PHILIPPINES
Special Supplement
Philippines tops ‘best countries to invest in’ Strong macroeconomic fundamentals alongside plans to ramp up infrastructure spending propelled the Philippines to the top of a list of “best” countries” to invest in, declared the head of the Duterte administration’s economic team.
On its website, US News its “Best Countries to Invest In” had been ranked “based on scores primarily from more than 6,000 business decision makers on a compilation of eight equally weighted country attributes: corruption, dynamism, economic stability, entrepreneurship, favorable tax environment, innovation, skilled labor force, and technological expertise. “In contrast to declining inflows of foreign direct investment or FDI to Southeast Asia
According to the Unctad report, “in South and Southeast Asia, several countries, including Bangladesh, Nepal and the Philippines, are expected to receive more FDI in years to come, especially from within the region, in line with a division of labor between more developed countries (increasingly focusing on goods with higher value added) and less developed countries (increasingly focusing on labor-intensive activities).” “This may continue to strengthen these countries’ positions in regional production networks. For instance, five Chinese companies plan to invest $10 billion in the aviation, downstream oil, renewable energy,
Director-Marketing
Layout Graphics
Supplement Editor
Advertisements
Sr. Business Development Manager
Printed by
Sudip N.
Sanjai Noah
Ben O. de Vera
The latest Bangko Sentral ng Pilipinas data showed that net FDI inflows worth $8.7 billion as of November last year already exceeded the $8-billion target for 2017.
Supplement Team James John
DOHA
Unctad said that while FDI flows to Indonesia, Singapore and Thailand weighted down on the region’s total haul, “flows to the Philippines—the third largest recipient in the sub region—increased by more than 60 percent to a new high of $8 billion in 2016.”
as a whole, the Philippine continued to perform well, according to United Nations data,” US News said, citing the UN Conference on Trade and Development’s World Investment Report 2017.
Finance Secretary
EMBASSY OF THE REPUBLIC OF THE PHILIPPINES
iron and steel, and shipbuilding industries in the Philippines,” Unctad said, citing a report of the Board of Investments.
In a text message to reporters , Finance Secretary Carlos G. Dominguez III noted of a report published on the website Business Insider, which cited a ranking released by US News in February placing the Philippines on the no. 1 spot.
Carlos Dominguez III
2018
Renju Varghese
Majeed Nadapuram Raya Commercial Printing Press
Gulf Times is grateful to the Embassy of Philippines for the support rendered in the production of this supplement.
For US News, the Philippines “is expected to receive more FDI from within the region from powerhouses like China that are looking to utilize available labor in developing nations.” Dominguez attributed the Philippines’ top ranking to the following: young and hardworking workforce, an excellent inclusive growth momentum, an expanding middle class, politically stable environment, strong and popular leadership, fiscal discipline, stable monetary policy, membership in Asean, an achievable infrastructure program, a strong anticorruption drive, and improved revenue collection.” Ranked second was Indonesia, followed by Poland, Malaysia and Singapore in the top five. According to US News, its 2018 best countries to invest in ranking was formed in partnership with global marketing communications firm Y&R’s brand strategy arm BAV Group as well as the University of Pennsylvania’s Wharton School.
MESSAGE Mabuhay! On this auspicious occasion, we commemorate of the 120th anniversary of the Proclamation of Philippine Independence. A century and two decades past, our battle for independence speaks of the story of sacrifice, patriotism, and valor of our forebears. This year’s theme “Kalayaan 2018: Pagbabagong lpinaglaban, Alay sa Masaganang Kinabukasan” pays tribute to the noble sacrifices of our ancestors which paved the way for the freedom that we now enjoy. We have successfully prevailed over the many challenges that tested our mettle as a nation. And today, we co-exist side by side with the international community as an equal sovereign state and as a proud member of the community of nations. As we move forward to a future made bright by the valiant sacrifices of our ancestors, I hope that we can carry each other forward, supported by the genuine love for our country and concern for our compatriots. Filipinos must set side personal differences and unite under the banner of our country’s flag in order to reap the benefits of a better future and lasting progress. I also wish to thank each and every member of our Filipino community for devoting your time and energy in worthwhile endeavors which contribute to the positive image of our country. May you all continue to exemplify in your chosen professions so as to bring pride and joy to your family and to your country. Mabuhay ang Pilipinas! Mabuhay ang sambayanang Pilipino!
