Latest news with #ECs
Bangkok Post
09-07-2025
- Business
- Bangkok Post
Casinos to entertainment capital
Casino "integrated resorts (IRs)" -- framed as "entertainment complexes (ECs)" in Thailand -- have proved to be hugely transformative for tourism, destination image, the economy, policy creation, and society. The process, debate, and anti/pro-sentiment around casino legalisation in Thailand to pave the way for IRs/ECs introduction is not dissimilar to countries and cities that have previously introduced ECs, and in most cases after introduction, a continued programme of ECs expansion. There are various top-of-mind issues to review now in Thailand's ECs and commercial gaming legalisation discussion, and as ECs introduction history has shown, other considerations that inevitably will occur over time, including cost/benefit analysis (economic and social) taxation/fees, public policies, potential customer markets, types of gaming/non-gaming, tourism diversification, master planning -- the list continues. The iconic physical presence of ECs and the impact on city skylines can be a notable first impression on a trip to Las Vegas, Macao, Singapore or the Philippines. Yet, the pathway to casino legalisation or liberalisation and development of ECs in the many popular tourism destinations now hosting ECs, will have differed. Even in these well-established ECs destinations, discussion on policy and tourism challenges can remain a constant in that tourism and economic transformation results, including aspects of the rejuvenation of landscapes and small businesses around the ECs. In some cases, ECs growth has created ECs clusters such as the Las Vegas Strip and Macau's Cotai Strip -- destinations themselves. At the core are the ECs with the know-how, experience, and capital to provide the introduction and impetus to create and be a catalyst to multiple non-gaming options such as events, entertainment, concerts, trade shows, sports, and retail -- through which more regional and international visitation is generated. Casino ECs – good or bad? Indeed, the casino legislation and ECs development framework is increasingly a path much travelled. Perspectives on the good and the bad, the anti or pro, depend on who you talk to, be it government departments (from security to the economy to tourism for example), political parties, non-profit organisations, casino operators, ECs investors, the community, international hospitality brands (who have multiple hotels, retail, leisure, event and entertainment offerings in the ECs). Truly a lot of opinions to consider and seek greater consensus on. We have found that monitoring, measuring and responding to this sentiment is an important consideration when integrating ECs into the landscape. For example, our resident impact studies have shown that perceived benefits and support can differ throughout the community, with one outcome being a resident communication campaign. Built not only for international visitors, the ECs will also provide employment or small business opportunities for the community, as well as a place for the community and domestic tourists to enjoy the dining, shopping, concerts, and entertainment. There are numerous referral cases for Thailand to draw lessons learnt from fine-tuning to create distinctive Thailand ECs, with a regulatory framework designed to maximise the benefits while minimising costs. Thailand offers a globally renowned image of hospitality, uniquely coined "Amazing Thailand", which is campaigned in the long-standing tagline of the Tourism Authority of Thailand (TAT), and its competitiveness may exceed expectations with new synergies of entertainment along with other sectors of the macroeconomy.
New Indian Express
04-07-2025
- Business
- New Indian Express
New land pooling rules to boost Amaravati development
VIJAYAWADA: In a key move to accelerate development in the Andhra Pradesh Capital Region, the State government has notified the Andhra Pradesh Capital Region Land Pooling Scheme (Formulation and Implementation) Rules, 2025. The rules, issued through GO Ms. No.118 by the Municipal Administration and Urban Development (MAUD) Department on July 1, aim to promote planned urban growth with a focus on transparency, citizen-friendly procedures, and digital integration. According to S Suresh Kumar, Principal Secretary, MAUD, the revised rules mark a major milestone in the transformation of Amaravati and its surrounding areas into urban settlements and satellite towns. The Andhra Pradesh Capital Region Development Authority (APCRDA), established under the APCRDA Act, 2014, will oversee the implementation of the scheme, including infrastructure development and the construction of the new capital city. The 2025 rules build upon the earlier 2015 framework with key enhancements such as simplified procedures, reduced bureaucratic delays, and the use of advanced technologies for land surveys and ownership verification. Plot details will now be directly integrated into Encumbrance Certificates (ECs), facilitating easier land registration. Environmental safeguards, including protection of water bodies, will be ensured in line with National Green Tribunal (NGT) and Supreme Court guidelines. The government emphasised that a well-planned urban infrastructure is essential for economic growth, poverty reduction, and long-term sustainability. The new rules reaffirm the State's commitment to inclusive development.
