Business NEWS

The Philippines has called for an end to the debate on climate change, and for nations to start implementing concrete actions to fulfill their respective commitments and “obligations to humanity” to save the planet from an environmental catastrophe.

More than 300 Japanese guests from Japan’s leading corporate and financial institutions have participated in the virtual Philippine Economic Briefing (PEB) that highlighted the Duterte administration’s efforts to push for a much stronger and more inclusive economy in the post-COVID-19 pandemic era.

State-run National Transmission Corp. (Transco) plans to remit the company’s entire profit to the government’s coffers to help fund the country’s coronavirus response programs, the Department of Finance (DOF) revealed.

The adverse impact of the prolonged pandemic will be short-lived, the government’s chief economic manager and the central bank governor said after Fitch Ratings downgraded the Philippines’ outlook to negative.

The Department of Finance (DOF) has flagged a possible sugar smuggling scheme employed by unscrupulous traders taking advantage of the Sugar Regulatory Administration’s (SRA) export replenishment program.

The government’s chief economic manager has backed the Department of Education (DepEd) in calling for the World Bank to issue a public apology over its outdated findings about the state of the Philippines’ education sector.

The Bureau of Customs registered a spike in pork imports following the government’s order lowering tariffs on swine meat shipments that aims to stabilize the domestic supply and prices, the Department of Finance (DOF) said.

The Duterte administration has completed its third foreign commercial borrowing this year.

The finance and trade departments signed the implementing rules and regulations (IRR) of the corporate recovery and tax Incentives for enterprises (CREATE) law, the government’s largest fiscal stimulus package for businesses in the country’s history.

The Department of Finance (DOF) thanked the Japanese government for its funding assistance extended to the Philippines that supported its coronavirus response efforts, especially in providing emergency assistance to vulnerable sectors.

President Duterte’s chief economic manager said that additional stimulus spending for this year, if there would be any, will not be funded by borrowings.

The Department of Finance (DOF) said the newly formed committee tasked to streamline trade processes and modernize major customs operations will be beneficial to micro, small and medium enterprises (MSMEs).

President Duterte’s chief economic manager justified the multi-trillion peso borrowings for the year, citing the national government needed to rely on financing to the bridge the widening gap between revenues and expenditures.

Despite being behind other regional economies in terms of recovery from the malaise of the global pandemic, the government’s chief economic manager assured that the country can bounce back stronger due to sound economic fundamentals.

Businesses should invest heavily in digitalization and innovation to stay competitive as the world rapidly transitions to a new post-pandemic global economy, the government’s chief economic manager said.

The Fiscal Incentives Review Board (FIRB) has adopted the framework for the grant of incentives to qualified industries under the government’s Strategic Investment Priorities Plan (SIPP).

The Department of Finance (DOF) is exploring a number of projects, including the first urban car cable system in the country, for possible funding by France.

The Philippines’ chief economic manager said the domestic economy should quickly adapt digitalization to remain viable, otherwise “drown in its wake.”