LOS ANGELES/ORANGE/INLAND
Donna Villa, producer and wife of Carlo J. Caparas, dies See ENTERTAINMENT, page 15
VOL. XXIII, NO. 51 LOS ANGELES / ORANGE COUNTY / INLAND EMPIRE
January 21 - 27, 2017
The leading source of news and information for Filipino-Americans
CHINA DEPLOYS HEAVY WEAPONS IN SPRATLYS PHL to deal with China ‘diplomatically’ – Palace
MANILA, Jan. 17 (PNA) – Malacañang emphasized on Tuesday the need to formally deal with the existence of anti-aircraft and anti-missile weapons installed by China on its man-made islands in the South China Sea. “Aggressive and provocative diplomacy will bring us nowhere so we dealt with the issue formally,” Presidential Spokesperson Ernesto Abella said in a press statement. Abella said the Philippines through the Department of Foreign Affairs (DFA) has issued a note verbale to China to protest the weapon systems buildup in the disputed territory. “The Philippines will continue to assert its sovereignty over disputed territory in the South China Sea while remaining consistent with the efforts of President Dute-
rte to revitalize longstanding ties with China,” Abella said. “As always, we shall staunchly support all efforts to maintain peace and stability in the region,” he added. According to media reports, China installed the weapons systems on all seven of China’s newly-constructed artificial islands to guard the area against missile attacks. See HEAVY WEAPONS , page 7
Should Fil-Ams keep buying condos in PHL? By Abner Galino
Money makes money. No argument on that. And this truth happens in million of ways. But money, in most cases, does not make money in an instant. Some people make money by spending their money and then waiting patiently for things to happen. Lisa Pacheco Chow, a Los Angeles-based beauty pageant organizer and en- Lisa Pacheco Chow trepreneur, owns three condominium units in the Philippines. She owns a 49-square-meter unit at the Twin Lake in Tagaytay City, a prime tourist destination. The unit is now valued at P7 to 8 million. Chow has two other smaller units in condominium buildings inside the Fort Bonifacio Global City, better known as the Fort, situated in the booming southeastern Metro Manila suburb of Taguig. Obviously, Chow who is still many years below the retirement age, is on a business venture. “This (buying condominium units and other properties in the Philippines) is better than putting your money in the bank. It does carry some risks, but it if you are smart and careful, you would be OK,” says Chow. Chow has three options as far as her condo units are concerned: One, she could resale the units and could likely earn an estimated 20 to 26 percent gain (within three year after See CONDOS, page 7
Miss Universe candidates join a Panagbenga-style parade during their tour in Baguio City, on Wednesday. 87 beauties are currently on a series of tours around the country as part of Miss Universe’s ancillary events ahead of the coronation night on January 30.(MNS photo)
Cagayan de Oro City under state of calamity MANILA, Jan 17 (Mabuhay) – The city of Cagayan de Oro has been placed under a state of calamity early Tuesday after heavy rains caused massive flooding. Major streets were submerged in floods on Monday due to heavy rains brought about by a low pressure area in the vicinity of Kabasalan, Zamboanga Sibugay and the tail-end of a cold front. Floods reached the chest-deep level in
See CAGAYAN, page 7
Non-Asian banks indicate interests in PHL By Joann Santiago
MANILA, Jan. 17 (PNA) – Resiliency of the Philippine economy and full liberalization of the domestic banking system for foreign investors make the country attractive not only to Asian but non-Asian stakeholders. Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco Jr. stressed this on Monday night during the launch of Taiwan’s First Commercial Bank’s domestic operations, one of the first nine foreign banks authorized to operate in the country after Republic Act (RA) 10641 or the Act Liberalizing the Entry and Scope of Operations of Foreign Banks in the Philippines was made into law in July 2014. Tetangco said the number of non-Asian
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some areas. Even malls and hospitals were flooded. Vehicles were submerged in floodwaters. Some areas lost electricity, and there were houses made of light materials that were swept away by the flood. Code Red was raised by the Cagayan de Oro city government after the water level in Iponan River reached a critical level. The government has imposed forced evac
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banks that have indicated interest to operate in the country is “substantial” but he declined to elaborate. He said these foreign financial institutions are looking at partnering with local players instead of opening a new branch. He earlier said that six Asian banks have earlier expressed interest to operate in the country but have yet to formalize their intention. As of end-2016, central bank’s policy-making Monetary Board (MB) has authorized nine foreign financial institutions to operate in the country. Aside from First Commercial Bank of Taiwan, the other foreign players that re See NON-ASIAN, page 7
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