| National Affairs
Philippine President Benigno Aquino to visit Canada in May CTV 23rd Apr 2015
Philippine President Benigno Aquino is slated to visit Canada next month – the latest high-profile visit by a foreign leader that comes in the run-up to this year’s federal election. Sources tell CTV News that top Canadian officials have been aggressively trying to arrange his Canadian visit as soon as possible. The visit could score big political points for the Conservatives as political parties attempt to court voters from Canada’s significant immigrant population leading up to the fall election.
Customs won't be elections milking cow – Sevilla Rappler 22nd Apr 2015
Commissioner John Sevilla vowed on Wednesday, April 22, that the Bureau of Customs (BOC) will not be used by political camps for campaign fundraising as long as he is at the helm of the agency. Sevilla said he will make sure the bureau will continue to conduct dealings “fairly” and won't let it be used in extortion activities. This was the closest that Sevilla got to addressing persistent talks why some camps within the Aquino administration want him out. Sources tell Rappler that Sevilla could be standing in the way of these groups who want to turn the tax-collecting agency into a milking cow for elections.
Poe leads Roxas, others as top-of-mind for country’s 2nd highest post Business World 22nd Apr 2015
While narrowing the gap with Vice-President Jejomar C. Binay as the top-of-mind candidate to replace President Benigno S. C. Aquino III when he relinquishes his post on June 30 next year, Senator Grace S. Poe-Llamanzares has also emerged as the most-favored choice for the second-highest post in the country come 2016, according to a new Social Weather Stations (SWS) report.
Satisfaction with Aquino gov’t slumps Business World 21st Apr 2015
Less than half of Filipinos were satisfied with the performance of the national administration last quarter, the Social Weather Stations (SWS) said in a new report, sending net rating (% satisfied minus % dissatisfied) to a record low since Pres. Benigno S.C. Aquino III took office in 2010.
New law helps graft cases to be resolved faster Business World 21st Apr 2015
President Benigno S. C. Aquino III has signed into law a priority bill that adds two divisions to the country’s anti-graft court, helping it to resolve corruption cases faster. By increasing the number of the Sandiganbayan divisions to seven from five, the new law “adds more justices to share in the workload of the Sandiganbayan,” Deputy Presidential Spokesperson Abigail F. Valte said in a briefing at Malacañang on Tuesday. “And that, hopefully, will result in the faster disposition of cases that are pending before the Sandiganbayan.” Last April 16, Mr. Aquino has signed Republic Act No. 10660, or the Act Strengthening Further the Functional and Structural Organization of the Sandiganbayan.
Bill to cut tax rates approved by yearend once conditions are met Business World 21st Apr 2015
The House of Representatives will only approve the bill lowering income tax rates for individual and corporate taxpayers by yearend after it has approved other measures that will allay the impact of possible revenue losses, a key official yesterday said. Marikina Rep. Romero Federico “Miro” S. Quimbo (2nd district), chairman of the House committee ways and means, told reporters on the sidelines of a press briefing on Tuesday that the chamber will approve the bill adjusting tax rates in the country “by late 2015,” but other revenue-recovery measures must first gain ground.
DOE issues circular on integration of RE reserves in electricity market Philippine Star 20th Apr 2015
The Department of Energy (DOE) has issued a circular setting the framework for the implementation of must and priority dispatch of renewable energy resources in the Wholesale Electricity Spot Market (WESM). The circular is meant to integrate renewable energy or RE resources in the electricity bourse, a move that may translate to lower power rates for the country. The DOE said the move is part of efforts to accelerate the exploration and development of renewable energy sources such as biomass, solar, wind, hydro, geothermal and ocean energy resources. Energy Secretary Carlos Jericho Petilla said the issuance of Department Circular No. 2015-03-001 is part of the implementation of the Renewable Energy Act of 2008, which allows qualified and registered RE generating units with intermittent RE resources to be considered as must dispatch based on available energy and shall enjoy the benefit of priority dispatch.
PLDT SME Nation to provide SME' easy access to business tools Philippine Star 20th Apr 2015
Filipino SMEs (small- and medium-enterprises) can now count on a powerful partner for growth as they navigate the increasingly competitive and technology-savvy business landscape. PLDT SME Nation cements its niche as the country’s leading communications technology partner for SMEs with the launch of its new campaign that will enable and empower more entrepreneurs in this rapidly changing digital era. The new campaign heralds a commitment to become Filipino SMEs’ partner for growth by providing easy access to industry-leading business tools and solutions. The SME arm of the telecommunications leader has been beefing up its suite of services by converging ICT solutions from the country’s industry leaders in communication technologies – PLDT, Smart Enterprise, Sun Business and ePLDT. Together, this powerhouse convergence of technology leaders will elevate PLDT SME Nation’s service commitment, anchored on trust, mobility, value and innovation, to a whole new level of game-changing products and solutions.
AirAsia targets 2016 listing for PHL, Indonesian units Business World 13th Apr 2015
The Philippine and Indonesian units of Asia’s biggest budget carrier AirAsia Berhad plan to go public by 2016, group Chief Executive Officer Anthony "Tony" Francis Fernandes announced yesterday, less than two months after saying the airline’s businesses in those two countries are on track to emerging from losses. The initial public offering (IPO) plans will need approval from the respective company boards, Mr. Fernandes said via his Twitter handle @tonyfernandes. "We can confirm today that AirAsia Indonesia and AirAsia Philippines will be IPO (initial public offering). Subject to respective board approvals," Mr. Fernandes’ tweet read.
Philippines and Cambodia exploring MoU PPP 9th Apr 2015
The Philippines is looking to sign a Memorandum of Understanding with Cambodia to explore opportunities to work together on aquaculture and the rice sector, according to a senior official from the Ministry of Agriculture. The MoU will see the two countries working to exchange information and experience on fisheries, aquaculture and the rice sector, said Eang Sophallet, spokesperson of the Ministry of Agriculture, Forestry and Fisheries yesterday. “In a recent meeting between the two agriculture ministers, the signing of the MoU on agriculture cooperation was discussed,” he said. “Through it, the two countries will exchange information, knowledge and experience in regards to the agriculture sector . . . [and] on fisheries, aquaculture and rice too,” he added. A working group has been formed to discuss the details of the MoU, which is expected to be signed this year, reported Filipino social news network Rappler on Tuesday. Proceso Alcala, secretary of the Philippines Department of Agriculture, who met with Cambodian Agriculture Minister Ouk Rabun in Phnom Penh on March 25, told Rappler that by creating links with Cambodia and other Southeast Asian neighbours, the Philippines aimed to improve food security and economic development ahead of the upcoming ASEAN economic community. Cambodia is one of three countries to have a rice procurement agreement with the Filipino government, but only Vietnam and Thailand have successfully bid to export their rice to the country, with Cambodia failing a second time to win a bid last September.
