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PBBM highlights Phl’s potential as manufacturing hub at Milken Institute Asia Summit
President Ferdinand Marcos Jr. touted the Philippines' thriving digital economy and potential as a manufacturing hub as he called on foreign investors to take advantage of the opportunities presented by the country in his opening remarks at the 10th Asia Summit of the Milken Institute in Singapore. Marcos said that the Philippines is one of the world's highest users of the internet and social media, with a growing number of customers using these platforms to discover and buy products and services. "This has led to the rapid growth of our e-commerce sector, which is now one of the fastest-growing trends in the Philippines," Marcos said. He also pointed to the country's educated and English-speaking workforce as a major strength, noting that the Philippines is the number one country of choice for the delivery of customer support and healthcare services. "We are also a major player in the global outsourcing industry, and we are committed to continuously investing in our human capital to ensure that our people remain globally competitive," Marcos said. In addition to its digital economy, Marcos also highlighted the Philippines' potential as a manufacturing hub. He noted that the country has a strong manufacturing sector, with a focus on electronics, garments, and footwear. "We are also investing in infrastructure to improve our connectivity and logistics, which will make it easier for businesses to operate in the Philippines," Marcos said. He invited foreign investors to take advantage of the opportunities presented by the Philippines' digital economy and manufacturing sector. Marcos also cited the country's strong economic fundamentals, strategic location, and diverse investment opportunities during the 10th Asia Summit. The Chief Executive said the Philippines is "open for business" and is committed to providing a conducive environment for foreign investors. "The Philippines is a resilient nation with a long history of overcoming challenges," Marcos said. "We are a people who are always looking forward, and we are confident that the future is bright for our country." Marcos said that the Philippines has "demonstrated remarkable resilience" in the face of global economic volatility. He pointed to the country's GDP growth of 7.6 percent in 2022, the fastest growth rate since 1976. He also said that the economy is expected to grow by 6 percent in 2023, citing data from the World Bank and the International Monetary Fund. Marcos attributed the Philippines' economic success to a number of factors, including prudent fiscal management, monetary policy, and strong domestic demand. The President also mentioned the recent regulatory reforms that have been passed, which are expected to encourage private investment. He also pointed to the country's strategic location in Southeast Asia and its membership in the Regional Comprehensive Economic Partnership (RCEP), the world's largest free trade agreement. "The Philippines is a gateway to the dynamic markets of Southeast Asia," Marcos said. "We are also a member of the RCEP, which gives us access to a market of over 2.2 billion people." Marcos then invited investors to consider the Philippines as a destination for investment. He highlighted the country's strategic location, membership in regional trade agreements, and the large market as some of the reasons why investors should choose the Philippines. The post PBBM highlights Phl’s potential as manufacturing hub at Milken Institute Asia Summit appeared first on Daily Tribune......»»
DENR, UNDP other countries commits to Circular Economy through EPR
The Philippines produces 163 million plastic sachet packets, 48 million shopping bags and 45 million thin-film bags daily. Thirty-three percent of these are disposed of in landfills and dump sites, while 35 percent are leaked into the open environment and oceans. These are the primary reasons why the Extended Producer Responsibility (EPR) Act of 2022 or Republic Act 11898 has been enacted to ensure full compliance of industries related to plastic use and production. Environment Secretary Maria Antonia Yulo-Loyzaga tackled this over the weekend during the launching of LOOPFORWARD, a joint undertaking between the DENR and the United Nations Development Program (UNDP) in Pasay City. “The EPR Act institutionalized the extended producer responsibility mechanism as a practical approach to efficient waste management, focusing on waste reduction, recovery and recycling and the development of environment-friendly products that advocate the internationally-accepted principles on sustainable consumption and production, circular economy and producers’ full responsibility throughout the life cycle of their product,” Loyzaga said in her speech delivered in front of UNDP Resident Representative Selva Ramachandran, Japan, Germany, Spain, US and the European Union representatives along with EPR author Senator Cynthia Villar. "Climate and environmental risks make up the majority of global risks perception in the next decade. So thus we need sustained, concerted, and evidence-informed investments and actions to protect and enhance our natural ecosystem environmental protection for all the different ecosystems that we have from land and sea, and of course we know that environmental protection, our ecosystems, biodiversity and climate change are inextricably linked. A failure in one of these dimensions will cascade well into the other," Loyzaga explained. In the Philippine setting, she cited that 61,000 million metric tons of waste were generated daily. Between 12 to 24 percent of these are plastic waste in various forms. According to a World Bank study conducted in 2019, Loyzaga said, it was reported that around 70 percent of the material value of plastics is lost to the Philippine economy each year. "This is equivalent to roughly a value loss of $790 million to $890 million per year," Loyzaga further explained. "As a country, we are in pursuit of the right combination of science and technology, policy and practice. Locally and through our global partners we are trying to make this possible just as we are discovering the true value of our global capital. The science, engineering, technology and innovation that support circularity are within reach by tapping into expertise both nationally and internationally," she added. Ramachandran, on the other hand, said that while there was significant progress over the last century, the growth was accompanied by excessive abuse of resources and environmental degradation. “The 2023 Circularity Gap Report indicates that only 7.2 percent of the global economy is circular. The rising extraction and use of material has shrunk global circularity from 9.1 percent in 2018 to 7.2 percent in 2023. This leaves a significant circularity gap. The world almost exclusively relies on new materials, more than 90 percent of materials are either wasted, lost or remain unavailable for reuse for years,” Ramachandran said. He added that studies place the Philippines among the highest ocean plastic waste polluters globally. According to Ramachandran, the challenge at hand is how to leapfrog the implementation of EPR in the Philippines. “We can no longer afford to remain business-as-usual and only focus on downstream solutions. We challenge the obliged enterprises to put more focus on waste avoidance and reduction, including through product redesign to improve reusability, recyclability or retrievability, and employing reuse and refill strategies," the UNDP Resident Representative said. “LOOPFORWARD: Linking Opportunities and Partnerships Towards ,” campaign was launched for full compliance and effective implementation of the EPR Act of 2022 by industries and other entities through attainment of time-bound waste recovery targets. It highlights the relevance of the EPR concept and law, gain better understanding among its stakeholders, and convene and gain commitments from the country’s biggest private firms referred to as the “obliged enterprises” under the law. It also seeks to gather support and open possible areas for collaboration among national government agencies, local government units, and development partners. The EPR approach is practiced in many countries around the world. It focuses on waste reduction, recovery, and recycling, and the development of environment-friendly products that advocate the internationally-accepted principles of sustainable consumption and production, and the circular economy. The DENR is the lead implementer of the EPR law and the LOOPFORWARD campaign. The campaign is supported by the CCC and the governments of Germany, Spain, and the European Union under the NDC Support Project for the Philippines, as well as the Government of Japan through the Accelerating NDC through Circular Economy in the Cities Project. The post DENR, UNDP other countries commits to Circular Economy through EPR appeared first on Daily Tribune......»»
