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DITO, Converge ink deal for facilities sharing

STOCK PHOTO | Image by David Arrowsmith from Unsplash

CONVERGE ICT Solutions, Inc. and DITO Telecommunity Corp. have agreed to mutually use their facilities and resources to help improve internet services in the country.

The two telcos recently signed a Materials Facilities Provisioning Agreement, which serves as a framework for collaboration on the sharing of submarine fiber optic cable assets.

“We want to leverage our respective existing facilities through this resource sharing agreement to bring us closer to our goal of empowering every Filipino home with quality broadband connectivity,” Dennis Anthony H. Uy, chief executive officer of Converge, said in a media briefing on Thursday.

“Our collaboration will allow us to reach more customers and deliver a better service with increased resiliency.”

Mr. Uy, however, did not identify the areas or assets included in the collaboration.

“Under the spirit of forging alliances and healthy competition, this agreement is a testament to both our organizations’ shared commitment to provide the best user experience that our customers deserve — whether consumer or enterprise,”  said Ernesto R. Alberto, chief executive officer of DITO Telecommunity.

In 2023, total fiber assets of Converge has reached a span of  682,000 fiber kilometers with its household coverage covering 62.3% in the Philippines.

Further, DITO Telecommunity said it has more than 7,000 sites in over 850 cities and municipalities in the country.

At the stock exchange on Thursday, shares in DITO CME closed one centavo or 0.42% higher to end at P2.40 apiece, while shares in Converge ICT gained 14 centavos or 1.55% to end at P9.20 each. — Ashley Erika O. Jose

Industry buildup urged after weak jobs outlook

A worker uses a microscope at an electronics manufacturing assembly plant in Biñan, Laguna, April 20, 2016. — REUTERS

By John Victor D. Ordoñez, Reporter

THE PHILIPPINES must work to develop industry and agriculture in anticipation of growing global joblessness this year, labor organizations said.

“The government should look more into helping industries become more competitive and enhance the agriculture sector’s productivity to boost employment generation, and mitigate the increase in prices of basic commodities,” Renato B. Magtubo, chairman of Partidong Manggagawa, said in a Viber message.

The International Labour Organization (ILO), in its 2024 World Employment and Social Outlook report published late Wednesday, projected the global jobless rate of 5.2% this year, up from 5.1% a year earlier.

Mr. Magtubo added that the Philippines needs a wage-setting mechanism that helps workers deal with the rising cost of basic goods.

The unemployment rate dropped to an 18-year low in November of 3.6%, the Philippine Statistics Authority reported on Tuesday.

Job quality was stagnant that month as the underemployment rate, the share of the employed who are seeking more work or longer working hours, stayed at 11.7%.

The ILO said in its report that the global labor market is set to “deteriorate moderately” because of the increased joblessness in advanced economies.

“The erosion of real wages and living standards by high and persistent inflation rates and rising costs of housing is unlikely to be offset quickly,” it said.

The ILO said countries should also boost their domestic productivity as about 58% of workers worldwide still are engaged in informal work.

“The government has to take more serious consideration of how structural informality in the economy was made worse by the overly long and harsh pandemic lockdowns,” Jose Enrique A. Africa, executive director of the think tank Ibon foundation, said in a Viber message.

Last year, Congress passed a bill seeking to make Philippine-made products more globally competitive.

The Tatak Pinoy bill aims to develop a multi-year strategy to improve and diversify enterprises and linking them to global value chains.

In a separate statement, Labor Secretary Bienvenido E. Laguesma said the Department of Labor and Employment will continue working with the private sector to keep unemployment down.

He said about 200,000 jobs are expected to be generated from investment pledges made to President Ferdinand R. Marcos, Jr. during his overseas trips.

The President’s foreign trips last year resulted in P4.019 trillion or $72.189 billion in investments and pledges for various Philippine development projects, the Presidential Communications Office said in December.

“This should be a wake-up call for the government to develop a comprehensive industrial policy that would realize our aspirations for ‘full employment,’” Josua T. Mata, secretary general of the Sentro ng mga Nagkakaisa at Progresibong Manggagawa, said in a Viber message.

Israel’s genocide trial isn’t what it seems

SANDER CROMBACH-UNSPLASH

ON THURSDAY, Jan. 11, Israel will defend itself against genocide allegations in the United Nations’ International Court of Justice (ICJ). But that doesn’t mean what you might think.

