Senate begins plenary deliberations on mining bill

Senate has begun plenary deliberations on Senate Bill 2826 or the “Enhanced Fiscal Regime for Large-Scale Metallic Mining Act" which is one of the priority measures identified in the Legislative-Executive Development Advisory Council in the 19th Congress.

Tax admin upgrades, strategic spending deemed key to containing swelling debt

The government needs to further improve tax administration to minimize the debt bill after borrowing for next year was projected at P2.535 trillion. Such improvements need to include further easing the process of paying taxes to keep the budget deficit contained.

Marcos Jr. endorses plan to digitize, streamline gov’t accounting, auditing

President Ferdinand Marcos Jr. welcomed the creation of the Philippines’ public financial management (PFM) reform roadmap, which outlines how the government would digitalize and streamline its accounting and auditing processes to have a “more efficient” bureaucracy. 

EPR law excludes ULAB, other hazardous waste–DENR exec

Republic Act 11898 or the Extended Producer Responsibility Act of 2022 institutionalizes the extended producer responsibility on plastic packaging waste but does not cover waste from car batteries and other hazardous waste that are covered by another law.

DA to form consultative bodies in crafting policies on agricultural modernization

The Department of Agriculture will form consultative councils to aid in writing responsive and timely policies and programs for the modernization of the country’s agriculture sector, according to Secretary Francisco Tiu Laurel Jr. 

Developers confident in PHL tourism with P250-B investment — report

Developers have committed about P250 billion to construct 158 accommodation projects, totaling 40,084 room keys, signifying strong confidence in the tourism sector, according to the 2024 Philippine Accommodation Pipeline Report. Alfred Lay of Leechiu Property Consultants said that once all pending accommodations are complete and operational, they will generate 57,000 direct jobs in the hotel industry.

Coast Guard modernization bill gets House 3rd reading OK

The House of Representatives on Thursday approved on third and final reading a bill further strengthening the Philippine Coast Guard (PCG). Voting unanimously, lawmakers approved House Bill 10841, which seeks to replace Republic Act No. 9993, the Philippine Coast Guard Law of 2009, with a new and updated framework designed to enhance the PCG’s capabilities in maritime safety, security, and environmental protection.

13 CREC projects conferred natl significance certification

The projects are comprised of 430MWac of ground mount solar and 362MWac of onshore wind developments, located in 8 provinces: Pangasinan, Bataan, Pampanga, Batangas, Quezon, Camarines Sur, Iloilo, and Negros Occidental. CREC’s GEAP-2 projects are part of the company’s goal to build 5 gigawatts of clean energy capacity in five years.

Port projects for landing farm goods under study

The Department of Agriculture (DA) said it is looking to tap private-sector partners to develop port facilities specialized in handling agricultural shipments. Agriculture Secretary Francisco P. Tiu Laurel, Jr. said the DA’s aim is to bring about the more efficient movement of farm goods, which may require such shipments to bypass the Philippines’ congested major ports.

Cheaper plane tickets await passengers in October

Plane fares will continue to go down next month with the implementation of the year-low fuel surcharge, a welcome development that is seen to further boost travel during the holiday season. In a recent advisory, the Civil Aeronautics Board (CAB) announced that the fuel surcharge was downgraded to Level 4 for October from the current Level 5. Passengers will pay additional P117 to P342 for domestic flights and P385.70 to P2,867.82 for flights abroad under Level 4

₱7.9-billion budget to ramp up school-based vaccine approved

President Ferdinand Marcos has approved a P7.9-billion budget for the Department of Health (DOH) to ramp up the country’s immunization rate to 95 percent, which slowed down after the pandemic. In a press briefing in Malacañang on Tuesday, DOH Secretary Teodoro J. Herbosa said the amount will be used to buy vaccines and to pay for the allowance of the health workers,who will administer it. 

DOE policies on RE boost investments

The lifting of foreign ownership restrictions on some renewable energy (RE) projects, alongside measures and mechanisms to accelerate their development, resulted in a more favorable business environment for investments in the power sector.

DoF: Revenue from privatized NAIA eases pressure to tax

The remittance of the P30-billion upfront payment by the proponent of the Ninoy Aquino International Airport (NAIA) modernization project represents the start of a revenue stream that will relieve the pressure on the government to impose new taxes, Department of Finance (DoF) said.

DA eyes auction of ports for ships bearing farm goods

The Department of Agriculture (DA) plans to auction off the construction of ports that will primarily serve vessels carrying agricultural products. Agriculture Secretary Francisco Tiu Laurel Jr. said the estimated cost for the development of 17 ports in the country is P40.5 billion.

