Remittance of OFWs in Japan will be simplified and cheaper, says Aquino
YOKOHAMA, Japan: President Benigno S. Aquino III said it will now be easier and more affordable for Filipinos in Japan to send money back home following the signing of an agreement between the Land Bank of the Philippines and Japan Post Bank.
Speaking before some 1,000 members of the Filipino community here on Sunday at the Yokohama Futaba High School, the President said he learned that many Filipinos were lamenting the high fees their remittances were being charged.
“To help bring down the remittance cost, the Land Bank of the Philippines and Japan Post Bank have agreed to simplify the process and make sending money back home faster, safer and more affordable for overseas Filipino workers so their families can receive their hard-earned income,” said the President.
The agreement between Land Bank and the Japan Post Bank, according to the President, will take effect middle of January next year.
“We expect this simplified procedure to be available for workers here by January 17, 2011,” continued the Chief Executive, adding that Filipino workers can send their remittances through the nearest Japan Post Bank and their relatives can pick up the money from any Land Bank branch in the Philippines.
The President also said that during the APEC Leaders’ Summit here, the Philippines worked closely with other countries in dealing with the erratic appreciation of regional currencies, including the peso, to make sure that dollars being remitted by OFWs will enjoy a favorable exchange rate. (PCOO)
Aquino expresses gratitude to China, Hong Kong for their understanding
YOKOHAMA, Japan: President Benigno S. Aquino III has expressed his gratitude to People’s Republic of China President Hu Jintao and Hong Kong Special Administrative Region Chief Executive Donald Tsang for understanding the circumstances surrounding the August 23 hostage-taking incident in Manila.
Speaking before some 1,000 members of the Filipino community at the Yokohama Futaba High School late Sunday afternoon, the President informed the crowd of the fruitful discussion he had with Mr. Tsang and that they were both looking forward to a favorable conclusion of the issue.
The President met with Mr. Tsang ahead of the start of the Asia Pacific Economic Cooperation (APEC) Leaders’ Meeting here last Saturday and had the opportunity to discuss the issue.
“The meeting with Mr. Donald Tsang was most cordial, and contrary to what had been reported that there were differences between us, it just wasn’t so. We had a fruitful discussion and a closure to this unfortunate incident could be expected,” said the President.
“And for this, our sincerest thanks to Chief Executive Donald Tsang and President Hu Jintao for being truly considerate and understanding of our predicament then, as well as our shortcomings when the sorry incident happened,” said the President. (PCOO)
Aquino mulls creation of Philippine Center in Japan
YOKOHAMA, Japan: President Benigno S. Aquino III has asked the Department of Foreign Affairs (DFA) to study the proposal of the members of the Filipino community to set up a Philippine center that will help promote the Filipino culture as well as cater to the welfare of the next generation of children of Filipino and Japanese descent.
The President made the statement at the gathering of some 1,000 members of the Filipino community at the Yokohama Futaba High School late Sunday afternoon, during which he instructed Foreign Secretary Alberto Romulo to look into the proposal to establish the center to be called “Tahanan”.
“We are here with the Secretary of Foreign Affairs and I have directed him to study at the soonest possible time the creation of a Philippine center here,” said the President.
Aside from promoting Filipino culture, members of the Filipino community said the center could also help foster trade and investments between the Philippines and Japan, provide legal assistance to distressed overseas Filipino workers, and care for a number of illegitimate and abandoned “Japinos,” or children of Filipino and Japanese parents, among others. (PCOO)
APEC leaders reiterate commitment to UN climate change negotiations
YOKOHAMA, Japan: President Benigno S. Aquino III and the 20 other leaders of the Asia Pacific Economic Cooperation (APEC) reiterated their commitment to “take strong and action-oriented measures and remain fully dedicated to the United Nations climate change negotiations.”
“Addressing the threat of global climate change is an urgent priority for all nations. “the 21 APEC leaders said in the APEC Declaration aptly called “Yokohama Vision – Bogor and Beyond,” which was presented by Japanese Prime Minister Naoto Kan at the conclusion of the 3-day APEC Leaders Meeting here on Sunday.
“We reaffirm the objective, provisions and the Principles of the UN Framework Convention on Climate Change, including common but differentiated responsibilities and respective capabilities,” the 21 APEC leaders said.
“Those of us who have associated with the Copenhagen Accord reaffirm our support for it and its implementation. We are all committed to achieving a successful, balanced result that includes the core issues of mitigation, transparency, finance, technology, adaptation, and forest preservation,” the APEC Declaration stated.
The APEC leaders likewise expressed their appreciation for Mexico’s hard work in preparing for and hosting COP16 or the United Nations Climate Change Conference of Parties’16th Summit. (PCOO)
APEC leaders reaffirms commitment to Doha Development Agenda
YOKOHAMA, Japan: President Benigno S. Aquino III and the 20 other leaders of the Asia Pacific Economic Cooperation (APEC) reaffirmed their strong commitment to bring the Doha Development Agenda to a prompt and successful conclusion.
“Bearing in mind that 2011 will be a critically important ‘window of opportunity,’ we direct our Ministers to empower our representatives to engage in comprehensive negotiations with a sense of urgency in the end game, built on the progress achieved, including with regard to modalities, consistent with the Doha mandate,” the 21 APEC leaders said in the APEC Declaration aptly called “Yokohama Vision – Bogor And Beyond,” which was presented by Japanese Prime Minister Naoto Kan at the conclusion of the 3-day APEC Leaders’ Meeting on Sunday here.
“We affirm our commitment to win domestic support in our respective systems for a strong engagement,” the APEC leaders said.
