Aquino says U.S. credit rating downgrade will not affect Philippine economy, investments
The downgrade by the Standard & Poor’s (S&P) of the United States credit rating will not have much impact on the Philippine economy and investments, President Benigno Aquino III said on Tuesday.
In an interview following his visit to Malampaya Deep Water Gas-to-Power Project Onshore Gas Plant in Batangas City, the President said that although the U.S. is one of the Philippine’s trading partners, the recent S&P downgrade will not have much effect on the country and it will remain competitive as an investment destination.
“They [U.S.] are our allies, they’re our longstanding friends. We will assist in whatever way we can. But our impact on their economy is not that significant compared to other or their major trading partners,” the President stressed.
The president expressed optimism that the developments in the US will not affect the investment climate in the Philippines noting that if businesses here are profitable it will remain profitable.
“I think most of those who are serious investors as opposed to hot money will try to maximize returns everywhere else. Those investors who will invest in the long-term will still see the advantages of investing in the country,” he said.
While there are some shocks in the stock market, the President said the market correction is just a symptom of how the market operates believing that the numbers will rebound soon.
Commenting on the condition of peso in the midst of recent developments, the President said the Bangko Sentral ng Pilipinas (BSP) is already checking the country’s reserves. The BSP will assess how much of these reserves will remain dollar-based as opposed to some kind of a broader basket of currencies, he added.
For the first time in history since 1917, S&P downgraded the U.S. government’s credit rating Friday saying the recent plan worked out to raise the federal debt ceiling does not sufficiently address what’s needed to stabilize the nation’s longer-term finances.
With the downgrade, the U.S. debt will now have a rating of AA-plus instead of the coveted AAA, dropping it into the same category as countries such as Japan, Taiwan, China, Slovenia and Spain.
Aside from a possible increase in the U.S. borrowing costs as the government bonds become more risky, the downgrade is a major blow to the country’s reputation.(PCOO)
The downgrade by the Standard & Poor’s (S&P) of the United States credit rating will not have much impact on the Philippine economy and investments, President Benigno Aquino III said on Tuesday.
In an interview following his visit to Malampaya Deep Water Gas-to-Power Project Onshore Gas Plant in Batangas City, the President said that although the U.S. is one of the Philippine’s trading partners, the recent S&P downgrade will not have much effect on the country and it will remain competitive as an investment destination.
“They [U.S.] are our allies, they’re our longstanding friends. We will assist in whatever way we can. But our impact on their economy is not that significant compared to other or their major trading partners,” the President stressed.
The president expressed optimism that the developments in the US will not affect the investment climate in the Philippines noting that if businesses here are profitable it will remain profitable.
“I think most of those who are serious investors as opposed to hot money will try to maximize returns everywhere else. Those investors who will invest in the long-term will still see the advantages of investing in the country,” he said.
While there are some shocks in the stock market, the President said the market correction is just a symptom of how the market operates believing that the numbers will rebound soon.
Commenting on the condition of peso in the midst of recent developments, the President said the Bangko Sentral ng Pilipinas (BSP) is already checking the country’s reserves. The BSP will assess how much of these reserves will remain dollar-based as opposed to some kind of a broader basket of currencies, he added.
For the first time in history since 1917, S&P downgraded the U.S. government’s credit rating Friday saying the recent plan worked out to raise the federal debt ceiling does not sufficiently address what’s needed to stabilize the nation’s longer-term finances.
With the downgrade, the U.S. debt will now have a rating of AA-plus instead of the coveted AAA, dropping it into the same category as countries such as Japan, Taiwan, China, Slovenia and Spain.
Aside from a possible increase in the U.S. borrowing costs as the government bonds become more risky, the downgrade is a major blow to the country’s reputation.(PCOO)
Aquino welcomes decision to stop "Kulo" art exhibit at Cultural Center of the Philippines
President Benigno S. Aquino III welcomed the decision of the Cultural Center of the Philippines (CCP) board to finally end the run of its latest art exhibit ‘KULO’ after drawing various protests from the Christian community in light of an artist’s depiction of Jesus Christ and the Holy Family in his artworks which many find ‘blasphemous’.
The President, who was born and raised a Catholic by his parents, said that he also did not like how Christ was portrayed by the artist, Mideo Cruz, in his artworks called Poleteismo which have been on display at the CCP since June 17.
“Ako ay Kristiyano. Ang bansa natin ay at least 85 percent Kristiyano tapos mayroong depiction ni Kristo na hindi kaaya-aya kung kanino man. So ‘yung CCP funded by public money also. It should be in the service of the people. So when you insult the beliefs of most of the people, I don't see where that is of service,” the President said in an interview with reporters following his visit to Malampaya Deep Water Gas-to-Power Project Onshore Gas Plant on Tuesday in Tabangao, Batangas City.
