Nearly P2-trillion projects line up in green lane

Over 90 projects worth about P2 trillion are queuing up in the One-Stop Action Center for Strategic Investments at the BOI to acquire green lane certificates. Most of the projects are in the Renewable Energy sector. 

VAT on digital services to level playing field amid growing preference for digital services --Gatchalian

Senator Win Gatchalian said the enactment of the value-added tax (VAT) imposition of digital services levels the playing field amid growing Filipino preference for digital services, following the recent enactment of Republic Act 112023, which provides for the imposition of 12% VAT on digital services.

Phl aviation eyes major transformation

DOTr Secretary Jaime Bautista believes that the Philippines will be a major regional participant in the aviation industry by 2028. At the European Chamber of Commerce of the Philippines’ Aviation Summit recently, Bautista said that the Philippine aviation industry is on the cusp of a significant transformation.

BIR: Incomplete VAT refund claims automatically deemed ‘high risk’

The BIR will now automatically classify VAT refund claims with incomplete information as “high risk,” subject to full verification. In a memorandum order, the BIR said incomplete claims include those with no reference details and incomplete or no transaction details on the schedules of sales and purchases.

NAIA implements new aeronautical, cargo terminal fees

New aeronautical fees and charges, including landing and takeoff fees as well as cargo terminal fee, at NAIA took effect on October 1, according to Transport Undersecretary for Aviation and Airports Roberto Lim in an interview at the sidelines of the 2024 Aviation Summit hosted by the ECCP and AsBAA.

Coron, Siargao airports up next for PPP

In a forum hosted by the European Chamber of Commerce of the Philippines, the Public-Private Partnership (PPP) Center reported that it is now studying the P2-billion proposals to privatize the operations and maintenance of the Coron and Siargao airports.

DOE, DENR enter into an agreement to promote offshore wind projects

The Department of Energy (DOE) and the Department of Environment and Natural Resources (DENR) signed an agreement on Friday to provide renewable energy producers access to offshore areas that can be explored for wind power production.

Can we future-proof power for the Philippine archipelago?

As the Philippines faces the call to adapt its energy systems, the question of future-proofing it looms large. The third and final episode of the “Powering up: Weathering calamities in the energy transition” roundtable discussion presented by AboitizPower and the ECCP shares what it means to “use what is abundant to us” regarding the conversation on energy transition.

LGUs’ PPP projects face funding gap, political pressure

Lack of funding for project development and political pressures that increase the cost of private sector expenses are among the barriers to public-private partnerships (PPP) at the local level in the Philippines, according to the PPP Center. Still, at least three provinces, two cities and one municipality have successfully pursued PPPs and adopted practices that their peers could learn from, the agency said.

Early 2025: Digital services VAT to hit Filipino wallets

Downward Philippine inflation in the near term would be slightly offset by the new law imposing 12-percent value added tax (VAT) on digital services, Singapore-based United Overseas Bank (UOB) said. In an Oct. 4 report, UOB senior economist Julia Goh and economist Loke Siew Ting noted that there is a three-month period to come out with the implementing guidelines of Republic Act (RA) No. 12023 signed by President Ferdinand Marcos Jr. last Oct. 2.

Philippines seeks stronger economic ties with Germany

The Philippines is seeking enhanced cooperation and investment opportunities with Germany in a bid to boost the local economy. Finance Secretary Ralph Recto recently met with the German Ambassador to the Philippines to discuss the country’s economic prospects and further cooperation with German investors.

PH pitches investments to N. Zealand, Dutch firms

The Philippine Economic Zone Authority (PEZA) is promoting investments in the agriculture logistics sector to Dutch companies while the Board of Investments (BOI) is pitching geothermal energy and information technology-business process management projects to investors from New Zealand.

UK sees Phl as Asia’s creative industry powerhouse

British Ambassador to the Philippines and Palau, Laure Beaufils sees the Philippines as Asia’s next creative industry powerhouse by 2030 and said that the United Kingdom is more than willing to partner with the country in realizing such aspiration.

CAAP completes air traffic management system upgrade

The Civil Aviation Authority of the Philippines (CAAP) completed on Monday the integration of its new communications, navigation, surveillance/air traffic management system (CNS/ATM), which is aimed at making flight operations more efficient.

Bosch Global City 2024: Innovating everyday life for Filipinos

Bosch has reaffirmed its commitment to enhancing the lives of Filipinos through technological innovation at the recently concluded “Bosch Global City” event, held on September 28-29, 2024, at the Bonifacio High Street Amphitheater.

Simultaneous processing, policy alignment pushed

To further streamline investment processes in the Philippines, the government is poised to issue two measures that will supplement an executive order that establishes a green lane for strategic investments. Delos Reyes said a joint memorandum circular (JMC) is being drafted where 38-government agency members of the Investments Facilitation Network focus on the implementation of the provisions of EO 18.

