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7 BIDDERS QUALIFY FOR P17.5B MACTAN-CEBU INT'L AIRPORT PROJECT
Friday 17th of May 2013
MANILA, May 17 (PIA) -- All seven groups vying for the first airport project to be bid out under President Benigno S. Aquino III’s Public-Private Partnership (PPP) program have been successfully pre-qualified, the Department of Transportation and Communications said in a statement Thursday.
The announcement, which was made four days ahead of schedule, signifies that the P 17.5-billion Mactan-Cebu International Airport (MCIA) Passenger Terminal Building Project will be contested by the following groups:
AAA Airport Partners, led by the Ayala and Aboitiz groups and Houston airport operator ADC&HAS;
Filinvest-CAI Consortium of the Gotianuns...
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13May2013QUEZON CITY, May 13 (PIA) -- In a span of not more than a week, the Philippines has received another credit rating upgrade. The Japan Credit Rating Agency Ltd. (JCR) announced that they have raised the country’s credit rating to BBB from the minimum investment grade of BBB-. JCR gave a “stable” outlook on the rating, expecting to sustain a 6% annual economic growth in the next few years. Essential areas such as the government’s improving fiscal situation, pace of economic growth, rising...
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06May2013MANILA, May 6 (PIA) -- Seven U.S. companies participating in the 2013 Trade Winds-Asia, a trade mission organized by the U.S. Commercial Service, will visit Manila May 8-11 to meet with potential Philippine partners. In a statement, United States Ambassador to the Philippines Harry K. Thomas, Jr. said this mission is an indication that U.S. companies are taking an increasing interest in the Philippines as a place to do business. “We are excited about the prospects for American business her...
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03May2013MAKATI CITY, May 3 (PIA) -- The local government has posted P5.85 billion in revenue collection from local sources from January to March this year, surpassing its record in the first quarter of 2012 by five percent. In a statement, City Treasurer Nelia Barlis said the bulk of the collections came from business, amounting to P2.88 billion, and real property tax, P2.58 billion. Compared to 2012, business tax collected increased by one percent, while realty tax increased by nine percent from Janu...
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02May2013QUEZON CITY, May 2 -- Total Gross Revenue Index of key industries grew by seven percent in the fourth quarter of 2012 as stated in the April 2013 issue of the Quarterly Economic Indices (QEI) of the Philippines. Real Estate still registered as the fastest growing industry at 22.0 percent growth from 25.2 percent in 2011. While, Private Services comes next with 11.8 percent from 8.9 percent; Finance grew by 9.9 percent from 11.1 percent; Trade was up by 7.7 percent from 10.5 percent; Manufactur...
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01May2013QUEZON CITY, May 1 (PIA) -- There are 171,532 local and overseas job opportunities from 760 employers available to job seekers at the 2013 Labor Day Job Fairs in the National Capital Region (NCR) today, May 1. The 2013 Labor Day with the theme, Manggagawang Pilipino: Handa sa Hamon ng Makabagong Panahon is being celebrated as a tribute to the nation’s workers, in recognition of their significant contribution to the country’s development, and to highlight their achievements as a major soci...
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29Apr2013QUEZON CITY, April 29 (PIA)--The Philippines economy has the potential to grow up to eight (8) percent in the coming years as seen by the Moody’s Analytics, a sister company of credit rating watchdog Moody’s Investor Service. “We expect GDP growth to remain in the 6.5% to 7% range in 2013 and 2014, making the Philippines one of the world’s fastest-growing economies,” Glenn Levine, senior economist at Moody’s Analytics said in Philippines Outlook: Asia’s Rising Star. According to ...
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26Apr2013QUEZON CITY, April 26 -- Moody’s Analytics’ latest report describing Philippines as “Asia’s Rising Star” is an affirmation that even the international community is recognizing the good governance of Aquino administration. Malacañang on Thursday welcomed the said report authored by Glenn Levine, senior economist at Moody’s Analytics. “Underscoring the country’s heady economic growth and strong macroeconomic fundamentals, the research unit of Moody’s Investors Service noted t...
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22Apr2013Gov’t calls on Pinoy architects to help promote urban dev’t MANILA, April 22 (PIA) - Vice President and Housing and Urban Development Coordinating Council (HUDCC) chairman Jejomar C. Binay called on Philippine architects to join in the government’s multi-sectoral approach to urban development. In the recent 3rd Annual Convention of the United Architects of the Philippines (UAP), Binay said private sector developers, the LGUs, and urban planners play a key role in bringing urban develop...
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19Apr2013QUEZON CITY, April 19 (PIA)--The Bureau of Internal Revenue (BIR) collected P244.1 million in tax revenues in the first quarter, 6.56 percent higher than the same period last year. Of the total collections for the three-month period, P233.41 came from BIR operations. The remaining P10.65 came from non-BIR operations, or taxes due from government securities issued by the Bureau of the Treasury. For March alone, the BIR collected P74.86 billion, significantly lower than the P89.03 billion targe...
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18Apr2013QUEZON CITY, April 18 (PIA) -- West Zone Concessionaire Maynilad Water Services, Inc. is expanding its services in the South as it is set to build a pumping station in Bacoor City, Cavite. Maynilad has allocated P166.5 million for the construction of a 10-million liter per day (MLD) Pumping Station along Molino Boulevard. “Through this infrastructure investment, we hope to enrich the lives of our current and future customers in the South,” said Maynilad President and CEO Ricky P. Vargas....
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17Apr2013QUEZON CITY, April 17 (PIA) -- The Department of Trade & Industry is set to hold more Diskwento Caravans in the Northern Metro Manila area to bring low-priced but high quality goods to consumers. DTI-CAMANAVA officer-in-charge Joie Villaruel said that they are going to bring the caravan to Malabon on May 21, Valenzuela on May 29 and Navotas on June 14. Just last week, DTI-NCR in cooperation with the Philippine Chamber of Commerce & Industry (PCCI) organized a successful Diskwento Caravan in C...
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11Apr2013QUEZON CITY, April 11 (PIA) -- The Department of Agriculture is allotting P500 million to encourage more farmers to plant hybrid rice varieties, and contribute in attaining national rice sufficiency by the end of this year and beyond. In a statement, Agriculture Secretary Proceso J. Alcala said P200 million will be spent this year and another P300M in 2014 to increase hybrid rice utilization and hectarage by eight to 10 percent (%) in 2014 from 3.5 % last year. He said the DA under its nationa...
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11Apr2013QUEZON CITY, April 11 (PIA) -- The National Economic Development Authority (NEDA) has recorded a further 15.6 percent decline in Philippine merchandise exports this February 2013. The lower export earnings were partly due to persistent weakness in global demand, which seems to be consistent with the January 2013 imports report of NEDA, Socioeconomic Planning Secretary Arsenio M. Balisacan said. "We indicated that there is a possibility that electronic exports in the first quarter of 2013 will...
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11Apr2013MANILA, April 11 (PIA) -- The Bangko Sentral ng Pilipinas reported that headline inflation decelerated to 3.2 percent in March from 3.4 percent in February, and was within the BSP’s forecast of 2.8-3.7 percent for the month. The BSP said that the resulting year-to-date average inflation rate of 3.2 percent was also within the government’s inflation target range of 4.0 percent ± 1.0 percent for 2013. Core inflation, which excludes certain food and energy items to measure generalized price ...
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10Apr2013MANILA, April 10 (PIA) -- The Bangko Sentral ng Pilipinas said that the country’s gross international reserves (GIR) rose to US$84.1 billion as of end-March 2013, higher by US$0.5 billion than the end-February 2013 GIR of US$83.6 billion. At this level, reserves remain adequate to cover 11.9 months worth of imports of goods and payments of services and income. It is also equivalent to 9.9 times the country’s short-term external debt based on original maturity and 6.3 times based on residua...
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08Apr2013QUEZON CITY, April 8 (PIA) --The National Economic Development Authority (NEDA) reported that the average inflation rate of the country remained at 3.2 percent for the first three months of 2013 and within the target of 3.0 to 5.0 percent for the year. In a statement, Socioeconomic Planning Secretary Arsenio M. Balisacan said the lower prices of food (except vegetable), electricity and petrol pulled headline inflation down in March, while uptick in the prices of non-food items, particularly ...
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06Apr2013MANILA, April 6 (PIA) -- The Department of Tourism (DOT) has forged an agreement with Illuminate Dynamic Media, Inc. (IDMI) in promoting the country’s various destinations through the installation of digital information kiosks at strategic locations in Metro Manila. The memorandum of agreement (MOA) was signed on March 26, which provides for the identification of critical sites by the DOT, while IDMI will take responsibility for the deployment, installation, and maintenance of these faciliti...
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04Apr2013MAKATI CITY, April 4 (PIA) -- The Department of Trade and Industry (DTI) and the Philippine Coconut Authority (PCA) along with other stakeholders joined forces to strengthen national and local collaborative efforts to promote, develop, and sustain the growth of the Philippine coco coir industry in the recent 2nd National Coco Coir Summit. “By 2016, we intend to place the country’s coco coir industry in the world’s top 3 exporter of coco coir,” DTI Undersecretary Merly M. Cruz said. ...
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02Apr2013QUEZON CITY, April 2 (PIA) -- The country’s fisheries sector expects brighter prospects starting this year, as tuna catch is picking up, and domestic fish supply is increasing as a result of conservation efforts, a statement said. Agriculture Secretary Proceso J. Alcala said with the lifting of a ban on tuna fishing at ‘Pocket 1’ of the Pacific Ocean, Filipino fishermen have resumed their operations in 2012 in said area, resulting in more catch. Pocket 1 of the Pacific Ocean is bounded by...
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27Mar2013QUEZON CITY, March 27 (PIA) -- Merchandise imports went down by 8.0 percent to US$4.7 billion in January 2013 from the US$5.1 billion recorded during the same month last year as lower volume and international prices for oil coupled with the drop in purchases of semi-processed raw materials resulted in a decline in imports in January 2013, according to the National Economic and Development Authority (NEDA). “These caused the lower payments for mineral fuels and lubricants and raw materials an...
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26Mar2013MANILA, March 26 (PIA) -- Foreign direct investments (FDI) in 2012 rose to US$2 billion, higher by 9.8 percent than the previous year’s level of US$1.9 billion, the Bangko Sentral ng Pilipinas said. The country continued to benefit from strong foreign investors’ confidence in the resilience of the domestic economy, with a strong economic growth amid low and stable inflation, as well as a strong external payments dynamics, it said. By FDI component, net equity capital placements—which ...
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26Mar2013MANILA, March 26 (PIA) -- The Land Bank of the Philippines further strengthened its support to small farmers and fisherfolk with loan releases amounting to P39.9 billion from January to December 2012, benefiting 772,892 small farmers and fisherfolk. “Landbank remains aggressive in channeling assistance to the farming and fisheries sector as we aim to further strengthen and sustain their viability to accelerate the development of rural economies,” said its President and CEO Gilda E. Pico. ...
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24Mar2013MANILA, March 24 (PIA)--President Benigno S. Aquino III reminded businessmen to pay correct taxes. The President was the guest of honor and keynote speaker during the 29th Biennial convention of the Federation of Filipino-Chinese Chamber of Commerce and Industry Inc. (FFCCCII) held March 22, Friday at the SMX Convention Center, in MOA, Pasay City. President Aquino bared during the association’s annual convention that a recent government investigation led to "strange" and "truly unexpected" f...
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09Mar2013MAKATI CITY, March 9 (PIA) -- The Department of Trade and Industry (DTI) will bring this month the METRO Festival fever – a trade fair of products of the micro, small, and medium enterprises (MSMEs) -- in the heart of Chinatown in Binondo, Manila. This activity aims to champion business by providing them an opportunity to showcase their best products inside one of Chinatown’s grandest mall -- the Lucky Chinatown Mall. This enables MSMEs not only to have a foot hold of the prospect marke...
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07Mar2013QUEZON CITY, March 7 (PIA) -- The Department of Energy (DOE) will be implementing a feasibility study on the use of secondhand vegetable oil to power vehicles in the country. DOE Secretary Jericho Petilla, in a press briefing, said the six-month study aims to test the viability of using four percent esterified waste vegetable oil mixed with diesel as alternative transport fuel to power light trucks and private vehicles to reduce air pollution and fossil-fuel imports. Esterification is the pro...
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27Feb2013MANILA, Feb. 27 (PIA) -- The United States Government and the American Chamber of Commerce of the Philippines (AmCham) on Tuesday launched a new partnership to further enhance the country’s business climate and sustain the economic gains achieved by the Aquino administration. U.S. Ambassador to the Philippines Harry K. Thomas, Jr. in a statement said “the partnership pursues the goal of the U.S.-Philippines Partnership for Growth to sustain broad-based and inclusive economic growth in th...
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26Feb2013QUEZON CITY, Feb 26 (PIA) -- The Land Bank of the Philippines released P39.9 billion loan in 2012 to further strengthen support to small farmers and fishers. “LandBank remains aggressive in channeling assistance to the farming and fisheries sector as we aim to further strengthen and sustain their viability to accelerate the development of rural economies,” said LandBank President and CEO Gilda E. Pico. According to Landbank, 772,892 small farmers and fishers benefited from the loan releas...
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21Feb2013QUEZON CITY, Feb 21 (PIA) -- Finance Secretary Cesar Purisima urged local treasurers and assessors to step up local tax collection efforts. In a recently held Congress of the Philippine Association of Local Treasurers and Assessors (Phaltra), Purisima specifically ask tle local treasurers and assessors to update the schedule market values (SMVs) of their locality being the basis for real property tax collections. Real Property Tax is decided by assessments of land value according to the Sche...
