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The Geopolitical Stakes of the 2016 Philippine Elections
The outcome of next year’s presidential election will have significant implications for the country’s foreign policy.

By Jeffrey Ordaniel
May 28, 2015


For almost four years now, the Philippines has been Southeast Asia’s fastest growing major economy. Once dubbed the “sick man” of Asia, the country’s image has enjoyed a turnaround under President Benigno Aquino III. The Philippines sovereign credit rating has been upgraded from junk to investment grade by all major credit rating agencies. Though still lagging its peers in ASEAN, foreign direct investment and tourism figures have all seen remarkable upticks. Investments in human and economic infrastructure through public-private partnerships, overseas development assistance, and other schemes have been unprecedented under the current administration, despite bureaucratic and other delays.

Most significantly, though, Aquino’s foreign policy has made headlines around the world. Specifically, Manila has drawn closer to Washington. In April 2014, the two treaty-allies signed the Enhanced Defense Cooperation Agreement (EDCA), which will soon see American troops with their air and naval assets rotate through Philippine military bases, including Subic Bay and Palawan, both facing the contested South China Sea. The Philippines also filed a case against China through a UN-backed court to invalidate the infamous nine-dashed line map in the South China Sea, while simultaneously internationalizing the disputes, connecting them to wider international concerns such as freedom of navigation and access to global commons. The legal move is the boldest yet among ASEAN-claimant countries. Both the EDCA, an external balancing act, and the arbitration case, an appeal to the rule of law and for favorable global public opinion, represent Manila’s resolve in defending its sovereign claims and maritime entitlements in the South China Sea.

Meanwhile, the Philippines has embarked on a modest military modernization program that, if realized, will give its armed forces submarines and other assets required for the military’s envisioned “minimum credible defense” capabilities by 2020. Overall, Manila’s South China Sea policy under Aquino has been to internationalize, to legalize, and to balance China.

However, come May 2016, the country’s economic, security, and foreign policies will all enter a state of flux, as the Philippines gears up to hold its fifth presidential election since returning to democracy in 1986. The ruling Liberal Party has yet to decide on its presidential ticket for next year’s election, but Aquino has already indicated that Manuel “Mar” Roxas II, the current secretary of Interior and Local Government and a losing vice-presidential candidate in 2010, is his top choice for a successor. In an interview with the local media, the president said of Roxas, “He has demonstrated quite a wide range of expertise in so many different assignments. He is a valuable member of the Cabinet. He has been a staunch leader of the party… And he has demonstrated the ability to sacrifice, previously, for instance, when he gave way to me. So all of these traits should point out that he is – to my mind, as far as our coalition is concerned – at the top of the list.”

In fact, Roxas was supposed to run for president in 2010, when he was at his prime in terms of name recognition and popularity, but gave way to Aquino whose own mass appeal and corruption-free image were catapulted by the sudden death of his mother, democracy icon and former President Cory Aquino in 2009.

However, Roxas has not been performing well in recent opinion polls. Currently leading the pack is Vice President Jejomar Binay of the opposition party, United Nationalist Alliance. Binay’s populist platform, which focuses on social welfare programs for the poor, seems to be resonating. However, the vice-president is hounded by allegations of massive corruption during his long stint as mayor of the country’s financial district, Makati. The country’s Anti-Money Laundering Council (AMLC) was recently successful in urging the courts to freeze Binay’s bank accounts, and those of his immediate family members and alleged fronts. AMLC argued that the total of the bank accounts and transactions in question had reached 16 billion pesos (about $358 million) since 2008, amounts inconsistent with statutory declarations made. Since that revelation, Binay has seen his trust ratings plummet, although he still holds the lead in presidential polls.

Binay’s answer to these allegations is a blanket denial, dismissing them as politically motivated. Still, opinion polls in the coming months may move against him, especially as the case against the vice-president moves forward in court.

Because the Philippines has a weak, multi-party system, the ruling party is also reportedly eyeing neophyte Senator Grace Poe, an independent, as its alternative standard-bearer, if not as the vice-presidential partner of the less popular Roxas. Grace is the daughter of Fernando Poe, the losing opponent of former President Gloria Macapagal-Arroyo in the 2004 election, an election Arroyo critics say was largely rigged. Should the ruling party play it safe, Poe will be its presidential candidate. Should she win, she will be the third woman to rule the Philippines.


Diplomatic Implications

These domestic political dynamics in the Philippines could prove to be very consequential in Manila’s diplomacy in the years ahead. Already, Binay has indicated that he would have a different China policy than the one pursued by Aquino. Local media quoted him recently as saying, “we have to accept the fact that China has all the capital and we have the property over there, so why don’t we try to develop that property as a joint venture?” China has long called for joint development in the South China Sea, but other claimant-states’ unease with Beijing’s premise of “indisputable sovereignty” has prevented any progress on the idea.

Apparently, Binay has also not been briefed on why a joint venture with China on equal terms would be a violation of the country’s constitution, the document he would have to vow to defend should he be elected president. But some in the Philippine Left – who have always been against an American presence in the country – have already expressed support for Binay, among them University of the Philippines Professor Harry Roque, who has asked the country’s Supreme Court to block the implementation of EDCA and declare the U.S.-Philippine deal unconstitutional.

Already, Binay’s stated China doctrine has drawn criticism from the West. Scholar Malcolm Cook wrote, “If Binay wins and follows through on these views, it would be a return to the policy preferred by Aquino’s predecessor, President Macapagal-Arroyo… The foreshadowing of a second reversal of Philippines policy on its maritime boundary dispute with China in two presidential terms shows how divided the Philippine political elite and their financial backers are on this issue and its place in Philippines-China relations. A second reversal in two presidential terms would rightfully reinforce views within ASEAN, and in Washington and Tokyo, about the unreliability of the flip-flopping Philippines, and would throw into doubt the wisdom of aligning their South China Sea approaches with the policy prevailing in Manila at any given moment.” It goes without saying that a Binay win would give China reason to celebrate.

If the Liberal Party’s candidate wins, either Roxas or Poe, a continuity of policy, for at least six more years, is likely. It would signal consistency in the Philippines’ relations with the U.S., which has recently stepped up its South China Sea engagements in a bid to delegitimize China’s land reclamation in disputed areas. It would also be good news for Japan, which has been calling for greater rule of law in East Asia, a call echoed by Aquino’s decision to pursue a court case against Beijing. As the standard-bearer of the ruling party, Roxas is expected to largely continue Aquino’s foreign policy direction.

