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Manila testing two local herbs as supplements vs coronavirus

THE Philippines has added two medicinal plants to its list of therapeutic supplements in the treatment of patients with the coronavirus.

Anti-cough herb lagundi and tawa-tawa — a popular folkloric treatment for dengue — could soon be tested as supplements for COVID-19 (coronavirus disease 2019) patients, according to the Department of Science and Technology (DoST).

“These have anti-viral properties,” DoST Secretary Fortunato T. de la Peña said at an online briefing on Tuesday. Lagundi was already being used to treat cough and other respiratory infections, he pointed out.

The trial for lagundi, a medicinal herb known scientifically as vitex negundo, could start next month, he added.

The University of the Philippines-Manila Ethics Board has issued clearance for such work and experts were awaiting the Food and Drug Administration’s approval. The project is expected to run for five months.

Meanwhile, President Rodrigo R. Duterte on Monday night ordered the police to enforce lockdown restrictions amid rising coronavirus infections.

The President said failure to use face masks and observe physical distancing are “serious crimes.”

“We have to ask our police to be more strict, violators should be caught,” he said in a televised speech in mixed English and Filipino. “A little shame would put them on.”

“Who wants to get caught?” Mr. Duterte asked. “But if you are brought to the police station and detained there, that would give you a lesson for all time.”

The President’s order was part of a “unified ordinance” crafted by local governments on minimum health standards, his spokesman Harry L. Roque said at a separate news briefing.

Mr. Duterte also said he wanted to buy more face masks that will be given to the public for free.

“I will try to buy as many as I can afford, we will give these to you for free,” he said. An inter-agency task force made up of Cabinet secretaries made wearing face masks mandatory for people leaving their homes.

Mr. Duterte locked down the entire Luzon island in mid-March, suspending work, classes and public transportation to contain the pandemic. People should stay home except to buy food and other basic goods, he said.

He extended lockdown on the island twice and thrice for the capital region. The lockdown in Metro Manila has since been eased, with more businesses allowed to reopen with minimal workforce. Mass gatherings remained banned.

Coronavirus infections continue to rise, with many hospitals reaching full capacity for COVID-19 cases.

The government was fast-tracking the setup of four hospitals dedicated to coronavirus cases, Carlito G. Galvez, Jr., chief enforcer of the state’s anti-COVID-19 efforts, said at the same event on Monday night.

These are similar to hospitals built by China in less than two weeks at the height of the coronavirus crisis that started in Wuhan City, he said. — Gillian M. Cortez

Face-to-face classes approved for January

PRESIDENT Rodrigo R. Duterte has approved a proposal to allow limited face-to-face classes in coronavirus low-risk areas starting January.

“I’m with you on this,” the President said in a speech on Monday night, referring to Education Secretary Leonor M. Briones’ earlier recommendation. “Let’s try to make ourselves productive.”

Mr. Duterte earlier said he wouldn’t allow face-to-face classes until a vaccine for the virus is found.

The Department of Health reported 1,952 new COVID-19 infections on Tuesday, bringing the total to 70,764. The death toll rose to 1,837 after two more patients died, while recoveries increased by 209 to 23,281, it said in a bulletin.

Government rules bar people younger than 21 years from leaving their homes in places under lockdown. But Ms. Briones said children are at the “lowest risk,” noting that less than 1% of local deaths from the coronavirus were children.

She said on Monday night face-to-face classes would be strictly regulated. She said these classes would be allowed in areas under an altered general community quarantine, and would be on a case-to-case basis.

School facilities would be inspected and health standards would be enforced. Face-to-face learning won’t start until January, she added.

Ms. Briones said students would benefit from classroom meetings once or twice a week. “The limited face-to-face classes close inequality gaps,” she said, adding the pure online learning won’t benefit those who don’t have access to digital equipment.

Classes are expected to begin on Aug. 24 using blended learning strategies that include modules, radio, television and online videos.

Meanwhile, Senator Sherwin T. Gatchalian on Tuesday said distance learning should be kept to prevent the virus from spreading in schools.

“I strongly urge the Department of Education to continue with the distance learning modality and suspend face-to-face classes this coming Aug. 24,” he said in a statement. “This is to protect our learners, parents and teachers from the possibility of infection from the COVID-19 virus.” — Gillian M. Cortez, Charmaine A. Tadalan and Vann Marlo M. Villegas

Beijing working with Belt allies on health

THE PHILIPPINES and China along with other Belt and Road Initiative partners are fast-tracking cooperation to improve their health sectors amid a global coronavirus pandemic, Chinese Ambassador Huang Xilian said.

