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What to see this week

2 films to see on the week of March 8 — March 14, 2019

The Haunting Hour (a.k.a. 23:59: The Haunting Hour)

TOMMY, a socially awkward man who is bullied his army mates, finds comfort from compliments left by readers in his blog. One, a very attractive female, intrigues Tommy who imagines more — until he receives a text from her and things start to go horribly wrong. Directed by Gilbert Chan, the film stars Richie Koh, Mark Lee, and Wang Lei. “Feels like a slap-in-the-face anti-climax,” writes John Lui of Singapore’s The Straits Times.
MTRCB Rating: PG

Captain Marvel

AS FANS of the Marvel Comics series would know, Carol Danvers is an ex-US Air Force Pilot who becomes Captain Marvel, a member of an intergalactic space army, and is tasked to save the world. The movie’s events are set against the backdrop of 1995. The film stars Brie Larson as Carol Danvers and Samuel L. Jackson as Nick Fury, Ben Mendelsohn as Talos, Lee Pace as Ronan the Accuser, Gemma Chan as Minn-Erva, and Jude Law as Yon-Rogg. Rotten Tomatoes gives it a score of 83% and certifies the film as “fresh.” Peter Travers from Rolling Stone says, “You could ding it for convoluted plotting and a retro style that flattens the usual Marvel fireworks. But a dynamite Brie Larson gives hell to cosmic villains and sexist trolls. And an orange feline named Goose is the best movie cat ever!”
MTRCB Rating: PG

ICTSI sets aside $380 million for 2019 capex

INTERNATIONAL CONTAINER Terminal Services, Inc. (ICTSI) is allotting around $380 million for capital expenditure (capex) this year, 45% lower than the $261.3 million the company spent in 2018.
In a disclosure to the stock exchange, the Razon-led port giant said the capex budget will be mainly used for “ongoing expansion projects in Manila, Mexico and Iraq; equipment acquisitions and upgrades; and for maintenance requirements.”
At the same time, ICTSI reported its net income attributable to equity holders rose 22% to $221.5 million in 2018, from $182.1 million recorded the previous year.
The company attributed the higher profit to “strong operating income from organic terminals; a decrease in the Company’s share in the net loss at Sociedad Puerto Industrial Aguadulce S.A. (SPIA)… in Buenaventura, Colombia, which decreased from $36.8 million in the year of 2017 to $23.4 million for the same period in 2018 as the company continued to ramp-up container volume; lower restructuring and separation costs; and a $2.8-million non-recurring gain from the pre-termination of interest rate swap related at its terminal in Manzanillo, Mexico in May 2018.”
However, ICTSI noted earnings growth was tempered by the increase in port lease expenses at Melbourne, a $5.8-million non-recurring impairment charge at its Davao terminal, and the termination of its sub-concession agreement in Nigeria.
“Our drive in maintaining positive volume growth organically and through (mergers and acquisitions), our focus on cost and operating efficiency, and the constructive global trade dynamics outside of the US-China ‘trade war’ combine to provide a case for cautious optimism in 2019,” ICTSI Chairman Enrique K. Razon was quoted as saying in a statement.
ICTSI gross revenues increased by 11% to $1.4 billion in 2018, on the back of its 6% volume growth to 9,736,621 twenty-foot equivalent units (TEUs) handled in 2018.
“The increase in volume was mainly due to continuous improvement in trade activities; new contracts with shipping lines and services; and the contribution of new terminals in Lae and Motukea in Papua New Guinea, and Melbourne, Australia,” the company said.
ICTSI’s operating expenses also rose 14% to $540.5 billion during the year due to increased costs from new terminals, higher fuel prices, among others. — Denise A. Valdez

