ECCP at Work

Gov’t eyes ADB financing to accelerate energy efficiency, conservation program
The DOE will need P10 billion over a five-year period starting 2026 to finance the accelerated implementation of the Government Energy Management Program (GEMP), Energy Undersecretary Felix William Fuentebella said at the sidelines of the ECCP Energy Smart Forum 2024.

DOE sees ₱6 per kWh hike in 2025 GEA
The green energy auction reserve (GEAR) prices for the coming fourth green energy auction (GEA) next year could increase by as much as P6 per kilowatt hour (kWh), Energy Undersecretary Rowena Guevarra told reporters during the Energy Smart Forum organized by the ECCP.

Multifaceted approach empowers RE growth – AboitizPower exec
AboitizPower Chief Investment Officer Joseph Lacson elaborates on how it takes cooperation and coordination across all stakeholders to do a successful energy transition during the Energy Smart Forum 2024 event by the European Chamber of Commerce of the Philippines.

Senate eyes CREATE MORE bill passage next week
The Senate plans on approving “next week” the period of amendments on Senate Bill No. 2762, the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) bill, Senate President Francis “Chiz” G. Escudero said.

Foreign chambers urge Senate to work on stalled connectivity measure
The Joint Foreign Chambers (JFC) called on the Senate to make progress on the Open Access in Data Transmission Act, or Konektadong Pinoy Act, after no action was taken since Senator Alan Peter S. Cayetano’s sponsorship speech on Aug. 5..

PBBM to enforce VAT on digital transactions—Recto
The DOF said that President Marcos will soon sign the law imposing VAT on foreign digital service providers. During a Senate Finance subcommittee hearing, Finance Secretary Ralph G. Recto said the DOF and the BIR are in the process of crafting the IRR for this new law.

Budget gap shrinks in July
The National Government’s (NG) budget deficit sharply shrank in July as revenues posted double-digit growth, the Bureau of the Treasury (BTr) said. Data from the BTr on Wednesday showed that the budget gap narrowed by 39.67% to P28.85 billion in July from P47.81 billion in the same month a year ago.

New NAIA concessionaire to retain 78% of employees
THE private concessionaire of Ninoy Aquino International Airport (NAIA) is expected to retain 78 percent of Manila International Airport Authority’s (MIAA) employees upon its takeover on September 14. As part of the preparation for the turnover of NAIA to New NAIA Infrastructure Corp. (NNIC), Roberto Lim, Department of Transportation (DOTr) undersecretary for aviation and airport, said DOTr and MIAA are conducting monthly joint steering committee talks with the private concessionaire to ensure a smooth transition process next month.

DICT bats for more data center funding
DATA CENTERS will require more funding from the budget to better handle the expected surge in data as the government digitizes, the Department of Information and Communications Technology (DICT) said. Speaking before the House appropriations committee on Thursday, Information and Communications Technology Secretary Ivan John E. Uy said the resources available to the DICT as the government migrates its systems to digital platforms are inadequate.

PH gets $500-M ADB climate support fund
The Philippines has secured a $500-million climate financing support from the Asian Development Bank (ADB), the Department of Finance (DOF) said on Thursday. In a statement, ADB President Masatsugu Asakawa said during the Coalition of Finance Ministers for Climate Action regional meeting that it was finalizing the financing support to the country under its Climate Change Action Program Subprogram 2—a climate change policy-based loan.

DTI announces “We Are A Creative Nation” campaign, eyes PH as a premier creative hub by 2030
Department of Trade and Industry (DTI) Acting Secretary Ma. Christina A. Roque built anticipation for the nationwide Philippine Creative Industries Month (PCIM) celebration in September 2024. The trade chief made the announcement during a press conference, August 23.

DepEd, DA chiefs now members of Neda Board
The heads of the Department of Education (DepEd) and the Department of Agriculture (DA) are now members of the National Economic Development Authority (Neda) Board, Socioeconomic Planning Secretary Arsenio Balisacan said on Wednesday.

