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SM, Ayala Land proceed with expansion 7 “This strengthens our resolve to
projects continuously provide a business-
friendly environment to investors.
BUSINESS PROCESS OUTSOURCING The DTI shall continue to support
the initiatives undertaken by the
Sun Life bullish on Asia, plans BPO hub in RP 7 National Competitiveness Council
whose vision is to establish a
Contact center opens school for call agents 8 competitive Philippines by 2020
and instill the culture of
excellence among Filipinos,”
Trade Secretary and BOI
Chairman Peter B. Favila said.
_________________________________________________
Property of Transnational Diversified Group
Issued by: TDGI – Corporate Planning Department
Bi-Monthly Economic Update
Issue No. 25 July 01 to 15, 2008 p. 2
He said the impressive performance is largely due to the According to a foreign bank operating in the country, however, the
implementation of competitiveness measures. These measures BSP might go one step further and raise its policy rates by 50
are likewise instrumental in moving the Philippines five notches points on Thursday, to demonstrate that it was willing to take
up to the 40th place in the World Competitiveness scoreboard. aggressive steps. Merrill Lynch earlier said the BSP was likely to
raise its key policy rates by 100 basis points this year beginning
The top investment sectors are manufacturing with P78.17 with a 25-point hike this week and then by another 25 points in
billion; electricity, gas, and water with P61.01 billion; real estate, August, October and November.
renting and business activities, P28.45 billion;
infrastructure/industrial service, P11.14 billion; and transport, Merrill Lynch’ Global Economics Team said in its latest report that
storage and communication P7.53 billion. inflation was the key macroeconomic risk for Asia, particularly in
The biggest growth rate was seen in the storage and emerging economies like the Philippines.
communication sector with 638% followed by electricity, gas and (Philippine Star 07-15-08)
water which grew by 374%; manufacturing 79%; and renting and
business activities, 54%.
FOREIGN TRADE
A major number of big ticket projects in the manufacturing and IT
services sectors are to be located in the export zones and IT Banks tell importers to hedge
parks and buildings of PEZA.
their costs as Peso depreciates
Foreign investors account for 34 percent of total investments
while Filipinos committed P135.47 billion, or 66 percent of the
total approved investments. Top three foreign investors include
Koreans P21.24 billion, British P20.66 billion and Americans
P9.05 billion. (Philippine Star 07-05-08)
_________________________________________________
Property of Transnational Diversified Group
Issued by: TDGI – Corporate Planning Department
Bi-Monthly Economic Update
Issue No. 25 July 01 to 15, 2008 p. 3
GOVERNMENT
Export growth slowed to 2.3% in May
BIR sees higher VAT revenues
with new withholding tax law
In a public hearing yesterday on the implementation of the Meanwhile, President Gloria Arroyo said her cabinet was
new law, Aspe clarified that only one-half of the total amount studying the country's foreign trade data, saying the
for personal and additional deductions can be availed of for Philippines should try to boost exports as import costs for oil
purposes of computing the income tax for calendar year and rice bite.
2008. Starting January 2009, individual taxpayers can avail
themselves of the full personal exemption benefits and She said the exports could include "hard commodities such
additional deductions under the new law. as primary products supplemented by soft commodities
such as tourism and outsourced business processing.“
Aspe said that at least 500,000 minimum-wage earners will
benefit from the increase in personal exemption and Teves also dismissed calls by the opposition and the
allowable deductions. The new law also exempts holiday dominant Roman Catholic church to help Filipinos squeezed
pay, overtime pay, night-shift differential and hazard pay by high energy prices by abolishing a sales tax of 12.0
from income tax of minimum-wage workers.(Philippine Star percent on petroleum products.
07-02-08)
"The power to suspend the VAT (value added tax) on oil
rests on Congress," he said, adding the proposal would lead
Gov’t revising economic to lost revenue of $1.6 billion.
growth target - Teves
The money would otherwise be used to help the poor cope
with oil and food prices, he added. (Philippine Daily
Inquirer 07-08-08)
MANILA, Philippines -- The Philippine
government is revising its economic
growth target for the rest of 2008,
DTI scraps filing fees for
Finance Secretary Margarito Teves
said Tuesday as the country battles Exporters' accreditation
high inflation and slowing world
growth. The Bureau Of Export Trade Promotion, an agency of the
Department of Trade and Industry, has scrapped the filing
But Teves did not indicate the likely outcome of the revision
fees for the accreditation of exporters under the Export
of targets for this year and 2009, which comes as experts
Development Act in line with efforts to boost the country's
predict higher Philippine borrowing costs after annual
global competitiveness.
inflation hit a 14-year high above 11.0% in June.
