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DOLE urges WFH amid rising COVID-19 cases
To avoid the possible spread of COVID-19 in workplaces, the Department of Labor and Employment is encouraging companies nationwide to adopt the work-from-home scheme and other preventive measures......»»
CEOs of Top Digital Companies Forecast a Booming Startup Industry in 2024
Bohol, Philippines—Top industry players forecast a “very booming” technology startup community in 2024 amid a post-pandemic scenario in the Philippines. Roland Ros, CEO and Founder of Kumu, said he expects to see more creators and startup companies coming from the provinces outside of Manila considering the continued infrastructure development in the countryside. Ros predicted that […].....»»
Malls to stay open until 11 pm starting 13 November to ease holiday traffic
The Metropolitan Manila Development Authority met with mall operators and other stakeholders on 25 October to discuss traffic management plans in preparation for the approaching holiday season. In a meeting led by MMDA Deputy Chairman Undersecretary Frisco San Juan Jr. and Traffic Discipline Office Director for Enforcement Atty. Victor Nuñez, shopping mall operators agreed to adjust their business hours starting 13 November, Monday, from 11 am to 11 pm, as one of the measures to address the expected traffic problems in the metropolis. "Due to the expected heavier traffic, we have decided to implement contingency measures," San Juan said. “Mall-wide sales will only be allowed during weekends while deliveries will only be permitted from 11 pm to 5 am, with the exception of perishable goods restaurants serving breakfast, and supermarkets.” Mall operators were also asked to submit their respective traffic management plans for their mall sales and promotional events two weeks before the scheduled date of such events. Shopping malls with government satellite offices are also allowed to open as early as 9 a.m. As part of the agency's traffic management plan this Christmas season, the duty of the traffic enforcers will be extended until 12 midnight to maximize their visibility on major roads. "We will deploy traffic enforcers until midnight every day to assist and manage the traffic flow in Metro Manila,” said San Juan Jr. The MMDA will be working with the Department of Transportation to discuss possible extensions of the public transport system's operating hours to accommodate late-night commuters and mall employees. Also, the MMDA and representatives from the Department of Public Works and Highways and other concerned offices including the engineering district offices, local government units, utility companies and contractors, also met to discuss the temporary suspension of excavation activities on all Metro Manila roadways. All excavation works that will cause obstruction or will affect the smooth flow of traffic shall be temporarily suspended effective midnight of 13 November 2023 until midnight of 8 January 2024. Projects that are not covered by the moratorium: Flagship projects of the government DPWH bridge repair/construction flood interceptor catchment projects (box culvert) Asphalt overlay projects without re-blocking works Sidewalk improvement Drainage improvement projects along the sidewalk and not occupying any part of the roadway footbridge projects Emergency leak repair or breakage of water lines by Manila Water Co. and Maynilad Water Service Inc. New water service connection or electrical service connections Road activities without excavation (traffic clearance only) Meralco relocation/emergency works affecting major projects of government All concerned agencies are advised to take appropriate measures and ensure that all affected roads will remain passable, safe and serviceable to all types of vehicles and pedestrians amid the anticipated increase of vehicles on the roads. The post Malls to stay open until 11 pm starting 13 November to ease holiday traffic appeared first on Daily Tribune......»»
Meta quarterly profit jumps but it sees volatility in ad market
Meta on Wednesday reported that its quarterly profit more than doubled from last year's figure as it looks ahead at a volatile ad market and lawsuits accusing it of profiting from "children's pain." "Meta earnings looked pretty good," said independent tech analyst Rob Enderle. "They have clearly cut back on the bleeding surrounding their metaverse efforts and the company appears to be on a more even keel right now." The tech giant said it made a profit of $11.6 billion as ad revenue climbed 23 percent to $34 billion when compared to the same period a year earlier. "We had a good quarter for our community and business," said Meta chief executive Mark Zuckerberg. The number of people using Facebook monthly rose slightly to 3.05 billion in a year-over-year comparison while monthly active users of Meta's "family" of apps was 3.96 billion a 7 percent increase from the same quarter in 2022, the company reported. Meta said it had trimmed costs, with layoffs and other belt-tightening measures started last year providing "greater efficiency." Meta had suffered a rough 2022 amid a souring economic climate and Apple's data privacy changes, which allowed users to block ad targeting, the pillar of Meta's business. Meta's vow of austerity on spending brought an unprecedented round of cost-cutting that saw the company lay off tens of thousands of workers since last November. Meta shares, which closed the formal trading day down, fell more than three percent further in after-hours trades to $289.50. Chief financial officer Susan Li said during an earnings call that Meta is seeing "volatility" in an ad market that started to soften when the conflict between Israel and Hamas began. "It's hard for us to attribute demand softness directly to any specific geopolitical event," Li said. "We have seen broader demand softness follow other regional conflicts in the past, such as in the Ukraine war, so this is something that we're continuing to monitor." Lawsuit peril Analyst Enderle maintained that Meta is at risk from lawsuits poised to damage its image and its wallet. Dozens of US states this week accused Meta of profiting "from children's pain," damaging their mental health and misleading people about the safety of its platforms. "In seeking to maximize its financial gains, Meta has repeatedly misled the public about the substantial dangers of its Social Media Platforms," argued a joint lawsuit filed in federal court in California. The states accused Meta of exploiting young users by creating a business model designed to maximize time they spend on the platform despite harm to their health. In total more than 40 states are suing Meta, though some opted to file in local courts rather than join in the federal case. Meta said the states were singling it out unfairly instead of working with social media companies to develop universal standards for the whole industry. "This landmark lawsuit could herald a seismic shift in how social media platforms approach product features and user engagement," said Insider Intelligence principal analyst Jeremy Goldman. "That said, even as tech stocks face uncertainty, Meta's consistent performance cements its leadership in the digital realm." Meanwhile, the European Union is seeking details on measures Meta has taken to stop the spread of "illegal content and disinformation" in light of the conflict between Israel and Hamas. The AI race The tech giant is putting artificial intelligence into digital assistants and smart glasses as it seeks to gain lost ground in the AI race. "I'm proud of the work our teams have done to advance AI and mixed reality with the launch of Quest 3, Ray-Ban Meta smart glasses, and our AI studio," Zuckerberg said in the earnings release. The second-generation Meta Ray-Ban smart glasses made in a partnership with EssilorLuxottica have a starting price of $299. "Smart glasses are the ideal form factor for you to let AI assistants see what you're seeing and hear what you're hearing," Zuckerberg said. Meta has taken a more cautious approach than its rivals Microsoft, OpenAI, and Google to push out AI products, prioritizing small steps and making its in-house models available to developers and researchers. "The majority of the world's population will have their first experience of generative artificial intelligence with us," Meta chief technology officer Andrew "Boz" Bosworth told AFP in a recent interview. Meta recently unveiled AI-infused chatbots with personalities, along with tools for creating images or written content using spoken prompts. The post Meta quarterly profit jumps but it sees volatility in ad market appeared first on Daily Tribune......»»
