ECCP at Work

ECCP seeks full implementation of anti-scam law
The European Chamber of Commerce of the Philippines (ECCP) said the Philippines should fully implement the Anti-Financial Account Scamming Act (AFASA) to build on the country’s removal from the European Commission’s watch list.

FDI Inflows shrinks by 28% in March
According to the data released by the Bangko Sentral ng Pilipinas (BSP), the Philippine Foreign Direct Investment (FDI) inflows reached $498 million in March which is a 27.8-percent decline from the $689 million posted in the same month last year.

Congress ratifies konektadong pinoy bill
The Philippine Congress ratified a measure seeking to expand internet access in the country by allowing the seamless entry of new industry players and encouraging investments into digital infrastructure.

99 year lease bicam report approved
The Senate and the House of Representatives approved a bicameral conference committee report late Monday on a measure extending the maximum land lease periods for foreigners.

19th Congress ends session without ratifying wage hike bill
The 19th Congress ended its session without ratifying the proposed wage hike bill, as the House of Representatives and the Senate failed to reach a consensus on how much minimum wages should increase.

Senate ratifies bills on right-of-way sites and nuclear regulatory body
The Philippine Senate on Wednesday ratified bicameral conference reports on measures that will hasten infrastructure projects by facilitating easier acquisition of right-of-way sites and create a nuclear energy regulatory body before it adjourned sine die.

More infrastructure connectivity needed to boost tourism
The government must invest in more infrastructure to connect the Philippines’ various tourist attractions to attract more visitors, according to Loleth So, president of the Hotel Sales and Marketing Association (HSMA) and the group commercial director of Megaworld Hotels & Resorts.

Philippine IT-BPM industry expected to outpace global growth
The growth of the Philippine information technology and business process management (IT-BPM) industry this year is expected to outpace the global average in terms of job generation and export revenues, an industry group said.

Philippine agricultural trade deficit narrows in April
In a report, the Philippine Statistics Authority (PSA) said the difference between farm imports and exports had totaled $859.04 million in April, a 12 percent decrease from $976.55 million in the same period a year ago.

Tourism projected to contribute P5.9T to Philippine GDP
The travel and tourism sector is expected to contribute P5.9 trillion to the Philippine economy this year, according to the World Travel & Tourism Council (WTTC). Economic managers are targeting 6-8% GDP growth this year until 2028. The WTTC also projected the travel and tourism sector to employ 11.7 million by yearend, accounting for 23.8% of all jobs in the Philippines.

DA reviews accreditation of fish importers, orders moratorium on new applications
To combat agricultural smuggling, the Department of Agriculture (DA) has initiated a comprehensive review of accredited fish importers and ordered a moratorium on new applications. Agriculture Secretary Francisco Tiu Laurel Jr. issued Memorandum Circular (MC) 28 to formalize the re-evaluation of current accreditations and halt the processing of new applications while the review is underway.

Clark airport’s second runway build seen to start next year
The construction of the planned second runway at Clark International Airport is expected to begin next year, according to Luzon International Premiere Airport Development (LIPAD) Corp.

Francis Lim vows to deepen Philippine capital markets
Francis Lim, the newly appointed chair of the Securities and Exchange Commission (SEC), vowed to deepen the country’s capital markets and put an end to bureaucratic delays that have discouraged companies from registering or making their stock market debut.

PHL banks, government join ranks to fight rising cyber scams
Philippine banks and the national government are cracking down on online scams that are defrauding pinoys by issuing joint advisories and creating a national database. These agencies include the Department of Information and Communications Technology (DICT), the Bangko Sentral ng Pilipinas (BSP), and the National Privacy Commission (NPC).

Reduction in stock tax starts July
The Philippine Stock Exchange, Inc. (PSE) is set to implement the lower stock transaction tax (STT) starting July 1 following the recent signing of Republic Act No. 12214 or the Capital Markets Efficiency Promotion Act (CMEPA).