Philippine Chamber of Commerce and Industry sends high level business delegation and representation at the Delhi Dialogue IX in New Delhi, and signs an MOU with the All India Association Industries for closer trade and investment collaboration.
Press Release : New Delhi. 6 July 2017
Philippine Chamber of Commerce and Industry President, Mr. George T. Barcelon recently led a high level business delegation to participate in and engage Indian Counterparts during the IX Delhi Dialogue held in New Delhi last July 4-5, 2017. The Philippine Trade and Investment Centre in New Delhi, the Commercial Section of the Embassy of the Republic of the Philippines in India and the representative office of the Philippine Department of Trade and Industry in India and South Asia facilitated, arranged and provided full support to the Philippine Business Delegation. PCCI and India’s All India Association of Industries also held a landmark signing of a Memorandum of Understanding (MOU) during Delhi Dialogue IX in New Delhi for the promotion of Trade and Investment between Philippines and India.
The Memorandum of Understanding was signed by Mr. Barcelon with his counterpart, Mr. Vijay Kalantri, President of the All India Association of Industries during the sidelines of the Delhi Dialogue IX. Ambassador Ma. Teresita Daza of the Philippine Embassy and other Embassy Officials, witnessed the MOU signing.
The Philippine business delegation was headed by Mr George T. Barcelon- President, Philippine Chamber of Commerce and Industry , Ms Pacita U. Juan, Chairwoman, ASEAN Women Entreprepreneurs Network(AWEN) and Mr. Johnny Chotrani, Chairman of the Philippines India Business Council.
In close collaboration with All India Association of Industries, one of PTIC New Delhi's strongest partners in trade and investment promotion between India and the Philippines, former PTIC New Delhi Commercial Counsellor, proposed speakership slots for Mr. Barcelon and Mr. Chotrani at the 9th Delhi Dialogue, prior to his cross posting to Taipei, to highlight the strong interest of the Philippine business sector to engage Indian business counterparts. PTIC New Delhi’s Mr. Tarun Sharma,= and Ms. Ruby delos Santos Trade and Investment Promotion officers provided full assistance to the high level Philippine Delegation during the Delhi Dialogue.
About the Delhi Dialogue:
The Delhi Dialogue is a premier annual track 1.5 event to discuss politico-security, economic and socio-cultural engagement between ASEAN and India. It has been held annually since 2009.
The 9th edition of Delhi Dialogue was held in New Delhi from 4-5 July 2017. The theme for Delhi Dialogue 9 is "ASEAN-India Relations: Charting the Course for the Next 25 Years". Political leaders, policy makers, senior officials, diplomats, business leaders, think tanks and academicians from both sides would be participating in the discussions.
PHILIPPINES is the 7th Most Promising Investment Destination - UNCTAD Business Survey 2017
The Philippines has become a more attractive destination of prospective foreign direct investments, placing seventh in a list of economies tagged as “most promising host countries,” the United Nations Conference on Trade and Development (Unctad) 2017 business survey showed.
The survey was part of the Unctad World Trade Investment Report 2017, which discussed global trends and prospects in FDI flows.
The Philippines ranked 7th in a list of 15 developing and developed countries picked by business executives of multinational enterprises when asked for their top prospective host economies for 2017 to 2019.
This is an improvement from last year, when the country placed 9th, although it trailed behind two other member states of the Association of Southeast Asian Nations —Indonesia and Thailand, which are both third in the list, up from 8th and 14th, respectively.“The United States, China and India remain the top prospective FDI destinations. Executives maintain their confidence in developing Asia’s economic performance and predict increased investments in SouthEast Asia, with Indonesia, Thailand, the Philippines, Vietnam and Singapore, in that order, all improving their ranking among the most promising host countries,” the report read.
The better prospects reflect the “renewed optimism” in the larger picture as global FDI flows are expected to increase by about 5 percent this year to about $1.8 trillion.
Read more from source: Philippine Daily Inquirer
The survey was part of the Unctad World Trade Investment Report 2017, which discussed global trends and prospects in FDI flows.
The Philippines ranked 7th in a list of 15 developing and developed countries picked by business executives of multinational enterprises when asked for their top prospective host economies for 2017 to 2019.
This is an improvement from last year, when the country placed 9th, although it trailed behind two other member states of the Association of Southeast Asian Nations —Indonesia and Thailand, which are both third in the list, up from 8th and 14th, respectively.“The United States, China and India remain the top prospective FDI destinations. Executives maintain their confidence in developing Asia’s economic performance and predict increased investments in SouthEast Asia, with Indonesia, Thailand, the Philippines, Vietnam and Singapore, in that order, all improving their ranking among the most promising host countries,” the report read.
The better prospects reflect the “renewed optimism” in the larger picture as global FDI flows are expected to increase by about 5 percent this year to about $1.8 trillion.
Read more from source: Philippine Daily Inquirer
Subic port now as productive as flagship Manila port - ICTSI (a Philippine port operator multinational)
The port operations of International Container Terminal Services Inc. (ICTSI) in Subic Bay Freeport now match the productivity of flagship Manila International Container Terminal (MICT), suggesting the emergence of this freeport as a key international gateway.
ICTSI reported on Monday that two Panamax quay cranes at Subic Bay freeport’s New Container Terminal (NCT) 1 recently handled close to 400 twenty foot equivalent units (TEUs), with each crane averaging 40 and 33 moves per hour, respectively.
The productivity levels were achieved during the inaugural port call of Evergreen Marine Corp.’s 1,440-TEU boxship Cape Fulmar. This marked the debut of Evergreen’s South Korea-Taiwan-Philippines service, a new route to facilitate improving regional trade between the three economies.
The service plies the ports of Incheon and Kwang Yang, South Korea; Kaohsiung, Taiwan; and Batangas, Manila and Subic Bay, Philippines. Aside from Cape Fulmar, 1,440-TEU boxship Cape Faro is also chartered to the weekly service.
“It was a great effort and a big win for ICTSI’s Subic operations. This goes to show that Subic is at par with the productivity levels in MICT. We are continuously working on improving our services to attract more shipping lines, and for northern and central Luzon businesses to use the container terminals in Subic,” said Roberto Locsin, Subic Bay International Terminal Corp. (SBITC) president.
“As a national port operator, ICTSI ensures that each Philippine marine terminal under its helm remains competitive. Subic, in particular, was developed not only for the industrial locators of the Freeport but for the local markets in Luzon north of Metro Manila,” Locsin said.
MICT primarily serves the Metro Manila market and its adjacent markets, where most of the economic activities of the country happen being the country’s capital.
“Metro Manila as a market will continue to grow,” Locsin said. “But, as the northern and central Luzon countryside develops driven by industrial centers like Subic, Clark, Bataan and Tarlac also continuing to grow, the Subic Bay Freeport is that gateway ready to link its products to global markets. We have the equipment and facilities. We carry ICTSI’s brand of service and efficiency,” he added.
ICTSI has set up shop in Subic in anticipation of growing local markets north of Metro Manila. In 2007, under the Subic Port Development Plan, the Subic Bay Metropolitan Authority awarded SBITC the concession for NCT 1. In 2011, under the plan’s second phase, another ICTSI subsidiary, ICTSI Subic Inc., was awarded the concession to operate NCT 2.
Increasing volumes in Subic enabled ICTSI to streamline and consolidate the operations of NCT 1 and 2. The merged operation has been serving the growing markets of the region, alongside the continued support to facilitate the “box” or container market of Metro Manila.
Read more: http://business.inquirer.net/229084/ictsi-subic-port-now-productive-flagship-manila-port#ixzz4gZSZKljs
ICTSI reported on Monday that two Panamax quay cranes at Subic Bay freeport’s New Container Terminal (NCT) 1 recently handled close to 400 twenty foot equivalent units (TEUs), with each crane averaging 40 and 33 moves per hour, respectively.
The productivity levels were achieved during the inaugural port call of Evergreen Marine Corp.’s 1,440-TEU boxship Cape Fulmar. This marked the debut of Evergreen’s South Korea-Taiwan-Philippines service, a new route to facilitate improving regional trade between the three economies.
The service plies the ports of Incheon and Kwang Yang, South Korea; Kaohsiung, Taiwan; and Batangas, Manila and Subic Bay, Philippines. Aside from Cape Fulmar, 1,440-TEU boxship Cape Faro is also chartered to the weekly service.
“It was a great effort and a big win for ICTSI’s Subic operations. This goes to show that Subic is at par with the productivity levels in MICT. We are continuously working on improving our services to attract more shipping lines, and for northern and central Luzon businesses to use the container terminals in Subic,” said Roberto Locsin, Subic Bay International Terminal Corp. (SBITC) president.
“As a national port operator, ICTSI ensures that each Philippine marine terminal under its helm remains competitive. Subic, in particular, was developed not only for the industrial locators of the Freeport but for the local markets in Luzon north of Metro Manila,” Locsin said.
MICT primarily serves the Metro Manila market and its adjacent markets, where most of the economic activities of the country happen being the country’s capital.
“Metro Manila as a market will continue to grow,” Locsin said. “But, as the northern and central Luzon countryside develops driven by industrial centers like Subic, Clark, Bataan and Tarlac also continuing to grow, the Subic Bay Freeport is that gateway ready to link its products to global markets. We have the equipment and facilities. We carry ICTSI’s brand of service and efficiency,” he added.
ICTSI has set up shop in Subic in anticipation of growing local markets north of Metro Manila. In 2007, under the Subic Port Development Plan, the Subic Bay Metropolitan Authority awarded SBITC the concession for NCT 1. In 2011, under the plan’s second phase, another ICTSI subsidiary, ICTSI Subic Inc., was awarded the concession to operate NCT 2.
Increasing volumes in Subic enabled ICTSI to streamline and consolidate the operations of NCT 1 and 2. The merged operation has been serving the growing markets of the region, alongside the continued support to facilitate the “box” or container market of Metro Manila.
Read more: http://business.inquirer.net/229084/ictsi-subic-port-now-productive-flagship-manila-port#ixzz4gZSZKljs
ASEAN +3 Trade ministers arriving for key Manila meeting on RCEP
May 09, 2017 - TRADE OFFICIALS from the Association of Southeast Asian Nations (ASEAN) and their six free-trade partners are meeting this week to arrive at crucial “commitments” to move closer to the conclusion of the Regional Comprehensive Economic Partnership (RCEP).
“RCEP should be able to demonstrate that we continue to underscore the developmental function of international trade that benefits ultimately the broader base of the economy,” said Department of Trade and Industry (DTI) Secretary Ramon M. Lopez, who also serves as chairperson of the ASEAN Economic Ministers Meetings 2017.
RCEP, which if concluded will create an economic bloc that covers nearly half of the world population, enters the Manila round of discussions this week. The 18th RCEP trade negotiating committee meeting and related meetings is from May 8 to 12.
The partnership will link ASEAN -- the economic bloc comprised of Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam -- and the six countries it has free trade agreements: Australia, China, India, Japan, New Zealand and South Korea.
DTI said the “ASEAN-centric and ASEAN-led RCEP is considered the new tailwind for global growth as it heads towards a more substantive phase following 17 rounds.”
The Manila round entails “redoubling of efforts in order to deliver the broader and deeper commitments being called for goods, services and investment liberalization” as the regional leaders along with their free trade partners are mandated to “substantially conclude RCEP this year,” the Trade department said.
RCEP aims to achieve a modern, comprehensive, high-quality and mutually beneficial economic partnership agreement. Once concluded, this will further contribute in deepening ASEAN’s economic integration and heighten its role in global trade and investment.
DTI said RCEP is poised to boost global growth by expanding the ASEAN consumer base of 620 million to 3.5 billion, integrating major economic markets which will account for almost half of the world’s population and almost 30% of global gross domestic product.
The department said the Philippines, as this year’s host, joins the others in finding “creative solutions to outstanding issues,” as they try to reconcile differing views and achieve a balance among the interests of the developed, developing and least developed economies. They are also aiming to address these “in the most efficient and equitable manner.”
DTI said the bid to move RCEP forward would require “political willingness, especially at the moment where return to economic protectionism is being considered in some parts of the world.”
It said the Philippines would continue to push sectors wherein it has trade and export interests such as canned tuna, fresh pineapples, mangoes, garments of synthetic fibers, raw cane sugar, crude coconut oil, cut tobacco, bananas and coconut copra oil.
“The Philippines supports the streamlining of certification procedures for RCEP originating goods taking into consideration latest business practices,” the department said.
“RCEP also aims at streamlining customs procedures that go beyond some areas of the World Trade Organization (WTO) Agreement on Trade Facilitation. Parties are exploring setting a 48-hour release time for imported goods,” it said.
In trade and services, RCEP is expected to allow freer movement of Filipino skilled labor in professional services, including accountancy, engineering, architecture, computer-related services and other business services across the 16 RCEP participating countries. -- Victor V. Saulon
read more from source: Business World
“RCEP should be able to demonstrate that we continue to underscore the developmental function of international trade that benefits ultimately the broader base of the economy,” said Department of Trade and Industry (DTI) Secretary Ramon M. Lopez, who also serves as chairperson of the ASEAN Economic Ministers Meetings 2017.
RCEP, which if concluded will create an economic bloc that covers nearly half of the world population, enters the Manila round of discussions this week. The 18th RCEP trade negotiating committee meeting and related meetings is from May 8 to 12.
The partnership will link ASEAN -- the economic bloc comprised of Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam -- and the six countries it has free trade agreements: Australia, China, India, Japan, New Zealand and South Korea.
DTI said the “ASEAN-centric and ASEAN-led RCEP is considered the new tailwind for global growth as it heads towards a more substantive phase following 17 rounds.”
The Manila round entails “redoubling of efforts in order to deliver the broader and deeper commitments being called for goods, services and investment liberalization” as the regional leaders along with their free trade partners are mandated to “substantially conclude RCEP this year,” the Trade department said.
RCEP aims to achieve a modern, comprehensive, high-quality and mutually beneficial economic partnership agreement. Once concluded, this will further contribute in deepening ASEAN’s economic integration and heighten its role in global trade and investment.
DTI said RCEP is poised to boost global growth by expanding the ASEAN consumer base of 620 million to 3.5 billion, integrating major economic markets which will account for almost half of the world’s population and almost 30% of global gross domestic product.
The department said the Philippines, as this year’s host, joins the others in finding “creative solutions to outstanding issues,” as they try to reconcile differing views and achieve a balance among the interests of the developed, developing and least developed economies. They are also aiming to address these “in the most efficient and equitable manner.”
DTI said the bid to move RCEP forward would require “political willingness, especially at the moment where return to economic protectionism is being considered in some parts of the world.”
It said the Philippines would continue to push sectors wherein it has trade and export interests such as canned tuna, fresh pineapples, mangoes, garments of synthetic fibers, raw cane sugar, crude coconut oil, cut tobacco, bananas and coconut copra oil.
“The Philippines supports the streamlining of certification procedures for RCEP originating goods taking into consideration latest business practices,” the department said.
“RCEP also aims at streamlining customs procedures that go beyond some areas of the World Trade Organization (WTO) Agreement on Trade Facilitation. Parties are exploring setting a 48-hour release time for imported goods,” it said.
In trade and services, RCEP is expected to allow freer movement of Filipino skilled labor in professional services, including accountancy, engineering, architecture, computer-related services and other business services across the 16 RCEP participating countries. -- Victor V. Saulon
read more from source: Business World
Philippine Factory output likely grew by 11.4% in March 2017
By
Bianca Cuaresma
-
MAY 7, 2017
Philippine industrial production likely posted a double-digit growth in March, as all subsectors posted hikes in output, according to the think tank arm of international credit-ratings agency Moody’s Investors Service.
In its recent views on Asia Pacific data releases for the upcoming week, Moody’s Analytics said industrial production may have expanded by 11.4 percent in March.
The country’s industrial production grew by 1.7 percent in February this year. The Philippine Statistics Authority (PSA) is set to release official data on factory output on Wednesday.
“Manufacturing strength has been fairly broad-based among the subsectors, with food production doing particularly well,” Moody’s Analytics said.
“We look for electronics output to continue to rally in the coming months because of improved external conditions. Even with this, the main driver of production growth will be booming domestic demand, as rising incomes and infrastructure projects drive consumption and investment,” it added.
The optimism of Moody’s Analytics has been backed by positive outlook given by IHS Markit for the country’s manufacturing sector throughout the year.
International think tank IHS Markit is a partner of regional business media organization Nikkei in compiling Asia’s monthly Purchasing Managers Index (PMI).
IHS Markit economist Bernard Aw remained optimistic of the Philippine manufacturing’s growth in the near-term, saying there were further signs that growth momentum will be sustained for the rest of the quarter, particularly as forward-looking indicators, such as new orders and expectations, continued to show “robust trends”.
Aw also said reports of increased construction activity, together with greater public infrastructure spending is expected to support the manufacturing industry in the coming months.
In January data from the PSA showed the value of factory output rose by 11.6 percent, slower than the 25.9 percent recorded in the same period last year.
In terms of volume the PSA said the year-on-year hike was at 9.3 percent. The agency said this was mainly due to the improved performance of 14 major sectors, with significant increases noted in nine major sectors led by wood and wood products.
Other major sectors that recorded two-digit growth were basic metals, footwear and wearing apparel, transport equipment, petroleum products, food manufacturing and fabricated metal products.
read more from: Business Mirror
Bianca Cuaresma
-
MAY 7, 2017
Philippine industrial production likely posted a double-digit growth in March, as all subsectors posted hikes in output, according to the think tank arm of international credit-ratings agency Moody’s Investors Service.
In its recent views on Asia Pacific data releases for the upcoming week, Moody’s Analytics said industrial production may have expanded by 11.4 percent in March.
The country’s industrial production grew by 1.7 percent in February this year. The Philippine Statistics Authority (PSA) is set to release official data on factory output on Wednesday.
“Manufacturing strength has been fairly broad-based among the subsectors, with food production doing particularly well,” Moody’s Analytics said.
“We look for electronics output to continue to rally in the coming months because of improved external conditions. Even with this, the main driver of production growth will be booming domestic demand, as rising incomes and infrastructure projects drive consumption and investment,” it added.
The optimism of Moody’s Analytics has been backed by positive outlook given by IHS Markit for the country’s manufacturing sector throughout the year.
International think tank IHS Markit is a partner of regional business media organization Nikkei in compiling Asia’s monthly Purchasing Managers Index (PMI).
IHS Markit economist Bernard Aw remained optimistic of the Philippine manufacturing’s growth in the near-term, saying there were further signs that growth momentum will be sustained for the rest of the quarter, particularly as forward-looking indicators, such as new orders and expectations, continued to show “robust trends”.
Aw also said reports of increased construction activity, together with greater public infrastructure spending is expected to support the manufacturing industry in the coming months.
In January data from the PSA showed the value of factory output rose by 11.6 percent, slower than the 25.9 percent recorded in the same period last year.
In terms of volume the PSA said the year-on-year hike was at 9.3 percent. The agency said this was mainly due to the improved performance of 14 major sectors, with significant increases noted in nine major sectors led by wood and wood products.
Other major sectors that recorded two-digit growth were basic metals, footwear and wearing apparel, transport equipment, petroleum products, food manufacturing and fabricated metal products.
read more from: Business Mirror
Bloomberg: India, Philippines to Lead Asian Growth as Workforces Rise - Nomura Holdings Inc.
by
David Roman
5 May 2017
For a vivid illustration of why demographics matter so much for economic growth, take a look at the diverging trends in Asia.
India and the Philippines are likely to post Asia’s fastest economic growth rates in coming years as their working-age population keeps expanding through 2020, in contrast with shrinking workforces across North Asia, Nomura Holdings Inc. estimates show.
Philippines, with 31 percent of its population currently under the age of 15, is projected to see a 1.9 percent expansion of its 15-to-65 year-old population this year, with Malaysia’s due to rise 1.6 percent and India 1.5 percent, Nomura economists said in a report. Malaysia’s population growth, however, is expected to slow faster than India’s.
That contrasts with bleaker prospects for the likes of China, Japan and Hong Kong, all of which have seen a contraction in the workforce since 2015. South Korea and Thailand are expected to join the ranks of older economies with a smaller working-age population next year, according to Nomura.
Aging will clip the potential growth rates of all major North Asian economies in coming years, while those of India and Southeast Asian economies may accelerate, with the exception of Singapore’s, the bank said.
“We expect any upside surprises to the consensus of economists on potential output growth to come from India and Southeast Asia, while any disappointments are likely to come from Northeast Asia,” Nomura said.
read more from source: Bloomberg.com
David Roman
5 May 2017
For a vivid illustration of why demographics matter so much for economic growth, take a look at the diverging trends in Asia.
India and the Philippines are likely to post Asia’s fastest economic growth rates in coming years as their working-age population keeps expanding through 2020, in contrast with shrinking workforces across North Asia, Nomura Holdings Inc. estimates show.
Philippines, with 31 percent of its population currently under the age of 15, is projected to see a 1.9 percent expansion of its 15-to-65 year-old population this year, with Malaysia’s due to rise 1.6 percent and India 1.5 percent, Nomura economists said in a report. Malaysia’s population growth, however, is expected to slow faster than India’s.
That contrasts with bleaker prospects for the likes of China, Japan and Hong Kong, all of which have seen a contraction in the workforce since 2015. South Korea and Thailand are expected to join the ranks of older economies with a smaller working-age population next year, according to Nomura.
Aging will clip the potential growth rates of all major North Asian economies in coming years, while those of India and Southeast Asian economies may accelerate, with the exception of Singapore’s, the bank said.
“We expect any upside surprises to the consensus of economists on potential output growth to come from India and Southeast Asia, while any disappointments are likely to come from Northeast Asia,” Nomura said.
read more from source: Bloomberg.com
Philippines is top economic performer in the region- ASEAN+3 Macroeconomic Research Office
Posted on Friday May 5th at 4:00am
By Ana Marie Pamintuan
YOKOHAMA – The Philippines is “the top economic performer” in the region and the Duterte administration does not pose political risks that might make the country less attractive for investments, according to the ASEAN +3 Macroeconomic Research Office (AMRO).
The Singapore-based international group, which released here yesterday its inaugural flagship report on the economic outlook for the Association of Southeast Asian Nations (ASEAN), China, Japan and South Korea, is projecting regional gross domestic product to grow at 5.2 percent this year, with inflation under control despite global economic uncertainty.
AMRO chief economist Hoe Ee Khor, in a briefing on the report, was asked if there were factors that could alter the group’s projections for the Philippines. “The Philippines is the top performer (in the region),” he said. “It is a very attractive destination for investments.”
Asked if he saw political risks from the new government of Rodrigo Duterte, Khor replied, “So far, not much... growth will continue.”
The risks for the country are mainly external, Khor said as he noted that the economy is heavily dependent on overseas workers’ remittances and business process outsourcing. Global economic growth has slowed down, protectionism is on the rise and US President Donald Trump has vowed to bring back American jobs and “buy American.”
“But we’re pretty confident that growth can be sustained at a high level,” Khor said as he pointed out that the Philippines has built strong buffers and the country’s financial reserves are “relatively high.”
Inflation is picking up and the current account deficit may be a cause for concern, he said, “but this is a good current account deficit because it’s sustained by investments.”
Khor noted that the Duterte administration has sustained sound economic policies of the past and international credit rating agencies have maintained the country’s investment grade.
Risks, challenges for Asean + 3
The AMRO inaugural report is being released 20 years after the region was hit by the financial crisis. Khor said the crisis “shaped the trajectory” of regional growth.
He said growth never fully recovered, and one reason “is that the public sector got clobbered.”This year, however, AMRO sees the economic outlook for ASEAN + 3 improving with a recovery in global trade and investment fueled by domestic demand. Regional integration is also benefiting individual economies, the group reported.
Khor stressed that “you can never be too complacent.” AMRO is urging governments to give priority to financial stability in balancing efforts for economic growth.
AMRO was created after the Asian financial crisis. Khor said the crisis led to reforms that imposed discipline in monetary policies, strengthened regulatory frameworks, built up reserves buffers, encouraged flexible exchange rates and fiscal consolidation and promoted reforms in the corporate and financial sectors.
The improved macroeconomic management and stronger foundations allowed ASEAN + 3 to survive the global financial crisis “relatively unscathed,” according to the AMRO report.
From 2007, the region also benefited from heightened regional economic integration, AMRO noted. Enhanced regional cooperation will improve resilience to shocks and pave the way for sustained relatively strong growth, it added.
Among the risks cited by AMRO for the region are trade protectionism, heightened financial volatility and tightening global financial conditions as well as inflation.
Khor, however, downplayed the impact of Trump’s promises to impose protectionist policies.
“We haven’t seen a lot of protectionist moves yet,” Khor said.
As long as such moves are “not too drastic” and regional economies remain open, integrated and vigilant, he said growth could be sustained.
Read more from source: Philippine Star
By Ana Marie Pamintuan
YOKOHAMA – The Philippines is “the top economic performer” in the region and the Duterte administration does not pose political risks that might make the country less attractive for investments, according to the ASEAN +3 Macroeconomic Research Office (AMRO).
The Singapore-based international group, which released here yesterday its inaugural flagship report on the economic outlook for the Association of Southeast Asian Nations (ASEAN), China, Japan and South Korea, is projecting regional gross domestic product to grow at 5.2 percent this year, with inflation under control despite global economic uncertainty.
AMRO chief economist Hoe Ee Khor, in a briefing on the report, was asked if there were factors that could alter the group’s projections for the Philippines. “The Philippines is the top performer (in the region),” he said. “It is a very attractive destination for investments.”
Asked if he saw political risks from the new government of Rodrigo Duterte, Khor replied, “So far, not much... growth will continue.”
The risks for the country are mainly external, Khor said as he noted that the economy is heavily dependent on overseas workers’ remittances and business process outsourcing. Global economic growth has slowed down, protectionism is on the rise and US President Donald Trump has vowed to bring back American jobs and “buy American.”
“But we’re pretty confident that growth can be sustained at a high level,” Khor said as he pointed out that the Philippines has built strong buffers and the country’s financial reserves are “relatively high.”
Inflation is picking up and the current account deficit may be a cause for concern, he said, “but this is a good current account deficit because it’s sustained by investments.”
Khor noted that the Duterte administration has sustained sound economic policies of the past and international credit rating agencies have maintained the country’s investment grade.
Risks, challenges for Asean + 3
The AMRO inaugural report is being released 20 years after the region was hit by the financial crisis. Khor said the crisis “shaped the trajectory” of regional growth.
He said growth never fully recovered, and one reason “is that the public sector got clobbered.”This year, however, AMRO sees the economic outlook for ASEAN + 3 improving with a recovery in global trade and investment fueled by domestic demand. Regional integration is also benefiting individual economies, the group reported.
Khor stressed that “you can never be too complacent.” AMRO is urging governments to give priority to financial stability in balancing efforts for economic growth.
AMRO was created after the Asian financial crisis. Khor said the crisis led to reforms that imposed discipline in monetary policies, strengthened regulatory frameworks, built up reserves buffers, encouraged flexible exchange rates and fiscal consolidation and promoted reforms in the corporate and financial sectors.
The improved macroeconomic management and stronger foundations allowed ASEAN + 3 to survive the global financial crisis “relatively unscathed,” according to the AMRO report.
From 2007, the region also benefited from heightened regional economic integration, AMRO noted. Enhanced regional cooperation will improve resilience to shocks and pave the way for sustained relatively strong growth, it added.
Among the risks cited by AMRO for the region are trade protectionism, heightened financial volatility and tightening global financial conditions as well as inflation.
Khor, however, downplayed the impact of Trump’s promises to impose protectionist policies.
“We haven’t seen a lot of protectionist moves yet,” Khor said.
As long as such moves are “not too drastic” and regional economies remain open, integrated and vigilant, he said growth could be sustained.
Read more from source: Philippine Star
Tycoons satisfied with business environment in the Philippines
MANILA, Philippines - Some of the country’s most influential business tycoons have expressed satisfaction with the business environment under the Duterte administration, but underscored the urgency of speeding up the implementation of proposed infrastructure projects.
Ports tycoon Enrique Razon said the prevailing environment is conducive for business. “It’s pretty good. No complaints,” said Razon, who owns and operates global port operator International Container Terminal Services Inc. (ICTSI) and Solaire Resort & Casino.
He said that if the government’s plan to usher in the so-called golden age of infrastructure pushes through, it would be good for the country.
“If they can execute that in their time frame, then that is very good for the country. There’s no downside to that. Government spending – always a boost to the economy. I’m optimistic on the players that will be executing the projects,” Razon said.
Asked if he would be interested in joining the government’s unsolicited proposal framework, Razon said that if there is something that is related to his businesses, he could consider it.
Similarly, Fernando Zobel de Ayala, president and chairman of Ayala Corp. said the country’s oldest conglomerate is bullish on the country’s business climate.
“If you look at the amount of capex we are looking at for this year, it’s an indication of how bullish we are on the economy. The results are good. We are bullish about the economy. We are expanding at a quick rate,” Zobel said.
Ayala Corp. is pouring in P185 billion in capital expenditures this year, higher than the 13 percent allocated in 2016 to support its real estate, telecommunications and water segments as well as to power up its emerging businesses.
The company’s core businesses are Ayala Land, BPI, Globe Telecom, Manila Water and IMI, while new businesses launched in recent years include AC Energy, AC Infra, AC Education, AC Industrials and AC Automotive. However, Zobel emphasized the need for new infrastructure. “The only area we really need to emphasize is we need to move fast on infrastructure. We all how know badly needed it is and we all know that these projects can be solved. The projects that have come online recently have already made a huge difference. The problems can be solved, we just need to get moving on the projects themselves,” Zobel said.
Ayala, through AC Infrastructure Holdings Corp. is hitching a ride on the government’s infrastructure push with three big-ticket unsolicited proposals including the P25 billion, 8.6-kilometer elevated tollroad from Sta. Mesa in Manila to the SM Mall of Asia in Pasay and an infrastructure project in Mindanao, company president and CEO Jose Rene Almendras said.
D.M. Consunji Inc. (DMCI), the construction arm of engineering conglomerate DMCI Holdings, is likewise looking for possible technology partners to complement their construction expertise as they prepare for the government’s infrastructure program.
The Duterte administration vowed to usher in what it touts as the golden age of infrastructure, touted as the biggest infrastructure push in Philippine history. The plan is to boost state spending on infrastructure to seven percent of the country’s GDP from five percent at present which would also be a major catalyst for growth.
DMCI President Jorge A. Consunji said they are in talks with potential partners from major players in Asia, Europe and the Middle East who can add value in terms of efficiency, cost design and methodology.
By Iris Gonzales (The Philippine Star) | Updated April 24, 2017 - 12:00am
read more from source:
Philippines aims to be top FDI destination in Southeast Asia
- DTI Secretary Ramon Lopez
ˀMANILA, Philippines - The Philippines is embarking on necessary reforms aimed at creating a business environment that is more conducive to investments as it targets to become a foreign direct investment (FDI) powerhouse in the region.
“Definitely we will have a stronger position as one of the most preferred FDI destinations in the region, with huge and relevant infrastructure spending and trade and investment reforms,” Trade Secretary Ramon Lopez told The STAR.
Lopez, who frequently meets and deals with foreign investors through trade and investment roadshows abroad, said the country is capable of posting the third highest FDI inflow level among Southeast Asian economies prior to the end of President Duterte’s six-year term.
“(We can become) one of the best, maybe top three to five in the region in three to five years,” Lopez said.
Lopez said the expected influx of foreign investments into the country would mostly hinge on the Duterte administration’s infrastructure spending program. The government has committed to ramp up spending on this sector, which was appropriated a budget of P8 trillion until 2022.
Measures are also underway to open up the economy and amend Constitutional provisions that hamper the entry of foreign investments.
Aside from these, Lopez said the government is undertaking various promotion programs as well as forging trade agreements that increase access to other markets by using the country as a manufacturing base and gateway to other economies in the region.
“Not to mention the solid foundation in the country such as managerial and skilled manpower resources, strong consumer base, demographic dividend, and growth momentum that improves our investment potential,” he said.
The Philippines in the past has been regarded as among the laggards in the region in terms of FDI inflows.
According to the Joint Foreign Chambers in the Philippines, net FDI in the Philippines was behind Singapore ($67.4 billion), Indonesia ($25.7 billion), Thailand ($11.8 billion), Malaysia ($10.5 billion) and Vietnam ($6.6 billion) in 2014 despite reaching a record level of $6.2 billion.
Last year, the country’s net FDI jumped 40 percent to an all-time high of $7.9 billion, exceeding the full-year target of $6.7 billion.
As a result, the Bangko Sentral ng Pilipinas recently upgraded its FDI projection this year to reach a record high of $8 billion.
Among the investment promotion agencies, the Board of Investments, which is chaired by Lopez, contributed 22.5 percent or $1.78 billion of the total FDIs recorded last year.
By Richmond Mercurio (The Philippine Star) | Updated April 25, 2017 - 12:00am
read more from source
“Definitely we will have a stronger position as one of the most preferred FDI destinations in the region, with huge and relevant infrastructure spending and trade and investment reforms,” Trade Secretary Ramon Lopez told The STAR.
Lopez, who frequently meets and deals with foreign investors through trade and investment roadshows abroad, said the country is capable of posting the third highest FDI inflow level among Southeast Asian economies prior to the end of President Duterte’s six-year term.
“(We can become) one of the best, maybe top three to five in the region in three to five years,” Lopez said.
Lopez said the expected influx of foreign investments into the country would mostly hinge on the Duterte administration’s infrastructure spending program. The government has committed to ramp up spending on this sector, which was appropriated a budget of P8 trillion until 2022.
Measures are also underway to open up the economy and amend Constitutional provisions that hamper the entry of foreign investments.
Aside from these, Lopez said the government is undertaking various promotion programs as well as forging trade agreements that increase access to other markets by using the country as a manufacturing base and gateway to other economies in the region.
“Not to mention the solid foundation in the country such as managerial and skilled manpower resources, strong consumer base, demographic dividend, and growth momentum that improves our investment potential,” he said.
The Philippines in the past has been regarded as among the laggards in the region in terms of FDI inflows.
According to the Joint Foreign Chambers in the Philippines, net FDI in the Philippines was behind Singapore ($67.4 billion), Indonesia ($25.7 billion), Thailand ($11.8 billion), Malaysia ($10.5 billion) and Vietnam ($6.6 billion) in 2014 despite reaching a record level of $6.2 billion.
Last year, the country’s net FDI jumped 40 percent to an all-time high of $7.9 billion, exceeding the full-year target of $6.7 billion.
As a result, the Bangko Sentral ng Pilipinas recently upgraded its FDI projection this year to reach a record high of $8 billion.
Among the investment promotion agencies, the Board of Investments, which is chaired by Lopez, contributed 22.5 percent or $1.78 billion of the total FDIs recorded last year.
By Richmond Mercurio (The Philippine Star) | Updated April 25, 2017 - 12:00am
read more from source
Press Release: Mumbai . 29 March 2017:
DTI Undersecretary K. Terrado positions Philippines as top trade and investment destination and ASEAN gateway at the Global Economic Summit (GES) 2017 on women empowerment; holds strategic meetings with top investors and potential locators
29 March 2017, Mumbai - DTI Undersecretary for Trade and Investment Promotion Nora K. Terrado was recently in Mumbai to speak as one of the inaugural keynote speakers of the Global Economic Summit 2017 on women empowerment, organised by the World Trade Centre Mumbai and All India Association of Industries.
Speaking alongside other global trade leaders such as UNCTAD Secretary General Dr. Mukhisa Kituyi, WTO Deputy Director General Mr. Yonov Frederick Agah, ITC Deputy Director General Dorothy Ng’ambi Tembo and Czech Republic Minister of Labour and Social Affairs, Undersecretary Terrado delivered an inspiring speech which positioned the Philippines as a top destination for trade and investments for Indian businesses, its ASEAN hosting initiatives and the country’s impressive No. 7 global ranking in the World Economic Forum’s Global Gender Gap Index. “The Philippines have been implementing various interventions that would help women improve their entrepreneurial skills, capacitate their businesses, and help them innovate to increase their chances of success in traditional and new markets. But among these initiatives, on top of my list and probably my favorite, are the interventions that we do that focus on Women in Technology” Undersecretary Terrado explained.
She continued to highlight the role of Filipinas in the country’s economic performance and DTI’s main thrust in MSME development, “In the Philippines, we are doing better for our women agenda. In the recent report of the World Economic Forum in terms of Global Gender Gap, we ranked 7th among the 144 countries that were surveyed. This is a good indication that the Philippines’ efforts to improve policies and landscapes for women are being recognised and lauded by economic organisations around the world.”
The Philippines’ ranking is the best of the 10 ASEAN member nations with 79% gender gap closure. This is also the highest performing country in all of the Asia Pacific region.
The summit was inaugurated by Dr. Mukhisa Kituyi, Secretary General of the United Nationals Commission of Trade and Development (UNCTAD), who said, “It is imperative to work towards improving the quality of skills of women… There has to be a roadmap for women to move from a floor level worker to corporate management. Among the areas where women have seen wide acceptability is the fields of information communication and technology (ICT). There should be targeted policies to addresss specific concerns of women.”
International Trade Centre (ITC) Deputy Director General Dorothy Ng’ambo Tembo also launched the ITC’s SheTrades program in India, an initiative which aims to connect and business match one million women entrepreneurs with potential clients on a global scale by 2020. SheTrades partnered with GES 2017 co-organizers World Trade Centre Mumbai and All India Association of Industries to be verifiers of the program.
Undersecretary Terrado’s speakership at GES 2017, arranged by the Philippine Trade and Investment Centre in New Delhi, was an excellent opportunity to position the Philippines as a top trade and investment partner for India in selected priority sectors following the successful business model and strategic collaboration between the two countries’ IT / BPM industries.
The Philippine Undersecretary, joined by Philippine Commercial Counsellor Michael Alfred V. Ignacio, was warmly welcomed by top Mumbai-based industrialists and top businessmen Mr. Vijay Kalantri, All India Association of Industries President, Mr. Kamal Morarka, WTC Mumbai Chairman and Captain Somesh Batra, WTC Mumbai Vice-Chairman. Undersecretary Terrado also held several strategic side meetings with ITC Deputy Director General Dorothy Tembo, WTO Deputy Director General Yonov Frederick Agah and Bangladesh Women Chamber of Commerce and Industry President Ms. Selima Ahmad.
The trade official’s visit also took the opportunity to meet with top executives of the Philippine’s oldest major Indian investor, the Aditya Birla Group, a US$40 Billion global conglomerate, which started to invest in what continues to be the Philippines’ largest textile mill back in 1975, Indo Phil Group of Companies. Undersecretary Terrado expressed the Philippine government’s appreciation and consistent support for the group’s continued presence and possible expansion in the Philippines, given the many opportunities brought about by the country’s stellar economic performance.
A meeting was also held between Undersecretary Terrado and Philippine Honorary Consul General in Mumbai, Mrs. Rajashree Birla, to thank the latter for her continued support to tireless promotion of Philippine interests, including trade and investments, in India especially in the State of Maharashtra and surrounding areas, and in India’s foremost business capital city of Mumbai.
The Philippine Trade and Investment Centre New Delhi also organised a Business Round Table and Executive Briefing in partnership with WTC Mumbai at the impressive World Trade Centre headquarters. Undersecretary Terrado presented high potential opportunities for Indian businesses to work with the Philippines across high priority sectors such as IT/BPM, Education, Electronics, Automotives, PPP and Infrastructure Development, among others. Attendees at the round table included potential investors in health and telemedicine, electronics, defence, PPP and education services among others. Undersecretary Terrado also met with India’s top trade fair organiser for furniture, fabrics, artefacts and decorative lighting for possible collaboration with the Philippines’ CITEM, organisers of Manila Fame.
The Philippines is well-placed to work closely with Indian business and position itself as India’s gateway to the 622-million ASEAN market, and other markets where the Philippines enjoys preferential market access.
The Philippine Trade and Investment Centre New Delhi is the commercial section of the Embassy of the Republic of the Philippines in India and the official representation of the Philippine Department of Trade and Industry in India and South Asia.
Speaking alongside other global trade leaders such as UNCTAD Secretary General Dr. Mukhisa Kituyi, WTO Deputy Director General Mr. Yonov Frederick Agah, ITC Deputy Director General Dorothy Ng’ambi Tembo and Czech Republic Minister of Labour and Social Affairs, Undersecretary Terrado delivered an inspiring speech which positioned the Philippines as a top destination for trade and investments for Indian businesses, its ASEAN hosting initiatives and the country’s impressive No. 7 global ranking in the World Economic Forum’s Global Gender Gap Index. “The Philippines have been implementing various interventions that would help women improve their entrepreneurial skills, capacitate their businesses, and help them innovate to increase their chances of success in traditional and new markets. But among these initiatives, on top of my list and probably my favorite, are the interventions that we do that focus on Women in Technology” Undersecretary Terrado explained.
She continued to highlight the role of Filipinas in the country’s economic performance and DTI’s main thrust in MSME development, “In the Philippines, we are doing better for our women agenda. In the recent report of the World Economic Forum in terms of Global Gender Gap, we ranked 7th among the 144 countries that were surveyed. This is a good indication that the Philippines’ efforts to improve policies and landscapes for women are being recognised and lauded by economic organisations around the world.”
The Philippines’ ranking is the best of the 10 ASEAN member nations with 79% gender gap closure. This is also the highest performing country in all of the Asia Pacific region.
The summit was inaugurated by Dr. Mukhisa Kituyi, Secretary General of the United Nationals Commission of Trade and Development (UNCTAD), who said, “It is imperative to work towards improving the quality of skills of women… There has to be a roadmap for women to move from a floor level worker to corporate management. Among the areas where women have seen wide acceptability is the fields of information communication and technology (ICT). There should be targeted policies to addresss specific concerns of women.”
International Trade Centre (ITC) Deputy Director General Dorothy Ng’ambo Tembo also launched the ITC’s SheTrades program in India, an initiative which aims to connect and business match one million women entrepreneurs with potential clients on a global scale by 2020. SheTrades partnered with GES 2017 co-organizers World Trade Centre Mumbai and All India Association of Industries to be verifiers of the program.
Undersecretary Terrado’s speakership at GES 2017, arranged by the Philippine Trade and Investment Centre in New Delhi, was an excellent opportunity to position the Philippines as a top trade and investment partner for India in selected priority sectors following the successful business model and strategic collaboration between the two countries’ IT / BPM industries.
The Philippine Undersecretary, joined by Philippine Commercial Counsellor Michael Alfred V. Ignacio, was warmly welcomed by top Mumbai-based industrialists and top businessmen Mr. Vijay Kalantri, All India Association of Industries President, Mr. Kamal Morarka, WTC Mumbai Chairman and Captain Somesh Batra, WTC Mumbai Vice-Chairman. Undersecretary Terrado also held several strategic side meetings with ITC Deputy Director General Dorothy Tembo, WTO Deputy Director General Yonov Frederick Agah and Bangladesh Women Chamber of Commerce and Industry President Ms. Selima Ahmad.
The trade official’s visit also took the opportunity to meet with top executives of the Philippine’s oldest major Indian investor, the Aditya Birla Group, a US$40 Billion global conglomerate, which started to invest in what continues to be the Philippines’ largest textile mill back in 1975, Indo Phil Group of Companies. Undersecretary Terrado expressed the Philippine government’s appreciation and consistent support for the group’s continued presence and possible expansion in the Philippines, given the many opportunities brought about by the country’s stellar economic performance.
A meeting was also held between Undersecretary Terrado and Philippine Honorary Consul General in Mumbai, Mrs. Rajashree Birla, to thank the latter for her continued support to tireless promotion of Philippine interests, including trade and investments, in India especially in the State of Maharashtra and surrounding areas, and in India’s foremost business capital city of Mumbai.
The Philippine Trade and Investment Centre New Delhi also organised a Business Round Table and Executive Briefing in partnership with WTC Mumbai at the impressive World Trade Centre headquarters. Undersecretary Terrado presented high potential opportunities for Indian businesses to work with the Philippines across high priority sectors such as IT/BPM, Education, Electronics, Automotives, PPP and Infrastructure Development, among others. Attendees at the round table included potential investors in health and telemedicine, electronics, defence, PPP and education services among others. Undersecretary Terrado also met with India’s top trade fair organiser for furniture, fabrics, artefacts and decorative lighting for possible collaboration with the Philippines’ CITEM, organisers of Manila Fame.
The Philippines is well-placed to work closely with Indian business and position itself as India’s gateway to the 622-million ASEAN market, and other markets where the Philippines enjoys preferential market access.
The Philippine Trade and Investment Centre New Delhi is the commercial section of the Embassy of the Republic of the Philippines in India and the official representation of the Philippine Department of Trade and Industry in India and South Asia.
Photos Release: DTI Undersecretary Nora K. Terrado highlights Philippine economic gains, Trade & Investment Opportunities and the Philippines' top global ranking in the WEF Gender Equality Index at the Global Economic Summit on Women Empowerment in Mumbai last 27 March 2017
27 March 2017 Mumbai - Philippine Undersecretary (Vice Minister) Of Trade and Industry Trade, Nora K. Terrado delivers a special address during the inaugural plenary session of the Global Economic Summit 2017 being held in Mumbai this week #GES2017 highlighting the Philippines's stellar economic gains, and the role of Filipino women in the economy, catapulting the country's ranking as 7th in the world for gender equality and highest in Asia Pacific according to the World Economic Forum, the Philippine ASEAN chairmanship and initiatives, among others ...
Other global leaders who also delivered addresses during the event are UNCTAD Secretary General Mukhisha Kituyi, ITC Deputy Director General Dorothy Ng'ambi Tembo, WTO Deputy Director General Yonov Frederick Agah and Czech Republic Labor and Social Services Minister Michaela Marksova.
The Global Economic Summit on Women Empowerment is being organized by the World Trade Center Mumbai and All India Industries Association
#IamDTIPH
Other global leaders who also delivered addresses during the event are UNCTAD Secretary General Mukhisha Kituyi, ITC Deputy Director General Dorothy Ng'ambi Tembo, WTO Deputy Director General Yonov Frederick Agah and Czech Republic Labor and Social Services Minister Michaela Marksova.
The Global Economic Summit on Women Empowerment is being organized by the World Trade Center Mumbai and All India Industries Association
#IamDTIPH
Photos Release: Business Round Table & Executive Briefing with DTI Undersecretary Nora K. Terrado at the WTC Mumbai
The Philippine Trade & Investment Centre New Delhi, in close cooperation with the World Trade Centre Mumbai and the All India Association of Industries today held a Business Round Table and Executive Briefing for Business leaders at the Committee Room of WTC Mumbai to discuss stronger trade and investment cooperation between two of the fastest growing economies of the world, India and the Philippines, with DTI Undersecretary Nora K. Terrado, who was in Mumbai as one of the inaugural speakers of the Global Economic Summit on Women Empowerment.
PRESS RELEASE:
PHILIPPINES’ IBPAP sends largest foreign delegation to the 25th NASSCOM India Leadership Forum in Mumbai,
to represent the Philippine IT/BPM Industry alongside the DTI’s Philippine Trade & Investment Centre in Mumbai
720 February 2017, New Delhi - With a fresh mandate and new leadership at its helm, The IT Business Process Association of the Philippines (IBPAP) recently sent the largest foreign business delegation to the 25th edition of the NASSCOM India Leadership Forum to Mumbai last 15-17 February 2016, sending a signal and willingness to work closely with the Indian IT/BPM industry. Led by newly elected President, Ike Amigo and supported by IBPAP Board of Trustees and top industry business executives Catherine Salceda-Ileto, Benedict Hernandez and David Leechiu, the Philippine IT/BPM industry association was well-represented by a 24-member delegation at the annual event, which is considered to be one of the world’s most important IT and business process events.
The Philippine Trade and Investment Center (PTIC) in New Delhi, commercial section of the Embassy of the Philippines in India and South Asia and the official representation of the Department of Trade and Industry (DTI) provided full support to the large Philippine delegation and arranged strategic leadership meetings between officials of the IBPAP and NASSCOM.
The meeting between NASSCOM and IBPAP discussed stronger and strategic engagements between the two largest IT and Business Process associations of the world, stronger collaboration and how both associations can jointly address new and growing challenges faced by the industry today. Philippine Commercial Counsellor Michael Alfred Ignacio, who heads the Philippine Trade and Investment Center in New Delhi said, “We arranged this leadership meeting between the Philippines’ and India’s industry associations as it is important that both IBPAP and NASSCOM work together to discuss and further common interests in order to address new and emerging global challenges faced by the industry as a whole and to sustain the industry’s sustainability in today’s economic landscape.”
PTIC New Delhi also arranged the IBPAP leadership’s meeting with the President of the UK’s Global Sourcing Association, formerly the National Outsourcing Association, which awarded the Philippines its most coveted Offshoring Destination of the Year Award three times in the past. IBPAP President Ike Amigo said, “Given the changing climate in the world today, it is important to explore and re-engage other markets for the Philippine IT and business process industry as a whole, taking stock of our strenghts and admantages, as well as the demands of the changing global markets.”
The Nasscom India Leadership Forum 2017, now on its 25th year, discussed today’s industry trends and challenges, such as the looming impact of intelligent automation and artificial intelligence, the growing importance of intelligent data and analytics, trends in innovation and their impact on the global industry’s trajectory.
The event was highlighted by keynotes of several global thought leaders such as India’s richest industrialist, Mukesh Ambani, CEO of Reliance Industries Limited and Ginni Rometti, Chairwoman, President and CEO of IBM.
PTIC New Delhi also supported last year’s delegation to the Nasscom event with a 12-member delegation, with similar meetings with NASSCOM officials and b2b meetings with several Indian Conglomerates.
The Philippine Trade and Investment Center (PTIC) in New Delhi, commercial section of the Embassy of the Philippines in India and South Asia and the official representation of the Department of Trade and Industry (DTI) provided full support to the large Philippine delegation and arranged strategic leadership meetings between officials of the IBPAP and NASSCOM.
The meeting between NASSCOM and IBPAP discussed stronger and strategic engagements between the two largest IT and Business Process associations of the world, stronger collaboration and how both associations can jointly address new and growing challenges faced by the industry today. Philippine Commercial Counsellor Michael Alfred Ignacio, who heads the Philippine Trade and Investment Center in New Delhi said, “We arranged this leadership meeting between the Philippines’ and India’s industry associations as it is important that both IBPAP and NASSCOM work together to discuss and further common interests in order to address new and emerging global challenges faced by the industry as a whole and to sustain the industry’s sustainability in today’s economic landscape.”
PTIC New Delhi also arranged the IBPAP leadership’s meeting with the President of the UK’s Global Sourcing Association, formerly the National Outsourcing Association, which awarded the Philippines its most coveted Offshoring Destination of the Year Award three times in the past. IBPAP President Ike Amigo said, “Given the changing climate in the world today, it is important to explore and re-engage other markets for the Philippine IT and business process industry as a whole, taking stock of our strenghts and admantages, as well as the demands of the changing global markets.”
The Nasscom India Leadership Forum 2017, now on its 25th year, discussed today’s industry trends and challenges, such as the looming impact of intelligent automation and artificial intelligence, the growing importance of intelligent data and analytics, trends in innovation and their impact on the global industry’s trajectory.
The event was highlighted by keynotes of several global thought leaders such as India’s richest industrialist, Mukesh Ambani, CEO of Reliance Industries Limited and Ginni Rometti, Chairwoman, President and CEO of IBM.
PTIC New Delhi also supported last year’s delegation to the Nasscom event with a 12-member delegation, with similar meetings with NASSCOM officials and b2b meetings with several Indian Conglomerates.
PH economic freedom ranking jumps from 70th to 58th
Solid macro fundamentals sustained despite a change in administration last year helped the Philippines jump 12 spots to 58th in the 2017 Index of Economic Freedom (IEF) of Washington-based conservative political think tank The Heritage Foundation.
In a statement Sunday, the government’s Investor Relations Office (IRO) claimed that with the Duterte administration’s 10-point socioeconomic agenda ultimately aimed at slashing the poverty incidence to 14 percent by 2022 from 21.6 percent in 2015, the country’s economic freedom ranking is expected to further climb in the medium term.
The Heritage Foundation’s latest annual global survey covering 186 countries showed that the country’s 2017 position leaped from 70th in the 2016 IEF due to a higher score of 65.6, up 2.5 points from last year.
The IRO noted that the Philippines’ 2017 score exceeded not only the global average of 60.9 but also Asia-Pacific’s 60.4. The IRO quoted The Heritage Foundation as attributing the gains in the country’s higher score as well as ranking to “notable successes in fiscal policy, government spending and monetary stability.”
According to the IRO, The Heritage Foundation’s IEF measures economic freedom based on 12 quantitative as well as qualitative factors that were being grouped into four broad categories or pillars, namely: government size (fiscal health, government spending and tax burden); open markets (financial, investment and trade freedom); regulatory efficiency (business, labor and monetary freedom); as well as rule of law (government integrity, judicial effectiveness and property rights).
“The IEF reveals a positive relationship between economic freedom and a variety of positive social and economic goals such as poverty elimination, greater per capita wealth, healthier societies, cleaner environments, and democracy,” the IRO noted.
In the 2017 IEF report, The Heritage Foundation “highlighted the country’s solid economic performance amid a challenging global economic environment,” according to the IRO.
“The Philippines has achieved notable economic expansion, driven by the economy’s strong export performance and inflows of remittances,” The Heritage Foundation said.
The Philippine economy grew 6.8 percent last year, among the fastest in the region, as both public and private consumption and
investment increased amid solid fundamentals.
In 2016, cash sent home through banks by Filipinos living and working abroad hit a record $26.9 billion, up 5 percent from $25.607 billion in 2015 to surpass the government’s 4-percent growth target.
The latest Bangko Sentral ng Pilipinas data also showed that the 2016 foreign direct investment target was already exceeded during the first 11 months, as end-November net inflows reached $6.973 billion, up 25.4 percent year-on-year as well as higher than the $6.7-billion goal for the entire year.
Also, the Philippine government “continues to pursue legislative reforms to enhance the overall entrepreneurial environment and develop a stronger private sector that is needed to generate broader-based job growth,” the IRO quoted The Heritage Foundation as saying.
In the 2017 IEF, the country posted the highest jump in monetary freedom of 18 notches to 68th from 86th last year.
The IRO also noted of high rankings on government spending (22nd) as well as fiscal health (26th).
The Heritage Foundation also underscored the stability of the country’s financial sector, adding that in 2016, the central bank announced that it would end a 17-year moratorium on the granting of new banking licenses,” the IRO added.
Given the 2017 IEF ranking, the Philippines’ economic freedom was deemed “moderately free,” the IRO said.
“According to The Heritage Foundation, economies tagged as ‘moderately free’ provide institutional environments in which individuals and private enterprises benefit from at least a moderate degree of economic freedom in the pursuit of greater competitiveness, growth and prosperity,” according to the IRO.
The IRO quoted economic managers as attributing the country’s higher economic ranking as well as score to “gains from policy reforms undertaken by the government to maintain macroeconomic stability and enhance the country’s business and investment environment.”
