Investors Guide. Philippines. The pearl of the Orient. World Investment News. Investor Guides and Reports
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1 Investors Guide Philippines The pearl of the Orient 2007 World Investment News Investor Guides and Reports (A special section on Philippines to be published in the ABC)
2 Preface In the 21st century, more than at any other time in history, international economies and markets are increasingly interconnected as a result of international organizations and trade agreements promoting free trade and international commerce. These economies and markets are even more easily accessible to international businessmen and investors thanks to the advancements in technology and communication. However, without timely and accurate information, these markets of great opportunity and profit can be translated to failure and endless debt. At World Investment News (WINNE), our mission is to provide international investors and corporations the critical information they need in order to make sound and profitable decisions regarding developing markets and economies. The Philippines Investors Guide is the twenteeth Investors Guide from our collection of Guides. The extensive analysis includes the whole economical, financial and tourist aspects that are involved in Philippines. This includes an updated and detailed overview of the main sectors with lots of interviews from the major local political and economical personalities and also a broad section with the Company Profiles of the most relevant local companies. We hope that our products will act as the bridge between those movers and shakers of the international economy and the developing markets around the world. Pascal Belda CEO & Founder WINNE 2
3 Index PREFACE... 2 INDEX... 3 PRODUCTION... 5 INTRODUCTION... 6 PHILIPPINES: AN OVERVIEW... 7 COUNTRY REPORT... 9 GOVERNMENT ECONOMY TOURISM EDUCATION MEDIA FINANCE ENERGY IMPORTANT PHILIPINE LAWS TO INVESTORS TELECOMMUNICATIONS AGRICULTURE BANKING COMPANY PROFILES ASIAN HOSPITAL BANCO DE ORO UNIVERSAL BANK BURLINGTON INDUSTRIES CDI SAKATA INX CORPORATION FOUNDATION FOR INFORMATION TECHNOLOGY EDUCATION & DEVELOPMENT, INC LANDBANK OF THE PHILIPPINES MEGAWORLD CORPORATION PALASIA HOTEL PALAU PAN PACIFIC MANILA SEAIR SOUTH EAST ASIAN AIRLINES TELEPERFORMANCE PHILIPPINES TITANIA WINE CELLAR INC THE PHILIPPINE BOARD OF INVESTMENT HOUSING INTERACTIVE RUSTAN MARKETING CORPORATION (RMK) STORES SPECIALISTS, INC TOP INTERVIEWS INTERVIEW WITH PRESIDENT OF ABOITIZ, MR. JON ABOITIZ INTERVIEW WITH ALBERTO GUEVARA, ATTORNEY AT LAW INTERVIEW WITH PAMELA ROBINSON, PRESIDENT OF ASIAN HOSPITAL INTERVIEW WITH FATHER BIENVENIDO NEVERES, PRESIDENT OF ATENEO DE MANILA UNIVERSITY INTERVIEW WITH MR. BERNARDINO PACO, CHAIRMAN OF CDI SAKATA INX GROUP INTERVIEW WITH MR. CHRISTOPHER PO, PRESIDENT OF CENTURY CANNING INTERVIEW WITH MR. JUN ANG LAO, CEO OF CHEMREZ TECHNOLOGIES INTERVIEW WITH MR. VICENTE AYLLON, PRESIDENT OF INSULAR LIFE INTERVIEW WITH MR. ISMAEL BAYSA, SENIOR VICE PRESIDENT AND CFO OF JOLLIBEE FOOD CORPORATION INTERVIEW WITH MR. KINGSON SIA, PRESIDENT OF MEGAWORLD INTERVIEW WITH MR. JESUS FRANCISCO, PRESIDENT OF MERALCO INTERVIEW WITH MR. WILFRED BANTAYAN, PRESIDENT OF NATIONAL REINSURANCE INTERVIEW WITH MR. ALIP, PRESIDENT OF THE MICROINSURANCE OF THE PHILIPPINES INTERVIEW WITH MS. LINDA PICO, PRESIDENT OF LANDBANK OF THE PHILIPPINES INTERVIEW WITH MR. ANTHONY HUANG OF STORE SPECIALISTS INCORPORATED RUSTAN S MARKETING CORPORATION
