PH aviation 'on the cusp of significant transformation': DOTr chief

Speaking at the Aviation Summit at the Marriott Hotel in Pasay City, Bautista said transformation in the aviation industry is being fueled by increased investments and the involvement of the private sector in infrastructure, human capital, and sustainable development.

NAIA operator hikes fees for airlines starting this month

San Miguel-led New NAIA Infrastructure Corp. (NNIC), the new operator of the country’s main gateway, will now start collecting higher landing and take-off fees from airlines, the DOTr said on the sidelines of the European Chamber of Commerce of the Philippines Aviation Summit 2024.

Philippine inflation slows to 1.9% in September 2024

Headline inflation in September fell sharply to its lowest rate in more than four years, driven by a slower rise in costs for food, transport, housing, and utilities like water and electricity, the Philippine Statistics Authority (PSA) reported on Friday.

IMF trims Philippine growth forecasts

The IMF trimmed its economic growth forecasts for the Philippines as elevated inflation is likely to continue weighing on domestic demand. The multilateral institution cut the country’s GDP outlook for this year to 5.8% from 6% previously.

AI skills, data analytics 'talent gap' among top concerns of IT-BPM sector: industry group

The Philippine IT-BPM industry needs more workers who have advanced skills in artificial intelligence, data analytics and programming, the head of an industry group said on Wednesday.

Airbus, Philippines launch sustainable aviation fuel study

The Philippines has partnered with Airbus to conduct a feasibility study on developing a sustainable aviation fuel (SAF) ecosystem in the country. The initiative, announced on October 3, 2024, involves the Department of Transport, Department of Energy, and Civil Aviation Authority of the Philippines.

Marcos opens first EV battery plant in Philippines

President Ferdinand Marcos Jr. inaugurated on Monday the first factory for electric vehicle batteries in the Philippines, calling it the "future" of clean energy. The Australian-owned lithium-iron-phosphate factory aims to produce two gigawatt-hours of batteries per year by 2030, powering about 18,000 electric vehicles or nearly half a million home battery systems.

Concepcion pushes policy changes to lift PH agriculture

The Philippine agriculture sector could reach its full potential if it adopts modern practices and redefines strategies to address long-standing challenges, according to Go Negosyo founder Joey Concepcion. Concepcion said such an approach would require embracing science and innovation, implementing policy adjustments, and attracting investments from both the public and private sectors.

Cebu Pacific, Airbus seal purchase deal

Cebu Air Inc., operator of budget carrier Cebu Pacific, has finalized a $24-billion landmark deal that involves 152 Airbus 321neo aircraft. A purchase agreement, signed Wednesday night, covers firm orders for up to 102 A321neo, plus 50 A320neo Family purchase rights.

PH aviation sector catches up with “under-investment” in airport development

The country’s aviation industry is catching up on the “significant under-investment in airport development over the years,” Transportation Secretary Jaime J. Bautista said on Tuesday.  Mr. Bautista said the projects from the Department of Transportation (DOTr) will secure a sustainable future, and position the Philippines as the leading regional player in the aviation sector by 2028. 

After parking, new NAIA operator hikes airline fees

After first hiking parking rates, the new operator of Ninoy Aquino International Airport (NAIA) has this time started charging airlines higher takeoff and landing fees, a cost hike that could push airfares up. Transportation Secretary Bautista said despite the recent increase, landing fees in NAIA remain one of the cheapest in Southeast Asia.

Aboitiz group to take over Laguindingan airport in 2025

The infrastructure arm of the Aboitiz group is set to take over the operations and maintenance of the Laguindingan International Airport in Misamis Oriental next year, the Transportation department said.

End-Aug. outstanding debt dips to P15.5T

The national government’s (NG) outstanding debt slipped to P15.55 trillion as of end-August due to a stronger peso and the net repayment of foreign debt, the Bureau of the Treasury (BTr) said.

September manufacturing activity highest in 2 years

Manufacturing activity in September posted its fastest growth rate in two years driven by strong domestic demand, according to S&P Global. In a statement yesterday, S&P Global said the Philippines’ purchasing managers’ index (PMI) for manufacturing in September was at 53.7, up from 51.2 in August.