Air traffic control next on tech tycoon’s radar

Tech tycoon Dennis Anthony Uy has proposed a P30-billion plan to manage the country’s air traffic in what could be his biggest government project yet. His Comclark Network and Technology Corp. is courting the government to approve its P29.82-billion bid to operate and maintain the country’s air navigation facilities.

Renewables needed despite high initial cost: DOE

The Department of Energy (DOE) said it will continue pushing for renewable energy (RE) projects in the Philippines, despite the huge investments needed for these projects. At the Renewable Energy Forum of the Economic Journalists Association of the Philippines, Energy Secretary Raphael Lotilla said that pursuing sustainable energy projects is expensive, but is needed for the country. DOE has earlier set a target of around 35 percent share of RE in the country’s energy mix by 2030.

Lower rice prices may be temporary, warns economist

Filipinos may have heaved a sigh of relief as inflation cooled in September but one of the causes, lower rice prices, may be temporary and lead to greater volatility in domestic prices of the staple, according to an economist.

Philippines, South Korea upgrade ties to strategic partnership

Philippine President Ferdinand Marcos said on Monday his country and South Korea have upgraded bilateral ties to a strategic partnership, as he met visiting counterpart Yoon Suk Yeol for talks.

Boracay Tourist Pass launch eyed this November

Financial technology firm PisoPay said the launch of the planned “Boracay Tourist Pass” is targeted for next month. The Boracay Tourist Pass is seen to pave the way for both local and foreign visitors to have an easier time in securing requirements for their stay at the country’s iconic tourist spot.

‘Natural gas crucial amid RE buildup’

The country’s massive buildup of renewable energy (RE) capacity will require the support of natural gas to ensure stable power supply, according to Lopez-led First Gen Corp. Federico Lopez, company chairman and CEO, stressed that a just energy transition hinges on two crucial elements: reducing carbon emissions and ramping up energy efficiency efforts.

Paved road enhances connectivity in Iloilo’s remote villages

The PHP4.89 million road concreting project implemented by the Department of Public Works and Highways (DPWH) enhanced the connectivity of the far-flung barangays of Pungsod and Buayahon in Sta. Barbara, Iloilo. DPWH Regional Director said that the project can facilitate mobility of people and delivery of goods and services.

Lending growth fastest in nearly 2 years

Bank lending growth hit a 20-month high in August, data from the Bangko Sentral ng Pilipinas (BSP) showed. Outstanding loans of universal and commercial banks rose by 10.7% year on year to P12.25 trillion in August from P11.07 trillion a year ago. This was also the fastest growth rate since the 13.7% logged in December 2022. On a seasonally adjusted basis, big banks’ outstanding loans inched up by 0.8% month on month. Bank lending grew by 10.4% in July.

Slowing inflation gives Philippine central bank room for more cuts

Latest September inflation print and improving outlook will give the Bangko Sentral ng Pilipinas (BSP) more than enough room to cut benchmark rates further, analysts said. “With an even better inflation outlook on the horizon, the risk of the BSP cutting its policy rate again twice this year is largely increasing,” HSBC economist for ASEAN (Association of Southeast Asian Nations) Aris D. Dacanay said in a report.

State-owned firms get fewer subsidies

Subsidies to government-owned and -controlled corporations (GOCCs) markedly fell to P9.1 billion in August, substantially lower than the P18.93 billion recorded a year earlier, data from the Bureau of the Treasury showed. Total subsidies from January-August amounted to P87.03 billion, again substantially down from the P115.86 billion seen in the same period last year.

USDA expects PHL raw sugar output to fall 3.6% this year

The US Department of Agriculture (USDA) said Philippine raw sugar production is expected to decline 3.6% to 1.85 million metric tons (MMT) during the 2024 to 2025 crop year, with the decline partly offset by increased acreage planted to cane.

First in PH: Globe adopts GSMA’s Responsible AI Maturity Roadmap

Globe has joined a select group of leading telecommunications companies from around the world committed to the GSMA’s industry-first Responsible AI (RAI) Maturity Roadmap. This initiative reinforces Globe’s dedication to ethical and responsible AI development and deployment.

Ex-DOF chief: Cut unprogrammed appropriations in 2025 budget

A former finance chief has urged the government to reduce unprogrammed appropriations, just as it called on the budget department to be "proactive in monitoring the utilization of public funds." In a statement, former Finance Secretary Margarito “Gary” Teves said key priority social and infrastructure projects should already be included in programmed appropriations.   

