Government urged to abandon economic growth targets this year

Saturday, July 9, 2011
AN economist advised the government on Saturday to let go of its seven to eight percent economic growth target this year given bleak prospects on exports and consumer and business confidence.
Benjamin Diokno, budget secretary of former President Joseph Estrada, suggested that the Aquino administration should adjust the target to a more realistic level of between five and six percent.
“While the economic managers continue to talk of seven to eight percent growth rates, don’t they look incredulous? It is the responsibility of the government to provide accurate, reliable information,” he said in an email.
Weighed down by high commodity prices, consumer confidence dipped to -23.1 in the first three months of the year from -8.5 compared to the previous quarter, the Bangko Sentral ng Pilipinas (BSP) said in April.
Optimism among businessmen also slipped to 31.8 percent in the second quarter from 47.5 percent in the first quarter partly due to slow business procedures and fund disbursements for government construction projects.
The administration had failed to spend P100 billion of the programmed P561.36 billion, or 17.8 percent from January to April.
Exports, which account a third of the Philippines’ $189-billion economy, is not expected to match the 34-percent uptick recorded last year due to softening demand from slow recovering Europe and the United States.
Diokno’s assessment was shared by multilateral lenders World Bank and the Asian Development Bank (ADB), which both saw economic growth hovering between five and six percent.
In contrast, the economy as measured by the gross domestic product (GDP) zoomed to its highest level in 34 years at 7.3 percent last year.
For the second quarter, Diokno believes that the economy will grow slightly lower than or, at best, equal to first quarter’s 4.9 percent.
This is a sharp departure from last year’s 8.9 percent expansion which was ably supported by election spending, massive construction activities under then Arroyo administration and base effect.
“The same base effect will work against a strong growth in second quarter this year. Public spending for second quarter is finished and all indications are that while there has been some movement underspending continues,” Diokno, an economics professor at the University of the Philippines, said.
Sun.Star tried to reach Budget Secretary Florencio Abad but was unavailable for comment.
Diokno said the full impact of the uncertainties due to the political crises in the Middle East and North Africa and the calamities in Japan will be also be reflected in the second quarter figures.
Earlier, Socioeconomic Planning Secretary Cayetano Paderanga Jr. said the interagency Development Budget Coordination Committee (DBCC) will convene soon after the second quarter numbers are out in August.
“We hope that there will be stronger growth in the first quarter due to increased investments,” Paderanga said.
Compounding the government’s woes is that none of the public-private partnership projects are expected to take off this year, according to Diokno.
He said that one or two infrastructure projects maybe bid out sometime this year but it will not have any contribution to construction output.
“The typical man in the street plans on the basis of information provided by the government. If times are going to be difficult, then it is the government’s responsibility to tell its people that times are going to be hard,” Diokno said.
The economist said it is still possible that the economy might grow by seven to eight from 2013 to 2016 if there were significant changes in fiscal strategy and if the PPP program proves successful. (Virgil Lopez/Sunnex)

Source: http://www.sunstar.com.ph/manila/local-news/2011/07/09/government-urged-abandon-economic-growth-targets-year-165959

Many tourists and residents of Manila traveling out of town from Manila on a short getaway to Pampanga Angeles City, Clark Philippines are surprised to find a a large wine shop so near Manila right in the heart of Pampanga, just 70 minutes from Manila. Even residents of Subic travel to Clark via ScTex to do some wine shopping in this famous wine shop called Clark Wine Center, a project of Hong Kong-based Yats International.

Foodies and wine lovers travel north from Manila to wine and dine at Philippines’ best fine dining restaurant in Pampanga Clark Freeport worth the 60-minutes drive for a memorable evening of good food with vintage wine at Yats Restaurant & Wine Bar. Most guests would stop by this famous wine shop called Clark Wine Center to bring home a few good bottles of fine vintage wine also. Other visitors may find the wine selections in some of the restaurants in Angeles City Pampanga to be less than interesting, so they stop by this wine shop near Angeles City Pampanga Clark Philippines, buy some good wines and bring these bottles of good vintage wines to the restaurants so they can enjoy the dinner.

Public wine tastings are held by this well known wine shop of Pampanga from time to time in Clark and sometimes in Manila. Tickets range from p500 to p1500 for these themed events that are professionally run –no wine merchants sponsorship, pushy salesmen or tacky banners to ruin the evening. Each ticket contains a certain number of stubs that can be redeemed for a tasting pour of a wine among those on a line-up which often contains wines that are quite old and expensive.