Wind projects need upgrades
Before finally pushing for the full-on development of offshore wind or OSW power, local energy companies need to initiate upskilling for workers to keep up with global standards. Thus, the Department of Energy or DoE, in partnership with the United States Agency for International Development or USAID, said it will launch a series of workshops for workers to improve their skills. The DoE said baseline mapping of local competencies will help craft the correct route to sustain the proficiency required in a growing portfolio of emerging alternative energy sources. “(There is a) thrust to right-skill and upskill Filipino workers to remain competitive and relevant in the global shift to alternative energy development and technological advances,” Energy Secretary Raphael Lotilla said on Wednesday. “Most importantly, we will conduct a competency mapping of skills in offshore wind energy, as well as reaffirm or update our skills for mature and emerging technologies such as hydro, biomass, solar, and floating solar,” Lotilla added. Indigenous best option The DoE has been pushing for the development of OSW to ramp up local indigenous supply amid growing demand. Based on the Philippines OSW Roadmap launched in 2022, the country has about 178 gigawatts or GW of OSW potential. Despite the vast supply available nationwide, the OSW roadmap revealed the tedious permitting process and grid assets availability as areas that need immediate resolution. As such, the DoE vowed to enhance the policies on the OSW development, taking into account the streamlining and stricter timeframe outlined in the Energy Virtual One-Stop Shop law on the processing and issuance of licenses and permits by the concerned national and local government entities. To date, the DoE has awarded a total of 79 OSW Contracts with a total potential capacity of 61.931 GW, spread mainly North of Luzon, West of Metro Manila, North and South of Mindoro, Panay and Guimaras Strait. The post Wind projects need upgrades appeared first on Daily Tribune......»»
Oil firms raise pump prices
Oil companies are raising pump prices today amid the uptrend in the international oil market......»»
DTI pushes for AI research hub; P300-M for consumer protection programs
The Department of Trade and Industry is pushing for the establishment of the Center for Artificial Intelligence Research, however, it remains "unfunded” under the proposed 2024 National Expenditures Program. During the hearing of Senate Committee on Finance’s Subcommittee “M” on DTI’s proposed P7.909 billion budget for the fiscal year 2024 on Tuesday, Trade Secretary Alfredo Pascual emphasized the idea would help the country's Micro, Small, and Medium Enterprises to effectively adopt “artificial intelligence in their business operations. “This is a research [and development] center. The model is the AStar of Singapore…It’s industry-oriented, it's not academic research. It’s a way to help MSMEs to adopt AI in their operations,” Pascual said, citing that large companies in the country “can take of themselves” to implement AI solutions in their businesses. “But this SMES would need assistance and this is the center that could do that plus the continuing research in the impact of AI on employment which jobs will be affected,” he said. The issue of AI ethics will also be addressed through CAIR, he added. “We are working this out, actually with some business groups that can donate…In fact, we have been offered already a place,” the DTI chief said. Pascual explained that the CAIR has been included in the DTI’s plan for revitalizing Philippine industries under the Philippine Development Plan. Meanwhile, DTI’s Competitiveness and Innovation Group, Undersecretary Rafaelita Aldaba said the agency has been requesting funds, amounting to P200 million, for the CAIR since two years ago. Aldana did not give further details as to why the Department of Budget and Management disapproved their requests. Stressing the importance of the AI program, Senate President Pro Tempore Loren Legarda lamented there must be a reason why the CAIR did not get a budget. Legarda asked Aldaba to further provide details on CAIR as the latter noted the DTI doesn’t have enough space in their existing building, “It’s a physical center and its goal is for us to become an AI center of excellence in the region in the near future. It’s going to house our data scientists, researchers, engineers who will be conducting AI [research and development] to support the needs of the industries, including MSMEs, start-ups, large companies, and multi-nationals,” Aldaba said. The CAIR is also eyed to provide capacity building and training and workshops on AI, she added “so that new products and services could come out from the idea. However, Legarda said DTI should not wait for the physical CAIR to be set up before it starts building the capacity of Filipinos concerning AI, adding that developing a physical infrastructure may take at least two years. “And knowing government, that’s so slow. That means all the resources on AI will not ensue until the structure is done,” Legarda lamented. “What I’m saying is that while the infrastructure is not yet set up, we should continue with AI capacity buildings and research.” Senator Mark Villar, who presided over the budget hearing, backed Legarda’s position, noting that DTI should ensure that AI benefits the country. “Other countries are very concerned also about what AI might mean for the labor industry and what the implications are. I think it’s important that we learn how we can leverage it to help our industries,” he said. On the other hand, Pascual appealed to the Senate for an additional P300 million in funding to strengthen the DTI’s consumer protection programs. “We want to reorganize our consumer protection activity by centralizing it because you cannot expect a junior person running after hoarders or profiteers in an area where there are a lot of people of influence that are operating in the region,” he said. “So the plan that we have done, this planning, after the budget submission, is to centralize the consumer protection activity in the head office and have a quick response task force,” said Pascual. “That would require a funding of P300 million to strengthen our consumer protection activities," he added. Villar supported the DTI’s plan citing its significance amid the ongoing inflation being experienced in the country “It is very relevant that the DTI takes a stronger role in monitoring these hoarders and manipulators,” he said. DTI Assistant Secretary Jean Pacheco said the P300 million would fund an inter-DTI strike team to increase their enforcement activities, consumer education and advocacy, complaints handling, and procurement of equipment for the certification and testing of vapes, among others. At least P130 million of the total request will be utilized for the procurement of equipment for DTI’s certification and testing of vape products, which is in line with their implementation of the law regulating e-cigarettes. The post DTI pushes for AI research hub; P300-M for consumer protection programs appeared first on Daily Tribune......»»
