MANILA, Aug 31 (PNA) — Businessmen consider the third quarter a ghost month but businessmen remain bullish on their outlook, a central bank survey showed.

Results of the Bangko Sentral ng Pilipinas’ (BSP) business expectations survey (BES) for the third quarter of 2013 showed a lower confidence index (CI) of 43.8 percent from the previous quarter’s 54.9 percent.

In a briefing Friday, BSP Deputy Director of Department of Economic Statistics (DES) Teresita Deveza attributed the lower index to seasonal drop in demand due to the rainy season, higher competition particularly with products from China and peso weakness.

“Uncertainties in the global economy such as the impact of the anticipated exit from quantitative easing in the US also contributed to their lower optimism,” she said.

Deveza said the outlook of Filipino businessmen is similar to those in Hong Kong, South Korea, and India but is weaker compared to those from US, UK, Canada, Germany and New Zealand.

Amid the lower confidence index for the third quarter this year, BSP Deputy Governor Diwa Guinigundo, during the same briefing, said businesses “continue to be broadly bullish.”

“There was some slight decline in the confidence index, but in general it remains in a positive territory. And therefore the bullishness that we saw in the first and second quarter continue through the third quarter,” he added.

On the other hand, the index for the four quarter posted its all-time high 60 percent since the survey was conducted nationwide in the last quarter of 2006.

Deveza said seasonal demand also plays as a major factor due to the Christmas season and introduction of new product lines.

“The prevailing favorable macroeconomic conditions such as low interest rates, manageable inflation, steady growth of overseas Filipino remittances, increase in investment inflows as well as the recent investment grade credit rating from three rating agencies namely Fitch Ratings, Standard & Poor’s and Japan Credit Rating Agency also boosted business confidence for the next quarter,” she said.

Meanwhile, the respondents also see the peso to sustain its current depreciation mode in the third quarter but to recover in the fourth quarter.

Both the interest rates and inflation are expected to increase both in the third and the fourth quarter.

The survey was conducted from July 1 to 13, 2013 and was participated in by 1,552 firms included in the Securities and Exchange Commission (SEC) Top 7,000 corporations. (PNA)
DSP/JS/UTB

MANILA, Aug 31 (PNA) — The Philippine economy is expected to hit and even exceed the government’s growth target for 2013 given the strong output in the first half of the year.

It grew, as measured by gross domestic product (GDP), by 7.6 percent as of end-June this year, higher than year-ago’s 6.4 percent, same as China’s expansion.

Growth in the second quarter remains robust at 7.5 percent but this is slower than the previous quarter’s 7.7 percent, which is also similar to that of China.

The government’s growth target for this year is between six to seven percent.

Analysts said the slight slowdown although not worrisome remains a factor to lookout for.

Banco de Oro Unibank (BDO) chief strategist likened the Philippines economy to a car and eyes a growth of 7 to 7.5 percent.

“What we want is consistent growth at least six to seven percent. So anything above seven percent is a saving grace. It’s a bonus,” he told PNA in an interview.

He lauded the consistent six percent-level expansion of the domestic economy for several quarters now.

“As long as we get that consistent growth that should be a gain,” he said.

Ravelas said the issue surrounding the Priority Development Assistance Fund (PDAF) should be addressed as soon as possible since this might put a dent on public infrastructure spending.

“If we could hasten public infrastructure spending that should spur more activity,” he said.

Ravelas said the recent flooding in Metro Manila and several nearby provinces could negatively impact on growth but the weakening peso is a mitigating factor.

He said peso depreciation is positive on families of Overseas Filipino Workers (OFWs) and the business process outsourcing (BPO) as this increases the peso-value of their dollars.

Consumer spending accounts to about seventy percent of the country’s output, thus, remittances and BPO receipts are important factors to the economy.

Relatively, Bank of the Philippine Island (BPI) lead economist and Assistant Vice President Emilio S. Neri Jr. expects a “slightly below seven percent” growth for the domestic economy this year.

He said the government frontloaded its spending in the first quarter at about 70 percent of the programmed for the year.

He said the remaining spending program, when distributed throughout the rest of the year, is already small, thus, is not expected to be a big contributor to growth.

“But still if we can grow by more than six to 6.5 percent that would still be acceptable to the market and that proves that the Philippines, unlike everybody else in the region, continues to enjoy strong growth,” he added.

