Remittances rose by 8% in January

Remittances maintained a robust pace of growth in January on the back of improving global economic conditions.

Money sent home by Filipinos working overseas amounted to $1.68 billion in the first month of 2013—up by 8 percent from the $1.56 billion recorded in the same period last year, the Bangko Sentral ng Pilipinas yesterday reported.

“Remittances were sustained on account of steady demand for skilled and professional Filipino workers abroad, as well as the continued expansion of global market coverage of remittance service providers,” the BSP said in a statement.

The United States continued to be the biggest source of remittances, accounting for nearly 39 percent, or $653 million, of the total.

Other sources of remittances were: Canada, which accounted for 11 percent of the total; Saudi Arabia, 7.6 percent; the United Kingdom, 5.3 percent; the United Arab Emirates, 4.7 percent; Singapore, 3.9 percent; and Japan, 3.8 percent.

According to the BSP, remittances will continue to grow this year given the significant number of newly deployed Filipino workers abroad.

Citing data from the Philippine Overseas Employment Administration (POEA), Filipinos deployed for overseas employment last year to        taled 1,800,465—up by 6.7 percent from 1,687,831 the previous year.

In the first two months of the year, Filipinos deployed for jobs abroad reached 29,533. The jobs were mostly in Saudi Arabia, the United Arab Emirates, Kuwait, Qatar and Taiwan.

The BSP projected that remittances in 2013 would grow by 5 percent to $22.46 billion, from last year’s $21.39 billion.

With over 10 million Filipinos based overseas, the Philippines is the now fourth biggest recipient of remittances next to China, India and Mexico.

A closely watched economic indicator, remittances largely fuel household consumption which, in turn, is a key driver of the Philippines’ gross domestic product.

Money sent home by migrant workers helped boosted the country’s foreign exchange reserves, which currently stand at about $84 billion.

Also, the huge inflow of remittances has been cited as a major factor behind the peso’s sharp rise against the US dollar.

Last year, the peso became the second fastest appreciating Asian currency against the greenback, next to the Korean won.

Source: By Michelle V. Remo

Philippine Daily Inquirer

11:54 pm | Friday, March 15th, 2013

PH stock prices continue to fall

Photo from pse.gov.ph

MANILA, Philippines—The local stock index fell sharply for a fifth straight session on Friday as investors continued to lock up recent gains as prices reached lofty valuations.

The main-share Philippine Stock Exchange index shed 40.11 points or 0.6 percent to close at 6,654.66 on Friday, reversing a strong bounce at opening.  The local stock market, deemed among the most expensive in the region, also bucked the upswing in the region.

Trading across the region was mostly upbeat due to favorable US jobs data.

In recent days, some foreign financial institutions issued sell recommendations on Philippine equities due to valuation concerns.

Turnover amounted to P12.38 billion for the day.  There were nearly twice (102) as many decliners as there were gainers (57) while 51 stocks were unchanged.

Investors pocketed gains from large-cap stocks like PLDT, BDO, ALI, Bloomberry, Metrobank, BPI, Megaworld, ICTSI, JG Summit, AP and DMCI.

On the other hand, the day’s decline was tempered by the gains of URC, SMIC, AC, EDC, Meralco, MPI, SMC and SM Prime.

The mining/oil index was initially up in early trading after the Mining and Geosciences Bureau lifted the moratorium on the granting of new exploration permits.  However, the sub-index fell on profit-taking as well.

Only the industrial and holding firm counters managed to eke out modest gains.

The financial counter (-2.12 percent) was the most battered as most of the large banks succumbed to a correction.

Source: By Doris C. Dumlao

Philippine Daily Inquirer

8:37 pm | Friday, March 15th, 2013

Brittany's Crosswinds is the Perfect Weekend Destination

After a hectic workweek at the capital’s business districts, thoughts of Manila’s weekend warriors turn towards the south – to a thriving community where relaxation and rejuvenation is a way of life. Brittany Corporation, a proud member of the country’s largest homebuilder, Vista Land, has created a sanctuary in Tagaytay where suits come off and footwear is optional. Crosswinds, a Swiss-inspired development, has now become a weekend essential to recharge during the long holy week holiday.

The Thriving Community

Brittany envisioned the Crosswinds development not merely as an escape but a true oasis where one can renew both the body and the spirit. At 2,500 feet above sea level, Crosswinds is a 100-hectare masterplanned estate of prime Tagaytay land.

Inspired by Switzerland, Crosswinds has literally created a sanctuary that stimulates and refreshes the five senses. The charming chalets artfully adorned with architectural details are a feast for the eyes. With the reigning peace, one can hear the sweet song of nature. The 20,000 pine trees that line the property bring the scent of the Swiss Alps to life. 

Today, the community continues to thrive in Crosswinds. Construction for the third tower of the scenic condominiums dubbed as the “Grand Quartier” has already started. While just across the towers, the quaint banquet hall perfect for lazy brunches and special events will soon be completed.

The Alpine Village

Also much awaited is the upcoming Alpine Village. This collection of mid-rise condominium towers is strategically positioned near the entrance of Crosswinds. With the charming downhill slope in that area, the roadside entrances to the buildings will be located in the middle level of the towers. The roadside floors will be dedicated to charming commercial establishments. Imagine quaint cafes, specialty shops and unique restaurants are soon to enthrall guests. A sprawling organic market and fresh bread daily at the bakery are just a few of the things to look forward to. Unit owners will be able to live, shop and dine in a Swiss fashion.

Residents can also enjoy reinvigorating dips at the pool, leisurely strolls amidst the lush pine tree-lined landscape, hiking through the natural slopes to take in the fresh air and clear the mind of the work week’s worries.

Brittany Corporation is the luxury real estate developer of innovative and creative communities. Its eclectic and vibrant portfolio includes Crosswinds, Portofino and Georgia Club. With masterplanned developments steeped in character, stylistic and thematic appeal, rich architectural details and excellent craftsmanship, it successfully and continuously reinvents the local real estate landscape.

For more information on Crosswinds or other Brittany projects, call 0920 673 9886 or visit http://www.yourwiseinvestment.com/grand-quartier-at-crosswinds-tagaytay.html