The Postive and Negative Effects of Love - 700 Words

LOVE Concept Love, among the many ideas men have and usually express as their understanding for what love is it can be comprehensively explained as the uncontrolled feeling one has for someone which makes him always wish the best of situations for the loved one (thus the one that is being loved), love comes in many folds some of which include; Biblical love, Romantic love, occupational love among others. Love is usually referred to as the most wonderful feeling on earth. Love is very wonderful and mysterious, in that it comes with so many spiritual backings. Love can be grouped into some few categories these include; ï  ¶ Affection; this comprises the deep emotional attachment one has for another person maybe a friend or a family member. This kind of love is usually found among parents and children. ï  ¶ Romantic; this deals with a situation when is strongly attracted to someone both physically and emotionally which results in the creation of strong sexual attachment to the loved one. ï  ¶ Enjoyment; thus it creates happiness and a good on workable environment. Positive Effects of love Love, like all other social commitments comes along with numerousadvantages and disadvantages, love also has some main advantages and disadvantages, and these are clearly elaborated below. Advantages;Show MoreRelatedCounselling Case Study: A Gay Student at Auckland University1254 Words   |  6 Pagesbehaviours, emotions and physiology. The way in which we process information is a result of our cognitive process, which is shaped by the core beliefs developed through early life experiences (Liese Beck, 1997). For James, his negative life experiences directly resulted in negative core beliefs. James grew up in a â€Å"highly respected and well-educated family.† He gained a desire to want to be respected and successful also, simply because children copy those around them, known as ‘observational learning’Read MoreParental Behavior : Helicopter Parenting1069 Words   |  5 Pagesthe title to parents who have a tendency to â€Å"hover† over their children in order to protect them from failures, disappointments, harm, and faults. Although these type of parents mean well and think that it’s natural defensive instincts and all out of love, by always watching your children’s lives closely and hovering over them it actually affects them when they enter adulthood. The category of parents who are helicopter parents are mainly those who were born in the Baby Boomers generation and are overparentingRead MoreThe Love of the Game: Video Games Essay977 Words   |  4 PagesThe Love of the Game Currently, video games are a part of the lives of nearly all children. Video games are an element of modern life and have a lasting impact. There are various opinions regarding the impact that video games have on young children. For example there are those who believe that video games cause nothing but harm to children. On the other hand, there are others who believe that video games effectively support children’s learning. Educational video games offer children endlessRead MoreSocial Networking And Its Effects On Social Media965 Words   |  4 Pagesadolescents both emotionally and physically which in turn may lead to negative behaviors. An article from procon.org stated, â€Å"The use of social networking sites is correlated with personality and brain disorders, such as the inability to have in-person conversations, a need for instant gratification, ADHD, and self-centered personalities, as well as addictive behaviors† (ProCon.org). Essentially, social networki ng has rising negative influences on teens because of increased cyber bullying, lack of respectRead MorePresident John F. Kennedy1675 Words   |  7 Pagescountrys history you can see that it truly postive effect! The United States of America did indeed make it to the moon, we were the first to get a man to the ground of the moon! My love for speech sprouts from the way President John F. Kenndey truly believed that the USA could not only catch up but surpass any nation escpailly Russia. His worldplay is outstanding, he uses it to engage the USA and to also challenge his political â€Å"allies†. The only negative feedback I have for this speech is his habitRead MoreEssay on State of Americas Children ® 2010 Report2669 Words   |  11 Pagesevery country, anytime, it is a sad truth that negatively effects the lives of many children and families poverty continues to rise and it is now at an all time high. Not to mention the unemployment rate. What can we do to put a stop to these rising factors? Introduction Over the last decades, the world has made many changes, and the effects of those changes have profoundly been felt by many familiesRead MoreMotivation and Personality2985 Words   |  12 Pagesindividuals characteristic patterns of thought, emotion, behaviour, together with the psychological mechanisms. Personality has many different characteristics that make an individual different to others these can be positive and negative for example being shy can be a negative effect on sport as you don’t give yourself enough motivation or even motivation to others, however being confident in sports can benefit them as individuals and the people around them as you can motivate others as your confident toRead MoreChildhood Poverty3641 Words   |  15 PagesWOMAN’S UNIVERSITY COLLEGE OF PROFESSIONAL EDUCATION BY SARAH KERAMATI ______________________________________________ DENTON, TEXAS APRIL 2012 Introduction Over the last few decades, the world has drastically changed, and the effect on the family dynamic has been profound. Today, there are more single parents, dual earner couples, and parents with more than one job living in both rural and urban areas in the United States than at any time in history (Miller, 2007). There isRead MoreDid the Events of 9/11 Influence the Perception of How People View the Hijab?5598 Words   |  23 Pagesof how people view the Hijab? In todays world, the media influences many issues across the world. One of the issues that occurs is the Hijab in both the Western and Islamic worlds. There is many arguments about the hijab, Islam points towards its postive and good points whereas the media can imply it as otherwise. This contradicts the opinions and views that Muslims in the past and today have towards the Hijab. But before we start to investigate on this question, we need to know what the definitionRead MoreComparison Analysis On Pop Up Retail Versus Independent Or Brick And Mortar Store Essay10014 Words   |  41 PagesI dedicate this works for my parents, my advisor Mr. Sam PD Anantadjaya, and friends ACKNOWLEDGEMENTS First of all, I would like to thank Jesus Christ, as by His grace, I am able to complete this thesis. My parents, who always pray for me, love, understand and support me. My beloved siblings especially my sister Elena, your sisterly advice at the exact moments when I needed most have been an encouraging support. I would also like to extend my sincere gratitude to Mr. Sam Anantadjaya for

Participation Is Not A Tool - 1433 Words

However, participation is not a tool. Management cannot simply ask the various parties involved in change to participate. In order for this to work, there already needs to be an existing culture of respect and consideration towards employees’ opinions and towards the workers themselves as people. Studies show that in companies where employees are encouraged to discuss their problems and offer their opinions to management and are given the opportunity to measure their performance, the risk of resistance to change is significantly lower. If management decides to deploy participation just in times of change, as a way of getting people to accept it, then the employees will doubt the honesty and good intentions behind this initiative. Thus,†¦show more content†¦In contrast, if the transformational initiative is carried out by change agents with whom employees are used to relate and with whom employees have developed certain customary work relationships, then the workers wi ll be willing to help with implementing the change, will not display resistance, and will be open to more change. The fact that people tend to resist the change in human relationships and not the technical change was observed and confirmed by the above mentioned study as well as numerous others. If participation in change will be perceived by employees as a continuation or part of a normal, day-to-day behavior, then there will be no resistance. In conclusion, even if there is a perfectly valid reason for technical change, the social implications must be dealt with at every step in the process and not ignored. Even if a new work method is initiated with the best of intentions and it makes sense for management, it might have adverse effects from a social standpoint (e.g. employees might lose the satisfaction they found in the work they performed). There are also other measures that can be taken to overcome resistance such as providing trainings to employees to help them develop new skills, giving people time off during the change if their work is very demanding, and providing emotional

Comparison of Batteries Free Essays

Lead Acid Cell vs. Button Cell Lead acid cells were invented in 1859 by the French Physicist Gaston Plante, and are the oldest types of rechargeable batteries. These types of batteries typically weigh at 5kg, but can range from half a kilogram to over 30 kilograms on the consumer market. We will write a custom essay sample on Comparison of Batteries or any similar topic only for you Order Now Though their chemistry means a very low energy-to-weight and energy-to-volume ratio in comparison to other modern batteries, their ability to supply high surge currents means that the cells maintain a large power-to-weight ratio. This makes them highly desirable for use in large appliances such as motor vehicles, which require the high current provided by this type of battery. In comparison, Button cells are much smaller than lead acid cells. Button cells are shaped as small, squat cylinders usually 5 to 22mm in diameter and between 1 to 6mm in height and weigh little over several grams. The voltage and current produced by these batteries are small and steady, and these properties make them very suitable for powering small portable electronic devices such as wrist watches, pocket calculators, hearing aids, and sometimes pacemakers. These batteries are usually not rechargeable, and last a long time, though lifespan depends on chemical composition and use. Chemistry Lead acid calls use a chemical reaction in order to produce a voltage between the output terminals. The battery contains two plates, and the discharge process is driven by the conduction of electrons from the negative plate back into the cell at the positive plate. All lead acid sells use Lead Sulfate in their reactions. These chemicals were originally contained as a liquid, but a technique has now been developed in which a gel electrolyte is used, preventing leakage. Negative plate reaction: Pb(s) + HSO? 4(aq) PbSO4(s) + H+(aq) + 2e- Positive plate reaction: PbO2(s) + HSO? 4(aq) + 3H+(aq) + 2e- PbSO4(s) + 2H2O(l) Overall reaction: Pb(s) + PbO2(s) + 2H2SO4(aq) 2PbSO4(s) + 2H2O(l) Button cells are single cells, and are Primary cells, being not rechargeable. Button cells have both an Anode and Cathode separated by a separator contained within a metal â€Å"can†. Common anode materials are zinc or lithium, and there are a range of cathode materials, including manganese dioxide, silver oxide, and cupric oxide. Of notable mention is the mercuric oxide button cell, which was banned due to the toxicity and environmental hazard of mercury. Reaction between silver oxide (cathode) and zinc (anode): Zn + Ag2O ZnO + 2Ag These batteries are dry batteries, and are created with the ideal of a long lifetime. As such, they rarely leak if ever, and boast a steady electricity production over a long period of time. Both Lead acid cells and button cells rely on chemical reactions for the production of their energy. However, where a lead-acid cell would typically use an anode and cathode within a liquid or gel medium, button cells use solid anode and cathodes which react with each other through a separator. This reflects their uses; where the chemistry of a lead acid battery allows it to produce large amounts of electricity in surges as needed to start appliances such as motor vehicles, the chemistry of Button cells allows for a slow and steady release of small amounts of charge. Cost and Practicality As was reflected upon under the chemistry subtitle, the batteries have been designed, and retain their designs, to specifically fit their uses. Though the size of the lead acid batteries does not allow for the powering of small portable devices such as watches, it maintains its usefulness in larger appliances and uses such as motor vehicles, which require a large amount of electrical energy to start up, but does not require a steady flow of energy. This is reflected in the property of these batteries being able to release large surges of energy. As these are designed for long use and provide large power, the cost for these are quite high, ranging from $100 to $300 each. In comparison, the button cell battery is used for very small applications such as wrist watches and hearing aids. This is reflected in their small, convenience, and ability to provide a long lasting, steady flow of energy. However, this means that they are unable to supply large amounts of energy at a time, and are therefore unfit for use in industry and larger appliances such as motor vehicles. The cost of these batteries is much cheaper than that of the large, lead acid batteries, rarely coming up to above a few dollars. Impact on Society Batteries have had a large impact on society since their invention. In particular, lead acid batteries were among the first to be invented. These batteries have had a major impact on society; They have allowed for the powering of motor vehicles, which have become a major component in the lives of many living in developed cities. Though an older model of battery, these batteries continue to hold significant impact on society even today. In comparison, button cells power small, handheld portable appliances such as watches and hearing aids. This is asignificant difference from the impact of lead acid batteries. However, both batteries have impacted the life of many in developed societies, generally making life easier, and more convenient for all. Environmental impact Lead acid batteries are extremely hazardous to the environment. Lead is a hazardous metal, and poisonous to both environments and animals, and humans are not excepted. Though the use of lead in batteries is usually very controlled, the production of it is not; of three plants in Australia, two have required strict non-residential zones of 2-3 km. This implies that though all safety precautions are being taken, there is still a danger of contamination and danger to the environment. In comparison, button cells are much safer. Though non rechargeable, their recyclability means the mining of the metals used in batteries is reduced to a minimum. However, the environmental impact of these materials is determined by the actual materials used. This was reflected upon in the past, when mercuric oxide batteries were banned for the toxicity and environmental damage caused by mercury. References ttp://www. powerstream. com/Size_SLA. htm http://hyperphysics. phy-astr. gsu. edu/hbase/electric/leadacid. html http://en. wikipedia. org/wiki/Lead%E2%80%93acid_battery#Electrochemistry http://en. wikipedia. org/wiki/Silver-oxide_battery http://batteryuniversity. com/learn/article/types_of_battery_cells http://science. howstuffworks. com/electric-battery-info1. htm http://electrochem. cwru. edu/encycl/art-b02-batt-nonr. htm http://en. wikipedia. org/wiki/Button_cell#Properties_of_different_types http://www. lead. org. au/lanv3n2/lanv3n2-5. html How to cite Comparison of Batteries, Essay examples

