News & Events
Balanced energy approach urged
Feb 19, 2024A BALANCED approach can address the country's energy challenges and increase renewable energy utilization, an official of Aboitiz Power Corp. said.
AboitizPower President and Chief Executive Officer Emmanuel Rubio said that using all available sources of power, both traditional and renewable, could ensure a continuous supply of electricity and minimize the impact of headwinds that were expected to challenge the Philippine energy sector this year.
He said these challenges included global supply chain uncertainties, the risk of unavailable and insufficient transmission infrastructure, the anticipated effects of El Niño in the country, and electricity consumption projected to increase by 6.6 percent this year.
https://www.manilatimes.net/2024/02/12/business/top-business/balanced-energy-approach-urged/1932168
AboitizPower President and Chief Executive Officer Emmanuel Rubio said that using all available sources of power, both traditional and renewable, could ensure a continuous supply of electricity and minimize the impact of headwinds that were expected to challenge the Philippine energy sector this year.
He said these challenges included global supply chain uncertainties, the risk of unavailable and insufficient transmission infrastructure, the anticipated effects of El Niño in the country, and electricity consumption projected to increase by 6.6 percent this year.
https://www.manilatimes.net/2024/02/12/business/top-business/balanced-energy-approach-urged/1932168
Foreign pledges materialize into $14 billion investments 每 DTI
Feb 16, 2024|
A total of $14.2 billion worth of investments pledged during the foreign trips of President Marcos have already been actualized or have commenced implementation, the Department of Trade and Industry (DTI) reported yesterday. In a statement, the DTI said the actualized investments as of December 2023 cover 46 projects, which span sectors such as manufacturing, information technology and business process management (IT-BPM), renewable energy, infrastructure, transport and logistics, agriculture and retail. Manufacturing has the most number of projects, comprising 16 projects with a 35 percent share. This is followed closely by IT-BPM with 10 projects (22 percent) and renewable energy with nine projects (20 percent). Read more: |
Balanced energy approach urged
Feb 16, 2024|
A BALANCED approach can address the country's energy challenges and increase renewable energy utilization, an official of Aboitiz Power Corp. said. AboitizPower President and Chief Executive Officer Emmanuel Rubio said that using all available sources of power, both traditional and renewable, could ensure a continuous supply of electricity and minimize the impact of headwinds that were expected to challenge the Philippine energy sector this year. He said these challenges included global supply chain uncertainties, the risk of unavailable and insufficient transmission infrastructure, the anticipated effects of El Niño in the country, and electricity consumption projected to increase by 6.6 percent this year. Read more: |
AI to Lead Semiconductor Upturn in 2024
Feb 15, 2024|
The global semiconductor industry’s revenue declined by 8.8% in 2023 due to a slowdown in enterprise and consumer spending, according to Counterpoint Technology Market Research. The overall 2023 semiconductor revenue rankings saw some big changes from 2022, such as Intel reclaiming the top spot from Samsung as the latter suffered a lot from the memory sector downtrend as well as lackluster smartphone business. AI provided positive news to the semiconductor industry, emerging as a key content and revenue driver, especially in the second half of the year. NVIDIA appeared to be the largest beneficiary, followed by AMD. Both will be growing their AI-related businesses in the coming years. Read more: https://www.eetasia.com/ai-to-lead-semiconductor-upturn-in-2024/ |
NEDA happy with ＆close to＊ 6% GDP growth in 2023
Feb 15, 2024|
MANILA, Philippines — A 2023 economic growth that is lower than the previous year’s 7.6 percent but close to the government’s target will be an acceptable performance, considering the headwinds that the economy faced, the state’s chief socioeconomic planner said. As the market waits for the Jan. 31 release of 2023 gross domestic product (GDP) numbers, Secretary Arsenio Balisacan of the National Economic and Development Authority (Neda) said he would be happy as long as growth would be close to the Marcos administration’s 6 to 7 percent target range. What fueled Balisacan’s optimism was his hope that the fourth quarter growth would be better than the third quarter results. Read more: |
STMicroelectronics SiC MOSFETs Enhances Efficiency of ZINSIGHT e-Compressor Controllers
Feb 15, 2024|
