), and the 7.62x51mm NATO. timawa.net photo.
The Musang is undergoing testing and low-initial production at the GA's Camp General Antonio Luna in Bataan Province. Government Arsenal Director Jonathan Martir, formerly commander of the Phillipine Marines says that it’s a step in making the country more ammunition independent. In an interview for ZT he said “Our armed forces now is more a like a consumer armed forces because it buys everything from abroad. You have an army that buys its camouflage uniforms from China. The navy and the marines buy their camouflage uniforms from Taiwan, combat boots from Taiwan and Singapore. The only last thing that is proudly Philippine-made — as we say in the Arsenal — is our ammunition."
The low recoil 7.62x37mm Musang, with good long-range performance and very high accuracy in a subsonic envelope is a neat step towards that.
-----
The New Musang AR round
-----
The New Musang AR round
Posted Aug 07th 2012 |
By: Christopher Eger
Recently Government Arsenal /DND, the national armory and arms factory of the Philippines government introduced a new round that they have in development for their military special operations forces. This round, the 7.62x37mm Musang, looks to be a hard hitter.
The specifics of the round
The 7.62x37mm Musang has apparently been in development for some time but has only been made public in a series of AFAD (Association of Firearms and Ammunition Dealers of the Philippines) sponsored arms shows in the Philippines in the past month. It would seem to be a wildcat round somewhere between the .300 AAC Blackout and the 7.62x40WT Wilson Combat. Its immense 250-grain bullet is loaded to go subsonic while its necked down case will still fit in a standard 5.56x45mm magazine and therefore, magazine well. With a modified upper atop the standard PI M16/M4 platform, any standard issue rifle is just two pins away from being able to fire the Musang round.
timawa.net photo
Development
The 7.62x37mm as a caliber is not new. Heckler and Koch's development team of nutty Bavarians came up with their own 7.62x37mm cartridge almost twenty years ago when they took the SSK .300 Whisper, itself based on a .221-Remington case, and necked it down to accommodate a large (up to 220-grain) bullet. This round is used on their proprietary and slow selling HK SL9SD subsonic sniper rifle. The Pilipino development team has chosen to use a 5.56x45mm NATO case instead. This gives the Musang an ever so-slightly more rounded shoulder that either the Whisper or the H&K round even though the tolerances are within millimeters of each other. The subsonic Musang, loaded with handgun-grade propellants, is optimized for use with suppressors and delivers a solid 250-grain thump in close quarters combat scenarios. It should be remembered that the Philippine military is heavily involved in counter-insurgency/counter terror operations against Islamic radicals and it’s no doubt that this round is needed. In fact, if an insurgent chambers a readily available 5.56mm round into a captured Musang rifle, he could be in for quite a bad bad.
According to posts on the PI military blog timawa.net attributed to GA director Jonathan Martir, the round is also planned as a big part of the upcoming suppressed Night Fighting Weapon System now in development.
The Philippines' Army and Marines are hard-pressed and have been in a forever war with local insurgents for decades. Note the M4 rifles and locally produced holstered M1911s. Some of the best 1911s made in the world come from Philippine factories.
The unique new cartridge isn’t meant to replace the 5.56 or the 7.62x51mm NATO rounds, which will still be used for the standard infantry and marine rifles and machineguns. As stated before it will hold a niche capability in the growing legions of local CT teams and spec-ops groups. With the GA arsenal being the sole manufacturer of the cartridge, this helps make M4s chambered for the weapon unusable if captured by insurgents. It should be remembered that the country is made up of 7107 islands, some of which have never considered themselves a part of the Manila-based government.
From left to right, the 5.56x45mm NATO, the 7.62x37mm Musang (note the lack of neck and resemblance to the .300 Whisper), and the 7.62x51mm NATO. timawa.net photo.
The Musang is undergoing testing and low-initial production at the GA's Camp General Antonio Luna in Bataan Province. Government Arsenal Director Jonathan Martir, formerly commander of the Phillipine Marines says that it’s a step in making the country more ammunition independent. In an interview for ZT he said “Our armed forces now is more a like a consumer armed forces because it buys everything from abroad. You have an army that buys its camouflage uniforms from China. The navy and the marines buy their camouflage uniforms from Taiwan, combat boots from Taiwan and Singapore. The only last thing that is proudly Philippine-made — as we say in the Arsenal — is our ammunition."
The low recoil 7.62x37mm Musang, with good long-range performance and very high accuracy in a subsonic envelope is a neat step towards that.
-----
The New Musang AR round
-----
Cossack25A1
SENIOR MEMBER
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- Jul 11, 2014
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Business News:
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In tie-up with Australia’s Telstra: SMC signals entry into telecoms
By Iris C. Gonzales (The Philippine Star)
Updated October 15, 2015 - 12:00am
MANILA, Philippines - San Miguel Corp. aims to launch its mobile telecommunications business next year, its top official said.
Speaking before top global CEOs and businessmen at the Forbes Global CEO Conference yesterday, SMC president Ramon S. Ang disclosed the conglomerate’s impending entry into the local mobile phone market.
“We’re building a mobile global company. We think we can switch on the network next year so I think there will be no more problems for those of you who are experiencing problems,” Ang said, drawing applause from the crowd.
Ang, however, did not give any update on the ongoing talks with Australian telecoms giant Telstra, but both parties have confirmed the negotiations for a possible telco venture in the Philippines.
Melbourne-headquartered Telstra, Australia’s biggest phone company, was earlier reported to have selected banks for its expansion program.
Ang earlier said there was a need for a third telco player to compete with the duopoly and provide better services.
He said consumers continue to look for better services.
“We are building a network that will provide better service and that will work. It’s not impossible to have three players in one country,” Ang said.
He said SMC’s telco venture would be both in the wired and wireless sector, with focus on mobile broadband.
Ang led the conglomerate’s move to diversify into other businesses outside its core business of beer and food.
“We had nowhere to grow. Our beer then had a 95 percent market share and what else can we do?” Ang said.
Ang said after the 2008 Asian currency crisis, he convinced other shareholders to allow the company to diversify.
“We took advantage of it…We invested into power generation. We own coal fired power plants, the 1,000 megawatt Sual plant in Pangasinan, a hydroplant in San Roque and a 1,200 MW natural gas fired plant. We went into oil refinery and petrochem business and gas stations and invested into tollways. We now have 70 percent of tollways in the Philippines and we are building a new airport now in Boracay,” Ang said.
For the Caticlan Airport in Boracay, Ang said the company is expanding the runway to expand bigger plans such as Airbus 321 which can accommodate flights from Boracay to anywhere within a five-hour range.
He said SMC is also building a metro railway from Manila to Bulacan as well as expanding its cement businessmen to 16 million tons annually from the current six million.
“Our dream is to provide better infrastructure, better products and a better place for our countrymen,” Ang said.
SMC hopes to bring its yearly consolidated revenues to $40 to $50 billion in the next five years from an estimated $20 billion at present.
-----
In tie-up with Australia’s Telstra: SMC signals entry into telecoms | Business, News, The Philippine Star | philstar.com
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Growth targets put on hold this year
By Prinz P. Magtulis (The Philippine Star)
Updated October 15, 2015 - 12:00am
MANILA, Philippines - The government has adopted a wait-and-see stance on economic targets due to the volatility in global financial markets, Budget Secretary Florencio Abad said yesterday.
“There is so much volatility going around. You might as well wait for the end of the year to do that,” Abad told The STAR in an interview.
Abad chairs the inter-agency Development Budget Coordinating Committee (DBCC), which also includes the Department of Finance, the central bank, the Office of the President and the National Economic and Development Authority (NEDA).
Abad said the DBCC would no longer convene this year and would just wait until further economic data is available by the end of 2015.
He stressed, however, the Aquino administration would continue on working to hit its growth targets for this year. “The high-end of the target, I don’t think we can reach anymore. The low-end is even a challenge,” he said.
Economic growth slowed to 5.3 percent as of the first semester, way below the seven- to eight-percent target for the year. Earlier, NEDA director-general Arsenio Balisacan said the government is aiming for at least six percent expansion in 2015.
The Philippines, together with other Asian nations, has been hit by slowing growth due to slumping export demand overseas, particularly in China. The upcoming US Federal Reserve rate hike did not help as well.
Merchandise exports plunged 4.4 percent as of August, census data showed. The peso, meanwhile, is down more than four percent versus the greenback this year as funds flow out to the US where rates are expected to rise soon.
Nonetheless, Abad said the country could benefit from domestic drivers of growth, especially during the second semester.
“The second semester is (also) a faster spending period (for the government). Aside from that, two factors can contribute further to growth,” he explained.
“First are the measures we adopted to accelerate spending, and second is the pressure from agencies to complete public projects...before the election ban,” he added.
-----
Growth targets put on hold this year | Business, News, The Philippine Star | philstar.com
-----
China downturn drags down stocks
By Iris C. Gonzales (The Philippine Star)
Updated October 15, 2015 - 12:00am
MANILA, Philippines - Share prices tumbled for two straight days, pushing the index below the 7,000 mark following new signs of a slowdown in China’s economy, analysts said.
They said low inflation figures from China, volatility in other major emerging markets dampened investor sentiment.
China’s inflation eased in September, stoking expectations that Beijing would have more leeway for interest rate cuts or other stimulus to prop up slowing economic growth.
The broader Philippine Stock Exchange index (PSEi) plunged by another 88.67 points, or 1.26 percent, to settle at 6,924.77, while the broader All Shares declined by 40.54 or 1.006 points.
Value turnover reached P5.209 billion. Decliners edged out advancers, 112 to 64 while 46 stocks were left unchanged.
Meanwhile, Asian stock markets extended losses yesterday as investors digested weak Chinese trade and low inflation. Japan’s Nikkei 225 for instance, slid two percent to 17,081.89 while South Korea’s Kospi dropped 0.5 percent to 2,009.37. Similarly, Hong Kong’s Hang Seng also declined 0.8 percent to 22,439.91. On the other hand, Shanghai Composite Index in mainland China was nearly flat, down 0.1 percent to 3,289.80.
-----
China downturn drags down stocks | Business, News, The Philippine Star | philstar.com
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SCS / West PH Sea News:
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Japan, India, Vietnam, PHL, US, Australia united for freedom at seas
Iara Jolo
October 15, 2015
Australia, United States, Japan, Philippines, India and Vietnam are all one in commitment to solve regional issues like territorial and maritime disputes and maintaining freedom of navigation while pursuing prosperity, the top Pentagon official, US Secretary of Defense Ashton Carter said during a joint press conference in Boston. The joint press conference was held after the Australia-United States Ministerial (AUSMIN) consultations in Boston, October 13, between Carter, US Secretary of State John Kerry, Australian Foreign Minister Julie Bishop and Australian Defence Minister Marise Payne.
He said US and Australia “both want to sustain and renew an Asia- Pacific regional security architecture where everyone rises and everyone prospers. That’s the essence of the US rebalance toward the region.”
“Together, our nations favor peaceful resolutions to disputes and oppose coercion and infringement on well-established international norms, especially in the face of rising tensions in the East and South China Sea,” Carter noted.
“Make no mistake, the United States will fly, sail and operate wherever international law allows, as we do around the world, and the South China Sea is not and will not be an exception,” the top Pentagon official said.
“This is not simply a US commitment, our two nations are joined by an increasing number of countries in the neighborhood, including Japan, the Philippines, India and Vietnam, all with an interest in prospering while solving regional issues,” Secretary Carter said.
-----
Japan, India, Vietnam, PHL, US, Australia united for freedom at seas | Ang Malaya Net
-----
-----
In tie-up with Australia’s Telstra: SMC signals entry into telecoms
By Iris C. Gonzales (The Philippine Star)
Updated October 15, 2015 - 12:00am
MANILA, Philippines - San Miguel Corp. aims to launch its mobile telecommunications business next year, its top official said.
Speaking before top global CEOs and businessmen at the Forbes Global CEO Conference yesterday, SMC president Ramon S. Ang disclosed the conglomerate’s impending entry into the local mobile phone market.
“We’re building a mobile global company. We think we can switch on the network next year so I think there will be no more problems for those of you who are experiencing problems,” Ang said, drawing applause from the crowd.
Ang, however, did not give any update on the ongoing talks with Australian telecoms giant Telstra, but both parties have confirmed the negotiations for a possible telco venture in the Philippines.
Melbourne-headquartered Telstra, Australia’s biggest phone company, was earlier reported to have selected banks for its expansion program.
Ang earlier said there was a need for a third telco player to compete with the duopoly and provide better services.
He said consumers continue to look for better services.
“We are building a network that will provide better service and that will work. It’s not impossible to have three players in one country,” Ang said.
He said SMC’s telco venture would be both in the wired and wireless sector, with focus on mobile broadband.
Ang led the conglomerate’s move to diversify into other businesses outside its core business of beer and food.
“We had nowhere to grow. Our beer then had a 95 percent market share and what else can we do?” Ang said.
Ang said after the 2008 Asian currency crisis, he convinced other shareholders to allow the company to diversify.
“We took advantage of it…We invested into power generation. We own coal fired power plants, the 1,000 megawatt Sual plant in Pangasinan, a hydroplant in San Roque and a 1,200 MW natural gas fired plant. We went into oil refinery and petrochem business and gas stations and invested into tollways. We now have 70 percent of tollways in the Philippines and we are building a new airport now in Boracay,” Ang said.
For the Caticlan Airport in Boracay, Ang said the company is expanding the runway to expand bigger plans such as Airbus 321 which can accommodate flights from Boracay to anywhere within a five-hour range.
He said SMC is also building a metro railway from Manila to Bulacan as well as expanding its cement businessmen to 16 million tons annually from the current six million.
“Our dream is to provide better infrastructure, better products and a better place for our countrymen,” Ang said.
SMC hopes to bring its yearly consolidated revenues to $40 to $50 billion in the next five years from an estimated $20 billion at present.
-----
In tie-up with Australia’s Telstra: SMC signals entry into telecoms | Business, News, The Philippine Star | philstar.com
-----
Growth targets put on hold this year
By Prinz P. Magtulis (The Philippine Star)
Updated October 15, 2015 - 12:00am
MANILA, Philippines - The government has adopted a wait-and-see stance on economic targets due to the volatility in global financial markets, Budget Secretary Florencio Abad said yesterday.
“There is so much volatility going around. You might as well wait for the end of the year to do that,” Abad told The STAR in an interview.
Abad chairs the inter-agency Development Budget Coordinating Committee (DBCC), which also includes the Department of Finance, the central bank, the Office of the President and the National Economic and Development Authority (NEDA).
Abad said the DBCC would no longer convene this year and would just wait until further economic data is available by the end of 2015.
He stressed, however, the Aquino administration would continue on working to hit its growth targets for this year. “The high-end of the target, I don’t think we can reach anymore. The low-end is even a challenge,” he said.
Economic growth slowed to 5.3 percent as of the first semester, way below the seven- to eight-percent target for the year. Earlier, NEDA director-general Arsenio Balisacan said the government is aiming for at least six percent expansion in 2015.
The Philippines, together with other Asian nations, has been hit by slowing growth due to slumping export demand overseas, particularly in China. The upcoming US Federal Reserve rate hike did not help as well.
Merchandise exports plunged 4.4 percent as of August, census data showed. The peso, meanwhile, is down more than four percent versus the greenback this year as funds flow out to the US where rates are expected to rise soon.
Nonetheless, Abad said the country could benefit from domestic drivers of growth, especially during the second semester.
“The second semester is (also) a faster spending period (for the government). Aside from that, two factors can contribute further to growth,” he explained.
“First are the measures we adopted to accelerate spending, and second is the pressure from agencies to complete public projects...before the election ban,” he added.
-----
Growth targets put on hold this year | Business, News, The Philippine Star | philstar.com
-----
China downturn drags down stocks
By Iris C. Gonzales (The Philippine Star)
Updated October 15, 2015 - 12:00am
MANILA, Philippines - Share prices tumbled for two straight days, pushing the index below the 7,000 mark following new signs of a slowdown in China’s economy, analysts said.
They said low inflation figures from China, volatility in other major emerging markets dampened investor sentiment.
China’s inflation eased in September, stoking expectations that Beijing would have more leeway for interest rate cuts or other stimulus to prop up slowing economic growth.
The broader Philippine Stock Exchange index (PSEi) plunged by another 88.67 points, or 1.26 percent, to settle at 6,924.77, while the broader All Shares declined by 40.54 or 1.006 points.
Value turnover reached P5.209 billion. Decliners edged out advancers, 112 to 64 while 46 stocks were left unchanged.
