IMF maintains growth outlook for PHL

The Philippines is expected to be one of the fastest-growing economies in Southeast Asia through 2029.  In its latest World Economic Outlook (WEO), the IMF kept the Philippine gross domestic product (GDP) growth outlook at 5.8% this year, which is below the government’s 6-7% target..

Philippines slips in trade sustainability ranking

The Philippines slipped to 13th place among 30 economies engaging in sustainable trade best practices, according to a report by the Hinrich Foundation and the International Institute for Management Development (IMD).

Angara: Public school teachers play vital role in economic thrust

Education Secretary Sonny Angara underscored the vital role of the country’s more than 800,000 public school teachers. Angara had earlier made a fresh appeal to the private sector for help in solving the crisis in basic education in the country when he spoke before the ECCP last week.

Escudero sees CREATE MORE signing next month

Senate President Francis G. Escudero said President Ferdinand R. Marcos, Jr. is due to sign the bill that will amend the Corporate Recovery and Tax Incentives for Enterprises (CREATE) in less than three weeks.

Transport dep’t sees EV perks possibly covering parts imports

Incentives for electric vehicle (EV) manufacturers could also include tax breaks on parts imports to boost domestic production and consumer adoption, the Department of Transportation said on Thursday.

PCA ties up with Japanese firm to develop coconut-based sustainable aviation

The Philippine Coconut Authority (PCA) is exploring the production of sustainable aviation fuel (SAF) using local coconut oil as a key ingredient. In a statement, the PCA announced the signing of a memorandum of understanding with Japan-based Manryu Co., Ltd. for the research and development phase of bringing SAF to market.

Agriculture chief: Technology needed to boost food security

Agriculture Secretary Francisco Tiu Laurel Jr. said technological initiatives and farming techniques would bolster the country’s productivity and boost farmers’ income.

Govt’s role in push for innovation underscored

Vice-president Sara Duterte-Carpio on Tuesday urged the government to help the business community pursue innovations amid the rise of artificial intelligence (AI).

Budget gap narrows to P970.2 billion in July-September

The national government posted a budget deficit of P970.2 billion in the third quarter of 2024, below the economic managers’ expectations for the period.

Gov't must provide incentives to attract e-vehicle investors—Marcos

Giving incentives is a must, if the Philippines wants to attract more investors into the country's e-mobility industry. Marcos made the remark during a sectoral meeting, where he met with officials of the DOST and concerned agencies to discuss how to develop and sustain the Philippine e-mobility industry.

PEZA receives P123.72 billion in year-to-date investment pledges

The Philippine Economic Zone Authority (PEZA) said that it has so far obtained board approval for P123.72 billion worth of investment pledges in the year to date, down 6.1% from a year earlier, though it still expects to hit its P200-billion target for 2024.

PH economy to continue to post over 6% growth

The Philippine economy is expected to remain one of the fastest growing economies in the region, with growth likely settling at above 6 percent for 2024 and 2025. BPI senior vice president and lead economist Emilio Neri, Jr. said economic growth will hit 6.1% this year.

Electric vehicle incentive scheme could be issued before end of year

The Department of Trade and Industry (DTI) said it hopes to release the incentive scheme for the electric vehicle (EV) industry by year’s end.

‘More companies interested in investing in EV manufacturing in PHL’

The DOST said there are now more companies that are interested in investing in electric-vehicle (EV) manufacturing in the country. The DTI is currently crafting the strategic roadmap under the Electric Vehicle Industry Development, which will help in developing the e-mobility industry.

DAR’s P6.2-B Vista Project to benefit 70,000 farming families

The Department of Agrarian Reform (DAR) is gearing up for the implementation of a US$112.82 million or roughly P6.2 billion project that will empower women and benefit around 70,000 farming families in six provinces in the Cordillera Autonomous Region and four provinces in the Soccsksargen Region.

