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An exceptional sequel

Fate/EXTELLA LINK
PlasyStation 4/Nintendo Switch

BELIEVE it or not, the Fate series originates from a visual novel that has never been officially released in the West. Despite the absence of a licensed English translation, however, Fate/stay night became immensely popular, and fast; in fact, so captivated were eroge audiences by its spectacular storyline that it spawned a franchise boasting of intellectual properties in various media. In the last decade and a half, publisher Type-Moon has gone on to produce titles collectively generating 10 figures — yes, 10 figures — in revenues.

Needless to say, Fate/EXTELLA LINK carries many of the themes that have allowed the series to thrive even as it takes place in a parallel universe first unveiled in Fate/Extra and expounded on in Fate/EXTELLA: The Umbral Star. The peace that reigned following the end of the war between Nero Claudius, Tamamo no Mae, and Altera is again under threat, with Karl der Grosse bent on the “Oraclization” of the Servants, historical figures serving as the players’ champions during gameplay. In this regard, the objective is clear: the takeover of SE.RA.PH, the artificial realm within the Moon Cell, itself a construct with reality-altering properties, must be stopped.

Players familiar with Musou-type games will be glad to know that Fate/EXTELLA LINK stands as one of the genre’s best to date. It’s certainly superior to Fate/EXTELLA: The Umbral Star, coming off as a far more polished version of its immediate past predecessor. For one thing, it manages to do away with constant exposition; newcomers to the series won’t have to jump through hoops to keep up with the narrative. For another, Marvelous and XSEED Games have seen fit to minimize the grind typically accompanying hack-and-slash ventures; attack options ranging from the usual button mashing for weak enemies to special skills and buffs for mini bosses to the full-gauge-triggered, all-powerful Noble Phantasm provide variety and complement the capacity to choose which missions to undertake at any given time.

Fate/EXTELLA LINK boasts of 26 Servants all told, including all 16 from Fate/EXTELLA: The Umbral Star. Each features unique and often over-the-top characteristics that become apparent in the narrative and especially in combat. Visually and aurally, it’s several notches above its older sibling and distinguishes itself in exposing the wealth of its content. The art style is more representative of its source material, and animations are more fluidly constructed. Meanwhile, the expressive Japanese voice acting is accompanied by an excellent English translation and supported by a flashy soundtrack.

Thankfully, Fate/EXTELLA LINK does not suffer from input lags and slowdowns on the Nintendo Switch; holding steady at 30 frames per second, it makes up in smoothness of movement what it gives up in sharpness. Even undocked and with a busy screen, the action holds steady and flows freely. Needless to say, it’s even more impressively presented on the PlayStation 4 Pro; colors jump out and the imaginative backgrounds show purposeful detail, serving to enhance the gravity of the proceedings.

In keeping with the conscious effort to cut down on the elucidation of series lore, Fate/EXTELLA LINK clocks in on the short side for a Japanese role-playing game. It offers four difficulty levels, and players can breeze through the easiest setting in under 10 hours. That said, those inclined to stay around won’t be disappointed. Finishing the Story Mode is one thing. Completing the game is quite another; there are, simply put, tons of content to sift through, alternate endings to unlock, mission ratings to improve, additional costumes to be had, and new objectives to meet.

All told, Fate/EXTELLA LINK is a release that both takes pride in its roots and takes pains to be better. If it merely capitalized on its name and provided more of the same old, same old, fans of the franchise would still have flocked to it. Instead, it stands out as an exceptional sequel to Fate/EXTELLA: The Umbral Star and, in the process, rightly heightens expectations for what’s still to come.

THE GOOD:

• Streamlined storyline that newcomers to and longtime fans of the Fate series alike can enjoy off the bat

• Improved gameplay that provides variety and choice

• Visually and aurally superior to predecessor

• Larger number of unique characters

THE BAD:

• Truncated narrative pushes new characters to the sideline

• Even the local multiplayer mode requires multiple copies of the game

RATING: 8/10

POSTSCRIPT:
First things first: R.B.I. Baseball 19 is the best licensed Major League Baseball product on the Nintendo Switch, but by default. There’s simply no competition on the console — which can be, and is, both good and bad. The biggest plus: As its developer and publisher, the league allotted significant resources to its conception, progress, and release. The biggest minus: It remains lacking vis-a-vis MLB The Show 19, the gold standard of baseball video games and available only on the PlayStation 4.

