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Copy of Tradeexpress Layout Korean Group Builds P3b Resort In Cebu TradeExpress Asia Page 2 HELPING LEADERS MAKE THE RIGHT MOVES http://tradeexpress.wordpress.com Vol. IV No. 37 January 21-February 9, 2008 Manila, Philippines A S&P Publication OFWs lost P45b in '07; defaults on the rise By SAMUEL V. SENOREN in MANILA WORLD'S CHEAPEST AUTO IS MADE IN INDIA OVERSEAS Filipino workers racked up more than P45 billion in foreign exchange losses last year as a result of an unprecedented increase INDIA'S largest auto company, Tata Motor, has done what many experts thought was an impossible job - building a people's car at a fraction of the cost of a in the value of the peso vis-à-vis the US dollar, according to Trade Express regular sedan. After four years of research and development, Tata unveiled in estimates. January the sub-compact "Nano". The price tag: $2,500 - roughly the equivalent of about P100,000 in today's pesos. Auro industry experts say chairman Ratan The amount represented ability of the export sector to realize Tata's success in building a cheap car could revolutionize car manufacturing disposable income from about $14 a growth target of 11 percent for 2007 practices around the world. Tata Motors which has an annual turnover of more billion in OFW remittances in 2007 after rising to 14 percent the previous than $5.5 billion, is one of 80 companies in the highly diversified Tata Group. that would have spurred more year. Some analysts believe the Shown is the Nano on display near the Gate of India in Mumbai, headquarters of the Tata Group. consumer spending and fueled growth in the sector may fall short growth of small businesses of the revised target which was particularly in the provinces. originally set at 15 percent early last The local currency ended 2007 year. TAPPING SKILLED IMMIGRANTS with a parity rate of P41.40 to the The continued appreciation of dollar, up more than 18 percent from the local currency has encouraged P49 at the beginning of the year. prospective OFWs to review their Manitoba premier sets RP visit The peso’s appreciation, the options. Some plan to wait it out highest in seven years, led to a steep until corresponding adjustments in A TOP- decline in the purchasing power of cost of overseas labor are made. LEVEL OFWs, disrupting their spending The department of labor has delegation patterns during the year. reported that in 2007, slightly over from one of It also casts doubt on the (Turn to page 5) Canada’s most progressive provinces is visiting the Philippines in early Doer Desjardins Viray Georget February to promote expanded trade and the governor’s seat since 1999. sectors. Among the delegates is economic relations between the two Under Doer’s leadership, Randy Viray, president of the countries. The delegation’s visit will Manitoba’s economy has exhibited Manitoba Filipino-Canadian (Turn to page 10) run from Feb. 9 to Feb. 13. an annual growth rate higher than Business Council. The trade and investment that of Canada as a whole. They are scheduled to meet mission from the province of The Manitoba delegation will with President Arroyo and Manitoba will be personally led by be composed of about 35 officials members of her Cabinet as well Premier Gary Doer who has occupied from the government and private as with Canadian Ambassador (Turn to page 2) DA bares import quotas BoC Defers in agriculture for 2008 Security THE import volume of sensitive agricultural products will continue to be controlled by the department of agriculture this year until a new Fee Increase agreement on agriculture is reached by member-countries of the World Trade Organization. THE Bureau of Customs The list of sensitive products covers horses, swine, goats, poultry, has deferred the increase in the potatoes, corn, sugar and coffee. container security fee (CSF) which it collects on The quantitative restrictions are being implemented under a mechanism called the minimum access volume (MAV) which was drawn containerized shipments entering Philippine ports to by the Philippines and its trading partners as part of the WTO agreement several years ago. lessen the impact of the surging peso on shipping companies. The MAV allows importation of the sensitive products at specific Customs Commissioner volumes with reduced tariffs. Napoleon Morales said MAV Executive Director Bernie Fondevilla announced that the MAV however that the additional fee for 2008 will be as follows: live horses, asses, mules and hinnies - 57 will be imposed as soon as head; live swine - 2,570 head; live sheep and goats - 82,290 head; live economic conditions allow it. poultry - 9,513,540 head; meat of swine, fresh, chilled or frozen - 54,210 metric tons; meat of sheep and goats, fresh, chilled or frozen - 1,120 MT; The CSF amounts to $25 per 20-ft container and $50 per meat and