Jollibee in Edmonton

Popular Filipino fast food chain Jollibee opens in Edmonton to huge fanfare

Slav Kornik | Global News Canada

16 August 2019

The popular Filipino fast-food chain Jollibee opened its first restaurant in Edmonton to massive fanfare on Friday morning — the excitement was so great, a record was set.

Jollibee opening in Edmonton, Canada

Hundreds of people lined up for hours and even days just off Calgary Trail and 38 Avenue in south Edmonton to get the first taste of the restaurant’s food.

The crowd cheered, sang and danced shortly before the restaurant opened.

Jordan Haworth was the first in line after arriving at the restaurant at 9 a.m. on Tuesday, meaning he waited in line for nearly three days —which set a record for the longest wait at a Jollibee opening.

Jollibee store openings have been known to draw large crowds as fans and newcomers alike line up for a chance to try the unique food.

“I’m very very excited. People have been repping it all week,” Haworth, who hadn’t tried the company’s food before, said.

“We have never seen this kind of opening at any of our locations before, probably the [previous] record we had was a 20 hour wait,” JFC North America Philippine branch president Maribeth Delacruz said.

“It was in Manhattan in New York, but somebody waiting in line for three days for the opening is just really phenomenal.”

Others drove several hours to get a taste of Jollibee’s food. The Filipino people who lined up said Jollibee is more than a fast-food restaurant, it’s a part of their native country.

“When you go to a mall with your family, you would eat at Jollibee. You would always eat there.”

The fast-food giant has been in the Philippines for 40 years, with around 1,000 restaurants world-wide.

The menu contains items that may be new to some Canadian palates: known as “the McDonald’s of the Philippines,” the restaurant has diverse offerings such as fried chicken, sweet-style spaghetti sauce and noodles, and peach mango pie.

“I just came from inside and somebody who waited for three days in line, and when she finally got to the counter she was literally crying,” Delacruz said.

The Edmonton restaurant is the fifth in Canada for the company. There are also two in Toronto and two in Winnipeg.

Those in line believe the new restaurant will be a huge hit in Alberta’s capital.

“Especially that it’s just one in Edmonton,” Angel Haddac said.

“And there’s a lot of Filipinos and other people that would like it,” Reyes added.

The company has aggressive expansion plans, with the goal of opening 100 restaurants in Canada over the next five years.

Strong PESO

Philippine Peso ranks 2nd strongest currency in SEA

By Gabriela Baron| Manila Bulletin

07 August 2019

The Philippine Peso ranked second against the US dollar among selected Asian currencies, according to the Department of Finance.

It appreciated 2.82% versus the US dollar, next to Thailand Baht’s 4.27% from January to July.

(Taylor Weidman / Bloomberg / MANILA BULLETIN)

The DOF said that the strong balance-of-payments (BOP) position of the Philippines and rising Gross International Reserves (GIR) contributed to the peso’s strength.

Strong foreign exchange inflows from exports of services, remittances, income from investments abroad, direct foreign investments, and foreign borrowing contributed to the strong BOP position as well.

The peso was among the most stable currencies in the region, ranking 6th among 12 currencies, the Finance department added.

However, according to a report by GMA News, the ongoing tensions between China and the United States could weaken the Philippine peso in the short term.

The Philippine peso is followed by Indonesian Rupiah, Indian Rupee, and Japanese Yen at 3^rd, 4^th, and 5^th places.

Davao City: PH Next Investment Destination

Can Davao City Become The Philippines' Next Investment Destination?



Annalisa Burgos, Contributor
Forbes.com
31 July 2019

Perhaps the Philippines' most underrated investment destination is its largest city in terms of area. Davao City has long attracted adventurous entrepreneurs and businesses for its rich natural resources and opportunities for economic growth, and yet, security issues in the southern region of Mindanao continue to deter many investors.

Victoria Plaza Mall on J.P. Laurel Avenue. Getty

Drive through Davao City and you’ll see the tell-tale signs of a growing metropolis–high-end condos and malls, construction sites and traffic congestion. Philippine President Rodrigo Duterte is credited with bringing progress to the hometown he led as mayor for more than two decades before moving to Malacañang Palace. Today, his children are following in his footsteps: daughter Sara Duterte-Carpio is the current mayor and his son Paolo is a congressman and other son Sebastian is city vice mayor.

In the private sector, wealth and power remain mostly in the hands of the homegrown elite: pioneer families unfazed by global stigma who invested in the city’s agribusiness, real estate, logistics and infrastructure thought too risky by their counterparts in the north. Meantime, bold foreign investors saw profit potential in this “Wild West” and blazed a trail–like Lars Wittig, country manager of Regus & SPACES by IWG Philippines.

Wittig began seeking new markets in Mindanao some 30 years ago, first for tobacco giant Philip Morris, then Dole’s plantation empire, and now for a leading operator of flexible workspaces. He says one of the biggest indicators that Davao was the place for Regus to invest was the number of gas stations, McDonalds and even the Starbucks he saw in 2012.

