Thursday 11 April 2024

DoubleDragon: Philippines' first Nasdaq listed company

Injap Sia's Hotel101 Will Be First Philippine Company on US Nasdaq After $2.3 Billion Merger Deal

Story by Christa I. De La Cruz 
Esquire Philippines
11 April 2024

Hotel101, the business and leisure hotel chain with its flagship property in Pasay, is all set to go public on the Nasdaq in New York City. This comes after the announcement of Philippine-listed real estate development company DoubleDragon Corporation that its Singapore-headquartered subsidiary Hotel101 Global Pte. Ltd. and JVSPAC Acquisition Corporation (NYSE: JVSA) have entered into a binding definitive merger agreement.


Once completed, Hotel101—with ticker symbol HBNB—will have an equity value of $2.3 billion (P130 Billion). The merger is expected to close in the second half of 2024, subject to regulatory and shareholder approvals and other customary closing conditions.

Albert Wong, Chairman of JVSPAC, with DoubleDragon/Hotel101 Chairman Edgar Injap Sia II, CEO Hannah Yulo Luccini, and Co-Chairman Tony Tan Caktiong

DoubleDragon Group is led by Edgar "Injap" Sia II (founder of Mang Inasal) and Tony Tan Caktiong (founder of Jollibee). Tan Caktiong was recently listed in the Forbes' billionaire list with a net worth of $1.4 billion. With the listing made via a special purpose acquisition company (SPAC), Double Dragon positions Hotel101 Global as the first Filipino company in the US Nasdaq Stock Exchange.

Outside the Philippines, Hotel101 properties are currently under construction in Madrid, Spain; Hokkaido, Japan; and Los Angeles, California. The company said in a statement that it had identified 25 priority countries for expansion: the Philippines, Japan, Spain, the U.S., United Kingdom, the U.A.E., India, China, Thailand, Malaysia, Vietnam, Indonesia, Singapore, Cambodia, Bangladesh, Mexico, South Korea, Australia, Canada, Switzerland, Turkey, Italy, Germany, France, and Saudi Arabia.

JVSPAC Acquisition Corporation is a blank check company incorporated for the purpose of executing a business merger. It is led by Chairman and CEO Albert Wong, who is also the CEO and Director of Kingsway Group Holding. Kingsway is in the automotive industry, particularly the sole distributor of Lamborghini in Hong Kong, Macau, and Guangzhou; as well as Koenigsegg Automotive, Rimac Automobili, and Bugatti Automobiles for China.

Pinoy won at the World Press Photo Contest

Meet Michael Varcas, the Filipino photographer who won big at the 2024 World Press Photo Contest

Story by John Patrick Magno Ranara
PhilStar Life
11 April 2024

A Filipino photographer, whose picture depicts the struggles of local fishermen amid the rising tensions in the West Philippine Sea, was recently awarded at this year's World Press Photo Contest.

Michael Varcas, who serves as a photographer for the daily newspaper The Philippine STAR, made his country proud when he became one the regional winners at the competition organized by the World Press Photo Foundation, where the best of the best in photojournalism around the globe are recognized.



Varcas was chosen by an independent jury under the Southeast Asia and Oceania stories category for his entry dubbed "Battle for Sovereignty," which contains 10 single-frame photographs that he took back in September 2023.

In them, the local lensman captured multiple scenes of conflict between Filipino fishermen and the Chinese Coast Guard in the middle of Panatag (Scarborough) Shoal, off Zambales, brought about by the territorial dispute between the two countries over the West Philippine Sea.

The jury highlighted how he was dedicated in telling this story and getting the images people need to see despite the challenges.

"The photographer's commitment to the story is evident in their ability to overcome the significant barriers faced by regional journalists to access these scenes from non-military vessels," the jury said.


Speaking to PhilSTAR L!fe about his win, Varcas said that it was a highlight of his 15-year career as a photographer who captures day-to-day news stories across the nation.

"I think it's the icing on my photojournalism career, it’s something that's nice to have at least before retiring," Varcas said.

At first, Varcas never considered submitting the photos at this year's World Press Photo Contest, but he changed his mind to shed some light on the hardships experienced by the fishermen when it comes to their livelihood.


I just thought that the news from television for the past months was pretty successive, so I thought that there should be images that will showcase the situation and struggles of our fellow Filipinos in the area," he explained.

"You can't just replay TV and radio reports every time as it requires much time as opposed to photos," he added.

Varcas sought the help of his colleagues in choosing the right photos that would do the Filipino fishermen justice in telling their stories and experiences.

Getting the big picture

With the Philippines taking a stronger stance against China over the West Philippine Sea, tensions rose. Varcas was then assigned to document the unfolding situation.

"During its successive news report on TV and radio, I really wanted to have a comprehensive representation through photos," the photojournalist said.


Recounting the challenges he encountered while taking the photos, Varcas shared, "During our arrival at the vicinity of Bajo De Masinloc in the early morning, we were radio challenged and we evaded dangerous maneuvers of the Chinese coast guards."

He continued, "Taking photos of the barriers up close was also a challenge for we had to disguise as fishermen onboard their tiny boats because anyone that comes near to the Scarborough shoal will have to risk getting chased by the Chinese coast guards."


The coverage made Varcas realize the importance of immersing one's self in subjects that matter.

"Doing it for our fellow countrymen, especially at the frontline of the dispute, you need to squeeze as much as you can for that very limited window. These are our evidence, we need allies, but also need hard evidence on the matter," Varcas underscored.

The man behind the lens

Varcas started his career as a news photographer back in 2009. His interest in the craft of immortalizing scenes through his camera started during his college days as a journalism student.

