.. |
14 FEBRUARY 2004 |
| The Good News: BSP eases rules on dollar investments |
To attract more foreign investors, the Bangko Sentral ng Pilipinas (BSP) has revised the rules on foreign portfolio investments to allow foreigners to recover their dollar investments in the stock market. The Monetary Board (MB) - the BSPs policy making body - has approved a policy allowing investors to convert the peso proceeds of their stock investments into dollar, provided the original stocks were bought with dollars. According to the BSP, the decision to liberalize its rules is expected to attract more portfolio investments into the local stock market. BSP Deputy Governor Amando Tetangco Jr. told reporters over the weekend that the MB had also decided to allow investors to convert peso-denominated dividends into dollars. Tetangco explained that the BSPs decision would make the local stock market more attractive to international investors and investment houses since there would be no longer any restrictions on the outflow of dollars from the stock market. "Over the long term, this would generate more volume and encourage investments to come in," he said. Tetangco also said that the BSPs decision was prompted by repeated requests from big foreign investors and the Philippine Stock Exchange (PSE) itself. Foreign investors used to be allowed to buy Philippine-listed stocks at the PSE known as Class "A" common share. Foreign investors were also free to unload these stocks, but the BSP rules prohibited them from using the proceeds to buy dollars from the spot market. The rules were intended to prevent hot money from doing in and out of the stock market and causing instability in the peso-dollar exchange rate. "But now, we decided that it would be better in the long run to liberalize these rules and allow foreign investors to recover their investments in dollars," Tetangco said. He also said that this would help boost the countrys net portfolio investment. Last year, the countrys foreign portfolio investment transactions registered a threefold increase with a total amount of $675.8 million, much higher than the $211.7 million recorded in 2002. He said that non-resident investments in all types of portfolio investment instruments posted net inflows during the year: the Philippine Stock Exchange-listed securities, $30.7 million; government securities and money market instruments, $180.3 million; and peso bank deposits, $464.8 million. |
| Statement of the President: Re Visit to Cordillera |
Today I will meet with vegetable farmers in the Cordillera region who are the prime target of government assistance and support. The low prices of vegetables and the high cost of farm inputs have plagued the industry and we have responded by stabilizing the marketing chain, curbing vegetable smuggling and tariff support. We are bent on addressing the plight of farmers wherever they are by supporting their productivity and lowering the costs of delivery of produce to the markets. We have cut the freight cost of farm products from Mindanao to Manila by 30 percent through the ro-ro system. We have stabilized vegetable prices in Manila through a cold chain system benefiting the Cordillera vegetable farmers. This is part of the fight for change and your vote for Gloria, Noli and K4 is a vote for farmers and their families. |
| Statement of the President: Re Peace talks |
Thousands of lives have been lost and our rural development programs have been stalled by the more than 30 years of insurgency. Perhaps now is the right time put an end to this problem and for the government and the rebels to work together in uplifting the lives of the majority of the Filipino people. Peace is important to the fight for change and we are for peace because it will bring more jobs and better wages for the average Filipino |
| Statement of Secretary Ignacio R. Bunye: Re Commissioner Garcillano |
Those opposing the appointment of Commissioner Garcillano must substantiate their claims through concrete evidence. On one hand, Malacaņang will not hesitate to act against him if the allegations being hurled against him stand on firm ground. On the other hand, if no evidence is forthcoming, Commissioner Garcillano must be given a chance to prove his worth as a commissioner in the poll body. |
| GMA lauds Oriental Mindoro's contributions to food price stabilization |
CALAPAN CITY -- President Gloria Macapagal-Arroyo has praised the significant contributions of Oriental Mindoro to the stabilization of prices of the common man's meal these past few years. "All these several years the prices of rice and fish have been stable and the province of Mindoro Oriental has played a key role in this," President Macapagal-Arroyo said. The President made the statement when asked about the platform of the Koalisyon ng Karanasan at Katapatan sa Kinabukasan (K-4) during a press conference, held late Friday afternoon at the Sangguniang Panglalawigan session hall of the Provincial Capitol. She said that Mindoro Oriental produces surplus rice and fish, which are brought to markets in Metro Manila and the nearby provinces. The bountiful harvests are in part due to the yearly P20-billion agricultural modernization program of the government, a modest part of which goes to the province, she added. The President said that the stabilization of prices of basic commodities is part of the K-4 platform, aside from the provision of jobs, livelihood, health, education, and housing. In the last three years before she assumed the presidency, the President said that only one million jobs had