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18Feb2013QUEZON CITY, Feb 18 (PIA) -- According to the National Economic and Development Authority (NEDA), the Aquino administration was able to establish a strong and healthy financial sector during its first two years. Socioeconomic Planning Secretary Arsenio M. Balisacan cited the Socioeconomic Report (SER): 2010-2012 recently released by NEDA and noted that the financial sector has done very well in terms of attaining its targets as set out in the Philippine Development Plan (PDP): 2011-2016. ...
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14Feb2013QUEZON CITY, Feb 14 (PIA) -- Filipinos have a lot to be proud of, one of which is that the country is out of the economic mire. According to the National Economic and Development Authority (NEDA), the posted annual growth in merchandise exports of the Philippines in December 2012 was the highest among its trade-oriented neighbors in East and Southeast Asia. “The country’s export performance in December 2012 reflects the generally improved prospects in the global economy on the back of pol...
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13Feb2013QUEZON CITY, Feb. 13 (PIA) -- "The robust economic performance in 2012 shows us that Aquinomics works,” says Secretary Cesar Purisima of the Department of Finance (DOF) during the Philippine Economic Briefing, Wednesday held at the Philippine International Convention Center in Pasay City. Purisima said, Aquinomics, a coined term from the President’s surname “Aquino” and "economics” is all about the public and the private sectors working together. “Despite the uncertainty in the ...
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11Feb2013QUEZON CITY, Feb 11 (PIA) -- The National Economic Development Authority (NEDA) is now targeting the integration of more overseas Filipino workers (OFWs) back to the Philippines through entrepreneurial programs to drive investments in the micro, small and medium enterprise (MSME) sector. "We are beefing up efforts to reintegrate OFWs so we can harness their experience and expertise in contributing to the country's socioeconomic development," Arsenio M. Balisacan, NEDA Director General and Soc...
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06Feb2013MAKATI CITY, Feb. 6 (PIA) -- The Department of Trade and Industry (DTI) through the Bureau of Micro, Small and Medium Enterprise Development (BMSMED) is inviting the public for free entrepreneurship sessions to be held this month for new and existing businesses. DTI BMSMED Director Rhodora M. Leaño stressed that the selected topics will provide useful information for budding entrepreneurs and existing businesses to improve their decision-making capabilities for higher productivity and profit...
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06Feb2013QUEZON CITY, Feb 6 (PIA) -- The National Economic Development Authority on Tuesday said that the higher food and power prices and the implementation of the new sin tax law pushed headline inflation slightly higher to 3.0 percent in January 2013. This, however is still within the Development Budget Coordination Committee’s inflation target of 3.0 to 5.0 percent for 2013, said NEDA OIC Assistant Director-General Rosemarie G. Edillon. According to NEDA, inflation for the month is higher comp...
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28Jan2013QUEZON CITY, Jan 28 (PIA) -- The newly released Socioeconomic Report (SER): 2010-2012 of the National Economic and Development Authority (NEDA) suggests that state agencies should further accelerate their strategies to achieve targets in the transportation sector by 2016. According to Socioeconomic Planning Secretary Arsenio M. Balisacan, while the quality of our national roads and bridges significantly improved since 2010, the actual output indicators as reported in the SER are actually sligh...
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28Jan2013QUEZON CITY, Jan 28 (PIA) -- Import growth remained in positive territory in November 2012 as value of inward shipments of consumer goods, mineral fuels and lubricants, and capital goods increased to $5.1 billion in November 2012. This is a 2.2 percent increase from the $5.0 billion in November 2011, according to the latest report from the National Statistics Office (NSO). “The strong outturn in the importation of consumer goods resulted from increased payments for both durable and non-dura...
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25Jan2013QUEZON CITY, Jan 25 (PIA) -- The National Economic and Development Authority (NEDA) expects the strong fiscal performance from 2010 to 2012 to continue beyond 2016 with the passage of priority legislative measures. The simplified net income taxation scheme, modernized customs and tariff code that includes strengthened anti-smuggling provisions, and rationalized fiscal incentives are the pending bills expected by Socioeconomic Planning Secretary Arsenio M. Balisacan to benefit the fiscal sector...
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22Jan2013QUEZON CITY, Jan 22 (PIA) -- Maynilad Water Services, Inc. is set to improve its infrastructures and water services in parts of Metro Manila and Cavite province this year. The west zone concessionaire has allotted P17.2 billion for its water and waste water projects, more than double its capital expenditure in 2012. “The previous years have been about water service transformation. Now that we have improved and expanded our water services in the west zone, our next challenge is to accelerate...
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22Jan2013QUEZON CITY, Jan 22 (PIA) -- The country’s agriculture industry grew by 2.92 percent in 2012, grossing P1.4 trillion at current prices due mainly to an increase in production by the crops, poultry and livestock sub-sectors. In a statement, Agriculture Secretary Proceso J. Alcala said the three sub-sectors--which accounted for about 82% of total farm output--posted a combined growth of 3.6%. The fisheries sub-sector, which shared 18% to total production, dipped by 0.04%, mainly due to a 3.9% ...
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21Jan2013QUEZON CITY, Jan 21 (PIA) -- The National Economic and Development Authority (NEDA) Board has approved five infrastructure and social development projects worth P147 billion. Among the projects approved Board's 10th Meeting were: 1. Cavite-Laguna Expressway. The P35.58-billion project aims to provide fast, safe, comfortable, and reliable means of transportation in Cavite and Laguna provinces. This will be a 47.02-km and four-lane expressway from the end of the Cavite Expressway in Kawit, Cav...
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17Jan2013MAKATI, Jan. 16, (PIA) -- The Department of Trade and Industry (DTI) has launched Metro Festival 2013 at its showroom in Makati City. The festival will run until March 2013 and features each month products under the DTI’s One Town One Product Program that includes food items (January), health and wellness products (February), and wearables (March). About 20%-50% discount will be offered in selected items during the trade fair. Over forty micro, small, and medium enterprises (MSMEs) from t...
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15Jan2013MANILA, Jan 15 (PIA) -- Foreign direct investments (FDI) for the first ten months of 2012 recorded net inflows of US$1.1 billion, higher by 32.6 percent than the US$853 million posted in the comparable period in 2011. In a statement, the BSP said its statistics on FDI covers actual investment inflows. Net inflows of equity capital—which increased by more than seven-fold to reach US$1.2 billion from US$170 million posted in the comparable period in the previous year—accounted for the b...
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14Jan2013QUEZON CITY, Jan 14 (PIA) -- Developing the capacities of young workers through intensified investments in basic education is now being highlighted by the National Economic and Development Authority (NEDA) as it is said to be crucial in achieving sustainable and inclusive growth. According to NEDA Deputy Director-General Emmanuel F. Esguerra, an important aspect of government’s inclusive growth platform is investing in human capital, particularly in the young population that comprise about h...
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14Jan2013MANILA, Jan. 14 (PIA) -- The Bangko Sentral ng Pilipinas has announced the rediscount rates applicable on loan availments by banking institutions for January 2013. For loans under the Peso Rediscount Facility, the BSP Peso Rediscount Rate is set at 3.50 percent per annum for all maturities effective 29 October 2012, in line with the Monetary Board policy decision to reduce policy rates during its 25 October 2012 meeting. The Peso Rediscount Rate is based on the applicable BSP overnight reverse...
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14Jan2013MANILA, Jan. 14 (PIA) -- The Land Bank of the Philippines recently signed an agreement with manning agency Cebu Ace-Maritime International Inc. for the servicing of the agency’s inward foreign exchange remittances and payroll distribution to its deployed seamen and their beneficiaries. Cebu Ace-Maritime is the bank’s first manning agency client outside Metro Manila. The strategic location of the agency’s office and its proximity to the Land Bank Plaza Independencia Branch provides conv...
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11Jan2013MANILA, Jan 11 (PIA) -- The Land Bank of the Philippines is offering a rehabilitation program for cavendish banana growers gravely affected by Typhoon Pablo. Under the loan program, banana growers, including cooperatives and small and medium enterprises, may avail themselves of P430,000 financing per hectare, with a 6-percent interest rate fixed for 10 years. The program will provide borrowers with more time to pay for the loan as they are given a grace period of two years on principal and int...
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08Jan2013MAKATI CITY, Jan 8 (PIA) -- The local government is off to a good start this 2013 as its total revenue collection already stood at P11.01 billion as of end-November last year. “The latest revenue collection report of our City Treasurer has boosted our confidence in being able to achieve, if not surpass, our goals for 2013,” Makati Mayor Jejomar Erwin S. Binay today said in a statement. The mayor said priority programs to be implemented by the city government this year will focus on the upg...
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04Jan2013QUEZON CITY, JAN 4 (PIA) --The Department of Labor & Employment (DOLE) announced the initial schedule of the job fairs for the year which will be conducted in the country’s National Capital Region (NCR). Labor & Employment Secretary Rosalinda Baldoz, in a statement said that some 106 job fairs has already been scheduled in Metro Manila for 2013 but there will be many more, especially in the other regions nationwide. Baldoz said that DOLE conducted a total of 1,553 jobs fair all over the cou...
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02Jan2013QUEZON CITY, Jan. 2 (PIA) -- Agriculture Secretary Proceso J. Alcala has urged the public to give preference to fruits produced by the nation’s farmers and orchard operators. “Our country is blessed with many fruits that compare favorably in taste, nutritional and health benefits with those from other countries,” said the DA chief said in a statement. “Our mango, for example, is one of the most highly-valued fruits abroad. We also have pineapple, guava, lanzones, caimito, chico, durian...
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12Dec2012QUEZON CITY, Dec 12 (PIA) -- To help assess the inclusiveness of economic growth in the Philippines, the National Economic and Development Authority (NEDA) has called for improved measurement of citizen’s participation in governance and capital inputs. Determining accurate data on participation in governance is important as it involves the promotion of transparency and accountability in government, Rosemarie G. Edillon, NEDA National Policy and Planning staff director, said. “Inclusive g...
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12Dec2012QUEZON CITY, Dec 12 (PIA) -- Value of merchandise exports grew by 6.1 percent to US$4.4 billion in October 2012. The growth, according to the National Economic and Development Authority (NEDA) makes the Philippines one of the strongest performers among its selected East and Southeast Asian neighbors for the first 10 months of the year. From January to October 2012, total exports receipts from the Philippines already totaled US$44.5 billion, which is a 7.1-percent jump from the same period last...
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10Dec2012QUEZON CITY, DEC. 10 (PIA) -- The Department of Tourism (DOT) in cooperation with the Department of Environment and Natural Resources (DENR), jointly hosted the 8th Philippine Bird Festival in Manila. The Philippines has recently become a favorite place for birdwatchers in the Asian Region due to the country's unique habitats across its 7,107 islands and with about 600 species of birds. Of these nearly 200 are endemic in the country. The festival aims to promote bird watching as a nature tou...
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06Dec2012QUEZON CITY, Dec 6 (PIA) -- According to the National Economic Development Authority (NEDA), the slowed down movement of prices in November 2012 is due to the ample supply of agriculture and fish and lower prices of domestic petroleum. The NEDA made this statement after the National Statistics Office (NSO) reported that headline inflation eased to 2.8 percent in November 2012. “The abundant supply of agriculture and fishery products in November 2012 resulted in greater annual reductions in ...
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28Nov2012MANILA, Nov. 28 (PIA) -- The Land Bank of the Philippines has approved P349.2 million in loans for the provincial governments of Mountain Province and Pangasinan. In a statement, Land Bank said the P166.7-million loan for the provincial government of Mountain Province will finance the construction of a new four-storey capitol building, a gymnasium, and several farm-to-market roads. Meanwhile, the P182.5-million term loan to the provincial government of Pangasinan will help fund the rehabilita...
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26Nov2012MANILA, Nov. 26 (PIA) -- Residents of Metro Manila were able to sample the best products of La Union province through a 10-day trade fair conducted recently by the provincial government in partnership with the Department of Trade and Industry. The marketing program, dubbed La Union's FAIRest 2012... An OTOP (One Town, One Product) Fair, was held at the Carousel Court of the Festival Supermall in Alabang, Muntinlupa City. The La Union FAIRest showcased the exquisite and intricate designs of pr...
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21Nov2012QUEZON CITY, Nov 21 (PIA)--The Bureau of Internal Revenue (BIR) has met its target collection of P86.18 billion for the month of October. In a statement, the Department of Finance said the BIR has collected P86.1 billion in tax revenues, which is P15.6 billion or 22.13 percent higher compared to October 2011 collections. Collections from BIR operations for October 2012 also reached P83 billion, P13.76 billion or 19.89 percent more than collections made in October of 2011. The October 2012...
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16Nov2012QUEZON CITY, Nov 16 (PIA) -- The Department of Agriculture, through the Bureau of Fisheries and Aquatic Resources (DA-BFAR), will allot an initial budget of P265 million in 2013 to beef up the Philippines' seaweed industry and regain the country's distinction as the world's top seaweed and carrageenan producer. In a statement, Agriculture Secretary Proceso J. Alcala said, "The amount is more than six times the current 2012 budget of DA-BFAR for the seaweed sector of about P40.8 million, as we a...
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15Nov2012MANILA, Nov. 15 (PIA) -- The Social Security System (SSS) has recovered at least P1.984 billion in back payments from overdue short-term loans during its six-month amnesty program which ended September, a top official said in a statement. SSS Assistant Vice President for Lending and Asset Management Ma. Luz. C. Generoso said 150,415 members availed of the amnesty which condoned the penalties of delinquent salary, calamity, emergency, stock investment and other short-term loans. “The amnesty ...
