Saturday 13 April 2024

DTI pitched PH as Google manufacturing hub

PH presented as manufacturing hub for Google

Story by Janine Alexis Miguel 
Manila Times
13 April 2024

THE Department of Trade and Industry (DTI) presented the Philippines as an alternative manufacturing location for Google tech products.

Trade Secretary Alfredo Pascual pitched the idea to the tech company during a meeting that took place on the sidelines of the United States-Japan-Philippines trilateral summit held in Washington, D.C.



"With a digital-savvy population exceeding 110 million, we offer a lucrative market for foreign investment. Our cultural affinity for global content and robust local enterprise sector also position us as a prime consumer of cloud services," Pascual said.

The country has already adopted 5G networks and has 19 international sub-sea cable systems, 13 cable landing stations and 840,000 kilometers of domestic fiber optic network.

It also supports 11 commercial data center providers operating 25 data centers with a total rack capacity of 19,000.

"The Philippines stands at the forefront of innovation and growth, welcoming diverse forms of collaboration across industry sectors. These include infrastructure development, workforce enhancement, manufacturing, cybersecurity and the responsible use of artificial intelligence (AI)," Pascual said.

The Philippine delegation also emphasized the government's commitment to support the establishment of hyperscaler and data center operations.

Among the efforts related to this initiative includes the implementation of policies to safeguard intellectual property rights and data protection.

Meanwhile, the DTI also thanked Google for expanding its workforce development program called Google Career Certificates (GCC).

As of April 5, the department reported that the program has attracted interest from 23,000 Filipinos, with a goal to reach 25,000 participants.

This initiative was announced during the US-Philippines Trade and Investment Meeting on March 11.

Google Philippines started operations in 2013. Currently, the company is partnering with the DTI to roll out more GCC programs across DTI virtual campuses.

The evolution of Barong Tagalog

The barong Tagalog is definitely for everyone

Manila Times
13 April 2024

It is a fashionable fact that the barong Tagalog is no longer just the stuff of formal, traditional events but a versatile attire that has evolved through the years. Thanks to Filipino creativity, it has become the outfit of choice for many different people — from office workers to the stylish set, and of course, from president to president, male or female.

The evolution comes as no surprise as the barong's lightweight fabric, sleek shape and comfortable cut make it the perfect go-to for tropical climates like the Philippines. Moreover, the endless possibilities for beautiful embroidery, appliques, and other embellishments highlight its fashion appeal, even for women, who have made it part of their Filipiniana, formal or even everyday wear.

STYLE SHOOTER Fashion model and photography influencer Mikyle Quizon plays it cool in a short-sleeved pink silk polo barong with pintucks.

BOLLYWOOD BABE Indian actor and singer Addy Raj shows the barong’s inclusive appeal wearing this men’s blue silk cocoon Barong with geometric embroidery.

VOLLEY BELLE Volleyball sensation Fifi Sharma shows her stylish side with this women’s mandarin collar barong with classic floral embroidery, which she dresses down with denim.

MULTI MAVEN Restaurateur and content creator Bambi del Rosario Young matches a men's black-and-white embroidered Barong with a black slip dress.

SENATE SENSATION With his work as Senate Chief of Staff and Chairman of disaster relief NGO Panday Bayanihan, Brian Poe Llamanzares represents a new generation of public service in Kultura’s heather black cocoon barong with bold white geometric embroidery.
        
HEARTY HOST TV and event host KC Montero wears a one-of-a-kind men's barong with embroidery inspired by warrior tattoo
   
HOT HITTER Volleyball star Rex Intal relaxes off-court in a short-sleeved pina-silk Barong featuring a “suksok” pattern with denim.

Combining elements from the pre-colonial native Filipinos and traditional Spanish colonial styles, the Barong was named the official national attire in 1975. What is considered the distinctive type of modern barong — with its tapering cut, cuffs, and flared sleeves — was created by fashion designer Jean Paul Gaultier of Pierre Cardin Manille in the '70s.

Since then, there have been short-sleeved polo barongs, preferred by office workers, made with linen, ramie or cotton, as well as shirt jack barongs popularized by politicians.

Kultura, the purveyor of Filipinana wear for the modern era, notes that the finest barong Tagalog are made from a variety of indigenous sheer fabrics — piña from pineapple fiber, pina seda interweaving pina with silk, and jusi handwoven from abaca fibers. Pinukpok from the Bicol Region is made from loosely woven abaca fibers; jusilyn is mechanically woven from silk, cotton, or polyester; and organza is made from silk or polyester.

As it celebrates and shares with The Manila Times Lifestyle its new campaign titled "Barong is for Everyone," Kultura embraces the attire's ability to unite those from diverse backgrounds with the different ways it can be worn today via this special editorial shoot.

Classic or modern, paired with slacks for formal occasions or jeans for a street-style take, the timeless and versatile barong remains a symbol of cultural pride. Take inspiration from these individuals who have made the barong their own regardless of age, gender identity, nationality, and beyond.

Friday 12 April 2024

Chavit ventures into Korean entertainment

Chavit Singson to co-produce Lee Seung-gi's 'Vagabond' 2

Story by Iza Iglesias 
Manila Times
12 April 2024

Filipino businessman and politician Luis 'Chavit' Singson has announced his venture into Korean entertainment as he is set to co-produce the highly-anticipated second season of the Korean series "Vagabond."

Starring Lee Seung-gi, Bae Suzy and Shin Sung-rok, the first season aired in 2019 on TV network SBS TV before its release on Netflix. It is about a stuntman (Lee) who got involved in a tragic airplane crash and discovered a national corruption scandal.


Singson revealed his involvement in the project in an interview at the opening of the seventh branch of bb.q Chicken in Ayala Feliz, a Korean fried chicken restaurant he introduced to the country.

"We have many companies in Korea, we have partners, friends. Lee Seung-gi, he is one of our endorsers here in bb.q and he is the lead there," Singson shared.