STMicroelectronics is supplying its third-generation silicon-carbide (SiC) MOSFET technology for the e-compressor controllers of ZINSIGHT Technology, a Chinese company focusing on SiC power modules and advanced electric power conversion systems for new energy vehicles (NEVs). These highly efficient controllers offer several benefits including an extended electric vehicle (EV) driving range of 5~10km (for a medium-size EV model with battery capacity from 60kWh to 90kWh) that is particularly beneficial during the summer and winter seasons. ZINSIGHT mass-produces SiC based e-compressor controllers for air-conditioning running on 400V, 800V, and 1000V EV platforms, delivering a significant number of units by the end of 2023. ST’s advanced third-generation 1200V SiC MOSFET ensures industry-leading process stability and performance, efficiency, and reliability. The EV e-compressor controllers use ST’s third-generation SiC MOSFET technology in combination with ZINSIGHT’s unique cooling solution and advanced thermal protection design. Together, the e-compressor controllers deliver better thermal management for NEVs, improved NVH (noise, vibration, and harshness), and greater compactness and cost efficiency for e-compressors. For example, without compromising summer and winter mileage, this solution can help carmakers achieve significant cost saving per EV in overall system expenses. Read more: |
PLDT Global, Korean telco give free SIMs to OFWs
Feb 15, 2024|
PLDT Global Corporation, with the help of Korean telco JD Mobile Company, will provide free SIM cards to overseas Filipino workers (OFWs) bound for South Korea to assist them in complying with foreign telecommunications policies. The free SIM cards come with a one-month subscription plan including data, voice, and text services, as well as easy access to apps and networks available only in South Korea. OFWs may also use the SIMs to register to the Tindahan ni Bossing (TINBO) e-commerce platform of PLDT Global to get their Smart Virtual Number (SVN) and avail of the products and other benefits entitled to TINBO users. Read more: |
May the Dragon's strength and wisdom guide you to success this year! Happy Year of the Dragon!
Feb 8, 2024
First PH uni in the cloud: Mapua steps up tech infra
Feb 7, 2024|
Amid the technological revolution in education, Mapúa University has become the first university in the Philippines to have a privately managed cloud infrastructure after partnering with Altair, a global leader in computational science and artificial intelligence (AI). “Using technologies like digital twin, AI, machine learning, physics simulations, high-performance computing, data science and more from our portfolio will propel Mapúa University regionally and globally,” Altair managing editor for Asean and ANZ Srirangam Srirangarajan says. As students are increasingly benefiting from innovative approaches to learning, one of the key highlights of this partnership is the establishment of a Center of Excellence (CoE). Read more: |
Gartner: Global Chip Revenue Down 11% in 2023
Feb 6, 2024|
Worldwide semiconductor revenue in 2023 totaled $533 billion, a decrease of 11.1% from 2022, according to preliminary results by Gartner Inc. In a statement, Alan Priestley, VP Analyst at Gartner, said that while the cyclicality in the semiconductor industry was present again in 2023, the market suffered a difficult year with memory revenue recording one of its worst declines in history. “The underperforming market also negatively impacted several semiconductor vendors. Only nine of the top 25 semiconductor vendors posted revenue growth in 2023, with 10 experiencing double-digit declines,” he said. The combined semiconductor revenue of the top 25 semiconductor vendors declined by 14.1% in 2023, accounting for 74.4% of the market, down from 77.2% in 2022. Read more: |
No new taxes, just better collection
Feb 6, 2024|
The Marcos administration would not impose new taxes as part of efforts to repair the economy after the pandemic, Finance Secretary Ralph Recto said on Wednesday, adding the government would rather improve collection efficiency than create new imposts that might stoke inflation. Recto, who took the finance portfolio on Jan. 15, said the plan was to “collect what’s on the table” and not burden Filipinos reeling from high prices with new consumption taxes. To meet the department’s target revenue of P4.3 trillion this year, Recto said the government would pursue some tax reforms and “intensify implementation of digitalization initiatives, strengthen enforcement efforts, improve the administration of taxes and intensify its anticorruption drive.” “Recognizing the current economic challenges, we must not rely solely on imposing new or additional taxes,” Recto said in a press conference. |
https://newsinfo.inquirer.net/1893977/no-new-taxes-just-better-collection-recto
Business permit in 10 mins?
