Inside This Issue - Global Gateway Logistics City

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National News
GGLC NEWSLETTER EXPRESS
Garcia also said investors believe that the country's
strong macroeconomic fundamentals will offset any
negative effect of the continued slowdown of the US, a
key market for Asian exports.
"The Philippines, along with many emerging market
economies, is increasingly becoming more resilient to
external developments. Record high OFW remittances
and the strengthening of the peso against the US dollar
have made a strong case for consumption-driven
growth," Garcia explained.
Luen Thai Announces Expansion in RP
BERNIE CAHILES-MAGKILAT
October 4, 2010, 8:37pm
MANILA, Philippines – Luen Thai Holdings, the country’s
biggest garment exporter, has announced major
expansion in the country including the production of
new Coach bags, and expansion of its manufacturing
facilities in Cebu and Clark to handle additional capacities
for branded apparel and create new 6,500 jobs.
Net inflows in July were largely driven by the other
capital account, which summed up to US$186 million.
Year-to-date, FDI net inflows through July 2010
reached US$954 million. The biggest contribution to
the net inflows also came from the other capital account
consisting largely of intercompany borrowings
from foreign direct investors by their subsidiaries/
affiliates in the Philippines.
Designer bags made produced by Luen Thai
Board of Investments Executive Director Lucito P.
Reyes revealed this to reporters after meeting with
Luen Thai CEO Willie Tan last Friday.
No investment details were given.
Positive inflow of money
In addition, the stock market hit a record high this
week and is up 38 percent this year. The peso has
gained about 7 percent against the dollar and risen to
its strongest in two-and-a-half years.
Reyes said President Benigno S. Aquino III witnessed
the signing of memorandum of understanding on the
production of new Coach bags and the expansion of
the Cebu manufacturing facilities during his recent
U.S. trip. On the production of new Coach bags, Reyes
said this would be done in the company’s plant in
Concepcion, Tarlac.