Myrna Segismundo: Chef to ABS-CBN stars, bigwigs
All showbiz stars and talents, as well as journos and v/bloggers, who have attended a media conference at the ABS-CBS compound in South Triangle, QC, most likely may have done so at the cozy and classy restaurant on the 14th floor of the building there. But were they ever aware that the building is called the Eugenio Lopez Jr. Communication Center and the restaurant goes by the mysterious name 9501? If they knew those two names, would they also know the name Myrna Segismundo? Most likely, no unless the journos and v/bloggers who cover showbiz also go to lifestyle media events. Segismundo is one of the country’s foremost chefs of international renown. She was managing director of 9501 for almost 20 years,with the rank of vice president. Security Bank, the Zonta Club of Makati and a group known as Environs recently cited her among their Bravo Empowered Women Awards recipients. [caption id="attachment_166629" align="aligncenter" width="666"] CHEF Myrna Segismundo | Photograph Courtesy Of Relaxlangmom.com[/caption] First project The private 9501 restaurant was conceived in 1995 as the first project of the year, which is why it was given that name by then ABS-CBN head Gabby Lopez, a son of “Kapitan Geny,” who sat on top of the broadcast empire almost up to the time it lost its franchise (Gabby is legally Eugenio Lopez III and is now the chairman emeritus of ABS CBN). The 9501 corporate dining facility produced everything from weekday lunch buffets, formal haute cuisine dinners and board meeting meals to celebrity-studded press conferences. It was never opened to the public, only to ABS-CBN employees and their guests. In August this year, the restaurant ceased operations but went on to be a venue for media conferences with goods catered by other suppliers. That was where Hori7ons (the number stands for “s”) was launched as a K-pop-inspired boy group managed by ABS-CBN with a Korean company. The contract signing of transwoman talent KaladKaren was also held at 9501 weeks ago. Frequent diner Monchet Olives, Gabby Lopez’ s former chief executive, said in an interview that he has never forgotten the very first meal served at 9501 in 2001, with just Gabby Lopez and himself seated at table 001 in the corner: rack of lamb, potato purée reminiscent of Alain Ducasse, gazpacho and the famous quezo de bola cheesecake — prepared by Chef Miguel Yadao who was one of the chefs Segismundo took along with her to 9501 from another private restaurant, PCI Bank’s the Sign of the Anvil. “Sitting there in the corner, window glass on both sides, overlooking Quezon City… It was a sunny day, you could see Manila Bay. I said, wow, this is ABS-CBN,” Olives said. Gabby Lopez was a frequent diner at 9501, usually entertaining guests or meeting with company executives in the wine room. Segismundo, in another interview, remembered Lopez as a “flexible” diner who loved good wine and enjoyed Japanese, Italian, French and especially Mediterranean fare, and occasionally Filipino. The 9501 chefs could prepare any kind of cuisine, but Segismundo was most proud of the prominence of Filipino food there. Many of its most famous dishes came from the Sign of the Anvil, including the bestselling Turon, Quezo de Bola Cheesecake, Potato Bread and Adobo Paté. In fact, 9501’s bestsellers were almost all Filipino, including its Chicken and Pork adobo and Beef Tapa — “in the service of Filipino food,” she recalled in one interview. Segismundo started “dissecting and deconstructing” traditional Filipino dishes with her chefs during her Anvil days, creating her iconic Lechon Roulade (using suckling pig, not liempo) in 1995, years before the lechon roll trend came about. Lecturer on Filipino cuisine The Christmas parties of ABS-CBN executives and employees were held at the restaurant, all the parties of the bigwigs like the birthdays of Gabby Lopez and ABS-CBN top executive Freddie Garcia, and “birthdays ng lahat ng mga sikat,” as Olives once put it. A graduate of Hotel and Restaurant Management of the University of the Philippines, Segismundo began her professional career at the Waldorf Astoria Hotel in New York City, USA. After several years, she went back to Manila and headed Sign of the Anvil. Under the sponsorship of the Department of Foreign Affairs, she has held demonstrations and lectures abroad to promote Filipino cuisine in countries like Spain, Portugal, France, Netherlands, Japan and more. She became the first ever Filipino lecturer on Filipino cuisine at the Cordon Bleu in Paris and Filipino presenter in the prestigious Madrid Fusion in Spain. She has written several books such as the The Party Cookbook and Philippine Cuisine – Home-cooked Recipes Wherever You May Be and co-authored Kulinarya (A Guidebook to Philippine Cuisine). She is known for promoting heritage recipes while also transforming them into contemporary interpretations without losing their authentic taste. She was editor of Food Magazine of ABS-CBN and the founder of the Doreen Fernandez Food Writing Awards, an annual food writing competition which aims to encourage food writing and research in the country. Most importantly, she developed the Kulinarya Program of the Department of Tourism to teach the rural folk basic cooking, service and accounting concepts to help uplift their lives and their families. Tastes and flavors Instead of saying certain Filipino dishes are “like” a particular dish from a different country, Segismundo encourages Filipinos to describe them through tastes and flavors. “Talk about our vinegars, our citruses — ingredients that are indigenous to us. Dishes that are truly Filipino that will have a universal appeal.” Meanwhile, the other awardees of Security Bank and Zonta are Celia Baltazar-Elumba for Arts, Culture and Heritage; Lourdes Delos Reyes for Business and Entrepreneurship; Jennie Jocson for Education; Cheryll Ruth Soriano for Media and Public Affairs; Rebecca Angeles for Social Services; Maria Caterina Cristina Lopa for Sports; and Rose Maria Mendoza for STEM. Segismundo received her award for Tourism and Hospitality. A special recognition was also given to the Philippine women’s football team during the awards ceremonies held 27 July at the Security Bank Center in Ayala Avenue, Makati. The post Myrna Segismundo: Chef to ABS-CBN stars, bigwigs appeared first on Daily Tribune......»»
HCX is the official distributor of tech products for Globe Group
HCX Technology Partners Inc. (HCX), a homegrown digital business solutions provider, supports inclusive access to updated and sustainable technology for Filipino businesses by offering Apple products. The company has been selected as the official distributor for the Globe Group, further strengthening its leadership position in the industry. This initiative also aligns with the Globe Group’s commitment to decarbonization and reducing the carbon footprint of its business operations. Globe earlier decided to standardize its employees’ service unit laptops by including Macbook as an option for their chosen work tool. A key consideration for this decision was how Apple takes into account sustainability in the design and production of its products. Froilan Rabatan, HCX Managing Director, expressed his enthusiasm about the new engagement. “We are thrilled to be an authorized reseller of Apple products for business customers, delivering transformative solutions to Filipino businesses. With this initiative, we can provide innovative technology solutions that will empower businesses in the Philippines to thrive and grow,” he said HCX’s leadership in the technology industry has been established through its three Centers of Expertise (COE) — Human Capital Management Solutions, Enterprise Digital Solutions, and Managed Services. The company has successfully improved the operations of more than 100 businesses in the country. HCX is ready to further expand its offerings to a wider range of businesses in the near future. It aims to partner with more enterprises and help them flourish and succeed in the fast-paced and competitive business landscape. Mharicar Castillo-Reyes, Asticom Group of Companies President and CEO, shared that HCX is dedicated to bringing only the best to its clients, distinguishing itself as a trusted partner in the industry. “As part of the Asticom Group, HCX’s objective is to transform businesses through the latest technology and solutions for our clients. This enables us to accelerate our mission of helping businesses and improving Filipino lives,” she said. HCX and the Asticom Group of Companies actively support the United Nations Sustainable Development Goals, particularly UN SDG No. 9, which highlights the significance of infrastructure and innovation as key drivers of economic growth and development. This collaboration between HCX and Globe reflects the organizations’ collective dedication to promoting inclusive access to updated technology and contributing to a more sustainable business environment in the Philippines. The post HCX is the official distributor of tech products for Globe Group appeared first on Daily Tribune......»»
