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Analysts’ inflation forecasts helped spur price growth — DoF

THE DEPARTMENT of Finance (DoF) said “faulty” inflation forecasts by analysts in 2018 raised inflation expectations, thereby contributing to the actual rise in prices.
In a statement on Sunday, the DoF said analysts’ inflation forecasts between January and November were off by as much as 0.4 percentage points from the actual data released by the Philippine Statistics Authority (PSA).
The Finance department’s Strategy, Economics and Results Group (SERG) conducted a study based on the forecasts of analysts and economists from various private and academic institutions in BusinessWorld’s monthly poll during the first 11 months of the year.
“The 13 analysts included in the SERG study are from prominent institutions which publicly announce their forecasts in major leading newspapers. However, some of the forecasts swung so much that some of the calculations we did yielded a margin of error (MOE) of between 11 and 14.9%,” Finance Undersecretary Karl Kendrick T. Chua said.
“We did the assessment to see how well analysts are in forecasting inflation and the results show how far off some of them were in their projections. We think that these forecasts have also driven inflation expectations that, as we know from global experience, have a tendency to become self-fulfilling prophecies,” he added.
Expectations of higher inflation tend to encourage consumers to buy goods ahead of the price increases, effectively feeding into actual inflation.
Inflation in consumer prices rose to as high as 6.7% in September and October, before falling to 6% in November. Average inflation in the January-November period was 5.2%, above the central bank’s 2-4% target. The average is at the high end of the government’s official 4.8-5.2% forecast for this year.
The government itself has likewise been off with its inflation forecasts. The Development Budget Coordination Committee (DBCC) initially set a 2-4% inflation target band for 2018 and 2019 in December 2017, but revised the 2018 forecast to 4-4.5% in April. In its October meeting, it adjusted upwards the 2018 and 2019 forecast to 4.8-5.2%, and 3-4%, respectively.
The DoF’s Tax Reform for Acceleration and Inclusion (TRAIN) law was largely blamed as a trigger for rising prices as it added taxes on fuel, sugar-sweetened beverages, automobiles, tobacco, coal, and minerals, among others. It also removed some value-added tax exemptions, although it lowered personal income taxes, estate, and donor’s taxes.
The DoF said that TRAIN only accounted for about 0.4 percentage points of inflation, and that its effects were more pronounced only in the first three months of the year. In the succeeding months, inflation was mainly caused by high world oil prices, a weak peso, food supply and distribution issues, especially rice, fish, and vegetables, as well as the effect of typhoons.
The government addressed inflationary concerns by issuing administrative orders to boost food supply, and ease red tape in connection with food imports and distribution.
Mr. Chua also said analysts were also off on their quarterly gross domestic product (GDP) growth forecasts.
He said that deviations of the forecasts from the actual figure for the first three quarters of 2018 ranged from 0.25 percentage points with a 7.4% MOE, to 0.45 percentage points with a 13.7% MOE.
The DoF said that only eight of the 13 institutions had acceptable margins of error.
“All of us should remain cognizant of negative unintended consequences. Researchers are taught that early on in college and graduate school. It is an even more crucial lesson when your research is no longer subject to a university’s Institutional Review Board,” Assistant Finance Secretary Antonio Joselito G. Lambino II said. — Elijah Joseph C. Tubayan

