CPD echoes recent World Bank findings to invest in early formative years
The Commission on Population and Development (CPD) acknowledges the recent findings from the Human Capital Review (HCR) of the World Bank emphasizing the need to invest in early formative years to accelerate socioeconomic growth potential from its huge labor force. With the country’s working age population comprising 63.9 percent of its total population, the Philippines is poised to harness this advantage and fully utilize the human capital potential of the country.
Euro biz group appreciates PBBM’s ‘impressive’ SONA
The European Chamber of Commerce of the Philippines appreciates what it calls forward-looking and comprehensive State of the Nation Address of President Ferdinand Marcos Jr. on Monday, maintaining that it recognizes the administration's continued efforts to address critical issues and foster a thriving economic environment in the Philippines.
NEDA: Q2 GDP ‘close to’ low end of gov’t range
The economy’s expansion in the second quarter may have been “close to” the lower end of the government’s 6-7% target “at least,” driven by solid remittances and employment, the National Economic and Development Authority (NEDA) said.
Marcos pushing for passage of 28 bills
President Marcos is seeking the passage of at least 28 measures aimed at sustaining economic growth, addressing poverty, ensuring food security and maintaining peace and order and the ratification of four conventions on the safe use of nuclear energy.
Peza: Create More law to put PHL on par with Asean peers
The Philippine Economic Zone Authority (Peza) said it is looking forward to the passage of the Create More bill as this measure will put the Philippines on a par with its neighbors in Asean in terms of gaining benefits from investments secured.
Ease of processing boosts business name registrations
The Department of Trade and Industry (DTI) reported a 6-percent increase in registration of business names in the first half of the year boosted by online merchants as well as the ease of processing.
Metro Manila placed under a "State of Calamity"
“Metro Manila is now in a state of Calamity,” Department of Interior and Local Government Benjamin “Benhur” De Castro Abalos announced after the resolution was approved by the members of the council.
NG budget deficit narrows in June
The National Government’s (NG) budget deficit narrowed by 7.24% year on year in June, as revenue collection grew at a faster clip than spending, the Bureau of the Treasury (BTr) said.
BOC surpasses 2-year collection target
The Bureau of Customs (BOC) has exceeded its cumulative collection goal since the start of the current administration’s term, generating P126.26 billion more than its programmed revenue. The government’s second largest revenue-generating agency raked in P1.73 trillion in the past two years, surpassing its overall revenue goal by 8.07 percent.
Fiber backbone, energy projects seen driving growth outside Metro Manila
“The ECCP looks forward to the materialization of the government’s digitalization efforts, including the National Cybersecurity Plan, the ethical development of AI, and the establishment of a National Fiber Backbone,” it said in a statement. “By prioritizing digital infrastructure, the Philippines can foster a more inclusive digital economy and keep pace with modernization,” it added.
Fiscal plan for Marcos’ 3rd year missed in SONA
President Ferdinand R. Marcos, Jr. failed to discuss plans to address the country’s fiscal situation in his third State of the Nation Address (SONA), despite his vows to pursue “aggressive” infrastructure projects and pushing for a wage hike for government workers and teachers, economists said.
The Green Climate Fund (GCF) Board has approved USD 1 billion-worth of climate adaptation and mitigation projects, including a project that will empower Philippine green entrepreneurs to promote climate-resilient development during its 39th Board Meeting in Incheon, Korea held from July 13 to 18, 2024. The GCF is the largest global fund created to support climate change mitigation and adaptation projects and programs in developing countries.
DTI chief eyes amendments to intellectual property law
As President Ferdinand Marcos Jr. shared his vision of strengthening the country’s innovation ecosystem, the Department of Trade and Industry (DTI) said it aims to introduce amendments to the Republic Act 8293 or the Intellectual Property (IP) Code of the Philippines.