UAAP Season 82 celebrates unity and sportsmanship in virtual closing ceremony
Despite an abrupt end to UAAP Season 82 due to the COVID-19 pandemic, the country’s premier collegiate league will officially wrap up the season on a high note with a virtual closing ceremony that will celebrate unity and sportsmanship in the entire UAAP community. The special online event, hosted by Mico Halili and Denice Dinsay of ABS-CBN Sports, will go live on July 25 (Saturday) at 4 pm on the ABS-CBN Sports website (sports.abs-cbn.com), Facebook, and YouTube accounts, with delayed telecast on LIGA cable sports channel at 7 pm. The closing ceremony will be a culmination of the first and second semester UAAP sports, highlighting the success and hard work of the eight member schools while also putting the spotlight on the athletes who were unable to finish their season due to the cancelation of the games. “Lalabas 'yun doon sa closing ceremonies, just to highlight na, one, as a community, as a nation, we are here to help everyone, that's one. And two, itong mga atleta na 'to na mga hindi nakapaglaro or natapos, they are part of Season 82," said UAAP Season 82 president Em Fernandez of host school Ateneo de Manila University in an interview with ABS-CBN News. UAAP announced the cancelation of Season 82 on April 7 due to the COVID-19 pandemic. Second semester sports such as volleyball, football, baseball, softball, track and field, lawn tennis, and 3x3 basketball were not completed or did not start at all. The UAAP will also be awarding UST as general champions for both the high school and seniors divisions. This is the sixth straight overall championship for the Tiger Cubs and fourth straight for the Growling Tigers. Also set to receive their awards are the Season 82 MVPs for high school and college, while selected athlete-scholars from the different universities will also be recognized. The league, however, will be unable to award an Athlete of the Year for this season. The online gathering, according to ABS-CBN Integrated Sports head Dino Laurena, will celebrate the dedication of all athletes and the efforts of the entire UAAP community, noting that it has always been their mission in ABS-CBN Sports to honor and pay tribute to the work and dedication of athletes, no matter what the circumstances or challenges the sports organization is confronting. “ABS-CBN Sports remains faithful to its advocacy of promoting the values that sports teaches all of us. It is in this light that we want to pay tribute to our athletes who put in months of sacrifice and preparation to be able to play at a high level in the UAAP. We hope they stay hungry and passionate about the game they love, and we cannot wait to see them playing again,” he said. Spicing up the celebration are feature performances by ABS-CBN artists Ylona Garcia and Inigo Pascual. Sponge Cola and Itchyworms, the Pinoy rock bands that performed the official UAAP Season 82 anthem “Ang Ating Tagumpay” at the opening ceremony, will also make a special appearance. Sticking to Season 82’s theme of “All For More,” the UAAP will also recognize the efforts of schools and athletes by honoring those who have done charity work during the pandemic. Fans will also be able to look back at last season’s game highlights as well as hear from some of their favorite players. To formally symbolize the end of UAAP Season 82, there will be a virtual turning over of hosting duties of Ateneo to its rival school De La Salle University for Season 83. ABS-CBN Sports has been the official broadcaster of the UAAP since 2000. Together, they have championed sports among the Filipino youth, have given a break to many young, talented athletes, and strengthened the local sports community in the past two decades. Celebrate sports culture in the Philippines with Kapamilya sports fans by watching the UAAP Season 82 closing ceremony on July 25 (Saturday) at 4 pm on the ABS-CBN Sports website (sports.abs-cbn.com) and ABS-CBN Sports Facebook and YouTube accounts. Catch also the delayed telecast on cable sports channel LIGA at 7 pm, with a replay on July 26 at 4:30 pm. For more sports news, follow @ABSCBNSports on Facebook, Twitter, and Instagram, subscribe to the ABS-CBN Sports YouTube channel, or visit sports.abs-cbn.com. For updates, follow @ABSCBNPR on Twitter, Facebook, and Instagram or visit www.abscbnpr.com......»»
Unilever bullish on Philippine growth prospects
Unilever Philippines is optimistic of sustaining robust growth this year as it aims to grow its business faster than the country’s gross domestic product......»»
MFC Cebu highlights program via wins in SHS-AdC Football Cup
CEBU CITY, Philippines– The Makati Football Club Cebu (MFC Cebu) bagged three titles in the SHS-Ateneo de Cebu Magis Eagles 6th Football Cup over the weekend in the younger age groups. MFC Cebu topped the under-6, under-8, and under-10 divisions under head coach Ref Cuaresma and assistant coach Ayn Quidlat, Emman Donkor, June Taneo, Daniel.....»»
Belgian wealth fund managers to explore Phl investments
Belgium’s sovereign wealth fund managers are looking to visit the country to explore investments in Philippine firms engaged in a range of public services, the Department of Finance said Saturday. DoF Secretary Benjamin Diokno and officers of the Federal Holding and Investment Company or La Société Fédérale de Participations et d’Investissement discussed opportunities in public-private partnerships in finance, aeronautics and mobility, health, utilities and impact investing. “Koenraad Van Loo, CEO of SFPIM, shared that the company is keen to visit the Philippines to explore partnerships in its priority sectors,” a statement from the DoF said. “SFPIM preserves the long-term stability of the Belgian economy by contributing to the anchoring of strategic assets through smart capital solutions for both promising and established companies,” the DoF added. According to the 2023 World Competitiveness Ranking, Belgium is 13th out of 64 countries in economic performance. The country is also among the top in business efficiency at fifth place and tenth in infrastructure. The Philippines, on the other hand, ranks 40th in economic performance and business efficiency, and 58th in infrastructure. Long-term economic growth President Ferdinand Marcos Jr. has vowed to boost infrastructure development for national long-term economic growth through proceeds from the Maharlika Investment Fund which his administration expects to be activated before the end of the year. The Philippine sovereign fund is open to local and foreign investors in the public and private sectors, and aims to support 197 flagship infrastructure projects worth a total of some $155 billion. Diokno said the DoF has met with foreign government and business leaders at the European Union’s first Global Gateway Forum last 25 to 26 October in Brussels, Belgium to also discuss the Philippine sovereign fund. The Finance Secretary said he talked to the Belgian Investment Company for Developing Countries or BIO led by its chief executive officer Luuk Zonneveld. “Discussed were opportunities to finance projects in the Philippines that drive sustainable development, particularly gender equality, climate action, and decent work,” he said. BIO uses private funds to support small and medium businesses, and financial institutions also in Africa and Latin America. Confident in the administration Meanwhile, Professor Dindo Manhit of business consultancy outfit, Stratbase ADR Institute said he is confident the Marcos administration can attract more foreign investments in agro-industrial and digitalization through its participation in global economic meetings abroad. “By establishing strong links in the economic space, the Philippines can further solidify its role in the global supply chain,” Manhit said. “We are confident that this administration will continue to advocate for reforms that will ensure our economic growth to make the country a premiere investment destination,” he added. The post Belgian wealth fund managers to explore Phl investments appeared first on Daily Tribune......»»
