The World Bank expects the Philippine economy to grow at a faster pace than other regional “powerhouses” until 2021, the Department of Finance (DOF) reported Wednesday.
In an emailed statement, the DOF cited a World Bank forecast on the Philippine gross domestic product (GDP) growing by 6.4% this year, second to Vietnam’s 6.6%.
This is, however, higher than China’s 6.2%, Indonesia’s 5.2%, and Malaysia’s 4.6%.
The Philippine economy is seen growing by 6.5% in 2020 and 2021, same as the projected growth rate for Vietnam in the same period.
This is higher than China’s growth rate of 6.1% in 2020 and 6.0% in 2021; Indonesia’s 5.3% in 2020 and 2021, and Malaysia’s 4.6% in the same two-year period.
“The Philippines is also expected to remain as an attractive destination for foreign direct investments (FDIs). We are pushing to further liberalize investment ownership in the country,” the department quoted Finance Undersecretary Gil Beltran having said.
“Moreover, the Philippines has implemented monetary and non-monetary policies to keep inflation manageable and bring it back to the government’s target range of 2 to 4% this year,” he added.
Read More: GMA New Online
BANGKOK – The Philippines (PH) is working to bridge its trade gap with Indonesia by exporting more agricultural products and automobile parts. At the sidelines of the 34th ASEAN Summit on 21-24 June, Department of Trade and Industry (DTI) Secretary Ramon Lopez discussed trade opportunities with his Indonesian counterpart, Minister of Trade Enggartiasto Lukita. The two ministers also agreed to organize a business matching session in Indonesia possibly around August or September 2019.
“President Rodrigo Duterte is pushing for the Philippines to narrow its trade imbalance with Indonesia. Thus we hope that openness from both countries will result in a mutually beneficial trade relationship between the two countries,” said Secretary Lopez.
In 2018, Indonesia was the PH's 9th major trading partner, with around US$7.27 billion in trade. However, PH imports from Indonesia stood at US$6.40 billion, while PH exports were only at US$866.20 million.
Indonesian company PT Mayora reported that it started importing desiccated coconuts from PH since April 2019. Indonesia is also more willing to import shallots, bananas, and alcoholic beverages from PH.
Read more: DTI
Taipei, Taiwan—A packaging company here is trying to expand its 20-year old business in Manila despite concerns on changing the incentives regime for firms operating inside economic zones.
Taiwanese packaging solutions firm Benison & Co. Ltd. is pushing to create more product lines to serve the growing packaging requirements of Philippine manufacturers.
Benison general manager in Taiwan Benker Liao is optimistic demand for packaging would continue to grow as demand for food and other consumer goods increased over time.
Read More: Manila Standard
MANILA, Philippines — Five Philippine chocolate brands received international recognition after bagging a total of 24 awards across various categories in the 2019 Academy of Chocolate Awards in the United Kingdom.
The chocolates of Auro Chocolate, Dalareich Food Products, Malagos Agri-Ventures Corp., MS3 Agri-Ventures and Theo and Philo Artisan Chocolates impressed more than 100 judges who made up the panel, according to the Philippine embassy in London.
This year’s board of judges included leading chocolatiers and some of the UK’s most prominent food writers and bloggers.
“The recognition given to Philippine chocolates over the years shows that Philippine chocolates are indeed world class,” Ambassador Antonio Lagdameo said.
More than a thousand entries from close to 50 countries were marked for appearance, depth of aroma and flavor, length and complexity in a rigorous 25-session judging process over 12 weeks.
Read more: The Philippine Star
Taipei, June 19 (CNA) A lineup of 11 top-tier food manufacturers and exporters from the Philippines were showcased at the opening of the 29th Taipei International Food Show (Food Taipei) in the country's capital Wednesday.
The Philippine food companies, which stock food and ingredients that include canned fish, craft spirits and liquor, coconut oil and cream, ice cream cones, and chocolates, were showcased at Food Taipei's FoodPhilippines pavilion, organized by the Philippines' representative office in Taiwan.
Michael Ignacio, director for commercial affairs at the Philippine Trade & Investment Center (PTIC) in Taipei, the commercial affairs section of the Manila Economic and Cultural Office (MECO), said that this year the focus is on products that have the potential to do well in Taiwan.
"Taiwan is such a valuable, high value, high purchasing power market for us and we have a selection of Philippine companies that have a good chance of penetrating the mainstream market," Ignacio told CNA.
The focus is on the Taiwan mainstream market because it is much larger than the market of Filipino migrant workers, he added.
"There is a small number of Filipinos here, 150,000, compared to 24 million (Taiwanese), so we would rather target the 24 million Taiwanese as opposed to just targeting the Filipino market," Ignacio said.
The goal is more than US$25 million in pledges for orders, surpassing the amount of sales commitments recorded last year, Ignacio said, adding that the total monetary amount of pledges has increased over the years.
"Last year we reached a total of about US$25 million, and the year before was about US$23 million," Ignacio said.