Marcos signs law imposing 12% VAT on Netflix, Amazon

Philippine President Ferdinand R. Marcos, Jr. on Wednesday signed into law a bill taxing nonresident digital service providers (DSP) including Netflix and Amazon, from which it expects to collect P100 billion in the next five years.

Franchise for Elon Musk’s Starlink PHL pushed

A Philippine senator has filed a bill seeking to grant a franchise to Elon Musk’s Starlink Internet Services Philippines, Inc., which is seen as an option to expand internet connectivity to far-flung areas.

IMI expects $5-M boost from global restructuring

Integrated Micro-Electronics, Inc. (IMI) expects a $5-million boost to its net income as a result of its global restructuring, the company said on Wednesday. On Tuesday, IMI said it would close its Japan sales office. It is also currently downsizing its Singapore and Malaysia offices to improve margins.

Freeport Area of Bataan gears up to lead Asia’s blockchain industry

The Freeport Area of Bataan (FAB) is poised to become one of the key blockchain hubs in Asia, with significant developments already underway. The FAB is a 1,700-hectare trade hub located in Mariveles, Bataan, serving as the Philippines’ center of trade and a key transit point for domestic, regional, and global shipping. 

BIR sees tax collection boost as online sellers start withholding

The Bureau of Internal Revenue (BIR) expects collections to improve in the coming months as the new withholding tax on online sales takes effect.

NFA sees rice sales to government agencies supplementing funding for procurement

The National Food Authority (NFA) said higher revenue from rice sales to government agencies is expected to add to its procurement budget for palay or unmilled rice.

Taiwan optical fiber company registers $70-M Batangas project with PEZA

A Taiwan manufacturer of optical communication products has registered a $70-million project in Batangas with the Philippine Economic Zone Authority (PEZA). In a statement on Wednesday, PEZA said Taiwan’s EZConn Technology Corp. is setting up a facility at the Lima Technology Center special economic zone in Lipa City, Batangas.

BFAR five-year plan to raise aquaculture competitiveness

The Bureau of Fisheries and Aquatic Resources (BFAR) said it will carry out a five-year plan to improve the competitiveness of the aquaculture industry.

Marcos orders DoE shift to permit processing in parallel

President Ferdinand R. Marcos, Jr. said the Department of Energy’s (DoE) method of expediting power project approvals can be fine-tuned further by resorting to simultaneous permit processing, avoiding the waiting time caused by sequential approvals.

IT-BPM sales on track to hit base-case goals, but short of aggressive targets

The information technology and business process management (IT-BPM) industry said it is on track to exceed its base-case targets for revenue and employment this year.

Net external liabilities fall 6.5% quarter on quarter at end-June

The Philippines’ net external liability position declined 6.5% at the end of June, the Bangko Sentral ng Pilipinas (BSP) said. Citing preliminary data, the BSP said the international investment position (IIP) was a net external liability of $55.2 billion at the end of June, down 6.5% from the $59.1 billion net liability at the end of March.

Xiamen-based companies express interest in PHL investments — BoI

Five companies from Xiamen in southern China have expressed interest in investing in Philippine electric vehicle (EV) manufacturing, infrastructure, green metals, and mining projects, the Board of Investments (BoI) said.

Minority legislators seek to realign P673B in confidential, intel funds

Minority legislators at the House of Representatives called for P673 billion worth of budget realignments to support agriculture programs and wage subsidies. The Makabayan bloc proposed to reduce allocations for so-called confidential and intelligence funds to generate funding for the desired programs.

PHL sustainable finance framework leaves room for interpretation — IEEFA

The Philippine framework on sustainable finance is prone to subjective interpretations in the absence of quantitative criteria, according to the Institute for Energy Economics and Financial Analysis (IEEFA).

UN estimates funding need of $743M to achieve PHL dev’t framework goals

The United Nations (UN) said it needs about $743 million until 2028 to support human capital investments, job-quality improvements, and accelerated climate action in the Philippines. The targeted projects fall under the 2024-2028 UN Sustainable Development Cooperation Framework, which is designed to help the Philippines achieve its national development priorities.

EDC bags drilling rights for Indonesia energy projects

Energy Development Corp. (EDC) is expanding overseas after it was granted drilling rights for two greenfield geothermal projects in Indonesia.

