House passes 19 LEDAC bills, Senate plays catch-up

Speaker Martin Romualdez announced Tuesday that all of the 19 priority legislations of President Marcos as discussed in the 4th Legislative-Executive Development Advisory Council (LEDAC) have been approved by the House of Representatives, three months ahead of its June target. Romualdez delivered his report during a full LEDAC meeting led by Mr. Marcos in Malacañang.

PPP Code IRR out; 20 projects up for approval

Around 20 solicited projects that are part of the government’s infrastructure flagship program are expected to be submitted to the National Economic and Development Authority (NEDA) Investment Coordination Committee (ICC) for approval this year, the Public-Private Partnership Center said, following the signing of the implementing rules and regulations (IRR) of the PPP Code.

Marcos: Economic picture clearer when stripped of climate impacts

President Ferdinand R. Marcos, Jr. said he aims to pitch investors by calling their attention to the underlying strength of the Philippine economy, saying that stripping out climate impacts and other elements beyond the country’s control provide a clearer picture. 

With reforms, PHL can be $2-T economy in next decade–WEF 

The Philippines is poised to become a $2-trillion economy in the next decade as long as reforms will be continued, according to the top official of the World Economic Forum (WEF). WEF President Borge Brende said that with the country’s status as the “fastest-growing economy in the region” together with Vietnam, a lot has shown business interest in the Philippines, particularly globally. 

PBBM says 8% GDP ‘doable’ but admits inflation biggest problem

President Marcos expressed confidence the country will achieve an eight percent gross domestic product growth rate under his term even as he admitted that inflation remains the “biggest problem.” “You know, we always plan for the idea. We don’t plan for a mediocre result. We plan for a very good result. We just have to adjust along the way as we continue to transform the economy. I think it is doable,” Mr. Marcos said.

20 PPP projects up for ICC approval

“Of the 182 projects in the priority infrastructure program, around 45 are PPPs,” PPP Center Executive Director Ma. Cynthia C. Hernandez said. “These are in various stages of development, some are being assisted by the PPP Center as well to go through the solicited route.” “I think within the year, a substantial number of those would be submitted to NEDA, around 20 (will be) submitted to NEDA, to the ICC.”

House wants Cha-cha dialogue with Senate

Deputy Speaker David Suarez of Quezon yesterday proposed a meeting between congressmen and senators during the Lenten break to discuss how to go about the two chambers’ separate resolutions proposing amendments to the “restrictive” economic provisions of the 1987 Constitution. Suarez said the congressmen and senators have to sit down to discuss the best course of action since the House is set to approve Resolution of Both Houses No. 7, its version of the Senate’s RBH No. 6, on the third and final reading tomorrow, the final session day before Congress goes on recess.

Bill to address learning gap prioritized for June approval

Philippine lawmakers have agreed to pass nearly two dozen priority bills by June, including one that seeks to boost the quality of education after a learning gap caused by a coronavirus pandemic, and several others that will advance agriculture, digitalization and defense. The Legislative-Executive Development Advisory Council (LEDAC) reached a consensus during a meeting at the Presidential Palace on Tuesday. “Hopefully, [these bills] will be done by June, before the Senate break,” Senate President Juan Miguel F. Zubiri said in a statement after the LEDAC meeting. “We’re on track to pass all of these by June.”

CIAC inks pact with USAID grantee for pioneering Clark mega food hub

The Clark International Airport Corp. (CIAC) on Monday  signed a memorandum of understanding with the University of the Philippines Public Administration Research and Extension Services Foundation (UPPAF) for technical assistance and expert advice in the establishment of a 64-hectare Clark National Mega Food Hub at the civil aviation complex. The UPPAF is a beneficiary of a grant from the United States Agency for International Development (USAID) for its Regulatory Reform Support Program for National Development (RESPOND) Project, a policy regulatory reform program in the Philippines to support the promotion of regional development.

PHL joins G7’s infra and investment partners

The Philippines was named one of the beneficiaries of Group of Seven’s flagship infrastructure initiative for low- and middle-income countries. Foreign Affairs Secretary Enrique Manalo announced the country’s inclusion in the Partnership for Global Infrastructure and Investments” (PGII) during the visit of US State Secretary Anthony Blinken in Manila Tuesday. Blinken’s visit to Manila is the second during the administration of President Bongbong Marcos Jr.

House OKs RBH 7 ahead of Holy Week recess

Voting 288-8-2, the House of Representatives on Wednesday approved on third and final reading the proposed amendments to the Constitution’s restrictive economic provisions. The amendment proposals are contained in Resolution of Both Houses (RBH) 7 authored principally by Speaker Ferdinand Martin G. Romualdez, Senior Deputy Speaker and Pampanga Rep. Aurelio Gonzales Jr., Deputy Speaker and Quezon Rep. David Suarez, Majority Leader Manuel Jose Dalipe, Senior Deputy Majority Leader and Ilocos Norte Rep. Ferdinand Alexander Marcos, and other House leaders.

