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Espenilla named as the new BSP governor On May 8, 2017, President Rodrigo Duterte appointed Bangko Sentral ng Pilipinas (BSP) or central bank’s Deputy Governor (DG) Nestor Espenilla Jr. as the Philippines’ next BSP governor. DG Espenilla will assume his post on July 03, 2017, ending BSP Governor Amando Tetangco’s 12-year run.

he incoming BSP governor has big shoes to fill, noting that the current BSP chief was hailed by Global Finance Tas one of the world’s top central bankers for the 8th time (in 2006 and 2007, and 2011 to 2016). This means that Gov. Tetangco earned an “A” grade (excellent performance) on Global Finance’s Central Banker Report Cards. Moreover, he was the 1st central bank governor to serve the BSP for 2 consecutive terms. According to Department of Finance (DOF) Secretary Carlos Dominguez III, the President’s decision is “a very wise choice after a thorough evaluation of the future needs of the country.” In addition, BSP Gov. Tetangco is grateful that his successor is an insider of the central bank. This means that the continuity of policy and thought process of the BSP will be safeguarded. With DG Espenilla’s experience as a veteran banker, he is definitely well-positioned to succeed the current BSP chief (see box on Profile of Deputy Governor Nestor Espenilla Jr.). In terms of financial inclusion, the incoming BSP With the goal of having “no significant deviation” in the governor wants not only poverty reduction, but also inclusive financial and monetary system, DG Espenilla vows “continuity prosperity. Notably, according to the BSP’s 2015 financial ++” – his plan of action for the next 6 years. His plan is built inclusion survey, only 14% of Filipino households maintain on greater financial inclusion that no one will get left behind, as a deposit account in banks. Small and medium enterprises well as on more efficient and responsive policies and regulations. (SMEs) are unbanked as well, accounting for only 35% The incoming BSP governor pledges to continue to smoothen of the gross domestic product (GDP) in 2014 despite the volatility in the foreign exchange market, and monitor comprising more than 99% of all businesses in the country. domestic and global developments to control the price stability Playing the “bad cop” to financial institutions, DG Espenilla in the country. He will also continue to curb severe inflation and vows to expand the anti-money laundering law. He cited that a deflation in order to regulate the excessive growth of prices. stronger measure against dirty money and the relaxation of the deposit secrecy law are needed amid the challenges the BSP might face.

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Profile of Deputy Governor Nestor Espenilla Jr. Deputy Governor Nestor Espenilla Jr. headed the Supervision and Examination sector, which oversees the supervision of banks and other non-bank financial institutions under the jurisdiction of the Bangko Sentral ng Pilipinas (BSP). Mr. Espenilla Jr. has been with the BSP since 1981 and has worked in Economic Research, International Operations, and in the Office of the Governor. He was seconded to the IMF in 1990 - 1992. Mr. Espenilla Jr. serves concurrently in various BSP high-level policy committees: Advisory Committee on Monetary Policy; Financial Stability Committee; Inclusive Finance Steering Committee; and Payment and Settlements Steering Committee. He is the BSP Representative to the Capital Markets Development Council, alternate Board Member to the Philippine Deposit Insurance Corporation, and alternate Vice-Chair of the Agricultural Credit Policy Council. Mr. Espenilla Jr. represents the BSP at the G20 Global Partnership for Financial Inclusion (GPFI) where the Philippines is one of the only 2 non-G20 member countries invited to participate, and in the Basel Consultative Group (BCG), where he chairs the Workstream on Financial Inclusion. He is also alternate Chair of the Alliance for Financial Inclusion (AFI) and is a member of the Program Management Committee of the Better than Cash Alliance

Source: National Development Company (NDC)

“Continuity ++” is the plan of action for the next 6 years of future BSP Gov. Nestor Espenilla Jr.

DG Espenilla eyes stricter rules on banks’ information technology (IT) systems.

The BSP, under his watch, will now require banks lookout for liberalization opportunities; improve the approach to draw up a business continuity management plan. on the reserve requirement; and further enhance capital markets. This will contain standards for banks to ensure they are According to the incoming BSP governor, “Gov. Tetangco, resilient in times of natural disasters, allowing them to my mentor, is leaving a legacy of excellence. He is instrumental serve customers when they are affected by calamities. in transforming the Philippines from being the economic laggard DG Espenilla eyes stricter rules on banks’ information in Asia, to one of the region’s best performing economies. The technology (IT) systems. A new circular will be introduced in standard is set so high. So I intend to work hard, and with your July to amend the existing Circular 808 Series of 2013. The support, we shall continue what Gov. Tetangco has started.” old circular, which is the BSP’s main framework on guidelines on IT risk management for all BSP-supervised institutions, will be improved in terms of cybersecurity standards, as well as the implementation of cloud computing. According to him, this will provide tighter IT security management. A push for the pending amendments in the BSP Charter also concerns DG Espenilla. He will lobby to continue to ease/relax the bank secrecy law; push for financial market reforms; constantly

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PH competitiveness rise based on IMD data Among the 4 criteria, the country performed well on 2 areas – economic performance and infrastructure. In terms of economic The competitiveness of the Philippines has improved, performance, the country ranked 12 places higher to 26th from slightly climbing 1 place to 41st spot among 63 countries, 38th in 2016. This improvement was attributed to the increase from being 42nd in 2016, based on the International in the domestic economy sub-sector to 12th spot from 31st last Institute of Management Development’s (IMD) 2017 World year, which was led by robust growth in gross domestic product Competitiveness Yearbook. (GDP), as well as the improvement in the employment sub- sector which rose to 4th from being 19th last year. In terms of Out of 63 countries covered in the report, Hong Kong topped infrastructure, the country went 1 place higher to 36th from 37th. this year’s list. It was followed by Switzerland, Singapore, U.S., As for the remaining criteria, the country’s rankings dropped. and Netherlands. Other countries that topped the list were Ireland, In terms of government efficiency, the country ranked 1 place Denmark, Luxembourg, Sweden, and United Arab Emirates (see lower to 37th from 36th in 2016. This was due to the drop in table on 2017 World Competitiveness Yearbook: Top 10 countries). the sub-factors for tax policy (18th from 15th) and societal Among the 5 ASEAN member states included in the report, framework (51st from 43rd), despite the increase in the public the Philippines lagged 2nd to the last (see table on 2017 finance sub-factor (25th from 34th). In terms of business World Competitiveness Yearbook: ASEAN Member States). efficiency, the country went down 4 places to 28th from 24th According to the report, the competitiveness of last year. While the country rose to 33rd from 35th in the the countries was evaluated using 4 broad criteria – finance sub-sector, the slip down in the ranking was accounted economic performance, government efficiency, business to the sub-factors for productivity and efficiency (52nd from efficiency, and infrastructure. In addition, the report used 36th), labor market (5th from 4th), management practices macroeconomic data and perceptions-based indicators. (28th from 24th), and attitudes and values (18th from 12th). “Overall, most of the improvements in the ranking were driven by data-based indicators, while decreases were mostly accounted for by perceptions-based factors,” the IMD said.

2017 world competitiveness yearbook: top 10 countries

Rank Country

1 Hong Kong

2 Switzerland

3 Singapore

4 U.S.

5 Netherlands

6 Ireland

7 Denmark

8 Luxembourg

9 Sweden

10 United Arab Emirates

Source: International Institute of Management Development’s (IMD) 2017 World Competitiveness Yearbook

The Philippines ranked 41st out of 63 countries in International Institute of Management Development’s (IMD) 2017 World Competitiveness Yearbook.

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2017 world competitiveness yearbook: asean member states Rank Country 3 Singapore 24 Malaysia 27 Thailand 41 Philippines 42 Indonesia Source: International Institute of Management Development’s (IMD) 2017 World Competitiveness Yearbook

The Philippines performed well in 2 criteria, economic performance and infrastructure, but its rankings went down in government efficiency, as well as in business efficiency.

PH among top FDI destination in the next 3 The UNCTAD expects FDI inflows in developing Asia to years increase by 15% as the improved outlook in major Asian economies is likely to boost investor confidence in the region. Meanwhile, The Philippines remains one of the most promising the UNCTAD report noted that this year, the Philippines stands to receive greater FDI inflows in line with the growth prospects investment destinations worldwide. This is according to in the region due to expectations that more developed countries the World Investment Report 2017 of the United Nations will be focusing in the manufacture of goods with higher value Conference on Trade and Development (UNCTAD). added and would be outsourcing labor intensive activities to less developed countries. Moreover, the UNCTAD cited that policy Based on the report, multinational enterprises (MNEs) reforms such as reducing red tape to the investors, and allowing have cited the Philippines among the top 15 prospective 100% foreign ownership in insurance adjustment companies, destinations for foreign direct investments (FDI) this lending companies, financing companies and investment year until 2019. The U.S., China, and India were still the houses would further lure investment flows into the country. most preferred investments destinations in the world. The inclusion of the Philippines in the latest report reflects The country ranked 7th along with other developing that more investors are now confident in the country’s economy countries such as China, India, Indonesia, Thailand, and business environment. Notably, the country was the top Brazil, Mexico, Vietnam and Singapore. Among developed performer in terms of FDI inflows growth in 2016 among countries, MNEs prefer to invest in the U.S., United its ASEAN neighbors. The country posted a 41% growth Kingdom, Germany, Spain, Canada and Australia (see figure to $7.9 billion, compared to Singapore (declined by 13% on MNEs’ top prospective host economies for 2017–2019). to $62 billion) and Malaysia (down by 11% to $10 billion). The survey among MNEs was part of the UNCTAD World \Despite the growth in FDI inflows, the Philippines continues to Trade Investment Report this year. The report said that top trail behind its ASEAN neighbors over the past 5 years. Only $23.47 executives maintain their ‘confidence in developing Asia’s billion FDI flowed into the Philippines, while Indonesia earned economic performance’ and are also forecasting investments in $79.07 billion, almost 3 times higher than the country (see figure on the south-eastern part of the region. The optimism of MNEs was FDI Inflows in Selected ASEAN Countries). The country’s laggard strongly attributed on the perceived resilience of developing Asia. performance highlights the need to implement key policies that can further enhance its competitiveness in terms of investments.

