2024 Aviation Summit Takes Flight: Foreign Investment, Skills Development, and Sustainability in Focus

The Philippine aviation industry is preparing for takeoff with the upcoming 2024 Aviation Summit, a two-day event organized by the ECCP and the AsBAA in partnership with the Department of Transportation. The summit will take place from 02 to 03 October 2024 at the Marriott Hotel Manila. It promises to be a pivotal event shaping the future of Philippine and regional aviation.

Philippines sets up buffer fund to address agri supply shortage 

The DA is looking into various financial sources for a buffer fund where it can dip its hands into in case of a shortage in commodities, such as rice, Secretary Francisco Tiu Laurel Jr. told reporters on the sidelines of the ECCP’s 2024 Sustainable Agriculture Forum in Makati City.

PEZA investment approvals reach P54.19B in Sept.

The Philippine Economic Zone Authority (PEZA) approved P54.19 billion in investment pledges in September, almost four times as much as the P14.04 billion okayed in the same month last year.

PHL enroute to being clean energy hub with 1st EV plant

With the opening of the first local lithium iron phosphate (LFP) batteries manufacturing plant in Tarlac, President Ferdinand R. Marcos Jr. said the country is now on its way to producing electric vehicles (EV) and becoming a clean energy hub in Asia.

PHL identified as priority site for infra investment within IPEF bloc

THE energy industry could unlock more financing as a result of Philippine membership in the Indo-Pacific Economic Framework (IPEF) after the country was singled out as a priority site for infrastructure investment by a coalition of global investors, according to the Department of Energy (DoE).

Philippines lags in 5G performance in Asia Pacific

The Philippines remains one of the worst countries for 5G access in Asia Pacific, making it challenging for consumers to load their games and videos in high quality. In an analysis,  the Philippines has turned in a 5G download speed of 146.3 Mbps as of June, the fourth lowest among 13 economies in the region.

PBBM to tech startups, investors: Look no further, choose PH

President Ferdinand R. Marcos Jr. on Monday invited technology startups and other industry players to consider the Philippines as an investment destination. During the inauguration of the PhP7-billion StB Giga Factory in New Clark City, the President underscored the country’s talent pool and readily available infrastructure to turn their ideas into reality.

DTI seeks to boost creative industry, establish PH as premier creative hub by 2030

The Department of Trade and Industry seeks to harness the potential of the country's creative industry to make the Philippines a premier creative hub by 2030. DTI Undersecretary Rafaelita Aldaba said this vision can only be done by developing and embracing creative technology, enhancing the collection of creative and cultural statistics and pushing for creative placemaking in the country.

Energy transition to depend on pace of industry upskilling

Training and upskilling of the energy workforce will help determine the pace of the Philippines’ energy transition, the British embassy said. Deputy Ambassador Alistair White said that getting the support needed for such upskilling is critical if the energy transition is to move forward.

Alternergy keen on green energy auctions this year

Alternergy Holdings Corp. may participate in the Department of Energy’s (DoE) green energy auction (GEA) program this year. Mr. Magbanua said the attractiveness of the third round of the green energy auction would depend on the price set by the Energy Regulatory Commission.

FedEx upbeat on prospects in Clark National Food Hub

The Luzon Economic Corridor which is seen to house the Clark National Food Hub, bodes well for logistics firm FedEx Philippines, as this will boost the  freight business and enable the firm to help small players in the agribusiness sector within the country.

Government borrowings climb 40% in August

The National Government’s (NG) gross borrowings rose by 40.28% year on year in August as domestic debt jumped on increased issuances of government securities.

Bill seeking VAT for digital transactions to boost gov't revenues by P80 B--Escudero

Senate President Francis “Chiz” Escudero expressed confidence that the bill imposing a 12-percent value-added tax (VAT) on digital transactions would shore up government coffers by at least P80 billion in revenues. Escudero said that this would level the playing field for local and foreign digital service providers (DSPs) and streamline tax administration.