ASF expected to wind down by yearend with vaccine trials set
The Department of Agriculture (DA) said that it expects the African Swine Fever (ASF) to wind down ahead of the launch of vaccine trials. Twenty municipalities across nine provinces had active cases of ASF as of July 12, according to the Bureau of Animal Industry. The DA has said that the vaccine approved by the Food and Drug Administration was sourced from Vietnam.
P46 billion plan to prep Clark for multi-airport future
Clark International Airport will be leaning on a P46-billion development plan, commitment from leading airlines, and the emerging economy of Central Luzon to remain a preferred gateway of travelers in Luzon.
Foreign biz pushes reforms overlooked at SONA
The European Chamber of Commerce (ECCP) called for the swift passage of the mining fiscal regime, the establishment of an apex body to oversee the water sector and for government to place great emphasis on advancing the electric vehicle (EV) industry in the country.
Use of idle funds to add to growth
The mobilization of unused and idle funds of government-owned and -controlled corporations (GOCCs) for public programs could add about 0.8 percentage points to the country’s economic growth, finance secretary Ralph Recto said.
‘Carina’ floods parts of Metro, continues to move away from PH
Rains from Carina and the southwest monsoon caused flooding in several areas in Metro Manila, and prompted the Metropolitan Manila Development Authority to suspend the implementation of the Unified Vehicular Volume Reduction Program, or “number coding scheme” yesterday afternoon.
The Department of Agriculture (DA) remains hopeful the country’s agricultural sector would still post a growth of one to two percent despite the effects of the El Niño and La Niña on local production. However, DA Secretary Francisco Tiu Laurel Jr. admitted the targets could be challenging to achieve.
Expansion of cell towers pushed for faster internet
The Department of Information and Communications Technology (DICT) emphasized the need for more cell towers to ensure faster and efficient internet for households. DICT Undersecretary Paul Joseph Mercado explained that optimal internet connectivity for households can be achieved if there is a dense network of cell towers in close proximity to each other.
Digital payments account for half of retail transactions at end-2023
The BSP’s 2023 Status of Digital Payments in the Philippines report showed that the share of online payments in the total volume of monthly retail transactions rose to 52.8% in 2023 from 42.1% a year earlier. This was slightly higher than the central bank’s target of digitalizing 50% of the volume of retail payments by end-2023.
Maharlika eyes co-investments with other sovereign, private funds
The Maharlika Investment Corp. (MIC) is looking at the possibility of partnering with other funds interested in investing in the Philippines, its top official said. “We envisage co-investing with sovereign wealth funds, and other private equity and institutional funds that are keen to invest in the Philippines,” MIC President and Chief Executive Officer Rafael Jose D. Consing, Jr. said.
PPP Center seeking to increase share of solicited local gov’t projects
“We’re hoping to be able to develop more solicited PPPs. I think the important ones, especially where LGUs are concerned, are solid waste management, bulk water supply, transportation terminals, and as I mentioned, public markets,” PPP Center Executive Director Ma. Cynthia C. Hernandez said.
Digital tech, improved airports/seaports perk up tourism sector–PBBM
At his State of the Nation Address (Sona), President Ferdinand R. Marcos Jr. said, government has already made inbound travel to the country “more convenient because of the shift to paperless Immigration and Customs forms, thanks to the e-travel system.” Passengers arriving in, or departing from the country fill up a digital Philippine Travel Information System (e-travel) via a website (etravel.gov.ph) and app (via eGovPH) for purposes of border control.
Senate readies resolution seeking suspension of PUV modernization
The Senate committee inquiring into the status of the PUV modernization is poised to file a resolution soon, expressing the Sense of the Senate urging the President to suspend the program, which Senate President Francis “Chiz” Escudero called “ill-conceived” and arbitrary.
Anticipated rate cut crucial to growth–DOF
The Monetary Board (MB) is on track to reduce key policy rates this year to support consumer and investment growth, according to Finance Secretary Ralph G. Recto.
