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Corporate governance improves among Singapore companies: Asean scorecard

CORPORATE governance practices among Singapore companies improved in 2021, with the average score of its top 100 public companies by market capitalisation breaching 100 points for the first time. This was out of a maximum score of 130 points, according to the latest edition of a corporate governance scoring system for companies in the Association of Southeast Asian Nations (Asean) countries.

Singapore companies scored an average of 101.1 points in the 2021 Asean corporate governance scorecard, a 14.5 per cent increase from an average of 88.3 points in 2019, said the National University of Singapore Business School’s Centre for Governance and Sustainability (CGS) and the Singapore Institute of Directors on Wednesday (Dec 14). Both entities have been tasked to serve as Singapore’s domestic ranking body for the biennial assessment since 2013.

These companies make up a total of about S$586 billion in market capitalisation as at March 2021, which is about more than half of the Singapore stock exchange’s market value of about S$1 trillion at that time. 

Out of these top 100 companies, which have been scored on publicly disclosed information up to November 2021, 62 of them scored at least 75 per cent on their corporate governance practices, translating to a raw score of 97.5 points. Companies that have scored at least 75 per cent are placed in a category known as the “Asean asset class”, which is marketed as a mark of quality for investors interested in investible entities in this region.

Only 26 Singapore companies made it to the Asean asset class in the 2019 assessment. Singapore’s representation in this category grew from 18.8 per cent (26 out of 138 entities) in 2019 to 26.5 per cent (62 out of 234 entities) in 2021. 

For the first time, 29 real estate investment trusts (Reits) and business trusts were included in Singapore’s ranking in the 2021 assessment. Just over seven in 10, or 72.4 per cent, of them did well enough to score 75 per cent and above, while 57.7 per cent of publicly listed companies did so. 

However, CGS director Lawrence Loh, who is also a professor at the university, said during a media conference on Wednesday that the inclusion of Reits and other business trusts were not the main reason for the improvements in corporate governance performance. Rather, there was a levelling up across the board. 

Loh pointed out that the average score of Singapore corporates that made it to the Asean asset class category was shaved slightly from 108.1 points in 2019, to 106.2 points in 2021. 

In contrast, those that scored below 75 per cent registered an increase of 11.7 points to 93 points – higher than the 81.3 points non-Asean asset class companies achieved in 2019.

“Good corporate governance is not always done at the top. In fact, once you’ve reached the upper tier, it’s very hard to improve anymore, because you have reached that point where a little nudge will take a lot of effort. But we are very happy that the non-Asean asset class over the last round has made significant strides across the board, which is something that pulled the entire train forward. So it is actually the non-Asean asset class pulling everybody up, not the Asean asset class,” he said. 

The Asean corporate governance scorecard is made up of five components: rights of shareholders, equitable treatment of shareholders, role of stakeholders, disclosure and transparency, and board responsibilities. The scores in these focus areas add up to 100 points, with a maximum of 30 bonus points given to companies that display good market practices beyond the basic requirements. 

The main drivers of improvements in corporate governance practices among Singapore corporates were due to progress made in board responsibilities, which have a large weightage of 40 per cent; and the role of stakeholders, said Loh. Shareholders’ rights and equitable treatment of shareholders are the two areas Singapore corporates have been stagnant in. 

With an increased focus on sustainability issues and environmental, social and governance (ESG) disclosures, which fall under the “role of stakeholders” scoring component and only have a 15 per cent weightage, Loh said Singapore could advocate for this particular area to be emphasised more in the overall score. This would help to move the scorecard more in line with initiatives in Singapore’s domestic market, with the Singapore Exchange mandating ESG disclosures from 2022. SGX is also considering plans to mandate remuneration disclosures of company executives. 

However, John Lim, lead member of Singapore’s domestic ranking body, noted that Asean is a region with varying levels of development, and there is always some accommodation that needs to be made to develop a collective scorecard for use at the regional level. Besides Singapore, the top 100 listed companies in Indonesia, Malaysia, the Philippines, Thailand and Vietnam were also included in the latest scoring exercise. 