"I started as a college newspaper photographer and felt amused with the reactions of the viewers of my photos. There was no social media back then, so when I see reactions from schoolmates upon the release of new issues, I hear feedback from them that is mostly positive," he recalled.

Instead of being a traditional journalist who uses words and paper, he decided to pursue the camera as his means of telling a story as well as his livelihood.


"I love adventure, I can’t imagine working inside a room for a whole day," he said.

"I'm able to cover a variety of coverages. I'm shooting simple human interest photos today then the following morning, I’ll be up in the air on a chopper covering a disaster," he continued.

While some might think that photography is as quick to learn as a click of a camera, Varcas shared that it actually took him three years to gain the award-winning skills he has today, which he learned under the strict guidance of his former boss.

For his style, he noted that he tries his best to capture pictures that would be "understood easily no matter what the status of the viewer, [whether they're] rich or poor."

For the most part, the thing that inspires Varcas to take photos of the most are situations that need change for the better.

"May it be a calamity, the recent pandemic, or climate change. When something can be done with the help of photography," he said.

For those who want to follow in his footsteps and shine the spotlight on important issues in the world through pictures, Varcas has one simple advice that must be taken to heart: "Stay hungry."

Interview by Yoniel Acebuche

Philippines 2nd most competitive in Asia

5 Most Competitive Countries in Asia

Talha Qureshi
Insider Monkey
11 April 2024

In this article, we will look at the 5 most competitive countries in Asia. If you want to read our detailed analysis, you can go directly to the 20 Most Competitive Countries in Asia.

5. Malaysia

GDP Growth Rate (2024): 4.3%

GDP Per Capita Growth Rate (2024): 6.75%

Competitiveness Score: 75.75


Malaysia makes it to the top 5 most competitive countries in Asia. The country’s GDP is growing at 4.3%, whereas it has a GDP per capita growth rate of 6.75%. Malaysia also performs well on the world competitiveness ranking, scoring 75.75 out of 100. 

4. Mongolia

GDP Growth Rate (2024): 4.5%

GDP Per Capita Growth Rate (2024): 2.65%

Competitiveness Score: 35.56


Mongolia is an East Asian nation that ranks 4th on our list of most competitive countries in Asia. It has a GDP growth rate of 4.5% and a GDP per capita growth rate of 2.65%.

3. Indonesia

GDP Growth Rate (2024): 5%

GDP Per Capita Growth Rate (2024): 7.83%

Competitiveness Score: 70.75


Third on our list is Indonesia, a Southeast Asian country. The country has a GDP growth rate of 5% and a GDP per capita growth rate of 7.83%. 

2. Philippines

GDP Growth Rate (2024): 5.9%

GDP Per Capita Growth Rate (2024): 8.03%

Competitiveness Score: 54.14


The Philippines ranks as the 2nd most competitive country in Asia. The country’s GDP is growing at 5.9%, whereas it has a GDP per capita growth rate of 8.03%.

1. India

GDP Growth Rate (2024): 6.3%

GDP Per Capita Growth Rate (2024): 9.00%

Competitiveness Score: 64.63


India tops our list of the 20 most competitive countries in Asia. It is a South Asian country with a GDP growth rate of 6.3% and a GDP per capita growth rate of 9.0%. 

United States will support the development of the Luzon corridor

US to launch Luzon corridor development

Louella Desiderio 
The Philippine Star 
April 11, 2024 

First project under Indo-Pacific Economic Framework

MANILA, Philippines — The United States will support the development of the Luzon corridor in the Philippines as the first project under an initiative that seeks to help accelerate investments in priority sectors in partner countries in the Indo-Pacific region.

Helaina Matza, acting special coordinator for the Partnership for Global Infrastructure and Investment of the US Department of State told The STAR yesterday the development of the Luzon corridor, as the first PGI-IPEF (Indo-Pacific Economic Framework) Accelerator project in the Indo-Pacific region, will be announced during the trilateral meeting among the US, Philippines and Japan this week in Washington.


“At the Trilateral Summit, we will be launching the first PGI-IPEF Accelerator project in the Indo-Pacific region, and this is our commitment to work together among the three countries in helping develop the Luzon Corridor,” she said.

The PGI-IPEF Investment Accelerator aims to scale up high-standard project financing to drive sustainable economic growth by increasing project-specific financing, upstream project development and improved enabling environments for investment in priority sectors defined in cooperation with each beneficiary country.

US Ambassador for Asia-Pacific Economic Cooperation Matt Murray said the Trilateral Summit is the perfect platform to highlight the Luzon economic corridor as the latest major expansion of the push to enhance US economic engagement with the Philippines.

“Under the PGI-IPEF Investment Accelerator, we plan to bring the whole suite of US government tools to advance the medium-term action plans to identify and address barriers to investments in key sectors and near-term infrastructure project work like the Luzon corridor that uses PGI’s model of creating a corridor of investments with those with public and private capital,” he said.

Matza said the US would work with partners in Japan and in the Philippines to support connectivity from Subic Bay to New Clark City or Clark City as a whole, to Manila and Batangas.

She said the vision involves looking at opportunities in port modernization and expansion, railways as well as clean energy.

As the US is looking to help improve efficiencies in existing infrastructure in the Luzon corridor, she said it is also looking to help ancillary industries grow.

Matza said there is an opportunity in the Philippines to bring down the percentage of food waste in North Luzon, which is at about 40 percent, when issues in transport are addressed.

“That would involve us working, of course, with the private sector on opportunities to help support cold storage facilities, but really improving the ability to transit not just on the main highway, but hopefully over time through freight rail,” Martza said.

Murray said strengthening US-Philippine relations is important for the Biden-Harris administration, with the effort going far beyond defense and security by expanding economic ties.

