Q2 economic growth revised upward to 6.4%
The Philippine Statistics Authority (PSA) revised upward on Wednesday the second quarter Philippine gross domestic product (GDP) growth to 6.4 percent from 6.3 percent.

Unemployment rate slides but underemployment climbs in September
The jobless rate fell to 3.7 percent in September this year from 4 percent in August and 4.5 percent in September 2023. This meant that 1.89 million Filipino workers were unemployed in September.

House OKs longer-term land lease to foreigners
The House Committee on Trade and Industry on Tuesday approved a bill extending land leases to foreigners for up to 99 years by amending Republic Act 7652, or the Investors’ Lease Act.

Growth sharply slows to 5.2% in Q3
The Philippine economy expanded by a weaker-than-expected 5.2% in the third quarter, as bad weather hurt agricultural output and government spending. Preliminary data released by the PSA showed Philippine GDP grew by an annual 5.2% in the July-to-September period, slowing from the revised 6.4% growth in the second quarter and 6% a year ago.

IPOPHL cuts green-tech application fees, expedites approvals
The Intellectual Property Office of the Philippines (IPOPHL) said its Green Technology Incentive Program will offer reduced registration fees and accelerated approval for intellectual property (IP) that mitigates environmental impacts and conserves natural resources.

Marcos signs Enterprise-Based Education and Training Framework Act
President Ferdinand Marcos Jr. on Thursday, November 7, signed a measure that creates a framework for the upskilling of Filipino workers in a bid to address the country’s underemployment.

PHL seeks $150-M WB loan to improve education system
The Philippines is seeking a $150-million loan from the World Bank (WB) to improve the quality of public education amid a learning crisis.

PH’s internet economy post fastest growth among SEA — report
The Philippines’ internet economy grew the highest in six southeast Asian economies, growing by a fifth in 2024, as it led by a huge margin in the e-commerce sector. The latest e-Conomy SEA report by Google, Temasek, and Bain & Company reported that the Philippines’ overall digital economy, measured in terms of gross merchandise value, managed to grow to $31 billion from $26 billion in 2023.

PHL-US alliance to remain stable no matter who wins US presidency
Philippine-US economic and defense ties are not expected to change abruptly regardless of who wins the US presidential race, with both ex-President Donald Trump and Vice-President Kamala Harris likely to keep the trend of rising trade restrictions and strategic competition with China, analysts said.

Manufacturing growth slows in Oct.
Philippine manufacturing expanded for a 14th month in a row in October, but the pace of growth slowed month on month amid a softer rise in new orders and output, S&P Global said on Monday. At the same time, manufacturing firms ramped up hiring, with job creation hitting an 88-month high.

Fiber backbone phases 2, 3 seen completed by mid-2025
The Department of Information and Communications Technology (DICT) said it expects the second and third phases of the National Fiber Backbone to be running by 2025.

FTA with US urgently needed — chip industry
The Philippines will need a free trade agreement (FTA) with the US to sustain the electronics and manufacturing services (EMS) business, the semiconductor industry association said.

More sustainable transport urged as Asia-Pacific faces climate pressures
Asia-Pacific economies experiencing unprecedented growth must turn to sustainable transport in the face of climate pressures, according to the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP).

Fully-integrated digital travel clears dry run
The future is here. The “One ID” digital initiative of the largest group of airlines in the world has gone beyond an idea, having been pilot-tested recently in Hong Kong and Tokyo.

Meralco commissions new Laguna switching station
Meralco has put up a new switching station for a data center in Sta. Rosa, Laguna. Meralco’s new infrastructure will support the power needs of VITRO Inc.'s AI-powered hyper-scale data center. VITRO is a subsidiary of ePLDT and the data center arm of the PLDT group which is also led by Pangilinan.

DOE, LandBank to accelerate community aid
The Department of Energy (DOE) along with the Landbank of the Philippines have inked a deal that allows the efficient use of funds that would support host communities, specifically those under the Energy Regulations 1-94 (ER 1-94) Program.

Marcos OKs extension, addt'l budget on 2 flood control projects
The construction period for two of the government's flood mitigation projects in Cavite and Metro Manila has been extended to up to five more years and consequently received additional funding.

BSP cool to drastic rate cuts
The Bangko Sentral ng Pilipinas (BSP) said it would continue its “measured” rate cutting cycle even as inflation quickened in October, still keeping the door shut on aggressive easing as the pace of price growth remains consistent with the outlook of monetary authorities.

DOF to rice traders: Let people feel low tariffs
The Department of Finance (DOF) urged rice traders to ensure that reductions in rice tariffs are passed on to consumers after rice inflation accelerated to 9.6 percent in October. The DOF said this on Tuesday as the October inflation print increased to 2.3 percent from 1.9 percent in September. The reminder is meant to ensure that the lower rice tariffs will help all Filipinos.

Senate adopts reduced budget of P733M for OVP
The Senate has adopted the House of Representatives’ decision to give the Office of the Vice President (OVP) only P733 million instead of its requested P2.03-billion budget for next year.

Factory output contracts by 6.3% in September
Manufacturing output contracted by 6.3% in September due to double-digit declines in the production of coke and refined petroleum products as well as in beverages, according to the Philippine Statistics Authority.

BCDA taps NDC for Clark urban dev’t projects
The Bases Conversion and Development Authority (BCDA) said it signed a partnership with the National Development Co. (NDC) to handle high-impact works in New Clark City.

