Today, Marks the Hijri New Year here in UAE, but since it falls on Friday, weekender here, it’s not a non-working holiday, nevertheless people still commemorates its significance. Here’s what i’ve learned about it.  The Islamic New Year is a cultural event which Muslims observe on the first day of Muharram, the first month in the Islamic calendar. Many Muslims use the day to remember the significance of this month, and the Hijra, or migration, Islamic prophet Muhammad made it to the city now known as Medina. Recently, in many areas of Muslim population, people have begun exchanging cards and gifts on this day, though this is not commonly done. For Shia Muslims, Muharram is the month grief and sorrow because they mourn the death of Imam Hussain and his companions on the day of Ashura. Ras as-Sana  is the Islamic celebration of the new Hijri year. The term is similarly used in the Arabic language to mark the start of the new Gregorian year. The word literally means “Head of the year,” and is cognate to the Hebrew term Rosh Hashanah. Since the Islamic lunar calendar year is 11 to 12 days shorter than the solar year, Muharram migrates throughout the seasons.

Thanks Wiki for the info, now I know!

Oh how I miss the Misa De Gallo, or Simbang Gabi in the Phiippines! I can even smell the special violet puto in Panggulayan, Pinamalayan especially made by Lola Karya.

Misa de Gallo is the Spanish phrase for Midnight mass, more literally translated as “Rooster’s Mass”. It is said that the “Rooster’s Mass” owes its name to the idea that a rooster would have been among the first to witness the birth of Jesus, and thus be the one to announce it. In most Spanish speaking countries, Misa de gallo entails a typical midnight mass, starting at around 12:00 a.m. on Christmas Eve. The custom in the Philippines is that it is a novena of dawn Masses, usually beginning at around 3:00-4:30 a.m., and running from December 16 up to December 24. This practise started during the Spanish colonial period when priests held early dawn masses for the farmers who wanted to attend Christmas mass but could not leave their fields. These masses were held before daybreak, hence the Filipino term “Simbang Gabi” (Midnight Mass). Even today, Filipinos wake up very early in the morning to attend the Misa de Gallo as an expression of devotion to God and the Blessed Virgin Mary. A commonly-held belief is that if an individual completes the nine consecutive days of the Simbang Gabi, the act would merit a wish made by the devotee being granted. One of the customs related to the Philippine Misa de Gallo is the selling of traditional Philippine food, such as puto bumbong (a purple colored rice pastry, seasoned with grated–coconut and brown sugar), tsokolate (a hot cocoa drink), bibingka (flour and egg cakes cooked on top and under), and salabat, or ginger tea, which are sold by vendors outside churches to the faithful. Retrieved from “http://en.wikipedia.org/wiki/Misa_del_Gallo”

MANILA - The Philippines is watching 3 key areas that may take a hit from the ongoing Dubai debt crisis: volume of remittances, foreign exchange rates, and the cost of foreign borrowings sourced from global bond market.

These 3 indicate the Philippines’ possible areas of vulnerability when a global economic or financial event ensues.

Dubai shocked creditors last Wednesday when it asked for a 6-month delay on billions of dollars of debt issued by the flagship firm Dubai World conglomerate and its property subsidiary Nakheel, builder of luxury homes on 3 man-made, palm tree-shaped islands.

The news has rattled global capital and financial markets. 

Should we be concerned as well?

 

It’s an answered prayer of all the OFWs all over the world! It would really be a big help for all of us, who keeps on sending money to the Philippines and still have to pay a big amount of money for the service charge!

Starting March next year, families of overseas Filipino workers (OFWs) are expected to enjoy savings of anywhere from P50 to P500 every time they receive remittances.

An agreement between the government and Philippine lenders will cut bank to bank fund transfer fees to only P50 per transaction, resulting in total savings of P92 to P922 million, the Bangko Sentral ng Pilipinas (BSP) said.

“For our overseas workers, this represents additional money that can benefit their families and other beneficiaries,” BSP Governor Amando M. Tetangco Jr. said.

Under the agreement, universal and commercial lenders would use the BSP’s Philippine Payments and Settlements Systems (PhilPaSS) to transfer cash to beneficiaries’ accounts in other banks.

“As a payment system infrastructure, PhilPass primarily settles high value payments from accounts maintained by banks with the BSP, thereby eliminating settlement risks,” the BSP chief explained.

The agreement would also pave the way for PhilPass to become the local clearing facility for remittance settlement, making transactions safer, faster, and more efficient.

Besides eliminating fund transfer delays, the arrangement will also cut incidents of theft and robbery, especially those involving couriers used by banks to deposit remittances to beneficiaries’ accounts.

