The Philippines bagged top ranks in five categories in the Global Startup Ecosystem Report by policy advisory services provider and researcher Startup Genome, the Department of Trade and Industry (DTI) said on Tuesday.
In a statement, DTI said the country was recognized for the following aspects: Global Ecosystem for Bang for Buck (top 10), Activation Ecosystem for Connectedness (top 5), Exit Growth Index (top 5), Output Growth Index (top 6) and Funding Growth Index (top 9).
Read more: The Manila Times
Metro Manila (CNN Philippines, May 21) -- Manila is among the friendliest cities in the world for financial technology (fintech) startups, according to a global research firm.
Startup Genome released its annual Global Startup Ecosystem Report on May 9, placing Manila in its Top 10 Global Ecosystems of 2019. Manila also ranked among the Top 5 locations in the “activation phase,” or those which are developing.
Among these cities were Taipei in Taiwan, Busan in South Korea, Calgary in Canada and Frankfurt in Germany.
Strong English-language skills and well-established outsourcing industries in Manila were cited as key drivers that encourage investors to move their startup operations to the Philippine capital.
Fintech companies compose 15 percent of Manila’s startups, with the market expected to grow to $10.5 billion by 2022 from about $5.7 billion last year.
Read more: CNN Philippines
MANILA, Philippines — The Department of Trade and Industry (DTI) is imposing a provisional safeguard duty on imported ceramic floor and wall tiles to provide relief to local players hurt by increased imports.
Trade Secretary Ramon Lopez said in Department Administrative Order 19-06 dated May 7 that a provisional safeguard measure in the form of a cash bond amounting to P3 per kilogram shall be imposed on imported ceramic floor and wall tiles.
He said the provisional safeguard duty would be implemented as “the DTI, acting under Section 7 of RA (Republic Act) 8800, the Safeguard Measures Act, found after preliminary determination that increased imports of ceramic floor and wall tiles have caused serious injury to the domestic industry.”
Under the Safeguard Measures Act, the country is allowed to impose safeguard measures or higher duties on imported goods when it is found that there is an increase in imports of a certain commodity and such has hurt the local industry.
Based on DTI’s preliminary probe, the volume of imports of ceramic floor and wall tiles increased in absolute terms from 2013 to 2016.
In addition, the DTI concluded that the domestic industry has suffered serious injury caused by increased imports of ceramic floor and wall tiles as the market share of domestic manufacturers declined to 15 percent in 2017 and 2018, from 96 percent in 2013.
The share of imports also grew to 87 percent in 2016 from four percent in 2013.
Earnings before interest and tax of the domestic industry also showed declining trend of 71 percent in 2014 and 203 percent in 2015.
While there was an increase of 92 percent in earnings in 2016, the declines were seen again in 2017 at 1,067 percent and last year with 157 percent.
The provisional safeguard duty on ceramic floor and wall tiles would be in place for a period of 200 days from the date the Bureau of Customs releases the relevant memorandum order or 15 days after DTI’s order is published in two newspapers.
Imports from developing countries in East and Southern Africa, West Africa, North Africa and South Asia would not be subject to the provisional safeguard measure.
While the provisional safeguard duty is in place, the Tariff Commission would be conducting a formal investigation to determine if it is necessary to maintain the measure beyond 200 days.
Read more from source at The Philippine Star
PRESS RELEASE: Philippines to showcase a bigger and better start-up delegation and participation at INNOVEX 2019 in Taipei.
Following the successful participation of the Slingshot Philippines Startup Pavilion and Delegation at Innovex in 2018, the Manila Economic & Cultural Office (MECO), and its commercial affairs section, the Philippine Trade & Investment Center (PTIC) in Taipei, are proud to bring a select delegation of top-notch and cutting-edge, high innovation start-ups and community builders to represent the Philippine Start-Up Community and Ecosystem at the bigger and better Slingshot Philippines Pavilion at INNOVEX 2019.
MECO Chairman and Resident Representative Angelito T. Banayo said “We are very excited to support the Slingshot Philippines Startup Ecosystem Pavilion and Delegation at INNOVEX this year, given that technology innovation cooperation is one of our priority industry collaboration areas with Taiwan. Recognizing Taiwan’s strengths and global leadership position in electronics manufacturing and technology innovation and leveraging the Philippines’ substantial market-size, global market access, emerging innovation community and the creative talents of our globally sought-after human resource - the partnership between our start-up communities will be a win-win collaboration for the two next door neighbors in today’s changing economic and technology landscape.”
In cooperation with organizing partners, Export Marketing Bureau of the Philippine Department of Trade and Industry, and QBO Innovation Hub, the Philippine delegation will once again showcase the best of Philippine startup technologies and game-changing solutions for the world today. The 11 start-ups offer cutting-edge innovation in diverse, currently relevant fields such as Artificial Intelligence, Machine Learning, Geospatial Mapping, Innovative Housing Solutions, Cyber Security, Smart Advertising & eCommerce, Education, FinTech, Logistics and Data Science-enabled Market Research.
