Friday, 23 February 2007

Philippines to boost infrastructure spending

Financial Times
By Roel Landingin in Manila

Published: February 20 2007 15:17 | Last updated: February 20 2007 15:17

Gloria Macapagal Arroyo, the Philippines president, on Tuesday unveiled plans to spend close to 1,000bn pesos ($20.8bn) on roads, bridges, ports and other infrastructure over the next four years in a bid to increase economic growth to as much as 9 per cent annually by the end of her term in 2010.

The Philippines economy grew by just 5.4 per cent last year. But Mrs Macapagal told an annual meeting of business journalists on Tuesday that new and higher taxes had improved the government’s financial position, giving it the means not just to cut the budget deficit but also to boost spending on public works and social services that were neglected when revenue was tight.

“We now have the money to invest in job creation, new roads, bridges and ports, and more for education and healthcare,” she said.

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PGMA orders creation of coco farmers' foundation


DAVAO CITY – In a move to boost the growth of the coconut industry and improve the lives of the coco farmers, President Gloria Macapagal-Arroyo tasked today the Department of Finance (DOF) to create a coconut farmers' foundation and ensure the management of the coconut levy funds and assets.

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PGMA to businessmen: Now is best time to invest locally


President Gloria Macapagal-Arroyo challenged the business community today to take a bigger stake in the country’s future by investing domestically and taking advantage of the high volume of remittances of overseas Filipino workers (OFWs) which have contributed greatly to the economic growth.

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Thursday, 22 February 2007

RP eyes 9% growth by ’09

By Lawrence Agcaoili

The government yesterday unveiled a new three-year game plan that aims to achieve an economic growth rate of 9 percent by 2009.

Presidential Chief of Staff Joey Salceda, speaking before a forum arranged by members of the Economic Journalists Association of the Philippines and the Manila Overseas Press Club, said the strategy hopes to accelerate economic growth over a three-year period.

Salceda said the strategy, dubbed “Plan 789,” hopes to achieve a 7 percent growth in the gross domestic product this year, 8 percent in 2008 and 9 percent GDP growth in 2009.

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Air terminal opening minus political noise

The “rolling opening” of the Ninoy Aquino International Airport Terminal-3 will be insulated from political propaganda, a top official said.

General manager Alfonso Cusi of the Manila International Airport Authority vowed to keep the kick-off rites free from candidates, who might exploit the event and the circumstances around the $640-million facility which has pending cases in arbitration proceedings filed in the United States and Singapore.

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Naia-3 opening set next month—Favila

By Elaine Ruzul S. Ramos

The government will push through with the soft opening of the controversial Ninoy Aquino International Airport Terminal-3 by the end of March this year.

“Naia-3 will have a rolling opening by the end of March,” Trade and Industry Secretary Peter Favila told reporters yesterday.

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Naia-3 March opening vowed

By Roderick T. dela Cruz

Transportation Secretary Leandro Mendoza assured yesterday the gradual opening of the Ninoy Aquino International Airport Terminal-3 in late March or April that will initially accommodate two or three international airlines.

“I am 100-percent sure that the rolling opening will take place in late March or April, depending on which date is more proper,” Mendoza told reporters.

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PGMA to TLRC, DOST: Create coconut oil business incubation center in coconut-rich provinces


President Gloria Macapagal-Arroyo directed today the Technology and Livelihood Resource Center (TLRC) and the Department of Science and Technology (DOST) to focus more attention on creating virgin coconut oil manufacturing plants in coconut-rich provinces of the country as part of the government's technology business incubation program.


"Kaya sana ay maging isang technology resource na ililibot ng TLRC sa buong bansa at tulungan ang DOST na gumawa ng incubation center para magkaroon ng mga planta ng virgin coconut oil iyong iba't ibang magniyo-niyog sa ating mga lugar tulad ng mga tinamaan ng bagyo sa Bicol at Marinduque," she added.


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Tourism eyes investments from world’s richest people

By Katrina Mennen A. Valdez, Researcher
Thursday, February 22, 2007

Two of the world’s richest people have shown interest in investing in the Philippine tourism industry.

One of the prospected investors is China’s hotel and property giant Shimao Group owned by Xu Rongmao, the second richest man in China who was reported to be interested in putting up a world-class hotel facility here that will include residential and commercial complex.

Another group the government courts is a company owned by the richest man in the Middle East and the eight richest in the world. The group is led by Al-Waleed Bin Talal, who bought the Four Seasons hotel together with Microsoft chairman Bill Gates and operates 31 high-end hotels in 31 countries.

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Why GMA is good for business

By Tony Lopez
Thursday, February 22, 2007

I AM sometimes asked, “Why is GMA good for the economy and good for business?”

There are two answers. One, she has the right stuff. Two, she delivers.

Majority of businessmen optimistic on economy

02/22/2007 | 06:49 PM

What a difference a year makes.

Optimism among businessmen has become more pervasive, a Makati Business Club survey indicated, with the proportion of businessmen who are bullish on the economy rising to its highest level in 11 years.

Some 80.6% of respondents to a survey conducted by the MBC among its members said they see higher GDP growth this year than last year, much higher than the 47.9% that said the same thing a year ago.

This is the highest percentage of optimistic respondents since July 1996, when 93.9 percent of survey respondents predicted higher GDP growth in the year head.

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DMIA acquires modern radar system

CLARK ZONE, PAMPANGA, Feb. 22 (PNA) – The Diosdado Macapagal International Airport (DMIA) here has acquired a radar that would make its Terminal Radar Approach Control(TRACON)system the most modern among all other airports in the country.

Clark airport expansion to cost P160M

02/20/2007 | 08:37 PM
CLARK, PAMPANGA – With the increasing influx of tourists into this special economic zone, the government will begin expanding the Diosdado Macapagal International Airport this year. The initial phase of the expansion is projected to cost P160 million.

Clark sees investments worth P20B in 2007

02/19/2007 | 07:54 PM
CLARK FREEPORT, Pampanga – The Clark Development Corp. expects P20 billion in investments this year following what the state-run corporation sees is the imminent restoration of the economic zone’s status as a free port.

Clark airport to be No. 1 gateway by 2010

02/21/2007 | 10:29 PM
CLARK, PAMPANGA - Clark International Airport Corp (CIAC)will spend P18.5 billion to make the Diosdado Macapagal International Airport (DMIA) a world-class logistics hub and prepare it to become the Philippines’ premier international gateway by 2010.