‘annie,’ the musical Resorts World Manila’s (RWM) latest theater offering Annie is all set to captivate Filipino audiences anew with the stellar performances of young stars Krystal Brimner and Isabeli Araneta Elizalde. Complemented by a cast that includes such seasoned actors as Michael de Mesa, Menchu LauchengcoYulo, Jill Peña, Red Concepcion, Mako Alonso, Justine Peña and James Paolelli, Annie is well on its way to being another family musical milestone for RWM that champions Filipino talent.
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DOTr mainly successful in programs for 100 days
S
AVE for a few hiccups, the Department of Transportation (DOTr) was generally successful in implementing its first 100 days program, a target that was seen by many as ambitious, but proved to be doable. Transportation Secretary Arthur P. Tugade said the transportation sector —broken down to rails, seaports, airports and road—saw improvements in 100 days, after implementing measures to ease congestion on all fronts. Some of these, he said, were done in a matter of weeks, no matter that problems were persisting for the past few years. He admitted, however, while the agency made good with its promises, some of the items on his checklist were left unmarked. “There were problems we initially identified as difficult, but in the course of addressing them, we found out they were, indeed, extremely difficult,” Tugade said. “We have promised some things in the past that we were not able to do, but it does not mean that we didn’t do anything.” Tugade’s recipe in addressing issues is simple: To solve problems the easiest, fastest and most beneficial way possible. One example of such is his agency’s thrust in solving the bullet-planting incident at the Ninoy See “DOTr,” A2
A broader look at today’s business n
Sunday, October 9, 2016 Vol. 11 No. 365
ADB: Brace for slower economic growth
By Lorenz S. Marasigan
@lorenzmarasigan
T
HE country should brace itself for slower economic growth next year, a regional development bank warned, as shipping volumes are seen to be dampened by the slowdown in global trade and weak demand for Philippine exports.
As early as now, the country is threatened by weaker-than-expected demand from major markets for Philippine exports. Hence, economic growth is seen to dip slightly to 6.2 percent, although still above the previous forecast of 6.1 percent, the Asian Development Bank (ADB) said in an outlook update. Sadly, the World Trade Organization (WTO) also reduced its global-trade forecast, warning that anti-globalization rhetoric and Brexit were pushing trade growth to its slowest pace since Britain’s financial crisis. Global trade is now estimated to expand by a mere 1.7 percent, 1.1 percentage points below its original forecast of 2.8 percent—also a far
@Pulitika2010 Special to the BusinessMirror
T
HE Miss Universe beauty pageant is definitely still on, an official of the Department of Tourism (DOT) said, amid new rumors the hosting in Manila has been canceled.
‘Hot’money fleeing PHL
Business enterprises urged to tap social networking sites
Continued on A2
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LOSING THE PINE TREES Forest cover in Baguio City is almost gone, with the unabated building of houses and other permanent structures on the city’s mountains.
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Miss Universe pageant in PHL still on–DOT exec By Ma. Stella F. Arnaldo
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Another event that is sure to push through, the DOT said, is the Madrid Fusión Manila in 2017, after the agency and the event’s Spanish organizer and franchise holder recently inked an agreement to hold it for the third year. In a text message to the BusinessM irror, Tourism Undersecretary for Administration and Special Concerns
PESO exchange rates n US 48.2370
Katherine de Castro said: “I am always in touch with the people from the Miss Universe Organization [MUO] and IMG. There have been no cancellation talks.” IMG is a global sports and entertainment events-management company. She said there would be “worldwide announcement” for the event in the next few days, about more details
regarding the beauty pageant, which is scheduled to take place in Manila on January 30, 2017. Published reports (not in the BusinessM irror) on Friday alleged the William Morris Endeavor Entertainment Llc. (WME), a talent management and entertainment agency and parent firm See “Miss Universe,” A2
OREIGN portfolio investments (FPI)—or shortterm investments made by foreign investors to the country—have been consistently being pulled out of the Philippines, starting end-August this year, latest data from the central bank showed. FPI—or also more popularly known as “hot” or “speculative” money—showed a consistent net outflow from the week ending August 31 up to the Bangko Sentral’s latest available data leading to the week ending September 23. In particular, from August 29 to September 23, FPI’s outflow amounted to some $790 million—with the largest weekly outflow seen in the week ending September 16. This is the longest and largest streak of weekly outflows the country has encountered for the entire 2016. FPI are more popularly known as hot or speculative money, because they are easily pulled in and out of the local platforms. The movement of such investments usually mirrors the perception of international investors to the Philippines’s prospects as they are moved by slight change of
sentiment. The outflows, however, do not signal a deterioration of the local economy, rather, a socalled perception gap among investors owing to the contrast of the strong economic fundamentals and the recent political rifts in the country. In its latest assessment of the local economy, an Australia and New Zealand (ANZ) banking group research team said the strong economic story of the Philippines is being “overlooked” with the given weakness in portfolio movement and the weakness in the local currency. This is as foreign investors turned more cautious of the Philippines owing to “recent negative international media coverage,” particularly on local politics. “Philippine asset prices have been under pressure, weighed down by foreign investor-portfolio outflows,” ANZ said. “Yet, the country’s economic fundamentals have remained sound, leading to a perception gap as foreign investors have responded to the negative media coverage rather than to economic developments,” ANZ added. See “Hot money,” A2
n japan 0.4641 n UK 60.8654 n HK 6.2188 n CHINA 7.2325 n singapore 35.1531 n australia 36.5733 n EU 53.7987 n SAUDI arabia 12.8622
Source: BSP (7 October 2016 )