ECCP at Work

Business chambers identify 21 pending bills as priorities

Business chambers said they view the lifting of foreign equity restrictions and the increased ceiling for farmland owned by foreigners, among other pending bills, as the highest priorities for Congress. In a statement on Wednesday, Philippine Business Groups and the Joint Foreign Chambers (PBG-JFC) said they are requesting President Ferdinand R. Marcos, Jr.’s support to pass 21 measures they deem critical.

AMRO trims PHL growth forecasts

THE ASEAN+3 Macroeconomic Research Office (AMRO) trimmed its Philippine economic growth forecast for this year and in 2025, amid slowing external demand. In its latest update, AMRO sees Philippine GDP expanding by 6.1% this year, slightly lower than the 6.3% in the April report. Despite the downgrade, this is still faster than the 5.5% GDP growth in 2023, and within the government’s 6-7% target for this year.

PH still among Asean’s fastest growing economies

The ADB’s forecast, if realized, would give President Ferdinand Marcos Jr. a GDP growth rate that would match the lower end of his 6- to 7-percent target range for this year. At the same time, the Philippines would tie with Vietnam as the fastest growing economy in Southeast Asia, or Asean, in 2024. Both countries would also beat the 5-percent average growth rate projected for Developing Asia, which refers to the 46 developing members of the ADB.

Philippines likely to post one of the fastest growth rates in Asia this year, 2025 — IMF

The Philippines will likely post the second-fastest growth in Asia this year and in 2025, the International Monetary Fund (IMF) said. In its latest World Economic Outlook report, the IMF maintained its GDP growth forecast for the Philippines at 6% this year and 6.2% in 2025. If realized, the Philippine economic growth would be the second fastest among selected Asian economies, after India’s 7.5% GDP growth forecast.

BoI says investment approvals may hit P1.6T this year

Approved investment pledges may hit P1.6 trillion this year, amid expectations of higher inflows of foreign direct investments (FDIs) and the pipeline of green lane-endorsed projects, a Trade official said. Board of Investments (BoI) Managing Head and Trade Undersecretary Ceferino S. Rodolfo said the positive outlook stems from the central bank’s hike in projected FDI net inflows this year.

SEC launches 5 new digital services

The Securities and Exchange Commission (SEC) has launched the third wave of its digital initiatives consisting of five new services that will make company registration more efficient and promote data sharing for enhanced tax administration.

SEC to share corporate data with BIR

The SEC signed a memorandum of agreement on data sharing with the BIR, which will allow the latter to access documents needed for tax assessments and collections. On the other hand, the BIR will provide the SEC with tax identification number (TIN) verification for the latter’s online digital services to improve monitoring of the capital market.

Philippines compliance with FATF action plans likely this year

The Anti-Money Laundering Council (AMLC) is optimistic that the Philippines will complete all three remaining action items from the Financial Action Task Force this year, triggering the country’s exit from the FATF’s gray list.

BIR collection of withholding tax from online sellers starts

The BIR on Monday started collecting a withholding tax on online platforms and sellers. At the same time, the BIR extended the transition period for digital financial service providers by another 90 days to mid-October. BIR Commissioner Romeo D. Lumagui, Jr. said in a statement that electronic marketplace operators started imposing the withholding tax against sellers and merchants on July 15.

SEIPI pushes for restoration of PEZA autonomy

SEIPI president Dan Lachica said that the group welcomes the initiative to amend the CREATE Act, which was approved into law under the previous administration to rationalize the incentives system for investors. He said the implementation of the CREATE Act has led to the country losing potential investments in the electronics industry.

Fastest in five months: Cash remittances jump by 3.6% in May — BSP

Money sent home by OFWs rose by 3.6% in May, its fastest pace in five months, data from the BSP showed. The BSP on Monday reported that cash remittances coursed through banks grew by 3.6% to $2.58 billion in May from $2.49 billion in the same month a year ago.

NEDA okays changes in road, airport projects

The NEDA Board in its meeting yesterday approved key changes to the Laguna Lakeshore Road Network (LLRN) Project and has set the terms for the Bohol-Panglao and Laguindingan airport projects.

