Tuesday, February 28, 2012

From butt of jokes in 1986, Philippines has risen to creditor nation, says ex-finance chief

CITY OF SAN FERNANDO—Who is having the last laugh now?
The joke going around the world in 1986 was that the Philippines had no money but it had a ministry of finance.
This is no longer true, the finance secretary during the Corazon Aquino administration, Jesus Estanislao, said here Saturday during observance rites of the 26th anniversary of the People Power Revolution.
The Philippines is now a creditor, rather than a debtor, nation, said Estanislao.
The biting joke about the Philippines was sprung on Estanislao when he went to Italy, Spain and other rich countries in 1986 to borrow money to revive the Philippine economy following the ouster of strongman Ferdinand Marcos.
Estanislao was chairman of the Development Bank of the Philippines then.
“In one country, I was supposed to meet the minister of snow. I said, ‘How can you have a ministry of snow when you do not have snow?’ And an official said to me, ‘In the Philippines, you don’t have money but you have a ministry of finance,’”
“Twenty-six years ago, we had no international reserves, we couldn’t pay our debts and we kept borrowing. Now our reserves amount to $80 billion and we have lent $500 million to the [International Monetary Fund] that in turn lent the money to Spain and Italy,” he said.
Best Christmas gift
“We have become a creditor nation.”
Last December, Estanislao said he received the best Christmas gift in the form of an international banking report that listed the Philippines between the 30th and 100th strongest economies in the world.
“By 2050, the Philippines is seen to be the 16th strongest, biggest economy in the world,” Estanislao said.
“I’m here to tell you that this is possible because of what you’re doing in San Fernando,” he said, referring to the performance governance system (PGS) adopted by the city government.
In the Harvard University-designed PGS, everything, such as its vision, mission, goals and objectives, is measured. The PGS also enlists civil society and community groups in its decision-making.
Estanislao said that in a conference on democracy in South Korea earlier, the Philippines was hailed as the nation that “fired the shots in Asia,” which eventually led to the downfall of communist regimes in the 1990s.
Model of good governance
Last week, he said international experts who met with President Benigno Aquino III for a briefing on the government’s anticorruption drive advised him to keep doing what he was doing.
“The Philippines is going to be a model of good governance in the world,” said Estanislao.
He said his group, the Institute for Solidarity in Asia (ISA), was helping local governments use the PGS as a tool for improving their services and citizen participation.
Still, Estanislao said, public officials and citizens must address local issues like instituting political reforms and changing the political culture. This, he said, would help the Philippines overtake Thailand and Indonesia in terms of economic growth.
“We have to build our economy together, filter down the benefits to the barangays,” he said. “We’re all in this together is President Noynoy’s message.”

By Tonette Orejas
Inquirer Central Luzon
====

Everyday is a Holiday
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Flexible payment terms available!
For inquiries please call 09065549505 or 09229452718 and look for Ray.
You can also email at raymund.baroy@yahoo.com

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

Best Regards, 


Raymund B. Baroy
Account Manager
Robinsons Land Corp. - Cebu Sales Force
Call/SMS:
Local: 09065549505 / 09229452718
International :  +639065549505 / +639229452718      
Azalea Place: Azalea Place



Monday, February 27, 2012

Philippine economy seen heading toward high-growth path

The Philippines is undergoing a renaissance that looks all set to bring the economy to a higher trend growth and power stocks to new heights, according to regional investment house CLSA Asia-Pacific.

In a research titled “The Eagle Flies Again” dated February 20, the CLSA report written by analyst Mitzi de Dios said that like the rare endangered Philippine eagle, a private sector investment cycle was a rare sighting in the country. But now, it said the country was on the cusp of another investment cycle for the first time in 15 years driven by political stability, rising business confidence, low interest rates, robust balance sheet and the country’s long-term demographic potentials.

“The Philippines soars like an eagle, again,” the research said, adding, however, that this time around, there was hope that this nascent recovery would not be as endangered as that rare eagle.

After years of false starts and missed opportunity, there was a real sense of optimism building in the business community, the research said, suggesting the time was right for the Philippines to shed the stigma of being the “sick man of Asia.” Beyond the huge remittances from overseas Filipinos, CLSA said the country could now count on other major growth drivers.

“The transformation continues for Asia’s once most promising. The service sector continues to grow with the BPO [business process outsourcing] segment underpinning rising employment and per capita spend. Tourism and gaming are other drivers,” the research said.

Well known globally for the Philippines’ quality service sector, CLSA said the BPO sector would likely see its employment doubling to 1.2 million and generating revenues of $25 billion by 2016. The employment opportunities will keep more locals at home while per capita income should improve and the middle class continue to grow, the research said.

The country’s middle class was growing at 9 percent a year and by 2015 could well represent a fifth of the Philippines’ population, the research said.