According to the Export Development Council, the move
The global downturn "will really hit us in 2008, especially was pursuant to Executive Order No. 554, which aims to
during the second half," he told reporters, adding world improve the competitiveness of the country's export sector
economic conditions should improve next year. through the removal of fees and charges imposed on export
clearances, inspections, permits, certificates and other
Philippine economic growth eased to an annual rate of 5.2 required papers.
% in the three months to March after rising by 7.2% in 2007,
which was the highest figure in decades. Exporters used to pay the BETP between P1,000 and
P5,000 in annual filing fees for accreditation. EO 554 also
Many Asian nations fear economic growth will slow due to ordered government agencies to make paperwork easier
surging inflation as food and fuel costs rocket amid a global and faster, or scrap permits entirely if possible.
boom in commodity prices. They also worry about the
slowdown in the United States, the world's biggest The order was issued in 2006 following high-level
economy. consultations among government and business executives
and was in response to exporters' complaints that most of
A Philippine daily said the government would slightly widen the fees and permits were "largely ceremonial, not
the 2008 growth target to between 5.7-6.6%, from 5.7-6.5%. necessary and often (the cause of delay for) the shipment of
It said the 2009 target would become 6.1-7.0%, from 6.2- goods to destinations abroad.”
7.0%.
_________________________________________________
Property of Transnational Diversified Group
Issued by: TDGI – Corporate Planning Department
Bi-Monthly Economic Update
Issue No. 25 July 01 to 15, 2008 p. 5
Data from Philexport showed that as of 2007, 14 out of 27 The integration was brought about by virtue of a Customs
agencies that were asked to stop charging fees for export memorandum order requiring all cargo handling operators to
permits and clearances have done so. Based on Philexport merge into one entity. In 2004, SCIPSI became the first
monitoring, the first few agencies that complied with the EO cargo handling operator in the Visayas and Mindanao to be
were those attached to the Department of Agriculture. ISO-certified.
These include the National Food Authority, Bureau of
ICTSI is a global port player that has operations in Manila,
Animal Industry, Fiber Industry Development Authority
Brazil and Madagascar. It also acquired terminals in
(FIDA), National Tobacco Administration, Philippine
Ecuador, Syria, Georgia and Colombia. (Philippine Star 07-
Coconut Authority and Bureau of Fisheries and Aquatic
11-08)
Resources.
Other agencies that scrapped the fees were the Bureau of
SBMA stops Hanjin
Food and Drugs, International Coffee Organization
Certifying Agency, the Department of Trade and Industry's
cement export clearance office and regional offices, the
Department of Energy's oil industry management bureau
and Philippine International Trading Corp. (Philippine Daily
Inquirer 07-08-08)
SHIPPING
ICTSI takes control of
South Cotabato port SUBIC BAY FREEPORT – The South Korean firm Hanjin
Heavy Industries Corp.-Philippines (HHIC-Phils.) was
ordered to stop operations yesterday after another worker
died in an accident in its shipyard over the weekend.
This is the third time that HHIC-Phils. has been issued a
cease-and-desist order since the shipping company started
operations in 2006. Ramon Agregado, Subic Bay
Metropolitan Authority (SBMA) senior deputy administrator
for support services, told The STAR “legal and regulatory
Port operator International Container Terminal Services Inc.
measures” will be meted out against HHIC-Phils. if it is
(ICTSI) has acquired a controlling stake in South Cotabato
found to have disregarded health and safety requirements.
Integrated Port Services Inc. (SCIPSI).
