Dataline 01 (2014) by Department of Trade and Industry

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January 13, 2014 1

January 13, 2014 Vol. 19, No. 01

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A bi-monthly digest of global and domestic industry trends and developments. Published by the Trade and Industry Information Center, Department of Trade and Industry  Manila, Philippines Tel. (632) 895.3611  Fax (632) 895.6487  To subscribe, email: publications@dti.gov.ph Online: http://www.dti.gov.ph

In this issue Focus Fastest in SEA PHL economy grows 7% in Q3 2013 Inside DTI 1. BOI completes 2013 IPP IRR 2. “Bali Package” good for PHL exporters 3. DTI to exporters: Prepare for AEC 2015 integration Good News, Philippines! 1. Exports up 14% in October 2013 2. Citi projects 7.3% PHL’s 2014 GDP 3. Manufacturing industry hits highest growth in 3 years 4. PEZA investments up 72.16% MSME News 1. DTI launches La Union SSF 2. DTI fortifies local coffee sector 3. Calabarzon bizmen to gear up for ASEAN integration 4. DTI-Region 11 boosts young entrepreneurs 5. DTI, DENR to promote Benguet’s bamboo industry

Business Update SEA, becoming online shopping mania Consumer News 1. DTI confers 36 Seals of Excellence to biz establishments 2. DTI-Region 2 launches I-MOVERS for improved markets 3. DTI-Davao warns public on coloring dyes used on food 4. Cagayanos warned of pyramid scams, investment frauds Features 1. PHL economy remains resilient 2. 14 tips for aspiring entreprenuers Statwatch What’s New?

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Focus Fastest in SEA PHL economy grows 7% in Q3 2013

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he economy remained robust, growing at the fastest pace in Southeast Asia in the third quarter of last year on the back of increased investments, sustained government and consumer spending, and brisker trade, the National Statistical Coordination Board (NSCB) reported. Output as measured by the gross domestic product (GDP) grew 7% in the third quarter of 2013, NSCB Secretary General Jose Ramon Albert said. The results in July to September pulled the GDP growth to 7.4% in the first nine months of 2013, or above government's 6%-7% target for the year, he added. On a related note, Socioeconomic Planning Secretary Arsenio M. Balisacan said the country remains one of the brightest spots in the region. Despite the destruction wrought by Typhoon Yolanda, Balisacan noted there is a strong possibility that the Philippines would meet its output goal for 2013, should the

Inside DTI 1. BOI completes 2013 IPP IRR

he Board of Investments (BOI) completed and published the implementing rules and regulations of the 2013 Investment Priorities Plan (IPP), the country’s blueprint for investment promotions and a platform to attract strategic investments. The 2013 IPP retained the previous year’s 13 preferred industries listed for tax incentives eligibility. Economic activities listed under the IPP are entitled to income tax holiday, zero duty on capital equipment, employment of expatriates, and additional tax deduction on expenses for training, among others. The IPP crafting involves rigorous inter-agency and nationwide

country grow between 2.5%-5.3% in the fourth quarter of 2013. “We still expect GDP for the full-year of 2013 would come close to 7%,” Balisacan said. The latest GDP data “show we have the momentum and why investors should remain bullish on the Philippines,” BDO Capital and Investment Corp. President Eduardo Francisco said. “The sustained expansions in investment spending and the manufacturing sub-sector continue to provide the needed boost to GDP growth,” Metropolitan Bank & Trust Co. said in a research note made after the third-quarter growth numbers were released last year. “On the demand side, growth in the third quarter came from increased investments in fixed capital, reinforced by consumer and government spending, and the robust external trade,” Albert noted. Industry, manufacturing, and construction contributed much of the output in the third quarter. (GMA 11/28/13)

Preferred industries under the 2013 IPP

• • • • • • • • • • • • •

Agriculture/agri-business and fisheries Creative industries or knowledgebased services Shipbuilding Mass housing Iron and steel Energy Infrastructure Research and development Green projects Motor vehicles Strategic projects Hospital and medical services Disaster prevention, mitigation and recovery projects

public consultations. During these consultations, the IPP is examined

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2. “Bali Package” good for PHL exporters

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in terms of value for incentives – their contribution to employment, product mix, and other aspects of industry development and social goals. All consultations are attended

by representatives from national government agencies, civil society organizations, the academe, development partners, investors, and local government units (LGUs).

Cristobal Jr. emphasized the advantage of the TF agreement in expanding the Philippines’ export markets.

