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 Exemptio 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
President Marcos inks Tatak Pinoy Act
In his speech, PBBM emphasized that the TP is an exercise to patronize local products and carry out the “Made in the Philippines” trademark.
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
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
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
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.
In his keynote speech, EDC Vice Chair and PHILEXPORT President Sergio R. Ortiz-Luis Jr. acknowledged the challenges faced by the agriculture sector, including sluggish growth, low incomes for farmers and fisherfolk, and inadequate inputs, finance, and technologies. He stressed the need for reforms to enhance exports and transform the country into an attractive investment hub. Continue reading Boosting Agriculture and Tourism: Lessons from the 7th Philippine Farm Tourism Conference
BSOs oppose the PhP100 Minimum Wage Hike
On 14 February 2024, through an open letter, the BSOs urged the policymakers, particularly the Senate, to adopt a more comprehensive approach to addressing economic inequality, which involves investing more in education, skills development, and infrastructure, as well as creating an enabling environment for business growth and job creation rather than focusing solely on wage increases. It also means passing legislation to solve low productivity, poor governance, excessive regulations, worsening poverty, and serious income inequality, which characterize a country with a large informal sector once and for all.
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. Continue reading PH Export Slump: Impact on 2024 Growth Forecasts