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SunAsia to build Pangasinan solar farm

SOLAR FARM developer SunAsia Energy, Inc. has lined up a total of 135 megawatts (MW) of new capacity for 2019 to add to its 112-MW existing and ongoing projects this year, its top official said.

“We’re building 20 MW in Pangasinan… in [the municipality of] Santa Barbara,” Theresa “Techi” C. Capellan, SunAsia president and chief executive officer, told reporters when asked about the company’s first project for this year.

The solar farm is being developed in partnership with Dagupan Electric Corp., one of the oldest power distribution utilities in the country, and businessman Jose “Joey” P. De Venecia III.

“It will be the first in Pangasinan,” Ms. Capellan said.

SunAsia has three existing solar farms with a capacity of 60 MW, 30 MW and 2 MW, respectively. The latest project, which will break ground in May, will bring the company’s total installed capacity to 112 MW by the end of the year.

For next year, SunAsia Energy has a pipeline of 135 MW, of which 115 MW will be in Mindanao. Its projects in Mindanao are composed of two 50-MW solar farms, and two with a capacity of 12 MW and 3 MW, respectively.

The remaining 20 MW for next year will be in Luzon, Ms. Capellan said.

As a rule of thumb, she said the cost to build a megawatt of solar power has dropped to $850,000, although the estimated price is for projects that are at least 50MW in capacity.

For the Pangasinan project, she said the cost would be higher at $950,000 per megawatt or a total of $19 million. A bigger scale project, such as the two solar farms lined up for Mindanao, will be more cost-effective for SunAsia, she said.

Ms. Capellan said during the time that the second round of solar feed-in-tariff (FiT) was awarded, the price per megawatt was at about $1.6 million.

The existing price trends for solar allows new developers to price the power they produce at a price lower than the FiT rate of P8.96 per kilowatt-hour because of their lower development cost, the SunAsia official said.

The lowest price offered by a new proponent has dropped to as low as P2.98 per kWh.

“Ang aking Toledo, $1.6 million [per MW] ’yon (My Toledo project was at $1.6 million per MW),” she said.

She was referring to the company’s 60-MW Toledo City project in Cebu, which allows co-location with the existing livestock operations. The modules are raised off the ground to allow small animals to roam the grazing area underneath. — Victor V. Saulon

Island Cove embraces tech in race for leisure property market share

By Mark Louis F. Ferrolino,
Special Features Writer

SURGING DEMAND for travel promos and new attractions posted on social media is amping up competition in the local leisure property business.

“With the advent of piso fares, all the travel sales and all these other places like Tagaytay, it’s becoming very competitive,” Gilbert C. Remulla, managing director of Island Cove Hotel and Leisure Park, told BusinessWorld in a Feb. 23 interview.

“Because of the Internet, people are seeing the latest offerings. People are now more sophisticated because they are exposed to the Internet and social media.”

To cope with demand, Mr. Remulla said the leisure property business is now allocating bigger amounts for online advertisements and continuously adding new attractions and upgrading facilities that cater to the changing needs and wants of the market.

At Island Cove, Mr. Remulla said the resort operator is striving to stay ahead of the game by offering something fresh all the time.

Recently, the hotel and leisure park opened a 3,200-square meter animal zone called Island Aviary. It houses different species of birds and offers child-friendly activities such as rabbit and ostrich feeding. Visitors could also hold and carry the 200-pound Burmese python.

In addition to its inventory of function areas, the Island Cove developed a 170-seater function room, the Bayside Deck. It is an air-conditioned events place with views overlooking the Manila Bay.

Last year, the now 20-year-old hotel and leisure park renovated its accommodation facilities, while still maintaining its Mediterranean feel. Rooms were installed with USB charging ports, Wi-Fi Internet connectivity, flat screen televisions and modern bathrooms.

As an additional attraction, Island Cove is introducing new activities including go-karting and mermaid swimming lessons.

“We have to keep on investing and reinvesting in facilities and in people. You really have to keep up with the times or else people will not go to you anymore,” Mr. Remulla said.

He shared that leisure is such a diverse business: what is leisure to one is not leisure to the other. Thus, businesses have to find their niche or figure out the market they want to tap. Island Cove decided to be a family-friendly destination, specifically catering to families with young kids, 10 years ago.

