Tag Archives: business

APEC to discuss policy reforms

DISCUSSION on fiscal transparency and policy reforms aimed at ensuring inclusive growth in the Asia-Pacific region, began on Tuesday among representatives of member economies of the Asia-Pacific Economic Cooperation (APEC).
Finance Undersecretary Gil Beltran welcomed APEC delegates attending the two-day workshop on Fiscal Management Through Transparency and Reforms, held at the Las Casas Filipinas de Acuzar heritage park and hotel in Bagac, Bataan.
Citing the Philippines’ strong domestic expansion in recent years, Beltran said the country’s economic experiences and achievements will be used as part of its contribution to the push for reforms to sustain the region’s economic expansion.

APEC receives BMW cars from Asian carmakers

THE Asia-Pacific Economic Cooperation 2015 National Organizing Council (APEC 2015 NOC) on Wednesday received from Asian Carmakers Corporation (ACC) a fleet of BMW vehicles to be used for this year’s APEC forum, which is being hosted by the Philippines.
The ceremonial turnover was held at Malacañang’s Kalayaan grounds and was attended by Executive Secretary Paquito Ochoa, Jr., Foreign Affairs Secretary Albert del Rosario, APEC 2015 NOC Director General Marciano Paynor Jr., and ACC President Maricar Parco.
In his speech during the event, Executive Secretary Ochoa said the ceremony brings the government and the private sector together to showcase the economic development of the country, and that of the entire Asia-Pacific region, as well.
The Philippines’ hosting of the APEC, he said, supports the government’s efforts in driving economic growth in the Philippines and that of the region by building sustainable and resilient economies, promoting investment in human capital, encouraging the participation of small and medium enterprises in global trade, and enhancing regional economic integration.
“May this ceremony serve as a reminder of our partnership, one which is strongly committed to becoming a driving force in ‘Building Inclusive Economies, Building a Better World’,” Ochoa said.
As the government partner for the APEC Economic Leaders’ Meetings, BMW will provide more than 200 units of the BMW 7 Series Long-Wheelbase Sedan and BMW 5 Series Sedan and Gran Turismo to transport APEC leaders and other dignitaries.
The ACC, the official importer and distributor of BMW in the Philippines, will turn over 25 units of the luxury sedans this month. After the APEC Summit in November, the BMW vehicles will be sold to the public. A BMW 7 Series costs P5.5 million while a BMW 5 Series is worth P3.5 million.
For her part, Parco said the formal turnover of the BMW fleet reinforces the brand’s commitment to foster economic growth, not only in the Philippines but also in the Asia-Pacific region.
BMW was named the official premium mobility partner of the APEC Economic Leaders’ meetings through the signing of a memorandum of agreement between the government and the German carmaker in May 2014.
BMW will deploy its cars to the first high-level APEC assembly — the Ministers Responsible for Trade meeting — in Boracay, Aklan on May 23 to 24.

APEC Automotive Dialogue a success

THE chair of the 22nd Asia-Pacific Economic Cooperation (APEC) Automotive Dialogue reported a successful conclusion of the discussion on Friday, saying stakeholders in the bloc’s automotive industry have agreed on several initiatives for the benefit of small and medium enterprises (SMEs).
In a press briefing, Director Ma. Corazon Halili-Dichosa of the Department of Trade and Industry said the discussions revealed that automotive suppliers have successfully penetrated the export market through innovation and modern technology, but several challenges remain.
She noted that SMEs are also increasingly becoming aware of the need to find their roles in the global value chains (GVCs) to survive intense competition.
The discussion also confirmed the remaining constraints to SME global integration that must be addressed through cooperation among governments, suppliers, and vehicle manufacturers, Halili-Dichosa said.

APEC members to back PH-Malaysian project

ORGANIZERS of the 22nd APEC Automotive Dialogue will continue to push for the implementation of the Global Value Chain SME for the Automotive Sector (GSAS) project proposed by the Philippines and Malaysia, a report said Friday.
The GSAS project aims to facilitate the integration of small and medium enterprises (SMEs) into global value chains (GVCs) in the automotive industry and build their capacity for sustainable and inclusive growth.
Small and medium businesses account for 97 percent of total APEC firms.

PH automotive industry thrives

DESPITE gaps in the country’s automotive manufacturing industry, its future is bright and it can thrive in the long term because of several factors, an industry player on Friday said.
During the 22nd APEC Automotive Dialogue held in Makati City this week, Dennis Chan of the Famous Secret Precision Machining said these challenges include the availability of raw materials, accreditation of heat treatment facilities, metallurgist testing, and a small market size.
Concerns that also cropped up during the discussions were power shortage, port congestion, and infrastructure.

APEC delegates enjoy PH amenities

CHAIRPERSON of the 2015 Asia-Pacific Economic Cooperation Senior Officials’ Meeting (APEC SOM1), Laura del Rosario, invited the delegates to enjoy the amenities of the Clark Freeport Zone during their stay for the meetings.
“I also take this opportunity to once again welcome you to Clark,” del Rosario said during the opening of the SOM1 in Fontana Convention Center in Angeles City, Philippines. “Set against the backdrop of the Pinatubo Volcano—which famously erupted in 1991 and changed the color of your sunsets for a year—Clark remains to be a model of investment and business resilience.”

Investor confidence in PH boosted

PHILIPPINE President Benigno Aquino III on Thursday evening commended the Philippine Economic Zone Authority (PEZA) for boosting investor confidence in the country and thanked investors for betting on Filipinos.
In his speech during the 20th anniversary celebration and investors’ recognition night of PEZA, held at the World Trade Center in Pasay City, President Aquino reported that as of December last year, the PEZA has approved a total investment of P2.86 trillion.
The President noted that of that amount, more than 45 percent, or about P1.3 trillion in investments, was recorded under his administration.

Culinary events in Manila

PHILIPPINE President Benigno Aquino III welcomed chefs and culinary experts participating in the Madrid Fusion Manila during a gala reception held at the Rizal Hall of Malacañang Palace on Thursday.
One of the biggest culinary events in the world, Madrid Fusion makes its debut in the country as part of the “Visit the Philippines Year 2015” campaign, through the efforts of the Department of Tourism and the Tourism Promotions Board.
“Food is one of the most accessible ways of exchanging cultures, which leads to greater understanding and cooperation between our peoples. It is for this reason that we thank Madrid Fusion for choosing to hold their first event in Southeast Asia here in the country,” the President told his guests.

Phl awards outstanding investors

PHILIPPINE President Benigno Aquino III on Thursday presented awards to outstanding investors during the 20th anniversary of the Philippine Economic Zone Authority (PEZA), held at the World Trade Center in Pasay City.
President Aquino and PEZA Director General Lilia de Lima gave the Outstanding Exporters Award to House Technology Industries Pte. Ltd.; and JP Morgan Chase Bank N.A. Global Service Center. This award is for investors who have attained a total export value of at least US$500 million for export enterprise and US$250 million for Information Technology enterprise.

Phl to tour Malaysian tourists

THE Philippine Embassy in Kuala Lumpur, Malaysia is set to undertake the 2nd Ambassador’s Tour to the Philippines early next month to promote the Philippines as a top tourist destination.
“On May 2 to 5, I will be escorting and bringing to Cebu and Bohol 120 Malaysian tourists. They are very excited,” Philippine Ambassador to Malaysia Jose Eduardo Malaya III said on Thursday during an interview with Radio TV Malacañang here.
Malaya said this initiative is part of their efforts to bring more Malaysian tourists to the Philippines and create excitement for the ‘Visit the Philippines Year.’