BSP and BAP set to enhance swap, GS repo markets

The Bangko Sentral ng Pilipinas (BSP) and Bankers Association of the Philippines (BAP) will enhance the interest rate swap market and the repurchase agreement (repo) market for government debt to improve benchmarks for a smoother yield curve.

Tesda to expand enterprise-based training

The Technological  Education and Skills Development Authority (Tesda) said it aims to expand enterprise-based training (EBT) to around 20 percent to 40 percent in the next two to three years to address the issue on job-skill mismatches. At the Advanced Manufacturing Workforce Development’s (AMDev) Second Annual Stakeholder Forum last week, Tesda Director General Francisco Benitez said the National Training and Technical Education Skills Development Plan intended to expand enterprise-based training from 4 percent to 20 percent this year.

Inflation may ease to near 4-year low

Headline Inflation likely slowed to a near four-year low in September amid falling prices of rice and fuel, giving the Bangko Sentral ng Pilipinas (BSP) room to cut benchmark interest rates further, analysts said.

PHL tourism businesses lagging in race to digitalize, Klook says

Businesses catering to tourists in the Philippines have not yet sufficiently embraced digitalization, according to the co-founder of travel platform Klook. However, Klook President states that merchants and tourism offices in the country are receptive to promote more digitalization in the industry.

Farms, fisheries bear ₱3.77B in damage from ‘Enteng’–DA

The country’s agriculture and fisheries sector sustained P3.77 billion in damage from the onslaught brought by severe tropical storm “Enteng,” according to the Department of Agriculture (DA). Furthermore, the tropical cyclone affected 88,963 farmers and fishers with 72,680 hectares of agricultural areas.

ET technology seen improving local goat production

The country’s goat-raising industry will benefit from the embryo transfer (ET) technology which boosts the reproductive efficiency of goat farming, according to the Department of Science and Technology (DOST). 

Filipinos lead global shift to eWallet, payment apps

The 2024 consumer survey by Appdome Inc. reported that 61.6% Filipinos used eWallets and payment applications, nearly double the global average. However, e-Wallet application developers are expected to prioritize creating fraud prevention and data privacy measures to combat heightened social engineering scams.

Bataan pushes the conversion of BNPP into a data center

Converting the Bataan Nuclear Power Plant (BNPP) into a data center could benefit the nation, the province’s governor said on Tuesday. Further, the local government plans to establish an IT-BPM hub within the proposed center to serve private sectors and companies.

PHL losing share in key banana markets due to pests, diseases

Pilipino Banana Growers and Exporters Association (PBGEA) Executive Director Stephen Antig said the Philippines is losing key markets for bananas due to weak production as a result of pests and diseases, specifically fusarium wilt or Panama disease. Mr. Antig said Philippine market share for fresh banana has fallen steadily since 2012. In Japan, the Philippines used to have a 94% share of the market share; in 2023, it was 79%.

Filipino consumers, businesses more upbeat about Q4

Filipino consumer and business sentiment about the final quarter of 2024 turned positive amid expectations of softer inflation and bigger income, the Bangko Sentral ng Pilipinas (BSP) said. Results of a nationwide BSP poll of 5,211 households conducted between July 1 and July 12 showed the overall confidence index (CI) of consumers for the next quarter reverted back to positive territory at 0.7 percent, from -0.4 percent previously.

E-commerce, semiconductors growth continue to boost logistics demands

Sales from the electronic commerce (e-commerce) market and semiconductors continue to drive up demands in the logistics operation. As the holiday season approaches, Espinosa indicated that seasonal trends are emerging, especially in the shipment of apparel and other goods.

Feasibility study to take 2 years for ports servicing wind industry

The Department of Transportation (DoTr) said it is hoping to complete in two years the feasibility study, including the detailed engineering design, for two ports to be repurposed to service offshore wind farms. Last week, the Department of Energy (DoE) and the Philippine Ports Authority (PPA) said they will start the process of repurposing three ports to service the offshore wind industry.

