Philippines, 6th fastest growing in the world: wealth report

The Philippines is expected to be among the fastest growing economies in the world between 2010 and 2050, according to a study released by Knight Frank and Citi Private Bank.

In the 2012 Wealth Report, the Philippines is forecast to post a Gross Domestic Product (GDP) growth of 7.3% during the period, making it the 6th fastest growing economy in the world.

FAST GROWING. The Philippines is projected to be among the fastest growing economies in the world, according to the 2012 Wealth Report. This and the graphics below are taken from the report released by Knight Frank and Citi Private Bank.

The Philippines registered a 7.3% growth in 2010, but slowed down to 3.6% in 2011 as the global economy hit demand for Philippine exports and the government spent less-than-planned on infrastructure projects.

The Philippine government expects the local economy to stay resilient despite the economic challenges of key trading partners in the west. It is targeting a 5% to 6% growth this 2012 -- slower than the 2012 Wealth Report's annual growth forecast.

This 2012 Wealth Report mirrors a study released in January by HSBC, which forecast that the Philippines could become the world's 16th largest economy by 2050.

Eastward-bound

HSBC, the multinational British bank, cited demographics and rising education standards to help the Philippines grow by an average of 7% annually over the next 40 years.

The 2012 Wealth Report, on the other hand, cited the "shifting emphasis to the East."

"The global economy expanded, but the pace of growth was much slower than in 2010. The US economy grew by just 1.8% and GDP in the troubled eurozone rose just 1.6%. In contrast, Asia managed to chalk up economic growth of 7.9%, although even this was down on the 9.5% achieved 12 months earlier," it said.

"The London School of Economics professor Danny Quah forecasts that by 2050 the world's economic centre of gravity, a theoretical measure of the focal point of global economic activity based on GDP, will have shifted eastwards to lie somewhere between China and India," it added. "In 1980 it was in the middle of the Atlantic."

The report cited an indicator: the growing number of deca-millionaires or those with $10m or more in assets.

It estimated that there are 18,000 centa-millionaires in the region covering South-East Asia, China and Japan. This is more than North America, which has 17,000, and Western Europe with 14,000. By 2016, this region is expected to have extended its lead, with Ledbury Research estimating 26,000 centa-millionaires, compared with 21,000 in North America and 15,000 in Western Europe.

"These forecasts are influenced by the expected economic performance of countries in the Asia-Pacific region. While rapid GDP growth does not in itself guarantee a sharp rise in HNWIs (high-networth individuals), rapidly growing economies do provide key opportunities for large-scale wealth creation," the report said.

High-networth individuals

Citi Private Bank, a wealth management unit of the multinational financial institution, included the Philippines and the other countries in its list of Global Growth Generators - or "3G" countries that over the next 5, 10, 20 and 40 years are expected to deliver high growth and profitable investment opportunities.

Citi included "Bangladesh, Egypt, Indonesia, Iraq, Mongolia, Nigeria, Philippines, Sri Lanka and Vietnam on this ['3G'] list."

Not included were Russia and Brazil -- two of the so-called BRIC nations alongside China and India -- since it said "there are other key countries with promising chances for growth that do not necessarily match the traditional assumptions about where future growth will emanate from."

"All of these countries are poor today and have decades of catch-up growth to look forward to. Some of them, including Nigeria, Mongolia, Iraq and Indonesia, also have large natural resources that we hope will be more beneficial than they so often have been in the past," the report said.

Aside from the Philippines, the other two Southeast Asian countries included in the top 10 fastest growing economies between 2010 and 2050 are Vietnam, which ranks 5th and expected to grow by 7.5%, and Indonesia, ranked 8th with average growth of 6.8% between 2010 and 2050.

Citi projected that China will overtake the US to become the world's largest economy by 2020, which in turn will be overtaken by India in 2050.

Nationality to watch

While Filipinos may not be as important now or in the near future, it is most certainly among the nationalities that should be watched in terms of luxury products and services, including second homes.

The Wealth Report said Filipinos, along with Egyptians, Mongolians, Nigerians, and Vietnamese, are among the nationalities that could be important second home buyers in the future.

The top second home buyers right now are from Russia, Hong Kong, United Kingdom, France, US, Sweden, Germany, China, Singapore, and Canada.

But the nationalities that are growing in importance as primary second home buyers are the Chinese, Indian, Brazilian Malaysian, Norwegian, Kazakhstani, Australian, Indonesian, Turkish, and middle eastern, particularly those from the United Arab Emirates (UAE).

The 2012 Wealth Report pulled together wealth creation, economic risk and politics in the performance of prime residential and commercial property markets, as well as other luxury products.

