Trade Secretary Ramon Lopez briefs President Duterte on the products of micro, small-and-medium enterprises (MSME) at the National MSME Summit in Clark, Pampanga on 10 July 2018. Contributed photo
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By Daily Tribune — June 12, 2018Revolution Precrafted, one of the strongest property technology companies in Asia awarded a franchising agreement to Innovation LLC, for the supply of mid-priced residential units in Ecuador, a move that is expected to further boost the company’s reach, as it finally enters the lucrative South and Central American markets. “This franchise agreement with Innovation LLC is a strategic move for the company. It allows us to tap into huge South and Central American land bank. This supports our goal of extending our reach to at least 20 to 25 markets this year,” Robbie Antonio, Founder and CEO of Revolution Precrafted, said. He said Ecuador is the 11th international market for the firm. Under the deal, Revolution Precrafted will supply mid to luxury residential homes and villas to Ecuador, through Innovation LLC, which is finalizing agreements in with large real estate developers in Quito, and surrounding cities. The development deals will be announced in the next few weeks. Ecuador, located near the equator, is surrounded by Colombia and Peru. It has a population of 16.5 million.
By Daily Tribune — July 21, 2018In recognition of its excellence in responding to customer concerns, China Banking Corporation (China Bank) was conferred the Pagtugon Award for Universal and Commercial Banks by the Bangko Sentral ng Pilipinas (BSP) at the 2018 Awards Ceremony and Appreciation Lunch for Stakeholders held recently at the BSP Complex in Manila. “This award affirms our strong commitment to providing exceptional customer experience at every encounter,” said China Bank president William Whang. Its thrift banking arm China Bank Savings was also recognized as a finalist in the Outstanding Partner Bank in Clean Note Policy Campaign-Thrift Banks category. The Pagtugon Award, which was created in line with the BSP’s advocacy of upholding consumer protection, is given to banks that promptly and consistently respond to the Financial Consumer Protection Department’s referrals of consumer issues and have the least number of customer complaints with the BSP. Since 2012, the BSP has been giving the award to foster responsiveness and greater efficiency in the banking industry with regards to serving and protecting the interests of their clients as well as in adhering to best practices of customer service. The bank’s new award from the BSP comes in the heels of its recent awards for its adherence to the best practices in corporate governance and investor relations. These include winning the Best Investor Relations Company (Philippines) and Best Investor Relations Professional (Philippines) awards from Corporate Governance Asia for the fourth year in a row and the Best Bank for Corporate Governance Philippines 2018 and Best Investor Relations Bank Philippines 2018 awards from Global Banking and Finance Review for the third consecutive year.
By Komfie Manalo — July 14, 2018“Sharpening the focus on the Philippines’ regional areas had set the scene for a new period of investment and enterprise.” The Oxford Business Group (OBG)’s latest study showed the reform initiatives and the government’s massive infrastructure program face challenges from business leaders, but added key sectors continue to provide strong gains. Commenting on OBG’s The Philippines 2018 report, Patrick Cooke, OBG’s regional editor for Asia said that efforts among manufacturers to move up the value chain, together with continued strong performances across the service and trade industries, had also provided firm foundations for future expansion, helping the country to secure a sixth consecutive year of GDP growth above six percent. “While our report highlights the issues that remain a challenge for business leaders, such as uncertainty over tax reforms and the need to improve supply chains, core segments of the manufacturing industry continue to deliver strong performances, despite intense regional competition and unhelpful trade disputes between the world’s leading economic powers,” he said. “With growth in the first quarter of 2018 having reached 6.8%, on a par with China and behind only Vietnam in the region, the Philippines has much to feel positive about.” At the same time, the study underscored the Duterte administration’s “Build, Build, Build” infrastructure program as the main driver to the country’s growth and inclusive economic agenda. It also took a closer look to BBB’s funding mechanisms for the broad range of projects either in the pipeline or under consideration, including airports, seaports, railways and the country’s first subway system, as well as exploring the long-term implications of these projects for inclusive growth and economic productivity. “The administration’s goals of making infrastructure development a top priority and ensuring that future economic growth is both sustainable and more inclusive are already generating a raft of new opportunities nationwide, as our coverage of the country’s emerging cities shows,” said OBG’s editor in chief, Oliver Cornock. “With a diverse range of funding options to finance the project pipeline now being pursued, the Philippines should be able to look forward to a period of heightened economic activity in the medium term.” The report said the massive infrastructure spending is pushing the growth in country’s construction sector, which is benefiting from rising levels of urbanization and growing demand for both office space and housing in Metro Manila and other provinces. Cornock added that sharpening the focus on the Philippines’ regional areas had set the scene for a new period of investment and enterprise. In addition, the 279-page report cited the merits of the Tax Reform for Acceleration and Inclusion (TRAIN) program, considering its role in boosting revenue for national projects, its impact on inflation and the mixed reception it has received so far from business leaders. According to the report, the expansion across key components of the Philippines’ manufacturing industry, including electronics, food and beverages, chemicals and furniture, helped boosted overall output by 8.5 percent in 2017. Looking ahead, OBG also examined the suitability of the government-led Inclusive Innovation Industrial Strategy (i3S) in raising the competitiveness of the manufacturing sector in an era of rapid technological change.