Social Responsibility Customer Orientation †MyAssignmenthelp.com

Question: Discuss about the Social Responsibility Customer Orientation. Answer: Introduction: Masoud has read many articles and studies to understand the basic concept of corporate social responsibility. He has integrated the two models of Caroll and Vissser in order to develop a new international model of corporate social responsibility. That model is known as The Pyramid Model of CSR. The model involves various aspects of CSR concept such as legal, global, ethical, economic etc. Aguinis and Glavas on the other hand reviewed many articles and journals and developed a framework of CSR that involves institutional, organizational and individual level of analysis for CSR. This framework is majorly about the proactive and reactive CSR actions and the related outcomes. Contingency is another aspect that has also been considered by the author in order to see the effect of the situations of the outcomes. Tai and Chuang focuses on different aspect of the CSR concept. It focuses on reviewing the active and passive ways of CSR that helps the companies at multinational level to earn hig h revenues for long term. The research in this study is related to the CSR activities and the revenue earned by the companies at international level. Korschun, Bhattacharya and Swain have studied customers social responsibility management and its relation with the job performance of the employees and customer orientation. This study focuses on CSR role in order to motivate the employees the author has argues that CSR can be used as the motivator for motivating the employees of the frontline operations. Common themes across all the four articles: As discussed that Masoud has studied the framework of corporate social responsibility that is at the international level but the study focuses on the impact of CSR at international level that is about the action the CSR. Likewise, Aguinis and Glavas also discusses about the proactive and reactive actions of CSR at different levels. Tai and Chuangs argues that there is the impact of CSR action on the revenue of the company. This also focuses on the fact of CSR on the companys outcomes in terms of revenue just like the above two articles. The last journal article or the study of Korschun, Bhattacharya and Swain also argues for the actions of CSR that helps the company to motivate the employees who works at frontline operations. It has been analysed that the actions of the CSR and the relative outcomes is the basis of all the studies that has been disused in the report. The similarities of all the studies have already been discussed above. As far as the differences are considered, it has been analysed that these articles have similar basis but different aspects that are being studied related to CSR.as far as the study of Masoud is considered, it has been analysed that the framework that has been formed by the author for CSR is at the international level and the integration of two models is done to frame the same. The next article of Aguinis and Glavas also deals with model but it has considered the aspect of three levels that are organizational, institutional and individual. The article discusses about the actions of CSR with proactive or reactive nature. Outcomes of the actions have also been analysed. In the study of Tai and Chuangs, the discussion is about the actions of CSR but the major element that has been considered is the revenue of the companies and the effect of CSR on them. The aspect of international factors is also argued by Masoud but the focus of his study was the factors such as global, economic, legal etc. and their impact on CSR on the other hand, in the article of Tai and Chuang, the international factor is revenue of the company. The study of Korschun, Bhattacharya and Swain is very different as it focuses on the CSR as the motivation factor. Limitations of the study and the difference in the research design: In the study of Masoud, it has been analysed that an international framework that has been formed with regard to CSR study involves integration of the various factors such as social, ethical, legal etc. all these factors can be different at different places. Thus, integrating such factors and treating them as similar for all the countries is the major limitation of this study. Aguinis and Glavas study involves the factors at different levels management. The major limitation of this study is that only the qualitative aspect is considered which may lead to biased outcomes. Tai and Chuangs study considered the impact of CSR on revenue. But, it has been identified that CSR does not directly affect the revenue of the company and this study has not involve the associated factors. It is difficult to find out the limitation in the study of Korschun, Bhattacharya and Swain because it has considered CSR as motivation factor but only considering the quantitative aspect is not acceptable for an appropriate study. It has been analysed that motivation is the factor that needs to be mentioned qualitatively as well. Masoud has developed the new international model of CSR that is recommended to be applied on different societal issues in future so that its effects can be seen and analysed on the same. On the other hand, as far as the study of Aguinis and Glavas is considered, it has been analysed that this study cam be used in future to gain the knowledge about multilevel and individual level approaches as most of the articles that has been reviews in this study are related to organisational and institutional level. Tai and Chuangs study can helps in identifying the CSR activities as the strategies to enhance the revenue of the company. The companies can implement the strategies of CSR to earn high revenue after realizing its effect on the same. The study of Korschun, Bhattacharya and Swain can be used to implement the motivational strategy in the organizations so as to motivate the employees as discussed in the study that CSR activities have their impact on the motivation level of the employees a nd especially the frontline employees. References: Aguinis, H. and Glavas, A., 2012. What we know and dont know about corporate social responsibility: A review and research agenda.Journal of management,38(4), pp.932-968. Korschun, D., Bhattacharya, C.B. and Swain, S.D., 2014. Corporate social responsibility, customer orientation, and the job performance of frontline employees.Journal of Marketing,78(3), pp.20-37. Masoud, N., 2017. How to win the battle of ideas in corporate social responsibility: the International Pyramid Model of CSR.International Journal of Corporate Social Responsibility,2(1), p.4. Tai, F.M. and Chuang, S.H., 2014. Corporate social responsibility.Ibusiness,6(03), p.117.

5 Misplaced Phrases

5 Misplaced Phrases 5 Misplaced Phrases 5 Misplaced Phrases By Mark Nichol The flexibility of the English language is a blessing and a curse: It is commendable because it invites creativity, but the feature can also be a flaw, leading to confused context. In these five sentences, the faulty positioning of a phrase mars the meaning. 1. â€Å"Meanwhile, his supporters continue to physically assault and terrorize student protesters.† When only the first of two parallel verbs is preceded by an adverb, that word is assumed to modify both verbs, but although it is possible to physically terrorize someone, that probably isn’t the writer’s meaning. To distinguish that the adverb modifies only the first verb and because physical assault is more egregious than terrorizing, and ascending order is an effective syntactical scheme the order in which the verbs appear should be inverted: â€Å"Meanwhile, his supporters continue to terrorize and physically assault student protesters.† 2. â€Å"For all its faults, the Bush administration regards the regime as an ally in the so-called war on terror.† This sentence structure suggests that the faults are being attributed to the Bush administration, rather than to the regime. To correct this misstatement, relocate the interjection â€Å"for all its faults† to follow the reference to the latter government rather than the former: â€Å"The Bush administration regards the regime, for all its faults, as an ally in the so-called war on terror.† 3. â€Å"The battle lines had been drawn, but I waged my war against plagiarism, determined that I would not could not lose for my students’ sake.† The placement of â€Å"for my students’ sake† at the end of the sentence, after lose, creates the impression that the idea is of the teacher losing for the sake of his or her students. The statement is clearer when the phrase is inserted parenthetically earlier in the sentence: â€Å"The battle lines had been drawn, but for my students’ sake, I waged my war against plagiarism, determined that I would not could not lose.† 4. â€Å"They whisper to each other across the room from their respective twin beds.† The proximity of â€Å"across the room† to â€Å"from their respective twin beds† implies that the whisperers are located together across from where the beds are situated. To more clearly express that each whisperer is on or in his or her own bed, attach â€Å"across the room† to whisper, the verb the phrase modifies. â€Å"They whisper across the room to each other from their respective twin beds.† 5. â€Å"She picked Verrà ¼ckt nach Mary off the shelf, the German-dubbed version of There’s Something About Mary, and held the package up.† Here, the fact that shelf immediately precedes â€Å"the German-dubbed version of There’s Something About Mary† implies that they are in apposition, meaning that the phrase describes the shelf). However, it is an appositive describing the movie with the German title, so it should immediately follow the title: â€Å"She picked Verrà ¼ckt nach Mary, the German-dubbed version of There’s Something About Mary, off the shelf and held the package up.† Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the General category, check our popular posts, or choose a related post below:How to Structure A Story: The Eight-Point Arc15 Great Word GamesWhat the heck are "learnings"?

causes for american revolution essays

causes for american revolution essays In the aftermath of the French and Indian War, Britain needed a new imperial design, but the situation in America was anything but favorable to change. Long accustomed to a large measure of independence, the colonies were demanding more, not less, freedom, particularly now that the French menace had been eliminated. To put a new system into effect, and to tighten control, Parliament had to contend with colonists trained in self-government and impatient with interference. One of the first things that British attempted was the organization of the interior. The conquest of Canada and of the Ohio Valley necessitated policies that would not alienate the French and Indian inhabitants. But here the Crown came into conflict with the interests of the colonies. Fast increasing in population, and needing more land for settlement, various colonies claimed the right to extend their boundaries as far west as the Mississippi River. The British government, fearing that settlers migrating into the n ew lands would provoke a series of Indian wars, believed that the lands should be opened to colonists on a more gradual basis. Restricting movement was also a way of ensuring royal control over existing settlements before allowing the formation of new ones. The Royal Proclamation of 1763 reserved all the western territory between the Alleghenies, Florida, the Mississippi River and Quebec for use by Native Americans. Thus the Crown attempted to sweep away every western land claim of the 13 colonies and to stop westward expansion. Though never effectively enforced, this measure, in the eyes of the colonists, constituted a high-handed disregard of their most elementary right to occupy and settle western lands. More serious in its repercussions was the new financial policy of the British government, which needed more money to support its growing empire. Unless the taxpayer in England was to supply all money for the colonies' defense, revenues would have to be e...

