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SEC wants SMEs to embrace sustainability
The Securities and Exchange Commission (SEC) wants to instill sustainability into the business practices of not only big companies but also the small and medium enterprises......»»
Aboitiz Group raises 2024 capex
The Aboitiz Group is poised to expand its various business units this year, supported by a substantial increase in capital expenditures......»»
Malaysia holds historic biz market footprint in city
CONSIDERING the business climate and unique geographic position of Davao City, the Malaysia External Trade Development Corporation (Matrade) under the trade promotion agency of the Ministry of Investment, Trade and Industry (MITI) has set a historic business market footprint in the city through the Market Immersion Mission, making Davao one of their smart cities in the country, alongside the Philippine’s capital region, Manila......»»
The Art of Time Management for Small Business Owners
Time is a small business owner’s most valuable resource as for many, time is their best capital. With countless tasks to juggle and limited hours in the day, mastering the art of time management is essential for maximizing productivity and achieving business success. So how can small business owners effectively prioritize their time and tasks […].....»»
Government raises IPAs project approval threshold to P15 billion
The government has increased the investment capital threshold assigned to investment promotion agencies (IPAs) to P15 billion in a bid to promote the ease of doing business......»»
GT Capital diversifying into healthcare, renewables
Conglomerate GT Capital Holdings Inc. is exploring opportunities to diversify into new business segments, but the company said any investment outside of its current business portfolio would still take time to materialize......»»
UnionBank investing P1.8 billion in digital banking arm
Union Bank of the Philippines is infusing an additional P1.8-billion capital to support the ongoing business operations and sustain the expansion of UnionDigital Bank Inc......»»
The Myth of Big Capital: Starting a Business on a Small Budget
Are you dreaming of launching your own business but hitting the brakes at the thought of needing a hefty sum to kick things off? Well, take a breath and shelve that doubt. Contrary to popular belief, you don’t need a vault of gold coins like Scrooge McDuck to dive into entrepreneurship. Many aspiring business owners […].....»»
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......»»
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......»»
‘I couldn’t breathe’: Seoul crowd crush survivor writes to heal
Kim Cho-long escaped death by chance last October -- pulled from packed streets in South Korea's capital by a friend, as those around her were swept into an alley where 159 people later died in a crowd crush. Kim, 33, told AFP she'd been going to Halloween parties in Seoul's Itaewon district for years, but there were more people at the 2022 event -- the first post-pandemic celebration -- than she'd ever seen before. The crowd was so dense that she was quickly swept off her feet by the pressure, trapped and unable to breathe until her friend saw her and somehow managed to drag her into a nearby bar. "I was completely stuck in the crowd as I was pushed back and forth," said Kim, who has written a book about her Itaewon experience called "Am I a Disaster Survivor?" "The pressure first started from behind, and then pressure came from the front so hard that my feet were lifted off from the ground and I couldn't breathe." By chance, she was swept to the side of the street, and when her back hit a wall, she was able to catch her breath, before her friend saw her and pulled her out of the melee. With no police or official crowd control measures in sight -- an official investigation would later slam "massive failings" of preparation and response -- Kim said the confusion and chaos continued for hours, as she sheltered in a nearby bar with her friend. She had no idea what was happening or how close she had been to death. "I went out to the streets of Itaewon and saw people lying on the street receiving CPR. Ambulances were parked disorderly on the road and people were being taken away, but even then I didn't think that all those people were dead," she said. Writing to heal Kim walked for hours to get home, in a state of shock. "I couldn't sleep for two days. As if obsessed with something, I couldn't turn off the news on TV. I couldn't eat, I couldn't sleep, I only drank water and kept watching the news." Kim, a writer, struggled with feelings of survivor's guilt, and eventually, her therapist suggested that writing about her feelings might allow her to process what had happened. At first, she shared her writing only in private forums online, where she received overwhelmingly positive feedback, including from others who said it had helped them with their own Itaewon-linked trauma. After one of her posts went viral, local newspapers asked her to write for them, which she eventually agreed to -- but the reaction from the general public was overwhelmingly negative. "When it was released to the public, I did not receive comfort from the reactions I received. Personally, it was good as a way to release my feelings and it was helpful in relieving my depression," she said. Critics showered her with personal insults and told her she was spoiled and shouldn't have been out partying. But despite the onslaught of online attacks -- which are also aimed at families of victims campaigning for an independent inquiry into the disaster -- Kim remains positive. 'All survivors' "I believe that all citizens living in South Korea are survivors of the Itaewon disaster," she said. The police probe did not find any senior officials were to blame for the disaster, and none of the lower-level officials who are being prosecuted have yet been convicted or jailed. "Looking at this disaster from a survivor's point of view for a year, I don't think anything has been resolved and the truth has not been revealed legally, socially, or at any government level," Kim said. But her near-death experience has totally changed her view of society, for the better. "In the past, I never once imagined how bereaved families would live on. I thought it had nothing to do with me and it was none of my business," she said. "But now I realize it could have happened to me, and their pain could be mine someday. So I started to sympathize with them and took more interest in their lives." Kim, who hopes to have her book translated into English, said she plans to continue writing about what happened at Itaewon, to keep the memories of all the victims alive. "I will keep thinking hard about what I can do so that they are remembered for a long time." The post ‘I couldn’t breathe’: Seoul crowd crush survivor writes to heal appeared first on Daily Tribune......»»
