Saturday, February 23, 2013

Chef Wolfgang Puck: 19 years of feeding Oscars' hungry


HOLLYWOOD - Hollywood's biggest stars, after weeks of dieting for the Red Carpet, finally get to pick up their cocktail forks again at the glittering banquet the follows Sunday's Academy Awards ceremony.

Celebrity chef Wolfgang Puck has the daunting task of preparing a post-Oscars spread worthy of the wait.

Puck will feed the 1,500 hungry guests attending the glitzy Academy Awards, one of the most glamourous on the US social calendar -- a gathering of Hollywood's most powerful and best known stars, directors, producers, and movie studio heads.

Puck, who has catered the event for nearly 19 years, says he aims to create a culinary experience as unforgettable as the Oscars ceremony itself.

"This year we're going to have a party," he told AFP.

"These people are so hungry by the time they come out of the theater that everybody looks for food," the Austrian native said.

Puck, responsible for catering a reception held inside the Dolby Theatre just before the Oscars begins, has the even bigger job of providing the meals at the Governors' Ball after the ceremony is over.

The 63-year chef says he's undaunted by the challenge. He has spent weeks of testing and perfecting the nearly four dozen dishes that he will serve.

"When you come out, you are going to have this great sushi bar, you're going to have a big shellfish station," Puck said.

One indispensible element of the soiree is an array of finger foods.

"We are passing around different appetizers, like our mini burgers, our smoked salmon Oscars, little empanadas, little spring rolls," he said.

A kitchen staff of 350 has been enlisted to ensure that thousands of appetizers, small dinner plates and desserts are flawlessly plated on Hollywood's most glamorous night, and the carefully handcrafted dishes and drinks will be served up by an army of 600 waiters and bartenders.

"When people sit down, we offer them little salads... and then warm dishes, like 12 different main courses -- from baked potatoes and caviar to tortellini with truffles and lamb and lobster," Puck said. "You name it, we have it."

Puck moved to the United States at the age of 24, opening such legendary eateries over the years as Ma Maison and Spago on Sunset Boulevard, before that upscale resaturant moved to Beverly Hills.

The master chef now reigns over a culinary empire including upscale restaurants in Detroit, Las Vegas and Los Angeles and elsewhere in the United States, as well as numerous establishments in other countries.

Puck also provides sustenance for millions more via a thriving cottage industry of cookbooks, catering enterprises and ready-to-eat meals sold in US supermarkets.

Nowhere is the art of feeding masses of people well, quite the challenge that it is at the Oscars. But after a score years of catering one of the world's swankest after parties, Puck says he doesn't allow himself to get unnerved by the task. "I don't get nervous at all," he said.

"The only time I get nervous is half an hour before, because I don't want to start too early and hopefully that everything works fine."

Like many chefs, Puck enjoys innovating in the kitchen, some members of the Academy of Motion Pictures Arts and Sciences, who come to the Oscars ceremony regularly, actually want the same dishes year after year, prepared by Puck's exacting hand.

"We have to make our chicken pot and the Oscar salmons and the golden chocolate Oscar -- that's a tradition," he said.

And once the glitterati are fed and the meal is over, Puck said, "the whole world is going to be happy."

source: interaksyon.com

Friday, February 22, 2013

HSBC raises growth forecast for Philippines


MANILA - HSBC has upgraded its growth forecast for the Philippines on the back of government spending, loose monetary policy and an improving global economy.

In a research note, the London-based bank said it raised its forecast to 5.9 percent form the initial estimate of 4.9 percent.

HSBC said the Philippines would grow faster than initially predicted, given signs of recovery in Japan and the US, and of accommodative monetary policy around the world.

For the first quarter of this year, HSBC sees Philippine gross domestic product (GDP) growing 6 percent, slower than the 6.8 percent in the fourth quarter of 2012. Growth would further slip to 5.7 percent and 5.4 percent in the second and third quarters, respectively, before picking up to 6.5 percent in the fourth quarter.

This would bring full-year growth to 5.9 percent, or a tad lower than the government's full-year target of 6-7 percent.

Trinh Nguyen, HSBC economist, said the bank expects Philippine exports to benefit from "Abenomics," referring to the economic policies of Japanese Prime Minister Shinzo Abe.

Nguyen said domestic demand would remain the main prop for Philippine GDP, adding that remittances would stay steady this year and expand by 6.3 percent given more job contracts in the Middle East and Asia.

