ECCP at Work

Philippines still ASEAN’s fastest-growing economy

The Philippines is expected to remain the fastest-growing economy in the Association of Southeast Asian Nations (ASEAN) region this year, bolstered by low inflation and room for monetary easing.

Budget gap narrows in May 

The National Government’s (NG) budget deficit narrowed in May as faster revenue collection offset a slowdown in spending due to the election ban. Data from the Treasury showed the Philippines’ budget deficit shrank by 17.01% to P145.2 billion in May from P174.9 billion in the same month a year ago.

Philippines tempers growth goals

Economic managers cut its GDP growth target for this year amid “heightened global uncertainties” arising from the Middle East conflict and US tariffs. The Philippine economy is now expected to grow by 5.5-6.5% this year from the previous target of 6-8%.

DEPDev seeks momentum for Marcos agenda

The Department of Economy, Planning, and Development (DEPDev) wants the incoming Congress to prioritize key legislative measures that lawmakers failed to pass, including bills on national land use policy and a centralized water agency.

GDP likely picked up in 2nd quarter

Philippine economic growth likely picked up in the second quarter, supported by stable inflation and improved labor market conditions. Inflation cooled to an over five-year low of 1.3% in May, as utility costs rose at a slower pace.

35 groups call for signing of Konektadong Pinoy bill

Thirty-five organizations called on President Ferdinand R. Marcos, Jr. to approve the Open Access in Data Transmission measure, also known as Konektadong Pinoy bill in the face of aggressive lobbying for a Presidential veto, noting that the issues raised against the bill are “unfounded.”

DICT launches ₱3-B connectivity project

The Department of Information and Communications Technology (DICT) has formally launched the Bayanihan SIM initiative, an ambitious P3-billion connectivity program targeting remote and underserved areas through free mobile internet.

FAO pilots sustainable farm machinery business in Philippines

The United Nations’ Food and Agriculture Organization (FAO) will pilot a $200,000 program to help rice farmers learn how to undertake sustainable mechanization business such as hire services and machinery repair to improve their income.

LRT Line 2 privatization to be offered as PPP

The government will privatize the Light Rail Transit Line 2 (LRT-2) via public-private partnership (PPP), with ridership growth and planned extensions underscoring the need for improved operations and maintenance, according to Transportation Secretary Vivencio B. Dizon.

PH economic team sees ‘minimal’ local impact of Mid-East conflict

The economic team of President Ferdinand Marcos Jr. sees the ongoing Middle East conflict having minimal impact on the Philippine economy, following a US-initiated truce between Iran and Israel.

S&P hikes PHL growth forecasts until 2027

S&P global ratings expects the Philippines to be the second fastest-growing economy until 2027, as it raised its growth projections. In its Economic Outlook for Asia-Pacific, S&P Global Ratings said Philippine gross domestic product (GDP) will likely expand by 5.9% this year from 5.7% previously.

PHL becoming ‘attractive destination’ for HNWIs due to growth, tax reform

The Philippines’ strong long-term growth outlook and tax reforms for foreign investment are expected to attract interest from high-net-worth individuals (HNWIs). 

More pork price hikes loom pending San Juanico Bridge repair

Filipinos may have to face rising pork prices pending repairs at the San Juanico Bridge, which stretches from Samar to Leyte in central Philippines, and amid rising fuel prices due to the war between Israel and Iran, according to industry players.

Oil prices may drop if Israel-Iran ceasefire holds

During a Palace briefing, Department of Energy Officer-in-Charge Sharon S. Garin said the government is in talks with oil firms to potentially hold off the second installment of the price hikes this week, given the recent drop in global crude prices after a ceasefire between Iran and Israel was announced.

Trump tariff deadline spurs Asia export surge, wider trade gaps

The US trade deficit with Asia is widening as importers stock up ahead of President Donald Trump’s “reciprocal” tariffs deadline. Vietnam, Taiwan and Thailand all reported record exports to the US in May, according to data released in the past few weeks.

SEC cuts fees for corporate document requests by 50%
The Securities and Exchange Commission (SEC) is reducing the fees and charges for requests for corporate documents by 50% starting July 1, allowing for greater access to data and boosting investor protection.

Forestry scheme offers investors up to 40,000 hectares for development

The government’s new investor-focused forest-management program will allow participants to pursue various business objectives like wood production and ecotourism on allocations of up to 40,000 hectares each for tenures of 25 years.

PHL textile suppliers struggling to comply with circularity norms

The textile and garment industry is finding it challenging to comply with circular-economy standards imposed by buyers, according to the Foreign Buyers Association of the Philippines (FOBAP).