ECCP at Work

Marcos says 2025 budget aligned with gov’t priorities

President Ferdinand R. Marcos, Jr. said that the proposed 2025 budget submitted to the Cabinet on Tuesday is broadly aligned with the administration’s development priorities.The Palace said the record P6.352-trillion spending plan also complies with the Constitutional requirement to set aside the largest allocations to education, while also earmarking significant funds for public works, health, defense, and local government set-asides.

Philippines’ move to upper middle-income level unlikely by 2025
The Philippines is unlikely to achieve the government’s goal of becoming an upper middle-income country by 2025, analysts said. Analysts said Philippine GDP needs to expand by at least 6% annually in the near term to ensure a significant growth in Filipino incomes.

BSP projects higher net FDI OF $9.5B in Q1

The BSP credited Japan for the Philippine's improved prospects in registering higher Foreign Direct Investments (FDIs) this year. In a statement on Wednesday, BSP Deputy Governor Francisco G. Dakila Jr. said the central bank initially projected a $9-billion net FDI position in the first quarter.

BOI convenes maiden Investment Promotion Network meeting to deal with investor issues

The BOI said it convened the first 36-member agency Investment Promotion Unit Network (IPU-Net) meeting to address the issues being faced by local and foreign investors. As the IPU-Network Secretariat, BOI said it convened the 36-member agency to discuss “recurring issues” faced by local and foreign investors.

Electronics exports seen 10% lower in 2024

Philippine electronics exporters are seeing a 10-percent decline in electronics exports for 2024 due to inventory correction and the product mix in the Philippines, according to the Semiconductor and Electronics Industries in the Philippines Foundation Inc.

DBM: 2025 budget priorities align with PDP, 8-point agenda

With the P6.352-trillion approved national budget for 2025, the development of infrastructure, human capital, enterprise and climate-smart and disaster-resilient communities; food security; research and development and innovation; government’s digital transformation; and devolution strategy will be prioritized.

Philippines to post huge twin deficits this year

The Philippines will continue to post large deficits for the current account and budget this year due to an expected increase in rice imports and infrastructure spending, Nomura Global Markets Research said.

Peso seen to fall if rates cut too soon

Robert Carnell, Asia-Pacific head of research at ING, said a rate cut in the fourth quarter would be better than the August easing hinted by BSP Governor Eli Remolona Jr. But Carnell said that, at this point, the latter scenario is more likely to happen, adding that Remolona seemed open to tolerate the peso’s weakness. 

NG debt hits P15.35T

According to the BTr, total debt increased by P330.39 billion or 2.2 percent from the end-April 2024 level primarily due to the impact of local currency depreciation on the valuation of foreign-currency denominated debt. Year-on-year, it recorded an increase of 8.4 percent.

ISO certification mandatory for public works contractors

Department Order (DO) No. 110, series of 2024, approved on June 28 by DPWH Secretary Manuel Bonoan has enforced the requirement for ISO 9001:2015 certification or its latest version, as applicable, in the bidding documents, to ensure that government contractors conform to international standards in all components of their operations, and guarantee quality output that meets the DPWH standard specification.

Center for AI Research expected to be self-sustaining in 3 years

The DTI said it expects the newly launched Center for Artificial Intelligence (AI) Research to become self-sustaining in three years. Competitiveness and Innovation Undersecretary Rafaelita M. Aldaba said that the business model of the center will allow it to generate revenue.

PEZA board approves pharma ecozone for Tarlac; Palace proclamation pending

PEZA said that its board approved a pharmaceutical economic zone in Victoria, Tarlac, which is currently awaiting Presidential proclamation. PEZA Director General Tereso O. Panga identified the project as the 29.57-hectare Victoria Industrial Park, Inc.

PHL rice imports seen at 3.8 MMT in 2025 — FAO

Philippine rice imports are expected to hit 3.8 million metric tons amid increasing consumption, according to the Food and Agriculture Organization (FAO). In a report, the FAO said that next year’s projection is 8.5% higher than the 3.5 MMT estimate for 2024. The United Nations agency projects Philippine consumption at 17.5 MMT, up 1.4%.

Philippine reliance on coal deepens amid slow transition to green energy

Data from energy think tank Ember showed the Philippines is now the most coal-reliant country in Southeast Asia, surpassing Indonesia and China. “This is a consequence of the country’s inability to transition to energy renewables and its inability to predict its long-term social effects,” Leonardo A. Lanzona, Jr., an economics professor at the Ateneo de Manila University, said.

Monetary Board has two vacancies after departures

The Philippine central bank’s rate-setting body has two vacancies after President Ferdinand R. Marcos, Jr. accepted the resignations of two board members.

House eyes budget approval by Sept.

The House of Representatives is looking to approve the proposed P6.352-trillion national budget for 2025 before Congress goes on a break in September, House Speaker and Leyte Rep. Ferdinand Martin G. Romualdez said.

P35 wage hike still appealable – DOLE

Amid complaints from labor groups, Labor Secretary Bienvenido Laguesma said yesterday the wage order granting an increase of P35 in the daily minimum pay of workers in Metro Manila is still appealable. Laguesma said a motion for reconsideration may be filed before the National Wages and Productivity Commission (NWPC).