The report was based on a study that polled over 21,000 people worldwide who assessed perceptions on 80 nations across 75 metrics, US News said.
Infrastructure drive, Domestic demand to sustain Philippine growth The Philippines’ economic growth is expected to sustain its quick pace in 2018 and 2019 as the government’s infrastructure program is rolled out, says a new Asian Development Bank (ADB) report. In its new Asian Development Outlook (ADO) 2018, ADB projects Philippine gross domestic product (GDP) growth at 6.8% this year and 6.9% in 2019, up from 6.7% in 2017. Rising domestic demand, remittances, and employment, in addition to infrastructure spending, will drive growth. ADO is ADB’s flagship annual economic publication. “Along with domestic demand, the government’s infrastructure investments will fuel the country’s growth in the next few years, supported by a sound economic policy setting,” said Kelly Bird, ADB Country Director for the Philippines. “We expect this growth to further lift wage employment numbers, add to household incomes, and benefit more poor families across the archipelago.” The Philippines remained one of the strongest growing economies in Southeast Asia in 2017. Domestic investment recorded 9% growth last year, moderating from a brisk 23.7% in 2016, although growth in fixed investment in industrial machinery, transport equipment, and public construction remained robust. Household consumption grew by 5.8% in 2017, from 7% in 2016, on the back of higher remittances and employment, with the unemployment rate falling by 1.3 percentage points to 5.3% in January 2018 as 2.4 million jobs were added. Public spending rose by 7.3% last year from 8.4% in 2016. Consumer price inflation reached 3.2% last year from 1.8% in 2016 due to strong economic growth, higher international fuel prices, and Philippine peso depreciation, but well within the 2% to 4% target by the Bangko Sentral ng Pilipinas—the country’s central bank. The country’s external debt further declined to 23.3% of GDP in 2017, from 24.5% of GDP in 2016.
Moving forward, ADB projects services will continue to drive GDP growth, along with manufacturing and construction industries. The approval of the Tax Reform for Acceleration and Inclusion law in December 2017 will augment tax revenues and provide additional fiscal space for more progressive public spending. The policy reforms are expected to yield additional 90 billion to 144 billion Philippine pesos ($1.73 billion to $2.76 billion) in tax revenue collection in 2018 and 2019, respectively. With economic growth gaining momentum, inflation is projected to reach 4% in 2018 as global oil and food prices rise, and higher excise taxes on some commodities take effect. In 2019, meanwhile, inflation is expected to marginally decline to 3.9%. The report notes there are external risks to the Philippines’ growth outlook from heightened volatility in international financial markets and uncertainty about global trade openness, although the country’s strong external payments position would cushion these effects. A major policy challenge to the country’s growth outlook, according to the report, is managing the rollout of the government’s “Build, Build, Build” infrastructure program, which is expected to raise public infrastructure spending to 7.3% of GDP by 2022 from 4.5% in 2016. The report provides suggestions on ways to enhance government capacity, including strengthening coordination between government agencies and improving technical capacity of staff within these agencies, and fostering stronger partnerships between government agencies, the private sector, and development partners. ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, it is owned by 67 members—48 from the region. (Info courtesy: www.adb.org)
2
Special Supplement
Tuesday, 12 June 2018
Over 2 million foreign tourists in 2018 Q1
Anna Felicia Bajo
The Department of Tourism (DOT) revealed that over two million international visitors arrived in the country in the first quarter of 2018.
in the first three months of 2018, but trail the Koreans at 477,087. In March, 114,549 Chinese and 122,387 Koreans visited the country.
“We already welcomed over two million foreign guests to the Philippines in just three months compared to last year when it took four months or until April to reach two million,” DOT Secretary Wanda Teo said in a press release.
