PIA Dispatch - Tuesday, June 16, 2009

PGMA thanks Kuwaiti Emir for grant of pardon to Pinay OFW

MANILA, June 16 - President Gloria Macapagal-Arroyo thanked Kuwaiti Emir Sheik Sabah Al-Ahmad Al-Jaber Al-Sabah for granting a royal pardon to a formerly-condemned Filipina Overseas Filipino Worker (OFW) in Kuwait as she returns home to the Philippines soon. 

”Upon the intercession of the President, OFW May Vecina’s death penalty was reduced to imprisonment by the Emir of Kuwait last July 8, 2008. 

Almost a year later, on June 1, 2009, the Emir granted amiri pardon to Ms. Vecina with release order, according to Deputy Presidential Spokesman Dr. Anthony Golez during Monday’s press briefing at the New Executive Building (NEB) in Malacañang, San Miguel, Manila. 

Golez said the latest amiri pardon confirmed by the Kuwaiti Ministry of Interior means that Vecina could be repatriated to Manila within 30 days. 

“OFW Vecina’s life would not been saved without the President’s intercession,” the Palace official told reporters. 

"If OFW Vecina’s life would not been saved without the President’s intercession, her death penalty will be reduced to imprisonment in 2008 and the Amiri will grant pardon with release and repatriation,” Golez 

The Department of Foreign Affairs (DFA) today reported that domestic helper May Vecina was granted what is known as the Amiri pardon from the Emir of Kuwait on June 1 and will be released from the Sulaibiya central jail in Kuwait. 

Vecina was originally meted the death sentence by the Kuwaiti Supreme Court on April 1, 2008 but this was reduced to life. Through the personal intercession of President Arroyo with the Emir, clemency was granted. 

Vecina was convicted of murder and two counts of frustrated murder. She was sentenced to hang for stabbing to death her employer’s seven-year old son and wounding her two other children, a 13-year old son and 17-year old daughter. 

The Amiri pardon is granted annually by H.H. The Amir, Sheikh Al Ahmad Al Jaber Al-Sabah to deserving convicts on the occasion of the Holy Month of Ramadan.


Remittance, ERP to help boost RP economy this year -- BSP 

MANILA, June 16 - Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr. believes the domestic economy can withstand the global slowdown and continue to post growth this year. 

This even after the government further revised downward its 2009 growth target while the International Monetary Fund (IMF) now see a one percent contraction for the Philippines economy this year. 

“The government is still forecasting positive growth this year, albeit slower than previous forecast,” he said. 

Last week, the inter-agency Development Budget Coordination Committee (DBCC) again slashed the government's 2009 growth target to 0.8-1.8 percent from the 3.1-4.1 percent previously in line with the global developments. 

Economic managers said they remain positive on the domestic economy's output, as measured by gross domestic product (GDP) this year but they expect the impact of the global economic meltdown to be larger particularly on consumption and investments. 

The economy grew by a mere 0.4 percent in the first quarter this year against year-ago's 3.9 percent after domestic consumption declined on back of lower spending particulary by beneficiaries of Overseas Filipino Workers (OFWs) despite the continued strong remittance inflows. 

Economic managers, however, noted larger portion of the remittances went to savings. 

A BSP survey in the second quarter this year showed that consumers remain bullish on their buying intentions in the rest of the year, thus, monetary officials said this will boost spending and bouy up the economy. 

“As reported, consumption and investments, which slowed significantly in Q1, are expected to recover in the next quarters, supported by steady remittances, the full impact of the ERP (economic resiliency plan), and improvement in market confidence as more news/data are released that the worst in global contraction may be over,” Tetangco added. 

The central bank project a flat growth for remittances this year as some OFWs lose jobs because of the global slowdown but monetary officials believe that remittances will post a positive growth this year on back of continued higher demand for OFWs. 

Tetangco said they have not revised their remittance forecast for this year but “this will be reviewed shortly.” 

In end-April this year, remittances posted a 2.6 percent growth after inflows for the four-month period aggregated to US$ 5.5 billion from year-ago’s US$ 5.36 billion.


BSP says RP economy remains stable inspite of global crisis 

MANILA, June 16 – The Bangko Sentral ng Pilipinas (BSP) on Tuesday said that the country's economy remains stable inspite of the current global financial turmoil. 

"Kung ating natatandaan sa mga nagdaang araw, ang ating ekonomiya ay nananatiling matatag inspite of global crisis (If we can recall in the past days, our economy remains stable inspite of global crisis)," BSP Deputy Governor Diwa Guinigundo stressed in a radio interview Tuesday morning. 