“This shall be without prejudice to other sanctions, fines and
In a disclosure to the Philippine Stock Exchange, ICTSI said
penalties that may be imposed against HHIC-Phils. Inc. as
it bought the 71,845 shares owned by Cordillera Properties
principal of Subic Han Sung Inc. should the latter be found
Holdings Inc. in SCIPSI for P250,000. Also part of the deal
guilty or remiss of its obligations to fully provide for the
is ICTSI’s assumption of Cordillera’s obligations amounting
safety and health of its workers,” he said.
to P18.03 million. With the purchase, ICTSI now owns
50.08 % interest in SCIPSI. Agregado said the latest incident raises questions about
HHI-Phils.’ compliance with occupational safety and health
SCIPSI provides stevedoring and cargo handling services at
rules and regulations. A total of 13 fatal accidents have
the Makar Wharf in the Port of General Santos in General
been reported at HHIC-Phils.’ $1.6-billion shipyard since
Santos City, South Cotabato. It is the integration of the
2006, he added.
seven former cargo-handling contractors at the Port of
General Santos City namely Dadiangas Arrastre Services Agregado also directed Subic Han Sung Inc., the HHIC-
Inc., Delas Marias Brokerage Inc., General Santos Terminal Phils. subcontractor that employed Benjie Gamolo, the
Co., Matutum Arrastre and Stevedoring Corp., Matutum worker who died in the accident, to explain within 48 hours
Terminal Brokerage Inc., Southern Mindanao Services Co. why its registration should not be suspended or revoked. A
and Velayo Brokerage Inc. seven-day cease-and-desist order was issued against Subic
_________________________________________________ Han Sung.
Property of Transnational Diversified Group
Issued by: TDGI – Corporate Planning Department
Bi-Monthly Economic Update
Issue No. 25 July 01 to 15, 2008 p. 6
The two separate orders were sent yesterday to HHIC-Phils. Ysmael said the property, according to preliminary plans,
president Jeong Sup Shim and Han Sung president Ryoo would be developed into a mixed-use complex with retail
Kwon Taek. and business process outsourcing (BPO) facilities.
On Sunday, the 31-year-old Gamolo was reportedly The development will have about 40,000 square meters of
installing a back girder atop a beam when an eight-foot long, BPO office space and support facilities and about 7,000
eight-ton steel beam slipped and hit him in the back and left square meters of retail area.
side of the body. The back girder was reportedly used as a
The initial project cost is estimated at P3 billion.
brace for parallel columns. Gamolo, a structural erector,
died from the injuries the next day at the James L. Gordon Ayala Land spokesperson Alfonso Reyes said the BPO
Memorial Hospital in Olongapo City. component would consist of six buildings of four stories
each and would house about 6,000 seats.
Last June 20, the SBMA also ordered HHIC-Phils. to stop
operations after a steel formwork collapsed due to strong This will be the first BPO facility in Camp John Hay.
winds, killing one worker and injuring four others.
The lease agreement, which took effect July 1, will be for 39
Records showed that on Jan. 18 this year, two welders – years.
Mario Lacsamana of Subic, Zambales and Jeremias
Groundbreaking for the facility is scheduled for the second
Adamos of Morong, Bataan – died when a welding machine
quarter of 2009.
blew up. Two rigger operators, Eduardo Molina and Niel
Mojica, both from Castillejos, Zambales were killed when “Baguio City is an attractive area for BPO expansion with its
they were hit by a steel platform while working at the quay quality of graduates and temperate climate that lures clients
wall of HHIC-Phils. on March 10 this year. to locate there,” Reyes said.
On June 15, Oliver Labay, a 32-year-old worker from Camp John Hay consists of two parcels of land: the Camp
Olongapo City, died when he was pinned down by a steel John Hay former US military reservation that covers 695
plate while fixing another steel plate at Fabrication 23 Bay hectares, and the 247-hectare rest-and-recreation resort
Assemble Shop of HHI-Phils at Redondo Peninsula on June facility. The latter is now called the John Hay Special
15. — With Bebot Sison Jr. (Philippine Star 07-15-08) Economic Zone and is leased to Camp John Hay
Development Corp.
INFRASTRUCTURE Of the 247 hectares, 48.43 hectares or 20 percent is
occupied by a golf course.
Ayala to build P3-B complex in John Hay Only about 22 hectares, or nine percent, have been
designated as areas where development is allowed.
The remaining areas will be maintained as managed forests,
making the camp an ideal ecotourism destination for both
local and foreign travelers.
Aside from its foray into BPO development in Baguio, Ayala
Land said completion of several BPO projects between 2008
and 2009 would add 190,000 square meters of gross
leasable area in its development projects.
