I N S I D E : T H E LO N G R O A D T O R E C O V E RY
N O. 68 I VOLUME 11 AUGUST I SEPTEMBER I OCTOBER 2020 FALL QUARTERLY ISSUE
From Batangas to Zamboanga The 25 Future Digital Hubs of the Philippines
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PUBLISHER’S NOTE I KEEPING A JOURNAL
The Long Road to Recovery
A global pandemic. A global economic recession. Lives lost. Jobs lost. Businesses closing left and right. Political turmoil. Social angst and rising tensions. All of this happening all around the World. Society as we know it is being tested—people are being pushed to their limits. For us to overcome this truly difficult time, we have no other choice but to hope and believe that humanity will prevail—that good shall win. But first, we must understand the long journey not only to recovery, but understand what we must collectively do in order to get there.
To begin with, wear a mask. Each day, there are countless stories of people not wearing masks. Whether it is people trying to board a flight or enter the supermarket—I don’t understand why some people are still choosing not to wear a mask. Wearing a mask is not simply about protecting yourself, it is also about protecting others—your neighbors, your loved ones. I’m trying to understand why people are not wearing a mask or not practice social distancing or taking extra precaution. COVID-19 is a deadly virus. And it will be months if not several years before a safe and effective vaccine can be delivered to all people on Earth. So get ready for the long haul—the normal as we knew it no longer exists and may never return. So we must adapt similar to how we grew accustomed to for example, boarding a flight post 9/11. I’ve become incredibly frustrated with fake news especially with how it continues to spread particularly on Facebook. Most of the time now, I don’t even want to open Facebook anymore. It used to be this amazing place to see all of the great things happening in people’s lives—amazing travels, delicious foods, life successes, and family pictures. Now it has become a cesspool—a place where people share fake news, express their opinions and dislikes of other people and politics. Without fail, each week, someone (either a family member or friend) sends me an article that is obviously false information. I’m not sure if it is because the author of that fake information wants people to suffer and die— I’ll never understand their agenda outside of wanting to shape an opinion. It is evil to deceive and people are dying as a result of it. And that’s what fake news is, it is evil and we have to do something about information terrorism. Although, I do not know how it can be resolved, especially balancing free speech which is one of the most important, inalienable rights we have in the World.
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As the Publisher and CEO of the Asian Journal Media Group, we take extraordinary care in ensuring the accuracy of the information we publish. We take this responsibility and the trust the Filipino community has placed in us incredibly seriously. But even if you do not work at a media company, we all must take the information we share seriously. It’s no laughing matter. People are dying and suffering. Health and science should not be a political issue. But it seemingly has become one and that’s where we are right now as a society. Until knowledge and factual information is shared responsibly, we won’t be able to progress as a society and it will be us and our grandchildren and their grandchildren who will lose out on a better, collaborative, and open World. Yet, within these dark and uncertain times, there’s always hope and we have to see the everyday miracles that occur. I’ve certainly noticed my kids call me more often than they did pre-pandemic. I eat healthier. I’m cleaner. I try to exercise more. Discovered the time to learn new skills and read and watch things I’ve always been interested in. Regardless of any situation, we have to make the most of it and maximise the time to improve and be better—and we do that by working together. Never forget the human element of your relationships beyond these numerous video calls and digital World.
Marching on,
Roger Oriel CEO & Publisher Asian Journal Media Group
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Reserve yours today.
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The 2020 Fall Quarterly I The Balikbayan Global Briefing on Global Affairs
6 0 C O U N T R I E S . 101 C I T I E S .
As part of our continued mission to connect, uplift, and empower international Filipinos, Balikbayan Magazine is available for your reading pleasure at 101 local and foreign Philippine embassies, consulates, offices, and outposts through a collaboration with the Department of Foreign Affairs of the Philippines. — Balikbayan Magazine’s Media Center serves a global audience in 60 Countries throughout the World in order to ignite, drive, and fuel the economic development, progression, and modernisation of the Philippines. Our Media Center curates some of the most critical, vital, useful, entertaining, and sometimes amusing information released from both the public and private sector. Our editorial team strongly believes that a well-rounded and well-informed society is a thriving society. I) USA 2) CANADA 3) MEXICO 4) PHILIPPINES 5) JAPAN 6) AUSTRALIA 7) EAST TIMOR 8) VIETNAM 9) INDONESIA 10) MALAYSIA 11) INDIA 12) NATION OF BRUNEI 13) CAMBODIA 14) PAPUA NEW GUINEA 15) SOUTH KOREA 16) BANGLADESH 17) NEW ZEALAND 18) MYANMAR 19) LAOS 20) CHINA
21) 22) 23) 24) 25) 26) 27) 28) 29) 30) 31) 32) 33) 34) 35) 36) 37) 38) 39) 40)
SINGAPORE THAILAND UNITED KINGDOM GERMANY SWITZERLAND BELGIUM HUNGARY GREECE PORTUGAL SPAIN ITALY FRANCE NETHERLANDS AUSTRIA POLAND RUSSIA CZECH REPUBLIC NORWAY UNITED ARAB EMIRATES JORDAN
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QATAR ISRAEL EGYPT SYRIA IRAQ PAKISTAN SAUDI ARABIA BAHRAIN KUWAIT OMAN IRAN TURKEY LIBYA LEBANON KENYA SOUTH AFRICA NIGERIA CHILE BRAZIL ARGENTINA
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The Briefing I The State of the Nation
The 5th State of the Nation Address of President Duterte —Leaders Despite the enforced nationwide lockdown to prevent the further spread of the coronavirus, Philippine President Rodrigo Duterte delivered his fifth State of the Nation Address (SONA) on Monday, July 27. “We live in a troubled time. Our dream of prosperity for our country was suddenly snuffed by a pandemic virulent virus. No nation was spared. Neither rich nor poor were exempt from the onslaught of this deadly disease,” the President said before limited attendees composed of members of Congress, the Cabinet and other distinguished quests at the Batasang Pambansa in Quezon City. However, Duterte assured that “the vaccine is around the corner” and went on to thank the front-liners who are willingly putting their lives on the line to serve their fellow countrymen and the Philippines.
“We live in a troubled time. Our dream of prosperity for our country was suddenly snuffed by a pandemic virulent virus. No nation was spared. Neither rich nor poor were exempt from the onslaught of this deadly disease.”
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KEY LEGISLATION The President called on Congress to fast-track the passage of several measures to help the country recover. Such measures of particular note is the Corporate Recovery and the Tax Incentives for Enterprises, better known as the CREATE Act. The legislation aims to immediately cut corporate income levy from the current 30 to 25% and provide the government with added flexibility to grant a combination of fiscal and non-fiscal incentives, among others. The President said Congress must also pass the Financial Institutions Strategic Transfer or FIST Act. The proposal will set up mechanisms allowing banks and other financial institutions to dispose of and transfer non-performing assets and loans to asset management companies similar to Special Purpose Vehicles. He said Infrastructure investment is also seen as an effective tool to help spur high growth, attract investments, create jobs, and achieve financial inclusion for all Filipinos. For this reason, the Department of Public Works and Highways (DPWH) has resumed the construction of the
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The Briefing I The State of the Nation
North Luzon Expressway Harbor Link, the NLEX-SLEX Connector, the Cavite-Laguna Expressway, the Metro Manila Skyway Stage 3, the R-1 Bridge Project, the Tarlac-PangasinanLa Union Expressway Project, and the Subic Freeport Expressway Project. Infrastructure projects under the Build, Build, Build Program are ongoing to realize the maximum benefit from the country’s investments. To create jobs, the President said the Technical Education and Skills Development Authority (TESDA) launched an online mode of livelihood and skills training, offering 71 free online courses. “I ask the TESDA to come up with special training programs to retool our overseas Filipino workers (OFWs) so they can find employment opportunities here at home. I am also calling on the Commission on Higher Education (CHED) for scholarship programs for the qualified dependents of our OFWs,” he said. “I direct the Department of Agriculture and Department of Trade and Industry (DTI) to come up with agribusiness and entrepreneurship projects to help displaced OFWs rebuild their
livelihood. Further, I ask the LANDBANK and other government financial institutions to continue providing lowinterest loans to our OFWs,” he added. The government will also intensify its efforts to help businesses, especially the micro, small and medium enterprises or MSMEs, by providing responsive government assistance and services, capitalization, and business operations support. And to help MSMEs recover, President Duterte said the DTI, through the Small Business Corp., has set up the P1billion COVID-19 Assistance to Restart Enterprises or CARES Program to provide zero-interest loans for MSMEs. “As of July 10, 2020, over 2,600 loan applications worth P182.5 million have been approved. We are optimistic that this initiative will help our MSMEs stabilize and recover from their losses,” he said. At the same time, the President called on the Bangko Sentral ng Pilipinas and banks operating in the country to provide regulatory relief for MSMEs and allow loan payment extensions without incurring penalties and charges. Such regulatory relief will help prevent the collapse of companies saddled
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with accumulated amortizations and payables caused by the closure of their businesses at the height of the strict quarantine periods, he said. Recognizing the tourism and recreation industries as among the hardest hit by the pandemic, the President threw his full support for their recovery. Despite some restrictions, the national government agencies and the local government units (LGUs) must harmonize their policies to boost tourism while ensuring everyone’s well-being, he noted. Although the President welcomed the developments in the e-commerce industry, he said regulatory controls must be put in place to protect consumers. “We must patrol the country’s cyberspace and enforce online consumer and data protection and privacy laws. We must run after online scammers and those undermining the people’s trust in online transactions. We must continue to protect Filipinos in the new normal and remind the world that we are responsible stewards of data,” President Duterte said. He also called for the country’s transition to online systems and directed the Department of the Interior and Local
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The Briefing I The State of the Nation
