PHL-EU relations warm up as FTA talks resume

Brussels was a bit chilly than usual on October 14, the day the Philippines and the European Union resumed negotiations on a free-trade agreement (FTA). The atmosphere at the negotiating table, however, was starkly different from the mood of the parties.

Pascual to get foreign chambers’ top award

Former Trade Secretary Alfredo Pascual is set to receive the highest award from the Joint Foreign Chamber of the Philippines (JFC) next week, in recognition of his work in promoting investments in the country and championing the growth of micro, small and medium enterprises (MSMEs).

‘EU deforestation regulation may include more products’

More commodities may be covered by the EU Deforestation Regulation (EUDR) after the completion of a one-year review by June 2025, according to the International Trade Centre (ITC), the joint agency of the United Nations and the World Trade Organization.

CREATE MORE expected to resolve longstanding VAT refund complaints 

Long-running concerns about red tape and value-added tax (VAT) refunds stand a good chance of being addressed by the proposed amendments to the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, according to analysts.

BIR clarifies power firms’ taxes per EOPT

The Bureau of Internal Revenue (BIR) clarified certain provisions in Republic Act No. 11976 or the Ease of Paying Taxes Act (EOPT) to ensure tax obligations of the power sectors are aligned with the law.

IPOPHL readying guidelines for AI use in creative works

The Intellectual Property Office of the Philippines (IPOPHL) said it is planning to release guidelines that will ensure copyright protections in the application of artificial intelligence (AI) in creative works. 

PH inflation seen hovering at 2% until year-end

Declining rice prices will help keep inflation “stable” at the 2-percent level for the rest of the year, Metrobank Research said, while also penciling in more rate cuts as the Bangko Sentral ng Pilipinas (BSP) moves to support the economy.

Sangley airport JV gets PCC approval

The Philippine Competition Commission (PCC) has cleared a proposed joint venture for the construction of the $11-billion Sangley Point International Airport (SPIA) after it ruled that the partnership would not diminish market competition.

PHL, Italy partner for farm productivity, industrialization

The Philippines and Italy are set to ink a partnership to boost productivity and agro-industrialization for Filipino farmers. Agriculture Secretary Francisco Tiu Laurel Jr. recently met with Italian Minister of Agriculture Francesco Lollobrigida to strengthen agricultural partnerships and affirm the two countries’ commitment to sustainable food systems and trade.

Senate panel OKs proposed P178-B agri budget for 2025

The PHP178.273 billion proposed 2025 budget of the Department of Agriculture (DA) was “deemed submitted” to the Senate plenary after it was approved on Monday by the Finance subcommittee chaired by Senator Cynthia Villar.

23 more projects added to PPP pipeline

A total of 173 public-private partnership (PPP) projects worth a combined P3.174 trillion are now in the pipeline, following the addition of 23 new projects, data from the Public-Private Partnership Center showed.

DOE: 105 renewable energy projects face termination 

The Department of Energy (DOE) on Sunday said it may terminate the service contracts of 105 renewable energy (RE) projects, which it could offer to “more efficient” developers. At least 105 RE projects are being processed for termination due to non-compliance with project timelines. The majority of these contracts were awarded in 2017 and 2019.

ADB to help define MIAA functions as NAIA regulator

Manila International Airport Authority (MIAA) is seeking the assistance of the Asian Development Bank (ADB) to help define its role and functions as the sole regulator of the Ninoy Aquino International Airport (NAIA).

‘Sound competition policy vital to economic growth’

A well-crafted competition policy can open new pathways for economic opportunities and help sustain economic growth, according to the National Economic and Development Authority (NEDA).

External debt service burden down at end-July

The Philippines’ external debt payments declined as of end-July amid a slump in principal payments, preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed. Debt servicing on external borrowings dropped by 7.6% to $7.693 billion in the first seven months from $8.329 billion a year ago.

