ECCP at Work

Biz groups: Swift execution key to reaching Sona targets

Major business groups largely welcomed the agenda President Marcos laid out in his penultimate State of the Nation Address (Sona) but said its success would ultimately depend on how quickly and consistently the government delivers on its promises.

State of our nation 

The European Chamber of Commerce of the Philippines (ECCP) welcomed BBM’s focus on accountability, energy security and infrastructure, but noted that the next two years would need steady implementation and predictable rules.

Revenue concerns cloud Marcos’ proposed tax relief

The House Committee on Ways and Means will prioritize legislation implementing President Ferdinand R. Marcos, Jr.’s proposed tax relief, even as analysts questioned how the government plans to offset the estimated revenue losses of at least P50 billion.

BSP chief sees ‘small chance’ of aggressive tightening amid renewed volatility

The Bangko Sentral ng Pilipinas (BSP) sees only a “small chance” of more aggressive monetary policy tightening this year, despite renewed volatility and expectations of a second-half economic recovery.

House leaders file bills raising tax-free ceiling, scrapping MCIT

Speaker Faustino Dy III and Majority Leader Ferdinand Marcos on Wednesday filed two priority tax relief measures endorsed by President Ferdinand Marcos Jr. in his fifth State of the Nation Address. The bills seek to raise the annual tax-free income ceiling for individuals to P350,000 from P250,000 and abolish the minimum corporate income tax beginning in 2027.

Lawmakers seek House probe into Pax Silica zone

The lawmakers urged the House of Representatives to examine the project’s implications for national sovereignty, security, data governance, environmental protection, and foreign participation in critical industries. They also want Congress to determine whether existing laws adequately regulate artificial intelligence, strategic digital infrastructure, semiconductor manufacturing, hyperscale data centers, and technologies with both civilian and defense applications.

Fintech backs bill to broaden credit access via open finance

Fintech Alliance Philippines has backed a proposed measure establishing the country’s first comprehensive legal framework for open  finance, saying it would expand  financial inclusion by allowing consumers to use alternative financial data to gain access to credit

Tax relief plan to benefit 3M workers, but cost P66B in foregone revenues — DoF

Two tax relief measures proposed by President Ferdinand R. Marcos, Jr. would benefit at least 3.13 million workers and 78,000 small businesses but cost the government about P66 billion in annual foregone revenue, the Department of Finance (DoF) said.

PHL rolls out interoperable direct debit facility and Instapay for businesses

The Bangko Sentral ng Pilipinas (BSP) and the Philippine Payments Management, Inc. (PPMI) have rolled out the Philippines’ first interoperable direct debit facility and introduced a real-time fund transfer facility for businesses

Pax Silica brings promise—but at what cost  The proposed Pax Silica hub in New Clark City, Tarlac, is envisioned as a semiconductor and artificial intelligence ecosystem within the Luzon Economic Corridor. The project is expected to require about 130 million liters of water a day and 3 gigawatts of electricity, equivalent to 16% of Luzon’s current grid capacity. Those requirements are comparable to the water consumption of 600,000 households and the output of three coal plants or one nuclear facility.

Possible fuel price relief next week seen 

Filipino motorists absorbed another round of pump price increases this week as the conflict in the Middle East continued to impact global oil markets.

But the Department of Energy (DOE) said that fresh developments may ease the pressure as early as next week. 

Govt debt hits ₱19 trillion by June, more than full-year projection

The national government’s outstanding debt surged by half-a-trillion pesos in just a month, exceeding the full-year debt projection as early as end-June. Data released by the Bureau of the Treasury on Thursday revealed that the outstanding debt climbed to a new record of P19.065 trillion as of end-June

Trade gap widens to $4.94 billion in June

The country’s trade deficit widened in June from a year ago, as imports outpaced record-high exports, according to the Philippine Statistics Authority. PSA data showed that the balance of trade in goods, or the difference between exports and imports value, amounted to a $4.94-billion deficit in June, 12 percent higher than the $4.40-billion shortfall in the same month last year.

Marcos issues new policy to boost local EV manufacturing

President Ferdinand Marcos Jr. issued Executive Order No. 121 on Thursday, July 30, to develop the country's local electric vehicle (EV) manufacturing industry. This came following Marcos' pronouncement during his fifth State of the Nation Address (SONA) on July 27 that the government aims to make half of the country's vehicles electric-powered by 2040.

Record exports fail to prevent wider June trade deficit

Philippine exports surged to a record $8.77 billion in June, but faster import growth widened the country’s trade deficit by 12.3 percent to $4.94 billion, the Philippine Statistics Authority (PSA) said Thursday. Export receipts jumped 24.1 percent from $7.07 billion a year earlier, reaching their highest level since the data series began in 1991.

Peso slips as oil, US yields, trade gap pressure currency

The peso weakened slightly against the US dollar Thursday as higher global oil prices, elevated US Treasury yields, and a wider trade deficit outweighed expectations of continued support from the  Bangko Sentral ng Pilipinas.

Factory gate price growth eases to 3% in June

Factory gate price growth eased slightly in June as increases in petroleum-related products, electronics, and basic metals lost momentum, the Philippine Statistics Authority said Thursday. The Producer Price Index rose 3 percent year on year, slower than the 3.1 percent increase in May but a reversal of the 0.2 percent decline recorded in June 2025.

Tax relief plan to benefit 3M workers, but cost P66B in foregone revenues — DoF

Two tax relief measures proposed by President Ferdinand R. Marcos, Jr. would benefit at least 3.13 million workers and 78,000 small businesses but cost the government about P66 billion in annual foregone revenue, the Department of Finance (DoF) said.

Scientists: Climate change made Spain, France fires more likely

Climate change’s fingerprints are all over the extreme fire weather that sparked this week’s devastating wildfires in Spain and France and has spiked Southern Europe’s burning the past eight years, two new studies conclude.

Human-caused climate change made the hot and dry conditions responsible for Spain’s record-sized inferno 20 times more likely to happen, and it doubled the chances of extreme fire conditions for the flames in France, scientists at World Weather Attribution calculated in a rapid analysis Thursday, conducted while fires were still burning. Warming in the past 26 years has tripled the odds of the severe fire risk conditions in Spain and increased the chances in France 40%, the same report found.

Italy says Spain should be suspended from Schengen zone

Italian Prime Minister Georgia Meloni called on Thursday for Spain’s suspension from the EU’s visa-free Schengen travel zone after thousands of migrants entered the Spanish exclave of Ceuta adjoining Morocco.