Tag: Business

The imminent implementation of the Regional Comprehensive Economic Partnership agreement, scheduled to take effect from Jan 1, will effectively boost economic recovery and consolidate the supply chain network in the Asia-Pacific region, economists and business leaders said on Thursday.

The Secretariat of the Association of Southeast Asian Nations has confirmed that six member countries of the bloc and four non-ASEAN countries-China, Japan, New Zealand and Australia-had formally submitted their RCEP ratifications, meeting the conditions for the deal to come into force in those 10 countries at the start of next year, China’s Ministry of Commerce said in an online statement on Wednesday.

Apart from showing their willingness to further expand trade flows during the post COVID-19 era, the RCEP-the world’s biggest trade pact by GDP-will help these signatory countries ensure the opening of their markets as well as uninterrupted supply chains in the Asia-Pacific region, said Zhang Jianping, director-general of the China Center for Regional Economic Cooperation in Beijing.

The six ASEAN countries that have approved the RCEP are Myanmar, Cambodia, Laos, Singapore, Thailand and Vietnam. The deal comes into force 60 days after ratification by at least six ASEAN countries and at least three non-ASEAN countries, according to the agreement signed in November last year.

As of Wednesday, four ASEAN members and the Republic of Korea haven’t ratified the dealt.

Once the RCEP takes effect, local and global companies will enjoy a regional business environment with fewer investment barriers and low tariffs. The implementation of the agreement will help the regional supply chain better respond to external impacts, said Jiang Feng, director of the General Administration of Customs’ Department of Duty Collection.

China’s foreign trade soared by 22.7 percent on a yearly basis to 28.33 trillion yuan ($4.4 trillion) in the first three quarters of this year, and the volume of its exports and imports with other RCEP participants surged 19.3 percent year-on-year, data from the administration showed.

China, one of the main drivers of the deal, completed the ratification process for the agreement on April 15 and applied to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, another trade agreement among 11 economies, including Australia, Canada and Japan, in September.

“In the next growth stage, innovations in trade policies, products and practices will be the cornerstones of progress for China and its partners to persevere on the path of development,” said Lawrence Loh, director of the Center for Governance and Sustainability at the National University of Singapore’s Business School.

Despite the adverse effects of the COVID-19 pandemic on the region’s economic growth, the RCEP will pave the way for global companies to invest and export more products to various markets within the region, said Donny Yu, president and CEO for China at Nexans SA, a French cable manufacturer for power and data transmission.

Source: ASEAN-CHINA free Trade Area Business Portal

NEW YORK (22 October 2021) — Myanmar could be on the eve of an even greater human rights catastrophe and loss of life amid reports the military junta is deploying tens of thousands of troops and heavy weapons to northern Myanmar, a UN human rights expert warned the General Assembly today.

“These tactics are ominously reminiscent of those employed by the military before its genocidal attacks against the Rohingya in Rakhine State in 2016 and 2017,” said Tom Andrews, the UN Special Rapporteur on the situation of human rights in Myanmar. He said he had received information that large numbers of troops were moving into restive regions in the north and northwest.

“We should all be prepared, as the people in this part of Myanmar are prepared, for even more mass atrocity crimes. I desperately hope that I am wrong.”\ Andrews urged States to deny the military junta the money, weapons and legitimacy that it needs to continue to hold the people of Myanmar hostage with systematic human rights violations and brutal attacks. He pointed to the recent release of thousands of political prisoners as evidence that pressure on the junta works.

“ASEAN’s announcement that the junta will not be welcome at its upcoming summit strikes at the heart of the junta’s third need — legitimacy . . . Without pressure, without denying the junta that which it needs from the international community, none of the detainees would have been released,” he said, stressing that in addition to denying legitimacy, more must be done to cut the junta off from weapons and money.

Andrews today presented the findings of his annual report to the General Assembly, stating that since the coup, the military junta has engaged in probable crimes against humanity and war crimes.

He reiterated the global call that the Security Council impose an arms embargo on Myanmar and stressed the need to significantly increase financial pressure on the junta, as many in Myanmar are doing with boycotts.

