PH, EU resume talks for free trade agreement

The European Chamber of Commerce of the Philippines expressed support for the resumption of FTA negotiations between the Philippines and the European Union. The talks, scheduled from Oct. 14 to 18 in Brussels aim to boost bilateral relations and secure preferential market access for Philippine exports.

Government debt payments decline in August

The national government’s (NG) debt service payments slipped year on year in August as principal payments for domestic borrowings dropped, the Bureau of the Treasury (BTr) reported.

Lower tariffs on rice, BEVs pull down BOC 9-month take

The reduced tariffs on rice and battery electric vehicles pulled down the Bureau of Customs’ (BOC) revenue collections to P690.842 billion as of the end of September 2024. In a statement on Sunday, the BOC recorded P6.089 billion in revenue losses from rice imports due to the reduction of rice tariffs.

Philippines signs ASEAN fifth investment protocol

The Department of Trade and Industry (DTI) said the Philippines signed the Fifth Protocol of the ASEAN Comprehensive Investment Agreement (CIA) last week, and reported significant progress on amendments to the ASEAN-China Free Trade Area (FTA).

Transparency to enhance PH’s attractiveness as investment hub

The Philippines has demonstrated its readiness to become an investment hub in the region as it joined other countries in signing an agreement to update the Asean Comprehensive Investment Agreement (ACIA).

Delays in VAT rebates dampen net inflows of FDI to the Philippines

The Philippines posted the fourth-highest net inflows of foreign direct investments (FDIs) in Southeast Asia, although this may have been dampened by delays in value-added tax (VAT) rebates, according to the Association of Southeast Asian Nations (ASEAN) Investment Report 2024.

Agriculture seen performing better in 2025

Agriculture will perform better in 2025 after being hounded with high fuel and input costs, drought, floods due to La Nina and disruptions in the value chain this year. Agriculture output in the second quarter declined 3.3 percent.

BSP to cut rates by 25 bps — poll

The Bangko Sentral ng Pilipinas (BSP) will likely continue its easing cycle with another 25-basis-point (bp) rate cut at its meeting on Wednesday, analysts said. 

Growth to be sustained with MSME support, upskilling — Philexport

The Philippine Exporters Confederation, Inc. (Philexport) cited the need to support the expansion of the micro, small and medium enterprises and to resolve the education crisis to sustain growth. At a general membership meeting last week, Philexport President Sergio R. Ortiz-Luis, Jr. said making MSMEs competitive internationally will help strengthen the middle class.

Asia exports to outperform with 2024 growth of 7.4%

Exports from Asia are expected to grow 7.4% this year, outperforming other regions, the World Trade Organization (WTO) reported. In its October Global Trade Outlook and Statistics, the WTO upgraded its forecast for world merchandise trade growth in 2024 to 2.7% from the previous estimate of 2.6%. The WTO projects exports in Asia to grow 7.4% this year.

Smaller nuclear power plants deemed more suitable for PHL

Building small modular reactors (SMRs) and micro modular reactors (MMRs) will help produce a more “distributed” power generation strategy as opposed to investing in large, expensive facilities, an analyst said.

PHL agri market access project rated ‘satisfactory’ by funder WB

The World Bank (WB) said it returned a “satisfactory” rating on progress made by the Department of Agriculture in enhancing farmer and fisherfolk market access. The government borrowed $600 million from the World Bank for the Rural Development Project Scale-Up Project last year. The ultimate goal in improving market access is to boost incomes across selected agri-fishery value chains. 

DBM expects 2025 budget signed before Christmas

The national government expects the 2025 budget to be signed by the President before Christmas, according to the Department of Budget and Management (DBM). Budget Secretary Amenah Pangandaman recently told reporters on the sidelines of the Chamber of Thrift Banks General Membership Meeting that once the Senate approves the 2025 National Budget by the end of November, the budget will be ready for the bicameral conference committee.

ERC pushed to finalize tariff for 3rd green energy auction

The Senate Committee on Energy wants the Energy Regulatory Commission (ERC) to finalize the green energy auction reserve (GEAR) prices for the third round of Green Energy Auction (GEA) scheduled this year.

