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2nd State of the Nation Address
Anti-inflation measures Crafting of Medium-Term Fiscal Framework supported by Congress Implementation of strategies to capacitate economic sectors Results (1) 7.6 percent growth in 2022 — highest rate in 46 years. (2) January to March 2023 — 6.4 growth percent (within 6 to 7 percent target) (3) Philippines considered to be among fastest-growing economies in the Asian region and in the world (4) Strong and stable financial system (5) Banks have strong capital and liquidity positions. (6) Digital economy contributed P2 trillion in 2022, the equivalent of 9.4 percent of our GDP. (7) World Bank projects a 6 percent overall growth rate due to strong local demand, consumer spending, strength from the BPO industry, steady flow of remittances, and continuing jobs recovery (8) Inflation rate eased up from 8.7 percent in January to 5.4 percent in June. (9) Bureau of Internal Revenue posted P1.05 trillion collections — an increase of almost 10 percent over the last year (10) Bureau of Customs increased collection by 7.4 percent for the first seven months of 2023, amounting to P476 billion. (11) PAGCOR increased collection by 47.9 percent (12) PCSO increased collection by 20 percent Reduction of prices of commodities like rice, meat, fish, vegetables and sugar Roll out of more than 7,000 KADIWA stores nationwide that link farmers with consumers, benefited 1.8 million families Agriculture Science-based methods toward food security Revision of Fisheries Code Unify 300 farm and fisheries clusters composed of 900 cooperatives Extensive technology training like the use of local bio-fertilizers Distribution of farm machinery, tools and inclement Distribution of more than 5 million rice seedlings and other crops Fuel at fertilizer discount vouchers Geo-Agri map of farm-to-market roads Irrigated 49,000 hectares of farmlands across the country. Constructed 4,000 additional fabrication labs, production at cold storage facilities Built 24 multi-species hatcheries to increase fisheries production Anti-animal pest monitoring, medicines, and vaccines Cloud seeding and buffer stocks in preparation for El Niño 70,000 agrarian land titles distributed Signing of EO No. 4. Or New Agrarian Emancipation Act the condoned P57-billion farmers’ loans Smuggling and hoarding Days of smugglers and hoarders are numbered Water Supply Creation of Water Resources Management Office Working for legislation of Department of Water Resource Management Allocated P14.6 billion for water supply projects Completion of Wawa Bulk Water Supply Project Phase 1 Installed 6,0000 rainwater collection systems across the country Infrastructure 8.3-trillion peso “Build, Better, More” Program in progress 194 flagship projects Continuation of “Build, Build, Build” projects Infrastructure spending stays at 5 to 6 percent of GDP 1,200-kilometer Luzon Spine Expressway Network Program will effectively connect Ilocos to Bicol from 20 hours to just 9 hours of travel Under Mega-Bridge Program, 12 bridges totaling 90 kilometers will be constructed including Bataan-Cavite Interlink Bridge and the Panay-Guimaras-Negros Island Bridges, and Samal Island-Davao City Connector Bridge As of June 2023, 4,000 kilometers of roads and 500 bridges have been constructed, maintained and upgraded Completed Cebu’s Pier 88 smart port, new passenger terminal buildings of Clark Airport and Port of Calapan. North-South Commuter Railway System now in full swing Strategic financing Enactment into law of Maharlika Investment Fund Social security Funds for the social security and public health insurance intact and separate Energy and Power Generation Price of crude oil stabilized Since last year, gasoline and diesel prices have gone down by 18 to 29 percent, respectively. Built 8 new additional power plants, bringing to 17 the total number of power generation facilities Energy production increased by 1,174 megawatts. Almost half a million homes given access to electricity; 100 percent household electrification by June 2028 Renewable energy is the way forward Promotion of renewables targets 35 percent share in the power mix by 2030, and 50 percent by 2040 Opened renewable energy projects to foreign investments Since last year, an additional 126 renewable energy contracts with potential capacity of 31,000 megawatts awarded. To date, more than 1,000 active projects all over the country — 299 are solar, 187 are wind, 436 are hydroelectric, 58 are biomass, 36 are geothermal, and 9 are ocean-powered. Malampaya project is boon, energizing 20 percent of Luzon; renewal of the contract guarantees continued revenues and energy production for another 15 years Push for more gas exploration in other parts of the country Partnered with the BARMM in regard to energy exploration and development The Philippines now has a Unified National Grid with the interconnection of the Luzon, Visayas and Mindanao grids “One Grid, One Market” will enable more efficient transfers and more competitive pricing of electricity Performance review of National Grid Corporation of the Philippines to complete all of its deliverables, starting with the vital Mindanao-Visayas and Cebu-Negros-Panay interconnections. Social welfare Enough funds for underprivileged DSWD, DoLE, DepEd, TESDA and CHEd involved in providing assistance Programs like AICS, TUPAD, TVET for Social Equity, Social Pension for Indigent Senior Citizens, Cash-for-Work for PWDs, and Integrated Livelihood Program-Kabuhayan available for indigents Social protection Pension of the military and the uniformed personnel is as important, urgent, and humanitarian as that of all other civilian Filipino employees Working closely with Congress to ease the transition from the old system to the new one, to guarantee that no effects are felt by those in the uniformed services. The post 2nd State of the Nation Address appeared first on Daily Tribune......»»
