Metro Manila (CNN Philippines, January 28) – The Philippine Amusement and Gaming Corporation has directed offshore gaming operators in the country to impose a 10-day quarantine on their employees arriving from countries affected by the novel coronavirus.
The new coronavirus or 2019-nCoV that originated from the Chinese city of Wuhan has left at least 106 people dead and infected more than 4,500 in mainland China. It continues to spread across Asia and other parts of the world.
PAGCOR said in a statement late Monday that the order applies to newly-hired and returning workers of Philippine Offshore Gaming Operators or POGO.
Health Secretary Francisco Duque III said the symptoms of Wuhan coronavirus infection may begin to show ten days to two weeks after exposure to the virus.
The total number of cases of coronavirus outside mainland China is now more than 50, with 14 countries reporting cases of the virus, the CNN said in a report on Tuesday.
Besides China, the following countries said they have also been infected with the new strain of coronavirus called the 2019-nCoV:
The World Health Organization said there is no vaccine or treatment yet for 2019-nCov,
Duque said Monday that the Philippines remains free from the virus, but added that they are closely monitoring suspected cases.
The WHO said last week that people should be tested for the nCoV infection if they have severe acute respiratory infection, fever, as well as if they did any of the following:
-Had direct contact with a confirmed case of novel coronavirus
-Had interactions with health workers of a facility tackling the illness
-Visited the animal market in Wuhan— the Chinese city at the center of the virus’ new strain
-Had contact or eaten animals from the Wuhan market.
eference Number: 2020-013
Release Date: 23 January 2020
GDPGross Domestic Product (GDP) posted a year-on-year growth of 6.4 percent in the fourth quarter of 2019, resulting in the 5.9 percent full-year growth for 2019.
Trade and Repair of Motor Vehicles, Motorcycles, Personal and Household Goods; Manufacturing; and Construction were the main drivers of growth for the fourth quarter of 2019.
Among the major economic sectors, Services posted the fastest growth in the fourth quarter of 2019 with 7.9 percent. Industry grew by 5.4 percent. Agriculture, Hunting, Forestry and Fishing registered a growth of 1.5 percent.
Net Primary Income (NPI) from the Rest of the World and Gross National Income (GNI) had corresponding growths of 4.6 percent and 6.2 percent. On an annual basis, NPI grew by 3.5 percent, and GNI by 5.5 percent.
With the country’s projected population reaching 108.7 million in the fourth quarter of 2019, per capita GDP grew by 4.8 percent. Meanwhile, per capita GNI and per capita Household Final Consumption Expenditure (HFCE) posted a growth of 4.5 percent and 3.9 percent, respectively.
CLAIRE DENNIS S. MAPA, Ph.D.
National Statistician and Civil Registrar General
President Duterte has ordered government agencies to hasten the development of special economic zones (ecozones) in rural areas and halt the approvals of ecozones in Metro Manila.
Duterte made the order through his Administrative Order (AO) No. 18 signed on June 17.
President Rodrigo Roa Duterte (KIWI BULACLAC / PRESIDENTIAL PHOTO / MANILA BULLETIN)
Based on the AO, the Philippine Economic Zone Authority (PEZA), along with other government agencies, is ordered to hasten human capital and infrastructure development in rural areas.
“There is a need to promote rural development, ensure inclusive growth in the countryside, and create robust economic activity and wealth generation in areas outside Metro Manila,” the AO read.
The PEZA; the departments of Information and Communications and Information Technology (DICT), Trade and Industry (DTI), Transportation (DOTr), and Public Works and Highways (DPWH); and the Technical Education and Skills Development Authority (TESDA) are also directed to provide interventions to strengthen ecozones in the countryside, and ensure the development of backward and forward linkages of industries in and around such ecozones.
However, the PEZA, under the order, will no longer accept, process, or evaluate applications for the establishment of ecozones in Metro Manila until such moratorium is lifted.
The moratorium, however, shall not prevent locator companies from commencing their operations on existing ecozones in Metro Manila.