“As partners in prosperity, delivering tangible economic benefits to the Philippines of the trade and investment relationship with the US is critically important, and the administration is very focused on this goal,” he said.

As part of efforts to expand economic ties, he said the US and the Philippines would co-host next month the 6th Indo-Pacific Business Forum, the US government’s premier business event in the region.

He said the event would feature over 500 officials and business executives in Manila.

Through the CHIPS Act, the US is working with the Organization for Economic Cooperation and Development to conduct a comprehensive assessment of the Philippine semiconductor ecosystem and with Arizona State University to bolster Philippine workforce capacity.

During the visit of US Secretary of Commerce Gina Raimondo to the Philippines last month, she said the US is looking to help the Philippines double the number of its semiconductor facilities.

Raimondo was accompanied by 22 US firms that are investing over $1 billion for projects in various sectors in the Philippines.

UP makes it to 2024 QS World University Rankings

UP makes it to 2024 QS World University Rankings in 3 subjects

Story by Adrian Parungao
Inquirer.net
11 April 2024

MANILA, Philippines — The University of the Philippines (UP) ranked among the top universities in the world in the 2024 edition of the Quacquarelli-Symonds (QS) World University Rankings by Subject.


In the results published on April 10, three Philippine universities placed in one out of four subject disciplines of the QS, while only UP ranked in 2 other subjects.

For the Arts and Humanities subject, Ateneo de Manila University was the best university in the Philippines with a 325 rank and a score of 65.6, followed by UP at rank 351 and a 64.8 score, and De La Salle University at rank 401-450.

UP was the sole Philippine university that ranked in the Engineering and Technology subject as well as the Life Sciences and Medicine subject, placing 501-550 for both subjects.

Meanwhile, no Philippine universities made it to the Natural Sciences subject ranking.

The following are the best universities in the world per subject as ranked by the QS:

Arts and Humanities

  1. Harvard University
  2. University of Cambridge
  3. University of Oxford
  4. Stanford University
  5. University of California, Berkeley
  6. Yale University
  7. Massachusetts Institute of Technology
  8. New York University
  9. University of California, Los Angeles
  10. UCL, University of Toronto

Engineering and Technology

  1. Massachusetts Institute of Technology
  2. Stanford University
  3. University of Oxford
  4. University of Cambridge
  5. University of California, Berkeley
  6. ETH Zurich
  7. Imperial College, London
  8. Harvard University
  9. California Institute of Technology
  10. École polytechnique fédérale de Lausanne

Life Sciences and Medicine

  1. Harvard University
  2. University of Oxford
  3. John Hopkins University
  4. Stanford University
  5. Massachusetts Institute of Technology
  6. University of Cambridge
  7. Imperial College, London
  8. University of California, San Francisco
  9. UCL
  10. Karolinska Institutet

Natural Sciences

  1. Harvard University
  2. Massachusetts Institute of Technology
  3. University of Oxford
  4. University of Cambridge
  5. Stanford University
  6. California Institute of Technology
  7. University of California, Berkeley
  8. ETH Zurich
  9. Imperial College, London
  10. Princeton University

PH FDI on surge

FDI surges 90% to $907 M in January

By Lee C. Chipongian
Manila Bulletin
Apr 10, 2024 

The country’s net foreign direct investment (FDI) inflows increased by 89.9 percent to $907 million in January from $478 million in the same month in 2023 mostly from investors based in Japan, according to the Bangko Sentral ng Pilipinas (BSP).

FDI_Visuals.jpg

Registered with the BSP, FDIs are actual investments in the form of equity capital, reinvestment of earnings, and borrowings.

FDI includes investment by a non-resident direct investor in a resident enterprise, whose equity capital in the latter is at least 10 percent; and investment made by a non-resident subsidiary or associate in its resident direct investor. 

The BSP on Wednesday, April 10, said the increase in FDI was boosted by the 173.2 percent growth in non-residents’ net investments in debt instruments to $820 million from $300 million in January last year. As defined by the central bank, net investments in debt instruments are mainly intercompany borrowing and lending between foreign direct investors and their subsidiaries and affiliates in the Philippines.

Meanwhile, reinvestment of earnings went up by 16.4 percent to $99 million versus $85 million in the same period in 2023.

Also in January, non-residents’ net investments in equity capital other than reinvestment of earnings dropped 112 percent to a net outflow of $11 million from $93 million net inflows in the same period las year.

The BSP added that during the period, equity capital placements came from investors based in Japan and the US.

Japan accounted for 69 percent of the total FDI in January while the US contributed 19 percent. Investments were then channeled to these sectors: manufacturing; real estate; construction; and wholesale and retail trade industries.

The BSP forecasts a 2024 and 2025 net FDI of $9 billion for each year.

Last year, net FDIs amounted to $8.9 billion, lower than $9.4 billion in 2022.

The BSP said FDI statistics are distinct from the investment data of other government sources since the central bank’s report covers actual investment inflows. “By contrast, the approved foreign investments data that are published by the Philippine Statistics Authority (PSA), which are sourced from Investment Promotion Agencies (IPAs), represent investment commitments, which may not necessarily be realized fully, in a given period,” said the BSP.

Wednesday 10 April 2024

High FDI Continue to Flow into the Philippines

High FDIs sign of global business confidence in PH -- Pascual

BY KHRISCIELLE YALAO
Manila Bulletin
Apr 10, 2024 

Trade and Industry (DTI) Secretary Alfredo E. Pascual expressed his elation in the continuously high foreign direct investments (FDIs) recorded by the Central Bank, citing it as a "sign of the global business community's trust" in the Philippine economic growth.