“To date, sanctions have not impacted the ability of the junta to continue to seize State revenues and foreign exchange to enrich its leaders and fuel its attacks on the civilian population,” he said. “The single largest source of revenue for the junta is the oil and gas industry. I encourage Member States to follow the call of several hundred civil society organizations within Myanmar who have called for Myanmar Oil and Gas Enterprise to be sanctioned.”

Andrews also conveyed a stark message to the General Assembly that he has received from scores of people inside Myanmar: “Many, I dare say most in Myanmar, have come to believe that the world and this body, do not care. Over the last several months they have experienced a steep downward trajectory, including increased human rights violations and attacks by the military junta while, at the same time, they have witnessed a grossly disproportionate response by the international community.

“I come before this venerated body today conveying a simple plea from the people of Myanmar: care about this unfolding catastrophe and then translate that care into meaningful action.

“Targeting these three needs of the junta — weapons, money, and legitimacy — while increasing humanitarian support to the people of Myanmar, is urgently needed and I believe the best means for the international community to support the people in Myanmar.

“There is global responsibility to address this crisis, and it is insufficient to pass it off to those who lack the will or the capacity to take the requisite action, particularly given the scope of the atrocities that are ongoing.”

Andrews reported that since the coup, junta-controlled forces have murdered over 1,100 people, displaced a quarter million, arbitrarily detained over 8,000 people, where many were tortured, including dozens who were tortured to death. He highlighted credible reports he received of junta forces even torturing children.

The Human Rights Council-appointed independent expert said that over 100 journalists lost their freedom, and the junta has attacked and harassed doctors, nurses and other health care professionals — even as Myanmar has suffered through a pandemic. He also said junta forces have abducted and imprisoned family members of those being sought by security forces, including very young children.

Source: UN Human Rights Council

The Bangko Sentral ng Pilipinas (BSP) said the emergence of digital banks can be a game-changer on the delivery of financial products and services from traditional brick-and-mortar banks.

During a recent webinar hosted by the Management Association of the Philippines, BSP Governor Benjamin E. Diokno said the rise of digital banks can drive the digital transformation initiatives of existing banks as a way of staying relevant and competitive.

He also explained that as new entrants provide affordable financial services to the mass market, digital banking can advance financial inclusion, usher prosperity and alleviate poverty.

“In all of these, the customers and the business community are the ones who will reap the benefits,” Governor Diokno pointed out.

A digital bank offers financial products and services that are processed end-to-end through a digital platform and/or electronic channels with no physical branch/sub-branch or branch-lite unit offering financial products and services

To date, the Monetary Board has approved the application of six digital banks. Based on their profiles, these digital banks intend to serve Overseas Filipino Workers, as well as the underserved, unbanked and mass market. However, they may also venture into investments, insurance, and payment services.

Digital Banking is a key component of the BSP’s Digital Payment Transformation Roadmap which aims to convert at least 50 percent of the total volume of retail payments into digital form and to onboard at least 70 percent of Filipino adults to the financial system through the ownership and use of a transaction account.

Source: BANGKO SENTRAL NG PILIPINAS

MANILA, PHILIPPINES (24 September 2021) — The Asian Development Bank (ADB) today approved a $15 million loan to help the Government of Georgia procure and deploy coronavirus disease (COVID-19) vaccines and strengthen the country’s capacity to implement its vaccine program.

The project will support Georgia’s National Vaccines Deployment Plan by purchasing and delivering an estimated 700,000 doses of COVID-19 vaccines as well as syringes, safety boxes, and other items for administering vaccines. It is financed through ADB’s $9 billion Asia Pacific Vaccine Access Facility launched in December 2020 to offer rapid and equitable vaccine-related support to ADB developing member countries.

“Vaccines are critical to reducing the spread and severity of COVID-19,” said ADB President Masatsugu Asakawa. “This project will help save lives in Georgia and restore the confidence of citizens. ADB is fully committed to helping Georgia manage the adverse health, social, and economic impacts of COVID-19 and this project is a key part of ADB’s holistic support for the country’s pandemic response.”

