ECCP at Work

NG disburses P720.5B for infra in H1, 18.4% higher
The national government disbursed P720.5 billion for infrastructure in the first half of 2024, accounting for 5.7 percent of the country’s gross domestic product (GDP), according to the Department of Budget and Management (DBM).

PHL exports to 5 trading partners grow after RCEP
A year into the implementation of the Regional Comprehensive Economic Partnership (RCEP), Philippine exports to five trading partners within the regional trade deal, particularly in South Korea, Indonesia, Vietnam, among others, have improved, according to the Department of Trade and Industry (DTI).

Infrastructure spending improves
The National Government’s spending on infrastructure jumped by 17% in June as it increased disbursements for completed public works projects. The DBM said infrastructure and other capital outlays rose by 17% to P139.7 billion in June from P119.4 billion in the same month a year ago.

DTI chief outlines plans to boost manufacturing
DTI Acting Secretary Ma. Cristina Roque has outlined initiatives to strengthen the country’s manufacturing sector, create jobs, and foster innovation. Roque announced her plan to enhance the manufacturing sector by leveraging AI and fostering collaborations with the country’s development partners.

Zero-tariff EV imports bill hurdles committee
A House of Representatives committee approved a bill proposing to exempt imported EVs from tariffs, in order to promote wider adoption. The measure which passed the House Ways and Means Committee would grant tariff-free treatment on EV and charging-station equipment imports until 2028.

NatGas bill gets Senate committee okay
The Senate Committee on Energy has formally endorsed the passage of a bill supporting the full development of the natural gas industry. In a sponsorship speech, Sen. Pia Cayetano urged fellow senators to act swiftly on Senate Bill 2793, or the proposed Philippine Natural Gas Development Act, which also mandates the priority dispatch of the country’s indigenous natural gas to attain energy security.

DoT says VAT refund scheme will boost PHL as shopping destination
A value-added-tax (VAT) refund scheme for tourists will help the Philippines hit its visitor arrivals goal and establish the country as a shopping destination, Department of Tourism (DoT) Secretary Ma. Esperanza Christina G. Frasco said.

Inclusive growth key to lower poverty incidence — Balisacan
The Philippine government is banking on increased investments in the manufacturing and services sectors to make growth more inclusive and lift more Filipinos out of poverty by 2028, the National Economic and Development Authority (NEDA) said.

Clark airport operator seeks developer for mega station
Clark International Airport Corp. (CIAC) is looking for a partner in developing a 2-hectare (ha) commercial hub near the Pampanga gateway amid the growing traffic in the Central Luzon business district. The government-owned and -controlled corporation has issued an invitation to bid for a long-term lease and development of the “Drive, Dine and Fly: Mega Service Station” project.

Air travel nears pre-pandemic
Air passenger traffic surged by 26 percent to 29.6 million in the first half of 2024 driven by the significant growth in international travel, according to the latest data from the Civil Aeronautics Board (CAB). Domestic travel continues to account for the bulk of traffic.

BSP touts PHL status in IMF, continued FTP participation
The Philippines has maintained its net creditor position in the International Monetary Fund (IMF), according to the Bangko Sentral ng Pilipinas (BSP). Given this, the Monetary Board approved the country’s continued participation, through the BSP, in the Financial Transactions Plan (FTP) of the IMF from August 2024 to January 2025.

New NAIA terminal assignments underway
The incoming operator of the Ninoy Aquino International Airport (NAIA) plans to reorganize the terminal assignment of domestic and foreign carriers to improve runway efficiency and minimize flight delays. The decongestion of the runway has been a top of mind concern for the San Miguel Corp.-led New NAIA Infrastructure Corp. once it starts running the gateway next month.

PHL urged to prepare for growth in global semiconductor demand 
The government needs to ensure that Philippine semiconductor manufacturers can handle the expected growth in global chip demand, according to a Senate think tank. According to the World Semiconductor Trade Statistics report, demand growth for chips is projected at 12.5% next year. It also cited 2025 estimates from the World Trade Organization, which forecast world merchandise trade growth to accelerate to 3.3% as consumption picks up.

Airfares going down next month
Travelers will enter the holiday season with good news, as airfares will be reduced in September following the government’s order to slash the fuel surcharge passed on to consumers. In an advisory, the Civil Aeronautics Board (CAB) ordered carriers to trim the fuel surcharge to Level 5 in September, from Level 6 this August, lowering the cost of air travel.