Customs
Philippines Customs Chief Resigns WSJ 23rd Apr 2015
The head of the Philippine customs bureau resigned Thursday over what he called mounting political pressure undermining his efforts to fight corruption at the agency. “We know that the Bureau of Customs has the reputation of being the most corrupt government agency,’’ Customs Commissioner John Philip Sevilla said. “I don’t have any illusions that corruption has been eliminated. But I am proud that it has been reduced, although it remains a big problem.’’ Mr. Sevilla said pressure has intensified in recent weeks for him to sign off on key appointments favored by politically connected groups.
Sevilla denies quitting BOC post The Philippine Star 21st Apr 2015
Customs Commissioner John Sevilla has denied he is resigning amid rumors that the Bureau of Customs (BOC)’s failure to meet its collection targets might be used to ease him out of office. Sevilla clarified that he never submitted a resignation letter. He said rumors of his resignation have been going on since December 2013. “I don’t know (where the resignation rumors are coming from). It is not the first time (and) it is probably not the last time,” he added. He also said that some people are allegedly preparing a “goodwill payment” for whoever would replace him.
Self-certification for exporters pushed The Philippine Star 19th Apr 2015
The Department of Trade and Industry (DTI) is pushing for the adoption of the self-certification scheme to allow Philippine exporters to become more competitive. In a statement, DTI Export Marketing Bureau director Senen Perlada said the government wants to encourage exporters to take advantage of the self-certification scheme under the Association of Southeast Asian Nations (Asean) Trade in Goods Agreement (ATIGA) to become more competitive in the foreign markets. The self-certification scheme requires a simple declaration that the goods satisfy the Asean originating criteria and all other requirements.
PPA to auction off 4 seaport contracts The Philippine Star 15th Apr 2015
State-run Philippine Ports Authority (PPA) is bidding out four contracts worth P543 million for the construction, expansion, and rehabilitation of seaports in Luzon and Visayas. In an invitation to bid, the PPA invited interested bidders to submit bids for the proposed Tubigan port expansion project in Bohol, the rehabilitation of a damaged wharf port in Tabaco in Albay, the construction of back-up area and pier extension in Baybay in Leyte, and the construction of the port operations building in Calapan in Oriental Mindoro. The agency is set to hold a pre-bid conference on April 23 and interested companies have until May 7 to submit their bids.
No more congestion in Port of Manila, Palace says; PCCI disagrees GMA News 13th Apr 2015
Cabinet Secretary Rene Almendras on Monday reiterated that the Aquino administration has completely ironed out the problem of congestion in the Port of Manila. Almendras made the remark despite what he called a higher volume of cargo processed during the start of the year. "Congestion is completely over at Manila International Container Ports despite higher than normal volumes handled during the first quarter of this year," Almendras said in a statement. Almendras also said that the port congestion fees imposed last year have been scrapped. "A number of carriers calling at MICT have removed their 'Port Congestion and other Surcharges.' This was a charge implemented by the carriers at the time congestion was experienced at the Port of Manila," Almendras said.
Customs orders filing of air cargo manifests Business World 12th Apr 2015
The Bureau of Customs (BoC) has required the mandatory submission of air cargo manifests starting next month, the agency said in a new issuance. In Customs Memorandum Order 10-2015, “all manifests for air cargo must be filed electronically with the Bureau of Customs” starting May 11. Under the issuance, airlines and operators should submit flight schedules to the BoC at least a month before the arrival date. BoC will then encode a flight’s details in its electronic to mobile (e2m) system on the aircraft’s arrival. “Filers are advised to take extra care as the fields are case and value sensitive. Subsequent revisions in the data may require a formal amendment process which may result in processing delays as well as the incurrence of penalties,” BoC said.
Customs chief John Sevilla resigns Rappler 23rd Apr 2015
Commissioner John Sevilla announced that he has tendered his resignation on Thursday, April 23 – a day after he gave his assurance that he will not allow the Bureau of Customs (BOC) to be used as a milking cow of political camps for campaign fundraising. After he announced that he has submitted his resignation letter, Sevilla said his resignation was triggered by "politicking" in the bureau, which he had vowed to block when he led the BOC in December 2013. “Since the start, I did everything so that politics will not be a factor in running Customs. Last month, it was becoming harder. In the coming months, it will be impossible,” he said. Sevilla said that his resignation was triggered by certain appointments reportedly backed by powerful forces, including the Iglesia ni Cristo, ahead of 2016 polls.
Businessman Alberto Lina returns as Customs chief Rappler 23rd Apr 2015
President Benigno Aquino III has appointed businessman Alberto Lina as the new customs chief, a post he held during the administration of President Gloria Macapagal-Arroyo. The Bureau of Customs (BOC) first made the announcement in a media advisory issued past 5 pm on Thursday, April 23, hours after Customs Commissioner John Sevilla revealed his resignation in a news conference. The BOC announced that Sevilla will turn over the BOC leadership to "Incoming Commissioner Alberto D. Lina" at 2:30 pm on Friday, April 24, at the Social Hall at the South Harbor at the Port of Manila. Malacañang made the official announcement an hour later.
DTI pushes for self-certification under ATIGA Philippine Information Agency 15th Apr 2015
The Department of Trade and Industry’s (DTI) Export Marketing Bureau (EMB) and Bureau of International Trade Relations (BITR) recently held an information session and stakeholder consultations on self-certification under the ASEAN Trade in Goods Agreement (ATIGA) as part of its continuing advocacy to make Philippine exporters more competitive in foreign markets. EMB Director Senen M. Perlada urged the participants to take advantage of the free trade agreements (FTA) that the Philippines entered into, and familiarize themselves with the developments to qualify for preferential tariffs provided by these FTAs. Perlada noted that the most recent development is the self-certification system under ATIGA being implemented in some participating members of the Association of Southeast Asian Nations (ASEAN). This scheme requires a simple declaration that the goods satisfy the ASEAN originating criteria and all other requirements. With this scheme, exporters are no longer required to present a Certificate of Origin (CO) in claiming ATIGA tariff preferences.
Customs Sets Rules On Regulated Imports List Bureau of Customs of the Philipines 13th Apr 2015
The Bureau of Customs (BOC) has released Customs Memorandum Order (CMO) 09-2015 outlining the rules and provisions of its Regulated Imports List (RIL) which will be on strict enforcement beginning May 4, 2015. Under the new memorandum, Customs employees caught asking for permit from importers and brokers not in the regulated imports list will be dismissed from service. Under CMO 09-2015, all importers of any regulated product are required to only submit import permits specifically indicated for each product in the imports list when filing import entries with the BOC.