The government aims to vaccinate 60% of the total adult population in 2021, or about 1.7 million people. ADB’s COVID-19 Vaccine Support Project under the Asia Pacific Vaccine Access Facility for Georgia will procure enough vaccines to inoculate about 300,000 people, or about 8% of Georgia’s total population. The government’s vaccination program prioritizes health workers, residents and staff of long-term care centers, elderly persons and persons with chronic diseases, and essential service providers.

The project will also strengthen the capacity of the Ministry of Internally Displaced Persons from the Occupied Territories, Labor, Health, and Social Affairs to implement the national vaccination program. Health workers and vaccination staff will receive gender sensitivity training and gender equality awareness messages will be incorporated into communications plans and guidelines for mobile teams to reach women and marginalized groups.

The project builds on ADB’s earlier support for Georgia’s COVID-19 response. This includes a $100 million loan to support social protection and businesses affected by the economic slowdown; a $200 million policy-based loan to strengthen Georgia’s social protection, fiscal, and debt management systems; and a $2.5 million grant to increase testing capacity and procure medical equipment.

Georgia joined ADB in 2007 and the bank has since become one of the country’s largest multilateral development partners with committed loans amounting to $3.92 billion and technical assistance projects worth $28.9 million. ADB’s development priorities in Georgia include expanding trade, creating jobs, and combating poverty by developing economic corridors.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.

Source: Asian Development Bank

NANNING– The economy of the Association of Southeast Asian Nations (ASEAN), is expected to grow at 4.1 percent in 2021, said ASEAN Secretary-General, Lim Jock Hoi, via a video link at the 18th China-ASEAN Expo.

The COVID-19 pandemic continued to impact the lives and livelihoods of ASEAN countries, and the regional economy contracted by 3.3 percent last year. It is, however, expected to recover with growth projected at 4.1 percent for this year, and 5.3 percent for next year, said Lim Jock Hoi at the opening ceremony of the four-day expo.

Lim Jock Hoi added that, China-ASEAN dialogue relations have “evolved into a multifaceted strategic partnership and shown tremendous progress on all fronts.”

“I look forward to continuing and further strengthening these relations through concrete, practical, and meaningful collaborations,” he added.

This year marks the 30th anniversary of China-ASEAN dialogue relations.

Inaugurated in 2004, the annual expo is a principle platform for promoting trade and bilateral relations between China and ASEAN.

Source: NAM NEWS NETWORK

Informal sector workers in the province of Masbate, some of them recovering from the recent typhoon Jolina, received 43.2 million pesos worth of livelihood assistance from the Department of Labor and Employment (DOLE) yesterday, September 11.

Some 3,600 displaced or disadvantaged Masbateño workers, including returning OFWs and youth interns, received from the labor department pangkabuhayan programs, such as the DOLE Integrated Livelihood Program (DILP) worth 3.3 million pesos, and Tulong Panghanapbuhay sa Ating Disadvantaged/Displaced Workers (TUPAD) amounting to around 34.8 million pesos.

Led by Labor Secretary Silvestre ‘Bebot’ Bello III, the DOLE team also awarded 4.7 million pesos stipend for the beneficiaries of the Government Internship Program (GIP) and nearly 240,000 pesos DOLE – AKAP assistance and social benefits for OFW families.

Secretary Bello also awarded the DOLE Safety Seals to Masbate-based Filminera Resources Corporation and Philippine Gold Processing and Refining Corporation for complying with the health and safety standards of Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF – EID).

“Ang utos ng ating Pangulo, ang kuwarta sa tao. Inyo ‘yung pera. Hindi niyo utang sa akin yan, hindi niyo ‘iyan utang sa DOLE. Iyan ay pera ninyo, dapat lang na mapunta sa inyo,” Bello told the beneficiaries as he also reminded them to take care of their livelihood programs.

Among the DOLE grantees are selected vaccinated essential workers who received bicycle units with complete accessories and mobile phones under the DILP’s Bike-Cination Project.

Welcomed by Masbate local chief executives and DOLE Region V headed by Director Ma. Zenaida Angara-Campita, Secretary Bello was also joined by Undersecretary Benjo Santos Benavidez, OWWA Administrator Hans Leo Cacdac, DOLE NCR Director Sarah Buena Mirasol, and BWSC Director Ma. Karina Perida-Trayvilla.

Source: Department of Labor and Employment