"The surge in FDIs reflects the unwavering confidence and steadfast trust the global business community places in the Philippines' economic potential," said Pascual in a statement on April 10.


"This only strengthens our commitment to further improve the country’s business environment to attract even more foreign investments, which in turn will create more jobs and sustain our economic growth. In particular, we are leveraging our strengths across key sectors such as manufacturing, real estate, construction, and wholesale and retail trade," he added.

Pascual highlighted that the equity investments made in  January was "primarily from Japan and the United States, targeting strategic sectors for the Philippine economy."

This aligns with the Trilateral Economic Ministers Meeting on April 11, 2024, in Washington, D.C.,  to be attended by Pascual, US Commerce Secretary Gina Raimondo, and Japan’s Ministry of Economy, Trade and Industry (METI) Minister Ken Saito.

The DTI emphasized that it "remains focused on further attracting significant investments in these essential sectors and other high-growth industries," citing the meeting as an opportunity to "improve infrastructure, upskill workers, ensure environmental sustainability, and invigorate the private sector with meaningful initiatives."

On Wednesday, April 10, the Bangko Sentral ng Pilipinas (BSP) reported $907 million in net inflows in January this year, which is 89.9 percent growth compared to $478 million in January 2023.

The growth in FDIs was attributed to rise in investments in the manufacturing, real estate, construction, and wholesale and retail trade sectors.

The 89 percent surge follows the growth seen in November and December last year at 28 percent and 30 percent respectively, compared to data from 2022. 

Philippine budget deficit to shrink

PH budget deficit expected to shrink

Story by Niña Myka Pauline Arceo
Manila Times
10 April 2024

THE Philippine government is expected to incur a lower budget deficit this year as it continues to pursue fiscal consolidation, a Fitch Group unit said.

In a report on Monday, BMI Country Risk and Industry Research said the Philippine budget deficit would likely narrow to 5.5 percent of gross domestic product (GDP) from 6.2 percent last year.


The ratio, however, below the government's recently revised projection of 5.6 percent, or P1.484 billion.

"This narrowing would mark the third consecutive year the budget shortfall shrinks...," BMI noted.

The government incurred a budget shortfall of P1.512 trillion last year, exceeding the targeted P1.499 trillion even as revenue growth outpaced spending.

The result was just over the programmed 6.1 percent.

Revenues, which surpassed expectations in 2023, are expected to exceed target this year due to the impact of efforts to widen the tax base and the continued resilience of private consumption.

The government is targeting P4.27 trillion in revenues this year, equivalent to 16.1 percent of GDP.

BMI sees the 2024 ratio at a slightly lower 16 percent, up from 15.7 percent last year, and at 16.3 percent at the end of 2028.

Spending, meanwhile, will likely stay within target at 21.5 percent of GDP, down from 2023's 22 percent.

The official disbursement projection for 2024 is P5.75 trillion, equivalent to 21.7 percent of GDP.

"Looking ahead, we project that, until the end of President Marcos' term in 2028, expenditure as a percentage of GDP will average 20.2 percent," BMI said.

It noted government efforts to keep infrastructure spending to 5 to 6 percent of GDP to support economic growth of 6.5 to 8.0 percent.

After last year's below-target (6.0 to 7.0 percent) growth of 5.6 percent, the economy was forecast to expand by 6.2 percent in 2024, falling within the downwardly revised goal of 6.0 to 7.0 percent.

A narrower deficit, BMI said, "bodes well for the country's fiscal sustainability."

Government debt, which hit 61.1 percent of GDP last year in the wake of efforts to address the Covid-19 pandemic, is expected to hit 59.7 percent in 2024 and ease further to 52 percent by 2028.

"President [Ferdinand] Marcos [Jr.] has made a clear commitment to reduce the budget deficit to 3.0 percent of GDP by 2028, down from the record peak of 8.6 percent in 2021," BMI noted.

"However, we believe the deficit will likely miss the aforementioned goal by a narrow margin given the tightrope between growth and maintaining fiscal stability," it added.


Tuesday 9 April 2024

PHL still BPO powerhouse

PHL still BPO powerhouse

Rizal Raoul Reyes
Business Mirror 
09 April 2024

THE Philippines remains a powerhouse in the business process outsourcing (BPO), ranking first in labor force among Asia Pacific outsourcing destinations, according to real estate consultancy firm Santos Knight Frank Inc. (SKFI).

Its recent report on the BPO industry shows the Philippines, tying with India for the top spot, emerged as the most well-rounded option across the Asia Pacific, in terms of overall scores in the index.


The report compares four offshoring hubs in Asia Pacific, namely: India, Malaysia, Vietnam and the Philippines. SKFI’s analysis highlights five key drivers of location choice: growth dynamics, skills, labor force, business costs and commercial real estate value.

According to SKFI, among the four major outsourcing destinations in Asia Pacific, the Philippines—which has approximately 78.7 million people in the working population—has the youngest median age of just 25 years. India records a median age of 32.4; Malaysia, 30.8; and, Vietnam, 31.6.

With its well-rounded appeal, SKFI pointed out that the Philippines will be on the radar screen of global players for their specialized outsourcing services such as finance, human resources, legal processes and analytics from the United States, Europe and Australia.

“BPO has taken off over the last 20 years and the Philippines has grown right along with it,” SKFI Senior Director Morgan McGilvray said. “What started as a novel experiment for many firms—the hiring of a few support staff in Manila—has become an integral part of their business operations that they couldn’t live without.”

Holistic Destination

THE Philippine BPO industry grew by double digits in 2021 and 2022, reaching $29.5 billion and $32.5 billion in revenues respectively. A significant part of this growth includes business expansions outside Metro Manila and into other growth centers such as Cebu, Davao, Clark, Iloilo and Bacolod City.