The AO also states that applications endorsed by PEZA already submitted to the Office of the President (OP) will not be covered by the moratorium as long as these applications are found to have sufficient documents.
Other applications with insufficient documents are not covered by the moratorium as long as PEZA was notified by the OP of the said deficiencies and PEZA has addressed them within 30 days from the effectivity of Duterte’s order.
However, the AO states that the exclusion of an application from the moratorium shall not be construed as a guarantee that the same will be granted.
The said order will take effect immediately after its publication in a newspaper of general circulation.
One of the oldest stock brokerage firms in the country ceased operations earlier this week after its owners uncovered a long-running scam by a “trusted employee” that resulted in almost the entire investors of clients’ shares held by the firm being wiped out.
The company—50-year-old R&L Investments Inc. based in Mandaluyong City, and a member of good standing of the Philippine Stock Exchange (PSE)—saw “over P700 million worth of its inventory of stocks” stolen by its settlement clerk, who was apprehended by police operatives and had since confessed to the crime, according to various market sources.
The Inquirer obtained a copy of the letter of R&L Investments’ owner, Lucy Linda Lee, to PSE director Alejandro Yu narrating the details of the theft by the firm’s employee, Marlo Moron, who allegedly began dipping his hands into the firm’s stock inventory in small amounts in 2011—with the amounts gradually increasing as he was emboldened over the years.
“Almost all our stock position had been depleted,” Lee said in her report to the PSE where she also disclosed that the firm had decided to stop trading operations starting last Monday, Nov. 4, to mitigate the damage.
At the end of 2018, R&L Investments held P765 million worth of stocks on behalf of its clients, according to its audited financial statements.
According to various sources, the scam was discovered in the days leading up to the long All Saints’ Day weekend when the company was found to be short of P3 million worth of stocks at the end of the trading day.
As the hours progressed, and amid a mad scramble to borrow shares to cover this shortfall, it was gradually discovered that the value of missing stocks had ballooned to P300 million, and eventually to almost its entire inventory after a more thorough internal audit.
The scam remained undetected over the years because the settlement clerk was the same person who was in charge of preparing the daily stock position reports for the owners—reports which he confessed to doctoring in a separate handwritten confession seen by the Inquirer.
Moron, who was confronted by R&L Investments’ owners on Nov. 1, said he had started stealing from the firm in small amounts eight years ago, transferring the shares to another account under the name of one Julieta Sulapas with another stockbroker, Venture Securities. From there, 3 percent was paid to Sulapas’ account with Union Bank of the Philippines, and the balance being transferred back to Moron for his disposal.
Moron claimed to have acted alone, and said he was forced to steal in larger amounts over time because of a growing casino habit (“Nalulong din po sa casino”). The R&L employee also executed a promissory note endeavoring to return all that he had stolen, while maintaining that there were no cash or securities left for him to return.
In her letter to the bourse, Lee said the firm had been advised to “make good” on all its deliverables “so as not to create a problem with the PSE.”
“Since these transactions are legitimate in nature, we shall abide, and borrow from other brokers if need be, or buy it back in order to deliver,” she said. “This is a very unfortunate event, considering that R&L Investments just celebrated its 50th year of being a stock broker.”
Bourse sources told the Inquirer that the firm’s owners had committed to sell personal assets like real estate, houses and other valuables to honor their obligations to their clients.
Reference Number: 2019-187
Release Date: November 7, 2019
GDPGross Domestic Product (GDP) grew year-on-year by 6.2 percent in the third quarter of 2019.
Trade and Repair of Motor Vehicles, Motorcycles, Personal and Household Goods; Construction; and Financial Intermediation were the main drivers of growth for the quarter.
Among the major economic sectors, Services posted the fastest growth with 6.9 percent. Industry grew by 5.6 percent. Agriculture, Hunting, Forestry and Fishing registered a growth of 3.1 percent.