Boracay water rates to rise on Jan. 1

WATER RATES in Boracay are set to increase starting Jan. 1, 2019 equivalent to 18.08% of this year’s basic water and sewer charge, the island’s water regulator said in a notice published during the weekend.
“The increase represents the third tranche of the approved 2017 Rate Rebasing adjustment and the corresponding inflation rate,” said the Tourism Infrastructure and Enterprise Zone Authority-Regulatory Office.
“Furthermore a 3.0% increase shall be applied to the Basic Water and Sewer Charge to account for Foreign Currency Differential Adjustment (FCDA),” it added in the notice to Boracay Island Water Co., Inc. customers.
Starting next year, the basic water charge for residential “A” category water users or those consuming no more than 10 cubic meters (cu.m.) will be at P557.82 per connection from P472.41 previously.
For those consuming 11 to 20 cu.m., the new rate will be P105.99 per cu.m., while for those using 21 to 50 cu.m., the rate will be P156.18 per cu.m.
Their previous rates were P89.76 and P132.27 per cu.m., respectively.
For residential “B” consumers using no more than 10 cu.m., the new rate will be P313.48 per connection from P313.48 previously.
For commercial “A” consumers, or those using no more than 10 cu.m., the basic charge will be P1,394.51 per connection.
Those consuming 11 to 50 cu.m. will be charged P167.33 per cu.m., while those using 51 to 100 cu.m. will be pay P195.25 per cu.m. Consumers using more than 100 cu.m. will be charged P223.10 per cu.m.
The rate for Commercial “B” consumers using 10 cu.m. and below will be P836.71 per connection. Consumers in the 11-50 cu.m., 51-100 cu.m. and more than 100 cu.m. brackets will pay P153.39, P181.28 and P209.18 per cu.m., respectively.
Water concessionaires are allowed to recover losses or give back gains through the FCDA tariff mechanism that factors in the movements of the peso against foreign currencies.
The FCDA mechanism was set because the water concessionaires pay foreign currency-denominated concession fees, as well as loans to fund service improvement projects that will expand and upgrade water and wastewater services.
It also allows them to sustain their program to cut water losses or non-revenue water and bring the supply to the underserved and unserved sectors in their service areas.
Boracay Water is a subsidiary of Manila Water Philippine Ventures, Inc., which is in turn a wholly owned subsidiary of Manila Water Co., Inc. — Victor V. Saulon

Poverty database bill filed in Senate

SENATE Majority Leader Juan Miguel F. Zubiri filed a bill creating a consolidated poverty data collection (CPDC) system that will serve as the basis for targeting beneficiaries of the government’s poverty alleviation programs.
Senate Bill No. 2132, filed on Dec. 10, seeks to institute a poverty data collection system in every local government unit (LGU) with the Philippine Statistics Authority (PSA) as the lead national agency in charge.
Under the bill, LGUs will serve as the primary data collecting authority within their jurisdiction. LGUs also must designate a statistician to collect, preserve, and safekeep the data retained at the city or municipal level.
Meanwhile, the PSA is tasked with setting standards for the data collection process and to serve as the national repository of all poverty data collected by LGUs.
The PSA will also upgrade the capacity of LGUs in the collection of data through the Philippine Statistical Research and Training Institute, in collaboration with state universities and colleges.
The bill also directs the Department of Information and Communications Technology (DICT) to “develop institutional arrangements on data sharing.”
Provinces may access the poverty data within their jurisdiction. National government agencies, on the other hand, may request PSA for specific data to be used for their own social protection and welfare programs.
The proposed measure also ensures the confidentiality of information collected by the government. Both the LGUs and PSA are required to undertake measures to ensure the integrity and safety of the data.
Respondents involved in the data collection will have the option to authorize the LGU to disclose their identity and other personal information. They may also refuse to answer questions at any point of the data collection activities.
The bill requires the LGU to collect poverty data every three years during the first six years of the program’s implementation. After six years, annual data collection is prescribed.
In his explanatory note, Mr. Zubiri said the bill will help government carry out comprehensive poverty analysis and design appropriate policies and interventions.
“The data will provide the evidence base to ensure that policies are timely, well-targeted, and effective for the poor and most vulnerable,” he said.
The bill also constitutes a joint congressional oversight committee that will review the implementation of the program.
It also provides a one-year transition period from the effectivity of the Implementing Rules and Regulations (IRR) for national government agencies currently collecting poverty data for their respective social protection programs until PSA takes over.
The Department of Social Welfare and Development (DSWD) has its own information management system that identifies who and were the poor are in the country called the Listahanan or the National Household Targeting System for Poverty Reduction. Beneficiaries of the government’s conditional cash transfer program and the Philippine Health Insurance Corporation’s universal health care program are selected from the Listahanan. — Camille A. Aguinaldo

DWRX operator’s franchise renewal clears House on 2nd reading

A BILL renewing the broadcast franchise of Audiovisual Communicators, Inc. (ACI) was passed by the House of Representatives on second reading via voice vote.
If enacted, House Bill No. 8786 will extend for another 25 years the franchise, allowing ACI “to construct, install, operate and maintain radio and television broadcasting stations in the Philippines.”
ACI operates contemporary radio station DWRX, known by its marketing name of Monster RX93.1, which serves Metro Manila, the Calabarzon region, Bulacan and Pampanga, among others.
It also operates DYBT, or Monster Radio BT105.9, and DXBT, or Monster Radio BT99.5, based in Cebu City and Davao City, respectively.
The broadcast franchise of ACI, which was granted in 1995, is set to expire in 2020.
The bill requires ACI to provide a maximum of 10% of paid commercial time to public service programming.
ACI is required to submit an annual report to Congress on or before April 30 every year. — Charmaine A. Tadalan