“The BSP’s firm commitment to maintain price stability and promote a sound and inclusive financial sector and the positive results we have achieved thus far have contributed to the big improvement of the Philippines’ IEF ranking,” Governor Amando M. Tetangco Jr. said.
“The benign inflation environment has enabled the economy to further accelerate in 2016, a remarkable feat given the uncertainty and volatility in the global scene. With the BSP’s relentless efforts to pursue proactive reforms to improve governance and risk management in banks, the Philippine banking system remains a pillar of strength that will support the rapid pace of growth of the economy,” Tetangco added.
For his part, Finance Secretary Carlos G. Dominguez III said that “the significant jump in our country’s ranking in the 2017 IEF by 12 rungs from 70th to 58th validates the assiduous efforts by the Philippine government to sustain high growth and achieve economic inclusion by freeing some six million Filipinos from poverty.”
“For the Philippines to aspire to move up higher from the ‘moderately free’ to the ‘mostly free’ category in the near future, the Duterte administration needs to pursue without letup its comprehensive tax reform program along with other bold reform initiatives to keep the high-growth momentum, upgrade the living standards of the Filipino poor, eliminate official corruption, and improve the ease of doing business in order to attract more investments and create jobs for all,” Dominguez added.
According to the IRO, the IEF is “an annual index and ranking created by The Heritage Foundation and The Wall Street Journal in 1995 to measure the degree of economic freedom in the world’s nations.”
“The IEF ranking of countries is used as input by other institutions for their respective governance and competitiveness ratings, such as the World Bank for its Worldwide Governance Indicators. Likewise, the index is used by some institutions in formulating policy,” the IRO explained.
Read more: http://business.inquirer.net/224847/ph-economic-freedom-ranking-jumps-70th-58th#ixzz4ZJcrSBj8
Follow us: @inquirerdotnet on Twitter | inquirerdotnet on Facebook
In a statement Sunday, the government’s Investor Relations Office (IRO) claimed that with the Duterte administration’s 10-point socioeconomic agenda ultimately aimed at slashing the poverty incidence to 14 percent by 2022 from 21.6 percent in 2015, the country’s economic freedom ranking is expected to further climb in the medium term.
The Heritage Foundation’s latest annual global survey covering 186 countries showed that the country’s 2017 position leaped from 70th in the 2016 IEF due to a higher score of 65.6, up 2.5 points from last year.
The IRO noted that the Philippines’ 2017 score exceeded not only the global average of 60.9 but also Asia-Pacific’s 60.4. The IRO quoted The Heritage Foundation as attributing the gains in the country’s higher score as well as ranking to “notable successes in fiscal policy, government spending and monetary stability.”
According to the IRO, The Heritage Foundation’s IEF measures economic freedom based on 12 quantitative as well as qualitative factors that were being grouped into four broad categories or pillars, namely: government size (fiscal health, government spending and tax burden); open markets (financial, investment and trade freedom); regulatory efficiency (business, labor and monetary freedom); as well as rule of law (government integrity, judicial effectiveness and property rights).
“The IEF reveals a positive relationship between economic freedom and a variety of positive social and economic goals such as poverty elimination, greater per capita wealth, healthier societies, cleaner environments, and democracy,” the IRO noted.
In the 2017 IEF report, The Heritage Foundation “highlighted the country’s solid economic performance amid a challenging global economic environment,” according to the IRO.
“The Philippines has achieved notable economic expansion, driven by the economy’s strong export performance and inflows of remittances,” The Heritage Foundation said.
The Philippine economy grew 6.8 percent last year, among the fastest in the region, as both public and private consumption and
investment increased amid solid fundamentals.
In 2016, cash sent home through banks by Filipinos living and working abroad hit a record $26.9 billion, up 5 percent from $25.607 billion in 2015 to surpass the government’s 4-percent growth target.
The latest Bangko Sentral ng Pilipinas data also showed that the 2016 foreign direct investment target was already exceeded during the first 11 months, as end-November net inflows reached $6.973 billion, up 25.4 percent year-on-year as well as higher than the $6.7-billion goal for the entire year.
Also, the Philippine government “continues to pursue legislative reforms to enhance the overall entrepreneurial environment and develop a stronger private sector that is needed to generate broader-based job growth,” the IRO quoted The Heritage Foundation as saying.
In the 2017 IEF, the country posted the highest jump in monetary freedom of 18 notches to 68th from 86th last year.
The IRO also noted of high rankings on government spending (22nd) as well as fiscal health (26th).
The Heritage Foundation also underscored the stability of the country’s financial sector, adding that in 2016, the central bank announced that it would end a 17-year moratorium on the granting of new banking licenses,” the IRO added.
Given the 2017 IEF ranking, the Philippines’ economic freedom was deemed “moderately free,” the IRO said.
“According to The Heritage Foundation, economies tagged as ‘moderately free’ provide institutional environments in which individuals and private enterprises benefit from at least a moderate degree of economic freedom in the pursuit of greater competitiveness, growth and prosperity,” according to the IRO.
The IRO quoted economic managers as attributing the country’s higher economic ranking as well as score to “gains from policy reforms undertaken by the government to maintain macroeconomic stability and enhance the country’s business and investment environment.”
“The BSP’s firm commitment to maintain price stability and promote a sound and inclusive financial sector and the positive results we have achieved thus far have contributed to the big improvement of the Philippines’ IEF ranking,” Governor Amando M. Tetangco Jr. said.
“The benign inflation environment has enabled the economy to further accelerate in 2016, a remarkable feat given the uncertainty and volatility in the global scene. With the BSP’s relentless efforts to pursue proactive reforms to improve governance and risk management in banks, the Philippine banking system remains a pillar of strength that will support the rapid pace of growth of the economy,” Tetangco added.
For his part, Finance Secretary Carlos G. Dominguez III said that “the significant jump in our country’s ranking in the 2017 IEF by 12 rungs from 70th to 58th validates the assiduous efforts by the Philippine government to sustain high growth and achieve economic inclusion by freeing some six million Filipinos from poverty.”
“For the Philippines to aspire to move up higher from the ‘moderately free’ to the ‘mostly free’ category in the near future, the Duterte administration needs to pursue without letup its comprehensive tax reform program along with other bold reform initiatives to keep the high-growth momentum, upgrade the living standards of the Filipino poor, eliminate official corruption, and improve the ease of doing business in order to attract more investments and create jobs for all,” Dominguez added.
According to the IRO, the IEF is “an annual index and ranking created by The Heritage Foundation and The Wall Street Journal in 1995 to measure the degree of economic freedom in the world’s nations.”
“The IEF ranking of countries is used as input by other institutions for their respective governance and competitiveness ratings, such as the World Bank for its Worldwide Governance Indicators. Likewise, the index is used by some institutions in formulating policy,” the IRO explained.
Read more: http://business.inquirer.net/224847/ph-economic-freedom-ranking-jumps-70th-58th#ixzz4ZJcrSBj8
Follow us: @inquirerdotnet on Twitter | inquirerdotnet on Facebook
Automakers boosting output in the Philippines: Mitsubishi Motors, Toyota taking advantage of government incentives
MANILA -- The Philippines' auto manufacturing sector is kicking into higher gear as Japan's Mitsubishi Motors prepares to launch a new production line on Friday. An underdeveloped local supply network, however, still detracts from the country's appeal.
The Mitsubishi example
Located in Laguna Province south of the capital Manila, the Mitsubishi plant currently assembles two vehicle models, one of which is the L300 service van. Daily production is 50 units combined. The additional assembly line will add Mirage subcompacts to its repertoire, with a goal of producing 30,000 units a year.
The Japanese automaker is also spending roughly 10 billion yen ($88.1 million) to construct an on-site pressing plant. The facility is due to start up as early as the end of the year. There, Mitsubishi will fabricate roofs, engine hoods, trunks and other large parts that are currently being imported from Thailand. The main plant will eventually procure 50% of its parts locally.
"The steel sheet [for the Mirage] is significantly thinner than the type used for pre-existing vehicle models, which will require advance technological capabilities," explained Yosuke Nishi, first vice president of Mitsubishi Motors Philippines.
Mitsubishi also recognized about 30 outside parts makers as tier-one suppliers. Several, such as Denso, which has manufacturing operations in the Philippines, are fellow Japanese companies. Roughly 10 are local firms, including Manly Plastics and Valerie Products Manufacturing.
The Mitsubishi operation is even attracting other Japanese parts manufacturers to the Philippines. Shizuoka Prefecture-based Usui has established a new production site at a rented warehouse. There, three technicians will perform final bending work on components shipped from Japan.
Subsidizing growth
Last year, the Philippine auto market expanded 25% to 402,461 vehicles -- or quadruple the sales tally of a decade ago. However, imports made up the bulk of that growth, with the share of domestically made autos declining to 26%. In 2010, six members of the Association of Southeast Asian Nations, including the Philippines, all but eliminated reciprocal import tariffs. That opened up the Philippines to a flood of finished vehicles from Thailand and other places.
Looking to erase the resulting trade deficit and boost employment, the Philippines last year rolled out a 27 billion peso ($540 million) government incentive scheme aimed at automakers that build plants onshore. Mitsubishi's two Mirage models and Toyota Motor's Vios sedan have made the cut for the program, which requires a specific level of local procurement.
JUN ENDO, Nikkei staff writer
read more from source: NIkki Asian Review
DTI champions cause of MSMEs
Under the administration of President Duterte, the Department of Trade and Industry (led by DTI Secretary Ramon M. Lopez) will be defined by its overall mission to alleviate poverty and uplift the quality of life of all Filipinos. The DTI said this would be done through sustainable economic growth that generates more income opportunities through employment and entrepreneurship.
Lopez, who has been a champion of micro, small and medium enterprises (MSMEs) in the last 11 years with his Go Negosyo advocacy prior to joining the government, shares his insights about this mission.
Q1: Which industries do you consider globally competitive and innovative in the Philippines that are capable of generating quality employment and higher income opportunities?
A: Our mission is to develop innovative, competitive, job-generating and inclusive industries that will create employment and income opportunities and address inequality and bring prosperity for all. These would be industries where we have comparative advantage, and which our country should be known for.
We have studied the industry resource-based, their revealed comparative advantage indices, their job-generating capabilities and respective multiplier effect on the economy and we have come up with the following areas which we should develop and excel in:
12 priority sectors:
In the industry:
1) Electronic manufacturing services (auto electronics, medical devices, telecommunication equipment, power storage, civil aviation/aerospace) and semiconductor manufacturing service
Q2: What are your priorities in building an efficient supply chain ecosystem in order for producers to provide quality goods and services at affordable prices?
We need to have an efficient set of economic infrastructures such as farm-to-market roads, bridges, seaports, airports, railways for cargo, passengers and RORO vessels and service providers. We have aligned our goals with the Department of Public Works and Highways (DPWH) and Department of Transportation (DOTr) to ensure that business infrastructures fit the needs of the industry sector, in terms of types and geographical location of industries.
There is a national logistics master plan being reviewed and finalized. We shall review policies and support bills that will further improve the air and shipping and inter-modal connectivity and policies to allow more competition in the logistics and transport industry that will further bring down costs.
Q3: Aside from President Duterte’s mandate to have a maximum three-day turnaround time to get permits, what do you want to achieve to accelerate the ease of doing business in the Philippines?
We have streamlined the process and forms for acquiring business permits and licenses that should enable the [applicant to get everything] in two to three days. The form has been shortened to two pages, which is practically a one-pager simple form to fill out, and the second page for assessment. With a streamlined form, we can then automate the setup and further shorten the processing time to less than one hour. Other agency partners in this effort are the Department of Interior and Local Government and the Department of Information and Communications Technology.
Moreover, there is also an ongoing project called “Repeal” to review and rationalize over 25,000 government department orders, rules and regulations to remove inconsistent, irrelevant and old rules, streamline procedures. Thousands of memoranda and orders have already been repealed and the review continues. Moreover, there are reviews being done to prolong the effectivity of licenses issued in order to lessen the frequency of applications.
Q4: Do you agree with Sen. Paolo Benigno “Bam” Aquino IV that new businesses should be tax-exempt for two years? Will this also apply to foreign investments?
Yes. For micro businesses, they need to be encouraged to surface and register and not be afraid of the complexities of facing tax revenue officers. There is a need to simplify the tax due for micro businesses, let’s say, having a fixed rate of P500 or P1000 per year, and simplifying the reporting to once a year, rather than a monthly frequency of submitting reports and payments. This is one way to encourage micro businesses to formalize their businesses. Such programs shall also broaden the tax base and generate more revenues.
Q5: Which social enterprises, local or international, would you like to see more of and why?
Human Nature and R2R (Rags2Riches) are two ideal social enterprise models because they are sustainable as business models, innovative and competitive in the market and their products really excel. As they achieve triple bottom line, they really level up their products that become more marketable.
People will continuously purchase your products if they are really good and offer value, and not just for charitable purposes. It is a plus that the product sales will benefit a marginalized group, but the key is the unique value that the products offer.
Their businesses offer real good benefits to the consumers and the workers who would normally get salaries that are higher than minimum wage. Suppliers or farm producers would also get higher prices for their supplies since products are supplied directly, eliminating traders in the supply chain.
Q6: To push for export, you like to encourage clustering and value chain linkages that maximize MSMEs. What exactly do you mean by this?
In essence, the strategic approach is to work on the value chain of many of our key resources, in an effort to add more value to innovative products. Being resource-based, the Philippines stands to gain a potential unique advantage as a major supplier to the world market. Value chain linkages foster partnerships between the MSMEs as suppliers of goods and services and the large enterprises (LEs) as buyers.
It is also known as our inclusive business model, where we link the small farmer or entrepreneur to the value chain of the bigger businesses, to generate a sustainable business arrangement that will allow the small partners to hone their specialization and eventually level up as well. The process includes setting up platforms for MSMEs and large enterprises as a venue for discussion and exchange of information. This is now being done through various fora we hold around the country, or through the use of technology apps that directly link the small producers to the large enterprises. This also includes capacity-building to enable
MSMEs to adequately comply with the requirements of the larger businesses.
This also involves access to credit for the upgrading requirements of MSMEs and establishment of common service facilities such as fabrication labs, co-working spaces, innovation centers, testing labs, and shared service facilities.
We also have corollary initiatives that encourage partnerships between multinational corporations (MNCs) and MSMEs by matching the needs and requirements of the former with the production capability of the latter.
Q7: One of your priorities is consumer protection against unfair trade practices. Over four million Filipinos have joined direct selling companies as independent distributors in the Philippines. Many have fallen victim to illegal pyramiding scams using binary plans that required them to balance recruits than sales volume, a violation of the Consumer Code of the Philippines. As a deterrent, how will you go after these increasing number of pyramiding companies?
Through our consumer protection group, we shall develop an accreditation system with the Securities and Exchange Commission and private groups such as the Direct Selling Association of the Philippines (DSAP) that will review and accredit and control all forms of multilevel marketing (MLM), direct selling and other similar forms of selling and investments/recruitment programs. DSAP is an organization of legitimate direct sellers, where the officers and members police each other as they are guided by an eight-point test on how to detect if the selling system is legitimate or not. Illegal distribution plans and any form of scams should stop since it victimizes a lot of ordinary people.
We should have a positive list of accredited companies involved in genuine and legal MLM after undergoing a process of review and program presentation to a panel of experts from government and private sectors. With the help of other agencies, the public shall be adequately warned of the risks involved in dealing with uncertified enterprises. The public will be encouraged to file appropriate criminal or civil complaints against concerned pyramiding enterprises. —CONTRIBUTED
By: Josiah Go - @inquirerdotnet
Philippine Daily Inquirer / 12:12 AM January 06, 2017
Read more: https://business.inquirer.net/222495/dti-champions-cause-msmes#ixzz4VXXSE4vx
Follow us: @inquirerdotnet on Twitter | inquirerdotnet on Facebook
Lopez, who has been a champion of micro, small and medium enterprises (MSMEs) in the last 11 years with his Go Negosyo advocacy prior to joining the government, shares his insights about this mission.
Q1: Which industries do you consider globally competitive and innovative in the Philippines that are capable of generating quality employment and higher income opportunities?
A: Our mission is to develop innovative, competitive, job-generating and inclusive industries that will create employment and income opportunities and address inequality and bring prosperity for all. These would be industries where we have comparative advantage, and which our country should be known for.
We have studied the industry resource-based, their revealed comparative advantage indices, their job-generating capabilities and respective multiplier effect on the economy and we have come up with the following areas which we should develop and excel in:
12 priority sectors:
In the industry:
1) Electronic manufacturing services (auto electronics, medical devices, telecommunication equipment, power storage, civil aviation/aerospace) and semiconductor manufacturing service
- Automotive and auto parts
- Aerospace parts
- Chemicals
- Shipbuilding: RoRo (roll- on, roll-off) as well as small and medium-sized vessels
- Design-oriented furniture and garments
- Tool and die
- Agri-business: food and resource-based processing (cacao, coffee, mangoes, banana, coconut, bamboo, fruits and nuts, palm oil, and other high value crops)
- Information Technology and Business Process Management (IT-BPM): higher earning and more complex non-voice services, business process outsourcing (BPO), and knowledge process outsourcing (KPO) segments in medical, financial, and legal services, game development, engineering design in manufacturing, software development and shared services.
- Transport and logistics
- Tourism
- Construction
Q2: What are your priorities in building an efficient supply chain ecosystem in order for producers to provide quality goods and services at affordable prices?
We need to have an efficient set of economic infrastructures such as farm-to-market roads, bridges, seaports, airports, railways for cargo, passengers and RORO vessels and service providers. We have aligned our goals with the Department of Public Works and Highways (DPWH) and Department of Transportation (DOTr) to ensure that business infrastructures fit the needs of the industry sector, in terms of types and geographical location of industries.
There is a national logistics master plan being reviewed and finalized. We shall review policies and support bills that will further improve the air and shipping and inter-modal connectivity and policies to allow more competition in the logistics and transport industry that will further bring down costs.
Q3: Aside from President Duterte’s mandate to have a maximum three-day turnaround time to get permits, what do you want to achieve to accelerate the ease of doing business in the Philippines?
We have streamlined the process and forms for acquiring business permits and licenses that should enable the [applicant to get everything] in two to three days. The form has been shortened to two pages, which is practically a one-pager simple form to fill out, and the second page for assessment. With a streamlined form, we can then automate the setup and further shorten the processing time to less than one hour. Other agency partners in this effort are the Department of Interior and Local Government and the Department of Information and Communications Technology.
Moreover, there is also an ongoing project called “Repeal” to review and rationalize over 25,000 government department orders, rules and regulations to remove inconsistent, irrelevant and old rules, streamline procedures. Thousands of memoranda and orders have already been repealed and the review continues. Moreover, there are reviews being done to prolong the effectivity of licenses issued in order to lessen the frequency of applications.
Q4: Do you agree with Sen. Paolo Benigno “Bam” Aquino IV that new businesses should be tax-exempt for two years? Will this also apply to foreign investments?
Yes. For micro businesses, they need to be encouraged to surface and register and not be afraid of the complexities of facing tax revenue officers. There is a need to simplify the tax due for micro businesses, let’s say, having a fixed rate of P500 or P1000 per year, and simplifying the reporting to once a year, rather than a monthly frequency of submitting reports and payments. This is one way to encourage micro businesses to formalize their businesses. Such programs shall also broaden the tax base and generate more revenues.
Q5: Which social enterprises, local or international, would you like to see more of and why?
Human Nature and R2R (Rags2Riches) are two ideal social enterprise models because they are sustainable as business models, innovative and competitive in the market and their products really excel. As they achieve triple bottom line, they really level up their products that become more marketable.
People will continuously purchase your products if they are really good and offer value, and not just for charitable purposes. It is a plus that the product sales will benefit a marginalized group, but the key is the unique value that the products offer.
Their businesses offer real good benefits to the consumers and the workers who would normally get salaries that are higher than minimum wage. Suppliers or farm producers would also get higher prices for their supplies since products are supplied directly, eliminating traders in the supply chain.
Q6: To push for export, you like to encourage clustering and value chain linkages that maximize MSMEs. What exactly do you mean by this?
In essence, the strategic approach is to work on the value chain of many of our key resources, in an effort to add more value to innovative products. Being resource-based, the Philippines stands to gain a potential unique advantage as a major supplier to the world market. Value chain linkages foster partnerships between the MSMEs as suppliers of goods and services and the large enterprises (LEs) as buyers.
It is also known as our inclusive business model, where we link the small farmer or entrepreneur to the value chain of the bigger businesses, to generate a sustainable business arrangement that will allow the small partners to hone their specialization and eventually level up as well. The process includes setting up platforms for MSMEs and large enterprises as a venue for discussion and exchange of information. This is now being done through various fora we hold around the country, or through the use of technology apps that directly link the small producers to the large enterprises. This also includes capacity-building to enable
MSMEs to adequately comply with the requirements of the larger businesses.
This also involves access to credit for the upgrading requirements of MSMEs and establishment of common service facilities such as fabrication labs, co-working spaces, innovation centers, testing labs, and shared service facilities.
We also have corollary initiatives that encourage partnerships between multinational corporations (MNCs) and MSMEs by matching the needs and requirements of the former with the production capability of the latter.
Q7: One of your priorities is consumer protection against unfair trade practices. Over four million Filipinos have joined direct selling companies as independent distributors in the Philippines. Many have fallen victim to illegal pyramiding scams using binary plans that required them to balance recruits than sales volume, a violation of the Consumer Code of the Philippines. As a deterrent, how will you go after these increasing number of pyramiding companies?
Through our consumer protection group, we shall develop an accreditation system with the Securities and Exchange Commission and private groups such as the Direct Selling Association of the Philippines (DSAP) that will review and accredit and control all forms of multilevel marketing (MLM), direct selling and other similar forms of selling and investments/recruitment programs. DSAP is an organization of legitimate direct sellers, where the officers and members police each other as they are guided by an eight-point test on how to detect if the selling system is legitimate or not. Illegal distribution plans and any form of scams should stop since it victimizes a lot of ordinary people.
We should have a positive list of accredited companies involved in genuine and legal MLM after undergoing a process of review and program presentation to a panel of experts from government and private sectors. With the help of other agencies, the public shall be adequately warned of the risks involved in dealing with uncertified enterprises. The public will be encouraged to file appropriate criminal or civil complaints against concerned pyramiding enterprises. —CONTRIBUTED
By: Josiah Go - @inquirerdotnet
Philippine Daily Inquirer / 12:12 AM January 06, 2017
Read more: https://business.inquirer.net/222495/dti-champions-cause-msmes#ixzz4VXXSE4vx
Follow us: @inquirerdotnet on Twitter | inquirerdotnet on Facebook
Sri Lankan businessmen keen on PH
9 September 2016
Sri Lankan businesses are eyeing trade and investment opportunities in the Philippines given the huge potentialin the country.
The Sri Lanka-Philippine Business Council and the Philippine Chamber of Commerce and Industry recently signed a memorandum of understanding for stronger business cooperation between the two groups.
Some 130 executives attended a high-level CEO Break Forum organized by the Council in Colombo where they highlighted the Philippines as an attractive trade and investment destination, according to the Philippine Trade and Investment Center (PTIC) in New Delhi, India.
“We see much potential in trade and economic cooperation between the two countries, and much has to be done to increase the bilateral trade between the two countries, currently standing at around $40 million,” said Vicente VicencioBandillo, Philippine ambassador in Dhaka, who recently joined a high-level business delegation from Colombo in Manila.
“We recognize and laud the efforts of the Philippine Honorary Consulate in Colombo and the Sri Lanka-Philippine Business Council for the consistent strong interest shown in representing the Sri Lanka business community to do business with the Philippines,” Bandillo added.
Michael Alfred Ignacio, who heads PTIC in New Delhi, as the official representative of the Department of Trade and Industry in the south Asia region, presented the strategic advantages of partnership with the Philippines for Sri Lanka businesses looking to expand to and access overseas markets both for high potential investments and trade.
read more from malaya
The Sri Lanka-Philippine Business Council and the Philippine Chamber of Commerce and Industry recently signed a memorandum of understanding for stronger business cooperation between the two groups.
Some 130 executives attended a high-level CEO Break Forum organized by the Council in Colombo where they highlighted the Philippines as an attractive trade and investment destination, according to the Philippine Trade and Investment Center (PTIC) in New Delhi, India.
“We see much potential in trade and economic cooperation between the two countries, and much has to be done to increase the bilateral trade between the two countries, currently standing at around $40 million,” said Vicente VicencioBandillo, Philippine ambassador in Dhaka, who recently joined a high-level business delegation from Colombo in Manila.
“We recognize and laud the efforts of the Philippine Honorary Consulate in Colombo and the Sri Lanka-Philippine Business Council for the consistent strong interest shown in representing the Sri Lanka business community to do business with the Philippines,” Bandillo added.
Michael Alfred Ignacio, who heads PTIC in New Delhi, as the official representative of the Department of Trade and Industry in the south Asia region, presented the strategic advantages of partnership with the Philippines for Sri Lanka businesses looking to expand to and access overseas markets both for high potential investments and trade.
read more from malaya
Breaking News: Philippines Posts Strongest Economic Growth in Asia at 7.1%
The Philippine economy grew at its fastest pace in three years last quarter, underscoring the nation’s resilience to global risks as investment surged and consumers spent more. Stocks gained.
Key Points
Undeterred by risks such as Donald Trump’s protectionist ambitions and President Rodrigo Duterte’s rants against the U.S., the Philippine economy is set to expand more than 6 percent until 2018 to rank among the fastest-growing in the world, according to economists surveyed by Bloomberg. Last quarter’s growth exceeded China’s 6.7 percent and Vietnam’s 6.4 percent in the same period. India, which posted growth of 7.1 percent in the second quarter, is yet to publish GDP data for the three months through September.
Gifted with a young population and backed by $50 billion of revenue from remittances and outsourcing, the Philippines is getting an additional boost from Duterte’s $160 billion-infrastructure plan aimed at creating jobs. Projects include at least $1 billion of contracts to build an airport and a railway to transform a former U.S. military base into a commercial hub.
Markets
read more from Bloomberg
Key Points
- Gross domestic product increased 7.1 percent from a year earlier, the Philippine Statistics Authority said in Manila Thursday. The median estimate of 15 economists surveyed by Bloomberg was 6.7 percent
- Compared with the previous quarter, GDP rose 1.2 percent, in line with economists’ estimates
Undeterred by risks such as Donald Trump’s protectionist ambitions and President Rodrigo Duterte’s rants against the U.S., the Philippine economy is set to expand more than 6 percent until 2018 to rank among the fastest-growing in the world, according to economists surveyed by Bloomberg. Last quarter’s growth exceeded China’s 6.7 percent and Vietnam’s 6.4 percent in the same period. India, which posted growth of 7.1 percent in the second quarter, is yet to publish GDP data for the three months through September.
Gifted with a young population and backed by $50 billion of revenue from remittances and outsourcing, the Philippines is getting an additional boost from Duterte’s $160 billion-infrastructure plan aimed at creating jobs. Projects include at least $1 billion of contracts to build an airport and a railway to transform a former U.S. military base into a commercial hub.
Markets
- Philippine stocks rose a second day, climbing as much as 2.2 percent. They were up 1.1 percent as of 11:01 a.m. in Manila.
- The peso was little changed at 49.32 per dollar.
- “Philippines will remain an outperformer in the region,” said Rahul Bajoria, a senior economist at Barclays Plc in Singapore. “It is domestically driven, with consumption holding up quite well and the fiscal spending being planned. The global risks we’re seeing including to trade won’t fundamentally alter its prospects.”
- “In the short term at least, we expect the economy will continue growing at a decent pace,” Gareth Leather, senior Asia economist at Capital Economics Ltd. in London, said in a note. “The foundations are in place for growth to remain strong, but recent political events, both in the US and domestically, have made the outlook much less certain.”
- “Putting money on infrastructure-related stocks is the smart bet and it’s exactly what I am doing,” said John Padilla, who helps manage about $9.1 billion at Metropolitan Bank & Trust Co., the Philippines third-largest money manager. “This growth poses now more challenge for President Duterte to keep the pace. It supports the view that Philippines needs infrastructure to sustain this growth."
- Household spending, which makes up about 70 percent of GDP, rose 7.3 percent from a year earlier
- Government spending gained 3.1 percent
- Investment surged 20 percent
read more from Bloomberg
Philippines concludes successful participation with 59-Member delegation at the Asian Ministerial Conference on Disaster Risk Reduction in New Delhi
The Philippines recently concluded its successful participation at the Asian Ministerial Conference in Disaster Risk Reduction held in New Delhi last 3-5 November 2016 with a 59-member delegation led by Department of National Defense Undersecretary (Vice Minister) Eduardo D. Del Rosario for Civil, Veterans and Reserve Affairs along with DND Undersecretary Ricardo B. Jalad, Civil Defense Administrator and NDRRMC Executive Director and Department of Interior and Local Government Austere A. Panadero, DILG Undersecretary for Local Government. The delegation was ably assisted by Philippine Vice Consul Maria Rosanna O. Josue, Political Assistant and Attaché Jane Ramos of the Philippine Embassy in New Delhi, and Col. Ray Acorda, Defense and Armed Forces Attaché and Master Sergeant Allan of the Office of the Philippine Defense and Armed Forces Attaché in India.
ONE ASEAN ONE RESPONSE launched in New Delhi Disaster Reduction Conference.
ASEAN Heads of Delegations at The Launch of the ONE ASEAN ONE RESPONSE at the Asian Ministerial Conference in Disaster Risk Reduction held in New Delhi on 3-5 November 2016. The 59-member Philippine delegation was led by Department of National Defense Undersecretary (Vice Minister) Eduardo D. Del Rosario for Civil, Veterans and Reserve Affairs.
CEO Breakfast Meeting in Colombo explores high potential trade and investment opportunities for Sri Lanka businesses with the Philippines
From left to right: Philippine Commercial Counsellor Michael Alfred Ignacio, Mr. Carl Cruz, Chairman, Unilever Sri Lanka, Mrs. Sri Widowati, ADB Country Head, Sri Lanka Finance Minister Ravi Karunanayake, popular TV host Shameer Rasooldeen, Sri Lanka Central Bank Deputy Governor Dr. Nandalal Weerasinghe, Mr. Lakshman Jayasekera, Director of the Western Region Megapolis Planning Project and top Sri Lanka Business Tycoon Mr. Harry Jayawardena
27 October 2016, Colombo - The Sri Lanka-Philippines Business Council in Colombo, in cooperation with the Philippine Consulate in Sri Lanka and the Philippine Trade and Investment Centre New Delhi, recently organised a high level CEO Breakfast Forum in Colombo last 27 October 2016. Themed Business in Asia and Beyond, the breakfast meeting focused on the Philippines as an attractive trade and investment destination and explored high potential opportunities between Sri Lanka and the Philippines for business cooperation.
The event was an impressive gathering of around 130 CEOs and top Sri Lanka business figures and was held at Colombo’s Galidari Hotel and was covered by major national newspapers and broadcast media.
The impressive panel of speakers were composed of Sri Lanka Finance Minister Ravi Karunanayake, Philippine Commercial Counsellor to New Delhi, Michael Alfred Ignacio, Unilever Sri Lanka Chairman Mr. Carl Cruz, a Filipino, ADB Country Head Mrs Sri Widowati, Lakshman Jayasekera of the Western Regional Megalopolis Project, top Businessman and Industrialist Harry Jayawardena and Dr. Indrajit Coomaraswamy, Sri Lanka Central Bank Deputy Governor.
His Excellency Vicente Vicencio Bandillo, Philippine Ambassador in Dhaka, Bangladesh which has concurrent jurisdiction over Sri Lanka, was also present to give support to the exclusive business gathering. “We see much potential in trade and economic cooperation between the two countries, and much has to be done to increase the bilateral trade between the two countries, currently standing at around US$40 million,” said Ambassador Bandillo, who recently joined a high-level business delegation from Colombo in Manila. “We recognise and laud the efforts of the Philippine Honorary Consulate in Colombo and the Sri Lanka Philippine Business Council for the consistent strong interest shown in representing the Sri Lanka business community to do business with the Philippines, which culminated in the signing of an MOU for stronger business cooperation between the Council and the Philippine Chamber of Commerce and Industry.”
Speaking during the panel discussions, Commercial Counsellor Michael Alfred V. Ignacio, who heads the Philippine Trade and Investment Center in New Delhi, as the official representative of the Philippine Department of Trade and Industry in the south asian region, presented the strategic advantages of partnership with the Philippines for Sri Lanka businesses looking to expand to and access overseas markets both for high potential investments and trade. “The Philippines ranks as among the fastest growing economies in the world, with GDP growth at 7% in the 2nd quarter of 2016. Aside from its attractive domestic market of 100 million, it also is a founding member of the 622 million-strong, 10-nation Association of South East Asian Nations (ASEAN) which now comprises a single ASEAN Economic Community (AEC) market. In addition, the Philippines is the only ASEAN country which has existing GSP+ privileges for more than 6,000 product lines in the EU, in addition to its US GSP Privileges,” said Ignacio “The Philippine government actively invites Sri Lanka Businesses to explore strategic opportunities being offered by the Philippines, such as looking into investments in its 485 economic zones, and to take advantage of the country’s foothold in major markets in Asia Pacific and the Americas due to its strategic location in the far east.”
In Sri Lanka, the Philippine government is represented by Honorary Consul Hugh Sriyal Dissanayake, himself a well-respected and highly successful shipping magnate in Sri Lanka. Mr. Dissanayake founded the Sri Lanka-Philippines Business Council composed of top Sri Lanka businessmen in 2014. The Council has consistently organised a top level delegation with the objective of strengthening business ties between the two countries from the private sector perspective. “We see great potential in developing strong economic ties between the Philippines and Sri Lanka, and the business council membership continues to grow reflecting the strong interest for Sri Lanka companies to work with the Philippines as a trading partner judging from the highly progressive economic developments in the country which we have seen for the past three years during our business missions.” said Honorary Consul Dissanayake.
Also present in the CEO Breakfast forum were Sri Lanka Trade and Industry Minister Rishad Bathiudeen and business tycoon Mr. Harry Jayawardena. Minister Bathiudeen was in Manila in 2015 to lead a business delegation.
The Sri Lanka business leaders present in the CEO breakfast expressed interest in exploring trade potentials with the Philippines particularly in the fields of IT and Business Processing, energy, trading, food processing, logistics, construction and real estate. The Philippine Trade and Investment Centre, Philippine Embassy in Dhaka, the Philippine Honorary Consul and the Sri Lanka Philippines Business Council are now planning a series of sector specific business missions between the two countries to explore excellent opportunities in 2017.
//end
About PTIC New Delhi (www.investphilippinesindia.org)
The Philippine Trade and Investment Centre New Delhi (PTIC New Delhi), is the commercial section of the Embassy of the Philippines in India and the representative office of the Philippine Department of Trade and Industry in India and South Asia. PTIC New Delhi is headed by Commercial Counsellor Michael Alfred V. Ignacio
About the Embassy of the Republic of the Philippines, Dhaka, Bangladesh (http://dhakape.dfa.gov.ph)
The Philippine Embassy of the Republic of the Philippines in Dhaka, Bangladesh is headed by H.E. Ambassador Vicente Vicencio Bandillo, and has concurrent jurisdiction over Sri Lanka.
About the Honorary Consulate of the Philippines in Colombo, Sri Lanka (http://www.philconsrilanka.org)
The Philippine Honorary Consulate in Colombo, Sri Lanka is headed by Honorary Consul Hugh Sriyal Dissanayake and provides consular services on behalf of the Philippine government in Sri Lanka.
About the Sri Lanka Philippines Business Council
Established by business leaders and private sector members with strong interest in developing Sri Lanka-Philippines business relations, the council is composed of top business leaders doing business and interested in doing business with the Philippines. Mr. Ravi de Silva is the current president of the council.
The event was an impressive gathering of around 130 CEOs and top Sri Lanka business figures and was held at Colombo’s Galidari Hotel and was covered by major national newspapers and broadcast media.
The impressive panel of speakers were composed of Sri Lanka Finance Minister Ravi Karunanayake, Philippine Commercial Counsellor to New Delhi, Michael Alfred Ignacio, Unilever Sri Lanka Chairman Mr. Carl Cruz, a Filipino, ADB Country Head Mrs Sri Widowati, Lakshman Jayasekera of the Western Regional Megalopolis Project, top Businessman and Industrialist Harry Jayawardena and Dr. Indrajit Coomaraswamy, Sri Lanka Central Bank Deputy Governor.
His Excellency Vicente Vicencio Bandillo, Philippine Ambassador in Dhaka, Bangladesh which has concurrent jurisdiction over Sri Lanka, was also present to give support to the exclusive business gathering. “We see much potential in trade and economic cooperation between the two countries, and much has to be done to increase the bilateral trade between the two countries, currently standing at around US$40 million,” said Ambassador Bandillo, who recently joined a high-level business delegation from Colombo in Manila. “We recognise and laud the efforts of the Philippine Honorary Consulate in Colombo and the Sri Lanka Philippine Business Council for the consistent strong interest shown in representing the Sri Lanka business community to do business with the Philippines, which culminated in the signing of an MOU for stronger business cooperation between the Council and the Philippine Chamber of Commerce and Industry.”
Speaking during the panel discussions, Commercial Counsellor Michael Alfred V. Ignacio, who heads the Philippine Trade and Investment Center in New Delhi, as the official representative of the Philippine Department of Trade and Industry in the south asian region, presented the strategic advantages of partnership with the Philippines for Sri Lanka businesses looking to expand to and access overseas markets both for high potential investments and trade. “The Philippines ranks as among the fastest growing economies in the world, with GDP growth at 7% in the 2nd quarter of 2016. Aside from its attractive domestic market of 100 million, it also is a founding member of the 622 million-strong, 10-nation Association of South East Asian Nations (ASEAN) which now comprises a single ASEAN Economic Community (AEC) market. In addition, the Philippines is the only ASEAN country which has existing GSP+ privileges for more than 6,000 product lines in the EU, in addition to its US GSP Privileges,” said Ignacio “The Philippine government actively invites Sri Lanka Businesses to explore strategic opportunities being offered by the Philippines, such as looking into investments in its 485 economic zones, and to take advantage of the country’s foothold in major markets in Asia Pacific and the Americas due to its strategic location in the far east.”
In Sri Lanka, the Philippine government is represented by Honorary Consul Hugh Sriyal Dissanayake, himself a well-respected and highly successful shipping magnate in Sri Lanka. Mr. Dissanayake founded the Sri Lanka-Philippines Business Council composed of top Sri Lanka businessmen in 2014. The Council has consistently organised a top level delegation with the objective of strengthening business ties between the two countries from the private sector perspective. “We see great potential in developing strong economic ties between the Philippines and Sri Lanka, and the business council membership continues to grow reflecting the strong interest for Sri Lanka companies to work with the Philippines as a trading partner judging from the highly progressive economic developments in the country which we have seen for the past three years during our business missions.” said Honorary Consul Dissanayake.
Also present in the CEO Breakfast forum were Sri Lanka Trade and Industry Minister Rishad Bathiudeen and business tycoon Mr. Harry Jayawardena. Minister Bathiudeen was in Manila in 2015 to lead a business delegation.
The Sri Lanka business leaders present in the CEO breakfast expressed interest in exploring trade potentials with the Philippines particularly in the fields of IT and Business Processing, energy, trading, food processing, logistics, construction and real estate. The Philippine Trade and Investment Centre, Philippine Embassy in Dhaka, the Philippine Honorary Consul and the Sri Lanka Philippines Business Council are now planning a series of sector specific business missions between the two countries to explore excellent opportunities in 2017.
//end
About PTIC New Delhi (www.investphilippinesindia.org)
The Philippine Trade and Investment Centre New Delhi (PTIC New Delhi), is the commercial section of the Embassy of the Philippines in India and the representative office of the Philippine Department of Trade and Industry in India and South Asia. PTIC New Delhi is headed by Commercial Counsellor Michael Alfred V. Ignacio
About the Embassy of the Republic of the Philippines, Dhaka, Bangladesh (http://dhakape.dfa.gov.ph)
The Philippine Embassy of the Republic of the Philippines in Dhaka, Bangladesh is headed by H.E. Ambassador Vicente Vicencio Bandillo, and has concurrent jurisdiction over Sri Lanka.
About the Honorary Consulate of the Philippines in Colombo, Sri Lanka (http://www.philconsrilanka.org)
The Philippine Honorary Consulate in Colombo, Sri Lanka is headed by Honorary Consul Hugh Sriyal Dissanayake and provides consular services on behalf of the Philippine government in Sri Lanka.
About the Sri Lanka Philippines Business Council
Established by business leaders and private sector members with strong interest in developing Sri Lanka-Philippines business relations, the council is composed of top business leaders doing business and interested in doing business with the Philippines. Mr. Ravi de Silva is the current president of the council.
Philippine Trade and Investment Centre New Delhi holds trade and investment roadshows in Mumbai and Bangalore
In a renewed bid to bolster stronger business ties with the world’s fastest growing major economy, the Philippine Trade and Investment Center New Delhi recently held trade and investment roadshows entitled Business Round Table: Strategic Trade and Investment Opportunities with the Philippines in two of India’s foremost business cities, Mumbai and Bangalore. The roadshows entitled, Business Round Table: Strategic Trade and Investment Opportunities with the Philippines, were hosted by the World Trade Centers located in India’s two most important business hubs.
The event positioned the Philippines as an attractive investment hub and as a strategic gateway to the ASEAN Economic Community’s 22-million market in one of the world’s fastest growing regions. The Philippine economy grew by 7% in the 2nd quarter of 2016, while India with a population of 1.2 billion, is expected to post above 7% GDP growth for the same period.
“India can look to the Philippines as a secondary location to access the ASEAN Economic Community, and other important regional markets. In addition, the Philippines is the only ASEAN country with EU GSP plus privileges and also enjoy, GSP privileges in the USA. Besides english as the main language of business of both countries, India and the Philippines are also among the world’s fastest growing economies and are major players in the global IT-BPM Value Chain. Tier II IT and BPM companies from India can follow the example of 14 of India’s top companies who are already located in the Philippines to strengthen their foothold in the global services markets,” said Michael Alfred V. Ignacio, Commercial Counsellor of the Embassy of the Republic of the Philippines in New Delhi.
Mr. Ignacio, in his presentation, highlighted that India is currently the 20th trading partner of the Philippines, and the Philippines looks forward to tap the unexplored high potential for trade and investment partnership between the two countries. With 345 economic zones, the Philippines is an ideal hub for India to establish its commercial presence and reach out to high potential markets in the Asia Pacific rim. He presented excellent opportunities in priority sectors such as in ITES, automotive components, PPP and infrastructure development. Mr. Ignacio also identified potentials of Philippine products such as high innovation and design-driven products for niche markets, electronics and semi-conductors and the Philippines as an alternative education destination for Indian students.
During the business round table in Mumbai last September 20, 2016, Mr. Subramanian Krishna Moorthy, Honorary Vice Consul for the Philippines delivered a speech on behalf of Philippine Honorary Consul General Mrs. Rajashree Birla, citing tremendous potential collaboration for India and the Philippines in the services sector. Mr. Manoj Kedia, Group CFO for Textiles of the top Indian conglomerate Aditya Birla Group shared the group's pioneering business presence in the Philippines in 1975 and how they are in the Philippines for the long run.
Captain Somesh Batra, Vice Chairman of WTC Mumbai, in his inaugural address said, “India’s Look East Policy is a priority pillar of India’s foreign policy and the favourable developments in the Philippines can cover the broad canvas of cooperation and consultation on matters related to foreign policy, defence, trade, tourism, culture and people-to-people relations.”
The business round table roadshow continued in Bangalore on September 22nd, where Mr. Balaram Menon, President and Managing Director of the World Trade Centre Bangalore urged closer business cooperation between the two countries. Speaking before an audience composed mostly of IT and technology executives and business leaders, he said that, “between India and the Philippines, both countries can join hands and work closely together to take a leading position in the world’s IT and Business Process services market.”
Noting the substantial contributions of the Philippine electronics and semiconductors industry in the Philippine economy, Mr. M N Vidyashankar, the well respected President of the India Electronics and Semiconductors Association and former Principal Secretary in the State of Karnataka said, “We can definitely work together to help the two countries enhance business relationships in the electronics system design and manufacturing space. As the Philippines is a very strong player in this regard and we would like to take advantage in terms of Joint Ventures , collaborations and partnerships for Companies from the two countries.”
The Indian electronics and hardware industry is expected to perform well above 10% growth levels and reach $112-130 billion by 2018, according to an ASSOCHAM- Ernst and Young study released in April 2016. The study titled 'Turning the Make in India dream into a reality for electronics and hardware industry' sees the industry growing at a CAGR of 13%-16% during 2013-18.
The industry's current size of $75 billion already makes it a very attractive market for electronics and semiconductors. The report sees growth coming courtesy, rising consumer demand, growing disposable incomes, declining prices of electronics, and numerous government initiatives such as wider broadband connectivity, e-governance programs and others.
//end
About PTIC New Delhi
The Philippine Trade and Investment Centre New Delhi (PTIC New Delhi), is the commercial section of the Embassy of the Philippines in India and the representative office of the Philippine Department of Trade and Industry in India and South Asia
The event positioned the Philippines as an attractive investment hub and as a strategic gateway to the ASEAN Economic Community’s 22-million market in one of the world’s fastest growing regions. The Philippine economy grew by 7% in the 2nd quarter of 2016, while India with a population of 1.2 billion, is expected to post above 7% GDP growth for the same period.
“India can look to the Philippines as a secondary location to access the ASEAN Economic Community, and other important regional markets. In addition, the Philippines is the only ASEAN country with EU GSP plus privileges and also enjoy, GSP privileges in the USA. Besides english as the main language of business of both countries, India and the Philippines are also among the world’s fastest growing economies and are major players in the global IT-BPM Value Chain. Tier II IT and BPM companies from India can follow the example of 14 of India’s top companies who are already located in the Philippines to strengthen their foothold in the global services markets,” said Michael Alfred V. Ignacio, Commercial Counsellor of the Embassy of the Republic of the Philippines in New Delhi.
Mr. Ignacio, in his presentation, highlighted that India is currently the 20th trading partner of the Philippines, and the Philippines looks forward to tap the unexplored high potential for trade and investment partnership between the two countries. With 345 economic zones, the Philippines is an ideal hub for India to establish its commercial presence and reach out to high potential markets in the Asia Pacific rim. He presented excellent opportunities in priority sectors such as in ITES, automotive components, PPP and infrastructure development. Mr. Ignacio also identified potentials of Philippine products such as high innovation and design-driven products for niche markets, electronics and semi-conductors and the Philippines as an alternative education destination for Indian students.
During the business round table in Mumbai last September 20, 2016, Mr. Subramanian Krishna Moorthy, Honorary Vice Consul for the Philippines delivered a speech on behalf of Philippine Honorary Consul General Mrs. Rajashree Birla, citing tremendous potential collaboration for India and the Philippines in the services sector. Mr. Manoj Kedia, Group CFO for Textiles of the top Indian conglomerate Aditya Birla Group shared the group's pioneering business presence in the Philippines in 1975 and how they are in the Philippines for the long run.
Captain Somesh Batra, Vice Chairman of WTC Mumbai, in his inaugural address said, “India’s Look East Policy is a priority pillar of India’s foreign policy and the favourable developments in the Philippines can cover the broad canvas of cooperation and consultation on matters related to foreign policy, defence, trade, tourism, culture and people-to-people relations.”
The business round table roadshow continued in Bangalore on September 22nd, where Mr. Balaram Menon, President and Managing Director of the World Trade Centre Bangalore urged closer business cooperation between the two countries. Speaking before an audience composed mostly of IT and technology executives and business leaders, he said that, “between India and the Philippines, both countries can join hands and work closely together to take a leading position in the world’s IT and Business Process services market.”
Noting the substantial contributions of the Philippine electronics and semiconductors industry in the Philippine economy, Mr. M N Vidyashankar, the well respected President of the India Electronics and Semiconductors Association and former Principal Secretary in the State of Karnataka said, “We can definitely work together to help the two countries enhance business relationships in the electronics system design and manufacturing space. As the Philippines is a very strong player in this regard and we would like to take advantage in terms of Joint Ventures , collaborations and partnerships for Companies from the two countries.”
The Indian electronics and hardware industry is expected to perform well above 10% growth levels and reach $112-130 billion by 2018, according to an ASSOCHAM- Ernst and Young study released in April 2016. The study titled 'Turning the Make in India dream into a reality for electronics and hardware industry' sees the industry growing at a CAGR of 13%-16% during 2013-18.
The industry's current size of $75 billion already makes it a very attractive market for electronics and semiconductors. The report sees growth coming courtesy, rising consumer demand, growing disposable incomes, declining prices of electronics, and numerous government initiatives such as wider broadband connectivity, e-governance programs and others.
//end
About PTIC New Delhi
The Philippine Trade and Investment Centre New Delhi (PTIC New Delhi), is the commercial section of the Embassy of the Philippines in India and the representative office of the Philippine Department of Trade and Industry in India and South Asia
Capt. Somesh Batra, Vice Chairman, #WTCMumbai on key strengths of Philippines and areas of cooperation between India-Philippines.
Mr.Michael Alfred V. Ignacio, Commercial Counselor, Embassy of the Republic of the Philippines, New Delhi on building strategic partnership between India and Philippines and highlighting the priority business sectors of trade and investment.
Philippines targets India’s services sector for mutual cooperation
30 September 2016
Mr. Manoj Kedia, CFO, Birla Group, Mr. Subramanian Krishna Moorthy, Vice Consul Ad Honorem, Honorary Consulate General of the Republic of the Philippines, Mumbai, Capt. Somesh Batra, Vice Chairman, World Trade Centre Mumbai, Mr. Michael Alfred V. Ignacio, commercial Counsellor, Embassy of the Republic of the Philippines – New Delhi, Mr. Y. R. Warerkar, Executive Director, World Trade Centre, Mumbai
Mumbai, September 21, 2016: Positioned as an attractive investment hub of the Far East, the Philippines is targeting to increase its current bilateral trade with India pegged at US$ 1.91 billion by reaching out to Indian industry at various forums.
“India can look to Philippines as a secondary location to reach out to US Market for Goods and Services to avail of US GSP privileges and further reap benefits from being part of the ASEAN Markets. Besides, English as the main language of Business for both countries, India and Philippines are also the world’s fastest growing economies and are major players in the Global IT-BPM Value Chain. Tier II companies of India can locate their businesses in the Philippines to avail of a conducive economic and business climate, said Mr. Michael Alfred V. Ignacio, commercial Counsellor, Embassy of the Republic of the Philippines – New Delhi during a Business Round Table: Introduction on Strategic Trade and Investment Opportunities with the Philippines held at the World Trade Centre Mumbai which was jointly organised by World Trade Centre Mumbai and All India Association of Industries.
Mr Ignacio in his presentation highlighted, “India is currently 20th export market for the Philippines and we look forward to tap the unexplored high potential for trade and investment partnership between our countries. Philippines continuous on its path to improve its global competitive ranking and scope for public-private partnership especially infrastructure development, which Indian companies can consider”. Philippines have 345 Economic Zones and enjoy Fiscal and Non fiscal incentives. Our priority sectors includes information and communication technology, automotive components, renewable energy and exploration of market potential for products such as high innovation and design-driven products for the niche market, electronics and semi conductors and education as service.
Mr. Subramanian Krishna Moorthy, Vice Consul Ad Honorem, Honorary Consulate General of the Republic of the Philippines, Mumbai said, “Philippine’s economy is driven mainly by the services sector and India’s strength too lies in this sector, so there is tremendous scope for Indian collaboration in banking and other financial services, telecommunication, tourism, etc. With the establishment of Indo-Philippine Textile Mills, Inc. (Indo-Phil), 14 out of top 15 Indian companies in ICT having set base in the Philippines and GMR involvement in developing the Cebu – Mactan International Airport, similarly there is further scope for such joint ventures.
Mr. Manoj Kedia, CFO, Birla Group said that the company commenced its operation in 1975 and has 76 per cent of women employees. The company provides livelihood to thousand families in the Bulacan area of Philippine. What started with 15 thousand spindles has now grown up to 60,000 spindles supplying 20 per cent of total market share in cotton and acrylic yarn.
Capt. Somesh Batra, Vice Chairman, World Trade Centre Mumbai in his inaugural address said, “India’s Look East Policy is a priority pillar of India’s foreign policy and the favourable developments in Philippines can cover the broad canvas of cooperation and consultations on matters related to foreign policy, defence, trade, tourism, culture and people-to-people relations”. With India’s stress on infrastructure development, Philippines could play a major role in collaborative efforts in ties area.
read more at wtcmumbai
read more at afternoondc Mumbai
“India can look to Philippines as a secondary location to reach out to US Market for Goods and Services to avail of US GSP privileges and further reap benefits from being part of the ASEAN Markets. Besides, English as the main language of Business for both countries, India and Philippines are also the world’s fastest growing economies and are major players in the Global IT-BPM Value Chain. Tier II companies of India can locate their businesses in the Philippines to avail of a conducive economic and business climate, said Mr. Michael Alfred V. Ignacio, commercial Counsellor, Embassy of the Republic of the Philippines – New Delhi during a Business Round Table: Introduction on Strategic Trade and Investment Opportunities with the Philippines held at the World Trade Centre Mumbai which was jointly organised by World Trade Centre Mumbai and All India Association of Industries.
Mr Ignacio in his presentation highlighted, “India is currently 20th export market for the Philippines and we look forward to tap the unexplored high potential for trade and investment partnership between our countries. Philippines continuous on its path to improve its global competitive ranking and scope for public-private partnership especially infrastructure development, which Indian companies can consider”. Philippines have 345 Economic Zones and enjoy Fiscal and Non fiscal incentives. Our priority sectors includes information and communication technology, automotive components, renewable energy and exploration of market potential for products such as high innovation and design-driven products for the niche market, electronics and semi conductors and education as service.
Mr. Subramanian Krishna Moorthy, Vice Consul Ad Honorem, Honorary Consulate General of the Republic of the Philippines, Mumbai said, “Philippine’s economy is driven mainly by the services sector and India’s strength too lies in this sector, so there is tremendous scope for Indian collaboration in banking and other financial services, telecommunication, tourism, etc. With the establishment of Indo-Philippine Textile Mills, Inc. (Indo-Phil), 14 out of top 15 Indian companies in ICT having set base in the Philippines and GMR involvement in developing the Cebu – Mactan International Airport, similarly there is further scope for such joint ventures.
Mr. Manoj Kedia, CFO, Birla Group said that the company commenced its operation in 1975 and has 76 per cent of women employees. The company provides livelihood to thousand families in the Bulacan area of Philippine. What started with 15 thousand spindles has now grown up to 60,000 spindles supplying 20 per cent of total market share in cotton and acrylic yarn.
