Philippines urged to strengthen its measures against money laundering, terrorism financing

In a report released on 23 February, the FATF said that even if the Philippines has taken steps in improving its AML/CFT regime, the country should continue implementing action plAns to address strategic deficiencies. This includes effective risk-based supervision of designated non-financial businesses and professions (DNFBPs) and implementation of controls to mitigate risks linked to casino junket operations.

ARTA set to expand oversight to barangays

The Anti-Red Tape Authority (ARTA) is preparing for the full implementation of Republic Act 11032, also known as the Ease of Doing Business (EODB) Law, at the barangay level. ARTA said it will collaborate with the Department of the Interior and Local Government  to advance this endeavor.

‘Lift restrictions on PHL critical sectors’

Lifting foreign equity restrictions on critical sectors, such as public utilities, education, mass media and advertising, will create more jobs and enable them to contribute to the country’s economic progress, National Economic and Development Authority Secretary Arsenio M. Balisacan said at a committee hearing at the House of Representatives on Monday. 

Philippine calls for stronger action on climate change

“We believe that the work of the coalition complements the existing work at the WTO on trade and sustainable development. Thus, we welcome discussions and thematic sessions on the transfer of goods and technologies that support climate adaptation and mitigation,” DTI Secretary Pascual said. “In line with this, we must also ensure a fair and just transition toward achieving our climate goals so that no one will be left behind.”

PHL needs to grow by at least 8% to reduce poverty

The Philippine economy should grow by 8% or more annually to bring down the poverty incidence rate which is currently the highest in the region, an economist said. Bernardo M. Villegas, economist from the University of Asia and the Pacific, said the Philippines’ 6-7% annual growth rate is not enough to bring down the poverty incidence to single digit and should attract more foreign direct investments to ensure long-term capital.

EU carbon tariff will have limited impact on climate change–ADB

Initiatives aimed at curbing carbon emissions in trade in goods should be extended to other regions outside of the European Union, particularly Asia, according a study conducted by the Asian Development Bank (ADB). “The fragmented nature of carbon pricing initiatives in terms of sectors and regions covered, including CBAM [carbon border adjustment mechanism], can only partially limit carbon leakage,” said ADB Chief Economist Albert Park.

Treasury bill tender shows mixed results

The Bureau of the Treasury (BTr) again saw mixed results in its tender of Treasury bills (T-bills) partly due to higher bid yields that were rejected in Monday’s auction. The Treasury raised a total of P14.8 billion, P200 million short of its intended amount of P15 billion from the auction of short-term government securities. Last week, the 91-day T-bills were partially awarded, allowing the government to raise a total of P14.5 billion.

PHL exports to fare better than peers amid headwinds

Philippine exports will still perform better than its peers in ASEAN this year amid the economic slowdown in Japan and European countries, which are among Manila’s top export destinations, according to the Philippine Exporters Confederation Inc. (Philexport). Philexport President Sergio R. Ortiz-Luis Jr. said the mining, electronics, tourism and services sectors will help drive Philippine exports this year.

CTA affirms decision granting part of geothermal company’s refund claim

The Court of Tax Appeals (CTA) has upheld its decision to grant Philippine Geothermal Production Co., Inc.’s (PGPCI) refund claim in the amount of P23.27 million representing its excess input value-added tax traced to zero-rated sales for the first three quarters of 2016. In a decision dated Feb. 20, the tribunal said the PGPCI did not need to directly trace its input tax to 0% VAT for it to seek a valid refund.

E-vehicle group sees tariff break as ‘game changer’

The Electric Vehicle Association of the Philippines (EVAP) is batting for the inclusion of e-motorcycles in the grant of tax incentives under Executive Order (EO) 12 due for mandatory review. EVAP president Edmund Araga said the Philippines should not be “car-centric” and should instead take into consideration the majority of road users in the country, which are motorcycle riders. EO 12 modified the tariff rates for certain types of EVs, but e-motorcycles are currently excluded are and are still subject to 30 percent tariff.

RE transition seen accelerated by Maharlika fund investments

Energy investments by the Maharlika Investment Fund (MIF) are expected to help ramp up the renewable energy (RE) buildout, a think tank said. “The fund can catalyze the advancement of RE and expedite the shift towards a sustainable energy landscape,” the Institute for Climate and Sustainable Cities (ICSC) shared. Maharlika Chief Executive Officer and President Rafael D. Consing, Jr. noted last week that the energy sector will take in the bulk of the MIF’s initial investments.