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Government (DILG), the Department of Budget and Management (DBM), and the Anti-Red Tape Authority (ARTA), along with all government agencies, to adopt a paper-less type business and work performance. “We need e-governance to provide our people with the services they need from the comfort of their homes or workplaces. It will enable our bureaucracy to better transition into in the ‘new normal’ and cut or minimize red tape,” he said. ECONOMIC RECOVERY The President said the Philippines can withstand the socio-economic impact of the coronavirus disease 2019 (COVID-19) global pandemic because of its strong economic fundamentals citing the country having received a BBB plus credit rating despite the credit rating downgrades and negative outlook revisions worldwide. “The Japan Credit Rating Agency upgraded us from BBB plus to A minus last month,” “Our fiscal position is strong, our economic and fiscal management prudent and our banking system robust. We are in a better position to weather the crisis caused by the COVID-19 global pandemic,” he said. The President also reported the achievements posted by his administration in the past few years. According to President Duterte, more than 9.2 million beneficiaries received subsidies under the Unconditional Cash Transfer Program alone while over 4.3 million poor families benefitted through the Pantawid Pamilyang Pilipino Program (4Ps). He said Filipino youth were also given an opportunity to pursue free higher education through the Universal Access to Quality Tertiary Education Law while public utility drivers were given assistance through the Pantawid Pasada Program. The President added that the country’s improved healthcare system has greatly benefited residents. In particular, the Universal Health Care Law has given Filipinos access to affordable and quality healthcare services and benefits. He cited the Malasakit Centers Act, which he said has “proven to be of great help” for poor citizens needing medical services through a one-stop platform in government hospitals. “As of today, there are 75 Malasakit Centers serving Filipinos all over the country. These centers will be of great help in ensuring that our people remain healthy and resilISSUE 68 I BalikbayanMagazine.com I The 2020 Fall Quarterly— 021
The Briefing I The State of the Nation
ient during these challenging times,” the President said. State workers also benefited from the Salary Standardization Law of 2019, the President said, hoping the law could “inspire our government workers to perform better and encourage young, brilliant citizens to join public service.” He also said the government provided protection and support to the business community through the Ease of Doing Business and Efficient Government Service Delivery Act. At the same time, frontline processes including consular services, processing of building and business permits, and services for overseas Filipinos and seafarers were streamlined and passports and drivers’ license validity were lengthened to ease the burden of the public, the President said. Also during his SONA, President Duterte made a renewed call to Filipinos to overcome the current health crisis through solidarity and unity, saying the pandemic has tested the country “as a people and as a nation”. “I do hope that this spirit of solidarity and unity will serve as the drumbeat to which we shall march in unison in our
quest for the light at the end of the tunnel,” he said, calling on every Filipino to look out for each other’s welfare. “I appeal to each and every Filipino, let us take care of one another. Ito ang panahon para magtulungan. Let us share our blessings with those who have little and those who have none. This is the time to bring out the best in us,” he said. “The government cannot do this without your help. More than ever, we need to reinvigorate the deep-seated Filipino spirit of pakisama and malasakit within each and everyone of us.” ON EDUCATION President Duterte wants the utilization of television frequencies reverted back to the government for the full benefit of the people especially Filipino schoolchildren. “I am directing Secretary Guevarra, Secretary Dela Peña and Secretary Honasan, in collaboration with Secretary Briones, and Secretary Avisado, together with Secretary Dominguez, to come up with an integrated program and implementation mechanism to ensure that these TV frequencies are fully utilized by government through the facilities
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of PTV4 for the utmost benefit of the Filipino people,” President Duterte said in his 5th State of the Nation Address (SONA) on Monday. “For the remaining two years of my term, all that is good that belongs to government, whether it be the airwaves, whether it be the lines, or whatever that is good for the people, will belong to the government and it should be government who should be given the first option to utilize them. Ang sobra, kanila,” he said. The President said that TV frequencies reverted back to the government will be used to provide uninterrupted quality education to Filipino children as the country shifts to e-learning. President Duterte also reported that the Department of Education (DepEd) and the Department of Information and Communications Technology (DICT) are building up Public Education Network or PEN that will connect all public schools and DepEd offices nationwide. “We will prioritize the connection of all Last Mile Schools and those with no electricity supply can have it via satellite and energized via solar panels. By 2022, before I step down, the PEN shall be re-
alized. I’m referring to the program. I will do it,” he said. The Chief Executive reiterated that he would not allow the traditional face-to-face teaching or learning unless all risks of exposure to the coronavirus are eliminated. But the President clarified that he would only allow in-person learning to resume by January next year based on his belief that a vaccine will be available by September. Under DepEd’s blended learning, the department will implement online and modular learning, as well as TV- and radio-based broadcast. DepEd will provide printed modules for those who cannot afford online learning. “In support of the Learning Continuity Program through blended learning, we plan to increase the number of schools with ICT equipment in the coming months,” he said.
President Rodrigo Roa Duterte delivers his 5th State of the Nation Address at the House of Representatives Complex in Quezon City on July 27, 2020. I Presiential Photo
ON FOREIGN AFFAIRS The President said he would not allow American forces to reestablish a military base in the Philippines noting that it will put the country in harm’s way in case there is conflict. “I will just put on record my thoughts. I have nothing against America, I have nothing against China but if you put bases here, you will double the spectacle of a most destructive thing just like Manila during the Second World War,“ President Duterte said in his 5th State of the Nation Address (SONA) at the Batasang Pambansa. “Kaya maglagay-lagay ka ng base at this time, this will ensure if war breaks out, because there would be atomic arsenals brought in, this will ensure the extinction of the Filipino race.“ President Duterte said the Filipino nation claims its rightful place in the community of sovereign states and his government would continue to pursue an independent foreign policy. With regards to the competing claims in the South China Sea, he said, “We worked without fail to protect our rights in the South China Sea, neither beholden nor a pawn to anyone. We broadened the boundaries of Philippine diplomacy. We built productive ties with everyone willing to engage us on the basis of equality and mutual respect”. “And, we redefined our relationships with our most important partners, placing the country in a far better position to advance our interests in an evolving regional order and emerging global problems,” he added.
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The Briefing I The State of the Nation
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President Rodrigo Roa Duterte delivers his 5th State of the Nation Address at the House of Representatives Complex in Quezon City on July 27, 2020. I Presiential Photo
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The Briefing I Global Affairs
Over 100,000 Overseas Filipinos Return to the Philippines, Thousands More to be Repatriated —Global Affairs With an additional 12,022 overseas Filipinos repatriated for the last week of July, the Department of Foreign Affairs (DFA) have now surpassed the 100,000mark in the total number of overseas Filipinos brought home to the Philippines from all over the world. The DFA began its repatriation efforts last February as part of the whole of government approach in addressing the COVID-19 global epidemic. “Repatriating more than 100k overseas Filipinos is a first in the history of DFA,” said Foreign Affairs Undersecretary for Migrant Workers’ Affairs Sarah Lou Y. Arriola. 026 — The 2020 Fall Quarterly I BalikbayanMagazine.com I ISSUE 68
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The Briefing I Global Affairs
“It may look easy but in reality it was difficult. But through the sustained efforts of our dedicated personnel who labored 24/7 since February and the full cooperation of all our Foreign Service Posts, we pulled this feat off,” added the Undersecretary. Of the 102,519 overseas Filipinos (OFs) repatriated since February, 42.8 percent (43,893 OFs) are sea-based and 57.2 percent (58,626 OFs) are landbased. The most recent repatriates arrived from the Netherlands, New Zealand, Qatar, Saudi Arabia, the UAE, and the USA. For the end of July, the DFA brought home a total of 8,895 OFs from the Middle East, 1,806 from the Asia-Pacific, 677 from Europe and 644 from the Americas. “Pandemic or not, the men and women of the DFA, including those of our embassies and consulates around the world, remain fully committed to bringing home our distressed nationals abroad,” concluded Undersecretary Arriola. ISSUE 68 I BalikbayanMagazine.com I The 2020 Fall Quarterly— 029
The Briefing I Business
Visit https://www.bpi.com.ph/covid-19-service/waived-fees to learn about BPI’s COVID-19 initiatives for Overseas Filipino remitters.
BPI, MoneyGram Boost Partnership with Expanded Services for Overseas Filipinos The Bank of the Philippine Islands (BPI) has strengthened its partnership with MoneyGram, which has waived its sending fees to an expanded list of countries from where overseas Filipinos send their remittances to their families back in the Philippines. MoneyGram waived fees for money transfers from the US, the United Kingdom, France, Italy, and Spain to BPI or BPI Family Savings Bank accounts via MoneyGram Online and mobile app. Melinda Dulay, Head of BPI Inward Remittance, said this is a big help to clients dealing with the challenges brought on by COVID-19. “BPI and MoneyGram both want to provide safe, reliable, convenient, and affordable money transfers for overseas Filipinos,” she said. “Our tie up with MoneyGram provides valuable service during this challenging situation brought about by COVID-19. By using MoneyGram’s digital channels, our overseas Filipinos can securely send money to
“Our tie up with MoneyGram provides valuable service during this challenging situation brought about by COVID-19. By using MoneyGram’s digital channels, our overseas Filipinos can securely send money to their families in the Philippines from the safety and convenience of their homes, which is especially important during this time. They can also enjoy waived or discounted transfer fees in select countries, which go a long way in helping lighten their burdens.”
