Businessmirror june 16, 2017

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Friday, June 16, 2017 Vol. 12 No. 246

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omestic price pressures will continue to drive monetarypolicy crafting over the next 18 to 24 months, even though the Bangko Sentral ng Pilipinas (BSP) will remain mindful of the impact of developments overseas, such as an interest-rate adjustment by the US Federal Reserve.

3.4%

The projected inflation for 2017 In a statement issued on Thursday by BSP Governor Amando M. Tetangco Jr., he said financial markets were to adjust to the hike accordingly in the near-term. “In the medium term, the positive See “U.S.,” A2

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‘US Fed hike not a major factor in monetary policy’ By Bianca Cuaresma

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CASH SENT HOME BY OFWs DOWN 5.9 PERCENT IN APRIL

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he decline in cash sent home by Filipino migrant workers from Saudi Arabia, as well as the currency depreciations seen across the world, caused the total overseas Filipino workers (OFWs) remittances to register a sizable drop in April, the Bangko Sentral ng Pilipinas (BSP) reported. On Thursday the BSP released its April remittance data showing a 5.9-percent contraction in OFW remittances to only $2.08 billion, from $2.2 billion in the same month last year. The BSP said Filipinos in Saudi Arabia sent significantly less money to the Philippines in April, partly as a result of the repatriation of workers under the Kingdom’s amnesty program. Earlier this year, the Kingdom

of Saudi Arabia offered a 90-day amnesty to encourage undocumented migrant workers to leave Saudi and return to their countries of origin. The Department of Foreign Affairs earlier said there were about 15,000 Filipinos in Saudi Arabia that are qualified to avail of the amnesty. Aside from that, the BSP added the lower dollar value of remittances in April could also be partly due to the depreciation sustained by currencies of major OFW hostcountries against the US dollar, such as the Singaporean dollar, Australian dollar, pound, sterling and the euro. The BSP also said the lesser number of banking days in April may have contributed to the decline. See “Cash,” A12

DOT stops airing of McCann’s ‘Sights’ as unofficial tourism ad reaps praises By Ma. Stella F. Arnaldo

@akosistellaBM Special to the BusinessMirror

T UNIQUE LIFESTYLE CENTER in manila A celebratory toast was led by (from left) SM Prime Holdings President Jeffrey Lim, Pasay City Mayor Antonino Calixto and SM Prime Holdings Inc. Chairman of the Executive Committee Hans Sy during the launching of S Maison, a unique lifestyle center at SM Group’s newest luxury hotel, Conrad Manila. ALYSA SALEN

PESO exchange rates n US 49.4950

HE Department of Tourism (DOT) is withdrawing the airing of its “Sights” ad, after “validating” that it had “glaring similarities” to a 2014 tourism ad for South Africa. In another hastily called news conference at the DOT building in Makati City, agency spokesman and Assistant Secretary for Public Affairs, Communications and Special Projects Frederick M. Alegre also said the agency “has decided to discontinue its partnership with McCann Worldgroup Philippines”, and “expects a public apology from [the agency] over the negative feedback that the

I think it’s not right that we will be paying for something delivered to us, which is fraught with allegations of just being a copycat version.”—Ching department has been receiving owing to the glaring similarities” between both countries’ ads. “Actually we only used the ‘Sights’ ad for one day, two spots,” he said. “Everything else was not placed yet; it’s part of a bigger plan. So we will no longer use [the ad].” He added the DOT is calling for a bid for new advertising materials. The BusinessMirror tried to get in touch with Raul Castro,

chairman and CEO of McCann Philippines, and Niña Terol, director of Corporate Affairs, for a statement on the DOT’s announcement, but both executives were said to be in a meeting. The news conference came just two days after the DOT he ld a news br ief i ng say i ng it would “stand by McCann”, adding that it would continue airing the ad. (See, “DOT still

r unning ‘copied’ ad despite netizens’ outcry,” in the BusinessMirror, June 14, 2017.) As this developed, an “unofficial ad” posted by Twitter account @CreativesOfMNL reaped praises from netizens for its truthful telling about the conditions in Manila, but not losing sight of the beauty of its many destinations. “Tourism ad obviously not commissioned by DOT. Labor of love for the country,” the account tweeted on Thursday. The ad opens with sweeping shots of various Philippine terrains while news bits read about the current issues in the Philippines, e.g., terrorism, natural disasters, etc., are heard in the voice over. Continued on A12

n japan 0.4517 n UK 63.1210 n HK 6.3476 n CHINA 7.2848 n singapore 35.9885 n australia 37.5420 n EU 55.5284 n SAUDI arabia 13.2001

Source: BSP (15 June 2017 )


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