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SMC starts works on Pangasinan tollway
Food-to-infrastructure conglomerate San Miguel Corp. (SMC) has started the civil works for the Pangasinan Link Expressway (PLEX), laying the bedrock for a P34-billion project that would improve travel and tourism in Northern Luzon......»»
PPP Code IRR out; 20 projects up for approval
Around 20 solicited projects that are part of the government’s infrastructure flagship program are expected to be submitted to the National Economic and Development Authority Investment Coordination Committee for approval this year, the Public-Private Partnership Center said, following the signing of the implementing rules and regulations of the PPP Code......»»
CLI allots higher capex, partners with Japan firm
Cebu Landmasters Inc. is hiking its capital spending to P14.5 billion this year as it gears up for growth and expansion following a strong financial performance in 2023......»»
BDO funds 28 green projects from P52.7 billion bond proceeds
Around 28 green projects benefitted from the first ASEAN sustainability bond issuance of BDO Unibank Inc. in January 2022, bolstering the bank’s sustainability commitment......»»
GPS 2024: Investing in reliable public transport
Transport Minister Simeon Brown has confirmed targeted investment of more than $2 billion over the next three years for public transport projects and services, as part of the draft Government Policy Statement (GPS) on Land Transport. "Delivering reliable, effective, and efficient public transport is a priority for the Coalition Government. The draft GPS commits up to $2.3 billion for.....»»
Toyota commits P1.1 billion boost to PH’s PUV modernization
MANILA, Philippines — Japanese car maker Toyota Motor Corp. pledges to invest an extra P1.1 billion for the Philippines’ Public Utility Vehicle Modernization Program, as confirmed by Toyota Executive Vice President Yoichi Miyazaki during discussions with President Ferdinand Marcos Jr.’s delegation in Tokyo. In a statement on Friday, Presidential Communications Secretary Cheloy Velicaria Garafil said.....»»
BoI endorses P19-B SteelAsia steel mill
The Board of Investments has endorsed the P19.3-billion Batangas steel mill project of SteelAsia Lemery Works Inc. in Lemery, Batangas to the green lane to expedite the processing and issuance of permits and licenses as a strategic investment. In a statement on Thursday, the BoI said it endorsed the 500,000 metric tons, or MT, section mill project, through Executive Order 18 for green lane priority. The project is scheduled to start its operation in July 2024, employing 600 personnel and workers from the local town and nearby areas. BoI Governor Marjorie Ramos-Samaniego with Executive Director Bobby Fondevilla and Director Ernesto delos Reyes Jr. led the awarding of the Green Lane Certificate of Endorsement to the officials of SteelAsia on 15 September 2023. Ramos-Samaniego added that through the faster process, BoI, in collaboration with the Department of Information and Communications Technology, will come up with an online portal for Green Lane’s facilitation of strategic investments. The project is the greenfield design, erection, and commissioning of the Philippines’ first sections of production, a state-of-the-art hot-rolling production line with an upstream integrated recycling-based steelmaking. The Philippines ranked 20th among top steel importers globally, due to the lack of steel manufacturers. Imports from China In 2022 alone, the Philippines imported about $5.23 billion worth of steel, $2.18 billion of which was imported from China. Local steel manufacturing is deemed insufficient to address the growing demand for the product, especially with the increasing consumption of sections from both infrastructure projects and private developments. “Green Lane will be very helpful to the company. We consider it as a “win” for the country and we will convert this privilege into action,” said Benjamin Yao, chairperson and CEO of SteelAsia, noting that his company commits to supporting the goals of the nation of developing more infrastructure projects. SteelAsia’s project has an import-substitution strategy targeting the large and fast-growing domestic market for the sale of the mills’ output. The plant will manufacture using electric arc furnace technology to refine steel which will be used to hot-roll steel sections such as H-beams, I-beams, I-channels, and unequal leg angle bars. The presence of local manufacturers aims to lower the cost of construction, shorten construction periods, and further spur growth in domestic construction. It will also give rise to ancillary industries, such as structural steel services including design, engineering, and built-up steel structures. The post BoI endorses P19-B SteelAsia steel mill appeared first on Daily Tribune......»»