Nevertheless, Lim noted that this Asean corporate governance index is increasingly benchmarked against principles of corporate governance set out by the Organisation for Economic Co-operation and Development and G20, to raise its relevance among external bodies, including international institutional investors.

Top scorers include Netlink NBN Trust, UOB, ComfortDelGro and – before it was privatised – Singapore Press Holdings. These four companies are also among the top 20 Asean publicly listed business entities. 

Beyond the top four scorers, other Singapore companies that made it to the top 10 domestic rankings are CapitaLand (before it restructured into CapitaLand Investment), Keppel Corp, Singtel, Far East Hospitality Trust, Singapore Post and Sembcorp Industries.

Source: The Business Times. Link Here. 

How to Win New E-commerce Customers – and Keep Them

5 tips for more effective e-commerce

The world is starting to shake off the lingering effects of the pandemic. Now the long-awaited “new normal” is shaping up to be quite different to what went before – especially for e-tailers. COVID fundamentally shifted consumer behavior as older buyers joined younger generations in embracing online shopping. But under a shifting economic environment, there are additional new influences on how and where consumers are shopping. For SMEs who turned to e-commerce as a pandemic lifeline, the question now is where should they focus their attention to win new customers and ensure continued success?

New research from FedEx provides a useful roadmap to help navigate the latest e-commerce trends to help enhance your online experience. The platforms you sell from, how environmentally friendly you are and how personalized your service is with options, offers and entertainment will all impact the clicks you receive and help build repeat purchases. Here are five tips for immediate impact.

Tip 1: Move to marketplaces

Today, the most customer-dense locations are online marketplaces. They account for almost 80% of the region’s e-commerce spend and that share has been increasing over the last three years. 93% of consumers currently purchase from marketplaces and more than half (55%) buy only from them.

Over 40% of SMEs already use marketplaces exclusively compared with a quarter who only sell direct to consumers using their own e-commerce platforms. Control of functionality and customer data, building brand awareness and avoiding restrictions are among the reasons for maintaining owned brand platforms. These are all great benefits, but in following only this track you miss out on the high traffic and lower set up costs that marketplaces offer.

To make the most of these opportunities, SMEs should select the marketplaces that offer the best ease of use for consumers and closer integration with logistics service providers which will result in more sustainable growth.

Tip 2: Support sustainability

E-merchants consistently underestimate consumer expectations around sustainability. Nearly 75% believe that price and delivery speed matter more to consumers. The real picture is completely different. 8 out of 10 of consumers expect their e-tailers to be sustainable. To succeed in the new normal, e-tailers need to radically change their mindset. Consumers confirm that delivery speed is an important consideration for them, but it is alongside sustainability not instead of sustainability.

70% of consumers say they are more likely to buy goods from a company with an effective Environmental, Social and Governance (ESG) policy. That’s an opportunity waiting to be tapped. Only 29% of SME e-tailers have an ESG policy in place. Logistics is an important area to consider in an ESG strategy and it’s a good idea to ask your logistics partners what they are doing to actively decarbonize. As well as using sustainable packaging and electric vehicles for delivery, digital solutions can reduce paper, increase efficiency and improve customer experience. Communicating sustainability wins to customers and involving them in the process can also enhance differentiation and boost loyalty.

Tip 3: New payment processes

Search Google for “Ecommerce Payment Methods” and you’ll get over 18 million hits. And even more ways to pay are appearing nearly every day. Which of them will reach critical mass is an open question, but over two-thirds of consumers (69%) say they prefer to buy from companies that support the latest payment options.

SMEs are well aware of the opportunity, with 69% agreeing that payment process is an effective competitive differentiator. But integrating new payment methods into their systems and day-to-day operations can exacerbate two of the top e-commerce pain points – cybersecurity and customer fraud.

To make progress and remain competitive, SMEs must pick the most promising payment methods to invest resources in. Ease of integration with day-to-day operations and customer experience are as important as mitigating cyber threats and preventing fraud.

