On Monday, March 25 2013, the Securities and Exchange Commission (SEC) released a draft memorandum circular regarding the government body’s foreign ownership rule. The SEC had released this draft to the concerned parties asking for their input and comments by April 25.
Economy
Current State of the Philippine Economy
On Monday, March 18, 2013, it was reported that the Philippine Peso weakened as an effect of the announced radical bailout plan on Cyprus. While it seems unlikely that an event this far from the Philippines should affect it economically, it seems that investors have shied away from risky assets and investments because of the possible fallout from this move in Cyprus.
Foreign direct investment inflows have never been better as confidence increases in the Philippine business environment. Foreign direct investment increased by 10% by the end of 2012. Comparing from the previous year, the amount increased from $1.85 billion in 2011, a significant amount in itself, to an even more impressive $2 billion in 2012.
The Philippine Peso continues to do well in terms of Peso-Dollar exchange despite the currency being widely reputed to be one of the weaker currencies in the region. In the first two months of 2013, the Peso is reported to be on one of the fastest appreciating currencies in Asia.
The investment arm of Metrobank Group of Taipan George S.K. Ty, GT Capital Holdings Inc. is open to forge partnerships with entities competing for projects under the Public-Private Partnership (PPP) program of government.
Filipino and Israeli businessmen aim to triple bilateral trade amid glowing partnership prospects. During a business forum on Monday, Philippine Chamber of Commerce and Industry (PCCI) President Miguel B. Varela said two-way trade between the Philippines and Israel amounted to the maximum amount $250 million as of last year.
San Miguel Properties Inc. (SMPI), the real estate development provider associated with San Miguel Corporation is about to experience an offer for its shares inventory as well as voluntarily delist in from the Philippine Stock Exchange.