Dyson commits P11-B investment by 2024
Singapore-based multinational technology firm Dyson pledged to invest about P11 billion in the Philippines which is expected to generate more than 1,000 jobs by 2024. This was after President Ferdinand Marcos Jr. had a meeting with the Dyson executive officials and confirmed the investment pledge from the company for the next two years, Presidential Communications Office Secretary Cheloy Garafil said in a statement. Garafil said the investment plan would be used for the establishment of a new factory and a new research and development center in the Philippines, including the expansion of the company’s staff, software, and other services. She also cited that Dyson emphasized that their investment would generate around 1,250 employees and “would move more contract manufacturing into the Philippines by the middle of 2024, or the second or third quarter of the year.” Marcos welcomed Dyson’s interest in investing in the Philippines. “So, well, let’s see with all those that we have, that we can do,” the President said, adding that “this will be very interesting” for the Philippines and the Filipino people. Marcos emphasized that their investment would mean hiring more software engineers and other engineering graduates. For their part, Dyson officials told Marcos that they are very proud to be in the Philippines already as “they emphasized that they have a significant number of operations in the country.” Dyson only has a factory in the Philippines to produce its electrical motors to date. Garafil said Dyson decided three or four months ago to expand its operations in the country. In a news release on its website in May, Dyson noted that the Philippines Technology Centre, representing an investment of P11 billion, will span the equivalent of 92 basketball courts, and will bring together Dyson’s research, development, and advanced motor manufacturing capabilities under one roof, to be located in City of Sto. Tomas, Batangas, and scheduled to be operational by the first half of 2024. “It is thought to be one of the largest investments, and most advanced technology manufacturing centers, in the country and underscores the growing importance of the Philippines in Dyson’s global ambitions,” the company said. Dyson R&D (research and development) teams in the Philippines will be focused on software, AI, robotics, fluid dynamics, and hardware electronics, the company said. The post Dyson commits P11-B investment by 2024 appeared first on Daily Tribune......»»
Palace: Singapore’s Dyson commits P11-b investment in Phl by 2024
Malacañang on Saturday said that the Singapore-based multinational technology firm Dyson is about to invest around P11 billion in the Philippines which is expected to generate more than 1,000 jobs by 2024. This is after President Ferdinand Marcos Jr. had a meeting with the Dyson executives officials and confirmed an investment pledge from the company for over the next two years, Presidential Communications Office Secretary Cheloy Garafil said in a statement. Garafil said the investment plan would be used for the establishment of a new factory and a new research and development center in the Philippines, including the expansion of the company’s staff, software, and other services. She also cited that Dyson emphasized that their investment would generate around 1,250 employees and “would move more contract manufacturing into the Philippines by the middle of 2024, or the second or third quarter of the year.” Marcos welcomed Dyson’s interest in investing in the Philippines. “So, well, let’s see with all those that we have, that we can do,” the President said, adding that “this will be very interesting” for the Philippines and the Filipino people. Marcos emphasized that their investment would mean hiring more software engineers and other engineering graduates. For their part, Dyson officials told Marcos that they are very proud to be in the Philippines already as “they emphasized that they have a significant number of operations in the country.” Dyson only has a factory in the Philippines to produce its electrical motors to date. Garafil said Dyson decided three or four months ago to expand its operations in the country. In a news release on its website in May, Dyson noted that the Philippines Technology Centre, representing an investment of PHP 11 billion, will span the equivalent of 92 basketball courts, and will bring together Dyson’s research, development, and advanced motor manufacturing capabilities under one roof,” to be located in City of Sto. Tomas, Batangas, and scheduled to be operational by the first half of 2024. “It is thought to be one of the largest investments, and most advanced technology manufacturing centers, in the country and underscores the growing importance of the Philippines in Dyson’s global ambitions,” the company said. Dyson R&D (research and development) teams in the Philippines will be focused on software, AI, robotics, fluid dynamics, and hardware electronics, the company said. “These fields of expertise are critical for Dyson’s high-performing products, from robotic technologies to air enhancement technologies, and beauty products, such as the Dyson Supersonic hair dryer, which are increasingly enabled by software, sensors, and connectivity,” it said. Dyson said the architecture of the Batangas campus will prioritize air quality, natural light, and greenery to support collaboration and the generation of new ideas. It will include leisure and sports areas, as well as laboratories and offices. In a video message, House of Representatives Speaker Ferdinand Martin Romualdez said he and other Philippine government and business leaders joined Marcos in Singapore to review current legislation, particularly on laws that govern the treatment and the appreciation of foreign investments into the country. “We will do everything to amend the law to make the country more open to foreign direct investment. So, we will do everything in accordance with the) Foreign Investment Act and the Retail Trade Liberalization to open up the economy to foreign direct investments,” Romualdez said mixed in Filipino. Dyson’s headquarters in Singapore is a hub for its research and engineering teams, as well as commercial, advanced manufacturing, and supply chain operations. The post Palace: Singapore’s Dyson commits P11-b investment in Phl by 2024 appeared first on Daily Tribune......»»