DTI, Arta ready deal to cut down biz process for MSME
The Department of Trade and Industry (DTI) said it is set to ink an agreement with the Anti-Red Tape Authority (Arta) to cut down the process of doing business for micro, small and medium enterprises (MSMEs) in the local market and to prepare these businesses to become export-ready.

Despite EO 62, rice price dip slow—Neda
Despite implementation of Executive Order (EO) 62 which reduced the tariff for rice to 15 percent, the National Economic and Development Authority (Neda) said the pace of the decline in the prices of the staple is still “slow.” Citing data from the Philippine Statistics Authority (PSA), Neda Secretary Arsenio M. Balisacan said the reduction in the retail price of rice has been gradual.

Salceda says House won’t adopt Senate’s CREATE MORE bill
The House of Representatives would not adopt the Senate’s version of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) bill because it is “too flawed,” Ways and Means Committee Chairman and Albay Rep. Jose Maria Clemente “Joey” S. Salceda said.

Six firms eye Meralco’s 400-MW contract
The subsidiaries of First Gen Corp., San Miguel Global Power Holdings Corp. (SMGP), Aboitiz Power Corp. (AboitizPower), and Filinvest Development Corp. have expressed interest in competing for Manila Electric Co.’s (Meralco) 400-megawatt (MW) power supply contract, the power distributor said on Thursday.

DA won’t recommend hike on rice tariffs yet
The Department of Agriculture said that it would not yet recommend raising tariffs on imported rice since retail prices have not gone down.

Gov’t raises $2.5B from global bonds
The government has raised $2.5 billion from its sale of triple-tranche US dollar-denominated global bonds, its second foray into the international debt market this year.

ADB finalizing $500-M PHL climate financing package
The Asian Development Bank (ADB) is moving towards the approval of a $500-million loan to support Philippine efforts to mitigate climate-related disasters, the Department of Finance (DoF) said.

Multifaceted approach empowers RE growth – AboitizPower exec
Investment-friendly environments foster the progress of renewable energy projects and help boost their adoption, said Aboitiz Power Corporation (AboitizPower) Chief Investment Officer Joseph Lacson, calling for strengthened cooperation among all stakeholders for it to be fully realized.

DTI: Open trade to foster  growth of creative sector
THE growth of the Philippine creative industries will further prosper with more open trade and investment relations and cooperation with partner countries, especially in Asean, according to Rafaelita Aldaba, undersecretary of the Department of Trade and Industry.

DOTr eyes P180-B budget for 2025 for big projects
The Department of Transportation (DOTr) is seeking a P180.89-billion budget for 2025, up by 144.35 percent compared to the current year, to fund big-ticket infrastructure projects in railways and airports, among others, to improve mobility and connectivity across the country.

Energy exploration firms apply for 5 concessions
Nine companies from here and abroad are seeking energy exploration service contracts in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) and other parts of the Philippines, the government said Wednesday.

PHL developers to see increased buyer demand as rates go down
Property developers in the Philippines are expected to see increased buyer demand and more affordable financing options for projects as borrowing costs decline, according to consulting firms.

Government seeking P10-billion funding from ADB for energy efficiency target of state-run entities
The Philippine government, through a proposal from the Department of Energy (DoE), will be seeking P10 billion worth of funding to bankroll energy efficiency initiatives being mandated for state-run entities.

P2B annual funding  for EEC projects eyed
The Department of Energy (DOE) is pushing for the allocation of  P2 billion annually starting 2026 to energy efficiency and conservation (EEC) projects under the Government Energy Management Program (GEMP). The DOE said a financing program is being arranged with the Department of Finance (DOF).