A skilled workforce — a critical component of Phl energy transition
Amid the Philippine energy transition, Aboitiz Power Corporation recognized the growing scarcity of skilled power industry workers and, hence, the necessity of developing a workforce that can adapt and willingly carry the important task of ensuring energy security, affordability, and sustainability for today’s and tomorrow’s Filipinos. “There has to be a workforce now and in the future that will keep our energy system functioning and serve the needs of our country,” said AboitizPower chief people officer MaLu Inofre. “However, among our most difficult challenges is building a skilled talent pipeline that can effectively adjust and work with the fast-paced transformation within the industry's energy mix, digital systems and regulations.” “It has become exceedingly vital to ensure that workforce skills align with the changes of the times,” she further explained. “In the same way, attracting talent in a competitive global market is crucial to a sustainable, efficient, and innovative Philippine power sector that meets our country’s growing energy demands and sustainability objectives.” Inofre made her remarks during the first Philippine Power Industry HR Forum at Shangri-La The Fort, Taguig City. The event was presented by the American Chamber of Commerce of the Philippines, Inc. in partnership with AboitizPower. Young academic and professional achievers were recruited and trained by AboitizPower to operate, monitor, and control the company’s National Operations Control Center, which oversees over 20 renewable energy facilities spread across the country all from one central location. In the Philippines, the Department of Labor and Employment said that an estimated one million skilled workers in engineering, architecture and construction are lacking. They cited “Power Plant Maintenance Engineer” and “Maintenance/Powerplant Engineers” as among the hard-to-fill occupations in the country. This can be due to a lack of qualified applicants or brain drain (or when better opportunities abroad are taken advantage of by skilled locals). “Between 2016 and 2021, the employment in the power industry declined by 15,444 individuals,” said DOLE Bureau of Local Employment Director Patrick P. Patriwirawan Jr. during the same event. “The Philippines saw an increase in the employment in the renewable energy industry last year but could have employed more if not for the delays caused by the Covid-19 pandemic on various project developments in the sector.” Inofre added that a major factor influencing the labor shortage is the shift in the type of skills sought by employers, especially as the sector tries to balance the entry of renewable energy whilst maintaining traditional energy systems. “Knowing this, upskilling will be key to facilitating a just transition for those who will be affected by the transition to a greener economy, as well as the new generation of workers. It is imperative that we successfully cultivate both thermal and renewable energy, so that we can ensure reliable and affordable energy supply for the country,” she said. Meralco Power Academy Program management director Engineer Marc Lester Malibiran explained that, on top of upskilling the workforce, the industry should also help develop interest for the sector, especially in the youth. In a panel discussion, AboitizPower Chief People Officer MaLu Inofre (2nd from right) said that the energy industry must come together to craft and implement programs that strengthen the talent pipeline for the Philippine power industry. “The Philippines boasts a young and vibrant population brimming with innovative potential. By investing in talent development, we tap into this dynamic workforce, harnessing their fresh ideas and energy,” he said. “Unfortunately, we are seeing a decline in both take-up and completion of STEM (science, technology, engineering and mathematics), averaging only a 21 percent completion [rate].” “Young Filipinos avoid STEM as it is seen to be an intimidating course of study. This is important to know as this signals us to develop programs that remove this preconceived notion,” he added. The Philippine Power Industry HR Forum served as an avenue for human resources professionals in the Philippine power industry to connect, collaborate and communicate ideas, knowledge and best practices. Sentiments from the breakout sessions revealed that skills and competency gaps or mismatch, a limited external talent pool and difficulty in retaining talent due to global and local competition are the most cited challenges in the human resources field of the Philippine energy sector. A panel discussion moderated by Atty. Jose Layug Jr. of Divina Law saw Michael Page regional director and country head Albert Perez, Meralco chief HR officer Edgardo “Egay” Carasig, Philippine Independent Power Producers Association, Inc. president Atty. Anne Estorco Montelibano and ACEN chief HR officer John Philip Orbeta discuss the need to calibrate existing government programs to be more in sync with the needs of the energy industry. This includes building competencies within