| National Affairs
Ombudsman suspends Junjun Binay Business World 12 Mar 2015
The Office of the Ombudsman on Wednesday ordered the preventive suspension of Makati City Mayor Jejomar Erwin Binay Jr. In a statement issued on Twitter, Ombudsman Conchita Carpio-Morales said Binay's suspension will give way to the investigation on complaints over the alleged overpricing of the Makati City Hall II parking building project. The suspension is effective for six months, the Ombudsman said. Besides Binay, other personalities from the Makati City government facing charges of malversation, falsification and violation of Section 3(e) of the Anti-Graft and Corrupt Practices Act and the Government Procurement Reform Act. Ombudsman investigators filed the complaints against Binay and his father, Vice President Jejomar Binay, and other Makati City officials and employees on March 6 over the awarding of a P11.97-million contract for design and architectural services without public bidding.
Bangsamoro timetable pushed back Business World 10th Mar 2015
The House of Representatives has pushed back its timetable for approving the Bangsamoro Basic Law (BBL) anew, with a panel official expressing disappointment in continuing delays in the completion of the police investigation on the Mamasapano clash. Speaking to reporters yesterday, House ad hoc committee chairman and Cagayan de Oro Rep. Rufus B. Rodriguez (2nd district) said the target for committee approval of the Bangsamoro law has been reset to April 8, three weeks later than the March 18 deadline earlier set by the panel.
Budget official, gov’t workers get suspension for pork scam cases Business World 10th Mar 2015
The Sandiganbayan Third Division has suspended 10 government employees -- including a Budget undersecretary -- for 90 days owing to multiple graft charges related to the pork barrel scam. Department of Budget and Management (DBM) Undersecretary Mario L. Relampagos, Chief Budget and Management specialist Rosario S. Nuñez, DBM staff members Lalaine N. Paule and Marilou D. Bare were ordered suspended for three months due to multiple counts of graft raps before the anti-graft court.
With Philippines Battling Rebels on 2 Fronts, Refugee Crisis Looms NYT 10th Mar 2015
The Philippine military is fighting Islamic militants on two fronts in the country’s south, with recent battles having left dozens dead and driven more than 82,000 people from their homes, according to government officials and international organizations. An aid worker said a “growing humanitarian crisis” was underway in camps for people who had fled the violence. The intensified fighting is taking place as lawmakers in Manila are debating a bill that would formalize the provisions of a landmark peace deal reached a year ago with the country’s largest rebel organization.
House stands firm on Noy’s emergency powers PhilStar 10th Mar 2015
The House of Representatives will not budge from its position on the proposed grant of emergency powers to President Aquino to enable him to deal with an expected electricity shortage in Luzon starting this month up to July. “I have consulted with Speaker Feliciano Belmonte Jr. and other House leaders, and we were told to stand our ground,” Mindoro Oriental Rep. Reynaldo Umali, energy committee chairman, told a news conference yesterday. “We are for no pass-on cost to the consumer and for limiting the exercise of emergency powers for five months starting this month up to July,” he said.
Anti-dynasty measure must be approved by June, Speaker says Business World 10th Mar 2015
The proposed law seeking to dismantle Philippine political dynasties must be approved by June, Speaker Feliciano R. Belmonte, Jr. said, or else Congress will lose its chance once the election season begins. “This must be passed by the end of the 2nd regular session,” Mr. Belmonte told reporters in a roundtable discussion with the media last week. “Unless it becomes a political issue, it probably still has a chance at the House of Representatives.” As proposed, no two or more persons related up to the second degree -- either by blood or by marriage -- can run for public office during the same election, nor can a family member immediately succeed his or her relative in a certain position, except for the barangay (village) level.
Fair competition bill approval on track Business World 10th Mar 2015
The House of Representatives remains on schedule to approve a measure seen to dismantle Philippine monopolies on third and final reading next week, its top official said, adding that the bill’s Senate’s version is stronger. “The fair competition law -- from the 8th Congress to the 16th Congress -- that has been always filed and (has) never succeeded. This time, I think we will succeed,” Speaker Feliciano R. Belmonte, Jr. told reporters in a roundtable discussion last week. “This is a piece of legislation that is very much needed and I’m hopeful that we can do it before we adjourn on the 18th.”
