Foreign, local biz groups: CREATE MORE law to bring investments, jobs
Foreign and local business groups lauded the enactment of the CREATE MORE. "With the CREATE MORE Act in place, the Chamber is optimistic about the stronger momentum this will generate for economic progress," ECCP Executive Director Florian Gottein told the PNA in a Viber message. A transparent and efficient rollout of the law will be essential to further enhance the Philippines’ tax regime and incentives framework, making it more attractive to both local and foreign investors, Gottein said.

World digital index: PHL down to 61st slot
The Philippines slipped by two notches to the 61st spot in the World Digital Competitiveness Ranking this year out of the 67 economies covered. The WDC ranking defines digital competitiveness based on three factors: Knowledge, Technology and Future Readiness.

EPR shows promising results
Extended producer responsibility (EPR) in the Philippines is showing promising results, a case study showed.

PHL tourist arrivals to hit 9.7 million by 2028
Tourist arrivals in the Philippines are projected to hit 9.7 million by 2028, Fitch Solutions unit BMI said. In a report, BMI said the Philippines’ tourist arrival growth is expected to average 14.8% annually to reach 9.7 million in 2028.

Global investors looking for decarbonization, green infra projects in Southeast Asia
Southeast Asian countries like the Philippines stand to benefit from greater interest among global investors looking to finance profitable and scalable decarbonization as well as "green" projects in the region.

Global index flags slow PHL progress in A.I. readiness
The Philippines has shown a worrying “stagnation” in AI readiness despite rapid market evolution, according to the newly released Cisco 2024 AI Readiness Index.

New taxes eyed by DoF likely to face opposition
The Marcos government will have a difficult time convincing Congress to pass new tax measures amid high living costs, analysts said, after the Department of Finance (DoF) chief hinted at pushing new taxes.

CREATE MORE makes PHL market more predictable for investors — DTIThe Department of Trade and Industry (DTI) said on Tuesday that the amendments to the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law will make doing business in the Philippines more transparent and predictable.

Port infra seen holding back PHL cruise industry ambitions
The quality of port and terminal infrastructure is the main challenge to Philippine plans to become a major cruise destination, a tourism official said.

Philippines set to receive billions as P7-trillion climate fund announced
The world’s development banks have committed to increase their joint financial support for climate adaptation and resiliency among low- and middle-income countries, including the Philippines, to P7.05 trillion ($120 billion) in six years’ time.

BoI cites need to de-risk RE investment via financing
The Board of Investments (BoI) said renewable energy (RE) investments need to be de-risked by providing financing options and supportive policy in order to navigate the rapidly evolving RE ecosystem.

PHL credit growth outlook improves
The Philippines is seen having the most optimistic outlook for credit growth among Southeast Asian countries, Bank of America (BofA) Global Research said.

New biometrics system for Philippine airports to be tested
A new biometrics system will be tested for possible integration with identification systems in Philippine airports. This comes after the Department of Transportation signed a contract with American company UltraPass ID for a trial period on the use of a biometrics program to improve passenger experience and airport operations as well.

162 projects worth ₱4.41 trillion now certified for green lane
There are now 162 projects certified under the green lane worth P4.41 trillion after the Board of Investments (BOI) approved four more renewable energy projects in October.

Philippines gets $750 million World Bank loan for digital infrastructure buildup
The World Bank has approved a $750-million loan to support the Philippine government’s efforts to promote greater digital technology adoption to drive economic growth.

Marcos greenlights DOST farm mechanization program
President Ferdinand R. Marcos Jr. approved on Wednesday the Department of Science and Technology’s (DOST) program which will prioritize the distribution of farm machines produced in the Philippines.

Govt to ease transport of livestock, audit sugar mills
The Department of Agriculture (DA) is reviewing regulations governing the transport of livestock, particularly chickens and hogs to ease supply bottlenecks ahead of expected demand spikes during the holiday season.

PH secures $24.9-M grant to bolster pandemic response
The Philippines has received a $24.9-million grant from the World Bank (WB) and the Food and Agriculture Organization of the United Nations (FAO) to help the country fight off animal and human health threats. The Philippines’ grant for the Resilient Philippines project forms part of the second funding round by the WB and FAO to beef up pandemic prevention, preparedness and response of many recipients worldwide.

Gov’t to award P4.53-B Bohol airport contract to Aboitiz group
The Department of Transportation (DoTr) will award Aboitiz InfraCapital, Inc. the P4.53-billion contract for the operations and maintenance of the New Bohol-Panglao International Airport after no bids were received by the Nov. 11 deadline, an official said.

DOE: Maharlika studying possible financing schemes for nuclear power
Department of Energy Secretary Raphael Lotilla said his department tapped the Maharlika Investment Corporation (MIC) to study financing schemes that can be used to advance the government's plan to include nuclear power in the country's energy mix.

PH rice imports hit record high
Philippine rice imports are inching closer to the 4-million metric ton (MT) mark, already surpassing a previous record achieved in 2022, as a confluence of typhoons and El Niño dry spell phenomenon slashed local production.

