ECCP at Work

PHL posts $2-B BoP surplus for May
The country’s balance of payments (BoP) position swung to a surplus in May, data from the BSP showed. The central bank reported that the BoP position stood at a surplus of $1.997 billion, a turnaround from the $439-million deficit a year ago.

BoI says ‘green lane’ investments hit P2.3T
About P2.32 trillion worth of projects, mostly in renewable energy, have been approved to go through the “green lane” system as of June 20, the Board of Investments (BoI) said on Wednesday. Data from the BoI showed that 74 projects worth P2.32 trillion have been endorsed to its One-Stop Action Center for Strategic Investments since it was established last year.

DOTr sets aside P1.14 billion for upgrade of regional airports
The DOTr will spend P1.14 billion for the improvement of several regional gateways, the bulk of which is intended for airports in President Marcos’ home region of Ilocos. A set of bidding invitations issued by the DOTr showed that it is spending P1.14 billion for airport upgrades in Ilocos Norte, Ilocos Sur, Eastern Samar and Cotabato.

Philippines improved slightly in attaining SDGs — UN report
The Philippines jumped six spots to 92nd out of 167 countries in achieving 17 sustainable development goals, but still grapples with significant challenges in addressing poverty, hunger and low-quality education, a United Nations body said in its latest report.

DOE SAYS: Maximize coal capacity, baseload enough till ’30
The DOE stressed the need to maximize the use of existing energy infrastructure, particularly the newer coal-fired power plants, to avoid added “cost burden” to consumers and the economy. Based on total on-grid capacity contribution, coal continues to lead the country’s power mix.

PHL may grow below target until 2028
The Philippine economy may grow slower than the government’s targets this year through 2028, as high interest rates weigh on consumption, according to a global think tank. Andrew J. Staples, Asia-Pacific head of thought leadership and public policy at the Economist Impact, projected the Philippine economy will expand by 5.4% this year, below the government’s 6-7% GDP growth target for the year. It will also be a tad lower than the revised 5.5% GDP expansion in 2023.

Philippines slips in WEF Energy Transition Index
The Philippines dropped 11 spots in an index that measures countries’ energy transition efforts, reflecting the slowing global momentum amid increasing uncertainty. The Philippines ranked 105th out of 120 countries in the World Economic Forum’s Energy Transition Index, from 94th in 2023.

Sara quits Cabinet in break with Marcos
Vice President Sara Duterte on Wednesday ended months of speculation about where her place is in the Marcos administration and quit as education secretary and as vice chair of the National Task Force to End Local Communist Armed Conflict (NTF-Elcac).

NCR workers may get wage hike in July – DOLE
Minimum wage earners in Metro Manila are likely to get an increase in their daily take-home by mid-July, the DOLE reported yesterday. DOLE Secretary Bienvenido Laguesma said the Regional Tripartite Wages and Productivity Board (RTWPB) in NCR is set to hold a public hearing today and come out with a decision before the anniversary date of the latest wage order in July.

Leni Robredo may run for Naga City mayor in the 2025 polls, says Lagman
Former Vice President Leni Robredo appears to be aiming for the Naga City mayoral post in the 2025 midterm polls, Liberal Party president and Albay 1st District Rep. Edcel Lagman said on Thursday. During an interview with reporters at the Batasang Pambansa complex, Lagman was asked about the possibility that Robredo would get nominated for the vacant DepEd post.

Coal-fired plants can support PHL baseload needs until 2030 — DoE
The Department of Energy said coal-fired generating plants can support the Philippines’ baseload power needs until about 2030. Energy Secretary Raphael P.M. Lotilla described as sufficient the baseload capacity of over 6,300 megawatts due to the relative newness of many coal-fired power plants.

Philippine peso skids on dollar’s strength
The Philippine peso weakened against the dollar on Thursday to hit a 10-day low and lead a broader decline in Asian currencies, reflecting expectations policymakers would cut interest rates ahead of the US Federal Reserve. The peso was last trading 0.22% lower at 58.77 to the dollar, having weakened earlier to 58.81, a level last seen on June 10 when the currency hit a 31-month intraday low.

IT-BPM industry likely to hit 7% goal
The Information and Technology and Business Process Management (IT-BPM) industry is on track to achieve a 7% growth in revenue and headcount by the end of 2024, an industry group said. Jack Madrid, president of the IT and Business Process Association of the Philippines (IBPAP), told reporters on Wednesday that the industry anticipates around 6.5-7.5% growth in headcount and revenue in 2024.

Gov’t urged to boost education spending as students fare badly in latest PISA study
The Philippine government should boost spending on its public education system, arts and technology, as well as improve on-the-job training programs for students after a global study found Filipino students among the worst in the world in creative thinking, according to economists and education experts. The government of President Ferdinand R. Marcos, Jr. is aiming for the Philippines to reach upper middle-income status by 2025. The Philippines is currently classified as a lower middle-income country.

Pace of region’s tourism recovery slower than expected, Fitch says
Tourism in the Asia-Pacific (APAC) will continue to recover this year, though at a slower-than-expected pace, Fitch Ratings said. Fitch said it expects a full recovery of international visitor volume in the region by the first half of 2025.

DA chief seeks shorter period for rice tariff cut
The proposed rice tariffs reduction should be between six months and a year instead of the five-year period being pushed by other Cabinet secretaries, according to Agriculture Secretary Francisco Tiu Laurel Jr.

Enhancing rail connectivity
In a recent business forum with international participants, President Marcos confidently stated that the government is tirelessly working to upgrade and improve the Philippines’ transportation system, in the country’s bid to become a “leader in smart and sustainable transportation”. A proposal submitted by the consortium of Metro Pacific Investments Corp. (MPIC) and Japan’s Sumitomo Corp. aims to tackle these perennial problems in Metro Manila and elevate the country’s transportation infrastructure to match that of its regional neighbors. Approval of this proposal is the crucial next step to transforming this vision into reality.

Megawide gets SEC’s approval for its P5-billion bond offering
The SEC has approved the planned bond offering of Saavedra-led infrastructure conglomerate Megawide Construction Corp. worth up to P5 billion. Megawide’s bond offer will consist of up to P4 billion of fixed-rate bonds with an oversubscription option of up to P1 billion.

Converge ICT partners with HPE Zerto to launch Disaster Recovery Service
Seeking to democratize business continuity solutions in the Philippines, Converge ICT has introduced its Disaster Recovery as a Service (DRaaS), in collaboration with Zerto, a subsidiary of Hewlett Packard Enterprise. The strategic partnership aims to bolster the Philippines’ efforts towards data security, protecting businesses from disruptions borne from natural disasters and human error, and providing a robust shield against potential cyberattacks.

CAB slashes fuel surcharge for July flights
The Civil Aeronautics Board (CAB) has announced it will lower the airline fuel surcharge for July, reducing airfare costs for domestic and international flights. In an advisory on Thursday, the CAB said that it will reduce the fuel surcharge, which is added to the base fare, to Level 5 for July 1-31, down from Level 6 in June. This marks the first reduction since March.

Philippines, Japan strengthen parliamentary relations
Filipino and Japanese lawmakers have again renewed their commitment to fostering closer parliamentary relations and cooperation through the strengthening of the Japan-Philippines Parliamentary Friendship League (JPPFL)

Armyworms destroy crops in 3 Negros areas
Up to 125 hectares of sugarcane and corn crops in three areas in Negros Occidental have been destroyed by armyworms. The office of the provincial agriculturist said the infestations affected 208 farmers.