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P00-49 TWF ASEAN 2017.Indd CUSTOM INVESTMENT GUIDE 13-15 NOVEMBER 2017 ASEAN SUMMIT 2017 PHILIPPINES 50 YEARS OF REGIONAL INTEGRATION THE ASEAN REACHES HALF A CENTURY OF REGIONAL INTEGRATION EFFORTS IN A SPECIFIC CONTEXT THAT HAS MADE ITS MEMBERS BECOME CLOSER EVERYDAY; ON THE OTHER SIDE JAPAN IS SET TO BE THE MAIN PARTNER OF THE ASEAN THROUGH SUSTAINABLE INVESTMENT, KNOWLEDGE TRANSFER AND INFRASTRUCTURE DEVELOPMENT FOSTER PEACE AND STABILITY, STRENGTHEN MARITIME SECURITY AND COOPERATION, PROMOTE INCLUSIVE GROWTH, PURSUE REGIONAL GROWTH WWW.THEWORLDFOLIO.COM The Worldfolio - ASEAN 2 3 The Worldfolio - ASEAN STAFF Manila Skyline Alvaro Javier Llaryora CEO Jose Antonio Santoyo Llamas Business Development Aylin Parla Project Director Lukas Kollenz Editorial Director Alejandro Ruiz Luque Editorial Associate Fabrizio Fitzgerald Farina Institutional Relations Jonathan Meaney Chief Editor Ignacio Plasencia Art Direction Eduardo Bertone Art Direction Veronica Tapia Merk Philippines Sales Representative KNOWLEDGE PARTNERS Makati Business Club & Japan Bank of International Cooperation The Worldfolio - ASEAN 4 TABLE OF CONTENTS 7 ‘Dutertenomics’: 14 ASEAN: 23 Philippines set to Building sustainable and Celebrating 50 years of progress become Japan’s prime partner inclusive growth and achievements in ASEAN 34 Cagayan Special 45 Building a thriving 50 ‘The golden age Economic Zone and Freeport eyes agro-industry of infrastructure’ massive expansion 63 A three-point plan 66 No longer a mere contract 72 Tourism arrivals to reach for ICT electronics a record 7m this year 5 The Worldfolio - ASEAN A MESSAGE FROM THE PRESIDENTIAL COMMUNICATIONS OPERATIONS OFFICE OF THE REPUBLIC OF THE PHILIPPINES Secretary Jose Ruperto Martin M. Andanar, Presidential Communications Operations Office Philippines Welcome to the Philippine-led initiative of pursuing the ASEAN priority of inclusive and innovative growth for the individual member nations and for the collective progress of the regional community as a whole. As Chairperson of this year’s Summit, President Rodrigo Roa Duterte, affirmed the unified voice of the ASEAN’s proven capabilities for reciprocal business and eco- nomic opportunities as it faces the global future. This publication joins our Presidential Communications Opera- tions Office in presenting to the international marketplace the investment portfolio readily available in the Philippines as well as in the ten member countries of the ASEAN. Several priori- ties serve as guides for the continuing promotion of the region’s growth. “THE ATTRACTIVE These priorities include a people-oriented, people-centered re- PROFILE OF gional group; peace and stability; maritime security and coop- OUR COUNTRY’S eration; the resiliency of each state; and the ASEAN Community INVESTMENT as a model of regionalism and as a global player. LANDSCAPE OPENS The Philippines is center-stage as it hosts the celebration of the THE AVENUES FOR 50th year of the ASEAN and as our President chairs the summit BUSINESS, TRADE, of world leaders that would include, other than the ten mem- ber countries, the leaders of Australia, Canada, China, European COMMERCE, MARKETS Union, India, Japan, New Zealand, Republic of Korea, Russia, OF TRADITIONAL AND and United States of America. NEW PRODUCTS, The attractive profile of our country’s investment landscape PARTNERSHIPS IN opens the avenues for business, trade, commerce, markets of INFRASTRUCTURE, traditional and new products, partnerships in infrastructure, ag- AGRICULTURE AND riculture and aquatic resources, and a long list of possibilities for joint and multiple ventures. The climate of stability is assured AQUATIC RESOURCES and strongly sustained by a President who is deeply loved and AND A LONG LIST OF trusted by the people. POSSIBILITIES FOR We commend Worldfolio for this special edition on the ASEAN JOINT AND MULTIPLE and the Philippines. There are discoveries and dimensions we VENTURES” can reach through the stories that this issue would tell; and we are confident that our regional association would be the homog- enizing force in the economic world forum of finance masters. The Philippines and the ASEAN are the futures we are express- ing today as we write. Receive both my personal and official con- gratulations for this special publication. The Worldfolio - ASEAN 6 A MESSAGE FROM MAKATI BUSINESS CLUB EDGAR O. CHUA, Chairman With a sustained high rate of economic growth and its successful leadership in hosting this year’s Associa- tion of Southeast Asian Nations (ASEAN) meetings, the Philippines is demonstrating its capacity to become a significant contributor to the global economy. It is fast realizing its growth potential as the Philippine gov- ernment strategically targets and implements game- changing reforms hinged on the