been created and this was why she inherited four million unemployed Filipinos. In her short stint as Chief Executive, she said that her administration has created more than three million jobs, a result of her foreign policy to attract investors into the country. "But I'm not contented with this. We would like open up six million jobs in the next six years," the President said, adding that she could do this if given the mandate in the May 10 elections. The President said that the other programs the K-4 ticket wants to continue are the low-interest micro finance and livelihood assistance; land as collateral scheme; housing and land distribution, including those for indigenous peoples; universal Philhealth coverage; and strengthening of English, Math, and Science subjects in the school curriculum to enable the Filipinos compete in the global job markets. The press conference capped the President's successful visit to Oriental Mindoro, which is the home province of her vice presidential running mate Sen. Noli de Castro. He hails from the town of Pola.. Early Friday, the President inspected the ongoing construction of a new passenger terminal building and improvement of the access road to the Old Dangay Port in Roxas town, which is known as the gateway to Boracay under the Strong Republic Nautical Highway. From there, the President made whistle stops in the towns of Bongabong, Bansud, and Gloria where she was warmly welcomed by the residents and local officials. The President arrived noontime in Pinamalayan where she and de Castro held a Pulong Bayan with the farmers and fisherfolks of the province. The President advised the marginal farmers and fishermen of Oriental Mindoro to use the Gloria hybrid rice variety and try tilapia culture to increase their income. The President and her party had visited Naujan and Pola before going to this city for a late lunch at around 4:30 P.M. The President and the K4 bets also discussed their platform of government before some 3,000 residents at the Jose Leido Memorial National High School Gym here. After the 5:30 P.M. press conference, the President and her party flew back to Manila. |
| Palace calls for civility, obedience to law on FPJ's citizenship question |
Malacaņang called on the people today to stay calm, civil, and to respect any decision that the Supreme Court (SC) hands out on the question of opposition presidential candidate Fernando Poe, Jr.s citizenship. "We should not pre-empt the decision of the Supreme Court regarding the citizenship case. Let us have full faith and confidence in the Supreme Court, which is the final arbiter of law," Presidential Spokesman Ignacio R. Bunye said this morning in a radio interview. "I think that we need to call on our people to maintain civility and obedience to the law," Bunye said. "(We can) not stay quiet if there are certain personalities threatening to sow destabilization in our society." He noted, however, that "coolers heads" are ready to intervene to prevent destabilization efforts. "I believe that the majority of Filipinos would stay away from calls for destabilization and would want peace and order to be maintained," he added. Noting the vital role media play in influencing public opinion, the Presidential Spokesman exhorted media to exercise prudence in reporting on the citizenship issue. "The media should help in calling for calmness and sobriety," he added. Bunye branded on Friday as "uncalled for" the warning by an opposition lawyer of a possible EDSA 4, if the high tribunal would disqualify Poe from running in the May 10 elections on ground of being not a natural born citizen. "This warning is uncalled. We would like the rule of law to prevail; thats what weve been observing. We believe that its the duty of every citizen to obey the law," he said. "While we do not want to think about the possible scenario, we would like to appeal to people of all persuasions to respect the rule of law," he added. Bunye said that the Palace is also awaiting the Supreme Courts decision on the case regarding Poes citizenship, and that President Gloria Macapagal-Arroyo is confident the public would not heed any call by the opposition or any group to disobey the government. |
| 'Breakthrough' accord forged by GRP-NDF peace negotiators |
OSLO, Norway The peace process is alive. Putting behind the impasse that delayed the formal talks for more than a day, the government panel and the National Democratic Front (NDF) decided to meet halfway on the tough issue of terrorist listing and went on to wrap up work on a Joint Communique Friday. The breakthrough agreement, detailing the two parties willingness to advance the peace process and address the root causes of the armed conflict, is set to be signed by government panel chairman Silvestre Bello III and NDF chair Luis Jalandoni Saturday in what could be also known as the OsloValentines Day accord. In the accord, the two parties agreed, among other things:
