ECCP at Work

Clearer framework, better incentives: Enterprise-based education and training bill passes 3rd reading
Senate Bill No. 2587 or the Enterprise-Based Education and Training (EBET) Framework Bill passed on third reading. The bill is championed by Senator Joel Villanueva, Chair of the Senate Committee on Labor, Employment, and Human Resources Development, and Commissioner of EDCOM 2.

Infra spending seen boosting PH growth
In a report, Moody’s Analytics retained its Philippine GDP growth forecast of 5.9 percent and 6 percent for 2024 and 2025, respectively, on the back of the government’s increased investments in infrastructure development.

Healthcare spending climbs to 5.9% of GDP in 2023
The country’s health care spending rose by 17 percent to P1.44 trillion in 2023 from P1.23 trillion in 2022 amid rising medical costs. Data from the PSA showed that the total health expenditure accounted for 5.9 percent of the country’s gross domestic product, higher than the 5.6 percent share to GDP in 2022.

‘A’ credit rating for Philippines possible by 2028 – DBM
The government is confident the Philippines will finally secure an “A” rating within this administration as it moves to improve the business environment. Thhe Budget Secretary welcomed Moody’s affirmation of its Baa2 rating – a notch above minimum investment grade – and stable outlook for the Philippines.

Zero tariffs drive demand for electric vehicles
More electrified vehicles are expected to be seen on the road as sales of these are likely to continue to pick up amid government’s move to bring down tariffs and the introduction of more EV types and variants, according to the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI).

Government urged to rethink proposed tax on single-use plastic
The government should reconsider the proposal to impose excise tax on single-use plastic bags and take into account the country’s readiness and unintended consequences of the implementation of such to the economy, according to a former plastics industry leader.

Sans idle funds, new taxes, loans options
If the fund balances of government-owned and -controlled corporations (GOCCs) were not tapped by the Department of Finance (DOF), the national government would have to inflict additional taxes on the public or resort to higher borrowings.

DOT pushing 24/7 special courts to hasten tourist cases
The DOT has proposed the establishment of tourist courts that are open every day, for 24 hours, to assist in the swift closure of cases committed against international travelers. Tourism Secretary Christina Garcia Frasco made this disclosure during the recent hearing on the DOT’s proposed budget for 2025.

Delays bloat cost of SMC’s Bulacan airport
The New Manila International Airport (NMIA), set to be the largest gateway in the Philippines, will cost San Miguel Corp. (SMC) additional spending in hundreds of millions of dollars to pay for construction delays resulting from sand shortage. SMC chairman and CEO Ramon Ang told reporters his conglomerate would spend hundreds of millions of dollars more on top of the original cost of P735.63 billion to build NMIA.

Treasury bill, bond yields may drop on easing bets
Rates of the Treasury bills (T-bills) and Treasury bonds (T-bonds) on offer this week are expected to go down after the US Federal Reserve chief signaled that their monetary easing cycle could start as early as next month. The Bureau of the Treasury (BTr) will auction off P20 billion in T-bills on Tuesday, or P6.5 billion in 91- and 182-day papers and P7 billion in 364-day debt.

Philippines rice importers in a bind as Vietnam seeks higher prices
Local rice importers risk the cancellation of supply contracts by Vietnamese exporters as the latter seek higher prices, dampening the Philippines’ hopes for cheaper rice from abroad following a hefty tariff cut by the government. The Philippine Rice Industry Stakeholders Movement (PRISM) said rice contracts signed by local importers are being canceled by Vietnamese suppliers who are seeking to renegotiate the prices to reflect present market conditions.

Government lays groundwork for Philippines-UAE FTA
The Tariff Commission is set to conduct a public consultation this week for the planned free trade agreement between the Philippines and the United Arab Emirates (UAE). In a notice, the TC said the public consultation on the Philippines’ participation in the Comprehensive Economic Partnership Agreement (CEPA) with the UAE would be held on Aug. 30.

Infrastructure push, employment to drive growth — ESCAP
Philippine economic growth will be driven by infrastructure investments, strong employment and improved domestic demand this year, the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) said.

Supply chain, red tape drive up PHL cosmetic costs — group
Philippine cosmetic products remain costly due to supply chain constraints, including high logistics and energy costs, and the need for improved business processes, the Chamber of Cosmetics Industry of the Philippines, Inc. (CCIP) said.

Meat imports rise 10%
The country imported 9.6 percent more meat in the first half of the year than in  the same period last year,  data from the Bureau of Animal Industry (BAI) showed. BAI said meat imports stood at 647.7 million kilograms (kg) in the first half from 590.8 million kg last year, with pork making up 317 million kg or 48.9 percent of total.

Ayala Land expected to start Taguig terminal project this year — DoTr
Real estate firm Ayala Land, Inc. (ALI), a subsidiary of Ayala Corp., will likely start the construction of the Taguig City Integrated Terminal Exchange  project within the year, the Department of Transportation (DoTr) said.