T-bond rates ease; gov’t raises P30 billion

The government was able to raise its target amount of long-dated local debt paper during Tuesday’s auction of Treasury bonds as rates fell. Auction results on Tuesday showed the Bureau of the Treasury (BTr) borrowed the full issuance of P30 billion via re-issued seven-year T-bonds as total bids reached P73 billion, 2.4 times larger than its original size.

PSEI dips anew as factories slow down

Philippine shares retreated further as investors took profits after last week’s five-session winning streak. By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) shed 0.62 percent, or 39.81 points, to 6,358.96.

Stuck since ’87: PH languishes in lower middle income group

The Philippines has remained in the lower middle-income country (MIC) group under the latest rankings of the World Bank for fiscal year 2025, marking a setback for the Marcos administration’s ambition for the country to reach the upper MIC status within its term.

BSP seen to have ‘slower’ easing cycle

The BSP may delay its easing cycle amid continued risks to the inflation outlook, the peso’s depreciation and a hawkish US Federal Reserve, analysts said. According to Nomura data, the Philippines was among the top countries facing “underlying inflationary pressures” in Asia, second only to Singapore.

Budget airline Cebu Pacific commits to P1.4-trillion Airbus purchase

Budget carrier Cebu Pacific has agreed to buy up to 152 A321 new engine option (NEO) aircraft from European planemaker Airbus, valued at P1.4 trillion or $24 billion, marking the largest aircraft order in the Philippines.

PHL fiber broadband adoption ‘extremely challenging’

The wider adoption of fiber broadband in the Philippines remains “extremely challenging,” but that may soon improve if the government successfully implements a project to roll out fiber-optic infrastructure in last-mile areas, Fitch Solutions’ unit BMI said.

Uy’s Converge taps US firm for data center sustainability

Converge ICT Solutions, Inc. announced on Wednesday a partnership with US-based Super Micro Computer, Inc. to develop energy-efficient data centers aimed at reducing costs and environmental impact.The two companies recently signed a memorandum of understanding for the development of an AI-powered, “green” data center in the country, Converge said.

2025 national budget to promote measures vs inflation – Marcos Jr.

The administration will be better equipped to cushion the impact of rising prices, as well as to produce jobs, strengthen health care and boost infrastructure with its proposed P6.352-trillion national budget for next year, according to President Marcos.

UN Tourism exec: ‘Love the Philippines’ powerful slogan

An official of UN Tourism praised the “Love the Philippines” slogan of the Department of Tourism (DOT), which he described  as a “very powerful tourism tagline.”. “I think it is something that I am very much impressed. ‘Love the Philippines’ is the very right slogan. Only the Philippines can do that,” said Harry Hwang, UN Tourism’s regional director for Asia and the Pacific.

Philippines poised to benefit P2.6 trillion from AI—Balisacan 

NEDA Secretary Arsenio M. Balisacan said that AI has substantial benefits, suggesting that the Philippines could realize an annual gain of P2.6 trillion if businesses embrace AI-powered solutions. Balisacan cited AI’s transformative potential for enhancing operational efficiency, automating tasks, optimizing decision-making processes, and driving innovation across industry sectors.

PH surpasses GNI per capita target for ’23

The World Bank reported on July 1 that the country’s GNI per capita reached a record high of $4,230 in 2023, marking a 7.1 percent increase from the preceding year. This surpasses the 2023 target range of $4,130 to $4,203 GNI per capita set in the Philippine Development Plan 2023-2028.

DOLE wants employers to fix wage distortion

Labor Secretary Bienvenido Laguesma said it is imperative for employers to consider the welfare of workers earning above the minimum wage rate by adjusting their salaries. “There should really be adjustments. It is provided in the law that wage distortion must be addressed by the employers,” said Laguesma.

Angara vows improved pay, work conditions for teachers
Incoming Education Secretary Juan Edgardo “Sonny” Angara said on Thursday that improving the benefits of teachers would be among his priorities as he vowed to look into proposals seeking to increase their salaries. Angara added that he would also focus on simplifying the curriculum and improving the quality of teaching and working conditions of teachers.

Farming high schools in all regions pushed

To boost productivity and technology dissemination in the country’s neglected agricultural sector, a lawmaker wants to create a Philippine Agriculture High School system with secondary schools on farming in each of the country’s regions. In HB No. 10324, or the proposed “Philippine Agricultural High School System Act of 2024,” Cavite Rep. Aniela Bianca Tolentino sought initial funding of P500 million to integrate the new system with already existing farming high schools.

US Fed’s ‘progress’ vs inflation lifts PH shares

Gains in the US market fueled investors on Wednesday, allowing the bourse to rise above 6,400 after two consecutive days of declines. The benchmark PSEi gained by 1.43 percent, or 91.07 points, to close at 6,450.03. Meanwhile, the broader All Shares Index climbed by 0.94 percent, or 32.46 points, to 3,495.13. A total of 263.93 million shares worth P3.93 billion changed hands as foreigners boosted the market with net purchases of P22.09 million, stock exchange data showed.