Business NEWS

A shift from a pandemic to an endemic mindset will help mitigate the impact of external shocks, such as the Russia-Ukraine crisis, as well as minimize the long-term scarring effects of Covid-19, three of the government’s economic managers said.

The Fiscal Incentives Review Board (FIRB) is supporting the proposal on the Strategic Investment Priority Plan (SIPP) by the Board of Investments (BOI), an attached agency of the Department of Trade and Industry (DTI).

Government agencies have issued a Joint Administrative Order (JAO) providing for a “safe harbor” that will make online platforms also liable for the violations committed by their online merchants as government tighten its watch amid burgeoning e-commerce transactions in the country.

The newly signed Amended Foreign Investments Act (FIA) has created an Inter Agency Investment Promotion Coordination Committee (IIPCC), which will establish a comprehensive marketing plan in the promotion of investments into the country as the law opens up economic sectors to 100 percent foreign ownership.

A deescalation to Alert Level 1 in the National Capital Region and key cities and provinces would readily create 500,000 jobs, but this should ramp up to 800,000 over time or close to recovering the employment lost during the pandemic in the entire country, Trade and Industry Secretary Ramon M. Lopez said.

The domestic garment and textile industry has urged government to support companies that repurposed towards producing medical grade personal protective equipment (PPEs) , stockpiling of PPEs, and stop the importation of substandard PPEs, to help jobs recovery in the industry.

The German-Philippine Chamber of Commerce and Industry (GPCCI) welcomed the enactment the Retail Trade Liberalization Act (RTLA) or Republic Act No. 11595, stating the amendments to the old law elevate the country as an attractive investment destination.

Government agencies kicked off the pilot implementation of the Unified Logistics Pass (ULP), which streamlined procedures that reduced bureaucratic red tape is expected to result in almost P2 billion in savings for the logistics sector.

The Department of Finance (DOF) said the government will finalize within this month the Strategic Investment Priority Plan (SIPP) of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) law.

The government has set a limit on the purchase of flu medicines amid tightness in supply due to unprecedented surge in demand following a sharp rise in COVID cases in the National Capital Region (NCR).

The Pharmaceutical and Healthcare Association of the Philippines (PHAP) said it is closely coordinating with the government on pharmaceutical security as some areas in Metro Manila are experiencing shortage of supply of certain paracetamol brands following the surge in COVID cases.

A nationwide mobility restriction on the unvaccinated has been strongly pushed by Presidential Adviser on Entrepreneurship Jose “Joey” Ma. Concepcion III to protect them from the highly transmissible Omicron variant and as the way forward to sustain recovery and open the economy safely.

The Department of Health (DOH) assured on Tuesday, Jan. 4 that there is no ongoing shortage of paracetamol and other drugs for flu-like symptoms.

As much as 200,000 workers would be out of work and P200 million in economic losses as the National Capital Region returns to stricter health restrictions on rising COVID-cases in the capital.

The Philippines should maximize the tax incentives being offered under the Republic Act 11534 or the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act to attract more foreign direct investments, according to a foreign business leader said.

The Department of Trade and Industry (DTI) is looking at helping micro, small and medium enterprises (MSMEs) affected by Super Typhoon Odette.

The Department of Health (DOH) on Monday, Dec. 6 encouraged the public to remain positive despite the restrictions and limitations brought about by the coronavirus disease (COVID-19) pandemic.

The country’s largest food industry association is urging the Department of Trade of Industry (DTI) to revisit the suggested retail prices (SRPs) of basic necessities and prime commodities stressing they are struggling to meet high consumer demand amid outdated prices.