Business Recorder
01-07-2025
- Business
- Business Recorder
Open market: currency dealers aim to double remittance inflows with increased margin in FY26
Currency dealers in the open market have projected to double the inflows of workers' remittances sent home by overseas Pakistanis in one year, aiming to attract $8-10 billion in the new fiscal year 2025-26 after the central bank jacked up their rate of margin to Rs22 a dollar with effect from Tuesday. According to the Exchange Companies Association of Pakistan (ECAP), the exchange companies (EC) attracted a total of $4 billion in the previous fiscal year ended June 30, 2025, while they were paid Rs2 for brining each dollar in Pakistan from expatriates. Pakistan receives record $4.1bn in remittances in March, says SBP governor Referring a circular of the State Bank of Pakistan (SBP) issued on Monday, ECAP Chairman Malik Bostan told the Business Recorder that the central bank has included exchange companies (ECs) in Pakistan Remittance Initiative (PRI), surging their rebate to Rs22/$ from Rs2/$ paid till June 30, 2025. 'Our inclusion in PRI has provided us (ECs/currency dealers) a level playing field,' he said. Banks in Pakistan attracted $33 billion in FY25, compared to $4 billion by exchange companies operating in the open market. ECs sold almost all the received workers' remittances of $4 billion in inter-bank market in FY25, helping the central bank to consolidate its foreign exchange reserves and finance trade deficit during the year. There are residing almost 15 million Pakistani expatriates in across the world with 70% of them living alone in two leading Middle Eastern countries namely Saudi Arabia and the United Arab Emirates (UAE). They sent a total of $35 billion in the first 11-month of FY25 from across the globe, up by 29% compared to the same period of FY24, it was learnt. ECAP chairman said Pakistani workers abroad collectively earn around $8 billion per month in salaries. 'If all of this money were sent to Pakistan, it could significantly strengthen our economy, reserves, and the Pakistani rupee. Right now, only $3–4 billion is being sent, while the remaining $4 billion is either being kept in foreign bank accounts or invested in places like Dubai, Europe, or the Middle East,' he said.
GMA Network
01-07-2025
- Business
- GMA Network
DBM releases P3.627B for continuous gov't rural electrification program
The Department of Budget and Management (DBM) on Tuesday announced it has approved the release of P3.627 billion for the continuous implementation of the government's rural electrification initiative. In a statement, the DBM said Budget Secretary Amenah Pangandaman approved the Special Allotment Release Order (SARO) for the 2025 Strategized Rural Electrification and Operational Reliability for Electric Cooperatives (ECs) to the National Electrification Administration (NEA). "We have released more than P3.627 billion to cover the continuous implementation of NEA's Rural Electrification Program. Of this amount to cover the energization of 1,752 sitios and five barangays under the 2025 subsidy," said Pangandaman. Broken down, of the P3.627-billion released funds, P3.439 billion will be used to cover the energization of 1,752 sitios under the subsidy for Fiscal Year 2025 for the Sitio Electrification Program under the 2025 General Appropriations Act (GAA). Another P68.839 million will be allotted for the rehabilitation of five barangays that were previously served by off-grid solutions but deemed unsustainable, through the Barangay Line Enhancement Program. The DBM, moreover, said a total of P120 million will be utilized to procure and distribute 4,000 units of Solar Photovoltaic Mainstreaming to provide electricity to communities without access to reliable power sources. The Budget Department said that, from 2017 to 2024, the NEA has already energized a total of 9,645 sitios, leaving a balance of 9,622 unenergized targeted sitios to be funded by the national budget until 2028. —AOL, GMA Integrated News
Business Recorder
01-07-2025
- Business
- Business Recorder
SBP revises Telegraphic Transfer charges scheme, raises limit to $200, includes ECs
