'YOU must come back next week," the straightforward invitation came from Judeth John Baptist of the Department of Sabah Museum, Kota Kinabalu, Sabah, Malaysia. "Igal dance and tagunggo' music will be performed during the Maglami-lami evening!" The mere mention of the word igal, the dance tradition of the Sama (a.k.a. Bajau) people, clinched the decision and, come following week, I found myself boarding the Sabah Museum minibus headed for Semporna.
I could have taken the plane to Tawau, which was about an hour's bus ride from Semporna, but the idea of going through the heartland of Sabah to see the jagged summit of Southeast Asia's tallest peak, Mount Kinabalu, proved to be irresistible. And thus, for about eight hours I whiled away travel time by gazing at some 386 kilometers of virgin forests, palm-oil plantations and rice fields. Alas, no errant orangutan, Bornean rhinoceros, elephant or wild water buffalo, exotic creatures that I longed to see, came into view. The ride was still exhilarating and, in my mind, Sabah was like the alluring southern Philippine island of Mindanao, albeit more peaceful, prosperous and tourist-friendly.
We arrived in Semporna at 5:30 pm and promptly billeted ourselves in the grand Seafest Hotel. The hotel is built on a small island called Pulau Bajau connected by a bridge to the marketplace of the town proper. It has its own jetty where, we found out much to our glee, the Regatta Lepa (named after the ornately carved wooden lepa or the Sama-Bajau houseboat) and the Ratu Lepa (Lepa Princess) competitions were scheduled to be held. I was also quite delighted to discover that the hotel had a commodiously equipped bar-cum-live house, most appropriately called the Igal Lounge, that served San Miguel Beer.
In the morning of April 20, our team proceeded to the Tourist Jetty of Kampung Bangau-Bangau, a Sama-Bajau "water village" established sometime in the beginning of the last century. Lepa-Lepa houseboats and smaller kumpit sea vessels had already started to assemble in the area of the jetty. The boats were colorfully decorated with ornamental sails, called sambulayang, and small flags, called panji-panji. The roofed vessels housed complete tagunggo' (graduated gong) ensembles performing for the crowd of onlookers, as well as for the igal dancers who took their positions at the prow.
Igal dancers sport ornamental nails called sulakengkeng. Their movements echo the kinetic environment of the calm waters around Semporna. Languid, soft and smooth, they appear to emulate the swaying of the palm trees, the curling of waves and drifting of unanchored seaweed taken to new places of sojourn. Together with the droning of the gongs, the sailing lepa and the undulating igal dancers create a uniquely Sama-Bajau aesthetic experience coaxed out of collaboration with the wind and the waves.
In the late afternoon of the following day, the lepa and kumpit boats formed a majestic and multicolored flotilla and then moved to the jetty of the Seafest Hotel to start a daylong program of judging and observation attended by the Sabahan luminaries, led by Sabah State Governor Datuk Juhar Mahiruddin, his lovely wife Datin Norlindah RM Jasni, and member of Parliament Dato' Shafie Hj. Apdal. The luminaries turned out to be enthusiasts of igal and other aspects of Sabahan culture. Datuk Jufar later on revealed to me that he is of Suluk or Tausug ancestry. Dato' Shafie, on the other hand, exchanged pleasantries with me in Cebuano and Tagalog. Indeed, as Filipinos, we often forget our cultural links with Borneo and overly revel in our Hispanic connection. (Hopefully, cheaper flights by Air Asia and Cebu Pacific will help correct this imbalance.) Come evening time, the award for the most beautiful lepa went to Hadji Mauman. The lepa of Hadji Biscay took second place, followed by that of the University of Malaysia-Sabah at third place. The outrageously decorated boats looked fancier at nighttime as pixie lights decked their bodies and sails.
Following the awarding ceremony of the most beautiful lepa was the Ratu Lepa or Lepa Queen competition. Six finalists from various kampung, or villages, in Semporna vied for the title. They were judged according to the criteria of personality (20 percent); igal dance performance (20 percent); intelligence (via a question-and-answer portion at 20 percent); and costume (40 percent). It comes as no surprise that the igal dance figures prominently in this competition, which was in the past called the Ratu Igal or Igal Queen contest. Indeed, igal constitutes a cultural force among the Sama-Bajau, who take much pride in villages and clan distinctions in performance styles. Oddly, only two igal dances were chosen by the six finalists for their respective presentations. Five of the six finalists danced igal lubak-lubak, a piece characterized by "bumpy" (literally lubak-lubak in Sama-Bajau) music full of accented ornamentation. One chose igal lellang, which is strangely associated with trance-dancing for male shamans. Ethnochoreological correctness notwithstanding, the evening's program was a rare performance treat attesting to Semporna's and, by extension, the Sabah State's commitment to the preservation and popularization of Sama-Bajau culture.
