| Regional Affairs
US, Philippines eye joint South China Sea sail-bys The Philippine Star 3 Feb 2016
The US ambassador said Wednesday joint patrols with the Philippines are possible in the South China Sea, where the United States has asserted its freedom to navigate by sending planes and ships into China-claimed areas. Manila protested when a commercial Chinese aircraft landed recently on one of several artificial islands Beijing has built in the Spratlys, and officials say China has essentially declared an air defence identification zone over the sea by issuing “provocative” challenges to Philippine military flights in the area. Ambassador Philip Goldberg said the US and the Philippines both have deep interest in ensuring freedom of navigation and he is not discarding the possibility of joint patrols in the area.
Philippines Companies, Formerly Fusty, Become Big Dealmakers The Wall Street Journal 2nd Feb 2016
Philippine conglomerates, flush with cash and confidence, are seeking to transform themselves into regional players in fields from food and beverages to real estate by going on an acquisition spree. While falling demand in China and weak commodity prices have left many global companies reeling, Philippine conglomerates such as JG Summit Holdings Inc. and Alliance Global Group Inc. are feeling resilient, thanks to a focus on the services and consumer sectors. They are benefiting from domestic demand fueled by overseas remittances—money sent home by roughly 11 million Filipinos living and working abroad—and a booming outsourcing industry that handles call-center and back-office functions for overseas clients. Against that backdrop, the total revenue of the Philippines’ top eight conglomerates in 2014 broke $40 billion, more than twice what it had been four years earlier. Most conglomerates are expected to report further increases for 2015.
Philippines, Japan forge stronger ties The Philippine Star 27th Jan 2016
Under the cloud of China’s aggressively staking maritime territorial claims, Japan’s Emperor Akihito and Empress Michiko arrived in Manila yesterday to forge stronger ties between their country and the Philippines. It was the first time for Akihito to visit the Philippines as emperor. He was two weeks short of his eighth birthday when Japan bombed Pearl Harbor in Hawaii with the blessings of his father, the late Emperor Hirohito, setting off the war in the Pacific that would lead to the Japanese invasion of the Philippines. Since then ties have improved between the two former foes, linked by their common ally the United States. Japan is now the Philippines’ single largest source of official development assistance and Japanese businessmen are among the biggest investors.
DTI seeks bilateral talks with Thailand over non-compliance of WTO cigar tax ruling Manila Bulletin 20th Jan 2016
The Department of Trade and Industry (DTI) plans to conduct another bilateral discussion with Thailand next month, February, to push for the implementation of the WTO ruling for Thailand to impose the same tax treatment on cigarettes imported from the Philippines with that of the Thai produced cigarettes.
ADB: investments in irrigation needed for Asia’s food security Business World 20th Jan 2016
ASIAN COUNTRIES should step up investments in irrigation to ensure food security, according to the Asian Development Bank (ADB), with the Philippine government looking at public-private partnerships (PPPs).
National Affairs
PMP bet withdraws; group backs Binay The Philippine Star 2nd Feb 2016
Pwersa ng Masang Pilipino (PMP) standard-bearer Romel Mendoza withdrew yesterday his candidacy for president, leaving only six vying for the nation’s top post in May. Mendoza, who is also secretary general of the multisectoral group Kalipunan ng Masang Pilipino or Kampil, a PMP ally, told a press conference in Manila that he could not mount a nationwide presidential campaign and that Kampil would support Vice President Jejomar Binay, standard bearer of the United Nationalist Alliance (UNA).
Binay: Economic growth must create jobs The Philippine Star 29th Jan 2016
On January 29, Vice President Jejomar Binay downplayed the 6.3 percent growth in the economy in the last quarter of 2015, saying such improvement is “meaningless unless it provides jobs” for the people. He also criticized the marginal improvement in the agriculture sector at only 1.6 percent from 2011 to 2015, saying the figure proves the continued neglect by the Aquino administration of this vital sector. “The agricultural sector had a very imperceptible growth last year at 0.2 percent. Agriculture, despite being the dominant sector, is the least productive under the present administration,” Binay said.
In one last hurrah, Aquino government to spend more Nikkei 29th Jan 2016
The better-than-expected 6.3% expansion of the Philippines' gross domestic product last quarter has raised hopes for sustained momentum in 2016. But headwinds are about to get stronger. The October to December growth was the fastest for the year 2015, which saw the first two quarters suffering a blow from anemic government spending. This brought the full-year growth to 5.8%, the slowest annual expansion since 2011. But Arsenio Balisacan, the outgoing national economic planner, said 5.8% growth was "respectable" for a year with a difficult external environment, the onset of El Nino and "challenges in government spending" in the first half. He had previously set 6% as a "realistic target" to replace the original forecast of 7% to 8%.
Comelec sees 7-way race PhilStar 29th Jan 2016
With barely six days left before it finalizes the voter’s lists, the Commission on Elections (Comelec) said yesterday that voters might see seven people racing for the presidency on May 9. Comelec Chairman Andres Bautista noted that the seven might make it to the Certified List of Candidates to be finalized on Wednesday. “There will be seven. Most likely it will be the ‘magnificent seven’,” Bautista said in an interview. He identified them as: Vice President Jejomar Binay (United Nationalist Alliance); Sen. Miriam Defensor Santiago (People’s Reform Party); Davao City Mayor Rodrigo Duterte (Partido Demokratiko Pilipino-Lakas ng Bayan); Mel Mendoza (Pwersa ng Masang Pilipino); Sen. Grace Poe (Independent); Mar Roxas (Liberal Party), and Rep. Roy Señeres (Partido ng Manggagawa at Magsasaka Workers and Peasants Party).
MCC projects for 2nd round selected soon Business World 26th Jan 2016
The Philippines is expected to identify the programs within the coming months the Millennium Challenge Corp. (MCC) of the United States could fund under a second compact. “Right now, the Philippines is eligible for the second compact and that will follow from a proposal that the Philippines, through a consultative process, will develop in the coming months,” MCC Resident Country Director John A. Polk told reporters yesterday. The Philippines previously received a $433.9-million grant from the US foreign aid agency under a compact signed on Sept. 23, 2010. The compact came into force on May 25, 2011 and is due for completion on May 25. The compact was intended to support reforms and investments to modernize the Bureau of Internal Revenue, expand and improve community-driven development project Kapit-Bisig Laban sa Kahirapan- Comprehensive Integrated Delivery of Social Service (Kalahi-CIDSS) and rehabilitate a secondary national road in Samar.
