three-time rotary club of manila journalism awardee 2006, 2010, 2012
U.N. Media Award 2008
BusinessMirror
www.businessmirror.com.ph
A broader look at today’s business
n Sunday, January 18, 2015 Vol. 10 No. 101
P25.00 nationwide | 7 sections 32 pages | 7 days a week
POPE Francis celebrates Mass with a crowd of around 150,000 braving the rain and wind brought about by Tropical Storm Amang (international code name Mekkhala). The crowd included survivors of Supertyphoon Yolanda (international code name Haiyan) in Tacloban, the city hit hardest by the super typhoon. Story below, more photos on A2. roy domingo
PHL to sustain growth in 2015 ‘Drop in Storm cuts short oil price Pope’s stay in Leyte positive T for GDP’ By Bianca Cuaresma
week ahead
ECONOMIC DATA PREVIEW Foreign exchange
n Previous week: The local currency reverted back to the 44 level during the shortened trading week for Pope Francis’s state and spiritual visit this weekend. The local currency seemed to adopt the socalled pope effect, as the peso saw continuous appreciation during the week. On Monday, January 12, the peso traded at 44.875 to a dollar, with a traded volume of $517.7 million. This appreciated to 44.77 to a dollar on Thursday, before ending the trading week on Wednesday at 44.675 to a dollar. This is the strongest peso since December 22 last year, when it hit 44.62 to a dollar. The total traded volume during the shortened trading week is at $2.13 billion. Continued on A6
HE country’s economic-growth story is still seen to be one of the most robust and resilient performances this year amid impending volatilities in the local and global front, an international credit watcher said. In a recent research note, Fitch Ratings said the Philippines’s economic prospects remain an outlier in the region this year, along with that of the Chinese. “We assess macroeconomic performance and policy management as a strength for only two sovereigns [China and the Philippines], and as a neutral factor for the others,” Fitch said in its outlook on emerging Asian sovereigns for this year. Moreover, the country’s other indicators also show a good standing among its Asian peers. Fitch graded the Philippines’s public finances with a “neutral” status and a “stable” trend. Other similarly rated countries in public finances include Bangladesh,
PESO exchange rates n US 44.8320
China, Indonesia and Thailand. India, Malaysia, Mongolia, Sri Lanka and Vietnam, meanwhile, were rated with a “weakness” status in public finances. In terms of external finances, the Philippines was given a “strength” status with a “stable” trend. Other countries with a “strength” status in its external finances include Bangladesh, China, Malaysia and Thailand. India and Vietnam were given a “neutral” standing, while Mongolia and Sri Lanka were given a “weakness” status. Only Vietnam, meanwhile, was given a “positive” grade on its external finances trend. On its structural issues, meanwhile, the Philippines was given a See “Growth,” A6
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By Jovee Marie N. dela Cruz
ACLOBAN CITY—Amid strong winds and heavy rains brought by Tropical Storm Amang (international code name Mekkhala), Pope Francis on Saturday celebrated Holy Mass with the survivors of Supertyphoon Yolanda (international code name Haiyan) and thousands of pilgrims. The pope arrived onboard a Philippine Airlines Airbus A340 at the Daniel Z. Romualdez Airport at about 8:50 a.m., and was warmly greeted by Yolanda survivors, as well as 11 bishops representing the places affected by the super typhoon. Continued on A6 Wearing a yellow raincoat, Pope Francis gives a thumbs-up to the faithful as he arrives in Tacloban on Saturday. AP/Wally Santana
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HE slipping oil prices in the international market can put an additional boost to the Philippine economic growth coming into this year, after the $270-billion economy had posted a disappointing growth in the third quarter of the previous year. In an interview, Bangko Sentral ng Pilipinas Deputy Governor for the Monetary Stability Sector Diwa C. Guinigundo said the effect of lower oil prices on the country’s gross domestic product (GDP) is “positive.” “Well, it is positive. Because production is lower, the cost of basic commodities will also be benefiting in the process. The DTI [Department of Trade and Industry] said a lot of basic commodities’ prices have already gone down, such as transport cost,” Guinigundo said. “The country’s [GDP] can also be supported by low prices,” he added, explaining that lower oil prices can pass on savings to Continued on A6
n japan 0.3804 n UK 68.0101 n HK 5.7827 n CHINA 7.2330 n singapore 33.6324 n australia 36.5826 n EU 52.8031 n SAUDI arabia 11.9453 Source: BSP (14 January 2015)