Ease of doing business, peace and order, envi, flood solutions in Baste’s 2nd SOCA 

Antonio Peralta, Chairman of the ECCP-Southern Mindanao Council (ECCP-SMBC) and Honorary Consul of the Embassy of Finland to Mindanao, is expecting to hear updates on the full implementation and mainstreaming of the ease of doing business with the government in terms of the issuance of business and building permits.

Senate adds new members to committees

During the Senate’s Plenary Session on Monday, Senate Majority Leader Francis Tolentino moved for new members to join several committees, with Sen. Loren Legarda seven committees. 

Inflation breached upper target in July — economists

Headline inflation likely accelerated to above four percent in July, breaching the government’s two to four percent target for 2024 for the first time in seven months, due to higher prices of some key food items and elevated electricity costs, a poll of leading economists showed.

Final El Niño agri damage estimate at P15.3 billion

Farm damage caused by El Niño was P15.3 billion, according to the final estimate issued by the Department of Agriculture (DA). In its final farm damage bulletin, the DA said El Niño had affected 333,195 farmers and fisherfolk, resulting in crop losses amounting to 784,344 metric tons (MT).

GDP growth picked up in Q2 — poll

Philippine economic growth likely picked up in the second quarter as higher government spending may have offset the impact of El Niño on agriculture, analysts said.

DOF shares BRAVE strategies to combat illicit trade and smuggling in the country 

The Department of Finance (DOF) has shared its five main strategies for revenue operations called BRAVE to put an end to smuggling and illicit trade, with digitalization playing a central role.

Economy on track to outgrow debt — DoF

Economic growth is on track to outpace the rise in the National Government’s (NG) debt, with borrowing costs expected to go down as global central banks cut interest rates, the Department of Finance (DoF) said on Monday (August 05, 2024).

APEC businesses propose new climate bonds, carbon credit network 

Tokyo – Asia-Pacific business executives urged emerging economies in the region to issue climate bonds indexed to a basket of currencies, which would reduce the risk from foreign exchange fluctuation in raising funds for clean energy transition. The group of business executives comprising ABAC, which is APEC’s Business Advisory Council, also proposed on Sunday (August 04, 2024) launching a pilot program to develop a voluntary carbon market (VCM) for the Asia-Pacific region.

Higher budgets urged for agri, health, public works

The government must increase funding for agriculture, health and public works to back up its commitments to support these sectors, analysts said. Under next year’s proposed P6.352-trillion budget, the DA and its various agencies, as well as the Department of Agrarian Reform were allocated P211.3 billion, down 4.7% from the P221.7 billion allocated this year.

SEC says 2024 company registrations to exceed previous record

The Securities and Exchange Commission (SEC) said it is likely to surpass its previous record for company registrations this year. The SEC recorded a high of 49,506 company registrations in 2023, an increase of 15.3% from the 42,943 registrations in 2022.

Acting DTI chief to pursue MSME initiatives

The Department of Trade and Industry  will continue to build programs that will support micro, small and medium enterprises (MSMEs). Cristina Roque,  DTI acting secretary, in a statement  emphasized the need to focus on initiatives that empower the MSMEs, the backbone of the country’s economy and which  compose 99.59 percent of all enterprises in the country and employ  60 percent of workforce.

Telcos back bills promoting circular economy

PLDT Inc. and its wireless subsidiary Smart Communications Inc. expressed support to the country’s transition to a Circular Economy which aims to reduce waste and greenhouse gas emissions through the adoption of sustainable modes of production and consumption.

BOI investment approvals hit P1.15 trillion in 7 months

Manila, Philippines — Investments approved by the Board of Investments (BOI) surged by 65 percent to P1.15 trillion from January to July compared to P699 billion a year ago, driven by pledges for renewable energy (RE) projects. The BOI said yesterday (August 02, 2024) that the approved investments in the seven-month period are expected to create 27,207 jobs.

BSP sees room to keep rates steady

The Philippine central bank would probably keep policy settings on hold given “evolving inflation conditions,” Governor Eli M. Remolona, Jr. said, even as he signaled a less restrictive stance if price pressures continue to ease.

BSP eyes use of QR code for transport payments

The BSP is proposing to identify strategic use cases for its national QR code standard such as for transportation payments. In a draft circular, the BSP said it is seeking to introduce the payment use cases involving QR Ph for sectors such as transportation “which shall be serviced by payment service providers (PSPs) without fees, including interbank charges, or free of charge to end-users.”

PAL working on certification for SAF-powered flights

Flag carrier Philippine Airlines (PAL) said the company is on track with its plan to mount green fuel-powered flights to Singapore by 2026. CORSIA, or the Carbon Offsetting and Reduction Scheme for International Aviation, permits airlines to use SAF made from biomass or waste to reduce their carbon offsetting obligations.