It was in March 2023 when the Korean star last visited the Philippines and stopped by in Vigan, Ilocos Sur. Among his destinations were Singson's Baluarte Zoo, Calle Crisologo and Vigan Heritage Site.

According to the former Ilocos Sur governor, the second episode of "Vagabond" will be shot in the Philippines.

Sharing about the production timeline, Singson said, "Maybe this May. They're just finishing the whole story because they want it complete. They'll finish the story so that shooting will be seamless. They don't like thinking about what to do tomorrow. They want it continuous. I think they've been working on the story for about a month now."

Apart from Ilocos Sur, the series will also be filmed in other tourist destinations in the Philippines.

"Just one episode first. We will begin in Ilocos, then I plan to showcase all the beautiful places like what I did during Miss Universe to promote the beautiful destinations in the Philippines, our usual tourist attractions here," he said.

He added that part of the collaboration is the inclusion of Filipino artists in the series, although names of the talents are yet to be revealed.

Meanwhile, beyond the series, Singson shared he also made partnerships with Korean manufacturers for the production of electric vehicles to help the modernization program of the government when it comes to jeepneys and tricycles.

"Korea will produce electric vehicles for the modernization program, like jeepneys. I was able to convince 21 factories in Korea to join me because I can't do it alone since it involves millions. Millions of tricycles, electric vehicles, jeepneys so I need assistance. Thank God, the 21 manufacturers in Korea agreed," he shared.

While the public utility vehicle (PUV) modernization program requires loans to purchase the vehicles, Singson said he will no longer be necessary.

"I told them we won't ask for a down payment, no guarantee, we won't ask for a percentage because if I'll ask for a percentage, it's no longer assistance," he finally said.

Massive investments coming to the Philippines

Huge US, Japan investments coming

Story by Alexis Romero
Philstar.com
12 April 2024

At least $100 billion in 5-10 years, says envoy

WASHINGTON – At least $100 billion in investments from the US and Japan may come to the Philippines in five to 10 years as a result of the historic trilateral summit here that aims to deepen the three countries’ economic and defense ties, an envoy said yesterday.

Philippine Ambassador to the US Jose Manuel Romualdez said among the sectors that may benefit from the investments are the semiconductor industry, which is part of the Philippines’ digital infrastructure, and energy.



“I’m afraid I don’t have the exact figure, but I can tell you that the figures I have been hearing… this may sound a little bit expanded in a way, but we’re talking about a hundred billion in investments in the next five to 10 years,”  Romualdez said in a press briefing at the Philippine embassy here.

“Perhaps, even five years will probably be more appropriate because of the fact that we have a lot of areas where we are putting ourselves, our economic managers are putting our country into a situation where we’re opening up our economy especially in energy, which is very important for us, and also, of course, digital infrastructure, and physical infrastructure,” he added.

Romualdez said the figure is a conservative estimate, noting that the semiconductor industry is an $80 billion business in Southeast Asia. If the Philippines gets 10 or 20 percent of the pie, it would reap $8 billion to $16 billion worth of investments, he added.

“We are one of the seven countries that have been chosen by the United States as a place where we are a trusted ally,” Romualdez said.

“As you know, the semiconductor industry is going to be the wave of the future in terms of the technology that is going to be required for anything – for cars, for defense equipment and so forth, and so on. That is an indication of how much (investment can potentially come) to the Philippines,” he said.

Romualdez said the Philippines also has investments in the manufacturing sector and is finding ways to meet its energy needs. He added that energy exploration, which involves the West Philippine Sea, is “part and parcel” of what the government is looking at to bump up the country’s energy requirement, which is increasing every year.

“I think that in the next two years, our energy requirement for the country is going to be very high and so, I think, we’re trying to fast-track that as much as we can,” the envoy said.

“The more exciting part of the clean energy projects that we’re trying to lure into the country is the small modular nuclear power plants,” he added.

According to Romualdez, President Marcos is “quite excited” about a company that would supply small nuclear power plants, a source that he described as “perfect” for the country’s islands. He revealed that Marcos would meet with representatives from Ultra Safe, which he labeled as “one of the biggest contenders” into supplying the Philippines with a small modular nuclear power plant.

“It (small nuclear power plant) is much safer, it’s cleaner and at the same time it is very new technology,” the ambassador said.

In a separate press briefing, White House National Security Communications advisor John Kirby said US President Joe Biden, President Marcos and Japanese Prime Minister Fumio Kishida would announce new initiatives to accelerate and increase high quality infrastructure investment in the Philippines, enhance energy security, deepen maritime cooperation and strengthen partnerships on technology, and on cybersecurity.

“Our three countries embark on this new area of trilateral cooperation as trusted equal partners guided by shared values in an unwavering commitment to a free, open, peaceful and prosperous Indo-Pacific,” Kirby told reporters here.

The first trilateral summit of the leaders of the Philippines, Japan and the US is widely seen as an effort to counter China’s growing aggressiveness in the South China Sea, but officials claim the event is not directed at any country..

Trade agreements eyed

Aside from cooperation on investments, the Philippines is also hoping for a trilateral trade agreement with the US and Japan.

“Well, we’re hoping that that might happen,” Romualdez said when asked about the possibility of a trilateral trade deal among the three countries.

“Our trade department, headed by Secretary (Alfredo) Pascual, has been really looking into having a free trade agreement not only with the United States, but perhaps even with Japan. So, we’re looking at that seriously and we have been working together with our trade attaché here in pushing for specific free trade agreements.”

Romualdez said the US is more inclined to go into specific sectors for free trade agreement, but the Indo-Pacific Economic Framework (IPEF) initiated by Washington, of which the Philippines is a founding member, is eyeing the inclusion of the entire Association of Southeast Asian Nations. He added that the Philippines and the US could work together on areas like digital technology and cyberspace.

