News
AI reporting solutions expected to improve trade operations
Nov 22, 2023“Palantir is a promising tool for the Philippines as we leverage cutting-edge technology for operational efficiency in our cross-border trade, ease-of-doing business, and trade facilitation,” DTI Secretary Alfredo E. Pascual said in a statement.
On the sidelines of the Asia-Pacific Economic Cooperation Leaders’ Week 2023, Mr. Pascual and President Ferdinand R. Marcos, Jr. met with the executives of US software company Palantir Technologies, Inc. to discuss intelligent reporting solutions.
Read more:
https://www.bworldonline.com/corporate/2023/11/20/558489/ai-reporting-solutions-expected-to-improve-trade-operations/
ECCP wants longer validity for import clearances
Nov 22, 2023ECCP Vice-President Helen Grace Baisa said that as importers, European businesses are required to obtain clearances from the Bureau of Customs (BoC).
“You have to renew (some of them) on an annual basis,” Ms. Baisa said. “But in the last couple of months, we requested that the BoC simplify that or perhaps to make the validity longer, because it’s difficult.”
Read more:
https://www.bworldonline.com/economy/2023/11/19/558453/eccp-wants-longer-validity-for-import-clearances/
PH semiconductor and electronics sector will continue to be a major driver of the country¡¯s economy
Nov 10, 2023THE Semiconductor and Electronics Industries in the Philippines Foundation, Inc. (SEIPI) said the country’s semiconductor and electronics sector will continue to be a significant driver of the Philippine economy and the largest contributor to the country’s manufacturing sector, an industry with an employee base of over 3 million direct and indirect workers.
Last year, the total Philippine electronics exports grew by 6.88 percent and reached an all-time high of US$ 45.09 billion. This export performance is 13-percent higher than the pre-pandemic exports of US$43.3 billion as of August 2023, with the cumulative electronics exports reaching US$29.35 billion. This was 61.40 percent of the US$47.81 billion total Philippine commodity exports, which makes the industry a consistent top commodity exporter for the country.
This news came amid the successful holding of the 18th Philippine Semiconductor and Electronics Convention and Exhibition (PSECE 2023), which welcomed around 10,000 guests at the World Trade Center Manila.
Read more:
https://frontpageph.com/ph-semiconductor-and-electronics-sector-will-continue-to-be-a-major-driver-of-the-countrys-economy-seipi/
ACEN makes available $25 million facility for micro grids
Nov 10, 2023ACEN, in a stock exchange filing, said its executive committee authorized the company and ACRI to enter into an agreement with Yoma Strategic Holdings and its wholly owned subsidiary, Yoma Strategic Investments Ltd. (YSIL), to restructure the latter’s outstanding loan with ACRI.
Under the restructure agreement, ACEN said YSIL would purchase the loan from ACRI, payable within a 10-year period, with a Yoma parent guarantee.
Read more:
https://www.philstar.com/business/2023/11/07/2309410/acen-makes-available-25-million-facility-micro-grids
DTI-EMB generates $970 million potential sale
Nov 9, 2023
MANILA, Philippines — The Export Marketing Bureau of the Department of Trade and Industry (DTI-EMB) has generated around $970 million worth of booked and potential export sales from its participation in trade promotion events in the first nine months of 2023.
Government data showed that the DTI-EMB participated or led 36 trade promotion events from January to September this year.
Additional figures from the DTI showed it generated around $92 million from recent trade promotion initiatives, particularly participation in trade shows abroad in July to September.
This includes participation in the international trade events such as the Gamescom in Germany where the country generated $7 million in booked and potential export sales; External Development Summit (XDS) in Canada ($46 million); Anuga in Germany ($10 million); Malaysia International Halal Showcase ($3 million; and the Natural Product Expo East (NPEE) in the United States of America ($26.08 million).
