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