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MNE's TOP PROSPECTIVE HOST ECONOMICS FOR 2017-2019

Source: UNCTAD, business survey

The Philippines stands to receive greater FDI inflows in 2017.

4

The inclusion of the Philippines in the latest report reflect that more investors are confident in the country’s economy and business environment.

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FDI INFLOWS IN SELECTED ASEAN COUNTRIES, 2012-2016 (IN MILLION DOLLARS)

Indonesia, 79,065

Malaysia, Vietnam, 53,278 50,868

Thailand, 36,691

Philippines, 23,468

Source: UNCTAD, World Investment Report 2017

Despite the growth in FDI inflows, the Philippines continues to trail behind its ASEAN neighbors over the past 5 years.

With the ambitious infrastructure plan of Duterte administration, more FDIs are expected to enter into the country as well as create millions of job for the Filipinos. Finance Secretary Carlos Dominguez III said that the administration will maintain broad policy continuity and will continue to pursue its 10-point socioeconomic agenda on high—and inclusive— growth, with focus on closing the infrastructure gap, improving the ease of doing business to attract more investments, and attacking poverty by spending big on human capital formation.

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PEZA approved investments up by 98% Prior to the release of data, last May, President Rodrigo Duterte announced the approval of 13 new economic The Philippines Economic Zone Authority’s (PEZA) total zones in the first 9 months of his administration. DG Plaza approved investments grew by 98% year-on-year with a total noted that the majority are vertical developments for office of P 107.75 billion investments in the first 5 months of 2017. spaces, registered as IT centers, which are the following: hh Starmall Bataan in Balanga, Bataan; Last year, the total investments approved by PEZA hh The North Park in Mandaue City, Cebu; dropped by 26.06% year-on-year from P265.09 billion in hh Cyber Sigma in Taguig City; 2015 to P218.18 billion (see figure on Total investments hh UP Town Corporate Center in Quezon City; approved by PEZA). PEZA director-general Charito Plaza attributed this to investors’ uncertainty due to the Philippines hh Garden Plaza in Laguna; and the U.S. government transition of political power. hh Capella IT Center in Muntinlupa City; However, for the first 5 months of 2017, PEZA bagged a hh Rack I.T. Data Cente in Paranaque City; total of P 107.75 billion investments, a 98% growth from P54.38 hh Avenir in Cebu City; billion in the same period last year. The approved investments are projected to provide 33,679 jobs. This was significantly driven hh Cyberspace Gamma in Pasig City; by the development of new economic zones - accounting for P67 hh Kayumanggi Center in Quezon City; and billion of the total investments. DG Plaza also claimed that the hh BEN-LOR IT Center in Quezon City. growth is partly due to their incentives (i.e. income tax holiday of Part of these new economic zones were the 5-hectare land 4 to 6 years, and tax- and duty-free importation of raw materials, development for Brooke’s Point Agro-Industrial Economic Zone capital equipment, machinery and spare parts). “The PEZA in Palawan and the 28-hectare TECO Industrial Park in Pampanga. incentives are very attractive to foreign investors and are now In addition, 40 economic zones are yet to be signed by Pres. Duterte. disseminated nationwide especially abroad. The brand of service Currently, PEZA is developing a Philippine Economic Zones PEZA provides [is] like its one-stop-shop where all permits are map. This will exhibit all the existing and new economic zones facilitated a.s.a.p in PEZA as the issuing center to ease doing identified by private landowners, local government units and business, with minimal government agencies’ intervention and PEZA. Also, the map will serve as a guideline for the influx to decentralize government functions in assisting investors,” DG of investors from the U.S., Middle East, Japan and others Plaza explained. According to PEZA, the top 3 leading sectors who pledged investments during Pres. Duterte’s state visits. in the investments destination were manufacturing (accounting: P18.5 billion), energy (P14.9 billion), and information technology and business process management (IT-BPM) (P7.1 billion).

The approved investments are projected to provide 33,679 jobs.

The growth was driven by the development of new economic zones and PEZA incentives.

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TOTAL INVESTMENTS APPROVED BY PEZA (IN BILLION PESOS) 350 311.95 288.34 295.09 300 276.48 279.48

250 218.18

200

150

100

50

0 2011 2012 2013 2014 2015 2016

Source: Department of Trade and Industry (DTI)

Tourist arrivals up 11.4% in 1Q2017 Sec. Teo said that the government has allocated P677 billion for the medium-term Tourism Infrastructure Program. Around The Department of Tourism (DOT) recorded nearly 1.8 P184.5 billion will be spent on tourism roads to improve million foreign tourist arrivals in 1Q2017, a significant land-based travel, while P324 billion will be spent for the 11.4% increase from 1.6 million international tourists development and improvement of air and sea ports and railway recorded in the same period last year. Under the National systems. This will be done under a “convergence program” Tourism Development Plan, the Philippines aims to attract with the Department of Public Works and Highways (DPWH) 12 million foreign tourists by 2022. and Department of Transportation (DOTr), respectively. The Tourism Infrastructure and Enterprise Zone Authority (TIEZA), The growth is partially attributed to East Asian and North the DOT’s infrastructure arm, will allocate P167 billion for site American countries, namely China, Japan, South Korea, infrastructure and the development of tourism enterprise zones. U.S. and Canada, among others (see table on Top 10 Tourist This year, the DOT is set to give more focus to cruise tourism, Arrivals in 1Q2017). According to DOT Undersecretary Benito which has long been recognized as insufficient compared to other Bengzon Jr., the country’s growth in tourist arrivals is higher ASEAN economies (see PH pushes for cruise port infrastructure than the Asian average of 7% and the global average of 4.5%. development, January-February 2015 Analyst). The agency has However, recent events such as the Marawi City siege and recently put up a cruise tourism strategy for the country, which the burglary incident at Resorts World Manila may have caused a will develop and link popular tourist destinations of Manila, shakeup in the tourism sector. Usec. Bengzon mentioned that there Boracay and Puerto Princesa in Palawan. “Once completed, were, indeed, cancellation of trips to the country due to the travel the cruise strategy will pave the way for definitive actions and advisories, but when compared to the actual arrivals that were investments into infrastructure, facilities and services. Clearly, generated, the numbers were just small. There were still tourists our job is to set up the enabling environment for businesses to who decided to push through with their trips, and they continued thrive. These include enhancement of ship access through the to flock to major tourist destinations in the Visayas, Palawan, and development of port and shore-side infrastructure; facilitation the Ilocos region, he added. Sought for comment, DOT Secretary of business entry and offering exciting tour packages, among Wanda Teo considers these hostilities as “temporary setbacks,” others. Only then can we draw in the much-needed foreign direct citing that “the Philippines is too enticing a destination to keep investments to pump-prime the industry. We must surge ahead people away.” At present, the DOT remains optimistic that the to build this multi-million dollar travel sector and disperse goal of attracting 12 million tourists by 2022 will be attainable, the economic benefits to the countryside,” Sec. Teo explained. given the growth experienced by the tourism sector in 1Q2017, as well as the steady influx of foreign tourists over the last few years. The DOT also noted that the Duterte administration’s massive investments in infrastructure, coupled with aggressive marketing efforts, would likely attract more tourists in the coming years.

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TOP 10 TOURIST ARRIVALS IN 1Q2017

Tourist Arrivals Rank Country of Residence % Share (January-March 2017)

1 South Korea 440,865 24.70%

2 U.S. 258,097 14.46%

3 China 240,354 13.47%

4 Japan 166,251 9.31%

5 Australia 66,807 3.74%

6 Taiwan 64,896 3.64%

7 Canada 60,838 3.41%

8 U.K. 47,353 2.65%

9 Singapore 40,395 2.26%

10 Malaysia 34,411 1.93%

Source: Department of Tourism (DTI)

The DOT is optimistic that the tourism sector will continue to flourish amid high growth in 1Q2017.

Massive investments in infrastructure and aggressive marketing efforts remain crucial.

The demand for cruise tourism is expected to grow in the coming years.

