PH News you should know: 17 January 2011

Brillantes sworn in as chair of Comelec” by Gil C. Cabacungan Jr.

Sixto Brillantes Jr. took his oath as chair of the Commission on Elections (Comelec) Sunday after overcoming objections from former Sen. Mar Roxas that his appointment would favor the latter’s potential opponents in the 2016 presidential elections.

“I will do what is right,” the 71-year-old veteran lawyer told Roxas, Liberal Party (LP) president and defeated vice presidential candidate, in a meeting over lunch before President Benigno Aquino III signed his appointment on Saturday night.

Read more at the Philippine Daily Inquirer

Money bag

2010 a banner year for Phl bank by Lawrence Agcaoili

Monetary authorities believe that 2010 was a banner year for Philippine banks, contributing largely to the country’s stronger-than-expected economic growth amid the fragile recovery in advanced economies led by the US as well as the debt crisis in Europe.

Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco Jr. said in his speech during the central bank’s annual reception for the banking community Friday evening that the country’s sound, stable, and liquid banking system was one of the reasons behind the sustained economic growth.

“In fact, initial assessments indicate that 2010 could be one of the best years for Philippine banks,” Tetangco stressed.

Read more the Philippine Star

Economic look to remittances, PPP drive”  by Darwin G. Amojelar, Lailany P. Gomez

PHILIPPINE economic managers expect remittances and the public-private partnership (PPP) initiative to help prop up the economy this year. Socioeconomic Planning Secretary Cayetano Paderanga said rising prices of food, fuel and transportation services are unlikely to dampen consumer spending.

”We hope the price increases will not be that sharp … and we still see the main source of consumption continuing. This will be the remittances,” Paderanga, who is also director-general of the National Economic and Development Authority (NEDA), told reporters over the weekend.

Personal consumption expenditures (PCE) account for about 70 percent to 80 percent of gross domestic product (GDP), the country’s broadest measure of economic performance.

Read more at The Manila Times

Con Yap