Inflation eases to 3.3 percent in August
Inflation eased to 3.3 percent in August as hikes in food prices slowed down, the Philippine Statistics Authority (PSA) said Thursday. The state statistics bureau said that food inflation was at 3.9 percent in August, verses the 6.4 percent seen in July.

PHL Senate approves CREATE MORE bill on second reading 
The Philippine Senate on Tuesday approved on second reading the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) bill, which seeks to lower taxes on domestic and foreign companies to 20% from 25%.

Legarda pushes for bill seeking better internet connection in Philippines
Senator Loren Legarda renewed her push for the passage of the Senate Bill No. 2699 or the proposed Konektadong Pinoy Act. Legarda said having a better access to the internet would help the Philippines achieve its goal of economic stability and growth.  

NG debt hits P15.7 trillion
The National Government’s (NG) outstanding debt hit a fresh high of P15.69 trillion as of end-July amid an increase in domestic and external borrowings, the Bureau of the Treasury said. Data from the BTr showed that the NG’s debt level rose by 1.33% as of end-July from P15.48 trillion as of end-June.

Gov’t to issue new EV industry road map this month
The government will issue within this month the updated road map for the local electric vehicle (EV) industry, which, among others, will mandate all private and public sector fleets to include such environment-friendly vehicles.

PH agri trade deficit widened in Q2
The country’s agricultural trade deficit widened in the second quarter as importation of farm goods continued to overwhelm local production.The difference between Philippine imports and exports of farm goods rose by 13.8 percent to $3.07 billion in the April to June period from $2.7 billion a year prior.

UNDP, DOF to craft climate finance strategy
The United Nations Development Program (UNDP) and the Department of Finance (DOF) will craft a climate finance strategy to mobilize needed resources for the Philippines. In a statement, UNDP said it would develop a comprehensive strategy for climate finance in the Philippines in a bid to consolidate financing solutions for climate change action in the country.

115 projects now on Green Lane, worth ₱3.2T—BOI
There are now 115 projects approved under the Green Lane, amounting to P3.204 trillion, according to the Board of Investments (BOI). This, the investment promotion agency attached to the Department of Trade and Industry (DTI) revealed, after 13 new projects were issued with green lane certificates in the July to August 2024 period, amounting to P210.46 billion.

ADB to boost infrastructure support for Philippines under six-year plan
The Asian Development Bank (ADB) said it would boost investments in human development, infrastructure and disaster resilience in the next six years to help the Philippines achieve inclusive growth. Under its Country Partnership Strategy 2024-2029, the multilateral lender committed to leverage partnerships, increase co-financing and help tailor-fit solutions based on the country’s needs.

Executive order on EV incentives eyed by yearend
A proposed executive order (EO) on the Electric Vehicle (EV) Incentive Strategy will likely be endorsed to the office of President Ferdinand R. Marcos, Jr. by the end of the year, an Energy department official said. The proposed EV Incentive Strategy is expected to result in the manufacture of around four million EVs in the country in the next 10 years.

Energy firms to post mixed results for second half — analysts
Philippine energy companies are expected to report mixed financial results for the second half of the year due to lower demand during the rainy season and the introduction of new capacity from energy projects, according to analysts.

Upgrade, expansion proposals for 3 airports moving forward — DoTr
The Department of Transportation (DoTr) said it is making progress on proposals to modernize and upgrade three regional airports. For the year, the DoTr is hoping to open the Swiss Challenge on the contract to upgrade and operate Laguindingan International Airport in northern Mindanao, the New Bohol-Panglao International Airport and the Iloilo International Airport.

55% biofuel eyed for diesel power generators
The Department of Energy (DoE) is looking to tap the National Power Corp. (Napocor) to test biofuels in its diesel power generators. Energy Assistant Secretary Mario C. Marasigan said a biodiesel blend of up to 55% for power generation is being considered to reduce reliance on fuel imports and reduce carbon emissions.

Senate gives 2nd reading approval to RCEF bill raising allocation to P30B
The senate on Tuesday approved on second reading a bill seeking to raise the annual allocation for the Rice Competitiveness Enhancement Fund (RCEF) to P30 billion from P10 billion until 2031. Senate Bill No. 2779 allocates P9 billion from the RCEF to the Philippine Center for Postharvest Development and Mechanization and sets aside P6 billion to develop and grow “high-quality inbred rice seeds.”

