ECCP at Work

Philippines, EU eye green economy partnership

A partnership on green economy, environmental protection and disaster risk reduction has been discussed by the Philippines and the European Union. Environment Secretary Maria Antonia Yulo-Loyzaga met with EU Ambassador Luc Veron to discuss a close partnership amid efforts to minimize the impact of climate change.

Government revenue collection grows to P2.13 trillion in H1

The government has collected P2.13 trillion in revenues as of the first half of the year, allowing it to be on track to hitting its collection goal for 2024 amid digitization efforts and plugging of tax leakages.This is almost 15 percent higher than the P1.86 trillion in revenues in the same period last year.

Lawmakers back Epira review to lower electricity cost

Lawmakers have welcomed the move of Speaker Martin Romualdez to conduct a comprehensive review of the Electric Power Industry Regulation Act (Epira), which aims to lower electricity costs.

PHL jobless rate hits 4-month high

The Philippine jobless rate climbed to a four-month high in May while the quality of jobs improved to its best level since 2005, the PSA reported. Preliminary data from the PSA’s Labor Force Survey (LFS) showed the unemployment rate inched up to 4.1% from 4% in April, as the labor force expanded.

PH needs P72 billion to achieve 100% electrification

To achieve 100-percent nationwide electrification by 2028, the government would need to invest P72 billion, the DOE said. Energy Undersecretary Rowena Cristina Guevara said that the agency is in discussions with the DOF and NEDA to obtain P50 billion in funding from multilateral lenders Asian Development Bank and World Bank.

Higher NAIA charges seen to weigh on travel demand

The expected increase in fees at the soon-to-be privatized NAIA could alter travel demand dynamics, potentially impacting passenger volumes and operational margins for airlines operating at the airport, according to analysts. The DOT announced that the proposed increase in passenger service fees at NAIA is intended to enhance operational efficiency.

Tarlac property declared as industrial park

President Marcos has declared several parcels of land in Victoria, Tarlac as a special economic zone. Proclamation 623 named the 297,719-square-meter property in Barangay Baculong as Victoria Industrial Park. The proclamation was signed by Executive Secretary Lucas Bersamin by the authority of the President on July 4.

Mitsubishi PHL eyes hybrid, plug-in launches amid zero tariff policy

MITSUBISHI Motors Philippines Corp. (MMPC) said it is studying the potential launch of hybrid electric vehicles (HEVs) and plug-in hybrid EVs in the Philippines following the expansion of the coverage of EO No. 12. The National Economic and Development Board approved in May the expansion of the coverage of EO 12, which temporarily reduces tariffs on EVs to zero until 2028.

Finnish envoy thanks Marcos for reopening PH embassy in Helsinki

Outgoing Finnish Ambassador Juha Markus Pyykkö on Monday thanked President Ferdinand R. Marcos Jr. for reopening the Philippine embassy in Helsinki, Finland this year. In his farewell call to the President in Malacañang, Pyykkö expressed elation over the reopening of the Philippine Embassy in the Finnish capital.

Dollar reserves slip to $104.7 billion in June

The Philippines’ gross international reserves dipped by 0.3% month on month in June, which the BSP governor partly attributed to its intervention in the foreign exchange market amid the peso’s continued depreciation against the US dollar. Preliminary data from the BSP showed gross dollar reserves settled at $104.7 billion at end-June, slightly lower than $105.02 billion at end-May. Year on year, dollar reserves rose by 5.3% from $99.39 billion.

Pangasinan allots P200-M for town’s community projects
The provincial government of Pangasinan is allocating an initial PHP200 million for development projects in Barangay Malico in this town, one of the province’s four focus areas for tourism. The province has declared the mountainous village as the Barangay Summer Capital of Pangasinan to reinforce its claim over the area, amidst the ongoing territorial dispute with Nueva Vizcaya.

World Bank: Trunk line of Cebu BRT may be completed this August

If things go accordingly, civil works for the trunk line of the Cebu Bus Rapid Transit (BRT) may be completed next month. The World Bank, in a recently disclosed report, stated that Package 1 of the P29-billion project has already achieved a progress of 64 percent, and may be “substantially completed” by August this year.

