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Philippine WeeklyPhilippine Update WEEKLY UPDATE WE TELL IT LIKE IT IS VOLUME VI, NO. 19 May 18 - 22, 2015 _______ ___ _ ____ __ ___PHIL. Copyright 2002 _ THE WALLACE BUSINESS FORUM, INC. accepts no liability for the accuracy of the data or for the editorial views contained in this report.__ Political "Quotes VP Binay willing to answer AMLC allegations in court of the Week" The camp of Vice President Jejomar Binay is willing to appear in court and face allegations stemming from the Anti-Money Laundering Council's (AMLC) report. The AMLC earlier published a report listing 242 bank accounts, investments and insurance policies under the “It’s not about politics. It’s about name of Vice Pres. Binay, his family and his friends. Vice Pres. Binay’s camp is set to oppose the application of the rules in the the freeze order of the Court of Appeals over his alleged anomalous bank accounts. His camp Senate.” also maintained that publishing the AMLC report was illegal and should not be used as an instrument for political harassment. According to them, the AMLC report is misleading since Presidential Spokesperson Vice Pres. Binay only owns 5 of the 242 listed bank accounts. Edwin Lacierda on the accusation made by the Vice President’s camp Binay slams LP for arrest of 14 aides that the administration was behind The Senate on Tuesday ordered the arrest and detention within 24 hours of 14 aides and the Senate’s arrest order. business associates of Vice President Jejomar Binay for snubbing hearings into corruption allegations against him. According to the camp of the Vice President, arrest orders are “Definitely, President Aquino’s “designed to bring the Vice President down to his knees” and are obvious attempts “to destroy personal decision on who to support [the administration’s] formidable rival in the 2016 [Presidential] elections.” Among those in 2016 will carry a lot of weight on ordered arrested were alleged Vice President Binay bagman Gerardo Limlingan and LP’s decision-making process but it businessman Antonio Tiu. Also ordered arrested were Mr. Tiu’s brother James and his wife is premature to be drawing Anne Lorraine Buencamino Tiu; Chong family members (Kimsfer, Erlinda, Irish, Kim, Imee conclusions at this time.” and Irene); Hirene Lopez, Aida Alcantara, Danilo Villas and Vissia Marie Aldon. Liberal Party stalwart and Iloilo Pres. Aquino’s net worth grows by P1.8Mn in 2014 representative Jerry Treñas on President Aquino’s wealth went up by P1.817 million in 2014, his latest statement of assets, President Benigno Aquino III’s bet liabilities and net worth (SALN) submitted to the Office of the Ombudsman showed. Since for the 2016 presidential elections. assuming office 5 years ago, records show that Pres. Aquino’s declared net worth has increased by more than P18.117 million. In his SALN as of June 30, 2010, Pres. Aquino "The grant of these financial declared assets of P50.194 million including real properties worth P33.755 million and incentives and benefits will attract, personal properties valued at P18.868 million. Six months later, he declared a net worth of recruit and retain rural physicians P54.999 million and after his 1st 18 months in office, his wealth went up to P65.130 million. In across the country and make 2012, President Aquino’s wealth slightly went down to P65.128 million, only to go up again in serving as a healthcare professional 2013 to P66.494 million. His latest SALN covering the year 2014 shows bigger real property in the areas attractive and holdings at P32.669 million, the increase largely explained by his inheriting a residential motivating." property in Antipolo worth P507.393 million. Rep. Rolando Andaya Jr. pushing DND says P1.2 Bn helicopter bidding aboveboard for a bill granting additional According to officials of the Department of National Defense (DND), the bidding for the incentives and benefits to rural acquisition of 21 refurbished combat helicopters worth P1.2 billion was aboveboard. The DND doctors. accepted only 7 helicopters after Secretary Voltaire Gazmin terminated the contract and blacklisted the supplier, Defense Undersecretaries Pio Lorenzo Batino and Fernando Manalo, Assistant Secretary Patrick Velez told the Senate Blue Ribbon committee. Mr. Manalo, undersecretary for finance, munitions, installations and materials, said he has documents to prove