Digital PR Philippines: BrightPR.io provides global digital public relations for companies from startups to giants
In today’s rapidly globalizing market, businesses of any scale grapple with the challenges of building credibility and standing out amid fierce competition. Thanks to BrightPR.io, a global media outreach and news article publishing platform, the digital PR landscape is witnessing a paradigm shift......»»
Improving permitting rules benefit miners
DMCI Mining Corporation said the mining industry is up for better days ahead amid regulatory improvements due to the supportive stance of the Marcos administration. In an interview with reporters over the weekend, DMCI Mining president Tulsi Das C. Reyes said the improvements in the permitting process are expected to translate to better production of mining companies. “We have seen some improvements because the administration has been very much supportive of the industry. But in fairness to the Duterte administration, they started that ball rolling,” Reyes said. “There has been a great amount of progression towards this kind of industry so those of you who have seen the nickel industry association programs, forward-thinking, they have always been resourceful and helpful for us to have a game plan rather than have this industry collapsing,” he added. Reyes, however, noted that the industry still needs a unified system for the permitting process so that mining companies can efficiently proceed with their projects. “We would love to have streamlined permits. I think the Department of Energy is setting the bar with a one-stop shop and if we can replicate that with the same ideals, that would be good,” he explained. The Philippine Nickel Industry Association or PNIA, the largest group composed of the country's nickel industry players, had also proposed the establishment of a “one-stop shop” program to expedite permitting processes in the mining industry. Once implemented, the streamlined process would significantly cut the tedious permitting process that could take as long as five to 10 years to just six months to a year. It can be recalled that DMCI Mining had already signified optimism that 2023 would be a banner year for the company, especially after its subsidiary Zambales Diversified Metals Corporation, or ZMDC was allowed to expand its production. ZMDC was granted an Environmental Compliance Certificate in January to increase its production to 2 million wet metric tons of nickel ore, from 1 million WMT before. DMCI Mining thus targets to complete a 1.5 million WMT nickel ore shipment by the end of the year. The post Improving permitting rules benefit miners appeared first on Daily Tribune......»»
Famed environmental warrior graces RC Manila assembly
The Rotary Club of Manila had a brilliant, unique guest speaker at its last weekly members’ meeting at the Manila Polo Club — the famed, internationally acclaimed author, lawyer, environmental activist, and recipient, in 2009, of what is regarded as the Nobel Prize of Asia, the Ramon Magsaysay Award (non-category), Antonio Oposa Jr. For about an hour and a half last Thursday, 21 September 2023, RC Manila members, officers and guests at the MPC’s Turf Room alternately stood up to sing along and listen to Oposa’s telling of “good stories,” his way, he said, of promoting and creating awareness for his advocacies and his passion for the environment. Oposa earned a law degree from the University of the Philippines College of Law. For a short time, he worked in a law firm, until he realized that his heart was not in the practice of law but rather with nature and the environment. He traveled to Norway and enrolled in a course on energy and the environment at the University of Oslo’s summer program and afterwards, to Boston, where he pursued and later obtained his LLM at the Harvard Law School in 1997. [caption id="attachment_188497" align="aligncenter" width="525"] Valiant environmental warrior Antonio Oposa: ‘My biggest achievement is that I have turned some of my adversaries into co-advocates. And what could be more inspiring now than to see their own children out there, protecting the sea?’[/caption] In 1993, Oposa made global headlines for the landmark case, Minors Oposa v Factoran where the Supreme Court ruled that the 43 children counseled by Oposa, who filed legal action against the Department of Environment and Natural Resources, seeking cancellation by the agency of existing timber license agreements and stopping the issuance of new ones, ruled in favor of the plaintiffs. “The case was brought to court amid the government’s then granting over 90 logging companies permits to cut down nearly four million hectares of old-growth forest when only 850,000 hectares remained. And forests were being logged at a rate of some 200,000 hectares per year! I told the Court how my son, only three at that time, would no longer see these forests by the time he was 10. I couldn’t help thinking, that if this wasn’t stopped not a single old-growth forest would remain for him and future generations to enjoy,” Oposa said. The case had initially been dismissed in trial court on the ground that there was no legal personality to sue. Oposa elevated the case to the Supreme Court, and in a much-hailed case of intergenerational responsibility, the Supreme Court upheld the legal standing and right of the children to initiate action on their behalf and on behalf of generations yet unborn. What was so remarkable about the case is that Oposa sued on behalf of generations yet unborn and today that milestone case is known in Philippine and global jurisprudence as the “Oposa Doctrine.” For its part, the Philippine Supreme Court, too, carved a permanent niche for itself in environmental law with its promulgation of Oposa v Factoran. It secured its place in history, earning praises from the international environmental community and a reputation as a champion of the right to a healthy environment. Oposa also recounted at this talk at the RC Manila meeting last Thursday another epic landmark case involving the legal tussle he waged against 11 government agencies