Defense & Security
AFP denies China warship fired at PAF plane over Pag-asa Island The Inquirer 23rd Apr 2015
A Chinese frigate supposedly fired shots at a Philippine military aircraft early this week in Pag-asa Island (Thitu) West Philippine Sea (South China Sea). “There was a near disastrous incident between a Chinese frigate and PAF patrol aircraft early Monday. The frigate fired an illumination round on the PAF aircraft which necessitated grounding all military flights into the West Philippine Sea,” former Interior Secretary Rafael Alunan III posted on Facebook Wednesday night, quoting his source from Pag-asa Island. But military officials denied such incident happened. “We strongly deny that any of our military planes was fired upon by the Chinese…,” Armed Forces Public Affairs Office chief Lieutenant Colonel Harold Cabunoc told reporters at Camp Aguinaldo on Thursday.
Philippines accuses China coastguard of armed robbery Channel NewsAsia 23rd Apr 2015
The Philippines accused the Chinese coastguard on Thursday (Apr 23) of robbing Filipino fishermen at gunpoint during a series of confrontations at a disputed shoal in the hotly contested South China Sea. Fishermen aboard three vessels with clear Chinese coastguard markings boarded two Philippine fishing boats in Scarborough Shoal on April 11, then took the crew's catch, the Philippine fisheries bureau said. In one incident, the Filipino fishermen "were threatened and pointed with a gun before the Chinese forcibly took their fishes," according to an incident report from the bureau sent to AFP. The gunmen also destroyed the Filipinos' fishing equipment, the report said.
Phl, Vietnam to hold naval drills, scientific research in South China Sea PhilStar 23rd Apr 2015
The Philippines and Vietnam have agreed to conduct joint naval drills and scientific studies amid concerns over China’s intensified reclamations in the South China Sea. The planned activities are part of the soon-to-be signed“Joint Statement on the Establishment of a Strategic Partnership between the Republic of the Philippines and the Socialist Republic of Vietnam,” a copy of which was obtained by VERA Files.
Philippines Seeks More Aid To Counter China DefenseNews 21st Apr 2015
The Philippines said Tuesday it would soon ask the United States for more military equipment and training to build its defenses, as it faces Chinese "aggressiveness" in disputed waters. As hundreds of Filipino and American Marines simulated an amphibious assault to reclaim territory from invaders during annual war games, military chief Gen. Gregorio Catapang told AFP he was drafting a "wish list" for US aid. Catapang said the Philippines would ask for "equipment and training," when Foreign Affairs Secretary Albert del Rosario traveled to the US in about a week's time.
US, Philippines Begin Major Military Exercise Voice of America 20th Apr 2015
Philippine and U.S. soldiers began their biggest combined military exercise in 15 years on Monday, in a demonstration of Washington's commitment to its long-time ally as it rebalances to Asia in the face of China's expansion in the South China Sea. The annual “Balikatan” (shoulder-to-shoulder) war games are part of a new U.S. military initiative known as Pacific Pathways, involving a series of drills across the Asia-Pacific as America deploys more troops, ships and aircraft in the region.
China's reclamation is Aquino's main agenda in ASEAN Summit Philippine Star 20th Apr 2015
President Benigno Aquino III will raise China's massive reclamation activities in the disputed South China Sea during the Association of Southeast Asian Nations (ASEAN) Summit in Malaysia next week. Foreign Affairs Assistant Secretary for ASEAN affairs Luis Cruz said Aquino will bring up the sea dispute during the summit retreat where leaders will be given an opportunity to express their views on regional security issues including the South China Sea. "The issues that the president will raise will be more than what he raised during the last summit, and definitely the reclamation issue will be the main topic that the President will raise during the agenda item of the Retreat on discussions of regional and international issues," Cruz said in a press briefing in Malacañang on Monday.
DOT taps Japan firm for P8.8-B coast guard vessels The Philippine Star 20th Apr 2015
The Department of Transportation and Communications (DOTC) has tapped a Japanese firm for the construction of 10 multi-role response vehicles (MRRVs) under a contract worth P8.8 billion to enhance the capability of the Philippine Coast Guard (PCG). Transportation Secretary Joseph Emilio Abaya said the government has awarded the contract for the Maritime Safety Capability Improvement Project to the Japan Maritime United Corp. (JMU) last week. JMU’s winning bid of ¥12.79 billion includes the supply of standard spare parts and tools, crew training, ocean transportation, and marine insurance.
The South China Sea: Standing shoulder-to-wary-shoulder The Economist 20th Apr 2015
Monday will mark the beginning of the 31st Balikatan exercises: joint training between the American and Philippine armies, which also involves some Australian units. This is the first Balikatan (which means “shoulder-to-shoulder”) since the Philippines and America signed an “Enhanced Defence Co-operation Agreement” last year. It is to be the biggest for 15 years; 6,000 American troops will take part, more than twice as many as last year. The stepped-up military co-operation is a response to Philippine worries about China’s intentions in the South China Sea. Like Taiwan, Vietnam, Malaysia and Brunei, the Philippines claims sovereignty over tiny islands and rocks in the sea that fall within the “nine-dash line” that China says marks its territory. All the claimants except Brunei have built on their claims. But China has recently embarked on a construction spree unprecedented in its scale and speed. The cumulative effect has been to create startling new facts on the water.
Palace OKs more ships, planes for Coast Guard The Inquirer 14th Apr 2015
Malacañang has given the Philippine Coast Guard the go-ahead to procure additional multirole vessels and aircraft to improve its operational capability in the West Philippine Sea (South China Sea) and elsewhere. Communications Secretary Herminio Coloma on Monday said the “additional operational assets” of the Department of Transportation and Communications-attached agency would “address maritime safety, search-and-rescue and environmental protection concerns not only for the West Philippine Sea but for the whole country.”
US weakens ties with Thailand, strengthens with Philippines Nikkei Asian Review 22nd Apr 2015
China's growing dominance in Southeast Asia has prompted the U.S. to rethink its military strategy there, resulting in stronger ties with the Philippines and less cooperation with Thailand. The strengthened partnership with the Philippines comes as Beijing's intention to expand its control over the South China Sea becomes increasingly clearer. On Monday, the two allies launched the annual Balikatan joint military exercise. The U.S. has sent 76 aircraft and three vessels for the 10-day training program. The number of U.S. soldiers taking part in the exercise has also increased to 6,600, double last year's figure.
Indonesia willing to assist Phl in peace talks The Philippine Star 21st Apr 2015
Indonesia is willing to extend its support to the Philippines with the ongoing peace agreement in Mindanao. Indonesian President Joko Widodo said in an interview aired on ABS-CBN News Channel that Indonesia may serve as a mediator over the Philippine government and the Bangsamoro people. "I think that the best approach is through religion and culture, and this can be done through dialogues and if necessary I think it is possible for Indonesia to be a good intermediary to follow the discussions of the Bangsamoro. I think we have the experience on intermediaries like this," Widodo said. Indonesia has been an active facilitator of the peace talks between the government and Moro National Liberation Front during the 1990s.