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their families in the Philippines from the safety and convenience of their homes, which is especially important during this time. They can also enjoy waived or discounted transfer fees in select countries, which go a long way in helping lighten their burdens,” she added. MoneyGram Online users in Austria, Belgium, Greece, Ireland, Latvia, Lithuania, Malta, the Netherlands, Portugal, and Slovakia can enjoy a flat rate of 1.99 EUR when making Direct to Bank Account transfers to BPI accounts. “As part of our strategy to accelerate digital growth and mobilize the movement of money, we continue to focus on expanding account deposit capabilities to more markets around the world,” said Kamila Chytil, MoneyGram Chief Operating Officer and leader of the company’s digital efforts. “This partnership enables millions of consumers in the Philippines to quickly and easily receive money directly into their bank accounts.” BPI has partnerships with reputable remittance companies around the world. Many of these remittance partners have agreed to extend waivers or discounts on sending fees to BPI beneficiary accounts to help Overseas Filipinos and their families amid the COVID-19 health crisis.
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The Briefing I Entrepreneur
Family Business Under the Threat of COVID-19 —Entrepreneur writer Professor Enrique Soriano
I was interviewed recently and I felt I am duty-bound to share critical information related to how family-run and managed businesses are coping amidst this unfolding and disruptive event. Question: After 4 months into the crisis, what can you say about family owning businesses that heeded your advice about a future “Black Swan” event and on the other hand for business leaders who are still “living in the past” and unwilling to embrace change? No family business can be fully prepared for a “Black Swan” event or uncertainty of the future, much less identify a vicious enemy that is invisible to the naked eye yet having a devastating impact on economies, organizations, and individuals. This pandemic has transformed into a global economic crisis never before experienced in our lifetimes and the rising levels of risks on businesses are unprecedented. No organization was fully prepared for the threat of COVID-19 but the severity and the magnitude of this pandemic have overwhelmed practically everybody. This disruptive event clearly brought to light fundamental questions on whether family-owned businesses are really prepared to navigate future volatility, uncertainty, complexity and ambiguity (VUCA) events. On a positive note, it is worth mentioning that for some of our clients in
Asia, those who were agile and flexible enough were able to quickly adjust and adapt to the turbulent markets. The initiatives they rolled out as a result of their state of readiness gave them a distinct advantage. COVID-19 put forward an opportunity for these family businesses to regroup, plan, align, and implement programs with speed. What even made it remarkable and I can say the family’s defining moment was their united stand on critical decisions, their compassion towards their workforce, and the velocity in getting things done without compromising their values. Being their family business advisor with a front-row seat and tasked to join high-level sessions (crisis planning, board meetings, family, or business councils), I am most proud of their achievements as they displayed a deeper sense of purpose and unity over adversity. As the crisis continues to ravage economies all over the world, successful family businesses have pivoted from the initial shock to a methodical implementation of game plans from technology upgrades to the retooling of the workforce all the way to opportunity-seeking investments. WHEN OWNERS REFUSE TO CHANGE My biggest frustration in my work is when key business leaders refuse to heed my advice and worse refuse to take action even when markets are being impacted. I refer to this mindset as a mentality of inertia. Failure to react properly to change can be an outgrowth of the firm’s history of past successes. The key leader(s) looked backward instead of forward. When myopia or the lack of foresight engulfs family members, especially the leader, it is courting danger. When in-
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decisiveness and an extraordinary event collide, it will be the beginning of the end for the enterprise. For business owners that continue to show unwillingness to embrace change, I want to share this quote from a fellow family governance colleague, Professor Dennis Jaffe: “Today’s pandemic crisis is turning everyone’s world upside-down in ways that couldn’t have been anticipated just a short time ago. After a half-century of observing and sometimes resisting the increasing pace of change and the many innovations disrupting our behavior, we are now encountering a situation that makes it impossible not to change. He further added that “every business, large and small, is feeling threatened, and every family faces deep challenges just to stay afloat. That uncertainty and inability to control make us anxious. And when we’re anxious, we can do impulsive, short-sighted things.” For short-sighted founders and leaders, it is important to recognize what Jaffe said. The world has transformed in ways that nobody would have imagined so whatever accomplishments you have achieved in the past, it must now be subsumed by a greater force of incredible change.
Professor Enrique Soriano is a World Bank/IFC Governance Consultant, Columnist, Book Author, former Chair and Professor of Global Marketing at the ATENEO Graduate School of Business and a Senior Fellow at the IPMI International Business School in Jakarta. He is a member of the Singapore Institute of Directors and presently sits as Independent Director of Publicly listed Emperador Distillers and Travelers Hotel International (Resorts World Manila). He also sits as Board Advisor to 25 Family Businesses in Asia.
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1) Agricultural 2) Residential 3) Commercial 4) Industrial ISSUE 68 I BalikbayanMagazine.com I The 2020 Fall Quarterly— 033
The Briefing I Entrepreneur
Manila Ranks Among World’s Top Emerging Startup Ecosystems The Philippine startup ecosystem is once again featured in the annual Global Startup Ecosystem Report (GSER) by Startup Genome. In its inaugural ranking of the world’s top 100 emerging ecosystems, Manila is ranked 36th globally. The GSER 2020 puts the value of Manila’s startup ecosystem at USD1.6 B, with a total early stage funding of USD102 M over the last two and a half years. It is among the startup ecosystems in their activation phase, together with Busan in Korea, Calgary in Canada, Frankfurt in Germany, and Taipei in Taiwan. Department of Trade and Industry (DTI) Secretary Ramon Lopez remarked, “The DTI is committed to sustaining the growth of our thriving startup ecosystem in Manila and the whole country during this pandemic and beyond. We continue to implement enabling policies and strategic support programs for enterprises, particularly as we aggressively promote the digitalization of business operations and the digital transformation of our MSMEs and large enterprises.”
Among Manila’s strengths as a top emerging ecosystem are its market reach (or the early-stage startup access to customers allowing them to scale and go global), as well as talent and experience (or the access to talent by early-stage startups). These place Manila among the top 20 ecosystems for Bang for Buck and among the top 30 ecosystems for Affordable Talent. The GSER 2020 identifies fintech and e-commerce as Manila’s ecosystem subsector strengths. Fintech companies account for almost 15% of Manila’s startups, with a transaction value reaching approximately USD10 B in 2019 and is expected to grow by 24% in 2020, while taking into account the expected impact of COVID-19. On the other hand, the e-commerce industry is growing at a CAGR (Compound Annual Growth Rate) of 26.4%, which is one of the fastest rates in Southeast Asia. “The proliferation of fintech and ecommerce startups in the country is testament to the abundance of opportunities in the Philippine market. By mutually reinforcing one another, these two sectors are enabling the growth of traditional sellers and buyers despite today’s trying times. Our young, creative, and resourceful pool of talent will keep our ecosystem vibrant and competitive in the years ahead,” said Undersecretary for Competitiveness and Innovation Rafaelita Aldaba.
In partnership with the Department of Science and Technology and the Department of Information and Communications Technology as lead implementing agencies of the Innovative Startup Act, the DTI will facilitate more collaboration among members of the startup community, support the scaling up of startup enterprises, and foster their global expansion. “We strongly believe that Filipino startups can compete globally, especially with the right collaborators. We are constantly looking out for the chances to showcase the solutions and services they can offer to meet market demands and address social needs. We look forward to seeing our startups grabbing the attention of more mentors and investors as we promote them in the world market,” said Export Marketing Bureau (EMB) Director Senen Perlada. The GSER is the world’s most comprehensive and widely-read research on startups with 250 ecosystems studied. The GSER 2020 is published by Startup Genome – a world-leading policy advisory and research organization for governments and public-private partnerships committed to accelerating the success of their startup ecosystem – in cooperation with the Global Entrepreneurship Network (GEN). The DTI is a member of the GSER Global Network.
Download the #GSER2020 Deep Dive on Manila at bit.ly/ManilaDeepDive I startupgenome.com/report/GSER2020 034 — The 2020 Fall Quarterly I BalikbayanMagazine.com I ISSUE 68
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The Briefing I Entrepreneur
Small Business Corporation Opens P100M Loan Facility for Repatriated Overseas Filipino Workers The Small Business Corporation (SB Corporation) has launched a P100-million loan facility for repatriated Overseas Filipino Workers (OFWs) affected by the COVID-19 pandemic. The program, Helping the Economy Recover thru OFW Enterprise Startups (HEROES), is a component program of the Pondo sa Pagbabago at Pagasenso (P3) fund under the Department of Trade and Industry (DTI). The loan facility is aimed at helping repatriated OFWs rebuild their lives by providing opportunity to become entrepreneurs. Under the HEROES Program, returning OFWs who were retrenched due to the COVID-19 pandemic must present a video pitch of his/her start-up business proposal outlining key components on the nature of business, product knowledge, management capability, market opportunity, competitive advantage, financial understanding and business continuity.