The Lepa Queen title went to Nurul Haffizah Abdul Hakim, 21, from Kampung Sulabayan. At second place was Nur Ainah Manurat, 17, from Kampung Tampi-Tamp. Third place went to Farah Soffiah Jasmin, 19, from Kampung Bugaya.
In the final evening of April 22, our team went to Semporna's padang, or public square, for the Maglami-lami (literally: leisure or entertainment time in Sama) concert. Here we were treated to more music-and-dance performances. Three parts of the program constituted veritable highlights of Sama-Bajau performance. The first was an unparalleled igal dance number by a former Ratu Lepa titlist clad in a fully beaded royal yellow costume. Her performance was so excellent as to render the whole field silent in full attention. The second was a performance by a Sama-Bajau group from Sandakan. The five-member female dance group performed a most elegantly restrained igal choreography of Lolai, a popular folk song chanted by old man accompanied by a gabbang (bamboo xylophone) and biula (a native version of the violin). The choreographic sophistication approaches that of a court dance comparable with the Thai and Khmer court-dance traditions. The third was a popular culture section with performances by Zainal, Rashid, Den Bisa and Diana. These singers are of Sama-Bajau origin, and their popularity goes beyond the borders of Malaysia. The Maglami-lami concert's balanced mix of old and new indicates the security of traditions open to change. This combination approaches perfection...the Malay word alluding to a state of completion, that is, semporna.
WEDNESDAY, 11 MAY 2011 17:50 MCM SANTAMARIA / CONSTANCIOMAT@YAHOO.COM
Via BusinessMirror
Wednesday, May 11, 2011
Singapore: SingTel Fourth-Quarter Profit Falls 2.3%
Singapore Telecommunications Ltd. (ST), Southeast Asia's biggest phone company, said fourth-quarter profit fell 2.3 percent on lower contributions from its partner in India.
Net income dropped to S$991.7 million ($803 million), or 6.2 cents a share, in the three months ended March from S$1.02 billion, or 6.4 cents, a year earlier, SingTel said in a statement today. That compares with the S$988 million average of five analyst estimates compiled by Bloomberg.
Shareholders will get a special dividend of 10 Singapore cents a share, in addition to the final payout of 9 cents per unit, as the company returns S$4.1 billion to investors this year. Profit at Bharti Airtel Ltd. (BHARTI), part-owned by SingTel, fell a worse-than-expected 31 percent in the quarter as higher network costs eroded margins as Singapore revenue growth slowed.
"While the Singapore mobile market appears to be slowing, competition remains rational," Christian Guerra, an analyst at Goldman Sachs & Partners Australia Pty, said in a May 10 report.
SingTel shares closed yesterday at S$3.14 and have gained 3 percent this year compared with a 0.4 percent decline in the benchmark Straits Times Index. (FSSTI)
Earnings before interest, taxes, depreciation and amortization in Singapore fell 5 percent S$551 million in the fourth quarter on content costs for its mio internet protocol television service. Revenue in Singapore rose 1 percent in the quarter, compared to the 13 percent pace of the year earlier.
In the 12 months ending March 2012, SingTel expects its Singapore earnings "to be stable."
SingTel's Optus unit, the second-largest phone company in Australia, is winning mobile customers amid service disruptions at third-ranked Vodafone Hutchison Australia. Income at Sydney- based Optus rose 10 percent to A$672 million ($720 million) after adding 151,000 postpaid customers in its mobile phone unit.
SingTel, which owns stakes in operators across more than 10 counties, yesterday said it has 402.5 million mobile phone customers, a 37 percent increase on the year earlier.
To contact the reporter on this story: Robert Fenner in Melbourne at rfenner@bloomberg.net
To contact the editor responsible for this story: Young-Sam Cho at ycho2@bloomberg.net
By Robert Fenner - May 12, 2011 7:06 AM GMT+0800
Via Bloomberg
Net income dropped to S$991.7 million ($803 million), or 6.2 cents a share, in the three months ended March from S$1.02 billion, or 6.4 cents, a year earlier, SingTel said in a statement today. That compares with the S$988 million average of five analyst estimates compiled by Bloomberg.
Shareholders will get a special dividend of 10 Singapore cents a share, in addition to the final payout of 9 cents per unit, as the company returns S$4.1 billion to investors this year. Profit at Bharti Airtel Ltd. (BHARTI), part-owned by SingTel, fell a worse-than-expected 31 percent in the quarter as higher network costs eroded margins as Singapore revenue growth slowed.
"While the Singapore mobile market appears to be slowing, competition remains rational," Christian Guerra, an analyst at Goldman Sachs & Partners Australia Pty, said in a May 10 report.