Economics
China reclamation poses P4.8-B economic loss for PH Rappler 23rd Apr 2015
China's reclamation activities in the disputed West Philippine Sea (South China Sea) are likely to endanger the Philippines' fisheries sector and food security for the entire region, and could result in up to P4.8 billion in lost economic benefits. This was the conclusion reached by the Bureau of Fisheries and Aquatic Resources (BFAR) after analyzing the ecological impact of the reclamation. The reclamation in 5 reefs in the Spratly Islands in the West Philippine Sea has buried 311 hectares of coral reefs – 5 times the size of Rizal Park in Manila (58 hectares), according to the BFAR.
PH said to be on its way to become Asia heavyweight ASEAN Investor 22nd Apr 2015
The Philippine economy is projected to expand significantly over the next decade and a half to become one of Southeast Asia’s heavyweights, fueled by a growing middle class and a resurgent manufacturing sector. IHS Global, a think tank, said that the government’s business-friendly policies would lead to higher levels of investment, helping create more jobs and raise incomes in the country. Over the next five years, gross domestic product (GDP) growth may average 5.5 percent, forecasts showed. If this expansion were to be sustained, per capita income, or the money the average Filipino makes, could double to $6,000 a year by 2024. By 2029, the size of the economy is expected to more than triple from $310 billion in 2015 to over $1 trillion. “These significant increases in per capita GDP will create one of Asean’s largest consumer markets of the future, as the middle class rapidly expands over time,” IHS Global Asia Pacific chief economist Rajiv Biswas said. “This will help attract foreign direct investment by multinationals into the Philippines manufacturing and services industry.”
PPP pipeline could bring next gov’t 8% GDP -- DoF Business World 21st Apr 2015
The Philippine economy could get an added boost in the next six years if the Aquino administration’s successor rolls out public-private partnership (PPP) projects in the pipeline, a Department of Finance (DoF) official yesterday said. Undersecretary and Chief Economist Gil S. Beltran said pending PPP projects are equivalent to around 10% to 12% of gross domestic product (GDP). If implemented, economic growth could average 8% in the next administration’s term. “If you implement that over the period of six years, it will add to your GDP growth. The next administration can have that if they implement the 50 projects in the pipeline,” Mr. Beltran told reporters on the sidelines of an event in Makati City yesterday.
Robust growth hinges on spending Business World 13th Apr 2015
The World Bank has kept growth projections it issued in January for the Philippines this year until 2017, with the country’s economic expansion in 2015 hinging on the government’s ability to spend according to program. The Washington-based lender still sees the Philippine economy growing at 6.5% this year and the next and 6.3% in 2017, keeping its January projections, according to the April 2015 edition of the World Bank East Asia and Pacific Update, titled: "Adjusting to a Changing World." In comparison, the government has set a 7-8% growth goal for 2015 and 2016. Last year, gross domestic product (GDP) expanded by 6.1%, a few points shy of the government’s 6.5-7.5% target. Crawling farm sector output and lower-than-programmed -- and at times even contracting -- state spending had weighed on growth for much of last year.
Foreign stock investors like SE Asia... but love the Philippines Business World 13th Apr 2015
Net foreign purchases of Philippine shares jumped to $1.1 billion in January-to-March, the highest for any quarter in almost three years and more than twice the net volume of funds flowing into Southeast Asia’s biggest economy Indonesia. Government stimulus programs in Japan and Europe have unleashed a global flood of liquidity. Investors have flocked to the Philippines, drawn by strong corporate earnings, analysts say.
Energy
Unit of Lopez-led power firm files arbitration Business World 23rd Apr 2015
A subsidiary of Energy Development Corp. (EDC) has initiated a new arbitration case versus a plant contractor, citing breach of agreement. The Lopez-led parent firm said in a disclosure yesterday that Bacman Geothermal, Inc. (BGI) filed “a request for arbitration of its dispute against Weir Engineering Services Ltd. with the International Court of Arbitration of the International Chamber of Commerce.” BGI’s request seeks a payment of at least $8.819 million -- excluding interest -- to BGI amid alleged Weir’s breaches of contract dated March 29, 2012.
Nido Petroleum swings to net loss in 2014 Business World 23rd Apr 2015
Australian firm Nido Petroleum Ltd. has swung to net loss last year amid higher costs and recognition of asset impairment, according to the company’s annual report. Nido -- which holds a majority interest in an oil-producing field offshore Palawan -- recorded a net loss of A$6.752 million, reversing 2013’s profit of A$20.017 million, the report submitted to the Australian Securities Exchange showed. The company said oil revenues -- bulk of which came from the Galoc oil field -- doubled to A$81.517 million from A$40.912 million in the same comparative periods.
Apec energy experts eye to double renewable-energy projects by 2030 Business Mirror 17th Apr 2015
Energy experts have raised the need to share successful renewable-energy (RE) development experiences among member-economies of the Asia-Pacific Economic Cooperation (Apec) to attain the goal of doubling RE projects by 2030. Director Mario Marasigan of the Department of Energy’s Renewable Energy Management Bureau, who also cochairs the Apec Expert Group on New and Renewable Energy Technologies (EGNRET), said it is important for member-economies to share their RE road map so they could learn from one another’s experiences.
Nickel miner TVI rethinks timing of IPO Business World 17th Apr 2015
Miner TVI Resource Development (Phils.) Inc (TVIRD) on Friday said it will likely postpone its planned initial public offering (IPO) originally targeted this year, as it waits for commodity prices to rebound and for “certainty” in the government’s mining policy. “We are studying the possibility of listing in the fourth quarter this year. But right now, I would not be advising the board that we do it,” TVIRD Chairman Clifford M. James told reporters on the sidelines of the Philippine Mining Club luncheon at the Manila Polo Club.
Philex secures approval for Silangan copper mine Business World 21st Apr 2015
Philex Mining Corp. has secured government approval to start the development of its $1.2-billion Silangan copper-gold mine on the island of Mindanao, giving the miner a new revenue source with the life of its Padcal mine expected to end in the next five years. Philex told the stock exchange the Department of Environment and Natural Resources, through the Mines and Geosciences Bureau, approved on April 10 the Declaration of Mining Project Feasibility of the Silangan project.
Financial Services
IMF: Regional linkages bane to banking system Business Mirror 13th Apr 2015
The strengthening of regional linkages among banks, particularly in Asia, could, in some ways, prove detrimental to the lending system, according to the International Monetary Fund (IMF). In its most recent financial stability report released just this month, the IMF said the continuously expanding interrelation among the lenders heighten their collective exposure to shocks coming from outside or even within the region. This growing relatedness may mean that shocks originating outside the region could travel and propagate faster within the region.