Aboitiz Land gets Circle of Excellence Award for Diversity Company of the Year at the Asia CEO Awards
Aboitiz Land, the real estate arm of the Aboitiz group, is among those honored with the prestigious Circle of Excellence Award under the Diversity Company of the Year category at the Asia CEO Awards held at the Manila Marriott Hotel on 24 October 2023. This recognition highlights the company’s steadfast commitment to promoting Diversity, Equity and Inclusion in every aspect of its culture. “Aboitiz Land’s dedication to diversity and inclusion extends far beyond our organization’s borders. We strive to create a positive influence not only within our team, but also among the vecinos we serve and the local communities surrounding our projects,” David Rafael, CEO and president of Aboitiz Land said. Fostering Inclusivity: A Closer Look at Aboitiz Land’s DE&I Program What sets Aboitiz Land’s DE&I program apart is its holistic approach, addressing each stage of the employee journey to strengthen diversity, equity, and inclusion. Here are some key features of Aboitiz Land’s DE&I program: The organization adopts flexible educational and geographical hiring requirements, prioritizing relevant professional experience over strict educational attainment. The consanguinity policy within the organization is relaxed, allowing relatives of employees to pursue careers within the company. A hybrid work setup is implemented, providing flexibility and saving time and resources for employees. Transparent communication is encouraged, fostering trust and openness within the organization. Employee feedback is collected regularly through channels like Amara, a virtual employee experience champion. Aboitiz Land promotes a multigenerational leadership approach and maintains a healthy gender balance with a 45:55 male-to-female employee ratio. They also ensure LGBTQIA+ representation across all levels of the company. The organization offers flexible benefits through the FlexBen program, allowing employees to customize their benefit packages based on individual needs. Expanded healthcare coverage includes provisions for child dependents, common-law and same-gender partners. Additionally, government benefits are extended to cover a wider range of family situations. Development opportunities are available to all team members, ensuring that individual growth is not limited to specific segments. Growth partnerships and curated learning solutions are provided to facilitate skill development. Aboitiz Land’s Diversity, Equity and Inclusion program has led to elevated levels of employee satisfaction and engagement. This, in turn, fosters a productive workforce that is driven to consistently enhance performance, ultimately delivering better products and services. The Asia CEO Awards honors business excellence in the Philippines and is the largest event of its kind in Southeast Asia. The post Aboitiz Land gets Circle of Excellence Award for Diversity Company of the Year at the Asia CEO Awards appeared first on Daily Tribune......»»
Ilocos Sur micro-entreps get help from Bong Go
Senator Christopher "Bong" Go’s team, in coordination with Governor Jeremias “Jerry” Singson, Vigan City Mayor Jose Bonito Singson Jr., Caoayan Mayor Germelina Goulart and other local government officials, provided assistance to micro-business owners at the Vigan Conservation Complex and Caoayan municipal gymnasium in Ilocos Sur on Monday, 23 October. A total of 68 individuals received masks and snacks, while select recipients were given shoes, shirts and balls for basketball from Go’s team. Aside from the assistance from Go, the beneficiaries also qualified for the Department of Trade and Industry’s program that Go supported which provides livelihood kits to assist communities affected by crises in their recovery efforts. “Patuloy tayong sumusuporta sa mga programang pangkabuhayan lalo na yung mga makakatulong sa mga mahihirap na nahaharap sa krisis. Sa ating pakikipagtulungan, ang DTI ay nagbibigay ng mga negosyo kits sa mga kwalipikadong benepisyaryo at tinuturuan sila kung paano palalaguin ang kanilang mga negosyo para mapakinabangan ng pamilya ang kanilang kikitain. Nagbigay naman tayo ng karagdagang suporta sa mga benepisyaryo ng programang ito,” he explained in a video message. Also in attendance were DTI 1 Regional Director Grace Falgui-Baluyan and Provincial Director Charry Quodala. Go acknowledged how the COVID-19 pandemic adversely affected businesses in the country. In response to this, Go is one of the authors and co-sponsors of Republic Act 11960, known as the One Town, One Product Philippines Act. This legislation serves to institutionalize the OTOP Philippines Program, a strategic initiative tailored to nurturing the growth of Micro, Small, and Medium Enterprises throughout the country. The essence of the OTOP Program centers on the identification and promotion of distinctive products originating from various towns and municipalities. In doing so, it not only encourages entrepreneurship but also effectively harnesses local resources while preserving our rich cultural heritage. This approach facilitates increased visibility, market access, and enhanced competitiveness for micro-businesses, thereby making a substantial contribution to our country’s economic resilience. "Hindi lamang ito tungkol sa pag-angat ng MSMEs. Ito'y pagkakataon para sa bawat Pilipino, kahit saan man sila naroroon, na magtagumpay sa negosyo," he elaborated. "When communities take the lead in product development, we see more sustainable and culturally relevant outcomes. This is what OTOP aims to achieve," Go said. Go, chairperson of the Senate Committee on Health and Demography, emphasized the role played by Malasakit Centers in ensuring convenient access to the government's medical assistance programs. As part of his commitment to alleviating the struggles faced by individuals and families while improving their access to essential healthcare services, Go initiated the establishment of Malasakit Centers in 2018. This was institutionalized in 2019 through the passage of RA 11463, which was principally authored and sponsored by Go. Since its inception, the Malasakit Centers have helped more than seven million poor and indigent patients nationwide. Currently, there are 159 Malasakit Centers, including those at Ilocos Sur Provincial Hospital (formerly known as Gabriela Silang General Hospital) in Vigan City and Ilocos Sur Medical Center in Candon City. Moreover, Go also supported the construction of more than 600 Super Health Centers in strategic locations nationwide including four in Ilocos Sur as identified by the Department of Health which is the lead implementing agency. The initiative was a collaborative effort among lawmakers, LGUs and the DOH. According to Go, Super Health Centers are designed to focus on primary care, consultation, and early detection of diseases, further strengthening the healthcare sector in the country, especially in rural communities. It will also help decongest hospitals. Go, vice chairperson of the Senate Committee on Finance, also supported various infrastructure projects, including the road improvements in Magsingal and Narvacan; acquisition of medical equipment for public health facilities in Cervantes, Magsingal, Narvacan, Salcedo, Sinait and Sta. Lucia; acquisition of ambulance units in Burgos, Nagbukel, San Emilio and Tagudin; and construction of multipurpose buildings, halls and gyms in Bantay, Cabugao, Santa, Sigay and Sugpon. The post Ilocos Sur micro-entreps get help from Bong Go appeared first on Daily Tribune......»»
