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February 11, 2014 FDI ‘robust,’ up 54.6% in November (Can also be read in Manila Bulletin, Philippine Star, Philippine Daily Inquirer, Business Mirror, Manila Times, Malaya, Daily Tribune) NET FOREIGN direct investments (FDI) remained robust in November, the Bangko Sentral ng Pilipinas (BSP) yesterday reported, growing by an annual 54.59% to $286 million. Peso finishes flat after strong start THE PESO yesterday closed nearly flat against the greenback after a morning surge as bargain hunters bought dollars in the afternoon. Banks borrow less from BSP in January LOANS taken out of the Bangko Sentral ng Pilipinas’ (BSP) peso rediscount facility declined last month from year-ago levels, according to latest available central bank data. Outlook upbeat for insurance sector THE PHILIPPINE insurance industry is poised to expand further on the back of continued economic growth and supportive policies, Fitch Ratings yesterday said. Strong start for automakers (Can also be read in Philippine Star, Philippine Daily Inquirer, Business Mirror, Manila Times, Manila Standard Today) JANUARY vehicle sales were the strongest in the last 10 years, automakers yesterday said, benefitting from late-2013 product launches and extended promotions. Property sector boosts consumer loans (Can also be read in Philippine Star, Business Mirror, Manila Times, Malaya) THE CONSUMER LENDING BUSINESS of universal, commercial and thrift banks continued to expand as of September last year, supported primarily by growth of their real estate portfolio, the Bangko Sentral ng Pilipinas (BSP) reported yesterday. Rules on importers’ accreditation out THE FINANCE department has issued rules on the provisional lifting of the suspension of importers’ accreditation following new requirements and guidelines covering these entities. Iloilo biz group eyes investors, sets forum ILOILO CITY -- Ilonggo business leaders hope to attract foreign direct investments during a forum in Makati City next month. Asian carriers staring at overcapacity SINGAPORE -- Low-cost carriers are flying high in Southeast Asia on the back of sharp growth in air travel, but as hundreds of new jets swarm into the region concerns are rising about its ability to absorb the record numbers of planes on order. Congress okays MARINA bills BOTH houses of Congress unanimously passed bills yesterday to establish the Maritime Industry Authority (MARINA) as the single agency to enforce international standards on the country’s seafarers. Court to resume hearings on power rate hike THE SUPREME Court today resumes hearing a case against a hefty Manila Electric Co. (Meralco) rate increase, with regulators scheduled to defend a rule allowing automatic adjustments. No market, no competitive advantage To Take A Stand by Oscar P. Lagman, Jr. EIGHT YEARS ago, the Philippine government, through the departments of Health and of Tourism and with the assistance of the Public-Private Sector Partnerships, launched its medical tourism program. The initiative was intended to attract foreigners to come to the country to take advantage of its high-quality but supposedly low-cost medical care. 12.1 million Filipinos now jobless (Can also be read in Philippine Star, Philippine Daily Inquirer, Manila Times, Manila Standard Today, Malaya) Manila, Philippines – The number of unemployed Filipinos increased to 12.1 million individuals at the end of 2013, a development considered understandable by Malacañang. BAP seeks dismissal of suit against bond exchange in SC The Supreme Court (SC) has been asked by the Bankers Association of the Philippines (BAP) to dismiss a petition that challenged the alleged monopoly in the country’s bond exchange. Fitch sees more insurance mergers (Can also be read in Manila Times) One of the three international credit rating agencies expects more Philippine insurance companies, particularly non-life, to exit the industry or merge with their rivals in the coming years amid an unfavorable operating environment. Phl stocks mirror gains in US, reg’l markets (Can also be read in Philippine Daily Inquirer, Manila Standard Today) MANILA, Philippines - The benchmark index extended its climb for the fourth straight day, mirroring the gains in US and Asian markets. Moody’s lauds capital buildup of Phl banks MANILA, Philippines - Philippine banks are now well-positioned to lend more this year as they continue to strengthen their capital base, according to international credit rating firm Moody’s. No Category 1 rating this February? SPYBITS By Babe G. Romualdez Spy Bits received unconfirmed reports that the Philippines will not be getting the Category 1 rating upgrade from the FAA this February as anticipated. According to inside sources, the recent audit conducted by a team from the US Federal Aviation Administration (FAA) found the Civil Aviation Authority of the Philippines (CAAP) still noncompliant with regard to the “critical elements” under the checklist of safety requirements that FAA had been monitoring. 2013manufacturingoutputseenupby18% MANILA, Philippines—Moody’s Analytics said the country’s manufacturing sector was seen to have grown at a faster pace in 2013 and that it was expected to continue fueling economic growth this year. PHriceshippedtoOman (Can also be read in Business Mirror, Manila Times, Manila Standard Today) MANILA, Philippines—SL Agritech Corp. (SLAC) expects to ship out within this month its maiden cargo of 19.3 metric tons of its Doña Maria fancy rice to Oman. Oilfirmslowerprices MANILA, Philippines—Local oil companies cut fuel prices on Tuesday to reflect the softening of global market prices. Valuechainsforruraldevelopment How much of our recent economic growth benefits the Philippine countryside? Too little, it seems. Agriculture, the most dominant economic activity in rural areas, contributed a mere 0.1 percentage point to the 6.5 percent gross domestic product growth in the final quarter of 2013, while services and industry contributed 3.5 and 2.8 percentage points respectively. This