Gov’t fully awards T-bills at mostly higher rates

The government made a full award of the Treasury bills (T-bills) it offered on Monday (August  05, 2024) even as rates mostly rose as the market’s preference shifts to higher-yielding long tenors ahead of the Bangko Sentral ng Pilipinas’ (BSP) anticipated policy easing cycle. The Bureau of the Treasury (BTr) raised P20 billion as planned from the T-bills it auctioned off on Monday as total bids reached P47.298 billion, or more than twice the amount on offer.

Residential prices expected to rise 2.2% annually through 2026

Residential real estate prices in Metro Manila are projected to increase by 2.2% annually through 2026, reflecting a “flattish recovery” amid the exit of Philippine Offshore Gaming Operators (POGOs), according to Colliers Philippines.

Agricultural output likely shrank in Q2 due to El Niño

The Philippines’’ overall agricultural output may have declined in the second quarter after crop production likely bore the brunt of droughts caused by the El Niño weather phenomenon, analysts said.

National government gross borrowings fall in June

The National Government’s (NG) gross borrowings declined by 11% year on year in June as external debt dropped, the Bureau of the Treasury (BTr) reported. The latest data from the BTr showed that gross borrowings in June fell to P148.18 billion from P166.49 billion in the same month a year ago.

Philippines, Germany to bolster defense relations

The Philippines and Germany on Sunday vowed to boost their defense ties, citing security challenges including attempts to advance expansive claims through force.

PSE to submit formal PDS buyout offer this week

The Bankers Association of the Philippines (BAP) expects the Philippine Stock Exchange (PSE) to submit this week a formal offer to acquire the Philippine Dealing System Holdings Corp. (PDS Group).

BofA: PH still lagging in Asean tourism revival

The Philippines continued to be a laggard in the Asean (Association of Southeast Asian Nations) tourism recovery amid muted return of Chinese visitors, Bank of America (BofA) said, and the situation would unlikely take a turn for the better anytime soon following President Ferdinand Marcos Jr.’s order to ban China-centric online casinos.

Reforms needed to lower out-of-pocket health spending

Out-of-pocket payments (OOP) in the Philippines remain high despite improved government allocation for health spending. Again, the Philippines failed to meet the HSRA targets where government spending should reach 40 percent and social health insurance, 30 percent of the total health expenditure (THE).

Natl govt borrowing in 1st half up 13% to P1.57T

The national government’s gross borrowings in January to June rose by 12.89 percent year-on-year as domestic financing registered a double-digit increase. According to the latest cash operations report posted on the Bureau of the Treasury’s (BTr) website, the government’s gross borrowings in the first six months of the year jumped to P1.57 trillion from the P1.39 trillion recorded a year ago.

DPWH ON FLOOD MITIGATION: 'Decentralized strategy more responsive'

The DPWHreaffirmed its commitment to provide long-term solutions to address the country’s recurrent flooding, especially in Metro Manila. DPWH said it has no centralized master plan for flood control, instead it has developed individual master plans for each of the 18 major river basins in the Philippines to address the increasing frequency and intensity of rainfall attributed to climate change.

Country-wide Wholesale Electricity Spot Market rates down in July

Initial average price of electricity in the Wholesale Electricity Spot Market (WESM) in the entire country for July decreased, according to the Independent Electricity Market Operator of the Philippines (IEMOP). Average supply was down 3.9 percent to 18,867 MW from 19,638 MW.

DTI to regulate warehouses

The Department of Trade and Industry (DTI) is considering  banning the sale of electrical appliances in electronic marketplaces after it seized a record value of uncertified products last month. Seized were a total of 24,771 units of non-compliant appliances found in violation of Republic Act  No. 4109 or the Product Standards Law, as well as Department Administrative Order (No. 02: 2007 for lacking the PCC and ICC stickers.

UN: World food prices ease

LONDON- The United Nations world food price index eased slightly in July according to data released on Friday, with a decline in the index for cereals offset in part by increases for meat, vegetable oils and sugar. The UN Food and Agriculture Organization’s price index, which tracks the most globally traded food commodities, averaged 120.8 points in July, down from 121.0 in June. 

PEZA targets Middle East investors

The Philippine Economic Zone Authority (PEZA) said that it is hoping to attract Middle Eastern investors involved in the agribusiness, logistics, and economic zone (ecozone) development businesses. In a statement over the weekend, PEZA said the new approach was the result of a meeting with the Foreign Trade Service Corps (FTSC) Middle East Team officers last month to discuss possible collaboration.

DepEd-BOI accord enhances knowledge on digital economy

More than 20 million school children will benefit from the “Kids for the Future of Philippine Industrialization” as the Department of Education (DepEd) and the Board of Investments (BOI) forged a strategic partnership to enhance knowledge on the digital economy and expose learners to opportunities in the Information Technology industry.

Recto: We are on-track with our Medium-Term Fiscal Program that reduces deficit and debt gradually, creates more jobs, increases incomes, and reduces poverty 

Finance Secretary Ralph G. Recto has assured the House of Representatives that the government is on-track to achieving its targets under the refined Medium-Term Fiscal Program that gradually reduces deficit and debt, creates more jobs, increases incomes, and reduces poverty.