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Peace Accord May Bring Investment

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Peace Accord May Bring Investment 54 BUSINESSBUBUSINESSSINESS Peace accord may bring investment With the signing of the framework for a peace agreement, the Autonomous Region of Muslim Mindanao (ARMM), what is now called the Bangsamoro area, may eventually see peace restored. That, if it is, should lead to a substantial growth in investment, much of it from other Muslim countries. Agribusivness and infrastructure are expected to lead in that investment. This would pave the way for long-awaited progress in the region, but still many things need to be done as the agreement will take some years to reach a conclusive ending. ith the signing of the framework for a peace agreement, the Bangsamoro area may see peace restored but Wrealistically not for some time yet as some factions within the Muslim community remain unconvinced. Achieving tranquility in the region will require the disarming and surrendering of 12,000 MILF rebels to the government, which is one of the mandates of the framework. This will not come easily. The considerable autonomy given by the preliminary framework, which is what the Muslim leaders had been longing for for years, strengthens the possibility of the restoration of peace in the region. The Aquino administration is optimistic that the new peace accord will not be a failed experiment similar as the Autonomous Region in Muslim Mindanao (ARMM) as violence, corruption, and poverty, among others, have not been curtailed. In order to achieve peace in the region, the signing of the into banana, pineapple, corn, and palm oil plantations. Felda new peace accord will need to lead to a substantial growth in Global Ventures and Berjaya, two of the largest crude palm oil investment, which has long eluded the area. Fortunately, the foreign producers in the world, have signifi ed interest in developing palm and local business communities see the peace agreement as an oil farms in the Bangsamoro region. Investments from European encouragement to bring investment into the area. Investments are companies, on the other hand, are expected to develop international expected to come initially from Muslim countries, such as United airports, which are crucial in promoting the region as a tourist Arab Emirates, Saudi Arabia, Turkey, and Malaysia. Investments destination. The government has allotted approximately P260 from Europe, which has been providing offi cial development billion to fund various infrastructure projects in the region by 2013. assistance (ODA) for a long time in Mindanao, could follow. The Many things still need to be done. Crucial amongst these government is set to infuse considerable investment in the region. is the formulation of the Annexes to the framework agreement The bulk of the investment is likely to be in the region’s as these will defi ne most of the important areas, such as power agribusiness and infrastructure sectors. Investments from the sharing, wealth sharing, transitional agreements, etc. The Muslim countries are seen to transform barren agricultural lands clauses in the framework that gives the Bangsamoro region Crucial amongst these is the formulation of the Annexes to the framework agreement as these will defi ne most of the important areas, such as power sharing, wealth sharing, transitional agreements, etc. Philippine ANALYST October 2012 BUSINESS 55 the right to have exclusive auditors, and gives power to block NUMBER OF BANKS IN PH grants and subsidies from the government should also be looked at. The inclusion of the Moro National Liberation Front (MNLF) and the Abu Sayaff is a necessary part of the peace framework – perhaps the most diffi cult part. Members of the Senate have aired their concerns on the framework, which include the inclusion of an economic package (Sen. Legarda), the control of the police force (Sen. Lacson), and the need for constitutional amendments (Sen. Santiago), among others. The completion of the peace agreement, which is by 2016, is also a primary concern as many things/events can happen in 4 years. Note: 2012 – as of the end of June. The peace deal agreement was signed between the government and the Moro Islamic Liberation Front (MILF) on October 15, BSP deputy governor Nestor Espenilla Jr. said, “The addition 2012. The agreement lays down the framework for peace in the area, recognizes that there can be situations where take over by a bank… which is seen to end the decade’s long insurgency in the region. The via acquisition of controlling shares may also have similar benefi ts peace framework indicates the replacement of the ARMM with as merger or consolidation in terms of strengthening the system.” the Bangsamoro, which will become the governing body of the The central bank began promoting mergers and consolidations region. A Transition Commission, which will be composed of 15 of banks in the early 2000’s to maintain a stable banking system members, is set to formulate the complete details of the framework. by