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14Nov2012MANILA, Nov. 14 (PIA) -- For loans under the Peso Rediscount Facility, the Banko Sentral ng Pilipinas (BSP) Peso Rediscount Rate is set at 3.5 percent per annum for all maturities effective October 29 a statement said. The BSP said that it is due to the Monetary Board policy decision to reduce policy rates during its October 25, 2012 meeting. The Peso Rediscount Rate is based on the applicable BSP overnight reverse repurchase rate per Circular No. 679 dated February 1, 2010. Meanwhile, for loa...
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13Nov2012QUEZON CITY, Nov 13 (PIA) --The Philippines is now the strongest performer among its East and Southeast Asian neighbors for the period of September 2012 after the value of merchandise exports grew 22.8 % (percent) to $4.8 billion during the said period, the National Economic Development Authority (NEDA) said. The Philippines emerged on top of countries in the region that posted positive growth in exports in September 2012, which includes Hong Kong (15.8%), Vietnam (15.6%), Taiwan (10.4%), China...
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13Nov2012MANILA, Nov. 13 (PIA) -- The Land Bank of the Philippines continued to post higher profits with net income reaching P7.6 billion for the first nine months of this year. The seven percent growth from the P7.1 billion registered in the same period last year is due to the increase in income on loans and investments, foreign exchange profit, and slight decrease in expenses. The Land Bank attained a high return-on-equity of 14.2 percent as of September 2012. “Land Bank had a solid third quarter...
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12Nov2012QUEZON CITY, Nov. 12 (PIA) -- The country’s agriculture sector has a total value of P956 billion at current prices, as it grew by 1.93 percent during the first nine months of the year, the Department of Agriculture said. In a statement, Agriculture Secretary Proceso J. Alcala said the modest growth was led by the crops, livestock and poultry subsectors, citing estimates by the DA’s Bureau of Agricultural Statistics (BAS), during a media briefing at the sidelines of the 9th National Organic...
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07Nov2012QUEZON CITY, Nov 7 (PIA) -- Headline inflation rate in October 2012 slowed down to 3.1 percent from 3.6 percent in September bringing average inflation in the first three quarters at the low-end of government’s target. This is due to cheaper prices of agriculture and fish products, the National Economic and Development Authority (NEDA) said in its latest report. Inflation rate is the percent increase in the prices of goods and services commonly purchased by households, as measured by the C...
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01Nov2012QUEZON CITY, Nov. 1 (PIA) -- Private sector workers in Metro Manila will get an additional pay starting today. An additional P10 shall be added to their daily minimum wage starting November 1. The amount is the second tranche of the Metro Manila’s cost of living allowance (COLA). In a statement, the National Wages and Productivity Commission (NWPC) said the amount raises the daily minimum wage in non-agricultural sector to P426 basic pay plus P30 COLA or a total of P456 while for other ind...
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29Oct2012QUEZON CITY, Oct 29 (PIA) -- The growth in the value of imported in the country was almost flat in August 2012 compared to the same month last year while many neighboring Asian economies experienced contractions. National Economic and Development Authority (NEDA) said this following the National Statistics Office's (NSO) release of August 2012 imports data valued at $5.06 billion. This was a 0.4 percent decline compared to the the $5.08 billion amount in August 2011. NEDA officer-in-charge (O...
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25Oct2012MANILA, Oct 25 (PIA) -- The bidding for the P60-billion LRT 1 Cavite Extension Project will push through in January 2013, as originally scheduled. In a statement, the DOTC said that during the prequalification conference held recently in Mandaluyong City six companies submitted their prequalification documents, but two were rejected for arriving late at the event. “Being transparent is the rule of the game. We are here to ensure a clean, fair, and open bidding process for the DOTC’s larges...
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23Oct2012MANILA, Oct. 23 (PIA) -- The Land Bank of the Philippines has released an additional P4.7 billion in loans from January to August this year as part of government's thrust for food sufficiency and increased agricultural productivity. In a statement, Land Bank said that this brings to P14.5 billion its total loan releases since the program started in October 2010, benefiting 152 anchor firms and 410 cooperatives, farmers’ organizations, and NGO producers. These include P4.6 billion in loans to ...
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17Oct2012QUEZON CITY, Oct 3 (PIA) -- National Economic and Development Authority Director General Arsenio Balisacan said the government has increased its gross domestic product (GDP) growth target to at least 6 percent this year, after the country's 5.9 percent GDP growth in the second quarter. The country has attained a first semester average growth of 6.1 percent, placing 65th out of 144 economies in the World Economic Forum’s Global Competitiveness Report for 2012 to 2013 and attaining economic exp...
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12Oct2012QUEZON CITY, Oct 12 (PIA) -- Merchandise exports in the first eight months of 2012 grew by 5.4 percent to $35.3 billion from $33.5 billion during the same period last year, the latest report by the National Economic and Development Authority (NEDA) showed. In a news release, NEDA officer-in-charge Emmanuel F. Esguerra said the Philippines is one the few economies among selected Asian countries that registered positive exports growth in the first eight months of the present year. Citing specifi...
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10Oct2012QUEZON CITY, Oct 10 (PIA) -- The Department of Trade & Industry (DTI) in cooperation with the Association of Filipino Franchise, Inc., (AFFI) is going to hold the 11th Filipino Franchise Show to showcase the products of small & medium entrepreneurs (SMEs) and to promote One Town, One Product (OTOP) Program. In a statement, DTI Undersecretary Merly Cruz said 38 SMEs and three OTOP stores are participating in the 11th Filipino Franchise Show at Halls B and C of the World Trade Center, Pasay City ...
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09Oct2012MANILA, Oct 9 --The National Economic and Development Authority (NEDA) expects that the full-year headline inflation rate for 2012 will be at the low end of the government's target. The NEDA statement followed the release of the inflation data by the National Statistics Office (NSO) which showed that headline inflation rate in September 2012 eased to 3.6 percent from 3.8 percent last month. “The September data brought the headline inflation rate for the first three quarters of the year to on...
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03Oct2012QUEZON CITY, Oct 3 (PIA) -- The Department of Trade and Industry (DTI) yesterday spearheaded the holding of the Philippine Bamboo Congress at the World Trade Center in Pasay City to push for a robust and sustainable bamboo industry by 2016. In a statement, Trade and Industry Undersecretary for Regional Operations and Development Group Merly Cruz said the Congress was organized to increases public awareness on the potentials of bamboo. Cruz added that by maximizing the use of bamboo, the governm...
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01Oct2012QUEZON CITY, Oct. 1 (PIA) -- The Department of Agriculture has beefed up its support for the Philippine dairy sector through the placement of proper technologies and intervention. In a statement, Agriculture chief Proceso J. Alcala has urged all DA line agencies to patronize local milk and other products derived from it to help increase demand for the produce. Alcala said that developing the local dairy industry is one of the government’s strategies to help reduce poverty in the country. ...
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27Sep2012MANILA, Sept. 27 (PIA) -- The Land Bank of the Philippines has approved more loans for returning Overseas Filipino Workers under the government’s OFW Reintegration Program (OFW-RP). In a statement posted on its website (landbank.com), the bank said this would allow more OFWs to start their own businesses. As of end-July 2012, Land Bank approved P272.8 million in loans for 425 OFWs so they can start their own business and engage in livelihood activities. This is expected to generate an estim...
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25Sep2012MANILA, Sept 25 (PIA) -- Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco, Jr. has announced that the country’s outstanding external debt approved and registered by the BSP was recorded at $62.5 billion as of end-June 2012. In a statement, BSP said the figure is down by $408 million, or 0.6 percent from the $62.9 billion level as of end-March 2012. BSP said the decline was due to the net repayments totaling $850 million as both public and private sector entities incurred lower ...
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21Sep2012MANILA, September 21 (PIA) – The United States Agency for International Development (USAID)-Philippines recently partnered with the Bank of the Philippine Islands (BPI) to expand access to capital for Philippines’ small and medium enterprises (SMEs). In a release, U.S. Ambassador to the Philippines Harry K. Thomas and USAID-Philippines Mission Director Gloria D. Steele yesterday launched the eight-year, $35-million credit facility. Ambassador Thomas and Steele were also joined by Aurelio M...
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21Sep2012QUEZON CITY, Sept. 21 (PIA) -- The Department of Agriculture (DA) has directed all regional field units nationwide to create El Niño Action Teams to assess and anticipate the effects of a possible dry spell beginning this October until the Christmas season. To keep the country's National Rice Program on track, Program Coordinator Assistant Secretary Dante S. Delima issued the order based on the findings of the Philippine Atmospheric Geophysical and Astronomical Service Administration (Pagasa) ...
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19Sep2012PARAÑAQUE CITY, Sept 19 (PIA) -- Another chance awaits jobseekers to work in a world-class hotel, resort and gaming complex at the PAGCOR Entertainment City. In a statement, the Solaire Manila-Bloomberry Resorts Corp. in partnership with the Parañaque City Government will again hold a job fair on September 21 and 22, from 8 a.m. to 5 p.m. at the SM City-Sucat Building B Event Center in Brgy. San Dionisio, Parañaque City. This is to fill its vacant positions in preparation for its opening ...
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18Sep2012MANILA, Sept 18 (PIA) -- The Department of Transportation and Communication is set to rehabilitate 21 light rail vehicles (LRVs) and repair two more to service the Light Rail Transit Line 1 (Green Line). In an invitation to bid published Friday, the Light Rail Transit Authority said the P203 million set of repair works is meant to maintain the smooth operations of LRT Line 1, a 20.7-kilometer, 20-station railway system from Roosevelt in Quezon City to Baclaran in Pasay City. In a statement, DO...
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18Sep2012MANILA, Sept. 18 (PIA) -- The Land Bank of the Philippines is urging hog raisers to avail of its Methane Recovery from Waste Management Project. In a statement, Land Bank said the project allows pig farms across the country to generate carbon credits by investing in proper waste management systems to reduce the emission of methane, a potent greenhouse gas (GHG). The project, which is the first of its kind in the Philippines and in Southeast Asia, was recently registered by the United Nations F...
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10Sep2012MANILA, Sept 10 (PIA) -- The Bangko Sentral ng Pilipinas (BSP) said their preliminary data showed that the country’s gross international reserves (GIR) reached $80.8 billion as of end-August 2012. In a statement, the BSP said the figure is higher by $1.0 billion than the end-July 2012 GIR of $79.8 billion. The end-August 2012 GIR level could adequately cover 11.9 months worth of imports of goods and payments of services and income. It is also equivalent to 10.9 times the country’s short-...
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05Sep2012QUEZON CITY, Sept. 5 (PIA) -- The Department of Agriculture plans to increase investments in non-traditional coconut products for export like coconut water and virgin coconut oil (VCO). Agriculture Secretary Proceso J. Alcala said the Philippine Coconut Authority (PCA) is proposing a P1.75-billion budget for 2013, which is 47 percent more than this year’s budget of P1.2 billion. “We will devise and implement strategies to take advantage of the growing export demand on coco water, VCO and ...
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04Sep2012MANILA, Sept 4 (PIA) -- The Department of Transportation and Communications (DOTC) will bid out the development of two key airports in the South, the Tacloban and Dipolog Airports, with estimated combined costs of P319 million. The development of the two airports is in fulfillment of President Aquino’s promise to modernize air transport facilities in the country, the DOTC said in a statement. “As the Philippines begins to experience renewed vigor in its business climate, President PNoy is ...
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01Sep2012QUEZON CITY, Sept 1 (PIA) -- The Social Security System (SSS) said Friday it collected a total of P 46.68 billion in contributions during the first half of the year. “It was higher by nine percent compared with P 42.72 billion over the same period in 2011,” SSS President and Chief Executive Officer Emilio de Quiros Jr. said during a press briefing at the SSS main office in Quezon City on the occasion of the system’s 55th founding anniversary. De Quiros said 39 percent of the total collec...
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16Aug2012PARAÑAQUE CITY, Aug 16 (PIA) -- Tourism in Parañaque City continues to grow as evidenced by the report of the City Tourism which reported that over P2.3 million in tourism-related taxes were collected from January to July of this year. In a statement, the increase was 40 percent more than the revenue collection during the same period in 2011, which was only P1,640,900. The tax collection is in consonance with R.A. 9503, Tourism Act of 2009, and City Ordinance No. 95-28, Series of 1995, also...
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06Aug2012MANILA, Aug. 6 (PIA) -- The Bangko Sentral ng Pilipinas (BSP) and the Philippine Deposit Insurance Corporation (PDIC) recently signed a supplemental agreement dubbed Strengthening Program for Rural Banks (SPRB) Plus to strengthen the thrift and rural banking industry in the country. In a statement, the BSP said the SPRB Plus would effectively serve the countryside and improve the delivery of financial services to rural communities. The SPRB Plus is an enhanced version of the original SPRB (Modu...
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02Aug2012QUEZON CITY, Aug. 2 (PIA) -- The Department of Agriculture is proposing a $627-million or P26.247-billion medium-term nationwide rural development program, called the Philippine Rural Development Program (PRDP), a statement said. The DA said the nationwide rural development program will initially cover six regions (4A, 4B, 5, 6, 7 and 8) in Luzon and Visayas, and all provinces covered under the current Mindanao Rural Development Program Phase 2 (MRDP2). Agriculture Secretary Proceso J. Alcala ...
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02Aug2012MANILA, Aug 1 (PIA) -- The Government Service Insurance System (GSIS) declared on Tuesday that it has launched the largest infrastructure fund ever assembled for the country--at P25 billion. “It’s all systems go and the Fund is now open for business,” said Robert G. Vergara, GSIS president and general manager, in a statement posted on the pension fund's website (gsis.gov.ph). The creation of the fund, dubbed as "PInAI (Philippine Investment Alliance for Infrastructure)," was first annou...