Loan proceeds should strictly be used for working capital to start and sustain the business operations. The loan may be used for the acquisition, production and sale of products and required inventory, necessary equipment and machinery for the business, payment of initial worth of operating costs incurred such as payroll, rent, utilities and fixed asset loans. Under the program, OFWs may borrow a minimum of P10,000 up to maximum of P100,000 free of interest and collateral. A service fee of 6% will be charged to loans with 24 months payment term and 8% for loans with 36 months payment terms (inclusive of 12 months grace period). The application process will start with the pre-registration for the online training with the Philippine Trade Training Center (PTTC) which can be accessed using this link: bit.ly/HEROESPreReg. For additional information interested OFWs may visit www.sbgfc.org.ph.
Upon completion of the training, qualified applicants will be given instructions on how to submit their loan applications with the following requirements: 1) Accomplished Loan Application Form 2) One Government-issued ID with photo 3) OWWA Certification or proof of being a repatriated OFW 4) AVP of Business Plan 5) DTI Registration 6) Certificate of completion of an online training session for start-ups conducted by PTTC
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The Briefing I The Economy
Philippine Tourism Reassured to Roar Back, Restore the Millions of Jobs Lost
Philippine Government Has Enough Funds to Buy COVID-19 Vaccines —The Economy Department of Finance Secretary Carlos Dominguez III said that the Philippine government has adequate funds to purchase vaccines for the coronavirus disease 2019 for the 20 million poorest Filipinos once it becomes available and approved for distribution. Secretary Dominguez noted that the exact amount required will depend on whatever vaccine or vaccines the Department of Health (DOH) will determine to be the most suitable for inoculation. An estimated P20 billion (about US$400 million) may be needed to inoculate a minimum of 20 million persons, Dominguez said. “We have a plan and we can execute it as soon as the DOH chooses which vaccine or vaccines they want. Maybe, you (DOH) will choose several,” Dominguez informed President Duterte during Thursday night’s meeting of the InterAgency Task Force for the Management of Emerging Infectious Diseases (IATF), portions of which were broadcast this morning.
The government is looking at the United States, the United Kingdom, and China as potential sources for the COVID-19 vaccine doses. As of the end of July, six COVID-19 vaccine candidates have entered Phase 3 trials which involve testing doses on volunteers. These vaccine candidates are from the United Kingdom, United States, Australia, and China. Dominguez said the Department of Finance (DOF) has proposed a process in buying the vaccines, which involves the Philippine International Trading Corp (PITC), a state-owned firm attached to the Department of Trade and Industry (DTI), purchasing the required doses. The Land Bank of the Philippines (LandBank) and Development Bank of the Philippines (DBP) will provide the funds for the purchase. “The financing is available for this program,” Dominguez told the President during the IATF meeting. Dominguez said that once the vaccine is available, the economy can be fully opened and Filipinos can start to return to their normal, pre-COVID-19, way of life.
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The tourism industry in the Philippines is expected to recover well from three months of quarantine and restore the jobs lost by millions of Filipinos who are dependent on the industry. Department of Tourism Secretary Bernadette Romulo-Puyat provided her assurance on June 25, in the wake of a recent report that cited the tourism industry’s critical and growing role for providing employment to the millions of Filipinos not only in the Philippines but around the World. Puyat said she based her optimism on the Philippine Statistics Authority (PSA) report on the industry’s performance last year which indicated an increase in tourism jobs of some 350,000, from 5.36 million to 5.71 million jobs—representing an increase of 6.5% over the number of jobs in 2018. “I have high hopes that the significant share of employment the tourism industry provides, as consistently indicated by the PSA’s annual reports, will help spur our sector’s recovery from the impact of this pandemic,” Puyat said. She said the industry’s 13.5% share in the total employment in the country means that 14 out of 100 employed Filipinos were in tourism-related jobs. Tourism has been one of the hardest hit industries ravaged by the COVID-19 pandemic. The recent easing of quarantine restrictions in some regions of the country has created a stir among industry stakeholders as tourism establishments, particularly the partial dine-in services in restaurants, were allowed to resume operations by the InterAgency Task Force on the Management of Emerging Infectious Diseases (IATF-EID). “Tourism stakeholders share the desire and determination of the nation’s labor force to get back to work as we embrace the New Normal,” Puyat said. The tourism secretary earlier welcomed the PSA report on the share of tourism to the country’s Gross Domestic Product (GDP) growing to 12.7% in 2019 from 12.3% in the previous year. Further, she noted that the PSA report underscores the crucial role of the tourism industry as a vital component of the economy in terms of productivity and source of job opportunities. As hard as it has been hit by massive losses, Puyat vowed that the tourism sector, particularly the small and medium enterprises (SMEs), will roar back with the government’s support both on the national and local levels.
Plan your visit to breathtaking Montemaria, Batangas City, The Philippines For more information, visit Montemaria.com.ph. ISSUE 68 I BalikbayanMagazine.com I The 2020 Fall Quarterly— 039
The Briefing I The Economy
Balikbayans Encouraged to Support ‘BUYani’ Campaign to Sustain Local Entrepreneurs
Philippine Government Focused on Bringing Jobs Back for Overseas Filipinos —The Economy The Philippine government will exhaust all measures to help support overseas Filipino workers (OFWs) to regain jobs they lost abroad due to the ongoing COVID-19 global pandemic. This mission was recently assured by Labor Secretary Silvestre Bello III as the possibility of OFWs being rehired by their former employers gained significant progress with the reopening of economies all around the world. “Many governments went ahead of us in easing restrictions. Their industries are almost fully operational again by now. They could recall our OFWs anytime,” Bello said. Should that happen, the labor department is fully committed to provide assistance required by OFWs. The labor chief noted that the government is able and ready to engage with foreign governments with new policies on migrant
workers with regards to safety and health measures against the deadly virus. “They might ask more requirements from our OFWs like government certifications to prove they are not a threat to the health and safety of their people. We can do that,” Bello said. Further, Secretary Bello also raised the possibilities that OFWs could be rehired in large quantities by economies that are fast recovering, which he said, “would require transportation and if our OFWs need chartered flights we will do our best to come up with enough logistics for that.” Experts from the Asian Development Bank (ADB) noted the pandemic could trigger stricter health and safety rules among recovering economies against workers from countries with weak antiCoVid 19 system. As such, Bello said the Philippines has nothing to worry about the government’s way of dealing with the pandemic as it has already shown to sustain a strong and effective response against the outbreak. “The last time we checked our health system and responses to control the virus, we’re just doing fine,” he said.
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Filipinos are encouraged to support local entrepreneurs in the Philippines by patronizing local products. Department of Trade and Industry (DTI) Undersecretary and Chief-of-Staff Ireneo Vizmonte said last Tuesday, June 30 that the department’s Buy Local, Go Lokal campaign will enable Filipino entrepreneurs to try to weather the storm in this current business landscape amid the COVID-19 global pandemic. The Buy Local, Go Lokal is a nationwide campaign of the DTI to support local industries, and part of this is the ‘BUYani’ campaign. “We launch the BUYani promoting Filipino products,” Vizmonte said during the webinar of the Employers Confederation of the Philippines and the International Labor Organization. You can be a ‘BUYani’ by shifting your consumption patterns toward buying Philippine fresh produce and manufactured goods. With the limitation of movement for quarantine measures to halt the spread of the coronavirus, the DTI is promoting its online marketplace for home-grown brands called Shopinas. Based on a DTI survey of 858,840 micro, small, and medium enterprises (MSMEs) nationwide, 56.4% or 484,488 MSMEs stopped their operations during the quarantine said Vizmonte. About 116,695 MSMEs or 13.6% of respondents said they operated at limited capacity during the quarantine whereas others operated as part of essential industries under the Inter-Agency Task Force for the Management of Emerging Infectious Diseases guidelines. DTI Secretary Ramon Lopez remarked previously that reviving the “buy local” campaign to fuel the purchase of Filipino products will aid in saving micro and small enterprises as well as jobs in this sector. Further, Lopez said the Department of Budget and Management prioritizes buying the products that are needed for the COVID-19 response from local Filipino producers. As part of the ongoing efforts to help the country recover and fight, numerous companies have repurposed their facilities to produce essential products such as face masks and personal protective equipment, among others.
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The Briefing I The Economy
Approved Investments of the BOI Surges 112% —The Economy The Philippine Board of Investments (BOI) recorded Php645.3 billion of approved investments in the first six months of the year, bouncing back strongly with a 112% surge from just Php304.4. billion in the same period in 2019. “The robust bounce back despite the pandemic shows the country’s resilience as we begin the transition to easing out the restrictions after a prolonged lockdown of the economy. While we expect a lower GDP output in the second quarter than the first quarter due to the ECQ, there are already signs that the economy is humming back to life with industry conditions becoming stable,” Trade Secretary and BOI Chairman Ramon M. Lopez said. Secretary Lopez cited that the rebound in investments is expected since the Philippines is still considered one of the top investment destinations with strong economic fundamentals, and direct investments always have a medium to long-term horizon in their investment decisions. He cited that the country’s manufacturing sector is close to stability as the Philippine Manufacturing Purchasing
Managers’ Index (PMI) survey of IHS Markit showed that the manufacturing index score increased to 49.7 in June 2020, up from 40.1 in May. The country recorded an increase in its output index, the first monthly increase in four months. The output index in June was 51.1, coming from a low of 10.2 in April and 29.4 in May. Indices below 50 show a decrease in manufacturing output while above 50 mirrors an improvement of activity. The change in community rules boosted the manufacturing output in making inroads towards stability at the end of the first half of the year. Companies have begun to increase their production as they reopened operations after a long shutdown. Secretary Lopez added that he expressed optimism that the economy will recover by the third quarter with a positive growth as most of the country is expected to have a relaxed form of community quarantine although he acknowledged that strict social distancing and health protocols will still remain in effect to contain the spread of COVID-19. Approved investments among domestic sources went up to Php626.7 billion, surging by 166 percent from Php235.6 billion from the same period last year. In contrast, approved figures by foreign businessmen reached Php18.6 billion, a 73 percent deceleration as compared to Php68.9 billion in the same period a year ago.
