FDI net inflows rise to five-month high in July

Net inflows of foreign direct investments (FDIs) into the Philippines rose by 5.5% year on year in July to hit a five-month high, the Bangko Sentral ng Pilipinas (BSP) said on Thursday. Data from the central bank showed FDI net inflows increased to $820 million in July from $778 million in the same month a year ago.

Trade gap widens to $4.38B in August

The Philippines’ trade gap widened year on year in August as growth in imports still outpaced the increase in exports, even as the value of outbound shipments was the highest in 11 months, the government reported on Thursday.

Unemployment eases; more women joining labor force

A total of 1.03 million female workers joined the labor force in August, helping improve the country’s August unemployment numbers to 4 percent from last year’s 4.4 percent, according to the Philippine Statistics Authority (PSA). 

WB raises PHL’s 2024, 2025 growth forecasts

The World Bank (WB) has raised its economic growth forecasts for the Philippines for this year and in 2025, driven by improved service exports and public investments. It now expects the Philippine economy to grow by 6% this year from 5.8%.

PH aviation needs “urgent institutional reforms” – policy brief 

The Philippine aviation industry has entered a period of infrastructure modernization but institutional reforms are “urgently needed for a sustainable takeoff,” according to a new policy brief on Airports by The Arangkada Philippines Project (TAPP).

Infrastructure budget to decline as gov’t counts on more PPPs

The infrastructure budget could fall slightly next year with the government counting on public-private partnerships (PPPs) to play a bigger role in funding, the Department of Budget and Management (DBM) said.

PHL among most exposed to shocks in advanced economies, AMRO says

The Philippines is among the countries that are most exposed to spillover effects from economic shocks and volatility in developed markets, the ASEAN+3 Macroeconomic Research Office (AMRO) said. Increased interconnectedness among ASEAN+3 financial institutions, markets and economies highlights the potential for contagion as the region remains susceptible to shocks from global factors and developed economies, AMRO said in its ASEAN+3 Financial Stability Report 2024 released on Thursday.

BoI touts tax savings for RBEs under CREATE MORE measure

The passage of the bill amending the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act will result in registered business enterprises (RBEs) saving on their tax bills, the Board of Investments (BoI) said.

ERC on track to complete rate reset for grid operator

The Energy Regulatory Commission (ERC) said it is on track to complete the rate reset process for the National Grid Corp. of the Philippines (NGCP). At a Senate budget hearing on Wednesday, ERC Commissioner Catherine P. Maceda said the commission is preparing to publish the final draft determination for the NGCP’s fourth regulatory period (RP) within the month.

Recto sees 6% growth in 3rd quarter

The Philippine economy likely grew by 6% in the third quarter as declining inflation may have fueled a rebound in consumer spending, Finance Secretary Ralph G. Recto said.

AI regulation should address PHL businesses’ concerns about security, privacy — Snowflake

The Government needs to lay down clear regulations on the use of artificial intelligence (AI) to encourage business adoption, due to the need to allay their data security and privacy concerns, US cloud data company Snowflake, Inc. said.

NCR office vacancies seen falling as new construction tapers off

The Metro Manila office vacancy rate is expected to decline gradually starting in 2025, after having remained steady in recent years, Leechiu Property Consultants, Inc. (LPC) said. He cited a trend of delaying building launches, which will eventually bring vacancies to single-digit levels by 2028.

August factory output drops on electronics, food

Factory output dropped to a four-month low in August due to slower growth in electronics and food manufacturing, according to the Philippine Statistics Authority (PSA). This was also the lowest annual growth in the manufacturing sector since 1.4% in April, PSA data showed.

Exporters hopeful of sustained growth

The Philippine Exporters Confederation Inc. (Philexport) yesterday called on the need to sustain the improved showing of exports in July for the country to hit pre-pandemic numbers. Citing government data, he said the value of Philippine exports hit $6.06 billion in July, marking a 9.4 percent jump from June’s $5.54 billion.

ADB prepares $500-M policy loan to boost PH fiscal modernization

The Asian Development Bank (ADB) is set to approve a $500-million loan for the Philippine government’s Public Financial Management (PFM) Road Map 2024-2028, which aims to transform how public funds are managed, thus modernizing fiscal governance.