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01Aug2012MANILA, Aug 1 (PIA) -- The Bangko Sentral ng Pilipinas (BSP) has lowered the rates for its peso rediscount facility to 3.75 percent per annum, a statement posted on its website (bsp.gov.ph) said. The BSP said the rediscount rate is based on the applicable overnight reverse repurchase rate. It said the repurchase rate, which took effect July 30, is based on Circular No. 679 dated February 1, 2010. It said the new rate is also in line with the Monetary Board's policy decision to reduce policy ...
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01Aug2012MANILA, Aug 1 (PIA) -- The Department of Public Works and Highways (DPWH) has set the deadline for both local and international construction companies to a pre-qualify bid to finance, design, construct, operate, and maintain the Ninoy Aquino International Airport (NAIA) Expressway Phase II Project. In a press statement, the invitation by the Special Bids and Awards Committee (SBAC) for Public-Private Partnership (PPP) Projects of the DPWH has set the deadline on September 18. DPWH chief Roge...
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30Jul2012MANILA, July 30 (PIA) -- The Philippine Ports Authority (PPA) of the Department of Transportation and Communications (DOTC) has allocated P556 million to rehabilitate seven ports in various parts of the country. A statement from the DOTC said the department has set aside P93.8 million earlier to refurbish the municipal ports in Corcuera, Romblon; Placer, Surigao del Norte; Bacacay, Sto. Domingo, and Pili—all in Albay; Palid, Zamboanga Sibugay; and Melgar in Dinagat Island. This time, the P55...
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27Jul2012QUEZON CITY, July 27 (PIA) -- The Department of Agriculture envisions the country to be vegetable self-sufficient, a statement posted on the agency website (da.gov.ph) said. “After rice, our next focus is to achieve self-sufficiency in vegetables,” Agriculture Secretary Proceso J. Alcala said. Alcala said the DA, through its High Value Crops Development Program (HVCDP), aims to increase the country’s current sufficiency level in vegetables, from 65 to 100 percent and beyond, within the m...
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22Jul2012MANILA, July 22 (PIA) -- The Bangko Sentral ng Pilipinas reported on its website that auto loans (ALs) stood at P144.8 billion by end-March 2012. The BSP said ALS continues to follow an upward trend as the recent figures are up from P139.2 billion last quarter and P124.2 billion a year ago. However, it may be noted that while the level of ALs increased, the growth rate slowed down for both quarterly (4.1 percent from 4.8 percent) and annual (16.6 percent from 18.3 percent) comparisons, the BSP...
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21Jul2012QUEZON CITY, JULY 21 (PIA) -- The Department of Labor & Employment (DOLE) said they are going to hold 17 more job fairs this month. In a statement, DOLE Secretary Rosalinda Baldoz said for the remaining days of July, DOLE has 17 more job fairs where job seekers can go to find their dream job. In Metro Manila, job fairs scheduled for the remaning days of July are as follows: July 20, Marikina Sports Park, Marikina City; South Station II, Muntinlupa City; city hall, Las Piñas City; July 21, sev...
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20Jul2012MANILA, July 20 (PIA) -- The Land Bank of the Philippines (Landbank) said it is targeting to install 100 new ATMs by the end of 2012. In a statement, Landbank said it has already installed 65 new ATMs across the country, especially in underserved areas in the provinces. Landbank President and CEO Gilda E. Pico said addition of new ATMs demonstrate the bank's continuing commitment to provide convenient banking service to its depositors and customers. "This also complements our ongoing branch ...
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20Jul2012MAKATI, July 20 (PIA) -- The Department of Trade and Industry (DTI) reported high increase in jobs brought by the government’s assistance to micro, small, and medium enterprises (MSMEs). In a statement, DTI said it recorded 84,851 new MSMEs, which employed 762,840 Filipinos as a result of the government program on MSMEs implemented from July 2011-June 2012. “These figures reflect the positive response on government efforts in developing Filipino enterprises and enabling them to contribute...
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18Jul2012MANILA, July 18 (PIA) -- Personal remittances for the first five months of the year totaled $9.3 billion, the Bangko Sentral ng Pilipinas (BSP) said in a statement. BSP said the figure represents a 5.5 percent increase from the level registered in the same period last year. BSP Governor Amando M. Tetangco, Jr. said the steady expansion in personal remittances during the five-month period in 2012 was underpinned by sustained growth in transfers from land-based overseas Filipino workers with wor...
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16Jul2012MANILA, July 16 (PIA) -- The Land Bank of the Philippines has sealed a $275-million loan agreement with the World Bank for the initial implementation of the Metro Manila Wastewater Management Project (MWMP). In a statement, Landbank said the project aims to address wastewater collection and treatment practices in selected areas in Metro Manila and also improve Manila Bay's water quality. Under the agreement, Landbank is the borrower, with the Department of Finance as the loan guarantor, while...
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10Jul2012QUEZON CITY, July 10 (PIA) -- The Department of Agriculture has called on the continued support of farmer groups, local government officials and the private sector to attain the major goals under the Aquino government’s Food Staples Sufficiency Program (FSSP). In a statement, Secretary Proceso J. Alcala made the call recently at the launch of the FSSP policy document during the Makina-Saka 2012 or 2nd Agri Machinery Roadshow, attended by about 2,000 members of Irrigators’ Associations (IAs)...
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09Jul2012QUEZON CITY, July 9 (PIA) -- President Benigno S. Aquino III said the country’s agriculture sector has achieved a lot in two years, and asked the public to continue supporting the reforms being initiated by his administration for the benefit of the Filipino people and the country as a whole. In a statement, the President said during the Makina-Saka 2012 Agri-Machinery Roadshow on July 5, “Kung may isa man pong sektor na talagang sumasalamin sa kung gaano ka-epektibo ang ating krusada sa tuw...
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04Jul2012MANILA, July 4 (PIA) -- The Department of Transportation and Communications (DOTC) has allotted P93.8 million to improve several ports in the country in anticipation of increased commercial shipping activities. In a statement posted on its website, Transportation and Communications Secretary Mar Roxas said the Aquino administration will rehabilitate and expand the sea ports in Corcuera, Romblon; Sto. Domingo, Bacacay, and Pili—all in Albay; Palid, Zamboanga Sibugay; Melga, Dinagat Island; and...
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02Jul2012QUEZON CITY, June 2 (PIA) -- The Department of Agriculture is encouraging more private sector partners to support the Aquino administration’s Food Staples Sufficiency Program (FSSP) to attain sufficiency in rice and other food staples by the end of 2013. In a statement posted on its website, Agriculture Secretary Proceso J. Alcala said the private sector can consider investing in grains handling and processing, and farm services outsourcing that could result in more efficient rice production,...
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26Jun2012MANILA, June 26 (PIA) -- “The Philippines is supporting the global efforts to stabilize the world economy and maintain it on a growth path." This was how Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco Jr. defended the $1 billion loan extended by the Philippine government to the International Monetary Fund. In a BSP statement, Tetangco said the Philippines, being a member of the IMF, also has a responsiblity to provide assistance to fellow members in their time of need. He ...
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22Jun2012MANILA, June 22 -- The Bangko Sentral ng Pilipinas (BSP) said portfolio investment transactions for the month of May yielded net inflows of US$106 million. In a statement posted on the BSP website, it said however, that the figure was 68.1 percent lower than the US$333 million recorded a month ago. In addition, registered investments were almost at the same level as April at US$1.5 billion due largely to several initial public offerings by Bloomberry Resorts Corporation, Rockwell Land Corpora...
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16Jun2012QUEZON CITY, June 16 (PIA) -- The Department of Trade & Industry urged tiangge and sari-sari store owners to register with the Philippine Business Registry (PBR) to legalize their businesses and reap benefits from government services for micro, small, and medium enterprises (MSMEs). Tiangges and sari-sari stores are considered part of the “underground economy” due to its small business size and are usually not registered with appropriate government agencies. In a news release, DTI Underse...
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14Jun2012MANILA, June 14 (PIA) -- The Land Bank of the Philippines recently sealed a remittance business partnership with the Banca Popolare di Sondrio (BPS) of Italy to better serve and respond to the fund transfer needs of Overseas Filipinos based in that country. The partnership will allow our overseas Pinoys and other remitters to send funds directly to the Philippines through the BPS' more than 200 branches, Land Bank said in a statement. In a ceremony held recently at the BPS Head Office in Sondr...
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08Jun2012QUEZON CITY, June 8 (PIA) -- The Department of Agriculture (DA) extended over P20-million worth of assistance to farmers, fishers, and local government units in Eastern Samar and Biliran (about 585 kilometers southeast of Metro Manila) in order to increase their productivity and incomes. Agriculture Secretary Proceso J. Alcala handed over the respective certificates of awards to beneficiaries, during his recent visit, where he also dialogued with farmers, fishers, and local government official...
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08Jun2012MANILA, June 8 (PIA) -- The Land Bank of the Philippines reported a net income of P3.1 billion for the first quarter of 2012, a 13 percent increase above the P2.8 billion in net income for the first quarter of 2011 and 32 percent higher than the first quarter target. Land Bank is the official depository bank of the Philippine government. In a statement, Land Bank President and Chief Executive Officer Gilda E. Pico said, "The consistent upward trend in our profitability is principally the resul...
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01Jun2012QUEZON CITY, June 1 (PIA) -- The Philippine economy expanded by 6.4 percent in the first quarter of 2012, the highest growth among ASEAN and other neighboring countries except China. In a statement sent by NEDA to PIA-NCR, Socioeconomic Planning Secretary Arsenio M. Balisacan said the growth is well above the market’s consensus forecast of 4.8 percent. "Within the ASEAN, the Philippine economic performance was above the preliminary average growth (3.7%) of the region, growing faster than Ind...
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31May2012MANILA, May 31 (PIA) -- The Bangko Sentral ng Pilipinas (BSP) reported that as of end-March 2012, the non-performing loans (NPL) ratio of universal and commercial banks (U/KBs) stood at 2.36 percent, better by 0.63 percentage point from year ago’s 2.99 percent ratio but higher by 0.02 percentage point from the previous month’s 2.34 percent. In a statement posted on its website, the BSP said the month-on-month increase in the NPL ratio came about as the 1.04 percent hike in NPLs to P74.65 bi...
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30May2012MANILA, May 30 (PIA) -- Aimed at fighting rural poverty, the Philippine Postal Corporation (PhilPost) and its financial arm, Philippine Postal Savings Bank Inc. have joined forces to help the rural banking sector. In a press release, PhilPost and Postal Bank have signed a memorandum of agreement Tuesday, May 29 and vowed to work together and pool their resources to spur economic activities in the countryside by providing financial assistance, services and job opportunities to the rural folk. ...
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29May2012QUEZON CITY, May 29 (PIA) -- A medical tourism hospital with 500-patient capacity per day will soon rise in Quezon City. This, as the Board of Investments (BOI) recently approved the registration of P1.22 billion medical tourism project that involves the establishment and operation of a hospital called Providence Hospital, Inc. (PHI). In a news release, trade undersecretary and BOI managing head Adrian Cristobal Jr said the Philippines is developing a strong medical tourism market because of t...
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28May2012MANILA, May 28 (PIA) -- The Department of Transportation and Communication has embarked on a project to expand existing berthing facilities in order to address projected increase in cargo handling and vessel traffic. In a statement posted on the agency website, Transportation secretary Mar Roxas said the government is allocating about P500 million to construct and upgrade existing berthing facilities in key ports in the country in line with the Aquino administration’s thrust to provide reliab...
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28May2012MANILA, May 28 (PIA) -- A public-private partnership supported by the Asian Development Bank (ADB) has allowed the installation of environment-friendy solar-powered light emitting diodes or LEDs to a four-lane tunnel that crosses the Epifanio Delos Santos Avenue (EDSA). “ADB is proud to be associated with an initiative that helps the country move towards lower carbon emissions,” Anthony Jude, Director in ADB’s Southeast Asia Department, said in a statement posted on the ADB website. “...
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27May2012QUEZON CITY, May 27 (PIA) -- Metro Manila and suburbs will enjoy more supply and stable prices of fresh and quality fish with the upgrading of the 35-year old Navotas Fish Port Complex (NFPC). Agriculture Secretary Proceso J. Alcala said in a statement that this would be the scenario in 2015, when the 47.5-hectare fish port complex would have been renovated and modernized. The upgrading of the NFPC, costing P2.7 billion, is one of the five big infrastructure projects recently endorsed and su...
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26May2012MAKATI CITY, May 26 (PIA) --The Board of Investments (BOI) has approved the investment project of Philippine company Aviva Shipping Corporation that is seen to further boost the country’s transportation infrastructure investments in the region. DTI Undersecretary and BOI Managing Head Adrian S. Cristobal Jr. noted the need to improve logistics facilities to make the country more competitive and the domestic supply chain activities more efficient and seamless, a press report from the departmen...
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26May2012QUEZON CITY, MAY 26 (PIA) -- The World Bank (WB) cited the Philippine economy’s growth amid challenges that the country is facing in the first and second quarter of the year. “Amidst weakening markets for exports, the best prospects for the Philippines to maintain high growth rates, create more jobs, and reduce poverty are through greater investments in productivity-enhancing infrastructure and further economic integration with its trading partners,” WB said in its latest East Asia and Pa...
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25May2012QUEZON CITY, May 25 (PIA) -- The Department of Agrarian Reform (DAR) said Friday in a press release it recently turned over some P 10-million worth of infrastructure projects to the agrarian reform beneficiaries (ARBs) of Cabucgayan, Biliran. DAR Regional Director Eliasem Castillo said in the press release that the 2.3-kilometer Kasabangan farm-to-market road (FMR) with a total project cost of P 5.07-million is expected to benefit 650 ARBs for the easy conveyance of farm products to the comme...
