Government eyes P10 billion funding for cost-savings program
The government is securing P10 billion in financing to boost efforts to efficiently reduce electricity and fuel consumption amid growing demand, Energy Undersecretary Felix William Fuentebella said on the sidelines of an energy forum organized by the ECCP.

NG borrowings rise 15.5% in Jan-July to ₱1.76T–BTr
The national government racked up P1.759 trillion in domestic and foreign borrowings from January to July 2024 to address the state’s budgetary needs.

Inflation likely eased to 3.7% in Aug.
Headline inflation likely eased in August and returned to within the central bank’s 2-4% target band amid a drop in prices of rice and fuel, analysts said. This is within the 3.2-4% forecast of the BSP for the month.

PH manufacturing sector extends growth streak
The country’s manufacturing sector extended its growth streak in August as new orders continue to come in on improving global demand, S&P Global said. The S&P Global Philippines Manufacturing Purchasing Managers’ Index, which measures the country’s manufacturing output, stood at 51.2 in August.

PHL eyeing e-travel system as key to paperless airport
The Philippine government is leveraging the eTravel system to transform the country with fully “paperless airports” that aim to provide better travel experience to airport users. In an interview, DICT David Almirol said the eTravel system now features 8 other travel processes, streamlining the tasks needed at airports.

Biz leaders seek urgent review of PH energy plan
Members of the Private Sector Advisory Council have urged the Marcos administration to review the Philippine Energy Plan to slash power costs. After assuming the presidency in 2022, Marcos created this council meant to help the government hit its economic goals.

UNDP, DOF to develop comprehensive strategy for climate finance in PHL
The United Nations Development Programme (UNDP) and the Department of Finance (DOF) will develop a comprehensive strategy for climate finance in the Philippines with the aim of helping consolidate financing solutions for climate change action in the country.

Pharma to benefit from ‘nearshoring’ as Asia-Pacific turns protectionist, BMI says
ASIA-PACIFIC economies are expected to become less enthusiastic about globalization as growth weakens, with “nearshoring” picking up momentum to the possible benefit of industries like pharmaceuticals, Fitch Solutions unit BMI said. “A more challenging economic outlook in the Asia-Pacific (APAC) region will limit scope for politicians to embrace globalization,” it said in a commentary. “Southeast Asia is positioned to leverage nearshoring for economic growth, with the pharmaceutical sector poised to benefit significantly from these trends,” it added.

Aboitiz pushes investment-friendly policies to boost renewables adoption
Aboitiz Power Corp. is pushing for an investment-friendly environment to foster the progress of renewable energy projects and help boost its adoption. AboitizPower chief investment officer Joseph Lacson is calling for strengthened cooperation among all stakeholders to fully unlock the potential of renewable energy. “While the potential benefits of a renewable energy future are immense, the path is fraught with many challenges. The current business landscape is characterized by some degree of uncertainty, bureaucratic hurdles, and a shortage of skilled professional workers,” he said during the Energy Smart Forum 2024 event by the European Chamber of Commerce of the Philippines.

Maharlika to be active in 2025 in all priority investment areas
The Maharlika Investment Corp. (MIC) said it expects to be committing “significant” funds next year to all its priority investment areas, led by energy security.

APEC committed to food security goals
Food security ministers from the Asia-Pacific Economic Cooperation (APEC) member-economies including the Philippines have committed to abide by the roadmap meant to combat food waste and loss in the region. “Food security has consistently been a top priority in the Philippines, where the prevention and reduction of food loss and waste are crucial,” said Undersecretary Roger Navarro of the Department of Agriculture (DA) in a statement over the weekend.

‘AI impact is job augmentation rather than job loss’
Business process outsourcing (BPO) jobs in the Philippines are expected to continuously grow despite the challenges posed by the integration of artificial intelligence (AI) in its processes. The Information Technology and Business Process Association of the Philippines (ITBPAP) told Malaya Business Insight  AI integration should not be much of a concern for the current BPO job pool as it serves as a form of “job augmentation.” This after Bloomberg in an article and podcast forecasted a potential 300,000 job losses in the industry, particularly voice-based service, as the integration of AI is said to make it easier for voice-based operations to transfer business to areas with cheap labor.

Renewables seen to dominate IPO scene in 2025
As the dovish business cycle begins, the Philippines may see more companies braving the stock market next year, with renewable energy firms leading the charge. Unicapital Securities Inc. head of research Wendy Estacio-Cruz told the Inquirer that they were expecting at least five companies to launch initial public offerings (IPOs) next year, given declining interest rates.

