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Blueprint for a sustainable tomorrow
Through a combination of cutting-edge technology, data science and a culture of innovation, Aboitiz Land is making innovative strides in the real estate industry, establishing benchmarks for sustainability and community development. This commitment to adaptability and progress was underscored by Aboitiz Land CEO and president David Rafael during his presentation at the CEO Forum of the CREBA Golden Jubilee National Convention & Housing Expo on 28 September 2023, held at Conrad Manila. Aboitiz Land's dedication to environmental sustainability is evident in every facet of its residential real estate developments. The company's sustainable master plan features prioritize harmony with nature, respecting the natural topography of the land and integrating existing water and landforms like lagoons and hilly terrain seamlessly. This human-centric approach extends to the promotion of green open spaces across high-end and mid-market projects, fostering a connection between residents and the environment. A pinnacle of this commitment is its residential enclave, The Villages at Lipa, within the 800-hectare integrated LIMA Estate. LIMA Estate proudly holds a five-star BERDE certification, a testament to its eco-friendly practices including energy and water efficiency, waste management and community well-being. Poised to become a blueprint for smart cities, it leverages digital technologies for enhanced urban operations. Aboitiz Land also embraces innovation in construction technology, utilizing precast concrete panels to reduce greenhouse emissions associated with traditional concrete production. This approach not only contributes to a significant reduction in environmental impact but also translates into tangible benefits for homeowners, including reduced energy consumption. Aboitiz Land understands the urgent demand for accessible and quality housing in the Philippines. The company addresses this by strategically placing its projects near emerging growth centers and infrastructure. This not only eases congestion in central business districts but also creates job opportunities for thousands of Filipinos. Aboitiz Land’s notable developments include The Villages at Lipa in LIMA Estate, Foressa Mountain Town in the West Cebu Estate and Ajoya communities in key areas of Central Luzon, which is at the heart of the current infrastructure development and growth centers. To help address the critical issue of 6.5 million housing backlog and rising property costs, Aboitiz Land has introduced OneVecino, an innovative digital platform. This tool provides digitized solutions for property search, payments, customer support and property management. It's tailored to cater to the needs of overseas Filipino workers, making home buying more accessible and secure. Aboitiz Land's commitment to community well-being is likewise demonstrated through various CSR initiatives. Elevate AIDA, in partnership with Connected Women, provides digital skills training to women near our communities in Luzon, advances gender parity and promotes socio-economic development. Meanwhile, Project Banca, recognized as an Outstanding CSR Project in Disaster Resilience, supported 60 fisherfolks with motorized fishing boats in areas affected by typhoon “Odette,” showcasing Aboitiz Land's dedication to community well-being and resilience. Aboitiz Land's corporate governance framework is rooted in core values of Integrity, Teamwork, Innovation and Responsibility. The developer is the real estate arm of the Aboitiz Group, which has consistently been acknowledged as one of the best managed conglomerates in the ASEAN region, exemplified by the Golden Arrow Recognition awarded to Aboitiz Equity Ventures. The post Blueprint for a sustainable tomorrow appeared first on Daily Tribune......»»
HCPTI to ‘make Subic port push NorthPhil economy to new highs’
The development and digitalization of the Subic port can help the economy of North Philippines (NorthPhil) and the rest of the country reach new highs. This projection came from economist and teacher Ronilo Balbieran of the University of Asia and the Pacific, citing the vast expanse and strategic location of NorthPhil’s constituent regions north of Metro Manila. Balbieran said Central Luzon, Cagayan Valley, Ilocandia and the Cordilleras could gain unprecedented economic growth from the Subic Port’s development into a truly world-class international gateway vis-a-vis a similarly ongoing modernization of the Clark Freeport Zone, creating a logistical superhighway and growth corridor, whose benefits would spill over to the rest of the archipelago. Poised to modernize the Subic Port is Harbour Centre Port Terminal Inc. (HCPTI), making its operation fully digitalized and serve as the centerpiece and crowning jewel of the entire Freeport zone. The HCPTI’s development plan envisions the Subic Port as the main draw in the marketing of Subic as an investment destination, the facility being a supposedly world-class international gateway and a catalyst of global trade and commerce. Underscoring the significance of distance in logistics, particularly involving marine freight, Balbieran said the Subic port would highlight the strategic location of NorthPhil in relation to six of the countries in the ASEAN and most of those in the Pacific Rim, including Central America. Balbieran also echoed the “sales pitch” of the Department of Tourism and the Tourism Promotions Board hailing NorthPhil as an undisrupted land mass of diverse nature, culture and adventure, featuring a wealth of resources of four large regions between the West Philippine Sea and the Pacific, or from ridge to reef and from coast to coast. “Those regions account for 18 percent of the country’s total GDP (Gross Domestic Product), adding P3.9 trillion to the national economy just for 2022. And in the last two years, these (regional economies) have grown faster than Metro Manila and the entire nation,” Balbieran explained. “With larger investments in expansion and digitalization, the Subic port can further ignite domestic and international trade to and from Luzon, which will expand the economy of NorthPhil even faster.” NorthPhil comprises 84,526 square kilometers, accounting for 28.2 percent of the country’s entire 300,000 sqkm. NorthPhil’s total land mass alone is equivalent to 76.9 percent of Luzon’s 109,965 square kilometers and 87 percent of Mindanao’s 97,530 sqkm. At the same time, the HCPTI’s modernization of the Subic port is also “consistent and fully aligned” with the PBBM administration’s infrastructure and logistics development policy thrust. Balbieran said the National Logistics Strategy of the Department of Trade and Industry included both public and private investments in Logistics 1 of the 6 pillars of improving the country’s logistics efficiency. “The Strategy emphasizes massive investments in ports nationwide, as more than 90 percent of goods pass through the ports,” Balbieran said of what was revealed by the DTI at the recent conference of the Supply Chain Management Association of the Philippines. The DTI’s National Logistics Strategy is also expected to incorporate or be seamlessly integrated with those of the departments of Agriculture, Transportation, Public Works and Highways, and Interior and Local Government as part of another plan to develop a food logistics chain, a cold chain industry, port infrastructure, and farm-to-market roads, thus ensuring affordable availability of food to consumers in real time by reducing logistics cost through investments in appropriate infrastructure and digital technologies. “Thus, the ‘expansion and digitalization of the Subic Port’ by the HCPTI is consistent with the National Logistics Strategy and Food Logistics Plan of the DTI, both getting the nod of President Ferdinand 'Bongbong' R. Marcos Jr. recently,” Balbieran said. “Specifically, though, HCPTI’s modernization of the Subic port will help bring down logistics costs, not just for the businessmen in Northern Luzon, but also for (those in) the rest of the Philippines who will use such facility to trade internationally.” Balbieran said both the DTI and the World Bank had described the Philippines’ logistics cost as “one of the highest” in Southeast Asia at more than 20 percent of sales, compared with Thailand’s only 11 percent. The post HCPTI to ‘make Subic port push NorthPhil economy to new highs’ appeared first on Daily Tribune......»»