Philippine Leadership in Danger of Using Up Political Capital Economy Watch 26th Jan 2016
The Philippines has performed well in the past few years relative to its peers. It demonstrated great resilience to exogenous shocks that would have undone less capable economies. However, will it be able to sustain its positive economic position? There are positive signs. Revised forecasts put GDP growth in 2015 between 5.7–6 percent and forecasters expect a strong rebound in the coming year. The government has maintained an official forecast of 6–7 percent. It expects higher growth in 2016, even when the current administration ends its term of office in June.
House probes BOC execs’ sacking Inquirer 26th Jan 2016
THE HOUSE ways and means committee has summoned a top Bureau of Customs (BOC) official to a hearing today (Tuesday) to explain his allegation the recent dismissal of eight retired military officers as port collectors was due to politics, not merit. Deputy Commissioner for the Intelligence Group Jessie Dellosa was invited in a Jan. 21 letter by Marikina City Rep. Romero Quimbo, panel chair, to the Jan. 26 inquiry that would look into the Dellosa’s “allegation that the removal of the BOC officials was politically motivated and not due to merit.”
Senate panel terminates Makati corruption inquiry Business World 26th Jan 2016
On the 25th and last day of public hearings on two resolutions that trained the legislative radar on allegedly overpriced infrastructure projects in Makati City, Senator Aquilino “Koko” Pimentel III, chairman of a Senate Blue Ribbon subcommittee, brought the curtains down on the acrimonious and protracted inquiry. The inquiry focused on Vice-President Jejomar Binay, a presidential aspirant in the 2016 election, for alleged acts of impropriety during his stint as mayor of Makati City, and also dragged his son, the incumbent suspended Mayor Erwin Binay, in connection with the allegations of graft and corruption that attended certain big-ticket construction projects.
Satisfaction with Aquino gov’t steady Business World 20th Jan 2016
PUBLIC satisfaction with the performance of the national government steadied last quarter from the preceding three months, although the latest reading was the best in nearly two years, according to results of the latest Social Weather Stations (SWS) survey.
Customs
Philippines' imports surge, trade gap widens Market Watch 1st Feb 2016
The Philippines' trade deficit widened in November as imports rose at a double-digit pace, expanding for a sixth month on a surge in the purchases of electronic products as well as industrial, telecommunications, and transport equipment. The Philippine Statistics Authority said Tuesday that imports in November totalled $6.09 billion, up 10.1% from $5.54 billion in the year-earlier period. That pushed January-November imports higher by 4.5% from a year earlier to $62.63 billion. With exports earlier reported at $5.12 billion, the country's trade deficit widened to $976.9 million from a deficit of $361.4 million in the year-earlier period.
Consolidated CMTA up for ratification Business World 26th Jan 2016
CONGRESS—doing its best to meet a self-imposed deadline—is set to ratify this week the final version of a reconciled bill updating the Tariff and Customs Code of the Philippines (TCCP), a long-awaited move “modernizing” customs procedures to facilitate trade and increase revenue collections. “It will be submitted for final ratification [by the Senate and the House] on Wednesday,” said Sen. Juan Edgardo Angara, chairman of the Senate Committee on Ways and Means and chief sponsor of Senate Bill 2968, embodying the proposed Customs Modernization and Tariff Act (CMTA).
BOC: Over half of country's ports exceed 2015 target The Philippine Star 1st Feb 2016
Despite missing its collection target last year, the Bureau of Customs said more than half the country's ports exceeded their collection targets. In a statement on Monday, the bureau, which traditionally accounts for a fifth of state revenues, said seven of its 12 ports beat their yearly collection goals in 2015. Leading the way are the ports of Iloilo and Cebu, which surpassed their targets by nearly P1 billion.
Bicameral committee irons out most kinks in PH customs modernization act PortCall Asia 21st Jan 2016
The Senate and House bicameral conference committee has agreed on all but one of the provisions of the Customs Modernization and Tariff Act (CMTA), the controversial declarant clause, according to a customs official. In a January 21 session, the committee reconciled all provisions of the CMTA except for that of the declarant, which will be finalized in a meeting early next week, according to Customs deputy commissioner Atty. Agaton Teodoro Uvero. The declarant provision allows any authorized importer’s representative, who need not be a customs broker, to be the goods declarant. The latest Senate proposal requires the services of customs brokers in the declaration of goods; the Lower House version makes this optional.
Defense & Security
PH fears new fighting with stalled BBL Inquirer 3rd Feb 2016
Congress has run out of time to pass under the current president’s term a Muslim autonomy bill, Bangsamoro Basic Law (BBL), that aims to peacefully settle a decades-long Muslim rebellion in the south, sparking concerns the setback may ignite new fighting, officials said. Senators and members of the House of Representatives had until Wednesday to deliberate on the bill before they start a three-month break at the end of the week. The long-delayed bill is at the heart of a peace deal signed by the largest Muslim rebel group in the south and the government of President Benigno Aquino III, whose term ends in June.
MILF decommissioning won’t continue sans BBL The Philippine Star 2nd Feb 2016
The decommissioning of the Moro Islamic Liberation Front’s combatants and weapons will no longer continue without the passage of the Bangsamoro Basic Law (BBL), the government said yesterday. But Presidential Communications Operations Office Secretary Herminio Coloma Jr. welcomed the statement of MILF’s chief negotiator Mohagher Iqbal that the non-passage of the BBL was not the end of the world for the MILF and that they would continue to pursue a peace settlement.
Aquino says peace bid to continue after his term Business World 31st Jan 2016
PRESIDENT Benigno S. C. Aquino III has ordered special efforts to ensure a peace agreement with Muslim rebels is implemented even after his term ends this year, his spokesman said on Sunday.
Police, AFP ties still strong–PNP spokesman The Manila Times 28th Jan 2016
Relationship between the Philippine National Police (PNP) and the Armed Forces of the Philippines (AFP) still remain strong, the spokesman for the 150,000-strong police organization said on Thursday. The staement came from the PNP spokesman, Chief Supt. Wilben Mayor, after reopening of the Senate probe of the Mamasapano operation that resulted in the death of 44 members of the elite Special Action Force (SAF) of the PNP in Maguindanao ion January 25 last year. The PNP spokesman said in a news briefing in Camp Crame in Quezon City that both members of the PNP and AFP are “both professional and their primary concern is the safety and the security of the country and its people, more than their self-interest and emotion.”