for the cleaning up of severely polluted Manila Bay. In December 2008, a decade after he filed that case, the Supreme Court issued a decision in his favor. In a continuing mandamus ruling, the Supreme Court ordered all defendant agencies to implement a time-bound action plan that would clean up Manila Bay and to give the Court a progress report on the matter every three months. Oposa talked about the Island Sea Camp he organized in 2001 in Bantayan Island where he gave children lessons on coral reefs, snorkeling and sustainable practices. In 2003, 2004, while holding weekend training camps for children in the Sea Camp “we noticed the rampant illegal fishing going on. Dynamite fishing and commercial fishing intrusions into prohibited coastal zones went unchecked. Something had to be done,” related Oposa. Thus, was born the Visayan Sea Squadron. “I organized a strike team with crack enforcers from the National Bureau of Investigation, Navy, fishermen, sea watch volunteers, lawyers, law students and even a few foreigners. The target was not small fishermen but crime syndicates and operators behind the sale of blasting caps and dynamite powder. Seizures and raids followed,” he said. Operations were so effective that word went out that his friend Jojo de la Victoria, the fearless Cebu City Bantay Dagat (Sea Watch) chief, and Oposa were targets of assassination. A local newspaper interviewed De la Victoria, revealing an intelligence report about illegal fishing operators putting up a P1-million bounty for him and Oposa. In 12 April 2006, 48 hours after he was interviewed, De la Victoria was felled by a hired gunman outside his house in Cebu City. “Jojo’s life was not in vain. After his funeral, a core team met for dinner to regroup. The tide of illegal fishing started to turn. Exploits of the Visayan Sea Squadron — and the courage and synergy of the men and women who made it happen — became known far and wide,” Oposa said. He continued, “Four years after Jojo died, Visayan Sea Squadron co-founder Alfredo Marañon was elected governor of Negros Occidental province. He gathered the other governors in the region to begin a restorative plan for the Visayan Sea which encompasses an area of over a million hectares. The governors passed a landmark joint resolution declaring the entire Visayan Sea a marine reserve.” For his valiant work as an environmental warrior, Oposa has been the recipient of many award in recognition of his valiant work as an environmental warrior. Aside from receiving the Ramon Magsaysay Award in 2009, he was given the equally prestigious Center for International Environmental Law Award in 2008. Earlier, in 1997, he was conferred the United Nations Environment Programme Global 500 Roll of Honor, the highest UN honor in the field of the environment. Asked if there was anything about his attainments that gives him the most satisfaction, Oposa said, “My biggest achievement is not that I caught this violator and that violator when we were busy with our Visayan Sea Squadron operations; it is that I have turned my adversaries into co-advocates. Some of those who had opposed me are now supporting me in my advocacies. And what could be more inspiring than to see their own children helping us out there, protecting the sea?” The post Famed environmental warrior graces RC Manila assembly appeared first on Daily Tribune......»»
AboitizPower buys back shares amid PSE slump
Aboitiz Power Corp., or AboitizPower, purchased 11.407 million of its shares as part of its buy-back program as of the 19 September closing. The company said the move was needed to “create further shareholder value” as its current share price range fails to reflect the value of the company. As the shares are undervalued due to the poor state of the market, the buyback is expected to inspire investors to look at the real value of the shares. “Even with this stock buy-back program, there is no intention to delist from the PSE, but merely to reward our existing shareholders with a larger share of a brighter future,” the company said. The Philippine Stock Exchange or PSE, however, announced AboitizPower, the listed investment arm of the Aboitiz Group for energy-related ventures, will be dropped from the index of bellwether shares by next week. In a memorandum dated 20 September, PSE president Ramon Monzon confirmed AboitizPower’s removal from the index will be effective starting 26 September. This developed even after AboitizPower committed not to exit the index amid speculations that the company may opt to delist after its public float fell below the required threshold. Based on the new rules governing the PSE, all companies in the local bourse indices are required to maintain a minimum public float level of 20 percent. AboitizPower chief executive officer Emmanuel Rubio also conveyed that the company, which accounts for one out of every five megawatts or MW of installed capacity in the Philippines, is still in a strong position to create long-term shareholder value. “With a pipeline of about 1,000 MW of new renewable energy capacity, we are well on our way to contributing an additional 3,700 MW of clean electricity,” Rubio said. During the first half of the year, the company reported that it logged a P17.8-billion net income, 79 percent higher than the P10 billion recorded in the same period a year ago. During the second quarter alone, the company’s net income reached P10.3 billion, 46 percent higher than last year’s P7 billion. AboitizPower’s generation and retail supply businesses recorded earnings before interest, taxes, depreciation, and amortization or EBITDA of P30.2 billion during the first six months. The EBITDA, used to measure a company’s financial health and ability to generate cash, was 31 percent higher than the P23.1 billion recorded in the same period last year due to “fresh contributions” from GNPower Dinginin. From the start of the year until the end of June, AboitizPower said its capacity sold increased by 25 percent to 4,718 MW from 3,785 MW a year ago. The post AboitizPower buys back shares amid PSE slump appeared first on Daily Tribune......»»