The TF agreement, one of the three pillars of the “Bali Package,” has all member states agreeing to implement reforms to promote transparency and efficiency in customs operations.

“Our customs operations are more transparent than those of our developing neighbors’ country markets. This trade facilitation agreement specific to customs rules and procedures on transparency will improve access of our exporters in traditional markets and in other developing countries with a huge market base as well,” Cristobal said.

he Department of Trade and Industry (DTI) expressed optimism over the recently agreed “Bali Package,” which could benefit the Philippines’ small and medium enterprises (SMEs), particularly exporters, through the Trade Facilitation (TF) agreement.

“The ‘Bali Package,’ which includes the agreement on trade facilitation, complements the government’s initiatives to improve customs operations and will greatly benefit our country’s small and medium enterprises (SMEs) that participate in trade,” Department of Trade and Industry (DTI) Secretary Gregory L. Domingo, who headed the Philippine delegation to the biannual conference of ministers. Together with strong special and differential treatment provisions, the TF agreement will complement the Philippines' initiatives to institute domestic customs administration reforms towards a more efficient and streamlined mechanism for traders, while respecting its implementation capacities. Transparent and streamlined customs procedures, on the other hand, will encourage new and innovative SMEs to enter the mainstream trade . DTI Undersecretary for Industry Development and Trade Policy Group (IDTPG) Adrian S.

“More efficient customs administration will reduce the costs of doing business for our exporters selling their goods in other markets and for our SMEs importing raw materials and components,” he added. Cristobal noted the shift of the Philippine trade pattern for the past decade from the traditional markets or the developed countries to emerging markets or the developing countries. “Over the past several years, we have expanded our export trade to developing countries and emerging economies such as China, our Association of Southeast Asian Nations (ASEAN) neighbors, Japan, Korea, India, Australia, and New Zealand, through free trade agreements. These markets make up the 60% of our total global trade,” he added. The Philippines will also stand to gain from the agreement on the Agriculture pillar, the other pillar of the “Bali Package” where developing countries will be able

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to maintain and even expand stockholdings of traditional staple crops - like rice - for food security purposes. These countries will be free from disputes at the World Trade Organization (WTO) until the matter of limits or ceiling is permanently resolved. It was reiterated that such programs must not distort trade and should not adversely affect other members’ food security. Domingo called the ‘Bali Package’ a ‘historic breakthrough’ for the WTO and the Doha Development Agenda (DDA) after 12 years of failed attempts to get an agreement among the organization’s member states. “With this down payment for the DDA, we see enhanced credibility for the WTO as a negotiation forum

3. DTI to exporters: Prepare for AEC 2015 integration

he Department of Trade and Industry (DTI) advised Philippine exporters to prepare and consider the opportunities offered by the Association of Southeast Asian Nations (ASEAN) Economic Community (AEC) by 2015. “Business, more than government, will drive regional integration,” DTI Undersecretary for Trade and Investment Promotions Group (TIPG) Ponciano C. Manalo Jr. said during the National Export Congress held last month at the Philippine International Convention Center (PICC) in Pasay City. He noted that it is business that will take advantage of the opportunities offered by a single market as well as the wide and varied complementation networks of a regional supply chain within ASEAN and its six free trade agreement (FTA) partners, namely China, Japan, Korea, Australia, New Zealand, and India.

and a resurgent rules-based multilateral trading system,” he said. "We see the ‘Bali Package’ as a stepping stone for continued negotiations to hopefully bring all the elements of the DDA to its full conclusion. It will not be easy, but the ‘Bali Package’ has provided momentum for negotiations," Cristobal added. The ‘Bali Package’ was achieved through the consensus among the 159 members of the WTO during the 9th Ministerial Conference held last month. This is a milestone for the WTO and its members, proving that outcomes from multilateral negotiations are still possible and that efforts to update multilateral trading rules are still achievable. “With the recent developments, we have seen a significant shift from the traditional markets to our neighboring countries in ASEAN,” Manalo said. For the last 20 years, the Philippine export market focused on the United States (U.S.), Europe, Japan, and China. Manalo noted the ASEAN represents one of the biggest markets in the world with its more than 600M young and dynamic population. It has a total aggregate gross domestic product (GDP) of USD 2.3B and an average per capita of USD 3,751. “ASEAN is an important economic partner of the Philippines, both on the trade and investment fronts,” Manalo said. In 2012, total trade between the Philippines and ASEAN amounted to USD 24B or 21% of the country’s total trade. In the same year,

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the ASEAN bloc accounted for 7.3% of total approved investments in the Philippines amounting to P21B, a significant seven-fold increase from P3B in 2011.

