PH back in competition

Philippines’ competitiveness rebounds in 2019 — IMD

Ian Nicolas Cigaral
Philippine Star
29 May 2019

MANILA, Philippines — The Philippines’ competitiveness improved in 2019 on the back of rosy economic performance last year and higher labor force, according to a research group of Switzerland-based business school International Institute for Management Development.

This Dec. 20, 2018 photo shows workers cleaning a panel of the building in UN Avenue, Manila. 

The Philippines’ competitiveness improved this year on the back of rosy economic performance 

last year and higher labor force, according to a research group of Switzerland-based business school International Institute for Management Development.The STAR/Krizjohn Rosales

The Philippines ranked 46th out of 63 economies tracked in IMD’s 2019 competitiveness report. This was higher than the Southeast Asian country’s previous ranking of 50th place in 2018.

Among 14 Asia-Pacific countries covered by the report, the Philippines placed at the 13th spot this year, unchanged from last year and just ahead of Mongolia and right behind India.

“This result was driven by a solid economic performance supported by sustained real [gross domestic product] growth (6.2% in 2018) and an increase in labour force and employment levels,” IMD said.

For its report, IMD said it evaluated “the extent to which a country fosters an environment where enterprises can achieve sustainable growth, generate jobs and, ultimately, increase welfare for its citizens.”

IMD looked into four factors — economic performance, infrastructure, government efficiency and business efficiency — in giving a final score for each country.

Broken down, the Philippines improved in the economic performance factor, placing 38th this year from 50th previously despite a decline in the international trade sub-factor. In terms of government efficiency, the Philippines climbed to 41th spot from 44th on the back of better institutional framework, business legislation and societal framework.

Under the business efficiency factor, the Philippines ranked 32nd from 38th mainly driven by better labor market and “attitudes and values.” Lastly, the Philippines jumped to 59th place from 60th in the infrastructure factor.

According to IMD, the Philippines needs to “speed up and sustain investments in physical infrastructure” and “sustain investor and consumer confidence.”

IMD then flagged the country’s “inadequate investment in human capital, poor digital competitiveness and future-readiness and persistent political risks.”

The rankings have been produced every year since 1989 by the IMD World Competitiveness Center.

This year, Singapore ranked as the world’s most competitive economy for the first time since 2010, knocking out the United States from the top spot to 3rd place amid higher fuel prices, weaker hi-tech exports and fluctuations in the value of the dollar.

Hong Kong held on to 2nd place, helped by a benign tax and business policy environment and access to business finance. Meanwhile, competitiveness across Europe struggled to gain ground this with most economies on the decline amid economic uncertainties.

“In a year of high uncertainty in global markets due to rapid changes in the international political landscape as well as trade relations, the quality of institutions seem to be the unifying element for increasing prosperity,” said IMD professor Arturo Bris.

“A strong institutional framework provides the stability for business to invest and innovate, ensuring a higher quality of life for citizens,” Bris added.

PH senate honored Pinoy scientists

Pinoy scientists hailed for work in medicine, astronomy, other fields

ABS-CBN News

 May 23 2019

MANILA—The Senate applauded a Filipina doctor and 8 scientists for "bringing pride and prestige to the country."

Under Senate resolutions 882 and 923 adopted Wednesday, the upper chamber honored Dr. Gay Jane Perez for winning first place at the 2018 Asian-US Science Prize for Women and 8 Filipinos who were among the Asian Scientist 100 (AS100).

Perez, who was up against 7 other scientists from Southeast Asia, was honored for her work using satellite date to forecast drought, which could help farmers identify ideal planting areas and seasons to improve their yield.

The 8 scientists recognized were: Lucille Abad, Philip Alviola, Nathaniel Hermosa II, Mario Antonio Jiz II, Lanndon Ocampo, Jeffrey Perez, Rogel Mari Sese and Aletta Conception Yñiguez.

Abad was credited for working on irradiated carrageenan as food supplement for plants. A carrageenan is a substance extracted from a specific type of seaweeds.

Alviola was recognized for his study on wildlife, while Hermosa was honored for his research on light and light-matter interaction.