10 developers make huge hotel investments in PHL 

Just 10 developers are pouring in the most number of investments in expanding the country’s hospitality industry. In his third quarter report, Leechiu Property Consultants (LPC) Director for Hotels, Tourism, and Leisure Alfred Lay said, of the over 40,000 hotel keys in the pipeline, 54 percent of them are owned and are being constructed

Aircraft accident investigation to be transferred from CAAP to DOTr

The aircraft accident investigation function of the Civil Aviation Authority of the Philippines (CAAP) will be transferred to the Department of Transportation (DOTr) to avoid conflict of interest during investigations, according to Undersecretary for Aviation and Airports Roberto Lim.

Banking system’s total assets jump by 11% to P26 trillion

The Philippine banking industry’s total assets jumped by 10.8% as of end-August, Bangko Sentral ng Pilipinas (BSP) data showed. Preliminary data from the BSP showed banks’ combined assets rose to P25.99 trillion as of end-August from P23.46 trillion in the same period a year ago.

PHL-S. Korea mineral deal seen stabilizing ore, EV supply chain

The Board of Investments said a strategic cooperation agreement with South Korea is expected to ensure stable supply of critical minerals while generating potential investments. The signatories of the Memorandum of Understanding (MoU) were the BoI, the Department of Environment and Natural Resources (DENR), and South Korea’s Ministry of Trade, Industry, and Energy.

Philippines, Vietnam to expand strategic partnership

President Marcos met with Vietnamese Prime Minister Pham Minh Chính here on Tuesday, during which they agreed to expand the strategic partnership between the two countries. The two leaders’ meeting focused on deepening economic cooperation, particularly in the areas of trade and agriculture.

Recto spotlights PH biz-friendly reforms to roll out a red carpet for investors, commits to continue dialogue with joint foreign chambers for policy improvements

Finance Secretary Ralph G. Recto has spotlighted the Philippines’ business-friendly reforms to roll out a red carpet for investors before members of the Joint Foreign Chambers of the Philippines (JFC) and committed to continuing dialogue with them to further improve policies.

Infrastructure budget to decline as gov’t counts on more PPPs

The infrastructure budget could fall slightly next year with the government counting on public-private partnerships (PPPs) to play a bigger role in funding, the Department of Budget and Management (DBM) said.

Trade disruptions hike cost of doing business

The Suez Canal, considered the fastest maritime trade link between Europe and Asia, may be thousands of miles away from the Philippines, but developments there have an impact on local commodity prices. The attacks on commercial ships have resulted in a 42-percent decline in trade volume going through the Suez Canal in two months, the United Nations Conference on Trade and Development (Unctad) said in January.

Philippines, South Korea ink P60 billion infrastructure financing deals

The Philippines and South Korea have signed financing agreements worth P60 billion for three infrastructure projects that will strengthen mobility in Luzon and Visayas.

Seven Filipina execs among Asia’s most powerful women

Seven female business leaders of some of the country’s top companies have landed on the list of Fortune Magazine’s 2024 most powerful women (MPW) in Asia.

Transmission rates decrease in October — NGCP

Electricity consumers may see a reduction in their bills for October due to a decline in overall transmission charges, according to the National Grid Corporation of the Philippines (NGCP).

SPNEC boosts capital in subsidiaries with P8.9-B investment

SP New Energy Corp. (SPNEC) has invested P8.93 billion by subscribing to additional shares in its subsidiaries Terra Solar Philippines, Inc. and Terra Nueva, Inc. The board of directors approved SPNEC’s investment of P6.03 billion in Terra Solar and P2.9 billion in Terra Nueva, the company said in a regulatory filing on Thursday.

Peso weakens to 2-month low after Fed minutes

The Philippine peso fell to a two-month low against the dollar on Thursday after markets grew more confident about a patient approach by the US Federal Reserve to further monetary easing, based on the minutes of the Federal Open Market Committee’s (FOMC) September policy meeting.

DoubleDragon: Hotel101-Cebu fully sold, opening in 2025

The 548-room Hotel101-Cebu Mactan Airport has been fully sold out before completion, DoubleDragon Corp. said on Thursday. The listed property developer has completed the building structure and topmost floor of the Hotel101-Cebu Mactan Airport project, the listed property developer said in a statement, adding that the project will be opened within the first half of 2025.

NFA to discontinue palay re-bagging; cost savings to boost procurement

The National Food Authority (NFA) said on Thursday that it will no longer re-bag palay (unmilled rice) starting from the wet-season harvest to save on costs.