The Chinese government also assured Manila it would be prioritized once Beijing finds a vaccine for the coronavirus disease 2019.

“Against the backdrop of the COVID-19 pandemic, China, the Philippines and other Belt and Road Initiative partners are committed to building a Health Silk Road and a community of common health for mankind,” Mr. Huang said in an article published in the Global Times on Monday.

He also said the Philippines and China were negotiating two-way essential travel and a “green channel” to ensure that supply chains are not disrupted during the crisis.

Mr. Huang said bilateral trade between the two states have reached $19.37 billion in the five months through May, while its direct investment in the Philippines has hit $18.25 million, 82.5% higher than a year earlier.

China has donated 252,000 testing kits, 130 ventilators and 1.87 million medical masks to help the Philippines deal with the coronavirus that has sickened 14.9 million and killed almot 614,000 people worldwide.

Mr. Huang said both countries have continued to synergize the BRI and the Duterte administration’s massive infrastructure program.

“We have coordinated virus prevention and control efforts, resumed work and production, and promoted the construction of key cooperation projects in the Philippines in an orderly manner, helping to stabilize the local economy, ensure employment and improve people’s livelihoods in the country,” he said.

“Steady progress has been made in key projects involving Chinese assistance, such as the two bridges over Pasig River in Manila and the Philippine National Railways South Long-Haul Project,” he added.

The Chinese envoy also said new contracts worth $3.11 billion have been signed in the first five months, with a turnover of $970 million. More China-funded projects would come as the country eases restrictions, he added. — Charmaine A. Tadalan

Regional Updates (07/21/20)

Davao City records 10.7% hike in H1 revenue due to business permit renewals in January

DAVAO City recorded a P6.12-billion revenue collection in the first half of 2020, up 10.7% from P5.53 billion in the same period last year, due mainly to business permit renewals which were collected in January. “The increase in the collection is attributed to our stable tax collection. Aside from that, the bulk of collection that we collected were from the Business Permit renewal last January,” City Treasurer’s Office head Lawrence D. Bantiding said in a statement on Tuesday. Income from other taxes and the local government’s economic enterprises such as markets and the transport terminal, however, dropped as the city went on strict lockdown from mid-March to June to mitigate a coronavirus outbreak. Mr. Bantiding said they are optimistic of hitting the P10.3-billion revenue target for the year through stricter permit inspections for the remainder of the year. “For example, the Business Bureau, they must ensure that those who are conducting business must have a permit. For the Office of the City Building Official, they must ensure that all constructions have secured a building permit. All revenue generating offices should intensify their inspection to ensure that all those who need permits from the city should have gotten one and that should translate an additional income for the city,” he said. The city council has passed several ordinances providing relief to businesses and other taxpayers, such as an extension on the 3rd quarter deadline for real estate tax payments, amnesty to delinquent tax payers, and reduction in rental fees for government-run stalls.

Nationwide round-up

Entry of new inmates in local jails suspended to mitigate coronavirus transmissions

PRISONS FACILITIES managed by the Bureau of Jail Management and Penology (BJMP) will not be accepting new inmates until Aug. 31 to prevent coronavirus transmissions. BJMP handles jails at the district, city and municipal levels. Judges nationwide have been ordered not to issue commitment orders to these jails during the moratorium, and instead send newly-arrested individuals to local police stations which have detention facilities. Court Administrator Jose Midas P. Marquez said on Tuesday the order was made upon the request of Interior Secretary Eduardo M. Año. Mr. Marquez also said Police General Archie Francisco F. Gamboa has confirmed that they can accommodate the temporary arrangement. The Aug. 31 date “may be extended in a subsequent circular of the Office of the Court Administrator, if found to be warranted,” reads the order issued on July 21. The Supreme Court has issued several guidelines to address congestion in jails to prevent the spread of coronavirus, such as the release of indigent inmates through reduced bail or own recognizance, and conduct of hearings through video conferencing, among others. From the start of the lockdown on March 17 until July 3 a total of 43,171 prisoners were released nationwide, according to the court. — Vann Marlo M. Villegas

