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 – Educational plans, health and life insurance are the priority of Mindanao residents according to a survey by Sun Life of Canada (Philippines) Inc. It noted that 42 percent of respondent said getting an educational plan stood as the most urgent concerns in the next couple of years, while 36 percent said they plan to purchase health insurance. Conducted in Davao and Cagayan de Oro with 200 respondents in the second half of 2013, the survey showed that more Mindanaoans aim to purchase products including educational plan, health insurance, life insurance, and pension plan. Twenty-eight percent is considering purchasing life insurance and 24 percent intend to get a pension plan. However, Sun Life said the intention does not necessarily ensure the respondents will actually push through with the purchase. The Mindanaoan’s budget is still allocated to food, house rental or mortgage, and education. But only one percent of the respondents stated that investments and insurance are included in their monthly budget allocation. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “What they could be missing is that it is with investments that they could grow their money and insurance is their means to protect it,” the survey indicated. While they will have to spend for both, the benefits may well be worth it. “In the long run, these could benefit them far better than entrusting all their money in a savings account – which, according to the survey, is how Mindanaoans define financial security (37 percent) as Read More …
Feb 152014
MANILA, Philippines – The Asian Development Bank (ADB) has extended a $250-million loan to help the Philippines design ways to improve the financing system of local government units (LGUs). The reform program will receive parallel co-financing of $150 million from the Agence Française de Developpement. The loan will be used to fund a comprehensive review of the country’s Local Government Code “to boost municipal revenues streams for the provision of better basic services and to assist local economic development and job creation.” ADB’s Southeast Asia Department senior public management specialist Juan Luis Gomez noted that the Philippines has taken significant steps to improve the financing system of LGUs and foster transparent and accountable local governance practices. “Reforms should help raise revenues and therefore improve services,” Gomez added. Despite these efforts, weak local tax bases and flaws in the design of transfers make it hard for poorer local governments to deliver the services their constituencies require. As a result, regional disparities in living standards remain wide. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 This, however, could be efficiently addressed with a review of the Local Government Code. LGUs represent close to 17 percent of total government expenditures and play a critical role in the provision of basic services like health, education, or housing and community development. The reforms include performance-based mechanisms such as the Performance Challenge Fund, which ties greater access to funding to performance, and the “Bottom-up-Budget,” which can improve budget transparency and alignment of national and local Read More …