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25May2012QUEZON CITY, May 25 (PIA) -- Agriculture Secretary Proceso J. Alcala said Thursday that the 170 40-footer vans with fresh Philippine bananas previously held have been cleared by Chinese quarantine officials. A statement on the agency website said that the DA chief received the favorable development from Director Clarito Barron of the DA’s Bureau of Plant Industry, who is currently in Beijing as head of a three-man Philippine quarantine team. They were dispatched to join their Chinese counterp...
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24May2012MANILA, May 24 (PIA) -- The Department of Agriculture (DA) allotted more than P22 million in the form of infrastructure projects, equipment, processing facilities, and farm inputs to Cavite farmers to further prop up their production and incomes. A statement posted on the agency’s website said Agriculture Sec. Proceso J. Alcala handed over the assistance to farmers’ groups and local government officials led by Governor Juanito Victor C. Remulla, Jr., during a recent provincial forum held in...
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23May2012MANILA, May 23 (PIA) -- The level of auto loans (ALs) continued its upward trend, closing at P139.2 billion as of end-December 2011, up by 4.8 percent from last quarter’s P132.7 billion and by 18.3 percent from last year’s P117.6 billion, the Bangko Sentral ng Pilipinas (BSP) reported in a statement. The BSP said that Universal/commercial banks (U/KBs) drove both quarterly and annual growth with increments of 6.3 percent (P4.2 billion) from last quarter and 27.0 percent (P15.3 billion) f...
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23May2012QUEZON CITY, May 23 (PIA) -- The Department of Agrarian Reform (DAR) said recently that with the full support and cooperation of farmworkers and farmers’ organizations, nothing can stop them from distributing Hacienda Luisita farmlots in Tarlac to qualified beneficiaries. Agrarian Reform secretary Virgilio delos Reyes made the declaration in a press release after he witnessed the heavy turnout of farmworkers who took part in Friday’s massive information campaign conducted by DAR, simultane...
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23May2012QUEZON CITY, May 23 (PIA) -- In an effort to expedite the land distribution process in Hacienda Luisita in Tarlac, the Department of Agrarian Reform (DAR) said in a press release that it has set up a computerized system with the capability of screening and validating, as accurately as possible, potential beneficiaries entitled to farmlots in the area. Agrarian Reform Secretary Virgilio delos Reyes stated that DAR will make use of the latest technological advances in communication to inform haci...
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21May2012QUEZON CITY, May 21 (PIA) -- To further increase crop production and augment the incomes of farmers and other ruralfolk in Camarines Norte, the Department of Agriculture is investing an additional P74 million in the area. In a press statement, Agriculture Secretary Proceso J. Alcala said the bulk of the fund or P60 million will be used to construct and rehabilitate various irrigation projects, and P13.7-million worth of assistance that include farm machinery, planting materials, fishing paraphe...
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21May2012MANILA, May 21 (PIA) -- The Bangko Sentral ng Pilipinas (BSP), in collaboration with General Santos City, participating cooperatives, and donor institutions, launched the General Santos City Credit Surety Fund (GSCCSF) in a formal ceremony held in General Santos City recently. In a statement posted in BSP's website, the BSP said that the Fund is a surety fund aimed at helping cooperatives and micro, small, and medium enterprises (MSMEs) gain access to credit from banks. The surety fund is gene...
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20May2012MANILA, May 20 (PIA) -- The Bangko Sentral ng Pilipinas (BSP) reported that domestic liquidity (M3) expanded by 5.6 percent year-on-year in March 2012, slower than the 7.2 percent growth recorded a month earlier to reach P4.5 trillion. On a monthly basis, seasonally-adjusted M3 declined marginally following a growth of 1.1 percent in the previous month, the BSP said. Money supply growth continued to be driven by the sustained increase in net foreign assets (NFA) at 11.8 percent in March. The ...
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20May2012QUEZON CITY, May 20 (PIA) -- The Department of Agriculture (DA) provided Tawi-Tawi fishermen, farmers, and their respective local government units (LGUs) with various fishery and farm equipment and inputs worth P6.5 million to prop up their production and income. A statement posted on the DA website said Agriculture Secretary Proceso J. Alcala also committed to construct irrigation systems and establish agri-fishery trading post during his recent visit, the first time since he assumed the DA po...
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19May2012MANILA, May 19 (PIA) -- Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco, Jr. has announced that transactions in foreign portfolio investments in April surged to $333 million. In a press release, Tetangco said that the total investments amounted to more than twice the $158 million net inflows in March. On a year-on-year basis, however, the net inflow was down by 50 percent from the $674 million recorded in 2011. Registered investments for the month also rose to $1.5 billion fr...
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19May2012QUEZON CITY, May 19 (PIA) -- The Department of Agriculture (DA) is allotting P13 million for various agriculture and fishery projects, equipment and inputs to further spur the productivity and incomes of Basilan farmers and fisherfolk, a statement from DA said. Agriculture Secretary Proceso J. Alcala led the turnover of said projects during a recent forum at Basilan’s provincial capitol in Isabela City, consisting of farmers, fisherfolk, and local government officials led by Governor Jum Jai...
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18May2012MANILA, May 18 (PIA) -- State-owned Land Bank of the Philippines (Land Bank) continues to adopt measures to mitigate risks of lending to small farmers and fisher folk as loan disbursements to this sector reached P285.5 billion from 1991 to 2010, according to a press release posted at the website of Land Bank. Land Bank president and CEO Gilda E. Pico said the bank has strengthened the implementation of mitigating controls for lending to small farmers and fisher folk who in most cases do not hav...
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18May2012MANILA, May 18 (PIA) -- Remittances from overseas Filipinos (OFs) coursed through banks rose in March 2012 by five percent year-on-year to reach $1.7 billion, Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco, Jr. said in a statement. The continued increase in remittance flows in March brought the first quarter level to US$4.8 billion, higher by 5.4 percent than the $4.6 billion realized in the same period a year ago. Remittances from land-based ($3.7 billion) and sea-based ($1.1 ...
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18May2012MANILA, May 18 (PIA) -- The Bangko Sentral ng Pilipinas (BSP) and the Philippine Deposit Insurance Corporation (PDIC) approved an enhanced version of the Strengthening Program for Rural Banks (SPRB), a statement posted on the BSP website said. Labeled as the Strengthening Program for Rural Banks Plus (SPRB Plus), the program expands the original SPRB to include strong and well-managed thrift banks and commercial banks as among eligible Strategic Third Party Investor (STPI) or so-called “whit...
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18May2012QUEZON CITY, May 18 (PIA) -- The government is set to send to China a team of experts from the Department of Agriculture's (DA) Bureau of Plant Industry (BPI) led by Director Clarito Barron to present the Philippines’ plant quarantine protocols, as well as coordinate and validate with their Chinese counterparts in Beijing that Philippine bananas are of export quality and free from insects, according to a press release by the DA posted on its website. “We want to make sure that Philippine ba...
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16May2012QUEZON CITY, MAY 16 (PIA) -- The recently approved House Bill 5727, which aims to reform the current excise tax system for alcohol and tobacco products is expected to generate at least P60.7 billion in revenues. This is according to Budget Secretary Florencio Abad who said in a news release that if the bill is passed into law, it will improve revenue and tax efficiencies in government. Abad said that the bulk of the revenue will go to critical health services which include health care coverage...
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15May2012MANILA, May 15 (PIA) -- The Bangko Sentral ng Pilipinas (BSP) will formally launch today its 22nd Credit Surety Fund (CSF) in General Santos City. The Credit Surety Fund is a credit enhancement scheme designed to address the difficulty of micro, small, and medium enterprises (MSMEs) in obtaining loans from banks due to lack of acceptable collaterals, credit knowledge, and credit track records. The establishment of the CSF in the tuna capital of the Philippines is expected to spur economic ac...
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14May2012QUEZON CITY, May 14 (PIA) -- President Benigno S. Aquino III is set to meet today some 1,000 farmers, fishers, indigenous peoples, and local government officials as he keynotes People’s Organizations (POs) Congress in Davao City as part of the nationwide Farmers’ and Fisherfolk’s Month celebration this May. Agriculture Secretary Proceso J. Alcala, who will join President Aquino in Davao, said in a statement that the participants are beneficiaries of the Department of Agriculture’s Minda...
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13May2012QUEZON CITY, May 13 (PIA) -- The Philippine agricultural sector grew by 1.08 percent in the first three months of 2012, bannered by the poultry, livestock and crop subsectors, while fishery production contracted due to conservation measures and high operation costs, according to the Department of Agriculture website. The total value of the country’s agriculture output for the first quarter of 2012 amounted to P341.1 billion at current prices, 3.14% less than last year for the same three-month...
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10May2012QUEZON CITY, May 10 (PIA) -- Department of Public Works and Highways (DPWH) Secretary Rogelio L. Singson and Manila City Mayor Alfredo S. Lim will lead today the reopening of the newly reconstructed Honorio Lopez Bridge in Tondo, Manila. Singson said the early reopening of the P95.75 million-worth Honorio Lopez Bridge was made possible due to fast-tracking of construction works, weeks ahead before school opening in June. The bridge located across Estero de Sunog Apog in Balut, Tondo, Manila t...
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08May2012QUEZON CITY, May 8 (PIA) -- Inflation rose to 3.0 percent in April from 2.6 percent in March. The Bangko Sentral ng Pilipinas said that higher inflation in April was attributed largely to the increase in inflation for housing, water, electricity, gas, and other fuels due to higher rental rates and electricity charges Food inflation also went up as prices of fish and vegetables increased as a result of Lenten season demand. Transport inflation also increased due to the implementation of the ...
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04May2012MANILA, May 4 (PIA) -- The Asian Development Bank (ADB) is seeking to get banking services to all of the Asian region’s poor by 2020, it said in a statement. “Achievement of full financial inclusion is not a mere numbers game that can be measured through the bank accounts opened, transactions conducted, beneficiaries reached out to,” said Lakshmi Venkatachalam, ADB’s Vice President of Private Sector and Cofinancing Operations during the 45th Annual ADB Meeting held in the city. The off...
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04May2012MANILA, May 4 -- Growth alone is not enough for Asia to succeed in an era of global change, Asian Development Bank (ADB) president Haruhiko Kuroda said in his annual address to the ADB Board of Governors Friday, according to a press release by the ADB. “The world is experiencing a fundamental transformation. Now is the time to push through with greater reforms to support the region’s long-term growth,” Kuroda said at ADB’s 45th Annual Meeting held in Manila, however, he said that growth...
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03May2012MANILA, May 3 -- National wealth in the Association of Southeast Asian Nations (ASEAN), People’s Republic of China (PRC) and India could exceed that of the US and Europe combined by 2030,the Asian Development Bank (ADB) according to a statement released by ADB. The ADB said that the region's wealth potential could be realized if the three economies take steps now to overcome challenges and reduce risks, according to highlights of a new book launched Wednesday ADB and Asian Development Bank In...
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03May2012MANILA, May 3 -- The Asian Development Bank (ADB) has secured Special Drawing Rights amounting to $12.4 billion for the next four-year phase of its concessional development fund that will provide critical financial support to fight poverty in the Asia and Pacific region, according to a press release by ADB. “Asian Development Fund (ADF) borrowers face significant development challenges and have fewer resources of their own to address them. We particularly appreciate the strong support and gen...
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03May2012MANILA, May 3 (PIA) -- The capital adequacy ratios (CARs) of the Philippine banking system remain healthy and above the Bangko Sentral ng Pilipinas (BSP)s’ minimum ratio of 10 percent and the Basel Accord’s standard ratio of 8 percent despite continued global difficulties, a statement posted on the BSP website said. The BSP said that the system-wide average CARs stood at 16.44 percent on solo basis and 17.43 percent on consolidated basis as of end-September 2011, which were slightly higher...
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02May2012QUEZON CITY, May 2 (PIA) -- Two power projects that will help address the country’s energy supply requirements have been recently approved by the Board of Investments (BOI), aligned with the 2011 Investment Priorities Plan of the government meant to attract investments in key industries to achieve inclusive growth. In a news release, the Department of Trade and Industry (DTI) Undersecretary and BOI Managing Head Adrian Cristobal Jr. said that it is the BOI’s goal to ensure that approved inv...
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02May2012MANILA, May 2 (PIA) -- Around 4,000 delegates have registered for the 45th Annual Meeting of the Asian Development Bank (ADB) Board of Governors on Tuesday at the Philippine International Convention Center. The event started this morning. The delegates--comprising top policymakers, business leaders, media, academics, civil society, and development institution representatives--attended the meeting. For the first time, this year ADB welcomes the participation of the President of the Inter-Ameri...
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02May2012QUEZON CITY, May 2 (PIA) -- The Department of Labor and Employment (DOLE) Secretary Rosalinda Baldoz assures job seekers that DOLE will continue to process applications from job seekers even after Labor Day. Secretary Baldoz said that applicants who were not hired-on-the-spot (HOTS) need not worry as some employers may require qualified applicants to undergo their respective processes before they finally decide to hire. “Selecting job applicants can be a tough challenge for employers. They ...
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02May2012QUEZON CITY, May 2 (PIA) -- Long neglected and skipped over, Siquijor will finally have its day as P35 million worth of agricultural and fishery projects are poured in this island province and in Negros Oriental. The Department of Agriculture (DA) extended agricultural assistance to these two provinces following the visit and dialogue with Agriculture Secretary Proceso J. Alcala. In a statement posted on its website, the DA said that the visit is part of the agency’s efforts in bringing spe...
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01May2012MANILA, May 1 (PIA) -- Transportation Secretary Mar Roxas has announced that the P60-billion LRT-1 Cavite Extension Project, approved by the National Economic and Development Authority in March, is now set for bidding this month. “Sisimulan na natin ang bidding process sa pamamagitan ng pagpa-publish sa mga pahayagan ng invitation to bid para sa proyekto nang sa gayon ay maabot natin ang target completion natin na 2015,” Roxas said in a statement posted on the DOTC website. He said the con...