Customs
IPOPHL vows to improve IPR enforcement PhilStar 10th Mar 2015
The Intellectual Property Office of the Philippines (IPOPHL) vows to continue to improve efforts on IP rights enforcement, even as the country remains out of the latest out-of-cycle review of notorious markets of the office of the US Trade Representative (USTR). According to IPOPHL deputy director general Allan Gepty, not being part of the 2014 out-of-cycle review of notorious markets of the USTR released on March 5, shows that the country’s hard work is being recognized.
High tax rates, rule changes deter investors The Inquirer 10th Mar 2015
The Philippines remains relatively unattractive to foreign investors compared with its Asean neighbors as far as the tax regime is concerned, hence the government should swiftly move to reform the system, according to tax managers. In a conference last Friday, Tax Management Association of the Philippines (TMAP) president Terence Conrad H. Bello noted that the country was lagging behind in the region covered by the Association of Southeast Asian Nations when it comes to attracting foreign direct investment (FDI), and partly to blame are concerns on high tax rates as well as tax rules being changed midstream.
Defense & Security
New Moro rebel group emerges Philippine Star 5th Mar 2015
A radical Muslim cleric trained in the Middle East and considered one of the leaders of the Bangsamoro Islamic Freedom Fighters (BIFF) has broken away from the terror group to form his own band of jihadists who are now reportedly providing sanctuary to bomb expert Basit Usman and at least five foreign militants, the military said yesterday. Armed Forces of the Philippines (AFP) spokesman Col. Restituto Padilla, citing reports from the field, said the Justice for Islamic Movement (JIM) was organized by Mohamad Ali Tambako after a falling out with BIFF founder Ameril Umbra Kato. The two reportedly had irreconcilable differences over issues affecting Muslims in Mindanao. It was not clear if the JIM shares the BIFF’s secessionist agenda. BIFF wants to set up an Islamic state governed by strict Sharia laws. The military is currently on an offensive against the BIFF, a breakaway group of the Moro Islamic Liberation Front (MILF). The offensive, also targeting Abu Sayyaf bandits, has displaced thousands of villagers in Maguindanao.
2 to Six Bell 412EP Helicopters to be Delivered This August Defense Studies 5th Mar 2015
A minimum of two to a maximum of six Bell 412EP combat utility helicopters are scheduled to be delivered this coming August. This was confirmed by Department of National Defense (DND) undersecretary for finance, modernization and materiel Fernando Manalo in an interview with the PNA. "We are looking at the minimum delivery of two units to a maximum of six," he said. The arrival of these aircraft is expected to beef up the transportation and lift capability of the Philippine Air Force. In March 2014, the Philippines signed a Php4.8 billion contract with Canadian government for the delivery of eight Bell 412EP helicopters. "Three of these eight helicopters will be configured as VIP helicopters for the coming APEC meet in September," Manalo earlier said.
Philippines to Get First Two FA-50s Early Defense Studies 5th Mar 2015
KAI will deliver two FA-50s to the PAF ahead of schedule, a Philippine official said on 3 March. (iamge : kyuzoaoi) Korea Aerospace Industries (KAI) will deliver two FA-50 light-attack aircraft to the Philippine Air Force (PAF) ahead of schedule in December, Philippine Undersecretary of Defense Fernando Manalo said on 3 March. "We are looking at the early delivery of two FA-50s," said Manalo, head of the Philippine Department of National Defense's (DND) modernisation and procurement division. "They will be combat and mission ready upon their arrival this December." Manila signed a PHP18.9 billion contract to buy 12 FA-50s on 28 March 2014, under which KAI was to deliver all the aircraft by mid-2017.
Economics
FDI at new high, but dwarfed by peers’ Business World 10th Mar 2015
Foreign direct investments (FDI) to the Philippines surged to an all-time high last year on strong investor confidence, the Bangko Sentral ng Pilipinas (BSP) yesterday reported, but the long-term inflows still lagged behind those of many of the country’s neighbors. Net FDI -- a key source of jobs and credit to the economy -- reached $6.201 billion last year, up 65.9% from $3.737 billion registered in 2013 and topping the upwardly revised $4.4-billion forecast of the BSP for 2014.
China’s rebalancing an opportunity for PHL Business World 10th Mar 2015
A slowdown in China could present opportunities for the Philippines, which could edge the world’s second-largest economy if official growth projections pan out, analysts said. Reuters reported last week that China cut its growth target to around 7% this year from the 7.5% goal in 2014, reflecting the government’s bid to pursue slower but higher-quality growth after three decades of breakneck expansion.