“For sure the country’s middle class is still nascent, especially in areas such as investment. Most have their savings in fixed income and have yet to invest in equities in a big way,” it said.

CLSA recounted that the last investment cycle in the Philippines took place in the early 1990s under President Ramos, who deregulated the telecom and banking sector, which coincidentally laid the foundations for the growth and development of the BPO industry over the past decade.

In the past 12 years, the country’s gross domestic product growth averaged 4.54 percent with population growth of 2.6 percent in the past 10 years. CLSA said trend GDP growth should be higher starting 2013.

“The country’s economic growth has lagged its regional peers. But, without much fanfare, the economy has transformed itself into an emerging services center, laying the foundations for today’s growth,” it said.

What all this meant for stock market investors, CLSA said, was that old reliable names and upcoming companies would be the ones investors should own. By sector, it said conglomerates, banks, construction and infrastructure firms would likely outperform.

CLSA has recommended a “conviction buy” on Ayala Corp., Metro Pacific Investments Corp., Cebu Air, Philippine National Bank, Security Bank and Robinsons Land Corp.

For specific infrastructure play, CLSA also has “buy” ratings on construction firms Megawide Corp. and EEI Corp. and a buy rating on Metrobank.

Bonifacio Global City was cited as a “microcosm” of the change afoot in the broader economy. “Fifteen years ago it was a military camp most famous for the incarceration of Sen. [Benigno “Ninoy”] Aquino. Today, it is home to high offices, luxury residential towers and upmarket shopping centers catering to the emerging middle class,” the research said.

The CLSA report also noted that total tourist arrivals hit an all-time high of 3.9 million in 2011 and was forecast to grow at double-digit rates over the next few years, eventually hitting more than eight million by 2016. The tourism industry employs 3.7 million people and tourism receipts accounts for 2 percent of GDP.

By: Doris C. Dumlao
Philippine Daily Inquirer
====

Everyday is a Holiday
Beach Resort Condominium at Punta Engano Mactan
Units Available for RFO and Preselling
Life's Simple Joys are Always Within Reach
Convenient Business and Leisure Living at the Heart of Cebu
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Flexible payment terms available!
For inquiries please call 09065549505 or 09229452718 and look for Ray.
You can also email at raymund.baroy@yahoo.com

=========================
Best Regards, 

Raymund B. Baroy
Account Manager
Robinsons Land Corp. - Cebu Sales Force
Call/SMS:
Local: 09065549505 / 09229452718
International :  +639065549505 / +639229452718      
Azalea Place: Azalea Place



Saturday, February 25, 2012

8 rants about owning a PH condo


First in a series


Owning a piece of real estate such as a condominium unit has become a reachable dream for the multitude belonging to the working class. The healthy competition among developers has resulted in competitive pricing and more flexible payment schemes.


At a price range of P45,000 to P80,000 per square meter depending on the project location, a wider base of buyers are taking up units big and small near their places of work. The condominium business has become the darling of the local real estate industry.


But what’s on the flip side of this seemingly pretty picture of happy condo buyers and (even) happier developers? Inquirer Property has come across discerning readers and buyers who have had not-so-pleasant experiences of buying condominium units in the Philippines. Then, we asked property experts to either confirm or explain these experiences. Here are some surprising insights and revelations on the 8 most-ranted-about issues of buying condo units in the Philippines


1 Condos don’t come with the parking slots. One reader/buyer ranted: “Developers don’t provide units with their own parking slot. We have to buy a separate lot with a separate title just for parking.”


Architect Edilberto J. Morcilla did confirm that parking slots are not bundled with the condo unit most of the time. “It is an option for a client to buy or not. It has a separate title, thus, a separate acquisition cost. Many buyers would also opt not to have a parking slot. Designers therefore do not provide a one-to-one ratio for units and parking slots.”


National Real Estate Association chair Alejandro S. Mañalac agreed with this observation. “Most developers do provide parking slots, but yes you have to buy them separately. This gives the buyer a choice whether to get one or not. It is more practical than automatically offering the unit with parking (with the corresponding additional price, of course) and ‘forcing’ the clients to buy them even if they don’t have use for them, especially those who are just intending to lease out their units. But, as a piece of advice to condo buyers, it is really more practical to buy a parking slot. You may not have use for them but you can definitely easily lease them out.”


Enrique M. Soriano, Ateneo program director for real estate and senior adviser for Wong+Bernstein Business Advisory, explained that developers must balance parking provisions vis-à-vis various unit sizes, and usually priority slots are given to bigger sized units. The building code provides a certain ratio, sq m over parking, making a parking purchase not automatic and separate from the condo unit.


2 Lost deposits. “If you are in the process of buying a condo, you will go through all kinds of problems from (agents). You will lose your deposit if you don’t follow up all the time,” another buyer ranted.