Tip 4: Prepare for shoppertainment

Shoppertainment combines ecommerce with entertainment and the everyday lifestyle of the target audience. At present, only 30% of SMEs use it to engage with online customers. However, since it is so popular with consumers who say it encourages them to make e-commerce purchases, many e-tailers are seriously considering employing shoppertainment to attract new customers and increase transactions.

The approach can be particularly effective when combined with big e-commerce events like Black Friday or Double Days which continue to prove their staying power. At least half of the consumers in our survey want more online shipping festivals, and 90% of e-merchants plan to hold their own shoppertainment events within the next 12-months.

With appetite for events and offers certain to grow, businesses need to manage these and ensure that the consumer e-commerce experience is not compromised. That means researching the most engaging formats and determining how logistics providers can support peaks in activity and fulfill deliveries.

Tip 5: Make it personal

Personalization used to mean knowing a customer’s name. In the new world of e-commerce it’s all about understanding and accommodating preferences, and responding quickly when consumers change their minds.

The majority of consumers favor increased personalization. Some 70% of the consumers in our survey agree that it improves their e-commerce experience and are willing to spend more with companies that do it effectively. A solid 80% of SMEs are also convinced, and plan to invest further.

One good way to get more personal is by rethinking the delivery process. It is now possible to give consumers the freedom to customize where and when deliveries happen – at home, the office or a delivery locker – and update it on-the-fly as their day evolves.

Fuel up for the future

E-commerce has established itself as the fastest moving part of the retail sector. Now that the COVID pandemic has habitualized the world to the idea of living online, the speed of change can only accelerate.

E-tailers need to actively monitor what is working with online customers and staying ahead of what competitors are doing are critical considerations. Logistics providers like FedEx can be invaluable partners in tackling the latest trends and meeting the expectations of growing numbers of increasingly sophisticated consumers.

Source: SME & Entrepreneurship Magazine. Read more HERE.

Brunei scraps requirement for travellers to purchase COVID insurance

BANDAR SERI BEGAWAN – From December 1, travellers — both Brunei citizens and foreign nationals — will no longer need to purchase travel medical insurance before entering or exiting the sultanate.

The government on Monday (Nov. 28) announced plans to scrap the requirement, which was introduced when travel restrictions were lifted last April.

Brunei citizens will also no longer have to register their travel information via MFA e-Register, although they are still encouraged submit their details online so that the nearest Brunei mission can reach them in the event of an emergency incident overseas, such as a natural disaster or terror attack.

The government’s COVID-19 Steering Committee also announced extended hours to land border checkpoints.

Source: The Scoop

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Cambodia set to explore new markets for GFT

 

Cambodia will expand its garment, footwear and travel goods (GFT) export market to more countries in its bid to remain competitive in the industry, especially in the wake of challenges from the European Union (EU) market, under a new policy directive for the sector.

The country’s GFT Development Strategy 2022-2027, discussed recently during the launch of the GFT Sector Brief, undertaken jointly by the European Chamber of Commerce in Cambodia (EuroCham), Textile, Apparel, Footwear & Travel Goods Association in Cambodia (TAFTAC), and Internal Labour Organization (ILO), clearly points to this direction.

Huot Pum, Under Secretary of State, Ministry of Economy and Finance, said at the event that the new strategy proposes market diversification as a key along with other objectives such as promoting investment in high value-added and high-end products, strengthening human resources and improving the conditions of the workers, for keeping the GFT sector competitive and sustainable.

The Sector Brief pointed out that GFT exports to the EU, one of the country’s traditional export markets, dropped by 20 percent in 2020, from $4,257 million in 2019 to $3,410 million, and further declined by another 20 percent, to $2,726, in 2021.

The decline in 2021 is mostly attributed to the exit of the UK from the EU bloc. The actual drop in GFT exports to the EU market, subtracting the UK’s withdrawal from the EU, was just 1.26 percent in 2021.

The Sector Brief said that Cambodia was able to overcome some of these challenges by diverting its GFT exports to other markets, particularly the US. Here, the share of exports rose to 43 percent in 2021, up from 37 percent in 2020, thus making the US the largest single market for Cambodia’s GFT exports.

