Black Gold investment in the Philippines pushed!

Department of Agriculture (DA): Senator Francis "Kiko" Pangilinan has urged the national government to develop the coffee industry in the Philippines, which he tagged as the Philippine "black gold."

"The country could be missing out on a great opportunity if it fails to pay attention its well-regarded coffee beans," said Pangilinan, Chairman of the Senate Committee on Agriculture and Food.

Pangilinan, who hails from this province, said he allocated ₱5 million from the Priority Assistance Development Fund (PDAF) of his office for the purchase of a common service roaster that will enable farmers to increase the value of their beans, thereby increasing their own earning potential.

"There is resurgence in the popularity of coffee shops, and it is unthinkable that we are not making the most out of this opportunity by marketing the Philippines' coffee beans," Pangilinan said.

The lawmaker has also encouraged businesses to advocate coffee bean agriculture development in the Philippines.

"I enjoin our countrymen to support our proudly Pinoy-made coffee beans. Our beans are renowned for their unique taste," he added.

Pangilinan said the Philippines must be able to capitalize on the good quality of coffee beans harvested in the country to boost the local coffee industry and empower local farmers and all those whose lives are dependent on the said valuable commodity.

The senator is also advocating the "Sagip Saka" movement, an advocacy to achieve sustainable modern agriculture and food security by transforming agricultural communities to reach their full potential, improving farmers' and fishers' quality of life, and bridging gaps through public-private partnerships.

"Sagip Saka is meant to give agriculture and fisheries the primacy that it deserves by focusing on improving the quality of life of our farmers and fisherfolk and, in doing so, building sustainable farming communities nationwide as a means to achieve food security. Only through strong public-private partnerships can we achieve this," he said.

The senator said opening access to market, rolling out infrastructure, and strengthening research and development in the field of agriculture would help millions of farmers in the country to increase their income, thereby improving the quality of their lives.

Coffee farm in the Philippines boost during the late 80's to 90's but faded away because of less support from the government. Black Gold Philippines' Coffee could be grown under the coco farms and banana plantations. 

Continue reading

Philippines - New Billion Dollar Creditor Helping IMF – Europe Crisis

Economy: Philippines - From being a user of the resources of the International Monetary Fund for decades, the Philippines has attained creditor status, with half of its $251.5-million contribution to the IMF as of December tapped to help European countries such as Ireland, Portugal and Greece ease the impact of the financial crisis in the euro zone, the Bangko Sentral ng Pilipinas (BSP) said.

The BSP said the country's improved status has become evident with its being a participant in the Financial Transactions Plan (FTP) of the IMF since 2010.

The FTP is the mechanism by which the IMF finances its lending and repayment operations through transfer of foreign exchange from members with strong external position to borrowing members.

"A member is said to have a creditor position in the Fund when the latter has used the holdings of the member's currency to provide financial assistance to other members," the BSP clarified.

The member gets interest earnings in return which reflect in its gross international reserves (GIR). The country's GIR is expected to hit a record level of $79 billion this year from about $75 billion last year.

By virtue of their participation in the FTP, emerging market economies like the Philippines have joined international cooperation efforts to mitigate the spillover effects of Europe's sovereign debt crisis.

The BSP said the country's participation in the FTP would pave the way for the central bank's admission to the New Arrangements to Borrow (NAB) facility of the IMF.

The NAB facility is a credit arrangement between the IMF and member countries or institutions aimed at forestalling situations that could impair the international monetary system.

"The participation in the NAB would be a significant step in strengthening international cooperation. This would also demonstrate the BSP's strong commitment to global efforts to help address threats to the international monetary system," it said.

The Philippines' participation in the FTP marks a transition in the country's relationship with the IMF.

In 2006, the BSP pre-paid all outstanding debts with the IMF, allowing the country an early exit from the fund's Post-Program Monitoring Arrangement.

With its stronger external payments position, the country has achieved balance of payments surplus in the last seven years. In the region, the Philippines is also a contributor to the $120-billion Chiang Mai Initiative Multilateralization (CMIM) facility among member states of the Association of Southeast Asian Nations, China, Japan, South Korea, and Hong Kong.

The Philippines, through the BSP, has a contribution commitment of $4.552 billion to the CMIM.

Continue reading