Saturday, July 2, 2011

BSP enhances currency supply forecasting



By LEE C. CHIPONGIAN
July 3, 2011, 12:00am
MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has improved its forecasting of the monthly currency in circulation to ensure the money system will always have sufficient supply of banknotes and coins.
Last year, the BSP estimated that currency in circulation would reach P653 billion and has instituted programs and targets to meet this projected demand.
When the year was over and the tally was made, the actual currency in circulation was 7.4 percent lower than forecast of P601 billion, according to sources.
To better project demand for currency, the central bank has formulated new models for its monthly currency in circulation forecasting.
The same sources said the new model, based on initial testing, is more accurate and will be used starting next year. In 2010, the BSP met the currency demand and banks' banknotes requirements, so all withdrawals were serviced. This ensured that there was a normal currency supply. Sources, however, said there was an artificial shortfall in the coin supply which the BSP easily resolved during the period. Based on a BSP report, "the actual level of buffer stock (currency) continued to exceed requirements."
The buffer stock in 2010 was comfortably higher than demand, especially for banknotes. As for coins, in terms of number of pieces, reserves did not meet demand.
Still, the BSP continues to find ways to resolve and avert coin supply shortfalls owing to high demand for coins from banks.
In a similar report, the BSP said it has averted a projected shortfall in the supply of coins last year, and these supply constraints resulted from either the public’s "hoarding" of coins or delivery delays from outsourced mint makers. It noted that an artificial shortage of coins may occur because of the common practice by people of keeping coins idle in bank vaults, drawers, piggy banks, and not re-circulating them.
The volume of coins released in 2010 was lower than demand, which for banks located in Metro Manila, was 1.18 billion pieces.
The BSP had enough supply of 10-piso coins but had a slight shortfall in the smaller coin denominations. The central bank is implementing measures to avoid artificial scarcity of coins in the future.
During consultation meetings with BSP regional offices, one of the causes for the poor re-circulation of coins was the use of coins as tokens for so-called "automated tubig machines" video games and videoke machines. Coins were also used as accessories, kept inside churches, piggy banks, and even melted for metals.

Friday, July 1, 2011

Reyes, Bustamante and Orcollo prevail; Filipino cue artists shine


By 
INQUIRER.net







Photo from wpapool.com
Filipino pool masters Efren “Bata” Reyes and Dennis Orcollo hacked out contrasting victories to set in motion the 2011 WPA World 9-Ball Championship at the Al Sadd Sports Club in Doha, Qatar, Saturday.
The 56-year-old Reyes survived a gutsy stand by Mark Gray of Great Britain, 9-8, while reigning World 8-Ball titlist Orcollo breezed past Andrew Kong of Hong Kong, 9-4, both in group one action.
A break and run out in the final rack sealed the emphatic victory for Reyes, who even trailed, 6-7, before hundreds of Filipino overseas workers watching in the gallery.
Orcollo, meanwhile, bucked a jittery start and flipped a 1-3 deficit to an easy win.
Hall-of-Famer and defending champion Francisco “Django” Bustamante also marched on to the winners bracket after besting compatriot Caneda Villamor, 9-7, in a tight match.
Up-and-coming pool artist Carlo Biado, who has been making a splash in the world of billiards recently, likewise advanced with a hard-fought triumph over Finland’s Petri Makkonen, 9-5.
Oliver Medenilla who defeated Saudi Arabia’s Mohammed AlHarti, 9-5, Allan Cuartero who trumped Syria’s Mohamad  Al Sofi, 9-5, and Jeffrey De Luna who overcame unseeded Hussain Jamil, 9-4, also joined the winners circle.
Antonio Gabica and Roberto Gomez, meanwhile, absorbed 8-9 heartbreakers over United Kingdoms’ Chris Melling and Portugal’s Manuel Gama, respectively.
Lee Van Cortez and Joven Alba were also relegated to the losers bracket following identical 4-9 defeats against Great Britain’s Raj Hundal and USA’s Shane Van Boening.
Finland’s Mika Immonen ran over UAE’s Hanni Al-Howri, 9-3, Germany’s Ralf Souquet routed Poland’s Mariusz Skoneczny, 9-1,  while his compatriot and defending Philippine Open champion Thorsten Hohmann frustrated Chinese Taipei’s Ko Pin-Yi, 9-4, in other results.