Post-pandemic scenario presents great opportunities for trade, says Swiss envoy
Europe should consider the "exciting" opportunities Asia has to offer due to exciting developments in the region, President Ferdinand Marcos Jr. recently said. In a statement from Malacañang released on Thursday, Marcos made the remark last Wednesday after the new Swiss Ambassador to the Philippines, Nicolas Brühl, presented his credentials in a ceremony at Malacañan Palace in Manila. "I think it is actually wise in terms of European countries, Switzerland included, to look to ASEAN, to look to Asia. Although there are other geopolitical disturbances, shall we say, but the opportunities are quite exciting," President Marcos said in welcoming in Brühl. "ASEAN leaders have come together to really strengthen the economic systems that we have in place, the weaknesses that have shown up during the pandemic. We're all trying to learn the lessons that the pandemic brought with it," he added. The President, who accepted the credentials of the Swiss envoy, said that he thinks the post-pandemic scenario presents a great opportunity for greater collaboration with the Philippines now understanding how the world works. The world doesn't work the same way that it did in 2019 and it is faring differently, Marcos said. "And so that's why I always value partnerships and alliances and agreements between countries. And I think (with) Switzerland, that has always gone very smoothly. Let's hope that it continues in that direction," Marcos told the Swiss ambassador. The Swiss ambassador said that the Swiss Foreign Ministry's Southeast Asia strategy proves that the region is of utmost importance and vowed to partner with it in the future. Last year's 65th-year celebration of the bilateral relations between the Philippines and Switzerland is already a good start, he said. The two countries celebrated 65 years of diplomatic relations in January 2022. The Philippines and Switzerland continue to maximize the benefits of the Philippines–European Free Trade Association Free Trade Agreement (PH-EFTA-FTA). The EFTA States, Iceland, Liechtenstein, Norway, and Switzerland, signed a Free Trade Agreement (FTA) with the Philippines in Bern, Switzerland on April 28, 2016. The EFTA-Philippines FTA entered into force on 1 June 2018, for the Philippines, Norway, Liechtenstein, and Switzerland and on 1 January 2020 for Iceland. The FTA covers trade in goods, trade in services, investment, competition, the protection of intellectual property rights, government procurement, and trade and sustainable development. The post Post-pandemic scenario presents great opportunities for trade, says Swiss envoy appeared first on Daily Tribune......»»
Regional groups promote linkages
To link business owners, the Management Association of the Philippines had sealed a partnership with two other ASEAN business organizations. During MAP’s international CEO Conference last week, the group president, Benedicta Du-Baladad, sealed a memorandum of partnership and cooperation with the Singapore International Chamber of Commerce and the Thailand Management Association. Singaporean SICC chairperson Bicky Bhangu and TMA president Nithi Patarachoke signed the MPC with Baladad, witnessed by the ASEAN Secretary-General Kao Kim Hourn who delivered the keynote address during the Conference, George Barcelon, a Philippines representative to the ASEAN Business Advisory Council, and Ambassador Tull Traisorat of Thailand. Deeper business linkages as goal The MPC seeks to deepen business linkages within the region and assure its active cooperation in the goal towards ASEAN centrality, described as “the primary driving force in its relations and cooperation with its external partners.” Aside from sharing best management practices, the partnership aims to pursue mutually beneficial partnerships within the region through undertaking education, information activities, and training programs that can enhance the knowledge and skills of management practitioners and future leaders, and advocate for reforms that will improve the ease of doing business in the ASEAN region. “The future of integration in ASEAN should be characterized by strong partnerships, development driven by innovation, as well as an inclusive approach that gives priority to the people,” Secretary-General of ASEAN Dr. Hourn emphasized in his keynote speech. The partnership initiated by MAP can potentially open the gateway for exploring direct business opportunities among companies in the region and take advantage of the benefits of trade liberalization. Since the members of each of these organizations are already known, it can shorten the process of looking for partners and directly engaging those already involved in the industries of interest. “The bottom line is recovery and growth — and these two are shared goals that can transcend shifting alliances. By enabling these linkages at the business and industry level, we can bypass the bureaucratic impediments and go straight to building partnerships and forging long-term relationships,” Baladad explained. The post Regional groups promote linkages appeared first on Daily Tribune......»»
Climate change, deforestation imperil medicinal trees, plants
The Department of Environment and Natural Resources - Ecosystems Research and Development Bureau (DENR-ERDB), the principal research arm and thinktank of the DENR, led the conduct of the ASEAN Conference on Medicinal Forest Trees in Pampanga, citing the huge potential of medicinal trees for the health and wellness of Filipinos. Some 117 participants from the Philippines, Indonesia, India, Bangladesh, Nepal, and Pakistan took part in the three-day conference last week where experts underscored the need to implement active conservation efforts to protect and propagate medicinal plants amidst climate change and other threats, noting that the country has yet to maximize the economic value of medicinal plants. Maria Lourdes G. Ferrer, ERDB director, said forest species studies reveal interconnected relationships between nature and human health used by indigenous people worldwide for disease treatment. Ferrer said there is a need to gather and preserve indigenous knowledge on medicinal plants and medicinal forest trees given their benefits and potential for economic activity. "As we embark on this intellectual journey, let us remember that our discoveries have the potential to touch lives, alleviate suffering, and shape the course of healthcare and medicinal forest tree species conservation," Ferrer said. For his part, ERDB Assistant Director Conrado B. Marquez said habitat protection through active management of forests, and governance with the appropriate funding allocation are vital for medicinal forest trees to adapt and become resilient to climate change. Marquez said the ERDB is mandated to develop protocols on propagation and plantation development and management. "We are working now on a technology called tree fortification. We are trying to fortify trees in a manner that will make them more resilient to pests and to add to the viability and manageability of particular tree species," Marquez said. The objective of tree fortification is to protect threatened tree species and increase their population. The ERDB is also doing other vegetative propagation measures such as cloning to address the scarcity of species. Dr. Pastor Malabrigo Jr., professor at the University of the Philippines Los Baños, said that based on the database of medicinal species in the country 456 tree species have known medicinal value. "We have 3,500 tree species. It's safe to assume that we are underutilizing our plant resources. There are rare, threatened species, the public is not familiar with, which are not being used. We have to give attention to these," Malabrigo said. He encouraged the event poster presenters to publish their research on medicinal plants for people to recognize these and increase public awareness. The post Climate change, deforestation imperil medicinal trees, plants appeared first on Daily Tribune......»»
