According to Manila Economic and Cultural Office (MECO), Taiwanese firms will invest $1.159 billion worth of investments in the Philippines’ electronics, manufacturing, and power industry. Bulk of the investments will go to power industry, while $32 million will be invested in electronics sector and $7 million in the manufacturing sector. MECO added that there are 190 Taiwanese firms operating in the country’s economic zones.
Likewise, according to IDEA’s latest issue of NewsBriefs, it reported that The Aboitiz group has left the shipping and logistics sector to focus more on its power and financial service units. Aboitiz Equity Ventures, Inc., the group’s holding firm, agreed to sell all its shares in Aboitiz Transport System Corp. to KGLI-NM Holdings, Inc. The deal included Aboitiz Transport’s logistics and shipping business such as Superferry, Supercat, 2GO and MCC Transport Philippines.
While on the exports side, Davao mango growers are seeking government accreditation in order to halt the discretionary behavior of mango exporters. According to Antonio Teh, Southern Mindanao Mango Industry Development Council president, while exporters have the discretion of choosing which mangoes could be sold to foreign markets, the growers believe that some otherwise good produce are downgraded without basis.
The increase in Davao’s aquaculture output has offset the decline in the region’s marine catch. Bureau of Fisheries and Aquatic Resources (BFAR) regional director George Campeon said that the region’s aquaculture production has more than offset the poor catch, enabling them to surpass the previous year’s production by 10%. According to data from the regional office of Bureau of Customs, Western Mindanao’s seaweed exporters have sold 444 metric tons (MT) of semi-refined seaweeds worth more than P10 million, higher than last year’s 227 MT worth P5.6 million. Increasing seaweed price, which has reached as much as P120 per kilogram from last year’s P45-P50 per kilogram, and rising global demand contributed to the increased exports, per published report.
On a more positive scenario, the Bangko Sentral ng Pilipinas (BSP) said that inflation could fall to single digit by 2009 if oil prices continue to tread downwards. BSP Deputy Governor Diwa Guinigundo said that if oil prices stay at $80 per barrel, inflation may hit single-digit levels by February or March next year according to IDEA.
Incidentally, IDEA’s NewsBriefs is a regular digest produced by the Institute for Development and Econometric Analysis, Inc. (IDEA) whose Chairman, Dr. Cayetano W. Paderanga Jr., is my former President/CEO. IDEA’s NewsBriefs’ purpose is to highlight the most recent local, national and international economic events. I am sharing them to you my dear readers for these news really matter.
For credit & collection (C&C) questions, comments and rejoinders you want to share or inquire, you can reach him at 0917-7220521 or at elimtingco@cibi.net.ph