ECCP at Work

Dominguez sees economy starting to rebound in Q2

President Duterte’s chief economic manager is optimistic the Philippine economy will start rebounding this quarter notwithstanding the two-week reimposition of the enhanced community quarantine in April followed by a modified enhanced community quarantine in areas accounting for half of the economy. To recall, the economy shrank by 16.9 percent year-on-year in the second quarter of last year amid the most stringent restrictions under an ECQ that stopped 75 percent of the economy from mid-March to May 2020.

Vaccine ‘express lane’ opened for A1 to A3

In an interview yesterday morning, MMDA Public Safety Office director III Vic Trinidad said medical frontliners, senior citizens and individuals with comorbidities can get on the fast lane for vaccination against COVID-19. Trinidad noted the low percentage of vaccinated individuals, especially among seniors. He also said that the proposal to do a house-to-house vaccination of senior citizens was floated, although some Metro Manila cities have started it.

House passes measure granting employees pension portability

The House of Representatives sitting in plenary approved a bill proposing to make pensions portable as workers change employers and to introduce investment options for pension account holders. Workers will be required to have an Employee Pension and Retirement Income (EPRI) Account which they will maintain regardless of job changes. Both the employer and employee are required to contribute to the EPRI account, with employers initially contributing 4% and employees earning above minimum wage 1%. Those at minimum wage or lower pay nothing.

BSP sets rules for sale of bad loans, assets under FIST Law

BSP Circular No. 1117 Series of 2021 signed by BSP Governor Benjamin E. Diokno on May 27 outlines the process financial institutions need to follow to get the documentary approval needed to sell their NPAs. BSP Circular No. 1117 Series of 2021 signed by BSP Governor Benjamin E. Diokno on May 27 outlines the process financial institutions need to follow to get the documentary approval needed to sell their NPAs.

Business groups press Congress to urgently approve priority bills

Certified urgent by President Rodrigo R. Duterte, proposals to amend the Public Service Act (PSA), the Foreign Investments Act of 1991, and the Retail Trade Liberalization Act of 2020 (RTLA) have yet to hurdle Congress. The House versions of the bills have been approved on third reading, while the Senate is still deliberating its own versions of bills seeking to amend the PSA and the Foreign Investments Act.

May inflation likely steady at 4.5%  — poll

Inflation likely remained unchanged for a third straight month in May, as food prices generally stabilized amid the lockdown in the Philippine capital and nearby provinces, economists said. If realized, this would mark the third straight month of steady inflation. However, it is still beyond the Bangko Sentral ng Pilipinas’ (BSP) annual 2-4% target and is much quicker than the 2.1% print a year earlier.

DTI urges electronics industry to further explore IoT market

In a recent event, Trade Secretary Ramon M. Lopez said that nearly all devices will be connected to the internet in the future; and semiconductor chips and electronics hardware will make this happen. It is estimated there are over 10 billion active IoT devices in the world, the DTI chief said, noting that this number is expected to surpass 25.4 billion by 2030. The trade chief said demand will be supported by industrial and consumer segments, including autonomous and connected vehicles, smart home products, smart health “wearables,” clean and resilient technology and gaming products, among others.

Franchise rule stymies broadband investors–JFC

The Joint Foreign Chambers (JFC) has asked the government to revisit a provision retaining the franchise requirement for international cable landing stations under House Bill (HB) 8910 or the Open Access in Data Transmission Act, as this may prevent investors from entering the broadband industry. The business organizations noted that HB 8910 seeks to make the industry more welcoming for the internet service providers while allowing more competition and innovation.

Meat processors set list price hikes; hot dogs to cost more

Filipino consumers may have to pay at an average P3 more per pack to buy their favorite hot dog brands starting today (Monday) as meat processors implement nationwide list price increases. Hot dog makers San Miguel Food and Beverage Inc. (SMFBI), which produces Tender Juicy, and CDO Foodsphere Inc., which owns the brands Bibbo! and Idol hot dogs, will implement price increases on their products, documents and data showed.

Expanding vaccine priority list to help recovery–Neda

Neda said the IATF recently expanded the A4 priority list to include employees in government agencies and instrumentalities, including government-owned or -controlled corporations (GOCCs) and local government units (LGUs); informal sector workers and self-employed individuals who work outside their homes; and those working in private households. This will allow more Filipinos to be vaccinated in NCR plus eight which includes Batangas, Cavite, Laguna, Rizal, Bulacan, Pampanga, Metro Cebu, and Metro Davao.