Charice and David Foster to part ways

Charice is moving up another level, making one big step; she is now ready to grow on her own, straying away from the direction of her mentor-turned-Godfather, David Foster.

Three year have already passed, since Charice hit the international stage with the aid of David Foster who treated her like a daughter.

The Philippine Daily Inquirer (PDI) revealed that this year’s David Foster and Friends concert series in the United States and Asia, will be the last one where Charice will appear as guest. Foster further said that Charice should focus on her target market, the younger audience.

One more reason for the end of Charice-David tandem is because Foster will be taking over the Verve label of Universal Music; he will be leaving Charice's label, Reprise/143 of Warner Music. He will now deal his efforts in polishing Verve's genre from jazz to adult contemporary.

Meanwhile, Charice will be with Warner Music as she gets ready her upcoming sophie album due next year.

Still, the possibility for a comeback of the partnership is still at high; Charice just needs to make the ends meet. Let's just wait till she buds, and conquers the international music industry.

Facts and Figures: Economy of the Philippines

Economy of the Philippines:

GDP (purchasing power parity):
$351.4 billion (2010 est.) country rank: 34
$327.4 billion (2009 est.)
$323.9 billion (2008 est.)

GDP (official exchange rate):

$188.7 billion (2010 est.)

GDP - real growth rate:
7.3% (2010 est.) country rank: 31
1.1% (2009 est.)
3.7% (2008 est.)

GDP - per capita (PPP):

$3,500 (2010 est.) country rank: 162
$3,300 (2009 est.)
$3,400 (2008 est.)

GDP - composition by sector:

agriculture: 13.9%
industry: 31.3%
services: 54.8% (2010 est.)

Labor force:

38.9 million (2010 est.) country rank: 15

Labor force - by occupation:

agriculture: 33%
industry: 15%
services: 52% (2010 est.)

Unemployment rate:

7.3% (2010 est.) country rank: 76
7.5% (2009 est.)

Population below poverty line:

32.9% (2006 est.)

Household income or consumption by percentage share:

lowest 10%: 2.4%
highest 10%: 31.2% (2006)

Distribution of family income - Gini index:

45.8 (2006) country rank: 36
46.6 (2003)

Investment (gross fixed):

15.7% of GDP (2010 est.) country rank: 131

Budget:

revenues: $26.84 billion
expenditures: $33.75 billion (2010 est.)

Taxes and other revenues:

14.2% of GDP (2010 est.) country rank: 190

Budget surplus (+) or deficit (-):

-3.7% of GDP (2010 est.) country rank: 112

Public debt:

55.4% of GDP (2010 est.) country rank: 44
57.3% of GDP (2009 est.)

Inflation rate (consumer prices):

3.8% (2010 est.) country rank: 125
3.2% (2009 est.)

Central bank discount rate:

4% (31 December 2010) country rank: 105
3.5% (31 December 2009)

Commercial bank prime lending rate:

7.7% (31 December 2010 est.) country rank: 120
8.566% (31 December 2009 est.)

Stock of narrow money:

$29.08 billion (31 December 2010 est.) country rank: 58
$24.86 billion (31 December 2009 est.)

Stock of broad money:

$97.35 billion (31 December 2010 est.) country rank: 52
$83.3 billion (31 December 2009 est.)

Stock of domestic credit:

$98.22 billion (31 December 2010 est.) country rank: 52
$85.54 billion (31 December 2009 est.)

Market value of publicly traded shares:

$202.3 billion (31 December 2010) country rank: 33
$130.5 billion (31 December 2009)
$85.63 billion (31 December 2008)

Agriculture - products:

sugarcane, coconuts, rice, corn, bananas, cassavas, pineapples, mangoes; pork, eggs, beef; fish

Industries:

electronics assembly, garments, footwear, pharmaceuticals, chemicals, wood products, food processing, petroleum refining, fishing

Industrial production growth rate:

12.1% (2010 est.) country rank: 17

Electricity - production:

61.93 billion kWh (2009 est.) country rank: 42

Electricity - consumption:

54.4 billion kWh (2009 est.) country rank: 43

Electricity - exports:
0 kWh (2009 est.)

Electricity - imports:

0 kWh (2009 est.)

Oil - production:

9,671 bbl/day (July 2010 est.) country rank: 86

Oil - consumption:

307,200 bbl/day (September 2010 est.) country rank: 42

Oil - exports:

28,900 bbl/day (September 2010 est.) country rank: 86

Oil - imports:

338,400 bbl/day (September 2010 est.) country rank: 30

Oil - proved reserves:

168 million bbl (1 January 2010 est.) country rank: 64

Natural gas - production:

2.94 billion cu m (2008 est.) country rank: 55

Natural gas - consumption:

2.94 billion cu m (2008 est.) country rank: 75

Natural gas - exports:

0 cu m (2008 est.) country rank: 163

Natural gas - imports:

0 cu m (2008 est.) country rank: 110

Natural gas - proved reserves:

108.7 billion cu m (1 January 2011 est.) country rank: 52

Current account balance:

$9.51 billion (2010 est.) country rank: 26
$8.788 billion (2009 est.)

Exports:

$50.72 billion (2010 est.) country rank: 54
$37.6 billion (2009 est.)

Exports - commodities:

semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, fruits

Exports - partners:
US 17.7%, Japan 16.3%, Netherlands 9.5%, Hong Kong 8.4%, China 7.6%, Singapore 6.7%, Germany 6.6%, South Korea 4.7% (2009)

Imports:
$61.07 billion (2010 est.) country rank: 42
$46.39 billion (2009 est.)