DOE seeks P2B for EEC projects starting 2026
The Department of Energy (DOE) has asked budget planners to set aside P2 billion starting in 2026 for the Government Energy Management Program (GEMP) implementing various energy efficiency and conservation (EEC) projects. “We already have the strategies in place so what we’re working on is the financing. We’re trying to come up with a facility in collaboration with our development partners. We are looking at spending P2 billion a year for five years, starting 2026,” said DOE undersecretary Felix William Fuentebella at the sidelines of a forum hosted by the European Chamber of Commerce of the Philippines in Makati City on Wednesday.

Energy storage systems may raise GEA offers by P5-P6/kWh — DoE official
The integration of renewable energy plants with energy storage systems under the green energy auction (GEA) could increase price offers by P5 to P6 per kilowatt-hour (kWh), according to an Energy department official.

DOE cites need to cut cost of energy storage
The Department of Energy (DOE) said Thursday adding battery energy storage systems in the renewable energy technologies to be offered under the Green Energy Auction Program 4 could bring up the offer prices by P5 to P6 per kilowatt-hour. “We know that adding the energy storage system is going to increase the price. It can go for as high as an additional about P5 to P6 kWh,” Energy Undersecretary Rowena Guevara said at the sidelines of the European Chamber of Commerce of the Philippines’ Energy Smart Forum 2024.

Gov’t anticipates more affordable borrowings
The Government is anticipating much lower borrowing costs moving forward amid further rate cuts by the Bangko Sentral ng Pilipinas (BSP) and improved credit ratings.

P3.5B approved for coconut industry
President Ferdinand Marcos Jr. on Tuesday approved a P3.5 billion budget for the ongoing program of the government to plant 100 million coconut trees by 2028 and reclaim the Philippines’ position as the top producer of coconuts and leading global exporter.

NG budget gap widens to P642.8B
The National Government’s (NG) budget deficit widened in the first seven months of the year as spending growth outpaced revenues, the Department of Finance (DoF) said. Finance Secretary Ralph G. Recto told the Senate Finance Committee that the budget gap ballooned by 7.2% to P642.8 billion as of end-July from P599.5 billion in the same period a year ago. This accounts for less than half (43.32%) of the NG’s P1.48-trillion deficit ceiling for this year.

Outlook for remittance growth remains positive
The continued growth in Overseas Filipino Worker (OFW) remittances will likely be sustained, although a potential slowdown in developed economies could weigh on this outlook, GlobalSource Partners said. The latest data from the Bangko Sentral ng Pilipinas (BSP) showed that cash remittances jumped by 2.9% to $16.25 billion in the first half from $15.8 billion in the same period a year ago.

Quasi-banks’ assets expand by 10.4%
The Quasi-Banking sector’s assets jumped by 10.4% as of end-June, data from the Bangko Sentral ng Pilipinas (BSP) showed. The total assets of nonbanks with quasi-banking functions rose to P170.864 billion in the first semester from P154.784 billion in the same period a year ago.

Die & mold investments hit P19B
The Philippine Economic Zone Authority (PEZA) has cited the contribution of the die and mold industry in the manufacturing capabilities of ecozone locators particularly in automotive and consumer electronics. PEZA said as of May, it has registered 180 projects in the die and mold sector, generating P19.341 billion in investments or 35 percent of the P54.72 billion investments to date. The die and mold sector’s investments also created 40,996 direct jobs.

Aboitiz, Cebu province seal reforestation partnership
The Aboitiz group has partnered with the Cebu provincial government to implement a multiyear reforestation and watershed recovery project. The CarbonPH project is the first proposed large-scale multipartite reforestation and watershed recovery partnership initiative between the Aboitiz group and Cebu province.

Unicapital Group sees more IPOs ahead
Local investment firm Unicapital Group expects more initial public offerings (IPOs) to proceed due to a favorable outlook on interest rates. The Bangko Sentral ng Pilipinas recently cut its target reverse repurchase rate by 25 basis points (bps) to 6.25%, marking its first reduction in nearly four years. The move is in response to an improving inflation and economic outlook. The central bank’s governor also indicated the possibility of another cut before the end of the year.