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PH’s first subway system included in P602 billion worth PPP projects
8/08/2014
Private-Public Partnership Center executive secretary Cosette Canilao said 18 major infrastructure projects worth PhP602.2 billion will be launched before June 2015.
“We have identified these 18 projects which we are to roll out by June of 2015.” These projects are among 47 PPP projects included in the pipeline.
“This is product of about two years of streamlining processes of establishing interaction between various government agencies including capacities not only in the public sector but increasing the appreciation of the private sector on PPP projects,” PPP Center executive secretary said.
One of the biggest ticket in the list is the first subway system in the country. It is a 12-kilometer underground rail line that will connect Bonifacio Global City, Makati Central Business District and the Mall of Asia in Pasay City. The project will cost P132 billion, project launching is expected on December.
Another big ticket, the biggest, is the PhP265.3 billion North-South Commuter Rail project aiming to modernize the PNR Railway system. Project is expected to be launched on November.
Included in the 18 major infrastructures are the development of airport in Davao, Iloilo, Bacolod, Laguindingan, Bohol and Puerto Princesa. These projects are expected to be open for bidding next month.
PH exports jump 21% in June, highest in 6 months
Aug 12, 2014
The country was the ‘top performer’ among trade-oriented economies in East, Southeast Asia
POSITIVE GROWTH. Semiconductors, which comprised more than half of the country’s total electronics exports during the period, posted its first positive growth rate in 2014. File photo by Agence France-Presse
MANILA, Philippines – Philippine exports grew at their fastest pace in 6 months in June, on the back of a rebound in electronics shipments. The country is the top exporter among “trade-oriented” East and Southeast Asian economies, according to the government.
Export earnings in June totaled $5.44 billion, up 21.3% from $4.49 billion in June 2013. This was the fastest growth since December, when exports grew 24.9%.
For the first half of 2014, exports rose 8.3% to $29.8 billion from $27.5 billion in a comparable period last year, data from the Philippine Statistics Authority showed.
The Philippines outperformed Vietnam (12.7%), People’s Republic of China (7.2%), Malaysia (5.6%), Singapore (4.7%), Thailand (3.9%), Indonesia (3.8%), Hong Kong (2.7%), Republic of Korea (2.5%), Taiwan (1.2%), and Japan (-6.5%).
“This is the highest level since the economy started posting a continuous positive growth in the same period last year. It is also way faster than the 6.9% increase in May 2014and the 4.1% in June 2013,” Economic Planning Secretary Arsenio Balisacan said.
“The export gains are broad-based, as reflected by increased overseas demand for our manufactures, mineral products, total agro-based, and forest products. This also indicates that the global economy is ready for a strong recovery,” he added.
Top export commodities
Shipments of the biggest export group, electronics, mainly semiconductors, rose 10.7% in June to $2.22 billion. This was a reversal of the 2.2% decline last year.
“The positive performance of semiconductor exports mirrored the upward trend in the global chip industry,” Balisacan said.
Other commodities that posted positive growth were:
- machinery and transport equipment
- bananas (fresh)
- other mineral products
- other manufactures
- articles of apparel and clothing accessories
- ignition wiring set and other wiring sets used in vehicles, aircraft, and ships
- electronic products
- chemicals
Favorable performance throughout 2014
Balisacan said the overall outlook for Philippine exports was bullish in view of favorable expectations on the global economy, particularly the advanced countries of US and Europe.
On the domestic front, industry expectations also point to favorable export performance. The Semiconductors and Electronics Industries in the Philippines Inc. and exporters of some non-electronics manufactures such as furniture, fixtures, and garments “expect upward adjustment and expansions in their annual growth forecasts,” Balisacan noted.
“For agro-based commodities, bright prospects for banana and mango exports are seen on the back of a possible increase in market access, notably in Australia and the US,” the cabinet official concluded.
Japan biggest market
Japan was still the top destination of Philippine exports in June, accounting for 17.6% or $956 million of the receipts.
