ECCP at Work

October wholesale price growth fastest in 7 years

The Philippines’ wholesale price growth of general goods climbed to its highest level in seven years in October as global and domestic price pressures caught up. Preliminary data from the Philippine Statistics Authority (PSA) showed the general wholesale price index (GWPI) accelerated to 3.9% annually in October, picking up from 3.3% in September and 2% recorded in the same month of 2020. The October figure was the fastest reading in seven years or since the 4.1% print in October 2014, the statistics agency’s data showed. 

BSP presses Congress to approve key reforms

The Philippine central bank is pressing Congress to approve several key reform measures, including one that would amend the bank secrecy law.  Lawmakers are under pressure to pass the Duterte administration’s priority bills before they go on break on Feb. 4 for the election campaign. The Bangko Sentral ng Pilipinas (BSP) identified bills that would support the economy’s recovery after the pandemic — the Bank Deposits Secrecy Bill, the proposed Financial Products and Services Consumer Protection Act, amendments to the Agri-Agra Act, amendments to the charter of the Philippine Deposit Insurance Corporation (PDIC), and the Bank Accounts and E-wallets Regulation Bill.

PHL files instrument of accession to Istanbul Convention

The Philippines has deposited its Instrument of Accession to the Istanbul Convention, which will help exporters access foreign markets, the Department of Foreign Affairs said on Sunday. Philippine Ambassador to Belgium, Luxembourg, and the European Union Eduardo José A. de Vega filed the accession documents to the Istanbul Convention, formally known as the Convention on Temporary Admission, and also known as the ATA Convention, to World Customs Organization (WCO) Secretary General Kunio Mikuriya at the headquarters of the WCO in Brussels.

Legislators hopeful of House approval for water dep’t measure

Legislators expressed hope that the House of Representatives will approve a bill seeking to create a water management department, after the bill hurdled committee-level evaluation. Trade Union Congress of the Philippines Rep. Raymond Democrito C. Mendoza said House Bill (HB) 9948 or the proposed National Water Act, which is signed will create a Department of Water Resources, is now in a form that has passed scrutiny from four House committees. He said he hopes it will be approved at the next plenary session.

Biz groups push PSA, RCEP ratification [JFC]

Local and foreign business groups are pushing two economic measures—ratification of the Regional Comprehensive Economic Partnership (RCEP) and Public Service Act (PSA) amendments—before legislators go into election campaign recess. They said these will allow more investments and business activities that can aid recovery. The Joint Foreign Chambers (JFC), in a statement, called on the Senate to finally ratify the Philippines’s membership in RCEP, one of the world’s biggest economic deals, to access more business opportunities.

Peza pushes bid to lift NCR ecozone ban for IT-BPM

The Philippine Economic Zone Authority (Peza) is still hoping that the ban on new ecozone development in Metro Manila will be lifted soon given the demand for expansion, especially from the information technology-business process management (IT-BPM) companies. “We’ve been writing, reiterating ours and the IT-BPM and real estate companies’ request to lift the moratorium,” Peza Director General Charito Plaza told the BusinessMirror.

Dominguez pushes Phl environment agenda

The Philippines has transmitted to the UNFCCC a greenhouse gas emissions reduction and avoidance target of 75 percent. “What is global must now be addressed at the local level. What was theoretical now demands practical applications on the ground.” Thus said Finance Secretary Carlos Dominguez III, the country’s official representative to the Climate Change Commission (CCC), over the weekend. Dominguez said the government’s intensified drive against climate change will shift from merely theorizing and talking to implementing practical and doable projects to adapt to mitigate the destructive effects of global warming.

PH recovery under way with ’21 GDP growth target hit, say economists

The Philippine economy likely grew by above 5 percent in 2021, signifying a rebound starting last year after it suffered from its worst post-war recession due to the most stringent lockdowns that shed millions of jobs and shuttered thousands of business in 2020. Of the 23 forecasts collected by the Inquirer from economists and think tanks, 20 projected GDP or the total goods and services produced in the country last year to have grown by at least 5 percent, which is at the low end of the government’s 2021 target.

DOH studying proposal to further ease protocols for international travelers

Despite rising COVID-19 cases, the Department of Health (DOH) said it is considering the proposal to further relax restrictions for international visitors. “The IATF has asked us to review this proposal. So, we are now studying this, together with our experts, to know what recommendation we could give,” Health Undersecretary Maria Rosario Vergeire said in a briefing on Saturday. Vergeire was referring to Presidential Adviser for Entrepreneurship Joey Concepcion's proposal to shift to a home-based approach for the testing and quarantine and isolation protocols for international travelers.

Business groups press bicam committee to adopt ‘most liberal provisions’ of PSA bill [mention]

Various business groups and foreign chambers are pressing the Bicameral Conference Committee to adopt the “most liberal provisions” of a measure amending the Public Service Act (PSA), which they said would help the Philippines attract much-needed foreign investments as it recovers from the pandemic. At the same time, foreign chambers and other local groups ramped up the pressure on the Senate to immediately give its concurrence to the ratification of the Regional Comprehensive Economic Partnership (RCEP).

