Espenilla named as the new BSP governor · 2017. 7. 3. · has been with the BSP since 1981 and...

Philippine ANALYST May-June 2017BUSINESS

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BUSINESS

Espenilla named as the new BSP governorOn May 8, 2017, President Rodrigo Duterte appointed Bangko Sentral ng Pilipinas (BSP) or central bank’s Deputy Governor (DG) Nestor Espenilla Jr. as the Philippines’ next BSP governor. DG Espenilla will assume his post on July 03, 2017, ending BSP Governor Amando Tetangco’s 12-year run.

The incoming BSP governor has big shoes to fill, noting that the current BSP chief was hailed by Global Finance as one of the world’s top central bankers for the 8th time

(in 2006 and 2007, and 2011 to 2016). This means that Gov. Tetangco earned an “A” grade (excellent performance) on Global Finance’s Central Banker Report Cards. Moreover, he was the 1st central bank governor to serve the BSP for 2 consecutive terms.

According to Department of Finance (DOF) Secretary Carlos Dominguez III, the President’s decision is “a very wise choice after a thorough evaluation of the future needs of the country.” In addition, BSP Gov. Tetangco is grateful that his successor is an insider of the central bank. This means that the continuity of policy and thought process of the BSP will be safeguarded. With DG Espenilla’s experience as a veteran banker, he is definitely well-positioned to succeed the current BSP chief (see box on Profile of Deputy Governor Nestor Espenilla Jr.).

With the goal of having “no significant deviation” in the financial and monetary system, DG Espenilla vows “continuity ++” – his plan of action for the next 6 years. His plan is built on greater financial inclusion that no one will get left behind, as well as on more efficient and responsive policies and regulations. The incoming BSP governor pledges to continue to smoothen the volatility in the foreign exchange market, and monitor domestic and global developments to control the price stability in the country. He will also continue to curb severe inflation and deflation in order to regulate the excessive growth of prices.

In terms of financial inclusion, the incoming BSP governor wants not only poverty reduction, but also inclusive prosperity. Notably, according to the BSP’s 2015 financial inclusion survey, only 14% of Filipino households maintain a deposit account in banks. Small and medium enterprises (SMEs) are unbanked as well, accounting for only 35% of the gross domestic product (GDP) in 2014 despite comprising more than 99% of all businesses in the country.

Playing the “bad cop” to financial institutions, DG Espenilla vows to expand the anti-money laundering law. He cited that a stronger measure against dirty money and the relaxation of the deposit secrecy law are needed amid the challenges the BSP might face.

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The BSP, under his watch, will now require banks to draw up a business continuity management plan. This will contain standards for banks to ensure they are resilient in times of natural disasters, allowing them to serve customers when they are affected by calamities.

DG Espenilla eyes stricter rules on banks’ information technology (IT) systems. A new circular will be introduced in July to amend the existing Circular 808 Series of 2013. The old circular, which is the BSP’s main framework on guidelines on IT risk management for all BSP-supervised institutions, will be improved in terms of cybersecurity standards, as well as the implementation of cloud computing. According to him, this will provide tighter IT security management.

A push for the pending amendments in the BSP Charter also concerns DG Espenilla. He will lobby to continue to ease/relax the bank secrecy law; push for financial market reforms; constantly

ProfILE of DEPUTY GovErNor NESTor ESPENILLA Jr.

Deputy Governor Nestor Espenilla Jr. headed the Supervision and Examination sector, which oversees the supervision of banks and other non-bank financial institutions under the jurisdiction of the Bangko Sentral ng Pilipinas (BSP). Mr. Espenilla Jr. has been with the BSP since 1981 and has worked in Economic Research, International Operations, and in the Office of the Governor. He was seconded to the IMF in 1990 - 1992.

Mr. Espenilla Jr. serves concurrently in various BSP high-level policy committees: Advisory Committee on Monetary Policy; Financial Stability Committee; Inclusive Finance Steering Committee; and Payment and Settlements Steering Committee. He is the BSP Representative to the Capital Markets Development Council, alternate Board Member to the Philippine Deposit Insurance Corporation, and alternate Vice-Chair of the Agricultural Credit Policy Council. Mr. Espenilla Jr. represents the BSP at the G20 Global Partnership for Financial Inclusion (GPFI) where the Philippines is one of the only 2 non-G20 member countries invited to participate, and in the Basel Consultative Group (BCG), where he chairs the Workstream on Financial Inclusion. He is also alternate Chair of the Alliance for Financial Inclusion (AFI) and is a member of the Program Management Committee of the Better than Cash Alliance

“Continuity ++” is the plan of action for the next 6 years of future BSP Gov. Nestor Espenilla Jr.

DG Espenilla eyes stricter rules on banks’ information technology (IT) systems.

lookout for liberalization opportunities; improve the approach on the reserve requirement; and further enhance capital markets.

According to the incoming BSP governor, “Gov. Tetangco, my mentor, is leaving a legacy of excellence. He is instrumental in transforming the Philippines from being the economic laggard in Asia, to one of the region’s best performing economies. The standard is set so high. So I intend to work hard, and with your support, we shall continue what Gov. Tetangco has started.”

Source: National Development Company (NDC)

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PH competitiveness rise based on IMD data

The competitiveness of the Philippines has improved, slightly climbing 1 place to 41st spot among 63 countries, from being 42nd in 2016, based on the International Institute of Management Development’s (IMD) 2017 World Competitiveness Yearbook.

Out of 63 countries covered in the report, Hong Kong topped this year’s list. It was followed by Switzerland, Singapore, U.S., and Netherlands. Other countries that topped the list were Ireland, Denmark, Luxembourg, Sweden, and United Arab Emirates (see table on 2017 World Competitiveness Yearbook: Top 10 countries).

Among the 5 ASEAN member states included in the report, the Philippines lagged 2nd to the last (see table on 2017 World Competitiveness Yearbook: ASEAN Member States).

According to the report, the competitiveness of the countries was evaluated using 4 broad criteria – economic performance, government efficiency, business efficiency, and infrastructure. In addition, the report used macroeconomic data and perceptions-based indicators.

Among the 4 criteria, the country performed well on 2 areas – economic performance and infrastructure. In terms of economic performance, the country ranked 12 places higher to 26th from 38th in 2016. This improvement was attributed to the increase in the domestic economy sub-sector to 12th spot from 31st last year, which was led by robust growth in gross domestic product (GDP), as well as the improvement in the employment sub-sector which rose to 4th from being 19th last year. In terms of infrastructure, the country went 1 place higher to 36th from 37th.

As for the remaining criteria, the country’s rankings dropped. In terms of government efficiency, the country ranked 1 place lower to 37th from 36th in 2016. This was due to the drop in the sub-factors for tax policy (18th from 15th) and societal framework (51st from 43rd), despite the increase in the public finance sub-factor (25th from 34th). In terms of business efficiency, the country went down 4 places to 28th from 24th last year. While the country rose to 33rd from 35th in the finance sub-sector, the slip down in the ranking was accounted to the sub-factors for productivity and efficiency (52nd from 36th), labor market (5th from 4th), management practices (28th from 24th), and attitudes and values (18th from 12th).

“Overall, most of the improvements in the ranking were driven by data-based indicators, while decreases were mostly accounted for by perceptions-based factors,” the IMD said.

rANk CoUNTrY

1 Hong Kong

2 Switzerland

3 Singapore

4 U.S.

5 Netherlands

6 Ireland

7 Denmark

8 Luxembourg

9 Sweden

10 United Arab Emirates

The Philippines ranked 41st out of 63 countries in International Institute of Management Development’s (IMD) 2017 World

Competitiveness Yearbook.

2017 world competitiveness yearbook: top 10 countries

Source: International Institute of Management Development’s (IMD) 2017 World Competitiveness Yearbook

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PH among top FDI destination in the next 3 years

The Philippines remains one of the most promising investment destinations worldwide. This is according to the World Investment Report 2017 of the United Nations Conference on Trade and Development (UNCTAD).

Based on the report, multinational enterprises (MNEs) have cited the Philippines among the top 15 prospective destinations for foreign direct investments (FDI) this year until 2019. The U.S., China, and India were still the most preferred investments destinations in the world.

The country ranked 7th along with other developing countries such as China, India, Indonesia, Thailand, Brazil, Mexico, Vietnam and Singapore. Among developed countries, MNEs prefer to invest in the U.S., United Kingdom, Germany, Spain, Canada and Australia (see figure on MNEs’ top prospective host economies for 2017–2019).

The survey among MNEs was part of the UNCTAD World Trade Investment Report this year. The report said that top executives maintain their ‘confidence in developing Asia’s economic performance’ and are also forecasting investments in the south-eastern part of the region. The optimism of MNEs was strongly attributed on the perceived resilience of developing Asia.

rANk CoUNTrY

3 Singapore

24 Malaysia

27 Thailand

41 Philippines

42 Indonesia

The UNCTAD expects FDI inflows in developing Asia to increase by 15% as the improved outlook in major Asian economies is likely to boost investor confidence in the region. Meanwhile, the UNCTAD report noted that this year, the Philippines stands to receive greater FDI inflows in line with the growth prospects in the region due to expectations that more developed countries will be focusing in the manufacture of goods with higher value added and would be outsourcing labor intensive activities to less developed countries. Moreover, the UNCTAD cited that policy reforms such as reducing red tape to the investors, and allowing 100% foreign ownership in insurance adjustment companies, lending companies, financing companies and investment houses would further lure investment flows into the country.