DENR spotlights medicinal forest tree research at ASEAN conference
The Department of Environment and Natural Resources - Ecosystems Research and Development Bureau on Sunday emphasized the importance of advancing research on medicinal plants and forest trees, underlining their crucial role in increasing awareness of their potential benefits and optimizing their use. This message was conveyed at the conclusion of the ASEAN Conference on Medicinal Forest Trees on 7 September in Pampanga, gathering 117 participants from across Southeast Asia. ERDB Director Maria Lourdes G. Ferrer urged all participants to continue championing research, innovation, and responsible management of the country’s natural resources, emphasizing the importance of collaboration and information sharing to bring about transformative change. “Through your rigorous research, innovative thinking, and unwavering commitment to responsible stewardship of our natural resources, we have unearthed possibilities that will undoubtedly expand beyond the limits of current knowledge,” Ferrer said. Ferrer noted that the conference discussions not only deepened understanding but also promoted collaboration for the advancement of medicinal non-timber forest species. Besides the inadequate research support, the conference acknowledged the shortage of published literature on medicinal forest trees. It also emphasized the substantial threats posed by forest degradation and habitat loss to vital medicinal forest tree species. Furthermore, there is a pressing need for more "ethnobotanical" and pharmacological research on medicinal plants and forest trees. The ERDB recommended integrating these issues into the DENR's Research, Development, and Extension (RDE) Agenda, while also continuing efforts to collect data on medicinal forest trees and conducting ongoing ethnobotanical and pharmacological research. To enhance science communication, there will be an improved information and education campaign on the medicinal value of forest trees, along with increased promotion of RDE on medicinal forest trees. The publication of research results will continue to raise awareness and encourage the use of these valuable resources. “Together, we can fully realize the medicinal potential of our forest trees, creating a brighter and healthier future,” Ferrer concluded. The post DENR spotlights medicinal forest tree research at ASEAN conference appeared first on Daily Tribune......»»
PBBM calls for inclusive digital integration at ASEAN Plenary
JAKARTA, Indonesia – President Ferdinand Marcos Jr. on Tuesday called for an inclusive digital transformation among the Association of South East Asian Nations (ASEAN) countries, saying that growth only matters when it is inclusive. In his intervention at the 43rd ASEAN Summit Plenary here, Marcos said that the digital transformation of the economy has granted ASEAN the opportunity to overcome geographic limitations and deepen economic integration. "The interoperability of our systems, in terms of digital trade, digital payments, and the like, should foster a vibrant digital economy that is interconnected as it is secure," Marcos said. He also called for increased support for the participation of micro, small, and medium enterprises (MSMEs) and start-ups in the digital and creative economies. "Creativity and innovation are the way to the future," Marcos said. "Let us strengthen collaboration and align our policies, including establishing a regional scope of the creative economy, closing financing gaps, and managing digital readiness capacities." Marcos also stressed the importance of ensuring that everyone has access to the benefits of digital transformation. "We must continue to prepare our people, especially the marginalized and the vulnerable, for the digital future," Marcos said. "The citizens of ASEAN should reskill and upskill to maintain their leading roles in our economies." He also called for improving digital infrastructure and providing safe and secure digital learning opportunities. "Improving access to safe and secure digital learning opportunities, fostering digital literacy, and developing transferable skills in ASEAN will therefore remain our priority," Marcos said. The post PBBM calls for inclusive digital integration at ASEAN Plenary appeared first on Daily Tribune......»»
Digitizing a must — Concepcion
Honing and making micro, small and medium enterprises fully engrossed with digitization is now a must for every country in the ASEAN Region to fully realize the expanding opportunities presented by digital transformation, according to ASEAN-Business Advisory Council Philippines chairperson Joey Concepcion. “The power of digitalization is there; we just have to use it. It’s time that we really focus on the objective of greater prosperity, especially for those at the bottom of the pyramid, using whatever tools we have,” Concepcion said during a panel discussion on ASEAN’s Digital Powerhouse at the Nexus of Connectivity and Transformation in Jakarta, Indonesia on Sunday. “We must enable MSMEs to use digitalization to their advantage. Digital growth is seen to boost cross-border e-commerce by providing MSMEs with access to new markets and is hoped to promote financial inclusion to underserved populations,” he added. Further, Concepcion noted that although the rapid growth of digital adoption in the ASEAN bodes well for the region’s economies, its growth must be inclusive, with MSMEs being crucial to sustainable growth, to fully realize the expanding opportunities presented by digital transformation. “All of these tools are important to uplift the lives of our people. That’s why we are here: how do we solve big problems, especially for those who are at the bottom of the pyramid,” he said, pointing out that four of the 10 countries in the ASEAN have nearly a fifth of their populations still living in poverty. Region’s biggest tech players The session gathered some of the region’s biggest technology players, as well as key stakeholders from leading multinational companies, global financial institutions, and government organizations. The session delved into the development of strategic policies — including financial technology, e-trade, and cross-border trade facilitation. “The power of digital has to be used. The crisis pushed people to use these tools and this is one of the reasons we in the ASEAN BAC Philippines proposed to sign an MoU with each ASEAN country to focus on sectors that will bring development, specifically agriculture and MSMEs,” he said. He also pointed out that digitalization will stand to benefit even the one-man businesses — also known as nanopreneurs — who now have a better chance at succeeding because they have access to marketing tools and digital payment solutions. “We are the big brothers. Unless we embrace the MSMEs in our value chain this is going to take a long time. That is our mission as ASEAN BAC heads, to see to it that greater prosperity is achieved,” he said. Private sector feedback The ASEAN BAC was organized to provide private sector feedback and guidance to boost ASEAN’s efforts towards economic integration. It was said in the discussion that ASEAN has emerged as the world’s fastest-growing Internet market, with a 40 percent annual growth in the value of e-commerce between 2016 and 2021. Further, it is set to become the world’s fastest-growing digital market driven by a growing consumer market and the rapid adoption of social commerce platforms by its population. “This growth must be inclusive to unlock the benefits. It must be used to enable MSMEs,” he said. Phl case cited Concepcion cited the Philippines case as an example of how digital technology has helped MSMEs compete with big corporations and gave birth to a thriving digital economy that was further hastened by the pandemic lockdowns. Aside from Concepcion, other speakers in the session were Sam Myers, deputy trade commissioner for Asia Pacific (Southeast Asia) at the UK Department for Business and Trade; Haslina Taib, CEO of Dynamic Technologies; Yuem Kuan Moon, CEO of Singtel; and Kok Ping Soon, CEO of Singapore Business Federation. Bank of Indonesia Governor Dr. Perry Warijjyo, Temasek Holdings CEO Dilhan Pillay Sandrasegara; and Japan External Trade Organization Chairman Ishiguro Norihiko delivered keynote remarks, while ASEAN-BAC Indonesia Policy Manager for Digital Transformation Yohanes Lukiman gave a policy presentation. The post Digitizing a must — Concepcion appeared first on Daily Tribune......»»