communities to turn locals into more competitive applicants. Meanwhile, another panel discussion moderated by AmCham Human Capital & Resources Committee co-chair Ernie Cecilia had Global Business Power Corporation VP-Human Resources Maria Luz Blanco-Uriarte, One Renewable Energy Enterprise, Inc. founder and president Erel Narida and AboitizPower’s Inofre talk about how retaining workers involves investing on their skills, ensuring talent mobility opportunities and giving them a sense of purpose. “The energy industry must create an acceptable, progressive plan to resolve the talent crisis. AboitizPower, for one, makes an effort to resolve the shortage of estimated skilled workers in our industry by maintaining academic-industry linkages with universities in the country, providing long-term scholarships [and] establishing programs with TESDA that help promote electrical engineering skills at the grassroots level, among other initiatives,” Inofre said. “Through similar initiatives, I believe we can successfully empower a community of like-minded individuals who work towards implementing human resource programs that strengthen the talent pipeline for the Philippine power industry,” she concluded. The post A skilled workforce — a critical component of Phl energy transition appeared first on Daily Tribune......»»
Nuke developers call to set competitive playing field
Government regulators are now urged to prioritize the establishment of a level-playing field to entice developers to pour in massive capital for the development and integration of nuclear power into the country's electricity grid. During the second nuclear energy roundtable talks between the Philippines and Canada on Tuesday, Felino Bernardo, chief operating officer of Aboitiz Power Corp.'s Thermal Business Group, emphasized the need for well-coordinated industry policies to help kick off local nuclear adoption. "I think it will start with the amendment or the passing of laws in the Lower House. Once done, it requires setting up the regulatory body, and for that regulatory body to build its capability and come up with regulations, policies, and guidelines for us developers to follow," Bernardo said. "The DoE (Department of Energy) has to come up with the right signal for developers to come up with their plans to make sure that we build accordingly," he added. Coordinated deals Bernardo noted that nuclear power plants, whose operations can last as long as 80 years, require a different set of policies for power deal contracts. "That is quite different from what we have now. The current CSP (Competitive Selection Process) policies are only for 15 years. Now, nuclear power plants can live as long as 40, 60 years, and some probably 80, so you have to match the two," he explained. According to Bernardo, nuclear power, particularly the small modular reactors, "have a place in our economy because we need all of them and we will need a lot of them." He, however, noted that developers need to make sure that they can deliver nuclear power safely. Aboitiz Power Corp., the holding company for energy-related investments of the Aboitiz Group, previously announced its exploratory discussion with Ultra Safe Nuclear Corp., an American firm that can potentially help the company’s local nuclear energy development. The forum yesterday served as a platform for industry experts, policymakers, and leaders to collectively deliberate on the significant questions and concerns related to the transition to nuclear energy. It covered the determining mechanisms for transition financing, assessing the commercial viability of nuclear energy, and exploring the potential for retrofitting and upgrading existing plants to be nuclear-capable. Congress support Meanwhile, Energy Secretary Raphael Perpetuo Lotilla reiterated that the government would need the support of Congress in ratifying a law that would help jumpstart nuclear development. Pending the law, Lotilla pointed out that the DoE and all other concerned government agencies are actively looking out for possible sites where a nuclear power plant can be built. To recall, the House Nuclear Energy Committee approved a consolidated substitute bill last March that seeks to comprehensive atomic regulatory framework and establish the Philippine Atomic Regulatory Commission. Since the government is prohibited from taking on power generation endeavors, the DoE has also tapped the National Economic and Development Authority to work on the private sector’s participation in nuclear development. The post Nuke developers call to set competitive playing field appeared first on Daily Tribune......»»
Phoenix divests in Singapore unit
Davao-based businessman Dennis Uy’s Phoenix Petroleum Philippines Inc. has divested from its Singapore-based trading arm to raise capital to support its core business......»»
Globe-backed startup offers MSMEs loans up to P100 million
A startup backed by Globe Telecom Inc. is extending up to P100 million in loans to micro, small and medium enterprises (MSMEs) that require additional capital to expand their business......»»
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......»»