It is also worth noting that Poe formerly held both Filipino and American citizenship. She renounced her dual-citizenship and reverted back to being a “natural-born Filipino” before serving the Aquino Government in 2010. Hence, an anti-American foreign policy would be least expected from a Poe presidency. Overall, a consensus in the ruling party is slowly forming and its members seem to be zeroing in on a Roxas-Poe or Poe-Roxas presidential ticket to take on the populist Binay.

In May 2016, both Washington and Beijing will have something at stake in an election that will very likely demonstrate the interplay of a country’s domestic politics and its foreign policy choices.

Jeffrey Ordaniel is a PhD Candidate at the Security and International Studies Program of the National Graduate Institute for Policy Studies, Tokyo.

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The Geopolitical Stakes of the 2016 Philippine Elections | The Diplomat
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Military and Defense News:

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Phl, Japan to discuss military equipment transfer
By Delon Porcalla (The Philippine Star)
Updated June 3, 2015 - 12:00am


TOKYO – Japan and the Philippines will likely agree on the start of talks to sign an accord over the transfer of defense equipment, as both countries seek to strengthen cooperation amid the rise of an assertive China, Japanese government sources said Sunday.

The agreement may be finalized when Prime Minister Shinzo Abe and President Aquino meet in Tokyo tomorrow as arrangements are also made for both leaders to express concern over China’s attempts to change the status quo at sea, the sources added.

Aquino yesterday began his four-day state visit to Japan, a trip being touted as an opportunity for the two countries to highlight their stronger defense and security ties to counter China’s rapid and massive land reclamation work in contested waters in the South China Sea.

At a time when territorial rows in that sea are taking center stage, Aquino and Abe are expected to boost their countries’ ties as “strategic partners” and reaffirm their cooperation in peacefully resolving the South China Sea disputes under the rule of law, Japanese officials said.

A Japanese official said Aquino’s state visit amid China’s muscle-flexing in the East China and South China seas demonstrates how important the Philippines is to Japan and how it is a “good opportunity” to show to the international community how Japan values its relations with the Philippines.

At least 10 patrol boats will be turned over to the Philippine Coast Guard when Aquino witnesses tomorrow the contract signing of the Philippine-Japan maritime safety agreement.

Philippine Ambassador to Japan Manuel Lopez said the boats will be given through an official development assistance (ODA) facility, under the Maritime Safety Capability Improvement Project between the Department of Transportation and Communications and the Japan Marine United Corp.

Tokyo and Manila apparently believe stronger defense cooperation will be necessary to keep Beijing’s assertive moves in check.

China’s recent reclamation work on disputed islands in the South China Sea has drawn opposition from Manila, while Japan is at odds with China over the sovereignty of a group of small islands in the East China Sea.

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Phl, Japan to discuss military equipment transfer | Headlines, News, The Philippine Star | philstar.com
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Politics and National Development News:

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Economic Cha-cha: It’s now or never
By Paolo Romero (The Philippine Star)
Updated June 4, 2015 - 12:00am


MANILA, Philippines - Speaker Feliciano Belmonte Jr. said yesterday the landmark resolution seeking to amend the economic provisions of the Constitution must be approved by the House of Representatives on or before June 11 or it will die in Congress.

Belmonte was referring to Resolution of Both Houses No. 1 (RBH 1), which needs to have the ‘yes’ vote of at least three-fourths or 217 of the 290-member chamber to be considered approved on third and final reading.

The House will adjourn sine die next week, signaling the close of the second year of the 16th Congress.

“It’s a big majority that’s needed. We’ll try our best to pass it now. If we can’t, I don’t see how we can pass it in the future,” Belmonte told reporters.

When asked if the resolution is considered dead if not passed by June 11, he replied, “I think so, we have to give it a try now.”

RBH 1, principally authored by Belmonte, seeks to ease the restrictive economic provisions of the Constitution to generate more foreign investments. It was approved on second reading last week but would need lawmakers to individually cast their vote on third and final reading.

The measure seeks to include the phrase “unless otherwise provided by law” in various sections of Articles 12, 14, and 16 of the Constitution, which pertain to national economy and patrimony. If not done, the restrictions on foreign ownership will remain until Congress enacts laws to remove it. Advocates said the amendments are not automatic as critics claim.

Sen. Ralph Recto has filed a counterpart resolution in the Senate and his colleagues have expressed support for it.

Once approved, the Commission on Elections (Comelec) will conduct a nationwide plebiscite for its approval although House leaders are hoping this can be done simultaneously with the 2016 presidential elections to save on expenses.

Belmonte said the resolution has the full backing of local and business groups.

“This (economic Charter change) will generate foreign direct investments that generate jobs, not the kind of investments that are in the stock market that can leave the country in a second,” he said.

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Economic Cha-cha: It’s now or never | Headlines, News, The Philippine Star | philstar.com
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(This should really be pushed as the 60/40 Economic Restriction is not helping, despite that one "PH" member here says that removing the restriction will lead to catastrophic results)


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Politics and International Diplomacy News:

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Aquino, Abe sign declaration on stronger ties amid China row
By Louis Bacani (philstar.com)
Updated June 4, 2015 - 7:06pm


MANILA, Philippines - President Benigno Aquino III and Japanese Prime Minister Shinzo Abe on Thursday signed a declaration strengthening the relationship of their countries amid the territorial disputes with China.

During a joint press briefing after his meeting with Abe in Tokyo, Aquino said the Joint Declaration on the Strengthened Strategic Partnership highlights peace, security, growth and prosperity for the Philippines, Japan and the entire region.

"We have affirmed that the Strategic Partnership between our two countries has entered an enhanced and elevated stage," Aquino said.

Aquino said he and Abe reviewed the security challenges that confront both of their nations.

Aquino said they pledged to cooperate in advancing a shared advocacy for countries to act responsibly.

"We believe this can be done through finding just and peaceful solutions to our territorial disputes and maritime concerns by upholding the rule of law, towards creating a secure and stable environment that serves as the bedrock of our collective progress," he said.

Aquino is on a four-day state visit to Japan, which comes amid China's continued massive reclamation activities in contested islets and reefs in the South China Sea. In separate speeches on Wednesday, he criticized China's assertiveness in the disputed waters.

At a conference organized by the Nikkei business newspaper, Aquino criticized what he called China's "unlawful territorial claim" and hinted at similarities between Beijing's land-reclamation in the South China Sea and Nazi Germany's expansionist moves before World War II. He has drawn similar parallels in the past.


