PNT Foreign Exchange $ 1.00 Cdn = P41.10 Php
12 BUSINESS NEWS
PHILIPPINE ASIAN NEWS TODAY October 1 - 15 , 2017
SyCip passing leaves companies scrambling for board replacement
The death of Washington SyCip , hailed as one of the old guards of the country ’ s economy , has left a number of companies scrambling to fill up the vacuum in their boards .
Some of the country ’ s biggest companies have started the search for a new director since SyCip was part of the boards of various listed firms , either as independent director , chairman or advisor .
In separate disclosures , several listed companies said they would need to commence a search for SyCip ’ s replacement in their companies .
Metro Pacific Investments Corp . ( MPIC ), the tollways and infrastructure conglomerate chaired by tycoon Manuel V . Pangilinan , was among the first to issue an
Investment pledges climbed 33 percent in the first nine months to P381.17 billion from P286.44 billion a year ago , the Board of the Investments said Tuesday .
Trade Secretary and BoI chairman Ramon Lopez said the amount represented about 76 percent of the agency ’ s investment target of P500 billion for 2017 .
“ In conjunction with our 50th anniversary , we ’ ve come up with an ambitious investment target of P500 billion by the end of this year , or ‘ P500 billion for BOI @ 50 ’,” Lopez said Monday night during the 2017 Guinogolan Awards at the Philippine International Convention Center in Pasay City .
Data showed despite the significant growth , foreign investments slid 74.82 percent in January to Sep-
announcement .
“ It is with deep sadness that we are informing the exchange , the investing public and the trading participants of the passing of Washington SyCip , an independent director of Metro Pacific Investments Corp . Sycip served as
tember to P12.48 billion from P49.59 billion a year earlier .
Domestic investments , however , continued to dominate investment pledges with a growth of 55.66 percent to P368.68 billion .
Expected employment generation from 324 projects increased to 64,563 from 46,716 workers from 255 projects a year ago .
Lopez said for the past five years , BoI ’ s average annual investment approval reached P398 billion .
“ What ’ s exciting is that we expect to exceed our target with local and foreign investors keenly exploring opportunities in energy , infrastructure and agribusiness ,” he said .
The Trade Department said investors were banking on the Philippines ’ strong macroeconomic independent director of MPIC since August 2011 . We are deeply grateful for his valuable contributions and inputs to the company , and the Metro Pacific Group wishes to extend its deepest sympathies to SyCip ’ s family ,” MPIC said .
“ The board of directors
fundamentals , demographic sweet spot , market access in Asean , Regional Comprehensive Economic Partnership , Generalized System of Preferences and GSP + and construction boom as a result of the Duterte administration ’ s ‘ Build , Build , Build ’ infrastructure program .
“ M o r e - over , to sustain this boom , investors are looking at the energy requirements to ensure the infrastructure p r o g r a m ’ s success All of these investment projects were studied in-depth by our BoI proj-
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will commence the search for the new independent director to serve for the unexpired term of SyCip ,” MPIC added .
Taipan Lucio Tan ’ s investment firm LT Group Inc . carrier Philippine Airlines likewise issued similar announcements , along with Philippine National Bank .
“ We are deeply saddened to report the passing of Washington SyCip , an esteemed director of the PNB , on Oct . 7 , 2017 . SyCip has been a director of the bank since Dec . 8 , 1999 . The bank
BoI reports investments up by 33 %
ect evaluation teams ,” Lopez said .
BoI said in the last 50 years , registered investments generated around 2,116,257 quality jobs for the Filipino people .
“ We make sure the projects [ we approve ] are expresses its deepest gratitude and appreciation for his valuable contributions to the bank ,” PNB said .
Jolliibee Foods Corp ., the Filipino-owned Asian food conglomerate , likewise said it lost a valuable independent director in SyCip .
Other companies that issued similar announcements were Belle Corp . ( independent director ), MacroAsia Corp . ( co-chairman and director ) and Cityland ( chairman and independent director ). ( I . Gonzales , PS )
of national interest and make responsible use of the country ’ s resources . We would also like to report that BoI doesn ’ t just serve big companies , but also micro , small , and medium enterprises ,” Lopez said .( O . V . Campos , MS )