Filipinos in South Korea

July 2012 Philippines int’l reserves hit up $79.3Billion

Philippines' preliminary gross international reserves (GIR) rose to $79.3 billion as of end-July 2012, data from the Bangko Sentral ng Pilipinas showed.

This is higher by $3.2 billion than the end-June 2012 GIR of $76.1 billion.  It has already breached BSP's full-year forecast of between $77.5 and $78 billion.

BSP Governor Amando Tetangco said that the end-July 2012 GIR level could adequately cover 11.7 months worth of imports of goods and payments of services and income.

It is also equivalent to 10.7 times the country's short-term external debt based on original maturity and 6.4 times based on residual maturity.2

Short-term debt based on residual maturity refers to outstanding external debt with original maturity of one year or less, plus principal payments on medium- and long-term loans of the public and private sectors falling due within the next 12 months.

He said that the increase in the end-July 2012 GIR level was due mainly to the foreign exchange operations of the BSP, foreign currency deposits by the Treasurer of the Philippines (TOP), income from investments abroad of the BSP, and revaluation gains on the BSP's gold holdings arising from the increase in the price of gold in the international market.

 "These were partially offset, however, by outflows for the payments by the National Government (NG) of its maturing foreign exchange obligations and foreign currency withdrawals by authorized agent banks (AABs)," Tetangco said.

Net international reserves (NIR), which include revaluation of reserve assets, increased by $3.2 billion to reach $79.3 billion as of end-July 2012, compared to the end-June 2012 NIR of $76.1 billion.

NIR refers to the difference between the BSP's GIR and total short-term liabilities.

Tetangco said that the country's external payments position "continue to benefit from large OFW remittances, rising BPO earnings and the strong capital inflows."

Remittances coursed through banks during the first five months of the year amounted to $8.3 billion, higher by 5.3 percent relative to the level registered in the same period a year ago.

Fund transfers from land-based workers increased by 2.8 percent to $6.4 billion while those from sea-based workers grew by 14.6 percent to $1.9 billion.

Meanwhile, the Philippines registered lower balance of payments (BOP) surplus last June at $14 million, lower than year-ago's $222 million and month-ago's $138 million.

BOP is the difference between a country's foreign exchange inflows and outflows on a particular period and represents the country's total transactions with the rest of the world.

Last June, the central bank trimmed, among others, the BOP target for this year to $2.6 billion from $2.8 billion on account of the weak global economy.

(Malaya)

Agriculture Philippines sets to upgrade Standards for EURO Exports

Department of Agriculture Philippines is set to improve monitoring of high-value crops' compliance with phytosanitary standards under the third phase of the European Union's (EU) trade-related technical assistance program (TRTA), an official said yesterday, citing the need to make the country's farm exports more competitive.

"Under TRTA-2, our cooperating agencies in the department were the BAI (Bureau of Animal Industry), BPI (Bureau of Plant Industry), BFAR (Bureau of Fisheries and Aquatic Resources) and the PCA (Philippine Coconut Authority), but we focused mostly on fisheries," Peewee Matibel G. Marges, sanitary and phytosanitary (SPS) desk officer of the Agriculture department's policy research service, told reporters at the sidelines of the TRTA-2 culmination activity in Makati City.

"For the next phase of the program, we want to shift to vegetables and fruits."

TRTA is a technical assistance program jointly implemented by EU and the Philippine government.

Through the EU's funding, the program seeks to enable the Philippines to improve access to the European market, strengthen the country's economic environment to encourage trade and investment, and strengthen trade-related functions of participating agencies, among others.

The first phase of the program ran from 2007 to 2008. The second phase, which began in 2008 and was formally concluded yesterday, was spearheaded by the National Economic and Development Authority (NEDA).

Other implementing agencies were the Department of Agriculture (DA), Department of Trade and Industry (DTI) and the Bureau of Customs (BoC).

TRTA-2, which received a grant totaling €7.5 million, had four components: the Technical Barriers to Trade, which was implemented by DTI's Bureau of Product Standards; SPS under the DA and its attached bureaus; Trade Facilitation and Customs under the BoC; as well as the World Trade Organization Capacity Building under DTI-Bureau of Internal trade Relations and NEDA.

UNDERSTANDING EU RULES

EU and the Philippines are set to embark on the third phase of the program later this year, according to Trade Undersecretary Adrian S. Cristobal.

"TRTA-3 will build on the success of TRTA-2. It will be implemented by DTI…over a four-year period with a budget of €8.9 million," Mr. Cristobal said during the event.