Personal remittances rise to $2.97B in March
CEBU – Personal remittances from Overseas Filipinos rose by 3.0 percent year-on-year due to higher remittances sent by workers abroad, the Bangko Sentral ng Pilipinas reported on Monday. Data from BSP showed that the personal remittances increased to $2.97 billion in March 2023 from $2.89 billion recorded in the same month last year. For the first quarter this year, personal remittances rose by 3.0 percent to $8.91 billion from $8.65 billion recorded in the comparable period in 2022. Of the personal remittances from OFs, cash remittances coursed through banks rose 3.0 percent to $2.67 billion in March 2023 from $2.59 billion in the comparable month a year ago. The expansion in cash remittances in March 2023 was due to the growth in receipts from land- and sea-based workers. For the first quarter this year, cash remittances coursed through banks amounted to US$8.00 billion, higher by 3.0 percent than the year-ago level of $7.77 billion. The growth in cash remittances from the United States, Singapore, Saudi Arabia, and the United Arab Emirates contributed mainly to the increase in remittances in the first quarter of 2023. Meanwhile, the US posted the highest share of overall remittances during the period, followed by Singapore, Saudi Arabia, and Japan. "The sustained growth in personal remittances from OFs reflects the continued strength of the Philippine economy and the resilience of the OFW sector," said BSP Governor Felipe Medalla. "The BSP will continue to support the OFW sector by providing them with access to affordable and convenient remittance services," Medalla added. The post Personal remittances rise to $2.97B in March appeared first on Daily Tribune......»»
China s Jiangsu sees steady growth of int l ships in March
NANJING, April 11 (Xinhua) -- East China's Jiangsu Province saw its international routes register steady growth in the number of entry-exit ships and passengers in March, showing a strong recovery of its foreign trade. The number of ships and passengers passing through the river and sea ports in Jiangsu increased by 27.6 percent and 29.2 percent year on year, respectively, in March, according to the provincial e.....»»
Approved investments hit P463B in 1Q
Approved investments continue to balloon in the first quarter of the year, posting a 155 percent growth compared to the same period last year, data from the Board of Investments showed. Earlier, Trade Secretary Fred Pascual pegged this year’s target for the Board of Investments at P1.5 trillion. According to the BoI, total investment projects approved reached P463.3 billion based on the latest figures, surging by 155 percent compared to the same period last year when it recorded P181.7 billion. This, as Secretary Pascual boasted that the Philippine economy continues to perform strongly, with the country’s gross domestic product expected to grow by 7.1 percent in the first quarter as the latest data on employment and national government spending shows positive signals, making the Philippines one of the fastest-growing economies in the Asia-Pacific. “The steady growth is proof of the government’s resolve further to improve the country’s business environment through investment-friendly policies. We shall continue with our aggressive investment promotion campaigns as investments are also set to provide higher quality and better-paying jobs for Filipinos,” Pascual, who also sits as BoI chairperson, said. “With investment prospects being very positive, and as we continue to receive serious interest from global investors, we are definitely on track to meeting our new annual investment target of Php1.5 trillion,” Secretary Pascual added. The Trade chief also noted that BoI foreign investment approvals performed even better, accelerating to P165.4 billion in the same period, a remarkable 3,722 percent growth from just P4.33 billion in the same quarter in 2022. It accounted for nearly 36 percent of the aggregate total, with domestic investment nods taking up the rest with P297.9 billion, a 68 percent rise from P177.3 billion last year. Germany tops investments Based on first quarter BoI figures, the bulk of foreign capital came from Germany with P157 billion, followed by the Netherlands (P2.7 billion), the United States (P1.2 billion), Japan (P524 million), and the United Kingdom (P293 million). In terms of regional dispersion, investments in Western Visayas led the way with P293.3 billion, while CALABARZON took up second place with P112.7 billion. This is followed by Ilocos Region (P38.7 billion), Davao Region (P3.6 billion), and Eastern Visayas Region (P3.6 billion), completing the top five regions. Further, the renewable energy/power sector remains dominant, with P440 billion in approvals to date, or 156 percent higher than in the same period last year with P172 billion. Manufacturing is also on the upswing