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Philippines Pre-Paid $1.5 Billion Worth of Foreign Debt in Revealed

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Philippines Pre-Paid $1.5 Billion Worth of Foreign Debt in Revealed the month’s highlights 1 Political Stock market scales new highs The Philippine Stock Exchange index (PSEi) breached the 5,000 PAST DEVELOPMENTS mark for the fi rst time on March 2 and continued to rise, reaching a new all-time high of 5,031 three days later. (see story page on p14) 73% of Filipinos want CJ convicted Seven in 10 Filipinos want Chief Justice Renato Corona convicted PH prepays $1.5B debt even as the same number wants him to testify in his impeachment trial, results of the latest Social Weather Stations (SWS) survey The Philippines pre-paid $1.5 billion worth of foreign debt in revealed. (see story page on p7) 2011, lower than the $4.1 billion advanced retirement of debt the previous year. (see story page on p15) Graft, electoral sabotage cases against Gloria Arroyo advance, as plunder charge is dropped BSP further liberalizes forex rules Detained ex-President and now Pampanga Rep. Gloria Arroyo The Bangko Sentral ng Pilipinas (BSP) continued the foreign has been ordered arrested by the Sandiganbayan yesterday exchange liberalization program it started after the 2009 global in connection with the aborted $329-million national recession, raising the ceiling on dollars that can be purchased broadband network (NBN) deal with Chinese fi rm Zhong Xing without documentation and expanding the activities where Telecommunications Inc in 2007. (see story page on p8) dollars can be freely purchased without prior BSP approval in mid-March. (see story page on p15) Coup plot for real — Biazon, Trillanes FUTURE DEVELOPMENTS Muntinlupa City Rep. Rodolfo Biazon added to the swirling reports of a coup plot against President Aquino by saying “the recruitment (of soldiers) started 3 months ago”. Filipinos generally optimistic of prospects this year (see story page on p9) A survey conducted by the Social Weather Stations (SWS) on Dec. 3-7, 2011 showed that 37% of respondents expected their lives PAGCOR chief tagged in casino bribe row to improve (“optimists”) during the year while 8% expected no Casino operator Wynn Resorts has accused Japanese billionaire improvement (“pessimists”), for what SWS considered as “high” and gambling tycoon Kazuo Okada of putting up a Philippine a net optimism score of +29.This was almost unchanged from Amusement and Gaming Corp. (PAGCOR) offi cial in a $6,000-a-day +30 (39% optimists, 9% pessimists) in SWS’s September survey. suite in Macau as part of a series of payments that the company (see story page on p13) said appears to have violated US anti-bribery law. (see story page on p10) Another global bond fl oat planned The government is considering another global bond issuance, Military justifi es keeping troops in Hacienda Luisita either a dollar-denominated global bond fl oat or global peso The military has no plans to pull out troops from Hacienda notes (GPN), to complete is foreign commercial borrowing Luisita in Tarlac, which is owned by the family of President program for 2012. (see story page on p14) Aquino and is subject of a Supreme Court decision ordering the distribution of the large sugar estate to its farm workers, despite calls from various groups to recall soldiers from the Business area. (see story page on p11) PAST DEVELOPMENTS FUTURE DEVELOPMENTS BSP lowers credit risk for Agri-Agra lending Election body in a spot over poll machines The Bangko Sentral ng Pilipinas (BSP) issued a new circular on March 1 that compromises with banks on the provisions of Republic Act (RA) 10000 or “The Agri-Agra Reform Credit Act of The Senate committee on electoral reforms said it will require 2009”. The Agri-Agra law strictly prescribes the grant of loans the Commission on Elections to explain and justify its planned to activities which directly benefi ts the agriculture sector. The purchase of vote-counting machines for the midterm elections new circular lowers the credit risk carried by the lenders for in 2013. (see story page on p10) agricultural loans through the Agriculture Guarantee Fund Pool (AGFP). (see story page on p29) Economy WB: PH higher education “disconnected” PAST DEVELOPMENTS Higher education (HE) propels a country’s growth and development but a recent study by the World Bank showed Budget defi cit only 2/3 of ceiling in 2011 “disconnects” between what HE produces and what employers Despite the surge in spending in December that saw expenditures need in Southeast Asian countries. Employers in the Philippines, reach a record P101.5 billion or 43.2% higher than year-ago in particular, complain of 3-week long headhunting and level, the whole year budget defi cit of P197.75 billion in 2011 inadequate behavioral and technical skills of graduates. was well below the pre-set limit of P300 billion for the year. (see story page on p30) (see story page on p12) Philippine Alert March 2012 2 the month’s highlights FUTURE DEVELOPMENTS of technology entrepreneurship in the