The inclusion of the Philippines in the latest report reflects that more investors are now confident in the country’s economy and business environment. Notably, the country was the top performer in terms of FDI inflows growth in 2016 among its ASEAN neighbors. The country posted a 41% growth to $7.9 billion, compared to Singapore (declined by 13% to $62 billion) and Malaysia (down by 11% to $10 billion).

\Despite the growth in FDI inflows, the Philippines continues to trail behind its ASEAN neighbors over the past 5 years. Only $23.47 billion FDI flowed into the Philippines, while Indonesia earned $79.07 billion, almost 3 times higher than the country (see figure on FDI Inflows in Selected ASEAN Countries). The country’s laggard performance highlights the need to implement key policies that can further enhance its competitiveness in terms of investments.

The Philippines performed well in 2 criteria, economic performance and infrastructure, but its rankings went down in government efficiency,

as well as in business efficiency.

2017 world competitiveness yearbook: asean member states

Source: International Institute of Management Development’s (IMD) 2017 World Competitiveness Yearbook

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The Philippines stands to receive greater FDI inflows in 2017.

The inclusion of the Philippines in the latest report reflect that more investors are confident in the country’s

economy and business environment.

4

mne's top prospective Host economics For 2017-2019

Source: UNCTAD, business survey

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With the ambitious infrastructure plan of Duterte administration, more FDIs are expected to enter into the country as well as create millions of job for the Filipinos. Finance Secretary Carlos Dominguez III said that the administration will maintain broad policy continuity and will continue to pursue its 10-point socioeconomic agenda on high—and inclusive—growth, with focus on closing the infrastructure gap, improving the ease of doing business to attract more investments, and attacking poverty by spending big on human capital formation.

Philippines, 23,468

Thailand, 36,691

Vietnam, 50,868

Malaysia, 53,278

Indonesia, 79,065

FDI INFLOWS IN SELECTED ASEAN COUNTRIES, 2012-2016 (IN MILLION DOLLARS)

Despite the growth in FDI inflows, the Philippines continues to trail behind its ASEAN neighbors over the past 5 years.

Source: UNCTAD, World Investment Report 2017

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PEZA approved investments up by 98%

The Philippines Economic Zone Authority’s (PEZA) total approved investments grew by 98% year-on-year with a total of P 107.75 billion investments in the first 5 months of 2017.

Last year, the total investments approved by PEZA dropped by 26.06% year-on-year from P265.09 billion in 2015 to P218.18 billion (see figure on Total investments approved by PEZA). PEZA director-general Charito Plaza attributed this to investors’ uncertainty due to the Philippines and the U.S. government transition of political power.

However, for the first 5 months of 2017, PEZA bagged a total of P 107.75 billion investments, a 98% growth from P54.38 billion in the same period last year. The approved investments are projected to provide 33,679 jobs. This was significantly driven by the development of new economic zones - accounting for P67 billion of the total investments. DG Plaza also claimed that the growth is partly due to their incentives (i.e. income tax holiday of 4 to 6 years, and tax- and duty-free importation of raw materials, capital equipment, machinery and spare parts). “The PEZA incentives are very attractive to foreign investors and are now disseminated nationwide especially abroad. The brand of service PEZA provides [is] like its one-stop-shop where all permits are facilitated a.s.a.p in PEZA as the issuing center to ease doing business, with minimal government agencies’ intervention and to decentralize government functions in assisting investors,” DG Plaza explained. According to PEZA, the top 3 leading sectors in the investments destination were manufacturing (accounting: P18.5 billion), energy (P14.9 billion), and information technology and business process management (IT-BPM) (P7.1 billion).

Prior to the release of data, last May, President Rodrigo Duterte announced the approval of 13 new economic zones in the first 9 months of his administration. DG Plaza noted that the majority are vertical developments for office spaces, registered as IT centers, which are the following:

h Starmall Bataan in Balanga, Bataan; h The North Park in Mandaue City, Cebu; h Cyber Sigma in Taguig City; h UP Town Corporate Center in Quezon City; h Garden Plaza in Laguna; h Capella IT Center in Muntinlupa City; h Rack I.T. Data Cente in Paranaque City; h Avenir in Cebu City; h Cyberspace Gamma in Pasig City; h Kayumanggi Center in Quezon City; and h BEN-LOR IT Center in Quezon City.

Part of these new economic zones were the 5-hectare land development for Brooke’s Point Agro-Industrial Economic Zone in Palawan and the 28-hectare TECO Industrial Park in Pampanga. In addition, 40 economic zones are yet to be signed by Pres. Duterte.

Currently, PEZA is developing a Philippine Economic Zones map. This will exhibit all the existing and new economic zones identified by private landowners, local government units and PEZA. Also, the map will serve as a guideline for the influx of investors from the U.S., Middle East, Japan and others who pledged investments during Pres. Duterte’s state visits.

The approved investments are projected to provide 33,679 jobs.

The growth was driven by the development of new economic zones and PEZA incentives.

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Tourist arrivals up 11.4% in 1Q2017

The Department of Tourism (DOT) recorded nearly 1.8 million foreign tourist arrivals in 1Q2017, a significant 11.4% increase from 1.6 million international tourists recorded in the same period last year. Under the National Tourism Development Plan, the Philippines aims to attract 12 million foreign tourists by 2022.

The growth is partially attributed to East Asian and North American countries, namely China, Japan, South Korea, U.S. and Canada, among others (see table on Top 10 Tourist Arrivals in 1Q2017). According to DOT Undersecretary Benito Bengzon Jr., the country’s growth in tourist arrivals is higher than the Asian average of 7% and the global average of 4.5%.

However, recent events such as the Marawi City siege and the burglary incident at Resorts World Manila may have caused a shakeup in the tourism sector. Usec. Bengzon mentioned that there were, indeed, cancellation of trips to the country due to the travel advisories, but when compared to the actual arrivals that were generated, the numbers were just small. There were still tourists who decided to push through with their trips, and they continued to flock to major tourist destinations in the Visayas, Palawan, and the Ilocos region, he added. Sought for comment, DOT Secretary Wanda Teo considers these hostilities as “temporary setbacks,” citing that “the Philippines is too enticing a destination to keep people away.” At present, the DOT remains optimistic that the goal of attracting 12 million tourists by 2022 will be attainable, given the growth experienced by the tourism sector in 1Q2017, as well as the steady influx of foreign tourists over the last few years.

The DOT also noted that the Duterte administration’s massive investments in infrastructure, coupled with aggressive marketing efforts, would likely attract more tourists in the coming years.

Sec. Teo said that the government has allocated P677 billion for the medium-term Tourism Infrastructure Program. Around P184.5 billion will be spent on tourism roads to improve land-based travel, while P324 billion will be spent for the development and improvement of air and sea ports and railway systems. This will be done under a “convergence program” with the Department of Public Works and Highways (DPWH) and Department of Transportation (DOTr), respectively. The Tourism Infrastructure and Enterprise Zone Authority (TIEZA), the DOT’s infrastructure arm, will allocate P167 billion for site infrastructure and the development of tourism enterprise zones.

This year, the DOT is set to give more focus to cruise tourism, which has long been recognized as insufficient compared to other ASEAN economies (see PH pushes for cruise port infrastructure development, January-February 2015 Analyst). The agency has recently put up a cruise tourism strategy for the country, which will develop and link popular tourist destinations of Manila, Boracay and Puerto Princesa in Palawan. “Once completed, the cruise strategy will pave the way for definitive actions and investments into infrastructure, facilities and services. Clearly, our job is to set up the enabling environment for businesses to thrive. These include enhancement of ship access through the development of port and shore-side infrastructure; facilitation of business entry and offering exciting tour packages, among others. Only then can we draw in the much-needed foreign direct investments to pump-prime the industry. We must surge ahead to build this multi-million dollar travel sector and disperse the economic benefits to the countryside,” Sec. Teo explained.

288.34311.95

276.48 279.48295.09

218.18

0

50

100

150

200

250

300

350

2011 2012 2013 2014 2015 2016

TOTAL INVESTMENTS APPROVED BY PEZA(IN BILLION PESOS)

Source: Department of Trade and Industry (DTI)

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rANk CoUNTrY of rESIDENCEToUrIST ArrIvALS

(JANUArY-MArCh 2017)% ShArE

1 South Korea 440,865 24.70%

2 U.S. 258,097 14.46%

3 China 240,354 13.47%

4 Japan 166,251 9.31%

5 Australia 66,807 3.74%

6 Taiwan 64,896 3.64%

7 Canada 60,838 3.41%

8 U.K. 47,353 2.65%

9 Singapore 40,395 2.26%

10 Malaysia 34,411 1.93%

The DOT is optimistic that the tourism sector will continue to flourish amid high growth in 1Q2017.

Massive investments in infrastructure and aggressive marketing efforts remain crucial.

The demand for cruise tourism is expected to grow in the coming years.

top 10 tourist arrivals in 1Q2017

Source: Department of Tourism (DTI)

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MINING, OIL, & GAS

PH recognized for best mining practices

The Philippines has earned several citations for best practices in the implementation of global standards on the management of mining resources during the 37th board meeting of the Extractive Industries Transparency Initiative (EITI) in Oslo, Norway. The recognition signifies that the country is ensuring its transparency and accountability in the mining sector and its compliance to global standards.

According to Department of Finance (DOF) Assistant Secretary Paola Alvarez, the country was repeatedly cited for best practices and recognized for ‘exemplary’ performance in the implementation of the EITI. Aside from the recognition, DOF Asec. Maria Teresa Habitan, the head of the Philippine delegation to the EITI, was also appointed co-chair of the EITI Implementation Committee during the Oslo meeting. The appointment of Asec. Habitan as EITI board member represents the implementing country constituency in Southeast Asia and the Pacific.

