EU-Philippines Partnership Conference puts spotlight on digitalization

The International Trade Centre, in collaboration with the Department of Trade and Industry (DTI) and the European Union (EU) delegation to the Philippines, recently held the EU-Philippines Partnership Conference as part of the DTI’s prestigious Philippines National Exporters’ Week. The conference’s primary focus was to illuminate the immense potential of digital transformation in elevating the competitiveness of Philippine micro, small, and medium-sized enterprises.

Marcos: ‘Bagong Pilipinas’ a call for transformation

President Marcos Jr. yesterday officially launched his administration’s advocacy for a “Bagong Pilipinas” which he said involves genuine programs for development that benefit and the people and provides them better service, and brings progress to the country. 

DOE expects approval of zero-tariff on all EVs this year 

The Department of Energy  is hopeful that the incentives on the importation of electric vehicles (EVs) will be extended to two-wheeled and three-wheeled units this year to help boost EV adoption in the country A recommendation was earlier made to the Tariff Commission for the inclusion of two and three-wheeled EVs under Executive Order 12, signed by President Marcos to provide zero-tariffs on four-wheeled EVs.

Government to generate ₱200 billion in fresh revenues after passage of ‘refined’ tax proposals

The government is seen to generate over 200 billion Php in fresh revenues from its “refined” tax proposals, the Department of Finance (DOF) said. The refined priority tax measures of the DOF are the value added tax on digital service providers; the imposition of excise tax on single-use plastic; Package 4 of the Comprehensive Tax Reform Program; the rationalization of the mining fiscal regime; and, the reform on the Motor Vehicle Users’ Charge.

Charter change needs to be limited to just economic provisions — NEDA secretary 

National Economic and Development Authority (NEDA) Secretary Arsenio M. Balisacan said that he would prefer that any amendments to the Constitution only be restricted to its economic provisions to avoid uncertainty. “We really need to put competitive pressure on the economy so that efficiency can improve, quality of goods and services can improve, prices are contained at competitive levels,” Sec. Balisacan explained.

BSP chief endorses non-monetary measures against inflation to PBBM

The Bangko Sentral ng Pilipinas (BSP), in an open letter to President Ferdinand R. Marcos Jr. Friday, stressed the importance of non-monetary measures to address inflation this year. BSP Governor Eli M. Remolona Jr. said the BSP’s risk-adjusted forecasts indicated that inflation may settle above the target at 4.2 percent in 2024 before slowing to about 3.4 percent in 2025. However, upside risks remain such as higher transport charges, increased electricity rates, and higher oil and domestic food prices.

MinDA, business leaders refute adverse Canadian travel advisory 

The Mindanao Development Authority (MinDA) and business leaders questioned the adverse travel advisory against Mindanao issued by the Canadian government on January 10 for security reasons. “The business of creating travel advisories should have input from the government and not be based on hearsay. These will have a direct impact on the way businesses are conducted,” Antonio S. Peralta, chairman of the European Chamber of Commerce of the Philippines (ECCP)-Southern Mindanao Business Council, said.

Recto presides 2nd Maharlika Investment Corporation board meeting as new Chair

Finance Secretary Ralph G. Recto has presided over the second board meeting of the Maharlika Investment Corporation (MIC) in his capacity as new Chairperson to discuss its strategic direction. The Board approved MIC President and CEO (PCEO) Rafael Jose D. Consing, Jr. to continue discussions with stakeholders regarding potential investments, especially in infrastructure; oil, gas, and power; agroforestry industrial urbanization; mineral processing; tourism; transportation; and aerospace and aviation.

Marcos orders DOE, ERC to study proposal allowing third parties to build transmission projects

President Ferdinand Marcos Jr. directed the Department of Energy and the Energy Regulatory Commission (ERC) to study the proposal allowing third parties to construct transmission lines. Marcos stressed the importance of transmission lines, citing the recent massive blackout in Western Visayas that caused P3.8 billion in economic losses in the province of Iloilo alone.