In his address to Japan's parliament, Aquino said that the maritime and coastal stability in the region is "at risk of being disrupted by attempts to redraw the geographic limits and entitlements outside those clearly bestowed by the law of nations."


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Aquino, Abe sign declaration on stronger ties amid China row | Headlines, News, The Philippine Star | philstar.com
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Steel Cutting SSV #2 Philippines (5 june 2015)
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Progress:
- Keel laying for SSV #1 and first steel cutting for SSV #2 as of today (5 June)
- 25% completion on SSV #1, 80% of the needed imported equipment already aquired.
- Targeting to launch SSV #1 later this year, November, to meet May 2016 deadline.

PAL sudah 25% garap kapal perang Filipina - ANTARA News
 
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Business News:

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Index ends lower on lack of buying catalysts
By Richmond S. Mercurio (The Philippine Star)
Updated June 6, 2015 - 12:00am


MANILA, Philippines - Local share prices fell for a second consecutive session to end the week on a sour note as the absence of catalysts to trigger buying persisted.

The 30-company Philippine Stock Exchange index (PSEi) dropped 0.36 percent or 26.95 points to close at 7,526.70 while the broader All Shares index slipped 0.32 percent or 14.13 points to 4,340.87.

“Friday made little impact on the overall picture, with the market spending the entire day in the red,” said Justino Calaycay Jr., analyst at Accord Capital Equities.

“Headlines at the local front were dominated by politics – how the 2016 presidential election is shaping up,” he added.

Local stocks were mostly in the red expect for mining/oil firms which managed to gain 0.46 percent or 66.39 points.

Turnover value improved to P7.27 billion from the previous day’s P6.94 billion.

Market breadth remained negative as decliners trumped advancers, 81 to 71, while 53 stocks were unchanged.

“Pessimism remained in local equities ahead of the crucial release of US employment data. Progress over discussions on Greece’s debt payment also weighed on sentiment, especially following Wall Street’s results,” said Jason Escartin, investment analyst at F. Yap Securities.

Most Asian shares likewise declined yesterday while US stocks finished lower Thursday on caution ahead of a US jobs data release.


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Index ends lower on lack of buying catalysts | Business, News, The Philippine Star | philstar.com
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Inflation eases to 20-year low
By Kathleen A. Martin and Danessa O. Rivera (The Philippine Star)
Updated June 6, 2015 - 12:00am



MANILA, Philippines - Inflation hit the tail end of the government’s target and eased to a 20-year low of 1.6 percent in May, mainly due to a decline in utility rates and slower rise in food prices, the Bangko Sentral ng Pilipinas said yesterday.

The central bank, however, said the impact of El Niño on food costs and the uncertain trend in oil prices remain a concern.

“Inflation expectations continue to be well-anchored, and growth is still solid,” BSP Governor Amando M. Tetangco Jr. said in a text message.

“We nevertheless remain watchful of developments, particularly in oil price movements, as these have knock-on effects on domestic pump prices, transport and other utilities, and consumption in general, as well as the impact of a possibly prolonged El Niño on the food supply chain,” he added.

The May figure was the low end of the BSP’s 1.6- to 2.4-percent forecast range for the month. Without food or oil prices, core inflation slid to 2.2 percent in May from 2.5 percent in April.

The drop in inflation was attributed to the ample supply of food items, particularly rice and fish, and the lower electricity and fuel prices during the month.

Inflation has so far averaged 2.2 percent in the five months to May, close to the central bank’s 2.3-percent forecast for the entire year.

Despite risks from the El Niño weather phenomenon, the inflation dip to a 20-year low and the country’s strong external position will continue to support household consumption, the National Economic and Development Authority (NEDA) said.

“Inflation remained low and stable in the first five months of 2015 in line with expectations over the policy horizon. This bodes well for household consumption,” NEDA deputy director-general Rolando G. Tungpalan said in a statement.

“Using the current base year 2006, the May 2015 inflation rate is the lowest, covering the monthly inflation series from 1995 to May 2015. It was also below the market expectation of two percent,” he noted.

He said while El Niño may likely continue until early 2016, authorities should be keen in monitoring drought in agricultural areas and ready to assist farmers should there be a need to shift to crops that are less dependent on water and at the same time resilient to the high temperature climate.

He also assured that overall, policies remain supportive of a manageable rate of inflation.

“With the country’s strong external position, the peso is expected to remain relatively stable and this will contribute to stable domestic prices going forward,” he noted.

The BSP kept key policy rates steady last month as inflation expectations remain well within the 2 – 4 percent target for this year and next.

The next rate-setting meeting is scheduled on June 25.

UK-based investment bank Barclays said in a research note yesterday it still expects the BSP to hike key policy rates in the last quarter of the year.

“While near-term inflationary pressures have eased, there are already signs that drier-than-normal weather conditions are impacting agricultural output, as seen in the rise in vegetable prices,” the bank said.


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Inflation eases to 20-year low | Business, News, The Philippine Star | philstar.com
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Look: The Brandnew Philippine Coast Guard Vessel ordered from Japan

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JP JUNE 6, 2015
MANILA – The Department of Transportation and Communications (DOTC) has awarded a project to enhance the Philippine Coast Guard’s (PCG) ability to protect our seas, particularly the construction of ten (10) 40-meter multi-role response vessels or MRRVs and their staggered delivery from the third quarter of 2016 up to the third quarter of 2018.

“This project is part of government’s program to equip our forces with necessary assets to protect the national marine interest. These 10 new vessels will help the Coast Guard in its functions of maritime law enforcement, search-and-rescue operations, and upholding maritime security within Philippines seas,” said DOTC Secretary Jun Abaya.

The project, formally called the Maritime Safety Capability Improvement Project, was awarded by the transportation department to the Japan Marine United Corporation (JMU) last week. It is being implemented as an Official Development Assistance (ODA) project, via a tied loan extended by the Japan International Cooperation Agency (JICA).

The loan facility covers P 7,373,700,000.00 out of the total project of P 8,807,700,000.00. The balance will be sourced from the Philippine counterpart of P 1,434,000,000.00.

Under the project terms, the MRRVs will be used by the PCG for the following purposes:

Primary rescue vessels within the PCG Districts’ areas of responsibility (AOR) when the extent of the disaster is beyond the capability of floating assets deployed within the area
Assistance in the control of oil pollution and protection of the marine environment
Enforcement of applicable maritime laws within the designated AOR, particularly relating to illegal fishing and sea patrol
Service as platform for rapid response during relief operations in the area
Transport of personnel and logistical support.
The MRRVs will be deployed to various PCG Districts across the country, including Manila, La Union, and Puerto Prinsesa.