CTA dismisses PSALM appeal on P3.81-B tax deficiency

THE Court of Tax Appeals (CTA) dismissed a petition of Power Sector Assets and Liabilities Management Corp. (PSALM) to cancel its alleged P3.81-billion tax deficiency, citing a lack of jurisdiction and affirming an earlier decision issued on Aug. 28.
In a Nov. 5 resolution, the CTA Special Second Division denied the motion for reconsideration of PSALM, a government-owned and controlled corporation, citing a Supreme Court (SC) ruling that “’all disputes, claims, and controversies’ between or among offices, agencies and instrumentalities of the national government” must be resolved under a process outlined by Presidential Decree No. 242.
PD 242 requires all disputes between government agencies including GOCCs to be settled or adjudicated by the Secretary of Justice, Solicitor General or the Government Corporate Counsel, depending on the issues at hand.
PSALM was assessed by the Bureau of Internal Revenue a tax deficiency for the year 2009 including delinquency interest.
“This Court merely applies the doctrine laid down by the highest court in the said PSALM case and that the change of jurisdiction for the resolution of cases involving government entities will not prejudice them considering that there are adequate remedies available for them under the law,” the CTA said.
“Wherefore, premises considered, petitioner’s Motion for Reconsideration is hereby denied for lack of merit. Accordingly, the assailed decision promulgated on Aug. 28, 2018 is hereby affirmed,” it added.
The resolution was written by Associate Justice Catherine T. Manahan and concurred in by Associate Justice Juanito C. Castañeda. — Vann Marlo M. Villegas

PHL foreign debt grows 5.6% to $76.4-B

FOREIGN debt grew 5.6% year-on-year in the nine months to September as new loans taken on outpaced the rate of repayment, the Bangko Sentral ng Pilipinas (BSP) said in a statement Friday.
The BSP said external creditors were owed $76.4 billion at the end of September up 5.6% from a year earlier.
The central bank also said that the public and private sector availed of $5 billion worth of loans since the start of the year.
It noted that the national government “continued to expand financing for its infrastructure development and social spending programs and private firms’ decision to increase working capital, expand funding base, and extend term liabilities.”
“Despite the increase in the foreign obligations, the Philippines’ external debt remain within prudent and manageable levels,” it added.
The increase in the debt stock was also driven by data adjustments for prior periods from September 2017 amounting to $585 million, and the increase in non-resident holdings of Philippine debt paper issued offshore worth $195 million. However, this was tempered by foreign exchange revaluation adjustments, reducing the debt stock by $1.1 billion.
External debt grew by $6 billion in the third quarter from $72.2 billion at the end of June.
The increase in the debt levels during the third quarter was attributed to net availments of $6 billion, with $2.2 billion coming from the public sector, and $3.8 billion from the private sector.
The BSP also said that debt portfolio was largely composed of medium- and long-term debt at an 82.4% share to the total, with an average maturity of 17 years.
“This means that FX requirements for debt payments are well spread out and, thus, more manageable,” the BSP said.
Public sector external borrowings stood at $39.5 billion, representing 51.8% of the overall debt stock, and $1.6 billion higher from $48 billion in end-June, due to the sale of yen-denominated bonds and multilateral credits.
Total private sector foreign debt meanwhile was $36.9 billion, up from $34.2 billion in the previous quarter after commercial banks issued notes oberseas to diversify sources of liquidity and extend the average term of their liabilities. Other private firms also decided to expand working capital amid strong domestic demand.
Public sector debt has an average maturity of 21.2 years compared to 7.7 years for the private sector.
The BSP also noted that debt service ratio — a measure of the adequacy of foreign exchange earnings to meet maturing debt obligations — was 6.5% at the end of September from 6% a year earlier.
The external debt ratio — or total outstanding debt as a percentage of Gross National Income measures solvency — grew to 19.6% at the end of September from 19.4% a year earlier.
“The ratio indicates the country’s sustained strong position to service foreign borrowings in the medium to long-term. — Elijah joseph C. Tubayan