Philippine banks boosting guards versus cyber threats

A CRISIS MANAGEMENT and security consulting firm said the preparedness of the Philippine banking sector in dealing with cyber threats is “quickly changing” even as financial institutions remain the most vulnerable to these attacks.
In a press conference, Blackpanda Philippines Managing Director Kevin McCaffrey said the commitment of local banks to improve cybersecurity is “extreme.”
“[Their preparedness is] quickly changing. They’re in an immense amount of pressure. What have they done so far, they’ve done the best they can with what they’ve got. The stop-gap measures are in place,” Mr. McCaffrey said on Tuesday.
“I’m a customer just as much as anybody else in these financial institutions, and I feel that my data is safe.”
Mr. McCaffrey added that the security consulting firm is in discussions with a number of banks, some of which are forming consortia.
He said the components of these groups are usually one or two banks with eight or nine smaller lenders. The banks pool their resources to avail of the cybersecurity solutions provided by firms such as Blackpanda.
“I think that we have to look particularly at the smaller banks. It’s very difficult for them to keep up, so that’s why it’s important for these consortiums to band together because they don’t have the resources to capitalize on these solutions.”
Mr. McCaffrey said financial institutions remain the most vulnerable to cyber threats globally, noting that cyber attackers are shifting their focus to the Asia Pacific region (APAC).
“What’s happening is cyber threats are starting to transfer their focus away from America and Europe, where there’s big payout but there [are] also great risks because their defense is getting better. They’re shifting to APAC, where the defense are weak but the payout is also big. The next swing is going to be in APAC,” he said.
Rizal Commercial Banking Corp. (RCBC), one of the country’s biggest banks, was involved in an $81-million cyber heist in February 2016, wherein unidentified hackers stole funds from Bangladesh Bank’s account with the Federal Reserve Bank of New York using fraudulent orders on the SWIFT payments system.
RCBC was fined a record P1 billion by the Bangko Sentral ng Pilipinas in August 2016 for its failure to prevent movement of the stolen money through its system.
“What we’re finding our most traction right now especially in the Philippines is financial services for obvious reasons. The banks are under attack, and they continue to be under attack,” Blackpanda’s managing director said.
He added that aside from the banking sector, technology, healthcare, retail and hospitality, as well as telecommunications are the other industries most vulnerable to cyber risks.
Blackpanda is a Hong Kong-based security consulting firm that provides localized solutions across the physical, human and cyber domains. Its offices are located in Manila, Hong Kong, Tokyo and Singapore.
Its insurance partner Jing An Special Risks has secured a license to operate in the Philippines to provide cover against cyber threats and terror acts for local business. — Karl Angelo N. Vidal

AMA offers online short-course program to upgrade skills

AMA University Online Education (AMA OEd) said it is offering an online program featuring short courses to enhance employee skills across various industries.
AMA OEd Technical Course Professor Josephine Casine said short courses are thought to be better suited to employed individuals as opposed to post-graduate programs.
“Unlike a degree or post-graduate program with educational attainment requirements, short courses do not have the same stringent requirements. They give anyone the chance to learn a specific subject matter that they are personally interested in or need for their job,” she said in a statement on Thursday.
AMA OEd offers short courses in foreign language proficiency, software, and management skills.
AMA OEd Head of Content Development Leohernard Quitaleg said people who complete the courses are given certificates.
“Aside from the skill and the knowledge, you also get… an additional credential to your resume that can help get you promoted at work,” he said. — Gillian M. Cortez

Italpinas board OK’s preferred share issuance

ITALPINAS Development Corp. (IDC) on Thursday said its board of directors gave the go signal for the issuance of up to P650 million worth of preferred shares.
The listed property developer disclosed that its board of directors has approved the issuance of up to P500,000,010 worth of preferred shares, with an over allotment option of up to P150 million. The preferred shares are priced at P15 each.
“The Board further delegated to management the determination of the manner, terms, and condition of the issuance of the preferred shares,” the company said.
The company earlier said that it plans to spend P2 to 3 billion to expand two projects next year, namely Primavera City in Cagayan de Oro, Misamis Oriental, and Miramonti in Sto. Tomas, Batangas.
The capital spending will be funded through the issuance of preferred shares and through bank loans for the remaining balance.
IDC’s attributable profit jumped 45% to P33.19 million in the first nine months of 2018, as gross revenues doubled to P373.02 million in the same period.
Shares in IDC jumped 9.57% or 45 centavos to close at P5.15 each at the stock exchange on Thursday. — Arra B. Francia

