Aviation Summit returns in 2024, aims to boost PH aviation sector
The ECCP and the Asian Business Aviation Association (AsBAA) are gearing up for the 2024 Aviation Summit, set to take place on October 2-3. According to ECCP President Paulo Duarte, the Summit will facilitate critical discussions to shape the future of Philippine and regional aviation. A key focus will be addressing challenges related to pending legislative reforms, such as restructuring the CAAP into a regulatory body and establishing the Philippine Airports Authority and the Philippine Transportation Safety Board.
Zero tariff policy now extended to two-wheeled EVs, hybrid vehicles
ECCP President Paulo Duarte welcomed the expansion of EO 12, saying that this would aid the industry in achieving the targets set under the Comprehensive Roadmap for the Electric Vehicle Industry.
Foreign investment pledges fall 64% in Q1
Foreign Investment pledges slumped by 63.6% in the first quarter as global economic challenges prompted investors to be more wary of investing in emerging markets like the Philippines, analysts said. Preliminary data from the PSA showed that the value of foreign commitments approved by investment promotion agencies dropped to P148.43 billion in the January-to-March period from P408.22 billion a year earlier.
Neda approves projects worth P66.37 billion
The NEDA Board, chaired by the President, approved projects worth P66.37 billion. Approved were two infrastructure projects, the extension of a land titling project and the validity of the funding for the Light Rail Transit (LRT) Line 2 East Extension.
BSP hints at policy rate easing by August
BSP Governor Remolona said the BSP may cut its key interest rates twice in the second half of the year by a total of 50 bps. He also said the BSP might even ease ahead of the US Federal Reserve. “It’s a range of between 25 to 50 bps (total rate cuts) for the rest of 2024,” he said.
N. Mindanao primed as agri, industrial hub
President Marcos Jr. said that the NEDA has laid out and approved the different strategies and projects under the Northern Mindanao Regional Development Plan from 2023 to 2028. The plan includes the expansion, rehabilitation and development of major airports in Ozamiz (Labo airport), Cagayan de Oro (Lumbia airport), Misamis Oriental (Laguindingan airport), Camiguin and Bukidnon which would hasten the flow of the economy and opportunities in Northern Mindanao.
Higher transmission charge seen
The partial lifting of the suspension on settlement amounts in the Wholesale Electricity Spot Market’s Reserve Market to allow power generators partially recover costs for trading transactions for the March billing may cause an average of additional 10 centavos for the transmission charge under ancillary services, according to the National Grid Corporation of the Philippines (NGCP).
PH aviation industry set to soar to new heights with Aviation Summit
The Philippine aviation industry is poised to soar to new heights and become a frontrunner among Asian counterparts by 2028 through increased investment and private sector participation in infrastructure, human capital, and sustainable development. This will be the highlight of the 2024 Aviation Summit, which will be held at the Marriott Hotel Manila on Oct. 2-3 this year, ECCP President Paulo Duarte said.
UN reports improved prospects for the world economy
According to its mid-2024 report, the world economy is now projected to grow by 2.7 percent this year – up from the 2.4 percent forecast in its January report – and by 2.8 percent in 2025. A 2.7 percent growth rate would equal growth in 2023, but still be lower than the 3 percent growth rate before the COVID-19 pandemic began in 2020.
Proposed mining fiscal regime taking shape
Like its counterpart in the House of Representatives, the draft Senate bill will introduce a windfall profit tax (WPT) scheme on net income and margin-based royalty on gross income of operations outside mineral reservation areas. The Senate is looking at a five-tier structure with lower minimum rates for both the WPT and the margin-based royalty, compared to the earlier proposal of the DOF that pitched a four-tier approach with higher starting rates.
House OK’s rice tariffication law amendments on 2nd reading
Philippine congressmen through a voice vote agreed to expand the agency’s regulatory functions over the rice industry through House Bill No. 10381 amid spiraling prices of the staple. The bill seeks to amend the Rice Tariffication Law (RTL), which gave private traders full control over rice imports in 2019.