Of the total 66.04 million fund transfer transactions from 2006 to 2008, an estimated 1.844 million transactions cover “credit to other banks.”

Before the parties forged the agreement, banks imposed a back-end processing fee from P100 to P550 per transaction.

The agreement covers members of the Association of Bank Remittance Officers Inc. (Abroi) including Allied Bank, Asia United Bank, Banco de Oro, Bank of the Philippine Islands, China Bank, the Development Bank of the Philippines, Land Bank of the Philippines, Metropolitan Bank and Trust Co., Philippine National Bank, Rizal Commercial Banking Corp., and United Coconut Planters Bank.

Integration of member banks with the BSP’s PhilPass is expected to be implemented within the year, allowing for test runs in January next year.

Remittances are expected to reach $17.1 billion this year, four percent higher than last year’s $16.4 billion.

Money sent home by Filipinos working abroad reached $12.789 billion from January to September this year, 4.2 percent higher than the
$12.273 billion posted during the same period.

Sources of remittances include US, Canada, Saudi Arabia, UK, Japan, Singapore, United Arab Emirates, Italy, and Germany. - with RJAB Jr., GMANews.TV

I have read this article today, which made me think that Dubai is really not an exception when it comes to debt problems. This article which was written by Barbara Surk, an Associated Press Writer, clearly explained why Dubai somehow is now into its debt crisis.

DUBAI, United Arab Emirates – For years, Dubai seemed unstoppable, an oasis of excess boasting indoor ski slopes and manmade islands, the world’s tallest tower and dreams that reached even higher.

Now the bills are coming due, and the emirate’s debt problems are tarnishing a place built on borrowed time and money — and threatening to spill into other Gulf Arab nations.

State-owned conglomerate Dubai World’s call for a delay in repaying some of the $60 billion it owes creditors will likely make international investors view even more fiscally conservative countries through a lens of uncertainty, analysts say.

The announcement is “impacting everybody in the region — the good and the bad,” said John Sfakianakis, chief economist at Saudi-based Banque Saudi Fransi-Credit Agricole Group.

“Right now we’re still seeing the impact of this, and the impact will be that everybody is being negatively perceived,” Sfakianakis said.

In Dubai and in other Gulf nations, rulers keep tight control over information on their fiscal standing and dealmaking even as they draw in hundreds of billions of investment dollars.

For example, in Saudi Arabia, the Arab world’s largest economy, few were aware of the $22 billion debt crunch confronting two of the kingdom’s largest privately held conglomerates earlier this year. The news filtered out as the companies fought each other in court, with one accusing the other of fraud.

While international investors were once willing to gamble on Gulf countries, largely because of their oil wealth, the global financial meltdown made them less willing to take risks. The Dubai crisis will only heighten those concerns, analysts say.

“Foreign investors will sharply divide the way they recognize investment opportunities in the Gulf based on which countries have oil and which don’t,” said Simon Henderson, a Gulf energy specialist at the Washington Institute for Near East Policy.

Unlike Saudi Arabia, Qatar or even Dubai’s neighboring emirate, Abu Dhabi, Dubai lacks oil wealth. The government-backed entities known as Dubai Inc. tapped credit markets to engineer the city-state’s spectacular growth.

Over the past decade, the tiny emirate, one of seven that make up the United Arab Emirates, transformed itself into a regional financial hub, a magnet for tourists and foreign workers.

It constructed high-rises with stellar Persian Gulf views and an indoor ski slope, and offered a freewheeling lifestyle frowned upon elsewhere in the UAE, as well as the region. A manmade island shaped like a palm frond beckoned. Dubai boldly built the world’s tallest skyscraper, Burj Dubai, set to open in January.

The global credit crisis derailed the dream. Property prices have plunged by 50 percent since last year. Projects were canceled, and expatriate workers left en masse. Today, buildings sit unfinished, apartments unsold or empty.

Dubai World’s announcement that it was seeking at least a six-month delay in paying back its debt sent shock waves around the world Friday. Oil prices dived to near $74 per barrel, and Asian markets tumbled for the second consecutive day. In the U.S., the Dow Jones industrials lost more than 150 points.

Dubai’s overall debt load is seen as at least $80 billion, underscoring how grave Dubai World’s announcement was for the emirate’s financial health.

Later comments by one of the emirate’s top financial officials that the call for a delay was a “sensible business decision” and “carefully planned” did little to mitigate the damage.

Henderson said it was “an extraordinarily arrogant decision,” made public on the eve of Thanksgiving in the U.S. and just before a three-day Islamic feast.

“It’s impossible they don’t realize this will be taken as a personal insult by the world’s financial community,” Henderson said, adding that it would not be surprising if creditors were unsympathetic.

