With the perceived higher consumer spending brought by the continuous strength of remittances from overseas Filipinos, the research team of Metrobank yesterday revised higher its GDP growth forecast for this year.
"(Metrobank) Research has revised its full-year GDP forecast upwards, to the 6.7 percent - 7.5 percent range," Marc Bautista, Metrobank Research Head, said.
This is almost a percentage higher than their earlier full year forecast of 5.9 percent.
"We expect strong consumer spending on the back of even higher OFW remittances and still positive sentiment (in the second half)," Bautista added.
Bautista said that the first half GDP growth story of the Philippines, clocking in at 7.8 percent and 7.9 percent for the 1st two quarters respectively, "is truly good news and bodes well for the country."
"What is also very encouraging is the bouncing back of the trade numbers, on top of the very robust consumer spending that continues to support economic growth.
Because of this, Research expects that the Philippines will continue to be on the radar screens of both local and foreign investors on rising business sentiment and a benign inflation and interest rate outlook," Bautista continued.
While indeed very encouraging, however, Bautista said that these 2010 growth numbers still reflect base effects from the near-zero growth of 2009.
"The 7.8 percent-plus growth numbers of 2010 would have been even more remarkable if the 2009 baselines were showing at least the long-run average trends instead of near-zero growth," Bautista added.
"We shall have to monitor the coming quarters and keep a more sober view of economic growth before we get too excited by the current one," he added.
MANILA, Philippines—Saving lives takes precedence over the public’s right to know.
This was the message anticrime crusader Teresita Ang See Tuesday sought to convey to the staff of Radyo Mo Nationwide (RMN) during a hearing on the botched hostage crisis last month that killed eight Hong Kong tourists.
The member of the presidential committee looking into the Aug. 23 fiasco said that RMN failed to observe a “humane duty” to prevent the bloodbath.
A visibly angry Ang See said none of the RMN staff on the phone with the hostage-taker, Senior Insp. Rolando Mendoza, moments before police mounted an assault on the bus he had seized, had bothered to plead for the lives of the hostages.
“Didn’t you think of talking to him for the release of the hostages?” she asked RMN anchor Michael Rogas.
“Apparently you had the line but you did not even bother to make an appeal to free the hostages,” she said in a raised voice.
Rogas said he repeatedly asked Mendoza to stay calm and not to harm the hostages as his station was attempting to relay his demands to police officials.
“We really wanted to know the condition of the hostages. We are not the negotiators,” Rogas stressed.
‘It’s not our fault’
But Ang See, representative of the Chinese-Filipino community in the five-member panel, said Rogas and fellow RMN broadcaster Erwin Tulfo could have begged for the safety of the captives instead of merely seeking out their condition inside the bus.
“I know it’s not your role. I know that. But couldn’t you have done your humane duty to do something about it?” she asked.
“Your first duty was (to care) for human lives. That’s more important,” Ang See said. “No profession should ever be more important than (saving) human lives and more important than showing what was happening inside (the bus).”
“That’s true, but it’s not our fault. We just did our job to report,” said Jake Maderazo, another RMN anchor.
The Philippine broadcast media have come under fire for their blow-by-blow reporting of the 11-hour standoff that critics said contributed to the tension.
Lawmakers are proposing a law barring live coverage of life-threatening situations like the Aug. 23 carnage.
Caught by surprise
Witnesses have testified that Mendoza started firing after he saw an on-the-spot report on the TV receiver inside the bus of the arrest of his brother, SPO2 Gregorio Mendoza, for allegedly being a conspirator.
“We wanted to protect the lives of the hostages. But we were all caught by surprise. Suddenly, there was the altercation between the negotiator and the hostage-taker. Mendoza suddenly lost his cool. How should we react? It’s hard to take the right stance in that situation,” Maderazo said.
“Believe me. I’ve been with the broadcast industry for several years and I know how hard it is for anchors to throw questions when lives were on the line. Frankly, we’re nervous that time.”
Grandstanding
Ang See told Maderazo that he should have realized that hostage-takers tended to grandstand whenever the media interviewed them.
She said the same happened when engineer Jun Ducat held captive a busload of preschoolers, also in Manila, in 2007.
“You did not think about it precisely because you were covering him. That he was grandstanding all the while, but you did not realize it,” she said.
Accompanied by former Sen. Aquilino “Nene” Pimentel Jr., Rogas and Maderazo gave the transcript of Mendoza’s interview to the investigating body headed by Justice Secretary Leila de Lima.
The radio station, likewise, presented an unedited copy of the three-and-a-half-hour audio recordings of its special coverage of the crisis.