Similarly, Hongkong and Shanghai Banking Corp. (HSBC) economist Trinh Nguyen, in a research note, revised upwards the bank’s growth forecast for the country this year to 7.1 percent from 6.4 percent previously.

She explained that “the Philippines has been caught in the rush as investors exit emerging markets,” but cited that “in our view it should not be lumped together with economies which are overly reliant on foreign funding to support the current account deficit and growth.”

She said the country continues to enjoy surpluses in its current account, provided by remittances among others, and the balance of payments (BOP), which as of end-July this year stood at US$ 3.6 billion.

The country has a US$ 4.4 billion BOP surplus target this year.

Nguyen said HSBC expect the surplus in the Philippines current account and BOP position to continue up to 2015.

She said the growth report for the second quarter of the year showed “momentum is strong despite a drag from net exports” because of robust investment spending and private consumption.

“We expect a recovery in global demand to boost exports and remittances in fourth quarter 2013, supporting a growth rate of 7.1 percent for 2013,” she said. (PNA)
DSP/JS/UTB

“Dili kita ka level,” said the manager.
A video in YouTube spread about a quarrel between the Manager and the Tenant in Gaisano Mall, Kabankalan City, Negros Occidental.

The fight started when a tenant complaint about “early closing and a report that she was forced to sign.”
But instead to clarify the alleged report, the situation got worse.

Watch the video below



Netizens definitely reacted to what they saw on the video. They questioned the managerial skills of the manager and the behavior of the tenant

Geversley Gurrea

I totally Disagree for the high five for the Manager, She doesn't have total quality Management, To listen and conclude for any complaints, calling the head security is cowardliness, the tenant doesn't hurt her physically. And how about your Bastosing me!

tea jen

Yes - the tenant was rude. Well, what could you expect? The tenant did not agree to report. To handle a nuisance customer like this, the representative of a company must carry the situation gracefully and politely. Yes --we too reach our limit. But the fact that lady manager is representing an organization must be very careful when handling outsider complaints like this as this would reflect what the owners and management are. Manager was not fair also when she mentioned "dili tika level".

Regine13

At first, the tenant was calm. However, As early as 00:39 in the video when the tenant asked the manager the definition of closing time, the manager has raised her voice already. She was even arrogant in asking, "Why me, you are the one asking so you should define it! I am the manager here..."

Regine13

If you are going to think about it, the tenant is just asking for the justification of their action and that was to force them to sign a report not made by them but by the guard or supervisor.

We don't know what really happened but we should not judge the manager as a person but on how she handled the situation and the tenant on how she reacted.

Both parties a welcome to explain their side.

Source: Rihanna Pearl

He is not going bankrupt said Filipino boxing and Sarangani Rep. Manny Pacquiao as he denied on what the rumour said.

In a report on GMA News “24 Oras,” Pacquiao said that both of them didn’t talk for awhile. He was referring to boxing promoter Rex “Wakee” Salud.

Sun Star Daily in Cebu reported that Salud said that Pacquiao has lost all his money.
But in the 24 Oras report that Salud said that he was misquoted.

"Wala akong naalala na may sinabi akong naubos na ang pera ni Manny,” Salud said. “Nagtataka nga ako bakit may lumalabas na sinabi ko raw naubos na."

It was started, according to Salud, when Sun Star reporter questioned him whether or not Pacquiao is selling his property in Los Angeles because of bankruptcy.

"Hindi ako nagkomento,” Salud said. “'Eh bakit kailangang ibenta ni Manny, ubos na siguro pera niya?' Ang sabi ko lang, medyo nagipit siguro. 'Yan lang ang sinabi ko sa kanya."

Sarangani Vice Governor Jinkee Pacquiao confirmed the sale of their mansion in Los Angeles for $2.7 million but because they wanted to purchase a more private residence.

"Every time pumupunta kami dun, 'yung mga kapitbahay namin, nagrereklamo kasi daw maraming tao... So ngayon, gusto namin ibenta para maghanap kami ng gated at may security," she said in a separate report on GMA News TV's “Balita Pilipinas Ngayon.”

But Jinkee denied selling their P380-million house in posh Forbes Park.

"Sabi ko nga kagabi, 'yung reply ko sa tauhan ko na nag-text sa 'kin, 'That's funny!'" Jinkee said, referring to the bankruptcy report.

Pacquiao said they are targeting a property in posh Beverly Hills.

This coming November, Pacquiao will set to fight American slugger Brandon Rios.

Source:  Marc Jayson Cayabyab/KBK, GMA News