More German firms eyeing Phl investments
More German firms are inclined to invest in the country given the Philippines’ good economic and investment posture, according to a recent survey from the German-Philippine Chamber of Commerce and Industry Inc. This was revealed by GPCCI President Stefan Schmitz during his meeting with Philippine Economic Zone Authority director general Tereso Panga last Tuesday, 22 August. During the meeting, GPCCI presented to PEZA the results of its bi-annual AHK World Business Outlook survey conducted among the GPCCI members. According to GPCCI, the results of the Spring 2023 survey revealed that the Philippines generally exhibited a better/higher result in the areas of economy, investments, employment, overall situation and expectations. In terms of investments, the survey revealed that 46 percent of the participating GPCCI members are likely to invest more in the country within the next 12 months. Recent advancements in EU-Phl FTA Given the recent advancements in the EU-Philippines free trade agreement and the positive outcome of a successful economic briefing in Germany back in July, we are confident that many German businesses will increasingly consider investing in the Philippines,” stated GPCCI president Schmitz. Despite this, GPCCI also raised some issues and concerns affecting German investors including the amendment of the Corporate Recovery and Tax Incentives for Enterprises or CREATE Law, as well as the PEZA Law, the high cost of doing business in the country, and the swift implementation of Executive Order 18. Issued on 23 February 2023, EO 18 is part of the Marcos administration’s eight-point agenda, which mandates all government offices, including the local government units, to expedite the processes involved in the issuance of permits, licenses, and certifications required to implement. The policy also directs the Board of Investments’ One-Stop Action Center as a Single Point of Entry further ensuring efficiency and ease of doing business in the country. PEZA accedes In response to this, Panga shared that PEZA is happy with surveys that compare the Philippines across ASEAN as it shows a vibrant outlook for the country as an investment destination. Highest growth rate in ASEAN “In ASEAN now, the Philippines is projected to have the highest GDP growth rate, making the Philippines one of the best-performing economies in the region and we need to take advantage of that. We don’t want to pass up on these opportunities. We can only realize these FDI leads if we’re able to improve our ease and cost of doing business,” he explained. Further, Panga said that they are glad that the President has already issued a compelling statement, directing concerned government offices to look into the CREATE, with the objective of amending it “… so that immediately we can provide relief to our locators who are unable to fully enjoy their incentives.” “These are the investors we have attracted to invest in the Philippines because of that promise of benefits and incentives as contained in the CREATE and in our registration agreements with PEZA. I think that should be the starting point before we can echo the call of the President to global investors that the Philippines is the smart investment destination in the region and that the best time to invest in the Philippines is now. We need to honor our commitments,” he explained. Panga also mentioned that PEZA will ask Congress to amend the 28-year-old PEZA Law to be able to cope with the demands of agile locators and remain competitive worldwide amid the fast-changing market trends. PEZA and the GPCCI both vowed to strengthen their collaborations to continuously attract German investors and other foreign investments in the country and even encourage existing investors to expand operations in the ecozones. GPCCI president Schmitz said, “With our longstanding partnership with PEZA, we eagerly anticipate offering our unwavering support to foster the promotion of the Philippines among German investors.” “We are positive that with your help, we can amplify our brand of service so that as we promote ecozones, we create connectivity until such time that the Philippines is dotted with all ecozones and we can see, at best, ease of doing business in the country so that investors will be able to maximize their investments in the Philippines and we can be more competitive in the region,” expressed the PEZA chief. PEZA currently hosts 40 registered German locator companies/projects which contribute P42.865 billion in investments (1.57 percent of the total PEZA investments), $412.664 million in exports, and 21,005 direct jobs. The post More German firms eyeing Phl investments appeared first on Daily Tribune......»»
Rethink tax
How does the Philippines attract more foreign investment? Last week, big business groups, including the American Chamber of Commerce of the Philippines and investors inside Clark and Subic freeports, appeal the review and amendment of pertinent rules issued by the tax bureau to preserve the original intent of the Create Act. According to the group, the IRR and the BIR issuances “effectively stopped” the enjoyment of the tax incentive and other fiscal perks, as some investor firms are now levied with VAT and other taxes. The group cited data from the World Bank, which showed that the Philippines only account for 5 percent of the total average foreign direct investment in the Asean (2011-2021) while neighbors like Singapore, Indonesia, Thailand, Malaysia and Vietnam account for 53 percent, 11 percent, 11 percent, 9 percent and 8 percent, respectively. They warned that, if the issue is not resolved, the Philippines’ ranking in global competitiveness might further slide down. In fact, Taiwanese businesses inside Clark and Subic freeports have been appealing to the authorities about these benefits issue for some time. As it is widely known, while Filipinos have high English proficiency, high electricity rates, poor infrastructure, transportation systems inadequacy, supply-chain shortages and lack of tax incentives are among the issues businesses are facing in the Philippines. Vietnam and Singapore have been top investment destinations for Taiwanese companies in the Asean. It is estimated that the overall volume of investment from Taiwan to the Philippines is only 1/16 of overall Taiwanese investment in Vietnam. To create a more amiable environment for FDI, it takes the government to be more determined to invest in infrastructure projects and address these pressing issues with all-out effort. In recent months, the Taiwan Semiconductor Manufacturing Co., referred to as “the sacred mountain” that protects Taiwan, has declared several investment plans in the US, Japan and Germany. These projects have raised global attention and it is worth noting that the German government reportedly will contribute up to €5 billion (P306 billion) to the European Semiconductor Manufacturing Company plant in Dresden, Germany, which will be 70-percent owned by TSMC, with German multinational engineering and technology company Bosch, German semiconductor manufacturer Infineon and Dutch semiconductor designer and manufacturer NXP each holding 10 percent equity stake. German public broadcaster Deutsche Welle reports that the reason TSMC chose Dresden to build the factory is most likely because of the cluster effect. Dresden is the capital city of the German state of Saxony where it has been the epicenter of chip production in Europe. It is reported that every third semiconductor made in Europe comes from Saxony. The region also benefits from the presence of prominent research institutes and universities to provide talents, such as Fraunhofer and Technical University Dresden, one of the foremost technical institutions in Germany. Simply put, while investment incentives are not something required for companies when they make decisions to invest in a certain country, it does play a significant role and the authorities have to consider how much they want to attract foreign investment and use these critical tools wisely. The post Rethink tax appeared first on Daily Tribune......»»