“RMN is just doing its sworn duty to bring and inform the public all sides and angles of the hostage-taking event as it unfolds,” Maderazo read from a prepared statement.
MANILA, Philippines – Ilocos Norte 2nd district Rep. Imelda Marcos may represent the Philippines in a United Nations (UN) summit on Millennium Development Goals (MDGs) this month.
The former first lady said she is willing to attend the gathering, which is set to be held at the UN headquarters in New York City on September 20-22.
Marcos called for a congressional MDG special committee hearing on Tuesday to discuss the government’s efforts to meet its development targets.
She co-chairs the committee, which is tasked to oversee the implementation of the 8 international development goals that all 192 UN member-states and at least 23 international organizations have agreed to achieve by the year 2015.
The goals include reducing extreme poverty, reducing child mortality rates, fighting disease epidemics such as AIDS, and developing a global partnership for development.
"If I am needed, I will go if it is necessary,” Marcos said. “I would want to be there even only for a few days to make sure that our idea and concept of the Millennium Development plan would be heard by the world."
She said she represented the Philippines in previous UN gatherings during the Marcos era to discuss issues concerns “human order and status of women.”
"We are proud to say that we were able to integrate...and make a comprehensive program for human settlements,” Marcos said, citing her Bagong Lipunan Sites and Services (BLISS) housing projects in Metro Manila. The former first lady headed the Ministry of Human Settlements and Metro Manila governor during the regime of her husband, the late strongman Ferdinand Marcos.
She also claimed that foreign academic institutions have been asking for her advice on human settlement programs.
"My vision is... we can make a beautiful world together to regain paradise towards infinity," she said.
Marcos’ presence at the UN summit has drawn flak from various sectors that are not comfortable with the late dictator’s wife speaking in behalf of the administration of President Benigno Aquino III.
The office of House Speaker Feliciano "Sonny" Belmonte Jr., meanwhile, has yet to announce the full list of lawmakers and officials who will attend the summit.
MANILA, Philippines – President Benigno Aquino III dismissed rumors on Tuesday that outgoing Philippine National Police (PNP) Director General Jesus Verzosa is being groomed as the next Secretary of the Interior and Local Government.
He admitted, however, that he received a recommendation for Verzosa to be appointed in a government agency after he retires this month. “There was a recommendation but I don't think for secretary, if my memory serves me right,” he said.
He added that Verzosa was able to exercise his authority as PNP chief only under the Aquino administration. “Dati ang nangyayari parang rubber stamp ang nangyayari sa kanya (He was only being used like a rubber stamp in the past)," the president added.
He did not say what government position Verzosa may occupy in the future.
Rumors regarding Verzosa's possible appointment as DILG chief surfaced after the Palace announced that current Interior Secretary Jesse Robredo is only holding the role in an acting capacity.
Aquino, meanwhile, said the outgoing PNP chief asked for an early retirement even before the August 23 hostage-taking incident. “He can serve up to December but he was asking to be given his optional retirement," he said. Aquino added that he will announce Verzosa’s replacement on September 14.
Deputy Director General Perfecto Palad who is PNP Deputy Chief for Administration; Deputy Director General Raul Bacalzo who is Deputy Chief for Operations and Director Benjamin Belarmino who is Directorial Staff chief are being considered for the position, reports said. – with a report from Willard Cheng, ABS-CBN News
Half the financial obligations of state-run energy firms, amounting to almost P500 billion, may be recovered from power consumers, Energy Secretary Jose Rene Almendras said Monday.
This can be done through the universal charge component of electricity bills, Almendras explained.
The P932.21 billion obligations of the Power Sector Assets and Liabilities Management Corp. (PSALM), National Transmission Corp. (Transco), and National Power Corp. (Napocor) may be reduced by half by drawing the amount from consumers, the energy secretary said.
Almendras told the House committee on energy that PSALM — the government’s privatization arm in the power sector — has an outstanding obligation of P785.09 billion.
Transco’s obligations reached P99.15 billion and that of Napocor’s totaled P47.97 billion, he added.
The Energy Department wants to pay the obligations of the energy sector over 25 years to lessen its impact on the national budget and on consumers.
“Can you imagine the amount of strain on the national budget if we have to pay $2 billion in five years? That’s going to eat up your debt caps," he said.
“If you stagger it, if you stretch it out, then it makes more sense," he added.
Almendras said the departments of Energy and Finance are now looking at other ways to deal with obligations of the energy sector.
Another solution is for the government to borrow from multilateral institutions for the funds to settle the obligations, he pointed out.
