ECCP at Work

Foreign chambers want action on laws
Foreign business chambers welcomed President Ferdinand Marcos Jr.’s State of the Nation Address (SONA) last Monday but noted the absence of a legislative agenda.

BSP sees July inflation settling at 0.5% to 1.3%
The central bank’s month-ahead forecast showed that inflation likely fell within the 0.5%-to-1.3% range in July. If realized, July inflation would be slower than the 1.4% print in June and the 4.4% clip a year ago.

PHL’s target: Have 13 FTAs signed by 2028
Manila is targeting to have 13 Free Trade Agreements (FTAs) signed before the end of the administration of President Ferdinand R. Marcos Jr., according to the Department of Trade and Industry (DTI).

ODA-funded projects up 6% at $39.6B in 2024
The Department of Economy, Planning and Development (DEPDev) reported on Thursday that active projects funded by the Official Development Assistance (ODA) grew 6 percent to $39.6 billion in 2024 from $37.3 billion in 2023, spread across 426 loans and grants.

Trade shortfall narrows in June
From January to June, the country posted a slimmer trade deficit of $23.97 billion compared to the $25.06 billion trade shortfall in the same period last year.

44 foreign-assisted projects face delays
Around 44 infrastructure projects funded through official development assistance (ODA) are delayed, according to data from the Department of Economy, Planning and Development (DEPDev).

PHL debt hits record-high P17.27T
The National Government’s (NG) outstanding debt jumped to a fresh high P17.27 trillion as of end-June, data from the Bureau of the Treasury (BTr) showed.

VAT filing deadline extended for foreign digital providers
The Bureau of Internal Revenue (BIR) said it extended the deadline for filing value-added tax (VAT) returns for non-resident digital service providers to Aug. 5.

₱13-B infra projects tagged ‘critical’ due to problems
The Department of Economy, Planning, and Development (DepDev) said P13.3 billion worth of infrastructure projects are classified as “”critical” due to delays and other problems.

DA to push for rice tariff hike
The Department of Agriculture (DA) will push to increase the current 15 percent tariff on imported rice during the third periodic review to help lift local palay prices without rocking the retail market while market conditions are favorable.

BSP: Rate cut still on table in Aug.
The Bangko Sentral ng Pilipinas (BSP) could continue lowering interest rates at its meeting in August, its top official said

IMF raises Philippine growth forecast for 2026
The International Monetary Fund (IMF) raised its gross domestic product (GDP) growth forecast for the Philippines for 2026 but kept its projection for this year amid heightened global uncertainty.

Philippines, Israel pursue free trade deal
The Philippines and Israel are looking to soon forge a free trade agreement (FTA), in line with the government’s thrust to expand global trade partnerships.

Recto: PH may lose  P3B to P6B a year  in US trade deal
The Philippines could forgo revenues of between P3 billion and P6 billion a year due to the zero-tariff concession granted to select US goods, according to Finance Secretary Ralph Recto.

Digital-centric thrift, rural, cooperative banks to face new BSP rules 
The Bangko Sentral ng Pilipinas (BSP) aims to introduce new regulations for digital-centric thrift banks (TBs), rural banks (RBs), and cooperative banks. These new regulations will include new minimal capital requirements, compliance to Basel III Leverage Ratio, and other requirements.

SSS to hike pensions starting Sept.
The Social Security System (SSS) is implementing a landmark pension reform program starting this September, which will gradually increase the monthly pensions of all pensioners over a three-year period.

Government looks to raise P30 billion from RTBs
The government is looking to raise at least P30 billion from the sale of its first retail Treasury bond (RTB) offering this year. In a notice on its website dated July 30, the Bureau of the Treasury (BTr) said it is planning to sell a minimum P30 billion worth of five-year peso-denominated RTBs due in 2030.