PHL ECONOMY TO SEE 6% AVERAGE GROWTH FROM 2015 TO 2019–IHS
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HE Philippines is among the top 5 countries in the world with fastest economic growth both in medium and long term, according to United States-based think tank IHS Global Insight. In its IHS Economics Global Executive Summary published this month, IHS forecasts that the country’s gross domestic product (GDP) will grow at an average of 6 percent from 2015 to 2019. The country’s medium-term GDP growth will be the fourth fastest economic growth in the world, next to India’s projected average medium-term GDP growth of 7.8 percent, Vietnam’s 6.8 percent and China’s 6.7 percent. The foreseen 6-percent average GDP growth of the Philippines in the medium
2006, 2010, 2012
U.N. MEDIA AWARD 2008
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‘TOMORROWLAND’ BATTLES ‘PITCH PERFECT 2’ AT THE TOP »D2
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Editor: Gerard S. Ramos • lifestylebusinessmirror@gmail.com
Tuesday, May 26, 2015
New Focus Global showrooms
THE Lily
European luxury in New Manila
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CHOLARLY lectures and articles both in print and online have time and again celebrated the Manila of decades past—the utopian version of what we have today in terms of cleanliness, beauty and a booming economy, among other aspects. It was a Manila that was hailed as the “Paris of Asia.” With the recently opened Dhalton Home, Paris and the rest of Europe once again lives in this metropolis—at a furniture store, at least, and most likely in not a few homes. Located at the Robinsons Magnolia complex in New Manila, Dhalton Home prides itself as a furniture “gallery,” where first-rate furnishings mostly sourced from Denmark are expertly curated to parlay the brand’s values of modern luxury and elegance. These traits and more are evident even at the gallery’s doorstep. With classical music to go with the sumptuous blend of colors that bring the store to life, from light sea foam greens, golds and browns to the interiors fretted with greens and French doors, it’s easy to picture oneself at a quaint garden chateau in summertime in Europe. According to Dhalton Home Creative Director Geoffrey Chua, who knows his way around the word “luxury” having worked with the best design houses in Manila, Hond Kong, New York and Shanghai, and for several upscale residential projects and A-list clients, this vibe of classy opulence is exactly what he wants for every visitor of the store. He wants them to feel regal. That is why he made sure the products the store carries, as well as the quality of service, are within the brand’s standards. According to the news release for the gallery’s opening, “Most of the sofas and cabinets are manufactured in Denmark and other parts of Europe, and coordinated by our single
in the country to date. Guests partook of appetizers and aperitifs as they enjoyed the visual feast of kitchen layouts from Siematic and the technologically advanced appliances from Miele of Germany, Sub-Zero built-in refrigerators and Wolf cooking appliances. The latest bath and wellness technologies designed to pamper were also showcased, with inspiring selections from German brands Dornbracht and Villeroy & Boch. B&B Italia’s showroom highlighted contemporary furniture developed in collaboration with internationally known designers, while a floor featured the modern lines, as well as timeless furniture pieces from US-based Ethan Allen. Guests were also able to fully appreciate the design concepts from window treatment expert Hunter Douglas and Pella windows and doors from the US. Focus Global’s new showrooms ate situated at the newly constructed Twenty-four Seven McKinley building at the intersection of 24th Street, 7th Avenue and McKinley Parkway in BGC.