eliminating problematic banks. The incentives that were The recent peace deal agreement between the government given then included the extension of booking the 2% provision and the MILF underscores the importance of peace and for probable loan losses, temporary relief from the net worth-to order to sustain and further improve the country’s current risk assets ratio, and a 1-year grace period to comply with the economic progress. Fitch Ratings stated that the peace deal ceiling on real estate exposure. However, some banks had chosen may boost the investment rating for the economy as a whole, the option to convert to a lower category instead of merging supporting economic growth but noted that reaching a fi nal and consolidation since it required minimal or no additional settlement will take time. Time is a crucial factor in the capital while maintaining their ownership and market identity. success of any undertaking. The more time needed to complete For the past 9 years, the number of universal, commercial, the peace agreement the more uncertain its success will be. and thrift banks have gradually decreased while the number of rural and cooperative banks have drastically declined, (see chart) in line with the central bank’s intentions. There BSP extends perks for bank acquisitions were 42 universal and commercial banks, 92 thrift banks, and 765 rural and cooperative banks in 2003. Now, there In order to maintain a healthy banking system, the Bangko are 37 universal and commercial banks, 69 thrift banks, and Sentral ng Pilipinas (BSP or central bank) has decided to 606 rural and cooperative banks as of the end of June 2012. include bank acquisitions in the coverage of incentives Speculation over the possibility of a slow down in bank mergers and consolidations due to Circular No. 771 were disregarded by granted for bank mergers and consolidations. the central bank saying that banks are effectively becoming one by buying a controlling stake. Thus, it maintains the intent of the The Bangko Sentral ng Pilipinas (BSP) Monetary Board policy. Mr. Espenilla explained, “From a supervision standpoint, has approved Circular No. 771 on October 11, which extends we look at a banking group as operating as one even though there the coverage of incentives for bank mergers and consolidations may be two or more legal entities.” Meanwhile, the Chamber of to investors who purchase and acquire a majority of the Thrift Banks has expressed its optimism about this move saying outstanding shares of stock of a bank in all levels. It means that that the ownership of banks will be pushed to expand and that banks and non-bank fi nancial institutions purchasing at least this would be a good incentive for possible “white knights”. 51% of outstanding shares can now ask the central bank for At present, one of the most prominent consolidation programs incentives similar to those provided for mergers or consolidations. is the central bank and the Philippine Deposit Insurance Corp.’s According to the Manual of Regulations for Banks (MORB), P5-billion “Strengthening Program for Rural Banks”, which the incentives that may be granted for acquisitions include: includes additional incentives such as fi nancial assistance for h Staggered booking for 5 years of unbooked valuation reserves; consolidations among large banks and small thrift and rural banks. h Exemption from the required net worth-to-risk asset ratio, and; h Exemption from the 40% foreign ownership limit, for distressed banks. Banks and non-bank fi nancial institutions purchasing at least 51% of outstanding shares can benefi t from similar incentives provided for mergers and consolidations. Philippine ANALYST October 2012 56 BUSINESS E-Trike project to boost EV industry transport sector account for 30% of the country’s pollution and comprise an estimated 80% of air pollution in Metro Manila The rising Electric Vehicle (EV) segment of the country’s according to an Asian Development Bank (ADB) report. Electric Tricycle (E-Trike) program is expected to result in Despite its considerable benefi ts, the implementation of the possible relocation or putting up of subsidiaries of top the E-Trike project is inundated by concerns on the program EV companies in the country, and increased demand for design and loan package. The importation of built-up units, locally made spare parts. Implementation of the project, which will be done during the initial phase of the project, however, is hampered by concerns in the program design is seen to rob the local tricycle industry of the supposed and loan package. benefi ts. The targeted implementation group, which are the local government units (LGUs), has been noted for biased The country’s Electric Tricycle (E-Trike) project is seen to decision-making (the awarding of E-Trike units to favored strengthen the country’s growing electric vehicle (EV) segment. constituents) and corruption (2013, an election year, is the start The Motor Vehicle Parts Manufacturers Association of the of the project implementation).
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