PwC MyanmarWeekly Business Intelligence

Issue 13807 December 2018

www.pwc.com/mm

PwC | December 2018

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PwC | December 2018

1. Weekly Key Financial & Business News

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PwC | December 2018

Weekly Key Financial & Business NewsHeadlines

‘Creating triple wins’: inclusive business in Myanmar

ZTE Myanmar sees a shift towards fixed broadband, 5G infrastructure in next two to three years

SOEs face continued criticisms for lack of oversight

Myanmar to Consider Low-Interest Loans from China for Economic Corridor

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Dawei Special Economic Zone Report Reveals Local Concerns

PwC | December 2018

Weekly Key Financial & Business NewsHeadlines

NYDC Finalizing Pre-Project Documents for Inviting Tender for New City Project

Myanmar’s Two Financial Lending Systems

Feasibility study underway to build elevated railroad in Yangon: deputy minister

Is Myanmar Ready to Become a Regional Trade and Supply Hub?

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Myanmar loses out on forex losses as domestic debt rises

PwC | December 2018

Weekly Key Financial & Business NewsHeadlines

Magwe inks deal for wind power feasibility study

More foreign investments expected in Ayeyarwady

Myanmar-China border trade in focus

Local banks struggle with stricter regulations, but on the right path

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MOGE tops the list of tax payers for 2017-18 fiscal year

PwC | December 2018 7

ZTE Myanmar sees a shift towards fixed broadband, 5G infrastructure in next two to three years

Yan Xiao, Vice President of ZTE Corporation,CEO of ZTE Myanmar, believes the next two yearswill mark a crucial turning point for the country’stelecommunications industry. Driven by demandfor high-quality video content, competition willintensify, forcing the sector to upgrade andinnovate to keep up with the pace of change.“We are already seeing the demand trendschange. These days, people are watchingprograms like Myanmar Idol and The Voice ofMyanmar on their mobile devices. They arestreaming movies and sharing high-qualitycontent. The available infrastructure and servicesto support the higher levels of data consumptionin Myanmar will no longer be sufficient,” Mr Yantold The Myanmar Times.ZTE, which is headquartered in China andestablished in 1985, is one of the largest telecomequipment providers in the country, provides theequipment and services needed for high-speedinternet globally.One of the biggest changes to the Myanmartelecommunications landscape will involve theshift from mobile broadband (MBB) to fixed

broadband (FBB), particularly in the more urbanareas. “MBB will no longer be able to convenientlysupport high-quality video consumption.Consumers will need to switch to FBB goingforward” Mr Yan said.FBB challengeBridging the gap between MBB and FBB willinvolve some doing though. This is becauseMyanmar is predominantly an MBB market, withmost consumers, particularly those who are lesswealthy or who live in rural areas, prefer topurchase data as needed over to paying a monthlyfixed price for broadband internet.In fact, there are a good many smaller InternetService Providers (ISPs) that provide FBB, suchas Myanmar Net and 5BB, currently operating inMyanmar. “However, due to the lack of clearregulations, most are currently pursuing theirown strategies. The market needs at least two bigFBB players to lead the pack,” Mr Yan said.Source: Myanmar Timeshttps://www.mmtimes.com/news/zte-myanmar-sees-shift-towards-fixed-broadband-5g-infrastructure-next-two-three-years.html

NewspapersMyanmar Times

02 Dec 2018

PwC | December 2018 8

‘Creating triple wins’: inclusive business in Myanmar

Inclusive business is a new and relevant conceptfor Myanmar. Inclusive businesses arecommercially viable investments that providescaled-up, innovative, and systemic solutions forproblems experienced by the poor andmarginalised.They can create new income opportunities for thepoor by engaging them in the value chains ofprofitable businesses while paying better thanmarket rates. They can also provide goods andservices to the poor that address key needs inareas such as health, education, housing, finance,water and sanitation. Inclusive businesses aretypically profitable and innovative companies thatconsciously address issues which benefit the poor.A recent report about inclusive business inMyanmar has been published by the DaNaFacility and the UK’s Department forInternational Development (DFID), supported bythe Directorate of Investment and CompanyAdministration (DICA) and the Directorate ofIndustrial Supervision and Inspection (DISI). Thereport offers an opportunity for businesses,investors, NGOs and the government to examine

the transformational potential of inclusivebusiness and starts to map a way forward to amore inclusive and sustainable businessenvironment in Myanmar.Inclusive businesses create triple wins: for thepoor, for companies, and for government. Theyalso contribute to the government’s agendas ofreducing poverty, making a more inclusiveeconomy, and achieving Sustainable DevelopmentGoals. While investment in inclusive businesses isdriven by the private sector, the government andother actors can promote such investments. Thestudy analyses the enabling environment forinclusive businesses in Myanmar and foundstrong interest to promote them through businessassociations, impact investors, and developmentpartners.The study makes recommendations on how theconcept can be further promoted in Myanmarthrough partnerships between government andthe private sector.Source: Myanmar Timeshttps://www.mmtimes.com/news/creating-triple-wins-inclusive-business-myanmar.html

NewspapersMyanmar Times

03 Dec 2018

PwC | December 2018 9

SOEs face continued criticisms for lack of oversight

International organisations, experts and civilsociety organisations call on the National Leaguefor Democracy-led government to address thelack of transparency in how state-ownedenterprises (SOEs) use and deposit huge amountsof money in the so-called “Other Accounts” of theMyanma Economic Bank (MEB).Experts argued that this policy should bereviewed while also putting proper scrutiny onthe management of SOEs and whether thoseSOEs are the right way of doing business for thegovernment.“There needs to be a re-definition of what an SOEis. Some organisations that recognise themselvesas SOEs are not being run like normal businessentities. These cases must be reviewed. It theycorporatise without proper review, it will take theform of an enterprise. These cases should bereviewed by bringing forward clear policies,regulations and law,” said U Arkar Hein, projectcoordinator of the policy think tank RenaissanceInstitute.Andrew Bauer, senior economist at NaturalResource Governance Institute (NRGI), said

SOEs have many moveable and immoveableassets when they are corporatised. Hence, theymay not be entirely transparent as they try toretain their hold of those assets.“Frankly, it might be better if the assets of theSOEs are dissolved and sold as they are not anefficient way of running such enterprises.“On the other hand, in the jade trade, where theMyanmar Gems Enterprise oversees mining andtax collection, it makes no sense to undertakeprivatisation as the state will lose the revenue,” hesaid.“Likewise, Myanmar Oil and Gas Enterprise holdsshares in offshore oil and gas fields and collectstaxes while in inland areas it collects taxes as wellas extracts oil. This entity oversees and handlesthe whole oil and gas sector.Corporatisation in this case makes overseeing theoil and gas sector and collecting taxes a privateenterprise,” Mr Bauer said.