KARACHI: In a significant policy shift aimed at streamlining incentives for home remittance inflows, the State Bank of Pakistan (SBP) on Monday revised the Reimbursement of Telegraphic Transfer (TT) Charges Scheme, raising the minimum eligible transaction limit from $100 to $200 and expanding the scheme's scope to include Exchange Companies (ECs). However, as the same, the SBP has decided to discontinue the two major remittance-related incentive schemes effective July 1, 2025. According to the SBP, the minimum size for eligible transactions under the T.T. Charges Reimbursement Scheme has been increased to $200. While previously, banks were enjoying T.T Charges Reimbursement at a transaction of $100. Remittances: Two incentives available to banks and ECs now As per conditions, the Financial Institution (FIs) and their Overseas Correspondent Entities (OCEs), in the chain of transaction, will not charge their customers (beneficiary & remitter) any fee, commission and charges; etc., at any stage of sending or receiving Home Remittance transactions. FIs shall suitably incorporate a clause in their Home Remittance Disbursement Agreements with OCEs to ensure compliance of this condition. The amount of Home Remittance transaction is not below $200 or equivalent in other currencies and transactions sent from the same remitter to same beneficiary on the same day shall be treated as one transaction and hence only one transaction shall be eligible for the Reimbursement of TT Charges; irrespective of the number of transactions. Only five free of cost transactions in a month from a single remitter to the same beneficiary through the same OCE shall be allowed under the scheme and the transactions shall contain accurate identity of both remitter and beneficiary. Furthermore, the rebate structure has been simplified to a flat rate of SAR 20 per eligible transaction across the board. In a key development, Exchange Companies have now been brought under the ambit of this Reimbursement of TT Charges scheme, which previously applied only to banks. This move is expected to broaden the formal remittance channel network and potentially boost inflows via non-banking financial intermediaries. As per SBP's directives, ECs will surrender 100 percent of the foreign exchange received on account of inward home remittances, in equivalent US Dollars, in the interbank market on the same day. The transactions by ECs for purposes other than home remittances, such as settlement of credit card payments or sale of export proceeds of foreign currencies, will not be eligible for the incentive scheme. These revisions will come into effect from July 1, 2025, with implementation guidelines issued by the SBP. All Authorized Dealers, Microfinance Banks, and Exchange Companies have been directed to inform their stakeholders accordingly. Additionally, in a shift away from previous incentive models, SBP has announced the discontinuation of the 'Incentive Scheme for Marketing of Home Remittances' and the 'Exchange Companies Incentive Scheme (ECIS)' from the same date. According to SBP, any OCE having a tie-up relationship with domestic FI, shall not, directly or indirectly through an arrangement with any other entity, withhold FCY abroad for any remittance transaction intended for Pakistan. If any OCE is found to have been involved, directly or indirectly in collusion with other OCE, in splitting of remittance transactions to gain undue benefit under the TT charges scheme, the delinquent OCE may be suspended/ debarred from dealing with Pakistani FIs and shall be obligated to return excess amount claimed. In this regard, FIs shall periodically engage with their OCEs to create awareness about the applicable rules and regulations, and possible consequences for non-compliance. FIs must implement effective controls, including data analytical/ system monitoring tools, periodic audits; etc., to prevent OCEs from misusing the TT charges scheme. The reviews/controls shall be robust enough to prevent digressions such as splitting of remittance transactions, misreporting, disguising the identity of remitters, etc. In the event of non-compliance by an OCE, FIs shall take appropriate action in the matter and inform the Director, Exchange Policy Department, SBP accordingly. Copyright Business Recorder, 2025
