Archive for October 2010

Indian pharma in the Philippines

October 28, 2010

A news report today says 12 pharmaceutical companies from India are in the country to explore partnerships with local drug manufacturers, retailers and traders. The visit was facilitated by the Indian embassy in Manila, the Philippines-India Business Council (PIBC), and the Pharmaceuticals Export Promotion Council (Pharmexcil) of India.

The group reportedly met with the biggest local pharma, Unilab, and the biggest local drug retailer, Mercury Drug.

This is a welcome development. Let there be more players, more manufacturers, more traders, more competition, to serve the country’s consumers. Competition always favors consumers as there is a wider choice for them in terms of price, product and service quality.

Government moves that unnecessarily intervene in competition among players, like drug price regulation, will no longer be necessary when it is clear that competition is working well.

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$800 M annual investments in RP’s BPO

October 27, 2010

A huge $800 million a year investments in the Philippines’ business process outsourcing (BPO) sector is to be expected for the next six year, or $4.8 billion until 2016. Some 216,000+ jobs are also expected to be created over the same period. These figures are from the Business Processing Association of the Philippines (BPAP).

These are among the new, positive developments in the Philippine economy, especially in terms of job creation. Last year, an estimated 440,000 jobs in the sector were created; this year, it is expected to rise to 530,000  jobs.

This new jobs creation, multi-million dollars earnings and related positive results should give more hopes to many young Filipino job-seekers in the country.

Top 10 largest Phil. corporations

October 27, 2010

BusinessWorld released its Top 1,000 corporations 2010 report. Here are the top 10. Values in P billion.

1. Meralco, 183.7

2. Petron, 176.9

3. Pilipinas Shell

4. Texas Instruments (Phils.)

5. San Miguel Corp., 116.1

6. PLDT

7. Smart Communications

8. Nestle Philippines, Inc.

9. Mercury Drug Corp.

10. Philippine Airlines (PAL)

source:  Meralco powers past Petron in BW’s Top 1000,  http://www.bworldonline.com/main/content.php?id=20158

Manny Pangilinan is accummulating more business  interests in the economy as he is the biggest investor in Meralco, SMC, PLDT and Smart,or 4 out of top 10 corporations in the country.

Top Filipino taxpayers, 2008

October 20, 2010

The list of the top individual taxpayers in the country though, is totally different from the list of richest Filipinos as listed in the earlier posting. Below is the list of some top Filipino individual taxpayers in 2008.

 The list is not complete though, lifted only from articles by Tony Lopez (BusinessNews Asia) and Boo Chanco (Philippine Star).  We will have to dig the original list from other sources.

1. Manny Pacquiao, P125 million in tax payments.

2. Willie Revillame, TV show host, P58.6 million

3. Piolo Pascual, actor, P55.8 million

8. Kris Aquino, actress, TV show host, P25.44 million

9. Walter Brown, Philex Mining CEO, P26.83 million

10. Michael V., (Beethoven del Valle Bunagan in real life) P22.26 million

11. Patricia Miranda Zobel de Ayala, P20 million

12. Manny Zamora Jr., Rio Tuba Nickel CEO, P19.96 million

13. Eduardo “Danding” Cojuangco Jr., San Miguel Corp. Chair and CEO ,  P18.98 million

14. Manuel V. Pangilinan, PLDT Chair and Meralco CEO , P18.55 million

16.  Manolo Lopez, former Meralco President , P17.49 million 

19. Justo Aboitiz Ortiz, Unionbank Chair and CEO , P15.2 million 

20. Ramon S. Ang, SMC President and Petron CEO , P14.85 million

22. Ray Espinosa, ePLDT and TV5 CEO , P12.27 million 

23. Mike Enriquez, GMA Network and dzBB broadcaster, P11.94 million.

Top 40 richest Filipinos

October 16, 2010

From Tony Lopez article, BizNewsAsia:

According to Forbes magazine, the richest Filipinos and their respective networths, 2009:
1. Henry Sy Sr., $5 billion;

2. Lucio Tan, $2.1 billion;

3. John Gocongwei, $1.5 billion;

4. Jaime Zobel de Ayala, $1.2 billion;

5. Andrew Tan, $1.2 billion;

6. Tony Tan Caktiong, $980 million;

7. Enrique Razon, $975 million;

8. Beatrice Campos, $840 million;

9. George S.K. Ty, $805 million;

10. Eduardo Cojuangco, $760 million;

11. Inigo and Mercedes Zobel, $730 million;

12. David Con-sunji, $715 million; 

13. Emilio Yap, $665 million;

14. Andrew Gotianun, $500 million;

15. Vivian Que Azcona, $445 million;

16. Oscar Lopez, $420 million;

17. Manuel Villar, $380 million;

18. Jon Ramon Aboitiz, $360 million;

19. Mariano Tan, $330 million;

20. Robert Co-yiuto, $310 million; 

21. Roberto Ongpin, $300 million;

22. Alfonso Yuchengco, $260 million;

23. Betty Ang, $165 million;

24. Enrique Aboitiz, $150 million;

25. Gilberto Duavit, $145 million;

26. Menardo Jimenez, $143 million;

27. Felipe Gozon, $120 million;

28. Alfredo Ramos, $117 million;

29. Manuel Zamora Jr., $116 million;

30. Wilfred Uytengsu, $115 million; 

31. Benjamin Romualdez, $110 million;

32. Wilfredo Keng, $100 million;

33. Tomas Alcantara, $99 million;

34. Bienvenido Tantoco Sr., $95 million;

35. Frederick Dy, $70 million;

36. Eugenio Lopez 3rd, $68 million;

37. Lourdes Molina, $65 million;

38. Luis Virata, $57 million;

39. Jesus Tambunting, $55 million; and 

40. Philip Ang, $50 million.

This list is copied from Business News Asia (BNA).

Business round on FTAs

October 13, 2010

There is one good move by the Philippine government now — to conduct several rounds of business education to exporters, importers, brokers, etc. — about the contents and potential benefits of free trade agreements (FTAs) that the Philippines has contracted with other countries, via bilateral or regional (through the ASEAN) agreements.

The “Doing Business in FTAs” education program will be undertaken late this year in major cities around the country. The Department of Trade and Industry (DTI), Bureau of Customs (BOC), and Tariff Commission (TC) will join hands in helping Philippine-based exporters , importers and suppliers maximize the benefits of FTAs.

Philippines’ total merchandise exports reached almost $50 billion in 2008, went down to $38 billion last year due to the global economic slowdown.Philippine exports should recover to their 2008 level or even higher, by next year and grow more in the succeeding years.

Relevant news report is here.

Dealing with high budget deficit

October 12, 2010

There was one good graph from The Economist magazine in its September 28, 2010 issue, on “Public opinion on reducing deficits”. See here.

The desire by the public to see drastic cut in government spending is very clear and explicit in all the countries surveyed, especially in Brazil, Pakistan, France, and Spain.

Lesson: all governments, including the Philippine government, should take note of such public desire, before they will think of creating new taxes, or raising existing tax rates.