Feb 1, 2024The Anti-Red Tape Authority (ARTA said the agency targets to cut down to 10 minutes the issuance of business permits this year, according to director-general Secretary Ernesto Perez.
Perez said at the Economic and Ease of Doing Business briefing in Manila yesterday, ARTA targets to follow the best practice on business permits of Singapore.
He said some agencies and local government units (LGUs) have significantly reduce their processing times to an hour since the Ease of Doing Business (EODB) Act took effect in 2018.
He said ARTA has also been able to file charges against officials that violated the EODB and secured conviction of at least five officials
Read more:
https://malaya.com.ph/news_business/business-permit-in-10-mins/
Perez said at the Economic and Ease of Doing Business briefing in Manila yesterday, ARTA targets to follow the best practice on business permits of Singapore.
He said some agencies and local government units (LGUs) have significantly reduce their processing times to an hour since the Ease of Doing Business (EODB) Act took effect in 2018.
He said ARTA has also been able to file charges against officials that violated the EODB and secured conviction of at least five officials
Read more:
https://malaya.com.ph/news_business/business-permit-in-10-mins/
Luring investors a priority for govt
Feb 1, 2024|
EFFORTS are being made to make the country more attractive to investors and address concerns over recent tax reforms and continued bureaucratic inefficiencies, the country's new economic czar said. Frederic Go, chief of the just-minted Office of the Special Assistant for Investment and Economic Affairs, told a briefing on Wednesday that he was pushing various programs and reforms. Sectors that the government wants to be made more attractive to investors include mining, electronics, agriculture and pharmaceuticals. ''For semiconductors and microelectronics, we are targeting to boost what we are already good at: more assembly, more testing and more packaging, and to grow the higher value-added product, which is design and perhaps a prototype of a wafer fab,'' he added. Read more: |
ACEN expands US presence
Feb 1, 2024ACEN Corp., the listed energy platform of the Ayala Group, has expanded its renewable power portfolio in the United States with the acquisition of a 38-megawatt (MW) wind project.
Through UPC Power Solutions, ACEN’s joint venture with PivotGen and UPC Solar & Wind Investments LLC, a purchase agreement with EDF Renewables North America has been completed involving the acquisition of the lessee interests in the 38-MW Chestnut Flats operating wind project located near Altoona in Pennsylvania.
ACEN said EDF Renewables would continue to provide asset management and operations and maintenance services for the wind project.
Read more:
https://www.philstar.com/business/2024/01/25/2328244/acen-expands-us-presence
Through UPC Power Solutions, ACEN’s joint venture with PivotGen and UPC Solar & Wind Investments LLC, a purchase agreement with EDF Renewables North America has been completed involving the acquisition of the lessee interests in the 38-MW Chestnut Flats operating wind project located near Altoona in Pennsylvania.
ACEN said EDF Renewables would continue to provide asset management and operations and maintenance services for the wind project.
Read more:
https://www.philstar.com/business/2024/01/25/2328244/acen-expands-us-presence
Trade gap expected to widen further
Jan 29, 2024MANILA, Philippines — The Philippines’ trade deficit is expected to widen further this year amid weaker exports and stronger imports, according to Dutch financial giant ING.
ING senior economist Nicholas Mapa said a bigger-than-expected drop in exports and surprise rise in capital imports have resulted in a deeper trade deficit for November last year.
“This trend should persist going into 2024, with exports expected to struggle amid still weak global demand for basic electronics components while imports could continue to grow,” he added.
Mapa said exports fell more than expected at 13.7 percent in November, with the important electronics sub-sector dropping by 24.7 percent on soft global demand for basic semiconductor components.
Read more:
https://www.philstar.com/business/2024/01/22/2327490/trade-gap-expected-widen-further
ING senior economist Nicholas Mapa said a bigger-than-expected drop in exports and surprise rise in capital imports have resulted in a deeper trade deficit for November last year.