Capt. Somesh Batra, Vice Chairman, World Trade Centre Mumbai in his inaugural address said, “India’s Look East Policy is a priority pillar of India’s foreign policy and the favourable developments in Philippines can cover the broad canvas of cooperation and consultations on matters related to foreign policy, defence, trade, tourism, culture and people-to-people relations”. With India’s stress on infrastructure development, Philippines could play a major role in collaborative efforts in ties area.
read more at wtcmumbai
read more at afternoondc Mumbai
Obituary: H.E. Benito B. Valeriano, Former Philippine Ambassador to India
I It is with profound sorrow and deep respect, that we announce the passing of His Excellency Benito B. Valeriano, former Ambassador of the Republic of the Philippines to the Republic of India and to the Kingdom of Nepal, from November 2012 to October 2014. Ambassador Valeriano suffered a heart attack on 12 September 2016 and is survived by his loving wife, Mrs. Jaclyn Sy Valeriano and sons, Patrick and Jeremy.
At the time of his demise, Ambassador Valeriano, was serving as Assistant Secretary of the Department of Foreign Affairs (DFA) - Maritime and Ocean Affairs Office. Prior to his posting as Ambassador to India, his stellared career included stints as Consul General to Dubai, Seoul, Tokyo and Xiamen and as Chargé d'Affaires in Tripoli, Libya. He also served as a soldier in the Philippine Armed Forces prior to joining the ranks of the Philippine Foreign Service. He was a reserve officer with the Philippine Army with the rank of Lt. Colonel at the time of his death.
Ambassador Valeriano was a highly regarded career diplomat, well-loved and highly respected both by his officers and staff at the Embassy of the Philippines in New Delhi and held in high esteem by his counterparts in the Diplomatic Corps, for his sincere leadership, intelligence and wisdom and invaluable mentorship.
He fully supported the work of the Philippine Trade and Investment Center in New Delhi, in promoting trade and investments between the two countries.
PTIC New Delhi is the commercial section of the Embassy of the Philippines in India and the representative office of the Philippine Department of Trade and Industry in India, and South Asian region countries.
In a fitting tribute to the late Ambassador, former Philippine Commercial Attache and Director to New Delhi, Vichael Angelo Roaring said,
At the time of his demise, Ambassador Valeriano, was serving as Assistant Secretary of the Department of Foreign Affairs (DFA) - Maritime and Ocean Affairs Office. Prior to his posting as Ambassador to India, his stellared career included stints as Consul General to Dubai, Seoul, Tokyo and Xiamen and as Chargé d'Affaires in Tripoli, Libya. He also served as a soldier in the Philippine Armed Forces prior to joining the ranks of the Philippine Foreign Service. He was a reserve officer with the Philippine Army with the rank of Lt. Colonel at the time of his death.
Ambassador Valeriano was a highly regarded career diplomat, well-loved and highly respected both by his officers and staff at the Embassy of the Philippines in New Delhi and held in high esteem by his counterparts in the Diplomatic Corps, for his sincere leadership, intelligence and wisdom and invaluable mentorship.
He fully supported the work of the Philippine Trade and Investment Center in New Delhi, in promoting trade and investments between the two countries.
PTIC New Delhi is the commercial section of the Embassy of the Philippines in India and the representative office of the Philippine Department of Trade and Industry in India, and South Asian region countries.
In a fitting tribute to the late Ambassador, former Philippine Commercial Attache and Director to New Delhi, Vichael Angelo Roaring said,
"Dear friends with the India connection. It is with much sorrow that I wish to let you know of the passing of Ambassador Benito Valeriano of a heart attack. He was an inspirational leader to our team in New Delhi. I will always be thankful for his support in professional and personal endeavors.
A man's man, he exemplified what it was to be a gentleman diplomat. A public servant who was always true to his calling.
When I left Delhi, his despedida included asking me to plant a tree for posterity in the embassy grounds. Like those trees sir, your legacy will always be remembered in us whose lives you have truly touched. Salamat po.
Please say a prayer for Amba Nitoy. Please also Keep in your thoughts and prayers Mam Jackie Valeriano, and their two boys Patrick and Jeremy."
Upcoming Event: Business Round Table with WTC Mumbai
IMF to raise Philippine growth forecast
24 August 2016
The International Monetary Fund (IMF) is set to raise the country’s economic growth projection for 2016 after a stronger than expected growth in the second quarter.
IMF resident representative Shanaka Jayanath Peiris said the multilateral lender is set to raise the country’s gross domestic product (GDP) growth forecast.
The economy grew seven percent in the second quarter from the revised 6.8 percent in the first quarter on the back of election-related spending.
This brought to 6.9 percent the GDP growth in the first half from 5.5 percent in the same period last year.
“The second quarter GDP outturn in the Philippines was somewhat faster than anticipated in our six percent growth forecast for 2016. Therefore, we will mostly likely be revising up our growth forecast for the Philippines in the next round of revisions,” Peiris said.
Last July, the IMF retained the country’s GDP growth forecast at six percent amid the external headwinds brought about by the volatile global financial markets.
IMF mission head Chikahisa Sumi earlier said the Philippines is likely to survive the impact of the volatility in the global financial markets.
Sumi said the Philippine economy has performed well but there is still room to do even better. “The Philippine economy is doing very strongly despite external headwind of the trade slowdown and the added market volatility and the recent Brexit,” Sumi said
.
Despite the strong growth, inflation remained manageable and is still below the two to four percent target set by the Bangko Sentral ng Pilipinas (BSP). Inflation averaged 1.4 percent in the first seven months of the year after hitting 1.9 percent in July.
IMF welcomed the plan of Duterte administration to raise the budget ceiling to three percent of GDP instead of two percent of GDP to be able to increase infrastructure spending.
The 10-point reform agenda of President Rodrigo Duterte, according to IMF, would anchor policy formulation and structural transformation over the medium term.
“The continued solid growth in 2016, despite the external headwinds, is due in part to fiscal stimulus and supporting monetary conditions,” Sumi said.
read more @ philstar.com
IMF resident representative Shanaka Jayanath Peiris said the multilateral lender is set to raise the country’s gross domestic product (GDP) growth forecast.
The economy grew seven percent in the second quarter from the revised 6.8 percent in the first quarter on the back of election-related spending.
This brought to 6.9 percent the GDP growth in the first half from 5.5 percent in the same period last year.
“The second quarter GDP outturn in the Philippines was somewhat faster than anticipated in our six percent growth forecast for 2016. Therefore, we will mostly likely be revising up our growth forecast for the Philippines in the next round of revisions,” Peiris said.
Last July, the IMF retained the country’s GDP growth forecast at six percent amid the external headwinds brought about by the volatile global financial markets.
IMF mission head Chikahisa Sumi earlier said the Philippines is likely to survive the impact of the volatility in the global financial markets.
Sumi said the Philippine economy has performed well but there is still room to do even better. “The Philippine economy is doing very strongly despite external headwind of the trade slowdown and the added market volatility and the recent Brexit,” Sumi said
.
Despite the strong growth, inflation remained manageable and is still below the two to four percent target set by the Bangko Sentral ng Pilipinas (BSP). Inflation averaged 1.4 percent in the first seven months of the year after hitting 1.9 percent in July.
IMF welcomed the plan of Duterte administration to raise the budget ceiling to three percent of GDP instead of two percent of GDP to be able to increase infrastructure spending.
The 10-point reform agenda of President Rodrigo Duterte, according to IMF, would anchor policy formulation and structural transformation over the medium term.
“The continued solid growth in 2016, despite the external headwinds, is due in part to fiscal stimulus and supporting monetary conditions,” Sumi said.
read more @ philstar.com
It’s More Fun To Invest In The Philippines
24 August 2016
There could be no better proof that the Philippines has emerged as one of the most popular investment destinations in Southeast Asia than the bare facts. According to Switzerland’s largest and most reputable bank, Credit Suisse, the Philippines so far this year was the clear winner among member countries of the Association of Southeast Asian Nations, or ASEAN, in attracting foreign direct investments.
A newly released report by the bank says that foreign direct investments inflow into the Philippines stood at a multi-decade high of $8 billion as of end-April, up from $6 billion in 2015 and $1 billion just five years ago.
The high number derives from ever-increasing investment activity mainly from Japan and the US, countries seen as key drivers behind the growth, with inflows being concentrated on the manufacturing and the finance industry. For those two and other global investors, China has becomes a less attractive destination for inflows, Credit Suisse said, adding that other previous foreign direct investment favourites in the region such as Indonesia, Singapore and Thailand also saw some weakening trends. In particular, the Philippines surpassed foreign direct investments inflows to Thailand this year for the first time in recent history as the latter country is held up by its political and societal plight that continues to block economic development.
The interesting thing is that Credit Suisse is not alone with its stance on the Philippines as a bright place for investments. The United Nations Conference on Trade and Development, or UNCTAD, in its World Investment Report 2016 launched this June highlighted the Philippines as “one of the world’s most prospective investment destinations for multinational enterprises until 2018,” i.e. with regards to its medium-term investment prospects.
The report is based on a survey among decision makers at multinational enterprises who were asked to name their preferred global investment destinations for the period 2016 to 2018, and the Philippines occupied a flattering eleventh rank. It is the first time that the Philippines even made it on that list, and now competes with established investment destinations such as the US, China, India, UK, Germany, Japan, Brazil, Mexico and – regionally – Indonesia and Malaysia, as well as another new favourite, Myanmar.
But what is it that makes the Philippines such a solid investment hub, and what does that mean for long-term investments and returns?
According to Ceferino S. Rodolfo, Undersecretary for the Industry Development Group of the Philippines’ Department of Trade and Industry and Vice Chairman and Managing Head of the Board of Investments, good governance and transparency of government and trade bodies lead to continued impressive growth rates in the recent past, which are, in turn, contributing to the confidence of foreign investors at a time when many other emerging markets in the region are struggling with slowing growth and capital outflows.
The Philippines posted solid growth of 5.8 per cent in 2015 and is expected to grow at least six per cent in 2016 and 2017 as per a forecast by the Asian Development Bank. In the first quarter of the year, GDP growth even reached a high of 6.9 per cent, more than most other nations in Asia in that quarter, and for the first time topping China’s growth rate.
The strong growth has been attributed to the macroeconomic policies of the former administration of President Benigno Aquino III that led to the nation’s first investment-grade ratings and its best period of growth since the 1970s. Over the past five years, the country’s investment grade level was raised by two notches by all major credit rating agencies Fitch, Moody’s and Standard & Poor’s with stable outlooks. That said, new President Rodrigo Duterte has pledged to retain the economic priorities of his predecessor and to continue incentivizing foreign direct investment.
read more @ investvine
A newly released report by the bank says that foreign direct investments inflow into the Philippines stood at a multi-decade high of $8 billion as of end-April, up from $6 billion in 2015 and $1 billion just five years ago.
The high number derives from ever-increasing investment activity mainly from Japan and the US, countries seen as key drivers behind the growth, with inflows being concentrated on the manufacturing and the finance industry. For those two and other global investors, China has becomes a less attractive destination for inflows, Credit Suisse said, adding that other previous foreign direct investment favourites in the region such as Indonesia, Singapore and Thailand also saw some weakening trends. In particular, the Philippines surpassed foreign direct investments inflows to Thailand this year for the first time in recent history as the latter country is held up by its political and societal plight that continues to block economic development.
The interesting thing is that Credit Suisse is not alone with its stance on the Philippines as a bright place for investments. The United Nations Conference on Trade and Development, or UNCTAD, in its World Investment Report 2016 launched this June highlighted the Philippines as “one of the world’s most prospective investment destinations for multinational enterprises until 2018,” i.e. with regards to its medium-term investment prospects.
The report is based on a survey among decision makers at multinational enterprises who were asked to name their preferred global investment destinations for the period 2016 to 2018, and the Philippines occupied a flattering eleventh rank. It is the first time that the Philippines even made it on that list, and now competes with established investment destinations such as the US, China, India, UK, Germany, Japan, Brazil, Mexico and – regionally – Indonesia and Malaysia, as well as another new favourite, Myanmar.
But what is it that makes the Philippines such a solid investment hub, and what does that mean for long-term investments and returns?
According to Ceferino S. Rodolfo, Undersecretary for the Industry Development Group of the Philippines’ Department of Trade and Industry and Vice Chairman and Managing Head of the Board of Investments, good governance and transparency of government and trade bodies lead to continued impressive growth rates in the recent past, which are, in turn, contributing to the confidence of foreign investors at a time when many other emerging markets in the region are struggling with slowing growth and capital outflows.
The Philippines posted solid growth of 5.8 per cent in 2015 and is expected to grow at least six per cent in 2016 and 2017 as per a forecast by the Asian Development Bank. In the first quarter of the year, GDP growth even reached a high of 6.9 per cent, more than most other nations in Asia in that quarter, and for the first time topping China’s growth rate.
The strong growth has been attributed to the macroeconomic policies of the former administration of President Benigno Aquino III that led to the nation’s first investment-grade ratings and its best period of growth since the 1970s. Over the past five years, the country’s investment grade level was raised by two notches by all major credit rating agencies Fitch, Moody’s and Standard & Poor’s with stable outlooks. That said, new President Rodrigo Duterte has pledged to retain the economic priorities of his predecessor and to continue incentivizing foreign direct investment.
read more @ investvine
Philippines emerging as winner in FDI
24 August 2016
The Philippines is emerging as a clear winner among members of the Association of Southeast Asian Nations (ASEAN) in attracting foreign direct investments (FDIs) as China becomes a less attractive destination for inflows, Credit Suisse said in a report.
The investment bank said FDI inflow in the Philippines is now at a multi-decade high of $8 billion as of end-April, up from $6 billion in 2015 and $1 billion just five years ago.
This helped the Philippines surpass the FDI inflows in Thailand.
It added Japan and the US are key drivers behind the increase, while inflows are concentrated in the manufacturing and the finance industry.
Credit Suisse said Vietnam also continued to be an FDI magnet, attracting manufacturing investments especially from South Korea on the back of generous tax incentives and still relatively cheap labor.
Likewise, it added Malaysia’s FDI inflows remained surprisingly resilient despite political uncertainty in recent years. However, Malaysia is likely to sustain the robust inward FDI due to the lack of reform momentum.
Business ( Article MRec ), pagematch: 1, sectionmatch: 1Credit Suisse noted weakening trend in Indonesia, Singapore and Thailand.
“The previous FDI favorites, including Indonesia, Singapore and Thailand, saw some weakening trends,” it said.
FDI inflows in Thailand is now down to $3 billion as of end-April after peaking at $15 billion in 2014, while inflows to Indonesia reached $30 billion on a rolling basis.
On the other hand, FDI inflows in Singapore reached $60 billion in the first quarter of the year from $68 billion in 2013.
Many observers have projected a strong increase in FDI inflows in ASEAN as China becomes a less attractive FDI destination due to political tensions with Japan, rising wages and moderating domestic demand.
However, Credit Suisse said ASEAN saw a decline in FDI inflows, reflecting a broader macro trends including the still weak outlook for exports and investments globally.
The Bangko Sentral ng Pilipinas sees FDI inflows rising to $6.3 billion this year amid the country’s strong macroeconomic fundamentals and the implementation of much needed infrastructure projects under the public private partnership scheme.
read more @ philstar
The investment bank said FDI inflow in the Philippines is now at a multi-decade high of $8 billion as of end-April, up from $6 billion in 2015 and $1 billion just five years ago.
This helped the Philippines surpass the FDI inflows in Thailand.
It added Japan and the US are key drivers behind the increase, while inflows are concentrated in the manufacturing and the finance industry.
Credit Suisse said Vietnam also continued to be an FDI magnet, attracting manufacturing investments especially from South Korea on the back of generous tax incentives and still relatively cheap labor.
Likewise, it added Malaysia’s FDI inflows remained surprisingly resilient despite political uncertainty in recent years. However, Malaysia is likely to sustain the robust inward FDI due to the lack of reform momentum.
Business ( Article MRec ), pagematch: 1, sectionmatch: 1Credit Suisse noted weakening trend in Indonesia, Singapore and Thailand.
“The previous FDI favorites, including Indonesia, Singapore and Thailand, saw some weakening trends,” it said.
FDI inflows in Thailand is now down to $3 billion as of end-April after peaking at $15 billion in 2014, while inflows to Indonesia reached $30 billion on a rolling basis.
On the other hand, FDI inflows in Singapore reached $60 billion in the first quarter of the year from $68 billion in 2013.
Many observers have projected a strong increase in FDI inflows in ASEAN as China becomes a less attractive FDI destination due to political tensions with Japan, rising wages and moderating domestic demand.
However, Credit Suisse said ASEAN saw a decline in FDI inflows, reflecting a broader macro trends including the still weak outlook for exports and investments globally.
The Bangko Sentral ng Pilipinas sees FDI inflows rising to $6.3 billion this year amid the country’s strong macroeconomic fundamentals and the implementation of much needed infrastructure projects under the public private partnership scheme.
read more @ philstar
PH economy soars in Q2, now Asia’s fastest growing
19 August 2016
The Philippine economy grew 7% in the second quarter of 2016, the fastest quarterly pace in three years.
Growth in the April to June period beat market expectations on the back of solid macroeconomic fundamentals. Election-related spending also boosted the economy, as the Philippines held national elections last May 9.
The service sector remained the key driver of economic growth, with agriculture pulling down the overall number. On the demand side, investment and consumer spending helped make up for a decline in net exports.
The latest Gross Domestic Product (GDP) figure builds on the 6.8% growth recorded in the first 3 months of the year, which made the Philippines the fastest growing economy in the region.
The second quarter of the year benefited from election spending which intensified in the final months to the elections in May. Remittances from Overseas Filipino Workers, which help fuel the consumption that drives the economy also remained strong despite worries at the start of the year.
President Rodrigo Duterte, who took office June 30, promised to keep the economic policies of his predecessor and has outlined initiatives to boost growth and create jobs to lift people out of poverty.
The former mayor is seeking to relax economic restrictions and make it easier to do business, in a bid to attract more foreign investment. Duterte, 71, is also pledging to lower personal and corporate income taxes, accelerate infrastructure spending and ease rules protecting the secrecy of bank deposits.
- See more at: http://www.goodnewspilipinas.com
The service sector remained the key driver of economic growth, with agriculture pulling down the overall number. On the demand side, investment and consumer spending helped make up for a decline in net exports.
The latest Gross Domestic Product (GDP) figure builds on the 6.8% growth recorded in the first 3 months of the year, which made the Philippines the fastest growing economy in the region.
The second quarter of the year benefited from election spending which intensified in the final months to the elections in May. Remittances from Overseas Filipino Workers, which help fuel the consumption that drives the economy also remained strong despite worries at the start of the year.
President Rodrigo Duterte, who took office June 30, promised to keep the economic policies of his predecessor and has outlined initiatives to boost growth and create jobs to lift people out of poverty.
The former mayor is seeking to relax economic restrictions and make it easier to do business, in a bid to attract more foreign investment. Duterte, 71, is also pledging to lower personal and corporate income taxes, accelerate infrastructure spending and ease rules protecting the secrecy of bank deposits.
- See more at: http://www.goodnewspilipinas.com
BREAKING NEWS: Philippines GDP grows 7% in Q2 2016
www.rappler.com 18 August 2016
Boosted by a strong start to 2016, the Philippine economy grew 7% in the second quarter of the year. The latest gross domestic product (GDP) figure announced by Socioeconomic Planning Secretary Ernesto Pernia on Thursday, August 18, builds on the 6.8% growth recorded in the first 3 months of the year, which made the Philippines the fastest growing economy in the region.
The government earlier recorded the first quarter economic growth at 6.9%, but the Philippine Statistics Authority later revised it to 6.8%.
Thursday's announcement of the 7% growth fell within market expectation of growth between 6.5% and 7%.
"Among the major Asian emerging economies, the Philippines likely remains the fastest or second fastest-growing economy in the second quarter of 2016, followed by China, which grew by 6.7%, Vietnam by 5.6%, Indonesia by 5.2%, Malaysia by 4.0%, and Thailand by 3.5%," Pernia said.
Data for India, he added, is not yet available but some forecasts put it above 7%. Pernia also said the latest figures give government confidence that it would be able to hit the official government target of 7-8% for the entire year of 2016.
read more @ rappler.com
The government earlier recorded the first quarter economic growth at 6.9%, but the Philippine Statistics Authority later revised it to 6.8%.
Thursday's announcement of the 7% growth fell within market expectation of growth between 6.5% and 7%.
"Among the major Asian emerging economies, the Philippines likely remains the fastest or second fastest-growing economy in the second quarter of 2016, followed by China, which grew by 6.7%, Vietnam by 5.6%, Indonesia by 5.2%, Malaysia by 4.0%, and Thailand by 3.5%," Pernia said.
Data for India, he added, is not yet available but some forecasts put it above 7%. Pernia also said the latest figures give government confidence that it would be able to hit the official government target of 7-8% for the entire year of 2016.
read more @ rappler.com
Ramon Lopez is new DTI Secretary
President Rodrigo Roa Duterte appointed Ramon M. Lopez as the new Department of Trade and Industry (DTI) Secretary.
Secretary Lopez is a returning DTI o cial who had headed the Department’s O ce of Operational Planning (now called Corporate Planning Service) from 1982 to 1989 before he moved to RFM in 1990.
Prior to his appointment as DTI Secretary, Lopez was Executive Director of the Philippine Center for Entrepreneurship’s (PCE) advocacy group Go Negosyo. He directed it for the past 11 years, strongly advocating entrepreneurship and promoting the enterprising culture among Filipinos.
For 22 years, he served the business sector as top executive of RFM Corp.’s Corporate Planning Department and handled strategic planning and business development, mergers and acquisitions, and
equity investors group. He has earned the respect of the business, nancial, and investment communities here and abroad.
Lopez nished his Master’s in Development Economics class at Williams College in Massachusetts, U.S., and gained his AB Economics degree at the University of the Philippines, Diliman.
His previous stints with the National Economic and Development Authority (NEDA) and with the DTI have acquired him vast experience in trade and industry development planning.
His active and passionate involvement in Go Negosyo, not only as its executive director but also as one of the ‘Angelpreneurs,’ has earned the admiration and respect of millions of micro, small, and medium entrepreneurs (MSMEs) nationwide who were able to listen and learn from his words of wisdom and advice.
Assuming his role as the 27th DTI Secretary, he committed to continue to empower and inspire MSMEs, champion business, and at the same time, advocate the rights of consumers.
Roles reversed as foreign firms now call Philippines for contact centers
9 Aug 2016
The Philippines is seeing a reversal of roles in the global contact center space as foreign investors and clients are now the ones calling for opportunities, the Contact Center Association of the Philippines (CCAP) said.
“These companies that we are talking to now, they are the ones who are setting a meeting with us. Before, we had to look for these meetings, knock on their doors and beg for 10 minutes of their time just to listen to our story. Now it’s the reverse as they are the ones telling us I need one hour of your time,” CCAP industry affairs director Raymond Lacdao said.
He said several UK, US, and Australian firms which are not yet present in the country are currently exploring opportunities to do business in the Philippines.
“It’s very encouraging. But the interesting part is that we have actually attracted other countries outside of those main countries that we are targeting. We have companies from South Africa, Indonesia, Bangladesh. These are not our normal targets but they are interested now,” Lacdao said.
The Philippines has held the distinction of being the world’s contact center capital since 2010.
“There’s a lot of interest with the Philippines that we’ve seen. There’s a lot of interest in our industry because we’ve actually been known as a top provider for professional services,” CCAP president Benedict Hernandez said.
Business ( Article MRec ), pagematch: 1, sectionmatch: 1“What’s interesting is there are client coming from the region, like Singapore and Hong Kong. Before they are not even looking at us,” he added.
According to Hernandez, the Philippine contact center industry is expected to generate $16 billion in revenues this year and increase employment to 800,000.
read more @philstar
“These companies that we are talking to now, they are the ones who are setting a meeting with us. Before, we had to look for these meetings, knock on their doors and beg for 10 minutes of their time just to listen to our story. Now it’s the reverse as they are the ones telling us I need one hour of your time,” CCAP industry affairs director Raymond Lacdao said.
He said several UK, US, and Australian firms which are not yet present in the country are currently exploring opportunities to do business in the Philippines.
“It’s very encouraging. But the interesting part is that we have actually attracted other countries outside of those main countries that we are targeting. We have companies from South Africa, Indonesia, Bangladesh. These are not our normal targets but they are interested now,” Lacdao said.
The Philippines has held the distinction of being the world’s contact center capital since 2010.
“There’s a lot of interest with the Philippines that we’ve seen. There’s a lot of interest in our industry because we’ve actually been known as a top provider for professional services,” CCAP president Benedict Hernandez said.
Business ( Article MRec ), pagematch: 1, sectionmatch: 1“What’s interesting is there are client coming from the region, like Singapore and Hong Kong. Before they are not even looking at us,” he added.
According to Hernandez, the Philippine contact center industry is expected to generate $16 billion in revenues this year and increase employment to 800,000.
read more @philstar
Who is most dependent on China?
9 Aug 2016
Who is most dependent on China?Singapore, Taiwan, Vietnam, South Korea and Malaysia would be first to feel the chill. Indonesia, India and the Philippines are more immuneIf (or when) China sneezes -ranging from a sharp devaluation of its currency or protectionist measures to defend local industries - Singapore, Taiwan, Vietnam, South Korea and Malaysia would be first to feel the chill, according to analysis from Natixis SA.
By contrast, Indonesia, India and the Philippines are rather more immune, based on trade, tourism and investment links that were collated by the French Bank's
Hong Kong-based economists Alicia Garcia Herrero and Trinh Nguyen.
For those with the largest exposure to China, trade ties are the biggest link.
Tourism is another important factor linking the fortunes of Asia's smaller economies to their regional giant. In 2015, the number of Chinese outbound tourists climbed 14.5 per cent to 35.4 million, according to the China Outbound Tourism Research Institute. They spent $235 billion in 2015, Natixis said, and most Chinese tourists prefer to holiday in Asia with 60 per cent of the trips to the region.
Still, those countries gaining most from Chinese tourists also experience a "heightened sensitivity" because that demand can rub both ways, Natixis said, citing the 20 per cent drop in Chinese tourists to Vietnam last year after the two nations were embroiled in a spat over disputed territories in the South China Sea.
Another bond comes from China's projects like the "Belt and Road" initiative and the Asian Infrastructure Investment Bank.
As China pumps money into the region, partly to export excess capacity, it's also increasing its soft power.
While providing a boost to growth, a more powerful China is also posing a dilemma for its neighbours who have to tussle between the need to assert their sovereignty without discouraging Chinese investors and spenders.
That's a tough balancing act that's only going to get trickier as Chinese President Xi Jinping pursues his "China Dream" of increased economic and political clout.
read more @business standard
By contrast, Indonesia, India and the Philippines are rather more immune, based on trade, tourism and investment links that were collated by the French Bank's
Hong Kong-based economists Alicia Garcia Herrero and Trinh Nguyen.
For those with the largest exposure to China, trade ties are the biggest link.
Tourism is another important factor linking the fortunes of Asia's smaller economies to their regional giant. In 2015, the number of Chinese outbound tourists climbed 14.5 per cent to 35.4 million, according to the China Outbound Tourism Research Institute. They spent $235 billion in 2015, Natixis said, and most Chinese tourists prefer to holiday in Asia with 60 per cent of the trips to the region.
Still, those countries gaining most from Chinese tourists also experience a "heightened sensitivity" because that demand can rub both ways, Natixis said, citing the 20 per cent drop in Chinese tourists to Vietnam last year after the two nations were embroiled in a spat over disputed territories in the South China Sea.
Another bond comes from China's projects like the "Belt and Road" initiative and the Asian Infrastructure Investment Bank.
As China pumps money into the region, partly to export excess capacity, it's also increasing its soft power.
While providing a boost to growth, a more powerful China is also posing a dilemma for its neighbours who have to tussle between the need to assert their sovereignty without discouraging Chinese investors and spenders.
That's a tough balancing act that's only going to get trickier as Chinese President Xi Jinping pursues his "China Dream" of increased economic and political clout.
read more @business standard
Philippine PEZA Economic Zones, Freeports and SEZs' successes featured and promoted at the 10th International SEZ Convention organized by Assocham in New Delhi
Philippine Embassy Commercial Counsellor Michael Alfred Ignacio, Director and head of the Philippine Trade and Investment Centre New Delhi, delivered a presentation on the success stories of and to promote the globally acclaimed Philippine PEZA Economic Zones, Freeports & Special Economic Zones as a major factor of the Philippine economic turn-around, held today at the 10th International SEZ Convention organized by the Association of Indian Chambers of Commerce, at Le Meridien Hotel in New Delhi. Speaking at a Technical Session on Sharing Experiences and Investment Opportunities in SEZs, Mr. Ignacio offered the Philippines' portfolio of 340 Economic Zones, Freeports and SEZs to Indian companies looking for highly viable gateways to access the ASEAN market.
ASSOCHAM founded in 1920, is also referred to as the "Chamber of Chambers" having in its fold more than 400 Industry Chambers, Trade Associations and serving more than 450,000 Corporate Members from all over India.
ASSOCHAM founded in 1920, is also referred to as the "Chamber of Chambers" having in its fold more than 400 Industry Chambers, Trade Associations and serving more than 450,000 Corporate Members from all over India.
3M expands Philippine operations
26 July 2016
MANILA, Philippines – American multinational conglomerate 3M is bullish on its prospects in the Philippines under the new administration and aims to continue pouring in more investments in the areas of manufacturing and research and development (R&D).
“We’re very positive as to where the country is headed in the future. It’s just a great time to be in the Philippines. There are a number of reasons why we like the Philippines, (and why we plan) to continue to do business, continue to invest, and continue to expand,” 3M executive vice president for international operations Hak Cheol Shin said at the opening of the 3M Philippines’ Global Service Center (GSC) in Bonifacio Global City yesterday.
The country’s growing middle class and its stable economy and government were among the factors Shin cited as driving 3M’s optimism in the Philippines.
“The stability of the government has been quite good, and we see even better conditions coming specially with the new president. Stability is important so we can predict what’s going to happen in the next month or next year,” he said.
“The other thing we like in the last few years is the amount of investments in infrastructure because infrastructure is critical. Everytime I come here there is actual development from roads, highways, and new cities,” Shin added.
Reflecting 3M’s strong confidence in the Philippines is its newly opened GSC in Bonifacio Global City, one of the firm’s only three shared service hubs worldwide.
read more at philstar
“We’re very positive as to where the country is headed in the future. It’s just a great time to be in the Philippines. There are a number of reasons why we like the Philippines, (and why we plan) to continue to do business, continue to invest, and continue to expand,” 3M executive vice president for international operations Hak Cheol Shin said at the opening of the 3M Philippines’ Global Service Center (GSC) in Bonifacio Global City yesterday.
The country’s growing middle class and its stable economy and government were among the factors Shin cited as driving 3M’s optimism in the Philippines.
“The stability of the government has been quite good, and we see even better conditions coming specially with the new president. Stability is important so we can predict what’s going to happen in the next month or next year,” he said.
“The other thing we like in the last few years is the amount of investments in infrastructure because infrastructure is critical. Everytime I come here there is actual development from roads, highways, and new cities,” Shin added.
Reflecting 3M’s strong confidence in the Philippines is its newly opened GSC in Bonifacio Global City, one of the firm’s only three shared service hubs worldwide.
read more at philstar
PTIC New Delhi supports Republic Chemicals Industries in bringing Top Brands such as Mighty Bond, Pioneer Glue and Elastocil to the 1.2 Billion Indian Market
The Philippine Trade and Investment Center New Delhi supports the market expansion of market leader Republic Chemicals Industries to bring top Philippine brands such as Mighty Bond, Pioneer Glue and Elastocil to India.
REPUBLIC CHEMICAL INDUSTRIES, INC. (RCI) is a Filipino-owned manufacturing and distribution company committed to give its customers in the Asia-Pacific region, through excellence in service, reliable industrial and household adhesives, sealants, specialty coatings, insulation, packaging and other products.
Now celebrating 58 years in the industry, RCI's well-known Pioneer brand of adhesives include epoxies, cyanoacrylates, plastic resin glues, rubber cements, and white glues, among others. The sealants and coating range covers every major type from butyls and acrylics to urethanes and silicones
State-of-the-art insulation and packaging products are manufactured using polyurethane foam and expandable polystyrene. Its Fiesta brand is a byword in styropor products. RCI services its national and international markets through various well-trained and experienced selling groups. Nationwide, the Trade Sales Department directly services thousands of wholesale and retail outlets which cater to end-users, tradesmen and do-it-yourself (DIY) groups. The industrial users are attended to by the Industrial Sales Department while the Export Sales Department efficiently services the requirements of foreign markets.
The construction / real property markets are serviced by Pioneer Specialty Building Systems Inc. (PSBSI). A wholly-owned subsidiary, PSBSI promotes and provides architects, contractors and property owners with effective and reliable weatherproofing, floor coating, sealants, adhesives, cladding and insulation systems and services.
Since its inception in 1958, Republic Chemical Industries, Inc. has always kept its vision clear. Today, RCI is a multi-million dollar enterprise committed to developing fully its key resource - its people - to be responsible, responsive and involved individuals to ensure the continued realization of its vision and to welcome tomorrow's challenges.
Stay tuned for a series of National Product Launches soon. Interested Distributors, Agents and Representatives may send initial inquiries at: india@dti.gov.ph
Visit the Official website of Republic Chemicals Industries
REPUBLIC CHEMICAL INDUSTRIES, INC. (RCI) is a Filipino-owned manufacturing and distribution company committed to give its customers in the Asia-Pacific region, through excellence in service, reliable industrial and household adhesives, sealants, specialty coatings, insulation, packaging and other products.
Now celebrating 58 years in the industry, RCI's well-known Pioneer brand of adhesives include epoxies, cyanoacrylates, plastic resin glues, rubber cements, and white glues, among others. The sealants and coating range covers every major type from butyls and acrylics to urethanes and silicones
State-of-the-art insulation and packaging products are manufactured using polyurethane foam and expandable polystyrene. Its Fiesta brand is a byword in styropor products. RCI services its national and international markets through various well-trained and experienced selling groups. Nationwide, the Trade Sales Department directly services thousands of wholesale and retail outlets which cater to end-users, tradesmen and do-it-yourself (DIY) groups. The industrial users are attended to by the Industrial Sales Department while the Export Sales Department efficiently services the requirements of foreign markets.
The construction / real property markets are serviced by Pioneer Specialty Building Systems Inc. (PSBSI). A wholly-owned subsidiary, PSBSI promotes and provides architects, contractors and property owners with effective and reliable weatherproofing, floor coating, sealants, adhesives, cladding and insulation systems and services.
Since its inception in 1958, Republic Chemical Industries, Inc. has always kept its vision clear. Today, RCI is a multi-million dollar enterprise committed to developing fully its key resource - its people - to be responsible, responsive and involved individuals to ensure the continued realization of its vision and to welcome tomorrow's challenges.
Stay tuned for a series of National Product Launches soon. Interested Distributors, Agents and Representatives may send initial inquiries at: india@dti.gov.ph
Visit the Official website of Republic Chemicals Industries
|
|
Screen shot from assocham.org during the 5th India-Asian Economic Forum held at the Hotel Taj Mahal in New Delhi last July 8, 2016
Assocham is the Associated Chambers of Commerce & Industry of India.
About Assocham:
ASSOCHAM initiated its endeavour of value creation for Indian industry in 1920. Having in its fold more than 400 Chambers and Trade Associations, and serving more than 4,50,000 members from all over India. It has witnessed upswings as well as upheavals of Indian Economy, and contributed significantly by playing a catalytic role in shaping up the Trade, Commerce and Industrial environment of the country.
Indian businesses explore trade, investment opportunities in Philippines
IT, automotive and agriculture among top sectors
26 July 2016
NEWS AND EVENTS
Companies from India are exploring more trade and investment opportunities in the Philippines, according to the Department of Trade and Industry’s Philippine Trade and Investment Center (PTIC) – New Delhi, which recently conducted a business round table discussion with top Indian firms.
At least 70 Indian businessmen and key industry players participated in the talks held early this month in New Delhi, jointly organized by DTI with the PHD Chamber of Commerce and Industry, a multi-state grassroots organization which aims to explore more business opportunities between India and the Philippines. It is considered as one of the most important Indian Chambers of Commerce.
The group focuses on key sectors such as information communication technology, automotive, agriculture, energy and chemicals. Some emerging sectors such as pharmaceuticals, electronics and high-end furniture were also highlighted during the discussion.
Among the speakers who delivered successful case studies and testimonials about Philippine-India joint ventures were Sandeep Tewari, vice president of Field Fresh Pvt. Ltd, a leading food and fruit juice processing company in India having a joint venture with Del Monte Philippines and Manoj Sahai, general manager for strategic sales of the global multinational Tata Consultancy Services (TCS).
Sahai emphasized the promotion of the Philippines as a top destination for Indian IT companies for those thinking to establish alternative delivery centers. Tata Consultancy Services is India’s number one IT services firm with a revenue turn-over of US$16.4 billion in 2016 and a market capitalization of US$ 80 billion. TCS operates global delivery centers in the Philippines with about 4,500 employees.
Information technology and business process management (IT-BPM) and automotive are two sectors that most Indian executives are interested in, according to PTIC-New Delhi.
With positive feedback from the business sector in India, there is a positive outlook in terms of trade and investments with Indian companies and plans are already being discussed between private companies, DTI reported.
see more at entrepreneur.com.ph
Companies from India are exploring more trade and investment opportunities in the Philippines, according to the Department of Trade and Industry’s Philippine Trade and Investment Center (PTIC) – New Delhi, which recently conducted a business round table discussion with top Indian firms.
At least 70 Indian businessmen and key industry players participated in the talks held early this month in New Delhi, jointly organized by DTI with the PHD Chamber of Commerce and Industry, a multi-state grassroots organization which aims to explore more business opportunities between India and the Philippines. It is considered as one of the most important Indian Chambers of Commerce.
The group focuses on key sectors such as information communication technology, automotive, agriculture, energy and chemicals. Some emerging sectors such as pharmaceuticals, electronics and high-end furniture were also highlighted during the discussion.
Among the speakers who delivered successful case studies and testimonials about Philippine-India joint ventures were Sandeep Tewari, vice president of Field Fresh Pvt. Ltd, a leading food and fruit juice processing company in India having a joint venture with Del Monte Philippines and Manoj Sahai, general manager for strategic sales of the global multinational Tata Consultancy Services (TCS).
Sahai emphasized the promotion of the Philippines as a top destination for Indian IT companies for those thinking to establish alternative delivery centers. Tata Consultancy Services is India’s number one IT services firm with a revenue turn-over of US$16.4 billion in 2016 and a market capitalization of US$ 80 billion. TCS operates global delivery centers in the Philippines with about 4,500 employees.
Information technology and business process management (IT-BPM) and automotive are two sectors that most Indian executives are interested in, according to PTIC-New Delhi.
With positive feedback from the business sector in India, there is a positive outlook in terms of trade and investments with Indian companies and plans are already being discussed between private companies, DTI reported.
see more at entrepreneur.com.ph
Indian companies explore trade and investment opportunities with Philippines
26 July 2016
Indian companies explore trade and investment opportunities with PH. The PHD Chamber and the Philippine Trade and Investment Center New Delhi – Commercial Section of the Embassy of the Philippines to India recently held a Business Round Table and Executive Briefing to discuss an Introduction on Doing Business with the Philippines in New Delhi on 07 July 2016. In photo is Commercial Counsellor Michael Alfred V. Ignacio, delivering a presentation on Strategic Trade and Investment Opportunities with the Philippines.
PRESS RELEASE
The Philippine Trade and Investment Center (PTIC) – New Delhi of the Department of Trade and Industry (DTI) recently held a business round table discussion with top Indian companies to explore trade and investment opportunities in the Philippines last July 7, 2016 at the PHD House, New Delhi, India.
Participated in by 70 Indian businessmen and key industry players, the event was jointly organized with the PHD Chamber of Commerce and Industry. It aimed to explore more business opportunities between India and the Philippines in priority key sectors such as information communication technology (ICT), automotive, agriculture, energy, and chemicals. Some emerging sectors such as pharmaceuticals, electronics and high-end furniture were also highlighted during the discussion.
Among the prominent speakers who delivered successful case studies and testimonials about Philippine-India joint ventures were Sandeep Tewari, Vice President of Field Fresh Pvt. Ltd, a leading food and fruit juice processing company in India with joint venture with Del Monte Philippines and Manoj Sahai, General Manager for Strategic Sales of the global multinational Tata Consultancy Services (TCS). Sahai emphasized the promotion of the Philippines as a top destination for Indian IT companies for those thinking to establish alternative delivery centers. Tata Consultancy Services is India’s number one IT services firm with a revenue turn-over of $16.4 Billion in 2016, with a market capitalization of US$ 80 Billion. TCS operates global delivery centers in the Philippines with about 4,500 employees.
According to PTIC-New Delhi, Information Technology and Business Process Management (IT-BPM) and Automotive are two sectors that most Indian executives are interested in.
PHD Chamber of Commerce and Industry is one of the most important Indian Chambers of Commerce. Established in 1905, PHO Chamber’s geographical span covers the 12 States of Bihar, Chhattisgarh, Delhi, Haryana, Himachal Pradesh, Jharkahnd, Jammu & Kashmir, Madhya Pradesh, Punjab, Rajasthan, Uttar Pradesh, Uttarakhand and the Union Territory of Chandigarh. The chamber has a direct membership base of over 1,600 corporate entities and more than 45,000 indirect members through 200 Association Members and eight (8) Secretarial Affiliates.
see more at investphilippines.gov.ph
The Philippine Trade and Investment Center (PTIC) – New Delhi of the Department of Trade and Industry (DTI) recently held a business round table discussion with top Indian companies to explore trade and investment opportunities in the Philippines last July 7, 2016 at the PHD House, New Delhi, India.
Participated in by 70 Indian businessmen and key industry players, the event was jointly organized with the PHD Chamber of Commerce and Industry. It aimed to explore more business opportunities between India and the Philippines in priority key sectors such as information communication technology (ICT), automotive, agriculture, energy, and chemicals. Some emerging sectors such as pharmaceuticals, electronics and high-end furniture were also highlighted during the discussion.
Among the prominent speakers who delivered successful case studies and testimonials about Philippine-India joint ventures were Sandeep Tewari, Vice President of Field Fresh Pvt. Ltd, a leading food and fruit juice processing company in India with joint venture with Del Monte Philippines and Manoj Sahai, General Manager for Strategic Sales of the global multinational Tata Consultancy Services (TCS). Sahai emphasized the promotion of the Philippines as a top destination for Indian IT companies for those thinking to establish alternative delivery centers. Tata Consultancy Services is India’s number one IT services firm with a revenue turn-over of $16.4 Billion in 2016, with a market capitalization of US$ 80 Billion. TCS operates global delivery centers in the Philippines with about 4,500 employees.
According to PTIC-New Delhi, Information Technology and Business Process Management (IT-BPM) and Automotive are two sectors that most Indian executives are interested in.
PHD Chamber of Commerce and Industry is one of the most important Indian Chambers of Commerce. Established in 1905, PHO Chamber’s geographical span covers the 12 States of Bihar, Chhattisgarh, Delhi, Haryana, Himachal Pradesh, Jharkahnd, Jammu & Kashmir, Madhya Pradesh, Punjab, Rajasthan, Uttar Pradesh, Uttarakhand and the Union Territory of Chandigarh. The chamber has a direct membership base of over 1,600 corporate entities and more than 45,000 indirect members through 200 Association Members and eight (8) Secretarial Affiliates.
see more at investphilippines.gov.ph
PTIC New Delhi Commercial Counsellor at 5th India-ASEAN Economic Forum panel discussion: Trade, Investment and Financing - Exploring New Opportunities
Commercial Counsellor Michael Alfred V. Ignacio serves as sole panelist from ASEAN countries at the 5th India-ASEAN Economic Forum panel on Trade, Investment and Financing: Exploring New Opportunities - held at the Hotel Taj Mahal, today, 8 July 2016 in New Delhi, to discuss the strong potentials of economic cooperation between India and the ASEAN Markets, citing IT-BPM services as a strategic point of India-ASEAN partnership collaboration in the case of the Philippines.
PTIC New Delhi holds Business Round Table on Trade & Investment Opportunities with the PHD Chamber of New Delhi
Commercial Counsellor Michael Alfred V. Ignacio, of the Philippine Trade and Investment Center in New Delhi delivering a presentation on High Potential Strategic Trade and Investment Opportunities between India and the Philippines at a Business Round Table organized with the PHD Chamber last 7 July 2016 in New Delhi.
New Delhi, 8 July 2016 - The PHD Chamber and the Philippine Trade and Investment Center New Delhi - Commercial Section of the Embassy of the Philippines to India held a Business Round Table and Executive Briefing last 7 July 2016 at PHD Chamber's headquarters PHD House in New Delhi, to discuss an Introduction on Doing Business with the Philippines in New Delhi today. In photo is Commercial Counsellor Michael Alfred Ignacio, delivering a presentation on Strategic Trade and Investment Opportunities with the Philippines. Counsellor Ignacio highlighted priority focus sectors for trade and investment collaboration in sectors such as IT & BPM, Automotive Parts and Components, and high potential opportunities for products such as Pharmaceuticals, Electronics and High End Furniture, among others.
PHD Chamber Vice President Mr Anil Khaitan and Mr. Sanjeev Ahuja, Co-Chairman of International Affairs Committee for Asia Pacific delivered remarks on behalf of the Chamber encouraging their members to take a closer look at high potential Philippine opportunities. Philippine Ambassador Maria Teresita Daza also delivered opening remarks at the event.
Other prominent speakers who delivered successful case studies and testimonials from Indian companies doing business in the Philippines, were top executive Mr. Sandeep Tewari, Vice President of Field Fresh Pvt. Ltd (a highly successful joint venture between Indian Conglomerate Bharti and multinational, Del Monte Philippines) and Mr. Manoj Sahai, General Manager for Strategic Sales of global multinational Tata Consultancy Services.
The Philippine Trade and Investment Center New Delhi is the Commercial Section of the Embassy of the Republic of the Philippines in India and the Representative Office of the Department of Trade and Industry - Philippines in India and South Asia.
The PHD Chamber of Commerce and Industry (PHDCCI) is the apex Chamber of northern India. Historically, the Chamber owes its origin to an enterprising Englishman James Currie Jr. who conceived the idea of an organization in the national capital to look after the interests of the mercantile community. As a result, the Chamber was established in. 1905 and initially had its office in Chandni Chowk. Since then it has traveled a long distance shifting to its own premises PHD House in Siri Fort Institutional Area, New Delhi.
The Chamber services all eight States of northern India viz; Punjab, Haryana, Delhi, Uttar Pradesh, Himachal Pradesh, Rajasthan, Jammu & Kashmir, Madhya Pradesh and the Union Territory of Chandigarh. The initials 'PHD' signify Progress, Harmony and Development.PHD Chamber has a direct membership of over 1,600 corporate entities and serves more than 45,000 indirect members through 200 Association Members and 8 Secretarial Affiliates. The membership covers trade and industry.
PHD Chamber Vice President Mr Anil Khaitan and Mr. Sanjeev Ahuja, Co-Chairman of International Affairs Committee for Asia Pacific delivered remarks on behalf of the Chamber encouraging their members to take a closer look at high potential Philippine opportunities. Philippine Ambassador Maria Teresita Daza also delivered opening remarks at the event.
Other prominent speakers who delivered successful case studies and testimonials from Indian companies doing business in the Philippines, were top executive Mr. Sandeep Tewari, Vice President of Field Fresh Pvt. Ltd (a highly successful joint venture between Indian Conglomerate Bharti and multinational, Del Monte Philippines) and Mr. Manoj Sahai, General Manager for Strategic Sales of global multinational Tata Consultancy Services.
The Philippine Trade and Investment Center New Delhi is the Commercial Section of the Embassy of the Republic of the Philippines in India and the Representative Office of the Department of Trade and Industry - Philippines in India and South Asia.
The PHD Chamber of Commerce and Industry (PHDCCI) is the apex Chamber of northern India. Historically, the Chamber owes its origin to an enterprising Englishman James Currie Jr. who conceived the idea of an organization in the national capital to look after the interests of the mercantile community. As a result, the Chamber was established in. 1905 and initially had its office in Chandni Chowk. Since then it has traveled a long distance shifting to its own premises PHD House in Siri Fort Institutional Area, New Delhi.
The Chamber services all eight States of northern India viz; Punjab, Haryana, Delhi, Uttar Pradesh, Himachal Pradesh, Rajasthan, Jammu & Kashmir, Madhya Pradesh and the Union Territory of Chandigarh. The initials 'PHD' signify Progress, Harmony and Development.PHD Chamber has a direct membership of over 1,600 corporate entities and serves more than 45,000 indirect members through 200 Association Members and 8 Secretarial Affiliates. The membership covers trade and industry.
12th Meeting of the Joint Working Group on Trade and Investments (JWGTI) held in New Delhi, India, Philippine Board of Investments (BOI)
31 May 2016
The Philippines recently held discussions with India to forge closer cooperation and strengthen the two countries’ trade and investment relations.
At the 12th Meeting of the Joint Working Group on Trade and Investments (JWGTI) held in New Delhi, India, Philippine Board of Investments (BOI) Governor Lucita P. Reyes discussed areas of cooperation including bilateral cooperation initiatives and issues involving trade, investments, and improved market access for both countries.
Reyes led an 11-strong delegation from Manila that included representatives from the Philippine International Trading Corporation (PTIC), variousgovernment agencies such as the Department of Trade and Industry (DTI),and the Philippine Embassy in New Delhi. Meanwhile, Mr. Ravi Capoor, Joint Secretary of the Department of Commerce of India led a twenty-member delegation of officials representing different officers of the Ministry of Commerce and Industry.
The meeting identified areas of cooperation in coconut(production, processing and commercialization), rice, customs, Science and Technology, Information Communication Technology (ICT), pharmaceuticals, micro, small, and medium enterprises (MSME) development, and higher education. Both countries also pledged to jointly develop a mechanism for sharing statistical data and to fast-track the development, signing, and implementation ofpending Memoranda of Understanding between the Philippines and India.
Last month, PTIC New Delhi also organized a Business Round Table and Executive Briefing entitled “High Potential Philippines India Strategic Partnerships on Trade and Investments,” in cooperation with the Federation of Indian Export Organisations (FIEO), to encourage businesses and industry players in India to explore business opportunities in the Philippines.
During the event, Indian companies in sectors such as manufacturing, food processing, and furniture expressed their interest in investing and establish operations in the Philippines.
Two-way trade between the Philippines and India reached US$ 1.8 Billion for the fiscal year 2014-2015 while registered Indian Investment Promotion Agency (IPA)-approved foreign investments to the Philippines amounted to PHP 1.75 Billion in 2015. This includes the Philippines’ priority sectors for investments such as Information Communications Technology (IT and IT enabled services and Business Process Management). Fourteen of India’s IT-BPM companies also established operations in the country.
The 13th JWGTI is set to be held in Manila on the third quarter of 2017.
read more dti.gov
At the 12th Meeting of the Joint Working Group on Trade and Investments (JWGTI) held in New Delhi, India, Philippine Board of Investments (BOI) Governor Lucita P. Reyes discussed areas of cooperation including bilateral cooperation initiatives and issues involving trade, investments, and improved market access for both countries.
Reyes led an 11-strong delegation from Manila that included representatives from the Philippine International Trading Corporation (PTIC), variousgovernment agencies such as the Department of Trade and Industry (DTI),and the Philippine Embassy in New Delhi. Meanwhile, Mr. Ravi Capoor, Joint Secretary of the Department of Commerce of India led a twenty-member delegation of officials representing different officers of the Ministry of Commerce and Industry.
The meeting identified areas of cooperation in coconut(production, processing and commercialization), rice, customs, Science and Technology, Information Communication Technology (ICT), pharmaceuticals, micro, small, and medium enterprises (MSME) development, and higher education. Both countries also pledged to jointly develop a mechanism for sharing statistical data and to fast-track the development, signing, and implementation ofpending Memoranda of Understanding between the Philippines and India.
Last month, PTIC New Delhi also organized a Business Round Table and Executive Briefing entitled “High Potential Philippines India Strategic Partnerships on Trade and Investments,” in cooperation with the Federation of Indian Export Organisations (FIEO), to encourage businesses and industry players in India to explore business opportunities in the Philippines.
During the event, Indian companies in sectors such as manufacturing, food processing, and furniture expressed their interest in investing and establish operations in the Philippines.
Two-way trade between the Philippines and India reached US$ 1.8 Billion for the fiscal year 2014-2015 while registered Indian Investment Promotion Agency (IPA)-approved foreign investments to the Philippines amounted to PHP 1.75 Billion in 2015. This includes the Philippines’ priority sectors for investments such as Information Communications Technology (IT and IT enabled services and Business Process Management). Fourteen of India’s IT-BPM companies also established operations in the country.
The 13th JWGTI is set to be held in Manila on the third quarter of 2017.
read more dti.gov
World’s biggest mall solar power plant rises in Pampanga
31 May 2016
THE WORLD’S largest solar power plant installed on the rooftop of a shopping mall has been switched on by Gokongwei-led property developer Robinsons Land Corp. in its sprawling shopping hub in San Fernando, Pampanga.
The 2.88-megawatt solar plant atop Robinsons Starmills was inaugurated on Monday, breaking existing records on such a renewable energy generator installed for a shopping mall’s own consumption. The facility is seen to cut carbon dioxide emission by 2.25 million kilograms – comparable to the planting of 100,000 trees or removing 5.5 million miles worth of vehicular carbon emissions.
“The sprawling design of Robinsons Starmills and the wide open surrounding space make it ideal for a large scale solar power facility,” RLC president Frederick Go said.
“As a responsible corporate citizen, Robinsons Land is continuously looking for ways to adopt sustainable practices and minimize its carbon footprint by steadily shifting to the use of renewable energy,” he said.
Robinsons Starmills thus set a new global milestone for having the biggest solar plant on its rooftop, beating SM City North which earlier held the record with its 1.5-MW installation which was inaugurated in 2014.
This mall is a popular destination in San Fernando because of its outlet concept which brings popular brands under one roof for shoppers looking for great deals. It is also popular for tourists because its Fiesta Kapampangan food court allows visitors to sample the best culinary specialties of the province.
read more inquirer
The 2.88-megawatt solar plant atop Robinsons Starmills was inaugurated on Monday, breaking existing records on such a renewable energy generator installed for a shopping mall’s own consumption. The facility is seen to cut carbon dioxide emission by 2.25 million kilograms – comparable to the planting of 100,000 trees or removing 5.5 million miles worth of vehicular carbon emissions.
“The sprawling design of Robinsons Starmills and the wide open surrounding space make it ideal for a large scale solar power facility,” RLC president Frederick Go said.
“As a responsible corporate citizen, Robinsons Land is continuously looking for ways to adopt sustainable practices and minimize its carbon footprint by steadily shifting to the use of renewable energy,” he said.
Robinsons Starmills thus set a new global milestone for having the biggest solar plant on its rooftop, beating SM City North which earlier held the record with its 1.5-MW installation which was inaugurated in 2014.
