Zubiri out as Escudero takes Senate leadership

Sen. Juan Miguel Zubiri on Monday relinquished the Senate presidency to Sen. Francis Escudero, saying his refusal to “follow instructions” in order to maintain the 24-member chamber’s independence had “ruffled some feathers” and cost him the third highest government office.

Senate OKs VAT on digital services

The Senate approved on third and final reading Senate Bill No. 2528 that seeks to impose a 12% value-added tax on digital services provided by companies with no physical presence in the Philippines. All 23 senators voted in favor of the bill.

Philippines implements single electronic invoicing system for imports

President Ferdinand Marcos Jr. signed Administrative Order (AO) No. 13 to enforce a single electronic invoicing system for all imported commodities, as the Philippines explores nonmonetary measures to address rising food prices. 

DOE mandates raising biodiesel blend to 3% starting this October

The DOE directed oil companies to increase the coco biodiesel blend starting October. In a circular, the DoE said all diesel fuel sold in the country should contain a biodiesel blend of 3% starting Oct. 1, from 2% now. Oil firms should increase the coco biodiesel blend to 4% by Oct. 1, 2025, and to 5% by Oct. 1, 2026.

NEDA bats for creation of water resources agency

The NEDA underscored the need to establish a Department of Water Resources and a Water Regulatory Commission (WRC) for the country to achieve water security. The agency cited the need to have a unified framework for water governance and regulation.

PBBM: Infra devt holds key to luring tourists to PHL

Malacañang underscored the importance of infrastructure development in attracting more foreign tourists to the Philippines. President Ferdinand R. Marcos Jr stressed this as he inaugurated on May 17 Northern Luzon’s first tourist rest area in Saud Beach, Pagudpud in Ilocos Norte, and referred to President Corazon C. Aquino’s original balikbayan program in 1989, which aimed to attract 1 million tourists then.

Finance department says no plan to further raise sin tax rates

The DOF is not planning to raise taxes on “sin” products but is closely looking into the mounting tax losses due to illegal importation of cigarettes. “We will not impose any hike except for the existing [rates,]” Finance Undersecretary and Chief Economist Domini S. Velasquez said at a forum hosted by the Economic Journalists Association of the Philippines and San Miguel Corp. at the weekend.

PHL needs at least 6.1% growth to meet target, say analysts

“We need 6.1% [growth] for the rest of the year to actually reach the 6% target. I think that’s very achievable,” Finance Undersecretary and Chief Economist Domini S. Velasquez said during a forum organized by the Economic Journalists Association of the Philippines and San Miguel Corp. For the coming months, the DoF expects higher spending and declining inflation to drive growth.

ADB to fund transport projects worth ₱3 billion

The Asian Development Bank (ADB) is looking to finance at least $3 billion worth of transportation projects in its pipeline projects until 2028. In a brief from the ADB Philippine Transport Sector, the list of transportation pipeline projects already includes four projects but only two have cost estimates. The projects with cost estimates are the $2 billion Laguna Lakeshore Road Network (LLRN) project set for approval this year and the $1 billion Metro Rail Transit (MRT) Line 4 (Ortigas to Rizal) set to be approved next year.

Review of busway PPP nears completion

The review on the privatization of the operations and maintenance of the EDSA Busway project through public-private partnership (PPP) is on its “tail-end,” according to the PPP Center. “The DOTr (Department of Transportation) needs to decide whether they will proceed to the next stage or return the proposal,” said Jeffrey Manalo, PPP deputy executive director, told reporters at the sidelines of the Economic Journalists Association of the Philippines-San Miguel Corp. business journalism seminar in Baguio City over the weekend.

125 PPP projects worth P3 trillion currently in pipeline

The Public-Private Partnership (PPP) Center currently has 125 projects in its pipeline with amount totaling over P3 trillion. Based on the list from the PPP Center, there are 103 projects that will be implemented at the national level, while the remaining 22 are at the local level. 