Net Primary Income (NPI) from the rest of the world and Gross National Income (GNI) had corresponding growths of 2.9 percent and 5.6 percent.
With the country’s projected population reaching 108.3 million in the third quarter of 2019, per capita GDP grew by 4.5 percent. Meanwhile, per capita GNI and per capita Household Final Consumption Expenditure (HFCE) posted a growth of 4.0 percent and 4.3 percent, respectively.
CLAIRE DENNIS S. MAPA
National Statistician and Civil Registrar General
MANILA — The Department of Information and Communications Technology (DICT) announced that it will hold public consultations on its draft terms of reference (TOR) for the entry of a new telecommunications player on July 6, 2018.
In an advisory to media Monday, the DICT said that the consultations will be held on Friday morning at the Crowne Plaza Hotel Galleria in Ortigas Center, Quezon City.
“Two versions of draft Terms of Reference (ToR) published in the DICT website will be presented: (1) using the Highest Committed Level of Service (HCLOS) formula; and (2) using auction as mode of selecting the New Major Player. Output of this consultation shall be a significant contribution to the DICT and the Oversight Committee,” the DICT said.
The DICT has released last Thursday its proposed guidelines on the auction of frequency spectrums under a second set of draft guidelines for the selection of the third major telco player.
According to the guidelines, a bidder that will offer the highest annual capital and operating expenditure for a 5-year commitment period shall be selected as the new major telco player. The new telco player shall be subject to the applicable spectrum user fees pursuant to prevailing rules and regulations after the said period. Participants should have a minimum bid amount of PHP 36.58 billion.
The newer guideline is an alternative to the earlier terms of reference dated June 26, which used the Highest Committed Level of Service (HCLoS) as basis for the selection of a new telco player.
A third telco player should have an annual capital and operating expenditures worth PHP40 billion, must have coverage of at least 30 percent of the national population and a minimum average broadband speed of 5 Mbps according to the earlier guidelines.
The criteria for the selection were set as follows: 40 percent for national population coverage, 20 percent for minimum average broadband speed and 40 percent for annual capital and operating expenditure over a five year commitment period.
The latest draft of the guidelines was made in accordance with the preference of the Department of Finance (DOF) for an auction of the frequencies that will be assigned to a third telco player.
The DOF is a member of an oversight committee to assist the NTC in the formulation of the guidelines for the selection and assignment of radio frequencies for the entry of new telco player. The committee is composed of the DICT secretary as chairperson; Finance secretary as vice chairperson, Office of the Executive Secretary and the National Security Adviser.
The DICT has earlier expressed opposition to the auctioning of frequencies as this will force a new player to put up a huge amount to qualify for the bidding process, which is not related to the setting up telecommunication facilities and improvement of services.
Finance Secretary Carlos Dominguez III has said that a third telco player needs to have at least PHP 200 billion to compete with existing telco giants PLDT Inc. and Globe Telecom Inc. (PNA)
Reference Number: 2017-139
Release Date: November 16, 2017
Gross Domestic Product (GDP) grew by 6.9 percent in the third quarter of 2017. Manufacturing, Trade, and Real Estate, Renting and Business Activities were the main drivers of growth for the quarter.
Among the major economic sectors, Industry recorded the fastest growth of 7.5 percent followed by Services with 7.1 percent growth. Meanwhile, Agriculture slowed down by 2.5 percent from 3.0 percent growth in the previous year.
Net Primary Income from the Rest of the World (NPI) grew by 5.7 percent compared with the 4.1 percent growth recorded in the same quarter of the previous year. As a result, Gross National Income (GNI) posted a growth of 6.7 percent.
With the country’s projected population reaching 104.9 million in the third quarter of 2017, per capita GDP grew by 5.4 percent. Meanwhile per capita GNI and per capita Household Final Consumption Expenditure grew by 5.2 percent and 3.0 percent, respectively.
LISA GRACE S. BERSALES, Ph.D.