Sunday, June 26, 2011

US on Spratly: Slow Burn to China


By Rene Ciria-Cruz


SAN FRANCISCO—Hail Mother Philippines for deploying the warship Rajah Humabon to the South China, I mean West Philippine Sea, to stare down Chinese incursions! Our third-hand warship could be as old as the rajah himself, so make sure it heads home before it runs out of coal. Just kidding.
For the Philippines, there’s nothing to lose in standing up to China and showing we’re no pushovers.
One, when the first Chinese aircraft carrier blows us out of the water, world sympathy will be with us. China will be so unpopular Americans will start calling Chinese restaurants “freedom restaurants.”
Two, our archipelago doesn’t lie geologically opposite the Chinese mainland. So when all the Chinese people jump at the same time from a height of six feet, the resulting antipodal earthquake will destroy Argentina, not us. We might get a bit of tsunami but that’s it.
The only possible problem is one so unlikely as to be nonexistent: In case—just in case—China surrenders to us, how are we going to feed 1.3 billion prisoners of war? It’s worrisome, but that’s just me.
Seriously now, we’ve got the United States watching our back on this, right? Right? It wasn’t all that clear at first that Washington would come to our defense, because the initial response from the US embassy was so tepid.
Secretary of State Hillary Clinton, however, left no doubt two weeks later that the US would help the Philippines defend itself. But not before crotchety old warhorse John McCain blasted the White House’s less-than-muscular initial stance, especially as Beijing was publicly telling Washington to butt out.
US trepidation
Senator McCain, who is virtually the lone GOP leader to pay attention to the Spratly issue, is also generally dismayed at the drift towards isolationism in foreign affairs among the stars of his own party.
Truth is, there’s much trepidation in US political circles nowadays about brandishing the American stick against adversaries more formidable than Libya. There’s even bipartisan opposition in the House of Representatives to the US intervention there.
And surprise of surprises, “antiwar Republicans” have emerged. Some anti-spending GOP presidential aspirants are even calling for a US pullout from Afghanistan. America’s stubborn recession and deepening fiscal crisis are turning traditional hawks into doves-ish.
The shift of economic power to Asia also stokes fears that America’s stick may turn out to be a wet noodle if severely tested by tougher adversaries, like China. And it’s not because China owns most of America’s debt (the lender also potentially has much to lose in the relationship).
With deficit spending growing while the country’s economic engines seem stuck on idle, there’s growing doubt if the US is still sufficiently dominant to impose solutions to global crises.
Thus, George W. Bush-era unilateralism, mortally isolated over Iraq, has given way to a rebounding multilateralism. With a practical emphasis on “multi,” as shown by NATO’s more prominent profile in Afghanistan and leading role in Libya.
Just to make sure everyone gets the point, outgoing US defense secretary Robert Gates recently hectored NATO to quit penny-pinching and start carrying more of the West’s frontline defense burdens.
To be sure, America still dwarfs everyone in nuclear armaments, but doomsday weapons have little practical impact on small-scale everyday challenges. Regional conflicts that turn hot involve conventional military confrontations, which can be extremely costly, as US experience in Afghanistan—and even Libya—has shown.
So, bolstering Asean countries militarily, diplomatically and economically, rather than directly throwing down the gauntlet, is the expected US response to China’s current saber rattling.
Chinese tantrum
If there’s much Chinese hubris these days it’s because it took China only two decades to turn its poor self into a major industrial power. It took Europe a century to accomplish a similar transformation. Some US economists are saying China will be the world’s largest economy in five years. We’d be swaggering a bit too it we racked up a similar achievement.
But it’s never too early to put Beijing on notice that throwing its military weight around is bad diplomacy and terrible marketing. China is in danger of becoming the object of mistrust among its weaker neighbors, much like what Japan became at the height of its postwar economic rise.
It’s a good thing that Southeast Asian countries, including those with competing claims on the Spratlys, want to deal with the matter in the Asean. Better yet, we, Vietnam, Malaysia and Brunei could coalesce specifically against China’s claim to convince it to quit playing a game of military chicken and that negotiating a workable arrangement is the better option.
When push comes to shove
And if China is factoring in sagging US morale in the shrillness of its response over the Spratlys, it’s making a big mistake. The US is on a slow burn, but when push comes to shove, it still can and will act as a superpower.
Deep down, China’s leadership is likely aware of this, as well as the risk of political isolation among its neighbors—and potential markets—that comes with a militarily aggressive behavior. They didn’t get where they are now by being dense.
Consider Beijing’s saber rattling as reflexive, part of its growing pains. China is growing so big, so strong, so fast as a capitalist power it’s thrashing into things in the, well, china shop. For its own good, Beijing will soon have to stifle its tantrums and learn to speak softly while carrying that big stick.
So to everyone in the region that’s being bullied by China today, let Lady Gaga console you: It gets better.