Filipino families ‘closer to pre-pandemic life’ as GDP grew 7.6% in Q3

The Philippine economy grew by 7.6 percent in the third quarter of 2022, faster than 7 percent in the same period of 2021 and 7.5 percent in the second quarter this year, according to the Philippine Statistics Authority. National Statistician Dennis Mapa said the country’s output of goods and services grew for the sixth quarter in a row.

Foreign direct investments hit 4-month high in August

The net inflow of foreign direct investments (FDI) continued to decline, even though it hit a four-month high of $797 million in August, due to global headwinds caused by monetary policy tightening to fight soaring inflation, data released by the Bangko Sentral ng Pilipinas (BSP) showed. The August  inflow was the highest since the $989 million recorded in April.

Concepcion hopes for easier public access to vaccines

Go Negosyo founder Joey Concepcion is hoping that the public will have easier access to COVID-19 vaccines in the future by allowing their purchase from hospitals, clinics and drugstores. In a Go Negosyo town hall meeting, Concepcion said that in the United States, the vaccination process is very easy and casual as bivalent COVID-19 vaccines are available to the public in drugstores.

House OK’s tax on foreign digital services, removal of tax exemption on pickups

THE House of Representative approved on second reading three priority tax measures, which seek to remove the tax exemption on pickup trucks and impose taxes on foreign digital services and single-use plastic bags. “The measures could yield a total of P47 billion annually,” Albay Rep. Jose Ma. Clemente S. Salceda, who chairs the House Ways and Means Committee, said in a statement. Mr. Salceda said P20 billion is expected to be generated from House Bill (HB) No. 4339 or the fourth package of the Comprehensive Tax Reform Program (CTRP), mainly from the removal of the tax exemption on pickup trucks and raising the tax rate on foreign currency deposit units to 20%.

RCEP vital to PHL drive for investors; ratification seen

TRADE Secretary Alfredo E. Pascual said President Ferdinand R. Marcos Jr. is committed to ratifying the Regional Comprehensive Economic Partnership (RCEP), which is being awaited by investors. “President Marcos is committed to have this (RCEP) ratified,” Pascual said in a radio interview.

ARTA helping organize one-stop shop for shipping industry permits

THE Anti-Red Tape Authority (ARTA) and other regulators are seeking to establish a one-stop shop for permit applications by the shipping industry. In a statement, the ARTA said it hopes to sign a memorandum of agreement this month that will lead to the creation of a technical working group to oversee the streamlining project. ARTA Officer-in-Charge Ernesto V. Perez was involved in consultations regarding the long accreditation process to startup shipping companies.

Jobless rate dips, but more underemployed

Over a million Filipinos became underemployed in September, according to data released by the Philippine Statistics Authority (PSA), even as government economists touted the decline in the number of the jobless compared to August. The PSA data showed the number of jobless Filipinos reached 2.5 million in September 2022, a 1.78-million decline from the 4.28 million posted in September 2021.

Q2 GDP growth revised upward to 7.5%

The Philippine Statistics Authority (PSA) said the economy grew at a slightly faster pace in the second quarter than initially reported. According to the PSA, the second quarter gross domestic product (GDP) growth for this year was revised to 7.5 percent, slightly higher than the preliminary estimate of 7.4 percent rcorded last August. Among the major contributors to the upward revision of the second quarter GDP was construction, with its growth revised to 19.5 percent from 19 percent.

Agriculture production up 1.8%, value rose 12.3% in Q3

Philippine farm production rose by nearly 2 percent in the third quarter after recording  contractions in the previous two quarters. In a report, the Philippine Statistics Authority said agriculture production grew by 1.8 percent against a decline of 2.6 percent in the same period a year ago.

Diokno sees extension of low tariffs on agriculture

The head of the country’s economic team is confident of seeing lower tariff rates on major agricultural commodities extended, as inflation sizzled to a 14-year high last month and is feared to soar further. Finance chief Benjamin Diokno said he is optimistic that the lower tariff rates – as authorized under Executive Order 171 – would be extended, especially after inflation rose to 7.7 percent in October amid more expensive food commodities.

DOTr allots P600 million to upgrade 7 airports

The Department of Transportation (DOTr) is spending nearly P600 million for the expansion and upgrade of seven regional airports in a bid to boost travel and tourism in the provinces. In a series of notices, the DOTr said it is seeking bidders for the delivery of airport improvement worth P587.19 million in seven gateways across the country. In particular, the DOTr will spend P291 million for the Marinduque Airport Development Project that includes the asphalt overlay of the runway, correction of shoulder grade and construction of the DOTr’s Project Management Office.

PHL raises RE installed capacity to 5,471.04 MW

THE country’s total renewable energy (RE) installed capacity as of end-September this year stood at 5,471.04 megawatts (MW), slightly up from 5,442.71MW in the same period a year ago. Of the total, 5,273.04MW were for grid use while 191.355 were for own use. Based on DOE data posted on its web site, a total of 1016 RE projects—952 for grid use and 64 for own use—were recorded. In the same period last year, the number of RE projects was recorded at 933.

Marcos OKs DOE’s offshore wind energy exploration

President Marcos has approved the Department of Energy (DOE)’s proposal to explore and develop the Philippines’ offshore wind potential as part of efforts to ensure energy security. Marcos directed energy officials to proceed with their offshore wind energy production initiatives during a meeting, a statement issued by the Office of the Press Secretary (OPS) said.

 

DENR to tap forestry, mining resources to spur PHL’s economic growth, development

The government is eyeing to tap the potentials of forestry and mining sectors to sustain economic growth and development in the Philippines, an official of the Department of Environment and Natural Resources. he said the DENR’s strategic plans and programs on forestry and mining are geared to “to support our country’s growth trajectory within the context of resilience and sustainable development.” The plans and programs are consistent with the policy statement of President Marcos during his first State of the Nation Address, wherein the highest official of the land highlighted the preservation of the environment as key to the preservation of life.