“The IPP outlines the sectors in which the government is actively promoting investment with incentives and a favorable regulatory framework,” Manalo said.

By 2015, the AEC will transform the 10 member-states into a single market and production base. The AEC integration aims to achieve five main pillars — free trade in goods, free trade in services, free flow of skilled labor, free flow of investments, and free flow of capital — enabling the region to minimize transaction costs and maximize trade gains.

“The PEDP, our main trade policy document, underscores strategies consistent with the AEC, an important one of which is the unified industry development and international trade strategy framework, with industry competitiveness as its foundation,” Manalo added.

Manalo noted that the DTI’s trade and investment promotion plans and programs are anchored on the Investment Priorities Plan (IPP) and the Philippine Export Development Plan (PEDP).

Good News, Philippines! 1. Exports up 14% in October 2013

erchandise exports grew in October 2013 as improving global economic conditions fueled higher demand even for non-essentials like electronics, which remained the country’s key export product. Sales of Philippine-made goods to offshore markets during the month brought the 10-month exports growth to positive territory after the decline in the first nine months. The National Statistics Office (NSO) reported that merchandise exports amounted to USD 5.03B in October, up year-on-year by 14%. Total export earnings from January to October reached USD 45.09B, up 1.3% from a year ago. The export sector performance in October indicated a more

Manalo also said that the DTI is pushing for measures to address supply chain gaps and to intensify the business sector’s productivity and competitiveness.

favorable trend in 2014, Economic Planning Secretary Arsenio M. Balisacan said. He said global demand has started to pick up and would potentially accelerate this year as key export markets, including the United States (U.S.), hasten the speed of their recovery. (PDI 12/10/13) Top export earners for October 2013 Merchandise

Value in USD % growth

Electronics 2.16B Woodcraft 300M and furniture Machinery 223.97M and transport equipment Other mineral 197.34M products Chemicals 195.71M

13.4 26.5 89.9 89.1 96.4

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2. Citi projects 7.3% PHL’s 2014 GDP

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itigroup is projecting a higher 7.3% Philippine gross domestic product (GDP) this year than its previous forecast of 6.9% as huge reconstruction development in the calamity stricken areas in Eastern Visayas will fuel economic expansion. The New York-based firm commented in its Citi Research’s “Pan-Asia Road Ahead: 2014 Outlook” that while the “near

3. Manufacturing industry hits highest growth in 3 years

he National Statistics Office (NSO) Monthly Integrated Survey of Selected Industries (MISSI) for October 2013 showed the manufacturing industry post its highest growth in the Value of Production Index (VaPI) since May 2010. The sector’s VaPI showed a year-on-year growth of 18.2% in October 2013, the highest since the 19.3% growth in May 2010, and an increase of 7.1% from the previous month.

term bumps” brought on by the calamities in Eastern Visayas will affect GDP growth in the last quarter of 2013, they expect a quick turnaround in the first three months of this year. Citi emphasized the Philippines’ current account position which remains in surplus as one of the strengths, while inflation despite the temporary price pressures, will stay “within an acceptable range” of 4%-5%. (MAB 12/08/13) an annual growth of 25.3%, and 6.7% in October on a monthly basis. The manufacturing industry is seen as a great source for job generation as it can accommodate more from the low-income levels than the services sector. The October 2013 labor force survey of NSO reported the manufacturing industry employing 3.11M or 8.2% of 37.73M total workforce of the country. (NSO, PDI 12/10/13; MAL 12/11/13)

Meanwhile, the sector’s Volume of Production Index (VoPI) posted Sectors mostly contributing to the manufacturing industry growth Value of Production Index (VaPI)

Sector % Chemical products Leather products Furniture and fixtures Tobacco products Basic metals Publishing and printing Textiles Rubber and plastic products Machinery except electrical Non-metallic mineral products Electrical machinery Footwear and wearing apparel Fabricated metal products

Growth 200.9 193.5 94.1 49.7 31.2 29.2 27.1 22.2 21.3 17.7 16.4 14.9 10.1

Volume of Production Index (VoPI)

Sector % Growth Chemical products 215.0 Furniture and fixtures 208.1 Leather products 190.5 Tobacco products 61.5 Basic metals 49.2 Machinery except electrical 35.4 Rubber and plastic products 32.9 Textiles 24.9 Publishing and printing 18.5 Non-metallic mineral products 16.8 Electrical machinery 15.3 Fabricated metal products 13.3

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4. PEZA investments up 72.16%

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nvestments approved by the Philippine Economic Zone Authority (PEZA) from January to November 2013 totalled to P211B, up by 72.16% from P122.5B during the same period in 2012. PEZA approved 626 projects in the review period, 15.3% higher than the 543 projects in the same period in 2012. Total recorded investments for 2012 reached P312B which PEZA aims to exceed in 2013.