The country's growth story is also supported by positive political and macro news, with the Aquino administration gaining public trust, as shown by surveys, due to its fiscal consolidation and anti-corruption thrust, Nguyen said.

Because of the "sensible" fiscal and monetary policies, the country will likely earn an investment grade status from the major credit rating agencies by the second half of this year, she said.

While the Philippines has enjoyed strong portfolio inflows, the same cannot be said of the job-generating foreign direct investments (FDI), HSBC said.

It said foreigners are still wary of putting their money into factories and other long-term bets, as shown by the lackluster performance in the area of FDI, flows of which were flat in the first 11 months of last year at $1.2 billion.

"FDI inflows are more indicative of investors’ perceptions of the government’s progress in resolving long-standing challenges. While attaining an investment rating upgrade will likely have a positive effect on FDI inflows as funding becomes cheaper for corporations, foreign investors will be watchful of reform momentum such as improving electricity production, transportation, and most importantly easing restrictions on foreign ownership," Nguyen said.

She said reform in foreign ownership, for one, would take long in coming, the earliest in 2016 when President Benigno Aquino III "can afford to use his political capital to change the Constitution."

Another bane of the country is the underperformance of the Aquino administration's public-private partnership (PPP) scheme, leaving government to shoulder most of the infrastructure spending, which in turn would hinge on tax collection improvements, HSBC said.

In this regard, the Aquino administration would have no choice but to increase tax rates of expand the tax base, starting with the mining sector reform, the bank said.

"At the moment, both seem politically unviable. As such, FDI inflows will continue to underperform in the coming years," Nguyen said.

While surveys indicate that the upcoming mid-term elections would lean towards the administration party winning, HSBC said the more crucial signal is succession after Aquino steps down in 2016.

"What’s more noteworthy to watch is the replacement of President Aquino in 2016, which would signal whether the reform momentum in the Philippines will be sustained. While a foundation is laid, reforms to long-standing challenges are still required. With the international community cheering it on, this is an opportunity that leaders of the Philippines should not squander," Nguyen said.

source: interaksyon.com

Thursday, February 21, 2013

Sony bills PS4 console as gaming’s future


NEW YORK — Sony unveiled a new generation PlayStation 4 system Wednesday and laid out its vision for the “future of gaming” in a world rich with mobile gadgets and play streamed from the Internet cloud.

At a press event in New York, computer entertainment unit chief Andrew House said PS4 “represents a significant shift from thinking of PlayStation as a box or console to thinking of the PlayStation 4 as a leading place for play.”

Absent from the Sony event was mention of what plans the company had regarding films, music, television shows and other digital content offered on the PS4.

In a move that was not lost on observers, there was no glimpse of a PlayStation 4 at the launch event.

“It was odd that Sony did not show a physical device,” said Gartner consumer technologies research director Brian Blau.

“These days, people love beautiful devices, especially because of Apple.”

Sony spoke ambiguously about the device, leaving much to the imagination during a two-hour presentation aimed primarily at gamemakers and players.

“They don’t want to give it all away, which is the nature of the industry,” Blau said. “Sony was really trying to get developers excited about what is going on.”

PS4 was designed to get to know players, ideally to the point of being able to predict which games people will buy and have them preloaded and ready to play.

It also allows to gameplay to be broadcast in real time, letting friends virtually peer over one another’s shoulders and gamemakers act as “directors” guiding players along.

Sony has also given a green light to building “the most powerful network for gaming in the world,” according to David Perry, chief of the Gaikai cloud gaming company that Sony purchased last year.

Gaikai specializes in letting people play videogames streamed from the Internet “cloud” instead of buying titles on disks popped into consoles or computers.

“By combining PlayStation 4, PlayStation Network and social platforms, our vision is to create the first social network with meaning dedicated to games,” Perry said during the event.

He spoke of letting people access and play videogames on the Internet using PS4, smartphones, tablets or PS Vita handheld devices.

“We are exploring opportunity enabled by cloud technology with a long-term vision of making PlayStation technology available on any device,” Perry said.

“This would fundamentally change the concept of game longevity, making any game new or old available to get up and running on any device, anywhere.”

Sony needs to adapt to changing lifestyles while not alienating videogame lovers devoted to its hardware.

Low-cost or free games on smartphones or tablet computers are increasing the pressure on videogame companies to deliver experiences worth players’ time and money.