Meanwhile, Asian stock markets extended losses yesterday as investors digested weak Chinese trade and low inflation. Japan’s Nikkei 225 for instance, slid two percent to 17,081.89 while South Korea’s Kospi dropped 0.5 percent to 2,009.37. Similarly, Hong Kong’s Hang Seng also declined 0.8 percent to 22,439.91. On the other hand, Shanghai Composite Index in mainland China was nearly flat, down 0.1 percent to 3,289.80.
-----
China downturn drags down stocks | Business, News, The Philippine Star | philstar.com
-----
===========================================================================================================================================
===========================================================================================================================================
SCS / West PH Sea News:
-----
Japan, India, Vietnam, PHL, US, Australia united for freedom at seas
Iara Jolo
October 15, 2015
Australia, United States, Japan, Philippines, India and Vietnam are all one in commitment to solve regional issues like territorial and maritime disputes and maintaining freedom of navigation while pursuing prosperity, the top Pentagon official, US Secretary of Defense Ashton Carter said during a joint press conference in Boston. The joint press conference was held after the Australia-United States Ministerial (AUSMIN) consultations in Boston, October 13, between Carter, US Secretary of State John Kerry, Australian Foreign Minister Julie Bishop and Australian Defence Minister Marise Payne.
He said US and Australia “both want to sustain and renew an Asia- Pacific regional security architecture where everyone rises and everyone prospers. That’s the essence of the US rebalance toward the region.”
“Together, our nations favor peaceful resolutions to disputes and oppose coercion and infringement on well-established international norms, especially in the face of rising tensions in the East and South China Sea,” Carter noted.
“Make no mistake, the United States will fly, sail and operate wherever international law allows, as we do around the world, and the South China Sea is not and will not be an exception,” the top Pentagon official said.
“This is not simply a US commitment, our two nations are joined by an increasing number of countries in the neighborhood, including Japan, the Philippines, India and Vietnam, all with an interest in prospering while solving regional issues,” Secretary Carter said.
-----
Japan, India, Vietnam, PHL, US, Australia united for freedom at seas | Ang Malaya Net
-----
Last edited:
Cossack25A1
SENIOR MEMBER
- Joined
- Jul 11, 2014
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Military and Defense News:
-----
3 Attack Crafts being acquired for Navy as missile system platforms
Samuel Biag
October 16, 2015
The bid opening for Philippine Navy’s three (3) Multi-purpose Attack Crafts Mk III (17-meter MPAC Mk III) is now scheduled on October 27, Department of National Defense said. This is after AFP modernization projects previously ‘held in abeyance’ were given go signal by President Aquino. The DND is applying the amount of PhP270 million through the General Appropriations Act for the acquisition of these 3 brand-new MPACs.
These MPACs to be acquired will be utilized as platforms for missile launch system and other weapons.
DND wants these MPACs Mk III to have provisions for remote weapon system for 12.7mm Heavy Machine Gun M2HB; and missile launch system and its respective remote operating consoles inside the craft. MPAC Mk III should also have provisions for two M60/7.62mm Light Machine Gun.
Weapons and missiles will be procured in a separate project, Multi-Purpose Attack Craft Acquisition Project (Lot 2).
The Navy is now operating six MPACs (not armed with missiles). Three from Taiwan (15-meter MPAC Mk 1) while the other three (17-meter MPAC Mk II) were from Filipino shipbuilder Propmech Corporation.
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3 Attack Crafts being acquired for Navy as missile system platforms | Ang Malaya Net
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Politics and Diplomacy News:
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Philippines Defense chief to meet Chinese, ASEAN counterparts
Philippine News Agency
October 16, 2015
Department of National Defense (DND) Secretary Voltaire Gazmin will meet with Gen. Chang Wanquan at the China-ASEAN Defense Ministers’ Informal Meeting in Beijing, China Friday. Chang is China’s Minister of Defense and State Councilor of the People’s Republic of China and a general in the People’s Liberation Army.
Gazmin will be joined by other ASEAN defense ministers.
The various defense ministers are expected to exchange views on regional security issues and multilateral defense cooperation towards enhancing peace and stability in the Asia-Pacific amidst an increasingly complex security environment where defense establishments are being called to address both traditional and non-traditional security issues.
It is also anticipated that the development of ASEAN-China security relations will be included as one of the topics of discussion.
-----
Philippines Defense chief to meet Chinese, ASEAN counterparts | Ang Malaya Net
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PHL, India to boost defense, security ties: Indian President may soon visit PHL
Grace Gonzales
October 15, 2015
Philippines and India are working on the possible visit to Philippine visit of Republic of India President Pranab Mukherjee. This was confirmed in a joint statement released by India External Affairs Minister Sushma Swaraj and Foreign Affairs Albert F. del Rosario after a meeting at New Delhi October 14.
“The Ministers welcomed the proposed visit of the President of India to the Philippines and endeavoured to work towards its success,” said in the joint statement.
They also expressed satisfaction at the deepening defense cooperation especially in exchanges in military training and education, capacity building, and regular goodwill visits by Indian Naval Ships to the Philippines.
Philippines and India also agreed to further strengthen defense and security cooperation in the areas of maritime domain awareness, intelligence sharing, capability building, White Shipping and defense production. “The Ministers expressed satisfaction at the regular INTELLEX meeting and looked forward to the convening of the 2nd meeting of the India-Philippines Joint Defense Cooperation Committee (JDCC) in India,” said in the joint statement.
The Indian side also expressed support to Philippines’ chosen track in solving maritime dispute in West Philippine Sea. “Minister Swaraj expressed support for the peaceful resolution of the West Philippine Sea/South China Sea dispute. Both sides reiterated the importance of the settlement of all disputes by peaceful means and of refraining from the threat or use of force , in accordance with universally principles of international law, including the 1982 UNCLOS.”
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PHL, India to boost defense, security ties: Indian President may soon visit PHL | Ang Malaya Net
-----
-----
3 Attack Crafts being acquired for Navy as missile system platforms
Samuel Biag
October 16, 2015
The bid opening for Philippine Navy’s three (3) Multi-purpose Attack Crafts Mk III (17-meter MPAC Mk III) is now scheduled on October 27, Department of National Defense said. This is after AFP modernization projects previously ‘held in abeyance’ were given go signal by President Aquino. The DND is applying the amount of PhP270 million through the General Appropriations Act for the acquisition of these 3 brand-new MPACs.
These MPACs to be acquired will be utilized as platforms for missile launch system and other weapons.
DND wants these MPACs Mk III to have provisions for remote weapon system for 12.7mm Heavy Machine Gun M2HB; and missile launch system and its respective remote operating consoles inside the craft. MPAC Mk III should also have provisions for two M60/7.62mm Light Machine Gun.
Weapons and missiles will be procured in a separate project, Multi-Purpose Attack Craft Acquisition Project (Lot 2).
The Navy is now operating six MPACs (not armed with missiles). Three from Taiwan (15-meter MPAC Mk 1) while the other three (17-meter MPAC Mk II) were from Filipino shipbuilder Propmech Corporation.
-----
3 Attack Crafts being acquired for Navy as missile system platforms | Ang Malaya Net
-----
===========================================================================================================================================
===========================================================================================================================================
Politics and Diplomacy News:
-----
Philippines Defense chief to meet Chinese, ASEAN counterparts
Philippine News Agency
October 16, 2015
Department of National Defense (DND) Secretary Voltaire Gazmin will meet with Gen. Chang Wanquan at the China-ASEAN Defense Ministers’ Informal Meeting in Beijing, China Friday. Chang is China’s Minister of Defense and State Councilor of the People’s Republic of China and a general in the People’s Liberation Army.
Gazmin will be joined by other ASEAN defense ministers.
The various defense ministers are expected to exchange views on regional security issues and multilateral defense cooperation towards enhancing peace and stability in the Asia-Pacific amidst an increasingly complex security environment where defense establishments are being called to address both traditional and non-traditional security issues.
It is also anticipated that the development of ASEAN-China security relations will be included as one of the topics of discussion.
-----
Philippines Defense chief to meet Chinese, ASEAN counterparts | Ang Malaya Net
-----
PHL, India to boost defense, security ties: Indian President may soon visit PHL
Grace Gonzales
October 15, 2015
Philippines and India are working on the possible visit to Philippine visit of Republic of India President Pranab Mukherjee. This was confirmed in a joint statement released by India External Affairs Minister Sushma Swaraj and Foreign Affairs Albert F. del Rosario after a meeting at New Delhi October 14.
“The Ministers welcomed the proposed visit of the President of India to the Philippines and endeavoured to work towards its success,” said in the joint statement.
They also expressed satisfaction at the deepening defense cooperation especially in exchanges in military training and education, capacity building, and regular goodwill visits by Indian Naval Ships to the Philippines.
Philippines and India also agreed to further strengthen defense and security cooperation in the areas of maritime domain awareness, intelligence sharing, capability building, White Shipping and defense production. “The Ministers expressed satisfaction at the regular INTELLEX meeting and looked forward to the convening of the 2nd meeting of the India-Philippines Joint Defense Cooperation Committee (JDCC) in India,” said in the joint statement.
The Indian side also expressed support to Philippines’ chosen track in solving maritime dispute in West Philippine Sea. “Minister Swaraj expressed support for the peaceful resolution of the West Philippine Sea/South China Sea dispute. Both sides reiterated the importance of the settlement of all disputes by peaceful means and of refraining from the threat or use of force , in accordance with universally principles of international law, including the 1982 UNCLOS.”
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PHL, India to boost defense, security ties: Indian President may soon visit PHL | Ang Malaya Net
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Cossack25A1
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Business News:
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No more port congestion – Customs Lina assures BOC ready for Christmas influx
By Prinz P. Magtulis (The Philippine Star)
Updated October 18, 2015 - 12:00am
MANILA, Philippines – There will be no repeat of last year’s port congestion.
Local ports have been told to ensure enough capacity for the ongoing cargo influx for the Christmas season and “divert” shipments if necessary as preparations mount to avoid the piling up of undelivered cargoes just like last year.
“We are prepared. We are doing all we can and we are in close coordination with other agencies on it. We don’t think it (port congestion) will happen again,” Customs Commissioner Alberto Lina told The STAR in an interview.
Should there be a necessity however, ports have been instructed to move excess cargoes from one port to another to free up space, also in a bid to save time and ensure their timely delivery, Customs said in a statement.
“Ports have already been inspected and given direction should there be a need to divert entries to other ports in the latter part of the year, we will do so, rather than making our shipments wait in the anchorage,” it explained.
“(The) Commissioner himself visited Port of Manila this week,” it added.
“The ports are prepared as well as the warehouses.”
In addition, Lina said the bureau is likewise coordinating with the Philippine Ports Authority (PPA) to ensure roads around the ports are cleared amid the worsening traffic condition in Metro Manila.
As of September, port utilization is around 65 percent, far from a high of around 90 percent last year after the city government of Manila imposed a tighter truck ban plying around its area from February to the middle of September.
The ban, said to be targeted on decongesting roads around the capital, had an undesired effect of limiting cargo deliveries in and out of the Metro. This, in turn, resulted in lower supplies, increasing consumer prices and impacting on economic growth.
Aside from current preparations, Lina also said Customs officers continue to work from 7 a.m. to 7 p.m. daily in order to facilitate cargo inspection on a timely basis. Reforms undertaken by the Aquino administration will also help the bureau.
One of them is Republic Act 10668, which amended the Cabotage law to allow freer access to local ports by foreign vessels.
Under the law signed last July, shipments for areas outside Manila may now be directly sent to any ports in the country. Before, these cargoes will need to be cleared first by the Manila port before getting shipped to their destination.
Sought for comment, businesses had mixed views of Customs’ assurance.
Alfredo Yao, president of the Philippine Chamber of Commerce and Industry, said port congestion is already unlikely since most Christmas goods are arriving from September to October.
“If they are saying that we are only on 65 percent port utilization, then that is good, especially since the goods for Christmas are already arriving,” Yao said in phone interview over the weekend.
“I don’t think it can worsen anymore. At the most, few more Christmas goods will arrive until mid-November. But the height really is from September to October,” he added.
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No more port congestion – Customs Lina assures BOC ready for Christmas influx | Business, News, The Philippine Star | philstar.com
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ALI, EDC, Petron top sustainability, CSR firms
By Danessa O. Rivera (The Philippine Star)
Updated October 18, 2015 - 12:00am
MANILA, Philippines – Ayala Land Inc. (ALI), Energy Development Corp. (EDC) and Petron Corp. were heralded by Channel News Asia as the Philippines’ top three publicly-listed companies for pursuing sustainable business practices and corporate social responsibility.
The 2015 Channel NewsAsia Sustainability Ranking is a collaborative effort of regional broadcaster Channel News Asia and research firm CSR Asia.
Based on indicators and methodology developed by environmental, social and governance (ESG) and corporate ratings and research provider Sustainalytics, the ranking identifies the top 100 companies in the region with the highest sustainability performance.
It also highlights the top 20 companies and top three businesses per country. Countries covered in the ranking include China, Hong Kong, India, Indonesia, Malaysia, Philippines, Singapore, South Korea, Thailand, and Japan.
ALI was chosen as one of the Philippines’ top three firms because it “employs sustainable land development through active local community engagement initiatives,” the Sustainability Ranking said in its website.
ALI’s large-scale land development projects were assessed for impacts and underwent Department of Environment and Natural Resources (DENR) Environmental Impact Assessment Process, the report said.
It also noted the company undertakes due diligence procedures to minimize the impact on local agricultural activities.
Meanwhile, EDC was picked for exclusively pursuing renewable energy (RE) developments.
“As one of the largest geothermal energy producers in the world, EDC is also diversifying into other renewable energy sources, including hydropower, solar and wind power, that together account for 20 percent of the company’s generation capacity. The company’s strategy to exclusively pursue renewable energy leads to a lower carbon intensity than its peers and positions it well to capitalize on future growth opportunities,” the ranking said.
As for Petron, the ranking noted the country’s biggest oil refiner has an environmental management system which is “certified to ISO-14001 standard with periodic monitoring and auditing of its environmental performance.”
Commenting on the recognition, Petron president and CEO Ramon S. Ang said it is an honor to be named one of the most sustainable companies in the country.
“This recognition affirms our commitment to continue to improve the way we do business and make a positive impact in society and the environment,” he said.
Petron runs a 180,000 barrel-per-day refinery in Bataan which is the first facility of its kind to reach the internationally-recognized Integrated Management System (IMS) standard. All of its 30 depots and terminals are also IMS-certified.
Petron is also the first and only oil company in the country to adopt the ISO-14001 Environmental Management Systems in its service station network, ensuring the safety and environmental protection of host communities.
The Channel NewsAsia Sustainability Ranking was launched during the recently concluded CSR Asia Summit in Kuala Lumpur, Malaysia – the leading corporate social responsibility conference in Asia.
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ALI, EDC, Petron top sustainability, CSR firms | Business, News, The Philippine Star | philstar.com
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PLDT unit cracks online gaming in Europe
By Louella D. Desiderio (The Philippine Star)
Updated October 18, 2015 - 12:00am
MANILA, Philippines – IPC (IP Converge Data Services Inc.), a unit of Philippine Long Distance Telephone Co.’s information and communications technology arm ePLDT is expanding into Europe via its partnership with Alderney Gambling Control Commission, an e-gambling regulator based in the British Channel Islands.
Under the partnership, IPC will serve as the Internet data center provider of Alderney.
“Alderney is one of the key entities in the global online gaming industry, and IPC’s hosting certificate provides leverage into other enterprises in the United Kingdom and Europe. That Team Alderney has chosen to work with us in their plans to reach out to the Asian market speaks well of the readiness of Philippine technology firms to do business with the world,” IPC president Rene Huergas said.
To date, IPC is the only Asian data services company which earned the approval of Alderney.
Through the partnership, IPC will enable Alderney to grow its business in the Asian region.
“Online gaming is a multi-billion dollar industry with very large requirements technology-wise. Alderney handles gaming licenses from around the world and is one of the largest international hubs for online gaming. Mission critical requirements of this scale need to be fulfilled with managed data services that meet global standards and able to grow with a client’s business. Our services will strategically help Alderney expand their business in Asia,” Maricar Nepomuceno, IPC vice president for managed data services sales for gaming said.
For her part, Susan O’ Leary, director of e-commerce at Alderney Gambling said the arrangement with IPC is seen to provide gains to the regulator’s other partners as well.
“The e-gambling industry thrives on technological development and innovative ideas and Alderney is at the forefront, setting standards for others to follow,” she said.
-----
PLDT unit cracks online gaming in Europe | Business, News, The Philippine Star | philstar.com
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Politics and Diplomacy News:
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Defense chief makes strong statement before Chinese, ASEAN counterparts
Philippine News Agency
October 18, 2015
During the China-ASEAN Defense Ministers’ Informal Meeting in Beijing, China Friday, Department of National Defense Secretary Voltaire Gazmin said that “maritime disputes are complex issues that should be resolved by rules-based solutions.”
