Maniolas

MANILA, Philippines – The global market is coming to Manila as  the World Trade Center Metro Manila (WTCMM) plays host to the forthcoming 46th World Trade Centers Association General Assembly (WTCA GA) with the conference theme, “Better Together,  Global Unity and Cooperation,”on April 26-29, at the exhibition hall of WTCMM. The three-day WTCA GA is the most important event in the WTCA’s annual calendar and platinum sponsors supporting the prestigious global assembly are the Tourism Promotions Board promoting 2015 as Visit Philippines Year;  Philippine Airlines as the official carrier of delegates flying in from all over the world; and the Center for Culinary Arts highlighting Filipino culinary talent through stylized Filipino cuisine. Other government agencies and local companies supporting WTCMM are the Philippine International Trading Corp, Sycip, Gorres & Velayo Co., Philippine Retirement Authority, Oxford Business Group, Philippine Exporters Confederation, Tourism Infrastructure and Enterprise Zone Authority, Ralph’s Wines and Spirits, Figaro Coffee Systems, Inc., Live Events,  Worldstage, Eras Furniture, and Sofitel Philippine Plaza Manila. The global market, represented by some 250-300 businessmen and investors from nearly 100 countries is coming to Manila and top-level business contacts are expected to realize great potential for near-term investments through networking and business matching with local delegates representing the Makati Business Club, Management Association of the Philippines, Financial Executive Institute of the Philippines and the Philippine Chamber of Commerce and Industry. The general assembly is hosted by a World Trade Center and  each year  rotates to different continents and draws some 250-300 foreign delegates Read More …

APRIL Lee-Tan Investing in office spaces is seen to become an increasingly attractive proposition for many developers, as the country continues to enjoy a steady influx of companies setting up shop in the Philippines. A primary driver of the rise in demand for office spaces, according to property consulting firms Cushman & Wakefield Philippines Inc. and Jones Lang LaSalle Philippines Inc., is still the business process outsourcing (BPO) industry, as the country remains to be among the most attractive locations for offshoring services. “The strength of the outsourcing and offshoring industry makes the office market an attractive investment choice for both local and foreign investors. Capital values have posted steady growth in Manila’s core business districts, vacancy rates remain low and the continued expansion of reputable multinational companies make the office sector an attractive option,” Joe Curran, general manager of Cushman & Wakefield, said in a report entitled “Asia Pacific Office Forecast 2015-16.” MIKE Oyson The report noted that prime and Grade A office leasing demand continued to be positive in 2014 as new and existing outsourcing and offshoring firms continue to enter and expand their footprint in Metro Manila. “This trend is expected to continue as the outsourcing and offshoring industry is forecast to remain as the primary growth driver of the office market. Nonetheless, we still see growing office demand from traditional corporate occupiers seeking to either relocate or consolidate office space in select key districts. This sustained office demand should be able to offset supply pressure from Read More …

MANILA, Philippines – The payment of the advance 12-percent value added tax (VAT) on refined and raw sugar may be imposed as early as May after the Bureau of Internal Revenue (BIR) issued a new regulation reiterating the imposition of such, effectively snubbing the petition of the Sugar Regulatory Administration (SRA) to postpone the implementation until the next crop year. The BIR last week published a new revenue regulation reiterating that sellers of refined and raw sugar are required to pay in advance the 12-percent VAT before the sugar is withdrawn from the warehouses. The BIR also maintained that only raw cane sugar or muscovado sugar is exempt from payment of VAT because it is produced without the use of any mechanical device.  “We have already received a copy of the new revenue regulation. This was published last week and is intended for implementation in May,” said SRA administrator Ma. Regina Martin.  “It’s a BIR regulation so we have no choice but to implement it. Right now we are talking to industry stakeholders on the effect of the revenue regulation,” she added. Last month, the SRA asked the BIR to postpone the implementation of the advance 12-percent VAT on raw and refined sugar until the start of the next crop year. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The next sugarcane cropping season would begin in September 2015 and end in August 2016. Martin said the issuance of the new regulation in the middle of the milling season Read More …

MANILA, Philippines – The country’s foreign exchange reserves slightly dipped in March, largely due to payments of maturing obligations by the government as well as the  revaluation adjustments on the gold holdings of the Bangko Sentral ng Pilipinas. Based on preliminary data, the BSP’s gross internal reserves (GIR) stood at $80.4 billion as of the end of March, down from $79.645 billion in the same period last year. The latest GIR figure,  enough to cover 10.5 months worth of imports of goods and payments of services and income, declined by $400 million month on month. The central  bank’s  reserves were also equivalent to 4.9 times the country’s short-term external debt based on original maturity and 3.9 times based on residual maturity. These were partially offset by the government’s net foreign currency deposits and the BSP’s foreign exchange operations and income from investments overseas. Short-term debt based on residual maturity refers to outstanding external debt with original maturity of one year or less, plus principal payments on medium and long-term loans of the public and private sector’s falling due within the next 12 months. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Foreign exchange reserves are foreign assets held or controlled by the country’s central bank. These reserves are made of gold or specific currency.  They can also be marketable securities denominated in foreign currencies like Treasury bills, government bonds, corporate bonds and equities and foreign currency loans.

MANILA, Philippines – The Department of Trade and Industry (DTI)  is encouraging small and medium enterprises (SMEs)  to improve the quality of their products and comply with higher standards to become more competitive locally and overseas. In a statement yesterday, the DTI said the  participation  of SMEs in Sikat Pinoy fairs is one way for these businesses to become familiar with superior product standards. “Aside from exposing SMEs to national buyers or large companies to get big orders, we expose them to the products of the other enterprises,” DTI Secretary Gregory Domingo said. Late last month, the DTI held the Sikat Pinoy National Food Fair which showcased food products from all over the country. The fair had 150 exhibitors and featured various products such as meat; fish; processed fruits and vegetables; ingredients, sauces, and condiments; wines and beverages; coffee, tea, and cocoa; bakery products; snacks and confectionaries; organic, herbal and natural products; and food supplements and vitamins. Bureau of Domestic Trade Promotion Director Rhodora Leaño said the department has imposed stringent requirements for Sikat Pinoy exhibitors. Big institutional buyers attending the fair, she noted, have set strict  requirements for their suppliers. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “One of the basic requirements that they (institutional buyers) are seeking from suppliers is the fact that they must have a Food and Drug Administration (FDA) registration. They can be appeased if the supplier has at least filed an application with FDA,” she said. Aside from supplying to institutional buyers, Read More …