• By Catherine Talavera, August 14, 2022; The Philippine Star https://www.philstar.com/business/2022/08/14/2202477/ecozone-investments-fall-30-1st-half MANILA, Philippines —  Investments approved by the Philippine Economic Zone Authority (PEZA) declined by nearly 30 percent in the first half of the year to P22.49 billion, the agency reported Friday. PEZA officer-in-charge (OIC) Tereso Panga said the investments came from 90 new and expansion projects. Panga, the agency’s deputy director general for policy and planning, said the new projects would generate 14,354 and $747.09 million in annual export sales. The top countries with the highest investments for the first semester include Japan, Singapore, the US, the UK, and the Read More…

  • By Diego Gabriel C. Robles, August 12, 2022; Business World https://www.bworldonline.com/top-stories/2022/08/12/467943/phl-aims-to-become-high-income-economy-by-2045-at-the-latest/ THE PHILIPPINES now aims to become a high-income economy by 2045 at the latest, Socioeconomic Planning Secretary Arsenio M. Balisacan said. “Assuming that the economy can regain its growth trajectory in the next decade, also the trajectory targeted for the medium term of this administration, and hold on to it for two more decades, the Philippine economy can become a high-income economy by the first half of the 2040s,” Mr. Balisacan said on Thursday during the European Chamber of Commerce of the Philippines luncheon meeting. Mr. Balisacan told reporters Read More…

  • By Tyrone Jasper C. Piad, August 9, 2022; Philippine Daily Inquirer https://business.inquirer.net/356467/agri-output-continued-decline-in-q2 Lower output from the crops and fisheries sector – likely due to expensive inputs such as fertilizer – dragged agriculture production anew in the second quarter. The Philippine Statistics Authority reported on Monday that agriculture production slipped by 0.6 percent in the April-June period, wider than the decline of 0.3 percent the previous quarter but narrower than the 1.5 percent a year ago. Agriculture production in terms of value slid to P433.12 million in the second quarter from P419.97 million the previous quarter and P435.63 million a year Read More…

  • By Cai Ordinario, August 8, 2022; Business Mirror https://businessmirror.com.ph/2022/08/08/psa-revises-q1-gdp-growthestimates-from-8-3-to-8-2/ The Philippine Statistics Authority (PSA) revised the country’s GDP growth downward to 8.2 percent in the first quarter of 2022, but this remained within expectations as far as data estimates are concerned. The initial estimate was at 8.3 percent. National Statistician Claire Dennis S. Mapa told reporters on Monday that when it comes to GDP growth, there is usually a plus or minus 0.1-percentage point allowance in estimates. This is particularly the case when data is obtained from nongovernment sources. Mapa said when the PSA comes up with preliminary estimates, data Read More…

  • By Cai Ordinario, August 8, 2022; Business Mirror https://businessmirror.com.ph/2022/08/08/700000-more-jobs-needed-to-regain-precovid-data/ Returning the country’s unemployment rate to prepandemic levels entails the opening of 700,000 more jobs, according to the Philippine Statistics Authority (PSA). In a briefing on Monday, National Statistician Claire Dennis S. Mapa said there were 2.99 million unemployed Filipinos in June 2022. This was 781,000 less than the last year’s 3.77 million but was 62,000 more than May’s 2.93 million. Mapa said compared to prepandemic levels, when the country’s unemployment was at 2.26 million, the number of jobless Filipinos still exceeds prepandemic levels by around 700,000. “There are many factors Read More…

  • By Betheena Unite, August 3, 2022; Manila Bulletin https://mb.com.ph/2022/08/03/marcos-forms-team-to-handle-issues-arising-from-mandanas-garcia-ruling-implementation/ President Ferdinand “Bongbong” Marcos Jr. has formed a team that will look into issues arising from the implementation of the Supreme Court’s Mandanas-Garcia ruling. The team will be headed by the Department of the Interior and Local Government (DILG). Marcos formed the team during his meeting with the League of Cities of the Philippines in Malacañang on Tuesday, Aug. 2. The President said the team will primarily look into issues of devolution and decentralization of the functions of the local and national governments amid the Mandanas-Garcia ruling implementation. According to him, Read More…

