China - Philippines Bridging for the 5G Wireless Internet Preparation 2020

Philippine Telco's are in the preparation for 5G wireless mobile internet for 2020

What is 5G Mobile Internet?

5th generation mobile networks or 5th generation wireless systems, abbreviated 5G, are the proposed next telecommunications standards beyond the current 4G/IMT-Advanced standards.

Rather than faster peak Internet connection speeds, 5G planning aims at higher capacity than current 4G, allowing higher number of mobile broadband users per area unit, and allowing consumption of higher or unlimited data quantities in gigabyte per month and user.

This would make it feasible for a large portion of the population to stream high-definition media many hours per day with their mobile devices, when out of reach of Wi-Fi hotspots.
5G research and development also aims at improved support of Device-to-device communication, aiming at lower cost, lower latency than 4G equipment and lower battery consumption, for better implementation of the Internet of things.
There is currently no standard for 5G deployments.

The Next Generation Mobile Networks Alliance defines the following requirements that a 5G standard should fulfill:

1. Data rates of tens of megabits per second for tens of thousands of users
2. Data rates of 100 megabits per second for metropolitan areas
3. 1 Gb per second simultaneously to many workers on the same office floor
4. Several hundreds of thousands of simultaneous connections for massive wireless sensor network
5. Spectral efficiency significantly enhanced compared to 4G
6. Coverage improved
7. Signaling efficiency enhanced
8. 1-10 ms latency (limited by speed of light)
9. Latency reduced significantly compared to LTE

The Next Generation Mobile Networks Alliance feels that 5G should be rolled out by 2020 to meet business and consumer demands. In addition to providing simply faster speeds, they predict that 5G networks also will need to meet new use cases, such as the Internet of Things (internet connected devices) as well as broadcast-like services and lifeline communication in times of natural disaster.

Carriers, chipmakers, OEMS and OSATs, such as Advanced Semiconductor Engineering (ASE), have been preparing for this next-generation (5G) wireless standard, as mobile systems and base stations will require new and faster application processors, basebands and RF devices.

China’s Huawei, Philippine Telco join forces in 5G deal

Chinese electronics giant Huawei is joining forces with the Philippines' largest telco in the hopes of rolling out a 5G wireless network in the Asian archipelago by 2020, the Filipino company said.

Filipinos are among the world's most active Internet users, but the country also has one of the slowest average connection speeds.

Smartphone usage is also steadily growing with about 33 million people owning devices according to researchers.

Philippine Long Distance and Telephone Co (PLDT) and Huawei agreed last month to conduct joint research and development into fifth-generation broadband wireless technology for the Philippines.

"They are one of the companies that are leading in the research and development of 5G technology," PLDT spokesman Ramon Isberto said about the Chinese firm, adding it is already involved in PLDT's landline and mobile phone services.

Chinese telecoms behemoth Huawei is the world's number three smartphone maker, operating in 170 countries.

The company has laid out an ambitious agenda for the US and global markets – hoping to become the top producer of smartphones in the next five years despite controversy over its ties to Beijing.



Ren Zhengfei, a former People's Liberation Army (PLA) engineer, founded the company in 1987 but his PLA service has led to concerns of close links with the Chinese military and government, which Huawei has consistently denied.

The US and Australia have previously barred Huawei from involvement in broadband projects over espionage fears.

Relations between Manila and Beijing have been rocky amid conflicting claims over the South China Sea and China's militarisation of the resource-rich waterway.

But under Philippine President Rodrigo Duterte, who won May elections in a landslide, there has been a warming of bilateral ties as Duterte steers Manila away from the US – its long-time defence treaty partner.

Isberto said controversy over Huawei's links with the Chinese government was not a concern, stressing that foreign companies only provide technology.

"At the end of the day, we run our networks," he said. — AFP

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Automakers boosting output in the Philippines -Nikkei

Mitsubishi Motors' new pressing plant under construction in the Philippines. Photo: Nikkei Asian Review 

Automakers boosting output in the Philippines

Mitsubishi Motors, Toyota taking advantage of government incentives
The Philippines' auto manufacturing sector is kicking into higher gear as Japan's Mitsubishi Motors prepares to launch a new production line on Friday. An underdeveloped local supply network, however, still detracts from the country's appeal.

The Mitsubishi example

Located in Laguna Province south of the capital Manila, the Mitsubishi plant currently assembles two vehicle models, one of which is the L300 service van. Daily production is 50 units combined. The additional assembly line will add Mirage subcompacts to its repertoire, with a goal of producing 30,000 units a year.
The Japanese automaker is also spending roughly 10 billion yen ($88.1 million) to construct an on-site pressing plant. The facility is due to start up as early as the end of the year. There, Mitsubishi will fabricate roofs, engine hoods, trunks and other large parts that are currently being imported from Thailand. The main plant will eventually procure 50% of its parts locally.

"The steel sheet [for the Mirage] is significantly thinner than the type used for pre-existing vehicle models, which will require advance technological capabilities," explained Yosuke Nishi, first vice president of Mitsubishi Motors Philippines.

Mitsubishi also recognized about 30 outside parts makers as tier-one suppliers. Several, such as Denso, which has manufacturing operations in the Philippines, are fellow Japanese companies. Roughly 10 are local firms, including Manly Plastics and Valerie Products Manufacturing.

The Mitsubishi operation is even attracting other Japanese parts manufacturers to the Philippines. Shizuoka Prefecture-based Usui has established a new production site at a rented warehouse. There, three technicians will perform final bending work on components shipped from Japan.

Subsidizing growth

Last year, the Philippine auto market expanded 25% to 402,461 vehicles -- or quadruple the sales tally of a decade ago. However, imports made up the bulk of that growth, with the share of domestically made autos declining to 26%. In 2010, six members of the Association of Southeast Asian Nations, including the Philippines, all but eliminated reciprocal import tariffs. That opened up the Philippines to a flood of finished vehicles from Thailand and other places.

Looking to erase the resulting trade deficit and boost employment, the Philippines last year rolled out a 27 billion peso ($540 million) government incentive scheme aimed at automakers that build plants onshore. Mitsubishi's two Mirage models and Toyota Motor's Vios sedan have made the cut for the program, which requires a specific level of local procurement.


Toyota assembles the Vios and the Innova minivan in the Philippines, and it will begin manufacturing the new Vios model covered by the incentives in mid-2018. The Japanese car manufacturer is also installing large pressing equipment to make auto body parts in-country instead of importing them from Thailand. In addition, the automaker will procure more parts locally, such as center consoles.

Cost handicaps



But unlike in Thailand, where automakers can procure core components like engines, the number of parts that can be made in the Philippines is limited. It costs roughly 1.7 million yen to produce one vehicle here, a nearly 200,000 yen premium over Thailand, according to the Philippine Department of Trade and Industry. Expenses associated with imported components account for 49% of the total. That ratio is only 7% in Thailand.

Currently, it is more affordable to import finished cars, even when considering transport and labor costs. Mitsubishi and Toyota have committed to onshore production because the cost savings from expanding local procurement, and the roughly 100,000 yen per vehicle in government subsidies, will offset the handicap.

"We are starting to have prospects for Philippine production to cost less" than imports, said Satoru Suzuki, president of Toyota Motor Philippines.

A model for the rest?

Vietnam, another latecomer to auto manufacturing, could learn from the Philippines. As a member of the ASEAN Economic Community, Vietnam's tariffs are due to be abolished next year. That would likely open the floodgates for vehicles assembled in Thailand and other places.

But the Philippines could also turn out to be a cautionary tale. Ford Motor shuttered its production plant in the country, for one. In addition, one condition for receiving government incentives is production of 200,000 vehicles within six years. Over 30,000 units of the Vios were sold last year, but reaching the threshold with Mirages will be no easy task considering that the model's sales were only about 20,000 units. Mitsubishi will expand its network of dealerships from 48 to 70 by 2020.