Pascual pushes for ASEAN trade upgrade
Trade Secretary Alfredo Pascual, who graced the 37th Meeting of the ASEAN Free Trade Area Council in Semarang, Indonesia on Saturday, has called on Philippine counterparts in the ASEAN region to address long-standing issues that affect the fruition of preferential market access in the region through the upgrade of the ASEAN Trade in Goods Agreement, or ATIGA. ATIGA aims to achieve a free flow of goods in the region resulting in fewer trade barriers and deeper economic linkages among member states, lower business costs, increased trade, and a larger market and economies of scale for businesses. Through ATIGA, Brunei, Indonesia, Malaysia, Philippines, Singapore and Thailand have eliminated intra-ASEAN import duties on 99.65 percent of their tariff lines. Cambodia, Lao PDR, Myanmar, and Vietnam earlier have reduced their import duties to 0-5 percent on 98.86 percent of their tariff lines. During the meeting, Secretary Pascual maintained that the upgrade of the ATIGA is an opportune time to address trade issues within ASEAN. Further, the DTI secretary also recommended the establishment of a mechanism to address timely resolution of trade issues to fully realize the benefits of ATIGA and encourage stakeholders to utilize the agreement. As part of the country’s efforts to digitize trade, Pascual also reiterated the Philippines’ commitment to the enhancement of the National Single Window or TradeNet. He reported that the Philippines is on track to fully issue and accept electronic Certificate of Origin Form D within the year. Pascual said the DTI is working closely with the Bureau of Customs and the Department of Finance in said endeavor. Meanwhile, in a closed-door meeting with ASEAN Business Advisory Council Chair Arsjad Rasjid and the Philippines delegation to the ASEAN-BAC composed of George Barcelon and Josephine Romero, Pascual welcomed the key initiatives of the private sector under Indonesia’s ASEAN 2023 chairmanship. The post Pascual pushes for ASEAN trade upgrade appeared first on Daily Tribune......»»
Online food delivery is elevating
The country’s online food delivery market has grown significantly since the 2020 Covid-19 pandemic, with the Philippines recording $2.4 billion in food delivery platform gross merchandise value last year. Indeed, independent market research titled “Philippines Foodservice Market-2023-2028” showed the domestic market is expected to grow at a CAGR of 7.83 percent. As the country’s economy and supply chain is on the path to recovery, the food service industry has recovered in terms of demand. The food service market in the Philippines is highly driven by the rise in value-conscious consumers willing to try new restaurants with a wide range of menu options. The increasing consumer preference for convenient, on-the-go food options has become another primary market driving factor. With the steady growth trajectory of the food industry, foodpanda has teamed up with IoT-based company QUBE Smart Technology Corporation to elevate the food delivery experience to another level. foodpanda logistics Philippines operations manager Ruben Mariano expressed his excitement for the partnership. “It is a delivery partner and customer-centric collaboration where we aim to make their lives more comfortable and easier. Our Ka-panda delivery partners won’t have to wait, and customers won’t have to wait, either. This improvement will enhance the overall experience and satisfaction of all stakeholders in the ecosystem.” The agreement was recently formalized in a contract-signing event that will see the two companies collaborating to bring consumers a seamless food delivery experience. The partnership aims to optimize the delivery process, providing convenience to consumers and delivery partners. After a customer places an order through the app, foodpanda logistics delivery partners can conveniently store the food or groceries inside QUBE Digital Smart Lockers. These lockers are strategically placed near the app user’s location, ensuring a safe and hassle-free pickup. For QUBE Smart Technology president and CEO Elcid Lao, the partnership is a giant leap of innovation for QUBE and foodpanda logistics and its stakeholders, such as the delivery partners and Filipino consumers. “It allows everyone to experience seamless transactions by ordering through the app and picking up the items directly from our Digital Smart Locker.” Convenient and seamless “This is a big milestone not just for foodpanda logistics and QUBE but also for its existing customers and the entire Filipino people. It will be the first here in the Philippines and together with our ASEAN neighbors,” Lao mentioned. First introduced by QUBE, the smart locker system came to the Philippines to fulfill the need for contactless delivery and safe storage during the pandemic. It eliminates the precarious face-to-face encounters associated with the delivery of parcels and goods. Mariano explained that, beyond the benefits of contactless delivery, it also ensures an even more efficient transaction process for delivery partners. “It empowers our Ka-pandas with enhanced ease and convenience when fulfilling orders, enabling them to maximize their time and productivity during their time slot.” “Both companies are at the forefront of revolutionizing their respective fields — we want to optimize the logistics in our operations while QUBE drives advancements in technology through extensive software and hardware research and development. By combining our strengths, we aim to deliver groundbreaking solutions for a seamless, sustainable, and convenient customer experience,” Mariano added. The post Online food delivery is elevating appeared first on Daily Tribune......»»
Global wearable firm moves to Vietnam
The government should work harder in pursuing a free trade agreement, or FTA, with the European Union, or else the wearables sector will be “collateral damage” in the tough competition against ASEAN neighbors. This is after the Confederation of Wearable Exporters of the Philippines or CONWEP executive director Maria Teresita Jocson-Agoncillo revealed that a global brand has already folded and packed things up to transfer to Vietnam. “It is because Vietnam has an FTA with the European Union. They enjoy zero tariffs because their exports are Europe bound. Here, they are paying 12 percent duties,” Jocson-Agoncillo said on the sidelines of the EU-Phl FTA press briefing on Tuesday at the Board of Investments. Asked for the name of the brand, the CONWEP executive did not divulge the brand, as she is a signatory of a non-disclosure agreement with the said brand. Aside from not having an FTA with the EU, workers in ASEAN competitors, such as Vietnam and Cambodia, have significantly low wages compared to the Philippines. Double-digit declines Further, Jocson-Agoncillo said their industry has experienced double-digit declines in 2022. “There are three reasons, the market, the global market, is slowing down. After the surge last year, I’m really getting fewer orders. We’re getting to be very uncompetitive. We just had a recent wage hike. So, there’s another one coming our way. Compared to Cambodia, and Vietnam, we’re reaching $8 minimum wage already. My competitors are at six and seven dollars a day. I have another wage hike coming,” she told reporters. On Tuesday, Trade Secretary Alfredo Pascual said his department will make sure that the EU-PHL FTA will be realized under the term of President Ferdinand Marcos Jr. Benefits of EU-FTA Further, Jocson-Agoncillo said an increase of 300 percent in their exports is expected if the proposed free trade agreement with the EU is realized in the coming years, which can be leveled with the exports they are making to the United States. “We’re doing $200 million now for the European market. So easily, we can move forward to $600 million in the first two years. It can push on to a $800 million to $1 billion performance per year, the fourth or fifth year of implementation of the EU-FTA. I am now at $900 million for the US,” she said. Further, Jocson-Agoncillo stressed that export expansion would also result in more jobs for Filipinos in factories that produce wearables, namely clothing, footwear, textile and bags. “We can create about 120,000 to 250,000 new jobs,” she said. Aside from garments and wearables, BoI managing head Ceferino Rodolfo said other export products that would benefit are in the sector of agriculture. “Of course, there are also other sectors, in particular in the agricultural sector. If you look at the value profile of most advanced economies, the highly protected sectors would be the resource base. So, in particular agriculture, and then the garments are highly protected,” Rodolfo said. The post Global wearable firm moves to Vietnam appeared first on Daily Tribune......»»