  • By CNN Philippines, August 3, 2022 https://www.cnnphilippines.com/news/2022/8/3/Congress-lapse-law-.html Metro Manila (CNN Philippines, August 3) — Over 110 national and local bills passed by the 18th Congress submitted at the tail end of former President Rodrigo Duterte’s term have lapsed into law. Senate President Migz Zubiri shared a list of the bills that are now laws after failing to get signed or vetoed by Duterte and current President Ferdinand “Bongbong” Marcos Jr. Below is a list of the notable national bills that have lapsed into law: Anti-Online Sexual Abuse and Exploitation Children (OSAEC) Law The law amends the Anti-Pornography Act or Republic Act Read More…

  • By Hana Bordey, August 2, 2022; GMA News Online https://www.gmanetwork.com/news/topstories/nation/840183/bill-doubling-indigent-seniors-monthly-pension-to-p1-000-lapses-into-law/story/ The bill increasing the monthly social pension of indigent senior citizens from P500 to P1,000 is now a law, Senate Majority Leader Joel Villanueva disclosed Tuesday. Villanueva, sponsor of the measure in the 18th Congress, shared a copy of Malacañang’s letter signed by Executive Secretary Victor Rodriguez, informing the Senate president that the bill has lapsed into law last July 30. Under Republic Act 11916, private entities that will have senior citizens as employees shall be entitled to an additional deduction from their gross income, equivalent to 15% of the Read More…

  • By Elijah Felice Rosales, August 2, 2022; The Philippine Star https://www.philstar.com/nation/2022/08/02/2199603/government-eyes-p154-billion-railway-projects-metro-manila Manila, Philippines — The government has received renewed interest from private firms to put up two railway projects in Metro Manila worth P154 billion in line with the Marcos administration’s preference for public-private partnerships (PPP). In an interview with reporters yesterday, Transportation Undersecretary Cesar Chavez said the policy shift to PPP could pave the way for private proponents of the East-West rail project and the Metro Rail Transit Line 11 (MRT-11) project to pursue their plans. Chavez said both projects have yet to be approved by the National Economic Read More…

  • By Lawrence Agcaoili, August 1, 2022; The Philippine Star https://www.philstar.com/business/2022/08/01/2199308/economy-likely-sustained-growth-2nd-quarter Manila, Philippines — The economy likely sustained  the strong economic rebound  in the second quarter with a gross domestic product expansion of between eight and nine percent after a stronger-than-expected GDP growth of 8.3 percent in the first quarter, according to Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla. “Probably eight or nine percent,’’ he said of the GDP growth. However, Medalla told reporters that the expansion is likely to slow down in the second half. ‘’The problem is the second half will be slower,” he said. In early July, Read More…

  • By Zacarian Sarao, July 30, 2022; Philippine Daily Inquirer https://newsinfo.inquirer.net/1637766/bongbong-marcos-vetoes-transport-safety-board-tax-free-poll-workers-honoraria-bills Manila, Philippines — President Ferdinand “Bongbong” Marcos Jr. vetoed two measures seeking the tax exemption of poll workers’ honoraria, and the creation of a transportation safety board. Marcos made his decision known through two separate letters addressed to the Congress, — both the Senate and House of Representatives. According to Marcos’ letter, House Bill No. 9652 or Senate Bill No. 2520 entitled “runs counter to the objective of the government’s Comprehensive Tax Reform Program to correct the inequity in the country’s tax system and negate the progressivity of the reforms Read More…

  • By Ben O. de Vera, July 28, 2022; Inquirer.Net https://business.inquirer.net/354762/benjamin-diokno-digital-shift-for-wider-financial-inclusion-better-tax-take MANILA, Philippines—The Marcos administration will embark on a big digitalization push to widen the financial inclusion net as well as improve tax administration, its chief economic manager said on Thursday (July 28). “Building a more robust digital finance infrastructure is critical for broad-based economic growth. To strengthen the pillars of support for the digital economy, the Marcos administration is committed to establishing the right policy environment, to pursue technological innovations that that build new industries, enhance public service delivery, and create employment and investment opportunities,” Finance Secretary Benjamin Diokno said Read More…

  • By Alexis Romero, July 27, 2022; Philippine Star https://www.philstar.com/headlines/2022/07/27/2198364/marcos-pushes-passage-disaster-resilience-bill Manila, Philippines — President Ferdinand Marcos Jr. expressed support for a bill creating a disaster resilience department hours after a magnitude 7.0 earthquake devastated the province of Abra and other parts of Luzon. Marcos said the country needs to enhance its capability to mitigate disasters because of the risks posed by climate change. “I don’t like to say it but it seems that it will be more frequent. Not the earthquake, but the weather, especially the extreme weather… You have seen what happened to Europe, what happened to America. We might Read More…