THE launching of the new Focus Global Inc. showrooms at Bonifacio Global City (BGC) turned out to be a night of fun among business associates and friends. The guests who turned up for the grand opening enjoyed entertainment along with the exclusive preview of top-of-the-line home furnishings. Focus Global founder and President Stephen Sy and wife, Executive Vice President Lolita Sy, played gracious hosts at the newest home for their partner brands. Present to congratulate the company were B&B Italia chairman and CEO Giorgio Busnelli, Villeroy & Boch board member and ninth-generation family owner Michel Von Boch, Ethan Allen SVP for Business Development Dan Grow, Hunter Douglas VP for Asia Jim Tan, SieMatic Export Director Matthias Weiss, Miele Director for Export Sales Athmane Lakhlifi, Sub-Zero and Wolf sales director for Asia Pacific Edmund Schorr, and Dornbracht International Managing Director Paul Heldens. Each gave a brief congratulatory toast for the launch of the biggest lifestyle home hub
DHALTON Home Creative Director Geoffrey Chua
supplier in Canada. Items, such as the jars and vases are kilned and hand-painted in Shanghai. We also have items that are made locally.” The string that sews all the products together is the fine attention to details and superior quality ensured by state-of-theart technology. For one, the matchless lacquer finish is a product of an infrared lacquer booth that tops all lacquered products with a defined mirror-like finish. Some fine finds in Dhalton Home include the Elizabeth signature piece, a hand-painted peony console table made of solid wood, medium-density fibreboard and veneer. Another is the chair of slate blue studded camelback club with cool grey legs, called the Lily, which is made of cotton line blend, comfortable foam, and sturdy hardwood. Aside from the superb pieces, Dhalton Home also offers high-quality customer service with free interior design consultation exclusive to its clients. The service includes assistance in choosing furniture and its arrangement for the total look. Clients can also opt for true personalization from a choice of fabric swatches or paint color provided by designers, but customization is limited to key products only. Through one furniture gallery, at least, we can see firsthand how Manila, at its peak, drew comparisons to one of the most famous cities in the world. ■
THE Chester Sofa
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B3-1 | Tuesday, May 26, 2015 • Editor: Lyn Resurreccion
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Source: IHS Economic Global Executive Summary
A broader look at today’s business TfridayNovember 18,2015 2014Vol.Vol.1010No.No.22940 Tuesday, May 26,
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LTHOUGH the government intended to spend as much as it could in the first three months to optimize this year’s growth, fiscal officials on Monday reported instead of a budget deficit 60 percent lower year-on-year to only P33.5 billion.
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IN this photo taken on May 19, Harmondsworh Great Barn, a medieval timber framed barn built in 1426-7, stands in Harmondsworth in London. Residents of the village close to Heathrow Airport are campaigning against the expansion of the airport, which they claim will decimate their community. AP/KIRSTY WIGGLESWORTH
Heathrow airport expansion to take out entire UK villages
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ONDON—With its classic red phone booth, pub and medieval church, Harmondsworth’s center looks quintessentially British. But the search for a wee English village isn’t what brings millions of people within a stone’s throw of its boundaries.
surviving neighborhoods will have to cope with increased noise, pollution and traffic. The issue is so toxic that politicians created an independent commission to weigh the options. Government officials then postponed a decision until after the May 7 election, effectively taking the matter off the political agenda, if but briefly. The commission is set to make its recommendation as soon as next month. It will then be up to political leaders to make the final decision. A furious public-relations battle has raged in advance, with placards all over London’s subway system, for example, extolling the virtues of Heathrow or Gatwick. The commission has already rejected other options, including Mayor Boris Johnson’s proposal for a new airport in the Thames Estuary. According to the commission, all three remaining proposals, including two different plans to expand Heathrow, would meet the region’s needs, though the costs and potential benefits would vary. Gatwick, for instance, would cost an estimated £9.3 billion and boost Britain’s gross domestic product (GDP) by as much
as £127 billion. The most expensive Heathrow project would cost twice as much and boost GDP by up to £211 billion, the commission estimates. Making the right decision is crucial as London seeks to retain a competitive edge. In a globalized world, airports of offer the opportunity for investment bankers, lawyers, consultants and engineers to make face-to-face connections in major markets where deals are made, said John Kasarda, director of the center for air commerce at the University of North Carolina’s KenanFlagler Business School. “This is contact sport, particularly at the global level,” Kasarda said. “This isn’t done over the net.” And the ability to move—and connect—faster makes a country and its economy more competitive. Opting not to expand is a tacit acknowledgement that the government is willing to have some of those jobs go to a competitor, such as Paris, Amsterdam or Dubai. “It’s the survival of the fastest,” Kasarda said. “It’s no longer the big eating the small. It is the fast eating the slow.” But there is a human cost, as communities like Harmondsworth and others that might be affected know all too well. Heathrow external relations director Nigel Milton said he understands that some people are very upset, though he claims there are residents in Harmondsworth who support the project but might not want to come forward to support the idea. He acknowledges the local impact, but said the company would offer compensation packages—even to those whose homes would not need to be leveled but who would find themselves living next to a runway.
