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170 articles from BusinessWorld Economy
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BusinessWorld Economy
Luzon Economic Corridor investment forum scheduled for September in Manila
THE PHILIPPINES, US and Japan will stage the inaugural Luzon Economic Corridor (LEC) Investment Forum between Sept. 10 and 11 in Manila, the US Trade and Development Agency (USTDA) said. In a statement on Thursday, the USTDA said the forum is expected to gather 600 international investors, industry leaders, project developers, and government officials to […]
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FINEX urges gov’t to improve efficiency of public spending
THE Financial Executives Institute of the Philippines (FINEX) said government officials need to engage in well-targeted public spending to help stimulate the economy, noting that the misuse of public funds could weaken the economic recovery over the long term. “FINEX recognizes the important role of government spending in supporting economic activity, creating jobs, and encouraging […]
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Counterpart funding up nearly 320% as foreign projects surge
THE National Government is proposing P145.37-billion budget for counterpart funding for foreign-assisted projects in 2027, driven by substantially higher allocations for major railway, bridge and transport projects. According to the 2027 Budget of Expenditures and Sources of Financing, government counterpart funding is set to increase by 319.6% from the P34.65 billion allocated for 2026. Overall […]
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National ID proposed as sole acceptable SIM-registration ID
THE National Telecommunications Commission (NTC) said it is proposing to make the National ID the sole acceptable form of identification when registering subscriber identity modules (SIM). In a notice, the NTC proposed an amendment to the Section 7A and relation provisions of NTC Memorandum Circular No. 001-12-2022 which prescribes the rules and guidelines for the […]
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Semirara coal block auction likely delayed by two more months — DoE
THE AUCTION of coal blocks on Semirara Island will likely be delayed by a further two months, the Department of Energy (DoE) said. “We are hoping to do the bidding properly this year. It will be moved because the original scheduled was around September and pushed by at least two more months,” Energy Secretary Sharon […]
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Traders warn DA of rising consumer prices if safeguard tariff proposal goes through
THE Meat Importers and Traders Association (MITA) said on Wednesday that the Department of Agriculture’s (DA) request to impose additional tariffs on imports of meat will raise retail prices. MITA President Emeritus Jesus C. Cham said the DA’s proposal to enforce volume-based special safeguard (SSG) measures on meat imports will affect their landed cost and […]
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PHL sends first cacao shipment to New Zealand
THE Department of Agriculture (DA) said an initial shipment of fermented Philippine cacao beans has been dispatched to New Zealand. The DA sent off the 6,000-kilogram shipment at the container yard of the Hong Equipment and Development Corp. in Carmen, Davao del Norte. It is expected to arrive at the Port of Lyttleton in New […]
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PCA seeking changes to coconut levy law
THE Philippine Coconut Authority (PCA) said it wants to overhaul how coconut levy-funded programs are implemented to minimize delays and overlapping responsibilities. At a hearing of the House of Representatives Committee on Agriculture and Food, PCA Administrator Dexter R. Buted said proposed amendments to Republic Act 11524 were arrived at after five years of implementing […]
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LNG supply network studied for ecozones in Calabarzon
THE Philippine Economic Zone Authority (PEZA) said it signed a memorandum of understanding (MoU) with energy firms South Premiere Power Corp. (SPPC) and Linseed Field Corp. (LFC) to explore the feasibility of distributing liquefied natural gas (LNG) in Calabarzon-based economic zones (ecozones). The agreement seeks to establish a framework to study the feasibility of an […]
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Youth employment recovery seen stalling as outlook clouded by AI
THE LABOR MARKET for younger workers remains challenging in the Philippines due to the dearth of quality jobs, compounded by the rise of artificial intelligence (AI), an analyst said, following a new report from the International Labour Organization (ILO). “The ILO’s report on youth employment is very alarming as it reveals that the labor market […]
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DoTr seeks over P247B for infra in 2027
THE Department of Transportation (DoTr) is seeking 2027 infrastructure funding of P247.54 billion, up from this year’s P86.49 billion, according to budget documents. According to the Budget of Expenditures and Sources of Financing report for 2027 issued by the Department of Budget and Management, the DoTr’s proposed infrastructure spending for 2027 will be led by […]
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Tower company iSON looking into digital healthcare, BPO expansions
GLOBAL TECHNOLOGY and infrastructure firm iSON is looking to expand its footprint in the Philippines in digital healthcare and business process outsourcing (BPO), the Department of Finance (DoF) said. In a statement on Wednesday, the DoF said it met with iSON executives about its plans to build on its $300-million expansion in the Philippines for […]
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PHL, New Zealand targeting 50% boost in trade by 2030
THE PHILIPPINES and New Zealand are exploring opportunities in agriculture and increased market access with a goal of increase bilateral trade by 50% by 2030, the Department of Trade and Industry (DTI) said. In a social media post on Wednesday, the DTI’s Bureau of International Trade Relations (BITR) said the Joint Economic Commission (JEC) between […]
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Beyond recovery: Tax relief after calamities
Typhoons, floods, volcanic eruptions, and other calamities are familiar realities in the Philippines. In recent years, however, the frequency and severity of these events have shown how vulnerable both communities and businesses can be. Beyond the immediate and visible human and economic toll, disasters can destroy inventory, damage equipment, impair facilities, disrupt supply chains, and […]
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Proposal to remove system-loss VAT charge reaches ERC level
THE Energy Regulatory Commission (ERC) is proposing to scrap the 12% value-added tax (VAT) from electricity losses charged to consumers to reduce their costs, which is expected to result in P6 billion savings.
