Businessmirror november 05, 2017

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THE EVOLVING BUSINESS OF PAMPANGA’S CHRISTMAS LANTERNS

It’s time to light up the lanterns Story & photos by Ashley Manabat | Correspondent

C

ITY OF SAN FERNANDO— As long as there’s Christmas, Pampanga lantern makers will continue to make lanterns, and will never run out of business.

This belief is what drives Rolando Quiambao, 62, Pampanga’s foremost lantern maker. What started out then as a childhood passion has become his key to success, because in this capital city north of Manila, and almost all cities in the world, it’s the Christmas season that is the most highly anticipated event. “So when they asked me until when I will make lanterns, I told them [that] as long as there’s Christmas, we will continue making lanterns, and we will never run out of business,” said Quiambao in the Pampango vernacular from his residence-cumfactory in Barangay Del Pilar here on Monday. “If you observe closely, Christmas is a highly anticipated event especially for Filipinos,” he added. “That is why there is a great demand for lanterns, even in the

local market. For Metro Manila alone there’s a huge demand.”

Learning the craft

Quiambao is considered the foremost lantern maker here today, not only for his senior age and for winning the Ligligan Parul (Giant Lantern Festival) four times in a row, which elevated him to the Hall of Fame category, but also due to his advocacy of promoting the Capampangan culture and tradition. In 2004 Quiambao was awarded The Outstanding Fernando Award and the following year was recognized with the Most Outstanding Kapampangan Award for his craftsmanship. His story started when he was a child growing up here, where he learned his craft from Continued on A2

Rolando Quiambao strikes a pose in his factory in Barangay Del Pilar, city of San Fernando.

Local currency seen continuing slide up to end-2018 to 53/$1

N

By Bianca Cuaresma

o recovery will be seen from the peso in the last two months of the year, as further weakness is expected for the local currency following the Central Bank’s recent stance on monetary policy. PESO exchange rates n US 51.4880

In an assessment of local economic dynamics, ING Bank Manila economist Joey Cuyegkeng said the peso is now expected to end the year at the 51.85-to-a-dollar level—weaker than the 51-to-a-dollar projection made earlier for the local currency. The peso currently trades at around the 51.5-to-a-dollar level, data from the PDS Group showed, on the back of sustained dollar strength.

The weakness of the peso is expected to extend up until 2018, as the local currency is seen nearing the 53-to-a-dollar territory by the end of next year, based on the calculations of Cuyegkeng.

Preemptive tightening

“Our previous forecast of a stronger peso relies on a BSP [Bangko Sentral ng Pilipinas]-MB [Monetary Board] preemptive tightening

to reduce any risk of overheating,” Cuyegkeng said, adding that the absence of monetary-rate support for the peso is key to their weaker expectation. “We reiterate our view that the peso would not receive any outright monetary-policy support anytime soon. The BSP is contented for now to smoothen the peso volatility with direct intervention,” Cuyegkeng said.

According to Cuyegkeng, with the strength of the dollar and limited local economic reports in recent days, the market is now focused on BSP actions.

Rate hike unlikely

But the BSP is not expected to deliver a rate hike in its upcoming November 9 meeting, given recent guidance of a manageable inflation, Continued on A2

n japan 0.4513 n UK 67.2485 n HK 6.6002 n CHINA 7.7906 n singapore 37.8922 n australia 39.7075 n EU 60.0350 n SAUDI arabia 13.7302

Source: BSP (3 November 2017 )


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