BIR to block online businesses violating tax laws
The Bureau of Internal Revenue (BIR) said it will block online businesses that violate tax laws, especially with the expected increase in online sales during the holiday season. In a statement, BIR Commissioner Romeo D. Lumagui Jr. warned online marketplaces, e-marketplaces, and online sellers that their online businesses could be blocked if they fail to register and pay taxes.

PIDS issues PHL growth estimate of 5.8%-6%, citing weaker inflation
The Philippine Institute for Development Studies (PIDS) expects the economy to expand between 5.8% and 6% this year, citing the weakening of inflation. Gross domestic product (GDP) expansion was 5.2% in the third quarter, due to climate disturbance and a slowdown in public spending.

Sugar growers call for probe of millers claiming low cane yields
The United Sugar Producers Federation of the Philippines (UNIFED) said on Wednesday that the Sugar Regulatory Administration (SRA) needs to inspect sugar milling equipment after claims emerged that cane processed by the mills is yielding reduced sugar.

Net NPL ratio in September lowest since March
The Philippine banking system’s net bad loans ratio in September was at its lowest since March this year, according to the Bangko Sentral ng Pilipinas (BSP). The BSP data showed the net non-performing loan (NPL) ratio of Philippine banks was pegged at 1.57 percent in September 2024, the lowest since March 2024 when net NPL ratio was at 1.54 percent.

WB clears second $1-M loan for PHL digital programs
THE Philippines has secured another million-dollar loan from the World Bank to help the government push forward the country’s digital transformation. In a statement, the World Bank said it approved a $750 million Second Digital Transformation Development Policy Loan for the Philippines.

Green energy auction 3rd round to offer 4,475 MW of RE capacity
The Department of Energy (DoE) said it plans to offer 4,475 megawatts (MW) worth of renewable energy (RE) capacity in the third round of the green energy auction (GEA-3). The DoE issued the notice of auction and the terms of reference for GEA-3, inviting qualified energy developers to participate in the bidding aimed at facilitating the energy transition.

NGCP capex to exceed P600 billion for over 100 transmission projects
The National Grid Corp. of the Philippines (NGCP) said it is allocating more than P600 billion in capital expenditure (capex) for over 100 transmission projects in its pipeline.

Telecom rivalry intensifying but PLDT on track with P35-B income goal
PLDT Inc. registered flat earnings in the first nine months of the year as its core businesses saw modest growth, reflecting a highly competitive environment as new players entered the telecommunications race.

Legislated funding eyed to revitalize ailing banana industry
The government and industry stakeholders are looking at legislating a plan that will not just revitalize the country’s ailing banana sector but also salvage the country’s eroding market share abroad.

Banks’ net income up 6.4% to P290.1 billion in September
The Philippine banking system saw a 6.42-percent growth in its net income in September 2024, according to the latest data from the Bangko Sentral ng Pilipinas (BSP).

Boeing expects post-strike output recovery to take several weeks
Boeing said Tuesday that it delivered 14 aircraft in October, but production will likely take several weeks to return to normal after a worker strike that hit operations at two major assembly plants. In the first 10 months of the year, Boeing said it delivered 305 airplanes, down from 405 in the same period last year.

German chamber says PHL must deal urgently with bird flu crisis
The German-Philippine Chamber of Commerce and Industry, Inc. (GPCCI) said preventive measures are urgently needed to address avian influenza (AI), which it called a threat to food security in the Philippines.

Fisheries output drops 5% in Q3
Fisheries production fell 5.1% year on year in the third quarter, with declines reported across all segments of the industry, according to the Philippine Statistics Authority (PSA). In its quarterly fisheries report, the PSA said production declined to 965,751 metric tons (MT) during the period.

PCCI sees CREATE MORE yielding sustained growth
The Philippine Chamber of Commerce and Industry (PCCI) expects the latest round of tax reforms to support long-term growth of the business sector.

Joint panel approves substitute bill on Department of Disaster Resilience
The House Committee on Government Reorganization, in a joint meeting with the Committee on Disaster Resilience, recently approved a substitute bill seeking to create the Department of Disaster Resilience (DDR) as the principal government institution responsible for ensuring safe, adaptive and disaster resilient communities.

Pledges made through IPAs up 542%
Pledges made by foreign and Filipino nationals through the government’s Investment Promotion Agencies (IPAs) grew more than five-fold in the third quarter of 2024, according to the Philippine Statistics Authority (PSA).

DOE approves four new renewable energy projects
The Department of Energy (DOE) approved four new renewable energy (RE) projects for system impact studies (SIS) in October. The DOE said this brought the total number of SIS grants issued by the department to the National Grid Corporation of the Philippines (NGCP) last month to 24. The newly approved projects include solar, wind, and battery energy storage system (BESS) installations.

IFC investments in Asia Pacific grow double digits to $12 billion
Investments made by the private sector arm of the World Bank Group, the International Finance Corporation (IFC), in Asia and the Pacific posted double-digit increases in the fiscal year ending June 30. The investments also included sustainability-linked loans to finance industrial decarbonization in India and green buildings in India and the Philippines.