ASEAN NEWS UPDATES              Updated: 9 February 2010

• Malaysia can ill-afford to get stuck as middle income economy, says minister
Malaysia needs to undertake a major transformation of the economy, even if it involves a short term cost or initial setback, to achieve developed nation status by 2020, the StarBiz quote

• Singapore’s telecom giant posts 25% increase in Q3 net profit
Singapore Telecommunications (SingTel) said its third quarter net profit rose 24 per cent on-year to S$990.7 million, reported Channel News Asia. (1$=1.4S$)

• Vietnam banks’ remittance at $6.2bn in 2009
Total inward remittances flowing into Vietnam through banks last year reportedly reached $6.283 billion, down 12.8 percent year-on-year but only 10 percent of the amount was sent or sold back to banks, reported VNBusinessNews.com.

• Philippines: Outsourcing sector earns $7.2bn in revenues
Philippine business process outsourcing sector continues to be the country’s sunshine industry, generating more than $7.2 billion in revenues last year, a 19-percent increase from $6.1 billion in 2008, reported the Philippine Daily Inquirer.

• Indonesia: Creative industries contribute 7.5% to export earnings
Indonesian Trade Minister Mari Elka Pangestu said the contribution of creative industries to Indonesia’s non-oil/non- gas exports reached around 7.5 percent or 114.9 trillion rupiah, reported the Antara news agency. (1$=9390 rupiah)