Philippines to formally submit application to CPTPP
The Philippines is set to formally submit its application to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) within the first semester, according to the Department of Trade and Industry.

PH reform guidebook aims to raise its global competitiveness ranking
The Philippines will roll out a reform guidebook to lift its global competitiveness ranking, particularly in the World Bank’s Business-Ready (B-Ready) Report and the Philippine Global Competitiveness Report Card, the Anti-Red Tape Authority (ARTA) said.

PH backs expansion of RCEP membership
The Philippines has expressed support for the expansion of the Regional Comprehensive Economic Partnership (RCEP), saying this is an essential element in the drive by the Association of Southeast Asian Nations (Asean) for a more resilient, competitive and inclusive regional economy.

EU-Philippines partnership targets green growth for Filipino food MSMEs
Working with the European Union (EU), the Department of Trade and Industry’s Center for International Trade Expositions and Missions (DTI-CITEM) will launch an initiative aiming to push for a more resilient Philippine food industry.

DOT proposes Asean visa to boost tourism
The Department of Tourism (DOT) has formally submitted a proposal for the establishment of a single-entry visa covering all member-states of the Association of Southeast Asian Nations (ASEAN), aiming to simplify cross-border travel and strengthen regional tourism.

PHL seen as a ‘friendshoring’ destination for United States
The is poised to attract more foreign direct investments (FDI) as it is seen as an emerging “friendshoring” destination for the US and as secondary hub for China-based companies, HSBC Global Research said.

Raw sugar output exceeds forecast
The country’s raw sugar output in the current crop year reached over 1.8 million metric tons (MT), surpassing the government’s initial estimate of 1.78 million MT, latest figures showed.

ASEAN Centre for Energy launches acceleration program for clean energy startups
The ASEAN Centre for Energy (ACE), with funding support from the Government of Japan through the Japan-ASEAN Integrated Fund (JAIF), announced an acceleration program targeting aspiring startup founders and innovators across Southeast Asia: ASEAN Sparks.

Auto sales drop 10% in April as passenger car sales slump
A joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA) showed new vehicle sales fell by 10% to 33,580 units in April from 37,314 units in the same month a year ago.

PH payments April deficit at $2.6B widens by 30% from March; by 303% from yr-earlier
The Philippines’ balance of payments (BOP) settled with a deficit of $2.6 billion in April, wider by 30 percent than the $1.97 billion deficit recorded in March, the Bangko Sentral ng Pilipinas (BSP) said.

Philippine banks’ March bad loan ratio softens
Philippine banks’ bad loan ratio eased to a three-month low in March as total loans increased, according to data from the Bangko Sentral ng Pilipinas (BSP). The industry’s gross bad loan ratio dipped to 3.3% from 3.38% in February and 3.39% a year earlier.

Remittance growth hits 9-month low
Money sent home by migrant Filipinos rose 2.6% in March from a year earlier, the Bangko Sentral ng Pilipinas (BSP) said on Thursday, though this was the slowest growth in nine months.

Philippines counting on 14.2-GW new power supply by 2030
Over 14,200 megawatts (MW) of new capacity are set to come online by 2030 to strengthen the country’s power supply, according to the Department of Energy.