The Philippine Ship Agents Association (PSAA), a professional organization of 47 shipping companies engaged in foreign trade, has elected its officers and members of the board for 2013 at the Midas Hotel, Roxas Boulevard, Pasay City. Inducted were Virginia C. Madlang-Awa, President; Virgilio F. Angeles, Vice President-Internal; Leo Philip G. Buñag, Vice President-External; Walter L. Coronel, Secretary; Ruben M. Santos, Treasurer; Ernan D. de Leon, Director; Sophia M. Grande, Director; Joselito B. Ilagan, Director; Ligert Bryan Lee, Director; Rogelio C. Salonga, Director; Arnel C. San Diego, Director; Abraham V. Tablizo, Director; Jesus V. Verocel, Director; Raoul B. Viray, Director; and Robert Y. Yu, Director. The inducting officer was former LFTRB Chairman, Albert C. Suansing, while Atty.Nicasio Conti of MARINA as guest speaker.
“Due to base year effects, the first quarter may see inflation average at 3%, but the trend would be downward in subsequent quarters. We expect full-year inflation to average 2.8%,” says FMIC-UA&P.
“Government bond yields would continue to ease, albeit at a slower pace. Since short-term T-bills are already very low, the action would likely occur in the far end of the curve.”
FMIC-UA&P believes that foreign flows would continue to drive the equities market in 2013. “Our call for the PSEi is 6,800 by the end of 2013 based on assumptions of an 18% earnings growth and 18.5x price-to-earnings (P/E) ratio.”