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Philippines FDI net inflows grow by 27.8 pct in November

MANILA, Feb. 12 (Xinhua) -- Foreign direct investment (FDI) that flowed into the Philippines grew year-on-year by 27.8 percent in November 2023 to reach 1 billion U.S. dollars, the country's central bank said Monday. The Bangko Sentral ng Pilipinas (BSP) said the November figure brought the country's FDI net inflows from January to November 2023 to 7.6 billion dollars, 13.3 percent lower than the 11 months in 20.....»»

Category: newsSource: philippinetimes philippinetimesFeb 12th, 2024

Philippines FDI net inflows grow by 27.8 pct in November

MANILA, Feb. 12 (Xinhua) -- Foreign direct investment (FDI) that flowed into the Philippines grew year-on-year by 27.8 percent in November 2023 to reach 1 billion U.S. dollars, the country's central bank said Monday. The Bangko Sentral ng Pilipinas (BSP) said the November figure brought the country's FDI net inflows from January to November 2023 to 7.6 billion dollars, 13.3 percent lower than the 11 months in 20.....»»

Category: newsSource:  philippinetimesRelated NewsFeb 12th, 2024

Philippines foreign investments yield net inflows in November

MANILA, Dec. 28 (Xinhua) -- The Philippines' foreign investments yielded net inflows in November, the Philippine central bank said Thursday. The Bangko Sentral ng Pilipinas (BSP) said the November net inflows resulted from the 1.6 billion U.S. dollars gross inflows and the 902 million dollars gross outflows for the month. "The recorded net inflows are a reversal of the 328 million dollars net outflows pos.....»»

Category: newsSource:  philippinetimesRelated NewsDec 31st, 2023

Philippines foreign investments yield net inflows in November

MANILA, Dec. 28 (Xinhua) -- The Philippines' foreign investments yielded net inflows in November, the Philippine central bank said Thursday. The Bangko Sentral ng Pilipinas (BSP) said the November net inflows resulted from the 1.6 billion U.S. dollars gross inflows and the 902 million dollars gross outflows for the month. "The recorded net inflows are a reversal of the 328 million dollars net outflows pos.....»»

Category: newsSource:  manilanewsRelated NewsDec 29th, 2023

Creative Industries Month to witness ‘the grandest battle of creativity’

The buzzwords this month and until November are "creativity" and "creative industries." September has been declared the "Creative Industries Month" by the Philippine government, and one reason for such declaration is the activation of the law known as Philippine Creative Industries Development Act, or Republic Act 11904. Pangasinan 4th District Representative Toff de Venecia is the principal author of the law, the chairman of the House Special Committee on Creative Industry and Performing Arts. De Venecia's clan on his mother's side used to be entrenched in film production. He is a son of Gina Vera-Perez De Venecia, daughter of Dr. Jose Vera Perez, the patriarch of pioneering film companies Sampaguita Pictures and Vera Perez Productions. Before he joined Pangasinan politics as son of former senator Jose De Venecia, Toff was active in theater, all the way back to his schooldays at the Ateneo de Manila. Sen. Loren Legarda, aside from being Senate President Pro-Tempore, is chair of the Senate committee on culture and the arts. For years a top broadcast journalist at ABS-CBN, Legarda is the principal author of Republic Act 11961, also known as the Cultural Mapping Law. [caption id="attachment_186378" align="aligncenter" width="511"] ODANG Putik Pottery held workshops on basic pottery. | PHOTOGRAPH COURTESY OF IG/ ODANGPUTIKPOTTERY[/caption] National competition DTI has announced that it will launch on 24 September a national competition, Young Creatives Challenge (YC2) "through the support of Sen. Imee Marcos." The competition -- described as "the grandest battle of creativity" in the country with a grand prize of P1 million per category -- "aspires to ignite, acknowledge, and spotlight the brilliance of creative minds... in the fields of Songwriting, Screenwriting, Playwriting, Graphic Novel, Animation, Game Development, and Online Content Creation." The semi-finals are set for October 2023, when the Top 30 creators and the Top 10 Grand Finalists will be revealed. At the grand finals on November 2023, cash prizes will be awarded along with millions’ worth of promotions, incentives, registration of intellectual property and possible production or commercialization of creative works. The competition has an Online Content Challenge with distinct mechanics and a separate prize pool. It offers a platform for content creators to showcase their talents and make a significant impact by raising awareness about the vibrant and dynamic Philippine creative industries. The special category will have TikTok as its main channel for entry submission. The DTI invites all natural-born Filipino citizens aged 18-35, regardless of their level of experience, to participate as either individuals or teams. Entrants are required to submit "entirely original creations." The competition theme is deliberately broad, embracing an "open" and "free subject" approach to allow the participants the creative freedom to delve into any topic or subject matter of their choosing. For more information about the competition, visit www.youngcreativeschallenge.com. Capsule workshops On 17 September, the NCCA launched the Creative Industries Month at the Rizal Park Open Air Auditorium in Manila with creative capsule workshops in the afternoon and a grand concert of songs, dances and puppetry in the evening. The festivities had the full support of the National Parks Development Committee and Concert at the Park. The workshops were anchored on various creative industries in the country. For instance, for the audiovisual media domain, the Knowledge Channel Foundation Inc. conducted an introductory workshop on Learning Filipino through Wikaharian. For the digital interactive media domain, Dr. Albert Mulles of METATOKYO tackled “How to Start Your Own Blockchain Game Project” while the Department of Science and Technology presented “Learning Through Minecraft Exhibit.” Under the Design domain, there were workshops on shoemaking, parol and jewelry-making and T-shirt printing Workshop. Under publishing and printed media, Rustico Limosinero offered a basic comics workshop, while the Barasoain Kalinangan Foundation, Inc. discussed book- selling and exhibits. Composer-singer Joey Ayala, meanwhile, held a Songwriting Workshop under the Performing Arts domain and later, at the concert, performed the finale solo vocal numbers. Nanding Josef, artistic director of the Cultural Center of the Philippines' Tanghalang Pilipino, conducted a capsule workshop on Theater Acting. Also within the Performing Arts domain were the dance and puppetry workshops facilitated by the Samahan ng mga Papetir ng Pilipinas. The other domains that presented workshops included the visual arts, traditional cultural expression and cultural sites. Aside from Ayala, the evening concert featured Noel Cabangon, the revived band Color It Red with Cookie Chua still its lead vocalist, Bayang Barrios and her band, the Sindaw Philippines dance troupe, Halili Cruz Dance Company, Teatro ni Juan and a puppetry group. [caption id="attachment_186377" align="aligncenter" width="1440"] HALILI Cruz Dance Company at the evening concert. | PHOTOGRAPH COURTESY OF FB.COM/ HALILI CRUZ DANCE COMPANY[/caption] In his remarks, De Venecia pointed out that there are more than 7 million people in the Philippines employed in the creative industries, and the industries' contribution to Gross Domestic Product in 2022 was 7.3 percent percent or P1. 6 trillion, representing an increase of 12.1 percent from P1. 43 trillion in 2021. "This is a sector that has managed to survive and even thrive on its own, but with institutionalized support from the state, it will really help the creative industry sector grow and accelerate to the point where we want it to be — which is by 2030, the Philippines will be the number one creative economy in all of Asia,” said De Venecia. May we be really number 1 just seven years from today! The post Creative Industries Month to witness ‘the grandest battle of creativity’ appeared first on Daily Tribune......»»

