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MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) believes that the country posted another balance of payments (BOP) surplus in August due to strong foreign exchange inflows brought about by the steady increase in remittances sent home by overseas Filipino workers (OFWs).

BSP Governor Amando M. Tetangco Jr. said in an interview with reporters there are indications that the country booked another surplus in its BOP position for August. 

“The indications are that in August there is also another surplus in the BOP,” Tetangco stressed.

This would be the six straight months that the country posted a BOP surplus. The country’s BOP position last registered a deficit in February with $125 million.

The BOP refers to the difference of foreign exchange inflows and outflows on a particular period and represents the country’s transactions

Latest data from the BSP showed that the country’s BOP surplus grew by 22.2 percent to $3.326 billion in the first seven months of the year from $2.722 billion in the same period last year on the back of strong investment inflows and higher OFW remittances.

Central bank data showed that the country’s BOP surplus stood at $3.326 billion from January to July or $604 million higher than the $2.722 billion surplus booked in the same period last year.

The BSP chief said the Philippines continue to lay down favorable environment for foreign investments through stable macroeconomic fundamentals and benign inflation.

The country’s domestic output as measured by the gross domestic product (GDP) posted a surprising expansion of 7.9 percent in the first half of the year from 1.2 percent in the same period last year. This after the country posted a stronger-than-expected GDP growth of 7.9 percent in the second quarter and the revised GDP expansion of 7.8 percent in the first quarter of the year.

Economic managers through the Cabinet-level Development Budget Coordination Committee (DBCC) raised the country’s GDP growth target last July to a range of five percent to six percent instead of 2.6 percent to 3.6 percent this year. 

The BSP’s sees the country’s BOP surplus hitting $3.7 billion instead of the original target of $3.2 billion due to robust foreign exchange inflows from the higher investment inflows, disbursement of official development assistance (ODA) loans from multilateral lending agencies, and the money sent home by Filipinos abroad.

The country’s BOP surplus plunged to $89 million in 2008 from $8.67 billion in 2007 due to the full impact of the global financial crisis. The BOP position recovered last year with a surplus of $5.295 billion. This year’s surplus would stabilize as the growth of imports would outpace the growth of exports.

The central bank is confident that foreign direct investment (FDI) inflows would hit $2 billion this year form $1.95 billion last year. It also sees inflows of foreign portfolio investments or “hot money” hitting $2.9 billion this year or 747 percent higher than the $388.02 million registered in 2009.

Likewise, the central bank has raised its OFW remittance growth forecast to eight percent instead of six percent this year and the country’s gross international reserves (GIR) to hit a new record level of $50 billion instead of $48 billion this year.

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Source: Philstar

MANILA, Philippines - Tourist arrivals in the Philippines are poised to hit 3.3 million this year, the biggest ever in the history of Philippine tourism.

This was disclosed last Thursday by Tourism Secretary Alberto A. Lim in a speech before a joint meeting of the Makati Business Club and the European, American and Canadian Chambers of Commerce, where he unveiled the tourism program of the Aquino administration. 

From a decline of 3.9 percent in 2009, arrivals are expected to post a growth of 12 percent. Tourist arrivals include overseas Filipinos (but not OFWs), who constitute about five percent of the number.

The Tourism secretary also disclosed that the Philippines has been rated by the Country Brand Index as among the world’s rising destinations.

It also ranked No. 8 as a value for money destination. And in the entire Pacific Region, it is now rated No. 11.

Lim said that Philippine tourism is benefiting from two major boosters: The election of President Benigno Aquino III and the passage of the Tourism Act of 2009.

The new President and the wave of reforms he is implementing has put a “new shine on the country’s brand before the world.”

The new Tourism law in turn has reorganized the entire machinery for tourism development and mobilizes resources for infrastructure development and tourism promotions, he said.

Lim unveiled details of the comprehensive tourism program which the Department of Tourism (DOT) will implement over the six-year term of President Aquino.

He underscored the key targets of the program over six years:

• Six million tourist arrivals

• $18.7 billion tourism receipts

The numbers could be more, but Lim said that he would prefer “to over-deliver than to over-promise.”

He said that the key strategies to achieve the program goals are: Building infrastructure to support tourism; upgrading the quality of tourism products; harnessing nature, history and culture; raising private investments in tourism infrastructure like hotels and resorts; strong local government participation; and sustained marketing promotions.

“All regions and provinces will be involved in our tourism drive,” he said.

