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PH credit rating raised to Investment Grade |
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Wednesday, 03 April 2013 22:55
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Written by mcgjr
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 Philippines credit rating raised to Investment Grade
Fitch Ratings has upgraded the credit rating of the Philippines to the investment grade status, a level which promises a surge of capital inflow from both local and foreign investors.
In a statement, the debt watcher said that it has raised the country's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'BBB-' from 'BB+'. The Long-Term Local-Currency IDR has been upgraded to 'BBB' from 'BBB-'.
The Outlooks on both ratings are Stable. The agency has also upgraded the Country Ceiling to 'BBB' from 'BBB-' and the Short-Term Foreign-Currency IDR to 'F3′ from 'B'.
Standard and Poor's raised the country's foreign and local bond ratings last July to BB+ from BB while Moody's Investors Service, known to be the most conservative among the three major credit watchdogs, also raised the its ratings last October to Ba1 from Ba2.
The credit watchdog cited the country's strong fiscal condition, resilient economy, moderate inflation, and a potential for more growth, as reasons for the upgrade.
Fitch noted that the Philippine economy has been resilient, expanding 6.6% in 2012 even as the global economy slows down. A strong domestic demand has kept the economy afloat, Fitch said.
"The Philippines has experienced stronger and less volatile growth than its 'BBB' peers over the past five years," it said.
Fitch said that it sees the Philippines economy growing by 5.5% in 2013.
Fitch praised the Bangko Sentral ng Pilipinas' (BSP) inflation policies, which kept inflation with the range of the 'BBB' rating.
The agency also said that the praised the country's expanding the fiscal revenue base, as well as further improvements in the structure of the Philippine sovereign debt stock.
The Philippine economy, as measured by GDP, grew by 6.8% in the fourth quarter of 2012, bringing the full-year growth to 6.6%, higher than what is expected by above higher-end of the 5* to 6% target of the national government.
The increase was fueled by the strong performance of the Services Sector, pushed by Trade, Real Estate, & Business Activities. The sustained improvements in the Manufacturing and Construction subsectors also contributed largely to the current level of growth.
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Pinoy Radio Benelux Launched in Brussels |
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Sunday, 17 March 2013 21:45
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Written by mcgjr
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 Pinoy Radio Benelux Officially Launched in Brussels, Belgium
22 February 2013 - Pinoy Radio Benelux, an online Filipino radio station that provides news on the Philippines, original Pilipino music (OPM), public service and features Embassy updates and Filipino community events in the Benelux region (Belgium, Netherlands, Luxembourg), was officially launched on 22 February 2013 at the Philippine Embassy in Brussels, Belgium. Leading the ceremonial switch-on were Consul General and CDA, a.i. Robespierre L. Bolivar, First Secretary and Consul Dinno M. Oblena of the Philippine Embassy in The Hague, The Netherlands, and Mr. Sonny Laragan, Managing Director of Channel Philippines Network, Ltd., creator of Pinoy Radio.
The launch, which coincided with the Assembly of Filipino Community Leaders in Belgium and Luxembourg, was witnessed by leaders and representatives of over 90 Filipino community organizations. The assembly proceedings were aired live by Radio Pinoy Benelux through www.pinoyradiobenelux.com
Speaking on behalf of their constituents, a number of community leaders expressed full support for Pinoy Radio Benelux, which they believe will provide a vital link among Filipinos in the region. They suggested that a program on legal matters be created to help Filipinos better understand their rights in the Benelux region.
Pinoy Radio Benelux now broadcasts in UK, Norway, and France. It will soon start airing in Germany, Italy and Spain. END
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Last Updated ( Monday, 18 March 2013 10:59 )
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27th Anniversary of EDSA |
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Sunday, 17 March 2013 21:52
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Written by mcgjr
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 Belgium and Luxembourg celebrates the 27th Anniversary
of the EDSA People Power Revolution
22 February 2013 - The Philippine Embassy in Brussels and the Filipino community associations in Belgium and Luxembourg celebrated the 27th Anniversary of the EDSA People Power Revolution on 22 February 2013. The ceremony to celebrate this historical event coincided with the 1st Assembly of Community Leaders for the year 2013. It was well-attended by leaders and representatives of the ninety (90) Filipino community organizations in Belgium and Luxembourg.
