(Volume 5) GGLC Express Issue - Global Gateway Logistics City

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National News Aklan Provincial Planning and Development Officer, Engineer Roger M. Ecto said the project will be completed within a year by the project’s private contractor. He said the project will be self-sustaining as it is expected to be a very lucrative income-generating project of the province. Ecto also added that the Environmental Management Bureau (EMB) of the Department of Environment and Natural Resources (DENR) in Region VI has already issued the needed Environmental Compliance Certificate (ECC) for the project, a clear indication that the Aklan provincial government has complied with the country’s environmental laws. Peso seen rising to 41.50 to a dollar Local currency favored to gain sharply this year Philippine Daily Inquirer MANILA, Philippines—The peso will likely gain ground against the dollar at a faster pace than most Asian currencies this year as the Bangko Sentral ng Pilipinas starts raising key interest rates to curb rising inflation pressures in the second quarter, European investment bank Credit Agricole CIB said. In its January economic research titled “Ball in Asia’s Court,” Credit Agricole projected that the BSP would start tightening the benchmark overnight borrowing rate by a quarter-percentage point in June from the current 4 percent, followed by another 25 basis points by September, for a total of 50 basis point this year. The BSP’s overnight rate was seen rising further to 4.75 percent by March next year. “The Philippine peso is one of our top picks in the region for 2011 as the current account surplus is likely to remain large [nearly 9 percent of gross domestic product] while valuations in the equity market are likely to continue attracting foreign portfolio flows,” it pointed out. 41.20 and further to 41 by end-June 2012. Most Asian currencies are likely to gain ground against the dollar this year on the back of strong fundamentals. “We favor the Korean won and the Philippine peso as both stand out by having only partially recovered from depreciation during the credit crisis, and present attractive investment destinations on fundamental grounds,” it said. Credit Agricole said recovery in G3, or the world’s three biggest economies—United States, Japan and the euro zone—would gather pace this year but still fall far behind Asia. And although growth in Asia would likely moderate this year, the region was seen taking up the challenge well, with China and India leading the charge. Consequently, the investment bank said Asia would remain an attractive destination for investor flows, leading to firmer currencies but also fresh challenges for Asian central banks in the form of asset bubbles and inflation risks. The Philippines, for its part, was projected to grow its GDP by 5 percent this year and 6.6 percent in 2012 while inflation was seen at 4 percent in 2011 and 4.8 percent next year. The firm noted that 2010 was a very good year for the Philippine economy and markets, with GDP growth likely reaching 7.5 percent for the full year alongside gains in prices across asset classes. Strong Peso as inflation seen steady 6 “Moreover, as inflation is likely to begin edging up in the second quarter, we expect the rate-tightening cycle to begin concurrently, which would provide further support for the currency,” it said. The peso was forecast to end the first quarter at 43.30 against the dollar before rising to 42.70 by the second quarter, 42.10 by the third quarter and 41.50 by year’s end. The local currency closed last Friday at 44.095 against the greenback. By end-March next year, the peso was seen firming up to Remittances from OFW’s helps in economic growth GGLC Newsletter Express
Corporation closes 2010 with $1.34B in exports Sun Star Pampanga regional News CLARK FREEPORT - The Clark Development Corporation (CDC) posted at least S1.34 billion worth of exports for the year 2010. Based on the CDC’s year-end report, this is the first time in 17 years that the government-owned and -controlled corporation has netted such an amount. Benigno Ricafort, CDC president, said Clark’s total exports for the previous year comprises more than 30 percent of the projected regional exports for 2010, making it a major contributor to the Central Luzon economic figures. “Exports in Clark are projected to triple in the next 24 months, as major semi-conductor companies reach their full operating capacity,” Ricafort said. According to Ricafort, the centerpiece of the CDC’s major achievements this year revolved around the stateowned firm’s economic strategythe 8-Point Agenda: 1. International standard business center 2. Participative management concept 3. Parallel development program 4. Pro-active coordination with the Clark International Airport Corporation/Diosdado Macapagal International Airport 5. Clark-Subic synergy 6. Tourism development 7. Strengthening of after-sales services 8. Corporate social responsibility The CDC’s 8-point agenda, Ricafort added, is a roadmap for Clark’s greater progress in achieving its 3-2-1 goal, which translates into $3 billion investments, $2 billion annual exports and 100,000-strong employment by 2014. In his report entitled “Expanding Development, Changing Lives,” Ricafort also said that Clark’s P6.364 billion in actual investments is an impressive 19 percent of the region’s investment figure of P33.84 billion for 2009. Clark is expected to have a bigger share in Central Luzon’s investment as new projects in the electronic and GGLC Newsletter Express Semiconductor company expected to increase share in investment for Clark Freeport as Samsung & Texas Instruments are in full operation. semiconductor, manufacturing and tourism sector are completed by 2012-2013. “The CDC has yet again proven its resiliency and competitiveness amidst economic slowdown in 2008 by redefining its goals, building up more productive areas of collaboration with stakeholders, developing more efficient processes, and the enhancement of internal capability,” Ricafort said in his report. (Charlene Cayabyab) MPIC eyes dev’t of DMIA’s second terminal, railway Manila Bulletin CLARK FREEPORT, Philippines — Metro Pacific Investment Corporation (MPIC) Chairman Manuel V. Pangilinan wants accelerated talks with the Clark International Airport Corporation for the development of Diosdado Macapagal International Airport’s Terminal 2 and the modern railway system. Pangilinan, who met with CIAC President-CEO Victor Jose I. Luciano on January 3 in Clark Freeport had been anchoring their development plans on the viability Volume 5 | Issue 1 7
Page 2 and 3: What’s inside National News Inves
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Page 16 and 17: GGLC Site progress Soil Boring test
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(Volume 5) GGLC Express Issue - Global Gateway Logistics City

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