What’s (possibly) in store for entrepreneurship in the new administration

Despite the backlash that outgoing President Macapagal-Arroyo has been receiving from all sides regarding several graft and corruption cases pinned to her name, she was hailed as the “entrepreneur champion” during the 20th Negosyo Seminar. The Negosyo Seminar (NegoSem), was held last June 17 in Ms. Arroyo’s hometown in Lubao, Pampanga. Presidential consultant for entrepreneurship and Go Negosyo founder.Jose Ma. “Joey” Concepcion III, was the one who awarded Ms. Arroyo during the event.

In another event related event held in Pampanga also, Bangko Sentral ng Pilipinas (BSP) Gov. Amando M. Tetangco Jr. cited that the financial reforms implemented under Ms. Arroyo’s watch “enabled the Philippine financial system to remain resilient amidst the global financial storm.” BSP Deputy Governor Nestor Espenilla Jr. also said that the country’s microfinance initiatives have been positively noted by international organizations, according to one of their reports.

However badly tarnished the outgoing president’s image might be, these initiatives have encouraged and allowed for small to medium businesses to flourish under her term. However, can the new administration keep entrepreneurs in high spirits as well? In Philippine Chamber of Commerce and Industry President Francis Chua’s first draft of a 100-day economic agenda for the new administration, he states that more reforms are “needed to improve the country’s business and investment climate”, including finding ways to reduce the cost of doing business and job creation.

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Thinking of putting up a business but unsure of what’s REALLY at stake? In today’s fickle economy, it is vital to get one’s bearings right in the process of breathing life into business ideas. Sign up for our FREE* Entrepreneurship Seminar on July 6, 2010 (Tuesday) and get everything you need to back up your entrepreneurial dreams! In this workshop, you will assess:

• The Entrepreneurial Personality and Mindset
• The Regulatory Considerations When Starting a Business
• The Business Plan
• Accounting for your Business
• Action Planning

For more details or to reserve a slot now, click here!

*Training fee waived –all you need to take care of is Php500 for lunch and training kit.

EAA 3rd Year Anniversary Seminar Offers

We would like to celebrate our 3^rd Year Anniversary this month by launching our all-new PACKAGED PROGRAMS!

We would like to take this opportunity to show our gratitude and give back by offering 2-3 bundled seminars which are aimed towards a ladderized form of higher learning particularly in the fields of accounting and finance for continuous organizational and individual career development.

With accounting as a vital, indispensable part of sustaining and managing businesses and organizations of all types and sizes –small to medium enterprises, corporations, profit and non-profit groups – Entrepreneurs Accounting Academy recognizes and puts emphasis on the need for practical business solutions in order to keep up with today’s volatile economy. Our programs are directed straight towards this thrust, hence the formulation of constantly updated programs that are abreast with the latest accounting and finance trends. We stand to deliver real solutions to real issues with our highly interactive seminars that put textbook theories into practice.

We, at Entrepreneurs Accounting Academy, are inviting you to check out our new offers which are guaranteed to be a worthy investment of your time. Click here to visit our website to see our regular offers and our Program Packages to see how you can save as much as Php6, 300!

Philippine growth forecast increases to 3.5%, says World Bank

Last Monday, the World Bank has raised its 2010 economic growth forecast from 3.1% to 3.5% due to a recovering global economy and increased private consumption and public spending. “Growth in private consumption is projected to hold up well in 2010,” World Bank senior economist Eric Le Borgne said. “The rising precautionary savings that dampened spending in 2009 will likely diminish as consumer expectations gradually improve over the next 12 months.”

An expansion in the economy is seen to grow ranging from 2.6% to 3.6%. Aside from exports, consumer spending fuelled by the upcoming national elections, remittances also remains to be a booster of consumer spending. However, climate conditions still pose a problem to the economy. “A worse-than-expected El Nino could pose serious risks to the country’s growth prospects and trigger larger increases in hunger incidence,” Le Borgne said. Due to the severe drought, an estimated 800,000 tonnes of paddy rice may be damaged.

In order for the government to meet a target of fiscal balance by 2013, the World Bank recommended a moratorium on tax-eroding measures, rationalisation of fiscal incentives and adjusting excise taxes for tobacco, alcohol and gasoline, among others. The Philippines has forecast a 2010 budget gap of P293 billion ($6.4 billion), or 3.5% of GDP, slightly lower than the 2009 deficit of a record P298.5 billion, hoping revenue collection would improve as the economy recovers.

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Not a firm believer of the real usefulness of budgeting in corporate and business management? Having a tough time weighing the pros and cons of the role that budget would play in organizational growth? Check out our Budgeting and Forecasting Seminar and see from both sides of the spectrum! This intensive and highly participative program will be tackling the essentials of budgeting as well as newer developments that have emerged throughout the years. Click here to find out more!

