ECCP at Work

DTI identifies priorities for PH Asean chairmanship
The Department of Trade and Industry (DTI) lists the following priorities for the region under the Philippines’ leadership: micro, small and medium enterprises (MSMEs); digital talent; creative industries; digital trade and the digital economy; economic security; energy resilience and transition.

April FDI up 7.1%, boosted by Japan and manufacturing
Foreign direct investments (FDI) in the Philippines rose 7.1% year on year in April, boosted by inflows from Japan and investments in the manufacturing sector, according to the central bank.

PHL may struggle to bring debt ratio below 60%
The Philippines might struggle to bring its debt-to-gross domestic product (GDP) ratio back to the internationally accepted threshold of 60% as global uncertainties and slower growth weigh on fiscal recovery, analysts warned.

PHL industries burdened by long-standing export issues
Philippine industries are now bearing the impact the failure to resolve long-standing issues with exports, as some factories might start shutting down operations and shed jobs after Washington raised the tariffs to be slapped on Philippine goods entering the United States, its top export destination.

Jobless rate drops to 3.9% in May
The Philippines’ unemployment rate went down to 3.9% in May from 4.1% in April, with the number of individuals in the labor force hitting an all-time high, the government reported on Tuesday.

Palace okay for Philippines’ first hydrogen deals keenly awaited
The Department of Energy (DOE) is still awaiting President Ferdinand Marcos Jr.’s green light for the country’s first native hydrogen service contracts, an official said.

Philippines expected to require 350,000 more workers for RE
The Philippines needs to have about 350,000 more workers available to service pending renewable energy (RE) projects in the pipeline by 2030, according to the International Labor Organization (ILO).

Bank lending sustains double-digit growth amid interest rate cuts
Bank lending continued its hot growth streak in May as the ongoing interest rate-cutting cycle of the Bangko Sentral ng Pilipinas (BSP) boosted demand for retail and business loans.Outstanding loans from big banks amounted to P13.4 trillion, increasing by 11.3 percent year-on-year.

Agriculture, fisheries sector on track to recovery
Agriculture may sustain its recovery trend this year as it is expected to grow between 1.5 and 2.5 percent on the back of robust performance of crops and poultry industries.

DOTr seeks bids for P265-m Virac airport upgrade
The Department of Transportation (DOTr) is bidding out the contract for the development of the Virac Airport in Catanduanes as part of efforts to improve connectivity outside Metro Manila. The agency has allotted P264.61 million for boosting the said gateway.

PHL manufacturing output growth hits 10-month high in May
Manufacturing output increased for a second straight month in May at its fastest pace in 10 months, driven by food products, the Philippine Statistics Authority (PSA) reported on Tuesday.

Trump raises tariff rate on Philippines to 20%
US President Donald Trump issued final tariff notices to seven minor trading partners on Wednesday as his administration inched closer to a deal with its biggest trading partner, the European Union.

Philippines plans to negotiate with US to lower tariffs, envoy to Washington says
The Philippines is planning to negotiate with Washington to lower tariffs after the United States moved to impose higher 20% duties on goods imported from Manila, its ambassador to the United States said on Thursday.

Meralco says power rates may rise in July
The overall electricity rate may increase in July due to anticipated increases in generation and transmission charges, Manila Electric Co. (Meralco).

Rice tariff stays at 15% till November
The 15% tariff on imported rice will remain unchanged at least until November, according to the Department of Economy, Planning, and Development (DEPDev), as the government seeks a “win-win” solution that balances inflation control with protecting local farmers.

Organic pesticide developed by D&L unit approved for cocolisap
The Philippine Coconut Authority (PCA) said it approved the use of a domestically developed organic pesticide against the Coconut Scale Insect, also known as cocolisap.

Zambales, Pangasinan set for hydrogen resource exploration
The Department of Energy (DoE) said sites in Zambales and Pangasinan have been designated for possible hydrogen exploration, pending the President’s approval for the award of the first service contracts.

Chief PHL economist backs online gambling tax, calls for safeguards
The Philippines’ top economist on Wednesday backed a proposal to tax online gambling, but said the government’s economic planning agency has yet to study a total ban.

Miners see Trump copper tariffs driving value-adding push
The Chamber of Mines of the Philippines (CoMP) said on Thursday that the US move to protect its copper industry with tariffs will drive its members to explore new markets and climb the value-added ladder.

Meralco to tap more WESM power following delays in CSP approval
Power distributor Manila Electric Co. (Meralco) expects to resort to the Wholesale Electricity Spot Market (WESM) due to delays in obtaining approval to seal some power contracts via competitive selection.