ADB expects PH to grow in 2024

ADB sees Philippine economy growing by 6% in 2024

Story by TED CORDERO
GMA Integrated News
12 April 2024

The Asian Development Bank (ADB) expects the Philippine economy to grow faster this year in light of slowing inflation and improved domestic demand.

Citing the Manila-based multilateral lender’s flagship publication, Asian Development Outlook (ADO), ADB Philippines country director Pavit Ramachandran said the bank projects the Philippines’ gross domestic product (GDP) to expand by 6% in 2024, faster than the 5.6% growth rate seen in 2023.



The ADB’s forecast falls within the lower end of the Marcos administration’s GDP target range of 6% to 7% for the year.

For 2025, the economic growth rate will pick up further to 6.2%, also falling within the government’s 6.5% to 7.5% target for next year, Ramachandran said. 

In the April edition of the ADO, the bank cited moderating inflation and the consequent monetary easing that would bode well for investments and consumption to pick up as factors for growth this year and next.

The ADB projects inflation to ease to 3.8% in 2024 and 3.4% in 2025, which are within the government’s 2% to 4% target range. The average inflation rate in 2023 stood at 6%.

Decelerating global oil prices and an extension in reduced tariffs on major food items, including rice, corn, and pork, until December 2024 will help contain food inflation, according to the ADO.

However, compared to the December edition of the ADO, the ADB’s 2024 growth outlook was lower than its previous forecast of a 6.2% GDP growth rate. 

“We slightly moderated the forecast [in 2023] when we projected 6.2% for this year,” Ramachandran said.

The ADB’s Philippine head said severe weather conditions such as El Niño and the possible La Niña could contribute to upside inflationary risks.

Likewise, the slowdown in major advanced economies, heightened geopolitical tensions, and higher-than-expected global commodity prices could also weigh on growth, according to the ADO.

Nevertheless, Ramachandran said, “We still see the Philippines as one of the frontrunners in the growth leaderboard in the region, anchored on strong macroeconomic and fiscal policy effectiveness.”

”We believe that the enabling environment is there with the structural reforms [such as] opening a number of strategic sectors to foreign ownership,” he said.

Ramachandran said the Philippines should focus on improving the ease of doing business to attract more investments, as it lags behind its peers in the region in terms of foreign direct investments. 

The ADO said that promoting higher levels of private sector participation in the economy will be vital to further raising growth and productivity.

The report also said that an enhanced public-private partnership (PPP) regulatory framework with the signing last month of the PPP Code of the Philippines Act Implementing Rules and Regulations will help further mobilize private investment for infrastructure development, including green and resilient energy and telecommunications.

Also supporting the Philippines’ growth for 2023 was the low unemployment rate, which would support household spending as “strong retail trade, higher tourist arrivals and receipts, and an expansion in business services will sustain growth in the services sector, which account for over half of gross domestic product and employment.”

The government’s infrastructure initiative would also boost growth as it would attract private sector investments from both local and foreign players.

“The Philippines’ growth momentum is picking up speed, driven by the government’s efforts to improve budget execution, mobilize additional revenue, and pursue reforms to boost the investment climate.

Investments in large public infrastructure projects, as well as much-needed social services, will boost government expenditures and bode well for the economy in the long run,” Ramachandran said.

Under the Marcos administration’s “Build Better More” program, 67 flagship projects are currently underway, with 30 more projects approved as of March 2024.

The program includes bridges, expressways, ports, and railways, among others. 

Some of the projects are funded by ADB, such as the Malolos Clark Railway Project and the South Commuter Railway Project, which will link Metro Manila to northern and southern provinces in Luzon. — VBL, GMA Integrated News

Thursday 11 April 2024

DoubleDragon: Philippines' first Nasdaq listed company

Injap Sia's Hotel101 Will Be First Philippine Company on US Nasdaq After $2.3 Billion Merger Deal

Story by Christa I. De La Cruz 
Esquire Philippines
11 April 2024

Hotel101, the business and leisure hotel chain with its flagship property in Pasay, is all set to go public on the Nasdaq in New York City. This comes after the announcement of Philippine-listed real estate development company DoubleDragon Corporation that its Singapore-headquartered subsidiary Hotel101 Global Pte. Ltd. and JVSPAC Acquisition Corporation (NYSE: JVSA) have entered into a binding definitive merger agreement.


Once completed, Hotel101—with ticker symbol HBNB—will have an equity value of $2.3 billion (P130 Billion). The merger is expected to close in the second half of 2024, subject to regulatory and shareholder approvals and other customary closing conditions.

Albert Wong, Chairman of JVSPAC, with DoubleDragon/Hotel101 Chairman Edgar Injap Sia II, CEO Hannah Yulo Luccini, and Co-Chairman Tony Tan Caktiong

DoubleDragon Group is led by Edgar "Injap" Sia II (founder of Mang Inasal) and Tony Tan Caktiong (founder of Jollibee). Tan Caktiong was recently listed in the Forbes' billionaire list with a net worth of $1.4 billion. With the listing made via a special purpose acquisition company (SPAC), Double Dragon positions Hotel101 Global as the first Filipino company in the US Nasdaq Stock Exchange.

Outside the Philippines, Hotel101 properties are currently under construction in Madrid, Spain; Hokkaido, Japan; and Los Angeles, California. The company said in a statement that it had identified 25 priority countries for expansion: the Philippines, Japan, Spain, the U.S., United Kingdom, the U.A.E., India, China, Thailand, Malaysia, Vietnam, Indonesia, Singapore, Cambodia, Bangladesh, Mexico, South Korea, Australia, Canada, Switzerland, Turkey, Italy, Germany, France, and Saudi Arabia.

JVSPAC Acquisition Corporation is a blank check company incorporated for the purpose of executing a business merger. It is led by Chairman and CEO Albert Wong, who is also the CEO and Director of Kingsway Group Holding. Kingsway is in the automotive industry, particularly the sole distributor of Lamborghini in Hong Kong, Macau, and Guangzhou; as well as Koenigsegg Automotive, Rimac Automobili, and Bugatti Automobiles for China.