Air Force invites bid for P15 million spares The Manila Times 28th Jan 2016
The Philippine Air Force is buying spares amounting more than P15 million for repair and maintenance of one of its PZL W3-A Sokol aircraft. An invitation to bid posted on the government website Philippine Government Electronics Procurement System (PhilGEPS) said the Armed Forces of the Philippines (AFP) through the Air Force’s Bids and Awards Committee approved the P15,936,175.00 allocation for the spares. Col. Enrico Canaya, Air Force spokesman, said the bidding was just one of the many programming for spares.
Analysts: US should strengthen ties with Philippines to sustain Asia rebalance The Philippine Star 1st Feb 2016
The United States (US) should extend its efforts to strengthen its alliance with the Philippines to sustain its rebalance in Asia, analysts said. Analysts Kathleen Hicks and Michael Green said that the US has plenty of opportunities to network with its allies and partners in Asia such as Japan, Australia and India. "This federated approach to defense should extend to the Philippines and other frontline states that are eager to improve in the face of expanding Chinese naval and air presence in the First Island Chain," Hicks and Green said in an article published on the blog of the Center for Strategic International Studies.
Economics
DTI vows 3 steps, 3 days to start business The Philippine Star 2nd Feb 2016
Just three steps, in three days. It sounds too good to be true, but newly appointed Trade Secretary Adrian Cristobal Jr. has assured the public that processing time for starting a business will soon be reduced to just three steps within three days. This is a goal set by the National Competitiveness Council, and Cristobal said the Department of Trade and Industry (DTI) supports the objective. Addressing members of the Bulacan Chamber of Commerce and Industry (BCCI) over the weekend, he cited the World Bank’s Doing Business Report 2015, which showed that it takes an average of 16 steps in 34 days to start a business in the Philippines.
P-Noy names NEDA deputy as acting chief The Philippine Star 2nd Feb 2016
President Aquino has appointed National Economic and Development Authority (NEDA) deputy director-general Emmanuel Esguerra as acting head of the agency, replacing Arsenio Balisacan, who has been given a fixed seven-year term as chairman of a newly formed body. Esguerra will serve as socio-economic planning secretary for the remaining five months of the administration. Esguerra used to head NEDA’s National Development Office for Policy and Planning.
PCC sets June deadline in crafting IRR for Philippine competition law Business Mirror 31st Jan 2016
The newly created Philippine Competition Commission (PCC) aims to finish the competition law’s implementing rules and regulations (IRR) before June 30. PCC Chairman Arsenio M. Balisacan recently told reporters the commission will be meeting this week to jump-start the crafting of the IRR. Balisacan said the completion of the IRR is necessary before the PCC can perform any of its mandates as specified in the competition law.
Goal missed despite ‘respectable’ growth Business World 29th Jan 2016
Philippine economic growth accelerated in the fourth quarter of 2015, but was not enough to enable the government to achieve its full-year target as weak exports and a contraction in agriculture weighed on the economy. In a press conference on January 28, National Statistician Lisa Grace S. Bersales said the country’s gross domestic product (GDP) -- the total amount of final goods and services produced in the country -- grew by 6.3% last quarter. The fourth-quarter 2015 outcome brought the full-year expansion to 5.8%, slightly lower than the government’s 7-8% target for the year. Despite missing the targets, “this growth is respectable given the difficult external environment, the onset of El Niño and the challenges in government spending in the first semester,” Economic Planning Secretary Arsenio M. Balisacan said during yesterday’s press briefing.
Central bank cites space to maintain monetary policy Business World 28th Jan 2016
Strong fourth-quarter growth the government reported yesterday signaled that monetary policy remains appropriate, with Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco, Jr. seeing no immediate need to tweak current settings. “For us, we continue to see no need to adjust policy settings at the moment, given the healthy Q4 GDP (gross domestic product) figure of 6.3% and an inflation outlook of a slow creep to within target over the policy horizon,” Mr. Tetangco said in a text message to reporters.
Balisacan's challenge: Can he fight vested interests? Rappler 27th Jan 2016
The keyword about the economy in recent times has been inclusive growth. And chances are you’d hear it more often than not from Arsenio Balisacan, the current socioeconomic planning secretary who next week will move on to his new post as head of the Philippine Competition Commission (PCC). That he would be talking about inclusive growth is no surprise. During his 3-year tenure as Director-General of the National Economic and Development Authority (NEDA), he made it the centerpiece of its plans. Upon his appointment in May of 2012, Balisacan said: "I hope I can help in the poverty alleviation efforts of the government because that's really close to my heart."
Falling Oil Prices: Winners and Losers Business World 26th Jan 2016
The conventional view is that a big plunge in oil prices would have a positive effect on the global economy; the greater the fall, the more positive the effect. Now there are reasons to believe that such a rosy view of the oil plunge may be wrong after all. First, the global view does not take into account the asymmetric effects of oil prices fall on countries. The effect is different for oil-consuming nations than from oil-producing ones. It benefits the former and hurts the latter: the severity of the damage depending on the country’s initial condition and its dependence on oil exports.
Stormy seas ahead for the Philippine economy? East Asia Forum 26th Jan 2016
The Philippines has performed well in the past few years relative to its peers. It demonstrated great resilience to exogenous shocks that would have undone less capable economies. But will it be able to sustain its positive economic position? There are positive signs. Revised forecasts put GDP growth in 2015 between 5.7–6 per cent and forecasters expect a strong rebound in the coming year. The government has maintained an official forecast of 6–7 per cent. It expects higher growth in 2016, even when the current administration ends its term of office in June.
Balisacan to head competition agency Inquirer 26th Jan 2016
Economic Planning Secretary Arsenio M. Balisacan will wear a new hat after the end of this month, this time to chair the newly established Philippine Competition Commission. In a statement Monday, Balisacan, who is also director general of state planning agency National Economic and Development Authority (Neda), finally confirmed reports that he would resign as the country’s chief economist effective Jan. 31 to become the first chair of the PCC. The commission was formed under Republic Act No. 10667 or the Philippine Competition Act, which President Aquino signed into law in July last year.