MSME News 1. DTI launches La Union SSF

2. DTI fortifies local coffee sector

he Department of Trade and Industry (DTI) awarded the La Union Beekeepers Development Cooperative Inc. (LUBDCO) a shared service facility (SSF) that will benefit its 45 members.

There are currently four public economic zones (ecozones) ran by PEZA while managing approximately 300 ecozones operated privately. Meanwhile, the Joint Foreign Chambers of the Philippines (JFC) is advocating for the establishment of ecozones for domestic and exports production in place of adding new zones being petitioned by several bills in Congress that will follow the current rule of 70-% export production. La Union sees beekeeping as a viable industry with support from the National Apiculture Research, Training and Development Institute (NARTDI), the local government, and government agencies.

The SSF would also support other beekeepers and potential micro, small, and medium enterprises (MSMEs) for expansion.

The SSF is seen to develop better bee colonies to boost output, maintain a high quality of honeybee products, and provide enough supply of honey for La Union’s Honeybee Center.

the DTI provides small businesses with processing machines and equipment under the shared service facilities (SSFs) program.

he Department of Trade and Industry (DTI) is pursuing efforts to strengthen the coffee industry to take advantage of its increasing demands. The sector has been included in the National Industry Cluster Capacity Enhancement Project (NICCEP), funded by the Japanese International Cooperation Agency (JICA) in partnership with DTI. The NICCEP develops pilot industry clusters nationwide and helps them increase their contribution to the economy.

Among the beneficiaries were five cooperators in the Cordillera Administrative Region (CAR). CAR has been allotted P74-M SSF fund for 2013 and 2014, the biggest allocation for a region, to complement Department of Agriculture’s (DA) programs to boost the coffee growers’ competitiveness.

To address the technology gaps along the coffee value chain,

3. CALABARZON bizmen to gear up for ASEAN integration

he Cavite, Laguna, Batangas, Rizal, and Quezon (CALABARZON) Regional Micro, Small, and Medium Enterprise Development (RMSMED) Council unanimously adopted a resolution

to draft a regional MSME Development Plan for the region to prepare small businesses on the impact of the Association of Southeast Asian Nations (ASEAN) economic integration by 2015.

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DTI-CALABARZON Regional Director Marilou Quinco-Toledo proposed that both government and the business sector collaborate to prepare MSMEs to be competitive not only in the ASEAN region but also globally.

4. DTI-Region 11 boosts young entrepreneurs

he Department of Trade and Industry (DTI)-11 held the First Youth Entrepreneur’s Convergence at the Grand Regal Hotel last month to encourage young people toward winning business ideas that can get them started as entrepreneurs. Davao City Chamber of Commerce and Industry, Inc. (DCCCII) said the event was timely, as they are considering to establish

5. DTI, DENR to promote Benguet’s bamboo industry

he Departments of Trade and Industry (DTI) and Environment and Natural Resources (DENR) will work together for the bamboo industry’s promotion in the Benguet province. Benguet has a temperature of 15-25°C and high elevation of an average of 2,000 feet above sea level wherein a bamboo can be raised on a commercial scale.

Business Update SEA, becoming online shopping mania

outheast Asia, including the Philippines, has become a treasure trove for online shopping, the Philippine Retailers Association (PRA) reported. Lazada, Southeast Asia’s largest online shopping website, has raised USD 250M from a group of investors including Tesco PLC, Access Industries, Investment AB Kinnevik, and Verlinvest. Also, Zalora, an online fashion start up, was able to raise P4.9B in new funds.

The development blueprint, which will consolidate and harmonize the plans in each provincial council, will be represented to the RMSMED Council for approval in March 2014.

a Junior Chamber of Commerce in the City, which will initially be composed of the children of business chamber members. The chamber is also set to partner with DTI-11 for a business incubation center to be called the Young Entrepreneurs Center. The DTI will provide the chamber P1M worth of equipment to kick-start the center. (BWD 12/03/13) DTI and DENR will form a core group of skilled bamboo craft manufacturers that will also be trained by bamboocraft experts in a seminar to be held in Kapangan, Benguet, according to DTI-Benguet Provincial Director Freda M. Gawisan. The demand for the bamboo plant is increasing throughout Luzon for it is also a good construction material for houses and fish ponds.

