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Samsung to shut down US CPU research division

SEOUL — Samsung Electronics Co. Ltd. said on Tuesday it will shut down a CPU research division at one of its US facilities, a move that analysts said dimmed prospects for the tech giant’s Exynos-branded mobile chips.

Exynos mobile processor chips are considered a hallmark of the South Korean firm’s attempts to reduce its reliance on memory chips and increase sales of logic chips that are used to power mobile devices and autonomous vehicles.

But the proprietary chips, which are found in Samsung’s flagship Galaxy series smartphones and compete against Qualcomm Inc.’s marquee mobile processors, have struggled to find external customers.

The decision to shut down the division, which will make some 300 jobs redundant, point to challenges Samsung faces in promoting Exynos chips, analysts said.

“(Exynos) chips are not really used anywhere else and continue to lose ground in the mobile processor market, raising concerns about the company’s competitiveness,” said Park Sung-soon, an analyst at Cape Investment & Securities.

The move has led to speculation that Samsung will use core designs from ARM or semi-custom designs. Park added that Samsung is not likely to give up the Exynos business entirely.

Samsung said it will continue to develop and produce Exynos chips regardless of the termination of CPU (central processing unit) core projects, and some of 300 affected employees could be relocated to different projects.

“Based upon a thorough assessment of our System LSI business and the need to stay competitive in the global market, Samsung has decided to transition part of our US-based R&D teams,” it said in a statement, referring to its logic chip business.

Affected employees will mostly come from its Austin R&D Center, which had been researching CPU core since 2010, while a small number of employees at its CPU project team at Advanced Computing Lab in San Jose will be let go or relocated to other divisions, a company spokeswoman said.

Samsung said it has more than 20,000 employees in the United States focused on design, research and development, investment and manufacturing next-generation technologies, adding it remained committed to increasing its American workforce.

The termination of its CPU core projects comes after Samsung, the world’s largest memory chipmaker, said in April that it plans to invest $116 billion in logic chips through 2030. — Reuters

Dining Out (11/07/19)

The Pen’s Christmas tree and Gingerbread House

THE FESTIVE spirit arrives at The Peninsula Manila on Nov. 8, 5:30 p.m., when children from the Make-A-Wish Foundation Philippines light up The Lobby’s 45-foot-tall Christmas tree, and the musicians of the Manila Symphony Junior Orchestra play holiday music. The resulting scene, which resembles a holiday greeting card brought to life, heralds the start of the season. On that day, the Gingerbread Store will open at The Lobby, and guests may make holiday dining reservations, order Christmas hampers, or take selfies. The store will be open daily from 9 a.m. to 8:30 p.m. In support of those less fortunate, six “Stories from the Tree” characters will be available to purchase in the form of tree ornaments and pins, with P250 from each purchase donated to Hands On Manila Schools’ “Galing Mo Kid” program that mentors high-achieving public school students.

2K Prime Thanksgiving

‘TIS the season to be jolly as 2K Prime again partners with Premium Wine Exchange on Nov. 28. Guests can look forward to indulging in unlimited servings of soup, USDA Prime Rib, sides and wine again. This time around, in celebration of Thanksgiving, the menu also includes unlimited servings of roast turkey, all for the same price of P2,000 nett. Meanwhile, the restaurant is offering three take-out holiday party packages, good for 10 persons and which feature a wide variety of 22 Prime’s Signature Holiday dishes such as Kung Pao spaghetti, Grilled ham and queso de bola sandwich, Bonton fried chicken, Turkey slices with cranberry sauce, Seafood paella, Cajun fish with mango salsa, Pork cracklings with prune sauce and Slow roasted beef with garlic sauce. Prices start at P6,800 nett. 22 Prime is located at the 22nd floor of Discovery Suites, 25 ADB Ave., Ortigas Center, Pasig City. For inquiries and reservations call 7719-6822, e-mail reservations@ds.discovery.com.ph, or visit https://www.discoverysuites.com/bars-restaurants/dining-offers/

Jollibee’s Cookies ‘n Cream Sundae Twirl

JOLLIBEE has added Cookies ‘n Cream Sundae Twirl to its roster of desserts. The vanilla soft-serve is now with crushed Oreo cookies, with sweet white chocolate coating, and topped with a whole Oreo cookie. Cookies ‘n Cream Sundae Twirl is available for P39, dine-in, take-out, delivery, and drive-thru at all Jollibee stores nationwide.