Gov’t seeks to assure on reforms Business World 26th Jan 2016
The country's economic managers will hold a road show in the United States a little more than two months before the May national elections in a bid to assure investors that reforms will survive the change in administration in June, the government’s Investor Relations Office said in a press statement yesterday. For Standard & Poor’s Ratings Services (S&P), the upcoming change in political leadership poses the “greatest risk” to the country’s credit rating even as it believed there will not be any “material departure” from current policies under the new president who takes office on June 30. Finance Secretary Cesar V. Purisima and Bangko Sentral ng Pilipinas Governor Amando M. Tetangco, Jr. will lead the Philippine delegation and deliver keynote addresses at the Philippines Business & Investment Forum on March 3 in New York, the Investor Relations Office said in its statement. The objectives of this forum are to convey the continuity of the administration’s economic policy fundamentals through the next electoral cycle, to evaluate investment plans and specific prospects in strategic sectors and to provide a platform for direct networking and business.
Philippine Economy Doesn't Need Stimulus, Central Bank Governor Says Bloomberg 25th Jan 2016
The Philippine central bank governor said there’s no need for now to shore up his economy with lower interest rates, putting the onus on fiscal policy to help sustain a historic pick-up in the Southeast Asian nation in recent years. ”There is no urgency for monetary policy to provide additional stimulus to growth," Amando Tetangco said in an interview on Monday. "We have fiscal space, and the government can accelerate fiscal spending particularly for infrastructure. That can offset any impact that can arise from weak global economic conditions." While emerging markets including Brazil have faltered amid an entrenched China slowdown, the World Bank forecasts the Philippine economy will expand more than 6 percent this year until 2018, to remain among the fastest in the world. President Benigno Aquino, whose six-year term ends in June, is boosting spending to a record to help shield the nation as global demand weakens.
Developers hold breath until election is done The Manila Times 20th Jan 2016
While the country’s political arena is all heated up over this year’s elections, the local real estate sector is holding its breath until the political race is all done, according to industry analysts. The ongoing election fever is expected to freeze any major real estate activity in the first two quarters of 2016, said marketing educator Enrique Soriano, program director for real estate and chairman of the marketing cluster of the Ateneo Graduate School of Business. “HLURB (Housing and Land Use Regulatory Board) statistics for major residential developments, especially in the vertical segment, will see a steep decline in application for housing licenses in the first two quarters due to the Presidential elections,” forecast Soriano in an interview with The Manila Times, explaining that developers are inclined to hold on to their investment plans until the elections are done.
Energy
Two new PV projects set for operation in Philippines PV Tech 1st Feb 2016
Two new PV installations have officially commenced operations in the Philippines — a 50.7MW TSPP site near Tarlac City and a 6.23MW diesel replacement plant in Mindanao. The 50MW PetroSolar TSPP 50 MWp PV Power Plant is set to generate 75,000 MWh of PV power annually — offsetting the emission of over 36,500 tonnes of CO2 per year. The installation is expected to provide more than 24,000 homes with renewable electricity and is the largest PV power plant to date in the Philippines. The installation was developed around 90 km northeast of Manila, near the Subic-Clark-Tarlac Expressway.
ERC set to hear Visayas-Mindanao interconnection project on Feb. 19 Business Mirror 31st Jan 2016
THE Energy Regulatory Commission (ERC) is set to tackle two vital applications filed by the National Grid Corp. of the Philippines (NGCP), one of which is meant to “open more investment opportunities in Mindanao, both in terms of additional power generation and industrial loads.”
Energy security needed to sustain growth NEDA chief says Manila Bulletin 20th Jan 2016
The Philippines must continuously invest in improving the country’s energy capacity to attain energy security that will allow the country to sustain its rapid growth and make it more inclusive, the National Economic and Development Authority (NEDA) said. In a statement, Socioeconomic Planning Secretary Arsenio M. Balisacan, said that government initiatives aimed at improving competitiveness and productivity of local industries will not prosper without an efficient, secure and sustainable energy sector.
Therma South’s Unit 2 to begin commercial operations on Feb. 2 Business Mirror 1st Feb 2016
THERMA South Inc. (TSI), a subsidiary of Aboitiz Power Corp., announced on Monday that starting February 2, the second unit of its Davao Baseload power plant will begin commercial operations. Unit 2 will add another 150 megawatts (MW) to the Mindanao grid. TSI earlier declared commercial operations of its first 150-MW unit in September last year, allowing customers to receive 50 percent of their contracted supply. “The commercial operations of the Unit 2 could not have come at a better time, as Mindanao suffers from power-supply-problems brought about by El Nino. “TSI will provide much-needed baseload power for our customers, hopefully contributing to the long-term solution of the Mindanao power problem,” TSI President Sebastian R. Lacson said.
BPI, IFC ink P3.5-B risk sharing facility The Philippine Star 1st Feb 2016
The Bank of the Philippine Islands (BPI) and the International Finance Corp. (IFC) have renewed a risk-sharing facility worth up to P3.5 billion. The facility will fall under the bank’s Sustainable Energy Finance (SEF) program, which provides loans and technical advice to clients investing in energy projects to help reduce energy costs and cut greenhouse gas emissions. BPI president and chief executive officer Cezar P. Consing said the bank prioritizes creating sustainable shared value in the business, and its partnership with IFC would enable the bank to carry on this commitment for the environment, clients, and stakeholders.
Meralco eyes partners to initially deploy 100-MW solar power in franchise areas Business Mirror 29th Jan 2016
The Manila Electric Co. (Meralco) is currently negotiating with various contractors and suppliers to assist the utility firm’s renewable-energy (RE) unit to initially install 100 megawatts (MW) of solar power within its franchise area. “We are talking to a lot of entities regarding solar,” Meralo Senior Vice President Alfredo Panlilio said in a text message when asked for an update of its solar project. Meralo has recently formed its RE unit called MSpectrum. Panlilio added: “We are talking to a lot of suppliers and EPC [engineering, procurement, construction] contractors. Miescor [Meralco Industrial Engineering Services Corp.] is one of the potential EPCs.” Miescor is Meralco’s engineering unit. Meralco President Oscar S. Reyes earlier said the utility firm’s RE unit “aspires” to build 100 MW over three years.
Basic Energy abandons four hydropower contracts to focus on geothermal projects Business Mirror 28th Jan 2016
Basic Energy Corp. (BEC) has decided to abandon four hydropower service contracts awarded to the power firm last year, which are in Negros Occidental, to focus on its geothermal projects. “The board decided to return to the Department of Energy its four hydropower service contracts covering Puntian 1, Puntian 2, Malogo 2 and Talabaan,” the company said in a statement on Thursday. Though these four hydropower projects showed “promise” based on initial studies, the company opted to concentrate on its geothermal projects, which “provide greater potential.” “The move is in support of efforts to streamline its renewable projects and concentrate resources on its geothermal service contracts and other projects in the pipeline,” Basic Energy said.