At the same time, the share of Cambodia’s GFT exports to some other markets – outside the US and the EU – also increased to 33 percent in 2021, from just 28 percent in 2020. This development can again be attributed to the ‘Brexit effect.’ If the UK was included in the 2021 comparison, the share of the sector’s exports to the ‘Rest of the World’ markets remains almost the same.

For authentic article, please read here

 

Author: Manoj Mathew

Source: Khmer Times

Cambodia first ASEAN nation to set carbon neutrality target


Cambodia was the first nation in ASEAN bloc to submit a long-term strategy for carbon neutrality with its 2050 target, according to Minister of Environment Say Samal, who led a delegation at the UN’s Convention on Biological Diversity (CBD).

The Minister and his 20-member delegate team joined the opening ceremony of the 15th Meeting of the Conference of the Parties to the UN Convention on Biological Diversity (COP15), which was held recently in Montreal, Canada.

The COP15 meeting was chaired by Huang Runqiu, Minister of Ecology and Environment of China, and was attended by leaders of all 193 member countries and a total of 18,000 stakeholders.

The purpose of the meeting was to ensure political support from leaders around the world in the formulation and adoption of the Post-2020 Global Biodiversity Framework (Post-2020 GBF) and UNCBD Conference resolutions.

Samal said that Cambodia was highly appreciated by China and Canada for its biodiversity efforts.

He added that, as a country rising from the ashes of war, Cambodia is a unique success story with its peace, political and economic stability in the last 20 years which has transformed Cambodia into a middle-class society. “This has created unprecedented opportunity for us to join global efforts in addressing climate change and preserving the remaining biodiversity.”

He noted that Cambodia have adopted Nagoya protocol and are investing in resilient infrastructure.

Samal noted that Cambodia has contributed about 2.3% of gross domestic product for climate change activities to increase the use of renewable energy, forest protection and for the preparation of development strategies for carbon neutrality.

Cambodia is the first nation in Southeast Asia to share a detailed roadmap with the United Nations Convention on Climate Change (UNFCCC) on the measures it will initiate to achieve carbon neutrality by 2050, known as the Long-term strategy for Carbon Neutrality (LTS4CN), he added.

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Author: Son Minea

Source: Khmer Times


WomenbizPH to implement digital economy program for women entrepreneurs

The Women’s Business Council Philippines, more known as WomenbizPH, joins in a project of the Asia Pacific Women’s Information Network Center (APWINC) that seeks to strengthen the electronic business (e-business) competency of businesswomen under the micro, small, and medium enterprises (MSMEs) segment through training in e-business and information and communications technology (ICT).

WomenbizPH President Rosemarie P. Rafael recently signed a letter of agreement for collaboration between APWINC as part of the project “Enhancing Digital Economy Participation for ASEAN (Association of Southeast Asian Nations) Women MSMEs,” supported by the ASEAN-ROK Cooperation Fund (AKCF), the ASEAN Secretariat, the ASEAN Coordinating Committee on Micro, Small and Medium Enterprises, and the Ministry of Foreign Affairs of the Republic of Korea.

AKCF is the existing partnership between the ASEAN and the Republic of Korea, which has supported more than 400 projects covering technology transfer, economic development, human resource development, and people-to-people exchanges.

Serving as the implementing agency of the project, APWINC is an organization established in Korea that seeks to promote gender equality and empower women’s potential and skills in the ICT field in the Asia-Pacific region.

According to the AKCF, “Enhancing Digital Economy Participation for ASEAN Women MSMEs” will benefit 15 local institutions that will carry out capacity-building activities in all ten ASEAN member states, 255 local e-business experts, and 4,050 female MSMEs in ASEAN. The five-year project will be running until December 2026.

“ASEAN women entrepreneurs would have the opportunities to build capacity for using ICTs and online business platforms as well as increase access to information through the project,” AKCF said in a previous statement.

As it joins the said project, WomenbizPH will conduct local training based on its action plan and localized training curriculum and contents. Throughout the local training, trainees’ capacity for e-business is expected to enhance. The key achievement will be the women entrepreneurs’ advancement in the e-Business Readiness Indicator.

