Archive for March 2011

Outstanding external debt, Philippines, 2005-2010

March 29, 2011

Unit in $ billion

  End-2005 End-2007 End-2009 Sept. 2010
Total 54.35 55.47 54.86 59.77
a. General government 25.71 28.43 32.19 35.85
b. Other sectors (bonds & notes) 15.79 14.59 14.35 15.01
c. Banks 9.22 10.36 5.13 5.76
d. Monetary authorities 2.03 0.52 1.52 1.55
e. Direct inv., inter-comp. lending 1.60 1.57 1.67 1.59

Source: BSP, External Debt,

While external debt by banks, other sectors and the monetary authorities  have either stabilized or declined, debt by the general government kept on rising.

 

BSP’s GIR, Feb. 2011

March 29, 2011

The Bangko Sentral ng Pilipinas (BSP’s) gross international reserves (GIR), in P billion:

Dec..2009, 44.24,  Dec. 2010, 62.37 (increase of 18.13)

Feb. 2010, 45.76, Feb. 2011, 63.89 (increase of 18.13)

The end-February 2011 GIR is equivalent to almost 11 months of import cover of the country, a safe level. See the BSP data on International Reserves.

 

RP budget balance, 2009-2010

March 21, 2011

The pattern of expenditures always larger than revenues continue. So the pattern of continued borrowing to plug the deficit also continues.

Budget balance, Philippines, in Billion Pesos (except percent)

  2001 2005 2009 2010
Revenues 567.5 816.2 1,123.2 1,207.9
Expenditures 714.5 962.9 1,421.7 1,522.4
Balance -147.0 -146.8 -298.5 -314.5
% of GDP -4.0% -2.7% -3.9% -3.7%

Source: DOF, http://www.dof.gov.ph/stat/ECONUPDATEOCT2010.pdf

Bureau of Treasury (BTr), DOF,  http://www.treasury.gov.ph/news/news/2010%20Fiscal%20Report%20v2%20with%20graphs.pdf


Service sector no. 1 employer

March 17, 2011

The services sector (trading, hotels, restaurants, transportation, communication, education, real estate, banking, government, etc.) remains the biggest employer for the economy. The statement that “we are a predominantly agriculture economy” is not true.

Sector Jan. 2010 Jan. 2011
Services 52.4 52.5
Agri, fishery & forestry 32.8 32.9
Industry 14.8 14.5
Total 100.0 100.0

http://www.census.gov.ph/data/sectordata/2011/lf110101.pdf

 

Unemployment data, Jan. 2011

March 17, 2011

The National Statistics Office (NSO) released this week its January 2011 Labor Force Survey (LFS), and here is the result.

Philippines January 2011 1/ January 2010
Population 15 years and over (in ‘000) 61,532 60,207
Labor Force Participation Rate (%) 63.7 64.5
Employment Rate (%) 92.6 92.7
Unemployment Rate (%) 7.4 7.3
Underemployment Rate (%) 19.4 19.7

From Jan. 2010 to Jan. 2011, there was an increase of 1.3 million people in the 15 years and over age bracket. Unemployment and underemployment rates have remained flat but the labor force participation rate (LFPR) has declined to only 63.7 percent of the population 15 years and older.

A decline in LFPR means that more people have opted out of the labor market and pursued some studies, or just stopped looking for another job at the time the survey was conducted. Possibly they were thinking that since they will not find a good job anyway, they opted to stay home or pursued some studies to retool themselves.

Hence, the endless challenge to create more jobs, to encourage the private sector employers to start and expand hiring.

Asian billionaires, 2010

March 11, 2011

Here are the Top 10 Richest Asians, based on Forbes’ Global Billionaires 2011 Report.

 

Asian  Global             Name              NW      sector             country

Rank   rank                                         $ B

1.         6        Lakhsmi Mital            31.1    steel                India

2.         9        Mukesh Ambani        27.0    petrochem, oil, gas India

3.       11        Li Ka Shing                26.0    diversified      HK

4.       26        Prince Alwalid           19.6    investments    Saudi Arabia

5.       28        Lee Shau Kee           19.0    real estate      HK

6.       36        Azim Premji               16.8    software         India

7.       42        Sashi & Ravi Ruia     15.8    diversified      India

8.       56        Savitri Jindal & fam.  13.2    steel                India

9.       61        Robert Kuok              12.5    diversified      Malaysia

10.       77        Nasser Al-Kharafi & fam 10.4 construction  Kuwait

source: http://www.forbes.com/wealth/billionaires#p_1_s_arank_-1__-1

Sources of RP imports, 2010

March 6, 2011

The Philippines no longer relies on one or two countries as its main source/s of important imports. Its top two sources, Japan and the US, provided only 23 percent of total imports. Of course there are technicalities involved like real “port of origin” as a number of exports of countries are just repackaged and assembled products, the source of raw materials, semi-processed and intermediate products are also imported from other countries.

 

Here are the top import sources for the Philippines in the last two years, units in $ billion.

 

Sources of imports 2009       2010
1. Japan

2. USA

3. Singapore

4. China

5. Thailand

6. S. Korea

7. Taiwan

8. Saudi Arabia

5.363        6.747

5.113        5.857

3.724    5.184

3.807        4.608

2.451    3.865

3.005    3.828

3.014    3.669

1.530    2.407

Source: http://www.census.gov.ph/data/sectordata/2010/im101203.htm