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Closing of the stock market index on Thursday, July 5, 2012. This marks the 21st record close for the year and the 29th all-time high during the Aquino administration.
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Amount the Aquino administration will be using from its share of the Malampaya funds to finance the repair of Coast Guard assets and the purchase of an islander aircraft to be used for search and rescue operations
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Number of Philippine universities that have been listed as among the world’s best in teaching English, according to London-based research and rating firm Quacquarelli Symonds (QS). All three schools, Ateneo de Manila University, University of the Philippines (UP), and De La Salle University, showed marked improvements from their 2011 rankings.
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Amount the European Union contributed to the Philippines for the conception and design of the Local Governance Watch (LG Watch). The LG Watch, launched last week, is a tool that will allow civil society organizations to keep track of the performance of local executives.
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Amount the members of Pag-IBIG or Home Development Mutual Fund can borrow starting July 2012. Pag-IBIG has over 10.2 million members who are mostly middle-income workers. Of that total, 1.5 million are Overseas Filipino Workers (OFWs).
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“S&P cited the increasing fiscal flexibility of the Philippines as one of the key reasons behind the upgrade. Indeed, this fiscal space has allowed us to focus our efforts on investing on both our physical and social infrastructure.”
- Presidential Spokesperson Edwin Lacierda, in a statement on the Standard & Poor’s upgrade of the country’s credit rating from BB to BB+
Click here to read the full statement
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“The aggressiveness is a result of the economy. We have never seen the economy look this bullish and we want to be in step.”
- Antonino Aquino, President of Ayala Land Inc. (ALI), on the Philippines’ growing economy
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“The crown, the government and the people of Spain see the Philippines not only as a sister country with whom we share historical, social and cultural links because of our common past but also a key partner in Asia to whose development we are fully committed.”
- Her Majesty, Queen Sofia of Spain, in a speech delivered during a dinner hosted by President Aquino at the Malacañan Palace
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“We expect more investors from Spain to take notice of the Philippines, with the visit of Her Majesty, Queen Sofia. The Philippines can definitely absorb Spanish investments seeking new markets abroad.”
- Jose Paredes Leviste, Chairperson of the Philippine-Spanish Business Council, in a statement on the visit to the Philippines of Her Majesty, Queen Sofia of Spain
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"We are taking on the attitude of winners instead of losers. Instead of treating government, labor, capital, and consumers as separate stakeholders with diametrically opposed desires, we look at areas in which we can pursue mutual benefit."
- President Benigno S. Aquino III, in his speech at the 11th Corporate Social Responsibility (CSR) Expo and Conference of the League of Corporate Foundations
Click here to read the full speech
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President Aquino leads joint launch of DOH Rotavirus vaccine and PhilHealth’s Z-benefit package
Last July 2, 2012, the government launched two significant public healthcare initiatives in order to improve the country’s public health system.
The “Z” Benefit Package by the Philippine Health Insurance Corp. (PhilHealth) was simultaneously launched in hospitals nationwide and will cover patients afflicted with breast cancer, leukemia, prostate cancer and kidney problems.
Rotavirus is the most common cause of severe diarrhea among children below five years old. To combat this, the Department of Health will provide free vaccination and will be included in routine immunization for infants in health centers or barangay health stations.
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PH peso: the best performer among ASEAN’s 10 most-active currencies
The Philippine peso rose to become the best performer for the quarter among the 10 most-active currencies in Southeast Asia, as signs of economic growth drew foreign investors to buy $568 million more Philippine shares than they sold. The increase in GDP of 6.4 percent was also the highest among Southeast Asia’s five biggest economies.
Positive economic indicators encouraged overseas investors to put money in the Philippines via investments in the stock market and bonds. “Most of the data, from fiscal to growth to inflation, is supportive for the economy,” said Security Bank Corp. EVP of Financial Markets Rafael Algarra.
NEDA Assistant Director General Ruperto Majuca said that the country’s second-quarter growth may be close to the growth seen in the first quarter of the year. Inflation remains manageable at 2.8 percent in June 2012, compared to 5.2 percent in the same period last year.
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THIS WEEK IN HISTORY
On July 3, 1892, Jose Rizal founded the La Liga Filipina, an organization aimed at fighting for reforms in the Philippines. Among its notable members were Andres Bonifacio and Apolinario Mabini. The formation of the group was deemed illegal by the Spaniards, which led to Rizal’s subsequent arrest and deportation to Dapitan three days later.
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