That said, R.B.I. Baseball 19 offers incremental but no less significant improvements over its predecessor. Weekly roster updates and the presence of the league’s all-time greats serve to add value to the series’ latest iteration, but vastly upgraded game physics proves to be its biggest come-on. Even as it promises to provide an arcade-like experience, it has clearly taken pains to make subject and object actions and reactions more realistic and, therefore, appealing. And, for good measure, the much-smoother flow of visuals augments its superior feel.

R.B.I. Baseball 19 isn’t perfect by any means. Hitting and pitching options remain limited, and fielding continues to be iffy even with practice. Frame drops are evident with the Switch undocked, and, perhaps concomitantly, those angling for online multiplayer matches will find themselves disappointed. On the whole, though, it’s a step in the right direction, and one that fans of the sport cannot but welcome with open arms.(7/10)

Board games on digital platforms are hit-and-miss propositions, and with reason. Many of the very factors that add to their popularity as tabletop must-haves wind up by the wayside as they make their way to consoles. Fortunately, Warhammer Quest’s Nintendo Switch version manages to retain much of its intrinsic appeal. It sacrifices all the emotional feedback actual dice rolls, paper-and-pen maintenance of statistics, and physical add-ons provide, but, in turn, presents myriad conveniences modern-day players take for granted en route to making lasting positive impressions.

As a role-playing offering, Warhammer Quest makes up in compelling gameplay what it lacks in story. Its depth as a dungeon crawler is evident at the onset; players are asked to choose from among 11 different types of character classes, and are then made to go through a set of helpful tutorials to get controls down pat. Turn-based mechanics abide over movement of the party of four in close-quarter, ranged, or magic-based combat, with type-specific items at its disposal. Victories translate to level-ups and the acquisition of new skills and abilities.

Enemies abound, but of limited variety, and battles can be protracted as hits either way aren’t guaranteed at every instance. All the same, Warhammer Quest provides challenges that escalate fairly and progressively, resulting in a satisfying experience well worth its $29.99 price tag.(7.5/10)

Available on other consoles since 2016, first-person platformer Valley finally finds its way to the Nintendo Switch. The port may be long in coming, but it is no less welcome. It deftly tells the tale of a male — or, depending on original choice, female — protagonist exploring in the not-too-distant future a vast valley with the end-view of acquiring the Life Seed, which holds extraordinary power over life and death. Exploration is aided in no small measure by the Leap Effortlessly through Air Functionality suit, allowing for superhuman movement.

Valley’s narrative is rich and engrossing. Audio logs and notes scattered about reveal remnants of a government-backed program aimed at producing distinctive advantages for combat purposes. The playable area itself is a sight to behold, boasting of a detailed expanse of lush colors that seem to stretch without limit. Parenthetically, testing the horizon through the use of the L.E.A.F. suit becomes in and of itself an end. Danger lurks, but not often enough — and not overwhelming enough — to accentuate action over adventure.

If there is any big negative, it’s that players can finish Valley well before reaching the double-digit mark in hours. And while it presents itself as a leisurely romp in the go, it suffers from visual softness and frame drops on occasion. Which is just too bad, because much of the game’s value is derived from its painstaking presentation of nature, a crucial factor in underscoring its message. Still, it makes full use of its time on the Switch, and, absent high expectations, proves that even on gaming consoles, stories can get top billing.(8/10)

Milestone at Fifth Avenue offers efficiency and prestige for outsourcing firms

MORE business process outsourcing (BPO) companies doing high-value work are looking for more “prestigious” office spaces, according to an official of Leechiu Property Consultants.

Phillip Anonuevo, executive director of Leechiu Property Consultants (LPC), said BPOs are upgrading their office spaces “in a bid to keep their workforce engaged and loyal.”

He noted the traditional BPO office space designed for efficiency and functionality is being challenged by the Milestone at Fifth Avenue in Bonifacio Global City.

Milestone at Fifth Avenue is a pre-certified LEED Gold building that offers efficiency and prestigious design typically favored by multinational companies.

The 20-storey building has been recently accredited by the Philippine Economic Zone Authority (PEZA), which means locators can secure incentives such as income tax holiday for certain number of years and exemption from payment of local government imposts, fees, licenses or taxes.