Category: newsSource:  tribuneRelated NewsSep 19th, 2023

Setting the Bar high

The legal profession has always fascinated me. Studying the rudiments of law and how these affect people’s lives and liberty is not a walk in the park. It entails a lot of money, patience, risks, and sacrifices to complete a degree. Without the law, chaos will reign in society; there will be no peace and order day and night, no settlements of disputes, and accountability for criminals who will freely roam the streets with no law enforcement officers to stop them. Lawyers, like doctors, are arguably held in higher esteem and standards than other professions. They are feared for reasons only known to men. Their sartorial elegance and eloquence often hold us in shock and awe, delighting ordinary mortals. No wonder many children dream of becoming lawyers when they grow up, only to be checked by the realities of life. There is no gainsaying that attorneys, as court officers, are key players in the country’s growth; that is why every Bar examination is a significant occasion and a step forward in attaining a just and peaceful society. This year’s Bar examinations will be held on September 17, 20, and 24 in 14 local testing centers nationwide, covering six core subjects. The Supreme Court said there will be 10,816 examinees — 5,832 first-time Bar takers and 4,984 retakers. The Manila Police District is deploying around 500 security personnel to check the peace near the testing centers, with some announcing a suspension of classes and resorting to home study in anticipation of the heavy traffic. Corporations offer a much higher pay scale for lawyers. Win or lose, lawyers always get paid in court cases, as being one usually guarantees financial success unless one chooses to offer his expertise pro bono. Due to the high cost and stake of the law profession and maintaining the prestige and lifestyle that go with it, many people, except the moneyed ones, are “allergic” to lawyers because they charge exorbitant fees, and the fact that the wheels of justice in the Philippines grind exceedingly slow, the opposite of which is legal fees running faster than taxi meters. The legal profession is studded with both intellectuals and rotten eggs; sometimes, the good and the bad can be molded into one. Lawyers can uniquely present the truth in different sizes, forms, and shades. These lines in a movie aptly describe it: “Mayaman sila, kaya nilang kumuha ng mahusay na abogado. Kaya nilang baluktutin ang tuwid at ituwid ang baluktot (They are rich, they can afford a good lawyer. They can twist the truth and straighten the crooked).” Despite the high pay, respect, and other perks, the lawyers’ population has dwindled since the first Philippine Bar Examinations in 1901. The decline is alarming. Consider this: There are only 84,236 lawyers reflected in the Supreme Court of the Philippines’ Roll of Attorneys as of 30 November 2022 — a minuscule number in the country’s estimated population of 117,337,368 at mid-year. And what’s the catch? The number of non-practicing lawyers exceeds that of active lawyers. Which brings us to this fundamental question: Why do we need lawyers? Let me dwell on the bright side. We need lawyers to check the imbalances and inequalities in life. We need lawyers to help fix things when these go rough, regardless of the cost. We need lawyers to give people experiencing poverty a fighting chance to preserve life, liberty, and property instead of simply walking to jail. As then-President Ramon Magsaysay said, “Those who have less in life should have more in law.” I have no quarrels with lawyers. In fact, I admire them, and I have some of them as friends. There were lawyers every step of the way during my stint in government — some of them good, some not really good. Considering the clout they wield, lawyers can be good influencers in modern-day society by helping illuminate a dark and dreary world. When the going gets tough, the tough get going. I would still gamble on hiring a good lawyer to clear my path. As a parent, I wish all this year’s Bar examinees well. May the deserving, particularly the brave hearts, succeed. The post Setting the Bar high appeared first on Daily Tribune......»»

