by magnolia_eic | Apr 15, 2010 | Business, Headlines, National News, World
Philippines’ exports grew for the fourth straight month in February driven by increased demand for the country’s electronic goods.
Exports grew 42.3% year-on-year after a 42.5% rise in the previous month, the National Statistics Office said Tuesday. Economists were looking for a 39.9% increase. Export earnings in February jumped to $3.567 billion from $2.506 billion in the previous year.
However, on a monthly basis, export revenue dropped 0.4% in February. In January, revenue rose 8.1% on a monthly basis.
Electronic products with a revenue share of 58.1% topped the list of exported goods in the country by earning a total revenue of $2.072 billion during the month. Export earnings of electronic goods grew 53.4% year-on-year after 51.2% in January. On a monthly basis, export earnings from electronic goods rose 1.9%, following the 8.1% growth in the previous month.
Semiconductors, accounting for 42.3% of the total export earnings, earned an export revenue of $1.508 billion, up 59.6% compared from the previous period.
Japan emerged as the top export destination for the country, comprising 17.6% share of total exports. Total export earnings from Japan increased 55.4% annually to $627.04 million in February. Exports to the U.S. accounted for 16.9% of the total exports and the revenue stood at $603.83 million. The export value increased 29.5% year-on-year, making it the second largest market for Philippine goods. (PIA-Bohol)
by magnolia_eic | Apr 15, 2010 | Business, Headlines, National News
THE Asian Development Bank (ADB) has upgraded its growth forecast for the Philippine economy this year to 3.8 percent, from an earlier estimate of 3.1 percent, driven by increased private consumption on the back of robust remittances and election spending.
In the latest Asian Development Outlook (ADO) 2010, the ADB’s flagship annual economic publication reported that from a very weak 0.9 percent growth in 2009, the country’s gross domestic product (GDP) will recover significantly to expand 3.8 percent and 4.6 percent in 2010 and 2011, respectively.
However, the ADB said the Philippines still needs to seriously address several constraints to growth if it is to reach its full potential. The growth forecasts remain below both potential growth and average growth (5.5 percent) during 2004-2008, the report pointed out.
But the ADB said investments are forecast to rebound from last year’s low levels, while external trade will be considerably stronger this year. Exports will also grow in line with the global recovery. (PIA-Bohol)
by magnolia_eic | Apr 14, 2010 | Headlines, National News
Zamboanga City — Abu Sayyaf bandits set of bombs at a Roman catholic cathedral, school, grandstand and three other places last Tuesday which resulted to the death of at least 15 people. The terrorist group has also clashed with government forces in Isabela City.
The attacks were staged by armed men wearing police and military uniforms. The death toll included the brother of Abu Sayyaf leader Purudji Indama.
Bishop Martin Jumoad appealed to residents to stay calm and pray at the same time called on military and police officials to run after those responsible for the attacks which happened for the first time in 20 years.
Senior Supt. Antonio Mendoza is positive that the attacks were the handiwork of terrorists who wish to incite fear among the people of the province.
Click here for full article from Inquirer.net
by magnolia_eic | Apr 14, 2010 | Announcements, Headlines, World
Beijing, China — A 6.9-magnitude earthquake has hit the remote province of Qinghai in Northwest China.
Earthquake details:
Magnitude 6.9
Date-Time
* Tuesday, April 13, 2010 at 23:49:37 UTC
* Wednesday, April 14, 2010 at 07:49:37 AM at epicenter
* Time of Earthquake in other Time Zones
Location: 33.271°N, 96.629°E
Depth: 10 km (6.2 miles) set by location program
Region: SOUTHERN QINGHAI, CHINA
Distances: 240 km (150 miles) NNW of Qamdo, Xizang (Tibet)
375 km (235 miles) SSE of Golmud, Qinghai, China
520 km (325 miles) SSE of Da Qaidam, Qinghai, China
1905 km (1190 miles) WSW of BEIJING, Beijing, China
Location Uncertainty horizontal: +/- 6.6 km (4.1 miles); depth fixed by location program
Parameters: NST= 73, Nph= 73, Dmin=654.4 km, Rmss=1 sec, Gp= 50°,
M-type=teleseismic moment magnitude (Mw), Version=7
Source
* USGS NEIC (WDCS-D)
Click here for more updates on earthquakes from the USGS
by magnolia_eic | Apr 13, 2010 | Announcements, Headlines, Health and Medicine, National News
HEALTH Secretary Esperanza Cabral reiterated on Monday that all drugstores and hospital pharmacies should comply with the Government-Mediated Access Price (GMAP) program of the government to help ease the burden of the poor in accessing medicines.
In August 2009, the DOH through its regional Centers for Health Development and in coordination with various agencies and institutions, implemented the first round of GMAP and the Maximum Drug Retail Price (MDRP).
On March 31, another set of 98 products were offered for price cuts under the GMAP initiative by eleven (11) manufacturing firms.
Penalties imposed on violators are based on Republic Act No. 9502 (Cheaper Medicines Law) and its Implementing Rules & Regulations.
As of April 6, 123 drug retail outlets and hospital pharmacies in Metro Manila (78 drugstores and pharmacies) and other regions (45) were found to have violated the MDRP and GMAP since their implementation in August last year. As a consequence, these outlets have already been issued Cease and Desist Orders. Administrative fines ranging from P1,000-P50,000 per drug violation for the GMAP and MDRP have been imposed. Repeated violations of the GMAP and the MDRP can incur penalties of as much as P50,000-P5,000,000 with accompanying suspension or revocation of their Licenses to Operate, depending on the gravity and extent of the violation. (PIA-Bohol)