The program started with the singing of the Philippine national anthem, while the theme ''Pilipinas Natin, Abot Tanaw na!" was displayed on a wide screen as backdrop.
The ceremony included the viewing of the documentary film, "Ninoy: The Heart and the Soul" which moved everyone present and allowed them to reminisce about those momentous events in the nation's history. END
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Last Updated ( Monday, 18 March 2013 10:55 )
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VP Binay delivers Special Address to EDD 2012 |
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Wednesday, 24 October 2012 12:22
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Written by mcgjr
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 VP Binay Delivers Special Address to 7th EU Development Days (EDD
17 October 2012 - Vice President Jejomar C. Binay spoke about the Philippine Governemnt’s 4 Ps (Pantawid Pamilyang Pilipino Program) in a special address delivered at Europe’s premier forum on international affairs and development cooperation, the European Development Days (EDD 2012) held from 16-17 October 2012 at the Belgian capital. The Vice President participated in the forum as the President’s Special Envoy to the EDD.
Vice President Binay was invited by European Commission President José Manuel Barroso to deliver a speech on the Philippines’ efforts at ensuring inclusive growth and development.
In his welcome speech, President Barroso highlighted the Philippines’ considerable success in implementing a practical model for development and poverty alleviation through the “4Ps conditional cash transfer program” that extends access, such as Universal Health Care program to essential services, to the vulnerable sectors of society.
EDD 2012 was centred on the theme ‘Inclusive and Sustainable Growth for Human Development”, with a focus on sustainable agriculture, food security and resilience, engaging the private sector for development and empowering people for inclusive growth.
EDD 2012 brought together the President of Cyprus, which currently holds the rotating Presidency of the European Union, and the Presidents of Benin, Mozambique, Senegal, Malawi, Gabon and Mauritania and Ministers of EU partner countries.
Previous EDD’s participants include European Leaders such as Jose Socrates, Prime Minister of Portugal; Fredrik Reinfeldt, Prime Minister of Sweden; International leaders such as Donald Kaberuka, President African Development Bank; Helen Clark, former Prime Minister of New Zealand and Administrator, United Nations Development Program; and business leaders such as Richard Branson, Founder of Virgin and George Soros, Founder of the Open Society Institute.
While in Brussels, the Vice President also met with several key European Union officials. He discussed air safety and seafarer training standards with European Commission Vice President and Commissioner Siim Kallas; talked about bilateral development cooperation, including the EU’s support for the Peace Process with Commissioner Andris Piebalgs; discussed the EU’s humanitarian aid to the Philippines, especially in the wake of Typhoon Sendong, with Commissioner Kristalina Georgieva; and explored possible cooperation on migration issues under the EU’s Global Approach to Migration and Mobility with Commissioner Cecilia Malmstrom.
The Vice President also met with European Investment Bank Vice President Pym Van Bellekom to discuss new proposed financial arrangements for social infrastructure and climate change mitigation. The EIB has been a development partner of the Philippines since 1993, and has provided long-term financing for development projects in the country.
The Vice President also met with the Filipino Communities in Belgium and Luxembourg. In Brussels, the Filipino Community gathered at a Special Mass at the Filipino Chaplaincy of Saint-Remi, which was followed by a speech by the Vice President and a photo opportunity with various community organizations.
 
In his speech, the Vice President emphasized the Government’s continuing efforts to root out graft and corruption. He noted that the President’s personal commitment to good governance has made the Philippines “the darling of international investors”. He also recounted the various PH Government programs to promote and protect the interests of Overseas Filipino Workers, including the ratification of the ILO Convention Concerning Decent Work for Domestic Workers, Absentee Voting registration for the May 2013 elections, and programs under the PAG-IBIG Fund.
In Luxembourg, the Vice President had a “town hall” meeting with the community, speaking to them about the implementation of RA 10022, amending the Overseas Filipino Workers Act of1995, as well as the HUDCC’s housing program for OFWs. In a spirited question and answer portion, the Vice President addressed many issues that community members raised, including questions on PAG-IBIG membership benefits and the efficient delivery of consular services. END
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Last Updated ( Thursday, 25 October 2012 15:06 )
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