“Our target for the Chinese arrivals this year remains at 1.5 million as we strive for more quality tourists who spend more in the country,” Teo said. She also underscored that the foreign visitors also consist of American tourists (284,946 arrivals), followed by the Japanese (181,178), and Australians (74,027).
“For the first quarter, it has been a tight contest between the Chinese and the Koreans. In fact, these two key markets, together with the Americans, already comprise more than half our tourist arrivals,” Teo added.
tourists in the first quarter of 2018 compared to 1,784,882 tourists in the same period in 2017.
Data from the DOT shows a 14.80-percent year-on-year increase: 2,049,094 foreign
The DOT said that the Chinese remain the “fastest-growing market,” with 371,429 arrivals
Other sources of international visitors are Canada (70,501), Taiwan (59,877), United Kingdom (56,521), Singapore (44,398), Malaysia (37,090), Hong Kong (36,777), and India (32,999).
Philippines to remain fastest-growing Asean economy—World Bank
Ben O. de Vera
The World Bank expects the Philippines to sustain robust economic growth in the next three years even as public investments are seen slowing down. “The Philippines will continue to be the fastestgrowing economy in the Association of Southeast Asian Nations (Asean), despite some stabilization of investment growth,” the Washington-based multilateral lender said in its January 2018 Global Economic Prospects report.
“Following a stronger-than-expected growth of 6.9 percent in third quarter and a revision of GDP growth for the second quarter, from 6.5 to 6.7 percent, the World Bank projects 6.7 percent growth for 2017,” it said in a statement. Its revised 2017 forecast remained within the government target of 6.5-7.5 percent. The economy grew by an average of 6.7 percent in the first three quarters of last year.
The World Bank projected the Philippines’ gross domestic product (GDP) to grow 6.7 percent in 2018 and 2019, before growing at a slightly slower rate of 6.5 percent in 2020. The World Bank’s forecasts for the next three years were nonetheless below the government’s target range of 7-8 percent annual GDP growth from 2018 to 2022. In December, the World Bank raised its 2017 growth forecast to also 6.7 percent from the previous projection of 6.6 percent was made “as part of its quarterly forecast exercise to reflect recent economic trends.”
Pineapple fabric takes center stage in Madrid Roy Mabasa
An exhibit highlighting the beauty, craftsmanship and the colorful history of the Philippine pineapple fabric known as “piña-seda” is now taking the center stage at the 300-year-old Real Fabrica de Tapices or the Royal Tapestry Factory in Madrid, Spain. The Piña-Seda: Hibla ng Lahing Filipino Traveling Exhibition, Lecture Series, Weaving and Embroidery Demonstrations and Workshops is an exhibit aimed to increase public awareness and interest in Filipino traditional textiles, according to Philippine Ambassador to Spain Philippe J. Lhuillier.
Lhuillier further said the exhibit seeks to highlight the skills, knowledge and efforts of local weavers in preserving and upholding Filipino traditional weaving heritage.
500th anniversary of Magellan’s arrival in the Philippines and the long interlinked history of Spain and the Philippines which led to exchanges in culture such as the Philippines’ embroidery tradition.
In his remarks, the Philippine envoy underscored the contribution of the weavers and embroiders in the preservation of the piña-seda and called them “underrated artisans” deserving of further acknowledgment.
Sen. Loren Legarda, a strong advocate of indigenous arts and culture, initiated the establishment of the first permanent textile exhibition at the National Museum of the Philippines in 2010.