PH now top ASEAN wind energy producer: senatorial bet Migz Zubiri InterAksyon 24th Jan 2016
The Philippines is now the largest and fastest-growing producer of electricity from wind power among the 10 countries belonging to the Association of Southeast Asian Nations (ASEAN), former Sen. Juan Miguel Zubiri, said in a news release Sunday. “Our wind farms now have an aggregate installed capacity of almost 400 megawatts (MW) -- far more than our neighbors -- and we expect this number to quadruple to 1,600 MWs in two to three years,” Zubiri, author of the Renewable Energy Law of 2008, said. Proximity to a coastline and elevation make the country very rich in wind resources, according to Zubiri.
Financial Services
More microinsurance products in pipeline Philstar News 2nd Feb 2016
Proponents of microinsurance are working on frameworks for the development of micro-agri, micro-health and micro-preneed that would soon lead to new “sachet-sized” insurance products for the general population. In a microinsurance summit held recently, Emmanuel Dooc, commissioner of the Insurance Commission (IC) said government and private sector advocates have enhanced the regulatory framework for microinsurance to open the doors for new products.
Bill on foreign ownership of financial firms hurdles bicameral committee; ratification expected today Business World 2nd Feb 2016
The proposed law lifting foreign ownership restrictions on investment and lending firms in the country was passed by the legislature’s bicameral conference committee, with the measure expected to be ratified on the last day of Congress. The bicameral conference committee finished reconciling the differences between Senate Bill No. 3023 and House Bill No. 6395, and has come up with a unified but yet to be numbered conference committee report which will be ratified separately by each chamber. Senator Joseph Victor G. Ejercito, chairman of the Senate Committee on Economic Affairs, likewise said that the committee report will likely be ratified on the Senate floor on Wednesday. A pet bill of Malacañang and one that is supported by the Joint Chamber of Commerce of the Philippines, the measure lifts the ownership restrictions of lending companies, financing companies, investment houses in the country, allowing these financial entities to be owned 100% by foreign nationals.
Senate approves bill regulating credit-card industry Business Mirror 1st Feb 2016
The Senate approved on Monday a House bill regulating the Philippine credit-card industry, spelling out the Bangko Sentral ng Pilipinas (BSP) supervisory powers over all credit-card issuers, acquirers and transactions. Sen. Sergio Osmeña III, principal sponsor of House Bill (HB) 5417, sought approval of the remedial legislation he said was needed to “protect the rights and interests of credit-card holders against excessive charges and harassment from collection agents.”
Philippines: Insurance industry to see premiums rise by 28% this year to US$6 bln Asia Insurance Review 1st Feb 2016
The Philippine insurance industry is tipped to sustain its robust growth with regulators expecting premium revenue to increase by 28% this year to PHP300 billion (US$6.3 billion). Insurance Commissioner, Mr Emmanuel Dooc, said that a 28% growth is an ambitious goal for the insurance sector as growth in premium income traditionally averages only around PHP58 billion annually, reported the Manila Bulletin.
Online marketplace helps SMEs find investors The Manila Times 31st Jan 2016
Small and medium enterprises (SMEs) and startups that are in a critical stage of their business and may be needing loans, investors, or links with other businesses now have an online lifeline. EntrepZone.com is an online marketplace for business owners looking for loans, investors, or other businesses to buy and is mainly targeted at SME owners who want to sell their business and those who want to reach out to banks and financial institutions.
House passes bill granting BSP powers over payment systems Business World 29th Jan 2016
The House of Representatives approved on third and final reading a measure to regulate and supervise payment systems. The proposed Payment Systems Act (House Bill No. 6197) states that the Bangko Sentral ng Pilipinas (BSP) shall oversee the payments system in the Philippines to ensure the stability and effectiveness of the monetary and financial system. The bill defines payment systems as the set of payment instruments, processes, procedures, and participants that ensures circulation of money or movement of funds. Examples of payment systems include debit and credit cards and electronic systems.
Philippine Banks Need Foreign Capital to Thrive, Regulator Says Bloomberg 24th Jan 2016
Wealthy families running some of the largest Philippine banks need to attract foreign capital and know-how if they are to withstand growing competition from overseas lenders, the country’s bank regulator said. "If they think they can continue to grow at the pace that protects their position in the market using only internal resources, good luck to them," Bangko Sentral ng Pilipinas Deputy Governor Nestor Espenilla said in an interview in Manila last week. "Banks today with a relatively close ownership may want to take a more open view. Or, they face stagnation, shrinkage." Philippine banks are facing a new wave of competition from foreign lenders, with Japan’s Sumitomo Mitsui Financial Group Inc. and Singapore’s United Overseas Bank Ltd. among six foreign banks which have received approval to open branches. The banks are entering the market after the government loosened its rules on foreign ownership in 2014.
Philippines gets credit rating upgrade from NICE Rappler 23rd Jan 2016
Seoul-based debt watcher National Information and Credit Evaluation (NICE) Investors Service upgraded the credit rating of the Philippines, allowing the country to tightly secure a place within the investment-grade territory. In a statement, NICE said it upgraded the credit rating of the Philippines by a notch to BBB or a step above investment grade from the minimum investment grade of BBB-. This is amid the country’s governance reforms and intensified campaign for infrastructure development. The Philippines has received investment grading ratings from Standard & Poor’s, Moody’s Investors Service, and Fitch Ratings.
Food & Agriculture
Philippines Economy Slows, Dragged By Farming, Forcing Re-Think IBTimes 27th Jan 2016
Expansion of the Philippines' gross domestic product slowed as expected last year, but stronger than expected fourth-quarter growth prompted the government to say one of the fastest-growing economies in Asia will accelerate and weather possible turbulence -- including this year's presidential election. The economy expanded 5.8 percent in 2015 compared with 6.1 percent in 2014, the Philippine Statistics Authority said. As usual, growth was led by services — including the country's booming outsourcing and property industries — and consumer spending. Investment, government spending and industry put in strong performances though industry growth slowed from 2014.