Dev’t, capacitybuilding for cities
An attractive proposition and a necessary goal to further improve the state of the Philippines is to accelerate and sustain inclusive growth in the country. But what exactly needs improvement? How can this be achieved? What does it entail? How will it benefit the Philippines? Metro Manila is already developed and, in my opinion, not the priority in making more improvements. The cities outside Metro Manila are, however, a different story altogether. The economic competitiveness and resilience of said cities require much improvement. The development of these cities as engines of growth that are inclusive, environmentally sustainable, and strong is the foundation with which to realize these improvements. Specific areas may need financial inputs, and technical support varies from city to city. Examples of sectors to focus on are energy, environment, governance, health, local economy, small to medium entrepreneurship, taxation, technology and education. The enumeration is not exclusive and may be expanded. Generally, the growth trajectories of nations are closely linked to their urban environment, where cities act as propulsions of growth and lay the groundwork for their foundation. At first glance, it may seem like a tall order, but with proper planning, preparation, and stakeholder cooperation, it becomes achievable. If urban growth is well planned, cities can accelerate regional economic growth, innovation, and the end goal of prosperity for all. Circling back to my initial point on why cities outside Metro Manila are important to focus on for development, these smaller cities have a relatively high urban population concentration and hold the most growth potential. Although varying in size and level of development, they are equally important in ensuring the country’s success. To achieve this would require the cooperation and participation of various sectors and stakeholders. Government agencies, various leagues of local government units, civil society groups, non-government organizations, and the private sector, which may include corporations, business chambers, and trade associations, must all be involved. Implementing this undertaking will be an opportunity to remind everyone of the importance of the “whole-of-nation” approach. Government agencies that top the list of entities expected to shore up this collective effort include the Department of the Interior and Local Government, National Economic and Development Authority, Anti-Red Tape Authority, Department of Finance, Department of Trade and Industry, Department of Health, and Department of Education. The participation of the Philippine National Police is also crucial, as business can thrive only in an atmosphere of peace and security. The benefits of capacity building for cities are many. Initially, the more apparent recipients are the affected cities themselves and their inhabitants. However, increased capability will lead to a more efficient and equitable distribution of resources and delivery of services to the specific sectors we have mentioned. This will support decentralization and public financial management by helping cities widen their own-source revenue bases. It also helps cities enhance tax collection efficiency, access debt capital markets, and strengthen their public financial systems to create a more equitable fiscal framework geared towards inclusive growth. Decentralization also improves governance, with cities becoming more accountable and transparent to their constituencies. With accountability and transparency, the city becomes an attractive destination for investments. Local entrepreneurs will be one of many who will seize upon these attractions, but foreign investors as well. The different benefits and positive impact foreign direct investments provide a country deserve another article in the future. For now, let us all call on our government and the private sector to join hands in developing and building capacity for all cities in the Philippines. Let us contribute to moving our country forward and taking it to new heights. The post Dev’t, capacitybuilding for cities appeared first on Daily Tribune......»»
PBBM skips PCCI annual event’s end
President Ferdinand Marcos Jr. failed to attend the final day of the 49th Philippine Business Conference and Expo, or PBCE, sending Executive Secretary Lucas Bersamin instead. PBCE is the main assembly yearly of the country’s biggest trade group Philippine Chamber of Commerce and Industry. An incumbent president usually attends the second day of the PBCE to personally receive the business group’s resolution and suggestions on various issues. Malacañang did not give any detail on Marcos’ failure the biggest gathering of businessmen yearly. However, Vice President Sara Duterte attended the first day of the conference, in which she urged PCCI officials and members to join the Department of Education in reviewing the current senior high school system and provide valuable insights on skills matching in order to produce employable graduates. Besides the President, Trade Secretary Alfredo Pascual also did not make it which according to the Department of Trade and Industry communication’s chief, Undersecretary Kim Lokin, Pascual has not been feeling well since Wednesday. Cabinet officials, however, were in the event. They included Transportation Secretary Jaime Bautista, Information and Communications Technology Secretary Ivan John Uy, Energy Assistant Secretary Mario Marasigan and Internal Revenue Commissioner Artemio Lumagui Jr. Resolution submitted Bersamin received PCCI’s resolution, handed over by PCCI president George Barcelon and PBCE chairperson Felino Palafox. The resolution included the positions of various sectors, namely agriculture, energy and power; the environment and climate change; education and human resources development; industry and trade; ease of doing business and stability of rules and regulations; infrastructure, transport and logistics; innovation and digitalization; taxation, and tourism. Under the sectors of agriculture, energy and power, the business group urged the national government to develop a long-term plan to attain food security in agriculture and fishery through infrastructure support, technology transfer, product diversification, export enhancement, economies of scale, and adherence to the improvement of value chains and supply chains. For energy and power, the PCCI wanted the Marcos administration to ensure adequate and affordable power supply throughout the country by considering modern technology and harnessing renewable energy resources that meet the criteria of reliability and affordability. In terms of caring for the environment and climate change, PCCI officers and members also wanted the government to update and continue the execution of the National Framework Strategy on Climate Change (2010- 2022) which envisions a climate risk-resilient Philippines with healthy, safe, prosperous, and self-reliant communities and thriving and productive ecosystems. For education and human resources development, the government was urged to propel the Philippine education system to world-class status by harnessing new technologies, fostering innovation, and implementing comprehensive reforms that will prepare students for success in the digital age and the globalized world of work. Empowering businesses For industry and trade, the Marcos administration wanted to empower industries and enterprises by providing them with the necessary tools, resources, and support programs to enhance their competitiveness both in the domestic and international markets, contribute to economic growth, and promote innovation in the Philippines’ industrial and trade sectors. Furthermore, the government was also advised to provide a stable and predictable business environment by ensuring clear, consistent, and transparent regulations, streamlining and simplifying bureaucratic processes, reducing unnecessary red tape, and eliminating barriers that hinder business growth and development. Bersamin received PCCI’s resolution, handed over by PCCI president George Barcelon and PBCE chairperson Felino Palafox. Despite the ongoing Build, Better More infrastructure program, PCCI urged the government to implement a comprehensive national infrastructure, transportation and logistics master plan that outlines a long-term vision for connectivity and country-wide development. Together with the goal of urban decongestion, the strategy shall encompass the development of growth/business centers in different regions to create more employment opportunities and encourage people to relocate outside Metro Manila. The post PBBM skips PCCI annual event’s end appeared first on Daily Tribune......»»
Lenovo treats Phl as top Southeast Asian market
Even if neighboring countries in the Southeast Asian region are advantageous in terms of being technology savvy, the Philippines remains an integral market according to an official of Lenovo, a Chinese multinational technology company specializing in designing, manufacturing, and marketing consumer electronics, personal computers, software, business solutions, and related services. “We see strong demand for the Philippines, the only question is how the consumers get the technology. The pandemic has even made the demand for the Philippines surge because of the digital transformation, unlike pre-pandemic where everyone is scrambling. Right now, because of the transformation, growth is very evident. In other words, investments, including Lenovo technologies are still in demand in the market,” according to Giancarlo Nogales from the Infrastructure Solutions Services Sales of Lenovo Philippines at the sidelines of the VST ECS CXO Tech Summit at the Dusit Thani in Mactan Cebu. “In terms of devices, the Philippines is actually doing well,” he added. Last August, the company said that over the next three years, Lenovo is committing a further $1 billion in investment for artificial intelligence that will focus on providing AI devices, AI-ready, and AI-optimized computing infrastructure, and embedded AI-generated content into the intelligent solutions of vertical industries to help customers improve their productivity. Lenovo in September 2023 has unveiled new cutting-edge tech tools and essentials tailored to empower the dynamic, evolving needs of today’s business end-users. It said that the new monitor, software, and accessories are not only designed to boost the capabilities of today’s remote and hybrid workforces but also to address significant challenges faced by businesses as they digitize operations across departments. “Lenovo research shows that managing a remote workforce and global teams remain central tasks for CIOs.1. That is why the new offerings integrate impressive processing power, immersive 3D, and advanced security to create a unified, human-centered experience,” the company said. Further, Nogales added that sales for Lenovo in the Philippines will continue to soar as the country has a bigger population which connotes demand compared to other nations in SE Asia. What Lenovo can count on with the Philippines is the demand for laptops and tablets that are now being used by students, educators, workers, and even the government. “Actually, we have an ongoing engagement with the government sector. I was at an event with the DICT (Department of Information and Communications) and we had discussions with the Department of Education as well, but we still understand what they are looking for. Of course, with DepEd, it’s a big agency, and what I can say is we are working with them across whatever we can offer—cloud technologies, among others,” he told the DAILY TRIBUNE. Nogales said he sees an ongoing digital transformation within organizations and will continue over the coming years. Digital transformation is an ongoing journey Meanwhile, VST ECS president and CEO Jimmy Go stressed that in the ever-evolving world of technology, organizations are charting a course - through a landscape that has seen profound advancement in recent years. “It's important to understand that digital transformation is not a one-time event but an ongoing journey. Every day, we bear witness to the unveiling of new digital technologies. In this dynamic environment, the lines between the physical and digital worlds are blurring, creating a phenomenon known as phygital convergence," he said. He said organizations nowadays stand at the threshold of a remarkable technological revolution. “Generative AI is the talk of the town with Chat GPT and other AI, offering organizations the power to intelligently automate customer experiences and streamline internal operations. The implications of this technology are far-reaching. Microsoft is launching CoPilot and most software applications are incorporating AI in their applications. Gartner predicts that by 2030, a staggering 80 percent of people will interact with smart robots daily, and in just two years, these smart robots will become workforce partners for 90 percent of global companies,” he said. Further, Go stressed that AI and machine learning, once a novel concept, have become integral to the products and services offered by major companies. “A mere decade ago, we were learning to communicate with machines. Today, machines understand and adapt to our language, erasing the boundaries between humans and technology. While AI is currently the headline in the tech world, we must not lose sight of the critical need to modernize our IT infrastructure,” he stated. For organizations to embrace technology, he said it’s a pivotal step in allowing organizations to embrace the latest technology trends, including Multi Clouds, Quantum computing, Data explosion, RPA, Generative AI, and more. “Investments in Connectivity solutions, Digital Infrastructure, Cloud technologies, Cybersecurity, Big data, Storage, Automation, and Collaboration tools remain vital to prepare for the ever-evolving Tech landscape. In the Israel-Hamas and Ukraine-Russia wars, Technology plays a very important and critical role in their war strategies. Computers, AI, Starlink, and drones are heavily used in their strategies,” he said. The post Lenovo treats Phl as top Southeast Asian market appeared first on Daily Tribune......»»