Succession and unlocking the future of family businesses

The humble image evoked by the idea of a traditional, family-run business contrasts with the fact that they are considered economic powerhouses, or hold the potential to be, with the right foresight, planning, and management. Conglomerates and well-known franchises may have started out as mom-and-pop stores, before penetrating mainstream retail. And such a tale is not at all uncommon. A recent study from the Harvard Business School on family businesses noted that family firms account for two-thirds of all the businesses around the world. Additionally, 70-90% of global GDP is created by these institutions annually, and 85% of start-up companies even gain footing with capital investments using family money. In short, family businesses have prevailed and continue to do so in every sector and region, on a global scale.
Given their economic impact, it is critical for family businesses to keep up with innovation and digital transformation. More industries are implementing strategies and workflows utilizing digital platforms, rendering traditional marketplaces and transactions out-of-date. If a family business is to retain its relevance in this disruptive business environment, management-level decisions must see beyond new technologies. Without a doubt, family businesses require commitment from the next generation of digital natives and trailblazers to lead the way into the new age.
However, what will it take for the new generation to invest in the family business in the same way their predecessors did? Are they in — or are they out?
The topic of succession was put under the spotlight in 2018’s EY global family business survey. Investing in the youth who grew up alongside the digital revolution has become a top priority, especially because this new pool of talent can play a significant role in identifying disruptive threats and trends that can reshape the business landscape. But succession planning has turned into a wooing game — one cannot assume the younger generation is already willing to take over an established business. For one reason or another, from diverging interests to a wider range of attractive opportunities at their disposal, the succession intentions of the up-and-coming generation are in decline. EY’s global 2015 coming home or breaking free study reported that only 3.5% of the students they surveyed, whose parents owned a family business, intend to become the successor directly after graduation. Some 4.9% intend to take over, with a caveat: they will assume leadership only five years after they finish their schooling.
In the Philippines, succession in family businesses is imperative, since they continue to dominate the private sector. Validating this, the Credit Suisse Research Institute’s findings place the Philippines at 11th in a global ranking of family-run firms, which had respondents ranging from firms with family members owning at least 20%, to large-cap firms with around 90% market cap. Family-owned firms in the Philippines also average a market capitalization of $5.6 billion, making it the 6th ranking country with the highest market cap for family-owned firms in the Asia-Pacific region (excluding Japan), and 25th worldwide.
To keep the family business standing strong in the future, proactive steps must be taken to secure proper succession. What must be done to keep the family business a steadfast economic contributor in the years to come?
Perhaps the most important consideration for keeping the business in the family is to manage successors as one would external talent. This means developing and nurturing their talent. A manufacturing firm overseas gave employees in the family firm one afternoon per week to come up with new ideas to improve business processes, product development, and generate creative ideas for discussion with the rest of the organization. The firm leveraged the family’s unique culture of making mistakes to bring about positive and productive change, and created a new tradition that actively engages the younger generation of potential leaders.
Current management must also dedicate some time in deciding who will be the eventual successor. Clearly defining roles and expectations is key in instilling in the new generation not just the sense of responsibility, but also a sense of ownership to the role of eventual leader and head of the business. Succession planning is all about communication, and implementing the right frameworks that complement the unique dynamics of every family. A Forbes article led by EY attests to this; more than 87% of the businesses surveyed made sure they clearly identified who is responsible for the succession, so they knew exactly how to prepare them for the coming years of business planning and decision making.
Additionally, a sound reward system will keep family-run firms equally attractive to the next generation. Family members must be rewarded based on their roles, merit, contributions, and performance. Consistency is important if the aim is to nurture internal talent until they blossom into managerial positions and C-level roles. Consider an appropriate degree of differentiation between family and non-family members, and pursue reward strategies that co-support the family’s overarching business objective. Keep in mind that in terms of compensation, it may be appropriate to see how much professionals playing the same roles as family members are paid for their time and service to a company.
The longstanding success of any family business is dependent on adapting and innovating to survive the everchanging economic ecosystem. If the new generation is to play an active role in deciphering the disruptions of the digital era, it must grow up with a sense of unity and value, which only the family unit can provide. It must have a sense of purpose and work, and a good understanding of what the family business is all about.
These are some policies to ponder, which can propel family businesses far into the future, and into capable leadership.
This article is for general information only and is not a substitute for professional advice where the facts and circumstances warrant. The views and opinion expressed above are those of the authors and do not necessarily represent the views of SGV & Co.
 
