7 reasons why PH economic growth is not a bubble in disguise

A Forbes columnist recently wrote an article that stirred a hornets’ nest. The post called out the Philippine economic miracle as a bubble in disguise. While the author has some valid points we should not ignore, many of us do not agree. The Philippine economy is the fastest growing economy in Southeast Asia and one of the fastest in the world.

So, is the Philippine economic growth really a bubble in disguise? Our answer is a flat ‘no’!

I recently had a conversation with my colleague, economist Dr. Alvin P. Ang, who is also the president of the Philippine Economic Society. We both felt that the analysis was rather thin, not very accurate. Truth to be told, his analysis seems delinked from our reality.

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PH only Asian economy in Standard & Poor's 'Rising Stars' list

The Philippines is the only Asian economy to make it in its list of "rising stars" this year, a global debt watcher said.

The Philippines is only one in two countries Standard and Poor's Ratings Services (S&P) added to its list of rising stars in 2013, just when the New York-based financial services company is giving more downgrades than upgrade debt ratings. 

S&P defines "rising stars" as countries whose credit score was upgraded from junk to investment grade. This year's list includes 31 countries, where the Philippines is the lone Asian nation.

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Swiss foundation, Pinoys abroad raise P432-M 'Yolanda' donations

MANILA, Philippines - Filipinos in Switzerland helped a foundation there in raising multi-million peso donations for the victims of Super Typhoon Yolanda (Haiyan).

Swiss Solidarity, a foundation that raises funds for humanitarian relief and rehabilitation projects, gathered pledges of donations worth Swiss Franc 9,025,989 million (P432 million) in a six-hour telethon held on November 18, the Philippine Embassy in Switzerland said.

The Embassy said the event, which was dubbed as the Swiss National Day of Solidarity with the Philippines, was participated by Filipinos who took phone calls or provided food for the volunteers.

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Swiss foundation, Pinoys abroad raise P432-M 'Yolanda' donations

MANILA, Philippines - Filipinos in Switzerland helped a foundation there in raising multi-million peso donations for the victims of Super Typhoon Yolanda (Haiyan).

Swiss Solidarity, a foundation that raises funds for humanitarian relief and rehabilitation projects, gathered pledges of donations worth Swiss Franc 9,025,989 million (P432 million) in a six-hour telethon held on November 18, the Philippine Embassy in Switzerland said.

The Embassy said the event, which was dubbed as the Swiss National Day of Solidarity with the Philippines, was participated by Filipinos who took phone calls or provided food for the volunteers.

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Swiss foundation, Pinoys abroad raise P432-M 'Yolanda' donations

MANILA, Philippines - Filipinos in Switzerland helped a foundation there in raising multi-million peso donations for the victims of Super Typhoon Yolanda (Haiyan).

Swiss Solidarity, a foundation that raises funds for humanitarian relief and rehabilitation projects, gathered pledges of donations worth Swiss Franc 9,025,989 million (P432 million) in a six-hour telethon held on November 18, the Philippine Embassy in Switzerland said.

The Embassy said the event, which was dubbed as the Swiss National Day of Solidarity with the Philippines, was participated by Filipinos who took phone calls or provided food for the volunteers.

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Young Filipino software developers aim to create apps to solve gov’t problems

MANILA, Philippines —Young software developers in the Philippines are coming up with app ideas to solve the problems of government in an international competition sponsored by Microsoft.

“[Microsoft] Imagine Cup, which is currently on its 12th year, is the world’s premier student technology competition,” Karrie Ilagan, Microsoft Philippines General Manager, said Tuesday during the launch of the national leg of the competition.

Microsoft said that 1.65 million students from 190 countries have so far participated from 190 countries. In the Philippines, some 1,000 students have participated already, they said.

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Lonely Planet names Palawan among best value travel destinations

Lonely Planet, the largest travel guide book publisher in the world, has picked Palawan as among the 10 “best value travel destinations” for 2014.

Lonely Planet writer Tom Hall raved about Palawan’s jungle rivers, limestone cliffs and awesome beaches in his review.