However, the government has not yet initiated talks with multilateral lending agencies because discussions are still at the department level.
A British man who went to the Philippines to propose to a woman he met in an internet chat room was stabbed to death by her jealous lover, police say.
John Lorne McDonald's would-be bride, Nanqueen Romero, 31, also sustained multiple wounds after being attacked by her Filipino lover, police said in a statement.
McDonald organised a party at Romero's home to ask for her hand in marriage, police said, but it was not clear if she had told him about her Filipino boyfriend, Anselmo Locastales, who turned up and attacked the couple.
Philippine authorities in Malaysia warned against an e-mail scam making rounds in the Philippines purportedly promising jobs in Malaysia provided they pay up visa processing fees.
The e-mail message stated applicants are required to pay US$670 as visa processing fee or work permit to be sent to a "government" office address in Kuala Lumpur, Filipino labor attache in KL said.
“The e-mail also indicates that the cost of prepaid flight tickets will be shouldered by the host employer,” said Hassan Gabra Jumdain, labor attache.
Philippine Labor Secretary warned job seekers to take the necessary precautionary measures.
OWATONNA — Six years have elapsed since the concept of Kiva was born, allowing lenders to connect with borrowers worldwide.
The nonprofit organization allows people across the globe to make an impact on those who are less fortunate through micro-lending — letting common Internet users sign up to give out personal loans to entrepreneurs in foreign countries.
On Oct. 12, 2005, the nonprofit launched its website, Kiva.org, and nearly five years later, the site has attracted more than 750,000 users, 477,775 of whom have made at least one loan to an entrepreneur.
The organization is the brain child of Matthew and Jessica Flannery, a couple whose goal was to reduce poverty in developing countries by giving entrepreneurs the ability to build a business through six to 12 month loans. With ties to Stanford and Silicon Valley, the two brought their concept to all corners of the world, garnering attention from former U.S. presidents, and in 2007, The Oprah Winfrey Show.
That’s where Kimberly Wencl of Owatonna heard about the organization for the first time, in her own living room.
“It’s a really great concept,” said Wencl.
Though Wencl first heard about Kiva in 2007, she said it took a while for the notion of lending to people in other countries to sink in. The organization requires that members make a minimum contribution of $25, but users can lend as much as they want and even choose which people on the website they want to lend it to.
After sitting on the idea for many months, Wencl finally decided to get on board on June 27, 2008. Retired, she wanted to be able to make a difference in people’s lives, without giving those people a free ride.
According to the Kiva website, the organization pools the money it receives from separate members, determines where the lenders want to see their money go, and makes loans to people in countries from the Philippines to Tajikistan with the money available. For example, a loan for $675 might be fully funded by 23 different lenders. Kiva has a 98.86 repayment rate on the loans it makes, something that users will point out is a solid bottom line.
Borrowers on the site are regular men and women, who are looking to fund an entrepreneurial venture. For some of them, it means expanding a business they already have, while others use the loans for start-up costs. The loans fund everything from farming to travel agencies, and are usually given to borrowers in impoverished neighborhoods.
“You’re giving a hand up instead of a hand out,” said Wencl.
Users of the website can even choose the borrowers they want to lend to, by viewing a borrower profile, which lists the location, personal details about the borrower — like gender and marital status, and what they intend to use the loan for. Each profile also includes a name and photo, so that lenders can know exactly how their money is being used and who is using it.
Wencl said she has set a goal of looking for single mothers or women who are trying to rise out of poverty.
“I have turned it into my memorial for my daughter,” said Wencl, whose daughter died in a fire on the University of Minnesota campus several years ago.
The Employers Confederation of the Philippines (ECoP) has voiced full support to the proposal by the Department of Labor and Employment (DoLE) for the implementation of a two-tier wage system. Certain issues may need to be addressed to bring about the needed reforms.
The DoLE's proposal is embodied in the resolution set to be issued by the National Wages and Productivity Commission (NWPC), which establishes a two-tier wage system consisting of a fixed minimum or floor wage to protect the incomes of the vulnerable sectors and the working poor and a variable component through productivity-based industry or regional guidelines or advisories.
ECOP President Edgardo G. Lacson believes that the institution of a two-tier wage system through the regional tripartite wages and productivity boards (RTWPBs) may require not only a declaration of legislative policy but also a new set of standards by which such policy is to be implemented.
A corresponding enabling legislation providing for the implementation of the two-tier wage system might be struck down as ultra vires and a usurpation of legislative powers.