Laguindingan attracts 2 possible challengers
At least two parties have expressed interest in the upgrade and operations contract for Laguindingan International Airport in northern Mindanao, the DOTr said. “There are two challengers, they have not submitted a counter proposal yet, but they have expressed interest,” Roberto C.O. Lim, Transportation undersecretary for aviation and airports, told reporters on Wednesday. Mr. Lim made the announcement during the 2024 Aviation Summit organized by the European Chamber of Commerce of the Philippines.
The Sugar Regulatory Administration (SRA) is now studying the possibility of allowing sugar imports during the post-milling season to ensure that the country will have sufficient stocks and prevent skyrocketing prices like what happened two years ago.
Foreign investors deterred by mining regulatory uncertainty, ambassador says
Regulatory uncertainty is expected to hinder further foreign investment in the Philippine mining industry, Canada’s ambassador said. “One of the inhibitors to deeper, you know, investment here has been the frequency, the uncertainty of some of the (changes in) regulations. You know, the regulatory framework,” Canadian Ambassador to the Philippines David Hartman told BusinessWorld on the sidelines of a mining industry event last week.
Govt, private sector tie-ups on tourism pushed
President Ferdinand Marcos Jr. on Monday called for the continued partnership between the government and the private sector in promoting tourism industry. The President, in his speech at the Tourism Summit that was read by Tourism Secretary Christina Frasco, recognized the significant contribution of the tourism sector to the economy. Marcos also acknowledged the role of the private sector in promoting Philippine destinations as well as in generating revenues and employment. He also reminded the private sector to always keep in mind the need to protect the environment and to utilize the resources with great prudence.
Recto: Interest rates to stay unchanged for 5th meeting
Monetary authorities will likely hold fire anew during today's policy meeting given the latest inflation and growth results, Finance Secretary Ralph Recto said. "Number one, we'll take a look at the data," said Recto, who is a member of the seven-man Monetary Board that is chaired by Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr.
ERC orders partial lifting of settlement suspension
Regulators have partially lifted the suspension of reserve market settlements at the Wholesale Electricity Spot Market (WESM) to allow power firms to recover some incurred costs. In a May 9 order, the Energy Regulatory Commission directed Philippine Electricity Market Corp. (PEMC) and the Independent Electricity Market Operator of the Philippines Inc. (IEMOP) to allow the settlement of 30 percent of amounts for payment covering reserve market transactions for the March billing month.
Visayas placed on yellow alert, Meralco bats for baseload
The Visayas grid was again placed on yellow alert as of 9:20 a.m. yesterday as 24 power plant units were on either forced outage or de-rated, displacing 613.3 megawatts (MW) in capacity. Yellow alert was raised in the Visayas Grid yesterday from 2 p.m. to 4 p.m. and from 6 p.m. to 8 p.m. as 19 power plant units and five more with de-rated capacities. Yellow alerts are issued when the level of power reserve in the grid is low and power interruptions are not yet imminent.
DOF open to tweaks in rice tarrification law
The Department of Finance (DOF) is open to the proposed amendments of the Rice Tariffication Law (RTL), specifically to allow the National Food Authority (NFA) to sell rice during emergency situations. Finance Secretary Ralph Recto told reporters the DOF is studying the proposed amendments to the RTL. “We’re looking at it right now. We do have a position. But so far, I think the RTL is working. Maybe we can tweak it a bit to allow NFA (to sell)… for emergency purposes,” Recto said.
The National Food Authority (NFA) said it will need P16.3 billion next year to procure the target volume of rice buffer stock and additional budget to upgrade storage capacity. Larry Lacson, NFA acting administrator, said aside from funding procurement of palay from local farmers, the agency will also have to build additional storage and drying facilities to improve buffer stocking capacity.
More Subic investors seen to benefit from CREATE Act revisions
For foreign investors in Subic and other special economic zones in the country, the CREATE Law was also designed to plug tax leaks by rationalizing fiscal incentives and shifting the administration of such investments toward a performance-based, targeted, and time-bound system.
8% of digital transactions in PHL deemed fraudulent
Data breaches that led to stolen credentials caused 8.3 percent of all digital transactions in the Philippines to be deemed fraudulent, according to the latest TransUnion report. TransUnion said in its 2024 State of Omnichannel Fraud Report that this was 66 percent higher than the global average which is pegged at only 5 percent in the same period last year.
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