The ICJ is an unusual court. Its function is for governments to address their problems by suing each other under international law instead of, say, going to war. But it’s not a criminal court, it doesn’t have prosecutors, and it can’t try people for war crimes or crimes against humanity such as genocide. That makes it very different from the International Criminal Court.

The ICJ lawsuit is being brought by the government of South Africa following a 2022 rule change that allows any country to sue any other country, provided it can say it has an interest in international law being followed. South Africa is asking the court to issue a provisional order — the international analogue to a temporary restraining order — directing Israel to stop its military operations in Gaza. Even if the court were to do so, it has no direct mechanism for enforcement. Any enforcement action would have to come from the UN Security Council, where the US has a veto.

Until recently, to bring a suit in the ICJ, a state had to show that it had been directly affected by the actions of the party it was suing. But in 2022, the ICJ changed course. In a case brought by the Gambia against Myanmar, alleging genocide against Rohingya Muslims, the ICJ adopted the rule that any state that has signed a treaty may bring a suit against any other signatory for failing to follow the treaty. The legal Latin name for this rule is “erga omnes partes,” literally, “toward all parties.”

This shift dramatically expanded the range of cases the ICJ could hear. It was an invitation to governments to ask the court for, essentially, symbolic rulings. To issue a provisional order, all the ICJ has to do is to find that the allegations are “plausible.” That exceedingly low standard makes for an attractive opportunity for governments to score political points by hauling other governments into court.

The international treaty that outlaws genocide defines it as committing various violent acts with the “intent to destroy, in whole or in part, a national, ethnical, racial or religious group, as such.” Israel forcefully denies its goal in Gaza is to destroy the Palestinian people but rather to rescue Israeli hostages and hold Hamas accountable for its Oct. 7 attacks on Israel. In my view, it would be extremely difficult to prove the charge, which doesn’t fit the situation of the Gaza war. But plausibility may be in the eye of the beholder, and the ICJ may want to take the opportunity to condemn not only Israel but the extremist members of the Israeli cabinet who have called for pushing Gaza Palestinians into Egypt.

The ICJ decides cases by a majority rule of its 15 judges. It also has a rule that both the plaintiff and defendant get to appoint one judge of their own choosing for the purposes of the case. In principle, these ad hoc judges, as they’re called, are meant to act independently. In practice, everyone understands that they tend to reflect the views and positions of the country that picked them.

In a surprising but extremely smart move, Benjamin Netanyahu chose retired Justice Aharon Barak, the former chief of Israel’s highest court, as the Israeli judge to the tribunal.

Now 87 and intellectually as sharp as ever when I last saw him in late December, Barak is widely known and highly respected in the international legal community. He joined the Israeli high court in 1978, when he was just 42, and served as its head from 1995-2006. During his ascendancy, the court issued multiple important decisions applying international law to everything from Israel’s conduct of wars to its occupation of the West Bank. Barak also led what came to be called Israel’s constitutional revolution, a series of activist judicial decisions that built a kind of makeshift constitutional structure out of a series of so-called “basic laws” enacted by the Knesset. Because Israel has no single written document called a constitution, this body of law made Barak and his colleagues into retrospective framers.

Barak’s legacy was in play when Netanyahu’s government introduced a series of judicial reform measures seeking to limit the powers of the high court, sparking a controversy that consumed the country until the Oct. 7 attacks. Israel’s high court, without the retired Barak, recently issued a major decision striking down some of those measures. The judgments were broadly understood as a vindication of Barak’s legacy.

For Netanyahu to appoint Barak therefore represents a turn toward national unity. It signals that, when it comes to Israel’s international reputation, the internal strife leading up the Gaza war can be set aside. And Barak’s presence on the ICJ panel ensures that Israel will be represented by its most famous and revered judge.

Israel rightly sees the importance of showing the world that the Jewish state isn’t genocidal, even though Israelis’ trust in international institutions is as low as it has ever been. The case, which will garner lots of attention, is thus as much a test of the ICJ and its new openness to cases as it is of the underlying legal questions about Israel’s conduct in Gaza.

BLOOMBERG OPINION

Actor Stephen Fry takes aim at royal guards to ban the use of bear fur caps

LONDON — British actor Stephen Fry teamed up with animal welfare campaigners on Wednesday to demand that soldiers of the King’s Guard stop using real fur in their famous tall bearskin caps.

The scarlet-clad soldiers wear the foot-high bear pelt headwear, known as a busby, for ceremonial events and when they fill sentry posts outside Buckingham Palace as they have done for centuries.

But Mr. Fry, one of Britain’s best-known actors and TV broadcasters, called for the soldiers to replace the “fur of slaughtered wildlife” with a fake version.