Western European superiority - better than Indians, the Chinese and Term Paper

Western European superiority - better than Indians, the Chinese and European neighbors- imperialist conquests and World War I - Term Paper Example The western part involved the N.E part of Belgium and France, whilst Netherlands opted to remain neutral throughout the war, and the British Empire as well, battling out with the then Prussia (Perry, et al 365). Scholars indicate that Western Europe forged ahead of other parts of Europe, and the world, including Asia. The western front had a b added advantage over the other parts as the part was better off in terms of use of artillery, firearms, armed ships and fortifications (Perry, et al 365). By the year 1800, the western front had managed to conquer numerous states as well as control major trade routes in Asia, particularly taking over Americans. Western Europe was well placed before the 1800, as opposed to China, Japan and the Ottoman Empire, as these countries had not had the expertise to use firearms to their advantage and the gun power technology (Bulliet, et al 268). The Ottoman cannons are indicated to be of poor quality and had to be re-melted for use (Bulliet , et al 268) . The military weapons for instance in Vietnam by 1572, were not worth re-using (Bulliet, et al 743). This fact places the Western empire at a better place than her counterparts, to an extent that the empire was exporting weapons to the Ottoman. In the case of Asia, Adas indicates that Asia was no exceptional, as they hired Western European militants to help them in the tactics of gun making and military organization (137). Among these military expertises include Napoleonic officers and the gun founders of the time (Perry et al 366). This is a clear evidence of the Western Front superiority that they were enjoying at the time- early 1800s. Despite the fact that China was more economically able as contrasted to the Western Front, its military prowess placed her at a better stance over other states (Adas 138). Though, at a later stage other countries outside the Western Empire began to develop in terms of military technology, for instance Japan and the volley fire, all these tactics a ccording to Selin lagged behind that of Western Front (2276). The military competition caused a lot of tension and instability in Europe. Adas also indicates that the able powers also become competitive economically (133). The ‘military able’ countries sustained productivity; thus, competition in Europe. Adas indicates that India joined in the arms race, and wanted to adopt the modern and sophisticated weapons and military tactics. This competition for arms led to clear warfare in the world, as all countries wanted to be prepared to deal with both local and foreign rivals (165). In a nutshell, one would argue that war was visualized as the path to prowess and prowess; thus, almost all countries globally flexed their muscles towards the arms race. Almost all leaders wanted to be likened to kings of military ability, notable example Louis XIV at Versailles, all in the battle to join in a ‘royal sport’ –war (Louis-XIV & Sonnino 173). Western Europe conq uered small states into her territory, and was continually on the move to outdo their military counterparts. Adas indicates that the efforts by Western Europe to advance in military technology, the move led to countries funding their armies, navies, all in an endeavor to improve it logistics and military techniques (134). Since the move to upgrade their military technique by various states did not last a day, Western Europe retained her position at the top of the world’s military league. However, it is important to note that Western Europeans considered themselves better than Indians, the Chinese and European neighbors, as the Western Empire did not face some of the challenges that the other countries were facing.

Salome opera Essay Example | Topics and Well Written Essays - 500 words

Salome opera - Essay Example The modern humanity is willing to take a step forward in a quest for self actualization and realization, by daring to deny and if possible distort that which is considered to be natural, regular, decent and moral, to realize what is innate, primitive, irrepressible and essential. The plots of the Salome Opera and The Skin I Live In tend to portray such modern trends and inclinations. In Opera Salome, Salome confined in the domains of the sultry and incestuous house of Herod, tends to suffer in the depths of her soul to express something that is the natural aspect of her body and identity and which in its search for satisfaction and expression, does not need to be degraded and sullied in a garb of abject sultriness, as was being done by Herod and Herodias. Hence, in order to protect her sexuality and identity from the incestuous gaze of Herod and from the traditional constraints symbolized by squabbling Jews, she escapes into the courtyard, where she first comes across Prophet Jochanaan, who irrespective of his chastity and ascetic profile, offered a scope for an honest expression of love and sexuality (Seshadri 32). Hence surrounded in the mire of depraved and spoiled atmosphere around her, Salome opts for a rebelliously frank and naked quenching of her love and the affiliated sexual and sensual instincts, by choosing to kiss the lips of Jochanaan’s sever ed head. In a somewhat similar manner, Robert Ledgard the stylish and influential plastic surgeon in The Skin I live In, played by Antonio Banderas, though performs a sex reassignment surgery on his beautiful and volatile captive, professedly with revengeful motives, yet at a deeper level, he is engaged in a more sensual and carnal pursuit, by violating the domains of nature, to challenge that what has hitherto been considered to be unnatural, unethical and perhaps insane (French: Online). While doing so, Robert starkly resembles Salome in his modern panache

Corporate Social Responsibility and Mass Media Essay

Corporate Social Responsibility and Mass Media - Essay Example The Story of Corporate Social Responsibility (2006), Dunne said that corporate social responsibility has eventually come to mean â€Å"responsiveness†. â€Å"Responsiveness† does not imply any particular action but a range of actions or range of possible responses based on a company’s perception of social or consumer needs and the company’s role in responding either to society’s or the consumers’ needs. Carroll (1999, p. 268) explained that meaning of corporate social responsibility has undergone an evolution from its â€Å"beginning in the 1950s, which marks the modern era of CSR.† Carroll (1999, p. 268) pointed out that the â€Å"alternative themes† in corporate social responsibility â€Å"included corporate social performance (CSP), stakeholder theory, and business ethics theory.† Against the Dunne (2007) viewpoint, the Carroll (1999, p. 268) viewpoint is that corporate social responsibility is â€Å"a core construct that yields to or is transformed into alternative thematic frameworks.† On investigating whether corporate social responsibility adds to financial return, Cardebat & Sirven (2010) concluded that the results of their study do not provide evidence that the adoption of corporate social responsibility improves corporate financial performance. Cardebat & Sirven (2010) used statistical and econometric methods in testing hypotheses on the role of corporate social responsibility on company financial performance. On the other hand, the work of Ali et al. (2010) indicated that the practice of social responsibility may or may not promote the retention of consumer. Based on the study, it can nevertheless be argued however that the practice of corporate social responsibility can promote the retention of the customer base. In my study, I have chosen two cases: the case of the Aviva plc and the case of Thames Water Company. For reasons that will be explained later, Aviva appears to be a lead ing example of a company based in the United Kingdom that espouse corporate social responsibility consistently and diligently for the last several years and has gained additional prominence for the espousal as well as practice of that responsibility. Aviva claims to have â€Å"300 years of insights† which can be interpreted as having 300 years of engagement in the same or similar business (2011). Alternatively, the company â€Å"300 years of insights† is also described as â€Å"300 years of heritage† (2011). In contrast, Thames Water, a water company appears to have experienced a period in which its public image was at its worst. Lately, however, data are suggesting that Thames Water has invested in corporate social responsibility and may be profiting today in the said investment. Nevertheless, it appears that there are still avenues through which Thames Water’s practice of corporate social responsibility can be improved and which the company can exploit for greater profitability. II. Case 1: Aviva plc Aviva claims to the â€Å"world’s sixth largest insurance group and the biggest in the UK, with 36,100 serving around 44.5 million

