Philippines

[winston]

Who Is Asia’s New Darling of Investors? By: Ansuya Harjani

As Asia’s economic giants China and India experience a slowdown, analysts recommend looking at a smaller regional player, which has been delivering on its growth promises.

The Philippines, Southeast Asia’s services-driven economy, expanded by a faster-than-expected 5.9 percent year on year in the second quarter, which takes its first half 2012 GDP growth to 6.1 percent, prompting Barclays Regional Economist Prakriti Sofat to call the country Asia’s “rising star.”

She expects full year growth to exceed the bank’s target of 5.5 percent, and adds that a credit ratings upgrade is also on the cards in the second half of 2013.

http://www.cnbc.com/id/48839016

[winston]

Tsunami warning issued after 7.9-magnitude quake strikes off coast of Philippines, U.S. Geological Survey says.

Source: CNN International

[iam802]

2nd person to talk about it.

Not a lot of chatter around this yet.

[winston]

US issues security alert for Philippine capital by Cecil Morella

The United States issued a security alert for the Philippine capital of Manila on Friday, warning its citizens they could be the target of an unspecified attack.

The US embassy in Manila released a statement calling for US citizens to exercise extreme caution and consider cancelling American gatherings in the sprawling and chaotic megacity of 15 million people.

"The US Embassy advises American citizens in the Philippines that a threat against American citizens in metropolitan Manila, specifically the Pasay City neighborhood, has been detected by reliable security forces," the statement said.

"This threat remains in effect until October 10, 2012," it said.

The statement said US Ambassador Harry Thomas had ordered stepped-up security for all US government facilities in Manila.

Pasay, a major district in the capital, is home to a heavily guarded US embassy compound called Seafront that contains housing for diplomats, a library, an outpatient clinic and a clubhouse.

The compound is near the Philippine foreign department, as well as a red-light district that attracts foreigners.

http://www.newsmeat.com/news/meat.php?a ... &buid=3281

[winston]

Philippine former president arrested

A "distraught'' ex-Philippine president Gloria Arroyo was arrested at hospital on Thursday after being charged over a third case of alleged corruption during her time in power, authorities said.

An anti-graft court ordered her arrest after Arroyo was charged with plunder for allegedly stealing 366 million pesos (HK$68.5 million) in state lottery funds meant for charity programmes, and spending the money on election campaigns.

Police arrested Arroyo, 65, at a military hospital in Manila where she had checked in on Thursday morning for treatment for a long-term spinal illness, AFP reports.

"Gloria Macapagal-Arroyo is now under the custody and detention of the Philippine National Police,'' Senior Superintendent Napoleon Coronel told reporters outside the hospital shortly after she was arrested.

However Coronel said she would remain in hospital overnight, and the anti-graft court handling the case would determine later whether she could be moved.

One of Arroyo's lawyers, Anacleto Diaz, said she had reacted badly after being told on Wednesday night that she would be arrested again.
"She was not just disappointed, she was distraught. She was very sad,'' Diaz told AFP, while insisting the case against her was very weak.

Arroyo could face life in jail if found guilty of the plunder charge. Nine other lottery and government officials have also been charged over their alleged involvement.

Arroyo ended her near-decade in power in 2010 as one of the country's most unpopular presidents, amid allegations she had cheated to win elections, embraced feared warlords as allies and was involved in widespread corruption.

Rival Benigno Aquino won a landslide election victory in 2010, largely on a vow to fight corruption and prosecute Arroyo.


Source: The Standard HK

[winston]

Agreement to End Muslim Rebellion: Philippine President

The Philippine government and the country’s biggest Muslim rebel group announced Sunday they have agreed a plan to end a decades-long separatist insurgency that has killed more than 150,000 people.

The agreement calls for a new semi-autonomous Muslim area in the resource-rich southern Philippine region of Mindanao, which the 12,000-strong Moro Islamic Liberation Front regards as its ancestral homeland.

http://www.newsmeat.com/news/meat.php?a ... &buid=3281

[winston]

I didn’t see this covered in any western newspaper
Author: Sovereign Man

When it comes to investing in Asia, the two countries which soak up the vast majority of investment chatter are India and China. And with good reason, they’re the two largest economies in the region.

Yet one of the most compelling stories in Asia right now is an often forgotten about corner– the Philippines.

With a population of almost 100 million, the Philippines has a much larger population than Thailand. It’s a huge, growing market.