BFP snubs Belmonte’s fire marshal pick
The controversy continues on the ranks of the Bureau of Fire Protection as reports that the leadership of the BFP is snubbing the order of Quezon City Mayor Joy Belmonte of appointing a fire marshal in the Quezon City Fire Department. This comes as Daily Tribune discovered that most of fire safety inspectors and firefighters at the QCFD are saying that there exist the alleged “bata-bata” system and a “quota system” in the agency. Just recently, the QCFD held a turnover ceremony at the BFP National Capital Region office where Sr. Supt. Florian Guerrero was named as the next District Fire Marshal of Quezon City, replacing Sr. Supt. Aristotle Bañaga. Bañaga, was relieved because of unfortunate fire incident a couple of months ago where a fire gutted a residential house converted into a warehouse located at Barangay Tandang Sora which resulted to 15 deaths — which included retired General George Ancheta. Ancheta was an uncle of Quezon City Council Majority Leader Dorothy Delarmente, who is also the chairperson of the Committee on Laws, Rules and Internal Government. During the council’s investigation, it was discovered that there were indeed lapses committed by QCFD for their failure to conduct the required yearly inspection based on the provision of the Fire Code of the Philippines and its Revised IRR. Though records showed that there were inspections undertaken in the year 2021, it failed to notice an unauthorized business activities at the address where the blaze killed 15 people. Because no inspection was conducted in 2022 and 2023. The incident prompted Belmonte to recommend to Department of the Interior and Local Government Secretary Benjamin Abalos Jr. — who has jurisdiction over BFP — the relief of Bañaga and his Fire Safety Enforcement Section head Chief Inspector Dominic Salvacion. Abalos then ordered another thorough investigation and let BFP chief director Louie Puracan handle the situation. Puracan instructed Bañaga to take a leave and passed the judgement to BFP-NCR chief Region head Chief Supt. Nahum Tarroza who immediately issue an order dated 18 September 2023, appointing Bañaga’s deputy, Supt. Gilbert Arellano as “caretaker” of the Office of the Quezon City Fire Marshal. However, Tarroza has also appointed Supt. Rowena Gollod, an “under rank” official, who was in “floating status” for being assigned at the Personnel Holding and Accounting Unit as the Deputy Fire Marshal, replacing Arellano. BFP sources disclosed that Tarroza is allegedly trying to prevent the city government from appointing its own choice for fire marshal because the BFP leadership allegedly benefits from the “bata-bata” and “quota system” in which fire marshals are required to “remit” certain amount of money to the BFP for every Fire Safety Inspection Certificate that they issue. This quota system allegedly could bring in as much as P100,000 per month for BFP higher-ups. In Quezon City, the fire marshal should allegedly accumulate and “remit” P300,000 monthly. P100,000 each for BFP national and metropolis office, and for two DILG padrinos who are holding an Undersecretary positions, a former Quezon City official and the other, a retired firefighter, who could influence Abalos on every BFP issue. Appreciating the BFP gesture of relieving Bañaga and Salvacion without any administrative orders, Belmonte wrote Puracan on 2 October 2023, expressing her thanks to the BFP and recommended that she preferred to have Sr. Supt. Dennis Molo — a former QCFD Deputy — as the Chief of the QCFD and Arellano as his deputy. “As a seasoned Fire Officer, F/SSupt. Molo has generously shared extensive knowledge, experience and expertise with the City Goverment. His contributions in the crafting of public safety policies, formulating and recommending fire safety plans, executing on-the- ground operations and proposing engagement with potential national and international partners-stakeholders have been highly appreciated. For his part, F/Supt. Arellano, as lawyer, has been instrumental in his knowledge of the Fire Code, DILG directives and other relevant laws.” Belmonte wrote in her recommendation letter to Puracan. Puracan then responded to Belmonte by rationalizing his decision in designating Guerrero and brushed aside the Mayor’s recommendation to assign Molo as QCFD Marshal by saying the latter should process first his transfer to the BFP-NCR, as Molo was already assigned at BFP-Region 4A office. The post BFP snubs Belmonte’s fire marshal pick appeared first on Daily Tribune......»»