National Statistician and Civil Registrar General
Updated October 1, 2017, 8:28 AM
By Madelaine B. Miraflor
The Business Process Outsourcing (BPO) sector started to see the need to heighten efforts to address the possible impact of what is described as “disruptive technological headwinds” — such as artificial intelligence (AI), automation, and robotics — to the industry’s Filipino workforce.
This, while the sector is now projected to only grow by 9 percent annually starting this year until 2022 in terms of revenues, which is slower than the “mid-teen” growth it experienced in previous years.
Information Technology and Business Process Association of the Philippines (IBPAP) President Rey Untal said that with the “looming threat of AI and automation” to the BPO sector, their organization decided to elevate the discussion on this issue during the upcoming 9th International IT-BPM Summit in October.
“Many experts are predicting that the workforce is in danger of being replaced by automation but that is simply not the case. What is often overlooked about automation is that while it is expected to impact certain jobs in the sector, this will also enable the IT-BPM Industry to move up the value chain, resulting in an increase in mid-skilled jobs and high skilled services,” Untal said in a briefing on Wednesday held in Makati.
“That is why it is important for us to continue the conversation at the Summit, where we have experts flying in from all over the globe to discuss the impact of technology and the future of the industry in great deal,” he added.
A data from the Philippine Statistics Authority (PSA) showed that new investment pledges in the IT-BPM sector actually went down by 34 percent year-on-year in the second quarter, while investment commitments in BPO sector alone particularly slid from R6.27 billion to R4.9 billion from April to June period.
Jojo Uligan, Contact Center Association of the Philippines (CCAP) President, said the industry wants to answer all the issues affecting the industry, especially on the concerns regarding AI and automation.
To date, call center operations represent 67 percent of this industry.
“We need to protect our industry and workers. We’ve been talking about this for awhile. Our success in this industry is our people. We have to make sure that we protect them, make them stay relevant, and educate them. Yes, the industry would feel certain impacts but what we are focusing on are the opportunities,” Uligan also told reporters.
Meanwhile, officials of real estate services firm Santos Knight Frank shared a rather different outlook on the BPO sector.
While the popular sentiment is that the sector will slightly retrieve — eventually paving the way for online gaming sector to emerge as the top taker of office spaces in the country — moving forward, the multinational company said the office space demand from the BPO sector will actually even grow faster than usual.
For one, Santos Knight Frank Senior Director for Research and Consultancy Jan Custodio doesn’t believe that online gaming sector, even if it’s starting to grow a bit faster now, can outshine BPO in terms of office space take-up.
“We are not seeing a slowdown in the BPO sector any time soon. Online gaming will just augment the growth in the office sector. We are not worried about online gaming growing too fast,” Custodio said in a different press briefing also held yesterday.
“We have a different position from IBPAP and other service providers… We believe the BPO sector will continue to grow in the future,” he added.
To recall, Real estate expert David Leechiu said earlier this week that as the slowdown of inflow of BPO investments in the country becomes more apparent, online gaming is now seen as a potential saving grace for the real estate sector as it is projected to take up the demand for office spaces.
The Land Transportation Franchise and Regulatory Board on Monday announced suspension of the accreditation of ridesharing company Uber for one month.
MANILA, Philippines (Updated 7:50 p.m.)
— The Land Transportation Franchise and Regulatory Board on Monday announced suspension of the accreditation of ridesharing company Uber for one month.
The LTFRB also ordered the company to cease and desist operations of its online booking application, which allows users to book rides on their smartphones.
The board said the order is effective immediately.
“In an order dated 14 August 2017, the board meted out the penalty of one month suspension on the accreditation of Uber System, Inc. and was ordered to cease and desist its operation of their online booking application during the period of suspension,” LTFRB said in its advisory.
“The board strongly recommended to respondent Uber to extend financial assistance to its affected peer-operators during the period of suspension as an expression of good faith as their accredited peer-operators would not have suffered current predicament were it not for the predatory actions of respondent Uber,” it added.