SingTel shares closed yesterday at S$3.14 and have gained 3 percent this year compared with a 0.4 percent decline in the benchmark Straits Times Index. (FSSTI)
Earnings before interest, taxes, depreciation and amortization in Singapore fell 5 percent S$551 million in the fourth quarter on content costs for its mio internet protocol television service. Revenue in Singapore rose 1 percent in the quarter, compared to the 13 percent pace of the year earlier.
In the 12 months ending March 2012, SingTel expects its Singapore earnings "to be stable."
SingTel's Optus unit, the second-largest phone company in Australia, is winning mobile customers amid service disruptions at third-ranked Vodafone Hutchison Australia. Income at Sydney- based Optus rose 10 percent to A$672 million ($720 million) after adding 151,000 postpaid customers in its mobile phone unit.
SingTel, which owns stakes in operators across more than 10 counties, yesterday said it has 402.5 million mobile phone customers, a 37 percent increase on the year earlier.
To contact the reporter on this story: Robert Fenner in Melbourne at rfenner@bloomberg.net
To contact the editor responsible for this story: Young-Sam Cho at ycho2@bloomberg.net
By Robert Fenner - May 12, 2011 7:06 AM GMT+0800
Via Bloomberg
Indonesia May Spend $250 Billion on Infrastructure
Indonesia will probably spend $250 billion on infrastructure development in the next five years, investments that will spur the economy and ease bottlenecks that have crimped growth, according to Morgan Stanley.
Public and private investment in infrastructure may be equivalent to 5.9 percent of gross domestic product in 2015, from 3.9 percent in 2009, Morgan Stanley economist Deyi Tan wrote in a May 10 report. That will boost growth to 7.2 percent by 2015, she said.
Indonesia is one step away from its first investment grade rating in more than a decade as President Susilo Bambang Yudhoyono targets growth of as much as 6.6 percent through the remainder of his term ending in 2014. He plans to double spending on roads, ports and airports to $140 billion by then after inadequate infrastructure hampered growth.
"Reforms have been building to a critical mass and broadening out over the past five years," Tan said in a phone interview in Singapore yesterday. "The macro environment now is also a lot more supportive" compared to a few years ago, she said.
Standard & Poor's, which boosted Indonesia's debt rating to BB+ last month with a positive outlook, says infrastructure shortfalls are among key obstacles to achieving higher growth. Four out of the top five international airports in the world's fourth-most populous country are operating above capacity and 15 million households have no access to electricity, Tan said.
Toll Roads
During Yudhoyono's first five-year term, only 125 kilometers (78 miles) of toll roads were built. In China, 4,719 kilometers of expressways were added in 2009 alone. Indonesia aims to build 20,000 kilometers of roads and add 15,000 megawatts of power generation by 2014.
"We think sectors such as electricity and roads are likely to see more increases in spending than others due to a relatively more developed pace of reforms and comparatively greater government focus in those areas," Tan said.
Banks, toll road operators and cement and steel companies may benefit from the infrastructure spending, Hozefa Topiwalla, a Morgan Stanley analyst in Singapore, said in a separate May 10 report. It has an "overweight" rating on PT Bank Rakyat Indonesia, the nation's largest bank by revenue, and PT Indocement Tunggal Prakarsa, the nation's second-largest cement maker.
Investors from Japan and India in December and January signed about $39 billion of accords for projects from mass rapid transit systems and power plants to steel factories and ports. South Korea's Lotte Group said it may invest $5 billion in a petrochemical project.
Indonesia's improving public finances will enable the government to take on a "more active" role in providing infrastructure funding compared with six years ago, according to Morgan Stanley.
"With the public debt ratio having already fallen to 26.1 percent of GDP in 2010, one of the lowest in Asean, we think there is scope to take fiscal deficits gradually higher in support of infrastructure projects without jeopardizing public balance sheet or liquidity conditions," Tan said.
The Association of Southeast Asian Nations, or Asean, refers to a regional group of 10 economies that include Indonesia, Thailand, Malaysia and Singapore.
To contact the reporter on this story: Shamim Adam in Singapore at sadam2@bloomberg.net
To contact the editor responsible for this story: Stephanie Phang at sphang@bloomberg.net
By Shamim Adam - May 12, 2011 1:00 AM GMT+0800
Via Bloomberg
Public and private investment in infrastructure may be equivalent to 5.9 percent of gross domestic product in 2015, from 3.9 percent in 2009, Morgan Stanley economist Deyi Tan wrote in a May 10 report. That will boost growth to 7.2 percent by 2015, she said.
Indonesia is one step away from its first investment grade rating in more than a decade as President Susilo Bambang Yudhoyono targets growth of as much as 6.6 percent through the remainder of his term ending in 2014. He plans to double spending on roads, ports and airports to $140 billion by then after inadequate infrastructure hampered growth.