He said that in addition to promoting and strengthening the anchor destinations, new areas of the country will be opened up for tourism development. He cited as one example the current project to develop the Samar-Leyte region, especially in Guian, Samar.

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Source: Philippine Star

MANILA, Philippines - Moving to a new house takes more than just signing a contract, getting a loan, and setting up your furniture. There’s a whole list of items and materials to check whether they are operating well or suitable to the new setting. You also need to contract service providers, such as a landscaper to do your garden, painters and electricians to install new fittings and utilities, plus other essentials that should be inspected one by one. 

For highly-driven professionals and their families who just bought a new house and lot within the metro, the least of their worries should be the cleanliness of their street, or the upkeep of their village clubhouse. These services should be part and parcel of a Property Management Office (PMO), and for today’s leading builder-developer, DMCI Homes, every development delivers well on its promise of a secure, clean, and well-maintained community.

As one of DMCI Homes’ subdivision developments within Metro Manila, Mahogany Place III takes twice the effort and range of services for its PMO to operate smoothly. For the project’s professionally-trained PMO team, it is a daily affair to ensure that the streets and common spaces are cleaned and spruced up for the benefit of the residents.

“Our job is to ensure that the streets are always clean, that security around the village is well-tightened, and that the residents observe all the rules and regulations,” said Mickey Ortigas, Jr., DMCI Homes PMO head. “We are also here to assist you while you move-in, recommend repair or cleaning services for household needs, improve the value of your property, and organize events that will foster the spirit of community.”

Sprawled on an 8.6-hectare prime property in the quiet side of progressive Taguig City, Mahogany Place III has emerged as an ideal address among today’s start-up families, career-driven professionals, young nesters, and even retirees looking for the luxury of space and an upgraded lifestyle. 

Approximately 450 residential units are available within this low-density development — a signature proposition among all DMCI Homes properties. Translating the success of their vertical developments, DMCI Homes also designed Mahogany Place III to offer country club-like amenities including a two-level Grand clubhouse with an air-conditioned functioned hall with bar & kitchen, al fresco dining area, pooldeck and two sauna rooms, a 21-seater mini-theater, a dance studio and gym, recreation room, viewdeck and refreshment area.  

Outdoor amenities are likewise first-rate for this well-planned property. Among them are adult and kiddie pools with therapeutic water jets, picnic grove, gazebos, playground, sandbox, basketball court and landscaped mini-ampitheater.

These are complemented by a hotel-inspired Concierge Service, which offers move-in assistance and realty tax payment assistance, along with carwash, shuttle, newspaper delivery, taxi call-in, directory, spa home, messenger and chambermaid services.

For inquiries on Mahogany Place III and other DMCI Homes projects, please call (02) 8210909, Mobile:+639195720179, wireless landline+6326685981, or visit the website: http://www.philippinelisting.com/MAHOGANY_PLACE_III_Taguig/page_2331944.html

Source: Philstar

MANILA, Philippines -  Banco de Oro Unibank Inc. (BDO) is now among the top 400 banks worldwide as it improved its ranking in the latest survey by UK-based financial publication The Banker.

BDO, the main banking arm of the SM Group of Companies and the country’s largest bank in terms of assets, improved its ranking by 40 notches from 436th in 2009 to 396th to this year.

The rankings are based on the definition of Tier 1 capital as prescribed by Basel’s Bank for International Settlements (BIS), considered as the central banks of all central banks.

“The object of the survey is to show the bank’s soundness in relation to the Basel requirement of a minimum ratio of Tier 1 capital to risk-weighted assets of four percent and a minimum ratio of total capital to risk-weighted assets of eight percent,” according to The Banker.

BDO, which leads the industry in corporate, retail, investment banking and insurance services, has also been a recipient of various accolades from both local and international award-giving bodies, including Euromoney, FinanceAsia, Asiamoney and Wall Street Journal.

In the first semester this year, the country’s leading commercial bank reported a net income of P4.1 billion, doubled from the same period last year.

In 2009, BDO realized net earnings of P6.1 billion, slightly lower than its record-high earnings of P6.57 billion in 2007.

BDO president Nestor V. Tan earlier said he was confident the bank’s 2010 full year income target of P8.1 billion was achievable.

It presently operates 704 branches (including 20 overseas offices and branches) and 1,200 ATMs, and the impending acquisition of Export and Industry Bank would add another 50 branches most of which are strategically located in Metro Manila.

Tan said another 30 branches would be deployed within the year.

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Source: Philippine Star