Furthermore, the government plans to raise taxes on new vehicle starting in 2018, a potential headwind for sales. - JUN ENDO, Nikkei staff writer +Nikkei Asian Review 

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Pantawid Gutom Cash Transfer in the Philippines Lauded by World Bank as world's best

Conditional cash transfer beneficiaries PHOTO FROM BLOGS.ADB.ORG

PH cash transfer program among world’s best–World Bank

The World Bank gave the country’s conditional cash transfer (CCT) program high marks, saying it was one of the “largest and best-targeted social safety net programs in the world.”

Ruslan Yemstov, World Bank’s leading economist on social protection and labor, presented on Wednesday the results of the bank’s “The State of Social Safety Nets 2015” report which showed that 82 percent of the benefits of the Philippines’ CCT program went to the bottom 40 percent of the population and noted that it was “way superior” to previous social programs.

“The poor and vulnerable in the Philippines benefit from what is today one of the largest and best-targeted social safety net programs in the world,” said Yemstov, who led the team that prepared the WB report, said.

Protecting families

Social safety net programs include cash and in-kind transfers to poor households with the goal of protecting families from the impact of economic shocks, natural disasters, and other crises; ensuring that children grow up healthy, well-fed and stay in school; empowering women and girls, and creating jobs.

According to the World Bank report, more than 1.9 billion people in 136 low- and middle-income countries benefit from social safety net programs.

Across the world, CCT programs account for over 50 percent of social safety net programs, and are being implemented in 64 countries—a dramatic increase from two countries in 1997.

The report also noted that CCT had positive spillover effects on the local economy of target communities. Every dollar transferred to beneficiaries generates income ranging from $1.34 to $2.52 in local communities (“multiplier effects”).

Cash transfers boost school enrollment and attendance, increase live births in safer facilities, improve prenatal and postnatal care, promote regular growth monitoring of children during critically important early ages, and enhance food security, the report said.

In the Philippines, almost 4.5 million households are enrolled in the CCT, or Pantawid Pamilya program, from only 360,000 households in 2008.

“CCT grants account for an average of 11 percent of the income of the poorest recipient households,” noted World Bank Country Director Motoo Konishi.

Keep kids healthy and in school

Evaluation studies, according to Konishi, also show that CCT in the Philippines is delivering on its objectives: keeping poor children healthy and in school.

The program increased prenatal and postnatal care by 10 percentage points and increased the delivery of babies in health facilities by skilled health professionals by 20 percentage points. Children benefited by receiving higher intake of vitamin A and iron supplementation by around 12 percentage points and by increased weight monitoring visits to health facilities by 18 percentage points.

Aleksandra Posarac, program leader of the World Bank in Manila, said the Philippines has developed a system “way superior” to previous ones.

She lauded the government’s information management system, called Listahanan,” that identifies who and where the poor are in the country.

Social Welfare Secretary Dinky Soliman, whose agency is the lead implementor of the social safety net program, said the data base, “in a way, makes it corruption-proof.” - INQUIRER

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Controversial ₱700-million Iloilo Convention Center opens for APEC Summit

PNoy opens Iloilo Convention Center

MANILA, Philippines - President Benigno Aquino III led on Monday the inauguration of the controversial ₱700-million Iloilo Convention Center (ICC).

Aquino opened the state-of-the-art convention facility located on a 1.7-hectare lot in Iloilo Business Park, Mandurriao, Iloilo City.

The ICC became controversial last year after former provincial administrator Manuel Mejorada Jr. alleged that the structure was overpriced and implicated Senate President Franklin Drilon, an Ilonggo.

Mejorada accused Drilon of conspiring with a supposedly favored contractor to rig the bidding of the project.

Mejorada alleged that W.V. Coscoluella and Associates, which designed the building, was awarded a contract without a public bidding and that construction was overpriced by ₱488 million.

President Aquino at the inauguration of the Iloilo Convention Center in Iloilo City. Official Gazette PH

Drilon was charged with graft before the Office of the Ombudsman in October 2014, but the charge was dismissed for lack of merit.

Two stories high with a floor area of 11,832 square meters, the ICC can accommodate over 3,000 guests. It will be used as one of the venues for some high-level ministerial meetings of this year's Asia Pacific Economic Cooperation Summit.

The construction of the ICC began in 2013 and was based on a design inspired by Iloilo's Dinagyang and Paraw festivals.

Aquino also joined the ceremonial launch of the Iloilo Business Park and Richmonde Hotel Iloilo. - Louis Bacani @philSTAR

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Philippines Jobless rate Alarming! 10 reasons: Many jobs but pino's doesn't want to work?

Bonifacio Global City (BGC) Taguig, Manila, Philippines - image: pilipinohomes.com

Philippine Unemployment Rate ASEAN’s Highest, but Why?

Even though recent years have seen rapid economic growth in the Republic of the Philippines,  a high unemployment rate has persisted for quite a while in this sprawling Southeast Asian nation with a population of over 100 million people.

Under President Benigno Aquino who has been in office since 2010, the unemployment rate has fallen. The last reported figure was at the rate of 6.4% during the second quarter of this year, 0.6% less than the 7% reported a year earlier. However, the progress has been slow and unstable with the Philippines still having the highest unemployment rate in the ASEAN region.

There are many reasons for this. Invest Asian citing top reasons based on research.

" Main one being that the country’s population is growing faster than the rate at which jobs are being created"

In three of the past five years, official statistics show that the number of people entering the job market has been greater than the number of jobs created.

The conundrum highlights the difficulty and complexity of spreading the benefits of economic growth and points out that they have yet to trickle down to more deprived areas of the nation.

Filipinos Just Aren’t Working

Another reason is even more alarming. There is relatively lower working population compared to neighboring countries. This means that even if the unemployment rate falls, it does not ensure maximum productivity of the country.

As mentioned, the participation in the labor force remains relatively low. But what is it in quantifiable numbers?

"Only about 65% of the population aged 15 and above is looking for work "

The number being one of the lowest in the region. To put the number into perspective, the numbers in Vietnam, Thailand, and Indonesia are 78%, 72%, and 68% respectively.

One possible explanation for this low labor force participation percentage is that there is a higher value placed on further education in the Philippines. What this means is that young Filipinos typically spend some more time in college before entering the labor market, directly contributing to the low participation rate. The citizens of the other countries in the region enter the workforce much earlier.

Not Enough Good Jobs?

Yet another alarming reason could be the low quality of jobs available. In 2014, less than half of workers – in both formal and informal employment – were in what were described as paid jobs. Of the rest, about a fourth were self-employed with no guaranteed income and a tenth were in their family business working on farms or other businesses where they typically received food and lodging but no real cash, according to official statistics.

Former budget minister and current economist at the University of the Philippines, Benjamin Diokno, says that this relatively large number of unpaid workers – about 4 million people – “bloats” the ranks of the employed and makes the unemployment rate seem less serious that it really is.

However, such unpaid workers are not the only ones feeling held back.

In a government survey, 18% of workers said that they would like to work longer hours or get an extra job. Only 35% of these worked 40 hours or more a week.

The Philippine government, in an effort to mirror the success of its Asian neighbors, is looking to improve the quality of jobs available by ramping up employment in manufacturing. But it has had little success so far, hindered by issues such as higher wages, limited infrastructure and red tape, which make the country less competitive than its ASEAN peers.

Their lack of success is proven by the fact that only 16.5% of workers were in industrial jobs in the second quarter of 2015.

The country’s uneven employment market has traditionally led millions of Filipinos to seek better-paying jobs overseas.  One out of every 10 Filipinos works abroad, sending billions of dollars in remittances home and  helping to drive the country’s consumption-driven domestic economy – but doing little to promote employment.