Nuke challenge (2)
As time passes, the country risks becoming a doormat in terms of ensuring an ample supply of electricity at an economical cost, which are the benefits being realized by its neighbors through nuclear energy. There are 445 nuclear reactors in the world that are currently in operation and another 57 are under construction. A total of 30 countries are involved in nuclear energy production, including the US, France, China, Japan and Russia, according to the National Academy of Science and Technology, which is the authority on nuclear energy in the absence of a regulator. The global capacity of nuclear power, however, has progressively decreased due to changes in Western government policies and the shutdown of reactors in Japan, Germany and the US. Still, there was an increase in global nuclear generation by 1.4 percent in 2016 largely attributed to China’s 23-percent rise. Nuclear power’s share in the total generation mix fell to 11 percent in 2015 but still corresponds to nearly a third of the world’s low-carbon electricity production. In the ASEAN, the primary demand for energy grew by 70 percent between 2000 and 2016. Three-fourths of the region’s energy production is based on fossil fuels. Vietnam is intent on expanding nuclear power generation as manifested by its agreement with Russia and Japan to build two plants. Thailand, on the other hand, has not pursued its nuclear program since 2014, while Indonesia will open to nuclear energy after 2025. The Malaysia Nuclear Power Corporation states that the country will wait until 2030 for a similar facility of its own. Recently, the House special committee on nuclear energy adopted a resolution calling on the Department of Energy to create a Nuclear Energy Division. Pangasinan Representative Mark Cojuangco, the panel chairperson, adopted House Resolution 387, which is in line with the objective of incorporating nuclear power into the energy mix. The proposed DoE division would be in charge of developing the framework for utilizing and managing nuclear energy in the country. It should also further advance the plan to utilize nuclear energy to combat the rising prices and the lack of electricity supply. In his first State of the Nation Address, President Ferdinand R. Marcos Jr. said it was “time to re-examine” the country’s strategy toward building nuclear power plants. “We must build new power plants. We must take advantage of all the best technology that is now available, especially in the area of renewable energy,” he said. An additional capacity of 43.765 megawatts or an additional 73 high-capacity power plants will be needed by 2040. Its continued dependence on imported fossil fuels makes the country vulnerable to world energy price volatilities. By comparison, the cost of generating nuclear energy is less sensitive to fuel price hikes due to the larger component contributed by its capital cost, thus making nuclear plants an important baseload power generation source as demonstrated in many countries. The government’s international commitment to bring down greenhouse gas emissions by 70 percent will bank on the nuclear energy initiative since renewable energy is not delivering the benefits as promised. Coupled with strong programs on carbonless energy production, considerable greenhouse gas reductions can expectedly be achieved. As the country heavily relies on fossil-based fuels, energy from nuclear fuel is seen as a viable solution to mitigate the effects of climate change. Global energy demand is predicted to increase by 2030 and so with the carbon emission. For several urgent reasons, economic growth and the ecological balance included, the imperative is for the DoE to defy its detractors and step up to embrace nuclear power as a source of electricity. The post Nuke challenge (2) appeared first on Daily Tribune......»»
Friends with benefits
The Philippines and Argentina reaffirmed their enduring friendship during the 5th Bilateral Consultation Meeting held in Manila earlier this year, the first in-person meeting since the start of the pandemic. DFA Undersecretary for Bilateral Relations and Asean Affairs Ma. Theresa P. Lazaro and her Argentine counterpart, Foreign Affairs Undersecretary for Foreign Policy Claudio Javier Rozencwaig, chaired and led their respective delegations to the meeting. [caption id="attachment_155214" align="aligncenter" width="525"] Undersecretaries Lazaro and Rozencwaig.[/caption] The two sides held robust discussions on an agenda that included bilateral trade relations, regional and global developments, exchanges in the maritime sphere, as well as cooperation in the agricultural, scientific and cultural fields. Undersecretaries Lazaro and Rozencwaig underscored the importance of elevating bilateral relations by embracing a more diverse, forward-looking cooperation agenda. Included here is Argentina’s willingness to share its considerable expertise in agricultural technology and experience in nuclear energy, being the first Latin American country to develop its own commercial nuclear energy reactor in the 1970s. For its part, the Philippine side gave a broad briefing on the various incentives given to foreign companies looking to establish an investment presence in the country’s economic zones. At least two Argentine companies already have operations in the Philippines. A highlight of the BCM was the signing of two important agreements—a memorandum of understanding between the Philippine Space Agency and the Argentine National Commission on Space Activities on Cooperation in the Peaceful Uses of Outer Space; and the renewal of an agreement on cultural cooperation. PhilSA Director General Joel Marciano signed the MoU on behalf of the Philippines, while Lazaro initialed the exchange of notes on the renewal of the agreement on cultural cooperation, in the presence of NCCA Chair Victorino Mapa Manalo. The two sides also took the opportunity to discuss regional and global issues such as developments in the South China Sea and the Antarctic region, as well as relations between the United States and China. They spoke about the importance of the multilateral sphere and areas of possible cooperation in terms of the Philippines’ and Argentina’s respective candidatures in the UN system. Lazaro sought Argentina’s support for the Philippines’ bid for a non-permanent seat at the United Nations Security Council for the term 2027 to 2028. Rozencwaig touched on Argentina’s presidency of Mercosur. Other members of the Philippine delegation to the meeting included high-level representatives from the Film Development Council of the Philippines, the Department of Science and Technology, the Philippine Economic Zone Authority, and the Department of Agriculture. The BCM is an important platform for discussing issues of common concern, finding ways to enhance existing cooperation, and charting the course for future engagements. This particular meeting comes at a time when both the Philippines and Argentina prepare to celebrate 75 years of formal diplomatic relations in August this year. The next BCM is expected to be held in Buenos Aires in 2025. During his visit to Manila, Rozencwaig also delivered a presentation (“Argentina and the Philippines in the Current International Context”) under the prestigious Mabini Dialogue format of the DFA-Foreign Service Institute. Professor Aries Arugay, Chair of the UP-Diliman Political Science Department, served as reactor for the lecture. The post Friends with benefits appeared first on Daily Tribune......»»