Wage-fixing through the regional wage boards is a delegation of legislative power by Congress. Only the regional wage boards and no other body can exercise such specific delegation of quasi-legislative power but strictly in accordance with the standards prescribed by Congress through Republic Act 6727, Lacson pointed out.
In addition, Lacson said fixing of wages through productivity-based industry or regional guidelines or advisories is today in the realm of an aspiration.
Lacson noted that there are two kinds of measuring a nation s productivity. One involves the quantification and measurement of all the factors that can increase productivity. This is referred to as total factor productivity (TFP). The other is measurement of productivity in terms of a specific input as in labor or capital.
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Here is one of the founders of the healthcare bill going against one of its main points - mandates. Can we sit back at let this happen when even one of the Democrats who were for it is now against it.
ANYONE COULD easily survive dengue fever but not its lethal complication known as dengue hemorrhagic fever. It usually occurs after an initial fever, wherein a patient thinking it’s already over, would suddenly develop symptoms that would include appearance of rashes in the arms and legs that may soon spread to the chest and abdomen.
Persistent vomiting, severe abdominal pain and difficulty breathing may follow. According to doctors, this also marks the beginning of a 24- to 48-hour period when the smallest blood vessels in the body become excessively “leaky” with the patients showing manifestations of mild bleeding in the eyes, nose or gums. If this circulatory failure is not corrected, this may lead to shock, followed by death.
Because DHF is caused by a virus for which there is no known cure or vaccine, the only treatment is to treat the symptoms. A transfusion of fresh blood or platelets can correct bleeding problems especially when platelet count gets dangerously low. Because rehydration with intravenous fluids is often necessary to treat dehydration, staying in a hospital or clinic is highly advised so supportive care in an intensive care unit/environment may be given.
At the moment, the most effective prevention is still those actions that avoid the bites of the mosquitoes carrying the virus. Experts remind that dengue virus is not contagious and cannot be spread directly from person to person. It could only be spread by certain species of mosquitoes that, interestingly, incidentally fed on an infected person.
SEATTLE - In a chartered flight that originated in Seattle on Aug. 31, U.S. Immigration and Customs Enforcement (ICE) returned 96 immigration violators to the Philippines, Vietnam, Indonesia, Malaysia, Japan and Cambodia; 66 of them had committed criminal offenses in the United States.
Among the 66 who had been convicted of criminal offenses while living in the United States, their crimes included homicide, felony drug trafficking and possession, rape and other sex crimes, aggravated assault, weapons possession, grand theft, and burglary.
"This year, ICE expects to remove a record number of criminal aliens from the country and charter flights like this are a big part of making that happen," said ICE Director John Morton. "The United States welcomes law-abiding immigrants, but foreign nationals who violate our laws and commit crimes in our communities should be on notice that ICE is going to use all its resources to find you and send you home."
During the first 11 months of fiscal year 2010, ICE has removed over 350,000 individuals from the United States, nearly half of whom had criminal convictions. For more information, visit www.ice.gov.
MANILA -- President Benigno Aquino III is studying the possibility of giving compensations to families of the eight tourists killed in a hostage crisis last August 23, a Malacañang official said Friday. Aquino took responsibility for "everything that has transpired" during the hostage taking at the Quirino Grandstand, saying being the commander-in-chief, he has the full control and supervision of the actions of the Philippine National Police, particularly in handling the incident.
His spokesman, Presidential Development and Strategic Planning Secretary Sonny Coloma, said the president was determined to reform the police force. He, however, maintained that the primary concern of the government is to complete the fact-finding report on the bloody incident that will be submitted to the Hong Kong government.
The 12-hour negotiations with Mendoza, who was demanding his job back, came to an abrupt end when he started shooting his captives after watching his brother being handcuffed by officers for interfering in the negotiations, police said. The eight tourists were killed before Mendoza was fatally shot by police sharpshooters. Seven other tourists were rescued, three of them seriously wounded. Mendoza, armed with an M-16 rifle and a pistol, had earlier released nine of the original 25 hostages.
Local Government Undersecretary Rico Puno, who appeared in the hearing Friday, said there were "a lot of chances" when sharpshooters could have shot Mendoza but the crisis committee decided "to save everybody." Puno revealed that President Aquino wanted to talk to Mendoza but with protocols to consider, they advised the President not to do so. Puno treated the incident as a local crime and not a national problem because of reasons he was only able to disclose during the executive session with the IIRC.
Special Weapons and Tactics team was already rehearsing of what might happen few hours before the actual exchange of gun fires. He added they were able to just get the list of all the passengers inside the bus and nothing else. A report will be submitted to President Aquino after the hearings
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Presidents Of The United States Of America