  • By John Eric Mendoza, July 24, 2022; Philippine Daily Inquirer https://newsinfo.inquirer.net/1633099/comelec-ends-registration-with-2-59-million-new-voters Manila, Philippines — The Commission on Elections (Comelec) logged almost 2.6 newly-registered voters on Saturday, the last day of voter registration. The exact figure is 2,593,909, according to Comelec spokesperson John Rex Laudiangco. The figure is broken down by age as follows: 1,615,144 are 15-to-17-year old 840,085 are 18-to-30 year olds 138,680 are 31 and above Laudiango asked the registrants for understanding for the long lines at Comelec offices and satellite list-up centers. According to him, the Voters Registration Act of 1996 prohibits registration 120 days before an election. Read More…

  • By Beatrice Pinlac, July 23, 2022; Philippine Daily Inquirer https://newsinfo.inquirer.net/1632970/bongbong-marcos-vetoes-bill-strengthening-ogcc Manila, Philippines — President Ferdinand “Bongbong” Marcos Jr. has rejected a bill seeking to strengthen the Office of the Government Corporate Counsel (OGCC), citing his disagreement with several provisions for being inequitable, such as the grant of excessive pays and incentives to employees and hired lawyers. Press Secretary Trixie Cruz-Angeles said on Saturday that Marcos vetoed Senate Bill 2490 and House Bill 9088, or the proposed Act Strengthening the Office of the Government Corporate Counsel By Rationalizing and Further Professionalizing Its Organization, Upgrading Positions and Appropriating Funds Therefor. The OGCC, Read More…

  • By Argyll Cyrus Geducos, July 7, 2022; Manila Bulletin https://mb.com.ph/2022/07/07/marcos-abolishes-dutertes-anti-corruption-commission-cabsecs-office/?fbclid=IwAR0p92U1qH0rX8A8lAn1SCrv6fSEnkrliUF7W5qIpQ6v1qWYts9CAmZ6xvk In an attempt to simplify the internal management of offices under the Office of the President (OP), President Ferdinand “Bongbong” Marcos Jr. has ordered the abolition of the Presidential Anti-Corruption Commission (PACC) and the Office of the Cabinet Secretary, Malacañang revealed. Executive Secretary Vic Rodriguez signed Executive Order No. 1 by authority of the President on June 30, 2022, the first day of the Marcos Administration. Press Secretary Trixie Cruz-Angeles likewise confirmed this on July 7. In signing the EO, the President said his Administration wants to achieve a comprehensive Read More…

  • By Llanesca T. Panti, June 28, 2022; GMA News https://www.gmanetwork.com/news/topstories/nation/836328/duterte-signs-law-allowing-speedy-prosecution-of-human-trafficking-cases/story/ President Rodrigo Duterte has signed a measure into law mandating government agencies to probe and conduct intelligence gathering, including surveillance on a human trafficking suspect, within 10 days after receiving a report. This is provided for under the Expanded Anti-Trafficking in Persons Act signed by Duterte last June 23 but was only released by the Palace on Tuesday. The law covers the statements, reports, reports or affidavits executed by human trafficking victims, migrant workers, or their families, internet intermediaries and other persons who have personal knowledge or information about possible Read More…

  • By Pia Garcia, June 27, 2022; CNN Philippines https://www.cnnphilippines.com/news/2022/6/27/duterte-corruption-in-the-last-6-years.html Metro Manila (CNN Philippines, June 27) — One of President Rodrigo Duterte’s biggest campaign promises was to rid government of corruption, a problem that seemed to be entrenched in the political and bureaucratic system. “I will not promise you heaven but I will try to stop corruption,” Duterte said when he ran in the 2016 elections. When he became the 16th President of the Republic, Duterte followed on his campaign pledge and promised to free the country of the endemic problem. He set a six-month deadline to accomplish the goal, similar to Read More…

  • By Pilar Manuel, June 23, 2022; CNN Philippines https://www.cnnphilippines.com/news/2022/6/23/World-Bank-loan-Philippine-Multisectoral-Nutrition-Project.html Photo courtesy of JL Javier/ CNNPHLIFE Metro Manila (CNN Philippines, June 23) — The World Bank has approved a $178.1-million (about ₱9.7 billion) loan to boost the country’s efforts against malnutrition a week before President Rodrigo Duterte steps down from office. The fresh credit is for the Philippine Multisectoral Nutrition Project, which will support the provision of nutrition and healthcare services in primary care and community levels among 235 municipalities with high poverty and malnutrition incidence. The Washington-based lender said Thursday the project features a package of “nutrition-specific and nutrition-sensitive” interventions along Read More…