JMU’s winning bid is in the amount of 12,790,000,000 Japanese Yen, and includes the supply of standard spare parts and tools, crew training, ocean transportation, and marine insurance. The vessels will have a standard cruising speed of 16 knots, and a range of 1,500 nautical miles.

@nijonjin1051 Pare naa kay picture of this boat that is currently in service?
 
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D ko pa alam bro, sa Facebook ko lang nakita itong news. Hope nihonjinsan can clear this up.
 
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Politics and National Security News:

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Rule of law: Philippines climbs 9 spots in world index
By Camille Diola (philstar.com)
Updated June 7, 2015 - 11:11am


MANILA, Philippines — Jumping from last year's rank of 60th out of 99 countries, the Philippines this year landed 51st in the World Justice Project's index measuring the public's experience on rule of law.

The Rule of Law Index is based on response of over 100,000 households and 2,400 expert surveys on how the rule of law is felt in "practical, everyday situations by ordinary people around the world."

"The rule of law is the foundation for communities of peace, opportunity, and equity—underpinning development, accountable government, and respect for fundamental rights," the study noted.

Countries' ranks are based on 44 indicators across eight categories, namely constraints on government powers, absence of corruption, open government, civil justice and criminal justice.

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The Philippines' scores across eight categories. Table taken from the World Justice Project's Rule of Law Index website.

The Philippines earned a scare of 0.53 out of the perfect score of 1.

Among the categories, the Philippines' order and security score of 0.71 is highest, followed by constraints on government powers with 0.61.

Experience of criminal justice in the Philippines, however, is lowest among the categories, with 0.38. Next to the lowest is civil justice with a score of 0.46, while the perception of the absence of corruption is also lacking with 0.49.

In East Asia and the Pacific, the Philippines is ninth of 15 countries. New Zealand leads with 0.83, followed by Singapore with 0.81 and Australia with 0.80.

The Philippines ranks above Indonesia, with a score of 0.52, and Thailand, with its 0.52 score. Still, the Philippines falls behind Malaysia with 0.50.

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Rule of law: Philippines climbs 9 spots in world index | Headlines, News, The Philippine Star | philstar.com
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Business News:

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Upbeat mood to lift economy in Q2
By Kathleen A. Martin (The Philippine Star)
Updated June 7, 2015 - 12:00am


MANILA, Philippines - Positive sentiment among local businesses in the second quarter should help lift economic growth during the period, the research arm of Metropolitan Bank & Trust Co. said in a report.

Metrobank research analyst Pauline Revillas noted that the latest Business Expectations Survey of the Bangko Sentral ng Pilipinas showed a confidence index of 49.2 percent during the quarter, up from 45.2 percent in the first three months of the year.

“Business confidence was also upbeat across sectors. These indexes suggest that businesses under the economic sectors still expect to cap the year on a positive note,” she said.

The central bank last week said businesses were more optimistic this quarter due to expected strong consumer demand amid the harvest and fishing seasons, school graduation and enrollment periods, and the summer season seen increasing both local and foreign tourists.

The respondents also cited increased activities in the construction sector especially in government infrastructure projects and rise in orders from new contracts leading to high volume of production.

The BSP also said local firms expect to expand their businesses with the launch of new product lines as they cited confidence in the current administration.

For the next quarter, the confidence index was at 47.3 percent, reflecting a less optimistic outlook. The central bank said this was due to the rainy season, the planting season, heightened competition, and lower consumer demand due to education expenses.

“Economic growth in the second half will likely be driven by sectors such as manufacturing, trade – which will be supported by robust domestic demand, construction to be underpinned by government infrastructure spending, and the service sector,” Revillas said.

Philippine economic growth slowed to 5.2 percent in the first quarter, below market and government expectations. The figure is slower than the 5.6 percent recorded in the same period last year and the revised 6.6 percent growth in the fourth quarter of 2014.

But Socioeconomic Planning Secretary Arsenio Balisacan said the government still hopes to grow the economy by seven to eight percent this year from the 6.1 percent expansion in 2014.

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Upbeat mood to lift economy in Q2 | Business, News, The Philippine Star | philstar.com
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Torre Lorenzo unveils P4-B investment in Davao
By Richmond S. Mercurio (The Philippine Star)
Updated June 7, 2015 - 12:00am


MANILA, Philippines - Torre Lorenzo Development Corp. (TLDC) is bullish on Davao’s property scene as it unveils a multi-billion peso investment plan for projects in the province.

Initially, the company said it is spending P4 billion for three high-end projects, its top officials said.

“Our goal is to conceptually start with the three projects, and eventually embark on more development ventures in the long run. We believe that the local audience will be excited for this kind of development in Davao, putting the region in the international tourists’ map and making it their destination of choice,” TLDC president Tomas P. Lorenzo said.

TLDC, in partnership with Thai hotel chain Dusit International, is currently developing Dusit Thani Residences, dusitD2 Hotel and Lubi Plantation Resort – three developments seen to provide luxury accommodations to residents and tourists in Davao.

“Having the renowned global hotel brand on board, Torre Lorenzo’s projects guarantee to raise the bar in terms of quality accommodations in Davao,” Lorenzo said.

Aside from familiar places such as Makati, Bonifacio Global City, Ortigas and Quezon City, Lorenzo said Davao City also presents big potential to become a major real estate market given the region’s continued strong economic growth and emerging tourism industry.

He said more investors are now warming up to business opportunities offered by Davao’s real estate market, with TLDC among them.

“With an array of benefits for different levels of investment, Davao offers the best value in terms of doing business. As the Davao economy picks up, its property sector will strengthen and we will continue to see an upward trajectory. Now is the best time to capitalize on its real estate market given such favorable conditions,” Lorenzo said.

TLDC said Dusit Thani Residences would consist of 168 full-service residence units standing in a complex that will offer owners and guests prime city and ocean views.

Adjoining Dusit Thani Residences will be the 120-key upscale dusitD2 Hotel with a full suite of accessible facilities and amenities.

Both accommodations are located within the 1.2-hectare Siam 8000, TLDC’s first city community project, located in Buhangin District, Davao City.

The Lubi Plantation Resort, meanwhile, is a 37-hectare development accessible by a 30-minute private speedboat transfer and will offer accommodations and amenities through a private membership club.

