Foreign chambers press for Senate action on Open Access in Data Transmission measure

The members of the Joint Foreign Chambers (JFC) have called on the Senate to act on an open-access bill for data transmission, saying it would improve internet service quality. In a joint statement on Thursday, the JFC said the Senate should begin deliberations on the proposed Open Access in Data Transmission Act when it resumes session on Jan. 23. House Bill No. 6, the other chamber’s counterpart bill on the Open Data Transmission Act, was passed on third reading by the House of Representatives before it headed to recess in December. “The bill aims to create the space that will allow and empower as many different service providers as possible to build and operate data networks and give more choices to broadband users anywhere in the country, especially in the countryside,” the JFC said.

Marcos admin expects 2022 economic growth to exceed target

The Marcos administration projects the country’s 2022 economic growth to exceed the earlier goal of 6.5% to 7.5%, according to Finance Secretary Benjamin Diokno. The Presidential Communications Office (PCO) said Diokno made the statement on Monday during a luncheon hosted for the Philippine delegation in Davos, Switzerland coinciding with the World Economic Forum. Meanwhile, the Philippine economy is forecast to expand by around 6.5% this year amid an expected global slowdown, according to the finance chief. “And that’s still one of the highest if not the highest growth projection in the Asia-Pacific Region,” he said.

Despite protests, PPA insists its monitoring system will solve port issues

The Philippine Ports Authority (PPA) insists that its new cargo container monitoring system would the solution to several port problems. In an earlier statement, the PPA the Trusted Operator Program – Container Registry and Monitoring System (TOP-CRMS) was aimed primarily at eliminating container deposits and managing empty containers. The resistance, supposedly based on the fear that the program would inflate the cost of logistics, is far from the actual benefits it can bring to the table,” PPA said in a statement. According to the PPA, the TOP-CRMS will allow customers, carriers, freight forwarders, and shippers to access the status of their cargoes and containers. This will help streamline all transactions at ports, help lower commodity prices, prevent smuggling, and improve revenue collections.

AMRO cuts PHL growth outlook

The ASEAN+3 Macroeconomic Research Office (AMRO) trimmed its growth outlook for the Philippines this year amid deteriorating global economic conditions. In its Regional Economic Outlook Update released on Tuesday, the Philippine economy is expected to expand by 6.2% this year, slightly lower than the 6.3% projection given in October. The AMRO’s 6.2% forecast is within the government’s 6-7% growth target this year, and the second-fastest growth in the region behind Vietnam’s 6.8%.

NEDA expects inflation to cool in January

Consumer prices would likely ease in January, the National Economic and Development Authority (NEDA) said, as it sees the end of demand shock witnessed in December. During a public briefing on Tuesday, NEDA Usec. Rosemarie Edillon said the seasonal factor, including a low base effect in the same period in 2021, contributed to faster inflation recorded last month. But for January, the NEDA official said the demand shock and base effects would no longer be in play. “The base effect will no longer be a factor. Hopefully the domestic supply would be fixed as well,” Edillon said during a public briefing.

NEDA to launch long-term innovation plan in April

The National Economic and Development Authority (NEDA) is set to launch the country’s long term plan for innovation in April this year. In the Philippine Innovation Act Progress Report, NEDA said the National Innovation Agenda and Strategy Document (NIASD), which will provide the country’s 10-year vision, long term goals and strategies for improving governance on innovation priority areas is now being finalized. NEDA said the formulation of the plan was separated in two parts, with the National Innovation Agenda, which lays down the overall innovation framework and priority areas, adopted and approved by the National Innovation Council (NIC) last July.

Marcos OKs temporary zero-tariff policy for EVs

President Ferdinand Marcos Jr. has approved the reduction of tariffs on electric vehicles (EVs) and spare parts to 0% for a period of five years to encourage motorists to shift to more eco-friendly transportation. "Temporarily modifying the rates of import duty on electric vehicles, and their parts and components, will help boost the electric vehicle market in the country, support the transition to emerging technologies, and encourage consumers to consider electric vehicles as a cleaner and greener transportation option," read Executive Order No. 12, which was signed by the president on Jan. 13, according to the Presidential Communications Office.