“Palawan’s no secret, but it certainly rewards those who visit,” wrote Hall. “This mix, combined with stand-out attractions such as Puerto Princesa Subterranean River National Park and the Bacuit Archipelago (all available at a competitive price), makes it a great-value pick for old Asia hands and novices alike.” A journey on from Palawan, Hall said, leads to the Calamian Islands “where apparently Alex Garland saw the strip of sand that inspired The Beach.”He warns potential Palawan tourists though to “watch out for the May to October monsoon: it brings heavy rain, usually in the afternoon.”

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UK sees PH as ‘emerging power’

MANILA, Philippines – The Philippines is among several countries that the United Kingdom (UK) considers as “emerging powers,” newly appointed British Ambassador to the Philippines Asif Ahmad said Wednesday.

“We have identified a number of countries and we have a special name for them: “emerging powers,” Ahmad told reporters in a round table discussion Wednesday after he has formally presented his credentials to President Benigno Aquino III Tuesday.

“[It] shows that you’re not just emerging as an economy but you can become powerful on a global stage,” he said.

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Philippines ‘a rising star’

INVESTMENT in the Philippines is expected to grow over the medium term, with more opportunities opening for the private sector as the economy continues to expand.

“The Philippines is a rising star in the investment universe,” Deputy Treasurer Sharon P. Almanza said in a keynote speech at an investment forum yesterday.

“The pressure is upon us to deliver... but we need the investor community to continue to fuel our rising star,” added Ms. Almanza, who delivered the speech in behalf of National Treasurer Rosalia V. de Leon.

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Spain exploring ways to help PH rebuild Spanish-era churches

MANILA, Philippines—The Spanish Embassy in Manila is exploring ways to help the Philippines reconstruct Spanish-era churches that have been destroyed or damaged in a 7.2-magnitude earthquake that struck Central Visayas on Tuesday.

The embassy announced the effort as it extended its “most sincere condolences and its sympathy” to the Philippine government and victims of the earthquake that also shook parts of southern Luzon and Northern Mindanao.

“We are currently studying different options to assist the Philippine authorities in the reconstruction of the historical churches of the Spanish period,” the embassy said in a statement.

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Despite growth, Phl needs to do more – ADB

MANILA, Philippines - Despite the four straight quarters of at least seven percent growth, the Asian Development Bank (ADB) said the Philippines should not rest on its laurels as more tasks need to be accomplished.

The country’s robust economic growth path was stamped by an investment upgrade by international credit rating agency Moody’s. Earlier, various domestic and international financial institutions upgraded their economic forecasts for the country’s gross domestic product (GDP).

But ADB vice president Stephen P. Groff pointed out that not everything has changed for the better

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Philippines gets 3rd investment grade

Manila, Philippines – The Philippines, once tagged the “sick man of Asia,” yesterday received from Moody’s Investors Service an investment-grade Baa3, from Ba1, underscoring its rapid economic growth, political stability, improved governance, and fiscal and debt consolidation in the past few years.

Moody’s upgrade, seen to give another boost to investors’ confidence in the country, was anchored on the debt watcher’s assessment that the Philippines’ robust growth will be sustained.

Moody’s, considered as the most conservative among the three rating agencies, also assigned a positive outlook to the rating.

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PH economy shines as region falters

The Philippines stands out in the region as the only country still expected to grow at a healthy pace this year and the next despite weak global economic conditions.

Local policymakers, however, still need to solve the puzzle of how to translate this economic growth into more jobs for Filipinos to reduce poverty across the country, the Asian Development Bank (ADB) said.

“The challenge is how to establish the link between strong economic growth and poverty reduction,” ADB senior economist for the Philippines Norio Usui said at a press conference Wednesday.

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ADB says consumption, investment, remittances support 2013 PHL growth outlook of 7%

The Asian Development Bank (ADB) on Wednesday raised its forecast on Philippine economic growth to 7 percent this year, citing a boom in investment, consumption and remittances as main drivers on the back of healthy macroeconomic fundamentals.

 

In a briefing, ADB Philippines country director Neeraj Jain said the latest outlook comes from a 6 percent projection in April. He was talking to reporters at the bank’s headquarters in Mandaluyong City.

 

The multilateral lender also raised its 2014 growth forecast to 6.1 percent from 5.9 percent, with robust public and private spending fueling the expansion beyond 2013.

