Good News....

[jerx d great]

PESO HIT A 6 YEAR HIGHER!

AT

48.35: 1

[baron]

As per the news, ten high-impact projects worth some P80 billion have made it to a government shortlist of projects. They will be presented to multilateral funding agencies at the Philippine Development Forum in Cebu.

Well, these projects could very well improve our take on improving infrastructure and development. These ready-to-go projects will surely make an impact in our pursuit of improving our socio-economic state.

[edgeknife]

well well well.. the good is CHIZ is one of the top 3 senatoriables based on pulse asia survey. good news for me.... :mrgreen:

[baron]

We have to take note of the significant decline of our debt to 64% in 2006 from 72% which is a year earlier. This will definitely raise prospects of an improvement in credit ratings and a further appreciation of the peso according to news.

Hopefully we'll reach a balanced budget sooner. In as much as this will also pave way for greater confidence as we continue our economic relations with the rest of the international community, it also encourages full social payback for economic reforms.

[dredd41v576]

$10-B RP Las Vegas to rise
By Helen Flores
The Philippine Star 03/22/2007

A $10-billion Las Vegas-style gaming and entertainment complex will rise on an 800-hectare reclaimed area on Roxas Boulevard beginning this year, the Philippine Amusement and Gaming Corp. (Pagcor) said yesterday.

Pagcor chairman and chief executive officer Efraim Genuino said construction of the entertainment complex, to be called "Pagcor City," will be handled mainly by foreign investors.

"Our country will not spend for these developments. We’re just selling a concept," he said.

The project is expected to attract 10 million foreign visitors in five years and generate millions of jobs for Filipinos.

"The Pagcor City will have arcades, malls, hotels, wellness spas, cultural center, sports arena and theme parks, patterned after Macau and Las Vegas," Genuino said at a press briefing on the sideline of a tourism conference called Asia’s GEM (Gaming and Entertainment plus Leisure Expo Manila) at the Hyatt Hotel and Casino Manila yesterday.

"Development of big hotels and big entertainment areas is a key to attracting tourists, as a matter of fact our requirement is for the investors to come up with the design or proposal that will attract tourism," Genuino said.

"The reason why we lack tourists is we lack hotels," he said.

Yesterday’s event kicked off the three-day Asia’s GEM 2007, co-presented by Pagcor and the Euro-Asian Cooperation on Gaming.

He said investors from Japan, the United States, South Korea, and some European countries have signified interest in investing in the project, according to Genuino.

One of the biggest casinos in the world, the Loutraki, is expected to set up shop in Pagcor City.

Pagcor City will be developed over a seven-year period in three phases.

Genuino said the first phase of the project, which begins this year, includes the construction of a resort hotel and a theme park. Phase 1 is expected to be completed in two years.

The entertainment complex’s casino will have 1,000 table games and 3,000 slot machines.

"The Asia’s GEM 2007 marks the paradigm shift of Pagcor from gaming to entertainment. For our economy to recover economically, we need tourism. And for us to invite tourists to come here, we need projects like Asia’s GEM to get the support of foreign investors," he said.

"The thrust now is not casino gaming but total entertainment. In the global arena, only 25 percent of the revenues of gaming destinations such as Las Vegas come from actual gambling," Genuino said, adding that some 80 percent of Pagcor City’s revenues is expected to come from foreign visitors.

"Our country stands to gain substantial revenues from this market as casino visitors spend more than general tourists," he said.

"It is important to have the destinations and attractions that would ensure a pleasant stay for casino visitors. Most of them travel with their families and take side trips," Genuino said.

The complex will have a "tropical" area featuring white sand beaches and lagoons, all facing Manila Bay. A Winter Park is also being eyed with large ice skating rinks as well as real snow and skiing facilities.

A Marina complex will feature a walk-through glass tunnel showcasing different marine species in the Asia-Pacific region. A fish port and a seafood restaurant to be patterned after the Fisherman’s Wharf in San Francisco are also being eyed for Pagcor City.