This mall is a popular destination in San Fernando because of its outlet concept which brings popular brands under one roof for shoppers looking for great deals. It is also popular for tourists because its Fiesta Kapampangan food court allows visitors to sample the best culinary specialties of the province.
read more inquirer
24th Asia-Pacific Economic Cooperation Automotive Dialogue (APEC AD)
31 May 2016
The Philippines, through the Board of Investments (BOI), is hosting the 24th Asia-Pacific Economic Cooperation Automotive Dialogue (APEC AD) starting today, May 25 until May 27, 2016 at the Makati Diamond Residences where discussions are expected to center on the current status of the Automotive Industry in the Asia Pacific Region and the ongoing initiatives of the working group.
The APEC AD serves as a forum for APEC member economy officials and senior industry representatives to work together to map-out strategies for increasing the integration and development of the automotive sector within the region. It is one of the Industry Dialogues under the APEC Committee on Trade and Investments along with the Chemicals Dialogue and Life Sciences Innovation Forum.
At the 22nd and 23rd APEC AD also chaired by the Philippines through BOI, the vital role of SMEs in the automotive manufacturing industry and their integration into the regional and global markets where two workshops on the experiences and best practices of some SMEs in their participation in the GVCs were highlighted. The meeting also hosted various initiatives focusing on SMEs and their needs to better participate in GVCs including the study on the GVC-SME Automotive Sector (GSAS) conducted by Malaysia and Philippines with the aim of gathering information on automotive industry SMEs in the Asia-Pacific region, particularly the barriers they encounter in their endeavor to penetrate the international trading system.
“As a follow through, the APEC AD hopes to identify and develop a capacity building action plan for SMEs based on the findings of the study,” said BOI Executive Director for Industry Development Services Ma. Corazon Dichosa, also the APEC AD chair. “A compendia on motor-vehicle related taxes as well as automotive business regimes were also initiated to provide member economies with up-to-date vital information on the automotive sectors in the region. These aims to provide the auto industry, particularly SMEs with information to aid them in penetrating the GVC, e.g. market size of the economies, business regulations,” she said.
read more dti.gov
The APEC AD serves as a forum for APEC member economy officials and senior industry representatives to work together to map-out strategies for increasing the integration and development of the automotive sector within the region. It is one of the Industry Dialogues under the APEC Committee on Trade and Investments along with the Chemicals Dialogue and Life Sciences Innovation Forum.
At the 22nd and 23rd APEC AD also chaired by the Philippines through BOI, the vital role of SMEs in the automotive manufacturing industry and their integration into the regional and global markets where two workshops on the experiences and best practices of some SMEs in their participation in the GVCs were highlighted. The meeting also hosted various initiatives focusing on SMEs and their needs to better participate in GVCs including the study on the GVC-SME Automotive Sector (GSAS) conducted by Malaysia and Philippines with the aim of gathering information on automotive industry SMEs in the Asia-Pacific region, particularly the barriers they encounter in their endeavor to penetrate the international trading system.
“As a follow through, the APEC AD hopes to identify and develop a capacity building action plan for SMEs based on the findings of the study,” said BOI Executive Director for Industry Development Services Ma. Corazon Dichosa, also the APEC AD chair. “A compendia on motor-vehicle related taxes as well as automotive business regimes were also initiated to provide member economies with up-to-date vital information on the automotive sectors in the region. These aims to provide the auto industry, particularly SMEs with information to aid them in penetrating the GVC, e.g. market size of the economies, business regulations,” she said.
read more dti.gov
OFW remittances hit $2.7 billion in March 2016
20 May 2016
Personal remittances by overseas Filipino workers (OFWs) reached $2.7 billion in March 2016, 1.4% higher than in March 2015, said Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr in a statement on Monday, May 16.
March cash remittances from OFWs channeled through banks amounted to $2.4 billion, a growth of 1.5% year-on-year.
The March result means that despite worries about a slump at the onset of 2016, OFW remittances still hit $7.2 billion in the first quarter of 2016, higher by 4.3% compared to the first quarter of last year, the BSP said.
It noted that land-based OFWs with work contracts of one year or more contributed $5.6 billion, while sea-based workers and land-based workers with short-term contracts (excluding their expenditures abroad) chipped in $1.6 billion.
On a cumulative basis, cash remittances for the first quarter rose to $6.6 billion, 4.4% higher than the level recorded in the comparable period in 2015. Cash remittances from both land-based ($5.1 billion) and sea-based workers ($1.4 billion) grew by 5.3% and 1.5% year-on-year, respectively.
read more rappler
March cash remittances from OFWs channeled through banks amounted to $2.4 billion, a growth of 1.5% year-on-year.
The March result means that despite worries about a slump at the onset of 2016, OFW remittances still hit $7.2 billion in the first quarter of 2016, higher by 4.3% compared to the first quarter of last year, the BSP said.
It noted that land-based OFWs with work contracts of one year or more contributed $5.6 billion, while sea-based workers and land-based workers with short-term contracts (excluding their expenditures abroad) chipped in $1.6 billion.
On a cumulative basis, cash remittances for the first quarter rose to $6.6 billion, 4.4% higher than the level recorded in the comparable period in 2015. Cash remittances from both land-based ($5.1 billion) and sea-based workers ($1.4 billion) grew by 5.3% and 1.5% year-on-year, respectively.
read more rappler
BSP, JP Morgan optimistic about PH growth under Duterte
20 May 2016
The Bangko Sentral ng Pilipinas (BSP) and global investment bank giant JP Morgan expect the Philippines to continue its economic momentum under president-elect Rodrigo Duterte.
BSP Deputy Governor Diwa Guinigundo said an annual 7%-8% GDP growth for the Philippines is "doable" despite the change in leadership set to be official on June 30.
"We would expect that the economy will continue to be stable and the macro economy will continue to attract confidence of the markets," Guinigundo said.
The BSP’s Monetary Board kept interest rates unchanged for 13 straight policy setting meetings since October 2014 on Thursday, May 13, as inflation remained within the BSP’s target range of 2%-4%. The central bank also kept its inflation forecast at 2.1% for this year and 3.1% in 2017.
The BSP target echoes that of the targets set by the Duterte camp. On Thursday, the latter said it is eyeing 7-8% economic growth as it aggressively pursues poverty alleviation.
“If we want to reduce the poverty rate, we need higher growth,” said Duterte spokesman Peter Laviña.
Former agriculture secretary and Duterte transition team member Carlos Dominguez III pointed out that the market’s positive reaction to the election bodes well for growth.
read more rappler
BSP Deputy Governor Diwa Guinigundo said an annual 7%-8% GDP growth for the Philippines is "doable" despite the change in leadership set to be official on June 30.
"We would expect that the economy will continue to be stable and the macro economy will continue to attract confidence of the markets," Guinigundo said.
The BSP’s Monetary Board kept interest rates unchanged for 13 straight policy setting meetings since October 2014 on Thursday, May 13, as inflation remained within the BSP’s target range of 2%-4%. The central bank also kept its inflation forecast at 2.1% for this year and 3.1% in 2017.
The BSP target echoes that of the targets set by the Duterte camp. On Thursday, the latter said it is eyeing 7-8% economic growth as it aggressively pursues poverty alleviation.
“If we want to reduce the poverty rate, we need higher growth,” said Duterte spokesman Peter Laviña.
Former agriculture secretary and Duterte transition team member Carlos Dominguez III pointed out that the market’s positive reaction to the election bodes well for growth.
read more rappler
International visitors increased 15% in Q1
20 May 2016
International visitor arrivals increased 15 percent year-on-year to hit a new record in the first quarter, the Tourism Department said Thursday.
Data showed the volume of visitor arrivals from different countries reached 1.6 million in the January-March period. In March alone, arrivals increased 11.9 percent to 510,270, following a 20.4-percent growth in February and 13.2-percent rise in January.
South Korea remained the top source of visitors in the first quarter, with 383,544, or 23.9 percent of total arrivals. It was followed by the United States with 231,233 visitors, China with 184,512, Japan with 143,624 and Australia with 67,265.
Arrivals from China surged 98.3 percent while visitors from Taiwan increased 24.9 percent. Other high-growth markets in the first quarter were India with 23.7 percent, France with 123 percent, Spain with 30 percent and Sweden with21.1 percent.
Meanwhile, international visitor receipts rose 14.9 percent to P58.96 billion in the first quarter. Tourism activities in March alone grew 6.9 percent to P18.3 billion.
Average daily expenditure of foreign tourists reached P4,933.59 in the first quarter. Average length of stay of visitors was estimated at 9.48 nights.
South Korea was the top spending market with receipts amounting to P4.09 billion. It was followed by the United States with P3.1 billion and Australia with P1.46 billion.
Arrivals at international airports accounted 496,709 or 97.3 percent of total inbound visitors in March. The Ninoy Aquino International Airport welcomed 353,538 visitors or 69.3 percent of total visitor volume while Cebu welcomed 72,915 visitors or 14.3 percent and Kalibo received 52,903 visitors or 10.4 percent. Clark received 14,282 visitors.
The department said cruise tourism became one of the fastest growing tourism segments in March. About 2,946 visitors arrivals were recorded at the port of Manila and 7,256 visitors arrived at the ports of Palawan during the month.
read more the standard
Data showed the volume of visitor arrivals from different countries reached 1.6 million in the January-March period. In March alone, arrivals increased 11.9 percent to 510,270, following a 20.4-percent growth in February and 13.2-percent rise in January.
South Korea remained the top source of visitors in the first quarter, with 383,544, or 23.9 percent of total arrivals. It was followed by the United States with 231,233 visitors, China with 184,512, Japan with 143,624 and Australia with 67,265.
Arrivals from China surged 98.3 percent while visitors from Taiwan increased 24.9 percent. Other high-growth markets in the first quarter were India with 23.7 percent, France with 123 percent, Spain with 30 percent and Sweden with21.1 percent.
Meanwhile, international visitor receipts rose 14.9 percent to P58.96 billion in the first quarter. Tourism activities in March alone grew 6.9 percent to P18.3 billion.
Average daily expenditure of foreign tourists reached P4,933.59 in the first quarter. Average length of stay of visitors was estimated at 9.48 nights.
South Korea was the top spending market with receipts amounting to P4.09 billion. It was followed by the United States with P3.1 billion and Australia with P1.46 billion.
Arrivals at international airports accounted 496,709 or 97.3 percent of total inbound visitors in March. The Ninoy Aquino International Airport welcomed 353,538 visitors or 69.3 percent of total visitor volume while Cebu welcomed 72,915 visitors or 14.3 percent and Kalibo received 52,903 visitors or 10.4 percent. Clark received 14,282 visitors.
The department said cruise tourism became one of the fastest growing tourism segments in March. About 2,946 visitors arrivals were recorded at the port of Manila and 7,256 visitors arrived at the ports of Palawan during the month.
read more the standard
Japanese investors keen on PH markets
20 May 2016
Japanese firm Seven Seas Properties Corp. is set to bring in a wave of investments to the Philippine real
estate and equities markets to take advantage of the continuing growth in Asia’s rising economy.
The Japanese financial services company said it expects to draw as many as 50,000 individual clients who will invest in Philippine stocks and condominium projects. Equities investors will be referred to local partner Regina Online for equities investments, Seven Seas sales and marketing manager Sawaki Masahiro said.
Japanese investors are currently looking for opportunities outside their own country, where growth has tapered off in recent years.
“We are optimistic on the overall economic prospects and the growing financial market in the Philippines,” Seven Seas chief marketing officer Yusuke Uejima said.
Regina Online is a joint venture between stock brokerage firm Regina Capital Development Corp. and its marketing partner MFT Group of Companies, said Luis Limlingan, sales chief at Regina Capital.
“The 50,000 clients may not all invest in just stocks, some may invest in stocks and real estate, some may invest in condominum properties. And the 50,000 clients would not come in one wave; we’ll be happy if Seven Seas can start by bringing in 1,000 to 2,000 within the year,” Regina Online investing sales head Fernando Martinez said.
Seven Seas is an introducing broker (which has a direct relationship with clients and refers them to partners for investment opportunities) and the agreement with the Japanese firm is significant because it is a first for the Philippines, particularly in the equities market, Tan said.
read more inquirer
estate and equities markets to take advantage of the continuing growth in Asia’s rising economy.
The Japanese financial services company said it expects to draw as many as 50,000 individual clients who will invest in Philippine stocks and condominium projects. Equities investors will be referred to local partner Regina Online for equities investments, Seven Seas sales and marketing manager Sawaki Masahiro said.
Japanese investors are currently looking for opportunities outside their own country, where growth has tapered off in recent years.
“We are optimistic on the overall economic prospects and the growing financial market in the Philippines,” Seven Seas chief marketing officer Yusuke Uejima said.
Regina Online is a joint venture between stock brokerage firm Regina Capital Development Corp. and its marketing partner MFT Group of Companies, said Luis Limlingan, sales chief at Regina Capital.
“The 50,000 clients may not all invest in just stocks, some may invest in stocks and real estate, some may invest in condominum properties. And the 50,000 clients would not come in one wave; we’ll be happy if Seven Seas can start by bringing in 1,000 to 2,000 within the year,” Regina Online investing sales head Fernando Martinez said.
Seven Seas is an introducing broker (which has a direct relationship with clients and refers them to partners for investment opportunities) and the agreement with the Japanese firm is significant because it is a first for the Philippines, particularly in the equities market, Tan said.
read more inquirer
Finance chief: GDP growth sign of increasing investor confidence
20 May, 2016
Finance Secretary Cesar Purisima said that the growth in the country's gross domestic product (GDP) is a sign of increasing investor confidence.
The economy grew by 6.9 percent in the first quarter of the year, the fastest among 11 selected Asian economies and outpacing China for the first time in 27 years.
"We are leaving the Philippines in a much better place than when we first found it. The long night of vicious cycles is over: echoing President Ronal Reagan, I think it's morning again in the Philippines," Purisima said in a statement.
Purisima added that the leadership of President Benigno Aquino III created a cycle of great economics that has set a sustainable path to prosperity.
The Finance chief said that Aquino's legacy will be remembered for "empowering Filipinos to believe that we can do and be better."
Business ( Article MRec ), pagematch: 1, sectionmatch: 1"No longer the sick man of Asia, the Philippines emerges more confident and more optimistic than ever, demanding to be governed by even higher standards of governance than before," the Finance chief said.
Purisima noted that the incoming administration of Rodrigo Duterte will inherit a "rapidly, growing, vibrant Philippines" built over the past six years.
"The running 6-year growth average of 6.2 percent is our fastest streak since 1978, which when compared to the 3.8-percent average from 1995-2010 reflects how much we have improved our structural growth capacity," Purisima said.
The Philippines has committed to addressing growth constraints over the past six years by increasing spending on education (125 percent), social services (166 percent), health (336 percent) and infrastructure (360 percent).
read more philstar
The economy grew by 6.9 percent in the first quarter of the year, the fastest among 11 selected Asian economies and outpacing China for the first time in 27 years.
"We are leaving the Philippines in a much better place than when we first found it. The long night of vicious cycles is over: echoing President Ronal Reagan, I think it's morning again in the Philippines," Purisima said in a statement.
Purisima added that the leadership of President Benigno Aquino III created a cycle of great economics that has set a sustainable path to prosperity.
The Finance chief said that Aquino's legacy will be remembered for "empowering Filipinos to believe that we can do and be better."
Business ( Article MRec ), pagematch: 1, sectionmatch: 1"No longer the sick man of Asia, the Philippines emerges more confident and more optimistic than ever, demanding to be governed by even higher standards of governance than before," the Finance chief said.
Purisima noted that the incoming administration of Rodrigo Duterte will inherit a "rapidly, growing, vibrant Philippines" built over the past six years.
"The running 6-year growth average of 6.2 percent is our fastest streak since 1978, which when compared to the 3.8-percent average from 1995-2010 reflects how much we have improved our structural growth capacity," Purisima said.
The Philippines has committed to addressing growth constraints over the past six years by increasing spending on education (125 percent), social services (166 percent), health (336 percent) and infrastructure (360 percent).
read more philstar
Phl GDP hits 6.9% in Q1 2016,
Fastest among major Asian economies
19 May 2016
The domestic economy expanded by 6.9 percent during the first quarter of the year, the penultimate quarter under the Aquino administration, the Philippine Statistics Authority announced Thursday.
Socioeconomic Planning Secretary Emmanuel Esguerra said the Philippines is the fastest-growing economy among 11 selected Asian economies in the first quarter of the year, outpacing expansions in China (6.7 percent), Vietnam (5.5 percent), Indonesia (4.9) and Malaysia 4.2 percent).
"We are pleased to be turning over a strong and stable economy onto the next administration. We have achieved significant socioeconomic progress over the last five years with the return of political and economic stability, which we hope the incoming administration will build on," Esguerra said, referring to the incoming government of presumptive president Rodrigo Duterte.
The country's growth — based on gross domestic product (GDP) or the total value of all goods and services produced — was higher than the last quarter of 2015, when growth was recorded at a revised 6.5 percent. The agency said the revision was due to similar upward revisions in numbers in electricity; gas and water; public administration and defense; transport storage and communication; financial intermediation; and mining and quarrying.
Public construction bounces back, exports take a tumble
For the first quarter of the year, Esguerra said growth was investment-driven on the demand side, with significant contribution from investments in durable equipment.
"Fixed capital, which is a better indicator of investment growth, registered a 25.5 percent growth and contributed 5.8 percentage points to real GDP growth. Construction also grew faster at 12 percent during the period, compared with 7.6 percent in the last quarter of 2015 and 4.5 percent in the first quarter of 2015," he said.
In addition, public construction managed to reverse a 23-percent contraction last year to a 39.9-percent growth in January to March this year.
"All these investments give us confidence that the economy will continue to perform well in the succeeding quarters of the year and beyond," Esguerra said.
However, the National Economic and Development Authority director-general said that external demand weakened, with growth of exports decelerating to 6.6 percent. Imports stood at 15.9 percent due to purchases of capital goods, an indication that firms are investing.
Structural transformation
On the supply side, he said the economic growth was fairly broad-based.
"The high growth recorded for the first quarter of this year was driven by gains in the industry and services sectors. The industry sector recorded a growth of 8.7-percent, the highest in five consecutive quarters, supported by manufacturing, construction, and utilities," he said.
In addition, the services sector posted a 7.9-percent growth, on the back of faster growth in trade, finance, and real estate, renting and business activities.
"The strength of both the industry and services sectors once again shows the ongoing structural transformation taking place in our economy, which is crucial for sustaining economic growth and generating quality jobs," Esguerra said.
read more...philstar
Socioeconomic Planning Secretary Emmanuel Esguerra said the Philippines is the fastest-growing economy among 11 selected Asian economies in the first quarter of the year, outpacing expansions in China (6.7 percent), Vietnam (5.5 percent), Indonesia (4.9) and Malaysia 4.2 percent).
"We are pleased to be turning over a strong and stable economy onto the next administration. We have achieved significant socioeconomic progress over the last five years with the return of political and economic stability, which we hope the incoming administration will build on," Esguerra said, referring to the incoming government of presumptive president Rodrigo Duterte.
The country's growth — based on gross domestic product (GDP) or the total value of all goods and services produced — was higher than the last quarter of 2015, when growth was recorded at a revised 6.5 percent. The agency said the revision was due to similar upward revisions in numbers in electricity; gas and water; public administration and defense; transport storage and communication; financial intermediation; and mining and quarrying.
Public construction bounces back, exports take a tumble
For the first quarter of the year, Esguerra said growth was investment-driven on the demand side, with significant contribution from investments in durable equipment.
"Fixed capital, which is a better indicator of investment growth, registered a 25.5 percent growth and contributed 5.8 percentage points to real GDP growth. Construction also grew faster at 12 percent during the period, compared with 7.6 percent in the last quarter of 2015 and 4.5 percent in the first quarter of 2015," he said.
In addition, public construction managed to reverse a 23-percent contraction last year to a 39.9-percent growth in January to March this year.
"All these investments give us confidence that the economy will continue to perform well in the succeeding quarters of the year and beyond," Esguerra said.
However, the National Economic and Development Authority director-general said that external demand weakened, with growth of exports decelerating to 6.6 percent. Imports stood at 15.9 percent due to purchases of capital goods, an indication that firms are investing.
Structural transformation
On the supply side, he said the economic growth was fairly broad-based.
"The high growth recorded for the first quarter of this year was driven by gains in the industry and services sectors. The industry sector recorded a growth of 8.7-percent, the highest in five consecutive quarters, supported by manufacturing, construction, and utilities," he said.
In addition, the services sector posted a 7.9-percent growth, on the back of faster growth in trade, finance, and real estate, renting and business activities.
"The strength of both the industry and services sectors once again shows the ongoing structural transformation taking place in our economy, which is crucial for sustaining economic growth and generating quality jobs," Esguerra said.
read more...philstar
STATEMENT
EMMANUEL F. ESGUERRA
Socioeconomic Planning Secretary
NEDA Director-General Press Conference on the 2016 Q1 Performance of the Philippine Economy
19 May 2016
Ladies and gentlemen, members of the media, colleagues in government, good morning.
The 6.9-percent growth in the first quarter of 2016 showed the continuing high-growth trajectory of our country’s economy. The growth is above market expectations given average consensus forecast of 6.6 percent for the first quarter. This robust performance of the economy increases the likelihood of achieving the official GDP growth projection of 6.8 to 7.8 percent for full-year 2016, despite the weak agriculture and fishery sector. Also, among 11 selected Asian economies that have already released their growth data for the quarter, the Philippines was the fastest-growing economy, followed by China at 6.7 percent, Vietnam at 5.5 percent, Indonesia at 4.9 percent, and Malaysia at 4.2 percent.
We are pleased to be turning over a strong and stable economy onto the next administration. We have achieved significant socioeconomic progress over the last five years with the return of political and economic stability, which we hope the incoming administration will build on. We should not miss the current second wave of foreign investments into the region, especially now that we have finally become an investment destination of choice. It must be noted that part of the reason the Philippines was left behind economically by its neighbors is that the Philippines was largely ignored by the first wave of foreign investments into the region during the mid-1980s due to political instability.
Therefore, it is important to demonstrate that our democratic institutions are mature enough to withstand political transitions. That the country was able to hold a generally peaceful and credible elections — aided by active citizen engagement and leading to wide public acceptance of the results — is a strong indication of much improved democratic institutions. We also have to underscore the need for policy consistency, which is important for sustained business confidence. Also, agreeing on a long-term vision for the country would help ensure that policy decisions are coherent, consistent, and on the right track towards realizing people’s aspirations even as political leaders change. We hope that our country will continue and improve the gains of the economy in the years to come.
read more NEDA
The 6.9-percent growth in the first quarter of 2016 showed the continuing high-growth trajectory of our country’s economy. The growth is above market expectations given average consensus forecast of 6.6 percent for the first quarter. This robust performance of the economy increases the likelihood of achieving the official GDP growth projection of 6.8 to 7.8 percent for full-year 2016, despite the weak agriculture and fishery sector. Also, among 11 selected Asian economies that have already released their growth data for the quarter, the Philippines was the fastest-growing economy, followed by China at 6.7 percent, Vietnam at 5.5 percent, Indonesia at 4.9 percent, and Malaysia at 4.2 percent.
We are pleased to be turning over a strong and stable economy onto the next administration. We have achieved significant socioeconomic progress over the last five years with the return of political and economic stability, which we hope the incoming administration will build on. We should not miss the current second wave of foreign investments into the region, especially now that we have finally become an investment destination of choice. It must be noted that part of the reason the Philippines was left behind economically by its neighbors is that the Philippines was largely ignored by the first wave of foreign investments into the region during the mid-1980s due to political instability.
Therefore, it is important to demonstrate that our democratic institutions are mature enough to withstand political transitions. That the country was able to hold a generally peaceful and credible elections — aided by active citizen engagement and leading to wide public acceptance of the results — is a strong indication of much improved democratic institutions. We also have to underscore the need for policy consistency, which is important for sustained business confidence. Also, agreeing on a long-term vision for the country would help ensure that policy decisions are coherent, consistent, and on the right track towards realizing people’s aspirations even as political leaders change. We hope that our country will continue and improve the gains of the economy in the years to come.
read more NEDA
Philippine Trade and Investment Centre visits highly successful Philippine-Indian joint venture Field Fresh Pvt. Ltd. between Indian Conglomerate Bharti and Del Monte Philippines, Inc.
18 May 2016
Embassy of the Philippines New Delhi Commercial Counsellor Michael Alfred Ignacio today met with Field Fresh, Inc. CEO, Mr. Yogesh Billani and Mr. Sandeep Tewari, Vice President, in a meeting held today. Field Fresh is a highly successful joint venture between Top Indian Conglomerate, Bharti and Del Monte Philippines, Inc. serving the 1.2 Billion Indian Market, and other markets in South Asia and ASEAN, to discuss positive developments involving India-Philippines relations, the ASEAN-India FTA and to offer stronger government support and collaboration.
UK power firm invests $10m
18 May 2016
Aggreko Plc., a power generation equipment supplier based in the United Kingdom, on Tuesday opened a $10-million depot in Laguna province to help avert power outages in the country.
The depot, located at the Trans Ocean Cabuyao Yard in Cabuyao, will serve the initial 30 megawatt needs of customers in Luzon and provide reliable power to the growing number of industries and consumers.
“The Philippines is one of our most strategic markets globally and in Asia, and our depot and service center opening makes our commitment very clear to serving our existing and potential customers in this market. The Philippines’ sustaining 6-percent growth is ideal for Aggreko, with the country’s needs also growing,” Venkie Shantaram, managing director of Aggreko for North Asia told reporters.
Shantaram said the company wass looking at around 150 MW of installed capacity in the next two to three years. “We would also like to put up one or two more depots,” he said.
The company has projects in more than 100 countries which help bridge the gap in power generation requirements, where national grid infrastructure may be underdeveloped, unreliable, undergoing maintenance or compromised through natural disaster, such as flood, earthquake or drought.
”We recognize that the Philippines’ growing economy has done well compared with its neighboring Asian countries. But it has the potential to even do better if the power shortage situation can be addressed, especially with the availability of new technologies and creative solutions,” Maximino Montenegro, country manager of Aggreko Energy Rental Solutions Inc. said.
Aggreko is working with utilities and industrial companies in the Philippines to provide urgent power solutions. The company has around 50 MW installed in several locations serving the needs of electric cooperatives , independent power producers, mines and other industries.
Aggreko has a combined installed capacity of 37 MW in Mindanao serving the franchise areas of Cagayan Electric Power and Light Inc., South Cotabato 1 Electric Cooperative and Davao del Sur Electric Cooperative Inc.
Aggreko, headquartered in Glasgow, Scotland, is the global leader in fast-track mobile power generation rental, which can range from a few days to many months, or on a more permanent, long-term basis, depending on the individual needs of customers.
The new Philippine depot will showcase Aggreko’s generators, as well as its bespoke turnkey solutions.
The company, which employs 7,300 people in more than 200 locations around the world, was established more than 50 years ago and is headquartered in the United Kingdom UK.
Read more the standard
The depot, located at the Trans Ocean Cabuyao Yard in Cabuyao, will serve the initial 30 megawatt needs of customers in Luzon and provide reliable power to the growing number of industries and consumers.
“The Philippines is one of our most strategic markets globally and in Asia, and our depot and service center opening makes our commitment very clear to serving our existing and potential customers in this market. The Philippines’ sustaining 6-percent growth is ideal for Aggreko, with the country’s needs also growing,” Venkie Shantaram, managing director of Aggreko for North Asia told reporters.
Shantaram said the company wass looking at around 150 MW of installed capacity in the next two to three years. “We would also like to put up one or two more depots,” he said.
The company has projects in more than 100 countries which help bridge the gap in power generation requirements, where national grid infrastructure may be underdeveloped, unreliable, undergoing maintenance or compromised through natural disaster, such as flood, earthquake or drought.
”We recognize that the Philippines’ growing economy has done well compared with its neighboring Asian countries. But it has the potential to even do better if the power shortage situation can be addressed, especially with the availability of new technologies and creative solutions,” Maximino Montenegro, country manager of Aggreko Energy Rental Solutions Inc. said.
Aggreko is working with utilities and industrial companies in the Philippines to provide urgent power solutions. The company has around 50 MW installed in several locations serving the needs of electric cooperatives , independent power producers, mines and other industries.
Aggreko has a combined installed capacity of 37 MW in Mindanao serving the franchise areas of Cagayan Electric Power and Light Inc., South Cotabato 1 Electric Cooperative and Davao del Sur Electric Cooperative Inc.
Aggreko, headquartered in Glasgow, Scotland, is the global leader in fast-track mobile power generation rental, which can range from a few days to many months, or on a more permanent, long-term basis, depending on the individual needs of customers.
The new Philippine depot will showcase Aggreko’s generators, as well as its bespoke turnkey solutions.
The company, which employs 7,300 people in more than 200 locations around the world, was established more than 50 years ago and is headquartered in the United Kingdom UK.
Read more the standard
Philippine growth at 7.6% in Q1 – ANZ Bank
MANILA, Philippines – The Australia and New Zealand (ANZ) Banking Group Ltd. sees the country’s economic growth exceeding seven percent in the first quarter due to election-related spending and a surge in industrial production growth.
In its latest Macro Strategy Weekly, ANZ said the Philippine economy likely grew 7.6 percent in the first quarter from 6.3 percent in the fourth quarter of last year.
It pointed out the country’s first quarter GDP is expected to get a boost from election-related spending and top growth in the region.
“We see growth being boosted by election-related spending during the quarter. Import growth remained robust, indicating the persistence of above trend rise in household consumption. This is also complemented by a surge in industrial production growth,” ANZ said.
The investment bank sees the country’s GDP expanding 6.1 percent this year before slowing down to 5.8 percent next year.
The country’s GDP growth slowed down to 5.8 percent last year from 6.1 percent in 2014 due to weak global demand and lack of government spending.
Business ( Article MRec ), pagematch: 1, sectionmatch: 1ANZ said the Philippines has been a focus for markets of late due to the May 9 presidential and national elections topped by front runner Davao City Mayor Rodrigo Duterte.
Incoming President Duterte, a 71- year-old political veteran who has been undefeated in all of the 11 elections he has participated in since 1986, allowing him to serve in various capacities in the executive and legislative branches of the government, will be inaugurated as the country’s 16th president on June 30.
read more: philstar
In its latest Macro Strategy Weekly, ANZ said the Philippine economy likely grew 7.6 percent in the first quarter from 6.3 percent in the fourth quarter of last year.
It pointed out the country’s first quarter GDP is expected to get a boost from election-related spending and top growth in the region.
“We see growth being boosted by election-related spending during the quarter. Import growth remained robust, indicating the persistence of above trend rise in household consumption. This is also complemented by a surge in industrial production growth,” ANZ said.
The investment bank sees the country’s GDP expanding 6.1 percent this year before slowing down to 5.8 percent next year.
The country’s GDP growth slowed down to 5.8 percent last year from 6.1 percent in 2014 due to weak global demand and lack of government spending.
Business ( Article MRec ), pagematch: 1, sectionmatch: 1ANZ said the Philippines has been a focus for markets of late due to the May 9 presidential and national elections topped by front runner Davao City Mayor Rodrigo Duterte.
Incoming President Duterte, a 71- year-old political veteran who has been undefeated in all of the 11 elections he has participated in since 1986, allowing him to serve in various capacities in the executive and legislative branches of the government, will be inaugurated as the country’s 16th president on June 30.
read more: philstar
Photo Release: Opportunities for Indian Logistics Industry: Exploring Strategic Partnerships with the Philippines in Optimising the Potentials of the ASEAN Market
PTIC New Delhi Commercial Counsellor Michael Alfred Ignacio delivers his presentation at the National Summit Logistics India 2016 on Strategic Partnership Opportunities with the Philippines for Indian Logistics Companies to Optimise Potentials of the ASEAN market, specifically to offer opportunities in the Special Economic Zones and Freeports as entry point and logistics hub for Indian companies in the Region (eg: Subic and Clark), Commercial Counsellor Ignacio's presentation is reproduced below for reference.
Philippine economy to top ASEAN-5 in 2016
IMF Continued strong domestic demand will help the country offset risks from a volatile global market, says the International Monetary Fund
STEADY. The IMF projects ASEAN GDP growth as a whole to hit 4.7% in 2016, the same as last year, before rising to 5% in 2017. File photo by Azhar Rahim/EPA
MANILA, Philippines – Resilient domestic demand will boost the country's economic growth ahead of its major neighbors this year, said the International Monetary Fund (IMF) on Tuesday, May 3.
The Philippines is expected to have the fastest gross domestic product (GDP) growth among the 5 biggest economies of the Association of Southeast Asian Nations or ASEAN-5 in 2016, based on the IMF's latest Regional Economic Outlook for Asia and the Pacific (REO).
The IMF pegged the GDP growth for the Philippines at 6% this year and 6.2% next year, retaining the earlier predictions in its April 2016 World Economic Outlook (WEO).
The growth would trump that of Indonesia's 4.9%, Malaysia's 4.4%, Thailand's 3%, and Singapore's 1.8%.
Among the 10 ASEAN nations, Myanmar is seen topping the region with its GDP growth expected to reach 8% in 2016 and 7.7% in 2017.
The Philippines' GDP growth slowed to 5.8% last year from 6.1% in 2014 due to weak global demand andunderspending, which hurt growth at the start of 2015. Growth did pick up in the 4th quarter at 6.3%.
The Philippines' 2015 growth was also faster than Malaysia's 5%, Indonesia's 4.8%, Thailand's 2.8%, and Singapore's 2%.
Earlier, IMF resident representative Shanaka Jayanath Peiris said the Philippine economy would be driven by continued strong domestic demand and a modest fiscal stimulus in 2016.
This optimistic outlook is tempered, however, by increased downside risks in the Philippines, due mostly to a weak global economy.
"The economic outlook is one of the strongest in the region but subject to increased downside risks, including lower growth in China and the region, higher global financial volatility and capital outflows, and weather related disruptions," Peiris said.
"However, the Philippines' capacity to respond if these risks materialize is substantial given its ample reserves and policy space, both monetary and fiscal," he added.
The World Bank has a slightly brighter outlook for the country, pegging economic growth at 6.4% for this year, 6.2% in 2017, and 6.2% in 2018.
Asia resilient
The IMF also believes that Asia as a whole will remain the engine of global growth despite a slight downturn.
It sees the GDP growth in Asia slowing down to 5.3% this year and next year from 5.4% in 2015.
While external demand, and thus exports, remains sluggish, the IMF said domestic demand continues to show resilience across most of the region due to low unemployment, growth in disposable income, lower commodity prices, and macroeconomic stimulus.
That said, the IMF did point out that the region's two largest economies, China and Japan, face challenging years in the short term. (READ: China, Japan growth to slow sharply in 2016, IMF warns)
China's growth is forecasted to drop from 6.9% to 6.5% this year and 6.2% in 2017 as it continues its shift to a consumer-oriented economy.
Japan, meanwhile, is expected to grow by 0.5% this year before sliding to -0.1% in 2017 as the effect of the widely anticipated consumption tax increase takes hold.
"Asia is impacted by the still weak global recovery, and by the ongoing and necessary rebalancing in China," said IMF Asia-Pacific Department director Changyong Rhee.
"But domestic demand has remained remarkably resilient throughout most of the region, supported by rising real incomes, especially in commodity importers, and supportive macroeconomic policies in many countries," he noted. – read more from: Rappler.com
Rappler.com
Published 6:15 PM, May 03, 2016
The Philippines is expected to have the fastest gross domestic product (GDP) growth among the 5 biggest economies of the Association of Southeast Asian Nations or ASEAN-5 in 2016, based on the IMF's latest Regional Economic Outlook for Asia and the Pacific (REO).
The IMF pegged the GDP growth for the Philippines at 6% this year and 6.2% next year, retaining the earlier predictions in its April 2016 World Economic Outlook (WEO).
The growth would trump that of Indonesia's 4.9%, Malaysia's 4.4%, Thailand's 3%, and Singapore's 1.8%.
Among the 10 ASEAN nations, Myanmar is seen topping the region with its GDP growth expected to reach 8% in 2016 and 7.7% in 2017.
The Philippines' GDP growth slowed to 5.8% last year from 6.1% in 2014 due to weak global demand andunderspending, which hurt growth at the start of 2015. Growth did pick up in the 4th quarter at 6.3%.
The Philippines' 2015 growth was also faster than Malaysia's 5%, Indonesia's 4.8%, Thailand's 2.8%, and Singapore's 2%.
Earlier, IMF resident representative Shanaka Jayanath Peiris said the Philippine economy would be driven by continued strong domestic demand and a modest fiscal stimulus in 2016.
This optimistic outlook is tempered, however, by increased downside risks in the Philippines, due mostly to a weak global economy.
"The economic outlook is one of the strongest in the region but subject to increased downside risks, including lower growth in China and the region, higher global financial volatility and capital outflows, and weather related disruptions," Peiris said.
"However, the Philippines' capacity to respond if these risks materialize is substantial given its ample reserves and policy space, both monetary and fiscal," he added.
The World Bank has a slightly brighter outlook for the country, pegging economic growth at 6.4% for this year, 6.2% in 2017, and 6.2% in 2018.
Asia resilient
The IMF also believes that Asia as a whole will remain the engine of global growth despite a slight downturn.
It sees the GDP growth in Asia slowing down to 5.3% this year and next year from 5.4% in 2015.
While external demand, and thus exports, remains sluggish, the IMF said domestic demand continues to show resilience across most of the region due to low unemployment, growth in disposable income, lower commodity prices, and macroeconomic stimulus.
That said, the IMF did point out that the region's two largest economies, China and Japan, face challenging years in the short term. (READ: China, Japan growth to slow sharply in 2016, IMF warns)
China's growth is forecasted to drop from 6.9% to 6.5% this year and 6.2% in 2017 as it continues its shift to a consumer-oriented economy.
Japan, meanwhile, is expected to grow by 0.5% this year before sliding to -0.1% in 2017 as the effect of the widely anticipated consumption tax increase takes hold.
"Asia is impacted by the still weak global recovery, and by the ongoing and necessary rebalancing in China," said IMF Asia-Pacific Department director Changyong Rhee.
"But domestic demand has remained remarkably resilient throughout most of the region, supported by rising real incomes, especially in commodity importers, and supportive macroeconomic policies in many countries," he noted. – read more from: Rappler.com
Rappler.com
Published 6:15 PM, May 03, 2016
PRESS RELEASE: Philippines Holds Business Round Table and Executive Briefing in New Delhi to engage growing interest from Indian businesses
The Philippine Trade & Investment Centre, Commercial Section of the Philippine Embassy in New Delhi, in partnership with the Federation of Indian Export Organisations (FIEO) recently held a Business Round Table and Executive Briefing entitled: High Potential Philippines India Strategic Partnerships on Trade and Investments at the FIEO headquarters in New Delhi, on 31 March 2016. This event was attended by fifty businessmen and industry players from India, interested in exploring business opportunities with the Philippines to explore priority focus sectors for trade and investment cooperation between India and the Philippines. The Philippine delegation was in India to engage officials of the Ministry of Commerce of India at the 12th Meeting of the Joint Working Group on Trade and Investments.
The Round Table and Executive Briefing discussed mutually valuable opportunities in ICT, Automotives, Energy, Defense, Pharmaceuticals, Agriculture, Minerals, Chemicals, Electronics and Semiconductors.
FIEO top executives Mr. Ajay Sahai, Director General & CEO, and Mr. Anil K. Monga, a member of the FIEO Managing Committee welcomed the delegation and delivered the opening keynote remarks for the event that was very well attended by FIEO members who had current business or strong interest to explore opportunities in the Philippines.
The Philippine delegation to the FIEO Business Round Table was led by President Maria Lourdes Baua, of the Philippine International Trading Corporation, the Philippine State Trading Firm. Her Excellency Maria Teresita C. Daza, Philippine Ambassador to India, also delivered the Introductory Remarks during the meeting.
Commercial Counsellor Michael Alfred V. Ignacio, head of the Philippine Trade and Investment Center in New Delhi (PTIC New Delhi), commercial section of the Embassy of the Philippines and representative office of the Philippine Department of Trade and Industry in India and South Asia,, delivered an interactive presentation which identified the following priority sectors for investment promotion in India, namely: IT-BPM, Automotive components manufacturing, PPP and Infrastructure Development and Energy projects. He also actively promoted IT-enabled services, Philippine education, electronics and design driven niche products in India.
The Philippines has exhibited stellar economic growth consistently for several years, with growth rates leading the ASEAN average. It is ripe for business and trade partnerships with India, with its own 100 million population market and the entry into force of the ASEAN Economic Community.
India-Philippines trade currently stands at US$ 1.8 Billion and given the size of both the Indian and Philippine Markets and their recent economic performance, both sides recognize the huge potentials and opportunities to increase bilateral trade substantially in the mid to long term and agreed to work closely together to consistently improve the bilateral trade between the two countries.
The event also resulted in PTIC New Delhi’s engagement with three Indian companies interested in investing and establishing operations in the country in sectors such as manufacturing, food processing and importation of Philippine furniture.
About PTIC New Delhi
The Philippine Trade and Investment Centre New Delhi (PTIC New Delhi), is the commercial section of the Embassy of the Philippines in India and the representative office of the Philippine Department of Trade and Industry in India and South Asia
The Round Table and Executive Briefing discussed mutually valuable opportunities in ICT, Automotives, Energy, Defense, Pharmaceuticals, Agriculture, Minerals, Chemicals, Electronics and Semiconductors.
FIEO top executives Mr. Ajay Sahai, Director General & CEO, and Mr. Anil K. Monga, a member of the FIEO Managing Committee welcomed the delegation and delivered the opening keynote remarks for the event that was very well attended by FIEO members who had current business or strong interest to explore opportunities in the Philippines.
The Philippine delegation to the FIEO Business Round Table was led by President Maria Lourdes Baua, of the Philippine International Trading Corporation, the Philippine State Trading Firm. Her Excellency Maria Teresita C. Daza, Philippine Ambassador to India, also delivered the Introductory Remarks during the meeting.
Commercial Counsellor Michael Alfred V. Ignacio, head of the Philippine Trade and Investment Center in New Delhi (PTIC New Delhi), commercial section of the Embassy of the Philippines and representative office of the Philippine Department of Trade and Industry in India and South Asia,, delivered an interactive presentation which identified the following priority sectors for investment promotion in India, namely: IT-BPM, Automotive components manufacturing, PPP and Infrastructure Development and Energy projects. He also actively promoted IT-enabled services, Philippine education, electronics and design driven niche products in India.
The Philippines has exhibited stellar economic growth consistently for several years, with growth rates leading the ASEAN average. It is ripe for business and trade partnerships with India, with its own 100 million population market and the entry into force of the ASEAN Economic Community.
India-Philippines trade currently stands at US$ 1.8 Billion and given the size of both the Indian and Philippine Markets and their recent economic performance, both sides recognize the huge potentials and opportunities to increase bilateral trade substantially in the mid to long term and agreed to work closely together to consistently improve the bilateral trade between the two countries.
The event also resulted in PTIC New Delhi’s engagement with three Indian companies interested in investing and establishing operations in the country in sectors such as manufacturing, food processing and importation of Philippine furniture.
About PTIC New Delhi
The Philippine Trade and Investment Centre New Delhi (PTIC New Delhi), is the commercial section of the Embassy of the Philippines in India and the representative office of the Philippine Department of Trade and Industry in India and South Asia
Presentation: India Philippines Strategic Partnership for Trade and Investments
Standard & Poor's: Philippines is the "strongest emerging market"
"Credit rater Standard & Poor’s (S&P) has tagged the Philippines as the world’s strongest major emerging market, citing its buffers that would insulate the economy from external shocks."
Credit rater Standard & Poor’s (S&P) has tagged the Philippines as the world’s strongest major emerging market, citing its buffers that would insulate the economy from external shocks.
In a report this week, S&P said Asian economies in general were more resilient to adverse global trends than Latin American counterparts. Countries in the region are expected to fare well in the face of a slowdown in China, Asia’s biggest economy.
“Latin American sovereigns are, on average, more vulnerable than sovereigns in Asia,” S&P said.
The Philippines will be the least affected by worsening global conditions among all countries covered by the S&P report.
The least-vulnerable sovereigns in S&P’s ranking are the Philippines, Poland and Mexico, followed by Pakistan and Hungary. These countries have low direct economic ties to China, low risk of domestic financial leverage, and are only moderately vulnerable to higher global interest rates.
Key risks to emerging markets, S&P said, are the tightening of global liquidity conditions as a result of the US Federal Reserve’s awaited rate hike, unwinding of high levels of debt built up during years of loose monetary conditions, and China’s slowdown.
S&P said it ranked each emerging market’s overall vulnerability by using a simple average of its ranking on each of the three different measures of risk, from 1 (most vulnerable) to 22 (least vulnerable).
To arrive at each risk score, the credit rater used a number of economic variables. For instance, the measure a country’s vulnerability to the Fed’s rate hike, S&P looked at indicators such as foreign debt stock, levels of short-term debt, and external financing needs relative to an economy’s steady dollar income streams.
Venezuela, Argentina, Turkey, Colombia and Peru are the emerging market sovereigns that may be the most vulnerable currently to the combined effect of the three key risks of tightening global liquidity, financial deleveraging and a Chinese slowdown
The Philippines was the least vulnerable economy to the Fed’s rate hike, the fourth-least vulnerable to deleveraging, and fifth-least to a slowing China.
S&P noted that the Philippines’ exports to China accounted for less than two-tenths of gross domestic product (GDP). Trade between China and the Philippines likewise declined 0.86 percent since 2013.
Read more: http://business.inquirer.net/200064/ph-strongest-emerging-market#ixzz46ScfaPd0
Follow @inquirerdotnet on Twitter | inquirerdotnet on Facebook
In a report this week, S&P said Asian economies in general were more resilient to adverse global trends than Latin American counterparts. Countries in the region are expected to fare well in the face of a slowdown in China, Asia’s biggest economy.
“Latin American sovereigns are, on average, more vulnerable than sovereigns in Asia,” S&P said.
The Philippines will be the least affected by worsening global conditions among all countries covered by the S&P report.
The least-vulnerable sovereigns in S&P’s ranking are the Philippines, Poland and Mexico, followed by Pakistan and Hungary. These countries have low direct economic ties to China, low risk of domestic financial leverage, and are only moderately vulnerable to higher global interest rates.
Key risks to emerging markets, S&P said, are the tightening of global liquidity conditions as a result of the US Federal Reserve’s awaited rate hike, unwinding of high levels of debt built up during years of loose monetary conditions, and China’s slowdown.
S&P said it ranked each emerging market’s overall vulnerability by using a simple average of its ranking on each of the three different measures of risk, from 1 (most vulnerable) to 22 (least vulnerable).
To arrive at each risk score, the credit rater used a number of economic variables. For instance, the measure a country’s vulnerability to the Fed’s rate hike, S&P looked at indicators such as foreign debt stock, levels of short-term debt, and external financing needs relative to an economy’s steady dollar income streams.
Venezuela, Argentina, Turkey, Colombia and Peru are the emerging market sovereigns that may be the most vulnerable currently to the combined effect of the three key risks of tightening global liquidity, financial deleveraging and a Chinese slowdown
The Philippines was the least vulnerable economy to the Fed’s rate hike, the fourth-least vulnerable to deleveraging, and fifth-least to a slowing China.
S&P noted that the Philippines’ exports to China accounted for less than two-tenths of gross domestic product (GDP). Trade between China and the Philippines likewise declined 0.86 percent since 2013.
Read more: http://business.inquirer.net/200064/ph-strongest-emerging-market#ixzz46ScfaPd0
Follow @inquirerdotnet on Twitter | inquirerdotnet on Facebook
IT-BPO industry grows as second largest source of income for PH
The Information Technology and Business Process Management (IT-BPM) industry has grown to be the second largest source of dollar income for the Philippine economy, according to the Information Technology and Business Process Association of the Philippines (IBPAP). In 2015, the industry generated 1.2 million direct jobs and US$ 22 billion in revenues.
In addition, the Bangko Sentral ng Pilipinas (BSP) also revealed that “should current growth rates continue, the IT-BPM industry will overtake Overseas Filipino Worker (OFW) remittances by 2017”, proving that Filipinos do not need to leave the country to provide for their families with millions of BPO jobs available in the Philippines.
These industry milestones were celebrated in the recent 10th International ICT Awards, co-presented by Globe Business, the enterprise ICT arm of Globe Telecom as part of its commitment to drive operational efficiency and productivity across the BPO industry with its range of ICT solutions. The awards saw more than a hundred nominations with three hundred C-level representatives from the IT-BPM Industry in attendance.
On its 10th year, the ICT Awards introduced the “Most Popular Team Leader of the Year in the ICT Industry category”, a new category which determines the winner via on-site SMS voting powered by Adspark, a Globe venture. Alyssa Fae Camungol from Cognizant Technology Solutions, Philippines, Inc. emerged as the winner.
Aside from the Best Employer of the Year Award and the Most Popular Team Leader of the Year, the ICT Awards honored different companies and individuals for their remarkable contributions in the field. The rest of the ICT Awards winners were, “Best Company of the Year” for Convergys Philippines; “Best Filipino-owned Company of the Year” for Pointwest Technologies, Corp.; “Best Company of the Year Outside NCR” and “Most Innovative Company of the Year” for Lexmark Cebu Shared Service Center; “Best Global In-house Center of the Year” for ANZ Global Services and Operations (Manila), Inc.; “Best Voice Excellence Company of the Year” for Cognizant Technology Solutions, Philippines, Inc.; “Best Emerging IT-BPM Company for Creatives” for AffinityX; “Best Emerging IT-BPM
Company for Healthcare” credited to HCCA International.; “Best Software Company of the Year” for Advanced World Solutions, Inc.; “Best ICT CEO of the Year” for TELUS CEO Rajiv Dhand; and lastly, the “Individual Contributor of the Year” given to Roma Villarma.
Globe Business presented the Best Employer of the Year award to Sutherland Global Services Philippines at the recent 10th International ICT Awards. Presenting the award to Sutherland is Globe Senior Advisor for Enterprise and IT-Enabled Services Group Mike Frausing (rightmost) together with Miss Earth 2015 Angelia Ong.
Globe Senior Advisor for Enterprise and IT-Enabled Services Group Mike Frausing, who presented the award for “Best Employer of the Year” to Sutherland Global Services Philippines, shared Globe Business’ commitment to enabling the IT-BPM industry with its support to the ICT awards. “Globe Business remains a keen supporter of the International ICT Awards, staying true to its passion for celebrating excellence and inspiring more organizations and people to bring innovation to the industry. We believe that the ICT awards help underscore the industry’s importance as a driver of national growth and competitiveness”.
Globe Business provides a comprehensive range of ICT solutions for the country’s top BPO firms that enable connectivity, increased productivity, and operational efficiency. The portfolio of solutions comprises of E-line, Multi-Protocol Label Switching (MPLS), Direct Internet, BGIX (Burstable Internet), Data Center (Co-Location), Integrated Services for Digital Networks, Primary Rate Interface, all the way to Enhanced Managed Voice Solutions for wireline solutions to name a few. For wireless solutions, Mobile and TxtConnect are highly sought-after services. The data center and carrier ethernet services are ISO- and MEF global standards-certified, respectively.
“The ICT awards showcase the very essence of what the industry has become to the world. Since it launched, the ICT awards has evolved in both form and substance. In form, it has grown steadily as a bigger event, while in substance, the range of award categories has expanded in the basis of experience and feedback. The digital age has given businesses and organizations the opportunity to tap the best available Filipino resources through the industry,” said CANCHAM president Julian Payne.
The ICT Awards also awarded Pointwest Technologies Corporation and Convergys Philippines the Hall of Fame award having won three times in the same category of the ICT Awards and showing consistency in leadership, achievements, and excellence.
Organized by the Canadian Chamber of Commerce of the Philippines (CanCham) in association with Information Technology and Business Process Association of the Philippines (IBPAP), the award-giving body recognized the achievements and excellence in organizations and individuals based in the Philippines who have made valuable contributions to the industry and has put the Philippines on the global map of the IT-BPM industry.
Read more from the Philippine Daily Inquirer 11:00 AM April 18th, 2016
In addition, the Bangko Sentral ng Pilipinas (BSP) also revealed that “should current growth rates continue, the IT-BPM industry will overtake Overseas Filipino Worker (OFW) remittances by 2017”, proving that Filipinos do not need to leave the country to provide for their families with millions of BPO jobs available in the Philippines.
These industry milestones were celebrated in the recent 10th International ICT Awards, co-presented by Globe Business, the enterprise ICT arm of Globe Telecom as part of its commitment to drive operational efficiency and productivity across the BPO industry with its range of ICT solutions. The awards saw more than a hundred nominations with three hundred C-level representatives from the IT-BPM Industry in attendance.
On its 10th year, the ICT Awards introduced the “Most Popular Team Leader of the Year in the ICT Industry category”, a new category which determines the winner via on-site SMS voting powered by Adspark, a Globe venture. Alyssa Fae Camungol from Cognizant Technology Solutions, Philippines, Inc. emerged as the winner.
Aside from the Best Employer of the Year Award and the Most Popular Team Leader of the Year, the ICT Awards honored different companies and individuals for their remarkable contributions in the field. The rest of the ICT Awards winners were, “Best Company of the Year” for Convergys Philippines; “Best Filipino-owned Company of the Year” for Pointwest Technologies, Corp.; “Best Company of the Year Outside NCR” and “Most Innovative Company of the Year” for Lexmark Cebu Shared Service Center; “Best Global In-house Center of the Year” for ANZ Global Services and Operations (Manila), Inc.; “Best Voice Excellence Company of the Year” for Cognizant Technology Solutions, Philippines, Inc.; “Best Emerging IT-BPM Company for Creatives” for AffinityX; “Best Emerging IT-BPM
Company for Healthcare” credited to HCCA International.; “Best Software Company of the Year” for Advanced World Solutions, Inc.; “Best ICT CEO of the Year” for TELUS CEO Rajiv Dhand; and lastly, the “Individual Contributor of the Year” given to Roma Villarma.
Globe Business presented the Best Employer of the Year award to Sutherland Global Services Philippines at the recent 10th International ICT Awards. Presenting the award to Sutherland is Globe Senior Advisor for Enterprise and IT-Enabled Services Group Mike Frausing (rightmost) together with Miss Earth 2015 Angelia Ong.
Globe Senior Advisor for Enterprise and IT-Enabled Services Group Mike Frausing, who presented the award for “Best Employer of the Year” to Sutherland Global Services Philippines, shared Globe Business’ commitment to enabling the IT-BPM industry with its support to the ICT awards. “Globe Business remains a keen supporter of the International ICT Awards, staying true to its passion for celebrating excellence and inspiring more organizations and people to bring innovation to the industry. We believe that the ICT awards help underscore the industry’s importance as a driver of national growth and competitiveness”.