A PlaySation App will let iPhones, iPads or Android-powered smartphones or tablets be used as “second screens” augmenting play taking place on televisions connected to PS4 consoles, according to Sony.

Sony said the PS4 would hit the market in time for the year-end holiday season but did not provide details.

New-generation consoles are typically priced in the $400 to $500 range, and blockbuster game titles hit the market at $60 each.

Using Gaikai streaming technology to let people play PlayStation 3 titles on PS4 hardware was likely aimed at calming worries that fans switching to the new system would be forced to give up beloved older games, according to Blau.

He was unimpressed by word the PS4 would integrate with Facebook, saying that “pretty much everyone else” already has hopped on the trend of syncing with the leading social network.

“I’m a little worried about their integration of social,” Blau said. “You would think that a company like Sony would have lots of experience in exposing users to social mechanisms, and I didn’t see that today.”

He referred to the PS4 as evolutionary rather than revolutionary.

“Sony believes the future will be like the past and has built the game console to prove it,” Forrester analyst James McQuivey said in a blog post.

“While the technology that goes into the console is definitely of the future, the idea behind the PS4 is rooted firmly in the past,” McQuivey continued. “Specifically, the PS4 yearns for a glory day of gaming.”

Sony shares fell in the wake of the presentation, ending down 1.77 percent at 1,331 yen on Tokyo’s Nikkei index.

Ratings agency Fitch meanwhile warned the new gadget was unlikely to turn the firm’s fortunes around.

It was “unlikely to be Sony’s savior,” Fitch Ratings said, noting the company lost money on the PS3 for the first several years after its launch until production costs fell.

“The competitive nature of the market may also constrain profitability,” the agency said in a note Thursday.

“The key to the product’s success will be price, timing, content and how it compares with the yet-to-be-announced next generation Xbox. None of these details are currently available.”

source: interaksyon.com

Sony unveils new PlayStation 4 console


NEW YORK — Sony Corp unveiled its first video game console in seven years on Wednesday that will let users stream and play video games hosted on servers, hoping the move will help stem user losses, pre-empt the next version of Microsoft’s Xbox and propel it back to the top of the videogame hardware industry.

The company revealed its PlayStation 4 console, which will succeed the PlayStation 3, at a flashy event in New York with game developers like Ubisoft and Activision Blizzard in attendance.

Sony said the console would be available for the holiday 2013 season. It did not immediately disclose pricing.

The console will be up against the next version of the industry-leading Xbox console, which is expected later this summer.

The controller on the new console dubbed “DualShock 4″ will have a touch pad, Mark Cerny, lead system architect on PlayStation 4, said.

Sony purchased U.S. cloud-based gaming company Gaikai for $380 million in July. Using that technology, the new console will offer a cloud-gaming service, the company said.

The 8GB PlayStation 4, which has been in development for the last five years, can also instantly stream game content from the console to Sony’s handheld PlayStation Vita through a feature called “Remote Play,” the company said.

Sony has also revamped the user interface on the new console that keeps tabs on user preferences and added social networking features.

Sony’s announcement comes amid industry speculation that Microsoft is set to unveil the successor to its Xbox 360 later this summer. The market-leading Xbox 360 beats the seven-year-old PlayStation 3′s online network with features such as voice commands on interactive gaming and superior connectivity to smartphones and tablets.

Gaining a lead over Microsoft’s Xbox and Nintendo Co Ltd’s new Wii U could help Sony revive an electronics business hurt by a dearth of hit gadgets, a collapse in TV sales and the convergence of consumer interest around tablets and smartphones built by rivals Apple Inc and Samsung Electronics Co Ltd.

Tablets and smartphones already account for around 10 percent of the $80 billion gaming market. Those mobile devices, analysts predict, will within a few years be as powerful as the current slew of game-only consoles.

After six years, Sony PlayStation sales are just shy of Xbox’s 67 million installed base and well behind the 100 million units of Wii sold by Nintendo, according to analysts.

source: interaksyon.com

Breathtaking aerobatics and beautiful air landscapes at 18th Phil Hot Air Balloon Fiesta


Thousands of spectators went to the Clark Freeport Zone as the 18th Philippine International Hot Air Balloon Fiesta kicked off yesterday, February 21.  They were all set to watch balloonists and aviators ignite and fly their balloons from Russia, Sweden, Thailand, and many more countries.

The Balloon Fiesta’s first day were met with problems as strong winds prevented some of the big and irregularly shaped balloons to take flight.  Only about half of the balloons were able to lift off and touch the skies.