Real Fabrica de Tapices director-general Alejandro Klecker de Elizalde, for his part, expressed satisfaction over the exhibit and its programs and noted the forthcoming
Along with the National Museum, Legarda has been leading the promotion of local textiles by bringing the exhibit to various Philippines embassies in Europe. “Pineapple fiber is considered to be more delicate in texture than any other vegetable fiber. It is extracted from the leaves of the pineapple plant, particularly the Red Spanish variety, which has leaves that yield excellent fibers for handweaving,” Legarda said in a statement promoting the piña-seda. While the pineapple plant is not indigenous to the Philippines, Legarda noted it is believed that the Spaniards brought the plant to Philippine shores. “The beginning of pineapple cultivation in the Philippines also marked the start of the craft of piña cloth weaving in the country,” she said. Around 100 people from cultural institutions in Spain, including the Director General of Museo Naval, and representatives from other museums, textile researchers, members of the academe and the Filipino community were on hand to witness the launch and participate in the guided tour of the piña-seda exhibit led by officials from the National Museum of the Philippines. Former President and Pampanga 2nd District Rep. Gloria Macapagal Arroyo also visited the exhibit on the second day of its run and witnessed a weaving and embroidery demonstration. The exhibit, which runs from May 24 to June 21, also includes the lecture series on Philippine Traditional Textiles and Indigenous Knowledge by Assistant Director Ana Labrador, researchers Anna India Dela Cruz and Lyn Liza Silva, all from the National Museum of the Philippines. Also part of the exhibition are the weaving demonstrations of Nelia Rogano from Kalibo, Aklan and workshops by Magdalena Rosales and Marilyn Tobias from Lumba, Laguna.
3
Special Supplement
Tuesday, 12 June 2018
Forbes accords Philippine tourism top honors Forbes.com aligned the Philippines with the continent’s must visit destinations Japan, Malaysia, Indonesia, and South Korea. The article entitled “The 5 Spots In Asia That Are Booming With Tourists In 2018”, underscored the country’s improved connectivity and infrastructure as the factors for the increased tourism interest. The article stated, “with recent improvements in local infrastructure, top tourist destinations are now being served by domestic airports with frequent flights to and from the country’s major cities.”
Several international gateways have experienced renovations last year with plans to develop more regional airports like the Iloilo International Airport, Bacolod-Silay Airport, Laguindingan Airport in Misamis Oriental, and New Bohol International Airport in Panglao.
According to the latest tourism statistics, the country welcomed a total of 1,406,337 international visitors for January-February, which is 16.15 percent higher compared to the 1,210,817 total for the same period in 2017.
Improved air connectivity and opening of new flights are expected with the country’s hosting of Routes Asia 2019, the only route development event dedicated to the Asia Pacific region, in Cebu next year.
Philippine tourism even bested the average tourism growth of Asia and the Pacific which is at six percent and Southeast Asia at eight percent according to the latest United Nations World Tourism Organization (UNWTO) World Tourism Barometer.
Not to be outdone, the country’s sea connectivity will receive a significant boost in the succeeding years with new major cruise lines including the Norwegian Cruise Lines, Windstar Cruises arriving in the Philippines shores for the first time.
The Department of Tourism (DOT) warmly receives Forbes.com’s citation of the Philippines as one of the hottest spots in Asia this year. “To be lined-up with the region’s tourism powerhouse is a testament to the resiliency of the people and the country’s resolve to promote the Philippines as a safe and fun destination,” said Tourism Secretary Wanda Tulfo-Teo.
Several cruise ships will also be returning and some even increasing port calls including MSC Cruises, Royal Caribbean Cruise Lines’ Ovation of the Seas, Silversea Cruises’ Silver Whisper and Silver Shadow, and Crystal Cruises.
Forbes.com is part of Forbes Digital, a division of the American business magazine Forbes famous for its lists and rankings. The website attracts 59 million unique visitors each month with 30 million social media followers. (Info courtesy: www.tourism.gov.ph)
Solar Philippines completes Southeast Asia’s largest solar-battery micro-grid Solar Philippines has completed the largest solar-battery micro-grid in Southeast Asia. The micro-grid was built in Paluan, Occidental Mindoro.
The project marks the launch of “Solar Para Sa Bayan” initiative by Solar Philippines founder Leandro Leviste to bring cheaper, more reliable power to areas poorly served by utilities, in support of the Duterte administration’s aim of ending energy poverty by 2022.