country, making available P500 million and more in seed funds to Filipino tech start-ups over the next 5 years. (see story page on p36) Lady luck grins on Asia as PH develops Entertainment City Manila Infrastructure Casino gaming is expected to boom in Asia. Presently, Asia’s casino gaming market is underserved so 4 frontier markets- FUTURE DEVELOPMENTS Cambodia, Vietnam, Sri Lanka and the Philippines are taking advantage of the situation. (see story page on p27) Davao – the main hub of Asean Port Connectivity Philippine Business Registry System being fi netuned The Association of Southeast Asian Nations (ASEAN) has grand The government expects to streamline business registration plans to connect all 11-member nations via a seamless logistics processes with the Philippine Business Registry System (PBRS). of hubs of seaports and airports by 2015. The connectivity The PBRS allows new and existing businesses to apply and validate master plan has the goal of facilitating trade of goods and business permits online from relevant government agencies travel within the region. (see story page on p49) all at once in as fast as 30 minutes. However, system updates and security modifi cations of the PBRS are still needed to fully Clark Airport Dev’t Finally Underway address the country’s lethargic performance in doing business. After years of discussing plans to expand Clark Airport, real (see story page on p31) progress can fi nally be reported. The expansion project of the existing terminal has been offi cially rolled-out with 5 interested Mining, Oil and Gas bidders vying for the P360-million contract. Award of the project is expected by April 2012 and completion slated by December Minerals now 2nd top PH export 2012 (we highly doubt this). (see story page on p50) Precious and industrial metals emerged as the second biggest Sec. Roxas mulls over co-existing NLEX-SLEX Link roads export products of the Philippines in 2011 behind electronic products. Minerals surpassed garments, now at 3rd spot. The Transportation Secretary Manuel Roxas II hinted at the possibility mining industry has been lamenting that if the uncertainties in of having 2 roads that would link the North Luzon Expressway the sector will be resolved, the country can surely benefi t aside (NLEX) with the South Luzon Expressway (SLEX) in the midst of from generating higher revenues from exports. a verbal sparring between toll road developers Metro Pacifi c (see story page on p33) Tollways Development Corporation (MPTDC) and Citra Metro Manila Tollways Corporation (Citra) over the tollway project. Higher taxes feared by mining fi rms Metro Pacifi c and Citra are insisting on the superiority of their respective proposals, while also arguing over project ownership. The mining industry expressed concerns that the new mining (see story page on p51) policy may have provisions that will further hurt the sector. The government has yet to release its mining policy after missing Gov’t taps private sector to address classroom backlog its original schedule of release last February. One of the major concerns of mining fi rms is the imposition of higher taxes. The Aquino administration is turning to the private sector (see story page on p33) to assist in efforts to address the long-standing problem of classroom shortage in the country. The government recently Gov’t welcomes more investments for new bioethanol unveiled to the business community the 1st phase of the distilleries Public-Private Partnership for School Infrastructure Program (PSIP), which is a 3-phased social infrastructure program for The Department of Energy (DOE) is encouraging more investors the construction of public school classrooms nationwide. to build bioethanol facilities in the country amid shortage of (see story page on p52) locally produced ethanol. Last year, the government has started implementing the mandated 10% ethanol blend by volume in all gasoline fuel distributed and sold by every oil company in CongressWatch the country. (see story page on p34) rd IT Update Senate approves Data Privacy Bill on 3 reading The Senate has approved on 3rd and fi nal reading the Data Privacy DOST’s vision of Filipinnovation gaining traction… Act. The measure seeks to protect consumers’ personal data, promote trust and user confi dence in electronic commerce, The Department of Science and Technology’s (DOST) national and enhance the competitiveness of the local business process innovation strategy, dubbed Filipinnovation, is gaining traction, outsourcing (BPO) industry. (see story page on p55) especially its thrust of supporting business incubation and acceleration efforts. In recent years, the Philippines has President Aquino signs Universal Kindergarten Act developed a track record of venture capital (VC) activities. The year 2012 will see more high-impact VC-related events spread President Aquino has signed into law the Universal Kindergarten over the archipelago. (see story page on p35) Act (Republic Act 10157) which will institutionalize kindergarten education into the Basic Education System.
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