How to handle difficult job interview questions

I was interviewed for the vacant post of vice president by the CEO of a major company. My experience with him was disappointing after he asked the following questions: “Describe a stressful work condition with your past or current employer. How were you able to handle it? What would you do if you found out that a colleague is stealing millions from the company? Would you play politics with a colleague asking for your favor so that he can use a company vacation house for a week despite a policy against it? Would you agree to be imprisoned for avoiding taxes in favor of the company? Would you be willing to answer my phone calls at two in the morning? How would you feel if top management takes credit for your work?” Imagine answering around 15 of these questions for close to two hours. What’s your take on this? Are these questions relevant to the job? (italz end) — Stressed Out.
A young boy was helping his grandfather dig for potatoes one summer afternoon. After a while, the boy began to feel tired and asked: “Grandpa, what was your intention when you buried these things, anyway?”
Innocent question, indeed. Socrates said: “The only true wisdom is in knowing that you know nothing.” That’s why and how we start to ask a lot of questions to learn, even unlearn and relearn many things during job interviews.
Your situation reminds me of my own experience when I was called in by a multinational firm for a similar interview for the vacant post of vice president for human resources around 25 years ago. The country director asked me a difficult question:
“HOW WOULD YOU BUST AN EMPLOYEES’ UNION?”
My answer was clear: “I believe in industrial democracy and the rights of people to organize. Many unions that I have encountered are reasonable entities that were cooperative in pursuing the common interest of labor and management. In fact, it would be more costly for any organization to do just that.”
Then I cited many concrete examples to prove my point including a major pharmaceutical company that is spending more money for the salaries and benefits of their workers so they would not resort to establishing a union.
He was stone-faced and it was difficult for me to decipher his thoughts, until he raised another difficult question: “How would you prevent a union from coming in?” My answer was: “Management can’t prevent a union from coming in. That’s the job of a happy, contented and highly-motivated workforce. If the workers are happy, they will not need a union. And I’m not even talking of spending so much money to please people as there are many low-cost, zero-cash motivational strategies out there.”
You’re right. I didn’t get the job. But I’m happy as well because I was not part of a company that vanished because of a tumultuous labor situation resulting in a painful and difficult merger with a competitor.
Let me tell you this. My situation is similar to your own. We have all undergone a stressful job interviews. Job interviewers like to put candidates in an awkward situation and determine their capacity to react to real-world pressures. If the CEO knows what he’s doing, those questions may have been inspired by painful lessons in the past.
When an interviewer asks: “What would you do if you come to know that a colleague is stealing millions from the company?” that question may have been prompted by an actual, true-to-life story that happened in that same organization. Of course, some interviewers are clever enough to hide some facts in their vain attempt to confuse the candidates. But more often than not, those questions have been prompted by difficult situations that were encountered by that organization.
And so, how would you handle a stressful job interview? Just like my answers, you must be honest with yourself and your interviewer. Make it simple, clear, and easy. Be truthful to your personal mission, vision, and values in life. If you know what is right and wrong, what is legal and illegal, what is ethical and unethical, then it should be easy for you to handle any stressful job interview.
If it’s wrong, it should always be wrong. No ifs, no buts. Even if a stupid thing is being done by one thousand people, it remains a stupid thing. Therefore, state your answers without any conditions. There’s no point of giving answers that are pleasing to the ears of a prospective employer that both of you might regret. Be honest. Tell the CEO or whatever interviewer you encounter about your true feelings and beliefs. Chances are, if they believe in the same principles, they will respect you for that.
Don’t worry at all. Aside from what you may have said during a stressful job interview or series of interviews, any employer will decide based on your total package that includes your educational attainment, work experience, significant milestones in your career, and many related things.
If you were not hired, be thankful as you would not want to be imprisoned for helping the company evade tax. Neither would you want to be a part of an organization planning to violate the law, ethics and morals.
ELBONOMICS: If you want to conquer the anxiety of life, live and let live in peace.
 