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According to Vice Chairman and BOI Managing Head Ceferino S. Rodolfo, “Construction/infrastructure is the pacesetter among industries with Php530.8 billion as of the first half. The transportation and storage sectors remain strong with Php86.7 billion, a 785 percent improvement from last year’s figure of just Php9.8 billion. Real estate posted a solid a 16.5 percent growth to Php9 billion from Php7.7 billion in 2019. Renewable energy/power, manufacturing and accommodation (tourism) recorded Php6.6 billion, Php5.3 billion and Php3.8 billion in approved projects, respectively. A total of 96 project got the green-signal and upon operations, it will generate 27,082 jobs, a jump of 57.3 percent from 17,214 in the same period last year.” France remains in the driver’s seat among foreign investors with Php1.5 billion approved investments. Netherlands is runner-up with Php1.06 billion. Japan remains third with Php790 million. Japan is second with Php790 million. Malaysia places fourth with Php601 million and India fifth with Php329 million. “It is important to highlight the strategic nature of the projects and their important contribution towards building a more modern Philippines. The project proponents have reaffirmed their commitment to the immediate implementation of these infrastructure, ICT and transport projects—towards completion in the medium-to long-term term. Prior to approval of the big-ticket projects, the BOI required them to provide written confirmation of their commitment,” added Sec. Lopez. Among the recent approvals include San Miguel Aerocity, Inc.’s Php530.8 billion airport project in Bulacan, Seaoil’s Php654 million downstream petroleum project in La Union, Gigasol3 Inc.’s Php2.4 billion 63 MW solar project in Central Luzon, Royale Cold Storage North Inc.’s Php1.5 billion storage facility in Laguna and Heineken International BV’s Php1 billion brewery plant in the Metro. Regionally, Central Luzon is tops with Php538.1 billion by virtue of the large Bulacan airport; NCR is second with Php85.4 billion; Calabarzon is third with Php9.2 billion; followed by Davao Region (Php4.6 billion) and Northern Mindanao (Php3.2 billion).
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The Briefing I The Economy
Philippines Projected to Benefit from Ongoing US-China Trade War —The Economy Although the US and China trade war is anticipated to have a minimal impact on the Philippine economy, the overall long-term outlook is seen to be beneficial. Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said bilateral trade with both countries accounts for over 25% of Philippines’ total exports and imports since last year, primarily on electronics and machinery exports. Further adding that “even in the context of retaliatory tariffs between the US and China, the country’s exports have remained broadly stable.” Citing recent data from the Philippine Statistics Authority (PSA), Diokno said electronics exports account for more than half of the country’s goods exports which “continued to perform well in 2019, notwithstanding its link with global production networks.” “This phenomenon can be attributed to the Philippines’ low exposure to products targeted directly by US tariff actions against China. The exposure is estimated at a low of 0.5%,” he said. 044 — The 2020 Fall Quarterly I BalikbayanMagazine.com I ISSUE 68
Diokno said this situation explains why the country is among the least impacted economies in the ongoing trade dispute between the world’s largest economies and “supports IMF’s (International Monetary Fund) view that the country’s low participation in global trade as well as in global value chains relative-to-peers seems to explain why the Philippines has not been negatively impacted by the US-China trade war.” In turn, this as noted by Diokno, “in the long run, the escalation of the USChina trade war and the coronavirus pandemic, could have a positive impact on the Philippine economy.” Adding that “both events have prompted a reevaluation across countries of the existing global supply with firms possibly moving toward reducing dependence on any single country.” “This current wave of revamping global supply chains opens a window of opportunity for the Philippines to benefit from trade redirection and relocation of production sites,” he said. Diokno added that “while the Philippines has been recognized as one of the top investment destinations post-COVID-19, the Executive, Congress, and the private sector have to unceasingly do more to further boost the country’s attractiveness to foreign investors.”
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The Briefing I The Economy
Philippine Exports Making Their Way Back to the International Market, Gradual Recovery Seen —The Economy
Philippine merchandise exports for June 2020 shows a gradual recovery of trade amid the Covid-19 pandemic. According to preliminary data from the Philippine Statistics Authority (PSA), June 2020 exports decreased only by 13.3% to USD5.3B from USD6.1B in the same month last year. This is a marked improvement from the 35.6% decline recorded in May 2020. “Several countries have revised their global outlook and the Philippines has followed suit with Development Budget Coordination Committee’s (DBCC) lowering its forecasts for the year. A sustained deceleration would most likely lead to a single-digit annual contraction,” said DTI Undersecretary for Trade Promotions Abdulgani Macatoman. “We are working to resume trade with many country partners to improve exports for the rest of the year. Thus, we again call for both national and local governments to ensure the unhampered flow of goods, especially now that NCR and nearby provinces are under Modified Enhanced Community Quarantine (MECQ),” added Macatoman.
Consistent with the long-standing structure of merchandise exports, electronics accounted for over half of the country’s total merchandise exports (56.6%) in the review period, while nonelectronics made up the remaining 43.4%. Electronics exports went down by 14.9% in the first six months of the year to USD18.9B from USD16.1B in the same period in 2019. In terms of the difference in export value, only two sectors in the electronics industry posted positive growth rates: control and instrumentation; and automotive electronics. The Top 5 electronics exports in terms of value continued to contribute over 96% share in the total year-to-date (YTD) industry value and over 50% in the total PH exports value. Consistently the top PH merchandise and electronics exports, semiconductors, still get the lion share of electronics exports at 77.8%, and 42.7% of total PH merchandise exports. However, its total exports went down by 10% to USD12.6B in January to June 2020 from USD13.9B in the same period in 2019. Non-Electronics’ export sales declined by 21.3% to USD12.3B YTD from USD15.7B in the same period last year. The top performers in the current review period in terms of the difference in value were: petroleum products, USD73.5M; and textile yarns/fabrics (including surgical masks), USD47.2M. Exports to the top 10 PH markets registered a negative 11.4% year-on-year (YOY) growth this month compared to
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the same period in 2019. Once again, this was a welcome improvement from the 32.9% decline posted in the previous month, indicating that some of these markets have taken in more imports from the Philippines compared to the first five months. In terms of percent share, almost 60% of the total exports in the top 10 PH markets went to the perennial three economies only, namely, combined markets of China and Hong Kong (28.8%), Japan (16.1%), and US (14.1%). Although extreme efforts towards mitigating the economic impact of COVID-19 pandemic to overall trade can be seen globally, the effect of the pandemic in the economy could persist for much longer as only 5 countries have recorded positive growth among 11 trade-oriented Asian Economies, and the rest of the countries suffered declines in terms of YOY export performance. DTI-Export Marketing Bureau Director Senen Perlada said that the Philippines is adapting to the new normal of exports through online business matching sessions. The DTI-EMB is scheduled to have online business matching sessions with buyers from Latin America and the United States in August.
Department of Trade and Industry Infographics
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The Briefing I The Economy
Philippines Maintains Global Competitiveness Momentum, Moves Up Amid Crisis —The Economy The Philippines maintained its momentum with a slight upgrade—moving from the 46th to 45th spot in this year’s global competitiveness rankings by the International Institute for Management Development (IMD). The 2020 World Competitiveness Yearbook (WCY) by IMD also signaled an encouraging assessment of the country’s climbing competitiveness from a dip in 2018. The IMD ranking measures the capacity of a country to maintain an environment where enterprises can compete locally and internationally as it assumes wealth creation happens at the enterprise. The ranking was evaluated using the 2019 country measures and perception-based survey from business executives performed in the first quarter of 2020.