There does not seem to be an end (at least in the near future) to the high unemployment rate problem that the Philippines faces.- Invest Asian

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Hanjin unveils first Philippine-made 180 Meters Kaprijke LPG carrier for Belguim's Savery

First Philippine Made 180 meters long LPG carrier ship. image: philSTAR

Hanjin unveils first Philippine-made LPG carrier

SUBIC BAY FREEPORT, Philippines – Korea’s shipbuilding giant Hanjin Heavy Industry and Construction Co., Ltd.–Philippines (HHIC-Phil) recently unveiled the first-ever Philippine-made Liquefied Petroleum Gas (LPG) carrier.

The LPG carrier measures 180 meters in length, 29.4m in breadth and 18m in depth.

It was ordered by Belgian shipping company Exmar Shipping BVBA and was christened as “Kaprijke” by company owner Saverys family.

Construction of the LPG carrier began in June of last year.

The project has once again affirmed the world-class craftsmanship of Filipino workers in the global shipbuilding industry.

In a statement, HHIC-Phil president Jeong Sup Shim recounted the challenges the company had to go through in putting up the state-of-the-art shipyard in the country’s premier freeport.

He attributed the company’s success to the support of the Philippine government and outstanding work ethic of Hanjin shipyard workers.

“It is our company’s earnest desire and long term commitment to catapult the Philippines as the number one shipbuilding country in the world,” Shim said.

Citing the June 2015 edition of the shipping journal published by highly authoritative Europe-based Clarksons Research, “Both the Philippines and HHIC-Phil Inc. have been making great strides in the international business scene, motivating us to push ourselves to the limit to bring more prosperity not only for our company but also for our generous host – the Filipino people,” Shim further said.

“The Philippines is currently ranked fourth in the world in terms of order book by builder country with 2.1 gross compensated tonnage (CGT) for new vessel,” Shim said.

Hanjin Subic shipyard is the 10th largest shipyard in the world in terms of order book by shipyard, accounting for 1.8 GCT or 74 percent of the Philippines’ CGT for new vessels.

The shipbuilding company still has seven LPG carriers in the company’s order book to be delivered in the immediate future.

In 2012, HHIC-Phil Inc. put the country in the worldwide spotlight with the simultaneous inauguration of two Suezmax Crude Oil Tankers first ever built on Philippine shores.

HHIC-Phil Inc. has been building huge commercial vessels ranging from container ships to bulk carriers, crude oil tankers and off-shore structures mainly for overseas clients since 2008. Its Subic shipyard boasts of one of the largest drydocks in the world today.

The company has invested around $1.7 billion so far. Its shipyard is currently home to almost 29,000 workers and still counting.

HHIC-Phil operates a Skill Development Center, a multi-million world class training facility located at the heart of the Subic Bay Freeport’s Industrial Park. - philSTAR

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Texas Instruments invests $10 million to expand Philippines facility

Texas Instruments is a world leading manufacturer of Integrated Circuits (IC) used for mobiles phones and other electronic gadgets. Image: dallasnews.com

Texas Instruments Inc. has confirmed that it’s investing $10 million to expand its product distribution center in Clark Freeport, the Philippines.

A groundbreaking ceremony took place there last week, according to news reports from the Philippines.

It’s part of an overall $1 billion TI said in 2007 that it would invest in its Clark Freeport facilities through 2017, but it has been increased to $1.3 billion, according to a company spokeswoman.

“Our current product distribution center is overflowing; we do not have enough space do an efficient job on distributing,” Mohammad Yunus, president of TI Philippines, told the Pampanga Sun Times in the Philippines. Last quarter, TI shipped 1.5 billion semiconductor units from the Clark Freeport facility and plans to ship 1.9 billion units this quarter, he said.

“We are currently looking on the 2 billion units which could be a new record for any Texas Instrument site anywhere in the world,” Yunus said in the Sun Times.

TI built its first assembly and test site in the Philippines in Baguio City in 1979. In 2009, it opened a second facility in the Clark Freeport Zone,  doubling the company’s capacity in the Philippines. - The Dallas Morning News

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Philippine natural and organic products to be featured in Maryland, USA trade show September

Nine Philippine companies will be joining the Natural Products Expo East, the largest natural, organic, and healthy products event in the US East Coast, from September 17 to 19 at the Baltimore Convention Center in Maryland. STAR/File photo

MANILA, Philippines — Nine Philippine companies will be joining the Natural Products Expo East, the largest natural, organic, and healthy products event in the US East Coast, from September 17 to 19 at the Baltimore Convention Center in Maryland.

The Philippine Department of Agriculture (DA) through the DA-Agribusiness and Marketing Assistance Service (AMAS) organized the following natural product exporters to participate in this event—Brandexports Philippines, Inc., Elemie Naturals Inc., GreenLife Coconut Products Philippines Inc., Nutramedica, Inc., Orich International Traders, Inc., Prime Fruits International, Incorporated, Sweet Pacific Foodfarms Product, Team Asia Corporation, and Tropicana Food Products Inc.

A variety of coconut products will be available to the American public such as coconut water, milk, milk powder, flour, cider vinegar, coconut nutraceutical products, desiccated coconut, coconut sugar, organic extra virgin coconut oil and virgin coconut oil beauty pearls. The coconut is known as the tree of life in the Philippines because of the seemingly endless list of products and by-products derived from all its parts.

Other Philippine products to be featured in the trade show are body products made from pili, handcrafted bath soaps, topical scalp products, vinegar, dried mangoes, noodles, juices and fruit juice drinks, camote (sweet potato) and banana chips, condiments and sauces.

Philippine Ambassador to the United States Jose L. Cuisia, Jr. expressed optimism in the growing share of the Philippines in the natural products market and encouraged US buyers to take advantage of the growing demand for such products.

“The Philippines has long been producing natural, organic, and healthy agricultural products as well as nutritionally-dense foods considered ‘superfoods’ abroad. The Natural Products Expo East is the perfect venue for sellers to bring their products to the attention of the US buyers. I am glad Philippine companies, with the help of the Department of Agriculture and our Agricultural Attaché, have penetrated this market. I hope more Philippine businesses will follow soon,” said Ambassador Cuisia.

The 2014 Market Overview of Natural Foods Merchandiser, a leading media source and information provider for the healthy products industry, showed that US nationwide sales of all natural and organic products jumped 9 percent to nearly $99 billion last year.

According to Philippine Agriculture Attaché to the US Dr. Josyline C. Javelosa, this has also led to a growth in the Natural Products Expo.

“More retail buyers are walking the show floor at Expo East than ever before, looking for the newest quality products to bring back to their stores,” Dr. Javelosa said.

The trade show will reportedly bring over 22,000 attendees and more than 1,800 exhibitors, with approximately 30 percent of those exhibiting for the first time and new to the marketplace, according to Natural Product Expo East.

This year, the expo will include for the first time a Farm-to-Market Tour where attendees will have the opportunity to visit some of Baltimore’s nearby farms and retail stores that source from them. - philSTAR

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World-renowned economist Jeffrey Sachs: Philippines has much to teach world

LAUNCHING. Jeffrey Sachs, who serves as the director of both SDSN and the Earth Institute, launches SDSN's local chapter alongside NEDA Director General Arsenio Balisacan. Photos by Chris Schnabel / Rappler

Jeffrey Sachs: Philippines has much to teach world

The country should be a world leader in sustainable development, says the renowned US economist

MANILA, Philippines – World-renowned economist and bestselling author Dr Jeffrey Sachs wants the Philippines to be one of the world's leaders for sustainable development.

"The country has much to offer, so much to teach the world, and so much to benefit from,” said Sachs, who is in the country to formally launch the Sustainable Development Solutions Network Philippines (SDSN Philippines), alongside National and Economic Development Authority (NEDA) chief Secretary Arsenio M. Balisacan on Monday, August 3.

In his public lecture Monday titled "The Age of Sustainable Development,” which is also the title of his newest book, he gave a context of the SDSN Philippines and the challenge it faces.

The local chapter will have the responsibility of pulling the country’s leading thinkers to work side by side with NEDA, universities, political and business leaders, and communities to find paths to sustainable development in this country, he explained.

