Category Archives: Business

Investment Pledges in Economic Zones Up by 89.4% as of July 2017

The Philippine Economic Zone Authority said the amount of investments approved by the agency soared 89.4 percent in the seven months to P132.66 billion from P70.03 billion in the same period last year.  A total of 363 projects were registered, with 70 percent coming from foreign investors. Investments in information technology saw a decline of 16.8 percent however. No significant increase in investments from China was noted… Continue reading

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Investment Pledges in Economic Zones Up by 89.4% as of July 2017

The Philippine Economic Zone Authority said the amount of investments approved by the agency soared 89.4 percent in the seven months to P132.66 billion from P70.03 billion in the same period last year.  A total of 363 projects were registered, with 70 percent coming from foreign investors. Investments in information technology saw a decline of 16.8 percent however. No significant increase in investments from China was noted… Continue reading

Korean Investors Moving Out of the Philippines

The Korean Chamber of Commerce of the Philippines has sounded off a warning that Korean companies are packing up and leaving for Vietnam. It said that investors are complaining of a lack of incentives and increasing costs. Political issues and corruption, especially in the Bureau of Customs, are also major concerns. No numbers were given, however, as to the level of divestment already made. The government has been trying… Continue reading

Almost a Year After Takeover by Marcos Son-in-Law, Philweb Gets Back Gaming License

A year after Philweb’s electronic gambling license was shut down, the Philippine Amusement and Gaming Corporation has re-accredited the company that would allow it to resume operations. The company was targeted after President Rodrigo Duterte accused its previous owner, Roberto Ongpin, of being an oligarch. Ongpin was forced to sell his shares to Gregorio Araneta, the son-in-law of the late dictator Ferdinand Marcos,… Continue reading

Fully Foreign-Owned Investment Houses to be Allowed to Operate in the Philippines

Fully foreign-owned investment houses will be allowed to operate in the country as the government will remove the restriction in early September. The decision was reached during a recent meeting of the country’s economic managers, who found that there was no constitutional restriction in the ownership of investment houses. Secretary Ernesto Pernia earlier stated that he would remove foreign ownership restriction rules in industries where it could be done administratively without the need to change the… Continue reading

New Rules on Corporate Governance and Board Membership for Banks and Financial Institutions

The Bangko Sentral ng Pilipinas (BSP, Philippine central bank) has released new rules on corporate governance for financial institutions. The new guidelines require that a person cannot hold the positions of chairperson of the board and chief executive officer of banks at the same time. The BSP could issue exemptions provided that there must be another lead independent director to be appointed by the bank. The new rules likewise mandated that non-executive directors, including independent directors, must compose… Continue reading

Fiscal Rationalization Scares Away Japanese Investors

Concerns regarding the administration’s planned fiscal rationalization program have led to a decline in Japanese investments in the country. After registering a 52.1% increase last year, investments are down by 56.6% in the first five months of the year, weighed down by possible changes in incentives given by the Philippine Economic Zone Authority. President Rodrigo Duterte’s policy shift to China and Russia may have also contributed to the sharp fall. Trade officials, however, remain confident that the… Continue reading