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PH economy expands 6.2 percent in Q3 to outpace growth of China, other neighbors

in News/Tabloid PH News
PH economy expands 6.2 percent in Q3 to outpace growth of China, other neighbors

The Philippine economy grew 6.2 percent in the July-to-September period, lifting the year-to-date growth to 5.8 percent, or just a little slower than the government’s full-year target of 6 percent to 7 percent.

Socioeconomic Planning Secretary Ernesto Pernia said the Philippines performed better in the third quarter of the year compared to other Asian countries.

“The Philippines likely ranked second behind Vietnam’s 7.3 percent but higher than China’s 6.0 percent, India’s expected Q3 growth of below 6.0 percent, and Indonesia’s 5.0 percent for the period,” Pernia said.

The economy now needs to expand by at least 6.7 percent in the final quarter of 2019 to reach the lower end of the government’s full-year growth target.

This, according to Pernia, is still doable, with the expected surge in private consumption for the holiday season, as well as the higher spending from the government and more investments from private firms.

“Yesterday, the Investment Coordination Committee-Cabinet level and the Committee on Infrastructure approved the updated list of infrastructure flagship projects of the Duterte administration, subject to further refinements. We deem that these projects are more feasible, responsive to medium and long-term demands and challenges towards uplifting the quality of life of the Filipino people, especially those being left behind. Thus, we call on our colleagues in the government, the private sector, partner international organizations, and the citizenry at large to work together to overcome hurdles and ensure that these projects get completed on time, or at least started substantially,” Pernia added.

He added: “For the remaining months of the year, the benign inflation outlook, and more upbeat consumer confidence, are expected to stimulate private consumption, especially with the nearing holiday season that has begun.”

“Meanwhile, the expansionary monetary policy stance of the government is expected to encourage private investments. The Central Bank has already cut its key policy rates by a cumulative 75 basis points this year. It has also lowered banks’ reserve requirement by a total of 400 bps – including the recent 100bps reduction for thrift banks effective December 2019.” 

The agriculture sector is also expected to boost growth in the last quarter of the year, especially with the relatively favorable weather conditions providing the opportune time to ramp up agricultural production, particularly of high-value crops. 

“We note that the upbeat performance of the agriculture sector, growing by 3.1 percent in the Q3 from 0.8 percent earlier this year, was driven by increased production of corn, coconut and pineapple.  We urge the Department of Agriculture and other concerned agencies to swiftly implement the programs and projects under the Rice Competitiveness Enhancement Fund.  Perhaps, among the priority projects should be the provision of mechanical dryers, particularly in areas where we lack “solar drying” facilities. As the harvest season is ongoing, the government should continue to directly buy palay from local producers affected by the unprecedented decline in farm gate prices to help curb their losses,” Pernia said.

To counter the risk of the spread of African Swine Fever, the government must continue to enforce its biosecurity measures. More stringent quarantine checkpoints, provision of disinfection facilities, and intensified anti-smuggling and meat inspection efforts are also needed, he added.

“As we can see, the Philippine economy has been steadily growing for the past three years. We expect to sustain this momentum in the following years and cement the Philippines’ standing as one of the fastest-growing economies in Asia,” Pernia said.

Duterte criticizes major economic powers for protectionist policies that hurt Asean

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Duterte criticizes major economic powers for protectionist policies that hurt Asean
Image Credit: https://pcoo.gov.ph/

While not directly naming them, President Duterte criticized the “major economic powers” for their protectionist policies and trade skirmishes that are threatening the growth of the Asean region.

In his address at the 35th Asean Summit Plenary in Thailand, Duterte said the rise of protectionism and ongoing trade wars undermine the progress of the Asean economies. “The far-reaching consequences may adversely impact on food security in the developing world.”

With this, the President called on the Asean to strengthen and deepen their economic integration to counter protectionism and trade-related tensions happening in other parts of the world.

Currently embroiled in trade wars are China and the US, as well as Japan and South Korea, among others.

“We need an open and rules-based trading system to sustain growth. Thus, we should ensure the continued relevance and effectiveness of the World Trade Organization. And, Asean must accelerate deeper economic integration through concrete programs and projects, such as RCEP [Regional Comprehensive Economic Partnership],” Duterte said.

The RCEP is an emerging economic bloc composed of the 10 Asean member-countries plus their free-trade partners China, Japan, India, South Korean, Australia and New Zealand. Collectively, they account for about 40 percent of world GDP and about half of the world’s population.

Duterte noted that the Asean declarations and joint statements that aim to protect the region’s population, especially the most vulnerable, are steps toward sustainable and inclusive development.

He also called for more measures that allow the greater direct benefit to certain sectors of the population, including the expansion of Mutual Recognition Agreements (MRAs) and the empowerment of women, migrant workers and persons with disabilities.

Key components of these MRAs are the harmonization of standards on nurses and other healthcare professionals.

