Maniolas

TEO ATTENDS IFTM TOP RESA SHOW: Tourism Secretary Wanda Corazon Teo (middle) with DOT director for Market Development Group Verna Buensuceso (right) discuss business with one of the French tour operators at the IFTM Top Resa show held in Paris, France last Sept. 20-23.    MANILA, Philippines – The Department of Tourism (DOT) is setting its sights on the emerging market of France and plans to double tourists arrivals from the country to the Philippines by 2020. DOT Secretary Wanda Teo said the agency wants to tap into the growing market of French tourists in the country and entice more of them to visit in the next four years. “The French travel market is prominently figuring on our radar as more and more tourists from that side of the world consider the Philippines as their choice of destination. And it is our goal to double these numbers in the next four years,” Teo said. In 2015, a total of 45,505 tourists from France were reported to have visited the Philippines. They also contributed $34 million in tourist receipts during the period. Now, France has been identified as one of the top 20 emerging markets of Philippine tourism, registering a growth of 21.96 percent in the first seven months of 2016 to 35,378 arrivals from 29,007 in the same period last year. To double the number of French visitors by 2020, Teo said the DOT would intensify its marketing strategy and further utilize social media to promote destinations in the Philippines. Read More …

MANILA, Philippines – It’s all systems go for the market debut of Pilipinas Shell Petroleum Corp. after obtaining the approval of the Philippine Stock Exchange (PSE) to proceed with its P29.7 billion initial public offering (IPO). Shell earlier obtained the green light from the Securities and Exchange Commission to sell shares to the public for the first time. According to its revised offer term sheet posted on the PSE website yesterday, Shell’s offer period will run from Oct. 19 to 25 while the listing of the shares has been set on Nov. 3. The offer price will be finalized on Oct. 13. The company is offering 330 million shares including an over allotment of up to 30 million for a maximum P90 per share. Proceeds from the sale of primary offer shares, amounting to P2.7 billion, will fund capital expenditures and other requirements. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Selling shareholders, who will sell 270 million secondary shares, will get P26.48 billion in net proceeds. According to the term sheet, up to 90 million firm shares or 30 percent will be offered to trading participants and retail investors. Shell’s IPO took 18 years and four administrations — Ramos, Estrada, Arroyo and Aquino – to finally happen. The Oil Deregulation Act of 1998 mandates oil companies including Shell to list at least 10 percent of their common stock within a period of three years since the effectivity of the law. Shell plans to use bulk of the proceeds Read More …

MANILA, Philippines – The Community Mortgage Program (CMP), a government financing scheme that enables organized informal settler families to purchase land, is no longer meeting the needs of its target beneficiaries mainly because of the high equity requirements for acquisition, the Philippine Institute of Development Studies (PIDS) said in a new policy note. As such, the state-run policy research institute recommends implementing an income-based subsidy scheme to prevent further exclusion of the poor. The CMP extends loans to poor informal settlers who have no access to housing loans from private banks. Established in 1988, it is administered by the Social Housing Finance Corp. (SHFC). It enables the beneficiaries to secure tenure on the land they currently occupy or wish to occupy. The program has a total loan fund of P12.78 billion for its regular programs and an additional P20 billion for its high-density housing program. To enjoy the benefits of the program, informal settler families (ISFs) must belong to community associations (CA). The program provides housing loans payable on a fixed interest rate of six percent annually for 25 years. This interest rate is not risk-based and remains constant for the 25-year tenure of the loan. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 CAs with good payment performance can apply for additional loans for site development and home improvement. Based on its assessment of the program, PIDS said the equity requirement discourages target beneficiaries from participating in the program. The maximum loan amount for land acquisition is P100,000 Read More …

This 2009 photo shows the North Luzon Expressway being rehabilitated. To fully maximize gains from growth, however, investments should pump development in the countryside where unemployment persists, says economics professor Emmanuel Lopez. ADB/Released, file A rather bullish economic mood has been seen in recent years due to an enhanced local market. Is the Philippines headed toward stability, much like some emerging economies now enjoy? Pre- development experiences are in place, initiated by accolades from reputable international credit rating agencies. Interested foreign and local investors are flocking to glimpse at opportunities within these shores. The latter years witnessed an unprecedented growth rate; from a low of 5 percent to a high of 6.5 percent of our gross domestic product aided largely by consumers’ spending pattern. Inflation rate, moreover, remains low and ideal the past few years, the highest being at 2 percent. Such inflation rate by any standard seems negligible and should not be a cause for worry, especially at a time when the country’s macroeconomic fundamentals remain strong and steady. Unemployment, despite being a lingering concern has been gradually abridged, thanks to largely to the business process outsourcing industry. There is much more that is needed to concretize our investment target, but it is just a matter of time before we the fruits of development is felt. After all, confidence building measures we have long been placed for years. To fully maximize gains from growth, however, investments should pump development in the countryside where unemployment persists. The countryside development program Read More …

Recent portfolio investments in the Philippines have not been meeting expectations. Philstar.com/File photo An analysis of patterns of foreign direct investments in the Philippines The Philippine economy today continues to benefit from admirable macroeconomic fundamentals. If maintained, they can be key in attracting foreign investors who are important in filling the gap that local investments are not yet able to fulfill. Not only do they fund projects in the Philippines, they also expand Filipinos’ technological choices and access to foreign buyers. Despite the change in administration, the country’s economic managers are quick to reassure Filipinos that they intend to provide continuity in the country’s good policies. On Wednesday, at a forum arranged by the Stratbase ADR Institute, Secretary Benjamin Diokno of the Department of Budget and Management and Bangko Sentral Deputy Governor Diwa Guinigundo both spoke positively of the Philippines’ economic prospects. Investors have short-term jitters More specifically, Guinigundo said that the Philippines had succeeded in building a reputation for its ability to improve institutions, promote good governance, and demonstrate resilience in the midst of external stress. Whether the cause was external stress or investors’ political jitters, however, recent portfolio investments in the country have not been meeting expectations. The benchmark Philippine Stock Exchange (PSE) has been declining since August until the third week of September. Guinigundo even said that the Philippine peso was now “the worst performing currency in the region.” The benchmark Philippine Stock Exchange has been declining since August until the third week of September As pointed out Read More …