Philippine Asian News Today Vol 20 No 20 | Page 12

BUSINESS NEWS 12 PHILIPPINE ASIAN NEWS TODAY October 16 - 31, 2018 PH economy likely grew in Q3 on investments, exports’ ROBUST private and public spending, as well as increased exports, likely caused the Philippine economy to rise by more than 6 percent in the third quarter of 2018, First Metro Investment Corp. (FMIC) and the University of Asia and the Pacific (UA&P) said in a joint report on Tuesday. In its latest issue of “The Market Call,” FMIC and UA&P said the “economy likely expanded faster in Q3 (third quarter) than the 6 percent posted for Q2 (second quarter), as red-hot investment spending and robust manufacturing sector stepped up on the accelerator.” The “country’s investment-led story remains solid” as imports of capital goods rose by 39 percent year-on-year in July, much faster than June’s 30-percent expansion, it added. The report’s authors also suggested that government spending “added fuel to growth” with a 28.7-percent uptick in August, likely driven by infrastructure and capital outlays, which grew by 70.5 percent in the month. “We have indicated our view that growth in Q3 will be supported by strong investments, especially with the [Duterte] administration’s unrelenting effort to push for faster completion and faster delivery of the ‘Build Build Build’ projects they have lined up,” they added, referring to the government’s massive infrastructure program. FMIC and UA&P, meanwhile, underscored a “more robust” growth in exports in the third quarter. They emphasized that the Philippines’ export performance bucked the previous lackluster trend, recording its second monthly gain at the start of the quarter. Exports increased by 0.3 percent year-on-year to $5.8 billion in July, following the 2.8 percent gain in June. Outbound shipments declined from January until May. GDP growth fell below expectations in the second quarter at 6.0 percent, bringing first-half expansion to an average of 6.3 percent, lower than the government’s revised 6.5-6.9 percent target. (M.U. Caraballo, TMT) Philippines 1st low-cost carrier terminal to rise in Clark The Philippines expects its first low cost carrier terminal (LCCT) to rise in Clark by 2020, which could attract more services from existing and new foreign budget carriers. In its latest analysis, aviation think tank CAPA Center for Avia- tion said the new terminal being constructed at Clark would likely become the country’s first LCCT. “Construction of a second ter- minal is underway at Clark Interna- tional Airport outside Manila. The terminal will likely become the first LCCT in the Philippines when it opens in 2020,” CAPA said. “Developing the second new terminal as an LCCT is sensible, given that LCCs will likely account for at least 60 percent of Clark’s traffic in future. The existing ter- minal should be large enough to accommodate full service airlines – even if FSC traffic at Clark tri- ples,” it added. Full service carriers (FSC) cur- rently account for approximately 1.2 million annual passengers at Clark, according to the aviation think tank. Meanwhile, LCCs account for 51 percent of total seat capacity in the Philippines, and LCC penetra- tion rate at Clark alone stands at 50 percent. CAPA said the LCC penetration rate at Clark would likely exceed 60 percent by the time an LCCT opens because both Philippine LCCs – Cebu Pacific and Philip- pines AirAsia – are planning to ex- pand in Clark. “The opening of the LCCT in 2020 would drive further LCC growth at Clark as it will provide lower fees and charges,” it said. “Clark’s large and growing do- mestic network should help attract more foreign airlines – both low cost and full service. Long haul low cost services particularly need feeder, which Clark is now able to offer. The opening of the LCCT could lead to more services from the existing foreign LCCs and the launch of services from several new foreign LCCs, including long haul LCCs,” CAPA added. The tandem of Megawide Con- struction Corp. and GMR Infra- structure Ltd. of India is undertak- ing the construction of the new terminal building after it bagged the engineering, procurement and construction contract in Decem- ber last year. The new terminal is expected to accommodate up to eight mil- lion passengers per year, increas- ing Clark Airport’s capacity to 12 million passengers per annum by 2020 from four million at present. (R. Mercurio, PS) Canadian Immigrant Fair helps immigrants get job-ready in Vancouver Internationally trained professionals, other newcomers, international students and temporary workers welcome! Vancouver, B.C. – In Metro Vancouver, 25,000 immigrants landed between January and August 2018, according to data from Immigrant, Refugees, Citizenship Canada. That’s the majority of the 32,000 who landed in the entire province of B.C. during that time period. And many more thousands come on temporary work permits, as refugees or as international students in hopes of staying permanently one day. Some may be fleeing war, while others are seeking new opportunities and a better life. But they all have one thing in common: they need information after they arrive to help them in their immigration journey. That’s where the Canadian Immigrant Fair, presented by Canadian Immigrant magazine in association with Public Mobile, comes in. Held at Vancouver Convention Centre East (999 Canada Place), steps from Waterfront Skytrain Station, this tradeshow and speakers’ series for skilled immigrants, newcomers, students and temporary residents is all about providing the information and inspiration people need as they look for jobs, go back to school and settle into their new home. “Settling into a new country is both exciting and challenging, particularly when also trying to secure employment. To that end, we are thrilled to provide resources to assist with the challenges of today’s job market through free professional photos. We look forward to participating in this cross-country fair and connecting with new members of our community,” says David MacLean, Director of Public Mobile. “Metro Vancouver is obviously a destination of choice, but it can also be a challenging place, given the issues of affordability and housing costs,” says Sanjay Agnihotri, group publisher of Canadian Immigrant, a national magazine, website and events producer. “Immigrants are coming to Canada, and it’s our responsibility to welcome them, and help them settle in and find success. Through the Canadian Immigrant Fair, we offer information on the three pillars of success after immigrating to Canada: careers, education and settlement.” The free fair will feature a tradeshow of diverse exhibitors, including career advisors, education institutes and social service agencies, plus several hiring companies including: Westjet, Bayshore Home Health, Costco Wholesale, the Universal Group, Fresh Point, Sunrise Soya Foods, FPS Food Process Solutions, the Brick, Stongs Markets LP and McDonald’s Restaurants. It’s a great opportunity for newcomers to get job-ready with helpful resources such as free one-on-one advice at our Resumé Clinic, run in partnership with MOSAIC immigrant settlement agency, and associate sponsor Public Mobile will be offering a free photo booth to take professional WWW.PHILIPPINEASIANNEWSTODAY.COM LinkedIn photos onsite. The event’s popular speakers’ series includes an English pronunciation class by Catherine Steele, motivational workshops on succeeding in Canada by two RBC Top 25 Canadian Immigrants, Iman Aghay and Miroslav Reljic, plus a session on making the most of a job fair with Pacific Community Resources Society’s Alexander Bell. Temporary residents and PRs looking to become citizens can also seek advice on the English testing requirements at the CELPIP English test workshop. They can also get advice from immigration consultants and lawyers at the fair. Registration for the free fair is available at www. canadianimmigrant.ca/careerfair/ vancouver. Register before November 12th for your chance to win a year of pre- paid service with Public Mobile on Canada’s largest mobile network. Learn more at www. canadianimmigrant.ca/careerfair.