Milestone at Fifth Avenue is on track for completion, and has attracted numerous inquiries from BPOs doing back office work or shared services, Mr. Anonuevo said.

Located near high-end residential apartments and landmark buildings like the Philippine Stock Exchange, Shangri-la at the Fort and Net Lima, Milestone at Fifth Avenue will have an impressive lobby and premium retail spaces at its ground floor.

The building offers extra large floor plates typically measuring 2,164 square meters (sq.m.).

“You could call it a hybrid building since it appeals to two distinct office markets with disparate needs and requirements,” said LPC manager Jo Abellanosa, who added that large floor plates allow a company to comfortably fit more people to a floor and maximize common spaces.

“Buildings with smaller floor plates would mean less people on a floor and perhaps more space assigned to pantries and meeting rooms and higher costs,” she added.

The building’s anchor tenant is occupying a fourth of the 28,263 sq.m. gross leasable area in order to consolidate its work force.

Mr. Anonuevo noted the building’s large floor plate was possible since Milestone at Fifth Avenue’s footprint covers two back-to-back lots — one fronting Fifth Avenue, and the other fronting Fourth Avenue.

“Acquiring properties that allow such floor plates is a feat and the reason why there are only two properties in BGC with this feature,” he said.

The building also has two lobbies, eight passenger elevators, multiple telco providers and variable refrigerant flow (VRF) air-conditioning. Its energy and cost-saving features include the use of LED lights and double-glazed curtain walls.

LPC is the exclusive leasing agents of Milestone at Fifth Avenue.

ASFII distances itself from estafa case vs former exec

ALLIANCE Select Foods International, Inc. (ASFII) reiterated that it is not involved in the estafa case against businessman George Sycip, a former company executive and the son of late businessman Washington Sycip.

In a disclosure to the stock exchange yesterday, the listed seafood firm said it is not a party in the case against Mr. Sycip and other former officials.

“ASFII has not received any orders or issuances from the courts of Makati in relation to the subject matter,” the company said.

“We further clarify that alleged respondents in the case…are currently not executives, directors or officers of ASFII, but only held various posts in Alliance in the past. In fact, Alliance had appointed, and has been operated by, new management for several years already,” it added.

The company’s statement came after reports that the Makati City Regional Trial Court Branch 57 issued a warrant of arrest against Mr. Sycip and the company’s former board of directors, namely Jonathan Dee, Alvin Dee, Joanna Dee-Laurel, Teresita Ladanga, Grace Dogillo, and Arak Ratborihan.

The Makati court found probable cause to arrest the aforementioned officials based on a case filed by the Department of Justice, which indicted Mr. Sycip and the other officials for estafa based on a complaint by ASFII’s foreign shareholders, Harvest All Investment Ltd., Victory Fund Ltd., Bodeast Private Ltd., and Hedy Yap Chua.

The respondents allegedly used the complainants’ investments in the company for supposedly illegal transactions. The shareholders claimed that they were enticed to invest over P75 million, more than $65,000, and some P4 million into the firm. They also alleged that Jonathan Dee made ASFII appear to be a financially rewarding firm.

ASFII saw its attributable profit jump by 76% to $2.52 million in 2018, after revenues climbed 35% to $97.13 million.

Shares in ASFII fell 9.47% or nine centavos to close at 86 centavos each at the stock exchange Monday. — Arra B. Francia

BI seen holding key rate now, cutting later in 2019

JAKARTA — Indonesia’s central bank will keep interest rates on hold on Thursday, a Reuters poll showed, though some economists say a rate cut to bolster economic growth is coming — and one sees a possible trim next month.

All 23 analysts in the poll predicted Bank Indonesia (BI) will hold its 7-day reverse repurchase rate at 6.00%, where it has been since hikes of 175 basis points (bp) between May and November 2018 to defend the then-ailing rupiah.

A slowing global economy and halt of US Federal Reserve policy tightening have shifted rate cut expectations in much of Asia to probable from possible.

Indonesian central bank officials have noted that a steady rupiah, backed by strong capital inflows and benign inflation, support policy easing, but say a narrower current account deficit is needed before rate cuts.

Surprise trade surpluses in February and March have made some economists anticipate a loosening cycle.

Six of the seven analysts in the poll who gave views on the year-end expected lower rates then.

ANZ’s Krystal Tan has penciled in two 25-bp cuts.

“The conditions for BI to unwind its earlier rate hikes are finally starting to come together,” Tan said.

