Economic czar Frederick Go identifies priority sectors for development

Special Assistant to the President Secretary Frederick Go named mining, electronics and semiconductors, food and agriculture, steel, and pharmaceutical as priority industries for investments. Go mentioned that the government is eyeing to shorten the processing time for mineral exploration projects, while for the electronics and semiconductor industry, the administration is looking to boost assembly, testing, and packaging and eventually help the industry to grow to product design and prototype maker.

Foreign chambers say economic Charter change to lift FDI

Foreign chambers of commerce in the Philippines on Tuesday asked lawmakers to lift foreign ownership limits in the 1987 Constitution, saying this would boost foreign direct investments (FDIs) in the country that is considered one of the least attractive in Southeast Asia. The Joint Foreign Chambers of the Philippines noted this in a Feb 26. letter addressed to House Speaker Ferdinand Martin G. Romualdez as congressmen are deliberating on the Resolution of Both Houses No. 7.

NEDA approves 23 new priority infrastructure projects

The National Economic and Development Authority (NEDA) Board has approved the inclusion of 23 projects in the list of infrastructure flagship projects (IFPs) to be prioritized under the current administration, bringing the total cost to P9.14 trillion. In a statement, NEDA said the board chaired by President Marcos approved the addition of 23 new projects and delisting of 36 projects from the list of IFPs during its meeting yesterday.

February inflation may have settled at 2.8-3.6% — BSP

Headline inflation could have picked up in February after hitting an over three-year low in January, as prices of key food items, fuel, and electricity rose, the BSP said. Inflation may have settled within the 2.8-3.6% range in February, the Bangko Sentral ng Pilipinas (BSP) said in a statement. The lower end of the forecast would be unchanged from the January print, which was the slowest since October 2020.

NG budget deficit exceeds full-year ceiling in 2023

Data from the BTr released showed that the budget deficit narrowed by 6.32% to P1.51 trillion in 2023 from P1.61 trillion in the previous year. However, it exceeded the P1.499-trillion ceiling set by the Development Budget Coordination Committee (DBCC) by 0.85%. As of end-2023, the deficit as a share of gross domestic product (GDP) settled at -6.2%, a tad higher than the -6.1% target set by the government but lower than the -7.3% deficit-to-GDP ratio at end-2022.

House bill proposes to set internet speed standards

“This bill seeks the enforcement of standards on internet speeds to ensure consistent and high-quality internet services for all internet users in the Philippines,” Batangas Rep. Lianda B. Bolilia said in House Bill No. 9916. If signed into law, all internet service providers (ISPs) will be required to deliver a download speed of 30 megabits per second (Mbps) for mobile broadband or internet access, and 65 Mbps for fixed and fixed wireless broadband or internet access.

Foreign-ownership reforms seen lowering power costs

“(Power) generation is subject to the movement of the cost of fuel, (which we do not have control over, so if we do open up, generation would be the best place (to allow investors in,)” Energy Undersecretary Sharon S. Garin told the House Committee of the Whole. The DoE supports amending Section 11 of Article 12 of the 1987 Constitution to allow foreign equity investment in the public utilities sector.

P56-billion subway loan to be approved in March

A loan deal worth around P55.7 billion from the Japan International Cooperation Agency, which represents the third tranche of funding for the Metro Manila Subway project, is expected to be approved next month, according to the Department of Finance. The project, which would mark the country’s first-ever subway system, is currently at a 40% overall accomplishment rate, according to the Transportation department.

CAAP eyeing increase in NAIA plane movements

The Civil Aviation Authority of the Philippines (CAAP) targets to increase by 20 percent the aircraft movement per hour at the country’s main gateway, Ninoy Aquino International Airport. In a statement, CAAP said it discussed collaboration with Hong Kong Civil Aviation  Department (CAD)  to achieve 48 airplane movements per hour at NAIA from the current 40 to 42 aircraft movements per hour.

DTI, DP World keen to develop logistics hubs in the Philippines

The Department of Trade and Industry (DTI) said that it is considering engagements with Dubai-based DP World to develop logistics infrastructure in the country. The agency said that DP World, through its Group Senior Vice President (SVP) for Government Affairs Omar Al Muhairi and Group SVP for Corporate Finance and Business Development Anirudh Talwar, have expressed interest in investing in Philippine logistics hubs and industrial parks..

Mindanao railway project up for NEDA review

The government is evaluating anew the Mindanao Railway project to update costs and potential ridership, with the possibility of shifting financing mode to include the private sector, instead of purely loans. The Department of Transportation (DOTr) said there is a need to review the detailed engineering design of the project and given the delay, it might have to go back to the National Economic and Development Authority (NEDA) for updating.

Poe sponsors Bulacan Airport City Special Ecozone, says vetoed provisions ‘corrected’

Saying lawmakers had ironed out the flawed provisions of the Bulacan airport bill that drew a presidential veto, Senator Grace Poe on Tuesday sponsored on the Senate floor a measure creating a special economic zone “with the airport project at its heart.” The envisioned ecozone, she said, will “usher in a new age of economic opportunities and investments in our Gateway to the North—the historic province of Bulacan.”