Power stakeholders: Epira’s main intent is to lower rates
A group of power producers welcomed a possible amendment of the 23-year-old law. “We support a review of the law if only to ensure that it is still keeping with the present time and to encourage further investment in the energy sector in order to achieve the energy security, reliability, and affordability,” said Atty. Anne Escoro Montelibano, President of the Philippine Independent Power Producers Association Inc. (Pippa).
BSP says on track with study and testing of its own digital currency
“We’re already about to conclude proof of concept. This is an innovative payment instrument. In fact, there’s no central bank in the world that has already launched wholesale central bank digital currency, I guess with the exception of the Swiss National Bank,” BSP Deputy Governor Mamerto E. Tangonan said.
DoE seeks PSALM extension to prevent P300-B liability for gov’t
The Department of Energy (DoE) said the corporate life of Power Sector Assets and Liabilities Management Corp. (PSALM) should be extended to prevent the government from assuming P300 billion in liabilities.
27 airports being considered for PPP
“We have currently 27 other airports undergoing PPP screening by our partners from the Asian Development Bank (ADB) and International Finance Corp.,” Transportation Undersecretary Timothy John R. Batan said.
Trademark filings on track to exceed 2023 totals this year
The Intellectual Property Office of the Philippines (IPOPHL) said Wednesday that it is confident that trademark filings will post growth this year, based on the 7% rise in filings in the first half. IPOPHL Director General Rowel S. Barba said that trademarks account for the majority of the country’s intellectual property (IP) filings.
DTI activates monitoring team to enforce price freeze
DTI Secretary Alfredo Pascual said Wednesday the agency activated its monitoring team to check if supermarkets and groceries are following the price freeze in areas declared under a state of calamity due to Typhoon Carina and the southwest monsoon. Under the Price Act, necessities are automatically put under a price freeze at their prevailing prices for not more than 60 days.
The Bureau of Internal Revenue (BIR) has extended the deadlines for some of its tax documentary requirements and payments to take into consideration those who were affected by Typhoon Carina and the southwest monsoon. Instead of the July 25 deadline for selected Revenue District Offices (RDOs), the BIR has extended it to July 31 for the safety of affected taxpayers.
PBBM wants review of flood control infrastructure
President Marcos Jr. ordered the immediate repair of floodgates in Navotas, Malabon, and Valenzuela cities and a review of flood control infrastructure systems to ensure these could withstand changing climate and weather patterns. The President also appealed to the public to dispose of their garbage properly as he said drainage systems blocked by trash were among causes of the massive flooding in Metro Manila and other parts of Luzon.
Faster infrastructure development needed to ensure growth — S&P
More investments in infrastructure assets are needed to unlock faster growth rates for emerging Asian economies like the Philippines, S&P Global said. S&P Global said that efficient and improved infrastructure will underpin robust growth in emerging Asia-Pacific, excluding China. If infrastructure projects are accelerated, it said the Asia-Pacific region can nearly double its economy to $11.4 trillion by 2033 from $6.6 trillion in 2023.
JICA keen on funding more road, railway projects in PHL
“We are very keen and enthusiastic not just to maintain but to expand our cooperation with the Philippines as a most reliable partner,” JICA Chief Representative in the Philippines Takema Sakamoto said.
The Philippines’ calibrated approach to energy transition
Atty. Jay Layug, Senior Partner at DivinaLaw and Co-Chairperson of the ECCP Renewable Energy and Energy Efficiency Committee, talks about the transition to renewable energy in the Philippines amid fluctuating coal and oil prices. He underscores the need to increase the installed energy capacity to meet the demands of the economy and the population.
Pru Life UK advocates climate, mental health resilience through employee learning session
Leading life insurer Pru Life UK tackled the intersection of climate change and health, with focus on mental health, during an employee session held on its PRUCommunity Day last July 2, 2024. The PRUCommunity Day is Pru Life UK’s initiative to gather employees and celebrate diversity through various communities or advocacy groups that promote a sense of belonging and inclusion.
In close partnership with government, businesses, civil society, and academia, ECCP passionately works to enhance the business environment for both European and Filipino companies.