Pinoy won at the World Press Photo Contest

Meet Michael Varcas, the Filipino photographer who won big at the 2024 World Press Photo Contest

Story by John Patrick Magno Ranara
PhilStar Life
11 April 2024

A Filipino photographer, whose picture depicts the struggles of local fishermen amid the rising tensions in the West Philippine Sea, was recently awarded at this year's World Press Photo Contest.

Michael Varcas, who serves as a photographer for the daily newspaper The Philippine STAR, made his country proud when he became one the regional winners at the competition organized by the World Press Photo Foundation, where the best of the best in photojournalism around the globe are recognized.



Varcas was chosen by an independent jury under the Southeast Asia and Oceania stories category for his entry dubbed "Battle for Sovereignty," which contains 10 single-frame photographs that he took back in September 2023.

In them, the local lensman captured multiple scenes of conflict between Filipino fishermen and the Chinese Coast Guard in the middle of Panatag (Scarborough) Shoal, off Zambales, brought about by the territorial dispute between the two countries over the West Philippine Sea.

The jury highlighted how he was dedicated in telling this story and getting the images people need to see despite the challenges.

"The photographer's commitment to the story is evident in their ability to overcome the significant barriers faced by regional journalists to access these scenes from non-military vessels," the jury said.


Speaking to PhilSTAR L!fe about his win, Varcas said that it was a highlight of his 15-year career as a photographer who captures day-to-day news stories across the nation.

"I think it's the icing on my photojournalism career, it’s something that's nice to have at least before retiring," Varcas said.

At first, Varcas never considered submitting the photos at this year's World Press Photo Contest, but he changed his mind to shed some light on the hardships experienced by the fishermen when it comes to their livelihood.


I just thought that the news from television for the past months was pretty successive, so I thought that there should be images that will showcase the situation and struggles of our fellow Filipinos in the area," he explained.

"You can't just replay TV and radio reports every time as it requires much time as opposed to photos," he added.

Varcas sought the help of his colleagues in choosing the right photos that would do the Filipino fishermen justice in telling their stories and experiences.

Getting the big picture

With the Philippines taking a stronger stance against China over the West Philippine Sea, tensions rose. Varcas was then assigned to document the unfolding situation.

"During its successive news report on TV and radio, I really wanted to have a comprehensive representation through photos," the photojournalist said.


Recounting the challenges he encountered while taking the photos, Varcas shared, "During our arrival at the vicinity of Bajo De Masinloc in the early morning, we were radio challenged and we evaded dangerous maneuvers of the Chinese coast guards."

He continued, "Taking photos of the barriers up close was also a challenge for we had to disguise as fishermen onboard their tiny boats because anyone that comes near to the Scarborough shoal will have to risk getting chased by the Chinese coast guards."


The coverage made Varcas realize the importance of immersing one's self in subjects that matter.

"Doing it for our fellow countrymen, especially at the frontline of the dispute, you need to squeeze as much as you can for that very limited window. These are our evidence, we need allies, but also need hard evidence on the matter," Varcas underscored.

The man behind the lens

Varcas started his career as a news photographer back in 2009. His interest in the craft of immortalizing scenes through his camera started during his college days as a journalism student.

"I started as a college newspaper photographer and felt amused with the reactions of the viewers of my photos. There was no social media back then, so when I see reactions from schoolmates upon the release of new issues, I hear feedback from them that is mostly positive," he recalled.

Instead of being a traditional journalist who uses words and paper, he decided to pursue the camera as his means of telling a story as well as his livelihood.


"I love adventure, I can’t imagine working inside a room for a whole day," he said.

"I'm able to cover a variety of coverages. I'm shooting simple human interest photos today then the following morning, I’ll be up in the air on a chopper covering a disaster," he continued.

While some might think that photography is as quick to learn as a click of a camera, Varcas shared that it actually took him three years to gain the award-winning skills he has today, which he learned under the strict guidance of his former boss.

For his style, he noted that he tries his best to capture pictures that would be "understood easily no matter what the status of the viewer, [whether they're] rich or poor."

For the most part, the thing that inspires Varcas to take photos of the most are situations that need change for the better.

"May it be a calamity, the recent pandemic, or climate change. When something can be done with the help of photography," he said.

For those who want to follow in his footsteps and shine the spotlight on important issues in the world through pictures, Varcas has one simple advice that must be taken to heart: "Stay hungry."

Interview by Yoniel Acebuche

Philippines 2nd most competitive in Asia

5 Most Competitive Countries in Asia

Talha Qureshi
Insider Monkey
11 April 2024

In this article, we will look at the 5 most competitive countries in Asia. If you want to read our detailed analysis, you can go directly to the 20 Most Competitive Countries in Asia.

5. Malaysia

GDP Growth Rate (2024): 4.3%

GDP Per Capita Growth Rate (2024): 6.75%

Competitiveness Score: 75.75


Malaysia makes it to the top 5 most competitive countries in Asia. The country’s GDP is growing at 4.3%, whereas it has a GDP per capita growth rate of 6.75%. Malaysia also performs well on the world competitiveness ranking, scoring 75.75 out of 100. 

4. Mongolia

GDP Growth Rate (2024): 4.5%

GDP Per Capita Growth Rate (2024): 2.65%

Competitiveness Score: 35.56


Mongolia is an East Asian nation that ranks 4th on our list of most competitive countries in Asia. It has a GDP growth rate of 4.5% and a GDP per capita growth rate of 2.65%.

3. Indonesia

GDP Growth Rate (2024): 5%

GDP Per Capita Growth Rate (2024): 7.83%

Competitiveness Score: 70.75


Third on our list is Indonesia, a Southeast Asian country. The country has a GDP growth rate of 5% and a GDP per capita growth rate of 7.83%. 