  • By Lee C. Chipongian, June 22, 2022; Manila Bulletin https://mb.com.ph/2022/06/22/bir-launches-e-invoice-e-receipt-portals/ The Bureau of Internal Revenue’s (BIR) has launched a new web-based electronic invoicing/receipting system (EIS) and sales reporting portal to strengthen the government’s tax audit processes by maximizing digitalization for the benefit of both the taxpayers and the BIR. In a statement late Tuesday, June 21, the BIR said the EIS pilot project will start in July. It will involve 100 large taxpayers registered under the BIR’s Large Taxpayers Service, mainly those in e-commerce and in the business of exporting goods or services. The BIR launched three portals: EIS Taxpayer Read More…

  • By Rhia Grana, June 21, 2022; ANC https://news.abs-cbn.com/ancx/culture/spotlight/06/21/22/why-manilas-san-nicolas-district-needs-to-be-rescued?utm_campaign=2022-June23-Viber-promo-why-manilas-san-nicolas-district-needs-to-be-rescued-link-without-art-card&utm_source=viber&utm_medium=organic&utm_type=native&utm_content=text The houses in San Nicolas are more beautiful than elsewhere in the Philippines, says cultural historian Zialcita. Photo courtesy of Javier Galvan/Instituto Cervantes “If you’re looking for beautiful 19th century houses, you can find them in the District of San Nicolas [in Manila],” says heritage conservation advocate Dr. Fernando Zialcita. He’s talking particularly about those built in the late 19th century. “It’s a boom that involved not only the Chinese mestizos but also the Filipino bourgeoisie.” Vigan may be known for its grand Spanish colonial houses but when it comes to refinement Read More…

  • By Krixia Subingsubing, June 21, 2022; Inquirer https://inqm.news/xkka More than two years since the start of the COVID-19 pandemic, government agencies can now finally implement alternative work arrangements at any time for some 1.7 million employees, regardless of their status of appointment. News about the approval of the Civil Service Commission’s (CSC) Memorandum Circular No. 2022-6, which took effect on June 15, came as a relief to Genevieve (not her real name) who went back to reporting to the office earlier this year. The Department of Environment and Natural Resources employee said that at the height of the pandemic, she Read More…

  • By Mike Navallo, June 15, 2022; ABS-CBN News https://news.abs-cbn.com/news/06/15/22/doj-chief-on-red-tagging-dont-just-label-file-legal-action?utm_campaign=2022-June15-Viber-promo-doj-chief-on-red-tagging-dont-just-label-file-legal-action-link-without-art-card&utm_source=viber&utm_medium=organic&utm_type=native&utm_content=text MANILA — Amid allegations that the anti-insurgency task force is engaged in red-tagging or linking progressive groups and several personalities to the communist insurgency, Justice Secretary Menardo Guevarra offered one piece of advice. “Ang DOJ naman ay very clear ang position dyan. Kung merong, let’s say, certain acts ang mga red-tagged persons na masasabi na against the law, then don’t just label them. File the necessary action against them kung meron kayong ebidensya to prove that they are committing offenses or violating our existing laws,” he said at a Kapihan sa Read More…

  • By Chino S. Leyco, June 8, 2022; Manila Bulletin https://mb.com.ph/2022/06/08/ph-govt-debt-remains-manageable-world-bank/ The World Bank said the Philippine government’s debt load remains manageable despite recent acceleration amid the prolonged pandemic. Even it has ballooned, Kevin Chua, World Bank senior economist noted that the government’s debts are mostly held by Filipino creditors, long-dated IOUs and peso-denominated. “We think the debt is still manageable,” Chua told reporters during a virtual briefing on Wednesday, June 8. “Most of our debts are long-term, domestic, and peso-denominated and these should shield us from risks.” Data from the Bureau of the Treasury showed that of the total P12.679 Read More…

  • By Cai Ordinario, June 14, 2022; Business Mirror https://businessmirror.com.ph/2022/06/14/phl-receives-%E2%82%A7700-m-jica-grant-for-barmms-socioeconomic-development/ The Philippines has received a 1.8 billion yen grant from the Japanese government to create jobs and boost the socioeconomic development in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM). The Japan International Cooperation Agency (Jica) and the National Economic and Development Authority (Neda) signed the agreement this week. Through the grant, which amounts to roughly P700 million, the Philippines will be able to undertake urgent reconstruction of the Provincial/City Manpower and Development Center (PCMD) in Marawi City and other socioeconomic infrastructure improvements. “The signing of the Grant Agreement for the Read More…

