MANILA (Mabuhay) — US Defense Secretary Chuck Hagel will be visiting nations of the Southeast Asia, including the Philippines, during the last week of August. Hagel will begin his trip in Honolulu where he will meet with US PACOM Commander Admiral Samuel Locklear and visit with United States Marines at Kaneohe Bay. He will then […]
MANILA, Philippines – The Department of Trade and Industry (DTI) aims to promote growth in Northern Mindanao through increased merchandise exports from that region to the Association of Southeast Asian Nations (ASEAN). In a statement, the DTI said it wants to encourage exporters in the region to increase their merchandise shipments to Southeast Asia by informing them of trade opportunities available there. To encourage greater trade between Northern Mindanao and Southeast Asian countries, the DTI will conduct information sessions focused on the upcoming ASEAN Economic Community (AEC) under the Doing Business in Free Trade Area (DBFTA) program next week in Cagayan de Oro City, Iligan City, and Ozamiz City. The DBFTA is a series of business information sessions to be conducted nationwide to increase exporter awareness of the country’s trade agreements. The information sessions to be held in Northern Mindanao will discuss how businesses there could increase trade with Southeast Asian countries. Through the information sessions, the DTI wants businesses, the academe and other stakeholders in Northern Mindanao “to increase their awareness as well as foster appreciation for the benefits of free trade agreements, and (learn about) how they could avail of these benefits.” Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Among the benefits offered by free trade agreements are preferential tariff rates and harmonized standards. The DTI noted that as of the end of 2012, Northern Mindanao’s merchandise exports amounted to $1.17 billion. The region’s exports include fresh and processed fruits, marine products, beverages, food products, coconut Read More …
MANILA, Philippines – Pancake House Inc., the country’s largest casual dining chain, will put up 30 new branches in the Philippines while expanding its market reach to the Middle East and Southeast Asia. The local dining industry still has room for growth, prompting the group to prepare for an acquisition next year, its top official said. “Locally, across Yellow Cab and Pancake House, we are building 30 new stores this year,” Pancake House CEO Martin P. Lorenzo told reporters. He said 30 percent will be in Metro Manila and 70 percent in new wave cities and tourist hubs like Cebu, Cagayan de Oro, Baguio and La Union. “We will end the year with about 330 stores [nationwide]. Abroad, we should have 20 by the end of the year,” Lorenzo said. Pancake House will spend P150 million for the establishment of new company-owned stores, accounting for 55 percent of the expansion program, while the remaining 45 percent will be through franchising. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Last year, the restaurant group that serves 30 million meals annually added 25 new branches, backed by a P120-million capital spending. For its overseas expansion, Pancake House relies on franchising. Lorenzo said Yellow Cab has signed a franchising deal that aims to put up 15 new stores in the United Arab Emirates in the next three years. “We’re surely growing in the Middle East for Yellow Cab and Southeast Asia for Pancake House,” Lorenzo said. To date, there are three Pancake Read More …
Photo shows the Makati City skyline during sunset. ANDY ENERO MANILA, Philippines – A report by the Institute of Chartered Accountants in England and Wales (ICAEW) said the Philippines is significantly contributing to the “glowing” Southeast Asian region with its bright economic prospects. “The Philippines is the brightest spark in glowing Asean region,” the report said, citing the recent quarterly review Economic Insight: South East Asia by its partner organization Cebr that highlights Indonesia, Malaysia, the Philippines, Singapore and Thailand. ICAEW said that the “very positive” outlook for the country which is expected to grow 5.1 percent in GDP this year and in 2014 can be attributed to strong exports, “booming” household expenditures and the government’s heavy infrastructure investments. “The country looks set to shake off its former reputation as the ‘sick man of Asia’,” Cebr’s macroeconomics head Charles Davis said in a statement. Davis said, however, that the country’s capacity constraints will likely lead to a slowdown in growth, which is seen to fall to 4.5 percent in 2015. Such constraints cause higher inflation and tighter monetary policy. Furthermore, the growth in stock prices in the Philippines–currently at 34 percent–is seen unsustainable and suggests a bubble to emerge, Davis warned. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Stagnation in industrialized nations means investors are turning to emerging economies in search of higher yield,” Davis, also an economic advisor at ICAEW, said. ICAEW South East Asia director Mark Billington, meanwhile, added that the Philippines’ emergence in the region Read More …
Public-Private Partnership. Ambassador Jose L. Cuisia, Jr. presents the challenges and opportunities in infrastructure investments in the Philippines in a panel discussion on Monday, 11 March 2012, hosted by the Center for Strategic and International Studies in Washington, D.C. (Philippine Embassy Photo by Lilibeth Almonte-Arbez) WASHINGTON, D.C.—The Philippines wants to enter into more partnerships with the private sector as Manila continues to invest in the development of key infrastructure to help sustain its economic growth. “The Philippine government remains committed to driving infrastructure development as it recognizes its importance to future rapid and sustainable economic growth,” Ambassador Jose L. Cuisia, Jr. told a forum at the Center for Strategic and International Studies (CSIS) here on Monday, 11 March 2013. In his presentation “Philippines: Opportunities and Challenges in Infrastructure Investment,” Ambassador Cuisia urged investors to take another look at the Philippines and take advantage of the country’s unprecedented growth that has made it the s0-called rising star of East Asia. Ambassador Cuisia said that under the Philippine Development Plan 2011-2016, the government of President Benigno S. Aquino III seeks to not only accelerate infrastructure development but also provide safe, efficient, reliable, cost-effective and sustainable infrastructure. With the 6.6 percent growth in GDP, which was the highest in Southeast Asia in 2012, Ambassador Cuisia said the Philippines can be expected to continue increasing infrastructure spending to as much as 5 percent of GDP by 2016. Last year, the Philippines allocated 2.6 percent of GDP for infrastructure spending from 1 percent in 2005. Read More …