DevNews
Monday;
Peso-dollar rate: $1.00 = P47.20
Key national news coverage of the
National Economic and Development Authority (NEDA)
and other related news
There are 11 articles of note (3 neutral, 8 other) in the national press that can shape perceptions regarding NEDA and the economy.
neutral news
Crisis can also cut economic growth in 2010–ADB
Business Mirror
by
THE Asian Development Bank (ADB) has warned that the economic crisis gripping countries worldwide could also “hammer” growth prospects, particularly in Asian countries like the
An ADB Economics Working Paper Series titled, “The US Financial Crisis, Global Financial Turmoil and Developing Asia: Is the Era of High Growth at an End?” stated there is a possibility the crisis will stretch for 24 months, not 18 months as the ADB earlier predicted.
Under such a scenario, the Manila-based multilateral financing institution said prolonged slowdown in industrial countries that would stretch until the first half of 2010 will further “batter” regional export growth, reduce growth and slow down domestic demand.
…Neda Director General Ralph Recto told reporters on Friday, after his speech at the Meeting of Major Business Organizations on the 2009 Economic Roadmap organized by the Philippine Chamber of Commerce and Industry, that growth in 2008 will likely hit 4.6 percent while GDP in 2009 will be at 4.7 percent.
Recto said the slowdown in the country’s GDP is attributable to the crisis.
SSS to contribute P12.5 billion to P300-billion stimulus fund
Phil. Star
http://www.philstar.com/Article.aspx?ArticleId=432831&publicationSubCategoryId=66
By Iris C. Gonzales
The Social Security System (SSS), the state-owned pension fund for private sector employees, is eyeing to contribute P12.5 billion to the government’s proposed P300-billion crisis fund, its top official said Friday night.
SSS president and chief executive officer Romulo Neri said the contribution that SSS is eyeing is through the provision of funds for lending to the private sector.
Neri said SSS is looking at joining other government financial institutions in pooling P100 billion which would form part of hte P300 billion stimulus package.
… Socioeconomic Planning Secretary Ralph Recto earlier said the P300 billion-fund would be rolled out within the next two years to help the
This way, the government would able to come up with an efficient mechanism on how to go about utilizing the fund. He said this mechanism should help ensure that there would be no room for corruption in the disbursement of the funds.
Concession extension plan splits water firms, puts regulators in a fix
http://www.abs-cbnnews.com/business/01/12/09/concession-extension-plan-splits-water-firms-puts-regulators-fix
by Roel Landingin, Newsbreak Posted on
It’s almost like having your cake and eating it too, except, in this case, it’s all about water. Still, that is probably why many members of President Gloria Arroyo’s Cabinet are backing what is being touted as a timely trade-off that could ease an imminent water rate increase in Metro Manila.
The idea is simple. In return for extending the 25-year concession granted to Manila Water Co. and Maynilad Water Service Inc. by another ten year from 2022 to 2032, the two water companies are to moderate planned water rate hikes early this year and boost capital expenditures.
“The proposal would avert a water rate increase and increase investments amid the downturn,” said Economic Planning Secretary Ralph Recto, who pushed for the idea during a Cabinet meeting in mid-December. “It will work like a stimulus package, except it’s being done by the private sector rather than the government.”
other news
Excise tax key in filling deficit
Business Mirror
by Jun Vallecera
THE government has made it known the excise-tax reforms for alcohol and cigarettes are far from complete, and could stand further reforms.
Finance Secretary Margarito Teves said on Friday the Department of Finance (DOF) supports continuing moves to increase the tax on sin products and raise possibly more than P100 billion from the measure.
“We believe that there is scope for an increase in the excise tax on alcohol and tobacco,” Teves said at the joint meeting of members of the Philippine Chamber of Commerce and Industry, where he was guest speaker.
Taxing alcohol and tobacco has proven difficult and frustrating for the government in terms of delivery of revenue targets—which continues to disappoint—and in terms of efficient implementation.
Bankers remain optimistic in ’09 amid crisis
Business Mirror
by Erik de la Cruz
ECONOMIC growth this year will be slower than last year due to the global financial crisis, but executives of some of the
“We are cautiously optimistic. We are still forecasting growth and we will review the figures every quarter to calibrate our targets,” said Tessie Sy-Coson, chairman of Banco de Oro Unibank (BDO), the country’s largest in terms of assets.