Favorable beverage tax outcomes depend on ‘efficient design’ — WB

Positive outcomes from sugar-sweetened beverage taxes like reduced consumption and improved health will depend on how well the tax is designed, the World Bank (WB) said. Last year, former Finance Secretary Benjamin E. Diokno proposed to increase the sweetened beverages excise tax to P12 per liter, but current Finance Secretary Ralph G. Recto said he is not pursuing his predecessor’s proposals for these taxes.

Energy dep’t seeking to gauge major data centers’ RE needs

The Department of Energy (DoE) said it has asked hyperscale data centre developers to submit their plans to draw power from renewable sources in order to properly gauge the industry’s demand as each hyperscale data centre facility requires an electricity supply of between eight megawatts (MW) and 125 MW. In 2023, the Department of Information and Communications Technology said it is expecting a fivefold increase in the capacity of data centres in the Philippines with a power requirement of approximately 300 MW by 2025.

PH to push interests at trade body

The Philippines will push its interests at the World Trade Organization’s (WTO) 13th ministerial conference in Abu Dhabi on February 26 to 29. Chief concerns include enhancing the WTO’s functions and mechanisms, negotiations for the Fisheries Subsidies Agreement, and the resolution of the impasse in the WTO Appellate Body which has been unable to review trade disputes since 2019 due to vacancies.

‘Senate-okayed P100 daily wage hike too low’

Speaker Martin Romualdez has instructed House leaders to draw up ways to increase the take-home pay of workers, adding the P100 daily minimum wage hike approved by the Senate for private sector workers is too low. Majority Leader Manuel Jose Dalipe yesterday said the House’s options include a legislated wage hike between P150 and P350 a day or revisions to the regional wage board mechanism.

DoE: Around 50 firms keen on energy resource exploration in PHL

The Department of Energy (DoE) on Monday launched the bidding for coal, petroleum, and native hydrogen exploration in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) and other parts of the country. Around 50 local and international oil and gas exploration and production companies have shown interest in participating in the bidding for the exploration of various energy resources in the Philippines.

DOTr opens Swiss challenge on Laguindingan Airport concession

The Department of Transportation (DOTr) has opened the Swiss challenge on the 30-year concession to upgrade, operate and maintain the Laguindingan International Airport, asking local and international firms to submit comparative proposals to challenge the private proponent, Aboitiz InfraCapital. The airport development project will include new airline connections, expansion of the airport’s capacity, and new sustainability strategies.

SEC eases rules for power firms

The Securities and Exchange Commission (SEC) said it is simplifying the registration process for power generation companies that tap the public for funding. Under the new process, the SEC’s Markets and Securities Regulation Department shall complete the review of the power companies’ registration statement within 45 days from filing; companies can proceed to the public offering within 10 business days thereafter. 

DOE: No projected power shortage during summer, but energy conservation a must

The Department of Energy (DOE) once again assured that there is no projected shortage of power supply during summer months when electricity demand is at its peak. DOE officials, however, told power consumers it would be best to adhere to the practice of energy conservation. Undersecretary Rowena Guevara said the supply margin for Luzon grid is currently pegged at about 300 to 700 megawatts (MW).

COMP: Full implementation of sustainable mining in ‘24

Beginning this year, all 19 members of the Chamber of Mines of the Philippines (COMP) with operating mines in the Philippines will fully implement the Towards Sustainable Mining (TSM) initiative, a global ESG performance measurement standard—with public reporting—that the organisation adopted in 2017. The mines will conduct internal audits and should be able to support their self-ratings with proof and evidence on 8 TSM Protocols, which then will be subjected to independent external verification.

Debates on economic ‘Cha-cha’ begin

Congressmen on Monday began deliberations on the House Resolution of Both Houses No. 7, which proposes to lift economic restrictions in the ownership of public utilities, educational institutions and advertising. The Department of Finance (DoF) recommended easing Constitutional foreign ownership limits for key sectors such as public utilities, mining, education, mass media and advertising, but noted that land ownership should be kept exclusive to Filipinos and Filipino-owned companies.