One of the hot-air balloon pilots is Russian Igor Naymilov, flying for the first time at the Philippine Hot Air Balloon fiesta. He has been flying since 2000, and for six years now has been a hot air balloon pilot. His balloon is one of the biggest in the fiesta; unfortunately, the crowd on the first day was not able to see his balloon take flight..

Naymilov and his team found out about the balloon fiesta while browsing online. “We were browsing the Internet, searching for fiestas, and found this and decided to come here and we are lucky because Joy Roa, the event organizer helped us come here,” he tells us through his friend Dennis who speaks English.

The Russian balloonist has joined different competitions and festivals in Russia, Ukraine, and most recently last December in Thailand. Naymilov even placed third in a competition in Italy.






Making up for the colorful balloons were the astounding aerobatics given by the Breitling Jet Team, preforming first time in the Philippines. Europe’s largest civilian aerobatic display team left the crowd in awe with their inverted flying, opposite passes, synchronized maneuvers, and many more. The Breitling Jet Team is set to perform more on this dates, February 22, 11 a.m. to 11:30 a.m., February 23, 8:30 a.m. to 9 a.m., and February 24, 8:30 a.m. to 9 a.m.

The French Jet team is here as part of their Asian tour, “we heard about this (the Hot Air Balloon Fiesta), because it is a very famous one, and we expect to have a very big crowd and very organized event and we hope that it would be, from what we have seen it is the case,” shares team leader Jacques Bothelin. “We look forward to seeing the Philippine public, and the flights we will do in the next days.”

Normally, the Breitling Jet team does about 50 displays in about 10 to 12 countries every year, they have reached 32 countries in the world, but it is the first time in Asia, “we mainly fly in Europe, and the Middle East. It is the first time in Asia so we are very excited about that,” Bothelin comments. “I look forward to what I am going to see from the air. “

Bothelin, the team leader for 11 years now, remarks that the shows do not look for danger. “We are all experienced pilots, and it is with this experience that we hope to build and set up a show that people can remember. It is not a one pilot show, it is a team work,” he notes. “It is always a mix of what the pilots can do, and what the aircrafts can do.”

The Breitling Jet Team will give the Philippine public a 25 minute show that is a mix of aerobatics in formation, some splits, coordinated crossovers, various maneuvers.  “I hope you enjoy the precision, and the job we do, it wants to  be an artistical show, (full of) entertainment. The thing is for us to catch the attention of the spectators, and we try to give positive emotions to spectators with the aesthetics of the maneuvers, symmetry, the rhythm, the music, and some surprises in the end,” shares Bothelin

“This year’s Hot Air Fiesta promises to be another feast for the eyes,” shares Joy Roa, PIHABF event director. “We are proud to mark a milestone in the history of Philippine aviation with the participation of the world renowned Breitling Jet Team. That is just the icing on the cake because this year’s balloon fiesta will offer more than aerial entertainment.”

The 18th Hot Air Balloon Fiesta happens from February 21 to 24 at the Clark Freeport Zone.

source: interaksyon.com





Wednesday, February 20, 2013

Pope may change conclave rules before abdication - Vatican


Pope Benedict may change Church rules governing the conclave where cardinals from around the world will meet next month to secretly elect his successor, the Vatican said on Wednesday.

Benedict was studying the possibility of making changes to laws established by his predecessor Pope John Paul before he abdicates on February 28, a spokesman said.

The changes may affect the timing of the start of the conclave. Current Church rules call for the conclave to start around March 15 but there have been indications that it could be held earlier if the rules are changed.

source: interaksyon.com

Google shares top $800 despite Microsoft challenge


NEW YORK — Internet search king Google’s shares pushed past $800 for the first time Tuesday despite a tough new challenge from Microsoft and looming European Union action over alleged privacy violations.

Google’s closed at $806.85 on the Nasdaq exchange, up 1.8 percent from Friday’s close, after having hit $807 during the day.

That pushed the company’s market valuation to $266 billion. The shares were up 14 percent from the beginning of 2013 and 33 percent over the past 52 weeks.

On January 22, Google reported firm 2012 fourth-quarter gains, with profit up 6.7 percent from a year earlier at $2.89 billion. For the full year, Google’s earnings grew 10 percent to $10.74 billion, on revenues topping $50 billion.

