ECCP at Work

New taxes key to generate higher revenues — report
The national government may need to impose new taxes or raise tax rates in order to meet its revenue goals, GlobalSource Partners said. In a report, GlobalSource country analyst Diwa C. Guinigundo said that the government is “bent on depending on intensified tax collection to fund the deficit.”

DBM releases 92% of ’24 budget
The DBM has released 91.8 percent of the government’s full-year 2024 budget as of end-June, the agency’s data showed. According to data posted on its website, the DBM has released P5.3 trillion of the P5.77 trillion 2024 full-year program as of June 30. The remaining balance for the year is P472.29 billion.

PHL posts $4.6-B trade deficit in May
The Philippines’ trade gap widened slightly in May, as exports and imports contracted on an annual basis, the statistics agency said on Wednesday. Preliminary data from the PSA showed that the country’s trade-in-goods balance — the difference between exports and imports — stood at a $4.601-billion deficit in May, slightly wider than the $4.4-billion gap a year ago.

Factory output growth slows in May
Manufacturing output growth eased in May as production of computer, chemical, and metal products contracted, the PSA reported. Preliminary results of the PSA’s latest Monthly Integrated Survey of Selected Industries showed factory output, as measured by the volume of production index (VoPI), grew by 3.2% year on year in May.

NCR wage hike unlikely to hurt economy — NEDA
NEDA said the wage hike in Metro Manila would have little-to-no impact on growth targets, adding that it could be offset by an investment-driven expansion of the economy. The NCR wage board approved the hike, which will take effect on July 17, days before President Ferdinand R. Marcos, Jr.’s third State of the Nation Address.

‘Up to 140,000 may lose jobs after wage hike’
Up to 140,000 workers may be displaced due to the P35 wage increase in the National Capital Region, but new jobs are expected to be created with the growth of the economy, according to Socioeconomic Planning Secretary Arsenio Balisacan.

Mandatory population census starts next week
The PSA, which is set to begin a nationwide population census next week, is reminding the public that refusal to take part in the data collection is punishable under the law. National Statistician Dennis Mapa said at a press conference yesterday that the PSA would start the collection of data for the census of population and the Community-Based Monitoring System (CBMS) on July 15.

Philippines to export 24,700 MT raw sugar to US soon
The Philippines’ plan to resume exporting raw sugar to the US is drawing closer as a draft sugar order (SO) has been put forward to facilitate the shipment of about 24,700 metric tons (MT) of the commodity.

URC reinforces efforts to cut plastic waste
Gokongwei-led URC is reinforcing its efforts to reduce plastic waste through a joint venture with a waste management and recycling company. In a stock exchange filing, the snack foods giant said it has entered into a joint venture with Greencycle Innovative Solutions Inc. for waste management which includes the collection, treatment, recovery and processing of plastic wastes.

CHR fears displacement as P80-M ‘Mega-City’ rises in Ormoc
The Commission on Human Rights (CHR) has urged the local government of Ormoc and the Premium Land Corporation to engage “in a genuine and transparent dialogue” with communities affected by the company’s P80 million eco-park and township development project in the city.

PH wins bid to host Loss and Damage board
The Philippines was selected to host the Board of the Loss and Damage Fund, the global finance mechanism to assist vulnerable states dealing with the effects of climate change. President Marcos said hosting the board “reinforces our dedication to inclusivity and our leadership role in ensuring that the voices of those most affected by climate change shape the future of international climate policies.”

DOE issues new RE application guidelines for greater ease of doing business
Developers are now allowed to commence permit processing, conduct survey and other feasibility activities before the official 25-year contract terms begins. The DOE will issue a Certificate of Authority (COA) to developers which grants them authority to proceed with these activities which were previously only permitted after contract approval and signing by the Energy Secretary.

Marcos greenlights P23-billion TPLEx extension, Upper Wawa Dam project
The Philippine government on Wednesday greenlighted an expressway extension project spanning the provinces of Tarlac, Pangasinan and La Union, which it said would boost connectivity among the agriculture, industry and tourism sectors in the country’s north. The 59.4-kilometer, four-lane toll road will start from the last exit of TPLEx in Rosario, La Union and end in San Juan, La Union.

Intl tourists hit 2.8M in H1
The DOT reported welcoming over 2.8 million international tourists in the first half of 2024, a 13.7- percent increase compared to the 2.47 million same period the previous year, according to a statement of the Philippine Information Agency.

Slashed 4PH target to reduce fiscal impact
NEDA yesterday said the government slashed its target for the Pambansang Pabahay Para sa Pilipino (4PH) program because of the fiscal implication of the subsidies to be provided to the program. NEDA Secretary Arsenio Basilacan said the 4PH target has been slashed by half to reduce the subsidy that the government provides for the program and ensure that other public social services do not suffer. Instead of 6 million units 4PH now aims for 3 million units by the end of the Marcos administration.