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PHL 2013 growth could exceed 7% – Singapore's DBS

The recent rebound in Philippine imports suggests higher exports that could bolster Manila's economy to grow by over 7 percent this year, Singapore-based DBS Bank Ltd. said Friday.

In its latest Daily Breakfast Spread, DBS Bank — Southeast Asia's largest lender — sees the improving Philippine imports feeding domestic demand and resulting in a recovery in exports receipts.

“Not only does this point to continued strength in domestic demand remains but could be signaling further preparations by export manufacturers,” the report read, referring to the 8.7 percent annual growth in imports in July.

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Nationalist entrepreneurs needed to move PHL economy forward

Nationalist entrepreneurs are needed to move the Philippine economy forward, former Finance Secretary Salvador Enriquez said in an interview with GMA News Online over the weekend.

"The economic success of any given society depends on the development of entrepreneurs," he said, adding that entrepreneurial skills have much to do with the "creation of things of value [goods or services] that people need... which makes these [things] essentially good."

The absence of [good value] in entrepreneurship would bring about "lokohan, dengoyan, and why we have  situations involving loss of billions of pesos, now being  associated to a case like  that of Janet Lim-Napoles."

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Award-winning Filipino hackers bid for US and global business

SAN FRANCISCO—Time was when a hacker was regarded as a menace.

Many still remember 2000’s disastrous I Love You computer worm, allegedly unleashed unintentionally by a Filipino computer science student and which cost about $5 billion in damages worldwide and forced large corporations, the British parliament, the CIA and the Pentagon to shut down their mail systems.

But there has been a paradigm shift. Much like De La Salle and Ateneo now produce engineers and Mapua, nurses.

Hackers are no longer phreaks or society’s fringe dwellers. In fact, some of them engage in friendly competition and get into business for themselves.

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Two Pinoys join race to space

Two Filipinos have been chosen to go to space camp in a bid to become the country's first astronaut.

Evan Rey Datun, a 24-year-old former hotelier, and Mario Mendoza Jr., a 31-year-old Air Force pilot from the military, have been named the winners in the recently concluded AXE Apollo National Challenge held in Bonifacio Global City last August 31.

AXE initially received over 28,000 applicants from the Philippines, a list trimmed down to 400 of the best contestants who faced physical challenges. At the event, participants went through an obstacle course to test their fitness and the hundreds were narrowed down to 52.

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Aldrich Talonding and James Bucong guest on Ellen DeGeneres show

Remember Aldrich Lloyd Talonding, the YouTube sensation from General Santos City who caught Ellen Degeneres' attention? Well, the talented boy has finally graced Ellen's top rating show!

Along with his cousin, James Walter Bucong, Aldrich talked about how his life changed after their YouTube video became viral.

"People started recognizing us along the streets on in the malls. They even recognize us in the restrooms. That's weird," Aldrich said.

The short interview was followed by a heartfelt performance which rightfully deserved a standing ovation from the crowd. Luther Vandross' song "Dance with My Father" is more meaningful for the fourteen year-old after his father died in June due to non-hodgkin's lymphoma.

Ellen gave Aldrich a set of music goodies - a guitar, an amplifier, keyboard and more, not to mention a check worth $10,000!

According to a report from Associated Press, Aldrich is a son of Christian ministers and members of the B'laan indigenous group.

Other Pinoy artists who have graced the Ellen are Charice, Rhap Salazar and Zendee Rose Tenerefe.

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PH still 'fastest-growing emerging economy' in ASEAN

The Philippines continued to exceed expectations and remained the fastest-growing among emerging economies in the region, the government on Wednesday announced.

The country’s gross domestic product (GDP) expanded by 7.5 percent from April to June, faster than the 6.3 percent growth it posted in the same period in 2012, official data showed.

“We remain the fastest growing economy among emerging economies in the ASEAN region,” Socioeconomic Planning Secretary Arsenio Balisacan claimed.

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PH rated ‘most improved’ Asean nation by US firms

MANILA, Philippines—The Philippines has emerged as the “most improved” nation among members of the Association of Southeast Asian Nations (Asean) with American firms expressing increased satisfaction over the stability of the country’s political system.

