ECCP: PHL to attract ‘billions’ after easing investment caps

THE European Chamber of Commerce of the Philippines (ECCP) is expecting the Philippines to attract “billions” worth of investments after various industries were cleared to receive up to 100% foreign ownership. ECCP President Lars Wittig said at a launch of event in Makati City on Thursday that the group is expecting “billions of dollars” worth of […]

‘Keen’ European interest in shipping after foreign ownership cap removed

By Alyssa Nicole O. Tan, Reporter THE SHIPPING and telecommunications industry are likely to receive increased European investment following the passage of a law that removes the 40% foreign equity cap in various industries, according to the European Chamber of Commerce (ECCP). Republic Act 11647, which amends the 85-year-old Public Service Act, now allows 100% […]

Philippine banks unlikely to face significant risks from FX volatility

PHILIPPINE BANKS are unlikely to face significant risks from foreign exchange volatility as their dollar exposures are low, analysts from Moody’s Investors Service and Fitch Ratings said. “Currency fluctuations, in particular, a weaker peso, would have limited impact on Philippine banks’ liquidity and capital given most of the banks are funded by local currency deposits […]

Foreign investments approved in 3rd quarter reached P13.05B

TOTAL foreign investments (FI) approved in the third quarter of 2022 has amounted to P13.05 billion, down by 24 percent from P16.82 billion reported in the same quarter in 2021. These investments were pledges from four Investment Promotion Agencies (IPAs), namely: Board of Investments, Clark Development Corp., Philippine Economic Zone Authority and Subic Bay Metropolitan […]

Globe, DITO working with 3 foreign telcos for subsea cable

GLOBE Telecom, Inc. on Tuesday said it has teamed up with DITO Telecommunity Corp. and three foreign telecommunications companies for a $300-million submarine cable project that is seen to boost data capacity in the region. The three foreign companies are China Telecom Global Ltd. (CTG) of China, Singapore Telecommunications Ltd. (Singtel) of Singapore, and Unified […]

Foreign investment unlocked by PSA seen flowing first to airlines

By Arjay L. Balinbin, Senior Reporter AIRLINES and telecommunications companies are likely to be among the first to benefit from the amended Public Service Act (PSA), which raised foreign ownership limits, an analyst said. “The initial salvo of foreign investment, if they come given the current global uncertainty, will be in telecommunications and air carriers,” […]

‘Hot money’ outflows hit 17-month high

“Hot money” outflows hit a 17-month high in September, the central bank said. — REUTERS THE PHILIPPINES saw the biggest net outflow of short-term foreign investments in 17 months in September, reflecting the impact of the US Federal Reserve’s aggressive monetary tightening. Data from the Bangko Sentral ng Pilipinas (BSP) showed transactions on foreign investments […]

Senator Estrada says pitch to ban foreign shows and films just out of ‘frustration’ 

SENATOR Jose “Jinggoy” E. Estrada on Wednesday defended his earlier suggestion to ban foreign shows and films, including Korean dramas, in the Philippines after drawing flak from the public while local entertainment industry workers said the government should instead increase support to the sector.    “Related to my statement yesterday on foreign-made shows, my statement stems […]