Ayala Land Inc., the real-estate arm of conglomerate Ayala
The company’s current BPO-related projects include the six
Corp., announced it would build a P3-billion retail and office
buildings of the University of the Philippines TechnoHub in
complex on a 12-hectare property in Camp John Hay in the
Quezon City, Nuvali Technopod Building 1 in Laguna
northern resort city of Baguio.
province, the BPO component of Glorietta 5 mall in Makati
In a disclosure to the stock exchange, company senior vice City, the De la Rosa E-Services in the Makati business
president Jaime Ysmael said ALI had signed a land lease district, the San Lazaro Building 1 in Manila, the BGC E-
agreement with Camp John Hay Development Corp. for a Services in Taguig City, and the Cebu eBloc in the central
120,636.92-square-meter lot within the John Hay Special Philippines city of Cebu. (Philippine Daily Inquirer 07-03-
Economic Zone at Camp John Hay. 08)
_________________________________________________
Property of Transnational Diversified Group
Issued by: TDGI – Corporate Planning Department
Bi-Monthly Economic Update
Issue No. 25 July 01 to 15, 2008 p. 7
"We have plans to form it as BPO operations," Rajotte said. Delgado said GCMA’s 30 trainers will initially train future
"The Philippines has all this technology so we want to bring call-center professionals for nine weeks on verbal and
that to other countries in Asia." Rajotte said he was hoping written English. He said those who will excel in the initial
to set up the operations this year, but it would all depend on training and qualify for leadership position will undergo
how soon the group could get the regulatory and other another week of management training.
business approvals.
Teresa Hartsaw, president and CEO of ePerformax, said the
"Our operation in the Philippines has some of the best academy will benefit people on national and global
technology for servicing customers. We do a lot of servicing perspective.
for SMS, communication with agents on the status of their
“This [GCMA] will bring new
policy and their servicing of claims. We don't do that in the
generation of Filipinos to the
other countries in Asia," Rajotte said.
doors of global career,”
Sun Life, which pioneered life insurance in the Philippines in Hartsaw said adding that
1895, now has three major business lines in the country--life training program will qualify
insurance, wealth management and pre-need. Rajotte said them in job in the Philippines
the legislation of the Personal Equity Retirement Act, for and at the same time make
instance, would allow the company to expand its asset them “globally competitive.”
management business. Similar to a law that catapulted the
She also said ePerformax’s training center is not keen on
mutual fund industry in the US, Pera is envisioned to allow
training “hoppers,” referring to agents jumping from one
investors to realize higher compounded gains for
company to another. Instead, it will focus on applicants who
investments set aside each year for as long as the funds are
only need short training on the basics of leadership and
left untouched until age 55. (Philippine Daily Inquirer 07-
management.
07-08)
In setting up the academy, Hartsaw said ePerformax aimed
to further develop Filipinos’ speaking and comprehension
Contact center opens
skills in English without the aid of scripts to make the
school for call agents Philippines the number one outsourcing destination in the
world. Asked if the academy is the answer to the industry’s
high-attrition rates, Hartsaw said:” With less than 4 percent
a month, we are better in the overall industry,” assured
Hartsaw.
e-Performax has allocated $4.5 million for its ongoing
expansion program. Of the amount, it will spend $700,000,
or P31.50 million, for the academy. With its ongoing
US Performance Consulting Group and Transnational
expansion in two locations, GCMA hires 100 call agents a
Diversified Group (TDG) of the Philippines said Tuesday
week to meet a 3,500-seat capacity by the end of 2008.
their joint-venture contact center, ePerformax, will conduct
Company officials said, will soon rise in Cebu. (Business
in-house training for call-center applicants in its Global
Mirror 07-02-08)
Communications & Management Academy (GCMA).
Sources:
In a press briefing, TDG said GCMA’s training is intended to
meet the strict requirement of the business process * Philippine Daily Inquirer * Business World
outsourcing (BPO) industry.
* Business Mirror * Philippine Star
“The country is in need of quality
call-center agents,” said Robbie For a detailed update, please contact
Delgado, chairman of TDG after
the Corporate Planning Department:
GCMA’s ribbon cutting ceremony
held Tuesday at the Pacific Star Janice Corro
Building in Makati.
E-mail: janice.corro@tdgworld.com
_________________________________________________
Property of Transnational Diversified Group
Tel No. 527 5312
Issued by: TDGI – Corporate Planning Department