Witness Sebastian’s death won’t affect case vs De Lima — Justice chief

THE DEATH of high-profile inmate Jaybee Sebastian, a witness in the drug-related charges against detained Senator Leila M. de Lima, will not affect the case’s trial, according to Justice Secretary Menardo I. Guevarra. “Jaybee Sebastian is only one in an array of witnesses against Senator De Lima,” he told reporters via Viber. “His loss does not affect in any significant manner the overall strategy of the prosecution in the pending criminal cases,” he added. Mr. Sebastian, a convicted kidnapper and carjacker, testified in 2016 against Ms. de Lima at a House of Representatives probe on her alleged involvement in the illegal drug trade at the national penitentiary. The senator has been detained since February 2017 over charges for conspiring to commit illegal drug trading in prison when she was justice secretary. Mr. Guevarra on Monday directed the National Bureau of Investigation to probe the death of nine high-profile prisoners who were convicted over involvement of illegal drugs, including Mr. Sebastian. The Department of Justice said on Monday that Mr. Sebastian died of coronavirus and his remains were immediately cremated, in accordance with health safety protocols. Bureau of Corrections Director General Gerald Q. Bantag said 21 inmates have died of coronavirus infection since March, according to the DoJ statement. Meanwhile, Senator Ralph G. Recto said on Tuesday a photo or video footage of the remains of prisoners who died from the coronavirus would be enough proof to allay suspicions surrounding the death of high profile inmates. “The proof of death is a photo of the body. If there is, then doubts will be laid to rest,” he said in a statement. Mr. Recto noted that the photo or footage needs only to be presented to the concerned agency and does not have to be publicized. “Show them to the Justice Secretary — and the death certificates and medical records of deceased high-profile drug lords — and all the conspiracy theories in this land, where weaving them is a national hobby, will be buried,” he said. Senate President Vicente C. Sotto III has called for an investigation over the failure of the Bureau of Corrections to report their deaths. — Vann Marlo M. Villegas and Charmaine A. Tadalan

57 deceased OFWs set for return July 28

ANOTHER 57 deceased overseas Filipino workers (OFWs) from Saudi Arabia are expected to arrive home on July 28. “This is the third batch of repatriation being undertaken by an interagency committee initiated by the Department of Labor and Employment (DoLE) last month, and had so far brought home a total of 137 OFWs who succumbed to the COVID-19 and other causes,” DoLE said in a statement on Tuesday. The first batch of 49 OFW remains arrived July 10, while the second batch of 88 were brought home July 19. — Gillian M. Cortez

BI clarifies only long-term visa holders allowed by Aug. 1

FOREIGNERS WITH long-term visas such as permanent or immigrant visas are the only ones who will be allowed to enter the Philippines starting Aug. 1, the Bureau of Immigration (BI) reiterated on Tuesday. Commissioner Jaime H. Morente said foreign tourists, non-immigrant visa holders, and those that fall under other categories are still prohibited from entering based on the policy approved by the national task force handling the coronavirus response. The clarification came after immigration offices at airports and other field offices received several queries on the previous announcement about the partial reopening of the country’s borders to foreigners. — Vann Marlo M. Villegas

Multi-channel approach keys DBP’s cash aid disbursement

DBP President and Chief Executive Officer Emmanuel G. Herbosa

For state-owned Development Bank of the Philippines (DBP), a multi-channel approach in the disbursement of social amelioration funds proved to be a viable solution in assisting marginalized, often unbanked, Filipinos who were economically affected by the COVID-19 pandemic.

DBP president and chief executive officer Emmanuel G. Herbosa said the bank relied on this unique mechanism in the disbursement of more than P50-billion under the Small Business Wage Subsidy (SBWS) program.

“DBP used a unique fund disbursement approach that harnessed automation, financial technology, and the strength of its partner ecosystems to distribute funds quickly and efficiently to both banked and unbanked recipients.”

He added that DBP was tapped as the sole disbursement bank for the SBWS Program, in part due to its proven model in disbursing similar government subsidies to unbanked beneficiaries of the Rice Farmers Financial Assistance (RFFA) program of the Department of Agriculture.

The SBWS program was paid out in two tranches starting April 30, 2020. The first tranche covered the release of P23.97-billion, while the second tranche, which ended on June 28, 2020, disbursed P22.65-billion to more than three million qualified employees affected by COVID-19 quarantine measures. The SBWS Program Task Force representing the Department of Finance, the Bureau of Internal Revenue, and the Social Security System was responsible in meticulously drawing up and approving the list of qualified beneficiaries.