“The advantage of Island Cove is there’s always something for everybody here — you can swim, enjoy nature or take a short break — almost everything is here,” Mr. Remulla said, adding that it is also a perfect venue for weddings, meetings and conferences. “We try to satisfy the different aspects of the market.”

The 36-hectare hotel and leisure park has two main ballrooms, air-conditioned function, meeting rooms, and non-air-conditioned pavilions and function areas.

It also houses various outdoor facilities including swimming pools, a paintball arena, a basketball court, a tennis court, a 1.4-kilometer jogging path, playgrounds, and a giant chess set.

Businesses like hotels, leisure resorts and parks are difficult to manage, Mr. Remulla said. “We are brick and mortar. We build something to make our money back (sic) after building facilities,” he explained. It’s not easy to keep up with the competitors’ latest offerings or with the trending attractions that the market sees in the social media. Adding new facilities calls for new investments,” he pointed out.

Despite the challenges, Mr. Remulla said Island Cove is growing. “It’s growing and we just have to find better ways of growing our business. Whether it’s through efficiency or tapping new markets,” he said.

“After 20 years, there’s definitely something new that we are planning,” Mr. Remulla said.

SEC warns against investing in 1Legacy, Wahana

THE Securities and Exchange Commission (SEC) has warned the public against investing in entities calling themselves 1Legacy and Wahana Credit and Loan Corp./Wahana Multipurpose Bank (Wahana), saying that neither are registered with the commission.

In separate advisories posted on its Web site, the SEC discouraged the public to invest in Wahana, which supposedly acts as a lending company for casino players. The company was found to be soliciting investments from the public in exchange for as much as a 12% return per week, and 48% monthly interest.

The country’s corporate regulator said Wahana did not secure certificates of authority to operate as a lending and/or financing company, making its acts illegal.

“In view thereof, the public is hereby advised to exercise self-restraint and caution or more prudently to stop investing their money into such investment activity and to take the necessary precautions in dealing with the above-named entity and/or its representatives,” the commission said.

On the other hand, the SEC also warned the public against 1Legacy, owned by the operators of another firm the commission has previously warned the public against, Secrets2Success (S2S).

Reports gathered by the SEC revealed that S2S solicited investments of P250 from the public in exchange for access to an online academy for financial education. S2S reportedly tells investors they can earn up to P892,800 in commissions per month.

The commission has already released an advisory last January against S2S’s illegal investment-making activities.

Similar to Wahana, 1Legacy has not been registered with the SEC either as a corporation or partnership.

“Thus, being not registered with this Commission as a corporation nor as a partnership, it is with more reason that they are not allowed to offer, solicit, sell, or distribute any investment/securities from the public as the same requires a secondary license for such activity,” the SEC said.

The commission noted those found to be connected with 1Legacy, acting as salesmen, brokers dealers, or agents, may be fined up to P5 million, alongside a prison sentence of up to 21 years. People proven to be inviting or recruiting other people into the scheme may also be held liable or sanctioned by the SEC. — Arra B. Francia

Dingdong, Marian are Cignal’s new endorsers

LOCAL SATELLITE television service provider, Cignal, has announced that actors Dingdong Dantes and Marian Rivera-Dantes will be representing its prepaid arm.

“Given the competition, we felt we needed an endorser to really represent the brand in prepaid,” Vito Villariba, Cignal senior manager for prepaid marketing, told BusinessWorld during the contract signing and launch at Solaire Resort and Casino, on Feb. 26.

This is not the first time the brand has tapped a celebrity couple to represent the company as last year, Solenn Heusaff and Nico Bolzico became the faces of the company’s postpaid line, a move Mr. Villariba said was a success.

Attempting to replicate that success, Cignal decided to get the married couple to serve as the faces of the company’s prepaid line which comprises a large chunk of its business.

Unlike the postpaid line where subscribers pay a fixed monthly fee for a set number of channels, Cignal’s prepaid offering has plans for as low as P100 for 26 standard-definition channels (the fee does not include the installation fee and the Cignal kit with the satellite dish) and can go as high as P1,000 for 25 high-definition channels and 85 standard-definition ones.