Example of Nature of Business Restaurant

Example of Nature of Business Restaurant CHAPTER 1 1.0 EXECUTIVE SUMMARY This business plan report summarise the nature of our business, the advertising and sales strategy, the monetary background, projected cash flow and income statement. Nevertheless it shows our current position and where we want to be in the future and how we have planned to get there through excellent management. It lays out the route for the future our business and set up standards of success. Hence the business plan will help us in acquiring capital from investors / lenders such financial institutions as they will have clear understanding of the business and willing to invest if the business proposal is persuasive. Our business proposal is setting up a halal restaurant in Treforest whereby the restaurant will cater healthy meals prepared in Islamic rites. The restaurant will provide a combination of wide varieties of food with excellence in value pricing, fun packaging and atmosphere. In Treforest there are numerous halal takeaways thus this will give us competitive advantage as there is no halal restaurants within the area. Our main target customers are Muslims who are minority from all over the world, who will be easily attracted to a place where they will be enjoying their meals prepared according to their Islamic rites in comfortable environment. Nevertheless despite the fact the food being prepared in Islamic rites, we intend to target majority of the students and the local people as the food offered will be healthy diet and it will cater their needs such as their busy lifestyles. Our mission is to provide high quality food which adheres to Islamic rites and to provide products which are better, safe and hygienic. Morever we aim to promote customer satisfaction through feedbacks, review of menu and creating friendly relationship with customers. Halal restaurant will be a privately held company and registered as a Limited private company, with three shareholders with equal number of shares. The restaurant will be a rented property. Six staffs shall be employed who will include two chefs, two waiters and two kitchen porters. As we the shareholders will also be accountable for managerial tasks of the halal restaurant. Halal industry is growing and expanding at a high rate because of migration of more people into UK specifically in Wales, and we want to have our own shares in Halal food industry. The reason of setting up a halal restaurant in Trefforest is, first there is low degree of halal restaurants within the area as majority are fast foods and takeaways. Thus this will give us a competitive advantage as competition within restaurants will be low. Moreover the restaurant will cater healthy meals and it since the location of the restaurant will be in treforest majority of customers will prefer dining out in our restaurant rather than travelling to Cardiff as they will save their time and money used on transport. The key to be successful in our restaurant, we will create a unique and innovative atmosphere of dining which will be different from competitors and offer a great fastest service and high quality of food. The employees would be motivated so they can work in comfortable environment and different programs would be enhanced so as to assemble devoted workforce. Furthermore we will focus on cost control so as to meet profit margin by managing bank deposit, accounts payable, issuing inventory, cash receipts, purchasing, order taking, and service preparation. This will help us to track actual expenditure aligned with our forecasts in managing the halal restaurant. Moreover customer satisfaction would be our prominent factor for the success of halal restaurant. This will be done thorough frequent and friendly interaction with customers so as to know their particular needs. Our restaurant would encourage the two most important values in restaurant business which is brand and image, as these two ingredients are a couple of main drivers in marketing communications CHAPTER 2 2.0 BUSINESS OBJECTIVES AND STRATEGY Our halal restaurant objectives for the first year of inception are to make the companys name as household name, build a solid reputation so as to establish successful halal restaurant and gain a market share in Halal food industry in Wales. We also want to make halal restaurant as the favourite choice for the Muslim people and the rest of the community. We also intend to expand into a number of outlets depending on how the business will operate, through franchising to other cities, such as Liverpool, Manchester and London so as to increase customer base. Nevertheless our main business financial plan is to have sufficient monetary funds to run our restaurant for a maximum of two and a half years without deeping to our profit. This will help us as in the 3rd year in repaying the loan as the profit accumulated will have an interest margin. Prior to our earlier research we have noted that for us to attain an excellent profit margin for the two and half years that we have earlier mentioned some of the restaurant items such as kitchen refrigerators cookers and any item that maybe of extravagant purchase would be leased. This will enable us to reduce potential costs. Nevertheless we will have a useful administrating system and basic accounting information that will keep update records of each month sales so as to track the profit and loss through out the year. In order for us to increase our customer base we plan to advertise our business through posters, fliers, mosque, internet in order to uphold customer satisfaction and later through media. With initial launching and advertisement of job opportunities within the halal restaurant, this will help us to advertise more our business as the spread of the new halal restaurant will make people eager to know what kind of services and product that will be offered. Our main goal is to be one of the most successful Halal restaurants in UK, we will strive to be a premier Halal Restaurant brand in the local marketplace. We want our customers to be satisfied when visiting restaurant and website as well as to work on their feedback seriously. MARKET SIZE Halal restaurant belongs to the Halal industry which is growing and expanding at a high rate. Many multinational companies are now investing in this industry and there are many others planning to enter the industry. It is widely reported that demand for Halal products is on the increase amongst Britains estimated 3 millions Muslims, 95% of which claim to be Halal consumers. The Halal Food Authority estimates that the UK market for Halal food grew 30% in 2006, even though the Muslim population grew just 3% according to Mintel report. Across Europe, where the Muslim population has grown by more than 140% in the last decade, there is a similar picture with 2nd and 3rd generation European Muslims are seeking out convenience and looking for products such as Halal pizzas, lasagne and hot dogs. Estimates can be different, but the organisers of Londons World Food Market exhibition estimate the UK Halal market to be worth  £2.8 billion. CHAPTER 3 MARKETING ANALYSIS 3. 0 PRODUCT AND CUSTOMER ANALYSIS. As earlier mentioned the menu products served in the restaurant will be halal prepared according to Islamic rites. The halal food range from frozen food, ready made meals, canned food, beverages, packed meat, baked goods, dry goods (food ingredients), condiments and snacks (Halal Products, 2010). These products will be used in a halal way to prepare meals. Example of such menus include Chicken Tikka Masala with Rice served with Broccoli and sweet corn and the dessert of Fruit salad yoghurt. However a detailed research would be conducted so as to know the favourite healthy dishes for Muslims. With awareness of reducing obesity and increased healthy eating, such menu people will be attracted to buy a meal as it is healthy and balanced diet as it has all the nutrients need for the body and it has less fat. In as much as the Muslim community will benefit from the healthy meal as it will be prepared and based in their Islamic approach. Furthermore most Muslims will increase their social i nteraction when having a meal in our restaurant as they will have a more comfortable environment to interact. Our major target segments customers in Treforest are Muslims who are minority in the area. In the University of Glamorgan the ethnic groups of Asians which include Indian, Pakistan, Bangladeshi, Malaysia and other Asian background account to 5.6% while whites are the majority who account to 82.03%. The blacks and other black background account to 2.8% and other ethnic back ground is 4.2%. Despite of our first priority customers being muslims students, our second target customers are other students from different backgrounds. Halal food is well eaten not only by Muslims but by other nationalities, thus most of the other students will be attracted to buy meals from our restaurant as majority of them do not have sufficient time to prepare a meal due to studying all day long and most of them have passion of trying different kinds of food. Moreover in occasions such as birthdays and graduation ceremonies we will have numerous customers as many of the students and their families will come to our restaurant to celebrate their achievement by purchasing meals. Thereby in such occasions, deals will be promoted so as attract as many customers during such occasions. Our third target customers are the local people within the area such as professionals, families; singles and couples. Due to the busier lifestyles most of them do not have enough time to prepare a meal at home. Most families partners do work full time thus dining out is alternative to home cooking meals. Our estimate population within treforest is around 30,000 and the percentage of Muslims is around 2.3% including students. This estimate was based on 2006 statistics which showed the total population in treforest was 25,000 and the of which the Muslims accounts to 1.87%. (Rhondda Cynon Report, 2006). Thus the population has grown by 20% to date. Hence our restaurant will cater their needs by providing good quality food and ensure good customer service has been provided throughout. We will have potential customers from these groups as most of them do prefer to dine out as a luxury treat to their families and themselves. Nevertheless a market plan of survey would be carried out so as to know if our business idea is being welcomed within the area. 3.1 COMPETITORS PROFILE However our halal restaurant will face competition within the area as the latter is occupied with halal take aways, pubs, Chinese takeaways and sandwich shops. In those halal takeaways most of the food is halal and they do have affordable deals whereby most of the students are attracted to purchase them. Nevertheless in pubs they do serve most of halal dishes such curries, hence there is high probability most of customers to switch to pub menus. 3.2 UNIQUE SELLING POINT In order to compete with our competitors we have set a unique selling proposition which will set us unique from the market. One of the USP that will entice our customer is, the halal restaurant will offer innovative and fastest service to the customer by putting a time limit guarantee for their meal. This will be done by reducing the steps of getting meals to customers. Moreover customers will have opportunity to evaluate food choices so as to keep the favourites on the menus and frequent interacting with the customers will be enhanced so they feel their feedbacks are being valued. 3.3 PRICING STRATEGIES 3.4 MARKET SHARE Majority of the time due to the busier lifestyle of the students and the local people most of them prefer to eat out rather than cook because they dont have time. Based from UK statistics our market share noting we will capture the majority of the Muslims because we will be providing Halal food which is being prepared in accordance to Islamic belief. Nevertheless we have a market share of majority of local people as most of the halal food is healthy and balanced Market share within restaurant industry. Market share (%) before Market share (%) (after) In  £ pubs 35.1 32.6 142.9 Quick service (eat-in) 21.6 20.8 91.2 Italian/pizza 13.5 11.3 49.5 Traditional Asian 13 11 48.2 Fast foods 16.8 15.3 67.1 Halal restaurant 9 29.5 total 100 100 438.46 Wales GDP per capita purchasing power parity $22,800 per annum per week $438.46 Incomplete more elaboration on purchasing capability of a single person. Initial maximum market share Total purchasing power(expenditure) of the targeted market Number of competitor +1 (own business) 438.46 = 73.08 6 Remember to include the initial market share 9%. 3.5 MARKET TRENDS. In treforest the population is mostly populated with students so the market trend will be very much be affected by the term time of the university. This means that when the university is opened the sales are high and when the university closes the sales are expected to be low this is because local students tend to travel and some foreigners. However most foreigners students they tend to remain in the university closes as most of them prefer working full time; hence this will have an impact in ourrestaurant as sales will tend to be stable. Nevertheless due to awareness of eating healthy diet and busier lifestyles, majority of people will prefer to eat out rather than cooking at home as it save time. This will have an impact in our restaurant as there will be frequent constant flow of customers who their needs will cater for. Thus as our initial market share estimated to 9% we expect growth of market share within the period of 6 to 12 months to be 16.7%. 3.6 SWOT ANALYSIS OF HALAL RESTAURANT (S)TRENGTHS Availability of Muslim students who prefer halal food due to their Islamic belief. Busier lifestyles of local people and students who do not have sufficient time to prepare a meal at home. British people who are majority in the area are very experimental to different type of food thus our restaurant will cater their needs. (W)EAKNESSES A lot of monetary funds required to set up the halal restaurant. Fluctuation of sales when majority of students are on holidays. (O)PPORTUNITIES The long term objective of franchising thorough Wales so as to reach broader market. Our restaurant does offer healthy meals thus majority of people will be attracted to buy our meals. (T)HREATS Within the area there is high competition as there are many competitors such as pubs, Chinese takeaways, halal takeaways, Indian restaurants who offer some of halal meals with affordable deals. Implementation of legislations such National Minimum Wage and Tipping legislation which require employers to comply with NMW of  £5.90 and paying more in National contributions so as to back up Tipping Legislation. This will increase costs in the restaurant business. CHAPTER 4 4.0 INTRODUCTION: The operational plan of our establishment will take care of matters such as Human resources, location, restaurant hours, suppliers, advertising strategy, registration and certification of the business along with other requirements The operational plan will also be shedding some light on ways of creating a strategic work plan that will formulate ways to achieve targets in the most reasonable amount of time 4.1 HUMAN RESOURCES We will be hiring two chefs one sous chef and a commis chef a kitchen porter and last but not the least two plate waiting staff. While recruiting these staff we will be looking for somebody with a reasonable catering industry experience except for the sous chef who has to have a good experience of working at the same designation. We will be managing the place ourselves with our previous catering, restaurant and hospitality industry experience and our HACCP and food safety qualifications we will be supervising the restaurant and the staff making sure that the customers are satisfied and content by handling all feedbacks and queries promptly and efficiently making sure that the daily book balancing runs smoothly and accurately costing of all the meals, creating promotional deals and strategies for the restaurant dealing with the suppliers and last but not the least running the restaurant according to the hygienic standards of the local authorities. We will be hiring a sous chef who must have at least 3 years of sous chef experience and be able to prepare dishes under pressure and should be able to work on his own initiative. We would be paying him  £19k- £21k depending on his experience his main jobs would be: Creating menus Preparing and supervising all our main dishes Taking care of the stock and stock taking Make sure that all the heavy equipment is used in a safe way Cleaning all the heavy cooking machinery grinders etc. Making sure that the temperature records are up-to-date and hence the food served is hygienically safe. We will be hiring an enthusiastic commis chef who would be a fresh graduate and should have some experience in cooking, should have a can do attitude and willing to learn. we would be paying him  £11k- £13k depending on the experience. His duties would be: Pastries and vegetable sauces preparation Salad preparation Assisting the sous chef in preparing the main meals Assisting the chef in stock taking Receiving and making sure that the deliveries are the same as invoiced and that their temperature at the delivery time was safe Cleaning the kitchen equipment after use Making sure that the kitchen is slip and trip free. We will be hiring a kitchen porter with some experience and we will be paying him  £5.80 and his duties will be as follows: Washing dishes Cleaning the kitchen Receiving the deliveries and making sure they are fine and at a safe temperature Helping the chef in all other ad hoc duties We will be hiring two plate waiting staff with at least 1 year of experience, they should be customer friendly, polite and outgoing since they are going to be the first point of contact for all our customers. We will be paying them  £6 an hour their main duties would be: Meeting and greeting customers showing them to the tables Take orders Take food to and from the table Making sure that the customers are satisfied with their meal by asking them Be proactive and offer them with extra desserts and drinks 4. REGISTERING THE BUSINESS In the Rhonda-Cynon-Taff council where we are intending to open our restaurant we have to register our business with the local authority 28 days before starting the business. We may also be required to get approval from the council due to our use of products of animal origin which in our case would be meat, fish, milk, eggs and any of their by-products and products made from them. In order to obtain the approval we need to submit an application form to the food team at the council along with a site plan that should reflect the layout of the premises accurately and an evidence of the food safety management systems on HACCP (hazard analysis and critical control point) principles (Food Business, 2010) On receipt of this application the local authority will arrange a site visit which is equivalent to a food premises inspection. During the inspection if all the requirements for the approval have been met, our premises will be issued with a unique three digit approval number which is part of a standard identification mark and will be used for all documentation. To register the business for VAT payments the law requires that the turnover of the VAT taxable goods and services supplied for the previous 12 months should be over  £68,000 and if it is below that amount then the business could still be registered for VAT voluntarily, and in our case this is what we will be doing we will be registering for VAT voluntarily because in future when the value of the taxable goods and supplies goes above  £68,000 and somehow we get busy and forget to register for VAT, we might get charged a penalty. And not just that there are benefits as well for voluntary registration. We will be registering for VAT online which would be the most convenient way for us in order to do that we will need to register with the HMRC online services first and then we will need to fill in two forms called VAT1 VAT2 with all our business details (HM Revenue and Custom, 2010). OPERATION TIMES In our restaurant we will be serving at different times to cater for people from different walks of life in the morning we will be serving a buffet style breakfast to cater for the students and for the people on the way to work, lunch and dinner for the students and general public and for the people who want to have a great time. Our serving hours are going to be BREAKFAST..08:00am till 11:00am LUNCH..12:00pm till 03:00pm DINNER.07:00pm till 10:00pm SUPPLIERS We have been in contact with different suppliers for our raw materials, crockery silverware, heavy equipment and all the other items that are required for opening a new restaurant. While reviewing these suppliers we need to make sure that the suppliers are of good reputation and hence provide good quality products while not making a huge dent on the business account We will be ordering our raw halal meat, spices, confectionary and all cooking items from a company called 3663. We will be ordering our fresh dairy products from a company called fresh fayre. Our disposable take away containers and the cleaning equipment that includes dishwashing liquid, bleaches sanitizersn degreasers and all kind of other cleaning equipment will be ordered from a company called BUNZL. Our used oil will be collected by a company called ARROW OIL COLLECTIONS but we have to put the request through our supplier which would be 3663 because they have this condition that they only collect oil if its bought through a certified oil seller. All our heavy equipment which is our fridges, freezers, fryers, furniture and any other heavy equipment for the restaurant and kitchen will be ordered through a company called LOCK HART on lease as long as we make an order above a  £1000 worth. All these suppliers have been carefully chosen considering their quality, reliability and prices. ADVERTISING AND PROMOTION Effective advertising and promotion is a vital supplement for any business and specially if the business is a newborn baby like ours We will be doing our advertisement through print media avoiding broadcasting it on TV since it does not fulfil our requirement for promoting our restaurant and its really dear as well instead we will be using brochures, posters, flyers and leaflets and specially handing out leaflets outside the university and in the surrounding area and specially outside the mosque. CERTIFICATION REQUIREMENT The halal certification required for the restaurant is going to be provided by the supplier the slaughter house from where the supplier acquires meat is inspected by the halal council and if all the necessary requirements are fulfilled and if the animal is slaughtered in a sharia way then the supplier is given a certificate which proves that the meat is halal and gives the authority to pass on that certificate to its customers and in this case the customer would be us and we will have the right to display that certificate. All the staff handling the open high risk food are required to have training certificates of handling high risk food and at least one member of staff is required to have adequate knowledge of the HACCP(hazard analysis and critical control point)/ food safety management systems.