Asian economy on the rise; Sustainability still needed

Based on forecasts made late last year, Asia is showing speedy signs of economic rebound according to the IMF in its Regional Economic Outlook for the Asia and Pacific Region. In this report, there is a 5¾ percent growth forecast for Asia in 2010, a shift of progress in domestic demand and continued sustainability until full recovery is achieved.

To achieve sustainability, Anoop Singh (Director of the IMF’s Asia and Pacific Department) emphasized the need for “better social safety nets to reduce precautionary savings and structural reforms to boost productivity and improve the allocation of resources across the economy”. This sounds like an echo of what was discussed in one section of the 11^th Convention of the East Asian Economic Association last November 2008. In the Keynote address, delivered by President of the Asian Development Bank (ADB) Haruhiko Kuroda, he also mentioned the importance of the strengthening of financial systems to ensure continuous funding of priority needs, the development of robust credit risk management systems and strengthening of existing systems rather than conducting a complete overhaul of faulty ones.

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Is your organization in need of a fresh set of eyes and new tips in handling credit risk? Check out our Credit Risk Management Seminar and have a clearer outline of Credit Risk models to see which one fits your organization best. Click here to find out more.

Strong remittance inflow to continue in aiding RP economy

Our overseas workers are known to make headlines wherever they’re designated.  Dubbed as the country’s “new heroes”, what was previously seen in a less noble light is now seen as one of the key factors that help curb the economic crisis in the country. Of course, the silver lining that surrounds the “heroic” aspect is indispensable – (some OFWs being known for more infamous reasons) but objectively speaking, whether they grace the headlines with infamy or courageous acts of honesty and heroism, the fact remains that their remittances have proved to be a huge contribution to Philippine economy.

OFW remittances played a huge role in saving the economy of amidst the worldwide economic recession. “Healthy remittances and government spending are expected to support the Philippine economy,” Jong Wah Lee, ADB chief economist told in a briefing. ADB also maintained its growth forecast of 3.3 percent for this year.

Metrobank also stated in its latest Economic Weather Report that the said the robust growth in remittances would boost the peso and the domestic economy. “Remittances, which could post double-digit growth this year, amid better economic conditions, would give support to the peso,” the lender said. While remittances generally help promote economic development by giving access to financial services for the sender and recipient, the country still faces many economic challenges left over by the series of typhoons from last year.

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Intimidated by number-heavy financial spreadsheets and reports? EAA’s Financial Analysis Tools & Techniques Seminar is becoming increasingly vital in equipping business decision-makers with the proper knowledge needed to interpret business situations and apply financial principles. In just one intensive day of training, you’ll become fully versed in the financial analysis tools and techniques you need to properly assess business risks and opportunities. Click here to register or find out more about the seminar.

Economic growth in developing countries looking brighter than expected this year

As opposed to bleaker previous economic forecasts made in the last quarter of 2009, the International Monetary Fund (IMF) yesterday released a new and more optimistic forecast of economic activities for this year. In its reports, the IMF stated that recovery in advanced economies “is still expected to be weak by historical standards, with real output remaining below its pre-crisis level until late 2011,” but emerging and developing countries will have relatively more vigorous activities due to strong internal demands. The IMF also expects inflation rates to be kept at a minimum in most economies due to excess capacity.

Some of these countries in particular include Southeast nations such as Thailand, Indonesia and the Philippines. According to a study conducted by the Asian Development Bank (ADB), “prospects for 2010 look relatively good in the Philippines with domestic factors such as rebuilding work in the wake of two devastating typhoons in 2009, and national elections, likely to fuel growth”.

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Want to know the factors that control your costs? Or for consumers, do you wish to have a better grasp of the real deal between costing and pricing? Attend our Costing & Pricing Seminar and find out how commodity pricing is determined, or for business decision-makers, check to see if your prices are within the normal market range. Sign up here to explore the various costing and pricing methods, and see how it affects your business and consequently, your budget.

Some things entrepreneurs (or would-be entrepreneurs) might want to know about this year

Whether you’ve been in the business or entrepreneurship industry for years, or have just started toying with the idea of putting up a business as another (or sole) source of income, knowing the financial and economic trends could become a factor to how well your business could do this year.

In an article called “The entrepreneur’s gut feel for 2010” by Ned Roberto and Ardy Roberto for Inquirer.net, they discuss some scenarios that will most likely happen to the business sector that will affect both sellers and consumers. One such scenario is that from a wide perspective, money will continue to flow in from OFWs all over the world as opposed to what the World Bank predicted for this year, says economist Bernardo Villegas. In fact, there’s even an increase in remittances. Why? Because among all the workers laid off in a number of countries around the world due to the recession, Filipino OFWs are not among them.

Another piece of good news is that Banks are reporting that Filipinos are becoming more “savings savvy”. There has been a noticeable double-digit growth in savings deposits, which is indeed a good sign for us Filipinos who have previously been dubbed as one of the worst savers in Asia. On the spending side, ironically, trends point towards an increase of sales in luxury products this year. Particularly “feel-good” products will most likely be popular among middle class consumers, such as those affected by the recent flooding brought about by Pepeng and Ondoy. Concerts and movies are also predicted to make a comeback this year, so for music and film aficionados, this year looks promising (especially for those involved in this industry, sales are going to look pretty bright for them in this aspect).