Plans include the construction of a boardwalk to provide convenient public access to a pedestrian promenade lined with specialty restaurants and outdoor cafes. An observation tower envisioned to be the tallest in the world will be erected in the area. Genuino said Nayong Pilipino may also relocate to Pagcor City.

He said Japanese investors are interested in developing retirement homes for the growing Japanese retiree market. "We were able to attract interest from a number of Japanese retirees," Genuino said.

Pagcor is consistently the third biggest income-generating arm of the government. Last year, Pagcor registered revenues of P35 billion compared with only P23 billion in 2005.

Under its charter, Pagcor serves three crucial roles: to regulate and operate all games of chance in the country, generate funds for the government’s infrastructure and socio-civic projects, and boost local tourism.

Led by the southern Chinese enclave of Macau, Asia is witnessing a gambling boom as the region looks to new, glitzy Las Vegas-style casino complexes offering entertainment and exhibition venues to attract more tourists and business travelers. - With Zinnia de la Peña

[dredd41v576]

Chinese mogul to invest up to $4B in RP
By Marvin Sy
The Philippine Star 03/22/2007

China’s second richest man has decided to invest between $2 billion to $4 billion in the Philippines, primarily to develop high-end hotels and residential properties.

Trade Secretary Peter Favila said an agreement between the Shimao Group of China and the Bases Conversion Development Authority (BCDA) would be signed today to pave the way for the multi-billion dollar investment.

Shimao Group chairman Xu Rongmao, who is listed by Forbes Magazine as the second richest man in China for 2006, personally met with President Arroyo last Tuesday night during which he announced his decision to invest in the country.

Favila revealed that the investment would go into the BCDA properties in Fort Bonifacio in Taguig, including the 35.5-hectare Jusmag property.

The group is also in the process of exploring sites in Palawan for an investment into the tourism sector.

He pointed out that a team of the Shimao Group came over to the country last February to look at the possibility of making an investment.

"We met with them. We suggested that now that they have seen what the country has to offer, maybe they should go around and ask the private sector for them to have a good feel of what is in store in the Philippines," Favila said.

During Tuesday’s night meeting, Xu informed the President and Favila that he sees a huge market in the Philippines in terms of hotels.

In the Association of Southeast Asian Nations where Chinese tourist arrivals registered at around 10 million, the Philippines hosted only 300,000 of the figure so Favila argued that there is still a huge potential to develop the market.

For Palawan, Mr. Xu said that he is looking at San Vicente where he intends to develop an airstrip.

Malacanang assured Mr. Xu that he has the go signal to develop whatever infrastructure he thinks is needed for his investment.

Under the agreement, the BCDA will be a lessor and according to Favila, the government is willing to provide the Shimao Group the longest term possible.

Mr. Xu also asked about the foreign ownership issue in the country to which Favila pointed out that it is one of the proposed amendments as far as the economic provisions in constitution are concerned.

The Shimao Group is one of the biggest real estate developers in China, whose stock is listed in Hongkong.

Favila noted that the Shimao Group owns three listed companies namely the Shimao Property Hongkong, Shimao Stock, Shanghai and the Shimao International Off-shore in Hongkong.

The firm is involved in the development of high-end residiental and commercial properties and five-star hotels.

It owns hotels in Australia, Russia, China and other countries in Southeast Asia.

Mr. Xu told Favila that the floor area of its development in the country would be around 10 million square meters.

Meanwhile, the RockCheck Steel Group Co. Ltd. of China has also expressed its intention to invest an initial $200-million for the construction of a ferro nickel plant in Eastern Samar.

The company’s chairman Zhang Xiangqing informed the President of his company’s plan to set up the modern nickel plant at the Hinatuan Mining Corporation (HMC) plant site in Manicani, Guiuan, Eastern Samar.

"I am determined to bring more investments here in the Philippines. Filipinos are very hardworking, kind and good. I am impressed with your very good government, with your great leadership, it’s very democratic and very hospitable," Zhang told the President during his courtesy call in Malacañang yesterday.

Rockcheck Steel Group, one of China’s top 100 corporations, has a combined steel production of 3.5 million tons with annual sales last year reaching more than 22 billion yuan or $300 billion.