LTFRB said the following agencies were given copies of the order for enforcement: Metro Manila Development Authority, Philippine National Police – Highway Patrol Group, and Land Transportation Office.
Headlines ( Article MRec ), pagematch: 1, sectionmatch: 1
In July, the LTFRB directed ridesharing companies Uber and Grab to stop the operations of transport network vehicle services drivers who do not have the required certificates of public convenience (CPCs) or provisional authorities that grant them franchises to operate.
The board said the order would become executory on July 26.
However, this directive earned negative criticims from both drivers and the riding public.
Both Uber and Grab earlier admitted they continued accepting drivers into their platforms despite the LTFRB’s directives.
Reference Number: 2017-099
Release Date: Thursday, August 17, 2017
Gross Domestic Product (GDP) grew by 6.5 percent in the second quarter of 2017 and 6.4 percent in the first half of the year. Manufacturing, Trade, and Real Estate, Renting and Business Activities were the main drivers of growth for the quarter.
Among the major economic sectors, Industry recorded the fastest growth at 7.3 percent. Services slowed down to 6.1 percent compared with its 8.2 percent growth posted in the same quarter of the previous year. Meanwhile, Agriculture recovered with 6.3 percent growth from 2.0 percent decline in the previous year.
Net Primary Income from the Rest of the World (NPI) grew by 8.6 percent compared with the 6.1 percent growth recorded in the same quarter of the previous year. As a result, Gross National Income (GNI) posted a growth of 6.8 percent.
With the country’s projected population reaching 104.5 million in the second quarter of 2017, per capita GDP grew by 5.0 percent. Meanwhile per capita GNI and per capita Household Final Consumption Expenditure (HFCE) grew by 5.3 percent and 4.4 percent, respectively.
LISA GRACE S. BERSALES, Ph.D.
National Statistician and Civil Registrar General
By Robert ”Bob” Reyes
Presidential Spokeperson Ernesto Abella with DICT Secretary Rodolfo A. Salalima, MMDA Chairman Danny Lim, with stakeholdeers of the EDSA Wi-Fi Project. Globe Telecom Inc. and PLDT Inc. support the Department of Information and Communications Technology (DICT) for the EDSA Wi-Fi project, providing high-speed Internet in the stations of the Metro Rail Transit Line 3 (MRT-3) and along the stretch of EDSA. The free Wi-Fi project will cater to the estimated 500,000 riders of the MRT and passengers of the more than 300,000 vehicles that ply EDSA every day.
On the occasion of our country’s 119th Independence Day celebration last Monday, the Department of Information and Communications Technology led the inauguration of the “EDSA WiFi” project for commuters along EDSA. The project is in line with DICT’s mandate to foster connectivity and improve public access to the Internet. The department also said that they wish to promote telecommuting to boost productivity while stuck in traffic or waiting for the next train to arrive.
The EDSA WiFi will make high-speed Internet connectivity available at street level throughout the whole 24-kilometer stretch of Metro Manila’s thoroughfare. The project includes all 13 stations of the MRT Line 3, from Taft Avenue in Pasay City to North Avenue in Quezon City. To ensure the availability and resilience of the free public WiFi service, the DICT has tapped the facilities of the country’s largest ISP’s: PLDT and Globe Telecom.
ultimate guide to the esda free wifi1
“This public WiFi offering is a gift to the people of this free nation. We work to give Filipinos access to the information and technology that they need in their daily live. EDSA WiFi will benefit the hundreds of thousands of commuters along EDSA daily,” said DICT Secretary Rodolfo A. Salalima during the launch ceremonies held at the MRT3 Shaw Boulevard Station.
But, even before the official launch of the EDSA WiFi project last Monday, different press releases from the two major telcos have been circulating the interwebs. This created some sort of confusion to some, as different Internet speeds, data cap and number of free minutes had been reported.