US-Philippines Civil Nuclear Cooperation Agreement enters into force
The United States-Philippines Civil Nuclear Cooperation Agreement, or the 123 Agreement, entered into force on July 2, the US Department of State’s Office of the Spokesperson announced on Tuesday (Manila time). Signed in November last year, the 123 Agreement will establish a legal framework that allows the export of nuclear fuel, reactors, equipment, and special nuclear material from the US to the Philippines.

Meralco sees generation charge hike for July

Meralco is anticipating an increase in the generation charge this month as it begins to collect the previously deferred estimated payment of P0.77 per kilowatt-hour (kWh).

BDO looks to raise at least P5B from sustainability bond issue
BDO UNIBANK, Inc. is looking to raise at least P5 billion from the sale of 1.5-year peso-denominated ASEAN Sustainability Bonds, it said on Monday. Proceeds from the notes will be used to finance or refinance eligible assets under the bank’s Sustainable Finance Framework and diversify its funding sources, BDO said in a disclosure to the stock exchange.

Farm hiring jumps while hospitality sector cuts staff in May

The latest employment data per sector showed mixed results in May, with most jobs lost in the hospitality sector while agriculture saw the most gains in the number of employed Filipinos.

DA OKs P510 million fuel subsidy to farmers

The DA has approved the release of over P510 million in fuel subsidy to about 160,000 farmers owning machinery to help them cope with the high fuel costs. The distribution of the fuel subsidy could start later this month, according to the DA.

DA eyes partnership with Vietnam fertilizer company

The DA is looking to secure a partnership with Vietnam's giant fertilizer firm Binh Dien Fertilizer Joint Stock Co. to boost the country's agricultural production. In a statement Monday, Agriculture Secretary Francisco Tiu Laurel Jr. said a distribution agreement is being worked out following his visit to the company’s facility in Hanoi last July 6.

PHL told to boost manufacturing jobs to achieve high-income growth

A De La Salle University (DLSU) School of Economics report showed that most targets under the Philippines’ development plan for 2023 to 2028 will be met later than expected, and noted that the country would struggle to achieve high growth in the long-run in the absence of an industrial policy that has helped its Southeast Asian neighbors’ manufacturing industries climb the value chain.

Philippines, Japan ink military access agreement

The Philippines and Japan are deepening security and maritime cooperation including in the cyber domain following the signing of a landmark Reciprocal Access Agreement (RAA) yesterday. The RAA was signed by Japanese Foreign Minister Yoko Kamikawa and Defense Minister Kihara Minoru with their Philippine counterparts, Foreign Secretary Enrique Manalo and Defense Secretary Gilbert Teodoro.

High interest rates clipping growth – BSP

Higher for longer interest rates could lead to unnecessary loss of economic growth, according to BSP Governor Eli Remolona Jr. During the Economic Journalists Association of the Philippines – San Miguel Corp. economic forum yesterday, Remolona said the BSP would not wait too long to start monetary policy easing this year as the current restrictive rate environment could “overdo” in quelling demand.

PH, Korea agree to add 10,000 seats a week

Travelers will soon have more options to fly between Manila and Incheon as the Philippines and Korea have agreed to increase the weekly seat capacity for this route to 30,000 from 20,000, to boost tourism in both countries. In a statement on Monday, the DOTr announced that it had inked a new memorandum of understanding with South Korea to improve air services relations.

Govt revenue collection on track; BOC beats goal

The government is on track with its revenue collections so far this year, as about half of the 2024 program was already generated in the first semester. Tax revenues improved by 8.8 percent, generating P1.81 trillion pesos as of end-June, with the BIR and BOC boosting their collection efforts by 10.2 percent and 4.8 percent, respectively.

G7 countries eyeing Luzon economic corridor

The Luzon Economic Corridor (LEC) is attracting the interest of other countries which can fast track the development  of the various components of the project, including the railway which will cost $7 billion. The LEC is the first project of its kind in the Indo-Pacific region under the US-initiated Partnership for Global Infrastructure and Investment, which is being spearheaded by G7 nations to fund infrastructure projects in developing nations.

Hike in NAIA fees may start this year

Service fees at the Ninoy Aquino International Airport (NAIA) will be adjusted starting this year, and the first to take the hit would be airlines operating in the gateway. Bautista confirmed that landing and takeoff fees may be hiked this year, while passenger service charges (PSC) will be increased by 2025.