Slowing inflation gives Philippine central bank room for more cuts

Latest September inflation print and improving outlook will give the Bangko Sentral ng Pilipinas (BSP) more than enough room to cut benchmark rates further, analysts said. “With an even better inflation outlook on the horizon, the risk of the BSP cutting its policy rate again twice this year is largely increasing,” HSBC economist for ASEAN (Association of Southeast Asian Nations) Aris D. Dacanay said in a report.

State-owned firms get fewer subsidies

Subsidies to government-owned and -controlled corporations (GOCCs) markedly fell to P9.1 billion in August, substantially lower than the P18.93 billion recorded a year earlier, data from the Bureau of the Treasury showed. Total subsidies from January-August amounted to P87.03 billion, again substantially down from the P115.86 billion seen in the same period last year.

USDA expects PHL raw sugar output to fall 3.6% this year

The US Department of Agriculture (USDA) said Philippine raw sugar production is expected to decline 3.6% to 1.85 million metric tons (MMT) during the 2024 to 2025 crop year, with the decline partly offset by increased acreage planted to cane.

First in PH: Globe adopts GSMA’s Responsible AI Maturity Roadmap

Globe has joined a select group of leading telecommunications companies from around the world committed to the GSMA’s industry-first Responsible AI (RAI) Maturity Roadmap. This initiative reinforces Globe’s dedication to ethical and responsible AI development and deployment.

Ex-DOF chief: Cut unprogrammed appropriations in 2025 budget

A former finance chief has urged the government to reduce unprogrammed appropriations, just as it called on the budget department to be "proactive in monitoring the utilization of public funds." In a statement, former Finance Secretary Margarito “Gary” Teves said key priority social and infrastructure projects should already be included in programmed appropriations.   

Inflation likely hit bottom for this year

Inflation may have reached its lowest level this year as it hit 1.9 percent in September, giving the Bangko Sentral ng Pilipinas (BSP) room to further cut borrowing costs in the coming months, a poll of leading economists showed.

Cebu Pacific buys out Ayala airline for P1.75 billion

The Gokongweis are making a big bet on the growth potential of domestic travel as their budget carrier Cebu Pacific has bought out boutique airline AirSWIFT Transport Inc. for P1.75 billion.

Upside bias for stocks this week

Share prices may continue their climb this week, with investors riding high on the momentum of a slower-than-expected September inflation. The Philippine Stock Exchange index went up by 0.53 percent week-on-week, closing at a fresh high in more than two years last Friday to 7,467.92.

Rising bread, pasta demand to whet Philippines wheat imports

Filipinos’ growing demand for pasta and other-wheat based products is expected to drive the country’s wheat imports in the current market year to a record level of 7.15 million metric tons (MT), an international agency projected.

NG subsidies decline 25% to ₱87B in Jan-Aug

Subsidies provided by the national government to state-run corporations went down by almost a quarter to P87.025 billion as of the end of August 2024, according to the Bureau of the Treasury (BTr). 

PHL chicken imports seen growing slightly in 2025

The country’s chicken meat imports will “grow slightly” to 480,000 metric tons (MT) in 2025 from the projected 470,000 MT for this year, as demand outpaces production growth, the US Department of Agriculture-Foreign Agricultural Service in Manila (USDA-FAS Manila) said.

COMClark offers to manage CAAP’s air traffic system

COMClark Network and Technology Corp. has submitted an unsolicited proposal to manage the air traffic system of the Civil Aviation Authority of the Philippines (CAAP).

PHL hoping to wrap up CEPA talks with UAE by early Nov.

The Philippines is hoping to conclude negotiations for the Comprehensive Economic Partnership Agreement (CEPA) with the United Arab Emirates (UAE) by early November, the Department of Trade and Industry (DTI) said.

UK offshore wind industry ready to advise Philippines

The UK is open to working closely with the Philippines in developing its offshore wind resources, noting the country’s many high-potential sites. Mr. White described the Philippines as a “young market” and “fast-growing economy.”

Irrigation project under study using canals to retain rainwater

The Department of Agriculture (DA) said it is studying the use of peripheral canals to retain rainwater for irrigation.

DOE, DENR simplify process for OSW permits

The Department of Energy (DOE) has simplified the process in the issuance of permits for offshore wind (OSW) projects with the assistance of the Department of Environment and Natural Resources (DENR). Under the current system, developers of renewable energy projects, including OSW, are required to secure various compliance with the DENR, such as foreshore lease agreements, forest land use agreements, and miscellaneous lease agreements, before they can proceed with exploration and development.

Cement makers vow to promote safety in logistics operations

CementT manufacturers sealed their commitment to promoting safety in their logistics operations through the signing of a Transport Safety Pledge. Members of the Cement Manufacturers Association of the Philippines (CeMAP) signed the Transport Safety Pledge as a symbol of ongoing commitment to logistics safety.