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Are there some business ideas brewing in your head but not equipped with the necessary tools on how to get started? Entrepreneurs Accounting Academy is eager to help you out – register for our Entrepreneurship Seminar which we will be offering for free. All you have to take care of is a fee of 500Php (for snacks, lunch and training kit), and you will be receiving a comprehensive yet practical guide towards a booming career in entrepreneurship. In this seminar, you will be informed about all the necessary requirements needed to start up, manage and turn your business idea into an income-generating enterprise. Click here to register and find out more about this seminar.

Be in command of your own cash flow in 2010

Good news for entrepreneurs –expert economists foresee a more notable economic recovery for the country this year. Although the economic curve might not be as steep as the those in the past, it is undoubtedly looking much brighter than the one seen in 2009.

A good entrepreneur knows that positive business returns aren’t exclusively dependent on economic trends, but also heavily dependent on good business management. Having cash readily on hand is just one step of the process, but steering it towards becoming an income-generating tool requires proper execution, sound decision-making skills and effective cash flow management. Having a positive cash flow enables businesses to be sustained not only on a short-term basis, but to prosper and expand its potentials.

For both entrepreneurs and consumers, are you looking for new, creative ways to make your money work better for you this year? Entrepreneurs Accounting Academy is eager to help you out with its Cash Flow Management Seminar, which will help you understand both the constant elements and the changing dynamics of cash flow management. Ready to equip yourself with the skills and knowledge needed for a more prosperous year ahead? Click here to find out more!

Consumer prices seen to rise in 2010

Jan. 5 – Consumer price in the Philippines has reached its peak after eight straight months, with inflation progressing in the last month of 2009 particularly in commodities such as oil and food costs. Since the Philippines depends mainly on its imports of oil, the 60% increase within a span of twelve months is not surprising.

However, the government’s stimulus plan of 330 billion pesos that concentrates on the interior front, providing job vacancies and cash handouts for households, helped to raise demand levels after it was hit by the worst recession since WWII, so prices increased since demand is recovering.

Experts, however, show pessimism about the Philippines’ economic recovery which appeared to be slow, and it is anticipated to retain this pacing until the third quarter of this year. The inflation rates have placed some pressure on the central bank to start raising interest rates from its low records in order to control inflationary pressures. However, consumers will be relieved to know that interest rates will be the last thing to change this year, according to Diwa Guinigundoi the central bank deputy governor. The central bank is also keeping watch of the increasing interest rates in order to control the accelerating inflation especially with energy and food prices continue to rise.

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Are your margins what you think they are? Are price wars an imminent threat to your organizations revenues and profit? How do we design our systems in such a way that we maintain a balance between our prices and our costs relative to market levels? For consumers, is the best price the best choice? Entrepreneurs Accounting Academy invites you to register for our comprehensive Costing & Pricing Seminar, which would answer these questions and give you practical strategies in costing and pricing methods.

Philippine economy to bounce back in 2010

Now that the holidays are over, its time to get back in the game and take a look at what lies ahead in the year 2010. With the combination of the various tragedies, calamities and atrocities that have taken place in the Philippines last year, Filipinos approach the New Year with either open arms and a sigh of relief, or fear and skepticism.

In the economic aspect at least, Filipinos can look forward to a year that seems to bring promising improvements. According to National Economic Development Authority (NEDA) Director Dennis Arroyo, the country is heading for rebound by 2010 even assuming that the global recession lingers, with election-related spending mainly feeding growth.

According to Arroyo, some of the undertakings expected to bear fruit in 2010 include the following:

• Completion of infrastructure projects constructed starting 2007, particularly the North Luzon Expressway, Subic-Clark-Tarlac Expressway and new Metro Rail Transits (MRTs).
• Benefits of the FIELDS project of the Department of Agriculture meant to improve agricultural productivity. (FIELDS stands for Fertilizer, Irrigation and other rural infrastructure, education and extension work, Loans, Dryers and other post-harvest facilities, and Seeds)
• A boom in several industries such as offshoring and outsourcing, real estate, tourism, mining, renewable energy and retirement estates.
• An increase in demand for overseas Filipino workers (OFWs) due to demographics of the aging population around the world like Canada, Korea, Japan, Singapore and the United States.

As per Philippines economic forecasts it has also been predicted that in 2010 imports would go up and would range within 12 -14 percent.

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Entrepreneurs Accounting Academy wishes everyone a Happy and prosperous New Year!  With the holidays over, we’re back in business with our training and seminar offers. EAA will be holding a Budgeting and Forecasting Seminar, which is a course aimed at delegates who are, or soon will be, actively involved in budgeting and who want to understand how to make this management tool work to best effect in their organization. What better way to start than year than by planning and managing your resources? Click here to sign up or know more about this highly informative and interactive seminar.

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