Send anonymous workplace questions to elbonomics@gmail.com or via https://reyelbo.consulting

Your Weekend Guide (March 8, 2019)

Wanderland Festival

THE Filinvest City Open Grounds in Alabang, Muntinlupa City will be hopping on March 9 and 10 as Globe Telecom and Karpos Multimedia bring back the annual music and arts festival, Wanderland. For its 7th installment, the festival is now a two-day affair, and will feature both local and international acts. International talents performing this year include indie rock bands Two Door Cinema Club and The Kooks, Jamaican-American rapper Masego, British EDM artist SG Lewis, and electronic duo Honne, along with homegrown acts such as Sandwich, Unique, Reese Lansangan, and Clara Benin. Meanwhile, Wanderartist winners Venazir Martinez, Frances Dandan, Raco Ruiz, and Josh Panaligan are set to perform live art. Booths will also provide other means of entertainment, with this year’s iteration bringing a “magic” theme. Stay updated on the different ticket promos by visiting globe.com.ph/go/events/globewanderland.

Talks on Rizal in Germany

JOSE RIZAL’s journey in Germany will be discussed in a forum today, from 10:30 a.m. to 12:30 p.m. at the Amphitheater of Enderun Colleges in BGC. There will be two speakers: Belgian Lucien Spittael, the foremost Rizal scholar in Europe, will give a presentation on Rizal in Ghent and the publishing of El Filibusterismo at the printing house of Meyer, plus historical notes on the town of Ghent; and, Dr. Fritz Hack, the great-grandson of Pastor Karl Ullmer of Wilhelmsfeld, Germany, will give a talk on Rizal’s sojourn at Pastor Ullmer’s residence and how he taught Rizal German and how to draw cartoons.

Women’s Month at Shangri-La

SHANGRI-LA PLAZA mall celebrates 2019’s International Women’s Month, starting with Metro.Style photo exhibit of fashionable women, Metro Most Stylish 2019, which runs from March 1 to 12 at the East Atrium. Meanwhile, From the Lens of Eve, a photo collection of scenes from nature by Annabelle Casiño Chavez, Lauren Malcampo, Maryanne Mendoza, Jen Perez, and Myla Santos-Orden, will run from March 14 to 19 at the East Atrium and March 20 to 31 at Shaw Hallway, Level 1. For inquiries, visit www.facebook.com/shangrilaplazaofficial.

Book signings

NATIONAL BOOK STORE is bringing bestselling authors Cassandra Clare and Holly Black to Manila and Cebu for a series of book signings. Dubbed “The King and Queen Tour,” the book signings will be on March 9 at SM City Cebu’s Northwing Atrium, and on March 10 at SM Megamall’s Mega A Event Center. The Wicked King by Ms. Black is the sequel to The Cruel Prince and follows Jade’s struggle to protect her younger brother who is the heir to Faerie. Ms. Black is the author of bestselling contemporary fantasy novels for kids and teens. Some of her titles include The Spiderwick Chronicles (with Tony DiTerlizzi), the Magisterium series (with Cassandra Clare). The Queen of Air and Darkness is Ms. Clare’s third entry in The Dark Artifices series, the sequel to her bestselling The Mortal Instruments. It follows Emma and Julian race to save the world of Shadowhunters from a deadly curse. The bestseller The Mortal Instruments was adapted into film in 2013 and into the supernatural drama TV series The Shadowhunters in 2016, which is now on its third season.

Dirty Old Musical take three

DIRTY Old Musical (DOM), about a 1980s one-hit wonder band that reunites more than 30 years later to raise funds for an ailing member, is back for a third run with a cast member and new songs. It runs until March 23 at the Music Museum, Greenhills Shopping Center, San Juan. This iteration stars The Dawn frontman Jett Pangan, Robert Seña, Nonie Buencamino, Bo Cerrudo, and Carlo Orosa. Tickets are available at TicketWorld (www.ticketworld.com.ph), the Music Museum (721-6276), or via Spotlight Artists Center (776-4487/0919-911-4444). Ticket prices range from P1,000 to P3,000.