Source: Myanmar Timeshttps://www.mmtimes.com/news/soes-face-continued-criticisms-lack-oversight.html

NewspapersMyanmar Times

03 Dec 2018

PwC | December 2018 10

Myanmar to Consider Low-Interest Loans from China for Economic Corridor

YANGON—Amid concerns that the multi-billion-dollar economic corridor agreement will leaveMyanmar in a debt trap, a senior governmentofficial has offered reassurances that thegovernment will seek the lowest interest ratespossible on loans from China for projects alongthe corridor, which is part of Beijing’sinternational infrastructure project, the Belt andRoad Initiative. A senior government official fromthe Ministry of Planning and Finance told TheIrrawaddy on Tuesday that the China-MyanmarEconomic Corridor (CMEC) projects, whichinclude major infrastructure projects, bordereconomic zones and city expansion projects, willbe implemented under both public-privatepartnership (PPP) systems and loans. However,the official said, as a way to minimize the debtburden, the government intends to choose onlyloans with the lowest interest rates. According torecent parliament records, Myanmar owes morethan $10.2 billion in foreign debt, 40 percent ofwhich is owed to China. The overall cost of theproject is still unknown, while according to theCMEC proposal, cost estimations for the initial

stages of the project are $2 billion.“The details of implementation projects are stillon the table,” the senior official said. The seniorofficial, who requested anonymity, held a meetingon Monday with Chen Hao, secretary of theYunnan Provincial Party Committee, during histrip which aimed to push trade, investment andcooperation in the border areas. Yunnan is theprinciple province connecting Myanmar andChina through the CMEC. During his visit, ChenHao also held a meeting with the State Counselorin Naypyitaw on Monday. Union Minister for theOffice of the State Counselor U Kyaw Tint Swe,Commerce Minister U Than Myint, Planning andFinance Minister U Soe Win and Union Ministerfor International Cooperation U Kyaw Tint as wellas Deputy Minister of Planning and Finance U SetAung and other officials attended a dinner heldfor Chen Hao at the Chinese Embassy inNaypyitaw on Monday evening.Source: The Irrawaddyhttps://www.irrawaddy.com/news/burma/myanmar-consider-low-interest-loans-china-economic-corridor.html

NewspapersThe Irrawaddy

04 Dec 2018

PwC | December 2018 11

Dawei Special Economic Zone Report Reveals Local Concerns

2018 marks 10 years since the Myanmar and Thaigovernments agreed to establish the DaweiSpecial Economic Zone (SEZ) project.The Dawei Special Economic Zone is an industrialdevelopment project in southern Myanmar. It isone of three SEZs in Myanmar that is designed toattract businesses by lowering environmentalregulations, offering tax breaks, and wavingminimum wage requirements. If completed, theSEZ will include a deep-sea port, an oil refinery, asteel mill, fertilizer and petrochemical plants,industrial factories and operations, a reservoirand a road connecting Dawei to Kanjanaburi,Thailand. If completed, it would be one of thelargest industrial zones in Southeast Asia.However, the project faced controversy, and theMyanmar government suspended it in 2013,following funding deficits and communityopposition. For example, one farmer in ParadutVillage said, “For us local people, our villages, ourhomes, the places we’ve lived for such a longtime—we can’t accept them moving them. Theirrelocation plan—I’m not sure which area, in theirplan, will it be the same as our current life? Or

different? And in their relocation site—I’mworried about whether we’ll be able to survive inthe way that we’re used to as farmers.” Recentlythough, statements from the government andother project proponents have indicated theproject might resume soon. On November 29,2018, EarthRights International and DaweiDevelopment Association launched a new reporttitled, "Communities in the Balance: Local Voicesand Prospects for the Dawei Special EconomicZone Project" and a new video "Women of Dawei,Myanmar" in Myanmar and English languages.The report and accompanying video lay out factsand experiences from people affected by one ofthe biggest industrial development projects inMyanmar. U Bo Bo Aung, Myanmar CampaignAdvisor at EarthRights International said, “After10 years, there are still a lot of problems unsolvedand communities have been suffering fromuncertainty and worries for a decade.Source: Myanmar Business Todayhttps://www.mmbiztoday.com/articles/dawei-special-economic-zone-report-reveals-local-concerns

NewspapersMyanmar Business Today

04 Dec 2018

PwC | December 2018 12

Myanmar’s Two Financial Lending Systems

Myanmar’s rank in the 2019 Ease of DoingBusiness Ranking published by World Bank hasremained the same holding the 171st spot. Thecountry’s trade deficit in the six-monthtransitional fiscal year of 2018, however, hasdropped by $500 million compared to the sameperiod of 2017-2018 Fiscal Year. Looking atforeign direct investments, Myanmar onlyreceived around $2 billion during the transitionalfiscal year despite the projected $3 billion. Withover a thousand bank branches in the country,only around 20 percent of the population holdofficial bank accounts and, according to a surveyby Visa in 2017, only 47 percent of adults inYangon and Mandalay are interested in openingbank account.These are some indications of Myanmar’seconomic status. Not everyone in the country isaware of this data or is even interested in it. Whatmany are really interested in is how to get accessto finance to fund their businesses or businessideas.According to the official data of the Ministry ofPlanning and Finance as of June 2017, local and

foreign financers under their microfinancingprograms have granted small loans to 2,663,625people from 17,441 villages and 1,716 quarters in225 townships and the total amount loaned isK2,804,814.76 million. Included in this areinformal lenders, or illegal debtors, those who re-lend money to their neighbors at a much higherinterest rate, often they receive these loans fromlegal financers, sometimes using another person’sidentity.Despite formal microfinancing, informal or illegalfinancing remains the most widespread way oflending among the working class. There aredifferent types of loans in the informal financingsector. Among them include daily-basis loan andmonthly-basis loan as well as 10 day-basis loan,which are common with the interested rate from10 to 20 percent. However, the annual interestrate set by Central Bank of Myanmar for formalfinancial services is 13 percent.