Apart from international events, the DTI-EMB said booked and potential export sales were also generated from local trade events such as the World Coconut Congress (P6 million); Philippine Die & Mold Machineries & Equipment Exhibition (P3 million); Philippine Semiconductor & Electronics Convention and Exhibition ($1.1 million); Manila Fame ($3.7 million for Coconut Philippines only); and the Mining Philippines International Conference and Exhibition (P17 million)
Read more:
https://www.philstar.com/business/2023/11/07/2309403/dti-emb-generates-970-million-potential-sale
Senate OKs bill creating econ strategy to level up Philippine exports
Nov 9, 2023
MANILA, Philippines — The Senate on Monday unanimously passed the “Tatak Pinoy (Proudly Filipino)” bill — a measure that creates a national economic plan to boost local industries and diversify the local products that can be exported abroad.
During its final reading, Senate Bill (SB) 2426 received 23 affirmative votes and no negative votes or abstentions.
The proposed “Tatak Pinoy” measure creates a ''Tatak Pinoy'' council and strategy to establish metrics on how government agencies can prioritize local products and make them more globally competitive.
“Tatak Pinoy started as an idea on how to make the Philippine economy stronger by empowering businesses and industries to produce better, more unique and sophisticated goods and services,” read a press release by the bill’s sponsor, Finance Committee Chairperson Sen. Sonny Angara.
Read more:
https://www.philstar.com/business/2023/11/07/2309636/senate-oks-bill-creating-econ-strategy-level-philippine-exports
Digital economy lags in PHL despite heavy internet use
Nov 9, 2023
THE evolution of the digital economy lags in the Philippines, even though its citizens lead the world in terms of internet use, an official said at a briefing.
“What the study says is that while the internet users in the Philippines are amongst the most engaged in the world, our digital participation remains low compared to others,” according to Mary Jean T. Pacheco, assistant secretary of Digital Philippines and officer-in-charge of the Department of Trade and Industry (DTI) Consumer Protection Group.
A study conducted by Google, Temasek and Bain & Co. found that digital participation in the Philippines remains low even with internet users who are among the world’s most engaged.
It concluded however that low digital participation “signals sizable headroom for digital economic growth over the medium to long term as incomes grow.”
Read more:
Good day! Here¡¯s the news for today.
Sep 29, 2023| NEWS TITLE | METRIC |
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AboitizPower, Vivant, Vena Energy to Construct Samar Wind Project |
Aboitiz Power Corp. has partnered with Vena Energy and Vivant Energy Corp. in putting a 206-megawatt (MW) wind power project in Visayas. The joint venture will be called Lihangin Wind Energy Corp. The three companies signed an agreement to construct and operate the San Isidro Wind Power Project in San Isidro, Northern Samar. In a report by Philippine Star, Aboitiz Power said that the wind project is looking to reach its financial close and begin construction by the fourth quarter. Read more: https://powerphilippines.com/aboitizpower-vivant-vena-energy-to-construct-samar-wind-project/ |
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Marcos signs ‘Trabaho’ Act into law to craft job generation masterplan |
President Ferdinand Marcos Jr. on Wednesday signed into law Republic Act No. 11962 or the “Trabaho Para sa Bayan Act” into law to address unemployment, underemployment, and other challenges in the country’s labor sector. “I am very pleased to stand before you today at this ceremonial signing of the Trabaho Para sa Bayan Act, a significant milestone towards the sustainable and inclusive development of our country,” the President said. “The law will help us solve the various challenges plaguing our labor sector such as low-quality jobs, skills mismatch, and underemployment among others,” he added. Read more: https://www.manilastandard.net/news/top-stories/314374703/marcos-signs-trabaho-act-into-law-to-craft-job-generation-masterplan.html |
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PH economy seen growing by 5.5% in 2023 |
MANILA – The Philippine economy is projected to grow by 5.5 percent this year, driven by the growth in government spending, a report released by the First Metro Investment Corporation (FMIC) and the University of the Asia and the Pacific (UA&P) said. In the September issue of The Market Call released on Wednesday, FMIC and UA&P said Philippine economic growth in the third quarter of the year will likely reach 5.0 to 5.2 percent. For the fourth quarter of this year, FMIC and UA&P project the country's gross domestic product (GDP) to grow by 6 percent. Read more: https://www.pna.gov.ph/articles/1210647 |