Another output aimed in the collaboration is research support and e-business ecosystem for women MSMEs in the ASEAN.

APWINC conducts pre- and post-project-related research during and after local training, while WomenbizPH will be accountable to assist in constructing research questionnaires and data collection. WomenbizPH will also provide mentoring groups and guidance to all trainees to accomplish their e-Business Readiness, which involved registering as an e-commerce company and making their company, product, and service introductions into digital materials.

Moreover, WomenbizPH will co-coordinate and provide necessary administrative support to APWINC for organizing ‘ASEAN Women e-Business Acceleration EXPO’ as the culminating activity for ASEAN women MSMEs.

WomenbizPH will promote women MSMEs’ e-business and give business consultations, search for market access, network among the women MSMEs, and seek the possibility of future collaborative works and potential partners among the ASEAN women MSMEs.

WomenbizPH Chairperson Mylene Abiva will be the project consultant as the business council joins the endeavor.

Composed of the country’s top women business leaders and entrepreneurs, WomenbizPH is the leading voice of women in commerce, inspiring and empowering women in the Philippines. It has been serving as the platform to discuss issues for women in business, as well as possible government policies and solutions as the lead private sector partner of the government, particularly the Department of Trade and Industry and the Philippine Commission on Women.

Cambodia exported more than $3 billion worth of agricultural products in 10 months

From January to October 2022, Cambodia saw a revenue of more than $3 billion from the exports of agricultural products, said the Ministry of Agricultural.

The report of the Ministry of Agriculture on the situation of agriculture in October 2022 and the direction of implementation outlined that the value estimate for the first 10 months of 2022 from agricultural export was recorded at $3,069,972,349.

The total export revenue include:

Rice exports volumes were at 509,249 tonnes, an increase of 49,080 tons (10.67 percent) amounting to $435,407,895.

Exports of rice grains were at 2,440,112 tonnes, a decrease of 219,878 tonnes, valued at $492,902,624.

Exports of agricultural products other than rice amounted to 4,669,974 tonnes, an increase of 448,821 tonnes (10.63 percent) amounted to $2,141,661,830.

Exports of agricultural products other than rice include: dried cassava, cassava flour, raw cashew, processed cashew nuts, corn, soy, bananas, mangoes and more.

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Author: Khmer Times

Source: Khmer Times

Malaysia’s trade expands 15.6% to RM238.17b in November 2022

KUALA LUMPUR – Malaysia’s trade continued its stellar performance and maintained an upward trajectory in November 2022 with trade expanded by 15.6 per cent to RM238.17 billion compared to November 2021 – the 22nd consecutive month of year-on-year (y-o-y) double-digit expansion.

 The Ministry of International Trade and Industry (MITI) said in a statement today that exports rose by 15.6 per cent to RM130.24 billion, while imports and trade surplus increased by 15.6 per cent each to RM107.93 billion and RM22.3 billion respectively.

“The export expansion was underpinned by strong exports of electrical and electronic (E&E) products, liquefied natural gas (LNG), petroleum products as well as crude petroleum,” it said in a statement today.

Meanwhile, exports to major trading partners notably ASEAN, the United States (US), the European Union (EU) and Japan recorded double-digit growth.

Compared to October 2022, trade surplus rose by 23.5 per cent while trade, exports and imports contracted by 2.8 per cent, one per cent and 4.9 per cent, respectively.

For the period of January to November 2022, trade expanded by 29.9 per cent to RM2.613 trillion compared to the same period last year.

Exports increased by 27.2 per cent to RM1.42 trillion.

Imports rose by 33.3 per cent to RM1.193 trillion and trade surplus edged up by 2.6 per cent to RM227.89 billion.

“Trade, exports, imports and trade surplus registered the highest value for the period,” it said.

In November 2022, exports of manufactured goods which accounted for 84.6 per cent of total exports grew by 15 per cent y-o-y to RM110.23 billion and was the 16th straight month of double-digit expansion.

