Sunday, September 24, 2023
manilastandard.net
ADVERTISEMENT
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
    • Young Life
  • Special Pages
    • Pets
    • Tech
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • On the Road
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Cravings
    • Environment & Sustainability
    • Agriculture
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
    • Gallery
      • Photos
      • Videos
  • Advertise with Us
No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
    • Young Life
  • Special Pages
    • Pets
    • Tech
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • On the Road
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Cravings
    • Environment & Sustainability
    • Agriculture
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
    • Gallery
      • Photos
      • Videos
  • Advertise with Us
No Result
View All Result
manilastandard.net
No Result
View All Result
Home Business Economy & Trade

Foreign chambers promise to deliver $50-b investments

Othel V. CamposbyOthel V. Campos
December 2, 2020, 10:05 pm
in Economy & Trade
Reading Time: 2 mins read
A A
Share on FacebookShare on TwitterShare on Email

The Joint Foreign Chambers on Wednesday renewed its commitment to deliver up to $50 billion in foreign direct investments and generate 3 million jobs over the next 10 years.

“As Arangkada Philippines starts its second decade, the Joint Foreign Chambers is setting a new target for the next decade of $50 billion in foreign investment and 3 million new jobs from the Philippines. After all, the word Arangkada means to accelerate,” American Chamber of Commerce in the Philippines president Peter Hayden said in a virtual conference during the second day of the Arangkada Project Philippines 2020.

Hayden said the combined investments from companies belonging to foreign chambers reached $8.3 billion in the last 5 years from 2015 to 2019, almost hitting the $10-billion target set in 2010.

He said the government and investment promotion agencies were instrumental in achieving the previous targets and that the chambers would continue to expect the same level of commitment from the government to reach the full potential of the new targets.

“We’ve agreed to announce our new target for added foreign direct investment and jobs in the Philippines. Just 10 years ago, we targeted $10 billion in additional FDI and 1 million additional new jobs, assuming reforms are being made. I’m pleased to announce that these targets were achieved,” he said.

Hayden said the JFC continued to believe in the enormous potential of the Philippines to generate FDI with the right policies for investment.

European Chamber of Commerce president Francis Nabil said that given the economic impact of the pandemic, the Philippines future was not canceled, but “it was postponed.”

“We are optimistic [of the target]. It’s important for us to be in a position to unfold this potential, and if we want to deliver, if we want to achieve this target, we will have to decisive, and to work hand in hand with the government as the JFC has always been doing. If we just sit at this, this will not be realized,” he said.

Meanwhile, the Chamber of Mines of the Philippines said the lifting of the ban on open pit mining could unlock the potential of $1.8 billion in additional exports and about P12 billion in revenues for the government.

CMP president Gerard Brimo said an additional revenue stream was expected from three major open-pit projects that were forced to shut down when the ban was enforced.

“So you can imagine the social development that can take place in these areas in Mindanao,” he said in his remarks during the Arangkada forum.

He said these projects are the Kingking mining project in Davao, the Tampakan mining project in South Cotabato and the Silangan Mining project of Philex Mining Corp. in Surigao del Norte.

“These projects are all in Mindanao. And we all know that Mindanao is crying for projects and for development. If these projects are allowed to go forward, IP royalties for the indigenous peoples could go beyond the current amount of royalties which is over P600 million a year,” Brimo said.

He said the projected P12 billion in additional revenue from mining would be 50 percent more than what the sector pays the government at present.

Local governments will also get their share of up to P1.5 billion in estimated LGU taxes or double what the local governments receive today, Brimo said.

Tags: Arangkada Project Philippines 2020foreign direct investmentsJoint Foreign Chambers
ADVERTISEMENT
Othel V. Campos

Othel V. Campos

Related Posts

Economic team downplays Pahayag survey results

byManila Standard Businessand1 others
September 22, 2023, 4:19 pm
0
8
DBCC maintains 2023 GDP growth forecast despite global headwinds

The government's economic managers downplayed on Friday the outcome of a survey showing that economic headwinds hurt the ratings of...

Read more

Economic headwinds hurt Marcos, Cabinet ratings

byManila Standard Business
September 22, 2023, 10:26 am
0
8
Economic headwinds hurt Marcos, Cabinet ratings

Economic difficulties, including the growth slowdown to 4.3 percent in the second quarter, and rising oil and commodity prices adversely...

Read more

BSP still hawkish—Remolona

byJulito G. Rada
September 22, 2023, 10:12 am
0
8
AI likely to augment rather than destroy jobs—UN study

Bangko Sentral ng Pilipinas Governor Eli Remolona Jr. said Friday an interest rate hike is possible in November 2023 and...

