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PEZA anticipates more Chinese investments in PH
Philippine Economic Zone Authority Director General Tereso O. Panga said more Chinese companies are choosing the Philippines as their next investment destination for their operations, at the completion of the 20th China-ASEAN Expo last 19 September. “With our robust economic performance and aggressive investment strategy, we are bullish in attracting more Chinese investments to the country especially in our ecozones, which can provide the best business ecosystem for our investors,” said Panga. During the Philippine Investment Forum in China, Philippine Ambassador to China Jaime A. FlorCruz highlighted that Chinese investors have expressed positive and increased interest in locating in the Philippines. He reported that the state visit of President Ferdinand R. Marcos Jr. secured over $22 billion in strategic investment commitments. FlorCruz also stated that “In the past 6 months since I took this role as Ambassador, I have met many Chinese executives actively seeking investment opportunities across numerous industries in the Philippines. Many are now poised to invest in the Philippines.” After the forum, two big Chinese companies met with Philippine officials to discuss business opportunities. One company, a leading global provider of smart devices, seeks to expand its presence in the Philippines, especially in the area of consumer electronics. Another company, one of the five largest power generation groups in China, aims to bring in renewable energy projects to the country. PEZA seeks to attract investments from high-tech industries and emerging technologies in industrial manufacturing transport, technology media and telecommunications, health and life sciences, agro-processing, renewable energy development and green ores. To date, a total of 164 Chinese companies/projects are registered at PEZA, generating P25.822 billion investments (as of May 2023) and creating 16,221 direct jobs (as of March 2023). On the sidelines of the CAEXPO, Panga represented the Philippines during the Roundtable Meeting on Investment Cooperation with the theme: “China-ASEAN Cooperation in Green Low-Carbon and Digital Economy”. He noted, “The China-ASEAN Cooperation in Green Low-Carbon and Digital Economy represents a vital step toward sustainable development, environmental conservation and economic growth, not just for the participating nations but for the entire world.” The PEZA Chief also laid out some of the initiatives of PEZA and the national government to contribute to attaining the Sustainable Development Goals. These projects include the integration of SDGs to the Philippine Development Plan (PDP) 2023-2028 and PEZA’s participation in the Global Reporting Initiative. PEZA is strengthening its ecozone development initiatives as part of the medium-term strategies under the PDP 2023-2028. Panga explained that on top of the conventional ecozones, PEZA is venturing into new frontiers in ecozone development to cater to new industries and to promote emerging global eco-industrial park models in the Philippines. “We intend to transform our ecozones and our registered export enterprises to be more sustainable, resilient and innovative and thereby make them competitive in the local and global value chain,” he said. So far, PEZA manages 422 economic zones nationwide which host 4,352 locator companies engaged in various industries including export manufacturing and IT-BPO. Considered as one of the largest expositions in China, the CAEXPO is an international economic and trade event co-sponsored by the central governments of China and the ASEAN countries. It is one of the key projects that form part of the Philippine-China Development Plan and is a major promotional platform that supports the country’s ASEAN-China Free Trade Agreement. PEZA is the lone investment promotion agency partner of the Department of Trade and Industry export promotion arm Center for International Trade Expositions and Missions for the CAEXPO participation. Following this event, PEZA joined the Special Envoy to China for the Philippine Investors’ Roadshow in Beijing, China on 26-30 September 2023. The post PEZA anticipates more Chinese investments in PH appeared first on Daily Tribune......»»
China’s Huawei renews patent licensing deal with Ericsson
Chinese telecoms giant Huawei said Friday it had renewed a licensing agreement with Ericsson to use each other's technologies, in a rebuff to US warnings about the risk of espionage by Beijing. Huawei has been at the center of an intense technological rivalry between China and the United States, which suspects the company of spying for Beijing -- accusations Huawei denies. US sanctions on Huawei since 2019 have cut off the firm from global supply chains for American components and hobbled its smartphone arm, forcing it to pivot towards other forms of growth. Washington has also pressured its allies to ban the use of Huawei gear in their 5G telecoms networks, arguing that Beijing could use the equipment to spy on other countries' communications and data traffic. Despite those tensions, Huawei and Ericsson -- based in Stockholm -- have signed a "long-term" global agreement to license each other's patents, the Chinese company said in a statement Friday. The deal covers patents essential to 3G, 4G, and 5G cellular technologies as well as both companies' "respective sales of network infrastructure and consumer devices", Huawei said. The company's intellectual property chief, Alan Fan, said the agreement "demonstrates the commitment both parties have forged that intellectual property should be properly respected and protected". "Our commitment to sharing leading technological innovations will drive healthy, sustainable industry development and provide consumers with more robust products and services," he said. The previous agreement between Huawei and Ericsson was signed in 2016. Back then, Huawei was an insurgent force in the global technology sector with an eye on dethroning Apple and Samsung as the world's top sellers of smartphones. It briefly grabbed that title in 2020 but US sanctions have since clipped its wings and forced Huawei into a strategic refocus on software, connected devices, business computing, smart vehicles, and other sectors. Despite being sidelined from American technologies, Huawei could begin producing its own chips for 5G phones this year, according to media reports about which the company has refused to comment. The post China’s Huawei renews patent licensing deal with Ericsson appeared first on Daily Tribune......»»