Globe Business provides a comprehensive range of ICT solutions for the country’s top BPO firms that enable connectivity, increased productivity, and operational efficiency. The portfolio of solutions comprises of E-line, Multi-Protocol Label Switching (MPLS), Direct Internet, BGIX (Burstable Internet), Data Center (Co-Location), Integrated Services for Digital Networks, Primary Rate Interface, all the way to Enhanced Managed Voice Solutions for wireline solutions to name a few. For wireless solutions, Mobile and TxtConnect are highly sought-after services. The data center and carrier ethernet services are ISO- and MEF global standards-certified, respectively.
“The ICT awards showcase the very essence of what the industry has become to the world. Since it launched, the ICT awards has evolved in both form and substance. In form, it has grown steadily as a bigger event, while in substance, the range of award categories has expanded in the basis of experience and feedback. The digital age has given businesses and organizations the opportunity to tap the best available Filipino resources through the industry,” said CANCHAM president Julian Payne.
The ICT Awards also awarded Pointwest Technologies Corporation and Convergys Philippines the Hall of Fame award having won three times in the same category of the ICT Awards and showing consistency in leadership, achievements, and excellence.
Organized by the Canadian Chamber of Commerce of the Philippines (CanCham) in association with Information Technology and Business Process Association of the Philippines (IBPAP), the award-giving body recognized the achievements and excellence in organizations and individuals based in the Philippines who have made valuable contributions to the industry and has put the Philippines on the global map of the IT-BPM industry.
Read more from the Philippine Daily Inquirer 11:00 AM April 18th, 2016
Asian Development Bank: PH upper middle-income by 2020
April 13, 2016 10:19 pm by MAYVELIN U. CARABALLO, MANILA TIMES
The Philippines is expected to reach an upper middle-income level in the next four years, a result suggested by significant improvements in public sector management operations and social welfare programs in the country, the Asian Development Bank (ADB) said.
The Manila-based multilateral lender, in its Independent Evaluation’s 2016 Annual Evaluation Review of its operations and challenges for the region, said the Philippines along with other Asian economies will step up to become an upper middle-income economy following improvements in the countries’ infrastructure, public sector, and social welfare programs development.
“By 2020, ADB expects that Indonesia, the Philippines, and Sri Lanka will reach upper middle-income status,” it said.
In the review, ADB said significant improvement in public sector management operations is an encouraging sign, given the growing need to strengthen institutions and governance in Asia and the Pacific.
It said this approach has been instrumental in implementing gradual reforms and successfully achieving results in reform areas in Assam, India; the Philippines; and Vietnam.
Meanwhile, the lender said significant improvement in the performance of the education sector operations demonstrates that ADB can support this sector effectively.
“The timing is right for ADB to scale up its education portfolio as many Asian countries are trying to raise education, skill, and technology levels to keep pace with increasing wages,” it stated.
The ADB added that increasing access to health care services and providing better nutrition, particularly for children, are also effective tools to reduce the gap.
“There is ample evidence of the effectiveness of conditional cash transfer programs linked with education, health, and nutrition services in reducing poverty and income gaps within society (for example, in Brazil, Mexico, and the Philippines),” it pointed out.
The bank’s projection is even more optimistic than that of the government, as the National Economic and Development Authority’s (NEDA) expectation is that the Philippines will become an upper-middle income economy and eradicate extreme poverty and hunger by 2040.
“The Philippines shall be a country where all citizens are free from hunger and poverty, have equal opportunities, enabled by fair and just society that is governed with order and unity. A nation where families live together, thriving in vibrant, culturally diverse and resilient communities,” according to the Ambisyon Natin 2040 report, which contains the country’s aspirations over the next 25 years.
The country was a lower-middle income economy with $3,500 per capita in 2014. NEDA said to become an upper middle-income economy, the country must have a per capita income level of $11,000, similar to Malaysia’s today.
read more from source: Manila Times
The Manila-based multilateral lender, in its Independent Evaluation’s 2016 Annual Evaluation Review of its operations and challenges for the region, said the Philippines along with other Asian economies will step up to become an upper middle-income economy following improvements in the countries’ infrastructure, public sector, and social welfare programs development.
“By 2020, ADB expects that Indonesia, the Philippines, and Sri Lanka will reach upper middle-income status,” it said.
In the review, ADB said significant improvement in public sector management operations is an encouraging sign, given the growing need to strengthen institutions and governance in Asia and the Pacific.
It said this approach has been instrumental in implementing gradual reforms and successfully achieving results in reform areas in Assam, India; the Philippines; and Vietnam.
Meanwhile, the lender said significant improvement in the performance of the education sector operations demonstrates that ADB can support this sector effectively.
“The timing is right for ADB to scale up its education portfolio as many Asian countries are trying to raise education, skill, and technology levels to keep pace with increasing wages,” it stated.
The ADB added that increasing access to health care services and providing better nutrition, particularly for children, are also effective tools to reduce the gap.
“There is ample evidence of the effectiveness of conditional cash transfer programs linked with education, health, and nutrition services in reducing poverty and income gaps within society (for example, in Brazil, Mexico, and the Philippines),” it pointed out.
The bank’s projection is even more optimistic than that of the government, as the National Economic and Development Authority’s (NEDA) expectation is that the Philippines will become an upper-middle income economy and eradicate extreme poverty and hunger by 2040.
“The Philippines shall be a country where all citizens are free from hunger and poverty, have equal opportunities, enabled by fair and just society that is governed with order and unity. A nation where families live together, thriving in vibrant, culturally diverse and resilient communities,” according to the Ambisyon Natin 2040 report, which contains the country’s aspirations over the next 25 years.
The country was a lower-middle income economy with $3,500 per capita in 2014. NEDA said to become an upper middle-income economy, the country must have a per capita income level of $11,000, similar to Malaysia’s today.
read more from source: Manila Times
PH among Asia's frontrunners in 2016 – World Bank
The World Bank retains its positive growth forecast for the country despite predicting overall growth in developing Asia to fall slightly this year
MANILA, Philippines – Despite dimming economic forecasts elsewhere around the region and an impending change in leadership, the Philippines is set to continue being a pacesetter in the world’s growth engine, the World Bank said.
The multilateral agency retained the country’s growth prospects for the medium term with GDP growth projected at 6.4% for this year, 6.2% in 2017 and 6.2% in 2018 in its latest Developing East Asia and the Pacific Economic Update released on Monday, April 11.
The World Bank pointed out that among the major economies in the region, the country is behind only Vietnam and China in terms of growth prospects.
“The projected faster growth in 2016 will be led by robust private consumption, aided by by low inflation and spillover from increased spending due to the upcoming general elections," said Karl Kendrick Chua, senior economist at the World Bank Philippines at the report’s launch.
Chua added that investments will also likely support growth as implementation of key private sector, budget and public private partnership (PPP) projects accelerates. The slower growth of 2017 and 2018 reflects the normalization of the economy after the election cycle.
East Asia slowdown
In contrast, the World Bank lowered its overall growth outlook for the region. Growth in developing East Asia is expected to drop from 6.5% in 2015 to 6.3% in 2016 and 6.2% in 2017-18.The drop is predicated on China’s shift from an export oriented economy to a domestic oriented one. The World Bank forecasts the world’s second biggest economy to grow by 6.7% in 2016 and 6.5% in 2017, compared with 6.9% in 2015.
Excluding China, the region’s developing countries grew by 4.7% in 2015, and the pace of growth will pick up slightly – to 4.8% in 2016 and 4.9% in 2017-18 – driven by growth in the large Southeast Asian economies, the World Bank said.
Developing Asia faces a challenging backdrop this year with slow growth in high-income countries, a broad slowdown across emerging markets, weak global trade, persistently low commodity prices, and increasingly volatile global financial markets, the World Bank said.
The region, however, remains the key engine for the global economy despite the dimmer outlook.
“The region accounted for almost two-fifths of global growth in 2015, more than twice the combined contribution of all other developing regions,” said Victoria Kwakwa, incoming World Bank East Asia and Pacific Regional Vice President. “
Key time for reforms
The World Bank also pointed out that the Philippines’ steady growth is beginning to show at the bottom of the economic pyramid.
"Trends in recent years point to the beginnings of a more inclusive growth pattern, which needs to be sustained over a longer period before the poor can feel the impact of growth higher growth in their daily lives,” Chua said.
One essential area to inclusive growth that still needs to be addressed, however, is rice, said Roger van den Brink, the lead economist for poverty reduction and economic management in the Philippines.
Van den Brink said that the state has a monopoly on the importation of rice and that it has gotten exemption from the World Trade Organization (WTO) to continue this until July 2017.
The result of this policy is that rice prices in the Philippines are 2-3 times higher than in neighboring countries, he said, emphasizing that “the poor spend about 20% on their income on rice (a staple). If you can lower its price you can increase the poor’s real income enormously.”
The World Bank favors a policy of liberalizing rice trade in order to achieve these lower prices by replacing the import quota with an import tariff at around 30% and steadily bringing it down so as not to shock the system as well as allowing full importation by the private sector.
“The policy hasn’t worked and El Niño has exacerbated it. It would be better if the private sector could really prepare itself fully for importing because at the moment there is a lot of uncertainty,” he added.
The World Bank also pointed out the need for reforms to the tax system in order to increase government revenue as by its calculations, 6.8% of GDP or P900 billion is needed to sustain inclusive growth
To raise revenue through taxes, the government needs a more equitable and efficient tax system which it could implement in two phases.
The first phase would entail rationalizing tax incentive by making them more targeted, performance-based and temporary as well as indexing tax rates that have not kept up with inflation such as petroleum excise tax and property valuations.
“Only if new revenues are raised should reforms to reduce tax be considered including lowering the top tax rate to 25%, reducing the gap between regular and special income tax rates and simplifying taxes for small to medium enterprise," said Chua.
While World Bank lauded recent reforms to improve the economy’s competitiveness such as the Competition Act, it also noted that these measures should be improved upon by reducing the investment negative list, or areas of investment subject to foreign ownership limitation.
This, it said, would result in significant gains, particlarly in the telecommunications, shipping, construction and rice sectors.
“Reformers both inside and outside government should work together to help the government move quickly, as the first year of a new administration provides the best opportunity for reforms,” Chua said.
Read more from – Rappler.com
The multilateral agency retained the country’s growth prospects for the medium term with GDP growth projected at 6.4% for this year, 6.2% in 2017 and 6.2% in 2018 in its latest Developing East Asia and the Pacific Economic Update released on Monday, April 11.
The World Bank pointed out that among the major economies in the region, the country is behind only Vietnam and China in terms of growth prospects.
“The projected faster growth in 2016 will be led by robust private consumption, aided by by low inflation and spillover from increased spending due to the upcoming general elections," said Karl Kendrick Chua, senior economist at the World Bank Philippines at the report’s launch.
Chua added that investments will also likely support growth as implementation of key private sector, budget and public private partnership (PPP) projects accelerates. The slower growth of 2017 and 2018 reflects the normalization of the economy after the election cycle.
East Asia slowdown
In contrast, the World Bank lowered its overall growth outlook for the region. Growth in developing East Asia is expected to drop from 6.5% in 2015 to 6.3% in 2016 and 6.2% in 2017-18.The drop is predicated on China’s shift from an export oriented economy to a domestic oriented one. The World Bank forecasts the world’s second biggest economy to grow by 6.7% in 2016 and 6.5% in 2017, compared with 6.9% in 2015.
Excluding China, the region’s developing countries grew by 4.7% in 2015, and the pace of growth will pick up slightly – to 4.8% in 2016 and 4.9% in 2017-18 – driven by growth in the large Southeast Asian economies, the World Bank said.
Developing Asia faces a challenging backdrop this year with slow growth in high-income countries, a broad slowdown across emerging markets, weak global trade, persistently low commodity prices, and increasingly volatile global financial markets, the World Bank said.
The region, however, remains the key engine for the global economy despite the dimmer outlook.
“The region accounted for almost two-fifths of global growth in 2015, more than twice the combined contribution of all other developing regions,” said Victoria Kwakwa, incoming World Bank East Asia and Pacific Regional Vice President. “
Key time for reforms
The World Bank also pointed out that the Philippines’ steady growth is beginning to show at the bottom of the economic pyramid.
"Trends in recent years point to the beginnings of a more inclusive growth pattern, which needs to be sustained over a longer period before the poor can feel the impact of growth higher growth in their daily lives,” Chua said.
One essential area to inclusive growth that still needs to be addressed, however, is rice, said Roger van den Brink, the lead economist for poverty reduction and economic management in the Philippines.
Van den Brink said that the state has a monopoly on the importation of rice and that it has gotten exemption from the World Trade Organization (WTO) to continue this until July 2017.
The result of this policy is that rice prices in the Philippines are 2-3 times higher than in neighboring countries, he said, emphasizing that “the poor spend about 20% on their income on rice (a staple). If you can lower its price you can increase the poor’s real income enormously.”
The World Bank favors a policy of liberalizing rice trade in order to achieve these lower prices by replacing the import quota with an import tariff at around 30% and steadily bringing it down so as not to shock the system as well as allowing full importation by the private sector.
“The policy hasn’t worked and El Niño has exacerbated it. It would be better if the private sector could really prepare itself fully for importing because at the moment there is a lot of uncertainty,” he added.
The World Bank also pointed out the need for reforms to the tax system in order to increase government revenue as by its calculations, 6.8% of GDP or P900 billion is needed to sustain inclusive growth
To raise revenue through taxes, the government needs a more equitable and efficient tax system which it could implement in two phases.
The first phase would entail rationalizing tax incentive by making them more targeted, performance-based and temporary as well as indexing tax rates that have not kept up with inflation such as petroleum excise tax and property valuations.
“Only if new revenues are raised should reforms to reduce tax be considered including lowering the top tax rate to 25%, reducing the gap between regular and special income tax rates and simplifying taxes for small to medium enterprise," said Chua.
While World Bank lauded recent reforms to improve the economy’s competitiveness such as the Competition Act, it also noted that these measures should be improved upon by reducing the investment negative list, or areas of investment subject to foreign ownership limitation.
This, it said, would result in significant gains, particlarly in the telecommunications, shipping, construction and rice sectors.
“Reformers both inside and outside government should work together to help the government move quickly, as the first year of a new administration provides the best opportunity for reforms,” Chua said.
Read more from – Rappler.com
DTI focusing on development of innovation economy with SlingshotPH
(The Philippine Star) | Updated April 10, 2016 - 12:00am
MANILA, Philippines – The Department of Trade and Industry (DTI) is developing enterprises in what it calls “Innovation Economy.”
For this purpose, the DTI is staging the National Summit on Startups and Innovation at the Philippine Trade Training Center on April 21-22.
Titled “Slingshot Philippines” with the theme “Accelerating the Philippine Innovation Economy,” the event kicks off national consultations for the crafting of policies and programs to develop a new breed of innovative enterprises, particularly in agriculture, biotechnology, electronics, and digital startups, among others.
“A Startup and Innovation Ecosystem Development Program of the DTI, Slingshot Philippines will serve as the platform to bring together innovators, investors (venture capitalists) and policymakers to create an enabling business environment for an innovation economy that has been rising in other parts of the world,” DTI Undersecretary Nora K. Terrado said.
Citing challenges faced by an innovator in bringing his brainchild to life, Terrado hailed the participation and support of the Department of Science and Technology (DOST) for Slingshot Philippines and its attendees.
“The dialogue (Slingshot Philippines) is geared to generate the solutions to the challenges and fill up the gaps in the value chain that will make startups live on and thrive,” Terrado said.
Slingshot Philippines 2016 stemmed from the official startup event of the 2015 APEC Philippines hosting when the DTI’s Foreign Trade Service Corps. (FTSC) organized and staged the SlingshotMNL 2015 at the Philippine International Convention Center on July 6-7 as the technology conference for the high-growth developing economies in ASEAN.
“But this time, Slingshot will be staged by the FTSC and CITEM (Center for International Trade Expositions and Missions) during the Manila FAME April 2016 edition and under the banner of Design Week Philippines,” Terrado pointed out.
Slated at the main exhibit halls of the World Trade Center Metro Manila on April 21-24, Manila FAME is a bi-annual showcase of craftsmanship, design innovation, eco-sustainability, and artisanship in Philippine products, featuring finely selected furniture and home furnishings, holiday gifts and décor, and fashion accessories designed and crafted in the Philippines for the global market.
Manila FAME is the second longest-running trade show in the Asia Pacific, and the country’s only trade event approved by the Union des Foires Internationales, the global association of the exhibition industry.
read more from the Philippine Star
visit and register at www.slingshotph.com
PRESS RELEASE
Philippines and India renew stronger trade and investments cooperation discussions.
New Delhi, India 1 April 2016 - The Philippines and India recently held the 12th Meeting of the Joint Working Group on Trade and Investments (JWGTI) last 31 March 2016 in New Delhi to discuss stronger economic, trade and investment cooperation between two of the world’s fastest growing economies and emerging markets.
The 12th JWGTI meeting recently held renewed trade and investments discussions to continue initiatives discussed during the last meeting held on 29-30 April 2013 in Manila. Philippine Board of Investments Governor Lucita P. Reyes led an 11-strong delegation from Manila that included Philippine International Trading Corporation (PITC) President Ma. Lourdes Baua, and representatives from the Department of Trade and Industry’s Bureau of International Trade Relations, the Department of Science and Technology’s National ICT Governance Service, Information Communications Technology Office, the Commission on Higher Education, and the Department of Trade and Industry. Philippine Embassy Officials in New Delhi, Ambassador Maria Teresita C. Daza and Commercial Counsellor Michael Alfred V. Ignacio also joined the deliberations.
Mr. Ravi Capoor, Joint Secretary of the Department of Commerce of India led a twenty-member delegation of officials representing different officers of the Ministry of Commerce and Industry.
The 12th JWGTI tackled bilateral cooperation initiatives and issues involving trade, investments and improved market access for both countries, noting the significant economic gains of both economies.
India and the Philippines agreed to jointly develop a mechanism for sharing of statistical trade date and to expedite the finalisation of various pending Memoranda of Understanding to fast track and strengthen cooperation between Invest India and the Philippine Board of Investments, and matters involving Customs, Science and Technology, ICT, MSME development and Trade in Rice and Education cooperation between the two countries.
Both sides also agreed to embark on strengthened technical cooperation in the fields of coconuts (production, processing and commercialization), optimization of and increased participation in trade fairs and enhanced cooperation involving pharmaceuticals through the Trade Working Group. Focal points and point persons were also identified by both sides, to fast track the signing and implementation of the proposed MOUs, and updating of existing ones.
India-Philippines trade currently stands at US$ 1.8 Billion and given the size of both the Indian and Philippine Markets and their recent economic performance, both sides recognize the huge potentials and opportunities to increase bilateral trade substantially in the mid to long term and agreed to work closely together to consistently improve the bilateral trade between the two countries.
Registered Indian IPA-approved foreign investments to the Philippines amounted to PHP 1.75 Billion in 2015, in sectors such as ICT (IT and IT enabled services and Business Process Management), Agriculture, Forestry and Fishing, Manufacturing, Construction, Financial and Insurance Activities. Fourteen of India’s IT-BPM companies also established operations in the country, recognizing its strengths in the US and other Western Markets.
The Philippine Trade and Investment Center in New Delhi (PTIC New Delhi), commercial section of the Embassy of the Philippines and representative office of the Philippine Department of Trade and Industry in India and South Asia, headed by Commercial Counsellor Michael Alfred V. Ignacio, identified the following priority sectors for investment promotion in India: IT-BPM, Automotive components manufacturing, PPP and Infrastructure Development and Energy projects. It also actively promotes IT-enabled services, Philippine education, electronics and design driven niche products in India.
Both sides agreed to hold the 13th JWGTI in Manila on the third quarter of 2017.
Philippine delegation head, BOI Governor Lucita P. Reyes, PITC President Baua, Ambassador Daza and Commercial Counsellor Ignacio also held a meeting with India Secretary of Commerce Rita Teaotia and Joint Secretary Capoor in the sidelines of the Joint Working Group Meeting on Trade and Investments held at the headquarters of the Ministry of Commerce and Industry in New Delhi.
To take advantage of the presence of the high-level representation from the Philippine Department of Trade and Industry and other Ministries, PTIC New Delhi also organized a Business Round Table and Executive Briefing entitled: High Potential Philippines India Strategic Partnerships on Trade and Investments, in cooperation with the Federation of Indian Export Organisations (FIEO) held at the FIEO headquarters in New Delhi, on 31 March 2016. This event was attended by fifty businessmen and industry players from India, interested in exploring business opportunities with the Philippines.
The event also resulted in PTIC New Delhi’s engagement with three Indian companies interested in investing and establishing operations in the country in sectors such as manufacturing, food processing and importation of Philippine furniture.
The 12th JWGTI meeting recently held renewed trade and investments discussions to continue initiatives discussed during the last meeting held on 29-30 April 2013 in Manila. Philippine Board of Investments Governor Lucita P. Reyes led an 11-strong delegation from Manila that included Philippine International Trading Corporation (PITC) President Ma. Lourdes Baua, and representatives from the Department of Trade and Industry’s Bureau of International Trade Relations, the Department of Science and Technology’s National ICT Governance Service, Information Communications Technology Office, the Commission on Higher Education, and the Department of Trade and Industry. Philippine Embassy Officials in New Delhi, Ambassador Maria Teresita C. Daza and Commercial Counsellor Michael Alfred V. Ignacio also joined the deliberations.
Mr. Ravi Capoor, Joint Secretary of the Department of Commerce of India led a twenty-member delegation of officials representing different officers of the Ministry of Commerce and Industry.
The 12th JWGTI tackled bilateral cooperation initiatives and issues involving trade, investments and improved market access for both countries, noting the significant economic gains of both economies.
India and the Philippines agreed to jointly develop a mechanism for sharing of statistical trade date and to expedite the finalisation of various pending Memoranda of Understanding to fast track and strengthen cooperation between Invest India and the Philippine Board of Investments, and matters involving Customs, Science and Technology, ICT, MSME development and Trade in Rice and Education cooperation between the two countries.
Both sides also agreed to embark on strengthened technical cooperation in the fields of coconuts (production, processing and commercialization), optimization of and increased participation in trade fairs and enhanced cooperation involving pharmaceuticals through the Trade Working Group. Focal points and point persons were also identified by both sides, to fast track the signing and implementation of the proposed MOUs, and updating of existing ones.
India-Philippines trade currently stands at US$ 1.8 Billion and given the size of both the Indian and Philippine Markets and their recent economic performance, both sides recognize the huge potentials and opportunities to increase bilateral trade substantially in the mid to long term and agreed to work closely together to consistently improve the bilateral trade between the two countries.
Registered Indian IPA-approved foreign investments to the Philippines amounted to PHP 1.75 Billion in 2015, in sectors such as ICT (IT and IT enabled services and Business Process Management), Agriculture, Forestry and Fishing, Manufacturing, Construction, Financial and Insurance Activities. Fourteen of India’s IT-BPM companies also established operations in the country, recognizing its strengths in the US and other Western Markets.
The Philippine Trade and Investment Center in New Delhi (PTIC New Delhi), commercial section of the Embassy of the Philippines and representative office of the Philippine Department of Trade and Industry in India and South Asia, headed by Commercial Counsellor Michael Alfred V. Ignacio, identified the following priority sectors for investment promotion in India: IT-BPM, Automotive components manufacturing, PPP and Infrastructure Development and Energy projects. It also actively promotes IT-enabled services, Philippine education, electronics and design driven niche products in India.
Both sides agreed to hold the 13th JWGTI in Manila on the third quarter of 2017.
Philippine delegation head, BOI Governor Lucita P. Reyes, PITC President Baua, Ambassador Daza and Commercial Counsellor Ignacio also held a meeting with India Secretary of Commerce Rita Teaotia and Joint Secretary Capoor in the sidelines of the Joint Working Group Meeting on Trade and Investments held at the headquarters of the Ministry of Commerce and Industry in New Delhi.
To take advantage of the presence of the high-level representation from the Philippine Department of Trade and Industry and other Ministries, PTIC New Delhi also organized a Business Round Table and Executive Briefing entitled: High Potential Philippines India Strategic Partnerships on Trade and Investments, in cooperation with the Federation of Indian Export Organisations (FIEO) held at the FIEO headquarters in New Delhi, on 31 March 2016. This event was attended by fifty businessmen and industry players from India, interested in exploring business opportunities with the Philippines.
The event also resulted in PTIC New Delhi’s engagement with three Indian companies interested in investing and establishing operations in the country in sectors such as manufacturing, food processing and importation of Philippine furniture.
Foreign investors still keen on PH
5 April 2016
BUSINESS and accounting guru Washington Sycip Monday said the money laundering case that has now become a global spectacle has not curbed foreign investors’ appetite on the Philippines.
He noted that a bancassurance partnership between Germany’s biggest insurance firm Allianz and the 20-percent buy-in of Japanese banking giant Bank of Tokyo-Mitsubishi in Security Bank were still consummated despite the controversy on the entry of dirty money to the banking system that ended up in the local casinos.
“That clearly shows foreign investments have not been affected,” Sycip said.
Sycip added that he had great respect for the Anti-Money Laundering Council (AMLC) and Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr. “It’s not only for what he has done in the Philippines but compared to any other central bank governor, he has done a fantastic job,” he said.
Asked whether he would support calls to ease the bank secrecy law to better combat money laundering, Sycip said he would advocate for “whatever Tetangco feels is good for the country because he has done so well for us now.”
Sycip said that he was also hoping that the Filipino nation would elect an “honest” president this May in order to continue attracting foreign investments. Sycip, who is turning 95 this year and still advises many of the country’s biggest corporations long after retiring from local accounting giant SGV that he co-founded, hasn’t picked any presidential candidate to support.
read more inquirer
He noted that a bancassurance partnership between Germany’s biggest insurance firm Allianz and the 20-percent buy-in of Japanese banking giant Bank of Tokyo-Mitsubishi in Security Bank were still consummated despite the controversy on the entry of dirty money to the banking system that ended up in the local casinos.
“That clearly shows foreign investments have not been affected,” Sycip said.
Sycip added that he had great respect for the Anti-Money Laundering Council (AMLC) and Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr. “It’s not only for what he has done in the Philippines but compared to any other central bank governor, he has done a fantastic job,” he said.
Asked whether he would support calls to ease the bank secrecy law to better combat money laundering, Sycip said he would advocate for “whatever Tetangco feels is good for the country because he has done so well for us now.”
Sycip said that he was also hoping that the Filipino nation would elect an “honest” president this May in order to continue attracting foreign investments. Sycip, who is turning 95 this year and still advises many of the country’s biggest corporations long after retiring from local accounting giant SGV that he co-founded, hasn’t picked any presidential candidate to support.
read more inquirer
Meeting with Incoming Delegation from Philippines on High Potential Philippines-India Strategic Partnerships on Trade & Investments on April 1, 2016 at New Delhi
We have pleasure to inform you that FIEO in association with Embassy of the Republic of Philippines, New Delhi is organizing a Meeting with incoming Delegation from Philippines on High Potential Philippines India Strategic Partnerships on Trade & Investments.
The delegation is led by Hon. Lucita P Reyes, Governor, Philippine Board of Investments and Hon. Maria Lourdes T Baua, President, Philippine International Trading Corporation. The composition of the delegation is attached. H.E Maria Teresita C Daza, Ambassador, Embassy of the Republic of the Philippines has also agreed to address the participants along with Mr Michael Alfred V. Ignacio, Commercial Counsellor. Besides we are also inviting senior government officials from the concerned Ministries.
Philippines is an important trading partner of India in the ASEAN Region and both enjoy warm and friendly bilateral relations. In the year 2014-15 our bilateral trade reached USD 1.8 bn with balance of trade in favour of India. The meeting will have discussions on the priority focus sectors for trade and investment. Some of the sectors identified are ICT, Automotives & Energy, Defense, Pharmaceuticals, Agriculture, Minerals, Chemicals & Electronics & Semiconductors.
Keeping in view the importance of meeting, you are requested to kindly attend and participate in the discussions. The participation in the meeting will give you an opportunity to interact with the delegates and explore various trade and investment opportunities in the selected sectors.
Meeting with Incoming Delegation from Philippines on High Potential Philippines-India Strategic Partnerships on Trade & Investments on Friday, 1st April, 2016 at 2:30 pm to be followed by High Tea
On 01/04/2016 at Conference Room, 1st Floor, FIEO Niryat Bhawan, Rao Tula Ram Marg, Opp. Army Hospital, R&R, New Delhi-110057
Capacity: 40
Venue
Conference Room, 1st Floor, FIEO Niryat Bhawan, Rao Tula Ram Marg, Opp. Army Hospital, R&R, New Delhi-110057
Event
Contact for participation
Contact Name: ASHISH JAIN, Director, SUNIL DUTT, Assistant Director
Contact Number: 01-46042200/46042147
Contact Fax: 91-11-26148194
Contact Email: ashishjain@fieo.org;sunildutt@fieo.org
Contact Address: FIEO Niryat Bhawan, 4th Floor, Rao Tula Ram Marg, Opp. Army Hospital, R&R, New Delhi-110057
Download Event Schedule
Price per Delegate:
For FIEO Members: 0.00
For Non-Members: 0.00
[ Register for this Event ]
The delegation is led by Hon. Lucita P Reyes, Governor, Philippine Board of Investments and Hon. Maria Lourdes T Baua, President, Philippine International Trading Corporation. The composition of the delegation is attached. H.E Maria Teresita C Daza, Ambassador, Embassy of the Republic of the Philippines has also agreed to address the participants along with Mr Michael Alfred V. Ignacio, Commercial Counsellor. Besides we are also inviting senior government officials from the concerned Ministries.
Philippines is an important trading partner of India in the ASEAN Region and both enjoy warm and friendly bilateral relations. In the year 2014-15 our bilateral trade reached USD 1.8 bn with balance of trade in favour of India. The meeting will have discussions on the priority focus sectors for trade and investment. Some of the sectors identified are ICT, Automotives & Energy, Defense, Pharmaceuticals, Agriculture, Minerals, Chemicals & Electronics & Semiconductors.
Keeping in view the importance of meeting, you are requested to kindly attend and participate in the discussions. The participation in the meeting will give you an opportunity to interact with the delegates and explore various trade and investment opportunities in the selected sectors.
Meeting with Incoming Delegation from Philippines on High Potential Philippines-India Strategic Partnerships on Trade & Investments on Friday, 1st April, 2016 at 2:30 pm to be followed by High Tea
On 01/04/2016 at Conference Room, 1st Floor, FIEO Niryat Bhawan, Rao Tula Ram Marg, Opp. Army Hospital, R&R, New Delhi-110057
Capacity: 40
Venue
Conference Room, 1st Floor, FIEO Niryat Bhawan, Rao Tula Ram Marg, Opp. Army Hospital, R&R, New Delhi-110057
Event
Contact for participation
Contact Name: ASHISH JAIN, Director, SUNIL DUTT, Assistant Director
Contact Number: 01-46042200/46042147
Contact Fax: 91-11-26148194
Contact Email: ashishjain@fieo.org;sunildutt@fieo.org
Contact Address: FIEO Niryat Bhawan, 4th Floor, Rao Tula Ram Marg, Opp. Army Hospital, R&R, New Delhi-110057
Download Event Schedule
Price per Delegate:
For FIEO Members: 0.00
For Non-Members: 0.00
[ Register for this Event ]
Ubisoft Philippines is the island nation’s first major game studio
March 28, 2016
The Philippines is getting a new “Thrilla in Manila” — its first major gaming studio.
Ubisoft unveils its new Ubisoft Philippines studio today. It’s base is Santa Rosa Laguna, a suburb that’s 24 miles south of Manila. It’s an outgrowth of the French publisher’s operation in Singapore, making it its 30th studio. Its manager is Chip Go, a veteran of Ubisoft Singapore, and it falls under the umbrella of Oliver de Rotalier, who’s now the manager director of Singapore, Philippines, and Chengdu (China). The moves shows not just how global the $99.3 billion game industry has become, but also how it’s looking at new places to find game creators.
“As we did in Singapore, we want to expose people to major triple-A franchise,” de Rotalier said about expanding into the Philippines. To help stock that local talent pool, Ubisoft is turning to the University of De La Salle in Manila to set up a training program. Ubisoft Singapore had a similar partnership with Digipen, a Redmond, Washington-based school for learning video game design.
“We will work with a local university to grow taken the industry needs,” de Rotalier said. “We’ll be crafting the right cirriculum, helping students and projects, to quickly grown the next generation of game developers — fits market in Philippines, and that’s why we consider contributing to the ecosystem as important.”
The move came about in part because Ubisoft Singapore has hired a contingent of employees from the Philippines, and de Rotalier noted the great relationships and trust the Filipino team has established there.
Singapore has been a major contributer to the Assassin’s Creed and Ghost Recon franchises. In an interview during the recent 2016 Game Developers Conference, de Rotalier reminded a room of reporters that his studio developed Ocean Tech, which helped bring about the naval warfare gameplay in Assassin’s Creed III and Assassin’s Creed IV: Black Flag (a showcase for this content). It has experience in major console and PC releases and PC online gaming with Ghost Recon: Phantoms. It opened in 2008 with 22 people and now has more than 320.
read more..venturebeat
Citi sees PH performing better than peers
THE WORLD is an “uneven” place but against the backdrop of a challenging global environment, the Philippines is among those countries likely to perform better than most regional peers, Citigroup chief executive Michael Corbat said.
Read more: http://business.inquirer.net/208840/citi-sees-ph-performing-better-peers#ixzz43YxaBvGF
Follow us: @inquirerdotnet on Twitter | inquirerdotnet on Facebook
Manila, Philippines 22 March 2016 - THE WORLD is an “uneven” place but against the backdrop of a challenging global environment, the Philippines is among those countries likely to perform better than most regional peers, Citigroup chief executive Michael Corbat said.
Corbat, who is in the Philippines for his first official visit as CEO, is scheduled to meet top clients and engage employees as well as meet with Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr. and Finance Secretary Cesar Purisima.
In the Philippines, Corbat said Citi’s strategy would be to make sure that his bank would continue to support clients and “help local companies grow globally and support the champions of tomorrow.”
Last year, Citi advised local food manufacturer Monde Nissin on its $830-million purchase of UK-based meat substitute product company Quorn Foods. “Since 2015, we have also helped raise over $5 billion for the country and its companies from global capital markets, including a couple of international bond offerings for the Republic of the Philippines,” Corbat said in an e-mail interview with the Inquirer.
He pointed out that consumer banking and wealth management businesses were also market leaders in the Philippines. He added that Citi had the leading credit card business based on value of spending.
“Looking around the globe, the world is and will remain an uneven place, Corbat said. Along with such an uneven global growth, the banker sees sustained low commodity prices and a slow trajectory for US rate increases, similar in many respects to 2015.
The Citi chief said that in Asia, the likes of South Korea, China and the Philippines were each different in terms of growth and outlook. Whether it’s Asia, Latin America, Africa, he said one would need a local perspective because all those economies were in various stages of growth, recovery and change.
“Clearly, in some emerging markets, the precipitous drop in commodities and in particular oil, indicates real challenges where you have emerging economies built and structured to have 4 to 6 percent growth rates and a high dependence on the export of commodities, especially oil, to fund government programs,” Corbat said. Doris Dumlao-Abadilla
Read more from the Philippine Daily Inquirer
Corbat, who is in the Philippines for his first official visit as CEO, is scheduled to meet top clients and engage employees as well as meet with Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr. and Finance Secretary Cesar Purisima.
In the Philippines, Corbat said Citi’s strategy would be to make sure that his bank would continue to support clients and “help local companies grow globally and support the champions of tomorrow.”
Last year, Citi advised local food manufacturer Monde Nissin on its $830-million purchase of UK-based meat substitute product company Quorn Foods. “Since 2015, we have also helped raise over $5 billion for the country and its companies from global capital markets, including a couple of international bond offerings for the Republic of the Philippines,” Corbat said in an e-mail interview with the Inquirer.
He pointed out that consumer banking and wealth management businesses were also market leaders in the Philippines. He added that Citi had the leading credit card business based on value of spending.
“Looking around the globe, the world is and will remain an uneven place, Corbat said. Along with such an uneven global growth, the banker sees sustained low commodity prices and a slow trajectory for US rate increases, similar in many respects to 2015.
The Citi chief said that in Asia, the likes of South Korea, China and the Philippines were each different in terms of growth and outlook. Whether it’s Asia, Latin America, Africa, he said one would need a local perspective because all those economies were in various stages of growth, recovery and change.
“Clearly, in some emerging markets, the precipitous drop in commodities and in particular oil, indicates real challenges where you have emerging economies built and structured to have 4 to 6 percent growth rates and a high dependence on the export of commodities, especially oil, to fund government programs,” Corbat said. Doris Dumlao-Abadilla
Read more from the Philippine Daily Inquirer
DTI readies perks for key sectors
March 7, 2016
THE DEPARTMENT of Trade and Industry is preparing incentive packages aimed at accelerating the growth of high-impact industries like shipbuilding and aerospace.
Such packages will likely be similar to the Comprehensive Automotive Resurgence Strategy (CARS) program, under which P27 billion in incentives were made available to qualified assemblers to boost the automotive and parts manufacturing industries, explained Trade Secretary Adrian S. Cristobal Jr.
Under Executive Order 182, the CARS program will provide fiscal and non-fiscal incentives for assemblers that can produce 200,000 units of a single model over a six-year period.
If successful, the CARS program is expected to attract more than P27 billion in new parts manufacturing investments; produce at least 600,000 vehicles; generate some 200,000 new jobs; and generate a total economic activity estimated to be worth P300 billion. The resulting contribution to gross domestic product was estimated at about 1.7 percent.
In an interview with the Inquirer, Cristobal said the DTI was looking at other sectors that may warrant a similar incentive program, including shipbuilding and aerospace.
read more inquirer
Such packages will likely be similar to the Comprehensive Automotive Resurgence Strategy (CARS) program, under which P27 billion in incentives were made available to qualified assemblers to boost the automotive and parts manufacturing industries, explained Trade Secretary Adrian S. Cristobal Jr.
Under Executive Order 182, the CARS program will provide fiscal and non-fiscal incentives for assemblers that can produce 200,000 units of a single model over a six-year period.
If successful, the CARS program is expected to attract more than P27 billion in new parts manufacturing investments; produce at least 600,000 vehicles; generate some 200,000 new jobs; and generate a total economic activity estimated to be worth P300 billion. The resulting contribution to gross domestic product was estimated at about 1.7 percent.
In an interview with the Inquirer, Cristobal said the DTI was looking at other sectors that may warrant a similar incentive program, including shipbuilding and aerospace.
read more inquirer
Industrial stocks still in the limelight
March 7, 2016
In one of its newest market data, online brokerage firm COL Financial, Inc. put a “buy” rating on the stocks of construction firm Holcim, which is part of the industrial sector.
COL Financial highlighted the company’s positive financial performance.
Holcim’s recurring net income in the fourth quarter of 2015 went up seven percent year-on-year at P5.5 billion, while its net income more than tripled to P3.6 billion.
“The large increase was due to the recognition of a one-time gain of P2.6 billion in its subsidiary, Holcim Mining and Development Corporation, as a result of fair value adjustments on owned land,” COL Financial explained. Another industrial firm, D&L Industries, Inc., was highlighted by the same brokerage firm.
In a separate report, COL Financial said it had put a “hold” recommendation on D&L shares, advising investors not to sell their stocks on this portfolio.
The company’s fourth quarter net income went up by 12.4 percent to P626 million and recorded stronger than expected margins for several business lines.
“Although 2015 earnings were just in line with expectations, gross margin of the food ingredients and oleochemicals businesses reached 15.2 percent and 17.8 percent respectively, exceeding our estimates by more than 200 basis points,” COL Financial said.
Profit-taking ensued as the market closed for the weekend last week. After several days of ascent, Philippine Stock Exchange index (PSEi) retreated on Friday, losing 64.37 points, or 0.92 percent to 6,899.07, while the wider all shares lost 21.61 points, or 0.54 percent to close at 3,986.66.
read more mb
COL Financial highlighted the company’s positive financial performance.
Holcim’s recurring net income in the fourth quarter of 2015 went up seven percent year-on-year at P5.5 billion, while its net income more than tripled to P3.6 billion.
“The large increase was due to the recognition of a one-time gain of P2.6 billion in its subsidiary, Holcim Mining and Development Corporation, as a result of fair value adjustments on owned land,” COL Financial explained. Another industrial firm, D&L Industries, Inc., was highlighted by the same brokerage firm.
In a separate report, COL Financial said it had put a “hold” recommendation on D&L shares, advising investors not to sell their stocks on this portfolio.
The company’s fourth quarter net income went up by 12.4 percent to P626 million and recorded stronger than expected margins for several business lines.
“Although 2015 earnings were just in line with expectations, gross margin of the food ingredients and oleochemicals businesses reached 15.2 percent and 17.8 percent respectively, exceeding our estimates by more than 200 basis points,” COL Financial said.
Profit-taking ensued as the market closed for the weekend last week. After several days of ascent, Philippine Stock Exchange index (PSEi) retreated on Friday, losing 64.37 points, or 0.92 percent to 6,899.07, while the wider all shares lost 21.61 points, or 0.54 percent to close at 3,986.66.
read more mb
Philippines to sustain reforms amid leadership change
March 7, 2016
MANILA, Philippines - Standard & Poor’s (S&P) and business group US-Philippines Society are optimistic key economic reforms implemented under the present administration are likely to be maintained after President Aquino steps down on June 30.
S&P sovereign debt committee chair John Chambers told participants of the Philippine Business Investment Forum (PBIF) held in New York City last March 3 the next set of leaders are likely to keep the reforms implemented by the Aquino administration.
“Our assumption is that change in leadership is unlikely to reverse the economic reforms in the Philippines,” Chambers said.
Legislative and administrative reforms over the past six years are credited for helping the Philippines achieve economic milestones, including investment grade sovereign credit ratings and leap in the country’s rankings in various global surveys on competitiveness.
Among the major legislative reforms are the Sin Tax Reform Law, the Foreign Banking Liberalization Act, amendments to the Cabotage Law, the Tax Incentives Management and Transparency Act, amendments to the charter of Philippine Deposit Insurance Corp., GOCC Governance Act of 2011, and the Philippine Competition Act.
The legislative reforms are meant to help institutionalize sound policies that promote business and economic progress.
Business ( Article MRec ), pagematch: 1, sectionmatch: 1In addition to the legislative measures are key administrative reforms, including those that rationalize and make more transparent the budget process, strengthening of the public-private partnership (PPP) program, enhancement and modernization of the procurement processes for better transparency, and initiatives that expands the taxpayer base for improved revenue collection.
Chambers said S&P does not see the pending change in leadership disrupting the favorable credit standing of the Philippines. Whoever wins the presidential election in May is unlikely to initiate a reversal of the existing economic and business policy environment, which has proven beneficial for the Philippines, Chambers said.
S&P currently assigns the Philippines a rating of “BBB,” which is a notch above the minimum investment grade, with a “stable” outlook.
Retired Ambassador John Maisto, president of the US-Philippines Society, echoed the same sentiment.
“Any incoming administration is expected to keep the good economic policies,” Maisto said.
read more philstar
S&P sovereign debt committee chair John Chambers told participants of the Philippine Business Investment Forum (PBIF) held in New York City last March 3 the next set of leaders are likely to keep the reforms implemented by the Aquino administration.
“Our assumption is that change in leadership is unlikely to reverse the economic reforms in the Philippines,” Chambers said.
Legislative and administrative reforms over the past six years are credited for helping the Philippines achieve economic milestones, including investment grade sovereign credit ratings and leap in the country’s rankings in various global surveys on competitiveness.
Among the major legislative reforms are the Sin Tax Reform Law, the Foreign Banking Liberalization Act, amendments to the Cabotage Law, the Tax Incentives Management and Transparency Act, amendments to the charter of Philippine Deposit Insurance Corp., GOCC Governance Act of 2011, and the Philippine Competition Act.
The legislative reforms are meant to help institutionalize sound policies that promote business and economic progress.
Business ( Article MRec ), pagematch: 1, sectionmatch: 1In addition to the legislative measures are key administrative reforms, including those that rationalize and make more transparent the budget process, strengthening of the public-private partnership (PPP) program, enhancement and modernization of the procurement processes for better transparency, and initiatives that expands the taxpayer base for improved revenue collection.
Chambers said S&P does not see the pending change in leadership disrupting the favorable credit standing of the Philippines. Whoever wins the presidential election in May is unlikely to initiate a reversal of the existing economic and business policy environment, which has proven beneficial for the Philippines, Chambers said.
S&P currently assigns the Philippines a rating of “BBB,” which is a notch above the minimum investment grade, with a “stable” outlook.
Retired Ambassador John Maisto, president of the US-Philippines Society, echoed the same sentiment.
“Any incoming administration is expected to keep the good economic policies,” Maisto said.
read more philstar
DTI’s SlingShot MNL 2015 wins gold at the Anvil Awards
March 1, 2016
The Department of Trade and Industry’s Slingshot MNL 2015, the official event for startups during the APEC Hosting last 2015, won the GOLD Anvil Award last Feb 26.
PTIC NEW DELHI: Commercial Counsellor Michael Alfred V. Ignacio, The Philippine Embassy New Delhi's current Trade Attaché, was the over-all lead organizer and co-founder of SlingshotMNL: The Official StartUp Event of APEC Philippines 2015, prior to his assignment to India last September 1st, 2015.
Slingshot MNL is an initiative led by the Foreign Trade Service Corps (FTSC) of the Department of Trade and Industry (DTI) and the Philippine startup community in partnership with the leading startup institution in the country, IdeaSpace Foundation. SlingShot is considered one of the pioneering events for the Philippine startup community attended by over 1,300 attendees with over 30 resource speakers and 100 local startups. The Gold Anvil Award serves as recognition of its outstanding public relations program and its tools that meet the highest standards set in its category.
“Supporting and promoting our startup community is just a step forward to developing a national innovation system in the country that would help us prioritize the need to capacitate our local producers including budding micro, small, and medium enterprises (MSMEs) to be more competitive in the global market through innovation,” said Industry Promotions Group Undersecretary Nora K. Terrado.
The two-day conference gathered entrepreneurs, foreign and local investors, government officials and several industry leaders and influencers. The event also showcased to potential business partners and investors the products and services of local startups. Topics discussed during the six breakout sessions include understanding hubs of innovation and opportunities in startup investments, redefining scale in the global market place, and startup ecosystem support. Pitch competitions also took place during the event.
The event further aims to establish collaborating network among business enablers, industries and entrepreneurs. It also aims to make the country a hub for entrepreneurs seeking support for their business.
“We are happy to put forward the promotion of startups in the country. Through collaborative efforts, we know that the government, private sector and our entrepreneurs will develop cross-industry collaboration to help our growing startup community,” said Michael Ignacio of Foreign Trade Service Corps (FTSC) and one of the heads of SlingShot MNL 2015.
Slingshot MNL 2016 is also set to take place on March 10 and 11 in Manila and Cebu respectively. For the past years, Philippine startups have captured foreign investors as the sector continues to receive support from various stakeholders and business enablers. With the continued efforts of doing business in the country easier, DTI through its programs and initiatives will ensure that startups are encouraged and are taken into the next level for their business development.
Anvil Awards is conducted annually by the Public Relations Society of the Philippines to award outstanding public relations programs and tools designed and implemented during the previous year.
http://www.slingshotmnl.org
Department of Trade and Industry
Release Date: March 1, 2016
Reference: DTI-Industry Promotions Group
890 4898/ 465 3300 loc. 310 (tel)
ouipg@dti.gov.ph / www.dti.gov.ph
Philippines capable of double-digit growth – IMF
MANILA, Philippines – The International MonetaryFUND (IMF) expects the Philippines to post double-digit economic growth amid a steady improvement in public investment efficiency over the next 15 years.
In a report, IMF economist Takuji Komatsuzaki said the improvement in public investment efficiency generates substantial additional benefits particularly through higher gross domestic product (GDP) growth.
“Assuming half of the inefficiency is eliminated in five years, the increase in real GDP after 15 years is nine percent to 11 percent,” Komatsuzaki said.
The IMF considered two scenarios in the working paper including a permanent increase in public investment by two percent of GDP financed by borrowing as well as the same increase in public investment financed by higher taxes.
“All scenarios exhibited sustained gains in output because improving public infrastructure leads to gains in productivity, which crowds in private investment,” Komatsuzaki said.
According to the report, when public investment efficiency is improved to the 20 percent inefficiency, the same five percent of GDP public investment results in over four percent of GDP contribution to public infrastructure and a cumulative increase in GDP of nine percent to 11 percent after 15 years.
The government has committed to raise infrastructure spending to five percent this year from around three percent in 2014. The country’s GDP growth slowed down to 5.8 percent last year from 6.1 percent in 2014 due to weak global demand and dismal government spending.
The IMF noted a persistently low public investment in the Philippines averaging 2.5 percent of GDP between 2000 and 2014 – the lowest among member countries of the Association of Southeast Asian Nations.
With this, the Philippines has one of the lowest public capitalSTOCK of 35 percent of GDP in 2013 compared with the ASEAN average of 72 percent.
Likewise, the World Economic Forum’s global competitiveness report has ranked the Philippines among the lowest in ASEAN and substantially lower than the ASEAN average in overall infrastructure and all of its subcomponents.
On the other hand, the country has made steady progress in governance and fiscal transparency based on the yearly improvement of its relative ranking in the World Governance Indicators of the World Bank since 2010.
However, the multilateral lender noted a need to further strengthen institutions to improve publicINVESTMENT efficiency as initial results of the PublicINVESTMENT MANAGEMENT Assessment (PIMA) framework showed stronger planning and implementing phases but weaker in allocating phase.
With a low capitalSTOCK and a fast growing young population, the IMF said addressing the large infrastructure gap is needed to raise potential growth and reduce poverty and external imbalances.
The IMF said a higher public investment spending can generate sustained output growth, and improving public investment efficiency could bring about substantial additional benefits.
“It also shows that deficit-financing and tax-financing can have different dynamics in some macroeconomic variables. Given the need to ensure debt sustainability amid the large spending needs in other priority spending areas for inclusive growth, continued efforts mobilize revenue will be critical, including by enacting measures to offset any revenue eroding policy changes and preferably through a comprehensive tax reform that focuses on broadening the tax base,” it said.
Read more from source: Philippine Star
By Lawrence Agcaoili (The Philippine Star) | Updated March 2, 2016 - 12:00am
In a report, IMF economist Takuji Komatsuzaki said the improvement in public investment efficiency generates substantial additional benefits particularly through higher gross domestic product (GDP) growth.
“Assuming half of the inefficiency is eliminated in five years, the increase in real GDP after 15 years is nine percent to 11 percent,” Komatsuzaki said.
The IMF considered two scenarios in the working paper including a permanent increase in public investment by two percent of GDP financed by borrowing as well as the same increase in public investment financed by higher taxes.
“All scenarios exhibited sustained gains in output because improving public infrastructure leads to gains in productivity, which crowds in private investment,” Komatsuzaki said.
According to the report, when public investment efficiency is improved to the 20 percent inefficiency, the same five percent of GDP public investment results in over four percent of GDP contribution to public infrastructure and a cumulative increase in GDP of nine percent to 11 percent after 15 years.
The government has committed to raise infrastructure spending to five percent this year from around three percent in 2014. The country’s GDP growth slowed down to 5.8 percent last year from 6.1 percent in 2014 due to weak global demand and dismal government spending.
The IMF noted a persistently low public investment in the Philippines averaging 2.5 percent of GDP between 2000 and 2014 – the lowest among member countries of the Association of Southeast Asian Nations.
With this, the Philippines has one of the lowest public capitalSTOCK of 35 percent of GDP in 2013 compared with the ASEAN average of 72 percent.
Likewise, the World Economic Forum’s global competitiveness report has ranked the Philippines among the lowest in ASEAN and substantially lower than the ASEAN average in overall infrastructure and all of its subcomponents.
On the other hand, the country has made steady progress in governance and fiscal transparency based on the yearly improvement of its relative ranking in the World Governance Indicators of the World Bank since 2010.
However, the multilateral lender noted a need to further strengthen institutions to improve publicINVESTMENT efficiency as initial results of the PublicINVESTMENT MANAGEMENT Assessment (PIMA) framework showed stronger planning and implementing phases but weaker in allocating phase.
With a low capitalSTOCK and a fast growing young population, the IMF said addressing the large infrastructure gap is needed to raise potential growth and reduce poverty and external imbalances.
The IMF said a higher public investment spending can generate sustained output growth, and improving public investment efficiency could bring about substantial additional benefits.
“It also shows that deficit-financing and tax-financing can have different dynamics in some macroeconomic variables. Given the need to ensure debt sustainability amid the large spending needs in other priority spending areas for inclusive growth, continued efforts mobilize revenue will be critical, including by enacting measures to offset any revenue eroding policy changes and preferably through a comprehensive tax reform that focuses on broadening the tax base,” it said.
Read more from source: Philippine Star
By Lawrence Agcaoili (The Philippine Star) | Updated March 2, 2016 - 12:00am
BLOOMBERG: Move Over Thailand, the Philippines is Southeast Asia's Strong Man
With a greater focus on manufacturing, a young population and a president committed to stable growth, the Philippines is pulling ahead
The Philippines is no longer the `sick man of Asia', Economic Planning Secretary Arsenio Balisacan declared yesterday after the economy grew a better-than-estimated 6.9 percent last quarter from a year earlier. That capped three successive years of above-6-percent growth, placing it well ahead of Thailand, once a growth engine of Southeast Asia.
Here are five charts that show how the Philippines pulled ahead:
GDP Growth: While both countries recorded almost-similar growth rates in 2006, the Thai economy has since floundered because of military coups, floods and persistent political uncertainty. The Philippines, on the other hand, has expanded steadily, with President Benigno Aquino's efforts to crack down on corruption and improve the investment climate from the time he took office in 2010 bearing fruit.
Manufacturing Boom: With rising foreign investment flows, Philippine manufacturing is on the uptick, while Thailand's manufacturing prowess has taken a hit in recent years from the record floods of 2011, smaller R&D investments compared to regional rivals and obsolete technology, particularly in electronics, the Bank of Thailand has said. Thailand’s ranking for innovation in the World Economic Forum’s Global Competitiveness Index fell to 67 in 2014 from 33 in 2007, while the Philippines climbed.
Exports Surge: Philippine exports of items including electronics and apparel have been climbing, with shipments rising about 12 percent last year. In contrast, Thailand's exports fell last year for a second straight year, the first time that has happened in at least two decades, as investors look to diversify to cheaper, more politically stable alternatives from Vietnam to Indonesia.
Consumption Swell. Rising remittances and wages are fuelingdomestic consumption in the Philippines, helping counter the uneven global recovery. In Thailand, on the other hand, slower government spending and lingering political uncertainty has crimped private consumption.
Demographic Dividend. About 31 percent of the Philippine population was 10-24 years old last year, compared with 20 percent in Thailand, according to the United Nations PopulationFund. The average fertility rate in the Philippines from 2010-2015 is estimated at 3.1 percent compared with Thailand's 1.4 percent. Little wonder then that Thailand is seeing the most rapid reduction in the ranks of its working-age population in Southeast Asia.