Category: lifestyleSource:  abscbnRelated NewsSep 17th, 2023

PBBM reiterates commitment to ASEAN integrated economy

JAKARTA, Indonesia – President Ferdinand Marcos Jr. on Tuesday underscored the strength of the Association of Southeast Asian Nations (ASEAN) as a regional organization and its commitment to regional integration. In his intervention at the 43rd ASEAN Summit and related summits here, Marcos Jr. said that ASEAN is poised to improve its macroeconomic fundamentals in the face of a prolonged geopolitical and socio-economic challenge. "With a projected growth rate of 4.9 percent next year and a steady rise in intra-ASEAN trade and foreign direct investment inflows, ASEAN is well-positioned to weather the storm," he said. Marcos Jr. also reiterated the Philippines' commitment to maintaining ASEAN as a competitive and integrated regional economy. He told the leaders that his administration's integration efforts include facilitating a rules-based multilateral trading system that is "open, free, and fair." Marcos Jr. also called for more concerted efforts to address the impact of climate change, which he said is the most urgent threat to ASEAN's progress. "At the upcoming UN Framework Convention on Climate Change (COP28), ASEAN must call on developed countries to heighten the implementation of their commitments," he said. "Their commitments that include climate finance, technology development and transfer, and capacity building, in order to drive ASEAN's capabilities to prevent, mitigate, manage, and adapt to the impacts of climate change," he added. The 2023 United Nations Climate Change Conference or Conference of the Parties of the UNFCCC, more commonly referred to as COP28, will be the 28th United Nations Climate Change conference from November 30 until December 12, 2023, at the Expo City, Dubai. Marcos Jr. also announced that the Philippines is ready to take the helm and chair ASEAN in 2026. "We will fortify the foundations of our Community-building and navigate ASEAN as it embarks on a new chapter," he said. "We will count on the support of fellow Member States and continue to work with our partners to strengthen ASEAN Centrality, and to promote peace, security, stability, and prosperity in the region," he added. During the 43rd ASEAN Summit opening remarks earlier, Indonesian President Joko Widodo said that the regional bloc must work harder, become more solid, bolder, and more agile in order to achieve its goal of becoming an "epicentrum of growth." He also called for the development of a long-term technical plan that is relevant and in line with the hopes of the people, not only for the next five years but for the next 20 years until 2045. Widodo also stressed the importance of ASEAN centrality, saying that the bloc must be the "primary driving force" in shaping the region's external relations. He said that ASEAN must work with other partners in the Indo-Pacific region to promote peace, stability, and prosperity. "ASEAN is a large ship, and we have a major responsibility towards the hundreds of millions of people who are sailing together on it," Widodo said. "Despite having to sail through a storm, we as ASEAN leaders must ensure that this ship can continue to sail." In addition to the ASEAN leaders, the summit will also be attended by representatives from dialogue partners, including the United States, China, Japan, India, and Australia. The post PBBM reiterates commitment to ASEAN integrated economy appeared first on Daily Tribune......»»

Category: sportsSource:  abscbnRelated NewsSep 5th, 2023

Outlook upgraded, says Tokyo’s R& I

Tokyo-based debt watcher Rating and Investment Information Inc., or R&I, kept the country at investment grade BBB+ while upgrading the country’s outlook from stable to positive due to the economy’s continued resilience in the face of global headwinds. In a statement on Monday,  the debt watcher said the country has been performing well despite uncertainty surrounding the global economy. R&I cited the economy’s strong performance, improving fiscal position, and stable political environment as reasons for the upgrade. The agency also noted that the Marcos Jr. administration’s policies are supportive of economic growth and poverty reduction.   Steady policies “In terms of economic policies, the Marcos Jr. administration has continued the previous administration’s policies to address key infrastructure development and structural reforms, leading to better prospects that the country will make progress in raising income levels, which has been a key challenge,” R&I said. “R&I will upgrade the rating once the factors such as the economic growth path sought under the Philippine Development Plan 2023 to 2028, the stable macro-economic condition, and the improving trend of fiscal position are confirmed,” the debt watcher added. R&I also said that the country’s strong growth in gross domestic product or GDP in 2022 by 7.6 percent “has continued” into 2023. The economy grew by 6.4 percent in the first quarter of 2023. The growth made the Philippines one of the fastest-growing economies among R&I-rated peers like Indonesia and Mexico. The government’s goal for growth in 2023 is for it to be between 6.0 and 7.0 percent. The debt watcher stressed that it doesn’t see the country’s current account deficit on the negative side as the government is spending a lot on infrastructure, which will help the economy grow. R&I also took note of the country’s steady inflows from abroad Filipino remittances and foreign direct investments, as well as its enough foreign reserves, when talking about the country’s external payments. Countries with investment-grade ratings can get cheaper loans from development partners and foreign debt capital markets because they are less likely to default on their loans. In a separate statement, Finance Secretary Benjamin Diokno said the Philippines’ strong macroeconomic fundamentals, improving fiscal position, stable political environment, strong banking system, and comfortable external payments led to the affirmation and revised outlook. A “BBB+” rating is two levels above the minimum investment grade and only one level lower than an “A-” rating. Diokno also said that the R&I’s better outlook got the Philippines closer to the government’s goal of getting an “A” rating before 2028 or before President Ferdinand Marcos Jr. ends his term.   Road to A “We are firmly on track to our ‘Road to A’ and remain committed to further improving the country’s investment climate through structural reforms to enhance the quality and pace of infrastructure development,” he added. Diokno said that the good outlook means there is a good chance that the Philippines’ credit rating will improve. But he also said that this would rely on things such as meeting the goals for economic growth set out in the Philippine Development Plan, keeping the economy stable, and making progress toward improving the country’s finances. The post Outlook upgraded, says Tokyo’s R&I appeared first on Daily Tribune......»»