A positive difference
“The best way to find yourself is to lose yourself in the service of others,” Mahatma Gandhi once said. Marian Wright Edelman states, “Service is the rent we pay for being. It is the very purpose of life, and not something you do in your spare time.” Two memorable statements capture the essence of Attorney Kelvin Lester Lee, hailed by Dean Antonio La Viña of Ateneo School of Government as “one of the finest and most visionary individuals to have emerged from Ateneo Law School.” It’s no surprise that Atty. Lee became a Commissioner at the Securities and Exchange Commission in 2019. While his position may be formidable, those who have met him in person can attest to his kind-hearted nature and willingness to devote his time generously. When expressing his views, he displays a remarkable level of candor, always taking the time to carefully consider his words before speaking. Aside from his sense of humor, Lee possesses a remarkable ability to engage in meaningful conversations. When he speaks, he has a way of looking directly into your eyes, underscoring the significance of his words. Even in intense situations, he maintains a calm demeanor and is known to offer a comforting smile, lightening the atmosphere. In his role as Commissioner at the SEC, Atty. Lee assumes the responsibility of overseeing various crucial departments and divisions. These include the markets and securities regulation department, the information and communications technology department, the PhiliFintech innovation office dedicated to Philippine financial technology, and the international affairs and protocol division. Moreover, he holds authority over capital markets, sustainable finance, Fintech and information technology, and international affairs, ensuring their effective management and implementation. While the enormity of those tasks might induce vertigo in most individuals, Atty. Lee remains unfazed. “It is perhaps the best job I have ever had,” he admitted. “I enjoy making a positive change in the sector I am handling. I enjoy pushing innovations and encouraging improvements in the financial sector and capital markets.” With great responsibility, Lee adopts a heightened level of caution. Recognizing the potential impact of his words, he expressed the need to exercise carefulness in his public statements, as any statement he makes can influence the stock market. This awareness underscores his commitment to acting with prudence and considering the far-reaching implications of his words. Let’s delve into the life of Lee, who began his journey in the humble city of Davao, his birthplace. He embarked on his educational path at the Ateneo de Davao University for his grade school education, followed by his enrollment at Davao Central High School, then called Davao Chinese High School. After completing his schooling in Davao, he ventured to Beijing, China, where he pursued studies in the Chinese language and gained work experience with a foreign company. However, after two years, he returned to the Philippines and enrolled in Ateneo de Manila University to pursue a law degree. This journey showcases his diverse experiences and the foundation of his educational and cultural background. “The Ateneo de Manila entrance exam was the only one I could take that year when I came back from China,” he said, adding that he never dreamed of becoming a lawyer. “I just wanted to give it a try. And found I was a surprisingly good fit for it.” As a lawyer, he has five ideal lawyers. Only one is a foreigner: Sir Thomas Moore, an English lawyer, social philosopher, author, and statesman whom Roman Catholics venerated as Saint Thomas More. “He stood by his faith and principles,” he said. Fresh from hurdling the Bar exam, he worked at the Siguion-Reyna Montecillo and Ongsiako law firm, where he learned the importance of being enterprising and putting in a diligent effort to succeed. However, despite his professional growth, he decided to quit and return to his hometown of Davao, placing the deeply rooted value on family and prioritizing personal and familial responsibilities above career pursuits. As a father to two daughters, Atty. Lee expressed that fatherhood has had a profound impact on him, bringing about significant changes. He considers it one of the greatest blessings he could ever receive. According to him, the love that his children show him is genuine and unmatched. He believes that the love of young children is unparalleled. Experiencing this level of love is indescribable, knowing someone loves you unconditionally. This extraordinary bond makes fatherhood one of the most precious and fulfilling aspects of his life. “The love your kids show you is real,” he said. “You will never be as loved as you are by your young children. There is no feeling quite like it to know that someone loves you as much as that. That’s what makes it one of the best things.” Working in government “It is an honor to serve. Very few people get an opportunity to help the country and serve the president and the people,” said Lee, who is a former assistant secretary at the Office of the Executive Secretary in Malacañang, where he was also designated to sit on the Board of the Subic Bay Metropolitan Authority. Atty. Lee’s dedication to public service earned him well-deserved recognition in his field. In March this year, he received two international accolades for his role in driving the advancement of financial technology in the Philippine business sector, highlighting his visionary thinking and influential impact solidifying his reputation as a trailblazer in the field. In the 10th annual Asia-Pacific Stevie Awards, Lee was bestowed the Gold Stevie award for his outstanding contributions as a Thought Leader of the Year. These awards celebrate workplace innovation across all 29 countries in the Asia-Pacific region. From a vast pool of over 800 regional nominations, winners were selected in various categories, including the Award for Excellence in Innovation in Products & Services, the Award for Innovative Management, and the Award for Innovation in Corporate Websites, among others. “It feels great. It’s always wonderful to be recognized for all the hard work and changes you pursue at a government agency. And I was quite surprised to get the Gold Stevie Award, the highest level of the award for thought leadership. I feel so honored!” In the next decade, Atty. Lee, now 44, envisions continuing his career in law, possibly incorporating elements of technology, and hopes to stay actively involved in government work and make a significant impact by fostering meaningful transformation. “Working in government can be quite fulfilling. I encourage young lawyers and professionals to enter the arena and work in government to try and make a positive difference.” The post A positive difference appeared first on Daily Tribune......»»