Here are five charts that show how the Philippines pulled ahead:
GDP Growth: While both countries recorded almost-similar growth rates in 2006, the Thai economy has since floundered because of military coups, floods and persistent political uncertainty. The Philippines, on the other hand, has expanded steadily, with President Benigno Aquino's efforts to crack down on corruption and improve the investment climate from the time he took office in 2010 bearing fruit.
Manufacturing Boom: With rising foreign investment flows, Philippine manufacturing is on the uptick, while Thailand's manufacturing prowess has taken a hit in recent years from the record floods of 2011, smaller R&D investments compared to regional rivals and obsolete technology, particularly in electronics, the Bank of Thailand has said. Thailand’s ranking for innovation in the World Economic Forum’s Global Competitiveness Index fell to 67 in 2014 from 33 in 2007, while the Philippines climbed.
Exports Surge: Philippine exports of items including electronics and apparel have been climbing, with shipments rising about 12 percent last year. In contrast, Thailand's exports fell last year for a second straight year, the first time that has happened in at least two decades, as investors look to diversify to cheaper, more politically stable alternatives from Vietnam to Indonesia.
Consumption Swell. Rising remittances and wages are fuelingdomestic consumption in the Philippines, helping counter the uneven global recovery. In Thailand, on the other hand, slower government spending and lingering political uncertainty has crimped private consumption.
Demographic Dividend. About 31 percent of the Philippine population was 10-24 years old last year, compared with 20 percent in Thailand, according to the United Nations PopulationFund. The average fertility rate in the Philippines from 2010-2015 is estimated at 3.1 percent compared with Thailand's 1.4 percent. Little wonder then that Thailand is seeing the most rapid reduction in the ranks of its working-age population in Southeast Asia.
PH eyes second-tier Indian IT-BPM firms for co-location
Feb 24, 2016
After luring India’s top 15 IT-BMP companies, the Philippines is now targeting its second-tier firms to explore the advantages of co-locating in the country and eventually putting up operations.
This was the aim of the 10-member Philippines business delegation that recently joined the NASSCOM India Leadership Forum (NILF) at the Grand Hyatt Hotel in Mumbai.
The Philippine delegation, organized by the IT Business Process Association of the Philippines (IBPAP), was composed of top executives from IBPAP and IBPAP-member companies including Sutherland, Hinduja Global Solutions (HGS), John Clements, BPO International, and TalkPush. Through this delegation, the country’s Information Technology and Business Process Management (IT-BPM) sector is expecting to explore business potentials with the giant Indian-IT-BPM.
“As 14 out of the top 15 Indian IT-BPM companies are already in the Philippines, our goal is to target the 2nd-Tier Indian IT-BPM companies to also explore the advantages of co-locating and eventually putting up operations in the Philippines, ” said Commercial Counselor Michael Alfred V. Ignacio, who represented the Philippine Investment and Trade Center in New Delhi.
PTIC New Delhi also arranged a meeting with NASSCOM’s Senior Vice President, Sangeeta Gupta, to discuss the latter’s plans to jointly organize a 15 to 20-member business delegation to the Philippines by mid-April, 2016 to explore new investments, potential joint venture partnerships and possible mutually beneficial cooperation in capacity building between the two countries which prominently count among the top global providers of IT-BPM services worldwide.
PTIC New Delhi, the Commercial Section of the Philippine Embassy in India, arranged a round-table meeting for the members of the Philippine delegation with the top IT executives of the Indian conglomerate Aditya Birla Group and NASSCOM, India’s foremost software industry association. For 2016, it is on the top priority on trade and investment of PTIC New Delhi to forward the country’s IT-BPM among other high potential sectors in India.
Atul Jayawant, President and Group CIO of the Aditya Birla Group, with two other CIOS of the Indian conglomerate, personally met with the Philippine Business Delegation. Ignacio, on the other hand, led and introduced the Philippine delegation during the event. The event primarily aims to jointly explore possible business partnerships in the future to take advantage of the conglomerate’s global scope and the Philippines’ expertise in IT-BPM among others.
“It is of high importance for our country to meet with top executives of IT-BPM industry in India since it will help us strengthen existing bilateral relations with India and further explore the potential of IT-BPM sector for both countries,” said Ignacio.
Aditya Birla Group is a $40-billion conglomerate with business spanning from manufacturing aluminum/metal, cement, pulp, and fiber, textiles, to services such as financial, fashion retail (Pantaloon, Louis Philip, Van Heusen, www.abof.com), telecommunications (Idea- with 180 Million subscribers), and its textile company, Indo-Phil Textiles. Furthermore, the Birla Family is known for its excellent relations with the Philippines. Rajashree Birla, mother of the CEO Kumar Birla, is currently serving as the Philippine Honorary Consul General in Mumbai.
“Given Aditya Birla’s long standing presence and close ties with the Philippines, the country’s IT-BPM sector is ready for renewed and potential new strategic partnerships to support the conglomerate’s global footprint and growth, particularly in the ASEAN’s 600-Million strong market with the entry into force of the ASEAN Economic Community, the country’s own 100-million population and the Philippine IT-BPM industry’s strengths in both US and European markets,” said Ignacio during the business-to-business round table meeting arranged in the sidelines of NILF.
Read more at http://www.mb.com.ph/ph-eyes-second-tier-indian-it-bpm-firms-for-co-location/#oULBQ5A5qxqt96Cr.99
Feb 24, 2016
After luring India’s top 15 IT-BMP companies, the Philippines is now targeting its second-tier firms to explore the advantages of co-locating in the country and eventually putting up operations.
This was the aim of the 10-member Philippines business delegation that recently joined the NASSCOM India Leadership Forum (NILF) at the Grand Hyatt Hotel in Mumbai.
The Philippine delegation, organized by the IT Business Process Association of the Philippines (IBPAP), was composed of top executives from IBPAP and IBPAP-member companies including Sutherland, Hinduja Global Solutions (HGS), John Clements, BPO International, and TalkPush. Through this delegation, the country’s Information Technology and Business Process Management (IT-BPM) sector is expecting to explore business potentials with the giant Indian-IT-BPM.
“As 14 out of the top 15 Indian IT-BPM companies are already in the Philippines, our goal is to target the 2nd-Tier Indian IT-BPM companies to also explore the advantages of co-locating and eventually putting up operations in the Philippines, ” said Commercial Counselor Michael Alfred V. Ignacio, who represented the Philippine Investment and Trade Center in New Delhi.
PTIC New Delhi also arranged a meeting with NASSCOM’s Senior Vice President, Sangeeta Gupta, to discuss the latter’s plans to jointly organize a 15 to 20-member business delegation to the Philippines by mid-April, 2016 to explore new investments, potential joint venture partnerships and possible mutually beneficial cooperation in capacity building between the two countries which prominently count among the top global providers of IT-BPM services worldwide.
PTIC New Delhi, the Commercial Section of the Philippine Embassy in India, arranged a round-table meeting for the members of the Philippine delegation with the top IT executives of the Indian conglomerate Aditya Birla Group and NASSCOM, India’s foremost software industry association. For 2016, it is on the top priority on trade and investment of PTIC New Delhi to forward the country’s IT-BPM among other high potential sectors in India.
Atul Jayawant, President and Group CIO of the Aditya Birla Group, with two other CIOS of the Indian conglomerate, personally met with the Philippine Business Delegation. Ignacio, on the other hand, led and introduced the Philippine delegation during the event. The event primarily aims to jointly explore possible business partnerships in the future to take advantage of the conglomerate’s global scope and the Philippines’ expertise in IT-BPM among others.
“It is of high importance for our country to meet with top executives of IT-BPM industry in India since it will help us strengthen existing bilateral relations with India and further explore the potential of IT-BPM sector for both countries,” said Ignacio.
Aditya Birla Group is a $40-billion conglomerate with business spanning from manufacturing aluminum/metal, cement, pulp, and fiber, textiles, to services such as financial, fashion retail (Pantaloon, Louis Philip, Van Heusen, www.abof.com), telecommunications (Idea- with 180 Million subscribers), and its textile company, Indo-Phil Textiles. Furthermore, the Birla Family is known for its excellent relations with the Philippines. Rajashree Birla, mother of the CEO Kumar Birla, is currently serving as the Philippine Honorary Consul General in Mumbai.
“Given Aditya Birla’s long standing presence and close ties with the Philippines, the country’s IT-BPM sector is ready for renewed and potential new strategic partnerships to support the conglomerate’s global footprint and growth, particularly in the ASEAN’s 600-Million strong market with the entry into force of the ASEAN Economic Community, the country’s own 100-million population and the Philippine IT-BPM industry’s strengths in both US and European markets,” said Ignacio during the business-to-business round table meeting arranged in the sidelines of NILF.
Read more at http://www.mb.com.ph/ph-eyes-second-tier-indian-it-bpm-firms-for-co-location/#oULBQ5A5qxqt96Cr.99
Govt woos Indian BPOs
Feb 24, 2016
The Philippine Trade and Investment Center is wooing more Indian business process outsourcing companies to invest in the Philippines.
PTIC New Delhi commercial counselor Michael Alfred Ignacio, who recently led a 10-man delegation to the NASSCOM India Leadership Forum at the Grand Hyatt Hotel in Mumbai, underscored the importance of attending international fora to meet top executives of major companies.
“It is of high importance for our country to meet with top executives of IT-BPM industry in India since it will help us strengthen existing bilateral relations with India and further explore the potential of IT-BPM sector for both countries,” said Ignacio.
The event primarily aimed to jointly explore possible business partnerships to promote the Philippines’ expertise in IT-BPM.
Aditya Birla Group president and chief information officer Atul Jayawant and two other executives of the Indian conglomerate met with the Philippine business delegation.
Aditya Birla Group is a $40-billion conglomerate with businesses spanning from manufacturing aluminum/metal, cement, pulp, fiber and textiles to services such as financial, fashion retail, telecommunications.
The Birla Family is known for its excellent relations with the Philippines as Rajashree Birla, mother of chief executive Kumar Birla, is currently serving as the Philippine honorary consul general in Mumbai.
“Given Aditya Birla’s long standing presence and close ties with the Philippines, the country’s IT-BPM sector is ready for renewed and potential new strategic partnerships to support the conglomerate’s global footprint and growth, particularly in the Asean’s 600-million strong market with the entry into force of the Asean Economic Community,” said Ignacio.
Ignacio said 14 of the top 15 Indian IT-BPM companies were already in the Philippines and the target was to get the second-tiered Indian IT-BPM companies to also explore the advantages of co-locating and eventually putting up operations in the Philippines.
PTIC New Delhi also arranged a meeting with NASSCOM senior vice president Sangeeta Gupta to discuss the latter’s plans to jointly organize a 15 to 20-member business delegation to the Philippines by mid-April 2016.
read more thestandard
Feb 24, 2016
The Philippine Trade and Investment Center is wooing more Indian business process outsourcing companies to invest in the Philippines.
PTIC New Delhi commercial counselor Michael Alfred Ignacio, who recently led a 10-man delegation to the NASSCOM India Leadership Forum at the Grand Hyatt Hotel in Mumbai, underscored the importance of attending international fora to meet top executives of major companies.
“It is of high importance for our country to meet with top executives of IT-BPM industry in India since it will help us strengthen existing bilateral relations with India and further explore the potential of IT-BPM sector for both countries,” said Ignacio.
The event primarily aimed to jointly explore possible business partnerships to promote the Philippines’ expertise in IT-BPM.
Aditya Birla Group president and chief information officer Atul Jayawant and two other executives of the Indian conglomerate met with the Philippine business delegation.
Aditya Birla Group is a $40-billion conglomerate with businesses spanning from manufacturing aluminum/metal, cement, pulp, fiber and textiles to services such as financial, fashion retail, telecommunications.
The Birla Family is known for its excellent relations with the Philippines as Rajashree Birla, mother of chief executive Kumar Birla, is currently serving as the Philippine honorary consul general in Mumbai.
“Given Aditya Birla’s long standing presence and close ties with the Philippines, the country’s IT-BPM sector is ready for renewed and potential new strategic partnerships to support the conglomerate’s global footprint and growth, particularly in the Asean’s 600-million strong market with the entry into force of the Asean Economic Community,” said Ignacio.
Ignacio said 14 of the top 15 Indian IT-BPM companies were already in the Philippines and the target was to get the second-tiered Indian IT-BPM companies to also explore the advantages of co-locating and eventually putting up operations in the Philippines.
PTIC New Delhi also arranged a meeting with NASSCOM senior vice president Sangeeta Gupta to discuss the latter’s plans to jointly organize a 15 to 20-member business delegation to the Philippines by mid-April 2016.
read more thestandard
Sri Lanka and Philippines to boost collaboration in IT, hospitality sector and training of nurses
Undersecretary (Deputy Minister) for International and Economic Relations of the Department of Foreign Affairs of the Republic of the Philippines Laura Q. Del Rosario undertook an official visit to Sri Lanka from 14-15th February 2016.
The Undersecretary met with Dr. Harsha de Silva, Deputy Minister of Foreign Affairs for bilateral discussions at the Foreign Ministry on Monday 15 February 2016. At the meeting, the visiting Undersecretary expressed Philippines’ interest of enhancing the existing ties between Sri Lanka and the Philippines and looked forward to benefits of mutual cooperation. Deputy Minister de Silva proposed to enhance collaboration between the two countries in fields of the IT related services, hospitality sector and training of nurses.
The Undersecretary’s visit to Sri Lanka took place just two weeks after the two countries signed the Memorandum of Understanding (MoU) on Political Consultations, which provides the forum for the Foreign Ministries of the two countries to have regular consultations on bilateral and international matters of interest. Accordingly at the bilateral meeting, it was agreed to hold the first round of bilateral political consultations under this MoU in Colombo at a mutually agreed date later in the year.
The visiting Undersecretary also met with the Hon. Minister of Foreign Employment and the representatives of the Ceylon Chamber of Commerce and Sri Lanka Tourism on 15th February prior to her departure.
She also attended an Education and Tourism Roadshow organized by the Consulate of the Philippines in Sri Lanka during the visit.
|
Ministry of Foreign Affairs
Colombo 17 February 2016 |
|
PRESS RELEASE: Philippines’ IBPAP sends Business Delegation to the NASSCOM India Leadership Forum 2016 in cooperation with the Philippine Trade and Investment Centre in New Delhi.
17 February 2016
Mumbai, India – A 10-member Philippine Business Delegation through the assistance of the Philippine Trade and Investment Center (PTIC) –New Delhi recently joined the NASSCOM India Leadership Forum (NILF) at the Grand Hyatt Hotel in Mumbai.
The Philippine delegation, organized by the IT Business Process Association of the Philippines (IBPAP), was composed of top executives from IBPAP, led by its Executive Director for Human Resource Development & Training, Ms. Penny Bongato and IBPAP-member companies including Sutherland, Hinduja Global Solutions (HGS), John Clements, BPO International, and TalkPush. Through this delegation, the country’s Information Technology and Business Process Management (IT-BPM) sector is expecting to explore business potentials with the giant Indian-IT-BPM.
PTIC New Delhi, the Commercial Section of the Philippine Embassy in India, arranged a round table meeting for the members of the Philippine delegation with the top IT executives of the Indian conglomerate Aditya Birla Group and NASSCOM, India’s foremost software industry association. For 2016, it is on the top priority on trade and investment of PTIC New Delhi to forward the country’s IT-BPM among other high potential sectors in India.
Mr. Atul Jayawant, President and Group CIO of the Aditya Birla Group, with two other CIOS of the Indian conglomerate, personally met with the Philippine Business Delegation. PITC New Delhi represented by Commercial Counselor Mr. Michael Alfred V. Ignacio, on the other hand, led and introduced the Philippine delegation during the event. The event primarily aims to jointly explore possible business partnerships in the future to take advantage of the conglomerate’s global scope and the Philippines’ expertise in IT-BPM among others.
“It is of high importance for our country to meet with top executives of IT-BPM industry in India since it will help us strengthen existing bilateral relations with India and further explore the potential of IT-BPM sector for both countries,” said Ignacio.
Aditya Birla Group is a US$40 Billion conglomerate with business spanning from manufacturing aluminum/metal, cement, pulp, and fiber, textiles, to services such as financial, fashion retail (Pantaloon, Louis Philip, Van Heusen, www.abof.com) , telecomunications (Idea- with 180 Million subscribers), and its textile company, Indo-Phil Textiles. Furthermore, the Birla Family is known for its excellent relations with the Philippines. Mrs. Rajashree Birla, mother of the CEO Kumar Birla, is currently serving as the Philippine Honorary Consul General in Mumbai.
“Given Aditya Birla’s long standing presence and close ties with the Philippines, the country’s IT-BPM sector is ready for renewed and potential new strategic partnerships to support the conglomerate’s global footprint and growth, particularly in the ASEAN’s 600-Million strong market with the entry into force of the ASEAN Economic Community, the country’s own 100-million population and the Philippine IT-BPM industry’s strengths in both US and European markets,” said Counselor Ignacio during the business-to-business round table meeting arranged in the sidelines of NILF.
“As 14 out of the top 15 Indian IT-BPM companies are already in the Philippines, our goal is to target the 2nd-Tier Indian IT-BPM companies to also explore the advantages of co-locating and eventually putting up operations in the Philippines, ” added by Commercial Counsellor Ignacio.
PTIC New Delhi also arranged a meeting for IBPAP executives Board Trustee Cathy Ileto and Executive Director Bongato, with NASSCOM’s Senior Vice President, Sangeeta Gupta, to discuss the latter’s plans to jointly organize a 15 to 20-member business delegation to the Philippines by mid-April 2016 to explore new investments, potential joint venture partnerships and possible mutually beneficial cooperation in capacity building between the two countries which prominently count among the top global providers of IT-BPM services worldwide.
About PTIC New Delhi
The Philippine Trade and Investment Centre New Delhi - PTIC New Delhi is the commercial section of the Philippine Embassy in India and the representative office of the Philippine Department of Trade and Industry in India supporting the Philippine Missions in Nepal, Sri Lanka, Bangladesh and Pakistan www.investphilippinesindia.org india@dti.gov.ph
About IBPAP
The Information Technology and Business Process Association of the Philippines (IBPAP) is the enabling association for the information technology and business process management (IT-BPM) industry in the Philippines. IBPAP serves as the one-stop information and advocacy gateway for the industry. With over 300 industry and support-industry members and five associations -- the Animation Council of the Philippines, Inc., Contact Center Association of the Philippines, Game Developers Association of the Philippines, Healthcare Information Management Outsourcing Association of the Philippines, and Philippine Software Industry Association - BPAP plays a pivotal role in sustaining rapid growth of the IT-BPM industry by working to ensure an enduring supply of high-quality labor, supporting service innovation, and providing country visibility. www.ibpap.org
About NASSCOM
The National Association of Software and Services Companies (NASSCOM) is a trade association of Indian Information Technology (IT) and Business Process Outsourcing (BPO) industry.[1] Established in 1988, NASSCOM is a non-profit organisation. NASSCOM is a global trade body with over 2000 members, of which over 250 are companies from the China, EU, Japan, US and UK. NASSCOM's member companies are in the business of software development, software services, software products, IT-enabled/BPO services and e-commerce. www.nasscom.in
About the ADITYA BIRLA GROUP
ADITYA BIRLA GROUP: is a US $41 billion corporation, the Aditya Birla Group is in the League of Fortune 500. Anchored by an extraordinary force of over 120,000 employees, belonging to 42 nationalities. Over 50 per cent of its revenues flow from its overseas operations spanning 36 countries. The Group has been ranked fourth in the world and first in Asia Pacific in the ‘Top Companies for Leaders’ study 2011, conducted by Aon Hewitt, Fortune Magazine and RBL (a strategic HR and leadership Advisory firm). The Group has topped the Nielsen's Corporate Image Monitor 2014-15 and emerged as the Number one corporate, the 'Best in Class', for the third consecutive year. www.adityabirla.com
Mumbai, India – A 10-member Philippine Business Delegation through the assistance of the Philippine Trade and Investment Center (PTIC) –New Delhi recently joined the NASSCOM India Leadership Forum (NILF) at the Grand Hyatt Hotel in Mumbai.
The Philippine delegation, organized by the IT Business Process Association of the Philippines (IBPAP), was composed of top executives from IBPAP, led by its Executive Director for Human Resource Development & Training, Ms. Penny Bongato and IBPAP-member companies including Sutherland, Hinduja Global Solutions (HGS), John Clements, BPO International, and TalkPush. Through this delegation, the country’s Information Technology and Business Process Management (IT-BPM) sector is expecting to explore business potentials with the giant Indian-IT-BPM.
PTIC New Delhi, the Commercial Section of the Philippine Embassy in India, arranged a round table meeting for the members of the Philippine delegation with the top IT executives of the Indian conglomerate Aditya Birla Group and NASSCOM, India’s foremost software industry association. For 2016, it is on the top priority on trade and investment of PTIC New Delhi to forward the country’s IT-BPM among other high potential sectors in India.
Mr. Atul Jayawant, President and Group CIO of the Aditya Birla Group, with two other CIOS of the Indian conglomerate, personally met with the Philippine Business Delegation. PITC New Delhi represented by Commercial Counselor Mr. Michael Alfred V. Ignacio, on the other hand, led and introduced the Philippine delegation during the event. The event primarily aims to jointly explore possible business partnerships in the future to take advantage of the conglomerate’s global scope and the Philippines’ expertise in IT-BPM among others.
“It is of high importance for our country to meet with top executives of IT-BPM industry in India since it will help us strengthen existing bilateral relations with India and further explore the potential of IT-BPM sector for both countries,” said Ignacio.
Aditya Birla Group is a US$40 Billion conglomerate with business spanning from manufacturing aluminum/metal, cement, pulp, and fiber, textiles, to services such as financial, fashion retail (Pantaloon, Louis Philip, Van Heusen, www.abof.com) , telecomunications (Idea- with 180 Million subscribers), and its textile company, Indo-Phil Textiles. Furthermore, the Birla Family is known for its excellent relations with the Philippines. Mrs. Rajashree Birla, mother of the CEO Kumar Birla, is currently serving as the Philippine Honorary Consul General in Mumbai.
“Given Aditya Birla’s long standing presence and close ties with the Philippines, the country’s IT-BPM sector is ready for renewed and potential new strategic partnerships to support the conglomerate’s global footprint and growth, particularly in the ASEAN’s 600-Million strong market with the entry into force of the ASEAN Economic Community, the country’s own 100-million population and the Philippine IT-BPM industry’s strengths in both US and European markets,” said Counselor Ignacio during the business-to-business round table meeting arranged in the sidelines of NILF.
“As 14 out of the top 15 Indian IT-BPM companies are already in the Philippines, our goal is to target the 2nd-Tier Indian IT-BPM companies to also explore the advantages of co-locating and eventually putting up operations in the Philippines, ” added by Commercial Counsellor Ignacio.
PTIC New Delhi also arranged a meeting for IBPAP executives Board Trustee Cathy Ileto and Executive Director Bongato, with NASSCOM’s Senior Vice President, Sangeeta Gupta, to discuss the latter’s plans to jointly organize a 15 to 20-member business delegation to the Philippines by mid-April 2016 to explore new investments, potential joint venture partnerships and possible mutually beneficial cooperation in capacity building between the two countries which prominently count among the top global providers of IT-BPM services worldwide.
About PTIC New Delhi
The Philippine Trade and Investment Centre New Delhi - PTIC New Delhi is the commercial section of the Philippine Embassy in India and the representative office of the Philippine Department of Trade and Industry in India supporting the Philippine Missions in Nepal, Sri Lanka, Bangladesh and Pakistan www.investphilippinesindia.org india@dti.gov.ph
About IBPAP
The Information Technology and Business Process Association of the Philippines (IBPAP) is the enabling association for the information technology and business process management (IT-BPM) industry in the Philippines. IBPAP serves as the one-stop information and advocacy gateway for the industry. With over 300 industry and support-industry members and five associations -- the Animation Council of the Philippines, Inc., Contact Center Association of the Philippines, Game Developers Association of the Philippines, Healthcare Information Management Outsourcing Association of the Philippines, and Philippine Software Industry Association - BPAP plays a pivotal role in sustaining rapid growth of the IT-BPM industry by working to ensure an enduring supply of high-quality labor, supporting service innovation, and providing country visibility. www.ibpap.org
About NASSCOM
The National Association of Software and Services Companies (NASSCOM) is a trade association of Indian Information Technology (IT) and Business Process Outsourcing (BPO) industry.[1] Established in 1988, NASSCOM is a non-profit organisation. NASSCOM is a global trade body with over 2000 members, of which over 250 are companies from the China, EU, Japan, US and UK. NASSCOM's member companies are in the business of software development, software services, software products, IT-enabled/BPO services and e-commerce. www.nasscom.in
About the ADITYA BIRLA GROUP
ADITYA BIRLA GROUP: is a US $41 billion corporation, the Aditya Birla Group is in the League of Fortune 500. Anchored by an extraordinary force of over 120,000 employees, belonging to 42 nationalities. Over 50 per cent of its revenues flow from its overseas operations spanning 36 countries. The Group has been ranked fourth in the world and first in Asia Pacific in the ‘Top Companies for Leaders’ study 2011, conducted by Aon Hewitt, Fortune Magazine and RBL (a strategic HR and leadership Advisory firm). The Group has topped the Nielsen's Corporate Image Monitor 2014-15 and emerged as the Number one corporate, the 'Best in Class', for the third consecutive year. www.adityabirla.com
The Philippine Business Delegation to the India NASSCOM Leadership Forum 2016 with (from L-R, 1st row) Mr. Roger Santos, of John Clements; Mr. Mario Biscocho, of John Clements; Ms. Cathy Ileto of Sutherland Philippines; Mr. Atul Jayawant of Aditya Birla Group; Mr. Michael Alfred V. Ignacio, Commercial Counselor of Embassy of the Philippines; Mr. Raman Srinivasan of Aditya Birla Group; Mr. Manolo Garcia Ramos of BPO International; and (from L-R, 2nd row) Max Armbruster of TalkPush; Ms. Penny Bongato of IBPAP; Mr. V.S. Srirangarajan of Aditya Birla Group.
PTIC New Delhi’s Commercial Counsellor Michael Alfred V. Ignacio proposes a tentative program for the incoming NASSCOM business delegation in April to Ms. Sangeeta Gupta, Senior Vice President of NASSCOM (center) and Ms. Penny Bongato, Executive Director for Talent Development & Research of IBPAP
The Philippines could have been a taste of heaven
Feb 9, 2016
The other day, I was interviewed by Quintin Pastrana in his program “Pundits,” aired on Bloomberg TV Philippines. Quintin is a highly educated young man and the son of Q Pastrana whom I knew during the ‘70s as one of the country’s top advertising executives. The Bloomberg TV program interview was about 10 minutes where we discussed the issues surrounding the 2016 presidential candidates.
During the interview, we talked about the economy and the sectors that are driving growth such as the BPO (business process outsourcing) industry that generated close to $22 billion revenues in 2015 and so far has given jobs to over a million Filipinos, and our overseas Filipino workers whose remittances last year were estimated at $23 billion. Unfortunately, getting lost in the equation is our agriculture sector whose growth has remained flat with a very miniscule 0.11 percent growth in 2015.
Admittedly, the sector has been facing a lot of challenges, among them natural calamities and disasters such as typhoons which wiped out harvests in many areas in the country, and the same goes for the prolonged effects of the El Niño phenomenon which made production very challenging, if not impossible. In fact, rice production has been going down in the past several years, with production for 2015 even lower than the 18.9 million MT output in 2014, according to the Bureau of Agricultural Statistics.
For a country that has been blessed with vast tracts of fertile lands, it is sad the agriculture sector – which accounts for about one-third of the labor force in the county – has not been a driver of economic growth, with poverty incidence among farmers at a high of almost 40 percent. Admittedly, climate change has had a major impact on our agriculture sector, not to mention other risks such as insect/parasite attacks like the “cocolisap” outbreak that infected more than two million coconut trees. But the fact remains that better growth could have been achieved, if support for the sector was prioritized. Among them improved irrigation systems as well as investments on efficient infrastructure not only to enhance productivity, but also to make sure the growth potential even in the most hintermost areas are maximized, according to experts.
But that is all hindsight, and we can’t really turn back the clock to four decades ago. I told Quintin that personally, if we invested on the tourism industry 40 years ago, we would have had a better chance of being a highly developed country. Progress would have been spread out across the country and not concentrated on congested cities like Metro Manila, Cebu, etc. We do have a lot of beautiful places that can compete with the best the world has to offer – and we’re not only talking of Palawan, but places like Donsol or the beautiful beaches in Bohol. The fact is, Filipinos have this natural warmth and charm that make them perfect for the service and hospitality industry.
read more philstar
Feb 9, 2016
The other day, I was interviewed by Quintin Pastrana in his program “Pundits,” aired on Bloomberg TV Philippines. Quintin is a highly educated young man and the son of Q Pastrana whom I knew during the ‘70s as one of the country’s top advertising executives. The Bloomberg TV program interview was about 10 minutes where we discussed the issues surrounding the 2016 presidential candidates.
During the interview, we talked about the economy and the sectors that are driving growth such as the BPO (business process outsourcing) industry that generated close to $22 billion revenues in 2015 and so far has given jobs to over a million Filipinos, and our overseas Filipino workers whose remittances last year were estimated at $23 billion. Unfortunately, getting lost in the equation is our agriculture sector whose growth has remained flat with a very miniscule 0.11 percent growth in 2015.
Admittedly, the sector has been facing a lot of challenges, among them natural calamities and disasters such as typhoons which wiped out harvests in many areas in the country, and the same goes for the prolonged effects of the El Niño phenomenon which made production very challenging, if not impossible. In fact, rice production has been going down in the past several years, with production for 2015 even lower than the 18.9 million MT output in 2014, according to the Bureau of Agricultural Statistics.
For a country that has been blessed with vast tracts of fertile lands, it is sad the agriculture sector – which accounts for about one-third of the labor force in the county – has not been a driver of economic growth, with poverty incidence among farmers at a high of almost 40 percent. Admittedly, climate change has had a major impact on our agriculture sector, not to mention other risks such as insect/parasite attacks like the “cocolisap” outbreak that infected more than two million coconut trees. But the fact remains that better growth could have been achieved, if support for the sector was prioritized. Among them improved irrigation systems as well as investments on efficient infrastructure not only to enhance productivity, but also to make sure the growth potential even in the most hintermost areas are maximized, according to experts.
But that is all hindsight, and we can’t really turn back the clock to four decades ago. I told Quintin that personally, if we invested on the tourism industry 40 years ago, we would have had a better chance of being a highly developed country. Progress would have been spread out across the country and not concentrated on congested cities like Metro Manila, Cebu, etc. We do have a lot of beautiful places that can compete with the best the world has to offer – and we’re not only talking of Palawan, but places like Donsol or the beautiful beaches in Bohol. The fact is, Filipinos have this natural warmth and charm that make them perfect for the service and hospitality industry.
read more philstar
German firm opens $50-M plant in Batangas
Feb 9, 2017
German firm opens $50-M plant in Batangas By Rosette Adel (philstar.com) | Updated February 8, 2016 - 5:10pm
5 1304 googleplus1 4
STIHL Group subsidiary Zama, a manufacturer of carburetors for small off-road engines recently opened its new production plant. Skycrapercity.comMANILA, Philippines — German company STIHL Group on Sunday announced the opening of a new production plant in Santo Tomas, Batangas
STIHL Group subsidiary Zama, a manufacturer of carburetors for small off-road engines, held the inauguration of its new production plant on January 20.
The new production plant with total investment amounting to US $50 million, covers a total land area of almost 60,000 square meters and offers an estimated 22,000 square meters of production, warehouse and office floor space.
The series of production is slated to start in April 2016. It is projected to produce about 2 million carburetors in 2016.
STIHL Advisory and Supervisory Chair Nikolas Stihl said the new production plant with 650 workforce of men and women is a milestone in the history of STIHL and Zama.
"The acquisition of Zama in 2009 has turned out to be a good decision. I am very proud to be able to add the newly built production plant in the Philippines to our international manufacturing network," Stihl said.
Business ( Article MRec ), pagematch: 1, sectionmatch: 1The company said the Philippines is an attractive location for having favorable industrial site conditions compared to other Asian countries. The country is also considered as one of the fastest-growing economies in the Asia-Pacific region with the plant situated in a special economic zone or the First Philippine Industrial Park.
STIHL Executive Board Chair Bertram Kandziora said he expects the production plant to supply products overseas.
“We expect further worldwide growth and have created additional capacity with this new project. It enables us to consolidate and grow our present market share, minimize risks and, at the same time, keep customer satisfaction at a high level. In addition, it will increase our competitiveness," Kandziora said.
read more philstar
Feb 9, 2017
German firm opens $50-M plant in Batangas By Rosette Adel (philstar.com) | Updated February 8, 2016 - 5:10pm
5 1304 googleplus1 4
STIHL Group subsidiary Zama, a manufacturer of carburetors for small off-road engines recently opened its new production plant. Skycrapercity.comMANILA, Philippines — German company STIHL Group on Sunday announced the opening of a new production plant in Santo Tomas, Batangas
STIHL Group subsidiary Zama, a manufacturer of carburetors for small off-road engines, held the inauguration of its new production plant on January 20.
The new production plant with total investment amounting to US $50 million, covers a total land area of almost 60,000 square meters and offers an estimated 22,000 square meters of production, warehouse and office floor space.
The series of production is slated to start in April 2016. It is projected to produce about 2 million carburetors in 2016.
STIHL Advisory and Supervisory Chair Nikolas Stihl said the new production plant with 650 workforce of men and women is a milestone in the history of STIHL and Zama.
"The acquisition of Zama in 2009 has turned out to be a good decision. I am very proud to be able to add the newly built production plant in the Philippines to our international manufacturing network," Stihl said.
Business ( Article MRec ), pagematch: 1, sectionmatch: 1The company said the Philippines is an attractive location for having favorable industrial site conditions compared to other Asian countries. The country is also considered as one of the fastest-growing economies in the Asia-Pacific region with the plant situated in a special economic zone or the First Philippine Industrial Park.
STIHL Executive Board Chair Bertram Kandziora said he expects the production plant to supply products overseas.
“We expect further worldwide growth and have created additional capacity with this new project. It enables us to consolidate and grow our present market share, minimize risks and, at the same time, keep customer satisfaction at a high level. In addition, it will increase our competitiveness," Kandziora said.
read more philstar
Trails only China in Asia: Philippines leads Japanese list of investment destinationsFeb 9, 2016
The Philippines has overtaken Thailand and Vietnam as the investment destination of choice in Asia among Japanese companies diversifying beyond China, a ranking official of the Japan External Trade Organization (Jetro) told The STAR.
In an interview during his recent visit to the country, Jetro executive vice president Tatsuhiro Shindo said the Philippines has moved up on the Japanese investors’ list of their most favored destinations in Asia.
The country is now officially the “plus one” of Japan as it embarks on a China Plus One Strategy, he said.
“Yes, (the Philippines) is on top of our list. It used to be Thailand and Vietnam. But most recently it has become the Philippines,” Shindo said.
“Japan’s outlook to the Philippines is very positive and very favorable because the Philippines is showing such a steady growth. It is so attractive, especially compared with the other ASEAN (Association of Southeast Asian Nations)-member countries recently,” he added.
With China’s recent economic slowdown, Shindo said Japan is applying the China Plus One Strategy to the Philippines given the country’s sustained economic growth.
Business ( Article MRec ), pagematch: 1, sectionmatch: 1The China Plus One Strategy is aimed at spreading Japan’s investments outside the world’s second largest economy.
“Japanese companies used to rush to China, but China’s economy was kind of sluggish as of late and Japan investors start to think about diversifying their investments to other countries. A couple of years ago, China Plus One means China plus Thailand or China plus Vietnam, but recently, we are pushing more for China Plus One means Philippines,” Shindo said.
Foreign chambers in the Philippines have already dubbed the country as the next big investment hub in Asia as investors exit China due to rising costs, increased regulation, and an economic slowdown.
Shindo headed last week an investment mission from Japan which included small and medium-sized manufacturing enterprises seeking investment opportunities in the country.
read more mb
The Philippines has overtaken Thailand and Vietnam as the investment destination of choice in Asia among Japanese companies diversifying beyond China, a ranking official of the Japan External Trade Organization (Jetro) told The STAR.
In an interview during his recent visit to the country, Jetro executive vice president Tatsuhiro Shindo said the Philippines has moved up on the Japanese investors’ list of their most favored destinations in Asia.
The country is now officially the “plus one” of Japan as it embarks on a China Plus One Strategy, he said.
“Yes, (the Philippines) is on top of our list. It used to be Thailand and Vietnam. But most recently it has become the Philippines,” Shindo said.
“Japan’s outlook to the Philippines is very positive and very favorable because the Philippines is showing such a steady growth. It is so attractive, especially compared with the other ASEAN (Association of Southeast Asian Nations)-member countries recently,” he added.
With China’s recent economic slowdown, Shindo said Japan is applying the China Plus One Strategy to the Philippines given the country’s sustained economic growth.
Business ( Article MRec ), pagematch: 1, sectionmatch: 1The China Plus One Strategy is aimed at spreading Japan’s investments outside the world’s second largest economy.
“Japanese companies used to rush to China, but China’s economy was kind of sluggish as of late and Japan investors start to think about diversifying their investments to other countries. A couple of years ago, China Plus One means China plus Thailand or China plus Vietnam, but recently, we are pushing more for China Plus One means Philippines,” Shindo said.
Foreign chambers in the Philippines have already dubbed the country as the next big investment hub in Asia as investors exit China due to rising costs, increased regulation, and an economic slowdown.
Shindo headed last week an investment mission from Japan which included small and medium-sized manufacturing enterprises seeking investment opportunities in the country.
read more mb
The Trans Pacific Partnership: Biggest ever trade deal signed
The Philippines has expressed strong interest in joining the TPP and although its existing bilateral agreement of this kind is currently with Japan, Manila is currently pursuing a free trade agreement with the countries of the European Free Trade Association (EFTA) — Iceland, Liechtenstein, Norway, and Switzerland. The Philippines had also been approached by six other countries for bilateral agreements as well.
AUCKLAND — The biggest trade deal in history was signed Thursday, yoking 12 Pacific rim countries in a US-led initiative aimed at wresting influence from booming China.
The ambitious Trans Pacific Partnership (TPP) aims to slash tariffs and trade barriers for an enormous 40 percent of the global economy — but pointedly does not include Beijing.
“TPP allows America — and not countries like China — to write the rules of the road in the 21st century,” US President Barack Obama said after the pact was signed in New Zealand.
Read more: http://business.inquirer.net/206656/biggest-ever-trade-deal-signed-as-us-seeks-to-counter-china#ixzz3zDhGRTir
Follow us: @inquirerdotnet on Twitter | inquirerdotnet on Facebook
The ambitious Trans Pacific Partnership (TPP) aims to slash tariffs and trade barriers for an enormous 40 percent of the global economy — but pointedly does not include Beijing.
“TPP allows America — and not countries like China — to write the rules of the road in the 21st century,” US President Barack Obama said after the pact was signed in New Zealand.
Read more: http://business.inquirer.net/206656/biggest-ever-trade-deal-signed-as-us-seeks-to-counter-china#ixzz3zDhGRTir
Follow us: @inquirerdotnet on Twitter | inquirerdotnet on Facebook
Philippines moves up to 70th among world's freest economies
Feb 2, 2016
MANILA, Philippines — The Philippines continues to post gains in terms of economic freedom, rising 6 places in the Heritage Foundation’s 2016 list, even as poor infrastructure remains to impede the country's growth.
At 70th out of 178 economies, the country improved from last year’s 76th and marked a total gain of 45 notches since a 2011 slide.
In 2011, the Philippines was in the 115th place, which means the country was "mostly unfree."
But with the government pursuing legislative reforms to enhance the entrepreneurial environment and develop a more vibrant private sector to generate broader-based job growth, the Philippines has been climbing up steadily in the past 4 years.
The 2016 Index of Economic Freedom cited the steady growth of the Philippine economy over the past 5 years, as well as the gradual modernization of the financial sector.
In terms of regulatory efficiency, the report observed that the time and cost of dealing with licensing requirements have notably improved.
"These results once again affirm our belief that good governance is good economics," Presidential Spokesperson Edwin Lacierda said in a statement on Tuesday, February 2.
"Apart from serving as a strong testament to the effectiveness of reforms, this positive news clearly shows how the Philippines has been progressing under the Aquino administration…" Lacierda added.
read more rappler
Feb 2, 2016
MANILA, Philippines — The Philippines continues to post gains in terms of economic freedom, rising 6 places in the Heritage Foundation’s 2016 list, even as poor infrastructure remains to impede the country's growth.
At 70th out of 178 economies, the country improved from last year’s 76th and marked a total gain of 45 notches since a 2011 slide.
In 2011, the Philippines was in the 115th place, which means the country was "mostly unfree."
But with the government pursuing legislative reforms to enhance the entrepreneurial environment and develop a more vibrant private sector to generate broader-based job growth, the Philippines has been climbing up steadily in the past 4 years.
The 2016 Index of Economic Freedom cited the steady growth of the Philippine economy over the past 5 years, as well as the gradual modernization of the financial sector.
In terms of regulatory efficiency, the report observed that the time and cost of dealing with licensing requirements have notably improved.
"These results once again affirm our belief that good governance is good economics," Presidential Spokesperson Edwin Lacierda said in a statement on Tuesday, February 2.
"Apart from serving as a strong testament to the effectiveness of reforms, this positive news clearly shows how the Philippines has been progressing under the Aquino administration…" Lacierda added.
read more rappler
Japanese investors remain keen on investing in Philippines
Feb 1, 2016
MANILA, Philippines - Japanese investors remain keen on investing in the Philippines despite the prevailing market volatility, Philippine Stock Exchange (PSE) president Hans Sicat said over the weekend.
“We are pleased that Japanese investors remain very interested in the Philippine market despite the volatilities experienced by equities worldwide since the start of the year,” Sicat said.
The PSE held its annual Philippine Corporate Day in Tokyo, Japan on Jan. 28 and 29 in partnership with DBP-Daiwa Capital Markets Philippines.
The so-called Corporate Day is an annual roadshow organized by the PSE to provide a venue for Japanese investors to meet with representatives of some of the country’s listed firms.
Seven listed companies participated in the road show: Ayala Corp., International Container Terminal Services Inc., JG Summit Holdings Inc., Manila Electric Co., Metro Pacific Investments Corp., San Miguel Corp., and Universal Robina Corp.
The 2016 Philippine Corporate Day is already the fourth roadshow to Japan by the PSE.
Business ( Article MRec ), pagematch: 1, sectionmatch: 1Sicat said the roadshow generated over 70 meetings with fund houses and investors.
“I am confident that we were able to highlight the compelling growth story of the Philippines especially since the composition of our listed companies in the roadshow provided the Japanese investors a very diverse representation of the industries we have,” Sicat said.
The economy grew by 6.3 percent in the last quarter of the year, bringing the average full-year growth to 5.8 percent.
read more philstar
Feb 1, 2016
MANILA, Philippines - Japanese investors remain keen on investing in the Philippines despite the prevailing market volatility, Philippine Stock Exchange (PSE) president Hans Sicat said over the weekend.
“We are pleased that Japanese investors remain very interested in the Philippine market despite the volatilities experienced by equities worldwide since the start of the year,” Sicat said.
The PSE held its annual Philippine Corporate Day in Tokyo, Japan on Jan. 28 and 29 in partnership with DBP-Daiwa Capital Markets Philippines.
The so-called Corporate Day is an annual roadshow organized by the PSE to provide a venue for Japanese investors to meet with representatives of some of the country’s listed firms.
Seven listed companies participated in the road show: Ayala Corp., International Container Terminal Services Inc., JG Summit Holdings Inc., Manila Electric Co., Metro Pacific Investments Corp., San Miguel Corp., and Universal Robina Corp.
The 2016 Philippine Corporate Day is already the fourth roadshow to Japan by the PSE.
Business ( Article MRec ), pagematch: 1, sectionmatch: 1Sicat said the roadshow generated over 70 meetings with fund houses and investors.
“I am confident that we were able to highlight the compelling growth story of the Philippines especially since the composition of our listed companies in the roadshow provided the Japanese investors a very diverse representation of the industries we have,” Sicat said.
The economy grew by 6.3 percent in the last quarter of the year, bringing the average full-year growth to 5.8 percent.
read more philstar
SPECIAL REPORT: Middle class reaping fruits of fast-growing economy
Feb 1, 2016
MANILA, Philippines - Denise Marie Foz, a 26-year-old marketing manager from Quezon City, does not argue with the fact that she is reaping the benefits of an economy that has grown the fastest in 40 years over the past five years.
Having bought a P3-million condominium unit in 2015, her next plan would have been to own a car this year, but she is shelving it for now.
“No car for now because it’s traffic anyway,” said Foz. “Anyway, my boyfriend has one and I think it’s better just having that for now with the traffic situation.”
Foz is among the rising middle class in the Philippines, which last year grew 5.8 percent, slower than in 2014 and lower than projected, but still the fastest among the big five Southeast Asian economies. This capped the best five years since the late 1970s in growth terms and something the Aquino administration was proud to highlight in last week’s report.
A recovery in state expenditures became the last missing piece to a spending spree that has allowed the Philippines to navigate an otherwise harsh external environment. But examining the nitty-gritty of the Philippine Statistics Authority’s (PSA) report would show it is not picking up faster.
For instance, over the past year, Filipino consumers like Foz have been buttressing the economy by piling up on cars. PSA figures showed investment in durable equipment rose 20.3 percent, helped by a 36.7-percent increase in road vehicles, a huge jump from 9.3 percent a year before.
read more philstar
Electronics exports seen growing by 7 to 8%
Feb 1, 2016
THE COUNTRY’S semiconductor and electronic products exports were estimated to have grown by 7 to 8 percent to $28 billion in 2015.
Dan Lachica, president of the Semiconductor and Electronics Industries in the Philippines Inc. (Seipi), said in an interview that the growth in the industry’s export receipts last year was due largely to the “higher than expected demand from semiconductor components, office equipment, telecom, and consumer electronics” sectors.
The growth estimate was double the 4-percent target set by Seipi in the last quarter of 2015. In the first quarter of last year, Seipi projected a 5- to 7-percent growth in electronics exports. The target was slashed in August 2015 to 3 to 5 percent to reflect the global market conditions at that time.
According to Lachica, Seipi has set a more conservative export revenue guidance of 4 percent this year. This, however, may still change after the board meeting to be held this month.
“The 2016 number is tempered by the continuing weakness in the global economy and in China, one of our big export markets,” Lachica said.
Government officials and industry leaders expect the semiconductor and electronics industry to remain one of the key sectors that will enable merchandise exports to snap back to growth track this year.
While the Department of Trade and Industry has yet to release its official targets this year, the Philippine Exporters Confederation Inc. (Philexport) earlier said it was hopeful the country would post $102 billion in total export revenue for 2016, covering both merchandise and services exports.
Other major growth drivers for the export sector this year are the “sustained, although moderate, growth in demand from the United States; traction from China’s stimulus package to revitalize its growth momentum; ramped up investment-driven exports from new and expanding projects coming on stream in 2016, and a more competitive exchange rate.”
Read more: http://business.inquirer.net/206455/electronics-exports-seen-growing-7-8#ixzz3yuTrW08w
Feb 1, 2016
THE COUNTRY’S semiconductor and electronic products exports were estimated to have grown by 7 to 8 percent to $28 billion in 2015.
Dan Lachica, president of the Semiconductor and Electronics Industries in the Philippines Inc. (Seipi), said in an interview that the growth in the industry’s export receipts last year was due largely to the “higher than expected demand from semiconductor components, office equipment, telecom, and consumer electronics” sectors.
The growth estimate was double the 4-percent target set by Seipi in the last quarter of 2015. In the first quarter of last year, Seipi projected a 5- to 7-percent growth in electronics exports. The target was slashed in August 2015 to 3 to 5 percent to reflect the global market conditions at that time.
According to Lachica, Seipi has set a more conservative export revenue guidance of 4 percent this year. This, however, may still change after the board meeting to be held this month.
“The 2016 number is tempered by the continuing weakness in the global economy and in China, one of our big export markets,” Lachica said.
Government officials and industry leaders expect the semiconductor and electronics industry to remain one of the key sectors that will enable merchandise exports to snap back to growth track this year.
While the Department of Trade and Industry has yet to release its official targets this year, the Philippine Exporters Confederation Inc. (Philexport) earlier said it was hopeful the country would post $102 billion in total export revenue for 2016, covering both merchandise and services exports.
Other major growth drivers for the export sector this year are the “sustained, although moderate, growth in demand from the United States; traction from China’s stimulus package to revitalize its growth momentum; ramped up investment-driven exports from new and expanding projects coming on stream in 2016, and a more competitive exchange rate.”
Read more: http://business.inquirer.net/206455/electronics-exports-seen-growing-7-8#ixzz3yuTrW08w
The Wall Street Journal: Philippine Companies Become Big Dealmakers With almost no track record of foreign takeovers, they have made $6 billion in overseas acquisitions since 2014
By TREFOR MOSS, The Wall Street Journal
MANILA—Philippine conglomerates, flush with cash and confidence, are seeking to transform themselves into regional players in fields from food and beverages to real estate by going on an acquisition spree.
While falling demand in China and weak commodity prices have left many global companies reeling, Philippine conglomerates such as JG Summit Holdings Inc. andAlliance Global Group Inc. are feeling resilient, thanks to a focus on the services and consumer sectors. They are benefiting from domestic demand fueled by overseas remittances—money sent home by roughly 11 million Filipinos living and working abroad—and a booming outsourcing industry that handles call-center and back-office functions for overseas clients. These pumped $26.6 billion and $18.6 billion, respectively, into the Philippine economy in 2014, with most of that cash invested in real estate or spent in shops, a boon for the big conglomerates, all of which count real estate and retail as core business areas. Most count both.
Against that backdrop, the total revenue of the Philippines’ top eight conglomerates in 2014 broke $40 billion, more than twice what it had been four years earlier. Most conglomerates are expected to report further increases for 2015. The net-profit picture for the first nine months of the year was strong: Ayala Corp., which has interests in property, retail and utilities, posted a 26% jump to $368 million, and San Miguel Corp., the country’s biggest conglomerate by sales, posted a 7% increase to $558 million.
Bumper earnings have helped fund $6 billion in overseas acquisitions since 2014 by Philippine companies, which had almost no track record of foreign takeovers and were widely criticized as too conservative and inward-focused. Before 2014, the only high-value foreign play by any Philippine company was San Miguel’s $610 million acquisition of Malaysian energy assets from Exxon Mobil in 2011.
Read full article at: The Wall Street Journal
Watch Wall Street Journal Video Report here
Write to Trefor Moss at Trefor.Moss@wsj.com
Tech in Asia: Indian Edtech startup, Aspiring Minds, is diving deep into China, US, Philippines.
[Originally posted in Tech in Asia, by Kylie McIntyre: 12 January 2016]
After almost exactly 8 years of helping Indians find jobs, Aspiring Minds has decided to take its services wordwide.
India has several startups trying their hands at the job searching industry, but this edtech startup for the unemployed is expanding across continents. China, the Philippines, Saudi Arabia, the UAE, and Tanzania are all on its list, and that’s just for now, co-founder and CEO Himanshu Aggarwal tells Tech in Asia.
The expansion has been in the works for a while and resulted partially from popular demand and partially due to the realization that job-matching services are needed in countries outside India too.
“When I looked at countries with a large and growing working population, like China, the Philippines, Indonesia, parts of South Asia, and so on, it was very clear that the challenge [of finding work] was prevalent in all these places,” says Himanshu. “There was clearly a lack of information around about how to match people and jobs.”
Co-founded in 2008 by Himanshu and his brother Varun Aggarwal, Aspiring Minds uses a combination of assessment, programming, voice recognition, simulation, and other technology to help match job seekers up with employment that’s a good fit for their skills and expertise. The company’s main product is AMCAT, or the Aspiring Minds Computer Adaptive Test, a test that evaluates cognition, language, behavior, and job skills.
The company came onto our radar in October of last year when it launched a US$1 million seed fund for education and employment technology startups. The fund was set up to aid India’s workforce, particularly millennials, who are going to school in droves but having trouble finding jobs after graduation. It had plans then to invest in India, China, and the US. Since then, they’ve added a few countries to the list.
Jobs across borders
The startup’s expansion is happening across countries, but the plan started with the Philippines.
“It was quite interesting because a lot of the customers [we had] in India had large businesses in the Philippines,” Himanshu explains. “They started talking about how we should offer similar services in the Philippines. That got us excited and got us looking at the Philippines early on.” Within the country, Aspiring Minds is making sure of its AMCAT test but also using SVAR, its product that evaluates English speaking, listening, and comprehension, useful in a country that is home to several call centers.
originally posted in Tech in Asia, read full article here
go to Aspiring Minds website
After almost exactly 8 years of helping Indians find jobs, Aspiring Minds has decided to take its services wordwide.
India has several startups trying their hands at the job searching industry, but this edtech startup for the unemployed is expanding across continents. China, the Philippines, Saudi Arabia, the UAE, and Tanzania are all on its list, and that’s just for now, co-founder and CEO Himanshu Aggarwal tells Tech in Asia.
The expansion has been in the works for a while and resulted partially from popular demand and partially due to the realization that job-matching services are needed in countries outside India too.
“When I looked at countries with a large and growing working population, like China, the Philippines, Indonesia, parts of South Asia, and so on, it was very clear that the challenge [of finding work] was prevalent in all these places,” says Himanshu. “There was clearly a lack of information around about how to match people and jobs.”
Co-founded in 2008 by Himanshu and his brother Varun Aggarwal, Aspiring Minds uses a combination of assessment, programming, voice recognition, simulation, and other technology to help match job seekers up with employment that’s a good fit for their skills and expertise. The company’s main product is AMCAT, or the Aspiring Minds Computer Adaptive Test, a test that evaluates cognition, language, behavior, and job skills.
The company came onto our radar in October of last year when it launched a US$1 million seed fund for education and employment technology startups. The fund was set up to aid India’s workforce, particularly millennials, who are going to school in droves but having trouble finding jobs after graduation. It had plans then to invest in India, China, and the US. Since then, they’ve added a few countries to the list.
Jobs across borders
The startup’s expansion is happening across countries, but the plan started with the Philippines.
