ECCP at Work

PH GOV’T UNVEILS COMPREHENSIVE FRAMEWORK FOR 10-YEAR EMPLOYMENT PLAN
The Philippine government laid out the comprehensive agenda framing the 10-Year Trabaho Para sa Bayan (TPB) Master Plan toward sustained, high-quality job creation. NEDA Secretary Arsenio M. Balisacan emphasized the importance of a cohesive strategy for employment generation as the country works toward social and economic transformation.

Sonny Angara is new DepEd secretary
The Presidential Communications Office announced Angara's appointment as the new DepEd chief. Angara is set to replace Vice President Sara Duterte, whose term as DepEd secretary officially ends July 19 — the last working day before Marcos delivers his third State of the Nation Address.

PHL can still exit ‘gray list’ by October — analysts
The AMLC said that the country has “moved closer to exiting the FATF gray list.” “We welcome FATF’s recognition of the country’s progress in strengthening its position in the global fight against financial crimes, even as we remain focused on addressing remaining action plan items,” AMLC Executive Director Matthew David said.

Low-spending gov’t agencies ordered to file catch-up plans
The DBM has asked underspending government agencies to file plans to bring their fund usage up to target over the remainder of the year, alongside a broader call for mid-year budget utilization reports and updates on major programs.

Gross borrowings jump by 77% in May
The National Government gross borrowings surged in May amid a rise in external debt due to the dollar bond issuance, data from the Bureau of the Treasury showed. The NG’s gross borrowings jumped by 76.7% to P259.334 billion in May from P146.783 billion in the same month a year ago.

PH, four Asian countries to link payments systems
Five central banks in Asia, including the BSP, are preparing for the implementation of a cross-border retail payments platform under a Bank of International Settlement's (BIS) initiative. The BIS, dubbed the central bankers' central bank, said its Project Nexus aimed to link the instant payment systems (IPS) of the Philippines, India, Malaysia, Singapore and Thailand.

June inflation likely within target
Headline likely remained steady in June and settled within the central bank’s 2-4% target for a seventh straight month, analysts said. A BusinessWorld poll of 14 analysts yielded a median estimate of 3.9% for the CPI in June. This is within the 3.4-4.2% forecast of the BSP for the month.

DOF spearheads hybrid roundtable discussion as lead facilitator for Climate Finance Network initiatives in the PH
The Department of Finance (DOF) spearheaded a hybrid roundtable discussion as the lead facilitator for Climate Finance Network (CFN) initiatives in the Philippines to propel mainstreaming climate change components in the public financial management and further scale up access to climate finance.

Minimum wage earners in Metro Manila to get P35 hike on July 17
The new wage order raised the daily minimum wage in NCR from P610 to P645 for the non-agriculture sector, and from P573 to P608 for the agriculture sector, service and retail establishments employing 15 or less workers, and manufacturing establishments regularly employing less than 10 workers.

Shift to solar leads to surge in adoption of net metering
The Energy Regulatory Commission (ERC) said qualified end-users (QEs) of net-metering systems in the country have surged by 6,494.5 percent  in less than 10 years. From 200 in 2015 , QEs rose to 13,189 as of end-May 2024. The ERC said  capacity grew 10,383.1 percent  from 2015’s 1,109.33 kilowatt-peak (kWp) to May 31, 2024’s 116,292.14 kWp.

OSAPIEA calls bureaucracy in healthcare approval process deterrent to investment
Bureaucracy in the approvals process for healthcare products is hindering the entry of investments, according to the Office of the Special Assistant to the President for Investment and Economic Affairs (OSAPIEA). To address this, Mr. Go said that there is a need for a streamlined bureaucracy, which will require a review of the processes and requirements set by various agencies.

PHL competitiveness to depend on pace of infra upgrades — think tank
Jamil Paolo S. Francisco, executive director of the AIM Rizalino S. Navarro Policy Center for Competitiveness, said that the Philippines will have to do better in indicators like annual global competitiveness rankings, parts of which measure infrastructure quality. Asked for his recommendations, he said: “I guess the most basic one is really infrastructure. Not just physical infrastructure, but also digital and human infrastructure.”

Philippines’ dependency on coal-fired power surpasses China, Indonesia
The Philippines surpassed Indonesia and China to break into the world’s top ten economies most dependent on coal-fired power, data from energy think tank Ember showed, underlining the challenges it faces to achieve its green energy goals. The country’s share of coal in electricity generation rose for the fifteenth straight year in 2023 despite a target to cut dependence on the fuel to less than half of total power output by 2030.

Housing price growth slows in first quarter
Residential Property Prices nationwide rose at a slower pace in the first quarter, the BSP said. Data from the central bank showed that the Residential Real Estate Price Index (RREPI) rose by an annual 6.1% in the January-March period but slowed from the 6.5% growth in the previous quarter and 10.2% expansion a year ago.

Energy firms to see moderate Q2 growth — analysts
Energy companies are expected to see moderate growth in the second quarter, driven by the increase in domestic demand and investments in renewable energy, according to analysts. The economic recovery is seen to “stimulate industrial and commercial energy consumption, further supporting revenue growth,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said.

Sustainable farm tech seen raising agri competitiveness
The government must make it easier to trade agricultural commodities within the region while introducing sustainable farming practices to raise the competitiveness of its farms, according to the ADB.

‘Low tariff on pork, MDM to keep meat prices stable’
The extension of the lower tariff rates on certain meat items by the Marcos administration would cushion the rising costs of meat products brought about by global economic challenges, industry groups said.

Low-spending gov’t agencies ordered to file catch-up plans
The Department of Budget and Management (DBM) has asked underspending government agencies to file plans to bring their fund usage up to target over the remainder of the year, alongside a broader call for mid-year budget utilization reports and updates on major programs.

Exporters say wage hike in July would be badly timed
“As we’ve been mentioning, this is not a good time. If they can check the statistics, exports are just recovering. Globally, there are issues. The shipping issue — there are wars that are affecting the supply chains,” according to Ma. Flordeliza C. Leong, Philippine Exporters Confederation, Inc. vice-president for Advocacy, Communications and Special Concerns.

World Bank OKs $1.25 billion loans for education, recovery projects
The World Bank has approved $1.25 billion worth of loans to support projects in the Philippines aimed at having safer and resilient school infrastructure and strengthening economic recovery.

PH factory growth slows as orders ease
The country's Purchasing Managers Index (PMI) slipped to a three-month low of 51.3, down from 51.9 in May, but remained above the 50.0 mark that indicates an expansion. While the June result "signaled a softer rate of growth, it nonetheless marked a tenth consecutive monthly improvement in the health of the Filipino manufacturing sector," S&P Global said.

Gov’t urged to prepare for expected surge in rice imports
In a letter to President Ferdinand R. Marcos, Jr., PCAFI President Danilo V. Fausto aired the group’s “grave concerns” over the recent issuance of Executive Order No. 62 which slashed tariffs on rice to 15% until 2028. “The challenge to EO 62 is how to implement it without a further decline in self-sufficiency in this age of climate change and geopolitical disruptions,” he said.