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Philippines FDA included in list of ASEAN Inspection Services

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Philippines FDA included in list of ASEAN Inspection Services

JAKARTA, 20 December 2019 – At the 28th ACCSQ Pharmaceutical Product Working Group (PPWG) Meeting and its related meetings, ASEAN Member States agreed to endorse the listing of the Philippines Food and Drug Administration under the ASEAN Mutual Recognition Arrangement (MRA) on Good Manufacturing Practices (GMP).  The five-day event was held from December 16 at the ASEAN Secretariat.

The listing of Philippines FDA will be an addition to the current listed inspection services under the ASEAN MRA on GMP, which includes the Singapore Health and Sciences Authority, Malaysia National Pharmaceutical Regulatory Authority, Indonesia National Agency of Drug and Food Control and Thailand Food and Drug Administration.

The ASEAN MRA on GMP sets out arrangements under which each signatory of the MRA, shall accept (i) the GMP certificate for manufacturers of medicinal products, where the GMP certificates are issued by a listed inspection service; and (ii) the GMP inspection reports which verify conformity of a manufacturer of medicinal products with the mandatory requirements, where such inspection reports are issued by the Listed Inspection Service. Currently, the coverage of the MRA includes conventional pharmaceutical products in finished dosage forms.

The GMP certificate is a mandatory requirement for registration of medicinal product in each ASEAN Member States.

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Commerce Ministry increases e-commerce monitoring

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BANGKOK (NNT) – The boom in online retailing has resulted in numerous complaints from customers via the Department of Internal Trade’s 1569 hotline, regarding consumer exploitation.

The Department of Internal Trade’s Deputy Director General Chatchai Saksilapachai revealed today that 1,429 complaints were lodged via the hotline this year, most of which concerned the failure to display clear pricing labels in 330 cases, which far exceeds the 2018 figure of 178 cases out of 1,932 complaints.

This figure reflects changes in consumer behaviour towards greater online purchases, where some retailers refuse to display pricing of the products but instead require customers to ask by sending private messages, which poses an opportunity for sellers to unreasonably raise product prices.

In 2020, the Department of Internal Trade will be conducting a more thorough and strict online inspection of shops, and will disclose information which the general public can use to preserve their rights and prevent themselves from being exploited.

The law on product and service pricing, in its latest July 2019 amendment, mandates that pricing of products and services sold online must be clearly displayed. Sellers who fail to do so will face up to a 10,000 baht fine, plus a daily penalty until they finally display a correct price label.

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Asia Pacific to outperform other regions in 2020 for real estate investment – Real Estate

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According to the real estate consultancy, foreign investments into Asia Pacific are at a decade-high, making up 35 per cent of total volumes, mostly driven by private equity funds and large-scale transactions.

“Real estate in Asia Pacific has gained favour in the last year as investors continue to seek high yields and stability amid a climate of geopolitical uncertainty and slowing economic growth. As an increasing amount of capital is being allocated to real estate, we’re seeing more clients making larger-scale investments to expand their portfolios.”

Stuart Crow, CEO, Capital Markets Asia Pacific, JLL.

“Over the next two years, we expect global real estate transaction volumes to stay elevated and Asia Pacific to outperform Europe and the Americas with an outsized portion of global investor interest.”

JLL reveals five key trends that investors should look out for in 2020.

1. Logistics assets are a hot ticket

Investor appetite for logistics continues to pick up, meaning these types of facilities are held tightly. The result is that investors must become more creative in order to access quality assets.

“We’re seeing more investors form joint ventures with major established players. Some are taking partial stakes or even going into public markets. A recent example is Canadian pension fund OMERS’s cornerstone investment in ESR logistics platform when the latter filed to be listed on Hong Kong’s stock exchange,” says Mr Crow.

“Another avenue to accessing quality portfolios has been via the mergers and acquisitions route, with the likes of warehouse operator GLP, Viva industrial REIT and Propertylink REIT among some of the larger platforms to be acquired.”

2. REITS are the next to watch

In 2019, Asia Pacific REITs (Real Estate…

Read the complete article on Thailand Business News

China Big Pig Farms to Work With Small Ones in $7 Billion Plan to Boost Hog Output

SINGAPORE—China’s large pig farms are lining up with small, family-based farms in a state-initiated investment of nearly 50 billion yuan ($7.14 billion) to boost hog productions hit hard by a deadly swine disease, the agriculture ministry said. Fifteen leading pig farms in Beijing on Dec. 26 signed 19 agreements with local governments in 16 Chinese […]

The post China Big Pig Farms to Work With Small Ones in $7 Billion Plan to Boost Hog Output appeared first on Thailand – China.