Does th FAA over regulate the aviation industry :: Essays Papers

Does th FAA over regulate the aviation industry The roots of today’s aviation regulations extend back to December 17, 1903 when the Wright Brothers first took to the skies in North Carolina. The Wright Brothers set the stage for aviation regulation. After World War I returning pilots bought some surplus war airplanes and went into business. These pilots were known as the barnstormers. These barnstormers performed acrobatic shows and gave local people rides. During this period of time the public perception of the aviation industry was that of a daredevil or reckless. Aviation took off very slowly because it was too expensive for most consumers. Primarily the wealthy were able to take trips to the East Coast. Uses of aviation included advertising, aerial photography, crop dusting and carrying illegal shipments of alcohol during the prohibition. Growth of commercial aviation was greatly influenced when the U.S. Air Mail Service was created in the early 1920’s. The Post Office was one of the first to impose aviation regulations. It required its pilots to be tested, pass medical exams and have at least 500 hours of flying experience. The Post Office set up aircraft inspection schedules and preventive maintenance programs for the pilots to have a safe airplane to fly. These early regulatory requirements improved air carrier safety. During the infancy of aviation no federal safety program existed. Some states passed legislation that required aircraft licensing and registration. Local governments passed ordinances that regulated flight operations and pilots. What this created was a patchwork of safety related requirements. In 1926 Congress passed the Air Commerce Act, which created the Department of Commerce. Historically the Federal Aviation Administration (FAA) dates from the Air Commerce Act of 1926. This was the first federal legislation of the government in aviation safety. The government finally realized that by regulating aviation a safer aviation industry could be attained. For example the Post Office suffered one fatality for 463,000 hours of flying versus non-regulated flying there was one fatality per 13,500 hours. As seen by regulating aviation safety is vastly increased. The Department of Commerce had the regulatory authority over commercial aviation. They began by regulating aircraft and pilots in interstate and the foreign commerce.

The Philippine Pesoâ€Us Dollar Exchange Rate: the Impact of Strengthening Currency