Survival fund fully commits P1 billion for climate adaptation projects

The Department of Finance (DOF) announced the full allocation of a P1-billion budget to support key climate adaptation projects across the country. During the 21st People's Survival Fund (PSF) Board Meeting last May 10, Finance Secretary Ralph G. Recto signed five financing agreements for local adaptation projects. 

Real property valuation reform bill seen to enhance transparency

After the Tax Reform for Acceleration and Inclusion (TRAIN) Law and Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act comes Real Property Valuation and Assessment Reform Act (RPVARA) which forms “Package 3” of the Department of Finance’s (DoF) “Comprehensive Tax Reform Program,” (CTRP). RPVARA is envisioned to promote the development of “a just, equitable, and efficient real property valuation system.”

ARTA set to issue streamlining rules by June 10

The Anti-Red Tape Authority (ARTA) said it is confident it will complete the guidelines to implement Executive Order 59 (EO 59), which simplifies the approval process for flagship programs, by the June deadline. “By June 10… we should be able to finalize the implementing guidelines for approval by the heads of agencies concerned and for submission to the President,” ARTA Secretary Ernesto V. Perez said at a briefing on Monday.

More local price councils set for reactivation — DTI

The Department of Trade and Industry (DTI) is working on the reactivation of more local price coordinating councils (LPCCs) to ensure effective oversight of the market during disruptive climate events such as La Niña. “We are intensifying our efforts to ensure even more effective oversight, particularly as we brace for the impacts of La Niña,” Trade Secretary Alfredo E. Pascual said in a statement on Monday.

Philippines in talks for sustainable aviation fuel plant

THE Department of Transportation said it is in talks with some groups to put up a sustainable aviation fuel (SAF) plant in the country. “We are encouraging the private sector because it is not the government that will put up the plant, it is the private sector. In fact we have some groups, encouraging them to get involved in the production of SAF,” Transportation Secretary Jaime J. Bautista told reporters on the sidelines of a forum last week. 

DBCC set to review revenue targets

The government is keeping its revenue targets for now, although a review by the Development Budget Coordination Committee (DBCC) is scheduled next month. This comes as the Department of Finance (DoF) reiterated that it would not push new tax measures to avoid fanning inflation. Finance Undersecretary and Chief Economist Domini S. Velasquez over the weekend said the DoF would rely on nontax revenue to meet collection targets.

DA to extend ban on onion importation until July

“We will extend the ban on onion importation. Cold storages in onion- producing areas are filled and market prices are low so there’s no reason to import,” DA Secretary Francisco Tiu Laurel Jr. told reporters in an interview yesterday. 

March building permit approvals fall by 15.5%

APPROVED building permits fell 15.5% in March, accelerating the 12.5% drop a year earlier, the Philippine Statistics Authority (PSA) said in a report. Citing preliminary data, building projects covered by the permits numbered 13,320, and involved 2.84 million square meters of floor area.

Philippines in talks for sustainable aviation fuel plant

The Department of Transportation said it is in talks with some groups to put up a sustainable aviation fuel (SAF) plant in the country. “We are encouraging the private sector because it is not the government that will put up the plant, it is the private sector. In fact we have some groups, encouraging them to get involved in the production of SAF,” Transportation Secretary Jaime J. Bautista told reporters on the sidelines of a forum last week.

Debt service burden slightly higher in Feb

The country's debt service burden rose in February, preliminary Bangko Sentral ng Pilipinas (BSP) data showed, hitting $2.38 billion or 7.1 percent higher than the $2.23 billion recorded a year earlier. Principal payments fell by 0.17 percent to $1.176 billion from $1.178 billion, but interest payments increased by 15.3 percent to $1.208 billion from $1.048 billion.

Navigation system 'technical issue' delays NAIA flights

A number of flights departing from and arriving at the Ninoy Aquino International Airport (NAIA) on Monday were delayed due to a technical issue with the navigational air traffic management system.