It also comes at a time of optimism in the country and that will be helpful, he added.

Sustainable Development Goals

SDSN Philippines is the local chapter of the United Nations SDSN Network established by UN Secretary Ban Ki-Moon in 2012.

Directed by Sachs, the SDSN’s aim is to help find concrete solutions to some of the world’s most pressing environmental, social, and economic problems to achieve sustainable development.

To achieve this, the SDSN network has set another series of goals called the Sustainable Development Goals (SDGs). These new goals will formally succeed the Millennium Development Goals (MDGs) in September of this year.

LECTURING. Jeffrey Sachs details the Social Development Goals and the challenges that the global community faces in achieving them to an audience of Philippine stakeholders.

Like MDGs, SDGs are a set of goals covering social, economic, and environmental issues spread by the UN for states and international bodies to use in planning and implementing development policy.

Their exact wording was finalized by the UN general assembly Monday.

This time the goal is to end all poverty, not just cut it in half, by 2030, Sachs said.

Unlike MDGs, Sachs explained, SDGs are universal and will need to be adopted by rich and poor countries alike.

They call on all countries to stop the dominant pattern of focusing only on the economic bottom line but to take development in a holistic manner.

Change direction

“It can’t be business as usual. It’s no longer enough to just achieve economic development. We need a change of direction,” Sachs said.

The focus is on pursuing economic development that is also socially inclusive and environmental friendly, he added.

The SDGs also put forward a shared vision of how international leaders want to see the world to be in 2030.

Education is also a huge agenda, one that will be spread over 15 years with a global knowledge base as its core, Sachs said.

Universities, research laboratories, and think tanks are the core of the SDSN, although it partners with business, government, and civil society, he said.

The idea is to think of how the world is going to do this because the scale of the challenge requires new ways of thinking, technology, and training, Sachs explained.

Universities' role

This, he shared, is why universities should play a leadership role in the project.

Educational institutions are incubators of innovation and have the ability to create solutions of a global scale – which is what's needed to solve big problems such as poverty and climate change, according to Sachs.

Sachs cited as examples the economic emergence of South Korea, which focused on a knowledge-based economy, and the creation of the Silicon Valley ecosystem in the US – both of which scaled using innovation.

Transforming the local economy into a knowledge-based one is a key step for the Philippines and other developing nations toward sustainable development, Sachs said.

FEEDBACK. Sachs, alongside Balisacan and former NEDA Director General professor Solita Monsod listen to reactions from stakeholder groups on Sustainable Development Goals.

Lessons from MDGs

With the SDGs, the Philippines needs to learn lessons from implementation of the previous MDGs, Balisacan said.

The Philippines has seen mixed results with the MDGs, with the country fulfilling targets related to universal primary education; lowering infant mortality; reducing malaria incidence; and enhancing clean water access for households, among others.

The country is not on track to meet goals for maternal mortality, AIDS/HIV prevention, reproductive health access, and completion rates for elementary schools.

"Putting timelines in place as we move to 2030, and being more conscious about assigning responsibility especially in government and the academe are some of the things we need to improve on," he explained.

Political will must also be mustered to push through institutional changes needed.

Above all, more financing for sustainable development should be planned and organized, especially in innovation through more funding for universities and research & development centers, Balisacan added.

The tasks are enormous and so are the challenges, he explained.

“The good thing is now that the economy is in good shape, we no longer have an excuse to not invest in sustainable development," Balisacan said. – Rappler.com

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Globe Telecom Takes over in ₱1.83-Billion buyout deal for Bayantel stake

Globe takes over Bayantel. image: Business World Online

GLOBE Telecom, Inc. has reached a buy-out deal worth ₱1.83 billion with the Lopez group that will give the Ayala-led company full control of cash-strapped Bayan Telecommunications, Inc.

The move is seen to help Bayantel completely get out of the doldrums by 2023.

"Globe Telecom, Inc. has agreed to purchase from Bayan Telecommunications Holdings, Corporation (BTHC) and Lopez Holdings, Corporation (LHC) all the equity in the capital stock of Bayan Telecommunications, Inc. that is held by BTHC and LHC, valued at approximately ₱1.83 Billion Php," Globe said in a disclosure to the Philippine Stock Exchange yesterday.

Globe will boost its control over Bayantel to 98.57% from 56.87%, through a debt-to-equity conversion scheme involving up to 70.76 million shares. The transaction is under Bayantel's rehabilitation plan and was approved by the National Telecommunications Commission on July 2.

Globe already acquired a 38% interest in Bayantel in October 2013 after the Pasig City Regional Trial Court Branch 158 approved the amended rehabilitation plan jointly filed by the companies, where Globe converted Bayantel's debt into common shares, according to the listed telecommunication firm's 2014 annual report.

Globe, as a principal creditor, had planned to further convert a portion of the $423.3-million debt, so it can hike its stake to as high as 56.6%.

"The debt-to-equity conversion transaction between Globe and Bayan will precisely enable the latter's continued viability as a service provider, allowing it to exit rehabilitation and enhance its current service offering to the public," Globe's General Legal Counsel Froilan M. Castelo had said in a July 3 mobile phone reply.

"Globe will certainly add value to Bayantel, bringing financial and technical support and synergies, as well as experience and our own culture of innovation," he added.

Globe had said it can address "increasing demand" for voice, short message, and mobile data services through the joint use of frequencies originally assigned to Bayantel. In return, Bayantel would be able to offer mobile telecommunications.

Globe shares added ₱16 or 0.63% to close at ₱2,544 apiece on Tuesday. - Business World Online

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Philippines Budget Surplus expanded to ₱67.3 Billion Php in May 2015

PHL budget surplus widens nearly 6 times in May

More Amid the pressing need to boost public spending to pump-prime the economy, government revenues continued to outpace expenditures for the second month this year.

The budget surplus expanded by almost six times to ₱67.3 billion Php in May from ₱11.8 billion Php a year earlier, figures released by the Department of Finance (DOF) on Monday showed. 

The amount widens the ₱52.6 billion Php surplus reported in April, bringing the budget balance to a surplus of ₱86.4 billion Php in the first five months of the year. In comparison, the government registered an ₱8.5- billion Php surplus in January to May last year.

Revenues expanded by 41 percent to ₱242.5 Php billion in May. In January-to-May, revenues were 16 percent higher at ₱922.2 billion Php, according to the DOF.

The Bureau of Internal Revenue raked in ₱128.5 billion Php while the Bureau of Customs and the Bureau of the Treasury collected ₱26.7 billion Php and ₱11.0 billion. Other offices contributed P76.4 billion, reflecting the ₱60.1 billion Php of coconut levy-related remittances.

Government expenditures increased by 9 percent to ₱175.2 billion Php, including ₱20.6 billion Php in interest payments. But the amount represents only about 72 percent of the total revenues generated during the month.

In January to May, expenditures reached ₱835.7 billion Php, a 6 percent increase from a year earlier. Interest payments decreased by 2 percent to ₱136.9 billion Php, accounting for 16 percent of total expenditures.

"Various volatile events in the global landscape serve as stark reminders of the importance of the hard work of reform carefully sustained by prudent fiscal management. We continue to build ample safeguards protecting the country from shocks that pose risks to our upward trajectory," Finance Secretary Cesar Purisima said. 

But economists, credit watchers and banks have cited slow government spending for the worse-than-expected performance of the Philippine economy this year.

Even the National Economic and Development Authority (NEDA) admitted that meeting the lower end of the government's growth target of 7 percent to 8 percent would be difficult given the slowdown in global demand.

The government must focus on intervention in the agriculture and industry sectors to sustain the Philippine economy, former Budget Secretary Benjamin Diokno told GMA News Online.

"To me, ang dapat talagang palalakasin mo, side-by-side, ay agriculture and industry – meaning manufacturing, construction and power.