“Tradition is never an excuse for cruelty,” Mr. Fry, who has narrated a graphic online video showing a disemboweled and dismembered black bear, said in a statement.

He said a failure to shift to faux bearskin “would be unconscionable — and un-British.”

The video, which was filmed in Canada and released by animal rights group PETA (People for the Ethical Treatment of Animals), showed hunters baiting black bears with buckets of food before shooting them with crossbows.

A spokesperson at Britain’s Ministry of Defence said bears were not hunted to order and the bear pelts used “are a product of legal and licensed hunts.”

“To date and to the department’s knowledge, an alternative has yet to meet the standards required to provide an effective replacement for the bearskin ceremonial caps,” the spokesperson said.

The King’s Guard are part of the British Army’s Household Division who perform public duties and are often involved in state ceremonies, including “Trooping the Color” which celebrates the reigning British monarch’s official birthday.

King Charles, who ascended to the throne after the death of his mother Queen Elizabeth in 2022, donned a bearskin hat himself at his birthday parade through central London last year. — Reuters

Annual Inflation Rates (2015-2023)

Annual Inflation Rates (2015-2023)

Best practices in offering employee discounts

We’d like to improve our fringe benefits policy for all employees and managers regardless of work performance. What would a program that is cost-effective, practical and easy to administer look like?  — Little Lily.

Providing extra benefits outside of statutory requirements is one of the tools that management can use to motivate and nurture loyalty. Top of mind for me is an employee discount scheme. It’s low-cost and practical. Maybe you’re offering such a program already.

If you manufacture or distribute consumer products, you can make customers out of your employees by offering, say, 10% to 30% discounts. The higher, the better. If you’re unsure about what to do, check the practices in your industry.

If you want to be more competitive, you can give as much as a 50% discount or give things away for free. But be circumspect by asking yourself the following questions:

One, how would you track the level of employee patronage as against other key indicators like turnover? To put it in another way, how would you measure performance improvements after offering the program? You can’t simply create this benefit without understanding its impact, good or bad.

Two, how would you handle employee abuse or misuse of the benefit, such as reselling the discounted products to non-employees? You must understand that when product or service discounts are given, it may be unlawful for employers to withdraw such offerings because of a labor policy against non-diminution of benefits.

Three, is it better to give discounts according to certain conditions, like limiting it only to executives or those with five years of service? As I’ve said earlier, giving discounts on an across-the-board basis to all employees is a bad idea. Therefore, it’s better to impose certain standards.

BEST PRACTICES
The critical steps in establishing an ideal employee discount system lies in catering to the needs of different people. Which is why it’s better not to do it across the board. Here are the fundamentals of implementing an effective system:

One, keep the discount system simple and easy to manage. Don’t complicate things. You can establish a cooperative or in-house grocery where employees can make on-the-spot purchases in cash, digital payments, or salary deduction, subject to certain conditions like a prohibition against the reduction of employee’s net take home pay, as provided for by the Labor Code.

Universal Robina extends 5% to 10% grocery discounts to all employees while Century Pacific Foods discounts only slow-moving consumer goods. Toyota, on the other hand uses the wholesale price (not the dealer’s retail price) of their cars when selling to qualified employees. Further, it gives 10% to 15% discounts on labor and parts for after sales service.

S&R gives free membership to all employees, who enjoy discounts of up to 60%.

Two, consider subsidies or a favorable pricing scheme. In the banking industry, qualified employees (mostly ranking executives) are charged only half of the commercial interest rate on their housing loans. Also, the annual dues for bank credit cards are waived for all employees.

One common practice is subsidizing cafeteria meals, usually in factories in export processing zones. Another model is the case of a Japanese factory in Laguna that sells brewed coffee for few pesos while offering a Starbucks type of ambience. Another creative model is the sale of bread at a no-frills honesty bakeshop that accepts digital payments using a QR code embedded in employee ID.

Three, give products or services free as much as possible. A good example is in the case of the airline industry. Cebu Pacific gives free flights not only to employees but to their family members as well. In the healthcare industry, Makati Medical Center offers employees 100% off on their health needs.

EXCEPTIONS
Of course, giving employees discounts does not apply to every organization. It would be a laughable idea for a funeral home to give such discounts. At any rate, giving extra benefits to employees are always an option to influence employee behavior and improve the company’s image.