This, as the BSP has announced that it will continue to ease policy stance as inflation outlook remains favorable despite low growth in the local economy. 

"Yung mga remittances na pinapadala ng ating mga OFWs ay tumaas at kumita tayo ng US$ 1.4M (Remittances sent by our overseas Filipino workers went up and the country earned US$ 1.4 million)," Guinigundo further said. 

He noted that the BSP's primary mandate is price stability in line with its inflation targeting framework. 

Inflation which is the rate of price increases in the country continues to decelerate and stood at 3.3 percent in May 2009, following its "peak" at 12.5 percent in August last year. 

With the deceleration of inflation, the BSP decided to cut its policy rates starting in December 2008 with the policy rates at 175 basis points as of May 2009, bringing its overnight borrowing rate at 4.25 percent, the lowest since May 15, 1992 and the overnight lending rate at 6.25 percent.


RP's unemployment rate down to 7.5% as of April

MANILA, June 16 (PNA) - The number of unemployed Filipinos in April dropped to 7.5 percent from 8 percent last year, the National Statistics Office said Tuesday. 

In January, the NSO said unemployment was 7.7 percent. 

The employment rate, on the other hand, for April was 92.5 percent. 

"This estimate is not significantly different from last year's figure of 92 percent," the NSO said. 

Of the total 35 million employed persons in April, more than one-half or 50.3 percent worked in the services sector, with those employed in wholesale and retail trade, repair of motor vehicles, motorcycles and personal and household goods sub-sector comprising the largest sub-sector or 19.1 of the total employed). 

Workers in the agriculture sector accounted for 35.2 percent of the total employed, with those engaged in the agriculture, hunting and forestry sub-sector making up the largest sub-sector or 31 percent of the total employed). 

The NSO said only 14.5 percent of the total employed were in the industry sector, with the manufacturing sub-sector making up the largest percentage or 8.1 percent of the total employed. 

Among the various occupation groups, laborers and unskilled workers comprised the largest proportion with 32.5 percent of the total employed population in April 2009 and 32.7 percent in April 2008. 

Farmers, forestry workers and fishermen were the second largest group, accounting for 17.0 percent of the total employed. 

Employed persons fall into any of these categories: wage and salary workers, own account workers and unpaid family workers. Wage and salary workers are those who work for private households, private establishments, government or government corporations and those who work with pay in own-family operated farm or business. 

More than half or 51.9 percent of the employed persons were wage and salary workers, more than one-third or 34.9 percent were own-account workers, and 13.1 percent were unpaid family workers. 

Among the wage and salary workers, those working for private establishments comprised the largest proportion or 38.5 percent of the total employed. 

Government workers or those working for government corporations comprised only 8.2 percent of the total employed, while 4.9 percent were workers in private households. 

Meanwhile, among the own-account workers, the self-employed comprised the majority or 31.1 percent of total employed). 

Employed persons are classified as either full-time workers or part-time workers. 

Full-time workers are those who work for 40 hours or more while part-time workers work for less than 40 hours. In April 2009, 56.6 percent of the total employed persons were full-time workers with those working for 40 to 48 hours having the highest proportion or 36.1 percent of the total employed. 

Around 20.5 percent of the total employed worked for more than 48 hours. Part-time workers comprised 41.0 percent of the total employed.


PSALM rebids Naga LBGT power plant

The Power Sector Assets and Liabilities Management Corporation (PSALM) commenced last Monday (15 June 2009) the second round of bidding for the 55-megawatt Naga Land-Based Gas Turbine (LBGT) Power Plant through the publication of an Invitation to Bid (ITB).

The ITB, which will be published in local newspapers until today, 17 June 2009, states that investor groups who wish to participate in the bid have until 5 p.m. of 01 July 2009 to submit a Letter of Interest.

Interested parties are likewise required to execute and undertake a Confidentiality Agreement with PSALM, and pay a non-refundable Participation Fee of USD2,000. The deadline for completing these initial requirements is on 03 July 2009.

The Due Diligence for the Visayas-based gas plant is scheduled from 15 June 2009 to 14 September 2009, while the Pre-Bid Conference for prospective bidders is set on 15 July 2009 at the PSALM office in Makati City.

The Bid Submission Deadline for the Naga LBGT plant, which is located at the Cebu I Power Plant Complex in Barrio Colon, Naga, Cebu Province, is on 16 September 2009.

The first round of bidding for the Naga power facility held last 20 April 2009 was declared a failure because only one investor submitted the documentary requirements.