with P17 billion in approvals, 416 percent higher from just P3.3 billion in the same period last year. Administrative services (P3.7 billion), transportation and storage (P1.2 billion), and agriculture (P929 million) also make up the biggest sectors. Among the top projects approved for January to March 2023 is German-owned WPD Philippines, Inc.’s P392.4 billion offshore wind farms located in Cavite, Negros Occidental, and Guimaras, which will provide greener power solutions to local communities and businesses. Filipino-owned 3 Barracuda Energy Corp. comes in second place with its Php36.9 billion solar energy project located in the Ilocos Region. “The number of RE projects coming in is concrete evidence that we are on our way to becoming a global hub for sustainability and green projects, aligned with the national government’s policy of promoting cleaner and more sustainable sources of energy. We aim to attract more RE players globally as full foreign ownership is now allowed under the amended implementing rules and regulations of the Renewable Energy Act,” according to Secretary Pascual. The post Approved investments hit P463B in 1Q appeared first on Daily Tribune......»»
China maintains defence budget growth despite economic travails
Hong Kong, March 12 (ANI): At the 14th National People's Congress, China announced its defence budget for 2024 and interestingly maintained the growth rate of its military expenditure at precisely the same percentage as last year, as Chairman Xi Jinping continues to prioritize the People's Liberation Army (PLA) at the expense of other sectors of government funding. Indeed, according to figures released on the opening day.....»»
South Cotabato urges public to patronize MSMEs, buy local products
KORONADAL CITY (MindaNews / 7 March) – The provincial government of South Cotabato has launched a convergence initiative to bring more growth and market opportunities for the province’s micro, small and medium enterprises (MSMEs). Tyronn Jan Villanueva, head of the South Cotabato Economic, Investment and Promotions Center (SCEIPC), said they have launched a series of […].....»»
Philippines manufacturing output sustains growth in January
MANILA, March 7 (Xinhua) -- The Philippines' manufacturing production sustained growth momentum in January, the Philippine Statistics Authority (PSA) said Thursday. Based on the preliminary results of a monthly survey, the PSA said the year-on-year value of production index (VaPI) and the volume of production index (VoPI) increased 0.9 percent and 1.9 percent in January, respectively. Across all 22 indust.....»»
BingoPlus Night 2024 marks BingoPlus’ second year of success
BingoPlus, your comprehensive entertainment and amusement platform and the first online Bingo app in the country, hosted BingoPlus Night 2024 last March 1, 2024 in celebration of another year of success and growth. In commemoration of reaching a significant milestone, BingoPlus pulled all the stops to put together an anniversary event that everyone could enjoy.....»»
May, not March
Last Wednesday, equities dropped as Federal Reserve (Fed) Chair Jerome Powell dashed investor hopes for a March rate cut. Last Friday, despite better-than-expected US nonfarm payrolls and robust wage growth which typically usher in higher interest rates, the Dow and the S&P 500 were not deterred from hitting new all-time highs......»»
NCR retail price growth steady in December – PSA
Retail prices of goods in Metro Ma- nila snapped a three-month downtrend as it maintained its pace of growth in December from the previous month, according to the Philippine Statistics Authority......»»
What’s in store in ’24?
This year, 2024, appears to be a hopeful year that will enable our economy to break off from the problems of the pandemic years. According to a study by PIDS, the government think tank, growth will be steady in 2024......»»
Market falls amid worries over rate cuts, China growth
Share prices ended in the red for a third session after another dour day across global markets, fuelled by a sense of resignation that the interest rate cuts long expected in March will not materialize due to stubbornly high inflation......»»
BDO unit sees steady growth in new life insurance premiums
The insurance arm of BDO Unibank Inc. sees further growth in new life insurance premiums, further boosting the country’s economic growth......»»
India tops global remittance charts at USD 125 billion in 2023: World Bank report
New Delhi [India], December 18 (ANI): The World Bank's latest Migration and Development Brief reveals a continuing growth in remittance flows to low- and middle-income countries (LMICs) in 2023, albeit at a slower pace compared to previous years. According to the World Bank, the report highlights India's significant position as the top remittance recipient, drawing attention to the evolving dynamics in the remittance land.....»»