"Why agriculture? Because a third of the workforce is in agriculture and more than half of the poor is in rural areas," Diokno said.

A modern agriculture sector could translate into cheaper food prices and subsequently benefit the poor, ease the demand for higher wages and make inputs to food manufacturing cheaper, he added. – VS, GMA News

 

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Japan agency upgrades PH's credit rating to BBB+

Japan credit rating agency raises Philippine rating

THE Philippines has received another credit rating upgrade, which is the highest rating the country has ever achieved.

In a report released Monday, Japan Credit Rating Agency Ltd. (JCR) gave the Philippines BBB+ from BBB rating. This was just a notch away from the minimum score in the "A" category.

The latest upgrade from JCR is the 22nd positive rating action (covering both improvement in outlook and actual credit scores) for the Philippines from major international credit rating agencies since 2010, the Investor Relations Office (IRO) of the Bangko Sentral ng Pilipinas said.

This development places the Philippines' credit rating two places ahead of Indonesia's BBB- and at par with that of India, whose economy is seven times the size of that of the Philippines.

"JCR is of the view that the Philippine economy will, by and large, sustain an annual growth of around 6 percent in the years to come driven by strong domestic demand," the rating agency said.

In the report, JCR highlighted the ability of the Philippines to maintain sound fiscal position, high external liquidity, and solid economic growth.

It also cited general stability in the country's political situation even as potential candidates for national positions gear up for the 2016 elections.

JCR also noted the stable social situation amid inroads in poverty reduction, with the poverty rate falling from 28.6 percent in 2009 to 25.8 percent in the first half of 2014.

The new credit rating is assigned a "stable" outlook, which means adjustment is unlikely in the short term.

Government economic officials welcomed the upgrade, which marked the third positive rating action from JCR over the past five years.

"The latest ratings decision of JCR, which makes the Philippines very close to securing a rating within the 'A' category, appropriately reflects the strength exhibited by the economy. Inflation has remained low, external liquidity ample, and banking system sound. All this has been achieved despite a challenging external environment," BSP Governor Amando Tetangco said.

"The upgrade to BBB+ is a recognition partly of how the country’s fiscal sector has transformed since 2010. Fiscal reforms, both legislative and administrative, have resulted in more buoyant revenue collections, manageable deficits, and lower debt service burden. The pace by which the debt burden has declined over the years is one solid proof of the rare kind of fiscal discipline that the Philippines exercises," Finance Secretary Cesar Purisima said.

IRO, which serves as the government's central point of contact for credit-rating agencies, underscored the need for public vigilance to ensure that the Philippines keeps its hard-earned investment grade sovereign credit ratings beyond 2016.

"The Philippines has achieved unprecedented gains in its credit standing over the past five years. After suffering from stubborn speculative credit ratings not too long ago, the Philippines now enjoys a seal of good housekeeping from all major international credit rating agencies," IRO Executive Director Editha Martin said.

"There should be no turning back. The need to maintain good governance – which boosts confidence of investors, creditors, rating institutions, and the general public – even after a change in leadership in 2016 cannot be overemphasized," Martin said.- (SDR/Sunnex)

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Swimming at the Airport? First Resort Airport in the World Kicks off in Cebu Philippines

Mactan-Cebu touted to be first of several world-class airports

PH breaks ground for world’s first resort airport

The Department of Transportation and Communications (DOTC) marks another milestone as it breaks ground for the world’s first resort airport – and the Aquino Administration’s first airport public-private partnership (PPP) project – on June 29.

“The kick-off ceremony for the construction of the new international terminal for the country’s second-biggest gateway, the Mactan-Cebu International Airport (MCIA), is touted to be the start of Philippine airports matching the best in the world,” said DOTC Secretary Joseph Emilio Aguinaldo Abaya.

“It will not only cement our place on the global map as a major tourist and business destination, it will boost the local economy and is projected to generate jobs especially in Cebu,” he added.

The project, which is envisioned by concessionaire GMR-Megawide Cebu Airport Corporation (GMCAC) to be regarded as the first resort airport in the world, covers the construction of a new world-class international passenger terminal building (PTB), as well as the renovation of the existing PTB and its conversion into an exclusively-domestic facility.

Construction of the new terminal will be completed in three (3) years, or by 2018, while the renovation of the existing terminal is slated to be completed in 2019. The airport’s passenger capacity will surge from 4.5 million to 12.5 million per year.

GMCAC won the auction for the 25-year PPP contract last year, after offering the government a premium bid of P 14.4 billion. Operations and maintenance (O&M) of the airport was turned over to the consortium in November 2015.

‘Soft Improvements’ implemented since last year

Immediately upon assuming O&M responsibility, GMCAC began implementing ‘soft improvements’ to the existing terminal, or those improvements which did not require major civil works, to enhance passenger experience at the gateway.

For instance, a centralized security check (CSC) system was opened earlier this month to speed up the processing time for departing guests. It features four (4) X-ray machines that can be used interchangeably, which then doubles the capacity of the final check-in counters.

To further reduce passenger queues, GMCAC also opened additional immigration counters and self-service kiosks wherein passengers can pre-check-in.

Other ‘soft improvements’ included the installation of LED bulbs for brighter lighting; the optimized use of floor space, which included transferring certain offices in exchange for more check-in counters and waiting areas; redesigning seating patterns to increase usage by passengers; and now, offering self-service check-in kiosks for faster processing.

“It is clear to us that GMCAC brings international expertise into running an airport, immediately it has already made substantial improvements without making structural works yet. What it will do now that we are breaking ground is exciting for us, and especially for travelers to and from Cebu,” Abaya remarked. - dotc.gov.ph

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Philippine Economy is the Strongest in the World - Findings of Washington USA Think Tank

Philippines has most resilient economy – study

(CNN Philippines) — Should an economic crisis akin to last decade's Great Recession happen again, the Philippines would be the most "resilient" country and be able withstand it, despite its status as an emerging-market economy.

That's the assessment of Center for Global Development (CGD), a think tank based in Washington, D.C.

It's not that hard to imagine another financial crisis happening: Growth in China — the world's second largest economy — has slowed, the United States' bull market hasn't had a correction since 2011, and in the Eurozone, debt-ridden Greece has yet to strike a deal with its creditors.

Economist Liliana Rojas-Suarez of the CGD recently created a "resilience indicator" that measures the vulnerability of an economy to future financial shocks.

Her metric looks into several economic indicators that fall under two categories:

• a country's ability to withstand external shocks 
• government's ability to "rapidly" implement policies that counteract the effects of such shocks 

"I compare the values of the identified variables in 2007 (the preglobal financial crisis year) with the respective values at the end of 2014," she said.

Rojas-Suarez explained: "A country is said to be highly resilient to adverse external shocks if the event does not result in a sharp contractions of economic growth, a severe decline in the rate of growth of real credit and/or the emergence of deep instabilities in the financial sector."

Of the 21 countries she studied, Rojas-Suarez ranked the Philippines as the most resilient economy, ahead of South Korea and China, which fall at second and third, respectively.

Rojas-Suarez found that the Philippines posted a strong improvement in its indebtedness. The debt indicators had substantial influence over the country's ranking.

For example, she points out that the country cut in half its external debt to GDP ratio "from around 40 percent in 2007 to around 20 percent in 2014." This figure stands in stark contrast with most whose ratios are "without significant changes" within that same time period.

She also cites the country's lower government debt to GDP ratio which stood above 40% in 2007, and subsequently shrank to below that figure in 2014.

Likewise, the country also stood out because of its improved inflation performance in 2014 relative to 2007. Rojas-Suarez pointed out that inflation rates have been within the government's targets.

Latin American countries did not do well in the study: "Four of the six Latin American countries in the sample have deteriorated their positions in the ranking. This includes Argentina, which now holds the last position. "

Apart from "bad luck in terms of unfavorable trade," Rojas-Suarez explained that such countries ranked lower because of "the squandering of opportunity to implement needed reforms in the good post-crisis years."