4 16. INTERVIEW WITH MR. NIKOS GITSIS, CO-FOUNDER AND DIRECTOR OF SOUTH EAST ASIAN AIRLINES INTERVIEW WITH DR. JOVEN R. CUANANG, M.D., SENIOR VICEPRESIDENT AND MEDICAL DIRECTOR FOR ST. LUKES MEDICAL CENTER INTERVIEW WITH MIGUEL COJUANCO, PRESIDENT OF TELEPERFORMANCE PHILIPPINES INTERVIEW WITH TITA TRILLO, FROM TITANIA WINE CELLAR INTERVIEW WITH MR. JESUSITO SULIT, SENIOR VICE PRESIDENT AND C.F.O. OF THE NATIONAL TRANSMISSION CORPORATION INTERVIEW WITH MR. VICTOR VALDEPENAS, PRESIDENT & CEO OF UNION BANK INTERVIEW WITH MS. EMERLINDA ROMAN, PRESIDENT OF THE UNIVERSITY OF THE PHILIPPINES INTERVIEW WITH MR. LUDGERIO TORRES, PRESIDENT OF THE PHILIPPINE HEART CENTER INTERVIEW WITH MS. PILAR ALMIRA, DIRECTOR OF THE MANILA DOCTORS HOSPITAL INTERVIEW WITH MS. MARIA COLLINSON, UNDERSECRETARY FOR EUROPEAN FOREIGN AFFAIRS INTERVIEW WITH FE BARIN, CHAIRPERSON OF THE PHILIPPINE SECURITIES EXCHANGE COMMISSION INTERVIEW WITH HON. ALBERTO ROMULO, SECRETARY OF FOREIGN AFFAIRS INTERVIEW WITH MS. EVANGELINE CRISOSTOMO-ESCOBILLO COMMISSIONER FOR THE INSURANCE COMMISSION INTERVIEW WITH AMBASSADOR DONALD G. DEE, PRESIDENT OF THE PHILIPPINE CHAMBER OF COMMERCE INTERVIEW WITH HON. ALBERTO ROMULO, SECRETARY OF ENERGY INTERVIEW WITH MR. GARY TEVES, SECRETARY OF DEPARTMENT OF FINANCE INTERVIEW WITH MR. JADE DEL MUNDO, UNDERSECRETARY OF THE DEPARTMENT OF HEALTH INTERVIEW WITH EDUARDO ANGARA, SENATOR FOR THE GOVERNMENT OF PHILIPPINES INTERVIEW WITH HON. PETER FAVILA, SECRETARY OF TRADE AND INDUSTRY DID YOU KNOW? USEFUL LINKS REFERENCES
5 PHILIPPINES: AN OVERVIEW High tide or low tide, the Phillippines boast of 7,107 islands stretching from the south of China to the northern tip of Borneo. Because it is an archipelago, it has over a hundred ethnic groups and a rich concoction of foreign influences that molded a uniquely Philippine culture. Even before the Spanish explorers came, Indo- Malays and Chinese traders had been doing business here. In 1521 the Spaniards, led by Portuguese explorer Ferdinand Magellan, discovered the islands. In 1565, the Spanish conquistadors established a colonial government in Cebu and later transferred the seat of government to Manila in 1571 after they have colonized the entire archipelago. The Filipinos have built a reputation for resisting and waging Asia's first nationalist revolution in On June 12, 1898, Emilio Aguinaldo declared the Philippines independent from Spain and proclaimed himself president. After ruling for 333 years, the Spaniards finally left in 1898 and were replaced by the Americans who continued to colonize the country for another 48 years. The Americans brought over their educational system, their legal system, and their democratic form of government. On July 4, 1946, the Americans finally recognized Philippine independence. The country is divided into three geographical areas; Luzon, Visayas, and Mindanao. It has 16 regions and 79 provinces. Its capital is Manila. Luzon, the largest among the group of islands, occupies the northern portion of the Philippines where Manila, the capital city, is located. Wondrous sights abound in Luzon: to the island's north are the awesome man-made Banaue Rice Terraces of the Ifugaos, Spanish heritage towns and cities like Vigan and Laoag; and the picturesque Hundred Islands in Lingayen Gulf. The island's central and southern regions abound in natural wonders as well: Intramuros in Manila, volcanos such as Mt. Mayon in Bicol, Taal in Batangas, and Mt. Pinatubo in Zambales. Luzon is a land teeming with unspoiled natural wonders - lakes, waterfalls, rivers, rainforests and beaches. Visayas, the group of islands situated in the heart of the archipelago, consists of about 6,000 islands which include the main islands of Cebu. Bohol, Negros, Panay, Samar, and Leyte. The Visayas bridges the cultures from the country's north and south. The numerous fiestas and religious feasts that take place in this region are a testament to the diverse cultural influences of the people. The Visayas has some unique geographical features that must not be missed - the Chocolate Hills of Bohol, Boracay's worldfamous sand beach and marine parks such as the Marabut Marine Park in Leyte. Mindanao, the second largest group of islands, forms the Philippines' southern tip. Despite its size, to this day it remains one of the less explored islands in the country. Mindanao has promising destinations for adventure seekers and culture lovers. This is where travelers can get a glimpse of many ethnic groups that live on alluring coastlines and lush mountain villages. The country's population