The table shown serves as an ultimate guide for the first phase of the EDSA WiFi project. There are three available APN’s for the general public to connect with. Both Smart and Globe are time-based without data cap, while the DICT connection gives the unlimited number of minutes but only up to 100MB of data bandwidth allocated per user (device) daily. So, it is possible for one to use the Smart APN first (for example), then once the 30 minutes allocation is done, he/she may connect with the Globe APN. Once the Globe APN connection is also maxed out, one may opt to use the DICT APN and enjoy 100MB of data connection via WiFi for free.
*The Smart WiFi service lets you extend your free 30-minute session per day by purchasing Smart WiFi load from partner retailers or by converting your Smart, Sun, or TNT load to Smart WiFi minutes using WIFI10, WIFI20 or WIFI50 keywords sent to 99912.
ultimate guide to the esda free wifi3
** Globe/TM customers and other networks can avail of a GoWiFi Promo to continue their browsing by connecting to a @GoWiFi_Auto APN once the free minutes are up. Service can be paid using prepaid load, charged to a postpaid bill, credit card or via the Request-a-Fi feature. GoWiFi Auto currently gives a FREE 3-day trial period for new service users, valid until 31 August 2017.
The first stage of the EDSA WiFi project will cover all 13 MRT3 Stations and the continuous stretch of EDSA from Guadalupe to Cubao at street level. The second stage will cover EDSA from Cubao to North Avenue and from Guadalupe to Taft Avenue, which will be operational before the President’s SONA on July 24th.
I will conduct a station-by-station internet speed test in the coming days.
‘Colorum’ transport network vehicles under Grab and Uber were given the chance to operate and charge their passengers until December this year as transport officials have yet to come up with improved policies on regulating the ride-sharing industry.
Land Transportation Franchising and Regulatory Board (LTFRB) member and spokesperson Aileen Lizada said they aim to release before the end of 2017 the revised guidelines on regulating the operations of transport network companies (TNCs) and transport network vehicles services (TNVS).
“It can be by revising the DOTR (Department of Transportation) order, it can be also how to treat the TNCs. We will propose it before Congress,” Lizada said.
She clarified that in the absence of such an order, no apprehensions will be conducted against TNVS units that are operating without franchises.
The LTFRB was supposed to start its crackdown on colorum TNVS after it ordered Grab and Uber to stop deploying unaccredited operators into the roads.
“We ordered them to deactivate all those without franchise, but since they filed their MRs (motions for reconsideration), we had to treat them first,” Lizada said.
The LTFRB has yet to release its decision on the appeals by Grab and Uber last July 20.
A tecnhical working group (TWG) composed of the DOTr, LTFRB officials, and representatives of Grab and Uber, was to meet Wednesday afternoon to discuss the issues on the ride-sharing transport sector.
Lizada said they will put a cap on the number of the TNVS that can operate and charge passengers.
“We need to address how many (drivers) are active in a day. How many are online and what time?…At the end of all the tecnhical working group (meetings), we will have the numbers,” she said.
According to Lizada, only around 14,000 TNVS are actually allowed to operate. They include the 3,700 which were given franchises and the more than 10,000 whose applications are still pending.
Lizada said only Grab as of press time had submitted its list of active operators as of June 30. She said they are still waiting for Uber to give them the data of its 28,000 operators.
The LTFRB official said they will also tackle in their meeting Grab’s and Uber’s business model which had already been violated.
“It was supposed to be a ride-sharing, meaning, the owner should be the driver. That the owner will share his vehicle to passengers. But we learned that this has become a business that an operator had 10 units. It should not be that way,” she said.
Lizada said they will consider suggestions from legislators to give Grab and Uber the franchise as operators for all the TNVS under their platforms.
Lizada asked for patience and understanding from the public and assured that they will address the issues with the TNCs
Reference Number: Q12017
Release Date: Thursday, May 18, 2017
Gross Domestic Product (GDP) posted a 6.4 percent growth in the first quarter of 2017. Manufacturing, Trade, and Other Services were the main drivers of growth for the quarter.