Her study ultimately affirms a long-running cliché: An ounce of prevention is better than a pound of cure.

"Policy decisions taken in the precrisis period played a major role in explaining a country's macroeconomic performance during the global economic crisis (of last decade)," explained Rojas-Suarez.

"[I]nitial conditions at the onset of a severe adverse external shock matter a lot. The good news is that, besides the commodity price shock, the most feared external shock: a sudden rise in interest rates in the US has not (yet) materialized. Time is still on the side of emerging markets’ authorities." - CNN

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Philippines to attain 7 to 8% economic growth in 2015: central bank

MANILA, Philippines (Xinhua) - Governor of central bank Amando M. Tetangco, Jr. said today that the government's 7 to 8 percent economic growth target in 2015 is attainable.

This is because "domestic demand remains firm and supported by brewing production efficiency and robust labor market dynamics," Tetangco said during the Euromoney Philippines Investment Forum.

He said the central bank is confident that the country will be able to attain the goal of an upward economic growth trajectory in an environment of price and financial stability because the bank will remain proactive in policy dialogue with stakeholders, preemptive in putting in place forward-looking policies, and prudent in adopting reforms.

The Philippine economy expanded by 6.1 percent last year, short of the government's 6.5 to 7.5 percent target and also slower than the 7.2 percent growth in 2013. However, this is the second fastest growth rate seen in Asia during the period.

Tetangco added that inflation should remain within 2 to 4 percent target for this year and the next, while liquidity is also expected to remain sufficient.

Despite the favorable prospects of the economy, he said the central bank continues to monitor risks to growth such as the uneven global output, uncertainty in oil prices, and the divergence in monetary policy settings across countries.

"Given the positive alignment between inflation growth and augmented government resources as a result of fiscal consolidation, both monetary and fiscal sectors have sufficient room to make policy adjustments as warranted," Tetangco said.   - philSTAR

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Fortune Global 500 - World's Biggest Companies - 2011