McDonald’s Happy Meal throwback

MCDONALD’S around the world celebrate 40 years of Happy Meal with throwback toys from the past four decades. Filipinos can join in starting Nov. 21 (promo runs while supplies last) at select branches. Fourteen of the most memorable Happy Meal toys of the last 40 years will be offered. Diners are in for a surprise as they will not known which throwback Happy Meal toy they will receive when purchasing a Surprise Happy Meal as each one is packed in a blind bag.

Video game shows what it’s like inside Hong Kong’s pro-democracy protests

IN the concrete jungle of a modern metropolis, a black-clad young man gears up to battle hostile cops armed with tear gas and live ammunition. Masked and helmeted, he navigates metal barricades, flaming cars and flickering neon signs, one misstep away from getting busted — or worse.

This isn’t Grand Theft Auto or Call of Duty. This is a game about Hong Kong’s pro-democracy protests.

Assembled in a week by a ragtag group of students and office workers, Liberate Hong Kong is an extremely rudimentary first-person simulation of the often violent anti-China movement that’s gripped the semi-autonomous city since the summer. The game depicts the bleak experience of a front-line protester dodging swarms of projectiles from riot police, and it will launch this month in both PC and virtual reality versions, the developers said.

It’s the latest example of how Hong Kong’s internet-savvy population is using technology to mobilize a leaderless movement and spread the message internationally. Protesters have taken to Telegram to plan and execute demonstrations and broadcast their cries for self-determination in popular online video games like Activision Blizzard Inc.’s World of Warcraft. Now, they’ve gone one step further and begun to fashion their own virtual simulation of the action on the ground, hoping to target a broader millennial population while inspiring a vast gaming community that’s shown a readiness to support their cause.

The developers of Liberate Hong Kong hope their simulation of the city’s democratic movement will help outsiders better understand what’s unfolding on the streets of Kowloon and Wanchai. They put the game together after Blizzard’s decision to ban esports player Ng Wai Chung, better known as Blitzchung, for staging an impromptu protest during a post-game webcast. That triggered a backlash, including calls for a boycott and demonstrations during the annual BlizzCon event starting Nov. 1 in California.

“The team can’t help thinking what will happen, and how the game industry will respond, if we are having a whole new game that is about the protests,” said a 30-year-old developer who asked to be identified only as Jane Lam because she took part in the often-illegal protests.

Last week, the developers offered a first glimpse of their game by releasing a trailer. Ng streamed himself playing it on Twitch in an hour-long session that garnered more than 14,000 views. While the gameplay is crude — consisting mostly of dodging bullets and throwing tear gas canisters back at faceless police — the purpose of the creators is to educate rather than entertain.

Constrained to a two-block radius and scoring only canisters collected, a Liberate Hong Kong session rarely exceeds 10 minutes. All end in one of two ways: the player ends up shot or arrested.

“There is no winning in the game, just like the current situation,” said Lam, who covered her face with a mask while talking to reporters on camera.

To make the game more true to life, the developers recorded chants directly from Hong Kong’s streets and recreated protest expressions from spray-painted slogans to the creative “Lennon Walls” of Post-it notes that have sprung up across town.

The team behind Liberate Hong Kong said it has submitted the title to Valve Corp.’s game distribution platform Steam, which has yet to grant approval. Forcing Valve to make a decision either way was itself intended to keep the Hong Kong matter in the global public eye, Lam said. If Valve declines, the developers plan to post their own download link online, keeping the PC version of the game free and charging HK$100 ($12.80) for a VR edition. All profits will be donated to a fund raiser for protesters, Lam said. Valve marketing chief Doug Lombardi did not respond to a request for comment.

In a touch of levity, Liberate Hong Kong’s creators added a collectible Winnie the Pooh toy into their game, a wink to the A.A. Milne character that became a meme for its perceived resemblance to Chinese President Xi Jinping. It’s the only item players can grab and toss other than tear gas canisters.

“From the very beginning we just wanted to start an issue in the gaming industry and wait for the feedback,” Lam said. “It is a very short-term imitation of real-life experience.” — Bloomberg

Money market gets boost from BSP easing

THE MONEY MARKET has been seeing the effects of the monetary easing of the Bangko Sentral ng Pilipinas (BSP), according to the Money Market Association of the Philippines (MART).

However, the organization is also calling for improvements in the country’s tax system to boost their industry.

In a media roundtable, MART President and Rizal Commercial Banking Corp. Senior Vice President Steven Michael T. Reyes said the money market has seen interest rates go down, which has benefitted the market.

