Business NEWS

The inter-agency Fiscal Incentives Review Board (FIRB) has approved the grant of tax incentives to a P10-billion cement manufacturing project of San Miguel Equity Investments, Inc., the Department of Finance (DOF) announced.

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 Department of Trade and Industry (DTI) is supporting calls to reopen gyms in Metro Manila, saying that fitness activities are actually essential amid the pandemic.

Allowing fully-vaccinated individuals in limited dine-in and personal care services in areas under alert level 4 is not a discriminatory move, the Department of Trade and Industry (DTI) said Tuesday, Sept. 14.

As a commitment under the Joint Declaration of the Philippines-Australia Comprehensive Partnership, senior ministers from both countries have endorsed their Plan of Action for 2021-2022 as a significant step towards the elevation of bilateral relations into a strategic partnership in the near future.

If he would have his way, Department of Labor and Employment (DOLE) Secretary Silvestre Bello III would not extend the enhanced community quarantine (ECQ) beyond Aug. 20.

The domestic plastics industry has been alarmed by the passage in the Lower House of HB 9147 (Single-Use Plastic Products or SUPs Regulation Act) and HB 9171 (Plastic Tax Act), imposing P20 per kg. excise tax on plastic bag products, which seek to curb the plastic waste problem.

Trade and Industry Secretary Ramon M. Lopez has assured the public that there is more than enough supply of medical oxygen (O2) to quell panic, even raising the potential of allowing more importation and a stern warning against hoarding. 

Trade and Industry Secretary Ramon M. Lopez has urged Congress to pass the 3 pending economic reform bills in this third quarter or before the filing of candidacy for the national elections in October to sustain growth in foreign direct investments (FDI) and  drive economic recovery post COVID.

A two-week hard lockdown could mean wage losses of P30 billion and closure of 18 percent of establishments, affecting 1.8 million workers in the National Capital Region (NCR) and neighboring provinces, according to Trade and Industry Secretary Ramon M. Lopez.

A good balancing act between maintaining the country’s economic recovery and protecting Filipinos against the dreaded Delta variant of the coronavirus disease (COVID-19).

Prices of basic necessities and prime commodities will increase by 3 to 5 percent or P0.75 centavos to P1 per can of sardines and canned meats, a situation that will likely worsen the country’s already elevated inflation level.

Initial committed investments of $3 billion from country’s top ten Japanese manufacturers are in peril as investors complained of operational and fiscal bottlenecks they are currently facing.

The electronics and semiconductor industry, the country’s single largest dollar earner accounting for 60 percent of the country’s total exports, said some companies are transferring their domestic purchases and indirect exports to foreign suppliers because the imposition of value added tax (VAT) on these transactions make their operations in the Philippines more costly.

Trade and Industry Secretary Ramon M. Lopez has called for a review of processes in closing down a business, saying the difficulty of closing down a business has long been an issue among businesses in the country.

Maintaining a general community quarantine (GCQ) level in the National Capital Region and neighboring provinces (NCR Plus) ensures continued reopening of the domestic economy, Trade and Industry Secretary Ramon M. Lopez said.

Trade and Industry Secretary Ramon M. Lopez has batted for a change in the bidding procedure for government procurement of critical products, such as personal protective equipment (PPEs), that will give local manufacturers first crack in the supply contract over foreign bidders.

The country’s exports continued to recover, growing 29.8 percent in May this year, spurred by the reopening of major economies globally.