And as such, parties involved must refrain from unilateral action that can change the status quo and increase the tension.
“We must keep the lines of communication open through dialogues with all parties involved.”
The Philippines is presently involved in maritime dispute with China regarding some features of the West Philippine Sea. The country is resolved to ease the tension via diplomatic means.
As this develops, Chinese Defense Minister Chang Wanquan called upon ASEAN and China to continue promoting practical cooperation such as in the areas of peacekeeping operations, joint patrols, disaster response and deepening of trust between the concerned countries.
In view of the adoption of the Code of Unplanned Encounters at Sea (CUES), when China hosted the Western Pacific Naval Symposium in 2014, China proposed to conduct joint training on CUES in 2016.
Chang stressed that China would not seek hegemony, its foreign policy is defensive in nature, and it adopted a strategy of active defense –- proof of which is the reduction of the People’s Liberation Army’s strength by 300,000.
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Defense chief makes strong statement before Chinese, ASEAN counterparts | Ang Malaya Net
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No more port congestion – Customs Lina assures BOC ready for Christmas influx
By Prinz P. Magtulis (The Philippine Star)
Updated October 18, 2015 - 12:00am
MANILA, Philippines – There will be no repeat of last year’s port congestion.
Local ports have been told to ensure enough capacity for the ongoing cargo influx for the Christmas season and “divert” shipments if necessary as preparations mount to avoid the piling up of undelivered cargoes just like last year.
“We are prepared. We are doing all we can and we are in close coordination with other agencies on it. We don’t think it (port congestion) will happen again,” Customs Commissioner Alberto Lina told The STAR in an interview.
Should there be a necessity however, ports have been instructed to move excess cargoes from one port to another to free up space, also in a bid to save time and ensure their timely delivery, Customs said in a statement.
“Ports have already been inspected and given direction should there be a need to divert entries to other ports in the latter part of the year, we will do so, rather than making our shipments wait in the anchorage,” it explained.
“(The) Commissioner himself visited Port of Manila this week,” it added.
“The ports are prepared as well as the warehouses.”
In addition, Lina said the bureau is likewise coordinating with the Philippine Ports Authority (PPA) to ensure roads around the ports are cleared amid the worsening traffic condition in Metro Manila.
As of September, port utilization is around 65 percent, far from a high of around 90 percent last year after the city government of Manila imposed a tighter truck ban plying around its area from February to the middle of September.
The ban, said to be targeted on decongesting roads around the capital, had an undesired effect of limiting cargo deliveries in and out of the Metro. This, in turn, resulted in lower supplies, increasing consumer prices and impacting on economic growth.
Aside from current preparations, Lina also said Customs officers continue to work from 7 a.m. to 7 p.m. daily in order to facilitate cargo inspection on a timely basis. Reforms undertaken by the Aquino administration will also help the bureau.
One of them is Republic Act 10668, which amended the Cabotage law to allow freer access to local ports by foreign vessels.
Under the law signed last July, shipments for areas outside Manila may now be directly sent to any ports in the country. Before, these cargoes will need to be cleared first by the Manila port before getting shipped to their destination.
Sought for comment, businesses had mixed views of Customs’ assurance.
Alfredo Yao, president of the Philippine Chamber of Commerce and Industry, said port congestion is already unlikely since most Christmas goods are arriving from September to October.
“If they are saying that we are only on 65 percent port utilization, then that is good, especially since the goods for Christmas are already arriving,” Yao said in phone interview over the weekend.
“I don’t think it can worsen anymore. At the most, few more Christmas goods will arrive until mid-November. But the height really is from September to October,” he added.
-----
No more port congestion – Customs Lina assures BOC ready for Christmas influx | Business, News, The Philippine Star | philstar.com
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ALI, EDC, Petron top sustainability, CSR firms
By Danessa O. Rivera (The Philippine Star)
Updated October 18, 2015 - 12:00am
MANILA, Philippines – Ayala Land Inc. (ALI), Energy Development Corp. (EDC) and Petron Corp. were heralded by Channel News Asia as the Philippines’ top three publicly-listed companies for pursuing sustainable business practices and corporate social responsibility.
The 2015 Channel NewsAsia Sustainability Ranking is a collaborative effort of regional broadcaster Channel News Asia and research firm CSR Asia.
Based on indicators and methodology developed by environmental, social and governance (ESG) and corporate ratings and research provider Sustainalytics, the ranking identifies the top 100 companies in the region with the highest sustainability performance.
It also highlights the top 20 companies and top three businesses per country. Countries covered in the ranking include China, Hong Kong, India, Indonesia, Malaysia, Philippines, Singapore, South Korea, Thailand, and Japan.
ALI was chosen as one of the Philippines’ top three firms because it “employs sustainable land development through active local community engagement initiatives,” the Sustainability Ranking said in its website.
ALI’s large-scale land development projects were assessed for impacts and underwent Department of Environment and Natural Resources (DENR) Environmental Impact Assessment Process, the report said.
It also noted the company undertakes due diligence procedures to minimize the impact on local agricultural activities.
Meanwhile, EDC was picked for exclusively pursuing renewable energy (RE) developments.
“As one of the largest geothermal energy producers in the world, EDC is also diversifying into other renewable energy sources, including hydropower, solar and wind power, that together account for 20 percent of the company’s generation capacity. The company’s strategy to exclusively pursue renewable energy leads to a lower carbon intensity than its peers and positions it well to capitalize on future growth opportunities,” the ranking said.
As for Petron, the ranking noted the country’s biggest oil refiner has an environmental management system which is “certified to ISO-14001 standard with periodic monitoring and auditing of its environmental performance.”
Commenting on the recognition, Petron president and CEO Ramon S. Ang said it is an honor to be named one of the most sustainable companies in the country.
“This recognition affirms our commitment to continue to improve the way we do business and make a positive impact in society and the environment,” he said.
Petron runs a 180,000 barrel-per-day refinery in Bataan which is the first facility of its kind to reach the internationally-recognized Integrated Management System (IMS) standard. All of its 30 depots and terminals are also IMS-certified.
Petron is also the first and only oil company in the country to adopt the ISO-14001 Environmental Management Systems in its service station network, ensuring the safety and environmental protection of host communities.
The Channel NewsAsia Sustainability Ranking was launched during the recently concluded CSR Asia Summit in Kuala Lumpur, Malaysia – the leading corporate social responsibility conference in Asia.
-----
ALI, EDC, Petron top sustainability, CSR firms | Business, News, The Philippine Star | philstar.com
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PLDT unit cracks online gaming in Europe
By Louella D. Desiderio (The Philippine Star)
Updated October 18, 2015 - 12:00am
MANILA, Philippines – IPC (IP Converge Data Services Inc.), a unit of Philippine Long Distance Telephone Co.’s information and communications technology arm ePLDT is expanding into Europe via its partnership with Alderney Gambling Control Commission, an e-gambling regulator based in the British Channel Islands.
Under the partnership, IPC will serve as the Internet data center provider of Alderney.
“Alderney is one of the key entities in the global online gaming industry, and IPC’s hosting certificate provides leverage into other enterprises in the United Kingdom and Europe. That Team Alderney has chosen to work with us in their plans to reach out to the Asian market speaks well of the readiness of Philippine technology firms to do business with the world,” IPC president Rene Huergas said.
To date, IPC is the only Asian data services company which earned the approval of Alderney.
Through the partnership, IPC will enable Alderney to grow its business in the Asian region.
“Online gaming is a multi-billion dollar industry with very large requirements technology-wise. Alderney handles gaming licenses from around the world and is one of the largest international hubs for online gaming. Mission critical requirements of this scale need to be fulfilled with managed data services that meet global standards and able to grow with a client’s business. Our services will strategically help Alderney expand their business in Asia,” Maricar Nepomuceno, IPC vice president for managed data services sales for gaming said.
For her part, Susan O’ Leary, director of e-commerce at Alderney Gambling said the arrangement with IPC is seen to provide gains to the regulator’s other partners as well.
“The e-gambling industry thrives on technological development and innovative ideas and Alderney is at the forefront, setting standards for others to follow,” she said.
-----
PLDT unit cracks online gaming in Europe | Business, News, The Philippine Star | philstar.com
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Politics and Diplomacy News:
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Defense chief makes strong statement before Chinese, ASEAN counterparts
Philippine News Agency
October 18, 2015
During the China-ASEAN Defense Ministers’ Informal Meeting in Beijing, China Friday, Department of National Defense Secretary Voltaire Gazmin said that “maritime disputes are complex issues that should be resolved by rules-based solutions.”
And as such, parties involved must refrain from unilateral action that can change the status quo and increase the tension.
“We must keep the lines of communication open through dialogues with all parties involved.”
The Philippines is presently involved in maritime dispute with China regarding some features of the West Philippine Sea. The country is resolved to ease the tension via diplomatic means.
As this develops, Chinese Defense Minister Chang Wanquan called upon ASEAN and China to continue promoting practical cooperation such as in the areas of peacekeeping operations, joint patrols, disaster response and deepening of trust between the concerned countries.
In view of the adoption of the Code of Unplanned Encounters at Sea (CUES), when China hosted the Western Pacific Naval Symposium in 2014, China proposed to conduct joint training on CUES in 2016.
Chang stressed that China would not seek hegemony, its foreign policy is defensive in nature, and it adopted a strategy of active defense –- proof of which is the reduction of the People’s Liberation Army’s strength by 300,000.
-----
Defense chief makes strong statement before Chinese, ASEAN counterparts | Ang Malaya Net
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Reashot Xigwin
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Cossack25A1
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Not sure if this is accurate, but I just found this recently, what the Philippines was before it got colonized by the Spanish Empire under House of Habsburg.
Before there was even a "Philippines" there are already different kingdoms existed, but it was the Spanish that created the "Philippines" by having Luzon, Visayas and very few portion of Mindanao under the rule of Viceroyalty of New Spain.
Before there was even a "Philippines" there are already different kingdoms existed, but it was the Spanish that created the "Philippines" by having Luzon, Visayas and very few portion of Mindanao under the rule of Viceroyalty of New Spain.
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Cossack25A1
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Business News:
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NG debt inches up to P5.9T in Jan-Aug
By Prinz P. Magtulis (The Philippine Star)
Updated October 25, 2015 - 12:00am
MANILA, Philippines – In line with the Aquino’s administration’s thrust, the government’s debt metrics continued to improve in August, Bureau of the Treasury data showed.
As earlier reported, the national government debt inched up 0.9 percent to P5.898 trillion for the first eight months. By currency distribution, 67.2 percent were in pesos, while the remaining 32.8 percent were in foreign denominations.
External liabilities were further classified into different currencies. Bulk of the debt, accounting for 74.6 percent, were in the US dollars, 14.4 percent in Japanese yen, 6.4 percent in so-called global pesos, 2.7 percent in euros and 1.9 percent in other units.
Global pesos are debts issued in local currencies, but are settled in foreign units, normally US dollars.
Nicholas Antonio Mapa, economist at the Bank of the Philippine Islands, said the state’s preference to local debts “insulates the country” for the threat of the upcoming interest rate hike in the US that could lower emerging market currencies.
Less foreign liabilities mean the country is least affected by foreign exchange drops from capital flight once investors get attracted back to the US, the world’s safe haven. Weaker currencies mean more local units needed to settle debts. The peso has lost around four percent of its value since the end of last year.
“Nobody’s going to be spared from the interest rate hike since there will definitely be a shift across currencies,” Mapa said in a phone interview.
“But at least three countries— Vietnam, India and the Philippines— could experience much less severe episodes of capital flight,” he added.
In addition, around 92.15 percent of state debts have fixed interest rates, meaning charges will stay put even once local interest rates rise as they follow their US counterparts.
Only 7.71 percent were in floating interest, while the remaining 0.14 percent were interest free, Treasury figures showed.
“It means any subsequent rate hike will not affect the nature of our debts since we were able to lock in rates that are favorable to us,” Mapa explained.
By maturities, the government also secured itself more time to settle most of its liabilities.
As of August, 88.4 percent of the debts were payable over the long-term or more than 10 years. Medium-term obligations accounted for 6.8 percent, while short-term payables cornered 4.8 percent.
Since 2010, the Aquino government has embarked on a number of liability management transactions that effectively lower the government’s interest payments by lengthening payment terms and reducing foreign debt exposures.
This has reduced debt payments as a proportion of the budget and freed up more resources to finance state projects and programs.
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NG debt inches up to P5.9T in Jan-Aug | Business, News, The Philippine Star | philstar.com
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Asean renews forex liquidity support program
By Larence Agcaoili (The Philippine Star)
Updated October 25, 2015 - 12:00am
MANILA, Philippines – The Association of Southeast Asian Nations (Asean) has renewed for the fifth time the short-term foreign exchange liquidity support for member countries experiencing balance of payments difficulties.
The Bangko Sentral ng Pilipinas (BSP) and other Asean member central banks signed the fifth supplemental memorandum of understanding on the Asean Swap Arrangement last Oct. 8.
BSP Governor Amando Tetangco Jr. signed the MOU extending the ASA for two years starting Nov. 7.
The ASA involves the provision of $2 billion short-term foreign exchange liquidity support for Asean member countries that experience balance of payments difficulties.
The Philippines’ contribution commitment of $300 million allows the country to draw up to $600 million as the need arises.
The ASA provides the country an additional safety net similar to other regional financial arrangements including the Chiang Mai Initiative Multilateralization under the Asean+3.
Central banks and monetary authorities of the original Asean – 5 including the Philippines, Indonesia, Malaysia, Singapore, and Thailand agreed to establish reciprocal currency or swap arrangements in August 1977.
Originally intended to be in effect for just one year, the arrangement has been extended incrementally.
The Chiang Mai Initiative expanded the ASA to all current Asean members during the Asean+3 Finance Ministers’ meeting held in May 2000.
The total amount available for swap transactions under ASA was increased to $1 billion from $200 million in November 2000 and was doubled to $2 billion during the 8th Asean +3 Finance Ministers’ Meeting in May 2005.
Current Asean members include Brunei Darussalam, Cambodia, Indonesia, the Lao People’s Democratic Republic, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.
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Asean renews forex liquidity support program | Business, News, The Philippine Star | philstar.com
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Military and Defense News:
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US, Philippines top military officials meet in Hawaii
Samuel Biag
October 25, 2015
Commander of United States Pacific Command (USPACOM) Admiral Harry Harris Jr. and Chief-of-Staff of the Armed Forces Philippines (AFP) General Hernando Iriberri led the US-Philippines Mutual Defense Board and Security Engagement Board meeting at Oahu in Hawaii October 19. The meeting was held to program activities for next year that will sustain strong alliance.
Mutual Defense Board and the Security Engagement Board meetings have been held annually since 1958. The goal is to bring together key military and government personnel to discuss US and Philippine activities for the upcoming year. Balikatan and other military interactions are topics for the Mutual Defense Board. The Security Engagement Board on the other hand discusses plans for the two nations to work together in humanitarian assistance, disaster response, counter-terrorism and counter-trafficking.
At the end of Mutual Defense Board and Security Engagement Board meeting, Iriberri and Harris as co-chairs, endorsed the upcoming bilateral activities for next year. USPACOM said they “signed the activities agreement, shook hands, and thanked the many men and women from both the US and Philippines Armed Forces and government representatives. Their hard work and dedication ensured another year of exercises, training and engagements that continue to strengthen both nations.”
“Prepared to face any threat together, the two nation’s interoperability simply can’t be duplicated. An example of an activity discussed each year is the annual exercise Balikatan,” USPACOM said. “The talks are crucial in ensuring the US, Philippine alliance is one of the strongest military partnerships in the region surrounding the South China Sea (West Philippine Sea).”
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US, Philippines top military officials meet in Hawaii | Ang Malaya Net
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Military unit getting ready for Civil Disturbance
Philippine News Agency
October 24, 2015
The Armed Forces of the Philippines announced that its Civil Disturbance Management (CDM) Company is now preparing for the upcoming Asia-Pacific Economic Cooperation (APEC) Economic Leaders’ Meeting in Manila this November.
The event will take place Nov. 18 to 19, AFP public affairs office chief Col. Noel Detoyato said Saturday. The training is to ensure better response in situations requiring CDM service.
The AFP CDM Company will be on standby for the duration of the APEC Meeting as support unit to Philippine National Police personnel who will be on the frontline of keeping the safety and security of the event.
They will be immediately deployed if necessary or when when the peaceful conduct of the event is threatened.
The CDM Company is composed of soldiers under the Security and Escort Group of AFP General Headquarters based in Camp General Emilio Aguinaldo.