Romualdez: House majority backs Senate's push for Charter change

House Speaker Martin Romualdez said that majority of House members are in "full support" of the Senate's push to amend economic provisions of the 1987 Constitution through Resolution of Both Houses (RBH) No. 6. The resolution is a Senate-led discussion on Charter change that is currently suspended due to the continued push to amend the Charter through people's initiative from the House.

Senators to question before SC Comelec's acceptance of PI signatures

Senate Minority Leader Koko Pimentel said he, and possibly with other lawmakers, would ask the Supreme Court to intervene amid the Commission on Elections (Comelec) continuous acceptance of signatures for a people's initiative for charter change. He said his petition would focus on questioning why the Comelec is receiving the papers, and why the poll body seems to know what to do with the papers.

Government creates TWG to address food supply sufficiency amid price hikes

The National Price Coordinating Council (NPCC) established a technical working group (TWG) to ensure the availability of basic necessities and prime commodities at reasonable prices last January 24. The TWG is expected to address the issue on the movement of pork and other raw materials within agricultural zones. Spearheaded by the Department of Justice, the TWG is also comprised of the Department of the Interior and Local Government, Department of Agriculture, and the Department of Trade and Industry.

Neda chief reminds lawmakers: Settle dispute on Cha-cha issue

The National Economic and Development Authority (NEDA) warned the ongoing dispute between the House of Representatives and the Senate on the proposed changes in the 1987 Constitution is causing “uncertainties,” which may “inhibit” investments in the country. In a news conference in Malacañang, NEDA Secretary Arsenio M. Balisacan urged both houses of Congress to finally settle the matter so the country can maintain its investor confidence.

NGCP holds ceremonial switch-on for P51 billion Mindanao-Visayas Interconnection

The completion of the 450-megawatt Mindanao-Visayas Interconnection Project of the National Grid Corp. of the Philippines will unlock enormous socio-economic opportunities in the two regions, President Marcos said yesterday. In his speech during the ceremonial switch-on of the 51.3-billion Php interconnection at Malacañang, Marcos said this is the first time in the nation’s history that the three major power grids – Luzon, Visayas and Mindanao – are now physically connected.

NEDA happy with ‘close to’ 6% GDP growth in 2023

As the market waits for the Jan. 31 release of 2023 gross domestic product numbers, Secretary Arsenio Balisacan of the National Economic and Development Authority (NEDA) said he would be happy as long as growth would be close to the Marcos administration’s 6 to 7 percent target range amid the threat of a prolonged El Niño dry spell and a high interest rate environment.

‘No-new-taxes’ pledge highlights balancing act between taxpayer relief, hitting revenue goals

The Department of Finance (DOF) decision not to introduce new taxes this year points to a focus on improving tax collection efficiency and providing relief to the public, though it runs the risk of failing to raise sufficient revenue, analysts said. “It is also prudent first to maximize tax revenue collections from existing tax laws and intensify compliance as well as encourage the payment of the right taxes, before adding new tax laws or raising tax rates,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said, adding that new taxes may be considered once inflation is no longer a risk.

NEDA eyeing PPP projects to ease debt burden

The National Economic and Development Authority is eyeing to undertake more Public Private Partnerships (PPPs) to help shoulder the debts of projects. Socioeconomic Planning Secretary Arsenio M. Balisacan recently said a number of projects could be offered as PPPs if the private sector deems them profitable, including the Bataan-Cavite Interlink Bridge Project, the Laguindingan Airport, and the Ninoy Aquino International Airport rehabilitation.

LEDAC delay won’t affect pending reforms, says Recto

The cancelled convening of the Legislative-Executive Development Advisory Council (LEDAC) due to conflict among lawmakers over the people’s initiative to amend the Constitution will not affect pending reform measures, Finance Secretary Ralph Recto said. Earlier this week, Recto said he was scheduled to present to LEDAC the refined tax proposals of the Department of Finance. Most of the tax proposals of the DOF have been passed by the House of Representatives and are just pending at the Senate level.

Renewables unlikely to top coal in PHL energy by 2025 — analysts

Renewables surpassing coal as the Philippines’ top energy source by 2025 may face challenges in power generation capacity, financing, and land acquisition, according to analysts. “Intermittent wind-solar cannot and will not be able to replace or substitute coal generation unless we embrace and endure large-scale daily blackout,” Bienvenido S. Oplas, Jr., president of Minimal Government Thinkers, said.