Export powerhouse emerges — Pascual
The Marcos administration is aiming to make the country an export powerhouse after setting a target of $240.5 billion in total export growth until 2028. This was announced by President Ferdinand Marcos Jr. and Trade Secretary Fred Pascual on Thursday during the first-ever International Trade Forum, with the theme “Empowering Philippine Industries,” which highlighted the launch of the Philippine Export Development Plan 2023-2028, as well as critical discussions on the benefits brought by the Regional Comprehensive Economic Partnership Agreement. Under the PEDP 2023–2028, the total export target until 2028 depends on the growth of the top eight export sectors, which comprise 88.5 percent of the country’s total exports. The PEDP sets a total export target of $126.8 billion for this year, 5.6 percent higher compared to the total export receipts of the Philippines in 2022 of $78.84 billion. Further, the PEDP is aiming that the total exports will grow further to $143.4 billion in 2024 and $163.6 billion in 2025. On the other hand, total exports in 2026 are expected to post $186.7 billion, and $212.1 billion in 2027. Two historic milestones “We find ourselves standing on the cusp of two historic milestones: The unveiling of the PEDP 2023-2028 and the advocacy campaign kickoff in the Philippines for the RCEP Agreement. These two strategic pillars will be instrumental in bringing our theme of ‘Empowering Philippine Export Industries’ to life by showing how we can tap the global export markets and investment opportunities,” DTI Secretary Fred Pascual said. He said the forum is a crucial part of the Department’s efforts to heighten awareness of stakeholders on trade policies and their impacts on their businesses and encourage more micro, small, and medium enterprises to participate in trade policy formulation. The event brought together more than 200 representatives from the government, the Philippine business sector, foreign trade agreement partners, and business chambers. Tapping vast potential of Philippine exports With the aim of tapping the vast potential of Philippine exports, the PEDP enables the shift in the government’s approach in terms of export development. It puts export development on a national agenda and focuses on addressing binding constraints to export competitiveness, expanding the country’s export capacities, and seizing growth opportunities in the international market. It likewise seeks to undertake an industry development-centric approach that will make the Philippines a competitive global player. “We need to chart a course that includes cultivating an environment that fosters business growth, empowering our industries not just to survive but flourish in a dynamic global landscape, leveraging the full spectrum of our preferential trade arrangements like the RCEP, projecting the visibility of our products on the international stage, and perhaps most critically, attracting investments to enhance, expand, and diversify our production capabilities,” Pascual emphasized in his message. Further, the Statement of Commitment to Implement the PEDP, which was signed by Pascual together with other public and private sector representatives was presented to President Marcos Jr. during the international forum. The statement commits the signatories in fulfilling the following: (1) Ensuring the implementation of the PEDP; (2) Identifying, implementing, and supporting policies, programs, and projects in line with the PEDP; (3) Addressing binding constraints to export competitiveness, particularly burdensome and unnecessary regulations; (4) Complying with the monitoring, evaluation, communication and reporting of the PEDP outcomes; and (5) Reaffirming the importance of the Export Development Council as a public-private partnership through diligent participation in council meetings. The post Export powerhouse emerges — Pascual appeared first on Daily Tribune......»»
Aboitiz Power commits to spending P190-B on renewables
Aboitiz Power plans to spend an average of P19 billion per year on “greenfield” renewable energy projects over the next decade......»»
ADB commits $9.4b in loans to PH in the next three years
The Asian Development Bank said Wednesday it will scale up lending support to more than $9 billion for the Philippines’ infrastructure, health and job recovery from 2021 to 2023......»»
Google commits to invest $1 billion in deals with news partners
Paris, France---Google plans to invest $1 billion in partnerships with news publishers worldwide to develop a “Showcase” app to highlight their reporting packages, chief executive Sundar Pichai said Thursday......»»
Sam Bankman-Fried sentenced to 25 years in prison for power-obsessed scamming
Manhattan Judge Sentences Sam Bankman-Fried to 25 Years in $8 Billion Scam In a shocking turn of events, Manhattan judge has sentenced Sam Bankman-Fried to.....»»
Julia, Carlo kumasa na sa taping sa Japan, magtatambal sa ‘Hold Me Close’
MULING magpapakilig sina Julia Barretto at Carlo Aquino sa kanilang fans! Magkakaroon kasi sila ng reunion movie na “Hold Me Close” mula sa direksyon ni Jason Paul Laxamana. Sa kasalukuyan, sila ay nasa bansang Japan upang umpisahan na ang paggawa ng pelikula. Sa isang Instagram post, ibinandera ng Viva Films ang ilang posters at isang.....»»
Belmonte, Binay call for climate action funding from development banks
The C40 coalition of cities, a network of nearly 100 mayors, asked MDBs to increase urban climate investment, integrate urban climate action into their strategies, and implement tailored programs to support city projects. .....»»
Milk tariff collections rise by 31% to P2.4 billion
Revenues raised by the government from various imported milk products jumped by 31 percent to P2.36 billion in 2023, the highest in at least eight years, from P1.8 billion in 2022......»»
Sy family invests P5 billion in Megawide affiliate
The Sy family is once again playing a big brother role to a company led by businessman Edgar Saavedra, this time investing in Megawide’s affiliate renewable energy real estate investment trust......»»
Marian Rivera takes on projects that her children can watch
With her upcoming primetime show, “My Guardian Alien,” Marian Rivera has added sci-fi to the growing array of genres — from drama, fantasy, romance, and action to historical and comedy — that the Kapuso actress has successfully ventured into thus far......»»
Cebu Pacific books P8 billion profit in 2023
Low-cost carrier Cebu Pacific found itself landing on solid ground in 2023, as it booked a profit of nearly P8 billion on the back of a resurgent demand for air travel......»»