“It was quite interesting because a lot of the customers [we had] in India had large businesses in the Philippines,” Himanshu explains. “They started talking about how we should offer similar services in the Philippines. That got us excited and got us looking at the Philippines early on.” Within the country, Aspiring Minds is making sure of its AMCAT test but also using SVAR, its product that evaluates English speaking, listening, and comprehension, useful in a country that is home to several call centers.
originally posted in Tech in Asia, read full article here
go to Aspiring Minds website
Market likely to stay above 6,500 level Jan 31, 2016 Stocks are expected to move sideways this week, following a strong rally last week led by positive economic data and Japan’s stimulus program. RCBC Securities said the market’s movement this week would be crucial after last week’s exceptional ride, as a breakout would be seen as a strong buy signal, while any sharp decline would retest the the market’s recent low. Investor sentiment turned positive last week, after three weeks of pessimism brought about by falling oil prices and China’s economic slowdown. “A rebound in oil prices, the US Fed’s decision to keep interest rates unchanged and the Bank of Japan’s unexpected interest rate cut to below zero all helped boost sentiment towards global equities in general. At home, investors were further emboldened by strong fourth-quarter GDP of 6.3 percent,” RCBC Securities said. F. Yap Securities investment analyst Jason Escartin said prospects this week would be data-dependent, which could add more gyration on funds flow movement. Escartin said investors should also exercise caution on intra-week spikes, ahead of China’s Lunar New Year holiday. “Support at 6,600 will be tested, while a retracement towards 6,550 is not ruled out,” Escartin said. The Philippine Stock Exchange index, the 30-company benchmark, surged 7.7 percent last week to close at 6,687.62 on Friday, while the broader all- share index climbed 6.6 percent to 3,812.87, as investors welcomed the fourth-quarter growth of 6.3 percent read more the standard 
Latino builders transform La Union
January 30, 2016 Three Spanish-speaking gentlemen met in a salsa club in Makati City four years ago and discovered that apart from Latin music, they shared a common interest in real estate. Together, they traveled to La Union, the country’s surfing capital, and within four years, changed the architectural landscape of the province. “Basically, we saw the potential of La Union. We established a corporation. We are right now involved in a lot of exciting developments in La Union,” Fausto Liriano, chairman and chief executive of RCL Realty & Consulting Services, says in an interview in Makati City. RCL stands for Rojas, Chong and Liriano—the names of the three partners. Aside from Liriano, the other partners are Francisco Custodio Rojas, who serves as the vice president for investor relation and David Chong, the vice president for marketing. They are backed by foreign and local investors. Three Spanish-speaking gentlemen met in a salsa club in Makati City four years ago and discovered that apart from Latin music, they shared a common interest in real estate. Together, they traveled to La Union, the country’s surfing capital, and within four years, changed the architectural landscape of the province. “Basically, we saw the potential of La Union. We established a corporation. We are right now involved in a lot of exciting developments in La Union,” Fausto Liriano, chairman and chief executive of RCL Realty & Consulting Services, says in an interview in Makati City. RCL stands for Rojas, Chong and Liriano—the names of the three partners. Aside from Liriano, the other partners are Francisco Custodio Rojas, who serves as the vice president for investor relation and David Chong, the vice president for marketing. They are backed by foreign and local investors. read more the standard 
‘Is that you, Makati?’ posted January 29, 2016 at 05:30 pm by The Standard Most Filipinos can tell the difference between the skylines of Makati and other cities around the globe - and now it seems the rest of the world can, too. The Philippine’s skyline is the most recognizable of any in the emerging markets, according to a new survey from global property portal Lamudi. The multiple choice survey asked participants in the developed world - as well as countries in Asia, Latin America, the Middle East and Africa - to identify emerging market cities by their skylines. The survey presented respondents with skyline images of Medellín, Colombia; Lima, Peru; Karachi, Pakistan; Colombo, Sri Lanka and Makati, the Philippines. The survey found that approximately 58 percent of Westerners were able to identify the Makati skyline, making the Metro Manila city the most recognizable. The skyline of Colombo was the least recognizable, with 52 percent. The results point to a growing consciousness of emerging markets in the West. “I’m not surprised by those numbers. I expect city skylines in the emerging markets to become almost as recognizable as those of New York, Sydney and Berlin in coming years,” said Paul Philipp Hermann, co-founder of Lamudi. “Due to rapid urban development, and the popularity of skyscrapers in the emerging markets, their city skylines are becoming more impressive and unique with time.” The regional distribution of global survey respondents is made up as follows: 52 percent from the West, nine percent from Latin America, 27 percent from Asia and 12 percent from Africa and the Middle East. Lamudi is a global property portal focusing exclusively on emerging markets. For more information, visit http://www.lamudi.com.ph read more the standard
Royal Carribean to open manning office in Manila
Jan 26, 2016 Here’s great news for Filipino seafarers: Royal Caribbean Cruises Ltd. is set to open a new manning office in Manila, through a joint venture with Philippine Transmarine Carriers. According to the cruise company, they expect significant employment growth in the Philippine market over the next five years, from a current level of 11,000 Filipino crew members to as many as 30,000. According to RCC chairman and CEO Richard Fain and Chief Global Human Resources Officer Paul Parker, Filipinos comprise the single biggest nationality out of the current 65,000 employees. The new office, which is set to open in May 2016, is part of Royal Caribbean’s strategy to address the increased demand for talent, while simultaneously building employee engagement and improving the overall employee experience. According to the RCC execs, the focus would be on enhancing Filipinos’ skills and careers via continuing education and training. The company believes its new approach to finding new employees and bringing them into its global fleet may also be replicated in other markets. The new manning office located in the vicinity of the Mall of Asia will see an enhanced partnership with PTC, which currently oversees these services. It will offer at sea employees a streamlined recruitment system, in a modern setting, aimed at building the company’s visibility and creating stronger awareness for its various brands. In addition to a more efficient recruitment and hiring process, the cruise company envisions future employee experience to be more robust, including training, continuing education and personal and professional development programs for its employees. The objective, RCC said, is to maintain the company’s position and continue to make it an attractive employee in order to attract the best talent, with plans to increase the 65,000 employees to about 100,000. “Filipinos represent our company’s largest group of at sea employees,” affirmed Parker. “We are thrilled to be able to enhance their experience through this new office and showcase our dedication to their country,” he noted, adding that they are grateful to PTC for the latter’s continued partnership and guidance as they look forward to this new joint venture. Current and future Filipino employees will enjoy a host of new benefits, including faster and more efficient processing of documents, improved and personalized candidate experience and children’s playroom. read more the standard |
|
Philippines ranks 3rd in 2016 Best Countries to Start a Business Survey
USNews.com 20 January 2016 - According to the 2016 Best Countries rankings based on a survey participated into by 16,000 participants from 4 regions, conducted in partnership with brand strategy firm BAV Consulting and the Wharton School of the University of Pennsylvania the Philippines ranks third in the 2016 Best Countries to Start a Business Survey, after Thailand and Malaysia. According to the World Bank, starting a business in the Philippines takes about 29 days and costs 16.1 percent of the average income per capita. Though only slightly longer and more expensive than in other countries in the region, 16 independent procedures require entrepreneurs to connect with at least seven different agencies. According to the Philippine Business Registry, more than 75 percent of the 320,000 business name registrations in 2015 occured in person with tellers as opposed to online.
Relatively low initial costs and streamlined procedures make countries in Asia attractive to entrepreneurs. In 2014, more than a quarter of new business registrations occurred in East Asian and Pacific nations, according to the World Bank.
Globally, the Organization for Economic Cooperation and Development reports that “new enterprise creations have been on an upward trend,” though not quite back to levels seen before the financial crisis. Interest in large manufacturing enterprises has decreased while small service industry shops continue to pop up.
High levels of perceived bureaucracy in nations like Russia, Greece and Colombia brought them towards the bottom of the list. Nations in the Middle East also ranked poorly in the U.S. News Best Countries to Start a Business, with Saudi Arabia and Iran landing in the last two spots.
The 2016 Best Countries rankings, conducted in partnership with brand strategy firm BAV Consulting and the Wharton School of the University of Pennsylvania, asked more than 16,000 survey participants from four regions to associate countries with specific attributes. The Best Countries to Start a Business are ranked based on scores from more than 4,000 business decision makers on a compilation of five equally weighted country attributes: affordable, bureaucratic, cheap manufacturing costs, connected to the rest of the world and provides easy access to capital.
read more from source: usnews.com
See the full list of Best Countries to Start a Business
Relatively low initial costs and streamlined procedures make countries in Asia attractive to entrepreneurs. In 2014, more than a quarter of new business registrations occurred in East Asian and Pacific nations, according to the World Bank.
Globally, the Organization for Economic Cooperation and Development reports that “new enterprise creations have been on an upward trend,” though not quite back to levels seen before the financial crisis. Interest in large manufacturing enterprises has decreased while small service industry shops continue to pop up.
High levels of perceived bureaucracy in nations like Russia, Greece and Colombia brought them towards the bottom of the list. Nations in the Middle East also ranked poorly in the U.S. News Best Countries to Start a Business, with Saudi Arabia and Iran landing in the last two spots.
The 2016 Best Countries rankings, conducted in partnership with brand strategy firm BAV Consulting and the Wharton School of the University of Pennsylvania, asked more than 16,000 survey participants from four regions to associate countries with specific attributes. The Best Countries to Start a Business are ranked based on scores from more than 4,000 business decision makers on a compilation of five equally weighted country attributes: affordable, bureaucratic, cheap manufacturing costs, connected to the rest of the world and provides easy access to capital.
read more from source: usnews.com
See the full list of Best Countries to Start a Business
Philippine economy economy grew by 6.3% in the last quarter of 2015 and 5.8% for the full year, the fastest among the ASEAN-5
January 28, 2016, Manila Philippines - The economy grew by 6.3% in the last quarter of 2015 and 5.8% for the full year, the fastest among the ASEAN-5. In a year marked by strong external headwinds, the Philippines has kept its quarterly average growth rate of 6.0% for the duration of the Aquino administration, pushing the six-year moving average of real GDP growth at 6.2% as of 2015—the highest since 1978.
Economic performance remains resilient and robust amid a global slowdown, buoyed by consistently vibrant domestic demand and ample fiscal space. Household consumption grew 5.4% in Q4 2015 compared to 5.0% in the same period last year, while government consumption caught up and accelerated by double-digits to 17.4% from the 9.4% posted in Q4 2014. Public construction leapt 51.0% from 3.3% same period last year, reflecting sustained acceleration as solutions to improve spending are institutionalized.
Longer-lasting and better quality growth remains to be the government’s priority. Since 2009, capital formation has taken on an increasingly larger role among growth drivers, with a showing of 13.5% for the quarter, compared to 3.0% last year—contributing 4.9 percentage points to growth. In supply side terms meanwhile, manufacturing has gained about 2 percentage points in terms of its contribution to GDP since 2009.
BPOs and tourism continue to be bright spots as exports of services grew 30.2% in Q4 2015 despite a global dampening, faster than Q4 2014 growth of 5.0%. The Philippine IT-BPO industry, projected to generate 1.3 million jobs by 2016, is a key driver of sustained growth, allowing more and more Filipinos to boost consumption growth. This is complemented by healthy tourist arrivals figures (14.9% year-on-year growth in October 2015).
We are well-positioned to withstand the turbulence caused by uncertainty in the global landscape. Running a 12-year record of being a current account surplus country, we are estimated to post a surplus of $14.2 billion or 4.4% of GDP in 2015. Reserves are more than healthy at $80.6 billion as of end-2015, enough to cover 10.3 months of imports and equivalent to more than 6x the country’s external short-term funding requirements.
We have reduced the ratio of general government debt to GDP from 42.2% in 2010 to 36.2% so far in mid-2015, and reduced the domestic-foreign debt mix to 65.4%-35.6%. Looking back to 2010 where we first started, when reliance on foreign sources of financing was at 42.4%, I am confident we are better prepared now to sail through headwinds with a more resilient debt structure.
Fresh from another credit rating upgrade, the Philippines builds on the fastest 5-year run of growth in the last 40 years as the world’s most upgraded sovereign. The economy is taking on its best shape yet. With the tax effort rising from 12.1% in 2010 to 13.7% (for January-November 2015), we can expect to sustain this stretch of golden opportunity as the Aquino administration ramps up investments in both people and infrastructure.
Cautious optimism, in spite of the global environment, is not only warranted but reasonable. Discipline, in staying the course of good governance, is necessary.
This entry was posted under Briefing Room, Department of Finance and tagged Cesar Purisima, Department of Finance, Gross Domestic Product, statements. Bookmark the permalink.
source: www.gov.ph
Economic performance remains resilient and robust amid a global slowdown, buoyed by consistently vibrant domestic demand and ample fiscal space. Household consumption grew 5.4% in Q4 2015 compared to 5.0% in the same period last year, while government consumption caught up and accelerated by double-digits to 17.4% from the 9.4% posted in Q4 2014. Public construction leapt 51.0% from 3.3% same period last year, reflecting sustained acceleration as solutions to improve spending are institutionalized.
Longer-lasting and better quality growth remains to be the government’s priority. Since 2009, capital formation has taken on an increasingly larger role among growth drivers, with a showing of 13.5% for the quarter, compared to 3.0% last year—contributing 4.9 percentage points to growth. In supply side terms meanwhile, manufacturing has gained about 2 percentage points in terms of its contribution to GDP since 2009.
BPOs and tourism continue to be bright spots as exports of services grew 30.2% in Q4 2015 despite a global dampening, faster than Q4 2014 growth of 5.0%. The Philippine IT-BPO industry, projected to generate 1.3 million jobs by 2016, is a key driver of sustained growth, allowing more and more Filipinos to boost consumption growth. This is complemented by healthy tourist arrivals figures (14.9% year-on-year growth in October 2015).
We are well-positioned to withstand the turbulence caused by uncertainty in the global landscape. Running a 12-year record of being a current account surplus country, we are estimated to post a surplus of $14.2 billion or 4.4% of GDP in 2015. Reserves are more than healthy at $80.6 billion as of end-2015, enough to cover 10.3 months of imports and equivalent to more than 6x the country’s external short-term funding requirements.
We have reduced the ratio of general government debt to GDP from 42.2% in 2010 to 36.2% so far in mid-2015, and reduced the domestic-foreign debt mix to 65.4%-35.6%. Looking back to 2010 where we first started, when reliance on foreign sources of financing was at 42.4%, I am confident we are better prepared now to sail through headwinds with a more resilient debt structure.
Fresh from another credit rating upgrade, the Philippines builds on the fastest 5-year run of growth in the last 40 years as the world’s most upgraded sovereign. The economy is taking on its best shape yet. With the tax effort rising from 12.1% in 2010 to 13.7% (for January-November 2015), we can expect to sustain this stretch of golden opportunity as the Aquino administration ramps up investments in both people and infrastructure.
Cautious optimism, in spite of the global environment, is not only warranted but reasonable. Discipline, in staying the course of good governance, is necessary.
This entry was posted under Briefing Room, Department of Finance and tagged Cesar Purisima, Department of Finance, Gross Domestic Product, statements. Bookmark the permalink.
source: www.gov.ph
PH real estate to grow in 2016
Jan 15, 2016
BPO sector, low cost housing to help fuel surge
The year 2016 will be a very challenging yet exciting year for the country’s property sector as real estate developments shift its focus on catering to the specific needs of investors, as well as end users.
The challenge lies on several factors such as the current “over supply” of inventories as property investments and developments flooded the market over the past few years.
Andy Manalac, former chairman of the president and Chairman of the National Real Estate Association (NREA) one of the most active executives in the field of real estate sales and marketing, remains optimistic despite persistent predictions of some economic experts about the impending glut in the residential property section of the industry.
“Yes, there may be some locations that may have more than enough supply of residential units and may take a few years to have these absorbed by actual occupants, there are still a lot of areas not only in Metro Manila but actually all over the country that presents a lot of potential”, he said.
Manalac told The Standard that investors are currently starting to realize that the actively growing market for tenants to lease their units are the BPO workers and no longer limited to the expats, although they are still the ones patronizing the high-end and luxury condominium projects.
The industry is now generating almost the equal amount of dollars as our OFW and the number of their employees is multiplying faster than originally expected, he explained.
Manalac, a prime mover of “Think Invest”, also stressed that these new breed of condo dwellers are now appreciating the convenience of living within walking distance from their place of work.
“Now, there are actually projects where these workers can live, work and play within the same building thus making traffic, flooding and security concerns practically irrelevant” he said.
Developers will also be offering more practical projects with lesser amenities to keep not only the selling price low but the monthly dues as well.
Other industry experts said that major players will definitely be more active this year in affordable horizontal developments and even low-cost housing all over the country.
read more the standard
BANGLADESH, SRI LANKA BUSINESSES SEEK GREATER TRADE AND INVESTMENT TIES WITH THE PHILIPPINES
21 December 2015 - Business delegations from Bangladesh and Sri Lanka are keen to expand two-way investments with the Philippines in various areas, including in agriculture, information and communications technology, education and tourism.
In separate courtesy calls on Undersecretary for International Economic Relations Laura Q. Del Rosario, the Bangladesh–Philippine Chamber of Commerce and Industry (BPCCI) and the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) based in Dhaka and the Sri Lanka-Philippine Business Council (SLPBC) based in Colombo expressed their desire for greater trade and investment ties with the Philippines.
The Bangladesh and Sri Lankan business delegations cited various opportunities for mutually beneficial collaboration with the Philippines in trade and investments, particularly in agriculture, information and communications technology and tourism.
Undersecretary del Rosario welcomed the interest of Bangladesh and Sri Lanka and stressed that the expressions of interests can be transformed into concrete outcomes.
The business delegations from Bangladesh and Sri Lanka were in the Philippines to attend the 41st Philippine Business Conference and Exposition (PBC&E) held in Mariott Hotel, New Port City Complex, Pasay City last October 26 to 27.
The Sri Lanka-Philippine Business Council (SLPBC) was headed by Honorable Rishad Bathiudeen, Minister of Trade and Commerce of Sri Lanka. Philippine Honorary Consul to Colombo Hugh Sriyal Dissanayake accompanied the delegation.
The Bangladesh delegation was comprised of members from the Bangladesh –Philippine Chamber of Commerce and Industry (BPCCI) and the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI).
Philippine Ambassador to Dhaka, Bangladesh (with concurrent jurisdiction over Sri Lanka), Vicente Vivencio T. Bandillo, and Philippine Commercial Counsellor to New Delhi, Mr. Michael Alfred Ignacio, accompanied the delegates to the PBC&E event and other business meetings.
read from www.dfa.gov.ph
Manila - November 22, 2015
Jollibee’s biggest investment: US Smashburger
Jollibee Foods Corporation (JFC), the largest fast food restaurant in Asia, made its biggest investment to date when it acquired 40% of Smashburger, one of the larger burger restaurant chains in the United States.
JFC finalized its investment of $99 million through its wholly owned subsidiary Bee Good! Inc. (BGI) in Smashburger. This move is also JFC’s largest investment acquisition made outside the Philippines.
For the past years, JFC has remained aggressive in strengthening its market share worldwide with various expansion and acquisition ventures.
In 2004, JFC acquired its first foreign brand, Yonghe King, a popular fast food chain in China that serves Taiwanese-inspired cuisine. In 2008, it acquired Hong Zhuang Yuan, another Chinese restaurant that specializes in congee. In 2012, JFC solidified its acquisition of San Pin Wang, its third restaurant chain in China, whose core products are beef noodles. Today, JFC has more than 400 stores in China from these three Chinese brands. These stores contribute about 12% of JFC’s business sales.
Last January, JFC also finalized its joint venture agreement to exclusively operate and expand Dunkin’ Donuts in selected territories in China. This long-term agreement between Jollibee Worldwide Pte Ltd. (JWPL) and Jasmine Asset Holding Ltd. plans to open about 1,400 Dunkin’ Donuts outlets in China over 20 years.
JFC also has a 50% interest in joint ventures in other brands such as Highlands Coffee, Pho 24 and 12 Sabu across Asia.
“The acquisition of Smashburger will make JFC’s presence in the US more significant as we go beyond serving the Filipino market,” said JFC Chairman Tony Tan Caktiong.
Smashburger has a US$33-million enterprise value and a US$248-million equity value. Started in Denver, Colorado in 2007, there are currently 339 corporate and franchised Smashburger restaurants in 35 states in the US and seven countries. JFC has the option of expanding its ownership of the US burger company from 2018 to 2026 subject to the performance of the brand as agreed between the partners.
Aside from the Philippines, JFC identified China and the US as pillars of its global growth.
manilabulletin
Jollibee’s biggest investment: US Smashburger
Jollibee Foods Corporation (JFC), the largest fast food restaurant in Asia, made its biggest investment to date when it acquired 40% of Smashburger, one of the larger burger restaurant chains in the United States.
JFC finalized its investment of $99 million through its wholly owned subsidiary Bee Good! Inc. (BGI) in Smashburger. This move is also JFC’s largest investment acquisition made outside the Philippines.
For the past years, JFC has remained aggressive in strengthening its market share worldwide with various expansion and acquisition ventures.
In 2004, JFC acquired its first foreign brand, Yonghe King, a popular fast food chain in China that serves Taiwanese-inspired cuisine. In 2008, it acquired Hong Zhuang Yuan, another Chinese restaurant that specializes in congee. In 2012, JFC solidified its acquisition of San Pin Wang, its third restaurant chain in China, whose core products are beef noodles. Today, JFC has more than 400 stores in China from these three Chinese brands. These stores contribute about 12% of JFC’s business sales.
Last January, JFC also finalized its joint venture agreement to exclusively operate and expand Dunkin’ Donuts in selected territories in China. This long-term agreement between Jollibee Worldwide Pte Ltd. (JWPL) and Jasmine Asset Holding Ltd. plans to open about 1,400 Dunkin’ Donuts outlets in China over 20 years.
JFC also has a 50% interest in joint ventures in other brands such as Highlands Coffee, Pho 24 and 12 Sabu across Asia.
“The acquisition of Smashburger will make JFC’s presence in the US more significant as we go beyond serving the Filipino market,” said JFC Chairman Tony Tan Caktiong.
Smashburger has a US$33-million enterprise value and a US$248-million equity value. Started in Denver, Colorado in 2007, there are currently 339 corporate and franchised Smashburger restaurants in 35 states in the US and seven countries. JFC has the option of expanding its ownership of the US burger company from 2018 to 2026 subject to the performance of the brand as agreed between the partners.
Aside from the Philippines, JFC identified China and the US as pillars of its global growth.
manilabulletin
Tech startups showcase solutions to Philippine problems
November 9, 2015 MANILA, Philippines - It’s probably the best of times to be a tech startup.
A recent report from CB Insights shows that Asia’s venture-backed funding reached an all-time high in the third quarter of 2015, with startups raising $13.5 billion across 373 deals.
Even in the Philippines, tech entrepreneurs are not wanting in support or funding, with around 20 accelerators, incubators and venture capitalists present.
One local tech incubator alone, the IdeaSpace Foundation (IdeaSpace), has invested in 38 local startups since its establishment in 2012. Seven of these hardware and software startups have received follow-on funding from IdeaSpace and other investors.
The Philippine Startup Roadmap launched in August is eyeing to increase the number of hardware and startups in the country from 100 this year to 500 by 2020. This early, the goal looks achievable.
IdeaSpace recently introduced the work of 10 early-stage technology startups it is currently supporting as part of its P500-million five-year commitment to grow the local startup ecosystem.
Earl Martin Valencia, president and co-founder of IdeaSpace, said there is a need to sustain the momentum that has fueled local startups to become a nurturing environment for innovative ideas.
But more than the promise of a business that could someday generate jobs or penetrate the local and international market, many startups have one thing in common: they offer solutions to some of the country’s biggest challenges.
philstar
November 9, 2015 MANILA, Philippines - It’s probably the best of times to be a tech startup.
A recent report from CB Insights shows that Asia’s venture-backed funding reached an all-time high in the third quarter of 2015, with startups raising $13.5 billion across 373 deals.
Even in the Philippines, tech entrepreneurs are not wanting in support or funding, with around 20 accelerators, incubators and venture capitalists present.
One local tech incubator alone, the IdeaSpace Foundation (IdeaSpace), has invested in 38 local startups since its establishment in 2012. Seven of these hardware and software startups have received follow-on funding from IdeaSpace and other investors.
The Philippine Startup Roadmap launched in August is eyeing to increase the number of hardware and startups in the country from 100 this year to 500 by 2020. This early, the goal looks achievable.
IdeaSpace recently introduced the work of 10 early-stage technology startups it is currently supporting as part of its P500-million five-year commitment to grow the local startup ecosystem.
Earl Martin Valencia, president and co-founder of IdeaSpace, said there is a need to sustain the momentum that has fueled local startups to become a nurturing environment for innovative ideas.
But more than the promise of a business that could someday generate jobs or penetrate the local and international market, many startups have one thing in common: they offer solutions to some of the country’s biggest challenges.
philstar
26 November 2016 - Philippine economy grows 6% in Q3
The Philippine economy grew by 6 percent for the second quarter of this year, the Philippine Statistics Authority said on Thursday.
The third quarter growth is an improvement from the 5.8 percent gross domestic product (GDP) growth in the second quarter and from the 5.5 percent in the third quarter of 2014.
National Economic and Development
Authority Director General Arsenio Balisacan said that growth in the first nine months of the year is at 5.6 percent.
The country's GDP growth was the third fastest among Asian countries next to China's 6.9 percent and Vietnam's 6.8 percent.
Balisacan noted that the 6 percent in the third quarter of 2015 is an encouraging sign of a steadily growing economy.
The performance of the public sector improved following the increase of government final consumption expenditure from 3.9 percent to 17.4 percent.
For the first three quarters of the year, the average government final consumption expenditure grew to 7.2 percent, a leap from the previous year's contraction of 0.2 percent.
Meanwhile, household consumption grew by 6.3 percent with more jobs, increasing income, low inflation and inflow of remittances.
Capital formation rose to 8.9 percent, signifying the strength of both public and private sector investments. Public construction doubled from 20.6 percent in the previous quarter to 41.2 percent.
Retail and wholesale trade accelerated with increased domestic consumption. On the supply side, the services sector drove growth, which grew to 7.3 percent.
philstar
The Philippine economy grew by 6 percent for the second quarter of this year, the Philippine Statistics Authority said on Thursday.
The third quarter growth is an improvement from the 5.8 percent gross domestic product (GDP) growth in the second quarter and from the 5.5 percent in the third quarter of 2014.
National Economic and Development
Authority Director General Arsenio Balisacan said that growth in the first nine months of the year is at 5.6 percent.
The country's GDP growth was the third fastest among Asian countries next to China's 6.9 percent and Vietnam's 6.8 percent.
Balisacan noted that the 6 percent in the third quarter of 2015 is an encouraging sign of a steadily growing economy.
The performance of the public sector improved following the increase of government final consumption expenditure from 3.9 percent to 17.4 percent.
For the first three quarters of the year, the average government final consumption expenditure grew to 7.2 percent, a leap from the previous year's contraction of 0.2 percent.
Meanwhile, household consumption grew by 6.3 percent with more jobs, increasing income, low inflation and inflow of remittances.
Capital formation rose to 8.9 percent, signifying the strength of both public and private sector investments. Public construction doubled from 20.6 percent in the previous quarter to 41.2 percent.
Retail and wholesale trade accelerated with increased domestic consumption. On the supply side, the services sector drove growth, which grew to 7.3 percent.
philstar
DTI to integrate MSME into global value chain
After highlighting Micro Small and Medium Enterprises (MSME) at last week's APEC Summit, the Philippines now wants to further support its small businesses by integrating them into the global value chain.
As MSME face growth barriers due to lack of information, short access to financing and regulatory issues, the Department of Trade and Industry (DTI) has initiated steps to address the situation.
Assisting the local businesses to be more competitive, the government has set up industry roadmaps and so-called clusters to help them get into the global scene.
- Mornings @ ANC, November 24, 2015
After highlighting Micro Small and Medium Enterprises (MSME) at last week's APEC Summit, the Philippines now wants to further support its small businesses by integrating them into the global value chain.
As MSME face growth barriers due to lack of information, short access to financing and regulatory issues, the Department of Trade and Industry (DTI) has initiated steps to address the situation.
Assisting the local businesses to be more competitive, the government has set up industry roadmaps and so-called clusters to help them get into the global scene.
- Mornings @ ANC, November 24, 2015
Asia-Pacific CEOs most confident of business growth in Philippines
16 November 2015
Business leaders from the Asia Pacific region are very confident of business growth in the Philippines, according to the latest Asia-Pacific Economic Cooperation Chief Executive Officer (APEC CEO) Survey.
The survey showed that 51 percent of CEOs are most confident in the revenue growth prospects in the Philippines next year. This is higher than the rating of United States (34 percent) and China (20 percent).
However, overall confidence of Asia Pacific CEOs is at its lowest this year since 2012 with 28 percent, a significant drop from the previous year's 46 percent.
The survey cited cyber security, exposure to natural disaster risks and regional geopolitical tensions as the leading threats to business investment and growth.
Only 15 percent of mid-sized companies. were very confident of revenue growth in the next year, according to the CEO survey.
Despite the business leaders' dwindling confidence in revenue growth, 53 percent of CEOs still plan to increase investments over the next 12 months, with 68 percent planning to invest in the APEC region.
Business ( Article MRec ), pagematch: 1, sectionmatch: 1Around half of the CEOs plan to raise investments in the Philippines, Vietnam and Singapore. China, Indonesia and the US remain the main draws of business investments.
"After a year of historically high foreign direct investment into developing Asian economies, APEC CEOs have become very sensitive to financial market signals and the likely impact on revenue growth," PricewaterhouseCoopers International Ltd. chairman Dennis Nally said.
APEC CEOs remain optimistic on free trade as regional integration proceeds on several fronts. Most of them believe that free trade in the region could be a reality by 2020.
"Free trade doesn't automatically mean inclusive growth. A sizeable proportion of CEOs think free trade could significantly harm small- and medium-sized enterprises," Nally said
philstar
16 November 2015
Business leaders from the Asia Pacific region are very confident of business growth in the Philippines, according to the latest Asia-Pacific Economic Cooperation Chief Executive Officer (APEC CEO) Survey.
The survey showed that 51 percent of CEOs are most confident in the revenue growth prospects in the Philippines next year. This is higher than the rating of United States (34 percent) and China (20 percent).
However, overall confidence of Asia Pacific CEOs is at its lowest this year since 2012 with 28 percent, a significant drop from the previous year's 46 percent.
The survey cited cyber security, exposure to natural disaster risks and regional geopolitical tensions as the leading threats to business investment and growth.
Only 15 percent of mid-sized companies. were very confident of revenue growth in the next year, according to the CEO survey.
Despite the business leaders' dwindling confidence in revenue growth, 53 percent of CEOs still plan to increase investments over the next 12 months, with 68 percent planning to invest in the APEC region.
Business ( Article MRec ), pagematch: 1, sectionmatch: 1Around half of the CEOs plan to raise investments in the Philippines, Vietnam and Singapore. China, Indonesia and the US remain the main draws of business investments.
"After a year of historically high foreign direct investment into developing Asian economies, APEC CEOs have become very sensitive to financial market signals and the likely impact on revenue growth," PricewaterhouseCoopers International Ltd. chairman Dennis Nally said.
APEC CEOs remain optimistic on free trade as regional integration proceeds on several fronts. Most of them believe that free trade in the region could be a reality by 2020.
"Free trade doesn't automatically mean inclusive growth. A sizeable proportion of CEOs think free trade could significantly harm small- and medium-sized enterprises," Nally said
philstar
Philippines, Chile eye free trade deal
16 November 2015
The governments of the Philippines and Chile on Monday agreed to pursue a possible free trade agreement, signing a letter of intent on a joint feasibility study.
In a joint press conference with Chile President Michelle Bachelet, President Benigno Aquino III said both sides have agreed to develop a framework for a "mutually beneficial trade agreement."
Aquino and Bachelet witnessed the signing of the letter of intent by Trade Secretary Gregory Domingo and Chilean Foreign Affairs Minister Heraldo Muñoz to signal the start of discussions on the possible deal.
"Through this, we mandate the Department of Trade and Industry of the Philippines and the General Directorate for International Economic Relations of Chile to continue talks in 2016," Aquino said.
A free trade agreement is seen to contribute to an increase in trade, goods and investments, and the promotion of technical cooperation in areas of mutual interest between Chile and the Philippines.
Business ( Article MRec ), pagematch: 1, sectionmatch: 1"The Philippines and Chile have enjoyed warm relations for almost 70 years: relations founded on a shared history, and commonalities in faith, tradition, culture and values. Our gathering today is indicative of our shared desire to advance this partnership," Aquino said.
Bachelet, meanwhile, said her state visit "has been an excellent opportunity to deepen ties and to establish a substantial work agenda in bilateral areas."
"In the bilateral area, Chile and the Philippines are seeking to promote and diversify trade, and because of that, we are initiating talks regarding free trade agreement," she said.
philstar
16 November 2015
The governments of the Philippines and Chile on Monday agreed to pursue a possible free trade agreement, signing a letter of intent on a joint feasibility study.
In a joint press conference with Chile President Michelle Bachelet, President Benigno Aquino III said both sides have agreed to develop a framework for a "mutually beneficial trade agreement."
Aquino and Bachelet witnessed the signing of the letter of intent by Trade Secretary Gregory Domingo and Chilean Foreign Affairs Minister Heraldo Muñoz to signal the start of discussions on the possible deal.
"Through this, we mandate the Department of Trade and Industry of the Philippines and the General Directorate for International Economic Relations of Chile to continue talks in 2016," Aquino said.
A free trade agreement is seen to contribute to an increase in trade, goods and investments, and the promotion of technical cooperation in areas of mutual interest between Chile and the Philippines.
Business ( Article MRec ), pagematch: 1, sectionmatch: 1"The Philippines and Chile have enjoyed warm relations for almost 70 years: relations founded on a shared history, and commonalities in faith, tradition, culture and values. Our gathering today is indicative of our shared desire to advance this partnership," Aquino said.
Bachelet, meanwhile, said her state visit "has been an excellent opportunity to deepen ties and to establish a substantial work agenda in bilateral areas."
"In the bilateral area, Chile and the Philippines are seeking to promote and diversify trade, and because of that, we are initiating talks regarding free trade agreement," she said.
philstar
DTI launches APEC trade website for MSMEs
November 16, 2015
The Department of Industry (DTI) on Sunday launched a web portal for micro, small and medium enterprises of APEC member-economies.
APECTR, or the APEC Trade Repository, is an online reference tool for trade and tarrif information built to enhance trade and business opportunities for APEC MSMEs.
DTI Assistant Secretary Ceferino Rodolfo said the website seeks to address trade-related concerns of MSMEs in penetrating export markets by providing timely information on trade procedures and requirements.
"The vision of trade repository is to provide all information needed for trade to be located in one trade," Rodolfo said Sunday during the media launch of APECTR.
Rodolfo said the APECTR is a Philippine-led project with local initiatives under the Boracay Action Agenda adopted in May by APEC Ministers Responsible for Trade seeking to enjoin MSMEs in a global value chain.
Business ( Article MRec ), pagematch: 1, sectionmatch: 1"What we have been able to get agreement among the 21 economies is the implementation plan of the Boracay Action Agenda," Rodolfo said.
During the press briefing, Mama Sita president Clarita Reyes-Lapus attested that the APECTR web portal was helpful to the food company.
“Maybe with that kind of rules in the website it will not be difficult for us to convince the importers that our products,” Reyes-Lapus said.
APECTR accessible through tr.apec.org, will be collaboratively maintained by the APEC Secretariat and the Philippine government. The 20 other member-economies have vowed to provide the latest trade data to the project.
philstar
November 16, 2015
The Department of Industry (DTI) on Sunday launched a web portal for micro, small and medium enterprises of APEC member-economies.
APECTR, or the APEC Trade Repository, is an online reference tool for trade and tarrif information built to enhance trade and business opportunities for APEC MSMEs.
DTI Assistant Secretary Ceferino Rodolfo said the website seeks to address trade-related concerns of MSMEs in penetrating export markets by providing timely information on trade procedures and requirements.
"The vision of trade repository is to provide all information needed for trade to be located in one trade," Rodolfo said Sunday during the media launch of APECTR.
Rodolfo said the APECTR is a Philippine-led project with local initiatives under the Boracay Action Agenda adopted in May by APEC Ministers Responsible for Trade seeking to enjoin MSMEs in a global value chain.
Business ( Article MRec ), pagematch: 1, sectionmatch: 1"What we have been able to get agreement among the 21 economies is the implementation plan of the Boracay Action Agenda," Rodolfo said.
During the press briefing, Mama Sita president Clarita Reyes-Lapus attested that the APECTR web portal was helpful to the food company.
“Maybe with that kind of rules in the website it will not be difficult for us to convince the importers that our products,” Reyes-Lapus said.
APECTR accessible through tr.apec.org, will be collaboratively maintained by the APEC Secretariat and the Philippine government. The 20 other member-economies have vowed to provide the latest trade data to the project.
philstar
Philippine Trade and Investment Roadshow in Kolkata, highlights trade and investment opportunities for Indian businesses
seated from left to right: Mr. Arpit Dhandhania, MCCI Co-Chairman Committee on Foreign Trade, H.E. Ambassador Maria Teresita C. Daza, MCC Chamber of Commerce and Industry President Mr. Arun Kumar Saraf, Philippine Commercial Counsellor Michael Alfred V. Ignacio and Philippine Honorary Consul General to Kolkata, Mr. Deepak Kumar Khemka
The Philippine Trade and Investment Centre New Delhi, Commercial Section of the Philippine Embassy in India, recently presented trade and investment opportunities to two groups of major Kolkata based businessmen in a recent trip led by Philippine Ambassador Maria Teresita C. Daza to India’s largest eastern city (7th in India) and capital of the State of West Bengal last November 6 and 7, 2015.
Philippine Commercial Counselor Michael Alfred V. Ignacio presented to two major business groups based in Kolkata in separate occasions, namely: the MCC Chamber of Commerce and Industry during its Annual Meeting and to the Bengal Chapter of the Confederation of Real Estate Developers’ Association of India (CREDAI Bengal).
Speaking and presenting before the State of West Bengal’s major companies and business leaders comprising the 800-strong membership of the MCC Chamber of Commerce held at the city’s iconic Lalit Great Eastern Hotel on November 7, 2015, Commercial Counselor Ignacio highlighted priority sectors for Trade and Investments which include PTIC New Delhi’s priority focus sectors for trade and investment promotion with India. These sectors are as follows: 1) Investments in IT/BPO Sector; 2) Investments in Automotive Parts and Accessories; 3) Promotion of Philippine Universities and Education to prospective Indian students 4) Exports of Philippine High End Design Driven products such as Furniture and Home Furnishings; and 5) Opportunities in the Philippine PPP Program and Infrastructure Development, among others.
The Ambassador and Commercial Counselor were introduced by MCC Chamber of Commerce President, Mr. Arun Kumar Saraf in a very well informed speech which highlighted Philippines India trade relations and called for stronger business cooperation in sectors such as pharmaceuticals and medicine, film making and entertainment and IT /BPO.
Ambassador Daza, on addressing the Chamber, highlighted the two countries’ cultural and societal similarities and recent gains in the Philippine economy, which makes it a compelling country for India to do business with, and to achieve a better trade balance, currently standing heavily in India’s favor.
Counselor Ignacio also highlighted the most important value propositions which have helped position the Philippines as among the top emerging markets and best performing economies in the world. Citing the country’s people as its best single asset, Ignacio also highlighted that the Philippines’ 100-million population with a rising middle class and purchasing power has made the country an attractive investment and trade destination. In addition, the entry into force of the Asean Economic Community makes the Philippines an ideal entry point for Indian companies intending to access the 600 million market of ASEAN member countries. The Philippines is also the only ASEAN member country with EU GSP Plus privileges providing zero tariffs across 60,000 product lines exported by the country to the European Union, while enjoying US GSP plus privileges at the same time.
Oracle Executive Mr. Ashutosh Mundra, who frequently travels to the Philippines for his company, gave a testimonial speech extolling the advantages of doing business with the Philippines and its impressive work-force.
The above opportunities were well received with high levels of interest from the audience during the MCC Annual Meeting. The embassy officials also addressed the city’s most successful real estate developers during the meeting and presentation before members of the CREDAI Bengal at the Spring Club on November 6, 2015. Counselor Ignacio showed interactive videos and a comprehensive presentation which offered opportunities in Tourism Infrastructure Development, Investments in Hotels and Resorts and Opportunities for Indian contractors to participate in the country’s PPP Programs and Projects, with a tip that the best way to penetrate the Philippine market and take advantages of the opportunities is to form strategic alliances and joint venture partnerships with major players from the Philippine real estate and construction industries, citing the example of the GVK-Megawide partnership which succesfully won the bidding to develop the Mactan-Cebu International Airport.
The series of two-day business meetings was successfully organized by the Philippine Honorary Consul General to Kolkata, Mr. Deepak Kumar Khemka, a prominent and well-respected businessman in Kolkata, and his team, to welcome and introduce the newly arrived Philippine Embassy Officials to the business and filipino communities in Kolkata.
The Philippine Trade and Investment Centre New Delhi is the Commercial Section of the Embassy of the Philippines in India and the representative office of the Philippine Department of Trade and Industry in India, Pakistan, Nepal, Sri Lanka and Bangladesh.
Philippine Commercial Counselor Michael Alfred V. Ignacio presented to two major business groups based in Kolkata in separate occasions, namely: the MCC Chamber of Commerce and Industry during its Annual Meeting and to the Bengal Chapter of the Confederation of Real Estate Developers’ Association of India (CREDAI Bengal).
Speaking and presenting before the State of West Bengal’s major companies and business leaders comprising the 800-strong membership of the MCC Chamber of Commerce held at the city’s iconic Lalit Great Eastern Hotel on November 7, 2015, Commercial Counselor Ignacio highlighted priority sectors for Trade and Investments which include PTIC New Delhi’s priority focus sectors for trade and investment promotion with India. These sectors are as follows: 1) Investments in IT/BPO Sector; 2) Investments in Automotive Parts and Accessories; 3) Promotion of Philippine Universities and Education to prospective Indian students 4) Exports of Philippine High End Design Driven products such as Furniture and Home Furnishings; and 5) Opportunities in the Philippine PPP Program and Infrastructure Development, among others.
The Ambassador and Commercial Counselor were introduced by MCC Chamber of Commerce President, Mr. Arun Kumar Saraf in a very well informed speech which highlighted Philippines India trade relations and called for stronger business cooperation in sectors such as pharmaceuticals and medicine, film making and entertainment and IT /BPO.
Ambassador Daza, on addressing the Chamber, highlighted the two countries’ cultural and societal similarities and recent gains in the Philippine economy, which makes it a compelling country for India to do business with, and to achieve a better trade balance, currently standing heavily in India’s favor.
Counselor Ignacio also highlighted the most important value propositions which have helped position the Philippines as among the top emerging markets and best performing economies in the world. Citing the country’s people as its best single asset, Ignacio also highlighted that the Philippines’ 100-million population with a rising middle class and purchasing power has made the country an attractive investment and trade destination. In addition, the entry into force of the Asean Economic Community makes the Philippines an ideal entry point for Indian companies intending to access the 600 million market of ASEAN member countries. The Philippines is also the only ASEAN member country with EU GSP Plus privileges providing zero tariffs across 60,000 product lines exported by the country to the European Union, while enjoying US GSP plus privileges at the same time.
Oracle Executive Mr. Ashutosh Mundra, who frequently travels to the Philippines for his company, gave a testimonial speech extolling the advantages of doing business with the Philippines and its impressive work-force.
The above opportunities were well received with high levels of interest from the audience during the MCC Annual Meeting. The embassy officials also addressed the city’s most successful real estate developers during the meeting and presentation before members of the CREDAI Bengal at the Spring Club on November 6, 2015. Counselor Ignacio showed interactive videos and a comprehensive presentation which offered opportunities in Tourism Infrastructure Development, Investments in Hotels and Resorts and Opportunities for Indian contractors to participate in the country’s PPP Programs and Projects, with a tip that the best way to penetrate the Philippine market and take advantages of the opportunities is to form strategic alliances and joint venture partnerships with major players from the Philippine real estate and construction industries, citing the example of the GVK-Megawide partnership which succesfully won the bidding to develop the Mactan-Cebu International Airport.
The series of two-day business meetings was successfully organized by the Philippine Honorary Consul General to Kolkata, Mr. Deepak Kumar Khemka, a prominent and well-respected businessman in Kolkata, and his team, to welcome and introduce the newly arrived Philippine Embassy Officials to the business and filipino communities in Kolkata.
The Philippine Trade and Investment Centre New Delhi is the Commercial Section of the Embassy of the Philippines in India and the representative office of the Philippine Department of Trade and Industry in India, Pakistan, Nepal, Sri Lanka and Bangladesh.
Commercial Counselor Michael Alfred V. Ignacio, Consul Fernando Beup, Jr. and H.E. Ambassador Maria Teresita C. Daza, presenting investment opportunities for members of CREDAI Bengal (The Confederation of Real Estate Developers Association of India)
PH consumers most bullish after Indians, Americans
FILIPINO consumers emerged as among the most bullish in the world in the third quarter of 2015, coming in only behind consumers in economic powerhouses India and the US, according to the latest study of Nielsen.
The Philippines came in third in the global ranking of the market research firm despite posting a five-point quarter-on-quarter decline in its consumer confidence index to 117.
At the same time, Nielsen revealed that Southeast Asian economies dominated the top 10 global consumer confidence ranking owing the positive sentiment across the region.
“The country’s robust economy continues to keep the consumers’ confidence in the Philippines bullish,” Nielsen Philippines managing director Stuart Jamieson said in a statement.
“The growing recessionary sentiments across other Southeast Asia markets failed to dampen the optimism, only reflecting the same level of positive sentiment at 80 percent when it comes to the state of their personal finances and 75 percent positive outlook on local job prospects in the next 12 months,” he added. “These figures are well above the global averages of 58 percent and 50 percent, respectively.”
Indians were the world’s most confident consumers with an index of 131, while US consumers came in second at 119.
On an annual basis, however, Filipino consumers were more confident in the third quarter of this year compared to the same period last year when the index stood at only 115.
Similar with the consumers in Southeast Asia, Filipino consumers continued to give financial security top priority.
Sixty-seven percent of Filipinos put their spare cash into savings, while 30 percent invest in shares of stock or mutual funds.
Discretionary purchases also ranked high on the spending priorities of local consumers, including spending on new clothes, and holidays and vacations.
“Quarter after quarter, consumers are consistent in their desire to build a nest egg for the future,” Jamieson said. “After they’ve channeled money in savings or investments, consumers look into spending on holidays, new clothes, home improvements, technology and out of home entertainment.”
inquirer
FILIPINO consumers emerged as among the most bullish in the world in the third quarter of 2015, coming in only behind consumers in economic powerhouses India and the US, according to the latest study of Nielsen.
The Philippines came in third in the global ranking of the market research firm despite posting a five-point quarter-on-quarter decline in its consumer confidence index to 117.
At the same time, Nielsen revealed that Southeast Asian economies dominated the top 10 global consumer confidence ranking owing the positive sentiment across the region.
“The country’s robust economy continues to keep the consumers’ confidence in the Philippines bullish,” Nielsen Philippines managing director Stuart Jamieson said in a statement.
“The growing recessionary sentiments across other Southeast Asia markets failed to dampen the optimism, only reflecting the same level of positive sentiment at 80 percent when it comes to the state of their personal finances and 75 percent positive outlook on local job prospects in the next 12 months,” he added. “These figures are well above the global averages of 58 percent and 50 percent, respectively.”
Indians were the world’s most confident consumers with an index of 131, while US consumers came in second at 119.
On an annual basis, however, Filipino consumers were more confident in the third quarter of this year compared to the same period last year when the index stood at only 115.
Similar with the consumers in Southeast Asia, Filipino consumers continued to give financial security top priority.
Sixty-seven percent of Filipinos put their spare cash into savings, while 30 percent invest in shares of stock or mutual funds.
Discretionary purchases also ranked high on the spending priorities of local consumers, including spending on new clothes, and holidays and vacations.
“Quarter after quarter, consumers are consistent in their desire to build a nest egg for the future,” Jamieson said. “After they’ve channeled money in savings or investments, consumers look into spending on holidays, new clothes, home improvements, technology and out of home entertainment.”
inquirer
IT-BPM industry nears $25 B in revenue, new roadmap eyed
On track to hit the target of employing 1.3 million people and $25 billion in revenue by 2016, the Philippines’ Information Technology-Business Process Management (IT-BPM) industry is eyeing a new roadmap that will chart its direction until 2022.
Jose Mari Mercado, President and CEO, Information and Technology and Business Process Association of the Philippines (IBPAP), says the new roadmap will most likely be unveiled before the end of the year.
“The intent is to help us see how the global market will be like in the next six years, and how the IT-BPM industry should respond or manage that change,” he says.
Ranking second only to Overseas Filipino Workers’ (OFW) remittances, the IT-BPM sector has grown from $8.9 billion in revenues in 2010 to $18.9 billion in 2014; from 520,000 employees in 2010 to 1.07 million employees in 2014.
“The IT-BPM industry is a microcosm of our administration’s inclusive growth agenda where jobs are created all around the country,” President Aquino said in his keynote address at the 7th International IT-BPM Summit held recently. “We want to replicate this kind of success in each and every sector, and in the entire economy.”
But this same industry is also at a crossroads. The Philippine IT-BPO Road Map 2011-2016 is ending and it is on the cusp of a new era in technology where business models are changing rapidly, innovations are taking place at breakneck speed, a new administration is coming in next year, and the Association of Southeast Asian Nations (ASEAN) is integrating as an economic bloc.
Danilo Sebastian Reyes, Chairman, IBPAP, says one of the success factors why the industry has grown consistently over the years is because government has been a key enabler and that it is something that the industry is looking forward to in the next administration.
“The ASEAN integration is also an opportunity for the Philippines. The free flow of talent, for one, will help us in serving the companies that we already serve as most already have growing presence in the region. The need for them is to have a single site to service the Asian market,” he adds.
philstar
On track to hit the target of employing 1.3 million people and $25 billion in revenue by 2016, the Philippines’ Information Technology-Business Process Management (IT-BPM) industry is eyeing a new roadmap that will chart its direction until 2022.
Jose Mari Mercado, President and CEO, Information and Technology and Business Process Association of the Philippines (IBPAP), says the new roadmap will most likely be unveiled before the end of the year.
“The intent is to help us see how the global market will be like in the next six years, and how the IT-BPM industry should respond or manage that change,” he says.
Ranking second only to Overseas Filipino Workers’ (OFW) remittances, the IT-BPM sector has grown from $8.9 billion in revenues in 2010 to $18.9 billion in 2014; from 520,000 employees in 2010 to 1.07 million employees in 2014.
“The IT-BPM industry is a microcosm of our administration’s inclusive growth agenda where jobs are created all around the country,” President Aquino said in his keynote address at the 7th International IT-BPM Summit held recently. “We want to replicate this kind of success in each and every sector, and in the entire economy.”
But this same industry is also at a crossroads. The Philippine IT-BPO Road Map 2011-2016 is ending and it is on the cusp of a new era in technology where business models are changing rapidly, innovations are taking place at breakneck speed, a new administration is coming in next year, and the Association of Southeast Asian Nations (ASEAN) is integrating as an economic bloc.
Danilo Sebastian Reyes, Chairman, IBPAP, says one of the success factors why the industry has grown consistently over the years is because government has been a key enabler and that it is something that the industry is looking forward to in the next administration.
“The ASEAN integration is also an opportunity for the Philippines. The free flow of talent, for one, will help us in serving the companies that we already serve as most already have growing presence in the region. The need for them is to have a single site to service the Asian market,” he adds.
philstar
Philippine economy least vulnerable to external shocks, says S&P
Standard and Poor’s (S&P) has tagged the Philippines as the least vulnerable emerging market economy that would be affected by adverse global trends brought about by the impending interest rate hike in the US and the economic slowdown in China.
In a report, S&P said the Philippines, Mexico, and Poland are the countries that appear to be least at risk from the combined effect of the tightening global liquidity, financial deleveraging, and a Chinese slowdown.
“The least-vulnerable sovereigns in our ranking are the Philippines, Poland, and Mexico, followed by Pakistan and Hungary,” the report said.
S&P assessed all 22 emerging market economies including the Philippines. It ranked the countries by using a simple average of its ranking of the three measures of risks.
The Philippines emerged as the least vulnerable after ranking last or 22nd in the overall risk assessment ranking, while Poland was ranked 21st and Mexico 20th.
S&P said these countries have low direct economic ties to China, low risk of domestic financial leverage, and are only moderately vulnerable to higher global interest rates.
philstar
Standard and Poor’s (S&P) has tagged the Philippines as the least vulnerable emerging market economy that would be affected by adverse global trends brought about by the impending interest rate hike in the US and the economic slowdown in China.
In a report, S&P said the Philippines, Mexico, and Poland are the countries that appear to be least at risk from the combined effect of the tightening global liquidity, financial deleveraging, and a Chinese slowdown.
“The least-vulnerable sovereigns in our ranking are the Philippines, Poland, and Mexico, followed by Pakistan and Hungary,” the report said.
S&P assessed all 22 emerging market economies including the Philippines. It ranked the countries by using a simple average of its ranking of the three measures of risks.
The Philippines emerged as the least vulnerable after ranking last or 22nd in the overall risk assessment ranking, while Poland was ranked 21st and Mexico 20th.
S&P said these countries have low direct economic ties to China, low risk of domestic financial leverage, and are only moderately vulnerable to higher global interest rates.
philstar
Philippines immune from China slowdown, HSBC says
The Philippines is immune from external shocks, particularly from China’s economic slowdown, the HongKong and Shanghai Banking Corporation (HSBC) said.
In its latest Global Research entitled Commodity Concerns Dominate, HSBC economist James Pomeroy said the Philippines is among the emerging market (EM) countries that are immune from the economic slowdown in China.
"The Philippines is one of the few EM countries relatively unexposed to a slowdown in Chinese growth and lower commodity prices," Pomeroy said.
China is stilll a major source of imports of the Philippines.
Imports from China increased by 8% to $5.98 billion from January to July this year, from $5.54 billion in the same period in 2014.
Exports to China, meanwhile, dipped 24.1% to $4.56 billion in the first 7 months of 2015, from $6.02 billion in the same period last year. (READ: China's economic slowdown: A double-edged impact on PH)
"Trade in goods (and especially commodities) plays a small part in exports and so the same risks to growth do not exist," Pomeroy said in the report.
The Philippine peso has outperformed other currencies, according to the HSBC economist.
"This has been reflected in the relative outperformance of the Philippine peso, as the Philippines has avoided much of the turmoil in financial markets," Pomeroy said.
The report considered a broad range of indicators to look for warning signs in 40 development and emerging market economies.
"We are less concerned about the Philippines than we were, given the relative immunity from a slowdown in China," Pomeroy said.
rappler
The Philippines is immune from external shocks, particularly from China’s economic slowdown, the HongKong and Shanghai Banking Corporation (HSBC) said.
In its latest Global Research entitled Commodity Concerns Dominate, HSBC economist James Pomeroy said the Philippines is among the emerging market (EM) countries that are immune from the economic slowdown in China.
"The Philippines is one of the few EM countries relatively unexposed to a slowdown in Chinese growth and lower commodity prices," Pomeroy said.
China is stilll a major source of imports of the Philippines.
Imports from China increased by 8% to $5.98 billion from January to July this year, from $5.54 billion in the same period in 2014.
Exports to China, meanwhile, dipped 24.1% to $4.56 billion in the first 7 months of 2015, from $6.02 billion in the same period last year. (READ: China's economic slowdown: A double-edged impact on PH)
"Trade in goods (and especially commodities) plays a small part in exports and so the same risks to growth do not exist," Pomeroy said in the report.