"Reforms have been building to a critical mass and broadening out over the past five years," Tan said in a phone interview in Singapore yesterday. "The macro environment now is also a lot more supportive" compared to a few years ago, she said.
Standard & Poor's, which boosted Indonesia's debt rating to BB+ last month with a positive outlook, says infrastructure shortfalls are among key obstacles to achieving higher growth. Four out of the top five international airports in the world's fourth-most populous country are operating above capacity and 15 million households have no access to electricity, Tan said.
Toll Roads
During Yudhoyono's first five-year term, only 125 kilometers (78 miles) of toll roads were built. In China, 4,719 kilometers of expressways were added in 2009 alone. Indonesia aims to build 20,000 kilometers of roads and add 15,000 megawatts of power generation by 2014.
"We think sectors such as electricity and roads are likely to see more increases in spending than others due to a relatively more developed pace of reforms and comparatively greater government focus in those areas," Tan said.
Banks, toll road operators and cement and steel companies may benefit from the infrastructure spending, Hozefa Topiwalla, a Morgan Stanley analyst in Singapore, said in a separate May 10 report. It has an "overweight" rating on PT Bank Rakyat Indonesia, the nation's largest bank by revenue, and PT Indocement Tunggal Prakarsa, the nation's second-largest cement maker.
Investors from Japan and India in December and January signed about $39 billion of accords for projects from mass rapid transit systems and power plants to steel factories and ports. South Korea's Lotte Group said it may invest $5 billion in a petrochemical project.
Indonesia's improving public finances will enable the government to take on a "more active" role in providing infrastructure funding compared with six years ago, according to Morgan Stanley.
"With the public debt ratio having already fallen to 26.1 percent of GDP in 2010, one of the lowest in Asean, we think there is scope to take fiscal deficits gradually higher in support of infrastructure projects without jeopardizing public balance sheet or liquidity conditions," Tan said.
The Association of Southeast Asian Nations, or Asean, refers to a regional group of 10 economies that include Indonesia, Thailand, Malaysia and Singapore.
To contact the reporter on this story: Shamim Adam in Singapore at sadam2@bloomberg.net
To contact the editor responsible for this story: Stephanie Phang at sphang@bloomberg.net
By Shamim Adam - May 12, 2011 1:00 AM GMT+0800
Via Bloomberg
Sunday, April 24, 2011
Philippines found still better off amid rising food prices
INCREASE IN PRICES of staples has been slower in the Philippines, Thailand and Malaysia than in some of their East Asian peers, the World Bank's Food Price Watch for this month showed.
This, even as the bank's Food Price Index has kept close to its 2008 peak, remaining 36% above the year-ago level, the report said.
Released every other month, the World Bank's Food Price Watch monitored single-digit food inflation rates in the Philippines, Thailand and Malaysia as of February, compared to highs of 17%, 15% and 11% for Vietnam, Indonesia and China, respectively.
The latest available National Statistics Office data show that annual inflation for "the national food alone index" picked up to 4.5% in March from 4.3% in February, even as the rate for all items remained at 4.3% in those months.
The World Bank report identified the key staples whose world prices have remained "significantly higher" in March than a year ago as maize (74%), wheat (69%), soybeans (36%) and sugar (21%).
At the same time, it noted that global rice prices have remained stable.
The report cited drivers of rising food prices as:
crude oil prices, which had spiked 21% in the first quarter due to civil unrest in the Middle East;
"severe weather events in key grain exporters" like the Russian Federation, Kazakhstan, Canada, Australia and Argentina in the second half of last year;
the broad-based rise in agricultural commodity prices last year; and
the link between higher oil prices and biofuels.
The report noted that a 10% increase in crude oil prices "is associated with" a 2.7% rise in its Food Price Index.
It explained that higher crude oil prices drive up:
the cost of farm inputs like fertilizer and irrigation;
the cost of transporting produce from farms to markets; and
the use of food products like corn, vegetable oil and sugar in the production of biofuels.
Rising food prices, in turn, are driving more people into poverty.
The report noted that an additional 44 million people fell below the $1.25 poverty line "as a result of higher food prices" since June last year. It cited World Bank simulations as showing that a further 10% increase in the Food Price Index could drive an additional 10 million people into poverty, while a 30% increase could add 34 million others.
"More poor people are suffering and more people could become poor because of high and volatile food prices," World Bank President Robert B. Zoellick said in a statement on the report.
"We have to put food first and protect the poor and vulnerable, who spend most of their money on food."