QC gov’t to help strengthen BPO community
A leading U.S.-based business process outsourcing (BPO) company - Afni unveiled a new floor at its Fairview office over the weekend, as it scales operations in the Philippines. A ceremonial function was held on-site and attended by Quezon City Mayor Joy Belmonte, who reiterated her support for further developing the BPO industry in the city. “The city’s economy continues to grow thanks to the close partnerships we have with local businesses. Our commitment to developing the local BPO scene remains through the city government’s various efforts, including improved ease of doing business. BPOs are a key player in the city’s social development strategy through employment generation for Quezon City residents,” Belmonte, who joined Afni executives in a ribbon-cutting ceremony at SMT4. The Quezon City Government welcomed the growth and expansion of the BPO industry in the city as it provides thousands of job opportunities for QCitizens. It has also supported the training and seminars of Quezon City residents such as senior citizens, persons with disabilities, and new graduates. “Afni has more than 8,000 employees in the Philippines, most of whom are in Quezon City. The company’s goal is to generate more jobs that are close to people’s homes—in view of our commitment to investing especially in Quezon City and the country’s economy. Afni is celebrating ten years in Quezon City, and this is with much thanks to Mayor Joy Belmonte, whose support for BPOs allowed Afni to invest more in our operations in the city," Khalid Khursheed, Afni Vice President for Operations and Philippine Country Manager. Afni’s site at SM City Fairview Tower 4 (SMT4) is the company’s second site in Quezon City while its Philippine headquarters is located along Commonwealth Avenue. Afni started operations in Fairview in 2020 and opened its current SMT4 office two years later as the company celebrated its tenth anniversary in the country. Scaling operations in the Philippines comes after steady demand from its clients for customer engagement support services. The expanded SMT4 site covers over 100,000 square feet across five floors and currently houses more than 4,000 employees. The new floor will allow a thousand more future employees to be accommodated in the building. The office is designed with employee wellness in mind with dedicated game rooms, arcade areas, and an open-air common area—all these on top of direct access to the mall’s amenities. “Solidifying and expanding the business in the Philippines is part of the company’s growth strategy as we support our clients and employees. Afni considers the Philippines, given Filipinos’ commendable work ethic, as the company’s stronghold for sustainable growth in the global BPO landscape,” Khursheed said. With a history of over 80 years, Afni partners with some of the world’s leading names in insurance, financial services, telecommunications, healthcare, fitness, and media. Over 10,000 Afni employees globally support new and existing clients across the full customer lifecycle. From the U.S., Afni established its Philippine presence in 2012. Its flagship site in the country is along Commonwealth Avenue in Quezon City. The company added a site in Fairview in 2020 and another will be opening in Santa Rosa, Laguna, in 2024. In 2023, Afni ventured into Mexico, opening a site in Monterrey, Nuevo Leon. The post QC gov’t to help strengthen BPO community appeared first on Daily Tribune......»»
Phl, Saudi agreements will benefit 15,000 Filipinos — Marcos
RIYADH, Saudi Arabia – President Ferdinand Marcos Jr. on Thursday said that several agreements worth more than $120 million between Saudi Arabia and the Philippines will benefit more than 15,000 Filipinos soon. During a roundtable meeting with Saudi business leaders here, Marcos said the agreements represent a significant step in strengthening the cooperation between the two countries. The agreements were signed during Marcos' first official visit to Saudi Arabia since assuming the Presidency in June 2022. The agreements cover a wide range of professions in the construction industry, including engineering, architecture, and healthcare. "This meeting happens at such an opportune time as the Philippine economy continues its high growth trajectory," the President said. "To our current and future business partners, I hope this meeting has served as an excellent platform for building greater and closer partnerships between the Philippines and the Kingdom of Saudi Arabia," he added. He then thanked to the Saudi Ministry of Investment and the Saudi business leaders for their support and confidence in the Philippines and the Filipino people. Marcos Jr. assured that the Philippine government is steadfast in its commitment to continuously supporting current and prospective Saudi investors. He also urged the Saudi business leaders present at the meeting to "further make it happen in the Philippines." Marcos also thanked the Saudi government for its support to the Philippines. He said the two countries have a long history of friendship and partnership, and he is confident that this relationship will continue to grow in the years to come. The signing of the agreements is part of the Philippine government's efforts to expand job opportunities for the Filipinos. The government has also been working to improve the working conditions of overseas Filipino workers (OFWs). In recent years, Saudi Arabia has become one of the most popular destinations for OFWs. There are currently over one million Filipinos living and working in the country. The President's visit to Saudi Arabia is part of his efforts to strengthen economic ties with the Gulf Cooperation Council (GCC) countries. The Philippines is a member of the ASEAN-GCC Summit, which the Kingdom is currently hosting. The post Phl, Saudi agreements will benefit 15,000 Filipinos — Marcos appeared first on Daily Tribune......»»
Tourism, agribusiness need prioritization — PCCI
The country’s biggest congregation of business owners in the country, the Philippine Chamber of Commerce and Industry, said the Marcos Jr. administration must focus on the industries of tourism and agribusiness as they provide opportunities to Filipinos. Apart from the two, PCCI president George Barcelon said other industries that need further push and support are IT-BPO and creative industries, manufacturing, mining, and mineral resources, considered to be ideal and attractive for local and foreign investments and could amplify the economic growth and competitiveness of the country. “Some of our neighboring countries in ASEAN have really moved fast over the past 10 years. We had been lagging them in terms of exports, investments, and trade and we could not afford to be in this situation, so we really need to review our policies for us to be attractive to local and foreign investors,” Barcelon said. He said this will be the center of discussions at the upcoming 49th Philippine Business Conference & Expo set this month, which will gather industry leaders and practitioners to provide insights and share some prospects in what an interesting discussion on policies and regulations could be to attract investors and stimulate investments in these sectors. He said tourism and agribusiness are low-hanging fruits that the government should seriously prioritize and develop as it provides many opportunities for Filipinos. In 2022, the tourism and travel industry only contributed 6.2 percent to the country’s GDP lower than 12.7 percent in 2019 prior to the pandemic. The latest data from the Department of Tourism said that from 1 January to 29 September 2023, a total of 4,005,465 visitors arrived in the country, bringing in a total of P316 billion in revenue into the government coffers and hiring 5.35 million Filipinos in tourism-related jobs. The Philippine agribusiness, on the other hand, contributed only around 8.9 percent to GDP in 2022 where in fact its contribution could actually reach 35 percent. The mining and mineral sector, meanwhile, was able to boost the country’s growth by P102B in 2020 during the pandemic while the manufacturing sector contributed 17.2 percent in 2022. “As the private sector takes the lead in mapping out plans for Vision 2050, we hope our government will focus its attention on harnessing these sectors and address the challenges that hinder the country’s economic growth. We have the competitive advantage to become a first world economy by 2050, we just have to do extra work to achieve it,” said Architect Felino Palafox Jr., who chairs the 49th PBC&E happening on 25-26 October at The Manila Hotel. This year’s conference carries the theme Vision 2050: The Philippines A First-World Economy. It will initiate discussions and gather insights from visionary leaders and policymakers on how the country, given its strategic location, natural and human capital resources, and the many advantages it has, can become one of the industrialized and developed economies by 2050. The two-day event will interestingly gather prominent business personalities, national and local executives, and international leaders. The post Tourism, agribusiness need prioritization — PCCI appeared first on Daily Tribune......»»