"It will also include competition policy as an area of support."

Ms. Marges said the Agriculture department, through the SPS subcomponent, will continue implementing its usual array of projects under the TRTA program in the third phase when it starts.

"TRTA has been helpful in enabling the department to assist our agricultural stakeholders in making sure their products meet international standards," she said.

"Also, the program makes it easier for us to understand EU's regulations on trade, which we can also impart to our stakeholders to make it easier for them to tap into the European market."

TRAINING

Ms. Marges said that, through TRTA-2, the department was able keep the European market open to fish exports from the Philippines.

"We were able to conduct targeted training and mentoring to strengthen the food safety and inspection system of the BFAR to help pass EU inspection," she said.

"This ensured that the country's fish exports to the EU, which is comprised of almost 500 million consumers, can continue."

The DA was also able to prepare a blueprint for new food safety standards under the second phase of the program, Ms. Marges added.

"Through TRTA-3, we hope to build on our gains from this recently concluded phase," she said.

Other participating agencies also reported their achievements from TRTA-2 in the culmination activity.

Trade department for one said that it was able to train officials on trade policy analysis to better equip them in trade negotiations, particularly on free trade agreements.

Its Product Standards bureau also reported adoption of over 230 international standards in the field of electronics locally, among others.

The Customs bureau, meanwhile, said that through the program, it was able to develop a cargo tracking system aided by global positioning technology

Philippines Standard Upgrade for exporting shellfish to EU

The Philippines is making use of the third tranche of the European Union's Trade Related Technical Assistance (TRTA) program in order to export shellfish to Europe, according to Agriculture Planning officer Maribel Marges.

Dennis Tiotangco of the Bureau of Fisheries and Aquatic Resources (BFAR) explained that the Philippines needs to comply with EU sanitary and phytosanitary requirements before the latter will import Philippine shellfish.

"For this we need to build our own national shellfish accreditation program. We have asked the TRTA to help us on this," he said.

The Fisheries Bureau had earlier identified mussels, clams, oysters and scallops for cultivation as possible exports to the EU.

The TRTA program supports poverty-alleviating projects in the Philippines "through further integration into the international trade system." It does this by enhancing government agencies' ability to facilitate this integration.

The program assists projects of the Agriculture and Trade Departments, the Bureau of Customs and the National Economic Development Authority.

The TRTA's third tranche offers €8.9 million, or P469.55 million, for all projects that will come under the program. To facilitate the export of shellfish, these monies will be used to build infrastructure such as research and development laboratories.

Under the earlier P435-million TRTA 2, the Philippines was able to strengthen the fisheries, plant and animal bureaus via a number of programs that successfully addressed trade issues.

Particularly, the Fisheries Bureau was able to improve the food safety and inspection systems that ensured continued Philippine fish exports to the EU.

Source: GMA News & Business World Online

Philippines arrest 357 Chinese Nationals in Manila for online fraud

Philippine police on Thursday rounded up 357 foreigners accused of duping Taiwanese and Chinese citizens in an online scam.

The mostly Chinese and Taiwanese suspects were arrested in simultaneous raids on 20 houses in metropolitan Manila and nearby Antipolo city, said Philippine National Police investigation group chief Samuel Pagdilao.

Those arrested were members of a syndicate that pretended to represent police, prosecutors, courts and insurance companies and told the victims that their bank accounts were being used for money laundering and terrorist financing, he said.

He said the victims were pressured to transfer their money to a ''safe account'' provided by the syndicate.

The syndicate raked in at least 20 million pesos ($472,000) each day using the scam, he said.

Presidential Anti-Organized Crime Commission head Paquito Ochoa said the arrests were the largest single-day operation against organized crime in the country.

Pagdilao said Chinese police requested assistance in pursuing the syndicate after they determined that an Internet address used by the scammers originated in the Philippines.

The suspects are being held in a gymnasium inside a police camp in Laguna province's Canlubang township south of Manila.

(AP)

Investment Recommendation: Bitcoin Investments

Live trading with Bitcoin through SimpleFX Trading platform would allow you to grow your $100 to $1,000 Dollars or more in just a day. Just learn how to trade and enjoy the windfall of profits. Take note, Bitcoin is more expensive than Gold now.


Where to buy Bitcoins?

For Philippine customers: You could buy Bitcoin Online at Coins.ph
For outside the Philippines customers  may buy Bitcoins online at Coinbase.com