2. Philippines

GDP Growth Rate (2024): 5.9%

GDP Per Capita Growth Rate (2024): 8.03%

Competitiveness Score: 54.14


The Philippines ranks as the 2nd most competitive country in Asia. The country’s GDP is growing at 5.9%, whereas it has a GDP per capita growth rate of 8.03%.

1. India

GDP Growth Rate (2024): 6.3%

GDP Per Capita Growth Rate (2024): 9.00%

Competitiveness Score: 64.63


India tops our list of the 20 most competitive countries in Asia. It is a South Asian country with a GDP growth rate of 6.3% and a GDP per capita growth rate of 9.0%. 

United States will support the development of the Luzon corridor

US to launch Luzon corridor development

Louella Desiderio 
The Philippine Star 
April 11, 2024 

First project under Indo-Pacific Economic Framework

MANILA, Philippines — The United States will support the development of the Luzon corridor in the Philippines as the first project under an initiative that seeks to help accelerate investments in priority sectors in partner countries in the Indo-Pacific region.

Helaina Matza, acting special coordinator for the Partnership for Global Infrastructure and Investment of the US Department of State told The STAR yesterday the development of the Luzon corridor, as the first PGI-IPEF (Indo-Pacific Economic Framework) Accelerator project in the Indo-Pacific region, will be announced during the trilateral meeting among the US, Philippines and Japan this week in Washington.


“At the Trilateral Summit, we will be launching the first PGI-IPEF Accelerator project in the Indo-Pacific region, and this is our commitment to work together among the three countries in helping develop the Luzon Corridor,” she said.

The PGI-IPEF Investment Accelerator aims to scale up high-standard project financing to drive sustainable economic growth by increasing project-specific financing, upstream project development and improved enabling environments for investment in priority sectors defined in cooperation with each beneficiary country.

US Ambassador for Asia-Pacific Economic Cooperation Matt Murray said the Trilateral Summit is the perfect platform to highlight the Luzon economic corridor as the latest major expansion of the push to enhance US economic engagement with the Philippines.

“Under the PGI-IPEF Investment Accelerator, we plan to bring the whole suite of US government tools to advance the medium-term action plans to identify and address barriers to investments in key sectors and near-term infrastructure project work like the Luzon corridor that uses PGI’s model of creating a corridor of investments with those with public and private capital,” he said.

Matza said the US would work with partners in Japan and in the Philippines to support connectivity from Subic Bay to New Clark City or Clark City as a whole, to Manila and Batangas.

She said the vision involves looking at opportunities in port modernization and expansion, railways as well as clean energy.

As the US is looking to help improve efficiencies in existing infrastructure in the Luzon corridor, she said it is also looking to help ancillary industries grow.

Matza said there is an opportunity in the Philippines to bring down the percentage of food waste in North Luzon, which is at about 40 percent, when issues in transport are addressed.

“That would involve us working, of course, with the private sector on opportunities to help support cold storage facilities, but really improving the ability to transit not just on the main highway, but hopefully over time through freight rail,” Martza said.

Murray said strengthening US-Philippine relations is important for the Biden-Harris administration, with the effort going far beyond defense and security by expanding economic ties.

“As partners in prosperity, delivering tangible economic benefits to the Philippines of the trade and investment relationship with the US is critically important, and the administration is very focused on this goal,” he said.

As part of efforts to expand economic ties, he said the US and the Philippines would co-host next month the 6th Indo-Pacific Business Forum, the US government’s premier business event in the region.

He said the event would feature over 500 officials and business executives in Manila.

Through the CHIPS Act, the US is working with the Organization for Economic Cooperation and Development to conduct a comprehensive assessment of the Philippine semiconductor ecosystem and with Arizona State University to bolster Philippine workforce capacity.

During the visit of US Secretary of Commerce Gina Raimondo to the Philippines last month, she said the US is looking to help the Philippines double the number of its semiconductor facilities.

Raimondo was accompanied by 22 US firms that are investing over $1 billion for projects in various sectors in the Philippines.

UP makes it to 2024 QS World University Rankings

UP makes it to 2024 QS World University Rankings in 3 subjects

Story by Adrian Parungao
Inquirer.net
11 April 2024

MANILA, Philippines — The University of the Philippines (UP) ranked among the top universities in the world in the 2024 edition of the Quacquarelli-Symonds (QS) World University Rankings by Subject.


In the results published on April 10, three Philippine universities placed in one out of four subject disciplines of the QS, while only UP ranked in 2 other subjects.

For the Arts and Humanities subject, Ateneo de Manila University was the best university in the Philippines with a 325 rank and a score of 65.6, followed by UP at rank 351 and a 64.8 score, and De La Salle University at rank 401-450.

UP was the sole Philippine university that ranked in the Engineering and Technology subject as well as the Life Sciences and Medicine subject, placing 501-550 for both subjects.

Meanwhile, no Philippine universities made it to the Natural Sciences subject ranking.

The following are the best universities in the world per subject as ranked by the QS:

Arts and Humanities

  1. Harvard University
  2. University of Cambridge
  3. University of Oxford
  4. Stanford University
  5. University of California, Berkeley
  6. Yale University
  7. Massachusetts Institute of Technology
  8. New York University
  9. University of California, Los Angeles
  10. UCL, University of Toronto

Engineering and Technology

  1. Massachusetts Institute of Technology
  2. Stanford University
  3. University of Oxford
  4. University of Cambridge
  5. University of California, Berkeley
  6. ETH Zurich
  7. Imperial College, London
  8. Harvard University
  9. California Institute of Technology
  10. École polytechnique fédérale de Lausanne

Life Sciences and Medicine

  1. Harvard University
  2. University of Oxford
  3. John Hopkins University
  4. Stanford University
  5. Massachusetts Institute of Technology
  6. University of Cambridge
  7. Imperial College, London
  8. University of California, San Francisco
  9. UCL
  10. Karolinska Institutet

Natural Sciences

  1. Harvard University
  2. Massachusetts Institute of Technology
  3. University of Oxford
  4. University of Cambridge
  5. Stanford University
  6. California Institute of Technology
  7. University of California, Berkeley
  8. ETH Zurich
  9. Imperial College, London
  10. Princeton University

PH FDI on surge

FDI surges 90% to $907 M in January

By Lee C. Chipongian
Manila Bulletin
Apr 10, 2024 

The country’s net foreign direct investment (FDI) inflows increased by 89.9 percent to $907 million in January from $478 million in the same month in 2023 mostly from investors based in Japan, according to the Bangko Sentral ng Pilipinas (BSP).