Mr. Villariba said that the advantage of prepaid over postpaid is that viewers can change their plan every month if they want to do so, although postpaid offers more channels, for example, the P690 plan which offers 23 high-definition channels and 72 standard-definition channels while the postpaid plan P250 features four high-definition channels and 48 standard-definition ones.

“Seventy percent of our market is prepaid and most of them are in the provinces,” he explained.

Cignal boasts of 1.87 million subscribers as of end-January 2018 and is targeting two million subscribers by the end of June.

Mr. Villariba said that the Philippines currently has 20 million households with TV sets and only three to four million of those have pay-TV subscriptions which meant that there is considerable room for growth even with the increasing presence of Internet TV providers.

“The same people who have pay-TV subscriptions are the same people with access to Internet TVs. Therefore, there’s still about 16 million households without any form of pay or Internet TV, especially in the provinces,” he explained before adding that they are not threatened by Internet TV because the Internet still hasn’t reached many parts of the country.

Cignal TV is a wholly owned subsidiary of MediaQuest Holdings, Inc., of the PLDT Beneficial Trust Fund. BusinessWorld is also under MediaQuest Holdings, Inc., through the Star Group which it controls. — Z. B. Chua

RCBC upsizes MTN program to $2 billion to raise more capital

RIZAL COMMERCIAL Banking Corp. (RCBC) upsized its medium-term note program to raise additional capital.

In a disclosure to the local bourse on Monday, the Yuchengco-led RCBC said it has expanded its medium-term program to $2 billion from the previous $1 billion, as approved by its board on Jan. 29.

Banks usually employ a note facility to raise more capital to fund its programs and operation by issuing unsecured fixed rate notes.

The lender said that with the updated program, RCBC “retains the flexibility on favorable market conditions and tap the debt capital markets, while conforming to its term foreign currency borrowing strategy.”

In October 2015, RCBC raised $320 million from the issuance of unsecured fixed-rate notes as part of its $1-billion medium-term program.

The issuance, in denominations of $125,000 and increments of $1,000 thereafter, will mature on Feb. 2, 2021 and is listed at the Singapore Stock Exchange.

The offer received orders of over $1.3 billion, well above its intended issuance.

Credit rater Moody’s Investors Service said in a statement yesterday it has kept unchanged its (P)Baa2 grade for the updated program, which is a notch above the minimum investment grade.

Moody’s initially gave RCBC’s medium-term note program a (P) Ba2 rating, two notches below the investment grade, and subsequently upgraded it to (P)Baa3 in May 2015 and (P)Baa2 in November 2017.

The program was also rated BB by Fitch Ratings, two notches below investment grade.

Recently, local banks have been conducting various fund-raising activities to expand their networks and beef up their capital buffers.

Last month, UnionBank of the Philippines raised P3 billion from its long-term negotiable certificates of deposit, the first tranche of its P20-billion program.

In September 2017, BDO Unibank, Inc. said it will issue $700 million fixed rate senior notes under its $2-billion medium-term note program.

RCBC saw its net income climb to P4.3 billion in 2017, 11.4% higher than the P3.9 billion booked the previous year.

Latest data from the central bank showed RCBC was the tenth largest bank in the Philippines in asset terms as of September 2017.

RCBC shares closed at P47 apiece on Monday, unchanged from Friday’s finish. — Karl Angelo N. Vidal

Emoji Movie swoons below Tom Cruise, Mel Gibson at ‘worst in film’ Razzies

LOS ANGELES — Animated The Emoji Movie stunk up the annual Razzie awards on Saturday, tanking below all contenders for worst achievements in film, while Tom Cruise and Mel Gibson were also roasted for 2017’s most ignoble performances.

The Emoji Movie, Sony Pictures children’s film about talking emoticons, earned four Golden Raspberries, including worst picture, director, and screenplay.

In its 38th year, the Razzies serves as a tongue-in-cheek response to the Sunday’s Academy Awards by handing out $4.97-gold spray-painted berry trophies.

Cruise won worst actor for his leading role as a US Army sergeant who accidentally unleashes mayhem by disturbing an ancient grave in the much-maligned action reboot The Mummy.

Gibson was bestowed the worst supporting actor for his comedic turn in Daddy’s Home 2 alongside John Lithgow, Will Ferrell, and Mark Wahlberg.