Aside from being one of the most progressive cities in the Philippines, Davao is also considered among the world’s safest cities, making it an even more attractive investment and tourist destination, Lorenzo said.

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Torre Lorenzo unveils P4-B investment in Davao | Business, News, The Philippine Star | philstar.com
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Oishi to open 2nd plant in Indonesia
By Tony Katigbak (The Philippine Star)
Updated June 7, 2015 - 12:00am


MANILA, Philippines - Liwaysay Group of Companies, maker of the snack food brand Oishi, is further expanding in the Indonesian market with the construction of a new facility in Surabaya.

Carlos Chan, chairman emeritus of Liwayway, said the new facility is expected to be finished and operational by early 2017.

Chan revealed this during a visit to the existing Jakarta plant with select members of the Philippine media. He said the new plant will sit on a 36,000 square meter property in Surabaya.

Currently, Liwayway’s existing plant in Jakarta supplies and has a stronghold in Java Island, said Richard Yu, who heads Liwayway’s operations in Indonesia.

Yu said the new plant in Surabaya would cater to the east and northeastern part of the country. He said this would address the logistical constraints of having to transport the products from the Jakarta plant to these areas in Indonesia, including Sulawesi.

Yu said the new Surabaya plant would increase the capacity of Oishi to service its market better.

Business ( Article MRec ), pagematch: 1, sectionmatch: 1
The Jakarta plant is also in the process of completing its new warehouse for finished goods. It will sit on a 7,000 square meter lot and is expected to be finished in June 2015.

At present, Liwayway has about 1,100 employees in Indonesia. Oishi posted a 74.58-percent increase in its sales in 2014 from the figures in 2013. The snack food product Pillows posted the top performance in 2014 with its chocolate and ubi variants.

Liwayway has manufacturing plants in China, Vietnam, the Philippines, Indonesia, Myanmar, Thailand, Cambodia and India.

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Oishi to open 2nd plant in Indonesia | Business, News, The Philippine Star | philstar.com
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National Development News:

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Alsons allots P43M for CSR
By Iris C. Gonzales (The Philippine Star)
Updated June 7, 2015 - 12:00am


MANILA, Philippines - Alsons Power the power generation arm of the Alcantara Group, has P43 million for 2015 to strengthen its community relations and CSR (corporate social responsibility) programs.

A Department of Energy directive orders generation facilities to allot one centavo per kilowatt-hour of electricity sales to development projects located in host and neighboring communities.

According to the company, about P23 million is allocated to benefit its host communities while another P20 million will support internal CSR and the company’s projects in partnership with the Conrado and Ladislawa Alcantara Foundation Inc.

Specifically, the company’s CSR program focuses on quality education, protecting and nurturing the environment and a continuing commitment to community health, welfare and livelihood.

Regular projects include tree planting, scholarships for high school and college students, school facilities donations, providing educational supplies and books and medical missions.

Furthermore, the power business unit is also set to implement new programs focused on sustainability.

The group is spearheading the Samahang Big Brother, a 15-day literacy program, with Alsons scholars and volunteers helping pupils improve their reading and comprehension skills.

For environmental protection projects, initiatives include the establishment of tree nurseries for bamboo and mangroves; artificial reef fabrication and the river protection project.

“We set up nurseries in the communities, we let the people take care and manage these nurseries and then we buy the cuttings,” said Ruben Tungpalan, Alsons Power corporate affairs manager.

Alsons Powers’ CSR program benefits host and neighboring communities in Mindanao where the company subsidiaries are located. These include Southern Philippines Power Corp. (SPPC) in Alabel, Sarangani Western Mindanao Power Corp. (WMPC) and San Ramon Power Inc. (SRPI) in Zamboanga City; Sarangani Energy Corp. (SEC) in Maasim, Sarangani and Mapalad Power Corp. (MPC) in Iligan City.

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Alsons allots P43M for CSR | Business, News, The Philippine Star | philstar.com
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DOTC to rebid P193-M contract for rail grinding machine
By Lawrence Agcaoili (The Philippine Star)
Updated June 7, 2015 - 12:00am


MANILA, Philippines - The Department of Transportation and Communications (DOTC) is rebidding a P193-million contract for the supply of a rail grinding machine for the ageing Metro Rail Transit Line 3 (MRT-3) along EDSA.

In an invitation to bid, the DOTC-MRT3 announced the procurement of supply and delivery of one rail-borne rail grinding machine through a competitive bidding using the non-discretionary pass/fail criteria under Republic Act 9184 or the Government Procurement Reform Act.

To qualify, the agency said bidders should have completed a similar single contract within the last 10 years with a value equivalent to at least 50 percent of the approved budget for the contract of the new project.

It added that the bidding is restricted to Filipinos or companies with at least 60 percent interest belonging to Filipino citizens.

Interested bidders have until July to submit their bids. The DOTC-MRT3 also invited companies to a pre-bid conference on June 17.

The DOTC expects the delivery of additional brand-new steel rails this month as the replacement of old rail tracks of the ageing mass transit system as early as February.

The DOTC is scheduled to receive 7,296 meters of brand-new steel rails in June to be used for further rail replacement works later this year.

Transportation Secretary Joseph Emilio Abaya earlier said the replacement of old rails would minimize glitches that affected the country’s most utilized railway system along EDSA.

The agency has awarded a P61.5-million contract to the Jorgman-Daewoo-MBTech joint venture for the supply of 608 pieces of 12-meter steel rails for MRT-3 last Jan. 29. The joint venture is composed Jorgman Planning & Development Corp., Korea’s Daewoo Group, and MBTech Group of Germany.

Operations of MRT-3 have been disrupted several times due to broken rails, prompting the mass transit system to operate partially until the damaged rails were replaced. One of its trains overshot the Taft Ave. station in August last year, injuring close to 40 passengers.

The DOTC has identified 11 projects worth close to P10 billion to improve the operations and at the same time decongest MRT-3. The biggest is the P3.76 billion capacity expansion project being undertaken by CNR Dalian Locomotive and Rolling Stock Co. of China for the supply of 48 brand-new trains to increase the capacity of the mass transit system 66 percent to 800,000 per day from the design capacity of 350,000.

The 16.9-kilometer mass transit system along EDSA was constructed as part of an integrated strategy to alleviate traffic congestion along the main Metro Manila highway. The rail system had a fleet of 73 modern and air-conditioned rail cars built by CKD Doprovni System of Prague in the Czech Republic.