MECO Philippine Trade & Investment Center is bringing 11 startups and 2 incubation accelerators to represent the best of the Philippine Start-up community at INNOVEX, Taiwan’s largest and most important annual start-up event.
“We are proud to have an impactful participation and excellent representation this year composed of the high-innovation, talent and creativity of the Philippine Start-Up community at Taiwan’s Innovex 2019, to showcase the diverse and cutting-edge solutions from our start-ups that aim to solve very current day-to-day problems, ” said DTI Trade Representative and MECO Director of Commercial Affairs Mr. Michael Alfred V. Ignacio.
Among the award-winning Philippine start-ups that will be represented by their founders are Antipara Exploration, Container Living Philippines, Cryptors, Gypsy, Investagrams, JazzyPay, Mober, Qikwire, Retailgate, Rumarocket, and Senti.
Antipara Exploration offers automated-data analyses in their sub-sub-marine geospatial mapping technologies for the maritime industry and marine environmental mapping. In a country-archipelago such as the Philippines with more than 7,106 islands, this is a crucial home-grown technology with many important applications.
Container Living Philippines, offers a modular-construction approach to offer modern housing solutions using shipping containers that are disaster-resilient and highly customizable to the client’s needs.
Cryptors, offers a free mobile app that ca detect and block hackers preying on free public-wifi platforms. They also revolutionized cybersecurity trainings, making them available at very low rates compared to prohibitive market service fees.
Gypsy is a Philippine advertising technology platform, that offers advertisers, not only the market reach, but valuable data-gathering technologies and hyper-targeting solutions to effectively launch campaigns via proprietary-apps installed in tablets in ride-hailing services and public transportation alternatives.
Mober offers a mobile platform to easily find and book location-based, on-demand tailor-fit trucking and moving solutions for businesses and individuals, similar to how ride hailing solutions do their businesses.
Three FinTech companies are also joining the Philippine delegation, namely investagrams, JazzyPay and Qwikwire.
Investagrams is a one-stop-shop platform that offers beginners guides and tips for individuals who want to invest in the stock market. Investagrams offers monitoring of hundreds of stocks realtime and the ability for users to engage on virtual trading transactions.
JazzyPay is a Philippine payment platform that offers efficient billing solutions for businesses from any part of the world, to bill their clientele. JazzyPay offers their services via their proprietary app, email, sms or other messaging platforms.
Qwikwire offers advanced business solutions such as Skas Property Management services, SAP-integrated billing and invoicing systems, cross-border settlements via their own proprietary blockchain powered multi-listing engine. Qwikwire also offers a niche service catered to provide comprehensive real estate solutions for brokers and property developers.
Among the Philippine start-ups offering Artificial Intelligence innovation applications are Retailgate, Rumarocket and Senti.
Retailgate uses its AI-powered solutions to help retailers gain competitive market intelligence through retail analytics. Employing artificial intelligence, they offer their platform to empower brick-and-mortar stores by providing access to AI-analyzed market information on customer traffic and dwell time, forecast demand levels, assess marketing effectivity and determine conversion rates.
Rumarocket developed its own AI-enabled algorithm that offers HR analytics and machine learning solutions for talent recruitment, management and retention for enterprises and companies in their HR and Recruitment functions. Rumarocket’s solutions are aimed ensuring meaningful impact on clients’ bottomline and strategic HR management.
Senti Techlabs offers its proprietary artificial intelligence-powered solutions to businesses for market and audience sentiment data collection and analyses, using natural language processing and machine-learning processes.
This year, and in addition to QBO Innovation Hub, another incubator-accelerator, Spring Valley Technology and Innovation Hub, located in Roxas City will join the Philippine delegation at Innovex. Spring Valley Technology and Innovation was created as a home for innovation and technology development both for local and international start-ups and technology developers in central Philippines. Spring Valley also partnered with the Province of Capiz and the Department of Trade and Industry to create Capiz’s Fablab and Innovation Center.
This year’s Philippine delegation to Innovex is a close cooperation and partnership of the MECO Philippine Trade and Investment Center in Taipei with the DTI Export Marketing Bureau and QBO Innovation Hub. The participating start-ups were selected following a rigorous selection criterial from a list of applicants after a call to participation was announced to the Philippine start-up community.
About the Manila Economic and Cultural Office (MECO)
MECO represents economic and cultural interests of the Philippines in Taiwan and has been authorized and conferred with authority to perform functions usually carried out by Philippine foreign missions but of a non-political, non-security nature. It performs consular functions and is tasked with the duty of protecting and promoting the well being of Philippine nationals in Taiwan.
About the Philippine Trade and Investment Center (PTIC) in Taipei
The Philippine Trade and Investment Center in Taipei is the commercial affairs section of the Manila Economic and Cultural Office and represents the Philippine Department of Trade and Industry for trade and investment promotion and representation in Taiwan.
MANILA, Philippines — Construction works for the P500 million Cagayan Economic Zone Authority (CEZA) Corporate Center and Commercial Center are set to begin simultaneously this month to host financial technology firms and other business locators.