He said the rationale for showcasing Filipino products in Taiwan is that the country can help act as a gateway to other advanced economies in East Asia.
"Taiwan is such a sophisticated market, if our products are able to sell and penetrate in such a sophisticated and modern market, then we can use it as a springboard to the rest of East Asia, for example Japan and Korea."
Among the line up this year is coconut products manufacturer Manila-based Team Asia Corporation.
Jimmy Tang, director for Team Asia Corporation who also showcased his products at the Philippine pavilion last year, said he currently sells products worth US$400,000-US$500,000 to Taiwan every month.
Sidney John B. Morcozo of Century Pacific Food, Inc., who is planning to introduce canned milkfish products to the Taiwan market, said he knows Taiwan is a good market for Philippine food, including milkfish, because the countries have a similar taste in food.
"Particularly, because you know Taiwanese love hot and spicy foods so we have products that are spicy which will cater to the Taiwanese market," he said.
Mary Ann G. Roque, marketing manager of Destileria Limutaco & Co., Inc, the oldest distillery in the Philippines, established in 1852, said this is the second time that the company has showcased products in Taiwan and through her distributor in the country, the reception has been good for its fruit based liquors.
"For them to taste them, it is like paradise, when they try, they feel like they are in the Philippines," she said.
Gilberto Lauengco, vice chairman of MECO, said that previous Food Taipei shows have brought success for Filipino products, including chocolate and snack foods, and they would like to repeat that success.
"Taiwan, especially Taipei, is a popular destination for food buyers around the globe. People come here to look at the next best thing in food and beverage, and food technology," he said.
The PTIC has showcased food products from the Philippines for more than 10 years at Food Taipei, which kicked off Wednesday and runs through Saturday.
(By William Yen)
read more from source: Focus Taiwan
TAIWAN is aiming to draw about half a million Filipino visitors this year with the official launch of its “Undiscovered Taipei” tourism campaign in Manila over the weekend.
During the event held in Makati City, Taipei City’s Department of Information and Tourism (DIT) Yi-ting Liu told reporters that the number of visitors from the Philippines in 2018 grew by 44.13 percent to 419,105, from 290,784 in 2017.
“If we talk about the Philippines only, for all the tourists that are coming to Taiwan, 91 percent go to Taipei,” he said, while citing that Filipinos posted the highest growth of arrivals from Southeast Asia last year.
To sustain the momentum, the DIT aims to reintroduce the capital city to those who plan to revisit it and experience more of the local delicacies, old towns and even places with hot springs.
“There are more and more spots that the people who’ve been there for the first time, for sure the second time they haven’t been there,” he said.
As part of the campaign’s launch here, more than 50 local travel agencies met with Taipei’s hospitality business operators to help boost the number of Filipino visitors to the capital city of Taiwan.
Read More: Business Mirror
MEDIA RELEASE: 11 Philippine Food Manufacturers to represent Philippines at the FoodPhilippines Pavilion at Taipei Food Show 2019
11 Philippine food manufacturing companies set their eyes on the Taiwanese mainstream market as they join this year’s FoodPhilippines Pavilion at the Taipei Food Show 2019 happening at the World Trade Center Taipei on 19-22 June 2019.
This year, Manila Economic and Cultural Office (MECO), along with its commercial affairs section, the Philippine Trade and Investment Center (PTIC) in Taipei, partners with the Center for International Trade Exhibitions and Missions (CITEM) to once again showcase our lineup of top-tier food manufacturers and exporters at the FoodPhilippines Pavilion at the said show.
Taipei Food Show is Taiwan’s leading food trade fair and exhibition platform and is considered one of Asia’s leading food shows. Under Taipei Food Show Umbrella, the trade exhibit will house several halls that will feature the following categories: Foodtech & Pharmatech Taipei, Taipei Pack, Taiwan HORECA and Halal Taiwan. Organized by the Taiwan External Trade Development Council (TAITRA), Food Taipei aims to link the entire food industry supply chain in Taiwan with the global market.
In 2018, the Taipei Food Show joint expo created an outstanding record of 1,628 exhibitors and 4,059 booths in 2018. (Food Taipei had 1,079 exhibitors and 2,197 booths). The FoodPhilippines exhibitors last year booked initial sales commitments totaling over US$25 Million, not counting repeat orders.
“This year, our participation at the Taipei Food Show, will feature a strategically curated selection of Philippine food manufacturers and exporters eyeing the 24 million Taiwanese market, and Taiwan as gateway to other advanced economies in East Asia targeted for a sustainable marketing reach and campaign,” said MECO Chairman and Resident Representative Angelito T. Banayo.
Our FoodPhilippines lineup of exhibitors this year, will be composed of a mix of more established mainstream companies and high-innovation food manufacturing companies. Leading our line-up of more established exporters are companies such as Century Pacific Food, Inc., Destileria Limtuaco & Co. Inc., Team Asia Corporation, Tropicana Food Products, Inc., and Grand Asia Integrated Natural Coco Products Corporation, whose joint capacity, product range and supply position them to successfully penetrate Taiwan’s mainstream buying public.