Jiz did a research on a disease caused by a type of parasitic flatworm and developing a vaccine, Ocampo made contributions in manufacturing sustainability, while Perez was credited for studies on fault lines and earthquakes.

Sese was recognized for his contributions in astrophysics and his space-research advocacy, while Yniguez for her work in marine biology and fisheries.

“To be recognized as an honoree of AS100, one must have received a national or international prize in 2017 for scientific research or leadership,” said outgoing Sen. Bam Aquino, who authored the resolutions.

Pinoy is a UK mayor

Pinoy nurse elected UK mayor 

Helen Flores
Philippine Star
18 May 2019

MANILA, Philippines — A Filipino nurse has been elected mayor of East Grinstead in West Sussex, United Kingdom.

Danilo Favor will serve as town mayor from 2019 to 2020, according to the website of East Grinstead Town Council. He is the first Filipino to be elected town mayor in the UK.

Danilo Favor will serve as town mayor from 2019 to 2020, according to the website of East Grinstead Town Council. He is the first Filipino to be elected town mayor in the UK.

In 2018, Favor was elected deputy mayor of East Grinstead.

Favor has been the town councilor of Ashplats Ward since 2011 and works as ophthalmic clinical nurse specialist at the Queen Victoria Hospital.

“Entering into British politics was God given opportunity. It was not our plan and beyond my dreams and expectations,” Favor was quoted by ABS-CBN Europe News Bureau as saying.

One of the mayor’s charities is the Queen Victoria Hospital Charitable Funds, which aims “to support the work, patient support and research carried out at the hospital,” the East Grinstead website said.

He would also prioritize the creation of EG First Responders, which aims to respond to emergency medical situations within eight minutes.

Favor would also push for the establishment of EG Street Pastors, who will patrol the streets late at night on weekends and after school hours.

Favor migrated to the UK in 2000 with his wife Maribel, also a nurse.

In 2014, Favor received a Community Service Award from Mid-Sussex District Council for his active involvement in various community organizations.

Prior to entering politics, he received the Presidential Banaag Award for outstanding individuals and organizations overseas that promoted the interests of overseas Filipino communities.

Favor graduated in the Philippines with a degree in nursing and completed his ophthalmology nurse specialist studies at King’s College in London.

PH on Global 2000 list

6 Philippines firms make Forbes ‘Global 2000’ list 

Iris Gonzales
The Philippine Star
17 May 2019

MANILA, Philippines — Six Philippine companies made it to this year’s Global 2000 list by Forbes, an annual ranking of the world’s biggest, most powerful and most valuable companies.



These are the Sy-owned BDO Unibank and SM Investments Corp., Top Frontier Investment Holdings, Ayala Corp., Ty-owned Metropolitan Bank & Trust Co. and Gokongwei-owned JG Summit Holdings Inc.

BDO ranked 1,018 with a market value of $11.2 billion while SM Investments ranked 1,092 with a market value of $21.6 billion.

Top Frontier, the majority shareholder of diversified conglomerate San Miguel Corp., is at 1,196th place with a market value of $1.7 billion.

Ayala Corp. is at 1,236th place with a market value of $11 billion.

Another Philippine giant, Metrobank, occupied the 1,639th spot with a market value of $6 billion.
JG Summit Holdings Inc. rounded out the six companies from the Philippines that made it to the list with a ranking of 1,720th. It has a market value of $8.5 billion.

Forbes said the rankings are based on an analysis of four metrics: sales, profits, assets and market value.

For the seventh consecutive year, Industrial & Commercial Bank of China is the top company on the list, followed by JPMorgan Chase & Co., which overtook China Construction Bank for second spot.
China continues to sit atop the list, however, with Agricultural Bank of China at No. 4 and Bank of China at No. 8, placing the country’s “Big Four” banks all still in the top 10, Forbes said.

“Rounding out the list are Bank of America (No. 5), Apple (No. 6), Ping An Insurance (No. 7), Royal Dutch Shell (No. 9) and Wells Fargo (No. 10),” Forbes said.

In total, Forbes 2019 Global 2000 companies account for $41.2 trillion in revenue, $3.4 trillion in profits, $186.7 trillion in assets and $56.8 billion in market capitalization.