The President mentioned that he was in contact with several CCP board members yesterday with whom he stressed the idea of respecting other peoples’ and institutions’ rights as he reminded everyone that “there is no freedom that is absolute.”
“I think I made my position very clear already to them (CCP) and I did stress the idea of kung may karapatan ka pero ‘pag naaapakan na ‘yung karapatan ng iba naman, may mali na doon at hindi sinasang-ayunan ng batas ‘yun,” he said.
The President explained that our laws have set certain limits as to what an individual is allowed to do but he clarified that he is not aiming towards censoring every artist who would like to exercise his right to free expression.
“I'm not after censorship pero hindi naman siguro… It (art) is supposed to be ennobling and when you stroke conflict that is not an ennobling activity,” the President emphasized.(PCOO)
Aquino bares investors' interest in the development of alternative energy solutions
TABANGAO, Batangas City: President Benigno S. Aquino III bared the conspicuous increase in numbers of business groups who, he said, expressed interest in the development and exploration of alternative energy solutions in the country.
In an ambush interview following his visit to the Malampaya Deep Water gas-to-power project onshore gas plant of Shell Philippines here on Tuesday the President said that in the latest energy contracting route, 140 group of investors participated compared to only 35 that was conducted in the year 2006. He noted that the discrepancy in numbers shows the growing interest and confidence from investors due to the country’s natural resources.
“Nagkaroon po tayo ng energy contracting route... last time na nagkaroon tayo niyan was in the year 2006. Ilan ang nag-participate? Mga 35 ang nag-participate noong 2006. Itong bagong ginawa natin this year, 140 ang nag-participate. So tanda po 'yun ng interest nila at paniwala na mayroon talagang resources dito na pwedeng ma-exploit. So 'yung next phase doon 'yung pag-a-award nga ng mga service contracts na nangyayari na rin,” the President said.
The Chief Executive said that considering the increase of interested parties for energy sourcing, the government will be more cautious in the selection process to ensure that only those who are legitimate will be involved.
“Under the stewardship of Secretary (Jose Rene) Almendras almost four-folds or more than 400 percent ang nagpakita ng interest at talagang pinipili natin 'yung hindi kukunin 'yung kontrata lang para maibenta sa ibang kumpanya [kundi] 'yung talagang magde-develop nitong resources na ito,” President Aquino stressed.
The President emphasized that during his talks with the officials of Shell Philippines, they have expressed the government’s efforts in looking for ways that would maximize the use of natural gas, which is a better alternative especially for those who are in the transport sector.
“Nakausap natin ang mga opisyal ng Shell, pinaliwanag nga natin na may mga ambisyon tayo, for instance, 'yung transport sector natin ay mailipat sa natural gas at hindi na sa diesel. 'Yung diesel ini-import natin to a large degree, 'yung natural gas mas mako-control natin 'yung presyo,” the President said.
Dubbed as the “fuel of the future” natural gas is composed of gaseous hydrocarbons found deep underground or extracted through driven wells. It is formed beneath the earth’s surface over millions of years by the decomposition of organic matter in much the same way the oil and coal are formed. In its natural state, the gas is colorless, odorless and lighter than air.
President Aquino visited Shell’s On-Shore Gas plant Facility where he was also briefed on the ongoing projects in the area. He also witnessed the signing of the Basic Design and Engineering Package Contract and the Front End Engineering Design Contract.(PCOO)
Malacañang welcomes latest Social Weather Stations survey
Malacanang on Tuesday welcomed the results of the latest Social Weather Stations (SWS) survey showing that majority of Filipinos consider the family planning method as a personal choice and should not be interfered with.
Presidential Spokesman Edwin Lacierda said that the SWS survey results first published by the broadsheet BusinessWorld affirm the longstanding position of President Benigno Aquino III on
responsible parenthood.
“The survey affirms the longstanding position of the President on Responsible Parenthood since the presidential campaign. We believe that the couple must be given the choice on the family size and the method,” Lacierda said.
“We also believe that information on the different methods be provided to those who will decide on the choices. As to funding, those who cannot afford the method chosen, the government will so provide,” he added.
For his part, Presidential Communications Development and Strategic Planning Office Secretary Ramon Carandang said that the results of the recent SWS survey were consistent with President Aquino’s position on responsible parenthood.
The SWS survey showed that 82 percent of Filipinos agree that “the choice of the family planning method is a personal choice of couples and no one should interfere with it.”
The SWS survey also showed Filipinos want the government to provide information and also subsidize family planning methods. The poll was conducted from June 3 to June 6, 2011 among 1,200 adults.(PCOO)