Regional ports unload 16.37% less fish in August

Regional ports registered lower fish unloading volume in August due to unpredictable rainfall conditions and closed fishing season, according to the Philippine Fisheries Development Authority (PFDA). 

‘Policy rate easing to boost corporate earnings, PSEi’

Broker Unicapital Securities Inc. has raised its forecast for the benchmark Philippine Stock Exchange index (PSEi) due to anticipated cuts in interest rates. PSEi is expected to end the year at 7,600 points, higher than its previous projection of 7,000 points.

Dollar reserves hit record $112 billion

The Philippines’ gross international reserves (GIR) rose to a record high at end-September, the Bangko Sentral ng Pilipinas (BSP) said on Monday. Central bank data showed dollar reserves increased by 3.8% to $112 billion at the end of September from $107.9 billion at the end of August.

PHL, Korea to study Bataan Nuclear Power Plant revival

The Philippines and South Korea on Monday signed six agreements, including one that calls for a feasibility study on the rehabilitation of the mothballed Bataan Nuclear Power Plant (BNPP), as they upgraded bilateral ties to a strategic partnership.

Alternergy unit seeks approval for P1.85-B connection facility

The subsidiary of Alternergy Holdings Corp. is seeking the approval of the Energy Regulatory Commission (ERC) to develop and operate a transmission facility to connect its wind power project in Quezon province to the Luzon grid.

BSP drafts rules to implement credit quota for innovation

The Bangko Sentral ng Pilipinas (BSP) has released draft implementing rules for a law mandating that banks allocate 4% of their loanable funds for innovation development, identifying qualified borrowers as well as several modes of compliance.

PPA reviewing processes to stop importers from using ports for storage

The Philippine Ports Authority (PPA) is seeking new policies to discourage importers and other port users from using ports as storage areas.

DBCC revising targets as inflation improves

The better-than-expected inflation print in September has raised the optimism of the economic team enough to consider an upward revision in the targets set by the Development Budget Coordination Committee (DBCC).

Regional ports unload 16.73% less fish in August

Regional ports registered lower fish unloading volume in August due to unpredictable rainfall conditions and closed fishing season, according to the Philippine Fisheries Development Authority (PFDA).

BIR cites big win vs illicit cigarette trade

The Bureau of Internal Revenue (BIR) has raided four large-scale manufacturers of illegal cigarettes in Clark, Pampanga, with a total tax liability of P8.061 billion. The BIR said last Monday it simultaneously raided four large-scale manufacturers of illicit cigarette in Clark, Pampanga, on September 12.

GSIS offers emergency loan option

The Government Service Insurance System (GSIS) announced last Monday it is allotting nearly P158 million in emergency loan for its 5,777 active members and pensioners residing or working in four calamity-hit areas.

Antique adopts first provincial resolution promoting ‘regenerative agriculture’

The province of Antique recently made a major milestone as it adopted a resolution promoting the use of regenerative agriculture for all sectors of its agricultural industry.

SEC wants to create ‘fast lane’ for energy companies

The Securities and Exchange Commission (SEC) will streamline its processes to make it easier for energy firms to raise capital through the stock market starting next year. 

Sustained expansion in bank lending drove Aug liquidity

Higher bank lending to firms and households drove the increase in domestic liquidity in August, according to the latest data released by the Bangko Sentral ng Pilipinas (BSP).

IFC invests $7M in tech firm for ‘smart’ banking solutions

The International Finance Corp., the World Bank Group’s private sector arm, has invested $7 million (roughly P395 million) in a technology company providing smart banking solutions to small businesses in the Philippines.

Hydrogen-powered aircraft maker ties up with BCDA

State-run firm Bases Conversion and Development Authority (BCDA) has sealed an agreement with Australian aircraft manufacturer AMSL Aero to explore the potential of producing low-cost and zero-emission planes and hydrogen in the Philippines.

MPIC, Meralco invest P261.7M in DigiCo

Pangilinan-led firms on Thursdays said the subscription agreements signed by the Manila Electric Co. (Meralco) and the Metro Pacific Investments Corp. (MPIC) with DigiCo, formally known as Kayana Solutions Inc., are valued at over P261 million.

Figaro gets Peza nod for Laguna factory

Figaro Coffee Group Inc. on Thursday said its unit Figaro Innovation and Development Inc. (FIDI) secured the approval of the Philippine Economic Zone Authority (Peza) to produce its pizza products in Biñan,  Laguna.

GPDRs will allow investors to diversify portfolio–PSE

The Philippine Stock Exchange Inc. (PSE) said the rules it crafted for the Global Philippine Depositary Receipts (GPDRs) will pave the way for cross-border trading in the country’s stock market.