Several analysts strengthened their recommendations for the shares with price targets ranging from $800 to $900, the latter from Cantor Fitzgerald.

But the company faces fresh challenges.

In a new push for its Outlook email service, Microsoft has launched a negative ad campaign against Google, asking readers if they have been “Scroogled” by Google’s use of personal data from users of its Gmail service.

“Think Google respects your privacy? Think again,” the Microsoft ads say.

“Google goes through every Gmail that’s sent or received, looking for keywords so they can target Gmail users with paid ads.”

Microsoft says its Outlook service will not scan emails to target online ads.

On Monday France’s CNIL data protection agency said that European data privacy regulators intend to take action against Google after it failed to follow their orders to comply with EU privacy laws.

“At the end of a four-month delay accorded to Google to comply with the European data protection directive and to implement effectively (our) recommendations, no answer has been given,” said CNIL.

National authorities responsible for enforcing data protection laws in the EU said they plan to set up a working group to “coordinate their coercive actions which should be implemented before the summer.”

source: interaksyon.com

Markki Stroem takes dark, sexy route with coveted lead role in Cinemalaya entry


In an old Inquirer.com story, singer-actor Markki Stroem was asked if he preferred to be a matinee idol or a sex symbol.

His reply was instant and confident. “I like variety,” Stroem pointed out. “I don’t think I’ll be a good matinee idol, because I don’t like the pakilig or pa-cute style. I like dark themes. I have no qualms about being a sex symbol. Sexy is a good brand!”

In the dramatic epic “Amor Y Muerte” (Spanish for “Love and Death”), one of the official entries in the Director’s Showcase category of this year’s Cinemalaya in July, Markki Stroem gets a chance to flex his acting muscles and play dark and sexy.

The “Pilipinas Got Talent” Season 1 finalist leads the cast of “Amor Y Muerte”, which also marks the directorial comeback of veteran entertainment editor and filmmaker Cesar “Ces” Evangelista.

The two other main leads of the independent production are Althea Vega and Gino Quintana, who have both appeared in several indie films. “Amor Y Muerte” is actually Markki’s second indie effort after his hilarious portrayal of a transvestite in last year’s Cinema One Originals entry, “Slumber Party”.

In the auditions alone, Markki already left a good impression. A production insider told us of the screen tyro: “Very professional, alam niya ang needs ng role, pero go-go-go siya, a real artist.”

From the get-go, the creative team behind “Amor Y Muerte” made no secret of the requirements from those who wished to vie for the roles of the three main characters – it called for the actors to go au naturel.

“OK pareho ‘yung two guys, sensitive artists both; mga walang qualms sa nudity,” added our source. “Yung (Gino) Quintana, smart din, nalaman ko nang ma-in na Atenista pala siya, Inglesero sa set.”

Both male newbies, continued our source, are a joy to work with. “Nakakatuwa si Stroem kasi gustong matuto ng purong Tagalog for his career, mas type n’ya nagta-Tagalog.”

That the said newcomer is the kind who is determined to make good on his craft is something that this writer could attest to. Born to a Norwegian father and a Filipina mom, Markki was raised in Manila but went to college in Switzerland. That probably explains for the openness to challenges and, as our source stressed, “mulat at sopistikadong pananaw ukol sa sining.”

The family is quite well-off and when Markki welcomed us to the family house in Antipolo which resembled a country club two years ago, the guy struck us as ebullient, straightforward, and positively opinionated. He welcomed arguments and we especially remember discussing with Markki movies we had both seen.

Nevertheless, Markki did face tough competition to win the role of the Spanish soldier in “Amor Y Muerte.” One of the actors who auditioned for the part was the older brother of a network star. “Na-teary-eyed kami sa audition niya, ‘yung internalized na internalized niya ‘yung loneliness and longing for the love of his life. Grabe.”

Markki’s audition, our production insider source noted, was just as riveting. “Ginulat niya kami. I think it’s good for a budding actor to have that sense of desperation to go after a substantive part.”

source: interaksyon.com

Valerie Weigmann is Derek Ramsay’s new love interest on ‘Kidlat’


Things are heating up on “Kidlat”.

TV’s most popular primetime superhero (Derek Ramsay) may have lost his first love Lara (Nadine Samonte) to her current comatose state but just when Joey (Ritz Azul) is beginning to warm up to his alter ego, Voltaire, in comes another mysterious woman who is dead set on coming between Kidlat and his current object of affection.