Category: newsSource:  tribuneRelated NewsAug 7th, 2023

Japan debt watcher keeps Phl credit rating, upgrades outlook to ‘positive’

Tokyo-based debt watcher Rating and Investment Information Inc. kept the Philippines' investment grade credit rating at BBB+ and changed the country's stable outlook to positive due to the Philippine economy's continued resilience in the face of global headwinds. In a statement on Monday, the debt watcher said the Philippine economy has been performing well despite uncertainty surrounding the global economy. R&I cited the Philippine economy's strong performance, improving fiscal position, and stable political environment as reasons for the upgrade. The agency also noted that the Marcos Jr. administration's policies are supportive of economic growth and poverty reduction. "In terms of economic policies, the Marcos Jr. administration has continued the previous administration's policies to address key infrastructure development and structural reforms, leading to better prospects that the country will make progress in raising income levels, which has been a key challenge," R&I said. "R&I will upgrade the rating once the factors such as the economic growth path sought under the Philippine Development Plan 2023-2028, the stable macro-economic condition, and the improving trend of fiscal position are confirmed," the debt watcher added. R&I also said that the country's strong growth in gross domestic product in 2022 by 7.6 percent "has continued" into 2023. The Philippine economy grew by 6.4 percent in the first quarter of 2023, making one of the fastest-growing economies among R&I-rated peers like Indonesia and Mexico. The government's goal for growth in 2023 is for it to be between 6.0 and 7.0 percent. The debt watcher stressed that it doesn't see the country's current account deficit on the negative side as the government is spending a lot on infrastructure, which will help the economy grow. R&I also took note of the country's steady inflows from abroad Filipino remittances and foreign direct investments, as well as its enough foreign reserves, when talking about the country's external payments. Countries with investment-grade ratings can get cheaper loans from development partners and foreign debt capital markets because they are less likely to default on their loans. In a separate statement, Finance Secretary Benjamin Diokno said the Philippines' strong macroeconomic fundamentals, improving fiscal position, stable political environment, strong banking system, and comfortable external payments led to the affirmation and revised outlook. A 'BBB+' rating is two levels above the minimum investment grade and only one level lower than an 'A-' rating. Diokno also said that the R&I's better outlook got the Philippines closer to the government's goal of getting an "A" rating before 2028 or before President Ferdinand Marcos Jr. ends his term. "We are firmly on track to our 'Road to A' and remain committed to further improving the country's investment climate through structural reforms to enhance the quality and pace of infrastructure development," Diokno said. Diokno said that the good outlook means there is a good chance that the Philippines' credit rating will improve. But he also said that this would rely on things such as meeting the goals for economic growth set out in the Philippine Development Plan, keeping the economy stable and making progress toward improving the country's finances. The post Japan debt watcher keeps Phl credit rating, upgrades outlook to ‘positive’ appeared first on Daily Tribune......»»

Category: newsSource:  tribuneRelated NewsAug 7th, 2023

Japan debt watcher keeps Phl credit rating, upgrades outlook

Tokyo-based debt watcher Rating and Investment Information Inc. kept the Philippines' investment grade credit rating at BBB+ and changed the country's stable outlook to positive due to the Philippine economy's continued resilience in the face of global headwinds. In a statement on Monday, the debt watcher said the Philippine economy has been performing well despite uncertainty surrounding the global economy. R&I cited the Philippine economy's strong performance, improving fiscal position, and stable political environment as reasons for the upgrade. The agency also noted that the Marcos Jr. administration's policies are supportive of economic growth and poverty reduction. "In terms of economic policies, the Marcos Jr. administration has continued the previous administration's policies to address key infrastructure development and structural reforms, leading to better prospects that the country will make progress in raising income levels, which has been a key challenge," R&I said. "R&I will upgrade the rating once the factors such as the economic growth path sought under the Philippine Development Plan 2023-2028, the stable macro-economic condition, and the improving trend of fiscal position are confirmed," the debt watcher added. R&I also said that the country's strong growth in gross domestic product in 2022 by 7.6 percent "has continued" into 2023. The Philippine economy grew by 6.4 percent in the first quarter of 2023, making one of the fastest-growing economies among R&I-rated peers like Indonesia and Mexico. The government's goal for growth in 2023 is for it to be between 6.0 and 7.0 percent. The debt watcher stressed that it doesn't see the country's current account deficit on the negative side as the government is spending a lot on infrastructure, which will help the economy grow. R&I also took note of the country's steady inflows from abroad Filipino remittances and foreign direct investments, as well as its enough foreign reserves, when talking about the country's external payments. Countries with investment-grade ratings can get cheaper loans from development partners and foreign debt capital markets because they are less likely to default on their loans. In a separate statement, Finance Secretary Benjamin Diokno said the Philippines' strong macroeconomic fundamentals, improving fiscal position, stable political environment, strong banking system, and comfortable external payments led to the affirmation and revised outlook. A 'BBB+' rating is two levels above the minimum investment grade and only one level lower than an 'A-' rating. Diokno also said that the R&I's better outlook got the Philippines closer to the government's goal of getting an "A" rating before 2028 or before President Ferdinand Marcos Jr. ends his term. "We are firmly on track to our 'Road to A' and remain committed to further improving the country's investment climate through structural reforms to enhance the quality and pace of infrastructure development," Diokno said. Diokno said that the good outlook means there is a good chance that the Philippines' credit rating will improve. But he also said that this would rely on things such as meeting the goals for economic growth set out in the Philippine Development Plan, keeping the economy stable and making progress toward improving the country's finances. The post Japan debt watcher keeps Phl credit rating, upgrades outlook appeared first on Daily Tribune......»»