Online shopping holds potential for retailers in the country, PRA said. Even if only less than 3% of Filipinos shop online, the PRA still pushes the e-commerce as new avenue for retailers. The growth has also been stimulated by the presence of group buying sites that promise the best deals for buyers.

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Consumer News 1. DTI confers 36 Seals of Excellence to biz establishments

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he Department of Trade and Industry (DTI) has conferred seal of excellence to 36 business establishments during the 5th Cagayan Valley Consumer Assembly held last month.

believes that through the Bagwis Awards, the business sector is encouraged to continue their efforts to exemplify ethical business practices and uphold consumer rights. No. of bronze awardees per province

A total of 31 business establishments received the bronze seals while five were given the silver seal.

• • • •

The Bagwis Awards promote and foster the highest level of business ethics and uphold a fair and honest marketplace through voluntary self-regulation and service excellence.

No. of silver awardees per province

• • •

DTI-Region 2 Regional Director Atty. Ma. Esperanza C. Bañares

2. DTI-Region 2 launches I-MOVERS for improved markets

he Department of Trade and Industry (DTI)-Region 2 launched the Improved Market Operations for Vigilant, Efficient and Responsive Service (I-MOVERS) project which aims to enhance major public markets efficiency and responsiveness. The project ensures best value for money by creating a green, honest, consumer-friendly, and well-informed consumer market to address consumer needs and concerns in Cagayan Valley cities and municipalities. The project also aims to reach out to market vendors association, the local government unit (LGU),

3. DTI-Davao warns public on coloring dyes used on food

Quirino, 13 Cagayan, 10 Isabela, 7 Nueva Vizcaya, 1

Cagayan, 2 Nueva Vizcaya, 2 Isabela, 1

price coordinating council, consumer organizations, and other community sectors to support and commit to uphold the consumer rights and help improve and maintain the operations, DTI-Region 2 Consumer Welfare Unit Head Linda C. Tan said. Requirements for public markets

• Install ‘Timbangan ng Bayan’

and Consumer Welfare Desk (CWD)

• Conduct product and price monitoring daily

• Display compliance with 5S of Good Housekeeping

• Observe and practice proper

waste management and disposal

• Provide clean rest rooms with adequate water supply

• Sustain cleanliness to create a clean and green market

he Department of Trade and Industry (DTI)-Davao is reiterating the warning issued by the Food and Drug Administration (FDA) on the use of industrial grade coloring dyes by some food processors.

FDA said that most of the samples were unregistered and noncompliant with food product labelling standards as embodied in the Department of Health (DOH) Administrative Order No. 88-B series of 1984.

FDA tested 34 samples of food products collected by its inspectors in the National Capital Region (NCR) and Region 7 for non-permissible colorants (NPC). The said samples came from ambulant vendors, public markets, groceries, and supermarkets.

Processed food products positive with NPC Rhodamine B

• • •

Icing candy - Cebu Crown Grocery Red gulaman - Carbon Public Market Shrimp paste (labelled 7C’s) Robinson’s Grocery in Talisay, Cebu

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Since these coloring dyes are not permitted, these should not flood the market, according to DTI-Davao Consumer Welfare and Trade Regulation Division (CWTRD) Chief Rachel S. Remitio.

4. Cagayanos warned of pyramid scams, investment frauds

ecurities and Exchange Commission (SEC) officials warned Cagayanos against falling prey to pyramiding scams and other investment frauds now becoming rampant in the region. “Everyone is a potential victim of scams regardless of status in life and educational attainment,” SEC Investigation and Prosecution Division Head Atty. Lalaine P. Monserate said.

“These pose danger to health. Thus, the manufacturers definitely violate one of the eight major consumer rights which is the right to safe products,” she said.

on a business and recruit other individuals or ‘downlines’ to be able to earn double or triple the invested amount without selling any product. Monserate presented her findings on financial scams during the recently concluded 5th Cagayan Valley Consumer Congress with the theme “Huwag Maging Biktima! Makialam, Makipagtulungan… Lahat Makikinabang.” (MAT 12/10/13)

Monserate said scam operators encourage an individual to invest

Features 1. PHL economy remains resilient

he economy remains resilient and can transcend the effects of Typhoon Yolanda in due course.

debt levels are highly manageable. Remittances continue to grow and foreign reserves are at an all-time high,” Guidote said.