They will also be accompanied by AFP K-9 units. They regularly undergo training on crowd management. These soldiers were also properly briefed in human rights as part of their training, Detoyato stressed.
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Military unit getting ready for Civil Disturbance | Ang Malaya Net
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Philippine Air Force FA-50 jets having P4.47 billion worth ammunition
Uel Balenia
October 23, 2015
The government is allocating PhP4.47 billion for the ammunition of ordered twelve Philippine Air Force FA-50 lead-in fighter trainer jets from South Korea, this is according to Presidential Communications Secretary Coloma’s October 22 statement. “We are looking at the early delivery of two FA-50s. They will be combat and mission ready upon their arrival this December,” Department of National Defense Undersecretary for Finance, Modernization and Materiel Fernando Manalo previously said.
Secretary Coloma’s remarks was made in light of recent report that the country’s military ranks sixth in the list of the world’s worst armies. The ranking was based on an online article posted by “We Are The Mighty,” a group of former American soldiers who turned to the Internet to provide information to US servicemen.
Coloma added that two navy frigates worth P18 billion, three air surveillance radars worth P2.68 billion, six close air support aircraft worth P4.97 billion, two units of long-range patrol aircraft worth P5.98 billion, multipurpose attack craft project worth P864.32 million, night fighting system worth P1.116 billion, two C-130 aircraft worth P1.6 billion and two naval helicopters worth P5.4 billion were also among the big ticket items in the Armed Forces of the Philippines modernization.
He also noted that 56 projects under the AFP modernization program have been completed, compared to only 45 under the previous administrations.
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Philippine Air Force FA-50 jets having P4.47 billion worth ammunition | Ang Malaya Net
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Three more Australian vessels to enter Philippine Navy service
Philippine News Agency
October 22, 2015
Three more “Balikpapan” class LCHs (landing craft heavies) are scheduled to arrive and be commissioned in Philippine Navy (PN) service by the first quarter of 2016. These ships are the HMAS Balikpapan, HMAS Wewak and HMAS Betano. The Royal Australian Navy decommissioned these LCHs in November 2014.
The three are sisters to BRP Ivatan (formerly HMAS Tarakan) and BRP Batak (ex-HMAS Brunei) which were commissioned into PN service last Aug. 10. LCHs are an extremely versatile vessel, capable of moving large amounts of cargo, personnel and equipment from larger ships to shore.
A very shallow draft (two meters) allows these ships to deliver personnel and equipment to areas otherwise unreachable especially during humanitarian assistance and disaster relief (HADR) operations.
It is an all-welded twin-screw vessel, able to trans-ship cargo and supplies from ships lying offshore to water terminals or across the beach. Maximum cargo load is governed by the load-fuel balance and varies between 140 and 180 tons.
A typical load of 175 ton gives the LCHs a range of 1,300 nautical miles, increasing to 2,280 nautical miles for a load of 150 tons. Up to five shipping containers with HADR supplies and equipment can also be embarked.
LCHs have a draft of two meters, length of 44.5 meters, beam of 10.1 meters and displacement of 364 tons. It has a speed to 10 to 13 knots and a range of 3,000 nautical miles and a crew of 15.
Sources said that the three ships were acquired at their respective “salvage value” which is 10 to 15 percent of the actual value of the LCHs.
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Three more Australian vessels to enter Philippine Navy service | Ang Malaya Net
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NG debt inches up to P5.9T in Jan-Aug
By Prinz P. Magtulis (The Philippine Star)
Updated October 25, 2015 - 12:00am
MANILA, Philippines – In line with the Aquino’s administration’s thrust, the government’s debt metrics continued to improve in August, Bureau of the Treasury data showed.
As earlier reported, the national government debt inched up 0.9 percent to P5.898 trillion for the first eight months. By currency distribution, 67.2 percent were in pesos, while the remaining 32.8 percent were in foreign denominations.
External liabilities were further classified into different currencies. Bulk of the debt, accounting for 74.6 percent, were in the US dollars, 14.4 percent in Japanese yen, 6.4 percent in so-called global pesos, 2.7 percent in euros and 1.9 percent in other units.
Global pesos are debts issued in local currencies, but are settled in foreign units, normally US dollars.
Nicholas Antonio Mapa, economist at the Bank of the Philippine Islands, said the state’s preference to local debts “insulates the country” for the threat of the upcoming interest rate hike in the US that could lower emerging market currencies.
Less foreign liabilities mean the country is least affected by foreign exchange drops from capital flight once investors get attracted back to the US, the world’s safe haven. Weaker currencies mean more local units needed to settle debts. The peso has lost around four percent of its value since the end of last year.
“Nobody’s going to be spared from the interest rate hike since there will definitely be a shift across currencies,” Mapa said in a phone interview.
“But at least three countries— Vietnam, India and the Philippines— could experience much less severe episodes of capital flight,” he added.
In addition, around 92.15 percent of state debts have fixed interest rates, meaning charges will stay put even once local interest rates rise as they follow their US counterparts.
Only 7.71 percent were in floating interest, while the remaining 0.14 percent were interest free, Treasury figures showed.
“It means any subsequent rate hike will not affect the nature of our debts since we were able to lock in rates that are favorable to us,” Mapa explained.
By maturities, the government also secured itself more time to settle most of its liabilities.
As of August, 88.4 percent of the debts were payable over the long-term or more than 10 years. Medium-term obligations accounted for 6.8 percent, while short-term payables cornered 4.8 percent.
Since 2010, the Aquino government has embarked on a number of liability management transactions that effectively lower the government’s interest payments by lengthening payment terms and reducing foreign debt exposures.
This has reduced debt payments as a proportion of the budget and freed up more resources to finance state projects and programs.
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NG debt inches up to P5.9T in Jan-Aug | Business, News, The Philippine Star | philstar.com
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Asean renews forex liquidity support program
By Larence Agcaoili (The Philippine Star)
Updated October 25, 2015 - 12:00am
MANILA, Philippines – The Association of Southeast Asian Nations (Asean) has renewed for the fifth time the short-term foreign exchange liquidity support for member countries experiencing balance of payments difficulties.
The Bangko Sentral ng Pilipinas (BSP) and other Asean member central banks signed the fifth supplemental memorandum of understanding on the Asean Swap Arrangement last Oct. 8.
BSP Governor Amando Tetangco Jr. signed the MOU extending the ASA for two years starting Nov. 7.
The ASA involves the provision of $2 billion short-term foreign exchange liquidity support for Asean member countries that experience balance of payments difficulties.
The Philippines’ contribution commitment of $300 million allows the country to draw up to $600 million as the need arises.
The ASA provides the country an additional safety net similar to other regional financial arrangements including the Chiang Mai Initiative Multilateralization under the Asean+3.
Central banks and monetary authorities of the original Asean – 5 including the Philippines, Indonesia, Malaysia, Singapore, and Thailand agreed to establish reciprocal currency or swap arrangements in August 1977.
Originally intended to be in effect for just one year, the arrangement has been extended incrementally.
The Chiang Mai Initiative expanded the ASA to all current Asean members during the Asean+3 Finance Ministers’ meeting held in May 2000.
The total amount available for swap transactions under ASA was increased to $1 billion from $200 million in November 2000 and was doubled to $2 billion during the 8th Asean +3 Finance Ministers’ Meeting in May 2005.
Current Asean members include Brunei Darussalam, Cambodia, Indonesia, the Lao People’s Democratic Republic, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.
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Asean renews forex liquidity support program | Business, News, The Philippine Star | philstar.com
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Military and Defense News:
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US, Philippines top military officials meet in Hawaii
Samuel Biag
October 25, 2015
Commander of United States Pacific Command (USPACOM) Admiral Harry Harris Jr. and Chief-of-Staff of the Armed Forces Philippines (AFP) General Hernando Iriberri led the US-Philippines Mutual Defense Board and Security Engagement Board meeting at Oahu in Hawaii October 19. The meeting was held to program activities for next year that will sustain strong alliance.
Mutual Defense Board and the Security Engagement Board meetings have been held annually since 1958. The goal is to bring together key military and government personnel to discuss US and Philippine activities for the upcoming year. Balikatan and other military interactions are topics for the Mutual Defense Board. The Security Engagement Board on the other hand discusses plans for the two nations to work together in humanitarian assistance, disaster response, counter-terrorism and counter-trafficking.
At the end of Mutual Defense Board and Security Engagement Board meeting, Iriberri and Harris as co-chairs, endorsed the upcoming bilateral activities for next year. USPACOM said they “signed the activities agreement, shook hands, and thanked the many men and women from both the US and Philippines Armed Forces and government representatives. Their hard work and dedication ensured another year of exercises, training and engagements that continue to strengthen both nations.”
“Prepared to face any threat together, the two nation’s interoperability simply can’t be duplicated. An example of an activity discussed each year is the annual exercise Balikatan,” USPACOM said. “The talks are crucial in ensuring the US, Philippine alliance is one of the strongest military partnerships in the region surrounding the South China Sea (West Philippine Sea).”
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US, Philippines top military officials meet in Hawaii | Ang Malaya Net
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Military unit getting ready for Civil Disturbance
Philippine News Agency
October 24, 2015
The Armed Forces of the Philippines announced that its Civil Disturbance Management (CDM) Company is now preparing for the upcoming Asia-Pacific Economic Cooperation (APEC) Economic Leaders’ Meeting in Manila this November.
The event will take place Nov. 18 to 19, AFP public affairs office chief Col. Noel Detoyato said Saturday. The training is to ensure better response in situations requiring CDM service.
The AFP CDM Company will be on standby for the duration of the APEC Meeting as support unit to Philippine National Police personnel who will be on the frontline of keeping the safety and security of the event.
They will be immediately deployed if necessary or when when the peaceful conduct of the event is threatened.
The CDM Company is composed of soldiers under the Security and Escort Group of AFP General Headquarters based in Camp General Emilio Aguinaldo.
They will also be accompanied by AFP K-9 units. They regularly undergo training on crowd management. These soldiers were also properly briefed in human rights as part of their training, Detoyato stressed.
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Military unit getting ready for Civil Disturbance | Ang Malaya Net
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Philippine Air Force FA-50 jets having P4.47 billion worth ammunition
Uel Balenia
October 23, 2015
The government is allocating PhP4.47 billion for the ammunition of ordered twelve Philippine Air Force FA-50 lead-in fighter trainer jets from South Korea, this is according to Presidential Communications Secretary Coloma’s October 22 statement. “We are looking at the early delivery of two FA-50s. They will be combat and mission ready upon their arrival this December,” Department of National Defense Undersecretary for Finance, Modernization and Materiel Fernando Manalo previously said.
Secretary Coloma’s remarks was made in light of recent report that the country’s military ranks sixth in the list of the world’s worst armies. The ranking was based on an online article posted by “We Are The Mighty,” a group of former American soldiers who turned to the Internet to provide information to US servicemen.
Coloma added that two navy frigates worth P18 billion, three air surveillance radars worth P2.68 billion, six close air support aircraft worth P4.97 billion, two units of long-range patrol aircraft worth P5.98 billion, multipurpose attack craft project worth P864.32 million, night fighting system worth P1.116 billion, two C-130 aircraft worth P1.6 billion and two naval helicopters worth P5.4 billion were also among the big ticket items in the Armed Forces of the Philippines modernization.
He also noted that 56 projects under the AFP modernization program have been completed, compared to only 45 under the previous administrations.
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Philippine Air Force FA-50 jets having P4.47 billion worth ammunition | Ang Malaya Net
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Three more Australian vessels to enter Philippine Navy service
Philippine News Agency
October 22, 2015
Three more “Balikpapan” class LCHs (landing craft heavies) are scheduled to arrive and be commissioned in Philippine Navy (PN) service by the first quarter of 2016. These ships are the HMAS Balikpapan, HMAS Wewak and HMAS Betano. The Royal Australian Navy decommissioned these LCHs in November 2014.
The three are sisters to BRP Ivatan (formerly HMAS Tarakan) and BRP Batak (ex-HMAS Brunei) which were commissioned into PN service last Aug. 10. LCHs are an extremely versatile vessel, capable of moving large amounts of cargo, personnel and equipment from larger ships to shore.
A very shallow draft (two meters) allows these ships to deliver personnel and equipment to areas otherwise unreachable especially during humanitarian assistance and disaster relief (HADR) operations.
It is an all-welded twin-screw vessel, able to trans-ship cargo and supplies from ships lying offshore to water terminals or across the beach. Maximum cargo load is governed by the load-fuel balance and varies between 140 and 180 tons.
A typical load of 175 ton gives the LCHs a range of 1,300 nautical miles, increasing to 2,280 nautical miles for a load of 150 tons. Up to five shipping containers with HADR supplies and equipment can also be embarked.
LCHs have a draft of two meters, length of 44.5 meters, beam of 10.1 meters and displacement of 364 tons. It has a speed to 10 to 13 knots and a range of 3,000 nautical miles and a crew of 15.
Sources said that the three ships were acquired at their respective “salvage value” which is 10 to 15 percent of the actual value of the LCHs.
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Three more Australian vessels to enter Philippine Navy service | Ang Malaya Net
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Philippines slips in World Bank ranking on doing business
By Richmond S. Mercurio (The Philippine Star)
Updated October 29, 2015 - 12:00am
MANILA, Philippines - The Philippines slipped six notches in the World Bank’s latest report gauging economies in terms of ease of doing business despite reforms made by the government in expediting ways of starting businesses.
In the World Bank Group’s Doing Business 2016 report released yesterday, the country’s ranking dropped six notches to 103rd from last year’s 97th spot across 189 economies. The Philippines ranked 95th from the original report published last year but was revised to 97th to reflect a change in methodology.
The decline in the latest rankings likewise pulled the Philippines down one place to the 5th spot from the previous 6th among the Association of Southeast Asian Nations (ASEAN).
Singapore, which emerged on top of the ease of doing business list for the 10th consecutive year, Malaysia (18th), Thailand (49th), Brunei Darussalam (84th), and Vietnam (90th) were the top five Asean economies where doing business is easier than the Philippines.
Aside from Singapore and Malaysia, other countries in the East Asia and Pacific which were in the top 20 rankings are New Zealand (2nd), Republic of Korea (4th), Hong Kong (5th), Taiwan (11th) and Australia (13th).
East Asia and the Pacific is the second most represented region in the Doing Business 2016 report after Europe in the world’s top 20 economies.
Despite slipping in the rankings, the Philippines was recognized by the World Bank Group for making starting a business easier by streamlining communications between the Securities and Exchange Commission and the Social Security System and thereby expediting the process of issuing an employer registration number.
“A majority of economies in East Asia and the Pacific are undertaking reforms to further improve the regulatory environment for small and medium-sized enterprises. During the past year, 52 percent of the region’s 25 economies implemented 27 reforms to make it easier to do business,” the World Bank said.
The Doing Business ranking provides an idea on how easy or difficult it is for a local entrepreneur to open and run a small to medium-size business when complying with relevant regulations.
The report measures and tracks changes in regulations affecting 11 areas in the life cycle of a business namely, starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts, resolving insolvency and labor market regulation.
It does not, however, measure all aspects of the business environment such as macroeconomic stability, corruption, level of labor skills, proximity to markets, as well as regulation specific to foreign investment or financial markets.
The World Bank said this year’s Doing Business report completes a two-year effort to expand benchmarks that measure the quality of regulation, as well as the efficiency of the business regulatory framework, in order to better capture the realities on the ground.
NCC expresses disappointment
The National Competitiveness Council (NCC), however, is not too pleased with this year’s ease of doing business outcome, saying the report has undergone methodological changes in four of the last five years which made it confusing and unreliable for measuring change.
“Despite our efforts to introduce reform projects to improve the ease of doing business in the Philippines, the International Finance Corp. shows different sets of scores and rankings every year due to a change in methodology,” NCC co-chairman Guillermo Luz said.
“The changes are applied retroactively so even prior years’ results are changed without our knowledge. This makes it difficult to tell whether we are on the right track or not using this instrument. It has become unreliable,” Luz said, questioning the relevance of the report’s diagnostic tool moving forward.
According to Luz, the NCC has made steady improvements by streamlining processes and introducing reforms across a wide range of the indicators.
“We have done so much to improve doing business in the Philippines. However, the Doing Business report doesn’t capture these initiatives and the constant methodology change and recalculation of ranking every year is of no help. We need consistency in the diagnostic tool to monitor ourselves, and better measure our performance,” Luz said.
“We’re not junking a too just because it tells us it’s getting worse. What we want is a tool that tells us accurately if we did well or worse,” he added.
With the Philippines’ five-spot plunge in this year’s ranking, World Bank official said the country remains a good place as far as doing business is concerned but it needs to step up further its game to address the tougher competition.