No immediate reassignments at Naia as NNIC takes over

The New Naia Infrastructure Corp. (NNIC) on Tuesday assured the public that the status quo at Ninoy Aquino International Airport (Naia) will remain in place following its recent takeover of airport operations, with no immediate changes to terminal assignments. 

PHL paddy rice output likely dropped 11% to 3.36 MMT

The country’s paddy rice output likely dropped by 11.4 percent to 3.36 million metric tons (MMT) in the third quarter, based on the Philippine Statistics Authority’s (PSA) survey of standing crops. In its latest production forecast, the PSA said palay harvest likely declined in the July to September period from the previous year’s actual output of 3.80 MMT.

Philippines IPOs to be fueled by RE listings

Optimism still surrounds the initial public offering (IPO) market in Southeast Asia despite a slow start in 2024, with more renewable energy (RE) listings seen powering up the Philippine IPO landscape. The ASEAN Exchanges, a collaboration of the stock exchanges in Southeast Asia, said investors in the region continue to exercise caution given macroeconomic uncertainties, geopolitical tensions and high interest rates.

Palay output estimated to have fallen 11% in Q3

Output of palay, or unmilled rice, is estimated to have declined 11.4% during the third quarter, the Philippine Statistics Authority (PSA) said. In a report, the PSA said that the palay harvest could come in at 3.36 million metric tons (MMT) during the three months to September. If the estimate is confirmed, it would fall far short of the 3.8 MMT in actual output reported a year earlier.

PCC evaluating 8 merger deals valued at P204B

The Philippine Competition Commission (PCC) said it is currently reviewing eight merger and acquisition (M&A) transactions worth a combined P204 billion. Three of the M&A transactions involve finance and insurance companies; two are in the energy industry; two are involved in wholesale and retail; and one is a real estate deal.

NG bags ₱30 billion on strong demand for debt papers

The Bureau of the Treasury (BTr) borrowed P30 billion through the sale of Treasury bonds (T-bonds) amid strong demand in the domestic debt market. On Tuesday, the auction committee made a full award of the reissued 10-year Treasury bonds with a remaining term of nine years and four months. The auction was 3.2 times oversubscribed as demand for the long-term debt papers reached P96.347 billion, of which P30 billion, as programmed, was accepted by the government

San Miguel-led group remits P30 billion to govt after NAIA takeover

The San Miguel-led consortium that is now operating the Ninoy Aquino International Airport has made a P30-billion upfront payment to the government, the Department of Finance said on Tuesday. The DOF said the remittance from the Manila International Airport Authority (MIAA) cleared with the Bureau of the Treasury on Sept. 16, following the official turnover of NAIA’s operations and maintenance from the MIAA to the New NAIA Infrastructure Corp (NNIC) on Sept. 14.

Port congestion holding up rice shipments–DA chief

Port congestion is holding up  rice shipments, and because of such delay, local consumers may have to wait longer for cheaper rice prices, agriculture officials indicated on Monday. Rice arrivals in August reached 361,724.20 metric tons (MT), based on figures from the Bureau of Plant Industry (BPI).

BSP may cut RRR this year — Metrobank

The Bangko Sentral ng Pilipinas (BSP) could reduce local banks’ reserve requirement ratio (RRR), or the the percentage of bank deposits and deposit substitute liabilities that banks cannot lend out, to as low as 7% this year, Metropolitan Bank & Trust Co. (Metrobank) said. However, Metrobank Economic Chief said that it is still uncertain if slashing the RRR while interest rates are still elevated would lead to higher bank lending.

Philippine credit rating upgrade possible if GDP grows faster than expected

The Philippines’’ credit rating of “BBB+” with a “stable outlook” may be upgraded if the economy grows faster than expected, S&P Global Ratings said. The credit rater expects Philippine gross domestic product (GDP) growth to average 5.8% this year and 6.1% in 2025. Nonetheless, these figures are both below the government’s 6-7% and 6.5-7.5% growth targets for this year and next, respectively.

PBBM hopes for continued collaboration with Japan’s trading firm

President Ferdinand R. Marcos Jr. on Tuesday expressed optimism about the Philippine government’s continued collaboration with Marubeni Corporation, one of Japan’s leading trade and investment companies, to sustain the country’s economic development. According to him, the impact of its operations  in energy, water, infrastructure, and manufacturing will generate multiple career opportunities for Filipinos.