The Phantom of the Opera

ANDREW Lloyd Webber’s musical The Phantom of the Opera has performances at the Theater at Solaire until April 7. Based on Gaston Leroux’s novel of the same title, the story is set in the Paris Opera House where a young soprano becomes the object of The Phantom’s affection and he manipulates her career at the expense of the opera house staff and stars. For tickets and schedules, contact TicketWorld (www.ticketworld.com.ph, 891-9999).

Rep’s Miong

TWENTY years after its first staging, Repertory Philippines presents Miong, a musical on Gen. Emilio Aguinaldo which spans his birth in 1869, to the declaration of independence on June 12, 1898. Shows are presented at Onstage Theater in Greenbelt 1, Makati until March 10. For tickets and schedules, contact TicketWorld (www.ticketworld.com.ph, 891-9999).

PETA’s Charot!

PETA presents Charot!, a comedic musical which imagines a possible future under a new constitution and its consequences. The show runs until March 17 at the PETA Theater Center in Quezon City. For tickets and schedules, contact TicketWorld (www.ticketworld.com.ph, 891-9999).

Eto Na! Musical nAPO!

THE musical comedy Eto Na! Musical nAPO! about seven friends who join a songwriting and singing contest, featuring the music of APO, returns to the stage with performances until March 17 at the Maybank Performing Arts Theater at the BGC Arts Center in Taguig. For tickets and schedules, contact TicketWorld (www.ticketworld.com.ph, 891-9999).

Business sustainability through innovation

“La Mesa Dam has already dried up!” This is what a local water agency told me when we recently spoke, referring to its lowest point in over a decade because of the effects of El Niño. According to the Philippine Atmospheric, Geophysical and Astronomical Services Administration (PAGASA), the dam’s current level is at 69.54 meters — less than half a meter from the very critical level of 69 meters. The standard operating level is between 78 to 80.15 meters, it is currently.
This dam in Quezon City supplies most of Metro Manila’s water through the water concessionaires which are already signalling the high likelihood of water shortage and interruptions if the dry spell continues.
But this is not the first time that we’re hearing this news. The last periods the Philippines suffered from similar El Niño effects were from 2015 to 2016 and 2009 to 2010. El Niño is a part of a routine climate pattern that occurs when sea surface temperatures in the tropical Pacific Ocean rise to above-normal levels for an extended period of time. This phenomenon, by its very definition, is “routine”; hence, we already know that it will happen again and again in a near-predictable pattern. But why is our government and the water companies still unable to prepare for its predictable impact?
In the meantime, in 2015, the Los Angeles Department of Water and Power (LADWP) released 96 million black shade balls into the Los Angeles Reservoir to reduce evaporation and save water in the midst of the worst drought in California history. Los Angeles Mayor Eric Garcetti described this move as “emblematic of the kind of creative thinking we need to meet [the drought’s] challenges,” according to LADWP website.
The utility agency reported that the shade balls reduce evaporation by 85% to 90%, equating to saving nearly 300 million gallons a year and enough to provide drinking water for 8,100 people.
Last year in Japan, Kyocera TCL Solar has started operation of Japan’s largest 13.7 megawatt (MW) floating solar plant located on the Yamakura Dam reservoir in Ichihara, Chiba Prefecture. The floating solar panels are the solution to keep the water from evaporating while generating electricity for 5,000 households.
These innovative approaches to saving a precious environmental resource such as water, are part of the concept of ‘Triple Bottom Line’ (TBL) in order to make business sustainable. Three dimensions of the TBL are also referred to as the 3Ps; Planet, Profit, and People, based on the work of Hammer and Pivo in 2016.
According to this framework, the lesser the impact a company has on social and environmental aspects (i.e. fewer natural resources consumed), higher the long-term success of the business would be. But how do you do this? The answer is innovation.
Similar to the innovative approaches in conserving the “Planet” (e.g. water resource), companies and organizations can also innovate in the areas of “People” and “Profit”. A lot of examples can be gleaned from the technology sector and popular brands, known for their innovation in these areas.
As an example in the “Planet” aspect, Nike Grind, a program to collect and recycle old rubber shoes of any brand, produces premium recycled and regenerated materials which are used in everything from premium new Nike products to sports surfaces around the world. Today, Nike Grind materials are used in 75% of Nike footwear and apparel.
In the “People” aspect, for example, Google “committed over $160 million in the last 5 years toward philanthropic grants to tackle global education gaps, while empowering Googlers to volunteer their technical expertise.” Its “goal is to help more people—especially those in underserved communities—benefit from the promise of technology, in the classroom and beyond.” Just last year, “Google made its first substantial foray into postsecondary education in January, with the creation of a new online certificate program aimed at people who are interested in working in entry-level IT support roles.”
In the area of “Profit”, the sharing economy spawned sustainable profit models that enable the sharing of limited resources. Uber, Grab, AirBnB, and others are just examples of tech companies that generate shareholder value while maximizing the use of resources.
But innovation in the 3Ps, essentially, is about solving problems and finding innovative solutions. Companies in the Philippines should employ innovation to solve pressing social and environment issues such as water management and supply, waste management, worsening traffic, lack of internet connectivity in thousands of public schools, the worsening state of agriculture, among others. A business can still be profitable by solving many of the ills we have in society.
As Tesla founder Elon Musk said, “For me it was never about money, but solving problems for the future of humanity”.
 