Soriano confirmed this happening. “Agents come and go, however, buyers must also have the initiative to track their purchase and not be overly dependent on agents.”


Mañalac said, “If you buy from the wrong agent, you will experience this whether you are buying real estate, cars, insurance, etc. Some buyers also tell their agents that they will just buy through their friends or relatives who are not really into the property business but just to give them a favor. This messes up the whole thing. Also, if you buy from an agent, and you ask for all their commissions, why should you expect good service?”


Morcilla explained that condo projects, especially the fast-moving ones, follow strict deadlines when it comes to unit reservations. Buyers must be mindful of the deadlines to submit pertinent documents as other agents might be eyeing the same units for their own clients. Failure to submit needed documents can and will result to the forfeiture of reservation fees, because there is also what is called the “lost opportunity” for the developer.


3 Overseas Filipino workers are taken advantage of. “Overseas Filipino workers have more problems (when buying condo units in the Philippines) as they are being taken advantage of. Buyers lose their deposits and payments because of corruption in the system. Sometimes, the OFW isn’t aware that he or she has been paying for a unit owned by many other buyers or existing owners, and corrupt agents collect payments from all of them. If you’re not in the Philippines they take advantage of your absence. And there are just too many paper work which are so complicated,” an angry reader writes.


“Agree,” Soriano quipped, as he added, “And I empathize. Overseas buyers really go through the wringer. The key is to invest on reputable developers with a long history of delivering quality projects on time.”


Mañalac revealed, “It is true that there are other agents selling abroad. Some were officially sent by their companies to do roadshows, while some are there on their own. It is very important for our OFWs to be very careful in dealing with these agents since they will not be here to personally attend to their accounts.” He then urges OFWs to answer these important questions whenever they encounter agents offering condos in the Philippines:


Does the agent belong to a credible company with a good track record of delivering their projects with good quality and on time?

Is he or she an official representative of the company? It would be better if the developer has an official and legitimate office in that particular foreign country.
Are the agents quoting you the official prices and availability of the units? It would be better if their inventories and official computation templates were online.


Does the agent’s company maintain an online client portal where buyers can securely access their accounts anytime? This would be useful, especially when the agents are inaccessible or have left the company.


Mañalac said paperwork is necessary, whether they are buying properties here or abroad. Basically, though, this paperwork is really just part of a contract printed in several sets for buyer’s signatures, which makes it seem already voluminous for some. Expect additional paperwork when buyers avail of financing either through banks or a Pag-Ibig housing loan.


Morcilla said OFWs acquiring condo units can expect the process to be a “little more complicated,” more so if the overseas Filipino assigns a local representative not knowledgeable in such transactions.


“Being taken advantage of can happen in any business transaction. It is best that one must first solicit for a recommendation from relatives or friends for a more reliable developer, marketing firms or agents for that matter, before negotiating for a unit. Also, be cautious and discerning with your agent who might be ready to move heaven and earth just to close a sale. Most of all, if one is serious in buying a condo unit and after paying reservation fees, make sure to have the necessary documents delivered on time to avoid forfeiture as they are allowed to do so, for the reason given above,” Morcilla cautioned.


(Next: Rants 4 to 8—Multiple ownerships, association dues, geologic hazards, discounts and damaged units, and accountabilities in the event of a man-made disaster)


By: Tessa R. Salazar
Philippine Daily Inquirer


====

Everyday is a Holiday
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Life's Simple Joys are Always Within Reach
Convenient Business and Leisure Living at the Heart of Cebu
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Quality Projects of One of the Pioneering Developers in the Country


Flexible payment terms available!
For inquiries please call 09065549505 or 09229452718 and look for Ray.
You can also email at raymund.baroy@yahoo.com

=========================
Best Regards, 

Raymund B. Baroy
Account Manager
Robinsons Land Corp. - Cebu Sales Force
Call/SMS:
Local: 09065549505 / 09229452718
International :  +639065549505 / +639229452718      
Azalea Place: Azalea Place


Green: Protection against calamity


The strongest argument today for the need for green buildings is the possibility of storm, flooding and power blackout. There is also the possibility of terrorist attack that can destroy electric power distribution.

If there is no objection to that, we may proceed to say that in these events homes, schools, public buildings, office buildings and emergency shelters must maintain livable conditions to survive indefinite periods of loss of electricity, or water.

Need for green buildings

The vulnerability of buildings to storms, floods, terrorist attack causing power outage and water shortage brings about the need for green and sustainable buildings. Every building must have the ability to maintain critical life-support conditions if electricity and water services get cut off.

Our acceptance of the reality of global warming leads us to expect more severe and frequent storms, and we have now to incorporate storm resiliency in building design.