Read more

DTI endorses SteelAsia’s new mill in Batangas for faster approval

byOthel V. Campos
September 21, 2023, 9:30 pm
0
8
Study: PH, Japan have $49-b untapped trade potential

The Department of Trade and Industry said Thursday it endorsed the 500,000-metric ton section mill of SteelAsia Lemery Works Inc....

Read more

US Fed pauses rate hikes but predicts longer time for inflation to cool down

byAFP
September 21, 2023, 8:50 pm
0
8
Banaag assumes post as Bright Kindle director

WASHINGTON, United States—The US Federal Reserve voted Wednesday to hold interest rates at a 22-year high while predicting that lending...

Read more

ADB cuts Philippines growth forecast to 5.7%

byJulito G. Rada
September 20, 2023, 2:28 pm
0
8
Food stamps tack eyed via ADB aid

The Asian Development Bank said Wednesday its downgraded its 2023 growth forecast for the Philippines to 5.7 percent from 6...

Read more

Print Edition

View More

Recent Posts

  • Mali will ‘not stand idly by’ if military intervention in Niger
  • Verstappen wins Japanese GP, Red Bull clinch title
  • Filipino fisherman chased by China coast guard in disputed waters
  • Israeli forces kill two Palestinians in West Bank raid: ministry
  • Outcry, questions after France’s ‘chilling’ journalist arrest
  • Red Sea corals threatened by mystery sea urchin deaths
  • Bavarian village to decide future of key BMW factory
  • Survivor of Australian lethal mushroom mystery leaves hospital

Advertisement

Latest News

Red Sea corals threatened by mystery sea urchin deaths

byAFP
September 24, 2023, 1:30 pm
0
8
Southwoods nails Seniors’ Fil golf crown

The Red Sea's spectacular coral reefs face a new threat, marine biologists warn -- the mass death of sea urchins...

Read more

Bavarian village to decide future of key BMW factory

byAFP
September 24, 2023, 1:00 pm
0
8
Southwoods nails Seniors’ Fil golf crown

A sleepy Bavarian village could decide the future of BMW's drive towards electromobility as it goes to the polls on...

Read more

Survivor of Australian lethal mushroom mystery leaves hospital

byAFP
September 24, 2023, 12:30 pm
0
8
Southwoods nails Seniors’ Fil golf crown

An Australian man who unwittingly ate the same dish containing deadly mushrooms that killed three other diners has been released...

Read more

Thousands march against police violence in France

byAFP
September 24, 2023, 12:00 pm
0
8
Fresh protests, arrests over teener’s killing rock France

Tens of thousands of people marched in France Saturday to protest police violence in demonstrations organised by the left, with...

Read more

NASA readies for dramatic return of asteroid sample to Earth

byAFP
September 24, 2023, 11:30 am
0
8
NASA loses two hurricane monitoring satellites on launch

The climactic end of a seven-year voyage comes Sunday when a NASA capsule is due to land in the Utah...

Read more

Advertisement

ADVERTISEMENT
Facebook Twitter Instagram Youtube

ABOUT US

Manila Standard

Manila Standard website (manilastandard.net), launched in August 2002, extends the newspaper’s reach beyond its traditional readers and makes its brand of Philippine news and opinion available to a much wider and geographically diverse readership here and overseas.

Digital Edition

In tone and content, the online edition mirrors the editorial thrust of the newspaper. While hewing to the traditional precepts of fairness and objectivity, MS believes the news of the day need not be staid, overly long or dry. Stories are succinct, readable and written in a lively style that has become a hallmark of the newspaper.

Download – Today’s Paper

Search

No Result
View All Result

6th Floor Universal Re Bldg., 106 Paseo De Roxas cor. Perea Street, Legaspi Village, 1226 Makati City Philippines

Trunklines: 832-5554, 832-5556, 832-5558

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
    • Young Life
  • Pets
  • Tech
    • Gadgets
    • Computers
    • Business
    • Tech Plus
  • ON THE ROAD
    • Sedan
    • SUV
    • Truck
    • Bike
    • Accessories
    • Motoring Plus
    • Commuter’s Corner
  • Home & Design
    • Residential
    • Commercial
    • Construction
    • Interior
  • Spotlight
  • Cravings
  • Environment & Sustainability
  • Agriculture
  • Pop.Life
    • Newsmakers
    • Hangouts
    • A-Pop
    • Post Its
    • Performances
    • Malls & Bazaars
    • Hobbies & Collections
  • Events
    • Seminars
    • Exhibits
    • Community
  • Biyahero
    • Travel Features
    • Travel Reels
    • Travel Logs
  • Gallery
    • Photos
    • Videos
  • Advertise with Us

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Install Manila Standard Web App

Install App