So, what would be the ideal employee discount scheme? There’s no such thing, unless it’s already an established practice, such as the benefits available in the airline, banking and healthcare industries. One caveat. Don’t even think of conducting a survey as people can throw your plan into disarray with impractical ideas.

Just do whatever is acceptable in your industry and you’ll be fine.

 

Bring Rey Elbo’s leadership program called “Superior Subordinate Supervision” to your team. Chat with him on Facebook, LinkedIn, X (Twitter) or e-mail elbonomics@gmail.com or via https://reyelbo.com

Accor Group expands Philippine portfolio

ACCOR Group has added new properties to its Philippine portfolio as part of the company’s expansion strategy, the global hospitality group announced on Thursday.

In a statement, Accor said it added ibis Styles Subic and Mercure Subic to its Philippine portfolio. The two new properties are in the company’s economy and midscale segments, respectively.

The ibis Styles Subic is set to open in 2026 and is the first internationally branded hotel in Subic, the company said. The property’s location is a ten-minute walk from the Subic Bay Yacht Club and a three-minute drive to the Subic Bay Metropolitan Authority Beach.

The property, located across from Ayala Malls’ Harbor Point, will offer 175 rooms and will feature amenities such as a swimming pool, meeting space, and a gym.

Accor said Mercure Subic, also set to open in 2026, will offer 250 rooms and be the second internationally branded hotel in the area. It is located adjacent to ibis Styles Subic.

It will have amenities such as an all-day dining venue and a specialty restaurant, a swimming pool complemented by a pool bar, a well-equipped gym, and meeting and conference spaces.

Meanwhile, Accor also announced other signings in Asia, such as the 989-room Mercure ICON Singapore City Centre in Singapore set to open in the first quarter of this year, the 120-room Mercure Rajahmundry City Centre in India set to open in January 2028, and the ibis Styles Mysuru in India set to open in the first quarter of 2025.

The company also announced the Novotel Bengaluru Airport Varun and ibis Styles Bengaluru Airport Varun in southern India, each with 180 rooms. Both are set to open in 2027.

“We are very pleased to welcome these exceptional properties into the Accor network. These signings under the Novotel, Mercure, and ibis brands showcase our commitment to providing a wide range of offerings to meet the evolving needs of our guests,” Accor Premium, Midscale, and Economy Division in Asia Chief Executive Officer Garth Simmons said.  

“These new additions underline our dedication to delivering unparalleled hospitality experiences and further solidify our presence in key markets,” he added.

Accor said it had 62 signings in 2023 and is looking ahead to pursue growth opportunities and expansion this year.

In the Philippines, Accor has hotels in Makati, Manila, Mandaluyong, Clark, Cebu City, and Boracay.

“The group envisions an exciting future, characterized by innovative partnerships and new signings that align with the evolving needs of travelers. As Accor continues to focus on delivering exceptional hospitality experiences, the group’s vision is to continually redefine the landscape of the global hospitality industry,” Accor said. — Revin Mikhael D. Ochave

Porn and the damage to Philippine society

CATSWITHGLASSES-PIXABAY

An ironic piece of news that came out last Christmas season was that the Philippines was second only to the United States in terms of the viewing of pornography. This was according to the latest data released by Pornhub, the online pornography page. But the news that really made a lot of people giggle was that Filipinas seem to be the only females on Earth that outdid their national male counterparts in relation to watching porn.

Thus, from Pornhub: “Female visitors contributed to over half the viewers in one country this year, the Philippines. They had 58% female viewers, +5% since last year, and 42% male. Colombia was split evenly, with 50% being female and 50% being male (a male increase of +1% since 2022). The rest of the countries had a higher percentage of men viewing Pornhub.”

This is clearly not something to be proud about.

Enough studies have been made that practically make it conclusive that where the women go so does society. It’s bad enough for men to be watching porn, but high female porn viewership doesn’t bode well for the Philippines, particularly if high TikTok usage is added to the mix. Various research already demonstrated TikTok’s likely ability to damage mental health and “right now, 44.4 million Filipinos (with a staggering 67.9% of Filipinos aged between 16-64) are potential addicts” (see this column’s piece, “TikTok is not only annoying. It’s much worse than that,” BusinessWorld, February 2023).

And, of course, there is also OnlyFans.

So, if the Philippines has “58% female” Pornhub viewers, would it then be a coincidence that 58.1% of our newborn babies (as per 2022 PSA data) are illegitimate? This is compounded further by the fact that 20% of Philippine marriages will be annulled, with 61% of those annulments filed by women. The year 2020 alone saw nearly 1 million married women divorced/separated/annulled. All this without a Philippine divorce law. Meanwhile, 15% of the population are now in live-in arrangements, up by 9% from 2015 (see Philippine Star, February 2023).