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MINING, OIL, & GAS first country to be found compliant under the 2016 EITI Standard. She added that in the Oslo conference, the Philippines- EITI secretariat participated in 10 pre-Board meetings with PH recognized for best mining practices the international secretariat and counterparts, covering topics such as beneficial ownership, project-level reporting, The Philippines has earned several citations for best and communication strategies. The Philippine delegation practices in the implementation of global standards on the also met with the EITI International Chair, former Swedish management of mining resources during the 37th board Prime Minister Fredrik Reinfeldt, and held other meetings meeting of the Extractive Industries Transparency Initiative with its foreign counterparts interested to learn from the (EITI) in Oslo, Norway. The recognition signifies that the country’s implementation of the EITI. The 38th EITI board country is ensuring its transparency and accountability in meeting will be held in Manila on October 25-26 this year. the mining sector and its compliance to global standards. In 2014, former President Benigno Aquino III signed Executive Order (EO) 147 formally creating PH-EITI. It serves as a platform According to Department of Finance (DOF) Assistant for dialogue by stakeholders, and as source of credible information Secretary Paola Alvarez, the country was repeatedly cited for to inform policies on the appropriate fiscal regime for mining. The best practices and recognized for ‘exemplary’ performance in the institutionalization was included in the Philippine Development implementation of the EITI. Aside from the recognition, DOF Plan 2017-2022, and was shortlisted as one of the country’s Asec. Maria Teresa Habitan, the head of the Philippine delegation commitments under the Open Government Partnership (OGP) to the EITI, was also appointed co-chair of the EITI Implementation Initiative 6 under the PH-OGP National Action Plan 2017-2019. Committee during the Oslo meeting. The appointment of Asec. Last March 2017, the Mines and Geosciences Bureau (MGB) Habitan as EITI board member represents the implementing mandated mining contractors to comply with Administrative country constituency in Southeast Asia and the Pacific. Order (AO) 2017-07 signed by then- Department of Environment The EITI is a global standard to promote the open and and National Resources (DENR) Secretary Regina Paz Lopez. accountable management of oil, gas and mineral resources. It The AO required all mining contractors to comply with the ensures the transparency of revenues from natural resources. requirements of the PH-EITI. Failure in compliance with the Every country that joins the EITI as a member is assessed disclosure requirements will result in the suspension of the against the EITI Standard in a process called validation. During company’s environmental compliance certificate. As of December validation, EITI’s implementation committee reviews each 2016, there are 35 companies that are considered compliant to country’s progress against the EITI requirements; analyzes the PH-EITI (see box on Companies Compliant to the PH-EITI.) the impact; and makes recommendations to strengthen the During the 5th annual PH-EITI National Conference last process and improve the governance of extractive industries. May 2017, DOF Sec. Carlos Dominguez III said that a strong The Philippines is currently undergoing validation under the governance framework for the extractive industries, and not EITI and was listed as “underway.” This process started in January an “arbitrary” ban on this sector, will enable the country 2017. Asec. Alvarez said that our country has received good feedback to “get the best of both worlds,” which is to create wealth from the mission team, and was poised to possibly become the for the people from the country’s natural resources and, at

The Philippines was recognized for ‘exemplary’ performance in the implementation of the EITI.

The Philippines’ validation is listed as “underway.”

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companies compliant to the ph-eiti

Mining Companies 1. AAM-PHIL Natural Resources Exploration and Development Corporation 2. Adnama Mining Resources, Incorporated 3. BenguetCorp Nickel Mines, Inc. 4. Cagdianao Mining Corporation 5. Carmen Copper Corporation 6. Carrascal Nickel Corporation 7. CTP Construction and Mining Corporation (Adlay and Dahican) 8. Eramen Minerals, Inc. 9. Filminera Resources Corporation 10. Johson Gold Mining Corporation 11. Hinatuan Mining Corporation 12. Krominco, Inc. 13. Lepanto Consolidated Mining Company 14. Leyte Iron Sand Corporation 15. LNL Archipelago Minerals, Incorporated 16. Marcventures Mining and Development Corporation 17. OceanaGold (Philippines), Inc. 18. Ore Asia Mining and Development Corporation 19. Oriental Synergy Mining Corporation 20. Pacific Nickel Phils., Inc. 21. Philex Mining Corporation 22. Philippine Mining Development Corporation 23. Philsaga Mining Corporation 24. Platinum Group Metals Corporation 25. Rio Tuba Nickel Mining Corporation 26. Shuley Mine, Incorporated 27. SinosteelPhils. H. Y. Mining Corporation 28. SR Metals, Incorporated 29. Taganito Mining Corporation 30. TVI Resources Development Philippines, Inc. (Agata and Canatuan) Oil and Gas 1. Chevron Malampaya LLC 2. Galoc Production Company W.L.L. 3. Nido Production Galoc Pty. Ltd. 4. Philippine National Oil Company (PNOC) - Exploration Corporation 5. Shell Philippines Exploration B.V.

Source: Annual Progress Report July 2016 – July 2017, PH-EITI

the same time, ensure the sustainability of the environment. Sec. Dominguez had assured stakeholders in the extractive industries that the Duterte administration “will be firm but fair” in exercising strong governance, while practicing transparency in all its processes and abiding by global best practices in ensuring sustainable development. The support of the government in ensuring transparency and accountability implies its commitment to reduce corruption, as well as improve how government spends the revenues collected from the mining sector.

The Duterte administration “will be firm but fair” in exercising strong governance while practicing transparency.

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DOST to search for nickel extracts According to Mr. Arcilla, nickel ores being shipped out of the country ‘may contain substantial amount of scandium’ As part of the initiative to develop the Philippines’ rare and other rare earth elements. He added that unlike nickel, earth metals (REM) study, the Department of Science and scandium commands a higher price in the metals market, and Technology (DOST) will invest an initial P9 million on if the Philippines and its mining contractors found a way to research and development (R&D) on capabilities to extract extract the element, it could add value to the country’s mineral- rare earth elements (REEs) from the country’s nickel-rich exports value. About 90% of the country’s nickel ores are being areas. exported upon extraction, with only about 10% being processed by a few mining companies with established processing plants. Executive director of the DOST-Philippine Council for Industry, Scandium, he noted, is much more expensive than nickel, Energy and Emerging Technology Research and Development and is even more expensive than gold. The current price (PCIEERD) Carlos Primo David said that the R&D study will be of scandium on the London Metal Exchange is at $170 per pursued in partnership with the Department of Environment and gram, while nickel is $28 per ton and gold costs around Natural Resources-Mines and Geosciences Bureau (DENR-MGB). $1,231.3 per troy ounce ($38,297.7 per gram). China and Mr. David said that the R&D, together with the University Russia are the known producers of scandium in the world. of the Philippines National Institute for Geological Sciences, In 2013, the MGB began surveying copper, gold and nickel will initially aim to extract scandium, one of the REEs, in mines in Palawan and Nueva Vizcaya for REE deposits that nickel-rich areas of Palawan, Surigao, Zambales and Mindoro. can be used in commercial production. Other survey sites Director of the UP-National Institute of Geological Sciences include the Runruno gold project of FCF Corp. and Didipio in Diliman Carlo Arcilla said that the target of the study is copper-gold project of Oceanagold Phils Inc. in Nueva to determine the level of scandium concentrates, which will Vizcaya. The bureau said that these sites are considered to likely be a “game changer” for nickel-mining companies. have potential REE levels due to the affinity of alkaline host Scandium, along with other rare earth metals, are dubbed rocks to granite like those found in China and Thailand. as the “metals of the future” and a “strategic mineral.” The Given the economic potential of REE deposits in the elements composed in REM are mostly used in the production country, the government and mining firms should invest more of electronic products such as computers, laptops, automobiles, on its exploration. The outcome of the R&D project of DOST medical equipment, flat-screen televisions, mobile phones, will pave the way for a government policy on the development as well as green technology and space-age technologies. of downstream mining industry for rare earth elements.

The study will likely be a “game changer” in the mining sector.

If the Philippines and its mining contractors found a way to extract the element, it could add value to the country’s mineral-exports value.

Scandium is more expensive than gold.

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I.T. UPDATE The global reach of information systems has made countries more vulnerable to cyberthreats, cybercrimes, and cyberattacks. Gov’t strengthens cybersecurtiy amid The onset of ‘WannaCry’ ransomware highlights the need for the government to be more aggressive in strengthening ‘WannaCry’ its cybersecurity measures. Had the attack hit the Philippine cyberspace, critical infrastructure, government agencies, The Philippine government has increased its cybersecurity businesses, and individuals would likely be immobilized due to measures, following the global cyberattack known as the present state of cybersecurity in the country. With the growing ‘WannaCry.’ dependence and reliance on ICT, it would seem like a given that the government has put up a comprehensive cybersecurity policy. Tagged as the “biggest ransomware outbreak in the However, the country’s response to cybersecurity remains weak, history,” the cyberattack ‘WannaCry’ crippled thousands of limited and inadequate, and is still at its infancy stage. In addition, it users and critical infrastructure in over 150 countries – with has not been at the core of any previous government administrations Russia being hit the hardest. The perpetuators behind the – with the exception of former President Gloria Arroyo. attack locked down computers and asked victims for ransom Notably, the creation of a National Cybsecurity Plan was first money of around $300 in bitcoin1 payable within 3 days, or recognized in 2004 by former Pres. Arroyo, but since there was $600 payable within 7 days to “free” the infected computers. no continuity on policies/programs between administrations, Cybersecurity experts reported that the attack targeted systems the Plan did not progress further. The move towards a secure using outdated versions of Microsoft Windows. As a result, cyberspace only resurfaced under the newly minted DICT. In day-to-day activities of government agencies, businesses, and relation to this, the DICT released a 6-year National Cybersecurity even healthcare systems across the world were compromised. Plan last May 2, as part and parcel of the Duterte administration’s Due to its severe global impact, the Department of effort to protect the national security and national interest against Information and Communications Technology (DICT) is potential cyberthreats. The Plan’s goal is to institutionalize the taking deliberate steps to make the country’s cyberspace more capabilities of both the government and businesses to meet resilient. According to DICT Assistant Secretary Allan Cabalong, and respond to threats against the nation’s cyber infrastructure. “the government is treating this attack as wake-up call.” Insofar as cybersecurity is concerned, the Philippines still Law enforcement agencies – National Bureau of has a long road ahead of it. At the very least, cybersecurity must Investigation (NBI), Department of Justice-Office of be viewed as a multidimensional approach where there needs Cybercrime (DOJ-OOC), and Philippine National Police-Anti- to be active coordination and collaboration among national Cybercrime Group (PNP-ACG) – are presently investigating agencies, law enforcement agencies and businesses to establish and monitoring if there are any ransomware attacks on the a functioning ‘cyber ecosystem.’ These stakeholders are at the country’s system. Superintendent Jay Guillermo, spokesman forefront of improving the country’s cyber capabilities, which for the PNP-ACG, said the agency has yet to receive reports is why the DICT must produce and implement a comprehensive from private internet users or firms affected by the attack.

