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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.

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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. 

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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.

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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.

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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

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PHILEXPORT elects new Board of Trustees and Corporate Officers for 2024-2025



The Philippine Exporters Confederation, Inc. (PHILEXPORT) Board of Trustees and Corporate Officers, led by President Sergio Ortiz-Luis Jr., has been re-elected for a two-year term (2024-2025) to continue setting and driving industry policy and programs.
The 18 trustees were elected and took the oath during the organization’s General Membership Meeting on 16 January 2024 at the World Trade Center. 

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PBBM appoints former Batangas Solon as new DOF Secretary

President Ferdinand Marcos Jr appointed former Batangas Representative Ralph Recto as the new Department of Finance (DOF) Secretary, vice Benjamin Diokno, on 12 January 2024. 

The new DOF chief highlighted the need to build robust economic fundamentals made by his predecessors. He emphasized the need for reforms on the following e.g., Retail Trade Liberalization Act (RTL), the Foreign Investments Act (FIA), and the Public Services Act (PSA), which are all expected to increase investments in infrastructure, industry, and services aimed to reach P4.3 trillion in revenues to produce more employment and social services in 2024. 

Concurrently, Sec. Recto also serves as a member of the Export Development Council (EDC), championing export development in the country. JVL

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Government Allocates P5 Billion Budget to Support Sugar Industry in Negros Occidental

President Ferdinand Marcos Jr. has approved a substantial budget of P5 billion aimed at directly purchasing sugar from farmers in the Philippines, particularly in Negros Occidental. This decision comes amidst a troubling decline in millgate sugar prices in the region.

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DTI Sets Ambitious 2024 Export Targets Amidst Market Challenges

Trade Secretary Alfredo “Fred” Pascual set a higher target for Philippine exports in 2024 to align with last year’s export target under the Philippine Export Development Plan (PEDP) 2023-2028. The country needs to attain about 40% growth in export value from 2023 to catch up with the PEDP target; however, market projections suggest an increase of approximately 10% this year. The 10-percent export growth target surpasses the 5 to 6-percent export growth that the Philippine Exporters Confederation, Inc. (PHILEXPORT) had projected.

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