Based on the Asean Business Outlook Survey 2014, satisfaction with the Philippines increased across 14 of the 16 business factors over the last five years. Dissatisfaction of US companies with the perceived corruption in the Philippines fell to 59 percent in 2013 from a high of 91 percent in 2003, while negative sentiments on the country’s infrastructure fell to 55 percent from 69 percent during the same period.

These developments, however, were not enough to propel the Philippines to be one of the most attractive countries for business. The survey showed that Singapore remained one of the most attractive countries in Asean to do business, while Indonesia, Vietnam, Thailand and Myanmar were favored for business expansion.

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Early indicators point to strong 2013 growth

Prospects for the Philippine economy remain bright with several key leading indicators pointing to the likelihood that the expected rapid growth in the first half would be sustained in the coming months.

According to the Bangko Sentral ng Pilipinas (BSP), healthy car sales and higher energy consumption were among the early signs that the economy would continue to outperform its peers in the region.

The Philippine economy grew 7.8 percent in the first quarter, beating even China, the region’s perennial growth driver. Economic Planning Secretary Arsenio Balisacan last month said the economy likely expanded by 7.5 percent in the second quarter.

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The Philippines best positioned against external shocks

Once the sick man of Asia, the Philippines is now one of the best positioned economies in the region to weather the current global economic turmoil.

As countries like India confront the dual challenge of slowing growth and high inflation, the Philippines signaled this week it's ready to cut rates further even though its economy is already among the fastest-growing in Asia.

"As inflation expectations remain well anchored, we foresee inflation over the policy horizon to be within target range," Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr. said Tuesday. "This provides the [central bank] room to make any further adjustments to policy stance if needed to address possible effects of changes in the growth trajectory of our main trading partners including the US, Japan and China, and shifts in investor sentiment that could adversely impact the prices of international commodities and capital flows."

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More property growth seen

ALL four segments of the domestic real estate market tracked by Colliers International are expected to continue to expand in the next three years as developers take their cue from a fast-growing economy, according to the consultancy.

However, despite the increase in leasable office properties, the demand for the premium and grade B segments reduced the CBD’s overall vacancy rate, which settled at sub-4.0%, Mr. Guevara added.

Businessmen must expect a rental rate increase between 5% and 7% in the second quarter of 2014, he advised, “as take-up is estimated to build up amidst the lack of appropriate space.”

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More Pinoys to pay more for goods from 'responsible' companies

MANILA, Philippines - More Filipinos are willing to pay more for goods and services from companies that have social impact, research firm Nielsen discovered in a survey.

Citing its Global Survey on Corporate Social Responsibility, Nielsen said seven of 10 Filipino consumers are willing to pay more for what those "socially responsible" companies offer, increasing by three points from 2011 results on the same survey.

"The positive view of Filipino consumers towards corporate social responsibility runs high. In order to continue getting the support of consumers, authenticity is key.," Nielsen Philippines managing director Stuart Jamieson said in a statement.

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PH is Asean’s main economic engine

The Philippines is now Southeast Asia’s main economic engine, fueled by strong domestic demand, to lead the rest of the region ahead of Asia this year, rating firm Standard & Poor’s (S&P) said.

While growth across Asia will continue to be dragged by worsening economic conditions in China and the tepid recovery in the US and Europe, S&P said in a report this week that strong domestic demand would allow Southeast Asia’s major markets to fare better than their trade-dependent peers.

S&P said Indonesia, Malaysia, Philippines, Singapore and Thailand were expected to grow collectively by 5.5 percent this year. This is faster than the rating firm’s 5.3-percent growth forecast for Asia Pacific as a whole.

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Philippines has displaced Indonesia as Asean economic leader -- S&P

MANILA - The Philippines is now Asean's undisputed economic leader, according to Standard & Poor's (S&P).

“The Philippines, which Standard & Poor's recently upgraded to investment grade, has taken over the Asean growth leadership role from Indonesia,” S&P Asia Pacific chief economist Paul Gruenwald said in a new report released Monday.

Gruenwald said the Philippine economy would grow by 6.9 percent this year, faster than other Asean economies.