Recto: DOF to stretch revenues for education

Finance Secretary Ralph Recto said every peso collected by his agency is being stretched to fund education, food security, social protection and infrastructure programs in line with the administration’s goal of producing a generation of globally competitive Filipinos. According to the 2024 General Appropriations Act (GAA), education has the bulk of budget allocation worth P969 billion – 8.2 percent higher compared to the 2023 budget

IMF maintains 2024 global growth forecast, warns of inflation risk

The IMF held its global growth expectations for 2024 steady in a report Tuesday even as it cut forecasts for the United States and Japan, while warning of inflation risks and trade tensions ahead. The International Monetary Fund expects the world economy to grow 3.2 percent this year, unchanged from its April forecast, according to its World Economic Outlook update.

Government set to complete P9 billion in port projects this year

About P9 billion worth of port projects are expected to be completed by the government this year, equipping regions with fresh capacity to take on higher volumes of trade and travel. The Philippine Ports Authority (PPA), in its annual report, said it will undertake 84 projects in 2024 requiring a combined investment of P28.59 billion.

DTI eyes Dec release of products, services list under Tatak Pinoy Act

A top official at the DTI on Monday said they are looking to release by December an initial list of domestically-produced goods and services that will be given preference in government bid contracts as part of the recently passed Tatak Pinoy Act. Trade undersecretary Rafaelita Aldaba said they are still completing the list and working with both local and foreign experts to finish the roster.

Government's revised export goals slated for Q3 release

A high-ranking trade official on Monday said they are working towards releasing by third quarter of this year the government’s revised export targets, goals which will guide the state’s policies for the industry in the years to come. Bianca Sykimte, the director of the DTI’s Export Marketing Bureau answered in the affirmative when asked if they will be able to release the new export targets under the Philippine Export Development Plan 2023-2028 (PEDP) during the period.

NEDA okays changes in road, airport projects 

The National Economic and Development Authority (NEDA) Board in its recent meeting approved key changes to the Laguna Lakeshore Road Network (LLRN) Project and has set the terms for the Bohol-Panglao and Laguindingan airport projects.

New NAIA operator urged: Don’t pass on rehab cost to Pinoys 

Another consumer advocacy group has opposed the proposed increase in passenger service charges (PSC) at the Ninoy Aquino International Airport (NAIA), scoring the move to pass on rehabilitation cost to travelers.

DA chief calls for modernization of Philippine crop insurance practices 

Agriculture Secretary Francisco P. Tiu Laurel, Jr. urged the Philippine Crop Insurance Corp. (PCIC) to modernize its operations and develop more affordable insurance products and services to better serve farmers, fisherfolk and livestock raisers.

Data-sharing deal to help BIR go after ‘big-time’ tax evaders

Under a data-sharing deal, the BIR will have access to the SEC’s Swift Corporate and Other Records Exchange protocol where it can check all the corporate documents of any SEC-registered taxpayer in real time. The BIR can look into the documents, such as articles of incorporation and annual financial statements, that are crucial to corporate tax fraud investigation or audit.

PHL consumer demand seen to remain muted

“Consumer demand is more subdued in the Philippines with elevated interest rates (with the policy rate at 6.5%) and weak consumer confidence,” S&P said in its Emerging Markets (EM) Monthly Highlights.

Battery technology evolving rapidly, making renewable ambitions doable — Energy dep’t

“We are trying to encourage more battery systems companies and we hope it will attract better technology,” Energy Undersecretary Sharon S. Garin said. “We do recognize that there are still limitations (in RE development); we do believe that technology will improve fast enough to catch up by 2050,” she added.

P18B floating solar projects seek environmental clearances

The Department of Environment and Natural Resources (DENR) through the Environmental Management Bureau (EMB) has scheduled public hearings for the proposed floating solar projects being developed by ACEN Corp. and its affiliate companies. Filings posted on the EMB website showed ACEN  is developing floating solar power projects with a total capacity of 420 megawatts (MW) and a combined project cost of P18.2 billion.

DTI expects 128,000 technicians, engineers by 2028

The Board of Investments (BOI) on Wednesday expressed confidence that the government would meet the target of building up a pool of 128,000 technicians and engineers by 2028 despite a decline in the number of students enrolling for engineering courses.