Eastvantage Joins the APEC SME Summit 2015

The Philippines takes centre stage as twenty one world leaders and ministers convene in Manila for the 2015 APEC Economic Leaders’ Week.

As all participating nations gear up to boost trade and inclusive, sustainable growth in the Pacific Rim, the small and medium enterprises (SME) are likewise given an extra push.  The Asia Pacific Economic Conference (APEC) SME Summit aims to challenge the traditional SME framework and mindset with the deeper goal of motivating entrepreneurs to re-think and re-create the way they do business, as well as to look at their products, services and business operations through the lens of innovation to successfully meet the demands of the 21st century global market. 

Eastvantage takes part in this US-Philippine trade mission organised by the APEC Business Advisory Council (ABAC) on the 17th of November 2015 at Green Sun in Makati City.  Eastvantage delegate and Managing Director, Joeri Timp, believes that it’s high time for SMEs to be heard and counted in regional and global markets.  He believes, too, that the APEC SME Summit paves the way for a better understanding of how players like Eastvantage can take advantage of new trade opportunities, contribute in promoting alliances with larger businesses in global value chains and more importantly, how to continue creating new jobs and making valuable contribution in the ASEAN economies.

Recognised as the engines of growth and innovation in the APEC region, SMEs account for over 97 percent of all enterprises and employ over half a million of the workforce across APEC economies.

Culled from the APEC Senior Officials' Meeting, "Yes, small firms can benefit from greater trade too."

- See more at: http://www.eastvantage.com/newsroom/eastvantage-joins-apec-sme-summit-2015#sthash.nAJa1x9i.dpuf


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Entry of Foreign Players in the Philippine Banking Industry Seen Beneficial

Several Asian banks are primed to start operating in the Philippines, taking advantage of the recent removal of restrictions on foreign participation in the financial sector.

Two banks from the Asia-Pacific region have submitted formal applications for regulatory approval while five more are in various stages of seeking the go-ahead to enter, according to Bangko Sentral ng Pilipinas (BSP) officials.

"We have a growing list of foreign banks who have expressed interest," BSP Assistant Governor Johnny Noe Ravalo told reporters on Wednesday. He indicated that many more have asked the BSP about a possible venture in the Philippines, but did not commit.

Japan's second-largest lender Sumitomo Mitsui Banking Corp. last February secured approval from the BSP to put up a branch in Manila. Sumitomo was the first foreign bank to be allowed to enter the Philippines following the liberalization of foreign ownership rules in the industry.

Last year, restrictions on foreign ownership in the banking sector were lifted by Congress to attract more investments and to comply with commitments to open certain sectors of the economy ahead of Southeast Asia's regional integration.

Under the new rules, foreign banks may choose from three modes of entry into the local market, namely setting up a foreign branch, acquiring existing institutions or incorporating an entirely new company.

BSP Deputy Governor Nestor A. Espenilla Jr. said seven Asian banks have firmed up plans to enter the Philippine market. Two have submitted papers for approval.

Conglomerate San Miguel Corp. last month said it might sell subsidiary Bank of Commerce to Japan's Mizuho Financial Group Inc., which was one of the suitors for the mid-sized local lender.

Moody's Investor Service, an international rating firm, has a "positive" outlook for the Philippine banking industry. The 70 other banking jurisdictions rated by Moody's were rated at either "stable" or "negative."

The entry of more foreign players in the local banking sector is seen beneficial to individual consumers and to the economy as a whole. Authorities have said that the entry of more banks could pave the way for higher levels of fixed investments since foreign firms were more comfortable transacting with institutions they were familiar with.

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Philippines Ranks High in Tourism Visa Openness

The Philippines is among the top 10 countries in the world where an international traveler encounters the least hassle in terms of securing a visa.

This factor is considered crucial to boosting local tourism and economic growth.

According to the latest Visa Openness Report by the United Nations World Tourism Organization (UNWTO), the Philippines scored 84 out of 100, indicating its openness, or the extent in which the country is facilitating tourism.

Those on top of the list were Cook Islands, Federated States of Micronesia, Niue and Dominica, which all scored 100, followed by Haiti (99) and Macao, China (85).

“From a regional perspective, destinations in Asia and the Pacific have facilitated international travel the most. To visit Asia and the Pacific, 23 percent of the world’s population does not require a visa, another 23 percent may obtain a visa on arrival, and 5 percent may use an e-visa,” the UNWTO report said.

“Southeast Asia is, together with East Africa, the most open subregion because of the large number of visa on arrival requirements and the considerable number of visa exemptions, and e-visa alternatives,” it added.

In a separate statement, UNWTO secretary general Taleb Rifai noted that visa facilitation is central to stimulating economic growth and job creation through tourism.

“Although there is much room for improvement, we are pleased to see that a growing number of governments around the world is taking decisive steps in this regard,” Rifai said.

Countries in the Americas and in Asia and the Pacific are said to have been at the forefront of visa facilitation, while Europe and Middle East have more restrictive visa policies.

Overall, emerging economies tend to be more open than advanced ones, with Southeast Asia, East Africa, the Caribbean and Oceania among the most open subregions.

Earlier research by the UNWTO and the World Travel and Tourism Council (WTTC) showed that the G20 economies could boost their international tourist numbers by an additional 122 million, generate an extra $206 billion in tourism exports, and create over five million additional jobs by improving visa processes and entry formalities.

The same research carried out for the Asia Pacific Economic Cooperation (APEC) member states and the Association of Southeast Asian Nations (ASEAN) indicated that visa facilitation could generate important gains for both groups, including the creation of 2.6 million jobs in APEC and 650,000 jobs in the ASEAN.

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Australian Businesses to Increase Investment in the Philippines

Australia is banking on their business and trade growth prospects in the country, firms from Down Under said.

Anthony Weymouth, Australian senior trade commissioner to the country, said that it is time for Australia to increase its trade presence in the Philippines.

Two-way trade between the two countries is at AU$3 billion ($2.40 billion) and an estimated 200 Australian companies now have a significant presence in the Philippines, employing 15,000 to 18,000 Filipinos, Weymouth said.

These include ANZ Bank and Macquarie, two of the major Australian locators in the country.

The landmark ASEAN-Australia-New Zealand Free Trade Agreement (AANZ) also now allows for 95% of Australian products to enter the Philippines duty free while 97% of Philippine-made products can enter Australia with the same benefit.

An increased popularity of Australian products is also seen due to the recent fall of the Aussie dollar.

“It’s basically a 20% price reduction in 3 months,” Weymouth said.

About 15,000 Australians currently reside in the Philippines while about 250,000 Filipinos now call Australia home, Weymouth shared.

Increased investment

Other Australian firms, meanwhile, praised the government efforts to improve the overall environment in doing business in the country.

“We see a country that is really getting its act together,” James Young, country director for Cardno, said. Cardno, a professional infrastructure and environmental services company is involved in some of the important public-private partnership (PPP) infrastructure projects planned for the next few years.

Michael Banak, director of Crone Partners, an architectural firm, confirmed that it is looking for a partner to set up a permanent base in the country.

The firm has been in the Philippines since 2006 and is notable for designing Arya Residences, the country’s first residential building receiving the “green” certifications of Building for Ecologically Responsive Design Excellence (BERDE) and Leadership in Energy & Environmental Design (LEED). Crone Partners is also designing a 20 hectare master-planned project.

Meanwhile, Site Skills Training based in Clark, Pampanga, is providing training services for construction, gas, mining, and oil. The company is behind Asia’s only simulated underground mine and an offshore platform which it uses to train workers involved in the Malampaya deep water gas-to-power project.

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