A bar graph, comparing food share in household expenditure of the poorest 10% of the population of 10 developing countries, showed those in the Kyrgyz Republic, Sri Lanka and Indonesia allocating a greater share than those in the Philippines, while those in Vietnam, Togo, India, Peru, Yemen and Cameroon earmarking less. Neither exact percentages nor amounts were immediately available.
To help the poor cope with rising food prices, the report prescribed:
social assistance and nutritional programs to prevent further health deterioration among affected families;
more investments to improve agricultural yield through environmentally sustainable means; and
policies that reduce pressures on already-tight global food markets, including relaxing national biofuel mandates and removing export restrictions on grains.
Amid frequent fuel price increases in the Philippines, the government is now considering plans to expand to farmers and fisherfolk a fuel assistance program that now covers only qualified public jeepney and tricyle operators. -- E. J. Diaz
This, even as the bank's Food Price Index has kept close to its 2008 peak, remaining 36% above the year-ago level, the report said.
Released every other month, the World Bank's Food Price Watch monitored single-digit food inflation rates in the Philippines, Thailand and Malaysia as of February, compared to highs of 17%, 15% and 11% for Vietnam, Indonesia and China, respectively.
The latest available National Statistics Office data show that annual inflation for "the national food alone index" picked up to 4.5% in March from 4.3% in February, even as the rate for all items remained at 4.3% in those months.
The World Bank report identified the key staples whose world prices have remained "significantly higher" in March than a year ago as maize (74%), wheat (69%), soybeans (36%) and sugar (21%).
At the same time, it noted that global rice prices have remained stable.
The report cited drivers of rising food prices as:
crude oil prices, which had spiked 21% in the first quarter due to civil unrest in the Middle East;
"severe weather events in key grain exporters" like the Russian Federation, Kazakhstan, Canada, Australia and Argentina in the second half of last year;
the broad-based rise in agricultural commodity prices last year; and
the link between higher oil prices and biofuels.
The report noted that a 10% increase in crude oil prices "is associated with" a 2.7% rise in its Food Price Index.
It explained that higher crude oil prices drive up:
the cost of farm inputs like fertilizer and irrigation;
the cost of transporting produce from farms to markets; and
the use of food products like corn, vegetable oil and sugar in the production of biofuels.
Rising food prices, in turn, are driving more people into poverty.
The report noted that an additional 44 million people fell below the $1.25 poverty line "as a result of higher food prices" since June last year. It cited World Bank simulations as showing that a further 10% increase in the Food Price Index could drive an additional 10 million people into poverty, while a 30% increase could add 34 million others.
"More poor people are suffering and more people could become poor because of high and volatile food prices," World Bank President Robert B. Zoellick said in a statement on the report.
"We have to put food first and protect the poor and vulnerable, who spend most of their money on food."
A bar graph, comparing food share in household expenditure of the poorest 10% of the population of 10 developing countries, showed those in the Kyrgyz Republic, Sri Lanka and Indonesia allocating a greater share than those in the Philippines, while those in Vietnam, Togo, India, Peru, Yemen and Cameroon earmarking less. Neither exact percentages nor amounts were immediately available.
To help the poor cope with rising food prices, the report prescribed:
social assistance and nutritional programs to prevent further health deterioration among affected families;
more investments to improve agricultural yield through environmentally sustainable means; and
policies that reduce pressures on already-tight global food markets, including relaxing national biofuel mandates and removing export restrictions on grains.
Amid frequent fuel price increases in the Philippines, the government is now considering plans to expand to farmers and fisherfolk a fuel assistance program that now covers only qualified public jeepney and tricyle operators. -- E. J. Diaz
Tuesday, April 19, 2011
Philippines: Experts: Boost PHL trade to lower unemployment
THE Philippines employment situation may be improved through increased regional and intraregional trade that create a stronger manufacturing sector where many jobs will come from.
"Of course high trade flows will contribute to job creation. In that sense we can see, in the Philippines, manufacturing is important. You need to have a good manufacturing sector. The country needs a better, stronger manufacturing sector," Asian Development Bank (ADB) deputy chief economist Juzhong Zhuang said.
ADB data showed the country's merchandise export contracted by 1.4 percent, way below the global average of a growth of 6 percent annually between 2000 and 2009. In 2000, the Philippines' merchandise exports amounted to $44 billion but in 2009 merchandise exports amounted to only $38.4 billion.
In the same period, ADB data showed the country's average annual unemployment rate was at 9.48 percent. During this 10 -year period, the highest unemployment rate of the country was recorded in 2004 at 11.8 percent.
Organization for Economic Cooperation and Development (OECD) development division head Michael G. Plummer said increased trade can also occur if the Philippines will liberalize trade by removing nontariff barriers through the services sector which can "make production networks work."