The EITI is a global standard to promote the open and accountable management of oil, gas and mineral resources. It ensures the transparency of revenues from natural resources. Every country that joins the EITI as a member is assessed against the EITI Standard in a process called validation. During validation, EITI’s implementation committee reviews each country’s progress against the EITI requirements; analyzes the impact; and makes recommendations to strengthen the process and improve the governance of extractive industries.

The Philippines is currently undergoing validation under the EITI and was listed as “underway.” This process started in January 2017. Asec. Alvarez said that our country has received good feedback from the mission team, and was poised to possibly become the

first country to be found compliant under the 2016 EITI Standard.She added that in the Oslo conference, the Philippines-

EITI secretariat participated in 10 pre-Board meetings with the international secretariat and counterparts, covering topics such as beneficial ownership, project-level reporting, and communication strategies. The Philippine delegation also met with the EITI International Chair, former Swedish Prime Minister Fredrik Reinfeldt, and held other meetings with its foreign counterparts interested to learn from the country’s implementation of the EITI. The 38th EITI board meeting will be held in Manila on October 25-26 this year.

In 2014, former President Benigno Aquino III signed Executive Order (EO) 147 formally creating PH-EITI. It serves as a platform for dialogue by stakeholders, and as source of credible information to inform policies on the appropriate fiscal regime for mining. The institutionalization was included in the Philippine Development Plan 2017-2022, and was shortlisted as one of the country’s commitments under the Open Government Partnership (OGP) Initiative 6 under the PH-OGP National Action Plan 2017-2019.

Last March 2017, the Mines and Geosciences Bureau (MGB) mandated mining contractors to comply with Administrative Order (AO) 2017-07 signed by then- Department of Environment and National Resources (DENR) Secretary Regina Paz Lopez. The AO required all mining contractors to comply with the requirements of the PH-EITI. Failure in compliance with the disclosure requirements will result in the suspension of the company’s environmental compliance certificate. As of December 2016, there are 35 companies that are considered compliant to the PH-EITI (see box on Companies Compliant to the PH-EITI.)

During the 5th annual PH-EITI National Conference last May 2017, DOF Sec. Carlos Dominguez III said that a strong governance framework for the extractive industries, and not an “arbitrary” ban on this sector, will enable the country to “get the best of both worlds,” which is to create wealth for the people from the country’s natural resources and, at

The Philippines was recognized for ‘exemplary’ performance in the implementation of the EITI.

The Philippines’ validation is listed as “underway.”

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MINING CoMPANIES

1. AAM-PHIL Natural Resources Exploration and Development Corporation2. Adnama Mining Resources, Incorporated3. BenguetCorp Nickel Mines, Inc.4. Cagdianao Mining Corporation5. Carmen Copper Corporation6. Carrascal Nickel Corporation7. CTP Construction and Mining Corporation (Adlay and Dahican)8. Eramen Minerals, Inc.9. Filminera Resources Corporation10. Johson Gold Mining Corporation11. Hinatuan Mining Corporation12. Krominco, Inc.13. Lepanto Consolidated Mining Company14. Leyte Iron Sand Corporation15. LNL Archipelago Minerals, Incorporated16. Marcventures Mining and Development Corporation17. OceanaGold (Philippines), Inc.18. Ore Asia Mining and Development Corporation19. Oriental Synergy Mining Corporation20. Pacific Nickel Phils., Inc.21. Philex Mining Corporation22. Philippine Mining Development Corporation23. Philsaga Mining Corporation24. Platinum Group Metals Corporation25. Rio Tuba Nickel Mining Corporation26. Shuley Mine, Incorporated27. SinosteelPhils. H. Y. Mining Corporation28. SR Metals, Incorporated29. Taganito Mining Corporation30. TVI Resources Development Philippines, Inc. (Agata and Canatuan)

oIL AND GAS

1. Chevron Malampaya LLC2. Galoc Production Company W.L.L.3. Nido Production Galoc Pty. Ltd.4. Philippine National Oil Company (PNOC) - Exploration Corporation5. Shell Philippines Exploration B.V.

the same time, ensure the sustainability of the environment.Sec. Dominguez had assured stakeholders in the

extractive industries that the Duterte administration “will be firm but fair” in exercising strong governance, while practicing transparency in all its processes and abiding by global best practices in ensuring sustainable development.

The support of the government in ensur ing transparency and accountability implies its commitment to reduce corruption, as well as improve how government spends the revenues collected from the mining sector.

The Duterte administration “will be firm but fair” in exercising strong governance while

practicing transparency.

companies compliant to tHe pH-eiti

Source: Annual Progress Report July 2016 – July 2017, PH-EITI

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DOST to search for nickel extracts

As part of the initiative to develop the Philippines’ rare earth metals (REM) study, the Department of Science and Technology (DOST) will invest an initial P9 million on research and development (R&D) on capabilities to extract rare earth elements (REEs) from the country’s nickel-rich areas.

Executive director of the DOST-Philippine Council for Industry, Energy and Emerging Technology Research and Development (PCIEERD) Carlos Primo David said that the R&D study will be pursued in partnership with the Department of Environment and Natural Resources-Mines and Geosciences Bureau (DENR-MGB).

Mr. David said that the R&D, together with the University of the Philippines National Institute for Geological Sciences, will initially aim to extract scandium, one of the REEs, in nickel-rich areas of Palawan, Surigao, Zambales and Mindoro.

Director of the UP-National Institute of Geological Sciences in Diliman Carlo Arcilla said that the target of the study is to determine the level of scandium concentrates, which will likely be a “game changer” for nickel-mining companies.

Scandium, along with other rare earth metals, are dubbed as the “metals of the future” and a “strategic mineral.” The elements composed in REM are mostly used in the production of electronic products such as computers, laptops, automobiles, medical equipment, flat-screen televisions, mobile phones, as well as green technology and space-age technologies.

According to Mr. Arcilla, nickel ores being shipped out of the country ‘may contain substantial amount of scandium’ and other rare earth elements. He added that unlike nickel, scandium commands a higher price in the metals market, and if the Philippines and its mining contractors found a way to extract the element, it could add value to the country’s mineral-exports value. About 90% of the country’s nickel ores are being exported upon extraction, with only about 10% being processed by a few mining companies with established processing plants.

Scandium, he noted, is much more expensive than nickel, and is even more expensive than gold. The current price of scandium on the London Metal Exchange is at $170 per gram, while nickel is $28 per ton and gold costs around $1,231.3 per troy ounce ($38,297.7 per gram). China and Russia are the known producers of scandium in the world.

In 2013, the MGB began surveying copper, gold and nickel mines in Palawan and Nueva Vizcaya for REE deposits that can be used in commercial production. Other survey sites include the Runruno gold project of FCF Corp. and Didipio copper-gold project of Oceanagold Phils Inc. in Nueva Vizcaya. The bureau said that these sites are considered to have potential REE levels due to the affinity of alkaline host rocks to granite like those found in China and Thailand.

Given the economic potential of REE deposits in the country, the government and mining firms should invest more on its exploration. The outcome of the R&D project of DOST will pave the way for a government policy on the development of downstream mining industry for rare earth elements.

The study will likely be a “game changer” in the mining sector.

If the Philippines and its mining contractors found a way to extract the element, it could add value to the country’s mineral-exports value.

Scandium is more expensive than gold.

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I.T. UPDATEGov’t strengthens cybersecurtiy amid ‘WannaCry’

The Philippine government has increased its cybersecurity measures, following the global cyberattack known as ‘WannaCry.’

Tagged as the “biggest ransomware outbreak in the history,” the cyberattack ‘WannaCry’ crippled thousands of users and critical infrastructure in over 150 countries – with Russia being hit the hardest. The perpetuators behind the attack locked down computers and asked victims for ransom money of around $300 in bitcoin1 payable within 3 days, or $600 payable within 7 days to “free” the infected computers. Cybersecurity experts reported that the attack targeted systems using outdated versions of Microsoft Windows. As a result, day-to-day activities of government agencies, businesses, and even healthcare systems across the world were compromised.

Due to its severe global impact, the Department of Information and Communications Technology (DICT) is taking deliberate steps to make the country’s cyberspace more resilient. According to DICT Assistant Secretary Allan Cabalong, “the government is treating this attack as wake-up call.”

Law enforcement agencies – National Bureau of Investigation (NBI), Department of Justice-Office of Cybercrime (DOJ-OOC), and Philippine National Police-Anti-Cybercrime Group (PNP-ACG) – are presently investigating and monitoring if there are any ransomware attacks on the country’s system. Superintendent Jay Guillermo, spokesman for the PNP-ACG, said the agency has yet to receive reports from private internet users or firms affected by the attack.

The global reach of information systems has made countries more vulnerable to cyberthreats, cybercrimes, and cyberattacks. The onset of ‘WannaCry’ ransomware highlights the need for the government to be more aggressive in strengthening its cybersecurity measures. Had the attack hit the Philippine cyberspace, critical infrastructure, government agencies, businesses, and individuals would likely be immobilized due to the present state of cybersecurity in the country. With the growing dependence and reliance on ICT, it would seem like a given that the government has put up a comprehensive cybersecurity policy. However, the country’s response to cybersecurity remains weak, limited and inadequate, and is still at its infancy stage. In addition, it has not been at the core of any previous government administrations – with the exception of former President Gloria Arroyo.