Source: Myanmar Business Todayhttps://www.mmbiztoday.com/articles/myanmar-s-two-financial-lending-systems

NewspapersMyanmar Business Today

04 Dec 2018

PwC | December 2018 13

NYDC Finalizing Pre-Project Documents for Inviting Tender for New City Project

The New Yangon Development Company (NYDC),led by Yangon Regional Government and parterChina Communication Construction Company, isfinalizing Pre-Project Documents (PPD) forinviting tender in accordance with NYDCChallenge.“We are at the final stage of negotiation on thatand hope to announce the PDD details soon,” saidU Thein Wai, CEO of NYDC, in the statementreleased this month.The NYDC Challenge is an approach to all publicworks in the New Yangon City, which shall followguidelines of transparency, accountability andefficiency. NYDC has adopted the SwissChallenge, which is a model that allows faircompetition, efficiency and ensures ultimatetransparency.According to PDD draft, nine constructionprojects are included: a six lane bridge on theHlaing River connecting Barkayar Road inKyimyindaing Township to New Yangon City, atwo lane bridge parallel with existing Pan Hlaingbridge, a 26 km long main road, infrastructure forfive resettled villages, and infrastructure for a 10

square km industrial zone.Moreover, the tender will include a waterpurifying plant capable of distributing water tothe whole project which will be built near the ToeRiver, 32 km away from the project as well aswater pipeline and power network.NYDC’s weekly newsletter reports that a NYDCSite Office is being built at the foot of Pan HalingBridge in Twante Township to manage theconstruction project of the new city, and expectedto be finished in January 2019.Pre-Project Documents have been submitted tothe Yangon Regional Government on November14, and the details of the PPD will be disclosedwhen NYDC is announced.Yangon Regional Government estimates firstphase of new city project that will be built on thewestern bank of the Yangon River and AECOM, aSingaporean Company will work on Master Planfor the project and its design.Source: Myanmar Business Todayhttps://www.mmbiztoday.com/articles/nydc-finalizing-pre-project-documents-inviting-tender-new-city-project

NewspapersMyanmar Business Today

04 Dec 2018

PwC | December 2018 14

Feasibility study underway to build elevated railroad in Yangon: deputy minister

Deputy Minister for Transport andCommunications Kyaw Myo has said a detailedfeasibility study is being conducted to build anelevated railroad in Yangon.The deputy minister revealed the information inresponse to reporters' question over the elevatedrailway project during the recess of aparliamentary meeting of the Upper House heldin Nay Pyi Taw on December 4."We are considering two elevated railways. Weare coordinating with Japan InternationalCooperation Agency (JICA). It is just underdiscussion. But I mean we will implement theproject," said the deputy minister.He said that circular railroad is being upgradedwhile the Ministry of Construction is planning toimplement an elevated road project to reducesevere traffic congestion in Yangon city.The deputy minister said that governmentministries would cooperate in implementing suchprojects adding that he wanted to see the projectimplementation as quickly as possible."The trains we will use are diesel electric ones.RBE trains will also be used. Japan is planning to

send us diesel electric trains," said the deputyminister.During a parliamentary session of the LowerHouse held last year, reporters asked UnionMinister for Transport and CommunicationsThant Zin Maung if the government had any planto implement an underground railway project inYangon. He said there was a plan to build anelevated railroad in the city adding that therewould be a meeting with Japanese officials inMarch.He told the reporters that a subway project wascurrently impossible due to budget constraints.

Source: Eleven Myanmarhttps://elevenmyanmar.com/news/feasibility-study-underway-to-build-elevated-railroad-in-yangon-deputy-minister

NewspapersEleven Myanmar

05 Dec 2018

PwC | December 2018 15

Is Myanmar Ready to Become a Regional Trade and Supply Hub?

TOKYO—Japanese Prime Minister Shinzo Aberecently pledged to promote more than 150quality infrastructure projects in five nations inthe Mekong River subregion—Myanmar,Thailand, Vietnam, Cambodia and Laos—under anew blueprint, the Tokyo Strategy 2018 forMekong-Japan Cooperation, which will beeffective from 2019 to 2021.Japan and China are competing for influence inSoutheast Asia in order to secure supplies ofcheap labor and agricultural commodities, as wellas access to ideally situated ports and otherstrategic locations in the region. While Beijingseeks to extend mega-infrastructure projects intoMyanmar under its Belt and Road Initiative,Japan touts the quality of its infrastructure whilecommitting to follow through on completedprojects by training local workers. Since the early2000s, the Japan International CooperationAgency (JICA) has supported the development ofthe Mekong Region, particularly regionalconnectivity, in terms of both industry andphysical infrastructure such as roads,telecommunications and power transmission

lines.The Mekong Economic Corridor is an economicintegration scheme comprising a network of landand sea infrastructure routes between thecountries. Within this grand plan, Myanmar sitson two major economic corridors: the East-WestEconomic Corridor connecting Vietnam’s DongHa City with Yangon’s Thilawa Special EconomicZone (SEZ) via Cambodia and Thailand, and theSouthern Economic Corridor connecting centralVietnam, Cambodia and Thailand to the DaweiSEZ in southeastern Myanmar. Meanwhile, JICAplans to build a bridge in Mawlamyine as a part ofthe East-West Economic Corridor.Prof. Manabu Fujimura of the College ofEconomics at Tokyo’s Aoyama Gakuin Universityis an expert on economic corridors in the GreaterMekong Subregion (GMS) and has traveled alongthem, including in Myanmar. The Irrawaddy’sNan Lwin spoke to Prof.Source: The Irrawaddyhttps://www.irrawaddy.com/news/burma/ten-companies-shortlisted-yangon-elevated-expressway-contract.html