1Bitcoin is a digital currency. It rose to fame in 2009. Transactions take place directly between users, without any involvement of central authority or intermediary.

The shift towards digital transformation and the growing dependence on ICT has brought along a number of implications that challenged countries’ national interest and security – the most contentious of all is cybersecurity.

The ‘WannaCry’ ransomware that hit over 150 countries served as a wake-up call for the Philippine government to strengthen its cybersecurity measures.

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3

Source: DICT

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BRIEF BACKGROUND ON THE STATE OF PHILIPPINE CYBERSECURITY

Global Ranking Legal Measures Organization Measures

Based on the 2015 Global Cybersecurity Index and hh Special Protection of Children against Abuse, Policy Cyberwellness Profiles Report of the International Exploitation and Discrimination Act; hh The Philippines just recently released Telecommunications Union (ITU), the Philippines hh Anti-Wiretapping Law of 1995; its National Cybersecurity Plan 2022. ranked 17th out of 35. hh Access Devices Regulation Act of 1998; hh Electronic Commerce Act of 2000; Responsible Agencies hh Anti-Trafficking in Persons Act of 2003; hh National Agency/Defense (DICT; Department of National Defense hh Anti-Violence against Women and Children [DND]) Act of 2004; hh Law enforcement agencies (DOJ- hh Anti-Photo and Video Voyeurism Act of 2009; OOC; NBI; PNP-ACG). hh Anti-Child Pornography Act of 2009; hh Data Privacy Act of 2012; and hh Cybercrime Prevention Act of 2012.

Source: ITU; DOJ-OOC; WBF Database

The DICT has recently unveiled the National Cybersecurity Plan 2022, which will safeguard the Philippine ICT environment.

Cybersecurity requires a whole-nation approach.

strategy that clearly defines and integrates their functions. DICT launches the NBP The challenge, however, lies particularly on businesses and their reluctance to share information on their cybersecurity In 2016, President Rodrigo Duterte instructed the Department spending, or if there are breaches in their data infrastructure. of Information and Communications Technology (DICT) to Supt. Guillermo emphasized that this should not be the case, establish a National Broadband Plan (NBP), which would as “there must be continuous coordination and collaboration provide free public Wi-Fi access in selected public places, among (stakeholders) for investigation and cyber response.” as well as improve the country’s overall Internet speed. Another growing concern is the lack of IT cybersecurity There are around 40% of Philippine population that used professionals in the country. McAfee Intel Security Southeast the Internet in 2015, but up until now Filipinos are still Asia Vice President Dayrus Asjari pointed out that the struggling with Internet connectivity. country has only 84 Certified Information Systems Security Professionals (CISSP), and around 40 of these CISSP-certified In line with its goals, the NBP must also achieve 4 parallel are working abroad, which pales in comparison with other outcomes from 2017 to 2027 (see box on The 4 parallel outcomes ASEAN neighbor countries (e.g. Singapore has over 1,000, of the NBP). But in order for the DICT to execute the NBP, the Indonesia has 107, Thailand has 189, while Malaysia has 276). national government and local government units (LGUs), acting With this, the government, in close partnership with businesses, as the key influencers, need to institute necessary policy reforms must advocate the development of the IT labor market. and investor relations. Whilst telecommunications companies Given the fast-paced nature of technology, and Internet service providers (ISPs) would be involved in cybersecurity requires a whole-nation approach, and construction and building infrastructure. The improvement of the government must also be proactively involved. the quality and lowering the costs of services are principal goals.

Philippine ANALYST BUSINESS May-June 2017 97 BUSINESS

the 4 parallel outcome of the nbp

1. Accelerated Investment Market players, such as existing and upcoming Internet and telecommunications providers, will be given the opportunity to penetrate underserved and unserved areas, particularly the ones outside of industrial zones and major cities. 2. Mobilized and Engaged Public and Private Sector The government will be working with both public and private institutions relevant to the improvement and deployment of broadband technologies. The essence of this strategy is coordination among all involved institutions to minimize implementation costs as well as public disruptions from physical construction. 3. More Places Connected All government facilities, public schools, health institutions, and micro, small, and medium enterprises (MSMEs) will adopt current technologies and benefit from Internet connectivity. In addition to broadband infrastructures, the government will also utilize other technologies namely spectrum frequencies and satellites for wider distribution of broadband access. 4. Increased Take-Up Rate As broadband access is melded into public institutions and services, the government will actively promote its use while assessing and adjusting to the needs of new users, specifically in the rural areas.

Source: various news clips

The DICT launched “Pipol Konek,” a project which seeks to provide free Wi-Fi connectivity in selected public areas nationwide, to address NBP’s goal to provide free public Wi-Fi access.

To improve the country’s overall Internet speed, the DICT, together with the national and local government, proposed several policy reforms.

Philippine ANALYST BUSINESS May-June 2017 98 BUSINESS

As for the NBP’s goal to establish free Wi-Fi access, hh Internet Exchange Points (IXP) that permit network the DICT has launched “Pipol Konek,” a project which interconnection to smoothen the efficiency of routing and would provide free Wi-Fi access in selected public areas traffic; nationwide. Since June 12, 2017, free Wi-Fi connectivity is hh Establishment of a universal access fund which will help already available at all 13 Metro Rail Transit Line 3 (MRT-3) direct funding to rural areas that need help in adopting new stations, and along parts of Edsa. Light Rail Transit (LRT) and technologies; and Philippine National Railways (PNR) terminal stations, as well hh Conduct of feasibility studies to guarantee proper scope, as the whole stretch of Edsa, will also have free Wi-Fi access. goal, and cost-setting. The DICT also plans to provide internet access to more than 100,000 public places nationwide by 2026. This includes Presently, the DICT is in talks with the National Grid municipalities and towns outside . Presently, the Corporation of the Philippines (NGCP) and Department of total number of municipalities with free Wi-Fi connectivity Energy (DOE) for a possible partnership to fast-track the now stands at 1,435 (hotspots are located at public parks, improvement of the country’s Internet speed by using the fiber schools, hospitals, and town halls). optics network in the transmission grid. “NGCP fully supports To address the Philippines’ current issues on Internet the government’s efforts in creating a National Broadband connectivity, the DICT, together with the key players, Plan for the Philippines… NGCP’s wide fiber optic network proposed several policy reforms: and related resources are sufficient to support this priority program,” NGCP President and CEO Henry Sy Jr. said. h h An executive order (EO) that will fast-track investment and With this anticipated partnership, the projected P77 billion to operations in the ICT sector (see DICT's proposed EO to P200 billion investment needed for the NBP may be reduced. speed up cell site applications, March Analyst 2017); Only an agreement is needed to be forged for this purpose, hh Open Access and Peering Policy which will promote and DICT Secretary Rodolfo Salalima said they want the competition in the ICT industry by requiring service providers memorandum of understanding to be formalized within this year. to have access to each other’s facilities on sensible terms;

Philippine ANALYST BUSINESS May-June 2017 99 BUSINESS

LIST OF BOI-REGISTERED PROJECTS - APRIL-MAY 2017 Equity Project Cost Industry Activity Local/ (In PHP Million) Foreign Century Pacific Agricultural Ventures, Producer of coconut milk in Brgy. Tambler, Calumpang, Purok Lansong, Gen. Santos City 245.7 100% Filipino Inc. 66% Filipino Mauswag Agribusiness, Inc. Producer of powdered moringa in Curry, Pili, Camarines Sur 36.4 34% American 60% Filipino Oceans Ace Philippines Export Import Producer of live eel in Brgy. Bontoc, Hindang, Leyte 18.0 40% South Corp. Korean SL Agritech Corporation Producer of hybrid rice seeds and by-product (palay) in Matanao, Davao del Sur 450.0 100% Filipino

ELECTRICITY, WATER, AND GAS 60% Filipino Renewable energy developer of 18.75MWp Bongabon Solar Power Project in Brgy. Pesa, Greentech Solar Energy, Inc. 843.8 40% Emirati/ Bongabon, Nueva Ecija Indian Renewable energy developer of hydropower energy resources (19MW Ilaguen Hydroelectric Isabela Power Corporation 2,969.5 100% Filipino Power Plant) in Brgy. Tappa, Municipality of San Mariano, Isabela Renewable energy developer of 62.5 MW(50MW AC) San Miguel Solar Power Project in San Powersource First Bulacan Solar, Inc. 3,955.4 100% Filipino Miguel, Bulacan Renewable energy developer of 20MW Santa Solar Power Plant in Brgy. Nagpanaoan, Santa, Satrap Power Corporation 1,539.6 100% Filipino Ilocos Sur Renewable energy developer of 100MW Calamba and Tanauan Solar Power Project in Solar Philippines Tanauan Corporation 5,516.3 100% Filipino Calamba and Tanuan City Renewable energy developer of 25MW South Negros Biopwer Biomass Power Plant in South Negros Biopower, Inc. 4,929.4 100% Filipino National Highway, Brgy. Cubay, La Carlota City, Negros Occidental