Category: newsSource:  tribuneRelated NewsAug 7th, 2023

Phl halfway through energy security bid

The Philippines, being a net importer of fuel, still has plenty of room to grow in terms of delivering an energy-secure landscape for the people. Energy Secretary Raphael Perpetuo Lotilla, however, said he is optimistic the country can achieve its targets, guided by the Philippine Energy Development Plan, hopefully within the Marcos administration. “On a scale of one to 10, with 10 representing 100 percent energy security, and we are importing 56 percent, I place that at around five then. “But it can even be lower because our ability to respond to extreme events and natural disasters still needs many improvements,” said Lotilla Tuesday in an interview on Straight Talk, Daily Tribune’s online show. He added: “Now one way of addressing this of course is through the diversification of sources, primarily indigenous, and that’s where renewable energy comes in.” According to Lotilla, the government’s push to increase the share of renewable energy in the country’s power mix is a driving force that would help deliver its targets. Lotilla, who was also the Energy secretary during the term of former President Gloria Macapagal-Arroyo, noted that the country’s clean energy take-up had dwindled over time. Last November, the Department of Energy amended a section of the Implementing Rules and Regulations or IRR of the Renewable Energy Act of 2008.   Energy mix To guide the government in reaching its targets, the DoE has set a target of 35 percent share of renewable energy in the country’s energy mix by 2035, increasing it further to 50 percent by 2040.   Heavy reliance on coal It is still notable, however, that despite an aggressive stance on clean energy utilization, the Philippines still heavily relies on coal. Coal, which is cheaper compared to other forms of power but more detrimental to the environment, is still the highest contributor to the power generation mix at nearly 60 percent. Renewable energy only takes a little over 22 percent of the mix. “The last time I was in the department, it was around 40 percent renewables. Now we are at around 22 percent. That is why we are ramping up the exploration for indigenous gas, which is locally available to us,” Lotilla said.   Oil exploration Since the Philippines is under-explored, the DoE recently signed a 50-50 joint agreement with the Bangsamoro government to begin oil exploration in the Sulu Sea. “It’s joint because whatever is found the net proceeds will be divided 50-50 between the national government and the Bangsamoro,” he said. The agreement, finalized last month, allows for the exploration, development, and utilization of uranium and fossil fuels such as petroleum, natural gas, and coal within the territorial jurisdiction of the Bangsamoro. The DoE signed the Intergovernmental Energy Board Circular on the Joint Award of Petroleum Service Contracts and Coal Operating Contracts with the Ministry of Environment, Natural Resources and Energy of the Bangsamoro Autonomous Region in Muslim Mindanao or BARMM. The IEB Circular operationalized the provision in Section 10, Article XIII of Republic Act 11054, or the Organic Law for the Bangsamoro Autonomous Region, to jointly grant rights, privileges, and concessions for power source development in Bangsamoro. Lotilla suggested that utilizing the energy resources in the area could entice investments, create job opportunities, promote sustainable growth, and ultimately enhance the quality of life for the residents. The post Phl halfway through energy security bid appeared first on Daily Tribune......»»

