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Tuesday, July 14, 2015

Google Maps removes Chinese name for disputed South China Sea reef Scarborough Shoals

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Google Maps shows the name Scarborough Shoal for the disputed island Photo: Google Maps

Google drops Chinese name from Maps after South China Sea controversy

Following pressure from the Philippines, Google redacts the Chinese name for the disputed Scarborough Shoal in the South China Sea

Google has removed the Chinese name for a disputed shoal in the South China Sea from its Maps service, following protests from Philippine citizens.

Google Maps English service on Tuesday corrected the labeling of the atoll to read Scarborough Shoal, the internationally neutral term for the territory claimed by both the Philippines and China.

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Chinese protesters in Los Angeles, part of an escalating territorial dispute over the Huangyan Island, the Chinese name for Scarborough Shoal (Alamy)- image: The Telegraph

The move came after more than 2,000 people signed an online petition on Change.org asking for Google to stop identifying the shoal as part of China’s Zhongsha Island chain.

“We’ve updated Google Maps to fix the issue. We understand that geographic names can raise deep emotions which is why we worked quickly once this was brought to our attention,” Google’s office in Manila said in a statement.

In 2012, China and the Philippines engaged in a standoff at Scarborough Shoal, a rich fishing ground, after a Philippine warship attempted to expel Chinese fishing boats in the area. China has controlled the shoal since, though it is some 650 km away from Hainan island, the nearest major Chinese landmass.

China bases its claim to the area on its “nine-dash line”, a demarcation based on historical records that decrees almost the entire to South China Sea as Chinese territory.

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A Filipino holds a sign during a demonstration in front of the Chinese embassy in Los Angeles (Alamy) - image: The Telegraph

The Philippines claims the shoal as part of its exclusive economic zone under the UN Convention on the Law of the Sea (UNCLOS).

“China’s sweeping claim of South China Sea under their nine-dash line purportedly historical boundary is illegal and is creating tension among nations,” the petition read.

“Google maps showing this is part of Zhongsha island chain gives credence to what is plainly a territory grab that peace loving nations should stand against.”

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Construction at Kagitingan (Fiery Cross) Reef in the disputed Spratly Islands in the south China Sea by China (EPA) -image: The Telegraph

The kerfuffle comes at a moment when tension between China and the Philippines over South China Sea territory is high, following months of rapid and dramatic land reclamation work by China on the Spratly Islands, another disputed archipelago.

Last week the Philippines launched a case in the Permanent Court of Attribution in The Hague in an attempt to prove that China’s “nine-dash line” claim is incompatible with UNCLOS. - Source: The Telegraph

Sunday, July 12, 2015

Japan agency upgrades PH's credit rating to BBB+

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Japan credit rating agency raises Philippine rating

THE Philippines has received another credit rating upgrade, which is the highest rating the country has ever achieved.

In a report released Monday, Japan Credit Rating Agency Ltd. (JCR) gave the Philippines BBB+ from BBB rating. This was just a notch away from the minimum score in the "A" category.

The latest upgrade from JCR is the 22nd positive rating action (covering both improvement in outlook and actual credit scores) for the Philippines from major international credit rating agencies since 2010, the Investor Relations Office (IRO) of the Bangko Sentral ng Pilipinas said.

This development places the Philippines' credit rating two places ahead of Indonesia's BBB- and at par with that of India, whose economy is seven times the size of that of the Philippines.

"JCR is of the view that the Philippine economy will, by and large, sustain an annual growth of around 6 percent in the years to come driven by strong domestic demand," the rating agency said.

In the report, JCR highlighted the ability of the Philippines to maintain sound fiscal position, high external liquidity, and solid economic growth.

It also cited general stability in the country's political situation even as potential candidates for national positions gear up for the 2016 elections.

JCR also noted the stable social situation amid inroads in poverty reduction, with the poverty rate falling from 28.6 percent in 2009 to 25.8 percent in the first half of 2014.

The new credit rating is assigned a "stable" outlook, which means adjustment is unlikely in the short term.

Government economic officials welcomed the upgrade, which marked the third positive rating action from JCR over the past five years.

"The latest ratings decision of JCR, which makes the Philippines very close to securing a rating within the 'A' category, appropriately reflects the strength exhibited by the economy. Inflation has remained low, external liquidity ample, and banking system sound. All this has been achieved despite a challenging external environment," BSP Governor Amando Tetangco said.

"The upgrade to BBB+ is a recognition partly of how the country’s fiscal sector has transformed since 2010. Fiscal reforms, both legislative and administrative, have resulted in more buoyant revenue collections, manageable deficits, and lower debt service burden. The pace by which the debt burden has declined over the years is one solid proof of the rare kind of fiscal discipline that the Philippines exercises," Finance Secretary Cesar Purisima said.

IRO, which serves as the government's central point of contact for credit-rating agencies, underscored the need for public vigilance to ensure that the Philippines keeps its hard-earned investment grade sovereign credit ratings beyond 2016.

"The Philippines has achieved unprecedented gains in its credit standing over the past five years. After suffering from stubborn speculative credit ratings not too long ago, the Philippines now enjoys a seal of good housekeeping from all major international credit rating agencies," IRO Executive Director Editha Martin said.

"There should be no turning back. The need to maintain good governance – which boosts confidence of investors, creditors, rating institutions, and the general public – even after a change in leadership in 2016 cannot be overemphasized," Martin said.- (SDR/Sunnex)

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