Notably, the creation of a National Cybsecurity Plan was first recognized in 2004 by former Pres. Arroyo, but since there was no continuity on policies/programs between administrations, the Plan did not progress further. The move towards a secure cyberspace only resurfaced under the newly minted DICT. In relation to this, the DICT released a 6-year National Cybersecurity Plan last May 2, as part and parcel of the Duterte administration’s effort to protect the national security and national interest against potential cyberthreats. The Plan’s goal is to institutionalize the capabilities of both the government and businesses to meet and respond to threats against the nation’s cyber infrastructure.

Insofar as cybersecurity is concerned, the Philippines still has a long road ahead of it. At the very least, cybersecurity must be viewed as a multidimensional approach where there needs to be active coordination and collaboration among national agencies, law enforcement agencies and businesses to establish a functioning ‘cyber ecosystem.’ These stakeholders are at the forefront of improving the country’s cyber capabilities, which is why the DICT must produce and implement a comprehensive

The shift towards digital transformation and the growing dependence on ICT has brought along a number of implications that challenged

countries’ national interest and security – the most contentious of all is cybersecurity.

The ‘WannaCry’ ransomware that hit over 150 countries served as a wake-up call for the Philippine government to strengthen its

cybersecurity measures.

1Bitcoin is a digital currency. It rose to fame in 2009. Transactions take place directly between users, without any involvement of central authority or intermediary.

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3

Source: DICT

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strategy that clearly defines and integrates their functions. The challenge, however, lies particularly on businesses and their reluctance to share information on their cybersecurity spending, or if there are breaches in their data infrastructure. Supt. Guillermo emphasized that this should not be the case, as “there must be continuous coordination and collaboration among (stakeholders) for investigation and cyber response.”

Another growing concern is the lack of IT cybersecurity professionals in the country. McAfee Intel Security Southeast Asia Vice President Dayrus Asjari pointed out that the country has only 84 Certified Information Systems Security Professionals (CISSP), and around 40 of these CISSP-certified are working abroad, which pales in comparison with other ASEAN neighbor countries (e.g. Singapore has over 1,000, Indonesia has 107, Thailand has 189, while Malaysia has 276). With this, the government, in close partnership with businesses, must advocate the development of the IT labor market.

Given the fas t -paced na ture of technology, cybersecurity requires a whole-nation approach, and the government must also be proactively involved.

GLoBAL rANkING LEGAL MEASUrES orGANIzATIoN MEASUrES

Based on the 2015 Global Cybersecurity Index and Cyberwellness Profiles Report of the International Telecommunications Union (ITU), the Philippines ranked 17th out of 35.

h Special Protection of Children against Abuse, Exploitation and Discrimination Act;

h Anti-Wiretapping Law of 1995;

h Access Devices Regulation Act of 1998;

h Electronic Commerce Act of 2000;

h Anti-Trafficking in Persons Act of 2003;

h Anti-Violence against Women and Children Act of 2004;

h Anti-Photo and Video Voyeurism Act of 2009;

h Anti-Child Pornography Act of 2009;

h Data Privacy Act of 2012; and

h Cybercrime Prevention Act of 2012.

POLICY

h The Philippines just recently released its National Cybersecurity Plan 2022.

RESPONSIBLE AGENCIES

h National Agency/Defense (DICT; Department of National Defense [DND])

h Law enforcement agencies (DOJ-

OOC; NBI; PNP-ACG).

DICT launches the NBP

In 2016, President Rodrigo Duterte instructed the Department of Information and Communications Technology (DICT) to establish a National Broadband Plan (NBP), which would provide free public Wi-Fi access in selected public places, as well as improve the country’s overall Internet speed. There are around 40% of Philippine population that used the Internet in 2015, but up until now Filipinos are still struggling with Internet connectivity.

In line with its goals, the NBP must also achieve 4 parallel outcomes from 2017 to 2027 (see box on The 4 parallel outcomes of the NBP). But in order for the DICT to execute the NBP, the national government and local government units (LGUs), acting as the key influencers, need to institute necessary policy reforms and investor relations. Whilst telecommunications companies and Internet service providers (ISPs) would be involved in construction and building infrastructure. The improvement of the quality and lowering the costs of services are principal goals.

The DICT has recently unveiled the National Cybersecurity Plan 2022, which will safeguard the Philippine ICT environment.

Cybersecurity requires a whole-nation approach.

brieF backGround on tHe state oF pHilippine cybersecurity

Source: ITU; DOJ-OOC; WBF Database

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The DICT launched “Pipol Konek,” a project which seeks to provide free Wi-Fi connectivity in selected public areas nationwide, to address NBP’s

goal to provide free public Wi-Fi access.

To improve the country’s overall Internet speed, the DICT, together with the national and local government, proposed several policy reforms.

1. Accelerated Investment Market players, such as existing and upcoming Internet and telecommunications providers, will be given the opportunity to penetrate underserved and unserved areas, particularly the ones outside of industrial zones and major cities.

2. Mobilized and Engaged Public and Private Sector The government will be working with both public and private institutions relevant to the improvement and deployment of broadband technologies. The essence of this strategy is coordination among all involved institutions to minimize implementation costs as well as public disruptions from physical construction.

3. More Places Connected All government facilities, public schools, health institutions, and micro, small, and medium enterprises (MSMEs) will adopt current technologies and benefit from Internet connectivity. In addition to broadband infrastructures, the government will also utilize other technologies namely spectrum frequencies and satellites for wider distribution of broadband access.

4. Increased Take-Up rate As broadband access is melded into public institutions and services, the government will actively promote its use while assessing and adjusting to the needs of new users, specifically in the rural areas.

tHe 4 parallel outcome oF tHe nbp

Source: various news clips

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As for the NBP’s goal to establish free Wi-Fi access, the DICT has launched “Pipol Konek,” a project which would provide free Wi-Fi access in selected public areas nationwide. Since June 12, 2017, free Wi-Fi connectivity is already available at all 13 Metro Rail Transit Line 3 (MRT-3) stations, and along parts of Edsa. Light Rail Transit (LRT) and Philippine National Railways (PNR) terminal stations, as well as the whole stretch of Edsa, will also have free Wi-Fi access. The DICT also plans to provide internet access to more than 100,000 public places nationwide by 2026. This includes municipalities and towns outside Metro Manila. Presently, the total number of municipalities with free Wi-Fi connectivity now stands at 1,435 (hotspots are located at public parks, schools, hospitals, and town halls).

To address the Philippines’ current issues on Internet connectivity, the DICT, together with the key players, proposed several policy reforms:

h An executive order (EO) that will fast-track investment and operations in the ICT sector (see DICT's proposed EO to speed up cell site applications, March Analyst 2017);

h Open Access and Peering Policy which will promote competition in the ICT industry by requiring service providers to have access to each other’s facilities on sensible terms;

h Internet Exchange Points (IXP) that permit network interconnection to smoothen the efficiency of routing and traffic;

h Establishment of a universal access fund which will help direct funding to rural areas that need help in adopting new technologies; and

h Conduct of feasibility studies to guarantee proper scope, goal, and cost-setting.Presently, the DICT is in talks with the National Grid

Corporation of the Philippines (NGCP) and Department of Energy (DOE) for a possible partnership to fast-track the improvement of the country’s Internet speed by using the fiber optics network in the transmission grid. “NGCP fully supports the government’s efforts in creating a National Broadband Plan for the Philippines… NGCP’s wide fiber optic network and related resources are sufficient to support this priority program,” NGCP President and CEO Henry Sy Jr. said. With this anticipated partnership, the projected P77 billion to P200 billion investment needed for the NBP may be reduced. Only an agreement is needed to be forged for this purpose, and DICT Secretary Rodolfo Salalima said they want the memorandum of understanding to be formalized within this year.

99BUSINESS


LIST OF BOI-REGISTERED PROJECTS - APrIL-MAY 2017

INDUSTRY ACTIVITY PROJECT COST (IN PHP MILLION)

EqUITY LOCAL/FOREIGN

Century Pacific Agricultural Ventures, Inc. Producer of coconut milk in Brgy. Tambler, Calumpang, Purok Lansong, Gen. Santos City 245.7 100% Filipino

Mauswag Agribusiness, Inc. Producer of powdered moringa in Curry, Pili, Camarines Sur 36.4 66% Filipino 34% American

Oceans Ace Philippines Export Import Corp. Producer of live eel in Brgy. Bontoc, Hindang, Leyte 18.0

60% Filipino 40% South

Korean

SL Agritech Corporation Producer of hybrid rice seeds and by-product (palay) in Matanao, Davao del Sur 450.0 100% Filipino

ELECTrICITY, WATEr, AND GAS

Greentech Solar Energy, Inc. Renewable energy developer of 18.75MWp Bongabon Solar Power Project in Brgy. Pesa, Bongabon, Nueva Ecija 843.8

60% Filipino 40% Emirati/

Indian

Isabela Power Corporation Renewable energy developer of hydropower energy resources (19MW Ilaguen Hydroelectric Power Plant) in Brgy. Tappa, Municipality of San Mariano, Isabela 2,969.5 100% Filipino

Powersource First Bulacan Solar, Inc. Renewable energy developer of 62.5 MW(50MW AC) San Miguel Solar Power Project in San Miguel, Bulacan 3,955.4 100% Filipino

Satrap Power Corporation Renewable energy developer of 20MW Santa Solar Power Plant in Brgy. Nagpanaoan, Santa, Ilocos Sur 1,539.6 100% Filipino

Solar Philippines Tanauan Corporation Renewable energy developer of 100MW Calamba and Tanauan Solar Power Project in Calamba and Tanuan City 5,516.3 100% Filipino