Banks told to comply with Anti-Money Laundering Act PhilStar 15th Apr 2015
Banks were reminded yesterday they should not discriminate against customers wanting to avail of their services while at the same time guarding against suspicious individuals under the Anti-Money Laundering Act of 2001, the Bangko Sentral ng Pilipinas said. In a memorandum, the central bank reiterated banks and other financial institutions should comply with RA 9160 or the Anti-Money Laundering Act of 2001 to ensure the country and local firms are not used as means for any unlawful activity. The BSP said that it has mandated supervised institutions to adopt an anti-money laundering stance to combat the financing of terrorism. They should also identify, monitor, assess, and control risks associated with money laundering and terrorist financing.
Tycoon Lucio Tan Puts Stake in Philippine Insurer on Block The Wall Street Journal 22nd Apr 2015
Philippines National Bank, the country’s fifth biggest bank by assets, is seeking to sell a stake in its life insurance business in a deal the billionaire-owned lender hopes would raise as much as $500 million, people with knowledge of the sale process said. The deal by PNB, which has 656 branches around the Philippines, would see the lender sell a stake of 40% or more in Philippine Life Insurance, in the latest insurance asset to come on to the market in Asia. A senior official at the bank said PNB is looking to sell a stake in the insurance business to raise funds for its bancassurance. Bancassurance arrangements between insurers and banks typically allow insurers the exclusive right to sell their products through the bank’s branches.
Philippine Banks Outclass Southeast Asian Peers in Valuations Jakarta Globe 22nd Apr 2015
The Philippines’ biggest banks may be the smallest lenders in Southeast Asia by market cap, but they are now more expensive than their peers in the region, stoked by a steady inflow of foreign investor funds and a bullish economic outlook. The median price-to-earnings (PE) ratio of Bank of the Philippine Islands (BPI), BDO Unibank, Metropolitan Bank & Trust, Philippine National Bank and Security Bank rose to 14.53 this month, the highest since June 2013, Reuters StarMine data shows. In contrast, the median PE ratio of their regional peers was at 11.17.
Outstanding Treasury bonds P15 billion higher in March Business Mirror 22nd Apr 2015
Outstanding Treasury bonds (T-bonds) issued by the national government as of March 2015 amounted to P3.57 trillion, the Bureau of the Treasury reported on its web site. The amount was P15 billion higher than outstanding T-bonds as of January 2015. Benchmark bonds accounted for the bulk of the outstanding T-bonds, with P850.02 billion still outstanding, at maturities ranging from 2016 to 2035 and carrying coupon rates from 4.125 percent to 9.125 percent.
BSP allows new UITF feature The Philippine Star 20th Apr 2015
The Bangko Sentral ng Pilipinas has allowed unit investment trust funds (UITFs) to carry a “unit-paying” feature in order to give investors a stream of income apart from what they will get upon redemption. “This is in line with the thrust of the (BSP)… to institute reforms that will take advantage of investment opportunities while ensuring market order,” the central bank said in a statement. These unit-paying UITFs will invest in different securities and generate earnings for the participants from the dividends, coupon or interest earned from these facilities. The BSP, however, stressed that the income distribution is not guaranteed and will be up to the trust entity handling the funds or the plan rules.
Rate on 10-year bonds expected to rise Business World 19th Apr 2015
Treasury bonds (T-bonds) on offer tomorrow will likely fetch higher yields on lackluster demand, with investors said to be more keen on shorter-dated securities amid the uncertainty on the timing of the anticipated US rate hike this year. The government plans to raise as much as P25 billion in tomorrow’s auction of the reissued 10-year T-bonds with a remaining life of nine years and three months. A trader interviewed by phone last Friday said that bids by banks for the T-bonds on offer will likely be higher as investors prefer the more liquid short-tenored securities. “With the growing uncertainty on when the US Fed will hike interest rates, the market is cautious and would want flexibility. Generally they would prefer the more liquid, short-term debt papers this time,” the trader said.
Entry of foreign banks expected to boost external position Manila Standard Today 19th Apr 2015
The entry of foreign banks will help the Philippines improve its external position, Bangko Sentral ng Pilipinas Deputy Governor Diwa Guinigundo said over the weekend. “These developments will support the financial account of the BoP [balance of payments]. At the same time, it will complement the surplus in the current account, which is buttressed by structural flows arising from OFW remittances, tourism receipts and BPO services,” Guinigundo said in a text message. “All of these point to a robust external position for the country over the medium term,” he said. BoP summarizes the country’s economic transactions with the rest of the world, with a surplus indicating that foreign exchange inflows outstrip payments.
PDIC: 22 percent of PH bank deposits are insured in 2014 Manila Bulletin 17th Apr 2015
Only 22 percent of the total deposits in the Philippine banking system are insured in 2014, the Philippine Deposit Insurance Corporation (PDIC) said. In a statement, PDIC said total bank deposits rose 12 percent to P8.5 trillion 2014. Of the total deposits, P1.9 trillion or 22.2 percent are insured by PDIC, given the maximum deposit insurance coverage (MDIC) of P500,000. Meanwhile, around 96.6 percent of all deposit accounts are estimated to be fully insured while 3.4 percent have balances in excess of the MDIC and are partially insured up to P500,000 only.
Banks bring down bad loans ratio The Philippine Star 14th Apr 2015
Universal and commercial banks improved their non-performing loan ratios as of February this year compared with last year’s level the, Bangko Sentral ng Pilipinas data reported yesterday. Big banks’ NPL ratio went down to 1.96 percent in end-February from 2.22 percent in the same period last year despite a rise in bad loans. Banks increased their total loan portfolio by 15 percent to P4.87 trillion from P4.25 trillion, while their soured loans went up two percent to P95.66 billion from P94.24 billion. NPLs refer to obligations that remain unpaid for at least 30 days after the due date. The NPL ratio, meanwhile, is the amount of bad loans measured against the total loan portfolio. But even with a write-off of these bad loans, banks are not expected to suffer due to enough reserves they have set aside.
Market seen to resume upward trajectory The Philippine Star 13th Apr 2015
The stock market is seen resuming its rally with a full five-day session week ahead that will test the mettle of local share prices. Analysts have predicted an upward bias in this week’s trading, with the Philippine Stock Exchange Index (PSEi) gunning the 8,200 level. “Having breached 8,100, the PSEi’s next target is 8,200. Key global incentives would come from merger and acquisition stories, plus highly-capitalized stocks’ expansion overseas. Meanwhile, swings at the forex mart will be trailed, especially for local listed firms that have significant exposure to the US dollar, either via debt or topline,” said Jason Escartin, investment analyst at F Yap Securities.