EEI ‘hold’ tipped with robust infra
Listed infrastructure multinational EEI Corpo. posted a net loss of -P701.12 million in the second quarter, primarily due to losses from its equity in associates and joint ventures, primarily its unit Al Rushaid Construction Co. Ltd., or ARCC. Consolidated revenues rose by 25 percent from a year ago to P7.85 billion, but its gross profit shrank by 21 percent year-on-year to P515 million due to delays in materials, effects of bad weather, and license approvals. Brokerage house and research firm Regina Capital Development Corp., or RCDC, said the growth in EEI’s topline was mainly driven by improving construction contracts. “The company’s unworked portion of existing contracts is at P47.4 billion but expects a robust inflow of projects. The Build, Better, More Infrastructure Program is expected to boost construction services demand,” RCDC said. It added that the construction sector experienced growth in gross fixed capital formation in 2021 and 2022, an indication of potential recovery despite the economic challenges. However, the sector’s growth in the second quarter was below average, which RCDC said revealed economic risks. The price index, which has been on a downtrend since October 2022, could be a potential growth source. BBM’s main growth driver The BBM program, which will continue to stimulate domestic construction demand, will also benefit the sector. “Given the challenges posed by the slowed growth in gross capital formation for construction, as well as the impact of losses from equity in associates and joint ventures on EEI’s earnings, we are reducing our target to P5.30 per share, down from P7.50. This adjustment reflects the cautious outlook for the construction sector and the need for EEI to address its associated losses while also acknowledging potential future opportunities such as the government’s BBM infrastructure program. Hence, we are placing a “hold” recommendation on EEI. RCDC cited the updates on the company that merited its recommendation. EEI has continued with its reorganization. In a report to the stock market back in September 2023, its board approved the divestment of the company’s 60 percent interest in its subsidiary, BiotechJP Corp., a company engaged in the manufacture of food and therapeutic food products, as it focuses on its core business which is construction. Real estate brand Filigree tapped EEI Corp. for the general construction works of its newest project, Two Botanika, in Alabang, Muntinlupa. EEI’s unit, EEI Power Corp. is set to develop an electronic vehicle charging system through a new corporation after partnering with a cloud solution and service provider. EEI Power said it would have a 40 percent stake in the new corporation that it would establish together with SysNet Integrators Inc. The post EEI ‘hold’ tipped with robust infra appeared first on Daily Tribune......»»
PEZA chief lures potential Rotarian investors with ecozone perks
Members — particularly those in such business enterprises as manufacturing — of the Rotary Club of Manila, Asia’s oldest and biggest Rotary organization, were personally enticed by Philippine Economic Zone Authority director-general Tereso Panga of the benefits, particularly tax perks if they expand operations in the country or poured in investments in the ecozone. Panga, who served as guest speaker at RC Manila’s 14th General Membership Meeting at the Manila Polo Club, Makati City, on 5 October 2023, relayed to the prospective ecozone investors the various fiscal and non-fiscal Incentives offered by PEZA. He said the investment promotion agency offers income tax holidays or ITH of four to seven years depending on the industry tier and location, once onboard PEZA-run ecozones. For the National Capital Region, locators are entitled to four years of ITH for those that are in Tier 1; five years of ITH for Tier 2, and six years for those belonging to Tier 3. For locators in Metropolitan areas or areas contiguous and adjacent to NCR, a five-year ITH is given to Tier 1; six years for Tier 2, and seven years for Tier 3. “A five percent Special Corporate Income Tax holiday is also provided for 10 years for export-oriented projects, while enhanced deductions for five years are given to locators involved in domestic-oriented project activities,” Panga said. Other notable benefits awaiting interested PEZA locators include Customs duty exemption on importation of capital equipment, raw materials, spare parts, or accessories directly and exclusively used in the registered project/activity for a maximum period of 17 years unless otherwise extended under the Strategic Investment Priority Plan of the Philippine government; domestic sales allowance of up to 30 percent of total sales for export-oriented companies; value-added tax exemption on importation and VAT-zero rating on local purchases of goods and services directly and exclusively used in the registered project or activity for a maximum period of 17 years, unless otherwise extended under the SIPP; and exemption from payment of national and local government taxes and fees for the period of availment of the 5 percent special corporate income tax incentive Also, PEZA locators are entitled to employ foreign nationals; can enjoy long-term land leases of up to 75 years, and are entitled to the PEZA 2-year special non-immigrant visa issued to expatriates and their dependents as well as foreign workers. [caption id="attachment_194752" align="aligncenter" width="525"] Philippine