South Negros Biopower, Inc. Renewable energy developer of 25MW South Negros Biopwer Biomass Power Plant in National Highway, Brgy. Cubay, La Carlota City, Negros Occidental 4,929.4 100% Filipino

fUrNITUrE AND fIXTUrES

Maison Galuchat Inc. Producer of furniture and accessories 9.1 100% Filipino

hoTELS, rESTAUrANTS, AND LEISUrE SErvICES

Altipeakland Development, Inc. Operator of tourist accommodation facility (Casa Coco Hotel) in San Juan, Siquijor 62.4 60% Filipino 40% Australian

Ecohotels, Inc. Operator of tourist accommodation facility (Eco Container Hotel) in SV Road, Brgy. San Jose, Tagaytay City 29.1 100% Filipino

IT AD I.T.ENABLED SErvICES

Definite Gaming PTE LTD Philippine, Inc. Support services to game development 2.8 99%

Singaporean 1% Filipino

MEDICAL AND hEALTh SErvICES

Capiz Doctors' Multi-purpose Cooperative Operator of Level 1 - General Hospital in Water Village, Km. 1, Roxas City, Capiz 210.3 100% Filipino

METAL ProDUCTS

Portal Steels, Inc. Producer of steel products (billets and rebars) in Hong Chang Compound, Carmona, Cavite 322.7 95% Filipino 5% Chinese

Portal Steels, Inc. Producer of plastic pellets in Hong Chang Compound, Carmona, Cavite 46.3 95% Filipino 5% Chinese

rEAL ESTATE AND ProPErTY DEvELoPMENT

Alpina Heights Properties Corp. Developer of economic and low-cost housing project (Alpina Heights - Vertical) in Marcelo Green, Paranaque City 96.5 60% Filipino

40% Indian

Amaia Land Corp. Developer of economic and low-cost housing project (Amaia Steps Sucat (Isabela Building) - Vertical) in Dr. A. Santos Ave., Sucat, Paranaque City 290.2 100% Filipino

Amaia Land Corp. Developer of economic and low-cost housing project (Amaia Steps Alabang - Delicia- Vertical) in Alabang-Zapote Rd., Almanza Uno, Las Pinas City 327.8 100% Filipino

Amaia Southern Properties, Inc. Developer of economic and low-cost housing project (Amaia Steps Capitol Central South Building - Vertical) in San Juan St., Brgy 8, Bacolod City, Negros Occidental 422.9 100% Filipino

Axeia Development Corp. Developer of economic and low-cost housing project (Valle Verde Dasmarinas Phase 4 - Horizontal) in Brgy. Langkaan I, Dasmarinas City, Cavite 622.3 81% Filipino

19% American

Axeia Development Corp. Developer of economic and low-cost housing project (Midori at Zuri Residences - Vertical) in Cabrera Rd., Brgy. Dolores, Taytay, Rizal 102.1 81% Filipino

19% American

Axeia Development Corp. Developer of economic and low-cost housing project (Valle Verde Dasmarinas Phase 4 - Horizontal) in Brgy. Zone 3, Dasmarinas City, Cavite 292.5 81% Filipino

19% American

Axeia Development Corporation Developer of economic and low-Cost housing project project (55 Kalayaan Suites) in Pinahan, quezon City 140.9 81% Filipino

19% American

Basic Housing Solutions, Inc. Developer of economic and low-cost housing project (Arella Residences - Horizontal) in Brgy. Calo, Bay, Laguna 234.1 81% Filipino

19% American

Brillianz Development Corp. Developer of economic and low-cost housing project (Brillianz Residences - Horizontal) in Brgy. Mamatid, Cabuyao City 233.1 60% Filipino

40% Chinese

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CenqHOmes Development Corporation Developer of economic and low-cost housing project (Terraverde Residences - Horizontal) in Brgy. Bancal, Carmona, Cavite 746.7 80% Filipino

20% Taiwanese

Communities Bulacan, Inc. Developer of economic and low-cost housing project (Camella Bulakan Phase 4 - Horizontal) - Brgy. Matungao, Bulakan, Bulacan 558.5 100% Filipino

Communities Bulacan, Inc. Developer of economic and low-cost housing project (Camella Baliuag Phase 4 - Horizontal) - Pagala, Baliuag, Bulacan 232.1 100% Filipino

Contempo Property Holdings, Inc. Developer of economic and low-cost housing project (Bamboo Bay Community Tower 2 - Vertical) in Hernan Cortes, Subangdaku, Mandaue City 324.7 100% Filipino

Contempo Property Holdings, Inc. Developer of economic and low-cost housing project (Bamboo Bay Community Tower 3 - Vertical) in Hernan Cortes, Subangdaku, Mandaue City 336.5 100% Filipino

Filinvest Land, Inc. Developer of economic and low-cost housing project (Marina Spatial - Marina Town Bldg., A - Vertical) in Brgy. Piapi, Dumaguete City, Negros Oriental 401.1

72% Filipino 28%

Singaporean

Filinvest Land, Inc. Developer of economic and low-cost housing project (8 Spatial Davao Bldg. 3 - Vertical) in Ma-a, Davao City 280.4

72% Filipino 28%

Singaporean

Filinvest Land, Inc. Developer of economic and low-cost housing project (8 Spatial Davao Bldg. 4 - Vertical) in Ma-a, Davao City 287.1

72% Filipino 28%

Singaporean

GCW9 Land, Inc. Developer of economic and low-cost housing project (The Diamond Heights - Horizontal) in Brgy. Communal, Buhangin District, Davao City 360.0 100% Filipino

Kirkwood Development Corporation Developer of economic and low-cost housing project (Kelsey Hills II - Horizontal) in San Jose del Monte, Bulacan 598.6 100% Filipino

McGregor Development Corporation Developer of economic and low-cost housing project (Windsor Heights - Horizontal) in Brgy. Mabuhay, General Santos City 259.6 100% Filipino

SM Development Corporation Developer of economic and low-cost housing project (Field Residences Building 5 - vertical) in Las Pinas City 903.6 99.95% Filipino

SM Development Corporation Expanding developer of economic and low-cost housing project (Vine Residences Phase 2 - Towers 1 & 2 - Vertical) in Novaliches, quezon City 1,160.7 99.95% Filipino

SM Development Corporation Developer of economic and low-cost housing project (Vine Residences Phase 3 - Tower 5 - Vertical) in Novaliches, quezon City 575.5 99.95% Filipino

SM Development Corporation Developer of economic and low-cost housing project (Spring Residences Phase 2 (Tower 3) - vertical) in West Service Road, Brgy. Sun Valley, Paranaque City 701.2 99.95% Filipino

SM Development Corporation Developer of economic and low-cost housing project (Spring Residences Phase 2 (Tower 4) - vertical) in West Service Road, Brgy. Sun Valley, Paranaque City 630.7 99.95% Filipino

Solanaland Development Inc. Developer of economic and low-cost housing project (Solana Frontera - Horizontal) in Brgy. Sapa Libutad, Angeles City 466.0 100% Filipino

Sr. Sto. Niño de Cebu Resources and Development Corp.

Developer of economic and low-cost housing project (Avant Garde Residences Batch II & III - Horizontal) in Brgy. San Roque, Sto. Tomas, Batangas 159.4 100% Filipino

St. Francis Square Land, Inc. Developer of economic and low-cost housing project (Tiffany Village-Horizontal) in Brgy. Makiling, Calamba City 174.8

91% Filipino 9% Chinese PROC and

British

Stateland, Inc. Developer of economic and low-cost housing project (San Francisco Heights Phase 1 - Horizontal) in Brgy. Palo Alto, Calamba, Laguna 218.4 99.89% Filipino

Taft Property Venture Development Corp.

Developer of economic and low-cost housing project (Symfoni Kamias - Vertical) in East Kamias, quezon City 313.0 100% Filipino

Tanza Properties I, Inc. Developer of economic and low-cost housing project (Prima Clove Tanza Phase 1A - Horizontal) in Brgy. Tanauan, Tanza, Cavite 514.4 100% Filipino

Tanza Properties I, Inc. Developer of economic and low-cost housing project (Prima Clove Tanza Phase 1B - Horizontal) in Brgy. Tanauan, Tanza, Cavite 254.6 100% Filipino

TrANSPorT SErvICES

Molave Tanker Corporation Domestic shipping operator (Oil Tanker Vessel - MTC Guijo 2,993 GT) - homewharf Sto. Tomas, La Union 289.6 100% Filipino

Narra Tanker Corporation Domestic shipping operator (Oil Tanker Vessel - MTC Aila 1 2,112 GT) - homewharf Sto. Tomas, La Union 93.5 100% Filipino

STorAGE AND WArEhoUSING

One Stop Warehousing Solutions, Inc. Operator of cold storage and blast freezing facilities in AFP-RSBS, Km 12, East Service Road, Taguig City 920.0 100% Filipino

ToTAL 35,709.55

101BUSINESS


PEzA APProvED ProJECTS -1ST QUArTEr 2017

INDUSTrY ACTIvITY EQUITY LoCAL/forEIGN zoNE

APPArEL AND TEXTILE MANUfACTUrES

ANGELES INDUSTRIAL SCREEN PRINTING INC. Engage in Screen Printing Services for leatherware products 99.8% - British Angeles Industrial Park - SEZ

HAMLIN INDUSTRIAL CORPORATION Production of brew bags 89% - Filipino 11% - Chinese Golden Mile Business Park - SEZ

HATqUARTER INC. Manufacture of hats, caps, and headwear 99% - Taiwanese 1% - Filipino Mactan Economic Zone II - SEZ