Philippine National Bank (PNB), which is expected to move to fourth place from being sixth-biggest in terms of assets should it merge with Allied Banking Corp. later this year, sees no major corporate failures this year.
Stimulus, poll automation in budget priority
Business Mirror
HOUSE Speaker Prospero Nograles said they are determined to pass the 2009 national budget so it will be on top of the House agenda today, when they resume session, and called on his colleagues to focus on the money measure, the passage of which will trigger the legislation of the P30-billion economic-stimulus appropriation.
At a weekend forum in
“The problem [with my colleagues] is, as long as the bill is controversial, they don’t want to tackle it on the floor. But how can we be public and transparent about it if that’s the case?”
The proposed P30-billion stimulus fund is intended to prime job-generating projects in agriculture, environment, health and education.
Jpepa implementation to cost BOC P12.5B in forgone revenues
Business Mirror
by VG Cabuag
THE Bureau of Customs (BOC), the national government’s second-largest revenue earner, said the implementation of Japan-Philippines Economic Partnership Agreement (Jpepa) will hurt its collection for the year as it stands to lose billions of pesos.
Based on its initial computation, the said bilateral agreement, which was ratified by the Senate late last year, will result in about P12.5 billion in forgone revenues from its collection from last year, BOC Commissioner Napoleon Morales said.
Imports from
“If we used to collect 10 percent on items A-Z imported from
Inflation seen to average even lower than 6 percent
Business Mirror
by Jun Vallecera
INFLATION, seen to average around 6 percent to 8 percent this year, should moderate to a rate even lower than the 6-percent low end of the target, reported the Bangko Sentral ng Pilipinas on Friday.
According to Deputy Governor Diwa Guinigundo, it should be possible for inflation to average lower than 6 percent because downtrending inflation has started.
His optimism is not misplaced since the actual inflation in December, originally feared to remain in double digits, averaged only 8 percent. “Its inertial impact should help lower inflation in the future, particularly for the rest of this year.”
Concerns seen troubling P100-B stimulus tagged
Businessworld
http://www.bworldonline.com/BW011909/content.php?id=002
By Jessica Anne D. Hermosa
THE LACK OF RULES and right-of-way problems are holding up implementation of a P100-billion stimulus plan, business leaders said.
As such, members of the Philippine Chamber of Commerce and Industry (PCCI) — the private sector proponent of the fund — are meeting today to settle the mechanics of the fund, which is to be shouldered by both the public and private sectors. These rules will then be presented to the Cabinet for approval.
Business leaders will also be reviewing the status of right-of-way issues behind infrastructure projects the fund may finance, and will be choosing three blueprints at the meeting to recommend to the government, PCCI officials said.
Spoiled and supportive
Inquirer
http://business.inquirer.net/money/columns/view/20090118-184121/Spoiled-and-supportive
No Free Lunch by Cielito Habito
FILIPINOS, IT IS OFTEN SAID, are a spoiled lot. Many (most?) of us don’t do much walking in our daily lives because we are so used to having door-to-door transport. And I’m not talking about those of us with cars. I’m talking about the average Filipino who, to get anywhere, steps out of the house, walks several paces (if at all), hails a pedicab or motorized tricycle, gets a ride to the jeepney or bus stop, rides the jeepney or bus, gets off, hops on to another pedicab/tricycle, and gets transported right to the door of his/her final destination.
Sometimes we carry this “spoiledness” a bit too far. It never fails to both amuse and annoy me when I find myself driving behind a jeepney letting off a passenger in our town of Los Banos (and we all know they never pull over to the side when they do!), and then, just five meters ahead, stops again to pick up a new passenger. I marvel at how a driver could be so obliging as to stop exactly where the alighting passenger yells “para!” even as he knows he will very shortly stop again for another passenger waiting just a few meters away. Thank God (should I say thank MMDA?) we have designated jeepney stops in Metro Manila; otherwise traffic in the city would never move!
World Bank proposes 10 development projects for RP worth $1.336 billion
Philippine Star
http://www.philstar.com/Article.aspx?ArticleId=432827&publicationSubCategoryId=66
By Ted P. Torres
The World Bank has 10 proposed development projects for the
The global financial institution said it would be the primary source of the funds, with some contributions from “some non-bank sources.”
Biggest among the projects in the pipeline is the $682-million Light Railway Train (LRT) Line 1 South Extension project. The Light Rail Transit Authority (LRTA) will be the implementing government agency for the project.
The $180-million
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