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Friday, June 9, 2017 Vol. 12 No. 239
‘PHL becoming more popular as FDI destination in Asean’
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By Catherine N. Pillas
@c_pillas29
ultinational enterprises (MNEs) regarded the Philippines as one of their most-favored investment destinations in the Asean region this year, according to the latest report of the United Nations Conference on Trade and Development (Unctad).
In its report, titled “World Investment Report 2017”, the Unctad surveyed executives regarding their top-15 host-economies.
The Philippines emerged as the second most-favored destination for foreign direct investments (FDI) in Southeast Asia, and the
10th overall. The Philippines emerged as the top performer in Southeast Asia last year, when it recorded a 60-percent growth in FDI inflows. The country bucked the trend in 2016, as combined inf lows to developing Asia contracted by 15 percent to $443 billion and by 20 percent in
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hina’s overseas shipments accelerated from a year earlier in May, aided by a more buoyant global demand, as robust imports signaled resilience in the domestic economy. Key points ■ Exports rose 8.7 percent in May in dollar terms, more than the 7.2percent increase forecast by economists in a Bloomberg survey; ■ Imports surged 14.8 percent in dollar terms, more than the 8.3percent forecast; ■ The trade surplus widened to $40.81 billion.
projected vehicle sales for 2017. MMPC also said it remains confident of the technical integrity of the automatic transmission units of its Montero Sport. “We remain confident of the technical integrity of these models, and will robustly defend the safety compliance of the vehicle concerned,” the company said in a statement. “No safety-related concerns on sudden unintended acceleration have been raised in any other
Big picture A brighter international outlook is supporting China’s manufacturing machine, with the World Trade Organization saying it expects trade to “expand moderately” in the second quarter. After a solid start to the year, the domestic economy had shown signs of weakening momentum, though May’s robust import figures could imply that domestic demand will hold up. While China’s import data can sometimes be skewed by big moves in commodity prices—it’s the world’s top ore buyer—the value of commodities remained broadly stable over May. China’s imports from the US rose 27.1 percent in dollar terms in May from a year ago, as a low base last year partly contributed to the surge. That said, growth of China’s imports since the beginning of the year has reversed a contraction from the past two years —at a time when the Trump administration has been vocal about
See “Mitsubishi,” A2
Continued on A2
Yoshiaki Kato (from left), president and CEO; Froilan Dytianquin, FVP-Vehicle Sales and Marketing; Hirofumi Shibata, EVP, treasurer and CFO; and Shigeru Ogura, EVP-Vehicle Sales and Marketing, pose with the Mitsubishi Vintage Car PX33—Japan’s first full-time 4WD passenger car and was produced in 1935 at the Kobe Shipyard of Mitsubishi Heavy Industries Ltd.— which was displayed during Mitsubishi’s 100th anniversary celebration held at the World Trade Center in Pasay City. NONOY LACZA
Mitsubishi Philippines targeting to hike sales by 22% this year
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itsubishi Motors Philippines Corp. (MMPC), the countr y’s second best-selling auto brand, expressed confidence that its sales could expand by 22 percent this year, as its vehicles remain affordable and safe. With its vehicle lineup that caters to every market segment and the expected hike in its production under the government’s stimulus program, MMPC said its sales target for 2017 can be achieved. “We’re confident of hitting 75,000 units by the end of the
year, a 22-percent improvement over 2016,” said Shigero Ogura, MMPC executive vice president, during the centennial celebration of the company held at the World Trade Center in Pasay City on Thursday. Arlan Reyes, MMPC senior manager for brand communications, said its Mirage G4 is expected to do well, especially among budgetconscious motorists. The current model of the Montero Sport is again expected to take up 25 percent of the company’s
PESO exchange rates n US 49.5260
Congress should make up mind on responsibility age of minors
Dr. Jesus Lim Arranza
Make Sense
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he issue on what should be the right age of criminal responsibility for children in conflict with the law, as provided for in Republic Act 9344, or The Juvenile Justice Welfare Act of 2006, is a very important issue in light of Speaker Pantaleon D. Alvarez and Capiz Rep. Fredenil H. Castro’s House Bill 2, which seeks to lower the criminal responsibility age of young offenders from 15 to nine , and in view of the growing number of children getting involved in crime. Continued on A10
Continued on A2
China’s exports expand in May as global trade outlook brightens
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SMC’s Ang vows to open MRT 7 line in two years By Lorenz S. Marasigan
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@lorenzmarasigan
AN MIGUEL Corp. President Ramon S. Ang vowed to open Metro Rail Transit (MRT) Line 7 in two years, despite hitting roadblocks in terms of the delivery of right-of-way early on. In a chance interview, Ang said his group is doing its best to finish the construction of the new overhead-railway facility by 2019, even as it awaits the complete delivery of the remaining easement. “We will finish it by around 2019. We have quite a few delays in right-of-way delivery. But we have received the majority of it. We are now continuously building it, and it is now fully funded,” Ang said. As of February 10, the project is 5-percent complete, data from the Public-Private Partnership (PPP) Center showed. The P62.7-billion deal, signed in 2008, has two components: rail and road. The rail component of the MRT 7 project involves the construction of a 22.8-kilometer railtransit system envisioned to operate 108 rail cars in a three-car train configuration with a daily passenger capacity ranging from 448,000 to 850,000. MRT 7 will have 14 stations, starting with the North Avenue Station on Epifanio de los Santos Avenue, passing through Commonwealth Avenue, Regalado Avenue and Quirino Highway, up to the proposed Intermodal Transport Terminal in San Jose del Monte City, Bulacan. The company will also supply the trains to be deployed in the facility. It will also supply the communications, signal and electric requirements of the railway line.
THE P62.7-billion MRT 7 deal, signed in 2008, has two components: rail and road. The rail component involves the construction of a 22.8-kilometer railtransit system envisioned to operate 108 rail cars in a three-car train configuration with a daily passenger capacity ranging from 448,000 to 850,000. The road component of the project involves the construction of a six-lane access road from San Jose del Monte to the Balagtas, Bulacan North Luzon Expressway exit.
The road component of the project, meanwhile, involves the construction of a six-lane access road from San Jose del Monte to the Balagtas, Bulacan North Luzon Expressway exit. It took all the stakeholders seven years before finally closing the deal. The 25-year-concession agreement betweenUniversal LRT Corp. (ULC) and the government was signed in 2008, but was delayed owing to the proponent’s failure to secure financial closure. San Miguel Holdings Corp. owns a 51-percent controlling stake in ULC. The conglomerate has tapped the South Korean consortium of Hyundai Rotem Co. and EEI Corp. for the engineering, procurement and construction requirements of the train line. The deal is the largest the South Korean company has ever made in the Philippines.
n japan 0.4511 n UK 64.2006 n HK 6.3539 n CHINA 7.2891 n singapore 35.8442 n australia 37.3723 n EU 55.7613 n SAUDI arabia 13.2069
Source: BSP (8 June 2017 )