September 2013 – Page 2

Phl eyes free trade agreement with EFTA

Economy

Sep 292013

MANILA, Philippines – The Philippines is looking into a possible free trade agreement (FTA) with the European Free Trade Association (EFTA) which groups Iceland, Liechtenstein, Norway and Switzerland. “We’re studying closely, internally on the potential advantages of getting into an FTA with this EFTA. They have been very interested and they have shown strong interest in having FTA with the Philippines and we reciprocate that interest so we are getting into impact studies for this kind of FTA,” Trade undersecretary Adrian Cristobal Jr. told reporters. He said the country plans to start technical discussions for the potential FTA with the EFTA within the year. “We hope to start in November,” said Cristobal. The EFTA, he noted, expressed interest to enter into a free trade deal with the Philippines in 2011. The free trade agreement eyed with the EFTA states would be separate from the free trade deal the Philippines wants to enter into with the European Union (EU) because these states are not part of the EU. In July last year, the Philippines and EU signed the Partnership Cooperation Agreement (PCA), a precondition to the parties’ bilateral trade agreement. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The cooperation deal seeks to strengthen the parties’ bilateral relationship through cooperation in the areas of trade and investment; fighting terrorism and promoting human rights, among others. Cristobal said the government is still undertaking technical discussions for the planned FTA with the EU. As part of preparations for the bilateral free trade Read More …

EastWest Bank launches SEA’s 1st multi-currency prepaid card

Economy

Sep 292013

EastWest Bank launches SEA’s 1st multi-currency prepaid card

MANILA, Philippines – East West Banking Corp., the main banking unit of the Filinvest Development Corp. (FDC), is launching next week Southeast Asia’s first multi-currency prepaid card. The multi-currency card can load up to six different currencies in just one card – US dollar, euro, British pound, Hong Kong dollar, Australian dollar and Japanese yen. “Pay off your purchases cashless through point-of-sale (POS) terminals from all Visa-affiliated merchants abroad regardless of the currencies you loaded,” EastWest Bank said. The pre-paid card will also be more secured as it is not linked to any of the client’s bank accounts. Any purchases made through the prepaid card, Eastwest Bank said, would require the client’s signature . One of the features of the card is that it has locked-in exchange rates. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Your exchange rate is locked-in for the currencies you’ve loaded. No need to worry about fluctuating exchange rates or to look for money exchange counters to give you the best deal on your rates. You can also withdraw local currencies from all VISA-affiliated ATM worldwide,” the bank said. There is also no need to open a foreign currency denominated account. Clients also need not worry about lost cards. “Worry no more about losing access to your funds while abroad as this comes with a companion card which you may use as an emergency card if you lose your primary card,” the bank said. The card would also be easy to manage as it Read More …

Initiatives, reforms needed to enhance Phl competitiveness

Economy

Sep 292013

Initiatives, reforms needed to enhance Phl competitiveness

MANILA, Philippines – The National Competitiveness Council (NCC) is focusing on monitoring key initiatives and reforms meant to further strengthen areas where the Philippine rankings are lower in global competitiveness ratings. “We had improvements for three years on a row. We are very near our target. We are now on the top 40 percent of the world, our original target was to be in the top 33 percent,” said NCC private sector co-chairman Guillermo Luz. “We are on target as far as most of our competitiveness indicators are concerned. We plan to continue that trend for the next three years,” he added. Luz said the Council will continue focusing on initiatives relating to ease of doing business. “I have been really working on bureaucratic reforms, streamlining the process and automating the process,” he said. With these reforms and initiatives, Luz said they expect improvements in the country’s competitiveness ranking in the Doing Business report which will be released by the World Bank this October. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “But we will continue to work, we won’t stop. We want to automate and then go to another big improvement in the next year’s (report),” he noted. Luz added that priority now is shifting attention to technology, education, innovation and environmental sustainability. “Those are the next three to four areas where competitiveness will shift. If we don’t invest today in those areas, we will fall again,” he said. Luz said the Council will also focus on infrastructure Read More …