edible offal of poultry. fresh, chilled or frozen - 23,490 MT; potatoes, fresh or chilled - 1,550 MT; coffee beans - 1,457 MT; corn - 40-ft container. The fee is charged for the use of x-ray 216,940 MT; cane or beet sugar and chemically pure sucrose in solid form - 64,050 MT; and coffee extracts - 37 MT. scanning machines to examine containerized cargoes. The MAV will be distributed to existing quota holders which had The 30 machines were performed creditably under guidelines issued by the department of agriculture last year. purchased from China through (Turn to page 3) TradeExpress Asia is distributed to Members of Congress, Judiciary, Malacanang, Heads of Gov't Agencies, the Diplomatic Community and Leaders of Business and Industry. Also available in Airline Offices and selected Hotels and Coffee Shops in Metro Manila and Cebu. 2 TradeExpress Asia January 21-February 9, 2008 Korean group to build P3b resort hotel in Lapu-Lapu City A NEW resort hotel in Lapu- area. chain in Seoul to manage it. Also scheduled to open soon cope with the expected increase in Lapu City which is being built at a The resort project is being Named Imperial Palace in Cebu City and Mactan are hotels tourist arrivals. cost of P3 billion is expected to open undertaken by the Korean-owned Waterpark Resort and Spa, it will owned by Microtel Inns and Suites. In central Philippines alone, the in 2009 to significantly increase the Philippine BXT Corp. which has have 616 rooms within a 7.5 hectare By 2012, the Philippines will number of hotel rooms could reach number of hotel rooms in the Cebu tapped the Imperial Palace Hotel property. have 20,000 more hotel rooms to 5,000, according to Tourism Secretary Ace Durano. “The demand for three to five- star hotel accommodations, especially in Cebu, is so huge. That is the biggest challenge of the tourism industry,” he said. Metro Manila is expected to have 3,000 additional rooms before 2012. Durano said three other international hotel and resort chains planned to put up facilities in the Visayas. These are the Banyan Tree Hotels and Resorts, Raffles Hotels and Resorts and Four Seasons Hotels and Resorts. Banyan Tree Hotels operate in Thailand, Indonesia, China, Maldives and Seychelles while Raffles Hotels are found in destinations like Singapore, Los Angeles, Beijing and Cambodia. (PNA) Manitoba (From page 1) Robert Desjardins. Delegation members are also scheduled to meet with local business leaders who are interested in developing businesses in Manitoba. The activities of the delegation are being arranged by the Canadian Chamber of Commerce of the Philippines headed by Executive Director Sean Georget. Georget said that the visit of the Manitoba delegation shows how Canada views the Philippines in terms of further improving bilateral relations. Aside from its booming manufacturing and agriculture sectors, Manitoba has emerged as a new world leader in the development and use of clean, renewable energy such as hydroelectric, wind, geothermal, ethanol and biodiesel. It recently commissioned a $200 million ethanol plant owned by Husky Energy which is capable of producing 130 million liters of ethanol annually starting this year. Manitoba is also home to about 60,000 ethnic Filipinos most of whom live and work mainly in Winnipeg, the provincial capital. FINE DINING EXPERIENCE AT THE FORT January 21-February 9, 2008 TradeExpress Asia 3 LAUREANO DI · Along Don Chino Roces Ave., Makati The first all-loft condominium in Ortigas · Stone's throw away from Walter Mart, Don Bosco School, TREVI Church, Malls ETON EMERALD TOWERS · One-bedroom units, 20 and 31 square meters LOFTS · P1.8 million and P2.7 million 41-storey residential condominium · Features natural ventilation year-round, energy saving Located at Emerald, Sapphire & Garnet · Pool deck, children's playground, jogging path, al fresco areas Streets in Ortigas Center, near major · 48 months to pay without interest or, 32% d.p. payable 4 years 0% shopping destinations such as Megamall, Robinson's Galleria, The Podium, Shangri-la Plaza, St. Francis MERIDA SUBDIVISION Square, Metrowalk and Tiendesitas. 1- and 2-bedroom units available BF RESORT, LAS PINAS CITY Model units across the site * Lot areas 92 sqm, 153 sqm, 232 sqm now ready for viewing Developer: * 3-bedroom, 3 T&B, maid's room, carport, balcony Eton Properties Philippines, Inc. * P2 million to P4 million Member: Lucio Tan group of companies * 20% downpayment payable in 12 months 0% interest For property preview: For inquiries, please call TESS BIGORNIA (REBL No. 8418 R) JAYE FLORES GUINA LAND TREASURES REALTY REBL No. 18989 Call 636-0646 or 0919-4099337 Call 825-0108/827-4416/0917-6269800 E-mail: [email protected] FOR SALE BAY GARDENS COMMERCIAL LOT FOR LEASE HOUSE & LOT 2 BR PENTHOUSE FOR SALE ALONG AGUINALDO HIGHWAY IN CAVITE Brgy.
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