“We believe we are being fair,” he said. Countries like Britain have struggled with the notion of balancing national gain with local pain. Harmondsworth and the nearby village of Sipson are “stylized examples of the challenge all big societies face: progress meets obstacles,” said Tony Travers, a professor of government at the London School of Economics. Britain has sought to strike a balance between growth and safeguarding its heritage, and grassroots conservation movements have grown up to protect cultural landmarks. Unlike communities such as Venice in Italy, Britain hasn’t allowed beauty to hamper progress—but that doesn’t mean it isn’t taken into account. “If Harmondsworth were not this beautiful village, this decision would be that much easier to make,” Travers said. Local campaigners say they’ve been told the latest proposal would avoid landmarks like Saint Mary’s Church, which traces its history to the mid-11th century and the Great Barn, a 15th century oak-framed behemoth—192 feet long, 37 feet wide and 39 feet high—dubbed the “Cathedral of Middlesex” by the late poet laureate John Betjeman. But opponents say the proposed runway would be so close to what’s left of the village that no one would be able to stand to live there because of the noise and the bad air. In other words, there’d be a church but no congregation, said archaeological scientist Justine Bayley. “They have no concern that they are screwing up the lives of hundreds of thousands of people for their shareholders,” she said of her village and others along the flightpath and in west London who are affected by the noise. AP
JAPAN P TRADE DEFICIT SEEN PAN IN APRIL, MORE RED AHEAD
A VISITOR looks at a Honda S660 car displayed at a Honda showroom in TTokyo on April 28. Honda’s profit for the fiscal fourth quarter dropped 43 percent, as the costs of air-bag recalls offset the positives of a weak yen and strong vehicle sales in Asia. Honda Motor Co. reported on TTuesday a profit of ¥97.8 billion ($897 million) for January to March, down from ¥170.5 billion a year earlier. AP/SHUJI KAJIYAMA IY IYAMA
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OKYO—Japan posted a trade deficit in April following a singlemonth’s surplus in March, and economists said shortfalls were likely to persist given the weakness of the yen. The ¥53.4-billion ($439.6-million) deficit in April for the world’s thirdbiggest economy compared with a ¥227.4-billion surplus in March, the first in several years. But thanks to lower oil and gas prices, the deficit fell more than forecast, nearly 94 percent from April 2014, when the deficit was ¥825.5 billion, the Finance Ministry reported on Monday. The Japanese yen, now trading around 121.6 to the US dollar, is at its lowest level in price-adjusted terms since January 1973, according to Richard Katz of The Oriental Economist Report. That means imports are costing Japan more in relative terms than in past decades. Oil prices appear to have bottomed out, auguring further deficits, economists say. “Overall, therefore, the trade balance will likely remain in the red in coming months,” Marcel Thieliant of Capital Economics said. The overall trade balance slipped into deficit in 2011 as oil and gas imports
surged following the disaster at the Fukushima Dai-Ichi nuclear power plant, which led to closure of all of the country’s reactors for safety checks. Japan’s trade deficit hit a record early last year as consumers stepped up purchases to beat a tax hike on April 1, 2014, which was followed by a brief recession. Costs for importing oil and gas and a shift of Japanese manufacturing to over overseas markets yen, plus persistent weak weakness in key export markets, have so far precluded an export-led recovery. A surge in visits by foreign tourists is helping, though demand overseas is sluggish, and inventories are rising due to higher imports late last year, said Masamichi Adachi, of JPMorgan. “As a result, we think that both exports and imports will slow or even decline this quarter,” he said. In April exports rose 8 percent yearon-year to ¥6.55 trillion ($53.9 billion), while imports dropped 4.2 percent to ¥6.6 trillion ($54.3 billion). Japan’s exports to the US, Japan’s biggest market, rose 21 percent from a year earlier to ¥1.36 trillion ($11.2 billion), while imports from the US rose 24 per percent, to ¥714.1 billion ($5.9 billion). AP
MALAYSIA FINDS GRAVES OF SUSPECTED TRAFFICKING VICTIMS
A ROHINGYA Y migrant YA woman walks after taking a shower at a temporary shelter in Kuala Langsa, Aceh province, Indonesia, on May 24. Thousands of migrants—about half of them Bangladeshi and the others minority Rohingya Muslims from Myanmar—have landed ashore in Indonesia, Malaysia and Thailand since May 10.
