Tue04152014

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Shutdown 'risks petrol shortages'

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Shutdown 'risks petrol shortages' Bosses at Scotland's only crude oil refinery have started a shutdown after claiming an impending strike will compromise safety.

Ineos said the Grangemouth refinery could shut for "at least a month", and warned of major fuel shortages.

About 1,200 members of the Unite union are to strike on 27 and 28 April in a dispute over pensions.

Scottish ministers urged both sides to try to resolve the dispute, instead of "trading commentary" in the...

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Further Growth In The Rubber Sector Seen

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MALAYSIA -- The Association of Natural Rubber Producing Countries (ANRPC) sees further growth in the rubber sector in the Philippines says the Philippine Embassy in Malaysia.

According to the embassy, this was disclosed by Dato' Dr. Kamarul Baharain Basir, ANRPC's secretary general, during a courtesy call on Philippine Ambassador-designate Jose Eduardo Malaya on October 7.

Further Growth In The Rubber Sector SeenANRPC cited Zamboanga and Basilan as conducive to rubber plantation because of their natural conditions.

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BSP: Time To Increase Demand For US Dollar

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MANILA—The Bangko Sentral ng Pilipinas (BSP) may further liberalize its foreign exchange rules by allowing companies to buy dollars from the banks to pay off its foreign debts even if these have not registered its loans with the central bank.

BSP Governor Amando M. Tetangco Jr. said that the move is aimed at increasing the demand for the US dollar and temper the rise of the local currency.

The new ruling may be approved during the next Monetary Board meeting on September 8.

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Japan contributes USD 1.3 million to APEC climate change initiatives

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SINGAPORE (July 17) -- With energy security and climate change emerging as two very real challenges to economic growth, Japan has contributed JPY 120,000,000 (approximately USD 1.3 million) to promote energy efficiency activities throughout the APEC region.

According to the Japanese Senior APEC Official, Makoto Shiotoa, “This sum is specifically directed toward the development and implementation of energy efficiency policies, goals and action plans in APEC economies.”

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$4 Billion In Remittances From Sailors Likely

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MANILA -- Since 2009 remittances from Filipino sailors continue to grow.  For the past seven months in 2011, remittances have already reached $2,433 billion, up 14.13 percent or $301 million versus the $2.132 billion they have sent home through banks over the same period in 2010, according to the Trade Union Congress of the Philippines (TUCP). The labor group expects to surpass $4 billion this year.

In 2010, Filipino sailors sent home a total of $3.806 billion in the 12 months of 2010, up $406 million or 12 percent from the $3.4 billion they remitted via the banking system in 2009.

“The Philippines has secured its position as the world’s preferred supplier of able ship staff,” said TUCP secretary-general and former Senator Ernesto Herrera, whose labor center includes the Philippine Seafarers’ Union (PSU). 

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Philippines' RedFox exports computers to China

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MANILA -- An improbable journey by a Filipino-owned PC manufacturer has led it to something that has never been done before: Export laptops to China, dubbed the world’s factory.

RedFox, which most Filipinos assume as a foreign PC brand, actually operates a manufacturing hub in Rosario, Cavite where laptops are assembled for sale in the domestic market and other countries such Taiwan, Singapore, and China.

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Philippines coping well in the global economic crisis, say analysts

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SINGAPORE (July 15) – “The Philippines is coping well in the existing global economic crisis and has made significant economic progress.” So says the report of external analysts, documenting progress of the Philippines toward APEC’s Bogor Goals.

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Ibon says CCTs Are Expensive, Short-Sighted and Artificial

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MANILA — The Aquino administration is currently seeking an 86%-budget increase for its multi-billion peso conditional cash transfer (CCT) program. But while the program admittedly has a feel-good factor, it is a problematic approach to reducing poverty in the country.

The administration itself sets a high standard for the CCT program. Its economic blueprint, the Philippine Development Plan (PDP) 2011-2016, declares: “Direct CCTs to the poor through the Pantawid Pamilyang Pilipino Program shall be the cornerstone of the government’s strategy to fight poverty and attain the MDGs.” Unfortunately this is a poor cornerstone and the program is a weak foundation in the drive against poverty in the country. Five major concerns can be raised.

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Loans and grant aid project agreements to be signed by RP and Japan

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MANILA (June 16) -- Two yen loans and one grant aid project worth Y44.91 billion (approximately P21.70 billion) and Y1.013 billion (approximately P488.94 million), respectively, will be signed during the official visit of President Gloria Macapagal Arroyo to Japan from 17-20 June, the Department of Foreign Affairs has announced.

The yen loan projects are the Agricultural Credit Support Project (ACSP) and the Logistics Infrastructure Development Project (LIDP) while the grant aid project involves the Project for Flood Disaster Mitigation in Camiguin Island.

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