FURNITURE AND FIXTURES

Maison Galuchat Inc. Producer of furniture and accessories 9.1 100% Filipino

HOTELS, RESTAURANTS, AND LEISURE SERVICES

60% Filipino Altipeakland Development, Inc. Operator of tourist accommodation facility (Casa Coco Hotel) in San Juan, Siquijor 62.4 40% Australian Operator of tourist accommodation facility (Eco Container Hotel) in SV Road, Brgy. San Ecohotels, Inc. 29.1 100% Filipino Jose, Tagaytay City IT AD I.T.ENABLED SERVICES 99% Definite Gaming PTE LTD Philippine, Inc. Support services to game development 2.8 Singaporean 1% Filipino

MEDICAL AND HEALTH SERVICES

Capiz Doctors' Multi-purpose Operator of Level 1 - General Hospital in Water Village, Km. 1, Roxas City, Capiz 210.3 100% Filipino Cooperative

METAL PRODUCTS

95% Filipino Portal Steels, Inc. Producer of steel products (billets and rebars) in Hong Chang Compound, Carmona, Cavite 322.7 5% Chinese 95% Filipino Portal Steels, Inc. Producer of plastic pellets in Hong Chang Compound, Carmona, Cavite 46.3 5% Chinese

REAL ESTATE AND PROPERTY DEVELOPMENT

Developer of economic and low-cost housing project (Alpina Heights - Vertical) in Marcelo 60% Filipino Alpina Heights Properties Corp. 96.5 Green, Paranaque City 40% Indian Developer of economic and low-cost housing project (Amaia Steps Sucat (Isabela Building) - Amaia Land Corp. 290.2 100% Filipino Vertical) in Dr. A. Santos Ave., Sucat, Paranaque City Developer of economic and low-cost housing project (Amaia Steps Alabang - Delicia- Amaia Land Corp. 327.8 100% Filipino Vertical) in Alabang-Zapote Rd., Almanza Uno, Las Pinas City

Developer of economic and low-cost housing project (Amaia Steps Capitol Central South Amaia Southern Properties, Inc. 422.9 100% Filipino Building - Vertical) in San Juan St., Brgy 8, Bacolod City, Negros Occidental

Developer of economic and low-cost housing project (Valle Verde Dasmarinas Phase 4 - 81% Filipino Axeia Development Corp. 622.3 Horizontal) in Brgy. Langkaan I, Dasmarinas City, Cavite 19% American Developer of economic and low-cost housing project (Midori at Zuri Residences - Vertical) in 81% Filipino Axeia Development Corp. 102.1 Cabrera Rd., Brgy. Dolores, Taytay, Rizal 19% American Developer of economic and low-cost housing project (Valle Verde Dasmarinas Phase 4 - 81% Filipino Axeia Development Corp. 292.5 Horizontal) in Brgy. Zone 3, Dasmarinas City, Cavite 19% American Developer of economic and low-Cost housing project project (55 Kalayaan Suites) in 81% Filipino Axeia Development Corporation 140.9 Pinahan, Quezon City 19% American

Developer of economic and low-cost housing project (Arella Residences - Horizontal) in 81% Filipino Basic Housing Solutions, Inc. 234.1 Brgy. Calo, Bay, Laguna 19% American

Developer of economic and low-cost housing project (Brillianz Residences - Horizontal) in 60% Filipino Brillianz Development Corp. 233.1 Brgy. Mamatid, Cabuyao City 40% Chinese

Philippine ANALYST BUSINESS May-June 2017 100 BUSINESS

Developer of economic and low-cost housing project (Terraverde Residences - Horizontal) in 80% Filipino CenqHOmes Development Corporation 746.7 Brgy. Bancal, Carmona, Cavite 20% Taiwanese

Developer of economic and low-cost housing project (Camella Bulakan Phase 4 - Horizontal) Communities Bulacan, Inc. 558.5 100% Filipino - Brgy. Matungao, Bulakan, Bulacan Developer of economic and low-cost housing project (Camella Baliuag Phase 4 - Horizontal) Communities Bulacan, Inc. 232.1 100% Filipino - Pagala, Baliuag, Bulacan Developer of economic and low-cost housing project (Bamboo Bay Community Tower 2 - Contempo Property Holdings, Inc. 324.7 100% Filipino Vertical) in Hernan Cortes, Subangdaku, Mandaue City Developer of economic and low-cost housing project (Bamboo Bay Community Tower 3 - Contempo Property Holdings, Inc. 336.5 100% Filipino Vertical) in Hernan Cortes, Subangdaku, Mandaue City

72% Filipino Developer of economic and low-cost housing project (Marina Spatial - Marina Town Bldg., Filinvest Land, Inc. 401.1 28% A - Vertical) in Brgy. Piapi, Dumaguete City, Negros Oriental Singaporean 72% Filipino Developer of economic and low-cost housing project (8 Spatial Davao Bldg. 3 - Vertical) in Filinvest Land, Inc. 280.4 28% Ma-a, Davao City Singaporean

72% Filipino Developer of economic and low-cost housing project (8 Spatial Davao Bldg. 4 - Vertical) in Filinvest Land, Inc. 287.1 28% Ma-a, Davao City Singaporean Developer of economic and low-cost housing project (The Diamond Heights - Horizontal) in GCW9 Land, Inc. 360.0 100% Filipino Brgy. Communal, Buhangin District, Davao City Developer of economic and low-cost housing project (Kelsey Hills II - Horizontal) in San Jose Kirkwood Development Corporation 598.6 100% Filipino del Monte, Bulacan Developer of economic and low-cost housing project (Windsor Heights - Horizontal) in Brgy. McGregor Development Corporation 259.6 100% Filipino Mabuhay, General Santos City Developer of economic and low-cost housing project (Field Residences Building 5 - vertical) SM Development Corporation 903.6 99.95% Filipino in Las Pinas City Expanding developer of economic and low-cost housing project (Vine Residences Phase 2 - SM Development Corporation 1,160.7 99.95% Filipino Towers 1 & 2 - Vertical) in Novaliches, Quezon City Developer of economic and low-cost housing project (Vine Residences Phase 3 - Tower 5 - SM Development Corporation 575.5 99.95% Filipino Vertical) in Novaliches, Quezon City

Developer of economic and low-cost housing project (Spring Residences Phase 2 (Tower 3) - SM Development Corporation 701.2 99.95% Filipino vertical) in West Service Road, Brgy. Sun Valley, Paranaque City

Developer of economic and low-cost housing project (Spring Residences Phase 2 (Tower 4) - SM Development Corporation 630.7 99.95% Filipino vertical) in West Service Road, Brgy. Sun Valley, Paranaque City Developer of economic and low-cost housing project (Solana Frontera - Horizontal) in Brgy. Solanaland Development Inc. 466.0 100% Filipino Sapa Libutad, Angeles City Sr. Sto. Niño de Cebu Resources and Developer of economic and low-cost housing project (Avant Garde Residences Batch II & III - 159.4 100% Filipino Development Corp. Horizontal) in Brgy. San Roque, Sto. Tomas, Batangas 91% Filipino Developer of economic and low-cost housing project (Tiffany Village-Horizontal) in Brgy. 9% Chinese St. Francis Square Land, Inc. 174.8 Makiling, Calamba City PROC and British Developer of economic and low-cost housing project (San Francisco Heights Phase 1 - Stateland, Inc. 218.4 99.89% Filipino Horizontal) in Brgy. Palo Alto, Calamba, Laguna Taft Property Venture Development Developer of economic and low-cost housing project (Symfoni Kamias - Vertical) in East 313.0 100% Filipino Corp. Kamias, Quezon City Developer of economic and low-cost housing project (Prima Clove Tanza Phase 1A - Tanza Properties I, Inc. 514.4 100% Filipino Horizontal) in Brgy. Tanauan, Tanza, Cavite

Developer of economic and low-cost housing project (Prima Clove Tanza Phase 1B - Tanza Properties I, Inc. 254.6 100% Filipino Horizontal) in Brgy. Tanauan, Tanza, Cavite

TRANSPORT SERVICES Domestic shipping operator (Oil Tanker Vessel - MTC Guijo 2,993 GT) - homewharf Sto. Molave Tanker Corporation 289.6 100% Filipino Tomas, La Union Domestic shipping operator (Oil Tanker Vessel - MTC Aila 1 2,112 GT) - homewharf Sto. Narra Tanker Corporation 93.5 100% Filipino Tomas, La Union STORAGE AND WAREHOUSING Operator of cold storage and blast freezing facilities in AFP-RSBS, Km 12, East Service Road, One Stop Warehousing Solutions, Inc. 920.0 100% Filipino Taguig City TOTAL 35,709.55

Philippine ANALYST BUSINESS May-June 2017 101 BUSINESS

PEZA APPROVED PROJECTS -1ST Quarter 2017 Equity INDUSTRY ACTIVITY ZONE Local/Foreign APPAREL AND TEXTILE MANUFACTURES ANGELES INDUSTRIAL SCREEN PRINTING Engage in Screen Printing Services for leatherware products 99.8% - British Angeles Industrial Park - SEZ INC. 89% - Filipino HAMLIN INDUSTRIAL CORPORATION Production of brew bags Golden Mile Business Park - SEZ 11% - Chinese

99% - Taiwanese HATQUARTER INC. Manufacture of hats, caps, and headwear Mactan Economic Zone II - SEZ 1% - Filipino

99.99% - British Virgin YTY DIGITAL PRINT CORP. Engage in printing of fabrics Mactan Economic Zone Islander

