LIFE IN THE NEW PHILIPPINES METRO SANTA ROSA Santa Rosa Magazine's SPECIAL FEATURES Section
Home   Videos   Enchanted Kingdom   San Lazaro   SM Fashion   Aquabest   PBSP   SONA   Lea Salonga   Education Revolution
UPGRADES MAKE PHILIPPINES EVEN MORE ATTRACTIVE TO FOREIGN INVESTORS FOLLOWING MOODY'S CREDIT RATING UPGRADE FOR THE PHILIPPINES ON JUNE 15, Moody's Investors Service next day raised the foreign currency deposit rating of the country's seven biggest banks.       The seven comprise two government banks: Land Bank of the Philippines and Development Bank of the Philippines, together with five owned by big conglomerates: Banco de Oro Unibank, Bank of the Philippine Islands (BPI), Metrobank Group, Philippine National Bank and Rizal Commercial Banking Corp. Moody's also stated that two others, Allied Banking Corp and United Coconut Planters Bank, were unaffected as none of their ratings are constrained by the deposit or debt ceilings of the Philippines.       Moody's is an essential component of the global capital markets, providing credit ratings, research, tools and analysis that contribute to transparent and integrated financial markets. Moody's Corporation (NYSE: MCO) is the parent company of Moody's Investors Service, which provides credit ratings and research covering debt instruments and securities, and Moody's Analytics, which offers leading-edge software, advisory services and research for credit analysis, economic research and financial risk management. The Corporation, which reported revenue of $2 billion in 2010, employs approximately 4,500 people worldwide and maintains a presence in 26 countries. Further information is available at www.moodys.com.       Philippine Budget Secretary Florencio Abad said the upgrades reflect President Aquino's efforts to fight corruption and put fiscal reforms in place, and also help the Philippines become a more favorable destination for foreign investments. Further Good News For Filipinos       Also in June 2011 the International Labour Organization passed a new treaty giving protection to the 53 million domestic workers all over the world, many thousands of whom are Philippine OFWs, giving them equal conditions to other workers and equal support if they are personally abused or their internationally agreed working conditions are not met. According to government statistics, currently some 9 million Filipinos work overseas and their monthly remittances from every corner of the globe form the foundation of our country's strong and stable economy.       The same week, it was announced by Cebu Pacific's President and CEO Lance Gokongwei that the Philippines' most successful airline had just placed the "biggest aircraft order ever made by a Philippine carrier". Deliveries of 30 Airbus A321neos and 7 Airbus A320s will start in 2015, augmenting the 18 A320s already on order for delivery starting this year, and the company has an option for 10 more A321neos which can carry more people and fly further than the A320s. Mr. Gokongwei said: "The A320 Family has played a key role in enabling us to build an efficient, profitable, value-based business. The 220-seater A321neo will be a game changer for Cebu Pacific. We will be able to serve cities in Australia, India and northern Japan."       The A321neo is the largest model in the A320neo series, incorporating new engines and large wing tip devices called sharklets. The advances will deliver fuel savings of 15 percent and additional range capability of over 500 nautical miles (950 kilometers), or the ability to carry two tonnes more payload at a given range. For the environment, the fuel savings translate into some 3,600 tonnes less CO2 per aircraft per year. In addition, the aircraft will provide a double-digit reduction in NOx emissions and reduced engine noise. The aircraft livery of Cebu Pacific will achieve recognition farther afield than southeast Asia       Airbus is itself an inspiring success story that began in 1967 when government ministers from Britain, France and Germany met in London to launch a European consortium for development of the A300 and compete with the Americans who then held more than 80 per cent of the world market. Today it's a large, complex, high-tech operation based at Toulouse, France, and it now consistently captures about half of all commercial airliner orders. John Leahy, Chief Operating Officer for Airbus Customers, said: "We are pleased that Cebu Pacific has reaffirmed its commitment to the A320 Family and is now set to add the A321neo to its fleet. With the A321neo, the airline will be able to fly more people further at significantly lower cost per seat than any other competing aircraft, and with less impact on the environment."       