  • By Cai Ordinario, June 13, 2022; Business Mirror https://businessmirror.com.ph/2022/06/13/govt-met-only-86-percentof-housing-targets-dhsud/ The Duterte administration was able to build 1.08 million housing units as of the end of 2021, according to the Department of Human Settlements and Urban Development (DHSUD). However, the DHSUD said this was only 86 percent of the housing targets set in the country’s medium term socioeconomic blueprint, the Philippine Development Plan (PDP) 2016-2022. Nonetheless, DHSUD said the outgoing administration was able to improve the annual housing production of the country to 197,886 every year, the highest among previous administrations since 1975. “We must continuously innovate to ensure that our Read More…

  • By Philippine Star, June 9, 2022; Philippine Star https://www.philstar.com/business/2022/06/09/2187229/adb-approves-43-b-financing-south-commuter-railway-project Manila, Philippines — The Philippine government secured a new financing from the Asian Development Bank amounting to $4.3 billion (P227.5 billion) to partly fund the construction of South Commuter Railway project. ADB’s investment in the project — which involves the construction of nearly 55 kilometers of modern suburban railway line connecting Metro Manila with the city of Calamba, south of the capital — is the multilateral lender’s largest infrastructure financing in the Asia and Pacific region to date. The project is part of the bigger North–South Commuter Railway (NSCR) network, which Read More…

  • By Philippine News Agency, June 7, 2022; Philippine News Agency https://www.pna.gov.ph/articles/1176043 Manila – The National Economic and Development Authority (NEDA) has highlighted the issuance of Executive Order (EO) No. 171 and the government’s fuel subsidy program in helping ease the impact of global inflationary pressures. The Philippine Statistics Authority (PSA) on Tuesday reported that headline inflation increased to 5.4 percent in May 2022 from 4.9 percent in the previous month. The inflation rate is within the Bangko Sentral ng Pilipinas’ (BSP) forecast range of 5.0 to 5.8  percent for the month. Year-to-date inflation settled at 4.1 percent, slightly above the Read More…

  • By Wilnard Bacelonia, June 7, 2022; Philippine News Agency https://www.pna.gov.ph/articles/1176052 Manila – The Philippine Statistics Authority (PSA) recorded an increase in inflation rate to 5.4 percent this month from 4.9 percent in April. It was the highest recorded inflation since December 2018, the PSA said in a report posted on Tuesday. “In May of the previous year, inflation was lower at 4.1 percent,” the report said. The PSA attributed the acceleration to higher annual growths in the food and non-alcoholic beverages index (4.9 percent) and transport index (14.6 percent). “Alcoholic beverages and tobacco (6.8 percent); clothing and footwear (2.1 percent); recreation, Read More…

  • By Pilar Manuel, May 31, 2022; CNN Philippines https://www.cnnphilippines.com/business/2022/5/31/BSP-May-2022-inflation-forecast.html Metro Manila (CNN Philippines, May 31) — The Bangko Sentral ng Pilipinas expects inflation to further heat up in May, settling within 5-5.8% during the month. “The continued increase in domestic petroleum prices, higher prices of key food items, and peso depreciation are the primary sources of inflationary pressures during the month,” the BSP said Tuesday. The projected range outpaces the 4.9% rate in April and the central bank’s full-year target band of 2-4%. “These could be offset in part by lower electricity rates in Meralco-serviced areas, decline in LPG prices, and Read More…

  • By Pilar Manuel, May 27, 2022; CNN Philippines https://www.cnnphilippines.com/business/2022/5/27/budget-surplus-April-2022.html Metro Manila (CNN Philippines, May 27) — The national government posted a budget surplus of ₱4.93-billion in April as public spending was tepid amid faster growth of state revenues, Bureau of the Treasury data released Friday show. It is a reversal of the ₱44.42 billion deficit logged in the same month last year and is the first surplus since June 2020, when the excess stood at ₱1.76 billion. A budget surplus happens when government collects more than it spends. Government expenditure for April mildly grew 1.98%, settling at ₱343.01 billion. This is Read More…