Ecozones expand to meet demand
The Philippine Economic Zone Authority (PEZA) in statement yesterday (September 04, 2024) said that Aboitiz InfraCapital is expanding its 280-hectare West Cebu Estate (WCE) in Balamban Cebu by another 39 ha at a cost of P1.4 billion.

BSP easing cycle to reverse slowing consumption growth — Metrobank
The Philippine central bank’s expected easing cycle could reverse anemic household spending in a country where consumption accounts for more than two-thirds of the economy. The Bangko Sentral ng Pilipinas’ (BSP) Monetary Board cut borrowing costs by 25 basis points (bps) last month, bringing the key rate to 6.25% from the over 17-year high of 6.5%. This was the first time it cut rates in nearly four years.

PSEi may stack up well amid easing prices and rate cuts
The Philippine Stock Exchange index (PSEi) is projected to close the year at as high as more than 7,600 points, spurred by easing inflation and expected interest rate cuts. The benchmark index could end the year at 6,998.71 to 7,665.26 points, with a 5% to 15% earnings growth for PSEi companies, Philstocks Research said in a report.

115 projects now on Green Lane, worth P3.2T—BOI
There are now 115 projects approved under the Green Lane, amounting to P3.204 trillion, according to the Board of Investments (BOI). This, the investment promotion agency attached to the Department of Trade and Industry (DTI) revealed, after 13 new projects were issued with green lane certificates in the July to August 2024 period, amounting to P210.46 billion.

Strong demand for aviation workers triggers training push
The Department of Transportation (DoTr) said it is studying ways to build up the pipeline of aviation-industry workers due to strong global demand. Transport Undersecretary Roberto C.O. Lim told reporters on the sidelines of a forum on Friday that the talent shortage is global across multiple aviation trades, including “pilots, air traffic controllers, mechanics, radio specialists, maintenance workers, and ground handling equipment operators.”

Analysts see improving foreign investment outlook for PHL
Lower interest rates will help drive the entry of more foreign direct and portfolio investments into the Philippines, analysts said. The BSP expects to record FDI net inflows of $9.5 billion this year. For foreign portfolio investments, it forecasts $3.1 billion in net inflows by yearend.

Faster consumption key to PHL hitting 2024 growth target, says S&P Global
Faster private consumption will be crucial for the Philippine economy to hit its growth target this year, S&P Global Ratings said. S&P Global economist for Asia-Pacific Vishrut Rana said Philippine gross domestic product (GDP) is projected to expand by 5.8% this year. Philippine GDP expanded by 6.3% in the second quarter, bringing first-half growth to 6%.

Retail, F&B face cautious optimism for second half
Consumer-related companies, such as those in retail and food and beverage (F&B) sectors, are expected to perform well in the second half of the year with higher consumer spending anticipated during the holiday season, though potential risks remain, according to market analysts.

DMW: 22,000 OFWs repatriated from 2022 to 2024
Around 22,000 overseas Filipino workers (OFW), including those from war-torn countries, were repatriated in the last two years, according to the Department of Migrant Workers (DMW). During a media forum last Tuesday, DMW Secretary Hans J. Cacdac said this translates to an average of 900 OFWs repatriated OFWs per month from 2022 to 2024.

Domestic travel to break records in 2024–Leechiu
Domestic travel in the Philippines is expected to break records this year, exceeding prepandemic levels. In a recent presentation at the recent Hotel Sales and Marketing Association general membership meeting, Leechiu Property Consultants (LPC) Director for Hotels, Tourism, and Leisure Alfred Lay projected domestic trips to reach close to 130 million this year, exceeding the 122 million in 2019 by some 6.6 percent, and even higher than the 93.5-million domestic trips projected by the Department of Tourism (DOT).

SC junks ERC appeal vs SMC-Meralco power deal
The Supreme Court (SC) has junked with finality the power regulator’s appeal against the termination of the supply contract of energy giants led by business titans Manuel V. Pangilinan and Ramon Ang. In a regulatory filing, San Miguel Corp. said its legal team has received a copy of the SC 1st division’s resolution yesterday, which upheld the high tribunal’s Aug. 3 decision allowing the revocation of a 10-year power supply deal.

Only 10% of budget request for creative industries given–DTI
Only P50 million or 10 percent of the requested budget has been earmarked for the Philippine creative industries under the 2025 National Expenditure Program (NEP), according to the Department of Trade and Industry (DTI).