“You’re seeing it already from the market. Rates have fallen dramatically…while the reserves is actually a very positive for the market because it releases much needed liquidity in a system where the government wants to facilitate growth,” Mr. Reyes said.

He added that the BSP’s signals to the market on its policy direction has been helpful to the industry.

“We really appreciate the current regulators for allowing us to be participative in the development,” he said.

However, Mr. Reyes said the tax system is something that should be looked into in order to beef up the country’s still “shallow” capital markets.

“Our factor is the fact that tax system is a hindrance to seeing offshore [investors] coming in and participating in our markets. For example, our withholding tax, and compared to other countries, ours is relatively high.”

When asked about the proportion of foreign investors going into the capital markets, Mr. Reyes said: “I’d be very happy if offshore is actually even close to 20% [of investors]… We’re definitely below that.”

According to Mr. Reyes, initiatives to boost cross-border investments in Asia are currently being explored.

“There is this initiative by a lot of Asian central bankers to have a borderless environment where people can invest between one country to another. It is a good concept but implementation is still a hurdle because of the taxes and policies per country,” he said.

Interest income from trust funds as well as deposit substitutes in the Philippines by a domestic entity or resident foreign firm are imposed with a final withholding tax of 20%. Meanwhile, interest income from a non-resident foreign firm is imposed with a final withholding tax of 30%. — LWTN

Bond listings hit P300 billion so far this year

THE Philippine Dealing and Exchange Corp. (PDEx) has breached the P300-billion mark for new bonds listed in 2019, a new record for bond listings in a year.

Ayala Land, Inc (ALI) listed P10 billion in fixed-rate bonds at the exchange yesterday, pushing PDEx’s count of new bond listings this year above P300 billion.

“Today makes listing number 31, level of P308.92 billion of new bonds listed for the year and a total of P1.27-trillion corporate bonds listed at PDEx (as of Nov. 6),” Philippine Dealing and Exchange Corp. (PDEx) President and Chief Operating Officer Antonino A. Nakpil said in his speech at the listing ceremony yesterday.

Mr. Nakpil said he expects new records in the coming weeks as several banks are set to conduct bond issuances before the year ends. This will raise 2019’s new listings well beyond the P256.4 billion the PDEx saw in 2018.

“We are delighted to announce that today also marks the effectivity of our SEC (Securities and Exchange Commission)-approved framework for listing and enrollment of bank bonds issued under a bank bond issuance program… [T]his means that documentary requirements dropped from 25 to 11 for a so-called follow-on tranches within such bank bond issuance programs,” the PDEx chief said.

“We look forward to seeing the efficiency metric shortened much more in the coming year,” he added.

Mr. Nakpil earlier said the new guidelines for bank bond issuances, or the Bangko Sentral ng Pilipinas Circular No. 1010, have attracted several banks to enter the bond market because of the simplified process for universal and commercial banks and quasi-banks.

By the end of the week, the SEC-approved trading and settlement guidelines for floating rate bonds will also take effect, which Mr. Nakpil said will help spur more interest in the PDEx.

“We would like to thank the SEC for its development-enabling regulatory approach to our fixed-income market,” he said.

ALI’s P10-billion bond listing yesterday is its third listing this year, after P3 billion in bonds were listed last month and P8 billion in bonds were listed in May.

“ALI has raised on a year-to-year basis a total of P50 billion, comprising P21 billion in bonds, P19 billion in bilateral loans and P10 billion in alternative financing… This is the highest amount of total debt financing in a year for ALI,” Chief Finance Officer Augusto Cesar D. Bengzon said in his speech at the ceremony.

The P10-billion bonds listed yesterday is the company’s first-ever offer of such size under two tranches with polarizing tenors of two years and seven and a quarter years. Proceeds from the offer will fund its 2.8-hectare development project in Makati City.

ALI’s net income in the nine months to September grew 12% to P23.2 billion due to the growth of its real estate business. — Denise A. Valdez

How PSEi member stocks performed — November 6, 2019

Here’s a quick glance at how PSEi stocks fared on Wednesday, November 6, 2019.

 

Expanded list of flagship infra projects approved

THE REVISED list of 100 flagship infrastructure projects was approved by the Investment Coordination Committee-Cabinet Committee (ICC-CC) and the Cabinet-level Committee on Infrastructure (INFRACOM) yesterday, expanding the list to include private sector-initiated projects while dropping some works due to lack of feasibility.