Forbes said that the list is a reflection of the strong performance of businesses across the globe.
Companies featured in the list have seen steady increases in overall revenue, profits and market cap.
Forbes noted that banks and diversified financials had another particularly good year, with the majority of US banks booking higher profits due largely to a recent suite of tax cuts.

The M&A sector also underwent a number of significant business developments, with the $78.3-billion acquisition of Time Warner by AT&T topping the list.

Companies on the 2019 list come from 61 countries, with the United States contributing the most with 575, followed by China/Hong Kong with 309 companies, up from 291 the previous year.

PH as premier gaming destination

Philippines to be a premier gaming destination, Duterte directive

The president has directed PAGCOR to turn the country into “the top gaming and entertainment destination in Southeast Asia by 2020.”

By Anna Maria Romero
14 May 2019
The Independent

Manila— Casinos are big business in the Philippines, and the industry is definitely growing. In the first quarter of this year, PAGCOR, the Philippine Amusement, and Gaming Corporation reported earnings of PHP18.27 billion (S$477 million) from gaming operations, up by over 15 percent from the same period last year.

And, since half of PAGCOR’s gaming income goes directly toward government funds, the country’s Bureau of the Treasury ended up receiving roughly S$233 million, aside from a sizable 5 percent donation to the Philippines Dangerous Drugs Board, another government entity.

PAGCOR is responsible for operating establishments under the Casino Filipino label in seven cities, with satellites all over the country.

Where Mr Duterte once considered casinos to have some of the same ill effects as the narcotics trade, he has since revised his opinion, softening his stance a good deal, especially with casinos raking in S$4.93 billion in earnings in 2018.

He had originally ordered PAGCOR to sell its casinos but he seems to have changed his mind in the light of the high profitability of the Filipino casinos.

In Manila, the nation’s capital, there are four land-based casinos that dominate the scene and bring in the highest percentage of gross gaming revenue (GGR), with another one looming on the horizon. These are City of Dreams, Solaire, Resorts World, and Okada, which collectively brought in S$3.71 billion in 2018.

Perhaps this has caused the president to command PAGCOR to turn the country into “the top gaming and entertainment destination in Southeast Asia by 2020.”

With this announcement, industry experts are expecting an influx of gaming license applications to flood the country.

City of Dreams announced in April that it is considering expanding its operations in Manila.

Willy Ocier, the chairman of Premium Leisure Corporation, a major investor of City of Dreams Manila, said: “The expansion of City of Dreams is being studied by our partners as well as ourselves.”

And while Mr Ocier noted the possibility of opening more casinos that carry the City of Dreams name, he added that his company had yet to identify venues for their proposed expansion.

Premium Leisure reported a nearly ten percent increase in the first quarter of this year, earning Php 724.7 million (S$18.9 million).

Meanwhile, Entertainment City, a 120-hectare area of reclaimed land close to downtown Manila, is currently being developed into a casino zone. Modeling itself after Macau’s Cotai district, which has been massively successful.

Additionally, Bloomberry Resorts Corp, which owns Solaire Resort and Casino, has announced that it will develop a second casino under the Solaire brand, this time in Quezon City, in the northern part of the nation’s capital, Manila.

The third major casino resort in Manila is called Okada Manila and is owned and operated by Tiger Resort, Leisure and Entertainment Inc, which is a subsidiary of Japanese gaming conglomerate Universal Entertainment Corp.

In its GGR filing, Okada Manila reported that it had earned PHP2.48 billion (S$65 million), which is over 25 percent higher than the previous year.

All three casino resorts are also recording increased numbers of visitors, as well as VIP and mass market revenue.

And now, two more casino resorts are about to enter the scene.

First, Travellers International Hotel Group is currently building its own casino-hotel, Westside City Resorts World.

Next, Waterfront, paid S$137 million in cash more than a decade ago in fulfillment of the requirements from PAGCOR to operate.

Despite legal delays, Waterfront was recently given the go signal to operate a casino at Entertainment City. The Philippines’ Court of Appeals said that the license granted to Waterfront is “similar to those granted to Resorts World Manila, City of Dreams, Solaire Resort & Casino and Okada Manila.”