Oil tax freeze clash looms
Senate Minority Leader Aquilino Pimentel III yesterday supported — while Finance Secretary Benjamin Diokno strongly opposed — a proposal to suspend the excise tax on imported oil products amid the skyrocketing fuel prices at the pump. “Every week, our fellow Filipinos face the challenge of ever-increasing fuel prices. They need a lifeline now. I hope the government understands the gravity of the situation and the urgency of intervention to alleviate their hardship,” Pimentel said. “The suspension of the excise tax would offer a temporary respite and serve as an effective lifeboat for Filipinos struggling to cope with the sky-high fuel prices,” he stressed. House Deputy Majority Leader and ACT-CIS Partylist Representative Erwin Tulfo on Monday proposed a three-month suspension of the excise tax on imported oil and bio-ethanol to address the continuing surge in oil prices. Tulfo’s proposal to temporarily suspend the excise tax until December came after Speaker Martin Romualdez held a meeting with representatives of the oil industry players on the same day. In a media briefing, Tulfo gave the impression that the House leadership would be inclined to recommend to President Ferdinand Marcos Jr. the suspension of the fuel excise tax. For Pimentel, suspending the excise tax would “unburden” many Filipinos from the expected increase in the prices of basic commodities. “The rising cost of crude oil will ultimately be borne by every Filipino because it leads to increased prices of goods, electricity, and more,” he said. Earlier, oil companies raised gasoline and kerosene prices by P2 per liter, with a more significant increase of P2.50 per liter for diesel. Diesel and kerosene prices in the last 11 consecutive weeks rose by a cumulative P17.30 and P15.95 per liter, respectively, while gasoline prices in the last 10 weeks climbed by P11.85 per liter. The global price of crude oil from the United States has risen to $92 per barrel, while European crude has increased to $95 per barrel since November last year. ‘Only rich will benefit’ But Diokno quickly put a damper on Tulfo’s proposal, saying that suspending the excise tax on petroleum products would benefit only the rich and severely damage the economy. “We recognize the public sentiment to address the elevated fuel prices. However, as the government, it is our responsibility to be cautious in implementing policies that could negatively impact the macro-fiscal stability and sustainability of the country,” he told reporters. Suspending the excise tax would be “regressive,” Diokno said, as it would delay infrastructure and social development projects for long-term economic growth under the Marcos administration, which aims to make the country a predominantly upper middle-income society by 2025. He pointed out that only the top 10 percent of households with the highest incomes would benefit from a suspension as they consume nearly 50 percent of all fuels. He noted that the lower half of households use up only 10 percent of all oil-based fuels. “When you formulate policy, you always think of what’s the greatest good for the greatest number,” Diokno said. Likewise, suspending the excise tax on fuel would not help stave off inflation in the long run, he added. “Any of the proposals will adversely affect our economic and fiscal recovery, our international credit rating, and our overall debt management strategy,” he said. He explained that the government would lose billions in revenue if it suspended the excise tax on fuel and its associated value-added tax. For the fourth quarter of 2023 alone, Diokno said, the losses in government revenue from foregone VAT and fuel excise taxes would reach P31.2 billion and P72.6 billion, respectively. Doom and gloom “In total, for the whole year of 2024, the government will lose P280.5 billion,” he said. Diokno averred that the lost revenue would lead to a higher budget deficit — from 5.1 percent to 6.2 percent of gross domestic product — and a higher debt-to-GDP ratio in 2024 of 60.2 percent to 61.3 percent. With a restricted revenue collection, Diokno added, the government will be forced to borrow more to support its projects and to repurpose some of its future revenues to debt payments. “Higher borrowings will further increase our interest payments and budget deficit in the future,” he said. The solution, Diokno said, is to give targeted subsidies to those who will be most negatively affected by the higher fuel prices, such as jeepney drivers, farmers and fishermen. He also said that eliminating the fuel tax would require time-consuming legislative action. “Once the elevated oil prices subside, it may not be easy to restore the taxes on oil products. It is politically unpopular. That’s the political economy of tax legislation. This has serious implications for fiscal sustainability,” he warned. The post Oil tax freeze clash looms appeared first on Daily Tribune......»»
The Advantage of Adopting the Right Digital Tools for your Business
Amid the uncertainty in customer behaviors and trends from the crisis, this much is clear: updating the business for a digital-first world, led by purpose, is now a must for almost every company. To do so, they must determine where new business value exists in the new normal, what digital business models will capture it, and which tools and behaviors will support the adaptability and resilience that these models require. On this section, we talked to the creators behind the award-winning platform made for businesses like yours. The Digital Advantage Companies need an understanding of 3rd Platform technologies to capitalize on improved decision-making and to deliver enhanced, customized experiences to stakeholders. The rapid acceleration of 3rd Platform technology adoption means that corporates need to actively be looking for ways to improve their operational efficiency and customer service, otherwise, they will be in danger of falling too far behind digitally-native competitors to ever catch up. Efficiency Past recessions show that controlling costs by improving operational efficiency—a task for which digital solutions are perfectly suited for—is more effective in sustaining businesses through financial turbulence than traditional cost-cutting measures alone. The biggest efficiency play is automation. Streamlining operations and automating manual processes result in greater speed, less waste and more focus on revenue-generating activities. The economics of automation is simple: the same work is performed faster and with fewer mistakes, while human capital resources can be redeployed to higher-value tasks or to fill critical gaps. Convenience Company bank accounts are available in any device, the only things you need are internet connection and a few taps on the screen. This brings about an increase in customer satisfaction as they are able to constantly keep track of their account balances and manage the information on their personal profile (i.e. add new mailing address, e-mails, telephone numbers, etc.). In addition to this, there is no need to go to the bank to get checks as they can be instantly sent via email. 24/7 Reliability Online banking services are available 24/7 all year round, even on weekends. There is no need to line up and wait for the bank to open in order to conduct certain operations. This is a huge advantage that comes with digital solutions Security With all the recent news about data breaches, you might be wondering about the security of mobile and online banking. Security is top priority for banks when choosing whether or not to offer online banking. All banks use “Pentagon-grade” encryption technology and sophisticated firewalls. Mandatory security upgrades are required by bank regulators, so you can be confident that keeping your information secure is one of your bank’s utmost priorities. As digital transactions increase and productivity grow, companies must take proactive steps to protect their data privacy and security and adopt models that give them governance over their data. Today’s Platform Driven Solutions Self-service account management, bills payment and electronic fund transfers are considered the basic banking functions that each business should have. Account management allows viewing of account balances and transaction history without going to the bank. All these were made easy and accessible, by just logging into UnionBank’s The Portal app. Bills