Bases Conversion and Development Authority (BCDA) President and CEO and the presidential adviser for flagship programs Vivencio B. Dizon said that of the 100 projects, 26 projects will be financed through private-public partnership (PPP), against the eight such projects included in the previous list, which had only 75 projects overall.

“PPP projects under the Duterte administration should promote public interest. In other words, PPP must be for the people,” Mr. Dizon was quoted as saying in a statement yesterday.

The revised flagship list will cost a combined P4.2 trillion while the entire “Build, Build, Build” program, which is composed of “thousands of infrastructure projects across the country” is worth over P8 trillion.

The flagship projects cover transport and mobility, the top priority; power, water, information and communications technology and urban development and renewal.

Among the projects that were included in the new list are the Metro Manila Subway Project, the North-South Commuter Railway, the Clark International Airport expansion, the Cebu Monorail System, the Panay-Guimaras-Negros Bridge, the Samal Island-Davao City connector bridge, and the Mindanao Rail project.

However, the flagship programs will remain an “evolving list” where projects that are “of national and regional importance,” especially in Visayas and Mindanao, can be included later on.

Mr. Dizon said that “a significant number” of projects will be completed while all of the 100 projects will be started during the current administration.

“Some” projects will be operational by 2022 while the remaining will have to be continued by the next administration.

“Continuity is what is most important for President (Rodrigo R.) Duterte. This is why all of the 100 flagship projects will be started under his term, with a significant number completed while some will be partially operational by 2022. The rest will have significant progress moving into the next administration,” he said.

With more PPP-funded projects, Mr. Dizon said that the government “will not allow disadvantageous provisions” which featured in past projects like automatic rate increases, non-interference undertakings and non-compete clauses.

He said that such provisions were detrimental to the interest of the public, specifically the non-compete clauses which remove the government’s ability “to require concessionaires to improve services.”

“Unfortunately, PPP concession agreements executed in the past failed to promote public interest… Under the Duterte administration, such disadvantageous provisions will not be allowed,” Mr. Dizon said.

Meanwhile, other projects that bagged ICC approval were the Panglao, Bohol International Airport, and a Camarines Sur highway, the Samal-Davao bridge project, and the Davao Bus Rapid Transit project Socioeconomic Planning Secretary Ernesto M. Pernia said.

Projects approved at ICC level will then be submitted for National Economic and Development Authority (NEDA) Board certification before going through a Swiss challenge. — Beatrice M. Laforga

Senate panel to call inquiry on nuclear power plans this month

The Senate Energy Committee is set to begin an inquiry into the Department of Energy’s plan to advance the nuclear power agenda. In photo is the reactor of the Bataan Nuclear Power Plant. — BW FILE PHOTO

THE Senate Energy Committee is set to begin an inquiry into the Department of Energy’s (DoE) plan to advance the nuclear power agenda in the Philippines.

Senator Sherwin T. Gatchalian, under Senate Resolution No 162, asked the DoE to update the chamber on the status of developments and its recommendations for exploring nuclear power.

Wala pa rin akong nakukuhang update (I have not received an update). That’s why I was telling the Department of Energy… nuclear power is a very controversial source of energy dahil ang risk napakataas (because the risks are very high),” Mr. Gatchalian said in a briefing Wednesday.

“There are more questions than answers; that’s why we will conduct now a hearing to put this on the table at gawing official kung ano ang direction (and make official the direction) when it comes to nuclear power,” he said, noting the hearing may be conducted “in two weeks.”

The Senator was speaking on the sidelines of the Energy Committee’s initial deliberations on the proposed Philippine Energy Research and Policy Institute Act, which he said is necessary if the government goes ahead with its nuclear agenda.

The DoE recently received the International Atomic Energy Agency (IAEA)’s nineteen-point Integrated Nuclear Infrastructure Review, which evaluated areas in which the government needs to improve if it were to venture into nuclear power.

Mr. Gatchalian disclosed having conducted his own research, and cited the UK’s Hinkley Point C nuclear power plant as a case of nuclear power possibly raising electricity costs.

“Over the last few months, gumagawa ako ng research at natuklasan ko na ‘yung pinakabagong planta na pinapatayo sa England, ang tawag dun ay Hinkley Point, ang benta nya (Our research has turned up the case of the Hinkley Point plant under construction in the UK, which sells power) in terms of generation charge for (the equivalent of) P5.55,” he said, noting coal costs about P4-4.50.

