Ending the year with some good news

The year ended on a somewhat positive note – more good news than bad.

For starters, we saw Manny Pacquiao rebound from losses to perk up once again as the Philippines’ pride after he beat Chris Algieri in Macau last November. Somehow, Pacquiao’s wins (or losses) are bigger news than what happens to the economy.

Still, Filipinos noted with a tinge of relief how pump prices of gasoline and other fuel products have dropped quite significantly from its levels at the start of the year, thanks to more oil and gas being mined in the US and the dampening of world stockpile levels and prices.

Quietly, public bus and jeepney fares and cooking gas prices were adjusted to bring a little extra pocket money for our citizens to spend this Christmas. While food prices have not reflected yet any significant price reductions, this should be seen within the next few months.

Also, without too much fanfare early this month, the country received notice that credit rating agency Moody’s Investor Service has upgraded the Philippines’ credit worthiness to Baa2 status with stable outlook, which is a notch above investment grade, to affirm the continued strengthening of the local economy.

Together with the expected effect of the global softening in crude prices, the credit rating upgrades with Standard & Poor’s and an expected higher ranking by Fitch Ratings should give the Philippines enough breathing room next year to make it back on track.

Mixed tidings

The not-so-good news is, the country may not finish at the forecasted growth for the full year. For the first three quarters of the year, the economy just grew by 5.8 percent, way below the target of at least 6.5 percent.

Nonetheless, government planners are quick to point out that the Philippine economy is still considered one of the brighter spots in the Southeast Asian region, which is expected to grow by 4.4 percent this year. In fact, our growth figure should be better than India’s, which is now expected to be at 5.5 percent by yearend.

100th million baby

The Philippines celebrated its 100th million born baby this year, testament to just how prolific Filipinos are. This, of course, reflects also on the growing challenges faced by our government – not just to regulate growth, but also to tweak the country’s development plans in accordance with this fast rate.

Corollary to this is the fact that poverty levels, though reportedly on the downward trend, is still a major problem where one out of five Filipinos is still trapped in destitution.

The government dole-outs, largely through the Pantawid Pamilya Pilipino Program or 4P, played an even bigger role in pump-priming the economy and helping poverty-stricken families to send their children through another year of schooling.

But over seven million Filipinos were still reported by the National Economic Development Authority to be underemployed even as the unemployment rate was deemed to be at its record low of six percent for a 10-year period.

The continued strengthening of the economy is still due to the remarkably robust employment of Filipinos in skilled and professional jobs overseas. This has given rise to a year-to-date increase of 6.7 percent as of October in remittances of about $22 billion.

Sectoral growth

The NEDA reports that the manufacturing sector is now showing improved growth, even surpassing that of services largely dominated by business processing firms. Still, BPOs are contributing more to the economy in terms of job employment and value.

The real estate boom of the last decade is showing signs of slowing down, but the automobile industry is experiencing record growth on an anticipated motorization road. This bodes well for improving the gross national product levels, but not for the worsening traffic conditions in the metropolis.

Tourism is also picking up, although still not as fast as our neighboring countries. Infrastructure-related projects are being started as more private sector financing is being approved.

Regionalization

In terms of meeting the targets for the one Asean Economic Community, a larger part of the private sector is starting to move to meet the challenges and seize the opportunities that comes with this regional integration plan.

Our closest rival, Thailand, has been suffering from successive disruptions from domestic military and political maneuvering. Malaysia and Singapore are also cautious about their economic wellbeing resulting from the global financial crisis.

The Philippines has been blessed with a relatively stable government that has stuck to its Daang Matuwid mantra, and consequently convincing more investors to look at establishing their businesses in our country.

All in all, it wasn’t a bad year.

Post Review 2014 National Collegiate Championship

The top four teams after the Elite Eight games advanced to the Premier Four stage led by the unbeaten De La Salle Green Archers, defending national collegiate champion San Beda College Red Lions, University of San Carlos Warriors, and University of Visayas Green Lancers.

For the battle for third, UV Green Lancers pulled a surprise win over the USC Warriors, avenging the series of losses against the Warriors during the CESAFI semi-finals and Elite Eight games. As third placer, the Green Lancers earned for their school P250,000 worth of scholarship funds, athletic items and gift certificates. The hard-luck Warriors settled for fourth place and P100,000 worth of prizes, courtesy of ABS-CBN.

In the championship series, the San Beda Red Lions turned the table on the DLSU Green Archers with a sweep of the best of three series to win its first national championship after 12 years of campaigning. The Red Lions ended the season in grand slam fashion with five-peat NCAA title and the national collegiate title.

As national champion, San Beda College will hold for one year the M. V. Pangilinan Perpetual Bronze sculpture, “Abutin Ang Tagumpay,” the symbol of collegiate basketball supremacy, and will receive for its sports program P1 million worth of scholarship funds, athletic items and GCs from ABS-CBN Sports and Action. Dethroned national champion, DLSU Green Archers, will receive P450,000 worth of prizes.

The Champions League (PCCL) National Collegiate Championship is sponsored by media partners ABS-CBN and Philippine Star, Phoenix Petroleum, Molten Balls, Fil-Oil Flying V Sports, Fog City Creamery and Foccacia.

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