DTI: Clark food hub bill to boost food security
The Department of Trade and Industry (DTI) said establishing a national food hub at the Clark airport complex in Pampanga would enhance food security, boost supply chain efficiency, and stimulate economic growth. In a statement, DTI Undersecretary Mary Jean Pacheco said that creating a food hub within the Clark Freeport Zone could be a model for developing similar facilities across the Philippines, especially in the Visayas and Mindanao regions.

Eco czar backs Bay Area plan
The country’s economic czar has expressed support to a proposal to build the Greater Manila Bay Area that could be developed alongside the Luzon Economic Corridor.

Coco farmers call for bigger role in replanting program
The Philippine Coconut Authority (PCA) needs to rope in more coconut farmers’ groups and cooperatives in carrying out its tree replanting effort, an industry group said.

15 more Luzon Corridor projects pitched
Fifteen More projects were presented to the steering committee for the Luzon Economic Corridor last week, according to the Office of the Special Assistant to the President for Investment and Economic Affairs (OSAPIEA).

BCDA income declines 54% to P3.3 billion
The Bases Conversion and Development Authority (BCDA) said it posted a 53.65% decline in total comprehensive income to P3.3 billion in 2023 after hefty payouts to agencies it supports. In its annual report, the BCDA reported that the BCDA contributed P4.35 billion to the Armed Forces of the Philippines (AFP) Modernization Program and other beneficiary agencies and for the replication of Army Support Command facilities in Tarlac.

Delinquent companies can settle SEC fines at lower rates until Nov. 30
The Securities and Exchange Commission (SEC) has launched an incentive program that allows noncompliant and delinquent corporations to settle fines and penalties at “significantly” lower rates. Applications for the Enhanced Compliance Incentive Plan (ECIP) can be submitted to the regulator until Nov. 30, the SEC said in an e-mailed statement.

Regulator eyes collection of green energy auction allowance
The Energy Regulatory Commission (ERC) is looking at collecting a green energy auction allowance (GEA-All) from on-grid consumers once the awarded renewable energy (RE) projects start supplying power to the grid. The ERC has released proposed guidelines on the collection of GEA-All and disbursement of GEA-All Fund. The rules cover emerging RE resources such as solar photovoltaic, biomass, wind, run-of-river hydro, as well as on-grid areas under the GEA program.

Philippine cinema strengthens its German connection
The Film industry in the Philippines is hoping to revive its cultural exchanges with Germany, which have influenced Filipino alternative cinema and film studies over the years. This according to filmmakers and researchers at an Aug. 29 forum organized by the German Embassy at Sine Pop, Quezon City.

T-bill yields mostly steady ahead of CPI
The Government hiked the volume of Treasury bills (T-bills) it awarded on Monday as average yields were mostly steady amid strong investor demand and ahead of the release of August inflation data. The Bureau of the Treasury (BTr) raised P22.6 billion from the T-bills it auctioned off on Monday, higher than the planned P20 billion, as total bids reached P53.105 billion or more than twice the amount on offer, and just a tad lower than the P53.4 billion in tenders recorded at the Aug. 27 auction.

LNG proponents urged to rethink business plan
A coalition advocating for the protection of the Verde Island Passage (VIP) on Monday welcomed the cancellation of a proposed liquefied natural gas (LNG) import terminal of Vires Energy Corp. (VEC), a subsidiary of A Brown Co. Inc. (ABCI) of businessman Walter Brown.

Bank lending growth hits 19-month high in July
Bank lending grew at its fastest pace in 19 months in July, preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed. Outstanding loans of universal and commercial banks rose by 10.4% year on year to P12.14 trillion in July from P11 trillion a year ago.

Assets of Philippines’ biggest banks rose by 11% in Q2
The combined assets of the Philippines’ biggest banks rose in the second quarter amid faster economic growth. The latest edition of BusinessWorld’s quarterly banking report showed that the collective assets of 43 out of 44 universal and commercial banks grew by 10.7% year on year to P25.09 trillion in the second quarter from P22.67 trillion in the same period a year ago.

Hot money net inflows jump to $1.38B in July
More foreign portfolio investments entered the country than left in July, reflecting higher investments in government securities, data from the Bangko Sentral ng Pilipinas (BSP) showed.

Special ecozone created in Iloilo; Malvar SEZ expanded
President Ferdinand R. Marcos Jr. has issued two proclamations creating a special economic zone (SEZ) in Mandurriao, Iloilo City and expanding another in Malvar, Batangas to stimulate economic growth. The Presidential Communications Office (PCO) said on Sunday Marcos issued Proclamation No. 668 and 670 on August 27 upon the recommendation of the Board of Directors of the Philippine Economic Zone Authority (Peza).

PH positioned as hub for sustainable manufacturing, services
The Department of Trade and Industry (DTI) seeks to transform the country into Southeast Asia’s hub for smart and sustainable manufacturing and services.