Among the major economic sectors, Services had the fastest growth of 6.8 percent. Industry decelerated to 6.1 percent as compared with the 9.3 percent growth recorded in the first quarter of 2016. Meanwhile, Agriculture recovered with 4.9 percent growth from a decline of 4.3 percent from the previous year.
Net Primary Income from the rest of the world (NPI) slowed down by 3.9 percent compared with the 9.4 percent growth recorded in the same quarter of the previous year. As a result, Gross National Income (GNI) posted a growth of 5.9 percent.
On a seasonally adjusted basis, GDP and GNI grew quarter on quarter by 1.1 percent and 1.0 percent, respectively. Agriculture, Hunting, Forestry and Fishing (AHFF) and Services rose by 1.6 percent and 1.4 percent, respectively. Likewise, Industry expanded by 0.4 percent from the previous quarter.
With the country’s projected population reaching 104.1 million in the first quarter of 2017, per capita GDP grew by 4.9 percent. Meanwhile, per capita GNI and per capita Household Final Consumption Expenditure (HFCE) grew by 4.4 percent and 4.2 percent, respectively.
LISA GRACE S. BERSALES, Ph.D.
National Statistician and Civil Registrar General
Philippine President Rodrigo Duterte, left, and Chinese President Xi Jinping attend a signing ceremony in Beijing, China, Thursday, Oct. 20, 2016. AP
BEIJING—The pot sweetened for the Philippines on Friday as President Duterte wrapped up a state visit to China, securing investment and credit line pledges amounting to $24 billion, or nearly double the initial amount reported, officials said.
17 more deals
Trade Secretary Ramon Lopez said the total included $15 billion worth of investment projects and $9 billion in credit facilities. Earlier estimates placed total pledges at $13.5 billion.
A document obtained by the Inquirer showed that 17 more deals with a combined value of $11.24 billion were signed ON Thursday evening at an event organized by the Philippine Chamber of Commerce and Industries (PCCI) and the Federation of Filipino Chinese Chambers of Commerce Inc.
Steel plant eyed
Mining firm Global Ferronickel signed a $500-$700 million deal with Baiyin International Investment Ltd. to construct a steel plant, while Greenergy Development Corp. led by businessman Tony Tiu inked a memorandum of understanding (MOU) with PowerChina Guizhou Engineering Corp. to develop the 300-megawatt Pulangi hydropower plant project worth $1 billion.
A local company called MVP Global Infrastructure Group Ltd., a private investment group that is focused on coinvesting with large mainland Chinese companies in Malaysia, Vietnam and the Philippines, also bagged large investment deals. MVP is composed of three entrepreneurs from Malaysia, Vietnam and the Philippines.
The MVP Group signed an MOU to establish a partnership with China Railway Engineering Corp. to undertake $2.5 billion worth of infrastructure investments.
It also signed a deal with Suli Group Ltd. to invest in cabling manufacturing facilities in the Philippines that would produce $3 billion in trade value.
Businessman Reghis Romero scored three deals, including a $780-million contract his Mega Harbour Port sealed with China Harbour Engineering Co. Ltd. to undertake the 214-hectare coastline project.
Press conference on the second quarter Philippine GDP. BEN DE VERA
DAVAO CITY – The Philippine economy grew 7 percent during the second quarter, the last three months of the Aquino administration, amid robust spending for the national election held last May, the Philippine Statistics Authority announced Thursday.
The growth posted during the April to June period was faster than the 5.9 percent posted a quarter ago as well as 6.8 percent in the first quarter.
The average gross domestic product (GDP) growth in the first half was 6.9 percent, National Statistician Lisa Grace S. Bersales said in a press conference.
The Duterte administration targets the GDP to grow by a “conservative” 6-7 percent in 2016, as economic managers had downscaled the Aquino administration’s target of 6.8-7.8 percent growth for this year, citing adjustments to be made in the next few months as the new administration settles down.