Angara says tax cuts won’t pass by end of Aquino term Business World 10th Mar 2015
“It doesn’t look like it’s going to happen within the Aquino administration, as some government officials are asking me to slow down the lowering of corporate and individual taxes,” Mr. Angara told reporters on the sidelines of a briefing in Makati City, without identifying the officials. Failure on the tax-cutting front would mean disappointment for foreign investors and a possible setback in integrating the Philippine economy with those of its neighbors in the Association of South East Asian Nations (ASEAN). The European Chamber of Commerce of the Philippines (ECCP) is pushing the government to pass “as soon as possible” Senate Bill No. 2149 introduced by Mr. Angara last Feb 27. This bill seeks to lower tax rates to 10% from 15% for those earning between P20,000 to P70,000 a month and to 25% from the current 32% for those earning over P1 million.
Philippines Economy Strong, But Foreign Investment Lags VOA 5th Mar 2015
While the Philippines has recently become an economic powerhouse in Asia, with strong growth driven mostly by domestic consumer spending on goods and services, the government said it will focus on foreign investment, which is lagging. In 2014, the Philippine GDP was up 6.1 percent, placing the country behind China, which had the fastest economic growth for the year at 7.4 percent. The government said the services, agriculture, construction and manufacturing sectors drove most of that growth.Despite the good news, the country’s socio-economic secretary, Arsenio Balisacan, said last month the economy needs “re-balancing.”
Energy
Uncertainty still looms over power resolution Business World 10th Mar 2015
Congress remains uncertain whether it will be able to give the President a special authority to mitigate the looming power crisis in Luzon since the Senate and the House of Representatives still is in a stalemate a week before ending sessions. The two chambers held bicameral conferences on March 3 and 9, but the meetings failed to settle whether the subsidies for running the Interruptible Load Program (ILP), the main option eyed for the March to July crisis period, will be passed on to Luzon consumers.
SC orders removal of Pandacan oil depot Business World 10th Mar 2015
The Supreme Court on Tuesday has ordered the “complete removal” of the oil depot facilities in Manila’s Pandacan district, clarifying its November 2014 decision as it denied the motions filed by two oil companies. In denying Pilipinas Shell Petroleum Corp.’s appeal and Chevron Philippines, Inc.’s motion for clarification, the high court affirmed the decision with finality. Besides saying that it ordered the “complete removal” of oil depot facilities from the densely populated area, the high court also enjoined the parties to observe the prescribed timelines in the Nov. 25 decision “to the letter.”
Philippines needs to discover new gas field PhilStar 10th Mar 2015
The Philippines needs to discover another Malampaya gas field with the depletion of natural gas from the deep water gas-to-power project looming in 2024, experts said during a natural gas summit held last week. The search for another Malampaya must be a national priority, they said. “What is next after Malampaya? The reservoir will be depleted. It takes a decade to get those things to happen? Shouldn’t we start exploring now? Shouldn’t we start to have appraisal (of areas) now? Unfortunately, that is not yet going to happen. There is difficulty in getting exploration blocks,” said Shell Philippines B.V. Managing Director Sebastian Quinones, who is also president of the Petroleum Association of the Philippines (PAP).
DOST launches ‘green’ gold mining technology in Benguet Rappler 10th Mar 2015
The Department of Science and Technology (DOST) has launched a mineral processing technology that seeks to provide a better recovery rate for small-scale mining communities in Benguet without harming the environment. The DOST pilot-tested the mining technology called “flotation” in Gumatdang, Itogon on Friday, February 27. The technology will be housed in a facility to be constructed with an initial funding of P36 million ($816,400) from the DOST, including equipment needed by experts to train the community beneficiaries.
DoE to map more renewable energy sites Business World 10th Mar 2015
The government wants to release detailed data on other renewable energy resources apart from wind to spur their development and utilization, an official said on Wednesday. This follows the successful launch of the 2014 Wind Energy Atlas for the Philippines, which contains updated wind resource maps that can be used for policy planning and attracting investment in the industry. “We are thinking of coming up with similar data sets for other renewable energies,” Energy Undersecretary Zenaida Y. Monsada said on the sidelines of the launch in Makati City.
Napocor selecting test area for wind technology Business World 10th Mar 2015
THE GOVERNMENT has teamed up with a South Korean company to test new technology enabling the use of wind energy in remote areas not connected to the main electricity grid. The National Power Corp. (Napocor) yesterday signed a memorandum of agreement with Odin Energy Co. Ltd. for the installation of the company’s wind tower systems in selected off-grid areas.
