The National Evangelical Church, Bahrain is a mosaic of diversity that has stood as an ever-evolving witness to God's faithfulness in Arabia. We are celebrating our centennial. I am humbled to be part of the committee in charge of the historic exhibition. I am merely a warm body in the committee but I thank God, nonetheless, for the opportunity. Praise the Lord! 

HSBC's fearless forecast: P47.50 to $1

SAYS SUSTAINED FISCAL DISCIPLINE TO AID PESO
Posted: 3:43 PM | Feb. 19, 2006
Michelle V. Remo, Inquirer

Published on Page B1 of the February 20, 2006 issue of the Philippine Daily Inquirer

HONG KONG Shanghai Banking Corp. (HSBC) said the peso could appreciate to below 50 to a dollar and even get a credit-rating upgrade before the end of the year if the government's positive fiscal performance in 2005 would be sustained.

Arnulfo Veloso, HSBC treasurer and head of global markets, said in an economic forum last week that the peso could hit 49.50 against the greenback toward June, and further strengthen to 47.50 in the fourth quarter if the government's revenue targets would be hit.

"Markets may price in a credit upgrade should fiscal numbers improve and should we have a stable political landscape," Veloso said during last Friday's Economic Review and Outlook for 2006 organized by the Management Association of the Philippines (MAP).

He said oil prices were not expected to be as volatile as last year because of the projected slowdown in the growth of the world economy that would dampen demand. The Philippines, which imports most of its oil requirements, is therefore not likely to experience pressures on its currency given the softening oil prices.

Last year, the Philippine government surprised many by posting a budget deficit of only P146.5 billion, way below the official target of P180 billion set for 2005.

The lower-than-programmed deficit was due to tightened spending and higher revenues collected from state-owned firms and investments of the Bureau of the Treasury in dollar-denominated sovereign bonds.

But Veloso said the positive fiscal performance last year should be sustained if the government wanted to finally get the elusive upgrade on the country's credit ratings and for the peso to strengthen and breach the 50-to-a-dollar mark.

If fiscal numbers would not be as good as expected, then the peso could stay within the 53 level, he said.

The national government's budget deficit for January is expected to be announced anytime this week.

National Treasurer Omar Cruz earlier expressed optimism that the target of reducing the deficit to P124.9 billion for the full year was not difficult to accomplish. He cited the decline in interest rates as a factor, explaining that this reduces the cost of the government's borrowings.

For the first quarter, while it is yet to be seen whether the fiscal targets for the full year would be attained, Veloso said the peso would range between 51.75 to 52.75 to the dollar.

Veloso added that interest rates were expected to be stable this year, with the Bangko Sentral ng Pilipinas seen keeping the benchmark rates at 7.5 percent given the high level of liquidity in the system.

Japan apologizes for ‘Battle of Manila’

Japan apologizes for ‘Battle of Manila’
By Evelyn Macairan
The Philippine Star 02/19/2006

After 61 years, an official of the Japanese government yesterday finally apologized to the victims and relatives of the estimated 100,000 non-combatant Filipinos who perished in the historic Battle for the Liberation of Manila.

The speech delivered by Japanese Ambassador Ryuichiro Yamazaki was the most awaited part of the commemoration of the historic event through a wreath-laying ceremony before the marker of Memorare-Manila 1945 near the Manila Cathedral in Intramuros.

"The terror that each Filipino man, woman and child must have experienced in Manila 61 years ago is beyond the imagination of any human being," he said.

"With this historical fact in mind, I would like to express my heartfelt apologies and deep sense of remorse over the tragic fate of Manila," the ambassador said in an emotional speech.

"About 100,000 Filipino civilians were killed, many of whom suffered atrocities by the Japanese military," he added.

The Battle for Manila began on Feb. 3, 1945 and lasted 28 days.

Former ambassador to Spain and Memorare-Manila 1945 president Juan Jose Rocha said that while the devastation of the city of Manila happened more than six decades ago, the wounds of war could not completely heal unless there was repentance on the part of the aggressor.

Rocha, now 68 years old, lost 14 members of his family during the 1945 bombardment of Manila.

The Japanese ambassador said that while this is not the first time that a ranking official of the Japanese government had asked for the forgiveness of the atrocities committed by their military for the civilians who died in Manila in 1945, this is not the first time that their country has apologized for the wrongdoings during World War II.

Japanese Prime Minister Junichiro Koizumi, he said, made a "comprehensive apology" during a conference in Jakarta, Indonesia last year and issued a similar comment.

Yamazaki explained that it was only yesterday that he had the opportunity to express his regret for the events that took place 61 years ago as it was the first time for him to be invited to attend the commemoration of the Battle of Manila.

He said he was pleased that despite the war, the Philippines and Japan have now established good relationships and Japan has in fact become a top trading partner of the Philippines and one of its largest foreign investors.

This year, the two countries mark the 50th year of the "normalization of diplomatic relations."

"Our two governments have declared 2006 as the Philippines-Japan Friendship Year to celebrate the past 50 years of shaping the very warm relations between our two countries and our two people," Yamazaki added.

Former ambassador Miguel Perez-Rubio, who headed the Presidential protocol during the term of former President Corazon Aquino, said that being incarcerated for two months in a Japanese prison called kempeitai might have saved his life. His family was killed because they were in Manila.

Perez-Rubio, now 80, said the loss of his family was very difficult to forget. "I was shocked to learn that one day my family had been wiped out."

However, he said yesterday’s commemoration was a good occasion to move forward.

"Let’s start a new chapter, let us start a new page in history, a page of friendship. Of course, personally I cannot say I will forget what happened to my family, it’s something very personal to me," he added. — With AFP