Economic Zone Authority Director General Tereso O. Panga[/caption] PEZA performance Panga earlier reported that the investment promotion agency had reaped an overwhelming 114 percent increase in investments in the second quarter of the year, following the approval of 61 new and expansion projects for the period of April to June 2022. PEZA records showed that total investments are expected to bring in a total of P14.347 billion, 114.93 percent higher than the P6.675 billion approved investments for the second quarter of 2022. Of the 61 approved new and expansion projects, 16 are for the Information Technology industry, 15 for export/manufacturing, 13 for facilities, 13 for ecozone development, and two for IT Facilities and Logistics. Meanwhile, expected jobs to be created by those projects total 11,186, which is 29.06 percent higher compared to the 8,667 projected jobs in the 2nd quarter of 2022. For the January to June period of 2023, a total of 90 new and expansion projects have been approved and are expected to bring in P22.488 billion in investments, $747.093 million in exports, and 14,354 jobs. Japan remains PEZA’s top country investor in the first half with P8.007 billion in investments followed by Singapore with P2.169 billion. Also, Panga said that Japan topped the countries with the highest approved foreign investments at 27.34 percent, followed by Filipino companies at 23.19 percent, and American companies in the third spot at 14.82 percent. “PEZA accounted for 60.5 percent of the total foreign investment commitments in Q2 2023 with P35.75 billion,” he told the Rotary Club of Manila members. From 1995 to 2022, PEZA’s total dividends turned in to the National Treasury was a total of P26,889,567,738.07. Ecozones on the rise To date, Panga said PEZA hosts 422 ecozones and 4,352 locator companies/projects throughout the country. Of said number of ecozones, 299 are dedicated to IT Parks and Centers, 79 to manufacturing firms, 24 to agro-industrial parks, 17 are to tourism and three are to medical tourism ventures. Based on the Philippine Development Plan 2023-2028, President Ferdinand Marcos Jr. has projected that “the creation of ecozones will…maximize investments and promote industrial dispersion, especially outside metropolitan areas. Further, the ecozones will be integrated into the local economy by relaxing the requirements, facilitating the free flow of parts, components, and other inputs, and increasing open trade between zone locators and firms outside the zones.” In the coming years, various ecozones will be sprouting, while the ecozones that have already been officially proclaimed by the Office of the President include Robinsons Cyberpark Bacolod, Lima Technology Center (Expansion), Hermosa Ecozone Industrial Park (Expansion), Philtai Central Luzon Industrial Park, Felcris Centrale IT Park, ECCO 4 Building, Lopue’s Mandalagan IT Center, Marina Town Dumaguete, Naga City Industrial Park and Kamanga Agro-Industrial Economic Zone (Expansion), altogether with investments totaling P3.418 billion. Ecozones pending approval are MetroCas Industrial Estates-Special Economic Zone, Suyo Economic Zone and the expansions of Kamanga Agro-Industrial Economic Zone and Lima Technology Center, with a total investment amount of P773.962 million. As of September 2023, the governing board of PEZA has approved big-ticket investments with a total committed investment of P193.200 billion, and these are the First Pangasinan Property Development Corp., Raedang International Builders and Development Corp., Green Energy with Torrefaction Technology Inc., Dyson Electronics PTE, Ltd. Philippine Branch, Sunpower Philippines Manufacturing Ltd., Isla Import Terminals Inc., MJ Landtrade Development Corp., YCO Cloud Malvar Inc., Savya Land Development Corporation, RLGB Land Corporation, Robinsons Land Corporation, TDK Philippines, P. Imes Corp., Best-one Ever Luck Realty Corp., Knowles Electronics (Phil) Corporation, WIPRO Phils. Inc., Glensworth Development Inc., ACI Inc., Megaworld Corporation and Kyungshin Pampanga Philippines Inc. Currently, Panga said PEZA is focused on seven priority sectors, that is, advanced manufacturing, extractives (green ores processing), agriculture and blue industries, IT services and frontier technologies, eco-industrial park development (renewable energy and alternative energy, clean water and wastewater treatment, circular economy, sustainable development goals, green buildings, smart systems integration), Science, Technology and Innovation and the integration of small and medium enterprises into the ecozone value chain. Cannot be done alone by PEZA Panga, in conclusion during his speech at the Rotary Club of Manila meeting remarked that attracting foreign direct investments cannot be done by PEZA alone or by any other investment promotion agency left to its own devices. He emphasized that what is needed to make things work is a whole government, industry and society approach to lessen the cost and improve ease of doing business in the country. “Through our collaborations and strategic alliances, PEZA, together with the Rotary Club of Manila, other ecozone industries, and stakeholders, will strive for success in attaining our country’s goals and objectives, and continue to push for eco-zoning the Philippines towards inclusive and sustainable development,” Panga said. The post PEZA chief lures potential Rotarian investors with ecozone perks 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......»»