Aquino receives head of Morgan Stanley, New York
Global Emerging Markets in Malacañang
President Benigno S. Aquino III received a group
of business executives to discuss the emerging economic situation and the
possible investments in the country that could provide more economic
opportunities for the Filipinos and uplift their standards of living as
envisioned by his administration.
Morgan Stanley, New York Global Emerging Markets
head Ruchir Sharma met with President Aquino during a courtesy call at the
Music Room of the Malacanang Palace, Friday morning.
Sharma was accompanied by Munib Madni, managing
director of Morgan Stanley Investment Singapore and Noel Bautista, chairman of
Deutshe Regis Partners Inc.
Also in attendance were Finance Secretary Cesar
Purisima, Presidential Communications Development and Strategic Planning Office
Secretary Ramon Carandang and Trade and Industry Undersecretary Cristino
Panlilio.
Sharma joined Morgan Stanley in 1996 and has 18
years of investment experience. Prior to joining the firm, he worked with Prime
Securities (Delhi), a non-banking financial services firm, where he helped run
the foreign exchange business. He has been a contributing editor in Newsweek
and has written for publications such as the The Wall Street Journal, Financial
Times and The Economic Times. (jcl/11:15 a.m.)
Aquino renews commitment for AFP modernization
President Benigno S. Aquino III renewed his
administration’s commitment to modernize the country’s armed forces to ensure
peace and security.
During his speech at the fellowship meeting with
the Philippine Air Force Aviation Cadet and Officer Candidate Alumni
Association Inc. (PAFACOCAAI) in Camp Aguinaldo, Quezon City on Thursday
evening, the President acknowledged the need of the Philippine Air Force for
modern and additional aircraft that will guard and protect the Philippine
territory.
For instance, he said, the air force has only
one C-130 cargo plane and flying times have to be divided among the pilots to
accommodate all of them.
“Ito po ang dahilan kung kaya’t isinusulong na
natin ang pagpapasa sa New AFP Modernization Bill, na siyang mag-e-extend sa
pagpapatupad ng ating AFP Modernization Program,” the President said.
“Pitumpu’t limang bilyong pisong (P75 billion)
paunang pondo ang nakasaad sa panukalang batas mula sa Department of National
Defense ang inihain para sa unang limang taon ng implementasyon nito,” he
added.
Under the program, more aircraft and helicopters
will be purchased, initially trainer aircraft so that pilots will have the
know-how to fly once fighter jets arrive, the President said hoping that the
fighter aircraft arrive ahead of schedule.
As new planes arrive, the President said, the
flying hours of PAF’s pilots will also increase as well as their capability to
serve the people.
Aside from providing the new equipment and
planes, the government is also building decent homes of the country’s soldiers
to improve their lives, President Aquino said.
The government has recently completed the Phase
I of the housing projects for soldiers this year, building 21,800 new homes for
them, the Chief Executive said.
Under Phase II of the program, he said,
additional 31,200 new houses will be built for the members of the military, the
police, fire fighters and prison guards. The project is expected to be
completed in August next year.
“Naniniwala nga po tayo: kung mayroon kang isang
lipunang kumakalinga sa iyo, mas nabibigyan ka ng kakayahang gampanan ang iyong
tungkulin, at arugain ang iyong mga kababayan,” the President said adding that
he envisions an armed forces that can readily respond to any future challenge.
As the country traverses the righteous path, the
President said Filipinos can now achieve they dream for prosperity and better
security.
“At kapag may kapayapaan, kapag may kaayusan,
wala na nga tayong ibang patutunguhan kundi tuloy-tuloy na kaunlaran,” he
concluded. (as/11:30am)
Aquino swears in new government officials
President Benigno S. Aquino III swore in the
officials of various government departments and agencies.
In a simple ceremony at the Rizal Hall of the
Malacanang Palace on Friday, the Chief Executive took their oath of office to
formally assume their respective positions at the Department of Foreign Affairs
(DFA), Department of Health (DOH), National Economic and Development Authority
(NEDA), Department of Transportation and Communications (DOTC), Presidential
Communications Operations Office (PCOO), National Bureau of Investigation
(NBI), Commission on Higher Education (CHED), Philippine Sports Commission
(PSC), Philippine Overseas Employment Administration (POEA), Dangerous Drugs
Board (DDB) and the Sangguniang Panlalawigan in the Province of Isabela.
The officials who took their oath of office
include Special Envoy of the President to the People's Republic of China Carlos
Chan, DOH Undersecretary Dr. Nemesio T. Gako, Actg. NEDA Deputy
Director-General Emmanuel F. Esguerra, Health Assistant Secretary Madeleine de
Rosas Valera, Transportation and Communications Assistant Secretary Jaime
Raphael C. Feliciano, PCOO Assistant Secretary Cathryne Jonne T. Licudine.
Other officials are NBI Director Nonnatus Caesar
R. Rojas, CHED Commissioner Maria Cynthia Rose B. Bautista, PSC Commissioner
Wigberto P. Clavecilla Jr., POEA Deputy Administrator Liberty T. Casco,
Presidential Legislative Liaison Officer III Victorio N. Casauay, DDB Permanent
Member Rommel Garcia and Isabela Sagguniang Panlalawigan (4th District) Member
Amado C. Vallejo Jr. (js)
Aquino remains hopeful better economic figures
will prevail in second quarter
President Benigno S. Aquino III said he is
hopeful for better economic figures in the second quarter compared to the first
quarter of the year that will make the country more attractive to foreign
investors.
In an interview after an oath-taking ceremony in
Malacanang on Friday, the President said the results of the second quarter
figures will be completed at the end of the month and he’s expecting a report
from his economic team.
While some members of his economic team are very
optimistic and some are conservative on the second quarter performance, the
President said all the members of the team agree on an improved performance for
the second half of the year.
Asked about his meeting Friday with Morgan
Stanley, New York Global Emerging Markets head Ruchir Sharma in Malacanang, the
President said the US-based financial services provider was impressed with the
rate of the country’s economic growth and its potentials.
Sharma sees the rate of changes as very
encouraging for Morgan Stanley to consider having investments in the country.
He was also particular about government plans, its legacy, directions, and
infrastructures.
Morgan Stanley, an American multinational
financial services provider, has pioneered the global expansion of finance and
capital markets, and in providing new opportunities for individual and
institutional investors. The New York-based financial services provider was
founded in 1935.
Singapore is Morgan Stanley’s hub in Southeast
Asia, as it also maintains offices in Bangkok, Thailand and Labuan, Malaysia.
Its Singapore office offers investment banking
(capital raising, M&A and other advisory services), equity and fixed income
research, securities trading, derivatives, commodities, private wealth
management and investment management. (as/2:48pm)