Plummer said liberalizing trade is not all about tariffs but also foreign ownership, such as those of service suppliers and other regulations affecting trade through the services sector. He added that these changes must all be incorporated into what he called a general reform program and that the Philippines should also prioritize trading within the region.
Plummer said it is good that the Philippines, along with other members of the region, are looking at intraregional from an economic standpoint and not from a political perspective.
"I think there continues to exist non tariff barriers in the Philippines, that can be removed as a priority to help with the liberalization program. I think this also could extend to some of the services. I think people sometimes tend to underestimate the importance of services. During the development process, it becomes more important in terms of employment but also services are necessary to make these production networks work," Plummer said.
MONDAY, 18 APRIL 2011 20:46 CAI U. ORDINARIO / REPORTER
Via BusinessMirror
"Of course high trade flows will contribute to job creation. In that sense we can see, in the Philippines, manufacturing is important. You need to have a good manufacturing sector. The country needs a better, stronger manufacturing sector," Asian Development Bank (ADB) deputy chief economist Juzhong Zhuang said.
ADB data showed the country's merchandise export contracted by 1.4 percent, way below the global average of a growth of 6 percent annually between 2000 and 2009. In 2000, the Philippines' merchandise exports amounted to $44 billion but in 2009 merchandise exports amounted to only $38.4 billion.
In the same period, ADB data showed the country's average annual unemployment rate was at 9.48 percent. During this 10 -year period, the highest unemployment rate of the country was recorded in 2004 at 11.8 percent.
Organization for Economic Cooperation and Development (OECD) development division head Michael G. Plummer said increased trade can also occur if the Philippines will liberalize trade by removing nontariff barriers through the services sector which can "make production networks work."
Plummer said liberalizing trade is not all about tariffs but also foreign ownership, such as those of service suppliers and other regulations affecting trade through the services sector. He added that these changes must all be incorporated into what he called a general reform program and that the Philippines should also prioritize trading within the region.
Plummer said it is good that the Philippines, along with other members of the region, are looking at intraregional from an economic standpoint and not from a political perspective.
"I think there continues to exist non tariff barriers in the Philippines, that can be removed as a priority to help with the liberalization program. I think this also could extend to some of the services. I think people sometimes tend to underestimate the importance of services. During the development process, it becomes more important in terms of employment but also services are necessary to make these production networks work," Plummer said.
MONDAY, 18 APRIL 2011 20:46 CAI U. ORDINARIO / REPORTER
Via BusinessMirror
Philippines: Power shortage grips Mindanao anew; one-hour rotational brownout imposed
DAVAO CITY—Power distributors and electric cooperatives have resorted to an average of one-hour brownout on rotation basis as transmission company, the National Grid Corp. of the Philippines (NGCP), slashed 350 megawatts (MW) of power supply to the entire Mindanao grid beginning on Monday.
The Davao Light and Power Co. said it would begin imposing one hour brownout on rotation on Monday until Sunday. The Zamboanga City Electric Cooperative (Zamcelco) also issued an advisory to do the same but did not say when it would begin imposing the brownouts.
The NGCP was yet to issue a public statement although it informed distribution companies on Friday last week that it was cutting down supply due to reduced power production of the hydroelectric plants in the Agus River in the Lanao provinces.
The Pulangi IV plant in Maramag, Bukidnon, the other major power generation plant outside the Agus River complex, also began maintenance and repair works on Monday and had to "undergo dewatering of power channel and urgent inspection," according to the statement released by the Davao Light.
The NGCP sent a letter on Friday to Mindanao utilities, including Davao Light, "notifying a 100 MW load curtailment due to a significant reduction of the power that will be generated for the Mindanao grid", the Davao Light said.
"This was due to NPC Pulangi 4 hydroelectric plant's (HEP), with a peaking capacity of 185 MW. The letter also mentioned of unscheduled outages of NPC's Agus 6 HEP Unit 2 and Agus 7 Unit 2 in Lake Lanao in Lanao del Sur," the Davao Light said.
It added that the NGCP would initially cut power supply by 300 MW and later increase it to 350 MW.
Zamcelco, on the other hand, said "the NGCP advisory coming from the Mindanao Regional Control Center in Iligan City stated that the grid-wide load curtailment is due to the contingency/operating reserve that is approaching zero attributed to generation deficiency caused by reduced capacity of the Agus hydroelectric plants and the scheduled plant shutdown of the Pulangi 4 HEP".
Zamcelco distributes power to Zamboanga City and the surrounding areas and was told by NGCP that it would cut eight megawatts from its regular load beginning on Friday. Davao Light & Power Co. franchise area covers the cities of Davao and Panabo and the municipalities of Carmen, Dujali and Sto. Tomas of Davao del Norte.