Category: newsSource:  tribuneRelated NewsAug 2nd, 2023

Fortman Cline declared Best M& A Advisory Team in SE Asia

Fortman Cline Capital Markets was recently named the Best Mergers and Acquisitions Advisory Team in Southeast Asia for 2023 by Capital Finance International, a premier London-based print journal and online resource for business, economics and finance. In recognition of FCCM’s work as a corporate finance advisory and consulting firm, CFI wrote that the firm has “demonstrated a track record on assisting entrepreneurs and family businesses achieve transformational growth via joint ventures, external fund-raising placements, and inorganic acquisitions.” “In addition, it has assisted a number of entrepreneurs monetize their businesses via strategic transactions with responsible partners that could transform businesses towards a larger scale. The team has also developed specialized practices in healthcare, consumer businesses, infrastructure, and logistics. It has complemented its workforce with industry professionals,” CFI further said. The CFI award program aims to demonstrate “the many ways in which the economies of the world are converging” and the awards are given to individuals and organizations “that truly add value.” This is the second time that CFI has bestowed the recognition to FCCM. The first time was in 2019. That same year, FCCM was also given the Most Innovative Solutions Provider Award from International Finance, Inc. FCCM has been ranked as one of the top M&A firms in the Philippines by Bloomberg and in Southeast Asia by Thomson Reuters. “Having meaningful dialogues with our clients over a company’s lifecycle is very important. This develops customer loyalty, and annuity like revenue streams vis-à-vis a transaction-oriented approach to business,” said FCCM president and co-founder Daniel D. Ibasco. FCCM acted as one of the two financial advisers of Professional Services Inc., the company that owns The Medical City, as it recently sealed the deal with Luxembourg-based CVC Capital Partners. The deal will involve a control entry by CVC over the hospital’s Philippine assets and operations through a combination of convertible notes and secondary share purchases via an ongoing tender offer. FCCM has also assisted PSI in refinancing $146 million worth of guaranteed obligations of its subsidiary in Guam with non-recourse long-term debt from a syndicate of South Korean lenders. FCCM has assisted TMC grow into one of the largest healthcare networks in the Philippines through a series of multiple transactions performed for TMC over the last 10 years. In November 2022, FCCM advised TMC on the issuance of up to P12.7 billion of convertible notes to Universal Healthcare Services, Pte., Ltd., which is managed by CVC. The move is part of the hospital’s recapitalization program. “The current industry environment is ripe with opportunity driven by a demand for quality healthcare services, an increase in healthcare spending, and a growing middle class population,” Ibasco said. Prior to the CVC-TMC deal, FCCM advised Mang Inasal Philippines Inc. on its sale of a 70-percent stake to Jollibee Foods Corporation, and All First Equity Holdings on its acquisition of a 60-percent equity stake in Philippine Geothermal Production Company, Inc. from Chevron Geothermal Philippines Holdings, LLC (USA). The firm was also the financial advisor of San Miguel Corporation’s acquisition of Citra Tollways’ interest in the Southern Luzon Expressway, the sale of Air 21 Group to AC Logistics Holdings Corporation, the sale of 51% of The Generics Pharmacy to Robinson Retail Holdings, Inc., Bounty Fresh Food Inc.’s $300 million acquisition of Tegel Foods Ltd. in New Zealand, Fernwood Holdings, Inc.’s acquisition of a 100-percent stake in Liquigaz Philippine Corporation, and more. Before founding FCCM along with Gary P. Cheng in 2007, Ibasco headed Asian Capital Markets and Southeast Asian Investment Banking for Bear Stearns and Co. in Singapore and Hong Kong. He has over 30 years of experience in investment banking, debt and equity capital markets, private and venture equity and special situations, specializing in emerging markets and Southeast Asia. Cheng, on the other hand, is currently the Managing Director of FCCM. He was the president and CEO of Amalgamated Investment Bancorporation and has worked with J.P. Morgan in New York, Hong Kong, and London. Ibasco and Cheng are joined in the top executive positions by Clarisse T. Tan and Michael C. Tiutan, Executive Directors for the Investment Banking Group. Earlier in the year, FCCM established a management consulting arm under the leadership of Francis S. Del Val, who has more than three decades of global executive experience.   The post Fortman Cline declared Best M&A Advisory Team in SE Asia appeared first on Daily Tribune......»»

Category: lifestyleSource:  abscbnRelated NewsJul 27th, 2023

Cinnamon is newest ‘superfood’

Considered as the “gold dust of Europe” during the 1500s, the spice called cinnamon was as valuable in that continent at that time as oil is globally today. “I chanced upon this superfood and discovered that the Philippines has 16 native species, and they are in the International Union of Conservation of Nature’s list of threatened species,” says November Canieso-Yeo, founder of Plantsville Health, a social enterprise that aims to save the Philippine cinnamon and other aromatic indigenous species by planting them in partnership with small landholder farmers, buying their produce and developing them into healthful products. “It’s a shame because our country imports more than 95 percent of its current cinnamon consumption. How meaningful it could be if we could help grow back the Philippine cinnamon, while earning for the farmers and its suppliers,” she adds. Studies have shown that cinnamon may help control blood sugar by making insulin efficient, moving glucose to cells. It is also known to have other medicinal benefits for its antioxidant, anti-inflammatory and anti-microbial properties. For her enterprising vision, Canieso-Yeo is one of the remarkable few women who qualified for the Department of Science and Technology’s Women Helping Women: Innovating Social Enterprises program. The WHWise Program brings together government agencies and private organizations to seek out and prepare women-led social enterprises for growth, scalability and subsequent venture capitalist funding. The program provides a suite of services which includes early-stage funding, training, skills development, mentorship and business incubation. More importantly, the program will provide access to technology to enable even women from rural communities to be part of the global economy. Canieso-Yeo’s DoST grant, in turn, caught the eye of RiteMed Philippines Inc., the country’s leading unibranded line of pharmaceutical and health care products in the country. The two companies recently signed a Memorandum of Understanding for the collaboration in converting Plantsville’s research studies about herbs and plants with scientific and clinical evidence to products which can be commercially made available. Jose Maria A. Ochave, president of RiteMed, says, “With Plantsville commitment and with the full support of DoST, we may be able to optimize our country’s natural resources not just for local but even for the global market.” Visit www.plantsville-health.com. The post Cinnamon is newest ‘superfood’ appeared first on Daily Tribune......»»