“This is really becoming a ground zero for all types of industries to venture into,” Wittig explained, noting the need to alleviate the burden on Metro Manila and shift operations to tier two cities like Davao. “We all know how difficult it is to maintain productivity [in Manila] and meanwhile down here, there’s less competition for a very young and IT-savvy population.”

PH new Manila international airport

Philippines approves plan to build new Manila airport

Gulf News| 31 July 2019

Philippine conglomerate San Miguel will build the airport in Bulacan town

Highlights

• San Miguel Corp was the only company to bid for the project
• Company will have to break ground on the $14 billion project before the end of the year
• It is set to open for business no later than 2025 
• 
  

MANILA: The Philippines on Wednesday approved a plan to build a new airport near Manila, in a bid to ease congestion with the capital's existing airport operating at full capacity.

Philippine conglomerate San Miguel will build the airport in Bulakan town, north of Manila Bay, that will feature four parallel runways and serve 100-200 million passengers a year, a government statement said.

"This new international airport is important in helping ease the congestion of the Ninoy Aquino International Airport (in Manila)," Transportation Secretary Arthur Tugade said in the statement.

San Miguel, which was the only company to bid for the project, will have to break ground on the $14 billion project before the end of the year and open for business no later than 2025, the statement said.

• OFWs may require national IDs before leaving Philippines
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• Duterte conducts surprise visit at airport

The company has said it plans to run the airport — which would be the biggest infrastructure project under President Rodrigo Duterte's government, after obtaining a government concession.

The existing Manila airport, which has two runways, handled nearly 260,000 flights and served 45 million passengers last year, according to its website.

The announcement came after the close of trade in Manila. Shares in San Miguel rose 1.19 percent to end at 178.00 pesos ($3.50).

PH FDI magnet

Fitch unit sees more FDIs in Philippines

Lawrence Agcaoili

The Philippine Star

28 July 2019

Tax reform, free trade deals expected to provide boost

MANILA, Philippines — The tax reform program in the country is seen boosting the country’s chances of bagging more foreign direct investments (FDI) , according to the research arm of the Fitch Group.

In its latest industry trend analysis, Fitch Solutions Macro Research said tax reforms in the Philippines would attract foreign investments particularly in the field of medical devices..File

In its latest industry trend analysis, Fitch Solutions Macro Research said tax reforms in the Philippines would attract foreign investments particularly in the field of medical devices.

“The tax reform program in the Philippines will boost the country’s attractiveness and encourage foreign investment. The Philippines currently has the second highest corporate tax rate in East And Southeast Asia,” Fitch Solutions said.

Fitch Solutions said FDIs in the country are somewhat hindered by a high fiscal burden through the high tax rates, which pose operational headwinds to firms and create barriers to investment.

Under the proposed tax reforms, the government intends to reduce corporate tax to 20 percent from 30 percent over 10 years from 2021, as well as reducing the number of capital income tax rates to 42 from 80.

“We believe that this will benefit medical device companies and boost foreign investment, as the tax reforms promote a more business friendly environment in the Philippines,” Fitch Solutions said.

The free trade agreements (FTAs) are also seen further boosting the country’s competitiveness and ease of trading for businesses.

For one, Trade Secretary Ramon Lopez held talks with Terumo last March to discuss the company’s plans to expand production of IV catheters at its manufacturing plant in Laguna Technopark in  Biñan, Laguna.

This follows the  approval of the Tax Reform for Acceleration and Inclusion Package 2 (TRAIN-2) in 2018, and as of 2019, the Duterte administration has remained optimistic that all packages of the proposed comprehensive tax reform program will be approved by 2020.

“On the other hand, the extent to which companies will benefit from the tax reforms will be limited by the proposed changes in investment incentives. We note that there have already been reports of some firms putting on hold their planned investments amid concerns of the proposed changes in the incentives regime,” it said.

Fitch Solutions said the changes include shortening income tax holidays for companies, as well as removing the five percent tax incentive on gross income earned, which companies registered with the Philippine Economic Zone Authority (PEZA) can claim.

“Businesses investing in the Philippines will benefit from a broad range of FTAs. Regional trade for medical device companies in the Philippines is facilitated by the country’s membership of the ASEAN, which has reduced or removed tariff and non-tariff trade barriers for most goods in recent years,” it said.

The ASEAN has also inked FTAs with some of the Philippines’ major trade partners, including China, Japan and South Korea. This will continue to boost the country’s competitiveness and ease the trading process for businesses, making it a more attractive destination for medical device companies.         

SONA 2019: Focus on Economy

Such great economic progress  in last 3 years  

   

Manila Bulletin |Editorial

21 July 2019

When President Duterte delivers his State of the Nation Address (SONA) at a joint session of Congress tomorrow, Monday,  it will mark the start of the second half of his administration.  A great deal is expected  in these next three years , especially in the economic  field. The World Bank  sees the Philippines as the fastest growing economy in the Association  of  Southeast Asian Nations (ASEAN) today. It is now  the  13^th  largest economy in Asia, and  projected  to be the 5^th largest  in Asia and 16^th largest  in the world by 2050.