  • By Chino S. Leyco, May 20, 2022; Manila Bulletin https://mb.com.ph/2022/05/20/govt-earns-p46-b-from-rice-reform/?fbclid=IwAR1Pp8W8HB6SBpnEKn7b8mefTK9YfpvEadd-OxYMt9yA2kFbNS4_FWq0vwY Forty-six billion pesos, that was the amount earned by the national government since the law liberalizing rice trading was implemented three-years ago, the Department of Finance (DOF) emphasized. Finance Secretary Carlos G. Dominguez III revealed the government earnings as he defended anew the rice tariffication law (RTL) on Friday, May 20, saying the reform directly benefited palay farmers by providing at least P10 billion a year to Rice Competitiveness Enhancement Fund (RCEF). Under Republic Act (RA) No. 11203 or RTL, tariffs collected from rice imports go to RCEF. Collections in Read More…

  • By Cecille Suerte Felipe, May 24, 2022; The Philippine Star https://www.philstar.com/headlines/2022/05/24/2183241/senate-oks-bill-birth-death-marriage-certificates-permanent-validity Manila, Philippines — The Senate has approved on third and final reading a measure providing permanent validity of the certificates of live birth, death and marriage, barring agencies from requiring a new copy of these certificates from individuals who transact business with them. Voting 21-0, senators recently passed Senate Bill 2450 or the proposed Permanent Validity of the Certificates of Live Birth, Death and Marriage Act issued, signed, certified or authenticated by the Philippine Statistics Authority (PSA) and its predecessor, the National Statistics Office, and local civil registries, and Read More…

  • By Chino S. Leyco, May 18, 2022; Manila Bulletin https://mb.com.ph/2022/05/17/ph-eyes-opportunities-in-asean3-initiatives/?fbclid=IwAR30UbS8qyfLQvNZtQFnz_qTBCmJgxnVNw3pyt0u50yCN0B86fT-_UQmmVs Finance Secretary Carlos G. Dominguez III said the Philippines is looking forward to future initiatives under the umbrella of the ASEAN Plus Three (China, Japan, Korea) cooperation to help accelerate the country’s shift from coal to sustainable energy sources. On behalf of the Philippine government, Dominguez also expressed the country’s support for the activities of the ASEAN +3 finance ministers and central bank governors to intensify information exchange on innovative technologies and expand the digital economy across the region. Transition finance refers to funding the costs of gradually moving away Read More…

  • By ABS-CBN News, May 18, 2022 https://news.abs-cbn.com/video/news/05/18/22/nearly-all-local-govts-have-submitted-devolution-plans-dilg MANILA – Nearly all or 99 percent of local governments have submitted their devolution plans as the Mandanas ruling takes effect this year, an official from the Department of the Interior and Local Government said Wednesday. The 2018 Supreme Court ruling titles local governments to a share of all national taxes. Local governments this year received 30 percent to 35 percent more national tax allotment, according to DILG Undersecretary Epimaco Densing. “As early as last year, we’ve already started directing all our local governments to make a writeup of their devolution transition plan. Read More…

  • By Tobias Jared Tomas, May 17, 2022; Business World https://www.bworldonline.com/top-stories/2022/05/17/448838/phl-likely-to-achieve-upper-middle-income-status-by-2023-chua/?fbclid=IwAR2Zu3wm9bxIv51AlPqxpuzOY2b9MvoW0eHK_nVWKrRwaWzb1K3shkb-iz0 THE PHILIPPINES is “likely” to achieve upper middle-income status by next year, Socioeconomic Planning Secretary Karl Kendrick T. Chua said, given the strong first-quarter print and economic reforms. “It’s likely, especially since we broadened the economy’s potential with all the reforms that we have done,” Mr. Chua said at an ANC interview on Monday. “We were hit by a pandemic like the rest of the world, but we are seeing one of the biggest bounce backs in the entire world.” Philippine gross domestic product (GDP) expanded by 8.3% year on Read More…

  • By Daniza Fernandez, May 18, 2022; Inquirer.Net https://newsinfo.inquirer.net/1598787/fwd-duterte-signs-law-providing-protection-to-consumers/amp MANILA, Philippines — President Rodrigo Duterte has signed into law a measure providing consumers more protection against fraud in availing of financial products and services. A copy of Republic Act No. 11765 or the Financial Products and Services Consumer Protection Act, signed by Duterte on May 6, was sent to reporters Tuesday. “It is the policy of the State to ensure that appropriate mechanisms are in place to protect the interest of consumers of financial products and services under the conditions of transparency, fair and sound market conduct, and fair, reasonable, and Read More…