In agreeing to undertake effective measures to resolve the terrorist listing issue, the government panel made it clear that the NDF has to show legal and moral basis to be removed from the list. In line with accelerating or enhancing the negotiations process, the panels shall prepare the RWCs on Political and Constitutional Reforms (PCR) and the necessary sub-committees with actual work to begin upon completion by the RWCs on SER of the sections on agrarian reform and national industrialization. The two parties also agreed to undertake confidence-building measures to improve the environment for the peace talks among which are the indemnification of human rights victims during martial law to the tune of P8 billion from the Marcos ill-gotten wealth and the release of political prisoners and detainees. "Im happy with the results of these talks. Its just like snatching victory from the jaws of defeat," said Bello. "It only shows that both parties are committed to advancing the peace process." Informed of the developments, President Gloria Macapagal-Arroyo called Bello from Manila at around 7:00 P.M. (2:00 A.M. Manila time) to congratulate both panels for their hard work. Presidential Adviser on the Peace Process Teresita Deles who is here as head of delegation, likewise expressed elation over the results of the talks, saying it was a big step towards finally ending the longest-running communist insurgency not only in Asia but also the whole world. "Barring any further hitches, we are hopeful that this would lead to the advancement of the peace process and addressing the root causes of the armed conflict," she said. Jalandoni, for his part, said that despite the delay, the talks were able to make substantial gains. "Substantial na rin (also) because of the indemnification and the commitment of both sides to CAR-HR/IHL , JASIG, etc. although mas marami sanang na-achieve kung hindi na-delay (more could have been achieved if there was no delay)," Jalandoni said. Both sides had earlier traded accusations of trying to hostage the talks with the government panel asking for a deferment of the contentious terrorist-listing issue and move on to the other items of the agenda to speed up the process. The NDF insisted on tackling it first. In the end, it was the desire of both sides to move on with the talks that proved to be the turning point. Backroom efforts by both parties, with the help of the Norwegian government facilitators, led to the breaking of the impasse as the two sides agreed to break up into sub-committees tackling both the terrorist-listing issue and the enhanced process of negotiations. "The desire of both panels to advance the negotiations was the key," said Jalandoni. |
| GMA confers awards on outstanding PMA alumni |
PORT DEL PILAR, Baguio CityPresident Gloria Macapagal-Arroyo, as guest of honor of the Philippine Military Academy (PMA) 99th Alumni Homecoming, today conferred awards on graduates who have made names for themselves in various fields. The awardees are Senator Rolando Biazon, Transportation and Communications Secretary Leandro Mendoza, Armed Forces of the Philippines Chief of Staff Gen. Narciso Abaya, Philippine National Police Director Gen. Hermogenes Ebdane, Philippine Army Commanding General Gregorio Camiling, Philippine Air Force Commanding General Nestor Santillan, and Philippine Navy Flag Officer-in-Command Ernesto de Leon. The President, who was adopted by PMA Class 78, trooped the line of cadets together with former President Fidel V. Ramos, PMA Superintendent Maj. Gen. Edilberto Adan, PMA Alumni Association Inc. chairman Cavalier. Carlos Agustin and Armed Forces chief Abaya, among others. Defense Secretary Eduardo Ermita, who was the guest speaker, swore in the newly-elected members of the PMAAAI Board of Directors In his speech, Ermita said that the Filipino soldier can help provide a Philippine society at peace, wherein every citizen can sleep well every night knowing that in the morning after, he will enjoy "greater and brighter opportunities for growth not only for himself but also for the next generation." Ermita said that as the Filipinos hold an election on May 10, 2004, they face an acid test. "As the election nears, our job in the Armed Forces is to safeguard the electoral process and to ensure the stability of our country," he said, adding that it is the duty of the military to defend and keep "this republic together." He also reminded the PMA alumni gathered here not to forget to vote and to "vote wisely." |
| Statement of Presidential Adviser on the Peace Process Teresita Quintos-Deles |
Re: Outcome of Peace Talks in Oslo, Norway After four days of rigorous discussions which threatened to get derailed over some contentious issues, we are happy to have come to a positive outcome in our latest journey for peace. The formal peace talks in Oslo, Norway between the government panel and the National Democratic Front yielded significant gains in our quest to finally end the longest-running communist insurgency in the world and become a nation at peace. With the presence and active participation of the Royal Norwegian Government, the two sides were able to speed up the peace process and crafted some confidence- building measures that should keep the momentum going. Effective measures to address the tough issue on the terrorist listing of the CPP-NPA and the NDFs Chief Political Consultant would be undertaken by both sides without prejudice to our existing foreign policies. A Joint Monitoring Committee has been set up to implement the Comprehensive Agreeement on Respect for Human Rights and International Humanitarian Law. Indemnification of human rights victims under Martial Law is forthcoming. Work is now ongoing to address socio-economic reforms. Soon, political and economic reforms would also be addressed. There are many things that have yet to be done. But our conviction that this peace negotiation will greatly contribute to the improvement of the lives of our people remains steadfast in line with President Gloria Macapagal-Arroyos desire for a unified Philippines. With the graces of the Almighty, we would overcome whatever obstacles may confront us on the road to peace. |