That mystery woman is Natasha, a sassy and sophisticated fashion designer from South Africa who will be later revealed as the villainess Enigma.


Played by 21-year old Filipino-German “Pinoy Big Brother Teen Edition” alumna Valerie Weigmann, the witchcraft-practicing Enigma is the latest evil character to join Kidlat’s increasing rogues gallery.

Though a little nervous to be part of a successful series, Valerie admits that she’s more than excited to meet everyone—particularly her new leading man.

“Excited at kahit paano kinabahan din ako. I’ve heard so many good things about Derek, like how he’s a gentleman. And it’s true, napakabait n’ya at very supportive to everyone. He’s easy to work with and we also got a chance to talk on the set kasi he has also been to Germany,” Valerie said during the press conference that introduced Enigma and the other new villains of the series, namely Warla (Paolo Ballesteros), Frosta (Shaira Mae) and Fuego (Mark Neumann).

Her name may not ring a bell to some people, but Valerie is a sought-after ramp and commercial model that has graced many print and television commercials since her “PBB” stint. Born and raised in Germany, the towering beauty said she has been based here in the Philippines for the last four years. She also co-owns Manila’s first German-Turkish restaurant named “bamm”, located at The Collective, Makati.

Even with her whistlebait and statuesque figure, Valerie admits that she’s not yet ready to do “super daring roles” or even to pose sexy for the popular men’s magazine, FHM, for that matter.

“As of now, I don’t feel like I’m ready to go sexy. For men’s magazine pictorials? Maybe in the future and depending on the peg. My answer would be no right now but I could be open to doing it someday. Never say never,” she insisted.

What she is ready, however, is to do an independent film, something she’s happy to announce she’s already doing with no less than “Ang Babae Sa Septic Tank” director Marlon Rivera at the helm.

And yes, aside from the “Kidlat” actor, the young actress is quick to name also Piolo Pascual and John Lloyd Cruz on her wish list of leading men someday.

“Piolo in particular, is the typical leading-man type that any actress would love to have,” she quipped.



But even as her character Natasha/Enigma hopes to turn the world of Derek’s character upside down and inside out, Voltaire is not going to be easy pickings for her. She still has to contend with the strong-willed Joey who seems to be winning his heart as of late.

And then there’s Nadine’s character, Lara, who, in a shocking twist, is set to come back to life this week.

“Honestly, I don’t know why my character is back so soon. Dapat mga around week 9 pa ako babalik,” Nadine admitted during the same press conference. “I guess it’s something that the fans really wanted.”

When asked how she feels about the development of Joey’s character as well as the introduction of Natasha/Enigma, Nadine, who has been romantically linked with Derek as of late, said that she has no problem with it.

“Kahit sino naman ang i-love interest sa kanya, mas mabuti ‘yun for his character and for the development of the series as a whole,” she pointed out.

As for Valerie herself, yes, she is well aware of Derek’s reputation as a ladies’ man. When asked if she’s ready to be linked to Derek, she just coyly replied, “Tingnan na lang natin kung ano ang mangyayari.”

“Kidlat” airs weeknights at 6:45PM on TV5.

source: interaksyon.com

Your share of the national debt: P59,000


MANILA - The Aquino administration added nearly a tenth to the national government's outstanding debt last year.

According to the Bureau of Treasury, the government's debt stock rose 9.8 percent to P5.437 trillion in 2012 from the P4.951 trillion the previous year.

This debt is usually settled by new financing, but ultimately the taxpayer foots the bill. Given a population of 92.34 million, each Filipino then is in hock for P58,880.22.

The increase was brought about largely by a 20.7 percent jump in the government's borrowings from the domestic market. Debt owed to local creditors rose to P3.468 trillion last year from P2.873 trillion in 2011.

Foreign obligations fell 5.3 percent to P1.969 trillion from the previous year's P2.078 trillion.

As a result, 64 percent of the government's debt is owed to local creditors, leaving 36 percent with foreigners.

The debt represents the accumulation of borrowings made through the years, as the government makes up for tax collection shortfalls just so it can push through with programmed expenditures, including infrastructure and other capital outlays, personnel compensation, as well as maintenance and other operating expenses.

The annual revenue shortfall gives rise to the budget deficit, which the government finances through borrowings.

The Department of Finance earlier said the government likely ended 2012 with a budget deficit of P235.3 billion, which is lower than the P279 billion ceiling for the period.

source: interaksyon.com