Exporters attended a session on the European Union’s (EU) new Carbon Border Adjustment Mechanism (CBAM), which charges for carbon emissions in the production of goods entering the EU, while also encouraging cleaner industrial production in non-EU countries.

CBAM experts emphasized discussions focused on how this regulation could impact the competitiveness of Philippine exports in the EU market, particularly for goods exports such as chemicals, plastics, steel, iron, aluminum, fertilizers, cement and similar materials.  Continue reading → Philippine Exporters Prepare for EU’s New Carbon Border Rules

The Philippines’ latest gross domestic product (GDP) grew by 5.7% in the first quarter of 2024, led by gains in financial and insurance, wholesale and retail trade, and manufacturing sectors. The services sector rose by 6.9%, industry and agriculture, forestry, and fishing sectors by 5.1% and 0.4%, respectively.
Continue reading → Philippines Shines with 5.7% GDP Growth: Exports and Key Sectors Lead the Surge

On May 22, 2024, the Department of Trade and Industry (DTI) Secretary Alfredo E. Pascual along with Senator Juan Edgardo “Sonny” Angara, the conceptualizer and author of the Act and other notable signatories signed the Implementing Rules and Regulations (IRR) for Republic Act No. 11981, also known as the Tatak Pinoy (Proudly Filipino) Act. This legislation aims to support and promote Filipino-made products and services globally.

The IRR provides a detailed framework outlining the roles and responsibilities of partnered industries. It focuses on key areas such as human resources, infrastructure, technology and innovation, investments, and sound financial management to ensure the act’s effective implementation.

The IRR was drafted by the DTI-Competitiveness and Innovation Group (DTI-CIG), led by Undersecretary Aldaba and Assistant Secretary Baluyut, in partnership with the United States Agency for International Development-Regulatory Reform Support Program for National Development (USAID-RESPOND), which provided technical support.

For more information on the Tatak Pinoy Act, please contact the Tatak Pinoy Council Interim Secretariat at TatakPinoy@dti.gov.ph. JVL

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.

Addressing inconsistencies at the LGU level is a complex issue due to the national government’s limited influence. On the other hand, IBPAP is actively working with lawmakers to identify viable solutions. Continue reading → EDC to Oversee IBPAP’s call for unified LGU regulations

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

The Philippine Chamber of Commerce and Industry (PCCI), Employers Confederation of the Philippines (ECOP), Philippine Exporters Confederation Inc. (PHILEXPORT), Semiconductor and Electronics Industries in the Philippines Foundation, Inc. (SEIPI), and other business support organizations (BSOs) expressed dissent against the PhP100 daily minimum wage increase.

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.

Continue reading → BSOs oppose the PhP100 Minimum Wage Hike

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

PHILEXPORT and e-KONEK ink Memorandum of Agreement (MOA) for the encoding and lodgement of import and export declarations using e-Konek’s value-added service provider (VASP) system, which connects to the Bureau of Customs’ Electronic-to-Mobile System.

The MOA spells out that e-Konek shall provide project-based encoders to train in submitting export declarations using the e-konek VASP system.  While PHILEXPORT will supply the workspace and consumable office supplies for the service. Continue reading → PHILEXPORT and e-KONEK ink MOA  for export encoding services