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ANG KELIAN, Malaysia—Malaysian authorities said on Monday they have discovered 139 suspected graves in a series of abandoned camps used by human traffickers on the border with Thailand where Rohingya Muslims fleeing Myanmar were believed to have been held. Malaysian police chief Khalid Abu Bakar said that a sweep of the hilly, jungle area found at least 28 camps along a 50-kilometer (30-mile) stretch of the bor border. At one of the camps, police found “a
AP/TAT TATA TAT TAN SYUFLANA
highly decomposed body” that would be examined by forensics experts as teams began the work of exhuming the areas believed to be graves. “It is a very sad scene,” Abu Bakar told reporters in northern Perlis state at a police outpost several kilometers from the suspected camps, some of which, he said, appeared to have been abandoned two to three weeks ago. “We have discovered 139 of what we believe to be graves,” he said, describing them mostly as mounds of earth,
covered by leaves and marked by sticks. “Forensics teams have gone in to exhume any remains.” “We accept that there are syndicates involved in this and their main aim is for monetary gains,” he said. “We will investigate, and we will not condone anyone, including Malaysian officials.” The finding follows a similar discovery earlier this month by police in Thailand, who unearthed dozens of bodies from shallow graves on the Thai side of the border. The grim discoveries are shed-
ding new light on the hidden network of jungle camps run by traffickers, who have for years held countless desperate people captive while extorting ransoms from their families. Most of those who have fallen victim to the trafficking networks are refugees and impoverished migrants from Myanmar and Bangladesh, part of a wave of people who have fled their homelands to reach countries like Malaysia, where they hope to find work or live free from persecution. AP
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LEBRON JAMES, seen here powering his way past Atlanta’s Paul Millsap and Kent Bazemore (24), has passed both Jerry West and Karl Malone to move into sixth place on the National Basketball Association’s all-time postseason scoring list. His 12 triple-doubles are second only to Magic Johnson, who retired with 30. AP
LeBron James had 37 points, 18 rebounds and 13 assists after missing his first 10 shots, and the Cavs beat the Atlanta Hawks, 114-111, in overtime on Sunday to take a commanding 3-0 series lead. They will go for the sweep at home on Tuesday night.
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LEVELAND—LeBron James had a miserable start and a memorable finish. As a result, the Cavaliers are one win away from their second National Basketball Association (NBA) Finals trip in franchise history. James had 37 points, 18 rebounds and 13 assists after missing his first 10 shots, and the Cavs beat the Atlanta Hawks, 114-111, in overtime on Sunday to take a commanding 3-0 series lead. They will go for the sweep at home on Tuesday night. It was the Cavs’ second straight game without All-Star point guard Kyrie Irving, who again sat with tendinitis in his left knee. They haven’t really needed him yet to beat the East’s top seed. The Hawks had a chance to force a second overtime, but Shelvin Mack missed a pair of three-pointers in the game’s final seconds. Guard JR Smith had 17 points and 10 rebounds off the bench and Matthew
‘UNHAPPY’ FEDERER ARIS—Roger Federer was not amused. As Federer finished an interview after his first-round French Open victory on Sunday, an overzealous fan left his seat and approached the 17-time major champion right there on the main stadium court in search of the most modern of mementos—a cell-phone selfie. At first, Federer seemed startled. Then he looked uncomfortable, trying to brush away the unexpected guest, who appeared to be in his teens, before a guard led the spectator away. And in the end, Federer was angry at what he considered a serious lapse in security. “I’m not happy about it. Obviously, not [for] one second [am I] happy about it,” Federer said, adding that something similar happened a day earlier, when several kids interrupted his practice session at Roland
Garros. “Normally I only speak on behalf of myself, but in this situation, I think I can speak on behalf of all the players—that that’s where you do your job, that’s where you want to feel safe.” Tournament Director Gilbert Ysern headed to the locker room to offer a personal apology and also spoke to Federer’s wife, Mirka, in the players’ lounge. Ysern called it “embarrassing” and acknowledged Federer “has good grounds for being unhappy,” but chalked the whole thing up to “lack of judgment” on the part of the security staff that let the intruder get by. “Honestly,”Ysern said at a news conference, “at this stage, there is no reason for us to change the security procedures.” Ysern noted that tennis security was beefed up worldwide after then-No. 1 Monica Seles was stabbed in the back by someone who came out of the stands during
ROGER FEDERER expresses discomfort about on-court fan’s French Open selfie. AP