Fortune Global 500 – World Biggest Companies

2011

Rank	Company	Revenues	Profits
		($ millions)	($ millions)
1	Wal-Mart Stores	421,849	16,389
2	Royal Dutch Shell	378,152	20,127
3	Exxon Mobil	354,674	30,460
4	BP	308,928	-3,719
5	Sinopec Group	273,422	7,629
6	China National Petroleum	240,192	14,367
7	State Grid	226,294	4,556
8	Toyota Motor	221,760	4,766
9	Japan Post Holdings	203,958	4,891
10	Chevron	196,337	19,024
11	Total	186,055	14,001
12	ConocoPhillips	184,966	11,358
13	Volkswagen	168,041	9,053
14	AXA	162,236	3,641
15	Fannie Mae	153,825	-14,014
16	General Electric	151,628	11,644
17	ING Group	147,052	3,678
18	Glencore International	144,978	1,291
19	Berkshire Hathaway	136,185	12,967
20	General Motors	135,592	6,172
21	Bank of America Corp.	134,194	-2,238
22	Samsung Electronics	133,781	13,669
23	ENI	131,756	8,368
24	Daimler	129,481	5,957
25	Ford Motor	128,954	6,561
26	BNP Paribas	128,726	10,388
27	Allianz	127,379	6,693
28	Hewlett-Packard	126,033	8,761
29	E.ON	125,064	7,752
30	AT&T	124,629	19,864
31	Nippon Telegraph & Telephone	120,316	5,950
32	Carrefour	120,297	574
33	Assicurazioni Generali	120,234	2,254
34	Petrobras	120,052	19,184
35	Gazprom	118,657	31,895
36	J.P. Morgan Chase & Co.	115,475	17,370
37	McKesson	112,084	1,202
38	GDF Suez	111,888	6,114
39	Citigroup	111,055	10,602
40	Hitachi	108,766	2,789
41	Verizon Communications	106,565	2,549
42	Nestlé	105,267	32,843
43	Crédit Agricole	105,003	1,673
44	American International Group	104,417	7,786
45	Honda Motor	104,342	6,236
46	HSBC Holdings	102,680	13,159
47	Siemens	102,657	5,268
48	Nissan Motor	102,430	3,727
49	Pemex	101,506	-3,758
50	Panasonic	101,491	864
51	Banco Santander	100,350	10,835
52	International Business Machines	99,870	14,833
53	Cardinal Health	98,602	642
54	Freddie Mac	98,368	-14,025
55	Hyundai Motor	97,408	4,708
56	Enel	97,185	5,814
57	CVS Caremark	96,413	3,427
58	JX Holdings	95,964	3,640
59	Lloyds Banking Group	95,682	-4,103
60	Hon Hai Precision Industry	95,191	2,450
61	Tesco	94,185	4,104
62	UnitedHealth Group	94,155	4,634
63	Wells Fargo	93,249	12,362
64	Aviva	90,211	2,260
65	Metro	89,081	1,126
66	PDVSA	88,361	4,313
67	Statoil	87,646	6,302
68	Électricité de France	86,309	1,351
69	Lukoil	86,078	9,006
70	Valero Energy	86,034	324
71	BASF	84,597	6,036
72	Société Générale	84,350	5,188
73	Sony	83,845	-3,031
74	ArcelorMittal	83,443	2,916
75	Deutsche Telekom	82,674	2,245
76	Kroger	82,189	1,116
77	Industrial & Commercial Bank of China	80,501	24,398
78	Telefónica	80,444	13,466
79	BMW	80,099	4,262
80	Procter & Gamble	79,689	12,736
81	Nippon Life Insurance	78,571	2,631
82	SK Holdings	78,435	570
83	EXOR Group	78,123	182
84	AmerisourceBergen	77,954	637
85	Costco Wholesale	77,946	1,303
86	Petronas	76,876	17,479
87	China Mobile Communications	76,673	9,733
88	Munich Re Group	76,220	3,208
89	Toshiba	74,706	1,609
90	Peugeot	74,251	1,502
91	Prudential	73,598	2,210
92	Vodafone	71,344	12,389
93	Deutsche Post	71,121	3,366
94	Repsol YPF	70,456	6,216
95	China Railway Group	69,973	1,106
96	Dexia Group	69,491	958
97	Groupe BPCE	69,297	4,821
98	Indian Oil	68,837	1,719
99	Marathon Oil	68,413	2,568
100	Royal Bank of Scotland	68,088	-1,546
101	Home Depot	67,997	3,338
102	Zurich Financial Services	67,850	3,434
103	Pfizer	67,809	8,257
104	Walgreen	67,420	2,091
105	China Railway Construction	67,414	627
106	Target	67,390	2,920
107	RWE	67,179	4,381
108	China Construction Bank	67,081	19,920
109	U.S. Postal Service	67,052	-8,505
110	Medco Health Solutions	65,968	1,427
111	Apple	65,225	14,013
112	Aegon	65,136	2,330
113	China Life Insurance	64,635	3,505
114	Boeing	64,306	3,307
115	Barclays	63,661	5,505
116	State Farm Insurance Cos.	63,177	1,763
117	Banco do Brasil	62,891	6,418
118	Tokyo Electric Power	62,680	-14,563
119	Robert Bosch	62,593	3,148
120	Microsoft	62,484	18,760
121	France Télécom	61,965	6,463
122	Archer Daniels Midland	61,682	1,930
123	Johnson & Johnson	61,587	13,334
124	Dell	61,494	2,635
125	Mitsubishi	60,793	5,408
126	EADS	60,597	732
127	Agricultural Bank of China	60,536	14,015
128	PTT	59,930	2,621
129	Legal & General Group	59,377	1,267
130	CNP Assurances	59,320	1,391
131	Seven & I Holdings	59,252	1,296
132	Bank of China	59,212	15,426
133	AEON	58,983	691
134	Reliance Industries	58,900	4,235
135	WellPoint	58,802	2,887
136	Unilever	58,623	5,621
137	PepsiCo	57,838	6,320
138	ThyssenKrupp	57,586	1,113
139	Noble Group	56,696	606
140	Rio Tinto Group	56,576	14,324
141	Meiji Yasuda Life Insurance	56,309	1,534
142	Groupe Auchan	56,279	934
143	Nokia	56,218	2,450
144	A.P. Møller-Mærsk Group	56,177	4,705
145	Dongfeng Motor	55,748	2,480
146	Deutsche Bank	55,314	3,060
147	China State Construction Engineering	54,721	1,365
148	Mitsui	54,635	4,295
149	China Southern Power Grid	54,449	1,025
150	United Technologies	54,326	4,373
151	Shanghai Automotive	54,257	1,914
152	Dow Chemical	53,674	2,310
153	Dai-ichi Life Insurance	53,375	224
154	UniCredit Group	53,338	1,753
155	Saint-Gobain	53,136	1,495
156	Banco Bradesco	53,010	5,489
157	Mitsubishi UFJ Financial Group	52,877	6,808
158	Fujitsu	52,871	643
159	BHP Billiton	52,798	12,722
160	MetLife	52,717	2,790
161	POSCO	52,462	3,618
162	China National Offshore Oil	52,408	7,239
163	Renault	51,616	4,530
164	Novartis	51,561	9,794
165	Best Buy	50,272	1,277
166	United Parcel Service	49,545	3,488
167	Kraft Foods	49,542	4,114
168	Sinochem Group	49,537	798
169	Lowe's	48,815	2,010
170	Credit Suisse Group	48,314	4,891
171	LG Electronics	48,236	1,062
172	América Móvil	48,127	7,215
173	Nippon Steel	47,984	1,088
174	Roche Group	47,171	8,314
175	Veolia Environnement	47,170	770
176	INTL FCStone	46,940	5
177	Lockheed Martin	46,890	2,926
178	Bayer	46,473	1,723
179	Rosneft Oil	46,304	10,400
180	Merck	45,987	861
181	Goldman Sachs Group	45,967	8,354
182	Bunge	45,707	2,354
183	Wesfarmers	45,659	1,379
184	Woolworths	45,622	1,780
185	Deutsche Bahn	45,575	1,376
186	Vale	45,293	17,264
187	Sanofi-Aventis	45,056	7,241
188	Express Scripts	44,990	1,181
189	Sumitomo Mitsui Financial Group	44,902	5,556
190	UBS	44,811	7,228
191	Intesa Sanpaolo	44,285	3,583
192	Vinci	44,205	2,352
193	Scottish & Southern Energy	44,056	2,339
194	GlaxoSmithKline	43,857	2,524
195	Intel	43,623	11,464
196	Banco Bilbao Vizcaya Argentaria	43,465	6,101
197	China FAW Group	43,434	2,126
198	Sears Holdings	43,326	133
199	Marubeni	43,011	1,594
200	Sumitomo Life Insurance	42,832	1,272
201	Itochu	42,612	1,880
202	Caterpillar	42,588	2,700
203	Mitsubishi Electric	42,561	1,454
204	Canon	42,246	2,810
205	Chrysler Group	41,946	-652
206	Bouygues	41,547	1,419
207	LyondellBasell Industries	41,151	N.A.
208	Safeway	41,050	590
209	SNCF	40,575	923
210	Sabic	40,526	5,741
211	China Communications Construction	40,414	1,394
212	Baosteel Group	40,327	2,230
213	Iberdrola	40,305	3,802
214	KDDI	40,100	2,979
215	Cisco Systems	40,040	7,767
216	MS&AD Insurance Group Holdings	39,754	63
217	Foncière Euris	39,449	20
218	Morgan Stanley	39,320	4,703
219	Royal Ahold	39,111	1,130
220	Hyundai Heavy Industries	38,996	3,241
221	CITIC Group	38,985	4,927
222	China Telecommunications	38,469	444
223	Prudential Financial	38,414	3,195
224	Tokio Marine Holdings	38,396	840
225	Vivendi	38,248	2,911
226	Walt Disney	38,063	3,963
227	China South Industries Group	37,996	225
228	Comcast	37,937	3,635
229	China Minmetals	37,555	523
230	Supervalu	37,534	-1,510
231	JFE Holdings	37,310	684
232	Sysco	37,244	1,180
233	Idemitsu Kosan	37,196	709
234	Mitsubishi Chemical Holdings	36,974	976
235	TNK-BP International	36,881	5,815
236	Telecom Italia	36,855	4,134
237	Volvo	36,749	1,508
238	GS Holdings	36,570	699
239	Denso	36,561	1,670
240	Manulife Financial	36,534	-380
241	NEC	36,374	-146
242	Franz Haniel	36,333	423
243	Anheuser-Busch InBev	36,297	4,026
244	Sumitomo	36,218	2,367
245	Lufthansa Group	36,190	1,498
246	Old Mutual	35,809	-436
247	Quanta Computer	35,721	591
248	Koç Holding	35,713	1,151
249	Commonwealth Bank of Australia	35,710	4,990
250	China North Industries Group	35,629	534
251	Centrica	35,548	2,989
252	Sunoco	35,453	234