Green or sustainable building design and construction practices and technologies assure the built environment with “passive survivability,” a term coined in the United States by Alex Wilson of the Environmental Building News after hurricane Katrina.

This will include proper building orientation, insulation, low emissivity glass, sunshades, daylighting and natural ventilation, photovoltaic power systems, dual-flush toilets and rainwater collection.

Site selection is the first green consideration, and we may ask some questions. What is the land’s carrying capacity, or what will this site require us to do, permit us to do, help us to do? Does it lend itself to development? Is the air clean? How steep is the slope, and are the soils strong and stable to build on? What happens to storm water runoff? Is water in the site contaminated? What wildlife, plants and habitats will be affected? How will future development on adjacent land affect the site? Are strong electromagnetic fields present?

Daylighting, natural ventilation

Green buildings emphasize the use of as much daylight as possible. This leads naturally to lower operating costs, increased worker productivity and good health. Well-placed windows save cooling energy costs. They also capture views, provide ventilation and daylighting, very helpful during power blackouts.

Renewable energy

Fuel supply interruption is another reason for us to adopt green building design. Using renewable sources like photovoltaics or PV, wind and biomass to generate electricity on-site can assure power supply for critical needs.

Rainwater management

Rainwater collection and storage reduces water runoff and more importantly saves water for cleaning and watering plants.

In some advanced countries, they divert rainwater through an underground tank into the aquifer. They also require private development to submit rainwater management strategy in the zoning and building permit process for developments beyond a certain amount of building floor area.

The allowable difference between permeable or porous soil and impermeable or cemented areas in city and community centers has given rise to award-winning street-edge rain gardens. Even schoolchildren are encouraged to participate in vegetable rain gardens in school parking lots, and empty spaces in school grounds.

Sewage overflow during major storms threaten drinking water supply. Therefore outdated and overburdened pipe infrastructure in cities and towns has to be replaced. Some transform part of impervious areas in combined sewer system drainage areas into planted acres that filter or store rainfall.
====

Everyday is a Holiday
Beach Resort Condominium at Punta Engano Mactan
Units Available for RFO and Preselling
Life's Simple Joys are Always Within Reach
Convenient Business and Leisure Living at the Heart of Cebu
Currently Preselling!


Quality Projects of One of the Pioneering Developers in the Country


Flexible payment terms available!
For inquiries please call 09065549505 or 09229452718 and look for Ray.
You can also email at raymund.baroy@yahoo.com

=========================
Best Regards, 

Raymund B. Baroy
Account Manager
Robinsons Land Corp. - Cebu Sales Force
Call/SMS:
Local: 09065549505 / 09229452718
International :  +639065549505 / +639229452718      
Azalea Place: Azalea Place

Tips for creating coherent spaces

 “Chopsuey” is a term we commonly use for visually chaotic and incoherent spaces or environments. The term of course, refers to one of our favorite comfort foods: the Filipino dish of Chinese origin, made up of an assortment of chopped meats and vegetables, tossed and cooked quickly, with flavors held together by a starch thickened sauce. Like the dish, “chopsuey” environments appear to have been quickly put together in a medley of elements that don’t seem to be in unity. Missing, it seems, is the unifying starch-thickened sauce.

Design is an assembly of countless elements that have to come together through many different organizing systems.  It is difficult to set ground rules; design is fluid and can never be boxed into a craft kit. It is when rules are broken that creativity manifests.

There are a few guiding principles on creating the unifying palette from where creativity can flow from. Below are a few tips on keeping the framework of your design work—and its environments—together:

1 Organize movement paths so that spaces flow from one to the other.  Nothing annoys me more than moving through spaces hindered by strangely located walls or furniture pieces that hamper movement and make you feel confronted and unwelcome. One should be able to move with ease from one space to the next, with visual vantage points creating points of interest and establishing a visual path for movement.

2 Work with clusters. Especially in large spaces, a few clusters or groupings—furniture settings with their furnishing, artwork and lighting—work better than trying to spread one large cluster just to work with the scale of an area. While areas have a general scale, consider the human scale and the human being that is more comfortable in more intimate, rather than in large, alienating, spaces.

3 Pick out a color and use it throughout. Color schemes may vary per area but there should be an overriding color that pulls everything together. One dominant background color wash or even accent color, can be used throughout various spaces to create visual harmony.

4 Be consistent with scale.  Although a few furniture or decorative pieces can be overscaled as accents, all other elements should be scaled consistently. I’ve seen living room settings where huge sofas are matched with flimsy armchairs, or executive offices where massive worktables overwhelm the adjacent meeting table, or even the end-user himself!
5 Match key pieces with minor pieces.   While matching furnishing pieces can be boring, having each element standing alone in its uniqueness can be very chaotic. Try matching larger pieces—a coffee table, for example—with a minor piece like an occasional table. Don’t match a dining table with the buffet, but rather, with a smaller accent display shelf. One of my peeves is having everything matching, looking like the whole setting was bought off a catalogue or a shop’s vignette display, with no creative inputs on mixing and matching.