BoP surplus balloons to $3.5B in September

The Philippines’ balance of payments (BoP) position posted a surplus in September, the widest in nearly four years, the Bangko Sentral ng Pilipinas (BSP) said. Data from the BSP showed the BoP ballooned to a $3.526-billion surplus in September from $88 million in August. It was also a turnaround from the $414-million deficit in the same period a year ago.

BSP seen to continue easing cycle

The door is now wide open for the Bangko Sentral ng Pilipinas (BSP) to continue its rate-cutting cycle although at a gradual pace, analysts said. The Monetary Board slashed rates for a second straight meeting on Wednesday with a 25-basis-point (bp) cut, bringing the key rate to 6% from 6.25%.

BIR to miss excise target on weak tobacco demand

The Bureau of Internal Revenue (BIR) said it will likely miss its P362.2-billion excise tax collection goal this year due to declining demand for tobacco products.

FAO forum trains spotlight on ‘inclusive innovation’

The Science and Innovation Forum (SIF 2024) wrapped up three days of discussions on how to make cutting-edge technologies available to small-scale producers at the Rome headquarters of the Food and Agriculture Organization of the United Nations (FAO) last Friday.

Peza, PNOC ink agreement on self-powered industrial parks

The Philippine Economic Zone Authority (Peza) on Friday said it has signed an agreement with the Philippine National Oil Company (PNOC) to jointly explore the development of what they call a self-generating industrial park (SGIP). Peza Director General Tereso Panga and PNOC President and Chief Executive Officer Oliver Butalid signed a memorandum of understanding last October 14 at the PNOC Networking Hall

Competition Commission approves joint venture to develop Sangley Point airport

The Philippine Competition Commission (PCC) has approved the joint venture between the Cavite provincial government and the consortium formed by Cavitex Holdings, Inc. and House of Investments, Inc. for the development of the Sangley Point International Airport (SPIA). The entities will build, own, operate, manage and maintain the SPIA, which is meant to help decongest the Ninoy Aquino International Airport.

PH dollar surplus at nearly 4-yr high of $3.5B in September

The Philippines posted its biggest dollar surplus in almost four years in September, on the back of hefty inflows from fresh foreign borrowings of the government and earnings of the Bangko Sentral ng Pilipinas (BSP) from its investments abroad.

PHL seen relying on coal as natural gas reserves shrink

The Philippines could use more coal in the next few years as gas-fired power generation declines due to the depletion of Malampaya’s gas reserves, according to a United Kingdom-based think tank. BMI Country Risk & Industry Research, a Fitch Solutions company, said coal-fired power is expected to peak at 60 percent of the country’s power mix by 2025.

High household debt raises bank asset risks in Southeast Asia

The Banking Sector in Southeast Asia, including the Philippines, may face asset quality risks amid rising household debt, Moody’s Ratings said. Moreover, the Philippines faces a “moderate” risk, same as Malaysia and Indonesia. Thailand and Vietnam had a “high” overall risk, while Singapore obtained a “low” assessment.

Some oil firms considering hike in bioethanol blend

Several oil firms have committed to complying with the government’s mandate of higher coco biodiesel blend while considering voluntarily increasing bioethanol blend as well. Seaoil Philippines, Inc. said it is fully compliant with the B3 biodiesel mandate in all of its stations nationwide.

No change in airline fuel surcharge for Nov.

The Civil Aeronautics Board (CAB) is keeping the passenger fuel surcharge unchanged for November. In an advisory on Monday, CAB retained the passenger surcharge at Level 4 for next month, the second time the fuel surcharge was set at this level for the year.

New climate finance goals need fast-tracking — DoF

The Department of Finance (DoF) said it declared its support for approving before next year the New Collective Quantified Goal on Climate Finance (NCQG), to increase the access to financing of vulnerable countries.

BoI sees room to grow for energy efficiency, conservation investments in Mindanao

The Board of Investments (BoI) said that it had approved P15.23 billion worth of projects in Mindanao as of September, indicating the need to invite companies in the region to apply for Energy Efficiency and Conservation (EE&C) incentives.