  • By Julie M. Aurelio, May 17, 2022; Philippine Daily Inquirer https://inqm.news/xwgv  The next administration will need at least P326 billion in new revenues each year to cover the principal and interest payments for the country’s debts incurred amid the COVID-19 pandemic. House ways and means panel chair and Albay Rep. Joey Salceda said the government’s best option to raise this was through tax policy reform through “smart, efficient tax and economic policies to address this debt overhang.” “Unless we can raise that kind of revenue, we will have to downscale our public spending or borrow again to pay the debt Read More…

  • By Pilar Manuel, May 16, 2022; CNN Philippines https://www.cnnphilippines.com/news/2022/5/16/Duterte-EO-169-strengthening-franchising-industry.html Metro Manila (CNN Philippines, May 16) — A new executive order signed by President Rodrigo Duterte aims to fortify the country’s franchising sector to ensure protection for micro, small, and medium enterprises (MSMEs). “[T]here is a need to intensify government efforts to strengthen the franchising industry to help businesses, especially MSMEs, by developing a transparent and business-friendly environment, and promoting fair and equitable practices,” said Duterte’s EO 169. The issuance prescribes minimum terms and conditions of franchise agreements, which franchisors may also consider for non-MSME franchisees as “best practice.” The Department of Read More…

  • By ABS-CBN News, May 16, 2022 https://news.abs-cbn.com/news/05/16/22/govt-workers-to-get-night-shift-pay-under-new-law MANILA — Government employees will be granted night shift differential pay under a new law, a copy of which Malacañang released on Monday. Under Republic Act 11701, the night shift differential shall not exceed 20 percent of the hourly basic rate of the employee for each hour of work performed between 6 p.m. and 6 a.m. The pay will be granted to “government employees occupying position items from Division Chief and below, or their equivalent, including those in government-owned or -controlled corporations, whether the nature of their employment is permanent, contractual, temporary, or Read More…

  • By Aaron Recuenco, May 14, 2022; Manila Bulletin https://mb.com.ph/2022/05/14/minimum-daily-wage-for-ncr-workers-up-by-p33-up-to-p110-in-western-visayas/ The minimum wage of workers in Metro Manila will increase by P33 while those in Western Visayas will be up to P110 following the approval of the Tripartite Wages and Productivity Board of the two regions. This means that the workers in Metro Manila will receive a minimum of P570 daily pay for those in the non-agriculture sector and P533 for agriculture sector. The last Wage Order for workers in private establishments in Metro Manila was on November 22, 2018. In Western Visayas, its Regional Tripartite Wages and Productivity Board has Read More…

  • By Argyll Cyrus Geducos, May 16, 2022; Manila Bulletin https://mb.com.ph/2022/05/16/palace-issues-eo-adopting-digital-payments-for-govt-disbursements-collections/ To promote the efficient delivery of services, especially amid the ongoing Covid-19 pandemic, Malacañang has ordered all government offices to adopt digital payments for their respective disbursements and collection. Executive Secretary Salvador Medialdea signed President Duterte’s Executive Order (EO) No. 170 on May 12, 2022, directing the adoption of digital payments for government disbursements to facilitate the expedient distribution of financial assistance to beneficiaries. Based on the EO, the said move will provide a catalyst for financial inclusion for the most vulnerable sectors of society, contributing to attaining the country’s Read More…

  • By T.J. Tomas, May 16, 2022; BusinessWorld https://www.bworldonline.com/banking-finance/2022/05/16/448468/landbank-rolls-out-p50-b-loan-program-for-firms-affected-by-crises/  LAND BANK of the Philippines (LANDBANK) has launched a P50-billion loan program for businesses and enterprises adversely affected by economic disruptions, including natural calamities and geopolitical conflicts. The bank’s loan program named LANDBANK National Assistance Towards Initiating Opportunities to Entities Amidst Social and Economic Reverses which Visibly Entails Shockwaves to Businesses or LANDBANK NATION SERVES aims to strengthen businesses by providing additional capital for them to expand their operations or stockpile inventory amid economic and geopolitical crises, the lender said in a statement on Sunday. It also aims to minimize the impact Read More…