“Any signs of a dovish pivot in BI’s policy messaging should open the door for a move as soon as May, followed by another in August,” she added.

MINI-EASING CYCLE?
Bank of America Merrill Lynch economist Mohamed Faiz Nagutha expects BI to “commence a mini easing cycle and cut policy rates by 75 bps over June-August”.

Citi economist Helmi Arman brought forward his forecast of a 25 bps rate cut to the third quarter, from the fourth, during which he expects another 50 bps in reductions.

But Antonius Permana of Bank Negara Indonesia cautioned that the current account gap may widen again in April-June, which could delay a BI cut.

However, Permana also noted that capital inflows may swell to comfortably cover any size of current account deficits, after unofficial quick counts for the April 17 election showed President Joko Widodo securing a second five-year term.

“Foreign capital inflows have the potential to grow bigger because the political uncertainty has subsided,” he said.

Financial markets in Southeast Asia’s largest economy surged when they opened a day after elections last week, buoyed by news of Widodo’s victory, though gains were pared in the afternoon. Markets were down on Monday.

Bucking the consensus, Fitch Solutions — a research affiliate of Fitch Ratings — said in an April 10 note BI could raise rates by 25 bps by end-2019, based on a prediction of higher inflation as a post-election rollback of subsidies. — Reuters

Comparative daily real minimum wages by region (March 2019)

Comparative daily real minimum wages by region (March 2019)

How PSEi member stocks performed — April 22, 2019

Here’s a quick glance at how PSEi stocks fared on Monday, April 22, 2019.

 

Senators call for review of 4Ps fund disbursements, performance

SENATORS on Monday said the implementation of the Department of Social Welfare and Development (DSWD)’s Pantawid Pamilyang Pilipino Program (4Ps) should be subject to Congressional review.

“An inquiry is in order to rationalize its operation,” Senate President Vicente C. Sotto III Sotto told reporters over phone message, Monday.

The remarks follow a Department of Interior and Local Government (DILG) directive banning politicians from being present during distribution of funds to the public, including the 4Ps, to avoid adding a political character to the conditional cash transfers.

DILG Secretary Eduardo M. Año issued Memorandum Circular 2019-55, which prohibits all local government elective officials and politicians from participating in activities of national government agencies.

“First, where there is smoke there is fire. Second, other countries and international companies spend billions on research and development yet we appropriate a very measly amount to science and communications technology,” Mr. Sotto said.

“We want to find out how the DSWD budget is being spent on payouts.”

Also among the Senators pushing for the review were Panfilo M. Lacson and Gregorio B. Honasan II.

“We plan to call for a hearing to inquire into the proper use of the 4Ps program, including its accomplishments in accordance with its defined objective, the accounting of the monies so far disbursed and other relevant issues surrounding the program,” Senator Lacson said in a separate message.

“It started during the last two years of the Arroyo administration and the allocations have increased many times over. It’s time to conduct a performance audit or review to find out what it has achieved.” — Charmaine A. Tadalan

NAIA consortium to submit proposal by end-April

THE CONSORTIUM proposing to rehabilitate Ninoy Aquino International Airport (NAIA) said it is committed to the Department of Transportation’s (DoTr) timeline for submitting the project proposal, which has an April 30 deadline.

“We are ready to submit (the updated proposal) within the week,” Aboitiz InfraCapital, Inc. Chief Operating Officer Cosette V. Canilao told reporters on Monday.

Aboitiz InfraCapital is one of the seven conglomerates that make up the NAIA consortium, the rest being AC Infrastructure Holdings Corp.; Alliance Global Group, Inc.; Asia’s Emerging Dragon Corp.; Filinvest Development Corp.; JG Summit Holdings, Inc.; and Metro Pacific Investments Corp.

Last month, Transportation Secretary Arthur P. Tugade said he wants the consortium to finalize its contract terms for the NAIA rehabilitation project by April 30, or else he may drop the proposal altogether.

Mr. Tugade said negotiations for the contract terms are taking too long as the government had initially planned to finish the concession terms before the end of 2018.

The consortium was given original proponent status in September for its P102-billion airport project, but discussions with DoTr on the contract terms are still ongoing, delaying the proposal from reaching the National Economic and Development Authority (NEDA) for evaluation.