Pioneering fiber cement plant in Pampanga gets green lane status

The Department of Trade and Industry (DTI) said on Thursday that it granted a green lane certification to Thailand’s SHERA Public Co. Ltd.’s fiber cement plant in Mabalacat, Pampanga.

Sojitz-owned LDIC, BCDA in deal for digital infra feasibility study

The Bases Conversion and Development Authority (BCDA) said it entered into a partnership with a Japanese telecommunications tower operator to boost internet connectivity in four BCDA developments. In a statement on Thursday, the BCDA said it signed a memorandum of understanding (MoU) with LBD Digital Infrastructure Corp. (LDIC) for a digital infrastructure project.

E-TRACC exemption sought for exporters — Trade dep’t

Exporters should be exempt from the Bureau of Customs’ (BoC) Electronic Tracking of Containerized Cargo (E-TRACC) system, the Department of Trade and Industry (DTI) said, noting that the industry already tracks its shipments.

First Gen targeting to build more gas plants to address country’s ‘energy trilemma’

First Gen Corp. is targeting to build more gas  plants in its bid to address the country’s “energy trilemma.” First Gen Vice President Carlo Vega said the company’s renewable energy (RE) facilities and gas-fired power plants provide “proper balance” and “multi-faceted solutions” that address the “three legs” of the trilemma: energy security, energy equity or affordability, and environmental sustainability.

BIR raid reveals ₱8B tax liability in tobacco trade

The Bureau of Internal Revenue (BIR) discovered 60 million pieces of illicit cigarettes with a total tax liability of P8.061 billion in a recent raid in Clark, Pampanga. In a televised program on Thursday, Internal Revenue Commissioner Romeo D. Lumagui Jr. said the BIR conducted a raid on four manufacturers who claimed they were exporting and manufacturing cigarettes.

Aboitiz, Yuchengco units to develop property in Tarlac

Aboitiz InfraCapital, the infrastructure arm of Aboitiz Equity Ventures Inc. (AEV), and House of Investments (HI), the non-bank holding company of the Yuchengco Group of Companies, are teaming up for the possible joint development of an expanded economic estate in Tarlac.

Thai cement firm to open ₱2.9-B plant in Mabalacat

President Marcos said the country is set to become less reliant on cement imports once Thailand-based cement board manufacturer Shera Public Company Limited opens its P2.9-billion plant in the Philippines. Marcos welcomed the initiative since it will “help reduce import reliance and strengthen the local economy” and generate jobs.

VCT: Mobile harbor cranes to boost operations

Visayas Container Terminal (VCT), the business unit of International Container Terminal Services Inc. (ICTSI) in Iloilo, has put into service two new mobile harbor cranes (MHC) to enhance port operations.

Remote work, e-commerce imperil banks, Amro says

The shift to remote work and electronic commerce has placed banks at risk, particularly those who have a lot of exposure to corporate real estate loans, according to the Asean-Plus Three Macroeconomic Research Office (Amro).

DAR completes FMR projects in Eastern Samar

The Department of Agrarian Reform (DAR) is set to turn over seven newly completed farm-to-market road (FMR) projects worth P100 million in eight remote villages in Oras, Eastern  Samar, following a year of construction.

BOC urged to slap SSG duty on ham imports

The Department of Agriculture (DA) has asked the Bureau of Customs (BOC) to impose special safeguard (SSG) duties on four agricultural products, including imported ham. Agriculture Secretary Francisco Tiu Laurel Jr. signed Department Order (DO) 20, which sought the imposition of SSG on pork hams, out-quota of roasted coffee varieties other than arabica and robusta, sausages, and preserved chicken meat.

PHL, Thai CBs hold high-level meeting

The Bangko Sentral ng Pilipinas (BSP) announced that BSP Governor Eli M. Remolona Jr. and Bank of Thailand (BOT) Governor Sethaput Suthiwartnarueput led the BSP-BOT high-level bilateral meeting last Monday to exchange views and strengthen cooperation on various areas of central banking.

BIR to upgrade eLounge facilities for tax payment

Internal Revenue Commissioner Romeo D. Lumagui Jr. has ordered, via Revenue Memorandum Order (RMO) 39-2024, all Revenue District Offices (RDOs) of the Bureau of Internal Revenue (BIR) to upgrade their “eLounge” facility.

