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22nd May 2023

Expansion of PH Trade and Investment expected upon RCEP full implementation by June 2

Department of Trade and Industry (DTI) Secretary Alfredo Pascual announced that the Regional Comprehensive Economic Partnership (RCEP) pact among 15 economies in the Asia Pacific region is to take effect on 02 June 2023. The full implementation of RCEP will help expand the trade and investment to all signatory countries within 20 years, including eliminating tariff rates — or the taxes imposed on imported products — on 90% of goods.

22nd May 202322nd May 2023

DOT prides on five-year plan for PH Tourism transformation to be Asia’s tourism powerhouse

Department of Tourism (DOT) OIC Undersecretary for Tourism Development Planning, Verna Covar-Buensuceso presented the DOT’s future plans including the completion of the National Tourism Development Plan (NDTP) 2023-2028 which envisions to transform the Philippines Tourism into a tourism powerhouse in Asia.

Usec Buensuceso cited that the NDTP aims to establish a Philippine tourism industry anchored on Filipino culture, heritage and identity, aims to be sustainable, resilient and competitive in order to transform the Philippines into a tourism powerhouse in Asia.

22nd May 2023

COMELEC and ARTA partners toward streamlining processes during COMELEC Gun Ban

The Commission on Elections (COMELEC) and the Anti-Red Tape Authority (ARTA), together with the Department of Information and Communications Technology (DICT), the Philippine National Police-Firearms and Explosives Office (PNP-FEO), Landbank, and the Semiconductor industry, will create a Technical Working Group (TWG) to streamline and harmonize PNP processes on the application of the Certificate of Authority to Transport (CA-TT).

13th April 2023

PH hosted the first International Ecotourism Travel Mart (IETM)

The Philippines hosted the first International Ecotourism Travel Mart (IETM), that brings together individuals, experts, organizations, ecotourism practitioners, advocates and exhibitors to learn and network across cultures and showcase products and services that have strong economic components, green technology, and sustainable green practices.

13th April 202313th April 2023

Boost in PH Foreign Trade noted in 2022

The Philippine Foreign Trade boosted by 12.9%, amounting to $216.20 billion in 2022 from $191.58 billion in 2021. However, the imports further broadened the country’s trade gap by 38%, according to the Philippine Statistics Authority (PSA) data.

13th April 202313th April 2023

BOC and ARISE+PH: AEO Program addresses Security Measures with Mutual Recognition

To boost export competitiveness of Philippine products, the Bureau of Customs (BOC) together with ARISE+ PH advocates for the nationwide information campaign on the implementation of the Authorized Economic Operators (AEO) Program. Several countries, including Indonesia, Moldova, and the EU, shared their learnings and experiences on the AEO Program during the workshop.

20th March 202327th June 2023

Regional Container Line (RCL) explores trade opportunities in BARMM

RCL Delegation (Abdul Razak Bin Atan, RCL Regional Head of South East Asia, Jess Sedano, RCL Philippine Country Representative, and Marlon de Guzman, General Manager of Eagle Express for South Philippines, RCL Agent) with BARMM Transport Minister Paisalin Tago, BARMM MOTC Director General Lai Maniri, EDC Transport Committee Chairman and RESPOND Chief of Party Dr. Henry Basilio, BARMM Business Council Chairman Atty. Ronald Torres, BARRM Board of Investments Governor Habib Ambolodto, Mindanao Development Authority (MINDA) Director Joan Barrera, and representatives from the BARMM Economic Zone Authority and Polloc Freeport and Mindanao Development Authority (MINDA).

A delegation from the Regional Container Line (RCL), headed by its Mr. Abdul Razak Bin Atan (Regional Head of South East Asia) visited Cotabato City in February to assess the potential trade/cargo traffic to/from BARMM and its environs with the objective of establishing a shipping route between Singapore and Cotabato City. This effort is part of RCL’s initiative of expanding its service to the Philippines by looking at opportunities in Mindanao especially in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM).

20th March 202320th March 2023

RCEP ratification foresees massive export and import growth

The Senate concurred voting 20-1-1 on the ratification of the Regional Comprehensive Economic Partnership (RCEP), the world’s largest Free Trade Agreement (FTA) by far among Asia-Pacific nations, on 21 February 2023. The RCEP is a Free Trade Agreement (FTA) that aims to establish a modern, comprehensive, high-quality, and mutually beneficial economic partnership framework to liberalize and facilitate trade in goods and services. It will also create a liberal, facilitative, and competitive regional investment. Economists supported this, particularly the National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan, who is optimistic that this FTA will fuel the Philippines’ economic growth.

20th March 2023

BIR mandated to handle DOF OSS on tax credit and duty drawback

President Ferdinand R. Marcos, Jr. on his administration’s policy in right sizing bureaucracy, and on the recommendation of Sec. Benjamin Diokno ordered the abolishment of the DOF (Inter-Agency Tax Credit and Duty Drawback Center) OSS Center) and transfers the mandate to the Bureau of Internal Revenue (BIR) and Bureau of Customs (BOC), to assure the orderly and expeditious processing of tax credits and duty drawbacks under various laws.

20th March 2023

BSP expects 6% GDP growth by the end of the year

Bangko Sentral ng Pilipinas (BSP) Governor Dr. Felipe M. Medalla reported in depth the topic “In Pursuit of Price Stability Challenges and Opportunities,” highlighting that the country’s gross domestic product (GDP) is expected to increase up to 6% amidst pent-up demand together with the target range of easing the inflation within the two to four percent by the end of the year 2023.