Inflation uptick seen in March — BSP

Headline inflation could have quickened further to 3.9% in March due to positive base effects, Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona, Jr. said on Wednesday. “It would be close to 4%,” Mr. Remolona told reporters on the sidelines of an event. “I think 3.9%, but we’ll see.” If realized, inflation would be faster than the 3.4% print in February but slower than the 7.6% in March 2023. This would also mark the second straight month that inflation accelerated on a monthly basis.

2024 export target impossible to meet

Exports should step up its growth rate to meet the goals of the Philippine Export Development Plan (PEDP). At the 7th Philippine Farm Tourism Conference in Panglao, Bohol last week,  Sergio  Ortiz-Luis Jr., vice chair of the Export Development Council (EDC) and president of the Philippine Exporters Confederation Inc. said exports need to grow by 40 percent instead of the initial 10 percent  target to meet the $143.4-billion export target set for 2024 in PEDP 2023-2028. “That’s impossible to achieve,” said Ortiz-Luis, who expressed confidence though exports can recover from last year’s slump and grow 11 percent.

DOTr needs P12.5 billion to build 200 ports

The Department of Transportation (DOTr) said it needs at least P12.5 billion to build 200 more ports under the Marcos administration, understanding the need to improve connectivity in remote islands. Transportation Undersecretary Elmer Sarmiento yesterday said the DOTr will put up an additional 200 ports until 2028 to improve inter-island travel and trim logistics costs. Sarmiento said these facilities will be situated in some of the farthest islands of the Philippines to promote tourism destinations and connect farms with markets.

‘Budget surplus again in Feb’

Finance Secretary Ralph Recto said the government once again incurred a budget surplus in February, after it recorded such during the first month of the year. Recto, however, does not expect this budget performance to be sustained for the rest of the year, as the government has a deficit ceiling of P1.39 trillion, equivalent to 5.1 percent of gross domestic product.

Double-digit growth in revenues, expenditures continues — DoF chief

The National Government continues to see double-digit growth in revenue collection and spending as of mid-March, Finance Secretary Ralph G. Recto said. “For the last two months and a half, our revenues are 20% up year on year while spending is 10% up year on year, so we do have a surplus,” Mr. Recto told reporters late on Tuesday. The NG posted a budget surplus of P88 billion in January, 92.25% higher than the P42.2- billion surplus registered in the same month in 2023. January also saw the highest monthly fiscal surplus since 1986, or the earliest available data from the Treasury.

PHL among largest e-waste producers in SE Asia–report

Millions of kilograms worth of discarded mobile phones, solar panels and other electrical equipment has made the Philippines one of the largest producers of e-waste in Southeast Asia, according to the latest report released by the United Nations Institute for Training and Research and International Telecommunication Union (ITU). Based on the Global E-Waste Monitor 2024, Unitar said there were 537 million kilograms of e-waste in the Philippines, translating to 4.7 kilograms of e-waste per capita in 2022. E waste consists of electrical and electronic equipment (EEE) which includes items that have circuitry or electrical components and a power or battery supply.

Climate change, market access top concerns in Philippines-EU trade negotiations

While welcoming the resumption of negotiations between the Philippines and the 27-member bloc European Union (EU) for a free-trade agreement (FTA), Philippine business groups raised their concerns Wednesday to trade negotiators, such as stringent climate change requirements, working on Philippine reforms, among others. Ahead of the resumption of talks, the Philippine Chamber of Commerce and Industry (PCCI) said the EU “must be realistic in its expectations of the Philippines.” In return, the Philippines’ trade negotiators, “while being able to leverage on our comparative advantages for a PHL-EU partnership, must ensure that the conditionalities imposed by the EU are justifiable under our level of development.

NEDA chief does not expect uptick in March inflation

Headline inflation is unlikely to have further accelerated in March, as the proposed legislated wage hike got stalled in Congress, NEDA Secretary Balisacan said. Inflation accelerated to 3.4% in February from 2.8% in January, but slower than 8.6% a year ago.

Philippine creative economy’s growth slowed in 2023

The value of the Philippines’ creative industry reached P1.72 trillion in 2023, despite slowing growth, the Philippine Statistics Authority (PSA) reported. Preliminary data from the statistics agency showed that the gross value added (GVA) of the country’s creative industry-related activities expanded by 6.9% to P1.72 trillion last year from P1.61 trillion in 2022.

Senate won’t rush Cha-cha approval

Sen. Grace Poe said the Senate will not rush the passage of Resolution of Both Houses (RBH) No. 6 even if the House of Representatives has transmitted RBH No. 7, which it approved on third and final reading during the last session day on Wednesday. Congress is on its summer break until April 28.