IPOPHL, DTI-EMB pact widens IP protection for PHL exporters

Philippine exporters will soon gain “broader support” in protecting their intellectual property (IP) assets in international markets through an agreement inked between the Intellectual Property Office of the Philippines (IPOPHL) and the Department of Trade and Industry’s Export Marketing Bureau (DTI-EMB). In a statement Wednesday, IPOPHL said the memorandum’s purpose is to expand the scope of IP projects and services that will encourage small and medium enterprises to register their trademarks abroad.

Neda pushes investments in human capital

Filipinos and their “American dream” of owning a home can be a growth driver for the Philippine economy in the medium- and long-term, according to the National Economic and Development Authority (Neda). Socioeconomic Planning Secretary Arsenio M. Balisacan said the country’s demographic transition can be harnessed to invest in the country’s human capital. Balisacan also said the Pambansang Pabahay Para sa Pilipino or 4PH Program will drive the growth of the housing sector and supporting industries.

Growth in agri goods prices slows down to 9.6% in 2023

Philippine exporters will soon gain “broader support” in protecting their intellectual property (IP) assets in international markets through an agreement inked between the Intellectual Property Office of the Philippines (IPOPHL) and the Department of Trade and Industry’s Export Marketing Bureau (DTI-EMB). In a statement Wednesday, IPOPHL said the memorandum’s purpose is to expand the scope of IP projects and services that will encourage small and medium enterprises to register their trademarks abroad.

MIC eyes $1-B investments just for energy

Maharlika Investment Corporation’s (MIC) President and Chief Executive Officer Rafael D. Consing, Jr. confirmed that the MIC is targeting by the end of the year to generate $1 billion or approximately P56 billion in investments for the energy sector. The MIC, he added, has been offered investments, particularly in solar energy as of the moment.

Budget gap in ’23 narrows 6.3% to ₱1.5T; 6.2% of GDP

The Philippines’s budget deficit last year fell by 6.32 percent to P1.512 trillion, lower than the P1.614 trillion recorded in 2022. Official government data indicated that the 2023 budget deficit stood at 6.2 percent of GDP, lower than the 7.3 percent deficit-to-GDP ratio recorded in 2022. According to a report from the Bureau of the Treasury released on Thursday, the budget deficit was slightly wider than the P1.499 trillion program by 0.85 percent or P12.7 billion.

PHL and Australia sign pacts on maritime, tech cooperation and competition law enforcement

New agreements on maritime security cooperation, cyber and critical technology and competition law were signed during the visit of President Ferdinand R. Marcos Jr. in Australia this week. During his joint news conference with Australian Prime Minister Anthony Albanese on Thursday, President Marcos Jr. disclosed that the three new memorandum of understanding would strengthen cooperation and interoperability among concerned Philippine and Australian agencies.

Exporters told to review proposed technical regulations on exports

In an advisory published on the Department of Trade and Industry-Export Marketing Bureau’s (DTI-EMB) website Wednesday, the export marketing arm of DTI unveiled the latest bulletin released by the World Trade Organization (WTO) on Technical Barriers to Trade (TBT). According to DTI-EMB, the latest bulletin lists a total of 179 notifications covering various sectors. Some of the specific goods listed are construction products to the European Union, among others.

FFCCCII: Govt must focus on luring investments to generate more jobs

The government should focus on attracting investments to create more jobs, which could lead to higher pay for workers, according to the Federation of Filipino Chinese Chambers of Commerce and Industry Inc. (FFCCCII), a federation of 170 Filipino Chinese chambers of commerce in the country. FFCCCII President Cecilio K. Pedro noted inviting more foreign businessmen to set up shop in the Philippines should be top of mind for government officials and lawmakers instead of pushing for the economic Charter change.

Pinoys’ ‘bonding’ addiction may be driving growth–UBS

The Filipinos’ penchant for family and barkada bonding, as seen through the steady employment growth in sectors such as accommodation and food services, will help drive the Philippine economy and make the country attractive to investors. In an online briefing on Wednesday, UBS Investment Bank Global Research Senior ASEAN and Asia Economist Grace Lim traced the recovery of the labor market in the Philippines last year to these sectors.

Labor pushes subsidies for MSME as wage hike looms

Minimum wage earners from micro and small establishments (MSMEs) and distressed establishments will need government subsidies so they can cope with the proposed legislated wage hike, according to labor groups who made the proposal. Labor groups at a hearing on Wednesday of the House of Representatives Committee on Labor and Employment pushed MSME subsidies amid the proposed bills implementing a P150 to P750 across-the-board wage increase.

Economic Cha-cha to create jobs in RE

DOE Undersecretary Sharon Garin noted allied industries in energy like mining and ports will generate foreign investments once these are liberalized. Garin said as an example, there were 1.5 million job openings in RE when the sector was opened to 100 percent foreign ownership in 2022 of which 357,459 individuals were employed in that year alone. Garin said it is estimated that 10 direct jobs and 30 indirect jobs are generated per megawatt (MW) of RE projects.

NGCP, DICT accelerate nat’l fiber backbone

NGCP president and chief executive officer Anthony Almeda and DICT Secretary Ivan John Uy on Wednesday signed the lease agreement for the use of the  power grid operator’s infrastructure, including its private telecom network infrastructure and substations. NGCP said  the NFB aligns with the objectives of the National Broadband Plan (NBP), a strategic blueprint devised by DICT to accelerate the deployment of fiber optic cable and wireless technology to improve internet speeds and accessibility across the country.