tenets of globalization, healthy competition and free trade and truly inclusive growth that will bring prosperity to all. We are, therefore, pleased to support this special Worldfolio publication, a timely report presenting the vital elements that nurture the economic vibrancy of “THIS PUBLicatiON the Philippines, and the many opportunities this coun- try offers to potential investors and trading partners. OFFERS VALUABLE INSIGHTS FROM TOP Our young, well-trained and English-speaking work- BUSINESS EXECUTIVES force, our rich natural resources, the rising consumer demand, and our innovation-driven mindset make the WHO EXAMINED NOT Philippines an increasingly attractive investment des- ONLY THE ADVANTAGES tination in Asia. And through this report, we hope to OF INVESTING IN encourage foreign investors to consider doing busi- ness in the Philippines, particularly in growth areas THE PHILIPPINES outside Metro Manila where talent and resources are BUT LIKEWISE abundant. PRESENT THE REAL Finally, this publication offers valuable insights from CHALLENGES faced top business executives who examined not only the BY THEIR RESPECTIVE advantages of investing in the Philippines but likewise INDUSTRIES AND present the real challenges faced by their respective industries and sectors, and how these are being ad- SECTORS” dressed through the implementation of the govern- ment’s 10-point socioeconomic plan that is fully sup- ported by the business community. To the companies seeking to expand their presence in Asia, we hope this report will be a valuable source of knowledge to you. 7 The Worldfolio - ASEAN Dutertenomics 'DUTERTENOMICS' BUILDING SUSTAINABLE AND INCLUSIVE GROWTH The Filipino government is set to transform the nation through its 10-point economic agenda and by opening up the country to more foreign direct investment Since assuming office in June 2016, the cent in 2016, the highest figure recorded to the government’s infrastructure plan, new Filipino government under Presi- in the ASEAN region. says Cecilia C. Borromeo, President and dent Rodrigo Duterte has been working Several new special economic zones CEO of the Development Bank of the towards achieving the objectives set out are also being built as further a draw for Philippines. “The success of the admin- in its roadmap to build sustainable and in- Japanese investors looking to use the istration’s infrastructure program largely clusive growth, known as the ‘0+10-Point Philippines as a gateway to tap the grow- rests on it, as it will be funded mainly by Socioeconomic Agenda’. ing ASEAN market. Strengthening ASEAN revenue gains from the tax reform.” The Agenda comprises ten pillars, regional integration, therefore, is anoth- President Rodrigo Duterte has or points, which include: maintaining er important factor for the government, pledged to pour $180 billion into infra- current fiscal, monetary, and trade poli- which, during its Chairmanship of ASEAN structure development during his six- cies; instituting progressive tax reform; in 2017, is promoting unity with and among year tenure, which the government has increasing competitiveness and the ease the member states and its global partners. dubbed the “The Golden Age of Infra- of doing business; increasing infrastruc- One of the main goals is for the structure”. ture spending to account for 5 percent Duterte administration is reducing the “For the last 30 years, no more than of GDP; and investing in human capital poverty rate from the current 22 percent 3 percent of the GDP was spent on infra- development to meet the demands of the to 14 percent by 2022. structure – a reason for the evident con- private sector. “Our major anti-poverty tool is going gestion in the country. This is an issue that The government also aims to open to be investment in infrastructure, and I must be addressed before investors get up its economy to boost foreign direct am not only talking about physical infra- discouraged to establish operations here,” investment, particularly from its regional structure. I am also talking about educa- says Benjamin Diokno, Secretary of the neighbors such as Japan and China, for tion, training, science, and technology, but Department Budget and Management. whom the Philippines is already an at- obviously physical infrastructure is what Japan is set to become a major part- tractive destination, thanks to its growing we need to primarily focus on,” says Sec- ner in the infrastructure plan. In Janu- middle class; low-priced, educated and retary of Finance Carlos Dominguez III. ary, Japanese Prime Minister Shinzo Abe English-speaking workforce; and robust The implementation of the compre- approved a one-trillion-yen aid package economic growth, which reached 6.4 per- hensive tax reform program is crucial (approx. $9 billion)
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