The latest estimates set the Philippine BPO workforce at 1.7 million people, with estimated revenues last year of $35.4 billion, while maintaining a global market share of approximately 10 percent to 15 percent.

Bolstered by Filipino talent, the IT and Business Process Association of the Philippines (IBPAP) is optimistic that the sector will further grow to $59 billion in revenue and a 2.5-million strong workforce by 2028.


Philippines Gunning for Seven Travel Awards

'Asia’s Best': Philippines up for 7 awards for 2024 World Travel Awards

Rosette Adel 
Philstar.com
April 9, 2024

MANILA, Philippines —The Philippines is once again among the nominees as "Asia's Best" at the World Travel Awards (WTA) 2024.


This year, it is competing for at least seven accolades for the WTA, the London-based awarding body that recognizes excellence in the travel and tourism industry. The Philippines’ nomination includes the following:

Asia’s Leading Beach Destination

Asia’s Leading Dive Destination

Asia’s Leading Island Destination

Intramuros - Asia’s Leading Tourist Attraction

Boracay - Asia’s Leading Luxury Island Destination

Cebu - Asia’s Leading Wedding Destination

Department of Tourism - Asia’s Leading Tourist Board

The awarding body hails tourism’s best in three tiers: country, regional and world awards across different categories.  Established in 1993, it is touted as the “Oscars” of the travel industry.

For Tourism Secretary Christina Frasco, the accolades of the Philippines highlight the efforts of her agency under the current administration.

She is thankful for the WTA body for providing the Philippines a platform “to continuously showcase our diverse tourism offerings not only within Asia but on the global stage.”

“…Most importantly, we express our thanks to our tourism stakeholders who continue to safeguard the myriad of tourism gems in the Philippines for all the world to love and enjoy,” Frasco said in a statement.

"While winning these accolades adds prestige to our endeavors, they also translate into livelihood opportunities for millions of Filipinos whose well-being depends on tourism. We aim to maintain and surpass the strides we've made since taking office, ensuring sustained growth in the country's tourism sector," she added.

Frasco also cited that 2023 was a banner year for the Philippines after it bagged several recognitions from WTA.

It won the World’s Leading Dive Destination for the fifth year since 2019 while Philippine capital, Manila, was named the World’s Leading City Destination.

The Philippines also took home the Global Tourism Resilience award, an inaugural award from the WTA about the “global leadership, pioneering vision, and innovation to overcome critical challenges and adversity.” Four other countries received this award, serving as benchmarks for best practices in tourism resilience.

Likewise, the Philippines was hailed the Destination of the Year by online travel platform TripZilla at the 2023 TripZilla Excellence Awards as well as Asia’s Best Cruise Destination by the WTA.

The public can vote for the Philippines until July 28, 2024, through https://www.worldtravelawards.com/vote.

Monday 8 April 2024

New approved Philippine ecozones

New Cavite ecozone seen luring P1.8B in investments

Story by Alden M. Monzon 
Inquirer.net
08 April 2024

MANILA, Philippines — The newly-proclaimed economic zone in Cavite is expected to attract more than P1.8 billion in new investments and create nearly 200 new jobs during its construction, the Philippine Economic Zone Authority said last week.

The investment promotion agency told the Inquirer that the prospective value of investments is P1.838 billion for the 40.4-hectare MetroCas Industrial Estates Special Economic Zone, which will rise in Barangay Calibuyo in Tanza, Cavite.



Peza added that the prospective job generation for the economic zone is 180 positions during construction.

The MetroCas ecozone is one of the two new special economic zones that were declared through Proclamation No. 512, which Executive Secretary Lucas Bersamin signed last April 1.

The other is the Arcovia City in Barangay Ugong, Pasig, a 12.4-hectare information technology park of tycoon Andrew Tan’s Megaworld Corp.

According to Peza, an investment of P50 million is expected on the fit out of the project, while about 170 to 240 direct jobs are anticipated to be created.

420 ecozones
To date, there are over 420 economic zones operating in the Philippines, the majority of which are located in Luzon.

During the first quarter of this year, Peza has approved P14.95 billion worth of new investments spanning 50 new and expansion projects inside these economic hubs.

Pinoy flavors in McDo snackline

Filipino ChocNut, sweet corn among international fast food chain's new offerings

Deni Rose M. Afinidad-Bernardo
Philstar.com
08 April 2024

MANILA, Philippines — In the ‘80s and ‘90s, alongside Funny Komiks and “Gee, Your Hair Smells Terrific,” among the hallmarks of childhood is having binged on Choc Nut and sweet corn-flavored snacks.

Jumping into the ‘80s and ‘90s nostalgia bandwagon is fast food chain McDonald’s, which for only a limited time has included Choc Nut and sweet corn into its menu.


In time for battling the ongoing scorching heat, the chain introduces the chocolatey, nutty, and sweet ChocNut Sundae and McCafe ChocNut Frappe. These complement the new side selections that include the Sweet Corn McShaker Fries, which has a sweet and salty taste with a distinct sweet corn flavor shaken into McDonald’s World-Famous Fries.

The sweet corn fries can be enjoyed ala carte in medium, large or BFF, or as your fries upgrade to any meal. The ChocNut Sundae likewise may be enjoyed ala carte or as an add-on to your meal for P55, while the ChocNut Frappe is available in medium and large ala carte or as an upgrade to your drink at branches with McCafe only. 

“By incorporating familiar Filipino flavors into our menu, we are not only catering to the Filipino palate but also creating a shared experience across generations,” stated Katrina Lee-Chua, the fast food chain’s local Director for Marketing and Channels.