Duterte also called on Asean to ensure environmental sustainability and protect biodiversity in the region’s pursuit for development. 

“Asean should not sacrifice the environment and the region’s rich biodiversity, particularly in the maritime domain, in its quest for progress. We must work together to address the problem of marine debris. And we must build resilient and stronger communities to adapt to the effects of climate change,” he stressed.

Duterte added that the regional grouping should support economic sectors of high productivity and follow sustainable business practices.

Duterte has full plate in fifth China visit

in News/Tabloid PH News
Duterte has full plate in fifth China visit
image credit: pcoo.gov.ph

President Duterte is now in Beijing for his eighth bilateral meeting with his Chinese counterpart Xi Jinping and make good his promise to negotiate for a mutually beneficial deal on the West Philippine Sea.

Duterte’s August 28 to September 1 stay in China, his fifth visit there as Chief Executive will also take him to Guangzhou—the site of the 2019 FIBA World Cup—to cheer for Gilas Pilipinas when the team plays Italy on August 31.

image credit: pcoo.gov.ph

According to Foreign Affairs Assistant Secretary Meynardo Montealegre, Duterte, who left Manila at 7 p.m. and arrived around 11:10 p.m. in Beijing, will discuss with Xi some measures that will accelerate the pace of cooperation between the two countries in terms of concrete projects, as well as on issues of mutual interests.

These will include the Code of Conduct and joint explorations in the contested territory in the West Philippine Sea, where President Duterte would push for no less than a 60-percent revenue share, as he announced earlier. Duterte also vowed to raise the United Nations Arbitral Tribunal’s ruling on the sea dispute favoring the Philippines.

Duterte and Xi will witness the signing of a number of bilateral cooperation documents and memorandum of understanding (MOU) in the areas of education, science and technology, and economic and social development.

He is also scheduled to discuss with Premier Li Keqiang economic matters and ASEAN-China cooperation on Friday.

image credit: pcoo.gov.ph

Before leaving Beijing, Duterte will attend a business forum arranged by the Department of Trade and Industry.

He will then travel to Guangzhou for the 2019 FIBA World Cup. 

In Guangdong, the President will also meet with Chinese Vice President Wang Qishan to discuss ways to strengthen cooperation, increase trade and investment, and deepen the friendship between the people of Guangdong and the Philippines.

The members of the government’s economic and security clusters are with President Duterte in the trip.

Duterte ready to enforce PHL’s territorial rights in “unfriendly manner”

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Duterte ready to enforce PHL’s territorial rights in “unfriendly manner”
image credit: pcoo.gov.ph

President Duterte has had enough of foreign intrusions into Philippine waters, declaring that Philippine authorities will be compelled to enforce its territorial rights in an “unfriendly manner”.

Duterte’s spokesman and chief legal counsel, Salvador Panelo, on Tuesday (August 20) said: “To avoid misunderstanding in the future, the President is putting on notice that beginning today, all foreign vessels passing our territorial waters must notify and get clearance from the proper government authority well in advance of the actual passage.”

Malacanang’s pronouncement came after persistent reports of foreign vessels—including those from China and Vietnam— being spotted within the Philippines’s exclusive economic zone.

“Either we get a compliance in a friendly manner or we enforce it in an unfriendly manner,” Panelo said.                           

The Armed Forces of the Philippines (AFP) earlier disclosed that Chinese warships have been spotted in Sibutu Strait in the South since February.



Chinese research vessels were also monitored by a US-based maritime expert within the Philippine EEZ.

Vietnamese and Chinese fishing vessels, as well as a coast guard vessel of China, were spotted by the AFP in Ayungin Shoal.

Because of these recent intrusions, Foreign Affairs Secretary Teodoro Locsin Jr. already ordered on Monday the filing of another diplomatic protest against Beijing.

This is a prelude to President Duterte’s scheduled visit to China from August 28 to September 2.

Manila and Beijing are signatories to the United Nations Convention on the Law of the Sea (UNCLOS), which allows innocent passage of ships through the territorial sea of a coastal state provided that it will be “continuous and expeditious.”

On Monday, Panelo told reporters that Duterte takes the unannounced entry of foreign vessels into Philippine territory seriously. “It is an issue with the Office of the President given that we need to be informed in advance of any passage in our territory, because that is what the UNCLOS says.” 

Malacanang says incursions of Chinese warships not an act of friendship

in News/Tabloid PH News
Malacanang says incursions of Chinese warships not an act of friendship
image credit: pcoo.gov.ph

The Manila-Beijing diplomatic relations are getting worse by the day in the run-up to President Duterte’s state visit to China at the end of the month, with Malacanang branding the recent sea incursions of Chinese warships as not a sign of friendship.