Tyler Perry, a perennial Razzie punching bag, took home the worst actress raspberry for his popular drag character Madea in Boo 2: A Medea Halloween.

Oscar-winning actress Kim Basinger earned the Razzie dishonor for her supporting role in erotic romance Fifty Shades Darker, while the big screen adaptation of TV series Baywatch won the fan-voted award of “nominee so bad you loved it!”

The Razzies are chosen by more than 1,000 voting members from more than 26 countries, organizers said. — Reuters

NLEx plans P6-billion bond issuance

NLEX Corp. is planning to issue up to P6 billion in fixed-rate peso-denominated bonds, with the proceeds to be used to refinance debt.

“We have initial tranche that we are planning to launch — P6 billion or maybe P4-6 billion, that will be the initial issuance. Anytime, we can start soon. It will be used mainly for debt refinancing of P4 billion maturing debt,” NLEX Corp. President and CEO Rodrigo E. Franco told reporters on Feb. 26.

Last Feb. 14, the unit of Metro Pacific Tollways Corp.(MPTC) said its board approved the shelf registration, public offer, and insurance of fixed rate peso bonds up to P25 billion. NLEX Corp. said the bonds may be issued in one or more tranches within the shelf period.

After the initial tranche, Mr. Franco said the company will issue bonds when it needs funds for its projects.

“After that, the connector (NLEx-SLEx Connector Project) starts already. We have to time it with the requirement of the project, that’s why we have a shelf registration. We don’t want to issue too early,” he said.

NLEX Corp. is allotting P19 billion for 2018, primarily for the construction of Harbor Link Segment 10 and the North Luzon Expressway (NLEx)-South Luzon Expressway (SLEx) Connector Road project.

The Harbor Link Segment 10 is a 5.7-km. elevated expressway traversing NLEx from Smart Connect Interchange and crossover McArthur Highway in Valenzuela City, with down ramps along C-3/5th Avenue Interchange in Caloocan City.

The NLEx-SLEx Connector Road Project is an 8-km. all-elevated public-private partnership project of the Department of Public Works and Highways. The connector road will be built above the existing Philippine National Railways tracks from the C-3/5th Avenue Interchange in Caloocan City to Polytechnic University of the Philippines in Sta. Mesa, Manila.

MPTC is part of Metro Pacific Investments Corp. (MPIC), which is   one of three key Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT, Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — P.P.C. Marcelo

Kuroda joins queue of central banks looking toward exit

THE END of the easy money era which spanned the global economy for the last decade came into even sharper focus as the Bank of Japan (BoJ) gave fresh insight into when it might slow its stimulus program.

Governor Haruhiko Kuroda’s remarks on Friday that the central bank will start thinking about how to complete its unprecedented easing around the fiscal year starting April 2019 was the clearest signal yet that a conclusion might be in sight to emergency support for the Japanese economy.

While Kuroda’s statement in response to questions from lawmakers was in some ways stating the obvious — the BoJ forecasts inflation to reach its 2% target in fiscal 2019 — the significance is that he’s put down a marker in public that he can be held to.

“It’s notable how over the past few weeks Kuroda has been forced into talking more specifically about the exit,” said Izumi Devalier, head of Japan economics at Bank of America Merrill Lynch. “A year and a half ago he would have shut down the discussion altogether with the blanket ‘it’s too early to talk about it’ statement.”

That means the last of the big central banks is finally thinking out loud about policy normalization or how to begin the process of unwinding years of asset purchases and ultra-low interest rates that were used to stoke growth after the 2008 financial crisis sparked the worst global recession in decades.

The Federal Reserve, Bank of Canada and Bank of England have already raised interest rates and may do so again soon, while the European Central Bank is debating how soon to end its own bond-buying. China’s central bank is sticking to what it describes as neutral policy settings and is ratcheting up money market rates to cool the pace of borrowing. Bloomberg Economics estimates net asset purchases by the main central banks will dwindle to around zero around the start of 2019.

The Bank of Japan under Kuroda has bought hundreds of trillions of yen of assets and pushed interest rates below zero in its efforts to generate inflation of 2%. As part of its program to pull the nation out of years of deflationary malaise, its holdings of Japanese government bonds are almost equal to the annual economic output of Japan, and it also buys exchange-traded funds, corporate bonds and other assets.