AUB bags highest global award from Wells Fargo NA

The Asia United Bank (AUB) announced it has recently received the “Operational Excellence Special Recognition Award” from financial services firm Wells Fargo N.A.

Imported rice arrivals as of September hits 3.19MMT

Imported rice that arrived in the Philippines hit nearly 3.2 million metric tons (MMT) as of late September, higher than last year’s import volume in the same period, according to data from the Bureau of Plant Industry (BPI).

ERC chief approves COCs, PAOs to boost power supply

Newly-designated Officer-in-Charge Chairperson and Chief Executive Officer (CEO) of the Energy Regulatory Commission (ERC) Jesse Hermogenes T. Andres has approved hundreds of applications of power firms seeking clearance to operate their generation facilities.

VAT on digital services won’t crimp sector’s growth–DOF

The Department of Finance (DOF) on Wednesday gave assurances the value-added tax (VAT) on digital services will not hinder the growth of the digital economy. President Ferdinand R. Marcos Jr. signed Republic Act 12023 or the VAT on Digital Services on Wednesday, October 2.

3-4 year window for signing FTA critical to PHL exports to EU

Almpst 28 percent of Philippine exports to the 27-member bloc European Union (EU) will be affected if the free trade agreement (FTA) between the two parties won’t be signed three to four years from now, according to the Department of Trade and Industry (DTI).

DND: Modern tech for AFP priority in PH’s self-reliant defense posture

Department of National Defense (DND) Secretary Gilberto Teodoro Jr. said he would ensure that only essential modern technologies needed by the military would be prioritized, once the Self-Reliant Defense Posture (SRDP) Revitalization Act is enacted into law.

BSP’s plan to scrap some transaction fees on digital payments backed

The time to waive service fees on electronic fund transfers is long overdue, Senate President Francis Escudero said in backing the move of Bangko Sentral ng Pilipinas (BSP) to remove such charges for personal transactions and payments to micro, small and medium enterprises (MSMEs).

AI cuts jobs in 8% of ITBPM firms; upskilling to stop shedding

The Information Technology and Business Process Association of the Philippines (IBPAP) reported on Wednesday that 8 percent of its surveyed members reported a headcount reduction due to artificial intelligence (AI). The IBPAP chief said he expects that the number of companies that lose jobs to AI will not increase if ITBPM firms will continue to retrain and upskill their talent pool.

PH assured of development grants for resiliency infra

The government is expecting a seamless implementation of its climate-resilient infrastructure program following a commitment from the Asian Infrastructure Development Bank (AIIB) to assure the Department of Finance (DOF) access to development grants.

DENR leads gov’t greenhouse transition

The DENR spearheaded the development of the Just Transition Program prioritizing the energy and transport sectors that account for 56 percent of the country’s greenhouse gas emissions.

DOST, DOT team up to boost PH tourism via technology

The Department of Science and Technology (DOST) and the Department of Tourism (DOT) have entered a groundbreaking partnership to strengthen Philippine tourism by harnessing the power of digital technology. This was done through the signing of a Memorandum of Understanding (MOU) that focuses on promoting the Smart and Sustainable Communities Program (SSCP).

Wellness Tourism Association of the Philippines launched

The Wellness Tourism Association of the Philippines (WeTAP) has officially announced its formation with the aim of positioning the Philippines as a leading destination for international wellness tourism. As a response to the rapid global growth of the wellness economy, WeTAP seeks to highlight the country's unique wellness offerings and professional expertise.

Verde Island Passage, the ‘Amazon of the Ocean,’ eyes World Heritage Site status

The Verde Island Passage (VIP), known as the “Amazon of the Ocean” for its highest concentration of marine shorefish biodiversity, is now poised to become a UNESCO World Heritage Site.  According to an analysis by Prof. Kent Carpenter, the said area is also home to 50% of marine species in the Indo-Pacific region.

Philippines hoping to ship more coconut products to Europe

Government agencies are hoping to increase exports of coconut-based products to the European Union (EU), while attracting investment in processing operations. In 2023, coconut oil was the Philippines’ third-largest export product to the 27-country bloc, with shipments valued at $547.15 million.

House creates super panelto probe economic crimes

The House of Representatives has adopted a resolution authorizing five of its committees to conduct a joint inquiry into the implementation of government programs aimed at combating smuggling, preventing price manipulation of basic goods, addressing hunger, and promoting food and nutrition security.