The growth was underpinned by E&E products and petroleum products, which respectively posted more than RM1 billion increase in exports.

Exports of mining goods (eight per cent share) soared by 62.6 per cent y-o-y to RM10.43 billion, the 20th successive month of double-digit growth led by higher exports of LNG and crude petroleum.

Exports of agriculture goods (6.8 per cent share) declined by 11.1 per cent to RM8.87 billion compared to November 2021 due to lower exports of palm oil and palm oil-based agriculture products.

For the period of January to November 2022, almost all products recorded export growth.

Exports of manufactured goods grew by 24.3 per cent to RM1.197 trillion compared to the same period last year.

This was attributed to higher exports of E&E products, petroleum products, machinery, equipment and parts, chemicals and chemical products as well as palm oil based manufactured products.

In November 2022, trade with ASEAN contributed 26.6 per cent to Malaysia’s total trade, rising by 11.6 per cent y-o-y to RM63.46 billion.

Exports edged up by 16.9 per cent to RM38.69 billion — this was on account of higher exports of E&E products and petroleum products.

Imports from ASEAN increased by 4.1 per cent to RM24.77 billion.

Exports to ASEAN major markets that recorded increases were Singapore which grew by RM5.86 billion, bolstered by robust exports of E&E products and Thailand (RM1.06 billion, petroleum products).

Trade with China recorded RM43.18 billion, rose by 13.5 per cent last month, exports recorded 9.2 per cent to RM18.85 billion and imports from China grew by 17.1 per cent to RM24.33 billion.

Trade with US rose by 15.6 per cent y-o-y to RM22.82 billion with exports 11.8 per cent up to RM14.59 billion and imports higher by 23 per cent to RM8.23 billion.

Trade with the EU grew by 12 per cent y-o-y to RM18.66 billion with exports rising by 16.3 per cent to RM10.5 billion aided by strong exports of petroleum products, transport equipment and E&E products.

Imports from the EU expanded by 6.9 per cent to RM8.17 billion. – Bernama / pic TMR File 

Source: The Malaysian Reserve

ASEAN exports seen moderating in 2023

MANILA, Philippines — Growth in Southeast Asia’s exports could moderate next year amid expectations of weaker global economic growth, according to a unit of S&P Global Ratings.

Rajiv Biswas, Asia-Pacific chief economist at S&P Global Market Intelligence, said in a report that the region’s exports may be affected by the weakening global economic growth and the forecast of a slowdown in the US and European Union next year.

“After buoyant exports in 2022, ASEAN export growth momentum will moderate in 2023, notably due to weaker growth in the US and EU, which together account for around one-quarter of ASEAN exports,” he said.

Biswas said this would be mitigated by the continued growth of domestic demand and the gradual recovery of international tourism in Southeast Asia.

While the growth in Southeast Asia’s exports are seen to moderate, he said the region is expected to be resilient to the weakening global economy in the near term.

“However, a key downside risk to the ASEAN outlook would be if mainland China’s economy continues to experience sluggish economic growth in 2023 due to the continued impact of COVID-19 restrictive measures,” he added.

Mainland China has been ASEAN’s biggest exports’ market for the last 12 years, with an estimated 16 percent share of the region’s outbound shipments of goods.

Hong Kong accounts for a further seven percent of ASEAN exports.

Over the medium to long-term, Biswas said ASEAN is expected remain as one of the fastest growing regions in the world.

According to Biswas, ASEAN’s gross domestic product measured in nominal dollar terms is forecast to reach $6.4 trillion by 2030 from $3 trillion in 2020.

“Over the next decade, the ASEAN region will be one of the three main growth engines of the APAC (Asia-Pacific) region, together with China and India,” he said.

Biswas pointed out that ASEAN’s growing consumer market will make it a more attractive destination for foreign direct investments (FDI) as multinationals set up manufacturing and services capacity to tap the domestic demand in the region.

He added that the move of multinational firms to diversify supply chains following disruptions due to natural disasters, COVID-19 pandemic, and Russia’s invasion of Ukraine, would also support FDI inflows into ASEAN.

