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.
Continue reading Expansion of PH Trade and Investment expected upon RCEP full implementation by June 2
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.
Continue reading DOT prides on five-year plan for PH Tourism transformation to be Asia’s tourism powerhouse
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). Continue reading COMELEC and ARTA partners toward streamlining processes during COMELEC Gun Ban
Strengthening the Manufacturing Sector will greatly contribute to the country’s economic development; it processes raw materials into finished goods with the help of machinery, tools, and human labor, generating more jobs and global competitiveness.
Continue reading PBBM supports Strengthening the Manufacturing Sector to create more Jobs
The Bureau of Customs (BOC) and the Bureau of Plant Industry (BPI) collaborate on the Electronic Phytosanitary (e-Phyto) Certificate system with Indonesia and Thailand. This program reinforces BOC’s modernization and digitalization efforts, specifically for issuing and verifying phytosanitary certificates in agricultural products throughout the region. BOC and BPI agreed to join the pilot e-Phyto exchange with Indonesia and Thailand starting June 2023. Continue reading BOC and BPI collaborate on ASEAN e-Phyto Certificate
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.
Continue reading PH hosted the first International Ecotourism Travel Mart (IETM)
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.
The total foreign trade of imports, which comprised 63.5%, grew 17.4% to $137.22 billion in 2022 from $116.89 billion in 2021 as the economy regains momentum to recover from the pandemic. Some imports are raw materials to semi-processed or finished goods for export. Thus, Exports likewise gained, but at a slower pace of 5.7% to $78.98 billion from $74.693 billion, which led to a trade deficit.
Continue reading Boost in PH Foreign Trade noted in 2022
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
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. Continue reading BIR mandated to handle DOF OSS on tax credit and duty drawback