The Philippines is the only one among Southeast Asian countries, aside from Singapore, that improved its ranking year-on-year. In terms of growth, the Philippines is consistently among the top performers in the region with an average growth of 6.6% from 2012 to 2019 and posting 6% in 2019, while Malaysia registered 4.3%, Thailand 2.4%, and Indonesia 5%. With this announcement, DTI Secretary Ramon Lopez pointed out that: “The Philippines stands on solid ground and has the momentum to overcome the current crisis.” Across the different pillars, the country’s major strengths are real GDP growth, long term unemployment, real GDP growth per capita, gross fixed capital formation, effective personal income tax rate, compensation levels, high-tech exports, mobile telephone costs, and ICT service exports, among others. These are aligned with the perception survey that showed the country’s skilled workforce, economic dynamism, open and positive attitude of management, high educational level of the workers, and cost competitiveness are still the top five key factors that make the Philippine
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economy attractive to investors. Indicators that yielded the highest improvements included labor force, employment, consumer price inflation, patent applications per capita, distribution infrastructure, among others. Fiscal policies like the implementation of tax reform measures contributed to the Philippines’ high ranking in tax policy (14th). Moreover, successful reforms in the improvement of labor market conditions through the active implementation of small and medium-enterprises (SME) promotion and heightened government support for technical-vocational education and training, among others, enabled the Philippines to retain its 10th place position in the Labor Market indicator, the highest sub-factor for the country. The trade chief assured that despite the socioeconomic difficulties arising from the COVID-19 crisis, the Philippines demonstrates resilience, flexibility, and adaptability for both the public and private sectors as they face the challenges head-on. He also said that the Philippine government, through the Department of Trade and Industry (DTI), continues to take an active role in nation-building and economic development through the Inclusive Innovation Industrial Strategy (i3S), which aims to grow globally competitive and innovative industries. Through i3S, DTI puts innovation at the front and center of its policies, especially as it intensifies efforts to pursue digital transformation and embrace Industry 4.0 new technologies. This is important as the country restarts the economy under the new normal of the COVID-19 pandemic. DTI also recognizes the vital role of a vibrant and enabling innovation and entrepreneurship environment in sustaining economic growth and job creation in the future. Sec. Lopez said, “DTI remains motivated to work even harder to build a stronger, healthier, and more inclusive nation. Through the resumption of the ‘Build, Build, Build’ Program, we can pump-prime the economy and by implementing programs to reskill and upskill our workforce along with activities to improve the competitiveness of cities and municipalities, aggressive investment promotion, and continuing support to MSMEs and other vulnerable sectors, we can help mitigate the economic impact of the COVID crisis.”
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The Briefing I The Economy “This is a pivotal moment as the crisis has presented opportunities to be more creative and build more resilient industries by repurposing manufacturing, using more data, artificial intelligence, Internet of Things, and accelerating digital adoption with all the startup work and tech innovation building up in the country, we are ready to expand our horizons and help the economy bounce back quickly,” Undersecretary Rafaelita Aldaba said. Sec. Lopez further said: “As we enter 2021, the country will strongly recover from the difficulties brought about by this pandemic while being cautious of the challenges and risks that lie ahead in the new normal. The Philippines must be agile to accelerate reforms and pursue impactful economic policies to sustain the country’s growth momentum and competitiveness moving forward.”
Public & Private Investments in Tourism Hit P663.2-B in 2019 —The Economy
For 2019, tourism investment from both private and public sectors in the country reached PHP663.2 billion, reported the Philippine Statistics Authority (PSA) on July 23. Data presented by PSA Assistant National Statistician Service Vivian Ilarina during the 2019 Philippine Tourism Satellite Account (PTSA) forum, the tourism gross fixed capital formation (GFCF), or the investments made by the private sector, amounted to PHP569.1 billion in 2019, an increase of 3.6% compared to the estimated figure of PHP549.5 billion for 2018. The most visited places in the Philippines in 2019 according to the Department of Tourism were Albay, Aklan, Batangas, Benguet, Cebu, Davao de Oro, Davao del Sur, Palawan, Rizal, and Zambales. The tourism GFCF covers fixed assets such as hotel facilities, convention centers, cruise ships, sightseeing buses, as well as nontourism-specific fixed assets like the computer system of a hotel or travel agency, hotel laundry facilities, among others. Government spending in tourism, also known as the tourism collective consumption, reached PHP94.1 billion—an increase of 23.5% compared to 2018’s PHP76.2 billion. As several destinations continue to enforce caution against coronavirus, the DOT is pinning its hope on domestic travel as a driver of tourism growth under the so-called “new normal”. 050 — The 2020 Fall Quarterly I BalikbayanMagazine.com I ISSUE 68
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The Briefing I The Economy
The Philippines’ Virology Institute to be Established in New Clark City
‘Build, Build, Build’ Program to Fuel Economic Recovery in the Philippines —The Economy After the second consecutive quarter of economic decline, infrastructure projects under the administration’s “Build, Build, Build” program will significantly aid in the economic recovery of the country, said Vivencio Dizon, the Presidential Adviser for Flagship Programs on August 6. The government reported a 16.5% contraction in gross domestic product (GDP) for the second quarter of 2020 as a result of the COVID-19 global pandemic that forced the country to impose community quarantine measures which resulted in the restriction of economic activities. Despite this however, Dizon sees a “silver lining” as infrastructure projects can spur economic growth for the foreseeable future. In a joint Development Budget Coordination Committee (DBCC) press conference, Dizon said the government amidst the pandemic has delivered infrastructure projects under the program. “We have not only continued with ‘Build, Build, Build’ and our flagship projects, we will further intensify this in order for this to serve as a major driver in our recovery for the coming months,” he added. Dizon said the government has reprioritized the infrastructure program, retaining 92 flagship projects amounting around PHP4.1 trillion. 8 projects that are still undergoing
studies were replaced with projects that are ready for implementation and those responsive to the country’s post-pandemic needs, he added. “This (pandemic) should not deter us from pushing further the country’s infrastructure projects. On the other hand, it should push us to invest more,” he said. Amid the community quarantine measures for the past several months, various infrastructure projects were completed such as the: 1) Angat Water Transmission Improvement Project, which provides more water in Metro Manila; 2) Tarlac–Pangasinan-La Union Expressway Rosario Exit which cuts travel time between Manila and Baguio City to three to 3.5 hours from the usual six to seven hours Infrastructure projects that are nearing completion are: 1) Clark International Airport New Passenger Terminal Building that is expected to be fully operational in the first quarter of 2021; 2) Cagayan de Oro Coastal Road; 3) Bonifacio Global City-Ortigas Link Bridge that allows people to travel between the two central business districts in only five to 10 minutes; 4) Metro Manila Skyway Stage 3 Project that will be completed by the end of 2020. Since the “Build, Build, Build” program was launched in 2017, Dizon noted that the Duterte administration has completed 121 airport projects; 369 commercial, social, and tourism ports; 23,657 kilometers of roads; and 4,959 bridges respectively.
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As part of the flagship program of the Duterte administration, the Philippine government has approved the development of a virology institute located in New Clark City said Presidential Adviser for Flagship Programs and Projects Vivencio Dizon in a joint Development Budget Coordination Committee (DBCC) press conference held on Thursday, August 6. With the mission to be the country’s first smart, green, and resilient city, New Clark City is a project of the Bases Conversion and Development Authority (BCDA), which Dizon is the President and Chief Executive Officer. “We have added a major health project, the Virology Science and Technology Institute of the Philippines, which will do primarily research for infectious diseases,” Dizon said, adding this will be in cooperation with the Department of Science and Technology. Dizon further noted that the economic development cluster, as well as the National Economic and Development Authority Cabinet Committee on Infrastructure, have already approved the inclusion of the project as part of the flagship program under the administration’s Build, Build, Build program. “Resiliency was the major characteristic that we wanted in the New Clark City to become, and the pandemic just highlighted that. And the use of facilities over the past couple of months in major response efforts is our testament through the importance of forwardlooking planning and focus on resiliency,” Dizon said. Also of note, the advisor to the President said the government revamped its Build, Build, Build program, which now includes a total of 92 flagship projects amounting to about PHP4.1 trillion. 13 of these 92 projects which were recently added will respond to the post-pandemic needs of the country. These developments are: 1) LTO Central Command Center; 2) Motor Vehicle Recognition and Enhancement System; 3) National Broadband Program;
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The Briefing I The Economy 4) ICT Capacity Development and Management Program in the information and communications technology sector; 5) Water District Development Sector Projects; 6) National Irrigation Sector Rehabilitation and Improvement Project; 7) Balog-Balog Multipurpose Project Phase II in Tarlac; 8) Jalaur River Multipurpose ProjectStage II in Iloilo; 9) Lower Agno River Irrigation System Improvement Project in Pangasinan in the water sector. Projects for development for transportation and mobility include: 10) Metro Manila Logistics Network composed of Pasig River and Manggahan Floodway Bridges Construction Project; 11) NLEX Harbor Link Extension to Anda Circle; 12) General Santos Airport The virology institute in New Clark City is the first one to be approved in the health sector. More projects from the Department of Health are pending for approval. “We aim to implement these projects and start them within the President’s term. All projects will be started by 2022,” Dizon said. 8 projects that were previously included in the infrastructure flagship projects of the administration were already abandoned and were replaced with projects that are ready to go that are responsive to the needs post-Covid-19, said Dizon. “We have reprioritized our Build, Build, Build program and especially our infrastructure flagship program, which is the major component of Build, Build, Build, using the criteria of ensuring there is a fiscal space, ensuring project readiness and implementation,” he said. “And of course, we have to consider (the) economic growth and impact of all these projects. And we will also be adding new projects that will address issues that have been brought about by our experience in Covid-19 pandemic, prioritizing health and digital economy projects,” the official added.
During a press conference held on August 6, the economic managers showed that the Philippines’ economic performance for the first half of the year falls roughly within the middle among its credit-rating peers, at negative 9 percent. First semester numbers show contractions or expected contractions among the economies of Italy by 11.6 percent, Mexico by 10.2 percent, and Indonesia by 1.2 percent. Secretary Dominguez said, “although the first semester figures underscore the challenges ahead of us, if we work together to shore up consumer confidence, we will deliver better economic outcomes in the final half of this year.” “Now, we know more about this disease and how it is transmitted. We now know that, with the right behaviors, individuals, businesses, and communities have significant control over the risks of infection. The pandemic we are fighting is no longer ‘novel.’” Secretary Dominguez also said that the government is waging war on COVID-19 on all fronts. “Our strategy has three main components: our fiscal stimulus; a recalibrated budget for 2021; and continued massive investment in infrastructure.”
