ECCP at Work

Marcos signs property valuation measure into law
President Ferdinand R. Marcos, Jr. has signed into law a priority bill that seeks to fix inconsistencies in the country’s property valuation, while offering limited amnesty on interests, surcharges and penalties for unpaid real property tax.

Speaker: Senate agreed to rice tariff law changes
Senators have agreed to amend the law that gave local traders control over rice imports, Speaker and Leyte Rep. Ferdinand Martin G. Romualdez said in a statement on Thursday after a meeting between leaders of the Philippines Senate and House of Representatives.

Exporters  to maximize  use of FTAs
The Department of Trade and Industry (DTI) and the Philippine Exporters Confederation Inc. (Philexport) have vowed to cooperate in increasing utilization of free trade agreements (FTAs) and similar arrangements.

Revenue to drop P9.4 billion with rice tariff cuts–economist
THE government should expect revenues from rice tariffs to decline by P9.4 billion due to the National Economic and Development Authority (Neda) Board’s decision to slash tariffs on imports, according to an economist.

Peza eyes new ecozones in Bicol, in sync with LEC
The Philippine Economic Zone Authority (Peza) is studying the possibility of developing new ecozones in the Bicol Region to complement the Luzon Economic Corridor (LEC).

Marikina City to host first farm-to-consumer food hub
Marikina City is set to host the Department of Agriculture's (DA) first food hub, allowing farmers and cooperatives to deliver their produce directly and conduct transactions with wholesale buyers and individual consumers.

PH banks' assets up 12% in April
The total assets of the country's banking sector rose by 12 percent as of end-April this year. Latest data from the Bangko Sentral ng Pilipinas (BSP) showed that the total assets of the Philippine banking sector went up to PHP25.48 trillion from PHP22.75 trillion in April last year. The total assets during the month, however, was lower than the PHP25.6 trillion recorded in March this year.

Government sets sights on expanding ginger production areas
The Department of Agriculture (DA) is pushing for the expansion of areas planted with ginger to meet the rising demand of food manufacturers for the crop. Citing official government data, Agriculture Undersecretary Cheryl Marie Natividad-Caballero noted the fluctuation in production and harvest area since 2010.

Hyperscale data center to rise in Central Luzon
The provincial government of Tarlac led by Governor Susan Yap and Narra Technology Park Development Inc. (NTPDI) signed a lease agreement for a 300-megawatt (MW) hyperscale data center.

Government invites Singapore’s armsmaker for PPP, MRO projects
THE Philippines is discussing potential investments from, and collaboration with, a top Singaporean company involved in arms manufacturing as well as aerospace and maintenance, repair and overhaul (MRO) and smart city initiatives. Trade Secretary Fred Pascual met with Vincent Chong, ST Engineering’s Group President and Chief Executive Officer, to discuss the potential entry of the company, the world’s number 61 arms maker according to the Stockholm Peace Research Institute.

DA-Cordillera gears up for La Niña impact
The Department of Agriculture (DA) in the Cordillera region has started an information campaign to prepare for the potential impact of La Niña. Danilo Daguio, DA-Cordillera Regional Technical Director for Operations, announced the reactivation of their disaster risk reduction and management (DRRM) operations center.

DENR, mining industry forge accord on policy reforms
The DENR and the mining industry have forged a landmark agreement to pursue policy reforms that will make the local mining industry more sustainable, responsible, transparent, and attractive to investors.

Peso slump could derail rate cuts
THE PESO WEAKNESS could impact the Bangko Sentral ng Pilipinas’ (BSP) policy easing cycle even after inflation has settled within target for a sixth straight month in May, analysts said. “The recent weakness of the Philippine peso poses a significant challenge for the central bank as it navigates its monetary policy,” Security Bank Corp. Chief Economist Robert Dan J. Roces said in a Viber message.

Maynilad starts IPO preparations, eyes 2026 listing
WEST ZONE concessionaire Maynilad Water Services, Inc. has started preparations for an initial public offering (IPO), aiming for a listing by 2026 at the earliest, the company’s president said.

PEZA expects locators to thrive within Luzon Economic Corridor
THE Philippine Economic Zone Authority (PEZA) said many of its locators will thrive when the Luzon Economic Corridor infrastructure initiatives are put in place, citing the strengthening of interconnectivity between Central Luzon and Calabarzon.

PHL banks fall short of lending quota for small, medium businesses
PHILIPPINE BANKS failed to meet the mandated quota for small business loans in the first quarter, data from the Bangko Sentral ng Pilipinas (BSP) showed.

World Bank to support more agriculture projects in PHL
THE WORLD BANK is seeking to fund more Philippine projects that seek to bolster productivity in the agriculture sector amid rising prices of food.

IFC invests $100M in thrift bank’s social bond
The International Finance Corp. (IFC) is investing $100 million in a social bond issued by City Savings Bank Inc., the first thrift bank to issue such bond in the country.

Recto lauds digitalization  focus of PFM roadmap
Finance Secretary Ralph Recto has lauded the digitization initiatives outlined in the Philippine Public Financial Management (PFM) Reforms Roadmap for 2024-2028, for a more efficient and effective government service delivery

Landfill redevelopment to generate 30K jobs
THE Bases Conversion and Development Authority (BCDA) plans to redevelop the Kalangitan sanitary landfill in Capas into a more productive and high-impact project in the wake of clamor by the operator of the facility to renew its contract.

Govt to limit lifeline rate  on water to 4P beneficiaries
The Department of Environment and Natural Resources’ (DENR) Water Resource Management Office (WRMO) is studying the possibility of limiting the subsidies on water rate to beneficiaries of the Pantawid Pamilyang Pilipino Program to make the scheme more equitable.

MB seen likely to keep higher rates on June 27
THE higher interest rates in the Philippines will likely be maintained in the next meeting of the Monetary Board following the decision of the Federal Open Market Committee (FOMC) to maintain key policy rates in the United States.

Marcus signs law that overhauls 'outdated' property valuation system
President Marcos on Thursday signed a law he had proposed when he was still a senator to improve the country’s tax collection by streamlining and digitalizing what he called an “outdated” real property valuation and assessment system.

DOTr leads groundbreaking of NSCR System's Banlic Depot 
SUBIC BAY, ZAMBALES — The ground-breaking ceremony for the North-South Commuter Railway (NSCR) System’s Banlic Depot in Calamba, Laguna, commenced on Thursday, the Department of Transportation (DOTr) said.

Rate cut probably after Fed — Recto
THE BANGKO SENTRAL ng Pilipinas (BSP) will probably cut its policy rate after the US Federal Reserve, which has signaled it may start easing as late as December.