6 Keep light temperatures consistent. Light “temperature” refers to the color of lighting: a bluish cool tone, a neutral daylight, or a warm yellow. Some variation in light temperature is acceptable especially for functional task lighting, but for larger spaces and overall lighting, they should carry the mood throughout one area and into the next. Light temperature can change the perception of the depth of space, the hues of colors and the sharpness of light. In other words, it can completely change a visual experience.

7 Give it character. This is the stamp of the occupant, the brand of the company, or the personality of the facility. While a design may be pleasant to look at, its character defines the kind of environment that it is. When the character flows consistently through related spaces, it speaks loudly of the designer’s philosophy or the occupant’s personality. It makes the spaces unique.

By: Isabel Berenguer Asuncion
Philippine Daily Inquirer

====

Everyday is a Holiday
Beach Resort Condominium at Punta Engano Mactan
Units Available for RFO and Preselling
Life's Simple Joys are Always Within Reach
Convenient Business and Leisure Living at the Heart of Cebu
Currently Preselling!


Quality Projects of One of the Pioneering Developers in the Country


Flexible payment terms available!
For inquiries please call 09065549505 or 09229452718 and look for Ray.
You can also email at raymund.baroy@yahoo.com

=========================
Best Regards, 

Raymund B. Baroy
Account Manager
Robinsons Land Corp. - Cebu Sales Force
Call/SMS:
Local: 09065549505 / 09229452718
International :  +639065549505 / +639229452718      
Azalea Place: Azalea Place

Aquino: Confidence in economy netted P439B in PEZA investments in 2010

MANILA, Philippines — Confidence in the Philippine economy has resulted in P439 billion in investments at the Philippine Export Processing Zone since the start of his administration in 2010, President Benigno Aquino III said on Saturday.

Aquino said the amount represented 22 percent of the total P2.003 trillion in investments that poured into PEZA since 1995.

“Mantakin po ninyo: Ang kabuuang halaga ng puhunang pumasok sa PEZA mula 1995 hanggang Pebrero 2012 ay nagkakahalaga ng P2.003 trillion,” President Aquino said.

“Noong nakaraang taon, naabot natin ang pinakamalakas na bugso ng puhunan sa PEZA sa halagang 288.3 billion pesos. Umabot sa 439 bilyong piso ang kabuuang halaga ng investment sa PEZA mula sa unang araw ng ating pagkakaluklok, hanggang sa pinakahuling datos na nakalap nito lamang nakaraang linggo,” he added.

President Aquino made the remarks in his speech during ceremonies at the People Power Monument marking the 26th anniversary of the Edsa I Revolution.”Dahil naman sa mga repormang isinusulong natin sa sektor ng komersiyo’t pangangalakal, ramdam natin ang kakaibang kompiyansa ng buong mundo sa ating bansa,” President Aquino said.

“Hindi po natin ugaling magtaas ng sariling bangko. Pero kapag labing-anim na beses tayong nakapagtala ng all-time high sa stock index, at kapag ang Moody’s, Standard and Poors, Fitch, at Japan Credit Ratings Agencies na po ang makailang beses na nag-angat sa ating grado, hindi naman po siguro pagyayabang ang tawag dito. Reporma, at resulta po ang tawag dito,” he added.

By: Norman Bordadora, INQUIRER

====

Everyday is a Holiday
Beach Resort Condominium at Punta Engano Mactan
Units Available for RFO and Preselling
Life's Simple Joys are Always Within Reach
Convenient Business and Leisure Living at the Heart of Cebu
Currently Preselling!


Quality Projects of One of the Pioneering Developers in the Country


Flexible payment terms available!
For inquiries please call 09065549505 or 09229452718 and look for Ray.
You can also email at raymund.baroy@yahoo.com

=========================
Best Regards, 

Raymund B. Baroy
Account Manager
Robinsons Land Corp. - Cebu Sales Force
Call/SMS:
Local: 09065549505 / 09229452718
International :  +639065549505 / +639229452718      
Azalea Place: Azalea Place

Wednesday, February 22, 2012

PSBank Financing Scheme for Home Loans

Dear Home Buyers, Investors, and Referrals,

Greetings from Robinsons Land Corporation!

PSBank recently conducted a seminar with Team RLC Cebu on the bank's friendly home loan terms. As compared to other banks, PSBank is providing rebates, low interest rates, and a set of prevailing interest rates that can be set to a definite number of years as chosen by the client.