Herbosa said that DBP utilized PESONet to quickly credit the funds to more than two million employees who have accounts with 58 PESONet participating banks, or who maintain e-wallets with PayMaya, a fintech company. DBP also tapped M Lhuillier, a BSP-licensed non- bank financial institution (NBFI), to disburse the social amelioration funds of more than one million unbanked employees through the latter’s network of more than 2,500 cash outlets nationwide.

Jeffrey Pedrido, 41, of Marilao, Bulacan is among them. A father of three, he works as a driver in a small store selling bikes and strollers. Since he does not have a bank account, Pedrido opted to claim his wage subsidy via cash pick-up at a nearby M Lhuillier branch. “Malaking tulong po ito sa pamilya ko at makakabayad po kami ng mga bayarin.”

Assistance to Rice Farmers

Herbosa also bared that earlier this year, DBP took the same approach in the release of more than P1.485-billion cash assistance to around 297,000 small-scale farmers under the DA’s RFFA Program.

The RFFA is an unconditional cash transfer program for rice farmers in 33 rice-producing provinces across the country who are tilling a land area ranging from 500 square meters up to two hectares. Each beneficiary receives a P5,000 cash aid which can be used for farm inputs and implements.

Herbosa said these disbursement initiatives show how DBP has harnessed technology and its network of partners to deliver innovative financial services responsive to the requirements of the National Government. “DBP has become flexible enough to go beyond its usual brick-and-mortar banking in helping the National Government mitigate the economic impact of the pandemic particularly on low-income households, small businesses and other vulnerable sectors of the economy.”

Regulation looms for online cigarette sales

ONLINE selling of so-called ‘sin’ products like cigarettes and alcoholic beverages, which the government relies on for tax revenue, will be subject to registration requirements to ensure only legitimate sellers get to use the platform, officials said.

In a statement Tuesday, the Department of Health (DoH) and Food and Drug Administration (FDA) said they support a proposal to ban unregistered sellers from participating in the online market for “sin” products.

The DoH and FDA said they will work with the Finance and Trade departments to create “a comprehensive regulatory framework” to govern online transactions.

“The Philippines has come a long way in safeguarding the public from the dangers of tobacco and alcohol consumption through its taxation policies and stringent regulatory measures. With wider and easier access to ‘sin’ products through technology, regulatory purview should be expanded to ensure that online selling is similarly covered,” they said.

DoH and FDA said that consumer safeguards require “registration, product quality, and safety mechanisms” that will validate that buyers of the “sin” products are over 18 years old.

“Expanding this regulatory purview to cover the online selling of these ‘sin’ products is a progressive step in protecting the health of Filipinos,” they said.

Early this month, Finance Secretary Carlos G. Dominguez III said his department will move to ban the online sale of alcoholic beverages and tobacco products by unregistered businesses.

In a Viber message Tuesday, Mr. Dominguez said that the DoF will also step up efforts to crack down on cigarette smuggling.

He said the higher excise taxes on tobacco products could increase illicit trade, which the Bureaus of Customs and Internal Revenue are closely monitoring.

“They will intensify their efforts. In the meantime, although the current laws and penalties are sufficient, we will put a study group together to determine if new laws and regulations are required,” he added. — Beatrice M. Laforga

Taguig City being evaluated as potential agri-industrial site

TAGUIG CITY is being evaluated as a potential agri-industrial site because its location on the shore of Laguna de Bay could make it a landing spot for produce grown in Metro Manila’s southern and eastern hinterlands.

Agriculture Secretary William D. Dar said Monday that the Department of Agriculture’s (DA) current partnership with the city could be a launch pad for further cooperation in developing agri-industrial operations, to process food and add value to the harvests of farmers and fisherfolk in Rizal, Laguna and beyond.

On Monday the DA launched an agricultural assistance program to enhance the city’s urban food security and nutrition.

Mr. Dar said the project could serve as the initial stage for the establishment of an agri-industrial center.

“Farmers and fisherfolk from Rizal and Laguna could come directly to Taguig using their boats to bring their produce and see to it that we have all the cold storage, warehouses, and of course the markets for people to (visit) in a big way,” Mr. Dar said.

Mr. Dar said the program will also assist vulnerable communities and help develop Taguig’s urban ecological management.

According to Mr. Dar, agri-industrial sites are expected to provide facilities, capital, and production know-how to small farmers, while also boosting their productivity and generating jobs to strengthen the economy.

The DA is also hoping to develop New Clark City in Tarlac province as an agri-industrial center. — Revin Mikhael D. Ochave

Building permit approvals decline across-the-board in first quarter

CONSTRUCTION STARTS, as measured by approved building permits, fell 22.4% in the first quarter, with all segments posting declines during the period, the Philippine Statistics Authority said.