The chain also improved its Double Cheeseburger wherein the cheese is melted to the right temperature, making the 100% beef patties juicier thanks to a wider gap in the flattening grill, and the vegetables fresher with a 60% reduction in stored vegetables. 

“With our Best-Everrr Burgers and new nostalgic sides, we aim to create unforgettable moments and deliver feel-good experiences that keep our fans of all ages coming back for more,” added Lee-Chua.

Cebuana queens in the international pageants

5 Cebuana queens of this generation making a mark in the international pageant stage

Story by Immae Lachica
Cebu Daily News
08 April 2024

CEBU CITY, Philippines— One of the most prized possessions of the Queen City of the South is the beautiful and engaging people that make this city one of a kind.

People, who ooze with talent, skill, and confidence to make them known and bring pride and joy to Cebu.


Today, as we celebrate ‘Pageant Day,’ let’s take a look at this generation’s Cebuana beauty queens, who did not just represent Cebu, but the Philippines on the international pageant stage.

Starting with Talisay-beauty, Gazini Ganados, 28, paved the way for Cebuana beauty queens to gain confidence back when she represented the Philippines during Miss Universe 2019.

Ganados may have fallen short of being crowned the most beautiful woman in the universe, but she still made an indelible mark in the pageant scene as she ended her Miss Universe journey as part of the top 20 finalists.

Leaving the competition with another mark and that is winning the Best in National Costume award which was made by a renowned Cebuano fashion designer Cary Santiago.

Another Miss Universe representative from Cebu is the one who broke a lot of barriers and made it known that anyone can be Miss Universe.

Beatrice Luigi Gomez finished her Miss Universe 2021 stint in the top five and left something that would go on for ages.

She was the first beauty queen in the Philippines, who did not hold back in showing her armband tattoo and who gladly introduced herself as part of the LGBTQ community.

She ended her MU journey in a Francis Liberan creation called “Pintados.”

From two powerhouses on the Miss Universe stage, let us head down to another pageant stage with another Cebuana beauty queen with several titles under her belt.

Nicole Borromeo started her pageant journey by winning Miss Silka 2017 which led her to win more pageant titles like Miss Mandaue 2018 first runner-up, Sinulog Festival Queen 2019, Reyna ng Aliwan 2019, placed second in Miss Teen Philippines 2019, crowned Eat Bulaga’s Miss Millenial Philippines 2019 then headed on to get the crown for Binibining Pilipinas International that lead her to win third place in Miss International 2023 in Shibuya, Tokyo, Japan.

And just recently, another pageant veteran from Cebu has made her spot on the international pageant stage.

Maria Gigante, a host, a fashion model, and now crowned as Miss Universal Woman 2024.

Gigante is not a new face to the pageant industry for she has also joined local and national pageants herself that represented Cebu.

This time, she was able to bring home an international crown that makes up her pageant journey.

Gigante is set to work with charitable projects that are partners with Miss Universal Woman.

As we are on the topic of talking about queens, let us tag along one honorable mention who also brought pride and joy to Cebu as an LGBTQA queen.

Miss International Queen 2022 Fuschia Ravena.

This beauty queen took the house down in 2022 as she made her pageant journey one for the books, not just for her but for the Cebuano LGBTQA community who showed nothing but love and support to the queen.

In an interview with Ravena, she said to CDN Digital that in her pageant journey, she would use her voice to spread the message of love.”

And now, Ravena continues to inspire others to go out there, chase their dreams, and make a mark in ways they know they can.

These are just some of the pageant queens that put Cebu on the map of pageantry in recent years.

Queens made sure that they too can make a difference by showcasing the beautiful resources of Cebu, showing wit and intelligence, class and beauty, and most especially the will to make a difference through their chosen advocacies.

Mabuhi ang mga Cebuana beauty queens!


European firm invests in Batangas

5,000 new jobs await Pinoys at future Batangas plant

Story by Alden M. Monzon
Inquirer.net
08 April 2024

The EMS Group of Companies is partnering with a European firm to set up a Batangas production plant for goods targeting female consumers, a venture expected to create up to 5,000 new jobs.

EMS Group of Companies president and chief executive Ferdinand Ferrer told reporters last week they were in the process of finalizing the entry of the European firm.


He said they hoped to start facilitating documentary requirements for the partnership in June.

“The facility is there. But now we have to re-facilitate it to suit these new products,” Ferrer said on the sidelines of the Philippine Chamber of Commerce and Industry’s general membership meeting at the Dusit Thani Hotel in Makati. He declined to specify the amount of potential investment.

The EMS Group of Companies has been in operation in the Philippines for over 15 years and currently has around 18,000 employees. Founded by Ferrer, it has four local subsidiaries engaged in electronics manufacturing, training equipment and learning solutions, and recruitment.

He said they were also wooing other foreign firms, one American and one Japanese, planning to move their assembly operations out of China.

Ferrer noted a rising trend in the international business community called “ABC,” which stands for “Anything but China,” which is characterized by the flight of companies from the East Asian country. INQ

PH- Australia improved trade relations

PH makes second mango shipment to Australia

Story by Janine Alexis Miguel
Manila Times
08 April 2024

THE Philippines has sent a second shipment of mangoes to Australia, which will help increase the country's bilateral trade with that country, according to the Department of Trade and Industry (DTI).

In a statement over the weekend, Trade Secretary Alfredo Pascual said the latest mango shipment will help increase the country's bilateral trade with Australia, which reached $4.1 billion in 2023, or 20 percent higher from the previous year's $3.4 billion.


"The continued growth in our bilateral trade underscores the vast potential for our products in the Australian market. The successful export of our mangoes exemplifies the significant strides we're making in facilitating agricultural trade, which is pivotal for our economic agenda," he said.