Coca-Cola FEMSA to invest $800M in PHL Business World 2nd Feb 2016
Coca-Cola FEMSA Philippines, Inc. has committed to invest $800 million in the local business from this year until 2020 as it expects sales to expand along with the country’s growing middle class, its top official said yesterday. Mexico’s Coca-Cola FEMSA S.A. de C.V. entered the country in 2013 when it acquired 51% of Coca-Cola Bottlers Philippines, Inc. from Atlanta-based beverage giant The Coca-Cola Co. Mr. Ponce, who has been manning the local business for almost six months, said the Mexican parent company was looking to grow in Asia, and that the performance of the Philippine business was key to that expansion.
FDA to digitize registration of food products by next month Business Mirror 1st Feb 2016
The Food and Drug Administration (FDA) is on track to meet the deadline set by its top executive to finish processing the applications of food businesses for their license to operate (LTO) and their certificate of product registration (CPR), pending since January 2015. The agency is set to roll out its digitization initiative next month. Maria Lourdes C. Santiago is the acting director general of the FDA, an agency under the Department of Health that supervises the safe flow of food, cosmetics, pharmaceuticals and other products to the Filipino public. Maria Theresa C. Cerbolles, an FDA official, said they have almost 2,000 LTO and 6,000 CPR applications, due for approval and issuance since last year.
P2.2-billion rural-development project to benefit 300,000 farmers–DAR Business Mirror 28th Jan 2016
The Department of Agrarian Reform (DAR) said some 300,000 farmers in Mindanao are expected to benefit from a P2.2-billion rural-development project which was recently launched in Cagayan de Oro City. Dubbed as the Convergence on Value-Chain Enhancement for Rural Growth and Empowerment (ConVERGE), the DAR said in a statement that the International Fund for Agricultural Development (Ifad) provided funds for the project. Projects under ConVERGE will be implemented in 11 agrarian-reform community clusters in various provinces of Regions 9 (Zamboanga Peninsula), 10 (Northern Mindanao) and 13 (Caraga). Through ConVERGE projects, the government aims to promote sustainable livelihood activities based on key commodities–including rice, rubber, coffee and cassava. The projects include construction of postharvest facilities, improvement of rural infrastructures, production and marketing of agricultural products or commodities; capability-building, and procurement of farm equipment.
DA urged not to rush crafting of biotech rules Business Mirror 26th Jan 2016
THE Department of Agriculture (DA) should not rush the crafting of a new biotechnology policy to ensure that it will not suffer the same fate that befell Administrative Order (AO) 8, a non-governmental organization (NGO) said on Monday. The Advocates of Science and Technology for the People (Agham) issued the statement amid reports that a new AO will soon be issued to replace AO 8, which was nullified by the Supreme Court last month. “We are not against plant biotechnology or genetically modified organisms [GMOs] per se. What we want is for a broader consultation process to take place before the concerned government agencies decide to come up with a new policy that may affect our health, environment and biodiversity and food security,” Agham Secretary-General Feny Cosico said in an interview.
El Niño casts gloom on outlook for harvests Business World 25th Jan 2016
Palay and corn production in the first quarter of 2016 is expected to fall -- contrary to earlier bets for growth in harvest -- as the past typhoon, insufficient water supply and intense heat take their toll on the country’s major crops, the Philippine Statistics Authority (PSA) said in a report released on January 24. Edilberto M. De Luna, Agriculture assistant secretary for field operations, blamed the gloomier forecast on Typhoon Nona, which hit the country’s farming areas in December last year just as farmers replanted after Typhoon Lando. The agency said that based on standing palay crop, “probable production in January-March 2016 will be 4.15 million MT [metric tons], nearly 5% below the 4.368 million MT output in 2015.” It forecasts a 6.5% slump in corn output to 2.214 million MT in the first quarter from 2.369 million MT a year earlier.
Health & Life Sciences
1,000 kits available in PH for Zika virus testing – DOH Rappler 2nd Feb 2016
Health Secretary Janette Garin on Tuesday, February 2, said there are 1,000 kits available for testing Zika virus at the Research Institute for Tropical Medicine (RITM) in Muntinlupa City. Another batch of 1,000 kits will be delivered in two weeks. However, she noted that the Department of Health (DOH) cannot use these to test just anyone. There is lack of enough kits available worldwide. The government’s supply was just a surplus when kits were delivered to the country back in 2012. She also said that, at present, research centers and the World Health Organization are still in the process of optimizing and producing more effective test kits.
Philippines remains free from Zika virus but public must remain vigilant: DOH InterAksyon 30th Jan 2016
The Department of Health (DOH) on Friday urged the public to be vigilant against Zika virus even though the country is free from the disease. DOH spokesman Lyndon Lee Suy said that aside from a case of a 15 year old from Cebu City which was recorded in 2012 to be infected with the Zika Virus, no other case has been documented since.
C. Luzon students to get dengue vaccines in March Inquirer 29th Jan 2016
The world’s first vaccine against the mosquito-borne dengue virus will be introduced in March to students in Central Luzon, which recorded last year 35,966 dengue cases, the highest among 17 regions, a Department of Health (DOH) official said on January 25.
PhilHealth for ‘buntis’ eyed The Standard 27th Jan 2016
There is now a move in the House of Representatives to automatically grant Philippine Health Insurance coverage to women about to give birth and their newborn children to reduce child mortality and improve maternal health. Quezon City Rep. Alfredo Vargas III stressed that the enactment of House Bill 6373 shall provide automatic health insurance coverage to all women about to give birth who are not yet enrolled under any existing categories of the PhilHealth and their newborn children.
Meeting RH-related SDG targets: 'Work must start from Day 1' Rappler 23rd Jan 2016
Former health secretary Esperanza Cabral talks about what the Philippines must do differently to achieve the targets under the Sustainable Development Goals related to reproductive health.
ICT
PH being left out of tech game for failing to utilize frequency GSMA says Manila Bulletin 1st Feb 2016
The Philippines is being left out of the technology game and missing out on economic benefits for failing to use its 700 MHz spectrum frequency, according to Groupe Speciale Mobile Association (GSMA), the umbrella group of 800 mobile operators worldwide. Except for the Philippines and Thailand, all other countries in the region, including Afghanistan and Bangladesh, have either adopted the Asia-Pacific Telecommunity (APT) Band Plan or have progressed towards its adoption. The APT Band Plan, usually referred to as the 700 MHz band, was formalized by the APT in 2008-2010and specially configured for deploying mobile broadband technologies, such as Long Term Evolution LTE). Already, other developed nations in Europe and the US have progressively rolled out their strategies using the 700 MHz.