“We are not alone in our struggles, although the unique fiscal and macroeconomic strengths with which we entered 2020 will continue to provide us with solid footing as we confront our economic challenges,” said Department Finance Secretary Carlos Dominguez.
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The Briefing I Real Estate
The 25 Digital Cities — 1) Balanga 2) Batangas City 3) Cabanatuan 4) Dagupan 5) General Santos City 6) Iligan City 7) Iriga 8) Laguna Cluster of Los Baños, Calamba, & San Pablo 9) Laoag City 10) Legazpi City 11) Malolos 12) Metro Cavite 13) Metro Rizal 14) Olongapo City 15) Puerto Princesa 16) Roxas City 17) San Fernando, La Union 18) San Fernando, Pampanga 19) San Jose del Monte 20) Tacloban 21) Tagbilaran 22) Tarlac City 23) Tuguegarao City 24) Urdaneta 25) Zamboanga City
From Batangas to Zamboanga: These 25 Cities in the Philippines are Primed to Become ‘Digital Hubs’ to Fuel Economic Development As part of the ongoing mission to fuel economic investment and livelihood development outside of Metro-Manila, on Tuesday, June 30, the Department of Information and Communications Technology (DICT) and the IT and Business Process Association of the Philippines (Ibpap) in cooperation with the Leechiu Property Consultants officially announced the 25 cities nationwide that will receive assistance from both the state and the private sector for the establishment of new IT investments. DICT Secretary Gregorio B. Honasan II said, “Digital Cities 2025 aims to build the resiliency of the IT-BPM sector as an engine of growth for the Philippine economy. It also aims to bridge industry progress in the countryside to strengthen local economies. The 25 new locations, alongside the Centers of Excellence and established Next Wave Cities, shall serve as investment destinations for a thriving digital economy.”
The 25 cities identified were based on these 4 parameters: 1) Talent availability 2) Infrastructure 3) Cost 4) Business environment “By working together with other executive agencies, local government units, industry leaders, and academic institutions, we will enable each location to grow into Centers of Excellence that spur the development of other business sectors, de-risk Metro Manila concentration, create jobs, and boost the local economy,” noted DICT Assistant Secretary Emmanuel Caintic. IBPAP President and CEO Rey E. Untal explained that these locations will serve as the countryside alternatives to MetroManila for IT-BPM investors. “They will receive the support of the DICT [Department of Information and Communications Technology], LGUs, in-
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The Briefing I Real Estate
dustry leaders and academe, combined with the assistance of these multiple stakeholders, to ensure progress in terms of institutional development, talent development, infrastructure development, and marketing and promotion,” said Untal. Further stating that “The launch of Digital Cities 2025 is a testament to the IT-BPM industry’s resilience and enduring role as a major growth driver of the Philippine economy” and that “The countryside remains full of untapped potential and harnessing this can lead to countless more opportunities for continued expansion and sustained growth for the sector.” The 25 cities are expected to take much of the expansion projects in the countryside of existing IT firms operating in Metro-Manila. “We will hopefully motivate existing investors to expand to these places, attract new investors to them and in general help in their economic development,” said Untal. In order for these digital cities to be transformed and be deemed worthy for investments, Leechiu Property Consultants CEO David Leechiu said it is critical to improve the infrastructure and talent viability. Even in these remarkably arduous times with the COVID-19 global pandemic
and resulting economic downturn, the IT-BPM sector continues to rapidly expand which the Philippines aims to spread throughout the country especially with thousands of overseas Filipinos losing jobs abroad and returning back home to the Philippines. Spreading economic growth, in turn, will hopefully motivate existing developers and investors to expand beyond the National Capital Region (NCR), encourage new ones to establish presence in the Philippines, and ultimately, generate significant livelihood opportunities for Filipinos. “In the most difficult recessions and crisis, the office sector continues to grow led by the IT-BPM sector,” said Leechiu. “We have seen a 34-to 35-percent increase in office space in April and May at the height of lockdown, and this shows the very resilience of the IT-BPM sector and how that has benefitted the Philippines.” Leechiu further elaborated that “It is so important that in the middle of this mayhem, we have to do everything we can to develop the IT-BPM sector not just in Manila but all throughout the Philippines.” “Philippine IT-BPM will be instrumental in the country’s recovery from this health crisis so we need to be ready for the demand to start gaining momentum. This will be critical in how the world views us as
a long-term investment versus our ASEAN neighbors,” said Leechiu. Once the crisis is no longer as risky as it is now, the group will commence on promoting digital cities to IT-BPM investors noted Untal. “We identified these digital cities on the bases that we do not see the COVID situation as being permanent. At the same time, we took into account what the implications are of the constraints that we are dealing with. When we started discussing this initiative early this year, we have lined up a very busy second half, essentially for doing the launches,” explained Untal. Both the public and private sectors are looking for ways to continue progressing forward despite the profound impact of the ongoing pandemic on the Philippines’ economy and business environment. Together with the Centers of Excellence and Next Wave Cities, these Digital Cities will aim to transform the Philippines in becoming a more digitally-equipped nation that will place the country in a better position to compete internationally and establish itself as one of the top premier investment destinations in the World.
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Features I Arts & Culture
On July 31, 2020, Google honored the late Filipina artist Pacita Abad with a Doodle on its homepage. | Illustration courtesy of Google
Late Filipina Artist, Activist Pacita Abad Honored With A Google Doodle —Arts & Culture writer Christina M. Oriel
Filipina visual artist and activist Pacita Abad was celebrated as a Google Doodle on July 31. On July 31, 1984, the late artist became the first woman to receive the Philippines’ prestigious Ten Outstanding Young Men award from the Junior Chamber International in Manila. The doodle, featured on the search engine website’s homepage on Friday, paid tribute to the famed Ivatan artist, who was known for her colorful, abstract art. Born in 1946 in Basco, Batanes, a small island in the northernmost part of the Philippines, Abad spent over three decades as an artist, creating over 4,500 pieces. Abad earned a political science degree at the University of the Philippines. In 1970, she moved to San Francisco, California because of her political activism during the Marcos years and to study law, but switched gears to pursue a career in art. While in the city, she worked at the Dooley Foundation and then enrolled at the University of San Francisco for a graduate degree in Asian History. 060 — The 2020 Fall Quarterly I BalikbayanMagazine.com I ISSUE 68
Pacita Abad (1946-2004)
In a 2004 photo by Michael Liew, Abad stood at the Singapore Art Bridge, which she painted in 2003, despite her battle with lung cancer. She passed away in December 2004. | Image courtesy of www.PacitaAbad.com
While writing her dissertation on “Emilio Aguinaldo and the American Colonization of the Philippines in 1898,” she was also working part-time as an art exhibitions coordinator, according to her website. She traveled across Asia with Jack Garrity, whom she married, and returned to the U.S. to study painting at the Corcoran School of Art in Washington D.C. and The Art Students League in New York City before embarking on a mission to “paint the globe.” Known for her use of vibrant colors and mixed media, she painted as she traveled to over 50 countries — from Yemen to Papua New Guinea — and raised awareness of global issues, such as Filipino workers’ strikes (“Global steel factory strike,” 1984) and poverty in Cambodia. “I have always been hard to classify, and my work is an extension of me. People are always trying to put things in neat little boxes. My work doesn’t fit into any of those. I believe that as long as my work is original and has a strong artistic quality, that it will be appreciated,” Abad once said. Abad leaned toward abstract art and
pioneered a painting technique called trapunto (Italian for quilting), according to the Google dedication. The technique involved stitching and stuffing canvases to give them a three-dimensional effect and transformed the painting surfaces with materials found from the areas she traveled, such as traditional cloths, shells, beads and more. In her 30 years as an artist, she went on to have 60 solo exhibitions and her paintings were exhibited in more than 200 museums and galleries around the world. “Although I have tried to raise awareness of these issues through my paintings, I know that it is but a small effort to help address these problems and so much more needs to be done. As women, we all have an obligation to help improve the lives of other women, both in our own countries and around the globe,” she said, according to her artist statement on the Brooklyn Museum website. Abad and Garrity spent the 1990s traveling back and forth between the Philippines and the U.S. before they lived in Indonesia for seven years. The couple moved to Singapore in 2000 and lived there until 2004.
Abad was diagnosed with lung cancer in 2001, but continued to paint, creating 1,000 pieces. She also painted the 55-meter long Alkaff Bridge in Singapore with 2,350 circles in 2003. She died at the age of 58 in December 2004 and was laid to rest at the Fundacion Pacita Batanes Nature Lodge in Basco, Batanes. Her husband is currently the director of the Pacita Abad Art Estate.
Filipina: A Racial Identity Crisis (1990). Acrylic, handwoven cloth, dyed yarn, beads, gold thread on stitched and padded canvas. Image courtesy of www.PacitaAbad.com
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MORE THAN JUST THE BASICS, MORE THAN JUST BUSINESS
THE SILK RESIDENCES The Finer Things In Life THE OLIVE PLACE Balanced Living Defined
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THE PERFECT STORM Pope Francis visits Tacloban, Leyte
Her Passion. Her Craft.