Six other companies such as JND Manufacturing Industries, Inc., Leonie Agri Corporation, Mira’s Turmeric Products, Pasciolco Agri Ventures, Yearluck Food and Industrial Corporation and Yanyan International Philippines, Inc. will introduce their products to Taiwan, in order to target Taiwan’s lucrative niche market segments such as health, wellness and specialty herbal, natural, organic and general food products.
Century Pacific Food, Inc. is one of the Philippines largest canned goods manufacturing and exporting companies, and boasts of a wide array of products from canned tuna and sardines, canned meat, bottled seafoods, frozen and processed meat and poultry products, preserves, coconut water and milk and fruit preserves.
Destileria Limtuaco is the country’s oldest distillery dating back to 1850. Boasting a rich 167-year history, the company is a leading producer of alcoholic and non-alcoholic drinks, Philippine craft spirits and trendy liquor.
The Philippines is the world’s second largest producer of coconuts and coconut products next only to Indonesia. Given our supply stream and capacity, three major companies are joining FoodPhilippines at Taipei Food Show this year to reinforce our global market leadership and further expand our market reach.
Team Asia Corporation is a major manufacturing company for coconut products and VCO. The company boasts of its coconut products that are free from genetically-modified organisms (GMOs) and free from any chemicals and pesticides and passed through a rigid production process.
Tropicana Food Products, Inc., founded in 1975, has emerged to become one of the Philippines most diversified and most integrated manufacturer and processor of coconut products in the world.
Established in 2015, Grand Asia Integrated Natural Coco (GAINCOCO), has emerged to be one of the Philippines’ major exporters of coconut products offering a wide range of coconut product applications. The company has an existing processing capacity of 500,000 coconuts per day.
Fine food and specialty food producers also complete the line-up of companies looking to tap into Taiwan’s lucrative and niche specialty and health foods market.
Mira’s Turmeric Products leverages on the healing properties of natural and organic products such as ginger and turmeric to offer their line of sugar free powders for various food applications, under the Mira’s Well food line.
Leonie Agri Corp manufactures culinary herbs, herbal products and juices and natural and organic lines to target Taiwan’s health conscious niche market.
JND Manufacturing Industries, Inc. offers its line of fine and specialty food with high-nutrition content, such as those made from mung beans and mooring leaves.
Pasciolco Agri Ventures joins this year’s line-up of companies with their wide-ranging products lines composed of biscuits, confectionaries, and natural and organic products for the cookery and baking market segment.
Yanyan International Philippines, Inc. completes the line-up of Philippine exhibitors with their range of products from bread, carbonated and non-carbonated drinks, chocolates, juices, pastries and snack foods and natural and organic products.
Yearluck Food and Industrial Corporation joins us at Taipei Food Show again to build on their increasing base of Taiwanese buyers for their quality ice cream cones and similar products.
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.
MAKATI – Department of Trade and Industry (DTI) Secretary Ramon Lopez discussed with the University of the Philippines School of Economics Alumni Association (UPSEAA) the potential of the Philippines (PH) to become an artificial intelligence (AI) powerhouse. In his talk last 14 June 2019 on PH’s current business climate and industry development initiatives of the Department, the trade chief highlighted the country’s abundant human capital, those graduates of science and engineering as well as non-technical.
“We see how AI becomes a great equalizer where our educated, highly skilled, and highly-motivated young population can make their mark. Everyone has a place under this new industrial regime, regardless of educational level, or background, or interest,” shared Sec. Lopez to his fellow UPSEAAns headed by President Jeffrey Ng, and composed of accomplished business executives, entrepreneurs, and economists.
DTI noted various applications for AI can be used in agriculture, healthcare, finance, retail, transport, and smart cities. AI software revenue by industry is expected to reach more than USD 100 billion by 2025 while global AI business value is projected to reach USD 5.8 trillion by 2022.
Read More: DTI
MANILA, Philippines – Coca-Cola Beverages Philippines, Incorporated (CCBPI) said it will be investing P1 billion to pioneer a food-grade recycling facility in the country, its first major investment in a recycling plant within Southeast Asia.
CCBPI president and chief executive officer Gareth McGeown said in a statement on Friday, June 7, that they aim to reduce plastic waste in the Philippines by collecting, sorting, cleaning, and recycling used polyethylene terephthalate (PET) plastic bottles.
"This facility is testament to our resolve in making our World Without Waste vision a reality across the country, with real positive impact not just across our value chain, but also in the communities where we belong," he added.
CCBPI is the beverage maker's bottling arm in the Philippines. The company said it is already in talks with a local firm and an "internationally-recognized green technology partner."
The company also expects the planned facility to generate jobs. More details are expected to be released on Tuesday, June 11, when CCBPI launches its road map for a more sustainable business model.
Coca-Cola, which was listed by environmental groups as one of the top sources of plastic waste both in the Philippines and worldwide, launched its World Without Waste commitment to collect all of its used bottles and cans by 2030.
Read more: Rappler
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