that Bureau of Internal Revenue (BIR) employee Rhodora Alvarez had a personal motive in her “exposé” against DND officials. Ms. Alvarez had testified at the Senate that she DISCLAIMER was privy to the deal between Air Force officials and RASI and its local counterpart, Eagle The articles in this Philippine Weekly Update Copters Inc. (PWU) have been culled from various media sources. We cannot, therefore, vouch for the accuracy of what is reported. The Wallace Business Forum, Inc. 1 May 18 - 22, 2015 Philippine Weekly Update Germany to fund climate training hub FINANCIAL INDICATORS Latest Week Week-ago Year-ago The Philippines has been identified as the site of a climate training center that will be constructed using a grant of €3 million from the T-Bill Rates (May 18, 2015 average) German government. Secretary Lucille Sering, vice chairman of the 91-day N.T. N.T. N.T. Climate Change Commission (CCC) said, “We were able to push for 182-day N.T. N.T. N.T. a proposal and submit it to the government of Germany, through the 364-day N.T. N.T. N.T. Ministry of Environment, and we got a positive result.” She also mentioned the establishment of the South-South Center of Excellence for Climate Information and Services, which would PESO DEPOSIT RATES (% p.a., May 04 - 08, 2015) benefit members of the Climate Vulnerable Forum (CVF) – a group Savings Deposit 0.00 0.00 0.00 of 20 small developing countries that were identified as the most Time Deposit vulnerable to the impacts of climate change. The Philippines was Below 1 year 1.51 1.51 0.93 chosen as president of CVF during the climate change conference 1 - 2 years 3.46 2.14 2.12 2.34 of parties in Peru in December 2014. Over 2 years 2.96 3.16 0.86 DOLLAR DEPOSIT RATES (% p.a., May 04 – 08, 2015) Economy Savings Deposit 0.18 0.19 0.21 Time Deposit BOC raises collection goals 60 days & below 0.59 0.60 0.61 The Bureau of Customs (BOC) has adjusted its collection program 61-90 days 0.67 0.69 0.77 91-180 days 0.79 0.83 0.81 for the last 9 months of 2015 in a bid to make up for the 1Q’s below- 181 days & above 0.98 1.03 0.98 target haul. The bureau collected P92.24 billion from January to March, up 6.6% year on year from P86.5 billion. Last quarter’s haul, LIBOR/SIBOR (% p.a., May 18 – 19, 2015) however, fell P11.06 billion or 10.7% short of the P103.3-billion goal the government had set for those 3 months and the increment was Libor 90 days 0.29 0.26 0.23 Sibor 90 days 0.90 0.90 0.40 smaller than the 25.7% recorded in 2014’s comparable period. With Libor 180 days 0.41 0.41 0.32 the shortfall, the bureau has adjusted its collection program for the Sibor 180 days 0.98 0.98 0.48 next 3 quarters in a bid to still meet the year’s P436.59-billion goal. From April to June, it now aims to collect P106.87 billion, up from an FOREIGN EXCHANGE RATE (% p.a., May 22, 2015) earlier P105.03-billion target set under this year’s fiscal program. This consists of P16.33 billion in import duties, P81.63 billion in PDS Weighted Ave. (P/US$) 44.51 44.51 43.62 Blackmarket (P/US$) 44.60 44.68 43.70 value-added tax (VAT) and P8.91 billion in excise tax. For the 3Q, PDS Weighted Ave. (P/EURO) 49.46 50.87 59.69 the bureau is now programmed to collect P111.97 billion, up from P111.45 billion. The total consists of P17.11 million in import duties, PRIME LENDING RATE (% p.a., May 22, 2015) P85.52 billion in VAT and P9.34 billion in excise tax. Bank of America 6.05 5.66 5.44 BPI 5.50 5.50 4.90 PH economic growth to pick up this year Citibank 5.08 6.55 5.38 The Philippine Institute for Development Studies (PIDS) said the BDO 5.52 5.52 4.85 Philippine economy could grow at 6.8% this year, faster than the Hong Kong & Shanghai Bank 4.70 6.33 5.20 6.1% notched last year. However, PIDS Officer-in-Charge and Vice- ING Bank 4.90 5.10 3.75 Metrobank 6.25 6.25 7.00 President Adoracion Navarro said in her presentation during the PNB 7.90 7.90 8.40 think tank’s “The Philippine Business and Economic Outlook for RCBC 6.75 6.75 6.75 2015 and Beyond” forum that the 6.8% growth rate would still fall Security Bank 7.40 7.40 7.40 below the government’s target of 7-8%. For this year, she said Standard Chartered Bank 4.11 4.11 5.38 private consumption and government consumption will drive the UCPB 6.00 6.00 6.00 Union Bank 7.50 7.50 7.50 country’s economic growth, but several local and global risks could negatively affect the country’s growth prospects.