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Her True Calling.
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TACLOBAN A Year After
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THE QUINTESSENTIAL FILIPINA
dasoland family adventure park AN UNEXPECTED EDEN
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A LANDMARK BOOK ON IMPORTANT FILIPINOS IN THE UNITED STATES
Eastwood City
A pioneering township and the country’s first cyberpark
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PALAWAN
THE ANCIENT ART OF BATOK
The Luxe Life at Princesa Garden Island Resort & Spa
An ongoing series about the indigenous tribes in the Philippines
POPE APPETIT Chef Jessie Sincioco talks about her experience cooking for Pope Francis
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INSIDE: MORE THRILLING REASONS TO COMEBACK HOME
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Issue 47 , Volume VII
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FEBRUARY / MARCH 2016
APRIL & MAY 2016
JUNE & JULY 2016
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Where luxury meets serenity
ESSENCE OF PLACE
SOUL SEARCHING: BALAY SAN JOSE
KEEPING A JOURNAL LABOR POLICY AS FOREIGN POLICY
TRAVERSING THE PHILIPPINE COUNTRYSIDE
OUTLOOK
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FROM THE EXECUTIVE’S DESK ALEJANDRA “DADING” CLEMENTE
MISS UNIVERSE, PIA WURTZBACH
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CULTURE MALASIMBO: OF NATURE, MUSIC, & ARTS
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GREAT ESCAPES 01 CATCHING THE PALAD SANDBAR 02 TIPS FOR A BUDGET TRAVELER
MARKETING TO THE
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THE GREAT OUTDOORS
TECHNOLOGY ARE WE MOVING FORWARD OR STANDING STILL?
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ISABELA, STA. MARIA: THE STAR OF THE NORTH
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THE ECONOMY 01 UNINTERRUPTED, ROBUST TOURISM GROWTH 02 MORE JOBS, MORE FUN IN THE PHILIPPINES
ANOTHER UPGRADE FOR THE PHILIPPINE ECONOMY
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ON THE COVER
Savoy Hotel Boracay Newcoast Experience A Luxury Beach Lifestyle
AT LEISURE NURTURE WELLNESS VILLAGE: EVERY BALIKBAYAN’S SANCTUARY
BUSINESS INSIGHTS & ANALYSIS: BECOMING A BETTER BUSINESS LEADER & INVESTOR
Issue 56, Volume VIII I August - October 2017
GREAT ESCAPES 8 Things To Do In Davao DISCOVERY 72 Hours In Batanes PORTFOLIO Lombard By The Bay, The Next Big Thing In The Philippines THE ECONOMY A Tribute To Filipino Workers LEADERS Norman Agatep WINE & DINE Izakaya Kenta Japanese Restaurant
St. Luke’s Medical Center
I N - F O C U S : T H E F I R S T A N N UA L LOV E O F C O U N T RY G LO B A L A M B A S S A D O R S P R O G R A M S TA R T I N G I N T H E U S A
Issue 57, Volume VIII I November-January 2018
LEADERS
A Conversation with Batangas Governor Hermilando Mandanas
Q&A Pocholo Paragas, COO & GM of TIEZA CULTURE Religious Tourism on Limelight THE NATION The First PH Subway System FASHION Rene Salud BUSINESS Social Media Trends for 2018 HISTORY How Do Filipinos Celebrate Christmas? AMAZING ESCAPES Club Balai Isabel
N O . 58 I VOLUME 09 FEBRUARY I MARCH I APRIL 2018 SPRING QUARTERLY ISSUE
ON THE COVER
Inside One Of The Best Medical Institutions In The World
Montemaria, Batangas, the Philippines
The Mother of All Asia and the Rise of Batangas’ Religious Tourism
CULTURE FILIPINO SUPERSTITIONS ON NEW YEAR’S EVE
Q&A JOJI GREGORIO: OFFICER-IN-CHARGE OF THE TOURISM PROMOTIONS BOARD
TECHNOLOGY STARMOBILE KNIGHT SPECTRA: A WORLD-CLASS FILIPINO FLAGSHIP SMARTPHONE
LEADERS GOVERNOR OF LA UNION, EMMANUEL “PACOY” ORTEGA III INDUSTRY RANG-AY BANK’S CEO, IVES NISCE
BREATHTAKING WEDDING DES TINATIONS IN THE PHILIPPINES (AND THE ICONIC CHURCHES TO GET MARRIED IN)
BUSINESS 10 MODERN WAYS TO STAY FOCUSED AND PRODUCTIVE
RADAR MANILA HOSTS MISS UNIVERSE
OUTLOOK THE PHILIPPINES, FILIPINOS, AND THE INCOMING TRUMP ADMINISTRATION
TRAVELER
THE ECONOMY #NEWPHILIPPINES & THE MODERN LANDSCAPE
24 MUST DO’S FOR AN INCREDIBLE 2017 BALIKBAYANMAGAZINE.COM
Inside This Issue
INSIGHTS & ANALYSIS WHAT IT TAKES TO BE A CREATIVE ENTREPRENEUR
(1) Tourism Outlook & Development I (2) Lombard By The Bay I (3) Spring Fashion & Makeup Trends (4) The State of Marriage In The Philippines I (5) Amazing Weight-Loss Transformations (6) The Filipino Invention Saving The Environment & Your Money I (7) The Current Landscape Of Business In The Philippines (8) Goodbye Cash? I (9) Unconventional Date Ideas For Couples I (10) Ultimate Wedding Planning Guide (11) The Philippines Now Ranks #1 In Budget Transparency In All Of Asia
GREAT GETAWAYS 24 THINGS TO DO IN BATANGAS
1
the asian journal’s bi-monthly briefing on the growth, development, and progression of the philippines. ISSUE 55 — 01
the asian journal’s quarterly briefing on the growth, development, and progression of theISSUE philippines. 56 — 01
I N F O C U S : P R E S I D E N T X I J I N P I N G ’ S H I STO R I C V I S I T TO T H E P H I L I P P I N E S
I N F O C U S : P R E S I D E N T D U T E RT E I N KS M O N U M E N TA L L E G I S L AT I V E M E A S U R E S
S P E C I A L A DV E RT I S I N G F E AT U R E
N O. 61 I VOLUME 09 NOVEMBER I DECEMBER I JANUARY 2018 WINTER QUARTERLY ISSUE
Enriching Filipino Hospitality
I N S I D E : OV E R 1 T R I L L I O N P E S O S I N A P P R OV E D I N V E S T M E N T S F O R T H E P H I L I P P I N E S
R E P O R T: A N I N - D E P T H LO O K AT T H E OV E R S E A S F I L I P I N O C O M M U N I T Y
N O. 64 I VOLUME 10 AUGUST I SEPTEMBER I OCTOBER 2019 FALL QUARTERLY ISSUE
A Vibrant Standard of Hotel Living
A Modern Marvel for the World in Batangas, Philippines
ISSUE 61 — 01
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I N S I D E : H O W KO B E B RYA N T I N S P I R E D A G L O B A L C O M M U N I T Y O F F I L I P I N O S O N A N D O F F T H E C O U R T
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ISSUE 63 — 01
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I N S I D E : I N T H E S E E X T R A O R D I N A RY T I M E S
N O. 67 I VOLUME 11 MAY I JUNE I JULY 2020 SUMMER QUARTERLY ISSUE
N O. 66 I VOLUME 11 FEBRUARY I MARCH I APRIL 2020 SPRING QUARTERLY ISSUE
The Return! 8 Great Travel Rediscoveries in the Philippines for 2020
IN FOCUS: THE PHILIPPINES AND CHINA REAFFIRM FRIENDSHIP
N O. 63 I VOLUME 10 MAY I JUNE I JULY 2019 SUMMER QUARTERLY ISSUE
The Philippines: A World Tourism Powerhouse
Indulge in Asia’s Top Luxury Hideaway Resort
ISSUE 61 — 01
S P E C I A L A DV E R T I S I N G F E AT U R E
N O. 62 I VOLUME 10 FEBRUARY I MARCH I APRIL 2019 SPRING QUARTERLY ISSUE
N O. 61 I VOLUME 09 NOVEMBER I DECEMBER I JANUARY 2018 WINTER QUARTERLY ISSUE
ISSUE 58 — 01
the asian journal’s quarterly briefing on the growth, development, and progression of the philippines.
The Economic Resilience of the Philippines
I N S I D E : T H E LO N G R O A D T O R E C O V E RY
N O. 68 I VOLUME 11 AUGUST I SEPTEMBER I OCTOBER 2020 FALL QUARTERLY ISSUE
From Batangas to Zamboanga The 25 Future Digital Hubs of the Philippines
ISSUE 64 — 01
ISSUE 65— 01
ISSUE 66 I BalikbayanMagazine.com I The 2020 Spring Quarterly— 01
ISSUE 67 I BalikbayanMagazine.com I The 2020 Summer Quarterly— 01
Informing and empowering Filipinos living and working in 60 countries & 101 International cities.
Since 2009
ISSUE 68 I BalikbayanMagazine.com I The 2020 Fall Quarterly— 01
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064 — The 2020 Fall Quarterly I BalikbayanMagazine.com I ISSUE 68