Businessmirror july 03, 2016

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A broader look at today’s business n

Sunday, July 3, 2016 Vol. 11 No. 267

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PINEAPPLE FARM TOUR Young Nonie and his older sister

Suzanne June are enthralled picking their choice of sweet jumbo-size fruits from a pile of freshly harvested pineapples at a farm gate in Barangay Amballo, Bagabag, Nueva Vizcaya. The upland village serves as the pineapple capital of the province. LEONARDO PERANTE II

Dollar traders see jobs data as obstacle after post-Brexit fade

C

URRENCY traders will be looking at next week’s jobs report for clues on the dol­ lar’s direction, after the greenback had its worst week in a month. A gauge of the US currency erased gains after the United King­ dom’s Brexit decision sent shock waves through financial markets and diminished the chances of a Federal Reserve (the Fed) interestrate increase any time soon. As political paralysis in Britain looms over Europe, investors will turn their attention to the US, where Fed Vice Chairman Stanley Fischer said

Duterte needs power over urban traffic woes U

Dear Lord, by ordering to repeat what You did at the Last Supper, You made provisions for the perpetual reenactment of Your self-offering to the people of all generations under all skies. Blessed are those who receive such a life-giving gift. But even more blessed are those who strive to become themselves a living Eucharist—a constant gift of self to their neighbor in imitation of the Eucharistic Lord. May we appreciate our Lord’s generosity in instituting the Eucharist. May we receive this sublime Gift properly disposed. Inspire us Lord to imitate Your generosity and self-giving love as exemplified in the Eucharist. Amen! Word & Life, Fr. Sal Putzu, SDB and Luisa M. Lacson, HFL

@butchfBM @davecaga

RBAN planners are supportive of the grant of emergency powers to President Rodrigo R. Duterte to solve the traffic problem in Metro Manila by putting into effect the various proposals that have been floating around since the 1970s.

Roque A. Magno, a professor at the University of the Philippines School of Urban and Regional Plan­ ning, said students of the school, as well as his fellow professors, have been churning out lots of plans in the past four decades, all in their attempt to help prevent a traffic gridlock in the metropolis. But most of these plans were left unimplemented; and if some were ever put into motion, road­ blocks present themselves to hin­ der the progress. Continued on A2

Consumer prices continue to rise By Bianca Cuaresma

@BcuaresmaBM

See “Brexit,” A2

A LIFE-GIVING GIFT

By Butch Fernandez & David Cagahastian

P

RICES of goods and key com­ modities con­ tinue to increase, but the hike still falls below the central bank’s tar­ get range for this year, an interna­ tional economist said. In a statement, Singaporebased DBS Bank economist Gundy Cahyadi said inflation—or the growth rate of prices in the coun­ try—may have risen to 1.8 percent in June, slightly higher than that of the previous month’s rate. May’s inflation was at 1.6 per­ cent, up from the 1.1 percent re­ corded in April this year. June 2015’s inflation rate, meanwhile, is at 1.2 percent. All of these are below the gov­ ernment’s official inflation target of 2 percent to 4 percent. The country’s inflation rate has been failing to come up to the annual target rate for 13 consecu­ tive months now, or since May last year, as the stable prices of key

PESO exchange rates n US 47.0070

food items and the extraordinarily low prices of oil lorded over the consumer price index (CPI) basket. “Expect the CPI to increase more markedly in June as the ef­ fects from low oil price dissipate,” Cahyadi said. “Food prices have also increased quite a bit, similar to what’s seen in the region, partly due to the weather.” His forecast backs the views earlier expressed by Bangko Sen­ tral Governor Amando M. Tetang­ co Jr. of a continued acceleration of inflation in June. Cahyadi’s 1.8-percent June inflation forecast is within Tet­ angco’s 1.5-percent to 2.4-per­ cent inflation forecast range for the month. With the still-low inflation re­ gime, the DBS Bank economist still sees unchanged monetary-policy settings for the entire 2016. Central-bank officials have earlier expressed confidence that the average annual inflation for 2016 will fall within target, indi­ cating a monthly uptrend toward the second half of the year. For the first half of the year, if

Cahyadi: “Expect the CPI to increase more markedly in June as the effects from low oil price dissipate. Food prices have also increased quite a bit, similar to what’s seen in the region, partly due to the weather.”

inflation falls to the lower end of Tetangco’s forecast, the growth of consumer prices will hit an aver­ age of 1.25 percent for the first six months of the year. If inflation hits the upper end of the governor’s forecast, it will show an average of 1.4 percent for the year—both still below the gov­ ernment’s target range. For inflation to hit target for the year, the inflation in the sec­ ond half of 2016 should average at about 2.6 percent to 2.75 percent, depending on the June print. The inflation rate of the coun­ try for June will be announced by the Philippine Statistics Authority in the first week of July.

₧4-B complex is first 5-star hotel in Clark By Joey Pavia

Correspondent

C

LARK FREE­ PORT—Fili­ pino and Tai­ wanese investors are pouring in at least P4 billion for the Midori Clark Hotel and Casino. It is regarded as the first five-star hotel in Pampanga and Central Luzon. Department of Tourism (DOT) Regional Director Ron­ aldo P. Tiotuico described the Midori as “excellent,” shortly after he toured the hotel and its facilities during its soft opening on July 1. “We really need lots of ho­ tel rooms in the region. It has been the desire of our superi­ ors at the DOT,” Tiotuico said. He added that there are 12,000 hotel rooms in Central Luzon, most of which are in Pampan­ ga, Angeles City, City of San Fernando and Clark. Ireneo G. Alvaro Jr. of Medal Consortium, Marquez Mercado of Imerex Group and the Taiwanese investors, led by Jack Yang, led the soft open­ ing of their 111-room hotel at the 2-hectare lot on Kalayaan Street and CM Recto Avenue. The entertainment and leisure complex is owned by the BB In­ ternational Leisure and Resort Development Corp. “Midori is another gem that makes Clark shine

brightly. Its opening will en­ able the free port to host more visitors and tourists. We believe they would be impressed with its amenities and features that make up for a five-star rating,” said Noel G. Tulabut, manager of the Clark Development Corp. (CDC) Communications De­ partment Office. Mabalacat City, Pampan­ ga, Mayor Marino P. Morales said, “Midori truly makes Clark a world-class destina­ tion.” He attended the simple ceremony for the soft opening. Morales also hailed the Midori for providing 1,400 jobs, adding that “there will be many more work opportuni­ ties when the complex is oper­ ating full blast.” At least 50 rooms are now open, Alvaro said, adding the full-blast opening will be dur­ ing the last quarter of 2016. “When I presented to Clark officials our project years ago, they could not really be­ lieve it, because we wanted to redefine the entertainment and hospitality business at the free port,” Alvaro said. “Now, it’s here, and we were true to our commitment.” Alvaro said they are con­ structing a second hotel facili­ ty in the same area. It will have at least 208 rooms. The casino was opened in April. “We introduce unique See “Clark,” A2

n japan 0.4553 n UK 62.5945 n HK 6.0584 n CHINA 7.0708 n singapore 34.9027 n australia 35.0202 n EU 52.2107 n SAUDI arabia 12.5389

Source: BSP (1 July 2016 )


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