Read the complete story on Thailand-China Business News

Workshop for royal rainmaking volunteers

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PHAYAO(NNT) – The Department of Royal Rainmaking and Agricultural Aviation has organized a workshop for rainmaking volunteers in Phayao province.

Naret Thamrongthiphayakhun, assistant to the minister of the Prime Minister’s Office, presided over the opening ceremony of the workshop for northern rainmaking volunteers organized in Phayao province by the Department of Royal Rainmaking and Agricultural Aviation from December 20 to December 22. A network of rainmaking volunteers will be expanded in 15 provinces under responsibility of the Northern Royal Rainmaking Operations Center.

The assistant to the minister said rainmaking volunteers can help officials devise rainmaking plans, follow up on rainmaking operations, evaluate results of the operations, coordinate with farmers and relevant government units and publicize the rainmaking operations in their respective areas.

The Department of Royal Rainmaking and Agricultural Aviation has carried out operations in all four regions of the country on a yearly basis. The networked rainmaking volunteers would gain knowledge about rainmaking operations and disseminate it in their community as part of the public participation in running government services.

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Finance Ministry prepares new round of state welfare registrations

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BANGKOK (NNT) – The government’s state welfare scheme has helped people with an annual income of 100,000 baht or less to have a better quality of life. The scheme that was launched in mid-2019, now has 14.6 million state welfare card holders. The Ministry of Finance is to revise the criteria for the state welfare scheme and open another round of registrations next year.

The Finance Minister, Uttama Savanayana, said recipients of state welfare benefits in the new round of registrations will also need to include the incomes of their family members. The benefits will remain the same, but the scheme will cover health and measures to reduce the cost of living. The aim is to help low-income earners escape from poverty. The issue is expected to be finalized next month.

“In the new round of registrations, they will be taken care of. During the launch, we have to consider the recipients of the state welfare scheme. They are low-income earners. We have to take care of this target group. In the first round, some recipients did not fall into this category. We have to revise the scheme. We have to ask them, and explain to them that we have a certain amount of budget to help those who really need assistance. We have yet to decide on the number of new recipients, but we’re looking into it. We have to discuss the issue with many sides. The same criteria applies,” Minister Uttama said.

Currently, there are 14.6 million state welfare card holders. The Finance Minister said the new round of registrations is not aimed at increasing the number of recipients, but it covers those who didn’t register in the previous round. People with state welfare cards are not required to re-register with the government.

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Households and SMEs’ debt raise concerns (BoT)

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Thailand Business News

The Bank of Thailand concluded that Thailand’s financial system remained sound, with commercial banks and insurance companies holding ample capital buffers. 

However, there remained some pockets where risks could continue to build up, especially given the subdued growth outlook both at home and abroad and the prolonged low interest rate environment.

 The Bank of Thailand announced the outcome of the joint meeting between the MPC and the FIPC on 16 December 2019 to assess risks to Thailand’s financial stability.

The committees highlighted four key issues as follows: 

1. New residential mortgages posted a positive growth for the first nine months of 2019.

Following the implementation of the loan-to-value (LTV) measure, mortgages granted to first-time homebuyers (servicing one mortgage loan) stood unaffected and the LTV ratio of these loans stayed high. Meanwhile, speculation and imbalances in the real estate market showed signs of abating in line with the measure’s intended objectives. 

(1) Financial institutions tightened their underwriting standards, as reflected by the decline in the average LTV ratio for second and subsequent mortgages.

(2) Speculative demand showed signs of cooling down, as seen from the decline in the number of commercial banks’ new mortgage accounts given as second or subsequent mortgages, with the decline in Q3 softening from that in Q2.

New residential mortgages posted positive growth for the first nine months of 2019

(3) Developers also delayed project launches, which would help facilitate a reduction in oversupply and allow the housing market to return to a balanced condition…

Read the complete story on Thailand Business News

DPM discusses NESDB 2020 economic measures

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BANGKOK (NNT) – Deputy Prime Minister Somkid Jatusripitak attended a meeting with NESDB executives during which he delivered policies on economic measures in 2020, stressing NESDB’s role as the main agency able to determine national social and economic development guidelines according to the national strategy, and deliver concrete outcomes from policies and strategies already in place.

He said the NESDB in 2020 should focus on the development of new economic zones, especially the development of the Southern Economic Corridor (SEC) following the success of the Eastern Economic Corridor project.

The DPM urged the NESDB to address inequalities and take care of SMEs, the agricultural sector, the grassroots economy, the tourism sector, and service sector, to help minimize unemployment in the future.

The NESDB Secretary General, Thosaporn Sirisumphand, revealed that the NESDB is ready to proceed with its plans according to policies already in place, covering new economic development zones which include the Southern Economic Corridor, the Northern Economic Corridor, and the Northeastern Economic Corridor, to help improve the delivery of key agricultural produce in each region.

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