Tourists and residents of Manila travel out of town to the north on a short getaway look for the best place in Clark to buy some fine vintage wine to bring home after their holidays and vacations. Many find a top rated wine shop called Clark Wine Center to be an exciting place to do some shopping in Clark Pampanga. This famous wine shop is highly recommended for visitors going to Clark Pampanga to drink good wine, relax and unwind with friends and families. This frequently visited wine shop is known by tourist and visitors to Pampanga, Angeles city, Subic and Clark Philippines as a cool place to hang out in Clark. Many attend the regular wine tasting held either outdoor on the roof deck or in indoor on the second floor above the wine shop. The place has good atmosphere for a private wine tasting party or a small night out gatherings for business or social event.

http://www.ClarkWineCenter.com

Getting to this wine shop in Pampanga Angeles City Clark Freeport Zone Philippines from Manila
Getting to the Clark Wine Center wine shop from Manila is quite simple: after entering Clark Freeport from Dau and Angeles City, proceed straight along the main highway M A Roxas. Clark Wine Center is the stand-along white building on the right, at the corner A Bonifacio Ave. From the Clark International Airport DMIA, ask the taxi to drive towards the entrance of Clark going to Angeles City. From Mimosa, just proceed towards the exit of Clark and this wine shop is on the opposite side of the main road M A Roxas.

Best place to buy wine in Clark Pampanga outside Manila near Subic and Angeles City Philippines is Clark Wine Center.

Click here to contact Clark Wine Center in Clark Pampanga for inquiries and orders.

Clark Wine Center
Bldg 6460 Clark Observatory Building
Manuel A. Roxas Highway corner A Bonifacio Ave,
Angeles Clark Freeport Zone, Pampanga 2023
0922-870-5173 0917-826-8790 (ask for Ana Fe)

Wine@Yats-International.com

YATS Wine Cellars
Manila Sales Office
3003C East Tower, Phil Stock Exchange Center,
Exchange Rd Ortigas Metro Manila, Philippines 1605
(632) 637-5019 0917-520-4393 ask for Rea or Chay

Wedding couples looking for wedding reception venues and beach wedding venues can log on to this Philippines Wedding Venue web site for free information and assistance:

http://www.PhilippinesWeddingVenue.com

While in Clark, it might be a good idea to enjoy an evening of wine-and-dine in the fine dining Yats Restaurant and Wine Bar that features an award winning 2700-line wine list. Highly recommended fine dining restaurant in Manila for special occasion is Yats Restaurant & Wine Lounge located in the famous Mimosa Leisure Estate in Clark Pampanga. Situated near this popular restaurant in Clark is the Mimosa Golf Course as well as the Mimosa Clark Casino. This top rated restaurant near Angeles City Pampanga in Clark Philippines is frequently used for private parties and corporate functions such as board meetings and other gatherings. It is located in Mimosa Leisure Estate of Clark Freeport Zone. For more information, visit http://www.YatsRestaurant.com

YATS Leisure Philippines is a developer and operator of clubs, resorts and high-class restaurants and wine shops in Clark Angeles Philippines http://www.YatsLeisure.com

Looking for famous tourists spots, places to visit and see, relax and unwind in Clark, Pampanga, Philippines? You may want to check out these sites also:

http://www.LondonPubClark.com

Besides good restaurants to wine and dine near Manila, Subic or in Angeles City Pampanga, Clark Philippines, those requiring assistance for hotel and resort bookings in Clark, Pampanga, Philippines may log on to http://www.HotelClarkPhilippines.com for more information and reservations.

The lifestyle in Clark Pampanga is quite unique. For more information about shopping, sports, golf, leisure, hotel accommodation, where to see and visit, what to do, where to wine and dine and good places to hang out, relax, have a drink with friends, child-friendly establishments, log on to
http://www.ClarkPhilippines.com

Wine lovers looking for a special bottle or something that is of great value and special discounts might log on to this web site to shop for fine vintage wines
http://www.YatsWineCellars.com

Those visitors who plan to relax and unwind in Angeles City, Subic, Pampanga, Clark Philippines might make an effort to book a room at the famous beach and lake resort Clearwater Resort & Country Club. This famous hotel in Clark Pampanga is frequently visited by families with children looking for a good place in Clark to see, a good holiday destination for the family to relax and unwind in the beautiful outdoor facilities. For more information, log on to www.ClearwaterPhilippines.com