NewspapersThe Irrawaddy

05 Dec 2018

PwC | December 2018 16

Myanmar loses out on forex losses as domestic debt rises

External debt over the last year has risen as aresult of the higher dollar exchange rate,according to the Public Accounts Joint Committeereport which was submitted to PyidaungsuHluttaw by secretary U Khin Maung Than lastmonth.Myanmar’s total outstanding external debt as atMarch 31 had soared to US$10.2 billion, which is$819 million more than if the exchange rate hadremained unchanged, U Khin Maung Than said.“This is because the loans were given to Myanmarwhen the exchange rate was K900 per dollar.However, the exchange rate has since risen by 66percent to K1500 per dollar,” said U Than Soewho is a Pyithu Hluttaw representative andmember of the Joint Public Accounts Committee.Myanmar currently owes money to 21 countries.The funds are deployed within 16 ministries, ofwhich the Ministry of Electricity and Energyaccounts for more than 30pc followed by theMinistry of Planning and Finance at around 24pc.Along with the Ministry of Transport andCommunication and Ministry of Industry the fourministries are the largest borrowers of external

debt, said U Khin Maung Than.As the government has not undertaken properinvestments that make good returns, therespective ministries need to consider a policy onsustainably repaying the country’s external debtas the burden of higher dollar exchange rates getslarger, said U Maung Maung Lay, vice chair of theUnion of Myanmar Federation Chambers ofCommerce and Industry.Myanmar’s external debt is rising at a time whenthe government has been making efforts to bettermanage domestic debt.As at March 31, domestic debt amounted to K20.7trillion, resulting in a budget deficit that isapproaching 5 percent of GDP, a benchmark thegovernment is trying not to breach.Interest accumulated on that level of debt alsopassed K1 billion last year, which is more thandouble the interest payments made in 2011,according to the Public Accounts Joint Committeereport.Source: Myanmar Timeshttps://www.mmtimes.com/news/myanmar-loses-out-forex-losses-domestic-debt-rises.html

NewspapersMyanmar Times

05 Dec 2018

PwC | December 2018 17

More foreign investments expected in Ayeyarwady

Investors eyeing expansion opportunities inMyanmar might want to consider AyeyarwadyRegion, where the government is now prioritisingdevelopments in the agriculture, livestock andmarine, forestry, industry, infrastructure,transportation and tourism sectors, said regionalchief minister U Hla Myo Aung.“Although much of the country’s exports originatein Ayeyarwady, foreign investments in the regionare currently minimal. However, we can expectthat to rise in the coming years after a new roadconnecting Ayeyarwady with Yangon is completeand a project that will fulfill Myanmar’s electricityneeds commences construction in this region,”said U Aung Naing Oo, Director General of theDirectorate of Investment and CompanyAdministration (DICA).The officials were speaking at the AyeyarwadyRegion Investment Fair 2018 held on November30.Meanwhile, the Ayeyarwady Region governmentis cooperating with Rakhine State and theMinistry of Construction to develop theAyeyarwady west coast, which will connect the

Goyangyi, Ngwe Saung, Chaung Thar, ShweThaung Yan, Ma Gyi Sin and Kyauk Chun areas tothe Gwa and Thandwe areas in Rakhine State.The west coast of Ayeyardwady is also linked tothe China-Myanmar Economic Corridor andGreater-Mekhong Subregion Project.When complete, there will be opportunities forforeign investors to contribute to developinginfrastructure such as sea ports, heavy industrialzones, factories, power transmission lines,highways and railways along the west coast, saidU Htay Win, regional planning and financeminister of Ayeyawady Region.Plans are now being made for the construction ofa liquefied natural gas (LNG) plant project whichwill generate 1390MW of power when complete.The $2 billion LNG project is being carried out bya consortium comprising Zhefu Group ofCompanies from Hong Kong, Gunver Group ofCompanies from Switzerland and Supreme Groupof Companies from Myanmar.Source: Myanmar Timeshttps://www.mmtimes.com/news/more-foreign-investments-expected-ayeyarwady.html

NewspapersMyanmar Times

07 Dec 2018

PwC | December 2018 18

Magwe inks deal for wind power feasibility study

An agreement has been signed by Magwe regionalgovernment and Infra Capital Myanmar-ReEx tocarry out feasibility studies for a wind powerproject in the region.The project, which started last year, will look atgenerating wind power in six townships – Minhla,Minbu, Mindon, Ngape, Chauk and Natmauk,said U Myint Zaw, regional minister for NaturalResources, Environment, Electricity and Energy.“After determining the feasibility of wind power,we will submit the results to the Myanmargovernment,” said the minister.The minister said the region wants the project tobe implemented under the current government,and possible sites for the project have alreadybeen chosen in four townships.“After we finish negotiations next year,construction can begin. The goal is to startproducing power by 2021,” Magwe Chief MinisterU Aung Moe Nyo said. Studies will be conductedon whether the 137-metre-tall wind turbines willharm migratory birds, he said.The project is expected to produce moreelectricity than Magwe uses. How soon the project

can be finished depends on the Myanmargovernment, said U Myint Zaw.

Source: Myanmar Timeshttps://www.mmtimes.com/news/magwe-inks-deal-wind-power-feasibility-study.html

NewspapersMyanmar Times

07 Dec 2018

PwC | December 2018 19

Myanmar-China border trade in focus

The early implementation of bilateral bordertrade cooperation zone and the promotion ofborder trade, and investment between Myanmarand China were during a meeting earlier this weekthe Ministry of Commerce has announced.Minister of Commerce U Than Myint met with aChinese delegation led by Mr Chen Hao,Communist Party Secretary of Yunnan Provinceon Monday.The discussions covered cooperation into parts ofthe economic corridor under China’s One BeltOne Road project and the implementation ofpartnership agreements, including theimplementation of bilateral border tradecooperation zone, border trade promotion,improving agricultural and livestock industries inMyanmar and cooperation in trade andinvestment in the Shweli-Muse area.Yunnan Province is engaged in significant levelsof trade with Myanmar around Muse which is amajor border trading point along the borderbetween the two countries besides the Lwejel,Kanpite Tee and Chin Shwehaw border tradingpoints.

According to the ministry, the four border tradecentres recorded trade volume of US$3.3 billion(K5 trillion) between April and September, withMuse alone accounting for US$3 billion of thetotal.Myanmar exported goods worth US$2.4 billion toChina while imports totalled US$900 million.In the five-year period up to this year, Myanmarhas benefited from a trade surplus in trade alongthe border areas with China.