The firm has a total property worth 5.5 billion yuan or $ 700 million and more than 7,000 employees.

Rockcheck Steel has signed an agreement with Fulim Mining and Export Corporation, the exclusive marketing arm of HMC in China, to set up the modern ferro nickel plant at the HMC mining site in Manicani.

Construction will commence on the third quarter of this year and when fully operational, the new plant will employ at least 5,000 local residents.

[Zirv]

Chinese mogul to invest up to $4B in RP
By Marvin Sy
The Philippine Star 03/22/2007

China’s second richest man has decided to invest between $2 billion to $4 billion in the Philippines, primarily to develop high-end hotels and residential properties.

Trade Secretary Peter Favila said an agreement between the Shimao Group of China and the Bases Conversion Development Authority (BCDA) would be signed today to pave the way for the multi-billion dollar investment.

Shimao Group chairman Xu Rongmao, who is listed by Forbes Magazine as the second richest man in China for 2006, personally met with President Arroyo last Tuesday night during which he announced his decision to invest in the country.

Favila revealed that the investment would go into the BCDA properties in Fort Bonifacio in Taguig, including the 35.5-hectare Jusmag property.

The group is also in the process of exploring sites in Palawan for an investment into the tourism sector.

He pointed out that a team of the Shimao Group came over to the country last February to look at the possibility of making an investment.

"We met with them. We suggested that now that they have seen what the country has to offer, maybe they should go around and ask the private sector for them to have a good feel of what is in store in the Philippines," Favila said.

During Tuesday’s night meeting, Xu informed the President and Favila that he sees a huge market in the Philippines in terms of hotels.

In the Association of Southeast Asian Nations where Chinese tourist arrivals registered at around 10 million, the Philippines hosted only 300,000 of the figure so Favila argued that there is still a huge potential to develop the market.

For Palawan, Mr. Xu said that he is looking at San Vicente where he intends to develop an airstrip.

Malacanang assured Mr. Xu that he has the go signal to develop whatever infrastructure he thinks is needed for his investment.

Under the agreement, the BCDA will be a lessor and according to Favila, the government is willing to provide the Shimao Group the longest term possible.

Mr. Xu also asked about the foreign ownership issue in the country to which Favila pointed out that it is one of the proposed amendments as far as the economic provisions in constitution are concerned.

The Shimao Group is one of the biggest real estate developers in China, whose stock is listed in Hongkong.

Favila noted that the Shimao Group owns three listed companies namely the Shimao Property Hongkong, Shimao Stock, Shanghai and the Shimao International Off-shore in Hongkong.

The firm is involved in the development of high-end residiental and commercial properties and five-star hotels.

It owns hotels in Australia, Russia, China and other countries in Southeast Asia.

Mr. Xu told Favila that the floor area of its development in the country would be around 10 million square meters.

Meanwhile, the RockCheck Steel Group Co. Ltd. of China has also expressed its intention to invest an initial $200-million for the construction of a ferro nickel plant in Eastern Samar.

The company’s chairman Zhang Xiangqing informed the President of his company’s plan to set up the modern nickel plant at the Hinatuan Mining Corporation (HMC) plant site in Manicani, Guiuan, Eastern Samar.

"I am determined to bring more investments here in the Philippines. Filipinos are very hardworking, kind and good. I am impressed with your very good government, with your great leadership, it’s very democratic and very hospitable," Zhang told the President during his courtesy call in Malacañang yesterday.

Rockcheck Steel Group, one of China’s top 100 corporations, has a combined steel production of 3.5 million tons with annual sales last year reaching more than 22 billion yuan or $300 billion.

The firm has a total property worth 5.5 billion yuan or $ 700 million and more than 7,000 employees.

Rockcheck Steel has signed an agreement with Fulim Mining and Export Corporation, the exclusive marketing arm of HMC in China, to set up the modern ferro nickel plant at the HMC mining site in Manicani.

Construction will commence on the third quarter of this year and when fully operational, the new plant will employ at least 5,000 local residents.