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DOTC to rebid P193-M contract for rail grinding machine | Business, News, The Philippine Star | philstar.com
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Aseagas taps GE for maiden waste-to-energy proj
(The Philippine Star)
Updated June 7, 2015 - 12:00am


MANILA, Philippines - Aboitiz Power subsidiary Aseagas Corp., which focuses on renewable energy solutions, has inked an agreement with GE’s Distributed Power business to power its maiden waste-to-electricity project in Lian, Batangas.

The 8.8-megawatt (MW) facility, the first “greener” energy venture of Aboitiz, will be a biomass power plant run by GE’s Jenbacher gas engines. The Batangas plant will utilize organic waste from sugar cane and molasses from a nearby alcohol distillery. Aside from electricity, the plant will have by-products of fertilizer and CO2 that can be sold to farmers and beverage companies, respectively—achieving complete “no additional waste” production. The plant will be able to generate power for an estimated 22,000 homes.

“I think there’s a huge potential for biomass energy in the Philippines. Our population of about 100 million is bound to generate abundant biomass resources including agricultural crop residues, animal wastes and agro-industrial wastes,” said Aseagas chief operating officer Juan Alfonso. “The Philippines’ feed-in tariff allocation right now is 250 megawatts for biomass. Other countries like Germany, for example, have thousands of megawatts of biomass. So we’re just scratching the surface.”

Additionally, the Department of Energy has stated that the Philippines’ supply of biomass resources has the potential to generate a capacity of 4,450 MW, which is equivalent to 40 percent of the country’s energy needs, if developed. Abundant and with zero–carbon dioxide emissions, biomass is considered one of the sustainable solutions to the energy challenges of the future.

GE’s innovative gas engines technology will ensure the Aseagas power plant’s high levels of efficiency, modularity and reliability in supplying power to the Philippine grid.

“This collaboration is significant to GE because this is our first power generation deal with the Aboitiz group and is the largest procurement of Jenbacher engines in the Philippines to date,” said John Alcordo, ASEAN regional general manager for GE’s Distributed Power business.

Seven of GE’s Jenbacher gas engines—four J420 and three J320 units—will be delivered to Aseagas by October 2015 for the first of three phases of the project. The power plant is targeted to go online before year’s end. The second phase commences early in 2016.

DESCO Inc. — GE’s authorized distributor for Jenbacher gas engines in the Philippines — will be in charge of the installation and maintenance of the units.

The Aseagas venture signals rosy prospects in utilizing alternative sources of energy to broaden the country’s energy mix, which is seen as vital in powering sustainable progress. “Aside from contributing to the grid’s power generation mix, hopefully this project also increases awareness on how organic waste can be put to good use, such as for power generation,” Alcordo said.

The project is in line with GE’s “ecomagination” concept, which is a commitment to technology solutions that save money and reduce environmental impact for customers as well as GE’s own operations.

GE Power & Water’s Distributed Power business is a leading provider of power equipment, engines and services focused on power generation at or near the point of use. GE Distributed Power’s product portfolio includes highly efficient industrial reciprocating engines and aeroderivative gas turbines that generate 100 kw to 115 MW of power for numerous industries globally. In addition, GE Distributed Power offers life cycle services and support for more than 38,000 distributed power products worldwide.

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Aseagas taps GE for maiden waste-to-energy proj | Business, News, The Philippine Star | philstar.com
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Business News:

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Firms leaving China seen skipping PH
Amy Remo
Philippine Daily Inquirer

05:05 AM June 5th, 2015


The European Chamber of Commerce of the Philippines (ECCP) warned Thursday that the country risked losing potential investments to its neighbors in the Association of Southeast Asian Nations (Asean) if the government would not adjust the current taxation system that has been a drag to the competitiveness of the local business environment.

“We have to bring the Philippines forward. The government now has limited time to approve economic legislation and institute reforms. If we do not address the issue now, companies will be going to Vietnam and not here,” ECCP president Michael Raeuber said.

“The ECCP has been encouraging European businesses to invest in the Philippines. We are also working closely with Philippine exporters not just to Europe but to other countries. There is a need to see some action,” he added.


According to Raeuber, the Philippines must be competitive enough by offering the right set of incentives and tax system if it wanted to tap the companies that were planning to leave China and convince them to relocate to the Philippines. Many of these companies, however, were considering Vietnam as their preferred destination.

Marikina Rep. Romero Quimbo was earlier quoted as saying that it made good economic sense to completely overhaul the country’s corporate and individual income taxes in order to be competitive amid the impending establishment of the Asean Economic Community (AEC).

Such a move might especially prove to be critical in attracting more foreign investments in the agriculture and manufacturing sectors to achieve inclusive growth. Otherwise, the country might lose out to Thailand, Vietnam and Cambodia, he added.

According to Quimbo, the tax bracket rates have not been adjusted since 1997 with 86 percent of income taxes being shouldered by only 16 percent of the population.

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Firms leaving China seen skipping PH | Inquirer Business
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Why we should really remove the 60/40 Economic Restriction, then adjust the tax system.
 
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Indonesia starts construction of second PH Navy warship

Frances Mangosing

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@FMangosingINQ

INQUIRER.net
6:12 PM | Monday, June 8th, 2015


INDONESIA’S state-owned shipbuilder has started to build the second of two strategic sealift vessels for the Philippine Navy.

A report from Indonesia’s Antara News last June 5 said the keel-laying of the second ship by shipbuilder PT PAL was held recently at the Surabaya shipyard.

The keel-laying is a traditional ceremony designed to inaugurate the construction of shipbuilding.

“What we are doing now has reached 25%, and for the import of equipment that we need the existing 80%. Hopefully the process will be timely and on November 2015 we will launch,” he said in Surabaya, East Java,” Firmansyah Arifin, director of PT PAL Indonesia said in the report.

The keel-laying was attended by Navy Vice Commander Rear Admiral Caesar Taccad and Philippine Fleet Commander Rear Admiral Leopoldo Alano, said Navy public affairs office chief Cmdr. Lued Lincuna.

The delivery of the first vessel is scheduled on May 2016. The second is scheduled to arrive the following year.

The ships are worth P3.87 billion. The vessel is designed with a length of 123 meters, a width of 21.8 meters and is capable of transporting 500 troops and a weight of up to 10,300 tons, which can go for 30 days at a distance of 9,360 sea mill with a maximum speed of 16 knots.

