THE NATIONAL government’s outstanding debt grew by 4.5% annually at end-2013 as the state continued to increase the domestic component of its liabilities, the Bureau of the Treasury said.
Feb 182014
Feb 182014
HEARINGS on the House Joint Resolution to amend the Constitution’s economic provisions began yesterday, and House Speaker Feliciano R. Belmonte, Jr. promised its passage at the plenary level by May.
Feb 182014
MANILA, Philippines – The Trade department plans to hold consultations with players in the electronics and semiconductor industry on the proposed Product and Technology Roadmap that would enable the industry to transition to value-added activities. The proposed roadmap would enable the industry to raise the annual export value of goods to as much as $37 billion in 2016 from the current level of around $23 billion. By 2022, the value of electronics exports are seen to rise by $52 billion through value-adding and by 2030, value of exports are seen to rise to $112 billion. The Semiconductor and Electronics Industries in the Philippines Inc. (SEIPI) expects revenues from shipments of electronic products to have reached between $20 to $21 billion in 2013 from $23 billion in 2012 as the performance of the sector remained weak. “The electronics sector, a growth pillar of the manufacturing industry and also one of the biggest job generators, has through the years contributed significantly to the country’s aggregate exports, often dominating the majority share of export products,” said Trade undersecretary and Board of Investments (BOI) managing head Adrian S. Cristobal Jr. “SEIPI is assured of our continued support and their plan for a supplemental roadmap will be facilitated through the mobilization of resources in collaboration with relevant government agencies,” he added. The proposed roadmap would guide the electronics industry as it moves up the value chain, develop new growth areas and seize opportunities in Southeast Asia as free trade in the region is implemented in Read More …
Feb 182014
MANILA, Philippines – The country may see the entry of more foreign banks soon as the Bangko Sentral ng Pilipinas (BSP) readies its proposed amendments to the law that will pave the way for the liberalization of foreign banks’ entry. BSP Governor Amando M. Tetangco Jr. told reporters yesterday the central bank is preparing the proposed amendments to RA 7721 or the law governing the entry and operations of foreign banks in the country. “We’re looking at that and we will be presenting our proposal to Congress, which should basically entail the liberalization of foreign bank entry,” Tetangco said on the sidelines of Euromoney’s Philippines Investment Forum 2014. The act liberalizing the entry of foreign banks in the country, approved in 1994, only allows the entry of 10 foreign banks. Tetangco said the form of liberalization needed – whether increasing the figure or completely removing the limit – will still be assessed. “That’s something we need to discuss but the overall thrust is to liberalize our regulations with respect to the entry of foreign banks,” Tetangco said. “There are different ways and we are looking at those possibilities now,” he added. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The Philippines is gearing up for the Association of Southeast Asian Nations Economic Integration set to be launched by 2015. Part of this is the financial integration which will give the region’s banks a bigger market and more opportunities for growth. Tetangco said the country needs to amend RA 7721 Read More …
Feb 182014
MANILA, Philippines – The number of overseas Filipinos who visited the Philippines last year dropped six percent to 203,612 from 215,943 in 2012 data from the Department of Tourism (DOT) showed. A DOT official, who requested anonymity, said there has been a noted drop in the volume of inbound overseas Filipinos or balikbayans since February last year. “We cannot actually pinpoint what caused the drop in the number of overseas Filipinos who visited the country last year. But with all the calamities that we had last year, most probably some of these Filipinos have opted to just donate their travel fund to the victims,” the official said. The DOT exec, however, said there have been continuous efforts to lure more Filipinos, particularly those holding Philippine passports but are permanently living abroad, to frequently visit the country. “Our Tourism Promotions Board (TPB) has Pinoy Homecoming Porgrams,” the source noted. Tourism Secretary Ramon Jimenez Jr. said they hope to engage more Filipinos in appreciating the value of tourism in the country’s inclusive growth agenda and encourage them to take an active role in growing the industry by being better hosts to both local and foreign tourists. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 He said the DOT continues to further boost the potential of the tourism industry as a major economic driver, specially as the country is in the middle of rebuilding and moving forward from recent natural disasters. In 2013, total foreign tourist arrivals went up nine percent to Read More …
Feb 162014
TRADE officials will be meeting with their Southeast Asian counterparts today in Myanmar to provide updates on their commitments to the planned economic integration next year and the Regional Comprehensive Economic Partnership (RCEP).
Feb 162014
CONSULTATIONS for the 2014 Investments Priorities Plan (IPP) will start by the end of this month, a Department of Trade and Industry (DTI) official said, adding that the agency will be taking a sectoral rather than a geographical approach, for increased focus on the industries.
Feb 162014
IN THE corporate world, it is often said that TRUST is the key to any successful organization. However, records from the past show that there are also organizations in difficult situations because of trust, more particularly, “unfounded trust.”
Feb 152014
MANILA, Philippines – The proposed “open skies” agreement between the European Union (EU) and the Association of South East Asian Nations (ASEAN) is expected to result in higher standards of safety and regulation as well as more reasonable fares for airline passengers. Transportation Secretary Joseph Emilio Abaya said the ASEAN would have to first achieve a single aviation market as part of the ASEAN integration in 2015 before entering into a comprehensive air agreement with the EU. “It is still a long way. This is still in its infancy stages. Immediate goal is to first achieve an ASEAN single aviation market. This should be achieved as part of ASEAN 2015,” abaya said. According to Abaya, the proposed “open skies” between EU and ASEAN would translate to higher safety standards for airlines as well as cheaper fares for airline passengers. “This will allow competition, higher standards of safety and regulation and more access to flights and more reasonable fares for our people,” he said. Civil Aeronautics Board executive director Carmelo Arcilla said the EU has been helping the Asean achieve a single aviation market through a project called the Asean Air Transport Integration Project (AATIP) that serves a venue for exchange of info on practices within ASEAN and the EU and capacity building for aviation authorities of ASEAN. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “The proposed EU-Asean comprehensive air transport agreement is a welcome development and is something to look forward to especially so, that the trend in Read More …
Feb 152014
MANILA, Philippines – As the Philippines continues to be kept out of the Office of the United States Trade Representative’s (USTR) Notorious Markets List, the Intellectual Property Office of the Philippines (IPOPHL) intends to strengthen efforts to be taken off the watchlist of countries with intellectual property rights (IPR) violations. According to IPOPHL director General Ricardo Blancaflor, being out of the latest Out of Cycle Review of Notorious Markets for a second year is a positive development. The USTR first took off the Quiapo shopping district from its Notorious Markets List in its report released in December 2012. The Quiapo shopping district was among the markets which took action to address widespread availability of pirated or counterfeit goods. “These are welcome developments but we are still working on additional submissions to strengthen our national position with regards to the 301 watchlist,” Blancaflor said. Given the recent development and favorable feedback of American companies and associations on the government’s efforts to protect IPR, the IPOPHL hopes the country would be taken off the watchlist. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Some American companies and associations gave positive comments on Philippine efforts to address IP protection and we acknowledged these. We addressed constructively some of the concerns,” he said. In the USTR’s 2013 Special 301 Report, the Philippines was retained in the watchlist of countries with IP violations, subject to further review of progress in key areas. Countries placed on the watchlist are those which need to address underlying Read More …