AUTOMOTIVE TRADE Manufacture of automobile parts and components for Original DENSO PHILIPPINES CORPORATION 99.99% - Singaporean Carmelray Industrial Park I - SEZ Equipment Manufacturer (OEM) Manufacture of turbocharger parts such as Sand Inner Mold YN PRODUCTS PHILIPPINES CORP. 99.98% - Japanese Greenfield Automotive Park - SEZ (SIM) Assembly and Center Block CHEMICAL AND CHEMICAL PRODUCTS

PHILIPPINE LICHENG NEW MATERIALS CORP. Manufacture/processing of Sodium Tungstate 100% - Chinese Victoria Wave - SEZ Retrieval and recycling of solder dross to produce solder bars SOLDERCOAT NARITA PHILS. INC. 99.99% - Japanese Laguna Technopark - SEZ and wires

ELECTRICITY, WATER, AND GAS

FIRST GEN ENERGY SOLUTIONS INC. Authority to supply electricity 100% Filipino First Philippine Industrial Park - SEZ

FIRST GEN ENERGY SOLUTIONS INC. Authority to supply electricity 100% - Filipino Gateway Business Park - SEZ

ABOITIZ POWER DISTRIBUTED ENERGY, INC. Develop, operate and manage solar energy generation system 100% - Filipino Lima Technology Center - SEZ

ELECTRONICS Manufacturing and processing of Universal Bus Transceiver IC's AUTOMATED TECHNOLOGY (PHIL.) INC. 100% - Caymanian Light Industry & Science Park I - SEZ "TSSOP" devices DYSON ELECTRONICS PTE. LTD. - Manufacture of V9 Dyson Digital Motor and V9 Supersonic 100% - Singaporean Carmelray Industrial Park II - SEZ PHILIPPINE BRANCH hairdryer

98.12% - Filipino IONICS EMS, INC. Server (Repair and Upgrading) Light Industry & Science Park I - SEZ 1.88% - Mixed

Manufacture of power transformer including accessories for KTECHNOLOGY, INC. 99.99% - Korean Cavite Economic Zone electronic appliances Manufacture/assembly of printed circuit boards, electronics MOBILECYCLE TECHNOLOGIES INC. 100% - Filipino Laguna Technopark - SEZ and semiconductor parts PENIEL VISION INC. Manufacturing of current transformers 99.8% - American Cavite Economic Zone

Manufacturing and assembly of telecommunication devices and Calamba Premiere International R12 EMS PHILS., INC. 99.99% - Korean equipment known as 2-way Radio Park - SEZ

SANAC PHILIPPINES, INC.. Manufacture/assembly of wire harness 99.99% - Japanese First Cavite Industrial Estate - SEZ SUMI PHILIPPINES WIRING SYSTEMS Manufacture of Automotive Wires (AVSS, CIVUS, CHUSR) 100% - Japanese Hermosa Ecozone Industrial Park CORPORATION

VCM (Voice Coil Motor) also known as Auto Focus Holder, Voice TDK PHILIPPINES CORPORATION 99.99% - Japanese Laguna Technopark - SEZ Coil Actuator & Optic Image Stabilizer and its related parts

TOSHIBA INFORMATION EQUIPMENT Engineering and design services 99.99% - Japanese Laguna Technopark - SEZ (PHILIPPINES), INC. FOOD AND BEVERAGE MANUFACTURES

Engage in the Processing of Various Food Products, such as Oil, Brooke’s Point Agro-Industrial CARDINAL AGRI PRODUCTS, INC. 99.99% - Filipino Powder/Non-Wheat Flour, Juice and Non-Dairy Milk Economic Zone

Sarangani Economic Development DOLE PHILIPPINES, INC. To include the operation of a Cannery Drum Plant 99.99% - Singaporean Zone - SEZ SRC Allah Valley Economic DOLE PHILIPPINES, INC. Upper Valley Cannery Expansion 99.99% - Singaporean Development Zone Manufacture of Coconut Cream, Coconut Butter, Coconut Candelaria Agri Special Economic PRIMEX COCO PRODUCTS, INC. Concentrate, Coconut Oil with Butter Flavor and Coconut Oil 100% - Filipino Zone Peppermint Flavor IT AND IT-ENABLED SERVICES

SEIHA ENGLISH NETWORK PHILIPPINES INC. Online English Tutorial services 99.97% - Japanese FLB Corporate Center

Research and development of automation - related solutions ADVANCED WORLD SOLUTIONS, INC. in automotive and HMI devices; solutions related to data 99.99% - Japanese ATC BPO 1 analytics and IoT (Internet of Things); and mobile applications

Philippine ANALYST BUSINESS May-June 2017 102 BUSINESS

MACHINERY AND EQUIPMENT Calamba Premiere International GLOWINGPOINT MATERIALS, INC.. Manufacture/assembly of factory hand push cart 99.999% - Korean Park - SEZ 98% - Korean Calamba Premiere International NAURI MANUFACTURING CORP. Manufacture of Deep Fryer Machine 2% - Filipino Park - SEZ TSUKASA ELECTRIC PHILIPPINES INC. Manufacture of Intercom (B-COM) 99.99% - Japanese First Philippine Industrial Park - SEZ

METAL INDUSTRIES

Engage in fabrication of aerial platform parts, cutting machine ARIGIS PHILS INC. 99.99% - Japanese Greenfield Automotive Park - SEZ parts, machine tool parts and other related products FIRST CALAMBA WAKO PHILIPPINES Fabrication, assembly, manufacture of cement board and 100% - Japanese Carmelray Industrial Park II - SEZ CORPORATION stainless steel products KEDICA PHILIPPINES CORPORATION Engage in Chemical Cleaning and Passivation Services 99.99% - Japanese First Philippine Industrial Park - SEZ

Manufacture of dies, molds, jigs, components, parts and accessories; 2) design of dies, molds, jigs prototypes; and KYOEI DIETECH PHILIPPINES, INC. 99.99% - Japanese Greenfield Automotive Park - SEZ 3) repair, modificaton & maintenance of dies, molds, jigs, components, parts and accessories

PHILIPPINE ASSOCIATED SMELTING & 69% - Filipino Leyte Industrial Development Estate Blended Copper Concentrates REFINING CORPORATION (PASAR) 31% - Dutch - SEZ Manufacture of steel doors and jambs and other similar metal UNIDOOR SYSTEMS, INC. 100% - Filipino Light Industry & Science Park IV - SEZ products MISCELLANEOUS MANUFACTURES

ANGELES ALLIANCE LEATHERWARE INC. Manufacture of handbags/ladies bags 99.8% - British Angeles Industrial Park - SEZ

EPOLEM PHILIPPINES CORP. Manufacture of footwear 99.97% - Chinese First Cavite Industrial Estate - SEZ

WU KONG (S) PTE., LTD. (PHIL. BRANCH) Manufacture of Anti-Reflective (AR) coated/painted glass 100% - Singaporean Cavite Economic Zone II

KTM ASIA MOTORCYCLE MANUFACTURING, 66% - Filipino Manufacturing and assembly of KTM motorcycles Laguna Technopark - SEZ INC. 34% - Austrian

OFFSHORING AND OUTSOURCING

24/7 CUSTOMER PHILIPPINES, INC. Customer life cycle management services 99.99% Caymanian McKinley West

24-7 INTOUCH PH Business Process Outsourcing (BPO) and call center operations 100% - Canadian UP Town Corporate Center

24-7 INTOUCH PH Business Process Outsourcing (BPO) and call center operations 100% - Canadian Araneta Cyber Park

ACCENTURE, INC. Software development 99.99% - Dutch Uptown Bonifacio

ACCENTURE, INC. Business process outsourcing (BPO) services 99.99% - Dutch Filinvest Cebu Cyberzone AFFINION INTERNATIONAL PHILIPPINES, Business process outsourcing (BPO) services 99.99% - American W Fifth Avenue CORP. BLACKPOINT IT SERVICES PHILIPPINES, INC. Business process outsourcing (BPO) services 99.99% - Canadian Uptown Bonifacio

BLUEBERRY DIGITAL LABS PH INC. Software development services 99.92% - Indian FLB Corporate Center

50% - American COMMERCIALREACH INC. Call center and service provider support center Maria Cristina Building 50% - British

CONVERGYS PHILIPPINES INC. Call center operations 97.2% - Dutch Eton Centris

COTOHA PHILIPPINES INC. Business Process Outsourcing (BPO) and call center operations 99.9% - Japanese Twenty-four Seven McKinley

ECLARO BUSINESS SOLUTIONS INC. Business process outsourcing (BPO) services 99.99% - American One Felicity Center

96% - Australian Neutrinus Information Technology EMAPTA VERSATILE SERVICES INC. Business process outsourcing (BPO) services 3% - Filipino Center 1% - Japanese IT-enabled export servicesonboarding, learning & development, HR systems and people reporting, procurement ERNST & YOUNG GLOBAL SERVICES of goods and services, real estate and events, finance & 99.99% - Dutch McKinley Hill Cyberpark (PHILIPPINES) INC. accounting support services relating to transactions and reporting EYA GTH MANILA, INC. IT-enabled support services 100% - Filipino Cyberscape Beta

EYA GTH MANILA, INC. IT-enabled support services 100% - Filipino McKinley Hill Cyberpark

GLOBAL CONTRACTOR MANAGEMENT Business process outsourcing (BPO) services 100% - American Philamlife I.T. Tower SOLUTIONS PTY. LTD. - PHILIPPINE BRANCH