Dellavedova had 17 points in place of Irving for the Cavs, whose only other Finals trip was with James in 2007. The Cavs are rolling; the Hawks are reeling. Jeff Teague gave the Hawks a 111-109 overtime lead on a stepback three-pointer, but James took the lead right back on a three-pointer. James missed his first shot, but Tristan Thompson grabbed the offensive rebound and gave it back to him in the corner. The Hawks had a chance to retake the lead, but Teague missed a lay-up with James pursuing him and the Hawks knocked the ball out of bounds with 30 seconds left. James scored again on a drive to the basket over Paul Millsap with 13 seconds left, setting up the Hawks’ final possession. The Hawks had a chance to win it in regulation, but Teague missed a clean look at a three-pointer at the buzzer. Teague had 30 points, seven assists and six rebounds, and forward Paul Millsap had 22 points and nine rebounds for the Hawks. Kent Bazemore had 14 points and seven rebounds filling in for injured guard Kyle Korver. Typically mild-mannered Hawks center Al Horford was assessed a flagrant-2 and ejected in the final minute of the first half with the Cavs leading 48-47. Dellavedova and Horford were fighting for rebounding position when Dellavedova stumbled over DeMarre Carroll and fell into Horford’s leg. Horford responded by dropping an elbow on Dellavedova, the same player who rolled up Korver’s leg in Game Two while diving for a loose ball. As a result, Korver is lost for the postseason. After a lengthy review, Dellavedova was given a technical and Horford was ejected with 14 points and four rebounds, serving as the Hawks’ best offensive weapon to that point. When the arena showed the replay on the scoreboard, fans
a changeover at a tournament in Germany in 1993. “Given what happened with Seles and...[that] we live in a civilization that has gone a bit mad, it’s clear that we absolutely owe it to the players to allow them to play on the court,” Ysern said. “Fortunately, our sport doesn’t have fences and barbed wire around the courts. There’s not that physical separation that isn’t very pleasant.” It was, certainly as far as Federer was concerned, the most noteworthy development on Day 1 at the clay-court Grand Slam tournament. Like No. 2 Federer, who beat Colombia’s Alejandro Falla, 6-3, 6-3, 6-4, most seeded players progressed without a hitch. No. 5 Kei Nishikori and No. 8 Stan Wawrinka, who both exited in the first round last year, won in straight sets, as did No. 24 Ernests Gulbis, a 2014 semifinalist. The only seeded men gone were No. 25 Ivo Karlovic, beaten
7-6 (6), 6-4, 6-4 by 2006 Australian Open runner-up Marcos Baghdatis, and No. 26 Guillermo Garcia-Lopez, edged 6-3, 6-3, 6-7 (1), 3-6, 6-3 by 56th-ranked Steve Johnson of Redondo Beach, California. Two seeded women headed home, too: No. 25 Peng Shuai, a 2014 US Open semifinalist, quit after being treated for a back injury, and No. 31 Caroline Garcia. Among the winners were 2014 finalist Simona Halep and 2008 champion Ana Ivanovic. Against Falla five years ago at Wimbledon, Federer lost the opening two sets of a first-round match before coming back to win. So on Saturday night, Falla watched 15 minutes of highlights from that close call “to get inspired.” Didn’t help on Sunday against the 2009 French Open champion, because, as Falla explained, “When I played my best tennis, he also played really well.”
booed before breaking into a chant of “Del-ly!” for the secondyear undrafted point guard. Dellavedova isn’t new to this. He got Bulls forward Taj Gibson ejected from a game in the conference semifinals after Dellavedova pinned Gibson’s leg between his own feet after a pileup on the floor. Gibson kicked Dellavedova trying to get loose and was given a flagrant-2 and also ejected. Horford’s availability for Tuesday’s potential Game Four closeout remains in doubt. While a suspension seems unlikely, the league reviews all flagrant-2 fouls for potential ejections. The Hawks stormed through the regular season, finishing as the East’s only 60-win team. But they were pushed to six games in each of their first two series and are now one more loss from getting swept out of the playoffs after beating the Cavs in three-of-four meetings during the regular season. James shot 0-for-nine in the first quarter, the worst start to a game in his lengthy postseason career, while his 0-for-10 start was his worst in any game. It was just the third time in 171 playoff games he went scoreless in the first quarter. James didn’t score until stepping to the free-throw line 16 minutes into the game and he didn’t score his first basket until 7:04 remained in the first half. Yet, he responded with 15 points, six rebounds and six assists in an incredible third quarter to give the Cavs an 81-76 lead entering the fourth. James appeared to injure his right knee in the overtime session and initially asked out of the game, but changed his mind and played through it. He hobbled around during game breaks and even had to call a time-out to give himself a chance to sit momentarily. James passed both Jerry West and Karl Malone to move into sixth place on the NBA’s all-time postseason scoring list. His 12 triple-doubles are second only to Magic Johnson, who retired with 30. Yes, Federer