The Philippine peso has outperformed other currencies, according to the HSBC economist.
"This has been reflected in the relative outperformance of the Philippine peso, as the Philippines has avoided much of the turmoil in financial markets," Pomeroy said.
The report considered a broad range of indicators to look for warning signs in 40 development and emerging market economies.
"We are less concerned about the Philippines than we were, given the relative immunity from a slowdown in China," Pomeroy said.
rappler
Let us restart ‘80 landmark trade pact’-Rishad to the Philippines
As YoY bilateral trade jumped by 59%, Sri Lanka, looking to boost its trade with the fifth largest ASEAN nation, called for reactivation of its 1980 landmark agreement on 26 October in Metro Manila’s Pasay City.Minister of Industry and Commerce Rishad Bathiudeen (far left) at the 41st Philippine Business Conference and Exposition held in Pasay City, the Philippines on 26 October.
“We have no doubts that the Philippines could become a key East Asian trade partner for us. It is here that I believe that we need to jointly re-activate, the landmark 1980 Trade Agreement between both countries” said Rishad Bathiudeen (Minister of Industry and Commerce of Sri Lanka) on 26 October in in Pasay City, the Philippines.
• Sri Lanka at the 41st Philippine Biz Conference
• ‘Re-activation of 1980 pact can take trade to next levels’-Rishad
• YoY Lankan-Philippine trade jumps by 59%
• 14 member biz delegation at the 41st Expo
‘New industry zones open to Philippine investors’-Rishad
Minister Bathiudeen was addressing the 41st Philippine Business Conference and Exposition held in Pasay City, the Philippines on 26 October. Joining him from Sri Lanka was a 14 member Lankan business delegation from 11 Lankan firms in sectors of packaging, aviation, shipping, travel, engineering, tea and construction.
“A proud founder member of ASEAN in 1967, the Philippines today has become a key manufacturing hub in Asia. We are also pleased to note of Manila’s growth as a prominent outsourcing destination in Asia. As a South Asian growth economy, and as a recent entrant to the lower middle income ranks the “Social Market Economic Model” as envisioned by the new unity government led by H.E. the President Maithripala Sirisena and Hon. Prime Minister Ranil Wickremesinghe, is to focus on Sri Lanka’s next stage of economic development. Accordingly, Sri Lanka is to rapidly develop through new industrial development projects and economic reforms based on “Social Market Economic Model”. To accelerate our GDP growth further, through “Social Market Economic Model” the new unity government is planning to introduce major reforms across many sectors. “
Sri Lankan Minister added, “The creation of 45 economic development zones, 11 industrial and technical zones, 2 tourism zones, 23 agricultural zones, 10 fisheries development zones and 2500 market-centred cluster villages are some of the planned initiatives by the new unity government. Creation of 34 investment promotion zones where international investors including investors from the Philippines can invest is a key effort to enhance our global market presence and competitiveness. Trade promotion with key markets as well as Asian tiger economies such as the Philippines is another plan to enhance our competitive advantage. Therefore we have no doubts that the Philippines also could become a key East Asian trade partner for us.”
asiantribune
As YoY bilateral trade jumped by 59%, Sri Lanka, looking to boost its trade with the fifth largest ASEAN nation, called for reactivation of its 1980 landmark agreement on 26 October in Metro Manila’s Pasay City.Minister of Industry and Commerce Rishad Bathiudeen (far left) at the 41st Philippine Business Conference and Exposition held in Pasay City, the Philippines on 26 October.
“We have no doubts that the Philippines could become a key East Asian trade partner for us. It is here that I believe that we need to jointly re-activate, the landmark 1980 Trade Agreement between both countries” said Rishad Bathiudeen (Minister of Industry and Commerce of Sri Lanka) on 26 October in in Pasay City, the Philippines.
• Sri Lanka at the 41st Philippine Biz Conference
• ‘Re-activation of 1980 pact can take trade to next levels’-Rishad
• YoY Lankan-Philippine trade jumps by 59%
• 14 member biz delegation at the 41st Expo
‘New industry zones open to Philippine investors’-Rishad
Minister Bathiudeen was addressing the 41st Philippine Business Conference and Exposition held in Pasay City, the Philippines on 26 October. Joining him from Sri Lanka was a 14 member Lankan business delegation from 11 Lankan firms in sectors of packaging, aviation, shipping, travel, engineering, tea and construction.
“A proud founder member of ASEAN in 1967, the Philippines today has become a key manufacturing hub in Asia. We are also pleased to note of Manila’s growth as a prominent outsourcing destination in Asia. As a South Asian growth economy, and as a recent entrant to the lower middle income ranks the “Social Market Economic Model” as envisioned by the new unity government led by H.E. the President Maithripala Sirisena and Hon. Prime Minister Ranil Wickremesinghe, is to focus on Sri Lanka’s next stage of economic development. Accordingly, Sri Lanka is to rapidly develop through new industrial development projects and economic reforms based on “Social Market Economic Model”. To accelerate our GDP growth further, through “Social Market Economic Model” the new unity government is planning to introduce major reforms across many sectors. “
Sri Lankan Minister added, “The creation of 45 economic development zones, 11 industrial and technical zones, 2 tourism zones, 23 agricultural zones, 10 fisheries development zones and 2500 market-centred cluster villages are some of the planned initiatives by the new unity government. Creation of 34 investment promotion zones where international investors including investors from the Philippines can invest is a key effort to enhance our global market presence and competitiveness. Trade promotion with key markets as well as Asian tiger economies such as the Philippines is another plan to enhance our competitive advantage. Therefore we have no doubts that the Philippines also could become a key East Asian trade partner for us.”
asiantribune
Emerging East Asia economies hike bond issues in Q2
MANILA, Philippines - Bond issuances in emerging East Asia increased in the second quarter, but risks lie ahead as investors shake off exposure in developing markets to prepare for the rise in interest rates in the US.
According to its latest Asia Bond Monitor, the Asian Development Bank (ADB) said outstanding emerging Asian bonds rose 4.6 percent to $8.625 trillion as of end-June from the previous quarter.
This, even as the region’s bond yields rose during the same period as investors anticipate higher earnings in the developed markets with the upcoming hike in interest rates by the US Federal Reserve.
Emerging Asia comprises China, Hong Kong, Indonesia, the Philippines, Singapore, South Korea, Thailand and Vietnam.
“Weaker growth and depreciating currencies have combined to make emerging market bonds less attractive to investors,” the Manila-based lender said in the report.
“The possibility of the Federal Reserve raising interest rates and a shift in preferences away from emerging market assets have combined to increase the risks for the region’s bond markets,” it added.
In general, bond yields rise as investors demand more for securing risky assets, such as those coming from emerging Asia. According to the ADB, yields rose in Hong Kong, Malaysia, Singapore and Indonesia.
China and the Philippines bucked the trend with lower yields during the same period.
Higher yields, however, did not deter governments and corporates from issuing more debt papers even as it meant paying more interest to bondholders.
“Five out of the nine East Asian markets recorded faster quarter-on-quarter growth in the second quarter – the PRC (People’s Republic of China), the Republic of Korea, Malaysia, Singapore and Thailand,” the report said.
source
MANILA, Philippines - Bond issuances in emerging East Asia increased in the second quarter, but risks lie ahead as investors shake off exposure in developing markets to prepare for the rise in interest rates in the US.
According to its latest Asia Bond Monitor, the Asian Development Bank (ADB) said outstanding emerging Asian bonds rose 4.6 percent to $8.625 trillion as of end-June from the previous quarter.
This, even as the region’s bond yields rose during the same period as investors anticipate higher earnings in the developed markets with the upcoming hike in interest rates by the US Federal Reserve.
Emerging Asia comprises China, Hong Kong, Indonesia, the Philippines, Singapore, South Korea, Thailand and Vietnam.
“Weaker growth and depreciating currencies have combined to make emerging market bonds less attractive to investors,” the Manila-based lender said in the report.
“The possibility of the Federal Reserve raising interest rates and a shift in preferences away from emerging market assets have combined to increase the risks for the region’s bond markets,” it added.
In general, bond yields rise as investors demand more for securing risky assets, such as those coming from emerging Asia. According to the ADB, yields rose in Hong Kong, Malaysia, Singapore and Indonesia.
China and the Philippines bucked the trend with lower yields during the same period.
Higher yields, however, did not deter governments and corporates from issuing more debt papers even as it meant paying more interest to bondholders.
“Five out of the nine East Asian markets recorded faster quarter-on-quarter growth in the second quarter – the PRC (People’s Republic of China), the Republic of Korea, Malaysia, Singapore and Thailand,” the report said.
source
External headwinds hit PH bonds
THE local currency (LCY) bond market posted modest growth in the second quarter of 2015 from a year earlier, but took a hit compared with the previous quarter, the Asian Development Bank (ADB) said on Wednesday, citing concerns over softer growth, depreciating currencies and US interest rates.
These factors are affecting the markets of emerging East Asia, the Manila-based multilateral lender noted.
“Asian bond markets were buffeted by strong headwinds, including anticipation of the US Federal Reserve rate hike, which has led to an outflow of funds in some countries,” Shang-Jin Wei, ADB chief economist said.
The Philippine LCY bond market grew by 3.3 percent to P4.645 trillion in the April to June from P4.497 billion a year earlier, according to the latest “Asia Bond Monitor” report.
Government securities accounted for the majority of bonds outstanding, totaling P3.896 billion, while corporate bonds reached P749 billion during the quarter.
However, the country’s bond market contracted by 0.8 percent from the P4.681 trillion in the first quarter.
The report noted the outstanding fixed-income instruments issued by the Philippine government and government-controlled companies declined by 0.5 percent to P3.896 trillion as of end-June from end-March.
“The decline was most notable among outstanding government-controlled issues, which fell 12.4 percent quarter-on-quarter due to the maturation of Power Sector Assets and Liabilities Management bonds worth P11.3 billion,” it said
source
THE local currency (LCY) bond market posted modest growth in the second quarter of 2015 from a year earlier, but took a hit compared with the previous quarter, the Asian Development Bank (ADB) said on Wednesday, citing concerns over softer growth, depreciating currencies and US interest rates.
These factors are affecting the markets of emerging East Asia, the Manila-based multilateral lender noted.
“Asian bond markets were buffeted by strong headwinds, including anticipation of the US Federal Reserve rate hike, which has led to an outflow of funds in some countries,” Shang-Jin Wei, ADB chief economist said.
The Philippine LCY bond market grew by 3.3 percent to P4.645 trillion in the April to June from P4.497 billion a year earlier, according to the latest “Asia Bond Monitor” report.
Government securities accounted for the majority of bonds outstanding, totaling P3.896 billion, while corporate bonds reached P749 billion during the quarter.
However, the country’s bond market contracted by 0.8 percent from the P4.681 trillion in the first quarter.
The report noted the outstanding fixed-income instruments issued by the Philippine government and government-controlled companies declined by 0.5 percent to P3.896 trillion as of end-June from end-March.
“The decline was most notable among outstanding government-controlled issues, which fell 12.4 percent quarter-on-quarter due to the maturation of Power Sector Assets and Liabilities Management bonds worth P11.3 billion,” it said
source
Philippines hailed ‘top and most professional borrower’ in Asia
MANILA, Philippines – FinanceAsia named Philippines as this year’s Top Borrower and Most Professional Sovereign Borrower in Asia.
"This is very encouraging news; it shows the market has its confidence firmly placed in us and our performance as a sovereign borrower. Especially in these turbulent times, reputation is everything," Finance Secretary Cesar Purisima said.
The Philippines just recently conducted its Domestic Management Transaction with total tenders amounting to P388 billion, considered as a show of force since it was executed in uncertain and troubled times.
Last year, the Philippines was also given Region’s Best Borrower Award for its innovative execution of a one-day accelerated switch tender offer in January 2014, its first transaction as an investment grade sovereign.
FinanceAsia will feature the results of their 2015 Fixed Income research poll, announce last September 11 in their upcoming printed bond market supplement.
source
MANILA, Philippines – FinanceAsia named Philippines as this year’s Top Borrower and Most Professional Sovereign Borrower in Asia.
"This is very encouraging news; it shows the market has its confidence firmly placed in us and our performance as a sovereign borrower. Especially in these turbulent times, reputation is everything," Finance Secretary Cesar Purisima said.
The Philippines just recently conducted its Domestic Management Transaction with total tenders amounting to P388 billion, considered as a show of force since it was executed in uncertain and troubled times.
Last year, the Philippines was also given Region’s Best Borrower Award for its innovative execution of a one-day accelerated switch tender offer in January 2014, its first transaction as an investment grade sovereign.
FinanceAsia will feature the results of their 2015 Fixed Income research poll, announce last September 11 in their upcoming printed bond market supplement.
source
India bats for APEC entry, Philippines says India must be more active in South China Sea region
India on Friday batted for an early entry into the Asia Pacific Economic Cooperation or APEC forum, established twenty five years ago. Secretary East in the Ministry of External Affairs, Anil Wadhwa reminded Foreign Affairs Under Secretary of Philippines Evan Garcia of India's application pending since 1991. He stressed that India which is conspicuous in its absence in APEC, despite Summit Level Dialogue partnership with ASEAN, can contribute to the forum.
Philippines is currently the chair of the 21 member premier regional institution including US, China and Vietnam. The forum promotes trade, investment and economic linkages among Asia-Pacific economies. There has been an informal moratorium on its membership expansion since 1997.
APEC which is not a compulsory regime, allows members to comply with set standards at a voluntarily chosen pace. Indian officials feel an entry into APEC will allow India to raise its standard in manufacturing that will help compete with other trade organisations and groupings,without any compliance deadline. APEC today accounts for 43 % of the world population, 57% of world GDP and 47 % of world trade. (Source-RIS) Officials feel an APEC membership will help India address larger trade facilitations issues and efficient customs clearance with logistics and supply network. APEC's Single Window Scheme to reduce delay in other reforms is considered years ahead of India.
source
India on Friday batted for an early entry into the Asia Pacific Economic Cooperation or APEC forum, established twenty five years ago. Secretary East in the Ministry of External Affairs, Anil Wadhwa reminded Foreign Affairs Under Secretary of Philippines Evan Garcia of India's application pending since 1991. He stressed that India which is conspicuous in its absence in APEC, despite Summit Level Dialogue partnership with ASEAN, can contribute to the forum.
Philippines is currently the chair of the 21 member premier regional institution including US, China and Vietnam. The forum promotes trade, investment and economic linkages among Asia-Pacific economies. There has been an informal moratorium on its membership expansion since 1997.
APEC which is not a compulsory regime, allows members to comply with set standards at a voluntarily chosen pace. Indian officials feel an entry into APEC will allow India to raise its standard in manufacturing that will help compete with other trade organisations and groupings,without any compliance deadline. APEC today accounts for 43 % of the world population, 57% of world GDP and 47 % of world trade. (Source-RIS) Officials feel an APEC membership will help India address larger trade facilitations issues and efficient customs clearance with logistics and supply network. APEC's Single Window Scheme to reduce delay in other reforms is considered years ahead of India.
source
Indian healthcare BPOs facing competition from US, Philippines
NEW DELHI: Indian firms engaged in business process outsourcing (BPO) in the healthcare sector are facing stiff competition from their US and Filipino counterparts, noted an ASSOCHAM-EY joint study.
"The Philippines and other low-cost locations are emerging as a big challenge to Indian BPO industry including the healthcare vertical.
"Competition from leading healthcare BPO companies in the US is a big challenge for Indian vendors, since most of them are specialists in the healthcare sector and provide an increased gamut of services as compared to Indian vendors," highlighted the study.
Outlining the various growth inhibitors in healthcare BPO market in India, the study pointed out that data privacy is the most critical challenge in outsourcing healthcare processes since personal healthcare information is as private as financial information.
Hence, to provide outsourcing services to overseas vendors, the Indian vendors need to comply with international standards of security and privacy, since this can result in business being attracted or lost, it said.
source
NEW DELHI: Indian firms engaged in business process outsourcing (BPO) in the healthcare sector are facing stiff competition from their US and Filipino counterparts, noted an ASSOCHAM-EY joint study.
"The Philippines and other low-cost locations are emerging as a big challenge to Indian BPO industry including the healthcare vertical.
"Competition from leading healthcare BPO companies in the US is a big challenge for Indian vendors, since most of them are specialists in the healthcare sector and provide an increased gamut of services as compared to Indian vendors," highlighted the study.
Outlining the various growth inhibitors in healthcare BPO market in India, the study pointed out that data privacy is the most critical challenge in outsourcing healthcare processes since personal healthcare information is as private as financial information.
Hence, to provide outsourcing services to overseas vendors, the Indian vendors need to comply with international standards of security and privacy, since this can result in business being attracted or lost, it said.
source
Philippine Vehicle sales up 20% in 8 months
The Philippine automotive industry managed to post a 20 percent growth in vehicle sales to 179,215 units in the first eight months of the year, despite the “seasonal decline” in August.
A joint report from the Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) and Truck Manufacturers Association (TMA) showed that in August alone, vehicle sales grew by 21 percent to 23,181 units from the 19,116 units sold in the same month last year.
Compared to the sales in July 2015, however, the August sales dropped by 6 percent.
“The decline is not surprising considering that August, also known as the ghost month, traditionally produces lower sales,” Campi president Rommel Gutierrez on Wednesday said in a statement.
“The passenger cars category registered an increase in sales because of the sub-compact cars that are appealing to most new buyers whose main concern is improved mobility. The more efficient sub-compact cars occupy smaller space and contribute to the demand for greater mobility in the absence of a more efficient mass transport system,” Gutierrez explained.
In the first eight months of the year, the passenger car segment saw a 29-percent increase in sales to 73,333 units while commercial vehicle sales rose 15 percent to 105,882 units.
Compared to the same month last year, passenger car sales in August rose 29 percent to 10,334 units, while sales of commercial vehicles grew by 15.5 percent to 12,847 units.
Compared to July, however, sales of passenger cars inched up by 1.1 percent while that of commercial vehicles dropped by 10.5 percent.
Toyota Motor Philippines Corp. continued its market dominance with a share of 44.6 percent, equivalent to sales of 78,050 units as of end August this year.
Mitsubishi Motors Philippines Corp. took the second spot with a 19.3 percent market share (34,535 units), followed by Isuzu Philippines Corp., 7.9 percent (14,213 units); Ford Motor Company Phils. Inc., 7.6 percent 13,616 units); and Honda Cars Philippines Inc., 6.8 percent (12,167 units).
Read more from source : http://business.inquirer.net/198852/vehicle-sales-up-20-in-8-months#ixzz3lKMUovyz
The Philippine automotive industry managed to post a 20 percent growth in vehicle sales to 179,215 units in the first eight months of the year, despite the “seasonal decline” in August.
A joint report from the Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) and Truck Manufacturers Association (TMA) showed that in August alone, vehicle sales grew by 21 percent to 23,181 units from the 19,116 units sold in the same month last year.
Compared to the sales in July 2015, however, the August sales dropped by 6 percent.
“The decline is not surprising considering that August, also known as the ghost month, traditionally produces lower sales,” Campi president Rommel Gutierrez on Wednesday said in a statement.
“The passenger cars category registered an increase in sales because of the sub-compact cars that are appealing to most new buyers whose main concern is improved mobility. The more efficient sub-compact cars occupy smaller space and contribute to the demand for greater mobility in the absence of a more efficient mass transport system,” Gutierrez explained.
In the first eight months of the year, the passenger car segment saw a 29-percent increase in sales to 73,333 units while commercial vehicle sales rose 15 percent to 105,882 units.
Compared to the same month last year, passenger car sales in August rose 29 percent to 10,334 units, while sales of commercial vehicles grew by 15.5 percent to 12,847 units.
Compared to July, however, sales of passenger cars inched up by 1.1 percent while that of commercial vehicles dropped by 10.5 percent.
Toyota Motor Philippines Corp. continued its market dominance with a share of 44.6 percent, equivalent to sales of 78,050 units as of end August this year.
Mitsubishi Motors Philippines Corp. took the second spot with a 19.3 percent market share (34,535 units), followed by Isuzu Philippines Corp., 7.9 percent (14,213 units); Ford Motor Company Phils. Inc., 7.6 percent 13,616 units); and Honda Cars Philippines Inc., 6.8 percent (12,167 units).
Read more from source : http://business.inquirer.net/198852/vehicle-sales-up-20-in-8-months#ixzz3lKMUovyz
How the Philippines Became Tech Startups’ New Source for Talent
Fifteen years ago, Fort Bonifacio in the Philippines was a former military base still dotted with barracks built in World War II. Thanks to an aggressive privatization and conversion program, Bonifacio Global City — as the base is known today — is a modern, bustling financial district lined with blocks of skyscrapers, shopping malls, and luxury condos.
The Southeast Asia city’s rapid growth echoes the story of the so-called “unicorns” — technology start-ups that rapidly grew to a billion-dollar valuation and beyond. So far, 2015 has produced 30 unicorns. But as start-ups mature, the grow-at-all-cost narrative will be replaced by a flight to capital efficiency and profitability.
In this next chapter, the Philippines — the world’s second-fastest growing economy — will play a crucial role in helping tech companies access the talent to scale efficiently and sustainably.
The Philippines has a huge business process outsourcing industry. It employs over a million workers and is expected to hit $25 billion in revenues in 2016. That’s significant for a country with a GDP of $270 billion. Technology-enabled services are the backbone of this industry, and the fastest growing sectors have demand for high-end skills, such as mobile app development and data analytics, as well as middle-level skills, such as video production, copywriting, and financial analysis.
Technology start-ups are the Philippines’ latest customers, and more are flocking to the country’s beach-laden shores each year. Beyond the obvious labor cost savings, the Philippines is an attractive destination for tech jobs, particularly for American companies, because of its young, educated workforce and its English-speaking population (the fifth largest on the planet). Unlike other outsourcing hubs, Filipinos are intimately familiar with American culture, a legacy of more than 30 years of American colonial rule. Generations of Filipinos have been raised on Hollywood movies, Friends, the NBA, and of course, Facebook.
source
Fifteen years ago, Fort Bonifacio in the Philippines was a former military base still dotted with barracks built in World War II. Thanks to an aggressive privatization and conversion program, Bonifacio Global City — as the base is known today — is a modern, bustling financial district lined with blocks of skyscrapers, shopping malls, and luxury condos.
The Southeast Asia city’s rapid growth echoes the story of the so-called “unicorns” — technology start-ups that rapidly grew to a billion-dollar valuation and beyond. So far, 2015 has produced 30 unicorns. But as start-ups mature, the grow-at-all-cost narrative will be replaced by a flight to capital efficiency and profitability.
In this next chapter, the Philippines — the world’s second-fastest growing economy — will play a crucial role in helping tech companies access the talent to scale efficiently and sustainably.
The Philippines has a huge business process outsourcing industry. It employs over a million workers and is expected to hit $25 billion in revenues in 2016. That’s significant for a country with a GDP of $270 billion. Technology-enabled services are the backbone of this industry, and the fastest growing sectors have demand for high-end skills, such as mobile app development and data analytics, as well as middle-level skills, such as video production, copywriting, and financial analysis.
Technology start-ups are the Philippines’ latest customers, and more are flocking to the country’s beach-laden shores each year. Beyond the obvious labor cost savings, the Philippines is an attractive destination for tech jobs, particularly for American companies, because of its young, educated workforce and its English-speaking population (the fifth largest on the planet). Unlike other outsourcing hubs, Filipinos are intimately familiar with American culture, a legacy of more than 30 years of American colonial rule. Generations of Filipinos have been raised on Hollywood movies, Friends, the NBA, and of course, Facebook.
source
Investors still positive on India, but smaller rivals (like the Philippines) are catching up
Mumbai: Global investors remain mostly upbeat about Indian equities, although some amount of funds have begun veering to-wards smaller emerging and frontier markets such as the Philippines and Pakistan on expectations of stronger returns, investment bankers and analysts said.
While the overall sentiment around emerging market (EM) investments remains subdued due to the impact of lower commodity prices on markets like Russia and Brazil, India remains among the top picks.
“We still think Asia is in a relatively better shape than other EMs. Many of the Asian markets are more manufacturing-oriented, so they will be less impacted by weak commodity prices. In fact, some of them, including India, could benefit from cheaper input costs,” said Tai Hui, managing director, chief market strategist (Asia) at JP Morgan Asset Management Co., adding that the outlooks for India and China are relatively encouraging when compared to other Asian economies.
“The pace of economic reforms has been slow. The government’s lack of a majority in the Rajya Sabha has resulted in slow progress on the implementation of the GST (goods and services tax) and on amendments to land laws, which are seen as key to the reform momentum,” said Herald van der Linde, head of equity strategy, Asia-Pacific, HSBC.
Linde feels that China is a more attractive market than India due to cheaper valuations and the headroom available to the Chinese government to revive the economy.
“As for India, I would say the valuations are not as attractive; the earnings estimates are still coming down,” said Linde.
Overall, the MSCI EM Index is down 9.9% for the year to date, while the MSCI World Index is up 1.9%. The Sensex has gained a mere 0.2% in the same period.
While India and China remain the focus among larger emerging economies, smaller markets like the Philippines, Mexico, Pakistan and Vietnam are catching the attention of investors seeking higher returns.
“My favourite (EM) markets are the Philippines and Mexico. Both have relatively low macro imbalances, are not too sensitive to what happens in China... Their growth prospects are better than elsewhere,” said Maarten Jan Bakkum, senior emerging markets strategist with NN Investment Partners.
“India is also an overweight, but a small one,” Bakkum said in an email from The Hague, Netherlands.
Philippines Stock Exchange PSEi Index has risen 2.89% since the start of the year, while Mexican Bolsa IPC Index is up 2.06%. Other markets like Pakistan have also delivered strong returns with 11.76% gains.
For the year to date, the Pakistani rupee, down 1.3% and the Philippine peso, down 3.1%, are among the best performing currencies in the pack, while the Mexican peso shed 9.6%. In contrast, the dollar index has risen 7.02% so far this year.
“Among the biggest markets I am still overweight is India, but if you look at smaller markets too, I like Philippines, Pakistan and Vietnam even more,” Hertta Alava, director of emerging market funds at FIM Asset Management Ltd, said in an email from Helsinki.
Read more from source (livemint.com)
Mumbai: Global investors remain mostly upbeat about Indian equities, although some amount of funds have begun veering to-wards smaller emerging and frontier markets such as the Philippines and Pakistan on expectations of stronger returns, investment bankers and analysts said.
While the overall sentiment around emerging market (EM) investments remains subdued due to the impact of lower commodity prices on markets like Russia and Brazil, India remains among the top picks.
“We still think Asia is in a relatively better shape than other EMs. Many of the Asian markets are more manufacturing-oriented, so they will be less impacted by weak commodity prices. In fact, some of them, including India, could benefit from cheaper input costs,” said Tai Hui, managing director, chief market strategist (Asia) at JP Morgan Asset Management Co., adding that the outlooks for India and China are relatively encouraging when compared to other Asian economies.
“The pace of economic reforms has been slow. The government’s lack of a majority in the Rajya Sabha has resulted in slow progress on the implementation of the GST (goods and services tax) and on amendments to land laws, which are seen as key to the reform momentum,” said Herald van der Linde, head of equity strategy, Asia-Pacific, HSBC.
Linde feels that China is a more attractive market than India due to cheaper valuations and the headroom available to the Chinese government to revive the economy.
“As for India, I would say the valuations are not as attractive; the earnings estimates are still coming down,” said Linde.
Overall, the MSCI EM Index is down 9.9% for the year to date, while the MSCI World Index is up 1.9%. The Sensex has gained a mere 0.2% in the same period.
While India and China remain the focus among larger emerging economies, smaller markets like the Philippines, Mexico, Pakistan and Vietnam are catching the attention of investors seeking higher returns.
“My favourite (EM) markets are the Philippines and Mexico. Both have relatively low macro imbalances, are not too sensitive to what happens in China... Their growth prospects are better than elsewhere,” said Maarten Jan Bakkum, senior emerging markets strategist with NN Investment Partners.
“India is also an overweight, but a small one,” Bakkum said in an email from The Hague, Netherlands.
Philippines Stock Exchange PSEi Index has risen 2.89% since the start of the year, while Mexican Bolsa IPC Index is up 2.06%. Other markets like Pakistan have also delivered strong returns with 11.76% gains.
For the year to date, the Pakistani rupee, down 1.3% and the Philippine peso, down 3.1%, are among the best performing currencies in the pack, while the Mexican peso shed 9.6%. In contrast, the dollar index has risen 7.02% so far this year.
“Among the biggest markets I am still overweight is India, but if you look at smaller markets too, I like Philippines, Pakistan and Vietnam even more,” Hertta Alava, director of emerging market funds at FIM Asset Management Ltd, said in an email from Helsinki.
Read more from source (livemint.com)
All eyes on PH startups in mega event for APEC
The SlingshotMNL 2-day conference will be the official startup event for APEC, which the country is hosting this year
MANILA, Philippines – Tech startups have been steadily gaining traction in the Philippine economy these past few years. They are set to be highlighted as a prominent part of the country’s run-up to the Asia-Pacific Economic Conference (APEC) 2015, which the country is hosting.
The event on July 6-7 is designed to show and celebrate local innovation to the Philippine public and to the world.
The Department of Trade and Industry (DTI) has adopted a policy of supporting small and medium enterprises (SMEs) and it sees startups as an integral component in developing them.
Proof of this is that startups were included, for the first time, in the 2014-2016 Investment Priorities Plan (IPP).
Startups, especially in the fields of software, animation, and game development are now eligible of Board of Investment (BOI) incentives such as income tax holidays and duty free importation of equipment.
Lighting up traditional SMEs
Startup's defining features, the mindset of constant innovation and recognition of the transformative power of technology, is the key to this, DTI officials explained.
“The government has recognized the high level of innovation and the use of science and technology which are amazing enablers for business,” said DTI Foreign Trade Service Officer Michael Ignacio at a media briefing annoucing the July startup event, SlingshotMNL, on Thursday, June 18.
Startups are themselves SMEs – the only difference is the former’s inclination to innovation and use of technology, Ignacio shared.
They also help traditional SMEs reach more markets through leveraging the Internet and smartphones to reach a global audience, he added.
This was supported by Foreign Trade Service Head Raymond Batac, who said that SlingshotMNL is aimed to jumpstart the flow of technology use toward traditional enterprises.
“We hope that this event will become the spark to light up innovation. We would like to support traditional SMEs through technology because we know it’s something that they need, maybe this will start it off for everyone,” he said.
SlingshotMNL
To underline this, the DTI partnered with the Philippine startup community to organize SlingshotMNL to be the largest event of its kind, featuring top local and international figures in the field.
It is also positioned as the official startup event of APEC 2015.
source
The SlingshotMNL 2-day conference will be the official startup event for APEC, which the country is hosting this year
MANILA, Philippines – Tech startups have been steadily gaining traction in the Philippine economy these past few years. They are set to be highlighted as a prominent part of the country’s run-up to the Asia-Pacific Economic Conference (APEC) 2015, which the country is hosting.
The event on July 6-7 is designed to show and celebrate local innovation to the Philippine public and to the world.
The Department of Trade and Industry (DTI) has adopted a policy of supporting small and medium enterprises (SMEs) and it sees startups as an integral component in developing them.
Proof of this is that startups were included, for the first time, in the 2014-2016 Investment Priorities Plan (IPP).
Startups, especially in the fields of software, animation, and game development are now eligible of Board of Investment (BOI) incentives such as income tax holidays and duty free importation of equipment.
Lighting up traditional SMEs
Startup's defining features, the mindset of constant innovation and recognition of the transformative power of technology, is the key to this, DTI officials explained.
“The government has recognized the high level of innovation and the use of science and technology which are amazing enablers for business,” said DTI Foreign Trade Service Officer Michael Ignacio at a media briefing annoucing the July startup event, SlingshotMNL, on Thursday, June 18.
Startups are themselves SMEs – the only difference is the former’s inclination to innovation and use of technology, Ignacio shared.
They also help traditional SMEs reach more markets through leveraging the Internet and smartphones to reach a global audience, he added.
This was supported by Foreign Trade Service Head Raymond Batac, who said that SlingshotMNL is aimed to jumpstart the flow of technology use toward traditional enterprises.
“We hope that this event will become the spark to light up innovation. We would like to support traditional SMEs through technology because we know it’s something that they need, maybe this will start it off for everyone,” he said.
SlingshotMNL
To underline this, the DTI partnered with the Philippine startup community to organize SlingshotMNL to be the largest event of its kind, featuring top local and international figures in the field.
It is also positioned as the official startup event of APEC 2015.
source
Philippines' Q2 GDP growth rises to 5.6%
MANILA, Philippines (2ND UPDATE) – The Philippine economy grew 5.6% in the second quarter, fighting a regional slowdown with the help of strong performance of industry and services sectors and robust government spending.
Although the second quarter growth is higher than the first quarter gross domestic product (GDP) performance of 5%, it still lags behind the government's and economists' forecasts.
The general consensus was 5.7% – a "magic number" hoped to buoy the country's growth for the rest of the year, following a dismal first quarter performance.
The previous quarter's growth is also lower than the 6.7% reported in the same period last year. (READ: PH economy picks up steam in 2nd quarter)
The latest GDP figure also caused the Philippines to slip as the third highest among Asia's major economies, behind China and Vietnam.
According to the Philippine Statistics Authority, the 5.6% growth was mainly driven by the services sector, which accelerated to 6.2% from 5.9%. The agriculture sector pulled down the GDP growth with -0.4%.
On the eve of the second quarter GDP growth announcement, the PSA revised downward the Philippine economy's first quarter growth to 5% from the previous 5.2%. (READ: PH 1st quarter GDP lowered to 5%)
read from source
Rappler.comPublished 10:30 AM, August 27, 2015
Updated 8:17 PM, August 27, 2015
MANILA, Philippines (2ND UPDATE) – The Philippine economy grew 5.6% in the second quarter, fighting a regional slowdown with the help of strong performance of industry and services sectors and robust government spending.
Although the second quarter growth is higher than the first quarter gross domestic product (GDP) performance of 5%, it still lags behind the government's and economists' forecasts.
The general consensus was 5.7% – a "magic number" hoped to buoy the country's growth for the rest of the year, following a dismal first quarter performance.
The previous quarter's growth is also lower than the 6.7% reported in the same period last year. (READ: PH economy picks up steam in 2nd quarter)
The latest GDP figure also caused the Philippines to slip as the third highest among Asia's major economies, behind China and Vietnam.
According to the Philippine Statistics Authority, the 5.6% growth was mainly driven by the services sector, which accelerated to 6.2% from 5.9%. The agriculture sector pulled down the GDP growth with -0.4%.
On the eve of the second quarter GDP growth announcement, the PSA revised downward the Philippine economy's first quarter growth to 5% from the previous 5.2%. (READ: PH 1st quarter GDP lowered to 5%)
read from source
Rappler.comPublished 10:30 AM, August 27, 2015
Updated 8:17 PM, August 27, 2015
Gov't exceeds target in latest bond swap
MANILA, Philippines - The Philippines has accepted tenders more than double its minimum target for its latest bond exchange transaction, which has resulted in P2.4 billion in government savings in the first year.
A total of P237 billion in new 10-year and 25-year bonds were swapped with eligible maturing obligations in an exercise meant to lower the country's interest payments and lengthen debt payment terms, the Bureau of the Treasury said on Monday.
Broken down, a total of P121 billion in 2025 bonds and P142 billion worth of 2040 securities were exchanged with illiquid debts or those no longer traded. The government had set a minimum P50-billion target for each maturity, but total tenders reached as high as P388 billion.
The bonds were priced at the minimum coupon rates of 3.625 percent for the 10-year tenor and 4.625 percent for the 25-year paper.
"The transaction has helped the Republic achieve its debt management objectives while also providing investors with new benchmark bonds in exchange for illiuid bonds," Finance Secretary Cesar Purisima was quoted in the statement as saying.
"Amid turbulence around the world, the overwhelming response we received from the market is an unequivocal show of strength and stability on the part of the republic," he added.
Aside from the bond exchange, the Philippines also put on offer fresh 25-year bonds for purchase by cash. A total of P9.6 billion was accepted from tenders amounting to "approximately P21 billion."
The Treasury had said earlier that proceeds from the new 25-year bond offer will be used to settle interest payments and fees for the bond swap. The remaining amount will form part of the government's general fund.
"We are pleased with the unwavering support from the market. We will continue to work with investors to ensure that the Republic maintains an efficient debt portfolio, while achieving competitive funding rates," National Treasurer Roberto Tan said in the same statement.
The Philippines launched its latest offer last August 26.
read from source
By Prinz Magtulis (philstar.com) | Updated September 8, 2015 - 1:52pm
MANILA, Philippines - The Philippines has accepted tenders more than double its minimum target for its latest bond exchange transaction, which has resulted in P2.4 billion in government savings in the first year.
A total of P237 billion in new 10-year and 25-year bonds were swapped with eligible maturing obligations in an exercise meant to lower the country's interest payments and lengthen debt payment terms, the Bureau of the Treasury said on Monday.
Broken down, a total of P121 billion in 2025 bonds and P142 billion worth of 2040 securities were exchanged with illiquid debts or those no longer traded. The government had set a minimum P50-billion target for each maturity, but total tenders reached as high as P388 billion.
The bonds were priced at the minimum coupon rates of 3.625 percent for the 10-year tenor and 4.625 percent for the 25-year paper.
"The transaction has helped the Republic achieve its debt management objectives while also providing investors with new benchmark bonds in exchange for illiuid bonds," Finance Secretary Cesar Purisima was quoted in the statement as saying.
"Amid turbulence around the world, the overwhelming response we received from the market is an unequivocal show of strength and stability on the part of the republic," he added.
Aside from the bond exchange, the Philippines also put on offer fresh 25-year bonds for purchase by cash. A total of P9.6 billion was accepted from tenders amounting to "approximately P21 billion."
The Treasury had said earlier that proceeds from the new 25-year bond offer will be used to settle interest payments and fees for the bond swap. The remaining amount will form part of the government's general fund.
"We are pleased with the unwavering support from the market. We will continue to work with investors to ensure that the Republic maintains an efficient debt portfolio, while achieving competitive funding rates," National Treasurer Roberto Tan said in the same statement.
The Philippines launched its latest offer last August 26.
read from source
By Prinz Magtulis (philstar.com) | Updated September 8, 2015 - 1:52pm
The ever-evolving generics in the fast-growing PHL market
MANILA, Philippines — With the fast- paced life an ordinary Filipino is facing now due in part to a booming economy, one must be fit and in excellent health to keep up with the demands of everyday life. And happening alongside the sophistication of the Filipino consumers is the rise in the public’s trust for generic medicines. Today, when a Filipino gets sick, he is more likely to turn to generics rather than the branded drugs as in the olden days.
Vincent L. Guerrero, general manager of RiteMed Philippines, Inc. (RiteMed), said since the enactment of the Universally Accessible Cheaper and Quality Medicines Act of 2008, the pharmaceutical industry landscape drastically changed, reflecting the shift in Filipinos’ preference for generic drugs.
“Before the Cheaper Medicines Law of 2008, generic medicines were regarded as the ‘poor man’s drug.’ There was little trust in them because they were ‘cheap’. This was, unfortunately, the inadvertent result of the earlier law, the Generics Law of 1988, which essentially identified generics as those without brands and which one gives to indigent patients. During the public debate leading to the passage of the Cheaper Medicines Law of 2008, then Health Secretary Duque redefined generics to include branded generics, many of which were familiar to Filipinos. This was a turning point in the generics campaign,” Guerrero pointed out.
“RiteMed was introduced in 2002 as a unibranded generic. The use of the RiteMed brand was a way of assuring doctors and consumers that there is a name they can trust behind these medicines while avoiding expenses associated with building a brand for every single product. The resulting cost savings were then passed on to the patients. This enabled RiteMed to price its products way lower than those of Big Pharma,” he added. Unibranded generic drugs are affordable generic medicines sold with a single corporate brand to assure the public of their safety, quality and efficacy. These drugs are more affordable than the traditional branded medicines as they only have one brand — the corporate brand — being promoted, which cuts all the costs of per-brand marketing that jacks up the market price.
Interestingly, Guerrero pointed out that the rich people were the first customers of RiteMed. He calls them the “wais” consumers. The marginal poor tend “to be the most brand-loyal,” as they want to be “sure” of the efficacy of what they buy because of their limited resources. Hence, ironically, even if they can barely afford a brand, they do not switch to a lower-priced brand unless their doctor tells them to. Compliance with the doctor’s prescription therefore is a problem for them.
But over time – with the entry of more credible generic players and the faster growth in the Philippine economy – more people are moving away from the purchase of more expensive drugs and are now switching to lower-priced generics.
At present, generic medicines are preferred by 60 percent of the Filipino consumers compared to the 40-percent share of multinational brands. Of the total unibranded generics market, 60 percent is already from RiteMed. It has become the dominant unibranded medicine.
In the 2015 survey conducted by AGB Nielsen, RiteMed emerged as the most trusted pharmaceutical company, whether branded or generic, by the Filipino public.
The AGB Nielsen study used the corporate equity index (CEI) and corporate equity method to measure the health, visibility and control of the brands in the market, as well as their potential for the future.
Read more from source
MANILA, Philippines — With the fast- paced life an ordinary Filipino is facing now due in part to a booming economy, one must be fit and in excellent health to keep up with the demands of everyday life. And happening alongside the sophistication of the Filipino consumers is the rise in the public’s trust for generic medicines. Today, when a Filipino gets sick, he is more likely to turn to generics rather than the branded drugs as in the olden days.
Vincent L. Guerrero, general manager of RiteMed Philippines, Inc. (RiteMed), said since the enactment of the Universally Accessible Cheaper and Quality Medicines Act of 2008, the pharmaceutical industry landscape drastically changed, reflecting the shift in Filipinos’ preference for generic drugs.
“Before the Cheaper Medicines Law of 2008, generic medicines were regarded as the ‘poor man’s drug.’ There was little trust in them because they were ‘cheap’. This was, unfortunately, the inadvertent result of the earlier law, the Generics Law of 1988, which essentially identified generics as those without brands and which one gives to indigent patients. During the public debate leading to the passage of the Cheaper Medicines Law of 2008, then Health Secretary Duque redefined generics to include branded generics, many of which were familiar to Filipinos. This was a turning point in the generics campaign,” Guerrero pointed out.
“RiteMed was introduced in 2002 as a unibranded generic. The use of the RiteMed brand was a way of assuring doctors and consumers that there is a name they can trust behind these medicines while avoiding expenses associated with building a brand for every single product. The resulting cost savings were then passed on to the patients. This enabled RiteMed to price its products way lower than those of Big Pharma,” he added. Unibranded generic drugs are affordable generic medicines sold with a single corporate brand to assure the public of their safety, quality and efficacy. These drugs are more affordable than the traditional branded medicines as they only have one brand — the corporate brand — being promoted, which cuts all the costs of per-brand marketing that jacks up the market price.
Interestingly, Guerrero pointed out that the rich people were the first customers of RiteMed. He calls them the “wais” consumers. The marginal poor tend “to be the most brand-loyal,” as they want to be “sure” of the efficacy of what they buy because of their limited resources. Hence, ironically, even if they can barely afford a brand, they do not switch to a lower-priced brand unless their doctor tells them to. Compliance with the doctor’s prescription therefore is a problem for them.
But over time – with the entry of more credible generic players and the faster growth in the Philippine economy – more people are moving away from the purchase of more expensive drugs and are now switching to lower-priced generics.
At present, generic medicines are preferred by 60 percent of the Filipino consumers compared to the 40-percent share of multinational brands. Of the total unibranded generics market, 60 percent is already from RiteMed. It has become the dominant unibranded medicine.
In the 2015 survey conducted by AGB Nielsen, RiteMed emerged as the most trusted pharmaceutical company, whether branded or generic, by the Filipino public.
The AGB Nielsen study used the corporate equity index (CEI) and corporate equity method to measure the health, visibility and control of the brands in the market, as well as their potential for the future.
Read more from source
In Photo: The trade department and SlingshotMnl jointly spearheaded a series of conferences and discussions on the “golden opportunities” open for local entrepreneurs ahead of the forthcoming Asia Pacific Economic Cooperation conference in Manila. Photo shows (from left) Raymond Albert Batac, executive director and coordinating officer of the Foreign Trade Service Corps; Earl Martin Valencia, president of IdeaSpace Foundation; Michael Alfred Ignacio, trade attaché; Jojo Flores, cofounder and vice president of Plug and Play Tech Center; Jay Fajardo, programs director of Launchgarage; and Minette Navarrete, president of Kickstart Ventures.
Manila Apec meet seen as ‘golden opportunity’ for Pinoy entreps
THE forthcoming Asia Pacific Economic Cooperation (Apec) summit in Manila this November is a “golden opportunity” for the country’s budding entrepreneurs to show off their talents, attract investors and venture capitalists from a country of 100 million citizens, and Asean’s 600 million inhabitants.
This is the message that “SlingshotMnl” wants to convey as it begins a series of discussions and conferences to demonstrate not just how big the community is in the region but also how high the level of innovation in Asia Pacific is.
“So right now is our time to shine, this is who we are, this is what the world should know, and the media, the Department of Science and Technology, including everybody should all work together in unison to say we have an innovation strategy, which could be [the] next growth sector of the country,” says Michael “Mike’ Ignacio, Department of Trade and Industry’s (DTI) commercial attaché.
The trade department, he said, has adopted a policy of supporting small and medium enterprises (SMEs) and sees start-ups as an integral component in developing them. Start-ups are now included, for the first time, in the 2014 to 2016 Investment Priorities Plan.
Considered part of SMEs are those in the fields of software, animation and game development. These are now eligible for Board of Investments incentives such as income-tax holidays and duty-free importation of equipment.
Ignacio said that Apec happens every decade in a particular country “and this year is the Philippines’s unique opportunity for the world to be here.”
“Twenty-one economies are coming in different meetings and summits, discussing different relevant issues. We need to take advent of that opportunity and highlight the segment where the Philippines shines, and take advent of the attention right here.”
Ignacio said he hopes that the world in the global start-up community will begin to take note at the start-up community in the Philippines.
He said that the country lags behind in terms of investing for start-ups and that the DTI and Slingshot will help in bringing us up to par over other countries in luring investors from abroad.
“We are very lucky that we have very strong private sector that helps start-up. What could be better is if international investors would come and help support us,” he said at the sidelines of the event, SlingshotMnl, on Thursday at their office in Makati City.
He said holding the Apec in the country is like hitting two birds with one stone: celebrating the Apec summit and highlighting the country’s innovations on the spot.
source
THE forthcoming Asia Pacific Economic Cooperation (Apec) summit in Manila this November is a “golden opportunity” for the country’s budding entrepreneurs to show off their talents, attract investors and venture capitalists from a country of 100 million citizens, and Asean’s 600 million inhabitants.
This is the message that “SlingshotMnl” wants to convey as it begins a series of discussions and conferences to demonstrate not just how big the community is in the region but also how high the level of innovation in Asia Pacific is.
“So right now is our time to shine, this is who we are, this is what the world should know, and the media, the Department of Science and Technology, including everybody should all work together in unison to say we have an innovation strategy, which could be [the] next growth sector of the country,” says Michael “Mike’ Ignacio, Department of Trade and Industry’s (DTI) commercial attaché.
The trade department, he said, has adopted a policy of supporting small and medium enterprises (SMEs) and sees start-ups as an integral component in developing them. Start-ups are now included, for the first time, in the 2014 to 2016 Investment Priorities Plan.
Considered part of SMEs are those in the fields of software, animation and game development. These are now eligible for Board of Investments incentives such as income-tax holidays and duty-free importation of equipment.
Ignacio said that Apec happens every decade in a particular country “and this year is the Philippines’s unique opportunity for the world to be here.”
“Twenty-one economies are coming in different meetings and summits, discussing different relevant issues. We need to take advent of that opportunity and highlight the segment where the Philippines shines, and take advent of the attention right here.”
Ignacio said he hopes that the world in the global start-up community will begin to take note at the start-up community in the Philippines.
He said that the country lags behind in terms of investing for start-ups and that the DTI and Slingshot will help in bringing us up to par over other countries in luring investors from abroad.
“We are very lucky that we have very strong private sector that helps start-up. What could be better is if international investors would come and help support us,” he said at the sidelines of the event, SlingshotMnl, on Thursday at their office in Makati City.
He said holding the Apec in the country is like hitting two birds with one stone: celebrating the Apec summit and highlighting the country’s innovations on the spot.
source
More Philippine CEOs bullish on business growth – survey
MANILA, Philippines - The top business executives in the counrty are more optimistic about the future of their businesses as opportunities are seen to widen despite threats of increasing tax burden, overregulation, and skills shortage, a joint study by the Management Association of the Philippines (MAP) and Isla Lipana & Co. showed.
In a press briefing yesterday, MAP and Isla Lipana officials unveiled the results of the 2015 Philippine CEO Survey Report which studied factors affecting the business community based on the perspective of the leaders of large corporations and small and medium enterprises.
The report revealed 73 percent of CEOs surveyed are very confident about their business growth in the next 12 months, while 62 percent are very optimistic on growth prospects in the next three years.
The report further showed these CEO’s are slightly more confident in the growth of their business than the revenue growth prospects of the industry where they belong over the near term.
“This optimism of the CEOs is further evidenced by their ability to see more opportunities to grow. Eighty-five percent of the CEOs we surveyed say there are more opportunities today than three years ago, compared to 56 percent who say there are more threats,” the study showed.
Among the biggest opportunities for growth seen by the country’s business leaders are the untapped local market for banking, demand for basic services such as telecommunications, and the upcoming establishment of an Asean Economic Community.
Business ( Article MRec ), pagematch: 1, sectionmatch: 1
“Progress in the Philippine economic landscape is also seen to present growth enablers to businesses. The country’s economy grew remarkably during the past few years. Businesses have learned to identify opportunities by responding to the megatrends in the increasingly global market. And as the country and business players strive to compete and remain relevant, more growth opportunities will emerge,” the report said.
Meanwhile, CEOs have identified increasing tax burden, overregulation, geopolitical uncertainties, and access to affordable capital as their top concerns in terms of economic and regulatory risks.
As far as business-related threats are concerned, availability of key skills, cyber dangers, speed of technological changes, and high power costs were cited as their top worries.
“The majority of the respondents at 87 percent expressed concern regarding the increasing tax burden. The country has the highest corporate tax rate in Asean that is why CEOs are worried about the competitiveness of the Philippine tax structure and increasing taxes. Some CEOs think the tax regime should be revisited to be more business friendly and to encourage more investments,” the study said.
The majority of the CEOs surveyed at 78 percent believe good governance should be the government’s top priority moving forward.
This is followed by adequate physical infrastructure at 72 percent and internationally competitive and efficient tax system at 52 percent.
Internally, the country’s business leaders see innovation as key to their growth and survival in the coming years.
The report said 84 percent of the CEOs who participated in the study consider innovation critical and important to their organization’s growth.
As such, the study said companies which view innovation critical and important allocate a larger percentage of their revenues for research and development and innovation initiatives.
When asked for the reasons behind innovating, the study revealed about 96 percent of the CEOs say they innovate to stay on top of competition, remain relevant and grow revenues.
MAP president Francisco del Rosario Jr. said the Philippine CEO Survey Report, the first of a series of annual CEO surveys, is expected to benchmark the changes in how CEOs think, react and innovate.
The study pooled a total of 96 business leaders, 70 percent of whom came from large corporations.
Read more from source
MANILA, Philippines - The top business executives in the counrty are more optimistic about the future of their businesses as opportunities are seen to widen despite threats of increasing tax burden, overregulation, and skills shortage, a joint study by the Management Association of the Philippines (MAP) and Isla Lipana & Co. showed.
In a press briefing yesterday, MAP and Isla Lipana officials unveiled the results of the 2015 Philippine CEO Survey Report which studied factors affecting the business community based on the perspective of the leaders of large corporations and small and medium enterprises.
The report revealed 73 percent of CEOs surveyed are very confident about their business growth in the next 12 months, while 62 percent are very optimistic on growth prospects in the next three years.
The report further showed these CEO’s are slightly more confident in the growth of their business than the revenue growth prospects of the industry where they belong over the near term.
“This optimism of the CEOs is further evidenced by their ability to see more opportunities to grow. Eighty-five percent of the CEOs we surveyed say there are more opportunities today than three years ago, compared to 56 percent who say there are more threats,” the study showed.
Among the biggest opportunities for growth seen by the country’s business leaders are the untapped local market for banking, demand for basic services such as telecommunications, and the upcoming establishment of an Asean Economic Community.
Business ( Article MRec ), pagematch: 1, sectionmatch: 1
“Progress in the Philippine economic landscape is also seen to present growth enablers to businesses. The country’s economy grew remarkably during the past few years. Businesses have learned to identify opportunities by responding to the megatrends in the increasingly global market. And as the country and business players strive to compete and remain relevant, more growth opportunities will emerge,” the report said.
Meanwhile, CEOs have identified increasing tax burden, overregulation, geopolitical uncertainties, and access to affordable capital as their top concerns in terms of economic and regulatory risks.
As far as business-related threats are concerned, availability of key skills, cyber dangers, speed of technological changes, and high power costs were cited as their top worries.
“The majority of the respondents at 87 percent expressed concern regarding the increasing tax burden. The country has the highest corporate tax rate in Asean that is why CEOs are worried about the competitiveness of the Philippine tax structure and increasing taxes. Some CEOs think the tax regime should be revisited to be more business friendly and to encourage more investments,” the study said.
The majority of the CEOs surveyed at 78 percent believe good governance should be the government’s top priority moving forward.
This is followed by adequate physical infrastructure at 72 percent and internationally competitive and efficient tax system at 52 percent.
Internally, the country’s business leaders see innovation as key to their growth and survival in the coming years.
The report said 84 percent of the CEOs who participated in the study consider innovation critical and important to their organization’s growth.
As such, the study said companies which view innovation critical and important allocate a larger percentage of their revenues for research and development and innovation initiatives.
When asked for the reasons behind innovating, the study revealed about 96 percent of the CEOs say they innovate to stay on top of competition, remain relevant and grow revenues.
MAP president Francisco del Rosario Jr. said the Philippine CEO Survey Report, the first of a series of annual CEO surveys, is expected to benchmark the changes in how CEOs think, react and innovate.
The study pooled a total of 96 business leaders, 70 percent of whom came from large corporations.
Read more from source
The Philippine Trade & Investment Centre - New Delhi
Embassy of the Philippines - Commercial Section, 50-N Nyaya Marg, Chanakyapuri, New Delhi, Delhi 110021, India
Telephone: +91 11 2410 5017 Fax: +91 11 2410 5016 EMail: india@dti.gov.ph
Embassy of the Philippines - Commercial Section, 50-N Nyaya Marg, Chanakyapuri, New Delhi, Delhi 110021, India
Telephone: +91 11 2410 5017 Fax: +91 11 2410 5016 EMail: india@dti.gov.ph