“This trend should persist going into 2024, with exports expected to struggle amid still weak global demand for basic electronics components while imports could continue to grow,” he added.
Mapa said exports fell more than expected at 13.7 percent in November, with the important electronics sub-sector dropping by 24.7 percent on soft global demand for basic semiconductor components.
Read more:
https://www.philstar.com/business/2024/01/22/2327490/trade-gap-expected-widen-further
PEZA: Red Sea closure hikes shipping costs by 15%
Jan 29, 2024The Philippine Economic Zone Authority (PEZA) said it is working with registered business enterprises (RBEs) on how to cushion the possible effects of the closure and shutdown of the Red Sea to trade.
In a statement on January 19, PEZA director-general Tereso Panga said the shutdown will make shipping costs 15percent more expensive and add 10 days for the exchange of goods between Europe and Asia.
“It will definitely affect global trade, delaying production and deliveries of products and resources thereby increasing the cost of goods. The effect of which will be higher inflation in different parts of the world,” Panga said.
Panga said while the Philippines is yet to feel the effects, PEZA is pro actively working together with other concerned agencies to de-risk global supply chains that may affect its locators in particular and the whole economy in general.
Read more:
https://malaya.com.ph/news_business/peza-red-sea-closure-hikes-shipping-costs-by-15/
In a statement on January 19, PEZA director-general Tereso Panga said the shutdown will make shipping costs 15percent more expensive and add 10 days for the exchange of goods between Europe and Asia.
“It will definitely affect global trade, delaying production and deliveries of products and resources thereby increasing the cost of goods. The effect of which will be higher inflation in different parts of the world,” Panga said.
Panga said while the Philippines is yet to feel the effects, PEZA is pro actively working together with other concerned agencies to de-risk global supply chains that may affect its locators in particular and the whole economy in general.
Read more:
https://malaya.com.ph/news_business/peza-red-sea-closure-hikes-shipping-costs-by-15/
Tax breaks to end for firms with WFH in ecozones〞DOJ
Jan 25, 2024With the COVID-19 pandemic declared over, work-from-home (WFH) arrangements of registered business enterprises (RBEs) in economic zones should no longer get tax incentives under Republic Act (RA) No. 11534 or the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law.
The Department of Justice (DOJ) rendered this legal opinion dated Jan. 3 following a request made by Presidential Management Staff (PMS) Undersecretary for Legal and Monitoring Rodolfo John Robert Pallatao IV.
Justice Secretary Jesus Crispin Remulla cited Section 309 of the CREATE Law, which said that a qualified registered project or activity under an Investment Promotion Agency administering an economic zone or freeport must conduct its businesses within their geographical boundaries.
Read more:
https://manilastandard.net/news/national/314409208/tax-breaks-to-end-for-firms-with-wfh-in-ecozones-doj.html
The Department of Justice (DOJ) rendered this legal opinion dated Jan. 3 following a request made by Presidential Management Staff (PMS) Undersecretary for Legal and Monitoring Rodolfo John Robert Pallatao IV.
Justice Secretary Jesus Crispin Remulla cited Section 309 of the CREATE Law, which said that a qualified registered project or activity under an Investment Promotion Agency administering an economic zone or freeport must conduct its businesses within their geographical boundaries.
Read more:
https://manilastandard.net/news/national/314409208/tax-breaks-to-end-for-firms-with-wfh-in-ecozones-doj.html
Meralco expects energy sales to grow this year
Jan 25, 2024Despite a projected slowdown in demand from the commercial segment, the Manila Electric Co. (Meralco) still expects its energy sales to improve by 4.5 percent this year.
Meralco senior vice president and chief revenue officer Ferdinand Geluz said the power distributor’s projected growth in energy sales volume is about 4.5 percent for this year, the same as the expected sales growth of about 4.4 to 4.5 percent for 2023.
“For 2024, we are projecting about the same. About 4.5 percent,” Geluz said.
“We are really hoping that the construction industry could have some sort of rebound,” Geluz said.
Read more:
https://www.philstar.com/business/2024/01/22/2327488/meralco-expects-energy-sales-grow-year
Meralco senior vice president and chief revenue officer Ferdinand Geluz said the power distributor’s projected growth in energy sales volume is about 4.5 percent for this year, the same as the expected sales growth of about 4.4 to 4.5 percent for 2023.