tends to do that. And so it was that the most unsettling part of Federer’s afternoon came moments after his match concluded. The too-close-for-comfort encounter began with the spectator putting an arm around Federer’s shoulder and holding up a phone to try to snap photos. Eventually, a guard pulled the kid away. “It’s a risk for the players,” Falla said, “because anything can happen if a guy just can jump on the court.” Federer pointed out that his 2009 final on the same court was interrupted when a man jumped over the photographer’s pit, went right up to the Swiss star and, oddly enough, tried to put a hat on him. In a jab at the security staff, Federer said on Sunday that being a guard is “not just being there, standing there on the courts, wearing a nice tie and suit. It’s not that funny.” AP
SPORTS
Calax financial tenders known today–DPWH
THE EVERCHANGING BGC SKYLINE An illuminated construction site next to a building displaying signage for JPMorgan Chase & Co. and Deutsche Bank AG is seen through a building window at night in Bonifacio Global City (BGC) in Taguig. The BGC has been seeing robust construction activities due to strong demand for office, retail and residential spaces in the area. BLOOMBERG
THE PRICE AND ‘PRIZE’ OF PEACE IN MINDANAO
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| TUESDAY, MAY 26, 2015 mirror_sports@yahoo.com.ph sports@businessmirror.com.ph Editor: Jun Lomibao
BusinessMirror
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This development could prove a problem down the line given that fiscal programming mandates for the deficit to widen as part of the broader goal to sustain growth for the long haul. This is also proof last year’s spending restraints, which Budget Secretary Florencio B. Abad traced to “lack of coordination and planning,” have not been effectively removed and are therefore a continuing threat to the growth blueprint.
HEATHROW AIRPORT EXPANSION
The attraction is neighboring Heathrow Airport, which served 73 million travelers last year. Now Europe’s busiest airport is proposing to build a runway roughly through the center of town, leveling the ivy-covered brick walls of the Harmondsworth Hall guest house and two-thirds of its homes. A village that traces its history to the 6th century would be forever altered, and some argue even what’s left would be uninhabitable. “There’s no compensation pack package that would interest me,” said Neil Keveren, who chairs a local community group opposed to the expansion. “We have a historic village with buildings that go back 600 years. You cannot replace that. You cannot buy memories.” Harmondsworth is under threat because London and southeastern England need more airport capacity to meet the growing demands of business travelers and tourists. Heathrow and rival Gatwick, 30 miles (50 kilometers) south of central London, have offered competing projects that will cost as much as £18.6 billion ($29.1 billion). Whichever proposal is selected, homes will be destroyed and
India (5.9)
Biggest long-term slowdown
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THE Focus Global showroom inauguration was graced by (from left) Fernando and Kit Zobel with Loli and Stephen Sy.
ELIZABETH signature piece
Hungary (3.6)
Slowest long-term growth
Govt spending still below target A
EUROPEAN LUXURY IN NEW MANILA Your mother is the subject
India (7.8)
Fastest long-term growth
STATE UNDERSPENDING,WIDELY BLAMED FOR SLOWER 2014 GROWTH, PERSISTS BASED ON Q1 NUMBERS
INSIDE
A MARIAN HANDBOOK, FR. ANTHONY V. AND LOUIE M. LACSON
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Biggest medium-term rebound
term is higher than IHS’s GDP growth 2 Vietnam (6.8) Ireland (2.4) Vietnam (5.6) Italy (0.8) Angola (-5.5) projection for Nigeria at 5.8 percent, Indonesia at 5.5 percent, Qatar at 5.4 3 China (6.7) Slovenia (2.1) Philippines (4.6) Switzerland (0.9) Nigeria (-5.3) percent, Malaysia at 5.3 percent, Angola 4 Philippines (6.0) Great Britain (1.6) Indonesia (4.6) Kuwait (1.2) China (-5.2) at 4.8 percent, and Egypt at 4.5 percent. In the long term, or from 2020 to 5 Nigeria (5.8) Czech Republic (1.5) China (4.5) Portugal (1.3) Kuwait (-3.6) 2045, IHS said Philippine economic growth would even surpass China’s, 6 Indonesia (5.5) Estonia (1.4) Chile (4.4) France (1.3) Russia (-3.5) and it will be the third fastest-growing economy in the world. 7 Qatar (5.4) Portugal (1.1) South Africa (4.4) Greece (1.4) Singapore (-3.3) IHS’s GDP growth outlook for the 8 Philippines in the long term is seen at Malaysia (5.3) Cyprus (1.0) Peru (4.3) Germany (1.4) Latvia (-3.0) an average of 4.6 percent, only next to 9 Angola (4.8) Romania (1.0) Egypt (4.2) Netherlands (1.5) Ireland (-2.8) India and Vietnam at 5.9 percent and 5.6 percent, respectively. 10 Egypt (4.5) Spain (1.0) Angola (4.0) Austria 1.5) Slovakia (-2.8) Indonesia’s long-term average GDP growth is projected at 4.6 percent, while NOTES: “Biggest medium-term rebound” equals the average potential growth during 2015-19 less average potential growth during 2008-14. “Biggest long-term slowdown” equals the average potential China is at 4.5 percent. growth during 2020-45 less the average potential growth during 2000-07.