Phl economy still strongest this year — RCBC
The Philippine economy will remain among Asia’s strongest in the fourth quarter despite a possible higher interest rate because of strong consumer demand for certain products and services and more employed Filipinos, the chief economist of Rizal Commercial Banking Corporation said Saturday. “This growth forecast is still among the fastest in the region because our economy is doing well,” RCBC’s Michael Ricafort said. The World Bank recently downgraded this year’s Philippine economic growth to 5.6 percent from 6 percent due to inflation risks, apart from lower government spending and weaker demand for exports. However, it is still higher than China’s 5.1 percent, Indonesia’s 4.9 percent, and Malaysia’s 4.3 percent growth forecast. Ricafort said the Bangko Sentral ng Pilipinas (BSP) might raise its policy rate this year to slow inflation to 4 percent by year-end after it accelerated again to 6.1 percent last month. “The BSP is working to bring down prices of goods and services. As an unintended consequence, the economy could slow down. Borrowing costs for business owners also increase and consumer demand weakens,” he said. Ricafort said global oil prices have started falling which could discourage the central bank from raising its rate drastically. “Global oil prices have declined to $82 to $83 per barrel from a peak of $95 per barrel last month or since the war between oil-rich countries Russia and Ukraine began,” the economist said. He also expected a downtrend in rice prices starting this month as he said local farmers have begun collecting fresh harvests. “Inflation quickened last month mainly from higher prices of rice which accounted for nearly 9 percent of the inflation basket and grew 17 percent year-on-year,” Ricafort said. While a higher interest rate aims to slow consumption, Ricafort said the continued flow of remittances from overseas Filipino workers, or at least 3 percent growth yearly will still support substantial levels of consumer spending, especially during the Christmas season. “That is more than $40 billion a year. That’s the fourth largest in the world after India, China and Mexico,” the economist said. He added more Filipinos or 800,000 could earn from business process outsourcing or BPO this year as the industry’s revenue could rise from $32.5 billion to $59 billion based on data from the Contact Center Association of the Philippines. Another growth area is tourism, which Ricafort said saw 4 million foreign visitors last month, nearing the 4.8 million full-year target of the government. He added higher productivity among Filipinos is also expected as the country’s unemployment rate declined to 4.4 percent in August from 4.8 percent in July, based on data from the Philippine Statistics Authority. Moving forward, Ricafort said the government must improve science and technology education for higher quality jobs and increase spending on infrastructure amid the full reopening of most economies. “We are now fully reopened. Students are also back in schools which encourages putting up food businesses. Labor market in the US also improved which will affect export trade,” he said. Ricafort added the government could continue distributing financial and other assistance to farmers to control inflation. He believed the inflation rate will approach 3 percent next year, close to the ideal 2 percent for healthier economic growth. The post Phl economy still strongest this year — RCBC appeared first on Daily Tribune......»»
DoTr expanding ADB aid to transport sector
The Department of Transportation or DoTr is expecting to secure more funds from multilateral lender Asian Development Bank or ADB in the coming months that would finance the country’s transport infrastructure projects. Transportation Secretary Jaime Bautista said Friday that it continues to explore “opportunities for equitable progress and growth for business, investment, tourism and employment” with ADB, which has been a long-time partner of the Philippines in developing the economy. “We are optimistic that the ADB would appreciate the investment prospects in the Philippines towards boosting the country’s economic growth and addressing the social needs of Filipinos,” Bautista said. “To achieve this program, we (must) undertake initiatives that address connectivity and efficient mobility,” he added. Technical assistance Likewise, the DoTr is requesting technical assistance from the ADB for multiple areas, including developing a monitoring and evaluation framework, acquiring right-of-way for ADB-financed projects, and consulting with local tax experts. ADB director general for Southeast Asia Winfried Wicklein, for his part, expressed the multilateral agency’s support to the Philippines to improve the country’s transport system. “We are looking forward to continuing thinking through and programming future support,” Wicklein said. According to the most recent government data, the DoTr and ADB have signed nine agreements to finance various transportation infrastructure projects in aviation, railways, and roads. The total cost of these agreements is P1.2 trillion. Some of the ADB-funded projects include the North-South Commuter Railway, MRT-4, Davao Public Transport Modernization Project, EDSA Greenways Project, and the Infrastructure Preparation and Innovation Facility —Output 3, which covers multiple sectors. The South Commuter Railway Project, which is part of the North-South Commuter Railway network, is ADB’s largest infrastructure financing in the Asia and Pacific region. Meanwhile, the ADB has a total of 17 upcoming and ongoing contract packages with at least P187 billion in cost estimate. The post DoTr expanding ADB aid to transport sector appeared first on Daily Tribune......»»
PEZA chief understands investors’ dilemma
The director general of the Philippine Economic Zone Authority said he understands the clamor of investors with regard to tax perks and incentives, which is why it’s only right that the government has finally decided to amend the implementing rules and regulations of Republic Act No. 11534 or the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act. During discussions at the Rotary Club of Manila membership meeting last 5 October 2023, a member of the Club who is an investor in various sectors locally said the current policies of the government in terms of tax perks were unpredictable because of the “tug of war” between the investment promotion agencies, that is, PEZA and the Board of Investments, which are both under the watch of the Department of Trade and Industry, and the Fiscal Incentives Review Board, chaired by Finance Secretary Benjamin Diokno. Last among five countries He said that explains why the Philippines is the last among five countries considered by investors as investment destinations in Southeast Asia, with investments now being dominated by Vietnam, followed by Singapore, Malaysia and Cambodia. The Rotarian said in terms of exports, the Philippines is also a laggard compared to the performance of the country’s Southeast Asian counterparts. Total Philippine exports dropped to $6.1 billion in July 2023, from $6.7 billion in the previous month. In comparison, Vietnam in August 2023 enjoyed $32.8 billion in exports. Most attractive destination Vietnam is now considered Southeast Asia’s most attractive destination for foreign investors because of its favorable business environment, steady economic growth, improved infrastructure and pro-foreign investment policy changes. According to Standard Chartered Bank, Vietnam’s advantages to being the top tourist destination are in terms of labor, global trade integration, supply chains, political stability, and potential resources, with the government committed to promoting trade and sustainable growth. Unclear policies Another issue that was being questioned by some investors, according to the Rotarian, is the realization of the Fourth Industrial Revolution which also doesn’t have clear policies for renewable energy, data centers, information technology and artificial intelligence. “We have yet to see concrete policy formulation and a roadmap to that effect, compared to the recent pronouncement of US President Joe Biden that Vietnam is positioned as the future chipmaker. The United States is currently legislating measures to dispense funds for that purpose. There seems to be a disconnect,” the investor said. Regarding this, PEZA’s Panga admitted that there were indeed ‘differences’ in terms of policies among government agencies, particularly the DTI and the FIRB. Still, Panga sought the support of the oldest and first Rotary Club in Asia where it concerns PEZA’s job to further attract foreign direct investments into the country. Panga emphasized that a whole government, industry, and society approach is needed to improve and lessen the cost of doing business. Eco-zoning push “Through our collaborations and strategic alliances, PEZA, together with the Rotary Club of Manila, other ecozone industries, and stakeholders, will continue to push for eco-zoning the Philippines towards inclusive and sustainable development,” he added. Last August 2023, Finance Secretary Diokno and Trade and Industry Secretary Pascual approved the amendment to the IRR of the CREATE Act that will resolve the value-added tax issues raised by transitory registered business enterprises. The post PEZA chief understands investors’ dilemma appeared first on Daily Tribune......»»