Filipinos must focus on RCEP potential gains, not losses: DTI chief

Filipinos should look at the potential gains instead of losses from the Regional Comprehensive Economic Partnership Agreement (RCEP), Trade Secretary Alfredo Pascual said.  RCEP, a free trade agreement among the 10 members of the Association of Southeast Asian Nations (ASEAN), and China, Japan, South Korea, Australia and New Zealand, eliminates up to 90 percent of tariffs, or the taxes imposed on imports, among these countries within 20 years. Pascual said a study measured the gains, which could be 2 percent of GDP, compared to potential losses of 0.6 percent of GDP.

Philippines’ inflation slowed to 8.6% in Feb

Inflation in the Philippines slowed down after rising for five months straight, settling at 8.6 percent in February 2023 from 8.7 percent in January,  according to the Philippine Statistics Authority. National Statistician Dennis Mapa said the February slowdown was attributed mainly to slower price increases in the transport commodity group, recording a 9-percent inflation rate which was down from 11.1 percent in January. Among the 12 other commodity groups monitored for the consumer price index, nine reflected faster price increases in February compared to their levels in the previous month. The biggest contributor to rising prices in February were food items, particularly vegetables, fish and meat. Also major contributors were housing and utilities, particularly electricity, rentals, and cooking gas or LPG as well as transport, particularly fares on public road vehicles and diesel.

Con-con reso breezes through House plenary

Despite President Marcos Jr.’s assurance that Charter change is not a priority of his administration, the House of Representatives yesterday approved on third and final reading a resolution calling for the convening of a constitutional convention (con-con) to introduce amendments to the 35-year-old Constitution. Congressmen voted 301-6 with one abstention in favor of Resolution of Both Houses (RBH) No. 6 which is principally authored by Speaker Martin Romualdez, majority leader Manuel Jose Dalipe, Camarines Sur Rep. Luis Raymund Villafuerte, and Cagayan de Oro City Rep. Rufus Rodriguez, who is the chairperson of the House Committee on Constitutional Amendments.

Health spending touted as key to sustainability of economic recovery

Additional health spending is being billed as a key component of the Philippine economic recovery, with a government think tank saying it will help make future health emergencies more manageable while making the workforce more productive. The Philippine Institute for Development Studies (PIDS) said in a study: “Health expenditure consistently predicts health outcomes and is an important measure of the nation’s level of health investment.” The study said that the coronavirus disease 2019 (COVID-19) pandemic “put the spotlight on the health sector and the need for its strengthening both to manage COVID-19 and ensure sustainable economic recovery.”

ON ECONOMIC PROVISIONS: DTI cites benefits of Charter change

Trade Secretary Alfredo Pascual said amending some of the economic provisions of the Constitution would help attract investments into the country. In a television interview, Pascual said while the country has opened up a number of sectors through legislation,  these laws can be changed. Pascual said changes in the Constitution “sends a more permanent signal to stakeholders, investors.”

DOT drops masks, vaxx proof for tourism entities

The Department of Tourism (DOT) has eased up on earlier directives to tourism establishments meant to halt the spread of Covid-19. On Sunday, the agency released Memorandum Circular 2023-0002, which allows tourism enterprises to lift the requirement for guests and clients to show proof of full vaccination, and the wearing of face masks. Through MC 2003-0002, the DOT also said it no longer requires tourism establishments to install plastic, acrylic barriers and dividers in designated areas. The memo likewise ordered the removal of signages, visual cues, and other installations on mandatory protocols, which have since been liberalized by the national government.

‘EO on critical infrastructure to solve bureaucratic gridlock’

Malacañang needs to issue an executive order on critical infrastructure to address the bureaucratic blockades that have been suppressing the country’s economic potential, an advocacy group said. Orlando Oxales, lead convenor of consumer advocacy group CitizenWatch, said the proposed EO should cover digital, transportation (land, air and maritime) and power infrastructure.

Gender gap at work far worse than expected: UN

Women have a harder time accessing work globally than previously thought, while the gender gap in working conditions and pay has barely budged in two decades, the United Nations said. The UN's International Labour Organization said it had developed a new indicator that does a better job than official unemployment rates at capturing all people without employment that are interested in finding work.

House approves VAT refund for tourists, 2 other bills

The House of Representatives approved on third and final reading a bill seeking to grant value-added tax (VAT) refunds for foreign tourists to encourage more visitor spending, as well as the proposed e-Governance Act and reforms to the Official Development Assistance (ODA) Act. 304 lawmakers voted in favor of House Bill (HB) No. 7292 that would allow nonresident tourists to obtain a VAT refund on purchases of goods worth at least P3,000. Four lawmakers voted against the measure.

Philippines allots P700 million for 470 km of bicycle lanes this year

The bicycle lane budget for 2023 of P700 million will lead to the construction of at least 470 kilometers (km) worth of lanes, the Department of Transportation (DoTr) said. “Iyong [budget for] new bike lanes natin nakuha namin sa GAA (General Appropriations Act), ay around P700 million (The budget for new bike lanes is around P700 million from the GAA),” Transport Secretary Jaime J. Bautista said.

Shell firms sign on to EV charging-station program using RE

Shell Petroleum Corp. and Shell Energy Philippines (SEPH) have signed on to a pilot program that will roll out electric vehicle (EV) charging stations powered by renewables. “Pilipinas Shell and Shell Energy Philippines are happy to work with the Department of Energy in taking a concrete step in the country’s energy transition,” Lorelie Q. Osial, president and chief executive officer of Pilipinas Shell, said in a statement. The agreement, which was signed between Ms. Osial, Energy Secretary Raphael P.M. Lotilla, and SEPH General Manager and President Bernd Krukenberg, aims to deploy more Shell Recharge electric vehicle charging stations powered by renewable energy (RE) from SEPH.

Senate passes debt forgiveness measure for land reform beneficiaries

Senate lawmakers on Monday approved a measure that would condone the debt of agrarian reform beneficiaries if enacted into law.  The Senate approved on third and final reading Senate Bill 1850. The piece of legislation would condone loans — including interest, penalties and surcharges incurred — from agricultural lands distributed under the country’s Comprehensive Agrarian Reform Program (CARP). Sen. Cynthia Villar earlier said the total loan amount that would be condoned by the measure is at P14.62 billion.