The vessel is also capable of carrying two helicopters, and a transport vessel “landing craft utility” and tanks to military trucks. AC


Read more: Indonesia starts construction of second PH Navy warship | Inquirer Global Nation
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Business News:

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200 Japanese firms in China want to move to PH
Chrisee Dela Paz
Published 2:25 PM, Jun 05, 2015
Updated 12:10 PM, Jun 08, 2015


Labor strikes, wage increase, and historical issues are reasons many Japanese manufacturers want to exit China and enter the Philippines

MANILA, Philippines – Around 200 Japanese companies in China want to relocate their bases here in the Philippines, as declining economic growth and rising wages there are making it difficult for them to continue doing business.

This coincided with President Benigno Aquino III’s state visit to Japan, which concluded Friday, June 5. The Philippine president, during his 4-day visit, repeatedly invited Japanese investors to put their money in the country, citing improved business climate.

"As of now, there are about 1,700 Japanese companies in the Philippines. But we continue to receive inquiries from about 200 manufacturers in China, saying they want to relocate here," Japanese Chamber of Commerce and Industry of the Philippines Incorporated vice president Nobuo Fuji responded to Rappler via text message on Friday.

Japanese companies that have set up their bases here in the Philippines include:

  • Cemedine Philippines Corporation, which manufactures and sells adhesive, ceiling, and related products
  • Bandai, the toy maker of Power Rangers and Gundam fame
  • Fujifilm Corporation, which makes optical lenses for digital cameras, projectors, and surveillance cameras
  • Murata Manufacturing Company Limited, an electronics components maker
  • Tokyo-listed bicycle parts maker Shimano Incorporated, which previously based in China, started building its first factory in the Philippines early this year.
Fuji said Japanese wristwatch maker Citizen and Mitsubishi Power Industries are some of the companies in China that are heading for the exits and move their manufacturing plants in the Philippines.

"In China, there are so many companies invested, but they face wage increase, historical problems, labor strikes, and so on. They want to relocate to other countries in ASEAN (Association of the Southeast Asian Nations), and the Philippines is attractive for them," Fuji said.

According to a Nikkei report, minimum wages in China have almost doubled over the past 5 years. Labor-management disputes over factory closure have also become common in China, according to Nikkei.

Labor disputes and rising wages are not the only reasons China is losing its competitive edge as a business destination for Japanese firms.

On Thursday, June 4, the Philippines and Japan blasted China for its reclamation work in the South China Sea.

In a joint statement, President Aquino and Japanese Prime Minister Shinzo Abe criticized Beijing for building 2,000 acres (800 hectares) of artificial islands in the disputed area, which is a busy shipping lane.

"Because of English-speaking workforce and tax benefits given to investors, many Japan companies from China are considering relocation here in the Philippines," JCCI's Fuji said.

Many of the about 200 Japanese manufacturers, according to Fuji, are eyeing to set up factories in "PEZA (Philippine Economic Zone Authority) areas like Calabarzon (Cavite, Laguna, Batangas, Rizal and Quezon)."

"Another reason why they are interested in the Philippines is because of EU (European Union) duty-free entry," Fuji added.

Last December 25, the Philippines was included in the EU’s Generalized Scheme of Preferences Plus (GSP+) tariff reduction program. That GSP+ status, which meant 6,274 Philippine products such as fruit, coconut oil, footwear, fish and textiles, will be charged zero duty. – with reports from Agence France-Presse/Rappler.com

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200 Japanese firms in China want to move to PH
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Miscellaneous News:

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At 'war'? Sprinters sport inverted Philippine flag at SEA Games
By Camille Diola (philstar.com)
Updated June 10, 2015 - 4:11pm


MANILA, Philippines — Eric Shawn Cray and Kayla Richardson ran in red, white and blue, and won 100-meter golds for the Philippines at the Southeast Asian Games.

Cray won in a personal-best 10.25 seconds, two-tenths of a second clear of Boby Yaspi, who edged Indonesia teammate Iswandi for silver in a photo finish. Cray ran an Olympic qualifying time for the 400-meter hurdles last month and was using the sprint to work on his top-end speed.

The 17-year-old Richardson was slow out of the blocks in the subsequent women's race but came home strongly, dipping late to edge Wannakit Tassaporn in a photo-finish, and completing a sprint double for Filipino-Americans.

Besides having bagged gold medals, Cray and Richardson gained attention for wearing the Philippine flag upside-down on their vests, with the red stripe on top, signifying a nation at war.

The Philippines, unlike other countries, does not utilize a separate war flag, but instead switches the stripes with red flown upwards to indicate a state of war.

The mistake, however, has been committed a few times before at international events.

In 2013, American football player Doug Baldwin of the Seattle Seahawks carried the Philippine flag before the start of a match with the Minnesota Vikings in a bid to raise funds for victims of super typhoon Yolanda (Haiyan).

The Seahawks defended the gaffe saying, "We are fighting the devastation of Haiyan which has been worse than many war-torn regions of the world."

The White House also apologized in 2010 for flying an inverted Philippine flag behind President Benigno Aquino III as he met American President Barack Obama and other leaders of the Association of Southeast Asian Nations at the United Nations headquarters in New York. - with the Associated Press

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At 'war'? Sprinters sport inverted Philippine flag at SEA Games | News Feature, News, The Philippine Star | philstar.com
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Market snaps 4-day losing streak on bargain hunting
By Richmond S. Mercurio (The Philippine Star)
Updated June 11, 2015 - 12:00am


MANILA, Philippines - Local stocks rebounded from huge blows over the past four trading days as investors saw opportunities to hunt for bargains.

The benchmark Philippine Stock Exchange index (PSEi) advanced 0.83 percent or 60.83 points to snap a four-session losing streak and end at 7,384.27 while the broader All Shares index added 0.70 percent or 29.64 points to 4,254.21.

“The PSEi bounced back from steep decline the previous day on some bargain hunting as well as some investors opting to take on risks,” said AB Capital analyst Alexander Tiu.

“However, the recovery was weak given that it lost almost 200 points on Tuesday. People were expecting a higher bounce,” he added.

Most Asian shares were also on the uptrend yesterday while Wall Street indexes fell Tuesday on increasing expectations of a US Federal Reserve rate hike soon.

Local counters were dominated by greens for the first time this week, with only the mining/oil companies dropping 0.48 percent or 66.15 points.

Property and financial firms each gained more than one percent.

Market breadth turned positive as advancers edged out decliners, 94 to 61, while 54 stocks were unchanged. Turnover value thinned to P6.2 billion from the previous day’s P8.77 billion.