In their continued efforts to resist protectionism, the APEC leaders agreed to “extend their commitment on standstill made in 2008 to the end of 2013 to refrain from raising new barriers to investment or to trade in goods and services, imposing new export restrictions or implementing World Trade Organization (WTO) inconsistent measures in all areas, including those that stimulate exports.”
The APEC leaders likewise committed themselves “to take steps to rollback trade distorting measures introduced during the crisis.”
Furthermore, the APEC leaders pledged to continue to exercise “maximum restraint in implementing measures that may be considered to be consistent with WTO provisions if they have a significant protectionist effect and promptly rectify such measures where implemented.” (PCOO)
APEC leaders set to manage regional currency fluctuations
YOKOHAMA, Japan: President Benigno S. Aquino III said the Philippines and 20 other member economies in the Asia Pacific region are mutually seeking measures to manage fluctuations of currencies in the regional financial markets.
The President said this in his speech when he met with some 1,000 members of the Filipino community at the Yokohama Futaba High School on Sunday afternoon here.
“The weakening dollar in the currency market is an issue that affects not only the Filipinos but also all the other APEC member-economies gathered here in Japan, and in Korea for the G20 meeting,” the President said. “We are now coordinating with our neighboring countries to study steps in managing this serious currency fluctuation.”
During the 18th Asia-Pacific Economic Conference (APEC) Economic Leaders Meeting which concluded Sunday here, the President underscored the need for a concerted action to ensure there is less volatility in the world financial markets as a result of an accelerated inflow of currencies from developed countries.
In their joint declaration, the President and other APEC leaders agreed to take steps to build a stronger and more resilient global financial system as they welcomed the outcome of the G20 Seoul Summit and endorsed the APEC Finance Ministers’ “Kyoto Report on Growth Strategy and Finance.”
With the dollar equivalent hovering between P42 to P43, the President said there is a need to balance the economy for the sake of majority of Filipinos.
While importers want a stronger peso, the President said exporters and the dollar remittances of overseas Filipino workers will be affected.
“Naturally, we don’t want the value of your remittances to drop, just as our exporters are wary of having a stronger peso. Yet a stronger peso would benefit our importers, as it would translate into more affordable products and raw materials from other countries,” continued the President, stressing that what needs to be done for the interest of the greater majority is to have a more balanced economy.
To reduce the infrastructure gap and improve productivity, the Philippines plans to infuse the inflow of dollars to the President’s public-private partnerships on infrastructure and channel its gains into essential social services, such as those in education, health, and other poverty alleviation programs. (PCOO)
APEC leaders vow to pursue closer integrated regional economy
YOKOHAMA, Japan: President Benigno S. Aquino III and the 20 other leaders of the Asia Pacific Economic Cooperation (APEC) reiterated their commitment to pursue an even more closely integrated regional economy and strong sustainable and balanced growth in the region. This would include taking steps toward the realization of the Free Trade Area for Asia and the Pacific (FTAAP) to meet new opportunities and challenges in the 21st century through the implementation of the APEC Leader’s Growth Strategy
In the APEC Declaration aptly called the “Yokohama Vision – Bogor and Beyond,” which was presented by Japanase Prime Minister Naoto Kan at the conclusion of the 3-day APEC Leaders’ Meeting here, the 21 APEC leaders also committed to take necessary and concrete steps toward making this vision a reality.
They expressed confidence that this will bring about greater prosperity and well-being for all in the Asia Pacific region and beyond.
“We will implement the Growth Strategy to 2015, focusing on the five desired attributes of balanced, inclusive, sustainable, innovative, and secure growth,” they said.
According to the APEC leaders the Growth Strategy includes an Action Plan that encompasses work elements on structural reform; human resource and entrepreneurship development; green growth; a knowledge-based economy; and human security.
“The Action Plan will be supported and promoted through specific work programs that draw in all aspects of APEC ‘s work, including sectoral Ministerial meetings, extensive regional networks of experts, and close cooperation with the business community.
The APEC leaders agreed that their respective ministers and senior officials will accelerate work on strengthening and deepening regional economic integration in the coming year, which is consistent with the vision articulated in the document.
“They will design and implement specific initiatives to address barriers to trade and investment, and to ensure high-quality, sustainable growth in the future,” the leaders said, stressing that they look forward to ambitious progress on APEC’s agenda under the leadership of the United States. (PCOO)
Investments show growing confidence in PH as alternative investment hub - Aquino
President Benigno S. Aquino III returned Monday afternoon from the Asia-Pacific Economic Cooperation Summit (APEC) in Yokohama, Japan with $5.45-billion worth of investments.
In his arrival statement at the Ninoy Aquino International Airport, the President said the new investments would be used to fund government programs concerning energy-generation, water-production and job-generation.
The investments, according to him were signs of the growing investor confidence in the Philippines under his leadership.
“Sa Japan, hindi bababa ang new investments sa $2.85-billion. Kung papayag tayo, meron pang mga negosyo na hindi naman bababa sa $2.6-billion uli na nasa final stages ng kanilang preparation,” the President said.
“Kung tama yung math ko, (the total investment amount is) $5.45-billion,” he added.
Aquino said that part of the $2.85-billion investment would be used to fund the government’s biofuels program by planting idle land in Isabela, Cagayan with sugar cane, the main ingredient in manufacturing bioethanol.
The Philippines, he pointed out can now supply more than 25 percent of the bioethanol it currently applies to oil companies, thereby lessening the need to import.
“Talaga naman pong paganda ng paganda ang sitwasyon natin. Ito naman po ay nakikita natin sa dumadami ng dumadaming mga investments na talaga namang tumataya ng napaka-laki,” the President said. (PCOO)