PH, Metro Manila down to 'high risk' for COVID-19

The risk classifications of the Philippines and the National Capital Region for COVID-19 have been lowered from "critical risk" to "high risk,” Health Secretary Francisco Duque said Monday night. Duque explained that the two-week growth rate, or the growth in cases in the span of 14 days, has decreased from 3,661% to 176% nationwide. In NCR, the rate dropped to only 65% from 7,226%. The average daily attack rate, however, is still high at 84.56%.Other regions classified as high risk are MIMAROPA, SOCCSKSARGEN, and BARMM.

Vaccination of kids 5-11 to start on Feb. 4 -- Galvez

Children aged 5 to 11 can soon receive their coronavirus shot starting Feb. 4, vaccine czar Carlito Galvez Jr. said. During the weekly televised Cabinet briefing, Galvez said the memorandum guidance will be released within the week, while trainings, meetings, and other preparations in connection to the program have been ongoing to ensure proper implementation.

BOC collects P165.9B in oil taxes through fuel marking in 2021

The Bureau of Customs (BOC) on Monday (Jan. 24) said it marked over 17 billion liters of tax-paid oil products and collected P165.96 billion in import duties and other taxes in 2021. In a statement, the country’s second biggest tax-collection agency said that together with the Bureau of Internal Revenue (BIR), a total of 34.59 billion liters of diesel, gasoline and kerosene were injected with a chemical marker signifying payments of taxes amounting to P313.98 billion from September 2019 to December 2021, under the fuel marking program.

Asean still on track for single tourism destination goal in 2025

ASEAN is still on track to becoming a single tourism destination by 2025 despite the difficulties in restarting travel within the region because of Covid-19. In a joint media statement issued on January 19 at the close of the Asean Tourism Forum (ATF) in Sihanoukville, Cambodia, the region’s tourism ministers were “pleased to note that the tourism sector has adapted and pivoted to new business models so as to ready itself to bounce back strongly to recapture growth. In this regard, the Meeting highlighted the importance of expediting the implementation of the post-Covid-19 Recovery Plan for Asean Tourism,” endorsed last September.

Neda chief vows to push 3 priorities for rest of term

The National Economic Development Authority (Neda) is pushing for government and private sector collaboration on improving prospects for economic recovery, boosting productivity in the country, and responding to climate change. Socioeconomic Planning Secretary Karl Kendrick T. Chua vowed to focus on pushing for these top 3 priorities for the remaining months of his term. “The first is to continue our recovery from the Covid-19 pandemic,” Chua said in his message during the 2022 Inaugural Meeting and Induction Ceremonies of the Financial Executives Institute of the Philippines (FINEX) last Tuesday. On boosting productivity in the country, Chua said the private sector plays a crucial role. Lastly, Chua said Neda is also prioritizing climate change adaptation and mitigation by putting it as a cornerstone of its policy framework.

House OKs PHL maritime trade bill on 2nd reading

To promote competition among transport and logistics providers and to improve service quality and reduce shipping cost, the House of Representatives approved on second reading on Monday the bill enhancing the competitiveness of Philippine maritime trade by strengthening the oversight functions of relevant government agencies over the imposition of shipping charges. Though viva voce voting, lawmakers approved House Bill 10575 to empower government institutions in their roles of promoting an efficient, competitive, and reliable logistics services.

DTI warns of impact of RCEP delay

Department of Trade and Industry (DTI) Secretary Ramon M. Lopez on Monday warned delays in the Senate’s concurrence of the Regional Comprehensive Economic Partnership (RCEP) will have a negative impact on the economy. “It is not just a simple trade agreement that provides enhanced market access and stable business environment. It is a strategic tool to sustain the region’s economic advantage. RCEP is expected to promote economic efficiency of member states, linking their strengths in manufacturing, technology, agriculture, and natural resources, and it will reinforce the global value chain network, which the Philippines is very much a part of,” Mr. Lopez said in a statement.

E-commerce exports to hit $555M in ’26

Business-to-consumer (B2C) electronic commerce (e-commerce) export revenue from Philippine sellers could reach $555 million or P26.9 billion in 2026, about three times more than the $179 million (P8.7 billion) they earned last year, according to a study cited by Amazon. Amazon recently reported the number of new Philippine sellers launching their cross-border e-commerce business with the platform increased by more than 50 percent year-on -year in 2021. The release of the findings was one of the highlights of the Amazon Global Selling (AGS) Philippines Seller Summit themed “Go Global, Sell on Amazon” held online recently and attracted over 2,000 micro, small and medium enterprises (MSMEs).

Duque: NCR shift to alert level 2 likely as Covid cases drop

Metro Manila could possibly shift to a more lenient alert level 2 in the coming days following a significant decline in its new Covid-19 cases, Health Secretary Francisco Duque III said Monday. After a series of record-breaking Covid-19 numbers in the first part of January, Duque said cases in the capital region may have hit the peak on 14 or 15 January and are now decreasing. “Hopefully, it will continue so there it will be more likely to de-escalate to alert level 2, especially for the National Capital Region,” he said in his televised report to President Rodrigo Duterte’s “Talk to the People.”