Philippines’ solar push could hit food security, lawmaker says Gulf News 6th Mar 2015
The government has been called on to study the impact of its solar energy push in light of claims that the country’s food security could be compromised by the construction of solar fields. The Philippines has jumped onto the solar energy bandwagon with vigour but according to Congressman Agapito Guanlao, studies and impact assessments must be first conducted to ensure that any such push does not imperil food security. The country’s cost of on-grid electricity supplies is among the highest across Asia, especially in Metro Manila. This has forced both the government and the private sector to seek cheaper alternatives, such as harnessing the sun’s energy.
Financial Services
Long-term investments tax exempt – BIR Philippine Star 10th Mar 2015
The Bureau of Internal Revenue reiterated that interest earnings from long-term deposits or investments are exempted from income tax as long as these have a maturity period of not less than five years. The deposits or investments covered by this rule are time deposits or investments in the form of savings, common or individual trust funds, deposit substitutes and investment management accounts. The income tax exemption can only be enjoyed by depositors that are individual citizens or aliens engaged in trade or business in the Philippines. The long-term deposits or investments must be issued by banks only and not by other entities or individuals. These must also be issued by banks in denominations of P10,000. Moreover, these deposits should not be terminated before end of the fifth year otherwise they shall be subjected to the graduated withholding tax rates based on the age of the deposit – five percent (four years to less than five years), 12 percent (three years to less than four years) and 20 percent (less than three years).
Foreign funds rush to PH Manila Standard Today 9th Mar 2015
Foreign funds surged into the Philippines in the first seven weeks of the year, helping the stock market achieve new record levels, amid the positive outlook for the economy, data from Bangko Sentral ng Pilipinas show. Bangko Sentral said registered foreign portfolio investments or hot money hit $1.431 billion as of Feb. 20, a sharp reversal of the $2.27-billion net outflow registered a year ago, as fund managers opted to keep their investments in the local markets due to sustained strong macro-economic fundamentals. Data from the Bangko Sentral ng Pilipinas showed the gross inflows of hot money jumped 72 percent to $4.1 billion as of Feb. 20 from $2.38 billion a year earlier. Gross outflows fell 58 percent to $2.67 billion from $4.65 billion in the same period. This means foreign fund managers opted to retain their investments in the local stock and fixed-income markets. Foreign portfolio investments are overseas funds that are temporarily invested in local stocks, government securities and money market. These are also called “hot money” because of the ease they are invested in and taken out of the markets.
PSBank posted P2.3-billion net income in 2014 Business Mirror 9th Mar 2015
Philippine Savings Bank, the thrift-bank arm of the Metrobank Group, reported a net income of P2.3 billion for 2014, lower than the previous year by 21 percent. Unlike in 2014, the bank’s 2013 net income had one-off extraordinary income from the sale of investment portfolio which took advantage of market opportunities at that time. However, the bank’s core margins grew by 15 percent year on year owing largely to the continued aggressive growth in its consumer loan portfolio, mostly coming from auto and mortgage loans. “Our continuing focus on core asset expansion is giving us good results. The increase in our net interest income and fee-based revenues are very solid indicators of sustainability and quality growth. Our retail lending business led by auto and mortgage loans, supported by an increasing deposit customer base, provides a good foundation for core-growth in the coming years,” PSBank President Vicente R. Cuna Jr. said.
Food & Agriculture
Seafood canner readies takeover of smaller rival Business World 10th Mar 2015
Millenium Global Holdings, Inc. has firmed up a plan to take over a Cebu-based seafood canner after subscribing to the latter’s new shares and securing fresh capital from an investor. Millennium Global told the stock exchange it executed subscription agreements with Cebu Canning Corp. (C3) covering 67,000 primary common shares at par value of P100 per share for a total consideration of P6.7 million. Of the total shares, 30,000 shares will be taken from an increase in authorized capital stock, subject to approval of the Securities and Exchange Commission (SEC).
Disease-resistant banana seedlings ready for small-farmer beneficiaries Business World 10th Mar 2015
A new variety of banana seedlings resistant to Panama disease is ready for distribution to Davao Region’s small farmers, the Department of Agriculture’s (DA) regional head announced. Called the Giant Cavendish Tissue-Culture Variant (GCTCV) 219, the new type was developed in Taiwan by DA’s partners and has been successfully reproduced at the Bureau of Plant Industry research center here, said DA Region 10 Director Remelyn R. Recoter.