“I want to emphasize the Philippines has risen and you are now in a much tougher, much competitive environment. Even Hong Kong which is third ranked had four reforms last year. The top is moving all the time, therefore we have to move faster for the Philippines to gain ground,” World Bank Philippines country director Motoo Konishi said.
“There are questions on methodology, but one thing to emphasize though is the Philippines has been doing reforms, it simply needs to accelerate to compete with others in the neighborhood,” Konishi said.
IFC operations officer Roberto Galang said the Philippines going forward should be able to seize momentum by concentrating on a number of regulatory reforms in which many do not require the passage of new laws.
“Our rise from the 130s to our present position has put us in a very competitive neighborhood. The World Bank Group will intensify our cooperation with the NCC in further streamlining the ease of doing business in the country,” Galang said.
Purisima calls survey erratic, unsound
The Philippines lambasted yesterday the World Bank after its ranking in an annual gauge of business environment slumped to one of the lowest in Southeast Asia, calling the measure an “inappropriate” reflection of the country’s business climate.
Calling the World Bank-International Finance Corp.’s Doing Business (DB) Report “erratic” and “unsound,” Finance Secretary Cesar Purisima expressed dismay on the country’s six-notch slip— to 103rd from 97th— in the survey.
“The Philippines firmly believes that the Doing Business survey methodology of collecting sample data from one or only two cities makes it inappropriate to present the report as reflective of the state of doing business for an entire economy,” Purisima said.
“Countries, especially developing ones like the Philippines, will have bright spots of promise in some areas and not in others,” he added.
A case in point are the country’s special economic zones, which the finance chief said are not being captured by the survey. These locators, managed by the Philippine Economic Zone Authority (PEZA), are granted numerous fiscal incentives in their operations.
The World Bank, for its part, has recognized this as one of the “limits” of the survey, which focuses only on each economy’s “largest business city.” Survey questionnaires were sent to businesses in covered areas.
A total of 14,233 respondents participated in the global survey in the latest report. In the Philippines, the survey was conducted in Quezon City.
“With this methodology, the DB survey should be more aptly titled as ‘Doing Business Across Cities’ to provide a better representation of the results of the report,” Purisima said.
Purisima, who is the country’s governor in the World Bank Group, also criticized the survey’s “erratic methodological changes year after year” which tended to affect even the previous years’ results.
An example is the Philippines’ place last year, which changed to 97th in the current report from 95th when it was first reported. The country ranked 134th in 2011, the first full year of the Aquino administration. – with Prinz Magtulis
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Philippines slips in World Bank ranking on doing business | Business, News, The Philippine Star | philstar.com
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PAL revives talks with strategic investors
By Louella D. Desiderio (The Philippine Star)
Updated October 29, 2015 - 12:00am
MANILA, Philippines - Philippine Airlines (PAL) is in talks to bring in a strategic investor to support the company’s expansion plans.
PAL president and chief operating officer Jaime Bautista told reporters that while the carrier is not in a hurry to get a strategic investor, its financial adviser is currently in talks with potential investors.
“We are considering some,” he said, but declined to name the parties being considered citing confidentiality agreements.
PAL is looking for a strategic investor as it looks to expand its operations in the international markets.
“As we expand, as we take delivery of more airplanes, as we compete in Asia, the US, Europe, we will need that (investor),” Bautista said.
According to Bautista, PAL is aiming to be the preferred carrier in all the markets where it operates and so, it would need the help of a partner in growing its presence in certain areas. “(We need) companies that will help us grow our market,” he said.
For instance, partners from Europe who can carry PAL’s passengers from London and beyond would be welcome as the carrier wants to serve more passengers in that region.
While PAL would also want to grow in the domestic market, Bautista said there is limited capacity to expand operations given congestion in the airport.
PAL is spending about $500 million to $700 million next year to take delivery of five Airbus A321 aircraft as well as two Boeing 777-300ER in line with its plan of expanding its services.
For this year, the carrier has already taken delivery of five new A321 aircraft.
The company is also evaluating a plan to purchase new aircraft for long-haul flights to replace its Airbus A340s which consume more fuel and are costlier to maintain.
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PAL revives talks with strategic investors | Business, News, The Philippine Star | philstar.com
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Stocks take breather ahead of US Fed meet
By Iris C. Gonzales (The Philippine Star)
Updated October 29, 2015 - 12:00am
MANILA, Philippines - Share prices took a breather yesterday, declining 36.50 points as investors took their cue from regional slump ahead of the US Fed meeting.
The Philippine Stock Exchange index (PSEi) settled lower at 7,289.26 points, while the broader All Shares index slid 12.29 points, or 0.29 percent, to end at 4,189.25.
Total value turnover reached P39.152 billion in a session that saw a close race between decliners and advancers, 87 to 84, in favor of advancers. Thirty eight stocks were left unchanged.
Analysts attributed the decline to the regional slump ahead of the US Federal meeting.
The US Fed is expected to issue a policy statement at the conclusion of a two-day meeting on Wednesday and is again expected to hold off its first rate hike in nearly a decade until next year.
Analysts said the Fed would have a difficult time convincing investors that it can tighten monetary policy before the end of the year in the face of US and global economic headwinds.
Many investors had expected the rate hike last September but the US Fed decided to keep rates unchanged.
Elsewhere in the region, Hong Kong’s Hang Seng fell 0.6 percent while South Korea’s Kospi declined 0.4 percent and Shanghai stocks also shed 0.7 percent.
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Stocks take breather ahead of US Fed meet | Business, News, The Philippine Star | philstar.com
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Military and Defense News:
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Philippine FA-50s to appear on AFP’s 80th founding anniversary
Philippine News Agency
October 28, 2015
There is a very high chance that the South Korean-made F/A-50 “Fighting Eagle” will be making an appearance during the 80th founding anniversary of the Armed Forces of the Philippines (AFP) in December. Department of National Defense (DND) spokesperson Dr. Peter Paul Galvez during an interview Thursday, said, “ninety percent the (first two) F/A-50s will play a role in the coming 80th AFP founding anniversary.”
Galvez said that it is very likely that the F/A-50s will play the centerpiece of this year’s celebration.
“I don’t know whether the planes will perform a high-speed pass or not but I know the aircraft will be the centerpiece of the celebration,” the DND spokesperson disclosed.
The Philippines contract with Korea Aerospace Industries is worth Php18.9-billion.
The 12 aircraft deal was signed last February 2014.
An initial two units is expected to be delivered by December this year.
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Philippine FA-50s to appear on AFP’s 80th founding anniversary | Ang Malaya Net
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Air Force expecting 6 AW-109E before 2015 ends: Acquiring spare parts
Philippine News Agency
October 26, 2015
In line with efforts to ensure the mission worthiness of all its available aircraft, the Philippine Air Force (PAF) announced that it is setting aside Php33,706,911.52 for acquisition of spare parts needed for the maintenance of the electrical systems of its AgustaWestland AW-109E “Power” attack helicopters.
Bid opening is on November 13, 9 a.m., PAF Procurement Center Conference Room, Villamor Air Base, Pasay City.
The PAF formally commissioned its first two attack AW-109Es last August 17. Another six are expected to be delivered before the end of the 2015. The Philippines signed an eight-unit attack AW-109E order with AgustaWestland in 2013 for Php3.44 billion.
The AW-109E is a three-ton class eight seat helicopter powered by two Pratt and Whitney PW206C engines. The spacious cabin is designed to be fitted with a number of modular equipment packages for quick and easy conversion between roles.
The aircraft’s safety features include a fully separated fuel system, dual hydraulic boost system, dual electrical systems and redundant lubrication and cooling systems for the main transmission and engines.
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Air Force expecting 6 AW-109E before 2015 ends: Acquiring spare parts | Ang Malaya Net
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Navy interested to acquire third Hamilton-class cutter
Philippine News Agency
October 25, 2015
The Philippine Navy (PN) is interested in acquiring another decommissioned Hamilton-class cutter from the United States Coast Guard (USGC). This was disclosed by Department of National Defense (DND) Undersecretary for Finance, Modernization and Materiel Fernando Manalo in a text message to the Philippine News Agency.
He made the statement when queried if the Philippines is interested in acquiring the services of the USCGC Boutwell, one of the 12 Hamilton-class cutters the US Coast Guard is phasing out in favor of the heavier and more modern National Security Council cutters of which five now are in service.
“I don’t know if Boutwell is the cutter the DND is proposing to acquire. What I know is the PN is interested in acquiring (an) additional cutter,” Manalo said.
The PN presently operates two ex-Hamilton class cutters, the BRP Gregorio Del Pilar (PF-15 and ex-USCGC Hamilton) and BRP Ramon Alcaraz (PF-16 and formerly the USCGC Dallas).
These two ships are the PN’s most up-to-date surface combatants and capable of patrolling the vast expanses of the West Philippine Sea.
Despite being armed with only a 76mm Oto Melara auto-cannon and small caliber weaponry, the Hamilton-class cutters are ideal for the PN since these are capable of sailing even in adverse weather condition and capable of housing naval helicopters aside from serving as a training platform for Filipino naval officers and crewmen expected to man the upcoming new SSVs and missile-armed frigates.
A Hamilton-class cutter has a gross tonnage of 3,250 tons, a length of 378 feet, beam of 43 feet, and draft of 15 feet. Its propulsion systems consist of two diesel engines and two gas turbine engines, giving it a top speed of 29 knots.
The ship has cruising range of 14,000 miles and a sea and loiter time of 45 days. It has a complement of 167 officers and men.
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Navy interested to acquire third Hamilton-class cutter | Ang Malaya Net
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Philippine 2016 Presidential Election News:
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Bongbong to Noynoy: Move on already
posted October 29, 2015 at 12:01
by Macon Ramos-Araneta
SENATOR Ferdinand Marcos Jr. said Wednesday that President Benigno Aquino III should move on as most Filipinos have moved on from Martial Law and forgiven his family following their election into public office.
The senator is the only son of the late President Ferdinand Marcos, who ruled the country for two decades, nine years of which were under Martial Law.
Since Marcos’ ouster in 1986 in the People Power Revolution, members of the Marcos family have been elected to public office, with the senator having served for more than 20 years. His older sister, Imee Marcos-Manotoc, is the governor of Ilocos Norte, while his mother, Imelda Marcos, is an elected representative of their province.
In an ABS-CBN public affairs program, Marcos was asked if being elected to public office was an indication that Filipinos had forgiven them, Marcos answered: “Perhaps yes. They are voting for us.”
Marcos said moving on was the key when Senate Minority Leader Juan Ponce Enrile, a key Martial Law figure that turned against the older Marcos, raised his hand when he officially announced he would run for vice president.
He said he and Enrile had talked about Martial Law, but added: “That was 30 years ago and many things have happened… Maybe we have both moved on.”
On Tuesday, the President said the Marcoses should apologize for the atrocities and transgressions committed by the late dictator against Filipinos during Martial Law.
Asked during the presidential forum of the Foreign Correspondents Association of the Philippines if the Marcoses have something to apologize for, the President replied: “ I have said that time and again for many decades, yes.” He said the Marcos children should apologize to the Filipino people.
Aquino picked on the senator for the alleged wrongdoings perpetrated during the regime of the former strongman from 1965 to 1986.
But the senator, who is running for vice president in the May 2016 elections, said he does not see why he and his family should say sorry for the horrors of Martial Law. He said his father’s administration did not intend the abuses that happened during that regime. He noted that the suffering was not a policy of the government led by his father.
“If we planned to hurt people or make them suffer, then of course, we will apologize.... If it indeed happened, that was not the plan of my father’s administration,” he said.
“What should I apologize for? Have I hurt anyone? If there is evidence that I did something which brought hardship and suffering, I am ready to apologize,” he added.
Aquino, whose father was assassinated during the Martial Law years, said he was confident that Filipinos would not return the Marcoses to Malacañang Palace.
Aquino also dismissed reports that there was a resurgence of support for Marcos in his vice presidential bid.
Aquino said the Marcoses could have told the Filipino people: “We had this opportunity to turn this country great as our father promised—it didn’t happen. We apologize. We want to make amends. That, I think, would have been acceptable. We are a forgiving people as a general rule. But they have statements that there’s nothing to apologize for.”
Marcos’s presidential candidate Senator Miriam Defensor Santiago quoted the Bible in support of her running mate: “The sins of the father should not be visited upon the son... Marcos should be given the chance to redeem himself because he won as senator.”
Santiago said this meant the greater majority did not oppose Marcos as a public servant.
“I have not seen prima facie evidence that he killed someone, raped someone or burned a house, that he violated the Penal Code. No allegation that he personally committed a crime. During the time of Martial Law, he was just a small boy,” said Santiago noting that there was no allegation that he sinned against his neighbor.
“We cannot punish someone on the basis of suspicion. I can’t support that as a lawyer,” said Santiago who was a Quezon City regional trial court judge during the Martial Law years.
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Bongbong to Noynoy: Move on already - The Standard
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Philippines slips in World Bank ranking on doing business
By Richmond S. Mercurio (The Philippine Star)
Updated October 29, 2015 - 12:00am
MANILA, Philippines - The Philippines slipped six notches in the World Bank’s latest report gauging economies in terms of ease of doing business despite reforms made by the government in expediting ways of starting businesses.
In the World Bank Group’s Doing Business 2016 report released yesterday, the country’s ranking dropped six notches to 103rd from last year’s 97th spot across 189 economies. The Philippines ranked 95th from the original report published last year but was revised to 97th to reflect a change in methodology.
The decline in the latest rankings likewise pulled the Philippines down one place to the 5th spot from the previous 6th among the Association of Southeast Asian Nations (ASEAN).
Singapore, which emerged on top of the ease of doing business list for the 10th consecutive year, Malaysia (18th), Thailand (49th), Brunei Darussalam (84th), and Vietnam (90th) were the top five Asean economies where doing business is easier than the Philippines.
Aside from Singapore and Malaysia, other countries in the East Asia and Pacific which were in the top 20 rankings are New Zealand (2nd), Republic of Korea (4th), Hong Kong (5th), Taiwan (11th) and Australia (13th).
East Asia and the Pacific is the second most represented region in the Doing Business 2016 report after Europe in the world’s top 20 economies.
Despite slipping in the rankings, the Philippines was recognized by the World Bank Group for making starting a business easier by streamlining communications between the Securities and Exchange Commission and the Social Security System and thereby expediting the process of issuing an employer registration number.
“A majority of economies in East Asia and the Pacific are undertaking reforms to further improve the regulatory environment for small and medium-sized enterprises. During the past year, 52 percent of the region’s 25 economies implemented 27 reforms to make it easier to do business,” the World Bank said.
The Doing Business ranking provides an idea on how easy or difficult it is for a local entrepreneur to open and run a small to medium-size business when complying with relevant regulations.
The report measures and tracks changes in regulations affecting 11 areas in the life cycle of a business namely, starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts, resolving insolvency and labor market regulation.
It does not, however, measure all aspects of the business environment such as macroeconomic stability, corruption, level of labor skills, proximity to markets, as well as regulation specific to foreign investment or financial markets.
The World Bank said this year’s Doing Business report completes a two-year effort to expand benchmarks that measure the quality of regulation, as well as the efficiency of the business regulatory framework, in order to better capture the realities on the ground.
NCC expresses disappointment
The National Competitiveness Council (NCC), however, is not too pleased with this year’s ease of doing business outcome, saying the report has undergone methodological changes in four of the last five years which made it confusing and unreliable for measuring change.
“Despite our efforts to introduce reform projects to improve the ease of doing business in the Philippines, the International Finance Corp. shows different sets of scores and rankings every year due to a change in methodology,” NCC co-chairman Guillermo Luz said.
“The changes are applied retroactively so even prior years’ results are changed without our knowledge. This makes it difficult to tell whether we are on the right track or not using this instrument. It has become unreliable,” Luz said, questioning the relevance of the report’s diagnostic tool moving forward.
According to Luz, the NCC has made steady improvements by streamlining processes and introducing reforms across a wide range of the indicators.
“We have done so much to improve doing business in the Philippines. However, the Doing Business report doesn’t capture these initiatives and the constant methodology change and recalculation of ranking every year is of no help. We need consistency in the diagnostic tool to monitor ourselves, and better measure our performance,” Luz said.
“We’re not junking a too just because it tells us it’s getting worse. What we want is a tool that tells us accurately if we did well or worse,” he added.
With the Philippines’ five-spot plunge in this year’s ranking, World Bank official said the country remains a good place as far as doing business is concerned but it needs to step up further its game to address the tougher competition.
“I want to emphasize the Philippines has risen and you are now in a much tougher, much competitive environment. Even Hong Kong which is third ranked had four reforms last year. The top is moving all the time, therefore we have to move faster for the Philippines to gain ground,” World Bank Philippines country director Motoo Konishi said.
