China is increasing its spending overseas, particularly in Vietnam and Indonesia. Like the Philippines, Vietnam “has a bone to pick” with the mainland over territorial issues, but this has not stopped it from reaching out to Beijing regarding foreign investments.
Next leader won't affect investments
Standard & Poor’s (S&P) and the US-Philippines Society expressed optimism that key economic reforms implemented the past six years in the Philippines will be kept by whoever will be the country’s next set of leaders.
“Our assumption is that change in leadership is unlikely to reverse the economic reforms in the Philippines,” John Chambers, S&P Sovereign Debt Committee chairman, said during the Philippines Business and Investment Forum (PBIF) held in New York City on March 3.
PHL-KOREA Investment Forum
Korean investors keen on infrastructure, energy projects in PH.
DTI readies perks for key sectors
THE DEPARTMENT of Trade and Industry is preparing incentive packages aimed at accelerating the growth of high-impact industries like shipbuilding and aerospace.
Such packages will likely be similar to the Comprehensive Automotive Resurgence Strategy (CARS) program, under which P27 billion in incentives were made available to qualified assemblers to boost the automotive and parts manufacturing industries, explained Trade Secretary Adrian S. Cristobal Jr.
As of Dec. 2015, the Department of Energy (DOE) reported that registered projects under the Renewable Energy Program include the following: seven wind farms and 13 solar farms generating 426.9 and 146.3 megawatts (MW), respectively.
- Philippines needs 5,000 megawatts in next five years
- Background Reading (Power)
- Power Sector Situationer
Railway PPP project faces delay
Project: Light Rail Transit Line 6.
P65.1-billion, 19-kilometer railway from Bacoor to Dasmariñas City in Cavite, Estimated 200,000 users.
THE DEPARTMENT of Transportation and Communications (DOTC). San Miguel Corp. and the tandem between Metro Pacific Investments Corp. and Ayala Corp. bought bid documents. More than a dozen other companies attended an investors’ conference last month, including representatives from Aboitiz Equity Ventures, the Gokongwei Group’s Robinsons Land and the Consunji family’s DMCI Holdings.
The private sector will handle the design, construction operations and maintenance of the 19-km train line from Bacoor to Dasmariñas, as well as the procurement, testing and commissioning of train coaches, equipment and support infrastructure.
- DOTC announces bid for ‘most expensive’ PPP railway project
- 3 foreign groups vie for P200-B Clark Rail project
$100-M laundering via PH banks, casinos probed
THE COUNTRY’S financial regulators are investigating what could be the biggest single money laundering activity ever uncovered in the Philippines.
“The initial report is that some funds went missing in Bangladesh and the suspicion is that this bank—or the central bank of that country, itself—was hit by hackers based in China,” said one banking source, relating a story that was corroborated by at least three ranking government officials and four other bankers. “Somehow, those funds found their way into the Philippine financial system.”
US flash storage maker to set up shop in PHL
The company has seen 35 percent year-on-year growth in revenues in the Philippines by providing storage solutions to customers.
AmEx opens contact center in Philippines
AMERICAN Express (AmEx) Co. is the latest multinational company to open a contact center in the Philippines, a sign of continued confidence in the country’s business process outsourcing (BPO) industry.