YTY DIGITAL PRINT CORP. Engage in printing of fabrics 99.99% - British Virgin Islander Mactan Economic Zone

AUToMoTIvE TrADE

DENSO PHILIPPINES CORPORATION Manufacture of automobile parts and components for Original Equipment Manufacturer (OEM) 99.99% - Singaporean Carmelray Industrial Park I - SEZ

YN PRODUCTS PHILIPPINES CORP. Manufacture of turbocharger parts such as Sand Inner Mold (SIM) Assembly and Center Block 99.98% - Japanese Greenfield Automotive Park - SEZ

ChEMICAL AND ChEMICAL ProDUCTS

PHILIPPINE LICHENG NEW MATERIALS CORP. Manufacture/processing of Sodium Tungstate 100% - Chinese Victoria Wave - SEZ

SOLDERCOAT NARITA PHILS. INC. Retrieval and recycling of solder dross to produce solder bars and wires 99.99% - Japanese Laguna Technopark - SEZ

ELECTrICITY, WATEr, AND GAS

FIRST GEN ENERGY SOLUTIONS INC. Authority to supply electricity 100% Filipino First Philippine Industrial Park - SEZ

FIRST GEN ENERGY SOLUTIONS INC. Authority to supply electricity 100% - Filipino Gateway Business Park - SEZ

ABOITIZ POWER DISTRIBUTED ENERGY, INC. Develop, operate and manage solar energy generation system 100% - Filipino Lima Technology Center - SEZ

ELECTroNICS

AUTOMATED TECHNOLOGY (PHIL.) INC. Manufacturing and processing of Universal Bus Transceiver IC's "TSSOP" devices 100% - Caymanian Light Industry & Science Park I - SEZ

DYSON ELECTRONICS PTE. LTD. - PHILIPPINE BRANCH

Manufacture of V9 Dyson Digital Motor and V9 Supersonic hairdryer 100% - Singaporean Carmelray Industrial Park II - SEZ

IONICS EMS, INC. Server (Repair and Upgrading) 98.12% - Filipino 1.88% - Mixed Light Industry & Science Park I - SEZ

KTECHNOLOGY, INC. Manufacture of power transformer including accessories for electronic appliances 99.99% - Korean Cavite Economic Zone

MOBILECYCLE TECHNOLOGIES INC. Manufacture/assembly of printed circuit boards, electronics and semiconductor parts 100% - Filipino Laguna Technopark - SEZ

PENIEL VISION INC. Manufacturing of current transformers 99.8% - American Cavite Economic Zone

R12 EMS PHILS., INC. Manufacturing and assembly of telecommunication devices and equipment known as 2-way Radio 99.99% - Korean Calamba Premiere International

Park - SEZ

SANAC PHILIPPINES, INC.. Manufacture/assembly of wire harness 99.99% - Japanese First Cavite Industrial Estate - SEZ

SUMI PHILIPPINES WIRING SYSTEMS CORPORATION Manufacture of Automotive Wires (AVSS, CIVUS, CHUSR) 100% - Japanese Hermosa Ecozone Industrial Park

TDK PHILIPPINES CORPORATION VCM (Voice Coil Motor) also known as Auto Focus Holder, Voice Coil Actuator & Optic Image Stabilizer and its related parts 99.99% - Japanese Laguna Technopark - SEZ

TOSHIBA INFORMATION EqUIPMENT (PHILIPPINES), INC. Engineering and design services 99.99% - Japanese Laguna Technopark - SEZ

fooD AND BEvErAGE MANUfACTUrES

CARDINAL AGRI PRODUCTS, INC. Engage in the Processing of Various Food Products, such as Oil, Powder/Non-Wheat Flour, Juice and Non-Dairy Milk 99.99% - Filipino Brooke’s Point Agro-Industrial

Economic Zone

DOLE PHILIPPINES, INC. To include the operation of a Cannery Drum Plant 99.99% - Singaporean Sarangani Economic Development Zone - SEZ

DOLE PHILIPPINES, INC. Upper Valley Cannery Expansion 99.99% - Singaporean SRC Allah Valley Economic Development Zone

PRIMEX COCO PRODUCTS, INC.Manufacture of Coconut Cream, Coconut Butter, Coconut Concentrate, Coconut Oil with Butter Flavor and Coconut Oil Peppermint Flavor

100% - Filipino Candelaria Agri Special Economic Zone

IT AND IT-ENABLED SErvICES

SEIHA ENGLISH NETWORK PHILIPPINES INC. Online English Tutorial services 99.97% - Japanese FLB Corporate Center

ADVANCED WORLD SOLUTIONS, INC.Research and development of automation - related solutions in automotive and HMI devices; solutions related to data analytics and IoT (Internet of Things); and mobile applications

99.99% - Japanese ATC BPO 1

102BUSINESS


MAChINErY AND EQUIPMENT

GLOWINGPOINT MATERIALS, INC.. Manufacture/assembly of factory hand push cart 99.999% - Korean Calamba Premiere International Park - SEZ

NAURI MANUFACTURING CORP. Manufacture of Deep Fryer Machine 98% - Korean 2% - Filipino

Calamba Premiere International Park - SEZ

TSUKASA ELECTRIC PHILIPPINES INC. Manufacture of Intercom (B-COM) 99.99% - Japanese First Philippine Industrial Park - SEZ

METAL INDUSTrIES

ARIGIS PHILS INC. Engage in fabrication of aerial platform parts, cutting machine parts, machine tool parts and other related products 99.99% - Japanese Greenfield Automotive Park - SEZ

FIRST CALAMBA WAKO PHILIPPINES CORPORATION

Fabrication, assembly, manufacture of cement board and stainless steel products 100% - Japanese Carmelray Industrial Park II - SEZ

KEDICA PHILIPPINES CORPORATION Engage in Chemical Cleaning and Passivation Services 99.99% - Japanese First Philippine Industrial Park - SEZ

KYOEI DIETECH PHILIPPINES, INC.

Manufacture of dies, molds, jigs, components, parts and accessories; 2) design of dies, molds, jigs prototypes; and 3) repair, modificaton & maintenance of dies, molds, jigs, components, parts and accessories

99.99% - Japanese Greenfield Automotive Park - SEZ

PHILIPPINE ASSOCIATED SMELTING & REFINING CORPORATION (PASAR) Blended Copper Concentrates 69% - Filipino

31% - Dutch Leyte Industrial Development Estate

- SEZ

UNIDOOR SYSTEMS, INC. Manufacture of steel doors and jambs and other similar metal products 100% - Filipino Light Industry & Science Park IV - SEZ

MISCELLANEoUS MANUfACTUrES

ANGELES ALLIANCE LEATHERWARE INC. Manufacture of handbags/ladies bags 99.8% - British Angeles Industrial Park - SEZ

EPOLEM PHILIPPINES CORP. Manufacture of footwear 99.97% - Chinese First Cavite Industrial Estate - SEZ

WU KONG (S) PTE., LTD. (PHIL. BRANCH) Manufacture of Anti-Reflective (AR) coated/painted glass 100% - Singaporean Cavite Economic Zone II

KTM ASIA MOTORCYCLE MANUFACTURING, INC. Manufacturing and assembly of KTM motorcycles 66% - Filipino

34% - Austrian Laguna Technopark - SEZ

offShorING AND oUTSoUrCING

24/7 CUSTOMER PHILIPPINES, INC. Customer life cycle management services 99.99% Caymanian McKinley West

24-7 INTOUCH PH Business Process Outsourcing (BPO) and call center operations 100% - Canadian UP Town Corporate Center

24-7 INTOUCH PH Business Process Outsourcing (BPO) and call center operations 100% - Canadian Araneta Cyber Park

ACCENTURE, INC. Software development 99.99% - Dutch Uptown Bonifacio

ACCENTURE, INC. Business process outsourcing (BPO) services 99.99% - Dutch Filinvest Cebu Cyberzone

AFFINION INTERNATIONAL PHILIPPINES, CORP. Business process outsourcing (BPO) services 99.99% - American W Fifth Avenue

BLACKPOINT IT SERVICES PHILIPPINES, INC. Business process outsourcing (BPO) services 99.99% - Canadian Uptown Bonifacio

BLUEBERRY DIGITAL LABS PH INC. Software development services 99.92% - Indian FLB Corporate Center

COMMERCIALREACH INC. Call center and service provider support center 50% - American 50% - British Maria Cristina Building

CONVERGYS PHILIPPINES INC. Call center operations 97.2% - Dutch Eton Centris

COTOHA PHILIPPINES INC. Business Process Outsourcing (BPO) and call center operations 99.9% - Japanese Twenty-four Seven McKinley

ECLARO BUSINESS SOLUTIONS INC. Business process outsourcing (BPO) services 99.99% - American One Felicity Center

EMAPTA VERSATILE SERVICES INC. Business process outsourcing (BPO) services96% - Australian

3% - Filipino 1% - Japanese

Neutrinus Information Technology Center

ERNST & YOUNG GLOBAL SERVICES (PHILIPPINES) INC.