What could be the most significant economic development  for the country in the coming months and years  is  a joint  oil and gas exploration  with China which is expected to  begin this November, according to Energy Secretary Alfonso  Cusi,  chairman of the National Economic and Development Authority (NEDA).

President  Duterte  signed last May 28 Executive Order No. 80  removing a final roadblock to  an oil exploration, development, and production  agreement between the Philippine Exploration Corp. and the China National Offshore Oil Corp.  The  administration  had earlier signed  its first agreement with an Israeli company in 2018  covering a 416,000-hectare area east of Palawan. The  new agreement  with China covers a 720,000-hectare area in Calamian, west of Palawan. Calamian is one of two regions  near Palawan believed  to have considerable oil  resources;  the other is Reed Bank.

The  oil exploration agreement  is only one  area in  the multi-faceted relations  we have developed with China in the last three years. Our  trade with China, including Hong Kong, reached $417 billion this May, making  it the Philippines’ top trading partner. Philippine banana  exports tripled  in the first quarter of 2019 to $160 million.  Philippine  Online Gaming   Operations (POGO)  earned  P24 billion in taxes.  In 2018,  1.2 million Chinese tourists  boosted  the Philippine economy  by P32 billion;  2 million are expected  by 2020, a potential addition of  P50 billion to the economy.

In our ”Build, Build, Build”infrastructure program, China is involved in a big  way, including two donated bridges across the Pasig River, funding for a P500-million   Metro Manila flood-control project now on its second year,  a  P175-billion South Rail Project,  and  an P18.7-billion Kaliwa Dam to boost Metro Manila’s  water supply.

We may have ongoing  disputes in our conflicting claims to certain islands in the South China Sea, particularly in  the 200-mile  Exclusive Economic Zone we have renamed West Philippine Sea, but  President Duterte appears to have the situation well in hand.  He believes  the political  dispute will eventually be settled; in the meantime, he  is determined to see the Philippines benefit from the many  economic programs  that are underway.

The first half of the Duterte administration ends today  with considerable  economic  growth and progress. We look forward  to the second half which, we expect, will be marked with even more  economic  growth, as the President  spells out his plans for the country in the  next  three years in his State of the Nation Address tomorrow.

PH among the best place to live

Duterte's Philippines Among The Best Places To Live And Work, Ahead Of China

Panos Mourdoukoutas| Forbes.com

06 July 2019

Philippines has been ranked 24^th best place to live and work, just behind the US, which ranked 23rd, and ahead of China, which ranked 26th.

That’s according to the 2019 HSBC Expat’s annual survey, which is based on responses from more than 18,000 expats across 163 markets on three metrics: living, career opportunity, and family life.

The Philippines jumped up the rankings from 26th place last year.

That may come as a surprise to some for a couple of reasons. One of them is that the Philippines has a reputation for sending its own people overseas in droves rather than attracting foreigners who want to live and work there.

The other reason is that the country is mired in violence, which has taken a huge human toll.

Apparently, that isn’t what foreign expats are concerned about. They find it easy to relocate to a country of friendly people and a reasonable cost of living. “With its tropical climate and steadily growing economy, the Philippines is quickly becoming one of the most popular expat destinations in Southeast Asia, “ says the report.

Indeed, the Philippines economy has been booming in recent years. The Philippines’ per-capita GDP was last recorded at an all-time high of 3,063 U.S. dollars in 2018, according to Tradingeconomics.com. And it’s expected to reach $3,277 by 2020. That’s well above the average of $1,653.98 for the period 1960-2018.

Filipinos are doing better in recent years when per-capita GDP is adjusted by purchasing power parity (PPP). That measure, too, reached a record 7,599.19 U.S. dollars in 2018, well above the average of $4969.71 for the period 1990-2018.

Statistic	2015	2017	2018	2020 (projected)
Per Capita GDP	$2615.7	$2891.36	$3,063	$3,277
Per Capita GDP PPP	6874.4	7599.19	7599.19	--
GDP Annual Growth Rate	6.5%	7.2%	5.60	--

Meanwhile, a recent McKinsey Global Institute (MGI) study places the Philippines among the few emerging market economies that are well-prepared to achieve sustained growth over the next decade.

That's thanks to a rise in gross fixed-capital formation (investment).

Still, the Philippines’ per-capita GDP is equivalent to 23% of the world's average, which makes Filipinos poor.

Meanwhile, the results of the expats survey should be interpreted with extreme caution. People surveyed are usually more affluent and better educated than the average immigrant, and they are on short assignments. This means that an overseas assignment may be seen as an “adventure.”

And the Philippines is a good place for that, better than China, as other surveys confirm.