What experts want to hear during Marcos’ SONA this month
Economists said they are most interested to hear the plans of President Ferdinand Marcos Jr. on managing inflation, creating more jobs and his assessment of the proposed Maharlika Fund at his second State of the Nation Address on 24 July. “I’m looking forward to his plans on inflation and competitiveness. Inflation is a day-to-day concern of the ordinary Pinoy. You and I feel it,” Economics Prof. Ser Peña-Reyes of the Ateneo de Manila University’s Department told The Daily Tribune. The government aims to curb the rise in prices of goods and services within the inflation range of 2 percent to 4 percent this year. Last month, inflation figured at 5.4 percent, the lowest since June last year. In general, food as a basic need was cheaper as its inflation rate decreased to 6.7 percent in June from 7.4 percent in May. However, prices of certain food items, namely rice, fish and vegetables were up. Being also the agricultural chief, Peña-Reyes said Marcos must inform related industries and consumers of his strategies for boosting agricultural supplies and ensuring their efficient delivery to the markets. He said this should help meet the consumer demand which prevents price hikes. “Farmers and fishermen need to be organized to achieve economies of scale, and also be given access to credit, inputs, technology, and markets to make them competitive.” He added, “We really need to have a coordinated effort, similar to what our ASEAN neighbors are doing, where the entire value chain, from farm to fork, is covered.” Prof. Ramon Clarete of the University of the Philippines (UP) said he is keen on hearing from the president, the progress on clustering of farm lots nationwide as a way to increase agricultural production. “The president should end policies in the Comprehensive Agrarian Reform Law of 1988 or CARP and aggressively express support for cluster farming by small farmers.” This is echoed by Philippine Chamber of Commerce and Industry President George Barcelon, who said the government must consolidate small-scale farmers to achieve the economies of scale or increasing harvests at the lowest cost of production possible, through the use of machines and delivery of group assistance, such as loans and skills training, to farmers cooperatives and associations. “Three hectares of farmland allowed by CARP is small land for families of farmers, unlike in other countries. As we invest in machinery, research and development, the government must also allow bigger land for farmers to encourage productivity.” Barcelon added Marcos should also elaborate on his plan on “rightsizing to lessen bureaucracy and corruption.” Rightsizing ensures government agencies perform more efficiently and achieve certain objectives by implementing one or a combination of measures such as reducing the workforce, reorganizing the management team, or hiring new employees. However, he stressed rightsizing should not be confused with reducing government expenses as “it is more about gaining the most benefits for the government and the public in the soundest way.” According to the World Competitiveness Yearbook by the Switzerland-based Institute of Management Development, the Philippines ranked the lowest in government efficiency among 64 countries at 52nd this year from 48th last year. “Competitiveness is very important because it affects our attractiveness as an investment destination for foreign firms to expand their operations here, which would also affect our labor productivity,” Ateneo Prof. Peña-Reyes said. Aside from these, UP Prof. Clarete said he is awaiting statements from the president, which would indicate his support or disapproval of the proposed Maharlika Fund. Proponents of this fund said it will help increase the financial resources of the government and build more infrastructure projects through proceeds from a mix of investment channels such as stocks and bonds. Capital fund sources will come from the Bangko Sentral ng Pilipinas (BSP), Land Bank of the Philippines, and the Development Bank of the Philippines. “In my view, the country is taking a big risk. Poor governance is a problem and remains to be so,” Clarete warned. “It may not happen in this administration but future administrations with nothing to prove as they only inherit the management of it may create innovative ways of stealing from the fund masked as failed investments.” The post What experts want to hear during Marcos’ SONA this month appeared first on Daily Tribune......»»
What experts want to hear during Marcos’s SONA this month
Economists said they are most interested to hear the plans of President Ferdinand Marcos Jr. on managing inflation, creating more jobs and his assessment of the proposed Maharlika Fund at his second State of the Nation Address on 24 July. “I’m looking forward to his plans on inflation and competitiveness. Inflation is a day-to-day concern of the ordinary Pinoy. You and I feel it,” Economics Prof. Ser Peña-Reyes of the Ateneo de Manila University’s Department told The Daily Tribune. The government aims to curb the rise in prices of goods and services within the inflation range of 2 percent to 4 percent this year. Last month, inflation figured at 5.4 percent, the lowest since June last year. In general, food as a basic need was cheaper as its inflation rate decreased to 6.7 percent in June from 7.4 percent in May. However, prices of certain food items, namely rice, fish and vegetables were up. Being also the agricultural chief, Peña-Reyes said Marcos must inform related industries and consumers of his strategies for boosting agricultural supplies and ensuring their efficient delivery to the markets. He said this should help meet the consumer demand which prevents price hikes. “Farmers and fishermen need to be organized to achieve economies of scale, and also be given access to credit, inputs, technology, and markets to make them competitive.” He added, “We really need to have a coordinated effort, similar to what our ASEAN neighbors are doing, where the entire value chain, from farm to fork, is covered.” Prof. Ramon Clarete of the University of the Philippines (UP) said he is keen on hearing from the president, the progress on clustering of farm lots nationwide as a way to increase agricultural production. “The president should end policies in the Comprehensive Agrarian Reform Law of 1988 or CARP and aggressively express support for cluster farming by small farmers.” This is echoed by Philippine Chamber of Commerce and Industry President George Barcelon, who said the government must consolidate small-scale farmers to achieve the economies of scale or increasing harvests at the lowest cost of production possible, through the use of machines and delivery of group assistance, such as loans and skills training, to farmers cooperatives and associations. “Three hectares of farmland allowed by CARP is small land for families of farmers, unlike in other countries. As we invest in machinery, research and development, the government must also allow bigger land for farmers to encourage productivity.” Barcelon added Marcos should also elaborate on his plan on “rightsizing to lessen bureaucracy and corruption.” Rightsizing ensures government agencies perform more efficiently and achieve certain objectives by implementing one or a combination of measures such as reducing the workforce, reorganizing the management team, or hiring new employees. However, he stressed rightsizing should not be confused with reducing government expenses as “it is more about gaining the most benefits for the government and the public in the soundest way.” According to the World Competitiveness Yearbook by the Switzerland-based Institute of Management Development, the Philippines ranked the lowest in government efficiency among 64 countries at 52nd this year from 48th last year. “Competitiveness is very important because it affects our attractiveness as an investment destination for foreign firms to expand their operations here, which would also affect our labor productivity,” Ateneo Prof. Peña-Reyes said. Aside from these, UP Prof. Clarete said he is awaiting statements from the president, which would indicate his support or disapproval of the proposed Maharlika Fund. Proponents of this fund said it will help increase the financial resources of the government and build more infrastructure projects through proceeds from a mix of investment channels such as stocks and bonds. Capital fund sources will come from the Bangko Sentral ng Pilipinas (BSP), Land Bank of the Philippines, and the Development Bank of the Philippines. “In my view, the country is taking a big risk. Poor governance is a problem and remains to be so,” Clarete warned. “It may not happen in this administration but future administrations with nothing to prove as they only inherit the management of it may create innovative ways of stealing from the fund masked as failed investments.” The post What experts want to hear during Marcos’s SONA this month appeared first on Daily Tribune......»»