Imports - commodities:

electronic products, mineral fuels, machinery and transport equipment, iron and steel, textile fabrics, grains, chemicals, plastic

Imports - partners:

Japan 12.6%, US 12%, China 8.9%, Singapore 8.6%, South Korea 6.9%, Thailand 5.7%, Indonesia 4.2% (2009)

Reserves of foreign exchange and gold:

$62.37 billion (31 December 2010 est.) country rank: 28
$44.24 billion (31 December 2009 est.)

Debt - external:

$63.75 billion (31 December 2010 est.) country rank: 49
$63.1 billion (31 December 2009 est.)

Stock of direct foreign investment - at home:

$24.44 billion (31 December 2010 est.) country rank: 64
$22.44 billion (31 December 2009 est.)

Stock of direct foreign investment - abroad:

$6.591 billion (31 December 2010 est.) country rank: 56
$6.191 billion (31 December 2009 est.)

Exchange rates:

Philippine pesos (PHP) per US dollar -
45.11 (2010)
47.68 (2009)
44.439 (2008)
46.148 (2007)
51.246 (2006)

Source: Central Intelligence Agency

Philippines population surpasses 100-million mark

The population of the Philippines has now reached 100 million, with an actual number of 101,833,938 as of July 2011, the website of the Central Intelligence Agency (CIA) reveals.

The democratic nation places itself at 12th place, behind Mexico, in the ranks of the highly populated nations of the world.

The controversial RH (Reproductive Health) Bill, which for one tackles and addresses the rising incidences of premarital sex among teenagers, must now be carefully overhauled by the government, weighing out options either siding with the Roman Catholic faith or with the control of the population's imminent boom.

The inaction of the government against curbing population inflation will definitely have an impact on the economy. Furthermore, poverty is pending on the rise.

Reposted: Philippines oil-rich Benham Rise

Manila (Philippine Daily Inquirer/ANN) - The Philippines will gain 13 million hectares in additional territory, an area slightly smaller than Luzon, should the United Nations approve next year the government's claim on a region off the coast of Isabela and Aurora, Environment Secretary Ramon Jesus Paje said.

Paje said the undersea region, called Benham Rise, could turn the Philippines into a natural gas exporter because of the area's huge methane deposits.

Studies conducted by the Department of Environment and Natural Resources (DENR) for the past five years indicate large deposits of methane in solid form, Paje said after a Senate budget hearing.

The government is only awaiting a formal declaration from the UN Convention of the Law of the Sea (Unclos) that Benham Rise is on the country's continental shelf and therefore part of its territory, Paje said.

Legal basis

Once the Unclos establishes that Benham Rise is part of the Philippines, "we would have legal basis to enter into exploration agreements with private companies to explore...(the area's) resources," said Sen. Franklin Drilon, chair of the chamber's finance committee.

Drilon said a favorable Unclos declaration would mean "increasing our territory from present 30 million hectares to possibly 43 million" with the inclusion of Benham Rise.

Discussion over Benham Rise generated excitement especially after Paje said that Philippine representatives were just awaiting one more meeting "to answer questions" before a special Unclos committee.

Only claimant

Paje said there was no reason for the Unclos committee not to issue a decision favorable to the country "since we are the only claimant, unlike in the western side (where the Spratly Islands are)."

"We have submitted a claim under (Unclos) sometime in late 2008. We got a reply from the UN lately (asking us) to answer some questions. They intend to pass a resolution sometime in mid-2012 to approve our claim (that it is) part of the Philippine continental shelf," Paje told reporters after the hearing.

Records showed that the Philippines officially submitted a claim with the UN Commission on the Limits of the Continental Shelf in New York on April 8, 2009.

Davide submission

Hilario Davide, then Philippine ambassador to the United Nations, filed the country's partial submission with the commission.

The United Nations says the continental shelf is "the seabed and subsoil of the submarine areas that extend beyond its territorial sea" up to 370 km (200 nautical miles) from the archipelagic baseline. An extended continental shelf goes farther than 370 km.

The Philippines claims that Benham Rise is an extension of its continental shelf.

Paje said Benham Rise was within the country's 370-km exclusive economic zone.

American geologist

The environment secretary said an American geologist surnamed Benham discovered the area that was between 40 and 2,000 meters below the waterline in 1933.

"But we are able to define categorically that it is attached to our continental shelf only recently. We have proven (to) Unclos that it is attached. So now the UN is considering it for decision sometime in 2012," Paje said.

He said gas deposits in the area would enable the country to achieve energy sufficiency.

"Benham Rise is very relevant because of its gas deposits (which has been) confirmed particularly by (the) National Mapping Resource Information Agency. It has given us the data that (the area) contains solid methane. We have not explored it but we have found nodules of methane in the surface and this is very important to us," he said.

Kalayaan, Scarborough

The Kalayaan Island Group, which is part of the disputed Spratly Islands and Scarborough Shoal, both located in the West Philippine Sea (South China Sea) and claimed by the Philippines, are also believed to contain oil and natural gas.

Paje said there was the possibility that the country could export gas in the future.

The secretary added that there would be a demand for gas deposits in Benham Rise "because it's much cleaner than (other) fossil fuels."

The DENR formally submitted its proposed P16.99-billion (US$40 million) budget for 2012 to the Senate finance committee.

Source: Inquirer.net

August 29-30, 2011 declared as non-working holidays

Malacañang declared that August 29, Monday, and August 30, Tuesday, are non-working holidays in celebration of National Heroes Day and Eid’l Fitr or the end of Ramadan of our Muslim brothers and sisters. 

Have a long weekend friends!