DTI to hold more FTA info sessions

Economy

Sep 292013

MANILA, Philippines – The Department of Trade and Industry (DTI) will conduct more information sessions on free trade agreements entered into by the country this year to enable more firms to benefit from such deals. Speaking at the Doing Business Using Free Trade Agreements: Manila Stakeholders Dialogue Forum, DTI’s Bureau of Export Trade Promotion director Senen Perlada said the department plans to hold 125 sessions under the Doing Business in Free Trade Areas (DBFTA) program this year, higher than the total of 116 sessions conducted in 2012. Last year’s 116 sessions were attended by 11,169 participants which represented 5,833 companies. “Why are we doing this? We need to raise the level of awareness on free trade agreements,” Perlada said. He said the free trade agreements open a lot of opportunities for local companies in terms of increasing exports to overseas markets. The DBFTA program, which was launched in 2010, is a series of business information sessions conducted nationwide to increase exporter awareness of the country’s free trade agreements. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Currently the Philippines has free trade agreements with Japan and the Association of Southeast Asian Nations (ASEAN). The country has also entered into free trade agreements through the ASEAN with China, Korea, India, Japan, Australia and New Zealand. The DBFTA is among the activities being undertaken by the DTI for the country to increase exports. Under the Philippine Export Development Plan, the country’s total exports are targeted to increase to $120 billion by Read More …

PSE sees more initial public offerings in fourth quarter

Economy

Sep 292013

PSE sees more initial public offerings in fourth quarter

MANILA, Philippines – The recent recovery and less volatility in the local bourse will likely encourage large Philippine companies to pursue previously deferred initial public offerings (IPOs). New products and services will also be rolled out late this year to entice more investors, the Philippine Stock Exchange (PSE) chief said. “You are now seeing roadshows. That’s good and I hope these companies will be able to catch the window when they can issue,” PSE president and CEO Hans Sicat said. “Hopefully, we will get a few of them done this quarter,” Sicat added. The country’s stock exchange has partially recovered losses it suffered from hefty pullbacks from June to August. Sources said the Gokongwei family’s Robinsons Retail Holdings Inc. is already conducting a road show for its P42-billion IPO while Resorts World Manila owner Travellers International Hotel Group has downsized its IPO to $450 million from $842-million due to weakness in the market. Both companies deferred plans to go public amid a market slump mid this year. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “If firms can do the transaction successfully, they can come back to the market later on with other deals,” Sicat said. “If they do a transaction that is very highly priced and tough to do in a particular market environment, it will be harder for them to come back with a second tranche of debt or equity,” Sicat said. “I think there will be more companies coming to the market to take advantage of Read More …

Huawei taps Phl distributor for new videoconferencing system

Economy

Sep 282013

Huawei taps Phl distributor for new videoconferencing system

MANILA, Philippines – China’s information and communications technology (ICT) solutions provider Huawei has tied up with Subicworx in the Philippines to be one of the major distributors of the world’s first all-in-one HD (high definition) videoconferencing system. Huawei Philippines channels manager Crissy Bancil said the Huawei TE30 is a breakthrough in video conferencing as it offers improvement in usability and revolutionary video communication experience. “Huawei is commited to develop enterprise market through partners. With Subicworx’s good logistics, countrywide service network, we believe we can give customers better support. I believe this dynamic partnership of two great companies, who understands what technology can do, is a partnership built with passion, commitment and understanding of what technology should be pointed towards,” Bancil stressed. Subicworx is one of the several companies under the umbrella of Worx Group of Companies, one of the leading computer and office equipment suppliers in the country with world-class standards and affordability. Huawei TE30 aims to be a tool for every enterprise rapid expansion.Executives and teams across the globe could discuss businesses and projects without the need to travel for personal meetings thus would reduce cost. With its voice dialing feature, users could call or join a conference by saying the name of the scheduled conference or the site name as it has a built-in Wi-Fi to support wireless network and microphone. The Huawei TE30 also recognizes multiple languages. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Its compact appearance and simplified installation makes it an ideal choice Read More …

US Fed stance on tapering beneficial to Phl economy, says Metrobank unit

Economy

Sep 282013

MANILA, Philippines – The US Federal Reserve’s decision to keep its asset-purchasing program in place will provide a lift to economic prospects in the Philippines in the short term. However, the research arm of Metropolitan Bank and Trust Co. (Metrobank) said volatility still remains as markets await the timing of the Fed’s tapering. “The decision to hold off tapering for now will boost economic prospects in the short term, particularly in the housing and auto industries that are very sensitive to interest rate movements,” Metrobank said in its research report. The Fed on Sept. 18 surprised markets around the world when it said it is sticking to its massive bond-buying program. The move gave a boost to markets, including those in emerging economies, as investors scrambled for high-yielding assets. But Metrobank stressed volatility will still be experienced by markets as the tapering will still be implemented sooner or later. “Tapering is still highly likely to start sooner than later so market volatility will still be the order of the day. Expect the peso-dollar exchange to continue to swing around despite the strong OFW remittances that should peak this coming fourth quarter,” Metrobank said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Emerging markets have experienced sell-offs since May, when the US Fed hinted at tapering stimulus. “[A] major concern is the significant rise in interest rates, largely a market reaction to the Fed’s announcement of the tapering in May. The US 10-year Treasury bond yield increased by nearly 120 Read More …

