ERC to improve policy process
The ERC and the ECCP agreed to align efforts and identify opportunities for collaboration to advance shared goals for a healthier business environment for the RE sector. ERC chair Monalisa Dimalanta met with ECCP representatives led by executive director Florian Gottein, along with Copenhagen Infrastructure Partners partner Robert Helms.

Untapped job-creation potential seen in sciences, biotechnology
Philippine sciences are being held back by shortcomings in infrastructure and the dearth of incentives, limiting the sector’s capacity to unlock jobs and investment, industry representatives said. Dr. Edralin, who also serves as the vice-president of the ECCP, cited the need for government support for innovation to attract more biopharmaceutical investment.

FDI slumps to over 4-year low
The net inflow of foreign direct investments (FDIs) declined for the second straight month, tumbling to an over four-year low of $368 million in September amid persistently high interest rates and heightened geopolitical tensions, according to the Bangko Sentral ng Pilipinas (BSP).

Trade deficit widens to 26-month high in October
The country posted its biggest trade gap in over two years in October as exports dropped while imports increased. Preliminary data released by the PSA showed the balance of trade in goods amounted to a $5.80-billion deficit in October.

World Bank trims 2024 Philippines GDP target to 5.9%
The World Bank has downscaled its economic growth forecast for the Philippines this year following the slower-than-expected gross domestic product growth in the third quarter, but expects the economy to post faster economic growth next year.

ADB keeps PHL growth forecasts for 2024, 2025
With expansion expected to be driven by easing inflation and lower interest rates, Philippine GDP is expected to expand by 6% this year and 6.2% in 2025, the ADB said in its December 2024 Asian Development Outlook report, unchanged from its September forecasts.

House approves electric vehicle zero-tariff measure
The House of Representatives has approved on final reading a bill providing tax and duty exemptions on imported EVs. The tariff waiver in House Bill No. 10960 covers imported two-, three- or four-wheeled EVs and their charging equipment from 2025 to 2030.

Neda pushes creation of water department
The devastation brought by the recent typhoons prompted the need for the creation of the Department of Water (DWR), according to the National Economic and Development Authority (Neda).

House approves on 2nd reading bill extending land lease limit to 99 years
The House of Representatives has approved on second reading a measure seeking to extend land lease limits for foreign investors to 99 years from 75 years. During the plenary session on Wednesday, the lower chamber approved House Bill 10755 via viva voce or voice voting.

OECD urges Philippine market regulators to ease listing requirements
In its Capital Market Review of the Philippines, the OECD said the number of newly listed firms and capital raised via initial public offerings (IPO) in the Philippines have been the lowest among the Association of Southeast Asian Nations (ASEAN) since 2000.

Law on VAT refunds for foreigners signed
President Ferdinand Marcos Jr. on Monday signed a measure enacting a value-added tax (VAT) refund system for non-resident tourists. The measure aims to encourage tourists from outside the country to spend more on local goods to drive up spending.

Full commercial operations of RE market targeted for Dec. 26
THE DOE said its target date to begin full commercial operations of the renewable energy market (REM) is Dec. 26. The DoE said that the RE market covers mandatory REM trading participants and REM generators, as well as voluntary REM generators.

PHL told to boost hotel supply with expected rush of foreign tourists
The Philippines should boost its hotel supply to accommodate an expected influx of foreign tourists after a law was passed letting them apply for a value-added tax (VAT) refund on certain purchases, a Cabinet council said on Thursday.

Marcos OKs RCEF extension to 2031, boosts annual funding
President Ferdinand Marcos Jr. on Monday, December 9, signed a measure extending the Rice Competitiveness Enhancement Fund (RCEF) and increasing the annual budget allotted for it.

ERC strengthens policy development with new partnerships
In a strategic move to enhance policy-making in the power sector, the Energy Regulatory Commission (ERC) announced partnerships with the Institute of Integrated Electrical Engineers of the Philippines (IIEE) and the European Chamber of Commerce of the Philippines (ECCP).

ADB trims developing Asia's growth forecast, flags US policy risks
Developing Asia is likely to grow more slowly than previously thought this year and next, and the outlook could worsen if President-elect Donald Trump makes swift changes to U.S. trade policy, the Asian Development Bank said on Wednesday.

PH making ‘significant progress’ in nuclear push
The Philippines’ capability to deploy nuclear energy for power generation has made “significant progress,” according to an international team formed by the Austria-based International Atomic Energy Agency (IAEA).

Slowing Philippine growth may continue next year
Philippine Economic growth could weaken further next year, falling short of the government’s target amid an incomplete post-coronavirus disease 2019 (COVID-19) fiscal consolidation and still high interest rates, analysts said. Pantheon Macroeconomics in its Emerging Asia Outlook report said it expects a “continued slowdown” in growth next year. It expects the economy to grow 5.4% this year and slow to 5.2% in 2025.

PPP projects advance; air traffic plan rejected
Jeffrey Manalo, PPP Center deputy executive director, said the Department of Transportation (DOTr) and the Civil Aviation Authority of the Philippines (CAAP) will soon be sending a rejection letter to Uy’s ComClark Network and Technology Corp. (ComClark) for its unsolicited proposal to design, build, finance and operate the Air Navigation Services of the Philippines.

Clark food hub private partner to be selected by end of 2025
The Clark International Airport Corp. (CIAC) said it hopes to award the National Food Hub project to a private partner by the end of 2025, keeping it on track for first-phase completion before the Marcos administration steps down.

More Pinoys taking up AI courses
Filipinos are flocking to online channels to boost their skills on artificial intelligence, as they prepare for a future where employers would demand from employees a certain level of AI capability.

Gov’t eyes more diversified external financing before losing ODA perks
The Marcos administration will continue diversifying its sources of external borrowings to help bridge its budget deficit once the country reaches upper-middle income status and loses access to concessional financing.