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Sunday, April 10, 2016 Vol. 11 No. 183
P25.00 nationwide | 4 sections 20 pages | 7 days a week
will it be his last? Welterweight boxer Manny Pacquiao waves to
fans after arriving at the MGM Grand Hotel & Casino in Las Vegas on April 7. Timothy Bradley Jr. and Pacquiao will meet for their third fight at the MGM Grand Garden Arena today. Story on A8. Steve Marcus/Las Vegas Sun via AP
ERC: Let’s pray for rain and a win for Pacquiao
By Manuel T. Cayon Mindanao Bureau Chief
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ENERAL SANTOS CITY—“Let’s pray and dance to the saints that it would rain.” Thus said Energy Regulatory Commissioner Josefina Patricial M. Asirit, who expressed hope that, as desperate as Mindanao is for stable power, the townmates of Filipino boxing icon Manny Pacquiao would pray there would be no brownout during his fight in the US. El Niño-hit Mindanao is still brownoutprone, despite the entry of a 300-megawatt coal plant in the Mindanao grid in January, one of four coal plants expected to bring stable relief for the island, but not till the next two years. Asirit’s statement merely supported the thinking of some sectors in Mindanao that tribal communities in Mount Apo have resorted to tribal animist dances, and Christian residents have also conducted community prayers to supplicate for rains, “just so there would be no brownout during the live telecast here of the Pacquiao-Bradley fight.” The Energy Regulatory Commission (ERC) conducted here on Thursday a Mindanao round of its basic orientation on power for journalists. The ERC also presented the long-term energy plan by the Department of Energy, and also clarified legal and regulatory process on
PHL still underrated by intl credit watchers T
By Bianca Cuaresma
HE government insists the Philippines remains underrated by certain credit watchers, citing the country’s better economic indicators as compared to similarly rated peers.
Following Fitch Ratings’s action to affirm the country’s “BBB-” rating, Finance Secretary Cesar V. Purisima said that, while the government welcomed the “positive” outlook, the country’s economy does better than economies given a higher rating. Data from the Investor Relations Office (IRO) showed the credit-default swap (CDS) spread on the Philippines’s five-year bonds See “Underrated,” A2
4 Fed leaders face questions about their powerful jobs
Macabebe, Pampanga, wants historical marker on 19th-century Ayala distillery
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See “ERC,” A2 MACABEBE, Pampanga, Mayor Annette Flores-Balgan (left) inspects the liquor-storage facility of the defunct Destilería de Ayala in Barangay San Esteban. With her are Barangay Captain Jefferson Suing, Tourism Officer Catherine Flores, Pette Mangiliman and residents. LEO VILLACARLOS
By Joey Pavia
Correspondent
M
AC ABEBE, Pampanga— Mayor Annette Flores-Balgan will urge the National Historical Commission of the Philippines
PESO exchange rates n US 46.1250
(NHCP) to put a “significant marker” on the former distillery of the Zobel de Ayalas established in 1860 in Barangay San Esteban here. Balgan told Macabebe Tourism Officer Catherine Flores to coordinate with local historians and the NHCP to determine “what’s the rightful historical marker” for the Destilería de Ayala, which pro-
duced alcohol and liquor in the mid19th century at the coastal village. The Zobel de Ayalas own the country’s largest and oldest conglomerate. Their ancestor—Margarita Roxas de Ayala—was 28 years old when she took over the management of the Destilería de Ayala, a subsidiary of the Ayala y Compañia. See “Pampanga,” A2
ASHINGTON—Janet Yellen was put on the spot about whether she made a mistake in raising interest rates last December. Ben Bernanke was quizzed about what it felt like to be called a traitor by the governor of Texas. Alan Greenspan was asked if he purposely sought to confuse Congress with his answers. And Paul Volcker was queried about being hung in effigy after he pushed interest rates to levels not seen since the Civil War. The event was an unprecedented gathering of leaders of the Federal Reserve (the Fed)—past and present—to discuss what it feels like to hold what is considered the world’s most powerful economic policy-making job. The four Fed leaders appeared on Thursday evening at an event to launch a speaker’s program honoring Volcker at the International House in New York, a residential dormitory for foreign students. Greenspan appeared by video link from Washington. Together, the tenures of the four participants cover more than one-third of the Fed’s 102-year history. Their leadership included the double-digit inflation of the 1970s, the global banking and financial market crises of the 1980s and 1990s, and beginning nearly a decade ago, the worst financial crisis and recession since the Great Depression. Fareed Zakaria of CNN, who moderated the discussion, asked how the four felt in a job with “so much concentrated power” that opened them up to criticism when the economy was not doing well. See “Fed Leaders,” A2
n japan 0.4261 n UK 64.8333 n HK 5.9442 n CHINA 7.1260 n singapore 34.1086 n australia 34.5891 n EU 52.4672 n SAUDI arabia 12.3033
Source: BSP (8 April 2016 )