“There are questions on methodology, but one thing to emphasize though is the Philippines has been doing reforms, it simply needs to accelerate to compete with others in the neighborhood,” Konishi said.
IFC operations officer Roberto Galang said the Philippines going forward should be able to seize momentum by concentrating on a number of regulatory reforms in which many do not require the passage of new laws.
“Our rise from the 130s to our present position has put us in a very competitive neighborhood. The World Bank Group will intensify our cooperation with the NCC in further streamlining the ease of doing business in the country,” Galang said.
Purisima calls survey erratic, unsound
The Philippines lambasted yesterday the World Bank after its ranking in an annual gauge of business environment slumped to one of the lowest in Southeast Asia, calling the measure an “inappropriate” reflection of the country’s business climate.
Calling the World Bank-International Finance Corp.’s Doing Business (DB) Report “erratic” and “unsound,” Finance Secretary Cesar Purisima expressed dismay on the country’s six-notch slip— to 103rd from 97th— in the survey.
“The Philippines firmly believes that the Doing Business survey methodology of collecting sample data from one or only two cities makes it inappropriate to present the report as reflective of the state of doing business for an entire economy,” Purisima said.
“Countries, especially developing ones like the Philippines, will have bright spots of promise in some areas and not in others,” he added.
A case in point are the country’s special economic zones, which the finance chief said are not being captured by the survey. These locators, managed by the Philippine Economic Zone Authority (PEZA), are granted numerous fiscal incentives in their operations.
The World Bank, for its part, has recognized this as one of the “limits” of the survey, which focuses only on each economy’s “largest business city.” Survey questionnaires were sent to businesses in covered areas.
A total of 14,233 respondents participated in the global survey in the latest report. In the Philippines, the survey was conducted in Quezon City.
“With this methodology, the DB survey should be more aptly titled as ‘Doing Business Across Cities’ to provide a better representation of the results of the report,” Purisima said.
Purisima, who is the country’s governor in the World Bank Group, also criticized the survey’s “erratic methodological changes year after year” which tended to affect even the previous years’ results.
An example is the Philippines’ place last year, which changed to 97th in the current report from 95th when it was first reported. The country ranked 134th in 2011, the first full year of the Aquino administration. – with Prinz Magtulis
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Philippines slips in World Bank ranking on doing business | Business, News, The Philippine Star | philstar.com
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PAL revives talks with strategic investors
By Louella D. Desiderio (The Philippine Star)
Updated October 29, 2015 - 12:00am
MANILA, Philippines - Philippine Airlines (PAL) is in talks to bring in a strategic investor to support the company’s expansion plans.
PAL president and chief operating officer Jaime Bautista told reporters that while the carrier is not in a hurry to get a strategic investor, its financial adviser is currently in talks with potential investors.
“We are considering some,” he said, but declined to name the parties being considered citing confidentiality agreements.
PAL is looking for a strategic investor as it looks to expand its operations in the international markets.
“As we expand, as we take delivery of more airplanes, as we compete in Asia, the US, Europe, we will need that (investor),” Bautista said.
According to Bautista, PAL is aiming to be the preferred carrier in all the markets where it operates and so, it would need the help of a partner in growing its presence in certain areas. “(We need) companies that will help us grow our market,” he said.
For instance, partners from Europe who can carry PAL’s passengers from London and beyond would be welcome as the carrier wants to serve more passengers in that region.
While PAL would also want to grow in the domestic market, Bautista said there is limited capacity to expand operations given congestion in the airport.
PAL is spending about $500 million to $700 million next year to take delivery of five Airbus A321 aircraft as well as two Boeing 777-300ER in line with its plan of expanding its services.
For this year, the carrier has already taken delivery of five new A321 aircraft.
The company is also evaluating a plan to purchase new aircraft for long-haul flights to replace its Airbus A340s which consume more fuel and are costlier to maintain.
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PAL revives talks with strategic investors | Business, News, The Philippine Star | philstar.com
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Stocks take breather ahead of US Fed meet
By Iris C. Gonzales (The Philippine Star)
Updated October 29, 2015 - 12:00am
MANILA, Philippines - Share prices took a breather yesterday, declining 36.50 points as investors took their cue from regional slump ahead of the US Fed meeting.
The Philippine Stock Exchange index (PSEi) settled lower at 7,289.26 points, while the broader All Shares index slid 12.29 points, or 0.29 percent, to end at 4,189.25.
Total value turnover reached P39.152 billion in a session that saw a close race between decliners and advancers, 87 to 84, in favor of advancers. Thirty eight stocks were left unchanged.
Analysts attributed the decline to the regional slump ahead of the US Federal meeting.
The US Fed is expected to issue a policy statement at the conclusion of a two-day meeting on Wednesday and is again expected to hold off its first rate hike in nearly a decade until next year.
Analysts said the Fed would have a difficult time convincing investors that it can tighten monetary policy before the end of the year in the face of US and global economic headwinds.
Many investors had expected the rate hike last September but the US Fed decided to keep rates unchanged.
Elsewhere in the region, Hong Kong’s Hang Seng fell 0.6 percent while South Korea’s Kospi declined 0.4 percent and Shanghai stocks also shed 0.7 percent.
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Stocks take breather ahead of US Fed meet | Business, News, The Philippine Star | philstar.com
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Philippine FA-50s to appear on AFP’s 80th founding anniversary
Philippine News Agency
October 28, 2015
There is a very high chance that the South Korean-made F/A-50 “Fighting Eagle” will be making an appearance during the 80th founding anniversary of the Armed Forces of the Philippines (AFP) in December. Department of National Defense (DND) spokesperson Dr. Peter Paul Galvez during an interview Thursday, said, “ninety percent the (first two) F/A-50s will play a role in the coming 80th AFP founding anniversary.”
Galvez said that it is very likely that the F/A-50s will play the centerpiece of this year’s celebration.
“I don’t know whether the planes will perform a high-speed pass or not but I know the aircraft will be the centerpiece of the celebration,” the DND spokesperson disclosed.
The Philippines contract with Korea Aerospace Industries is worth Php18.9-billion.
The 12 aircraft deal was signed last February 2014.
An initial two units is expected to be delivered by December this year.
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Philippine FA-50s to appear on AFP’s 80th founding anniversary | Ang Malaya Net
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Air Force expecting 6 AW-109E before 2015 ends: Acquiring spare parts
Philippine News Agency
October 26, 2015
In line with efforts to ensure the mission worthiness of all its available aircraft, the Philippine Air Force (PAF) announced that it is setting aside Php33,706,911.52 for acquisition of spare parts needed for the maintenance of the electrical systems of its AgustaWestland AW-109E “Power” attack helicopters.
Bid opening is on November 13, 9 a.m., PAF Procurement Center Conference Room, Villamor Air Base, Pasay City.
The PAF formally commissioned its first two attack AW-109Es last August 17. Another six are expected to be delivered before the end of the 2015. The Philippines signed an eight-unit attack AW-109E order with AgustaWestland in 2013 for Php3.44 billion.
The AW-109E is a three-ton class eight seat helicopter powered by two Pratt and Whitney PW206C engines. The spacious cabin is designed to be fitted with a number of modular equipment packages for quick and easy conversion between roles.
The aircraft’s safety features include a fully separated fuel system, dual hydraulic boost system, dual electrical systems and redundant lubrication and cooling systems for the main transmission and engines.
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Air Force expecting 6 AW-109E before 2015 ends: Acquiring spare parts | Ang Malaya Net
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Navy interested to acquire third Hamilton-class cutter
Philippine News Agency
October 25, 2015
The Philippine Navy (PN) is interested in acquiring another decommissioned Hamilton-class cutter from the United States Coast Guard (USGC). This was disclosed by Department of National Defense (DND) Undersecretary for Finance, Modernization and Materiel Fernando Manalo in a text message to the Philippine News Agency.
He made the statement when queried if the Philippines is interested in acquiring the services of the USCGC Boutwell, one of the 12 Hamilton-class cutters the US Coast Guard is phasing out in favor of the heavier and more modern National Security Council cutters of which five now are in service.
“I don’t know if Boutwell is the cutter the DND is proposing to acquire. What I know is the PN is interested in acquiring (an) additional cutter,” Manalo said.
The PN presently operates two ex-Hamilton class cutters, the BRP Gregorio Del Pilar (PF-15 and ex-USCGC Hamilton) and BRP Ramon Alcaraz (PF-16 and formerly the USCGC Dallas).
These two ships are the PN’s most up-to-date surface combatants and capable of patrolling the vast expanses of the West Philippine Sea.
Despite being armed with only a 76mm Oto Melara auto-cannon and small caliber weaponry, the Hamilton-class cutters are ideal for the PN since these are capable of sailing even in adverse weather condition and capable of housing naval helicopters aside from serving as a training platform for Filipino naval officers and crewmen expected to man the upcoming new SSVs and missile-armed frigates.
A Hamilton-class cutter has a gross tonnage of 3,250 tons, a length of 378 feet, beam of 43 feet, and draft of 15 feet. Its propulsion systems consist of two diesel engines and two gas turbine engines, giving it a top speed of 29 knots.
The ship has cruising range of 14,000 miles and a sea and loiter time of 45 days. It has a complement of 167 officers and men.
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Navy interested to acquire third Hamilton-class cutter | Ang Malaya Net
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Philippine 2016 Presidential Election News:
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Bongbong to Noynoy: Move on already
posted October 29, 2015 at 12:01
by Macon Ramos-Araneta
SENATOR Ferdinand Marcos Jr. said Wednesday that President Benigno Aquino III should move on as most Filipinos have moved on from Martial Law and forgiven his family following their election into public office.
The senator is the only son of the late President Ferdinand Marcos, who ruled the country for two decades, nine years of which were under Martial Law.
Since Marcos’ ouster in 1986 in the People Power Revolution, members of the Marcos family have been elected to public office, with the senator having served for more than 20 years. His older sister, Imee Marcos-Manotoc, is the governor of Ilocos Norte, while his mother, Imelda Marcos, is an elected representative of their province.
In an ABS-CBN public affairs program, Marcos was asked if being elected to public office was an indication that Filipinos had forgiven them, Marcos answered: “Perhaps yes. They are voting for us.”
Marcos said moving on was the key when Senate Minority Leader Juan Ponce Enrile, a key Martial Law figure that turned against the older Marcos, raised his hand when he officially announced he would run for vice president.
He said he and Enrile had talked about Martial Law, but added: “That was 30 years ago and many things have happened… Maybe we have both moved on.”
On Tuesday, the President said the Marcoses should apologize for the atrocities and transgressions committed by the late dictator against Filipinos during Martial Law.
Asked during the presidential forum of the Foreign Correspondents Association of the Philippines if the Marcoses have something to apologize for, the President replied: “ I have said that time and again for many decades, yes.” He said the Marcos children should apologize to the Filipino people.
Aquino picked on the senator for the alleged wrongdoings perpetrated during the regime of the former strongman from 1965 to 1986.
But the senator, who is running for vice president in the May 2016 elections, said he does not see why he and his family should say sorry for the horrors of Martial Law. He said his father’s administration did not intend the abuses that happened during that regime. He noted that the suffering was not a policy of the government led by his father.
“If we planned to hurt people or make them suffer, then of course, we will apologize.... If it indeed happened, that was not the plan of my father’s administration,” he said.
“What should I apologize for? Have I hurt anyone? If there is evidence that I did something which brought hardship and suffering, I am ready to apologize,” he added.
Aquino, whose father was assassinated during the Martial Law years, said he was confident that Filipinos would not return the Marcoses to Malacañang Palace.
Aquino also dismissed reports that there was a resurgence of support for Marcos in his vice presidential bid.
Aquino said the Marcoses could have told the Filipino people: “We had this opportunity to turn this country great as our father promised—it didn’t happen. We apologize. We want to make amends. That, I think, would have been acceptable. We are a forgiving people as a general rule. But they have statements that there’s nothing to apologize for.”
Marcos’s presidential candidate Senator Miriam Defensor Santiago quoted the Bible in support of her running mate: “The sins of the father should not be visited upon the son... Marcos should be given the chance to redeem himself because he won as senator.”
Santiago said this meant the greater majority did not oppose Marcos as a public servant.
“I have not seen prima facie evidence that he killed someone, raped someone or burned a house, that he violated the Penal Code. No allegation that he personally committed a crime. During the time of Martial Law, he was just a small boy,” said Santiago noting that there was no allegation that he sinned against his neighbor.
“We cannot punish someone on the basis of suspicion. I can’t support that as a lawyer,” said Santiago who was a Quezon City regional trial court judge during the Martial Law years.
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Bongbong to Noynoy: Move on already - The Standard
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Reashot Xigwin
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F/A-50s to Appear During AFP's 80th Founding Anniversary
F/A-50 Fighting Eagle (photo : KAI)
MANILA (PNA) --- There is a very high chance that the South Korean-made F/A-50 "Fighting Eagle" will be making an appearance during the 80th founding anniversary of the Armed Forces of the Philippines (AFP) in December.
Department of National Defense (DND) spokesperson Dr. Peter Paul Galvez during an interview Thursday, said, "ninety percent the (first two) F/A-50s will play a role in the coming 80th AFP founding anniversary."
Galvez said that it is very likely that the F/A-50s will play the centerpiece of this year's celebration.
"I don't know whether the planes will perform a high-speed pass or not but I know the aircraft will be the centerpiece of the celebration," the DND spokesperson disclosed.
The Philippines contract with Korea Aerospace Industries is worth Php18.9-billion.
The 12 aircraft deal was signed last February 2014.
An initial two units is expected to be delivered by December this year.
The F/A-50 has a top speed of Mach 1.5 or one and a half times the speed of sound and is capable of being fitted air-to-air missiles, including the AIM-9 "Sidewinder" air-to-air and heat-seeking missiles aside from light automatic cannons.
The F/A-50 will act as the country's interim fighter until the Philippines gets enough experience of operating fast jet assets and money to fund the acquisition of more capable fighter aircraft.
The F/A-50 design is largely derived from the F-16 "Fighting Falcon", and they have many similarities such as the use of a single engine, speed, size, cost, and the range of weapons.
KAI's previous engineering experience in license-producing the KF-16 was a starting point for the development of the F/A-50.
The aircraft can carry two pilots in tandem seating. The high-mounted canopy developed by Hankuk Fiber is applied with stretched acrylic, providing the pilots with good visibility, and has been tested to offer the canopy with ballistic protection against four-pound objects impacting at 400 knots.
The altitude limit is 14,600 meters (48,000 feet), and airframe is designed to last 8,000 hours of service.
There are seven internal fuel tanks with capacity of 2,655 liters (701 US gallons), five in the fuselage and two in the wings.
An additional 1,710 liters (452 US gallons) of fuel can be carried in the three external fuel tanks.
Trainer variants have a paint scheme of white and red, and aerobatic variants white, black, and yellow.
The F/A-50 uses a single General Electric F404-102 turbofan engine license-produced by Samsung Techwin, upgraded with a full authority digital engine control system jointly developed by General Electric and Korean Aerospace Industries.
The engine consists of three-staged fans, seven axial stage arrangement, and an afterburner.
Its engine produces a maximum of 78.7 kN (17,700 lbf) of thrust with afterburner.
(PNA)
F/A-50 Fighting Eagle (photo : KAI)
MANILA (PNA) --- There is a very high chance that the South Korean-made F/A-50 "Fighting Eagle" will be making an appearance during the 80th founding anniversary of the Armed Forces of the Philippines (AFP) in December.
Department of National Defense (DND) spokesperson Dr. Peter Paul Galvez during an interview Thursday, said, "ninety percent the (first two) F/A-50s will play a role in the coming 80th AFP founding anniversary."
Galvez said that it is very likely that the F/A-50s will play the centerpiece of this year's celebration.
"I don't know whether the planes will perform a high-speed pass or not but I know the aircraft will be the centerpiece of the celebration," the DND spokesperson disclosed.
The Philippines contract with Korea Aerospace Industries is worth Php18.9-billion.
The 12 aircraft deal was signed last February 2014.
An initial two units is expected to be delivered by December this year.
The F/A-50 has a top speed of Mach 1.5 or one and a half times the speed of sound and is capable of being fitted air-to-air missiles, including the AIM-9 "Sidewinder" air-to-air and heat-seeking missiles aside from light automatic cannons.
The F/A-50 will act as the country's interim fighter until the Philippines gets enough experience of operating fast jet assets and money to fund the acquisition of more capable fighter aircraft.
The F/A-50 design is largely derived from the F-16 "Fighting Falcon", and they have many similarities such as the use of a single engine, speed, size, cost, and the range of weapons.
KAI's previous engineering experience in license-producing the KF-16 was a starting point for the development of the F/A-50.