Reynaldo C. Lugtu, Jr. is President & CEO of Hungry Workhorse Consulting, a digital and culture transformation firm. He is the Chairman of the Information and Communications Technology Committee of the Financial Executives Institute of the Philippines. He teaches strategic management in the MBA Program of De La Salle University. The author may be emailed at rey.lugtu@hungryworkhorse.com

How PSEi member stocks performed — March 7, 2019

Here’s a quick glance at how PSEi stocks fared on Thursday, March 7, 2019.

 
Philippine Stock Exchange’s most active stocks by value turnover — March 7, 2019.

Nation at a Glance — (03/15/19)

News stories from across the nation. Visit www.bworldonline.com (section: The Nation) to read more national and regional news from the Philippines.
Nation at a Glance — (03/15/19)

Foreigners now need to obtain work visas in home countries

FOREIGNERS looking to work in the Philippines will now be required to obtain work visas in their countries of origin, with the visa to be a prerequisite for applying for a work permit, the Department of Labor and Employment (DoLE) said.
Labor Secretary Silvestre H. Bello III said in a briefing that he will enforce the new order for foreign workers to present a working visa as a requirement for the subsequent issuance of a Special Working Permit (SWP) or an Alien Employment Permit (AEP).
The procedure was agreed to by DoLE and the Department of Finance (DoF), Department of Trade and Industry (DTI), Department of Justice (DoJ), Bureau of Immigration (BI), Bureau of Internal Revenue (BIR), and the Philippine Amusement and Gaming Corp. (PAGCOR) during their interagency committee meeting held earlier this month.
“We agreed that before an alien can come in, they should get a working visa from their place of origin… Anyone can come here as a tourist and apply for a special working permit. That can no longer be allowed. When you come here, you must come here to work,” he said.
The joint memorandum order will be issued soon by the labor department, DTI, DoF, DoJ, BI, and PAGCOR. The interagency committee will convene again on March 15.
The DoLE has the sole authority to issue AEPs. On the other hand, DoLE delegated to the BI the power to issue SWPs through BI Memorandum Order-AFFJr. 05-009 in 2005.
In Memorandum Order AFFJr. 05-009, foreign workers could only apply for a working visa with the BI after they are issued an AEP.
Mr. Bello said that once the joint memorandum order comes into force, foreigners will have to obtain their working visas in Philippine consular offices in their country of origin.
Government agencies will also conduct an initial screening to ensure that foreigners have skills not widely available in the Philippines.
“The work that is done here should be what a Filipino cannot do so there we can control the entry of foreign workers,” Mr. Bello said.
The joint memorandum will list jobs considered priorities for AEP/SWP applicants.
Last week, the Senate resumed its investigation into the influx of Chinese workers. According to DoLE data, nearly 169,000 AEPs were issued from 2015 to 2018, with 85,496 given to Chinese workers.
During its first leg of the Senate inquiry last year, Labor Undersecretary Ciriaco A. Lagunzad III said many Chinese workers usually enter the Philippines using a tourist visa, making it harder for DoLE to track illegal workers. The DoLE also does not have the power to deport foreign workers without AEPs or SWPs. — Gillian M. Cortez