Saudi Arabia tapped for hydrogen, energy efficiency collaboration
The Department of Energy (DoE) is hoping to develop a roadmap with the Saudi Arabian Ministry of Energy for collaboration in the areas of petroleum derivatives and native hydrogen, among others.

Trade deficit posts largest growth in 2 years–PSA
The country’s trade deficit continued to widen and posted its largest increase in over two years, according to the latest data released by PSA. Per the International Merchandise Trade Statistics (IMTS), the country’s trade deficit posted a 43.4-percent growth in September 2024, the highest since the 81.1-percent growth recorded in August 2022.

DAR project aims to develop coffee, cacao farms in Benguet
The Department of Agrarian Reform (DAR) has rolled out the Value-Chain Innovation for Sustainable Transformation in Agrarian Reform Communities (VISTA) project in Benguet with an orientation and localized planning session to develop coffee and cacao plantations in the area.

Ginger still expensive as demand outpaces supply–DA
The retail prices of ginger remained elevated despite the arrival of nearly 4,800 metric tons of imports in the country mainly due to the strong demand for the crop from manufacturers of herbal and turmeric teas.

House approves on final reading bill to grant Meralco fresh 25-year franchise
The House of Representatives approved on third and final reading on Wednesday a measure seeking to grant Meralco a fresh 25-year franchise. The measure, if passed into law, would renew Meralco’s franchise to construct, operate, and maintain electric distribution systems for another 25 years.

PH leads Asean in vehicle production growth in September
The Philippines’ vehicle production grew by slightly less than a third in September, leading in growth rate compared with five others of its peers in the ASEAN, half of which recorded varying degrees of decline. Data released by the Asean Automotive Federation (AAF) showed that 10,554 units of vehicles were produced locally during the month.

Climate risks to agri, infra to hurt growth
Severe weather disturbances brought by climate change are threatening not only agriculture but also government infrastructure projects which could affect the country’s economic performance, according to local economists.

‘AI, tech innovations vital  to agro-industrial sector’
Artificial Intelligence, Big Data and other technological innovations will play critical roles in the global agro-industrial sector to ensure sustainable production due to the worsening impact of climate change, according to the EIMA International hosting the international exhibition of agricultural machinery here this week.

ADB OKs $1.7-B Laguna Lakeshore road project
The Asian Development Bank (ADB) approved a loan of up to $1.7 billion for the Laguna Lakeshore Road Network (LLRN) Project, which is expected to shorten travel time between Taguig City and Calamba, Laguna by 25%.

Improved quality norms seen boosting PHL pharma exports
Philippine pharmaceutical exports are expected to grow further, boosted by supportive regulation that will enhance quality, Fitch Solutions unit BMI said.

Green energy auction expected by year’s end
The green energy auction (GEA) will likely proceed within the year even though the pricing mechanisms have yet to be issued.

IEMOP eyes full commercial operations for renewable power market by December
The Independent Electricity Operator of the Philippines (IEMOP) said it hopes to launch full commercial operations by December for the renewable energy (RE) market serving on-grid participants.

House bill allows govt to seize real estate illegally acquired by foreigners
A bill granting the government authority to seize real estate unlawfully acquired by foreign nationals, particularly those associated with illegal Philippine Offshore Gaming Operators (POGOs), was filed in the House of Representatives on Thursday.

DAR to distribute 54,000 land titles before year-end
The Department of Agrarian Reform (DAR) is aiming to distribute 54,000 individual land titles under Project SPLIT before the end of the year.

FTAs key part of PHL toolkit in global trade wars–Neda
The Philippines is pursuing more free trade agreements (FTAs) to diversify the country’s export market amid rising trade protectionism, according to the National Economic and Development Authority (Neda).

Recto: Rate cut still on table, but in limbo
As the Philippines’ economic growth slowed to 5.2 percent in the third quarter of 2024 and Donald Trump reclaimed presidential victory, anticipation for the upcoming key policy rate cuts is now in limbo. On the sidelines of Pilipinas Conference 2024 on Thursday, Finance Secretary Ralph G. Recto told reporters a reduction in interest rates remains a possibility but would require close review of the BSP.

Private jet carbon emissions soar 46% — study
The carbon footprint from private jet travel grew 46 percent between 2019 and 2023 and will keep rising unless the ultra-luxury industry is regulated, according to new research published Thursday. However, it only caters to 0.003% of the world’s adult population.

PH mobile commerce seen growing by $11.1B in 2024
Online transactions carried out on mobile devices are expected to grow by $11.1 billion this year in the Philippines, giving the local digital commerce sector a big boost, according to estimates from payments solutions provider UnaCash.

Rail projects anchored on safety, socio-economic benefits – Bautista
Passenger safety and security as well as socio-economic benefits to communities are paramount components of the DOTr’s big-ticket rail projects. During the 2nd Philippine Railway Conference at the Crowne Plaza Manila Galleria on Thursday, Transportation Secretary Jaime J. Bautista said safety and security awareness needs to be cascaded to every construction site of rail projects.

PBBM vows infra modernization to boost PMC’s defense capabilities
President Ferdinand R. Marcos Jr. on Thursday pledged to invest in infrastructure development to advance the defense capabilities of the Philippine Marine Corps (PMC). Marcos made the commitment as he acknowledged the PMC’s crucial role in defending and asserting Philippine sovereignty, as well as promoting peace and development.