Business NEWS

The European Union, which is composed of 27-member countries, is confident of higher foreign direct investments inflow in the Philippines and robust trade surpassing pre-pandemic levels, but stressed the need to do more to further boost the country’s competitiveness.

The Philippine Chamber of Commerce and Industry (PCCI) said the country’s impressive economic performance in 2022 will be a good foundation for continued growth this year.

The Governance Commission for GOCCs (GCG) has assured government workers of an amicable resolution on issues raised in line with the implementation of the Compensation and Position Classification System (CPCS).

Domestic hogs producers have strongly urged the Tariff Commission (TC) to review the extended tariff rates on imported frozen edible offal and for the Department of Agriculture to establish the first border inspection facility to minimize smuggling and misdeclaration of imported animal meats.

The National Price Coordinating Council (NPCC), which is chaired by the Department of Trade and Industry (DTI), is looking at “legal actions” among possible solutions to soaring prices of onion in the country to protect consumers and improve supply.

The Board of Investments (BOI) has placed at $24.7 million the initial investments from the committed projects during the recent promotion drive in Switzerland.

Price freeze on basic necessities and prime commodities is in effect in several areas in the country affected by the incessant rains, resulting in the declaration of state of calamities (SOC), the Department of Trade and Industry (DTI) announced.

The Philippines would be able to save up to 21 million pounds a year under the United Kingdom’s Developing Countries Trading Scheme (DCTS), its new duty-free scheme to developing trade partners.

The IT and Business Process Association of the Philippines (IBPAP) touted the ease of doing business being offered to investors when they choose to locate in special economic zones administered by the Philippine Economic Zone Authority (PEZA).

The Philippine Economic Zone Authority (PEZA) is confident that big-ticket projects will file their applications this year, including two Chinese steel projects, 13 US firms, electric vehicle manufacturers, and power generation firms, to support its 10 percent investment growth target for 2023.

The Office of the President (OP) has referred to the Department of Agriculture a petition by the Federation of Philippine Industries for the government to conduct an investigation over alleged illegal use of imported palm olein that has been robbing the government of billions of pesos in revenues while hurting the domestic coconut industry.

The Philippines and US governments have agreed on two deliverables — civil nuclear and trade cooperation – to help address the former’s energy deficiency problem and boost bilateral trade encouraged by the return of warm relations between the two allies.

Trade and Industry Secretary Alfredo E. Pascual said the Philippines is in the process of ratifying the Agreement on Fisheries Subsidies emphasizing that one of the priorities of the Marcos administration is to advance agriculture negotiations.

Go Negosyo Founder Jose Ma. “Joey” Concepcion III expects to see lower prices of commodities by middle this year middle with prices of oil going down, paving for a “very good” 2023.

The Department of Trade and Industry (DTI) is pushing for the building of local road infrastructure that connects food production hubs, economic zones, and logistics to promote more inclusive growth opportunities in the regions.

Nickel Asia Corp. (NAC), the Philippines’ lone nickel mining company with processing plants in partnership with Sumitomo Metal Mining Co., Ltd., is weighing further opportunities in the electric vehicle industry as government is strongly pushing for the country’s participation in the industry’s value chain, particularly in the manufacture of EV batteries.

Honda Cars Philippines Inc. (HCPI) has set an aggressive growth in sales this year from the 10 percent growth it posted in 2022, but said recovery to the pre-pandemic level is still unlikely to happen this year as the global supply chain issue will continue to hound the industry this year.

Asialink Finance Corp., one of the Philippines’ fastest-growing finance companies, has partnered with e-commerce giants Lazada and Shopee to give its clients an easier way to make loan payments.