Source: Myanmar Timeshttps://www.mmtimes.com/news/myanmar-china-border-trade-focus.html

NewspapersMyanmar Times

07 Dec 2018

PwC | December 2018 20

Local banks struggle with stricter regulations, but on the right path

The Myanmar banking sector has improved sinceregulations aimed at strengthening the systemwere imposed over the past two years, U SoeThein, vice governor of the Central Bank ofMyanmar (CBM), told the media late last month.“The Financial Institutions Law was enacted in2016 and new rules were released again in 2017.At first, the banking community protested againstthe regulations. But most of the banks compliedwith our directives and there has been significantgrowth and improvement in the banking sectorover the past year,” U Soe Thein said.Among the directives released by the CBM isnotification 7/2017 last November under which alllocal banks must convert overdraft facilities intoterm loans. By July 2020, the volume ofoverdrafts as a percentage of a bank’s loan bookshould be reduced to 20 percent from 50 pc inJuly this year.The aim is to enable growth and development inthe local banking sector, which, in turn, will equipit to support and lend to Myanmar’s expandingeconomy.Up until 2016, local banks lent mainly to a limited

portfolio of borrowers. “Before the directives wereissued in 2017, the local banking sector was veryweak in terms of the services banks wereprepared to offer. They also provided loans toselected groups of companies, which recycled thefunds among themselves. So we have placedrestrictions on related-party loans,” said U Bo BoNge, CBM deputy governor.Teething problemsHe added that the regulations were ill-received atfirst. “After the release of the 2017 directive, theresult was more competition as well as difficultiesin giving out loans,” said U Bo Bo Nge.The new regulations introduced restrictions andmore hassle for banks. For example, banks weregiven up until March 31 to convert overdrafts toterm loans not exceeding three years. Meanwhile,each bank’s policy on term loan managementmust be submitted to the CBM.

Source: Myanmar Timeshttps://www.mmtimes.com/news/local-banks-struggle-stricter-regulations-right-path.html

NewspapersMyanmar Times

07 Dec 2018

PwC | December 2018 21

MOGE tops the list of tax payers for 2017-18 fiscal year

Myanmar Oil and Gas Enterprise (MOGE) standsfirst on the list of income and commercial taxpayers of State-owned economic entities in 2017-2018 fiscal year, followed by Myanma Posts andTelecommunications (MPT) and Electric PowerGeneration Enterprise (EPGE), according to anofficial of Internal Revenue Department.Both the MOGE and the MPT are not included inthe private tax payers list for 2017-2018 fiscalyear.The IRD has released the lists of local and foreigncompanies and private entrepreneurs which paidcommercial, income and special good taxes. TheIRD has not released the lists of State-ownedeconomic entities which paid income andcommercial taxes yet even though it has compiledthe lists, he added.In 2017-2018 fiscal year, there are 35 State-ownedeconomic entities which paid the commercial tax.The MPT stood second on the list of tax payerswith about Ks 55 billion. Of the 23 State-ownedeconomic entities which paid the income tax, theMPT stood second with over Ks66 billion.For 2017-2018 FY, the MOGE stood first on the

list of the top commercial tax payers with over KS135 billion, the MPT, second with about Ks 55billion and the EPG, third with over Ks 43.5billion.For 2017-2018 FY, the MOGE stood first on thelist of the top income tax payers with Ks 154billion, the MPT, second with over Ks 66 billionand Myanma Gems Enterprise, third with over Ks44.7 billion, said an official of the IRD.“In fact, the MPT has paid the taxes. The MPTdoesn’t need to disclose tax payment as it is astate-owned entity. The IRD has released the listsof local and foreign companies which paid taxes.It can be available on the website. The IRDreleased the lists of 50-top tax payers forcommercial, income and special good taxes,separately in the State-owned newspapers. TheIRD also announces the lists of tax payers forregions and states,” he added.

Source: Eleven Myanmarhttps://elevenmyanmar.com/news/moge-tops-the-list-of-tax-payers-for-2017-18-fiscal-year

NewspapersEleven Myanmar

08 Dec 2018

PwC | December 2018

2. Weekly Key Policy News

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PwC | December 2018

Weekly Key Policy NewsHeadlines

Regional Parliament Suspends Loan Proposal from AFD

Myanmar to Allow Logging from Private Forests

Project bank to facilitate infrastructure development established

23

Tax collection procedures improving, but more progress needed

Myanmar forms steering committee for implementation of Belt and Road projects

PwC | December 2018 24

Regional Parliament Suspends Loan Proposal from AFD

Pyidaungsu Hluttaw, the highest legislature ofMyanmar, suspended a proposal for taking loansfrom the Agence Française de Dévelopment(AFD) [French Development Agency] fordevelopment projects in the Yangon Region onNovember 26 until its Pubic Joint AccountCommittee has carried out probe on the proposal.“After meeting and discussing with relatedgovernment agencies, organizations, and otherParliament Committees, the Public Joint AccountCommittee must submit the findings andrecommendations by December 3,” said U T KhonMyat, Speaker of Pyidaungsu Hluttaw.The Ministry of Commerce submitted a proposalto borrow €70 million from the Agence Françaisede Dévelopment for development projects whichinclude transportation, development of theYangon River bank, and heritage conservationprojects in Yangon.“Since Yangon is our economic capital city, itneeds to improve and develop cleanly and neatly,or it will be difficult to keep abreast with othercountries in this globalized world,’’ according toremarks made by U Maung Maung Win, Deputy

Minister of The Ministry of Commerce, at themeeting of Pyidaungsu Hluttaw Parliament.The joint committee will meet with variousgovernment officials, including the YangonRegional Government, to disclose the informationto the public.

Source: Myanmar Business Todayhttps://www.mmbiztoday.com/articles/regional-parliament-suspends-loan-proposal-afd

NewspapersMyanmar Business Today

04 Dec 2018

PwC | December 2018 25

Myanmar to Allow Logging from Private Forests

Ministry of Resource and EnvironmentalConservation will now allow logging and exportfrom private forest plantations by local andforeign investors.The government, attempting to protect theenvironment and prevent deforestation inMyanmar, banned export of whole logs, in April2014, with the exception of processed woodproducts.Following the ban, the volume of exports droppedsignificantly from $900 million in the 2013-2014fiscal year, to $200 million in recent years.“We have proposed allowing logging to theMinistry, and will allow the export of logs fromprivate forests as soon as we have approval fromthe cabinet. This is a move to lure interest frominvestors to grow our private forest,” said U TinTun, Director of the Department of Forestryunder the Ministry of Resource andEnvironmental Conservation.There are a million acres of privately ownedforests, but teak production from private forestsare not ready yet because the trees are onlyaround 12 years old. However, other kinds of

timber that grows faster such as Eucalyptus areready for logging, U Tin Tun added.The young trees that are being grown for highquality timber are not ready for production yet;therefore, in order to get high quality timber,private timber businesses need to depend ontimber produced by the government, who areselling logs through tenders.In the regulation set by Myanmar InvestmentCommission for foreign companies, meant forthose who want to invest in the logging sector, thearticle specifies that foreign sawmills are requiredto grow their own forests. The private sectorbelieves that allowing log export will lure moreinterest from foreign investors.As of 2014, Myanmar’s forests still covered 70% ofthe country’s land, and offered wood varieties liketeak, padauk, thinlwin, tamalan and many others.Both hardwoods and softwoods come fromnatural forests and plantations.