pattern of growth does nothing to make our economy’s overall brisk rate of growth permeate more widely across the country’s economic sectors and geographic areas. Asia shares mostly higher after Wall Street advance HONG KONG—Asia’s markets rose Monday, taking their lead from a strong rally on Wall Street as investors brushed aside below-forecast US jobs data, and analysts suggested the recent downturn may have ended. Economic fallacy on coal, petroleum hinders RE development, CCC’s Alvarez says Commissioner Heherson T. Alvarez of the Climate Change Commission (CCC) said the economic fallacy on coal and petroleum-based energy as the cheapest in the market is the formidable economic and psychological barrier that block the development of renewable energy (RE). PHL current-account surplus some of the strongest in region–Barclays The Philippines owns some of the strongest current account balances that can be found in emerging markets in Asia, which helps the $250-billion economy weather such headwinds as the tentative growth in the US and continued weakness among countries in the euro zone and China, analysts at the investment bank Barclays said. Sufficiently liquid banks shun BSP rediscounting window Local banks effectively shunned the local-currency rediscounting window of the Bangko Sentral ng Pilipinas (BSP) in January, a development indicating lenders having ample liquidity in their hands to finance the loan requirements of their clients. Regulator says sugar-cane value chain at risk with absence of supportive law THE sugar industry, including the whole sugar-cane value chain, will shrink without any financial assistance from government, according to the Sugar Regulatory Administration (SRA). Agri dept targets chicken exports to UAE by year’s end THE Department of Agriculture (DA) is hoping that before the year ends, the country can finally export chicken and other poultry products to the United Arab Emirates (UAE). Fish farming to produce more than half of world supply by 2030–report FISH farming will provide up to two-thirds of global food fish consumption by 2030 as catches from wild capture fisheries level off and demand from an emerging global middle class, especially in China, substantially increases. Buy the breakout Outside the Box by John Mangun ANYONE who has heard of technical analysis would usually think of it as applicable to stock prices. Technical analysis involves plotting price movements and looking for patterns in those movements for financial instruments, like equities and commodities. The basic principle of technical analysis is that prices stop falling at a certain level and prices stop rising at another. SRA seeking immediate passage of Sugarcane Act The Sugar Regulatory Administration (SRA) has called on the Senate for the immediate passage of the proposed Sugarcane Act to provide enabling environment for diversified sugar production, and make the local sugar industry more competitive with the advent of free-trade agreements in the Association of Southeast Asian Nations (Asean). JFC seeks update of PH commercial laws The Joint Foreign Chambers (JFC) is urging Congress to update the half-acentury-old Philippine commercial law, re-codification of the nation’s penal and civil laws, and creating code commissions for the purpose. Leave rice importing to a rational market It’s very sad that a commodity that is at the center of the daily life of nearly all Filipinos is forever being bedeviled by the worst concomitants of import transactions. I am referring to rice. Develop workers ‘to stay globally competitive’ LOCAL companies need to continually develop the skills of its workers to remain competitive in an open Asean economy, said a top official of a human resource solutions company. BIMP-Eaga execs convene in Davao for 3-day strategic planning SOME 200 technical officials and private sector representatives from the Brunei Darusssalam-Indonesia-Malaysia-Philippines-East Asean Growth Area (BIMPEafa) will convene at the Marco Polo Hotel Davao starting Tuesday until Thursday for the annual BIMP-Eaga Strategic Planning Meeting. High electricity rates make Meralco biggest taxpayer The country’s largest power distributor is the number one corporate taxpayer for 2012, dislodging telecommunications giant, Smart Communications Inc. Key issues I agree with President Noynoy Aquino. The international community should now voice in the strongest possible terms its support for the Philippines in resisting China’s increasingly aggressive moves in the South China Sea. Who is to blame for Meralco’s rate increase? Written by DUCKY PAREDES “Kapag may plantang biglang bumagsak ay talagang hindi natin inaasahan ‘yan. Parang kotse ‘yan, tumatakbo, hindi natin alam kung kalian titirik,’ said Petilla.’ The big ones always get away Written by AMADO P. MACASAET ‘Unless the pre-shipment inspection service is hired again we might as well give up on the anti-smuggling campaign.’ K to 12 to boost RP competitiveness — execs (PHILEXPORT News and Features) The Philippines’ K to 12 basic education program is one of the crucial factors in boosting the country’s competitiveness and in generating quality jobs in the manufacturing sector, particularly the labor-intensive ones, a ranking official of the Department of Trade and Industry (DTI) said. Gov’t told to increase manufacturing output The Philippines has the lowest share of manufacturing to total output of economy and such stigma must be addressed before the integration of Association of Southeast Asian Nations (Asean) starts next year. Common economic interests key to Asia-Pacific stability — S&P Asia-Pacific’s economic importance anchors the region’s geopolitical stability, said Standard & Poor’s (S&P’s) Ratings Services in a report published yesterday. Bamboo pushed against climate change The Land Bank of the Philippines is banking on bamboo as a means to help mitigate the impact of climate change and to contribute to the government’s overall efforts to increase productivity, generate employment, and increase household income in rural areas.