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01May2012QUEZON CITY, May 1 (PIA) -- The Department of Science and Technology (DOST) said Monday its new program raises the productivity of the country’s labor force. “More jobs, more equipped workers, more businesses, and more income—these are the ultimate aims of MakiBayan, DOST’s solution in raising the productivity of the metals industry in the country,” DOST officials said in an email to the Philippine Information Agency-National Capital Region (PIA-NCR). Short for “Makinarya at Teknol...
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30Apr2012MANILA, April 30 (PIA) -- Department of Transportation and Communications Secretary Mar Roxas has announced a nationwide plan to construct and rehabilitate approximately 1,017 public toilets in its attached agencies, including airports, seaports, and train stations across the country. The plan is in line with President Benigno Aquino III’s “Kayo ang Boss Ko (You are the boss)” principle in putting the people’s welfare and convenience first. “We want to restore the pride and dignity o...
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29Apr2012QUEZON CITY, April 28 (PIA) -- Production of pectin from mango peels can be upscaled to meet the country’s requirements for pectin, according to a study of the Department of Agriculture. This is the result of the recently concluded nine-month research jointly undertaken by the Department of Agriculture-Philippine Center for Postharvest Development and Mechanization (DA-PhilMech) and the Department of Science and Technology-Industrial Technology Development Institute (DOST-ITDI), an agency sta...
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27Apr2012MANILA, April 27 (PIA) -- The Bangko Sentral ng Pilipinas (BSP) has adopted the internationally-accepted Debt Management and Financial Analysis System (DMFAS), a statement said. The BSP said that the DMFAS system is powered by a software developed by the United Nations Conference on Trade and Development (UNCTAD). The DMFAS also provides technical assistance and advisory services in the area of debt management to strengthen the external debt management capability of countries. Similarly, the ...
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27Apr2012QUEZON CITY, April 27 (PIA) -- Just when coconut producers and growers were about to bid the industry goodbye, comes another coco product that will not only bring life to an otherwise moribund sector, but will bring wellness to the health conscious worldwide. Philippine Coconut Authority (PCA) Administrator Euclides G. Forbes has announced a 92.78 percent increase in 2011 exports volume of coco sap sugar with 70,000 kilograms (km) compared with 36,310 km in 2010. In a statement posted on the...
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26Apr2012QUEZON CITY, April 26 (PIA) -- Department of Agriculture (DA) Secretary Proceso Alcala has vowed to strengthen their agency's support to farmers, fisherfolk in the Visayas region. A statement posted on the DA website said that Alcala made his commitment after he met with farmers, fishers, livestock growers, other agricultural stakeholders, and local government officials in Central Visayas, to resolve major problems and discuss strategies to further increase productivity and incomes of Visayan f...
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25Apr2012QUEZON CITY, April 25 (PIA) -- The Social Security System (SSS) said on Tuesday it saw its financial performance continue to strengthen, posting net earnings of P25.5 billion in 2011 as a result of intensified collection efforts, prudent management of operation expenses, and robust investment income. SSS president and chief executive officer Emilio de Quiros Jr. said that service delivery to members likewise improved, thanks to enhancements in information technology systems. “The bottomline ...
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25Apr2012QUEZON CITY, April 25 (PIA) -- The Department of Agriculture (DA) has embarked on a project to produce ‘Basmati’ rice, an aromatic, long-grain variety indigenous to India and Pakistan for possible export to Middle Eastern countries. In a statement posted on the DA website, it said that Agriculture Secretary Proceso J. Alcala last week approved the proposal of DA national rice program coordinator Assistant Secretary Dante S. Delima to conduct regional evaluation and on-farm production trials...
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24Apr2012Foreign portfolio investments rebound in March MANILA, April 21 (PIA) -- Transactions in foreign portfolio investments during March yielded net inflows of US$158 million, reflecting a turnaround from the US$305 million net outflows in February, the Bangko Sentral ng Pilipinas (BSP) said. The BSP said that Peso Government securities and PSE-listed shares netted foreign exchange (FX) inflows (US$189 million and US$110 million, respectively), while money market instruments resulted in net outf...
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24Apr2012MANILA, APRIL 24 (PIA) -- Bureau of Customs has formed a revenue enhancement team that will coordinate with the different ports to ensure implementation of revenue enhancement and protection measures and policies. Task Force on Revenue Enhancements for the Attainment of Collection Targets’ or Task Force REACT was created through Customs Special Order No. 17-2012. Aside from recommending sources of non-traditional revenues, the Task Force is also mandated to recommend the issuances of Letters...
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23Apr2012QUEZON CITY, April 23 (PIA) -- The Department of Agriculture (DA) will meet with hog and poultry industry leaders in the coming weeks to discuss and address lingering issues that have stunted the growth of the country’s livestock industry and posed unwarranted competition due to illegal imports of meat and meat products. Agriculture Secretary Proceso J. Alcala made the commitment at the recent 21st Annual convention of the National Federation of Hog Raisers, Inc. (NFHFI) and Pork Producers F...
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23Apr2012MANILA, April 23 (PIA) -- As of end-February 2012, the non-performing loans (NPL) ratio of universal and commercial banks slightly eased to 2.34 percent from previous month’s 2.35 percent and by 0.59 percentage point from year ago’s 2.93 percent ratio. In a statement by the Bangko Sentral ng Pilipinas (BSP), it said that the month-on-month improvement in the NPL ratio took place as the 0.94 percent rise in NPLs to P73.88 billion from P73.20 billion was surpassed by the 1.01 percent hike in...
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20Apr2012MANILA, April 20 (PIA) -- At its meeting yesterday, the Monetary Board decided to keep the Bangko Sentral ng Pilipinas (BSP)'s key policy rates at 4 percent for the overnight borrowing or reverse repurchase (RRP) facility and 6 percent for the overnight lending or repurchase (RP) facility. The interest rates on term RRPs, RPs, and special deposit accounts (SDAs) were also maintained accordingly. The reserve requirement ratios were kept steady as well, the BSP said in a statement. The Monetar...
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20Apr2012QUEZON CITY, April 20 (PIA) -- President Benigno S. Aquino III said government will continue to address the major needs and concerns of hog raisers and pork producers by implementing policies and providing needed support to further develop and strengthen the country’s swine industry, and make it globally competitive. In a statement posted on the Department of Agriculture website, it said that Aquino made the call during the 21st Annual convention of the National Federation of Hog Raisers, Inc...
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20Apr2012QUEZON CITY, April 20 (PIA) -- The Aquino Administration has tasked the National Irrigation Administration (NIA) for a major role to help out in attaining rice self-sufficiency by 2013 by setting up new irrigation facilities. It is anchored on the Food Staples Self-Sufficiency Program (FSSP) of the Department of Agriculture. With the Philippines' total irrigable area of 3.126 Million hectares (ha), 50.11 % or 1.567M has been developed for irrigation: 783,457 ha for the national irrigation sys...
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17Apr2012MANILA, APRIL 17 (PIA) -- The Bangko Sentral ng Pilipinas (BSP) announced today that remittances from overseas Filipinos (OFs) coursed through banks reached $1.6 billion in February 2012 posting 5.8 percent growth compared to the same period of last year. In a news release, BSP Governor Amando Tetangco said that about three-fourths (76.1 percent or $1.2 billion) of the total cash transfers for the month were sent by land-based workers while nearly one-fourth (23.9 percent or $0.4 billion) came...
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15Apr2012QUEZON CITY, April 15 (PIA) -- The Department of Agriculture (DA) through the Bureau of Fisheries and Aquatic Resources (DA-BFAR) has provided P24.5 million in fishery and livelihood projects, benefiting thousands of fisherfolk families and their respective island-municipalities in the Autonomous Region in Muslim Mindanao (ARMM). “The DA-BFAR investment of P24.53 million was matched by almost the same amount by our ARMM local government units, either in the form of material or labor counterp...
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15Apr2012MANILA, April 15 (PIA) -- Foreign direct investments (FDIs) posted net inflows amounting to $766 million during the start of this year, almost four times higher than the year-ago level of $214 million, a statement posted on the Bangko Sentral ng Pilipinas (BSP) said. The BSP said that this was achieved as a result of net equity capital inflows which stood at $739 million during January 2012 from only $31 million in January 2011. In particular, it said that gross equity capital placem...
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12Apr2012QUEZON CITY, Apr. 12 (PIA) -- With a new irrigation system, the Aeta community in Barangay Villar in Botolan, Zambales now has more reason to return to their ancestral land after being displaced for years when Mt. Pinatubo erupted in 1991. The irrigation system, which features a novel ram pump, series of pipes and hose, and water reservoir, is part of several agricultural projects, equipment and inputs totaling P60 million that the Department of Agriculture through Secretary Proceso J. Alcala ...
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11Apr2012MANILA, April 11 (PIA) -- To further strengthen its network and better serve its client base in the province of Sarangani, the Land Bank of the Philippines recently relocated its Alabel branch to a more spacious facility at the Provincial Capitol Complex of Sarangani, a statement said. Land Bank first established its presence in Alabel in 1996 with its first branch at the Provincial Capitol Gymnasium. Among the major clients of the branch are the local government of Alabel, the provincial gover...
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10Apr2012QUEZON CITY, April 10 (PIA) -- The Department of Agriculture (DA) through the National Irrigation Administration NIA will repair 11 national irrigation systems in 10 provinces, under a five-year National Irrigation Sector Rehabilitation and Improvement Program (NISRIP), totaling P4 billion. In a statement posted in the DA's website, Agriculture Secretary Proceso J. Alcala said the NISRIP forms part of the major thrust of the Aquino administration to bankroll and fast-track the restoration and ...
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10Apr2012MANILA, April 10 (PIA) -- The country’s preliminary gross international reserves (GIR) as of end-March 2012 stood at $76.5 billion, lower by US$0.5 billion compared to the end-February 2012 GIR of $77.0 billion, Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco, Jr. announced in a statement. The decline in the reserves level was due mainly to payments for maturing foreign exchange obligations of the national government, foreign currency withdrawals by authorized agent banks (AAB...
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04Apr2012QUEZON CITY, April 4 (PIA) – Soon, motorists traversing the southern part of Metro Manila will experience ease in traffic as the Department of Public Works and Highways and Ayala Corporation signed a concession agreement. Public Works and Highways Secretary Rogelio L. Singson and Ayala Corporation Chairman and Chief Executive Officer Jaime Augusto Zobel de Ayala yesterday, April 3, led the agreement signing together with officials from the DPWH Undersecretary Rafael C. Yabut, Assistant Secre...
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03Apr2012TAGUIG CITY, April 3 (PIA) -- Compliance to the department circular (DC) issued by the Department of Energy (DOE) addressing the power problem in Mindanao caused the rate of power outage incidence in the area to drop. This, after electric cooperatives who complied with the DC have contracted energy supply from power plants. The DC also aims to make use of embedded generation units of private utilities and firms to be able to lessen their withdrawal of power from the grid: in this way, these uti...
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02Apr2012MANILA, April 2 (PIA) -- The Bangko Sentral ng Pilipinas announced that outstanding loans granted by foreign currency deposit units (FCDUs) of banks amounted to $7.1 billion at the close of 2011, reflecting an increase 7.6 percent from the end-September 2011 level of $6.6 billion. In a statement posted in the BSP’s website, BSP Governor Amando M. Tetangco, Jr. said loan transactions resulted in net loan disbursements of $535 million (excess of disbursements over repayments) due to the favorab...
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01Apr2012MANILA, Apr. 1 (PIA) -- Consumer sentiment improved in the first quarter of 2012 as the overall confidence index (CI) increased to -14.7 percent from -20.6 percent in Q4 2011 and -23.1 percent a year ago, the Bangko Sentral ng Pilipinas said. The BSP said that this indicates consumer demand is expected to remain strong and will continue to help fuel economic growth during the first quarter of the year. The CI is computed as the percentage of households that answered in the affirmative less t...
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30Mar2012QUEZON CITY, March 30 (PIA) -- Filipinos employed in the dairy industry of New Zealand expressed interest in setting up dairy farms in the Philippines and sharing the knowledge and experience that they have gained from their employment, particularly on dairy production technology and pasture management. This was relayed by Philippine Ambassador to New Zealand Virginia H. Benavidez during a meeting with Agriculture Secretary Proceso Alcala and National Dairy Authority Administrator Grace Cenas m...
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30Mar2012MANILA, March 30 (PIA) -- The Bangko Sentral ng Pilipinas (BSP) has launched the Foreign Loan Approval and Registration System or FLAReS, a statement in the BSP website said. The new system is part of the Bangko Sentral’s continuing efforts to further enhance operational efficiency and delivery of services, using latest available technology. Currently, applications for approval and registration of foreign and FCDU loans are filed by clients in hard copies with the International Operations ...
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27Mar2012MANILA, March 27 (PIA) -- The Department of Agriculture (DA) is allotting P72 million in Occidental Mindoro to construct an irrigation system and provide farmers and fisherfolks equipment and inputs. In a statement posted in their website, the DA said the projects aim to further increase productivity and income of Occidental Mindoro residents. Agriculture Secretary Proceso J. Alcala said the amount includes P35 million to put up an irrigation system at the Sablayan Penal Farm (SPF) that will...
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26Mar2012MANILA, Mar. 26 (PIA) -- The National Economic Development Authority (NEDA) board, chaired by President Benigno S. Aquino III, has approved three irrigation projects, worth P19.7 billion, during its recent meeting in Malacañang, a statement posted in the Department of Agriculture (DA) website said. Agriculture Secretary Proceso J. Alcala thanked President Aquino and other NEDA Board members, as the three irrigation projects will contribute to sustaining rice production and food staple suffici...