DA rushes preparation of rice industry roadmap

Various government agencies, the academe, and the private sector have been tapped for the reconstructed technical writing team that would finalize the Philippine  Rice Industry Roadmap (PRIR).

Group calls for shift to ‘circular’ economy

A nonprofit organization on Thursday called for urgent action to shift from linear, to “circular” economy through community-led action, inclusive partnerships, and innovative solutions to plastic waste and marine litter.

BCDA to explore zero-emissions aircraft development in Clark via Australian tie-up

The Bases Conversion and Development Authority (BCDA) said it signed a partnership with Australia’s AMSL Aero to explore the development of low-cost, zero-emission, and hydrogen-powered aircraft in New Clark City.

Meat imports up 7.84% by volume in first 7 months

The volume of meat imports rose 7.84% in the seven months to July, led by beef, chicken, and pork, the Bureau of Animal Industry (BAI) reported. The BAI said on Thursday that imports rose to 757.3 million kilograms. Agriculture Assistant Secretary and spokesman Arnel V. de Mesa said that the increase in meat imports was driven by the anticipated low supply of pork due to the resurgence of African Swine Fever (ASF).

PHL touted as among largest potential e-commerce markets

The PhilippineS could be one of the biggest markets for e-commerce due to its demographic makeup, an online shopping platform said. On the sidelines of the 10.10 Brand Summit, Shopee Philippines Head of Public Relations Erin M. Tagudin told reporters of the Philippines’ growth potential.

VAT on digital services law levels playing field for MSMEs, DTI says

The Department of Trade and Industry (DTI) said newly signed legislation that will impose value-added tax (VAT) on foreign digital service providers will help level the playing field for micro, small and medium enterprises (MSMEs).

Expanded air services to US eyed in upcoming aviation masterplan

The Philippine aviation industry is looking to expand air links to the US in the upcoming aviation masterplan, the Department of Transportation (DoTr) said. The DoTr through the Civil Aeronautics Board is planning to meet with other governments in a bid to serve new destinations, Mr. Bautista said.

Illicit goods seizures hit P61B — BoC

The Bureau of Customs (BoC) said it has seized P61.16 billion worth of smuggled goods as of the end of August. The BoC recorded a total of 1,231 seizure operations in the eight-month period, Mr. Mogao said.

PHL likely to be ASEAN+3’s 2nd fastest-growing economy

The Philippines will likely post the second-fastest growth in the Association of Southeast Asian Nations Plus 3 (ASEAN+3) region this year and in 2025, driven by faster government spending and easing interest rates, according to a regional think tank.

IT-BPM sector faces pressure to report cyber incidents

The Philippines’ information technology-business process management (IT-BPM) sector is facing increased pressure to report cybersecurity breaches, an expert said.

Robinsons Hotels to invest P10B in hotel dev’t

The P10-billion investment will add more than 990 room keys to the portfolio of Robinsons Hotels and Resorts, RLC said in a statement to the stock exchange on Thursday. The investment includes the launch of the ultra-luxury NUSTAR Hotel in Cebu, the lifestyle brand Grand Summit Hotel in Cebu and Pangasinan, and the first and only Filipino-owned five-star hotel brand Fili in Bridgetowne Estate in Quezon City.

InstaPay, PESONet transactions rise to P10.9 trillion

The value of transactions done through InstaPay and PESONet rose to P10.9 trillion in the first eight months of 2024, data from the Bangko Sentral ng Pilipinas (BSP) showed. Central bank data showed that transactions coursed through the two automated clearing houses climbed by 34.1% as of August from P8.13 trillion in the same period a year ago.

NAIA operator to start collecting curbside fees

The San Miguel-led operator of the country’s main gateway expects to start collecting fees this year from vehicles in drop-off or pickup zones beyond the time limit.

IMF bullish on PHL banking sector

The Philippine Banking sector remains strong, the International Monetary Fund (IMF) said, but noted potential risks that need monitoring such as quickening loan growth and vulnerabilities in the real estate sector.

House considering overhaul of ERC charter in EPIRA reforms

The House of Representatives energy committee is considering amendments that will expand the Energy Regulatory Commission (ERC) charter, including the introduction of benchmarking in generation rate-setting while expediting the body’s ruling and appeals process.