H.I.S. GLOBAL BUSINESS, INC. Provide non-voice services 99.99% - Japanese 2251 IT Hub

HARTMAN BUSINESS SOLUTIONS, INC. Business process outsourcing (BPO) services 99.99% - Dutch Damosa I.T. Park

85% - American IMGDECK INC. Business process outsourcing (BPO) services CBP-IT Park 15% - Filipino

Philippine ANALYST BUSINESS May-June 2017 103 BUSINESS

71% - American INTERNATIONAL SYSTEMS RESEARCH CEBU Quality assurance support, software development and other 15% - Filipino Cebu I.T. Tower CORPORATION innovative solutions 13% - Japanese

K8 APPLIED INNOVATION, INC. IT, Marketing, Administrative and Engineering Services 99.99% - American E-Square I.T. Park Outsourced marketing, customer service, outsourced billing KKH PHILIPPINES TECHNOLOGY AND and billing information services, outsourced contract- 99.99% - Filipino Cebu I.T. Park INFORMATION SERVICE INC. management services 92% - Hong Kong KMC MAG SOLUTIONS, INC. Business process outsourcing (BPO) services 6% - American E-Square I.T. Park 2% - Filipino

IT-enabled customer support services such as email and voice, LIZARDBEAR TASKING INC. 99.8% - American Anonas LRT City Center photo-enhancing and other support services

MXGLOBAL INC. Business process outsourcing (BPO) services 100% - Filipino

NEARSOL PHILIPPINES, INC. Business process outsourcing (BPO) and call center operations 99.99% - American Iloilo Business Park

NEC TELECOM SOFTWARE PHILIPPINES, INC. Development and integration of embedded software 100% - Filipino E-Square I.T. Park

NETSUITE (PHILIPPINES) INC. Shared service center and customer support contact center 99.99% - American E-Square I.T. Park ORCHID CYBERTECH SERVICES, Information Technology (IT) and call center operations 100% - Australian Robinsons-Equitable Tower INCORPORATED Bbusiness of processing and verifying versions of newspapers PRESSREADER PH INC. 99.99% - Canadian 2251 IT Hub and magazines Registration of its additional IT-enabled and Business Process PROBEGROUP PHILIPPINES, INC. 99.99% - Australian Philplans Corporate Center Outsourcing Services PROBEGROUP PHILIPPINES, INC. Business process outsourcing (BPO) and call center operations 99.99% - Australian 2251 IT Hub

PROVIEW GLOBAL ADMINISTRATION INC. Engage in IT-enabled services 99.99% - American Hanston Square

PROVIEW GLOBAL ADMINISTRATION INC. BPO Management and shared Services 99.99% - American Hanston Square 95% - Dutch QUALFON PHILIPPINES, INC. Provision of Customer Contact Center services Cebu I.T. Park 5% - Costa Rican QUALIFY ME CORPORATION Outsourced customer support services 99.99% - Australian Condominium

RMS COLLECT PHILS. INC. Business Process Outsourcing and Technology enabled services 99.99% - American Iloilo Business Park

90% - British ROCCATECH PHP INC. Software Development and Website Application Tower 6789 10% - Filipino ROCOCO GLOBAL TECHNOLOGIES Call center services 99% Japanese Cebu I.T. Tower CORPORATION 34% - Belgian 29% - Australian SHORE SOLUTIONS, INC. Call center operations, IT Services and Back Office BPO 27% - British EDSA Central I.T. Center 10% - Canadian and Filipino

STELLAR PHILIPPINES, INC. Call center operations 99.99% - Filipino Cebu I.T. Park Business Process Outsourcing - Knowledge Process Outsourcing TELEPHONE SUPPORT - TELSU 60% - Bangladeshi (KPO), Inbound Outbound Customer Service, Back Office Abanao Square INCORPORATED 40% - Filipino Support TMX PHILIPPINES, INC.. Call center activities and BPO/shared service operations 99.99% - Dutch Mactan Economic Zone

VIRTUS LOGIC CONSULTING AND SERVICES 80% - Japanese Business process outsourcing (BPO) services INC. 20% - Filipino

WEST CONTACT SERVICES, INC. Call center operations 99.97% - American Building

WIPRO BPO PHILIPPINES LTD. INC. Business Process Outsourcing (BPO) and call center operations 99.99% - Cypriot GAGFA IT Center

WIPRO BPO PHILIPPINES LTD. INC. Service desk and IT local support services 99.99% - Cypriot Eastwood City Cyberpark

WIPRO BPO PHILIPPINES LTD. INC. Service desk and IT local support services 99.99% - Cypriot Ecotower WNS GLOBAL SERVICES PHILIPPINES, INC. Call center operations 99.99% - Dutch Northgate Cyberzone

WNS GLOBAL SERVICES PHILIPPINES, INC. Call center operations 99.99% - Dutch Iloilo Business Park XEROX BUSINESS SERVICES PHILIPPINES, Business process outsourcing (BPO) services and call center 99.982% - Dutch CBP-IT Park INC. operations

YUENTHAI APPAREL DEVELOPMENT Business process outsourcing (BPO) and knowledge/transaction 99.99% - British Virgin Mactan Economic Zone PHILIPPINES INC. process services Islander

OTHER BUSINESS SERVICES Provide drawings and specifications using computer-enabled KOBELCO MACHINERY PHILIPPINES INC. 99.99% - Singaporean 2251 IT Hub support services Engage in development and sale of 3D art content including PIXELMAFIA CORP. 99.7% - Hong Kong One Corporate Centre art, design and code content

Philippine ANALYST BUSINESS May-June 2017 104 BUSINESS

70% - Filipino UNIVESTA CREATIVES INT'L. CORPORATION Online advertising Northgate Cyberzone 30% - American

PAPER AND PAPER PRODUCTS

60% - Filipino ECOPACK INDUSTRIAL PACKAGING CORP. Manufacture of industrial packaging products 35% - British Suntrust Ecotown Tanza 5% - Chinese

Engage in the production of Paper Coffee Cups and allied Calamba Premiere International TMA GROUP PHILIPPINES INC. 99.99% - Australian products Park - SEZ PUBLISHING AND PRINTING

BLOSSOM PRINTING INDUSTRIAL Engage in the production of printing parts such as Labels, 99.99% - Chinese Laguna Technopark - SEZ PHILIPPINES INC. Model Name Plates, Logos and other similar products

REAL ESTATE ANFD PROPERTY DEVELOPMENT BIGLIFT PROPERTIES AND DEVELOPMENT Registration of its additional (two) 2 units warehouse buildings 100% - Filipino Hermosa Ecozone Industrial Park CORPORATION 99.5% - British Virgin CAYON HOLDINGS, INC. Registration of its additional three (3)-storey factory building Laguna Technopark - SEZ Islander Cavite Technopark-Special Economic FIRST INLAND KINGDOM REALTY CORP. Construction of a factory/warehouse building 100% - Filipino Zone FPIP PROPERTY DEVELOPERS AND Registration of its additional warehouse facility (RBF-V) 100% - Filipino First Philippine Industrial Park - SEZ MANAGEMENT CORPORATION Registration of its additional warehouse facility, particularly Cavite Technopark-Special Economic FTA HOLDINGS, INC. 100% - Filipino the 1-unit, 3 bays Zone IDEALUXE CORPORATION A proposed 10-storey office building to be known as Lumina II 100% - Filipino Pueblo de Oro I.T. Park Registration of its additional warehouse building (IPMC 11 INTERZONE PROPERTY MANAGEMENT CORP. 100% - Filipino Mactan Economic Zone Building) Cavite Technopark-Special Economic J.Y. AND SONS REALTY CO., INC. Construction of 2-unit warehouse facility 100% - Filipino Zone Operate and maintain a 10-storey office building to be known JANCOT FIEMA INCORPORATED 100% - Filipino Pueblo de Oro I.T. Park as Lumina I MACROBLOCKS REALTY CORPORATION Construction of a factory/warehouse building 100% - Filipino Lima Technology Center - SEZ NITSUGA REALTY AND DEVELOPMENT Operate, and maintain 3 units factory/warehouse buildings 100% - Filipino Light Industry & Science Park IV - SEZ CORPORATION NUBE STORAGE SYSTEMS INCORPORATED Construction of 3 factory/warehouse buildings 100% - Filipino Alviera Industrial Park PANORAMA PROPERTY VENTURES Registration of its additional 4-unit warehouse facilities 100% - Filipino Light Industry & Science Park III - SEZ INCORPORATED PANORAMA PROPERTY VENTURES Registration of its additional four (4) units warehouse facilities 100% - Filipino Light Industry & Science Park III - SEZ INCORPORATED

60% - Filipino PHILIPPINE D S G REALTY CORPORATION Operate, and maintain 2 units factory/warehouse buildings Hermosa Ecozone Industrial Park 40% - Chinese

VISAYAS LAND REALTY SOLUTIONS INC. Construction of 1-storey factory/warehouse building 100% - Filipino Mactan Economic Zone

RECYCLING AND WASTE MANAGEMENT

Assembling, disassembling, packaging, sorting, destructing, transporting, crushing, classifying and segregating of scrap SEMICYTECH, INC. 99.88% - Korean Laguna Technopark - SEZ materials; temporary storage, transport and shipment of hazardous materials

RUBBER AND PLASTIC PRODUCTS

ATOMED CEBU, INC. Manufacture of Neocot Products and Molded Parts 100% - Japanese Mactan Economic Zone II - SEZ