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25Mar2012MANILA, Mar. 25 (PIA) -- The Land Bank of the Philippines has earned a net income of P9 billion last year, which was 11 percent higher compared to its 2010 net income of P8.1 billion. According to Landbank president and chief executive officer Gilda E. Pico, the bank's strong performance can be attributed the its robust overall performance to increased income from loans, prudent cost management and clear institutional focus. From its 2011 net income, Landbank remitted to the national ...
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23Mar2012MANILA, March 23 (PIA) -- The Monetary Board has approved further revisions to foreign exchange regulations, in line with the Bangko Sentral ng Pilipinas' (BSP) continuing thrust to facilitate trade transactions, a statement from BSP said. The BSP said that after amending the Manual of Regulations on Foreign Exchange Transactions or FX Manual, the move will also simplify the reporting requirements for trade transactions. Likewise, the approval increased the ceiling for importations as it...
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21Mar2012QUEZON CITY, March 21 (PIA) -- A P150 million-worth modern rice processing facility was recently constructed in Iloilo, the Department of Agriculture (DA) said in a statement. According to the DA, the project is a result of the continuing partnership between the governments of the Philippines and Korea. On behalf of President Benigno Aquino III and the Filipino people, Agriculture Secretary Proceso J. Alcala expressed gratitude to the Korean government, repre...
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20Mar2012MANILA, March 20 (PIA) -- Remittances from overseas Filipinos (OF) coursed through banks remained resilient, rising by an annual rate of 5.4 percent to US$1.6 billion in January 2012, Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco, Jr. said in a statement. Remittances from both sea-based and land-based workers increased, as their transfers grew by 19.8 percent (to US$369 million) and 1.6 percent (to US$1.2 billion), respectively. In particular, more...
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20Mar2012MANILA, March 20 (PIA) -- The Land Bank of the Philippines (Land Bank) continues to strengthen its overseas network with the remittance service tie-up with LBC Express Inc, a statement said. In a ceremony held recently at the Land Bank Plaza, the bank and LBC Express sealed the remittance tie-up which now allows Filipinos and other remitters to send funds through LBC branches and agent offices across the globe. These funds shall then be credited to Land Bank and may be withdrawn t...
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18Mar2012MANILA, March 18 (PIA) -- The Bangko Sentral ng Pilipinas (BSP) has approved two regulations—Microfinance Plus and Micro-Agri Loans--to provide banks the opportunity to expand the range of microfinance products for clients. “Microfinance Plus” is defined as loans granted to the basic sectors, on the basis of the borrower’s cash flow, for their growing microenterprises and small businesses. These loans are from P150,001 to P300,000. This is a liberalization of the...
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14Mar2012MANILA, March 14 (PIA) -- The Philippines may soon make use some of the Japanese latest techniques in future roads and bridge construction projects. Public Works and Highways Secretary Rogelio L. Singson said that they are opening their doors to new technology that may aid in upgrading the quality of our infrastructure to boost the nation's economic growth. In a release, Japan International Cooperation Agency (JICA), the largest provider of bilateral Official Development Assist...
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14Mar2012QUEZON CITY, March 14 (PIA)--The Department of Tourism launched its campaign “It’s more fun in the Philippines” in Berlin, Germany during the Internationale Tourismus Borse (ITB-Berlin) 2012, the world’s biggest travel fair. The Philippine delegation treated some 300 European travel trade and media representatives to a launch party and let them experience of how it is indeed more fun in the Philippines. According to a news release, the party was hosted b...
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12Mar2012MANILA, March 12 (PIA) -- The Philippine Amusement and Gaming Corporation (PAGCOR) has continued its impressive performance after posting a P3.36 billion gross income in January this year, a statement said. This figure, it said in its website (http://www.pagcor.ph), is P600 million higher compared to the income earned by PAGCOR during the same month last year. “We earned a P3.36 billion gross income last month. This was better by almost 22% compared to our January 2011 in...
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11Mar2012MANILA, March 11 (PIA) -- Bank lending grew at a broadly steady pace in January, a statement by the Bangko Sentral ng Pilipinas (BSP) said. From 19.3 percent in December, the outstanding loans of commercial banks, net of reverse repurchase placements (RRP) with the BSP, increased by 19.1 percent. Likewise, the growth in bank lending inclusive of RRPs was stable at 16.6 percent from 16.4 percent in the previous month. Commercial banks’ loans have been growing st...
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07Mar2012QUEZON CITY, March 7 (PIA) -- Maynilad Water Services, Inc. has good news for residents of Parañaque, Muntinlupa, Las Piñas and Cavite, as the company is set to improve and expand its water services this year. “We are expediting our service improvement projects in Parañaque, Muntinlupa, Las Piñas, and Cavite because the residents there have waited too long to have access to our services,” said Maynilad President and CEO Ricky ...
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07Mar2012MANILA, March 7 (PIA) -- Year-on-year headline inflation slowed down further to 2.7 percent in February from 4.0 percent (revised) in January using the 2006-based CPI series, the Bangko Sentral ng Pilipinas (BSP) said. The year-to-date average of 3.3 percent was within the government’s inflation target range of 3-5 percent for 2012 and the BSP’s internal monthly forecast of 2.7-3.6 percent. The lower February inflation outturn was due mainly to slowe...
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07Mar2012MANILA, March 7 (PIA) -- The Land Bank of the Philippines (Land Bank) and Clark International Airport Corporation (CIAC) recently sealed an agreement for a P1-billion loan to finance the Phase 2 expansion of the terminal at the Clark International Airport in Pampanga. In a statement, Land Bank said the expansion project will, among others, create a bigger check-in area to accommodate the increase in passenger traffic from 2.5 million to 4 million passengers. "We're ...
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07Mar2012MAKATI CITY, March 7 (PIA) -- The local government collected a total of PhP4.9-billion in revenue for the month of January this year, a statement posted on its website said. Likewise, Makati posted an increase of nine percent over total earnings in January 2011. Mayor Jejomar Erwin S. Binay expressed satisfaction over the recent income hike, saying that it will allow the city to beef up its programs for this year and pursue more innovations for the best...
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03Mar2012MANILA, March 3 (PIA) -- Land Bank clients may soon enjoy the benefits of convenient, cashless purchases worldwide through LANDBANK Visa International Debit Card. An agreement has been signed between Land Bank of the Philippines, the country's official depository, and Visa Worldwide Pte., Limited to develop the said product. This card allows access to over 2 million ATMs and more than 31 million point-of-sale terminals connected to the Visa Worldwide network. With the ...
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02Mar2012MANILA, March 2 (PIA) -- The Monetary Board decided to reduce yesterday the Bangko Sentral ng Pilipinas (BSP)'s key policy interest rates by 25 basis points to 4.0 percent for the overnight borrowing or reverse repurchase (RRP) facility and 6.0 percent for the overnight lending or repurchase (RP) facility, effective immediately, a statement said. Likewise, it said that the interest rates on term RRPs, RPs, and special deposit accounts (SDAs) were also reduced accordingly. T...
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01Mar2012MANILA, March 1 (PIA) -- Philippine banks have begun to operate under the provisions of Republic Act 10000 or the Agri Agra Reform Credit Act of 2009, which mandates credit to agriculture and agrarian reform beneficiaries, the Bangko Sentral ng Pilipinas (BSP) said in a statement. RA 10000 requires banks to allocate 15 percent of their loanable funds for agriculture and another 10 percent for agrarian reform beneficiaries. The new law, however, imposes stricter guidelines by limiting th...
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28Feb2012QUEZON CITY, February 28 (PIA) -- The Board of Investments listed three priority investment areas that would help in creating jobs and improving the country’s economy. These are agribusiness, infrastructure, and tourism facilities and services. The said areas reflect the government’s thrust of economic progress through investments that would generate millions of jobs to Filipinos. Through the Public-Private Partnership, the synergy between govern...
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25Feb2012QUEZON CITY, Feb. 25 (PIA) -- The Department of Agriculture (DA) through the Philippine Coconut Authority (DA-PCA) will aggressively promote export of coconut sap sugar, popularly called ‘coco sugar,’ a statement said. The DA said that it plans to corner a big share of a billion-dollar alternative sweetener market through effective marketing of the said product. Agriculture Secretary Proceso J. Alcala announced the initiative in his speech at the opening of the four...
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22Feb2012MANILA, Feb. 22 (PIA) -- The Philippines’ long-standing relationship with the International Monetary Fund (IMF) has improved significantly, a statement posted on the Bangko Sentral ng Pilipinas (BSP) website said. It said that the country has evolved from being a prolonged user of IMF resources to a holder of a creditor (or reserve) position in the IMF through its participation in the latter's Financial Transactions Plan (FTP). In 2010, the Philippines, through the B...
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21Feb2012MAKATI CITY, Feb. 21 (PIA) -- In a statement in the Department of Trade and Industry's website, the agency reported that the total investments committed in the Board of Investments (BOI) for the month of January grew by 14.6 percent to P3.74 billion compared to P3.26 billion in the same period last year, showing increased investor confidence at the start of the year. Secretary Gregory L. Domingo said investment commitments for the month of January show dispersion of investments in the...
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21Feb2012QUEZON CITY, Feb. 21 (PIA) --The Board of Investments (BOI) has approved the grant of incentives to the P14.89-billion redevelopment project of the Manila North Harbor in Tondo, Manila. The project, to be undertaken by Manila North Harbour Port Inc. (MNHPI), includes equipping the port with new cargo-handling machinery and upgrading its information technology (IT) systems. Department of Trade and Industry (DTI) Undersecretary for Industry Development and Trade P...
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20Feb2012QUEZON CITY, Feb. 20 (PIA) -- The Department Agriculture (DA) will take appropriate measures and convene the National Food Authority (NFA) Council to address the demand of militant peasant groups to increase the farmgate price of palay (unhusked rice) from P17 to P20 per kilo, a statement said on its website. Agriculture Secretary Proceso J. Alcala, in a recent meeting with the leaders of Kilusang Magbubukid ng Pilipinas (KMP), Amihan, and the Anakpawis Partylist, said he recognized the...
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19Feb2012MANILA, Feb. 19 (PIA) -- At least 11 investors have signified their intent to participate in the privatization of the diesel-fired Power Barge (PB) Nos. 101, 102, 103 and 104, a statment posted on the Power Sector Assets and Liabilities Management (PSALM) Corporation website (www.psalm.gov.ph) said recently. According to PSALM President and Chief Executive Officer Emmanuel R. Ledesma Jr., 11 prospective bidders comprising both local and foreign companies submitted preliminary bidding requiremen...
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17Feb2012MANILA, Feb. 17 (PIA) -- Foreign portfolio transactions for the month of January yielded net inflows of US$586 million, a Bangko Sentral ng Pilipinas (BSP) statement said. The BSP said the recent figure is four times the US$140 million net inflow for December 2011 and 203.5 percent higher than the US$193 million recorded in January last year. According to the statement, this was due to a combination of factors with breakdown as follows: PSE-listed securities - US$385 million ne...
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17Feb2012MANILA, Feb 17 (PIA) -- The Land Bank of the Philippines (LandBank) posted strong financial performance in 2011 and remitted P5 billion in cash dividends to the national government, a statement said. The said amount, which also included the balance from the bank's 2010 net income, is the highest remitted by a government-owned and controlled corporation. "This forms part of LandBank's contribution to government coffers in support to its revenue generation effort...
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12Feb2012QUEZON CITY, Feb. 12 (PIA) -- The Department of Agriculture (DA) has enjoined livestock and poultry industry stakeholders to continue joint efforts to maintain the country’s twin distinction of being free from foot and mouth disease (FMD) and avian flu. In a statement posted on the DA website (www.da.gov.ph), it said that Agriculture Secretary Proceso J. Alcala made the call during the opening of the 4th International Animal Health, Genetics and Nutrition (INAHGEN) Farmers Congres...
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11Feb2012QUEZON CITY, Feb. 11 (PIA) -- The programmed rehabilitation of damaged portions of the Ifugao rice terraces is set to start this month with the release of P30 million from the Department of Agriculture (DA) and the office of Sen. Francis Pangilinan, a statement posted on the DA website said. It said that this was the assurance made by DA Assistant Secretary and National Rice Program Coordinator Dante S. Delima during a meeting with Ifugao Governor Eugene Balitang, at the DA Central...
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08Feb2012QUEZON CITY, Feb. 8 (PIA) -- The Department of Agriculture (DA) has transfered the management of an agricultural tramline system to a local government unit which would enable the easy transport of agri-products from Baungon, Bukidnon to the markets of Cagayan de Oro City. This, after Agriculture Secretary Proceso J. Alcala witnessed the signing of the Memorandum of Understanding (MOU) between the Philippine Center for Post Harvest Development and Mechanization (PHILMECH), the Department of ...
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06Feb2012QUEZON CITY, Feb. 6 (PIA) -- The Department of Agriculture (DA) is set to honor the country’s top rice-producing provinces, cities, towns, irrigators’ associations (IAs), and outstanding agricultural extension workers (AEWs) in the first-ever 2011 Agri-Pinoy Rice Achievers’ Awards. The event, dubbed as ‘Parangal sa mga Bosing ng Palayan,’ will be held on February 10 at the Philippine International Convention Center (PICC), in Pasay City. Ag...
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06Feb2012QUEZON CITY, Feb 6 (PIA) -- Overseas Filipino workers (OFWs) working in South Korea under the Employment Permit System (EPS) are covered by the prospective minimum wage increase in their host country. This was announced by Labor and Employment Secretary Rosalinda Baldoz after receiving a report from Philippine Labor Attache to South Korea Felicitas Bay, who said that OFWs in the country under the EPS are covered by the hourly wage hike in parity with the native Korean workfor...