The aircraft can carry two pilots in tandem seating. The high-mounted canopy developed by Hankuk Fiber is applied with stretched acrylic, providing the pilots with good visibility, and has been tested to offer the canopy with ballistic protection against four-pound objects impacting at 400 knots.
The altitude limit is 14,600 meters (48,000 feet), and airframe is designed to last 8,000 hours of service.
There are seven internal fuel tanks with capacity of 2,655 liters (701 US gallons), five in the fuselage and two in the wings.
An additional 1,710 liters (452 US gallons) of fuel can be carried in the three external fuel tanks.
Trainer variants have a paint scheme of white and red, and aerobatic variants white, black, and yellow.
The F/A-50 uses a single General Electric F404-102 turbofan engine license-produced by Samsung Techwin, upgraded with a full authority digital engine control system jointly developed by General Electric and Korean Aerospace Industries.
The engine consists of three-staged fans, seven axial stage arrangement, and an afterburner.
Its engine produces a maximum of 78.7 kN (17,700 lbf) of thrust with afterburner.
(PNA)
Cossack25A1
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Philippines plays first-time host to AXA regional confab
(philstar.com)
Updated November 2, 2015 - 2:40pm
MANILA, Philippines -- Just a few months after the visit of its global CEO, Henri de Castries, to the Philippines, AXA has decided to hold its annual AXA Asia Corporate Meeting (ACM) in the country for the first time as a testament to the growth and contribution of the country to its global and regional business.
To be held this year at The Peninsula Manila from November 2 to 3 (Monday to Tuesday), the AXA Asia ACM gathers the top 130 senior executives of AXA from the entire Asian region. Delegates from China, Hong Kong, India, Singapore, Malaysia, Indonesia, and Thailand will be visiting to discuss best practices and plan for the future of AXA in Asia, to be led by Jean Louis Laurent Josi, Regional CEO of AXA Asia.
“We are very proud to be this year’s host for the AXA Asia ACM,” shares Rien Hermans, President and CEO. “AXA Philippines has been growing steadily and significantly the past several years. The decision to hold the ACM here in our country recognizes the contribution of our local organization to the bigger regional business, and shows how AXA sees the potential in the Philippine market.”
AXA Asia has an aggressive ambition in its sight, targeting 30 million customers by 2020 and 100 million by 2030. Knowing that it takes great change and upheaval to reach such a lofty goal, the 2015 theme is entitled “Transforming Asia Together.”
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Philippines plays first-time host to AXA regional confab | Business, News, The Philippine Star | philstar.com
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World Bank urges Philippines to simplify business regulations
By Richmond S. Mercurio (The Philippine Star)
Updated November 2, 2015 - 12:00am
MANILA, Philippines - The Philippines could rake in additional investments of at least P5 billion to P10 billion from the private sector annually should it simplify business regulations, according to the World Bank.
In a briefing last week, World Bank Philippine office senior country economist Karl Kendrick Chua said business regulations in the Philippines tend to be cumbersome and limit the growth of innovative entrepreneurship and investments.
“Indicative estimates suggest the high cost of doing business is clearly a toll on the country’s inclusive growth agenda. We don’t have exact numbers, but if we have simpler regulations, we are seeing anywhere from at least P5 billion to P10 billion in new investments that can come in,” Chua said.
Chua said current Philippine business regulations also contribute to large scale informality which prevents the country from creating more and better jobs that could reduce poverty at a faster rate.
He said simplifying business regulations could unleash the potential of the private sector, particularly the small and micro businesses which are important contributors and beneficiaries of inclusive growth.
“They not only have to pay legitimate fees between P21,000 to P45,000 a year when they open a business, they also spend a considerable amount of time moving from one agency to another, and waiting in line to process their documents, often resulting in significant loss of productive time and income. In some instances, businesses report they need to pay bribes to obtain various permits and licenses,” Chua said.
“After a business commences, numerous annual regulatory and tax requirements are needed, which can take many days in a year. Moreover, there are tax and contribution payments that have to be paid frequently every year,” he added
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World Bank urges Philippines to simplify business regulations | Business, News, The Philippine Star | philstar.com
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Businesses urged to innovate in the digital age
(philstar.com)
Updated November 2, 2015 - 9:20am
MANILA, Philippines – Enterprise leaders were urged Thursday at the 6th annual Enterprise Innovation Forum (EIF) hosted by Globe Telecom to innovate more to sustain competitiveness in the digital age.
“Businesses today operate in a world that is in an ever-constant change," Globe Senior Advisor for Enterprise and IT Enabled Services Group Mike Frausing said. "This change has affected enterprises in such a way that it has disrupted usual thought process and workflow.”
“With the trend of how technologies evolve and become available, these changes in the business environment drive enterprises to transform their business models to remain relevant now and in the future,” Frausing added.
“Enterprises need a little bit of spark—a change of mindset,” Globe Chief Operating Officer for International and Business Markets Gil Genio said.
This year’s EIF featured MIT Leadership Center Executive Director Hal Gregersen as the main keynote speaker. Gregersen talked about what innovators should be doing and shared different techniques on how they can get new ideas in a very disruptive world.
“The reason problems exist is because you’re asking the wrong questions,” he said.
“Innovators ask questions that are catalytic.”
According to Gregersen, innovators should also talk to people of different race, language and industry to gain new insights.
The Chief Executive Officer of Singtel Group Enterprise, Bill Chang, was also one of the plenary speakers who presented interesting facts on cyber security.
According to Chang, big global brands have fallen prey to several cyber attacks. In fact, it take companies that boast of using high-end cyber security technologies 205 days on average before realizing that their cyber security measures had been breached.
Mobile devices, personal data, confidential company files on computer, and online banking information and transactions can all be intercepted by hackers using different techniques, Chang shared.
Some hacking techniques were demonstrated to help participants understand how cyber security is breached in both the hacker’s and victim’s perspectives.
“Enterprises are increasingly challenged to defend themselves,” Chang said.
“Companies have to figure out who they’ll work with and invest in cyber protection.”
Other distinguished speakers who led the breakout sessions in the forum were Arbor Networks’ CF Chui, Trustwave’s Michael Cerick, Singtel’s Wong Loke Yeow, Globe Telecom’s Anton Bonifacio, Tata Communications’ Srini Nagaraj, and Fortinet Southeast Asia and Hong Kong’s Alvin Rodriguez.
Globe Business holds the EIF every year for industry leaders to gain new insights and learn best innovative practices to stay competitive in their respective industries.
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Businesses urged to innovate in the digital age | Business, News, The Philippine Star | philstar.com
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No plan to borrow abroad yet – Tan
By Prinz P. Magtulis (The Philippine Star)
Updated November 2, 2015 - 12:00am
MANILA, Philippines - Diverting from usual practice, the Aquino administration is unlikely to borrow offshore early in 2016 as financial volatility persists over the impending interest rate hike in the US.
National Treasurer Roberto Tan said in a text message last Friday “There is no firm plan at the moment” for a foreign borrowing exercise in early 2016.
The government, however, is in “regular consultation” with its bank advisers to determine “market opportunities” for an issuance, he said.
But when asked how a US Federal Reserve action by end-2015 affect state borrowing plans, Tan said: “We will be guided by our program and implement it most advantageously under future market conditions.”
Under Aquino, the Philippines has been an active foreign borrower early in fiscal year since 2011, floating bonds to finance government financing requirements.
In January 2011, it issued $1.25 billion in global peso bonds, which were followed by a higher $1.5 billion offer in March that year. In January 2012, the country issued another $1.5 billion worth of 25-year bonds.
The following year, Manila dropped foreign borrowing plans as domestic market provided it with enough liquidity. Its return to the offshore market in 2014 was marked by a $1.5-billion dollar bond offer in January.
The practice continued in January this year when the government raised another $2 billion from 25-year global bonds. This coincided with a limited offer of 2016 and 2034 dollar papers of which $1.5 billion were awarded.
Two weeks ago, Tan said the Philippines, one of the most active issuers of foreign debt among emerging markets, is taking an “opportunistic stance” in issuing foreign debt papers amid the looming Fed interest rate hike.
The US central bank is still highly anticipated to raise rates by its last meeting in December, even after foregoing such action last week. Higher US rates appeal to yield-seeking investors attracted to the US as a safe haven.
The mere prospect of higher rates has created volatility across emerging economies, including the Philippines, as capital flows out of the region. For instance, the benchmark 91-day Treasury bill averaged 1.47 percent as of Oct. 20 from 2.10 percent in end-August and 2.20 percent in end-July.
The peso, on the other hand, has swung between 45 and 47 level versus the dollar this year. It has lost about four percent of its value to date against the greenback after closing at 46.82 last Friday.
“We are giving ourselves an opportunistic stand on this. When there is a good window, when there is very good opportunity, then we will consider it. Right now, there’s no plan yet,” Tan earlier said.
“We’ll have to watch how the market is behaving from here on,” he added.
The government borrows from local and foreign markets to finance its budget deficit and pay existing debts.
For 2016, the government plans to borrow P747.8 billion to bridge a budget deficit programmed to hit two percent of economic output under a proposed P3.002-trillion outlay.
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No plan to borrow abroad yet – Tan | Business, News, The Philippine Star | philstar.com
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StanChart, DBS see October inflation easing further
By Lawrence Agcaoili (The Philippine Star)
Updated November 2, 2015 - 12:00am
MANILA, Philippines - Banks believe inflation remained muted last month on the back of stable food prices as well as lower pump prices of petroleum products and cheaper utility rates.
Standard Chartered Bank said inflation likely eased further to a new record low of 0.3 percent in October from 0.4 percent in September.
“We expect inflation to have remained muted, easing to 0.3 percent in October from 0.4 percent in September,” Standard Chartered said.
The bank explained energy inflation likely dragged down the headline number as gasoline and diesel prices were cut in October.
It added food prices remained stable last month although expected to increase in the coming months.
“With last year’s high base effect likely to affect data in the coming months and no inflationary pressure on prices of most items in the consumer price index, we expect inflation to remain benign and below trend levels until year-end,” the bank said.
Gundy Cahyadi, economist at DBS Bank Ltd, said inflation likely settled at 0.5 percent last month.
Cahyadi said benign inflation as well as strong gross domestic product (GDP) growth would give the Bangko Sentral ng Pilipinas (BSP) more room to keep interest rates steady.
“Despite the softer inflation outlook, a rate cut doesn’t look imminent for now. Not as long as GDP growth momentum remains fairly strong, which is currently the case,” he added.
Monetary authorities have tagged the impact of the prolonged and severe El Niño weather condition as one of the factors that could push inflation higher.
However, he explained there would be pressure on the BSP to lower interest rate as the US Federal Reserve is unlikely to be aggressive in tightening its monetary policy.
“This is especially since several central banks in the region have been relaxing their monetary policy stance as well. On this front, the BSP’s stance on the peso will be interesting to monitor. Should the BSP feel the need to facilitate a softer currency, some policy loosening may be in the offing,” he said.
The BSP sees inflation settling between 0.1 and 0.9 percent in October amid the minimal impact from the damage caused by Typhoon Lando that battered provinces in northern and central Luzon.
BSP Governor Amando Tetangco Jr. earlier said the impact of Lando would be wiped out by lower gasoline prices and cheaper power rates.
“Transitory uptick in food prices in Lando-affected areas, higher LPG and diesel prices could be offset by downward adjustments in power rates and regular gasoline prices,” Tetangco said.
The National Disaster Risk Reduction and Management Council (NDRRMC) earlier placed the cost of damage to agriculture and infrastructure caused by Typhoon Lando at more than P9 billion.
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StanChart, DBS see October inflation easing further | Business, News, The Philippine Star | philstar.com
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Loans to MSMEs under credit enhancement program hit P1.9B
By Lawrence Agcaoili (The Philippine Star)
Updated November 2, 2015 - 12:00am
MANILA, Philippines - Total loans approved by banks to micro, small and medium enterprises (MSMEs) under a credit enhancement scheme reached P1.91 billion over the past seven years, the Bangko Sentral ng Pilipinas (BSP) reported over the weekend.
Of the total amount, the BSP said P1.66 billion have been released to 14,613 beneficiaries of the Credit Surety Fund (CSF) program as of end August this year.
“These figures continue to grow as the program penetrates the grass roots,” the BSP said.
The BSP initiated the CSF Program in August 2008 as a credit innovation designed to improve formal access to bank credit due to lack of acceptable collaterals and credit information.
The CSF, through the issuance of a surety agreement, allows cooperatives and businessmen with viable business plans, but limited capital, to obtain loans from banks even in the absence of hard collaterals.
The central bank is set to launch another CSF in Parañaque City tomorrow.
BSP Governor Amando Tetangco Jr., together and Parañaque City mayor Edwin Olivares, would lead the signing of the memorandum of agreement with partner institutions and participating cooperatives.
About 13 of the city’s well-capitalized cooperatives have signified their intention to join the Parañaque City CSF by pledging P4 million, while the city government pledged P3 million.
The Parañaque CSF would be the 44th in the Philippines and the third in the National Capital Region (NCR). The stakeholders in the city are optimistic more MSMEs in need of financial help would benefit from the program.
The credit enhancement program is aimed at helping unbankable MSMEs gain access to formal sources of credit.
The fund created by the pooled cash contributions of participating well-capitalized and well-managed cooperatives, local government units and partner institutions, serves as an alternative to hard collaterals and thus improve the bankability and creditworthiness of MSMEs who are short of collaterals.
The BSP is also set to launch the CSF program in Cabanatuan City in Nueva Ecija on Nov. 9.
Now on its 7th year of operations, the CSF Program has been institutionalized in 30 provinces and 14 cities nationwide.
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Loans to MSMEs under credit enhancement program hit P1.9B | Business, News, The Philippine Star | philstar.com
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SCS/West PH News:
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PHL welcomes Tribunal decision debunking China’s position
Philippine News Agency
October 30, 2015
The Philippines on Friday welcomed the decision of an international tribunal in The Hague, Netherlands to assume jurisdiction over its case against China, which seeks to invalidate Beijing’s massive claim in the resource-rich South China Sea.
Such ruling by the five-man judges of the Permanent Court of Arbitration on October 29, three months after the Philippine legal team argued its case in The Hague last July, enables the court to finally proceed to formal deliberations on Manila’s complaint that challenges the legality of Beijing’s assertion that its ownership of nearly the entire South China Sea is “indisputable” and “historical.”
“We welcome the decision of the Arbitral Tribunal that it has jurisdiction over our case,” a Foreign Affairs statement said. “We look forward to the Tribunal’s further hearing on the merits of the case.”
In an initial legal victory for the Philippines, which filed the case in January 2013, the tribunal said it will be holding hearings soon and that a final ruling on the case will be handed down in 2016. The tribunal, in its 147-page decision, also debunked China’s argument that Manila’s case is beyond the scope of the court’s mandate.
In its decision, the tribunal said it has immediate jurisdiction on seven out of 15 points raised by Manila against China, called “submissions” in legal parlance, but postponed for “later consideration” its jurisdiction ruling on eight other issues raised by Manila, saying it will be decided on as it conducts a formal hearing on the merits of the case.
“The Tribunal will convene a further hearing on the merits of the Philippines’ claims. In consultation with the Parties, the Tribunal has provisionally set the dates for the merits hearing,” the ruling said. “The Tribunal expects that it will render its Award on the merits and remaining jurisdictional issues in 2016.”
China says it owns about 90 percent of the South China Sea and the cluster of islands, reefs and atolls further south that’s called the Spratlys. Other claimants are Vietnam, Malaysia, Brunei and Taiwan. Parts of the South China Sea that fall under Manila’s exclusive economic zone was renamed West Philippine Seaby the Philippine government.
All claimants have stationed military troops in their territories in the vast sea, said to be sitting atop huge oil and gas deposits, except for Brunei.
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PHL welcomes Tribunal decision debunking China’s position | Ang Malaya Net
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UN Tribunal rules in favor of Philippines over Jurisdiction, Admissibility of case against China
Ruser Mallari
October 30, 2015
The Tribunal at the Permanent Court of Arbitration in The Hague, Netherlands has rendered its decision on the Jurisdiction and Admissibility of case filed by Philippines against China regarding the West Philippine Sea dispute. The Tribunal decided that it will hold further hearings to hear the merits of the case. The decision of the five-man tribunal was unanimous.
The Tribunal said “this arbitration concerns the role of “historic rights” and the source of maritime entitlements in the South China Sea, the status of certain maritime features in the South China Sea and the maritime entitlements they are capable of generating, and the lawfulness of certain actions by China in the South China Sea that are alleged by the Philippines to violate the Convention.”
“The Tribunal has also held that China’s decision not to participate in these proceedings does not deprive the Tribunal of jurisdiction and that the Philippines’ decision to commence arbitration unilaterally was not an abuse of the Convention’s dispute settlement procedures,” says in the press statement released October 29.