Well ayaw lang gyud ni siya pa adto-a sa mandaue or lapu-lapu kay naay buaya dira..... sige pangurakot....

[dredd41v576]

Pay hike for gov’t workers approved
By Marvin Sy
The Philippine Star 03/23/2007

President Arroyo has signed an executive order that will increase the monthly pay of government employees by 10 percent starting this July.

Executive Order No. 611, signed by the President last March 14, also provides an increase in the subsistence allowance and hazard pay of military and uniformed personnel.

"There is an imperative need to improve the morale of the civil service through a more competitive compensation system that supports the economic well-being of government personnel," the order stated.

Around P10.3 billion has been included in the 2007 General Appropriations Act for the salary increase of state workers.

The 10 percent increase will include all civilian government personnel whose positions are covered by the Compensation and Position Classification System.

Instead of granting a fixed amount of increase across the board, Budget Secretary Rolando Andaya Jr. said that a percentage-based increase was adopted "to avoid distortions in the pay scale."

Depending on the length of service of the government employee, the 10 percent salary increase would be equivalent to varying amounts for every pay grade under the step increment rule contained in the joint Civil Service Commission-DBM circular.

Government employees covered by the salary increase are civilian officials and employees of national government agencies, including state colleges and universities, government owned and controlled corporations (GOCCs), government financial institutions (GFIs) and local government units.

In the case of the military and other uniformed personnel, the EO provides an increase in the subsistence allowance from P60 to P90 per day. The hazard pay was also doubled from P120 to P240 per month.

Apart from the Armed Forces of the Philippines (AFP), uniformed personnel from the Philippine National Police, Bureau of Jail Management and Penology, Bureau of Fire Protection, Philippine Coast Guard and the National Mapping and Resource Information Authority would also get allowance and hazard pay increases.

In the case of the GOCCs and GFIs, the funding for the increase would be sourced from their respective corporate funds, while the LGUs should source it from their respective local funds.

If GOCCs, GFIs or LGUs do not have sufficient funds to pay for the compensation increase, they would be allowed to partially implement the adjusted rates, provided that there would be a uniform percentage increase for all positions.

Aside from the year-end bonus and fixed personnel benefit contributions, there would be no increases in the allowances and benefits of government employees.

The last legislated salary increase for civil servants was granted in July 2001, which was equivalent to five percent of their basic salary.

In 2006, a P1,000 increase in compensation was approved by Mrs. Arroyo through an administrative order.

"When we embarked on our mission to put our fiscal house in order, we asked government workers to toil with us. Now that we have turned the corner, the comprehensive pay increase once foregone can no longer be postponed," Andaya said.

[baron]

^ I think this will be effective by July this year. This will definitely be good news for our government employees. In as much as most of them are really working hard and for years now, they will appreciate such wage increase. This just shows that they are not neglected by this administration.

It's really payback time to the people.

[dredd41v576]

RP makes great leap from 23 to 8 in survey

BY MA. ELISA P. OSORIO

The Philippine Star

The Philippines significantly improved to eighth place in a survey that measures the proportion of "super growth" companies, beating other developed nations like Singapore, Hong Kong and Japan, international consultancy firm Grant Thornton said.

The Grant Thornton International Business Report (IBR) surveyed 7,200 privately-held businesses in 32 countries representing 81 percent of global gross domestic product (GDP).

The Philippines was previously ranked 23rd in Grant Thornton’s Super Growth Index, which classifies a "super growth" company as one which has grown considerably more than the average measured against key indicators including turnover and employment.

When the index was started in 2004, the percentage of super growth companies in the Philippines was recorded at only seven percent. In the latest ranking, 21 percent of local firms have gained super growth status.

"It’s very interesting to see the Philippines make this significant a jump in the Super Growth Index," said Greg Navarro, managing partner and CEO of Punongbayan & Araullo, a member firm of Grant Thornton International.

"I think this reflects the country’s growing economy, what with our GDP averaging over five percent in recent years," he added.

President Arroyo also lauded the dramatic jump in the country’s rankings, noting that this is a testament of good governance. With Marvin Sy