Considering further that our youths are naturally nurtured by mothers in their early stages, would it then be surprising that a 2013 survey (DRDF-UPPI) found that 57% of our youth watch pornography, with “one in 10 ha[ving] recorded him/herself having sexual activity; four in 100 have had sex with someone they met online or through text messages; six in 100 have engaged in phone sex; one in four has sent or received sex videos through mobile phone or internet.” Those numbers, bad enough as they are, have surely unfortunately risen.

The proliferation of single-parent families is disastrous, particularly for children. As US President Barack Obama famously declared: “children who grow up without a father are five times more likely to live in poverty and commit crime; nine times more likely to drop out of schools and 20 times more likely to end up in prison. They are more likely to have behavioral problems, or run away from home or become teenage parents themselves. And the foundations of our community are weaker because of it.” Social bonds are undone, economic productivity diminishes, crimes go up, national security is made effete.

As regards our youth, Pornhub’s demographic data is instructive: “Most viewers are between the ages of 18 and 34. This makes up over half the entire viewership. The 18-24 age bracket made up 27% of all traffic and the 25-34 age bracket made up 26% of all traffic. After that, the numbers decrease. The 35 to 44 age bracket made up 19% of all traffic and the 45 to 54 age bracket made up 13%.

“Proportionally by the top 20 countries, the 18 to 24 age bracket was highest in the Philippines, Mexico, Germany, Brazil, and Egypt, which had the highest amount at 41% of their entire traffic. They were lowest in Japan, Spain, and Sweden. The 25 to 34 bracket was highest in the Philippines, Germany, and Egypt” (emphasis supplied).

Even more depressingly, the top Filipino porn search in 2022 included “pinay gangbang” (so much for female empowerment). In 2023 it was for “pinays,” gay “pinoys,” gay anime, and something called “male whimpering.”

Porn is utterly damaging to one’s health, particularly mental health. As with TikTok, indulging in porn has been shown to result in brain patterns reconfigured as to negatively affect relationships, cause addiction, anxiety, depression, and stress (see “Compulsive internet pornography use and mental health: A cross-sectional study in a sample of university students in the United States,” Camilleri, et.al., 2021; also “Should compulsive sexual behavior be considered an addiction?,” Kraus, et.al., 2016, and “Neurobiological Basis of Hypersexuality,” Kühn and Gallinat, 2016).

If ever there is a weakening of society, it can be pinpointed to the weakening of the family and the weakening of the family has a lot to do with the character and virtue (or lack of such) of the parents. And porn is obviously a damaging factor to individuals that eventually make up a marriage and a family.

 

Jemy Gatdula read international law at the University of Cambridge and is a Philippine Judicial Academy lecturer for constitutional philosophy and jurisprudence.

https://www.facebook.com/jigatdula/

Twitter  @jemygatdula

New disclosure rules promote sustainability, digitization — BSP

THE STREAMLINED rules for banks on their quarterly balance sheets, which allow lenders to publish them either in print or online, aim to promote sustainability and digitalization, an official from the Bangko Sentral ng Pilipinas (BSP) said.

The central bank has amended guidelines on lenders’ modes of compliance with respect to their published balance sheets, BSP Deputy Governor Chuchi G. Fonacier said.

“The expansion in dissemination channels takes into technological advancements and is also in line with the BSP’s thrust of advocating sustainability and digitalization,” she told BusinessWorld in a Viber message.

“It also discontinues the regular issuance by the BSP of a call letter for the publication by a bank of its balance sheet and institutionalizes its publication and submission to the BSP on a quarterly basis via the API (application programming interface) platform,” she said.

The amendments also allow banks to include additional financial indicators on their published balance sheets such as asset quality, related party transactions, liquidity, profitability, capital adequacy and leverage.

This is “to better inform the public of the bank’s financial performance,” Ms. Fonacier said. 

Meanwhile, the Bankers Association of the Philippines (BAP) welcomed the recently issued circular of the BSP, as it makes information dissemination more efficient. 

“With this circular, the regulator recognizes the bank’s transparency efforts of posting their audited financial statements in their respective websites. The general public, therefore, will have more ways of accessing the data they need to make well-informed financial decisions,” the BAP said in an e-mail. 

“The BAP will continue to work with the BSP to create and support policies that promote transparency in our financial system,” it added.