Peza wants exporters adhering to sustainability principles

The Philippine Economic Zone Authority (Peza) on Monday said it would work together with the Department of Trade and Industry (DTI), as well as industry stakeholders, in the formulation of reporting guidelines for local exporters in compliance with global standards in an effort to raise the country’s conventions in achieving sustainable development goals (SDGs). Tereso Panga, officer in charge and director general of Peza, highlighted the benefits of complying with the Global Reporting Initiative (GRI), an international, independent nonprofit institution whose standards are widely used for sustainability reporting in over 100 countries.

WEF 2023: Global firms commit to invest, expand operations in PH, says Palace

Some multinational firms have committed to invest and expand operations in the Philippines following discussions on the sidelines of the World Economic Forum (WEF) in Switzerland, Malacañang said. One of them is logistics company DP World, which is eyeing to establish an industrial park in Pampanga, the Presidential Communications Office (PCO) said in a news release. "We are committed to investing in the Philippines; we're committed to expand," chairman and chief executive officer Sultan Ahmed bin Sulayem told President Ferdinand Marcos Jr. during their meeting. "So we're interested in the Philippines, in industrial parks."

DOH: PH ready should WHO lift public health emergency for COVID-19

The country is ready should the World Health Organization (WHO) lift the state of Public Health Emergency of International Concern (PHEIC) for COVID-19, a health official said on Tuesday. "If and when the public health emergency will be lifted, we know that the virus is here to stay," Department of Health (DOH) officer-in-charge Maria Rosario Vergeire said in a media briefing. She said health protocols would still be followed for public safety against the virus. "The Philippines will continue to be cautious and vigilant, and we will still be imposing these same restrictions we have right now, which is not so much strict, but with safeguards that any time the cases will increase, we have our safeguards that we can rely on and we can impose to keep Filipinos protected," she said.

Philippines to remain ASEAN outlier in rate hike

The Philippines will continue to be the outlier in Southeast Asia in terms of monetary policy this year, cementing assumptions that addressing inflation will remain challenging, according to Fitch Ratings. In a report, the debt watcher said there would be further rate hikes across all markets in Southeast Asia, although at a much milder pace. “The Philippines is likely to remain a regional outlier in terms of the scale of its rate hikes,” Fitch said. “This reflects greater inflationary pressure in that economy compared to markets like Indonesia, Malaysia and Thailand,” it said.

Air traffic system 100% running, but with no backup – CAAP

The country’s air traffic management system is again running at full functionality, but it has no backup in case the system breaks down again as it did on New Year’s Day. Arnold Balucating, the chief engineer of the Air Traffic Service of the Civil Aviation Authority of the Philippines (CAAP), made that statement on Wednesday at the hearing of the House Committee on Transportation. Antipolo Rep. Romeo Acop had asked him if the system was already running. “Yes, Your Honor, it is operational. The functionality, Your Honor, is 100 percent. But there is no backup on the VSAT — backup spare parts,” Balucating said.

WEF 2023: Global firms commit to invest, expand operations in PH, says Palace

Some multinational firms have committed to invest and expand operations in the Philippines following discussions on the sidelines of the World Economic Forum (WEF) in Switzerland, Malacañang said Thursday. One of them is logistics company DP World, which is eyeing to establish an industrial park in Pampanga, the Presidential Communications Office (PCO) said in a news release. "We are committed to investing in the Philippines; we're committed to expand," chairman and chief executive officer Sultan Ahmed bin Sulayem told President Ferdinand Marcos Jr. during their meeting. "So we're interested in the Philippines, in industrial parks." According to the official, the Dubai-based firm has been developing industrial parks in several countries including Senegal, Egypt, India, and Pakistan.