The resolution also cited President Rodrigo R. Duterte’s visit to Russia in October, during which the Energy Secretary Alfonso G. Cusi signed a memorandum of intent with state-owned company Rosatom to explore the construction of nuclear power plants.

“We’ve been hearing talk of reviving the nuclear power agenda in our country and very few people can claim to be experts in nuclear power,” Mr. Gatchalian said during the hearing on the proposal to create an independent energy institute.

“The Department of Energy (DoE) has been pushing for this but the basic question is — is nuclear energy fit for the Philippines? Is it fit for our country? Will it deliver the promises of lower electricity cost at very minimal risk?”

The measure was supported by the University of the Philippines, which is to lead the institute’s establishment, but was opposed by the DoE due to budgetary constraints.

“We are more of the idea to strengthen the staff of the Department of Energy, rather than creating another energy institute because of the budgetary constraints and the functions described in the bill, the DoE is already doing,” Assistant Director Melita V. Obillo of the Energy Policy and Planning Bureau told the panel. — Charmaine A. Tadalan

MWSS annual audits of water firms start today

THE Metropolitan Waterworks and Sewerage System’s (MWSS) regulatory office (RO) has tapped an audit firm to look into the financial performance of Metro Manila’s two water concessionaires, the state agency said on Wednesday.

In a statement, the MWSS-RO said it engaged the services of Constantino and Partners to conduct the regulatory financial audit (RFA) of Manila Water Co., Inc. and Maynilad Water Services, Inc.

Chief Regulator Patrick Lester N. Ty said the move is in line with his office’s efforts to more efficiently monitor the water concessionaires’ compliance with the concession agreement and delivery of their service obligations.

“The RFA was previously performed every five years, and this will be the first time since the agency’s inception in 1997 that the audit will be done every year,” he said.

He said the audit firm will look into the books and records of the water concessionaires for the period July 1, 2017 to Dec. 31, 2018.

“CP [Constantino and Partners] is an auditing firm accredited by the Philippine Securities and Exchange Commission, Philippine Board of Accountancy, Bangko Sentral ng Pilipinas, Insurance Commission of the Philippines, and the Bureau of Internal Revenue,” Mr. Ty said.

He said the regulatory financial audit will started yesterday, Nov. 6. A detailed audit report is expected to be delivered by the first quarter of next year, he added.

Mr. Ty first announced the audit in March this year, although the schedule he gave was that the audit would start in June. He said the purpose of the financial audit is to protect the interest of the public by checking whether the concessionaires were “prudent and efficient.”

He had said that the concessionaires would have no choice but to comply since their separate concession agreements allow their books and records to be audited by the MWSS regulatory office or parties acceptable to it. — Victor V. Saulon

Technology touted as key tool for achieving financial inclusivity

DIGITAL technology as well as collaboration between regulators and the private sector will further expand financial inclusion in Asia and the Pacific, including the Philippines, experts said at a forum yesterday.

At the third annual Asia Finance Forum in Pasig City on Wednesday, ADB Vice-President for Knowledge Management and Sustainable Development Bambang Susantono said that to expand financial access, applications for new technology should constantly be pilot-tested in so-called regulatory sandboxes — closed environments where any unforeseen issues can be worked out.

Mr. Susantono said other technologies have the potential to expand financial inclusion like distributed ledger systems such as a blockchain as well as digital IDs with biometrics.

“Yet, we must also be aware of the potential risks these new technologies bring… For example, risks from financial sources may include maturity mismatches, liquidity mismatches and excess leverage. Operational risks may encompass cybersecurity, legal and regulatory challenges and anti-money laundering,” he added.

Bangko Sentral ng Pilipinas (BSP) Managing Director of the Center for Learning and Inclusion Advocacy Pia Bernadette Roman Tayag said that the central bank has been “actively pursuing” financial innovation and inclusion via collaboration with the private sector.

“Beyond our policies and regulation (and) partnerships on financial education and consumer education, you will recognize the important role that other private players play in terms of reaching out and delivering these types of messages so we leverage that,” Ms. Tayag added.

ADB Senior Digital Technology Specialist Lisette Cipriano said that the bank’s project aiming to provide a low-cost, high-speed and accessible broadband Internet across Asia and the Pacific.

In July, the ADB released its draft proposal on the Asia-Pacific Remote Broadband Internet Satellite Project which “will entail construction, launch, and operation of a shared, geostationary earth orbit, high-throughput satellite (Kacific-1), featuring Ka-band technology.”

Ms. Cipriano said the satellite broadband project is currently in the proposal stage.

