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Wednesday, April 30, 2014

Australia, Philippines scrambling to boost air forces For China

© Reuters

 

SYDNEY/MANILA -- Australia and the Philippines are scrambling to boost their air forces in a bid to counter China's increasingly aggressive maritime advances into the South China Sea and Indian Ocean.

 

Australian Prime Minister Tony Abbott announced on Wednesday that his country will purchase a total of 72 F-35 fighter jets, 58 more than initially planned. The F-35 is a state-of-the-art fighter jet made in the U.S.

 

 

The Philippines will procure 12 South Korean-made FA-50 fighter jets. The Southeast Asian country is also set to conclude a new military pact with the U.S. during U.S. President Barack Obama's visit there later this month.

 

Australia expanding

 

The Australian government has decided to procure an additional 58 F-35 fighter jets. The F-35 is a "fifth-generation" fighter that is difficult to track on radar because of its high stealth capability.

 

Australia plans to procure a total of 72 F-35 fighter jets by 2023. The first 14 are to be delivered in 2018 and go into service in 2020.

 

The F-35 procurement program costs 12.4 billion Australian dollars ($11.6 billion), making it one of Australia's biggest-ever military purchases.

 

Prime Minister Abbott said that the F-35 procurement program will allow his country to maintain its military supremacy in the region over the next few decades.

 

He also expressed the view that buying the F-35s will help strengthen Australia's alliance with the U.S. and boost defense cooperation with countries such as Japan and South Korea.

 

The massive F-35 purchase program has sparked a national controversy as Australia is now facing the challenge of restoring its fiscal health following the end of its resources boom.

 

Abbott said at a press conference on Wednesday that the money for the F-35 fighter jets has already been set aside under a long-term plan and will not come out of any new budgets.

 

Abbott also said that his government has decided to acquire 58 more F-35 fighter jets to prepare for contingencies. He did not elaborate, apparently out of consideration to relations with China, now Australia's largest trading partner.

 

Philippines -- up from zero

 

The Philippine government signed a contract in March to purchase 12 South Korean-made FA-50 fighter jets for 18.9 billion pesos ($422 million).

 

The Philippine military currently possesses no fighter jets.

 

When China hinted last year that it might establish an air defense identification zone in the South China Sea, the Philippines saw exposed its inability to cope with violations of its air space by foreign military planes.

 

The governments of the U.S. and the Philippines are set to conclude a new military pact during Obama's visit to the Southeast Asian country later this month.

 

The U.S. withdrew its military forces from the Philippines by 1992 following the end of the Cold War. The stationing of foreign troops in the Philippines is currently banned under the nation's constitution.

 

The new military pact will allow U.S. forces the joint use of military bases in the Philippines, virtually clearing the way for the U.S. to station its troops there again. - Nikkei Asian Review

 

 

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Sunday, April 13, 2014

Barclays: Overseas Pinoy remittances up $3.6 Billion Dollars - 7.5% in February 2014

photo: ph.austronesia.net

 

Philippines - Money sent home by Filipinos abroad could have grown 7.5 percent in February from year-ago levels, UK-based investment bank Barclays said.

 

“Growth in remittances is likely to rebound somewhat after the slowdown in January,” the bank said in a research note.

 

Cash remittances summed up to $1.7 billion in February last year, while personal remittances – cash and non-cash--amounted to $1.881 billion.

 

Official February remittances data will be released by the Bangko Sentral ng Pilipinas on Tuesday, April 15.

 

Latest data from the central bank showed personal remittances rose 6.8 percent to $2.002 billion in January due to the continuous deployment of Filipinos abroad.

 

Cash remittances alone climbed 5.9 percent to $1.799 billion during the first month of the year. These primarily came from the United States, Saudi Arabia, the United Arab Emirates, the United Kingdom, Singapore, Japan and Canada.

 

The BSP said there were 75,348 approved job orders in January, of which 32.1 percent or 24,187 were processed. The processed job orders were for service, production, and professional, technical, and related jobs in Saudi Arabia, the United Arab Emirates, Taiwan, Kuwait and Qatar.

 

At the same time, expansion of bank and non-bank remittance service providers abroad supported the growth in overseas Filipinos’ remittances.

 

The country’s cash remittances jumped 10 percent to $22.968 billion last year, the highest level ever recorded by the central bank. Personal remittances, meanwhile, rose 8.6 percent to $25.351 billion.

 

Remittances, which supports domestic consumption, made up 8.4 percent of the country’s gross domestic product last year which settled at a faster-than-expected 7.2 percent.

 

The BSP hopes to grow cash remittances by five percent this year from the 2013 figure. - philSTAR

 

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