Aquino opens trading day at Philippine Stock Exchange
Philippine trading began on a jubilant atmosphere on Tuesday morning after the Philippine Stock Exchange index (PSEi), the barometer of the country's economic health, hit a historic high of 5,030.80 points at the close of trading hours on Monday.
Philippine trading began on a jubilant atmosphere on Tuesday morning after the Philippine Stock Exchange index (PSEi), the barometer of the country's economic health, hit a historic high of 5,030.80 points at the close of trading hours on Monday.
No less than President Benigno S. Aquino III spearheaded this historic and joyous occasion by ringing the bell at the trading floor of the PSE in Ayala Avenue, Makati City to formally open the stock market's business day.
The President was joined in expressing the nation's exuberance during the historic event by Finance Secretary Cesar Purisima, PSE chairman Jose Pardo and PSE director Eusebio Tanco.
In his welcome remarks, Pardo said this robust performance of the PSEi was a direct result of the optimism the country’s investors see and feel about the Philippines under President Aquino's administration.
“This historic rise of the index is a strong testament to the growing investor interest in the Philippines, the continued strengthening of our macro-economic fundamentals, positive outlook on the growth of our listed companies and more importantly, confidence in the administration's good governance drive, among others, have been catching the attention of investors in both local and global markets,” Pardo said.
He added that since President Aquino took over the reigns of government in 2010, the PSEi's historic rise “marks the 11th time this year and the 19th time under the present administration that the index has set new highs.”
“Since the first day of the President's administration or in a matter of only 20 months, this index has already climbed by 52 percent,” Pardo stressed.
He vowed to work towards inviting more investors to invest in the Philippines in order to improve the index's performance to breach the 6,000 point mark.
“Moving past the 5,000 (mark) signals the beginning of our journey to what I understand, Mr. President, was your requested commitment from our (PSE) Director (Eusebio) Eusi Tanco for the index to breach, not the 5,000 (mark) but the 6,000 level,” Pardo said. (PCOO)
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Palace welcomes move to replace five-year-old presidential car
Malacanang welcomed the resolution made by its congressional allies seeking a replacement to President Benigno S. Aquino III’s five-year-old presidential car saying that it would give him ample protection in the midst of terror threats.
“This is a necessary expense for our President because all Presidents, all heads of states, are required to have an official vehicle. Our Commander-in-Chief is entitled to protection,” Presidential Spokesman Edwin Lacierda said in a press briefing on Tuesday in Malacanang.
Lacierda said the presidential car bought by the government in 2007 during the Arroyo administration was damaged by floodwaters during Typhoon Ondoy and was no longer reliable.
All heads of state are entitled to an official vehicle for protection, Lacierda said, stressing that President Aquino uses his own Toyota Land Cruiser and hasn’t decided to buy a new one to save government money.
Because the current presidential vehicle is in need of constant repair, the President uses his own vehicle after he assumed office in June 2010. The last time the government acquired a presidential car was in 2007. The Palace considers the present presidential fleet obsolete.
Lacierda also said that it is unfair for the President to use his own vehicle because he can’t charge repairs and maintenance expenses to the government.
Lacierda pointed out that the Palace is not aware that any consultation was made before congressional allies came up with the resolution for the acquisition of a new vehicle for the President. He added, however, that Malacanang as well as the Presidential Security Group (PSG) welcomed the move.
Fending off accusations that the proposal entails some favor from the President, Lacierda said, the Palace believes there is no other motive for the said allies to come up with such a resolution other than giving the chief executive better protection and convenience during his trips.
A group of congressmen argued that President Aquino needed to have a new official vehicle to “amply protect the Chief Executive amid reports of heightened global terrorism.”
Among the congressmen who crafted the resolution were Reps. Ben Evardone (LP, Eastern Samar); Cesar Sarmiento (LP, Catanduanes); Mel Senen Sarmiento (LP, Western Samar); Antonio del Rosario (LP, Capiz); Roger Mercado (LP, Southern Leyte)and Alfredo Benitez (NPC, Negros Occidental). (PCOO)
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Malacanang says closure of selected Consular offices will not affect diplomatic relations
Malacanang assured that the closing down of the country’s Consular offices in selected countries, as determined by the Department of Foreign Affairs (DFA), will not affect the Philippines’ diplomatic relationship with them citing the Aquino government's austerity measures and low activity of these offices as the basic fundamental reasons.
“Wala namang magiging effect, closing down of Consular offices is internal to us, so there is no effect on them (concerned countries), as long as we have presence there…we have diplomatic relations. The diplomatic relations is not diminished by the cutting down of Consular offices in their countries,” Presidential Spokesperson Edwin Lacierda said during a regular press briefing in Malacanang on Tuesday.
Lacierda made it clear that despite the closure of the Consular offices, the government will still prioritize its efforts of attending to the Overseas Filipino Workers’ (OFW’s) concerns in foreign lands because "we're going to have more mobile consular officials" in areas where there are more Filipino overseas workers.
“The DFA decided to close some of the embassies because of budgetary constraints… to help relieve the concerns of the OFWs, the DFA has set up mobile Consular officials, so that’s one way of addressing the concerns of the OFWs at the same time also addressing the concerns of the budget for the DFA,” Lacierda said.
“So, we’re going to have more mobile Consular officials, for instance in areas where feeling nila maraming mga Filipinos, doon magkakaroon tayo ng presence ng mga Consular officials. We will have to ask the DFA kung ano ang basis nila sa pagsasara ng mga embassies… the basic reason is walang masyadong activity doon,”” he added.
The DFA bared recently that ten foreign service posts will be closed down this year, which include Philippine Consular offices in Koror in Palau; Caracas in Venezuela; Barcelona in Spain; Stockholm in Sweden; in Dublin, Ireland; Frankfurt, Germany; Havana, Cuba; Saipan; Bucharest, Romania and Helsinki in Finland. (PCOO)
