EURO-PH NEWS

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.

IFC, EU to finance PHL’s ‘green’ transition project

The International Finance Corp. (IFC) and the EU will be financing a green transition project in the country worth P308 million. Under the project, the EU and IFC will help mobilize private capital and investment from IFC and European development finance institutions to help address the country’s climate challenges.

MPTC in talks with European firm to expand CCLEx for traffic growth

Metro Pacific Tollways Corp. (MPTC) said it is negotiating with a European company for the expansion of Cebu-Cordova Link Expressway (CCLEx). Mr. Singson said the investment from the foreign company, which he described as a European firm with existing tollway operations, may range from P5 billion to P10 billion.

EU-Philippines Earth Observation Programme at the Philippine Space Week

The European Union’s Copernicus support programme for the Philippines, or CopPhil, is supporting the Philippine Space Agency and the Department of Science and Technology to develop a mirror site of the EU’s Copernicus earth observation programme.

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PHL surprises with 6.3% GDP growth

Preliminary data released by the Philippine Statistics Authority (PSA) showed gross domestic product (GDP) expanded by an annual 6.3% in the April-to-June period, the fastest in five quarters or since the 6.4% in the first quarter of 2023.

Inflation quickens to 9-month high

Headline inflation accelerated to a nine-month high in July, mainly driven by a spike in electricity rates and food costs, data from the Philippine Statistics Authority (PSA) showed. The consumer price index quickened to 4.4% year on year in July from 3.7% in June, falling within the BSP’s 4%-4.8% forecast.

Q1 GDP growth revised upward to 5.8%

The economy slightly grew at a faster rate in the first quarter of 2024 than initially reported but was still below the official target, according to the PSA. In a statement, the PSA said the GDP growth in the first three months was revised upward to 5.8 percent from the preliminary estimate of 5.7 percent.

DBM hails GDP report, vows to create more jobs to keep economic upswing

After a 6.3 percent recorded growth in the country’s economy, the Department of Budget and Management (DBM) on Thursday expressed elation and vowed to focus on job-creation and poverty reduction to sustain economic upswing.

Acting DTI secretary bares priorities

The acting secretary of the Department of Trade and Industry (DTI) said she will build on the foundation built by the agency on investments, international trade, consumer protection and micro, small and medium enterprise (MSME) development.

Gov't to implement stronger measures to ensure food security

The National Economic and Development Authority (NEDA) on Tuesday assured that the government is implementing crucial interventions to support the most vulnerable sectors and ensure food security amid La Niña and the higher inflation recorded in July.

DoST-PCIEERD to fund more AI, smart city projects

The Department of Science and Technology-Philippine Council for Industry, Energy, and Emerging Technology Research and Development (DoST-PCIEERD) is proposing a higher artificial intelligence (AI) and smart city project budget for 2025.

Trade-in-goods deficit widens to $4.3B in June

The Philippines’ trade-in-goods deficit ballooned to $4.3 billion in June as imports and exports contracted, the PSA said on Tuesday. Preliminary data from the PSA showed that the country’s trade-in-goods balance stood at a $4.3-billion deficit in June, 9.3% bigger than the $3.94-billion gap in the same month last year.

Gov’t to consider new taxes if revenue collection falls short — Recto

The government will only consider introducing new taxes if revenue collection falls short of target, the DoF said. The National Government (NG) aims to collect P4.64 trillion in revenues next year, up 8.77% from this year’s projected P4.27-trillion collection. Of this, the government looks to collect P4.33 trillion in tax revenues, 13.41% lower than this year’s target.

BOI eyes 128,000 workers in semiconductor sector by 2028

The Board of Investments (BOI) said the government aims to produce thousands of engineers and technicians for the country’s semiconductor and electronics industry in the next four years. BOI Managing Head Ceferino Rodolfo said that the Department of Trade and Industry (DTI), in collaboration with national government agencies and private sector partners, aims to employ 128,000 engineers and technicians in the sector by 2028.

Q2 agricultural output falls by 3.3%

The Philippines’ agricultural output fell in the second quarter, as the crops and livestock sector continued to bear the brunt of the El Niño weather phenomenon. Data from the Philippine Statistics Authority (PSA) showed the value of production in agriculture and fisheries at constant 2018 prices dropped by 3.3% to P413.91 billion in the April-to-June period, worsening from the 1.2% contraction a year earlier.

June jobless rate falls to lowest in two decades

The unemployment rate in June fell to 3.1%, the lowest in two decades, as hiring in the construction sector surged, the Philippine Statistics Authority (PSA) reported on Wednesday (August 07, 2024). Preliminary data from the Philippine Statistics Authority (PSA) showed the jobless rate slipped from 4.1% in May and 4.5% in June 2023.

Manufacturing expands 2.5% 

The country’s factory output grew by 2.5 percent in June, the Philippine Statistics Authority (PSA) reported yesterday. This is faster than the previous year’s increase of 2.1 percent but  slower than the 3.2- percent growth recorded in the previous month. This brings the average growth rate of Volume of Production Index (VoPI) for manufacturing from January to June 2024 to 1.3 percent.

DA orders audit on importation of alternative sweeteners

The United Sugar Producers Federation (UNIFED) said Agriculture Secretary Francisco Tiu Laurel has ordered the Sugar Regulatory Administration (SRA) to conduct an audit of imported alternative sweeteners following reports of an alarming volume of premixes have entered the country the last eight years

Government takes developer role in 4PH program

The government will be taking over the real estate developer’s role in the Pambansang Pabahay Para sa Pilipino Housing (4PH) program to make housing units more affordable, Department of Human Settlements and Urban Development (DHSUD) Secretary Jose Rizalino Acuzar said.

Govt action needed to address climate change 

New research from global professional services company GHD showed the proportion of Filipinos that experienced climate change is much higher than the 10-country average of 64 percent. GHD’s Crossroads intergenerational equity research is based on a comprehensive survey conducted across 10 countries: Australia, Canada, Chile, New Zealand, the Philippines, Qatar, Singapore, the United Arab Emirates, the United Kingdom, and the United States.