SlashAsia » Philippines

Japan to sign on to International Renewable Energy Agency

Alexandra Stevenson — Mon, 22 Jun 2009 04:06:04 +0000

The Japanese government has announced its intentions to follow the US lead and become a member of the new intergovernmental agency IRENA. The body, set up earlier this year to facilitate research and promotion of renewable energy, has 100 states on its board to date. Other regional signatory states include the Republic of Korea, the Philippines, Cambodia and now Japan. The first IRENA meeting will convene next week in Egypt. Japan’s Yomuiri has reported the Foreign Minister saying the body could be key to promoting renewable energy around the globe.

Japan to join international renewable energy body, The Daily Yomuiri

Cambodia becomes 94th member of International Renewable Energy Agency, Xinhua News

Central bank head says the Philippines may avoid recession

Alexandra Stevenson — Mon, 08 Jun 2009 00:59:23 +0000

The head of the Philippines central bank has announced the economy will not go into recession, unlike neighboring countries Singapore, Thailand, Taiwan and Hong Kong. The central bank has slashed rates a total of 175 basis points since last December in an attempt to boost the economy, and analysts now say inflation is finally slowing down, despite the economy having contracted at its fastest pace in 20 years. The country’s inflation rate is now at an 18- month low of 3.3 percent. The bank will likely execute one final rate cut.

Philippine inflation at 18-month low in May, Business Week

Philippine c.bank signals rate cut, could be last, Forbes

Philippines spared recession, The Straits Times

Asia: Markets rally, currencies at 2009 high

Alexandra Stevenson — Mon, 16 Mar 2009 00:01:56 +0000

Asian currencies strengthened this week following an announcement that American banks could stand without government buyout, and optimism about new Chinese and Japanese stimulus packages. Japan’s Nikkei rose 5.15%, South Korea’s Kospi 6.7%, while Singapore’s Strait Times Index rose 5.6%. The Malaysian ringgit increased by 0.3% after the government announced a US $16 billion stimulus plan. The Taiwan dollar rose 0.8%, and the Thai baht 0.4%. Despite a regional rally, the Philippines peso and Vietnam dong were unaffected, and China’s Shanghai Composite actually dropped by 0.2%, after Wen Jiabao expressed concern about the stability of US Treasuries.

The Bank of America Corp., JP Morgan Chase & Co. and Citigroup Inc. announced this week that they do not need government support and may even see profits this year, boosting confidence in the Asia region as well as Europe. While analysts say this is just a temporary respite, things may be looking up in Southeast Asia. Citigroup has indicated it’s confidence that Southeast Asian countries will come out of the crisis soon, announcing plans to start equity brokerage business in Malaysia, Vietnam and Indonesia

Links and sources:

Citigroup to boost Asian equity trade , Gulf Daily News

Nikkei surges 5% as US bank hopes lift Asian markets , CNBC News

Asian stocks lifted , The Straits Times

Asian currencies best of week 2009, led by won, rupiah , Bloomberg

Asia: ASEAN countries to demonstrate self-sufficiency and open trade

Alexandra Stevenson — Sun, 22 Feb 2009 15:35:08 +0000

Finance ministers in the Asia region are holding bilateral talks in the lead up the 14th Association of South-east Asian Nations (Asean) summit, in a show of greater strategic cooperation to prevent trade protectionism. Malaysia held bilateral talks with Indonesian and Chinese finance ministers this weekend, to promote trade. Officials from Japan, China and Korea met Saturday afternoon to discuss counter-measures to economic slowdown. Finance chiefs from Asean countries and Japan, China and South Korea will gather at the summit on February 27 in Thailand to discuss concrete and collective response to financial woes.

Asean will speak out against using trade protectionism as a way to cope with the current financial crisis, Thai Prime Minister Abhisit Vejjajiva has said. Mr. Abhisit has encouraged Asean countries to seek aid from other regions, acknowledging that the IMF ” simply does not have the resources, money and time to look into the various problems in different regions.” The Asia Development Bank will participate in the summit as Asean members determine the details of a foreign reserve fund pool agreed upon last May. Contributing countries will discuss management and size of fund.

Links and sources:

Asean to resist protectionism, Straits Times

China, Indonesia and China trade talks, Malaysia Star

Asea foreign reserve pool, Xinhua