“I believe you will hear some announcements maybe within this month… We’re looking at low-cost satellite solutions for Asia and the Pacific to see how we can provide connectivity in remote areas,” Ms. Cipriano told reporters on the sidelines of the event.

The project targets nationwide coverage for the Philippines, Bangladesh, Fiji, Indonesia, Kiribati, Myanmar, Nepal, Niue, Papua New Guinea, the Solomon Islands, Timor-Leste, Tonga, Tuvalu and Vanuatu.

She considers the project as a “potential solution” to address the issue of financial inclusion due to lack of infrastructure and connectivity and maintained that the ADB will have to ensure that it has to be sustainable and scalable.

According to the proposal, the project will be ADB’s first satellite financing project and the Kacific will require the services of up to three teleport operators, to be located in Subic, Philippines, in Australia and in Indonesia.

“The teleport connections ensure the connection of the Kacific satellite signals to the backbone internet,” according to the proposal. — Beatrice M. Laforga

Zoning plan for pork shipments due end-2019

THE Department of Agriculture will implement by the end of the year its National Zoning Plan governing the movement of pork products, amid resistance from some local governments to shipments of such items from areas affected by African Swine Fever (ASF).

Officials said the plan is still in the consultation stage as meat processors warn about billions of pesos in potential losses if their shipments are stopped at provincial or municipal borders, particularly ahead of the year-end holidays, when they generate most of their sales.

Local government units (LGUs) are resisting the entry of pork products from Luzon to protect their own hog farmers.

In a briefing at the Palace on Wednesday, the head of the DA’s ASF Task Force Reildrin G. Morales, said the proposed National Zoning Plan is set to be implemented within the year, pending further consultations.

The consultations need to be comprehensive because a zoning plan will have a wide-ranging impact on many businesses, he said.

“For that reason, we have not released (the zoning plan) because we will want to share it first with our stakeholders,” he added.

The DA announced Monday that it is finalizing plans to regulate the movement of pork products in order to prevent the ASF from spreading to regions not yet affected by the disease.

The proposal, which will be discussed in the Cabinet Wednesday, will divide the country into five areas depending on how ASF has affected the region: free zones, containment zones, protected zones, surveillance zones, and infected zones.

According to the Samahang Industriya ng Agrikultura (SINAG), hog raisers claim lost revenue of P10 billion during the first two months of the outbreak.

Mr. Morales, however, estimates that the industry actually loses about P30 million a day or P900 million a month, assuming a hog value of P10,000 per animal.

Mr. Morales said the ASF outbreak is manageable and pork is not yet in short supply.

“The level of spread of the disease is a level we can manage,” Mr. Morales said.

He added that since August, when the first ASF case was reported, 70,000 hogs have been culled out of the country’s 12.5 million herd. Mr. Morales clarifies that not all the pigs in this figure died due to ASF.

Yun pong na-cull natin na mga baboy ay hindi po siya lahat infected with ASF (Not all culled hogs are infected with ASF). At least a third, or even less, are infected with ASF,” he said, adding that most culled animals are destroyed as a precaution. — Gillian M. Cortez

S. Korean firms seen eager to invest in PHL infrastructure

SOUTH KOREAN companies are looking to invest in the “Build, Build, Build” program to help address the country’s infrastructure constraints, Seoul’s Ambassador to the Philippines Han Dong-Man said at an investment forum Wednesday.

“ASEAN is one of the most dynamic and promising regions in the world but is held back from realizing its full potential by huge constraints in infrastructure caused by the lack of investment,” he said in his speech at the Korea-ASEAN Project Plaza conference.

He said that several multilateral development Banks favor the ASEAN region in providing aid and loans for infrastructure projects.

He has approached South Korean companies to provide new technologies, technical knowledge, and enter into project partnerships.

“I asked them to invest, invest, invest in the Philippines in accordance with President Duterte’s ‘Build, Build, Build’” he said.

He said that there are opportunities in the infrastructure and manufacturing sectors, adding that South Korea can help improve digital connectivity within ASEAN.

“I believe that improving the infrastructure linkages is a cornerstone for building and improving the ASEAN Community.”

During her presentation, Public Works and Highways Undersecretary Maria Catalina E. Cabral outlined the development of highways, bridges, and airports under the “Build, Build, Build.”

She said the administration’s development plan creates urban and rural linkages, improves access to social services, improves local and international connectivity, and promotes sustainable development. — Jenina P. Ibañez