Citi Private Bank provides products and services to high-net-worth individuals or those who have over US$25 million of investable assets

Rappler.com 

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PhilHealth Goes International for OFWs

Philippines - Overseas Filipino workers may soon be able to file their claims online so they can be reimbursed for hospital bills incurred abroad.

The Philippine Health Insurance Corp. (Philhealth) is exploring strategies to provide better service to its OFW members.

"We want covered OFWs to receive immediate financial relief in the event they become ill and seek hospitalization in their host countries... Our plan is to install by next year a system that will allow OFWs to simply submit online their individual claims for repayment," Dr. Eduardo Banzon, Philhealth president and chief executive officer, said in a statement.

Philhealth is mulling the possibility of contracting primary care physicians abroad to care for its OFW members.  

"We hope to start doing this in selected foreign cities with large concentrations of OFWs," Banzon said.

At present, covered OFWs hospitalized abroad may file claims for reimbursement only by submitting hard copies of the necessary paperwork inside six months to the Philhealth office nearest their Philippine residence.

The papers to be submitted are Philhealth Claim Form 1; a photocopy of the claimant's latest Member Data Record, or contribution payment receipt; a medical certificate with complete diagnosis, period of confinement and services rendered; and a hospital statement of account and/or official receipts with itemized charges and other supporting documents in English.

Philippine-based dependents of OFWs may readily avail of benefits via accredited local hospitals and outpatient service providers.

Philhealth helps pay for the room and board, medicines, laboratory exams, as well as operating room and professional fees for every hospital confinement of not less than 24 hours of the OFW's spouse and other dependents.

Qualified dependents of OFWs who are active Philhealth members are entitled to a separate coverage of up to 45 days confinement per calendar year. The 45 days allowance is shared among all dependents.

Eligible dependents include the OFW's legal spouse who is not a Philhealth member, or whose membership is inactive; the OFW's children below 21 years of age, unmarried and unemployed; and the OFW's parents who are 60 years old and above.

The spouses and children of male OFWs also receive ample medical subsidy in the form of prenatal, maternity and newborn care benefits.

A 1995 law requires all citizens of the Philippines "to enroll in the National Health Insurance Program in order to avoid adverse selection and social inequity."

"We at Philhealth are duty-bound to carry out the law, which mandates compulsory membership and coverage of all Filipinos, including to our OFWs... Even if we wanted to, we are not in a position to exempt our OFWs from compulsory coverage and contributions. Otherwise, we will be remiss in the performance of our duties," Banzon said.

Philhealth now covers some 2.52 million OFWs plus 2.48 million of their dependents.

To enlarge benefit payments and cope with the rising cost of hospitalization and out-patient services, Philhealth has adjusted annual premium contributions.

In the case of OFWs, their more than 10-year-old annual premium of P900 (or P2.50 per day) has been revised in phases to P1,200 (or P3.30 per day) effective January 1, 2012, and to P2,400 (P6.55 per day) starting January 1, 2013.

"The cost of all goods and services has drastically gone up over the years. This includes the cost of health care paid for by Philhealth," Banzon said.

"The fine-tuning is long overdue and reasonable, considering it merely reflects over a decade of health care cost inflation, and in view of the expanded benefits Philhealth has been rolling out as we speak," he said.

However, Philhealth's plan to increase annual premium contributions has sparked protests from OFWs.

ABS-CBN news

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Philippines mourned for the lose interior Minister Robredo – Flag half-mast

Mindanao mourned for the Death of the Great Minister

Tributes for the late Interior and Local Government Secretary Jesse Robredo poured out from various places in Mindanao Tuesday morning as soon as official word came in that his body had been recovered from the wreckage of a plane that crashed into the sea off Masbate late Saturday afternoon.

All over Davao del Sur flags were lowered to half staff, and officials attending a peace and order council meeting that Robredo had been scheduled to attend Tuesday fell silent and offered prayers for him when news arrived that his body had been found.

Basilan Bishop Martin Jumoad described Robredo's passing as a "great loss to the Filipino nation."

"His heart was always for the people," Jumoad said.

Robredo was supposed to fly to Basilan Tuesday to attend the provincial peace and order council meeting, which was aimed at tackling the recent wave violence in the province, including attacks by suspected Abu Sayyaf bandits on rubber plantations.

When news that Robredo's body had been found, officials attending the council meeting, including civil society members, offered special prayers for the late interior secretary.

"I am very sad because Sec Jesse is gone," Jumoad said.

Jumoad said Robredo was quick to contact him whenever he said something strong about the deteriorating peace and order situation in Basilan.

"He was really very approachable and he always responded once you sent him a message or called him," he said.