Jules E. Riego is a Tax Principal at SGV & Co.

House to scrutinize budget for flood mitigation

THE ALLEGED parked funds for flood mitigation projects will be up for scrutiny by the House rules committee, Majority Leader Rolando G. Andaya, Jr. said.
“The (fund) parking scheme, facilitated by the DBM (Department of Budget and Management), may eventually explain the huge spike allocated to flood mitigation projects from 2017 to 2018,” Mr. Andaya said in a statement on Sunday.
He explained that flood mitigation projects increased to P133 billion in 2018 from P79 billion in 2017.
Further, Mr. Andaya said of the P544.5-billion proposed budget of the Department of Public Works and Highways (DPWH), P114.4 billion is allocated to fund flood control projects.
The solon said the DPWH appears to be “clueless” on many of these projects.
“Marami sa flood control projects hindi kasama sa P488 billion na original proposed budget ng DPWH (Many of the flood control projects were not included in the original P488-billion proposed budget),” he said.
Moreover, Mr. Andaya claims that a local executive from the Bicol Region told him that a former Cabinet member was behind at least P300 million in parked funds for infrastructure projects under the 2019 proposed budget.
“The mayor, who requested not to be named in the meantime, disclosed that the Cabinet member parked the allocation in flood mitigation projects for the region,” Mr. Andaya said.
The Majority leader said such allegations will all be tackled in the scheduled investigation of the rules committee on Jan. 3, 2019.
The investigation will cover, among other issues, the agreements signed with CT Leoncio Trading and Construction and Aremar Construction, and the P75 billion augmentation in the DPWH budget.
These stemmed from the Question Hour conducted at the House of Representatives last Tuesday, attended by Budget Secretary Benjamin E. Diokno, on alleged irregularities in the 2019 budget. — Charmaine A. Tadalan

DoTr says MRT-3 Sumitomo contract signed by yearend

TRANSPORTATION Secretary Arthur P. Tugade said the contract for Sumitomo Corp. and Mitsubishi Heavy Industries, Ltd. (Sumitomo-MHI) as new maintenance provider for the Metro Rail Transit Line 3 (MRT-3) is expected to be signed today, Dec. 17, or on the 24th.
In a chance interview at the inauguration of the new Maritime Industry Authority (MARINA) office in Manila City on Friday, Mr. Tugade said the government and Sumitomo-MHI have already agreed on the contract terms.
“Noong [kamakailang] Sabado (Dec. 8) nagkaroon kami ng mahabang pulong na kung saan (On December’s second Saturday, we had a lengthy meeting where we) more or less agreed na,” he said.
He said Sumitomo-MHI will take over the MRT-3 rehabilitation immediately after the signing.
The DoTr earlier said the rehabilitation period for the MRT-3 is expected to last 43 months, covering the 31-month simultaneous rehabilitation and maintenance works and 12-month defect liability period.
Last month, the government signed the P18-billion loan agreement with the government of Japan for the rail system’s rehabilitation and maintenance.
Mr. Tugade said the entry of Sumitomo-MHI will also help in the roll out of Dalian trains procured from Chinese firm CRRC Dalian Co. in 2014, which only started initial deployment late Oct. — Denise A. Valdez

90% service fee share for workers on 2nd reading

THE HOUSE of Representatives approved on second reading the bill increasing the service charge benefits of rank-and-file employees in the hospitality industry.
House Bill No. 8784, which amends Article 96 of the Labor Code of the Philippines, proposes to increase the share of employees to 90% of the collected service charge from the current 85%.
The remaining 10% will be allocated to the management to cover pilferage and breakage, among others.
The House version is lower than the 100% share proposed in Senate Bill No. 1299, which seeks to distribute the service charge collection “completely and equally” to workers.
The House bill also provides that such benefit will cover “regular rank-and-file and supervisory employees,” while its Senate counterpart excludes employees with managerial posts.
The Senate version was approved on third reading in Dec. 2017 and has since been transmitted to the House. — Charmaine A. Tadalan