Under BSP Circular No. 1186 signed by BSP Governor Eli M. Remolona, Jr. on Dec. 21, the central bank has allowed lenders to publish their quarterly balance sheet report in a printed or online version of a newspaper within 35 banking days following the end of the reference quarter.

A bank may also upload its quarterly balance sheet and consolidated balance sheet (BS/CBS) on its own website, to be shared for a period of at least one year.

“Banks which are unable to maintain a website due to financial and technological capacity limitations may post the same on the website of their respective banking industry associations also for a period of at least one year,” Ms. Fonacier said.

“Banks may also display a tabletop standee with QR (quick response) codes in a conspicuous place in the head office, all its branches and other offices, or through other digital/electronic means to make available their BS/CBS, as applicable, in digital format,” she added. 

Banks are required by the BSP to publish reports which reflect their financial condition, performance, corporate governance policies, and risk management strategies.

The circular amends Section 175 of the Manual of Regulations for Banks. The prescribed reportorial template of the published or posted balance sheet for banks on both solo and consolidated bases is attached on the circular posted on BSP’s website. — Keisha B. Ta-asan

How PSEi member stocks performed — January 11, 2024

Here’s a quick glance at how PSEi stocks fared on Thursday, January 11, 2024.


Germany eyes RE, raw materials supply agreements with PHL

REUTERS

GERMANY is seeking renewable energy (RE) and raw materials agreements with the Philippines this year, German Foreign Minister Annalena Charlotte A. Baerbock said at a briefing on Thursday.

“Of high importance for us is the deepened cooperation in the renewable energy sector and we in the German government support heavily investments in these areas,” she said in Makati after meeting with Foreign Affairs Secretary Enrique A. Manalo.

“The Philippines, like Germany, is a country with resources and raw materials, and we want to diversify and enhance imports of these,” Ms. Baerbock said.

She said the focus on renewable energy is a key component of Germany’s national security policy.

Ms. Baerbock said Germany is looking forward the resumption of negotiations for a free trade agreement (FTA) between the European Union and the Philippines.

Trade Secretary Alfredo E. Pascual has said that the FTA talks are in the “scoping stage,” in which both sides determine what the agreement will cover.

In 2022, Germany was the Philippines’ 12th largest trading partner, 10th largest export destination and 15th largest source of imports.

Philippine trade with Germany was $4.7 billion last year, with $2.8 billion in exports and $1.9 billion in imports. Germany was also the Philippines’ top trading partner in the European Union.

Ms. Baerbock said the Philippines is seen as an attractive location for German companies to explore for RE resources.

“Germany and the Philippines are also key countries in global climate protection initiatives, especially since the Philippines is vulnerable to climate catastrophes,” she said.

The Philippines is aiming to increase the share of RE in the power generation mix to 35% by 2030 and to 50% by 2040.

Renewable energy currently accounts for 22% of the Philippines’ energy mix.

As of June, the Energy department had awarded 1,087 RE service contracts with a total potential capacity of 113.5 gigawatts. — John Victor D. Ordoñez

PEZA to focus investment pitches on Japan in 2024

President Ferdinand R. Marcos, Jr. shakes hands with Japan’s Prime Minister Fumio Kishida after a joint press conference in Tokyo, Feb. 9, 2023. — COURTESY OF PRESIDENTIAL COMMUNICATIONS OFFICE

THE Philippine Economic Zone Authority (PEZA) said that it will be more aggressive in pursuing investments from Japan this year to continue the momentum built up in 2023.

In a Viber message, PEZA Director General Tereso O. Panga told BusinessWorld that approved investments from Japan grew 194% to P52.2 billion last year.

“In terms of its share of PEZA investment approvals, the Japanese accounted for a 13% share in 2022 versus 30% in 2023 … Overall, they continue to be our biggest investors in the PEZA zones,” Mr. Panga said.

Targeting 20% growth in investment approvals this year, he said that PEZA will be embarking on more investment promotions in Japan.

“We are set to undertake increased investment promotions in Japan to target specifically their small and medium enterprises,” he said. 

“For instance, we are collaborating with large and regional banks in Japan to help us with our target investment acquisitions and for networking with their valued clients,” he added.

In late January, PEZA is set to sign a memorandum of understanding along with Sumitomo Mitsui Banking Corp. and Rizal Commercial Banking Corp. to help the agency bring in more investments from Japan.

“We are also working closely with economic zone developers who are partners with Japanese corporations to tap into their network for new foreign direct investment leads,” Mr. Panga said. — Justine Irish D. Tabile