Category: newsSource:  tribuneRelated NewsMay 26th, 2023

FDI inflow clocks highest since 2019

Foreign direct investments brought in more money to the Philippines in February primarily due to a rise in funding for debt instruments during that period, the Bangko Sentral ng Pilipinas said on Wednesday. Preliminary data from BSP showed that FDI yielded net inflows worth $1.047 billion in February this year, a 13 percent increase from the $926 million recorded in February 2022. It exceeded the $448 million recorded in January. The latest figure is the highest in 15 months, with the last highest recorded net inflows being $1.263 billion in November 2022. FDIs can take the form of equity capital, reinvestment of earnings, or borrowings. “The increase in FDI was due to higher non-residents’ net investments in debt instruments, notwithstanding lower net equity capital placements and reinvestment of earnings,” the BSP said.   Equity capital placements According to the BSP, most of the equity capital placements during the period were from Japan, the United States, and the Cayman Islands. The bulk of these investments were allocated to manufacturing, real estate, electricity, gas steam and air conditioning supply, as well as financial and insurance industries. However, the year-to-date FDI net inflows amounted to $1.5 billion, 14.6 percent lower than the US$1.8 billion net inflows posted in the first two months of 2022. “All major FDI components yielded lower net inflows as foreign investors remained cautious amid persistent and broadening global inflation,” the BSP said. In an emailed commentary, Rizal Commercial Banking Corp. chief economist Michael Ricafort said that the net inflows of FDI in February were one of the highest since the pandemic began.   Further reopening of economy He attributed this to the economy’s further reopening towards greater normalcy and the absence of Covid-19 restrictions compared to 2020 and 2021. Ricafort also commented that net FDI might increase further in the coming months due to the investment commitments obtained by the Marcos administration during overseas trips in recent months. “The latest investment commitments after the administration’s official visit to the United States in May 2023 ($1.7 billion); state visit to Japan in early February 2023 with about $13 billion; investment commitments worth about $24.2 billion during President Marcos’ visit to China in early January 2023; these could lead to more US dollar/foreign currency inflows, especially in the form of FDI into the country, at the very least; though still wait-and-see for the actual investments to be made into the country in the coming months,” Ricafort said. “These are on top of the earlier investment commitments estimated from foreign investors after the new administration’s recent visits to the World Economic Forum, Belgium ($2.2 billion), Thailand ($4.6 billion), Indonesia ($8.4 billion), Singapore ($6.5 billion), and the US ($3.9 billion; the administration’s first US visit in September 2022); yet to see if these would also translate to actual investments/FDI into the country,” he added. The post FDI inflow clocks highest since 2019 appeared first on Daily Tribune......»»

Category: newsSource:  tribuneRelated NewsMay 10th, 2023

Balance of payments posted $11.8-b surplus in 11 months

The Philippines’ balance of payments posted a surplus of $1.47 billion in November, up from a $541-million excess in the same month last year, on sustained inflows from the Bangko Sentral ng Pilipinas’ foreign exchange operations and income from investments abroad......»»

Category: financeSource:  thestandardRelated NewsDec 29th, 2020

‘Descendants of the Sun Philippines’ is coming to Netflix Philippines this Friday

The excitement is real for netizens and Kapuso viewers alike as GMA Network’s internationally-acclaimed drama, “Descendants of the Sun Philippines,” streams on Netflix Philippines beginning this Friday, November 13. As the first GMA program to be streamed on Netflix Philippines, its esteemed director Dominic Zapata proudly shared that he is thrilled and honored to be part of this pioneering series. “The first time I found out I felt thrilled,” he said. “It’s great to have our show on Netflix.” He also added that the series was a collaborative effort from the entire team, “Honestly, I’ve never put much weight on being called a director. With my collaborative style of work, I feel I merely represent a whole team of very talented individuals. We also need to credit a good part of this recognition as well to all the people who inspire us in our work, our loved ones and our families, and of course the viewing audience that has allowed television to grow to what it is today.” Headlined by two of the Network’s biggest stars – Kapuso Primetime King Dingdong Dantes as Big Boss and Ultimate Star Jennylyn Mercado as Beauty – the series is well-loved by both local and international fans. Last August, it became the first-ever Philippine TV program to receive the Most Popular Foreign Drama of the Year award from the 15th Seoul International Drama Awards. Its lead actor, Dingdong Dantes, was also bestowed the prestigious Asian Star Prize in the same annual global festival. “Descendants of the Sun Philippines” revolves around the love story between Captain Lucas Manalo and Dr. Maxine Dela Cruz. As a soldier and a doctor, they both have demanding and dangerous jobs. Time never seems to be on their side, but when two people are meant for each other, love always has a way of bringing them together. Also part of the series are Rocco Nacino and Jasmine Curtis-Smith who portray Technical Sergeant Diego Ramos and Captain Moira Defensor, respectively. Meanwhile, the hard-working doctors and nurses are played by Renz Fernandez, Chariz Solomon, Andre Paras, Nicole Donesa, Reese Tuazon, Jenzel Angeles, and Bobby Andrews. On the other hand, the brave military team is composed of Paul Salas, Jon Lucas, Lucho Ayala, and Prince Clemente. Completing the cast are Neil Ryan Sese, Pancho Magno, Antonio Aquitania, Ricardo Cepeda, Ian Ignacio, Rich Asuncion, Carlo Gonzalez, Hailey Mendes, Marina Benipayo, and Roi Vinzon. Get ready to watch the heart-warming love story of Big Boss and Beauty in “Descendants of the Sun Philippines”. On November 13, 30 episodes of the series will premiere on Netflix Philippines, and five new episodes will launch on the service each Friday after until New Year’s Day in 2021......»»

Category: newsSource:  mb.com.phRelated NewsNov 12th, 2020

More sea trips in Cebu suspended due to Super Typhoon Rolly

CEBU CITY, Philippines – More sea trips in Cebu have been suspended as the list of areas affected by Super Typhoon Rolly (international name: Goni) continues to grow. In a memorandum issued on Sunday, November 1, the Philippine Coast Guard in Cebu (PCG-Cebu) ordered the suspension of all sea trips bound for and passing through […] The post More sea trips in Cebu suspended due to Super Typhoon Rolly appeared first on Cebu Daily News......»»