ASEAN, he said, are likewise seen to benefit from their membership of the Regional Comprehensive Economic Partnership (RCEP), which will help boost trade and investment flows among the 15 nations that have agreed to the trade deal.

RCEP, which was signed by ASEAN nations and trade partners China, Japan, South Korea, Australia and New Zealand, has entered into force in most of the member economies.

In the Philippines, RCEP has yet to take effect, but Trade Secretary Alfredo Pascual said earlier the current administration is committed to ratify the mega trade deal.

Biswas said one important advantage of the RCEP is the favorable rules of origin treatment, which would help build manufacturing supply chains within the RCEP region across different countries.

“This will help to attract FDI flows for a wide range of manufacturing and infrastructure projects into the RCEP member nations,” he said.

Biswas said the region could also benefit from the Comprehensive and Progressive Agreement for Trans-Pacific Partnership Agreement, another large regional free trade deal, which has some ASEAN countries as members.

“Therefore the long-term outlook for the ASEAN region remains very favorable across a broad range of industry sectors in manufacturing and services,” he said.

Source: PhilStar

Pascual signs guidelines for PCIDA

TRADE Secretary Alfredo Pascual has signed the implementing rules and regulations (IRR) of the Philippine Creative Industries Development Act (PCIDA), the law that aims to transform the local creative industries that will help boost the country's economic recovery.
 
Pascual sees the signing of the IRR of PCIDA, or Republic Act 11904, as an important step toward harnessing the enormous potential of the Philippine creative industries.
 
"The collaborative efforts of different stakeholders in the creative ecosystem are all vital in building a vibrant and globally competitive Philippine creative economy. Hence, we have made sure that the PCIDA-IRR would be a product of synergistic discussions with other government agencies and the creative industry players," he said.
 
Pascual emphasized that "the signing of this IRR is an important enabling measure to effectively execute the PCIDA toward transforming the creative industries to drive our economic recovery and fuel an inclusive and sustainable growth."
 
Pascual said the PCIDA will create a collaborative environment for local creatives and the government. "The IRR will promote a better work environment and livelihood for creative workers, improve education and access to financial support, develop industry data and statistics for policymakers, and harness other innovation efforts to help workers and firms in the creative economy," the trade chief added.
 
The PCIDA, which lapsed into law on July 28, 2022, mandates the development of a vibrant Philippine creative industries by protecting and strengthening the rights and capacities of creative firms, artists, artisans, creators, creative workers, indigenous cultural communities, creative content providers and other stakeholders.
 
The law provides adequate support measures to the Philippine creative industries that face various binding constraints to growth, such as high output costs, fragmented education systems, piracy, lack of data and statistics, underdeveloped branding and infrastructure, and wide skill gaps and mismatch, among others.
 
To steer and oversee the implementation of the law, it creates the Philippine Creative Industries Development Council (PCIDC), which will be chaired by the Department of Trade and Industry and is composed of the Education, Science and Technology, Local Government and Tourism secretaries; the head of the National Economic and Development Authority; chairpersons of the Commission of Higher Education and the National Commission for Culture and the Arts; director general of the Director General of the Intellectual Property Office of the Philippines; and private sector representatives from various creative domains.
 
Aside from the PCIDC, the law also mandates the development of the Philippine Creative Industries Development Plan, which shall embody several support mechanisms geared to address the specific concerns in the creative ecosystem covering infrastructure, research and development, innovation, digitalization, financing, investment and education, among others.
 
The law also seeks to develop and promote Philippine Creative Cities initiative by placing creativity and culture at the heart of local development plans and promoting the establishment of creative hubs and clusters. This initiative is supported by the United Nations Educational, Scientific and Cultural Organization.
 
Source: ManilaTimes

Energy ‘transition happening in Cambodia’

Investors across the world are focusing on green energy, and many experts who attended a forum yesterday opined that Cambodia’s energy transition is a reality.

While attending the latest Breakfast Talk, organised by EuroCham Cambodia, at Raffles Hotel Le Royal yesterday, panellists pointed out the example of Vietnam mobilising $8.6 billion to support its energy transition last year.

