Trailblazing. Collaborative. Resolute.
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.
Continue reading “BOC and ARISE+PH: AEO Program addresses Security Measures with Mutual Recognition”
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).
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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.
Continue reading “RCEP ratification foresees massive export and import growth”
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.
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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.
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President Ferdinand Marcos Jr. has approved the value-added tax refund program for tourists for implementation by 2024, which aims to attract more foreign visitors.
Continue reading “Philippines’ VAT refund for Tourists expects to boost Tourism in 2024”
The Department of Finance (DOF) and the Department of Information and Communications Technology (DICT) signed the Memorandum of Agreement (MOA) on the full implementation of the TradeNet system. This is a significant way forward in onboarding all 73 Trade Regulatory Government Agencies (TRGAs).
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The Private Sector Advisory Council (PSAC) linked strong partnerships with the government towards economic growth. Mr. Sabin Aboitiz – PSAC Lead Convenor and President and CEO of Aboitiz Group, laid out the country’s economic policy directions with the government. The PSAC focuses on six sectors, mainly on 1) Digitalization, 2) Basic Infrastructure, 3) Agriculture, 4) Healthcare, 5) Tourism, and 6) Jobs.
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The International Trade Centre (ITC), in collaborative partnership with the DTI Board of Investments (BOI) and ARISE Plus Philippines, jointly synergized a Public-Private Dialogue (PPD) on ‘Innovating Industrial Policy in the Philippines. The initiative aims to explore and strengthen industrial policies as follows:
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Technology undeniably benefits society. Mr. Anthony Patrick Chua, Philippines Lead Staff of the Asia-Pacific Economic Cooperation (APEC) Business Advisory Council (ABAC), expounded on the topic entitled “Facilitating the digital led transformation in the Philippines’ – Opportunities and Challenges” which covers the following current legislative measures benefitting the Philippines and the region: (1) Public Service Act; (2) Foreign Investment Act; (3) Retail Trade Liberalization Act; and (4) E-Commerce Roadmap.
Continue reading “Philippines Way Forward to Full Digitalization”