“For 2024, we are projecting about the same. About 4.5 percent,” Geluz said.
“We are really hoping that the construction industry could have some sort of rebound,” Geluz said.
Read more:
https://www.philstar.com/business/2024/01/22/2327488/meralco-expects-energy-sales-grow-year
Chip industry bats for CREATE amendment reinstating 5% GIT
Jan 24, 2024LEGISLATORS must reinstate the 5% gross income tax (GIT) incentive in amendments to the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, the chip industry said, noting that the option to pay tax on the basis of gross income will make the Philippines more competitive.
“We would still hope to see the reinstatement of the 5% GIT, at least until Philippine operating costs are comparable with Vietnam, Malaysia & other ASEAN (Association of Southeast Asian Nations) competitors for foreign direct investments,” Semiconductor and Electronics Industries in the Philippines Foundation, Inc. (SEIPI) President Dan Lachica said in a Viber message.
“The 5% GIT was part of the original agreement when foreign investors set up their factories in the Philippines,” Mr. Lachica added.
The House committee on ways and means approved the CREATE MORE bill in November 2023. A copy of the committee report was sent to reporters on Thursday.
Read more:
https://www.bworldonline.com/economy/2024/01/21/570243/chip-industry-bats-for-create-amendment-reinstating-5-git/
“We would still hope to see the reinstatement of the 5% GIT, at least until Philippine operating costs are comparable with Vietnam, Malaysia & other ASEAN (Association of Southeast Asian Nations) competitors for foreign direct investments,” Semiconductor and Electronics Industries in the Philippines Foundation, Inc. (SEIPI) President Dan Lachica said in a Viber message.
“The 5% GIT was part of the original agreement when foreign investors set up their factories in the Philippines,” Mr. Lachica added.
The House committee on ways and means approved the CREATE MORE bill in November 2023. A copy of the committee report was sent to reporters on Thursday.
Read more:
https://www.bworldonline.com/economy/2024/01/21/570243/chip-industry-bats-for-create-amendment-reinstating-5-git/
Is Rooftop Solar a good next step for my business? Here are four good questions to ask
Jan 24, 2024Rooftop Solar is increasingly becoming a popular energy efficiency solution among many businesses – and for good reason.
Investing in Rooftop Solar packs a lot of benefits such as a potential to lower electricity bills by 10-15% depending on your business’ load profile, load consumption, and local electricity rates. Minimal care is also required, with preventive maintenance needed roughly twice a year. The rooftop solar technology is also getting better and more efficient, so the panels are more durable and last longer. The unit’s expected lifespan is over 25 years, so you’ll get your money’s worth.
First Gen, through Pi Energy, is a reliable energy partner through every step of the process because they can provide assessment of viability of Rooftop Solar for your business, construction of units, installation, and even maintenance of Rooftop Solar. They are a specialized one-stop energy solutions provider that can help you maximize the technology’s value for your business and also help you with needed requirements for its installation.
Read more:
https://www.bworldonline.com/spotlight/2023/12/23/565284/is-rooftop-solar-a-good-next-step-for-my-business-here-are-four-good-questions-to-ask/
Investing in Rooftop Solar packs a lot of benefits such as a potential to lower electricity bills by 10-15% depending on your business’ load profile, load consumption, and local electricity rates. Minimal care is also required, with preventive maintenance needed roughly twice a year. The rooftop solar technology is also getting better and more efficient, so the panels are more durable and last longer. The unit’s expected lifespan is over 25 years, so you’ll get your money’s worth.
First Gen, through Pi Energy, is a reliable energy partner through every step of the process because they can provide assessment of viability of Rooftop Solar for your business, construction of units, installation, and even maintenance of Rooftop Solar. They are a specialized one-stop energy solutions provider that can help you maximize the technology’s value for your business and also help you with needed requirements for its installation.
Read more:
https://www.bworldonline.com/spotlight/2023/12/23/565284/is-rooftop-solar-a-good-next-step-for-my-business-here-are-four-good-questions-to-ask/