ILLUSTRATION:

Loan Amount: P2,000.000.00
Interest Rate: 8.00% Fixed for 1 Year
Term: 10 Years

Monthly Amortization = Loan Amount x Amortization Factor
Monthly Amortization = P2,000,000.00 x 0.012132759
Monthly Amortization = P24,265.52

Pay less for a priceless property you can call your own home! 

Want to know more?

Please call or look for me, Raymund Baroy at 09065549505 / 09229452718 or email at raymund.baroy@yahoo.com . My friends at PSBank would be more than willing to assist you with your home loan needs.

Cheers!

====

Everyday is a Holiday
Beach Resort Condominium at Punta Engano Mactan
Units Available for RFO and Preselling
Life's Simple Joys are Always Within Reach
Convenient Business and Leisure Living at the Heart of Cebu
Currently Preselling!


Quality Projects of One of the Pioneering Developers in the Country


Flexible payment terms available!
For inquiries please call 09065549505 or 09229452718 and look for Ray.
You can also email at raymund.baroy@yahoo.com

=========================
Best Regards, 

Raymund B. Baroy
Account Manager
Robinsons Land Corp. - Cebu Sales Force
Call/SMS:
Local: 09065549505 / 09229452718
International :  +639065549505 / +639229452718      
Azalea Place: Azalea Place

Tuesday, February 21, 2012

PHL tries new tack: 'Healthy man of Asia'

It is getting busy in Cristino Naguiat's spacious 5th-floor office overlooking Manila Bay.

The chairman of gambling regulator Philippine Amusement & Gaming Corp is fielding calls and booking appointments to meet possible investors in a sprawling gambling and entertainment project his government hopes will rival Las Vegas in five years.

Among them: Casino billionaire Francis Lui of Galaxy Entertainment Group Ltd. and executives from Melco Crown Entertainment Ltd., controlled by Australian billionaire James Packer and the son of Macau gambling mogul Stanley Ho.

=====

Everyday is a Holiday
Beach Resort Condominium at Punta Engano Mactan
Units Available for RFO and Preselling
Life's Simple Joys are Always Within Reach
Convenient Business and Leisure Living at the Heart of Cebu
Currently Preselling!


Quality Projects of One of the Pioneering Developers in the Country
Robinsons Land Corporation


Flexible payment terms available!
For inquiries please call 09065549505 or 09229452718 and look for Ray.
You can also email at raymund.baroy@yahoo.com

=========================
Best Regards, 

Raymund B. Baroy
Account Manager
Robinsons Land Corp. - Cebu Sales Force
Call/SMS:
Local: 09065549505 / 09229452718
International :  +639065549505 / +639229452718      
Azalea Place: Azalea Place

                                                   =====

"There is growing interest. The fact that in just two weeks I have had two visitors from big companies in Macau says something about it," said Naguiat, a veteran of the gaming industry.

"Investors are having a second look at the Philippines. The fundamentals are very good."

The Philippines, the perennial "sick man of Asia," has rarely looked healthier and investors are placing their bets.

Its stock market, the best performer in Asia last year, is up nearly 13 percent this year to a record high Monday. Benchmark 10-year government bond yields are down about 44 basis points, as prices jump. Overseas buying of Philippine stocks hit a record $938 million in the fourth quarter, and the pace has quickened this year, according to TrimTabs Investment Research.

Economic growth is projected at about 4 percent despite global headwinds, about middle for the region. Easing inflation, among the lowest in Southeast Asia at 3.9 percent in January, gives the central bank room to cut rates by at least another quarter-point this year. Infrastructure spending is rising.

Pressure on President

But as investors crowd into Manila's hotels, pressure is growing on Philippine President Benigno Aquino III to go beyond usual half-hearted attempts to crack down on corruption, fix a stifling bureaucracy and find new streams of revenue in a country whose earnings usually end up in the hands of the elite.

Several crucial tests loom, including his pursuit of graft allegations against Gloria Arroyo, who until June 2010 was president, and the impeachment trial of the Supreme Court's chief justice, accused of protecting Arroyo from investigation.

Both cases could determine whether the Philippines moves ahead or withers again as a choice for investors after a brief spell of optimism.

Although he enjoys a 72 percent approval rating after 1-1/2 years in office, the odds are stacked against him.

"He is trying to transform the mindset of the people from being always suspicious to being hopeful, trustful of government," said Secretary of Finance Cesar Purisima in an interview at his home in a leafy Manila neighborhood.

‘Blooming tiger’

The "rise" of the resource-rich Philippines has been hailed before, only to disappoint. About a third of the archipelago's 94 million population still lives below the poverty line, fuelling an exodus of 4,000 workers a day joining a huge Filipino diaspora seeking opportunities abroad.

In the 1950s, it boasted one of the highest per capita incomes in Asia. President Ferdinand Marcos, however, intervened with two decades of dictatorship.

