Businessmirror march 13, 2016

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Globe: No Internet access in 80% of public schools China PBOC chief cites credit risk while T reassuring on growth By Lorenz S. Marasigan

Philcoman HE Philippines will likely mourns loss of miss its goal of providing its Management digital literacy this year, Man of the Year due to the absence of a government awardee 2014-15 policy to equip public elementary and secondary schools with Internet access by 2016.

Globe Telecom Inc. Senior Vice President for Corporate Communications Yolanda C. Crisanto said there is a “significant” portion of public schools that still do not have a decent Internet connection. A broadband-policy brief released by Arangkada Philippines, a major advocacy of the Joint Foreign Chambers of the Philippines, showed that close to 80 percent of public schools in the Philippines are still without Internet access. Continued on A2

People’s Bank of China Governor Zhou Xiaochuan speaks at a news conference ahead of a meeting of the Group of 20 finance ministers and central bankers in Shanghai, China, on February 26. Chinatopix via AP

Ambassador Antonio L. Cabangon Chua

T

HE board of trustees and members of the Philippine Council of Management (Philcoman) Research Institute Inc. (PCMRII) on Saturday expressed their deepest condolences for the loss of their Management Man of the Year awardee, Ambassador Antonio L. Cabangon Chua. “We join his family, friends and relatives in praying for his eternal peace,” PCMRII President Cecilio T. Arillo said. Ambassador Cabangon Chua was chosen the “Management Man of the Year” for 2014-2015, based on the PCMRII’s award criteria: n Recognized or established achievement in the field of economics, environment, business and industry; n Success as an entrepreneur; n Emerging leadership in ecommerce and information technology; n Outstanding skill in strategic planning and management; n Track record in leadership and governance; and n Social relevance of activities and achievements. It is PCMRII’s goal to express its highest appreciation for excellence in management and herald outstanding service to the nation and society. Ambassador Cabangon Chua’s performance in the entrepreneurial and managerial management “will not only be worthy of See “Ambassador,” A2

P

A CITY RISING A view of the Bonifacio Global City landscape shows its building boom, with newly built skyscrapers beginning to dominate its skyline. NONIE REYES

Solar-power plant starts operating at Clark By Lenie Lectura

A

22-MEGAWATT solarpower facility at Clark Field in Pampanga was switched on last week. The Clark Solar Power Project, located inside the Clark Freeport Zone, was completed on March 7, and full operations started on March 10. The project is a joint venture of Mabalacat Solar Philippines Inc. and two Singapore-based renewable-energy developers—Sindicatum Renewable Energy Co. and Armstrong Asset Management. Built on 25 hectares of land leased from the Clark Development Corp. (CDC), Clark

PESO exchange rates n US 46.7440

Solar is the first renewable-energy project within the confines of the free-port zone. CDC has welcomed the establishment of the solar project, citing the adequate and low-cost power supply to current and future locators within the free port. In addition, the project will reduce the carbon footprint of the free-port zone; meet the environmental objectives of CDC—and the Bases Conversion Development Authority (BCDA); and help existing and new locators meet their own environmental objectives. The solar project also supports the development of the Clark Green City, which will be a major new integrated city involving commercial, industrial and residential development.

It is estimated that the output from the Clark solar project will generate 25,000 jobs in terms of power capacity. The project has been interconnected through Clark Electric Development Corp. (CEDC), and as such will supply most of its power to the local area served by CEDC, including the locators in the free port. Mabalacat Solar is a 100-percent Filipino-owned company that invests in solar projects in the Philippines. It is chaired by Jose P. Leviste Jr., who has a long record of involvement in the energy industry in the country. He is currently chairman of Constellation Energy Co. and the former chairman and CEO of Mirant Philippines.

EOPLE’S Bank of China (PBOC) Governor Zhou Xiaochuan warned banks about increased credit risk amid rising real-estate prices in the biggest cities, while adding the country can achieve its economic-growth targets without too much monetary stimulus. Property prices have begun to diverge severely from values in less-populated areas, Zhou said at a briefing in Beijing. He said the country faces “relatively big” downward pressure from efforts to eliminate excess housing inventory, which may suppress prices nationwide. With the briefing, his fourth-public appearance in less than a month, Zhou again sought to project an aura of calm and tamp down concern over volatility in the stock and currency markets while underscoring the risks posed by rising debt. Warning signs, including low inflation and flagging industrial output, have led to speculation that the government will need to rely on looser monetary policy to achieve its minimum-growth target of 6.5 percent over the next five years. “Excessive monetary-pol-

icy stimulus isn’t necessary to achieve the target,” Zhou said, reiterating past comments that monetary policy is prudent with a slight easing bias. “If there isn’t any big economic or financial turmoil, we’ll keep prudent monetary policy.” Addressing the property risks requires better guidance from officials in individual cities, and banks should closely monitor customer creditworthiness in mortgage lending, Zhou told the briefing, which took place on the sidelines of the national legislature’s annual session. He added that unauthorized lending by realestate agents and property developers increases chances of bad debt. Rebounding property prices in some of China’s biggest cities have spurred increased demand for mortgages, while surging bond issuance is also boosting financing. At the start of the National People’s Congress session on March 5, the government announced an increased 2016 M2 moneysupply target. That signaled that supporting economic growth has taken over as the top priority over reducing financial risks. Continued on A2

n japan 0.4130 n UK 66.7738 n HK 6.0222 n CHINA 7.1831 n singapore 33.8798 n australia 34.8290 n EU 52.2504 n SAUDI arabia 12.4670

Source: BSP (11 March 2016 )


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