FDI_Visuals.jpg

Registered with the BSP, FDIs are actual investments in the form of equity capital, reinvestment of earnings, and borrowings.

FDI includes investment by a non-resident direct investor in a resident enterprise, whose equity capital in the latter is at least 10 percent; and investment made by a non-resident subsidiary or associate in its resident direct investor. 

The BSP on Wednesday, April 10, said the increase in FDI was boosted by the 173.2 percent growth in non-residents’ net investments in debt instruments to $820 million from $300 million in January last year. As defined by the central bank, net investments in debt instruments are mainly intercompany borrowing and lending between foreign direct investors and their subsidiaries and affiliates in the Philippines.

Meanwhile, reinvestment of earnings went up by 16.4 percent to $99 million versus $85 million in the same period in 2023.

Also in January, non-residents’ net investments in equity capital other than reinvestment of earnings dropped 112 percent to a net outflow of $11 million from $93 million net inflows in the same period las year.

The BSP added that during the period, equity capital placements came from investors based in Japan and the US.

Japan accounted for 69 percent of the total FDI in January while the US contributed 19 percent. Investments were then channeled to these sectors: manufacturing; real estate; construction; and wholesale and retail trade industries.

The BSP forecasts a 2024 and 2025 net FDI of $9 billion for each year.

Last year, net FDIs amounted to $8.9 billion, lower than $9.4 billion in 2022.

The BSP said FDI statistics are distinct from the investment data of other government sources since the central bank’s report covers actual investment inflows. “By contrast, the approved foreign investments data that are published by the Philippine Statistics Authority (PSA), which are sourced from Investment Promotion Agencies (IPAs), represent investment commitments, which may not necessarily be realized fully, in a given period,” said the BSP.

Wednesday 10 April 2024

High FDI Continue to Flow into the Philippines

High FDIs sign of global business confidence in PH -- Pascual

BY KHRISCIELLE YALAO
Manila Bulletin
Apr 10, 2024 

Trade and Industry (DTI) Secretary Alfredo E. Pascual expressed his elation in the continuously high foreign direct investments (FDIs) recorded by the Central Bank, citing it as a "sign of the global business community's trust" in the Philippine economic growth.

"The surge in FDIs reflects the unwavering confidence and steadfast trust the global business community places in the Philippines' economic potential," said Pascual in a statement on April 10.


"This only strengthens our commitment to further improve the country’s business environment to attract even more foreign investments, which in turn will create more jobs and sustain our economic growth. In particular, we are leveraging our strengths across key sectors such as manufacturing, real estate, construction, and wholesale and retail trade," he added.

Pascual highlighted that the equity investments made in  January was "primarily from Japan and the United States, targeting strategic sectors for the Philippine economy."

This aligns with the Trilateral Economic Ministers Meeting on April 11, 2024, in Washington, D.C.,  to be attended by Pascual, US Commerce Secretary Gina Raimondo, and Japan’s Ministry of Economy, Trade and Industry (METI) Minister Ken Saito.

The DTI emphasized that it "remains focused on further attracting significant investments in these essential sectors and other high-growth industries," citing the meeting as an opportunity to "improve infrastructure, upskill workers, ensure environmental sustainability, and invigorate the private sector with meaningful initiatives."

On Wednesday, April 10, the Bangko Sentral ng Pilipinas (BSP) reported $907 million in net inflows in January this year, which is 89.9 percent growth compared to $478 million in January 2023.

The growth in FDIs was attributed to rise in investments in the manufacturing, real estate, construction, and wholesale and retail trade sectors.

The 89 percent surge follows the growth seen in November and December last year at 28 percent and 30 percent respectively, compared to data from 2022. 

Philippine budget deficit to shrink

PH budget deficit expected to shrink

Story by Niña Myka Pauline Arceo
Manila Times
10 April 2024

THE Philippine government is expected to incur a lower budget deficit this year as it continues to pursue fiscal consolidation, a Fitch Group unit said.

In a report on Monday, BMI Country Risk and Industry Research said the Philippine budget deficit would likely narrow to 5.5 percent of gross domestic product (GDP) from 6.2 percent last year.


The ratio, however, below the government's recently revised projection of 5.6 percent, or P1.484 billion.

"This narrowing would mark the third consecutive year the budget shortfall shrinks...," BMI noted.

The government incurred a budget shortfall of P1.512 trillion last year, exceeding the targeted P1.499 trillion even as revenue growth outpaced spending.

The result was just over the programmed 6.1 percent.

Revenues, which surpassed expectations in 2023, are expected to exceed target this year due to the impact of efforts to widen the tax base and the continued resilience of private consumption.

The government is targeting P4.27 trillion in revenues this year, equivalent to 16.1 percent of GDP.

BMI sees the 2024 ratio at a slightly lower 16 percent, up from 15.7 percent last year, and at 16.3 percent at the end of 2028.

Spending, meanwhile, will likely stay within target at 21.5 percent of GDP, down from 2023's 22 percent.

The official disbursement projection for 2024 is P5.75 trillion, equivalent to 21.7 percent of GDP.

"Looking ahead, we project that, until the end of President Marcos' term in 2028, expenditure as a percentage of GDP will average 20.2 percent," BMI said.

It noted government efforts to keep infrastructure spending to 5 to 6 percent of GDP to support economic growth of 6.5 to 8.0 percent.