CEZA Administrator Raul Lambino said the two buildings would be ready for occupancy by early next year to fill the demand for offices of the Cagayan Special Economic Zone and Freeport’s first 26 fintech principal licensees.
He said local commercial banks and other business locators in the tourism and manufacturing sectors are also setting up offices in the Corporate Center and Commercial Center.
Read more: The Philippine Star
MANILA, Philippines — The construction industry is aiming to grow its contribution to the economy to P130 trillion by 2030 under its newly launched roadmap.
Trade Secretary Ramon Lopez said under the Construction Industry Roadmap 2020 to 2030 crafted by the Department of Trade and Industry through the Construction Industry Authority of the Philippines and the Philippine Contractors Association, the industry is aiming to boost its contribution to the economy to P130 trillion from just P2.3 trillion last year.
He said the value is 325 percent larger than the P43 trillion projected growth of the industry without a roadmap.
Implementation of the roadmap, he added, would increase job opportunities for construction to seven million by 2030 from four million last year.
The roadmap launched last week seeks to ensure the sustainability of the construction industry’s growth and its competitiveness.
Read More: Philippine Star
It’s a bet on infrastructure and property stocks that has helped propel a Philippine fund to the top. And signs that President Rodrigo Duterte’s public-works program is taking off are poised to help it further.
That’s the view of Julian Tarrobago, head of equity at ATR Asset Management Inc., which has 125 billion pesos ($2.4 billion) under management. His Alpha Opportunity Fund has returned 11 percent this year, the most among Philippine equity funds, data compiled by Bloomberg show.
That’s double the advance in the Philippine Stock Exchange Index and compares with gains of about 6 percent for other securities tracking the nation’s shares such as the BDO Equity Fund or UCPB Equity Fund.
“We are finally on the cusp of an infrastructure boom,” said Tarrobago, 45, who says his market experience goes back to 1995. “Unlike in the past, when it was just a story and theoretical, projects are now materializing. This could be one of our strongest periods given the strong GDP, strengthening corporate earnings and falling inflation.”
Read more: Bloomberg
The Board of Investments (BOI) saw investment pledges it had approved in the first quarter jump by 60 percent to P243 billion from year-ago level, recovering the drop seen last February.
This is higher than the P152.1 billion reported in the same quarter a year ago, the BOI said in a statement.
The latest figure marked a quick and solid recovery from the 23-percent decline in pledges in the first two months of the year. In February alone, pledges fell by 95 percent to only P3.8 billion.
The BOI did not say how much was approved for March alone. However, it had a relatively lower base in March last year when investment registration dropped by 50.91 percent to P20.507 billion.
Domestic investments accounted for the bulk of the projects at P212.2 billion, up 40 percent from last year’s P151.3 billion. Foreign investments amounted to P30.8 billion.
“After generating a record-breaking P915 billion in approved investments last year, we are still sustaining the momentum this year due to steady, strong and positive investor sentiment here and abroad,” said Trade Secretary and BOI Chair Ramon Lopez.
“We expect the growth to continue for the rest of the year as we aim to approve at least P1 trillion in total investments,” he added.
Read more: Philippine Daily Inquirer
MANILA, Philippines — State-run Land Bank of the Philippines was named as “Asia’s Most Inclusive Bank” at the 2019 Financial Insights Innovation Awards (FIIA) by the International Data Corp., for its innovations that promoted financial inclusion in the Philippines.
Landbank said the award, given during a ceremony held recently at the Marina Bay Sands Convention Center in Singapore, was conferred in recognition of the bank’s Digital Onboarding System (DOBS).
Out of 110 entries, Landbank is one of the 13 awardees and the only Philippine bank recognized in this year’s FIIA.
The DOBS is a web application launched by Landbank in 2018 to reduce the time needed to open accounts and to simplify the account enrollment process for clients.
“This project is a significant step towards streamlining our processes and making our branches more IT (information technology)-centric. DOBS will likewise play a central role in bringing our services to more unbanked and unserved areas, as we pursue our vision of promoting inclusive growth in the countryside,” said Landbank executive vice president Alan Bornas, who received the award.
Read more: The Philippine Star
Hong Kong (CNN)President Donald Trump has warned that US tariffs on $250 billion of Chinese exports are unlikely to go away anytime soon — even if the two countries reach a deal to end their trade war.
"We're not talking about removing them, we're talking about leaving them for a substantial period of time," Trump said Wednesday. "Because we have to make sure that if we do the deal with China that China lives by the deal because they've had a lot of problems living by certain deals."
The United States and China, the world's two biggest economies, are trying to negotiate a resolution to their trade dispute that escalated dramatically last year with both sides imposing new tariffs on huge portions of each other's exports.
Read more: CNN
ABOUT PTIC TAIPEI
The Philippine Trade & Investment Center in Taipei is the Commercial Affairs Section of the Manila Economic and Cultural Office and the representative office of the Philippine Department of Trade & Industry in Taiwan