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Stanchart cites Southeast Asia’s ‘outperformers’

THE PHILIPPINES and Indonesia will continue to lead growth in Southeast Asia, a visiting Standard Chartered Bank official said.

“We have been quite positive on the Philippines for quite some time now, and we still are very positive...In terms of growth, we think ASEAN (Association of Southeast Asian Nations) region will be an outperformer, and in the region, our top two picks will be Philippines and Indonesia,” Marios Maratheftis, the bank’s global head of market research, told reporters in a briefing at The Peninsula Manila yesterday.

Mr. Maratheftis said while the bank continues to hold a gross domestic product (GDP) growth forecast of 6.9% for the country for this year -- as well as 6.3% and 7% for 2014 and 2015, respectively -- the Philippines appears poised to grow faster in the years to come.

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'Apprentice Asia' winner Jonathan Yabut wears Pinoy pride on his sleeve

Despite the rush to Clark airport for his flight to Malaysia for another taping of “The Apprentice Asia,” 27-year old Filipino marketer Jonathan Yabut just felt the need to buy a small pin of the Philippine flag.

Yabut’s desire to make a seemingly trivial last-minute purchase puzzled his father, who did not quite understand what he would do with it.

“I told my dad, ‘Pa, we really need to buy this pin because I need to wear it in the boardroom,’” Yabut said.

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Investment commitments up 39% to P301B

Total investments approved by four major investment-promotion agencies hit P300.9 billion in the first half of the year on the back of increased investor confidence in the Philippines.

This was an increase of 39 percent from the P216.9 billion worth of investments registered in the same period last year by the Board of Investments (BOI), the Philippine Economic Zone Authority (Peza), the Subic Bay Metropolitan Authority (SBMA) and Clark Development Corp. (CDC), according to documents provided by the Department of Trade and Industry.

The investments registered with the four agencies in the first half of 2013 are expected to generate 77,892 more jobs.

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'Phl could grow beyond 8% in 2015'

MANILA, Philippines - The Philippines could begin growing by more than 8 percent in 2015 and sustain that even onto the next administration given the correct policies and strong fundamentals driving investor confidence now, an investment bank said. 

“There is no reason why the Philippines could not start growing faster than China,” Marios Maratheftis, global head of macro research at Standard Chartered Bank said in a briefing on Thursday.

“The country is moving into the right direction. There is no reason why the Philippines will not grow by 8 percent plus by 2015,” he added. 

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Philippines leads Asia's out-performers amid China slowdown, S&P says

MANILA - The Philippines leads Asian countries that would continue to grow despite a slowing China, according to Standard & Poor's (S&P).

In a report on the region's credit conditions, S&P said China's slowdown is "the main risk factor" for Asia, as economic growth in some countries so far this year turned up less robust than earlier anticipated.

“For the year ahead, we see activity in China picking up only modestly under our base case, forecasting 2013 real GDP growth at 7.3 percent and remaining at that pace next year," said Andre Palmer, S&P credit analyst.

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PHL Recommended by Top Morgan Stanley Fund Manager

MANILA, Philippines - A well-known fund manager said the Philippines is one of the emerging markets to bet on, as the end of US stimulus raises social pressures in others.

According to Bloomberg, Ruchir Sharma, the Morgan Stanley fund manager who wrote the book "Breakout Nations", recommended investing more in the Philippines and Mexico than recommended by benchmarks, and less in countries like Brazil, Russia and China.

Bloomberg reported that many emerging markets will suffer more than developing countries as the Fed tightens up because they need continuous growth to satisfy citizens who have just emerged from poverty or trigger protests similar to those in Brazil and Turkey.

"There are positive stories as well. The selloff has been indiscriminate, but once the dust settles, the attention will turn back," said Sharma.

But Sharma said there's opportunity in countries trying to fix their finances, instead of giving in to populist pressure. - ANC 

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PHL Economy More Resilient Than Other Economies

THE PHILIPPINES, the former “sick man” of Asia, has fortified its economy, positioning it to weather storms engulfing the region’s vulnerable emerging markets and to snap back faster when global growth recovers.

“The Philippines is generally better placed than other economies because of its high level of reserves, which could help cushion the exchange rate volatility,” Shanaka Jayanath Peiris, the IMF representative in the country, said this month.

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