Source: Myanmar Business Todayhttps://www.mmbiztoday.com/articles/myanmar-allow-logging-private-forests

NewspapersMyanmar Business Today

04 Dec 2018

PwC | December 2018 26

Project bank to facilitate infrastructure development established

A Project Bank of Public Investment Programs tofacilitate major project proposals from the Statesand Regions has been established under theMyanmar Sustainable Development Plan(MSDP), Minister of Planning and Finance U SoeWin said during the 2018 Commerce Fair held inYangon on December 1.“Currently, Myanmar still lacks basicinfrastructure. If this gap is addressed, thecountry will be better positioned to fulfill itsdevelopment goals,” U Soe Win said. In that light,the project bank will provide a list of prioritisedpublic infrastructure projects so that the flow ofdevelopment assistance, allocation of the budgetand private sector participation are aligned withthe goals and strategies of the MSDP.According to the MSDP, infrastructure projectsthat are deemed commercially viable can befinanced through public private partnerships.Other priority projects with a clear social andeconomic development impact will be financed bythe budget or through the targeted and strategicuse of other sources of development finance,including development assistance.

Meanwhile, in addition t the project bank, aSingle Window System enabling businesses toapply for and complete all the necessaryprocedures through a one-stop centre will beestablished to attract more foreign directinvestments in areas including infrastructure,said U Zaw Win Min, chair of the Union ofMyanmar Federation Chambers of Commerce andIndustry. Announced in August, the objective ofthe MSDP is to connect and align the country’snumerous policies and institutions for thepurpose of generating implementable solutions toachieve “genuine, inclusive and transformationaleconomic growth.” Encompassing five goals, 28strategies and 238 action plans, the MSDP willalso align with the United Nations’ SustainableDevelopment Goals, the 12 Point Economic Policyof the Union of Myanmar and ASEAN EconomicCommunity.

Source: Myanmar Timeshttps://www.mmtimes.com/news/project-bank-facilitate-infrastru-cture-development-established.html

NewspapersMyanmar Times

05 Dec 2018

PwC | December 2018 27

Tax collection procedures improving, but more progress needed

As the tax to GDP ratio for Myanmar is lower thanthat of its regional peers, successive governmentshave prioritised more efficient tax collection.Efforts to reform tax collection began in 2012under former president U Thein Sein. The aim ofthe effort was to put in place a modern taxadministration system.The first phase of the tax reform plan was carriedout from 2012 to 2017, with the Internal RevenueDepartment (IRD) drafting regulations for taxreform. During the period, the country switchedfrom the official assessment system (OAS) ofpaying taxes to the self-assessment system (SAS).In tax administration reform, the departmentchanged from a paper-based administrationsystem to IT-based system.The adoption of the SAS was one of the mainrecommendations from the InternationalMonetary Fund and World Bank in terms ofchange in Myanmar’s tax system.The IRD expects tax collection from SAStaxpayers to be between 80 to 90 percent of totaltax income in 2020. Currently though, just over3000 taxpayers have registered under the SAS.

“The change in assessment systems required achange in people’s mindsets and some haddifficulty with this. The department’s humanresources are limited at present and the transitionin assessment systems has not been somethingeasy to do,” said IRD Director General U MinHtut.Improvements neededSome business owners see the changes in the taxsystem as a great improvement over the past.“The concept of taxes is becoming more familiarto people. In the past, you didn’t have to paybeyond the price of what you ate in a restaurant,but now, you have to pay commercial tax in manyrestaurants. People are becoming familiar withit,” said U Tin Latt, executive council member ofUnion of Myanmar Federation of Chambers ofCommerce and Industry (UMFCCI).

Source: Myanmar Timeshttps://www.mmtimes.com/news/tax-collection-procedures-improving-more-progress-needed.html

NewspapersMyanmar Times

07 Dec 2018

PwC | December 2018 28

Myanmar forms steering committee for implementation of Belt and Road projects

Myanmar has formed a steering committee forimplementation of tasks relating to the China-proposed Belt and Road initiative, according tothe government's Gazette Friday.The committee is chaired by State CounselorAung San Suu Kyi. Vice-President U Myint Sweserves as vice chairman and other ministers andregional chief ministers are the members.The committee is tasked to implement worksrelating to the establishment of Myanmar-Chinaeconomic corridor and Myanmar-China bordereconomic cooperation zone under the Belt andRoad initiative.Proposed by China in 2013, the Belt and Roadinitiative refers to the Silk Road Economic Beltand the 21st Century Maritime Silk Road, which isaimed at building a trade and infrastructurenetwork connecting Asian with Europe and Africaalong the ancient trade routes of Silk Road.

Source: Mizzimahttp://www.mizzima.com/article/myanmar-forms-steering-committee-implementation-belt-and-road-projects

NewspapersMizzima

08 Dec 2018

PwC | December 2018

3. Weekly Investment News

29

PwC | December 2018

Weekly Key Investment NewsHeadlines

South Korean loan to help fund e-government data centre project

Hong Kong firms eye investments in country’s infrastructure, logistics

Ten Companies Shortlisted for Yangon Elevated Expressway Contract

30

LSE-listed Myanmar Strategic to set up Yangon American International School

Investors keen to participate in major Yangon redevelopment project

PwC | December 2018 31

South Korean loan to help fund e-government data centre project

The government will use a US$93.8 million(K147.3 billion) loan from South Korea toconstruct a data centre to support e-governmentprocesses.The Ministry of Transport and Communicationsgave a presentation to seek approval for the loanat the Pyidaungsu Hluttaw (bicameral legislature)on Monday.“The main benefit we will gain from the project isits cost-effectiveness. All government ministriescan be integrated, which will improve informationsecurity and efficiency,” Transport andCommunications Minister U Thant Zin Maungtold the session.The project would strengthen the government’sonline services and enable the public to use themeasily anytime and anywhere, he said. “The flowof information between governmentorganisations, businesses and the public acrossMyanmar will become easier and faster,” he said.Transport and Communications Deputy MinisterU Maung Maung Win said the 40-year loan willhave a 15-year grace period and an interest rate of0.01 percent per year, adding that Myanmar will

contribute US$10.5 million for the data-centreproject. In the fiscal year up to March 31, thecountry’s foreign debt totalled US$10.2 billion.The interest rate for the loan falls to zero if asmall- or medium-sized South Korean businesswins the bidding for the project,” said U ThantZin Maung.The data centre will be built in Nay Pyi Tawbeginning next year and is expected to becompleted in two years if approval can beobtained to sign the loan agreement in January.Although Myanmar’s ICT development plan for2005-10 called for the implementation of e-government services, the government lackedfunding to start the work.