Chambers’ Cha-cha war rages amid fear of investor turnoff

A house leader said he is banking on the swift resolution of the congressional impasse on Charter Change (Cha-cha) to ensure investor confidence in the country. However, senators did not sound conciliatory, with one offering evidence that Speaker Martin Romualdez was, despite denials, “behind” the ongoing push for a People’s Initiative that is not really grassroots-based. Albay Second District Rep. Jose “Joey” S. Salceda said there is no “investor uncertainty,” but rather “investor optimism” since the proposed reforms intend to further liberalize the economy.

PHL got most of the region’s cyber attacks in ’23–report

Palo Alto has released its Networks’ State of Cybersecurity Report, which highlights that the Philippines experienced the highest number of disruptive cyberattacks in Southeast Asia last year, with 29 percent of local organizations experiencing a 50-percent-or-more increase in incidents. The report identifies a surge in hacktivism and cyber-first campaigns as a key trend for 2024. 

COMELEC stops receipt of PI signature sheets

The Commission on Elections (COMELEC) yesterday announced the indefinite suspension of all of its proceedings related to the ongoing people’s initiative (PI) to amend the 1987 Constitution amid the widespread noise and potential legal battles created by the signature gathering activities. COMELEC chairman George Garcia said city and municipal Offices of Election Officers nationwide have been directed to stop accepting the signature sheets being submitted by PI proponents.

Zubiri: Marcos wants House to halt PI push

Senate President Juan Miguel Zubiri yesterday said President Marcos Jr. told him in a meeting before he left for Vietnam on Monday afternoon that he would appeal to the House of Representatives and other proponents of the people’s initiative (PI) to amend the Constitution to already stop the campaign. Zuburi said the President feels the situation is “getting out of hand,” amid the escalating word war among senators and congressmen.

Ecozone investors assured of IP protection

Investors in special economic zones (SEZs) are guaranteed intellectual property (IP) rights protection with the signing of a memorandum of understanding (MOU) between the Intellectual Property Office of the Philippines and the Philippine Economic Zone Authority to further business and innovative activities within SEZs. The MOU also establishes a biennial work plan to promote IP protection to current and potential investors in the SEZ.

Workers willing to return to office but with a caveat

A new study shows eight out of 10 employees in the Philippines responded positively to their organization’s mandate to return to the office, and 9 in 10 expressed a desire to return to the office at least a few times per week. However,  the Cisco  study titled “From Mandate to Magnet: The Race to Reimagine Workplaces and Workspaces for a Hybrid Future, 37 percent of employees believe  their office is not fully fit for purpose to enable them to do their best work.

Gov’t urged to appoint ‘traffic czar’

The Management Association of the Philippines (MAP) is urging the government to appoint a “traffic czar” to address the traffic crisis in Metro Manila. In a statement, the business group recommended a holistic plan consisting of measures aimed at decongesting Metro Manila such as the completion of a busway system The MAP said the traffic crisis is a result of failed traffic management that could be addressed through “a paradigm shift in road and traffic management policies and practices.”

Bank chiefs optimistic on industry growth

Top executives of Philippine banks see continued growth in the industry this year, as expected policy rate cuts from the Bangko Sentral ng Pilipinas (BSP) in the second half may spur consumer and loan demand. Bank of the Philippine Islands President and CEO Jose Teodoro K. Limcaoco noted the Philippines has a more positive economic outlook compared with the rest of the Association of Southeast Asian Nations member countries.

P1.2T investments endorsed for green lane processing

The government’s Green Lane Services has facilitated P1.2 trillion investments in less than a year. Ernesto  Delos Reyes Jr., director of the One-Stop Action Center for Strategic Investments (OSACSI) said his office, since the issuance of Executive Order 18 for Green Lane Services. Delos Reyes said 28 of these projects  are in RE: floating solar, solar, onshore wind, offshore wind and geothermal. In 2023 alone, 23 projects were endorsed totaling P498.91 billion, of which 16 are RE.