After last year's below-target (6.0 to 7.0 percent) growth of 5.6 percent, the economy was forecast to expand by 6.2 percent in 2024, falling within the downwardly revised goal of 6.0 to 7.0 percent.

A narrower deficit, BMI said, "bodes well for the country's fiscal sustainability."

Government debt, which hit 61.1 percent of GDP last year in the wake of efforts to address the Covid-19 pandemic, is expected to hit 59.7 percent in 2024 and ease further to 52 percent by 2028.

"President [Ferdinand] Marcos [Jr.] has made a clear commitment to reduce the budget deficit to 3.0 percent of GDP by 2028, down from the record peak of 8.6 percent in 2021," BMI noted.

"However, we believe the deficit will likely miss the aforementioned goal by a narrow margin given the tightrope between growth and maintaining fiscal stability," it added.


Tuesday 9 April 2024

PHL still BPO powerhouse

PHL still BPO powerhouse

Rizal Raoul Reyes
Business Mirror 
09 April 2024

THE Philippines remains a powerhouse in the business process outsourcing (BPO), ranking first in labor force among Asia Pacific outsourcing destinations, according to real estate consultancy firm Santos Knight Frank Inc. (SKFI).

Its recent report on the BPO industry shows the Philippines, tying with India for the top spot, emerged as the most well-rounded option across the Asia Pacific, in terms of overall scores in the index.


The report compares four offshoring hubs in Asia Pacific, namely: India, Malaysia, Vietnam and the Philippines. SKFI’s analysis highlights five key drivers of location choice: growth dynamics, skills, labor force, business costs and commercial real estate value.

According to SKFI, among the four major outsourcing destinations in Asia Pacific, the Philippines—which has approximately 78.7 million people in the working population—has the youngest median age of just 25 years. India records a median age of 32.4; Malaysia, 30.8; and, Vietnam, 31.6.

With its well-rounded appeal, SKFI pointed out that the Philippines will be on the radar screen of global players for their specialized outsourcing services such as finance, human resources, legal processes and analytics from the United States, Europe and Australia.

“BPO has taken off over the last 20 years and the Philippines has grown right along with it,” SKFI Senior Director Morgan McGilvray said. “What started as a novel experiment for many firms—the hiring of a few support staff in Manila—has become an integral part of their business operations that they couldn’t live without.”

Holistic Destination

THE Philippine BPO industry grew by double digits in 2021 and 2022, reaching $29.5 billion and $32.5 billion in revenues respectively. A significant part of this growth includes business expansions outside Metro Manila and into other growth centers such as Cebu, Davao, Clark, Iloilo and Bacolod City.

The latest estimates set the Philippine BPO workforce at 1.7 million people, with estimated revenues last year of $35.4 billion, while maintaining a global market share of approximately 10 percent to 15 percent.

Bolstered by Filipino talent, the IT and Business Process Association of the Philippines (IBPAP) is optimistic that the sector will further grow to $59 billion in revenue and a 2.5-million strong workforce by 2028.


Philippines Gunning for Seven Travel Awards

'Asia’s Best': Philippines up for 7 awards for 2024 World Travel Awards

Rosette Adel 
Philstar.com
April 9, 2024

MANILA, Philippines —The Philippines is once again among the nominees as "Asia's Best" at the World Travel Awards (WTA) 2024.


This year, it is competing for at least seven accolades for the WTA, the London-based awarding body that recognizes excellence in the travel and tourism industry. The Philippines’ nomination includes the following:

Asia’s Leading Beach Destination

Asia’s Leading Dive Destination

Asia’s Leading Island Destination

Intramuros - Asia’s Leading Tourist Attraction

Boracay - Asia’s Leading Luxury Island Destination

Cebu - Asia’s Leading Wedding Destination

Department of Tourism - Asia’s Leading Tourist Board

The awarding body hails tourism’s best in three tiers: country, regional and world awards across different categories.  Established in 1993, it is touted as the “Oscars” of the travel industry.

For Tourism Secretary Christina Frasco, the accolades of the Philippines highlight the efforts of her agency under the current administration.

She is thankful for the WTA body for providing the Philippines a platform “to continuously showcase our diverse tourism offerings not only within Asia but on the global stage.”

“…Most importantly, we express our thanks to our tourism stakeholders who continue to safeguard the myriad of tourism gems in the Philippines for all the world to love and enjoy,” Frasco said in a statement.

"While winning these accolades adds prestige to our endeavors, they also translate into livelihood opportunities for millions of Filipinos whose well-being depends on tourism. We aim to maintain and surpass the strides we've made since taking office, ensuring sustained growth in the country's tourism sector," she added.

Frasco also cited that 2023 was a banner year for the Philippines after it bagged several recognitions from WTA.

It won the World’s Leading Dive Destination for the fifth year since 2019 while Philippine capital, Manila, was named the World’s Leading City Destination.

The Philippines also took home the Global Tourism Resilience award, an inaugural award from the WTA about the “global leadership, pioneering vision, and innovation to overcome critical challenges and adversity.” Four other countries received this award, serving as benchmarks for best practices in tourism resilience.

Likewise, the Philippines was hailed the Destination of the Year by online travel platform TripZilla at the 2023 TripZilla Excellence Awards as well as Asia’s Best Cruise Destination by the WTA.

The public can vote for the Philippines until July 28, 2024, through https://www.worldtravelawards.com/vote.

Monday 8 April 2024

New approved Philippine ecozones

New Cavite ecozone seen luring P1.8B in investments

Story by Alden M. Monzon 
Inquirer.net
08 April 2024

MANILA, Philippines — The newly-proclaimed economic zone in Cavite is expected to attract more than P1.8 billion in new investments and create nearly 200 new jobs during its construction, the Philippine Economic Zone Authority said last week.

The investment promotion agency told the Inquirer that the prospective value of investments is P1.838 billion for the 40.4-hectare MetroCas Industrial Estates Special Economic Zone, which will rise in Barangay Calibuyo in Tanza, Cavite.