P5-billion fund to address gaps in food supply deemed ‘too small’

The P5-billion fund designed to plug gaps in the food supply could  be inadequate for addressing shortages of key commodities and may be left begging for money with rice cornering the funding, analysts said. Fermin D. Adriano, a former Agriculture undersecretary, said in a Viber message that the Department of Agriculture’s (DA) allocation is dwarfed by the funding for other commodities.

Weak US outlook to hit remittances

A slowdown in US consumption could hurt Philippine remittances and exports, though this is still outweighed by domestic risks, Fitch Ratings said. The rating firm expects US consumption growth to decelerate gradually over the next 12 months and slow to 1.4% in 2025 from 2.2% this year.

BSP eyeing to remove fees on small transfers

The Bangko Sentral ng Pilipinas (BSP) wants to remove transaction fees for person-to-person electronic fund transfers and payments to small businesses, based on a draft circular. The central bank is eyeing to amend the Manual of Regulations for Payment Systems (MORPS) to “provide for the elimination of fees on electronic fund transfers for personal transactions, up to a specified threshold on the number of transactions, and on payments for micro-merchants,” according to an exposure draft of the circular posted on its website.

Central bank chief looks to bring down big banks’ RRR to zero within term

The Philippine central bank chief said big lenders’ reserve requirement ratio (RRR) could be brought down to as low as zero before his term ends in 2029. Asked if the RRR could be reduced to zero during his six-year term, Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona, Jr. said this is “possible.”

PHL identified as priority site for infra investment within IPEF bloc

The energy industry could unlock more financing as a result of Philippine membership in the Indo-Pacific Economic Framework (IPEF) after the country was singled out as a priority site for infrastructure investment by a coalition of global investors, according to the Department of Energy (DoE).

Vietnam to remain top rice supplier after India eases restrictions

Rice importers are expected to continue relying on Vietnam for their supply even after India eased its export controls on white rice, analysts said. On Saturday, India's Directorate of Foreign Trade announced the lifting of the export ban on non-basmati white rice, citing high inventory levels. The Indian government imposed a minimum export price of $490 per metric ton (MT).

New Cavite economic zones expecting four locators

The Philippine Economic Zone Authority (PEZA) said on Monday that four companies are set to locate in the two newly proclaimed economic zones (ecozones) in Cavite. In a statement, the investment promotion agency said that the ecozones proclaimed through Proclamation Nos. 669 and 677 have an estimated project cost of P723 million.

Benchmark PSEi tumbles by 2.1% as shares retreat after bullish breakout

The local bourse pulled back from the heights on Monday, Sept. 30, after days of being overbought, mostly due to last-minute dumping of index heavyweights By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) tumbled by 2.1 percent, or 155.65 points, to 7, 272.65.

DND chief: Marcos admin dedicated to protecting PH waters

The Marcos administration is fully committed to protecting the Philippines ’maritime interests. The inaugural “Balangay Forum” in Camp Aguinaldo on Monday tackled issues such as sustainable maritime governance and the rights of the country provided by international law.

PBBM foreign trips pay off as $14.2-B pledges now working

Around USD14.2 billion worth of investment commitments have begun turning up since December 2023, according to the Department of Trade and Industry (DTI). These came from 46 projects currently operating or newly-registered with investment promotion agencies.

P723M invested for 2 new ecozones in Cavite

The Philippine Economic Zone Authority (PEZA) said the two newly proclaimed special economic zones in Cavite province have investment amounting to PHP723 million. 

PH hot money records net inflows in August

Foreign portfolio investments registered with the Bangko Sentral ng Pilipinas (BSP) through authorized banks recorded net inflows of USD533.95 million in August. Data released by the BSP late Monday showed that the net inflows resulted from the USD1.37 billion gross inflows and the gross outflows of USD836.78 million for the month.

DA bans import of poultry products from France

The Department of Agriculture (DA) on Monday announced the temporary import ban of poultry products from France after the European country reported an Avian Influenza (AI) outbreak last Aug. 7. Under DA Memorandum Order 40, the ban will cover the importation of domestic and wild birds or shipment of live poultry, poultry products, and by-products including day-old chicks.