“Central banks worldwide are gradually normalizing monetary policy as growth and inflation risks return,” said Chua Hak Bin, a senior economist at Maybank Kim Eng Research in Singapore. “The Bank of Japan is preparing the markets for an eventual exit from its accommodative monetary policy.”

Traders leaped on Kuroda’s remarks. The yen surged while yields on Japanese sovereign debt climbed across the curve after the remarks.

The Nikkei 225 Index closed 2.5% lower on Friday and the Topix Index fell 1.8%.

Such moves suggest just how vigilant investors are to talk of a turn by policy makers. Stocks have fallen and bonds have risen recently amid concern that synchronized global growth, falling unemployment and signs of accelerating inflation would prompt central banks to become more hawkish.

“The market action shows how sensitive investors will be to normalization when it approaches, that even BoJ QE (quantitative easing) will not last forever, and we fear Kuroda may live to regret giving his critics a timeline to measure the BoJ against,” Krishna Guha, vice-chairman of Evercore ISI and a former New York Fed official, said in a note.

Earlier last week, new Fed Chairman Jerome Powell indicated US policy makers may raise rates this year by more than the three times they have been anticipating.

To be sure, Kuroda remains doggedly committed to powerful stimulus until inflation hits 2% and on Friday he, again, ruled out any consideration of an exit before then. Many in the market believe him.

“Hearing Governor Kuroda talk about the policy board debating exit is obviously bracing for markets and underlines the communication challenge the BoJ faces,” said David Fernandez, chief Asia-Pacific economist at Barclays Plc.

“However, he simply said that the exit debate would happen in fiscal 2019 because the policy board forecasts that they will have reached the 2% target by then.” — Bloomberg

Outlook mixed amid perceived construction boom

By Mark T. Amoguis, Researcher

REAL ESTATE players are less bullish about the sector’s performance and the economy in the first quarter and the next than they were in the final quarter of 2017, results of the central bank’s survey on business confidence showed.

The Bangko Sentral ng Pilipinas’ (BSP) latest Business Expectations Survey, released last March 2, showed real estate sector confidence in the Philippine economy slipped in the first three months of 2018 to 44.8% from the 57.1% logged in the fourth quarter last year, but higher than the 38.1% recorded in the January-March period of 2017.

Separately, the construction sector bared optimism in the first quarter of this year with confidence reading of 29.8% during the period from 22.3% from the October-December period last year. This, however, was lower than the first three months of 2017’s 35.7%.

The confidence index is computed as a percentage of respondents who answered in the affirmative less those who responded in the negative when asked about specific indicators.

“The more upbeat outlook of construction firms for Q1 2018 was due mainly to expectations of new construction projects (both public and private) to be awarded in 2018,” the report read.

“Ongoing construction activities are expected to continue into Q2 2018, as the next quarter CI (confidence index) remained high although lower than that a quarter ago.”

Data last week showed infrastructure spending surging 15.4% to P568.8 billion last year, surpassing the P549.4 billion programmed under the 2017 budget according to the Department of Budget and Management.

The construction sector’s optimism reflected that as its outlook on its own operations improved to 35.1% against 20.1% in the last three months of 2017 and 34.2% in the first quarter last year.

But real estate players were more reserved with a 42.6% reading during the period, lower than 50.1% in 2017’s fourth quarter although higher than the 40.3% recorded in the first quarter of 2017.

Overall results of the survey pointed to business sectors, while optimistic in the first quarter, less confident about the economy on account of the “usual slowdown in business activity” following the holiday season as well as the “transitory impact” on prices brought by the Tax Reform for Acceleration and Inclusion (TRAIN) law.

MORE FAVORABLE Q3
Business sentiment in the second quarter of 2018 was more favorable with companies citing, among others, the expected increase in government infrastructure projects from its “Build, Build, Build” initiative and the increase in business activity due to the upcoming summer season.

Sentiment among construction firms was 49.1% next quarter, higher than 39.2% in the first quarter of 2017 albeit down from 59.7% in the October-December period of 2017.

Real estate, on the other hand, was less upbeat in its outlook with 42.4% compared to 43.7% and 46.6% in the fourth quarter and first quarter of 2017, respectively.