253	Sharp	35,283	227
254	Westpac Banking	35,282	5,709
255	Abbott Laboratories	35,167	4,626
256	Coca-Cola	35,119	11,809
257	Softbank	35,081	2,215
258	New York Life Insurance	34,947	1,092
259	Cathay Life Insurance	34,796	-207
260	Northrop Grumman	34,757	2,053
261	FedEx	34,734	1,184
262	Royal Bank of Canada	34,716	5,033
263	Hess	34,613	2,125
264	Ingram Micro	34,589	318
265	Continental	34,498	763
266	National Australia Bank	34,350	3,800
267	Johnson Controls	34,305	1,491
268	Suncor Energy	34,251	3,467
269	Aetna	34,246	1,767
270	Amazon.com	34,204	1,152
271	Korea Electric Power	34,110	-62
272	Bharat Petroleum	34,102	359
273	Mitsubishi Heavy Industries	33,903	352
274	Humana	33,868	1,099
275	Enterprise Products Partners	33,739	321
276	China Huaneng Group	33,681	29
277	Royal Philips Electronics	33,667	1,915
278	DZ Bank	33,611	1,148
279	HeBei Iron & Steel Group	33,549	168
280	Honeywell International	33,370	2,022
281	AstraZeneca	33,269	8,053
282	Liberty Mutual Insurance Group	33,193	1,678
283	J. Sainsbury	32,811	995
284	News Corp.	32,778	2,539
285	DuPont	32,733	3,031
286	Rabobank Group	32,672	3,552
287	Bridgestone	32,613	1,127
288	BAE Systems	32,588	1,625
289	People's Insurance Co. of China	32,579	574
290	Sprint Nextel	32,563	-3,465
291	General Dynamics	32,466	2,624
292	State Bank of India	32,450	2,345
293	Shenhua Group	32,446	4,256
294	Commerzbank	32,420	1,894
295	Kansai Electric Power	32,339	1,438
296	TIAA-CREF	32,225	1,406
297	China Metallurgical Group	32,076	297
298	Sberbank	32,066	5,998
299	Power Corp. of Canada	32,023	881
300	Alliance Boots	31,998	925
301	BT Group	31,796	2,335
302	Delta Air Lines	31,755	593
303	Mizuho Financial Group	31,720	4,825
304	ABB	31,589	2,561
305	Allstate	31,400	928
306	La Poste	31,378	729
307	JBS	31,279	-172
308	Air France-KLM Group	31,200	810
309	Medipal Holdings	31,090	20
310	George Weston	31,073	439
311	Aviation Industry Corp. of China	31,006	704
312	OMV Group	30,891	1,219
313	HCA Holdings	30,683	1,207
314	NKSJ Holdings	30,609	-151
315	Xstrata	30,499	4,688
316	Suzuki Motor	30,452	527
317	Wilmar International	30,378	1,324
318	Ineos Group Holdings	30,347	-75
319	American Express	30,242	4,057
320	Jardine Matheson	30,053	3,084
321	Hanwha	30,041	230
322	Vattenfall	29,645	1,804
323	East Japan Railway	29,625	890
324	Edeka Zentrale	29,392	201
325	Google	29,321	8,505
326	Shougang Group	29,181	238
327	Heraeus Holding	29,172	338
328	Ping An Insurance	28,927	2,557
329	Poste Italiane	28,922	1,348
330	Standard Life	28,878	667
331	Aluminum Corp. of China	28,871	-41
332	Swiss Reinsurance	28,835	863
333	Samsung Life Insurance	28,773	1,674
334	Flextronics International	28,680	596
335	Phoenix Pharmahandel	28,641	192
336	Hindustan Petroleum	28,593	374
337	Tyson Foods	28,430	780
338	Australia & New Zealand Banking	28,275	4,049
339	L.M. Ericsson	28,226	1,547
340	Compal Electronics	28,171	739
341	Wuhan Iron & Steel	28,170	228
342	Sistema	28,099	919
343	China Post Group	28,094	1,307
344	Christian Dior	27,977	1,670
345	Anglo American	27,960	6,544
346	China Resources	27,820	1,621
347	PKN ORLEN Group	27,703	786
348	Alstom	27,635	610
349	Delhaize Group	27,615	760
350	CPC	27,570	508
351	Schlumberger	27,447	4,267
352	Huawei Technologies	27,356	3,509
353	Hochtief	27,334	382
354	Sinosteel	27,266	-217
355	Chubu Electric Power	27,214	988
356	Philip Morris International	27,208	7,259
357	Mazda Motor	27,154	-701
358	Cosmo Oil	27,106	338
359	Tata Motors	27,046	2,035
360	Itaúsa-Investimentos Itaú	26,982	2,509
361	Oil & Natural Gas	26,945	4,929
362	Hutchison Whampoa	26,926	2,579
363	Time Warner	26,888	2,578
364	Oracle	26,820	6,135
365	3M	26,662	4,085
366	COFCO	26,469	800
367	Jiangsu Shagang Group	26,388	397
368	Aisin Seiki	26,357	813
369	CEPSA	26,150	840
370	Tata Steel	26,065	1,972
371	China United Network Communications	26,025	181
372	Deere	26,005	1,865
373	Gas Natural Fenosa	25,999	1,591
374	Schneider Electric	25,933	2,278
375	China Datang	25,915	-447
376	Plains All American Pipeline	25,893	505
377	Fujifilm Holdings	25,886	746
378	L'Oréal	25,821	2,966
379	Massachusetts Mutual Life Insurance	25,647	258
380	Finmeccanica	25,591	653
381	Alfresa Holdings	25,492	77
382	Wm. Morrison Supermarkets	25,406	974
383	Publix Super Markets	25,328	1,338
384	CHS	25,268	502
385	Rite Aid	25,215	-555
386	Raytheon	25,183	1,840
387	International Paper	25,179	644
388	Yamada Denki	25,140	826
389	Travelers Cos.	25,112	3,216
390	Macy's	25,003	847
391	Adecco Group	24,709	560
392	Staples	24,545	882
393	Toronto-Dominion Bank	24,485	4,475
394	KBC Group	24,473	2,464
395	Mapfre Group	24,387	1,236
396	Tech Data	24,376	214
397	GasTerra	24,313	48
398	Bank of Communications	24,264	5,768
399	China Ocean Shipping	24,250	1,161
400	Ultrapar Holdings	24,135	435
401	Magna International	24,102	973
402	DirecTV	24,102	2,198
403	McDonald's	24,075	4,946
404	Migros Group	24,024	855
405	China Guodian	24,016	114
406	Sun Life Financial	23,920	1,627
407	Maruhan	23,806	258
408	China Electronics	23,761	134
409	Sumitomo Electric Industries	23,746	825
410	Formosa Petrochemical	23,734	1,300
411	Michelin	23,696	1,388
412	Onex	23,654	-50
413	Imperial Tobacco Group	23,386	2,344
414	Northwestern Mutual	23,384	756
415	Murphy Oil	23,345	798
416	T&D Holdings	23,270	279
417	United Continental Holdings	23,229	253
418	Energie Baden-Württemberg	23,190	1,550
419	Sumitomo Chemical	23,146	285
420	Groupama	23,144	513
421	PPR	23,101	1,277
422	Accenture	23,094	1,781
423	Eli Lilly	23,076	5,070
424	British American Tobacco	22,989	4,447
425	Bank of Nova Scotia	22,911	4,085
426	Japan Tobacco	22,844	1,693
427	Motorola Solutions	22,823	633
428	CRH	22,745	572
429	Ricoh	22,674	229
430	China Railway Materials Commercial	22,631	107
431	China National Aviation Fuel Group	22,630	143
432	Compass Group	22,530	1,051
433	Danone	22,529	2,477
434	Nippon Yusen Kabushiki Kaisha	22,524	917
435	Sinomach	22,487	546
436	Hartford Financial Services	22,383	1,680
437	National Grid	22,302	3,357
438	AMR	22,170	-471
439	TUI	22,091	138
440	LG Display	22,072	1,000
441	Telstra	22,050	3,421
442	TJX	21,942	1,343
443	Emerson Electric	21,866	2,164
444	Bertelsmann	21,791	633
445	Ecopetrol	21,743	4,221
446	Henan Coal & Chemical	21,715	326
447	Kobe Steel	21,700	618
448	Heineken Holding	21,684	954
449	Xerox	21,633	606
450	Lenovo Group	21,594	273
451	ACS	21,558	1,739
452	Evonik Industries	21,545	972
453	Komatsu	21,519	1,760
454	Danske Bank Group	21,425	651
455	Lafarge	21,415	1,095
456	Standard Chartered Group	21,410	4,332
457	Mitsubishi Motors	21,349	182
458	Jizhong Energy Group	21,255	137
459	Cigna	21,253	1,345
460	SHV Holdings	21,202	799
461	Alcatel-Lucent	21,186	-442
462	Fresenius	21,154	824
463	China Shipbuilding Industry	21,055	762
464	Landesbank Baden-Württemberg	21,035	-460
465	Alcoa	21,013	254
466	Kirin Holdings	20,916	130
467	China Pacific Insurance (Group)	20,878	1,264
468	Fluor	20,849	358
469	Mol Hungarian Oil & Gas	20,799	500
470	Sodexo	20,794	558
471	Holcim	20,774	1,134
472	Petroplus Holdings	20,747	-112
473	Aflac	20,732	2,344
474	Wolseley	20,729	-534
475	ChemChina	20,715	16
476	Co-operative Group	20,566	339
477	U.S. Bancorp	20,518	3,317
478	Suzuken	20,455	112
479	Akzo Nobel	20,419	999
480	Cie Nationale à Portefeuille	20,373	320
481	Nationwide	20,265	959
482	Tesoro	20,253	-29
483	CFE	20,143	64
484	Zhejiang Materials Industry Group	20,001	92
485	China National Building Materials Group	19,996	313
486	Henkel	19,989	1,481
487	Acer	19,979	480
488	Tohoku Electric Power	19,950	-394
489	Doosan	19,937	229
490	Research In Motion	19,907	3,411
491	Occidental Petroleum	19,857	4,530
492	Samsung C&T	19,765	406
493	Premafin Finanziaria	19,750	-360
494	Kimberly-Clark	19,746	1,843
495	Daiwa House Industry	19,733	318
496	Surgutneftegas	19,656	4,228
497	KFW Bankengruppe	19,585	3,485
498	Korea Gas	19,563	178
499	Showa Shell Sekiyu	19,558	182
500	Wistron	19,538	382

==============================================

Fortune Global 500

2011

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