India’s easing of ban on non-basmati rice to soften world rice prices

The Department of Agriculture (DA) on Monday said that India’s lifting of its export ban on non-basmati rice may help soften global price pressures.  DA Assistant Secretary Arnel de Mesa said this will help ease global pricing considering that India supplies 40 percent of global rice imports.

Councils to oversee individual farm commodities

The Department of Agriculture (DA) said it hopes to organize councils to oversee each key commodity, which will meet monthly in order to achieve more systematic industry consultation.

BIR signals major push against smuggling of farm commodities

The Bureau of Internal Revenue (BIR) said on Monday that it will deploy as many personnel as needed to deter the smuggling of farm commodities. The recently signed law, which went into the books as Republic Act (RA) No. 12022, expanded the definition of agricultural products to cover livestock, aquatic products, and tobacco.

PHL inflation expected to ease further on decline in rice prices

Headline inflation is expected to ease further due to the decline in rice prices, ANZ Research said. ANZ Research said it expects inflation to average 3.4% this year, in line with the Bangko Sentral ng Pilipinas’ (BSP) full-year forecast.

E. Visayas council approves 7 projects funded from energy sales

The Eastern Visayas Regional Development Council (RDC) has approved seven projects proposed by various local government units for funding under the Energy Regulations (ER) No. 1-94 program of the Department of Energy (DOE). NEDA approved these projects worth PHP13.15 million.

Local sourcing strengthens MSMEs in ecozones

Nine in 10 registered business enterprises (RBEs) with the Philippine Economic Zone Authority (PEZA) source their raw materials locally, seen as boosting micro, small and medium companies (MSMEs) within and outside ecozones.

DA to conduct monthly dialogue with farmers, businessmen, traders of key commodities to bolster local output

The Department of Agriculture (DA) plans to conduct a monthly dialogue with farmers, businessmen, and traders of every agricultural commodity to bolster local output.

Marcos writes off P124.6-million agrarian reform debt of 3,500 Tarlac farmers

Over 3,500 Agrarian Reform Beneficiaries (ARB) from Tarlac will no longer have to pay their debts from the government after they receive their Certificates of Condonation with Release of Mortgage (COCROMs).

Expanded and new ecozones seen to boost growth, jobs

President Ferdinand R. Marcos Jr. has proclaimed the expansion of Gateway Business Park and the creation of the NDC Industrial Estate, a new special economic zone, both in Cavite, which are expected to host a locator specializing in metalwork and three companies engaged in production of soap and other detergents, among others, according to the Philippine Economic Zone Authority (Peza).

DOE raises biodiesel blend to 3% CME starting Oct. 1

The Department of Energy (DOE) announced Monday that the use of higher biodiesel blend to 3 percent cocomethyl ester (CME) takes effect today, October 1. This marks an increase from the current 2 percent CME blend. The CME blend will further increase to 4 percent by October 1, 2025 and to 5 percent by October 1, 2026.

Talent shortage besets semiconductor industry

A technology expert urged the government to foster Science, Technology, Engineering and Mathematics (STEM)-related courses to maximize the potential of the semiconductor industry.

CDC accredits PWS as sole waste service provider starting October

Clark Development Corp. (CDC) has named Prime Waste Solutions Pampanga Inc. (PWS Pampanga) its lone service provider authorized to handle collection of residual waste within the Clark Freeport and Special Economic Zone.

NG’s 7-month infrastructure expenditures up 19.2% to P736.7B on increased spending performance of DPWH

The national government ramped up its infrastructure expenditures, spending P736.7 billion as of the end of July 2024, according to the Department of Budget and Management (DBM).

Global funds pick Philippines energy sector

A coalition of global investors and partners dedicated to mobilizing infrastructure investment across the Indo-Pacific region has chosen the Philippine energy sector as its initial focus market.