David T. Leechiu, chief executive officer of Leechiu Property Consultants, said the results had a lot to do with the risks that the country faced last year, citing the extrajudicial killings, the Marawi crisis, anti-Western sentiments, and the TRAIN law as factors.

“But this is temporary,” Mr. Leechiu said in a phone interview.

He said that many of the business process outsourcing companies are coming back to the Philippines, translating into pent-up demand in office space.

“In 2018, year to date, we have 420,000 square meters of office space already pre-committed and pre-leased. It is the highest we’ve seen in history,” Mr. Leechiu said.

“We forecast that 2018 will be a strong year with around 900,000 square meters of office space take-up for this year.”

Black Panther continues box-office romp

LOS ANGELES — Black Panther continued its record-setting romp this weekend, passing the half-billion-dollar mark in only its third week out in North America as it stayed on track to be one of the highest-grossing films ever, industry analysts said.

The Disney/Marvel collaboration, starring Chadwick Boseman as the superhero king of an idyllic if fictional African country, took in an estimated $65.7 million for the three-day weekend, Web site Exhibitor Relations reported.

That take, nearly four times the $17 million earned by the weekend’s No. 2 movie — Red Sparrow from Fox — gave Panther the third-highest weekend ever, trailing only Star Wars: The Force Awakens ($90.2 million) and Avatar ($68.5 million), according to Variety.com.

Panther, which also stars Lupita Nyong’o, Michael B. Jordan, Daniel Kaluuya, and Martin Freeman, has now taken in nearly $900 million globally, with its opening in China still days away.

Red Sparrow tells the story of Russian ballerina-turned-elite spy Jennifer Lawrence. She is backed by an all-star cast including Matthias Schoenaerts, Jeremy Irons and Charlotte Rampling.

In third spot was MGM’s new release Death Wish, with ticket sales of $13 million. The thriller stars Bruce Willis as a doctor who goes vigilante after an attack on his family. The cast includes Vincent D’Onofrio and Elisabeth Shue.

Next was comedy thriller Game Night from Warner Bros., taking in $10.7 million. The movie, starring Jason Bateman and Rachel McAdams, tells the story of six friends who get together for beer and games and stumble into a reality game where lives may be at stake.

And in fifth place was Sony’s Peter Rabbit, taking in $10 million in its fourth week out. The film, which mixes live actors with computer-generated animation, is based loosely on the children’s book by Beatrix Potter.

Rounding out the top 10 were: Annihilation ($5.7 million), Jumanji: Welcome to the Jungle ($4.5 million), Fifty Shades Freed ($3.3 million), The Greatest Showman ($2.7 million), Every Day ($1.6 million). — AFP

ATI net profit hits P2.5 billion in 2017

ASIAN TERMINALS, Inc. (ATI) on Monday reported its net income rose 31% in 2017, driven by record cargo volumes handled at its international ports in Manila and Batangas.

In a statement, the listed port operator said its profit surged to P2.5 billion in 2017, from P1.9 billion in the previous year.

The company said revenues jumped 14.6% to P10.6 billion last year “on account of higher volumes of containerized cargoes and favorable cargo mix in the non-containerized segment.”

ATI said its ports in Manila and Batangas handled a combined container cargo throughput of over 1.3 million TEUs (twenty-foot equivalent units) last year, reflecting the country’s continued economic growth.

Manila South Harbor handled over 1.1 million TEUs in international boxed cargoes, up 6% from the previous year. Batangas Container Terminal (BCT), on the other hand, handled nearly 200,000 TEUs, 25% higher than the previous year.

“ATI’s record year in 2017 was also achieved through continuous process improvement, investment in equipment and facilities as well as innovations, while constantly promoting a safe industrial environment for port stakeholders,” the company said in a statement.

ATI operates the Manila South Harbor, the Port of Batangas, the BCT, and off-dock yards in Sta. Mesa, Manila and Calamba, Laguna.

Shares in ATI closed 8.33% or P0.92 higher at P11.96 apiece. — Patrizia Paola C. Marcelo

ASEAN Manufacturing Purchasing Managers’ Index, February

THE PHILIPPINES contributed to an overall improvement of Southeast Asian factory business in February, though it bared the weakest performance among five economies in the region that registered growth, according to the Nikkei ASEAN Manufacturing Purchasing Managers’ Index (PMI) released on Monday. Read the full story.

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