Smart’s e-money platform links up with Visa Business Mirror 12th Apr 2015
The wholly owned digital financial services subsidiary of mobile network operator Smart Communications Inc. has received an issuing and acquiring license from Visa, making it the first nonfinancial institution in Southeast Asia to receive such entitlement. This allows Smart e-Money Inc. to issue Visa-branded prepaid cards, acquire merchant transactions, and offer Visa Direct products and services for domestic and international money transfers. “This milestone collaboration with Visa augurs well with PLDT’s [Philippine Long Distance Telephone Co.] aggressive road map in pushing for a robust digital ecosystem. Having the biggest consumer base in the Philippines, we are in a very strategic position to roll out various innovative financial payments products and services; and a number of them will be out this year,” Smart Chairman Manuel V. Pangilinan said.
Court stops BIR ruling on bank expenses The Philippine Star 10th Apr 2015
The Makati Regional Trial Court has issued a temporary restraining order (TRO) stopping the Bureau of Internal Revenue (BIR) from requiring banks and other financial institutions to follow a specific method in allocating expenses among their various business units. The BIR’s objective in issuing Revenue Regulations No. 4-2011 is to lay down the rules on income and expenses allocations of banks among their various operations, which are governed by different income tax rules. The contested method disallows banks and other financial institutions from deducting certain legitimate expenses actually incurred in the ordinary course of their business, and which they are entitled to deduct, in connection with their main operations. Criminal liability may arise from failure to comply with the requirement.
Globe’s GCash widens suite of mobile-payment options Business Mirror 10th Apr 2015
The mobile-payments subsidiary of Globe Telecom Inc. saw its customer base rise by a fourth in 2014 as the $272-billion economy continues its shift to the digital landscape. The emergent shift to a digital economy has allowed G-Xchange Inc. (GXI) to broaden its services and reach a wider customer base of 2 million to include online shoppers, retailers and entrepreneurs. “GCash’s innovative services have paved the way for more Filipinos to experience the convenience of mobile money. Whether for send money services, such as bills payment or remittance, to using it to shop for goods and items online, GCash has become a driving force in the industry as it continues to cater to various market segments to serve different needs,” G-Xchange President and CEO Xavier Marzan said on Friday.
Shares rally; PSE index closes above 8,100 first time Manila Bulletin 10th Apr 2015
Local shares tracked the positive movement in other global markets yesterday and capped a one-day rally with another surge, even piercing through the 8,100-mark up at bell time. Before closing for the weekend, the benchmark Philippine Stock Exchange index (PSEi) bounced back with significant gains and rose higher by 74.79 points, or 0.93 percent, to finish at an all-time high of 8,127.48, The wider All-Shares index also went up by 25.28 points, or 4,635.38. “This is the measure’s eighth re-setting of the all-time high in the last nine sessions. For the year-to-date’s first 64 sessions, the index has closed at record levels practically, on average, every two to three days,” Accord Capital Equities Corp. analyst Justino Calaycay said.
Metrobank to open 90 branches in 3 years The Philippine Star 9th Apr 2015
George S.K. Ty-led Metropolitan Bank and Trust Co. (Metrobank) said it would continue bolstering its banking network in the coming years as it intends to capitalize on the strong Philippine economy. Metrobank first vice president and head of strategic planning Jette Gamboa said in an interview yesterday the bank intends to open at least 30 branches annually over the next three years. “We are prepared to take advantage of the growth of the economy. Economic growth in the Philippines is quite stable so to support that, we’re going to expand both branch network as well as our sales force to deliver the growth that we have projected in the next three years,” Gamboa said.
Foreign brokers headline PSE Q1 trading activity Business Mirror 9th Apr 2015
Foreign brokers dominated trading activity at the equities market for the first quarter of the year, data from the Philippine Stock Exchange (PSE) showed. UBS Securities Philippines Inc., Deustche Regis Partners Inc., CLSA Philippines Inc. and Macquarie Capital Securities (Philippines) Inc. were the top brokers for the period. Local firm Philippine Equity Partners Inc. rounded the top 5. Total combined transactions of the five brokerage firms reached P510 billion, or 39.8 percent, of the P1.28-trillion gross transaction of the market for the first three months of the year. UBS Securities grossed P138.36 billion, or close to 11 percent of the total for the quarter. Deutsche Regis grossed P124.79 billion, or 9.7 percent. CLSA Philippines had P102.37 billion, or about 8 percent. Macquarie grossed P78.63 billion and Philippine Equity grossed P65.22 billion.
Food & Agriculture
COA asks DA to liquidate P1.17B in gov’t funds Read more at http://www.mb.com.ph/coa-asks-da-to-liquidate-p1-17b-in-govt-funds/#FfxszSDRBbkmqq1Y.99 Manila Bulletin 22nd Apr 2015
The Commission on Audit has unearthed new irregularities in congressional pork barrel expenditures of the Department of Agriculture as it demanded the liquidation of over P1.17 billion in funds spent to various anomalous projects under the Priority Development Assistance Fund. Included in the irregularities are the transfer of P199.4 million PDAF for the implementation of livelihood projects, the additional fund transfer of P5 million to the National Agribusiness Corporation (NABCOR) and the failure of DA to comply with laws on the awarding of contracts to non-government organizations. In its 2013 annual audit report for DA, COA revealed that there remained “ineffective and inadequate system of implementation of projects funded by the PDAF system.
DA to distribute high-yielding rice varieties to farmers PhilStar 15th Apr 2015
The Department of Agriculture (DA) is rolling out this year a production program for high-yielding rice varieties to help farmers attain record harvests. Under the so-called High Yielding Technology Adoption (HYTA) program, the DA would make available to farmers high-yielding varieties such as hybrid rice, certified inbred seeds and the newly-approved Green Super Rice. The Green Super Rice is a variety jointly developed by Laguna-based International Rice Research Institute (IRRI) and the Philippine Rice Research Institute (PhilRice).
Pepsi-Cola reports lower net income last year Business Mirror 13th Apr 2015
Bottler Pepsi-Cola Products Philippines Inc. on Monday said its net income declined by 10 percent last year, partly as a result of its competitive pricing actions done in the first half of the year amid a modest increase in carbonated soft-drink sector, but it recovered most of the losses during the latter part of 2014. The company said in its report to the Philippine Stock Exchange that its net income slid to P810.94 million from the previous year’s P903.47 million. “A strong turnaround was evident in the second half of 2014 versus the first half, driven by volume growth, improved pricing and leverage on operating expenses,” the company said.