Optimism surged anew when Marcos fled a "People Power" revolt in 1986 that swept to Aquino's mother, Corazon, to the presidency. On January 30, 1997, then-Finance Secretary Roberto De Ocampo uncorked champagne on the stock-exchange floor as share prices pierced all-time highs, toasting "the blooming tiger economy of Asia" and predicting the Philippines would soon catch up with South Korea and Singapore.

Another flutter of optimism occurred in mid-2007, as the economy approached its best performance since the 1990s, pushing up stock prices and luring back foreign investors. Yet again, hopes were crushed. Corruption, cronyism and personality-driven politics flourished, squeezing the life out of reforms.

The $200 billion economy is on stronger footing this time.

Corporate balance sheets are in the best shape in a decade with gearing of less than 60 percent. The government's budget gap has narrowed to about 2 percent of the economy from a record 5.3 percent in 2002. Remittances from overseas Filipinos remain steady at 10 percent of GDP, and consumer debt as a proportion of the economy is just 7 percent, the lowest in Asia.

"The Philippines economy is clearly at the stage where it will be attracting more investor interest," said Prakriti Sofat, regional economist at Barclays Capital.

UBS offered an even rosier view. "We think the Philippines has one of the most attractive medium-term investment and consumption growth stories among emerging markets," its economists said in a January 11 report, calling it a safe haven in turbulent times.

The buzz is drawing inevitable comparisons with another booming Southeast Asian former basket-case: Indonesia.

Both mostly escaped fallout from Europe's debt crisis. Both limped to the International Monetary Fund for bailouts in the Asian crisis of the late 1990s. And both have since built up their reserves and slashed debt. In the Philippines, foreign exchange reserves have more than tripled since 2005.

Indonesia has been rewarded with a return to investment grade status. Many think the Philippines is next.

Standard & Poor's Corp. upgraded its outlook on Philippine debt in December to positive from stable. In June, Fitch Ratings raised the Philippines to one notch below investment grade, citing better government finances, a more stable economy and "favorable economic prospects."

"If Indonesia is investment grade, we cannot be two notches below Indonesia," Purisima said.

Like Indonesia, the Philippines' public debt as a percentage of GDP is falling, dipping to 57 percent from 79 percent in 2005. Indonesia, its population and economy more than twice the size, has done better, halving the ratio to 23.5 percent, according to Bank of America Merrill Lynch economists.

"Cautious"

But making money in the Philippines remains difficult.

Its stock prices are among Asia's most expensive. Investment protection laws are opaque and government revenue is the weakest in Southeast Asia at just 13 percent of the economy. Long-running Communist and Muslim insurgencies and complex regulations deter mining investments.

"The economy seems to be on the mend, however when you look at the stock market, it is relatively small for a country that size and the good stocks are very expensive," said emerging-market investor Mark Mobius, executive chairman of Templeton Asset Management Ltd. in San Mateo, California.

Valuations have been rising: the MSCI's index of the Philippines, for instance, trades at 15.2 times 2012 earnings, up from 13.5 times a year earlier. Compare that to Singapore's 13.3 times, Malaysia at 14.3, Thailand at 10.6 and Indonesia at 12.90 times.

The problem, however, goes beyond high prices.

"You have to be quite cautious when looking at the Philippines. What's needed in the Philippines are more IPOs, more companies going to the market," said Mobius.

Just eight companies launched initial public offerings (IPOs) to list their shares in the Philippines between 2008 and 2011, a sharp contrast to 76 in Indonesia, 85 in Malaysia, 50 in Vietnam and 49 in Thailand, according to Reuters data.

That, too, appears to be changing. The Philippine Stock Exchange forecasts a doubling in total fund-raising to about $4.7 billion this year after foreign inflows into stocks rose more than three-fold in the first six weeks of the year to $351 million, overtaking net buying for all of 2009.

Multinationals needed

But Aquino needs to attract more than just portfolio money. He needs spending by multinationals.

The Philippines attracted just $1.7 billion, or 2.3 percent of the $75.6 billion of foreign direct investment (FDI) that flowed into the 10 members of the Association of South East Asian Nations in 2010, trailing Singapore, Indonesia, Malaysia, Vietnam and Thailand, the most recent ASEAN data shows.

In the 10 years to 2010, the country's annual net FDI never exceeded $2 billion.

"You have to look at the foreign investors negative list (FNL) — no changes in 10 years; it essentially stayed the same," said Jeffrey Woodruff, executive director of the American Chamber of Commerce in Manila, referring to the list of sectors with limits to overseas investors.

"The only changes came in allowing investment in gambling, which took place a few years ago. Other than that, there's been no change in the FNL for a decade," he said.