EV industry meets with Customs to work out supply chain snags
The Electric Vehicle Association of the Philippines (EVAP) said it is counting on collaboration with the Bureau of Customs (BoC) to smooth out potential snags in the electric vehicle (EV) supply chain. In a statement, EVAP said it paid a visit to the BoC to work out how the Electric Vehicle Industry Development Act (EVIDA) will be implemented.

DTI sets 5 international trade events to boost PHL halal exports
Five international trade events are lined up in Abu Dhabi, Malaysia, Saudi Arabia, Turkey and Thailand for Philippine halal exporters as they aim to expand their outbound shipments this year, the Department of Trade and Industry’s (DTI) Philippine Halal Industry Development said.

DAR targets 800,000 hectares land distribution before 2028
Around 800,000 hectares of land will be distributed by the Department of Agrarian Reform (DAR) before the end of the Marcos administration to help boost local farm production. In a chance interview with Palace reporters on Wednesday,  DAR Secretary Conrado M. Estrella III said the undistributed land will be covered by around 800,000 Collective Certificates of Land Ownership Awards (CLOA).

Loan growth to pick up in 2025
Loan growth is seen to improve next year as the Philippine central bank is expected to further cut policy rates, S&P Global Ratings said.

Government project aims to boost local milkfish production
The government is aiming to increase milkfish output and bolster aquaculture production through the adoption of a “cost-effective” technology. The Department of Science and Technology-Metals Industry Research and Development Center (DOST-MIRDC), National Fisheries Research and Development Institute (NFRDI), and Bureau of Fisheries and Aquatic Resources (BFAR) signed a memorandum of agreement (MOA) last Tuesday.

DA turns over crop protection center to BARMM
The Bureau of Plant Industry (BPI) turned over its regional crop protection center to the Ministry of Agriculture, Fisheries, and Agrarian Reform (MAFAR) of the Bangsamoro government. The facility of BPI, is expected to bolster efforts of the region to fight pests and diseases.

PH outperforms peers in car sales; goal stays
The Philippines has outperformed its counterparts in Southeast Asia in automotive sales as of the first half of the year but the Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) said target for the year stays. An industry official, however, said the sector continues to grapple with hurdles posed by limited manufacturing support, high taxation, and regulatory constraints.

PH’s biggest space satellite to be launched by ’26
The Philippines will launch its largest satellite yet in 2026, the Philippine Space Agency (PhilSA) announced yesterday. The launch may probably be in the last part of 2025 but more realistically in the first quarter of 2026, PhilSA director-general Joel Marciano Jr. said yesterday.

Consumer group hits planned airport fees hike
A consumer group is calling on the government and the winning airport rehabilitation consortium to show proof of improvements at the Ninoy Aquino International Airport before asking passengers to pay higher fees.

2 more BSP rate cuts seen in 2024
A maximum of three rate cuts are likely on the table this year as softer inflation and robust growth give the Bangko Sentral ng Pilipinas (BSP) enough room to pull off a “soft takeoff” for consumption and investments, Metrobank said.

Personnel benefits to push up 2025 SPF to P721 billion
The national government has proposed a higher budget allocation for Special Purpose Funds (SPFs) in 2025, up by nearly half to P721.338 billion due to increased miscellaneous personnel benefits.

NG support to GOCCs will decline 11.9% to P165.89 billion
Government-owned and -controlled corporations (GOCCs) are set to receive lower budgetary support in 2025 as subsidies to losing GOCCs will reduce substantially. Department of Budget and Management (DBM) Director Ryan S. Lita said the Budgetary Support to Government Corporations (BSGC) significantly decreased by 11.9 percent to P165.898 billion next year from the current P188.230 billion.

Energy projects set for boost from rate cut — analysts
The recent interest rate cut is expected to boost both existing and new energy projects, especially renewable energy projects that require substantial funding, analysts said.

BSP key rate seen at 5% by mid-2025
The Bangko Sentral ng Pilipinas (BSP) could deliver two more 25-basis-point rate cuts this year and 75 basis points worth of easing in early 2025 as inflation is likely to remain within target until 2026, according to Metropolitan Bank & Trust Co. (Metrobank).

PHL stock market seen to get much-needed lift from BSP easing cycle
Further rate cuts by the Bangko Sentral ng Pilipinas (BSP) are expected to give the Philippine stock market a much-needed boost, analysts said.