Philippines a step farther from EU fish trade blacklist Rappler 21st Apr 2015
The European Union has lifted the Yellow Card it imposed on the Philippines for failing to combat illegal, unreported, and unregulated (IUU) fishing. In a statement released on Tuesday, April 21, the European Commission said it had also taken South Korea out of the list. A Yellow Card is one step before trade sanctions in which the EU will close its market to fish from a country. "The European Commission acknowledges today that two fishing nations, Korea and the Philippines, have carried out appropriate reforms of their legal systems and are now equipped to tackle illegal fishing," the statement read. The lifting of the Yellow Card is a boon to the Philippine fisheries sector since the EU is the world's biggest fish importer.
Northern Mindanao rice output rises; corn recovers from 2013 Business World 21st Apr 2015
Northern Mindanao’s rice production grew by 5.76% to 713,764 metric tons (MT) in 2014, according to the National Economic and Development Authority Region 10 quarterly report released late last week. Major palay output gains were recorded in Lanao del Norte province, largely due to the adjustment in planting period to June and July after water supply was cut off from irrigation systems in April and May. The province also posted the second highest average rice yield in the region at 3.4 MT per hectare (/ha), following Bukidnon's 5.40 MT/ha at the top. Total value of palay production in Region 10 stood at P13.9 billion, up 21.47% year-on-year. In 2013, Northern Mindanao ranked 9th in national palay production, based on data from the Bureau of Agricultural Statistics.
Manila Water loses rate arbitration case; told to slash charges PhilStar 21st Apr 2015
Ayala-led Manila Water Co. Inc. has lost in its arbitration proceedings against the Metropolitan Waterworks and Sewerage System (MWSS) after the appeals panel ordered Manila Water to cut its basic water charge. In September 2013, the MWSS slashed the East Zone water concessionaire’s basic charge of P25.07 per cubic meter by 29.47 percent, a reduction of P7.25 per cubic meter for the rate rebasing period of 2013 to 2017. This prompted Manila Water to dispute the rate reduction before the International Chamber of Commerce (ICC). From the original MWSS rate determination, the ICC appeals panel instead slashed Manila Water’s basic water charge by 11. 05 percent, equivalent to a decrease of P2.77 per cubic meter.
Coco exports fall 18.6% in February PhilStar 21st Apr 2015
Philippine coconut exports fell 18.6 percent in February, primarily because of shorter number of shipment days, the United Coconut Association of the Philippines said yesterday. The country’s CNO exports reached 56,550 metric tons (MT) in February 2015, down 18.6 percent from 69,476 MT during the same period in 2014. This was below the industry’s average monthly shipment volume of 80,000 MT. UCAP executive director Yvonne Agustin said demand and supply was stable during the period, but there were fewer shipment dates. Raw materials for the manufacture of coconut oil were also readily available.
Health & Life Sciences
Eric Tayag gets new DOH post Rappler 18th Apr 2015
Former Department of Health (DOH) spokesperson Enrique "Eric" Tayag was recently re-assigned to the health department’s Bureau of Local Health Development (BLHD) after years of serving as director of the National Epidemiology Center (NEC). As director of BLHD, Tayag is in charge of strengthening regional capacities to support and assist local health systems. He will also advise the secretary on matters related to local health coordination and local health systems development. This is not the first time "personnel movements" happened under Garin since she took over DOH. She met criticism in November 2014 when, barely a month as acting health secretary, she reshuffled key officials in the department – including Tayag, who then lost his "assistant secretary of health designate" title and went back to NEC.
UN thanks PH for contribution to global Ebola response Philippine Information Agency 18th Apr 2015
The United Nations (UN) has commended the Philippine government for its US$2 million contribution for the global effort against Ebola virus, spearheaded by the UN’s Multi-Partner Trust Fund for the Ebola Response. Speaking at a recent press conference held in Manila, UN Secretary-General Special Envoy on Ebola, Dr. David Nabarro, said that the Philippine contribution “comes at a crucial time where the funds mobilized with $138 million already deposited from over 40 Members States and Private sector have been fully programmed,” before new [but urgent] needs had been identified.
AfterYolanda: Gaps in mental health care glaring Rappler 16th Apr 2015
Survivors and health experts struggle to cope with mental health illnesses more than one year after Typhoon Yolanda, underscoring the uneven distribution of mental health services and expertise in this disaster-prone island nation. Typhoon Yolanda (international name: Haiyan), ravaged central Philippines in November 2014, flattening entire villages, and leaving more than 6,000 dead and over 1,000 missing.
Rural health districts pushed in GenSan Minda News 15th Apr 2015
In a bid to strengthen the city’s public health delivery system, a city councilor in Mindanao is pushing for the establishment of eight rural health districts or zones in the area. According to City Councilor Rosalita Nunez, chair of the council’s committee on health and sanitation, such move will ensure more focus in the implementation of the city government’s health programs and the proper delivery of public health services.
Garin asked to report how DOH spent sin tax funds Phil Star 12th Apr 2015
The Philippine College of Physicians (PCP) called on Health Secretary Janette Garin to make a report on how the funds from sin taxes allotted for health were spent. In a statement, PCP president Anthony Leachon said billions of pesos in revenues from cigarette and alcohol products have gone to the Department of Health (DOH) and Philippine Health Insurance Corp since 2013. It is estimated that the government generated P14 billion from sin taxes in 2013 and P44.7 billion last year for health alone.
Hay fever affects 2 in 10 Filipino adults, 600 million people globally GMA News 12th Apr 2015
Hay fever - broadly described as the inflammation of the membranes lining the nose- affects 20 percent of Filipino adults and about 600 million globally, a doctors' group said at a recent event. In the Philippines, the top five most common “aero-allergens” are house dust mites, house dust mixture, cockroach, mold spores, cat’s hair or pet’s dander.
Novartis partners with local diabetes and eye specialists Inquirer 11th Apr 2015
Not only to raise public awareness on diabetes mellitus (DM) and its complications, especially those affecting vision, but to prevent blindness as well, Novartis Healthcare Philippines recently forged a partnership with the Philippine Society of Endocrinology, Diabetes and Metabolism (PSEDM) and the Vitreo-Retina Society of the Philippines (VRSP). To help address the “unseen threat” of DM, the three organizations signed a memorandum of agreement at Edsa Shangri-La Hotel in Mandaluyong City.
Phl dips in social progress rankings Phil Star 11th Apr 2015
The Philippines dropped in the worldwide ranking in terms of social progress, according to a global survey conducted by a Washington-based think tank. Meanwhile, the country ranked 83rd in the basic human needs dimension, with a score of 68.23. It “performs best on nutrition and basic medical care and has most opportunity to improve on the personal safety component,” the report said.
New HIV cases in PH hit all-time high – DOH Rappler 9th Apr 2015
A total of 646 new cases of HIV infections were reported in February – the highest number since the Philippines' first case in 1984, according to the Department of Health (DOH). The number – 33% higher than in February 2014 – translates to 21 new infections every day, according to Dr Jose Gerard Belimac, program manager of DOH's National HIV/STI Prevention Program.