Source: Myanmar Timeshttps://www.mmtimes.com/news/south-korean-loan-help-fund-e-government-data-centre-project.html

NewspapersMyanmar Times

04 Dec 2018

PwC | December 2018 32

Hong Kong firms eye investments in country’s infrastructure, logistics

Hong Kong companies are looking for investmentopportunities in Myanmar, especially ininfrastructure and logistics support, according toStephen Liang, assistant executive director of theHong Kong Trade Development Council.“We are very much looking forward to moreincentives for Hong Kong companies and are keento look for investment opportunities, particularlyto strengthen factory capability and support,”Liang said in Hong Kong on November 22.The official led a trade mission of 37 executivesfrom 27 companies to visit Yangon fromNovember 25 to 28.The mission, which included many Hong Kongcompanies engaged in manufacturing garmentsand footwear, was particularly attracted byMyanmar’s good supply of low-cost workers, andimproving business conditions, industrialinfrastructure and logistics support, he said.According to the council, Myanmar is HongKong’s eighth-largest export market and importsource among ASEAN countries. It exportedUS$290 million (K452.4 billion) in merchandiseto Myanmar and imported $89.9 million worth of

Myanmar goods in 2017.Hong Kong is the fourth biggest foreign investorin Myanmar, after China, Singapore and Thailand.“Myanmar exports a lot of agricultural products.At the same time, it is developing itsmanufacturing capacity, in which Hong Kong canhelp, with its professional expertise inengineering, project management andconsultancy, in exchange for Myanmar products,”Liang said.The government began visa-free entry for HongKong citizens on October 1 to ease people-to-people exchanges in the hope that more HongKong people will visit Myanmar, he said.“A lot of Hong Kong companies are interested inhotel projects in ASEAN countries and Myanmaris a very interesting and attractive country fortourism,” he said.

Source: Myanmar Timeshttps://www.mmtimes.com/news/hong-kong-firms-eye-investments-countrys-infrastructure-logistics.html

NewspapersMyanmar Times

04 Dec 2018

PwC | December 2018 33

Ten Companies Shortlisted for Yangon Elevated Expressway Contract

YANGON—The Ministry of Construction hasannounced a shortlist of pre-qualified companiesas contenders for the contract to build an elevatedexpressway in Yangon, which is aimed atalleviating the city’s traffic woes.A total of 12 local and international companiessubmitted prequalification applications for Phase1 of the project. Out of these, 10 companies werenamed prequalified bidders.The shortlisted companies include a Chinese-Myanmar consortium, a Thai-Japanese-Myanmarconsortium, a Thai-Chinese consortium, fourcompanies from China and one each from France,Korea, and Japan.The planned four-lane ring road will connectdowntown Yangon, Yangon Port, YangonInternational Airport, Mingaladon IndustrialZone and the Yangon-Mandalay Highway.Phase 1 would involve connecting Dawbon Bridgein Pazundaung Township, Mingaladon IndustrialZone and Yangon International Airport, U KyiZaw Myint, a deputy director-general at theMinistry of Construction, told The Irrawaddy lastmonth.

The project will be implemented through a public-private partnership. The shortlisted companieswill be invited to submit proper project proposalsand the winning bid is expected to be announcedby June 2019.The ministry said on Wednesday that theexpressway is a high-priority project for thegovernment and it aims to improve connectivityfor businesses and communities in the country’scommercial hub.President U Win Myint has formed a steeringcommittee to oversee the development of theexpressway, including the city’s chief minister anddeputy construction minister and the Unionministers for construction, transport andcommunication, planning and finance, andelectricity and energy. The International FinanceCorporation, the private lending arm of the WorldBank Group, has been appointed the project’sexclusive lead adviser.Source: The Irrawaddyhttps://www.irrawaddy.com/news/burma/ten-companies-shortlisted-yangon-elevated-expressway-contract.html

NewspapersThe Irrawaddy

06 Dec 2018

PwC | December 2018 34

LSE-listed Myanmar Strategic to set up Yangon American International School

Expanding its scope of operations in theeducation space, LSE-listed Myanmar StrategicHoldings (MSH) is planning to invest a sum of $1million towards the setting up of YangonAmerican International School. Theestablishment of Yangon American InternationalSchool will mark the LSE-listed investment firm’sthird initiative in the education sector. MSH alsooperates Wall Street English Myanmar, alanguage training school franchise, and AustonInstitute of Management, which offers vocationalcourses. Its latest international school project isslated to be completed by the second quarter of2019, followed by a launch in the same year inAugust. MSH aims to operate classes from pre-kindergarten to the third grade, in the initialphase. “Upon opening, Myanmar StrategicHoldings will provide high quality education tostudents from pre-kindergarten all the waythrough graduate studies,” said Jonathan Kolb,Partner, Myanmar Strategic Holdings. Wall StreetEnglish Myanmar has three English languagecentres in the country while Auston CollegeMyanmar offers diploma courses in engineering

technology, construction project management andnetworking, information systems, and security.The proposed Yangon American InternationalSchool targets to comply with Common Core StateStandards adopted across the U.S. and to align itscurriculum with programmes such as theInternational Baccalaureate. The project will seeits revenue stream come from student fees,admission fees and ancillary services.“As the first campus reaches capacity, we willevaluate the opportunity to open additionallocations in Yangon and other major cities such asMandalay or Naypyidaw,” said Kolb. MSH’s otherinvestments in the country include Ostello Bello,a budget hospitality brand and EXERA, a safetyand security services company.In a previous interview with this portal, EnricoCesenni, CEO, Myanmar Strategic Holdings, hadsaid that the firm would expand its existingbusiness in the education.Source: Deal Street Asiahttps://www.dealstreetasia.com/stories/lse-listed-myanmar-strategic-to-set-up-yangon-american-international-school-112595/