stands at 78 million, predominantly Roman Catholic. The people are of a mixed Malay culture enriched by centuries of Spanish influence and traces of American affluence. The Filipinos are known throughout the world for their smiles and warm hospitality. They are outspoken yet very diplomatic for they value freedom under a democratic government. Gifted with the faculty to learn different languages, most Filipinos speak English just as well as the national language or any of the regional dialects. Manila, the capital city of the Philippines, is one of the oldest and most interesting cities in Asia. It is a city with a history as interesting as its people. Vibrant and pulsating with life, Manila has evolved to the melting pot that it is today. Sprawling eastwards from Manila Bay, Manila is bisected by the Pasig River, which is crossed by seven bridges. Located at its southern portion are landmarks that represent the country's history 7
6 Country Report 9
7 Economy Manufactured products such as electronics, textiles, processed foods, metal products and footwear constitute a large bulk of the industry sector. The increase in these manufactures is attributed to an international demand for locally manufactured electronic devices, semiconductors, and microcircuits. Through these export products, the country has developed strong trading ties with Europe as well as neighboring Asian countries. ECONOMY ON TRACK The Philippines is a developing country with an agricultural base, light industry, and servicesector economy. It has one of the most vibrant business process outsourcing (BPO) industries in Asia. Numerous call centers and BPO firms have infused momentum into the Philippine market, generating thousands of jobs, including Fortune 500 companies. The Philippines was less severely affected by the Asian financial crisis of 1997 than its neighbors, aided in part by its high level of annual remittances from overseas workers. Government initiatives are designed to match the pace of development in the newly industrialized countries (NICs) of south East Asia and President Gloria Macapagal-Arroyo pledged to turn the country into a First World state by Some of the strategies to streamline the present economy include improvements of infrastructure, more efficient tax systems to bolster government revenues, furthering deregulation and privatization of the economy. Government is also looking to increase trade integration within the region and across the world, at the same time attracting foreign trade and investment. The Philippines is predominantly an agricultural country, with the bulk of its labor force concentrated in the rural areas. Chief products are corn, sugarcane, coconut, rice, bananas, and other crops such as pineapple, abaca, and tobacco. Upon assuming the presidency, Pesident Arroyo and her Economic Team put in place an economic plan to ensure that the economy is on track for equitable development and sustainable growth. The Philippine Economic Plan comprises a comprehensive set of fiscal discipline measures and market reforms linked to clear targets. This plan recognizes that a stable macroeconomic environment is a pre-requisite to stimulating investment and sustainable growth. It integrates a well-coordinated set of strategic fiscal and monetary policy priorities that support a sound fiscal and debt position, low rates and inflation, and healthy current account levels. It also outlines guidelines related to good governance practices that ensure that reforms are effective and long lasting. ROSIER ECONOMIC PROSPECTS Just recently, President Arroyo has announced that the Philippines will have surplus money to build schools and infrastructure, expand public health services, and create more jobs. President Arroyo was buoyed by the outlook upgrade on the Philippines by Moody s Investors Service, saying this would provide direct benefits to Filipinos. For the first time in a generation, we now have the money for long overdue investments in our people and our nation, Ms Arroyo says.