The NGCP could not be immediately contacted although sources in the agency, speaking on condition of anonymity, said maintenance and repair works on the generation facilities were commonly done during the Holy Week "because of the expected small demand for electricity".
MONDAY, 18 APRIL 2011 20:50 MANUEL T. CAYON / REPORTER
The Davao Light and Power Co. said it would begin imposing one hour brownout on rotation on Monday until Sunday. The Zamboanga City Electric Cooperative (Zamcelco) also issued an advisory to do the same but did not say when it would begin imposing the brownouts.
The NGCP was yet to issue a public statement although it informed distribution companies on Friday last week that it was cutting down supply due to reduced power production of the hydroelectric plants in the Agus River in the Lanao provinces.
The Pulangi IV plant in Maramag, Bukidnon, the other major power generation plant outside the Agus River complex, also began maintenance and repair works on Monday and had to "undergo dewatering of power channel and urgent inspection," according to the statement released by the Davao Light.
The NGCP sent a letter on Friday to Mindanao utilities, including Davao Light, "notifying a 100 MW load curtailment due to a significant reduction of the power that will be generated for the Mindanao grid", the Davao Light said.
"This was due to NPC Pulangi 4 hydroelectric plant's (HEP), with a peaking capacity of 185 MW. The letter also mentioned of unscheduled outages of NPC's Agus 6 HEP Unit 2 and Agus 7 Unit 2 in Lake Lanao in Lanao del Sur," the Davao Light said.
It added that the NGCP would initially cut power supply by 300 MW and later increase it to 350 MW.
Zamcelco, on the other hand, said "the NGCP advisory coming from the Mindanao Regional Control Center in Iligan City stated that the grid-wide load curtailment is due to the contingency/operating reserve that is approaching zero attributed to generation deficiency caused by reduced capacity of the Agus hydroelectric plants and the scheduled plant shutdown of the Pulangi 4 HEP".
Zamcelco distributes power to Zamboanga City and the surrounding areas and was told by NGCP that it would cut eight megawatts from its regular load beginning on Friday. Davao Light & Power Co. franchise area covers the cities of Davao and Panabo and the municipalities of Carmen, Dujali and Sto. Tomas of Davao del Norte.
The NGCP could not be immediately contacted although sources in the agency, speaking on condition of anonymity, said maintenance and repair works on the generation facilities were commonly done during the Holy Week "because of the expected small demand for electricity".
MONDAY, 18 APRIL 2011 20:50 MANUEL T. CAYON / REPORTER
Via BusinessMirror
Monday, April 18, 2011
Thailand May Raise Rate as Asia Grapples With Inflation, Inflows
Thailand may raise borrowing costs for the sixth time in less than a year as Asia strives to damp inflation stoked by surging commodity prices and capital inflows.
The Bank of Thailand will raise its benchmark one-day bond repurchase rate by a quarter of a percentage point to 2.75 percent, according to all 20 economists surveyed by Bloomberg News. The decision is due at 2:30 p.m. in Bangkok tomorrow.
Thailand would join China in tightening monetary policy this month after economic growth and oil at more than $100 a barrel helped drive inflation to a seven-month high. Thai Prime Minister Abhisit Vejjajiva has added price controls, kept oil subsidies and pledged higher wages to ease the impact of rising costs ahead of a general election he may hold as soon as June.
"Thai rates right now aren't consistent with the strong growth we're seeing, and inflation in the second half will rise much more than it has in the first as some subsidies are unwound," said Ramya Suryanarayanan, an economist at DBS Group Holdings Ltd. in Singapore. "We're probably only about halfway through in terms of rate hikes across Asia and we have quite a bit more to go."
The Thai baht has climbed more than 7 percent against the dollar over the past year, according to data compiled by Bloomberg, rising along with most Asian currencies as the region that led the recovery from the 2009 global recession attracted foreign investment.
Interest-Rate Swap
The onshore one-year interest-rate swap, the fixed cost needed to receive a floating payment, has increased 111.5 basis points this year and reached the highest level since December 2008 this month, indicating growing expectations for higher rates. The rate has added 22 basis points since the last policy meeting on March 9. A basis point is 0.01 percentage point.
Bank of Thailand Governor Prasarn Trairatvorakul said last week inflation will accelerate in the second half and may climb as much as one percentage point once the government removes subsidies. He signaled further rate increases last month, saying growth is "less of a concern so the risk balance is tilted toward inflation."
Consumer prices advanced 3.14 percent in March from a year earlier, the fastest pace since August last year. Core prices, which exclude fresh food and fuel, rose 1.62 percent, accelerating from a 1.45 percent pace in February. The central bank uses the core index to guide policy and aims to keep it below 3 percent.
"The Bank of Thailand is trying to build up buffers by raising rates now so that it can cut later if needed should there be an unexpected slowdown," said Tetsuo Yoshikoshi, a Singapore-based senior economist at Sumitomo Mitsui Banking Corp.