PPA allots P16B for port projects
The Philippine Ports Authority (PPA) is allocating P16 billion for the expansion and modernization of major port projects in the country over the next four years. PPA said bulk of the budget is allocated for the implementation of 14 big-ticket port projects, of which five are located in Luzon, six in Visayas and three in Mindanao.

BoI-approved agri investments hit P9.59B
The Board of Investments (BoI) said it approved P9.59 billion worth of agricultural projects in the first six months of 2024. In a statement on Wednesday, the BoI said the projects were endorsed by the Department of Agriculture as Tier II agri-based projects covered under the Strategic Investment Priority Plan.

DoE to hold two green energy auctions this year
The Department of Energy (DoE) said it is preparing to conduct two green energy auctions (GEA) before the end of the year, with plans for another next year to include offshore wind energy. In February, the DoE announced that it would auction off renewable energy technologies under GEA-3, which include those that are not eligible for feed-in tariff (FIT). It also involves run-of-river hydro, which is a FIT-eligible renewable energy technology.

Wawa Dam to boost Metro Manila’s water supply – Marcos
The completion of the Upper Wawa Dam in Rizal will not only augment potable water supply in Metro Manila, but will also increase the country’s resilience in the face of climate change-related disasters, President Marcos said yesterday. The Upper Wawa Dam is the biggest water source to be built in the country in over 50 years, next to the Angat Dam in Bulacan.

Transit lounge at NAIA Terminal 1 launched
A new transit lounge at NAIA Terminal 1 was inaugurated yesterday by the Manila International Airport Authority (MIAA) and Philippine Airlines (PAL). The lounge will be maintained and operated by the MIAA while PAL will provide amenities such as charging stations and shower facilities.

PH defends coal use in power mix
The DOE said the Philippines’ coal use could not be compared to more developed countries, like China and Indonesia, due to “significant differences” in their energy landscape. The agency said the local power sector’s differences between the two countries lie in “demographic, economic and energy profiles.”. It said that although coal continues to dominate the Philippines’ electricity mix, its power generation and emissions from coal remained “minimal.”

PPA awards Puerto Princesa port expansion contract 
A Manila-based construction company has bagged the P597.03 million contract for Puerto Princesa port expansion phase 1 project, the Philippine Ports Authority (PPA) said. In a notice of award, PPA said that it awarded the contract to Elimared Construction and Trading, Inc. and MRBII Construction Corp., which have formed a joint venture for the project.

Marcos appoints top banker to MB
President Ferdinand R. Marcos, Jr. has appointed banker Walter C. Wassmer to the BSP’s rate-setting body, according to a Palace statement. Prior to his appointment, Mr. Wassmer was a consultant and nonexecutive director of Sy-led BDO Unibank, Inc., the country’s largest bank in terms of assets.

PHL likely to be ‘big winner’ once India eases rice export restrictions
The Philippines is seen to benefit the most from an expected decline in global rice prices once India relaxes restrictions on rice exports, Nomura Global Markets Research said. “We expect the Philippines to be the biggest winner in Asia, given the high share of rice in its CPI basket, its dependence on rice imports and recent rice import tariff reductions,” it said in a report.

Philippines seen as maritime investment hub
The Philippines stands to become the next investment destination in the shipping and maritime industry, an official said at a maritime forum hosted by the embassy in Greece. The Philippine embassy in Athens led by Ambassador Giovanni Palec recently organized the Philippine Maritime Forum to promote the Philippines as an investment destination in the sector.

Visitor receipts rise by 33% in first half
Visitor receipts rose by 33% in the first six months of 2024, while international arrivals hit 3.17 million as of July 10, the DoT said on Thursday. In a statement, the DoT said tourism receipts from inbound visitors hit P282.17 billion in the January-to-June period, about 32.8% higher than P212.47 billion a year earlier. The country welcomed 3.17 million inbound tourists as of July 10. Majority or 92.6% were foreign tourists, while the rest were overseas Filipinos.

Post minutes of meetings, firms told
All publicly listed companies will now be required to divulge to the public the minutes of their regular and special  stockholders’ meetings. The SEC, in a memorandum circular signed by its chairperson Emilio Aquino, has mandated all publicly listed firms to upload the minutes of their regular and special stockholders’ meetings on the company’s website within five business days from the date the meeting took place.

DTI sets review of iron, steel roadmap
The DTI will undertake a review of the country’s iron and steel roadmap to build the industry’s resilience and enhance its competitiveness following a directive from President Marcos.

Leechiu: Office space demand up 24% in first half; vacancy improves to 17% in Q2
First-half office space demand increased by 24% year on year to 685,000 square meters, driven by expansions in the information technology-business process management (IT-BPM), traditional corporate, and government sectors, Leechiu Property Consultants said on Thursday.