8 Important Philipine Laws to Investors RA No. Title Date Signed 9337 Expanded Value-Added Tax (E-VAT) Law 24 May Increasing excise tax rates of alcohol and tobacco products 21 December 9302 Amending the PDIC Charter 27 July 9295 Domestic Shipping Development Act of 3 May 9294 Restoring the tax exemption of offshore banking 28 April units and foreign currency deposits 9285 Alternative Dispute Resolution Act of 2 April 9281 Strengthening the Agriculture and Fisheries 30 March Modernization Act 9275 Clean Water Act of 22 March 9267 Securitization Act of 19 March 9243 Rationalizing the provisions on documentary stamp tax of the National Internal Revenue Code 17 February 9239 Optical Media Act of February 9238 Excluding certain services from VAT and reimposition of Gross Receipt Tax on banks and non-bank financial intermediaries performing quasi-banking functions and other non-bank financial intermediaries 5 February Automobile Excise Tax 29 August Tobacco Regulation Act of June Amending RA 9160 (Anti-Money Laundering Act) 7 March Government Procurement Reform Act 10 January The Special Purpose Vehicle Act of December Rental Reform Act of December 2001
9 1. Asian Hospital Asian Hospital and Medical Center, the first major private tertiary hospital in the southern Luzon corridor, officially began operations on March 15, It is wholly owned and operated by Asian Hospital, Inc., a registered Filipino company engaged in the operation of hospitals and other healthcare facilities in the Philippines. Hand in hand with our Bangkok-based partner BUMRUNGRAD INTERNATIONAL, a healthcare facility leader in the Asia-Pacific region, Asian Hospital offers modern medical technology and equipment, uniquely planned facilities, dedicated staff, and trusted physicians to provide the best possible care. Our Vision To be the leading healthcare service provider in the Philippines and all the markets we serve. Our Mission To provide quality healthcare in a caring environment through committed and competent professionals, effective and efficient processes and technology, that exceeds the expectations of our patients, physicians, and employees, while maintaining fiscal and social responsibility. Our Guiding Principles We create a caring environment that enhances our patient s physical, emotional and spiritual health and well-being. We continually improve the quality of everything we do. We provide continuous development, support and recognition of our employees. We optimize our resources to deliver quality service, care and treatment. We work together with a passion towards a common purpose. We uphold ethical principles as a good corporate citizen. ASIAN HOSPITAL AND MEDICAL CENTER Asian Hospital and Medical Center stands on a 17,258-square meter campus that houses the main hospital, outpatient service centers, and a medical office building. Every building, floor, corridor, room, and space is uniquely laid out and constructed according to its use and relationship to the hospital s various services. The 253-bed capacity Asian Hospital and Medical Center, the first major private hospital with tertiary care facilities in the southern Luzon corridor, is highly accessible. It is centrally located in the rapidly growing southern Metro Manila area specifically in Filinvest Corporate City, a modern 240-hectare business and residential development in Alabang, Muntinlupa City. The Hospital is a mere 10 kilometers from Makati City, the country s premier business district; and a quick 20-minute drive from the international and domestic airports. It is adjacent to the South Luzon Expressway (SLEX) that connects Makati 41