Asian Tightening
The central bank raised rates by a quarter point each in July, August, December, January and March. Counterparts from India to South Korea also boosted borrowing costs last month, while China has lifted reserve ratios and increased its deposit and one-year lending rates this month.
The Thai economy may expand 4.2 percent in 2011, less than the 4.5 percent estimated earlier, Finance Minister Korn Chatikavanij said April 8. The impact of Japan's strongest earthquake on record, domestic flooding and high crude prices are among reasons why, he said.
Thai Airways International Pcl (THAI), the nation's largest carrier, said March 28 its total daily revenue had fallen 5 percent in the past two weeks because of a decline in demand from Japan.
Export growth climbed to an eight-month high in February on sales of Thailand's agricultural, automotive and electrical- appliance products.
While disruption from the temblor may damp trade, Commerce Minister Porntiva Nakasaisaid March 18 Japan's rebuilding drive should subsequently boost Thai shipments to that nation by as much as 20 percent this year.
To contact the reporter on this story: Suttinee Yuvejwattana in Bangkok atSuttinee1@bloomberg.net
To contact the editors responsible for this story: Tony Jordan at tjordan3@bloomberg.net; Stephanie Phang at sphang@bloomberg.net
The Bank of Thailand will raise its benchmark one-day bond repurchase rate by a quarter of a percentage point to 2.75 percent, according to all 20 economists surveyed by Bloomberg News. The decision is due at 2:30 p.m. in Bangkok tomorrow.
Thailand would join China in tightening monetary policy this month after economic growth and oil at more than $100 a barrel helped drive inflation to a seven-month high. Thai Prime Minister Abhisit Vejjajiva has added price controls, kept oil subsidies and pledged higher wages to ease the impact of rising costs ahead of a general election he may hold as soon as June.
"Thai rates right now aren't consistent with the strong growth we're seeing, and inflation in the second half will rise much more than it has in the first as some subsidies are unwound," said Ramya Suryanarayanan, an economist at DBS Group Holdings Ltd. in Singapore. "We're probably only about halfway through in terms of rate hikes across Asia and we have quite a bit more to go."
The Thai baht has climbed more than 7 percent against the dollar over the past year, according to data compiled by Bloomberg, rising along with most Asian currencies as the region that led the recovery from the 2009 global recession attracted foreign investment.
Interest-Rate Swap
The onshore one-year interest-rate swap, the fixed cost needed to receive a floating payment, has increased 111.5 basis points this year and reached the highest level since December 2008 this month, indicating growing expectations for higher rates. The rate has added 22 basis points since the last policy meeting on March 9. A basis point is 0.01 percentage point.
Bank of Thailand Governor Prasarn Trairatvorakul said last week inflation will accelerate in the second half and may climb as much as one percentage point once the government removes subsidies. He signaled further rate increases last month, saying growth is "less of a concern so the risk balance is tilted toward inflation."
Consumer prices advanced 3.14 percent in March from a year earlier, the fastest pace since August last year. Core prices, which exclude fresh food and fuel, rose 1.62 percent, accelerating from a 1.45 percent pace in February. The central bank uses the core index to guide policy and aims to keep it below 3 percent.
"The Bank of Thailand is trying to build up buffers by raising rates now so that it can cut later if needed should there be an unexpected slowdown," said Tetsuo Yoshikoshi, a Singapore-based senior economist at Sumitomo Mitsui Banking Corp.
Asian Tightening
The central bank raised rates by a quarter point each in July, August, December, January and March. Counterparts from India to South Korea also boosted borrowing costs last month, while China has lifted reserve ratios and increased its deposit and one-year lending rates this month.
The Thai economy may expand 4.2 percent in 2011, less than the 4.5 percent estimated earlier, Finance Minister Korn Chatikavanij said April 8. The impact of Japan's strongest earthquake on record, domestic flooding and high crude prices are among reasons why, he said.
Thai Airways International Pcl (THAI), the nation's largest carrier, said March 28 its total daily revenue had fallen 5 percent in the past two weeks because of a decline in demand from Japan.
Export growth climbed to an eight-month high in February on sales of Thailand's agricultural, automotive and electrical- appliance products.
While disruption from the temblor may damp trade, Commerce Minister Porntiva Nakasaisaid March 18 Japan's rebuilding drive should subsequently boost Thai shipments to that nation by as much as 20 percent this year.
To contact the reporter on this story: Suttinee Yuvejwattana in Bangkok atSuttinee1@bloomberg.net
To contact the editors responsible for this story: Tony Jordan at tjordan3@bloomberg.net; Stephanie Phang at sphang@bloomberg.net
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