IT-enabled export servicesonboarding, learning & development, HR systems and people reporting, procurement of goods and services, real estate and events, finance & accounting support services relating to transactions and reporting

99.99% - Dutch McKinley Hill Cyberpark

EYA GTH MANILA, INC. IT-enabled support services 100% - Filipino Cyberscape Beta

EYA GTH MANILA, INC. IT-enabled support services 100% - Filipino McKinley Hill Cyberpark

GLOBAL CONTRACTOR MANAGEMENT SOLUTIONS PTY. LTD. - PHILIPPINE BRANCH Business process outsourcing (BPO) services 100% - American Philamlife I.T. Tower

H.I.S. GLOBAL BUSINESS, INC. Provide non-voice services 99.99% - Japanese 2251 IT Hub

HARTMAN BUSINESS SOLUTIONS, INC. Business process outsourcing (BPO) services 99.99% - Dutch Damosa I.T. Park

IMGDECK INC. Business process outsourcing (BPO) services 85% - American 15% - Filipino CBP-IT Park

103BUSINESS


INTERNATIONAL SYSTEMS RESEARCH CEBU CORPORATION

quality assurance support, software development and other innovative solutions

71% - American 15% - Filipino

13% - JapaneseCebu I.T. Tower

K8 APPLIED INNOVATION, INC. IT, Marketing, Administrative and Engineering Services 99.99% - American E-Square I.T. Park

KKH PHILIPPINES TECHNOLOGY AND INFORMATION SERVICE INC.

Outsourced marketing, customer service, outsourced billing and billing information services, outsourced contract-management services

99.99% - Filipino Cebu I.T. Park

KMC MAG SOLUTIONS, INC. Business process outsourcing (BPO) services92% - Hong Kong 6% - American 2% - Filipino

E-Square I.T. Park

LIZARDBEAR TASKING INC. IT-enabled customer support services such as email and voice, photo-enhancing and other support services 99.8% - American Anonas LRT City Center

MXGLOBAL INC. Business process outsourcing (BPO) services 100% - Filipino One Corporate Centre

NEARSOL PHILIPPINES, INC. Business process outsourcing (BPO) and call center operations 99.99% - American Iloilo Business Park

NEC TELECOM SOFTWARE PHILIPPINES, INC. Development and integration of embedded software 100% - Filipino E-Square I.T. Park

NETSUITE (PHILIPPINES) INC. Shared service center and customer support contact center 99.99% - American E-Square I.T. Park

ORCHID CYBERTECH SERVICES, INCORPORATED Information Technology (IT) and call center operations 100% - Australian Robinsons-Equitable Tower

PRESSREADER PH INC. Bbusiness of processing and verifying versions of newspapers and magazines 99.99% - Canadian 2251 IT Hub

PROBEGROUP PHILIPPINES, INC. Registration of its additional IT-enabled and Business Process Outsourcing Services 99.99% - Australian Philplans Corporate Center

PROBEGROUP PHILIPPINES, INC. Business process outsourcing (BPO) and call center operations 99.99% - Australian 2251 IT Hub

PROVIEW GLOBAL ADMINISTRATION INC. Engage in IT-enabled services 99.99% - American Hanston Square

PROVIEW GLOBAL ADMINISTRATION INC. BPO Management and shared Services 99.99% - American Hanston Square

qUALFON PHILIPPINES, INC. Provision of Customer Contact Center services 95% - Dutch 5% - Costa Rican Cebu I.T. Park

qUALIFY ME CORPORATION Outsourced customer support services 99.99% - Australian One San Miguel Avenue Condominium

RMS COLLECT PHILS. INC. Business Process Outsourcing and Technology enabled services 99.99% - American Iloilo Business Park

ROCCATECH PHP INC. Software Development and Website Application 90% - British 10% - Filipino Tower 6789

ROCOCO GLOBAL TECHNOLOGIES CORPORATION Call center services 99% Japanese Cebu I.T. Tower

SHORE SOLUTIONS, INC. Call center operations, IT Services and Back Office BPO

34% - Belgian 29% - Australian

27% - British 10% - Canadian and

Filipino

EDSA Central I.T. Center

STELLAR PHILIPPINES, INC. Call center operations 99.99% - Filipino Cebu I.T. Park

TELEPHONE SUPPORT - TELSU INCORPORATED

Business Process Outsourcing - Knowledge Process Outsourcing (KPO), Inbound Outbound Customer Service, Back Office Support

60% - Bangladeshi 40% - Filipino Abanao Square

TMX PHILIPPINES, INC.. Call center activities and BPO/shared service operations 99.99% - Dutch Mactan Economic Zone

VIRTUS LOGIC CONSULTING AND SERVICES INC. Business process outsourcing (BPO) services 80% - Japanese

20% - Filipino Zuellig Building

WEST CONTACT SERVICES, INC. Call center operations 99.97% - American ExportBank Plaza Building

WIPRO BPO PHILIPPINES LTD. INC. Business Process Outsourcing (BPO) and call center operations 99.99% - Cypriot GAGFA IT Center

WIPRO BPO PHILIPPINES LTD. INC. Service desk and IT local support services 99.99% - Cypriot Eastwood City Cyberpark

WIPRO BPO PHILIPPINES LTD. INC. Service desk and IT local support services 99.99% - Cypriot Ecotower

WNS GLOBAL SERVICES PHILIPPINES, INC. Call center operations 99.99% - Dutch Northgate Cyberzone

WNS GLOBAL SERVICES PHILIPPINES, INC. Call center operations 99.99% - Dutch Iloilo Business Park

XEROX BUSINESS SERVICES PHILIPPINES, INC.

Business process outsourcing (BPO) services and call center operations 99.982% - Dutch CBP-IT Park

YUENTHAI APPAREL DEVELOPMENT PHILIPPINES INC.

Business process outsourcing (BPO) and knowledge/transaction process services

99.99% - British Virgin Islander Mactan Economic Zone

oThEr BUSINESS SErvICES

KOBELCO MACHINERY PHILIPPINES INC. Provide drawings and specifications using computer-enabled support services 99.99% - Singaporean 2251 IT Hub

PIXELMAFIA CORP. Engage in development and sale of 3D art content including art, design and code content 99.7% - Hong Kong One Corporate Centre

104BUSINESS


UNIVESTA CREATIVES INT'L. CORPORATION Online advertising 70% - Filipino 30% - American Northgate Cyberzone

PAPEr AND PAPEr ProDUCTS

ECOPACK INDUSTRIAL PACKAGING CORP. Manufacture of industrial packaging products60% - Filipino 35% - British 5% - Chinese

Suntrust Ecotown Tanza

TMA GROUP PHILIPPINES INC. Engage in the production of Paper Coffee Cups and allied products 99.99% - Australian Calamba Premiere International

Park - SEZ

PUBLIShING AND PrINTING

BLOSSOM PRINTING INDUSTRIAL PHILIPPINES INC.

Engage in the production of printing parts such as Labels, Model Name Plates, Logos and other similar products 99.99% - Chinese Laguna Technopark - SEZ

rEAL ESTATE ANfD ProPErTY DEvELoPMENT

BIGLIFT PROPERTIES AND DEVELOPMENT CORPORATION Registration of its additional (two) 2 units warehouse buildings 100% - Filipino Hermosa Ecozone Industrial Park

CAYON HOLDINGS, INC. Registration of its additional three (3)-storey factory building 99.5% - British Virgin Islander Laguna Technopark - SEZ

fIrST INLAND kINGDoM rEALTY CorP. Construction of a factory/warehouse building 100% - Filipino Cavite Technopark-Special Economic Zone

FPIP PROPERTY DEVELOPERS AND MANAGEMENT CORPORATION Registration of its additional warehouse facility (RBF-V) 100% - Filipino First Philippine Industrial Park - SEZ

FTA HOLDINGS, INC. Registration of its additional warehouse facility, particularly the 1-unit, 3 bays 100% - Filipino Cavite Technopark-Special Economic

Zone

IDEALUXE CORPORATION A proposed 10-storey office building to be known as Lumina II 100% - Filipino Pueblo de Oro I.T. Park

INTERZONE PROPERTY MANAGEMENT CORP. Registration of its additional warehouse building (IPMC 11 Building) 100% - Filipino Mactan Economic Zone

J.Y. AND SONS REALTY CO., INC. Construction of 2-unit warehouse facility 100% - Filipino Cavite Technopark-Special Economic Zone

JANCOT FIEMA INCORPORATED Operate and maintain a 10-storey office building to be known as Lumina I 100% - Filipino Pueblo de Oro I.T. Park

MACROBLOCKS REALTY CORPORATION Construction of a factory/warehouse building 100% - Filipino Lima Technology Center - SEZ

NITSUGA REALTY AND DEVELOPMENT CORPORATION Operate, and maintain 3 units factory/warehouse buildings 100% - Filipino Light Industry & Science Park IV - SEZ

NUBE STORAGE SYSTEMS INCORPORATED Construction of 3 factory/warehouse buildings 100% - Filipino Alviera Industrial Park

PANORAMA PROPERTY VENTURES INCORPORATED Registration of its additional 4-unit warehouse facilities 100% - Filipino Light Industry & Science Park III - SEZ

PANORAMA PROPERTY VENTURES INCORPORATED Registration of its additional four (4) units warehouse facilities 100% - Filipino Light Industry & Science Park III - SEZ

PHILIPPINE D S G REALTY CORPORATION Operate, and maintain 2 units factory/warehouse buildings 60% - Filipino 40% - Chinese Hermosa Ecozone Industrial Park

VISAYAS LAND REALTY SOLUTIONS INC. Construction of 1-storey factory/warehouse building 100% - Filipino Mactan Economic Zone

rECYCLING AND WASTE MANAGEMENT

SEMICYTECH, INC.