The devastation brought by Yolanda may be a setback to the country – but, our economy can still grow at 5% to 6% yearly, SM Investments Corporation (SMIC) Senior VicePresident for Investor Relations Corazon P. Guidote said.

Guidote said she used to pray for the day when foreign investors would sit up and take notice of the Philippines and then it happened.

“The fundamentals of our economy have not changed. Our fiscal and banking sectors remain strong, while

The Philippines became the fastest growing economy in Southeast Asia; the latest upgrade was given by Moody’s Investors Service in October 2013. (MAB 12/08/13)

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2. 14 tips for aspiring entrepreneurs

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elow are excerpts from Mr. Wilson Lee Flores’ column published in The Philippine Star on December 2, 2013. The column was a condensed version of his speech at Ateneo Management Society (AMA) on November 25, 2013. “I encouraged college students in management courses to consider going into entrepreneurship after school or after working a few years in the corporate world.” “I told them we have many management students in the Philippines, but we need more entrepreneurs to create more new businesses to manage and also to make our economy more globally competitive.” “Entrepreneurship is not easy but it is a fulfilling and noble vocation.” Tips for aspiring entrepreneurs 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14.

Work first. No capital? No problem. Get started. Go corporate and be entrepreneurial. Study literature, history, science, art. Delay self-gratification. Safeguard trustworthiness. Take risks, especially in your youth. Do not be afraid of failures. Customer is king. Work hard. Get out of your comfort zone. Try and try until you succeed. Think beyond just the money.

STATWATCH P211B PEZA investments in the first 11 months of 2013, 15.3% higher than in the same period in 2012

USD 24B Total trade value between the Philippines and ASEAN in 2012

USD 5.03B Total value of merchandise exports for October 2013

18.2% Year-on-year growth of the manufacturing sector’s Value of Production Index (VoPI) in October 2013

7.3% Citi’s projection of PHL’s 2014 GDP

PHL economic growth for Q3 2013

36 DTI Bagwis Seals of Excellence awarded during the 5th Cagayan Valley Consumer Assembly

13 Number of preferred industries under the 2013 IPP

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What’s New? (A synopsis of selected book acquisitions at the DTI-TIIC library)

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Title : What, Me Retire? Discovering More Blessings after Leaving the Workplace Author : Chong, Grace D. Publisher : OMF Literature, Inc. Call Number : 05/CHO/2013

Legend: BWD MAB MAL MAT PDI GMA NSO

It contains the author’s life story of triumphs and failures, offering useful strategies and skills to create and maintain a business. Also shows some entrepreneurial lessons drawn from her experiences that inspire individuals and would-be entrepreneurs to take the plunge and turn their passion into profit, to take the first step, go as far as one can see and be able to see further. As an extra treat, in each chapter there is one secret she shares so the readers can also build a lucrative business the way she did.

Philippine Postal Permit No. PM-04-08

This book is for those in that stage of life where the paid workforce is no longer the best place to be, or for those who have suddenly left it due to the force of circumstances, or have been out of it a few years but have not quite found the pot of happiness. It presents some stories and feelings of some who retire, whether they like it not. The author also shares her feeling and some thoughts, and says: “don’t think of yourself as old, rather, think of yourself as seasoned by time and experiences, ready to take new challenges, discover fresh passions and pursue new dreams.”

Title : Berried in Chocolate: How I Built a Multimillion– Dollar Business by Doing What I Love to Do and How You Can Too Author : Fitzpatrick, Shari Publisher : Shepherd House Publishers, Inc. Call Number : 06.08/FIT/2011

Business World Manila Bulletin Malaya Manila Times Philippine Daily Inquirer Greater Manila Area National Statistic Office

Entered as Third-Class Mail at the Makati Central Post Office under Permit No. PM-04-08 valid until 31 December 2014

Editor-in-Chief/Anne L. Sevilla Managing Editor/Vic S. Soriano Associate Editor/Resty P. Par Writers/Jam H. Raposon, Hazel S. Dizon, Joanna D. Cruz, Airiz A. Casta, Kit S. Andaya Design/Layout/Ren C. Neneria Circulation/Myrna V. De Los ReyesTo subscribe, email: publications@dti.gov.ph