FDI last year also amounted to $1.9 billion, higher than the previous year’s $1.5 billion, indicating that investor confidence in the Philippines remained high despite the global economic downturn which started in September 2008.

Olivar stressed these positive Philippine economic indicators as he reacted to media reports that the country has been downgraded in a recent survey on corruption and how it relates to investors confidence.

The survey by the Political and Economic Risk Consultancy (PERC) ranked Indonesia as the most corrupt country in Asia by the same investors who downgraded the Philippines from sixth to fourth.

During a Malacanang press briefing today, Olivar said foreign investors make their calculations based on a whole set of objective and subjective factors, of which corruption is just one.

Olivar said, “very few (people) will expect Indonesia to lose investor interest as a result because of Indonesia’s vast natural resources, its favored status in the eyes of an Indonesian-bred US president and, yes, the reelection of a leader renowned for his anti-corruption commitment.”

“Indonesia will continue to be a hit among emerging markets,” Olivar stated.

“Compared to Indonesia, Philippine debt papers trade well as over 100 basis points premium, even better than what is justified by our respective sovereign debt ratings,” Olivar noted.

Both Indonesia and the Philippines carry the same BB-rating from Standard and Poor’s.

Although this may reflect to some extent that the Philippines is less corrupt, Olivar said “positive news about the Philippines’ infrastructure achievements, industrious and adaptable workforce, the stability of its politics and culture, and a national leader who is aggressively working to claim our rightful share in the world,” are also major factors.

He describes those who use the PERC survey to put off investors and put down the country as “charlatans who don’t know what they are talking about; cynics and opportunists and people who don’t care what they’re talking about.”

Earlier reports quoting Bangko Sentral ng Pilipinas (BSP) Deputy Governor Diwa Guinigundo said “the Philippines continued to attract foreign investments in 2009 as investors recognized the relative strength of the country’s underlying macroeconomic fundamentals, with inflation continuing to be low and falling within target, the external payments position remaining favorable, and economic growth showing resilience amid the strength in domestic demand.”

On or before her term ends in June, locals here would see the realization of their dream linkage with the island of Sanga-Sanga, where their provincial capital Bongao is located.

This, the Department of Public Works and Highways assured the President today as she inspected the status of the Tawi-Tawi Road Bridge partnership Project (TTRBPP) that would link the province’s remote barangays and boost socio-economic activity.

The P342-million legacy project in the Autonomous Region in Muslim Mindanao, forms part of the President’s Bridges Program that aims to spur growth and progress in remote areas.

Once completed, the bridge will provide residents a better and much cheaper way to transport goods, services and people in and around the province.

It will spur economic growth to this 3rd class province of 156,000 people as they will soon be provided with a means to conduct business more effectively and efficiently.

DPWH Assistant Secretary Erwin Sadain, who heads the program, told the President that the agency had come up with a revised work plan to overcome inevitable delays in construction and was certain the TRBPP would be completed in three months time.

The scope of work needed to complete the TRBPP include the construction of three sectional bridges of varying lengths and its respective approaches and road improvements from both sides of the bridge.

Phase I and Phase II of the project consists of the construction of 39.62 linear meters and 100.58 ln.m. bridges, respectively on the Sanga-Sanga (Bongao) island side while Phase III consists of the construction of a 152.40 ln.m. bridge from the Lapid-Lapid side (mainland Tawi-Tawi).

After the DPWH briefing, the President was ushered to the nearby municipal hall where she met with local officials led by Tawi-Tawi governor Sadikul Sahali.

Joining the President were Defense Secretary Norberto Gonzalez, DPWH Secretary Victor Domingo and Agricultural Reform Secretary and CORD-ARMM Nasser Pangandaman.

NEW PARTICIPATING COMPANIES

• 1.    Universal Canning, Inc. – Canned seafoods (sardines/mackerel)
• 2.    The Beach Farms & Trading Corp. – Dried fish/anchovies, carrageenan
• 3.    D’Licious Food Products, Inc. – Bangus products (processed)
• 4.    RDEX Food International Phils., Inc. – Milkfish (deboned plain, deboned marinated, whole)
• 5.    Aimbest-de Leon Food Company – “Tuna Filipina” steak burger patties, all natural
• 6.    CRD Herbal Products, inc. – Dried fish, fish oil product capsule
• 7.    Mega Fishing Corp. – Bottled sardines

PREVIOUSLY PARTICIPATING COMPANIES

• 8. Bluefin Seafood Exports – Frozen and cooked octopus, baby octopus, squid, cuttlefish, sardines
• 9.    JBI Foodstuff Supplier – Fresh tuna loins
• 10.  C’Est La Vie Food Phils., Inc. – Processed seafoods (tuna)
• 11.  J.N. Mercado Seafood Supply – Tuna loins/tailless tuna
• 12.  M.S. Seafood Supplier – Fresh chilled yellow fin tuna loins
• 13.  Jarla Trading – Fresh chilled tuna loins, tailless tuna

Interested buyers are invited to visit the Philippine booth at location 2060E.