Moreover, Pascual highlighted the significance of key policy instruments such as the Second Protocol of the Asean-Australia-New Zealand Free Trade Agreement (AANZFTA), ratified by the Philippines on Feb. 14, 2024, in further optimizing the trade and investment relationship between the two countries.

Asean is the Association of Southeast Asian Nations.

"We would like to provide enhanced market access for our stakeholders/exporters to as many countries as possible, even the non-traditional partners. For this year, we are working on an FTA with EU (European Union), UAE (United Arab Emirates), and Canada under the Asean-Canada FTA negotiation," the trade chief said.

The logistics firm FastboxPH, which facilitated the mango delivery, has noted a surge in demand for the tropical fruit in Australia, attributing it to the quality and exceptional taste of Philippine mangoes.

"The overwhelmingly positive response to our initial shipment last year has paved the way for a triumphant return of Philippine mangoes to Australian tables this April," FastboxPH Managing Director Miguel Ripol said.

FastboxPH is positioned to expand its reach across the country and establish partnerships with more retailers and distributors nationwide to ensure wider availability of Philippine mangoes to Australian consumers.

Philippine Ambassador to Australia Ma. Hellen de la Vega emphasized the importance of the second mango shipment under the strategic partnership forged in September 2023 between the two countries.

"The Philippines and Australia share a strong commitment to fostering trade ties, and the arrival of our mangoes signifies a delightful milestone in our partnership, especially as we celebrate Filipino Food Month in April," she said.

The Philippine Trade and Investment Center in Sydney (PTIC-Sydney), an agency under the DTI, spearheads the effort to broaden the market for high-quality Philippine agricultural goods, specifically mangoes. Through strategic measures like trade expos and consultations, PTIC-Sydney is actively striving to boost the global presence of Philippine products.

"With the DTI spearheading efforts and the unwavering dedication of all involved parties, the future of Philippine mango exports to Australia looks brighter than ever, promising mutual prosperity for both nations," the DTI said.

World Bank optimistic about PH growth

PH growth could hit 6% – WB economist

Story by Niña Myka Pauline Arceo
Manila Times
08 April 2024

THE Philippines could grow by 6.0 percent this year, a World Bank economist said, given significant investments and reforms to boost productivity.

"[If] we look at the regional perspective, the Philippines is doing quite well," World Bank lead economist Gonzalo Varela told reporters last week. "But there are factors that could increase growth further."


The Washington-based World Bank expects the country to grow by 5.8 percent in 2024, missing a just-revised target of 6.0-7.0 percent.

Varela said that if geopolitical tensions ease and oil prices decrease, among other factors, these could positively impact the local economy and potentially boost growth.

Domestically, if inflation pressures ease and the central bank starts cutting interest rates, these could stimulate investment and consumer demand.
"If you consider these alternative ways, what you get is a range of potential output growth that goes from 5.5 to 6 percent," Varela said.

"[O]ver the past few years, what you see is that the economy has been very close to that potential output growth. So it has been above or below, but very close to that range," he added.

Varela highlighted the importance of increasing investments and implementing reforms, saying these would sustain the economy and create high-quality jobs.

Economic growth slowed to 5.6 percent last year, missing the 6.0- to 7.0-percent target, but was still among the highest in the region.

Sunday 7 April 2024

Fil-Am brothers in NHL playoffs

Fil-Am brothers to play in NHL playoffs

Story by Aric John Sy Cua
Manila Times
07 April 2024

FOR the first time in their careers, the National Hockey League (NHL) will see two Filipino American brothers participating in this year's playoffs.

The teams of brothers Jason and Nicholas Robertson, the Dallas Stars and the Toronto Maple Leafs, have clinched their playoff spots on days they did not even play.


Jason's Stars clinched their playoff berth first on Maundy Thursday, March 29, being the first team in the Western Conference to do so after beating the Vancouver Canucks the day before.

As of this writing, Jason has 27 goals and 50 assists for 77 points in 76 regular season games.

Meanwhile, on Friday (Saturday in Manila), the Leafs, where Jason's brother Nicholas "Nick" Robertson is playing, had also clinched their playoff berth.

Despite losing 4-1 to the Tampa Bay Lightning on Wednesday, the Leafs got their playoff tickets following a 4-2 Carolina Hurricanes victory over the Washington Capitals, a 4-2 Buffalo Sabres win over the Philadelphia Flyers, and a 4-3 New York Rangers win over the Detroit Red Wings.

The younger Robertson, in 51 regular season games with the Leafs as of this writing, has 12 goals and 12 assists for 24 points.

Last season, Nick missed the rest of the season and playoffs following a shoulder injury.

For the Leafs, it is their eighth straight NHL playoff appearance, having made the playoffs during the era of forward Auston Matthews, who currently has 63 goals and 36 assists for 99 points in 74 games this regular season.

Meanwhile, a third NHL player of Filipino descent, defenseman Matt Dumba, a Filipino Canadian, will also join the playoffs as a member of the Tampa Bay Lightning, who also had the same clinching scenario with the Leafs.

Dumba was acquired by the Lightning from the Arizona Coyotes during the NHL trade deadline. This season, in 70 games with the Coyotes and Lightning, he has 4 goals and 7 assists for 11 points.

The NHL playoffs begin on April 20.

UP College of Law World Champion at Jessup Cup

UP College of Law wins world’s largest and oldest moot court event

Story by Zeus Legaspi 
Inquirer.net
07 April 2024

MANILA, Philippines — The University of the Philippines (UP) College of Law bagged the title of World Champions at the 2024 Philip C. Jessup Moot Court Competition, it announced on Sunday.