Graft, mining troubles

A report from the World Bank's private sector arm, the International Finance Corporation, helps explain the trickle in investments: the Philippines ranked 136th out of 183 economies globally for the ease of doing business last year, and scored even lower for starting businesses. Overall, it was one place worse than the Sudan and two behind Syria.

To try to address that, the government has set up one-stop-shops in 252 economic zones to help investors. Outside those areas, however, lie thickets of red tape and bribes for permits.

Mining investments are especially difficult.

In 2005, the Philippines' Supreme Court upheld a law allowing full foreign ownership of mining projects. Top global miners such as BHP Billiton started investing, lured by an estimated $1 trillion in untapped mineral resources. But strong opposition from the Catholic church, mine accidents, a strong anti-mining lobby and the previous unpopular government's unwillingness to counter public opinion drove most miners away.

Xstrata Plc's $5.9 billion Tampakan project in southern Philippines, Southeast Asia's largest undeveloped copper-gold prospect, has yet to move off the drawing boards, caught between local and national policies on mining.

Turning that around and improving decrepit infrastructure are central to Aquino's plans as he tries to attack graft and low tax revenue that have undermined public spending.

December's successful bidding of the Philippines' first public private partnership project, the Daang Hari SLEX expressway, will be followed by at least $1.8 billion in similar auctions this year and $17 billion in the next five years.

"The Philippines appears to be at an inflection point," said Pauline Ng, investment manager for the Pacific at JP Morgan Asset Management, which oversees $102 billion in Asian client assets. "Sectors like industrial land, property, toll roads and cement will be key beneficiaries of investment-led growth."

The country is plagued by chronically low tax collection and domestic credit too is falling — at 8 percent as of June 2011 from around 17 percent in 2008 and well 15 percent in Indonesia and Thailand.

Aquino, 52, has vowed to enforce tax rules better before imposing new taxes or raising them. But he hasn't got far. Tax revenue rose to 12.3 percent of GDP last year, barely up from 12 percent in 2010 when it was the lowest in at least a decade.

He has now begun to raise duties on alcohol and tobacco — steps that could generate $1.4 billion in 2012 and $2.75 billion by 2014 if passed by Congress.

He hopes these and other measures will lift the economy's growth rate to as fast as 8 percent during his single term mandate that runs to 2016.

He enjoys almost unprecedented support. He is the first president since his mother to have backing of both chambers of Congress after winning elections in May 2010 by a record margin.

He owes part of his popularity to his revered family name and its reputation for probity. His father, Benigno, was an opposition leader assassinated during the Marcos era.

"This is a rare occasion in the Philippines where you have a president who has the largest mandate ever and he wants to use that mandate to really transform the country," Purisima, the secretary of Finance, said.

But it is unclear whether he will succeed in his biggest challenge of all: a confrontation with what he calls an obstructionist judiciary beholden to his predecessor.

As his government attempts to impeach Supreme Court Chief Justice Renato Corona, the stakes could hardly be higher. If the impeachment fails, Aquino has said it would virtually destroy his efforts to end corruption.

The final decision rests with the Senate where Aquino's party faces a struggle to win enough support to convict Corona.

Young population

Fund managers such as Ng see opportunities for gains in stocks exposed to consumers. UBS, for instance, likes PLDT, the country's largest telecommunications company, and BDO Unibank Inc.

Part of the Philippines' allure is its youthful population. Half the population is under 20 years old, many speak English — a legacy of its past as an American colony - and the population itself is projected to swell to 190 million by 2040.

Remittances from more than 10 million overseas workers are a growing source of growth, pumping $20 billion into the economy last year.

The Philippines' business-outsourcing industry, including call centers, is also growing fast. It is projected to generate revenue of at least $13 billion this year, rising 20 percent from 2011 and more than four-fold from six years ago.

Aquino also has another wager that plays directly into hopes to transform Manila into a Southeast Asian Las Vegas.

He has targeted a rise in tourism to about 10 million visitors by the end of his term, from about 3.9 million now.

The Philippines awarded four licenses in 2008 and 2009 to operate casinos in a gambling and entertainment complex in Manila. Each Philippine licensee agreed to invest $1 billion over five years. Three of the four licenses went to a venture between Genting Malaysia Bhd and Alliance Global Group Inc., Philippine property developer Belle Corp., and ports tycoon Enrique Razon's Bloombury Investments Holding Inc.

But why should a wealthy gambler from China come to the Philippines instead of gambling resorts that have sprouted in Singapore, Macau in China and Genting in Malaysia?

"No gambler will play and lose everything in the same casino," Naguiat, the gaming regulator, said. "Look around. We're part of this circle. They'll go to Macau, they'll go Genting. They'll go to Singapore and they'll go to the Philippines." — Reuters

SOURCE; GMA NEWS