Peza added that the prospective job generation for the economic zone is 180 positions during construction.

The MetroCas ecozone is one of the two new special economic zones that were declared through Proclamation No. 512, which Executive Secretary Lucas Bersamin signed last April 1.

The other is the Arcovia City in Barangay Ugong, Pasig, a 12.4-hectare information technology park of tycoon Andrew Tan’s Megaworld Corp.

According to Peza, an investment of P50 million is expected on the fit out of the project, while about 170 to 240 direct jobs are anticipated to be created.

420 ecozones
To date, there are over 420 economic zones operating in the Philippines, the majority of which are located in Luzon.

During the first quarter of this year, Peza has approved P14.95 billion worth of new investments spanning 50 new and expansion projects inside these economic hubs.

Pinoy flavors in McDo snackline

Filipino ChocNut, sweet corn among international fast food chain's new offerings

Deni Rose M. Afinidad-Bernardo
Philstar.com
08 April 2024

MANILA, Philippines — In the ‘80s and ‘90s, alongside Funny Komiks and “Gee, Your Hair Smells Terrific,” among the hallmarks of childhood is having binged on Choc Nut and sweet corn-flavored snacks.

Jumping into the ‘80s and ‘90s nostalgia bandwagon is fast food chain McDonald’s, which for only a limited time has included Choc Nut and sweet corn into its menu.


In time for battling the ongoing scorching heat, the chain introduces the chocolatey, nutty, and sweet ChocNut Sundae and McCafe ChocNut Frappe. These complement the new side selections that include the Sweet Corn McShaker Fries, which has a sweet and salty taste with a distinct sweet corn flavor shaken into McDonald’s World-Famous Fries.

The sweet corn fries can be enjoyed ala carte in medium, large or BFF, or as your fries upgrade to any meal. The ChocNut Sundae likewise may be enjoyed ala carte or as an add-on to your meal for P55, while the ChocNut Frappe is available in medium and large ala carte or as an upgrade to your drink at branches with McCafe only. 

“By incorporating familiar Filipino flavors into our menu, we are not only catering to the Filipino palate but also creating a shared experience across generations,” stated Katrina Lee-Chua, the fast food chain’s local Director for Marketing and Channels.

The chain also improved its Double Cheeseburger wherein the cheese is melted to the right temperature, making the 100% beef patties juicier thanks to a wider gap in the flattening grill, and the vegetables fresher with a 60% reduction in stored vegetables. 

“With our Best-Everrr Burgers and new nostalgic sides, we aim to create unforgettable moments and deliver feel-good experiences that keep our fans of all ages coming back for more,” added Lee-Chua.

Cebuana queens in the international pageants

5 Cebuana queens of this generation making a mark in the international pageant stage

Story by Immae Lachica
Cebu Daily News
08 April 2024

CEBU CITY, Philippines— One of the most prized possessions of the Queen City of the South is the beautiful and engaging people that make this city one of a kind.

People, who ooze with talent, skill, and confidence to make them known and bring pride and joy to Cebu.


Today, as we celebrate ‘Pageant Day,’ let’s take a look at this generation’s Cebuana beauty queens, who did not just represent Cebu, but the Philippines on the international pageant stage.

Starting with Talisay-beauty, Gazini Ganados, 28, paved the way for Cebuana beauty queens to gain confidence back when she represented the Philippines during Miss Universe 2019.

Ganados may have fallen short of being crowned the most beautiful woman in the universe, but she still made an indelible mark in the pageant scene as she ended her Miss Universe journey as part of the top 20 finalists.

Leaving the competition with another mark and that is winning the Best in National Costume award which was made by a renowned Cebuano fashion designer Cary Santiago.

Another Miss Universe representative from Cebu is the one who broke a lot of barriers and made it known that anyone can be Miss Universe.

Beatrice Luigi Gomez finished her Miss Universe 2021 stint in the top five and left something that would go on for ages.

She was the first beauty queen in the Philippines, who did not hold back in showing her armband tattoo and who gladly introduced herself as part of the LGBTQ community.

She ended her MU journey in a Francis Liberan creation called “Pintados.”

From two powerhouses on the Miss Universe stage, let us head down to another pageant stage with another Cebuana beauty queen with several titles under her belt.

Nicole Borromeo started her pageant journey by winning Miss Silka 2017 which led her to win more pageant titles like Miss Mandaue 2018 first runner-up, Sinulog Festival Queen 2019, Reyna ng Aliwan 2019, placed second in Miss Teen Philippines 2019, crowned Eat Bulaga’s Miss Millenial Philippines 2019 then headed on to get the crown for Binibining Pilipinas International that lead her to win third place in Miss International 2023 in Shibuya, Tokyo, Japan.

And just recently, another pageant veteran from Cebu has made her spot on the international pageant stage.

Maria Gigante, a host, a fashion model, and now crowned as Miss Universal Woman 2024.

Gigante is not a new face to the pageant industry for she has also joined local and national pageants herself that represented Cebu.

This time, she was able to bring home an international crown that makes up her pageant journey.

Gigante is set to work with charitable projects that are partners with Miss Universal Woman.

As we are on the topic of talking about queens, let us tag along one honorable mention who also brought pride and joy to Cebu as an LGBTQA queen.

Miss International Queen 2022 Fuschia Ravena.

This beauty queen took the house down in 2022 as she made her pageant journey one for the books, not just for her but for the Cebuano LGBTQA community who showed nothing but love and support to the queen.

In an interview with Ravena, she said to CDN Digital that in her pageant journey, she would use her voice to spread the message of love.”

And now, Ravena continues to inspire others to go out there, chase their dreams, and make a mark in ways they know they can.

These are just some of the pageant queens that put Cebu on the map of pageantry in recent years.

Queens made sure that they too can make a difference by showcasing the beautiful resources of Cebu, showing wit and intelligence, class and beauty, and most especially the will to make a difference through their chosen advocacies.

Mabuhi ang mga Cebuana beauty queens!