DTI touts opportunities for trade, business partnerships in Malaysia

Department of Trade and Industry (DTI) logo
THE PHILIPPINES can expect partnerships and trade opportunities in Malaysia, while private companies can develop greater exposure to each other’s home countries, Trade Secretary Ramon M. Lopez said.
Mr. Lopez of the Department of Trade and Industry (DTI) delivered the message at a business forum in Makati City with Malaysian Prime Minister Mahathir bin Mohamad.
Mr. Lopez said Philippines and Malaysian companies in recent years “have made major trade and investment inroads in our respective countries.”
“There are many other companies with presence in each of our countries, and we seek to develop more business matches with today’s meeting. For example, among our country’s priority sectors for investment promotion is infrastructure development. With these in mind, we hope to engage with MTD Group, Muhibbah Engineering, and Budi Technology, among others, who are present here today,” he said.
“Meanwhile, many of our Philippine companies can find more opportunities in Malaysia. Steel Asia, Zuellig, and Sterling Group can benefit from Malaysia’s focus on manufacturing. Meanwhile, San Miguel, Universal Robina, and Zest-O Group can take advantage of their processing of agricultural produce and manufacturing-related services,” he added in his speech delivered during the event.
He said he also foresees potential partnerships and trade opportunities between the two countries.
“On our end, the Philippines is interested in pushing for agriculture, processing of high-value and value-added products and services, as well as technology and innovation that would address the fourth industrial revolution,” he said.
“There are other trade areas that our two nations can concentrate on, like the Halal industry, the developing barter trade in Mindanao, which President [Rodrigo R.] Duterte has been encouraging to revive, and BIMP-EAGA (Brunei Darussalam-Indonesia-Malaysia-Philippines East ASEAN Growth Area),” he said.
“Given that Malaysia is regarded as a leader for Halal, and how the barter trade can benefit our neighboring towns, I am confident that we can have a fruitful discussion on these matters today,” he added.
Mr. Lopez said like Malaysia, the Philippines is also working towards implementing major economic reforms.
“President Duterte just recently signed the Rice Tariffication Law, the Ease of Doing Business Law, the Philippine tax reform system, and other legislative measures. This is proof positive that the Philippine government is committed to economic reforms, liberalization, and pushing for greater trade and investment engagements,” he said.
Mr. Lopez said through stronger engagements in trade and investment, both countries are sure to expand their bilateral trade relations and solidify even further their ties.
He said Malaysia had consistently been one of Philippines’ strong trade partners, being the country’s 10th largest trading partner with total bilateral trade at $6 billion. He added that Malaysia had also been the Philippines’ 11th major export market and ninth top source of imports.
“In fact, among the Philippines’ top sources of approved foreign investments as noted by our investment promotion agencies, Malaysia posted the highest growth rate in 2017-2018,” he said.
Mr. Lopez said Malaysia was the Philippines’ fifth-largest source of approved foreign investment last year, next to China, Singapore, Japan, and the British Virgin Islands.
Approved foreign investment from Malaysia amounted to P15 billion or $290 million, accounting for 8.2% of the total approvals investments in 2018. — Victor V. Saulon

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