Foreign tourists stay longer, pay premium tickets to PHL

More international travelers to the Philippines are booking longer, “immersive” holidays and are willing to pay premium air tickets to reach the country.

RFID fines legalized theft, says FFW

Imposing fines on motorists who have no radio frequency identification (RFID) or have insufficient load is a form of legalized theft, the Federation of Free Workers (FFW) said on Saturday. In a press release, FFW Vice President Jun Ramirez said the planned fines will unfairly burden ordinary motorists who are already struggling with the rising cost of living.

DOTr pushes privatization of airports

Transportation Secretary Jaime J. Bautista said his office continues to push for the privatization of airport operations. Bautista made the statement in the wake of the award of the concession deal for the Laguindingan Airport’s management to Aboitiz Infra Capital.

BPSF rolls out P75 million program for creative industry

A P75 MILLION comprehensive support program aimed at offering financial aid and capacity-building opportunities to over 15,000 workers in the creative industry was unveiled on Sunday by the Bagong Pilipinas Serbisyo Fair (BPSF) in an event in Pasig City.

Gatchalian tells DICT to fast track speed up of fiber backbone project

Sen. Sherwin Gatchalian on Sunday urged the Department of Information and Communication Technology to accelerate the roll-out of the National Fiber Backbone (NFB) project to expand access to free public Wi-Fi, helping more people across the country to connect to the internet.

Bucana Bridge construction on track

Construction of the 1.34-kilometer Davao River (Bucana) Bridge by the Department of Public Works and Highways (DPWH) is progressing steadily, with civil works now more than halfway completed, less than a year after the project began in November 2023.

IPOPHL set to make Cagayan Valley gateway for investment, innovation

The Intellectual Property Office of the Philippines (IPOPHL) has launched its Intellectual Property Regional Development Plan (IPRDP) for the Cagayan Valley, a strategic initiative aimed at positioning the region as a pivotal East Asian gateway for investment.

To cover price hikes, airlines to slap new fee

Travelers may have to pay more for their plane tickets before the year ends, as airlines propose to collect a new fee of up to P300 per flight to cover price hikes at the Ninoy Aquino International Airport (NAIA). Domestic carriers Philippine Airlines (PAL), Cebu Pacific and AirAsia Philippines are asking the Civil Aeronautics Board (CAB) to approve the collection of a terminal enhancement fee to help recover the increasing cost of flying in NAIA.

Inflation will settle within target in 2024 – NEDA

The National Economic and Development Authority (NEDA) is confident that inflation will settle within the government's target this year. NEDA Undersecretary Rosemarie Edillon said at the Bagong Pilipinas Ngayon briefing on Friday the target is between 2 and 4 percent average for the year, which is the reason why NEDA believes it is achievable.

DOTr, IFC to craft guidelines for Davao airport project

The Department of Transportation (DOTr) is working with the International Finance Corp. (IFC) in crafting guidelines for the bidding of the Davao International Airport project, one of the major infrastructures in the government’s pipeline.

Apeco to establish 2-hectare lagoon project in Casiguran

The Aurora Pacific Economic and Freeport Zone Authority (Apeco) is set to construct a multi-million lagoon project inside their economic zone in the province of Aurora, marking the latest development in the hub’s infrastructure push.

PH remains world’s largest rice importer

The Philippines is expected to import more rice this year and next, remaining as the world’s top importer of this staple food as the El Niño, La Niña and recent typhoons have curbed local production. In its latest Grain: World Markets and Trade report, the US Department of Agriculture’s Foreign Agricultural Service estimated that the country’s rice imports would reach 4.7 million metric tons (MT) this year, up by 2.2 percent from its previous estimate of 4.6 million MT, citing “strong buying of Vietnam rice.”

Below-target growth likely this year

The Philippines’ gross domestic product (GDP) growth will likely settle below the 6-7% target range this year, analysts said. Capital Economics expects GDP growth to average 5.1% this year, well below the government’s 6-7% target.

Meralco, Samsung C&T partner for nuclear energy initiative

Manila Electric Co. (Meralco) and South Korea’s Samsung C&T Corporation Engineering & Construction Group have entered into a partnership to advance the adoption of nuclear energy projects in the Philippines, supporting the government’s long-term goals for energy security.

