The Wutz Up in the Philippines!

MANILA, Philippines — Trust this ally of President Gloria Macapagal-Arroyo to trot out a handy bogey in her defense.

Apparently to defuse the impact of former President Fidel Ramos’ call for Ms Arroyo to step down now after she filed her certificate of candidacy for representative of her home province, Quezon Rep. Danilo Suarez in effect posed this question: Do you want Vice President Noli de Castro to lead the country while the economy is in the doldrums?

Suarez said Ms Arroyo—who holds a doctorate in economics and taught the subject in top schools—had to continue leading the nation because her expertise was very much needed in the face of the foundering global economy and the Philippines’ own shaky financial health.

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MANILA, Philippines - The Philippines sold dollar-denominated bonds to foreign investors for the second time this year, a move seen to fund its ballooning budget deficit.

After selling $1.5 billion global bonds in January, the national government sold $750 million worth of 6.5 percent dollar-denominated securities which will fall due in 2020.

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MANILA, Philippines - Bangko Sentral ng Pilipinas (BSP) officials said they expect the country’s economic performance to improve during the second half of this year.

The BSP has reduced its policy rates by a total of 200 basis points since December last year to bring down borrowing costs and encourage economic activities.

BSP Deputy Governor Diwa Guinigundo told reporters that the BSP had no clear indications of how the economy performed in the second quarter but prospects appear better for the second half of the year.


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In separate text messages, Pilipinas Shell Petroleum Corp., PTT Philippines Corp., Petron Corp., Seaoil Philippines, Inc. and Chevron Philippines, Inc. announced a 50-centavo-per-liter cut for diesel at 12:01 a.m.

Unioil Petroleum Philippines, Inc. and Total Philippines Corp. implemented the same adjustment at 6 a.m.

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The Special Program for Employment of Students (SPES) would prioritize those whose families are within the poverty level.

“Families whose income is within the poverty level can participate, and local government units which are able to pay 100% of the minimum wage can join.

“The program allows students to work in some jobs both from the public and the private sector for a minimum wage at a maximum of 52 hours,” said Labor Assistant Secretary Reydeluz D. Conferido in an interview with reporters.

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The promotional seat sale, which covers its Cebu, Clark, Davao and Manila hubs, will be valid for travel from April 1 to July 31.

The Gokongwei-led airline is offering a P1,488 one-way fare for its Manila to Kota Kinabalu and Manila to Kaohsiung services. The same rate is offered on its Clark to Bangkok, Hong Kong and Macau routes.

Cebu Pacific is also offering a P1,388 fare for its Manila to Cotabato and Butuan flights.

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“We need management talent for us to continue to grow,” Danilo L. Reyes, Sitel Philippines president, said yesterday in a forum at the Ateneo Professional Schools in Makati. “There is a big need as far as management training is concerned … Some of the next wave cities are not growing as fast as they should because of the lack of management training,” Mr. Reyes said.

About 10,000 of the nearly 400,000 employed in the BPO industry are managers, Mr. Reyes said.

If the BPO sector meets growth targets amid the crisis, partnership between the industry and the academe will be more vital to ensure that top-level positions are filled, he said.

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Business Process Outsourcing

The survey put Manila in the league of four other Asian cities with this distinction, namely: Kathmandu, New Delhi, Mumbai and Karachi, where cost of living is just over a third of that of New York.

In the survey, EIU compared the cost of products and services in 140 cities. It is aimed at helping companies calculate allowances for executives and their families being sent overseas.

At the other end of the spectrum, the strong yen has made Tokyo and Osaka the world’s most expensive cities for expatriates, while sharp currency declines cut living costs in Australia and New Zealand, the same survey showed.

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The decline in such shipments to $2.49 billion in January from $4.23 billion a year ago was steeper than the 40.3% drop recorded in December last year, as recession took hold of the Philippines’ key markets in the West.

On a monthly basis, the drop last January was 6.8%, compared to a bigger 23.9% slump in December last year. Exports are a major driver of the economy, equivalent to a third of gross domestic product last year.

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Asked to name the remaining government assets that could be sold to help shore up government’s revenues, a ranking cabinet official said in jest they may have to sell Malacañang Palace, the Pasig River, and even Luneta if worse comes to worst.

Luneta, he quipped, might have to go first but the government should first get the consent of Rizal’s kin.

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