Assembling, disassembling, packaging, sorting, destructing, transporting, crushing, classifying and segregating of scrap materials; temporary storage, transport and shipment of hazardous materials

99.88% - Korean Laguna Technopark - SEZ

rUBBEr AND PLASTIC ProDUCTS

ATOMED CEBU, INC. Manufacture of Neocot Products and Molded Parts 100% - Japanese Mactan Economic Zone II - SEZ

BROMAKE PHILIPPINES CORPORATION Engage in Processed EPE (Expanded Polyethylene) Production 99.99% - Hong Kong First Philippine Industrial Park - SEZ

CRONICS, INC. Manufacture of mold including repair 99.99% - Korean Calamba Premiere International Park - SEZ

FUJIMOLDPHILIPPINES INC. Fabrication, Processing and Modification of Mold Tool and Steel 100% - Japanese Light Industry & Science Park III - SEZ

LAGUNA DAI-ICHI, INC. Card Key project 99.86% - Singaporean Laguna Technopark - SEZ

MACEN WRAPPING AND PACKAGING CORP. Manufacturing of packaging materials for commercial and industrial use

67% - Filipino 33% - Japanese Lima Technology Center - SEZ

PHILIPPINE THERMOTECH MANUFACTURING CORP.

Manufacture of plastic packaging products through vacuum forming 99.99% - Japanese Light Industry & Science Park III - SEZ

VITALO PACKAGING INTERNATIONAL, INC. Manufacture of extruded plastic sheets in roll form, slitted; and precision die cuts 99.99% - Thai Laguna Technopark - SEZ

XUDONG PHILIPPINES INC. Design, repair and maintenance of plastic injection mold 85% - Chinese 15% - Japanese Cavite Economic Zone

YENG HSINGH - PHILIPPINE BRANCH Manufacture of Thermoplastic Road Marking Material and Reflective Aggregate for Road Marking 100% - Taiwanese First Philippine Industrial Park - SEZ

105BUSINESS


STorAGE AND WArEhoUSING

BROMAKE PHILIPPINES CORPORATION. EWarehousing operation and logistics management 99.99% - Hong Kong First Philippine Industrial Park - SEZ

JACOBI CARBONS PHILIPPINES INC.. Warehousing/logistics support services 99.99% - Swedish Phividec Industrial Estate-Economic Zone

KOBELCO COMPRESSORS IMPORTER PILIPINAS, INC. Warehousing/logistics support services 99.96% - Filipino Laguna Technopark - SEZ

TECHLOG CENTER PHILIPPINES Warehousing/logistics support services 100% - American Carmelray Industrial Park II - SEZ

TT GLOBAL GROUP SOLUTIONS CORP.. Warehousing services

60% - Filipino 22% - Australian 9% - Pakistani 9% - Chinese

Carmelray Industrial Park II - SEZ

V-TECH TRADING LOGISTICS AND SERVICES CORP.

Warehousing/logistics support services60% - Filipino

20% - Taiwanese 20% - Malaysian

Cavite Economic Zone

106BUSINESS


BUSINESS CLIMATE INDEX

* The BSP adopted the Balance of Payment, 6th edition (BPM6) compilation framework effective 22 March 2013 with the release of the full-year 2012 and revised 2011 BOP statistics. In BPM6, net FDI flows refer to non-residents’ equity capital (i.e., placements less withdrawals) + reinvestment of earnings + debt instruments, net (i.e.,net intercompany borrowings).

-600

-400

-200

0

200

400

600

800

1000

1200

J'14 M M J S N J'15 M M

FDI: BOP CONCEPTUS$ Million

INDUSTrIAL PErforMANCE (2000=100) APrIL 2017

DATA (INDEX)

YEAr-oN-YEAr GroWTh

YEAr-To-DATE

Volume of Production Index (VoPI)((2000=100 135.5 5.9 -2.7

a. Food 157.2 11.0 16.6

b. Beverage 130.6 -1.8 -6.8

c. Tobacco 6.4 10.0 -27.6

d. Textile 26.0 -23.9 -31.3

e. Footwear and Wearing Apparel 33.7 21.8 15.7

f. Wood and Wood Products 62.3 1.7 13.0

g. Furniture & Fixtures 1008.4 76.9 43.5

h. Basic Metals 224.3 28.5 13.7

i. Iron and Steel 179.3 45.4 5.5

j. Non-ferrous Metals 320.8 7.4 22.9

k. Fabricated Metal Products 464.3 95.6 60.6

l. Machinery Excluding Electrical 54.0 -10.2 -7.4

m. Electrical Machinery 100.1 -3.7 -2.8

n. Transport Equipment 174.2 23.8 16.0

o. Other Mfg Industries 89.6 -22.8 -7.2

p. Paper & Paper Products 110.9 36.6 21.6

q. Publishing & Printing 135.8 8.9 -5.6

r. Leather Products 0.8 14.3 10.1

s. Rubber Products 262.0 1.0 6.2

t. Chemical Products 140.5 -33.5 -52.5

u. Petroleum Products 49.0 51.7 16.6

v. Non-Metallic Mineral Products 146.3 5.5 13.1

w. Glass & Glass Products 137.0 9.8 46.8

x. Cement 210.0 19.4 23.1

y. Misc. Non-Metalic Mineral Products 43.0 -9.0 -11.7

VALUE OF PRODUCTION INDEX (VAPI)((2000=100 179.1 3.7 -3.2

AVERAGE CAPACITY UTILIZATION 83.7 -16.3 83.7

UNIvErSAL AND CoMMErCIAL BANk'S -MArCh 2017

LoANS oUTSTANDING To ThE rEAL ESTATE SECTor (P Bn)

Mar-17 % to Total rE loan Mar-16 % to Total rE

loan

residential 322.9 24.5 266.1 24.6

Commercial 994.85 75.5 817.78 75.4

MoTor vEhICLE SALES 2017 MAY 2017

CURRENT YEAR-AGO LEVEL

GROWTH RATE (%)

MOTOR VEHICLE SALES 35,469 30,317 17.0

PASSENGER CAR SALES 11,690 10,893 7.3

COMMERCIAL VEHICLE SALES 23,779 19,424 22.4

forEIGN DIrECT INvESTMENTBalance of Payments Concept*; JANUARY-MARCH 2017

LEvEL (US$ million)

CURRENT YEAR-AGO LEVEL

YEAR-ON-YEAR (% CHANGE)

TOTAL FDI 1,559.6 1,337.0 16.6

Equity Capital 100.5 549.6 (81.7)

Reinvested Earnings 193.2 181.0 6.7

Debt instruments 1,265.8 606.4 108.8

107BUSINESS


BUSINESS CLIMATE INDEX

-0.5

0

0.5

1

1.5

2

2.5

3

3.5

J'13 A J O J'14 A J O J'15 A J O

STRIKES DECLARED

-400

-200

0

200

400

600

800

1000

1200

1400

J'13 A J O J'14 A J O J'15 A J O

MAN-DAYS LOST

STrIkES IN MAY 2017

One work stoppage was recorded in May. Meanwhile, there were a total of 95 notices of strike/lockouts handled during the period.

vISITor ArrIvALS IN APrIL 2017

Total visitor arrivals registered in April is 565,098, up by 19.83% from 471,598 in the same month in 2016. Of this, 2.41% or 13,601 visitors were Filipinos residing abroad.

Korea remained the top source of market followed by the U.S. and the China. Visitors coming from Korea amounted to 117,074 (20.72% share of the total visitors in April). The U.S. market tallied 87,614 visitors (15.50%) while the Chinese market recorded 74,893 visitors (13.25%).

SUrvEY oN MoNThLY oCCUPANCY rATE & LENGTh of STAY

JAN TO DEC JAN TO DEC GROWTH RATE

2015 2014 2015/2014

De Luxe hotels

occupancy rates 71.60 71.11 0.69

Length of Stay 2.71 2.74 -0.79

first Class hotels


Length of Stay 2.19 2.14 2.42

Standard hotels

occupancy rates 62.51 63.96 -2.27


Economy hotels



ovErALL AvErAGE 66.95 67.21 -0.39

LABor STrIkES (MAY 2017)

STrIkES DECLArED WorkErS INvoLvED MAN-DAYS LoST (000)

2017 2016 2017 2016 2017 2016

JAN - - - - 120,348 -

FEB 1 - 214 - 18,554 -

MAR 1 - 138 - 16,668 -

APR 2 - 306 - 17,192 -

MAY 1 2 263 433 20,120 82,884

JUN - 1 - 217 - 1,519

JUL - 2 - 146 - 14,146

AUG - 1 - 92 - 844

SEP - 2 - 45 - 675

OCT - 2 - 184 - 11,136

NOV - 3 - 134 - 3,578

DEC - 2 - 1,855 - 1,855

TOTAL 5 15 921 3,106 192,882 116,637

vISITor ArrIvALS: JANUA rY-APrIL 2017

COUNTRY 2017 2016 CHANGE % RANK

KOREA 557,939 481,596 15.85 1

USA 345,711 303,951 13.74 2

CHINA 315,247 238,523 32.17 3

JAPAN 211,123 183,620 14.98 4

AUSTRALIA 93,254 88,496 5.38 5

TAIWAN 86,214 71,656 20.32 6

CANADA 80,593 68,288 18.02 7

UNITED KINGDOM 68,188 63,039 8.17 8

SINGAPORE 54,290 61,033 -11.05 9

MALAYSIA 47,250 48,835 -3.25 10

HONGKONG 38,182 41,874 -8.82 11

GERMANY 37,597 35,639 5.49 12

OVERSEAS FILIPINO 52,095 73,556 -29.18

OTHERS 362,297 313,745 15.47

TOTAL 2,351,997 2,075,867 13.30

Espenilla named as the new BSP governor · 2017. 7. 3. · has been with the BSP since 1981 and...

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Transcript of Espenilla named as the new BSP governor · 2017. 7. 3. · has been with the BSP since 1981 and...