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Market snaps 4-day losing streak on bargain hunting | Business, News, The Philippine Star | philstar.com
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Exports drop 4% in April
By Louella D. Desiderio (The Philippine Star)
Updated June 11, 2015 - 12:00am


MANILA, Philippines - Merchandise exports dipped by four percent in April from a year ago, reversing the gains posted in March.

The Philippine Statistics Authority (PSA) said yesterday the country’s merchandise exports were valued at $4.376 billion in April this year, down from $4.563 billon in the same month last year.

The latest result follows the two percent year-on-year growth in merchandise exports posted in March.

The PSA attributed the year-on-year decline in exports value to the weak performance of eight out of 10 major commodities such as mineral products; other manufactures; woodcrafts and furniture; metal components; chemicals; ignition wiring set and other wiring sets used in vehicles, aircrafts and ships; articles of apparel and clothing accessories; and machinery and transport equipment.

“The decline is partly reflective of fragile global economic conditions, as most trade-oriented economies in East and Southeast Asia also registered negative export performance in April 2015, with only Vietnam in positive territory. Weaker demand conditions in some of our major trading partners, particularly China, were seen,” Socioeconomic Planning Secretary Arsenio Balisacan said in a statement.

For the January to April period, Philippine merchandise exports declined 1.2 percent to $18.623 billion this year from the $18.840 billion posted in the same period in 2014.

Philippine Exporters Confederation, Inc. president Sergio Ortiz-Luis, Jr. said in a telephone interview the group is disappointed with the latest result, but hopeful the figures would improve for the rest of the year as demand in export markets recover.

“10 percent is our fighting target for the year,” he said.

Balisacan said the country’s export sector remains vulnerable to declining demand from major trading partners.

In particular, Japan which is the biggest market for Philippine merchandise exports, is experiencing fragile economic growth.

China, which is also among the top markets for Philippine products, is seeing softening economic activity.

“To counter the weak demand from our major markets, the government should maximize existing trade agreements, especially with emerging economies benefitting from the low oil price environment. Also, this shows the importance of restoring traction in government spending,” Balisacan said.

For his part, Trade Undersecretary Ponciano Manalo Jr. told reporters at the sidelines of the Franchise Asia Philippines 2015 he expects total exports covering merchandise goods and services which consist of revenues from the information technology - business process management and tourism, to still post 10 percent growth this year.

“The services sector is very strong,” he said.

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Exports drop 4% in April | Business, News, The Philippine Star | philstar.com
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Foreign investments shrink in Q1
By Kathleen A. Martin and Danessa O. Rivera (The Philippine Star)
Updated June 11, 2015 - 12:00am


MANILA, Philippines - The inflow of foreign direct investments (FDIs) slowed in the first three months of the year, a trend that could be sustained over the next few months as investment commitments from abroad likewise dropped during the period.

In a report yesterday, the Bangko Sentral ng Pilipinas said in the first quarter, FDIs were halved to $851 million from $1.715 billion in the same period a year ago.

Reinvested earnings were cut 28 percent to $185 million from $256 million, while placements in debt instruments were more than halved to $412 million from $907 million.

Equity capital during the three-month period, which dwindled 54 percent to $254 million from $553 million, mainly came from the United States, Japan, Singapore, Spain and Germany.

These were primarily invested in the manufacturing, real estate, financial and insurance, wholesale and retail trade, and electricity, gas, steam and airconditioning supply activities.

Last year, FDIs soared to a record high $6.201 billion from $3.737 billion in 2013 as investor confidence in the Philippine economy blossomed.

The central bank last month hiked its forecast for FDIs this year to $6 billion from an earlier estimate of $5.3 billion.

In March alone, FDIs fell 55 percent to $229 million, below the $506 million in March last year and the $359 million recorded last February.

Based on data from the Philippine Statistics Authority-National Statistical Coordination Board (PSA-NSCB), total approved foreign investments (FIs) in the country shrunk 41.7 percent to P21.8 billion from P37.4 billion in the same period last year.

The approvals were under seven investment promotion agencies (IPAs), namely: Board of Investments (BOI), Clark Development Corp. (CDC), Philippine Economic Zone Authority (PEZA), Subic Bay Metropolitan Authority (SBMA), Authority of the Freeport Area of Bataan (AFAB), BOI-Autonomous Region of Muslim Mindanao (BOI-ARMM), and Cagayan Economic Zone Authority (CEZA).

Foreign investments, as defined by the Balance of Payments Manual, are investments made to acquire a lasting interest by a resident entity in one economy in an enterprise resident in another economy.

Overall, approved foreign and local investments during the period declined 10.1 percent to P96.5 billion from P107.4 billion registered a year earlier.

Of the total, pledges from Filipino nationals accounted for 77.4 percent or P74.7 billion, which is 6.9 percent higher than the P69.9 billion committed investments in the same period last year.

The PSA said these approved ventures are expected to generate 45,197 jobs, 6.8 percent lower from previous year’s projected employment of 48,489. Out of these anticipated jobs, 53 percent or 23,932 jobs would come from projects with foreign interest.

Metropolitan Bank & Trust Co. research head Ildemarc Bautista said investors, both foreign and local, maybe on a wait-and-see mode ahead of the change in administration after the May 2016 elections.

“Some of them will take a look at upcoming election, if there’s any potential change in the regime,” he said.

Bautista also highlighted that there is some risk aversion among investors in anticipation of the US Federal Reserve rate hike later this year and the volatility in the markets.

Among foreign investors, the PSA data showed that Japan was the top investing country with P7.2-billion FI commitments or 32.8 percent of total.

Korea was the second biggest source of FIs, pledging P5.4 billion or 24.6 percent, followed by the US with P1.7 billion or 7.7 percent.

The manufacturing sector received the highest investments with P9.1 billion accounting for a 41.8-percent share of total FIs.

Accommodation and food service activities came in second with investment commitments valued at P4.3 billion or 19.9 percent, followed by administrative and support service activities at P2.9 billion or 13.1 percent.

In terms of location, the PSA data showed 41.9 percent of the approved foreign investments amounting to P9.1 billion would be intended to finance projects in Region IV-A or Calabarzon.

Region III - Central Luzon recorded the second highest investments at P6 billion or 27.6 percent while the National Capital Region had P5.5 billion or 25.1 percent at the third spot.

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Foreign investments shrink in Q1 | Business, News, The Philippine Star | philstar.com
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