China came second, with a 15.8% share, followed by the US, with 13.8% share.
In terms of regional destination, shipments to the Association of Southeast Nationsmember-countries comprised about 14.2% of total exports while the European Union cornered 10.2%.
PH exports jump 21% in June, highest in 6 months
Demographics plus factor for PHL
13 Aug 2014
THE Philippines is seen attracting larger chunks of foreign direct investments (FDI) over the near term, as the country’s working- age population becomes increasingly more productive and consumption activities accelerate, global financial- services giant HSBC said.
Favorable demographics, one in which the most number of Filipinos contribute the most to local output, measured as the gross domestic product (GDP), should continue to boost domestic demand and attract even more investments for the $270-billion economy, looking to grow as high as 7.5 percent this year.
But at the same time, the British-owned lender warned of dark economic clouds in the form of poor infrastructure and employment issues acting as dampener on sustained high consumption activities in the country. Consumption accounts for more or less 70 percent of the economy and fed for the most part by the foreign currency earnings of some 10 million overseas Filipinos.
At a recent HSBC-sponsored briefing, HSBC economist Trinh Nguyen said the Philippines should reap handsome rewards from its young population in the form of robust domestic demand that will, in turn, help attract greater amounts of foreign investments down the line.
Nguyen looked ahead to the Philippines becoming a haven for “consumption-oriented” investments as other country destinations like Japan, for instance, begin reporting emasculated domestic demand as its population continues to age.
“As demand in Japan decline, as its population gets older, they will look for places like the Philippines because what the Philippines has is rising demand” Nguyen said.
“Not only that, the demographic profile of the Philippines will shift from high dependency to a more even-out shape. That is, you have more workers and less dependents. This is why the Philippines see its FDI [foreign direct investments] rising, we see more consumption-oriented firms try to look into the Philippines,” Nguyen added.
Consumption spending in the Philippines reached an all-time high of P1.2 trillion in the first three months of the year, the same having averaged only around P858 billion the past six years, based on central bank data.
The HSBC economist said favorable demographics, among other factors, are concrete reasons to be “bullish” on the Philippine economy no matter the certainty of higher interest rates both locally and abroad over the medium horizon.
“We believe that the Philippines is destined for a bright future ahead. In fact, in the past few years, we saw a lot of progress. And if the demographic transition is capitalized well, the Philippines will be a bright star in Asia,” Nguyen said.
Nguyen also said that while the low level of household debt in the Philippines portray households lacking full access to credit, the same provides a level of comfort for when the cost of money rises dramatically over time.
“Household debt in the Philippines is only 6 percent of GDP, the lowest in Asia, and that means when interest rates rise, the higher interest expenses [should] not hurt Filipinos as much,” Nguyen said of an aggregate pertaining to home mortgages, credit-card debt, as well as car loans that provide a snapshot of the consumption activities going on in a typical Filipino household. The New York-based sovereign credit watcher Moody’s Investor Service earlier said the country’s poor showing in household debt is attributable in part to the low level of bank penetration as lenders tend to congregate in urbanized areas in the country.
Nguyen reiterated HSBC’s observation that the deceleration in local output in the first quarter was indicative of an economy showing signs of fatigue.
Nguyen also said there is a need for the country to boost employment and pursue the buildup of infrastructure to prevent prices from spilling over the anticipated inflation path this year.
“The Philippines’s growth trend actually increased from 5 percent to 5.5 percent and there is a need for an increase in employment and supply structures such as infrastructure, electricity and food,” Nguyen said,
“These can push prices higher,” the economist added.
Inflation did rise and averaged 4.9 percent in July this year, the highest in three years, based on official data.
BusinessMirror - Demographics plus factor for PHL
Other than that subway, is there any news about "MRT-9" (formerly called MRT-4) which is supposed to have one of its terminus at North Avenue, supposedly connecting LRT-1, MRT-3 and MRT-7 and run thorugh West Avenue heading to Quezon Avenue and Espana Blvd and ends somewhere in Recto?
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