Ayala Greenfield Interchange project breaks ground

San Miguel Corp. (SMC) and Ayala Land, Inc., through Ayala Greenfield Development Corp., will commence construction of the Ayala Greenfield Interchange next month. The project is considered a critical infrastructure development aimed at enhancing connectivity and driving economic growth in Southern Luzon, according to Ayala Land.

PHL, Saudi Arabia sign RE, natural gas deal 

The Department of Energy (DoE) is exploring a partnership with Saudi Arabia to collaborate in renewable energy (RE) and natural gas. In a statement on Monday, the DoE said it has kicked off its energy mission in Saudi Arabia by forging a memorandum of understanding (MoU) with Saudi Energy Minister Abdulaziz bin Salam Al Saud.

Japan AI tech to be deployed in PHL for disaster management

The Japan International Cooperation Agency (JICA) said it has partnered with Japanese company Spectee, Inc. to upgrade the Philippine disaster risk reduction and management (DRRM) system using artificial intelligence (AI) technology.

DENR calls for ‘adaptive’ approach to disasters

The Department of Environment and Natural Resources (DENR) said disaster risk reduction need to be flexible in response to the rapidly shifting patterns of tropical cyclones.

NFA Aug. palay procurement tops 3,209 MT 

The National Food Authority (NFA) said on Wednesday that it procured 3,209.9 metric tons (MT) of palay, or unmilled rice, in August, equivalent to 64,199 sacks of 50 kilograms each. In its monthly report, the NFA said the procurement represents an accomplishment rate of 16.64%, against a target of 19,285 MT or 385,700 sacks for August.

Investment cooperation deal signed with S. Korea

The Board of Investments (BoI) said it entered a partnership with the Korea Trade-Investment Promotion Agency (KOTRA) to explore collaboration in investment promotion. In a statement on Monday, the BoI said that the memorandum of understanding (MoU) it signed with KOTRA aims to capitalize on the recent ratification of the free trade agreement between the Philippines and South Korea.

Vitro, HK firm ink connectivity deal

Vitro Inc., a subsidiary of ePLDT and the data center arm of the PLDT Group, and Hong Kong-based telco and ICT solutions provider HGC Global Communications Ltd. (HGC) have partnered to enhance data center connectivity in the Philippines.

Green transition finance risks cited by banks

Raising greater transition financing for green projects and technologies require careful management of feasibility and bankability issues, according to a report from leading Asian banks. Based on the “Asia Transition Finance Annual Report 2024,” feasibility issues include the readiness of projects for implementation while bankability refers to the how confident lenders are that projects will be able to generate sufficient cash-flow to meet debt repayments.

MPTC seeks P15-billion investment for CCLEx expansion

Metro Pacific Tollways Corp. (MPTC) aims to secure a P15-billion investment from Spanish infrastructure development company Acciona S.A. this year for the expansion and upgrade of the Cebu-Cordova Link Expressway (CCLEx), the company’s president said.

Metro Pacific Health expands portfolio with Diliman Doctors Hospital

Metro Pacific Health Corp. (MPH), the healthcare arm of the Pangilinan-led Metro Pacific Investment Corp., has acquired a controlling stake in Diliman Doctors Hospital, Inc. (DDHI).

Senators urge gov’t to build modern nuclear plant instead of reviving BNPP

The Philippine government should build state-of-the-art nuclear power plants instead of trying to revive the mothballed Bataan Nuclear Power Plant (BNPP), which may be too old to function, Philippine senators said at the weekend.

NGCP seeks ERC approval to connect Mindoro, Batangas

The National Grid Corp. of the Philippines (NGCP) said it is seeking Energy Regulatory Commission (ERC) approval for the 500-kilovolt (kV) Batangas–Mindoro Interconnection and Backbone Project (BMIBP).

Meralco affiliate to power Pepsi-Cola manufacturing plants

Vantage Energy Solutions and Management, Inc., the affiliate retail electricity supplier of power distributor Manila Electric Co. (Meralco), has forged a partnership with Pepsi-Cola Products Philippines, Inc. (PCPPI) to supply power to the latter’s manufacturing facilities.