“We express concern with that kind of incident. Because if they keep on saying that we’re friends, I don’t think this is an act of friendship,” Duterte’s spokesman and chief legal counsel Salvador Panelo told reporters on Thursday (August 15).

A US-based maritime expert earlier revealed that two Chinese research vessels were spotted within the Philippines’s exclusive economic zone (EEZ). Also, Chinese warships were spotted along the Sibutu Strait in Tawi-Tawi in four instances from February to July. This was repeated this month, with three warships sailing through Philippine waters in the South, again without proper coordination with Philippine authorities. The automatic identification systems of these Chinese warships had been reportedly switched off, which can be considered a deceptive move.

Panelo said these sea incursions by Chinese warships will be taken up with Chinese Ambassador Zhao Jianhua when they meet for a “working dinner”.

He, however, said a note verbale could be sent to China anew if it was deemed proper by Foreign Affairs Secretary Teodoro Locsin Jr. “If there’s a violation of the United Nations Convention on the Law of the Sea, we will file a diplomatic protest.” 

Last week, Defense Secretary Delfin Lorenzana said four Chinese ships sailed through the Sibutu Strait unannounced at least four times since February. Because of this, Locsin announced he would be filing a diplomatic protest, the third since June.

“With respect to what Secretary Lorenzana said that when you drive away fishermen from our EEZ (Exclusive Economic Zone), I agree with him when he says that’s bullying,” Panelo said.

Duterte is set to visit China anew at the end of the month to meet with Chinese President Xi Jinping.  While no exact date and agenda has been announced, Duterte said he plans to discuss the West Philippine Sea issue with his Chinese counterpart.

Duterte to settle for 60% share in sea exploration with China

in News/Tabloid PH News
Duterte to settle for 60% share in sea exploration with China

President Duterte is now open to a 60-40 revenue sharing with China if Manila and Beijing would conduct joint oil explorations and development in the West Philippine Sea, but quickly stressed that the Philippines should get the bigger share.

The Chief Executive’s new pronouncement on Thursday (August 8) was a turnaround from his position last year, when he said the Philippines should get more than 60 percent.

Duterte, in a speech at the Eastern Mindanao Command camp in Davao City on August 23, 2018, said what he wants is for the Philippines to get a higher share than the 60-40 he earlier broached.

But speaking to reporters on Thursday, Duterte said: “They have proposed a 60-40 (sharing). Okay na ‘yan para sa akin (That’s okay for me).”

“Of course, 60… 60 in favor of our country,” he added.

The President is scheduled for a state visit to Beijing for the fifth time at the end of the month.

Like in his previous visits to China, the issue on the South China Sea will again be a sticky topic. 

Duterte already said he’ll be bringing up the South China Sea Code of Conduct (COC) to avoid more adverse incidents and conflicts between the two countries in the oil- and mineral-rich West Philippine Sea.

“Once we have set the agenda, I’d talk first about jurisdiction, the COC, and the exploitation of the natural resources of my country since, as far as I’m concerned, we own it. So that is my position. We still own what we are claiming,” Duterte said.

Malacanang has already given assurances that all deals that will be forged regarding the West Philippines Sea would be according to the Philippine Constitution and would redound to benefits for Filipinos.

Philippines files another diplomatic protest vs China

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PAG-ASA ISLAND. Philippine construction on Pag-asa Island provokes a paramilitary response from China. Photos courtesy of CSIS/AMTI/DigitalGlobe

MANILA, Philippines — The Philippines has filed another diplomatic protest against China, the second since June, after Foreign Affairs Secretary Teodoro Locsin Jr. received reports that more than a hundred Chinese ships have been spotted around Pag-asa Island in the West Philippine Sea.

“Diplomatic protest fired off,” Locsin tweeted on Tuesday, in reaction to the report and suggestion of National Security Adviser Hermogenes Esperon Jr.

“I listen only to military intelligence; I distrust civilian sources of ‘misinformation.’ When it comes to national security, I am the thinking trigger; the finger is the commander-in-chief and the Armed Forces which are the protector of people & state,” Locsin was quoted in a report of the Philippine Star.

Manilla also lodged a diplomatic complaint against Beijing in June after the reported sinking of a Filipino fishing boat allegedly by a Chinese trawler.

In a report of the Philippine Daily Inquirer, former Foreign Affairs Secretary Albert Del Rosario said it is time for Manila go to the United Nations Assembly again to “persuade” Beijing to follow the 2016 decision of Permanent Court of Arbitration favoring the Philippines in its arbitration case against China over claims in the West Philippine Sea. The West Philippine Sea is part of the South China Sea, a very important sea route, business, and military-wise.

“I think it’s time for us to consider going the UN General Assembly to be able to get the necessary votes to persuade China to abide by the outcome of the arbitral tribunal,” Del Rosario said at a fellowship meeting of the Philippine Bar Association held in Makati. 

Sources: www.philstar.comwww.inquirer.net

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