Finance Secretary Carlos G. Dominguez III had said the Duterte administration wants the robust economic growth being enjoyed by the country—the average GDP growth during the Aquino administration was the fastest since the late 1970s—to be felt in terms of poverty reduction.
President Rodrigo Duterte’s economic managers earlier said they want the poverty incidence to drop sharply to about 16 percent by 2022 from about 25 percent at present. CDG
The country’s Gross Domestic Product (GDP) grew by 6.9 percent in the first quarter of 2016, the highest since the second quarter of 2013, from 5.0 percent the previous year.
The main driver of GDP growth for the quarter was the Services Sector which accelerated to 7.9 percent from 5.5 percent while Industry grew by 8.7 percent from 5.3 percent posted last year.
On the other hand, the Agriculture sector declined by 4.4 percent, the fourth consecutive quarterly decline since the second quarter of 2015, from a growth of 1.0 percent in the first quarter of 2015.
Net Primary Income (NPI) from the Rest of the World grew by 10.7 percent from 0.5 percent the previous year, driving the Gross National Income (GNI) to post a growth of 7.6 percent, the highest since the third quarter of 2013, from the previous year’s 4.1 percent.
With the country’s projected population reaching 102.6 million in the first quarter of 2016, per capita GDP grew by 5.2 percent from 3.2 percent in the same quarter of 2015. Per capita GNI grew by 5.8 percent and per capita Household Final Consumption Expenditure (HFCE) grew by 5.3 percent from last year’s growth of 2.4 percent and 4.3 percent, respectively.
Department of Trade and Industry 12
as of March 30, 2016
|No||PROJECT TITLE||PROPONENT||PROJECT COST (PhP)||Type of Arrangement Needed||PDF LINK|
|1||Developmen tof Ladol Resort||LGU-Alabel||Depends on FS||Institutional, PPP, Individual investor/s||VIEW|
|2||Developmen tof Lake Beto||LGU-Alabel||Depends on FS||Institutional, PPP, Individual investor/s||VIEW|
|3||Bagongbuhay Eco-Village||LGU-General Santos City||25,820,000.00||PPP, Grant||VIEW|
|4||Balutan sa Baluan Food Park||LGU-General Santos City||28,000,000.00||PPP, Grant||VIEW|
|5||GSC Eastcoast Eco-tourism Development||LGU-General Santos City||120,725,000.00||PPP, Grant||VIEW|
|6||Isulan Shopping Malls and Supermarkets Development||LGU-Isulan||Depends on FS||Individual investor/s||VIEW|
|7||Kidapawan Eco-tourism Corridor||LGU Kidapawan City||Depends on FS||PPP||VIEW|
|8||Renovation and Upgrading of Gonolemobung Lodge||LGU-Lake Sebu||120,000,000.00||PPP, Individual investor/s, Grant||VIEW|
|9||Development of Lake Lahit Dream Aqua Park||LGU-Lake Sebu||VIEW|
|10||Development of Malapatan Eco-tourism Park||LGU-Malapatan||100,000,000.00||PPP, Individual investor/s||VIEW|
|11||Development of Emily’s Green Park Resort||LGU-Surallah/Emily delos Reyes||24,000,000.00||Individual investor/s, JV Partner||VIEW|
|12||Development of Hidak Falls||LGU-T’boli||Depends on FS||PPP, Individual investor/s||VIEW|
|13||Mt. Matutum Fruit Park||LGU-Tupi||51,961,645.00||PPP||VIEW|
|14||Cotabato Provincial Eco-tourism Park||PGO-North Cotabato||25,000,000.00||PPP, Individual investor/s||VIEW|
|15||Golf Course Site Development||PGO-North Cotabato||61,000,000.00||Build-Operate-Transfer||VIEW|
|16||Lake Sebu Seven Falls Development||PGO-North Cotabato||85,000,000.00||PPP, Individual investor/s, BOT||VIEW|
2 General Santos City
4 Kidapawan City
5 Lake Sebu
11 PGO North Cotabato
12 South Cotabato
1 Emily delos Reyes*