Building permits totaled 30,838 during the quarter, against 39,762 a year earlier.

The project applications proposed to build 7.903 million square meters of space and were valued at P86.072 billion, down 20.1%.

Permits for residential construction, which accounted for 66.5% of all approved building permits, declined 25.5% year on year to 20,515.

Permits to build duplexes/quadruplexes fell 35.1% to 235 units, followed by apartments/accessories (-31.1% to 1,818), single houses (-24.8% to 18,400), residential condominiums (-14.3% to 24), other residential (-13.6% to 38).

Approved applications for non-residential construction declined 10.8% to 5,755.

Approved permits for agricultural structures declined 40.7% to 240, followed by those for “other non-residential buildings” (-33.3% to 118), institutional buildings (-22.4% to 1,065), industrial buildings (-19.8% to 535), and commercial buildings (-0.8% to 3,797).

Approved permits to build additions to current structures declined 26.4% to 1,163, while applications to conduct alterations and repairs fell 19% to 3,405.

CALABARZON — the region immediately south and east of Metro Manila consisting of the provinces of Cavite, Laguna, Batangas, Rizal, and Quezon — had the most approved building permits with 5,600 or 18.2% of the total. Next was the Central Visayas with 4,722 or 15.3%, followed by the Ilocos Region with 3,048 or 9.9%.

UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said the latest results reflect the impact of the Taal Volcano eruption in early January and the lockdowns that began in mid-March.

“The enhanced community quarantine that was implemented in the latter part of March was the game-changer… When everything was asked to stop, all construction had to stop as well, and even the ones that are still to be implemented had to stop altogether,” Mr. Asuncion said in an e-mail.

After confirmed COVID-19 (coronavirus disease 2019) cases

rose to the hundreds in mid-March, President Rodrigo R. Duterte locked down areas with concentrations of the disease.

“I believe that the worst is over for the construction sector, at this point. Although the second quarter may post the worst-ever decline for approved building permits, the rest of the year may see an improving outlook as the world gets a better grip on COVID-19 and its characteristics,” Mr. Asuncion said. — Jobo E. Hernandez

BSP urged to unlock stimulus potential of Agri-Agra

A PARTY-LIST legislator said the central bank needs to treat the Agri-Agra Law as a potential driver of the economic recovery, and exert more effort to ensure bank compliance with the lending quotas set for the agriculture and agrarian reform sectors.

Manila Teachers Representative Virgilio S. Lacson, vice chairman of the Committee on Banks and Financial Intermediaries, asked the Bangko Sentral ng Pilpinas (BSP) to ensure compliance with the quota of at least 10% of lending being extended to agrarian reform beneficiaries and 15% to farmers and fisherfolk.

“I think that’s the solution so I think we ask the BSP to be strict with this Agri-Agra Law, so it can help stimulate the economy immediately,” he said during a committee hearing.

“The compliance of banks is very low. As of 2017, it’s just P573 billion of all the banks combined, in 2018, it’s P707 billion, if all the banks are compliant we can have P1.034 trillion.”

Quirino Rep. Junie E. Cua, panel chairman, said the lapses in compliance will be addressed by House Bill No. 6314, which strengthens the financing system for agriculture, fisheries and rural development.

Mr. Cua said currently banks prefer to pay the penalty for non-compliance or under-compliance rather than lend to borrowers they deem risky.

“This is the reality we’re trying to solve in this bill that we have passed, it is now in the Senate, to amend that Agri-Agra law. We are trying to address the basic problem of why banks are not willing to lend and (prefer to be) penalized,” he said.

“Based on our study, (banks) feel the small farmers, if they are not organized… are poor credit risks (with very low) ability to repay,” he said.

“The cost of lending is also very high because instead of lending P25 million to one organization you need to deal with 1,000 people borrowing P25,000,” he added.

Mr. Lacson also asked the resource persons why micro- and small-sized enterprises are getting a small proportion of bank loans aimed at small businesses.

BSP Managing Director for Policy and Specialized Supervision Lyn I. Javier said the smaller businesses are receiving a proportionate amount of funds.

“Since the micro enterprises are really small businesses, the loans they may have availed of are also small relative to the loans availed of by the medium-sized enterprises,” she said.