PRDP implementation extended until 2024

DAVAO CITY — Implementation of the Philippine Rural Development Project (PRDP) has been extended until 2024, giving the World Bank-funded flagship program of the Department of Agriculture (DA) a 10-year lifespan.
Danilo T. Alesna, PRDP-Mindanao deputy director said that the additional two years from the original program closure date of 2022 was decided upon to give more time for some approved and pending proposals.
The releasing of the “remaining funding will be gradual to see to it that other incoming equally important sub-projects are implemented,” Mr. Alesna said.
The projects under the initial P27 billion fund are about 90% infrastructure such as farm-to-market roads.
For the additional $450 million, or about P24 billion, allocated for PRDP, $170 million was released this year, covering mostly projects classified under the Intensified Build Up of Infrastructure and Logistics for Development and the Investments in Rural Enterprises and Agriculture and Fisheries Productivity.
Mr. Alesna said Mindanao has so far cornered 33% of the total fund and could possibly secure much of the remaining $280 million.
“If Luzon and the Visayas drag their feet, Mindanao will surely corner the biggest chunk of the remaining fund,” he said, noting that most of the pending proposals are from local government units (LGUs) in the southern islands.
“They must take advantage of the project because there is a very light burden on their (LGUs) part,” he added.
Under the terms of the PRDP, LGUs need to provide a counterpart equivalent to 10% of the project cost.
Proposed projects must be part of the value chain analysis and a component of the Provincial Investment Commodity Plan.
“These are necessary so that the money goes to where it is intended and that the projected income growth (on the part of the LGUs beneficiaries) is achieved,” he said.
In Mindanao, the identified priority commodities are cacao, coconut, rice, abaca, banana, cassava, rubber, seaweeds, coffee, goat, swine and milkfish.
Mr. Alesna said several other commodities have been submitted for consideration, among them sardines.
Launched in 2014, the PRDP is a nationwide version of the Mindanao Rural Development Program, which was implemented as a targeted platform for economic growth in the countryside. — Carmelito Q. Francisco

Tourism plan for Balangiga bells to be drawn

By Arjay L. Balinbin, Reporter
THE SMALL town of Balangiga is expected to attract tourists with the return of its three church bells after 117 years in the hands of the United States following the Philippine-American War.
Stakeholders are one in making the historic bells accessible to the public as an attraction, and they all agree that a tourism plan is needed to ensure that it becomes a contributor to economic growth.
In an interview last Saturday on the sidelines of the Balangiga bells turnover ceremony, Mayor Randy D. Graza told BusinessWorld that he supports the idea of making the bells as one of the town’s main tourist attractions. “Yes, I support it,” he said.
“Maganda naman po kung pwedeng merong magandang usapan kung papaano natin pwedeng i-handle ito (It would be good if there would be a good discussion on how we will handle this),” Mr. Graza said.
However, he added, the decision is up to the San Lorenzo De Martyr Parish Church, the home of the bells .
San Lorenzo’s parish priest, Fr. Serafin Tybaco, Jr., said in a separate interview that the church is very much open to the idea and is just awaiting coordination with the Department of Tourism (DoT) and the local government.
“Hinihintay namin ‘yun (We are waiting for that). For us it’s a great honor na maging (to make the bells a) tourist destination,” he said.
“Pinag-usapan na namin ‘yan (We have talked about that before that one day, somehow, someday magagawang tourist destination ang Balangiga with the help of the government also and the local government,” the priest added.
Tourism Secretary Bernadette Romulo-Puyat announced last week that she will visit Balangiga town in January next year to assess the tourism opportunity for the bells.
Foreign Affairs Undersecretary Ernesto C. Abella, asked for comment, told BusinessWorld that “it should be a significant part” of the tourism industry.
“Alam mo nagkakaroon ng depth ang ating identity (There will be depth in our identity), Mr. Abella said, adding that a “historical narrative” will enrich the usual tourist attractions of beaches and food.
He also pointed out that “the infrastructure must be in place so that we can accommodate the influx of tourists” in the town of Balangiga.
In a phone message, Tourism Spokesperson Benito C. Bengzon, Jr. said: “We would need to thoroughly evaluate the tourism prospects for Balangiga to determine the most ideal approach with respect to destination development, products development, and market.”
He also noted that “one of the key programs under the National Tourism Development Plan is to promote tourism investments, particularly in the countryside.”

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