10 1. INTERVIEW WITH PRESIDENT OF ABOITIZ, MR. JON ABOITIZ Which Philippine islands do you think are the best to visit? Palawan, Cebu, Bohol, and my home province, Aurora. It s not an island but it s like an island. It has one of the best waters and marine in the Philippines. We are looking for success stories. You should see the processors, the SM Malls. There are so many medium-sized processing that are expanding, and may become like San Miguel with the right support and the right market. Infrastructure companies also. What do you think of the current economic situation? Prospects are rising. I see that the economy has improved. Foreign investments are again slowly coming in, especially in information technology, call centers, and business processing operations. We know that there s a common history that unites the Philippines with Spain. What is your personal assessment with the relationship with Spain at this moment? The relationship between the Philippines and Spain is one of the greatest forgotten and untapped resources between two countries. For the past 100 years there is no meaningful relationship between the Philippines and Spain, and in terms of deeper economic and cultural relationships, that has ceased in the past 30 years, and it s only now that we are waking up to the potential of that historic tie. We are the only Christian country in this part of the world. This is also one of the most transparent countries in the world. We have been a window to the West. However, it is Spain that should have been the window to the west. That s why we declared June 13 as Philippine Spanish Friendship Day. Both sides came to realize that we can be our respective gateways to our regions the Philippines to Asia and the Spanish to the West of the Philippines. This is why there s an increase in tourism, in exchanges, and in business. In the signing of the treaty of friendship, what do you think of the Spanish people s stay in the Philippines? Each one must realize that each must contribute a valuable asset, especially in globalizing world. Every thread that ties people together must be utilized. As the President of the Southeast Asian Parliamentarians Against Corruption, what is your goal? Our first goal is to conduct a UN Convention against corruption. Our second goal is to have many countries as possible attend that convention because it would contain a body of rules and practical regulations that if followed, would probably make the world less corrupt. What do you think has been your greatest achievement? It s in the heart of the Information Technology because in globalizing the world you must be competitive. How do you feel about the education here in the Philippines? It could be much better. The Philippines is one of the first countries in the Far East and Southeast Asia that has put together a mass education delivery system. The first public education system was here. But in the past 10 years or so, the standards have been slipping, largely because we are not investing 79
11 DID YOU KNOW?...that the first bank in the Philippines, established in Manila on August 1, 1851 and originally called El Banco Español Filipino de Isabel 2, was also the first bank in Southeast Asia? that this bank was organized 23 years after the king of Spain, Ferdinand VII, issued a decree to establish a public bank in the Philippines? that before the establishment of El Banco Español Filipino de Isabel 2, the functions of banks were performed, though on a limited scale, by the obras pias (Spanish for "pious works")? that the obras pias were an accumulation of bequests whose donors had specified that the funds be used for charitable, religious and educational purposes? that some of the funds were managed by confraternities that invested capital in secular activities like underwriting cargoes for the galleon trade? that the organization of this bank was spearheaded by His Excellency Antonio de Urbiztondo, who was then the Spanish governor and captain-general of the Philippine Islands? Philippine Trade...that Mexican gold or silver currency brought in via the galleon trade between Manila and Acapulco (in Mexico) became an accepted means to facilitate commodity exchange in the Islands? that foreign trading firms engaged in the wholesale-retail business in the Philippines, also functioned as commission merchants, and later served in a limited capacity as merchant bankers in the absence of a regular bank? that American trading firms in the Philippines during the Spanish regime gave short-term advances to crop-growers at interest, and accepted funds from customers, also at interest? that the first bank in the Philippines, originally called El Banco Español Filipino de Isabel 2, was established in Manila on August 1, 1851 but actual operations began in 1852? 166
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