SM exec: Clark is the future

A TOP executive of the SM Hotels and Conventions Corporation said Clark is the country's future development area.

"We always see that Clark is the future. With all the developments happening and even now, seeing how Clark International Airport is coming up and how the international flights are targeting to land in Clark. So, the future is there," said Walid Wafik, senior vice president for Operations of SM Hotels and Conventions Corporation.

Wafik was one of the guests during the relaunching on Tuesday, March 29, of the News @ Hues media forum hosted by the Pampanga Press Club (PPC) and Park Inn by Radisson Clark.

He said local government units are working together to connect Clark with Metro Manila. "This is going to happen so we know there is a future here."

The SM executive said SMX Clark, which is their third-largest convention center next to SMX MOA and SMX Davao, will open on May 24, 2022.

"This SMX [Clark] has one great advantage, we built 14 meeting rooms. This is larger than any other SMX that we have at this scale," Wafik said.

SMX Clark can accommodate multi-scale events with gross leasable space of more than 4,000 square meters. It has two level event venues and a mezzanine floor for offices.

It was strategically built near SM City Clark and Park Inn by Radisson Clark hotel.

Andrea Francesca Madlangbayan, regional operations manager of SM Supermalls, said they included in their development plan parking spaces which will complement the operation of SMX Clark and the newly-expanded Park Inn hotel.

She said a 900-slot multi-level parking area will open prior to the launching of SMX Clark.

SM City Clark also has an existing steel deck parking building next to the convention center, according to Madlangbayan.

"This is around 100-slot so those that will be attending the convention, they can opt to either use the steel deck parking or the customer parking here at the back," she added.

For her part, Park Inn By Radisson Clark general manager Ann Olalo said their new 100-room extension will open in June this year.

"So the new wing which opens in June is an additional 100 rooms. The original wing is 154, so that gives us a total of 254 rooms which we will support when SMX opens, when MICE groups are here and again our advantage is proximity. We are connected by a door, so very convenient for our guests. They stay in the new wing, they come down the elevator and they are there in SMX already," Olalo said.

https://www.sunstar.com.ph/article/1925101/pampanga/business/sm-exec-clark-is-the-future

BPI to hold groundbreaking ceremony for its new HQ in Makati

Bank of the Philippine Islands headed by bankero TG Limcaoco is set to finally hold the groundbreaking ceremony for its new headquarters in Makati City next week.

Limcaoco is set to lead the ceremony on March 15.

The old 20-story BPI headquarters designed by Engracio Mariano and was inaugurated in 1982 at the corner of Ayala and Paseo de Roxas avenues in Makati City has been demolished to give way to the new structure.

The new headquarters of the Ayala-led bank would have 30 to 40 floors and is expected to be completed in four to five years.

https://bankero.com.ph/bpi-to-hold-groundbreaking-ceremony-for-its-new-hq-in-makati/

Duterte OKs amendments in Foreign Investments Act

Job Manahan, ABS-CBN News

President Rodrigo Duterte has signed the law that aims to promote "productive investments" from foreigners and other countries that would help boost the country's economic growth, documents showed Friday. 

Republic Act No. 11647, which amends RA 7042 or the Foreign Investments Act of 1991, is seen improving technology transfer, raising foreign exchange from exports and leading to higher tax revenues.

The amendment also establishes the Inter-agency Investment Promotion Coordination Committee (IIPCC) headed by the Department of Trade and Industry. 

The law, approved on Wednesday, stated that the body will promote and facilitate efforts to encourage foreign investments. 

IIPCC was also tasked to create a strategy or campaign that would "promote the country as a desirable investment area." 

Foreigners, "without need of prior approval," can now also invest in a domestic enterprise up to 100 percent of its capital "unless participation of non-Philippine nationals... is prohibited or limited to a smaller percentage" by existing laws, it read.

Foreigners may also own small and medium-sized enterprises with a minimum paid-up capital of less than $100,000 if majority of their direct employees are Filipinos. The number of Filipino employees should not also be less than 15. 

"The Securities and Exchange Commission (SEC) or DTI... shall not impose any limitations on the extent of foreign ownership in an enterprise additional to those provided by this Act," the law read. 

The law also noted that a foreigner who will also be involved in an existing joint venture, where he or his majority shareholder is a substantial partner, must disclose the names and addresses of the partners during their registration with the SEC.

Foreign investments in export enterprises are also now allowed up to a hundred percent, according to the amendment. 

Export businesses though should register and comply with the National Internal Revenue Code for the purpose of availing any tax benefits or incentives. 

Duterte, during his last State of the Nation Address, called on lawmakers to pass three priority bills meant to attract more foreign investments into the country.

These were the Foreign Investments Act, the Public Service Act, and the Retail Trade and Liberalization Act. 

https://news.abs-cbn.com/business/03/04/22/duterte-oks-amendments-in-foreign-investments-act