Gov’t raises P30B from T-bonds

The government was able to fully raise its target amount of long-dated local debt during Tuesday’s auction of Treasury bonds (T-bonds) amid market expectations of interest rate cuts by the US Federal Reserve this week. The Philippine government aims to raise P195 billion from the domestic market this month, of which P80 billion will come from Treasury bills and P115 billion via T-bonds.

PHL slumps to near bottom of global talent index

The Philippines slumped to the near bottom of an annual global ranking of countries’ ability to attract and retain a skilled workforce, a report by the Institute for Management Development (IMD) World Competitiveness Center showed. In the IMD’s World Talent Ranking (WTR) 2024, the Philippines slipped three spots to 63rd out of 67 countries, from 60th out of 64 economies last year. This is the country’s worst ranking from as early as 2005.

Agricultural damage from recent storms tops P107 million

Agricultural damage from recent tropical cyclones working in tandem with the effects of the southwest monsoon was estimated at P107.42 million, according to the Department of Agriculture (DA). Citing initial reports, the DA said Tropical Cyclones Ferdie, Gener, and Helen affected 1,372 farmers and fisherfolk. The initial reports were filed at DA regional field offices in Mimaropa and the Western Visayas. Volume losses were estimated at 4,749 metric tons across 1,547 hectares of farm area.

‘Green’ startups angling for tie-ups with major companies

Philippine Energy and climate-mitigation startups have grown since 2020, but will need the clout of major companies working in partnership to ensure access to financing, California-based business accelerator New Energy Nexus (NEX) said.

Car sales expanded by 6.6% in August

Philippine vehicle sales grew by 6.6 percent in August, improving from the preceding month but still marking the second slowest growth rate so far this year. A report from the Chamber of Automotive Manufacturers of the Philippines Inc. and the Truck Manufacturers Association on Tuesday showed that local dealers had sold 39,155 new units during the month, more than the 36,714 units recorded in August 2023.

EPR law excludes ULAB, other hazardous waste–DENR exec

Republic Act 11898 or the Extended Producer Responsibility Act of 2022 institutionalizes the extended producer responsibility on plastic packaging waste but does not cover waste from car batteries and other hazardous waste that are covered by another law, an official of the Department of Environment and Natural Resources (DENR) said. 

Senate OKs PHL-South Korea FTA

The Philippine Senate on Wednesday approved on second reading a resolution calling for concurrence in the free trade agreement (FTA) between the Philippines and South Korea. In Senate Resolution No. 1188, Senator Maria Imelda “Imee” R. Marcos said the free trade deal, which was signed on Sept. 7 last year in Indonesia, would encourage more foreign direct investments and more concessions than those under the Regional Comprehensive Economic Partnership Agreement.

More PHL executives now support cybersecurity, says Google Cloud expert

More senior executives in Philippine companies are now supporting cybersecurity and recognizing its business impact compared to five years ago, according to a cybersecurity expert from Google Cloud. Senior executives now understand that “cyber impact means business impact” and have taken an interest in resourcing it better, he said on the sidelines of the 8th Association of Southeast Asian Nations Chief Information Officer Forum.

NAIA gets new website, logo, social media pages after privatization

The Ninoy Aquino International Airport has a new website, social media pages and logo following its takeover by a private consortium led by San Miguel Corp. The New NAIA Infra Corp (NNIC) said the new website focuses on providing comprehensive information about NAIA — including details on the ongoing transformation project, its progress, and the future vision for the airport.

‘Paihi’ tankers held by BOC yield P20-M unmarked fuel

The Bureau of Customs (BOC) seized P20.350 million worth of unmarked fuel from two fuel tankers involved in a “paihi” scheme or illegal fuel transfer at the Navotas Fish Port on Wednesday. The BOC announced on Thursday the two tankers are now under their custody after they were seized by the Customs Intelligence and Investigation Services-Manila International Container Port (CIIS-MICP).

LTO intensifies anti-overloading operations

The Land Transportation Office (LTO) has ramped up its anti-overloading operations nationwide in a bid to promote road safety. Transportation Assistant Secretary Vigor D. Mendoza, LTO chief, ordered “all enforcers of the agency to intensify the anti-overloading operation across the country.”

COA has no power to impose administrative penalties–SC

The Supreme Court (SC) has declared that the audit powers of the Commission on Audit (COA) do not include the imposition of administrative penalties against a public officer. Thus, In an en banc decision written by Associate Justice Jean Paul Inting and released on Wednesday, the SC set aside COA’s disallowance issued against PhilHealth Region III Officer Jess Christopher S. Biong as well as the penalty that the agency imposed on the latter.