BROMAKE PHILIPPINES CORPORATION Engage in Processed EPE (Expanded Polyethylene) Production 99.99% - Hong Kong First Philippine Industrial Park - SEZ Calamba Premiere International CRONICS, INC. Manufacture of mold including repair 99.99% - Korean Park - SEZ FUJIMOLDPHILIPPINES INC. Fabrication, Processing and Modification of Mold Tool and Steel 100% - Japanese Light Industry & Science Park III - SEZ

LAGUNA DAI-ICHI, INC. Card Key project 99.86% - Singaporean Laguna Technopark - SEZ

Manufacturing of packaging materials for commercial and 67% - Filipino MACEN WRAPPING AND PACKAGING CORP. Lima Technology Center - SEZ industrial use 33% - Japanese PHILIPPINE THERMOTECH MANUFACTURING Manufacture of plastic packaging products through vacuum 99.99% - Japanese Light Industry & Science Park III - SEZ CORP. forming Manufacture of extruded plastic sheets in roll form, slitted; VITALO PACKAGING INTERNATIONAL, INC. 99.99% - Thai Laguna Technopark - SEZ and precision die cuts 85% - Chinese XUDONG PHILIPPINES INC. Design, repair and maintenance of plastic injection mold Cavite Economic Zone 15% - Japanese Manufacture of Thermoplastic Road Marking Material and YENG HSINGH - PHILIPPINE BRANCH 100% - Taiwanese First Philippine Industrial Park - SEZ Reflective Aggregate for Road Marking

Philippine ANALYST BUSINESS May-June 2017 105 BUSINESS

STORAGE AND WAREHOUSING

BROMAKE PHILIPPINES CORPORATION. EWarehousing operation and logistics management 99.99% - Hong Kong First Philippine Industrial Park - SEZ Phividec Industrial Estate-Economic JACOBI CARBONS PHILIPPINES INC.. Warehousing/logistics support services 99.99% - Swedish Zone KOBELCO COMPRESSORS IMPORTER Warehousing/logistics support services 99.96% - Filipino Laguna Technopark - SEZ PILIPINAS, INC. TECHLOG CENTER PHILIPPINES Warehousing/logistics support services 100% - American Carmelray Industrial Park II - SEZ

60% - Filipino 22% - Australian TT GLOBAL GROUP SOLUTIONS CORP.. Warehousing services Carmelray Industrial Park II - SEZ 9% - Pakistani 9% - Chinese

V-TECH TRADING LOGISTICS 60% - Filipino AND SERVICES CORP. Warehousing/logistics support services 20% - Taiwanese Cavite Economic Zone 20% - Malaysian

Philippine ANALYST BUSINESS May-June 2017 106 BUSINESS

FOREIGN DIRECT INVESTMENT BUSINESS CLIMATE INDEX Balance of Payments Concept*; JANUARY-MARCH 2017 LEVEL (US$ million) FDI: BOP CONCEPT YEAR-AGO YEAR-ON-YEAR CURRENT US$ Million LEVEL (% CHANGE) 1200

TOTAL FDI 1,559.6 1,337.0 16.6 1000 800 Equity Capital 100.5 549.6 )81.7( 600 Reinvested Earnings 193.2 181.0 6.7 400 Debt instruments 1,265.8 606.4 108.8 200 0 * The BSP adopted the Balance of Payment, 6th edition (BPM6) compilation framework effective 22 -200 March 2013 with the release of the full-year 2012 and revised 2011 BOP statistics. In BPM6, net FDI flows refer to non-residents’ equity capital (i.e., placements less withdrawals) + reinvestment of -400 earnings + debt instruments, net (i.e.,net intercompany borrowings). -600 J'14 M M J S N J'15 M M YEAR- INDUSTRIAL PERFORMANCE DATA YEAR-TO- ON-YEAR (2000=100) APRIL 2017 (INDEX) DATE GROWTH MOTOR VEHICLE SALES 2017 MAY 2017 Volume of Production Index (VoPI) 135.5 5.9 -2.7 YEAR-AGO GROWTH RATE )(2000=100 CURRENT LEVEL (%) a. Food 157.2 11.0 16.6 MOTOR VEHICLE SALES 35,469 30,317 17.0 b. Beverage 130.6 -1.8 -6.8 PASSENGER CAR SALES 11,690 10,893 7.3 c. Tobacco 6.4 10.0 -27.6 d. Textile 26.0 -23.9 -31.3 COMMERCIAL VEHICLE SALES 23,779 19,424 22.4 e. Footwear and Wearing Apparel 33.7 21.8 15.7 f. Wood and Wood Products 62.3 1.7 13.0 UNIVERSAL AND COMMERCIAL BANK'S -MARCH 2017 g. Furniture & Fixtures 1008.4 76.9 43.5 LOANS OUTSTANDING TO THE REAL ESTATE SECTOR (P Bn) % to Total RE % to Total RE h. Basic Metals 224.3 28.5 13.7 Mar-17 Mar-16 loan loan i. Iron and Steel 179.3 45.4 5.5 Residential 322.9 24.5 266.1 24.6 j. Non-ferrous Metals 320.8 7.4 22.9 Commercial 994.85 75.5 817.78 75.4 k. Fabricated Metal Products 464.3 95.6 60.6 l. Machinery Excluding Electrical 54.0 -10.2 -7.4 m. Electrical Machinery 100.1 -3.7 -2.8 n. Transport Equipment 174.2 23.8 16.0 o. Other Mfg Industries 89.6 -22.8 -7.2 p. Paper & Paper Products 110.9 36.6 21.6 q. Publishing & Printing 135.8 8.9 -5.6 r. Leather Products 0.8 14.3 10.1 s. Rubber Products 262.0 1.0 6.2 t. Chemical Products 140.5 -33.5 -52.5 u. Petroleum Products 49.0 51.7 16.6 v. Non-Metallic Mineral Products 146.3 5.5 13.1 w. Glass & Glass Products 137.0 9.8 46.8 x. Cement 210.0 19.4 23.1 y. Misc. Non-Metalic Mineral Products 43.0 -9.0 -11.7 VALUE OF PRODUCTION INDEX (VAPI) 179.1 3.7 -3.2 )(2000=100 AVERAGE CAPACITY UTILIZATION 83.7 -16.3 83.7

Philippine ANALYST BUSINESS May-June 2017 107 BUSINESS BUSINESS CLIMATE INDEX STRIKES IN MAY 2017 LABOR STRIKES (MAY 2017) One work stoppage was recorded in May. Meanwhile, there were a total of 95 notices of strike/lockouts handled during the period. MAN-DAYS LOST STRIKES DECLARED WORKERS INVOLVED (000)

2017 2016 2017 2016 2017 2016 JAN - - - - 120,348 - FEB 1 - 214 - 18,554 - MAR 1 - 138 - 16,668 -

STRIKES DECLARED APR 2 - 306 - 17,192 - 3.5 MAY 1 2 263 433 20,120 82,884

3 JUN - 1 - 217 - 1,519 JUL - 2 - 146 - 14,146 2.5 AUG - 1 - 92 - 844 2 SEP - 2 - 45 - 675 1.5 OCT - 2 - 184 - 11,136

1 NOV - 3 - 134 - 3,578 DEC - 2 - 1,855 - 1,855 0.5 TOTAL 5 15 921 3,106 192,882 116,637 0 J'13 A J O J'14 A J O J'15 A J O -0.5 VISITOR ARRIVALS IN APRIL 2017 Total visitor arrivals registered in April is 565,098, up by 19.83% from 471,598 in the same month in 2016. Of this, 2.41% or 13,601 visitors were Filipinos residing abroad. Korea remained the top source of market followed by the U.S. and the China. Visitors coming from Korea amounted to 117,074 (20.72% share of the total visitors in April). MAN-DAYS LOST The U.S. market tallied 87,614 visitors (15.50%) while the Chinese market recorded 1400 74,893 visitors (13.25%).

1200

1000

800

600

400

200

0 J'13 A J O J'14 A J O J'15 A J O -200

-400

VISITOR ARRIVALS: JANUA RY-APRIL 2017 SURVEY ON MONTHLY OCCUPANCY RATE & LENGTH OF STAY COUNTRY 2017 2016 CHANGE % RANK Jan to Dec Jan to Dec Growth Rate

KOREA 557,939 481,596 15.85 1 2015 2014 2015/2014

USA 345,711 303,951 13.74 2 De Luxe Hotels CHINA 315,247 238,523 32.17 3 Occupancy Rates 71.60 71.11 0.69 JAPAN 211,123 183,620 14.98 4 Length of Stay 2.71 2.74 -0.79 AUSTRALIA 93,254 88,496 5.38 5 First Class Hotels TAIWAN 86,214 71,656 20.32 6 Occupancy Rates 59.09 58.83 0.44 CANADA 80,593 68,288 18.02 7 Length of Stay 2.19 2.14 2.42 UNITED KINGDOM 68,188 63,039 8.17 8 Standard Hotels SINGAPORE 54,290 61,033 -11.05 9 Occupancy Rates 62.51 63.96 -2.27 MALAYSIA 47,250 48,835 -3.25 10 Length of Stay 2.42 2.52 -3.81 HONGKONG 38,182 41,874 -8.82 11 Economy Hotels GERMANY 37,597 35,639 5.49 12 Occupancy Rates 60.14 59.73 0.69 OVERSEAS FILIPINO 52,095 73,556 -29.18 Length of Stay 1.57 1.65 -4.85 OTHERS 362,297 313,745 15.47 TOTAL 2,351,997 2,075,867 13.30 Overall Average 66.95 67.21 -0.39

Philippine ANALYST BUSINESS May-June 2017