WELLNESS IN ENVIRONMENT: Solar Companies will push to quadruple Incentive Scheme for Renewable Energy Suppliers

Philippine Solar Power Alliance (PSPA) said it would propose the steps to make it easier to develop projects worth an estimated $4 billion in the pipeline from local firms such as Aboitiz Power Corp and foreign companies like Thailand's Chow Steel Industries PCL. Located right above the equator, the Philippines is blessed with plenty of sunlight throughout the year that could be used to help meet soaring power demand as manufacturing grows and call centre businesses boom. But worries over the initial expense of solar projects have stymied the sector's development with many projects still at very tentative stages, hampering the country's efforts to shake its dependence on imported fossil fuels. Under the government's current incentive programme, 500 megawatts of solar capacity will be entitled to guaranteed prices for 20 years. But the PSPA wants to extend that to around 2 gigawatts. "We will draft an industry roadmap, which we will present to the government as the basis of our proposal which is for 2 gigawatts," said Theresa Cruz-Capellan, chief executive of SunAsia Energy Inc and president of the PSPA. The country's solar capacity currently stands at around 110 MW. Mario Marasigan, director of the renewable energy management division of the government's energy department, said Manila would need time to assess the impact of more ambitious solar targets. The PSPA also said getting regulatory approval such as permission to convert land into solar farms and other environmental clearance had been slow.  "We have to deal with many people in the government from local to national level to get permits," Cruz-Capellan told Reuters in an interview. She added that a rule saying that projects need to be 80-percent complete before developers can apply to receive minimum tariffs, sometimes made it difficult to get financing. The government's Marasigan said that conditions for receiving guaranteed tariffs were clear. "It's first-come, first-served based on completion," he said. The proposals would help the Philippines follow regional neighbour Thailand, which has poured record sums of money into its solar sector. (By Enrico dela Cruz with Editing by Joseph Radford) http://in.reuters.com/article/2015/07/13/philippines-energy-solar-idINL3N0ZP2MY20150713

WELLNESS IN TOURISM: 10th Ambassador, Consuls General & Tourism Directors Tour (ACGTDT) officially launched to Filipino-American community in New York

The presentation on the 10th ACGTDT was given by Ms. Mitchelle Cristalle D. De Vera, PDOT-NY Representative, who described how this special annual tour sponsored by the Department of Foreign Affairs (DFA) and the Department of Tourism in Manila would enable all participants to join Philippine diplomats from the United States to explore Philippine tourism sites from 6 to 10 July 2015. She presented slides and video samples of ACGTDT tours in past years, and further revealed how for the first time this year, the basic tour itinerary of the ACGTDT would include an excursion of both Manila and Cebu, along with yearly routine activities such as a scheduled group luncheon at Malacanang Palace. Post-tour packages to other destinations such as Palawan, Bohol, and Vigan could be arranged at additional costs.

Read source: http://www.filipinoexpress.com/express-week/1717-philippine-consulate-and-department-of-tourism-launch-10th-acgtdt-at-the-philippine-center-in-new-york

WELLNESS IN BUSINESS: Philippine Banking Industry remains attractive due to its 100 million population and low credit

Yuanta Bank is the second Taiwanese bank and the fifth foreign bank permitted to do business in the Philippines following the passage of the amended foreign banks law last year. The revised measure, signed into law by President Aquino in July last year, removed the limit of foreign banks in the country earlier set at only 10. Under the new law, foreign banks may now own as much as 100 percent of any local bank, removing the previous cap of 60 percent. The BSP started receiving applications for new foreign banks in late December last year following the release of the implementing rules and regulations in November.
Since January, the central bank has approved the entry of Japan’s Sumitomo Mitsui, South Korea’s Shinhan Bank, Taiwan’s Cathay United, and the Industrial Bank of Korea. BSP Deputy Governor Nestor Espenila Jr said the BSP is still processing the application of another Asian bank, which he declined to name.
“I cannot give details yet,” he said. Espenilla said banks in the Asia Pacific region are setting its sights on the Philippines. “Asia is the growing part of the global economy and Asia itself is trading amongst themselves. We also have this Asean Economic Community so there are so many economic drivers that is why that is the case,” he added. According to him, banks from the US and Europe have also expressed interest in setting up shop in the Philippines. “They (European and US banks) have asked about our law. My sense is they are not yet moving now but they are clearly looking at future opportunities,” the BSP official said.

Read source:  http://www.philstar.com/business/2015/07/07/1473976/bsp-welcomes-more-foreign-banks