ECCP at Work

Marcos hails raised PH income status as ‘a vote of confidence’

President Ferdinand Marcos Jr. touted the country’s elevation to upper-middle-income status on Thursday as a vote of confidence in its future that would translate to more investments and businesses, better quality jobs, and additional opportunities for Filipinos.

Senate tackles proposals to amend oil deregulation law

The Senate energy committee under new chair Erwin Tulfo yesterday tackled bills to amend the oil deregulation law and give the government more control over fuel pricing. Tulfo said the 1998 Oil Deregulation Law is outdated and in need of revisions to allow the government to have regulatory functions, instead of letting the oil companies dictate prices.

Economists warn slower growth could threaten Philippines’ UMIC status

President Ferdinand R. Marcos, Jr. on Thursday welcomed the Philippines’ reclassification as an upper-middle income country (UMIC) by the World Bank, but economists cautioned that slowing growth could threaten the country’s ability to retain the status.

Government debt piles up to record P18.55 trillion

The Marcos administration’s outstanding debt climbed to P18.55 trillion as of end-May, lifted by fresh domestic borrowings to cover funding needs amid the ongoing war in the Middle East, although the appreciation of the peso against the dollar helped temper the increase, the Bureau of the Treasury said. 

PH eyes 2028 oil reserve facility

The Philippines may have its first oil reserve facility by late 2027 or early 2028, with the government pursuing storage capacity of at least 1 million barrels of petroleum to strengthen the country’s energy security.

Philippines lifted to upper-middle income status

The World Bank Group's latest country income classifications, released July 1, moved the Philippines from lower-middle-income to upper-middle-income status based on 2025 gross national income per capita estimates.

In June: Philippines factory activity sustains expansion

The Philippine manufacturing sector remained in expansion mode in June, supported by improved demand and output, but firms’ confidence levels dropped to a five-month low. In a statement yesterday, S&P Global said  the country’s manufacturing purchasing managers’ index (PMI) went up slightly to 50.9 in June from 50.8 in May.

ERC: EV-to-grid rules on target this year

The Energy Regulatory Commission (ERC) is developing a vehicle-to-grid framework that will allow EVs to drive green mobility on national roads while reinforcing the country’s electrical superhighway.

Philippines net external liability widens to $54.9 billion

Preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed the country’s international investment position (IIP) stood at a net external liability of $54.9 billion as of end-March, equivalent to 11.2 percent of gross domestic product.

Trade deficit balloons in May as imports jump

The Philippines’ trade-in-goods deficit widened to $5.48 billion in May from a year ago, as imports grew faster than exports, according to the statistics agency.

Foreign currency loans down in Q1 2026 

Foreign currency-denominated loans granted by banks declined by 0.8 percent in the first quarter of the year. Data released by the Bangko Sentral ng Pilipinas (BSP) on Tuesday showed that foreign currency deposit unit (FCDU) loans fell to USD15.44 billion from USD15.56 billion in the fourth quarter of 2025. 

DOF wants to cut OFW remittance fees 

Go said cutting the fee on remittances can help many Filipino families because this normally cuts six to 10 percent of the money sent by OFWs. He said that this fee must be dropped, similar to how some local banks have lowered money transfer fees.

Angat dam below critical level, but MWSS sees enough buffers

Angat Dam has slipped below its 160-meter critical level, but water officials said Metro Manila is better prepared than in previous dry spells because of added treatment capacity, supplemental sources, conservation measures, and closer inter-agency monitoring.

LTFRB: Davao posts 77% approval rate for local transport route plans

The Davao Region has achieved a 77 percent approval rate for Local Public Transport Route Plans (LPTRPs), positioning the region among the country’s top performers in implementing the Public Utility Vehicle Modernization Program (PUVMP).

DOE, WNA to host MANILA global nuclear supply chain conference in October 2026

The unified event is expected to connect policymakers, regulators, utilities, developers, re-actor vendors, engineering and construction companies, manufacturers, suppliers, financiers, research organizations and international institutions, as Southeast Asia advances plans for reliable, low-carbon and secure energy systems.

DA steps up El Niño preparations as dry spell threat grows

The Department of Agriculture (DA) is accelerating irrigation, water storage, and other climate adaptation projects as El Niño conditions emerge in the tropical Pacific, raising the risk of dry spells and drought in vulnerable areas.

BSP sees June inflation at 6% to 7%

Inflation likely remained elevated in June as lower oil, rice, and meat prices were partly offset by higher electricity rates and vegetable prices, the Bangko Sentral ng Pilipinas said Tuesday.

Factory gate prices pick up in May

Factory gate prices rose at a faster pace in May, driven mainly by higher prices in electronics, basic metals, and chemical products, the Philippine Statistics Authority said Tuesday.

External Position Remains Under Pressure: May Trade Gap Widens 50.5% Despite Firmer Export Gains

The Philippines’ merchandise trade deficit widened 50.5 percent to $5.48 billion in May from $3.64 billion a year earlier as imports continued to grow faster than exports, preliminary data from the Philippine Statistics Authority (PSA) showed Tuesday.

DA asks rice importers to hold off premium imports

The Department of Agriculture (DA) is appealing to rice importers to temporarily stop bringing in premium-grade rice as the government weighs several measures to protect local producers from rising import arrivals. 

PH an upper middle income nation: What it means for Cebu’s economy

The Philippines’ elevation to the World Bank’s upper-middle-income category is a significant milestone. But an economist cautions that the real test lies ahead, particularly for trade-reliant economies like Cebu.