  • By Bernie Cahiles-Magkilat, May 12, 2022; Manila Bulletin https://mb.com.ph/2022/05/12/dti-sets-10-point-proposal-recommendation-for-next-leaders/ The Department of Trade and Industry (DTI) has prepared a 10-point recommendation for the incoming administration, foremost of which is continuity of economic reforms and no reversal of policy measures, to ensure sustained economic recovery. DTI Secretary Ramon M. Lopez said he already submitted his agency’s recommendations to the Economic Cabinet Cluster two months ago for consolidation as part of the cluster’s overall recommendation. Lopez said he will also discuss his proposal with his successor. Aside from continuity of economic reforms, the DTI recommendations include ensure full economic recovery, policies more Read More…

  • By CNN Philippines, May 13, 2022 https://www.cnnphilippines.com/business/2022/5/13/Karl-Chua-market-worries-Marcos-administration.html Metro Manila (CNN Philippines, May 13) — The incoming administration must ensure continuity of current policies and bare details of their proposals to help quell market worries, Socioeconomic Planning Secretary Karl Chua said on Thursday. “The best way to address some of these concerns as investors and other analysts have mentioned is for the new administration to lay out its agenda,” said the National Economic and Development Authority (NEDA) chief when asked on concerns and uncertainties over the administration of Ferdinand “Bongbong” Marcos – current frontrunner of the near-completed unofficial vote count. The son Read More…

  • By Chino S. Leyco, May 12, 2022; Manila Bulletin https://mb.com.ph/2022/05/12/ph-economy-grows-8-3-in-q1/ The economy grew faster than its pre-pandemic level in the first three-months of the year on the back of sustained growth momentum amid easing quarantine restrictions, the Philippine Statistics Authority (PSA) reported. From January to March, the country’s economy, as measured by gross domestic product (GDP), expanded by 8.3 percent, quicker than the 7.8 percent recorded in the fourth-quarter last year, and a significant reversal of the 3.8 percent decline a year before. Socioeconomic Planning Secretary Karl Kendrick T. Chua said the growth pace was the fastest in East Asia, Read More…

  • By Jessica Fenol, May 12, 2022; ABS-CBN News https://news.abs-cbn.com/business/05/12/22/marcos-urged-to-bare-econ-plans-to-allay-investor-fears MANILA – Socioeconomic Planning Secretary Karl Chua on Thursday said the best way to address lingering investor fears is for the next administration to bare its detailed economic plans. In a briefing announcing the Philippine economic growth for the first quarter, Chua was asked about uncertainties surrounding the would-be administration of presidential frontrunner Ferdinand “Bongbong” Marcos Jr. Marcos Jr. avoided debates during the campaign period unlike other candidates who were able to give details about their economic agenda. “Any change, of course, will create concerns, whether on a national level, your Read More…

  • By Miguel R. Camus, May 10, 2022; Philippine Daily Inquirer https://business.inquirer.net/347572/j-p-morgan-drops-ph-to-bottom-of-asean-investment-preference-list-after-may-9-polls Manila, Philippines — American financial services giant J.P. Morgan dropped the Philippines to the bottom of an investment list comprised of its Southeast Asian peers in a new report released after it became clear Ferdinand “Bongbong” Marcos Jr., the namesake son of the late dictator, was headed for a landslide win on Monday’s presidential elections. J.P. Morgan did not mention Marcos’ name in the May 9 report that flagged rising risks from high public debt and surging inflation – factors it said would slow economic growth and hurt corporate Read More…

  • By Ben O. de Vera, May 9, 2022; Philippine Daily Inquirer https://business.inquirer.net/347455/economists-see-strong-ph-gdp-growth-in-q1 Manila, Philippines — The Philippine economy likely withstood the Omicron surge at the start of this year and sustained growth during the first quarter — estimated by economists to range from 5.5 percent to as high as 8.3 percent year-on-year. Beyond the possibly strong end-March gross domestic product (GDP) performance, which the government will report on May 12, economists watching the Philippines flagged high debts and a yawning budget deficit, elevated inflation that could temper consumer spending, as well as some excess baggage carried by leading presidential candidates Read More…

  • By Kurt Dela Peña, May 4, 2022; Philippine Daily Inquirer https://newsinfo.inquirer.net/1592305/best-good-governance-tool-expert-says-its-digital-shift-with-citizen-inclusion/amp  MANILA, Philippines—An engaged citizenry will make the government more responsive. This was stressed by Dr. Sherwin Ona last Thursday (April 28) as he said that the next administration should make digitalization a “priority,” not only to make services faster but as a “tool for inclusion, innovation, resilience and good governance”. “We really need to think of our way forward,” Ona, who is political science and development studies associate professor at the De La Salle University, said at an online forum organized by the think tank Stratbase ADR Institute (Stratbase Read More…