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06Feb2012MANILA, Feb. 6 (PIA) -- The Department of Trade and Industry (DTI) called on other government agencies to become partners in the Global Marketing and Intelligence System (GMIS), which will synchronize the trade and investment promotion activities in a more efficient and effective structure. DTI Undersecretary Cristino L. Panlilio made the appeal as he vigorously introduced the GMIS before the media, private sector, trade and investment promotion agencies of DTI and other government agencies rec...
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05Feb2012MANILA, Feb. 5 (PIA) -- The World Bank (WB) has seen a 15.5 percent rise in the income of poor families, particularly those who benefited from the Mindanao Rural Development Program phase 2 (MRDP2), a WB-funded program implemented by the Department of Agriculture. Carolina Figueroa-Geron, WB specialist, said DA-MRDP2 has contributed to increasing the income of beneficiaries, mostly small farmers and fisherfolk, during a press briefing January 30 in Davao. Geron said that from a...
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04Feb2012MANILA, Feb. 4 (PIA) -- Interior and Local Government Secretary Jesse M. Robredo has lauded and expressed thanks to Puerto Princesa Mayor Edward Hagedorn and his staff, the country’s governors, mayors and barangay chairmen for their all-out support which resulted in the official declaration of Puerto Princesa Underground River (PPUR) as one of the New Seven Wonders of Nature. The DILG Secretary, who is chairman of the Inter-agency Task Force for the PPUR campaign created under Presidentia...
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04Feb2012MANILA, Feb. 4 (PIA) -- The automotive manufacturing industry road map, proposed over the weekend the transformation of the industry from assembly of completely knocked down (CKD) units for the local market to outright manufacturing of vehicles for the local and export markets at the recent Third Automotive Manufacturing Summit. According to Vicente Mills Jr., president of the Philippine Automotive Federation and the ASEAN Automotive Federation, it is vital this tran...
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03Feb2012MAKATI CITY, Feb. 3 (PIA) - Department of Trade and Industry (DTI) Secretary Gregory L. Domingo has sought the foreign business groups’ support for the Aquino government’s economic growth program. During the “Arangkada Philippines Forum” organized by Joint Foreign Chambers recently, Domingo told the foreign investors that economic growth rests on the partnership of the government and the business community. “The success story will really depend ...
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03Feb2012QUEZON CITY, Feb. 3 (PIA) -- After its proclamation as one of the World’s Seven Wonders of Nature, the Puerto Princesa Underground River (PPUR) in Palawan is on its way to be nominated as a Ramsar Site to the Convention on Wetlands of International Importance or Ramsar Convention in Switzerland. Environment and Natural Resources Secretary Ramon J.P. Paje said the Department of Environment and Natural Resources (DENR), through the Protected Areas and Wildlife Bureau (PAWB) will nominate PP...
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03Feb2012MAKATI CITY, Feb 3 (PIA) -- The Department of Trade and Industry (DTI) has launched the Global Marketing and Intelligence System (GMIS) that will effectively and efficiently synchronize the trade and investment promotion activities of the department and other government agencies. “Beyond the gains in efficiency, the ultimate objective of this change is to have an effective structure that can support our local industries in expanding their markets and bring new investments in prior...
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03Feb2012QUEZON CITY, Feb. 3 (PIA) -- High school students from Dr. Yanga’s Colleges Inc. (DYCI) were recently requested by Metropolitan Manila Development Authority (MMDA) Chairman Francis Tolentino to build a robot traffic enforcer that could detect traffic violations without human interventions. The DYCI high school team composed of Romyr Gimeno, Chelsea Morales, Alexandra Mae Guevarra, Claire Receli Renosa and coach Beryl Cruz of Bocaue, Bulacan was honored during last Monday morning ...
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03Feb2012QUEZON CITY, Feb. 3 (PIA) -- The Department of Agriculture (DA) is encouraging rice farmers, particularly those served by major irrigation systems in Luzon, to advance their ‘cropping calendar’ by a month or two to avoid typhoons that visit during the months of October to November. “We are usually hit by strong typhoons in October, so we have to set the (cropping) season earlier,” Agriculture Secretary Proceso J. Alcala said in a statement. He said the DA, throu...
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02Feb2012MAKATI CITY, Feb 2 (PIA) -- The Power Sector Assets and Liabilities Management (PSALM) Corporation is pursuing the implementation of the government’s power privatization program, with the issuance of the Invitation to Bid (ITB) for the auction of the diesel-fired Power Barges 101, 102, 103 and 104 capable of generating 32 megawatts (MW) each. According to PSALM President and Chief Executive Officer Emmanuel R. Ledesma Jr., the bidding of the power barges continues ...
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02Feb2012MAKATI CITY, Feb. 2 (PIA) -- The Power Sector Assets and Liabilities Management (PSALM) Corporation has opened its bidding process to interested bidders for the supply and delivery of oil-based fuel requirements for seven power facilities, including the 149-megawatt (MW) Naga Power Plant Complex, the 55-MW bunker-fired power facility of Southern Philippines Power Corporation (SPPC), the 100-MW diesel plant of Western Mindanao Power Corporation (WMPC), and Power Barges 101, 102, 103, an...
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02Feb2012QUEZON CITY, Feb 2 (PIA) -- To meet international standards and secure the country’s share in the global market for agro-industrial products, the government is set to establish a product traceability system. A 3-year joint project dubbed as Program on Philippine Traceability for Revitalized Agricultural Competitiveness Enhancement (P-TRACE) is being discussed by the Department of Trade and Industry (DTI) and the Department of Agriculture (DA), along with other national g...
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29Jan2012MANILA, Jan. 29 (PIA) -- The Department of Agriculture (DA) said that sugarcane outperformed other Philippine crops in 2011, registering four successive quarters of production increases highlighted by triple-digit growth rates during the April-June and July-September periods. Data released by the DA showed the country’s 2011 sugarcane production volume totaled nearly 28.40 million metric tons, which is 58.27 percent higher than the 17.93 million MTs this crop posted in 2010. &nbs...
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26Jan2012QUEZON CITY, Jan. 26 (PIA) -- The Philippine agriculture industry grew by 2.34 percent in 2011, bannered by the crops, livestock and poultry subsectors, the Department of Agriculture (DA) said Wednesday. The DA said the combined positive performance of the three subsectors served as a cushion, as the fishery subsector registered negative growth due to dwindling fish population caused by overfishing, illegal fishing practices, and successive typhoons during the second semester of 2...
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25Jan2012MANILA, Jan 25 (PIA) -- The Bureau of Immigration (BI) has resumed the implementation of the special visa for employment generation (SVEG) which would grant indefinite stay privilege to foreigners with investments in business enterprises employing at least 10 Filipinos each. The BI announced the resumption of the scheme after it released the revised implementing rules and regulations for the SVEG that were approved by Justice Secretary Leila de Lima. The SVEG was first introd...
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24Jan2012QUEZON CITY, Jan. 24 (PIA) -- The Department of Agriculture (DA) through the Sugar Regulatory Administration (SRA) and the Department of Agrarian Reform (DAR) launched over the weekend a sugarcane "block farm” project in Tuy, Batangas. In a statement, Agriculture Secretary Proceso J. Alcala said the project is a component of the DA-SRA sugar industry roadmap to encourage small farmers to form themselves into groups or cooperatives and adopt ‘economies of scale’ to...
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22Jan2012QUEZON CITY, Jan. 22 (PIA) -- The Department of Agriculture (DA) allotted a total of P594-million worth irrigation projects, farm machinery and inputs, and fishery initiatives in Palawan, an island province 420 kilometres southwest of Metro Manila. Agriculture Secretary Proceso J. Alcala said the projects are aimed at making the province sufficient in rice, major staples, and fishery and marine products. Alcala said that these include the construction of the P498-M Ibato-Iraan ...
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21Jan2012QUEZON CITY, Jan. 21 (PIA) -- The Department of Agriculture (DA) has partnered with the Department of Social Welfare and Development (DSWD) and launched the Agrikulturang Pantawid Pamilyang Pilipino (PPP) initiative in Catubig province in Northern Samar, an agency statement said. The DA said the launch followed their partnership sealed by the two agencies in August 2011 on engaging landless farmers in DSWD’s Cash for Work Program in paddy diking. Such partnership ai...
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20Jan2012TAGUIG, Jan. 20 (PIA) -- Energy Secretary Jose Rene D. Almendras announced the government’s resolve to increase his department’s budget this year to fund the rural electrification project and provide electricity to more Filipinos. In a forum, Almendras said the government is ready to allocate P5 Billion to electrify the countryside this year. “We have allotted P2.5 Billion this year and if needed, we will be providing an additional P2.5 Billion for a total o...
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20Jan2012MAKATI CITY, Jan. 20 (PIA) -- The city’s total revenue collection reached P11 billion in 2011 as it remains deficit-free, a statement posted on its website said. Based on a report from the city treasurer, Makati’s total collections for 2011 reached P10,929,989,221.01, or a nine percent increase over 2010 revenue. From business tax, P5,149,047,980.79 was collected, which was an increase of 16 percent over 2011. Realty tax closely followed with P4,047,547,205.00 or a ...
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20Jan2012QUEZON CITY, Jan. 20 (PIA) -- The Department of Agriculture (DA) on Friday said that tobacco is not only a major ingredient in the manufacture of cigarettes, but could also be used for sustainable aquaculture practices, which could uplift both farmers’ and fishers’ income through organic methods. In a statement, the agency said this was demonstrated recently during the launching of sustainable aquaculture practices using tobacco dust in the province of La Union by the ...
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19Jan2012MANILA, Jan 19 (PIA) -- Strong remittance flows from both sea-based and land-based overseas Filipino workers for the first 11 months of 2011 reached US$18.3 billion. The amount is 7.3 percent higher than the level posted in the same period last year. In a statement, Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco, Jr. said that for November alone, remittances reached US$1.8 billion, the highest monthly level of remittances recorded. The 10.6 growth in remi...
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02Jan2012MANILA, Jan. 2 (PIA) -- The Department of Tourism will launch this January a new brand campaign expected to raise Philippines tourism output to new heights. A statement by Tourism Secretary Ramon Jimenez said the new Philippine brand produced by world-renowned Batten, Barton, Durstine & Osborn (BBDO) will touch people’s heart and mind. The short and catchy slogan is supposed to replace former Secretary Richard Gordon’s “Wow Philippines.” Jimen...
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01Jan2012MANILA, Jan 1 (PIA) -- The New Year, 2012, will definitely be a busy a year for road works as the Department of Public Works and Highways (DPWH) will soon embark on an extensive rehabilitation project. Public Works and Highways Secretary Rogelio L. Singson recently said that beginning Tuesday, January 3, the DPWH will start the rehabilitation of the Old Sales/Villamor Bridge to include the upgrading of Pasong Tamo/Lawton Avenue/Juliano Avenue. Singson said the department...
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23Dec2011MANILA, Dec. 23 (PIA) -- The national government proved that it can keep up with the fiscal consolidation processes despite spending more to shield the economy from the present global crisis. From Jan. to Nov. 2011, fiscal deficit reached P96.254 billion, that is 64.33 percent lower than the P269.820 billion record in the same period last year. For November alone, the deficit stood at P22.003 billion, a reversal of last year’s P482 million surplus, as the government accel...
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15Dec2011MANILA, Dec. 15 (PIA)-- The Philippine experience in land administration and management has been featured as an example of successful solution in supporting rural and agricultural development during the 2011 Global South-South Development Expo. The Expo, held December 5-9, 2011, at the Food and Agriculture Organization (FAO) of the United Nations in Rome, Italy attended by close to 250 high-level delegates, featured the Second Land Administration and Management Project (LAMP2) of the Ph...
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07Jul2011MANILA, July 7 (PIA) -- Imported vehicles would no longer be released from customs zones unless these are covered by a “Clearance of No Derogatory Information” (CONDI) issued by the newly-created Motor Vehicle Monitoring and Clearance Office (MVMCO) under the office of the Enforcement and Security Service. Customs Commissioner Angelito Alvarez, in a BOC news release, said that the creation of the MVMCO and the imposition of the CONDI requirement were meant to ensure t...
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04Jul2011MANILA, July 4 (PIA) -- Around 86, 000 consumers benefitted from the Department of Trade and Industry’s (DTI) Diskwento Caravan and had generated P5.8 million of total sales during the first semester of the year. “The Diskwento Caravan is a priority project of the administration of President Benigno S. Aquino III to immediately provide assistance to consumers on their daily needs, particularly now that oil price hikes have been continuous and might consequently affect...
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20May2011MANILA, May 20 (PIA)--Repatriated overseas Filipina workers who were recently displaced by the hostilities and conflicts in the Arab and Northern African countries need not worry as the Department of Labor and Employment (DOLE) came up with a project particularly suited for returning women OFWs. The project, Balik Pinay! Balik-Hanapbuhay! DOLE’s newest integration project for OFWs, is a skills training intervention intended to bring about improved socio-economic well-being ...
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18May2011MANILA, May 18 (PIA)--The implementation of One Town One Product (OTOP) program has been extended by the Aquino administration, according to a statement from the Trade department yesterday. The original OTOP program was launched in late 2004 and supposed to have ended in 2010. “The implementation of OTOP has been extended by the present administration, since the said program proves to be an effective strategy in stimulating economic development in the Philippine coun...
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21Jan2011MANILA, Jan. 21 (PIA) -- The National Economic and Development Authority (NEDA) expects the country's gross domestic product (GDP) growth to be more modest this year. According to Socioeconomic Planning Secretary Cayetano Paderanga, the economic growth is due mainly to the absence of election spending and recovery of the global economy. Paderanga, however, said that in preparation of this year's government budget, NEDA has assumed a conservative 5 percent GDP growth. He said that with ...
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