Payment, on the other hand, gives businesses access to a large list of billers. They can pay their water, electricity, telco, and other utilities online. BIR ePayment is also available, allowing users to pay taxes online. If the company is an accounting firm, they can also pay for their client’s taxes on The Portal app. Electronic fund transfers save companies time and reduce their risk exposure. Just upload the batch crediting file on the platform and it automatically disburses it to their recipients. Clients can also set up their recipients in UnionBank Business Banking so they receive email and SMS notifications every time they are credited. All these are made possible without stepping inside a branch. Batch Electronic Funds Transfer is also now made available for UnionBank Transfers and PESONet. This enables the streamlining of bulk account to account transfers to another UnionBank account or to other bank accounts. This has highlighted the ease and convenience of going digital to corporate clients versus processing transactions through the traditional way of banking over-the-counter or paying via cheques. Going beyond the basic functions of a normal digital banking tool, The Portal’s self-enrollment feature allows businesses to conveniently self-enroll their nominated accounts and users through the simple enrollment steps. Once completed, access to The Portal is granted and clients may enjoy the convenience of processing their funds transfer instructions online. In addition, there is an option to initiate the enrollment of the beneficiary accounts individually or in bulk. This can be essential for clients that need a payee maintenance feature to ensure that the initiated transactions are only credited to enrolled account. With the convenient, hassle-free and straight-through processing in The Portal, businesses can easily push fund transfers in the comfort of their own homes or offices. This pandemic serves as a widespread test case for the effectiveness of these digital solutions, many of which will be permanent fixtures and lead to long-term changes for many businesses. Organizations that embrace digital solutions have greater resiliency in the face of adversity and are way ahead of the competition, which will enable them to recover faster and pivot from playing defense to chasing growth. While many believe it is too idealistic to have a good workplace culture and excellent compensation, many jobseekers significantly consider these two factors when applying for a job, according to two studies. The 2021 Employee Experience Survey by Willis Towers Watson reported that 89 percent of respondents believe a positive employee experience is a crucial driver of engagement, while a 2023 survey from the online recruitment platform JobStreet found that 53 percent of Filipino job seekers would like to know the salary range offered while still in the recruitment process. Aside from great benefits and compensation, employees in the IT industry pointed out that a good work culture and environment, as well as training programs, are the top priorities of job seekers. Vanessa Liwanag, business development director at Yondu, acknowledged the company’s role in her growth, “Yondu has helped me develop my leadership, decision-making, and communication skills through its effective leadership training programs. The company also helped me grow personally because of its hybrid setup. This allows me to have a work-life balance. I can still care for my family and health while contributing to the organization.” Leather, who specializes in securing networks from vulnerabilities, noted that training programs are essential as trends continuously evolve. IT professionals need to keep up in order to be efficient. Steph, a software solutions engineer, echoed this, adding that since the industry is highly competitive and fast-paced, getting equipped with the right skills and knowledge is essential. Grace, a malware researcher, said that one advantage in the IT field is that since it’s a broad industry, there is always much to learn and room for improvement. Yondu, an IT solutions company wholly owned by Globe, offers all these benefits and compensation, a good working environment, and training programs to Yondudes, a nickname for its employees. Competitive pay and benefits are OK for Yondu as the company ensures this through regularly benchmarking market data and best practices. There are also tailor-fitted rewards programs according to talent segments. Yondu also ensures its employees remain competitive and well-equipped by industry standards through various training, reskilling, and upskilling programs to hone their skills in the constantly changing tech industry. Despite the fast-paced sector continuously evolving, Yondu still values work-life balance and provides programs to support Yondudes’ well-being further. “What sets Yondu apart from other organizations is its genuine focus on understanding and supporting its employees,” said Javen Babac, lead application support specialist at Yondu. “The company recognizes that employees perform their best when they feel valued and supported, and this philosophy sets Yondu apart by fostering a positive and inclusive work environment. The organization’s commitment to understanding its employees and providing the necessary resources demonstrates its dedication to employee well-being and sets a strong foundation for professional growth and job satisfaction.” The post The Advantage of Adopting the Right Digital Tools for your Business appeared first on Daily Tribune......»»
UAE agri, energy, banking deals eyed
The Department of Finance, or DoF, on Wednesday said United Arab Emirates or UAE-based firms are keen on exploring investments in a range of industries in the Philippines, including food, water management, renewable energy, and Islamic banking. DoF said the economic team talked to executives of Brevan Howard, a technology-driven investment management platform; Arqaam Capital, a financial firm for emerging markets; and Investment Corporation of Dubai, the Dubai Government’s principal investment arm for the possible foreign investments. “The companies expressed interest in the Philippines’ renewable energy projects, port operations, water and wastewater management, waste-to-energy projects, upcoming Sukuk bond issuances, Islamic banking, and the Maharlika Investment Fund,” DoF said in a statement to the media. Middle East roadshow Investment and trade discussions surfaced during the Philippine economic team’s investor briefing in the UAE, a seven-state federation, from 11 to 12 September. The finance department said the possible foreign investments affirm the need for the Comprehensive Economic Partnership Agreement or CEPA with the UAE aimed at easing and expanding trade between the two countries. DoF said the UAE Government and the Philippines have already signed an agreement for investment protection and collaboration as part of the ongoing negotiations over CEPA. It added the UAE will soon submit to the Philippines its template for the final document on CEPA. President Ferdinand Marcos Jr. said he aims to adopt foreign water technologies, such as hydroelectric power plants, irrigation canals, and diversion dams to store and distribute more water for households, commercial establishments, and farm irrigation amid the threats of climate change. Food exports to Dubai usually include pineapples, bananas, and fresh and processed fish amounting to over $30 million. For renewable energy, the Department of Energy aims to generate power capacity of at least 20,000 megawatts through a mix of sources, such as the sun, wind and geothermal. Meanwhile, National Treasurer Rosalia de Leon said the Philippines is entering the Islamic debt market by issuing Sukuk bonds, or Islamic bonds, in the fourth quarter this year or early next year to raise $1 billion. “Sukuk bonds will diversify the Philippines’ sources of financing, widen its investor base to reach the untapped Islamic finance market, and boost investments in physical and digital connectivity,” she said. The Islamic bonds offer investors a share of profits from projects financed by the debt instrument instead of interest payments from traditional bonds. The government aims to raise $5 billion from commercial borrowing and already acquired $3 billion in January. The post UAE agri, energy, banking deals eyed appeared first on Daily Tribune......»»