Marcos to lead groundbreaking rites of P23-B Samal Island-Davao City bridge
President Ferdinand “Bongbong” Marcos Jr. will lead the groundbreaking ceremony for a P23-billion bridge that will link Samal Island and Davao City on Thursday, Oct. 27. Design Sketch of Samal Island-Davao City Connector Project (Photo courtesy of the Chinese Embassy in the Philippines) The groundbreaking ceremony will signal the start of the construction of the Samal Island-Davao City Connector (SIDC) bridge project, which is expected to spur tourism and economic progress in Davao. It is a 3.98-kilometer bridge project that will connect the Samal Circumferential Road in the Island Garden City of Samal to the R. Castillo –Daang Maharlika junction in Davao City across the Pakiputan Strait. The bridge, which is 3.98-kilometer long, will be constructed within five years and is set to be completed and operationalized in 2027. Once completed, it is expected to reduce travel time from Davao City to Samal from around 30 minutes via ferry to only five minutes. The construction of the bridge will be funded through a loan agreement worth US$350 million or P18.67 billion entered into between the Philippines and China, covering 90 percent of the project cost. It will be built by engineering company China Road and Bridge Corporation (CRBC). The bridge project is among the big-ticket projects mulled under the previous administration’s Build, Build, Build infrastructure program. Malacañang said Marcos will be joined by other national and local officials in the ceremony. Chinese Ambassador to the Philippines Huang Xilian is also expected to witness the event. Aside from the groundbreaking, the President is also scheduled to lead the distribution of various government assistance to individuals in crisis and other people in need. He is also set to attend a situation briefing where he will be apprised of the current state of the region in terms of food security, infrastructure development, trade and commerce, among others. He will also visit the soldiers of the Eastern Mindanao Command to discuss pressing issues involving military services......»»
Biden to Host Japan PM Kishida, Philippines President Marcos
WASHINGTON - President Joe Biden will host Japanese Prime Minister Fumio Kishida and Philippines President Ferdinand Marcos Jr. for a White House summit next month amid growing concerns about North Korea's nuclear program, provocative Chinese action in the South China Sea and differences over a Japanese company's plan to buy an iconic American steel company.White House press secretary Karine Jean-Pierre in a sta.....»»
Century Pacific expands and extends coco product supply agreement with Vita Coco
Century Pacific Food said that it has entered into a new agreement with The Vita Coco Company, which CNPF describes as a “global leader in the coconut water category”, to supply Vita Coco with 90 million liters of coconut water over the next five years......»»
Hotel101 advances listing plan in Nasdaq
DoubleDragon has advanced further plans to list its Singapore-based hospitality subsidiary Hotel101 Global on the US Nasdaq, with the signing of a business combination agreement with a special purpose acquisition company eyed next month......»»
Hotel101 advances
DoubleDragon has advanced further plans to list its Singapore-based hospitality subsidiary Hotel101 Global on the US Nasdaq, with the signing of a business combination agreement with a special purpose acquisition company eyed next month......»»
MVP, Cabangon ink TV content deal
Business titan Manuel V. Pangilinan’s broadcast venture is going all-out in expanding its portfolio and presence, signing a content distribution agreement with the company that used to operate CNN Philippines......»»
Basic Energy signs MOU for joint development of 50MW Batangas wind project
Basic Energy announced that its board authorized the signing of a memorandum of understanding with Renova Inc., a Japanese renewable energy company, to set the framework toward signing a definitive Joint Development Shareholders’ Agreement for the 50 megawatt Mabini Wind Energy Project......»»
FNI inks deal with Baosteel
Two subsidiaries of listed Global Ferronickel Holdings Inc. have signed an agreement with Chinese firm Baosteel Resources International Co., Ltd. (Baosteel) for the supply of up to 1.5 million wet metric tons of nickel ore......»»
China in 2023: Xi doubles down on his 'struggle'
Beijing [China], December 25 (ANI): Throughout 2023, China struggled to emerge from under COVID-19's shadow, after the Chinese Communist Party (CCP) inexplicably reversed course on its policy of draconian lockdowns at the end of 2022. Nobody really knows how many died in the explosive surge in COVID infections, but the predictive science intelligence company Airfinity estimated the death toll as between 1.3 and 2.1 millio.....»»