The fast growing domestic and international network of Cebu Pacific already covers 33 domestic and 16 international destinations, including Osaka, Seoul (Incheon), Singapore, Bangkok, Beijing, Shanghai, Jakarta, Kuala Lumpur, Brunei, and Taipei. "I expect Cebu Pacific to fly at least 12 million people in 2011, up from 10.5 million in 2010," Mr. Gokongwei added. "We aim for domestic passenger numbers to grow 10-15 percent a year, with 25 percent annual growth for the international division." ********* ********* ********* THE UNITED KINGDOM BACKS THE PHILIPPINES ENGLAND IS THE HOME OF MODERN FOOTBALL (AKA SOCCER), AND BRITISH AMBASSADOR STEPHEN LILLIE, speaking from the Embassy of the United Kingdom in Manila, gives a strong thumbs up to doing business in the Philippines.       English people everywhere, including Mr Bean, are enthusiastic about the developing popularity of Filipino football and the inspiring progress of the Philippine Askals. Football is England's national sport (second only to being confused about who the English are) and they look forward to seeing the Askals qualify for the 2014 World Cup in Brazil. They also hope that before then, many Filipino sports fans will join them in visiting the 2012 Olympics in London. But when you get there, don't be surprised if they ask you where London is.      In explanation to avoid confusion: England is part of Britain which is part of Great Britain which is part of the United Kingdom which is part of the European Union. Are you as confused as they are? I am too, but don't worry. Just think how bad it is for the English people themselves, who are all totally bewildered by it and are compelled to live with this confusion permanently. Some have even written books asking who they really are. This is true! So it's no coincidence that Charlie Chaplin and Mr Bean are both English. Nor that England is the only country on planet earth without a national anthem. Why don't they have a national anthem? Because none of them would know who they'd be singing about. Instead they sing about the Royal Family, and even this doesn't exclusively belong to them!       Therefore with reference to the 2011 Royal Wedding, Prince William and Princess Catherine are now second in line to be King and Queen of the United Kingdom - but not of the European Union, although millions of Europeans have publicly expressed the opinion that 'Will & Kate' also belong to them, as Will's ancestors came to Britain from from Germany and they have branches all over Europe. More surpising is that the most numerous and most avid viewers of the Royal Wedding on live TV were the Americans - who rebelled against and renounced allegiance to the English monarchy in 1776 to gain their independence as the USA. How confusing is that?       Luckily for us, Stephen Lillie is a diplomat with a great sense of humor, which is unusual for diplomats - even English ones, and he's a brilliant public speaker. He loves the Philippines, speaks tagalog, and gets as excited as any Filipino when Pacman wins another fight or the Askals win another football match.       In the above video, Lillie states that the Philippine population of 92 million makes us the 3rd English-speaking country of the world. He goes on to praise the international success of Philippine call-centers, whose clients include British blue-chip companies such as Shell, HKBC, and the Financial Times. He says the Aquino administration is winning the battle against corruption, and the presence of more than 200 major British companies here signifies clearly that now is an excellent time for British and other European companies to invest in the Philippines.                                                                                                  - Story by Angel Tugado (Video courtesy of the UK Foreign Office) ********* ********* ********* WORLD BANK APPLAUDS STEADY PHILIPPINE ECONOMIC GROWTH THE LATEST QUARTERLY UPDATE ISSUED BY THE WORLD BANK refers to this country's recent credit upgrades and praises its steady economic growth which is expected to be maintained at the annual rate of around 5 percent this year.       Mention is given to improvements resulting from the government's programme of reforms, and it states that growth will continue to be led by manufacturing, outsourcing, mining, construction and tourism. Eric Le Borgne, senior World Bank economist, anticipated further gains for the Philippines after reconstruction of Japan's economy following its recent earthquake and tsumami disasters. And Bert Hofman, World Bank country director, said that Philippine growth was now robust and steady after the world financial crisis.       Special praise went to President Benigno Aquino for reducing corruption, upgrading infrastructure, and opening up aviation to foreign competition. In response, the President's office issued a statement that the World Bank's update confirmed the Philippine economic improvements and the soundness of the President's policies. ********* ********* ********* "The Philippines and the Filipino people are, finally, truly alive." - President NoyNoy Aquino, July 25, 2011 BACK TO HOME PAGE