INTRODUCTION The  foreign exchange market is a worldwide decentralized  over-the-counter  financial market for the trading of currencies. Financial centers around the world function as anchors of trading between a wide range of different types of buyers and sellers around the clock, with the exception of weekends. The foreign exchange market determines the relative values of different currencies. (wiki. org) The exchange rate is the price of a unit of foreign currency in terms of the domestic currency.In the Philippines, for instance, the exchange rate is conventionally expressed as the value of one US dollar in peso equivalent. The value of any particular currency is determined by market forces based on trade, investment, tourism, and  geo-political risk. Every time a tourist visits a country, for example, he or she must pay for goods and services  using the currency of the host country. Therefore, a tourist  must exchange the currency of his or her home country  for t he local currency. Currency exchange of this kind is one of the demand factors for a particular currency.Another important factor of demand  occurs when  a foreign company  seeks  to do business with a company in a specific country. Usually, the foreign company will have to pay the local company in their local currency. At other times, it may be desirable for an investor from one country to invest in another, and that investment would have to be made in the local currency as well. All of these requirements produce a need for foreign exchange and are the reasons why foreign exchange markets are so large. (investopia. om) In this paper the researchers attempt to show the impact of strengthening peso against the US dollar and what are the consequences behind it. It also attempt to show where should the government place itself when the opposing interest of the public are at stake. Background The Philippine peso has been one of the strongest currencies in Southeast Asian Region f or the past two year. It appreciated for an about 5. 6 percent from year 2009 to 2010 where the exchange rate is 47. 6372 to 45. 1097 a dollar—that is based on the average data from BSP.This appreciation may attributed to the increasing inflows of remittances from the overseas Filipino workers (OFWs), the improvement in portfolio and direct investment, the deterioration of United States’ dollar economy for the past two years and the attractiveness of the Southeast Asian Region to the foreign investors. Peso appreciation would provide to a positive and negative effect on different sectors. The appreciation of Philippine peso would mean a reduction of debt servicing; this would also mean a reduction of prices of imported commodities in terms of peso when the product came here.However, this appreciation will reduce the purchasing power of Dollar that OFWs send to their family here in the Philippines and it would also mean that exported product will be less competitive abr oad or if ever the exporter’s income will diminish. In this situation, the government is stock between letting the peso appreciate for the purpose of lower importation cost and lower debt services—or maintaining it at a lower value for the sake of OFWs and export sector. According to Senator Ralph Recto, chairman of the Senate Committee on ways and means, the Philippine peso could further appreciate up to P34 a dollar this year (2011).Inflow of remittances will continue to be strong and the outlook for foreign investments remains positive. The exchange rate is important for several reasons: (1) it serves as the basic link between the local and the overseas market for various goods, services and financial assets. Using the exchange rate, we are able to compare prices of goods, services, and assets quoted in different currencies. (2) exchange rate movements can affect actual inflation as well as expectations about future price movements.Changes in the exchange rate tend to directly affect domestic prices of imported goods and services. A stronger peso lowers the peso prices of imported goods as well as import-intensive services such as transport, thereby lowering the rate of inflation. (3) exchange rate movements can affect the country’s external sector through its impact on foreign trade. An appreciation of the peso, for instance, could lower the price competitiveness of our exports versus the products of those competitor countries whose currencies have not changed in value. 4) the exchange rate affects the cost of servicing (principal and interest payments) on the country’s foreign debt. A peso appreciation reduces the amount of pesos needed to buy foreign exchange to pay interest and maturing obligations. Foreign exchange policy in the Philippines has evolved from a pegged system to a floating rate regime over the last 50 years. The period of pegged exchange rate regime witnessed an extensive use of a myriad of administrative rules that were set to restrict access of Philippine residents and corporations to foreign currency.From 1949 to early 1970, foreign exchange policy was used to promote exports industries, to limit imports, and to try to change the orientation of the Philippine economy from agricultural to agro-industrial. Even after the floating rate system was adopted in 1970, it was not until late 1984 that the central bank stopped announcing a guiding rate and imposing a trading band. Moreover, it was a decade hence yet before the watershed set of reforms was issued. In 1993, the BSP liberalized capital flows and implemented a comprehensive set of foreign exchange market reforms.Today, even as there remain some prudential regulations with respect to foreign currency transactions, market forces determine the exchange rate. Furthermore, mechanisms to allow the economy to absorb shocks that a freely floating currency entails have been the subject of recent economic discussions. (BSP, 2008) Table 1: Phil ippine Foreign Exchange Policy, 1949-2007 Period | Milestones| 3 January 1949| The CBP began operations. It adopted a fixed exchange rate system, pegging the peso to the US dollar at P2. 00/US$1. December 1949| The CBP imposed a comprehensive system of foreign exchange controls, which included a foreign exchange allocation scheme that gave preference to export industries and the manufacturing and mining sectors, and placed restrictions on buying of foreign exchange for services-related imports. The restraints were an effective instrument in carrying out the â€Å"Filipino First† policy of the government. | 1959| The Philippines achieved its first ever post-war trade surplus. | 1962| The Government launched an integrated socio-economic program that almost entirely eliminated restrictions on trade and payments. 25 April 1960| The CBP launched a four-year program to dismantle the complicated system of foreign exchange controls imposed in the 1950s. The most important feature of the decontrol program was the adoption of a multiple exchange rate system which paved the way for a de facto devaluation of the peso. | January 1962| All restrictions on sales of foreign exchange were eliminated. | December 1949| The CBP imposed a comprehensive system of foreign exchange controls, which included a foreign exchange allocation scheme that gave preference to export industries and the anufacturing and mining sectors, and placed restrictions on buying of foreign exchange for services-related imports. The restraints were an effective instrument in carrying out the â€Å"Filipino First† policy of the government. | 1959| The Philippines achieved its first ever post-war trade surplus. | 25 April 1960| The CBP launched a four-year program to dismantle the complicated system of foreign exchange controls imposed in the 1950s. The most important feature of the decontrol program was the adoption of a multiple exchange rate system which paved the way for a de facto devaluat ion of the peso. 1962 | The Government launched an integrated socio-economic program that almost entirely eliminated restrictions on trade and payments. | January 1962| All restrictions on sales of foreign exchange were eliminated. | 22 January 1962| CB Circular No. 133 dated 22 January 1962 sought to establish a free market for foreign exchange and transferred the function of allocating exchange for most categories of payments from the administrative machinery of the CBP to the free market. | 5 November 1965| A new parity for the peso-dollar exchange rate was set at P3. 0/US$1| 21 February 1970| The CBP abandoned the fixed parity regime and adopted a floating rate system. The competitive rate was applied on all foreign exchange transactions except for 80 percent of export receipts from the country’s major commodities (namely, logs, centrifugal sugar, copra and copper concentrates) which were to be purchased at the rate ofP3. 90/US$1. | 1972| The CBP started lifting the major ity of foreign exchange restrictions, paving the way for partial liberalization in foreign trade and investment.The liberalization efforts focused on the suspension of nationality requirements in establishing industries, relaxation of repatriation policies, simplification of the tariff structure, import liberalization, and granting of various incentives to the export sector particularly on non-traditional commodities, such as textiles, garments and electronics. | April 1972| The foreign exchange trading band was widened to 41 2 percent on both sides of the guiding rate. 1982| â€Å"Operation Greenback† was launched to curb widespread illegal trading in the black market as the CBP implemented liberal authorization of establishments to operate as foreign exchange dealers. | October 1983| After consultation with the IMF and several foreign banks, Philippine economic managers requested a 90-day moratorium on principal payments of external debt owed to foreign commercial banks. Wi th scarcity of foreign exchange, a system of direct controls was put into effect. 4 November 1983| Local commercial banks were required to sell to the CBP all foreign exchange receipts for placement in a pool out of which payments were made on the basis of officially set priorities. | June 1984| The foreign exchange market was reopened. By October 1984, a measure of stability had been restored in the forex market and the CB reopened the foreign exchange trading system. The previous trading day’s completed transactions formed the basis for the Bankers Association of the Philippines (BAP) reference rate. With this system, the CBP stopped announcing an inter-bank guiding rate and imposing a trading band. August 1985| CBP lifted the ceiling in the amount of allowable foreign exchange holdings. | 1986| Import controls on a broad range of items were abolished. Likewise, the tariff structure was made more uniform; and discriminatory aspects of the domestic tax structure against impo rts were eliminated. | April 1992| Currency trading shifted from a short daily trading session to full off-floor interbank foreign exchange trading with the operation of the Philippine Dealing System (PDS). | 13 April 1993| CB Circular No. 1389 was issued, setting forth foreign exchange liberalization measures. July 1993| The CBP was reorganized into the Bangko Sentral ng Pilipinas (BSP) by virtue of the New Central Bank Act (R. A. No. 7653). | September 1995| The Philippines acquired Article VIII status with the IMF with the lifting of all restrictions on current account transactions. | July 1997| Asian currency and financial crisis emerged. The BSP implemented measures to rationalize the rules and regulations governing non-trade related FX transactions to restore stability in the FX market and mitigate the impact of the Asian crisis on the economy. December 1997| Circular 149 implemented the Currency Rate Risk Protection Program (CRPP). | 2 October 2006| A new peso-dollar trading platform was launched, replacing the Philippine Dealing System in providing the main reference rate for dollar-peso conversions. | 2 April 2007| Circular 561 s. 2007, dated 8 March 2007, took effect. In the face of strong inflows, the BSP liberalized the foreign exchange regulations to allow greater market access to foreign exchange for outward investment and over-the-counter transactions. January 2008| The second phase of reforms in the foreign exchange regulatory framework (Circular 590 dated 27 December 2007) was implemented. These reforms focus mainly on promoting greater integration with international capital markets, diversifying risk supportive of an expanding economy with global linkages, and streamlining the documentation and reporting requirements on the sale of FX by banks. | Source: Bangko Sentral ng Pilipinas (BSP), Working Paper Series I. STATEMENT OF THE PROBLEMThe general problem of the study, â€Å"The Philippine Peso-US Dollar Exchange Rate: The Impact of Strength ening Currency† is to determine the impact of the appreciation of Philippine peso during the year 2009-2010. Specifically, the problems are the following: 1. Effects or impact of the appreciation of Philippine peso on consumption, government spending, investment, import-export and debt servicing; 2. What are the reasons for the appreciation of Philippine peso 2009-2010; 3. What is the role of the Bangko Central ng Pilipinas in the Foreign Exchange Market; 4.What are possible future movements on the Philippine peso against US dollar and how does it affect the country’s economy. II. OBJECTIVE OF THE STUDY General Objective: To determine the economic impact of the appreciation of Philippine peso. Specifically, the study attempts to: 1. Determine the effect of the appreciation of Philippine peso: a. Consumption b. Investment c. Government spending d. Import and export e. Debt servicing 2. To examine the reasons behind the appreciation of the Philippine peso during 2009-2010 3. To determine the role of the Bangko Sentral ng Pilipinas (BSP) on the Foreign Exchange Market 4.To determine the future movement of Philippine peso against the US dollar and its effect to the country’s economy. III. HYPOTHESES The researchers believe to the following hypothesis: 1. The effects of appreciation has a great impact—positive and negative—on consumption, government spending, investment, import-export and debt servicing; 2. Philippine peso appreciation was caused by several factors such as the robust economy of the Philippine as well as the increasing amount of remittances from the overseas Filipino workers (OFWs). 3.The role of the Bangko Sentral ng Pilipinas(BSP) is to maintain the stability of Philippine peso against other currency 4. The Philippine peso will further appreciate in the near future against the US dollar and this appreciation will boost the economy through saving. IV. SIGNIFICANCE OF THE STUDY The study is conducted to determine th e impact of peso appreciation on the economy. It shows the effect on different sectors of the economy. It attempts to show the impact of strengthening peso against the US dollar and what are the consequences behind it.It also attempt to show where should the government place itself—through the use of Bangko Sentral ng Pilipinas—when the opposing interest of the public are at stake. It also attempts to show how to maximize the advantage of strengthening peso against the dollar on the term of government spending. And to some extent, to serve as guide in policy making through the use of recommendation. V. SCOPE AND LIMITATION The study â€Å"The Philippine Peso-US Dollar Exchange Rate: The Impact of Strengthening Currency† limit its scope on Philippine peso against US dollar from year 2000 to 2010.VI. REVIEW OF RELATED LITERATURE â€Å"The Indian Rupee–US Dollar Exchange Rate: The impact of Strengthening Currency† Reasons behind the appreciation of th e Rupee in 2006-2007 Toward the end of 2006, foreign exchange inflows, especially of dollars, into India started rising sharply. This put upward pressure on the rupee’s exchange rate against the dollar. India’s steady economic growth offered several opportunities for foreign companies. Between April 2006 and March 2007, FDI of $16 billion flowed to India. VII. RELATED STATISTICSForeign currency reserves, gold, special drawing rights (SDRs), foreign investments as well as the Reserve Position in the Fund (RPF) are main components of the Gross International Reserves (GIR). The GIR constitutes the foreign assets valued mark-to-market, which are readily available to and controlled by the BSP for direct financing of payments imbalances and for managing the magnitude of such imbalances. The BSP estimates the level of Overseas Filipino Worker (OFW) remittances, which props up the country’s foreign currency reserves. (BSP website) VIII. DISCUSSION (Impact on the Philipp ine economy)A. Consumption The appreciation of Philippine peso against the US dollar affects the consumption of Filipinos. Especially the families of overseas Filipino workers (OFWs) who receives remittances coming from abroad—which are commonly dollar denominated. According to BSP, the US dollar remittances of OFWs increase by 8. 16% from 2009 up to 2010. On the year 2010, the overseas Filipino workers remittances reflect 29. 55 percent of the Gross National Products (GNP). According to Bangko Sentral ng Pilipinas, on the year 2010 the peso appreciated at an about 5. % on average basis (see table 2). This means that the purchasing power of the dollar remittances lower for an about 5. 6% in the Philippines. On the letter written by the Filipino Community in Riyadh, Saudi Arabia, to the President in Malacanan in August 2006, they stated their predicament regarding appreciation of Philippine peso against the US dollar: (a) the salaries remained the same while the cost of living have increased, which means less income to be available for remittances; which worsen when peso appreciated from Php55 to Php45 versus US dollar. b) the continued appreciation effectively reduced the value of remittances at an average 18%. The strengthening or appreciation of Philippine currency had a positive effect on consumption, it enable to somewhat, catch the effect of inflation of the commodities that are being imported from abroad. Ironically, disadvantage of a strong peso is that the beneficiaries of OFWs who contributes significantly in making the peso strong, get less of the remittances that their relatives send them since the Dollar loses its purchasing power by the peso appreciation.And finally, a sector which for us is really getting the worst out of the situation are the domestic producers since a strong peso would make imported goods cheaper since the peso appreciates thus making it purchase imported goods more. Table 2. The Philippine Peso – US Dollar Exchan ge Rate CROSS RATE OF THE PESO| in pesos per unit of foreign currency| period averages| Period| Dollar to Peso| 2000| 44. 