Category: newsSource:  inquirerRelated NewsNov 1st, 2020

Phil and James Younghusband discuss their retirement and future with Philippine football

In a span of just months, Filipino-British football stars Phil and James Younghusband both announced their retirement from the sport, thus ending the Younghusband era in Philippine football.  Phil and James were crucial parts of the Philippine Azkals’ biggest moments, including the Miracle in Hanoi during the 2010 AFF Suzuki Cup, as well as their recent milestones with the AFC Asian Cup berth.  In November of 2019, Phil, the Philippine Azkals’ leading goalscorer announced that he was calling it a career, and in June of 2020, his older brother James followed suit. As it turns out, that wasn’t the original plan for James, who initially wanted hang his spikes up at the end of the year. Speaking to Cedelf Tupas on the Crossover Podcast, James shared that he actually wanted to play out the whole 2020 Philippines Football League season, but the COVID-19 pandemic axed those plans.  “Originally, my plan was to finish off the year with Ceres with the whole 2020 season but of course, with the pandemic and the situation and football put on hold especially now here with it still on break, I just felt it was time to announce, I’ve decided to end it a bit earlier,” James said.  Ceres-Negros was the final stop on James’ long and decorated professional Philippine club football career, which began in 2011.  While 2019 was indeed an eventful year for James on the pitch, he admits he would have wanted a proper end to his career.  “Winning the double last year, getting the chance to play in AFC in the Champions League and with AFC Cup, it was a nice way to end it, but of course, would have been nice to finish the year.” With the uncertainty of things given the COVID-19 pandemic however, James felt that the time was right to put a bow on what has been a great career.  “Just felt with the momentum of being on break, I had to announce it now, and seeing around, waiting around, wondering when the league would restart but I felt yeah, it was time to announce it and I’m just thankful to everyone for the great messages and the great articles…itreally feels great to see that appreciation.” James admitted that seeing his younger brother retire first did play a part in influencing his decision as well.  “Yeah, I think as well. During this time, you’re sitting at home, a lot of time to think and evaluate yourself and your life, and as well, my brother he’s starting a family, me as well I felt there’s other things in life I want to experience as well and a new chapter to begin.” “It played a part as well, we had a great run as well, great memories as well and I just felt the time was right during this pandemic to announce it,” James added.  As for Phil, he explained that his decision to retire last year came after a series of setbacks coupled with him getting ready to start a family.  “I mean there’s a lot of ups and downs and the downs can really bring you down and it came to a point that I had successive blows with the folding of Davao, with not being able to start in games in the Asian Cup, it was very disappointing and my morale was very low and I was getting married at the time, losing my job when I knew I had to fund a wedding,” Phil admitted.  “I just knew my priorities when my wife, we were starting a family and I just felt very unmotivated with football so those successive blows really took its toll on me and I knew I didn’t wanna feel that again and I want security and start a family, your priority is family you gonna want to support them and make sure they never in a vulnerable position so I decided I want to be in a position where I can support them and give them security,” Phil continued.  Unfortunately, unlike in most other Southeast Asian countries, the Philippines is still struggling to keep a local club football league afloat, which can largely be attributed to the clubs themselves struggling to get financial support.  “Playing in Philippine football is not gonna give me that because there’s been numerous times clubs folded and look what’s going on now, it’s really tough,” Phil said. “I was in the same position of a lot of players are going through now in Philippine football where clubs are going to find financial support and it’s very difficult. I empathize with anyone in that position.”  While the Younghusband era in Philippine football may be over in terms of them being players, there remains a large possibility that the two remain involved in a different capacity, whether it be coaching or otherwise. “I think it’s now time where I wanna start pursuing a possibility in coaching and learning more about coaching,” he shared. “I would actually like to travel as well to different countries and learn about different cultures about football also, and different philosophies,” said James.  “I wanna travel to different countries and learn different ways of styles of football, coaching football. My goal was always to help develop Philippine football and to go abroad, learn, and come and share that to the Philippines,” he continued.  “James and I have always said a lot of our knowledge and experience were gained at Chelsea Football Club. We were able to watch the best players in the world every day, the best facilities, being under the best coaches in the world and most of our knowledge and experience has come from that but we feel if we want to grow in the sport and we want to help develop football even more in the Philippines, we need to go abroad and gain more knowledge, more experience and be able to bring it back again to the Philippines,” Phil added.  “I think we still have a lot to offer Philippine football, whether that’s next year or the year after. We don’t know but we still have something to offer,” he continued......»»

Category: sportsSource:  abscbnRelated NewsJul 3rd, 2020

US-Phl-Japan trilateral security cooperation essential

During the state visit of Japanese Prime Minister Fumio Kishida to the Philippines last November where he delivered a speech before a joint session of Congress, he highlighted the trilateral cooperation between the United States, the Philippines and Japan to protect the freedom of the South China Sea......»»

Category: newsSource:  philstarRelated NewsFeb 18th, 2024

Cold storage industry capacity to grow by 8% in 2024

Local cold storage capacity is expected to grow by at least eight percent this year to around 750,000 metric tons, driven by higher storage demand for food items, according to the Cold Chain Association of the Philippines......»»

Category: financeSource:  philstarRelated NewsFeb 14th, 2024

Unilever bullish on Philippine growth prospects

Unilever Philippines is optimistic of sustaining robust growth this year as it aims to grow its business faster than the country’s gross domestic product......»»

Category: financeSource:  philstarRelated NewsFeb 14th, 2024