Fears about the debt problems were compounded by lack of detail provided by Dubai authorities. The announcement also raised worries that reassurances provided by Dubai over the past few months were just an attempt to hide the magnitude of the problem.

“When people don’t know what the extent of the problem is, their concerns deepen,” said Jane Kinninmont, a London-based specialist on Gulf economies at the Economist Intelligence Unit. Kinninmont said that there is a “real shortage” of economic data to assess the recession’s impact on Dubai.

Two Abu Dhabi majority-owned banks had already bought up $15 billion in Dubai bonds as part of a $20 billion program earlier this year. Analysts are concerned that Abu Dhabi may not back all of Dubai’s assets, and that international lenders will take a second look at investing there and in other Gulf countries with a history of a lack of transparency.

Already, the effects have begun to surface. Standard & Poor’s downgraded its ratings of several Dubai government-related entities, linking its decision to the Dubai World announcement.

“In our view, such a restructuring may be considered a default under our default criteria, and represents the failure of the Dubai government to provide timely financial support to a core government-related entity,” said S&P analysts.

Elsewhere in the region, Bahrain-based Gulf International Bank said it was delaying a sale of $4 billion in five-year bonds that had already garnered 60 orders, pinning its decision on Dubai and the “best interest of investors participating in the deal.”

The latest news is at the very least a wake-up call to investors, analysts say.
“Dubai’s current problems are a long overdue consequence of the bursting of the global property bubble rather than the start of a new financial crisis,” analysts at Capital Economics concluded in a research note Friday.

Analysts said they were troubled by Dubai’s apparent determination to downplay its financial predicament.

Dubai’s ruler, Sheik Mohammed bin Rashid Al-Maktoum, had continually dismissed concerns over the city-state’s liquidity and denied for months that the economic downturn even touched the glitzy city-state. Two months ago, he told Dubai’s critics to “shut up.” - AP

We don’t have work today, time to relax and chill! However, it’s time for my Muslim friends to celebrate their Eid al- Adha, or Feast of Sacrifice!

Eid al-Adha, “Festival of Sacrifice” or “Greater Eid” is a holiday celebrated by Muslims (including the Druze) worldwide to commemorate the willingness of Ibrahim to sacrifice his son Ismael as an act of obedience to God.

Eid al-Adha is the latter of two Eid festivals celebrated by Muslims, whose basis comes from the Quran. Like Eid al-Fitr, Eid al-Adha begins with a short prayer followed by a sermon.

Eid al-Adha annually falls on the 10th day of the month of Dhul Hijja of the lunar Islamic calendar. The festivities last for three days or more depending on the country. Eid al-Adha occurs the day after the pilgrims conducting Hajj, the annual pilgrimage to Mecca in Saudi Arabia by Muslims worldwide, descend from Mount Arafat. It happens to be approximately 70 days after the end of the month of Ramadan.

Men, women, and children are expected to dress in their finest clothing to perform Eid prayer in a large congregation in an open area or mosque. Muslims who can afford to do so sacrifice their best domestic animals (usually sheep, but also camels, cows and goats) as a symbol of Ibrahim’s sacrifice. The sacrificed animals, have to meet certain age and quality standards or else the animal is considered an unacceptable sacrifice. Generally, these must be at least a year old.

The regular charitable practices of the Muslim community are demonstrated during Eid al-Adha by the concerted effort to see that no impoverished person is left without sacrificial food during these days.

So while having time to relax and enjoy, I greet and respect their Feast! A blessed and peaceful Eid al Adha to all of you!

MANILA - Robust remittances from Filipinos overseas and the impact of spending for national elections will drive growth to accelerate in 2010, HSBC said yesterday.

In a briefing yesterday, HSBC Philippines Treasurer and Head of Global Markets Jose Arnulfo “Wick” A. Veloso told reporters that Philippine gross domestic product (GDP) is expected to expand by 4.2% next year, compared to the government’s own projection of 2.6%-3.6%.

For this year, the government sees GDP growth falling within the 0.8%-1.8% range.

“Next year, we have to consider the elections. A lot of employment is expected to be generated with each candidate who is serious about running to be spending around P5 billion for the campaign,” he said.

He added that this factor adds to the fact that remittances from overseas Filipino workers, which have constantly defied expectations they would be weighed by the economic crunch, will remain robust as the global economy starts recovering next year.

GDP growth for the April-June period was 2.4%, against 1.5% the previous quarter.

Inflation, he said, could reach 3.2% this year and 4.8% next year, within the government’s targeted 2.5%-4.5% this year and 3.5%-5.5% next year.

For instance, Sy-owned SM Investments Corp. (SMIC) said “Ondoy” and “Pepeng” forced the company to temporarily close its 2 malls.