“I think the issue became (about) risk management, how do we address the risk management issues of both government and us… [W]e’ve addressed those and we’re set to comply with the deadline given by the DoTr secretary,” Ms. Canilao said.

“I think from our end, since we’re submitting a proposal to them based on their concerns, that’s a tell-tale sign that we are very eager to do this project,” she added.

The consortium is proposing to rehabilitate and expand NAIA over a 15-year period, with a target of increasing its capacity from the current 30.5 million annual passengers to 47 million in two years and to 65 million in four years.

Meanwhile, Ms. Canilao said Aboitiz InfraCapital’s unsolicited proposals for the Bohol-Panglao International Airport and Laguindingan Airport may undergo Swiss challenge by the first half of the year.

“(It’s with) NEDA-ICC (Investment Coordination Committee), and then it will go to NEDA Board,” she said when asked if the proposals are expected to undergo Swiss challenge in the coming months.

The listed firm earlier said it is targeting to start operating the two airports before 2019 ends. Ms. Canilao noted Aboitiz InfraCapital is “continually looking for opportunities to develop and rehabilitate regional gateways.” — Denise A. Valdez

Libya OFW medical workers may be redeployed

THE Department of Labor and Employment (DoLE) is preparing to redeploy to other countries Filipino medical workers trapped in conflict-affected areas of Libya in case there is an order to evacuate them.

On Monday, DoLE Secretary Silvestre H. Bello III told reporters in a briefing that the plan to send OFWs from Libya to countries who need medical workers are still being looked into by the Labor department. He added that most of the 2,600 OFWs in Libya are working in the medical field.

Karamihan sa mga workers namin sa Libya ay nurses and medical workers. Maari sila ang ipapadala namin sa Japan and Germany (Most of our workers in Libya are nurses and medical workers. We might send them to Japan and Germany),” he said, adding that those professions are in demand in those two countries.

Mr. Bello said the situation in Libya is still being assessed. The current status as determined by the Department of Foreign Affairs (DFA) is Level 3 crisis alert, which calls for voluntary repatriation of overseas Filipino Workers (OFWs). The alert status covers Tripoli and the areas within 100 kilometers of the Libyan capital. The rest of Libya is on crisis alert Level 2, which is known as the “restricted” phase.

“Right now there is a meeting between DFA and our people to have an assessment of the situation of Libya. It’s very possible that the Alert Level 3 will be upgraded to Alert Level 4 which means forced repatriation,” he said.

Mr. Bello said DoLE will be sending over a team to Libya this week to augment staff already in place.

“In case they raise the alert level 3 to 4, we are sending (more people)… who will assist in the repatriation,” Mr. Bello said.

Currently, Mr. Bello said less than 10 OFWs have sought assistance to leave Libya. — Gillian M. Cortez

IPOPHL lobbying for revival of special courts for IP cases

THE Intellectual Property Office of the Philippines (IPOPHL) said it will seek to revive courts specializing in Intellectual Property Rights (IPR) cases, amid a surge in counterfeiting and with regular courts busy prosecuting illegal drug cases.

“We’re seeking an audience with the Chief Justice [Lucas P.] Bersamin, to be able to see if we can still come up with separate IP courts,” IPOPHL Deputy Director-General Teodoro C. Pascua said in an interview with BusinessWorld in Quezon City earlier in April, adding that he hopes the meeting can take place within the month.

He noted that courts specializing in IPR cases used to be a feature of the judiciary but fell into disuse due to lack of cases. They were eventually merged with commercial courts.

Kahit isa lang within a region that’s fine with us kasi nagpapile-up na rin ang counterfeiting cases natin (Even one court per region is fine with us because counterfeiting cases are piling up)” Mr. Pascua added, noting he hopes such courts can be re-established this year “so we can get convictions.”

He said data on IPR cases filed with the trial courts are still being finalized.

At the prosecution level, the total caseload related to IPR violations rose 44.15% in 2017 to 937, according to the Department of Justice’s (DoJ) National Prosecution Service.

Of the cases in 2017, 69% were resolved, up 29% from a year earlier.

The total filings with prosecutors increased to 477 in 2017, from 166 a year earlier.

IPOPHL’s Mr. Pascua added that the surge in illegal drugs cases, now “crowding the dockets,” are preventing further movement of other cases.

In 2017, pending drug-related cases at the SC totaled 722, up 47.65% from a year earlier; at the Court of Appeals 2,207, up 31.92%; and at lower courts, 254,633, up 24.33%.