Comelec teams up with Twitter for May elections InterAksyon 25th Jan 2016
The Commission on Elections (Comelec) announced on Monday its teamup with social networking site Twitter to promote the May 9 local and national polls. In a news briefing, Comelec Chairman Andres Bautista and Twitter Asia Pacific and Middle East Vice President Rishi Jaitly said they would be working together to expand the voters' access to political information. Twitter will also allow voters to interact with top candidates and share their views about the elections process.
Better spectrum allotment needed for radio frequencies Business Mirror 20th Jan 2016
THERE is an urgent need for the government to address the “spectrum mess” in the Philippines, as such a quandary, makes the state miss out on billions of pesos in potential revenues and leaves consumers shortchanged, a telecommunications expert said. Mary Grace Mirandilla-Santos, an independent researcher on information and communications technology and telecommunications policies, said there is an apparent lack of a spectrum-management plan in the Philippines, resulting in the shortfall in public auctions even though such tenders are mandated by law.
Global tech money sets its sights on Southeast Asia, PH Rappler 1st Feb 2016
Tech companies are arguably the sexiest firms on Wall Street. From peddling sexy smart phones to streaming media, from connecting people across the globe to solving problems from traffic to climate change, they are the heavy lifters in the world's march towards change. Disruption is key to how most of these startups have grown, both in valuation and in recognition, and each of these companies started life solving a particular problem. Just as Wall Street has become shorthand for the finance industry, the tech industry has its own: Silicon Valley, referring to that stretch of land between the cities of San Jose and San Francisco in California that is home to some of the world's biggest and most famous tech firms, from Facebook to Apple.
DOST, partners launch ICT biz incubator in Palawan The Manila Times 1st Feb 2016
To provide Filipino technopreneurs in Palawan a hub to incubate and accelerate Information and Communications Technology (ICT)–based enterprises, the Department of Science and Technology-MIMAROPA (DOST-MIMAROPA), Palawan State University (PSU), Palaweño ICT Association (PICTA), and Make a Difference (MAD) Industries of Malaysia came together to open the first ever international ICT business incubator in the region last December at the Palawan State University-Main Campus in Puerto Princesa City. The Palawan International Information and Communications Technology Business Incubator cum start-up hub, also known as Palawan ITBI, caters to the growing number of technology-based start-ups. The TBI provides start-ups a platform where they can develop their tech-relevant ideas into products that will be able to compete in the global market.
Globe spending on network infrastructure one of highest in Asia Manila Bulletin 1st Feb 2016
Globe Telecom posted one of the highest capex-to-revenue ratio in the last two years showing how aggressive the telecommunications provider has been in upgrading and enhancing its network infrastructure. Globe has a capex-to-revenue ratio of 28% in 2015 and 27% in 2014 while the local telecommunications industry averaged 23% in both 2015 and 2014. By comparison, only China’s capex-to-revenue ratio of 36% in 2015 and 33% in 2014 exceeded those of Globe Telecom based on the published financial statements online of publicly-listed telcos in the region which were compiled and computed per country. Other Asian economies registered lower ratios in 2015 and 2014 with Singapore at 26% and 22%, respectively; Indonesia with 24% and 26%, respectively; Thailand with 23% and 21%, respectively; India with 17% and 16%, respectively; Taiwan with 14% and 16%, respectively; Hong Kong with 13% and 14%, respectively and Malaysia with 13% and 12% respectively.
Philippines expands coverage area of free wi-fi internet project, eyes more bidders Deal Street Asia 31st Jan 2016
The Philippines’ Department of Science and Technology (DOST) has proposed to expand the scope of its much-touted free wifi internet access project in public spaces to cover more urban areas. The move is also seen to get more bidders and private Internet service providers to participate in the project. The free Wi-Fi in public places project entails installation of wireless Internet access points in public places such as town plazas, parks, government offices, health units, and transport terminals including train stations, seaports and airports.
LTFRB orders suspension of ‘GrabBike’ service PhilStar 27th Jan 2016
The Land Transportation and Franchising Board (LTFRB) on Wednesday ordered the transport network company (TNC) MYTAXI.PH, Inc. to stop its motorcycle service called “GrabBike” until the Department of Transportation and Communications (DOTC) creates and releases an official guideline for it. In a letter addressed to GRABCAR Phils, MYTAXI.PH, Inc. Operations Head Gines Barot, the board said the advertisement of the GrabBike service caught their attention and is being called off since its accreditation does not include operation or use of motorcycles as a mode of transporting passengers. The company is only accredited to offer the services of Transportation Network Vehicle using digital platform technology as pursuant to the Department Oder 2015-011.
Congress to prioritize open access for telcos The Philippine Star 20th Jan 2016
The proposed Open Access Law for the telecommunications industry which seeks to expedite permits for telco facilities may be included in the list of priorities of the next Congress, according to Globe Telecom Inc. Globe said the Congressional Policy and Budget Research Department (CPBRD) has requested for additional information on the telco firm’s proposed Open Access Law. The Open Access Law seeks to address bureaucratic red tape and other political hurdles that stand in the way in the deployment of telecommunications and broadband infrastructure such as cell sites.
Infrastructure
Economic measures among bills approved by House before recess Business World 1 Feb 2016
With Congress adjourning this week, the House of Representatives on Monday rushed approval of several bills, including economic measures, on third reading. House Bill No. 6331 or a measure institutionalizing and strengthening the public-private partnership (PPP) program was passed on final reading on Monday night. Benguet Rep. Ronald M. Cosalan, one of the measure’s sponsor, said via text on Monday that the measure approved includes an amendment that the proposed PPP Act will not affect existing contracts, including those with local government unit; procurement activities undertaken before the PPP Act; and LGU authority to enact PPP ordinances not inconsistent with the PPP Act and implementing rules and regulations.
P338.8-B reclamation project proposed Business World 31st Jan 2016
THE SAN MIGUEL group and the developer of the Philippine Arena are proposing a P338.8-billion public-private partnership (PPP) project that will reclaim a part of Manila Bay, as well as build an expressway, a commercial area, a coastal sea barrier and flood control system.