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Li-Ion Battery Improvements to Drive a 6x Increase in Global EV Battery Output by 2030 |
With aggressive government decarbonization targets and OEM electrification strategies, electric vehicle (EV) production will majorly increase this decade. This will require a corresponding growth in EV battery output. New research from global technology intelligence firm ABI Research finds that global EV battery output production will increase nearly six times to 2,585GWh by 2030. “Battery cost and production volume are the key barriers to adoption for EVs. The most important technologies are, therefore, those that make batteries cheaper or easier to manufacture at scale. Revolutionary technologies such as solid-state batteries promise improved ranges and reduced charging times, generating much media attention, but are too expensive and difficult to manufacture. Battery developments this decade will focus on evolutionary improvements on current lithium-ion batteries,” said Dylan Khoo, Electric Vehicles Industry Analyst at ABI Research. The most advanced lithium-ion batteries currently available can achieve 1,000 km of range or charge in under 20 minutes. Further improvements will be made through technologies like the fully silicon anodes developed by companies such as Sila, expected to be delivered as soon as 2025. Solid-state batteries are unlikely to significantly impact this decade because their adoption would require changes in cell design and manufacturing, unlike improvements on existing lithium-ion battery technology. Read more: https://www.eetasia.com/li-ion-battery-improvements-to-drive-a-6x-increase-in-global-ev-battery-output-by-2030/ |
BOI-approved investments hit P720 billion
Sep 11, 2023|
MANILA, Philippines — Investments approved by the Board of Investments (BOI) continued to rise, reaching P720 billion as of August or almost close to last year’s approval of P729 billion. “We see now a recent positive BOI investment approval performance,” BOI governor Marjorie Ramos-Samaniego said in a forum organized by the Center for International Private Enterprise. “The approved investment level as of August is actually equivalent to 72 percent of our original P1-trillion investment target,” she said. Read more: https://www.philstar.com/business/2023/09/11/2295309/boi-approved-investments-hit-p720-billion |
PEZA to exceed goal; reforms on charter pushed
Sep 11, 2023But Tereso Panga, director-general of PEZA, cites the need to introduce amendments not just to the incentives law but the PEZA charter as well to become more competitive.
Panga said there are key reforms that have to be introduced to the 28-year old PEZA law including the removal of a presidential requirement for ecozones, reinforcement of separate customs territory and exclusive jurisdiction over ecozones, and introduction of new types of ecozones.
Read more:
https://malaya.com.ph/news_business/peza-to-exceed-goal-reforms-on-charter-pushed/
ACEN set to triple investments in Australia¡¯s energy transition
Sep 11, 2023“ACEN fully supports Australia’s energy transition, and the company is gearing up to triple its Australia investments in the next three years,” ACEN President and Chief Executive Officer Eric T. Francia said in an e-mailed media release on Sunday.
Mr. Francia made the statement as President Ferdinand R. Marcos, Jr. and Australian Prime Minister Anthony Albanese signed a strategic partnership agreement on Friday to boost the two countries’ bilateral ties.
Read more:
https://www.bworldonline.com/corporate/2023/09/11/544695/acen-set-to-triple-investments-in-australias-energy-transition/
Globe says non-telco revenues to rise in three years
Sep 11, 2023GLOBE Telecom, Inc. anticipates its non-telecommunications revenues to grow in the next three years mainly driven by its diversification strategies, its top official said.
“The non-telco earnings will grow. They could either be consolidated into our P and L (profit and loss statement) or they could be in a sharing equity earnings of a subsidiary if we become a significant minority investor,” Ernest L. Cu, president and chief executive officer of Globe, said in a media release on Sunday.
The listed telecommunications company said its non-telco revenues will fuel its overall revenues.
Read more:
https://www.bworldonline.com/corporate/2023/09/11/544692/globe-says-non-telco-revenues-to-rise-in-three-years/
Meralco expands RE portfolio, deploys more EV
Sep 1, 2023Manila Electric Co. (MERALCO) continues pursuing its long-term initiatives toward sustainability as it expands its renewable energy portfolio to 1,880 megawatts (MW) of RE capacity compared to its initial target of 1,500 MW.