I lived in the country for nearly 15 years, and I’ve never seen the economy in better shape than it is today.

Optimism is high. The currency is strong. Inflation is modest. And most importantly, the economy is generating loads of new jobs.

Many of these jobs are in service sector industries such as calls centers, software development, and business process outsourcing firms that do accounting and administrative work for global businesses.

Consequently, a whole new middle class of educated young people has emerged.The average Filipino is now a 22-year-old graduate who can earn a significant income.

Demographers and development economists call this “the sweet spot.” As these young people get married and start families, economic activity will accelerate even further.

Moreover, the Philippines is uniquely buffered by its domestic economy. While some of Asia’s export-dependent economies are feeling the malaise in the US and Europe, the Philippines is thriving from local consumer spending.

And recently, something happened to the Philippines that will give the country an even bigger boost for years to come. In fact this one event may have been one of the biggest game changers in the country’s modern history. Yet it was barely mentioned in any mainstream newspaper outside of the Philippines.

Two weeks ago, after decades of instability and fighting, the Philippine government signed a landmark peace agreement with the Islamic separatists in the southern region called Mindanao.

The Muslim majority in Mindanao has long campaigned for a separate state on the island. Now they’re getting an autonomous region, and they’re eager to cooperate in order to attract foreign investment.

The profound impact of this peace deal cannot be overstated. You see, Mindanao is exceedingly rich in metals, minerals, and fertile soil.

In a US context, it’s as if California, Nevada, Texas, and Iowa had been off-limits for decades… but then suddenly became available to investors all at once. Major potential.

One way to capitalize on this potential is to own the Philippine peso (which you can do by opening a bank account in the country).

http://www.yolohub.com/economy/i-didnt- ... -newspaper

[winston]

IMF chief says SMS tax could help Philippines

International Monetary Fund chief Christine Lagarde urged the Philippines on Friday to tax mobile phone messages to shore up state funds in a country sometimes called the world's text message capital.

Such a tax could boost proceeds from revised "sin taxes" set to be passed by the country's parliament, she told a news conference during an overnight visit to Manila.

Lagarde said Vice-President Jejomar Binay told her telephone coverage in the country of nearly 100 million people has reached to 112 percent, thanks to the popularity of mobile phones for sending short messages cheaply.

"(This) clearly satisfies one of the two criteria for what we call a good taxation... a very broad base," she told reporters.

However she said the government must be the one to decide what kind of taxes it imposes.

Surveys have credited the Philippines as being the most prolific country in sending SMS messages with the average mobile phone user sending 600 messages a month. Each message now costs just a peso (2.40 US cents).

A hugely unpopular bill to levy a five-centavo tax on SMS messages has already been defeated in parliament in 2009.

The government, which hopes to balance the national budget in 2016, instead turned to proposing higher taxes on alcohol and tobacco, which would have the added benefit of combating the health hazards of smoking.

The government says this "sin tax" could be passed next week despite opposition stalling ahead of the May 2013 elections.

http://www.france24.com/en/20121116-imf ... hilippines

[winston]

IMF chief says SMS tax could help Philippines

International Monetary Fund chief Christine Lagarde urged the Philippines on Friday to tax mobile phone messages to shore up state funds in a country sometimes called the world's text message capital.

Such a tax could boost proceeds from revised "sin taxes" set to be passed by the country's parliament, she told a news conference during an overnight visit to Manila.

Lagarde said Vice-President Jejomar Binay told her telephone coverage in the country of nearly 100 million people has reached to 112 percent, thanks to the popularity of mobile phones for sending short messages cheaply.

"(This) clearly satisfies one of the two criteria for what we call a good taxation... a very broad base," she told reporters.

However she said the government must be the one to decide what kind of taxes it imposes.

Surveys have credited the Philippines as being the most prolific country in sending SMS messages with the average mobile phone user sending 600 messages a month. Each message now costs just a peso (2.40 US cents).

A hugely unpopular bill to levy a five-centavo tax on SMS messages has already been defeated in parliament in 2009.

The government, which hopes to balance the national budget in 2016, instead turned to proposing higher taxes on alcohol and tobacco, which would have the added benefit of combating the health hazards of smoking.

The government says this "sin tax" could be passed next week despite opposition stalling ahead of the May 2013 elections.

http://www.france24.com/en/20121116-imf ... hilippines

[winston]

Death toll from Typhoon Bopha in the Philippines jumps to 418, hundreds still missing, national disaster agency says

Source: CNN International