Poll: ‘Room for improvement’
Despite economic headwinds battering the country, most executives in the Philippines said their firms had recovered from the heavy losses from the devastation of the Covid-19 pandemic. The Philippine CEO Survey 2023 undertaken from last July to August by the Management Association of the Philippines through consulting firm PwC Philippines, asked 157 CEOs on the situation of companies they head. Some 83 percent of the chief executive officers said their organizations had rebounded from the impact of the global plague. On the other hand, 79 percent of CEOs remained positive of revenue growth in the next 12 months, while 87 percent are certain of experiencing gain within the next three years. The survey also showed CEOs were confident about the industry’s prospects for the next 12 months, with 83 percent expressing optimism. Roadblocks ahead Despite this, CEOs still consider major roadblocks in attaining progress in the coming months, namely threats from inflation, macroeconomic instability, cyber risks, and supply chain constraints. In addressing those problems, the survey said CEOs are reducing operating costs, diversifying product/service offerings, investing in upskilling and deploying technology in their operations. “Despite numerous challenges, Philippine business leaders have achieved stability and growth. Philippine business leaders have faced serious threats, but they have risen to the occasion and found new opportunities for growth through creativity and innovation. The pandemic has forced them to adapt to the changing business landscape, and they have emerged stronger and more resilient than ever before,” Benedicta “Dick” Du-Baladad, MAP president, said. The survey indicated CEOs considered that the government had performed well in infrastructure development, forging stronger relationships with other nations, and promoting foreign investments but many cited a “room for improvement.” Priorities listed The CEOs suggest that the government should prioritize improving the ease of doing business and enhancing technology and infrastructure across the country to further boost collaborations with other countries. “The government’s support is crucial in ensuring that businesses continue to thrive amid the challenges. We need to work together towards a more favorable business environment that fosters innovation and growth,” Roderick Danao, chairperson, and senior partner of Isla Lipana & Co./PwC Philippines, said. With 70 percent of CEOs doing business with international organizations, it is essential for the government to work towards deepening relationships with other nations, according to the survey. To further boost collaborations with other countries, the CEOs suggested that the government improves the ease of doing business processes (89 percent) and improve technology and infrastructure across the country (75 percent). The post Poll: ‘Room for improvement’ appeared first on Daily Tribune......»»
Chipmaker Arm aims for $52-B valuation in NY listing
British chip maker Arm, owned by Japan's SoftBank, will target a valuation of up to $52 billion when it lists on the New York Stock Exchange later this month, the company said Tuesday. The company is looking to raise between $4.5 and $5.2 billion in its initial public offering (IPO), it announced in a filing, which would make it one of the largest tech IPOs in recent years. Arm is a world leader in designing chips that are used in smartphones across the world and aims to be a major player in artificial intelligence. Arm's IPO comes on the heels of a surge in the share price of chipmakers like Nvidia amid a boom in interest in companies building the hardware needed for AI to flourish in the wake of the successful launch of the chatbot ChatGPT. Rare tech IPO Arm's IPO is being closely watched by the financial markets, with large tech IPOs something of a rarity in recent months, as rising interest rates have pushed traders to take less risky financial decisions. In 2022, the number of IPOs worldwide fell by more than 60 percent year-on-year, while the value of these deals dropped by 45 percent. Under these conditions, Arm's deal would be one of the largest IPOs in the tech sector since Alibaba's Wall Street IPO in 2014, which raised $25 billion at the time. The valuation target announced by Arm on Tuesday is much lower than SoftBank's earlier estimate of more than $60 billion. However, it is still considerably more than the approximately $32 billion Softbank paid for Arm back in 2016. Majority shareholder The document filed with the US Securities and Exchange Commission said more than 95 million shares would initially be offered on the Nasdaq exchange at a price of between $47 and $51 per share. The number of shares listed could rise up to 102.5 million in case of strong demand. All of the shares being sold are existing shares owned by Softbank, and all of the money from the IPO would go to the Japanese company. Softbank will continue to own around 90 percent of the company after the listing. Tech giants including Nvidia, Apple, Samsung Electronics, and Intel are interested in investing in Arm once the company is listed, according to numerous press reports. Arm will remain headquartered in the British city of Cambridge and may consider a second listing on the London Stock Exchange, where it was previously listed before its takeover by Softbank in 2016. Founded in 1990, the British company has some 6,000 employees in Europe, Asia, and the United States. Its sales for 2022 were stable at $2.7 billion. Its processors "provided cutting-edge computing for over 99 percent of the world's smartphones" the company said in 2022, estimating that "around 70 percent of the world's population uses products" based on its technology. Arm's parent company SoftBank has experienced numerous difficulties in recent years. Its most high-profile failure came with the dramatic collapse of the American shared office giant WeWork. Once valued at $47 billion, WeWork saw its valuation plummet amid investor concerns over its corporate governance under its controversial chief executive Adam Neumann. The post Chipmaker Arm aims for $52-B valuation in NY listing appeared first on Daily Tribune......»»