Shares inch lower as market waits for fresh leads

Stocks ended lower on Monday as investors stayed on the sidelines while waiting for fresh catalysts such as firms’ third quarter results. The Philippine Stock Exchange index (PSEi) inched down by 0.12% or 9.10 points to end at 7,406.63 on Monday, while the broader all shares index dropped by 0.03% or 1.23 points to close at 4,080.29.

Boosting competition in rice trade to uplift 2.9M–study

Encouraging greater competition in the rice trade could lift at least 2.9 million Filipinos out of poverty, according to a new study by local economists. The removal of rice cartels could greatly increase the purchasing power of Filipinos as greater competition leads to cheaper prices.

BSP 7-month net income soars 414.6% to P95.2B

Higher revenues and a decline in expenses helped boost the net income of the Bangko Sentral ng Pilipinas (BSP) in the January to July period, making it the highest figure to date. Based on the data, the BSP posted a net income of P95.2 billion in the January to July 2024 period. This represented a 414.59-percent growth from the P18.5 billion recorded in the same period last year.

BIR clarifies power firms’ taxes per EOPT

The Bureau of Internal Revenue (BIR) clarified certain provisions in Republic Act No. 11976 or the Ease of Paying Taxes Act (EOPT) to ensure tax obligations of the power sectors are aligned with the law.

IPOPHL sets rules on AI-generated creatives

The Intellectual Property Office of the Philippines (IPOPHL) is set to release guidelines on creative works generated with artificial intelligence (AI). According to IPOPHL Director General Rowel Barba, the agency will begin discussing with various sectors of the copyright industry and the effect of AI on these sectors.

Philippines, US defense officials discuss AFP upgrade, intel sharing

Philippine defense officials and the newly designated US deputy assistant secretary of defense for South and Southeast Asia discussed the planned capability upgrade of the Armed Forces of the Philippines (AFP) and the conclusion of an intelligence-sharing agreement with the US Department of Defense.

PCCI to government: Prioritize ease of doing business

The Philippine Chamber of Commerce and Industry (PCCI), the country’s largest business group, will be recommending to the government to focus on measures that could further ease and lower the cost of doing business, as it pushes for digital and innovation adaptation by firms.

RCEF needs P7B from budget after rice tariff reduction — Villar

Senator Cynthia A. Villar said P7 billion needs to be added to the Department of Agriculture’s (DA) proposed budget next year in order to fund the Rice Competitiveness Enhancement Fund (RCEF). She said RCEF will require P30 billion next year, but as it is supported mainly by tariffs on imported rice, a shortfall is looming after the reduction in tariff rates to 15% from 35%.

BIR rules DUs, power co-op ineligible to claim input VAT

The Bureau of Internal Revenue (BIR) said distribution utilities (DUs) and electric cooperatives (ECs) cannot claim input value-added tax (VAT) from generation and transmission charges, ruling these to be pass-through charges.

DA chief: PH, Italy to strengthen agri cooperation

The country’s agricultural production will be continually boosted with the strengthened cooperation with Italy, according to Agriculture Secretary Francisco Tiu Laurel Jr. In a statement on Monday, the Department of Agriculture (DA) reported an agreement on a draft memorandum of understanding (MOU) between the Philippines and Italy during the World Food Day celebrations last Oct. 16 in Rome.

Chamber of Mines claims members ‘at par’ with global best practices

Four operating members of the Chamber of Mines of the Philippines (COMP) performed at par with global best mining practices in Five Protocols or key areas that minerals development companies should focus on under the Towards Sustainable Mining (TSM) standard.

Cooperatives push for VAT exemption on modern jeepney purchases

The Philippine Chamber of Cooperatives Inc. (Co-op Chamber) said modern vehicles purchased by transportation cooperatives to comply with the Public Utility Vehicle Modernization Program (PUVMP) should be exempted from the 12 percent value-added tax (VAT).

BOP surplus in September reaches 4-year high–BSP

The country’s balance of payments (BOP) position in September registered a surplus of $3.5 billion, the highest recorded in four years, according to the latest data released by the Bangko Sentral ng Pilipinas (BSP).