Posted on

EDC to Oversee IBPAP’s call for unified LGU regulations

The Information Technology and Business Process Association of the Philippines (IBPAP) President Jack Madrid raised the ongoing challenges posed by the inconsistencies in local government rules. These laws and regulations show varying and inconsistent interpretations in few cities. He noted that the Local Government units (LGUs) may have differing procedures for renewing local business permits, with some even requiring employees’ health certificates.

Continue reading “EDC to Oversee IBPAP’s call for unified LGU regulations”
Posted on

PH as notable leader – driving global growth in foreseeable future

The Department of Finance (DOF) Secretary Ralph Recto reported that the Philippines is the fastest-growing economy in the Association of Southeast Asian Nations (ASEAN) leading it to the top (5.6%) based on the actual Gross Domestic Product (GDP) Growth Performance of ASEAN in 2023. Sec. Recto presented that the global growth will be led by Asia’s powerhouses for the next decades, notably by the Philippines. Contributing to this is the massive growth of the transportation and storage, construction, and financial services. 

Continue reading “PH as notable leader – driving global growth in foreseeable future”
Posted on

TIEZA features Online Issuance of Travel Tax Exemption Certificate

To provide convenience and excellent service to PH exporters, the Tourism Infrastructure and Enterprise Zone Authority (TIEZA)  features the online issuance of the Travel Tax Exemption Certificate (TEC). There is no change in the application procedures; exporters shall file their application for travel tax exemption at the authorized recommending agencies: CITEM, DTI-EMB, BITR, and PHILEXPORT for endorsement to EDC, who in turn approves or disapprove the endorsement to TIEZA to be granted TEC.

Continue reading “TIEZA features Online Issuance of Travel Tax Exemption Certificate”
Posted on

EDC Enhances Partnership with BOC to Foster Economic Growth

During the Bureau of Customs’ (BOC) 122nd Founding Anniversary, the Export Development Council (EDC) showcased its commitment to collaboration as Deputy Executive Director Elsa De La Paz – Valenzuela represented the EDC within the Customs Industry Consultative and Advisory Council (CICAC).

The CICAC, established under Customs Memorandum Circular (CMC) 02-2024, serves as a consultative body bridging the gap between the BOC and the business-industrial sector. It aims to address pertinent customs and industry-related issues, promote mutual understanding, and strengthen the relationship between the BOC and industry partners.

Continue reading “EDC Enhances Partnership with BOC to Foster Economic Growth”
Posted on

BOC Cuts Fees for Customs Bonded Warehouses, Backs MSMEs, and Eases Regulations

The Bureau of Customs (BOC) has recently implemented CAO 01-2024, showcasing significant reduction in fees for customs bonded warehouses (CBW), with a specific focus on supporting Micro, Small, and Medium-sized Enterprises (MSMEs) while also streamlining regulatory processes. 
This move comes in response to widespread appeals from stakeholders within the industry and seeks to bring uniformity to the diverse fee structures previously in place. One of the key revisions introduced by this order is the reduction in supervision fees, particularly benefiting MSMEs operating as members of CBW. 

Continue reading “BOC Cuts Fees for Customs Bonded Warehouses, Backs MSMEs, and Eases Regulations”
Posted on

DOLE Gears Fund on Workers’ Skills Upgrade Projects

The Department of Labor and Employment (DOLE) gears to grant funds to enterprises focused on upskilling their workers’ capabilities.  

Relative to this DOLE, under the leadership of Sec. Bienvenido Laguesma issued Department Order 241, Series of 2024, the “Implementing Guidelines of the DOLE Adjustment Measures Program (DOLE-AMP) for Workers and Enterprises”. The program aims to boost human resources and achieve decent and sustainable work, benefitting workers’ productivity with improved and upgraded skills. Also, it financially supports enterprises that are up to reskill and upskill their employees to make them agile.

Continue reading “DOLE Gears Fund on Workers’ Skills Upgrade Projects”
Posted on

Boosting Agriculture and Tourism: Lessons from the 7th Philippine Farm Tourism Conference

The 7th Philippine Farm Tourism Conference, hosted by the provincial government of Bohol, focuses on empowering farming communities towards sustainable growth in agriculture and tourism. Highlighting the significance of food tourism in boosting agricultural production and the local economy, the conference emphasizes learnings, models, and best practices in fruit and vegetable farms, aquaculture, artisanal fisheries, and green investments in farm tourism.

Continue reading “Boosting Agriculture and Tourism: Lessons from the 7th Philippine Farm Tourism Conference”
Posted on

PH Export Slump: Impact on 2024 Growth Forecasts

The Philippines faces hurdles in reaching its 2024 growth target due to a significant slump in exports. Weak export demand, particularly from key markets like the United States and China poses a challenge. 

Economists and experts have varying projections for the Philippine economic performance this year. While the Development Budget Coordination Committee (DBCC) remains optimistic with growth projections of 6.5 to 7.5 percent growth, others like the First Metro Investment Corp. (FMIC) and the University of Asia and the Pacific (UA&P) anticipate slower GDP growth of at least 6.0 percent this year. 

A recent publicly featured study by the Philippine Institute for Development Studies (PIDS) titled “Macroeconomic Outlook of the Philippines in 2023–2024: Prospects and Perils” predicts economic growth in 2024 to be between 5.5 and 6 percent, with inflation dropping to the target range. This study presents conditions shaping the global and regional outlook, projections on growth and consumer prices, and prospects coming into 2024. For further details, the complete study by PIDS is can be accessed through this link

Analysts anticipate the Bangko Sentral ng Pilipinas (BSP) to lower interest rates to stimulate investment growth, aligning with predictions of below-target growth in 2024. AOB