At COP 27, there were $32 trillion in assets that fell under carbon neutrality initiatives.

UNDP Chief Technical Adviser on Development and Climate Finance Julien Chevillard said: “It’s not fringe anymore, we’re really seeing this become mainstream.”

In Cambodia also, the green initiatives have gathered momentum, with more people looking at the prospects of moving to electric vehicles.

Chevillard said a switch to electric vehicles is likely to come sooner rather than later, as countries prioritize carbon-free buses and electric motor vehicles.

Besides, the Cambodian government is taking several steps to accelerate the green efforts in the country. The government made investments in the grid to increase the uptake of variable renewable energy and increased collaboration between ministries.

Morten Kvammen of Misca Advisors said that once the government becomes familiar with a topic, things tend to move very quickly.

Another important sector that is preparing for a switch is garments. However, experts pointed out that the leasing model poses a challenge to green investments.

Choon Yik Thong, Chairman of TAFTAC’s sustainable committee and Vice Chairman of the EuroCham’s Garment & Manufacturing Committee, said: “It’s real, we’re doing it on the ground now. There are many projects going on. Despite not saving much [at the moment], factories will still go ahead with these [green] projects.”

For full article, please read here


Author: Adur Pradeep

Source: Khmer Times

Importing a band-aid solution, group says

As the country continuous to rely on importing manufacturing materials and agricultural commodities, an industry leader said the government should build manufacturing plants and cultivate agricultural land.

“Long-term solution is to stop importing. We don’t have our own canning industry and we continue to rely on imported products from other nations such as China. Why do we continue to import even if we are an agricultural country? Importing is a band-aid solution, a shortcut, and a short-term solution,” Philippine Amalgamated Supermarkets Association president Steven Cua told the Daily Tribune’s online show Gising Na!

The Philippines has manufacturing plants that produce sardines, but the tin cans are imported from China.

It’s the reason the Canned Sardines Manufacturers Association of the Philippines filed a petition to the Department of Trade and Industry for a P3 price hike on canned sardines last October.
The group said the strong dollar and weak peso affect the importation of tin sheets used in canning sardines.

Global demand for tin cans is surging, as the global metal cans market size reached $62.51 billion in 2021, while the market is expected to reach $73.78 billion by 2027, showing a compound annual growth rate of 2.8 percent from 2021 to 2027, according to global think tank Research and Markets.

“The government should find a solution on how to develop various industries beyond President Marcos’ six-year term. Apart from that, there should be a continuation of his projects by the next chief executive,” Cua added.

Not all products raise prices

Cua clarified that not all items or stock-keeping units or SKUs in supermarkets have raised prices.

“As of November, more than 30 manufacturers have aired intentions to raise prices to retailers, but not all products they carry are set to spike prices. A regular-sized supermarket has 15,000 different items, while hypermarkets have more than 100,000 items. Prices of SKUs are not raised altogether because manufacturers are afraid to lose market share,” Cua explained.

Trade Secretary Fred Pascual last week said that no new suggested retail price or SRP bulletin for basic necessities and prime commodities will be released as the year ends. He hopes to release a new SRP by early 2023.

Cua said the DTI will have a hard time asking these manufacturers to defer the price increase as they are also suffering from the current economic situation, and SRP should not be implemented all year round.

“SRP is a form of price control and is supposed to be used only during times of calamities or emergencies. But the DTI made its implementation all year round. It is not good for the economy if you have price control because it’s not free enterprise. Competition keeps us in check so SRP should not be needed, actually,” he said.

The last SRP bulletin was issued by the DTI on 12 August, posting price increases for 67 out of 218 SKUs, which were granted due to rising production costs, varying from 3.29 percent to 10 percent.

Some of the basic commodities that were allowed price increases were canned sardines, coffee, noodles, bottled water, processed milk, detergent soap, candle, and condiments.

Cua said factors that make manufacturers adjust their prices are the ongoing Ukraine-Russia war, fluctuating oil prices, salary increases of manufacturing companies, costs of raw materials, and supply chain disruptions, among others.

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