DTI chief asks EU: Upgrade GSP deal
It is high time for the government to initiate free trade agreement talks with the European Union, Trade Secretary Alfredo Pascual said on Tuesday. Pascual said this during the Malacañang press briefing after reporters asked the Trade chief on the updates of the free trade agreement and the Generalized System of Preference Plus or GSP+ trade with the bloc. “I’ll be going to Brussels towards the end of June to follow-up on the EU GSP+ and also potentially the free trade agreement with the EU,” Pascual said. “We need to start negotiating a free trade agreement, so that’s what we’re discussing and we’ll see. We have support from businesses in Europe that are operating in the Philippines and some members of the European Parliament,” he added. Price of development However, Pascual said the Philippines will no longer be eligible for the GSP+ benefits once it transitions to an upper-middle income country. “This was mentioned to me by the parliamentarians who visited my office. I said we need to initiate the negotiations on a free trade agreement,” Pascual added. Last year, National Economic and Development Authority Secretary Arsenio Balisacan said that the Philippines had the potential to attain the status of an upper-middle-income country by 2024. As per the World Bank’s classification, an upper-middle-income country refers to a nation with a gross national income (GNI) per capita ranging between $4,096 and $12,695. The economic officials from the previous administration believed that this achievement could have been accomplished earlier if it weren’t for the impact of the COVID-19 pandemic. Meanwhile, the Philippines has actively pursued the establishment of a Free Trade Agreement (FTA) with the European Union (EU). President Ferdinand Bongbong Marcos Jr held a meeting with Ursula Von der Leyen, the President of the European Council, during the ASEAN-EU summit in Belgium last year. The post DTI chief asks EU: Upgrade GSP deal appeared first on Daily Tribune......»»
76% of exports enjoy EU perks
Most Philippine exports to the European Union were able to enjoy tariff privileges which are benefits that will be enhanced through a strengthened Philippines-EU bilateral relations. In a keynote message, Department of Trade and Industry’s Undersecretary for Communications and Legislative Affairs Maria Blanca Kim Bernardo-Lokin, on behalf of Trade Secretary Fred Pascual, said 76 percent of exports to the highly developed region. “Utilizing a generalized system of preference plus or GSP+ preferences for 2 billion euro of exports, the Philippines achieved a 76 percent utilization rate, marking an all-time high and a 12-percentage-point increase from 2015,” she explained. The EU GSP+ was extended to the Philippine exports in 2014, resulting in substantial export growth. In 2021, total exports to the EU reached 7.7 billion euro, with 2.7 billion euro eligible for GSP+,” she said. Expiration coming Likewise, she mentioned that discussions regarding renewal are already underway as the country’s GSP+ expires at the end of 2023. Recently, Swedish Minister for International Development and Cooperation and Foreign Trade Johan Forssell and the EU-ASEAN Business Advisory Council (EU-ABC) expressed support for the renewal of the GSP+. Its renewal is set to deliver a win-win outcomes for both the Philippines and the European business community. Undersecretary Lokin also pointed out that the Philippine -European Free Trade Association Free Trade Agreement has significantly contributed to the growth of the country’s exports. From 2018 to 2021, Philippine exports to EFTA grew by 46 percent, which resulted in trade surpluses after the FTA’s implementation. The post 76% of exports enjoy EU perks appeared first on Daily Tribune......»»
EU free trade pact eyed still
A free-trade agreement with the European Union is still being pursued by the Philippine government, as the Trade Department is pushing the resumption of the negotiations for the Philippines-European Union Free Trade Agreement or PH-EU FTA to bring in new avenues for economic growth and cooperation with one of the world’s largest single markets. On Wednesday, Trade Secretary Alfredo Pascual stressed the PH-EU FTA would mean a reduction or elimination of tariffs imposed on goods entering the EU, and will enhance the competitiveness of local products, making them more attractive to European consumers and therefore enabling micro, small and medium enterprises, and Filipino exporters to earn a bigger profit. “Ultimately, what we are focusing on is an enhanced market access for Philippine goods and services to the EU as this will allow exporters to diversify their markets, reach a broader consumer base, and increase their export volumes,” he said. Facilitate FDIs from EU Aside from the benefits to the export sector, the PH-EU FTA will facilitate the influx of foreign direct investments from EU countries, which the DTI sees as a huge contributor to knowledge transfer, job generation, and local industry development. “On 18 May 2023, I met with the Swedish Minister of Trade and International Development Cooperation, His Excellency Johan Forssell, where he expressed support for the Philippines’ interest in the retention of our GSP status and our re-application to the EU-GSP+, as well as the resumption of the PH-EU FTA negotiations,” Pascual said. According to Pascual, in his meeting with Forssell, the latter told him that the Swedish government is supportive of the Philippines’ endeavors as Sweden is a country that is pro-trade and pro-markets. Swedish companies Further, Pascual relayed that Swedish companies are now open to partnering with Philippine companies and are interested in cooperating in terms of technology transfer to support industry development and innovation, and skills upgrading. He said he welcomed Forssell’s expression of support with great optimism. Aside from the Swedish Minister, the European Union — ASEAN Business Council, also expressed support for the Philippines’ push for the resumption of negotiations last Monday during their meeting with Secretary Pascual. The EU-ABC serves as the voice of European businesses in the ASEAN region. Pascual also highlighted that the organization’s support would provide the needed boost to the country’s intent. “We are grateful for this support from the Swedish government and the EU-ABC, especially on the re-starting of the PH-EU FTA negotiations as we prepare to respond to the ongoing trend in economic growth and as we aim to make the Philippines a middle-income economy in the next few years,” he added. The post EU free trade pact eyed still appeared first on Daily Tribune......»»