New Philippine products to be launched in the exhibit include anchovies,  fish oil capsule, tuna Filipina all natural  steak burger patties, tuna hotdogs, canned carageenan, bottled sardines, canned seafoods, and dried fish.

For inquiries, please email the Office of the Agriculture Attache in the Philippine Embassy, Washington DC at philagri.wdc@gmail with Boston Seafood Show 2010 in subject line.

‘TUNHAY’

Each artwork that is showcased in ‘TUNHAY’ signifies the lasting beauty and richness of Maharlikan culture and roots. All the art works are created with great passion and expressed in contemporary style to blend with the hues of the new era. Metal and bolts, which represent God and light, are the primary materials with found objects are used in the creation of all the pieces.

TUNHAY is one of the artist’s ways of speaking his strong conviction to preserve and promote our own root race – taking pride in our own identity – noble and great Maharlikan people!

Florence Cinco’s Art Exhibit will run until April 14, 2010.

For viewing appointment, one may call Bluewater Gallery Coordinator Ruben  Licera, Jr.  at (63 32) 492 0100 or email ruben@bluewater.com.ph.

Click here to view FLORENCE M. CINCO’s Biography.

FLORENCE M. CINCO traces his roots to a small fishing village of Tinambacan Sur, Calbayog City, Western Samar. He obtained his bachelor’s degree of Fine Arts, major in advertising at the University of San Carlos, Cebu City. He climbed up the ladder of success through perseverance, hard work, sacrifice, service and deep spirituality. In his career as a full time missionary artist, he already bagged two national awards: Grand Prize 58th AAP (Art Association of the Philippines) Annual National Art Competition, Mixed Media Category 2005 and Grand Prize Metro Bank Art and Design Excellence National Competition, Sculpture Category 2004. He also garnered numerous awards such as the Juror’s Choice, GSIS National Painting Competition, Abstract Category 2009; Jury Award, Embassy of India, Laos PDR 2006; Honorable Mention 58th AAP (Art Association of the Phils.) Annual National Art Competition, Sculpture Category 2005 and Juror’s Choice Open Fine Print National Competition 2004.

Now already a seasoned artist who withered the test of time, CINCO directs his energy to accomplish his life’s mission and ideology – ART FOR SERVICE AND BLESSEDNESS. He carries this ideology in his previous 10 solo exhibits and 39 group shows in country and abroad like Singapore, Thailand, Malaysia and Laos. In his works, he draws inspiration from the Supreme Consciousness through meditation and service to humanity. He believes that an artist plays a great role in achieving change in society through his artworks. Thus, he works his way to share his ideology with all the artists in and outside his networks. He is presently affiliated with the Renaissance Artists and Writers Association; Maharlika Artists and Writer’s Federation; Calbayog Art Association; Visayan Island Visual Artist Association; Art Association of the Philippines; Philippine Association of Printmakers; and Society of Philippine Sculpture.

The Philippines Commission on the Filipino Overseas is now accepting nominations for the 2010 Presidential Awards for Filipino Individuals and Organizations Overseas.

Established by virtue of an Executive Order signed in 1991, the Presidential Awards recognize exceptional individuals and organizations for their outstanding contribution to Philippine progress and development.

The awards are also conferred on overseas Filipinos who have shown excellence and distinction in their work or profession.

Since 1991, 314 overseas individuals and organizations have received the Presidential Award.

The four awards categories include: Lingkod sa Kapwa Pilipino (LINKAPIL) Award, Banaag Award, Kaanib ng Bayan Award, and Pamana ng Pilipino Award.

Interested parties may submit the duly completed nomination form containing relevant information such as personal data, summary of relevant contributions with specific data and other supporting documents to the nearest Philippine Embassy or consular office not later than 15 April 2010 at five o’clock in the afternoon.

Parties residing in other states are requested to send their nomination forms to the Philippine Consulate General exercising jurisdiction over them.