Angeles court dismisses bid to renew Clark-area landfill operating contract 

The Bases Conversation and Development Authority (BCDA) said on Wednesday that a Regional Trial Court (RTC) in Angeles City dismissed a bid by the former concession-holder to renew the operating contract of the 100-hectare Kalangitan sanitary landfill in Capas, Tarlac.

Palay output officially estimated at 19.41 MMT in 2024, down 3.24%

The Department of Agriculture (DA) said on Wednesday that palay (unmilled rice) production will likely decline 3.24% in 2024, due to crop losses from tropical cyclones. He added that based on the palay projections, the expected output is equivalent to about 12.69 MMT of milled rice.

Sangley airport dev’t still uncertain

The transportation department said the development of Sangley Point International Airport (SPIA) remains uncertain as the joint-venture company still has to secure other approvals before the project moves forward.

Group urges Congress to pass Site Blocking bill

A consumer advocacy group on Tuesday afternoon urged lawmakers to fasttrack the passage of the long-delayed Site Blocking bill, currently pending in the Senate before the election season heats up.

Alternergy proposes P2.2-B line for P10-B Tanay wind farm

Alternergy Tanay Wind Corp., a subsidiary of Alternergy Holdings Corp., has applied for approval from the Energy Regulatory Commission (ERC) to construct a transmission facility that will link its Tanay Wind Power Plant Project (TWPPP) to the Luzon grid.

Reserve requirement cut seen boosting hotel construction as office market adjusts

The reduction of the bank reserve requirement is expected to boost private construction, particularly for hotels, the Bank of the Philippine Islands (BPI) said.

Angeles court dismisses bid to renew Clark-area landfill operating contract 

The Bases Conversation and Development Authority (BCDA) said that a Regional Trial Court (RTC) in Angeles City dismissed a bid by the former concession-holder to renew the operating contract of the 100-hectare Kalangitan sanitary landfill in Capas, Tarlac. The BCDA said RTC Branch 114 dismissed Metro Clark Waste Management Corp.’s (MCWM) bid to include an automatic renewal clause to the 25-year contract for landfill operation services.

MIAA, BCDA still discussing terms of NAIA T3 land deal

The Department of Transportation (DoTr) said on Wednesday that the Manila International Airport Authority (MIAA) is still studying the terms of its land purchase deal with the Bases Conversion and Development Authority (BCDA) covering the leased site of Ninoy Aquino International Airport (NAIA ) Terminal 3.

August building permit approvals fall by 7.5%

Approved building permits fell 7.5% year on year in August to 13,436, the Philippine Statistics Authority (PSA) reported. In August, approved building projects amounted to 3.23 million square meters of floor area, up 1.9% from a year earlier. Approved permits represented projects valued at P43.05 billion, up 1.1% year on year.

FSI secures deal for coal exploration in in Lanao del Sur

Filipinas Systems Inc. (FSI) has committed to invest some P19 million in coal exploration activities in Lanao del Sur after it bagged the first coal operating contract (COC) for a pre-determined area (PDA) in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM).

BIR bags P107.7 million in raid on illegal cigarette factory

The Bureau of Internal Revenue (BIR) discovered illicit cigarettes, cigarette-manufacturing machines and raw materials with a total tax liability amounting to P107.757 million in a raid in Cebu on October 3 and 5.

GreenHeat allocating P2B for rooftop solar projects

Clean energy producer GreenHeat expects to roll out P2 billion worth of rooftop solar projects in the next 18 months, with this pandemic-induced shift receiving continued interest from both commercial and household customers.

US firms urged to invest in PEZA zones

The Philippine Economic Zone Authority (PEZA) is encouraging American companies to invest in the country’s economic zones amid ongoing initiatives to improve the business environment. Naguit discussed the expected improvements in the business climate following the ratification of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) bill.