Mr. Pascua also put forward the agency’s alternative dispute resolution services which allow for mediation and arbitration at the executive level instead of going through the courts.

“Were campaigning that etong mga may ari ng intellectual property rights (IPR owners) will consider an administrative track (instead of criminal prosecution). Or kung civil (if they pursue civil litigation), sometimes they also go to courts. But we’re campaigning for practitioners to go to IPO because we have administrative and civil remedies. We also have the power to fine,” Mr. Pascua added.

IPOPHL will conduct this year an arbitration workshop to train at least 40 arbitrators within the year to expedite resolution of IPR cases. — Janina C. Lim

Regulator urges prompt release of P10-B rice fund

A REGULATOR in charge of licensing agriculturists called on the government to immediately release to farmers the P10-billion Rice Competitiveness Enhancement Fund (RCEF), saying that if this component of the Rice Tariffication Law is not implemented, it would “sabotage” the law.

Importante na ’yung timing ay ngayon kaysa bukas dahil kung hindi mangyayari ngayon masasabotahe ang tariffication [It is important that we do it sooner rather than later because if we do not, this will sabotage tariffication],” V.L. Sonny Domingo, deputy commissioner of the Board of Agriculture of the Professional Regulation Commission said at a forum in Quezon City Monday.

Rice tariffication allows private firms to import rice more freely, with the tariffs generated funding RCEF. RCEF in turn will help rice farmers mechanize and expand access to credit, fertilizer and seed.

Kung hindi lalabas ngayong June… masisira ’yung momentum ng implementation ng tariffication [If the funds are not released by June… it will break the momentum of the tariffication process],” he added.

He also warned that rice imports could exceed 2 million tons — the volume he calculates will meet consumer demand that domestic producers cannot fill, putting further pressure on prices and farmer incomes. One of the factors putting pressure on domestically produced rice is the prospect of competing with cheap imports brought in under rice tariffication.

According to the Philippine Statistics Authority (PSA), prices of palay, or unmilled rice, have been declining for five weeks. The latest data for the 5th week of March puts average farmgate prices at P18.8 per kilogram, down 0.16% from a week earlier.

Magkaroon lang sana ng [There should be a] government guarantee from LANDBANK and DBP to lend money equivalent to P10 billion to farmer organizations that are proposing to modernize their farming systems,” he told BusinessWorld over the phone.

The status of RCEF was momentarily in doubt while the 2019 budget remained unsigned. The Agriculture department has said that once the budget is enacted, it will work towards releasing the entire RCEF to farmer-beneficiaries. — Vincent Mariel P. Galang

DoF pitches US investors on PHL growth, reforms

US INVESTORS stand to reap the benefits of economic growth and reforms such as the Ease of Doing Business Act and the pending Tax Reform for Attracting Better and Higher Quality Opportunities (TRABAHO) Bill, the finance department said.

In a statement, the Department of Finance (DoF) said Secretary Carlos G. Dominguez III told US business leaders in Washington, DC: “Our prospects for faster economic growth in the coming years should be an avenue for stronger collaboration with the US, especially with the private sector.”

“We would like to encourage US businesses to be more engaged in the Philippine market not only in the infrastructure program but also investments that would come as a result of our infrastructure development,” Mr. Dominguez said.

Mr. Dominguez was speaking before members of the United States Chamber of Commerce (USSC). According to Mr. Dominguez, US businessmen are welcome to invest in energy, infrastructure, information and communications technology (ICT), health and education.

Mr. Dominguez said the TRABAHO bill aims to reduce the corporate income tax rate to 20% from the current 30% by two percentage points every year beginning 2021.

He also cited the rationalization of tax incentives which will put a cap on the number of years a company can enjoy these benefits — a provision foreign business groups in the Philippines have expressed doubts about because of the risk it will drive investors away.

Mr. Dominguez said the bill will ensure that incentives are performance-based, specifically-targeted and time-bound to make the Philippines attractive to potential investors.

He cited the prospects for attracting investment in robotics, big data, and other industries of the future.

“You are looking at a Philippines that is invigorated and moving forward very quickly,” Mr. Dominguez said.

He also noted that the government is also seeking to modernize its real property valuation system and simplify tax rates for capital income and other financial instruments. — Reicelene Joy N. Ignacio