Newly proclaimed ecozones in Iloilo, Batangas valued at P1.05 billion — PEZA
The Philippine Economic Zone Authority (PEZA) said that the recently proclaimed economic zones by President Ferdinand R. Marcos, Jr. will involve combined investment of over P1 billion. In a statement on Tuesday, PEZA said that Proclamation Nos. 668 and 670 will result in the creation of an IT (information technology) center in Iloilo and the expansion of the LIMA Technology Center in Batangas, respectively.

Senate gives 2nd reading approval to RCEF bill raising allocation to P30B
The senate on Tuesday approved on second reading a bill seeking to raise the annual allocation for the Rice Competitiveness Enhancement Fund (RCEF) to P30 billion from P10 billion until 2031. Senate Bill No. 2779 allocates P9 billion from the RCEF to the Philippine Center for Postharvest Development and Mechanization and sets aside P6 billion to develop and grow “high-quality inbred rice seeds.”

Gov't OKs ODA guidelines for BARMM dev't
The Intergovernmental Fiscal Policy Board (IFPB) approved the guidelines on official development assistance (ODA) loans for the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) to support inclusive development, the Department of Finance (DOF) said on Tuesday.

PBBM’s newly proclaimed ecozones worth more than P1-B
The Philippine Economic Zone Authority (PEZA) said the newly proclaimed ecozones in Iloilo and Batangas amount to PHP1.049 billion. President Ferdinand R. Marcos. Jr. signed on Aug. 27 Proclamation Nos. 668 and 670 declaring The Grid in Iloilo and the expansion project at the LIMA Technology Center in Batangas as new ecozones, respectively.

Power spot prices fall in August on ample supply
Electricity prices at the Wholesale Electricity Spot Market (WESM) fell in August with supply ample in the face of strong demand. Despite the increase in demand, available supply was higher for this specific billing period; hence, there was a wider supply margin mainly because the hydropower plants’ contributions increased from 6.7%…to 10%

ADB launches new PH strategy, earmarks initial $24B
The Asian Development Bank (ADB) launched a new lending program for the Philippines spread over six years while the World Bank (WB) is also preparing one to help the country reach upper-middle income status while staying resilient in the face of climate challenges. ADB said sovereign lending to its host country is expected to total $24 billion between 2024 and 2029 under a new “country partnership strategy” for the Philippines.

Agri damage from Enteng tops P360M
Agricultural damage caused by Severe Tropical Storm Enteng was estimated at P360.18 million, by the Department of Agriculture (DA). The DA said that according to initial estimates, the storm affected 14,605 farmers and fisherfolk. Volume loss were reckoned at 15,205 metric tons (MT) across 9,245 hectares of farmland.

Senate seeks simultaneous signing of maritime zones, archipelagic sea lanes bills
The Senate is seeking the simultaneous signing of the Philippine Maritime Zones Bill and the Archipelagic Sea Lanes Bill. Senate President Francis “Chiz” Escudero said senators have agreed to work for the concurrent passage of these measures so that President Ferdinand Marcos Jr. can sign both at the same time.

PCC says 12 onion traders attempted to corner import market
THE Philippine Competition Commission (PCC) said 12 onion traders sought to corner the import market in violation of competition law. The traders imported 76,555 metric tons of red and yellow onion for a period between 2020 and 2021 by sharing out the import permits, known as sanitary and phytosanitary import clearances (SPSIC), among themselves, PCC Director Christian Loren B. Delos Santos, an enforcement officer at the regulator, said at a briefing.

DoF: Tapping GOCC funds keeps inflation from new taxes in check
The Department of Finance (DoF) said taking money from the reserves of Government-Owned and -Controlled Corporations (GOCCs) is preferable to imposing new taxes, which it called inflationary. To support this year’s funding needs, the DoF needs to collect P11.71 billion in revenue daily to support the government’s average daily spending of P15.8 billion.

Palay loss hits 386,960 MT; ‘Enteng’ infra damage at P108M
Palay production loss since the start of the year amounted to  386,960.34 metric tons (MT) bulk of which caused by El Niño at 330,717.09 MT, the Department of Agriculture (DA) said yesterday (September 04, 2024). This developed as the  Department of Public Works and Highways (DPWH) yesterday estimated the partial cost of damage on roads and bridges due to typhoon “Enteng”  at P108.5 million.