Philippines suspends importation of poultry products from US PhilStar 10th Mar 2015
The Philippine government has issued an order temporarily prohibiting the importation of domesticated and wild birds and their products from Idaho and Washington in the United States, the Department of Agriculture said today. A report of an outbreak of the Highly Pathogenic Avian Influenza (HPAI) virus in Canyon County, Idaho; and Clallam County, Washington from the U.S. Department of Agriculture (USDA) to the Office of International des Epizooties (OIE) has prompted Agriculture Secretary Proceso Alcala to order the temporary ban.
The Philippines agriculture sector boosted by initiatives The Borneo Post 10th Mar 2015
After enduring several challenging years marked by damaging typhoons, the Philippines’ agricultural industry made a spirited recovery in 2014, setting the scene for further growth this year across a host of segments. Smallholder farmers, who are responsible for the bulk of the Philippines’ agricultural production, are set to benefit from a raft of initiatives, which are being rolled out by both the government and industry players. Take-up of weather-based index crop insurance schemes is also picking up as more products are coming to market, while national funding for improving infrastructure and food security will serve a twofold purpose of strengthening protection and boosting output.
Pricey food, typhoon worsen Philippine poverty Bangkok Post 6th Mar 2015
Poverty worsened in the Philippines in the first half of 2014 due to government restrictions on rice imports and the lingering effects of a killer typhoon, an official said on March 6. Socio-economic Planning Secretary Arsenio Balisacan said poverty incidence among Filipinos rose 1.2 percentage points to 25.8% in the first half of last year from the same period in 2013. Higher food prices, particularly of the staple rice, and effects of typhoon Haiyan that devastated the central Philippines in 2013, wiped out gains in per capita income, he said.
Lack of business sense, other problems bug PH coffee industry Minda News 5th Mar 2015
Lack of good business sense, among other problems, has bugged the growth of the country’s coffee industry, a former agriculture official said on March 5. In a forum on Philippine international trade strategy here organized by the Department of Trade and Industry, Robert Ansaldo, agriculture undersecretary during the Cory Aquino administration, said the Philippines has “very good science but weak business” in coffee. “We know how to grow [coffee] but don’t know how to package [it]… We have no processing and we import 80 percent of our coffee requirements, and this is increasing,” he said.
PHL bans California poultry on avian flu outbreak GMA 5th Mar 2015
The Department of Agriculture (DA) on March 5 said it ordered a temporary ban on imported poultry from California in the United States, citing the need to protect the local livestock population. The bank comes on the heels of an avian flu outbreak in California's Stanislaus County. Agriculture Secretary Proceso Alcala said the temporary ban covers eggs, semen, poultry meat, and day-old chicks of wild and domesticated birds. The ban was enforced to "protect the health of the local livestock population in the country from the Highly Pathogenic Avian Influenza (HPAI)."
Health & Life Sciences
Why Filipinos are prone to gout ABS-CBNnews 7th Mar 2015
Gout, or gouty arthritis, affects 1.6 million Filipinos, according to the Philippine Rheumatology Association. In an interview on DZMM's "Magandang Gabi Dok", Dr. Eric Amante, a rheumatologist, said Filipinos are more prone to gout. Gout is caused by high levels of uric acid production. The excess uric acid is then deposited in the joints, usually in the feet.
ICT
Introducing Diwata, the first Philippine-made satellite Rappler 10th Mar 2015
The Philippines will launch its very own satellites into space in 2016 and 2017, the Department of Science and Technology (DOST) announced on Tuesday, March 10. A government project dubbed the Philippine Scientific Earth Observation Micro-Satellite (PHL-Microsat) Program aims to send two micro-satellites into space to assist in disaster management programs, weather forecasting, agriculture, fisheries, forest protection, mining, and even the protection of cultural and historical sites, said Dr Joel Marciano, the program leader. The first micro-satellite, PHL-Microsat-1, nicknamed Diwata, will be launched into space in 2016 from the International Space Station (ISS), a large, habitable satellite orbiting the Earth.
PLDT joins Open Data Platform for better big data delivery Rappler 10th Mar 2015
The Philippine Long Distance Telephone Company (PLDT) joined a consortium of global technology giants, with the aim to standardize the core platform and accelerate big data delivery worldwide, the dominant carrier announced Tuesday, March 10. PLDT joined the Open Data Platform, adding to its roster of 15 global companies such as GE, Hortonworks, IBM, Verizon Enterprise Solutions, and VMWare.