ICT
VPs’ departure starts PLDT staff reduction Business World 21st Apr 2015
Philippine Long Distance Telephone Co. (PLDT) has kicked off a manpower reduction program (MRP) starting with three senior executives as part of cost-control measures and a move to align skills of its work force to business needs, the company said yesterday.
IdeaSpace picks 23 startups for incubation Tech in Asia 20th Apr 2015
Philippines’ IdeaSpace Foundation today announced the top startups that made it to the incubation round of its 2015 technology startup competition. Following rigorous review and judging, 23 startups will be incubated by IdeaSpace out of the record 1,028 that applied for the competition. IdeaSpace said it saw a variety of ideas – both hardware- and software-based – that address needs in the fields of gaming, tourism, finance, ecommerce, education, media, enterprise, and mobile technology, among others. This was also the first time that two teams with founders from outside the Philippines made the initial cut.
PHL, Malaysia lead Asean as global IT-BPO hub Business Mirror 17th Apr 2015
The Asean Economic Community (AEC) that will take place at end-2015 will hasten the role of Southeast Asia to become a global hub for manufacturing and services, with the Philippines and Malaysia leading the region in information technology-business process outsourcing (IT-BPO) industry. IHS, a United States-based think tank, said on Friday that the full implementation of AEC this year will accelerate the region’s growth in sectors of manufacturing and services, in which the 10 member-states have their own share on the rise of Asean economy.
Filipinos top global net surfers–Nielsen Business Mirror 17th Apr 2015
Filipinos ranked the highest world-wide in terms of their desire for constant connectivity to the Internet and other media, according to global market research firm Nielsen. Nielsen Philippines said Filipinos who enjoyed the freedom of constant connectivity is 94 percent, the highest in the region. This is also significantly higher than the global average of 76 percent. The desire for “always-on” connectivity was also high in Thailand and Vietnam at 88 percent, while 86 percent of Singaporeans and 84 percent of Malaysians enjoy the freedom of being connected anywhere anytime.
Philippine Entrepreneurs Blossom With Help From Startup Support Network The Wall Street Journal 13th Apr 2015
Aisa Mijeno had her “eureka” moment one day in a remote village in the Cordillera mountains of the Philippines’ northern Luzon province. During a stint there as a volunteer, she would watch local people trek nearly 50 kilometers along jagged paths to buy fuel for kerosene lamps, their only source of light. Children would often miss school to make the trip. “That’s when the SALt Lamp was born,” Ms. Mijeno said. “My vision was to solve this problem for the 16 million Filipinos who have no access to electricity—those in the mountains, on small islands, people off the grid.”
Infrastructure
DBM releases P1.21 B for MRT-3 upgrade PhilStar 23rd Apr 2015
The country’s aging and nearly dilapidated Metro Rail Transit (MRT) 3 is about to get a much-needed overhaul, following the release of P1.21 billion to the Department of Transportation and Communication (DOTC). The money would specifically fund the long-delayed rehabilitation and capacity extension of the accident-prone MRT 3. It would also cover the replacement of the existing signaling system, as well as the repair of the escalators and elevators of the MRT-3 stations.
Manila weighs membership in China-led Asia bank Business World 21st Apr 2015
Signing up as a founding member in the Asian Infrastructure Investment Bank (AIIB) has been a sticky issue as Philippine allies -- Washington, the power behind multilateral lenders World Bank and International Monetary Fund, and Japan, which leads the Asian Development Bank (ADB) -- grow increasingly worried over China’s military buildup and strong-arm tactics in disputed waters in East Asia. But at the conclusion of the three-day World Economic Forum on East Asia, Mr. Purisima told Southeast Asian ministers and delegates: “In terms of the superpowers around us, ASEAN (Association of Southeast Asian Nations) needs to look at itself like a yellow box junction because we’re at the crossroads in the Indian Ocean and the Pacific.” “We have to be able to lead with all the superpowers around us, have a more healthy coexistence.”
More PPP projects approach rollout Business World 19th Apr 2015
At least three public-private partnership (PPP) projects could be endorsed for final green light by the National Economic and Development Authority (NEDA) Board, led by President Benigno S.C. Aquino III, when a NEDA committee meets on Thursday, senior officials said last week. Tabled for approval at the NEDA Investment Coordination Committee (ICC) Technical Board and Cabinet Committee meeting on Thursday are the P64-billion Light Rail Transit Line 6 (LRT-6); C-5 Modern Bus Transit System Project; and Batangas-Manila (BatMan) 1 Natural Gas Pipeline Project, PPP Center Executive Director Cosette V. Canilao told reporters on the sidelines of an inaugural ceremony for a project in Bulacan last Friday. “For BatMan and LRT-6, their implementing agencies, PNOC (Philippine National Oil Co.) and DoTC (Department of Transportation and Communications), are just finalizing the FS (feasibility study), so we cannot give for now the project costs. These (project costs) will be announced after NEDA ICC approval,” she said. Sought for confirmation, NEDA Deputy Director General for Investment Planning Rolando G. Tungpalan said in a mobile phone reply on Sunday that there will be a “NEDA ICC [meeting] on April 23.” “Based from what I know, those three PPP projects are up for approval,” he added.
Manufacturing
PHL stands to lose $200M in new investments if plan to build VW PHL plant does not push through Business Mirror 13th Apr 2015
The Philippines stands to lose as much as $200 million in investments as Volkswagen Philippines’s plan to build a manufacturing plant in the country is marred by the government’s incentive program, which is seen as favorable to existing car players in the country. John Philip S. Orbeta, president and CEO of Volkswagen Philippines, said that, while they are in talks with the government of setting up assembly operations in the country, support is needed to level the playing field.
PHL still lags in ASEAN vehicle production Philippine Star 20th Apr 2015
The Philippines posted the lowest motor vehicle output in the Southeast Asian region in the first two months of the year industry data showed. The Association of Southeast Asian Nations (Asean) Automotive Federation data showed the Philippines assembled a total of 13,480 motor vehicles in the January to February period this year, up slightly from the 13,357 units in the same period last year. Despite the slight uptick in motor vehicle production volume as of end-February, the Philippines still lagged behind its neighbors Thailand (344,751 units), Indonesia (191,739 units), Malaysia (103,612 units) and Vietnam (19,856 units). The region’s total motor vehicle output meanwhile, declined by 1.4 percent to 673,438 units in the January to February period this year from 683,212 units a year ago. As for motor vehicle sales, the Philippines ranked fourth in seven Asean countries as it sold 39,325 units in the first two months of the year, 21 percent higher than the 32,506 units sold a year ago.
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