The Permanent Court of Arbitration will be releasing further statement regarding the commencement and closing of the merits hearing. The hearing on the merits will not be open to the public, however the Tribunal will consider requests from interested States to send small delegations of observers.
“The Tribunal expects that it will render its Award on the merits and remaining jurisdictional issues in 2016,” the statement added.
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UN Tribunal rules in favor of Philippines over Jurisdiction, Admissibility of case against China | Ang Malaya Net
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Philippines plays first-time host to AXA regional confab
(philstar.com)
Updated November 2, 2015 - 2:40pm
MANILA, Philippines -- Just a few months after the visit of its global CEO, Henri de Castries, to the Philippines, AXA has decided to hold its annual AXA Asia Corporate Meeting (ACM) in the country for the first time as a testament to the growth and contribution of the country to its global and regional business.
To be held this year at The Peninsula Manila from November 2 to 3 (Monday to Tuesday), the AXA Asia ACM gathers the top 130 senior executives of AXA from the entire Asian region. Delegates from China, Hong Kong, India, Singapore, Malaysia, Indonesia, and Thailand will be visiting to discuss best practices and plan for the future of AXA in Asia, to be led by Jean Louis Laurent Josi, Regional CEO of AXA Asia.
“We are very proud to be this year’s host for the AXA Asia ACM,” shares Rien Hermans, President and CEO. “AXA Philippines has been growing steadily and significantly the past several years. The decision to hold the ACM here in our country recognizes the contribution of our local organization to the bigger regional business, and shows how AXA sees the potential in the Philippine market.”
AXA Asia has an aggressive ambition in its sight, targeting 30 million customers by 2020 and 100 million by 2030. Knowing that it takes great change and upheaval to reach such a lofty goal, the 2015 theme is entitled “Transforming Asia Together.”
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Philippines plays first-time host to AXA regional confab | Business, News, The Philippine Star | philstar.com
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World Bank urges Philippines to simplify business regulations
By Richmond S. Mercurio (The Philippine Star)
Updated November 2, 2015 - 12:00am
MANILA, Philippines - The Philippines could rake in additional investments of at least P5 billion to P10 billion from the private sector annually should it simplify business regulations, according to the World Bank.
In a briefing last week, World Bank Philippine office senior country economist Karl Kendrick Chua said business regulations in the Philippines tend to be cumbersome and limit the growth of innovative entrepreneurship and investments.
“Indicative estimates suggest the high cost of doing business is clearly a toll on the country’s inclusive growth agenda. We don’t have exact numbers, but if we have simpler regulations, we are seeing anywhere from at least P5 billion to P10 billion in new investments that can come in,” Chua said.
Chua said current Philippine business regulations also contribute to large scale informality which prevents the country from creating more and better jobs that could reduce poverty at a faster rate.
He said simplifying business regulations could unleash the potential of the private sector, particularly the small and micro businesses which are important contributors and beneficiaries of inclusive growth.
“They not only have to pay legitimate fees between P21,000 to P45,000 a year when they open a business, they also spend a considerable amount of time moving from one agency to another, and waiting in line to process their documents, often resulting in significant loss of productive time and income. In some instances, businesses report they need to pay bribes to obtain various permits and licenses,” Chua said.
“After a business commences, numerous annual regulatory and tax requirements are needed, which can take many days in a year. Moreover, there are tax and contribution payments that have to be paid frequently every year,” he added
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World Bank urges Philippines to simplify business regulations | Business, News, The Philippine Star | philstar.com
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Businesses urged to innovate in the digital age
(philstar.com)
Updated November 2, 2015 - 9:20am
MANILA, Philippines – Enterprise leaders were urged Thursday at the 6th annual Enterprise Innovation Forum (EIF) hosted by Globe Telecom to innovate more to sustain competitiveness in the digital age.
“Businesses today operate in a world that is in an ever-constant change," Globe Senior Advisor for Enterprise and IT Enabled Services Group Mike Frausing said. "This change has affected enterprises in such a way that it has disrupted usual thought process and workflow.”
“With the trend of how technologies evolve and become available, these changes in the business environment drive enterprises to transform their business models to remain relevant now and in the future,” Frausing added.
“Enterprises need a little bit of spark—a change of mindset,” Globe Chief Operating Officer for International and Business Markets Gil Genio said.
This year’s EIF featured MIT Leadership Center Executive Director Hal Gregersen as the main keynote speaker. Gregersen talked about what innovators should be doing and shared different techniques on how they can get new ideas in a very disruptive world.
“The reason problems exist is because you’re asking the wrong questions,” he said.
“Innovators ask questions that are catalytic.”
According to Gregersen, innovators should also talk to people of different race, language and industry to gain new insights.
The Chief Executive Officer of Singtel Group Enterprise, Bill Chang, was also one of the plenary speakers who presented interesting facts on cyber security.
According to Chang, big global brands have fallen prey to several cyber attacks. In fact, it take companies that boast of using high-end cyber security technologies 205 days on average before realizing that their cyber security measures had been breached.
Mobile devices, personal data, confidential company files on computer, and online banking information and transactions can all be intercepted by hackers using different techniques, Chang shared.
Some hacking techniques were demonstrated to help participants understand how cyber security is breached in both the hacker’s and victim’s perspectives.
“Enterprises are increasingly challenged to defend themselves,” Chang said.
“Companies have to figure out who they’ll work with and invest in cyber protection.”
Other distinguished speakers who led the breakout sessions in the forum were Arbor Networks’ CF Chui, Trustwave’s Michael Cerick, Singtel’s Wong Loke Yeow, Globe Telecom’s Anton Bonifacio, Tata Communications’ Srini Nagaraj, and Fortinet Southeast Asia and Hong Kong’s Alvin Rodriguez.
Globe Business holds the EIF every year for industry leaders to gain new insights and learn best innovative practices to stay competitive in their respective industries.
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Businesses urged to innovate in the digital age | Business, News, The Philippine Star | philstar.com
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No plan to borrow abroad yet – Tan
By Prinz P. Magtulis (The Philippine Star)
Updated November 2, 2015 - 12:00am
MANILA, Philippines - Diverting from usual practice, the Aquino administration is unlikely to borrow offshore early in 2016 as financial volatility persists over the impending interest rate hike in the US.
National Treasurer Roberto Tan said in a text message last Friday “There is no firm plan at the moment” for a foreign borrowing exercise in early 2016.
The government, however, is in “regular consultation” with its bank advisers to determine “market opportunities” for an issuance, he said.
But when asked how a US Federal Reserve action by end-2015 affect state borrowing plans, Tan said: “We will be guided by our program and implement it most advantageously under future market conditions.”
Under Aquino, the Philippines has been an active foreign borrower early in fiscal year since 2011, floating bonds to finance government financing requirements.
In January 2011, it issued $1.25 billion in global peso bonds, which were followed by a higher $1.5 billion offer in March that year. In January 2012, the country issued another $1.5 billion worth of 25-year bonds.
The following year, Manila dropped foreign borrowing plans as domestic market provided it with enough liquidity. Its return to the offshore market in 2014 was marked by a $1.5-billion dollar bond offer in January.
The practice continued in January this year when the government raised another $2 billion from 25-year global bonds. This coincided with a limited offer of 2016 and 2034 dollar papers of which $1.5 billion were awarded.
Two weeks ago, Tan said the Philippines, one of the most active issuers of foreign debt among emerging markets, is taking an “opportunistic stance” in issuing foreign debt papers amid the looming Fed interest rate hike.
The US central bank is still highly anticipated to raise rates by its last meeting in December, even after foregoing such action last week. Higher US rates appeal to yield-seeking investors attracted to the US as a safe haven.
The mere prospect of higher rates has created volatility across emerging economies, including the Philippines, as capital flows out of the region. For instance, the benchmark 91-day Treasury bill averaged 1.47 percent as of Oct. 20 from 2.10 percent in end-August and 2.20 percent in end-July.
The peso, on the other hand, has swung between 45 and 47 level versus the dollar this year. It has lost about four percent of its value to date against the greenback after closing at 46.82 last Friday.
“We are giving ourselves an opportunistic stand on this. When there is a good window, when there is very good opportunity, then we will consider it. Right now, there’s no plan yet,” Tan earlier said.
“We’ll have to watch how the market is behaving from here on,” he added.
The government borrows from local and foreign markets to finance its budget deficit and pay existing debts.
For 2016, the government plans to borrow P747.8 billion to bridge a budget deficit programmed to hit two percent of economic output under a proposed P3.002-trillion outlay.
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No plan to borrow abroad yet – Tan | Business, News, The Philippine Star | philstar.com
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StanChart, DBS see October inflation easing further
By Lawrence Agcaoili (The Philippine Star)
Updated November 2, 2015 - 12:00am
MANILA, Philippines - Banks believe inflation remained muted last month on the back of stable food prices as well as lower pump prices of petroleum products and cheaper utility rates.
Standard Chartered Bank said inflation likely eased further to a new record low of 0.3 percent in October from 0.4 percent in September.
“We expect inflation to have remained muted, easing to 0.3 percent in October from 0.4 percent in September,” Standard Chartered said.
The bank explained energy inflation likely dragged down the headline number as gasoline and diesel prices were cut in October.
It added food prices remained stable last month although expected to increase in the coming months.
“With last year’s high base effect likely to affect data in the coming months and no inflationary pressure on prices of most items in the consumer price index, we expect inflation to remain benign and below trend levels until year-end,” the bank said.
Gundy Cahyadi, economist at DBS Bank Ltd, said inflation likely settled at 0.5 percent last month.
Cahyadi said benign inflation as well as strong gross domestic product (GDP) growth would give the Bangko Sentral ng Pilipinas (BSP) more room to keep interest rates steady.
“Despite the softer inflation outlook, a rate cut doesn’t look imminent for now. Not as long as GDP growth momentum remains fairly strong, which is currently the case,” he added.
Monetary authorities have tagged the impact of the prolonged and severe El Niño weather condition as one of the factors that could push inflation higher.
However, he explained there would be pressure on the BSP to lower interest rate as the US Federal Reserve is unlikely to be aggressive in tightening its monetary policy.
“This is especially since several central banks in the region have been relaxing their monetary policy stance as well. On this front, the BSP’s stance on the peso will be interesting to monitor. Should the BSP feel the need to facilitate a softer currency, some policy loosening may be in the offing,” he said.
The BSP sees inflation settling between 0.1 and 0.9 percent in October amid the minimal impact from the damage caused by Typhoon Lando that battered provinces in northern and central Luzon.
BSP Governor Amando Tetangco Jr. earlier said the impact of Lando would be wiped out by lower gasoline prices and cheaper power rates.
“Transitory uptick in food prices in Lando-affected areas, higher LPG and diesel prices could be offset by downward adjustments in power rates and regular gasoline prices,” Tetangco said.
The National Disaster Risk Reduction and Management Council (NDRRMC) earlier placed the cost of damage to agriculture and infrastructure caused by Typhoon Lando at more than P9 billion.
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StanChart, DBS see October inflation easing further | Business, News, The Philippine Star | philstar.com
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Loans to MSMEs under credit enhancement program hit P1.9B
By Lawrence Agcaoili (The Philippine Star)
Updated November 2, 2015 - 12:00am
MANILA, Philippines - Total loans approved by banks to micro, small and medium enterprises (MSMEs) under a credit enhancement scheme reached P1.91 billion over the past seven years, the Bangko Sentral ng Pilipinas (BSP) reported over the weekend.
Of the total amount, the BSP said P1.66 billion have been released to 14,613 beneficiaries of the Credit Surety Fund (CSF) program as of end August this year.
“These figures continue to grow as the program penetrates the grass roots,” the BSP said.
The BSP initiated the CSF Program in August 2008 as a credit innovation designed to improve formal access to bank credit due to lack of acceptable collaterals and credit information.
The CSF, through the issuance of a surety agreement, allows cooperatives and businessmen with viable business plans, but limited capital, to obtain loans from banks even in the absence of hard collaterals.
The central bank is set to launch another CSF in Parañaque City tomorrow.
BSP Governor Amando Tetangco Jr., together and Parañaque City mayor Edwin Olivares, would lead the signing of the memorandum of agreement with partner institutions and participating cooperatives.
About 13 of the city’s well-capitalized cooperatives have signified their intention to join the Parañaque City CSF by pledging P4 million, while the city government pledged P3 million.
The Parañaque CSF would be the 44th in the Philippines and the third in the National Capital Region (NCR). The stakeholders in the city are optimistic more MSMEs in need of financial help would benefit from the program.
The credit enhancement program is aimed at helping unbankable MSMEs gain access to formal sources of credit.
The fund created by the pooled cash contributions of participating well-capitalized and well-managed cooperatives, local government units and partner institutions, serves as an alternative to hard collaterals and thus improve the bankability and creditworthiness of MSMEs who are short of collaterals.
The BSP is also set to launch the CSF program in Cabanatuan City in Nueva Ecija on Nov. 9.
Now on its 7th year of operations, the CSF Program has been institutionalized in 30 provinces and 14 cities nationwide.
-----
Loans to MSMEs under credit enhancement program hit P1.9B | Business, News, The Philippine Star | philstar.com
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SCS/West PH News:
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PHL welcomes Tribunal decision debunking China’s position
Philippine News Agency
October 30, 2015
The Philippines on Friday welcomed the decision of an international tribunal in The Hague, Netherlands to assume jurisdiction over its case against China, which seeks to invalidate Beijing’s massive claim in the resource-rich South China Sea.
Such ruling by the five-man judges of the Permanent Court of Arbitration on October 29, three months after the Philippine legal team argued its case in The Hague last July, enables the court to finally proceed to formal deliberations on Manila’s complaint that challenges the legality of Beijing’s assertion that its ownership of nearly the entire South China Sea is “indisputable” and “historical.”
“We welcome the decision of the Arbitral Tribunal that it has jurisdiction over our case,” a Foreign Affairs statement said. “We look forward to the Tribunal’s further hearing on the merits of the case.”
In an initial legal victory for the Philippines, which filed the case in January 2013, the tribunal said it will be holding hearings soon and that a final ruling on the case will be handed down in 2016. The tribunal, in its 147-page decision, also debunked China’s argument that Manila’s case is beyond the scope of the court’s mandate.
In its decision, the tribunal said it has immediate jurisdiction on seven out of 15 points raised by Manila against China, called “submissions” in legal parlance, but postponed for “later consideration” its jurisdiction ruling on eight other issues raised by Manila, saying it will be decided on as it conducts a formal hearing on the merits of the case.
“The Tribunal will convene a further hearing on the merits of the Philippines’ claims. In consultation with the Parties, the Tribunal has provisionally set the dates for the merits hearing,” the ruling said. “The Tribunal expects that it will render its Award on the merits and remaining jurisdictional issues in 2016.”
China says it owns about 90 percent of the South China Sea and the cluster of islands, reefs and atolls further south that’s called the Spratlys. Other claimants are Vietnam, Malaysia, Brunei and Taiwan. Parts of the South China Sea that fall under Manila’s exclusive economic zone was renamed West Philippine Seaby the Philippine government.
All claimants have stationed military troops in their territories in the vast sea, said to be sitting atop huge oil and gas deposits, except for Brunei.
-----
PHL welcomes Tribunal decision debunking China’s position | Ang Malaya Net
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UN Tribunal rules in favor of Philippines over Jurisdiction, Admissibility of case against China
Ruser Mallari
October 30, 2015
The Tribunal at the Permanent Court of Arbitration in The Hague, Netherlands has rendered its decision on the Jurisdiction and Admissibility of case filed by Philippines against China regarding the West Philippine Sea dispute. The Tribunal decided that it will hold further hearings to hear the merits of the case. The decision of the five-man tribunal was unanimous.
The Tribunal said “this arbitration concerns the role of “historic rights” and the source of maritime entitlements in the South China Sea, the status of certain maritime features in the South China Sea and the maritime entitlements they are capable of generating, and the lawfulness of certain actions by China in the South China Sea that are alleged by the Philippines to violate the Convention.”
“The Tribunal has also held that China’s decision not to participate in these proceedings does not deprive the Tribunal of jurisdiction and that the Philippines’ decision to commence arbitration unilaterally was not an abuse of the Convention’s dispute settlement procedures,” says in the press statement released October 29.
The Permanent Court of Arbitration will be releasing further statement regarding the commencement and closing of the merits hearing. The hearing on the merits will not be open to the public, however the Tribunal will consider requests from interested States to send small delegations of observers.
“The Tribunal expects that it will render its Award on the merits and remaining jurisdictional issues in 2016,” the statement added.
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UN Tribunal rules in favor of Philippines over Jurisdiction, Admissibility of case against China | Ang Malaya Net
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