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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