"Secretary Jesse is one government official who was always around for everyone," Jumoad added.

Acting Governor  Mujiv Hataman of the Autonomous Region in Muslim Mindanao described Robredo as a  reformist.

"He was very consistent in supporting the reform initiatives and played a crucial role in uniting ARMM leaders," he said.

Lanao del Sur Gov. Mamintal Adiong said "Jesse was one of the most decent public servants this country has ever produced."

"He's very amiable. We could easily take up with him any problem affecting my province," Adiong said of Robredo, who was his fraternity brother in the Alpha Phi Omega.

"He was a gentleman, level-headed, unassuming and a very competent public servant," Sulu Gov.  Abdusakur Tan said in a text message.

In Cotabato City, a misty-eyed Maguindanao Gov. Esmael Mangudadatu said he would have wished that Robredo was found alive but "Allah has His ways."

He described Robredo as "a dear friend to us."

"We would have wanted to see him back but we put our trust and faith in Allah," Mangudadatu said.

In Digos City, Davao del Sur Gov. Douglas Cagas said he could not understand "why good men die ahead of the bad ones."

Cagas, who regarded Robredo as a good friend since 1986, said the secretary's death was big loss, not only to the government, but the nation as a whole.

 "God bless the soul of this good man," said Ma. Febes Barlaan, Davao del Sur election officer.

In Bansalan, also in Davao del Sur, Senior Inspector Milgrace Driz said Robredo was the epitome of a true leader.

"He died with dignity and honor as a devoted public servant," she said.

Digos City local government officer Debbie Torres broke into tears on news of Robredo's death and could not utter a word for a while. "He was not only our boss, he was our father," Torres said a while later.

Abito Bernasor, Davao del Sur DILG provincial director, said Robredo was "a true person and a very committed public servant."

"He always walked the talk," he said.

Senior Superintendent Ronaldo Llanera, Davao del Sur police director, said he did not expect Robredo would be found alive given the length of time since the crash. But still the news came as a shock.

"It was already expected but the confirmation of his death still triggered sad emotions in us," he said.

Mayor Joel Ray Lopez of Sta. Cruz town said Robredo was one official who was very serious about the fight against corruption.

"He really encouraged us to implement good housekeeping in government service. He is a great loss for us, knowing that he is really dedicated in his anti-corruption campaign. We are saddened by his death," Lopez said.

All over Davao del Sur, the flag was lowered at half staff when Robredo's death was confirmed.

Philippine flags at all city government offices and schools in Manila were ordered flown at half-mast after the death of Interior Secretary Jesse Robredo was confirmed on Tuesday (August 21, 2012).

Half-mast Philippine Flag for the lose Minister

Manila Mayor Alfredo Lim said he gave the order upon learning that Robredo's body had been found and retrieved from the fuselage of a plane that crashed off Masbate last Saturday.

"I ordered all city government offices and schools to display the Philippine flag at half-mast to mark the passing of DILG Sec. Jesse Robredo," Lim said on his Twitter account.

As Secretary of the Department of Interior and Local Government (DILG), Robredo supervised the Philippine National Police, Bureau of Fire Protection, and Bureau of Jail Management and Penology.

At Camp Crame, PNP chief Director General Nicanor Bartolome said police camps nationwide have been ordered to fly the Philippine flag at half-mast to mourn the death of Robredo.

Bartolome said this is a gesture of "our great respect to a great man and a good leader."

"All PNP camps are hoisting the national colors at half mast as an expression of our great respect to a great man and a good leader who steered the DILG-PNP family through the straight and narrow path of proper public service," Bartolome said in a statement posted on the PNP's Twitter account.

Meanwhile, Justice Secretary Leila de Lima has likewise followed suit in honoring Robredo.

"I have already directed that the flag in the DOJ premises be on half mast," De Lima said.

Transportation Secretary Mar Roxas confirmed on Tuesday that Robredo's body was found at 8:15 a.m. Tuesday, 800 meters from the shore off Masbate.

In a press briefing, Roxas said Robredo's body was found at a depth of 180 feet inside the fuselage of the small Piper plane that carried him and three others on Saturday.

"'Yung unang sumabak na mga tech divers 'yung mga puti na nakita natin kahapon, si Matt at ang kanyang team na dalawang babae. At 8:15, kumpirmado na na 'yung isa sa mga katawan ay 'yung kay Sec. Jess Robredo," Roxas said.

Hours before Transportation Secretary Manuel Roxas II confirmed Robredo's body had been found, Lim led activities marking the 29th death anniversary of former Sen. Benigno Aquino Jr., father of incumbent President Benigno Aquino III.

GMA News, Inquirer

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