THE European Union (EU) has P6 billion waiting to be tapped by proponents of energy projects in the Philippines, with the possibility of replenishing the allocation depending on how the money is spent, the EU ambassador to the Philippines said on Friday.
HONG KONG and Shanghai Banking Corp. (HSBC) said it once more raised its growth forecast for the Philippines, with strong government spending expected to prop up further expansion during the second half of the year, helping offset the fading impact of election spending and slowing growth in fund inflows.
TWELVE infrastructure projects costing at least P265.31 billion are in different stages of procurement under a public-private partnership scheme, including the operation and maintenance of Light Rail Transit Line 2 (LRT-2) and five regional airports, an official of the Public-Private Partnership (PPP) Center of the Philippines said on Wednesday.
INVESTOR worries over the Duterte government’s political, diplomatic and economic policy have been exacerbated by the souring relations between the Philippines and the US, with financial markets negatively responding to the unfolding diplomatic drama, an economist at ING Bank N.V. Manila said.
THE DEPARTMENT of Energy (DoE) is forming a team that will look into the viability of nuclear energy for the Philippines, focusing on a plan to revive the mothballed Bataan nuclear power plant at a cost of around $1 billion, its top official said on Tuesday.
THE Department of Justice and Bureau of Corrections Project have rescheduled the bid submission for a planned state-of-the-art prison in Fort Magsaysay, Nueva Ecija from Aug. 25 to Nov. 24 at 1:00 p.m., the Public-Private Partnership Center of the Philippines said in a statement on Thursday.
THE department of Trade and Industry (DTI) wants to keep and possibly extend the current four years of income tax holiday granted to export firms setting up shop in the Philippines, as the government works to rationalize fiscal perks for companies.
On July 25, President Rodrigo R. Duterte delivered his first State of the Nation Address (SONA) as the 16th President of the Philippines, focusing on improved government services, tax reform, transportation, tourism and agriculture, and economic development, among others. Taking up the SONA agenda, Agriculture Secretary Emmanuel F. Piñol has said that he is tasked with accomplishing two things — to ensure that sufficient food for Filipinos; and to stop corruption within the agency. These objectives may be achieved with the help of Republic Act (RA) No. 10845, or the Anti-Agricultural Smuggling Act of 2016, signed by former President Benigno S. C. Aquino III on May 23, which primarily aims to boost the productivity of the agricultural sector and protect Filipino farmers and agricultural enterprises from illegal traders and importers.
ROBUST imports seen in May, if sustained, could ensure 7% economic growth for the Philippines as the indicator suggests greater investment in capital goods, economists at DBS Group Research said.
To keep up with the changes of enhanced international trade and automated import-export procedures, Republic Act (R.A.) No. 10863 or the Customs Modernization and Tariff Act (CMTA) was signed into law on May 30, 2016. It took effect on June 16, 2016. The CMTA was Drafted bearing in mind the provisions of the Revised Kyoto Convention (RKC), to which the Philippines is a signatory. The RKC or the International Convention on the Simplification and Harmonization of Customs Procedures is widely regarded as the blueprint for modern and efficient customs procedures. In the simplest terms, it is the international standard for making customs regulatory procedures as efficient as possible.