Private equity firm takes over Philippines’ biggest oil import storage firm for $296 million

Private equity firm I Squared Capital, through its Philippine affiliate, will buy Philippine Tank Storage International from Singapore’s Keppel Infrastructure Trust and Metro Pacific Investments Corp in a $296 million deal. Hong Kong’s First Pacific said on Wednesday its Philippine affiliate, Metro Pacific, will sell its 50% stake in Philippine Coastal Storage & Pipeline Corp, which is owned by Philippine Tank Storage International, the company that runs the biggest petroleum products import storage facility in the country.

PSEi marginally gains, peso depreciates Tuesday

The local bourse slightly increased as investors got confident about third quarter financial results of firms and the central bank’s policy easing, but the peso continued to depreciate on Tuesday’s trading. The Philippine Stock Exchange index (PSEI) inched up by 0.09 percent to 7,413.16, with All Shares also going up by 0.13 percent to 4,085.50.

Fitch sees below-target growth for Philippines

The Philippines’ gross domestic product (GDP) growth this year may fall below the government’s target amid dampened household spending, Fitch Ratings said. “We expect the Philippines’ economy to expand by 5.5% in 2024, after 5.5% in 2023 and 7.6% in 2022,” it said in its latest Asia-Pacific Sovereigns Peer Review.

Electronics industry targets 5% increase in exports next year

The Semiconductor and Electronics Industries in the Philippines Foundation, Inc. (SEIPI) said that it is expecting a 5% growth in exports next year amid inventory correction and the expected entry of new investments.

PCCI issues job, investment wish list

President Ferdinand R. Marcos, Jr. should identify barriers to business operations, develop an infrastructure master plan, enact a comprehensive investment bill and digitize local government services to generate more investments and jobs, according to the Philippine Chamber of Commerce and Industry (PCCI).

SEC to develop web app to manage firms’ sustainability reports

The Securities and Exchange Commission (SEC) will develop a web-based app to manage the sustainability reports submitted by publicly listed companies. The corporate regulator will work with climate data and analytics software firm Komunidad Global Services & Operations Philippines, Inc. to create the SEC Sustainability Reporting (SuRe) Framework app, it said in an e-mailed statement on Thursday.

Smaller banks must partner with fintechs, big players to digitalize

Smaller Banks must collaborate with financial technology (fintech) companies or bigger lenders to ensure that they can keep up with emerging digital trends.

Electric vehicle incentive scheme could be issued before end of year

The Department of Trade and Industry (DTI) said it hopes to release the incentive scheme for the electric vehicle (EV) industry by year’s end. The DTI, together with the Department of Science and Technology, are tasked with coming up with a framework for the incentive scheme under the Electric Vehicle Industry Development Act. 

BSP, German banknote printer to develop counterfeit-proof peso bills

The Bangko Sentral ng Pilipinas (BSP) and Bundesdruckerei GmbH, a German federal technology company, agreed to collaborate on currency management and production in the Philippines, as the regulator aims to keep local banknotes counterfeit-proof even as the country is shifting to digital payments.

PSEi falls below 7,300 mark

The local bourse continued to fall below the 7,300 level on Thursday’s trading, lacking any positive catalyst. The Philippine Stock Exchange index (PSEi) dropped 1.14 percent to 7,283.79, while All Shares shed 1.07 percent to 4,007.39 points.

Local EV firm gets nearly 1K orders from PUV modernization

Tojo Motors Corp., a local electric vehicle (EV) “fabricator”, has received close to 1,000 orders of EV units for public utility vehicle (PUV) modernization. On the sidelines of the 12th Philippine Electric Vehicle Summit (PEVS) in Pasay City on Thursday, Tojo Motors chief executive officer Ralph Legaspi said the company would need additional capital to boost its capacity to meet the growing demand driven by the government’s PUV Modernization Program.

Jan.-Sept. budget deficit narrows by 1.35%

The national government's budget deficit narrowed from January to September this year, data from the Bureau of the Treasury (BTr) showed. In its latest cash operations report released on Thursday, the BTr said the budget deficit during the period went down by 1.35 percent to PHP970.2 billion from the PHP983.5 billion logged in January to September last year.