NewspapersDeal Street Asia

06 Dec 2018

PwC | December 2018 35

Investors keen to participate in major Yangon redevelopment project

Investors from China and Hong Kong are keen toparticipate in the New Yangon City Project, saidthe New Yangon Development Co (NYDC)yesterday.To invest New Yangon City Project, according toNew Yangon Development Company (NYDC)CEO Office said on December 5.A statement issued by the NYDC CEO’s officeyesterday said Ning Jizhe, vice chair of theNational Development and Reform Commissionof China (NDRC) met with Yangon RegionalMinister U Phyo Min Thein last month during anofficial visit and discussed the implementation ofthe New Yangon City Project. Ning reiteratedChina’s support for the project during themeeting.This is significant as considerable investmentswill be required for the construction of the basicinfrastructure of the new city, NYDC CEO SergePun said. Last week, a delegation from the HongKong Trade Development Council also visitedYangon. Among the delegation were industrialistsand manufacturers who expressed an interest ininvest in New Yangon City as well as migrating

existing manufacturing facilities from China toMyanmar.“Both meetings were successful and productivesessions. The feedback and the positive reactionto the project will allow us to further fine tune ourplans to accommodate the influx of investmentsand manufacturing enterprises coming our way,”NYDC CEO Serge Pun said.In March, NYDC, wholly owned by YangonRegion Government, announced that it intends tocreate economic growth, homes and jobs via thedevelopment of land to the west of Yangon Riverunder the New Yangon City Project. TheIn May, NYDC and China CommunicationsConstruction Co Ltd (CCCC) signed a frameworkagreement for the preparation and submission ofa detailed project proposal to provideinfrastructure work related to the first phase ofthe development of the project.

Source: Myanmar Timeshttps://www.mmtimes.com/news/investors-keen-participate-major-yangon-redevelopment-project.html

NewspapersMyanmar Times

06 Dec 2018

PwC | December 2018

3. Weekly New Tenders

36

PwC | December 2018

Tenders (Myanmar)List

Note: tenders information are collected from http://www.mmtimes.com/, https://tender.yangon.gove.mm, http://consult-myanmar.com/, and http://www.myanmar-opportunities.org/mm/tenders http://www.buildersguide.com.mm/en/ .

37

Ministry of Transport and Communications (MOTC): Invitation for Request for Proposal (RfP) -Financial and Technical proposals for Provision of Consulting services to verify the Network Performance of the Mobile Operators, Closing Date: 28 December 2018

PwC | December 2018

Tenders (Multilateral organizations) List

Note: tenders information are collected from https://wbgeconsult2.worldbank.org, www.devex.com, www.adb.org, https://www.ungm.org

38

ADB: SC 111871 MYA: Support to Implementation of Loan, 3477-MYA: Irrigated Agriculture Inclusive Development Project (Project Management and Procurement Support Specialist)Closing Date: 10 December 2018 (Individual)

WBG: Request for expression of interest for selection # 1260322, The Role of the Village Tract Administrator/Village Tract Secretary: Design Plan for Improving Access to Public Services and Strengthening Data Systems in Myanmar, Closing Date: 11 December 2018

WBG: Request for expression of interest for selection # 1260262, Development of Disaster Risk Finance Analytics Freeware Quantitative Tools, Closing Date: 18 December 2018

WBG: Request for expression of interest for selection # 1260342, Financing Options Analysis for the ASEAN Rolling Pipeline of Priority Infrastructure Projects, Closing Date: 31 December 2018

PwC | December 2018

Tenders (Multilateral organizations) List

Note: tenders information are collected from https://wbgeconsult2.worldbank.org, www.devex.com, www.adb.org, https://www.ungm.org

39

ADB: LOAN 48409-003 MYA: Climate-Friendly Agribusiness Value Chains Sector Project - CS-04 Financial Management Specialist, Closing Date: 15 January 2019 (Individual)

ADB: LOAN-3724 MYA: Climate-Friendly Agribusiness Value Chains Sector Project - CS-03 Procurement Start-up Specialist (48409-003), Closing Date: 15 January 2019 (Individual)

ADB: LOAN 48409-003 MYA: Loan 3724/Grant 0617-MYA: Climate-Friendly Agribusiness Value Chains Sector Project - CS-01 Project Implementation Consultants Closing Date: 15 January 2019

PwC | December 2018

4. MIC Permitted Projects

40

PwC | December 2018

MIC Permitted Projects (Meeting 19, 2018)

41

No. Name of Company Type of Investment Form of Investment

1 Ngwe Yi Pale Sugar Co., Ltd Production and sale of sugar Wholly Myanmar Owned

2 Green Palm Oil Plantation Co., LtdCultivation of oil palm nursery, oil palm plantation and sale of oil palm fruit

Joint Venture Investment

Source: DICA

PwC | December 2018

5. Upcoming Events

41

PwC | December 2018

Upcoming Events (December 2018) List

Date Location Name of Event Sector Price Focus Points

06-09 Dec 2018

Yangon

Myanmar International Textile & Garment Industry Exhibition

Textile and Garment

Free

“an international exhibition whichshowcases machinery for man-made fibreproduction, machinery for winding,texturing, twisting, knitting machines, textilechemicals, etc”

42

Note: Events information are collected from https://www.go-myanmar.com/events-and-conferences and https://10times.com/myanmar .

PwC | December 2018

Upcoming Events (January 2019) List

Date Location Name of Event Sector Price Focus Points

28 - 29 Jan2019

Naypyitaw Invest Myanmar Summit

Manufacturing, Garment,Power, Tourism, Education, Food Processing & Fishery, Healthcare, Infra & property

USD 500/person

“ to provide international and local investorsthe opportunity to discover businesspotential of Myanmar as well as a platform tomeet with the Central and RegionalGovernment officials”

43

Note: Events information are collected from https://www.go-myanmar.com/events-and-conferences and https://10times.com/myanmar .

© 2018 PricewaterhouseCoopers Myanmar Co Ltd. All rights reserved. In this document, “PwC” refers to PricewaterhouseCoopers Myanmar Co Ltd, which is part of the network of member firms of PricewaterhouseCoopers International Limited, each of which is a separate and independent legal entity.

www.pwc.com/mm

PwC Myanmar Weekly Business Intelligence Publication

For further information please contact:

Jovi SeetSenior Executive Directorjovi.seet@sg.pwc.com

Brandon LyeDirectorbrandon.ys.lye@sg.pwc.com

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