AI and business: Insights from UPMG Philippines confab
The United Print Multimedia Group Philippines held its general membership meeting on 30 August 2023, at Escolta Lucky Chinatown Hotel. The event aimed to delve into the dynamic interplay between artificial intelligence and the media landscape. UPMG President Barbie L. Atienza set the tone for the day's discussions: learning from UPMG members who had recently participated at the 74th World News Media Congress on 28-30 in Taipei, Taiwan. Sherly O. Baula, UPMG Treasurer and Credit and Collection Manager of Chinese Commercial News, shed light on the pros and cons of AI integration in newsrooms, citing concerns on job displacement and authenticity on one hand, while also highlighting AI's potential to streamline newsroom processes and innovate content creation, such as AI-generated listicles engaging animated videos. A notable example she cited was the debut of the AI-generated news anchor named "Fedha" on a Kuwaiti news channel. Baula's also unpacked policies and rules that now govern AI in newsrooms worldwide, touching on issues such as transparency, ethics, data quality, verification methods, staff expertise and collaborations between data scientists and journalists. One key concern was restoring public trust, particularly given AI's potential to disseminate misinformation through tools like deepfakes. Baula proposed a robust framework for newsrooms, including AI usage guidelines, transparent labeling of AI-generated content, human oversight and rigorous fact-checking by seasoned news editors. In conclusion, Baula stressed that AI remains an evolving technology, requiring the integration of human oversight to balance creative and ethical dimensions of news production. Jay Sarmiento, Vice-President of UPMG, and Sales & Marketing Director of Philstar Media Group, shared his insights on a range of business models that news outlets can leverage amid the AI revolution. She underscored the potential for AI to enhance operations rather than supplant traditional journalism. With decentralization of the web gaining momentum, Sarmiento emphasized the need to refine business models and urged news organizations to embrace AI's transformative potential and chart strategies beyond established Big Tech, as this approach could yield untapped intellectual property revenue streams. Sarmiento introduced a spectrum of 15 business models that news companies could consider, ranging from paid content provision to data mining and affiliate marketing. News companies should capitalize on their unique strengths to select three models that align with their core competencies, thereby creating fresh revenue streams, she said. Angel V. Guerrero, UPMG Board Secretary and Publisher of Adobo Magazine, closed the event by noting that the meeting was a shared journey of exploration, learning and empowerment for UPMG members. The post AI and business: Insights from UPMG Philippines confab appeared first on Daily Tribune......»»
Villar group sets sight on hotel deals
The Villar Group is now targeting the hotel and tourism industry as a growth driver amid the strong rebound the travel sector is experiencing. Banking on the massive potential of the hospitality sector, business magnate Manuel Villlar Jr. is now taking decisive moves for his property companies to become a household name in the industry through the Brittany Hotel brand, which he recently acquired. “This one in Bonifacio Global City is my fanciest hotel until the next one opens. I have another Brittany Hotel in Daang Hari. That will be a bit smaller with only 120 rooms. It will be under the Brittany Hotel brand, which I plan to make a chain. It’s not Makati that’s in anymore, it’s Villar City now,” Villar said. “I’m bullish on the hotel (business), it’s good locally. The Philippines has just begun and I think the local hotel industry is just now picking up and I think the per capita income is getting higher,” he added. This ambition is on top of the ongoing development of Villar City — the family’s most ambitious project to date. It is envisioned to be a massive master-planned integrated development that will be composed of 15 satellite cities. It is also poised to be about 10 times as big as Bonifacio Global City — indicating its sheer magnitude not only in terms of the number of homes, offices, and complexes that will be built within this vast community. Infra also on table As part of the development, Villar recently announced that he will expand the LRT-1 Cavite Extension Project to Dasmariñas, Cavite at no cost to the government. The entire LRT-1 extension project of the Light Rail Manila Corp. or LRMC covers major cities such as Quezon City, Caloocan, Manila, Pasay and Parañaque. It is designed to cater to up to 800,000 passengers daily. Villar’s proposal, which he said had already been on the table for quite some time, will extend the project further from Las Piñas City to Dasmariñas, Cavite through seven new stations. He did not disclose how much the project would cost but he said “it will be big.” Notably, Villar said it was the Ayala and the Pangilinan groups who reached out to him to start a partnership to take on the railway project. The post Villar group sets sight on hotel deals appeared first on Daily Tribune......»»
Hawaii county sues power company over deadly wildfires
Maui County is suing Hawaii's electricity company over the deadly fire that leveled Lahaina, alleging the destruction could have been avoided if power lines had been shut off. The lawsuit is the latest step in a growing critical focus on the power provider in the wake of the blaze, which killed at least 115 people, with videos apparently showing downed cables setting light to vegetation in the hours before tragedy struck. The lawsuit says there was plenty of warning of strong winds from a nearby hurricane, but Hawaiian Electric and its subsidiaries negligently kept power lines live. "These power lines foreseeably ignited the fast-moving, deadly, and destructive Lahaina Fire, which completely destroyed residences, businesses, churches, schools, and historic cultural sites," the lawsuit, filed Thursday, says. "Defendants knew that the high winds the (National Weather Service) predicted would topple power poles, knock down power lines, and ignite vegetation. "Defendants also knew that if their overhead electrical equipment ignited a fire, it would spread at a critically rapid rate." The county -- which is itself under pressure over what critics say was a lack of preparation ahead of the fire and a lackluster response in its aftermath -- is demanding unspecified damages and compensation for the destruction. "Maui County stands alongside the people and communities of Lahaina and Kula to recover public resource damages and rebuild after these devastating utility-caused fires," the county said in a statement. Power companies in California routinely shut down large stretches of above-ground power lines in strong winds, a strategy credited with helping to avoid some blazes. On 14 August, Hawaiian Electric boss Shelee Kimura defended the decision to keep the network live, saying electricity was necessary to keep water pumping in Lahaina. The 8 August fire was the deadliest wildfire the United States has seen for more than a century. It burned through around 2,000 acres (800 hectares) and laid waste to the historic town of Lahaina, a former Hawaiian royal seat and a thriving tourist hub. Flames, fanned by powerful winds, moved so quickly that many residents were caught unaware, only learning there was a fire when they saw it for themselves. Some abandoned their cars as they tried to flee the town and sought refuge in the ocean, where they cowered for hours as their homes were incinerated. The official toll is expected to rise as a grim search of the ashen remains of Lahaina is completed. Thousands of people have been made homeless, with recovery expected to take years. Federal estimates suggest the fire caused $5.5 billion of damage. The lawsuit, which also includes a demand for a jury trial, comes a week after the head of Maui's emergency management agency resigned amid criticism for not sounding the island's network of warning sirens. Also on Thursday, Maui county officials released a list of 388 names of people who remain unaccounted for. Police said the aim was to encourage anyone who knew the whereabouts of people on the list to come forward, so they could be removed. The practice is common in the wake of a disaster, and the figure of 388 does not indicate that this number of people are likely to be dead, only that they have been reported to authorities as not having been seen. The post Hawaii county sues power company over deadly wildfires 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......»»