Lack of PPA consent delays freight train project Inquirer 29th Jan 2016
Right of way issues hampered the signing of a freight railway project between Philippine National Railways (PNR) and MRail Inc., a subsidiary of the country’s largest power distributor, Manila Electric Co. (Meralco). At the Makati City venue of the supposed contract signing on Thursday, PNR general manager Joseph Allan Dilay told reporters that the deal was postponed since PNR had yet to iron out details with the Philippine Ports Authority (PPA). The latter regulates port operations such as those of Enrique Razon-led International Container Terminal Services Inc. (ICTSI), which will be the first to use the freight railway service. The nonexclusive track usage agreement would allow MRail to use PNR’s tracks to move cargo between Manila International Container Terminal (MICT) to ICTSI-owned Laguna Gateway Inland Container Terminal (LGICT).
MRT-3 new trains may not run efficiently – expert PhilStar 29th Jan 2016
A train expert warned the public that 48 brand-new light rail vehicles (LRVs) purchased for the Metro Rail Transit Line 3 (MRT-3) might not run efficiently due to possible problems in the current power system of the train network. The expert who refused to be identified claimed that the LRVs made by Dalian Locomotive and Rolling Stock Co. of China were reportedly designed to run in a four-car configuration, or four units per train even though the existing power system of the MRT-3 was designed for a train with three-cars. The procurement of the 48 new LRVs is part of the MRT-3 capacity expansion project of the Department of Transportation and Communications (DOTC).
ALI inks deal for ITS South PPP Business World 26th Jan 2016
AYALA LAND, Inc. (ALI) yesterday inked the contract for the P4-billion Build-Operate-Transfer contract for an integrated transport hub near the former Food Terminal, Inc. (FTI) complex in Taguig City, allowing the property giant to start construction in September. “An integrated transport hub will soon rise at the southern edge of the metropolis, as the Department of Transportation and Communications (DoTC) has signed the concession agreement for the South Integrated Transport System (ITS) with the winning concessionaire today,” the agency said in a statement on Tuesday. ALI’s wholly-owned subsidiary Arca South Integrated Terminal, Inc. entered into the 35-year concession deal, after it submitted the lowest annual grantor payment of P277.9 million and fulfilled all post-award requirements. The DoTC said construction of the ITS South Terminal, which will start in September this year, is expected to take 18 months, or up to March 2018. The terminal is scheduled to be operational by April 2018.
SoKor asked to fund Guimaras bridge study Business World 26th Jan 2016
Funding for the feasibility study of a proposed bridge connecting the island of Guimaras to Iloilo has been requested by the Department of Public Works and Highways (DPWH) from the South Korean government. Senator Franklin M. Drilon, who was in town last week, said DPWH Secretary Rogelio L. Singson sent a letter to Seoul for financial assistance on the initial study that will analyze the costs and benefits of the 2.6-kilometer bridge. “The technical aspects of the bridge is that, in our words ‘it can be done’ because that is not a very long span. It is not that difficult and we can fund it,” Mr. Drilon said during his visit for the inauguration of the P180-million Muelle Loney Bridge that leads to the new ferry terminal in Iloilo City.
To fix traffic, Binay as president to split up DOTC Rappler 25th Jan 2016
Vice President Jejomar Binay said he would move to expand the country’s railway system and split up the Department of Transportation and Communications (DOTC) should he win the presidency in the May elections. “Kulang talaga tayo ng preparasyon dahil sa masyadong pagod na 'yung mga tren kaya ang maintenance ay naaapektuhan nang todo-todo. Kaya kailangang dagdagan pa natin na ma-expand tayo. I-expand natin ang MRT (Metro Rail Transit), LRT (Light Rail Transit), at i-rehabilitate po natin ang ating mga railways sa tren,” said Binay in an interview with GMA 7’s Wanted:President special, which aired late Sunday evening, January 24.
BCDA allots P1 billion for 2016 capex Business Mirror 1st Feb 2016
THE Bases Conversion and Development Authority (BCDA) is allocating at least P1 billion for its capital expenditure this year, with the bulk of the budget to go to the infrastructure development of Clark Green City. BCDA Vice President for Finance lawyer Nena Radoc said 85 percent of the allocation will go to improving access to Clark Green City, the state-owned agency’s biggest project to date. “We need to invest in Clark Green City. The [investments] alone for the roads are around P1.5 billion to P2 billion,” Radoc said, pointing out that the BCDA has been continuously investing in the road access over the past few years to respond to the infrastructure need.
Manufacturing
Toyota eyes Vietnam as export destination for locally-made Vios Business Mirror 31st Jan 2016
Richard B. Valdez, vice-president for Toyota’s purchasing division and planning department, identified the best-selling Vios as the model that the company will register under the Comprehensive Automotive Resurgence Strategy (CARS) program, the Trade department’s initiative to boost the manufacturing industry by offering incentives for locally assembled cars. “Vietnam is a good market for Philippine-made Toyota Vios,” he said in an interview on the sidelines of a car parts suppliers workshop last Friday.
CARS Program to boost PH’s Asean market share The Manila Times 29th Jan 2016
Automakers in the Philippines are expected to increase their contribution to regional production with the implementation of the Comprehensive Automotive Resurgence Strategy or CARS Program, the Trade department said. Trade Assistant Secretary Rafaelita Aldaba, speaking at a supply chain conference on Friday, said the country was expected to expand its share of the Southeast Asian auto market to 8.3 percent in 2022 from 2.67% last year.
Car parts makers ramp up production capacity in response to CARS Program Business Mirror 20th Jan 2016
Local parts makers are re-doubling efforts to ramp up production capacity in response to the government’s Comprehensive Automotive Resurgence Strategy (CARS) Program, which is expected to boost sales to P240 billion by 2018. The outlook is positive for the Philippine Parts Maker Association (PPMA) as majority of its members, being small and medium businesses, are beginning to see the fruits of the CARS Program.
PHL auto sales seen to hit 500,000 in 5 years Business World 29th Jan 2016
According to Trade Assistant Secretary Rafaelita M. Aldaba, vehicle sales in the Philippines are expected to hit 500,000 in 2021, a year before the end of the CARS government program that aims to jumpstart the local car manufacturing industry. Ms. Aldaba said the figure was a rough estimate and would be revised shortly as the local automotive industry overshot expectations in 2015 by selling 321,532 vehicles, way higher than the department’s early estimate of 300,000 units. “We need to really monitor the (Comprehensive Automotive Resurgence Strategy) program closely and evaluate [the outcome] after six years,” she said on the sidelines of Friday’s workshop for small and medium enterprises that seek to integrate their businesses into regional and global automotive markets. The CARS program spans the six years to 2022 and aims to make the country a regional hub for car manufacturing.
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