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| THE AMERICAN CHAMBER OF COMMERCE OF THE PHILIPPINES, INC. 2/F, Corinthian Plaza Paseo de Roxas Legazpi Village Makati City Philippines Country & City Code: (632) Tel: 8187911 to 13 Fax: 8113081 |
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AmCham will begin to send announcements, memoranda, notices and the like via e-mail, gradually replacing fax communication, messenger delivery and snail mail. We plan to have the switch completed by the first quarter of Year 2000. It is AmCham's plan to make extensive use of the electronic medium in its communications, so members who do not already have an e-mail address are encouraged to sign up in any of the free e-mail services on the Internet. Those who have new or changed e-mail addresses should inform AmCham immediately. Members who wish to receive their bi-weekly AmCham Bulletin as an e-mail should inform the Chamber at any of these addresses: amchamrp@skyinet.net or amchamrp@mozcom.com. Members who are subscribers of the Weekly Executive Update should also inform the Chamber if they wish to continue receiving it by post or as an e-mail. In future, these publications will be sent as HTML documents, which can be viewed through Internet Explorer or Netscape Navigator/Communicator. |
| E X E C U T I V E U P D A T E December 20, 1999 |
Projections
There is growing confidence that the Philippines, too, may have to revise upward its growth targets for year 2000 with international financial institutions getting more optimistic over Asian economic recovery and impressed by gains made so far. [more]
Policy Directions
The Senate has removed the foreign ownership ceiling and also deleted a provision in the retail trade liberalization bill limiting foreign retail establishments to selected cities and municipalities, reflecting strengthening legislative support to the administration's effort to create a much better climate for foreign investment.
While the Estrada administration is committed to sustaining its pump priming program to support national recovery, there is also growing sentiment for avoiding over-spending to stabilize the peso and protect the poor wage earners' already depreciated income from further erosion. [more]
Statistics
After hitting a new high of $15.5b as of end-November, the Philippines' gross international reserves slipped to $14.727b as of Dec. 9 or just a little over the target set by the government with the International Monetary Fund.
The unemployment rate in October was down to 9.4% from 9.6% year ago but up compared with 8.4% in July this year at the height of the harvest and planting season, according to the National Statistics Office. [more]
Corporate News
Unisys Corp. reports a 52.2% increase in net income to $366m for the first nine months of 1999 out of revenues totaling $5.585b, which showed a 7.7% rise over the total for 1998....
Caltex Philippines sees a P200m loss in its operations for December, but with its $900m net income for the first nine months of this year, it hopes to show a net for this year that will equal its 1998 income of P1.1b.... [more]
Media Monitor
Philippine media have lately turned their focus on calamities, one natural (the Luzon earthquake) and the others unnatural or involving human intervention.
The Philippine Star calls attention to chief volcanologist Raymundo Punongbayan's warning that, although last week's earthquake caused minimal damage, the danger of worse tremors is not past - "that the Marikina fault is ripe for a major movement…With the latest quake and Punongbayan's warning, there is no excuse to be unprepared for disaster."
Philippine Star which blew up earlier last week the government power company's explanation for the blackout with the bannerline "Napocor's jellyfish story fishy," quoting some senators, had also its publisher, Max Soliven, echoing the legislators' reactions as a "fish story." [more] The Transportation Committee reminds AmCham members that the Societe Generale de Surveillance S.A.'s contract with the Philippine Government is due to expire 31 December 1999. There have been no formal notices that this deadline will be extended or that another similar firm has been engaged for preshipment inspection. For shipments which had been planned for inspection after this deadline, no alternative method has been established. Furthermore, in accordance with GATT, the Philippines customs' valuation is scheduled to shift from export value to transaction value at the same time. There is uncertainty as to how shipments will be affected after this date. Those who import product into the Philippines may wish to inform your logistics staff and freight forwarding service providers here and overseas in case additional planning or scheduling is necessary. New information will be passed along as and when the AmCham becomes aware of it. Rob Faraone
- B.P. Ronquillo
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CUSTOMS ALERT
Chairman, Transportation Committee
As a consequence of the so called Y2K "Bug," on or about January 1, 2000, some automated systems throughout the world may experience problems, including unpredictable system malfunctions. The Department of State is preparing its embassies and consulates worldwide for continual operation through the beginning of the New Year. Our embassies and consulates will be available to assist American citizens in emergency circumstances. This ability may be hampered by local Y2K disruptions. Non-immigrant visa appointments will not be scheduled until January 5, 2000 or possibly later.
WARDEN MESSAGE -Visa Services
November 22, 1999