‘ Remittances still pillar of Philippines growth’
Remittances from overseas Filipino workers (OFWs) will continue to fuel consumption and boost the Philippines’ economic resilience, according to British banking giant HSBC......»»
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......»»
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......»»
PEZA chief understands Rotarian 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 Act. During discussions at the Rotary Club of Manila Membership Meeting on Thursday, a Rotarian who has invested in the country said the current policies of the government in terms of tax perks remain unpredictable because of the ‘tug of war’ between the investment promotion agencies, namely PEZA and the Board of Investments, which are all under the watch of the Department of Trade and Industry, with the Fiscal Incentives Review Board, chaired by Finance Secretary Benjamin Diokno. He said that the reason why the Philippines is the last among the top five countries considered as top investment countries in Southeast Asia, which is now being dominated by Vietnam, followed by Singapore, Malaysia, and Cambodia. He said in terms of exports, the Philippines is also a laggard compared to the performance of Southeast Asian counterparts. The Philippines' total exports plummeted to $6.1 billion in July 2023, compared with $6.7 billion in the previous month. Its tough competitor, Vietnam, this August 2023 is enjoying $32.8 billion in exports. 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 policy changes. According to Standard Chartered, 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 doesn’t have clear policies for renewable energy, data centers, information technology, and artificial intelligence. “We have yet to see concrete policy formulation and roadmap to that effect. Compared to the recent pronouncement of US President Joe Biden Vietnam will be positioned as the future chipmaker, and the US is now legislating measures to dispense funds for that purpose. There seems to be a disconnect,” the investor said. With this, PEZA’s Panga admitted that there are indeed ‘differences’ with government agencies, particularly the DTI and the FIRB, but also sought the support of the club in PEZA’s job to further attract foreign direct investments into the country. Panga further emphasized that a whole government, industry, and society approach is needed to improve the ease and lessen the cost of doing business. "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, Finance Secretary Diokno and Trade and Industry Secretary Pascual approved the amendment to the IRR of the Act that will resolve the value-added tax issues raised by transitory registered business enterprises. The post PEZA chief understands Rotarian investors’ dilemma appeared first on Daily Tribune......»»
Converge’s 2-M reach mirrors strong demand for cheap internet plans
Converge ICT Solutions Inc.'s low-cost plans have reached more than two million homes, which signifies the strong mass market demand for efficient and affordable internet services. Converge CEO and Co-Founder Dennis Anthony Uy said on Monday that the company will beef up its product portfolio to better serve customers from different income groups. “We are proud to mark this milestone in our mission to leave no one behind as we empower Filipinos with world-class fiber connectivity. This is a result of our effort to expand growth opportunities through providing more affordable connectivity solutions,” Uy said. Converge finished the first half of the year with a total of 1.97 million residential subscribers, including 1.92 million postpaid and 54,000 prepaid customers. It gained over 92,000 net additional subscribers from January to June. Citing internal data, Converge said August has been its best-performing month in terms of sales. As such, analysts expect an upsurge in sales in the second half of the year. “We are encouraged by the continued growth of our residential subscriber base in the first half of 2023. This is further proof of the superiority of our broadband product, coupled with our people’s laser focus on meeting customers’ needs,” said Converge COO Jesus C. Romero. Converge has launched a prepaid product called Surf2Sawa or S2S, which is gaining traction among budget-conscious customers. The market's positive reception of the product was reflected in the 77 percent growth, with over 25,000 net additions in the second quarter compared to the previous quarter. Its postpaid subscribers sustained its steady growth as the newly-introduced low-cost postpaid plan BIDA Fiber complemented the company’s core product, FiberX, which starts at P1,500 a month with a speed of 200 Mbps. Meanwhile, BIDA Fiber costs P888 per month with a speed of 35 Mbps to connect a maximum of six devices. All three products (FiberX, BIDA, and S2S) offer unlimited data consumption. Converge presently operates the biggest fiber-to-the-home network in the country with more than 7.8 million ports nationwide, as of the first half of the year, as well as one of the country's most extensive cable systems with 670,000-kilometer fiber backbone. As of the end of June 2023, its network infrastructure has passed over 16.6 million Filipino homes, equivalent to 62.3 percent of household coverage nationwide. The post Converge’s 2-M reach mirrors strong demand for cheap internet plans appeared first on Daily Tribune......»»