In a post on Facebook, UP College of Law said that its team’s victory comes nearly three decades after their last triumph in the same competition held in Washington D.C. in the United States.


Historic triumph
“The entire UP community joins in celebrating this historic triumph, which not only underscores UP Law’s legacy of excellence but also inspires future generations of legal scholars and practitioners worldwide,” UP College of Law’s post read. 

In a separate post on its website, UP College of Law said that the “Jessup” is the world’s largest and oldest moot court competition for law students, with participants from over 600 law schools in 100 countries and jurisdictions.

Philippines first time to join world's biggest children's book fair

A first for PH at world's biggest children's book fair

Story by Franco Jose C. Baroña
Manila Times
07 April 2024

THE Philippines will participate for the first time in the world's biggest international fair for children's content, National Book Development Board (NBDB) Executive Director Charisse Aquino-Tugade said.

The event will be held at the 2024 Bologna Children's Book Fair (BCBF) from April 8 to 11, 2024 at the BolognaFiere Exhibition Centre in Bologna, Italy.



A curated selection of 103 Philippine books will be featured at the BCBF. These titles by Filipino authors explore themes such as culture, diversity, identity, peace, community and the environment, said Aquino-Tugade, adding that the NBDB partnered with the Philippine Board on Books for Young People (BCBF).

Aquino-Tugade said the Philippine delegation included acclaimed artists Beth Parrocha, a founding member of Ang INK and illustrator of "The Pencil Who Would Not Write" and "Bulul"; Liza Flores, who did the illustrations in "The Secret is in the Soil"; and authors Russell Molina and Mary Ann Ordinario.

For the country's participation in the leading professional fair for children's books in the world, Aquino-Tugade said they aimed not only to present the talent of Filipino creators but also "to secure translation rights, expand networks with foreign publishers, and foster collaborations between local and international counterparts."

She said Philippine comics will also take center stage at the BCBF's Comics Corner, courtesy of Avenida Books founder and Trese publisher Nida Ramirez, who has been honored with a fellowship from the BolognaFiere Group.

Aquino-Tugade said that the country's presence in the BCBF, as well as in the upcoming Asian Festival for Children's Content, where it will be the Country of Focus, and the upcoming Guest of Honor role in Frankfurter Buchmesse 2025, "shall help solidify the Philippines as an emerging creative content capital in Southeast Asia."

"We cannot wait to introduce our children's book industry to the global stage — the many Filipino authors and publishers exploring themes of peace, identity and community," she said.

The BCBF, held yearly, is the meeting place for all professionals involved with creating and publishing children's books. It is mainly used for buying and selling rights for translations and derived products like movies or animated series.

This year, with over 1,500 exhibitors from around 100 countries, including the Philippines, the fair expects over 25,000 visitors.

Designed by the award-winning artist and illustrator Aldy Aguirre, the Philippines' country stand is at Hall 29, Stand B24-C23.

Saturday 6 April 2024

Miss Universe 2015 attends Dior and Bulgari Fashion

Meet former Miss Universe Pia Wurtzbach: the German-Filipino actress is a UNAids ambassador and polyglot, attends Dior and Bulgari fashion shows, and wed last year after vowing she never would


Story by Gloria Fung 
South China Morning Post

Being blessed with both beauty and brains will always get you noticed. Happily, actress and model Pia Wurtzbach has leveraged her image and the power of social media for good since finding fame as Miss Universe, using her talents to advocate for sexual and reproductive health, LGBTQ rights and gender equality.


With a whopping 14.7 million followers on Instagram, Wurtzbach began her journey in front of the camera at the tender age of four. Having started out appearing in television shows and adverts, she began actively taking part in pageants in the early to mid-2010s. Eventually, she made it to the big time, and was selected to represent the Philippines at Miss Universe 2015.

She would go on to bring home the crown, making her only the third Filipino, and the first in over four decades, to do so.

The title made her famous overnight and she now uses her platform to speak out in her home country about sexual and reproductive health, women's rights and her support for the LGBTQ community. She has also been named Asia-Pacific goodwill ambassador for UNAids, and had an HIV test in front of cameras in 2016 to encourage people to know their HIV status.



Her talents also extend to writing. Last year, Wurtzbach penned Queen of the Universe: A Novel: Love, Truth, Beauty. Fans noted that the protagonist shares similarities with the beauty queen in her pursuit of success, love and happiness.

In her late 20s, Wurtzbach told her fans that she wasn't planning on marrying or having children. However she had a change of heart after starting a relationship with Scottish entrepreneur Jeremy Jauncey in 2020. The pair dated for two years before getting engaged in 2022 and tying the knot in 2023.

The polyglot - who's half German and was born in Stuttgart - speaks the language along with English, Tagalog and Cebuano. It certainly helps, given the beauty queen's jet-setting lifestyle, travelling the world with Jauncey, appearing on red carpets, at film festivals and at fashion shows.


The 34-year-old has been spotted in the front row at Alexander McQueen and Bally and her fame has led her to several long-term relationships with luxury brands. 



Her Instagram page reveals that she's a frequent guest at Italian jeweller Bulgari's events and regularly walks red carpets in stunning creations from the brand. In March she received a People Of the Year award from PeopleAsia. At the event in Manila, Wurtzbach wore a gold asymmetric gown with a matching Serpenti bag from Bulgari.



True to her beauty queen title, Wurtzbach's style is elegant and feminine, and she often opts for flowing gowns at events.



At a recent Dior show, she showed up in an ensemble that paid homage to the house's iconic 1920s style better known as The New Look. In a blazer belted over a black pleated skirt, Wurtzbach looked every bit the star in a modern and feminine take on the power suit.