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LGUs allowed to tap development funds for oil storage, renewable energy facilities
LOCAL GOVERNMENT UNITS (LGUs) have been cleared to tap their development funds to build oil storage facilities and renewable energy infrastructure as the government seeks to mitigate the impact of global fuel supply disruptions. In Joint Memorandum Circular (JMC) No. 1 dated Aug. 4, the Department of Budget and Management, Department of Finance and Department […]
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DTI, ADVANCE.CBP to establish MSME credit information registry
THE Department of Trade and Industry (DTI) and ADVANCE.CBP (Advintel, Inc.) signed a memorandum of understanding last week to establish a credit information registry for micro, small and medium enterprises (MSMEs). SME Trust will carry MSMEs’ verified business profiles, which lenders and other firms may use for assessment prior to approving loans or entering business […]
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Bidding launched for P1.24-billion Tacloban, Busuanga airport deals
THE Department of Transportation (DoTr) said it opened the bidding for the P1.24 billion worth of contracts for the development and rehabilitation of Tacloban and Busuanga airports. In separate bid notices issued on Tuesday, the DoTr said P695.25 million was allotted for the civil works and rehabilitation contract for Tacloban Airport. The project covers airside […]
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NGO urges BFAR to stand firm on vessel monitoring after SC ruling
OCEANA PHILIPPINES urged the Bureau of Fisheries and Aquatic Resources (BFAR) to defend the vessel monitoring measures (VMM) components of fisheries law struck down by the Supreme Court (SC), which has been asked to reconsider.
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DTI, Converge open new hub to help startups integrate AI
THE Department of Trade and Industry (DTI) said it is leveraging specialized training and pitching opportunities to help startups integrate artificial intelligence (AI) and digital tools directly into their operations. On Tuesday, the DTI and Converge ICT Solutions, Inc., launched the DTI AI and Scale-Up Center, which seeks to provide visitors and participating enterprises access […]
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Japanese chamber, ARTA sign partnership to reduce red tape
THE Japanese Chamber of Commerce and Industry of the Philippines, Inc. (JCCIPI) has partnered with the Anti-Red Tape Authority (ARTA) to help Japanese firms’ issues on ease of doing business. In a statement, ARTA said the two parties signed a memorandum of understanding (MoU) on Aug. 5, which designates the JCCIPI and its nationwide members […]
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Infrastructure capital outlays to decline this year
NATIONAL GOVERNMENT infrastructure and other capital outlays are projected to decline 15.1% to P931.54 billion this year before recovering slightly in 2027, although they will remain below the P1-trillion level. According to the 2027 Budget of Expenditures and Sources of Financing, this year’s infrastructure and other capital outlays are expected to decline from P1.1 trillion […]
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House panel passes higher tax-free income threshold, small-business MCIT removal
THE House of Representatives Committee on Ways and Means approved measures raising the income threshold eligible for tax-free treatment to P350,000 from P250,000 and discontinuing the 2% minimum corporate income tax (MCIT) for micro and small businesses. House Bill (HB) No. 10345 seeks to amend Section 24 of the National Internal Revenue Code by restructuring […]
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