With 2 megawatts (MW) of solar panels, 2 megawatt hours (MWh) of batteries, and 2 MW of diesel backup, the microgrid “is designed to supply reliable power 24 hours a day, 365 days a year, at 50 percent less than the full cost of the local electric coop,” Solar Philippines noted in an emailed statement.
Paluan first received four hours of daily service in 1978 from the Occidental Mindoro Electric Cooperative (OMECO), which later waived its franchise given the difficulties in serving the town, Mayor Carl Pangilinan said in his welcome remarks.
The project uses panels from the Solar Philippines Factory, and is also the first micro-grid in Asia to feature Powerpacks from Tesla, a leading manufacturer of batteries and electric vehicles.
In 2014, National Power Corporation (NPC) resumed electricity service at an average of 16 hours a day but with outages sometimes lasting several days. Promotion valid from 12.06.2018 to 16.06.2018 or until stocks last. Purchase limit may apply.
Pangilinan noted that since Solar Philippines began operations in December 2017, Palueños enjoyed their first ever Christmas without brownouts. He said students can study at night and use computers in school, families can use electric fans amid the summer heat, sarisari stores can sell refrigerated drinks, and an ice plant is now being planned to support local fishermen. Paluan used to consume subsidies of over P30 million a year under the NPC. With solar power now available, the town can consume electricity at 50 percent lower than the electricity from NPC. “We see ourselves as partners in developing Paluan into a first-class municipality in the coming years. While other companies seek to charge the highest rates possible, we believe that offering quality service at the lowest cost is win-win, helping the areas we serve and growing the market over the long-term,” Leviste said. (Info courtesy: www.gmanetwork.com)
4
4
Valid until 15 June 2018
29.75
Beef Longganisa Sausage Australia1kg
7.75
Chicken Insal Leg Quarter 1pc
12.00
QAR
QAR
23.75
Algida Magnum Mini Almond 360m
Chicken Tocino Boneless 1kg
QAR
Kangkong Leaves 1kg
QAR
32.75
QAR
24.75
QAR
QAR
QAR
15.00
Lychees 1pkt (Approx 300gm)
Valid until 15 June 2018
Valid until 15 June 2018
26.75
11.75
4
4
Morning Glory 1kg
Longan Fruit 1kg
QAR
QAR
24.75
Valid until 15 June 2018
M. Y. San SkyFlakes Saltine Cracker 1.35kg
Indomie Cup Noodle Assorted 60gm X 12pcs
Grey
QAR
15.75
Golden Chef Jasmine Rice 5kg
Silver
Rose Gold
Gold
19.75
QAR
QAR
8.75
Datu Puti Vinegar + Soy Sauce 1Ltr
Toblerone Milk Chocolate 360gm
Like us on: Facebook
everyday new deals
2,899
Apple iPhone 7 Plus
1,139
Huawei Smartphone Nova 3E
Promotion valid until 16.06.2018
120 years of freedom One great offer Celebrate Philippine’s 120th Independence Day with Commercial Bank’s great remittance offer. Simply transfer money to Philippines any time using Commercial Bank’s Internet Banking or Mobile Banking App. The amount will be credited to receiving accounts within 60 seconds.
Transfer today and benefit from: • • • • •
Reduced transfer fee of QAR 5 for all Commercial Bank customers using our award-winning platform 50% discount on correspondent banking fees for transfers to Banco De Oro accounts Credit within 60 seconds to bank accounts in the Philippines* Available 24/7 Competitive exchange rates
To get started, simply log in to your Internet Banking www.cbq.qa/login or download Commercial Bank’s Mobile Banking App from your app store. To open a bank account, please visit any Commercial Bank branch or call 4449 5040 * Terms & Conditions apply Offer is valid from 1 June until 30 June 2018
Recognition Recogn ition Award to
Commercial Bank “Leading “L “Leadi ding eCommerce C Growth” G th” Qatar - 201 2017
“The Best Retail Bank in Qatar for 2018” for the second year in a row “The Best Remittance Service in the Middle East” “Commercial Bank leading the e-Commerce growth in Qatar 2017”