This decisive action is part of compliance and supports the Department of Energy’s (DOE) Renewable Portfolio Standards (RPS) policy that aims to increase the RE portion in the country’s energy mix to 35% by 2030 and 50% by 2040 by mandating electricity suppliers to source a portion of their RE requirements at +2.52% per annum.
The portfolio allows MERALCO to reduce its total carbon emissions by 15% vis-a-vis its projected baseline 2030 emissions.
Read more:
https://powerphilippines.com/meralco-expands-re-portfolio-deploys-more-ev/
U.S. economy entered recession in February
Jun 25, 2020The designation was expected, but notable for its speed, coming a mere four months after the recession began. The committee has typically waited longer before making a recession call in order to be sure. When the economy started declining in late 2007, for example, the group did not pinpoint the start of the recession until a year later.
U.S. gross domestic product fell at a 4.8% annualized rate in the first three months of the year. The outcome for the April to June period is expected to show an even worse annualized decline of perhaps 20% or more. The unemployment rate rose from a record low of 3.5% in February, hitting 14.7% in April and 13.3% last month.
Read more:
https://www.reuters.com/article/us-usa-economy-recession/its-official-u-s-economy-entered-recession-in-february-idUSKBN23F28L
Cargo volume decreased by 4.5% in first quarter as COVID-19 hit shipping industry
Jun 24, 2020
State-run Philippine Ports Authority said Monday passenger traffic and cargo volume fell in the first quarter amid the outbreak of the coronavirus disease 2019.
Data from PPA showed that total cargo volume reached 56.70 million metric tons from January to March, down by 4.49 percent from 59.37 million MT registered in the same period last year.
Domestic cargoes dropped 3.26 percent in the first quarter to 25.44 million MT from 26.30 million MT a year ago, while foreign cargoes decreased 5.4 percent to 31.26 million MT from 33.06 million.
The PPA said import cargoes fell 5.8 percent to 23.24 million MT from 24.68 MT, while export cargoes declined 4.4 percent to 8.01 million MT from 8.38 million MT.
Read more:
https://manilastandard.net/business/biz-plus/325540/cargo-volume-decreased-by-4-5-in-first-quarter-as-covid-19-hit-shipping-industry.html
Business and industry groups, SMEs cite measures for econ recovery
Jun 17, 2020The list of recommendations was presented by Philippine Chamber of Commerce and Industry (PCCI) President Benedicto Yujuico to Socioeconomic Planning Secretary Karl Chua and Finance Department Secretary Carlos Dominguez 3rd during the Sulong Pilipinas online conference held on Monday.
The groups also said that the government must improve internet connectivity and accessibility in the country; improve the availability of public transportation as the country manages the impact of and recovery from Covid-19 a by allowing the operation of mass public transportation; and strengthen the manufacturing sector.
Read more:
| https://www.manilatimes.net/2020/06/09/business/business-top/business-and-industry-groups-smes-cite-measures-for-econ-recovery/730492/ |
Quarantine change possible next week
Jun 17, 2020But Palace spokesman Harry Roque Jr. said officials would have to examine the situation in Metro Manila before deciding if it could be placed under modified general community quarantine.
“Well, it’s an even chance, I would say. Pero titignan po natin ang datos dahil, alam niyo naman, talagang ang sentro ng Covid-19 ay dito sa Metropolitan Manila (We will have to look at the data because, as you know, the center of Covid-19 is in Metro Manila),” he added.
Read more:
| https://www.manilatimes.net/2020/06/09/news/national/quarantine-change-possible-next-week/730391/ |
Stocks plummet on coronavirus fears
Mar 16, 2020This as the World Health Organization (WHO) on Wednesday officially declared the spread of the coronavirus as a global pandemic.
he benchmark Philippine Stock Exchange index (PSEi) gave up 616.99 points or 9.71% to 5,736.27 on Thursday — its biggest single-day decline since the 12.27% drop in Oct. 27, 2008 at the height of the global financial crisis.
Thursday also saw the PSEi close at its lowest since the 5,636.59 finish on Dec. 18, 2012.
https://www.bworldonline.com/stocks-plummet-on-coronavirus-fears/