194| 2001| 50. 993| 2002| 51. 604| 2003| 54. 203| 2004| 56. 040| 2005| 55. 086| 2006| 51. 314| 2007| 46. 148| 2008| 44. 475| 2009| 47. 637| 2010| 45. 110| Source: BSP (edited)The table above shows how much a dollar worth in peso term during the year 2000 up to 2010. B. Investment Another advantage of a strong Philippine Peso is that it would reflect a robust economy for the country, which could leverage itself to attract foreign investors in the country which could provide significant inflows for investments to the country that further improve the economy. A positive outlook is very important to a country to seek investors to show confidence in investing to country since their outlook would be one of the considerations investors would consider.The first thing that an investor would want to know is that if they would get their desired rate of return at a certain p eriod of time. Facing uncertainties and risks, investors would like to gather as much information to aide them to their decision making minimizing uncertainties and factors such as oil prices, stability of the government and the economy are some of the preliminary facts to consider. If from these preliminary factors as country fails to impress investors, important investment inflows would be going to somewhere else.It affects the foreign exchange since as we have stated earlier, foreign investments helps the Peso appreciate. The Philippine Daily Inquirer published in their December 1 2006 paper that business confidence, which reflects foreigners outlooks to the country, has soared to a 5 and a half year high of 49% compared to just 22% a quarter ago. Another outlook factor that could affect the foreign exchange market is the credit rating by firms such as S&P and filch. These firms are respected firms and reliable so anything that they publish would be taken seriously by interes ted parties.A credit downgrade by these agencies affects the Peso negatively as it gives of a bad image of the country to interested investors but at the same time a positive rating would help the Peso strengthen. Just like the OFWs, investments from foreigners improve and help peso appreciation and generally the economy as a whole. Having superb Dollar inflow allows the BSP to increase international reserves of debt curbing down Peso devaluation and aiding to Peso appreciation.According to BSP, transactions during February 2011 resulted in a net inflow of US$534 million, nearly thrice the US$193 million net inflow in January due to lower outflows (US$935 million in February 2011 against US$1. 3 billion in January 2011). The net inflow also represented almost four times the US$139 million recorded a year ago due to more registered investments this year, US$1. 5 billion compared to only US$500 million last year. This year’s rise in registered investments is backed by a surge i n investments in Peso-denominated government securities (Peso GS), to US$730 million of total (or 49. percent) against US$90 million in 2010. Favorable yields have attracted foreign investor to Peso GS placements. Investments in PSE-listed shares amounted to US$740 million (or 50. 4 percent of total registered investments), twice the US$370 million recorded in February 2010. The US$730 million balances of registered investments were in Peso GS and Peso time deposits with minimum maturity of 90 days (nil in February this year against US$40 million last year). Singapore, the United States, the United Kingdom, Luxembourg and Hong Kong were the top five (5) investor countries, collectively contributing 89. percent to total registered investments. Registration of inward foreign investments with the BSP is voluntary. It entitles the investor or his representative to buy foreign exchange from authorized agent banks or their subsidiary/affiliate foreign exchange corporations for repatriatio n of capital and remittance of dividends/profits/earnings that accrue on the registered investment. For the first two months of the year, transactions netted an inflow of US$727 million, 135. 6 percent higher than the figure recorded for the comparable period in 2010.Registered investments reached US$3. 0 billion, or an increase of 179. 3 percent from last year’s performance. Investments in PSE-listed shares of US$1. 4 billion exceeded the 2010 figure by 68. 3 percent. Major beneficiaries were banks (US$336 million); holding firms (US$248 million); utility companies (US$241 million); property firms (US$182 million); and telecommunication companies (US$167 million). Portfolio funds have also been re-rating Asia as an investment destination and their flows have reinforced the uptrend in Asian currencies.With developed markets weighed down with debt and facing years of sluggish growth, fund managers are looking into Asia, citing the region’s fast growth rates and strong c orporate balance sheets. (BSP, issuances) Asia is set to continue being a strong destination of portfolio flows over the coming months. The high Asian equity correlation with local currencies will help fuel further gains in the Philippine peso and other Asian currencies. C. Government SpendingWe all know that the government’s responsibility is the acquisition of goods and services for current use to directly satisfy individual or collective needs of the members of the community. They allocate the fund for Personal Services, Maintenance and Other Operating Expenses, Capital Outlays and Net Lending, Public Infrastructure and effectively marginalized resources for the poor. But it’s not that easy because the government must be aware of those risks that might affect their expenditures. One of it is the Philippine Peso condition in exchange rate – if the currency appreciates or evaluate. Now therefore, how thus the exchange rate may affect the government spending? Pa ying Philippines’ debt will affect our Government’s spending. In fact, based on the data from Bureau of Treasury, more than 77. 6 percent of the P104. 4 billion increase in the 2011 budget came from the huge P80. 99 billion rise in interest payment for government’s spending. The Aquino administration is proposed interest payment of P357. 09 billion in the 2011 budget, or 21. 7 percent of its planned spending program. But the total debt burden for this year could actually reach P823. 27 billion.Thus, debt burden represents 38. 9 percent of what the Aquino administration is willing to spend this year. If peso appreciates, it has a good impact in our external debt since our debt will decrease in peso terms. We will pay less and that will affect our spending. The remaining money that allocated for payment of external debt will be used for government spending. More resources are available to spend for social and economic development of our country. On the other hand, peso depreciates has a bad effect. Our debt will increase so we will pay more, that is, in peso terms.Little amount of money will be allocate for government spending. The government will force to minimize their expenditure. Such a heavy debt burden means fewer resources are available to spend for social and economic services badly needed by the people. Let’s now look at the effect of peso condition in trade. Strong peso has a negative effect in exporters. They will lose income since there was less peso in exchange of their dollar earnings or a strong peso translates to lesser value for their dollar-denominated revenues. Prices of their products may also become less competitive in the world market.The smaller the earnings or profit of exporters, the smaller tax they will pay in the government. That will affect the governments’ spending. If there are small fund comes from tax, government need to minimize their expenditure. On the other hand, strong peso has a positive e ffect on importers. They will pay less in foreign products. They will earn more and pay more tax. Again, the tax will proceed in government’s fund so more tax, more funds that government may spend for the people’s benefits. Weak peso has good effects in exporters.Prices of their products become more competitively in the world market. They will receive more peso in exchange of their earnings so they will pay more tax. More tax, more funds that government may spend for the benefits of the people. When peso depreciates importers will force to pay more for foreign products. That is bad for them and for government spending. Since the smaller the earnings or profit of importers, the smaller tax they will pay. Government will force to minimize their expenditures. As we observed, peso condition has different effects in different factors.That is the reason why it’s hard for the government to ask the Bangko Sentral ng Pilipinas (BSP) to intervene the strengthening peso. W e cannot easily believe that a strong peso means a strong republic. So government must look at different factors and learn before engaging the country in different risk. As we also observed, the effect of peso condition in the sources of government funds is the same in the impact of peso condition in government spending. If the effect in the sources of funds is negative, the impact in the government spending is also negative.When the effect is positive, the impact in government spending is also positive. Overview: Import and Export Since World War II, the Philippines experienced frequent trade deficits, aggravated by inflationary pressures. Deficits were counterbalanced by US government expenditures, transfer of payments from abroad, official loans (US Export-Import Bank, IBRD, and private US banks), net inflow of private investment, tourist receipts, remittances from Filipino workers overseas, and contributions from the IMF. In 1996, trade liberalization policies helped to push imp orts up by 22% while exports rose by only 18%.The result was a widening trade deficit that amounted to 13% of GDP. Foreign investment in the stock market and remittances from overseas workers helped to offset the deficit and avert a balance-of payments crisis. In 1998, the Philippines recorded a trade surplus at about 2% of GNP in the current account due to high electronics exports and low imports due to the devaluation of the peso. This was the first surplus in 12 years. Merchandise exports, in double digits through most of the 1990s, slowed to a single-digit growth pace in 2000, reflecting fewer export receipts from electronics and telecommunications parts and equipment.This decline was attributed by the electronics industry to weaker prices for maturing products and technologies, and to the decline in electronic industry investments from the 1994–97 boom years (when investment averaged $1. 5 billion a year). Traditionally, exports of primary products failed to balance impo rts, leading the government to restrict imports. Structural change accelerated in the 1970s, as the contribution of industry (including construction) to GDP rose from 29. 5% in 1970 to 36. % by 1980, primarily as a result of export-oriented industrialization promoted by the Marcos government. The Aquino assassination in August 1983 had immediate economic consequences for the Marcos government, as did the broader Third World Debt Crisis. Hundreds of millions of dollars in private capital fled the Philippines, leaving the country with insufficient foreign exchange reserves to meet its payments obligations. The government turned to the IMF and its creditor banks for assistance in rescheduling the nation's foreign debt, and an austerity program was set up during 1984–85.In December 1986, under IMF guidance, the Aquino government launched a privatization program with the establishment of the Assets Privatization Trust (APT). Monopolies established under the Marcos administration i n coconuts, sugar, meat, grains, and fertilizer were dismantled and a ban on copra exports was lifted. All export taxes were abolished; and the government allowed free access to lower-cost or higher-quality imports as a means of improving the cost-competitiveness of domestic producers.Many difficulties remained, however. The prices of commodity exports, such as sugar, copper, and coconut products, were still weak, while demand for nontraditional manufactured products, such as clothing and electronic components, failed to rise. The structural reforms produced an initial recovery between 1986 and 1989, but this was arrested by the series of natural disasters in 1990–1991. In 1986, Aquino had also embarked on a Comprehensive Agrarian Reform Programme, but its goals remain unfulfilled.In the 1990s, the government concluded three additional financial arrangements with the IMF—a stand-by agreement signed 20 February 1991 for about $240 million (all drawn); an arrangement und er the Extended Fund Facility (EFF) signed 24 June 1994 for about $554 million (all drawn), and a stand-by agreement signed 1 April 1998 for about $715 million (76. 7% drawn down as of 31 December 2002). At the end of 2002, the Philippines owed over 140% of its quota to the Fund. Scheduled debt repayments to the IMF for 2003 are about $330 million, and outstanding loans and purchases are not due to be retired until at least 2007.The country also had five debt reschedulings in the period 1984 to 1991 with the Paris Club—for official debt owed to aid donor countries—on which some payments are still owing. In January 2003, the Trade and Development Department announced at least a partial retreat from its 15 years of trade and investment liberalization, stating that it plans to bring tariff rates to the maximum allowed by the WTO for industrial imports, particularly petroleum imports, and for products produced in the Philippines. (Tradechakra. com) D. Import The Philippine economy is largely import oriented in terms of the value of merchandise trade.A sizable trade deficit continues primarily because of merchandise imported to meet the strong demand for raw materials, intermediate goods, industrial upgrades and infrastructure related capital goods. An emerging market, the Philippine economy continues to recover from the political instability of the 1980s, a series of natural disasters in the 1990s. Many of the products being imported are for improvement of the country's production capabilities. The development of industry has been hindered by such factors as electric power shortages and a still developing infrastructure.The Philippine government has taken several significant steps to reduce bureaucratic regulations and foster competition. In recent years it has revised and enacted tax, labor, health, safety environmental and other laws and policies with the aim of regulating industry. The Philippines import commodities such as electronic products, mi neral fuels, machinery and transport equipment, iron, and textile fabric. Philippines’ trading partners are Japan 15. 32%, US 11. 47%, Singapore 9. 54%, China 8. 93%, Taiwan 8. 27% (2009). Year| Imports | | (Billion US dollars)| 2001| 35| 2002| 30| 003| 33. 5| 2004| 35. 97| 2005| 37. 5| 2006| 42. 66| 2007| 51. 6| 2008| 57. 56| 2009| 60. 78| 2010| 46. 39| Source:  International Trade Center – UNCTAD / WTO Source:  CIA World Factbook  Ã¢â‚¬â€œ Unless otherwise noted, information in this page is accurate as of March 11, 2010 The table and graph above show that Year 2009 has the highest imports recorded with $60. 78B. On the other hand, the lowest imports recorded in the past ten years was on 2002 having $30B. This entry provides the total US dollar amount of merchandise imports on a c. i. f. (cost, insurance, and freight) or f. o. b. free on board) basis. These figures are calculated on an exchange rate basis. i. e. not in purchasing power parity (PPP) terms. E. Exp ort An export-oriented economic policy had boosted the economies of the newly industrialized countries of Asia. Philippines policy makers have also realized that the Philippines cannot achieve its aim of becoming the next â€Å"economic tiger† of Asia without shifting to an export-oriented economic programme. Export promotion programmes are public policy measures which actually or potentially enhance exporting activity at the company, industry or national level.Ideally, an export promotion policy should be backed up with an appropriate political and economic philosophy of the government. Export promotion policies should take into account the nature, size, and distribution of the individual exporting firms. As a developing country, the Philippines really does not have much choice in the matter. It needs to increase its export volume as a matter of economic survival, and within its national context, only the public sector has the resources to provide export promotion services t o small and medium-sized businesses in a cost-effective way.It was evident by the end of the 1970s, that the institutional reforms did not go far enough in achieving the major objectives of development. Typical of most small developing country trades, Philippines export trade has been characterized by a high degree of commodity and geographic concentration. As late as 1970, ten principal traditional export commodities comprised three quarters of total exports value. The first three top dollar earners (sugar, logs and lumber and copper concentrates) easily accounted for a little more than half of total export earnings.A definite shift to export promotion was observed in the decade of the 1970s. In spite of the export orientation reflected in exchange rate and industrial promotion policies, the structure of protection accorded by tariff policy remained basically inward looking. The general picture that emerges from the above discussion is that while foreign exchange, trade and industr ial incentive policies in the seventies had taken an unmistakable shift toward export promotion, they had stopped short of completely eliminating the biases against export sales. Philippines’ export partners are US 15. 