PHL has room for new taxes — IMF

With the Philippines’ fiscal consolidation slowing this year, the International Monetary Fund (IMF) said the country still has room to introduce new tax measures. The IMF projects the fiscal deficit to settle at 5.6% of gross domestic product (GDP) this year and in 2025. However, it noted that its deficit definition is different from the National Government’s (NG) as it uses a different standard in capturing the deficit.

IT-BPM industry developing Asia, Australia, UK markets

The information technology and business process management (IT-BPM) industry said it is receiving growing interest from potential clients in Asia, Australia, and the UK.

Information Technology and Business Process Association of the Philippines (IBPAP) President and Chief Executive Officer Jack Madrid said North America remains the primary market for Philippine IT-BPM companies.

EJAP, AboitizPower hold first RE forum

The Economic Journalists Association of the Philippines (EJAP), the country’s premier organization of business journalists, in partnership with Aboitiz Power Corp., will hold its maiden renewable energy forum today. The EJAP-AboitizPower Renewable Energy Forum will be held at the Securities and Exchange Commission’s SecECenter in Makati City.

Government rolls out loan program for franchise sector

The Department of Trade and Industry (DTI) and its financing arm are set to launch a loan facility to support the franchise sector this month. This was announced by Small Business (SB) Corp. president and CEO Robert Bastillo during the signing of the memorandum of agreement by the SB Corp., DTI and Philippine Franchise Association (PFA) to promote franchising as a tool to create businesses and jobs.

Raslag switches on 4th solar facility

Raslag Corp., the renewable energy arm of the Nepomuceno Group, is powering up its 1,000-megawatt (MW) target with the energization of its fourth and largest solar farm. The company switched on the 36.65-MW-peak Raslag-4 in the municipality of Magalang in Pampanga, following the testing and commissioning of the facility to the 69-kiloVolt (kV) line of the National Grid Corp. of the Philippines.

IMF sees more moderate fiscal consolidation in Philippines

The International Monetary Fund (IMF) has projected that fiscal consolidation in the Philippines would proceed more moderately in 2024 than initially anticipated amid higher-than-expected interest payments and increased capital spending.

Villar Group venturing into airport business

Tycoon Manny Villar may soon venture into the airport business as his investment vehicle makes a P31-billion pitch to operate and maintain the Iloilo and Puerto Princesa gateways. The Department of Transportation (DOTr) said it plans to award the concession for the rehabilitation of the Iloilo International Airport and Puerto Princesa International Airport next year.

Escalating ME conflict weighs heavy on PSEi

Rising tensions in the Middle East weighed on the local stock market yesterday. The benchmark Philippine Stock Exchange index slipped by 0.19 percent or 13.89 points to close at 7,388.92. The broader All Shares index, on the other hand, finished in the positive territory, adding 0.30 percent or 11.80 points to settle at 3,982.66.

IMF flags real estate, consumer credit risks

The International Monetary Fund (IMF) flagged potential “pockets of vulnerabilities” in the banking system that the Bangko Sentral ng Pilipinas (BSP) must closely monitor to protect financial stability, particularly risks from still-high vacancy rates in the local property sector and fast-rising growth in consumer credit.

2 Philippine fintech firms get fresh funds from IFC

The International Finance Corp. (IFC), part of the World Bank Group, is pouring more funds to help develop the Philippines’ financial sector with new investments in local fintech firms First Circle and Salmon.

DOTr: Airline passenger volume to still grow despite Naia fee hikes

The Department of Transportation (DOTr) said it expects airline passenger volume to still grow despite the airport fee hikes at the Ninoy Aquino International Airport (NAIA)

PEZA lures Dutch biz to invest in ecozones

PEZA said Acting Group Manager Rowena Naguit highlighted the increasing investment potential in ecozones nationwide, which Dutch firms could explore for new growth opportunities and strengthening partnerships between the Netherlands and the Philippines.

Dairy agency bats for cattle importation to boost milk production

National Dairy Authority (NDA) Administrator Marcus Antonius T. Andaya recently pushed for the importation of cattle for stock farms to increase milk production. Data from the NDA shows that the country’s milk supply is 99 percent imported, while a study presented at the conference found that the Philippine dairy market grew by 10.2% in 2022 with growth projected to remain in double digits.