EEI bags P1.7-B air traffic surveillance contracts

Economy

Sep 282013

EEI bags P1.7-B air traffic surveillance contracts

MANILA, Philippines – Yuchengco-led construction firm EEI Corp. recently won two air control projects with a combined value of P1.7 billion. Sources said EEI has resumed the construction of the Communication, Navigation and Surveillance/Air Traffic Management Systems Development of the Department of Transportation and Communication under Sumitomo Corp., which was suspended in 2011. The first package is worth around P700 million while the second is worth around P1.2 billion. For its overseas operations, EEI had already completed the construction of its projects in Singapore and New Celadonia. EEI remains on the lookout for new opportunities in other Asian countries. In the Middle East, EEI, through Its subsidiary, will continue to capitalize on its reputation and strong presence in the Kingdom in pursuing more construction projects. It shall also pursue overseas projects outside Saudi Arabia. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The company expects to strengthen its robust position in the domestic market by various building initiatives in the areas of business process outsourcing, mining and power as well as the development of structures to support tourism and residential acquisition which will be fuelled by OFW remittances. EEI is also looking at Public-Private Partnership projects under the government’s privatization program. As of the end of end-June this year, EEI’s unworked portion of existing contracts reached P27.06 billion, 45 percent of which are for domestic projects and the remaining 55 percent for foreign projects.

SingTel-Samsung partnership to benefit Globe subscribers

Economy

Sep 282013

SingTel-Samsung partnership to benefit Globe subscribers

MANILA, Philippines – Ayala-led Globe Telecom Inc. is expected to benefit from the strategic partnership entered into by its partner SingTel Group with Samsung of Korea focusing on driving next-generation mobile communication, infotainment and technology services in Asia. In a statement, International SingTel Group Consumer, CEO Mark Chong said the partnership intends to take advantage of the scale of the SingTel Group and Samsung’s innovative products and services. “SingTel Group and Samsung will deliver an exciting mobile experience for customers, through brilliant mobile and innovative devices,” Chong said. “Not only will our companies mutually benefit, but our combined 400 million mobile customers will be able to take advantage of the unique offerings that will be provided in the future,” he added. For his part, Samsung Electronics president and head of sales and marketing DJ Lee said both companies would provide customers with advance technology. “We are honored by this opportunity to provide our customers with advanced mobile experiences. In order to introduce Samsung’s next generation mobile communications, we continue to fully support and work closely with leading mobile operators,” Lee said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The partners would offer applications and digital services to customers of SingTel Group companies including Advanced Info Service (Thailand), Airtel, Globe Telecom (Philippines), Optus (Australia), SingTel (Singapore) and Telkomsel (Indonesia). In addition, the SingTel Group would work with Samsung to identify opportunities for joint launches and marketing campaigns of key Samsung device announcements. The companies will also be able to Read More …

IFC invests record $3.4 B in East Asia

Economy

Sep 282013

MANILA, Philippines – Investments by the International Finance Corp. (IFC), a member of the World Bank Group, hit an all-time high in East Asia and the Pacific during fiscal year 2013, with a focus on facilitating business among emerging-market economies. IFC’s loans and equity investments reached $3.4 billion for 83 projects across East Asia Pacific during the fiscal year that ended June 30, up about 15 percent from the previous year. The commitments included seven South-South projects worth a total of $218 million. IFC Advisory Services also achieved strong results with a portfolio volume of close to $154 million across 85 projects. “Despite the current slowdown in economic growth in East Asia Pacific, this region continues to be the source of much of global business activity and will continue to play a critical role in overcoming the recent global financial crises,” said IFC director for East Asia and the Pacific Sérgio Pimenta. “IFC supports cooperation between emerging markets as capital flow from one developing country to another is critical to tapping new sources of funds, generating economic growth, and reducing poverty.” Assisting companies and banks in investing sustainably abroad has been a particular focus in China where IFC invested more than $1 billion in fiscal year 2013. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The World Bank Group and Myanmar reached a major milestone during the past fiscal year when the Bank Group re-engaged with the country after a 25-year hiatus. IFC is focusing on expanding the power Read More …

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