The rules on the filing of nomination, nomination forms and other information are available at www.cfo.gov.ph. For further details, please call the Philippine Embassy nearest you.

Agriculture Undersecretary Bernie Fondevilla hinted that vegetable cultivation could be a lucrative endeavor for farmers who might be affected by the protracted dry spell called El Nino.

“Our country’s consumption of vegetables is still very low,” Fondevilla told reporters covering President Gloria Macapagal Arroyo’s visit here to a major tourist site, adding there is much room for expansion.

Emerging from a Cabinet meeting being held at a beach resort in Barangay Sabang in this city, Fondevilla said “there is enough room for expansion for farmers likely to be hit by the drought.”

President Arroyo presided at the Cabinet meeting after touring the world-renowned St. Paul Subterranean River National Park on a canoe, escorted by local government officials and Palawan-based journalists. The meeting tackled the Arroyo administration’s economic and anti-poverty policies.

The DA official disclosed that the government, for its part, has mapped out a contingency plan that includes subsidies to the farmers in terms of seeds and other farming inputs.

As early as July last year, Agriculture Secretary Arthur Yap directed all DA officials in charge of various commodities like palay and corn to draw up their respective contingency plans in preparation for El Niño.

The order was given to the heads of the different Ginintuang Masaganang Ani (GMA) programs.

The heads of the various commodity groups were instructed to craft their respective contingency plans designed to mitigate the adverse impact of El Nino on the farmers.

The DA official also said his department would streamline its budget program to ensure that a lion’s share of DA funds go to funding programs meant for the country to attain food security and sufficiency in the medium term despite challenges such as climate change and globalize trade.

For more information about this promo, please call RESORT RESERVATIONS

At (63 32) 492 0100 loc 555 or reservationscebu@bluewater.com.ph

MARIBAGO BLUEWATER BEACH RESORT

Maribago, Mactan Island, Cebu, Philippines

“We congratulate Secretary Margarito Teves and his team at the Department of Finance for a successful offering of 10-year samurai yen bonds today. This landmark issue, which realized substantial savings on both credit and currency costs, reconfirmed our credit strength relative to benchmark sovereign borrowers like Indonesia and improved liquidity by widening our market presence abroad. The market is always the best judge of fundamentals and the success of this issue is a clear vote of approval over and above the campaign noise for the economic record of this presidency,” said Deputy Presidential Spokesman Gary Olivar.

The country’s 2.32 percent 10-year notes compares favorably with the 2.73 percent that Indonesia paid in July last year on 35-billion yen bonds. In November, Colombia paid a 2.42 percent coupon on a similar-maturity debt. Mexico paid a lower 2.22 percent for its samurai bonds in December but its foreign currency long-term rating by Standard and Poor’s was four levels higher than the Philippines’ BB minus.

The samurai bonds, which were 95 percent guaranteed by the Japan Bank for International Cooperation, completes the country’s plan to raise $2.5 billion overseas this year. Early in January this year, the country raised $1.5 billion in dollar-denominated bonds, also at better than expected market rates.

Borrowings raised from abroad will help narrow the country’s budget deficit, which stood at P293 billion ($6.3 billion) last year.

Talking to reporters covering President Arroyo’s inspection of the tourism-related projects in the Central Philippines Super Region, Tourism Secretary Joseph Ace Durano said the President wants the FAA ratings downgrade issue to be resolved at once.

“Her guidance to the CAAP is that the sooner the issue is resolved, the better for us so we can take advantage of the rebounding international routes,” Durano added.

Durano said the President wanted CAAP (headed by Ruben Ciron) to infuse more technical experts in the agency to overcome the concerns on aviation safety standards in the country

FAA, the US aviation watchdog, downgraded in 2007 the Philippine aviation ratings from Category I to Category 2 along with countries like Bangladesh, Ivory Coast, Ghana and Indonesia due to concerns” about air safety operations which, it said, were not compliant with International Civil Aviation Organization standards.

Durano said the President took note of the rebounding global economies, which means more travel by citizens of countries whose economic conditions are improving.

He added that national carrier Philippine Air Lines’ planned expansion of flights to and from North America through its Boeing-777 jumbo jet, the world’s largest twin jet, fleet has been stunted due to the downgrade.

“The FAA downgraded us to Category 2 and because of that, we cannot maximize our opportunities coming from North America, especially now that Philippine Air Lines has new 777 and we cannot use it for this route,” Durano said.

Durano stressed that a contributing factor to the FAA downgrade was the lack of the technical personnel for specific CAAP functions.