Infrastructure
Gov’t finalizes airport PPP packages Business World 12 Mar 2015 The government has finalized grouping of P108.9 billion worth of deals to develop, operate and maintain (O&M) five regional airports under the public-private partnership (PPP) scheme, as well as bidder requirements and a timetable that culminates with contract award by March next year and signing of concession agreements the following month, according to March 10 instructions to prospective bidders (ITPB) uploaded on the PPP Center’s Web site. That will make it one of the last few PPP projects expected to be awarded under the current administration, whose term ends on June 30 next year. The ITPB left out the P5.81-billion Puerto Princesa O&M and Development Project, which initially formed part of the airport PPP package in an invitation to pre-qualify and bid published in December last year by the Department of Transportation and Communications (DoTC) and Civil Aviation Authority of the Philippines. Sought for an explanation, DoTC Spokesperson Michael Arthur C. Sagcal said in a phone interview that his department “now finds it feasible to bid out Puerto Princesa’s O&M separately from the other five airports because of the tourism development in that area.
MRT-3 proposals covered by existing plans face rejection by DoTC Business World 10th Mar 2015
The transportation department said it is likely to reject unsolicited proposals to upgrade Metro Rail Transit Line 3 (MRT-3) that contain elements being addressed by existing plans, which could derail recent initiatives by infrastructure conglomerate Metro Pacific Investments Corp. (MPIC) and a German-backed consortium. The Department of Transportation and Communications (DoTC) last month received a P23.3-billion unsolicited MPIC proposal to upgrade and rehabilitate the country’s most congested commuter railway system. MPIC’s fresh offer, a scaled-down version of a P25.1-billion proposal submitted in 2011, will involve the rehabilitation of existing train cars, 25 additional coaches, a new signaling system, and settlement of equity rental payments in favor of government financial institutions-held equity rental payments.
Gov’t to rule on toll hike applications by end-2015 Business World 10th Mar 2015
The government will decide by year’s end on the toll hike applications of some major expressway operators, who are seeking to increase charges by as much as 25%, a Toll Regulatory Board (TRB) official said on Monday. Alternate TRB Chairman Jose Perpetuo M. Lotilla said the board is still evaluating the application of the operators of the North Luzon Expressway (NLEx) and Manila-Cavite Toll Expressway to implement increased tolls of 15% and 25% respectively.
Clark upgrade phase 1 could be put to bid by third quarter Business World 10th Mar 2015
The government expects to bid out by the third quarter the first phase of a plan to increase Clark International Airport’s capacity, as it bids to encourage more airlines to operate out of the former air base, officials said on Monday. Aeroports de Paris, the French builder that owns and manages Paris’s major airports, will oversee the P7.2-billion Clark International Airport Expansion Plan, Clark International Airport Corp. (CIAC) President and Chief Executive Officer Emigdio P. Tanjuatco III told reporters on the sidelines of an event in Clark, Pampanga on Monday.
Airport PPP timetable firmed up Business World 8th Mar 2015
Deadline for submission of documents for companies to qualify for the auction of P114 billion worth of contracts to develop, operate and maintain (O&M) six regional airports under the public-private partnership (PPP) program will be in May, a key official of PPP Center said on Wednesday.
Car Hub Project to Spur Philippine Manufacturing: Southeast Asia Bloomberg 10th Mar 2015
The Philippines will offer tax breaks to as many as three automakers as one of Asia’s fastest growing economies aims to become a regional production hub. President Benigno Aquino is set to issue an order implementing the Comprehensive Automotive Resurgence Strategy program, or CARS, “within this year,” Trade Secretary Gregory Domingo said in an interview in his office in Manila Tuesday. “The car industry’s supply chain feeds into other industries, and we think that becoming a regional hub will help fill our gaps in manufacturing.” The Philippines is seeking to replicate Thailand’s success in building its auto industry, betting that a young workforce and its biggest economic boom since the 1950s will lure companies such as Volkswagen AG. Aquino, who steps down in June 2016, is raising spending on roads and airports to a record this year to lure more foreign direct investment and bolster growth to as much as 8 percent this year and next.
Manufacturing
Bulacan to host Philippines’ biggest steel plant PhilStar 10th Mar 2015
Steel Asia, the country’s largest steel manufacturer, is investing P6 billion to put up the biggest steel plant in the country. Steel Asia said the plant in Plaridel would be among the most modern in the world. “It will be using the latest available technology that allows production efficiency and environmental protection at the same time,” the company said. The Plaridel plant will have a production capacity of 1.2 million metric tons, more than double the capacity of its recently inaugurated P3 billion Davao plant which is at 500,000 metric tons.
|