35%, Japan 14. 19%, China 13. 9%, Singapore 9. 44%, Hong Kong 9%, South Korea 5. 12%, Germany 4. 1% (2009). Year| Exports| | (Billion US dollars)| 2001| 2. 677| 2002| 2. 929| 2003| 2. 748| 2004| 3. 303| 2005| 3. 431| 2006| 4. 243| 2007| 3. 899| 2008| 4. 081| 2009| 3. 189| 2010| 4. 288*| *Source:  International Trade Center – UNCTAD / WTO Source:  CIA World Factbook  Ã¢â‚¬â€œ Unless otherwise noted, information in this page is accurate as of March 11, 2010 The graph and table show the Philippine exports to all countries. The highest export reported in the past ten years was during on 2010 having S4. 288B while the lowest was on 2003 having S2. 3B A strong peso is generally favorable to the economy as a whole but there are certain sectors of the indu stry and society that are affected by a strong peso. Weakened by a strong peso since their good would become offensive since the peso appreciates which makes them less competitive in the export market. Although may be affected, all is not lost since there are financial solutions to at least mitigate the handicap they are facing because exporters could enter into hedging agreement or derivatives where they could enter into a contract to protect them from the Peso appreciation.The tourism industry weakens as well since a strong peso makes staying for a vacation in a country would make it more expensive. The effect of a strong peso on tourism industry also affects the hotel industry since it is some what related as a strong tourism industry means more bookings with hotels for a place to stay. An ironic advantage of a strong peso is that the beneficiaries of the OFWs who contribute significantly in making the peso strong, get less of the remittances that their relatives send them since the dollar loses its purchasing power by the peso appreciation.And finally, in sector which for us is really getting the worst out of the situations are the domestic producers since a strong peso appreciates thus making it purchase imported goods more. The industry is for direct investments. The negative aspects of a strengthening peso is very much in the news, what with OFW families getting into financial trouble, and exporters complaining about their products getting to be too expensive for foreign buyers. What often gets overlooked is the fact that the Peso appreciation also has a positive side, and if one takes a good look at this, it is at least equally important as the negative side to this trend.These are some of the positive effects of strengthening peso: Increases in the world market prices of imported goods have lesser effect. Oil prices have shot up in dollar terms, and thanks to the increased value of the peso, the actual effect on the prices of oil products have not bee n as much as otherwise would have been the case. The same could be said of wheat prices, etc. which have also risen. Dollar-denominated foreign debts can be repaid with less pesos. The Philippine government has saved billions of pesos as a result of the dollar’s drop in value. Philippine companies with foreign debts have likewise benefited.Capital flight from the Philippines has lessened. The strengthening peso means that it is no longer a wise financial move to move funds to a foreign dollar account. It would be much more profitable to keep the money in pesos. At the same time, there is some kind of poetic justice that corrupt officials with funds abroad suffer from a severe cut in the value of their â€Å"loot†. Skyrocketing real estate prices would be dampened. Many Overseas Filipinos (mostly in the dollar area) have driven up prices of real estate throughout the country. The decreased value of their dollars may result in the cooling down of the buying frenzy for la nd by OFs.Increased attention to the domestic market from investors and (former) exporters. Some exporters are coping with the decreased demand for their products in the US by either shifting to other countries or to selling domestically. The increased supply of products to the domestic market would help to lessen prices and improve the product quality of domestically available goods. At the same time, the value of the local market for foreign investors has increased. Since the peso’s value has increased, the potential sales and profits offered by the domestic market has increased in terms of dollars.Lower interest rates. The steadily depreciating dollar is pushing the US Fed to decrease their interest rates – in response, countries like the Philippines decrease their interest rates accordingly, in order to avoid the interest rate differential to get too high. Low interest rates are good because it stimulates business, and also consumer spending, both of which are good for the economy. Lower cost of imported capital goods. For example, the peso value of new airplanes is now much less than it was even a year ago. This is the same for other items e. g. heavyconstruction equipment, computers, etc.This would help stimulate the economy, and could also lead to decreased prices for consumers. Posted: by butalidnl on 18 January 2008 F. Debt Payment As we all know, Philippine peso had appreciated in these past few years against the US dollar and implies high advantage to our economy. One of the advantage of the peso appreciation is the lower debt servicing, in which, it lessen the external debt of the country. As of December 2010, the National Government debt was recorded at P4, 718 billion, lower by P1 billion from end November 2010 level of P4, 719 billion.Of the total debt, P2, 000 billion or 42. 4% is owed to foreign creditors and P2, 718 billion or 57. 6% to domestic creditors. The decrease in NG’s foreign debt of P2 billion from the level as of end November 2010 was brought about by the P5 billion net repayment and P16B appreciation of the peso against the US dollar. This however was partially offset by the P18 billion net appreciation of the third currencies against the US dollar and P1 billion adjustment resulting from late receipt of notices of availment.The domestic debt increased by P1 billion from the previous month’s level resulting from the net issuance of government securities by NG. On the other hand, the contingent debt of the National Government, composed mainly of guarantees issued by the National Government, increased to 550 billion, lower by P10 billion from end November 2010 level of P560 billion. The decrease in domestic contingent obligations was due to the misclassification of the P12 billion HGC guaranteed PAGIBIG bonds as NG direct guaranteed loan.The increase in foreign contingent obligations was due to the combined effects of the P3 billion appreciation of the peso against the US dollar, P2 billion net repayment and P7 billion net appreciation of the third currencies against the US dollar. (Bureau of Treasury, Press Release) Source: Bureau of treasury Source: Bureau of treasury G. Reasons for the appreciation on 2009-2010 One of the key reasons why the Philippine currency had experienced a significant increase on its value during the last two years was because of the increasing number of Filipino dollar remittances from abroad.The strengthening of the value of Philippine peso during 2008 was attributed to the recession that the America had experienced during the last quarter of that year. However, the Philippine currency had experienced depreciation on the year 2009; because that is the year the country receive the impact of recession from 2008 that America had experienced. This has same effect on the ASEAN region where the Philippine is belong; their currency had also experienced depreciation. The Philippine had set a cushioning effect against the recession due to it s dollar remittances coming from OFW’s in different part of the work.H. The role of Bangko Sentral ng Pilipinas The Bangko Sentral ng Pilipinas (BSP) maintains a floating exchange rate system. Exchange rates are determined on the basis of supply and demand in the foreign exchange market. The role of the BSP in the foreign exchange market is principally to ensure orderly conditions in the market. The market-determination of the exchange rate is consistent with the Government’s commitment to market-oriented reforms and outward-looking strategies of achieving competitiveness through price stability and efficiency.In the Philippines, peso-dollar trading among Bankers Association of the Philippines (BAP) member-banks and between these banks and the BSP are done through the Philippine Dealing System (PDS). Most of the BAP-member banks which participate in the peso-dollar trading use an electronic platform called the Philippine Dealing and Exchange Corp. (PDEx). The BAP appoi nted PDEx as the official service provider for the USD/PHP spot trading (which involve the purchase or sale of the US dollar for immediate delivery, i. e. , within one day for US dollars), and Reuters, as the exclusive distributor of all PDEx data.Trading through the PDEx allows nearly instantaneous transmission of price information and trade confirmations. I. The future movement of Philippine Peso Against US dollar Remittances from overseas Filipinos workers (OF) coursed through banks continued to show strength at the start of 2011, rising year-on-year by 7. 6 percent to   US$1. 48 billion, Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco, Jr. announced. This positive development reflected increased remittances from both sea-based and land-based workers, with their ransfers rising by 13. 3 percent and 6. 2 percent, respectively. Remittance flows into the country remained resilient on the back of sustained demand for skilled overseas Filipino workers in different dest inations worldwide. The Philippine Overseas Employment Administration (POEA) reported that, of the total approved 99,926 job orders for land-based workers for the period  Ã‚   1 January – 28 February 2011, more than two-fifths represented processed job orders for service, production, and professional, technical and related workers.The processed job orders are intended for the manpower requirements in Saudi Arabia, UAE, Qatar, Taiwan, and Kuwait. In its market update, the POEA stated that the Department of Labor and Employment's Philippine Overseas Labor Office in Rome, Italy, reported that a new quota decree has been signed in November 2010, which will allow the entry of 100,000 foreign workers in Italy, of which 4,000 new hires are allotted to the Philippines. Meanwhile, the POEA also reported that the country's seafaring industry is aggressively targeting to capture at least 50 percent of the global requirement for seafarers in the future.To achieve this, the seafaring in dustry has invested in world-class training modules and facilities to upgrade the quality of skills of Filipino seafarers. The continued enhancement of financial services worldwide through tie-ups with foreign financial institutions, establishment of remittance centers and marketing offices abroad, as well as the stronger partnerships forged with correspondent banks and branches/representative offices abroad also helped shore up the flow of remittances into the country.The expansion of the remittance network indicated the continuing efforts of local banks and other financial institutions to capture a larger market share of the global remittance industry and provide safe, affordable and accessible fund transfer system for the overseas Filipino workers and their beneficiaries.The peso strengthened in the first trading day of the week as beliefs that the economy would grow in 2011 given its positive fundamentals offset concerns over the ill-effects of adverse offshore developments, suc h as the earthquake in Japan and lingering unrest in selected countries in the Middle East and North Africa. The local currency closed at 43. 59 against the US dollar on Monday, up by 6 centavos from Friday’s finish of 43. 65. Intraday high hit 43. 56:$1, while intraday low settled at 43. 72:$1. Volume of trade inched up to $1. 023 billion from $772. 8 million previously. Traders said external factors had been weighing down on the peso and other Asian currencies. Nonetheless, they said, the peso has been expected not to depreciate and that domestic factors have beefed up sentiment on the economy. Traders and other economic players still expect the Philippines to post a decent growth this year, aided by remittances and improving business and consumer sentiment. In 2010, the economy grew by 7. 3 percent, the fastest pace registered in over three decades. (inquire. net) IX. GENERALIZATIONThe study, â€Å"The Philippine Peso-US dollar Exchange Rate: The impact of Strengthening C urrency†, aimed the following objectives: 1) to determine the economic impact of the appreciation of Philippine peso; 2) determine the effect of the appreciation of Philippine peso (consumption, investment, government spending, import, export, debt servicing); 3)to determine the reasons behind the appreciation of the Philippine peso during 2009-2010; 4) to determine the role of the Bangko Sentral ng Pilipinas (BSP) on the Foreign Exchange Market; 5) to determine the future movement of Philippine peso against the US dollar.The significance of this study was to determine the impact of peso appreciation on the economy. It shows the effect on different sectors of the economy. It attempts to show the impact of strengthening peso against the US dollar and what are the consequences behind it. It also attempt to show where should the government place itself when the opposing interest of the public are at stake through Bangko Sentral ng Pilipinas. Based on the date gathered, the first hypothesis is accepted. The effects of appreciation have a great impact consumption, government spending, investment, import-export and debt servicing.There were two impacts on consumption, first is the value of imported commodities are cheaper in terms of peso. Second, the purchasing power of dollar remittances will decrease. In government spending, If peso appreciates, it has a good impact in our external debt since our debt will decrease. We will pay less and that will affect our spending. The remaining money that allocated for payment of external debt will be used for government spending. More resources are available to spend for social and economic development of our country.Peso appreciation will cause the exports become less competitive in the international market that will result to less revenues in terms of exports. Imported products will become cheaper that can cause the people to purchase more of it. Another advantage of a strong Philippine Peso is that it would reflect a robust economy for the country which could leverage itself to attract foreign investors in the country which could provide significant inflows for investments to the country furthering improving the economy.A positive outlook is very important to a country to seek investors to show confidence in investing to country since their outlook would be one of the considerations investors would consider. One of the advantage of the peso appreciation is the lower debt servicing, in which, it lessen the external debt of the country. The second hypothesis is also accepted. Philippine peso appreciation was caused by several factors such as the robust economy of the Philippine as well as the increasing amount of remittances from the overseas Filipino workers (OFWs).The Bangko Sentral ng Pilipinas has the role of maintaining the inflation and has the power to intervene in Foreign Exchange market. It is the tool being used by the government in monetary policy. Based on the information that was rel eased by the BSP the peso is expected to appreciate, prior to the events that struck one of the major Economic Partner of the Philippines—Japan—and prior to the political instability from Arab nations, which is one of the major source of dollar remittances of the country.X. RECOMMENDATION The researchers’ believe that the government should maintain the peso appreciate so that it will lessen the burden of paying excessive debt–principal and interest. And to maintain the prices of the commodity that are being imported at a low price, such as oil which is vital in the daily economic activity and other commodity that is not produce in the county.On the other hand, the government should provide a OFWs remittance stabilization fund—from the money that the government had saved in debt servicing—that pegged the exchange rate between peso and dollar, because OFWs’ remittances are crucial in maintaining the high value of the peso against the do llar and the effects that it will brought to the economy. . We cannot easily believe that a strong peso means a strong republic. So government must look at different factors and learn before engaging the country in different risk.As we also observed, the effect of peso condition in the sources of government funds is the same in the impact of peso condition in government spending. If the effect in the sources of funds is negative, the impact in the government spending is also negative. When the effect is positive, the impact in government spending is also positive. XI. REFERENCES 1. Bangko Sentral ng Pilipinas. (2008). Adjustments in the Face of Peso Volatility: Perspective from the Past and Policy Directions. : Retrieved February 21, 2011 retrieved from      http://www. bsp. gov. ph/downloads/Publications/2008/WPS200802. df 2. http://www. investopedia. com/ask/answers/08/what-is-foreign-exchange. asp 3. http://en. wikipedia. org/wiki/Foreign_exchange_market 4. http://www. bsp. g ov. ph/financial/forex. asp 5. http://business. inquirer. net/money/breakingnews/view/20110314-325428/Peso-rises-against-dollar-as-positive-view-of-local-economy-stays 6. http://www. philstar. com/Article. aspx? articleId=565592&publicationSubCategoryId=66 7. Monetary Stability Sector of the Bangko Sentral ng Pilipinas (2006). The Exchange Rate. Retrieved from http://www. bsp. gov. ph/dowloads/publication/FAQs/exchangerate. pdf