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A broader look at today’s business
Sunday, May 29, 2016 Vol. 11 No. 232
P25.00 nationwide | 3 sections 16 pages | 7 days a week
Consumer What makes a prices grew real President faster in May By Bianca Cuaresma
@BcuaresmaBM
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RICES of consumer goods likely grew faster in May than in April this year, according to the central bank chief, as oil and food prices went up during the month.
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Bangko Sentral ng Pilipinas Governor Amando M. Tetangco Jr. told reporters on Friday the bank’s forecast suggested May inflation could settle within the 1.1 percentto-1.9 percent range. This means that inflation likely accelerated from the 1.1-percent actual print in April, and will be around the same level to that of inflation in May last year, at 1.6 percent. This, however, means the month’s See “Prices,” A2
NICE DISPLAY A granddaughter of former Mayors Angel and Natividad Bernardo of Palanan, Isabela, Nice Bernardo welcomes visitors to a 3D-like mural creatively portraying the coastal town’s landscape made of seashells, indigenous crops and wild plants at a municipal showroom. The town at the Pacific coast of Isabela is home to skilled sabutan (also called pandan) handicraft workers, who make the amphibious palms into colorful mats, hand fans, bags and fashionable hats, like what the Palanan girl wears. LEONARDO PERANTE II
Cusi has to learn fast as energy czar By Lenie Lectura @llectura
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LFONSO Cusi, the energy secretary-designate of President-elect Rodrigo R. Duterte, needs to learn fast in order to keep up with the many complicated issues in the oil and power sectors. “He has to do a lot of reading. It is a critical agency, so he has to move fast. He has to learn fast,”
IF YOU KNEW THE GIFT OF GOD Lord Jesus Christ, You have taught us to be merciful like the heavenly Father, and You have told us that whoever sees You sees Him. Show us Your face and we will be saved. Your loving gaze freed Zacchaeus and Matthew from being enslaved by money; the adulteress and Magdalene from seeking happiness only in created things; made Peter weep after his betrayal; and assured Paradise to the repentant thief. Let us hear, as if addressed to each one of us, the words that You spoke to the Samaritan woman: “If you knew the gift of God.” Let us praise You, forever more. Amen! Give Us This Day, Committee on Divine Worship Shared by Luisa M. Lacson, HFL
said Tomas I. Alcantara, CEO of Alsons Consolidated Resources Inc. (Acri). Though he lacks the expertise in dealing with energy-related issues, Alcantara said Cusi is willing to learn the nitty-gritty details of this highly competitive, yet very complicated, industry. “When I called him up to congratulate him, he said he will work hard,” Alcantara said after Acri’s stockholders’ meeting on Friday. See “Cusi,” A2
Currency tranquility is calm before storm for forex traders
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T’S all quiet in currency markets, a little too quiet for some traders who warn that an uptick in volatility is just around the corner. Price swings in global exchange rates slid to the lowest since January this week, according to a JPMorgan Chase & Co. index. A three-month measure of dollar volatility versus the euro tumbled to the least since December 2014, while a gauge against the yen fell to a two-month low. That tranquility, which comes before holiday weekends in the United States and the United King-
PESO exchange rates n US 46.6650
dom, isn’t likely to persist. Event risks stemming from Britain’s vote on European Union (EU) membership to Federal Reserve meetings to the US presidential election threaten to roil currencies around the world. Increasing correlation between gauges of risk has meant that when one measure falls, others tend to do so, too, said Kit Juckes, a London-based strategist at Société Générale SA. “There’s a very fine line for this calm period in markets that you see with low volatility, a slightly softer See “Currency,” A2
PRESIDENT-ELECT Rodrigo R. Duterte sings the national anthem at the start of a presidential debate at the Phinam University of Pangasinan in Dagupan City on April 24. Mark Balmores/AP
By Cecilio T. Arillo, PhD | cecilio.arillo@gmail.com
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HE 1987 Constitution established the Office of the President, in the order of precedence, as the most coveted, compelling and exciting position in the entire Philippine government. Indeed, the position carries a concomitant responsibility and a covenant with the people, and this is clearly written in his oath of office, thus: “…obey and defend the Constitution, execute the laws and do justice to everyone.” A President, therefore, must be judged daily on what he does in office, based on the clearly defined oath of office and not on the basis of popularity surveys that merely deceive
the public and mask ineptness and incompetence. So, beyond Section 2, Article VII of the Constitution (“No person may be elected President unless he is a natural-born citizen of the Philippines; a registered voter; able to read and write; at least 40 years of age on the day of the election; and a resident of the Philippines for at least 10 years immediately preceding such election”), the President must show a broad
knowledge of statecraft, and the ability to govern and draw up a strategic plan with a very clear mission and vision statement about his administration. A President must handle well such issues as laws, politics, economics, sociology, foreign affairs, national security and public order, and draw up a well-defined direction where the country is going, and what are the means required to get there and make it peaceful, economically progressive and highly competitive. Not only that. He must be aware of a mixture of several factors: How to deal with Congress, the Judiciary and the people; how to deal with corrupt officials, politicians and businessmen; and how to apply moral and ethical standards on other people in an environment where convincing, cajoling and hustling are needed—requiring the exercise of flexibility, creativity, understanding Continued on A2
n japan 0.4252 n UK 68.4856 n HK 6.0086 n CHINA 7.1137 n singapore 33.9777 n australia 33.7155 n EU 52.2461 n SAUDI arabia 12.4473
Source: BSP (27 May 2016 )