With these five big players in the industry, President Duterte may yet get his wish. / TISG

PH in 7% Club

Asian Economies Set to Dominate 7% Growth Club During 2020s

By Michelle Jamrisko| Bloomberg
12 May 2019

The 2020s are set to be the Asian decade, with the continent dominating an exclusive list of economies expected to sustain growth rates of around 7%.

India, Bangladesh, Vietnam, Myanmar and the Philippines should all meet that benchmark, according to a research note Sunday from Madhur Jha, Standard Chartered’s India-based head of thematic research, and Global Chief Economist David Mann. Ethiopia and Côte d’Ivoire are also likely to reach the 7% growth pace, which typically means a doubling of gross domestic product every 10 years. That’ll be a boon to per-capita incomes, with Vietnam’s soaring to $10,400 in 2030 from about $2,500 last year, they estimate.

The 7% Club

Seven economies set to grow at around 7% through 2020s, with surges in per-capita GDP, Standard Chartered Bank says 

The South Asian members of the group should be GDP standouts as they’ll together account for about one-fifth of the world’s population by 2030, Standard Chartered reckons. The demographic dividend will be a boon for India, while Bangladesh’s investments in health and education should juice productivity.

The Asian dominance of the list is a change from 2010, when the bank first started tracking the economies it expected to grow by around 7%. Back then, there were 10 members evenly split between Asia and Africa: China, India, Indonesia, Bangladesh, Vietnam, Nigeria, Ethiopia, Tanzania, Uganda, and Mozambique.

China is a notable absence from the latest ranking after being a member of the club for almost four decades -- reflecting both a slowdown in economic growth and a progression toward higher per-capita incomes that makes faster growth rates more difficult to sustain. Standard Chartered estimates the world’s No. 2 economy will keep up a 5.5% economic growth pace in the 2020s.

Sub-Saharan African countries also have faded, which the analysts attribute to “waning reform momentum, despite a slowdown in commodity prices.”

Routes to the 7% Club

     1) Export- or supply-driven commodity boom

     2) Recovery period after intense economic or political weakening

     3) Overheating, including monetary expansion or a real-estate boom

     4) Export-oriented industrialization, especially in manufacturing

Source: Standard Charter Bank

While faster economic growth isn’t a panacea -- think income inequality, crime, pollution -- it tends to come with a lot of positive knock-on effects, Jha and Mann wrote.

“Faster growth not only helps to lift people more quickly out of absolute poverty, but is also usually accompanied by better health and education, as well as a wider range of -- and better access to -- goods and services,” they say in the report. “Higher incomes resulting from faster growth also usually reduce socio-political instability and make it easier to introduce structural reforms, creating a virtuous cycle.”

In addition, 7% club members tend to have savings and investment rates of at least 20-25% of GDP, according to the report.

Arya Stark is Pinoy Martial Arts Trained

'Game of Thrones' star Maisie Williams trained in this Filipino martial art for Battle of Winterfell scene
ABS-CBN News
11 May 2019

Defending Winterfell against the Night King's army was no small matter.

It's no surprise that Maisie Williams, who plays Arya Stark in the hit HBO series "Game of Thrones," came prepared, training in all sorts of martial arts, including in the Philippines' Pekiti-Tirsia Kali.

As revealed in an interview with US-based site Inverse, the stunt team of "Game of Thrones" shared that they had Williams learn an "adapted version" of the style in preparation for the final season.

"Kali is a style we drew from," stunt choreographer Rowley Irlam said. "My team comes from a very wide background of martial artists, weapons experts, so we draw from all styles we possibly can. Filipino stick work is definitely one of them for this piece."

Irlam shared that fans can see this during the scene where Arya had to continue fighting despite her spear being broken in half.

Kali is a style that specializes in close quarter fights and situations where people are forced to use improvised weapons.

Irlam also explained that the idea of incorporating Kali came to them when they were presented with the plan to have Arya fight in a tight interior stairway, which was part of the Winterfell set.

The Battle of Winterfell was the centerpiece fight of the show's final season, which began airing midway last month.

He said that they were "looking for something new and original" when they opted for the Filipino style. "We never wanted to repeat anything we've done before."