“We are committed to open only 2 months after. So SM Rosales will be opened at the end of November, and so will SM Sta. Mesa,” SMIC Vice President for Investor Relations Cora Guidote said.

Despite the losses, however, Guidote stressed that the 2 storms helped SMIC improve as a company. She said “Ondoy” and “Pepeng” made companies take a second look at how they operate, giving them more room for improvement.

“I think there were lessons learned from Ondoy and Pepeng. We have old malls and new malls, for instance, in the past, old engineering put power generation and other utilities in the basement, Now, there’s wisdom to put them in the roof (after the massive floods),” she said.

Aside from SMIC, Gokongwei-led Robinsons Land Corp. (RLC) also shared its experience and lessons from the recent typhoons. “The RLC management team has also upgraded its management plans because of this,” RLC Vice President Henry Yap said.

Ayala-led Manila Water Co. Inc. Director Frank Beaumont, on the other hand, said 8 out of the company’s 19 facilities were damaged by floods caused by the twin storms. “We, as utility companies, are victims as well,” he said.

For its part, San Miguel Purefoods Co. Inc.’s poultry supply was also heavily handicapped since most of their chickens died in the floods. This forced the company to import chicken parts to meet the expected surge in demand for poultry this Christmas season.

Despite facing different problems as a result of the 2 storms, all companies were one in saying “Ondoy” and “Pepeng” made them realize that preparation is key to moving their businesses forward.

A lot of things were lost, but still there were lessons learned from it. Now companies are more aware of the things that can still be done.

MANILA - Manny Pacquiao makes millions of dollars every time he laces up his gloves and goes to the ring. After all, he is acknowledged as the world’s best pound-for-pound boxer.

His win against Ricky Hatton in May this year earned him over US$25 million, while his latest victory against Miguel Cotto earned him $13 million, excluding an expected windfall in his share of the pay-per-view (PPV) revenue.

He also signed several big endorsement contracts this year. But he won’t be able to keep all his earnings.

The Bureau of Internal Revenue (BIR) says they expect to collect more in income taxes from the Pacman this year.

“Yung kanyang mga endorsements, yung share dun sa pay-per-view, malaki-laki rin daw yon, pati din siguro sa mga other activities like movies…Well, we anticipate na dapat mas malaki, ang balita namin mas malaki ang kinita nya for this year,” says BIR Commissioner Joel Tan-Torres.

The BIR imposes a 32% tax on individuals with net incomes of P500,000 or higher on an annual basis.

So if, for example, Pacquiao earned $25 million or P1.175 billion for his fight against Hatton, and that was his only fight for the year, his income tax can reach P352 million!

And that’s for one fight alone.

But the Pacman’s lawyer explains Pacquiao does not get the full earnings and is lucky if he can take home 50 percent of it.

“Kung anong nababasa nyo sa dyaryo, hindi yun ang income ni Manny. Una, kailangan nya magbayad ng tax sa Amerika so less 30 percent sa Amerika. And then he has to pay his coach, na alam naman nating 10 percent, so that’s already 40 percent. May iba pang gastos sa mga tao,” says Pacquiao’s lawyer, Jeng Gacal, a lawyer of Pacquiao.

Pacquiao has to pay for the expenses and salaries of the Team Pacquiao, which he brings whenever he fights.

He also says his winnings from the Cotto fight will go to several investments such as several properties.

“Nagpagawa ako ng building sa Manila, iyong MP Tower…, and then, bumibili ako ng bahay, at nagpapagawa din ng mga building din sa GenSan at sa iba’t ibang lugar. Of course, nag-iinvest kami…Sine-save namin para sa kinabukasan ng mga anak namin,” Pacquiao says in a recent interview with ABS-CBN’s Dyan Castillejo.

For the BIR though, Pacquiao’s contribution will help them increase their already low collection for the year.

However, they admit that with just two months to go before the year ends, it is already too late to reach the annual revenue target of P798 billion.

Due to revenue collection shortfalls coupled with increased rehabilitation spending due to recent typhoons and the economic crisis, the government has already breached its full-year budget deficit target of P250 billion.

It is now trying to privatize properties and assets to keep the deficit at the P280 billion level by year end.
Thanks to Zen Hernandez, ABS-CBN News for this info.

NEW YORK — What word sums up 2009? How about unfriend?

That’s the New Oxford American Dictionary’s 2009 Word of the Year. It means to remove someone as a friend on a social networking Web site such as Facebook.

Each year Oxford University Press tracks how the English language is changing and chooses a word that best reflects the mood of the year.

Finalists for 2009 also included netbook, which is a small laptop, and sexting, which is sending sexually explicit texts and pictures by cell phone. - AP

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