Honda batting for extension of Palace order cutting EV tariffs

Honda Motor Co., Ltd. is seeking the extension of an executive order (EO) reducing tariffs and duties on all kinds of electric vehicles (EVs) beyond 2028, saying more time is needed to grow the market. Toshio Kuwahara, Honda vice-president and head of Regional Operations in Asia and Oceania, did not propose a definite ending date for the EO’s effectivity.

BSP to cut RRR ‘substantially’ this year

The Bangko Sentral ng Pilipinas (BSP) plans to reduce the reserve requirement ratio (RRR) “substantially” this year, its top official said. The RRR is the portion of reserves that banks must hold onto rather than lending out. The BSP reduced the ratio for big banks and nonbank financial institutions with quasi-banking functions by 250 bps to 9.5% in June 2023.

‘Strategic policy moves will bolster farm productivity’

STRATEGIC policy interventions are pivotal in bolstering agricultural productivity that could lower food prices, according to a research study. De La Salle University Professor Marites Tiongco stressed the need for blended short-term and long-term measures guided by well-crafted legal frameworks, which are crucial in overcoming the complexities of the Philippine agri-food system and fostering resilience and sustainability.

Free trade agreement between South Korea and PHL to benefit local footwear first

Local footwear will be more competitive once the free trade agreement (FTA) between South Korea and the Philippines enters into force as Philippine-made shoes can penetrate the South Korean market at zero-tariffs immediately upon effectivity of the treaty, according to a lawmaker.

DBM releases almost ₱400M for purchase of police vehicles

A total of P396.374-million was released by the Department of Budget and Management (DBM) for the procurement of motor vehicles by the National Police. Budget Secretary Amenah F. Pangandaman has approved the request of the Department of the Interior and Local Government (DILG) for the issuance of Authority to Purchase Motor Vehicles (APMV), a DBM statement said.

Group hits cap placed on mining royalties

A group that opposes mining denounced on Thursday the proposal to put a cap on royalties due to tribal communities in the proposed Mining Fiscal Regime Bill that has been passed by the Senate Committee on Ways and Means and is now due for deliberation by the chamber in plenary session.

Senate approves new DBP Charter on second reading

The new charter of the Development Bank of the Philippines (DBP) has been approved on Second Reading before the Senate plenary. Senator Mark Villar is the sponsor and one of the authors of the measure.

PHL nixes return to euro bond market

The national government dropped its plan to return to the euro bond market and is now considering yen-denominated securities instead and additional support from multilateral lenders. National Treasurer Sharon P. Almanza told reporters on Tuesday in Malacañan Palace the government will not be issuing euro-denominated securities, or euro bonds, in 2024.

‘10-point wage hike criteria leads to poverty wages’

Instead of helping the workers, the 10-point criteria of the Wage Rationalization Act only pushes workers down to poverty, a labor professor said. Assistant Professor Benjamin Velasco, from the School of Labor and Industrial Relations in University of the Philippines Diliman, said on Wednesday that the criteria set by the law only helps regional wage boards in its “policy of poverty wages.”

ROW issues cause a major hurdle in the NSCR completion – PNR

Issues with right of way (ROW) are one of the difficulties in the construction of the North-South Commuter Railway, according to the Philippine National Railway (PNR) Chairman Michael Ted R. Macapagal. He added that it is vital to inform the people about the project’s role in decongesting and reducing the travel time to Metro Manila by 50%. 

Gov’t agencies’ cash utilization hits 95%

The cash utilization rate posted by government agencies hit 95% in the first eight months of the year, the Department of Budget and Management (DBM) said. The National Government, local governments and government-owned companies used P2.96 trillion of the P3.12 trillion worth of notices of cash allocation (NCAs) issued as of the end of August. Unused NCAs amounted to P161.97 billion.

First energy-efficiency law incentives granted by BoI

The Board of Investments (BoI) approved the registration of a solar project undertaken by Nakashin Davao International, Inc., making it the first business to be granted incentives offered under the Energy Efficiency and Conservation (EE&C) Act. In a statement on Wednesday, the BoI said that Nakashin’s 519.2-kilowatt-per-hour solar photovoltaic rooftop system project is eligible for an income tax holiday (ITH) equivalent to 50% of its capital investment.

Japan firms awaiting final form of CREATE MORE bill

FIVE Japanese firms are waiting on the passage of a bill that will amend the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act before making expansion decisions, the Department of Trade and Industry (DTI) said.