UAE’s Masdar pitched on RE investments in PHL

The Department of Trade and Industry (DTI) said it met with Masdar, the United Arab Emirates (UAE) developer of future-energy projects, to explore investing in renewable energy (RE) in the Philippines.

Indonesia, Vietnam eyed as alternative sources of ginger

Farm goods importers have been asked to consider ordering ginger from Indonesia or Vietnam to ensure that the needs of the food industry are met with ginger from China still expensive, the Department of Agriculture (DA) said.

S. Korea trade deal seen producing import tariff savings of up to 30%

Philippine imports from South Korea across more than 600 tariff lines are expected to realize tariff savings of up to 30% once the Philippines-South Korea free trade agreement (FTA) takes effect, the Department of Trade and Industry (DTI) said.

NEA likely to miss 2024 electrification target

The National Electrification Administration (NEA) said it will fall short of its 2024 target to electrify 91% of all households, citing inadequate funding.

IP use by political campaigns could reveal candidates’ integrity, IPOPHL says

The Intellectual Property Office of the Philippines (IPOPHL) said the use or misuse of intellectual property (IP) by political campaigns should reveal to voters whether candidates can act with integrity.

ADB Laguna lakeshore loan expected soon

The Asian Development Bank (ADB) said it expects to approve $1.2 billion representing the first tranche of the Laguna Lakeshore Road Network (LLRN) project loan before year’s end.

Banking system’s total assets jump by 11% to P26 trillion

The Philippine banking industry’s total assets jumped by 10.8% as of end-August, Bangko Sentral ng Pilipinas (BSP) data showed. Preliminary data from the BSP showed banks’ combined assets rose to P25.99 trillion as of end-August from P23.46 trillion in the same period a year ago.

Inflation now on a ‘target-consistent path,’ says Remolona

Inflation is now on a “target-consistent path,” which provides room for further easing, Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona, Jr. said.

Rate cuts may boost demand amid condo oversupply in Metro Manila

Further rate cuts by the Philippine central bank could help spur new residential project launches and drive take-up of existing condominiums in Metro Manila, a property consultant said.

MPTC-SMC tollways merger seen to finalize this month

The merger between Metro Pacific Tollways Corp. (MPTC) and San Miguel Corp. (SMC) is expected to be finalized this month, according to MPTC President Rogelio L. Singson.

SEC clears P2.87-B Topline IPO; Nov. 22 listing eyed

The Securities and Exchange Commission (SEC) has approved the planned P2.87-billion initial public offering (IPO) of Cebu-based fuel retailer Top Line Business Development Corp. (Topline).

PAL to recover P6.89M in excise taxes, CTA rules

The Court of Tax Appeals (CTA) has partially granted Philippine Airlines, Inc.’s (PAL) petition for a tax refund, ruling that the airline is entitled to recover P6.89 million in excise taxes erroneously paid on the importation of liquors and wines intended for international flight consumption.

Citicore taps P1.22B from IPO for solar projects

Citicore Renewable Energy Corp. (CREC) is advancing its five-gigawatt (GW) renewable energy portfolio with P1.22 billion from its initial public offering (IPO) proceeds, as approved by its board of directors, the company announced on Wednesday.

Four more PHL airports to be privatized next year

At least four more Philippine airports in the countryside are expected to be privatized in 2025, the Department of Transportation (DoTr) said last week.

Marcos, Vietnam PM meet in Laos to deepen economic cooperation

President Ferdinand R. Marcos Jr. met with Vietnamese Prime Minister Pham Minh Chinh on the first day of his official visit to Laos for the ASEAN Summit to elevate ties between the Philippines and Vietnam. During the bilateral meeting Tuesday night, the two leaders discussed deepening economic cooperation, particularly trade and agriculture.

Batanes relief ops highlight PH-US alliance, EDCA importance

The Armed Forces of the Philippines (AFP) said the ongoing relief operations by Philippine and United States air units in the typhoon-hit Batanes province is a testament to the value of the Enhanced Defense Cooperation Agreement (EDCA). 

Sagging PH banana industry gets boost from FTA with S. Korea

The Department of Trade and Industry (DTI) is optimistic that the Philippines-South Korea free trade agreement (FTA) will save the country’s banana exports to South Korea, which is currently losing its market to Vietnam and other Latin American countries.

Imports to ease pressure on ginger prices–DA

The arrival of imports would ease the pressure on the retail prices of ginger which surged to P300 per kilo in some Metro Manila markets, according to the Department of Agriculture (DA).