“Another factor could be the appetite of the banks also in lending to these sectors… as well as the access to financing (and) availability of banking services in their respective areas.” — Charmaine A. Tadalan

Finance dep’t says small businesses can also be aided by keeping credit cheap

THE Department of Finance (DoF) said the many demands on the government’s resources during the pandemic are forcing it to weigh the need to maintain a solid sovereign credit rating while also aiding hard-pressed small businesses.

Assistant Secretary Antonio G. Lambino II said a solid sovereign credit rating will eventually benefit micro-, small, and medium-sized enterprises (MSMEs) by gving them access to cheap credit.

“Sa madaling salita, gusto po talaga nating tulungan ‘yung access to credit ‘nung ating mga MSMEs (We can also aid MSMEs via access to credit) and that is why we have to balance all of these things — from subsidies to credit rating, the things that we fund in addition to subsidies,” Mr. Lambino said in an online forum organized by the Department of Trade and Industry (DTI) Tuesday.

“If our credit rating is good and the policy rate is managed well, ‘yung interest rate po, magtrickle down po to the borrowers (the benefit from low interest rates will trickle down to the borrowers),” he added.

Last week, Moody’s Investors Service maintained its Baa2 rating for the Philippines, a notch above the minimum investment grade, noting that the country’s strong fiscal position built up in recent years will help it weather the coronavirus crisis. It likewise maintained its “stable” outlook, which indicates no change to its evaluation over the next six months to two years.

Bangko Sentral ng Pilipinas (BSP) Managing Director of the Center for Learning and Inclusion Advocacy Pia Bernadette R. Tayag said banks continue to struggle with understanding the needs of MSMEs because their operations are geared towards servicing larger clients.

“Gusto namin magka-kapasidad ang mga bangko na intindihin ang buong value chain para maintindihan nila na itong mga players na ito, itong mga small farmer, meron siyang ginagawa para sa mas malaking chain, kumbaga para mas maging panatag ang loob ng mga bangko na magpautang (We want banks to develop the capacity to understand the entire value chain, like small farmers, who are doing something for a bigger chain. This will help banks to be more at ease in extending credit to them),” she said.

Ms. Tayag said the bank is developing a uniform MSME loan application form for banks and financial technology firms to standardize the credit process and help MSMEs become familiar with the requirements for obtaining loans.

Ms. Tayag added that the BSP is working on a credit risk database from bank data on MSME financial statements to improve credit profiling of small businesses. — Luz Wendy T. Noble

PEZA announces plans for skills training institute as first university ecozone launches

THE Philippine Economic Zone Authority (PEZA) said it plans to develop a skills training and research institute in partnership with its first university special economic zone (SEZ).

PEZA on Monday launched its first Knowledge, Innovation, Science and Technology (KIST) Park at Batangas State University (BSU). KIST Parks are special economic zones using idle land at state universities and colleges for potential locators to lease.

President Rodrigo R. Duterte designated the BSU location a PEZA-registered special economic zone on May 22.

“Being a KIST Park will now enable Batangas State to partner with foreign schools to bring their programs so we can create a more skilled Filipinos as we embark on transforming our workforce to become multi-skilled, multi-knowledge, and world class,” PEZA Director General Charito B. Plaza said in a statement Tuesday.

PEZA, the university, and the Philippine Association of State Universities and Colleges (PASUC) have also signed a memorandum of agreement to develop a special economic zone institute.

“The SEZ Institute aims to provide skills training, research, etc. based on the type of industry identified in the region and be partner with SUCs with competence to transform every Filipino worker into multi-skilled, world class rich human capital, addressing one of the efficiency factors investors are looking for,” Ms. Plaza said.

Trade Secretary Ramon M. Lopez expects the special economic zone to boost industry.

“Ang KIST Park ay siguradong makakatulong sa pagbunsod ng kapasidad at kakayahan ng BSU na magsagawa ng mga pananaliksik para matugunan ang mga pangangailangan ng industriya pati na rin ang pag-incubate ng mga startup enterprises upang matugunan ang demand ng merkado. (KIST Park would surely help BSU improve its capacity for research to address the needs of industry and to incubate startup enterprises to respond to the needs of the market)” he said.

Ms. Plaza expects overall investments in 2020 to decline. The investment promotion agency approved P22.5 billion in investment projects in its July 10 board meeting, the majority of which are new activities from current locators.

These include 10 economic zone proposals and seven ecozone facility enterprise projects.

There are 63 applications for the proclamation of new economic zones at the Office of the President. — Jenina P. Ibañez

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