China in 2023: Xi doubles down on his 'struggle'
Beijing [China], December 25 (ANI): Throughout 2023, China struggled to emerge from under COVID-19's shadow, after the Chinese Communist Party (CCP) inexplicably reversed course on its policy of draconian lockdowns at the end of 2022. Nobody really knows how many died in the explosive surge in COVID infections, but the predictive science intelligence company Airfinity estimated the death toll as between 1.3 and 2.1 millio.....»»
FACT CHECK | Columnist echoes China’s claim regarding non-existent pact on grounded PH vessel in West Philippine Sea
Manila Times columnist Rigoberto D. Tiglao has echoed China’s claim that the Philippines had an agreement with Beijing to remove the BRP Sierra Madre from the Ayungin Shoal in the disputed West Philippine Sea, even if the Chinese government could not produce proof of such an agreement and Manila had denied there is no official […].....»»
House questions SMNI’s China TV partnership
A House panel yesterday questioned the partnership of broadcasting company Sonshine Media Network International with state-run Chinese Global TV Network, citing the dispute over the West Philippine Sea......»»
Para sa 1,800 MW power supply agreement MERALCO BINALAAN NG ERC SA PAGLIMITA NG CSP PARTICIPANTS
BINALAAN ng Energy Regulatory Commission (ERC) ang Manila Electric Company (Meralco) na huwag pumasok sa anti-competitive practices partikular sa ongoing competitive selection process (CSP) para sa 1800-megawatt (MW) baseload capacity. Sa pagdinig ng House Committee on Legislative Franchises nitong nakaraang Miyerkoles, sinabi ERC Chairperson Monalisa Dimalanta, dapat tiyakin ng Meralco na hindi nito lilimitahan ang ….....»»
Global firms upbeat about trade, investment prospects in China
© Provided by Xinhua TIANJIN, Nov. 25 (Xinhua) -- Thai businessman Yocha Sriwan is working to open more sale channels for his company's herbal products, employing his Chinese language skills at an international trade fair in north China's Tianjin Municipalit.....»»
Global firms upbeat about trade, investment prospects in China
© Provided by Xinhua TIANJIN, Nov. 25 (Xinhua) -- Thai businessman Yocha Sriwan is working to open more sale channels for his company's herbal products, employing his Chinese language skills at an international trade fair in north China's Tianjin Municipalit.....»»
Manila Water, Ditrolic Energy sign 15-year solar power deal
East zone concessionaire Manila Water Company Inc. has signed a 15-year solar facility power purchase agreement with Ditrolic Energy Philippines for the 2.5-megawatt peak solar projects in three of its facilities......»»
Security risk
Nepal has just joined the growing list of countries that have banned video sharing app TikTok, which is owned by Chinese company ByteDance......»»
Lebanon court orders ex-car boss Ghosn out of Beirut home: official
A Lebanese judge has decided to evict former Nissan boss Carlos Ghosn from his luxury home, a judicial official said Saturday, four years after an investment firm accused him of "trespassing". Ghosn, who took up residency in the Beirut property after fleeing prosecution in Japan in 2019, appealed the ruling on Friday, the official added. A spokesperson for Ghosn confirmed he had appealed. Ghosn and his wife must "vacate the property... within a month", according to a copy of the decision seen by AFP and dated 16 October. The home with pink walls in the Lebanese capital's upscale Ashrafieh neighborhood is worth some $19 million and is registered to Lebanese company Phoinos Investment, the judicial official said, requesting anonymity as they were not authorized to speak to the media. Phoinos initiated the legal action in 2019 and has accused Ghosn of "trespassing on private property and living in the home without legal basis", the official added. According to the court document, Ghosn said the company was affiliated with Nissan and that "the property was purchased... for his residence, and there is a signed agreement with Nissan that grants him the right to reside" there. Ghosn occupied the home "according to a contractual relationship linking... Ghosn and Nissan", the decision said. However, the end of that relationship and the plaintiff's wish to retake the property invalidates "the legal basis" of his occupancy, it added. In a written statement to AFP, a Ghosn spokesperson said documents that had been unavailable for prior hearings in the cast would support his appeal. "He will now be able to present all the documents held up in Japan that he was unable to secure on time," the statement said. Ghosn, the former chairman and chief executive of the Renault-Nissan-Mitsubishi alliance, was arrested in Japan in November 2018 on suspicion of financial misconduct, before being sacked by Nissan's board in a unanimous decision. He jumped bail late the following year and made a dramatic escape from Japan hidden in an audio-equipment box, landing in Beirut, where he remains an international fugitive. Ghosn has always denied the charges against him, arguing they were cooked up by Nissan executives who opposed his attempts to more closely integrate the firm with French partner Renault. Japan and France have sought his arrest, but Lebanon does not extradite its citizens, and judicial authorities have slapped a travel ban on Ghosn, who holds Lebanese, French, and Brazilian nationality. The post Lebanon court orders ex-car boss Ghosn out of Beirut home: official appeared first on Daily Tribune......»»