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THREETIME ROTARY CLUB OF MANILA JOURNALISM AWARDEE
EAR God, Your plans have always baffled human mind. Your actions are beyond man to comprehend. The men and women You chose, shocked the world. They wouldn’t pass the test of human standard. Qualities of the heart are Your requisite. The poor and the simple are Your favorites. In Your hands, the chosen are pliable You molded and made them reliable. Your mother is the subject here. Amen.
POTENTIAL GROWTH OUTLOOK: WINNERS AND LOSERS (ANNUAL PERCENT CHANGE)
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UST how much the government gained from the rebidding of the Cavite-Laguna Expressway (Calax) deal will be known today (Tuesday), when the Department of Public Works and Highways (DPWH) opens the financial proposals of the two companies left to vie for the P55.5-billion contract. There’s no turning back for the opening of the financial bids of both San Miguel Corp. and Metro Pacific Investments Corp., DPWH Public-Private Partnership (PPP) Officer in Charge Ariel C. Angeles said, after they passed the evaluation of their technical proposals on Monday. “It’s a go,” he said in a brief text message sent on Monday afternoon, while the Special Bids and Awards Committee was still deliberating the results of the evaluation. Industry players are expecting competitive bids; after all, both companies are frequent players in the government’s PPP Program. S “C,” A
PESO EXCHANGE RATES ■ US 44.5130
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AVAO CITY—On a social-networking site, peace worker Mary Ann Arnado posted a terse note to supporters: “To all BBL [Bangsamoro basic law] coalition steering committee members, please be reminded of the Senate hearing on the BBL tomorrow [Monday] at 9:30 a.m. with sultans as invited resource persons. There will be mass trooping inside the session hall and mass mob outside....” The message is fraught with reminders and anxieties over perceived delay in moving the main governing law for Filipino Muslims in the southern Philippine island of Mindanao as the turn of approving, or
disapproving it, shifts to the Senate after the House of Representatives approved on Wednesday last week the so-called Basic Law for the Bangsamoro Autonomous Region. Arnado capped the terse message with “Let us all troop to the Senate and remind Sen. [Ferdinand] Marcos [Jr.] to catch up with the pacing at the House. Please wear white and invite your friends and colleagues to join us.” The tone of the message was similar a week earlier, when longtime peace advocates like Oblates Fr. Eliseo Mercado, former president of the Notre Dame of Cotabato, posted on his social-media account to remind Mindanao residents that the House has begun
the marathon hearing for BBL. “The House Ad Hoc Committee voted on the proposed BBL. Query? Which have they voted, the consolidated proposed BBL—after all the public hearings and amendments—or the originally proposed BBL submitted by the OP [Office of the President] to Congress? People go on rooting for this or for that without knowing or reading which version is being voted on,” Mercado said. On the other side of the political fence, politicians and organizations relay an array of optimism, from pompous claim of triumph it “was a leap forward” to guarded optimism that “the Moro Islamic Liberation Front [MILF] would accept it.” The business organization in Cotabato City, the premier centuries-old trading C A
■ JAPAN 0.3663 ■ UK 68.9862 ■ HK 5.7429 ■ CHINA 7.1823 ■ SINGAPORE 33.3106 ■ AUSTRALIA 34.8438 ■ EU 49.0533 ■ SAUDI ARABIA 11.8698 Source: BSP (25 May 2015)