Bank of Korea Downplays Liquidity’s Role in Weak Won and Housing Price Surge 
U.S. Stock Futures Edge Higher as Micron Earnings Boost AI Sentiment Ahead of CPI Data 
Asian Currencies Trade Sideways as Dollar Weakens Ahead of Key U.S. Data 
Singapore Growth Outlook Brightens for 2025 as Economists Flag AI and Geopolitical Risks 
Canada Signals Delay in US Tariff Deal as Talks Shift to USMCA Review 
Oil Prices Steady in Asia but Headed for Weekly Loss on Supply Glut Concerns 
U.S. Dollar Steadies Near October Lows as Rate Cut Expectations Keep Markets on Edge 
Asian Currencies Slip as Dollar Strengthens; Indian Rupee Rebounds on Intervention Hopes 
New Zealand Business Confidence Hits 30-Year High as Economic Outlook Improves 
Oil Prices Climb on Venezuela Blockade, Russia Sanctions Fears, and Supply Risks 
Japan Inflation Holds Firm in November as BOJ Nears Key Rate Hike Decision 
Japan Exports to U.S. Rebound in November as Tariff Impact Eases, Boosting BOJ Rate Hike Expectations 
RBA Unlikely to Cut Interest Rates in 2026 as Inflation Pressures Persist, Says Westpac 
Trump Orders Blockade of Sanctioned Oil Tankers, Raising Venezuela Tensions and Oil Prices 
Yen Near Lows as Markets Await Bank of Japan Rate Decision, Euro Slips After ECB Signals Caution 
Chinese Robotaxi Stocks Rally as Tesla Boosts Autonomous Driving Optimism 
Gold and Silver Surge as Safe Haven Demand Rises on U.S. Economic Uncertainty 
Philippine President Ferdinand Marcos Jr. signed a law introducing a 12% value-added tax on digital platforms such as Netflix and HBO. Meanwhile, Oracle announced a $6.5 billion investment in Malaysia to build a cloud services hub, signaling a growing interest in Southeast Asia’s AI infrastructure.
PBBM Signed 12% VAT on Digital Services like Netflix and HBO, Aiming to Boost Infrastructure Revenue
On October 2, Philippine President Ferdinand Marcos Jr. signed a law imposing a 12% value-added tax on non-resident digital service providers such as Disney, HBO, and Netflix, per Bloomberg.
The new law, one of the first revenue-generating priority measures implemented under Marcos, encompasses online search engines, media, advertising, platforms, digital marketplaces, goods, and cloud services.
“If you are reaping the rewards of a fruitful digital economy here, it is only right that you contribute also to its growth,” Marcos said in a speech during the signing event. He added that the new law will level the taxes paid by local businesses and international digital platforms.
In response to its fiscal constraints, the Philippines is collaborating with technology giants to generate revenue for infrastructure and other government initiatives. The country has one of the world's highest rates of mobile phone utilization. The Finance Department anticipates that the VAT on foreign digital services will generate 79.5 billion pesos ($1.4 billion) in revenue over the next four years.
Oracle to Invest $6.5 Billion in Malaysia’s Cloud Services Hub, Joining Major US Tech Firms Expanding in Southeast Asia
In other news, Oracle Corp. is the most recent global technology company to invest in Southeast Asian AI infrastructure, with plans to construct a cloud services center in Malaysia for $6.5 billion.
The United States corporation will establish a cloud region in the country, a network of data centers offering services to corporate clients. It stated that this includes access to Nvidia Corp. processors that can be utilized to expedite the development of generative AI.
Oracle's commitment represents the most recent substantial investment by a major US technology company in Southeast Asia. Due to its abundant land, government support, and rapidly expanding markets, Southeast Asia is quickly emerging as a hub for cloud services.
On September 30, Alphabet Inc.'s Google announced its intention to allocate $1 billion toward constructing data centers in Thailand and similar initiatives in Malaysia. Amazon.com Inc. disclosed its $9 billion investment strategy in Singapore in May. Additionally, Microsoft Corp. has expressed interest in investing approximately $4 billion in the construction of data centers and other infrastructure in the region.
In endeavoring to broaden its global cloud infrastructure business to compete for a share of the AI market, Oracle could not provide any specifics or timeframes regarding its plans to construct in Malaysia. Bain & Co. anticipates adopting AI technology will disrupt companies and economies, resulting in a $990 billion global market for AI-related products by 2027.
